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The
INCLUDING
sank & Quotation Section
Railway Earnings Section
Week ending November 4.
The Thronitte.
Clearings al1916.
PUBLISHED WEEKLY.
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Subscription includes following SupplementsBANK AND QUOTATION (monthly) I RAILWAY AND INDUSTRIAL(3 times yearly)
ELECTRIC RAILWAY(3 times yearly)
RAILWAY EARNINGS(monthly)
STATE AND CITY (semi-annually) BAAKErts' CONVENTION (yearly)
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(8 times)
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CHICAGO 0FFICE-39 South La Salle Street, Telephone Randolph7396,
LONDoN OFFIcE-Edwards & Smith,1 Drapers' Gardens, E. C.
WILLIAM B. DANA COMPANY,Publishers,
' Front, Pine and Depeyster Ste., New York.
Published every Saturday morning by WILLIAM B. DANA COMPANY'
Jacob Seibert Jr., President and Treas.; George S. Dana and Arnold G. Dana
Vice-Presidents: Arnold G. Dana, See. Addresses of all. Office of the Company.
CLEARING-HOUSE RETURNS.
The following table, made up by telegraph, &e., indicates that the total bank
clearings of all the clearing houses of the United States for the week ending to-day
have been $5,169,421,389, against $6,157,253,652 last week and $4,514,140,158
the corresponding week last year. Holiday in week this year, but not last year.
Clearings-Returns by Telegraph.
Week ending November 11.
Per
Cent.
1915.
1916.
New York
Boston
Philadelphia
Baltimore
Chicago
St. Louis
New Orleans
$2,527,626,205
134,405,220
239,142,532
33,641,101
352,281,504
99,462,611
39,655,148
$2,262,628,435
160,127,493
152,595,010
32,923,449
294,115,456
82,765,193
22,679,574
+11.7
-16.1
+56.7
+2.2
+19.8
+20.2
+74.9
Seven Cities, 5 days
Other Cities, 5 days
$3,426,214,321
782,418,264
$3,007,835,010
714,278,491
+13.9
+9.5
Total all cities, 5 days
All cities, 1 day
$4,208,632,585
960,788,804
$3,722,113,501
792,026,657
+13.1
+21.2
Total all cities for week
$5,169,421,389
$4,514,140.158
+14.5
The full details for the week covered by the above will be given next
Saturday. We cannot furnish thorn to-day, clearings being made up by the
clearing houses at noon on Saturday, and hence in the above the last day
of the week has to be in all cases estimated, as we go to press Friday night.
We present below detailed figures for the week ending with Saturday
noon, Nov. 4, for four years:
Week ending November 4.
Clearings al1916.
1915.
$
$
3,769,361,408 2,788,000,510
New York
298,323,121 203,479,668
PhiladelphiaPittsburgh
66,976,460
53,621,112
Baltimore
45,699,332
40,898,252
Buffalo
16,545,560
13,815,922
Washington
10,333,414
9,673,025
Albany
5,937,843
5,535,968
Rochester
7,018,944
7,347,165
3,373,123
Scranton
3,057,060
4,909,383
Syracyse
4,220,362
2,599,941
2,253,983
Trenton
4,014,856
Wheeling
2,903,442
2,493,787
1,980,010
Reading
2,750,737
2,897,952
Wilmington
2,148,274
1,801,260
_
Wilkes-Barre
1,244,454
964,229
York
1,633,184
1,126,975
Erie
1,392,811
892,911
Chester
802,376
556,257
Greensburg
904,300
791,900
Binghamton -.
Altoona
533,785
650,000
Lancaster
1,961,822
1,854,529
Montclair
640,171
369,148
inc. or
Dec.
1914.
1913.
%
$
$
+35.2 1,308,062,075 1,821,205,909
+46.7 148,524,406 169,540,298
+24.9
44,888,334
51,159,953
+11.5
34,430,603
37,762,608
+19.8
10,898,964
13,135,586
+6.8
8,072,323
8,738,497
+7.3
7,396,741
6,639,453
-4.5
5,165,828
5,657,659
+10.3
2,851,740
3,331,866
+16.3
4,565,355
3,582,403
+15.3
1,863,578
1,794,134
+38.3
2,103,425
2,378,265
+25.9
1,774,627
1,884,127
-5.1
1,761,682
2,023.203
+19.3
1,492,266
1,832,862
+29.0
1,008,470
036,034
+45.0
1,058,054
1,054,925
+50.0
806,438
750,410
+44.2
729,468
700,000
+14.3
605,100
689,300
+21.7
615,510
626,719
+5.9
1,623,616
1,785,213
+73.4
336,075
395,184
Total Middle_ 4,251,718,301 3,148,666,025 +35.0
1,590,634,578 2,137,691,605
296,206,607
11,341,100
1,097,994
4,973,769
2,600,000
4,355,129
2,193,176
4,202,564
2,215,825
1,117,113
1,176,607
725,000
229,458,246
10,385,100
7,579,678
4,387,421
3,900,000
3,495,961
1,430,129
3,141,026
2,102,251
926,586
1,158,282
565,298
+29.1
+9.2
+44.8
+13.4
-33.3
+24.6
+53.4
+33.8
+53.7
+20.6
+1.6
+28.3
108,268,136
6,982,800
4,557,704
3,331,225
2,258,366
2,746,737
1,022,622
2,293,247
. 1,891,094
900,016
816,117
543,921
188,588,830
8,395,300
5,175,615
3,059,412
2,291.718
2,828,300
1,576,493
2,450.780
1,873,269
915,640
1,078,642
572,671
Tot. Now Eng_ 342,078,884 268,530.078 +27.4 195,011,985 218,806,670
Note.-For Canadian clearings see "Commercial and Miscellaneous News."
NO. 2681
SATURDAY, NOVEMBER 11 1916
VOL. 103
Boston
Providence
IIartford
New Haven
Portland
Springfield
Fall River
Worcester
New Bedford
Lowell
Holyoke
Bangor
Electric Railway Section
State and City Section
Railway 8c Industrial Section
Bankers' Convention Section
/7/C. Of
Dec.
1915.
1914.
1913.
Chicago
Cincinnati
Cleveland
Detroit
Milwaukee
Indianapolis
Columbus
Toledo
Peoria
Grand Rapids...._
Evansville
Dayton
Fort Wayne _
Springfield, Ill
Youngstown
Lexington
Akron
Canton
Rockford
Quincy
South Bend
Bloomington__
Springfield, Ohio
Decatur
Danville
Mansfield
Lima
Jackson
Jacksonville, ill.
Lansing
Ann Arbor
Adrian
Owensboro
Tot. Mid.Wes
$
$
4
$
%
463,244,504 351,947,465 +31.6 282,154,272 327,080,675
21,676,300
24,587,900
30,265,850 +32.1
39,991,500
23,892,046
22,000,000
36,580,616 +81.8
66,391,246
22,029,635
26,705,451
49,003,789
30,167,457 +62.4
'9,524,558 +31.1
16,907,123
16,680,542
25,600,445
8,222,569
10,547,048 +13.8
12,000,000
8,194,673
9,242,8001
7,654,900 +20.7
6,093,700
6,737,900
10,157,360
6,137,639 +65.5
4,698,117
4,979,264
4,200,000
3,885,274
+8.1
3,263,173
4,457,175
3,722,163 +37.8
5,128,309
3,289,027
3,783.236
2,101,728
2,072,106
+1.4
1,236,061
1,353,632
3,544,325
2,243,743 +58.0
1,921,380
2,533,216
1,666,050
1,440,269 +15.7
1,405,568
1,337,458
1,454,371
1,195,176 +21.3
1,124,247
1,127,526
2,587,209
2,015,378 +28.4
1,202,576
1,306,162
734,018
643,546
770,200 -4.7
803,421
4,741,000
1,740,000
2,336.000 +103.0
1,744.000
1,427,839
1,370,000
7,570,918
1,575,000 +380.6
767,612
799,643
1,319,527
860,497 +53.3
1,001,148
874,216
1,002,978
903,556 +10.8
902,590
912,329
1,060,498 -14.0
844,730
703,946
597,831
915,718
844,810 +8.4
729,542
801,250
806,220 +36.8
1,103,325
529,318
467,807
580.458 +15.9
672,638
499,613
502,312
524,067
590,018 -11.2
519,274
514,965
513,142 +50.7
773,103
400,000
550,000
877,625
580,000 +51.2
572,866
550,000
635,575 +33.8
850,000
258,915
340,852
321,947 +11.2
357,631
538.738
519,765
600,000 +25.0
750,000
269,005
258,301
400,000
350,000 +14.3
72,882
55,387
44,453 +98.4
88,182
426,482
295,406
346,548 +15.3
400,000
719,900,865 523,523,474 +37.5 408,695,2041 467,180,438
San Francisco__ _
Los Angeles
Seattle
Portland
Salt Lake City
Spokane
Tacoma
Oakland
Sacramento
San Diego
Fresno
Stockton
San Jose
Pasadena
North Yakima
Reno
Long Beach
Total Pacific
84,233,095
26,708,000
18,793,445
18,849,417
13,483,198
7,089,402
2,198,246
4,942,709
3,073,103
1,958,865
2,271,460
1,702,693
1,516,554
882,928
805,368
375,000
609,233
189,492,716
57,187,998
23,067,381
13,245,837
12,583,517
7,866,735
4,438,422
1,954,930
4,270,406
2,288,579
2,289,057
1,590,656
1,168,115
1,162,504
880,028
600,000
297,448
585,899
135,476,9121
Kansas City--- Minneapolis ---Omaha
St. Paul
Denver
Duluth
St. Joseph
Des Moines
Wichita
Sioux City
Lincoln
Topeka
Davenport
Cedar Rapids
Fargo
Colorado Springs
Pueblo
Fremont
Hastings
Aberdeen
Waterloo
Helena
Billings
Total oth•West
130,224,932
40,500,000
30,342,253
20,876,461
18,099,002
9,139,533
11,357,926
7 Rig n9n
5,322,469
4,886,441
3,538,876
2,324.392
2,497,591
1,799,450
2,299,978
719,045
482,779
463,538
528.726
1,099,563
1,987,000
2,419,864
1,054,187
299,477,026
95,958,285! +35.7
39,472,745 +5.1
22,650,259 +34.0
18,854,464 +10.7
13,858,332 +30.6
12,027,399 -21.5
8,012,429 +41.7
7 nq. 7nq
4-A •A
.220.117 +26.1
4,157,873 +17.5
2,753,369 +28.5
1,615,646 +43.9
1,716,568 +45.5
1,945,933 -7.5
2,679,456 -14.2
762,515 -5.6
364,965 +32.4
501,750 -7.6
328,324 +61.9
1,133,478 -3.0
2,023,416 -1.8
2,217,695 +9.1
790,905 +33.4
245,079,626 +22.2
St. Louis
New Orleans
Louisville
Houston
Galveston
Fort Worth
Atlanta
Memphis
Richmond
Savannah
Nashville
Norfolk
Augusta
Birmingham
Oklahoma
Charleston
Little Rock
Jacksonville
Knoxville
Chattanooga
Mobile
Macon
Austin
Vicksburg
Jackson
Muskogee
Tulsa
Meridian
122,736,251
32,201,808
18,661,007
14,551,339
8,328,721
13.605,944
30,441,119
16,038,021
24,000,000
9,567.026
9,316,293
6,408,808
3,739,473
3,298,794
6,576,673
2,484,735
4,578,042
3,700,000
2,310,274
3,625,381
1,340,229
7,452,304
2,500.000
305,664
558,000
1,749,754
4,154,000
356,200
97,680,777 +25.6
21,895,177 +47.1
15,633,704 4-19.4
11,057,635 +31.6
4,670,541 +78.5
10,579,618 +28.6
21,521,945 +41.4
11,568,128 +38.6
14,230,712 4-68.7
6,427,188 +48.9
7,961,322 +17.0
4,903,648 4-30.7
3,301,042 +19.3
3,167,299 1-4.1
3,093,700
2,545,474 -2.4
3,145,766 +34.0
2,900,785 +27.6
1,883,818 +22.7
2,643,960 +37.1
1,297,200 4-3.3
4,655,063 +60.1
2,585,634 -3.3
327,049
488,847 4-19.6
1,399,829 +25.0
1,581,247 +166.1
371,600, -4.1
+47.3
+15.8
+41.9
+49.8
+71.4
+59.7
+12.5
+15.7
+51.8
-14.5
+42.8
+45.7
+30.5
+0.3
+34.2
+26.3
+4.1
+39.9
+112.6
52,915,255
47,930,324
20,722,951
27,657,097
13,972,774
11,197,369
13,255,962
12,109,612
6,033,270
7,027,603
4,020,071
4,827,583
1,889,909
2,300,271
3,353,749
3,818,771
2,053,327
2,520,381
1,685,425
2,243,059
1,500,000
1,670,548
976,204
1,062,717
882,648
853,310
747,949
831,630
543,381
654,860
278,256
410,409
542,622
116,467,0671 136.022.230
66,217,550.
37,012,541
16,507,573
13,748,725
10,299,962
10.381,620
6,860,841
a AS252 An0
65,038,861
37,616,505
19,920,568
12,588,870
11,661,781
8,467,597
8,558,978
A AAA 04A
4,027,600
3,259,776
2,338,590
1,455,843
1,743,386
1,813.766
2,094,794
640,087
604,175
418,559
310,547
891,331
1,354,418
1,651,681
896.581
190,182,355
3,788,217
3,811,642
2,092,927
1,762,157
2,219,687
1,791,456
786,765
665,599
790,232'
319,496
212,024
576,324.
1,599,808:
1,755,358898,364
193,288,198
66,745,885
14,729,157
10,816,601
7,540,286
3,422,094
9,979.253
14,147,394
7,845,180
8,600,000
4,862,524
5,632,490
4,165,795
1,874,855
3,151,187
2,905,300
1,541,278
2,286,057
2,862,856
1,778,761
2,037,612
1,100,000
3,443,179
1,576,434
319.063
333,323
843,336
1,196,956
85,838,874
23,756,430
13,538,281
11,382,839
4,823,000
11,252,537
21,268,588
13,116,358
9,331,991
9,675,316
8,307,604
5,016,687
3,314,841
4,143,451
2,338,864
2,897,506
3,042,354
3,451,967
1,942,880
2,702,420
1,605.000
5,711,542
4,153,133
448,441
517.629
1,278,918
1,551,993
Total Southern 354,585,860 263,748.708' +348 1.85,756,856 256,407.244
Total all
6,157,253,652 4,585,024,823 +34.3 2,687,348,045 3,409,399,385
Outside N. Y_ 2,387,892,244 1,796,874,313 +32.9 1,379,285,970 1,588,103.47-8
1726
TIM CHRONICLE
• THE FINANCIAL SITUATION.
The uncertainty existing most of the week regarding the outcome of the Presidential election added
another disturbing element to a situation already full
of disturbing possibilities by reason of the gigantic
conflict in progress on the battlefields of Europe and
the ever-present menace that this might at any
moment bring developments fraught with momentous consequences to us. While the latest returns
•indicate that Mr. Wilson has been successful, it is
most unfortunate, and matter for deep regret, that
the vote in some of the States should have been so
close as to bring a demand for a recount, thus prolonging the uncertainty by encouraging what would
appear to be false hopes.
There is, however, a feature of great encouragement with respect to the popular vote, which should
not be lost sight of. Properly interpreted, there is
• nothing uncertain or indecisive about this popular
• vote. As we view the result, the people have gone
on record in a more emphatic way against cheap
demagoguery than at any previous Presidential election in the entire history of the country.
• President Wilson hoped, by yielding to the railroad
trainmen on the eight-hour controversy, to gain for
himself the support of the larger part of the labor
vote throughout the country; and the enthusiastic
demonstrations that greeted him in his visits to
different cities during the campaign seemed to suggest that he might succeed in his purpose; in other
words, that the laboring element would flock in
overwhelming numbers to his standards. The result
of the balloting in such great manufacturing States
as New York, Pennsylvania, New Jersey, Massachusetts and Illinois must be taken to show that he
failed utterly in his endeavor, for the pluralities
against him in these great commonwealths are not
only decisive, but crushing.
It is notorious that by his action on the railroad
question Mr. Wilson repelled many thoughtful voters,
who accordingly cast their ballots against him; but
he has suffered such utter defeat in the States referred
to that it must be assumed that the sober sense of
the laboring classes re-asserted itself, otherwise the
vote could not have gone so overwhelmingly against
him.
During the closing days of the campaign the President made the same unworthy appeals to the baser
instincts of the masses that he did four years ago
when first running for the Presidency. He had
abundant live issues that might have been made the
subject of intelligent discussion for the consideration
of the electorate, but he chose to hark back four years
and to indulge in new assaults upon the financial interests of the country and the mythical "moneypower" which he conceives to be engaged in ruining
the country in order to promote its own advantage—
a suggestion so absurd and ridiculous as to carry its
own refutation. In referring to the legislative acts
of his administration—the new laws put upon the
statute books by Congress under the spur of his
relentless insistence—he took occasion again and
again to incite prejudice against those having in
custody the banking and money interests of the
• country and to seek advantage for himself by asserting that he was the champion of the oppressed and
that all the legislative acts referred to had but a
• single purpose, namely transferring control of
• affairs from the leaders in the financial and industrial
[vol.. 103,
world to the people as represented by Government
appointees. One sally of his at the very close,called
forth .by the fact that the betting odds were against
him, and which was a piece of sarcasm meant to
stir feelings of hatred and animosity, was couched
in these words: "They formerly controlled the credit
of the country, but now control only the betting."
Such talk might in certain contingencies prove
dangerous and always tends to excite and inflame
those who imagine that society has a grievance
against its successful members. Naturally, one looks
to see what has been the response of the voters to
this appeal to their less enlightened instincts. Again
the answer comes in tremendous pluralities against
Mr. Wilson in the sections of the country where
such appeals were intended to be especially effective.
Apparently the voters resented this affront to their
intelligence. At all events, they turned against the
President in great mass and made it manifest that
they were not to be fooled and tricked by arguments
of that kind. If that be not the correct interpretation of the popular result, what else can pluralities in
favor of Mr. Hughes of 110,000 in New York, 160,000
in Illinois, 55,000 in New Jersey, 40,000 in Michigan,
•
&c., &c., mean?
Tables of State pluralities have been published to
show that Mr. Wilson had obtained a majority of
the popular vote as well as a majority in the Electoral College. But these tables are constructed on
an entirely wrong basis if the purpose be to get at
the teaching of the election. They indicate nothing as
to the trend of popular sentiment, for they count the
large Democratic pluralities in the Southern States
as offsets to the Hughes pluralities in the North and
in the East. In such tabulations the 170,000
Democratic plurality in Texas, the 72,000 Democratic plurality in Georgia, the 60,000 plurality in
Alabama, the 54,000 plurality in Mississippi and the
larger or smaller pluralities in the other Southern
States are treated as if the same weight attached
to them as to the 110,000 Hughes plurality in New
York, the 160,000 Hughes plurality in Illinois, and
the 55,000 Republican plurality in New Jersey.
The fact is these large Democratic pluralities in
the Southern States are a regular thing and are
recorded in favor of the Democratic candidate year
after year, whatever the issues, and hence are
wholly without significance or value for gauging
public sentiment. If one wants to measure the
depth and strength of popular sentiment and ascertain the degree and extent to which the Wilson
appeals have been effective it is necessary to leave
out altogether the Southern States, whose huge
pluralities -go to any Democratic candidate on any
and all issues. In other words, we must confine
ourselves entirely to the States where the popular
vote is responsive to popular influences—where a
record plurality cannot be counted upon in advance.
Such a classification we attempt in the following,
the States with Hughes or Republican pluralities
being arranged on one side of the column and those
with Democratic or Wilson pluralities on the other.
Let the reader note that with the solid South—
"solid" because of the race question—omitted (but
not counting either Missouri or Maryland as part of
the same), Mr. Hughes has aggregate pluralities of
731,000, as against Wilson's pluralities of only 368,000. In the case of the electoral vote, the decision
against him, with the South omitted, is still more
impressive, as Mr. Hughes has 255 electoral votes
Nov. 11 1916.]
THE CHRONICLE
1727
(nearly an absolute majority), as against only 137 period of the current year, and materially so in most
cases, but also less than for any month since May in
for Mr. Wilson.
Wilson Elec. 1910, and as far as October is concerned we must go
Hughes Elec.
StatesPluralities. Vole.
Pluralities. Vote.
States? Arizona
5,000
3 back to 1906 for a lower total of liabilities and even
Connecticut ___ 5,700
3 California
4,000 13 that was smaller only to a nominal extent. It is also
1,800
Delaware
64,000
6
160,000 29 Colorado
Illinois
15,000
4 worthy of mention that the favorable situation ex8,000 15 Idaho
Indiana
30,000 10 tends to all the various divisions-manufacturing,
66,000 13 Kansas
Iowa
6 Maryland
20,000
8
5,000
Maine
brokers, &c.-into which the
30,000 18 trading, and agents,
Massachusetts _ 20,300 18 Missouri
4 failures statistics are segregated. Furthermore, the
28,000
40,000 15 Montana
Michigan
8 insolvencies of size-those for $100,000 or over-at
20,000
500 12 Nebraska
Minnesota
5,000
3
55,000 14 Nevada
New Jersey
4 13 for $2,241,216, are actually less in amount and
109,400 46 New Hampshire *240
New York
3,500
3 volume of indebtedness than in any October since
5 New Mexico_
7,000
Oregon
5
Pennsylvania 195,000 38 North Dakota_ 1,200
1905, and in the matter of liabilities probably the
24
75,000
4,800
5 Ohio
Rhode Island
30,000 10 smallest for a very much more extended period. It is
5 Oklahoma
South Dakota.._ 5,400
4
22,200
4 Utah
17,600
Vermont
7 evident, therefore, that, all things considered, the
12,000
8 Washington
West Virginia.._ 5,000
3 present business condition is an especially sound
3,000
25,000 13 Wyoming
Wisconsin
368,140 137 one.
731,500 255 Total
Total
R. G. Dun & Co.'s compilations, which furnish the
* Still in doubt. Claimed by both parties.
Note.-Twelve Southern States (Alabama, Arkansas, Florida, Georgia, basis for our conclusions and remarks, show that the
Kentucky, Louisiana, Mississippi, North Carolina, South Carolina, Tennessee, Texas and Virginia) give Wilson a plurality of about 600,000. The number of failures in October this year was 1,240
total electoral vote for these twelve States is 139.
for $10,7 75,654, this comparing with 1,599 and $25,
With such a conclusive statement before us, are 522,380 a year ago, 1,686 and $29,702,178 in 1914
we not justified in saying that the trend of the and 838 and $10,553,714 ten years ago, when, withpopular vote is safe and sound, and the conten- out question, the number of firms in business was
tion that there is any strong leaning towards radical very appreciably less. In manufacturing branches
policies fails utterly. The election is not a triumph the reported indebtedness for the month at $3,802,for his progressive policies, as his Cabinet ministers 102 is very much less than in any year since 1905,
claim. On the contrary Mr. Wilson's theories and comparing with $8,637,922 last year and over 12%
doctrines, judging from these figures, may be said millions in 1914. In the trading division, too, the
to have found little favor-in fact have been re- exhibit is much the same, liabilities of $5,486,200 in
pudiated.
2
1916 contrasting with $9,955,202 a year ago, 113/
Likewise, his appeal to class hatred and class millions in 1914 and $3,361,816 in 1906.
prejudice has been plainly rejected, for his appeal was
The failures record for the ten months is also comto the laboring element in the manufacturing States, paratively very favorable and especially when aland it is there where he has met with pronounced lowance is made for the steady increase in the numdefeat. His column is made up entirely of agricul- ber of firms in business. from year to year. The
tural States where the voters have been influenced by the number of defaults for the period at 14,690 contrasts
high price of wheat and other products. He has failed with 18,887 last year, but shows an excess over either
to gain a single industrial State, Encouraging 1914 or 1913, when insolvencies stood at 14,527 and
deductions may surely be drawn from such results.
13,146, respectively. It is in the volume of liabiliMr Wilson argued in his speeches that the.people ties, however, that this year shows up well, the total
of the United States demanded radical legislation at $165,362,361 being over 100 million dollars less
and radical Governmental policies and he classed than in 1915 and 136 millions under 1914. MoreMr. Hughes as a reactionary, as compared with over, the aggregate is smaller than for any ten-month
himself in that respect. The result of the vote period since 1909 and below the average of recent
belies his statements. The figures make it manifest years. Manufacturing lines contributed indebtedthat the country is not enamored of his Policies. ness of only $63,016,823 against $98,335,931 in 1915
Apparently, he has gained enough votesin the Electoral and $106,988,543 in 1914; trading liabilities reached
College to give him another term of four years, but but $79,503,724, against $133,646,422 and $141,the fact that the thriving and populous manufac- 817,974, respectively, and the debts of agents, brokturing States have cast him off, puts him in a position ers, Sze., covered $22,841,814 and $30,024,501 and
of complete isolation as far as the platform on which $52,813,682 in the three years.
he made his stand is concerned, for the massing of
The failures situation in Canada, also, has been
the manufacturing States against him demonstrates eminently satisfactory of late months, the October
too plainly for argument that the country has not showing being a total of 132 insolvencies for $1,584,the least hankering for his views or for the policies 104, against195 and$3,211,405 in 1915 and 272 and
to which he so unhesitatingly committed his Admin- $2,246,107 in 1914. For the ten months of the curistration.
rent year the number of failures is not only much
under last year (1,474 contrasting with 2,245), but
• Mercantile failures statements continue to furnish the aggregate indebtedness at $22,265,545 compares
evidence of a very satisfactory situation in the com- with $33,624,920. Trading debts of $10,443,581
mercial and industrial activities of the United States. contrast with $17,967,888; in the manufacturing
It is true, of course, that in number of insolvents division the comparison is between $7,936,537 and
October 1916 shows an increase over September,but $11,338,816, and among brokers, &c., between $3,in times like these, when prices are ruling so high, 885,427 and $4,318,216.
the aggregate of liabilities would seem to be a better
gauge of the situation,and upon that basis October
In the Reichstag on Thursday the German Imperial
1916 makes a more favorable exhibit than for some Chancellor, Dr. von Bethmann-Hollweg, took up as
time past. In fact, the aggregate for the late month expected the speech which Viscount Grey, British
was not only smaller than for any preceding similar Secretary of Foreign Affairs, delivered at a luncheon
1728
THE CHRONICLE
[VOL. 103.
in London on Oct. 23, given by the Foreign Press of the mobilization of the army and navy was untrue
Association. The British Foreign Secretary, it will and that the special edition had been confiscated.
be recalled, declared that the origin of the present The quick action of Secretary von Jagow, which is
war must influence peace conditions and thatGermany confirmed by the officialiOrange Book, giving Amwould be entitled to ask for guarantees against future bassador Sverbeew's telegram, set right the wrong
attacks if the present war really were forced upon news and in itself refutes Lord Grey's assertion that
her. But the Foreign Secretary added, with empha- we intentionally desired to deceive Russia in order
sis, that the German interpretation of the origin of to cause her to mobilize."
the war as published was incorrect, that the war was
The Chancellor announced that after the ending
not forced upon Germany, but was forced by Germany of the war Germany would co-operate—would lead if
upon Europe. The Chancellor, in his reply, agreed necessary—in any endeavor to find a practical means
that the origin of the war must influence the peace for procuring a lasting peace by means of an interconditions and added:
national league. But he very pointedly stated that
the
new condition must guarantee the freedom of the
"The action which made the war unavoidable was
the Russian mobilization, ordered on the night of seas. He did not mention what was meant by the
July 30-31 (1914.) Russia, England, France—the freedom of the seas and did not bring up the question
whole world—knew that this step made it impossible whether there had in times of peace ever been any
for us to wait any longer, and that this step was interference with
the commerce or the ships of Gersynonymous with a declaration of war. The whole
world—even England,too—now begins to comprehend many on the seas. He concluded as follows: "Gerthe fateful importance of the Russian mobilization. many will honestly co-operate in examination of
Truth makes headway. An English scholar of world every endeavor to find a practical solution and will
fame recently said: 'Many people would think differ- collaborate for its possible realization. This all the
ently about the end of the war if they were better more if the war, as we expect and trust, shall create
informed about its origin, especially about the facts of political conditions that do full justice to the free deRussian mobilization.' It is no wonder, therefore, velopment of all nations,
of small as well as great
if Lord Grey could not always leave the Russian
nations. Then the principles of justice and free demobilization unmentioned."
velopment, not only on the Continent but also on the
Proceeding, the German Chancellor argued that seas, must be made valid. This,
to be sure, Lord
Lord Grey admitted that the Russian mobilization Grey did not mention."
inreceded the German and Austro-Hungarian mobilizations. But as he desired to clear the Entente of all • The German Chancellor's desire for a lasting peace
guilt, Lord Grey could not help referring to the was quite in line with the sentiments expressed at the
Russian mobilization as Germany's work, adding banquet of the new Lord Mayor of London, Sir
that Russia mobilized its army only after it had William Henry Dunn, at the Guildhall, London, on
received a report that Germany had ordered mobil- the same evening. This is an annual occasion, freization. Germany, Lord Grey said, had played a quently taken advantage of to present Government
'trick in order to provoke the other country into a views in an unofficial way. The banquet was atdefensive measure to which Germany could reply tended by Cabinet Ministers, members of the Diplowith an ultimatum. It was two years and three matic Corps, including the American Ambassador,
months before this version of the cause of the war and by men prominent in the military and naval
occurred to Lord Grey, said the Chancellor, and world. The British Premier, Mr. Asquith, delivered
he characterized it as a version which was as in- the principal speech. He declared that nobody had
correct as it was new. The event at which Lord greater reason than Great Britain to desire peace,
Grey hinted was known. This was a special edi- but that it was desired on only one condition—that
tion of the Berlin newspaper "Lokalanzeiger." The the sacrifices of the war should not have been in vain.
Chancellor said that the fact was that on Thursday, With regard to the Greek situation, Mr. Asquith said
July 30 1914 the "Lokalanzeiger," early in the after- he wished he could speak with as much confidence as
noon, issued a special edition with the untrue report hope. The Allies went to Saloniki as friends of both
that the German Emperor had ordered mobilization. Greece and Serbia. Their whole desire was to preThe Chancellor added that every one in the Reich- vent Greece from becoming enmeshed in the Gerstag Committee knew that the sale of this special manic net and to save her from internecine strife.
edition was prohibited immediately by the police Whatever apparently drastic measures had been
and that the Secretary for Foreign Affairs imme- taken were dictated solely by the necessity of prediately informed the Russian Ambassador by tele- venting Athens from becoming the centre of German
phone that this news was untrue. "I may state fur- propaganda and intrigue. Dealing with the general
ther," said the Chancellor, "that the Russian Ambas- situation Mr. Asquith said: "Let there be no illusador indeed had sent a cipher • telegram to St. Pe- sion about our enemies. They are great organizers
tersburg as soon as the special edition was issued, and fine fighters in the field. They are also, if not
and that the telegram, according to the Russian Or- skillful, yet indefatigable workers in the sphere of
ange Book, read: 'I understand that an order for propaganda, where they have a double motive—to
mobilization of the German army and the German divide the Allies and capture neutral opinion."
navy has been proclaimed at this moment.' After
The Premier characterized the German suggestion
the explanation given by Secretary von Jagow over of a sinister design on the part of the Allies to comthe telephone, this telegram was followed by a second bine against neutral countries and build up an imtelegram, not in cipher: 'I beg you to consider my penetrable stone wall against their trade as childish
last telegram as null and void. Explanation follows.' fiction which could only mean that the Alliek„were
A few minutes later the Russian Ambassador sent a bent upon economic suicide. He said that it ought
third telegram, in cipher, which, according to the to be unnecessary to affirm that when the time comes
Russian Orange Book, stated that the Foreign Min- for peace nothing could be more essential for the Enister at that moment had telephoned that the news tente Powers from the standpoint of simple self-
Nov. 111916.]
THE CHRONICLE
1129
interest than to establish and maintain the best in- sitions on bothsides ofthe Booza road. On the Italian
dustrial and financial relations with neutrals. Al- front quiet is reported at Gorizia in the Fleims Valley.
luding to. the different methods of propaganda which'
There obviously has been a renewal of submarine
he said were employed at different places with a view activity by Germany. Reports from London state
to dividing the Allies and influencing opinion in favor that six or more submersibles had broken through
of a separate peace, Mr. Asquith said: "I desire to the British ring of defense, in the recent destroyer
declare without hesitation or reserve that the Allies battle at the mouth of the English Channel, and now
are fighting in a common cause, that for the purposes are operating extensively off the southern coast of
of war their interests are identical and that a victory France. The British Admiralty announced that
securing those interests is, in our judgment, the only the Peninsula & Oriental liner Arabia was sunk by a
condition of a lasting peace." Referring to what submarine without warning in the Mediterranean on
he termed the propaganda .conducted in Russia to Monday. The Arabia carried 437 passengers, inthe effect that Great Britain's only desire to prolong cluding 169 women and children. The passengers
the war and prevent any sort of peace was because were picked up by various vessels which hurried to
she is making huge profits by exploiting her Allies the scene. Only two persons, as far as is known,
unscrupulously, the Premier said:
perished. A German submarine was reported last
night
to .be operating in the Gulf of Mexico. The
"For us who know what terrible sacrifices we are
paying in precious lives, in the unceasing, pitiless Harrison liner Engineer is reported to have been sunk
drain upon our reservoir of potential promise and there. The steamer left Liverpool Oct. 21 bound for
vitality—who have greater reason than we to long New Orleans.
and pray for peace? Peace, yes, but on one condition only—that the war, with its vast waste, its
The Kaiser and the Austro-Hungarian Emperor
sacrifices, its untold sufferings, its glorious and unhave
jointly proclaimed the independence of Poland.
and
courage
unselfishness,
example
of
shall not
dying
The governmental machinery of the new State is,
have been in vain.
"There can be no question of a separate peace. according to the program, to be evolved gradually
And peace when it comes, be it soon or late—and I from a military administration
which will be begun
will not disguise from you for a moment my convicwithout
delay.
proclamation
The
establishes New
tion that the struggle will tax all our resources and
our whole stock of.patience and reserve—the peace Poland automatically by publication. All internal
must be such as will build upon sure and stable foun- matters will in the future be managed jointly by the
dations the security of the weak, the liberties of occupying authorities and Polish officials, the latter
Europe and a free future for the world."
being appointed as rapidly as conditions admit. The
new constitution of Poland will be framed by a body
News from the Rumanian campaign, while some- of Poles to be selected later. Emperor Francis
what indefinite this week, suggests that the Russians Joseph has addressed an autograph letter to Premier
have been able to come to the assistance of their lat- Ernst von Koerber,. of Holland, stating that it is his
est ally. Russo-Rumanian forces under Gen. Sak- will when the new State of Poland comes into existharoff are reported to be steadily driving Field Mar- ence, to grant Galicia the right to manage independshal von Mackensen southward in the Dobrudja. ently its own internal affairs.
Already the Teutonic forces have been driven back
to the narrowest part of the province. Sakharoff's
News from the financial centres of Europe by cable
advance is said to have been as brusque as was von this week has been much smaller in volume than
Mackensen's original advance. The Rumanian on- usual, the press associations having fully
recognized
slaught caused von Mackensen in one day to yield the lack of demand for anything but really important
more than 12 miles. The right wing of the Rumanian messages at a time when American interest was
so
army is now south of Topal, which is twelve mile's bound up with its own national election. Advices
south of Hirsova and about 13 miles north of the from London suggest that the Presidential contest
Cernavoda-Constanza railroad. The most interest- has excited intense popular and political interest, but
ing developments are due on this front, according to that the financial dittrict has indicated comparaLondon military critics. They depend on whether tively slight conceern of a practical character in the
von Mackensen has had to weaken his forces to aid result. This is not entirely unnatural, in view of the
von Falkenhayn on the Transylvania front or whether small amounts of American securities that have been
Sakharoff's own re-enforcements have thrown the left in the possession of individual investors by the
balance in favor of the Rumanians. Heavy fight- British Chancellor's mobilization plan. The London
ing on the Transylvania front and the persistence of correspondent of "The Journal of Commerce," sumTeuton attack in the face of adequate Russian addi- marizes the attitude of the city when he says that,
tions to the Rumanian defense appear in the opinion "your national election has but a slight practical
of critics to indicate the arrival of fresh organizations. financial interest for the city. The latest reports
The Bucharest official report yesterday stated that from New York, indicating the re-election of Mr.
the enemy attacks in the Trotus Valley were repulsed Wilson are variously commented upon. President
four miles north of Goioasa. In the region of Predeal Wilson's attitude, however, is a known quantity.
and the Prahabo Valley the fighting continues. We shall watch for any demonstration that, political
Latest reports state that Russian troops have arrived exigencies having now removed restraints, Mr. Wilwithin two miles to the west of Cernavoda and are son will show further his well-known antagonism to
fighting for the famous bridge across the Danube.
Wall Street and the railroads. Hisrecentforcing of the
The fighting on the Somme front seems to have eight-hour railroad law is regarded here as reprebeen without results of importance this week. The sentative of his real position and not as a political sop
Germans are bombarding very violently in the Dougu- for votes. But, as already noted, English investors
mont-Vaux sector. The Austrians report that they are so completely out of their American securities that
have repulsed Russian attacks southeast of Szurduk Mr. Wilson's attitude on financial matters possesses
Pass, Transylvania, and regained all their former po- slight interest here."
1730
THE CHRONICLE
[VOL. 103.
Indications now point to the issue of a new long Steamship Line this week declared a dividend of
term British loan in January, that date being con- 18%, notwithstanding that several of the company's
sidered favorable in view of the usual ease in money ships were lost during the year. This compares with
that follows the year-end operations,and when a large a dividend of 15% a year ago. The yearly report
amount of dividend and interest money is seeking as of June 30 of the J. & P. Coats thread manufacth
reinvestment. This expectation has been responsible turers showed high level profits for the twelvemon
preceding
the
for
,
against
£2,599,000
£3,387,000
of
loans,
older
the
for
for a steady tone in the market
which carry conversion rights. The Exchequer bonds twelvemonth. The dividend was not changed from
are continuing to sell well, but they are not avail- 30%. Depreciation was marked off to the extent
able for such institutions as insurance companies and of £100,000, leaving a balance after deducting excess
other long term investors, who would welcome a profits tax to carry. forward £2,456,000, against
formal long term loan. There was no trading of £1,397,000 carried forward in 1915.
Under the heading "Safeguarding 100,000 Workers"
moment in American securities in the London market
official British Press Bureau in London has
the
Day
Election
ollowing
on Wednesday morning—f
an announcement in which it is stated that,
made
Exchange
London
the
ng
that
ithstandi
here—notw
opens five hours earlier than New York. This in anticipation of a wave of unemployment which
absence of business is explained by the fact that may follow the war, the British Government has
Treasury regulations prevent all but cash transac- decided to extend the operations of the State Unemtions, and that even in these cases the sellers must ployment Insurance Act. The statement in part
have physical possession of the securities at the time says:
In certain trades specially affected by the demands inciof sale in order to make immediate deliveries. Lon- dental
to the supply of munitions and in which there is,
don correspondents reflect interest in reports from therefore, a grave risk of serious dislocation on the cessation
New York that the next English loan negotiated in of war demands, all work people are to be insured whether
America w:11 be offered purely on the basis of British they are individually employed on war work or not. These
works and
Government credit—not to be secured by collateral. trades are the manufacture of ammunition, fire soap,
canlubricants,
oils,
including
chemicals,
explosives;
that
point
the
One of these correspondents makes
dles, paints, colors and varnish; metals and metal goods;
the efficiency of female labor in British munitions rubber and goods made therefrom; leather and leather goods;
factories is becoming such that the mere suggestion brick, cement and artificial stone, and other artificial buildof difficulty in obtaining further advances of capital ing materials; saw-milling, including machine woodwork,
of wooden cases.
from this side of the Atlantic would necessarily give and the manufacture
in these scheduled trades the
people
work
from
Apart
impetus to manufacturers in England. A special Act insures all munition workers as such. Briefly this
cable dispatch to the "Evening Post," for instance, means that all work people engaged in making or repairing
states that it is believed in England that Great Brit- any kind of article for naval or military use for the Allies
enain's position in the matter of financing imports has will bd insurable. This will include men and women
uniforms, brushes, tents and an infinite
making
in
gaged
precaution
excessive
by
the
ed
strengthen
far
so
been
number of things which complete the equipment of soldiers
ary measures already taken, that "terms more favora- and sailors.
boe to us will be required for any further large loan."
The temporary scheme of insurance embodied in the new
The books for the $300,000,000 English notes that Act will remain in operation for five years from the present
of the war,
were offered last week in New York were closed date, or for three years after the termination
may be longer. The rates of contribution and
whichever
preceding
with
accordance
in
morning
last Saturday
benefit are the same as in the original Act of 1911, which
announcements. There has been no official state- applied to the building, engineering and shipbuilding trades.
ment published giving the volume of these subscrip- Contributions at the rate of ten cents a week will be paid by
tions, but no question arises that the full amount of means of unemployment insurance stamps affixed to an
may then re$300,000,000 was more than subscribed. Money unemployment book by the employer, who
share by deduction from his wages.
workman's
the
cover
presenting
is
lower,
in London, while not quotably
The benefits amount to $1 68 a week up to a maximum of
an easier tendency. There is, in fact, a growing fifteen weeks in any twelve months. On and after Sept. 4
belief that the Bank of England will lower its official it will be an offense to employ work people in any of the
minimum discount rate from 6% to 5% to aid the trades mentioned above or on munitions work without
s due.
new war loan. In an interview in London, Dr. paying the unemployment insurance contribution
Christopher Addison, Parliamentary Secretary of
The monthly report for October of the British
Munitions, declared that by next March Great
of Trade shows an increase of £13,000,000 in
Board
The
steel.
American
Britain will be independent of
Kingdom and £12,746,000 in
augmented munitions program for the coming year, imports into the United
still
a
further marked expansion
indicating
the speaker said, will require 315,000 additional men exports,
of
e both in and out.
movement
merchandis
the
in
workers and 100,000 more women. Particular
one of £6,000,000
included
in
imports
increases
The
strength has been exhibited on the London market
while the leading
cotton,
in
£3,000,000
and
foods
in
Treasury
a
by Argentine and Chilian bonds, following
red goods, which
reminder that these issues were required urgently for gains in exports are in manufactu
and £1,500,000
textiles
in
foreign exchange purposes. The Government has included £3,000,000 cotton
cotton
of
goods to
exports
The
goods.
announced that it will adhere to its decision to permit in woolen
yards,
6,836,000
against
aggregated
States
United
neutral foreigners to bid for enemy property offered the
of
those
were
woolens
ago;
a
year
yards
3,831,000
for sales Angry protests among jingo politicians and
the
only
yards
337,000
against
as
yards,
2,340,000
business men continue, but will be unavailing, it is
o
exportedlt
while
worsteds
year,
last
month
same
last
stated. The revenue of the United Kingdom
against
totaled 586,000 yards
week was £8,390,000, and the expenditure £39,- the United States
October 1915. The following
in
yards
1,208,000
g
outstandin
bills
Treasury
of
amount
430,000. The
statement
shows the trade of the United
was increased by £7,345,000. Sales of Exchequer comparative
for the ten months ending
and
October
for
Kingdom
bonds were £12,479,000.
with corresponding figures
compared
as
October
British shipping and industrial reports continue with
year:
last
for
to show favorable results. The Peninsula & Oriental
Nov. 11 1916.1
THE CHRONICLE
October
Imports
Exports
1915.
1916.
£80,816,406 £67,816,404
44,714,965
31,968,965
Excess of imports—....£36,101,441
£35,847,441
—Jan.1 to October 311916.
1915.
£795,394,406 £711,911,591
424,042,965
314,715,651
£371,351,441
4397,195,940
Very little has been reported by cable from Paris.
Copper shares at the French centre have responded
in the form of greater firmness to reports that the
Allied Governments have been large purchasers of
the metal on this side of the Atlantic. Greek funds
reflected a supposed improvement in the political
situation in Athens. Official announcement was
made on Thursday in the Chamber of Deputies of
the results of the latest war loan. This total is
11,360,000,000 francs ($2,272,000,000), of which
5,500,000,000 francs is new money. There were
3,000,000 subscribers, which indicates what a popular appeal the loan made. The total falls below last
year's loan, but the percentage of new money is considerably higher. In the Provinces subscriptions in
new money averaged 67%, while in Paris they were
over 50%, and brought the average for the country
to 48%. In the preceding loan new money was
40.6%.
The Minister of Finance, M. Ribot, introduced in
the Chamber of Deputies a bill which would appropriate for the first quarter of 1917 8,539,000,000
francs for general purposes, including the war, and
934,000,000 francs for supplementary appropriations. The daily expenditures of France now exceed
105,000,000 francs.
French comment on the American election is very
conservative, being very largely on the lines of that
of Stephen Pichon in the "Petit Journal," who expresses the belief that the victory of either candidate
will have little effect on American policy as far as the
big questions interesting France are concerned. It
is also pointed out that the present Administration
will remain, in any event, until March 4, and that
many things may happen between now and then.
The "Matin" remarks that while a victory for Mr.
Hughes might mean a more vigorous international
policy, it would also mean a protectionist regime.
The "Matin" comments that this change, while' unimportant in time of war, might be awkward for
French business interests on the return of peace.
Official bank rates at the leading European centres
have remained at 5% in Paris, Vienna and Copenhagen; 532% in Italy, Sweden and Portugal; 6% in
London and Petrograd, and 432% in
Switzerland,
Holland, Spain and Norway. In London
the private bank rate continues to be quoted at 5
@,55
for sixty-day and ninety-day bills. Cables /g%
from
Berlin report as heretofore 43/2% as the nominal
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 discover. Money on call in London remains at 5%.
The Bank of England reports a further
increase
in its gold item for the week of
£131,891. Note
circulation showed a small
decrease—£52,000. The
total reserve, therefore, was
increased £184,000,
while the proportion of reserve to
liabilities advanced
to 23.19%, against 22.41% a week ago and
29.13%
last year. Public deposits were increased
£490,000.
Other deposits, however, registered the substanti
al
loss of £5,370,000. Government securities
remain
unchanged. Loans (other securities)
decreased £5,031,000. The Bank's gold holdings now
stand at
1731
£56,495,231, against £55,351,674 a year ago and
£69,280,923 in 1914. Reserves total £37,773,000,
which compares with £40,602,879 the year preceding,
and in 1914 £52,211,893. Loans aggregate £100,682,000, as against £97,667,484 in 1915 and £105,091,369 two years ago. The Bank reports as of
Nov. 4 the amount of currency notes outstanding
as £123,718,199, against £122,749,261 last week.
The amount of gold held for the redemption of such
notes remains at £28,500,000. Our special correspondent is no longer able to give details by cable
of the gold movement into and out of the Bank for
the Bank week, inasmuch as the Bank has discontinued such reports. We append a tabular statement of comparisons:
BANK OF ENGLAND'S COMPARATIVE STATEMENT.
1916.
1915.
1914.
1913.
1912.
Nov. 8.
Nov. 10.
Nov. 11.
Nos. 12.
Nov. 13.
Circulation
37,172.000
Public deposits_
51.597.000
Other deposits
111,252.000
Govern't securities_ 42.187.000
Other securities__ 100,682,000
Reserve notesaccoln. 37,773,000
Coln and bullion_ _ _ 56,495,231
Proportion of reserve
to liabilities
23.20%
Bank rate
6%
33.198.795
48.958,426
90.415.018
18,895.068
97,667.484
40.602,879
55,351,674
35,519,030
19,249,493
137,286,671
17,004.087
105,091,369
52,211,893
69,280,923
28.500,780
9,628,549
38,404,729
11.788,105
27,358.447
26,649,484
36,700,264
28.300.405
12,764,391
40.813,188
13,034.576
31,565.992
26,776.754
36,627,159
29.13%
5%
33.35%
5%
55.46%
5%
49.95%
5%
The Bank of France this week registered a further
increase in its total gold holdings of 17,379,325
francs, of which all but 6,750 francs represents a gain
in the amount held by the Bank itself. The total
gold holdings, including 876,219,700 francs held
abroad, are now 5,009,399,575 francs, as compared
with 4,782,029,607 francs last year (all in vault),
and 4,141,350,000 francs in 1914. The silver item
was reduced during the week by 295,000 francs and
now totals 325,800,000 francs against 361,466,672
francs in 1915 and 625,325,000 francs the year preceding. Note circulation again decreased heavily,
this time 155,744,000 francs, the favorable results
of the loan having enabled the Government to pay
off 2,000,000,000 francs of its debt to the Bank, which
in turn is reducing its note issue. General deposits,
however, in contrast with the huge loss of the previous week, registered an increase of 54,528,000 francs.
Bills discounted expanded 55,795,000 francs, while
Treasury deposits decreased 58,835,000 francs and
the Bank's advances declined 18,191,000 francs.
Note circulation is now 15,972,523,000 francs. A
year ago it totaled 14,188,165,505 francs and in 1914
6,683,175,000 francs. General deposits amount to
1,797,822,000 francs, compared with 2,524,972,298
francs last year and 947,575,000 francs the year preceding. Bills discounted total 632,050,000 francs,
against 273,236,640 francs in 1915, and advances
amount to 1,374,983,000 francs against 568,930,246
francs last year. In 1914 bills discounted and advances combined aggregated 3,202,975,000 francs.
Treasury deposits are 122,052,000 francs. At the
corresponding date last year they were 59,179,090
francs and in 1914 382,575,000 francs. The figures
here given for 1914 are those for the week ending
July 30, the Bank having discontinued the publication of weekly returns with the outbreak of the war.
In local money circles, the wholly abnormal conditions that have been current for so long a period still
remain. Supplies of funds are in excess of requirement. This is a situation that applies in New York
in no greater degree than in the interior. The New
York Stock Exchange has displayed remarkable
activity this week, but call rates have not advanced
appreciably. The gold movement for the present
1732
[VOL. 103.
TIIE CIIRONICLE
--
31 to 60
61 to 90 "
"
"
San Francisco. 1
I
1 New York.
1
There have been no changes during the week in the
seems to have ended. The capital demands this
of the Federal Reserve banks, which reweek have included subscriptions to the new $300,- rates of any
follows:
000,000 British loan, the books for which closed on main as
DISCOUNT RATES OF FEDERAL RESERVE.BANKS.
been
have
they
this
from
aside
but
last,
Saturday
.
light. The new $50,000,000 loan to Russia, which
CLASSES
a.
has been under negotiation for some time, is underOF
g 4
F.'
DISCOUNTS AND LOANS i
i
1
1
41
stood to be on the point of completion. It is being
arranged by a syndicate of bankers composed of
PaperNational City Co., J. P. Morgan & Co., Guaranty 1Commercial
3 3 ---------------------------3
to 10 days maturity
___ 4
" ..... _ __ 354 334 ------354 3
15
Trust Co., Lee, Higginson & Co. and Kidder, Pea- 111 to
4 3%
3544 4 4 4 4__ 4 4
"
to 30 "
___ :1;i ,.._
4
------4
of
n
obligatio
direct
a
be
30
"
to
to
15
is
loan
body & Co. The
4
4344
4
4
4
4
4
4
4
4344
"
31 to 60 "
4 4 4 4344 4 4544 434 4% 4 454
"
to 90 "
the Imperial Russian Government and will be offered 61
Agricultural and
Paper534
on a basis to yield better than 63/2%• Proceeds are 91Live-Stock
days to 6 months maturity 5 5 434 5 434 5 5 5 5 5 434
Notes of Member
to be used for payment for munitions of war. The Promissory
Banks3343 354 3M 3% 334 3% 3 4 4 354 4
loan will not be a secured obligation, but will be 1 to 15 days maturity
Trade Acceptances334 3
payable in dollars in New York City at maturity.
354 334 334 3 334 334 ___ 3 334 4
1 to 30 days maturity
3
4
--------------4
354 354 334 334 334 334 ___ 3 334
334 334 33-4 4 354 334 --- 334334 4
354
354 354
—
Last Saturday's bank statement of New York Commodity Paper___ 3 334 4 3 33-4
334 ___ 334 --- 334 3
1 to 30 days maturity
___ 3 3344 3 4
"
334 ___ 3% __ 3% 3
60
Clearing House members, which will be found in 31 to 90
4%
4
..
"
"
61 to
---5
--- --- -----_
was
61 days to 6 months maturity -----------------more complete form in a later page of this issue,
again a strong one, although loans were expanded OPEN MARKET DISCOUNT AND PURCHASE RATES OF FEDERAL
RESERVE BANKS.
$26,436,000. Net demand deposits increased $48,Reserve banks;
Bankers Acceptances.—Authorized discount rate for all Federal
nominal
a
d
registere
deposits
673,000, while net time
minimum, 2%; maximum. 4%.
ille with maturities of 90 days or less, purchased in open
loss of $21,000. Reserves in "own.vaults" were in- Trade Acceptances.—B
Atlanta
market without member bank endorsement, by New Orleans branch of
$404,which
of
,000,
$474,675
to
000
$20,771,
creased
Federal Reserve Bank; 354 to 4%.
Paper.-131118 purchased in open market by Dallas Federal Reserve
452,000 is specie. At this time last year the amount Commercial
Bank; 3 to 5%.
in own vaults was $525,369,000, including 468,397,- Bills of Exchange—Bills purchased in open market by Atlanta Federal Reserve
000 in specie. Reserves in .Federal Reserve banks Bank; 334 to 534%• Member Bank Endorsement.-13111a with maturities of 90 days
Bills With or Without
showd an expansion of $1,642,000 to $176,087,000, or less purchas d in open market by St. Louis Federal Reserve Bank; 2 to 4%.
deother
in
against $164,930,000 in 1915. Reserves
The sterling exchange situation remains without
positories declined $212,000 to $53,210,000, comparn
circulatio
Note
ago.
year
a
000
$48,175,
ing with
noteworthy change. As'we noted last week the gold
increased $3,000. The aggregate reserve was in- import movement at the suggestion of bankers here
creased $22,201,000 and now stands at $703,972,000, has ended for the present and will not be resumed
as against $738,474,000 at the corresponding date in until the proceeds of the $300,000,000 loan which
1915. Reserve requirements also increased, namely, has just been arranged begin to run down to small
$8,875,790, as a result of which surplus reserves were proportions. There has been no official announceagain increased—$13,325,210---and the total of ex- ment indicating the total of the subscriptions to the
cess reserve is now $124,107,040, against $189,100,500 notes, but it unquestionably was well in excess of
last year.
the amount required,and it is understood that underReferring specifically to money rates, call loans this writers obtained very little, if any. Reports are
week again covered a range of 2@23/2% Monday current that it is the intention to offer a new and unthe high and ruling quotation was 23/2% and 234% secured loan in the near future. Mr. H.P. Davison
the low. Tuesday was a holiday. On Wednesday of J. P. Morgan & Co., referring to the question of
the basis foreign loans at a dinner given in his honor at Chicago
1
the range was still 23.1@23/2%, with 24%
d on Friday night,is thus quoted: "As to the collateral
continue
VA%
and
2%
for renewals. Thursday
dethe
minimum
while
figures,
the British can put up more if necessary, and so
ruling
and
the high
clined to 2%. On Friday 2@23/2% again proved the can the French. There isn't any limit to their rerange, with renewals at 23'70. For fixed maturities sources or their available securities. There has
the trend has been towards increased ease and quota- been a marked change in sentiment among the banktions are now 2V4@3% for sixty days, against 3%; ers of the country since the war loan was floated.
four months We have turned from .a borrowing to a lending
1
ninety days at 3@33%, against 34%;
at 3@331%, against 334®332%, and five and six people. The imports of gold already have given us a
1 1@332% last week. A basis of $6,000,000,000 expansion of credit and credit
months at 33.1%, against 3/
year ago sixty-day money was quoted at 23/270, gives the greatest source of strength. .The interest
0, five in Chicago and the Middle West in foreign loans is
ninety days at 294%,four months at 2U®37
months at 3% and six months at 3%. Negotiations most gratifying, not only to New York, but to the
were somewhat more active during the closing days of authorities in England and France."
Comparing with Friday of the previous week,
the week, especially in the longest periods. In mercantile paper the demand continues fair, with busi- sterling exchange on Saturday was steady and practicness somewhat limited by light offerings. Sixty and ally unchanged; demand bills ranged at 475.65®
ninety days' endorsed bills receivable and six months' 4 75 11-16, against a single rate of 4 75 11-16, while
names of choice character remain as heretofore at cable transfers remained at 4 76 7-16 and sixty days
y of a
1 1 ®3%, while names not so well known still re- at 4 713. On Monday trading was essentiall
3/
was
business
little
very
and
character
ay
pre-holid
quire 3Vit@4%. Banks' and bankers' acceptances
quotaand
transacted, although the tone was firm
are quoted as follows:
11-16 for demand,
Spot Delivery
Deliverytions continued at4 75.65@4 75
Thirty
Sixty
Ninety
within
for sixty days.
71M
4
and
transfers
Days.
Days.
Days.
30 Days. 4 76 7-16 for cable
WednesDay).
23402 7-16 2%@)2N 234 @234
Eligible member banks
(Election
holiday
302%
, Tuesday was a
2 11-16@2 9-16 2340234 234 ®2$4 354 ©25'
Eligible non-member bills
feature;
new
no
presented
and
dull
was
Ineligible bills
3X@234 334@234 3%@3s, 1 day's market
331@234
Nov. 111916.1
THE CHRONICLE
demand was still quoted at 4 7565@4 75 11-16,
cable transfers at 4 76 7-16 and sixty days at 1 713.
Renewed buying of cables by J. P. Morgan & Co.
acted as a sustaining influence in Thursday's dealings
and demand did not go below 4 75 11-16; cable
transfers continued pegged at 4 76 7-16 and sixty
days at 4 7131. On Friday a quiet but firm tone
was noted, with actual rates about the same. Closing
quotations were 4713.4 for sixty days, 4 75%@
4 75 11-16 for demand and 4 76 7-16 for cable transfers. Commercial sight finished at 4 75 7-16, sixty
days at 4 70%, ninety. days at 4 68%, documents for
payment (sixty days) at 4 703
% and seven-day grain
5
bills at 4 74%.
Cotton and grain for payment closed
at 4 75 7-16.
1733
ing the Sub-Treasury and Federal Reserve operations
and the gold imports, which together occasioned a
loss of $8,439,000, 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 $10,913,000, as
follows:
Into
Banks.
Week ending November 10.
Banks' interior movement
I
Sub-Treas.& F.R.oper.& gold impts.1
Total
Out of
Banks.
Net Change in
Bank Holdings.
$7,136,000
29,173,000
49,610,000 Loss 42,474,000
37,612,000 Loss 8,439,000
$36,309,000
447,222,000 Loss $10,913.000
The following table indicates the amount of bullion
in the principal European banks:
Nov. 11 1915.
Nov. 9 1916.
Banks of
Gold.
England__ 58.495,231
Silver.
Total.
Gold.
56,495,231 55,351,674
191,281.200
Silver.
Total.
55,351,674
14,458,680 205,739,880
Frances_ _ 165,327,18 13,031,920 178,359,10
The Continental exchanges have experienced a dull Germany
808,550 126,112,3 121,624,5 I/ 1,719,751 123,344,250
_ 125,303,750
Russia _ 155,603,000 10,404,000 166,007,000 159,826,Ill 1,939,011 161,765,000
12,140,000 63.718,000 51,578,
12,140,111 63,718,000
and uneventful week. Price changes have been Aus-Hun.c 51,578, 29,885,000
77,319,000 32,038,
29,355,111 61,391,000
_ _ _ _ 47,434,000
relatively unimportant, and trading limited in volume. Spain
3,124,000 40,564,000 45,990,ccl 4,445,000 50,435,000
37,440,00
Italy
544,300 49,181,300 32,793,000
Netherl'ds 48,637,
202,111 32,995,000
Nat.Bel_h 15,380,000
600,000 15,980,000 15,380,00
Lire on Monday touched another new low record- Switeland
600,111 15,980,000
11,452,40
11,452,400 9,770,100
9,770,100
_ _ 9,580,000
9,580,000 6,300,000
6,300,000
6 72—for bankers' sight bills. Later, however, there Sweden
Denmark _ 8,647,000
221,000j 8,868,000 5,917,00
247.111 6,164,000
6,173,
Norway
3,656,1cc
6,173,000
3,656,000
was a substantial rally. Francs were .Without special
Tot. week.739,050,566 70,758,770809,809,336 731,503,474 65,106.430796,609.904
feature. Reichsmarks again showed weakness, and Prey,
week 737,916,582 70,606,260808,522,842 731,058,968 65,549,640796,808.608
further declines took place, mainly as a result of a Gold holdings of the Bank of France this year are exclusive of £35,048.799
abroad.
•
the persistent lack of support, while kronen were heldThe
gold holdings of the Bank of Russia for both years in the above statement
in neglect and have remained close to the low levels have been revised by eliminating the so-called gold balance held abroad.
of a week ago. The continued weakness in rubles, c July 30 1914 In both years. h Aug. 6 1914 in both years.
accompanied. by fractional recessions, was atTHE ELECTION.
tributed in some measure to hesitancy over the
For the first time in thirty-two years, and for
new Russian loan, of which no additional details
are yet forthcoming. Demand bills on Berlin fin- only the second time since invention and introished at 69% and cables at 69 13-16, against 70 3-16 duction of the telegraph ensured the rapid reporting
and 70 5-16 a week ago. Kronen closed at 11.86, of the various State votes, this year's remarkable
compared with 11.88 last Friday. The sterling check Presidential campaign ended in an election whose
rate on Paris has not been changed from 27.813'. actual result, so far as regarded plurality in the
In New York sight bills on the French centre are Electoral College, and therefore the choice of Presi2, against 5 843 last week; cables at dent, remained in doubt during forty-eight hours
quoted at 5 843/
5 833/2, against 5 833; commercial sight 5 85%, after Election Day. The early editions of'last
against 5 85% and commercial sixty days at 5 89%, Wednesday's morning papers quite unanimously
against 5 89%. Rubles finished at 29.65, against announced Mr. Hughes's election; nearly all of them
30.55 a week ago. Lire closed at 6 65 for bankers' contained long editorials, based on assumption of
sight and 6 643/ for cables, which compares with that result. Only the supplementary editions of
5 a. m. Wednesday morning, declared the result to
6 7114 and 6 69 at the close on Friday last.
In the neutral exchanges, also, dulness and inac- be in doubt.
Du,ring the rest of that day and Thursday, the
tivity may be said to represent the situation.
Very little business is being transacted arid quotations whole community was absorbed in the shifting
are hardly more than nominal. Rates for Scandina- pluralities, based on belated returns coming in from
vian exchange ruled steady,showing in some instances half a dozen doubtful States whose vote—or the
trifling advances. Guilders, however, were easier. vote of most of them—was essential to the success
Bankers' sight on Amsterdam finished at 403/8, of either candidate. Even at this writing, the reagainst 41; cables at 40 15-16, against 411-16; com- sult in so important a State as Minnesota has not
mercial sight at 40%, against 40 13-16, and com- been determined. But the ascertained pluralities
mercial sixty days at 40%, against 40 11-16 the for Mr. Wilson, in the long uncertain States of
preceding week. Swiss exchange closed at 523 for California, New Mexico and North Dakota, gave
4 for cables, comparing with him, in the returns of Friday morning, a total elecbankers' sight and 5 221
week
a
223/
and
5
ago. creek exchange (which toral vote of 272, where 266 was necessary to a
23
5
may still be regarded as neutral) continues to be choice.
quoted at 5 14 for sight bills. Copenhagen checks
Although, as we have said, this is not the first
finished at 27.10, against 27.08. Checks on Norway close election in which it was impossible for some time
closed at 27.74, as compared with 27.70 and checks on after Election Day to determine actual results, yet
Sweden finished at 28.40 against 28.45. Spanish it differs in its essential aspects from all others.
pesetas, which have ruled quite firm, closed at20.36, There have been cases of doubtful State results—
against 20.22 last.week.
such as California in 1912, regarding whose vote
three or four days were necessary to discover whether
The New York Clearing House banks, in their oper- Roosevelt or Taft had carried the State—when some
ations with interior banking institutions, have lost of this week's experiences have been anticipated.
$2,474,000 net in cash as a result of the currency But in no case did such uncertainty involve the genmovements for the week ending Nov. 10. Their re- eral result, through a close vote in half a dozen difceipts from the interior have aggregated $7,136,000, ferent States. As late as Thursday afternoon this
while the shipments have reached $9,610,000. Add- week the vote of Minnesota was uncertain, with
1784
THE CHRONICLE
Hughes ahead; of California, with Wilson ahead;
of North Dakota, with Wilson leading; of New Mexico, with Hughes in the lead; of New Hampshire,
with Hughes ahead, and of West Virginia, where
Hughes was leading on an extremely close vote.
Without at least some of those States, Wilson was
assured of only 251 votes in the Electoral College,
Hughes of 235, whereas 266 were necessary to the
choice of either.
It has been commonly said that this week's result
repeated that of 1884 and 1876. There was in fact,
however, little resemblance. In 1884 New York's
36 votes, which were necessary to elect either Blaine
or Cleveland, were in doubt until Friday of election
week, and in the end the Democratic plurality in
the State, which elected Mr. Cleveland to the Presidency, was only 1,149. But that was only the case
of a single State. The famous instance of 1876 differed in nearly all respects; because, although the
official vote of several States was uncertain during
many months after election, this was not due to
delay in counting or to closeness in the actual vote,
but to dispute over the validity of the known election
returns.
It was believed on the day after election that
Tilden had been chosen by 203 electoral votes
against 166 for Hayes. But two sets of election
returns were in each case presented from South
Carolina, Florida, Louisiana and Oregon, with allegations of fraud by each party. In the three firstmentioned States, irregularity undoubtedly existed
on both sides, due to the confusion of politics in the
reconstruction period in the South. The question
as to the actual vote of these States became in the
end a matter of purely partisan judgment, and although referred to a balanced Electoral Commission
of Congress, with Supreme Court Judges holding the
deciding vote, the matter was actually settled only
two days before Inauguration Day, on grounds of
party affiliation which gave to Mr. Hayes and the
Republican Party a majority of one in the Electoral
College.
No such condition existed this week—even in case
of possible dispute regarding the accuracy of the
count in one or more pivotal States. No allegation
of fraud appears to have been made;the whole matter
hinged on the amazing closeness of the vote in a wholly
unusual number of States. But this is not the only
way in which old political precedent and calculation
have been upset by this election. When it was
known, at 9 p1 m. last Tuesday, that Mr. Hughes
had carried New York and Illinois by large pluralities
experienced election experts unanimously conceded
his success. Since the days before the Civil War
no candidate has been elected without the vote of
New York State; unless we consider Tilden, who carried New York in 1876, but whose election was not
confirmed by the Electoral Commission. That,
however, is still, historically speaking, a "disputed
election." Before the Civil War, New York went to
the Republican candidate Fremont in 1856 against
Buchanan, yet Buchanan was elected.
With this exception, one must go back to 1812
to find a case of a President elected without New
York, and the 1812 election was held during a war
unpopular at the North, and with the minority
candidate for the Presidency a popular Governor
of New York State. Even granting these exceptions in the case of New York, it remains to say that
no President has ever been lected, since the State
[VOL. 103.
of Illinois was created, when he lost the vote of
both New York and Illinois. The anomaly of the
close electoral vote this year, despite that very
result, is clearly due to the shifting over to the
Democratic Party of such usual Republican strongholds as Ohio, Kansas and Colorado, and the extreme closeness of the vote in other usual Republican
States such as Minnesota and California.
But even that does not indicate all the peculiar
changes in this• election. This week's reported
Republican plurality in New York State was 110,000.
It compares with 202,000 in 1908—the last Presidential election without a strong third party—but
the figures would, nevertheless, be classed as a large
plurality. The reported 185,000 plurality of Tuesday for the Republicans in Illinois, compares with
179,000 in 1908, showing a moderate increase in the
Republican plurality. Yet, as against these seemingly significant indications, the 21,000 Republican
plurality now credited to Massachusetts compares
with 110,000 in 1908; New Jersey's 54,000 with
82,000; Maine's 5,100 with 31,000; ConneCticut's
5,000 with 44,000; Vermont's 17,000 with 28,000;
and even Pennsylvania's 180,000 with 296,000.
It was not these decreased pluralities in the East,
however, which made the result so close. The
truth seems to be that the outcome in States west
of thd' Mississippi has so far offset results in the
large constituencies of the East as to indicate a shift
in the political centre of gravity. Whether this is
a permanent change or not, it would be premature
to say. It may easily have been occasioned, in the
present election, by the prevalence of "insurgency"
in the Republican ranks throughout the Middle and
Further West—as was strongly shown in 1912—and
also by the immense agricultural prosperity of that
section. It must also be remembered that in this
election, East and West have entertained widely
different ideas regarding our governmental policy
toward the war, and perhaps also in regard to our
tariff policy.
Yet in the face of this remarkable change in presidential votes of Western States, this week's indications favor substantial reduction of the Democratic
plurality in the House of Representatives. At
present that plurality is 21; calculations made at
Washington this week have suggested that the next
House may lean one way or the other only by 1 to 3
votes. If this is actually the result, it will at least
have this beneficial influence, even with the Senate
still Democratic—that Congress will scarcely be
subject to the imperious will of any occupant of the
White House. That condition usually makes for
conservatism in public policies.
It is not yet possible to analyze the redistribution
of the Progressive 'vote of 1912, except to say that
the idea that Mr. Wilson's attitude on the eight-hour
law would bring labor in a body to his support is
pretty well exploded by the result; the largest labor
constituencies in the country, such as those of New
York, Chicago, Massachusetts, Connecticut and
Pennsylvania, appear to have voted much as usual.
The scare which prevailed during the fortnight
before election regarding the women's vote, especially
in Illinois—where, it was then alleged, the women
were likely to vote against the men in their own
families—is not at all warranted by the returns.
The increase in the usual Republican plurality of
Illinois strongly suggests that both men and women
in the families voted for the same candidates. As
Nov. 11 1916.1
THE CHRONICLE
to the much-discussed "solid German-American
vote," there is the slightest imaginable sign of it in
the actual returns. President Wilson ran almost
everywhere ahead of his party, which should certainly not have been the case if a hostile political
faction of this sort had exerted'wide influence. The
great German-American city of Milwaukee went for
Mr. Wilson; so did St. Louis, and so also did the
county in Ohio in which is situated Cincinnati, with
its German-American constituency.
1735
What, therefore, is a live political question in the
United States seems to have reached a partial settlement in England and Europe. One thing seems
apparent, this labor of woman, continuing after the
war, if it shall, will go far to fill the loss occasioned by
the death-toll of the war, and enable each of the warring countries sooner to return to normal conditions
of domestic and foreign trade. But this is not the
chief consideration involved. Granting that one of
the effects of this war is to bring about, by actual
temporary demonstration, the "emancipation of
woman," granting that she, sooner or later, actually
WOMAN IN INDUSTRY.
avails herself of the right and privilege gained, will,
In the United States we sit apart and strive to speaking of course generally, the sum of the producread some of the lessons of this great war. We tion of the civilized world be so largely increased
watch the onset of armies, we seem to hear the roar as to intensify all the problems of labor and capital
and rage of battles—from stricken lands comes up which we witness to-day? And if so, what will
the cry for food and succor—and the heart of the peo- be the effect of this upon individuals, societies and
ple responds with help and hope. But the very governments? Can there be of useful things an
magnitude of the encounter stuns us. Awed, we over-production? Will there ensue an abolition of
wonder how long the titanic struggle can continue. poverty? And will such over-production result in
Longings for peace, stirring within us, make the soul luxurious living and tend thereby to enervate or to
sick. And we know that States and societies, all ennoble mankind?
Known, but scarcely appreciated, the machine
human relations, are changing. To what end?
Will this international storm, with its cloudburst of has been, for fifty years, certainly and extensively
death, clear the racial and national atmospheres of eliminating hand labor. Once existent, its skill is
hate and envy and commercial covetousness, and the unerring; once in motion, it is tireless. One might
world be better? And as we look at the place of in- ask, what in another fifty years will be left for either
dustry in human affairs, we ask ourselves will the man or woman to do? It is hardly an answer to say
seas be free, and will the lands, that to the fields now that there must always be the guiding mind, and the
sodden with human blood fairer harvests come, and helping hand,for in many manufactures of to-day the
will trade be free, trade that ministers to civilization, machine converts the raw product into the finished
trade that brings plenty to the home, trade that gives article without even a human touch, except at the
to every man the opportunity to attain to "the glori- beginning and the end. But this is one of the speculative issues involved. The main issue is a new inous spirit of independence"?
One change brought about by the world war, dustrialism, wherein, unless controlled by a high purradically affecting the industry of the future, is the pose, a tendency to over-production exists, which is
utilization of the labor of women in the ordinary vo- fateful over individual human happiness, the stability
cations of life. The "militant" campaign waged of society and the perpetuity of representative forms
before the war for so-called "woman's rights," the of government.
right to enter vocations and to lead an independent
This radical change must be, and become, a vital
life, has disappeared. In its stead is an industrial factor in human welfare. In actual industry and
fact—not only actual participation and effort in commerce, woman has had small part. Entering
industry, but demonstrated capacity to carry it on. the vocational life, she cannot escape its responsiNot only is woman engaged in making munitions of bilities. Taxation without representation is no more
war, but she is, in shop and store and field, in manu- wrong than representation without taxation. If she
facture and transportation, outside the demands of elects to vote, she must elect to work. The equality
war, and in the instrumentalities of peace, exhibiting of liberty for woman is also the liberty of equality.
an aptness, endurance and strength which will go In the commune of a free individualism each must
far to insure her a continuance in places now filled, still do a part that it may redound to the good of the
even when peace shall have returned man to his for- whole. And in any social structure work is a good
mer walks.
food. Purpose in life is an infallible tonic. Strength
Interesting social problems arise, evolving out of and skill are attained only by conscious effort.
coming conditions, but their solution is contingent
Granting woman's capacity, she has yet to learn.
upon a new world-economy in which woman works. Full competition with man in the marts will not come
For with this woman's movement stirring over nearly at once. But with technical education in all the inthe whole of the civilized world,it is not to be doubted dustries advanced to its present state, with so many
that she will in doctrine and demand hold fast to agencies established for the dissemination of knowlevery advancement gained through the factitious aid edge, the means of woman's advancement will render
of this war. Whether woman in competition with it exceedingly rapid. And whatever conflict and
man in the main industries which sustain life will confusion arise from this vital change in production
equal man and hold her place, time alone can demon- will be felt first in the most enlightened countries!
strate, when she shall have had full and free oppor- Upon a supposition that the productive results of
tunity. What change her vocational life will make labor can be, and are to be, doubled in a period o
upon her nature, what change it will make upon the say twenty-five years, and that the close of the presnature of man, in social and sex relations, is socio- ent war will witness the first real world-wide spread
logical, and as such only affects industrialism. of this new influence, we more readily than ever apBut an industrial world, in which woman works, in preciate the fact that the world will never be the same
which she produces by her labor, as does man, is a again. And even though a perpetual peace be inworld that is entirely new.
duced by woman's entrance into affairs, the equilib
1736
THE CHRONICLE
rium of effort will still have its insistent and important problems.
The idea, however, of possible over-production
presupposes a fixed standard of human need to have
been attained. The machine has immeasurably increased production, and with woman tending the machine this will be doubled. Yet in the comforts and
luxuries of life we have progressed in a parallel ratio.
The constant readjustments have caused recurrent
hardships to the worker, and will continue to do so.
Still, we are led by the law of the greater good through
the better way. The luxury of yesterday is the commonplace of to-day. As we labor, our ideals travel
swiftly toward us. We reach our hands into the unknown, and the hidden elements become our winged
messengers, our fancies become facts, the secrets of
the universe become our common knowledge. So
that the invasion of woman into industrialism would
prove disastrous were not a nobler tomorrow the high
goal of to-day. The serious purpose of endeavor
must not only create new needs and the means to supply them, but it will react upon woman herself,
lending new ambitions and a new outlook upon
life, adding to it a dignity and worth that can
only lend lustre to love and illumine the divinity of
motherhood.
The world ought to be better with woman at work.
This is not the chivalric view. Nor is it yet an established industrial fact. It is the ethics of industrialism. The old chivalry, tender and noble as it
was, or is, if you will, had in it the sense of inferiority
and the taint of slavery. Commercial independence
must lead to financial independence, and this to a
new conception on the part of man not only of the
rigtits but of the being of woman. There can never
be less work to do, there must always be more. But
its kind is changing, and will change. Labor is not
a curse but a blessing. Even the pessimist's view,
that the object of life is to escape from self, from boredom, may be dissipated in the service of others. We
work to be free; and we may and should work to be
happy. There may be, and there has been, too
much drudgery, even for man, and most certainly for
woman;there is not, there never will be, too much employment in the things that make life a means of love
and joy. It is no part of the industrial considerations here raised to say that the essential nature of
woman is service through love, but it must be noted
that the pouring of this into the material things of
production and exchange cannot lower the standards
of "business," even though one believe, as some do,
that woman is less honest than man, more given to
deception in the non-essentials.
The thought is that the chief result of woman's
advent into industry and affairs is that in this exists
a means to the end of greater human happiness should
she prove equal to her task. The pacifist will say
that if this era brings about nothing else than a cessation of war, it will be an eternal good. But wars
have their industrial aspects other than temporary
disorganization of effort. They prevent over-crowding, ghastly as the thought may be. If the woman
and the man work, there is still but the one acre.
Two blades of grass may be made to grow where one
grew before, but not two acres. If this industrial
change does not work better conditions of life through
not only more helpful forms of labor, but through an
increased ratio of production, world-crowding will
only become more accentuated and human suffering
be greater than before.
[Vol,. 103.
We leave out of this consideration the necessity
of fewer homes of the old style resultant upon this
change, or that the birth-rate will fall as a consequence,or that only a portion of the sex wish to work
as well as vote, or will embrace either; there is in it
a new competition, that, under the law of two work- ..
men seeking one employer, creates a tendency to
lower wages, and also tends to increase the so-called
gulf between the rich and the poor, since the emancipated woman must begin poor, having had only the
rights of property by toleration, execpt very recently
by law. If it be true that capital despoils labor,
then there must follow increased accumulations to the
capital already existent. However, this may be dismissed with the statement that there never was a
time when the diffusion of ownings was so great as
now, and the entire industrial fabric is hastening in
the direction of a sure return to capital through the
greater efficiency of operation by means of employee
participation in ownership and control. Nevertheless, because of mental and physical characteristics,
there will ensue a tendency by natural selection to
make competition in certain kinds and classes of endeavor more intense. There is, therefore, turmoil
ahead. Just as we are arriving at a new level because of the machine, a new element to shake the
equilibrium of effort enters. And however gradual
this new competition may come about, it is a very important influence upon life. Woman is by nature,
perhaps, less acquisitive than man, but she will not
be less tenacious of the rights of ownership.
Some of these questions seem almost a cause of
satirical comment. They will very soon become real
industrial factors. In the United States we have accorded woman predominance in certain professions—
as in the common schools. This will no longer be
conceded, nor will any industry manned wholly by
men yield to the pressure without resistance. It cannot be expected, at the same time, that this longsought vote will be secured without an exercise of
its power, for the right to vote becomes an idle bauble
without the right to work and opportunity to work.
The old "chivalry," so-called,,will change, is changing
into a higher form of respect. But there is a law of
the survival of the fittest running through all business
that woman must, and, no doubt, in time, can meet.
But the complications of industrial endeavor are not
lessened thereby. Nor is it certain that a possible
sex-antagonism may not arise which will tend to
lessen the spirit of co-operation which exists in all
free competition.
One thing is apparent, woman's entrance into industry will compel new modes of living, increase
what may be termed communal living. This has
two effects. It necessitates organization and tends
to eliminate the waste of effort in the non-essentials
of life, or what may be termed the little things, the
eternal round of the drudgery. In cities this will
soonest appear. For example, fifteen millions of
meals a day in the City of New York cannot be prepared as now, with woman engaged in commercial
industrialism. That the actual drudgery and drag
of the home-life upon woman, as now constituted,
must give way, will of itself cause no regret. With
new alignments and new organization, this factor
should increase the time of poor women and poor
men, since the emancipation of woman must emancipate man from his task of earning for both and for the
family, for improvement in education and culture
in the things we call spiritual and give us a higher
Nov. 111916.]
THE CHRONICLE
level of human life. The kitchen can no more produce great women than ditch-digging can produce
great men. With this turning of the feminine mind
and purpose to invention, effort, and helpfulness, in
trade and toil, the world should be benefited.
Carried along by the upward tendency of all effort,
there should be nothing to fear for woman in honorable and healthful work, or for society from so-called
over-production. Every year we are lightening the
load of labor; every year increasing the agencies of
happiness. We are systematizing modes of living as
well as methods of business. The lessening hours of
labor need no compulsion of law. The task of mankind can be performed, and is being performed, in
less time. If there are two to do it, equally fitted,
the time may be cut in half, or the product doubled.
Woman may be less grasping than man, there are
sex questions that are potential, which we do not enter upon, but the new industrialism cannot escape the
problem of woman's entrance into affairs, an object
lesson of which is afforded by the present war. Labor is a divine gift to a divine end. Industrialism
lies at the base of culture. There cannot be overproduction in material things if guided aright by the
higher power of the spiritual.
U. S. CAPITALISTS SEEKING CONTROL OF
CANADIAN NEWS PRINT COMPANIES.
Ottawa, Can., November 9 1916.
A movement of uncommon significance has developed in the Canadian commercial field during the
past few weeks, whereby United States capitalists
have attempted to obtain control of several large
news print manufacturing companies. In some instances these efforts have succeeded, and in others
the negotiations are yet in progress. A new group of
capitalists last week obtained control of the Wyagamack Pulp & Paper Co., and the Brompton Pulp &
Paper Co. is known to be undergoing reorganization,
the plan of which will shortly be announced. It is
understood that the Canada Paper Co. has received
tempting offers from American interests. The company has very low capitalization, authorized preferred
stock of $400,000 and $600,000 of common,.not all
of which has been issued, and there are two bond issues, aggregating $350,000.
Meanwhile, extension of plant is the keynote of
most of the pulp and paper mills. The Chicoutimi
Pulp Co., a subsidiary of the North American Pulp
& Paper Co., will increase its pulp mill capacity from
80,000 tons annually to 130,000 tons, making it the
largest exporter of mechanical pulp in America and
the second largest in the world. Another North
American Co. subsidiary, the St. Lawrence Pulp &
Lumber Corporation, will increase its output from
37,500 to 75,000 tons annually, which the management asserts will make it the largest pulp mill in the
world. These are merely illustrations of the expansion upon which many other pulp and paper corporations have entered.
While there are some Canadian financiers who fear
that the Canadian pulp and paper j.ndustry may see
another deluge of over-capitalization, such as occurred between 1910 and 1912, when several big corporations were "merged" to the edge of bankruptcy,
others are confident that the stock jobber is playing
a verY minor part in the changes now going on.
Most of the names associated with the new boards
of directors are those of well-known American investors.
1737
Two recent statements of recognized Canadian
experts in pulp and paper production have a material
bearing upon the future industrial development of
forest products in Eastern Canada. While optimistic
mill managers have been predicting that with the exclusion of German and Austrian papers from Britain
and France after the war, Canada will have access
to the Allies' markets, Mr. Carl Riordon, head of the
great Riordon pulp and paper interests, told the
Dominion's Royal Commission that competition with
Sweden and Norway in British markets was not to
be thought of, owing to freight charges. To the same
Royal Commission, Mr. Ellwood Wilson, Chief
Forester of the Laurentide Paper Co., stated that
at the present rate of destruction by forest fires and
the extravagant methods of pulpwood cutting, the
spruce forests of Canada could not last more than
twenty-five years.
LIMITING INSURANCE LOSSES BY REDUCING
THE HAZARD.
The recent celebration of "Fire Prevention Day"
on Oct. 9, the 45th anniversary of the Chicago conflagration, possibly attracted less general public
notice than usual, in the present tense situation of
affairs; yet it ought not to pass without mention,
and it does serve to recall to mind the always serious
subject of our national wastefulness through fires.
A table of a few inches in length and having
only four columns,in the 1915 report of the California
Insurance Department, has one line that is very
suggestive; the table gives the loss experience of
all companies combined in that State in the last
thirty years. The ratios of losses paid to premiums
collected cover a wide range, from the very low
minimum of 27.5% in 1911 to the extraordinarily
high peak in 1906. In that unfortunate year
the premiums collected in the State were $13,368,350, and the losses paid were $146,306,376,
with a loss ratio of 1,094.4%. Combining and
then comparing the two columns brings a loss ratio
of 90.6%, illustrating the deceptiveness of average
when applied to a ratio. Of this 146 millions of
loss paid not less than 135 millions were due to
the calamity in San Francisco; the premiums were
also gross, and a deduction of say 30% must be
made from them for expenses and taxes.
Certainly 146 millions were not taken out of
less than 10 millions, yet the claims were paid,
promptly and fully, and with at least an external
cheerfulness. Ask the layman how this was accomplished, and he naturally replies that the money
was taken out of surplus, an answer which is verified
by the shrinkage of net surplus over all from about
148 millions in all companies operating in this
State at the beginning of 1906, to 1083/b millions
at the end of that year. This, however, is not a
complete and correct answer, for many millions
of new capital were put up to fill the gap and most
of the large foreign companies sent funds to their
American, branches, in order that there should be
no diminution of loss-paying ability here.
Now a concise statement of this experience and
a few rudimentary deductions therefrom ought to
be hung in black letter in every legislative hall
and to be beaten upon the head of every adult
man (if this were only possible) until the lesson
had entered the head so as to remain. The city
of Hartford takes a just pride in its insurance companies, and a calamity that could put them past
1738
THE CHRONICLE
[VOL. 103.
recuperation is such as no man could bring himself of construction and occupancy and also to comply
to contemplate; this greater city does not take with those conditions. That cannot be done within
any especial care about its companies, nor is the cities; old construction can be replaced by
new
local feeling which would stand by them very con- only gradually; but old construction can be
imsiderably marked in any other community. When proved, and a stricter standard can be exacted
conflagration burns a hole, it seems (to the outside of new.
public) a simple and ordinary procedure for the
This can be done; it must be done; it is in course
stockholders to turn out their pockets for repairing; of doing. The movement makes slow progress,
this has been done over and over, out of combined but it makes no slip backward. It is th6 only
local pride, pluck, and a feeling that the plant hope and the only relief in the situation. Every
had too much value to be let go and that better attempt to coerce underwriters by prescribing
rates
experience would return. Such experience has or commissions for them, or by loading taxes on
returned, followed anew by pursuing disaster; if them, or by any interference in the improving
faith in the future (as may be in case of the rail- work they are earnestly trying to do, tends to defer
roads also) is not wavering it is probably raising the day of escape from this frightful waste.
questions and harboring some doubts. It is not
inconceivable that stockholders might lose faith
and refuse to venture more new capital. The
THE YEAR'S CROPS.
persons who resort most readily to rate legislation
The corn crop of the United States for 1916, acand cry loudest for it, and the persons who assume cording to the November estimate of the
Department
that stockholders can never be tired out, would of Agriculture, made public on Wednesday
, promises
do well to sit back in their chairs a moment and to be only 2,6433/
2 million bushels, or 74 millions less
put the question home to themselves: What would than the total announced a month earlier.
This, if
they do?
substantiated by the final report to be issued on
The most serious lesson in the calamity of 1906 Dec. 15, will make the crop the smallest
since 1913
(half forgotten long ago) concerns conflagration, and nearly 500 million bushels less than
the record
by which ominous word is meant any little fire yield of 1912. Furthermore, with the
already indithat once breaks away from control. Passing cated shortage in other grains this year,
the cereal
the comparatively minor ones without mention, harvests of,1916 bid fair to show a decline from
1915
the great blow in Chicago in 1871 was followed of 1,185 million bushels, or 20%, and from
1912 of
by another in Boston in 1872; then came Baltimore 825 million bushels, or nearly 15%.
Corn, it is to
in 1904, and San Francisco in 1906—and then? be stated, however, is turning out
much better in
The law of average, which these events probably quality than a year ago and well up to the
average of
obey, is thus far undiscoverable; conflagration earlier years, increasing its food value, but this
is a
and earthquake are as one in respect to impossi- matter of rather negligible importance in a
season
bility of forecast.
where there is such a marked deficiency in the grain
The only financial bulwark possible against these crops as a whole. The net, and most serious
and farstaggering blows is accumulated surplus; it does reaching, result of the short yield of grains
at a time
not avail to suggest fresh capital, for a condition when full crops were an essential to meet
the augwhich prevented surplus would also prevent new mented demand fostered by the war in Europe,
has
capital. Men constantly complain of this surplus, been a very decided increase in value, which in
one
not realizing that it is their protection; let it be way or another strikes home to the vast
multitude
divided up among stockholders, or be returned of the population. Wheat has advanced to a
higher
to the people who contributed it (as has actually level than at any time since 1888, very measurably
been publicly suggested ought to be done), and when enhancing the cost of flour, and in the case of corn
we
the heavy blow fell it would be without reaction. would have to go back to 1864 to find a higher level
But surplus can come only in good years, and those of quotations than now ruling.,
must overbalance the lean ones; absolutely, the
The Crop Reporting Board of the Department of
conflagration load must be covered in somewhere, Agriculture states the estimated average yield of corn
or the entire scheme breaks down; the provision per acre as 24.3 bushels, or about 10% under
the
cannot be had out of decades like the last one, 10-year mean, and on the area to be harvested this
which produced a net underwriting loss, and this indicates a total product of 2,643,508,000 bushels,
is the cold and immovable reply to the throng of or 411 million bushels less than the finally announced
propositions, year after year, for somehow forcing yield of last year and 30 millions smaller
than the
down rates by statute—it cannot be done.
production of 1914. Quality is reported this year
The last half-year's loss went more than 33 mil- as 83.8, or only 0.5 below the average of earlier sealions past that of the like term in 1915,yet the trend sons, and comparing with 77.2 a year ago. The deis probably towards a slow improvement; the ficiency in yield as contrasted with 1915 is, as was ingrounds for this faith are the certainty that such dicated a month ago, shared in by all the important
intolerable waste must force its own cure, and also producing States except Iowa, but is most in evidence
in the slow but sure preventive movement. Un- in Kansas and Missouri. The stock of corn in farmhappily, this must be slow: existing buildings can- ers' hands on Nov. 1 1916 is placed at 89,686,000
not be rapidly replaced, nor will it ever be possible bushels, or but 2.9% of the 1915 crop, as compared
to produce, upon such valuable land as that in with 96,009,000 bushels, or 3.6% of the 1914 yield on
great cities, the physical conditions which have hand the same date in 1915, and 104,460,000 bushgiven such marked success to the Factory Mutuals els, the average of the preceding five years. The
of Massachusetts. Those almost escape the "ex- appended compilation, unchanged except in the
posure" hazard, and because the properties are case of corn from a month ago, shows the cereal
isolated and under control of each owner it becomes outlook for this year, as contrasted with 1915, 1914
feasible and profitable to prescribe strict conditions and 1913, and the high records of production:
THE CHRONICLE
Nov 111916.]
Production.
(000,000s omitted.)
Winter wheat
Spring wheat
Corn
Oats
Barley
Rye
Total bushels
Estimated.
1916.
bush_ 455
153
2,644
1,230
184
42
Final.
1915.
655
357
3,055
1,540
237
49
Final.
1914.
685
206
2,673
1,141
195
43
Previous
Final.
Records.
1913.
523
685(1914)
240
357(1915)
2,447 3,125(1912)
1,122 1,540(1915)
237(1915)
178
49(1915)
41
4,708 5,893 4,943 4,551
5,993
These five leading cereals, it will be observed, give
collectively a yield some 1,185 million bushels less
than the previous annual yield, but their combined
value on the basis of the Nov. 1 prices reported by
the Department, and which were in all cases very
much above those of 1915, is approximately 4,012
million dollars, or about 480 millions more than last
year and very considerably in excess of 1912, the
record crop season.
The white potato crop is now estimated as promising an even smaller yield than a month ago, the latest approximation standing at 289 million bushels,
or 70 million bushels under 1915 and 120 millions
below the high mark of 1912. Tobacco, on the other
hand, and marking the one noteworthy exception
to the quite general rule, is expected to turn out the
biggest yield in the history of the country, and of
better than average quality.
Canada, in common with the United States, has
produced a much smaller wheat crop this year and
there is a very noticeable shortage in several other
important producing countries. In fact, according
to recent advices from the International Institute of
Agriculture, Rome, Italy, the total production of
wheat in Rumania, European Russia (48 governments), Egypt, Spain, England, Wales, Ireland,
Italy, Norway, Netherlands, Switzerland, India,
Japan and Tunis reaches only 2,225,541,000 bushels,
or 72.5% of last year's crop and 92.7% of a five-year
average.
RAILROAD GROSS EARNINGS FOR OCTOBER.
Our early compilation of railroad gross earnings
for the month of October affords indications of a
modification in the character of the returns, under
which the comparisons with the year preceding are
no longer so extremely favorable as has been the
case ever since last September. This change in
tendency may be expected to become stronger, too,
as the months roll on. No diminution of business
activity is yet discernible, but the fact is that we
are now reaching the period in 1915 when the revenues of our rail transportation lines were beginning
to record considerable improvement, so that comparison is now with better and larger totals than was
previously the case. That alone would be sufficient
to bring about a considerable reduction in the ratio
and the absolute amount of the further increase in
earnings the present year.
In addition, an unfavorable element in the situation which has not received the attention which its
importance merits is now making its influence felt.
We have reference to this season's crop shortage,
particularly as respects wheat. In the spring wheat
districts of the Northwest—in Minnesota and the
Dakotas—one of the most pronounced crop failures
on record has been sustained the present year, and
even though farmers are getting larger or smaller
compensation for the loss in extraordinarily high
prices for their product there nevertheless is a greatly
diminished quantity to go forward, correspondingly
reducing the wheat tonnage passing over the roads.
The same circumstance is also a factor in the traffic
1739
of the Canadian roads, which always find a place in
our early monthly compilations of earnings. The
1916 wheat crop of the Dominion is barely one-half
that of last year.
It accordingly happens that for October we have
what has been largely absent from the monthly compilations for a period of twelve months, to wit,
some losses of considerable magnitude. Foremost
among these is the decrease reported by the Great
Northern Ry., which reaches for the month no less
than $783,174. This, however, can hardly be
deemed surprising, seeing what an important' item
the spring wheat traffic is in the case of that road.
The Minneapolis St. Paul & Sault Ste. Marie belongs in the same category. It has fallen $357,288
behind. The Canadian systems have also sustained
some decreases. The Canadian Northern has a
small increase, but the Canadian Pacific has $209,000
loss and the Grand Trunk Pacific has a decrease of
$285,385, though, on the other hand, the Grand
Trunk itself has improved on its total of last year in
amount of $993,630, reflecting in this the great industrial activity which Canada, like the United
States, is experiencing as the direct outgrowth of
European war orders.
Elsewhere gains in earnings are still general, but
are no longer of such striking magnitude as heretofore. Altogether it is not strange that the ratio
and extent of the improvement recorded by our
compilation as a whole should be considerably reduced. In brief, our early statement comprising
41 roads operating 83,598 miles in 1916 registers
only $4,848,692 increase, or but 6.27%. As already
indicated, comparison is with totals last year which
had shown large improvement over the year preceding. In other words, our early statement for October 1915, comprising much the same roads as are
now represented, showed $10,806,253 gain, or
14.95%, to which the present year's improvement
is additional. On the other hand, in October 1914,
when business was deeply disturbed by reason of the
outbreak of the European war, and when the stock
exchanges were all closed, our compilations showed
a very heavy loss, the falling off then reaching no
less than $14,270,984, or 15.82%.
As it happened, too, earnings in 1913 likewise
had been poor or indifferent and in individual cases
registered decreases, to which the 1914 decreases
were additional. Speaking of the roads collectively,
our early statement in 1913 recorded an increase,
but it was very small, amounting to only $1,366,710,
or but 1.57%, and more than the whole amount was
contributed by the Canadian systems. In the
years preceding, the comparisons were pretty
favorable. In October 1912 our early statement
recorded $9,327,956 gain, or 12.30%; in October
1911 our preliminary statement showed $3,656,352
increase, or 5.28%; in 1910, too, our early exhibit
registered some improvement, the gain reaching
$1,840,328, or 2.14%. The year before—October
1909—the gain was of large proportions, being for
the roads included in our early compilation $7,479,391
or 11.76%. The increase then, however, followed
in part from the circumstance that in October 1908
(succeeding the panic of the previous year) there
had been a loss of $2,678,874, or 3.95%. Prior to
1908 there was a continuous series of increases year
by year back to 1896. The following table furnishes
a summary of our early October totals from the lastmentioned year down to the present time.
1740
THE CHRONICLE
Mileage.
Gross Earnings.
Odober.
Year
Year InGiven. Preced. cr'se.
Year
Preceding.
Increase (+)
Or
Decrease
(-).
Miles.
92,815
97,154
93,681
94,835
88,014
101,364
91,531
90,509
83,724
80,243
92,760
74,306
79,664
81,508
81,498
82,623
86,131
91,229
92,332
87,083
83,598
Miles.
92,031
95,865
92,684
93,275
85,275
99,698
89,611
88,557
82,234
78,454
90,499
73,130
78,212
80,003
79,146
81,105
84,457
89,094
90,964
85,976
81,851
%
0.85
1.34
1.07
0.60
3.21
1.67
2.14
2.20
1.81
2.27
2.49
1.62
1.87
1.89
2.82
1.87
1.98
2.40
1.50
1.34
2.14
er t,...1,.... r- COO- t.ea 1,0 t.
C.1 00 00 N .
91,414
96,417
93,681
93,464
87,150
99,915
91,495
90,451
83,724
80,243
92,684
73,904
79,664
81,298
81,498
82,623
83,131
91,229
92,332
87,083
83,598
90,650
95,128
92,684
91,926
84,411
98,259
89,575
88,499
82,234
78,454
90,423
72,728
78,212
79,793
79,146
81,105
84,457
89,094
90,964
85,976
81,851
0.84 383,169,172 371,096,854 +12,072,318 3.25
1.35 415,575,268 397,417,261 +18,158,007 4.56
1.07 439,652,886 400,664,744 +38,988,142 9.73
1.67 467,646,154 426,901,050 +40,745,104 9.54
3.24 462,336,832 421,222,209 +41,114,623 9.79
1.68 595,247,576 536,350,655 +58,896,921 10.98
2.14 567,732,440 524,404,004 +43,328,436 8.26
2.20 634,403,248 568,511,986 +65,891,262 11.59
1.81 548,856,559 547,805,805 +1,050,754 1.19
2.27 547,274,910 511,171,825 +36,103,085 7.06
2.49 743 656,008 650,711,098 +92,944,010 14.28
1.63 535,674,837 487,000,527 +48,674,310 9.97
1.87 510,880,199 588,284,727 -77,404,528 13.16
1.89 558,083,964 498,524,900 +59,559,064 11.94
2.82 599,753,297 534,476,391 +65,276,906 12.21
1.87 600,348,145 586,824,827 +13,523,318 2.30
1.98 696,159,486 642,398,210 +53,761,276 8.37
2.40 765,729,096 714,201,552 +51,527,544 7.22
1.50 706,601,982 761,384,826 -54,782,844 7.20
1.34 638,328,875 667,787,272 -29,458,397 4.41
2.14 711,055,901 586,520,608 +124535293 21.30
tft t,.
CI .4M CA 00C4 r- .
oo m ts co o5 lens ct, cr. 1..
i
Year.
1896_ _ __
1897._ _ _
1898- - -1899 _ 1900_ __
1901_ _
1902.. _ _ _
1903.._
1904_ - -1905_ _ -1906_ _ __
1907.......
1908--1909____
1910- _ 1911_ _ _ 1912_ _ _ _
1913_ .._ _
1914_ ___
1915..-1916_ _ _
Jan. 1 to
Oct. 31.
1898.__
1897_ _ __
1898.. _ __
1899_ ___
1900... __
1901- _ -1902_ ___
1903....__
1904.... __
1905._ _ _
1906.._-1907_ _ _ _
1908- _ -1909.. _ __
101o.._
1911_ __
1912_ .
1913..-..1914.... __
1915_ __
1916.......
Year
Given.
$
47,974,125
53,959,376
53,975,132
59,382,536
56,051,244
74,753,570
69,104,832
72,406,972
66,390,161
66,053,039
86,795,590
60,724,491
65,130,556
71,067,075
69,014,101
72,398,865
85,141,427
89,855,833
75,767,580
83,071,129
82,158,273
$
$
%
50,354,822 -2,380,697 4.72
49,604,841 +4,354,535 8.77
51,596,900 +2,378,232 4.61
53,523,877 +5,858,659 10.94
53,318,505 +2,732,739 5.12
66,509,179 +8,244,391 12.39
64,760,432 +4,344,400 6.71
68,739,460 +3,667,512 5.33
63,939,889 +2,450,272 3.83
62,631,366 +3,421,673 5.46
78,007,440 +8,788,150 11.26
57,338,839 +3,385,652 5.91
67,809,430 -2,678,874 3.95
63,587,684 +7,479,391 11.76
67,173,773 +1,840,328 2.14
68,742,513 +3,656,352 5.28
75,813,471 +9,327,956 12.30
88,489,123 +1,366,710 1.57
90,038,564-14,270,984 15.82
72,264.876 +10,806,253 14.95
77,309,581 + 4,848,692 6.27
Note.-Neither the earnings of the Mexican roads nor the mining operations
tithe anthracite coal roads are included In this table.
As far as the separate roads are concerned, gains
are general except in the case of the roads already
mentioned, but, as stated, they are not so prominent
as heretofore, since they succeed improvement
in 1915. Very large increases, however, come from
Southern and Southwestern roads; the latter in 1915
did poorly or indifferently. Thus the Missouri
Kansas & Texas reports $805,535 increase, the Texas
& Pacific $613,350 increase and the St. Louis Southwestern $316,000 increase. In the South the Louisville & Nashville has $716,115 gain and the
Southern Railway no less than $939,757. The
Illinois Central, which has a line running down to
New Orleans, adds $462,659 to its 1915 total. In
the following we show all changes for the separate
roads, whether increases or decreases, for amounts
in excess of $30,000:
[VOL. 103.
The Western grain movement, it is hardly needful
to say, fell much below that of last year in face of
the extraordinarily high prices ruling for grain,
reflecting in this the crop shortage. Of wheat the
receipts for the four weeks ending Oct. 28 were only
42,161,000 bushels in 1916, against 61,388,000
bushels in the corresponding four weeks of 1915,
while the receipts of corn were 10,021,000 bushels
against 12,637,000 bushels. The receipts of oats,
on the other hand, were heavier, being 34,306,000
against 27,387,000 bushels. Adding barley and rye,
which both register decreases, the receipts of the
five cereals for the four weeks of the present year
were only 102,622,000 bushe's against 118,512,000
bushels in the same period last year. In the following we give the details of the Western grain movement in our usual form:
WESTERN FLOUR AND GRAIN RECEIPTS.
Four wks.
Flour.
Wheat.
Corn.
Oats.
Barley.
Rye.
end.Oct.28. (bbls.)
(bush.)
(bush.)
(bush.)
(bush.)
(bush.)
Chicago1916...... 740,000 6,060,000
5,107,000 16,567,000 3,613,000
674,000
1915...... 771,000
4,701,000
7,145,000 11,016,000 2,808,000
457,000
Milwaukee1916..._
204,000
1,492,000
386,000 4,318,000 2,801,000
554,000
1915___
389,000
1,053,000
583,000
3,502,000 1,800,000
865,000
St. Louis1916.__
335,000 3,932,000
669,000
2,052,000
428,000
59,000
1915_
380,000
4,660,000
1,030,000
1,602,000
210,000
38,000
Toledo1916..
439,000
137,000
184,000
1915_
1,732,000
163,000
597,000
Detroit1916......
35,000
272,000
289,000
439,000
1915.... _
35,000
213,000
290,000
481,000
Cleveland1916_.. 107,000
243,000
127,000
304,000
5,000
5,000
1915__
62,000
121,000
144,000
476,000
Peoria1916._
273,000
115.000
2,091,000
1,432,000
440,000
115,000
1915_ _ _
221,000
348,000
1,805,000
768,000
308,000
55,000
Duluth1916_
4,406,000
566,000 1,376,000
433,000
1915_
19,968,000
868,000 2,476,000
683,000
Minneapolis1916.
13,568,000
25:3,000
4,687,000 4,333,000 1,298,000
1915_
19,853,000
314,000
6,330,000 6,172,000 1,228,000
Kansas City1916_
7,724,000
519,000
1,870,000
1915_
6,267,000
499,000
619,000
Omaha1916_
3,752,000
438,000
1,887,000
1915..
2,472,000
664,000
1,128,000
Total of All1916.... 1,536,000 42,161,000 10,021,000 34,306,000 12,996,000 3,138,000
1915._ 1,858,000 61,388,000 12,637,000 27,387,000 13,774,000 3,320,000
Jan. 1 to Oct. 28.
Chicago1916....... 7,636,000 64,425,000 83,173,000 138,655,000 27,526,000 3,972,000
1915-- _ 6,920,000 56,252,000 77,553,000 106,299,000 16,600,000 3,299,000
Milwaukee1916...... 1,508,000
5,994,000 8,261,000 31,935,000 16,645,000 2,535,000
1915_ 2,042,000
4,334,000 12,567,000 21,495,000 10,710,000 2,854,000
St. Louis1916_ _ 3,644,000 34,152,000 15,127,000 15,780,000 1,351,000
644,000
1015...... 3,069,000 24,789,000 16,277,000 15,893,000
938,000
288,000
Toledo1916
6,461,000
3,044,000 3,835,000
26,000
1915_
6,395,000 3,362,000
4,612,000
55,000
7,000
PRINCIPAL CHANGES IN GROSS EARNINGS IN OCTOBER. Detroit1916_ __
288,000
2,284,000
3,934,000 4,000,000
Increases.
Increases.
1915-__
307,000
1,847,000
2,718,000
3,704,000
Grand Trunk (4 roads)_- $993,630 Vicks Shrev & Pacific____
$39,416 Cleveland•
Southern Railway
939,757 Canadian Northern
38,300
1916___
667,000
899,000
3,122,000 4,182,000
38,000
95,000
Missouri Kansas & Texas_
805,535 Alabama & Vicksburg_ _ _ _
36,756
1915_
719,000
998,000
3,776,000
3,121,000
21,000
37,000
Louisville & Nashville..__
716,115 Georgia South & Florida_
35,871 PeoriaTexas & Pacific
613.350 Minneapolis & St Louls.._
33,285
1916...... 1,930,000
3,733,000 31,109,000 9,944,000 2,739,000
570,000
Illinois Central
462,659 Denver & Rio Grande_ ___
1918.__ 2,145,000
30,900
3,954,000 13,894,000
9,630,000 1,726,000
249,000
St Louis Southwestern..
316,000
DuluthYazoo & Miss Valley_ _ _
285,239
Representing 25 roads in
1916_
33,196,000
54,000
2,577,000 8.829,000 2.068,000
Cnicago Great Western
194,245
our compilation
1915_
$6,424,868
49,929,000
1,962,000
6,082,000 8,754,000 2,985,000
Western Maryland
175,712
MinneapolisCinc New Orl & Texas Pac
163,277
Decreases.
1916..
101,515,000
4,905,000 35,960,000 28,701,000 5,768,000
Chesapeake & Ohio
132.987 Great Northern
$783,174
1915..
86,096,000 10,686,000 19,581,000 24,064,000 3,603,000
Buffalo Roch & Pittsb_ _ _
88,769 Minneap St P & S S M
357,288 Kansas CityToledo St Louis & Western
88,364 Grand Trunk Pacific..
a283,385
1916_
62,503,000 19,431,000 6,566,000
Colorado & Southern..... _
83,062Canadian Pacific
1915..
209,000
37,812,000 14,546,000
5,102,000
Chicago Ind & Louisville_
57,356
OmahaDuluth So Shore & Atl_
Representing 4 roads in
52.590
1916_
32,699,000 16,987,000 10,742,000
Atlanta Birrn & Atlantic_
a41,693
our compilation
$1,632,847
1915-9,986,000 18,551,000
7,270,000
a These figures are for three weeks only.
Total of All1916_15,673,000 347,861,000 189,147,000 204,176,000 84,820,000 15,678,000
1915_ - _15,202,000 282,392,000 175,237,000 203,453,000 62,820,000 13,370.000
The cotton movement in the South ran very much
heavier than that of last year, notwithstanding the
To complete our analysis we annex the following
greatly reduced yield of the staple the present
season. The shipments overland for the month six-year comparisons of the earnings of leading roads
were 347,901 bales, against 172,762 bales in October arranged in groups:
1915 and 143,925 bales in 1914, and the receipts at EARNINGS OF NORTHWESTERN AND NORTH PACIFIC GROUP.
October.
the Southern outports were 1,422,709 bales against
1916.
1915.
1914.
1912.
1913.
1911.
1,177,532 and 961,794 bales respectively, as will be
$
$
$
$
$
$
Canadian Pacific 13,102,000 13,311,000 9,282,92814,480,21713,060,398 11,207,992
seen by the following:
Chic Great West* 1,506,484 1,312,23. 1,306,727 1,320,022 1,341,976 1,252,261
RECEIPTS OF COTTON AT SOUTHERN PORTS IN OCTOBER AND FROM
JANUARY 1 TO OCTOBER 311916, 1915 AND 1914.
October.
Since January 1:
Ports.
Galveston
bales
Texas City, &o
New Orleans
Mobile
Pensacola, do
Savannah
Brunswick
Charleston
Georgetown
Wilmington
Norfolk
Newport News,&c..
Total
1916.
1915.
542,090
92,282
375,137
12,597
14,720
186,791
12,500
37,894
416,729
106,495
199,893
14,572
18,178
186,451
18,000
71,458
26,880
121,818
49,311
95,634
811
456,786 2,106,409 2,829,128 1,938,370
63,114 302,812 555,949 287,094
115,737 1,210,620 1,518,586 992,030
20,660 147,266 110,399 162,890
8,250
87,367 109,231
68,885
169,192 859,989 1,371,717 678,067
6,760 135,132 188,100
76,208
47,716 151,140 321,086 107,072
101
1,902
21,674 145,246 264,640 101,556
49,236 522,889 536,601 277,018
2,669
57,934
83,224 117,374
1.422,709 1,177.532
961,794 5.726.905 7.890.563 4,806.564
1914.
1916.
1915.
1914.
Dui EN) Sh & Atl_
351,250
239,159
298,660
288,772
349,760
283,330
Great Northern_ 8,202,406 8,985,580 7,789,500 8,945,184 8,737,612 7,112,815
Minn & St L_a__
996,614
940,115
963,329
961,650
921,108
767,739
114 St P & 8181111_ 3,087,955 3,445,243 3,072,316 3,126,638 3,322,942 2,610,789
Tan!
27 24R 71425_316.051 22.611.73820.162.83627.713.35023.234.926
* Includes Mason City & Fort Dodge and the Wisconsin Minnesota & Pacific.
a Includes Iowa Central.
EARNINGS OF SOUTHWESTERN GROUP.
October.
1916.
1915.
1914.
1913.
1912.
1911.
Colorado dr Sou.
Denver & Rio Cr
Mo Kan dc Tex_a
St Louis So West
Texas & Pacific__
$
1,568,968
2,568,100
3,751,682
1,538,000
2,395,576
$
1,485,906
2,537,200
2,946,147
1,222,000
1,782,226
$
1,391,695
2,309,007
3,129,330
1,018,505
1,738,853
$
1,273,179
2,530,584
3,151,067
1,208,660
1,866,874
$
1,528,349
2,485,473
3,440,888
1,286,668
1,971,057
$
1,382,295
2,193,056
3,064,257
1,195,159
1,732,729
Trani
11.822.326 0.073.470 0.587.300 10.030.364 10.712.435 9.567.496
a Includes Texas Central in all the years and Wichita Falls lino from Nov. 11912.
Nov. 111916.1
THE CHRONICLE
EARNINGS OF MIDDLE AND MIDDLE WESTERN GROUP.
1916.
October.
1914.
1915.
1913.
1912.
Name of Road.
1911.
$
$
$
$
$
$
BuffRoch& Pitts 1,215,527 1,126,758 842,546 1,142,601 1,053,603 832,569
738,995 681,639 596,178 661,501 674,003 610,721
Chic Ind & Lou__
Grand Trunk_ _1
Grand Trk W..} 5,660,321 4,666,691 4,404,417 5,047,641 4,901,954 4,468,718
DetGrH,Sz Mil I
Canada Atl_ _ _ J
Illinois CentraLc 6,555,665 6,093,006 5,520,343 6,108,642 5,932,491 4,639,641
Pere Marquette_ a1,812,922 1,812,922 1,697,190 1,660,812 1,625,536 1,609,287
Toledo Peo & W_ a118,419 118,419 110,496 138,669 140,405 114,866
Toledo St L & W 562,729 474,365 398,346 415,184 357,517 352,150
Western Md____ 1,111,622 935,910 725,000 758,641 630,478 631,075
Total
17.776.200 15,909,710 14,294,516 15,933,691 15,315,98713,259,027
a Month not yet reported: taken same as last year.
c Includes earnings of Indianapolis Southern.
EARNINGS OF SOUTHERN GROUP.
October.
1916.
1915.
Increase. Decrease.
$
$
$
52,935,623 43,761,895 9.173,728
911,078
813,016
98,062
1 9,021,604 8,387,108
634,496
Louisville& Nashville
Mineral Range
Minneap & St Louis
Iowa Central
Minneap St P & S S M.._ _ _
Missouri Kan & Texas a....
Mobile & Ohio
Nevada-California-Oregon_
Rio Grande Southern
St Louis Southwestern......
Southern Railway
Tennessee Alabama & Ga..
Texas & Pacific
Toledo St Louis & Western
Western Maryland
Yazoo & Miss Valley
27,917,378
29,255,284
9.997,894
323.680
463,934
10,958,866
61,203.992
100,003
16.483,138
4,910,886
9,828,906
11,766,609
23,344,300
26,440,136
9,141,730
326,987
456,356
8,949,197
52.000,071
58,826
14,605.624
4,116,854
8,089,266
10,127,862
4,573,078
2.815,148
856.164
$
3,307
7.578
2,009,669
9.203,921
41,177
1,877.514
794,032
1,739,640
1,638,747
Total (41 roads)
Net increase (21.30%)_
1916.
1915.
1914. 1
1913.
1912.
1911.
S
513,055
$
491,121
S
388,222
S
513,974
S
489,378
S
424,300
377,372
180,341
153,629
3,977,192
899,849
5,023,510
1,042,922
6,137,264
1,346,001
287,705
140,403
127,677
3,404,946
820,637
4,546,327
894,710
5,531,969
1,067,749
354,122
175,740
161,233
3,280,468
965,103
5,857,514
1,203,537
6,785,151
1,209,814
336,837
175,509
153,818
3,107,620
884,577
5,390,953
1,127,506
6,338,195
1,043,480
376,750
159,599
126,871
2,909,738
832,937
5,182,825
1,146,792
5,826,118
784,921
Ala Gt Southern.
Ala N 0& T P359,190
New Orl & N E_
187,097
Ala & Vicksbur
Vioks Shrev & P 193,045
Chem & Ohlo_c__ 4,110,179
Cino N 0 & T P.. 1,063,126
Louisv & Nash_b 5,739,625
Mobile & Ohio _ _ 1,044,808
Southern Ry_ _ __ 7,077,021
Yazoo & Miss Val 1,631,240
1741
21.918.386 19.599.201 17,210.34520.506.65619.047.87317.770.851
b Includes the Louisville & Atlantic, and the Frankfort & Cincinnati.
c Inoiudes Chesapeake & Ohio of Indiana.
Total
We now add our detailed statement for the month,
comprising all the roads which have thus far furnished
returns for October. In a second table we compare
the earnings of the same roads for the ten months
ending with October:
711,055,901 586,520,608 124538600
3,307
124535293
a Includes the Texas Central in both years.
y These figures are down to the end of the third week of October only.
REPUBLIC OF FRANCE NEW 5% LOAN SUBSCRIBED.
Minister of Finance,Alexander Ribot,officially announced
in the Chamber of Deputies on the 9th inst. the results of the
new 5% tax-free national loan, the particulars of which were
given in these columns on Oct. 7. There were 3,000,000
subscriptions to the loan, amounting to 11,360,000,000 francs
($2,272,000,000), of which, it is said, 5,000,000,000 francs is
new money.
In last week's issue we referred to the success of the loan
in this country, which was handled here by Brown Brothers
& Co. and A. Iselin & Co. It was stated by these bankers
that approximately 1,500 subscriptions were received at
their offices, and among them were a great many applications for small amounts from Frenchmen residing in this
country.
GROSS EARNINGS AND MILEAGE IN OCTOBER.
Name of Road.
Gross Earnings.
1915.
_ 1916.
$
$
Alabama Great South
513,055
491,121
Ala N 0 & Tex PacN 0 & Northeast__
377,372
359,190
Alabama & Vicksb_
150,341
187,097
Wks Shrev & Pac_
193,045
153,629
Ann Arbor
231,226
255,849
y182,419
Atlanta Birm & Atl_
9224,112
Buffalo Roch & Pittsb 1,215,527 1,126,758
3,716,800 3.678,500
Canadian Northern
Canadian Pacific...... 13,102,000 13,311,000
4,110,179 3,977,192
Chesapeake & Ohio
Chicago Gt Western.... 1,606,484 1,312,239
681,639
738,995
Chic Ind & Louisville_
899,849
Cinc New On & Tex P 1,063,126
Colorado & Southern.. 1,568,968 1,485,900
Denver & Rio Grande 2,568,100 2.537,200
189,500
Denver & Salt Lake.._
195,526
104,364
Detroit & Mackinac
95,722
Duluth So Sh & Atl_ _
351,250
298,660
Georgia Sou & Fla....
251,696
215,825
Grand Trunk of Can
Grand Trunk West
5,660,321 4,666,691
Det Or Hay & Mil
Canada Atlantic.._
Grand Trunk Pac_ __ _
9640,538
9357.153
Great Northern
8,202,406 8,985,580
Illinois Central
6,555,665 6,093,006
Louisville & Nashville 5,739,625 5,023,510
Mineral Range
102,988
91,607
Minneap & St Louis.)
963,329
996,614
Iowa Central
Minn St P & S S M___ 3,087,955 3,445,243
Missouri Nan & Tex a 3,751,682 2,946,147
1.044,808 1.042,922
Mobile & Ohio
Nevada-Cal-Oregon..
46,469
56.315
57,194
Rio Grande Southern58,614
St Louis Southwestern 1,538,000 1,222,000
Southern Railway_ __ _ 7,077,021 6,137,264
Tenn Ala & Georgia
10,022
6,035
Texas & Pacific
2,395,576 1,782,226
Toledo St L & West.._
562,729
474,365
Western Maryland.... 1,111,622
935,910
Yazoo & Miss Valley_ 1,631,240 1,346,001
Mileage.
Inc.(+) or
Dec. (-). 1916. 1915.
$
+21,934
309
309
-18,182
203
203
142
142
+36,756
171
171
+39,410
293
293
+24,623
+41,693
640
638
+88,769
586
586
+38.300 9,296 7,761
-209,000 12,993 12,921
+132,987 2,385 2.374
+194,245 1,496 1,427
+57,356
622
622
+163,277
337
337
+83,062 1,812 1,798
+30,900 2,576 2,576
-6,026
255
255
+8,642
382
392
+52,590
601
627
+35,871
395
395
+993,630 4,533 4,533
-283,385
783,174
+462,659
+716,115
+11,381
+33,285
916
8,051
4,767
5,071
119
1,646
916
8,102
4,767
5,037
120
1,646
-357,288
+805,535
+1,886
+9,846
-1,420
+316,000
+939,757
+3,987
+613,350
-I-88,384
+175,712
+285,239
4,227
3,865
1,160
275
180
1,753
6,982
95
1,944
450
688
1,382
4,190
3,865
1,122
272
180
1,753
6,986
96
1,944
450
663
1,382
Total (41 roads)
82,158,273 77,309,581 +4,848,692 83,59881.851
Net increase (6.27%)
a Includes Texas Central in both years.
y These figures aro for three weeks only.
GROSS EARNINGS FROM JANUARY 1 TO OCTOBER 31.
Name of Road.
1916.
Alabama Great Southern.._ 4,882,745
Ala New Orl & Tex PazNew Orl & Northeast_ _ _ 3,298,789
Alabama & Vicksburg.... 1,482,433
Vicks Shrev & Pacific_.... 1,435,050
Ann Arbor
2,345,744
Atlanta Birm & Atl
y2,498,264
Buffalo Roch & Pitts
10,716,616
Canadian Northern
30,497,200
Canadian Pacific
113,765.788
Chesapeake & Ohio
41,189,417
Chicago Great Western_ _
13,179,830
Chicago Ind & Louisville - 6,792,251
Cinc New On & Tex Pac- 9,794,883
Colorado & Southern
- 13,053,184
Denver & Rio Grande
20,836,610
Denver & Salt Lake
1,573,429
Detroit & Mackinac
1,032,068
Duluth So Sh & Atl
3,130,681
Georgia Southern & Fla_ _ _ 2,116,314
Grand Trunk of Canada.._
Grand Trunk Western.. 49,644,691
Detroit Or Hay & Milw
Canada Atlantic
Grand Trunk Pacific
93,813,850
Great Northern
67,782,939
Illinois Central
60,114,250
1915.
4,029,955
Increase. Decrease.
852,790
3,024,613
274,176
1,254,363
228,070
1,188,127
246,923
1,917,322
428,422
92,176,996
321,268
5,473,1072,243,509
20,770,800 9,726,400
83,208,074 30,557,714
35,582,693 ,606,724
11,461,503 1,718,327
5,711,890 1,080,361
7,928,364 1,866,519
11,613,128 1,440,056
18,852,323 1.984,287
1,416,825
156,604
889.833
142,235
2,672,660
458,021
1,792,555
323,759
41,530,304 8,114,387
875,477
92,938,373
55,721,595 12,061,344
51,745,977 8,368,273
PARTICIPATION OF FRENCH CONCERNS IN FRENCH
INDUSTRIAL CREDIT.
The Guaranty Trust Co., the Bankers Trust Co. and
William B. Bonbright & Co., Inc., composing the syndicate
which made arrangements for the French Industrial Credit,
referred to in the "Chronicle" of Oct. 21, has made public)
a list of 74 French concerns participating in the credit. For
the present, the credit, which it was originally stated, was
expected to reach the neighborhood of $100,000,000, is
limited to $50,000,000. Announcement that the latter
amount had been fully subscribed for by American institutions was made by the syndicate on the 4th inst. The
credit is not for the account of the French Government, but
for French industrial concerns to cover purchases of goods
in this country. The French concerns are divided into eight
groups, each group containing the companies which come
under its heading; the extent to which each of these groups
will participate, is indicated below:
Mining Companies Group
Metallurgical Companies Group
Copper Metallurgy Group
Electro Metallurgy and Electro Chemistry Group
Naval Construction Group
Mechanical Construction Group
Automobile Group
Chemistry Explosives
Petroleum Various Groups
$5,000,000
10,500,000
5,000,000
5,250,000
2,250,000
7,500,000
5,000,000
} 9.500.000
H. P. DAVISON'S PROPOSALS TO CHICAGO BANKERS
CONCERNING BRITISH CREDITS.
H. P. Davison of J. P. Morgan & Co. and Charles H.
Sabin, President of the Guaranty Trust Co. of New York,
were the guests of George M. Reynolds, President of the
Continental & Commercial National Bank of Chicago, at a
dinner at the Chicago City Club, on the 3rd inst. Those in
attendance were limited to the heads of the large financial
institutions of the city, and included J. B. Forgan, Charles
G. Dawes, Arthur Reynolds, E. D.Hulbert, L. A. Goddard,
Robert J. Dunham, Frederick H. Rawson, Samuel Insull,
John A. Lynch, W. A. Tilden and J. E. Otis. The only
outsider besides Messrs. Davison and Sabin was S. H. Burnham, President of the First National Bank of Lincoln, Neb.
The object of the dinner, it is stated, was to afford Western
bankers an opportunity to learn at first hand from Mr. Davison, the credit situation in Europe and its bearing on the
financial situation in this country. It was Mr. Davison's
first trip to the West since the outbreak of the European war.
It is noted in connection with his visit that there has been a
great change in the attitude of Western investors toward
loans to the Allies, a number of the banks having recently
participated in the underwriting of the $300,000,000 loan to
the United Kingdom. The Chicago "Herald" stated on the
4th, that while what was discussed at the meeting was regarded as confidential, it was known in a general way that
1742
THE CHRONICLE
the financial situation as it relates to present and future
business was uppermost in their minds. One thing talked
of was the necessity of a liberal policy in the matter of extending credit to the European countries that are buying
liberally of American products. The suggestion of a greater
use of acceptances in the matter of extending credits was
another feature discussed. The "Herald" added that Mr.
Davison set at rest the story that he had an ultimatum to
deliver to Chicago bankers or that any demand would be
nade by the Allied Governments that Americans accept
unsecured loans or face the demonetization of gold. He
indicated that he did not believe the gold standard would be
jeopardized or that the Allies were conspiring to harass or
injure this country. He is quoted as follows:
After the war Europe must be reconstructed and its people will have
to buy a great many things. Naturally, they will buy where they can buy
best, not only in the matter of prices, but in the matter of credit. To do
our share of the business we must extend the credit.
There is a danger—a very grave danger—to the United States in the
continued imports of gold. Naturally the wealth of the world will not stay
here after peace is restored, and if the inflation which gold brings is too
great there will be perils in the contraction which must follow. We will
have no monopoly on the world's business after the war, as we have no
monopoly on genius or industry. If we wish to prosper we must awake to
the opportunities which now offer themselves and handle them intelligently.
If we want to sell goods we must extend credits.
There has been a marked change in sentiment among the bankers of the
country since the first war loan was floated. We have turned from a borrowing to a lending people. The imports of gold already made have given
us a basis for $6,000,000,000 expansion of credit, and credit gives the
greatest source of strength.
[VOL.
I want to see great American warehouses and shipping houses along the
Canal, so that it will become a great commercial station for the trade
between this country and South America. In order to make it a centre
of commerce it is necessary that the United States shall take control over
the Canal Zone after the actual building of the Canal is completed.
Explaining his desire for a change in the treaty the speaker
said that the Taft treaty provided that those strips of land
not being used strictly for Canal purposes were to revert to
the Republic of Panama. For this reason a great deal of
friction has arisen in the handling of mails and in other
Governmentalfunctions. This can be remedied only by complete jurisdiction of this country over the Canal Zone. He
added further that Americans would take no financial interest in Zone property until they were assured that it would
continue under the complete jurisdiction of the United States.
General Goethals made known the fact that the tolls for the
month of September this year were $500,000, this representing the largest amount in the Canal's history.
PANAMA MAILS TO BE HANDLED IN FUTURE BY
UNITED STATES.
United States mails for Panama and South and Central
America, heretofore handled by British packet agents, will
hereafter be taken care of by United States postal authorities in the Zone. This announcement was made public by
Postmaster-General Burleson, at Washington, Oct. 31. In
the statement wherein the change is announced, it is stated
that the step has been made possible by the completion of
In its issue of the 5th inst. the Chicago "Herald" stated the Canal and the establishment of an effective postal serthat what was proposed at the conference was not an ordinary vice in the Zone. This completely changes the old system
loan to the Allies, but an extension of unsecured credit. provided for under the terms of the Universal Postal ConvenConcerning the plan it said:
tion, under which for many years mails dispatched via the
Mr. Davison suggested a plan—the use of 434% thirty to ninety day
agent, by whom
British Exchequer notes, covered by an ample gold reserve at the Ottawa Isthmus were sent in care of the British
depository of the English Government. These notes would oe in a form they were forwarded to destinations, settlement for the conthat would make them safe and desirable as investments by American veyance from Panama being made by the United States to
banks and strictly liquid, as there would be ample gold for the redemption
ofsum as are offered at maturity. In other words, they would in the course Great Britain.
of time be regarded much in the same way as are the deposits in our own
banks, against which the depositary is compelled to carry a specified
reserve.
These proposed notes are not unlike the one-year United States Treasury
3% note issued in part payment for the retirement of the Government 2%
bonds through the Federal Reserve banks. If accepted by the banks of
this country the short-term British Exchequer notes would afford a means
of employment of surplus funds by American banks and would find a market much in the same way that commercial paper is handled and in some
respects would compete with commercial paper as a desirable bank investment.
This would tend to relieve the country of the plethoric money condition.
would check, if not stop, the influx of gold, and would materially strengthen
the banking position of this country when Europe seeks to make inroads
on our store of the precious metal because of the large holdings by American
banks and investors of foreign securities. Mr. Davison called attention
to the fact that it is easy to protect gold when some one is bidding high for
it if you hold his "I. 0. U."
To what extent the British Exchequer 434% thirty to ninety day notes
would be offered would depend, of course, on the gold cover and on the
attitude of the banks of the country, but with the balance of trade running
in our favor to the extent of $4,000.000,000 yearly, as Mr. Davison estimates, the volume of these British Treasury notes placed in this country
is likely to be very large, if tney go at all. They would, bankers believe,
absorb the plethora of money and credit surplus and stimulate a more
normal money market and a better banking position.
Another thing that is closely interlaced with the Morgan financial plan
and which Mr. Davison urges the greater use of is foreign trade acceptances.
which are liquid and carry with them a Government guaranty in most
instances. These commercial bills are prime investment for banks and
have been regarded an element of banking strength which the Bank of
England has had in former years.
MAJOR-GEN. GOETHALS IN FAVOR OF A CHANGE
IN THE TOLL SYSTEM OF THE PANAMA
CANAL.
To make the Panama Canal a paying proposition the
present toll system must be changed. This statement was
made by Major-General Goethals at a reception held in his
honor by the Traffic Club of New York, Oct: 31, at the
Waldorf-Astoria. He went on to explain that under the
present system of tolls, charge is made only for tonnage
contained below the deck. In consequence, British ships
load their cargoes above the decks, and in that manner pay
less toll than American ships are required to pay. General
Goethals said that the tolls ought to be based on the earning
capacity of vessels, rather than on their net tonnage. As an
example the speaker referred to the Suez Canal, which had
changed from a losing basis to an earning capacity basis,
after it had revised its method of charging toll. Were the
Canal able to obtain the 30 or 40% now being lost, according
to General Goethals, a dividend on the investment could be
paid, and in a comparatively short period the Canal would be
enabled to pay off the indebtedness incurred in its construction. He advocated also a change in our treaty with Panama, so that the Canal Zone would be under the complete
jurisdiction of this country and a great commercial depot
could be built. Commenting upon this he said:
CAMPAIGN CONTRIBUTIONS AND EXPENDITURES.
Supplemental reports of the amounts contributed during
the present Presidential campaign to the national Republican
and Democratic funds were filed at Washington on Nov. 3.
According to these reports the Republican national campaign
fund totalled $2,012,535, while the Democratic national
campaign fund totalled $1,310,729, at the close of business
Oct. 30. The accounts to date are said to show total expenditures of $1,886,569 for the Republicans and $1,126,762 for the Democrats.
COST OF WAR TO GREAT BRITAIN.
In reviewing the cost of the war to Great Britain since its
outbreak, Premier Asquith on October 11th, when moving
a vote for a credit of £300,000,000, showed a total credit of
£3,132,000,000 as having been voted during the period
indicated. The Premier's remarks contained a statement
to the effect that "the strain which the war imposes on ourselves and our Allies, the hardships which we freely admit
are involved on some of those not directly concerned in the
struggle, * * * cannot be allowed to end in some
patched up, precarious, dishonoring compromise, masquerading in the name of peace." We quote the account of his
remarks from the London "Financial News" as follows:
In moving a vote of £300,000,000 in the House of Commons yesterday,
Mr. Asquith reviewed the cost of the war and the progress of operations,
and said, in conclusion:
"In the judgment of His Majesty's Government it follows from the survey
I have given that this is not a moment for faint hearts,for faltering purpose,
or for wavering counsel. War. as we now know, is a terrible thing. It is
justified only by the greatness of its cause, and that greatness is measured
not merely by the costliness and sacrifice which the nation is ready to incur
but more by its worthiness to the end for which those sacrifices two poured
out.
"The strain which the war imposes on ourselves and our Allies, the hardships which we freely admit are involved on some of those not directly
concerned in the struggle, the devastation of territory, the loss of irreplaceup as
able lives, and the sombre procession of cruelty and suffering, lighted
allowed to end
it is by deathless examples of heroism and chivalry, cannot be
masquerading
in some patched up, precarious, dishonoring compromise,
in the name of peace.
the
tragic
day
spectacle
unnecessary
single
"No one desires to prolong for a
those who have given their
of bloodshed and destruction, but we owe it to
life's blood—the flower of our people—to see that their supreme sacrifices
has not been in vain.
and
"The ends of the Allies are well known. They have been frequently
ends,
decisively stated. They are not selfish ends; they are not vindictive
the past, and
but they require that there should be adequate reparation for
we in this
adequate security for the future. And on their achievement
humanity.
of
hopes
best
country honestly believe depend the
the best of our manhood;
"For that we have given, and we are giving,
and freely hold in
but only as a price by which the world will purchase,
of right over force,
years to come, protection for the weak, the supremacy
with its
accordance
in
each
and
free development under equal conditions
made up the family
own genius, of all the States, great and small, which
of civilized mankind."
THE CHRONICLE
Nov. 11 1911.1
The Country's Strength.
In moving the vote of credit for £300,000,000 Mr. Asquith gave the
following figures of the votes since the outbreak of war:
1914-15.
£100,000,000
August 6 1914
225,000,000
November 15 1914
37,000,000
March I 1915
£362,000,000
Total 1914-15
1915-16.
£250,000,000
250,000,000
150,000,000
250,000,000
400,000.000
120,000,000
March 1 1915
June 15 1915
July 20 1915
September 15 1915
November 10 1915
February 21 1916
Total 1915-16
.£1,420,000,000
1916-17.
February 21
May 23
July 24
October 11
£300,000,000
300,000,000
450,000,000
300,000,000
£1,350,000,000
Total 1916-17
Total 1914-17
£3,132,000,000
In regard to these figures, Mr. Asquith said he would quote the words
of a statesman which seemed not inappropriate to the present time. Ho
alluded to Edmund Burke, one of the greatest of our political writers and
thinkers, who wrote, referring to some critics of the Administration of
that day: "He sees nothing but the burden. I can perceive a burden as
well as he. but I cannot avoid contemplating also the strength that supports
It. From this I draw the most comfortable assurance of the future vigor
and ample resources of this great country."
Expenditure Since April.
At the beginning of the present week there was still in hand £100,500,according
to present calculations, would suffice to carry
which,
000, a sum
on the 'public service until October 27. The forecast of July, therefore,
had proved almost exactly correct.
For the whole period from April 1 to October 7 (one hundred and ninety
days) our expenditure out of the votes of credit was:
£663,500,000
Navy. Army, and munitions
253,000,000
Loans
Food supplies, &c •
33,000,000
Total
£949,500,000
The average daily expenditure for the one hundred and thirteen days
from April 1 to July 22 was about £4,920,000, and in the seventy-seven
days which had elapsed since up to October 7 it has risen to £5.070,000 per
day. The average for the whole period of one hundred and ninety days
was almost exactly £5,000,000 a day.
The daily average on Navy. Army, and munitions had increased from
£3,600,000 to £3,690.000. The expenditure on the Navy has been practically constant throughout. The expenditure on the Army showed slight
falling off, and that on munitions had somewhat increased.
Importance of Loans to Allies.
As to the loans, experience showed that we were exceeding the budget
estimate. If this item went on at the present rate. the £450,000,000, which
was the sum put down by the Chancellor of the Exchequer for this purpose,
would be very substantially exceeded. There was no part of our expenditure which was of more importance to the Allied cause than this. We had
no selfish interest in the matter. We were not profiting by it. We were
supplying what nobody else could supply. We were supplying the credit
and the means of obtaining the necessaries of war from America and elsewhere
for our comrades-in-arms, which, if we did not do it, would be absolutely
unprocurable.
They would not be safe in assuming a daily expenditure in the near future
of less than £5,000,000, and on that basis the vote of £300,000,000 now
asked for, with the balance of the old vote, would carry on the war till
Christmas.
174S
reappearance—gold cups, even coins.7Medals that must have been of
special sentimemtal value to the owners were offered. Young women
brought bracelets, brooches, watch chains, medallions and proudly replacea
them by iron trinkets of similar description provided by a great committee
formed under the protection of the Crown Princess for making the collection popular. There are many golden articles of artistic or antiquary
value, but only their intrinsic value was paid. Many women in mourning
offered their own wedding rings or those of dear ones who have died on the
field of honor, but the collection depots were not permitted to consider such
offers.
Reports from all parts of the Empire mention the surprising success o
the collection.
LIGHTING RESfRICTIONS IN HALIFAX.
From Halifax on Oct. 20 it was announced that under
orders sent out from military headquarters, all lights except
a few shaded ones in the west and north ends, had again been
ordered turned off in the streets of the city at night, and that
all blinds had to be drawn. A modification of the order was
made public Oct. 27. It was not known whether a visit from
a trans-Atlantic Zeppelin or an attack from the sea by enemy
warcraft brought about the restrictions of the 20th. The
military authorities indicated at the time of the issuance of
the order that the lights would be turned on again within a
short period. The modification sent by the General Staff
office to the Board of Control, permits all street lights,
which are not visible from the sea, to be turned on without
restriction. Street lights which are visible from the sea
may also be turned on provided they are shaded by black
paint on the waterside. Lights in dwellings and stores,
however, must still be screened by blinds.
LABOR'S ESPOUSAL OF PRESIDENT WILSON.
In furtherance of the campaign undertaken by organized
labor for the re-election of President Wilson, the four railroad brotherhoods sent out through their chiefs a circular
letter espousing the cause of the President, and urging their
members to vote for him. As made known in our issue of
Oct. 28,Samuel Gompers, President of the American Federation of Labor, called upon all officers of organized labor to
support the President. According to a statement made by G.
H.Sines,Vice-President of the Brotherhood of Railroad Trainmen, Oct. 26, this has been the first time in the history of the
brotherhoods that they have been induced to swerve from
their traditional policy of keeping out of politics. Mr.
Sines explained that the issues in the present campaign were
fraught with such far-reaching significance that drastic
action had been deemed necessary. He said:
Charles Evans Hughes, in his campaign speeches in Ohio, Kentucky and
other States, criticized the Adamson bill establishing an eight-hour day,
stating that if he had been President it never would have been enacted.
That is the nearest approach to a specific declaration that the Republican
candidate made of what he would do if he were in President Wilson's place.
He showed the people of this country, thereby, a fact that was pretty
well established when he was Governor of New York, namely that he is
hand in glove with the railroad corporations and is indifferent, or opposed,
to legislation designed to regulate or improve conditions on the lines.
Mr. Hughes, while Governor of New York, was conspicuous for his
antagonism to the rightful demands of labor. He vetoed every measure
that came before him which was calculated to improve the conditions of
the laboring man.
In view, consequently, of Mr. Hughes's record as Governor, and in spite
of his puerile declaration in regard to the Adamson Bill that it is impossible
to repeal a surrender, it is nevertheless the opinion of the four brotherhoods
that he intends, if elected, to repeal the bill: If the two-fold calamity of
Mr. Hughes's election and the repeal of the Adamson Bill should come to
pass, the membership of the four brotherhoods would be unanimous for a
strike, and the situation would cause a paralysis of the transportation fa-.
dillies of the country.
GERMANY'S GOLD-PURCHASING BUREAU.
In furtherance of an appeal calling upon the people of
Germany to contribute their superfluous gold ornaments "to
help the Imperial Bank fill with golden weapons the armory
of German economic force," a gold-purchasing headquarters
was opened in Berlin on October 17. The appeal bore the
signatures of Chancellor von Bethmann-Hollweg, Rudolph
Frank Morrison, Secretary of the American Federation of
Havenstein, President of the Imperial Bank, and others.
The results of the establishment of the bureau were detailed Labor,denied in a speech made at Pittsburgh,Pa.,on Oct.29
as follows in the New York "Times" in a cable from Berlin that the American Federation of Labor was supporting any
one set of candidates in the political campaign. He said:
on October 18:
The chief deception practiced in this
the charge
The collection of gold articles of all kinds for the purpose of replenishing
the Empire's gold reserve met with success which was surprising even to
the most optimistic.
In Berlin the rush of people to the seven collection depots established
especially for the purpose was so great that it was found necessary to arrange for the opening of more of these depots in various districts for the convenience of the people and to save time. The depot at the City Hall, for
instance, presented exactly that not unfamiliar picture in America of a rush
on the bank, the people swarming about the great brick building, filling the
corridors, and forming endless queues in front of the collectors' windows,
awaiting their turn. To allay this impetuous rush, the authorities remind
the people to-day that the depots will remain open several months to afford
all patriotic citizens an opportunity to offer their golden treasures for the
nation's benefit.
The Berlin Goldsmith's Guild furnished an expert for every depot. Ho
sits at a table behind the receiver with scales, testing chemicals and solution for cleaning the golden articles in front of him. Having tested and
priced the articles, they pass on to other tables where they are sorted out
and placed in paper bags, that quickly grow to small mountains on some
tables, where the most ordinary trinkets are collected. Everybody is paid
cash right there and then, but where larger quantities are offered the people
are advised to bring along a valuation certificate from an expert of their
own choosing to expedite the transaction..
The variety of articles offered surpassed all imagination. No one over
guessed what an immense amount of old gold was hidden in the coffers of
Berliners. Heirlooms that had not seen daylight for centuries made their
campaign is
that trade
union officials are trying to deliver the votes of the membership to one
candidate or set of candidates. And always such charges, oddly, contain
the intimation that another and different set of candidates should be
favored.
Lest there be misunderstanding ofthe position of the American Federation
of Labor, let it be stated that the Federation is supporting in this campaign
Republican, Democratic and Socialist candidates for office where the candidates have declared in favor of legislation for the amelioration of the condition of the wage workers of the country.
NEW YORK RESERVE BANK EXTENDS TIME FOR
RECEIPT OF OUT-OF-TOWN CHECKS.
Announcement that it is prepared to receive from member
banks deposits of out-of-town items until 2 p. m. instead of
1 p. m.,as heretofore, was made by the Federal Reserve Bank
of New York on the 4th inst. The Bank also announces that
it will receive from 2 p. m.until 3:30 items of $5,000 and over;
items received:from 3:30 to 7 p. m. will be handled by the
night force for the following day's business; on Saturdays
all items will be:received up to 1 p. m., deposits received on
that day between:1 p. m. and 7 p. m.forming part of Mon-
1744
THE CHRONICLE
day's business. The notice containing these announcements
has been sent out through Assistant Cashier L. H. Hendricks to member banks in New York, Brooklyn, Newark,
Hoboken, Jersey City and Paterson, which make it a practice to transmit their items by messenger. The notice is
as follows:
FEDERAL RESERVE BANK OF NEW YORK.
Transit Department
November 4 1916.
Sirs.—This bank is now prepared to receive from its member banks
deposits of out-of-town items as follows:
Until 2 p.
all items.
From 2 p. m.to 3:30 p. m.,items of $5,000 and over.
Saturdays, until 1 p. in., all items.
From 3:30 p. m.to 7 p. m.(on Saturdays 1 p. m.to 7 p. m.) deposits will
be received at the rear entrance of the bank. These deposits will be handled
by our night force for the following day's business.
It would facilitate the work of the transit department if banks having
large numbers of out-of-town items would deposit them several times a day
instead of making one deposit toward the end of the receiving period.
With your co-operation we shall endeavor to extend the time of receiving
deposits, as it is our aim to offer a most efficient service in the collection
of country checks.
ADVANCES BY FEDERAL RESERVE BANKS
TO MEMBER BANKS.
Announcement that it is not deemed necessary to promulgate any special ruling relative to the amendment to the Federal Reserve Act, permitting Federal Reserve banks to make
advances to member banks on their promissory notes for a
period not exceeding fifteen days, was made in last month's
issue of the "Federal Reserve Bulletin," from which we
quote the following in the matter:
Upon the approval by the President of the recent amendments to the
Federal Reserve Act, this letter was sent out by the Governor of the Board
to the Chairmen of the boards of the twelve Federal Reserve banks:
The amendments to the Federal Reserve Act approved on Sept. 7 1916
provide in part that—
"Any Federal Reserve bank may make advances to its member banks on
their promissory notes for a period not exceeding fifteen days at rates to be
established by such Federal Reserve banks, subject to the review and determination of the Federal Reserve Board, provided such promissory notes
are secured by such notes, drafts, bills of exchange or bankers' acceptances
as are eligible for rediscount or for purchase by Federal Reserve banks under the provisions of this Act, or by the deposit or pledge of bonds or notes
of the United States."
The Federal Reserve Board does not deem it necessary to promulgate
any special ruling relating to the exercise of the powers conferred by this
amendment, hut it is expected that each Federal Reserve bank will establish rates, to be approved by the Federal Reserve Board, at which it will
make advances on promissory notes of member banks properly secured.
It is suggested, however, that those banks which have established a 10-day
discount rate on commercial paper abolish the 10-day rate and make a uniform 15-day rate for both commercial and member bank paper rather than
a 10-day rate for commercial paper and a 15-day rate for advancles on collateral notes of member banks.
As soon as such rates are established and approved, you will no doubt
inform your member banks of the facilities afforded under the provisions of
this amendment, stating the rate at which you are prepared to make advances on their promissory notes, and calling their attention to the fact that
such notes must be secured either by such notes, drafts, bills of exchange, or
bankers' acceptances as are eligible for rediscount or purchase by Federal
Reserve banks or by the deposit or pledge of bonds or notes of the United
States.
[VOL. 103.
Banks in Reserve cities
6-15 of their total required reserve.
All other members of this district_5-12 of their total required reserve.
Reserves may be built up to the required amount1. Through the collection system. All items sent us for this purpose
must, of course, become available as reserve by the 16th.
2. By shipment of gold, gold certificates, legal tenders or Federal Reserve notes. In this case transportation charges must be paid by the sending bank.
3. One-half the installment may, under the law, be paid in acceptable
eligible paper; but rediscounts may be applied for to any extent necessary.
Respectfully,
GEORGE J. MAY, Governor.
*The date here referred to is the date of establishment of Federal Reserve banks.
STATE LAWS AND FIDUCIARY POWERS.
The policy of the Federal Reserve Board in the matter of
authorizing national banks otherwise qualified to exercise
fiduciary powers, unless there is an express provision of State
law prohibiting their doing so, was referred to in the October
issue of the "Federal Reserve Bulletin," which likewise enumerated the States where a national bank may avail of the
powers in question. We give below what the "Bulletin"
has to say:
In reference to your letter of Aug. 22, relating to the right of national
banks to exercise fiduciary powers in the various States, our counsel has advised me that the following States have enacted laws expressly authorizing
national banks to exercise trust powers: Colorado, Indiana, Iowa, Ohio
(trustee and registrar only, and then only for over $100,000 capital),
South Dakota, Vermont, Virginia, Washington ($50,000 paid-up capital
necessary).
The Federal Reserve Board, however, adopted the policy a year ago last
July of authorizing national banks, otherwise qualified, to exercise the powers conferred by section 11 (k), unless there is an express provision of the
State law either directly or by necessary implication prohibtiing a national
bank from exercising these powers. In pursuance of that policy, the Board,
upon advice of its counsel, has determined that it would not be in contravention of the laws of the following States, in addition to those already mentioned, for a national bank to exercise the fiduciary powers authorized by
section 11(k).
Alabama, Arizona, Arkansas, California (registrar only), Connecticut,
Delaware, District of Columbia, Florida, Georgia, Idaho, Illinois, Kansas,
Kentucky, Louisiana, Maine (trustee, executor and registrar), Maryland,
Massachusetts, Michigan, Mississippi, Missouri, Montana, Nebraska,
Nevada, New Hampshire (trustee and registrar), New Jersey (if organized
prior to Mar. 24 1899), New Mexico, North Carolina, North Dakota,
Oklahoma,'Oregon, Pennsylvania, Rhode Island, South Carolina, Tennessee, Texas, West Virginia, Wisconsin, Wyoming, Utah.
Aug. 26 1916.
INTRODUCING TRADE ACCEPTANCES.
The Federal Reserve Bank of Atlanta and some of its
member banks have received inquiries from a number of
business houses as to the best methods for introducing a
trade acceptance system with their customers. One of the
chief difficulties of the selling house has been to explain,
within the compass of an ordinary letter to a buyer, the salient features and conditions of the trade acceptance system.
A leaflet, or "Primer," designed to meet this need, has been
issued by the Atlanta Federal Reserve Bank. It seeks to
explain to the buyer of merchandise in the fewest possible
words the principal conditions of the trade acceptance system from his viewpoint. Its size and shape have been designed to go into the ordinary business envelope with an
FEDERAL RESERVE BOARD DEFINES STAPLES.
invoice,
and an accompanying letter, without increased
In a reply to a query as to whether manufactured goods
such as cotton yarns and flour are "staples" within the postage. A circular letter over the name of M. B. Wellmeaning of Regulation 2, Series of 1915, the Federal Reserve born, Chairman of the Board, states that these leaflets may
be obtained in quantities through the Atlanta Federal ReBoard says:
The term "staples" as used in the regulation is sufficiently compre- serve Bank, delivered at low cost, and that any business
hensive to include manufactured goods as well as raw materials, provided house desiring to use the leaflet is privileged to have printed
the goods in question are non-perishable goods which have a wide ready
on the front and back pages any matter of its own choice,
market. They must be goods generally produced and well established in
commerce, not an extraordinary or unusual commodity for which there is using some other title and omitting the name of the Federal
no ready market.
Reserve Bank of Atlanta, if desired.
The Board is of the opinion that cotton yarns and flour are "staples"
For the information of our readers, we reprint the pamphlet
of the kind intended by Regulation 2.
issued by the Atlanta Federal Reserve Bank in full asfollows:
Q.—What is meant by the Trade Acceptance System?
A.—The substitution of time drafts, drawn by the seller on the buyer
of merchandise at the time of sale, for the present system of "open book
accounts."
Q.—What is a Trade Acceptance?
A.—A 'draft with a certain maturity, drawn by a seller on a buyer, for
a fixed or determinable sum of money representing the purchase price of
goods; payable to order and bearing across its face the unqualified and unconditional acceptance of the buyer.
Q.—What is objectionable in the "open book account" system?
FEDERAL RESERVE BANK OF RICHMOND.
A.—"Open book accounts" are not payable on any definite date; they
are subject to unknown offsets and may be disputed; the buyer who is able
November 6 1916.
to pay cash gets a disproportionate earning out of cash discounts; the buyer
To Members of the Federal Reserve Bank of Richmond:
Your attention is respectfully called to that provision of Section 19 of who must take time is placed at a tremendous disadvantage therefore, and
the Federal Reserve Act which requires that a member bank not in a Reserve whenever possible borrows at his bank on his own direct obligation to disor Central Reserve city shall establish and maintain reserve "in the Federal count his bills. The banker studying the statement of the borrower for
Reserve Bank of its district for a period of twelve months after said date* the purpose of extending credit regards the item of "accounts receivable"
2-12, and for each succeeding six months an additional 1-12" of its required as subject to considerable depreciation, and largely for that reason demands
reserve "until 5-12 have been so deposited, which shall be the amount perma- a substantial excess of quick assets over current liabilities. All of these
nently required." A bank in a Reserve city shall establish and maintain circumstances work to the disadvantage of the buyer of merchandise.
reserve "In the Federal Reserve Bank of its district for a period of twelve
Q.—What are the disadvantages of the "single name" note in the hands
months after the date* aforesaid at least 3-15, and for each succeeding of the banker?
A.—First, all national banks and many State banks are strictly limited
six months an additional 1-15" of its required reserve "until 6-15 shall have
been so deposited, which shall be the amount permanently required."
by law as to the amount of loans they may make to any one borrower—
Under the foregoing provision of the Act, the next and final installment of a limitation which does not apply to the discount of "two-name" paper
reserves will be payable to the Federal Reserve Bank ofRichmond on Nov. 16 1916. representing a current business transaction, such as trade acceptances.
On that day member banks will be required to have with us reserves as follows:
The limitation in the case of single-name paper is required by prudent
RICHMOND FEDERAL RESERVE BANK AND FINAL
INSTALLMENT OF RESERVES BY MEMBER BANKS.
The following circular concerning the payment on Nov. 16
of the final installment of reserves by banks members of the
Federal Reserve System has been sent out by the Federal
Reserve Bank of Richmond:
•
Nov. 111916.]
THE CHRONICLE
banking, but where there are obligations of many different buyers with the
endorsement of the seller, such limitation is not essential or desirable.
Second, "single-name" paper has been regarded heretofore as undesirable for rediscount, and lending banks have usually required the direct obligations of borrowing banks, which the latter were averse to give, since
"bills payable" by banks have been for a long time looked upon by the public as elements of weakness; and so the lending powers of banks were necessarily limited by reason of the necessity of holding the notes of their borrowers until paid.
Q.—What are the advantages of the Trade Acceptance in the hands of the
banker?
A.—The legitimate acceptance of the successful dealer, discounted by the
seller at his bank, is the most "liquid" kind of paper obtainable, and in the
event of any sudden withdrawal of deposits or any unforeseen stringency,
such paper in the hands of the banker Is immediately available to meet such
.
withdrawals or for additional loans.
Q.—Why should a seller prefer a Trade Acceptance, instead of a note,from
can
who
buyer
purchase on "open-book account"
a
should
Why
buyer?
the
on liberal terms, give an acceptance?
A.—(1) The trade acceptance is, on its face, an instrument representing
a particular sale of goods, and an absolute acknowledgment of the correctness of the seller's claim, as well as a definite promise to pay on a day certain. If the acceptance bears the clause prescribed by the Federal Reserve
Board, "The obligation of the acceptor hereof arises out of the purchase of
goods from the drawer," It is prime commercial paper rediscountable at
Federal Reserve banks at a lower rate than other paper.
Therefore, every seller who has trade acceptances in his hands instead
of open accounts on his books puts himself in position to be treated more
liberally by his bank, and consequently is enabled to handle additional business, or, if required, to "carry" a customer who is temporarily embarrassed,
or to tide over a seasonal period of reduced volume of business. As Mr.
Warburg of the Federal Reserve Board well says, such a man can "sell an
asset instead of incurring a debt" for funds from his bank.
These advantages will inevitably be passed on to the buyer in the form
of more satisfactory terms, lower prices, or better credit.
(2) The buyer who is not in a position to take cash discounts will be better able to compete with the cash buyer.
(3) The trade acceptance showing on its face that the obligation is made
for a purchase of goods, the transaction establishes, rather than reflects on,
the acceptor's credit.
(4) By giving a negotiable evidence of indebtedness to the seller, the
buyer shows his good faith; and by meeting his obligation, improves his
credit.
(5) The fact that with every purchase he makes a definite promise to pay
on a day certain, will train him to be a more careful and more intelligent
buyer—which means better profits.
Q.—What are the advantages of the Trade Acceptance system to business in
general?
' A.—The general adoption of the system will inevitably mean less capital
tied up for indeterminate periods, both on the books of the manufacturer
and wholesaler and on the books of the bank. A large volume of working
capital will thus be released for additional business requirements.
In short, the acceptance system is a plain and easy way to more business
and better business for every business man, and a safeguard against those
panics and times of stress which have been produced in the past so frequently
because of lack of self-liquidating credits, thereby crippling and curtailing
legitimate business.
Q.—Why is the Trade Acceptance system not already generally adopted?
A.—The "open book account" system has grown up in America largely
through the forces of competition, each manufacturer or wholesaler vying
with his competitors in extending easy terms to his customers. No other
commercially important country conducts its business by any such unsound method; but the fact that the open book account is so thoroughly
established in the United States presents the greatest obstacle, reluctance
to change, which always works against any betterment of existing methods.
Q.—Is the Trade Acceptance system growing in favor?
A.—Yes; leaders in the financial and business world are voicing their
approval of the system, and interest in it; many have begun to use it, and
its general adoption is only a matter of education and time. Business men
who apply the system in their dealings now, will not only greatly improve
their own business but will perform a useful service for the benefit of credit
and banking conditions of the nation.
As evidence of the attitude of leaders in the field of sound credits, note
the following resolution:
Resolved, That the occasion of its twenty-first annual convention be taken
again to place the National Association of Credit Men clearly and emphatically on record as favoring the steady and rapid substitution of the so-called
"trade acceptance" for the open account and to commit the Association
to earnest efforts to prevail upon the members, each to do his part in assisting the Federal Reserve banks in building up this class of paper, which
meets so precisely the specifications of the Reserve Act for rediscountable
credit instruments, and which, at the same time, puts commercial obligations in a form definite as to date of payment, not subject to deduction in
amount and unquestionably negotiable.
1745
handling of cotton is concerned, with New Orleans, where a branch of the
Federal Reserve bank is maintained.
Mr. Tupper, or some other representative of the bank, will stay in
Memphis so long as the funds of the bank are needed to finance the cotton
crop.
The loans are handled entirely through the Memphis banks. They make
a loan, taking a note for the amount of the loan and cotton warehouse
certificates as collateral. These are turned over to the representative of
the Federal Reserve bank and the loaning bank, is given credit for the
amount. This has the effect of placing the resources of the Federal Reserve
bank at the disposal of Memphis bankers for the handling of the cotton
crop. The certificates are held here by the representative of the bank, as
merchants' cotton is always changing and substitutions of receipts is quite
often necessary.
Probably no better example of the beneficient workings of the Federal
Reserve system could be imagined than this actual occurrence. It is hardly
stretching matters to say that more money is required to handle the Memphis cotton crop this fall than ever before in the history of the market.
Locally, the crop is so large as to be probably not far behind the record,
while the average price for the season promises to be the highest since the
Civil War. Consequently, the demands upon the banks are enormous.
At this critical period the Federal Reserve bank steps in and bankers can
go on loaning money with complete assurance that there will be enough to
handle the crop without inconvenience. At the same time, the holder of
cotton secures the money at normal rates, whereas it has often been the
rule to advance rates sharply at this season of the year.
FEDERAL RESERVE BOARD AND MINIMUM PRICE
ON COTTON.
A suggestion presented to the Federal Reserve Board that
legislation should be had empowering the Board to fix a minimum price for cotton as a basis for loans secured by that commodity, brought an informal edict from the Board that such
legislation would lead to endless complications, since growers
of tobacco and other staple crops, coal operators, lumber
men and manufacturers would press their claims for similar
favors. We print herewith what the Board has to say in the
matter:
I have your letter of the 18th inst., inclosing copy of a communication
in which the suggestion is made that legislation should be had fixing or
empowering the Federal Reserve Board to fix a minimum price for cotton as
a basis for loans secured by that commodity. You ask for an expression of
opinion as to the practicability of this suggestion.
I take it, of course, that it is not contemplated to attempt to compel
financial institutions to make loans on cotton at a stated price, as it would
be impossible to force private corporations to lend money on paper which
they might regard as being inadequately secured, so I presume that the
proposition really is that the Federal Reserve Act be amended so as to compel Federal Reserve banks to make loans on cotton direct to producers
on an arbitrary valuation, to be fixed without reference to actual market
quotations.
Without reference to the economic aspects of the case, I think that such
legislation would lead to endless complications, as growers of tobacco and
other staple crops, coal operators, lumbermen and manufacturers would
press their claims for similar favors; and without doubt many member banks
which would feel that the possibility of a wholesale investment of the reserve
funds of the country in a valorization scheme would be perilous In the extreme, as well as an utter perversion of the underlying principles of the Federal Reserve Act, would withdraw, and the Federal Reserve system would
be disintegrated at the outset.
While, as you know, I have every sympathy with the cotton grower and
am anxious at all times to see farmers receive fair prices for their products,
I do not believe that any attempt at valorization of cotton or any other
staple commodity can possibly succeed unless production should be regulated
most rigidly by legislation. I do not believe that such action would command popular support, nor would I regard it as at all consistent with our
principles of government, and I will say frankly that the suggestion seems
to me to be economically unsound and thoroughly impracticable. The
price of cotton or of any other commodity must inevitably be controlled by
the laws of supply and demand. What your correspondent seems desirous
of accomplishing is to effect some way by which an arbitrary minimum market value or price may be created by governmental interference. Even
though it were possible to establish a minimum price at which cotton might
be taken as security for loans,the result would be directly opposite from that
desired, for, should the minimum valuation for loans be fixed at a point
low enough to make them reasonably safe, the effect would probably be to
depreciate the market value of cotton; and if, on the other hand, the price
should be fixed at a point high enough to give the grower what he would
consider a fair margin of profit above the cost of production, there would
undoubtedly be times when the Federal Reserve banks would be the virtual
owners of large amounts of cotton, which they could not dispose of except
THE ST. LOUIS FEDERAL RESERVE BANK ACTIVE IN at a heayv loss, which might, and probably would, result in the insolvency
of the Federal Reserve banks.
LOANING UPON COTTON WAREHOUSE RECEIPTS.
The fallacy of the idea that prices can be fixed by legislation has been
"Commercial
Appeal" of Memphis, in its issue of demonstrated in the recent history of this country. We remember the
The
efforts that were made for a score of years to sustain the price of
persistent
Oct. 3, gave an interesting account of the efforts that are silver through governmental aid. From the year 1875, when the market
Federal
Reserve
the
by
made
Bank
aid
of St. Louis to
being
price of silver began to fall below its coinage value, up to 1896, a large part
were obsessed with the idea that the price of silver
cotton planters, and of the methods that are employed in of the American people
be maintained by legislation. First we had the Bland Act of 1878,
handling loans upon cotton warehouse receipts. We quote could
under which silver bullion was purchased in amounts sufficient for the coinage of $2,000,000 per month, and, that device having proved futile, we had
as follows:
T. C. Tupper, Vice Chairman of the Federal Reserve Bank Board of St. next the Act of July 14 1890, commonly known as the Sherman silver-purand
chase law, under which 4,500,000 ounces of silver bullion were purchased
Louis, has brought the resources of the big Reserve bank to Memphis
placed them at the disposal of Memphis bankers and Memphis cotton each month, being paid for by issues of legal-tender coin certificates. Yet
growers and cotton dealers and handlers.
It is a matter of common knowledge that, in spite of these heroic efforts to
Mr. Tupper has established himself on the fourteenth floor of the Central overcome the inflexible law of supply and demand, the price of silver steadBank Building, where he is making loans on cotton warehouse certificates ily declined from $1 29 per ounce to about 47 cents per ounce, and that it
through the national banks of the city. Although he has only been here did not advance again until long after all attempts to support the market
for a few days, he is already doing a big business, as most national banks in artificially had been abandoned and the economic law which governs the
the city are more than pleased to get help in carrying the big loans necessary price of silver, as well as that of all other commodities, was given a free hand
to finance the cotton crop, which is high priced, and, in the case of the to exert Itself.
I think that lack of adequate transportation facilities and high ocean
local territory, large.
Mr. Tupper is acting as trustee for the Reserve bank in the matter. freights react against the farmers and affect the prices that they receive for
Owing to the necessity of having the warehouse certificate always on hand cotton, and it seems to me that we should endeavor to increase our carrying
to enable the merchants to handle the cotton properly, it would be un- capacity; but I can see no merit whatever n any plan which contemplates
feasible to send the loans to St. Louis. In fact, such a process would be out establishing by law a minimum value as a basis for loans and earnestly
of the question. But if the mountain would not come to.Mohammed, hope, therefore, that no serious attempt will be made to legislate along the
Mohammed could go to the mountain, and so Mr. Tupper came down to lines suggested.
Sept. 20 1916.
take possession of the certificates and hold them hero for the Reserve bank.
This has the effect of placing Memphis on the same footing, so far as the
1746
THE CHRONICLE
The suggestion that Congress fix or empower the Federal
Reserve Board to determine a minimum loan price of 12 cents
a pound on cotton for all crops came from Henry N. Pope,
President of the Association of State Farmers' Union Presidents. The proposal, as indicated in our issue cf Sept. 23,
was submitted to all Southern Congressmen and candidates
for Congress and the Presidents of all Southern State Bankers' Associations, concerted action being asked on the part
of financial interests and the Government in protecting a
12-cent-per-pound minimum loan on cotton crops. In urging
this Mr. Pope said: "A 12-cent loaning minimum would
mean a 20-cent selling minimum, or at least it would enable
the farmer to hold his own with the bears." In pointing
out the distinction between the loan minimum and the selling
minimum Mr. Pope said:
The loan. minimum should. be protected by Government, and cotton
would, of course, never be sold below that point. The selling minimum
is one that the Union advises its members to sell and may vary from crop to
crop or from time to time. With a protected loan minimum of 12 cents the
selling minimum of 20 cents can be more easily maintained.
The Government would never be called upon to put up one cent under
this plan, for when a farmer knows ho can borrow 12 cents a pound on
cotton he will never sell unless he can get a much higher price. Neither
could the consumer be penalized, for the fluctuations in the price of cotton
have little effect upon the price of the finished product to the consumer.
In a memorial to Congress entitled "The American Farmer
and His Government," Mr. Pope said in part:
The Southern cotton farmer, in demanding that Congress empower the
Federal Reserve Board to fix and protect a twelve cent per pound minimum
loan price on cotton, advances no new doctrine in Government, for it has
been the policy of this nation ever since we have had a nation to protect
home industries. Cotton is our only agricultural produet that cannot be
helped by a protective tariff and must therefore seek other means of protection.
The cotton producer is the only class of farmer who has always been
compelled to sell what he produced on a free market and buy what he
consumed on a protected market and, as a consequence, the cotton fields
of the South have more tenants, more poverty and more suffering than any
other agricultural area on the Western hemisphere. This condition should
challenge but not baffle American statesmanship.
No matter what one's views may be on the Governmental policy of protection or free trade, all will agree that no country can reach its highest growth
and prosperity half protected and half free. This country should assist
all industries or none. We have no desire to bring all agricultural and
manufactured products to the level of cotton; we ask that cotton be lifted
to the level of other industries.
Protecting the factory without protecting the plow is an unpardonable
discrimination and should not be tolerated by the farmers of the nation.
Neither should any one agricultural product receive protection unless all
agricultural products receive protection. There should be a protective
tariff on corn, wheat, rice, wool and all other agricultural products, but
cotton cannot be helped by tariff and, therefore, requires a different form
of protection.
Mr. Pope is further quoted as saying:
The present tariff law, in its relation to the producer of textile fibers, is
an exact duplication of the 1894 Act, and when released from the influences
of the European war will, no doubt, visit the same disaster upon the South.
The war has not only transferred the toiling millions of Europe from producers to consumers, but swept more than half the merchant vessels off
the sea, paralyzing ocean transportation and arresting foreign competition.
We produce two-thirds of the world's cotton supply. The Government,
by protecting a 12-cent minimum loan on cotton, can enable the farmers to
become a factor in fixing a price which foreign countries pay for cotton.
The Government would never be called upon to advance any money on
cotton under this plan, for the market price would always stand much above
the loan minimum figure.
The Government could not pursue this course on any other agricultural
product, for we do not control world production, and there is no occasion
to render that character of assistance, for a protective tariff will help all
other products. We scarcely do more in normal times than feed ourselves,
but we clothe mankind.
Cotton is not only the world's most staple crop, but it is as imperishable as
gold, and, properly housed, its intrinsic value will increase with time.
The request that Congress authorize the Federal Reserve Board to lend
money on cotton at 12 cents per pound is not asking Government valorization, but that Government give moral aid in steadying tne market against
tremendous artificial influences which disturb prices, such as the European
war visited upon the cotton farmer in 1914;.to minimize destructive speculation which hangs heavily over every crop, and to otherwise enable supply
and demand to predominate in fixing prices. Such a policy is as much in the
interest of the consumer as it is the producer, and no one will suffer except
those who fatten upon industrial misfortunes and thrive upon illegitimate
transactions.
Senator Hardwick of Georgia and Representatives Sims
of Tennessee and Wingo of Arkansas are said to have indicated their willingness to work along proper lines with a view
to securing for the cotton farmer legislation designed to facilitate credits for the marketing of his crop.
At Memphis on Oct. 7 resolutions were passed by national
officers and a committee of the Association of State Farmers'
Union Presidents urging "cotton growers to market their
product slowly. Realizing at least 19 cents to 20 cents, and
holding if the market begins to break."
The Memphis "Commercial-Appeal" reported on Oct. 3
that T. C. Tupper, Vice-Chairman of the Federal Reserve
Bank of St. Louis, had established himself in Memphis for
the purpose of placing at the disposal of the bankers and
cotton growers of that city the resources of the Reserve Bank,
his purpose being to negotiate loans on cotton warehouse
certificates through the national banks of the city. It is
[VoL. 103.
stated that, owing to the necessity of having the warehouse
certificate always on hand to enable the merchants to
handle the cotton properly, it was not feasible to send the
loans to St. Louis. For that reason Mr. Tupper located in
Memphis to stay as long as the funds of the bank were needed
to finance the crop. We give the statement of the "Commercial-Appeal" more at length under a separate heading.
RESUMPTION OF SPECIE PAYMENTS BY BANK OF
CHINA.
The resumption of specie payments by the Bank of China
was reported this week in the New York "Times" in the following, printed in its issue of Oct. 31: •
Announcement of the resumption of specie payments by the Bank of
China was made last night by Patrick Gallagher of the Far Eastern Bureau,
who was in receipt of a cable message from Peking saying that the bank adjusted itself to normal conditions on Oct. 26.
The Bank of China, which is a Government institution, suspended specie
payments about the beginning of July, when a general moratorium was declared. From that time the bank issued paper money without reserves behind it. It was reported at the time that the Government had used all the
bank's available silver to pay its troops.
Following the suspension of specie payments, the Chinese Government
endeavored to raise a loan in the United States, but failed. It is understood
that some of the foreign banks in Shanghai came to the rescue of the institution. Publicity regarding the resumption of specie payment is regarded
as a move to bolster up the credit of China with the view of aiding it in the
negotiation of a loan in this country.
CONTINUING GROWTH OF NATIONAL BANK
RESOURCES.
An increase of 485 million dollars in the resources of the
National banks from the time of the call of June 30 to that
of Septtimber 12 is reported by the Comptroller of the
Currency, who states that the total resources of 14,411
million dollars on September 12 exceed by 216 million
dollars the greatest resources ever previously shown—those
for May 1 1916. As compared with the call of September 2
1915 the increase was 2,144 million dollars. The following
further facts concerning the deposits, the wider distribution of money, etc., revealed under the September 12 call,
are contained in the statement issued from the Comptroller's
office on November 2.
Total Deposits.—The total Deposits amounted to 11,362 million dollars,
an increase since June 30 of 485 million dollars. They exceeded by 227
millions the deposits of May 1 1916, which also were the largest deposits
ever reported by National Banks. The increase as compared with Sept.
2 1915 was 2,133 million dollars.
Of the total increase shown since June 30, 235 millions were Demand
Deposits, 67 millions Time Deposits and 203 millions Deposits from Banks
and Bankers. As compared with Sept. 2 1915 Demand Deposits increased 1,282 million dollars, Time Deposits 401 million dollars, amounts
Due to Banks and Bankers, 450 millioh dollars.
Wider Distribution of Money.—That the deposits in the National Banks
of the Central Reserve cities from May 1 1916 to Sept. 12 1916 show an
actual reduction of 218 million dollars, while in other reserve cities there
was an increase of 151 million dollars, and in the country banks an increase
of 294 million dollars, is indicative of the healthy, progressive effect of
the Federal Reserve Act in decentralizing and distributing the money of
the country.
•
Loans and Discounts.—Loans and Discounts amounted to 7,859 million
dollars, the largest amount ever reported by the National Banks, an increase as compared with June 30 of 180 million dollars and as compared
with Sept. 2 1915 of 1,103 million dollars.
Bonds Owned.—United States Government bonds: 729 million dollars,
a reduction of ono million as compared with June 30 1916, and 51 millions
less than Sept. 1915. Other bonds owned aggregated 1,624 million dollars,
an increase since June 30 of 95 million dollars and an increase since Sept.
1915 of 405 million dollars.
Specie and Legal Tenders.—The banks' holdings of Specie and Legal
Tenders amounted to 768 million dollars, an increase since June 30 of 10
million dollars, but a reduction as compared with 8ept. 1915 of 74 million
dollars. .
Due From Federal Reserve and Other Banks.—The amount due from
Federal Reserve banks amounted to 531 million dollars, an increase as
compared with June 30 of 55 million dollars, an Increase as compared
with Sept. 2 1915 of 216 million dollars. The amount duo from approved
Reserve Agents was 936 million dllars, an increase as compared with June
30 of 94 millions and as compared with Sept. 2 1915 of 125 million dollars..
Due from other banks and bankers, 780 million dollars, an increase since
June 30 of 86 million dollars, and an increase as compared with Sept.
1915 of 183 million dollars.
Circulation.—Circulation on September 12 1916 was 674 million dollars,
a reduction since June 30 of 2 millions and a reduction since Sept. 1915
of 44 millions.
Borrowed Money.—Bills Payable and Rediscounts on Sept. 12 1916
amounted to 89 million dollars, an increase since Jane 30 of 21 millions,
but a reduction as compared with Sept. 2 1915 of 16 million dollars.
Reserve Held.—The total reserves of all the National Banks on Sept. 12
1916 was 2,235 million dollars, an increase since June 30 of 159 million
dollars, and an increase as compared with Sept. 2 1915 of 266 million
dollars. This reserve amounted to 24.29% of the net deposits, as compared with 23.86% June 30 and 26.18% on September 2 1915.
The National Banks in the Central Reserve cities held 20.39% against
18% required. The Reserve City banks held 24.80% against the required
reserve of 15%, while the Country Banks held 26.62% against their required Reserve of 12%. The Country Banks are holding over 100%
greater Reserves than the law requires.
The excess or Surplus Reserve held on Sept. 12 1916 by all National
Banks, beyond the amount required, was 891 million dollars, an increase
since June 30 of 90 millions, and an increase as compared with Sept. 2
1915 of 23 millions.
The Central Reserve cities held 63 million dollars of Reserve in excess
of the amount required. The Reserve cities held an excess of 260 million
Nov. 11 1916.)
THE CHRONICLE
dollars while the excess of Reserve held by the Country Banks amounted
to 568 million dollars.
Location of Excess Reserve.—Of the 2,235 million dollars of total Reserve
held 768 millions were in the banks' vaults, 531 millions were with the
Federal Reserve banks, and 936 millions were with Reserve Agents. The
reports show that the National Banks of the United States had in their
vaults and in the Federal Reserve banks an amount nearly equal to the
total reserve which under the law they were required to hold, the reserve
required being 1,343 millions and the amount actually held in vaults and
with the Reserve banks being 1,299 millions, so that the 936 millions
held with the approved Reserve Agents were nearly all surplus or excess
Reserve.
Reserve with Reserve Agents.—On September 12 1916 the Reserve city
banks were 'carrying with banks in the Central Reserve cities 319 million
dollars, an increase since June 30 of 21 million dollars, and a decrease as
compared with Sept. 1915 of 15 million dollars. Country Banks were
carrying with the Reserve Agents Sept. 12 1916 616 million dollars, an
increase as compared with June 30 of 73 millions and an increase as compared with Sept. 1915 of 139 million dollars.
WISCONSIN EIGHT-HOUR LAW UPHELD.
The validity of an ordinance enacted by the city of Milwaukee, prohibiting the employment of labor on contracts
for public works for more than eight hours a day, was sustained by the Supreme Court of Wisconsin in an opinion
by Judge Rosenberry, at Madison, on Oct. 24. The action
was that of the City of Milwaukee vs. Con Raulf Jr., appellant. On appearing before the lower court, Raulf pleaded
not guilty and by way of defense maintained that the ordinance in question was void. Found guilty by the lower court,
he appealed to the Supreme Court, which upholds the
former's findings.
IVY L. LEE'S ARGUMENT AGAINST GOVERNMENT
OWNERSHIP.
That this country is moving steadily toward Government
ownership of railroads—not by the conscious choice of the
people, but because a condition is being created from which
Government ownership will be the only way out, was the
assertion made by Ivy L. Lee, formerly assistant to the
President of the Pennsylvania R.R., before the Melrose
Open Forum, at Boston on the 5th inst. The sole factor,
said Mr. Lee "which will determine whether or not we
are to drift into Government ownership will be whether we
are going to be willing to allow the railroads to earn sufficient
profits to attract capital into the development of existing
railroads and the building of new railroads. If not, Government ownership is certain." The following is also taken
from his remarks:
Since Jan. 1 1916 not a single dollar of new railroad capital stock has
been listed on the New York Stock Exchange. The year 1916 promises to'
be the first year since railroads were invented, in which no new money for
railroad construction will have been put into new railroads by investors
willing to take their chances on the success of the enterprise.
Every dollar of money raised from investors for railroad construction
this year has been from the sale of bonds.
In the period since Jan. 1 1915 only $12,910,520 in new money for railroad
construction has been raised through the issuance of stock, and of that
sum $10,000,000 was in preferred stock of a prosperous railroad.
During the twentylseven months since the war started, new capital issued
by industrial companies to produce war munitions, manufacture dyes and
chemicals, operate shipping companies and develop oil and gas resources
amounted to $879,557,000.
In other words, our industrial development is goIng ahead by leaps and
bounds; our railroads are standing still.
And this is a year in which railroad net earnings have been greater than
in any previous year.
Investors are not willing to take chances in providing capital for now railroad property because the schedule of railroad rates is practically rigid,
but expenses aro constantly increasing.
Since 1907, when the Inter-State Commerce Commission began to regulate railroad accounts, upwards of $5,000,000,000 in new money has gone
into increased and improved railroad facilities.
With those facilities the railroads have supplied an enormously increased
service to the public.
But such has been the increase of expenses necessary to handle the now
business that in only three of the years since 1907 has railroad net operating
income been equal to what it was before that vast sum had been spent.
In six out of the nine years not a cent of additional net earnings was realized to apply to the new money which had been provided. Even in 1916,
with the largest traffic in all history, less than six per cent was earned upon
the new money invested the last nine years. When we compare this with
the enormous earnings of industrial companies, one can realize why now
ventures in railroad building do Mt look attractive to investors.
The American people must have new railroad facilities; they cannot,
they will not, permit their commerce to be throttled by inadequate facilities.
The argument against Government ownership is the people's argument
—not that of the railroads.
If the Government takes the railroads, it will of course pay a fair price
for them, and it will continue to pay the same men who now do so to operate them. Neither the security holder nor the railroad man, therefore, has
much to worry about.
Our railroad development is as yet very incomplete. France has one mile
of railroad for every 8.5 square miles of territory; we have one mile for each
13 square miles. There is only one double-track railroad west of the Missouri River.
Building new railroads into pioneer territory means taking chances. If
future railroad development in this country is to be by the Government,
It means the nation will go into speculation on a grand scale. That hasn't
usually been considered a very wise thing for a Government to do. .
Even if that were desirable, our future national development would be
•novitably retarded by the red tape, bureaucracy and lack of "punch"
1747
Incident to all Government effort. Battleships authorized by Congress in
1915 are not yet started in our Government navy yards.
But a bigger and more vital question is: Assuming our railroad
system to be developed, will Government or private ownership cost the
people more?
Fundamentally, it is a question of cost. The purpose of transportation is to promote our material welfare: this is done to the extent that
cost is reduced. Even if rates are low but service poor, the actual cost
to the public may be greater than if the rates were high and the service
good.
Government may be able to borrow more cheaply than private corporations. But if the cost of capital to the Government is less, the operating
cost is apt to be much higher. Experience Shows that Government
railroads in democratic countries are invariably wasteful and inefficient.
Appointments are made and jobs created for political reasons. There
is slackness and carelessness. The Government railways of France
supply a notorious example.
But some say, our Government built the Panama Canal successfully.
But the Panama Canal was not built under the political conditions which
surround every Government undertaking in a democracy. The Panama
Canal was built under an army officer with practically absolute power.
German Government railroads are a success because Germany is not a
Democracy. The bureaucrat at the head of the railroads is supreme:
his word is law. Our people would never submit to any such management.
The post office is not an argument, for it barely pays its way even after
failing to pay the railroads adequately for transporting the mails, and
without paying any interest whatever upon the enormous investment in
plant necessary to conduct the post office.
You don't need Government ownership to insure honesty; compulsory
publicity will accomplish that.
If we had had real publicity in the past, many railroad scandals would
not have occurred. Turn on the light—and burglars will run, always.
And burglars don't go into brilliantly lighted houses.
It isn't necessary, and it isn't cheap, for the Government to own or
operate railroads. But railroads should be regulated in the public interest.
Regulation will result in the people getting all the profits out of the
business other than what is necessary to attract private capital: the
premium offered to ability and skill will result in transportation being
supplied to the public at the lowest possible cost; indeed, let the reward
be greater as the sost to the public is reduced.
Assurance of due reward to initiative and skill will attract to the railroad business that superior ability and imagination necessary to insure
enterprise and efficiency.
Cost is the real question; and under Government ownership, the cost—
in a democratic country—will always be more.
The proof lies in the world's experience with Government ownership,
and in our knowledge of the motives and impulses which spur men to
greatest achievement.
We can get the best and the cheapest railroad service by encouraging
private capital to go into the business.
The need of the hour is for a system of railroad regulation which will
see to it that railroad rates are responsive to the commercial demands of
the time, that provision is made to meet increasing costs of railroad
operation, to pay for the higher standard of operation which the people
demand.
For if this country is to be saved from Government ownership it will
be necessary for the people to determine to permit railroads to earn
sufficient money to attract the private capital absolutely essential to the
proper upbuilding of the nation's transportation system.
SUITS CONTESTING ADAMSON EIGHT HOUR LAW.
Actions to test the constitutionality of the eight-hour
railroad law, commonly know as the Adamson Act, have
been filed this week. In Omaha on the 8th inst. the Union
Pacific RR. entered a suit in the Federal Court, alleging
in its bill of complaint that the law is unconstitutional because it is not a proper regulation of inter-State commerce,
because it violates the guarantees of the Fifth Amendment
to the Federal Constitution, and because it is unworkable
as applied to existing conditions under which the trainmen
are operating. The bill of complaint is a printed document
of considerable size and contains copies of all the schedules
under which the trainmen work. Thomas S. Allen, U. S.
District Attorney and four Union Pacific trainmen, representing the respective railroad brotherhoods, are made
parties defendant to the suit.
On the 9th inst. a petition was filed in the U. S. District
Court at Kansas City, Mo., in the name of the Atchison
Topeka & Santa Fe RR., seeking to enjoin the Federal
District Attorney and "labor leaders" from putting the
Adamson Eight-Hour Law into effect. The defendants are
Fred Robertson, U. S. District Attorney for the District of
Kansas, and several train service employees,including W.W.
Hutton, a general chairman of the Railway Conductors;
W. T. Keady, a general chairman of the Brotherhood of
Locomotive Engineers; W. C. Kaiser, a general chairman of
the Brotherhood of Locomotive Firemen and Enginemen,
and F. A. Hobble, a vice-chairman of the Brotherhood of
Railroad Trainmen.
The bill calls attention to agreements with train employees,
none of which, it says, contemplates that the employee
shall work a fixed number of hours. It shows that the primary basis of compensation is the trip and is measured,
generally speaking, by mileage; and that so long as the trip
is made at an agreed rate of speed, or in some cases within
a specified schedule time, there is no payment except for
the mileage; and that payment by the hour is only a supplementary form of payment for any excess time that may be
1748
THE CHRONICLE
required when the agreed rate of speed or the agreed schedule
time:is not maintained. The bill shows that there are also
various supplementary bases of compensation for delays at
terminals, for incidental switching, for leading and unloading live stock or material, &c., all of which are related to the
primary mileage basis.
The bill alleges that the wages of the train employees are
substantial and in many instances high, and are now higher
than they have ever been before; that those wages vary
greatly as to different classes of employees and as to employees in the same class, and that the rates of wages on
one railroad are different in a great many particulars from
the rates of wages on other railroads; that section 3 of the
Adamson Act if capable of application, is a mere arbitrary
increase in wages without reference to the question whether
existing wages are high or low, and operates with respect to
any class of train service to give the greatest increase to the
employee who now enjoys the highest wages and the lowest
increase to the employee who now has the lowest wages.
The bill alleges that the Act is unconstitutional and void
because it is not a regulation of commerce, and moreover
is a mere experiment for the purpose of future decision as
to whether there ought to be any legislation, and because
the Act is a violation of the Fifth Amendment of the Federal
Constitution, in that it arbitrarily and unreasonably deprives the company of its liberty of contract and property
without due process of law, and in that it is unworkable and
uncertain, and in that it unjustly excludes certain railroads
and certain employees from its operation, and also on account
of the enormous penalties.
The bill points out that the changes which the Adamson
Act undertook to make are radically different from the
changes proposed by the brotherhoods and enumerates the
following differences: The brotherhoods asked- for an increase in pay in switching and in hostling service, but the
Adamson Act is confined solely to service in the operation
of trains. The brotherhoods provided for the retention
of any rates of pay or rules or conditions of employment
more favorable than the changes demanded, but the Adamson Act does not attempt to preserve any such more favorable rates, rules or conditions. The brotherhoods demanded
no change as to the passenger train service, but the Adamson
Act relates as fully to that as to other sorts of road service.
The brotherhoods provided for the retention of the mileage
basis and that no employee should receive less for 100 miles
than he now receives for 100 miles, and for overtime when
the speed was less than 123-' miles an hour, but the Adamson'
Act provides an eight-hour day as the exclusive method of
measuring compensation.
The bill alleges that the subject matter with which the
Adamson Act undertakes to deal is one in which compensation for services is in nearly every case reckoned
primarily upon the mileage or trip basis, and yet that Section 1 of the Adamson Act attempts to substitute "as the
primary and, indeed, the exclusive basis" a period of time,
to wit, eight hours; and that by reason of the fact that none
of its train service is or can be operated upon the basis of
a fixed day's labor, and that the wages paid vary according
to numerous conditions which change from day to day,
there is no such thing as a standard day's wage in the railroad service. The bill, therefore, declares that the Adamson Act is not capable of application to the subject matter,
that it is unworkable and fails to prescribe any standard
whereby the company and other railroad companies can be
guided.
The bill indicates throughout that the Act is not a limitation upon the hours of labor, but is an arbitrary attempt to
substitute a new and exclusive and unworkable basis for
computing compensation, and an arbitrary and unworkable
attempt to increase existing wages of part of the train employees.
It prays for a temporary injunction enjoining the District
Attorney from instituting prosecutions, and enjoining the
employee defendants and all other employees from instituting
suits, and prays that on final hearing the Act be declared to
be unconstitutional and void and the injunctions be made
perpetual. It concludes as follows:
- court's final determinaComplainant says that it is willing, pending the
tion as to the validity of said Act, to take such steps as may be approved
by the court for the purpose of preventing any employee from suffering
loss by reason of the temporary injunction herein prayed for; and to that
end complainant prays the court to indicate what steps it shall take by
way of keeping special accounts, giving bond or otherwise, for the purpose
of assuring complete protection to all its employees.
On the other hand, complainant says that if preliminary and final injunctions be denied and this complainant be compelled, under fear of the
penalties provided in said Act, to adopt at its own peril some construction
[VOL. 10S.
of the Act involving the payment of increased wages to considerable
numbers of its employees in train service, and if the Act shall subsequently
be declared to be invalid, the loss thereby sustained by this complainant
can never be repaired in any way, but will be wholly irreparable.
The bill shows that the company has approximately 7,200
employees engaged as engineers, firemen, conductors, brakemen and flagmen in the operation of its trains and that
substantially all such employees are members of the four
labor organizations and have a common interest with the
employees who are named as defendants.
The Louisville & Nashville RR. filed a suit yesterday in"
the Federal Court at Louisville to test the law.
It was reported yesterday that the Chicago Rock Island
& Pacific RR. had filed in the U.S. District Court at Chicago
a petition asking for instructions in the matter of obeying
the mandates of the Adamson Law; it was also stated that
General Solicitor Dick of the Chicago & Eastern Illinois RR.
would present a petition to the Federal District Court in
Chicago respecting Adamson Law,substantially the same as
Rock Island's.
It is intimated that a number of other roads will follow the
lead of the Union Pacific, the Atchison and the Louisville &
Nashville in filing suits to contest the Eight-Hour Law.
PRESIDENT RIPLEY OF THE ATCHISON SEES ADAM.SON LAW AS MENACE TO GOOD GOVERNMENT.
In indicating that there would be a test of the Adamson
law, Edward P. Ripley, President of the Atchison Topeka
& Santa Fe Ry., stated on the 4th inst. that "nobody knows
what the Adamson law, means, or how it can be applied
to existing conditions." Mr. Ripley's remarks were made
in Chicago at a meeting of the City Club, the Chicago
"Herald" quoting him as follows:
My personal opinion is that the action of Congress in passing this law
under the whip and spur of those four gentlemen (the laoor leaders) was a
greater menace to good government and staoility of the republic than
any number of strikes. Nobody knows what the Adamson law means,
or how it can be applied to existing conditions. Nobody pretends to construe it, and the best legal opinion is that it cannot be construed to be a
legal and binding statute.
This means tnat if tee railroads try to enforce it as it reads there would
be a strike, because it would seriously reduce the wages of a large class
of the best and highest paid men. If the railroads enforce the law as
the brotherhoods would like to have it enforced, namely taking the hot
end of the poker, it would cost a very large sum, estimated at $100,000,000
a year. The law will be tested and probably will find itself in the Supreme
Court unless modified by Congress before its effective date.
There is a certain embarrassment in talking with the President of the
United States, especially when the latter has been brought up as a schoolmaster, accustomed to make ordinary dicta on the platform with no
opportunity for argument. We found the President quite unwilling to
argue the question, although I think he had become convinced that the
question at issue was not one of hours, but of wages.
At our last interview the President told us he was entirely unable to
appreciate our position; that we seemed to be willing to plunge the whole
country into a state of panic rather than to accept his proposition; seemingly forgetting that the people who were planning to throw the country
into a panic were the men he had taken to his bosom, and to whom he
had said their contention was in the main correct.
TRANSCONTINENTAL RATE CASE REHEARING.
Transcontinental freight rates are to be reviewed in their
entirety by the Inter-State Commerce Commission as the
result of an order made known on Oct. 21, reopening the
case for further hearing. The order announcing this says:
It is theiefore ordered that fourth section applications numbers 205, 342,
343, 344, 349, 350, 352 and 10336 respecting rates on commodities from
Eastern defined territories to Pacific Coast terminal and intermediate
points, and applications numbers 9813, 10110, 10126, 10155, 10186 and
10189 respecting rates on barley beans, canned goods, asphaltum, dried
fruit and wine from California ports via rail and water through Galveston
to Atlantic seaboard points be reopened for further hearing respecting
changed conditions that are alleged to justify other and different orders
than those entered.
It is further ordered that therewith fourth section applications numbers
345, 346, 347, 348, 349 and 1575, filed by R. H. Countiss, agent, on behalf
of carriers, parties to his tariff named in said application respecting rates
on classes and commodities from Pacific Coast points to territory east
thereof, and investigation and suspension docket number 009 and the rehearing of application respecting rates on commodities from Eastern defined
territories to Pacific Coast points and rates on barley beans, canned goods,
asphaltum, dried fruit and wine from California ports to Atlantic seaboard
points be consoiidated and assigned for hearing before Examiner-Attorney
Thurtell at Chicago on Nov. 20, at Salt Lake City Nov. 28, at San Francisco Dec.4, at Portland, Ore., Dec. 11, and Spokane, Wash., Dec. 14 1916.
The case, one of the most notable on the Commission's
docket, has involved in its various angles-many decisions in
the past year, and grows out of the old so-called Spokane
Case. The main issue involved is the "long" and "short"
haul provision of the Inter-State Commerce Law. In a
review of the situation Walter H. Chandler, Traffic Manager
of the Boston Chamber of Commerce, is quoted to the following effect in the "Journal of Commerce":
This controversy arises primarily out of the fact that is is possible to
transport freight between the Atlantic and Pacific Coasts at low rates by
all-water lines, using either the route around South America or through
N ov. 11 19164
THE CHRONICLE
the Panama Canal. This water competition forced correspondingly low
rates between the two coasts by the transcontinental lines, rates between
the mountain territory and the Eastern points, where there is not the same
water competition, being on a higher basis.
This rate adjustment has been the subject of litigation before the Commission and the courts, including the United States Supreme Court, for
nearly thirty years. The inhabitants at the intermediate points, particularly the merchants of Spokane, Wash., and the State of Nevada, have
never ceased to complain that the higher rates charged for their shorter
hauls constitute an unlawful discrimination against them, while the mer
chants along both coasts have sided with the transcontinental carriers,
contending that the lower rates between the seaboards are water compelled and therefore justified.
After disposing of various complaints against specific rates and rate bases
between different sections of the country which were presented during the
period prior to 1911, the Inter-State Commerce Commission in that year
handed down an opinion prescribing the zone system of rates, which was
subsequently approved by the Supretne Court, and is now in force. In
this opinion the carriers were instructed to divide the country into five
zones, and with certain exceptions to apply a proscribed basis of rates from
each to the Pacific Coast, also to intermediate points. From zone 1,
Missouri River territory, the rates to the Pacific Coast must not be lower
than to intermediate points; from zone 2, Chicago territory, the intermediate rates to be 7% higher than to coast points; from zone 3, BuffaloPittsburgh territory, the intermediate rates to be 15% higher, and from
zone 4, New York-Boston territory, the rates to be 25% higher. On
certain commodities designated "Schedule 0," very low rates to the Pacific
Coast were approved after the opening of the Panama Canal.
In this decision, it will be noted, water competition between the Atlantic
and Pacific Coasts were recognized by the Commission; because of the
competition the transcontinental lines were authorized to use a much lower
basis of rates to the Pacific Coast and the intermediate points. The percentage relationship was not observed. However, certain of the Pacific
Coast cities which had formerly enjoyed the lower water competitive rates
were held not to be water competitive points, there being no steamship
service there, and the carriers were instructed to make rates to those points
slightly higher than to other Pacific Coast cities. An appeal from this
decision was taken and is still pending.
1749
merce between the States, to take any further legislative action regarding
the adjustment of disputes between the carriers and their employees and
regarding strikes and lockouts.
(G) Whether any national legislation is required as to the organization
of carriers in inter-State commerce in the nature of national incorporation,
permissive or compulsory, or in the nature of national holding companies.
under which State corporations may be controlled and unified in their
operations in the interest of inter-State commerce,and whatform of national
legislation for the incorporation of carriers or for holding companies owning
the stock of State companies, is desirable. How will national incorporation affect the police powers of the States over railroads operating within
their boundaries. Will it be advisable, as in the case of the national banks,
for the national Government to prescribe a uniform rule for the taxation
by the States of railroad properties and securities.
The wisdom or feasibility of Government ownership of such utilities and
the comparative worth and efficiency of Government regulation and control
as compared with Government ownership and operation, including under
this head:
(a) The practical results of Government ownership, both as to efficiency
and economy where actually practised.
(b) Whether Government ownership is compatible with our system of
Government and what its effect will be on our governmental institutions.'
(c) Whether a system of Government ownership will suit local needs.
(d) A practical method of securing Government ownership, whether by
purchase of condemnation of properties, or by purchaseorcondemnation
of bond and stock issues or otherwise.
In a special article from its Washington correspondent the
"Journal of Commerce," of Oct. 27, referring to the fact that
the National Association of Railroad Commissioners will
hold a meeting in Washington preliminary to the hearing of
the Newlands Commission, says: •
The National Association of Railroad Commissioners, an organization
composed of those Federal and State bodies which have to deal with common
carrier regulation, has issued a call for its next convention, to be held in this
city (Washington) the week before the Newlands Committee begins its
hearings. The call issued by this Association intimated that the Newlands
Committee was organized for the purpose of "jamming" through Congress
legislation designed to rob the States of a large part of their power to regulate
inter-State carriers. It was intimated that there is a conspiracy on foot
to alter the present system of dual regulation by Federal and State authorities.
It is anticipated that the railroad commissioners will remain over in
Washington in large numbers to present their views and combat any effort
of railroad representatives to persuade Congress to take authority from
the State commissions and endow the Federal commisssion with it.
PROPOSED INQUIRY INTO RAILROADS AND GOVERNMENT UTILITIES.
The Joint Committee of Congress which will make an
inquiry into railroads and other public utilities will, as was
stated in our issue of Sept. 9, begin its hearings on Nov. 20.
Senator Newlands's associates on the Committee are:
An announcement concerning the hearings made public on Representative Adamson of Georgia,who is Vice-Chairman,
Oct. 17 by the Committee, of which Senator Newlands is Senators Robinson of Arkansas, Underwood of Alabama,
Chairman, states:
Cummins of Iowa and Brandegee of Connecticut; and RepreIt is the desire of the Committee to give ample opportunity to all sentatives Sims of Tennessee, Cullop of Indiana, Esch of
interested in or having any relation to the subject matter of the proposed
inquiry to express their views. But the Committee would like early notice Wisconsin and Hamilton of Michigan. The resolution
of the subjects to be discussed by the various persons appearing before it, authorizing the appointment of the Committee was published
so that the hearing can be, as far as practicable, in orderly sequence as to in these columns Sept. 6.
purpose of the Committee is to hear, regarding Government
subjects. The
regulation and Government ownership, the opinions of economists and
publicists of eminence, representatives of the Inter-Stato Commerce Commission, the National Association of State Railroad Commissioners, State
railroad and public utility commissions, representatives of the railroad
executives and labor organizations, representatives of farming organizations, and farmers, shippers and bankers, representatives of chambers of
commerce and other important business and industrial organizations.
SOUTHERN LUMBER INTERESTS •FURTHERING EXPORT TRADE COMBINATION.
According to information received by the Bureau of
Domestic and Foreign Commerce at Washington on the
The subjects of the hearings have been divided tentatively 27th ult., the Southern Pine Association (at New Orleans)
into two groups—Government Regulation and Control. is making efforts to organize an export-selling agency similar
Under this head a statement emanating from the Committee to the one projected by the Fir Manufacturers of the Pacific
Bays:
Coast, referred to in our issue of October 28. During a
Without excluding other questions, attention is particularly called to the
meeting of the committee appointed by the Southern Pine
following subjects:
(A) Whether the Inter-State Commerce Commission is overloaded and Association to investigate and report, resolutions favoring
whether its jurisdiction should be confined to questions of discriminations, the plan were adopted. The export-selling agency made
rebates and rates, its jurisdiction over other subjects, such as valuation,
above, is an organization of lumber men of the
safety inspection, &c., to be turned over to some other body or bureau reference to
Pacific Coast representing 80% of the Douglas fir-cut into be created by law.
(B) Whether it is necessary to make any change in the organization of terests in this country. Their express purpose is co-operthe Inter-State Commerce Commission with a view to prompt and efficient
action; whether it is feasible to increase the number of commissioners and ative selling,so as to give an American industry an advantage
to permit them to divide into several departments for the consideration over foreign competition in the trade conflict expected at
of cases, and if so whether there shall also be consideration in bank and also
present war.
whether there shall be appeal from decisions in the department to the Com- the close of the
mission In bank.
(C) Whether such departments of the Inter-State Commerce Commission
shall sit in Washington, or be assigned to definite traffic areas somewhat
after the manner of the judicial circuits, and whether in the latter case there
should be provision for their sitting in bank at Washington, or for some
central body in Washington with the duty of hearing appeals and directing
the procedure of the departments.
(D) Whether under the present system the credit of the common carriers
is assured with a view to their securing the moneys needed for necessary
improvements and extensions in the interests of the public and at reasonable
rates of interest. Whether Government regulation of the issue of securities
is advisable, and if so whether it is to the interest of the public as well as the
carriers that this regulation should be exercised by the National Government, and whether it should involve merely publicity or absolute control
.of the issue of securities. 'Whether concurrent jurisdiction of the nation
and the States to control such issues is in the interest of the carriers and
the public. What will be the field of operations for the State railroad
commissions in the Interest of the public if the control of securities and the
control of rates is vesteel in the Inter-State Commerce Commission.
Whether and to what extent, within a period of five years, it will be necessary to enlarge the facilities of the common carriers in the interest of the
public, and whether the present system of Government regulation is such
as to insure the credit of the carriers with a view of their making additional
necessary expenditures.
(E) What is the effect of dual regulation on the parts of the States and the
nation of the rates of carriers. What,if any,contradictions does it itvo ye,
and what, if any,discriminations does it involve as between States and
•
localities.
(F) Whether or not any regulation is feasible of the wages and hours of
carriers,
and
whether
or not it is advisable in the
employees of common
interest of the public, and with a view to maintaining uninterrupted coin-
NEW YORK CHAMBER OF COMMERCE FAVORS
CO-OPERATION FOR EXPORT TRADE.
The Chamber of Commerce of the State of New York went
on record on the 2d inst. as favoring the principle of cooperation in export trade. A report submitted in the matter
by its Committee on Foreign Commerce and the Revenue
Laws, of which Willard Straight is Chairman,read as follows:
The principle of co-operation in export trade deserves, in the opinion
of your Committee on Foreign Commerce and the Revenue Laws, full support by the United States Government and by American business, in order
that American exporters should be free to utilize all the advantages of cooperative effort in competing with the combinations of their competitors
which are not only permitted but encouraged by foreign governments.
Doubt exists in the minds of American business men as to the legality of
co-operative effort in export trade. This doubt amounts to a prohibition
of export enterprises in forms attainable only through co-operation. Throughout the world individual American selling effort has been combated by
mobilization of competitors and combinations of buyers which, by playing
one sot of American producers against another, endeavored to depress the
prices of American products until certain natural resources were obtained
more cheaply by foreign than by American manufacturers. This inequitable condition promises to be intensified after the war, and the co-operative
principle is being carried out in economic alliances among the nations which
have pooled their resources for the conflict.
Legalization of co-operative effort exclusively for foreign trade, with due
safeguards against restraint of domestic commerce, is deemed by your
1750
THE CHRONICLE
[VOL. 103.
committee to be necessary to enable the United States to obtain and retain
the rightful equity in normal trade, to which its productive resources and INTER-STATE COMMERCE COMMISSION'S INQUIR'C
its large consumption of the merchandise of other countries entitle it. The
INTO CAR SHORTAGE.
principle of co-operation freed from the restrictions of the Anti-Trust Laws,
With a view to determining the factors contributing to the
which do not apply to the operations of our competitors overseas, was embodied in the Webb bill, H. R. 17,350,in the form reported by the Judiciary scarcity of freight cars Inter-State
Commerce Commissioner
Committee to the House of Representatives, 64th Congress, first session.
That bill was passed by the House, but failed to come to a vote in the McChord held informal conferences at Louisville on the 3rd
Senate, before the Inter-State Commerce Committee of which it is now and 4th inst. with representatives of Eastern, Southern,
pending. In view of the importance of the principles embodied in this and a few of the Western
railroads, State railroad commissmeasure to the continued prosperity of the United States and particularly
to the labor now occupied with merchandise for which an abnormal demand sioners and shippers. In announcing the proposed conexists by reason of war, your committee is moved to recommend the fol- ferences last week the Commission said:
lowing:
The conference has been arranged because of the many complaints
Resolved, That the Chamber of Commerce of the State of New York received by the Commission from all parts of the country in relation to the
records its belief in the wisdom and necessity of completion of legislation, inability of the shippers to obtain cars in which to transport their comat the next session of the Sixty-fourth Congress, that shall permit co-operation for export trade, with due safeguards against unreasonable restraint modities.
of domestic commerce, as an essential measure of preparation for the
Commissioner McChord pointed out in his telegram to the
extension of the foreign trade of the United States.
INADEQUATE SALARY FOR UNITED STATES TARIFF
COMMISSIONERS.
A resolution in which the salary of $7,500 provided for the
proposed Tariff Commission is described as "wholly inadequate to command the services of men of the experience and
qualifications required properly to undertake work of such
responsibility and of such importance to the business interests
of the country," was adopted by the Chamber of Commerce
of the State of New York on the 2d inst. The resolution
was offered by the Chamber's Committee on Foreign Commerce and the Revenue Laws.
Eastern trunk lines asking them to send representatives to
the conference that the shippers had charged that the carriers
received cars for export without assurance of water-shipping
facilities, and permitted the use of the cars for storage. The
developments on the first day of the informal hearing induced Commissioner McChord to telegraph to the InterState Commerce Commission at Washington advising the
Commission to enter an order calling immediately a formal
hearing on the car shortage situation, merging it with the
informal investigation. Acting upon the recommendation
B. H. Meyer, Chairman of the Commission, on the 4th
inst., issued an order directing a general investigation of the
subject, the hearings to begin at Louisville on the 8th inst.
The order read:
Formal and informal complaints having been filed with the Commission
from all sections of the country concerning the supply, exchange, interchange and return of freight cars, together with the rules, regulations and
FEAR OF EFFECT OF ALLIES' TRADE POLICIES. practices relating thereto :
It is ordered, that the Commission, upon its own motion, enter upon a
The completion of a comprehensive summary of British general investigation covering all sections of the United
States concerning
trade policies as to imports into this country is said to have the supply, exchange, interchange and return of freight cars, and all rules,
relating
practices
regulations
and
with
the
thereto,
view
of issuing such
conclusively
proved
to administration officials the dominaorder or orders as the Commission may deem appropriate.
tion by the allied nations of the world's raw materials.
It is further ordered that a copy of this order be served upon all common
As a result, dispatches from Washington on October 25 carriers by railroad in the United States subject to the Act to regulate
commerce.
stated, .the recent economic conference of the Entente "
And it is further ordered that this proceeding be sot for hearing at
Powers is regarded with considerable disquiet. The dis- Louisville, Ky., on Wednesday, Nov. 8 1916, at 10:30 a. m., before Commissioner McChord. Such further hearings as the Commission may herepatches said:
The proposed commercial war after the war, at first viewed sceptically after determine upon will be subsequently announced.
Preliminary to the informal hearing of last week, every
as outlining policies which could not survive the heat of war or the operation of perennial economic forces, is looked upon as a more practical railroad company in the South and East was furnished with
proposition in the light of the investigation. Consequently an earnest
questions upon which information was
study of the facts available is being made and every effort extended to a list of seventeen
desired at the hearing. These questions follow:
supplement the information now at hand.
Every indication since the conference has tended to decrease the feeling
First—How many of your cars were off your lines on Nov. 1 1916?
that its provisions could not be carried through. Since then, it is pointed (Give character of equipment.)
Second—How many foreign cars were on your line at said date? (Give
out, the blacklist, which had been enforced by England for some time,
character of equipment.)
has been accepted in principle by the Allies.
Third—What effort have you made to have your cars returned to your
What is more, the agreement made then for the closer economic unity
between the governments is shown by reports now coming in to be working lines and what responses have you had to demands therefor?
Fourth—What restrictions, if any, do you apply to use of your equipout through mutual concessions, excluding other countries from their
benefits though not necessarily viewed as illegally discriminatory by the ment? If you have any restrictions state nature of same and reasons
therefor.
United States so long as confined to war purposes.
Fifth—Do you favor any particular traffic in distribution of cars, and
In the compilation of the various agreements which England has instituted in this country to prevent allied resources from going to Germany's if so what traffic and what are the reasons for so favoring it?
Sixth—Is there any particular traffic that you have felt warranted in
aid is seen a strong indication of what the Allies might do through different
methods after the war. This domination of the supply of certain raw giving less than its ratable proportion of available cars, and if so name the
materials demonstrated after a year of war, considered in connection with commodity or commodities and give reasons for your action with reference
Article III. of the Paris agreement, _is believed to constitute a distinct thereto.
Seventh—Have you any reason to believe that employees are discriminmenace to this country. Article III. says:
"The Allies declare themselves agreed to conserve for the allied countries, ating between shippers in distribution of cars?
Eighth—Is the present traffic in your territory abnormal for this season
before all others, their natural resources during the whole period of commercial, industrial, agricultural and maritime reconstruction, and for of the year, and if so to what extent?
Ninth—How much additional equipment would be required to take care
this purpose they undertake to establish special arrangements to facilitate
of all the traffic now being offered?
the interchange of these resources."
Tenth—What percentage of your equipment is out of service by reason
There are no less than fourteen different forms for various kinds of
materials which American importers must file with British Consuls before of not meeting with interchange requirements?
Eleventh—What proportion of your equipment has been repaired within
certain goods can be released to them from the British dominions. These
the past six months so as to make it fit for the service for which it is inmaterials, according to the complete list secured to-day, include:
Tin, chloride of tin, and tin ore; wool, jute, shellac, tanning materials, tended?
Twelfth—How many cars have been scrapped or retired during the past
antimony, rubber, diamonds, mica, raw leather, plumbago, all the alloys
of iron, including ferro-manganese, cobalt, tungsten, chrome, molydenum, twelve months? (Give class and description.)
Thirteenth—How many cars have been placed in service during the past
vanadium, nickel and several other kir ds of ore.
Where possible the restriction is effeeted through the chief American twelve months? (Give class and description.)
Fourteenth—How many new cars have been ordered in the past twelve
associations of manufacturers interested in the trade, such as the New
York Metal Exchange for metals, the National Association of Tanners months and when do you expect delivery? (Give class and description.)
Fifteenth—To what do you attribute the present acute car shortage.?
for tanning materials, the United States Shellac Importers Association
Sixteenth—Have you any suggestions as to how this condition may now
for shellac, and the Textile Alliance for wool and jute.
In cases where the importer cannot apply through and be vouched for be relieved or prevented from recurring?
Seventeenth—Are shippers co-operating with you in endeavoring to
by such an organization, he signs a personal agreement with the British
relieve the situation?
Consul.
Importers accept the conditions for the whole length of the war and
Besides the above, additional quethons, it was stated,
for all goods of the kind imported, even though part of their supply is
from neutral or American sources. The conditions which .run through would be put to the roads at the formal inquiry at the instance of F. B. Dow, who appeared at the informal hearings
the whole list of agreements provide:
That the importer is bringing in the goods for his own use in manufactur- as assistant to Commissioner McChord. We give these
ing and not for further sale; that in no case will he sell to a blacklisted
'firm; that he will sell in some cases only to the British Empire, and in questions below:
How many cars have you now under load, what is the nature of the comothers, that he will sell to neutrals only through London under licenses
to be obtained there; and that in all cases every precaution will be taken modity with will& they are loaded, and how long have they been under
load?
to prevent the goods from falling into German hands. Always it is proHow many of your cars aro at present tied up at your individual tervided that the original contracts and documents will be held ready for
minals, and how many at the terminals of terminal railroads?
examination by the British authorities.
How
many of your cars are used in interplant service, that is, operating
So far officials here have not been able to hold any of these arrangements illegal, as they recognize that England has the right of embargo between factories and mills or mines?
The Louisville "Commercial-Appeal" also reports that
if she desires to use it. Nevertheless, the power which British officials
have in this cot n`ri of discrimination as between American firms and the following questions were suggested by J. Van
Norman,
the possibilities tha ome such arrangements might be continued after
the war under a form ade legal to suit the conditions of peace has had a representing the lumber and coal interests of Kentucky and
most cllsqu'eting effe
the South:
Nov. 11
1916.1
THE CHRONICLE
With regard to domestic business:
First—How many of your cars upon a latest available date to be agreed
upon, were held under demurrage; (a) the number of days so held; (b) nature of commodities with which loaded?
Second—How many of your cars on the same date were held up for
reconsignment beyond the time classified as commodities; (a) how many
days were such cars held prior to above date?
Third—How many cars on same given date were held under load with
company material; with regard to kind of material and also as to length
of time kept? •
Fourth—How many cars for the month of September were placed for
loading and unloading; (a) how many released before recorded as placed;
(b) how many released during the first twenty-four hours of free time;
(c) how many released during the second twenty-four hours of free time;
(d) how many released during first penalty day; (e) how many released
during second: penalty day; (0 how many released after second penalty
day?
With regard to export business:
First—How many of your cars were detained by day and commodities,
as of Oct. 15 1916; (a) how many were in transit; (b) how many were
detained at ports?
According to the "Courier Journal," the outstanding
feature of the testimony introduced on the 3d inst. "was the
fact that the railroads of the country, hardly without exception, are suffering from the car shortage, and that it
has become the practice of these roads, because of similar
practices which work against them, to appropriate for their
own use the rolling stock of other companies whenever it
comes into their possession, no matter to which line the
car may belong. The day's inquiry," it is further stated,
"developed that not only many public utilities concerns of
many parts of the country have shut down or may be forced
to do so because of inability to secure coal shipments, that the
people of the North, upon whom the winter season will soon
be spending its energies, are practically without a source of
coal supply, and that the railroads of the North, while refusing to send the cars owned by roads in coal-producing
territory back to their owners, use them instead for varied
shipments on their own lines, with the result that innumerable embargoes have been the result."
The paper quoted also says:
That the car service rules of the American Car Service Association are
being violated universally, principally through retaliation on the part of the
different roads, was brought out a number: of times. The different witnesses agreed that if the American Car Service Association, which is to hold
a meeting at Denver Nov. 18, could not agree upon a plan which would insure the return to the owners of rolling stock within a reasonable period.
the power to control these movements should be invested in the Inter-State
Commerce Commission for administration.
The testimony of C. B. Phelps, Superintendent of Transportation of the Louisville & Nashville RR., it is stated,
showed that the L. & N. is suffering perhaps more than any
other railroad in the country with regard to the number of
its cars being held elsewhere and with respect to the number
of cars of foreign roads which it now controls. We quote
again from the "Courier-Journal":
His statement shows on Oct. 28 1916 a total of 28,517 cars of all classes
owned by the L. & N. were being used by other roads, while but 11,849
cars of other, or foreign roads, were controlled by the L. & N.
Of the number involved 11,848 coal cars of the L. & N. were being held
elsewhere, it was shown, while but 2,392 foreign coal cars were being held.
This was pointed to as the reason for the coal-car embargo of the L.& N., as
but 39% of the total of 19,608 coal cars owned by that road are now under
Its control. Mr. Phelps said that it was manifest that restrictive measures
should be resorted to in order to assure the coal mines and the public utilities dependent upon the L. & N. a supply of cars, even though far removed
from the normal, as most of these industries were dependent upon the
L. & N. read alone. . . .
Particular emphasis was placed on .the coal car situation, which is holding the attention of the L. & N. officials during the shortage period. It
was shown that the Big Four Route alone controls 1,154 L. & N. coal cars,
while mention was made of railroads which refuse to return these cars, but
Instead hold them up and use them for varied other shipments, such as
beets, sand and building material.
W. L. Barnes, Superintendent of Transportation of the
Chicago Burlington & Quincy RR., who also appeared on
the stand on the 3d, ascribed as the cause of the shortage
"abnormal business, coupled with an inability to secure
needed labor along the road." Mr. Barnes stated that the
Burlington route held cars owned by other roads, and used
them to its own benefit, but contended that this practice
also was indulged in by all other roads. The Burlington, he
said. holds 32,688 foreign cars, while 38,819 Burlington cars
are being held by other roads. Increased demurrage, he
said, would not increase charges to shippers unless they held
cars longer than necessary, and this action would stop the
use of cars as warehouses and storage places. It was brought
out that the railroads of the United States own approximately 2,600,000 cars, and that the apparent total shortage
is only about 60,000. Mr. Barnes gave it as his opinion that
much of this'apparent shortage resulted from shippers asking for more cars than they need, in order that their allotment might approximate the number they really want.
Any apparent shortages resulting from other causes, he said,
could be met by more efficient distribution of the car supply.
William L. Park, Vice-President of the Illinois Central
RR.,. testified that his road owned approximately 67,000
1751
freight cars of all classes, of which approximately 22,000 are
at present on its own lines. Foreign cars held by that road,
he said, brought the number of cars on its tracks at this time
up to about 52,000. Mr. Park said the Illinois Central
had met with little success in securing the return of its cars
held on other lines. Large shipments of munitions to the
seaboard, the great production of ore in the Lake region
and the withdrawal of many colliers from the Atlantic
coast trade, he said, had drawn many cars to the East
which otherwise would have been held on the roads to which
they belonged. Shippers, he said, are as a rule co-operating
with the railroads in an effort to relieve the situation. He
urged the increase of demurrage charges assessed shippers for
holding cars beyond a certain length of time and of the per
diem charge assessed against a railroad as long as it holds
a foreign car upon its lines. He suggested that the shipper
be allowed forty-eight hours for unloading and that a charge
of $1 be assessed for the first twenty-four hours beyond that
period, with the charge increasing $1 a day for each twentyfour hours thereafter up to $5 a day. He advocated increasing the per diem charge assessed against the railroad
holding a foreign car from 45c. to $1 25, the charge to begin
from the moment the car passes into its possession
At the second day's informal hearing (the 4th) a plan to
bring relief to the situation was presented to Commissioner
McChord by the railroad representatives, following a secret
session behind closed doors. An carrier conference of a
similar nature was held at the instance of Commissioner
McChord, who suggested that an executive committee be
formed from among the railroads represented, to be invested
with full power and authority to supervise and administer
the car service rules during the shortage period, create and
lift embargoes and order the return and interchange to
owners of the cars held by foreign roads to enable the carriers
to sum up their resources. The "Courier/Journal" adds:
Nothing was done during the first secret session, after which it was said
the men would not take the step because they were not clothed with power
to bind their roads, but during the afternoon the resolution, which is as
follows, was presented:
"It is the sense of the representatives of the railroads present that the immediate action desired by you in the present situation can be best obtained by:
A request upon Messrs. A. II. Smith, Fairfax Harrison and R. H.
Aishton, the Chairmen of the Presidents' Conference of the East. the
South and the West, respectively, to meet you upon such date as you may
fix, together with such other members of their conference as they may designate, in order that a committvjwith power may be_constituted to cooperate with the Commission."
The resolution or decision of the railroad representatives was signed by
the following members of the sub-committee appointed to draft the matter:
C. M. Sheaffer, General Superintendent of the Pennsylvania lines; E. H.
DeGroot Jr., Superintendent of Transportation of the Chicago & Eastern
Illinois road; C. E. Pierson, Vice-President of the New York New Haven &
Hartford; George Hodges, Chairman on Relations of the American Railway Association, and G. W. Taylor, General Superintendent of' Transportation of the Southern Railway.
Only three roads, it is stated—the Louisville & Nashville,
Illinois Central and Chicago Burlington 861Quincy—were
able to present their evidence during the course of the informal inquiry, and before adjournment a number of roads
filed their answers to the original seventeen questions as
sworn statements to be considered at the formal hearing.
On the 4th inst. Attorney Northcutt, of the Louisville &
Nashville, quoted what is known as the "Chicago declaration," in which a number of roads agreed to return either
loaded or empty cars to the home roads, but said the declaration was not being carried out. Progressive and increased
demurrage, he said, would relieve the situation andfprevent
a recurrence, because the charges would be too high to
enable consignees to use the cars for storage purposes until
they could be disposed of at the time of unloading.
Commissioner McChord stated on the 4th that all the
evidence gathered would probably be submitted to the entire
Commission in transcriptlfor consideration before the handing down of a ruling.
J. C. Lincoln, Manager of the Traffic Bureau of the Merchants' Association, in reply to a request from Commissioner Charles C. McChord of the Inter-State Commerce
Commission for such suggestions as it might desire to present, had the following to say:
With respect to the detention of cars used in connection with the transportation of export carload freight, I can only speak as to the situation which
generally prevails with the trunk-line railroads at the port of New York,
and if the rules are observed I do not see wherein our receivers can be
charged with the unreasonable detention of cars. Under prevailing instructions freight consigned to the port of New York for export is embargoed and a modification of this general embargo is only made when
operating conditions permit and under the following conditions:
1. The shipper or consignee must furnish satisfactory evidence of definite
steamship engagements, which must be confirmed by the representatives
of the carrier at New York, who looks after the handling of export traffic.
2. The sailing dates or vessels must be known and confirmed.
1752
THE CHRONICLE
3. Sufficient time must be allowed between shipping date and the known
sailing date of vessels to allow for transportation to New York.
4. Modifications will not be made oven under the above conditions if the
date of shipment is so far in advance of the date of sailing as to cause cars
to be held an unreasonable length of time if on the road or at New York.
5. The above conditions must not be construed as implying a guarantee
of time or connection with a specific vessel.
6. Modifications of the embargo order made under the above conditions
will be covered by a serial number which will be valid only for the shipment
for which issued.
If the carrier in rendering its transportation service will transport the
property with reasonable dispatch from shipping point to New York, and
with reasonable regularity as to the time to be consumed, and upon which
the shipper may depend, there will be no occasion for the detention of the
cars at New York, provided also that prompt lighterage service is rendered
so that delivery may be made to the vessel. The great difficulty in operating under the rule prescribed, and which is responsible for car detention, is the irregularity of service which prevents a shipper from knowing
how to order his shipments.
For example, I have cases before me of cars forwarded during the same
month where the service of a transportation varied from ten to fifty days.
I had occasion to examine, particularly as to the movement of a large
number of cars of freight from a point on one of our trunk line railroads to
New York, and have made a comparative record of the performance rendered for the first eight months of 1915 with the first eight months of 1916.
The average time consumed in 1915 was 7.2 days, whereas the average time
consumed in 1916 was 28.1 days. You must, of course, understand that
when the car is not brought to New York in time for the vessel via which the
cargo is engaged, it means a detention of the car or freight at the port
awaiting the next vessel.
Had the road referred to above rendered equal transportation service
during 1916 as compared with 1915, the same number of cars undoubtedly
could have handled 100% more freight, or in other words, the expedited
movement would more than double the available equipment of the
carrier.
In my judgment, better operating conditions will go much farther toward
relieving the car shortage than the assumed proposition that the shippers or
receivers of freight are unnecessarily detaining cars.
[vol.
103.
ANTHRACITE MINERS IGNORE THE PUBLIC'S NEED
FOR COAL AND TAKE A HOLIDAY.
The following statement was issued on October 30 by the
Anthracite Bureau of Information at Wilkes-Barre, Pa.:
About the only portions of the agreement of May 5 1916, between the
anthracite mine workers' organization and the anthracite operators, which
the parties of the first part consider worthy of observance are those which
provided for increases in wages, the shorter working day, and the maintenance of the prices of supplies. No obligations seem to rest upon them to
comply with the portions of the agreement which call for' operating the
mines eight hours a day six days in the week, excepting legal holidays, and
for general co-operation with the operators in securing efficient operation
of the properties.
The statements of shipments of anthracite as compiled by' the Bureau,
show that from April 1 to Sept. 30, the production in 1916 was 2,075,000
tons less than in the corresponding months of 1915. This decrease has been
due almost entirely to the shortage in the labor supply in the anthracite
region and during all this period there has been no time when there was a
surplus of coal on the market. In fact, the storage yards, which usually
contain several miltion tons, have been entirely depleted.
The urgent need for coal, both anthracite and bituminous, at the present
time is widespread and so acute in some sections that a species of panic
exists lest consumers may be found entirely without fuel with which to
withstand the winter's cold. The operators have been endeavoring to their
utmost to relieve the situation, but have been seriously hampered, not only
by the serious shortage of labor in the field, but by the indifference of the
miners to the exigencies of the situation.
,
One of the most flagrant instances of this and of the violation of the contract with the operators is the observation of "Mitchell Day" on Monday,
Oct. 30. This "holiday" happened this year to fall on Sunday the 29th,
but by order of the union officials the mine-workers were "officially notified
to observe Monday. Oct. 30 1916, as a holiday by remaining away from
work." By this action practically all of the collieries in the region were
shut down and the public was deprived of from 250,000 to 300,000 tons of
sorely needed coal. The loss to the miners in wages was in the neighborhood of $500,000.
Nor is this all. Wednesday, Nov. 1, is All Saints' Day, and most of the
collieries will be idle in observance of that day. Next week Election Day
will mean another shut-down, and still another suspension will be caused
by the celebration of the Greek Catholic All Saints' Day, which is fixed by
the Greek calendar. In addition to these interruptions, button strikes
continue to be an irritating cause of restricted production. One mine,
employing about 800 men, of the Temple Coal Company of Scranton, had
been idle for six weeks on account of a button strike. The Nesquehoning
Colliery of the Lehigh Coal & Navigation Company was thrown idle from
the same cause on Monday, Oct. 23, followed by the Tamaqua Colliery
of the same company on Oct. 28. The idleness at Nesquehoning has deprived the public of 3,500 tons of coal a day, and the miners of between
$6,000 and $6,500 a day in wages.
NEW EMBARGOES ON SHIPMENTS.
One effect of the car scarcity has been the declaration of
embargoes by various roads. On the 7th inst. the New York
New Haven & Hartford placed embargoes on carload and
less than carload shipments from connecting lines, via Maybrook, N. Y., Harlem River., or through the Brooklyn
terminals and other lines, whether consigned direct or reconsigned. Exception is made of perishable and live stock,
freight for the United States Government,freight for the New
Haven pa. and Central New England Ry., news and book
COAL PRICE INQUIRIES.
print paper and coal and fuel oil. J. 0. Halliday, SuperinAn inquiry into the recent abnormal increases in the price
tendent of transportation, in explanation of the embargoes
of coal has been instituted by the Department of Justice.
to shippers, consignees and agents, issued a statement
The price advance is also the subject of inquiry throughout
saying:
the country by various other official bodies. In making
In regard to the embargo of this date, the Inter-State Commerce Commission hearing at Louisville, Ky., indicates a shortage of cars in various known that its attention had been directed to the matter
portions of the country, due to a large extent to over-shipping, resulting U. S. Attorney-General Gregory made the following statein an increasing accumulation and congestion. Demand is made on rail- ment on the 5th inst.:
ways and shippers
to reduce this misuse of cars.
For the past several weeks unloading on the New Haven has been running
close to 5,000 cars per day, higher by 10% or more than for any previous
period. Except in a few individual cases, there have been no embargoes in
effect for the past eighteen weeks. The movement of many commodities,
particularly hard coal and bituminous coal, during previous several months
is in excess of similar movement during the same period a year ago.
There is a total of 49,068 cars on the line, an increase of 2,777 cars since
Oct. 15, and notwithstanding the excellent unloading and the current daily
movement of between 13,000 and 14,000 cars through the different gateways and terminals, the Now Haven road has at the present time 975 cars
under demurrage, averaging about five days per car, is holding 558 cars at
destination ready to place when unloading tracks are relieved of cars ahead,
is holding 1,915 cars set out at intermediate stations and terminals, and Is
confronted by an accumulation on connecting lines of 2.921 cars. This
represents a total of 6,369 standing cars which are of no benefit to shippers
or consignees, and which deprive other industries of that number of cars.
Your earnest attention is invited to this situation, and you are urged not
only to maintain your prompt unloading , but also to immediately request
your consignees to discontinue loading beyond the rate of immediate release,
so as to help the promp disposition of the cars referred to.
The Pennsylvania RR. on the 8th inst. declared an embargo on all carload shipments to the city, except live stock
and food stuffs for local consumption. The Philadelphia
"Press" states that, "figures taken by the Pennsylvania RR.
yesterday (the 9th) showed that there were 6,800 cars in
this city and 1,300 cars held along the lines to be despatched
to this city and suburbs, making a total of 8,100 cars awaiting unloading in and around this city. According to law
consignees have forty-eight hours grace to unload cars before
demurrage charges begin, and railroad men pointed out
yesterday that if shippers would not take advantage of this
time allowance but would concentrate their energies to unload cars relief would come quickly. The embargoes placed
by the Pennsylvania and Reading cover only carload lots and
do not interfere with the movement of less than carload lots."
The Department of Justice is investigating the recent abnormal and
suspicious increases in the prices of various necessities of life, especially
coal. Wherever any such increase is found to have been duo to conspiracy
or other unlawful action, the Department will invoke against the offenders
the severest penalties which the law prescribes.
On the 6th inst. the Attorney-General issued instructions
to U. S. District attorneys in all parts of the Milted States
to press vigorously their investigation into the possible
attempt by coal distributers and dealers to increase prices
as a result cf the alleged shortage of deliveries. In New
York, in addition to the inquiry undertaken at the instance
of the Department of Justice by U. S. Attorney Marshall,
the coal advances are also being inquired into by District
Attorney Swann of New York County,(through Assistant
District'Attorney Samuel Markewich) and District Attorney
Lewis of Kings County. The Police Department, through
Commissioner Woods, is co-operating with the Federal
authorities in its investigation. The "Times" of the 6th
inst. stated that the investigation by agents of the Department of Justice had indicated that an alleged manipulation
to raise the price of coal had its inception entirely in New
York, and was caused by operators who had coal held within
the State, asking retailers to pay extraordinarily high prices.
The "Times" further said :
Because it has appeared that the entire alleged improper "rigging"
of the market took place by the sale of coal already brought to the city by
dealers within the city, the Federal authorities have taken the stand that
.he matter Is up to the State authorities. They will, however, continue
their investigation and if any conspiracy of an inter-State nature is uncovered a Federal Grand Jury will be asked to act upon it.
The investigation, on Nov. 1, is said to have developed
that the same grades of coal which were being quoted at $12
a ton in New York City could be obtained in Hoboken,
Orange, Newark and other neighboring Jersey communities
for $7 and $7 25 a ton. However, New Rochelle, Mount
Vernon and neighboring Westcnester towns were paying the
same prices prevalent in Greater New York. A statement
The Baltimore & Ohio RR. is reported to have placed an dealing with the causes for present coal prices was issued
embargo, effective on the 7th, on all export and domestic on the 3rd inst. by Arthur F. Rice, Commissioner of the Coal
grain for Locust Point elevators.
Merchants Association, Inc., which says:
THE
Nov. 11 1916.1
CHRONICLE
While the quotations of prices asked by the big companies aro undoubtedly correct, something has 'Nen left unsaid which has a most important
bearing on the situation, namely, that although those companies have not
raised their prices, they cannot deliver coal and are not delivering it in
anything like the quantities required under even normal conditions.
Briefly stated, the present deplorable condition here is duo to:
First—An admitted shortage of miners and laborers in the coal regions
amounting to between 15 and 20%•
Second—An unprecedented consumption of coal by manufacturing plants
all over the country.
Third—Shortage of cars and embargoes on transportation.
Fourth—The exhaustion of surplus coal at the various stocking points
on account of the increased demand and the partial suspension of mining
earlier in the season, duo to the demands of labor.
Fifth—The unavoidable disadvantage at which this city is always placed
in having no stocking room for coal to moot such an emergency as the
present one. Space here is too scarce and expensive for the dealers to carry
a supply adequate for more than their temporary needs.
As a result of this condition of affairs the retailers have exhausted their
stocks that woe° purchased at the prices usually prevailing at this time,
and are now compelled to replenish them at exorbitant figures.
As a matter of fact, there is considerably more coal in the cellars of consumers than is usual at this time, and a large part of the demand is undoubtedly from those who desire to increase their supply as a matter of
precaution.
That the raising of prices on the part of the New York
dealers is wholly unjustifiable, is the contention of William
H. Truesdale, President of the Delaware Lackawanna &
Western RR. According to Mr. Truesdale, there is no
actual shortage, and he is credited with stating that the
price of coal has been raised by the producers only on an
average of twenty-five cents a ton, this increase, he said,
being due entirely to advanced wages. He submitted the
following figures, comparing the prices of the producers for
the month of September 1915 and the prices for the months
of September and October 1916:
Egg
Stove
Chestnut
Pea
1915.
$5 25
525 .
5 50
350
1916.
$5 45
570
5 75
406
As bearing on the present conditions, F. W. Saward,
Manager of the "Coal Trade Journal," made public the
following figures on October 31:
Shortage in cars
Shortage in labor
Increase in demand for hard coal above normal
Increase in demand for soft coal above normal
3%
5%
10%
20%
Mr. Saward is of the opinion that the coal supply will
become normal in a month's time and that the prices will be
cheaper the middle of January. He added, however:
In the meantime the public should exercise patience and buy coal only
as required. People should be advised to buy pea coal instead of stove
and nut coal. Pea coal is always much cheaper than the other sizes, and
it is not as likely to advance in price in the same proportion. It is largely
used in Philadelphia, and there is no reason why it should'nt be used just
as well elsewhere with a little care. It is probable that Philadelphians take
to pea coal because that city is a little closer to the mines than we are.
There are several reasons why coal is scarce and coal prices are high.
Miners are going into munition factories. Immigration is slight because
of the war and there are no new minors. Then there was an outflow of
men from the mines by reason of the fact that many men went back to
the old country to fight. Many of those will never return.
Then, of course, there is the serious question of a car shortage. The
railways are a situation in themselves.
The New Jersey Public Utilities Commission decided at a
conference held in Jersey City Nov. 2, to begin an investigation into the coal situation. The inspector of the Commission's railroad division, James Mayberry Jr., was empowered to carry on the investigation. This probe will deal
chiefly, it is said, with the transit phases of the situation.
The car shortage will also be carefully investiagted.
The Ohio Public Utilities Commission, acting on the
report that brokers and middlemen were holding hundreds
of cars loaded with coal and paying demurrage in anticipation of largo profits with higher quotations, directed all Ohio
railrodd officials on October 31 to report on "the number
of all cars under load with coal on transit and at stations
Oct. 30, showing the number of days of detention on all
cars on demurrage."
The same report induced the Cleveland (Ohio) City Council
to authorize the County Prosecutor to act, the result being,
it is said, that two coal brokers released scores of cars held
by them for a month past. As illustrating that the shortage
in cars is a factor in the situation it is stated that on Oct. 31
of this year Cleveland received 275 cars of coal; normally
at this time of the year 750 cars are received.
Announcement was made by the Cleveland Chamber of
Commerce on Oct. 28 that it would take extraordinary
measures to protect the city's factories likely to be affected
by the coal scarcity and the resultant high price.
Proceedings which, it is said, may affect, one way or
another, the price of coal to the consumer were filed in the
1753
U. S. District Court of Chicago on the 1st inst. There are
two actions, the defendant in each being the Atchison
Topeka & Santa Fe RR. and 141 other railroad companies
and their receivers; the plaintiffs in one of the suits are the
Clinton Coal Co. and ten other coal companies, and in the
other the Ayrdale Coal Co. and sixteen other coal companies.
The Chicago "Herald" says:
The Clinton suit is a bill in equity for an injunction requiring the return
of coal cars to the Chicago & Eastern Illinois Railroad for service of mines
along the road. The Ayrdale suit is similar, except that it asks the return
of cars to the rails of the Chicago Terre Haute & Southeastern Railway.
Both bills are identical except for the names.
The bills sot up that the defendant railroad companies have refused to
return coal cars to the proper lines; that cars have been wrongfully diverted
and misused and confiscated, and asks that a restraining order be immediately issued, followed by a preliminary injunction, against the roads
named.
PRELIMINARY REPORT OF FEDERAL TRADE COMMISSIONS' INQUIRY INTO HIGH PAPER
COST—ENGLAND'S RESTRICTIONS.
In a preliminary statement, relative to the results of the
news print paper investigation, the Federal Trade Commission reports a large increase in production and imports
accompanied by a decline in stocks and only a small tonnage
exported. According to the statament of the Commission,
during the first half of the year, when prices were already
soaring to unprecedented figures, the average cost of pro-.
ducing news print paper in domestic mills was less than
$1.65 per 100 pounds, or below the average cost in the
past three years. The Commission announces that, before
issuing its report, public hearings will be conducted and
manufacturers, publishers and others interested given an
opportunity to appear. No date is set for the hearings,
but the report is said to be ready to send to the press in
the near future. It is stated that certain fundamental
facts developed by the inquiry are made public now because
most of the publishers' contracts for paper are about to
expire. The Commission reports that contract prices
rose this year from less than $2 per 100 to $3 and $3.50,
and on current market purchases the publishers have paid
$7 or more for paper bought in the same way prior to January
1 for between $2 and $3. We present the Commission's
statement below.
The investigation of the advance in prices of news print paper, which
was undertaken by the Federal Trade Commission by direction of the
Senate, has been practically completed and the report will be ready to send
to press in the near future. Considering the large mass of data involved,
the work has been done in an unusually short time.
This is about the time when negotiations for the renewal of a large
number of contracts between newspaper publishers and news print paper
manufacturers usually take place. The Commission has, therefore,
decided to make public immediately certain fundamental facts which
have been established by the investigation.
Some of the facts stated here have been ascertained through computations which have just been completed. No conclusions are drawn from
these facts in this statement, such matters being reserved for the official
report. Before the report is issued the news print manufacturers, newspaper publishers and other parties interested will be given an opportunity
to appear before the Commission at a public hearing.
The price advance in news print paper which occasioned this investigation began early in 1916 and has continued down to the present. Most
news print paper, probably about 90%, is sold on contract for periods of
a year or more. Before the price advance began contract prices for news
print paper were generally less than $2 per 100 pounds f. o. b. mill. During
the first half of 1916 contract prices for large quantities in some instances
went as high as $3 per 100 pounds, and since July 1, 1916, have run as
high as $3.50. Most of the contracts now in operation will expire within
three or four months.
On current market purchases newspaper publishers have been paying
manufacturers and jobbers very much higher prices. Before January 1
1916 current market prices ranged generally between $2 and $3 per 100
pounds, delivered, depending on quantity, freight and other circumstances;
but since that time they have gone up as high as $6 or $7 per 100 pounds
for a considerable volume of business and even higher in exceptional
instances.
The average price received by domestic manufacturers of news print
paper did not advance in anything like the degree that current market
prices advanced, because most of the paper was sold under contracts
previously made. On the average, the actual net receipts of domestic
manufacturers for news print paper were less than $2 per 100 pounds
during the first half of 1916.
The average cost of manufacture of news print paper in domestic mills
was less than $33 per ton. or $1.65 per 100 pounds, during the first half of
1916, as shown both by the manufacturers' own cost sheets and by the
costs as revised by the accountants of the Commission. Furthermore,
these average costs were slightly lower than the average cost in any year
from 1913 to 1915.
Though the average cost declined in the first half of 1916, the market
prices of some of the materials of manufacture advanced and were unusually
high.
It should be noted that the most important materials which advanced
in price, sulphite and ground wood, were produced by most of the paper
manufacturers without an increase in cost, and not bought at market
prices, while some other manufacturers were protected against the increase
In prices by contracts. Some of the other materials which were purchased at advanced prices were very small factors in the total cost. Certain
economies were also practiced in the use of expensive materials.
It Is generally claimed in the trade that costs in the future will increase,
particularly on account of the scarcity of labor in the Canadian woods
and the consequent increase in labor cost of bringing logs to the mills.
This is necessarily a matter of prediction, concerning which the commission
expresses no opinion.
1754
THE CHRONICLE
[VoL. 103.
The quantity of news print paper produced by domestic manufacturers who aro entitled under the regulations of the Commission to
supplies
In the first half of 1916 was somewhat greater than in any preceding half of British-made paper on the basis of their 1914 purchases will
still be
year since the middle of 1913. The increase in production was accomplished entitled to their two-thirds supply as heretofore, but buyers who are enby running mills to full capacity. Recently most mills have been operated titled to supplies of imported paper will now only be able to have one24 hours per day for six days per week.
half of their purchases in 1914, so far as the period November, 1916, to
The quantity of news print paper imported, which came chiefly from February, 1917, is concerned. If they have already had more than their
Canada, equaled about one-third of the domestic production and shows proportionate supply, their rights will be adjusted In the same way as
a great increase in the first half of 1916. The quantity exported also licenses will be under the preceding regulation.
increased during this period, though the exports were small compared
It is hoped that makers of and dealers in paper will not increase the
with imports. The prices, however, offered by foreign buyers were high. price of paper here in consequence of the reduction of the supply of foreign
The stocks of news print paper, which are very small in comparison paper. Should, however, complaint be made and established that prices
with the production, not only declined during the first half of 1916, but have been unreasonably advanced, the Commission may at once reduce
also were lower than at any time during the year 1915.
or stop the supplies of the offender.
As there was a large increase in production and imports, accompanied
For the purposes of these regulations the word "paper" includes all
by a decline in stocks, while there was only a small tonnage exported kinds of paper and cardboard, including strawboard, pasteboard, and mill
It is evident that there was a decided increase in consumption during the pulp board, and manufacturers of paper and cardboard, such as printed
first half of 1916.
forms, paper for writing with printed headings, calendars, showcards,
An increase in the demand for news print paper is also indicated by the poster, label, color and lithographic printing other than in book form,
fact that the sworn statements respecting the circulation of newspapers and catalogues and price lists printed for persons in the United Kingdom,
made to the Post Office Department generally show larger issues by the and all periodical publications exceeding sixteen pages in length imported
leading newspapers, and by the fact that the number of pages of the otherwise than in single:copies through the post.
larger newspapers have very generally increased on account of larger increases in advertising and news matter.
Before the recent price advance, certain other grades of paper were
The conditions in Germany, according to cable advices
showing higher profits per ton than news print paper and there was a
tendency to change from this grade to other grades. This movement of October 25, are materially better, the threatened paper
seems to have been checked for the present by the high prices of news famine now, it is stated, appearing to be a thing of the
print paper.
past. The movement inaugurated by the Government
Furthermore, it is stated that before the end of this year, four new
machines, two in this country and two in Canada, with an aggregate daily and news print concerns for a more economical use of paper
capacity of about 160 tons will begin operations on news print paper. is now, it is reported, being combated by the manufacturers
Other projected or pending developments will apparently require a someinasmuch as it has had the effect of reducing markedly
what longer time to become available.
It is not intended in this statement to make any prediction about the the consumption of paper.
future course of news print paper prices, but merely to indicate some
important facts to those interested in the buying and selling of paper,
in order that they may act more advisedly in making new contracts.
POLAND PROCLAIMED A KINGDOM.
Moreover, the facts shown here are confined to matters of a statistical
character and do not cover other phases of the situation, including various
Independence for Russian Poland has been officially protrade activities of the news print paper manufacturers, jobbers and news- claimed in a joint
manifesto issued by the Governments of
paper publishers. These questions will be a subject of further consideration by the Commission and some of them will be covered by the public Germany and Austria-Hungary, according to ,cable advices
hearings which, as already stated, the Commission intends to hold in the received from Berlin on Nov. 5. The right of the Polish
near future.
The seriousness of the news print paper situation has
resulted in a movement by three Milwaukee printers' associations for a Federal investigation into the exorbitant
price for print paper. F. R. Wilke, Vice-President of the
North Side Master Printers' Association said on Oct. 21 last:
"An investigation made by a committee from the North
Side Master Printers' Association into conditions of the
paper , manufacturing industry in Wisconsin revealed that
the prevailing prices are entirely out of proportion of the
cost of production." He added, "Conditions warrant a
thorough probe."
Efforts are being made throughout the entire country
by all sorts :of associations, to devise means to relieve
the tension in the news print situation. At Jacksonville,
Fla., on Oct. 6 and Oct. 7, fifty newspaper publishers of
Florida met, mainly to take up the high cost of printing
paper, and consider the establishment of a plant in Florida
to manufacture paper. Florida editors, it is said, will
endorse and promote any move that will bring about the
establishment of a paper mill.
Manufacturers and newspaper publishers in Canada
recently met jointly at the invitation of Minister of Finance,
Sir Thomas White, when the manufacturers stated that the
best price they could make per., pound for news print paper
was three. cents. Sir Thomas intimated that should the
manufacturers and publishers disagree, the government
might make or enforce a maximum price. Canadian
publishers believe that they should be charged a lower
rate than the American publishers who receive most of the
Canadian output.
•
An announcement from London under date of October 13
stated that the British Government had decided to tighten
the restrictions on the importation of paper so that only
one half the weight on the basis of importation in 1914
would be allowed to come in. Imported paper-making
materials remains restricted to one-third as before. The
regulations drafted by the Royal Commission on paper
provide:
That the imports of paper must now be reduced by one-half instead of
by one-third, as heretofore, the licenses issued by the Commission for
Importations in respect of the supply allowed for the four months of November, 1916, to February, 1917, will be reduced, so that the allowance for
that period will be one-fourth less than it would have been if the reduction
had remained at one-third.
Where a sufficient balance of the supply for that period remains to be
licensed the further reduction will be taken off that balance. Where
there is no such balance, or the balance Is less than the required reduction,
the licenses already issued for that period will be reduced by the weight
necessary to make the requisite adjustment. Where this is not possible
because the license has been used the excess imported will be devoted
against next year's license.
No further reduction is at present being made in the weight of papermaking materials for which licenses are being issued. Buyers of paper
nation to be in full control of its destinies, as far as
these districts are concerned, and to be governed by chosen
representatives, is conceded by the Central Powers. According to reports from Washington on the 6th inst,. the new
Kingdom'of Poland will not be recognized at the present time.
No action, is is said, will be taken in this direction until the
war's close. The manifesto issued at Warsaw and Lublin
establishing an independent State of Poland, with a hereditary monarchy and a Constitutional Government, reads as
follows:
His Majesty the German Emperor and his Majesty the Emperor of
Austria and Apostolic King of Hungary, inspired by firm confidence in
a final victory of their arms, and prompted by a desire to lead the districts
conquered by their armies under heavy sacrifices from Russian domination
toward a happy future, have agreed to form of these districts a national
State with a hereditary monarchy and a constitutional Government. The
exact frontiers of tho Kingdom of Poland shall be outlined later.
' The new Kingdom will receive the guarantees needed for the free development of its own forces by its intimate relations with both Powers. The
glorious traditions of the ancient Polish armies and the memory of the
brave comradeship in the great war of our days shall revive in a national
army. The organization, instruction and command of this army shall be
arranged by common agreement.
The allied monarchs express the confident hope that Polish wishes for
the evolution of a Polish State and for the national development of a Polish
kingdom shall now be fulfilled, taking due consideration of the general
political conditions prevailing in Europe and of the welfare and the safety
of their own countries and nations.
The great realms which the Western neighbors of the Kingdom of Poland
shall have on their eastern frontier shall be a free and happy State enjoying
its own national life, and they shall welcome with joy the birth and prosperous development of this State.
The manifesto was read in. the Royal Palace of Warsaw
before the assembled Polish representatives, by GovernorGeneral Beseler of the German army. When he had finished,
the Polish Count Hutten-Czapski, the Palace commandant,
read from a leather-bound pamphlet to the Polish notables
a translation of the manifesto in their own language. Crowds
in the Palace courtyard cheered for their new fatherland,
Poland, cheered for Kaiser Wilhelm, the emperor Francis
Joseph, for Germany and Governor-General Beseler.
President Brudzinski, of the recently elected City Council,
and rector of the University of Warsaw, then gave thanks in
Polish for the imperial decree. He asked that a regent be
appointed for the kingdom because the time was not yet ripe
for the hereditary monarch promised in the imperial' manifesto. General von Beseler said in reply:
Doubts as to the future can find no place in Polish hearts. It will be
our task, shoulder to shoulder with the residents of Poland, to carry the
war to a victorious conclusion and to heal the wounds of the war. Take
places at our side, in confidence which we repay by the magnanimous decision of the Austro-German monarchs, who place their seals on the plans
for the unity of Poland. We hope that soon a Polish army will be fighting
on our side in token of the sentiment for development of the new kingdom.
May all good fortune attend the Kingdom of Poland.
Students of the University and the lower schools were
present in great numbers,leading parades and demonstrations
through streets bright with red flags. Hundreds of Poles
volunteered, it is stated, to join the Polish army proposed in
the manifesto. At Lublin the reading of the manifesto was
gre9ted with equally great enthusiasm. It was read by the
Nov. 11 1916.)
THE CHRONICLE
1755
Governor-General before the representatives present. He York "Times") of hitching it to Austria-Hungary, thus formconcluded by saying: "The allied monarchs thus most ing a triple monarchy. The "Tageblatt" of Berlin, in refersolemnly guarantee the re-establishment of the Kingdom of ring to this, had the following to say:
Poland. This fact cannot be any more overturned." In recent weeks, after much hesitation, the decision finally ripened to
give the Poles in solemn form a guarantee that Germany and Austria would
Great rejoicing and cheering followed the reading of the create
an independent Polish State. Quite a long time ago negotiations
manifesto. Bands played the national anthem while flags with Austria, without whose consent the realization of the plan would, of
course,
have been impossible, began. They gradually came to a head
air.
joyously
in
the
were waived
during the Chancellor's last visit to Vienna and Baron Burian's visit to
The action of Germany and Austria seems to have been in German headquarters.
direct response to the wishes of the Polish people as expressed
Certain districts of conquered Poland are under Austrian military governin the visit of a delegation of the same upon the German ment, and the wishes of the Vienna Polish Club and of other political organizations are well known. The conciliatory attitude of Austria and her
authorities. On that point the Overseas News Agency said realization
that the accomplishment of her Polish annexation -ideas would
in a wireless dispatch to the Associated Press last Sunday not tend to strengthen the Dual Monarchy made the final agreement easier.
Simultaneously
they made up their minds in Vienna to a further important
(Nov. 5), was quoted as saying:
Polish provinces occupied by troops of the Central Powers were the scene
to-day of a great and momentous historic event. Germany and AustroHungary by joint action proclaimed Warsaw and Lublin the Kingdom of
Poland and re-established the right of the Polish nation to control its own
destinies, to live an independent national life and to &rem itself by chosen
representatives of the nation.
A few days ago a Polish delegation called upon the Imperial Chancellor,
Dr. von 13ethmann-Hollweg. Its members were representative Poles of
all classes, all parties, all ranks of society, and all creeds. They transmitted to the Government the wishes of the Polish nation, which now
have been granted to them.
Thus the ancient Kingdom of Poland, from which in the past came
famous rulers, like the Jageliones (a dynasty founded by Jagello which
reigned in Poland from 1386 to 1572), and glorious soldiers, like the great
Sobieski (John III., King of Poland in 1674-1696), is now resurrected to
new life. The Poles are free from Russian oppression, no more to be
trodden under the heels of the Cossack. The liberty that had been destroyed a century ago on Russian instigation now is restored. The rule
of the knout has been abolished. Poland has been given back to Western civilization.
A Vienna dispatch reads that the Polish delegation which
visited the German Chancellor to request the autonomy of
Poland also called upon the Austro-Hungarian Foreign
Minister, Baron von Burian, and made the following address
to him:
•
In time of war it is impossible to elect an authorized representative of the
Polish nation in pursuance of the object to which we aspire. Meanwhile
we consider that it is our right to give expression, in the name of the Polish
nation, of its unshakable aspiration to the re-establishment of a permanent
Polish State. Only the creation of a strong Polish State, with opportunity
for free evolution and a guarantee of equal rights to all citizens, can give
warrant of a firm basis for permanent peace in Europe.
The establishment of a I'olish State is in accordance with the interests of
the Central Powers. Although at present it is not possible to determine
the frontiers of the State on the east, the circumstances created by the war
require that the rulers of the Central Powers by public act recognize and
proclaim independent Poland and give it guarantees of independence.
The delegation expressed the conviction that among the necessary measures wore the appointment of a Regent with full power to govern tho State,
abolition of the line of demarkation between the portions of Poland occupied by Germany and by Austria-Hungary, the calling of a provisional council composed of native elements, charged with the framing of a constitution,
and measures necessary to organize an administration; establishment of
a military department, in order to organize a Polish army, and, finally,
after peace was concluded, the designation of a King and the delimitation
of the frontiers.
The view of the action entertained in Germany is indicated
by an article in the semi-official "Nord Deutsche Allgemeine
Zeitung," which, after noting that "a hundred years ago as
the result of the Congress at Vienna, Poland's fate went into
the hands of Russia," but that now "Poland's freedom is inseparably linked with the victory of Germany and her
allies," goes on to say:
Only the Central Powers have a vital interest in the existence of a free
Poland. The Poles now are free from Russian domination and have an
opportunity to form a national State, to establish connections with the
Central Powers, and, protected by these relations, to promote their political
and economic life and develop their national civilization.
For these purposes during the near future the Poles will need our help.
Under Russian domination no Polish administration, no Polish schools
and no Polish arm were admitted, and the Russians in this way tried to
hinder the development of special bodies for the working out of these tasks.
The Russians neglected the construction of railroads and waterways.
Everywhere a basis of public life and administration must be created out
of nothing and the reconstruction of a Polish national life must proceed
step by step.
It was not the "protectors of small nations" that restored Poland to its
own national evolution, but those two Powers against which the enemy
appealed to the hatred by small nations of the whole world. The Western
Powers showed only their sympathy for Poland in words. Many times the
cry "Vive la Polognel" was shouted in the West, but real obligations for
Poland were carefully avoided. Every time the Poles entered into the
struggle for independence and hoped for help from London and Paris it
became evident they had built upon empty words. From that side liberty
could not come for Poland.
If to-day a different decision had been reached in the war—if Russian
arms were victorious in the East—then for another hundred years the population of l'oland would, have to drag its chains from promise to promise
without any protest on the part of the Western Powers.
The granting of autonomy to Russian Poland derives
especial significance from the fact that it means the surrender
by Austria of her ambition to annex a slice of the conquered
Polish territory. It was not until Austria relinquished the
idea of acquiring some portion of the conquered territory
that an agreement along the present lines was found possible.
It appears to have been the plan of the Vienna Polish Club
and of other political organizations to form a Polish kingdom
of the conquered territory, taking in Polish Galicia, with
some thought (according to a cable dispatch to the New
step in the whole future development of the situation, namely to give full
autonomy to Galicia.
The promise of autonomy to Galicia is contained in the
letter which the Emperor Francis Joseph sent to the Austrian
premier, Ernst von Koerber, regarding the Polish manifesto.
The text of this letter, as printed by the Vienna "Zeitung," is
as follows, according to a wireless to Sayville from Berlin
under date of Nov. 6:
In accordance with my agreement with his Majesty, the German Emperor, a national State with an hereditary monarchy and a constitutional
Government will be formed of the Polish districts conquered by our brave
armies from Russian domination. On this occasion are remembered with
deep emotion the many evidences of devotion and faith during my reign
on the part of the land of Galicia and likewise of the great and heavy sacrifices which this land, while exposed to violent hostile attack, had to make
for the victorious defense of the eastern frontiers of my realm, sacrifices
which give Galicia everlasting title to my warmest paternal care.
It is therefore my will, at the moment when the new State comes into
existence, to grant in connection with this evolution the right to the land
of Galicia to settle public affairs autonomously so far as is consistent with
the fact that Galicia forms part of our commonwealth and so far as is consistent with the welfare of that land; and thus to offer to the population of
Galicia a guarantee of national and economic development.
In notifying you of my purpose in this connection I request you to elaborate projects suitable for its legal realization and to place them before me.
DR. DUMBA, AUSTRIAN MINISTER, RETIRED.
Dr.Constantin Dumba,the Austro-Hungarian Ambassador
to the United States, who was formally recalled by his Government in September 1915, has been retired from the diplomatic service at his own request by Emperor Francis Joseph
of Austria. Announcement of this is made in cable adviees
received from Vienna via London on the 4th inst. In the
official announcement it is said that the Imperial Government thanks Dr. Dumba for his "excellent services." Dr.
Dumba's retirement was taken in Washington as an indication that the Austrian Imperial Government was about to
appoint a successor to the former Ambassador. The cables
yesterday reported that the Vienna papers announce the
appointment of Count von Tanor-Tarnovaki, Austrian Minister to Bulgaria, as Ambassador to the United States. Ever
since Dr. Dumba's return to Austria, the Austrian diplomatic department in this country has been conducted by
subordinate officials.
It was on Sept. 8 of last year that Ambassador Penfield at
Vienna was instructed by Secretary Lansing at the direction
of President Wilson to inform the Austro-Hungarian Government that Dr. Dumba was "no longer acceptable to the Government of the United States," and that his recall had been
requested "on account of improper conduct." This action
was taken by the State Department after Dr. Dumba had
"admitted that he proposed to his Government plans to instigate strikes in American manufacturing plants engaged in
the production of munitions of war," and that he had employed James F.J. Archibald,an American citizen and newspaper
correspondent, to bear official dispatches from him to his
Government. On Sept. 14 1915 Dr. Dumba announced that
he had asked his Foreign Office to recall him on a leave of
absence in order that ho might make a personal report.
Announcement of his formal recall was made by the State
Department at Washington on Sept. 28, and he left for Europe on Oct. 5 1915.
There has been made public this week a letter, purporting
to have been addressed to Secretary of State Lansing by James
F. J. Archibald,the news correspondent, in which he declares
himself innocent of any wrongdoing in having carried abroad
letters of the Austrian Ambassador and others. He claims
that the State Department promised him a hearing and now
refuses to listen to him or to investigate the injustice done
him. His letter to Secretary Lansing concludes:
Now, Mr. Secretary, abandoning the hope that any department of this
Administration is willing voluntarily to deal with me fairly, I have addressed
this communication to you so that your files may contain.,
(1) My assertion of entire ignorance of any wrongdoing and of absolute
Ignorance respecting the contents or character of the letters which, as a
mere matter of friendly courtesy, I carried abroad for my personal friend.
the Austrian Ambassador, and others last September.
1756
THE CHRONICLE
(2) My reiteration of what I said in my published statement of Sept. 20,
transmitted to you Sept. 25 last, that the letter from the Austrian Ambassador to the Foreign Minister at Vienna was handed me by Dr. Dumba's
secretary in the most open and unconcealed manner, before a large crowd
of persons on the Hamburg-American Line dock and just before the sailing
of the steamship Rotterdam in New York City on the 21st day of August;
and that, it being sealed. I knew nothing of its contents: and
(3) My earnest protest, as an American citizen, against the manifestly
unfair position assumed and adhered to by your Department toward me.
The letter is published in pamphlet form, entitled "A Letter to the American Press."
APPOINTMENT OF WU TING FANG AS MINISTER
OF FOREIGN AFFAIRS.
Dr. Wu Ting Fang was appointed Chinese Minister of
Foreign Affairs, according to cable advices received from
Peking on the 7th inst. His appointment met with the
virtually unanimous vote of Parliament. It was only after
two previous selections of Premier Tuan Chi-jui had been
rejected by the Parliament because of their monarchical
leanings that Dr. Ting Fang was given the portfolio. Wu
Ting Fang was formerly Chinese Minister to Washington
for several years. Under his guidance the Chinese Foreign
Office will be conducted by one who is probably possessed
of a greater degree of familiarity with American affairs
than any other Chinese statesman. He was regarded at
Washington as an exceptionally capable diplomat and a
friend of the United States. During the Boxer uprising
of 1900 he succeeded in getting through a message to the
American Minister, Mr. Conger, who with his colleagues
was in the compound in Peking and whose fate was a matter
of grave concern to the State Department. Because his
sympathies were manifestly with the United States during
the trouble he was recalled. He was reappointed to Washington in 1907 and again recalled in 1909. A pronounced
liberal, Dr. Wu Ting Fang was in sympathy with the revolution which lead to the overthrow of the Manchu dynasty,
and he helped in the formation of the republican Government. It was said that when Yuan Shi-kai announced that
It was his intention to become Emperor of China Dr. Ting
Fang adyised the President a few weeks before his death last
summer to retire from office. It is expected that as Foreign
Minister his most important work will be in connection with
the difficult questions of relations with Japan.
[VOL. 103.
to the French Foreign Office that mention of the "American"
corps in official communiques places this country in an embarrassing position. The corps is principally composed of a
large number of young American aviators who were recruited
and organized as a separate unit by special permission of
the French military authorities. Its members have distinguished themselves time and again; so that when
Kiffen Rockwell, one of their number, was killed in September, German newspapers asserted that this country's
neutrality was vanishing and offered as their proof the presence of Americans in the French army. Some time later,
however, the semi-official Overseas News Agency announced
that the Imperial Government did not consider the volunteering of Americans as a breach of neutrality. The case
of the American Legion was somewhat similar to the one
outlined above. Early in the war a Canadian contingent,
composed of American citizens, took the title of the "American Legion," but at the informal request of the State
Department the English Government had the name withdrawn.
AMERICANS ENLISTING IN EUROPEAN WAR
FORFEIT AMERICAN CITIZENSHIP.
According to the State Department's construction of the
Act of Congress of March 2 1907, governing the expatriation
of citizens and their protection abroad, Americans participating in the European war and who have taken allegiance
to a foreign State have become automatically expatriated.
This view is said to have been accepted in the case of Theodore Marburg Jr., son of the former Minister to Belgium,
who was refused a passport by the State Department for his
return to England. Mr. Marburg had applied for an American passport, having intended to sail for England on a neutral
ship on the /3d inst. The Bureau of Citizenship, how ever,
learned he had fought in the British army as a member of the
Aviation Corps. He is said to have declined to commit
himself as to whether he had taken the oath of allegiance to
England. The New York "Times" prints the following concerning the Department's ruling in the matter:
The Department has put into effect a ruling that it will issue no passports
to an American wishing to go to Europe to fight on either side in the war.
Secretary Lansing said to-day (the 2d) that an American who enlisted in
a foreign army forfeited his American citizenship. Applicants for passports must re-affirm their allegiance to the United States before passports
will be granted to them, and must also state the purpose of their trips
abroad.
Marburg's sister, Mme. Starkenbourgh-Stackouwer, wife of a Secretary
of the Netherlands Legation, expressed the opinion that he would sail tomorrow, relying on his papers as a British officer to guarantee entry into
Great Britain. Neutral steamers have been requiring passengers without
passports to say they will waive all risks, and Marburg may have to do so
to obtain passage on a Holland-America steamer.
INTERNATIONAL NEWS SERVICE BARRED BY
CANADA AND FRANCE.
Supplementing the issuance of the official order denying
to the International News Service (a Hearst controlled
organization) further use of the British Official Press Bureau
and the use in Great Britain of cables and other facilities for
transmission of news, the circulation of Hearst papers has
ALLIES NOTE MAKING DEMANDS ON GREECE.
been placed under the ban in Canada, and the International
The State Department at Washington received on OctoNews Service is denied facilities for obtaining news. The
ber 20th copies of the joint note of the Allied Powers to
explanatory memorandum made public Nov. 8 reads:
The Postmaster-General of Canada has issued a warrant under the Greece, delivered last June and containing the demands that
provisions of the War Measures Act whereby the Hearst papers have been the Greek army and navy demobilize its troops, that a nonrefused the privilege of the mails in Canada and are prohibited from cirpartisan Cabinet be formed, and other measures be taken
culation in Canada in any way.
No person in Canada is to be permitted after Saturday next to be in which the Allies regard as necessary to compel Greece to
possession of the newspapers or of any issues of them, and any person in live up to her guaranties of neutrality. Though the note
possession of them shall be liable to a fine not exceeding $5,000 or imprisonment for any term not exceeding five years, or both fine and imprisonment. was submitted by the Allied Powers on June 23, this is the
Hearst managers are said to consider the order as a natural first time, it is stated, that its text has been made public in
sequence to the ban placed on the International News Ser- this country. Reviewing the alleged hostile attitude of
vice in Great Britain, Oct. 11 last. At that time the Eng- Greece, and making accusations against the Cabinet of collish Government accused the Hearst news service of having lusion with the enemies of the Allies, the note as translated
broken faith with the British Government by publishing says:
instructions from their Governments, the undersigned, Ministers
untrue statements concerning the Allies, the Hearst service ofUnder
France, Great Britain and Russia, representatives of the guaranteeing
inNew York it was stated having promised once before when Powers of Greece, have the honor to make the following declaration to the
they had printed alleged misstatements to change their policy. Hellenic Government, which they have also been instructed to bring to
Cable advices from Paris on the 8th inst. state that the
French Government has followed in the wake of Great Britain
and has also deprived the International News Service the
use of cable service between Paris and Amerioa. The order,
it is stated, applies to all news channels under the Hearst
control. In the issue of the "Chronicle" for Nov. 4 we
referred in detail to Great Britain's action.
DISCONTINUANCE OF NAME "AMERICAN AVIATION CORPS" OF FRENCH ARMY.
• The "American Aviation Corps" will probably, according
to Washington advices on the 2d inst., lose its distinctive
title as a result of protests to the State Department that use
of the name is not compatible with American neutrality.
It is stated that there will be no formal exchanges on the
subject, but the State Department will suggest informally
the notice of the Greek people:
"As they have already declared solemnly and in writing, the three guaranteeing Powers of Greece do not ask her to depart from her neutrality.
They give a striking proof of this in putting among the first of their requests
the complete demobilization of the Greek army, in order to insure tranquility and peace to the Greek people. But they have numerous and legitimate grounds of suspicion against the Greek Government, the attitude of
which toward them is not in accordance with its repeated engagements, or
even with the principles ora loyal neutrality. It has too often favored the
activities of certain foreigners, who have been openly working to mislead
the opinion of the Greek people, to pervert its national conscience, and to
create on Greek territory hostile organizations contrary to the neutrality
of the country, and tending to compromise the security of the naval and
military forces of the Allies.
"The entry of Bulgarian troops into Greece, the occupation of Fort Rupel
and of other strategical points with the connivance of the Greek Cabinet,
constitute a fresh threat for the Allied troops, which imposes on the three
Powers the obligation to demand guarantees and immediate action.
"On the other hand, the Greek Constitution has been ignored, the free
exercise of universal suffrage prevented, the Chamber dissolved for the
second time In less than a year against the clearly expressed wishes of the
people, the electors summoned with general mobilization in force, with the
result that the present Chamber only represents a small part of the electorate, the whole country subjected to a regime of police oppression and
Nov. 11 1916.]
THE CHRONICLE
tyranny, and led toward ruin without attention being paid to the justifiable
observations of the Powers. The latter have not only the right, but the
imperative duty, to protest against such violations of the liberties of which
they are trustees to the Greek people.
"The hostile attitude of the Greek Government toward the Powers who
liberated Greece from the foreign yoke and assured her independence, the
evident collusion of the present Cabinet with their enemies, are yet stronger
reasons for them to act with firmness, basing themselves on the rights which
they hold from treaties to safeguard the Greek nation, and which have been
strengthened each time the exercise of its rights and the enjoyment of its
liberties has been threatened.
"Consequently, the guaranteeing Powers find themselves compelled to
Insist that the following measures should immediately be put in force:
"1—The real and complete demobilization of the Greek army, which is to
be placed on a peace footing with the least possible delay.
"2—The existing Ministry to be immediately replaced by a Cabinet of
affairs of no political complexion, affording all necessary guarantees for the
loyal application of the benevolent neutrality of which Greece has undertaken to observe towards the Allied Powers, as well as for the sincerity of
a new appeal to the country.
"3—The immediate dissolution of the Chamber of Deputies, followed by
a general election immediately after the expiration of the term laid down
by the Constitution, and after the general demobilization shall have restored the electorate to its normal conditions.
"4—The removal, in accord with the Powers, of certain police officials,
whose attitude, inspired by foreign influence, has facilitated assaults upon
peaceful citizens as well as insults offered to the Allied Legations and their
nationals.
"Ever animated by the most benevolent and the most friendly feeling
toward Greece, but at the same time resolved to obtain without discussion
or delay the application of these indispensable measures., the guaranteeing
Powers can only leave to the Greek Government the entire responsibility
for the events which may occur if their just demands are not immediately
accepted.
J. GUILLEMIN,
F. ELLIOTT,
DEMIDOF."
1757
signed to the Aktiebolaget Transito, Stockholm, who will
arrange to have them forwarded under control to Messrs.
Lars Krogius & Co. (Helsingfors, Finland), the recognized
agents of the Russian Government and who have branches
at all the Finnish ports on the Gulf of Bothnia. In making
such shipments of the goods stated in the list letters of assurance of the Trade Department of the British Embassy in
Washington have to be obtained as well as a transit license
of the Swedish Government. The arrangement prescribes
that the handling of the documents must be in accordance
with the agreement and for the handling of shipments under
this plan through banks, the following institutions have
been designated to act for the Russian consignees:
1.
2.
3.
4.
5.
6.
Banque Russo-Asiatic.
Russian Bank for Foreign Trade.
Russian and English Bank.
Banque de Commerce de l'Azoff Don.
Banque Internationale de Commerce de Petrograd.
Russian Commercial and Industrial Bank.
In conjunction with the above banks the following American banks have been designated to act for the American
shippers:
1.
2.
3.
4.
5.
National Bank of Commerce in New York.
National City Bank.
Irving National Bank.
Bankers Trust Co.
Guaranty Trust Co.
Shippers who desire information regarding shipments in
accordance with this plan are informed that inquiries may
be addressed to any of the aforementioned banks in this city
Greece was compelled by threat of force to yield to the for particulars.
demands, and M.Zaimis, the Greek Premier, wrote that the
Greek Government "undertakes to execute the above deNORWAY'S ATTITUDE TOWARD BELLIGERENT
mands in their entirety."
SUBMARINES.
Part of Premier Zaimas's answer to the demands of the
Allies reads:
Announcement of the approval by King Haakon of Norway
M. Zaimas, President of the Connell and Minister for Foreign Affairs, of an ordinance forbidding submarines of belligerent powers
has taken cognizance of the collective note which the Ministers of France,
Great Britain and Russia, under instructions from their Governments, ad- from traversing Norwegian waters, except in cases of emerdressed on the 8-21st of this month, to his predecessor, M. Skouloudis, gency, when they must remain on the surface and fly the
declaring that they found themselves compelled to demand the immediate
national flag, was made at Christiania, Norway, on Oct. 14.
application of the following measures.
The
dispatch stated that any submarine violating the ordiwith
It appears, however, that the Allies were not satisfied
the manner in which the Greek Government made compli- nance would be attacked by armed force. Mercantile
ance, for they subsequently seized the Greek warships, took submarines, it was stated, would only be allowed in Norpossession of a large part of Greek territory, shut off supplies wegian waters on the surface in full day light and flying the
from the army and recognized Venizelos and his rebellious national colors. The ordinance went into effect on Oct. 20.
The attitude of the Norwegian Government toward the
government in Crete.
entrance of belligerent submarines into its territorial waters
was indicated in the following cable from London on the
GREAT BRITAIN'S ARRANGEMENT FOR PURCHASING
18th ult.
HOLLAND'S SURPLUS FOOD.
Reuter's Christiania correspondent says Norway has informed the En
Washington is said to have been appraised of a secret agree- tente Allies that it does not recognize it is its duty to prohibit belligerent
submarines
from passing through or sojourning in Norwegian waters. The
to
have
been
made
between
reported
Great Britain
ment
Norwegian note is in response to the memorandum of the Entente Powers
and Holland, for the purchase by the former of Holland-'s to neutrals suggesting that belligerent submarines should be excluded
from
surplus foodstuffs. Heretofore Holland had been supplying neutral waters.
The
Norwegian
Government
declares
it
considers
it
has
the
right
to
Germany with the bulk of her surplus food, and through the
prohibit submarines designed for war purposes and belonging to belligerents
agreement entered into Great Britain seeks to make impossi- from passing through Norwegian territorial waters or sojourning
in them,
ble the continuance of this practice. It is reported that un- and says it made use of this right in issiung the Royal decree of Oct. 13,
belligerent
under
which
submarines
are
forbidden
to
traverse
Norwegian
der the arrangement pertected Great Britain promises to waters except in cases of emergency, when they must remain upon
the
pay Holland the difference between the prices that English surface and fly the national flag. The decree also provides that mercantile
allowed
in
to
be
Norwegian
waters
submarines
are
only
in
a
surface
position
merchants pay for the goods and the prices that the Gerfull daylight and when flying the national colors.
mans have been paying. Payment is to be made by the Brit- in On
the other hand, the Government does not find that it its its duty as
ish Government in Treasury bills, for the handling of which against any of the belligerents to prohibit such passage or sojourn. Cona syndicate has been formed. The dispatches from Wash- cerning commercial submarines, the new Norwegian regulations impose no
prohibition, it is pointed out, as far as concerns arrival or sojourn of such
ington also announce that it is stated on good authority that submarines
under the condition designated in the Royal
The
Holland agrees to sell to England fixed percentages of cer- Norwegian Government says care will be taken to see thatdecree.
commercia
which
may
arrive
in
submarines
Norwegian
For
waters
important
products.
really
bear
the indubittain
instance, Holland agrees to
character of merchant ships.
furnish England 25% of all butter produced, 75% of con- able
Until experience has shown what difficulties may arise for maintenance
densed milk and milk powder,50% of pork and mutton,25% of neutrality in consequence of the use of commercial submarines, the note
continues, the question of issuing special new regulations for such vessels
of potatoes and 15% of cheese.
SHIPMENTS TO RUSSIA AND FINLAND.
The National Bank of Commerce in New York has issued
a circular outlining the plan under which shipments of goods
may be made to Russia yia Sweden. This circular was
arranged by the bank and approved by the Trade Department of the British Embassy. It recites that as a result of
recent overtures arrangements have been made whereby
certain shipments from the United States to Russia and
Finland can be shipped via Sweden. The British, Russian
and Swedish Governments have established what is known
as the Aktiebolaget Transito. The Aktiebolaget Transito
consists of the official representatives of the aforementioned
Governments. Its main purpose is to receive and forward
all goods shipped to Russia or Finland via Sweden. The
Russian Government has decided that these facilities may
be accorded to shipments of only certain goods. All goods
destined for Russia and Finland via Sweden have to be con
cannot be taken into consideration. In view of the generally recognized
principles of impartial neutrality, which were clearly expressed in the
Introduction to the Thirteenth Treaty adopted at The Hague, the Government says it is always necessary during the existence of war to avoid a
change of neutrality regulations unless experience demonstrates the necessity
of doing so in order to protect neutral States in their own rights.
It was announced on Oct. 22 that the German Minister
had presented to the Norwegian Government a note protesting against Norway's embargo on the submarines of belligerent
countries.
USE OF GERMAN IRON FOR REPAIRING NORWEGIAN
SHIPS FORBIDDEN.
The use of German iron for repairing Norwegian vessels
has been forbidden Dutch firms by Germany as a measure
of reprisal against Norway, according to the "Nieuwe
Rotterdarnsche Courant." It is slated that failure to comply with the edict % ill result in the Dutch firms being deprived of further supplies and material from Germany.
11758
THE CHRONICLE
DUTCH GOVERNMENT'S ATTITUDE TOTVARD BELLIGERENT SUBMARINES.
The following concerning the position of the Dutch Government in the treatment of submarines was, according to a
cable from Amsterdam on Oct. 22, published in the "Nieuws
Van Den Dag:"
[VOL. 103.
1815 by granting licenses to Japanese and French exporters,
while refusing permits to American shippers for similar goods
Lord Robert Cecil said that such restrictions were in the
hands of the Board of Trade, but that he was personally of
the opinion that such treaties lost validity during a state of
war.
In replying to the memorandum of the Allied Powers regarding the interning of all submarines in neutral waters, the Dutch Government states that
commercial submarines will be treated as merchantmen by Holland.
On October 17 it was announced that the British Government would not make any official representation to the
On the same date it was announced that "Reuter's "Am- United States concerning the German submarine U-53,
sterdam correspondent had sent to London the following pending an announcement of the attitude of the American
relative to the Netherlands Government's note on the use Government. This announcement came from Viscount
of Dutch waters by submarines:
Grey, Secretary of State for Foreign Affairs, in the House
Replying to the Entente Allies' submarine note, the Dutch Government
of Lords.
intimates that,in consequence of the uncertainty of the status of submarines,
they will be treated as warships, and,in accordance with the Dutch neutrality proclamation, will not be allowed to enter or remain in Dutch waters
except on well defined conditions.
The Government,, however, will not intern merchant submarines, because there is no principle of international law which would justify such
a course.
On Oct. 26, when the activities of the German submarine
U-53 claimed the attention of the House of Lords, charges
were made before it by Lord Beresford and Lord Sydenham
that the activity of American warships in rescuing passengers
from the vessels sunk by the submarine off the American
coast amounted to a breach of neutrality. Baron Sydenham
asked if the particulars of the sinking of the British steamship Stephano and the others had been received and whether
the circumstances were in accordance with the German
pledge to the United States. He referred to "the activities
of the U-53 under the very eyes of the American navy" and
to the declaration of President Wilson which had resulted in
the German pledge. Lord Sydenham declared:
ENGLAND'S VIEWS REGARDING SUBMARINE
ACTIVITIES OFF UNITED STATES COAST. •
In a discussion with an Associated Press representative of
the latest developments in the relations between Great
Britain and the United States, Lord Robert Cecil, the British
Minister of War Trade, on October 13 advanced the opinion that the operations of the German submarine boat U-53
off the American coast raised no new issue, so far as the
Even before the exploits of the U-53 that pledge was torn to shreds.
British Government was concerned. Lord Robert is said to Yet the Government of the United States has made no sign whatever,that
have declared that this form of warfare on merchantmen it knows the sinking of neutral ships goes on almost every day. The
Norwegians have lost eighteen vessels in this one month, and what must
violated international law, as it was recognized by Great small
neutrals think of their powerful representative?
Britain and the United States in the days before the war, and
Lord Beresford stated that the action of the American
was still objectionable to Great Britain, but no more so than ships did not appear to be quite within the bounds of neuwhen it is done on the European side of the water. He was trality, and he thought Great Britain ought to take notice
quoted as adding:
of the fact. He is further quoted as follows:
German public opinion appears to be obsessed with the idea that the
way to deal with the Allied blockade is to have a succession of sudden
crises with neutrals, which may be used for strikihg diplomatic bargains.
These bargains, in the mind of Germany, always take one form: that
Germany is to refrain from violating international law and humanity in
return for the abandonment by Great Britain as toward neutrals of the
legitimate military and naval measures of the Allies.
In the last few weeks there has been a recrudescence of this idea in
Germany, coupled with a good deal of talk of peace and mediation, and the
press of the whole world is now conjecturing that the appearance of a
submarine off the coast of the. United States is the first step in a new
attempt at a bargain of this kind. It is an ingenious idea, but it doesn't
have the advantage of being novel among nations. It has been the usual
device resorted to from time to time by militarist governments which have
substituted might for right. Napoleon tried it with his Milan decrees,
and it failed then, as it will fail now.
Three weeks ago Americans might have argued that the presence of
British cruisers in American waters just outside the three-mile limit was, in
view of the present stage of the war, merely a petty annoyance. What
has happened is a sufficient commentary on that argument. Again,
Americans have suggested that our trading with the enemy regulation and
our refusal to allow British goods to go to certain firms in America is also
petty and unnecessary.
That sounded reasonable a week before the Deutschland appeared in an
American harbor, but when I tell you that the Deutschland took on board
in America certain vitally necessary metals, of which there is a serious
shortage in Germany, for munition purposes, and that there is reason to
believe these particular metals were a part of the small stock mined in
Allied territory, you will see again how important it is that we should take
precautions to prevent Allied property getting into the hands of those who
we know will use it to help our enemies. We can only do this by preventing British subjects at home trading with firms that will help the
enemy with supplies obtained from us.
Any concessions made by the Allies in regard to their war measures—the
abandonment of the defensive armament of their merchant ships, the withdrawal of their cruisers from certain parts of the high seas, the allowing
of stocks of materials needed by Germany to accumulate in the United
States from British territory without some kind of assurance that they will
not reach the enemy, the export of British material to firms known to be
in sympathy with our enemies—all these things might at any moment:assist
the German armies in the field to prolong the war, and even in the extreme
case jeopardize our SUCCOSS.
By the enterprises of the Moewe, the Deutschland and the U-53 and the
continued carefully prepared conspiracies In the East, conducted through
territories of the United States, and by organized outrages against American
factories and Canadian public works, Germany has gone out of her way
to prove there is no point at which the Allies can safely abandon in any part
of the world the measures which they are entitled to take under their
national rights and under the laws of war.
Referring to reports of meetings between Sir Richard
Crawford, Commercial Attache of the British Embassy at
Washington with American bankers and business men, Lord
Robert said no departure in principal had been made from
the British blockade measures, but it could be safely said that
the general policy leaned in the direction of a modification
rather than an extension of the blacklist. The reply to the
American blacklist note, he stated, was then on the way to
Washington, and this answered the American criticism of the
principles behind the measure. Replying to the charge that
Great Britain is violating its equal treatment provisions of
the Anglo-American treaty of commerce and navigation of
The United States are really rather aiding and abetting this rather
serious state bf affairs. If the United States had not sent their ships, which
for some extraordinary reason happened to be on the spot, to save life,
the Germans no doubt would have broken the pledge to which their attention had been called. I think we are bound to take notice of a fact which
does not appear to be quite within the bounds of neutrality, as far as the
United States are concerned.
Viscount Grey, in replying, said in part:
We have no understanding with the United States Government as to what
information they are going to get, or what they will do with the information
when they have obtained it. All we can do is to obtain information for
ourselves from such sources as are open to us, and these sources in this
case, I. imagine, are officers in charge of the merchant vessels sunk, or
passengers, in one case, at any rate, aboard the merchant vessels, all of
whom have survived and to whom we can have access and from whom we
can get their individual statements of what happened.
That is what is being done on the other side, I understand. Full reports.
I trust, will reach the Admiralty in due course as to the statements of survivors, and when these reports are received I cannot imagine any reason
why they should not be made public in this country, or that there will be
any reluctance on the part of the Admiralty, or among the departments
concerned to making public the facts, which we shall have got for ourselves
as to how the vessels were sunk and treated by the German submarines.
The Viscount continued:
Lord Sydenham quoted statements made by Lord Crewe in August of
the number of vessels sunk by German submarines since the German
Government gave a pledge to the United States Government in May of
last year, up to the middle of August in circumstances which were apparently not in accordance with that pledge, which included firing torpedoes
at ships without warning and insufficiently providing for the safety of the
crews or passengers when the ships were sunk. I am sure the Admiralty
(indeed,I think it has been made public) can multiply instances which have
occurred since the middle of August and are occurring every week of Allied
or neutral merchant vessels having torpedoes fired at them without warning
and in some cases loss of life occurring from crows being placed in open
boats as the only chance of safety when the vessel is sunk.
These instances are occurring in different parts of the world. If he asks
whether they occurred off the United States coast the other day, that is a
matter on which I cannot pronounce any opinion until we got the facts;
but if he wishes to know whether they are occurring elsewhere, it is undoubtedly a fact, and we have published instances quite lately of its occurring in the Mediterranean and elsewhere.
I see no use at this moment of discussing the question. The pledge was
one which pas.,ted between the Government of Germany and the Government
of the United tates. It is not a pledge given to us. I do not think that
at the present moment we can do any good whatever by discussing the
question of what the policy of the United States is or ought to be toward the
German Government in regard to that subject. That is a matter for the
United States itself. I do not think Allied interests or the interests of these
merchant vessels could be served by raising any discussion in this country
at the present moment with regard to a matter which is one between the
United States Government and the German Government, and which is a
matter, of course, in which it is for the United States Government, not for
us, to decide what is the policy and what is,the action which the circumstances of the case require that the United States Government should take.
SPAIN PROHIBITS SUBMARINES FROM TERRITORIAL
WATERS.
According to a Wireless Press dispatch received at London
on October 10 advices have been received from Madrid
by way of Rome, that the Spanish Government has given
definite orders prohibiting the revictualling of submarines
in Spanish waters.
Nov. 11 1916.]
THE CHRONICLE
1759
financial arrangements between Norway and the United
GERMANY'S ASSERTION THAT TERRITORIAL
States." He added:
ARE
NEUTRALS
RESPECTED.
OF
WATERS
There are immense purchases being made in this country that have to be
The Overseas News Agency in a wireless to Sayville from paid for, and among them is an item of $200,000,000 [a later statement of
of the principals indicates that this should be $100,000,000] for ships
Berlin on October 15 credited "a competent German au- one
alone. While here we will look into general conditions with a view to
thority" with the following statement in answer to the re- purchasing railroad stocks,iron and steel. This is necessary because we are
port sent out by the British wireless that the German sub-. unable to secure them from Germany, our former source of supply.
The visit of these bankers has been followed by an anmarine U-53 "torpedoed and in some cases sank" ships:
The commercial war near the coast of the United States is being carried nouncement from San Francisco that it is planned to establish
on according to rules and the German promise, which means that a mer- in the United States a Norwegian-American bank with a
chantman can be stopped and that after too vessel has been searched and
tee crew and passengers are in safety, the vessel can be sunk under certain capital of $2,500,000 to handle Norwegian shipping in the
conditions.
Western Hemisphere. The announcement to this effect is
The conditions are, for instance, when a hostile steamer or a neutral
Arvid Jacobsen, Fritz Olsen and J. Bjonsen,
steamer carrying contraband of war is Involved or when the military situ- credited to
ation makes it impossible to bring a steamer which has been captured into representatives of Norwegian banking and shipping interests,
port as a prize.
now in San Francisco; one of them was quoted on Oct. 24
In no case, however, can this be construed to mean that a merchantman
as saying:
may be sunk by a torpedo without previous warning.
According to further reports from Washington, the American authorities
are said to be afraid that very complicated questions of neutrality may
arise if the German submarines operate so near the American coast and that
such submarine action is equivalent to a blockade.
To this it is stated that the German sea forces are entitled to carry on a
cruiser warfare anywhere in the open sea. Territorial waters of neutral
States are carefully respected. A blockade of course is out of the question.
Only hostile ships as prizes, or neutral vessels that carry contraband, were
stopped. A blockade means the capture of all ships steering toward or
leaving a blockaded coast without regard to flag or cargo.
The question asked by one American journal as to whetner it "is necessary
that our coast be made a base for a German submarine" must be considered
superfluous, since the U-53 on touching at Newport did not even use her
right to take on fuel and food to which as a man-of-war it was entitled.
No sensible American citizen will believe that a secret depot for supplying
German submarines could be establisned on the American coast.
Curiously opposed to these many many complaints is the fact that since
the beginning of the war British cruisers have been watching American
ports and have even approached the coast off New York so closely that they
could be seen from the roofs of tall buildings v.ith the naked eye.
An Amsterdam, Holland, dispatch of Oct. 19 quotes
the "Volkszeiutung" of Cologne as saying:
German submarines will operate in the future in the Western Atlantic.
They will visit the well-known shipping routes around the eastern point
of Nantucket Island and will sink British merchantmen after giving the
crews opportunity to save themselves.
The newspaper believes this activity will influence the
supplying of food, especially grain, bacon and lard, to
England.
NEUTRAL SHIPS ADVISED TO KEEP FROM TURKISH
WATERS.
According to Washington advices on the 9th of October,
Secretary of State Lansing has been informed that the
Turkish Government has issued a notice saying that the
military authorities had to fire on enemy ships passing between the Turkish coast and the Islands of Chios and Samos.
Since it is not possible to distinguish between enemy ships
and neutral ships, the latter are advised by the Turkish
Government, according to the Washington advices, not td
navigate in those regions.
BRITISH COMBINATION OF MUNITION INTERESTS.
The October 10 issue of "Commerce Reports" published
by the Bureau of Foreign and Domestic Commerce, Department of Commerce,reprinted the following from "Light Car
and Cyclecar" of London, concerning a reported combine
of munitions concerns:
An important item of news is the statement that several big munition
concerns are about to pool their capital to the extent of 430,000,000
($145,095,000), and sink their identity in a combine. That this will
embrace a section.of the motor trade is almost certain, and, as the object
is to combat foreign trade after the war, its influence upon the motor industry is obvious. It will be suggested that such a pooling of interests
will enable the problem of the cheap car with a gigantic output to be
tackled as has never before been possible, but so far as we can ascertain at
present it does not seem to any appreciable extent to affect the manufacture
of light cars, which is likely to be the biggest side of the motor industry
after the war. It is early yet to speculate on the ultimate result, however,
and the scheme will be watched with the greatest interest.
The manufacturers of this country will undoubtedly be faced with some
very big problems after the war, and it may be that we shall have to
Americanize our manufacturing methods.
NORWEGIAN INTERESTS VISIT U. S. TO PROMOTE
FINANCIAL UNDERTAKINGS.
With a view to perfecting credit arrangements for the payment of huge sums for material purchased in the United
States, four Norwegians, representing important financial
and commercial interests of Norway, arrived in New York on
the steamer Bergensfjord on Oct. 22. The members of the
party are: S. E. Dahl, Knut Bachke and Gustav Kamstrup
Hegge, all of Christiania, and Trygve Barth of Bergen.
Mr. Dahl, spokesman for the party, stated with his arrival
that he and his colleagues could not be styled a commission, since they did not represent any bank or bankers,
but that rather they had come as individuals "to better the
Knut Bachke, Sophius Emil Dahl and Gustav Kamstrup Hegge of Christiania, with Trygve Barth of Bergen, arrived in New York Sunday with
the purpose of establishing this bank,the capital of which is fully paid. The
bank will have headquarters in New York, with a branch in San Francisco,
and the four have already sent word that they will visit this city.
The preceding statement is substantiated by a dispatch
reported on Nov. 1 as having been received at the Bureau
of Foreign and Domestic Commerce at Washington from
Albert G. Schmedeman, United States Minister to Norway,
which announced that a Norwegian-American bank would be
established in New York City within the next few months.
According to Mr. Schmedeman, a few leading Norwegian
bankers are backing the project. Ship-owners and importers,
it is stated, having interests in this country, will be given
an opportunity to participate in the bank's organization.
A large part of the capital of the proposed bank is to be
reserved for Scandinavians in this country.
On the steamer which brought over Messrs. Dahl,Bachke,
Hegge and Barth, there also arrived seven Norwegian seacaptains, who it is stated intend to take over a large number
of freight steamships built in American yards for Norwegian
concerns.
Announcement that cable advices concerning a law just
enacted in Norway, and effective last week, forbids Norwegian subjects to place contracts for new tonnage in foreign
ship-building yards, was received ,• according to the "Journal
of Commerce," by the local brokerage firm of Hannevig &
Johnsen on Oct. 24. The Norwegian Consul General is said
to have stated that he had no official communication that
such a law had been enacted, and Mr. Bachke, one of the
four bankers, when asked about it, said that he had heard
nothing of such a law before leaving Norway, nor had he
since received any information on the subject. According
to the "Journal of Commerce," Mr. Bachke's opinion was
that the purpose of such a law would be to limit speculation,
which has been very general, but he added that "much of the
speculation was based on reality and that benefits had been
large." The paper quoted in referring further to Mr.Bachke
and the object of his visit to this country said:
The report that he came to this country as a member of a Government
commission, or that the purpose of the visit was to arrange credits or to pay
for ships already contracted for In American yards was denied by Mr.
Bachke, who said that the statement might have arisen from the fact that
upon his last visit he represented the Royal Treasury of Norway in arranging
a loan here. With Mr. Barth, Mr. Dahl and Mr. Hegge, he is here to.
investigate American banking and industrial methods, and to improve a
relationship already close. He predicted that the commercial ties between
Norway and the United States were bound to become more numerous.
Mr. Bachke also stated that there was no basis for a Philadelphia report
that the commission had been sent by Norway to investigate "mushroom"
ship yards here, which had received contracts from Norwegians. He said
that in placing orders here the shipowners were thoroughly protected by the
Now York banks. In spite of the large buying of ships, estimated by Mr.
Bachke at about $100,000,000, Norway had ample credit here, he said.
The estimate, published Monday, stating that Norway had ordered $200,000,000 worth of tonnage here, he characterized as exaggerated.
An official of a leading bank agreed with Mr. Bachke's opinion that
Norwegians were amply protected here in buying ships, and that the suggestion that they had placed orders with irresponsible yards was not worth
considering. He said that there were some fifteen or more shipbuilding
plants in addition to the older and larger yards which were established on a
firm basis. This bank has already paid out nearly $20,000,000 on contracts for Norwegian shipowners, and when its account is completed will
have paid out almost $50,000,000.
MODIFICATION OF GREAT BRITAIN'S RESTRICTION
ON TOBACCO SHIPMENTS.
The British Government has agreed to modify the restrictions imposed by its tobacco embargo to the extent of
permitting the release of all tobacco shipments for which
bona fide contracts were entered into before July 15 last
provided the consignments shall have been put on rail
under a through bill of lading before August 31. Notice
to this effect was given to the State Department at Washington on October 24 by the British Embassy. It is stated
that as a result there will be released between $2,000,000
and $3,000,000 worth of American tobacco held at Copen-
1760
THE CHRONICLE
hagen and Rotterdam because of alleged failure to comply
with the conditions of importation laid down by Great
Britain. The following is the announcement in the matter
made by the State Department on the 24th:
The British Embassy has made the following statement in regard to
American tobacco bought by dealers for shipment to Scandinavia and the
Netherlands, and affected by the restrictions put into effect on July 15 last:
"Shipments of tobacco made under bona fide contracts entered into
before July 15, need not be consigned to the Netherlands Oversea Trust,
or covered by guarantees in the case of shipments to Scandinavia, provided
that the consignments shall have been put on rail under a through bill of
lading for land and sea carriage, or shipped under a direct steamship bill of
lading before August 31.
"The British authorities regard as most important the provision that
the goods must have been shipped on a through bill of lading for land and
sea carriage, or under direct ocean bill, before August 31, and they must
insist upon its fulfillment.
"It was at first announced as a concession to American tobacco interests
that tobacco bought and paid for prior to August 4 and shipped prior to
August 31 would be allowed to go forward free of the restrictions referred
to above. It was found at once that this concession was inadequate to
relieve the hardships brought upon the tobacco interests by the sudden
imposition of the restrictions named, and the Department of State took
up the question with the British Government, and has since made every
effort possible to secure a more favorable rule.
"While the points at issue were under discussion a large number of
shipments went forward and were detained upon arrival at the various
ports at which they respectively arrived. It is estimated that from $2,000,000 to 83,000.000 worth of tobacco now at Copenhagen and Rotterdam
will become subject to release under this new concession, and that a somewhat lesser amount put on rail before August 31, but detained at the
seaboard for one reason or another, will also be permitted to go forward
free of all restrictions.
"Officers of the Department express much satisfaction over the concession given in the case."
UNION OF INDUSTRIAL INTERESTS IN GERMANY.
According to cable advices received from Berlin on Oct. 27,
a German Industrial Council formed for the first time virtually unites the entire manufacturing industry of Germany.
The organizations responsible for the formation of the now
alliance are the League ofIndustrials,the Central Association
of German Industrials and the Society of Chemical Industries.
Heretofore, it is stated, these organizations worked hand in
hand,but it was thought that an alliance formed on a permanent basis, designed to meet the conditions following the
war, and to assist in recovering Germany's foreign trade,
would accomplish more than the individual efforts of the
several organizations.
PRESIDENT WILSON FINDS EMERGENCY FOR MEXICAN FRONTIER PROTECTION STILL EXISTS.
That the emergency which caused the sending of the
militia to the Mexican border "still unhappily exists," was
the statement made by President Wilson in a letter addressed
to Gov. Whitman of New York on October 9th, and made
public on October 14. The President added, however, that
he believed conditions in Northern Mexico are improving,
and that "in the near future"it probably will be possible to"do
more than has been done to relieve the embarrassments
under which organized militia regiments have necessarily
suffered." The President's letter was in answer to one received by him from Governor Whitman regarding the New
York militia organizations on the border. The President
'told Mr. Whitman that it was impossible to set a date upon
which the remaining New York regiments there could be
released. The following is the President's letter:
My Dear Governor Whitman.—I have received your letter of Sept. 20 and
have taken up with the Secretary of War the situation as It affects the
presence of New York troops on the border. From the beginning of the
difficulty which necessitated the call for the militia I have been deeply
sensitive of the inconvenience caused to the members of these citizen military
organizations by their separation from their families and from their ordinary
business engagements and pursuits.
In order to minimize these sacrifices the War Department is sending to the
border from time to time militia which have not participated in the service
there, and as each fresh contingent goes to the border General Funston
selects for return to their home stations and mustering out such units as
in his judgment can best be spared. This policy will distribute this duty
over as wide an area as psssible and make its burden fall as equally as is
practicable upon the organized militia forces. It has already resulted in the
return of a number of New York organizations. The Fourteenth and
Seventy-first Infantry and the First Brigade headquarters are at present in
their State armories preparing to muster out. The Third Infantry in the
State mobilization is going to muster out; the Second Infantry is preparing,
en route from the border to the State mobilization camp, also for muster out.
The First Ambulance Company and the First Regiment of Field Artillery
have been designated to return from the border to their State mobilization
camps for muster out, and the First Aero Company was not sent to the
border, but mustered out at Mineola, N. Y. Thus a substantial number
of the New York contingent either have been or are in course of being
released from the Federal service at this time, and as other forces are sent
to the border It may well be that General Funston will find it possible to
afford our New York militia even further relief.
The emergency which led to the call of the militia was, as defined in my
call of June 18, the possibility of aggression from Mexico and the protection
of our frontier. This emergency still unhappily exists, and I am advised
by the military authorities that the withdrawal of the militia at any time
from the date of its original call up to and including the present would in
all human likelihood have been followed by fresh aggressions from Mexico
upon the lives and the property of the people of the United States. The
militia have therefore been used and are being used to repel invasion and
iVoL. 103.
are rendering services of the highest quality and most urgently needed
character to their country.
It would of course be impossible to set a date at which the release of the
remaining New York units can with certainty be accomplished. I am
happy, however, to believe that the condition in Northern Mexico is improving and that in the near future we will be able to do even more than has
been done to relieve the embarrassments under which these organized
militia regiments have necessarily suffered.
I share your admiration, my dear Governor, for the spirit in which these
men have served and are serving their country, and would be very sorry to
have it supposed that their retention on the border is for any mere purpose
of completion of their military training or any less commanding purpose
than the preservation of our frontier from aggression.
Very truly yours,
WOODROW WILSON.
Governor Whitman's letter, sent to the President on Sept.
20, read as follows:
My Dear Mr.President.—I am sure you will not mistake the spirit in which
I inquire if it is not possible for some announcement to be made as to the
further duration of the service of the National Guard in Federal service
at the border?
The organizations from this State still in service, aggregating over 1.2,000 men, are in a large part composed of men with business interests and
obligations or holding positions whose interests and the interests of those
dependent upon them not only have been, but are, suffering, and will continue to suffer in increasing degree the longer their detachment from their
civic pursuits is continued. They have now been absent three months in
the Federal service, and the emergency which seemed to make necessary
their being called into the national service would seem to have passed.
That emergency, or rather the occasion for their being called, was defined
in your call of June 16 1916, to be "the possibility of aggression from Mexico
and the protection of our frontier." In other words, they were called by
you in the exercise of your constitutional power to call out the militia to
repel invasion. As I understand, they have not been drafted into the
Federal service and become a constituent part of the army of the United
States, to be employed for any purpose for which the regular army or volunteers may be employed, as provided in the recent Act of Congress. notwithstanding the resolution of Congress of July 1 1916, made in pursuance
of that Act, authorizing their use in this manner; that is to say, that they
are still serving as militia under your constitutional power to employ the
militia to repel invasion, and not by virtue of any order drafting them into
the Federal service as Federal soldiers. If it is the fact, as is commonly
believed, that the danger of war with Mexico or of invasion from Mexico
has passed, and that they are now being retained to preserve order or as a
,frontier police to prevent incursions of predatory bands and to preserve
order in the border country, or to complete their military training, it is
obvious that they may not longer be retained.
It is furthest from my thought or intention to raise any question which
may embarrass you in any way or affect any negotiations under way for
the adjustment of the perplexing Mexican problem, and, of course, your
assurance that it is not consistent with the national interest to return them,
and that the conditions which required you to call them in the first instance,
still continue, must be satisfying to me and to them: But, on the other
hand, the great majority of these men have been, and are now so seriously
affected by their personal service that some announcement at this time as
to the probable duration of their further stay at the border would seem
fitting, in order that they may be able to adjust themselves and the
affairs accordingly. They have responded and performed so well every
duty which thus far has fallen to their lot under your call that, if they can
not be returned at an early date, they should at least be informed, if possible,
how much longer their services may be required.
(signed) CHARLES S. WHITMAN.
Governor of the State of New York.
DETAILS OF BRITISH TRADE BANK PLANS.
The plans with regard to the proposed British Trade
Bank, referred to in our issue of Sept. 30, are furnished in
detail in the London papers. As indicated in our earlier
item, the establishment of the bank, with a capital of $50,000,000, was recommended by a committee of which Lord
Faringdon, Chairman of the Great Central Ry., is the'head.
Those who served with Lord Faringdon on the committee were:
B. P. Blackett, C.B., of the British Treasury; Sir W. H.
Clark, K.C.S.I., C.M.G., formerly Secretary to Lloyd
George, as Chancellor of the Exchequer, and latterly member
of the Council of the Viceroy of India; F. Dudley Docker,
C.B., Chairman of the Metropolitan Ry. Carriage Wagon &
Finance Co.; Gaspard 14'- arrer of Baring Bros.; W. H. N.
Goschen, the Rt. Hon. F. Huth Jackson, a director of the
Bank of England and former President of the Institute of
Bankers; Walter Leaf, Deputy Chairman of the London
County & Westminster Bank, Ltd.; the Hon. A. H. Mills
of Glyn, Mills, Currie & Co. and director of the Great Western and Central London By. Companies; J. H. Simpson,
General Manager of the Bank of Liverpool; R. V. Vassar.
Smith, Chairman of Lloyds Bank, and the Hon. R. E. Beckett of Beckett & Co., bankers, Leeds. Mr. Farrer did not
sign the report. The committee recommended that the
main features of the Trade Bank should be as follows:
(I.) It should have a capital of £10,000,000. The first issue should, be
from £2,500,000 to £5,000,000, upon which in the first instance only a
small amount should be paid up, but which should all be called up within
a reasonable time. A further issue should be made afterwards, if possible,
at a premium.
(II.) It should not accept deposits at call or short notice.
(III.) It should only open current accounts for parties who are proposing
to make use of the overseas facilities which it would afford.
(IV.) It should have a 'foreign exchange department where special
facilities might be afforded for dealing with bills in foreign currency.
(V.) It should open a credit department for the issue of credits to parties
at home and abroad.
(VI.) It should enter into banking agency arrangements with existing
Colonial or British-foreign banks, and where such arrangements were made
It should undertake not to set up for a specified period its own branches
Nov. 11 19164
THE CHRONICLE
or agencies. It should have power to set up branches or agencies where
no British-foreign bank of importance exists.
(VII.) It should inaugurate an information bureau.
(VIII.) It should endeavor not to interfere in any business for which
existing banks and banking houses now provide facilities, and it should
try to promote working transactions on joint account with other banks,
and should invite other banks to submit to it new transactions which, owing
to length of time, magnitude or other reasons, they are not prepared to
undertake alone.
(IX.) Where desirable, it should co-operate with the merchant and manufacturer and possibly accept risks upon joint account.
(X.) It should become a centre for syndicate operations, availing itself
of the special knowledge which it will possess through its information bureau.
(XI.) It should receive Government assistance, being appointed to carry
through foreign commercial and financial transactions in which the Government may be interested.
The following is the committee's report:
In view of statements made by witnesses, it is desirable that we should
state clearly our definitions of banking facilities in the British sense and of
what we would call by the wider name of financial facilities. The former
are properly limited to those which can be provided without a "lock-up"
such as would impair the liquidity of funds and deposits at call and short
notice. For this reason the usual practice of bankers here is to confine
their advances as a rule to a currency not exceeding a few months. By
financial facilities we mean, generally speaking, those which would involve
a larger currency than this.
A careful study of the evidence, and our own knowledge of banking
arrangements and facilities lead us to the conclusion that there exists to a
considerable extent at the present time in this country the machinery and
facilities for the finance alike of home trade and of large overseas contracts,
and for carrying through much of the business which has been done by
foreign banks. The British banks afford, we believe, liberal accommodation to the home producer. British bankers are not shy in making advances on the strength of their customers' known ability and integrity,
and the charges for accommodation are, we believe, often lower than the
corresponding charges in foreign countries. Similarly, the Colonial banks
and British foreign banks and banking houses render immense assistance
to British trade abroad, and certainly in the Far East and in many parts
of South America British banking facilities do not fall short of those of
any other nation. We find also that in the case of large contract operations British contractors, with the assistance of financial houses, have in
the past been ready to provide large amounts of capital and to take considerable risks in connection with the operations which they have undertaken.
Our arrangements, however, are faulty in our not co-ordinating many of
the facilities mentioned above. We recognize also that the British manufacturer may be frequently in want of finance of a kind which a British
Joint Stock bank with liabilities as above described could not prudently
provide, whereas the German banks in particular seem to have been able
to afford special assistance at the inception of undertakings of the most
varied description, and to have laid themselves out for stimulating their
promotion and for carrying them through to a successful completion. We
conclude, therefore, that there is ample room for an institution which,
while not interfering unduly with the ordinary business done by the British
Joint Stock banks, by Colonial banks and by British foreign banks and banking houses, would be able to assist British interests in a manner that is
not possible under existing conditions.
Such an institution might in many ways be beneficial to the development
of British industry and manufactures. It might in certain cases, after
careful examination, agree to make advances for the extension of existing
manufacturing plant, or perhaps for the amalgamation or co-ordination
of certain works, so as to reduce the cost of production. It would assist
these works to obtain orders abroad, and give them reasonable financial
facilities for executing these orders. It should give a preference in matters
of finance to orders which are to be executed in this country.
Such an Institution could also take a leading part in the inception of
transactions and assist in connection with the machinery of overseas.business. A largo number of our manufacturing undertakings are wealthy
concerns, and would not tolerate for one moment interference by bankers
in their affairs, and indeed would probably resent any inquiry into the
nature of their business arrangements. Such manufacturing concerns,
however, do require assistance when they transact overseas business.
Take, as a single instance, the case of a Midland manufacturer selling
goods to Italy. The Italian buyer has been accustomed to long credit,
and if long credit is refused the business will probably be impossible. The
manufacturer sells goods for, say, £50.000, and the payment of that price
would leave him with a considerable margin of profit; but the offer of the
Italian buyer to pay him the equivalent of £50,000 in lire at six or twelve
months is not attractive. He would much rather accept a lower figure
than £50,000 for a clean cash transaction in sterling, and it is in connection
with such business as this that an institution of the kind contemplated
would be able to act as intermediary (taking part or the whole of the
financial liability), with profit to itself and satisfaction to the manufacturer.
If an Institution is formed to carry out transactions of the kinds indicated
above, it follows that it must be equipped with knowledge of affairs in the
countries with which it may do business, and its managers must, by personal visits, acquaint themselves with the conditions of business in all
important foreign centres. It must have either branches or agencies in
those countries, and in this connection the exceptional position held by
British-foreign and Colonial banks should be fully availed of. Instead of
having to organize, as was the case with German banks, new subsidiary
undertakings, the institution would largely use, under agreement, the existing banks and the facilities which they can afford.
The institution must be equipped with an up-to-date information department, and this will of necessity play a large part in its usefulness and
financial success. This might properly be called a bureau d'etudes, independent of the Commercial Intelligence Branch of the Board of Trade,
but in close touch therewith, and ender agreement entitled to all possible
facilities. That such a bureau is essential has been made abundantly clear
by the evidence given by witnesses we have heard, and also by the evidence
given before other committees. It would not necessarily deal only with
schemes in which the institution proposed to take financial interests, but
might be made a centre for investigation of projects on behalf of others,
and a considerable revenue might be obtained thereby.
One of the chief objects of the bureau, for instance, would be the organization and keeping up to date of returns as to the status of firms abroad.
It should also obtain the earliest information from abroad about new business openings, large contracts offering, State and other loan and issue proposals, &c. If it were found that foreign firms were securing business in
competition with British firms, or were developing business that British
traders were leaving alone, the causes should be at once investigated. The
periodical journeys abroad of the institution's managers and representatives would supplement the information that would be gained through
diplomatic and official channels.
1761
The bureau would also have to undertake the examination of industrial
projects. This would be a costly business, as it would be neaessary to
have upon its staff men whose opinion upon technical questions would
enable it to investigate thoroughly matters brought up for consideration.
It would, however, avail itself of the services of the eminent consulting
engineers, consulting chemists, &c., whom we possess in this country.
It is absolutely clear that the personnel of the institution would call for
great discrimination. It seems to be generally agreed that the lines upon
which a joint stock bank is constituted would not be applicable in the case
of the new concern.
An executive committee consisting of a whole-time Chairman and three
managing directors would appear essential. (There would probably be
three distinct departments—financial, industrial and commercial. No
doubt there would be overlapping between the departments, but this would
be immaterial.) They would draw good fixed salaries and would be entitled
to a substantial share in the profits. There should be a general board of
directors, composed of men with banking, financial, industrial and commercial knowledge, and in close touch with the leading industries of the
country.
Nearly as important as the board would be the general staff. It is tair
to assume that women will in the future take a considerable share in purely
clerical work, and this fact will enable the institution to take fuller advantage of the qualifications of its male staff to push its affairs in every quarter
of the globe. Youths should not be engaged without a language qualification, and after a few years' training they should be sent abroad. It
could probably be arranged that associated banks abroad would agree to
employ at each of their principal branches one of the institution's clerks,
not necessarily to remain there for an indefinite period, but to get a knowledge of the trade and characteristics of the country. Such clerks might in
many cases sever their connection with the banks to which they were
appointed and start in business on their own account. They would, however, probably look upon the institution as their "alma mater."
In this connection it is, perhaps, worth pointing out that at the close
of the war there may be a considerable number of educated young men
who will not be willing to settle down again to the humdrum of an office.
and from these it should be possible to select a number who would be
desirous of going to the colonies and foreign countries to push business on
their own account. In the case of laboring men the Government is contemplating the establishment of land settlements, &c., at considerable expense, and similarly it has been suggested that Government assistance
might be given to the class above mentioned, who would probably require
the advance of some capital to enable them to make a start. The institution might act as agent for the Government in this connection. With
caution in the selection of men,and if a careful watch is kept over them by
the institution's agents, the risk attaching to such advances should not be
great. The institution could hardly undertake to make these advances
on its own account,as they would not fall under the category of 'business,"
but it would be in a position to afford the Government protection against
fraud.
In the case of young men with some little means of their own the institution should be willing, after careful examination of credentials, to grant
larger and longer credits than have been customary with existing banks.
The principle of becoming special partners in a business for a period of
years will be well worth the consideration of the management when the
institution is formed.
The evidence perused by us indicates the necessity for fuller financial
facilities for home industries, especially in connection with the enlargement
of works and the financing of contracts, and where it is demonstrated that
a lock-up of capital for an indefinite period is not involved, assistance
might be provided by the institution to meet these requirements.
If financial assistance is given by the Government to undertakings in
connection with what are known as "key" industries, the business should,
if possible, be done through the medium of the institution, and it should
be appointed an agent for carrying through foreign commercial and financial
transactions in which the Government may be interested.
Foreign banks have, in most of their operations, adopted the course of
forming syndicates to undertake any business of considerable magnitude.
They have headed such syndicates, and they have taken the laboring oar
in connection with investigations. The members of the syndicate have
generally included other banks, and associated with them have been those
who were particularly interested in the class of business proposed to be
done. These syndicates are formed after the first superficial inquiry has
satisfied the banks that there is apparently a good business to be done.
Directly this point is reached, the expenditure in connection with thorough
investigation is on account of the syndicate. If the•business is ultimately
proceeded with,the profits or losses on the wind-up of the business are shared
pro rata after allowance to the bank for management. Some such procedure should be followed here.
Many new undertakings intrinsically sound have been issued in the
English market. The capital has been based upon estimates of expenditure made by reputable engineers, but owing to unforeseen circumstances
the actual cost has far exceeded those estimates, and, as a consequence,
further capital has frequently had to be raised at higher rates of interest
and in a form (such as prior lien bonds) which has had a disastrous effect
upon the securities originally subscribed for by the public. An institution
issue, whether of debentures or shares, should be an assurance to the public
that until final completion there would be no risk of the priorities given at
the time of issue being interfered with by pre-preference creations.
In the financial operations of the institution the desirability of' assisting
British trade and of placing with British manufacturers orders in connection with new undertakings should be always borne in mind.
It is desirable that the institution, without coming under Government
control,should receive as much official recognition as possible. Our Foreign
Office should, for instance, be asked to instruct British embassies and legations abroad to put the institution's representatives in contact with all
commercial attaches, consuls, &c., with clear instructions to them that the
institution is a commercial concern enjoying the full confidence and approval of the Government; and similar instructions should be given by the
Board of Trade to their trade commissioners in the Dominions
Having assured ourselves that the creation of an institution of the character referred to above would not unduly interfere with existing banks,
banking houses or financial institutions, we recommend the formation of a
new bank to fill the gap between the home banks and the colonial and British foreign banks, and banking houses, and to develop facilities not provided by the present systems.*
We are of opinion that there are strong reasons why the bank should be
formed without delay so that preliminaries may be completed before the
war is over. Our enemies are sure to make at the earliest moment strenuous efforts to regain their position in the world of commerce and finance,
and it may well be that when peace comes unemployment may be rife at
home unless now markets are exploited. It seems to us'desirable, therefore, to ascertain in advance the requirements of foreign countries and the
whereabouts of raw materials for our industries.
*Recommendations outlined above are here given.
1762.
THE CHRONICLE
[VOL. 103.
We believe that a bank constituted upon the above basis, with efficient I Philip B. Kennedy. It takes about two months to get a reply from Aur
management, should not only be a great boon to British trade, but should tralia, so it is necessary to tell the whole story on each occasion. • An
prove a commercial success.
experienced Sydney importer urges his American correspondents to write
him always as though he knew nothing. The typical American sales
letter which "has a punch" is not suitable for the Australian trade. The
CONDITION OF TRUST COMPANIES IN STATE OF managing director of what is probably the largest business in Australia
states that more harm is done by such letters than by any other one thing.
NEW YORK.
The more important firms are familiar with formal English correspondence
Details of the statements of the 89 trust companies op- and they resent as discourteous the curt, familiar letters so frequently
the United States. It is very important that the American business
used
erating in New York State on Sept. 20, the date of State man in
should get the point of view of the Australian merchant.
Superintendent of Banks Eugene Lamb Richards's last call
The report is entitled "Exporting to Australia," Miscellaneous Series
for reports of these institutions, were announced by the No. 45. It contains 29 pages and may be purchased from the Superintendent of Documents. Washington. for the nominal sum of 5 cents.
Banking Department on October 22. While the resources,
totaling $2,626,431,407, show no material change since the
last previous call on June 30, yet there are a number of AFFAIRS OF THE AMERICAN BANKERS' ASSOCIA• changes in the various items reported. Stock and bond
TION.
investments show a decrease of over $10,500,000, while loans
The Administrative Committee of the American Bankers' Association
and discounts show a falling off of nearly $16,000,000. On met in their general offices this city, on Oct. 30 and[31. To the Administrathe other hand, the cash due from other banking institutions, tive Committee was assigned by the Executive Council the final decision
to the time and place for holding the next annual convention and all other
including exchanges, shows an increase of over $7,000,000. as
details in connection therewith; also, the time and place for the spring
The capital has increased from June to September $3,750,- meeting of the Executive Council. Atlantic City was selected for the
000, due to the authorization of two new trust companies, annual convention of 1917 the week of Sept. 24 as the date; and the
Marlborough-Blenheim Hotel as official headquarters. As there is a
while surplus increased over $4,000,000, due mainly to in- perfected business organization in Atlantic
City, which works in conjunction
crease in values of securities. The decrease in deppsits of with the bankers of the city, this organization will handle the matter of
hotel accommodations. Already contracts have been made with all of the
approximately $30,000,000 is partly offset by the increase hotels
for prevailing rates, which are not increased for convention periods.
of acceptances of nearly $13,500,000 and a gain of nearly The Association will have nothing whatever to do with the proposition of
hotel reservations and those desiring accommodations should communicate
,000,000 in other liabilities.
with the hotels of Atlantic City. The bankers of Atlantic City are
The following compares the totals for Sept. 20 last with direct
alive to the importance of the convention of the American Bankers Associathose for June 30:
tion and will co-operate with its citizens and business men in giving the
CONDITION OF THE TRUST COMPANIES OF THE STATE OF
NEW YORK.
Resources.
Note.-89 companies reported September 20; 87 on June 30. Sept. 20 1916. June 30 1916.
Stock and bond investments, viz.:
Public securities
$157,700 955 $161,003,385
425,062,976
432,326,655
Other securities
43,850,034
43,295,774
Real estate owned
Mortgages owned
91,533,591
91,197,597
Loans and discounts secured by bond and
mortgage, deed or other real estate col15,413,077
16,509,077
lateral
939,016,372
Loans and discounts secured by other collat. 927,694,732
Loans, discounts and bills purchased not
secured by collateral
324,481,004
328,051,725
306,742
354,709
Overdrafts
262,515,690
291,855,668
Due from trust co's, banks and bankers_ _ _
150,177,106
146,335,403
Specie
United States legal-tender notes and notes
11,975,434
24,540,884
of national banks
1,283,240
928,561
Federal Reserve notes
Cash items, viz.: Bills and checks for next
35,263,023
66,565,994
day's clearings; other cash items
60,584,591
53,453,722
Customers' liability on acceptances
69,533,530
80,477,417
Other assets
37
43
Add for cents
$2,626.431,407 82.626,857,605
Total
Liabilities.
Capital
$94,200,000
$90,450,000
Surplus (including all undivided profits on
191,767,021
187,620.920
market value stocks and bonds)
Preferred deposits—
77,312,051
75,886,978
Due New York State savings banks
Due New York State savings and loan as726,939
sociations, credit unions and land bank
590,590
Due BA executor, administrator, guardian,
137,722,319
receiver, trustee, conunittee or deposit'y 128,167,715
11,510,462
13,434,700
Deposits by State of New York
Deposits by Superintendent of Banks of
•
1,363,549
1,645,854
State of New York
Other deposits secured by a pledge of
8,092,194
9,625,370
assets
15,533,994
1,408,583
Deposits otherwise preferred
1,803,777,348 1,769,628,042
Due depositors, not preferred
248,881,509
207,940,000
Due trust companies, banks and bankers__ _
161,500
210,090
Bills payable
94,695
14,778
Rediscounts
Acceptances of drafts payable at a future
date or authorized by commercial letters
55,767,114
69,212,372
of credit
21,347,159
29,195,176
Other liabilities
37
43
Add for cents
Association a most successful convention.
Briarcliff Lodge, Briarcliff Manor, N. Y., was selected as the place for
the spring meeting of the Executive Council. The dates for the meeting
are May 7,8 and 9. The hotel will be given over exclusively to the use of
the Association for the spring meeting. The Executive Council is now
quite large and with the members of various committees and sections will
fill the hotel to its capacity. The following members of the Administrative
Committee of the Association were present at last week's meeting: President, P. W. Goebel, Chairman; Charles S. Calwell, Ph ladelphla, and
Richard .S. Hawes, St. Louis, and General Secretary Farnsworth, Secretary
to the Comwittee. The time of the Committee was largely taken up with
going over routine business of the Association; authority being vested in
the Committee to act on all matters of importance between the sessions of
the Executive Council.
Details in connection with the activities of the new State Bank Section
were thoroughly discussed, the meeting being also attended at this point
by J. II. Puelicher, of Milwaukee and C. B. Hazelwood of Chicago, President and Chairman of the Executive Committee (respectively) of the State
Bank Section. Active work will commence immediately and it is expected
that the State Bank Section will be made one of the strongest and most
active in the Association. George E. Allen was chosen as Secretary of the
Section, which duties he will perform in connection with his work as Educational Director of the American Institute of Banking; an assistant will
be assigned him.
The following resolution was unanimously adopted by the Administrative
Committee:
Resolved, That the Committee on State Legislation be authorized to
draft and recommend a suitable amendment to State holiday laws which
will make valid the payment of checks by banks and other transactions
on Saturday half-holidays in States which make Saturday afternoon a
half-holiday, as well as in other States where, by reason of the provisions
of the Negotiable Instruments Act, such transactions are of questionable
validity.
The Administrative Committee was apprised of the present condition
of the Association as applies to membership-16,229; tho increase since
Sept. 1 being 213; also, that drafts drawn for account of annual dues were
almost fully paid; further as to the financial condition of the Association
as shown by the cash balances—all of which were considered in most
satisfactory shape.'
AGRICULTURAL AND LIVE . STOCK DEPARTMENT
OF FIRST NATIONAL BANK OF ST. PAUL.
Interest in the agricultural prosperity of the Northwest has for many years
been a marked characteristic of The First National Bank of St. Paul. With
the object in view of being of service to Northwestern farmers and bankers,
time in the past distributed to its corres$2,626,431,407 82,626,857,605 this institution has from time to
Total
$2,241,832,017 $2,271,416,180 pondents, literature pertaining to agricultural methods which would bring
Total deposits
the greatest financial returns to farmers. With the inauguration of an
exclusive Live Stock and Agricultural Department in March 1915, under
the direction of the late James J. Hill, this bank outlined a broad policy to
HOW TO DO BUSINESS WITH AUSTRALIA.
be adopted in the continuance of its campaign in behalf of diversified farmA book of instructions for carrying on trade with Austra- ing and the raising of more and better live stock in the Northwest. Prof.
R. Smith, formerly Professor of Animal Husbandry for the University of
lian markets has been issued by the Bureau of Foreign II.
Nebraska and Minnesota, became active head of the bank's Live Stock and
and Domestic Commerce, of the Department of Commerce. Agricultural Department. His services, when required, were placed at the
The report, the issuance of which grows out of the feeling disposal of Northwestern bankers. Since his affiliation with the bank,
Smith has addressed many farmers at the request of bankers, who were
that upon the conduct of our present great trade with Prof.
instrumental in arranging agricultural and live stock meetings in their
our
the
of
measure
success
large
Australia will depend in
respective localities. At these meetings methods of production to make
future trade with the Island Continent, is not concerned the farming industry more profitable were discussed, and special effort was
made to point out to the farmer why it would be to his advantage to engage
with the size of the markets nor the prospects for selling more
extensively in the live stock industry along practical lines. Prof.
goods, but is devoted exclusively to the details of carrying Smith has also addressed several bankers' conventions in Minnesota, North
stock question in which
on trade already secured, as is indicated by the following Dakota, South Dakota and Montana on the live
was given to the presentation of facts and figures to show increased
list of chapters: Packing, Insurance, Documents Required, emphasis
profits with diversified farming where live stock is one of the principal
Forwarding Documents, The Australian Tariff, Dutiable sources of revenue. Several thousand copies of two books written by Prof.
For The Northwest"—
Values, Trade Description, Proof of Origin, Financing by Smith—"Profitable Stock Feeding" and "Cattle
have been distributed among bankers and farmers, with the compliments
Letters of Credit, Financing by Export Commission Houses, of
The First National Bank of St. Paul.
Financing by Draft Against Documents, Quotation of Prices, The promotion of the "First National" Corn Show, which was held in
under the auspices of The First National Bank and
Postage, Parcels Post and Express, Correspondence, Travel- St. Paul last December,
Northwestern Trust Company of St. Paul and bankers of the Northwest,
ing Representatives, Taxation. A statement issued by the was handled under the supervision of The First National's Live Stock and
Agricultural Department. At the request of bankers and farmers, another
Department relative to the book says:
16th,
Americans should pay particular attention to their correspondence show of like nature will be held in St. Paul this year, Dec. 11th to
with Australian firms,says the author of the report, Commercial Attache inclusive.
Nov. 111916.]
THE CHRONICLE
STOCK EXCHANGE AND CURB
TRADING.
The Philadelphia "Press" has the following regarding
recent trading on the Pittsburgh Stock Exchange in "curb"
stocks :
PITTSBURGH
The 8ecurities Committee of the Pittsburgh Stock Exchange has issued
an order prohibiting attaches of the exchange from gathering and disseminating sales and quotations of curb stocks. For some months the
curb issues were handled openly on the Exchange and reported on the
ticker, but because bidding was not always open and because a few brokers
were charged with having matched sales, the Exchange authorities placed
the entire market under the ban.
BANKING, FINANCIAL AND LEGISLATIVE NEWS.
The public sales of bank stocks this week aggregate 85
shares and were all made at the Stock Exchange. No trust
company stocks were sold at auction.
Shares. BANK—New York.
85 Commerce, Nat. Bank of
Low. High. Close. Last previous sale.
Nov. 1916— 176
185
180
185
Four New York Stock Exchange memberships were posted
for transfer this week, three for a consideration of $74,500
each and the last for $75,000. The last sale previous to the
above was at $73,500.
The National City Bank of New York has opened a branch
bank in Genoa, Italy, with a capital of $1,000,000. Permission was given the bank about three months ago to establish a branch atPetrograd, Russia,and sub-branches throughout that country. The Petrograd branch has not as yet been
opened. Other foreign branches operated by the bank are
situated at Buenos Aires, Argentina; Montevideo, Uruguay;
Havana, Cuba; Santiago, Cuba; Rio de Janeiro, Brazil;
Santos, Brazil; Sao Paulo, Brazil, and Valparaiso, Chile.
The National City Bank also has agencies at Bahia, Brazil,
and Milan, Italy.
Eugene W. Stetson has taken up his duties as Vice-President of the Guaranty Trust Co. of this city. Mr. Stetson,
as reported in our issue of Oct. 21, was President of the
Citizens National Bank of Macon, Ga. (which was taken
over by the Fourth National Bank of Macon a month ago)
and Vice-President of the Macon Savings Bank which has
just been acquired by the Macon National. He is one of the
best known younger bankers of the South and has been
interested in many public affairs in Georgia.
Thomas Cochran, President of the Liberty National Bank
of this city, and Cornelius N. Bliss of the firm of Bliss,
Fabyan & Co.,32 Thomas St., have been elected members of
the Board of the Bankers Trust Co. of this city.
The New York Agency of the National Bank of South
Africa, Ltd., R. E. Saunders, Agent, has removed its offices
from 6 Wall Street to more commodious ones at 10 Wall
Street.
James I. Burke, Assistant Secretary of the Guaranty
Trust Co. of this city, has been appointed Manager of the
coupon and reorganization department, in addition to his
regular duties as Assistant Secretary. E. E. Brainerd
Buckley, also an Assistant Secretary, has been chosen Manager of the transfer and registration department of the company. He will also continue the duties of Assistant Secretary.
James G. Hasking, Vice-President, Treasurer and Chairman of the Board of the Union Trust Co. of New Jersey, at
Jersey City, N. J., died on the 8th inst. Mr. Hasking was
born in New York City in 1844. He had been Vice-President
and Treasurer of the Union Trust since its organization in
1906,when that company was formed to continue the business
of the Second National Bank,of which he had been Cashier.
1763
The new company expects to open for business early in January. Articles of incorporation have been signed by the
State Commissioner of Banking and Insurance. The incorporators are: David Joseph, Francis V. Dobbins, James
B. Furber, Alfred F. Kirsten, Harry T. McClintock, James
McCollum, Charles Stamler, Dr. John S. Young and J. Van
Herwerden, the latter of Plainfield.
At a meeting of the Board of the Syracuse Trust Co. of
Syracuse, N. Y., on Nov. 6, four members of that body
resigned because of the requirements of the Clayton Act.
They were: Hiram W. Plumb, President of the Merchants
National Bank of Syracuse, J. Frank Durston, a director of
the National Bank of Syracuse, Wilbert L. Smith, Chairman
of the Board of the National Bank of Syracuse and Albert
E.Nettleton,also a director of the National Bank of Syracuse.
The following new directors have been elected to the Board
of the trust company: Nathan L. Miller, formerly an
Associate Justice of the Court of Appeals, and now General
Counsel for the Solvay Process and allied companies; Pierrepont B. Noyes, of Kenwood, President of the Oneida Community, Ltd., and Harrold S. Tenney, Secretary of the
company. The election of a fourth director will take place
at the next meeting of the Board. T. Goldsberough Meachen,
Vice-President and General Manager of the New Process
Gear Corporation and President of the Palmer-Moore Co.,
has been made a member of the Executive Committee of the
Syracuse Trust Co. to take the place of Wilbert L. Smith.
The new Equitable Trust Co. of Boston, Mass„ opened
for business on Nov. 6 at 35 Congress Street. The institution has a capital of $200,000 and a surplus of $30,000.
Charles B. Strecker, for the past three years Assistant
Treasurer of the United States at Boston, is President of
the new organization. Joseph M. Herman and John E.
Thayer Jr. are Vice-Presidents, while James H. Turnbull
and Wallace H. Pratt are Secretary and Treasurer, respectively. The directorate, headed by Mr. Strecker, is composed of the following:
Chas. F. Adams, President John T. Connor Co., grocers; Wm. H. Burgess, Burgess, Lang & Co., bankers; Ralph C. Emery, Treasurer John S.
Emery & Co., Inc., ship brokers; Sidney E. Farwell, Treasurer American
Zinc, Lead & Smelting Co.; R. M.H. Harper, E. W. Clark & Co., bankers;
Joseph M. Herman, President Joseph M. Herman & Co., shoes; Albert W.
Kaffenburgh, I. Kaffenburgh & Sons, leaf tobacco; Lewis I. Prouty,
Vice-President Carr Fastener Co.; Frank H. Purington, President Henry
W. Savage, Inc., real estate; George Putnam, Richardson, Hill & Co.,
bankers; Charles B. Strecker, President; John E. Thayer, Jr., Secretary
Punta Alegre Sugar Co.; James H. Turnbull, Secretary; Chas. E. Wyzanski, M. E. & C. E. Wyzanski, real estate.
The Philadelphia Trust Co.at Philadelphia, has established
an employees'pension fund to encourage long and persistent
service and properly provide for employees incapacitated by
old age or illness. The pension will apply to all persons in
the employ of the company for at least twenty-five consecutive years. Those who have served for that period and who
have reached the age of 65 years, may retire at their own
discretion, but retirement at the age of 70 is compulsory,
unless the directors shall elect to retain an employee of that
age in service. The annual pension to be allowed a retired
employee will be at the rate of 2% of his, or her, average
annual salary for the last 3 years immediately preceding his
or her retirement, for each year of service in the company
and the maximum annual amount paid shall in no ease exceed
60% of such average annual salary; the minimum annual
amount shall in no case be less than 40% of such average
annual salary. The 47th annual report of the company for
the fiscal year ended Oct. 31 shows net income of $655,305.
In the banking department the total deposits at the close
of the year were $22,950,343, an increase of $5,972,595 over
those in 1915; the individual trust funds for 1916 aggregated
$119,195,630, a gain of $1,953,250 over 1915, while corporate
trust increased $12,095,000 to $111,770,000. The book
value of the securities held by the company have been marked
down $36,797, bringing them,it is stated, to a point less than
their present market values. The company has a capital
of $1,000,000 and surplus and profits of $5,038,037. Thomas
S. Gates is President of the institution.
Charles M. Close resigned as President of the Second
National Bank of Orange, N. J., on the 9th inst. Mr. Close
had been President of the Second National for about a year
and had been connected with the bank in various positions
for about ten years. His resignation as President of the
bank is said to have been the outcome of differences of opinion
Albert 13.Millett, John R.Shock and Henry P.Schneider
with the directors regarding business policies. Although were elected directors of the Columbia Avenue Trust Co.
takes
effect
resignation
immediately, his successor, it is of Philadelphia, Pa., at a meeting of the board on Nov. 9,
his
stated, will not be selected until January.
to fill vacancies caused by the operatioi of the Clayton Act.
Robert'P. Robinson, heretofore Assistant Cashier of the
A new banking institution to be known as the Rahway
Trust Co. of Rahway, N. J., is to be established with a Central National Bank of Wilmington; Del., has been
capital of $104,000 (par $125) and a surplus of 825,000. elected a director and President of the institution to succeed
1764
THE CHRONICLE
[VoL. 108,
George W. Chambers, deceased. The Central National total frontage on Eighth Street of 244 feet, 8 inches, with
a
Bank has a capital of $210,000 and deposits of over a million new frontage on St. Charles Street of 127.9 feet. The
new
dollars.
building will be three stories high and there will be an•18foot basement under the entire structure. Construction
At a meeting of the board of the Pittsburgh Trust Co. of will be along the lines of Italianrenaissance with Ionic columns
Pittsburgh, Pa., on Oct. 31 a number of changes were made on the south and west fronts. Vermont granite will be used
in the official staff; D. Gregg McKee, heretofore Treasurer, for the exterior. An attic story, crowned with an open
was elected Vice-President; Bertrand H. Smyers, formerly balustrade, will surmount the entire structure. There will
Secretary, has become Vice-President and Trust Officer; be three entrances to the building, all leading into the main
Waldo D.Jones, heretofore Assistant Secretary and Assistant banking room, which will be 73 feet wide, 238 feet long and
Treasurer, has been made Treasurer; J. Horace McGinnity 35 feet high. The walls and ceilings of the first and second'
is now Secretary; John W. Hoffman is Assistant Treasurer, floors of the building will be done in oils. The Mercantile
and Alexander T. Rowe is Assistant Secretary and Assistant Trust Co. started business in 1899 and has a capital of $3,Trust Officer. All of the new officers have been long con- 000,000, with deposits of more than $31,000,000. The
nected with the Pittsburgh Trust, and President Gethoefer, Mercantile National Bank of St. Louis, which is affiliated
when announcing their promotions, is said to have stated with the trust company will also be housed in the proposed
that their advancement was a recognition of merit. Mr. structure, which will be finished in Feb. 1918. Festus J.
Gethoefer has been President of the Pittsburgh Trust since Wade is President of both the Mercantile National Bank and
February of this year, having succeeded James I. Buchanan. the Mercantile Trust Company.
Previous to his connection with the Pittsburgh Trust he
Stockholders of the Central National Bank of Boonville,
was President of the Bankers' Trust Co. of Buffalo. The
Pittsburgh Trust Co. has a capital of $2,000,000 and de- Mo., which went out of existence on Oct. 27 through liquidation, will lose little, if anything, according to a statement
posits in excess of $12,000,000.
made by former Gov. Lon V. Stephens, a Vice-President of
A new institution, the William Penn Trust Co., opened the institution. Immediately following the closing of the
in Pittsburgh on the 4th inst. with a capital of $125,000. Central National, a new bank, the Boonville National Bank
James M. Fanning is President of the company; Fred T. was organized to take•the place of the Central and started
Loeffler, heretofore connected with the Peoples National business on Oct. 30. The new bank has,a capital of $75,Bank of Pittsburgh, will serve as Secretary and Treasurer, 000 and paid-in surplus of $25,000. The Central National
while Edward L. Jones will act as Assistant Secretary and had a capital of $200,000. Ex-Governor Stephens said that
Assistant Treasurer. The directorate of the new trust the liquidation of the Central was brought about by the death
of the bank's President, Charles E. Leonard last March, and
company is composed of the following:
James M. Fanning, President of the Connelly-Fanning Co.; James S. the ill health of the Cashier and Assistant Cashier, W.S. and
Crutchfield of Crutchfield & Woolfolk; John Jackson, President of the
Simonds Manufacturing Co.; Robert Munro Jr., President of the West A. H. Stephens and the death of the bank's attorney. E.
Point Boiler Works; George H. Cherrington, President of the Brown & E. Amick, Cashier of the Bank of Bunceton, (Mo.), will
Zortman Machinery Co.; Samuel Catanzaro of S. Catanzaro & Sons, Inc.; become President of the new Boonville National
Bank, while
Alexander Murdoch, Treasurer of Orchard & Investment Co., and A. 0.
W. S. Stephens, Cashier of the Central National, will serve
Wells of Wells & Co.
The company is located at Penn Avenue and 21st Street. as Vice-PresMent.
Negotiations were consummated on November 1 whereby
Wallace H. Stephens and David H. Owen were chosen the American National
Bank of Atlanta was merged with
Assistant Cashiers of the Commercial National Bank of the
Atlanta National Bank. The continuing bank will be
Columbus, Ohio, at a meeting of the board on the 3d inst.
known as the Atlanta National Bank and will be quartered
in its own building at the corner of Whitehall and Alabama
The Union Trust Co. of Indianapolis, Ind., announces the Streets. The Atlanta National had
a capital of $1,000,000
opening of a bond department under the management of while the American National's
capital was $600,000. The
Chester A.Jewett,formerly manager of the bond department combined capital and surplus of
both banks, it is said, will
of the American Mortgage Guarantee Co. of Indianapolis. approximate $2,400,000, and total deposits
of both banks
Through its new department the company will deal in Govern- will aggregate almost thirteen million
dollars. The working
ment and State and city bonds and in local public utility force of the American National
has been taken over by the
bonds and stocks, as well as Indianapolis bank stock and enlarged bank. Charles E. Currier,
President of the Atlanta
general market listed securities.
National, has been chosen Chairman of the Board of the
continuing bank. Colonel W. L. Peel, President of the
John William Kiser, a director of the First National Bank American National Bank,
will retire, not only as President,
of Chicago, Ill., and President of the Phoenix Horseshoe but from active business. He will, however,
serve as a
Co., died on Oct. 31. Mr. Kiser was also a director of the director of the Atlanta National. Robert
F. Maddox, forMiehle Printing Co. of Chicago.
merly Vice-President of the American National, will serve
as President of the enlarged Atlanta National Bank. J. S.
Ernest K. Matlock has become Manager of Sales in the Kennedy, heretofore Assistant Cashier of
the Atlanta Nabond department of the Detroit Trust Co. of Detroit, Mich.;. tional, will officiate as Cashier. Vice-P
residents will be
having resigned from the bond department of the Continental Frank E. Block, James S. Floyd,
George R. Donovan,
& Commercial Trust & Savings Bank of Chicago, 111. Mr. Thomas J. Peeples. The directorate
of the enlarged Atlanta
Matlock has had extensive experience in financial affairs, National (five of which were directors of the American
having served for five years as a bank examiner for the State National Bank) now stands as follows:
of Michigan. He was also formerly Cashier of the Miners,
Charles E. Currier, Robert F. Maddox, Frank E. Block, Jack J. Spald& Merchants, State Bank of Greenland, Mich., and the ing, Edward H. Inman, Albert E. Thornton, Samuel C. Dobbs, James L.
Henry R. Durand, James S. Floyd, George R. Donovan, W. L.
Dickey,
Lansing State Savings Bank of Lansing, Mich.
Peel, J. Epps Brown, J. T. Holleman, Dr. W. S. Elkin.
The Garfield Park State Savings Bank of Chicago, Ill.,
has opened a bond department, which for the present will be
under the supervision of the banks President, John E.
Decker. From present indications, it is stated, the earnings
of the bank for the year will be 15%. The deposits are said
to show substantial growth.
Fermor J. Spencer, Vice-President and Trust Officer of
the Continental Trust Co. of Denver, Colo., died on Oct. 29.
Mr. Spencer was also President of the Continental.Audit Co.
of Denver, and had been connected with the Continental
Trust for many years.
The Mercantile Trust Co. of St. Louis, Mo., is to build
extensive additions to its present building at the northeast
corner of Eighth and Locust Streets, which will call for an
outlay of approximately $400,000. When the new building
shall have been finished the Mercantile Trust will occupy a
According to the Atlanta "Constitution" the details of
the transaction were not made public further than that the
consideration upon which the merger was based was such as
will net the shareholders of the American Bank $210 a share,
plus the accrued dividend, or an aggregate amount in excess
of $1,250,000.
The Atlanta National Bank is said to be the oldest national bank in the South; it celebrated its fiftieth anniversary
in September 1915. The institution was organized on
Sept. 2 1865, and opened for business in December of that
year with a capital of $100,000. In 1903 the capital was
increased by a stock dividend from $150,000 to $500,000,
and later an additional stock dividend of $500,000 was
declared, making the present capital of $1,000,000. Charles
E. Currier has been President since 1904. The American
National Bank had its inception in the establishment in
1880 of the private banking firm of Maddox, Rucker & Co.,
Mr. Maddox, the President of that firm, being the father
Nov. 11
1916.1
THE CHRONICLE
of the President of the present Atlanta National. In 1891
this firm was incorporated as the Maddox-Rucker Banking
Co. In 1908 it entered the national banking system as the
American National Bank. Colonel Peel had been connected with the American National for many years and
became its President upon the death of both Mr. Maddox
and Mr. Rucker in 1899; at that time the present Mr. Maddox became Vice-President of the American National. He
is well known throughout the South and at the present time
is a member of the Executive Committee of the American
Bankers' Association. He is a director of the Seaboard Air
Line Railroad and many other large corporations. Mr.
Maddox is also President of the Atlanta Clearing House
Association. He served a term, from 1908-1912, as Mayor
of the city of Atlanta.
Mr. Kennedy, the new Cashier of the Atlanta National,
has been connected with that bank since 1895. He started
as a messenger for the bank. He had served as Assistant
Cashier since 1910.
—;—
The officers and directors of the National Bank of Savannah, at Savannah, Ga., opened for inspection, on the
2nd inst., their new banking rooms at Bull and Broughton
streets, and the following day the institution was ready for
business in its new quarters. Approximately $150,000 has
been expended by the National Bank of Savannah on its new
home. The eighteen-ton security vault of the bank is situated
in the basement and is constructed entirely cf stone with a
tiled floor. The bank was organized in 1885 and has a capital
of $400,000, and surplus and profits of over $684,000.
Jacob S. Collins is President.
1765
pay a 35% dividend to the trust creditors of the defunct
bank. This is part of $275,000 received from the sale of the
trust company's building at California and Montgomery
Streets, San Francisco, last May. This property had been
previously pledged, it is stated, to the State to protect the
trust creditors, and the depositors, it is said, will receive
nothing from its sale. Another trust dividend will be declared later out of the remaining $75,000. The California
Safe Deposit & Trust Co. closed its doors on Oct. 31 1907.
It had a capital of $2,500,000 and deposits of nearly $9,000,000.
H. Van Luven, Cashier and Secretary of the Union Trust
Co. of San Francisco, Cal., died on Nov. 1.
Several promotions have recently been announced by the
Board of the Spokane & Eastern Trust Co. of Spokane,
Wash., as a result of the resignation of W.L. Clark, who will
become Vice-President and Manager of the Yellowstone
National Bank of Billings, Mont. W. T. Triplett, heretofore Assistant Secretary and Chief Clerk of the Spokane &
Eastern Trust, has been chosen Secretary and will retain his
former duties. Seth Richards, besides serving as Assistant
Secretary, as heretofore, has been selected Treasurer of the
company. J. L. Campbell has been appointed Auditor.
Mr. Triplett was Assistant Cashier of the Traders National
Bank for six years and upon its consolidation with the
Spokane & Eastern Trust Co. in June 1914, became an
Assistant Secretary of the continuing .institution. Mr.
Richards the new Treasurer has been in the employ of the
Spokane & Eastern since 1905. He is a son of Henry M.
Richards, a founder and former Vice-President of the cominstituThe Commercial Bank of Savannah, Ga., has purchased pany. Mr. Campbell has been connected with the
from W. R. Malone of New York, President of the Postal tion for the last ten years, and had heretofore been Assistant
Life Insurance Co. and associates, the Provident Building, Auditor.•
located at Drayton and Bryan Streets, Savannah, in which
H. A. Harvey, Superintendent of Eastern branches of the
the bank has its quarters. The Provident Building was Bank of British North America (head office, Montreal), will
built about twenty years ago and is a four-story and base- retire on a pension on Nov.30. The Court of Directors have
ment structure. The purchase price, although not made selected as his successor 0. R. Rowley, now Chief Inspector
public, is understood to be in the neighborhood of $85,000. of the bank.
The Commercial Bank has a capital of $100,000 and deposits
of $400,000. It is headed by J. H. H. Entelman and was
THE ENGLISH GOLD AND SILVER MARKETS.
organized in 1902.
We reprint the following from the weekly circular of
The Macon National Bank of Macon, Ga.,has purchased Samuel Montagu & Co. of London, written under date of
the controlling interest in the Macon Savings Bank (capital Oct. 19 1916:
GOLD.
$200,000), 1,500 shares at par ($100) a share having been
For the third week in succession the holding of gold by the Bank of Engan
increase.
On this occasion the a:ddition
notes
shows
land
against
its
transferred in the transaction. The Macon National Bank
also offers to purchase within thirty days all other stock of amounts to £720,965.
SILVER.
The undertone of the market remains good, though prices have continued
the savings bank at the same figure. The Macon National
to show some fluctuations. The quotation advanced gradually to 32 9-16d.
Bank has a capital of $150,000. Through the consolidation on
the 16th inst. On the following day, supplies becoming more plentiful.
the Macon National has total assets of over $1,300,000 and the price reverted to 32 5-16d.. and in the absence of competition remained
figure.
at
that
deposits of more than one million dollars. Jesse h. Hart
No feature of importance during the week requires comment save the
will continue as President of the enlarged bank. H. T. freedom with which sales have been made by America. These offers have
Powell, heretofore President of the Macon Savings Bank, been of such a size as to blunt the appetite of buyers and the market has
been somewhat inert in consequence. The Indian Bazaars have shown but
has been chosen Chairman of the board of the Macon Na- little
interest and the steadiness of the Chinese exchange has not allowed of
tional. The business of both banks will be conducted in business from that quarter.
The following extract from the "North China Herald," under date of
the quarters of the Macon National. The official staff of
Sept. 9 1916, from its correspondent at Kaifeng, indicates that a certain
the Macon National now stands as follows: Chairman of the shortage
ofsilver currency is felt as a consequence of the abnormal shipments
board of directors, H. T. Powell; President, Jesse B. Hart; of silver from China to India and this country:
Vice-President, R. G. Jordan; Cashier, R. E. Findlay; "Some time since I wrote you that a certain amount of mercantile trafin export silver dollars for import depreciated bills was going on.
Assistant Cashiers, H. C. King, H. P. Heath and D. W. ficking
So little silver is in circulation that the exchange shops hold a silver dollar
Powell. The Macon National opened for business in October worth from 140-160 copper cash higher than the paper .token. The
1912 with a capital of $150,000. The Macon Savings Provincial Official Bank, by order of the Civil Governor, has refused payment of specie for its own notes, which in consequence have depreciated
Bank had been in existence since 1875 and was the oldest 200
cash per tael. The effect of all this is to tie up business, even the most
bank in the city of Macon. It started business with a capital necessary—from farmer to consumer. The importance of this city, situated
on the banks of the great river Ho-ang-ho, and the capital of Henan
its
purchase by the Macon National
of $25,000. Before
(the third province of China in order of population), adds weight to the
the Macon Savings Bank reported surptus and profits of statement."
Mexican mines appear to have great difficulty in securing sufficient cyamore than $21,000 and deposits of over $300,000.
R. H. Hemp-hill has resigned as Manager of the credit
bureau of the Federal Reserve Bank of Atlanta, (Ga.,)' to
accept a position in the trust department of the Atlanta
Trust Co., where he will have an active part in the reorganization of some of the industrial corporations in which the
Atlanta Trust Co. is interested. On Sept. 1 the Atlanta
Trust organized a farm loan department under the management of H. 0. Reeve, formerly Manager of the farm loan
• department of the Mutual Benefit Life Insurance Co. of
Newark, N. J.
E. do los Magee, receiver of the defunct California Safe
Deposit & Trust Co. of San Francisco, Cal., on Oct. 25 filed
a report with Superior Judge J. M. Seawell, showing that
he has apportioned $200,000 of the funds in his possession to
nide for their operations, and there is a possibility of considerable restrictions in their output.
The last three Indian currency returns received by cable give details in
lacs of rupees as follows:
Sept. 30.
Oct. 7. Oct. 15.
71.53
71,21
71,87
Notes in circulation
25,56
25,36
26,23
Reserve in silver coin and bullion
10,99
10.87
10.66
Gold coin and bullion
11,92
11,92
11,92
Gold in England
The stock in Bombay consists of 3,200-bars, as compared with 3,300 bars
last week. The stock in Shanghai on the 14th inst. consisted of about
24.000,000 ounces in sycee and 16,500,000 dollars, as compared with about
23,500,000 ounces in sycee and 16,500,000 dollars on the 7th of October
1916. During the week a shipment of 200,000 ounces was made from San
Francisco to Calcutta.
Quotations for bar silver per ounce standard:
No
Bank rate
6%
Oct. 13-32 7-16d. cash
quotation Bar gold per oz. standard__ _77s. Pd.
14-32%
fixed
" 16-32 9-16 "
for
" 17-32 5-16 "
forward
" 18-32 5-16 "
delivery
" 19-32 5-16 "
Av.for week 32.406 cash
The quotation to-day for cash is the same as that fixed a week ag
1766
THE CHRONICLE
[voL. 103.
ENGLISH FINANCIAL MARKETS-PER CABLE.
TRADE AND TRAFFIC MOVEMENTS.
UNFILLED ORDERS OF STEEL CORPORATION.
The daily closing quotations for securities, &c., at London,
The United States Steel Corporation issued its regular
as reported by cable, have been as follows the past week:
London,
Nov. 4. Nov. 6. Nov. 7. Nov. 8. Nov. 9. Nov. 10. monthly statement yesterday, showing the unfilled orders on.
Week ending Nov. 10.
Sat.
Mon.
Tues.
Wed.
Thurs. Fri.
the books of the subsidiary corporations at the close of
Silver, per ounce
d 3234
33 7-16 3434
3434
3334
343(
October. For the first time in the company's history the
Consols, 234 per cents
5631
5634
5634
5634
5634
5634
British 434 per cents
96
9634
aggregate of unfilled orders at the close of the month exceeded
9534
9634
9634
9634
French Rentes (in Paris)
61.10
61.10
61.10
61.10
61.10
61.10
10,000,000 tons, the exact figures being 10,015,260 tons.
French War Loan (old), 5%
This is an increase of 492,676 tons over last month and of
(in Paris)
fr_ 87.65
87.85
87.65
87.65
87.65
The price of silver in New York on the same days has been: 77,462 tons over May 1916, the previous record, when the
outstanding orders at the end of the month were 9,937,798
Sliver in N.Y., per ozcts_ 6834
Holiday 7134
6934
7134
7134
tons.
In the following we give the comparisons with the previous
IMPORTS AND EXPORTS FOR SEPTEMBER.
months:
The Bureau of Statistics at Washington has issued the
Tons.
Tons.'
Tons.
Oct. 31 1916_10,015,260 Sept. 30 1914_3,787,667July 31 1912-5.957.079
statement of the country's foreign trade for September, and Sept.
1916_9,522,584 Aug. 31 1914_4,213.3311June 30 1912-5.807.348
from it and previous statements we have prepared the Aug. 30
31 1916_9,660,357 July 31 1914_4.158.589 May 81 1912_5.750.983
July 31 1916-9,593,592 June 30 1914_4,032,8571Apr. 30 1912_6.664.885
following interesting summaries:
June 30 1016._.9.640.458
FOREIGN TRADE MOVEMENT OF THE UNITED STATES.
(In the following tables three ciphers (000) are in all cases omitted.)
MERCHANDISE.
Exports
Imports
1915.
1916.
1914.
1916.
1915.
1914.
January
$330,036 $267,879 $204,067 $184,351 $122,148 $154,743
February
173,920
401,784
299.806
193,935
125.123
148,045
March
410,742
296,612
187.499
213,590
157,982
182,565
April
398,569
294,746
162.553
218.236
160,576
173.762
May
474,804
274,218
161,733
229,189
142,285
164,282
June
464.686
157,072
268.547
245,795
157,695
157,529
July
445,454
268,469
182,723
154,139
143,245
159,677
August
260,609
509,894
110,367
199,316
141,804
129,768
September... 512,848
300,655
164,129
150,052
151,236
139,711
October
336,152
194,711
149,173
138.080
November_
327,670
205,878
155,497
126.467
December.
245,633
359,306
114,667
171,833
Total
$3,555,669 $2,113,624
$1,778,597 $1,789,276
May 31 1916_9,937,798
Apill 30 1916_9,829,551
Mar. 31 1916...9,331,001
Feb. 29 1916_8,568,966
Jan. 31 1916-7,922,767
Dec. 31 1915_7,806.220
Nov. 30 1915_7.189,489
Oct. 31 1915_6.165,452
Sept. 30 1915_5,317,618
Aug. 31 1915_4,908,455
July 31 1915_4,928.540
June 30 1915_4,678,196
May 31 1915_4,264,598
Apr. 30 1915_4,162,244
Mar. 31 1915_4.255.749
Feb. 28 1915_4,345.471
Jan. 31 1915_4.246.571
Dec. 31 1914_3,836.643
Nov. 30 1914...3,324,592
Oct. 31 1914...3,461,097
GOLD.
1916.
$10,213
13,685
10,774
11,503
11,919
8,312
9,395
11,780
6,849
anuary
February
March
April
May
June
July
August
September
October
November_
December_
Total
Exports
1915.
$692
1,054
924
814
1,277
2,822
2,192
1,128
2,034
2.939
3,661
11.889
$31,426
January
February
March
Ap.11
May
June
July
August
Septembe .....
Octoner
November_
December
1916.
$4,636
4,947
5,748
4,856
6,212
4,644
4,336
5,815
6,530
Total
1914.
$6,914
9,079
2,632
407
16.835
48,107
33,669
18,126
21,887
50,202
14,527
131
1916.
$15,008
6,016
9,776
6,122
27,322
122,735
62,108
41,239
92,563
$222,616
SILVER.
Exports
1915.
$5,188
3,425
3,156
4,371
4,741
3,969
3,965
3,378
3,366
5,237
5,971
6,83i
1914.
$ 4,009
3,592
3,882
4,543
4,845
4,639
3,953
3,627
5,390
3,972
3,838
5,3 2
$53.599
$51,602
1916.
$1,852
2,596
2,880
2,176
2,725
3,183
2,426
2,517
2,880
Imports
1915.
$6,896
12,727
25.620
16,203
31,136
52,342
17,263
61,641
42,062
79,669
60,982
45,413
1914.
$10,442
3,209
7,842
3,460
1,973
3,817
3,392
3,045
2,762
5,945
7.392
4,100
$451,954
$57,388
Imports
1015.
$2,287
2,400
2,477
2,603
2,352
3,623
3,003
3,804
2,737
3,219
3,376
2,603
1914.
$2,384
1,911
2,567
2,214
1,755
1,822
1,240
2,097
1.864
2,724
2,705
2,739
$34,484
$25,959
EXCESS OF EXPORTS OR IMPORTS.
Merchandise
Gold
1916.
1915.
.914.
1916.
1915.
$
$
$
II
$
January.... +145.685 +145,731 +49,324 -4.795 -6,204
February.- +207.849 +174.683 +25,875 +7,669 -11,673
March
+187,152 +138.630 +4,944
+998 -24.696
April
+180,333 +134,170 -11,209 +5,381 -15,389
May
+245,615 +131,933 -2,549 -15,403 -29,859
June
-457-114.423 -49,520
-1-218,891 +110,852
July
+262,731 +125,224 -5,538 -52,713 -15,071
August
+310,528 +118.805 -19,401 -29,459 -60.513
September__ +348,719 +149.419 +16,341 -85,714 -40,028
October ____
4-186,979 +56,631
-76,730
November__
+172.173 +79,411
-57,321
December..
+188,473+130,976
-33,524
Total
+1.777,072+324.348
+ Exports. -Imports.
Silver----1916. 1915
$
+2,784 +2,901
+2,351 +1,026
+2,868 +679
+2,680 +1,768
+3,487 +2,389
+1.461
+347
+962
+1,910
+3.298 -426
+3,650 +629
+2,018
+2.595
+4,228
-420,528
Merchandise.
Exports.
in;.
ports.
Excess
of
ExExports, ports.
Gold.
Silver.
Excess
In;Exof
parts. Exports ports.
Excess
In;..
of
ports. Exports
$
$
3 I $ I
$
$
1916_ _ _ 3,948,817 1,831,264 2117553 94,430382,8881288458
1915.... 2,531,5421.302,0051220447 12,937,285,841/252954
1914.... 1,467,402 1,410,072 57,330157,6571 39,942 117,715
1913_ _ t,733,422,1,327,385 406,037, 74,071 46,200 27,879
1912_ _ 1,616,0241.332,8;15 283,129 43,728 38,790 4,938
1911... 1,4.55,50111,132,917322,584 18,263, 45,177 126,914
f Excess of imports.
$
47,724
35,557
38,480
49,022
52,348
49,528
1914_ 3,998,160,Mar. 31
1814....4.277.068
29
1914...4,653,825 Jan. 31
1914_5,026,440 Dec. 31
1914_4.613,630 Nov. 30
1913_4,282,108 Oct. 31
1913...4,496,347 Sept. 30
1913_4.513.767 Aug. 31
1913_5,003,785 July 31
1913_6,223,468 June 30
1913_5,399,356 May 31
1913...5.807,317 April 30
1913...6,324,322 Mar. 31
1913_6,978,762 Feb. 28
1913...7,468,956 Jan. 31
1913_7.656,7141Dec. 31
1913_7,827,368Nov. 30
1912...7,932,164 Oct. 31
1912...7.852483 Sept. 30
1912_7,594,3811/lug. 31
1912_
..
:
6:16
55375
1:3
507iJuly 31
1912_5,304,841
1912_5.454.201
1912_5,379,721
1911...5,084,765
1911...4,141,958
1911_3,694,327
1911_3,611,315
1911-3,695,985
1911_3,584,088
1011...3.361.087
1911...3,113,154
1911_3,218,700
1911_3,447,301
1911_,3,400.543
1911-.3,110,919
1910_2,674,750
1910...2,760,413
1910...2,871,949
1910-3,158,106
1910_3,537,128
1910_2.970,931
The figures prior to July 31 1910 were issued quarterly
only. These, extending back to 1901, were given in the
"Chronicle" of March 13 1915, page 876.
ANTHRACITE COAL SHIPMENTS.-The shipments
of anthracite coal for Octcber 1916 as reported to the Anthracite Bureau of Information at Wilkes-Barre amounted
to 5,870,204 tons, an increase of 326,128 tons over the preceding month, when 5,544,076 tons were shipped, but a
decrease of 812,803 tons as compared with October 1915,
when the movement aggregated 6,683,007 tons. It should
be noted, however, that the tonnage for October 1915 was
the heaviest for the month of October on record. The total
shipments for the season from Jan. 1 to Oct. 31 1916 were
55,800,620 tons, against 55,239,947 tons in 1915, a gain of
560,673 tons. The Bureau in its report comments upon
this increase and upon the coal situation in general as follows:
In comparing the total shipments from January to October in 1916 with
those for the same period in 1915, consideration must be given to the fact
that in addition to the increase of 560,673 tons the markets have absorbed
a large amount of coal that was in storage at the beginning of the season.
The shipments from storage yards in October amounted to approximately
500,000 tons, which are not included in the railroad shipments reported
for the month and reduce by that amount the apparent shortage as compared
with October 1915. The net decrease of 300,000 tons could undoubtedly
have been made up if it were not for the interference with operations due
to button strikes, non-legal holidays, &c. There Is no reason to believe
that any more of the domestic sizes of anthracite have been burned during
the past summer than is usual for that season of the year, wherefore it is
natural to conclude that the great majority of consumers, warned by their
experience of last winter, have bought their winter fuel in advance and
that the present unusual demand Is due.chiefly to over-anxiety.
A further fact to be considered in comparing the statistics of 1916 with
those of 1915 is that a considerable portion of the tonnage produced in the
summer months of 1915, or from May to September, was placed in storage,
whereas this year's entire production has been sold and delivered. Under
all the circumstances it would seem that there must be more coal in the
consumers' cellars than there was at this time last year.
Below we compare the shipments by the various carriers
for October 1916 and 1915 and for the ten months ending
+19.111 Oct. 31:
Totals for merchandise, gold and silver for nine months:
Nine
Months,
(000s
omitted)
May 31
Apr. 30
Mar. 31
Feb. 28
Jan. 31
Dec. 31
Nov. 30
Oct. 31
Sept. 30
Aug. 31
July 31
June 30
May 31
Apr. 30
Mar. 31
Feb. 28
Jan. 31
Dee. 31
Nov. 30
Oct. 31
Sept. 30
Aug
$
23,235
25,286
17,791
27,430
36,302
33,696
$
24,489
10,271
20,089
21,592
16,046
15,832
October
Jan. 1 to Oct. 31Road1016.
1915.
1916.
1915.
tons_ 1,206,570 1,199,284 10,601,274 9,195,089
Philadelphia Sr Reading
Lehigh Valley
1,073,176 1,266,539 10,009,618 10,714,002
Central Railroad of New Jersey
611,158 895,895
5,913,706 6,532,694
Delaware Lackawanna & Western
946,945 888,609
8,705,328 7,679,800
Delaware & Hudson
589,636 701,279
5,875,184 6,671,603
Pennsylvania
480,920 637,052 4,953,554 4,870.961
Erie
623,383 708,007
6,409,638 6,524,667
New York Ontario & Western
132,291 209,227
1,635,766 1,696,187
Lehigh & New England
.206,125 177,115 *1,696,552 1,354,944
Total
5,870,204 6,683,007 55,800,620 55,239,947
*After deducting (to avoid duplication) tonnage delivered to the Central RR. of
N.J. at Hauto by the Lehigh & New England RR. and included as part of the tonnage of the latter. This amounted to 73,127 tons in Oct. 1916 and to 401,934 tons
for the five months ending Oct. 31.
LAKE SUPERIOR IRON ORE SHIPMENTS.-ShipSimilar totals for the month of July for six years make ments of iron ore from the Lake Superior region during
the following exhibit:
October aggregated 9,116,196 tons, against 7,146,873 tons
in October 1915 and 9,600,786 tons in September 1916. For
Merchandise.
Gold.
Silver.
the season to Nov. 1 the tonnage amounts to 57,932,846
Three
Month.
Excess
Excess
Excess
tons, as compared with 41,816,439 tons in 1915 and 45,799,IreEs(00011
of
ExImof
EsIn;.
of
ports. Exports ports. ports. Export: ports
omitted) ports.
ports. Exports
520 tons in 1913, the previous record year. The total season's shipments for 1916, it is stated, will be near 63,000,000
11
$
$
$
*
$
$
*
$
1918... 1,468,197 546,168922,020, 28,024 195,909/167885 16,682 7,823 8,859
tons. To accomplish this the fleet will have to move
1915- 829,734 438,285393,449 5,354 120,9671115613 10,708 9,544 1,164
1914... 420,559 429,156 /8,597 73,682 9,199 64,483 12,97
5,201 7,769 approximately 5,067,000 tons from Nov. 1 to the close of the
1913... 567,140 447,798 119,342 10,345 18,290 /7,J45 15,700 9,299 6,401
1912___ 516,408 448,243 68,165 10,331,
season. Owing to the light grain movement, it is predicted
,194 18.679 11,037 7,642
1911_ 467,681 369,171 98,510 5,012 11,404 /6,392 15,085 11,736 3,349
that the bulk of the steel vessels will carry ore during the
f Excess of imports.
first half of November. Below we give the shipments from
Nov. 111016.1
THE CHRONICLE
the various ports for November 1916, 1915 and 1914, and
for the season to November 1:
To November
October
1914.
1910.
1915.
1915.
1916.
876,488 928,399 421,341 6,507,482 4,940,081
519,805 522,071 265,861 3,546,651 2,836,203
1,218,134 866,170 487,829 7,269,846 4,695,752
1,732,865 1,351,893 1,442,216 11,493,831 7,348,916
3,298,314 2,301,352 918,144 19,472,473 14,108,571
1,470,589 1,176,388 707,001 9,642,563 7,886,563
1
Name of Company.
1767
When
Per
Cent. Payable.
Books Closed.
Days Inclusive.
Miscellaneous (Concluded).
Inland Steel (guar.)
Dec. 1 Holders of reo. Nov. 10a
2
Int. Harv. of N. J., pf. (qu.) (No. 39). _
14 Dee. 1 Holders of rec. Nov. 10a
Int. Harvester Corp, Pf. (qu.) (No. b5)
14 Dec. 1 Holders of rec. Nov. 10a
International Nickel, common (guar.)___ _ $1.50 Dec. 1 Holders of rec. Nov. 18
Kerr Lake Mining (guar.) (No. 45)
25o. Dee. 15 Holders of rec. Dec. la
Kings Co.Elec. Lt.& Pow.(qu.)(No.67) 2
Dee. 1 Holders of reo. Nov. 20a
Lanston Monotype Machine (guar.)
14 Nov. 29 Holders of rec. Nov.20
50o. Dee. 1 Holders of reo. Nov. 15a
Lee Rubber & Tire (guar.)
9,116,196 7,146,873 4,242,392 57,932,846 41,816,439 30,951,805
Total
Extra
25e. Dee. 1 Holders of reo. Nov. 150
Lehigh Coal & Navigation (guar.)
Nov.29 Holders of reo. Oct. 31a
Si
Liggett & Myers Tobacco. com. (guar.)_
Doe. 1 Holders of reo. Nov.154
3
Lindsay Light, common (guar.)
3
Nov. 29 Holders of rec. Nov. 16
Preferred (guar.)
134 Nov.29 Holders of rec. Nov.16
Manatl Sugar. common
1234 Dec. 1 Holders of rec. Nov.28
Massachusetts Gas Companies, preferred $2 Dec. 1 Nov. 16 to Nov.80
DIVIDENDS.
Miami Copper Co.(guar.)(No. 17)
$1 50 Nov. 15 Holders of rec. Nov. la
Middle West Utilities, preferred (quar.)_
14 Doe. 1 Holders of reo. Nov. 15
The following shows all the dividends announced for the Midwest
Oil, preferred
2o. Nov. 20 Holders of rec. Nov. la
future by large or important corporations:
Mitchell Motors (guar.) (No. 1)
$1.50 Nov. 24 Holders of reo. Nov. 10
Mobile Electric, preferred (guar.)
Dividends announced this week are printed in italics.
154 Nov. 15 Holders of reo. Oct. 31
Moline Plow,first preferred (guar.)
14 Dec. 1 Holders of rec. Nov. 17e
Montreal Lt., Ht.& Pow.(qu.)(No.62)
2
Nov. 15 Holders of rec. Oct. 31
When
Per
National Carbon, common (quay.)
Books Closed.
Jan. 15
2
Common (extra)
Cent. Payable.
Name of Company.
Days Inclusive.
2
Jan. 15
National Carbon, preferred (quar.)
n Nov. 15 Holders of rec. Nov. 4a
Railroads (Steam).
National Lead, preierred (quar.)
ln Dec. 15 Holders of rec. Nov. 24a
24 Dec. 29 Holders of rec. Dec. 2a
National Relining, common (guar.)
Alabama Great Southern, ordinary
134 Nov. 15 Holders of rec. Nov. la
1
Dec. 29 Holders of rec. Dec. 2a
Common (extra)
Ordinary (extra)
134 Nov. 15 Holders of rec. Nov. 1
National Transit
Preferred
50o. Dec. 15 Holders of rec. Nov. 304
3
Feb. 23 Holders of rec. Jan. 22a
25c. Dec. 1 Holders of rec. Oct. 15a
New York Transportation
Preferred (extra)
3,5 Feb. 23 Holders of roe. Jan, 22a
Niles-Bement-Pond,com. (guar.) (No. 58).. 234 Dec. 20 Dec. 7 to Dec. 20
Atoh Topeka & S. F., corn.(qu.)(No.48) 14 Dee. 1 Holders of rec. Nov. 3a
Preferred (guar.) (No. 69)
134 Nov. 15 Nov. 10 to Nov. 15
$1.25 Nov. 18 Holders of rec. Nov. 6a
Calawissa, first and second preferred
Ohio Cities Gas, common (guar.)
75c. Dec. 4 Nov. 21 to Nov. 30
6234e Dec. 1 Holders of rec. Nov. 15
Chestnut Hill (guar.)
Dec. 1 Holders of reo. Nov. to
Cleveland & Pittsburgh., reg., guar.(qu.) 8734e. Dee. 1 Holders of reo. Nov. 100 Ohio Cities Gas corn. (pay, in corn. stk.) 15
50c Dec. 1 Holders of reo. Nov. 10a Ontario Steel Products, preferred (guar.) 134 No. 15 Holders of reo. Oct. 31a
Special guaranteed (guar.)
1
Nov. 15 Holders of reo. Nov. 84
Cripple Creek Cent., corn. (qu.)(No. 28) 14 Dec. 1 Holders of reo. Nov. lba Penmans, Limited,common (quar.)
Light
&
1
Coke (quar.)
Dec. 1 Holders of reo. Nov. 15a Peoples Gas
134 Nov. 25 Holders of rec. Nov. be
Preferred (guar.) (No. 44)
2
Pittsburgh Steel, preferred (guar.)
Nov. 20 Nov. 11
ln Dec. 1 Holders of rec. Nov. lla
Delaware et Bound Brook (guar.)
to Nov. 19
14 Dec. I Holders of reo. Nov. 9a Porto Rican-American Tobacco (quar.)--- 4
Dec. 7 Nov. 16 to Dec. 7
Illinois Central (guar.) (No. 124)
Stock dividend
1
Nov. 18 Holders of rec. Oct. 31a
el0 Dec. 7 Nov. 16 to Dec. 7
Norfolk & Western, ad). pref. (quar.)__
Common (guar.)
14 Dec. 19 Holders of rec. Nov. 30a Pratt de Whitney, pref. (guar.) (No. 63)_ _
14 Nov. 15 Nov. 10 to Nov. 15
14 Nov. 29 Holders of rec. Nov. la Pressed Steel Car, com. (guar.) (No. 24) 14 Dec. 6 Holders of rec. Nov. 15a
Pennsylvania(guar.)
50o. Dee. 14 Holders of rec. Nov. 280
Preferred (guar.) (No. 71)
Reading Co. first pref. (guar.)
134 Nov. 22 Holders of rec. Nov. la
Procter & Gamble, common (guar.)
Phila. Germantown (Cc Norristown (quar.)- $1.50 Dec. 4 Nov. 21 to Dec. 3
5
Nov. 15 Holders of reo. Oct. 31a
Pullman Co. (guar.)
Pittsburgh Bessemer dc Lake Erie, preferred $1.50 Dec. 1 Holders of rec. Nov. 15
2
Nov. 15 Holders of rec. Oct. 314
14 Jan. 2 Holders of rec. Nov. 29
Pure Oil, common (quar.)
Southern Pacific Co. (guar.) (No.
30o. Dec. 1 Nov. 16 to Nov.30
2
Jan. 2 Holders of roe. Dec. la
Common (extra)
Union Pacific, common (guar.)
20e. Dec. 1 Nov. 16 to Nov.80
Quaker Oats, common (guar.)
Street and Electric Railways.
234 Jan. 15 Holders of rec. Dec. 30a
14 Nov. 15 Holders of reo. Oct. 31a
Preferred (guar.)
American Railways, preferred (guar.)._
134 Feb. 28 Holders of rec. Feb. la
14 Nov. 15 Holders of reo. Nov. 8,
Boston Elevated Ity. (guar.)
1 Quaker Oats, preferred (guar.)
134 Nov.29 Holders of rec. Nov. la
Dec. 1 Holders of reo. Oct. 31
Brazilian Trao., Lt. & Pow., ord'y (guar.) 1
Reading Stockholders Assoc., com
Nov. 15
$1
Cent. Ark. Ry. et Light, Pf. (qu.)(No. 15) 14 Dec. 1 Holders of rec. Nov. 15a
Preferred
Nov. 15
I
A Dee. 1 Holders of reo. Nov. 15
Cities Service, common (monthly)
Sears, Roebuck & Co., common (guar.).- ln Nov. 15 Holders of reo. Oct. 310
Common (payable in common stook)Dee. 1 Holders of reo. Nov. 15
/4
SlIvcrstniths Co., common
2
Nov. 15 Holders of rec. Nov. 6
Preferred (monthly)
4 Dee. 1 Holders of reo. Nov. 15
Preferred (guar.)
134 Nov. 15 Holders of me. Nov. 6
Citizens' Traction, Pittsburgh
81.511 Nov. 16 Holders of rec. Nov. 10
Sinclair Oil & Refining (guar.)
$1.25 Nov. 15 Holders of rec. Oct. 3Ia
Connecticut Ry. & Ltg.,com. & pf. (qu.) 1
Nov. 15 Nov. 1 to Nov. 15
South. Calif. Edison, corn. (qu.)(No. 27) In Nov. 15 Holders of rec. Oct. 31
Cumberland Co.(Me.) Pow. et Lt.,com.(gu) 1
Dec. 1 Holders of rec. Nov. 15
Southern Pipe Line (guar.)
6
Dee. 1 Holders of rec. Nov. 15
Detroit United Ity. (guar.)
14 Doe. 1 Holders of reo. Nov. 18
Standard Milling, corn. (quar.) (No. 6). kl
Nov. 29 Holders of reo. Nov.20a
Havana Elec. Ry., L.& Pow.,corn. & pi_ 3
Nov. 15 Oct. 26 to Nov. 15
Common (payable in common stock)._ kl
Nov. 29 Holders of ieo. Nov.20a
Illinois Traction, common (guar.)
X Nov. 15 Holders of rec. Nov. la
Preferred (quar.) (No. 28)
131 Nov. 29 Holders of reo. Nov.20o
Pacific Gas & Elec. 1st pref.(qu.)(No.9) 14 Nov. 15 Holders of reo. Oct. 31
Standard 011 (California)(guar.)(No.32) 234 Dec. 15 Holders of reo. Nov.20
Original preferred (guar.)(No.43). _
Standard Oil (Indiana) (guar.)
14 Nov. 15 Holders of reo. Oct. 31
Nov. 29 Nov. 7 to Nov.30
3
Tampa Electric Co.(quar.)(No.48)
24 Nov. 15 Holders of reo. Nov. 7a Standard Oil (Kansas) (guar.)
3
Dec. 15 Holders of rec. Nov.30
Extra
Miscellaneous
2
Dec. 15 Holders of rec. Nov.30
Standard
Holders
011
of
New
Nov.
14
of
reo.
15
York (guar.)
ln Nov.
Acceptance Corporation (guar.)
Dee. 15 Holders of rec. Nov.24a
2
Stewart-Warner Speedometer. com. (qu.) 14 Nov. 15 Oot. 31 to Nov. 5
Acme Tea, first and second pref. (guar.)- 14 Dec. 1 Nov. 21 to Dec. 1
Studebaker Corporation, common (guar.)_ _
14 Nov. 30 Holders of rco. Oct. 31a
Alaska Packers' Association (guar.)
24 Dec. 1 Holders of rec. Nov.20
Preferred (guar.)
50o Nov. 15 Holders of reo. Nov. be
American Bank Note, common (quar.)
14 Dec. 1 Holders of rec. Nov.20
Swift & Co. (extra)
14 Nov. lb Holders of reo. Oct. 31
American Brass (guar.)
33 1-3 Nov.25 Holders of rec. Oct. 16a
Underwood Typewriter, common (guar.)_ _ _
34 Nov. 15 Holders of reo. Oct. 31
Extra
14 Jan. 1 Holders of rec. Dec. 20
Doe. 20 Holders of reo. Nov. 30
5
American Brass (extra)
Preferred (guar.)
154 Jan. 1 Holders of rec. Dec. 20
1
Dec. 1 Nov. 17 to Dec. 7
American Cotton Oil, common (guar.).-- Union American Cigar, pref. (quar.)__ - _
14 Nov. 15 Oct. 31 to Nov. 15
3
Dec. 1 Nov. 17 to Dec. 7
Preferred
United Cigar Stores, common (guar.).
ln Nov. 15 Holders of reo. Oct. 270
Dec. 1 Holders of reo. Aug. 1
6
American Cyanamid. pref
United Cigar Stores of America, pref. (qu.)
13.1 Dec. 15 Holders of rec. Nov. 29a
31.50 Jan. 2 Holders of rec. Nov. 29
American Express (guar.)
United Drug, second pref (qu.)(No. 3)
14 Dec. 1 Holders of rec. Nov. 15
Special dividend
52 Jan. 2 Holders of rec. Nov. 29
U.S. Cast I. Pipe& Fdy., pf.(qu.) ‘No.51) d% Nov. 15 Holders of rec. Nov. 8a
Amer. Graphophone, pref. (qu.)(No. 74) 14 Nov. 15 Holders of roe. Nov. la
Preferred (extra)
2
Nov. 15 Holders of rec. Nov. 3a
Nov. 15 Holders of roe. Nov. 10a United States Steamship (extra)
Am. La France Fire Eng.,Ino..com.(qu.) 1
5o. Dec. 1 Holders of reo. Nov. 18
American Radiator, common (guar.)... _
4
Dec. 30 Dec. 22 to Dec. 30
U. S. Steel Corporation, com. (guar.)
134 Doe. 30 Dec. 2 to Dec. 10
Preferred (guar.)
14 Nov. 15 Nov. 8 to Nov. 15
Common (extra)
1
Dec. 30 Dec. 2 to Dec. 10
American Sewer Pipe
14 Dee. 20 Deo.10
to Deo.19
Preferred (guar.)
134 Nov. 29 Nov. 7 to Nov. 19
Amer. Smelting & Refining, com. (guar.) 134 Dee. 15 Nov. 25 to Nov. 26
Warwick Iron & Steel
3
Nov. 15 Nov. 1
to Nov. 15
Preferred (guar.)
14 Doe. 1 Nov. 11 to Nov.19
Wayland Oil & Gas, preferred
15o. Nov. 15 Holders of rec. Nov. la
American Soda Fountain (quay.)
14 Nov. 15 Holders of reo. Nov. 1
Western States Gas & Elec., corn.(guar.)
)g Nov. 15 Holders of reo. Oct. 31
American Tobacco, common (guar.)._ _
5
Dec. 1 Holders of rec. Nov. 15a Westinghouse Air Brake (extra)
Nov. 21 Holders of reo. Oct. 310
$5
Anaconda Copper Mining (auar.)
$2
Nov. 27 Holders of reo. Oct. 21a White (J.G.) Co.,Inc.,pf.(qu.)(No.54)._
134 Dec. 1 Holders of reo. Nov. 21a
Atlantic Refining (guar.)
Dec. 6 Holders of rec. Nov. 20
5
White(J.G.) Eng., pt. (guar.)(No. 15).134 Dec. 1 Holders of rec. Nov. 21a
Beatrice Creamery, common (guar.)
24 Nov. 11 Nov. 8 to Nov. 12
White (J.G.) Manag't, pf. (qu.) (No. 15) ln Doe. 1 Holders of roe. Nov. 184
Preferred (guar.)
14 Nov. 11 Nov. 8 to Nov. 12
White Motor (guar.)
$1 Dec. 31 Holders of rec. Dec. 15
4
Bond & Mortgage Guarantee (quar.)-Nov. 15 Holders of reo. Nov. 8
Woolworth (F.W.) Co.,corn.(qu.)(No.18) 2
Dec. 1 Holders of rec. Nov. 10a
British Columbia Fish. et Pack
2
Nov. 21 Nov. 10 to Nov. 20
British Columbia Packers' Assoc., com
a Transfer books not closed for this dividend. b Less British income tax.
Nov. 21 Nov. 10 to Nov. 20
4
14 Dec. 1 Holders of rec. Nov.25
Brown Shoe, Inc., common (guar.)
d Correction. e Payable in stock. f Payable in common stock. g Payable in
Buckeye Pipe Line (quar.)
scrip. /a On account of accumulated dividends. t Declared on common stook
$2 Dec. 15 Holders of reo. Nov. 24
Burns Bros., com. (guar.) (No. 12)
im Nov. 15 Holders of rec. Nov. la 24%, payable Dec. 1 to holders of record Nov. 28; 24%. payable March 1 1917
Cambria Steel (guar.)
1
Nov. 15 Holders of reo. Oct. 31a to holders of record Feb. 26 1917; 234% June 1 1917 to holders of record May 29
Canada Cement, Ltd.. preferred (guar.). ln Nov. 16 Nov. 1 to Nov. 10
%, payable Sept. 1 1917 to holders of record Aug. 29 1917. k Declared
1917;
Canada Foundries & Fora., corn. (guar.) 3
Nov. 15 Holders of reo. Oct. 31
a dividend of 3% on the common stock, payable one-half In cash and one-half in
Common (bonus)
3
Nov. 15 Holders of reo. Oct. 31
common stook at par, in quarterly installments as follows: 1% cash and 1% coin.
Preferred (quar.)
134 Nov. 15 Holders of rec. Oct. 31
srook on Nov. 29 to holders of record Nov. 20; 1% cash and 1% corn, stock on
Caney River Gas (guar.)
Feb. 28 1917 to holders of record Feb. 19 1917: 1% cash and 1% com. stock on
234 Nov. 20 Nov. 10 to Nov. 20
Cerro de Pasco Copper (guar.) (No. 4)._
$1
Dec. 1 Holders of rec. Nov. 17
May 31 1917 to holders of record May 21 1917: 1% cash and 1% com. stock on
Charcoal Iron of America. Preferred
10o. Nov 29 Holders of rec. Nov. 15
Aug. 31 1917 to holders of record Aug. 211917. 1 Declared 1%, payable one-half
Preferred
100. Dec. 30 Holders of rec. Dec. 15
Dee. 20 and one-half March 20 1917.
Civic Investment & Industrial (quar.)__ _
1
Nov lb Holders of reo Oct. 31
Colorado Power, Preferred (guar.)
134 Dee. 15 Holders of rec. Nov. 30
Consolidated Gas (guar.)
National Banks.-The following information regarding
154 Deo, 15 Holders of reo. Nov. 10a
Continental Paper Bag, pf. (qu.)(No.65) 14 Nov. 15 Holders of rec. Nov. 8
national banks is from the office of the Comptroller of the
be. Nov. 23 Nov. 16 to Nov. 23
Cosden & Co. (guar.)
Currency, Treasury Department:
25e. Nov. 23 Nov. 16 to Nov. 23
Extra
75c. Dec. 15 Nov. 22 to Dec. 15
Crescent Pipe Line (guar.)
APPLICATIONS FOR CHARTERS.
h2 Nov. 29 Holders of reo. Nov. 15a
Crucible Steel. preferred (extra)
For organization of national banks:
5
Dec. 18 Holders of rec. Dec. 1
Cumberland Pipe Line
The First National Bank of Geyser, Mont: Capital
14 Dec. 1 Holders of rec. Nov. 15a
$25,000
Deere et Co., preferred (guar.)
The First National Bank of Frazer, Mont. Capital
14 Deo.d15 Holders of rec. Nov. 29a
25,000
Diamond Match (guar.)
The Oswego National Bank of Oswego, Mont. Capital
50c. Dec. 1 Holders of rec. Nov. 20
25,000
Dome Mines, Ltd. (guar.)
2
The First National Bank of Whitehall, Mont. Capital
Nov. 15 Holders of rec. Oct. 31
25,000
Dominion Bridge, Ltd. (guar.)
3
The City National Bank of New Wilson, Okla. Capital
Nov. lb Holders of reo. Oct.
Extra
25,000
14 Deo, 15 Holders of reel. Dec. 31
The Farmers' National Bank of Fayetteville, Tex. Capital__
Eastern Steel, first preferred (quar.)25,000
1
Deo, 15 Holders of rec. Dee. 1
First preferred (accrued diva. to date). h28
234 Jan. 1 Holders of rec. Nov. 15a
Total capital
Eastman Kodak, common (guar.)
$150.000
5
Nov. 15 Holders of reo. Oct.
Common (extra)
CHARTERS ISSUED.
14 Jan. 1 Holders of rec. Nov. 25
Preferred (guar.)
15a Original organizations:
Gaston, Williams & Wfirmore. Inc
St
Nov. 15 Holders of reo. Nov. 1
The Verona National Bank, Verona, N.J. Capital
$25,000
General Asphalt, preferred (guar.)(No. 38) 14 Dec. 1 Holders of rec. Nov. 15a
14 Deo, 1 Holders of rec. Nov.2u0
General Chemical, common (guar.)
INCREASE OF CAPITAL APPROVED.
Development
14 Dec. 1 Holders of rec. Nov. 15
General
The First National Bank of Gouverneur, N. Y.
1
Goodrich (B. F.) Co., common (guar.)._
Nov. 15 Holders of reo. Nov. 3a
Capital increased from 8100,000 to $200,000. Increase
$100,000
1
Common (guar.)
Feb. 15 Holders of ree. Feb. 2a
ln Jan. 2 Holders ot reo. Dec. 210
LIQUIDATION.
Preferred.(guar.)
3
Dee, l'Nov. 21 to Nov. 30
Goodyear Tire & Rubber, corn. (guar.)
The First National Bank of Harlan, Ky. Capital
$50,000
75e. Dec. 20 Dec. 3 to Dec. 20
Great Northern Iron Ore Properties
Succeeded by The First State Bank of Har an, Ky. Liquidat2
Nov. 27 Holders of reo. Nov. 10a
Greene Cananea Copper (guar.)
ing agent, W. W. Lewis, Harlan, Ky.
2
Jan. 2 Holders of reo. Dec. 15a
Gulf States Steel, common (No. 1)
Harbison-lValker Refractories, com.(guar.) 134 Dec. 11Holders of rec. Nov. 20
2
Dec. 1 Holders of rec. Nov. 20
Canadian Bank Clearings.-The clearings for the week
Common (extra)
1
Dee. 1 Holders of reo. Nov. 20a
Hart, Schaffner & Marx, corn. (quar.)_ _
ending Nov. 4 at Canadian cities, in comparison with the
- 65e. Nov. 25 Holders of rec. Nov. 20
Homestake filming (mthly.) (No. 506)
same week in 1915, show an increase in the aggregate of
Ill. & Power Securities, pf. (qu.)(No. 17) 134 Nov. 15 Holders of reo. Oct. 31
$2
Nov. 15 Holders of ree. Oct. 23
Indiana Pipe Line (guar.)
17.1%.
PortEscanaba
Marquette
Ashland
Superior
Duluth
Two Harbors..
1914.
3,440,992
1,651,579
3,229,746
10,920,469
6,197,043
5,511,976
eaminercta 1 a ntUt15cetiaucous4eiti5
*MINA nrne..... ••••••••••••••••.....
THE CHRONICLE
1768
By Messrs. Francis Henshaw & Co., Boston:
Week ending Not. 4.
Clearings at1916.
CanadaMontreal
Toronto
Winnipeg
Vancouver
Ottawa
Quebec
Calgary
Halifax
Hamilton
Victoria
St. John
Edmonton
London
Regina
Brandon
Lethbridge
Saskatoon
Moose Jaw
Brantford
Fort William
New Westminster
Medicine Hat
Peterborough
'
Sherbrooke
Kitchener
Total Canada
$
86.774,279
61,433,599
57,155,238
7,033,394
6,058,091
3,488,1681
6,215,149
2,720,780
4,686,133
1,410,646
1,646,136
2,734,345
2,052,572
3,826,886
718,093
964,143
1,968,028
1,682,599
648,950
688,518
301,695
671,884
582,290
449,255
480,481
1915.
Inc. or,
Dec. I
1914.
$
% 1
$
67,135,927 +29.3 50,861,681
47,621,971 +29.0 37,487,040
58,970,524 -3.1 39,481,023
5,770,822 +21.9 7,217,215
4,795,885 +26.3; 4,413,593
3,528,058 -1.1! 3,816,150
4,784,532 +30.0 4,233,676
2,358,230 +15.4 2,108.034
4,350,964 +7.7, 3,032,650
1,512,122 -6.71 2,721,558
1,888,488 -12.81 1,681,445
2,293,842 +19.2; 2,458,172
2,175,711 -5.6; 1,877,693
3,223,640 +18.7; 2,384,034
912,955
957,006 -25.0
678,052 +42.21
397,076
2,098,804 -6.2, 1,291,552
1,485,777 +13.3; 1,112,085
744.689 --13.2,
412,305
753,325
619,132 +11.1!
335,841
280,794 +7.51
401,677 +67.21
300,506
431,523
505,470 +15.2,
Not includ ed in to tals
Not includ ed in to tals.
[Vol.. 103.
1913.
$
60,945,779
50,144,806
53.773,358
12,905,682
5,277,490
3,698,479
6,303,423
2,290,604
3,808,359
3,738,797
1,911,624
5,410,801
1,918,842
3,586,877
1,082,825
906,521
2,546,563
1,667,615
841,213
1,209,735
549,841
662,996
Shares. Stocks.
10 Bigelow-Hart Carpet, pref
4 Draper Corporation
6 Mass. Lighting Cos., corn
By Messrs. R. L. Day & Co., Boston:
$ per sh.
Shares. Srocks.
$ per sh. Shares. Storks.
6 Nat; Shawmut Bank
191M 4 Library Bureau, pref. series B_ _104
15 Ludlow Mfg. Associates
15 American Glue, prof
14714-148
135
127
6 Lockwood Co., Waterville
110
6 American Glue, common '
25 Laurel Lake Mills, F. R
100
4 Adirondack Elec. Pow., pref--- 83A ...
105
40 Bay State St. Ry., 1st pref
8 Plymouth Rubber, pref
97
Imports and Exports for the Week.-The following are
the reported imports of merchandise at New York for the
week ending Nov. 4 and since the first week of January:
FOREIGN IMPORTS AT NEW YORK.
For Week.
I
Total for the week_ _
Previously reported_
Shares. Stocks.
Per cent. Shares. Stocks.
Per cent.
200 N. Y. dr Queens Elec. L. & P.
3714 'Woodmere Realty Co.__ -$16 lot
non-cum. pref
5 Old Colony Club Corp., pref.
. 795i
30 Clasons Point Land Co
15
and 5 shs. corn. as bonus_ _$175 lot
10 Canadian Car & F., pref
Bonds.
90
215 Casualty Co. of America,
$247,000 Grant Brick Co. 1st
$10 each
$500 lot
cony
$100,000 lot
By Messrs. Barnes & Lofland, Philadelphia:
Shares. Stocks.
$ per sh.
7 Pennsy: Fire Insur, Co-430A-431
50 Steel's Hotel Co
'
1 8 Farmers & Meehan. Nat. Bank 133%
11 Pennsy. Co.for Insurances,&c.725
5 Eighth National Bank
412
10 Sixth National Bank
202
23 Third National Bank
250
29 Commercial Trust Co
413
15 Fairmount Say. Trust Co
100
5 Hadulngton Title Sr Trust......100
2 Market St. Title & Tr.,$50 ea_ 101
28 Robert Morris Trust
70
20 Phila. Warehouse Co
120
13 Fire Assocn. of Phila.,$50 each 346
40 Peoples Nat. F. Ins., $25 each 18
20 Germantown Pass. Ry_ _105A -105%
10 West Phila. Title &Tr.,$50 ea.1503.
20 Giant Portland Cement, corn.,
2g
$50 each
Shares. Stocks.
$ per sh.
100 Camden & Sub. Ry.,825 each- 18
6 Phila. Bourse, pref., $25 each 223,i
20 Phila. Bourse, corn., $50 each_6 X-7
10 Miners Nat. Bank, Pittsville,
99
$50 each
10 Manayunk Trust Co., $50 each 61%
5 Bank of Commerce
125
9 Corn Exchange Nat. Bank_ _373
12 John B.Stetson, common
375
2 Pa. Academy of Fine Arts
75
Bonds.
Per cent.
$1,000 North Spring. Water 1st 55,
1928
84
$1,000 Hunt. & B. T. M. RR. &
Coal 2d 45, 1925
75
$400 Giant Portland Cement 1st 6s,
1922
92%
54,000 Salisbury Water Co. 1st 5s,
10
1926
1916.
1915.
$15,727,210
1,053,805,691
I
1914.
1913.
$20,883,693: $16,008,5621 $16,125,085
798,213,6241
815,221,560
811,362,172
1
5819,097,3171 $835,230,122 $827,487,977
Total 44 weeks...._ $1,069,532,901
EXPORTS FROM NEW YORK FOR THE WEEK.
255.459.616 218,182,117 +17.1 169,721,732 225,182,230
Auction Sales.-Among other securities, the following,
not usually dealt in at the Stock Exchange, were recently sold
at auction in New York, Boston and Philadelphia:
By Messrs. Adrian H. Muller & Sons, New York:
$ per sh. Shares. Stocks.
5 per oh.
102A
1081,5 6 Mass. Lighting Cos., pref •
1511i 2 Taunton & N. Bedford Copper..160
21% 20 Olympia Theatres, common_:._ 5
1916.
I
1915.
1 913.
1914.
$60,832,338
$42,156,157
For the week
Previously reported_ 2,385,761,666 1,421,514,667
$17,980,211
705,618,770
$15,585,130
724,923,180
Total 44 weeks...._ $2,446,594,004 $1,463,670,724
5723,598,981
$740,508,340
EXPORTS AND IMPORTS OF SPECIE AT NEW YORK.
Week ending Nov. 4
Exports.
Gold.
Week.
Great Britain
France
Germany
West Indies
Mexico
South America
All other countries
Total 1916
Total 1915
Total 1914
Silver.
Great Britain
France
Germany''
West Indies
Mexico
South America
All other countries
Total 1916
Total 1915
Total 1914
Since
Jan. 1.
Imports.
Week.
$37,131,507
.
23,971
$30,000 $0,568,693
7,500 27,670,441
723,500
8,000
378,371 10,921,653
14,288,825
Since
Jan. 1.
$918
222,783
89,582
84,890
9,789,254
3,213,983
8,291,987
2,345,155
$423,871 $80,173,112 $358,153 $60,795,857
95,000 14,919,188 11,735,734 70,789,192
128,177,445
513,960 8,076,227
$807,370 $41,903,718
21,000
488,600
610
856,521
29,467
1,532,203
10,300
$828,980 544,800,809
1,039,135 34,789,776
1,033,419 37,412,334
$696
$44,358
7,477
1,925
347,549
171,556
870
206,828
7,999,664
5,381,029
1,399,906
5522.596 $15,039,062
168,470 8,996,663
335,564 8,612,056
Of the above exports for the week in 1916, $106,375 were American gold coin.
The Federal Reserve Banks.-Following is the weekly statement issued by the Federal Reserve Board on Nov. 4
Liquidation on a large scale of municipal warrants, also of commercial and bankers' paper, accompanied by corresponding gains in aggregate gol d
reserves of the Federal Reserve banks, is indicated by the weekly statement as at close of business on Nov. 3 1916.
Large transfers of gold through the Gold Settlement Fund, mainly from New York and Boston to Philadelphia, St. Louis, Kansas City and Dallas,
took place during the week. The Boston bank reports a decrease of 2.2 millions in total reserves, together with a decrease of 3.2 millions in deposits
and an increase of 0.8 million in the balance due from other Federal Reserve banks, offset in part by the liquidation of 1.9 millions of earning assets.
New York shows a decrease of 2.7 millions in gold and of 3.3 millions In other reserve. The decrease of6 millions in total reserve Is accounted for largely
by a considerable increase in the amount due from other Federal Reserve banks and a decrease in deposits. Philadelphia's gain of 5.1 millions in reserve is accompanied by a change of a favorable balance of 1.5 millions to an adverse balance of 1.4 millions in account with other Federal Reserve
banks, also by the liquidation of 1.9 millions, net, of acceptances and warrants and some increase in deposits. Gains in reserves reported by the other
banks result chiefly from partial withdrawals of balances due from other Federal Reserve banks, the liquidation of earning assets, and in the case of
some banks,from increased net deposits.
Discounted paper on hand shows a decrease for the week of about 1.4 millions. The larger decreases under this head shown by the Richmond,
Minneapolis and Dallas banks are offset in part by a gain of 0.6 million reported by the Atlanta bank. Included in the total discounts is an amount
of $1,219,000 of member bank collateral notes discounted for 8 banks. Acceptances on hand show a decrease of aboitt 1 million, notwithstanding the
fact that the New York bank reports a gain for the week of 1.4 millions in the total held. Of the total bills, including acceptances, on hand, 33.7%
mature within 30 days and 39.6% after 30 but within 60 days.
Transactions in United States securities are reported by three banks, resulting in an increase of $71,000 in the amount of United States bonds and
a decrease of $68,000 in the amount of Treasury notes on hand. A decrease of 5.8 millions is shown In the amount of municipal warrants held, the
week witnessing the liquidation of considerable amounts of matured New England city notes. Total earning assets-$180,770,000-show a decrease
for the week of about $8,240,000 and constitute at present 325% of the total paid-in capital, compared wtih 339% the week before and 294% about six
months before. Of the total earning assets, acceptances represent 47.1%, United States bonds 22.4%, warrants 13.3%, discounts 10.9% and Treasury notes 6.3%.
Government deposits declined about 1.3 millions, the New York bank reporting considerable withdrawals of Government funds for the past week.
Net member bank deposits show a slight gain, Boston, Atlanta and St. Louis being the only banks where net bahk deposits do not show increases for
the week.
There has been no change in the amount of Federal Reserve bank notes outstanding. Federal Reserve agents report the issue of $240,534,000 of
Federal Reserve notes, secured by $225,060,000 of gold and $16,065,000 of paper. The banks show a total of $219,938,000 of Federal Reserve notes
in circulation, an increase of $5,316,000 for the week, and aggregate liabilities of $12,627,000 upon notes issued to them by the agents.
The figures of the consolidated statement for the system as a whole are given in the following table, and in addition
we present the results for each of the eight preceding weeks, thus furnishing a useful comparison. In the second table we
show the resources and liabilities separately for each of the twelve Federal Reserve banks. The statement of Federal Reserve
Agents' Accountb (the third table following) gives details regarding the transactions in Federal Reserve notes between the
Comptroller and the Rb3erve Agents and between the latter and the Federal Reserve banks.
COMBINED RE...4)IIRCES AND LIABILITIES OF THE FEDERAL RESERVE BANKS AT THE CLOSE OF BUSINESS Nov. 4 1916.
Nov. 3 1916. Oct. 27 1916. Oct. 20 1916. Oct. 13 1916. Oct. 6 1916. Sept. 29 191618ept. 22 1916 Sept. 15 1916 Sept. 8 1916.
RESOURCES.
Gold coin and certificates in vault
Gold settlement fund
Gold redemption fund with U. S. Treasurer
$278,157,000 5274,001,000 5261,515,000 5267,400,000 4265.626,000 5260,845,0005258,711.000 5250,308,000 5248.846,000
127,641,000 122,587,000 121,351,000 125,291,000 119,441,000 124.421,000 117,791,000 125,271,000 118,950.000
1,941,000
1,894,000
1,929,00011
1.884,000
1,394,000
1,391,0001
1,687,000
1,418,000
1,910.000
Total gold reserve
Legal tender notes. silver. Ac
$407,192,000 $397,979,000 $384,284,000 $194,348,000 $388.977,000 $387,195.000 $378,443,000 5377,473,000 $369,880,000
7,642,000
7,898,000 27,487.000
7,811.0001
6,884,000
9,976.0001 10.561,000 11,377,000 13,991.000
Total reserve
6414,076,000 $407,955,000 $394,845,000 $405,725,000 $400,968,000 8395,006,000 $386,085,000 $385,371,000 5397,167,000
500,000
500,000
t484,000
500,000
420,000
370,000
5% redemption fund ag'st F. R. bk notes
420,000
420,000
500,000
Bills discounted and boughtMaturities within 10 days
Maturities from II to 30 days
Maturities from 31 to 60 days
Maturities from 61 to 90 days
Maturities over 90 days
Total
Acceptances (included in above)
$12,030,000 $16,808,000 314,311,000 $13,543,000 515.061,000 $21,408,000, 524,378,000 $15.685.000 $14,318.000
23,278,000 20,513,000 24,461,000 27,175,000 27,810,000 23.245,0001 24,238.000 32,521.000 32.236,000
41,473,000 39,062,000 35,928,000 33,591,000 32,112,000 36,527,000, 37,893,01)0 30.788.000 39,625,000
26,719,000 29,620,000 28,147,000 23,986,000 24.947.000 23.882.0001 23,594,000 20,697.000 19,333.000
1,631.000
1,823,000
1,487,000
1,263,000
1,516,009
1,213,000
1,191,000
1,210.000
1.161,000
1
$104,763,000 $107,216,000 5104,057,000 $99,486,000 $101,094,000 $106,578,00015111,590,000 $110,322,000 $107,335,000
585,081,000 536,085,000 $82,692,000 $77,387,000 $77,438,000 $80,625,00011 $83,884.000 $82,609,000 $79,808,000
$10,540,000 $40,469,000 $41,335,000 $42,642,000 $44,370.000 $46,544,0001 $47,553,000 546,916.000 $45,954,000
Investments: U. S. bonds
9,1)39,000
8,039,000
9.055,000
6,927,0001
One-year U. S. Treasury notes- 11,367,000 11,435,000 11,697,000 10,444,000
8,763.000
24,100,000 29,890,000 32,543,000 31,542,000 29,085,000 24,028,000 24,137,000 23,714,000 21,106,000
Municipal warrants
_
sign '770000 21120 nt n nnn St RO Ra9 non 212,1 11d MA teller 219 nnn 3124 077 0005191 a to nnn MR0.990.000 S183.810.000
Total earning assets
Nov. 111916.]
THE CHRONICLE
1769
Nov. 3 1916. Oct. 27 1916.10d. 20 1916. Oct. 13 1916. Oct. 6 1918. Sept. 29 1916 Sept. 22 1916 Sept. 15 1916 Sept. 8 1916.
RESOURCES (Concluded).
Brought forward (total reserve & earn'g assets) $595,266,000 $597,385.000 $584,897,000 $590,209,000 $584,780,000 $579,583,000 3577,904.000 3575,861,000 3581.161,000
Federal Reserve notes-Net
Due from Federal Reserve banks-Net
All other resources
$17,749,000 $18,846,000 $15,181,000 $15,280,000 $14,894,000 $14,250,000 316.080,000 119,975,000 119,324,000
34,778,000 33,197,000 30,604,000 30,089,000 26,232.000 31,365,000 29,266,000 28,937,000 28.706,000
3,071,000
3,708.000
2,675,000
3,045.000
2,630,000
7,543,000
8.451,000
2,969,000 t3.403,000
fotal resources
$650,864,000 $651,138,000 $633,312,000 $638,253,000 $628,951,000 $632,741,000 $631,701,000 3627.742.000 3632,594.000
LIABILITIES.
Capital paid in
Government deposits
Member hank deposits-Net
Federal Reserve notes-Net
Federal Reserve bank notes in circulation
All other liabilities
855,709,000 $55,703,000 $55,682,000 $55,682,000 $55,684,000 355,393,000 155,423,000 355,416,000 $55,408,000
28,686,00() 29,082,000 26,116,000 +26,515,000 33,971.000 38,985,000 39,947,000 40,199,000 44,238,000
552,386,000 551,918,000 538,102,000 +542243000 526,019,000 521,740,000 518,456,000 514,343,000 514,225,000
12,627,000 11,966,000 11,896,000 12,316,000 11,782,000 13,216,000 14,605,000 14,223,000 16,076,000
1,031,000
1,033,000
1,031,000
1,032,000
3,033,000
2,914,000
1,033,000
3,214,000
2,334,000
425,000
462,000
356,000
464,000
536,000
374,000
484,000
347,000
317.000
Total liabilities
$650,884,000 $651,136,000 1633,312,000 3638,253,000 $628,951,000 $632,741,000 3631.701,000 5627,742,000 032,594,000
Gold reserve ag'st net dep. & note liabilities (a)
Cash reserve ag'st net dep & note liabilities (a)
Cash reserve against net deposit liabilities after
setting aside 40% gold reserve against aggregate net liabilities on F. R. notes in
circulation (a)
72.9%
74.1%
71.0%
72.8%
70.4%;
72.4%
74.9%
73.5%
73.1%
71.6%
73-6%
73.4%
70.9%
73.5%
71.4%
72.8%
89.6%
71.0%
69.9%
71.4%
67.7%
72.8%
74.2%
73.6%
71.9%
72.2%
73.8%
(a) Less items in transit between Federal Reserve banks, via
$34,778,000 $33,197.000 $30,604,000 $30,089,000 $26,232,000 $31,365,000 $29.266,000 328,937.000 328.708,000
Federal Reserve NotesIssued to the banks
In hands of banks
$24C,534,000 3234,878,000 3230,803,000 3225,882,000 3220,490,000 $213,987,000 3209,778.000 $202,530,000 $199.218,000
20,596,000 20,254,000 18,759,000 18,758,000 19,128.000 17,429,000 18,143,000 23,121.000 21,437,000
In circulation
$219,938,00013214.622,000 3212,044,000 $207,124,000 3201.304,000 3196.538,000 $191,635,000 $179,409,000 $177.781,000
Gold and lawful money with Agent
Carried to net assets
Carried to net liabilities
3225,060,00013219,502.000 $215,329,000 $210,088,000 $204,476,000 $197,572,000 $193,110,000 3185,161.000 $181,029,000
17,749,000 16,846,000 15,181.000 15.280.000 14.894,000 14.250,000 16.080,000 19,975.000 19,324,000
12,627,000 11,966,000 11,896,000 12,318.000 11,782,000 13,218,000 14.605,000 14,223,000 16,076,000
Federal Reserve Notes (Agents' Accounts)Received from the Comptroller
Returned to the Comptroller
3380,260,000 $378,760,000 $374.600,000 $368,100,000 $364,140,000 $354,180,000 $352,900,000 $351,400,000 $349,900.000
82,738,000 81,194,000 70,838,000 78,716,000 77.588,000 72,042,000 70,891,000 69,829,000 68,582.000
Amount chargeable to Agent
In hands of Agent
3297,524,000,1297,566,000 $204,762,000 $289,384,000 $286,552,000 $282,118,000 $282,009,000 $281,571,000 $281,318,000
56,990,000 62,690.000 63,959,000 63,502,000 66,062,000 68,151.000 72,231,000 79,041.000 82.100,000
Issued to Federal Reserve banks
$240,534,000 $234,876,000 $230,803,000 3225,882,000 1220,490,000 3213,967,000 1209.778,000 3202,530,000 3199,218,000
How Secured3140,740,000 $137,980,000 $134,850,000 $132,248,000 $130,128,000 $131,628,000 $131.535,000 $129,365,000 $127,875.000
By gold coin and certificates
By lawful money
15,474,000 15,374,000 15,474,000 15,794,000 16,014,000 16,395,000 16,668.000 17,369,000 18,173,000
By commercial paper
Credit balances in gold redemption fund
10,730,000 10,392,000 11,289,000 11,880,000 11,918,000
9,764,000 10,345.000 10,366.000 10,964,000
Credit balances with Federal Reserve 13'd_
73,590,000 71,130,000 69,190.000 65,960,000 62,430,000 56,180.000 51,230,000 45,430,000 .42,390.000
Total
3240,534,000 $234,876,000 $230,803,000 $225,882,000 3220,490,00013213,987,000 $209,778,000 $202,530,000 $199,202,000
Commercial paper delivered to F. R. Agent__
$16,005,000 $15,817,000 $16,338,000 $10,296,000 $18,220,0001 $17,054,000 $17,981,000 $18,452.000 118.702.000
'Including bankers' and trade acceptances bought in the open market. t Amended figure.
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF EACH OF THE 12 FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS NOV. 3 1916
Boston. New York. Philadera. Cleveland.! Richmond. Atlanta. Chicago I Si. Louis. Minneap. Kan. City. Dana.. San Aran.
Total.
RESOURCES.
s
I
$
$
1
$
S
S
I
$
$
I
$
$
$
Gold coin & ctfs. In ault 10,798,000 166,584,000 17,317,000 15,413,000 4,360,000 4,176,000 29.449,000 5,440,000 5,750,000 4,235,000 3,726,000 10,909,000 278,157.000
Gold settlement fun 1_ _ _ 12,290,000 8,654,000 0,151,000 12,195,000 19,490,000 4,188,000 22,129,000, 8,097,000„
13,005,000 11,694,000 1,463,000127,641.000
66,000,
50,000
Gold redemption fu id230,000
250,000
215,000
200,000'
67,000
30,000
120,000
156,000
10,000 1,394,000
Total gold reserve..___ 23,088,000 175,488,000 26,518,000 27,674,000 24,080,000 8,579,000 51,778,000,13,604,000 11,065,00017,360.000 15,576,000 12,382,000 407,192,000
Legal-ten.notes,sliv..&c. 424,000 1,893.000
398,000 1,130,000
48,000
348,000 974,000 1,097,000 207,000
51,000
231,000
83,000 6,884.000
_
23,512,000 177,381,000 28,916,000 28,804,00024,128,000 8,927,00052,752,000114,701,000 11,272,00017,411,000 15,807,000
Total re;orve___
12,465,000414.078,000
0% redemp. fund-?.R.
bank notes
1
1
•
370,000
50,000
420,000
.
1
Bills:
Discounted --Mem bers
410,000 1,085,000, 332,000
288,000 3,193,000 3,655,000 3,062,000 2,176,000 1,757,000
808,000 2,671,000
245,000 19,682,000
Bought In open m kt_ 10,080,000 25,975,000,11,662,000 6,212,000, 1,601,000 4,446,000
6,162,000 4,793,000 2,739,000 1,894,000
727,000 8,790,000 85,081,000
Total bills on han I..10,490,000 27,060,000111,994,000 6,500,000 4,794,000
8,101,000 9,224,000 6,969.000i. 4.496,000 2,702,000 3,398,000 9,035,000104,763,000
1
Investments: U. S. xis. 2,132,000 1,413,0001 2,176,000 5,737,000
523,000 1,210,000 7,511,000, 2,348,000! 2,867,000 9,270,000 2,720,000 2,633,000 40,540,000
One-yr. U.S. Tr. otes 1,000,000 1,205,0001 1,174,000
718,000 1,070,000 824,000 1,517,0001 891,0001 700,000
705,000 600,000 11,367,000
963,000
Municipal warranto_ 2,262,000 6,843,0001 2,170,000 3,968,000
61,000
294,000 3.109,0001 1,110,0001 1,463,000
50,000 2,305,000 24,100,000
465,000
Total earning assefa__ 15,884,000 36,521,000117,514,000 16.923,0001 6,448,000 10,429,00021,361.000 11,318,000 9,526,000
13,400,000 6,873,000 14,573,000 150,770,000
Fed. Res've note Net 1,341,000 11,058,0001 599,000
390,0001
1,306,000'
1,164,000
1,891,0001 17,749,000
Due from other F lera
1
1
Reserve Banks- 4et. 1,945,000 5,676,0001
4,237,000
796,000
8,443,000, 5,218,000 2,904,000 1,643,000 1,027,000 4,532,000a34,778,000
1
208,000
All other resources_ .__
176,0001
166,000
271,000, 260,000
193,000
42,000 599,000
37,000
168,000
538,000
413,000; 3,071,000
Total resources__ ... _.42,890,000230,812,000145,195,000 50,547,00031,414,00019,955,000 84,133,000131,497,00024,903,00032,992,00024.295,00033,874,0001650,864,000
.
LIABILITIES.
1
Capital paid In. _ _ _
5,024,000 11,909,000 5,224,000,1
3,340,000 2,479,000 6,681,0001 2,794,000 2,606,000 3,044,000 2,694,000 3,920,000 55,709,000
Government deposit v.- 1,358,000 2,517,000 4 015 000 5,994,000
1,460,000 4,300,000 3,574,000 2,218,000 2,886,000 949,000
816,000 1,709,000 2,875,000, 28,686,000
Member bk deposits •Net 38,342,000216,358,000 34,413:0
0
043093,000 20650,000 11,349.000 75,234,000 22,000,000 21,348,000 27,062,000 17,490,000 27,047,000 552,386,000
Fed. Res've notes- Jet _
3,097,000 2,272,000
3,817,000
1,039,000 2,402,000
12,627,000
F.R.bank notes in c ren
1,031,000
1,031,000
Due to F.R.bank 'Net
1,408,000
235,000
All other liabilities. --106,000
28,000
135,000
18,000
46,000
32,000;
425,000
Total liabilities_ _ .--. 42,890,000230,812,00045,195,000 50,547,000
31,414,000 19,955.00084,133.000 31.497.00024.903,00032,992,000 24,295,00033,874,000 650.884.000
Federal Reserve NotesIssued to banks_ .--- 11,071,000 83,004,000 8,939,000 8,714,000 16,608,000
22,540,000 3,170.000 14,797,000 16,593,000 18,234,000 21,952,000 11,014,000240,534,000
In hands of banks.--. 1,341,000 11,058,000
599,000
523,000 1,249,000 1,306,000
390,000
530,000 1,164,000 • 501,000
44,000 1,891,000, 20,596,000
F.R. notes In circuit Om 9,730,000 72,846,000 8,340,000 8,324,000 16,083,000 21,291,000 1,864,000 14,267,00015,42
17,733,000
9,000
24,908,000
9,123,000 219.938,000
Gold and lawful m wey
_
i
_ 11,071,000 83,904,000 8,939.000 8,714,000 12,988,000 19,019,000 3,170,000 10,450,00016,593,000
with agent
16,694,000 22,506,000111.014.000225,060.000
1..e;1
.
: 1,341,000 11,058,000
Carried to net assets.
599.000
390,000
1,308,0001
1,164,000
Carried to net Habil,
1.089.0001 2.402.000 1.891"01 1 ;:6
1.007 Ann 2.272.000
3.817.000
7N:
"
total
transit,
amounts
e..
I.
Items
due
in
a
from less total amounts due to other Federal Reserve banks.
STATEMENT OF FEDERAL RESERVE AGENTS'ACCOUNTS NOV. 3. 1916.
Boston.
New Yo'k, Philadel'a Cleveland. Richmond. Atlanta. Chicago. St. Louts. Minneap. Ran. City. Dallas. San Fran
Total.
rederal Reserve Notes'I
$
I
a
$
I
$
$
$
$
$
$
X
Rec'd from Com ptrolr 24,880,000 148,400,000 15,480,000 15,160,00025,000,00029,420,000
9,380,000 18.560,000
14,440,000380.260.000
Returned to Comptrot 6,929,000 47,330,000 5,361,000 3,146,000 5,844,000 3,395,000 1,329,000 2,203.000 21.000,000 23,220,00035,320,000
687,000 1,773,001 3,807,000 1,526,000 82,736,000
Dhargeable to Agent.-- 18,551,900101.084,000 10,119,000 12,014,000 19,150.90026.025,000 8,051,000 16,357.00020,313,0® 21.447,00031,513,000 12,914.000297,524,000
In hands of F.R.Agent 7,480,000 17,160,000 1,180,000 3,300,000 2,550,000 3,485,000 4,881,000 1,560,000 3,720.000 3,213,000 6,561,001 1,900,000
55,990,000
Issued to F. R. bank. 11,071,000 83,904,000 8,939,000 8,714,000 16,606,00022,540,000 3,170,000 14,797,000 16,593,000 18,234,00024,952,000 11,014,000240,5
34,000
Agent
R.
F.
Held by
Gold coin & cents.... 10,500,000 81,215,000 3,820,000 8,140,000
4,560,001
5.165.00012,730,000 4,270,00010,340.000
140,740,000
Oredit balances*
571,000 2,689,000
In gold redemption f'd
439,000
775,000
574,000
486,000 1,409,000
220,000
913,000
924,000 1,286,000
444,000 10,730,000
With F it. B9ard_
12,500,000 13,050.000 2.950,000 4,510,000 2,950,000 11,500.000 10,880,000 10,570,000 73,590,000
4,680,000
Notes secured by commercial p.iper
3,620,000 3,521,000
4,347,000
1,540,000 2,446,000
15,474,000
11,071,000 83,904,000 8,939,000 8,714,000 18.600,000 22,540,000 3,170.00014,797,000 16,593,000 18,234,000 24,952,000 11,014,000 240,534,000
Total
amount or comml paper
eloilivaratl tn F IS A et
8.708.000 3.523.000
4.348.000
1.556.000 2.842.000
16.065.000
THE CHRONICLE
[Vol,. 103.
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 Nov. 4. The figures for the separate banks are the averages of the daily results. In the case of the totals, actual figures at end of the week are also given.
In order to furnish a comparison, we have inserted the tals of actual condition for each of the three groups and also the
grand aggregates for the three preceding weeks.
NEW YORK WEEKLY CLEARING HOUSE RETURN.
'LEARING ROUSE
MEMBERS.
Week Ending
Nov. 4 1916.
(00.1 omitted.)
Capital.
Net
Profits.
Loans.
Discounts,
Investmla,
dbc.
(Nat.WksSept.121
IStatell'IrsSept.20J
kfembers of Federal
Reserve Bank.
ank of N. Y., N.B.A.
Ierchante Nat. Bank
Nob. & Metals Nat__
rational City Bank...
hemtoal Nat. Bank__
tlantio National Bank
rat. Butchers' dc Drov.
met. Exch. Nat Bank
rational Bank of Corn_
laatham & Phenix Nat.
(allover National Bank
ItIzens' Central Nat__
farket & Fulton Nat__
!orn Exchange Bankmporters' & Traders...
rational Park Bank...
:sat River Nat. Bank__
econd National Bank_
'Irst National Bank___
rving National Bank__
T. Y. County Nat. Bk.
;base National Bank__
incoin National Bank_
larfield National Bank
Mb National Bank__
eaboard Nat. Bank__
Iberty National Bank_
!oal & Iron Nat. Bank_
Futon Exchange Nat.._
rassau Nat. Bank__
iroadway Trust Co___
Gold.
Legal
Tenders.
Silver.
Vat.Bank Nat.Bank
Notes
Federal
Notes
[Not
Reserve
[Reserve
Notes
for State Counted
as
[Not
/assignlions]. Reserve]. Reserve].
Average. Average. Average. Average. Average. Average. Average.
$
S
$
$
$
$
$
$
$
2,0
2,0
32,816,0 2,386,0 1,049,0
594,0
2,000,0 4,887,0
34,0
26,848,0 2,123,0
335,0
861,0
30,0
2,000,0 2,419,0
77,0 . 113,0
6,000,0 9,455,2 120,318,0 15,933,0 2,397,0 5,495,0
20,0
774,0
25,000,0 a42.650,9 393,720,0 70,656,0 12,708,0 2,199,0
722,0
44,0
32,0
37,833,0 2,690,0
705,0
3,000,0 8,264,6
12,617,0 1,591,0
220,0
188,0
25,0
20,0
801,6
1,000,0
69,0
47,0
153,0
5,0
2,909,0
300,0
93,0
82,204,0 8,425,0 4,129,0 1,701,0
79,0
102,0
5,000,0 5,378,9
1,0
34,0
25,000,0 18,408,2 231,893,0 18,433,0 4,665,0 2,974,0
65,725,0 4,483,0 1,232,0 1,711,0
331,0
185,0
3,500,0 2,009,3
17,0
49,0
3,000,0 15,916,0 131,416,0 22,314,0 1,420,0 1,426,0
27,980,0 1,030,0
174,0 1,267,0
43,0
11,0
2,550,0 2,582,2
10,659,0
990,0
616,0
584,0
97,0
14,0
1,000,0 2,037,7
92,543,0 5,925,0 1,619,0 3,705,0
506,0
3,500,0 7,086,8
33,454,0 1,631,0 1,339,0
201,0
95,0
1,500,0 7,630,9
57,0
84,0
5,000,0 15,909,7 144,959,0 10,144.0 3,149,0 2,152,0
77,3
36,0
6,0
2,178,0
95,0
215,0
4,0
250.0
17,347,0 1,041,0
151,0
567,0
30,0
24,0
1,000,0 3,452,2
15,0
10,000,0 23,705,4 163,181,0 18,643,0 1,884,0 2,072,0
75,550,0 6,109,0 1,808,0 3,458,0
9,0
128,0
4,000,0 4,077,5
10,804,0
353,0
109,0
911,0
114,0
18,0
500,0 1,138,1
146,0
122,0
10,000,0 10,866,6 212,134,0 24,635,0 6,028,0 3,360,0
20,078,0 1,996,0 1,848,0
790,0
211,0
80,0
1,000,0 1,942,8
25,0
156,0
510,0
9,204,0 1,127,0
138,0
1,000,0 1,292,9
7,0
5,650,0
137,0
107,0
324,0
425,7
250,0
22,0
41,538,0 3,715,0 1,444,0 1,104,0
23,0
1.000,0 2,983,9
50,271,0 4,254,0 1,532,0 1,327,0
15,0
1,000,0 3,518,9
139,0
9,709,0
732,0
237,0
7,0
35,0
749,2
1,000,0
11,333,0
351,0
21,0
313,0
528,0
8,0
1,000,0 1,123,0
10,004,0
137,0
472,0
32,0
15,0
450,0
1,000,0 1,131,9
21,660,0 1,824,0
28,0
61,0
178,0
575,0
957,8
1,500,0
Totals,avge.for week 123,850,0 202,974,2 2,108,535,0 234,285,0
-2,118,539,0 247,294,0
'otals, actual condition Nov. 4
2,089,724,0 224,161,0
'eta's, actual condition Oct. 28
2,053,935,0 200,200,0
'otals, actual condition Oct. 21
2,098,181,0 186,516,0
"otals, actual condition Oct. 14
State Banks.
Not Members of
Federal Reserve Bank.
lank of Manhattan Co_ 2,050,0
lank of America
1,500,0
Ireenwloh Bank
500.0
'aciflo Bank
500.0
200,0
'eople's Bank
detropolitan Bank
2,000,0
lowery Bank
250,0
750,0
ierman-American Bank
i•Ifth Avenue Bank__
100,0
lerman Exchange Bank
200,0
iermanta Bank
200,0
lank of Metropolis.... 1,000,0
Vest Side Bank
200,0
?. Y. Produce Ex, Bk. 1,000,0
1,500,0
{tate Bank
--rota's. avge. for week_ 11,950,0
-rotals, actual condition Nov. 4
rotals, actual condition Oct. 28
rota's, actual condition Oct. 21
rotals, actual condition Oct. 14
Addit'al
Reserve Deposits
with
with
Net
Legal
Legal
Demand
Deposi- Depose- Deposits.
taries.
lanes.
Maimed
Bank
Net
CircUlaTime
Deposits. Hon.
Average. Average. Average.
$
$
S
29,974,0 1,302,0
782,0
1,845,0
25,800,0
130,752,0 2,907,0 4,913,0
437,609,0 5,935,0 1,797,0
32,383,0
450,0
13,669,0
323,0
150,0
2,362,0
48,0
85,744,0 3,720,0 4,787,0
236,273,0
918,0
155,0
66,153,0 5,332,0 1,756,0
152,661,0
130,0
25,618,0 1,277,0 1,008,0
139,0
10,725,0
100,265,0
51,0
30,277,0
145,913,0 1,893,0 3,541,0
50,0
25,0
2,590,0
698,0
14,464,0
159,593,0
125,0 4,957,0
640,0
84,311,0
418,0
197,0
11,301,0
229,579,0 11,716,0
450,0
23,146,0
42,0
887,0
9,426,0
398,0
5,501,0
240,0
246,0
70,0
48,147,0
498,0
55,314,0 1,908,0
413,0
243,0
9,769,0
27,0
10,984,0
396,0
18,0
50,0
9,636,0
23,129,0
400,0
Average. Average.
$
$
2,332,0
1,954,0
9,495,0
33,350,0
2,569,0
1,091,0
146,0
7,470,0
17,439,0
5,097,0
15,124,0
2,419,0
929,0
7,038,0
2,293,0
11,621,0
229,0
1,049,0
12,234,0
6,140,0
816,0
16,594,0
1,752,0
778,0
441,0
4,325,0
4,404,0
856,0
884,0
674,0
1,779,0
2,223,068,0 38,769,0 31,502,0
51,674,0 42,383,0
2,150,0
2,075,0 173,322,0
48,546,0
50,469,0
55,318,0
52,383,0
2,023,0
2,079,0
2,051,0
1,963,0
2,243,293,0 39,015,0
1,861,0 176,087,0
2,090,0 174,445,0 1,731,0 2,193,279,0 40,166,0
2,145,744,0 38,949,0
1,981,0 174,160,0
2,164,128.0 39,005,0
1,812.0 171.012.0
39,324,0
45,546,0
47,760,0
42.967,0
31,377,0
31,374,0
31,595,0
31,484,0
,
1
43,556,0
33,663,0
12,125,0
6,919,0
2,567,0
16,267,0
3.983,0
6,323,0
17,666,0
5,014,0
6,432,0
13,470,0
4,597,0
15,841,0
23,923,0
6,095,0
4,778,0
999,0
471,0
230,0
1,046,0
354,0
736,0
2,269,0
404,0
617,0
752,0
281,0
1,250,0
2,176,0
1,390,0
1,303,0
278,0
477,0
95,0
1,019,0
46,0
356,0
680,0
89,0
58,0
455,0
179,0
400,0
724,0
1,488,0
1,057,0
399,0
105,0
150,0
1,597,0
51,0
55,0
970,0
101,0
195,0
317,0
149,0
457,0
543,0
90,0
39,0
296,0
161,0
5,0
45,0
31,0
9,0
21,0
128,0
70,0
30,0
35,0
78,0
181,0
26,645,7 212,346,0
213,454,0
210,469,0
209,470,0
209,184,0
22,458,0
7,549,0
7,634,0
22,101,0
22,310,0
22,118,0
21,704,0
7,852,0
6,730,0
7,212,0
6,927,0
1,940,0
18.376,0
4,532,0
2,028,0
2,330,0
28,541,0
646,0
1,549,0
5,685,0
1,666,0
5,396,0
1,176,0
875,0
5.660,0
329,0
208,0
19,0
10,0
179,0
2,500,0
52,0
431,0
319,0
98,0
230,0
201,0
103,0
794,0
80,400,0
5,165,5
6,383,9
1,244,3
1,019,6
457,5
2,035,7
799,0
797,1
2,267,6
858,9
1,082,5
2,184,9
529,9
1,123,6
695,7
Trust Companies.
Not Members of
Federal Reserve Bank.
34,998,0
3rooklyn Trust Co____ 1,500,0 4,031,4
3ankers' Trust Co
10,000,0 16.403,0 205,396,0
65,042,0
1.8. Mtge.& Trust Co. 2,000,0 4,547,1
29,264,0
kator Trust Co.
1,250,0 1,692,9
42,711,0
ritle Guar.& Trust Co.. 5,000,0 12,542,4
20,000,0 32,149,4 338,138,0
luaranty Trust Co
10,174,0
Fidelity Trust Co..._. 1,000,0 1,250,4
26,849.0
1,awyers' Title & Trust_ 4,000.0 5,571,0
83,455,0
1olurnbla Trust Co.__ 2,000,0 8,266,9
22,225.0
1,000,0 1,690,4
?eople's Trust Co
73,387,0
gew York Trust Co.__ 3,000,0 11,406,9
19,098,0
1,000,0 1,337,1
Franklin Trust Co
13,627,0
548,1
1,000,0
',Incoln Trust Co
61,368,0
detropoiltan Trust Co_ 2,000.0 5,454,2
-rota% avge. for week_ 54,750.0 106,891,2 1,025,732,0
-1,025.054.0
rotals, actual condition Nov. 4
1,030,418,0
rotals, actual condition Oct. 28
1,032,361,0
rotate, actual condition Oct. 21
1,030.367,0
rota's, actual condition Oct. 14
14,0
3,032,0
726,0
3,0
21,0
171,0
216,0
217,0
48,639,0
32,931,0
12,998,0
6,338,0
196,0
2,851,0
15,865,0
3,607,0
62,0
6,437,0
18,948,0
312,0
4,918.0
6,435,0
12,642,0
1,836,0
16,0
4,873,0
1,072,0 ' 17,210,0
786,0
26,842,0
1,000,0
1,026,0
896,0
1,0
20,0
295,0
309,0
759,0
293,0
1,097,0
1,610,0
1,219,0
58,0
8,725,0 5,176,0
221,534,0
7,433,0
6,813,0
6,612,0
6,269,0
1,155,0
1,182,0
1,180,0
1,116.0
51,0
99,0
47,0
71,0
8,482,0
8,398,0
8.677,0
8,440.0
221,880.0
217.490.0
217,209,0
215,865.0
,
489,0
340,0
159,0
117,0
147,0
1,544,0
90,0
43,0
674,0
297,0
140,0
328,0
303,0
1,362,0
221,0
18,0
165,0
20,0
186,0
912,0
33,0
20,0
140,0
120,0
29,0
51,0
75,0
391,0
27,0
26,0
19,0
31,0
203,0
31,0
96,0
11,0
11,0
63,0
1,416,0
9,251,0
2,427,0
1,151,0
1,394,0
15,500,0
403,0
1,000,0
3,414,0
1,086,0
3,010,0
860,0
677,0
3,033,0
5,473,0
6,033,0
2,381,0
547,0
28,322,0 5,568,0
3,347,0
2,853,0 185,020,0 25,401,0
48,537,0 16,974,0
3,828,0
23,019,0 6,543,0
1,102,0
27,881,0 1,277,0
1,660,0
613,0 310,018,0 33,221,0
544,0
8,069,0 1,034,0
337,0
777,0
20,009,0
2,153,0
68,281,0 18,062,0
995,0
1,313,0 • 21,710,0
59,886,0 7,999,0
1,229,0
17,198,0 2,398,0
778,0
13,545,0
628,0
348,0
60,660,0 4,915,0
2,906,0
44,622,0 23.611,0 892,155,0 125,792,0
80,153,0 10,326,0
83,774,0 6,413,0
81,614,0 5,294,0
81,154,0 3,403,0
8.147,0
4,163,0
4,222,0
4,312,0
2,344,0
2,343,0
2,323,0
2,209,0
526,0
574,0
495,0
467,0
44,728,0121,256,0
45,024,0 23.744,0
44,997,0 19,258,0
44.517.0 25,281,0
29,0
3,726,0
5.103,0
5,200,0
2.879,0
25,0
1,026,0
1,026,0
1,026.0
776,0
------
894,543,0 120,825,0
900,283,0 125,695,0
900,083.0 125,396,0
891,104,0 126.061.0
.787,0 3,336,757,0 165,587,0 31.502,0
27680
,0 2267689:0;8.
3,600
,0 2,150,0 ,143,0 64596,0 5670
50:0 11,i 3,346,613,0 337
338753rand Aggregate, avge-1907550,0 -31,0
-50,0 -148,0 +15040 +50320 +61566 0 -293,0 -100,0
+82,0
+420530 +166870 • -516,0
3omparison prey. week
--------- ---- ---- ------ ---- ---- ----=
3rand Aggregate.actual condition Nov. 4 3,357.047,0 349,548,0 66,724,0 54,904,0 3,499,0 2.023,0 2,438,0 229,297,0 24,982,0 3,359,125,0 166,866,0 31,377,0
-56,1 -325,0 +1,430,0 -5,596,0 +48,673,0
-26,0
-21,0
+3,0
+26,436,0 +193030 +3,112,0 -1,618,0
Zlomparlsom prey. week
Oet. 2
-7
13 3,330,611,0 330,245,0 63.612,0 5-6,522,0
3rand Aggregate actual condition )rand Aggregate actual condition Oct. 21 3,295,766,0 303,932,0 67,854,0 58.594,0
3rand Aggregate actual condition Oct. 14 3,337,732.0 289,374,0 62,713,0 53,548,0
37525,0
3,503,0
3,325,0
2,07
7970 27763,0 22-7786
770 3
-0,57870 3,311,052.0 18-6788770 -31737
7470
2,051,0 2,523,0 227,834,0 24,458,0 3,263,036,0 165,371,0 31,595."
1,963,0 2,350,0 223,969,0 28,160,0 3,271,097,0 165,842,0 31,484,C
a Includes capital set aside for Foreign Branches. $3,000,000.
STATEMENTS OF RESERVE POSITION.
Actual Figures
Averages.
Cash Reserve Reserve in
in Vault. Depositaries
Total
Reserve.
a Reserve
Required.
Surplus
Reserve.
Inc. or Dec
from
Cash Resets Reserve in
Previous Week in Vault. Depositaries
Total
Reserve.
b Reserve
Required.
Surplus
Reserve.
Inc. or Dee.
from
Previous Week
-••••••••
Members Federal
Reserve Bank....328,342,000 173,322,000 501,664,000 402,090,690 99,573,310 +3,583,980 335,184,000176,087,000511,251,000405,743,490105,507,510 +7,685,030
+798,180
38,860,000 8,725,000 47,585,000i 39,876,120 7,708,880 -719,300 38,541,000 8,482,000 47,023,009 39,940,020 7,082,980
State Banks.
Trust Companies.- 94,287,000 44,622,000 138,909,0001133,823,250 5,085,750 +3,774,450 100,970,000 44,728,000 145,698,000 134,181,450 11,516,550 +4,842,000
461,489,000226,669,000 688,158,0001575,790,060112,367,940 +6,639,130 474,675,000229,297,000703,972,000579,864,960 121,107,040 +13,325,210
Total Nov. 4
Total Oct. 28.... 445,261,000225,165,000 670,432,0001564,703,190 105,728,810 +29,719,450 453,904,009227,867,000681,771.000570,989.170 110,781,830 +11,356,270
415,111,000 222,831,000 637,942,000,561,932,640 76,009,360 +3,691,780 433,883,000227,834,000661,717,000562,291,440, 99,425,560 +30,511,150
Total Oct. 21
416,289,000222.010,000 638,279,000565,961,420 72,317,580 -10,199,610 408,960,000223,969,000 632.929,000 564,014.590 68,914,410-13,641,070
Total Oct. 14
• Not members of Federal ReserVe Bank.
a This is the reserve required on Net Demand Deposits In the case of State Banks and Trust Companies,but In the case of Members of the Federal Reserve Banks
Includes also the amount of reserve required on Net Time Deposits,which was as follows:, Nov.. 4. 31936,450. Oct. 28, $1,986,350; Oct. 21, $1,943,700; Oct. 14. 51,914,200,
b This Is the reserve required on Net Demand Deposits In the case of State Banks and Trust Companies, but in the case of Members of the Federal Reserve Bank,
ncludes also the amount of reserve required on Net Time DeposIts.which was as follows' Nov. 4, $1,950,750. Oct. 28. $2,003,300: Oct. 21, $1,947,450: Oct. 14, 51,950,250°
THE CHRONICLE
Nov. 111916.]
1771
The State Banking Department reports weekly figures
In addition to the returns of "State banks and trust comshowing the condition of State banks and trust companies panies in 14ew York City not in the Clearing House" furnished
In New York City not in the Clearing House, and these are by the State Banking Department, the Department also
shown in the following table:
presents a statement covering all the institutions of this class
SUMMARY OF STATE BANKS AND TRUST COMPANIES IN GREATER
in the whole State. The figures are compiled so as to distinNEW YORK, NOT INCLUDED IN CLEARING HOUSE STATEMENT.
(Figures Furnished by State Banking Department.) Differences from guish between the results for New York City (Greater New
Nov. 4.
previous week.
York) and those for the rest of the State, as per the following:
Loans and investments
$734,202,300 Inc. $354,200
Gold
60,693,500 Inc.
175,800
For definitions and rules under which the various items
Currency and bank notes
9,723,600 D
Total deposits
934,729,100 Inc.. 16,2t,V)g are made up, see "Chronicle," V. 98, p. 1661.
Deposits, eliminating amounts due from reserve
depositaries and from other banks and trust comThe provisions of the law governing the reserve requirepanies in New York City, and exchanges
778,374,800 Dec. 3,226,300
Reserve on deposits
222,279,900 Inc. 15,326,300 ments of State banking institutions were published in the
Percentage of reserve, 29.6%.
"Chronicle" March 28 1914 (V. 98, p. 968). The regulaRESERVE.
-State Banks- -Trust Companies
- tions relating to calculating the amount of deposits and what
Cash in vaults
$13,051,500 10.63%
$57,311,800
9.15%
Deposits in banks and trust cos.__ 19,018,400 15.50%
132,895,200 21.22% deductions are permitted in the computation of the reserves
were given in the "Chronicle" April 4 1914 (V. 98, p. 1045).
Total
$32,072,900126.13% 1$190,207,000 30.37%
The averages of the New York City Clearing House banks
and trust companies, combined with those for the State banks
and trust companies in Greater Now York City outside of the
Clearing House, compare as follows for a series of weeks past:
COMBINED RESULTS OF BANKS AND TRUST COMPANIES IN
GREATER NEW YORK.
We omit ciphers in ail these figures.
Week ended- Loans and
Investments
$
3,939,268,3
3,952,230,3
3,947,932,5
3,966,687,2
4,032,632,9
4,028,996,0
4,028.792,5
4,059,932,9
4,068,917,6
4,070,418,5
4,052,003,8
4,033,408,1
4,080,815,3
Aug. 12
Aug. 19
Aug. 26
Sept 2
Sept. 9
Sept. 16
Sept.23
Sept. 30
Get. 7
Oct. 14
Oct. 21
Oct. 28
Nov. 4
Demand
Deposits.
Specie.
Other
Money.
3,868,552,7
3,899,806,1
3,932,568,9
3,973,033,4
4,096,621,1
4,005,139,9
4.038.274,9
4,007,109,0
4,068,969,4
4,055,441,7
4,041,662,1
4,056,792,1
4,115,131,8
425,409,4
434,356,5
442,280.4
441.533.7
413,564.9
411,874,2
431,116.6
433,820,9
426,466,6
414,560,1
409,552,6
436,911,7
453,886,5
75,347,5
74.696,7
74.651,4
75.932,3
66,542,4
69,334,1
75,822,4
72,725,7
72,038,9
71,244,9
75,817,3
78,566,6
73,019,6
Total
Entire
Money Reserve on
Holdings. Deposits.
500,756,9
509.053,2
516,931,8
517,466,0
480,107,3
481,208,3
506,939,0
506,546,6
498,505,5
485,805,0
485,369,9
515,503,3
531,006,1
842,533.1
846.646,0
863,603,9
861,249,6
821,018,7
833,730,4
875,570,3
877,415,1
855,865,7
840,263,4
835,547,5
877,385,6
910,437,9
STATE BANKS AND TRUST COMPANIES.
Week ended Nov. 4.
State Banks
Trust Cos.
Trust Cos.
State Banks
outside of
outside of
in
in
Greater N. Y. Greater N. Y. Greater N. Y. Greater N. 1'.
75.550,000
11,783,000
40,068,500
173.239.300
14,654,000
14,381,600
406,636,100 1,652,266,800
+1,618,000 -5,510,600
161,550,700
-79,400
255,472,200
+492,100
Surplus as of June 30_ _
Loans and investments_
Change from last week.
5
14,900,000
$
23,450,000
Capital as of June 30_ _ _ _
Gold
Change from last week_
43,043,400
+671,300
136,566,100
+663,100
Currency and bank notes_
Change from last week
21,728,100
-43,100
17,761,900
+3,257,300
Deposits
Change from last week _
564,773,600 2,004,273,400
+5,297,500 +35,636,100
176,306,400
+523,000
273,292,200
+2,479,000
Reserve on deposits
Change from last week_
113,018,700 368,665,900
+1,405,200 +23,150,700
32,947,000
+876,300
40,366,500
+1,274,900
23.6%
22.3%
22.0%
21.5%
18.4%
18.0%
P. e. or reserve todeposits
Percentage last week
26.2%
26.0%
+ Increase over last week. - Decrease from last week.
Non-Member Banks and Trust Companies.-Following is the report made to the Clearing House by clearing nonmember institutions which are not included in the "Clearing House return" on the preceding page:
RETURN OF NON-MEMBER INSTITUTIONS OF NEW YORK CLEARING HOUSE.
CLEARING
NON -MEMBERS. Capital.
Week Ending
Nov. 4 1916.
Members of
Ved'i Reserve Hank
Battery ParkNat._ _
First Nat., Brooklyn
Nat. City, Brooklyn
First Nat., Jers. City
Hudson Co. N.,J.C_
First Nat., Hoboken
Second Nat., Hobok.
Total
Net
Profits.
Loans,
Discounts,
f Nat. bks. Sept. 121 InvestiState bks. Sept. 20c menu, Ar.
Gold.
420,600 2,201,000
895,000 8,770,000
682,300 8,520,000
191,900 1,415,090
126,900 3,876,000
487,100 6,737,000
233,900 3,884,000
589,400 6,367,000
874,000 19,999,000
195,200 5,050,000
161,000
610,000
762,000
108,000
396,000
619,000
211,000
441,000
832,000
292,000
3,800,000 4,693,300 66,819,000 4,462,000
====
Trust Companies.
Not Members of the
Federal Reserve Bank.
HamiltonTrust,i3kIn.
Mechanics ,Bayonne
Total ___
Silver.
Nat.Bank
Notes [Reserve for
State Instituttonsl
Nat.Bank
Notes[Not Federal
Counted Reserve
as
Notes[Not
Reserve]. Reserve]
Reserve Additional
with
Deposits
Legal with Legal
Net
DeposDeposDemand
Varies.
diaries.
Deposits.
Average. Average. Average. Average. Average. Average. Average. Average. Average. Average.
S
$
$
$
$
$
$
$
$
$
326,000 5,481,000 338,000
400,000
74.000
84,000
3,000
391,000
5,710,000
685.400 5,438,000 148,000
300.000
48,000 110,000
9,000
12,000 634.000
250,000 5,038,000
599,100 5,925,000 160,000
300.000
70,000 149,000
106,000 5,940,000
8,000
7,000 726,000
400,000 1,286.600 4,851,000 219,000 343,000
82,000
10,000
12,000 573,000
129,000 4,783,000
762.800 5,012,000 175,000
250,000
14,000
88,000
80,000
3,000 500,000
834,000 4,163,000
627.900 6,067.000 152,000
220,000
12,000
55,000
797,000 2,489,000
8,009 408,000
18,000
292,100 4,899,000
125,000
52,000
48,000 119,000
396,000 2,592,000
3,000
4,000 311,000
1,995.000 4,579,900 37,673,000 1,294,000 609,000
687,000
413,000 3,543,000 2,512,000 30,721,000
131,000
========= ==
State Banks.
Not Members of the
Federal Reserve Bank.
Bank of Wash. Ins_ 100,000
Colonial Bank
400,000
Columbia Bank
300,000
Fidelity Bank
200,000
International Bank _ 500,000
Mutual Bank
200.000
New Netherland_ _ _ _ 200.000
Yorkville Bank
100,000
Mechanics', Bklyn_ _ 1.600,000
North Side, Bklyn_ 200,030
Total
Legal
Tenders.
500.000 1,116,100 8,018,000
200.000
298,700 5,482,000
516,000
82,000
19,000
161,000
25,000
12,000
20,000
64,000
42,000
85,000
136,000
61,000
54,000
438,000
270,000
27,000
51,000
181,000
206,000
249,000
745,000
114,000
23,000
76,000
168,000
13,000
1,000
65,000
17,000
100,000
223,000
20,000
616,0002,335,000
706,000
62,000
52,000
21.000
77,000
51,000
35,000
Net
Time
Deposits.
National
Bank
Cireu;clams.
Average. Average.
$
S
238,000 194,000
120,000 290,000
46,000 118,000
390,000
199,000
3,289,000 218.000
2,188,000
99,000
5.881.00&1,508.000
88,000 1,805,000
103.000
568,000
378,000 9,460,000
557,000
305,000 9,289,000
224,000 1,329,000
80,000
3,000 230,000
426,000 3,836,000
116,000
451,000
670,000 6,761,000
381,000
176,000 3,973,000
5,000 238,000
233,000
413,000
517,000 6,883,000
1,280,000 2,138,000 21,332,000
70,000
309,000
190,000 5,143,000
400,000
25,0004,234.000 5,121,000 69,811,000 1,200,000
17,000
108,000
.
108,000
14,000
19,000
60,000 6,451,000
322,000 1,1.
900,000
121,000
575,000 2,427,000 2.925,000
700,000 1,414,800 13,500,000
598,000 114,000
93,000
33,000 413,000 1,735,000 8,878,000 3,825,000.
86,000
- 6.495,000 10,691.000 117992000 6,354,000 1,339,000 3,120,000 792,000 239,000 101,000 8,220,000 9,368,000 109410000 10,906,000 1.503,000
+960,000 -80,000 -21,000 -61,000 -65,000 +65,000 +1,000 +78,000 -88,000 +1531000
+8,000 -5,000
425,370 Idecrea.se
Excess reserve.
_
=====
Grand gge te Oct.28 6,495,000 10.691.000 117032000 6,434,000 1,3--60,000 3,181,000 10,898,000
9,4567
4
107879000
2
,
1,513,000
0
103,000
8,10
4
7000
0
08
5
77000
1
7
7
6,495,000
Grand aggete Oct.21
10,691,000 116096000 6,418,000 1,401,090 3,175,000
173,000 109,000 8,174.000 12.278.000 107454030 10,883,000 1.510,000
aggr'teOct.14 6.295,000 10.317.500 114384000 6,180,000 1,369,000 3,173,000 925,000
951,000 274,000 114,000 7,900.000 13.443.000 104277000 10.910,000 1.512,000
aggr'te Oct. 7 6.295,000 10.317.500 113903000 6,047,000 1,274,000 2,972,000 878,000 203,000
90.000 7,963,000 15,579,000 104666000 10,861,000 1,508.000
AQ Ann", 47A AAA. 917 Ann inlcignan in ma non 1 512.0011
Grand aggeteSept.30 6,295.000 10,317,500 113401000 A lin mull ,,,) Ann o Ala Ann omn "vv., lot nnn
Grand aggregate
CO nParifio,,prev.wk
Philadelphia Banks.-Summary of weekly totals of
Boston Clearing House Banks.-We give below a
Clearing House banks and trust companies of Philadelphia: summary showing the totals for all the items in the Boston
We omit two ciphers (00) in all these figures.
Clearing House weekly statement for a series of weeks:
Due
Loans,
Disets & from
Invest'is. Banks.
Deposits.
Bank.
Individ'I.
Total.
Reserve
Held.
Excess
Reserve.
Nov. 4.
$
Nat. banks. 384,721,0 78,726,0 178,208,0 326,058,0 501,266,0 82,798,0 21,890,0
Trust cos__ 153,712,0 4,432,0 4,338,0 139,1390,0 144,028,0 21,763,0 4,257,0
- Total ___ 538,433,0 83,158,0 182,546,0 465,748,0 618,291,0 107,561,0 26,147,0
Oct. 28___ 538,069,0 81,260,0 180,877,0 457.923,0 638,800,0 104,684,0 23,918,0
537,802,0 88,470,0 188,211,0 464,473,0 652,634,0 109,720,0 28,482,0
" 14.._ 532,230,0 87,624,0 188,004,0 469,480,0 658,384,0 120,019,0 37,978,0
7. 526,818,0 81,270,0 183,118,0 460,022,0 643,140,0 119,456,0 38,465,0
Sept. 30___ 522,799,0 79,252,0 175,527,0 451,646,0 627,173,0 111,684,0 32,566,0
23.- 517,519,0 81,524,0 175,724,0 443,715,0 619,439,0 108,796,0 30,978.0
" 16... 515,320.0 77,697,0 171,784,0 440,218,0 612,052,0 109,588,0 32,047,0
514 717,0 71,312.0 168,940.0 434,993,0 1103,933,0 108,504.0 31,140,0
"
" 2- 515,893,0 72,434,0 169,921,0 438,547,0 608,458,0 105,855,0 28,353,0
----Note.-National bank note circulation Nov. 4, 59,130,030; exchanges for Clearing
House (Included In "Bank Deposits"), banks, $19,485,000; trust companies, $2,889,000; total, $22,374,000. Capital and surplus at latest dates: banks, $01,175,600; trust companies, $41,295,200; total, $105,470,300.
BOSTON CLEARING HOUSE MEMBERS.
Nov. 4
1916.
Change from
previous week.
Oct. 28
1916.
Oct 21
1916.
56,451,000 Dec.
$21,000 $6,475,000 $6,460,000
Circulation
Loans, disc'ts & investments_ 455,636,000 Inc. 3,849.000 451,837,000 450,309,000
Individual deposits, incl.U.S. 365,057,000 Inc. 9,562,000 355,495,000 356,434,000
146,537,000 Inc. 6,846,000 139,691,0W 149,395,000
Duo to banks
28,341,000 Inc.
Time deposits
77,000 28,261,000 28,820,000
Exchanges for Clear. House_ 27,602,000 Inc. 11,065,000 16,537,000 20,333,000
Due from other banks
42,939,000 Inc.
980,000 42,009,000 47.500,000
26,064,000 Dec.
726,000 26.790,000 26,939,000
Cash reserve
Reserve in Fed. Res've Banks 25,131,000 Dec.
128,000 25,259,000 26,601,000
310,000 37,182,000 39,114,000
Reserve with other banks_ _ _ 37,522,000 Inc.
256,000 Dec.
Reserve excess in bank
979,000 1,235,000 1,471,000
Excess with Reserve Agent
20,313,000 Inc.
172,000 20,146,000 22,102.000
Excess with Fed. Res've Bk. 3,626,000 Dec.
338,000 3,964,000 5,339,000
Imports and Exports for the Week.-See third page
preceding.
[vol.. 103
THE CHRONICLE
1772
Vattittrs' 6itzeitt. •
1Va1l Street, Friday Night, Nov. 10 1916.
The Money Market and Financial Situation.—Uncertainty as to who was elected President on Tuesday has
overshadowed all other influences in Wall Street this week.
Indeed, nothing else, including the report that a ship flying
the United States flag had been torpedoed in European waters,
has attracted attention here or affected security values.
While it is not regarded as of immediate, vital importance
which of the two candidates is elected, there is a general feeling of solicitude as to the part our Government will probably
take in the peace negotiations which are almost sure to occur
within the next four years, and the attitude it -will assume
towards the European nations in the period following. For
the duties involved in these matters, as well as the management of strictly domestic affairs, each party thinks its own
leaders are best qualified.
The Government crop report showed a further shrinkage
of the corn harvest, and both corn and wheat have advanced
in price on the Produce Exchange this week. The iron and
steel industry reflects an increasing domestic demand, partly
from railroad sources, and U. S. Steel shares sold up to 126
on Wednesday.
Although the gold movement has halted for the time being,
as a result of recent London credits here, the local money market has been exceptionally easy,and the weekly European bank
statements, especially that of the Bank of France, reveal a
considerable increase in gold holdings. The latter is now
largely in excess of a year ago and substantially larger than
in the first week of August 1914, when war broke out.
Foreign Exchange.—Sterling exchange remains about as
last quoted and has developed no new features during the
week. The import movement of gold temporarily has been
suspended. Continental exchanges have also ruled quiet and
were irregular in their general tendency.
To-day's (Friday's) actual rates for sterling exchange were 4 71 14 for
sixty days, 4 75%04 75 11-16 for checks and 4 76 7-16 for cables. Commercial on banks, sight, 4 757-16; sixty days, 4 70341 ninety days,4 683
and documents for payment (sixty days), 4 7034. Cotton for payment,
4 75 7-16., and grain for payment, 4 75 7-16.
To-day's (Friday's) actual rates for Paris bankers' francs were 5 84% ©
5 85 for long and 5 90©5 9034 for short. Germany bankers' marks were
6934 for sight, nominal for long and nominal for short. Amsterdam
bankers' guilders were 4034 for short.
Exchange at Paris on London, 27.81 55 fr.; week's range, 27.8115 Cr. high
and also 27.8135 Cr. low.
The range for foreign exchange for the week follows:
Checks.
Cables.
Sixty Days.
Sterling Actual—
4 75 11-16
High for the week__ _ 4 7154
4 76 7-16
Low for the week_ _ 4 7134
4 7534
4 76 7-16
Paris Bankers' Francs—
High for the week__ _ 589/
5 8334
58454
Low for the week_ __ 5 903
,'
5 8134
5 835
Germany Bankers' Marks—
High for the week_
Low for the week
—
Amsterdam Bankers Guilders—
41
411-16
High for the week_ _ _
4011-16
40 13-16
Low for the week.. _40 9-16
40%
Domestic Exchange.—Chicago, 10c. per $1,000 discount. Boston, par.
St. Louis. 10c. per $1,000 discount bid and par asked. San Francisco, 10c.
per $1.000 premium. Montreal, .15625c. per $1,000 discount. Minneapolis, 30c. per $1,000 premium. Cincinnati, par. New Orleans, sight, 50c.
Per $1,000 discount and brokers, 50e. premium.
State and Railroad Bonds.—Sales of State bonds at
the Board this week are limited to $27,000 Virginia 6s,
trust company receipts, at 57 to 59 8; $1,000 New York
State 432s at 115% and $2,000 New York Canal 4s, 1942,
at 104%.
The volume of business in the market for railway and industrial bonds was relatively smaller than a week ago, while
values, with certain noteworthy exceptions, fluctuated narrowly. American Smelters Securities 6s, whose movements
for several weeks past have been of an extreme nature, lost
3,
% to 110%
all the ground gained last week, falling from 1123
closing, however, at 113. American Writing Paper 5s, in
sympathy with the shares, advanced from 90 to 93%•
Colorado & Midland 1st 4s moved from 159 to 17% and
Lackawanna Steel 5s, 1950, from 97% to 101. Sales of securities of the foreign Governments have been large, espebially the Anglo-French 5s, American Foreign Securities 5s,
United Kingdom of Great Britain and Ireland 5s, and the
various Dominion of Canada issues. The new Great Britain
and Ireland 5%s were traded in in considerable volume on
the "curb.' Sales on a s-20-f basis, indicating presumably
sales fcr foreign account, have decreased, being $25,000, as
against $27,000 a week ago.
United States Bonds.—No sales of Government bonds
have been reported at the Board this week. For to-day's
prices of all the different issues and for week's range see third
page following.
Railroad and Miscellaneous Stocks.—The stock market
has been remarkably active this week, notwithstanding
the uncertain results of the Presidential election. Sales
have continued to aggregate considerably over a million
shares daily, but prices despite the marked activity, have,
for the most part, fluctuated within narrow limits. The
issues whose popularity is derived from greatly increased
earnings, due to the unusual export demand, gained steadily
while others, some of which have been the most active in
past weeks, moved back and forth, according to the election
reports of the moment. The railroad issues advanced
steadily till Thursday, when a considerable reaction was
noted throughout the list. This movement continuing
to-dayforced prices down so that they showed a noteworthy
loss for the week. Atchison moved up from 1063/i to 108,
the final figure being 1063. Union Pacific fluctuated be-
tween 1493
% and 153k, while the high, low and last prices
of Chesapeake & Ohio, Chicago Milwaukee & St. Paul,
Great Northern pref., New York Central, Reading and New
Haven wore 70-68-68, 97-95-953/
2, 120-118%418%, 110108%-1083', 112-109-109 and 62-603/2-603/
2.
The industrial issues generally fell away from the high
quotations of Wednesday with certain marked exceptions,
Central Leather being the most spectacular. From 99 it
advanced steadily to 119, the close to-day, however, being
at 117%. American Writing Paper pref. moved up from
48 to 59 and American Locomotive from 91% to 97, the final
figure being 95. Mercantile Marine com. and pref. advanced from 41 and 118 to 453/i and 1213
% respectively, the
final quotations being 43% and 1193'. Steel, after moving
up from 1203/i to 126, a new high reconl for that stock,
3•
closed at 123%
For daily volume of business see page 1781.
The following sales have occurred this week of shares not
represented in our detailed list on the pages which follow:
STOCKS.
Sales
Week ending Nov. 10. for
Week.
Range for Week.
Lowest.
Highest.
Range since Jan.1.
Lowest,
Highest.
Par. Shares $ per share. $ per share. $ per share.$ per share.
Nov
Aug 67
Acme Tea tern ctfs_ _100 1,900 6431 Nov 4 67 Nov 10 51
Nov
100 98 Nov 11 98 Nov 10 9334 Sept 98
First pre ctfs__ _100
100 200146 Nov 8147 Nov 6 13234 Mar154% Jan
Adams Express
Oct
Amer Bank Note__ -_50 300 44 Nov 4 44 Nov 9 3834 Sept 44
Oct
Feb 199
Am Brake S & F pf_ _100
300 190 Nov 8194 Nov 9 165
500 13534 Nov 10 136 Nov 8 123 June 140% Jan
American Express.. _ _100
Jan
Jan 77
300 6634 Nov 4 6734 Nov 8 62
Associated Oil
100
Barrett Co, pref- - —100 200 119 Nov 4 119 Nov 4 11714 Oct 11934 Nov
100 2,800 7334 Nov 4 7511 Nov 8 5034 Jan 7531 Nov
Brown Shoe
100 200 10014 Nov 8 10034 Nov 8 9534 Jan 102 May
Preferred
Jan
July 14
Brunswick Terminal_100 500 9 Nov 8 9 Nov 8 6
Jan
Aug 87
100 1,400 8314 Nov 4 85 Nov 10 66
Burns Brothers
Jan 121 . Feb
10011234 Nov 911234 Nov 9 96
Bush Terminal
100
May
90
Oct
82
9
Nov
88
6
100
300 85 Nov
Case (J I), pref
Feb 21 Nov
Chicago & Alton. _.100 900 1614 Nov 10 2034 Nov 4 8
Nov
Sept 31
100 400 2634 Nov 9 28 Nov 4 18
Preferred
Jan
Apr 76
100 70 Nov 6 70 Nov 6 68
Cluett,Peabody & Co100
Jan
100 200110 Nov 10111 Nov 9 108 June 112
Preferred
Cons G,EL&P(Balt).100 5,500 12434 Nov 4 12734 Nov 8 10814 Mar 12734 Nov
Oct 231 Oct
1,200 2 Nov 8 234 Nov 9 1
Rights
Aug 2814 Nov
700 2234 Nov 8 2434 Nov 10 18
Cons It-State Call'n_10
Nov
100 97 Nov 6 97 Nov 8 9534 June 97
Dayton Pow & Lt, pf 100
May 9834 Feb
Deere & Co, pref_ _ _100 400 9634 Nov 8 9634 Nov 10 89
Mar 149 Nov
19 149 Nov 8 149 Nov 8 131
Detroit Edison
1
Duluth S 8 & At1_100 700 414 Nov 4 731 Nov 6 415 Mar 754 Nov
Jan 1534 Nov
2,200 13 Nov 4 1534 Nov 6 10
1
Preferred
Sept
Apr 72
Elec Stor Battery_ _100 400 71 Nov 4 72 Nov 4 58
Gaston, W & Wig.no par 1,020 4334 Nov 10 45 Nov 4 z4215 Nov 5134 Oct
Int Harvester Corp_100 1,100 7834 Nov 9 80 Nov 10 6834 Mar 8434 May
Nov
100 112 Nov 9 112 Nov 010434 Apr 112
Preferred
100
Aug 111H Feb
Int Nickel, pref
13010634 Nov o10614 Nov 6 105
100
July 734 Nov
200 7 Nov 10 714 Nov 4 2
Iowa Central
100
Apr
July 113
100
Jewel Tea, pref
20011034 Nov 411034 Nov 10 104
Mar 534 May
100 434 Nov 9 415 Nov 9 3
Keokuk & Des Mol_ _100
Feb
Kings Co Elec L & P_100
26012734 Nov 912734 Nov 912634 May 131
Laclede Gas
100 3,250 109% Nov 411834 Nov 10 10334 Mar 11834 Nov
Sept 34
Oct
Loose-Wiles Biscuit_100
7001 26 Nov 6 27 Nov 8 14
Mar 9155 Jan
First preferred_ .....100
100 87 Nov 8 87 Nov 8 78
Lorillard (P), pref._100
501i1834 Nov 9118 15 Nov 9 11534 Jan 12234 Sept
Nov
May Dept Stores... 100 5,0001 6934 Nov 4 72 Nov 10 5014 Jan 72
May
100
Preferred
100110754 Nov 0 10734 Nov 9 ung Jan 109
Oct
Oct 36
Minn & St L new
100 1,5501 3334 Nov 4 3434 Nov 6 26
July 7534 Jan
1001 7534 Nov 6 7534 Nov 6 72
MStP&SSM l's'd line100
Apr 67 June
NY Ch & St L 2d p1..1001 7001 59 Nov 10 6335 Nov 10 50
New York Dock...... _1001 7
1434 Nov 1 1634 Nov 10 914 May 1634 Nov
Apr 3934 Nov
Preferred
100
3001 32 Nov 9 3934 Nov 10 25
Nov 15234 Nov
Nova Scotia Steel&C.100 2,000145 Nov 1 15234 Nov 10 145
Sept 96
Oct
Owens Bottle-Mach_25 1,900 94 Nov 4 9434 Nov 4 83
Jan
Pacific Tel & Tel_ __ _100
200 3634 Nov 9 38 Nov 6 3254 Apr 44
Nov
Pan-Am Pet & T, pf_100 2,465 9754 Nov 9 99 Nov 9 9714 Nov 99
Mar 1734 Nov
Peoria & Eastern.....100 7,900 1434 Nov 4 1734 Nov 6 8
Oct
10 4155 Nov 1 4134 Nov 10 2234 Apr 44
Pittsburgh Coal__ ..100
4 15834 Nov 9158/4 Nov 9 15555 July 15834 Nov
Pitts Ft Wayne & 0.100
Oct
Pittsb Steel, pref___ _100 500 10434 Nov 6 105 Nov 4 0335 Feb 106
Oct
Feb 30
100 30 Nov 6 30 Nov 6 25
Rutland, pref
100
Nov
St L & S Fr (new) pref__
200 4054 Nov 6 50 Nov 4 4934 Nov 50
Sloss-Sheff S& I, p1.100
900 100 Nov 101033.1 Nov 6 9134 Apr lo3g Nov
Feb 120 June
So Porto Rico Sug,0100
100 116 Nov 4 116 Nov 4 106
Mar 10734 Oct
Standard Milling _100 600 10534 Nov 6 10634 Nov 10 86
Nov
May 158
100 158 Nov 8 158 Nov 8 115
Tex Pac Land Trust_100
Apr 1011 Oct
Toledo St L & West_100 1,3001 811 Nov 4 954 Nov 6 5
1,5001 834 Nov 4 934 Nov 6 5 May 914 Nov
Trust receipts
Feb 1534 Nov
7001 1434 Nov 8 1534 Nov 8 8
Prof trust receipts........
Jan 120 Nov
100 120 Nov 4 120 Nov 4 110
Underwood, pref_ ... _100
Mar
Oct 64
i0l 4715 Nov 11 4711 Nov 10 46
United Cigar Mfrs_ _10
May
111
Feb
108
6
Nov
Nov
p1..100
Mfrs,
Cig
1110734
United
20010734
Nov 80 • Nov
i00 80 Nov 11 80 Nov 10 80
10
United Drug
United Drug 1st pf _50 500 5234 Nov 9 5234 Nov 9 5234 Nov 5254 Nov
Sept 4914 Apr
200 30 Nov 4 3015 Nov 10 28
U S Express
1
June 33-4 Jan
U S Reduc & Rain_ _1
500 214 Nov 8 234 Nov 8 1
Oct
1,000 132It Nov 8 137 Nov 6 12315 May 138
Wells, Fargo Express 1
Nov 334 Oct
Wheel & L E ctfs deposit 2,200 3 Nov 4 315 Nov 9 3
White Motor.new_ _ _ _5 8.200 5414 Nov 8 5654 Nov 10 5434 Nov 5915 Oct
Outside Securities.—Sales of securities at the Broad
Street "curb" were of slightly greater volume than those of a
week ago. Prices, however, due, no doubt, to causes mentioned above, were irregular. Aetna Explosives covered a
narrow range and Butterworth-Judson moved between 74
and 753. California Shipbuilding, after advancing from
154 to 203, closed at 193/2, while Carbon Steel advanced
from 1173/2 to 118, fell to 112 and closed at 1.123. Chevrolet Motors moved up from 190 to 193, but closed at 184 and
General Motors varied between 160 and 153. Marlin Arms
gained from 66 to 72, closing at 623/2, while the high, low
and last prices of Midvale Steel, Pierce Arrow, Submarine
Boat and United Motors were: 71-6834-70; 65-42-55%;
8-42-41% and 65%-62-623. Standard Oil issues were
/
433
fairly active, Ohio Oil advancing from 367 to 385, the final
quotation. Prairie Pipe Line fluctuated between 295 and
297, while Standard Oil of New Jersey covered a range of
32 points, closing at 635, 7 points below the high mark.
Standard Oil of New York moved between 237 and 240. The
other oil issues, most of which sell at "cents a share," were
also active. Among the bonds traded in on the "curb" were
;.:5,000 Russian Government 63's w. i. at 100% to 1003,
$365,000 Sinclair Oil 6s at 101% to 99%and $1,125,000 Great
Britain & Ireland 53-'s between 983- and 993.
A complete record of "curb" transactions for the week
will be found on page 1781.
1773
Record, Daily, Weekly and Yearly
New York Stock Exchange-Stock
OCCUPYING TWO PAGES.
Per record of sales during the week of stocks usually inactive. see preceding page.
HIGH AND LOW SALM PRICES-PER SNARE, NOT PER CENT.
Saturday 1 Monday
Nov. 4.
Nov. 6.
Tuesday.
Nov.7.
Wednesday
Nov. 8.
Thursday 1
Nov 9
Friday
Nog 10
Salesfor
the
Week
Shares
STOCKS
NEW YORK STOCK
EXCHANGE
?EH Slf AIM
Range Since Jan. 1
On Oasts of 100-share lots
Lowest
Highest
1
'B-it 4311 A KIS
Range for Previous
Year 1915
Lowest
Highut
par 5 per mare $ per share $ Per share $ per *We
Railroads
$ per share. $ per share. $ per share. 3 per share. $ per share $ per share
9212 Feb 11114 Nov
107 108
10658 10714 10614 10634 18,660 Atch Topeka & Santa Fe- -100 10014 Apr 22 1087 Oct 5
10614 10634 10634 10712
Jan 1024 Nov
100 9858 Aug 30 102 Feb 24
96
10014 10078 10034 10034 10078 10078 2,375 Do prof
10078 10078 10078 1007s
124 124 *123 12412 12478 1247
98 Mar 116 Nov
400 Atlantic Coast Line RR-....100 10612 Apr 19 12478 N ov10
12134 12134 124 124
100 827 Apr 24 96 Jan 4
6334 Feb 96 Dec
13,220 Baltimore & Ohio
88
8918 88
888
8838 8734 88
8814 88
88
100 7212 Aug 30 80 Jan 15
67 Feb 7934 Nov
*7512 7614 7558 75.8 7514 7514
500 Do pref
7558 7534 7534 7534
8314 Aug 93 Apr
900 Brooklyn Rapid Transit_100 8312 Sept25 8878 June 8
85
85
8434 8434 8413 85
8412 8478 85
84
100 516212 Mar 1 18334Jan 3 138 July 194 Nov
4,300 Canadian Pacific
1731 17412 17258 173
17212 173
17234 17334 17314 1744
35%July 6434 Nov
100 58 Apr 24 71 Oct 19
6814 70
684 69
6812 6834 6312 6938
6734 6858 21,400 Chesapeake & Ohio
1712 Nov
1014 Jan
15
16
1558 16
1558 15,300 Chicago Great Western-100 1134 Apr 24 16 Nov 4
1518 1534 15
16
15
2512 May 4112 Nov
4512 4612 4518 4638 4514 4638 11,000 Do pref
100 33 Apr 24 471200t 27
•
4618 4634 4534 4612
7734 July 10118 Dec
9538 97
9618
95
95
9514 96
95
9514 9534 9,850 Chicago Milw & St Paul_ _100 91 Apr 22 10212 JaLl 3
127 127
100 12412Septi3 13618Jan 5 12078 Sep 135 Dec
900 Do pref
12534 12534 127 127
•12612 127
127 127
12834 12934 12912 12912 12914 12914 1,100 Chicago & Northwestern 100 124 Sept 8 13478Jan 3 11812July 13518 Nov
12818 12818 12878 129
*175 180 *170 180 *170 180
Do pref
100 1165 Apr 13 175 Jan 11 163 Jaly 1180 Nov
*175 180 *170 180
1012July 3838 Apr
34 3612
3458 36
100 1512 Apr 22 3612 Nov 8
3334 3412 3358 36'4
3412 3534 1C16,500 Oileago Rock Isi & Pac
Jan 52 Oct
60
*58
___
60
300 Cloy Cin Chic & St Login_ _100 38 Apr 27 6258 Oct 27 121
60
60
*58
6112 60
5318 Feb 77 Oct
*83
100 70 Feb 2 86 June14
8412 --- --- -- --Do pref
*83
8412 *8312 8334
24 Mar 3813 Nov
*3513 3534 3514 -354 1.200 Colorado & Southern
100 2434 Apr 24 37 Oct 27
3534 -36
3512 36
3512 3512
45 Jan 60 Nov
62
100 48 Apr 1 6218 Oct 18
*61
*61
100 Do 1st pref
82
62
62
*61
62
62
*61
35 Sep 52 Nov
55
*45
53
100 40 Mar13 5734June10
*48
*48
Do 2d pref53
54
*48
53
*47
100 14918 Apr 20 156 Oct '4 13812 Aug 15418 Nov
600 Delaware & Hudson
15512 15512 15212 15212 *152 155
*15212 156
155 156
242 242
700 Delaware Lack & Western__50 216 Mar18 242 Nov 6 199% Jan 238 Nov
240 240 *240 242
242 212
*233 245
1812 Nov
4 Jan
*20
21
22
21
8% M ar30 2314 Oct 25
2012 2058
900 Denver & Rio Grande__ _100
2012 21
22
•20
612 Jan 2938 Nov
100 15 Mar 8 521300t 25
4814 48
6,300 Do pref
46
4733 48
48
4714 48
4734 4834
197 Feb '4558 Nov
3812 3813 3853 3914
100 32 Apr 22 4358 Jan 3
3858 3934 3812 3878 3734 3838 42,000 Erie
324 Feb 5912 Nov
100 48 Apr 22 5918Jan 3
5312 54
53% 5312 5258 5314 4,400 Do 1st pref
5338 537. 5358 54
27 Feb 5414 Dec
100 41 Apr 22 5413Jan 3
*4412 4612
100 Do 26 pref
*44
44
.4412 46
46
4414 4414 *43
100 11618 Aug 30 12712Jan 4 11234 Jan 12838 Nov
5,300 Great Northern pref
119 120
119 11914 11834 119
119 11918 11914 11972
2514 Jan 54 Oct
4234 4438 4234 454 4438 464 69,300 Iron Ore properties_ _No par 3338 June28 5014 Jan 3
4278 4318 4318 44
100 9934 Apr 17 109780ot 5
99 July 113 Apr
108 109 51064 10634 10612 10712 2,800 Illinois Central
108 10814 10812 10812
187 July 2512 Nov
1812 1938 1834 1938 1834 1978 18,350 Interbor Con Corp, vte No par 1534 Feb 15 2118 Jan 3
1934
19
1834 19
70 July 82 Nov
100 71 Feb 15 7712Jan 3
6,800 Do pref
7612 77
77
7638
76
76
76
76
77
76
100 2318 Apr 28 32l Jan 4
2734 2858 2758 28
2758 5,500 Kansas City Southern
27
2734 2778 2734 2814
2088 Feb 351 Nov
547 Feb 6512 Nov
100 58 Aug 18 6473Jan 3
800 Do pref
*60
6134 6112 6134 *60
6134
6134 6134
61
61
2512 2558 24
1,500 Lake Erie & Western
5 Jan
100 10 May 2 2614 Oct 26
2414 237 237
1688 Dec
2434 2434 2512 2512
500 Do pref
544 65
*50
100 32 Apr 20 5512N ov 2
54
54
19 May 4113 Dec
54
54
*5212 5512 54
8338 10,800 Lehigh Valley
50 7412Jan 31 87180ot 5
83
83% 8434 8313 837
6452 Feb 8314 Nov
8412
8334 838 84
Long Island
*33
35
*33
35
*33
35
15 Jan 2758 Oct
50 20 Jan 31 4112 June12
35
*33
35
*34
500 Louisville & Nashville___100 1211s Mar 1 140 Oct 5 10412 July 13012 Nov
137 137 *13412 137 *135 13512
*136 13612 136 136
___ •129 132
100 Manhattan Elevated
____
13034 13034
100 128 Apr 28 132 Oat 27 125 June 132 Dec
*129 132 *129 132
*124 126
123 124 •
500 Minn St Paul & SS M
124 124
100 11614 Apr 24 130 Oct 4 106 Jan 12612 Nov
12412 12412
*125 150
*133 137
-___
-_ ____
__ - _
Do pref
100 12812Sept26 137 Jan 15 123 June 136 Dec
__ -- -- -- -- -- -813 813
814 _-833
818 _-812 8,300 Missouri Kansas & Texas. 100
4 Sep 1514 Ale
318 Sept 6
8340ot 26
84 812
814
8
*19
21
900 Do pref
18
1814 181k 1812
1018 Sep 40 Api
2034 203
100 10 Apr 3 24 Oct 26
20
20
1034 1112 . 1038 1012 1013 1058 7,700 Missouri Pacific
1814 Api
134 July
1014 1014 1014 1078
100
34 Sept 1 1113 Nov 8
97
1038 1114 1014 1078
1034 29,900 Trust co ens of deposit--- 712 NON
1038 1038 1078
3 Dec
10
314 Sept 1 1114 Nov 8
27% 28
2634 277
2658 2738 25,100 Missouri Pacific(new)when les. 221s Sept 6 28 Nov 8
2712 2712 2712 2734
5734 58
5734 5734 5734 5734 57% 5718
*5712 68
600 Do pref(or Inc bonds) do__ _
4734 Sept 5 59 Oct 27
1084 110
108 10812 10838 10934
10814 1091 108 10812 42,620 N Y Central & Hud River 100 10014 Apr 22 11414 Oct 5
8112 Mar 11013 Dec
3613 3612 3634 3634
*3634 3714 36
37
37
4514 5,600 N Y Chic & St Louis
30 June 4611 Dec
100 33 Apr 17 4514 Nov10
6034 62
6034 6114 6038 6l7s
43 Feb 89 Oci
6058 6138 6012 607 11,750 N Y N H & Hartford
100 67 Apr 26 777k Jan10
31
3151 3112 317s
3058 3238 31
3112 3012 3118 10,500 N Y Ontario & Western...100 26 May 5 3238Nov 8
2134 Jan 35 Apt
143 145
14334 14434
14212 145
9912 Jan 12258 Dec
18,200 Norfolk & Western
100 114 Mat 1 147's Oct 16
14234 143
14134 143
*8514__
8718 8718
8012 Sep 90 June
430 Do adjustment pref_ _100 8418 Feb 25 8918 May22
87
8718
87
18712 8712 87
112 1-1-214 112 1127
9913 Feb 11888 Dec
100 10814 Sept 2 11878Jan 4
11218 11238 15,200 Northern Pacific
11214 1134 11214 113
5818 5838 5818 5812
.60 55 Sept12 60 Oct 4 51% Feb 6112 Nov
5712 6778 17,713 Pennsylvania
58
5813 5734 5,8
400 Pitta Cin Chic & St Louis_100 78 Feb 17 88 June 5
8014
65 May 86 Nov
80
82
82
*81
*8014 82
8178 *81
81
'
Do pref
90 June 9812Junc
100 88 Jan 26 9834Jan 13
98
•__- 98 .__- 98
08 *
98 *
*
86,500 Reading
50 75% Jan 31 11512 Sept27
6938 May 8558 Nov
109 109%10984 11114
109T4 11012 10814 110
101-)T4 112
200 1st preferred
45
*43
4038 Sep 45 Jun(
45
50 417 Feb 19 46 Feb 29
4412 4412 *43
*43
444 *43
4413
500
26
48
preferred
*4612
40
May19
Feb 44 Apt
62
Feb
4634
21
4114
50
*4613
4658
4712
4612 47
47
47
9,500 St Louis & San Fran new (w I). 1512 May18 2534 Nov 8
25
25
2434 2534 2434 25
*2412 25
2533
25
2712 3,300 St Louts Southwestern____100 16 May 4 2712 Nov 9
2712 27
27
11 Sep 23 Nov
27
27
26
26
27
26
52
51
1,700 Do pref
5012 51
50
29 Sep 4512 Dec
100 3712 Sept 1 5212 N ov 3
50
52
52
6113 62
4,650 Seaboard Air Line
111eJuly 2014 Nov
1733 1738 1714 1714 1634 17
100 14 Apr 22 187sJan 13
›,
1712
1714 1714 17
40
2,100 Do pref
3912 3934 3834 3938 *38
100 3418 Apr 24 4218 Oct 10
3014 July 4334 Nov
3913 40
40
39
41
10118 10234 10114 10134 101 10112 33,600 Southern Pacific Co
8114 Feb 1044 Dec
100 944 Apr 22 10418 Jan 4
q
10034 10178
10078 101
29342812
2918
2818
297
29
2812
38,400 Southern Railway
1212 July 26 Nov
100 18 Apr 24 30340et 10
2813 287g 29
6812 6912 6812 6838 6818 69
6,225 Do pref
42 July 65 Nov
100 58 Apr 24 72 Oct 10
671s 68
684 6878
18
1812 1734 1818 1734 1818 11,500 Texas & Pacific
612 Feb 14 .1918 Nov 2
174 1818 177s 1834
100
..
812 July 177 Apt
6234
544
*53
54
13 53% 2,500 Third Avenue(New York) 100 5218 Oct 24 6812June22
5412 5412 54
35 Jan 6412 Oct
5414
*95
97
96
96
97 .96
97
*95
*52_
100 Twin City Rapid Transit-100 94 Mar 24 99 June i(
90 July 100 Apr
15013 15338 15034 15178 14958 15138
1
15038 15034 15034 15214
102,150 Unio-i Pacific
100 12934 Apr 22 1533s Oct 24 11534 Jan 14112 Nov
8278 834 83
83
•8234 8314 8318 83%
8234 83
1,350 Do pref
100 280 Sept 1 844 Sept29 z79 Mar 8418 Nov
1038 1012 1038 1138 11
784 May 9 2114 Jan 4
10
10
10
8 Jan 2712 Oct
1014
1314 6,900 United Railways Invest_ _100
22
22
22
21
21
2114 *21
2234 22
247
4,250 Do pref
2114 Mar 4734 Oct
100 17 Sept16 3034Jan 3
1538 10
1512 1558 157 1614
1512 16
1512 1573 14,000 Wabash
1258 Oct 1712 Nev
100 1318 Sept13 17 Jan 3
6718 5818 57
6634 57% 6738 5814
5734 .5612 6713 17,700 Do pref A
437 Oct 494 Nov
100 4113 Mar 1 5878 Oct 23
31
31
3118 3134 3034 311
3118 3134
3012 31
13,300 Do pref B do
2512 Oct 324 Nov
100 25 Apr 22 3212Jan 15
28
2838 2812 2914
2812 2914 28
2838 6,450 Western Maryland
2834 28
94 Jan 3512 Oct
.100 2412 Feb 28 341 Mar 27
46
.45
46
*45
46
*43
49
48
46
200 Do prof
48
100 40 Mar 7 65 Oct 16
25 Jan 5058 Oct
33
3
318
31
3
358
12 July
614 Nov
3'8 2,140 Wheeling & Lake Erie
6 July10
314 314
312
100
2 Oct 19
*6
8
6
900 Do lst preferred
2 Aug 1934 Nov
612
100
434 N ov10 1812July 5
434 518
---- - --514 514
*314 384 .3
734 July 5
313
--__ ---818 Nov
100 Do 2d preferred
3
--__ -___
3
100
58 Aug
218 Oct 25
100 Wisconsin Central
5412 -------*53
54
5412 *52
54
28 July 46 Nov
100 33 Apr 19 5612Ju1y 20
54% 5412
Industrial & Miscellaneous
300 Advance Rumely
16
16
1712 *1512 17
•16
100 14 Aug 22 2112 Apr 29
1712 1712 *1513 1713
347 347
100 Do prof
3412 *3112 35
*34
100 3038 Oct 10 43 Apr 28
*34
34
35
34
72
7312 7434 4.700 Ajax Rubber Inc
75
60 63 July31 77 Nov 3
73
7412 73
7213 71
72
4,200 Alaska Gold Mines
12
214 Dec 4012 Api
1258 1178 121k 1178 12
12
10 111:Aug 30 2612Jan 7
121s 12
1214
67
2,700 Alaska Juneau Gold Min'g_10
7
7
934 Dec 134 Nov
7
7
7
7
67
634 Oct 9 1014 Jan 7
*Vs 7
2818 2913 29
89,200 Allis-Chalmers Mfg v t 3_100 19 July19 3414 Nov 9
2712 2814 2712 2812
344 31
34
734 Jan 4912 Oct
8538 8638 8612 92
85
85
19,600 Do preferred v t 0-100 7012July 18 92 Nov 9
8458 8514
91
90
33 Feb 8578 Dec
8514 8914 8718 88
8612 8612 87
8434 8812 4,600 Amer Agricultural Chem_.100 63 Apr 22 8914 Nov 8
8818
48 Jan 7412 Nov
102 102 .100 104
*100 102 *101 102 *101 102
100 Do pref
90 Mar 10118 Nov•
100 96 Mar 23 102 Sept12
10252 10312 10312 104
10214 10512 10214 104
22,900 American Beet Sugar
3314 Jan 7278 Dec
102 105
100 6134Feb 1 K10512 Nov 8
*9934 1004 *9912 10012
*100 1004 *100 10012 *100 10013
Do pref
100 93 Apr 24 102 June22
83 Feb 95 Nov
6314 64
63
6312 6413
6412 6234 6334 6212 65
56,950 American Can
100 5014 June27 684 Sept29
25 Feb 6812 Oct
114 114
11312 11312 11314'114
11312 114
11312 11312 1,000 Do pref
100 10814July 13 11533 Sept30
9113 Jan 11312 Nov
6913 7014 6934 7078
68
7134 69
71
6914 7212 62,100 American Car & Foundry _100 52 July 8 78 Jan 3
40 Feb 98 Oct
*116 118 *116 118
11833 11833 11712 11712
117 117
400 Do pref
100 11538Aug 9 11912Mar 11 11112May 118 Atli
5478 5538
55
65
5334 537
547 55
55
Ian 64 Oct
39
100 5012 Apr 22 5818 Oct 23
5534 2,000 American Cotton Oil
*101 102 *10114 102
102 102 *101 102
101 102
300 Do pref
91 June 1024 Nov
100 98 Jan 6 102 Mar 15
15
1513 15
16
1614
1733 1638 1733 1612 1714 13,300 American Hide & Leather_100
436 Feb 144 Oct
834 June 3 2012 Oct 17
7112
69
674 68
71
73
71
7412 72
74
9,400 Do pre
1934 Jan 5912 Oct
100 45 Mar 1 7912 Oct 23
2914 29
29
29
294
2914 2834 29
2058 Jan 35 Am
2815 2834 5,000 American Ice Securities- _100 25 Jan 20 3112 Feb 19
2534 27
2614
2538 2638 28
257 2734 2634 277 30,050 American Linseed
74 Jan 3118 Oci
100 1714July 14 2778 N ov10
5713 58% 5712 6034 5912 6078 33,725 Do pref
574 58%
58
67
24 Jan 5012 Oci
100 3814 Mar 1 6078 N ov10
9034 94
924 96
9034 92
9234 9814 9434 977 183,550 American Locomotive__ _100 68 'July14 984 Nov 9
19 Mar 7484 Oct
10812 10813 108 109
*108 109 *108 109
10812 109
1,000 Do prof
75 Mar 105 Nov
100 9912July 13 109 Nov 9
37g Apr 1318 Oct
*934 10
*912 10
912 958
---- ---_
958 958
500 American Malt Corp
512June 3 121s Oct 19
100
47
47
48
-. *46
-- -•47
47
4714
47
600 Do pref
2112May 3712 Del
100 z3158Jan 14 50 Oct 23
95
*93 115
*93
95
*93
95
*93
94
944
200 Amer Smelters See pref B.100 8412July 13 96 Oct 28
78 Jan 8888 Ma3
*97 100
997 100
9912 9912
*99 100
100 10012 1,814 Do prof Bar A stamped__ 91%July 11 10012N ov 10
86 Oct 92 Dec
11012 11312 11058 11158 11012 11418 75,850 Amer Smelting & Refining-100 8812 Apr 22 117 Sept25
11138 11234 11214 11358
56 Jan 10878 De(
11734 11734 117 117 *115 117
11738 11738 1174 11713
650 Do pref
100 10914 Apr 22 118180ot 21 100 Jan 113 Nov
143 143 *140 145 .140 145
•140 145 *140 145
100 American Snuff
100 130 Mar 23 14912June 8 144 Jan 165 Api
*106 110 *106 110 .108 109
.108 110 *107 110
Do pref
100 10612Mar22 110 Jan 27 103 Jan 11038 Nov
6313 65
64
*.64% • 66
66
64% 66
16,700 Am Steel Foundry
6514 66
2418 Mar 7412 Oct
100 44 Apr 24 6638 Nov 2
120 121
120 121
1118 122
11012 121% 11918 12114 18,600 American Sugar Refining_100 10512 Apr 22 12558 Oct 25
9913 Feb 1197 Nov
12112 I211'121 123
*120 123 *120 123
12038 12038
300 Do pref
100 11518May 5 123120et 24 109 Feb 11912 Nov
133 13338 13338 13312
133% 13334 13334 134% 1337 134
2,800 Amer Telephone & Teleg_100 12614 Feb 1 513412 Sept29 116 Jan 13014 Nov
*226 ;228 *227 230
229 229
22934 22934 22814 22978
800 American Tobacco
100 188 Feb 16 2297 Nov 3 19512 Dec 2524 Apt
*108 110
1081s 10818
108 108
108 108 • 108 108
600 Do pref (new)
100 105:4 Apr 24 113 Sept23 10314 Jan 111 Nov
5312 5873 5438 5614 5212 544 63.100 Am Woolen of Mass
5158 5214 5238. 5412
100 42 Jan 11 58% Nov 8
46 Nov 56 Oct
9814 9814 9812 9838
987 99
9913 9918 98
9914 2,000 Do pref
95 Dec 9814 Nov
100 92 Jan 10 102 Mar 10
46
4812 5214
47
51
5312 5212 5712 5634 5934 94,900 Am Writing Paper pref__100 11 Jan 8 5934 N ov10
5 July 15 Api
523 5412
54
5313 55
53
544 5512 5412 5878 40,600 Am Zino Lead & 0
6714 Dec 7112 Do
25 2938July 10 9738 Apr 10
83%
8414 83
8212 85
83
83
82
8,000 Do pref
84
84
25 5912July 11 87 Nov 1
9634 9913 97% 9838 97% 10118 324,600 Anaconda Copper
974 9818
964 977
50 77 Apr 22 102 Sept25 '1434 Feb 9152 Nov
106 10912 10612 109
104 10558 107 108
10758 11478 23,000 Atl Gulf & WI SS Line Ws 100 56 July 12 11478 N ovl0
71
7114 7134
7214 71
72
704 71
71
7334 4,100 Do pref cents
100 61 July 12 7334N ov10
8638 9012 8614 90
8518 8738 8734 894
8638 8918 81,800 Baldwin Locomotive
2658 Mar 15412 Oct
100 6535 July 14 11858Jan 3
*109 110 *107 108 *107 108
10678 106% 10814 10812
400 Do pref
100 104 June20 110 May24
92 Mar 114 Set
15934 15934 15812 16038 158 168
158 158
158 158
1,900 Barrett Co (The) ____.. _100 150% Sept25 16514Oct 8 ----------------675 • 684 1680.680
669 669
675 675
920 Bethlehem Steel
1670 670
100 416 Jan 11 684 Nov 8
4614 Jan 600 Cc
'(se inn
140 145
.135 . 149 .135 149 *140 149
Inn 128 July 21 155 Oct 25
300 Do prof . __..
Jan 184
01
Oc
Ex-rights. ;Less than 100 shares. I Ex-dIv. and rights. 1 New stook. s Par $25 per share. e First installment
•131d and asked primal no toles on this day.
paid. s Ex-dividend. 8 Full paid
g
8.
1774
New York Stock Record-Concluded-Page 2
For record of sales during the week of stocks usually inactive, see second page preceding.
HIGH AND LOW SALE PRICES-PER SHARE. NOT PER CENT.
Saturday
Nov. 4.
Monday
Nov. 6.
Tuesday.
Nov. 7.
Wednesday
Nov. 8.
Thursday
Nov. 9.
Friday
Nov. 10.
Salesfor
the
Week
Shares
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range Since Jan. 1
On basis of 100-share iota
Lowest
Highest
PER SHARE
Range for Previous
Year 1915
Lowest
Highest
Industrial&Misc.(Con.) Par $ Per chard 3 per share $ per share $ per Mars
3 per share. 3 per share. $ per share. 5 per share. $ per share $ per share
27,300 Butte dv Superior Copper_ _ _10 6013July 11 10514 Mar 9
67
69
68
6918
6658 6814 66
69
67
68
5612 Aug Mauna
2313 2358
23
23
2278 2358 *2213 2312 22
3,200 California Petroleum. vto_100 15 June27 4258Jan 3
23
8 July 3858 Deo
5114 .50
51
52
5012 5012 50
52
*51
100 40 June29 8038Jan 3
5012 1,200 Do pref
30 July • 81 Deo
10813 119
11714 123 415,375 Central Leather
10314 110
9814 9912 9913 10314
100 49 Apr 22 123 Nov10
3258 Feb 6114 Nov
*115 11513 115 11512
116 116
*115 116
11612 11712 1,100 Do pref
100 1087* Jan 3 11713 Nov10 10038 Jan 11012 Nov
105 10512 10434 105
10578 10578 10514 10512 10213 105
2,100 Chandler Motor Car
100 8812 Apr 24 131 June 5
2212 2258 2212 23
2214 23
2214 2213 2212 2338 13,400 Chile Copper
25 1958July 14 2538Jan 5
2338 Dec 2638 Nov
6312 6418 6312 6413
6238 6514 6358 6412 64
5 4618July 11 6613 N ov10
6612 89,000 Chino Copper
3234 Jan 5738 Nov
5313 5313 5514
54
53
5618 43,900 Colorado Fuel & Iron
5614 5378 5613 54
100 3818 Apr 22 6314 Sept30
2134 Jan 6612 Sep
4518 4478 4712
42
4318 4614 4312 4432 4352 4434 98,100 Columbia Gas & Elee„ 100 3014 Sept28 4713 Nov 6
*47
4714 4714 48
48
4812 48
1,500 Computing-Tab-Record -100 4058 July24 5258Jan 22
49
4112 Nov 4952 Dee
1591-4 1161;
13812 139
139 140 *139 140 313613 13838 4,600 Consolidated Gas (N Y).-100 13012 Mar 1 14434Jan 8 11334 Jan 15013 Oct
10312 10412
10378 106
1C1C112 10234 8,900 Continental Can
10214 10378 10214 103
100 7514 Jan 31 x111 Sept20
4014 Jan 127 Oct
•112 114
*113 114 *113 114
11234 113
1,100 Do pref
100 106 Feb 1 113 Oct 21
8812 Jae 10913 Dec
1918 19523 1914 1978
1834 2014 1918 1912 -1834 161
4 18,600 Corn Products Refining_ _100 1314 Aug 8 2514 Jan 25
8 Jan 2112 Oct
96
9613 9612 9513 9512 9312 9413 2,100 Do pref
9612 961z 9612
100 85 June26 10112Jan 14
65 Jan 9634 Dec
9138 9234 9213 9473
90
91
9314 175,600 Crucible Steel of America-100 5284 Jan 12 gots Mar 16
9514 9112 94
1814 May 10972 Sep
12212 123
•121 123
124 12412 12312 124
124 124
1,100 Do pref
100 10814 Jan 11 12412 Nov 8
84 May 11212 Sep
73
7078 7134 7034 7212
71
7138 7214 7214 7618 177,200 Cuba Cane Sugar
No par 5214 Aug 3 7638 Oct 30
9914 99
99
9914
9812 99
9813 9918 99
9978 7,700 Do pref
100 93 July14 10012 Oct 28
*220 240
230 230
*230 233 *228 240
230 235
1,500 Cuban-American Sugar...._100 152 Jan 5 26972 Sept26
38 Jan 177 Dec
*109 112 110934 10934
*109 112
109 109 *108 112
116 Do prof
100 10414 Feb 1 110 June 8
93 Mar 110 Sep
4512 4614 46
4512 4612 45
4612
4513 44
45
8,200 Distillers' Securities Corp-100 41 July10 5413 Apr 29
512 Mar 5012 Oct
2412 2478 2434 2434
2412 2458 2412 25
2413 2.134 2,200 Dome Mines, Ltd
10 2234 Aug 29 2912Feb 8 816 June 304 Dec
97 *9738 95
98
94
9634 9318 94
1,400 Driggs-Seabury Ord
100 85 Sept 8 11934 Sept18
2312 *16
21
•18
1814 1814
*16
2313 18
300 Federal Mining & Smelt
18
100 1268July 13 35 Jan 7
8 Mar 60 June
4334 4378
44
*43
44
*38
44
*4114 44
200 Do pref
100 3518 Apr 24 5712Jan 7
20 Mar 65 June
325 325
.320 330
*320 330 *320 330
32434 32434
300 General Chemical
100 *265 Jan 5 350 Mar 18 165 Jan 360 Oct
11678 11672 •116 117
*116 117 *11512 11612 *11512 117
100 Do pref
100 *113 Jan 5 11678 Nov 4 106 Mar 011612 Nov
182 18212 18212 18312
182 184
182 18213 18038 182
8,100 General Electric
100 159 Apr 22 18714 Oct 20 138 Mar 18512 Oct
810 810 4.775 875
*700 875 .700 850
200 General Motors
100 405 Apr 24 850 Oct 25
82 Jan 558 Dec
12413 12413 *12014 127
125 125 .12414 125
12412 12412
700 Do pref
100 108 July14 12812Sept 0
9068 Jan 136 Dec
711s 7112 7138 7238
7158 7213 7118 7134 68
7113 26,550 Goodrich Co (B F)
100 6734 Jan 31 80 Apr 10
2413 Jan 8014 Oct
•111 11414 *---- 11414
*110 11414 *11112 11414 *111 114
Do pref
100 11034Feb 1 11634 Mar 16
95 Jan 11414 Oct
9338
943
94
4
937
94
8
9314
.9378 9378 93
9578 5,725 Granby Cons M S & P_ _ _100 80 July12 99 Feb 10
7914 Apr 91 June
52
5334
5312 54
5312 5378 x52
5212 52
5238 8,900 Greene Cananea Copper-100 34 June26 54 Nov 8
37 Oct 5288 Deo
9558 9534 9812
99 104
10112 105
95
106 130
5,100 Gulf States Steel tr °Us---100 71 May 4 130 Nov10 ----.....
*100 105
101 103
129 129
400 Do ist pref tr °Us
100 87 May 4 129 Nov10
*95
102 10612 110 130
9814 104
97I 98
3,900 Do 2d pref tr °Us
100 72 May 5 130 Nov10
•
67
67
6712 6836
68
6834 6718 6778 6718 6934 133,900 Inspiration Cons Copper-20 4258 Apr 22 6934 N ov10
1658 Jan 4712 Oct
2212 2212 2313 2578
25
2413 2578 24
26
2478 7,900 Internat Agricul Corp--100 11 Aug 30 2973 Jan 5
612 Mar 2934 Nov
5278 57
53
53
5513 577
56
55
561
5678 -8,570 Do pref
100 3812July 14 74 Jan 5
8 Mar 7134 Dec
11634 11712 118 118
118 118 - -------- 117 118
1,000 Intern Harvester of N J__ -100 10812Jan 7 11934 June 7
90 May 114 June
4112
4058 4158 41
4034 451s 4313 453-4 4214 4438 120,000 Int Mere Marine Wm of dep__
1332Feb 15 5078 Sept14
18 Dec 2012 Deo
11614 12134 11914 12258 11812 121 152,350 Do pref cas of deP
11714 11858 11712 11838
6114 Mar 1 12558 Septll
7712 Dec
5512 Nov
5018 5012 5058 5112
5073 52
5013 5113 5034 5134 52,900 Intern Nickel (The) v t 13_ _25 3958 Aug 22 66% Jan 17 17934 Dec 22313 Oct
061
6114 6034 6412
6712 64
63
70
7512 165,100 International Paper
70
912 Mar 1 7512 Nov10
100
1278 Deo
8 Jan
•10478 10518 10378 105
10413 10612 104 107
10518 10714 19,400 Do pref
100 4212Feb 1 10714 Oct 31
33 Feb 5034 Dec
90
*90
9113 90
•88
92
*88
90
89
300 Jewel Tea,;no
89
100 67 Mar 9 96 Apr 4
7778 7834 7773 78
77
7734 7614 7714 7634 78
3,300 Kelly-Springfield Tire
25 66 July 18 8514 Sept 6
5453 5378 55
54
5334 5618 5414 55
5414 5614 104,025 Kennecott Copper...No par 4412 Aug 2 59 Apr 3
90
9358 9113 9634 9458 9778 115,500 Lackawanna Steel
8834 8938 8914 9212
100 64 May 5 9778 Nov10
28 Jan 9414 Sep
4118 4112 4112 43
4178 4318 4038 42
40
4078 9,200 Lee Rubber & Tire..No par 39 Oct 24 5612 June 5
*30112 30112 *290 305 *290 305
0290 300 *290 305
50 Liggett & Myers Tobacco_100 240 Apr 14 305 Nov 2 207 Jan 260 Dec
*22213 230
225 225
*225 235
225 225
225 225
300 Lorillard Co (P)
100 17914 Jan 19 23978 Aug 19 16512 Jan 189 Nov
87
8613 8612 87
8612 8612 *86
87
400 Mackay Companies
*86
87
100 78 Apr 14 91 Feb 10
7238 Jan 84 Nov
6612 6613
*6613 67
663* 663* *65
6714 *6512 67
200 Do pref
100 6513 Jan 20 6834 June 7
6434 Oct 6934 Jan
8412 8478 8413 85
82
8334 7913 8112 75
7834 33,700 Maxwell Motor Inc tr °MAN) 5714 Mar 3 99 Sept25
1514 Jan 92 Oct
85
85
85
8534
8418 8514 8418 8412 8338 84
3,400 Do lot pref stk tr ctfs_100 78 Apr 22 03 Jan 3
4314 Jan 10334 Dec
54
55
*54
54
53
5312 5238 5212 51
52
2,200 Do 2d pref stk tr 003_100 4214 Mar 2 6078 June 6
Jan 6812 Oct
18
110 114
11014 11138 .11114 11234
110 11134 10812 111
55,100 Mexican Petroleum
100 8858 June28 12958Jan 3
51 Jan 12413 Dec
99
97 .96
*95
*96
97
96
96
96
200 Do pref
96
100 8912June28 10558Jan 3
67 Jan 10412 Dec
3918 3934 3914 3934
3938 4018 3913 40
3958 41
29,275 Miami Copper
1714 jail 3618 Dec
5 33 Aug 3 413s Sept25
*98 100
9978 9978
9978 100
98
98
99
99
1,300 Montana Power
100 6814 Mar 1 100 Nov 4
42 Jan 7934 Dec
*117 __-- *117 120 *117 120
*117 ____ .117
Do pref
100 109 Jan 3 117 Sept28
Jan 120 Dec
99
*122 127 .121 12712
*122 127 *122 12712 *121 12514
National Biscuit
100 118 Sept 9 1311200t 19 116 Apr 132 Jan
•12612 12978 .12612 130
*126 12812 *12613 12978 *12612 128
Do pref
100 124 Jtme30 12958 May12 119 May 12712 Dec
*8334 8412 8412 8412
*8414 8434 8414 8414 8378 837s
500 Nat Cloak & Suit
100 71 May 9 8478 Sept12
68 Mar 90 Aug
3012 3234 3213 3458
33
3512 3312 3514 3314 3478 51,800 Nat Enam'g & Stamp'g
100 1934 Apr 22 3513 Nov 8
912 Jan 36111 Oct
99
09
9714 9714 9712 9712
*97 100
*9713 100
400 Do pref
100 92 Jan 19 99 Nov 8
79 Apr 97 Dec
6813 6858 6812 6034
6813 7014 6838 6833 6878 7014 7,700 National Lead
100 6013 Apr 22 7458 Sept21
44 Jan 7034 Mal
,
•113 115 .11213 115
*11212 11312 *11212 11313 *113 11412
Do pref
100 112 Feb 9 11718 Oct 3 10434 Jan 115 Nov
2478 25
2514 2618 2558 2618 26
25
2538
2678 52,225 Nevada Consol Copper
5 15 Jan 31 2678 N ov10
1114 Feb 17 Nov
15913
15978
15913
161
158 158
159 15913 158 160
3,300 New York Air Brake
100 118 July14 16234 Oct 4
5613 Feb 16434 Sep
7012 7013 7013 7012
*6912 72
*6913 72
71
71
300 North American Co
100 6512 Apr 26 75 Jan 3
64 Jan 81 Apr
84
83
84
8212 8378 8234 8312 83
*82
8313 4,500 Ohio Cities Gas (The)
25 75 Oct 9 865800t 19
678
612 612
8
634 753
738 6,000 Ontario Silver Mining
7
554 618
100
57s N ov 2 1138Jan 7
2 Feb 1238 Dec
2514 27
2612 2513 2658
26
2513 2612 2514 2658 11,700 Pacific Mall
5 1134Jan 3 31 Aug 21
1814 Dec 38 Aug
111 11338
111 111
112 11212 *111 11212 111 112
2,000 People's 0 L & C (Chic)_100 10013 May 5 118 Odt 10 10612 Dec 12312 Apr
4078 4114 41
4018 4018 4078 4078
4158 4113 4234 3,000 Philadelphia Co (Pittab)._ _50 38 Junel5 46 Jan 17
3513 Apr 49 Sep
41
4334 4113 4278 41
4034 4214 42
4313
4234 16,900 Pittsburgh Coal ctfa dep_100 2514 July28 45 Nov 1
*108 10912 *108 10913 108 10812
109 109
*106 110
600 Do pref Otis deposit_100 10014 Aug 25 110320ot 27
7714 75
74
7353 7412 7418 75
7634 7538 79
50,675 Pressed Steel Car
100 4212July 14 79 Nov10
25 Mar 7814 Oct
106 106 *105 107
•104 106 .10412 107
10512 10614
600 Do pref
100 97 July18 10614 Nov10
86 Mar 106 Oct
'131... *131
132 132 .131 13338
_-- *131 .....
100 Public Serv Corp of N J
100 114 an 31 137 Sept27 10012 Aug 120 Dec
*167 170 *167 170
16934 16934
168 168
16878 16878
300 Pullman Company
100 15978 May10 177 Sept30 15018 Mar 170, Oct
5378 5478 5334 5578
5312 5638 5413 5573 5418 5578 19,820 Railway Steel Spring
100 32 Apr 22 5778 Oct 6
19 Mar 54 Oct
*101 102 *101 102
•10078 102
10178 10178
10178 10173
200 Do pref
100 9514 Mar 9 10214 Oct 4
87 Mar 102 Nov
2938 3034 2934 3038 2934 32 160,200 Ray Consolidated Copper__10 20 June23 32 Nov10
2934
2834 2938 29
1514 Jan 2713 Nov
8212 7834 8134 7913 83 169,700 Republic Iron & Steel
78
7712 7814 7812 8012
100 42 June26 8334 Sept29
19 Feb 5714 Dec
115 115 *11414 115
11438 11412 11414 11434
115 11518
200 Do pref
100 10678 June26 11613 Sept14
72 Jan 11268 Dec
79
77
7713 *76
7713 7712 *77
77
75
7512
600 Saxon Motor Car Corp
100 75 Nov10 8434 Sept 19
23018 23218
*230 235
230 230
233 233
233 233
900 Sears, Roebuck & Co
100 16814 Mar 1 233 Nov 9 313134 Mar -2.6
.
611 Feb
31
3258 31
31
3112 3118 3214
3134 31
327s 18,100 Shattuck Ariz Copper
10 24 July 11 4014 Feb 14
7012 7218 7238 75
75
8218 7612 81.3 79
8012 52,800 Sloss-Sheffield Steel & Ir_100 37 July14 8218 N ov 8
Dec
6678
Jan
24
*215 225 *215 225
*215 225
224 224
224 224
200 South Porto Rico Sugar_ _100 146 Jan 29 240 June10
40 Feb 164 Dec
12758 12812 129 13014
128 13038 128 130
12413 1281/3 39,110 Studebaker Corp (The).....100 11914 Sept 1 167 Jan 3
Oct
3534 Jan 195
*11112 112
11112 112
*112 114 *112 115
642 Do pref
10814 Sept28 114 Mar 14
91 Jan 11912 Oct
6712 6752 68
67
67
68
67
67
if- 4,100 Stutz Motor of Am Ine_No 100
par 6312 Oct 9 7913Sept25 •
2234 2278 2134 23
2134 2213 2134 2218 22
2218 8,200 Tennessee Copper
25 2118 Oct 11 6,312Jan 6
2512 Feb 70 Sep
22434 22712
22412 225
225 228
22414 225
224 22478 5,100 Texas Company (The)____100 17714 June27 23512 Jan 3 120 May 237 Dec
5314 5434 5318 54. 534 54
5418 5458 5334 5413
3,700 Tobacco Products Corp -100 4814 Sept 7 5918 Oct 5
10314 104 *103 106
*103 106 *103 106
200 Do prof
100 99 July14 10913 Mar 16
95 May 103 Nov
*102 110 *102 110
*102 110 *102 110 .i.o6i8 1-1(
-)
-200 Underwood Typewriter--100 86 Jan 12 110 Oct 24
55 Feb 97 Oct
1368 1378 1313 15
1314 1413 1414 1458 1378 1412 9,700 Union Bag & Paper
414 May 9 1812 Oct 19
100
438 Jan
9111 Dec
7618 7634 7534 7712 7714 7838 3,820 Do pref
*7312 7413 74
7612
100 28 Jan 27 7838 Nov10
2278 July 3112 Dec
102 10214 10258 10514
105 106
105 107
10412 10834 8,700 Union Bag dr Paper (new)_100 8712 Oct 16 10834 N ov10
9934 9934 100 10038
100 101
10012 10013 9918 100
1,500 United Cigar Stores
100 89 Feb 9 10534 Aug 9
89 Dec 81012 Oct
*119 120 *11913 120
120 120
*11912 120
____
100 Do pref
100 81112Feb 10 120 Aug 9 8114 Oct b1212 Nov
162 16334 162 16212 16158 1-63716213 16234 16212 16312
8 8,100 United Fruit
100 13618Jan 31 16013 Juno 8 139 Nov 163 Nov
2514 2612 2534 2634 2518 2618 6.900 U S Cast I Pipe & Fdy--100 1518Jan 31 28 Oct 2
2518 2534 2514 28
8 Jan 3172 Oct
65
67
64
67
66
67
67
67
1,7001
Do pref
00 4812Feb 5 67 Nov 8
3212 Mar 5512 Nov
14114 14212
141 145
14412
14113 14314 139 14234 21,650 U S Industrial Alcohol
100 97 July13 17012 Apr 6
Jan 13134 Dec
15
*104 106 *104 106
*10312 105 *10312 106
105 105
20010
Do pref
0 9912July 11 114 Jan 13
70 Jan 107 Nov
6014 62
6034 6158 603* 6114
6014 61
5934 61.2 15,100 United States Rubber
44 July 7434 Apr
100 4734 Mar 1 6338 Sept29
11014 111 *11013 112
110 11014 11034 111
11113 11158 3,300
1st preferred
100 10618Feb 6 115 Sept18 10132 Feb 110 Apr
7312 7558 7314 7413 -7312 7512 19,025 U Do
7334 7414 7418 75
S Smelting Ref & m
ao 6212 June27 8034 Apr 4
51
51
5112 5113 *51
*5078 5112 5112 5154
5134
600 Do pref
ao 50 June20 5312 June 9
12178 126
11958 12012 12034 12314
12213 12514 12314 125 1795650 United States Steel
100 17934 Mar 1 126 Nov 8
38 Feb 8912 Dec
12158 122
12218 12258 x121 122
12134 122
12134 122
9,600 Do pref
100 115 May 3 123 Nov 2 z102 Feb 117 Oct
11158 11412 11213 114
11134 11234 11212 11414
11314 118 121,900 Utah Copper
10 7434July 14 118 Nov10
4812 Jan 8134 Dec
1978 1978 *19
1912 1912 1978
•19
1958 1914 1914
700 Utah Securities v t o
100 1614 June 9 2034 Fob 3
*111 11212 4534 4618 4434 4534 3,900 Virginia-Carolina Chem___100
112 112
.111 112
38 Apr 24 51 Jan 17
15 Jan 52 Oct
57
5614 56
58
56
11212 11213 *112 114
5718
200 Do prof
100 108 Apr 22 11378 Sept25
80 Jan 11372 Dec
4512 4658 57
4558 4613
4512 46
57
56
57
2,000 Virginia Iron C & C
100 41 July27 6212Jan 7
Oct
36 June 74
10312 10434 10134 103
102 103
10178 102
102 103
4,820 Western Union Telegraph_100 87 Mar 1 10512 Oct 18
57 Jan 90 Nov
65
8558 6838 6618 8718
6713 6513 6638'
6518 6618 91,600 Westinghouse Elec & Mfg....50 5234 July 14 7158 Mar 15
32 Feb 7472 Oct
75
*74
76
*74
.7412 7512 75
76
*72
76
200 Do 1st preferred
50 70 Apr 19 79 Mar 15
5812 Mar 85 Oct
4134 4318 4038 4234 3814 4018 82,150 willys-Overland (The)
4214 4234 4214, 4314
25 3814 N ov10 n325 June 5 n87 Feb n268 Nov
10212 103 *10214 10312 10113 10212
10378 10378
700 Do pref Sub recta full pd 100 10112N ov10 117 June 5
14078 14158 14018 14118 x13814 13814 1,'700 Woolworth (F
lit
139 141
100 118 Jan 5 141340ot 5
W)
9014 Jan 12012 Dee
*125 --------------------------Do
*12478 12512
Do pref
100 123 June29 12558 Oct 8 115 Jan 124 Aug
*32 -31 -338 13.78 ;51 ii" ---Rio Wci..-o
34
32 '31
32
thinvgrteofnAPv&t M
o v t a...100 25 July13 3638 Sept14
96
*96 100
9518 9541 96
*96 100
*96 100
225
100 95 July13 100 Sept16
*____ 61 *____ 60 •____ 61
82
62 •56
Do pref B v to
100 5232 July14 6613 Sept14
•Bld and asked prices: no sales on thLs day. g Less than 100 shares. 5 Ex-rights. a Ex.dlv. and rights.
New stock. o Par $25 per share. a Ex-stook dividend.
Ex-dividend. a Par $100 per share.
*4212
9612
8
-aaia
14234
New York Stock Exchange—Bond Record, Friday, Weekly and Yearly 1775
In Jan. 1909 the Exchanpe method of quoting bonds was changed. and prices are now all—"and interest"--except for income and defaulted bonds.
BONDS
N. Y. STOCK EXCHANGE
Week Ending Nov. 10
z
•-•
Price
Friday
Nov. 10.
Week's
Range or
Last Sale
Range
Since
Jan. 1
BONDS
N. Y. STOCK EXCHANGE.
Week Ending Nov. 10.
Price
A?.
Range
Week's
RangeorRSince
ail
Last Sale
Jan. 1
---:
9rev Low .7()1:ntH
:
Oz
. Low
e:
I1
i
gli
65 iNo.
g4 10
/:0
High
97
9534
11 9378 9638
96
___ 10212 Oct '16
10214 10318
____ 9984 Oct '16
9938 997s
Nov.Frida11.
Ask Low
High No. Low High Chic Burl & Q (Con.)—
Bid
U. S. Government.
Bid,9949873:
_ 99
9934 Oct '16
99%
Illinois Div 45
U S 2s consol registered__ _d1030 Q - J 9912 100
1949 J - J
9534
10012
Sept'16
9912
-Iowa Div sink fund 5s_ _1919 A -0 10212
d1930
Q
J
U 8 2s consol coupon
10034 10114 10012 Aug '16
1c1918 Q Sinking fund 4s
9'
9314 10
92
9314
2
U S 3s registered
1919 A -0 9934
10034
10078 Oct '16
k1918 Q Joint bonds. See Great North
100 102%
U S 3s coupon
1925 Q - F 110 11034 11034 Oct '16
Nebraska Extension 4s
10934 11118
1927 -1\7
S 4s registered
1925 Q - F 110 _- 11058 Oct '16
110 11212
Registered
1927 M-N 97 ____ 98 July'16 ---- 96
U S 4s coupon
98
9814 Oct '15
Southwestern Div 4s
1921 M- S
U S Pan Canal 10-30-yr 2s_k1980 Q - F 9914 100
9914
100
97
July'15
General 4s
94
28 -6
Sale 9358
US Pan Canal 10-30-yr 28_1038 Q -N
66
4.31 4
2f,- -3
103 Oct '16
4
2
1017s 103's Chic & E Ill ref & imp 48 g 195
S 3612 Sale 3218
u S Panama Canal 3s g-- 1961 @ -M 102
955I
8
3612 28
100 Fob '15
U S Mtg dc Tr Co ctfs of der.3518 Sale 35
U S Philippine Island 48_1914-34 Q - F 100
Foreign Government.
1st consol gold 6s
10314
134,937
10712 Aug '16 ---3
7112
8
- 10
24
0 10
35
9812 361 98
9838 Sale 98
Amer Foreign Scour 5s (w 1)_'19
91
9918
General consol 1st 5s
93
8912 Nov'16 ---- 75
93
95 Sale 94%
9518 2109 9312 9618
Anglo-French 5-yr 55 Exter loan_
Registered
*85 -„-- 82 May'16 ---- 82
82
92
9112 Nov'16
Argentine—Internal 5s of 1909_ M- S 91
U S Mtg & Tr Co ctfs of1d
8934 9538
89
91
90 Oct '16 ---- 75
90
93
eP
7
3 69
Chinese (Hukuang Ry)-5s of'11 J -D 70 Sale 6934
70
Guar Tr Co ars of dep _______
7814
85
91
8958 Oct '16 ---- 74
8958
9918
1 9614 10034
Cuba—External debt 55 of 1904_ M - S 9918 Sale 9918
Pur money 1st coal 5s
---- ---- 9734 Feb '13 ---1942 1-/11
Exter dt 55 of '14 ser A-1949 F - A 96% 9612 96% Nov'16
25 _- - 2512
Chic dr Ind C Ry 1st 5s
9418 97
2 --1
2512
2 - - -2
1936 .1 - J
8
-.8612
8612 --- 8612
External loan 4;is
7314 Sale 7258
Chic Great West 1st 4s
8112 87
7314 66 69
74
100
61 9838 10058 Chic Ind & Louisv—Ref 6(1_1
A 100 Sale 99%
A:O
49 F
Dominion of Canada g 5s w 11
1921
195
949
7 JM- S
I 11412 115 11412
11412
3 11112 115
9978 Sale 9931
100% 105 9718 10114
Do
1926 A 10034 ___- 10034 Oct '16 ---- 100 101
do
Refunding gold 5s
100 Sale 09%
10018 61 9634 10238
Do
85 --_- 85 Oct '16 -.-- 83
do
Refunding 4s Series C
J
•
:j
J
1194
917
7 .1
85
881s Sale 8734
8814 21 8214 8834
A
1 F
Japanese Govt—£ loan 4;0_ 19
92
35
Ind & Louisv 1st gu 413_1956 J - J
70
75
70 Sept'16 ---- 70
70
8712 88'4 88 Nov'16
Second series 430
8914 ____ 88 Sept'16 --- 88
7812 88% Chic Ind & Sou 50-yr 4s___ A956 J - J
9112
Sale
80
8012
52
8114
9
stamp"
5
_
8414 Chic L S & East 1st
92
Do do "German
73
9658 9712 Apr '16 ---- 9712 9733
J -D
72 Oct '16
t 7112 73
1931
63
Sterling loan 45
7212 Chicago Milwaukee & St Paul—
57
5012 Nov'16
4 8912 94
9134 Sale 9134
Mexico—Exter loan £ 5s of 1899 Q - J 47
45
Gen'l gold 4s Series A___e1989 J - J
60
92
35
40
39 Aug '16
1954 J 95
25812 Feb9532
-86
Gold debt 45 of 1901
2712 50
'10 —42
Registered
992112 9
0,2
e1980 Q - J 0532 95i2 9
65,182
58
-9238
9814
Sale 9813
9834 392 9818 9918
Park, City of, 5-year Gs__ _ _1921 A Permanent 48
0512 Jan '15
Prov of Alberta—deb 434s 1924 F - A
Gen & ref Ser A 43is__a2
1014
925
1
A -D
•
-O
7912
7912
I
7912
S
Sale
M106%
___
10
42
19
0
5
6
%
1
2
loan
of
1012_
S
1
0
a
Tokyo City-5s
10
05
0:
6
1e34 10
Gen ref cony ser B 5s____a2014 F - A
: 10
96
5%
8
- -8612
10
1
96
9878 Salo 98%
82
1 1
-0
-2-34 81%
99 1046 98% 101
Gen'l gold 334s Ser B____e1989 J - J 10
U K of Gt 13rit & I 2-yr 5s 1918
81%
1 78
8112
:These are prices on the basis of 15.1;i
5
General 434s Ser C
10112
102
e1989 J - J
927
State and City Securities.
Sale 9234
25-year deben 4s
1934 J - J
927
21 go
9312
10034 101 10038
X Y City-41is Corp stock _1060 M- S 10314 Sale 10314
10313 18 101 10414
Convertible 434s
En
161 100 10334
10478 105 10478
15 101 10478
1047
Chic & L Sup Div g 5s_ _1
J -D
-• J 10314 ---- 103 July'16
4345 Corporate stock
193
922
11
103 1037s
----I
1043
4
o
s
106
88
1
6
105
9
41 10418 105
105
Chic & Mo Riv Div 58_1926 J - J 10614 10612 10534
4345 Corporate stock__ _11
10534
2 10412 1057s
10318 10338 10318 Nov'16 ---- 102 10412
43.42 Serial corp stock_1917-31 A- 0
Chic & P W 1st g 5s
67 i66092
1065 J -0 711r0i4Sale
134 _9_2_78
C M & Puget Sd 1st gu 48_ 192
434s Corporate stock
_ 9234 Oct '16 -- -- 8912 9234
949
1 j
J•
:j
J 10
8
loi.°
93142- il f01 1; 111 10578 no
1963 M - S
Dubuque Div 1st s f 6s
1920 J - J 106 10638 106 Oct '16 ---- 106 10738
43'4a Corporate stock
20 97% 10158
1015
1959 M - N 10158 10134 10114
Fargo de Sou assum g 68...A924 J - J 11014 --- 110 June'13 ---4% Corporate stock
1958 M- N 10112 Sale 10112
3 98 1011,
10112
La Crosse de D 1st 53
4% Corporate stock
10212 Oct '16 ---- idi- f62-5-4
1919 J - J
1013
____ 10158
1 9788 10134
10158
1957 M - N
Wis & Minn Div g 5s
4% Corporate stock
1921 J - J 10304 ____ 10314 Nov'16,---- 10234 105
1958 M-N 10112 ____ 9714 Jan '16
Wis Vail Div 1st 65
4% Corporate stock
9714 9714
1920 J - J 107 ___- 107 Sept'16'---. 10812 10714
1097
8
____
110
1
110
957
M- N
New 434s
Mil de No 1st ext 434s__1934 .1 -D 10158 --- 10112 Oct .10 ---- 10114 10172
10534 110
10034
1917 M- N
10034
New 4345
4 mi 10212
10212
10014 101
Cons extended 4 Yis_
1934 J -D 10212 Sale 10212
37 108 110
110
4134% Corporate stock_1957 51-N 1- 10 Sale 1097
Chic & Nor WestExt 4s1886-1926 F - A
95
98,4 96 Aug '16 ---- -9818 9758
-10112
M-N
100% June'16
434% Assessment bonds 1917
100% 10078
9458 -- - 97 Apr '161-- 97
Registered 334s1886-1926 F - A
97
334% Corporate stock-1054 M-N 9312 917 9312 Oct '16
8212 Sale 8212
General gold 3
8838 9312
1987 M- N
8212
5 80
84
N Y State-48
1961 M- S 105 10514 105 July'16
10212 10558
.ii.l_e_ 9
.34e
84
114 Oct '16 ---- 81,4 8114
Registered
p1987 Q - F -,..i
Canal Improvement 48_1961 J - J 105
10512 Oct '16
___1
.
0 93
38
4 96
General 4s
102 10512
538
1987 M- N
Canal Improvement 4s
1-6g4 10414
1962 J - J 105 -32 10214 10414
94
458
12 ____ 94 Se p9
104,4
t'4124
Stamped 45
1987 M- N 10
Canal Improvement 4s
105
106 10512 Oct '16
1960 J - J
115 115,2 1512 Oct '16
1 ---- 11214 11634
General 5s stamped
10212 106
MN
1987
Canal Improvement 4%8_1964 J - J 115 117 117 Oct '16
113 117
Sinking fund 6s
1879-1929 A -0 1101s ---- 11212 Jan '16 ---- 11212 112,2
Canal Improvement 434s 1965 J - J
_
10934 Sept'16
-a
..i-i
- 10912 Ain '16 --__ 10912 10912
Registered
1879-1929 A -0 109 i
10612 10934
Highway Improv't 43,0_1963 M- S 115
1 ig5s 1155
1091211558
Sinking fund 5s
11212 116
1879-1929 A - 0 10412 ---- 10412 Oct '16 ---- 104 10434
Highway Inaprov't 4518-1965
10912 11034 1093 July'16 _
10312 Apr '16 ---- 10312 104
Registered
1879-1929 A - 0
107 10934
Virginia funded debt 2-3s _.A991 JWI 863
4 88
103
85 Aug '16
10338 Oct '16 -- -- 10112 10312
Debenture 5s
8434 8838
1921 A 68 deferred Brown Bros etfs___ -- -- 50 Sale 57
38 50
10212 Oct '16 --__ 10212 10212
593
Registered
1921 A -0 ioiii,
58,2
Railroad
---- 10334 Oct '16----- 10314 105
Sinking fund deb 5s
1933 M-N
ton Arbor 1st g Is
6734 68
3 63
6718
6712
Registered
51995 Q - J
1933 M-N .102 ---- 10414 June'16 ---- 10414 10414
6818
itch Top & S Fe gen g 4s1995 A - 0 943 Sale 94
Frern Elk & Mo V 1st 8s1933 A -0 12114 ___- 121 14 Nov'16 -_-_—_ 70_12:
9112 139 9218 9518
174
Registered
1995 A - 0 9212 ____ 9212 Nov'16
914 9358
Man G 13 & N W Ist 3;0_1941 J - J ---- ---- 9012 Sept'09 ---14 8312 8812
8512 8614 86
51995 Nov
Milw & S L 1st gu 334s1941
86
Adjustment gold 45
J
84
114 106- 10738 Oct '16 ---- 10738 109 8538 82 Oct '15
Mil L S & West 1st g (33
51995 Nov
Registered
1921 M- S 107:4
81
8612
8612 126 8314 8814
Ext & imp s f gold 5s
Stamped
1929 F - A 10714 ---- 10612 Oct '16 ---- 106 10712
51995 M-N 8612 Sale 861.1
10612 107 10678
Cony gold 48
35 10034 10812
Ashland Div 1st g 6s
107
1925 111- S 112 ---- 11178 Dec '15 -____ 11112 Nov'16 ____ fif - ifil;
10612 107 10758
Cony 4s Issue of 1910
5 10134 10838
Mich Div 1st gold 6s
1924 J - J
1075s
10-year 55
10014 10134 101
3 10012 10134
9212 Nov'16 ---- 91
Mil Spar & NW 1st gu 4s.1947 M- S 9238 93
2??
10112
94
East Okla Div 1st g 4s
6 9538 9714
--Northw Union 1st 7s g
1928 M - S 9714 Sale 97
1917 M- S
9714
Rocky Mtn Div 1st 4s
8512
16 84
1965 2 - J 8612 87
St
L
8714
Peo
&
N
W
J
J
53_1948
1st
gu
89
188
005
:
14
8
Trans Con Short L 1st 4s..1958 J - J 9134 9258 0112
:
8
050
2
7
7
2
:
:
8
D
M
Dee '87987:711151 3
9112
89
92
-9
Winona & St P 1st ext 7s_19I8 J - D
2
-0
6
-- .
i
i66
9-.3 i:
6
6
7-157-a
Cal-Ari,1st & ref 4Yis"A"1962 M- S 9758 9812 98
5 96% 99
98
Chicago Rock Isl & Poe 6s 1917 J - J lai ____ 10138 Oct '16 ---S Fe Pres & Ph 1st g 5s__ _1912 M- S 106 10634 1027s Aug '16
10278 10412
Registered
1917 J - J --___ ---- 101 Sept'16 ---- 101 102
Atl Coast L let gold 4s__51952 M- S 9338 9334 933
9358 43 91
Ry general gold 45
913s
1988 J - J
Gen unified 434s
9312 Sale 93129358 20 89
1964
94
85
5
Registered
ri
Ala Mid 1st gu gold 5s
10631 10712 10738 Oct '16
10614 10738
Refunding gold 48
198
38
4•
I
A:O
j 78 Sale 77
Bruns de W 1st gu gold 43_1938 J - J
9412 ---- 937 Oct '16
30-year debenture 5s
9312 95
4 _ 6_ 0_ 0_ 95
112 6
9713
1932
.1
J
Charles & Say 1st gold 78_1936 J - J 13412- 129% Aug '15
Coll trust Series P 43
651' Sep6t716
L & N coil gold 48
01952 M- N 8714 Sale 8718
RI Ark & Louis 1st 4;0_19
8712 16 8312 8812
62
1: 54
93
18
4 181
M-S
-N
6518
Say F & W 1st gold 6s...._ _1934 A -0 12014
11918 July'16
Bur C R & N—Ist g 5s__ _1934
11918 :122
10
696267
133
344 10
SaleS9a2
71e7 100
05867
78 Oct '16 ---- 9734 1011s
1st gold 5s
C RIF&N W 1st gu 5s_1921 A- 0 190 ---- 10078 Mar'14 ---1934 A -0 10712 --_- 105 July 15
_611 Sp Oca & G gu g 4s
9914
10018
99%
Feb '16
& St L 1st gu g 713
1918 J - J
9918 9918
1927 J -D
Bait & Ohio prior 33,4s
9418 Sale 938
9418 87 9214 9414
1925 J - J
9934 ------:. 9934 Oct '16 --- - --6
Choc Okla &0 gen g 58...o1919 J - J
;
- 18-60
---3-4
9313
Registered
- 92 June'16
Consol gold 5s
51925 @ - J
9112 9238
1952 Nil - N 92 --- 975 July'15 ---let 50-year gold 48
6212 63 Nov'16
51948 A -0 9214 Sale 92
Keok & Des Moines 1st 5s 1923 A - 0 _,
9212 144 8934 9212
7212 --1
-5
- 6
55
6.312
72
7112 74
9134 9112 Oct '16
Registered
71
St Paul & K C Sh L 1st 4;is '41 F - A
51948 Q - J
8912 9112
10-yr cony 454s
85 9378 0858 Chic St P M & 0 con 6s
96
11818
1930 J -D 11818 Sale 11818
933 -- -- 96 Sale 957
1 11714 11818
Refund & gen 55 Series A.1995 J -D 10138 Sale 101 18
10138 79' 9978 10134
8734 Feb '16 --Cons 6s reduced to 334s .i930 J -D
873,4 8754
Pitts June 1st gold 6s___ _1922 J - J 108 109 112 Jan '12
19
1
01
812
4 I13_1_3:4 11
01
041
,
712 maly
2 _ j_ 11
00
712 111
Debenture 5s
03
814
P Juno & M Div 18t g 3;is 1925 M- N
9212 9234 9214
9214
Ch St P & Minn let g (3s 193
S
0214
918
9 M:N
gf
8712
PLE&W Va Sys ref 4s 1941 M- N 8712 88
171 85,8 90
118 Nov'16.-._ 118 118
88
North Wisconsin 1st 6s
1930 J - J 118
9214 Sale 92
Southw Div 1st gold 3;0..1925 J - J
10578 10412 Oct '16 --__ 104 1053s
9214 32 8934 92%
St P & S City 1st g 6s___ _1919 A -0 104 ---Cent Ohio R late g 414s 1930 M- S 100 ___- 1011s
5 10118 10118
1011s
105,2
Superior Short L let 5s g_g1930 M- S 10534 ---- 10512
5 10412 105,2
Cl Lordz W con 1st g 5s- --1933 A
108 109 106-'400t '10
8334 85 Oct '16 ---- 68
85
1960 J - D 83
10634 10778 Chic T H dr So-east 1st 5s
Monon River 1st gu g 5s 1910 F - A 10034 ---- 10034 Oct '16
10034 101
Chic & West Ind gen g 6s_g1932 -M 10714 10812 107 Oct '16 ---, 106 18713
Ohio River RR 1st g 5s_....1936 J -D 10614 _-__ 107 July'16
7712 Sale 7712
7712 ___2_ 7538 8153
Consol 50-year 48
10612 10738
General gold 5s
1937 A -0 10612 __-- 10534 Oct '16
105 10534 Cin II dr D 2d gold 43is__ _1
J 91 - - 91 Oct '16 iiii 8612 91
2 :I
_ 193
957
Pitts Cies,& Tol 1st g 6s 1922 A -0 107 --- 11312 Feb '12
77
0 _ F_5
.
..
.
let & refunding 45
1959 J - .1 6
Pitts & West 1st g 4s
99% ---- 991 Sept'16
1917 J -i8-- Aug '16
let guaranteed 4s
J
1959
J
-691
3
-661;
78 - -i/li .Buffalo R & P gen g 58
10912 ---- 10938
40 ---- 25 July'15 ---H
1098
11012
10712
Cin
D
&
I
1st
gu
g
5s
1941
M-N
Consol 43,4s
102 ---- 10112 Sept'16 -- 10114 103
11
1g7
20 --- - 88 Mar'll ---- -_-_-_-- - ----:
C Find & Ft W 1st gu 4s g 1923 M- N
All di West 1st g 4s gu_1998 A -0 9314 ---- 97
2 9258 97
97
65 July'14 ---_
Cin t& W 1st gu g 4s__1953 J - J
Clear & Mah 1st gu g 5s_ _1943 J- J 10614 ---- 10318 Feb '16 -- 10318
Day & Mich 1st cons 4;0_1931 J - J -54— ---- 9438 Deo'14-T.::
10313
Roch & Pitts 1st gold 63.._1921 F - A 10614 108 10818 Nov'16 -14
Ind Dec & W 1st g 5s
10914
10758
1935
J
J
Consol 1st g Os
1922 J - D 109 ---- 109 Oct '16 -65
712 Dec '02 .-----1st guar gold 5s
1935 .1 - J ---- - --- 10
10734 11014
Canada Sou cons gu A 5s ..A962 A - 0 10234 10314 10314
8 10112 10134 Cleve On C & St L gen 4s 1993 J -D -8-01-2 -8-2-- 805s
8 "ifis -ii.
10314
81
Car Clinch & Ohio 1st 30-yr 58'38 J -D 9112 ---- 9334
! 9014
20-yr deb 43is
9334
1931 J - J 8512 8712 8712 Oct '16 ---, 831
1 92
9512
Central of Ga 1st gold 5s___p1945 F - A 10738
- 10758 Sept'16 -- 10712 108
Gen 58 Series B
8 9914 101
10034
1993 J -D 10014 10034 10034
Consol gold 5s
1945 M- N 10234 Sale 102
9 100 103
80
10 82
86 Sale 858
87
Cairo Div 1st gold 4s
103
Chatt Div pur money g 4s 1951 J -D 8212 8714 8412 May'18 -- 8312 8412
7778 83
7658 Oct '16 ---- 7512 7712
Cin W & M Div 1st g 4s 1991
J:
39 1
Mac & Nor Div 1st g 5s 1946 J - J 103% ---- 10378 Oct '16 -- 10134 103%
82
8312 8334 Nov'16 ---- 79
St L Div 1st coil tr g 4s
8412
1990 M- N
Mid Ga & Ati Div 5s
1947 J - J 10334 ---- Iowa Mar'15 -811_
- 3..-8__,__ __ 882314
a
pr
t416
4:
:....:
Registered
1990 M- N -8
Mobile Div 1st p 5s
1946 J - J 10334 ---- 101 Oct '16 -___ 102
Sept'16
Spr & Col Div 1st g 4s
.
- 14 104
1940 M- S
9618 97
Cen RR & B of Ga col g 5s1937 M-N
96
96
2 94
84 Nov 16 ---- -giW W Vol Div 1st g 4s
97
1940 J - J
11712 118 117 Nov'16
Cent of NJ gen'l gold 6s
1987 J June'16 ii ____ 1_0,5_ 1_0_5_34
11584 11814
C I St L & C consol 6s
1920 M-N
117
Registered
9212 91
11718 Oct '16 ---- 115 11714
9234 Oct '16 ---- 9118 92%
let gold 4s
k1936 Q 10312
‘1
J
1
987
21
_1
1
10312
gu
5s__
-6.314
N
&Imp
ov'16
10314
Dock
Registered
10334
Am
Leh di HudRivgen gu g 58_1920 - J
---- 100 Juno'13
02
6,
72
8 :-_-_-_ 10
16
212 j
Su
en
pe
tl ________ 102
8 10
12
6112
-2
16
:
Cin S.& CI con let g 5s ..,.1923
F
J 11
93 •
N Y & Long Br gen g 4s941 M- S 9038 10012 Jan '13 -CCC&Igencong6s___1934 J -J
Cent Vermont 1st gu g 4s e1920 Q 81
8134 Oct '16
Ind B& W let pref 4s___1940 A -0
83
79
Chess dr 0 fund dr impt 5s__1929 J - J
9538 9634 9458 Oct '16
0 Ind & W 1st pref 5s
d1938 Q - J
9412 98
let consol gold 5s
1939 M-N 10012
81 -- - - -1073
10738
10434 107%
Peo & East 1st con 4s_ _1940 A -0
Registered
1939 IVO- N
- - 10612 104% Oct '16
Income 4s
Apr
po
r
434s1
19
961
90 A103 10412
General gold 434s
1992 51- S 9214 Sale 92
15 89
:
1
:
0
479
17
7js
S
-:a
4-2i
l-e1 10
16
3'1991:14 ju110
i
47
1-8
8:
:
:
17
4:1 -9
298
1 -4 1
-0
4'19.1
178
Clove Short L 1st gu
9214
9314
—
Registered
1992 M- S 8834 9012 91 Oct '16
18
79
7
18
Col Midland 1st g 4s
1947 J
90% 91
20-year convertible 4348_1930 F - A
8512 8538 8512
17
1912 158
18
69 6
18
8558 18 83% 89
Trust
Co
certfs
of
deposit
_
30-year cony secured 5s 1946 A -0 9634 Sale g634
9314 9334 9358
9358
4 90
9358
Colorado & Sou 1st g 4s
9712 469 9218 98
1929
Big Sandy 1st 48
1044 J -D 85 Salo 85
2 8314 85
8518 Sale 8518
85
8518
8 8218 871s
Refund & Ext 43.4e
Coal River Ry 1st gu 4s 1945 J -D 833.1 --- 8512 Nov'16 -- 8212 8512
10514 ....!
..
Ft W & Den C lst g fls1
-N 10514 10512 10514
10434 1061a
M-D
35 1
19
921
Craig Valley 1st g 5s
1940 J - J 9234 ---- 9634 Feb '16 --9834 9634 Conn & Pas Rivs 1st g 4s_ 1943 A -0 ____ 95
Potts Creek Br 1st 4s
1946 J - J
95 -61" Fe13-'3.;
—
8434 Jan '13 _
-iii - 94
1952 J - J
- - - - Cuba RR 1st 50-yr 5s g
1989 J - J 8758 88
R & A Div lst con g 4s
8758 Oct '16 -- 8413 88
Del Lack & Western—
1989 J - J 82% 8212 8212 Oct '16 ---- 8112 831s
2d consol gold 43
8634 Nov'16
8534 87
Morris & Es let gu 3;is_ _2000 J -0 8612 87
MN
Greenbrier Ry 1st gu g 4E3_1940
8812 Sept'16 -- 8812 88,2
10658 10912
N Y Lack & W 1st 6s___ _1921 J - J 10712 108 10712 Nov'16
Warm Springs V 1st g 5s1941 M- S 9212 ---- 11314 Fob '15 ---10254 144
1923 F - A 10814 -„„ 1033, Oct '16
Construction 58
1949 A -0 61
Chin & Alton RR ref g 3s
62
6114
62
36 57
- 9834 Oct '16 ---- 98
1923 111-N 9834 9912
9834
Term dr Improve 4s_
62
1950 J - J 57 Sale 56
Railway 1st lien 33,4e
86 10218 Feb '03
19 43
5718
Warren 1st ref gu g 3;is2000 F - A 84
5718
997 Sale 907
Chic B & Q Denver Div 4s 1922 F - A
9978
1917 M- S 102 103 103 Oct '18 ---- 103 1044
Del dr Hud let Pa Div 7s
09 100
10411
1044
Illinois Div 314s
1949 J - J 8618 8612 8531 Nov'16
10412
'16I____
Feb
1917M- S
Registered
8314 87
No prim Friday: Meet Ws week. d Due Apr11. e Duo May. p Due June, A Due July. k Due Aug. o Due Oct. 2/ Due Nov. e Due Deo. s Option sale
•,._
--
-.
Sale
-8-.7:
72i
13
it= Er?,
k;:/1
7.1
::
7.53 i808511
It::
1776
BONDS
N. Y. STOCK EXCHANGE
Week Ending Nov. 10.
[VOL. 103.
New York Bond Record-Continued-Page 2
Price
Friday
Nov. 10.
Week's
Range or
Last Sale
11
Range
Since
Jan. 1
BONDS
N. Y. STOCK EXCHANGE.
Week Ending Nov. 10.
1-2
Price
Friday
Nov. 10.
Week's
Range or
Last Sale
,1
OCe)
Range
Since
Jan. 1
High No Low High
Bid
Ask Low
Ask Low
High No Low High
Bid
Delaware & Hudson (ConnLeh Val Coal Co let gu g 50_1933 J - J 1()512 ---_ 106 Oct '16 ---- 104 10614
1922 i - J 1011a 102 10114 Oct '16 ---_ 10038 102
let lien equip g 430
____ -...
Registered
1943 111-N 985 Sale 985
1933 J - J --_ --... 105 Oct '18
9912
2 9614 9913
let & ref 45
let int reduced to 40
1935 A -0 10714 Sale 1065s 10714 16 105 108
20-year cony 55
-gc.71
4
99
2 :::: -g91
-4 July'16
1 8
11 -- 5
194
35
3 -M
8938
87/3
1946 A -0 8712 Sale 87
5 8514 8838 Leh & N Y 1st guar g 4s
Alb & Susq cony 330
...
Registered
11218 113
Reuss & Saratoga let 78_1921 M-N 11238 _-_- 11218 Oct '16
8 1.0638
- _:.-__ 1
-0014 Oct '16 -- i047-S
J 1-013g
35
1Q
M8318 138 76 831s Long Isld let cons gold 5s_h1
19
94
Deny & R Gr 1st con g 48_1936 J - J 8212 Sale 82
1st consol gold 40
89
89
15 83
h1931 Q- J 9414 --__ 9414 June'16 -_-_---. 9414 9614
Consol gold 430
1936 J - J 8834 89 88
90
90
89% Nov'16 ---- 85
General gold 43
1938 .1 -D 85
89/2 15 7834 90
9018 8912
1928 J -D 87
Improvement gold 5s
9918 900714 OctOt:A :0
10
6 -_-_-_-_ 97 9934
Ferry gold 430
17 5512 73%
1922 IN- S 97
73
1955 F - A 7234 Sale 7234
let & refunding 5s
Gold 40
88 Oct '16 ---- 8633 88
1932 J -D
Rio Or Juno 1st gu g 58-1939 J - D 8734 95
"8412 86
Unified gold 4s
1949 51- S -ii: ig 8412 July'16
J - J 3412 ____ 6112 Apr '11
Rio Or Sou 1st gold 401940
_
9712
97
97 Oct '16 -_-__-..- 96
Debenture gold 5s
1954 .1 -D 96
35 June'16 --__-05
- -3114
1940 J - J 3412
Guaranteed
15 8614 9014
90
11 73
8012 -Guar refunding gold 4s
M - 8 8928 9() 8918
- 7914
8012
949
0 RI
10
8012
Rio Or West 1st g 48
1939 J - J 80
_ ___ 95 Jan 11 ---Registered
6814
69
6814
31
Mtge & coil trust 4s A 1949 A -0 6818 69
.10
2-99
118
3i
105
N Y B & MB 1st con g 58.1935 A -0 1027 _-__ 10414 Oct '18
Utah Cent 1st gu g 4s_a1917 A -0 9414 --_ _ 90 Apr '14 _N Y & R B 151 gold 5s1927 M- $ 103 ____ 10214 Sept'16 ---- 10214 103
66 "ici Dee Moines Un Ry 1st g 50_1917 M- N 9812 _-__ 99 Sept'16 __- -61'
..997
Aug
'16
100
Nor
Sh
983s
_
_
90
B
Q
J
Jan
'16
-.
90
lot
5s_o1932
85
'90
81
-con
g
gu
net & Mack-lst lien g 4s 1995 J -D
9712
88
9713 July'16
01
Louisiana & Ark lot g 5s
1927 M- S 91
75 July'16 ---- 75 85
Gold 48
1995 J - D 80 85
Loulsv & Nashv gen 68
1930 J -D 11212 113 113 Nov'16 ---- 11134 113
94
93
9312 59 90.2 94
Det Riv Tun-Ter Tun 4301961 MN 92
Aug
'16
-___
10414
'16
Gold
58
J
10514
Oct
104
10514
Dul Missabe Sz Nor gen 5s 1941 J 10514
3
8
, 1L21:8
1(
9
) 3,
Unified gold 4s. _.
03 10112 Sept'16 ---- 10112 10314
Dul & Iron Range 1st 5s
1937 A -0 02
9318 Sept'16
--- ---106 Mar'08
3
9338
921_2 _4612
Registered
Registered
96
34 1E10.3-4 10614
10614 ---41 11
E
CoH
8 10
03
3%
34 11
06:1
4
lia&
M-- N
terN
aag
i ti,
40
1 .1
ruissttggol6ds5s
193
Dul So Shore & Atl g 5s
193
937 1- 43 95 --- - 9812
9612
3
1919J -0 10734 ____ 10728 Dec '15
Elgin Joliet & East lot g 50_1941 M-N 10318 ____ 10414 Oct '16 __- 103 10414
L Cin ec Lex gold 430
1920 M- S 10812 109 10812 10812
.
1 108% 1113
1931 M- N 10134 ..-__ 10138 Sept',6 -__ 10034 102
Erie 1st consol gold 7s
115
N 0& M ist gold 60
19308 - J 115 Sale 115
NY & Erie 1st ext g 4s_....1947 111-N 96 ---- 958 Sept'16 -..-- 9512 9612
2d gold 135
1930 J - J 107 10914 109)4 May'I.5 -2d ext gold 58
1919 M- S 10134 -_101 June'16 -_-- 10178 10214
8912
1 8812 901a
Paducah & Mem Div 4s 1946 F - A 8912 Sale 89/2
1923 51- S 10012 1011-2 10012 Aug '16 ---- 100 100
3d ext gold 430
St Louis
d
Div
3s let gold 6s-1921 M- 5 10614 100 Ion Apr '16 ____ 107 10814
1920 A -0 10134 103 10134 Nov'16 ---- 10112 10218
4th ext gold 58
64
1028 J -D 91
94 Nov'15 ---1980 M- S 6212 6312 62 Oct '16 --__ 61
5th ext gold 4s
Atl Knox & Chi, Div 4s
1955 M-N 8834 9018 89 Oct '16 ____ 8512 90
N Y L E & W Ist g fd 7s 1920 M- 5 10834 10934 l094 Oct '16--- 108 111
All Knox dr Nor 1st g 5s 1946 J - D 10818 _--- 10712 Oct '16 ____ 10712 10712
85
11
8612
Erie 1st con g 48 prior..,_,,1996 J • J 8478 Sale 8478
1906 J - J 83 84
Render ridge islet g 68 1931 M- 5 10628 ---- 106/4 June'16 ---- 10534 107
80 Oct '15 ___
Registered
0:18
584 18
_. 9
8
,
77
7414 65
Kentucky Central gold 48..1987 J - J _-__ --- 8812 Sept'16--_if -ii.-831st consol gen lien g 4s
1996 J - J '7378 S _ale 737
Lex & East let 50-yr 50 gu.1965 A -0 10238 _ __ _ 10212 Nov'16 __.. _ 100 10212
7213 June'16 --- 7212 7612
Registered
1996 J • J _ 101 Oct '16
L&N&M &M 1stg 430 1945 M- $ 10034
Penn coil trust gold 40-1951 F - A 90 ---- 8912 Nov'16 ---- 8834 90
8012 Oct '10 ____ 7712 82
6814
isSto
eu
retd
6014
la M Joint 4s 1952 ./ - J 8012 81
3 68
7212
50-year cony 40 Series A 1953 A -0 6812 69
95 Feb '06
ReN
g
1053 A -0 73 Sale 73
L&
84
7334 46 70
h1952 Q - J
do
Series El
N Fla & 5 1st gu g 5s____1937 F - A io
1(71
0,7
E35814 1
19
0:1
758
14
_.
gg14 :
..::
..."_ 10534 Sept'16 ...:-..... i
8718 119 84
885s
Gen cony 45 Series D
1952 A -0 8612 Sale 8612
0 8 838
N dr C Bdge gen gu g 430_1945 J - J
978 May'16 ._
2 10534 10718
Chic & Erie 1st gold 5s
1982 511-N 10718 Sale 10718 10718
Pensac & At! 1st gu g Os, .1921 F - A 10818 ____ 108% May'16
10633 ____ 101 Feb 'lb ........
Clev & Mahon Vail g 5s 1938 J -.
2 10514 1085
S & N Ala cons gu g 5s
iif12 lia14
10734
1936 F - A 10818 ____ 10734
Long Dock consol g 6s
1935 A - 0 123 ____ 12234 Oct '16
1 100 10378
Gen cons gu 50-year 58_1963 A - 0 10114 103 10312 10312
Coal & RR 1st cur gu 6s 1922 M-N 1013s 104 102 Mar'16 -.:.---- 102 102
0(313
_ _8_2_12
L & Jeff Bdge Colog
8412 8118 Apr 16
lo 45_1945,M- S 80
Dock & Imp 1st ext 5s...._1943 J - J 10614 ---- 106 Aug '15 ---- 10258 106
_
Aug
'12
._
_
_
Manila
10312
_
_
_
*--_
79
_
RR-Sou
4s___19313;NI-N
51-N
--__
lines
N Y & Green L gu g 5s
1946
........ ---Meg Internat 1st cons g 4s....19771M- 5
, - . -..
N Y Susq & W 1st ref 5s 1937 J - J 99 ____ 97 Oct '16 --_ 9612 99
1937 F - A ___
Stamped guaranteed
9712 10014 Dec '06 ---- _
- - - ----_
2d gold 430
---17f
09i
1 - Oct
1‘%1'l:ti'17:11)
06
9
Midland Term-lst s f g 58_1
:D
S ' -:
- -7J
M
757
1 -72-81
197
25
General gold 55
1940 F - A 757 76'2 757
113 115
1927 J -D 11512" ::__ 113 Oct '16
Terminal 1st gold 50
1943 51I-N 10512 --_- 10513 Sept'16 ---_ 10512 10512 Minn & St L 1st gold 70
10338
10212
A
0
8
10338
'16
_-104
1033
Oct
10412
Sept'16
104
Pacific
10212
-.
104
Ext
1st
gold
65
1921
A
0
Mid of NJ 1st ext 50
1940
1st consol gold 58
6 86
92
92
i 8138 90
8133
1934 M- N 92 Sale 92
Wilk & Eas 1st gu g 58._1942 .1 -D 8135 Sale 8138
68 5284 66
1st & refunding gold 40__ _1949 Ni- S 63
6414 64
65
.Ev & Ind 1st con gu g 6s
1926 J - J ___ 40 106 May'12 --- .__.
Ref & ext 50-yr 5s Ser A 1962 Q - F 62
50
66
63
6412 Oct '16
977 Oct '16 ---- 90 102
Evansv & T H 1st.cons 68_1921 J - J 994 101
____
....-..
Des M & Ft D let gu 4s 1935 J - J _0_1_14
112 60 Feb *15
- 0
66
1st general gold 5s
1942 A -0 58 ---- 63 May'16 .--- 63 63
9034
9
61
31a 27
4 8
66
113 9
61334
Iowa Central 1st gold 50_1938 J -D
Mt Vernon 1st gold 60._ 1923 A -0 __-- _-- 108 Nov'll ..- .._- -95 June'12
Refunding gold 48
1951 NI- S 6I Sale 62
Bull Co Branch 1st g 5s
1930 A -0
9
iis
15 9114 987s
9418 94
9514 94 -911.2 .9514 M StP&SSM con g 48 int gu_1938 J - .1 94
Florida E Coast 1st 430
1959 J -D .0i1-4 KI-e- 95
let Chid Term 81 4s
1941 M- N 85 -___ 9714 June'12 -Fort St U D Co 1st g 430 1941 -I - J 8212 ____ 92 Aug '10 ..-_
M S S & A 1st g 45 lot gu_1926 J - J 9712 998 98 Oct '16 -- -- 97 -991-2
Ft W & Rio Gr 1st g 48
4 -;
i01s
1928 J - J 70 -_ 7018 Oct '16 ---- -011
9312
1949 J - J 94 ____ 93 Nov'16 -- -- 90
54121sissIPPI Central 1st 50
Great Northern2
5
79
1
6
34
1 4
70
012 6
7?
Mo Kan ac Tex 1st gold 4s 1990 J -D771
78 Salo
9834 320 9728 99
C B & Q coil trust 48
1921 J - J 9834 Sale 9812
2d gold 4s
9814
g1990 F - A 51 Bale 50
2 9713 9834
Registered h
1921 Q - J 9838 9813 9814
4513 4434 Oct '16 ---- 3724 5215
1st ext gold 5s
41
1944 M- N
let & ref 430 Series A
1961 J - J 10038 Sale 10014 10033 14 9834 10034
6312
6312
64
5 51
G
lsetn&sirefunding
96 June'16 _-6312
rnek
fuinng
M
:S
J 63
d 4 ,68_ _ _ 36 J
Registered
1961 J - J
4212
2 36
48
4212
4212 45
-66 - -e73-8
St Paul M AG Man 48
1933 J - .1 if- la" 9714 Oct '16
46
3712 Oct '16 ____ 37
St Louis Div 1st ref g 48_2001 A&O 40
45
let consol gold 6s
1933 J - J 1211s ____ 1237 Oct '16 -_-_-_-_ 12014 123%
Dall & Waco let gu g 50.,_1940 M- N 68 ..___ 9934 Lie( '13
Registered
1933 J - J --- ---- 11984 Aug 16 __-- 11934 12112
-Kan City & Pat, 1st g 4s_ _1990 F - A 6513 ---_ 72 July'16 -2 ____ 10312 Oct '16 ___ 1013s 103%
Reduced to gold 430.1933 J - J 103174
0 -'
8
i9
2.114
89
2 6
Mo K & E let gu g 58
10212 May'16 __-- 10213 10212
1942 A 0 89 Sale 85
, Registered
1933 J - J
70
M K & Okla 1st guar 50 1942 1111-N 65
75
64 N ov'16 ---- 50
Mont ext 1st gold 4s
1937 J -D 9614 --__ 9618 Oct '16 _-_-- 9538 9714
2
1 5
40
8 6
71
5
75
M K & T of T let gu g 58_1942 M- S 75
7612 75
9512 Mar'16- 9512 9612
Registered
1937 J -D
Sher Sh & So 1st gu g 5s 1942 J - D 51 --- 51
51
Pacific ext guar 4s £
1940 J - J ----------- ---- 8518 Nov'15 ---Tex
Texas & Okla 1st gu g 58._1943 M- S 50
51
5 49
63
4 51
573-oi14 -oi E Minn Nor Div 1st g 48_1948 A -0 94% -_. 9214 Aug '16
Minn Union 1st g 68
1922 J - J 10812 10938 1093. June'16 -_-_-_-_ 10918 10938 Mia,iouri Pacific (reorg Co)
•
9Ei
99
30 94
1F.t & refunding bs wh iss 1923 -_ - 9814 ---_ 99
1937 J - J 124 ____ 124
124
25 12038 124
Mont C 1st gu g 60
68 sale 6712
6814 1285 63% 68.
1937 J - J ._-_,... --- 13614 May'06 -__.
General 48 when issued
Registered
_ __ lii2 N ov'16 ---- 100 10341
.
4 Missouri Pac 1st cons g 60_ _ _1920 11,1--P-1
1st guar gold 58
1937 J - J 11014 ---- 1093s Aug '16 -- _ i.6914 i163
Trust gold 53stamped___a1917 M- 5 10534 _-_-_ 10112 Oct '16 --- 8914 1002
Registered
1937 J - J
82 Oct '15 ---a
4 Au"-iiii :::1 1063.4 i1678
Registered
a1917 NI- S
Will & SF 1st gold 5s 1938 J -D iid- :::: 1561
i318 idr
100
1st collateral gold 5s
73
75
75 Jan '16 ---- 74
75
1920 F - A 100- -_ -_ -_ _ 1C10
Green Bay & W deb ars "A"____ Feb
Feb
14
Sale
14
30
100
1414
A
11
F
Registered
1920
Debenture Ws"B"
147s
1
-•Li14
-ii73-84
40-year gold loan 4s
87
8712
3 841s 8812
Gull & S I 1st ref & 1 g 5s b1952 J - J 87 90
0
g8
f218
4
z
1
4 15
9
4_0
9
6:
_3
18
i
58
1:
5818 .,....
9214
let & ref cony 5s___.
9214
1 9014 90
74
3 S
_ale- 5818
5 M- S 58
Hocking Val 1st cons g 430_1999 J - J 921 95
195
949
2
85
82 May'16 --3d 7s extended at 4%
.8ii-- 9734 Jan '14 -1999 J - J -----1938 M- N 10831
Registered
Boonv St L & S 1st 58 gu-1951 F - A 50 -,--- 100 Feb '13 ---gi
-Col dr H V 1st ext g 4s
1948 A -0 8738.._.. 87% Sept'16 ---- 1i
Cent Br Ry 1st gu g 4s
1919 F - A 7034 ..___ 67 Aug 16
Col & Tol 1st ext 4s
1955 F - A 88 ___ 87 Aug '16 ---- 86 87
1 1758
Cent Br U P 1st g 4sg 68_1
----78
1 -_-___ 7713 I)ec '13
J 4
81
J :D
Houston Belt & Term 1st 50_1937 J - J 87 -_- 9413 Feb '15 -- .962
192
046
_ 110 Mar '05 -9753 Sept'16 ---Illinois Central 1st gold 4s 1951 .1 - J 983s.-Leroy & C V A L 1st
93 Oct '16 --_-..--..--. -51- -6i1951
J
J
92
___
97
Pao
R
89
92
Aug
'15
of
A
Mo
1st
F
ext
g
1938
Registered
4s
1951 J - J 8514 8612 8513
2d extended gold 50._ 1938 J - J 101 ___ 10012 July'16 _.-- 100 10034
8512 --1 ii" '8534
let gold 3s
St L Ir M & S gen con g 50.1931 A -0 10212 1031-2 10212 Oct '16
Registered
1951 .1 - J 84 ____ 83 Nov'15 --'
32
114 .'. i2 _741_2 -1;8-.
8iii8
. 1218 .1y8
Gen con stamp gu g 5s 1931 A -0 8312
1951 A -0 8412 --__ 8413 Sept'16 ---- -111-2 "id%
Extended 1st gold 330
1951 A - 0 8312 ____
Unified
ed dk ref gold 48......1929 J - .1
Registered
-id - ,p1ir--if15 -...-.---- :::: -_ -.. -- -_
.68 -go
Registered
1929 J - J -- - - .-' 8038 Oct •12
let gold 3s sterling
1951 51- S
80
6
Riv & CI Div let g 4s
1933 111-N 7934 Sale 79
Registered
1951 m- S
ep
bt:115
0
i.e
07
9 S
Verdi V I (It W let g 50_1926 M- S 82 _-_. 18
' icirs "-Zs "ii' -iiii2
-66- Wife" -W.
Coll trust gold 4s
Mob & Ohio new gold 6s
1927 J -0 11334 - _ 11334 Oct '16
Registered
1952 A:0 --__ _--_ 9514 Sep '12 ....... .. _ _
07
1;
9
8
2
78
1st extension gold 60-h1927 Q- J -_-- 15012
181-44 10
9
7
12
96
9218 48 878 9212
10
1st refunding 4s
1955 M- N 917s 9212 9138
82
2 803 83
General gold 4s
Purchased lines 33
1952 J - J 82 Sale 82
71
1 Oct
O2t 4168
50 8434 8714
79
7% -----_-_ 10
87
Montgomery Div let g 58_1
F -- A
S 9
37
8M
194
L N 0 & Texas gold 4s__1953 M- N 87 Sale 8678
88
9
713 D
Oec
10:
7110
5
1953 M- N 8212
St Louis Div 58
84 May'14 -1927 J - D 91 _ _ _ _ 180
Registered
St L & Cairo guar g 40
90 Oct '16
1
Ski
1931 J - J 88 -- -18.12 -gild
Cairo Bridge gold 48
1950 J - D
---i
1
0:
33144 11071
Div 1st g 38
___ 101 0
1951 J - J -------Nashv Chatt & St L 1st 5s. 1928 A -0 107 Sale
_ ---- 74 Feb '14 ---_-_-_
4 -iii-1-4 Id Jasper Branch 1st g 6s
1923 J - J 10734 ---- 11014 Mar'16
8138
82
Louis,/ Div & Term g 330 1953 J - J '
10113
July'16
--4
100
3
4
1003
McM
M
J
10018
---83
W
1917
.1
---Aug
'12
--&
Al
---1st
6s
Registered
1
J
1953
---T & P Branch 1st 65
1917 J - 1 10018 --__ 113 July'04 ---Middle Div reg 58
I.011-4 i0 1921 F - A 10012 -- 102 June'16
304
7212 70 Aug '16 -------- 70
71
Nat Rys of Mex pr lien 4340_1957 J - J 30 ____ 3014 Aug '16 ____ 30
Omaha Div 1st gold 3s
1951 F - A 138
35
Guaranteed general 4s
1977 A - 0 .. .: .. _ .... _ 35 Aug '16 ____ 35
St Louis Div & Terns g 38_1951 J - J 62 77 6812 Sep '15 __-7
__ __ __ 96 Feb '13 - .111;-5
.118 Nat of Mex prior lien 430_1926 1 - J
Gold 330
1951 J - J 81 ---- 811s Jan
30
-------- 30 Oct '16 ---- 30
80 June'16
1st consol 48
'16---- 80 80
Registered
1951 J - J 79
40 May'15
J --__
1 J
A -- 0
'
N 0 Mob & Chic 1st ref 5s 196
50
Spring! Div 1st g 330......1951 J - J 79 8038 79 Sept'16 _-- 783 79
74
7334
Western lines 1st g 45
1951 F - A 1113 _-_
91 Oct '16 __-- 89
New Orleans Term let 4s
1953 J - .1 7334 74
91
11438 199 16
10
67: 117
1738
4
---_ .- -- NY Cent RR cony deb 60._1935 111-N 114 Sale 114
Registered
8638 74 81% 8678
2 M;y
'15Consol 48 Series A
1998 F - A 8514 Sale 8514
Bellev & Car 1st 6s
A *--- 10
.4
195
23
1 PJ. -D
98
21,-2
2 iTil9618 140 9178 961s
Ref & imp 430 "A"
2013 A - 0 9512 Sale 9533
Carb & Shaw 1st gold 48_1932 111- 8 86 --_- 9412 J'b '12 _30
845
iiiii4 1.6 - N Y Central & 11 Hg 330_1997 J - J 84 Sale 8318
Chic St L deN
NO gold 5s 1951 .1 -D 10'713 ____ 10738 Oct '16
114 Feb '11 ----Registered
1951 J -D
1997 J - .1 8212 8338 83 Oct '16 --__
Registered
92% 16 8
889
0127
1 9
883
3:
431
90 Oct '09 --1934 111-N 921 9278 9213
Debenture gold 4s
Gold 330
1951 J -D
---- ---90 June'16 -N
1934 M Registered
1951 J -D
Registered
74
0 9
79%4
10234 26 1.00 103%
Lake Shore coil g 330
1998 F - A ____ 787 7814 Oct '16 ____ 9
Joint 1st ref 58 Series A_1963 J -D 10212 Sale 10238
7314 78
79
7612 Oct '10 --Registered
1998 F - A 76
Memph Div 1st g 4s
1951 J - D 8838 8973 867s Dec '15 --- ___ __.
4
8024
ed5
78
7512 78
78
Mich Cent
colt gold 330 1998 F - A
Registered
------- -- - 78
Registered
1998 F - A 74 ___ 78 OctOet '16 -- 74
M-D
S :::: -0-F2 -fig - july-iiii
St Louis Sou 1st gu g 4s 193
951 '1
9118 Apr.'16 --- -65-iiiii
Battle Cr & Stur 1st gu 3/3_1989 J - D 6314
Ind Ill & Iowa 1st g 4s
1950 J - J 9038
96i2
2
July'16
541
___95
.1
100
100
4
Beech
Creek
1st
gu
J
9612
1919
MN
100
95
100
g
48_1936
lot & Great Nor 1st g 6s
10033
94
93 ' 93
1936 J - .1 9378 953-4 9534 Nov16 ---- 9334 953
2 8912 93
Registered
James Frank & Clear 1st 40_1959 J -D 93
2d guar gold 50
1936 J - J 103 --__ 104 May'16 _______ 1_0_4_ 1_0_4_
Kansas City Sou 1st gold 38_1950 A -0 '7() '7014 70 Nov'16 -_-- 6634 71
63 Oct '00
Registered
Registered
1950 A -0
:
;
. -ia
::jilii
:
--:
91
Beech Cr Ext let g 330_61193
1 %I
A -- 0 :....- -_-..:
56
Ref & !rapt 50
91
15 8933 94
Apr 1950 J - J 9012 91
4345
a , ,i...15
8814 13 8534 8914
1981 J -D 88 ____ 8
-01- -111.Cart & Ad 1st gu g 441
/Kansas City Term 1st 4s___1960 J - J 8818 Sale 88
100
1 9614 10134
Gouv & Oswe 1st gu g 50.._1942 J -D 10412
Lake Erie & West 1st g 5s__1937 J - J 9912 100 100
8312
94 -149414 -iii" miiiio
2d gold 58
Moh OC Mal 1st gu g 48_1991 M- $ 93
1941 J - J 8312 ____ 8234 Oct '16 __-_ 75
_ 9212 98 Mar'14
1986 F - A 871s ---- 8914 Feb '16 -_-_---. 8914 8914
N J Juno R guar 1st 40
North Ohio let guar g 5s 1945 A - 0
2000 M-N 81 ---10112
4 i(1013 idi N Y de Harlem g 330
Leh Vail N Y 1st gu g 43.0 1940 J - J joi712 sale 10114
21;
110538io
9-6
_
N Y & Northern 1st g 59_1923 A -0 10612 ---- 10614 8ept'16 --_-_-_
Registered
1940 J - J 9934 10118 100 Oct '16 ..--- 100 102
914 91 Nov'16 __ 8912 9214
Lehigh Vali( Pa) cons g 4s2003 M-N 91
N Y & Pu 1st cons gu g 40 1993 A - 0 90 ____ 92 Nov'16 --- 88
1041_4 113 may'lb 10114 15 9914 10114
13
734 Pine Creek reg guar 6s_ _ 1932 J -D 10
General cons 430
2003 111-N 10038 Sale 10038
_.
103% Oct '16 -_-__ /03
4 1-54.12
11213
3 110 113
R W & 0 con 1st ext 5s h1922 A -0
Leh V Term Ry 1st gu g 58_1941 A - 0 11238 _-__ 11212
104 June'10
Registered
1941 A - 0 11114 --__ 11112 June'16 ___ 11112 11112
RW&OTR W041054_191 NI - N 102 __
Duo
Aug.
k
o
Due Oct.
• No Price Friday; latest bid and asked this.week. a Due Jan. b Due Feb. d Due April. e Due May. g Due June. h Due July.
p Due Nov. s Option sale.
"iir
.-
-- --
isll.r:N., 12.2§iil-e- 12
--ii5
-.
-_
---.
--------
a
--------
--.
New York Bond Record—Continued--Page 3
Nov. 111916.1
BONDS
N. Y. STOCK EXCHANGE
Week Ending Nov. 10.
LE
Pries
Friday
Nov. 10.
Week's
Range or
Last Sale
a
o
Rang.
Since
Jan. 1
BONDS
N. Y. STOCK EXCHANGE
Week Ending Nov. 10.
1777
Price
Friday
Nov. 10.
Week's
Range or
Last Sale
Range
Sines
Jan. 1
Bid
Ark Low
N Y Cent dc H R RR (Con.)—
High No. Low High
Bid
Ask Low
High No. Low MO
Rutland 1st con g 412s _ _ _1941 J - J 8334_-_- 8134 Dec '15 ----Peoria & Pekin Un 1st g (Is_ _1921 Q- F 100 ____ 102 Nov'15.
70
Og & L Chem 1st gu 45 81948 J - J 69
70
io
14 - - 2d gold 4s
3 -gi87
87 -- 87 Mar'16
87
Rut-Canada 1st gu g 46_1949 J - J 67 _-_- 92 June'09 ---- .
____ Pere Marquette—Ref 4s
1%N
1:J
35
14 Apr'
.
id
_105:
5
14
14
16
96 _
St Lawr & Adir 1st g 5s-1996 J - J
2 ________ 9712 9712
16
t;i
19197%2 O
Refunding guar 4s
mca
11 14
34
35
35
111
1996 A - 0 2d gold 6s
92
Chic & West Mich 58
8912 Oct '16
8812
83
1
J
g7
34
____
1922
97
4s
/
1
4
gu
g
1Uv
July'16 ---Utica dr 131k
Flint dr P M gold 6s
-1;71-2
A -: 0
I1 10612 - - -- 10512 Nov'16
1920 jj
101 10512
1 8312 86
1997 J -D 8578
86
Lake Shore gold 312s
86
1st consol gold 5s
8514
78 Oct '16
1939 M-N
78
74
1997 J -D 84 __ _ 8353 July'16 ---- 83
Registered
Pt Huron Div 1st g 53.._1939 A -0 4834 54
45 Nov'16
8334
46
40
MS
96
Sale 95/
1928
Debenture gold 48
1
4
96
28 9438 96
40
Philippine Ry 1st 30-yr s f 4s 1937 J - J
541
49
Apr '16
51
50
9558 9578 9512
1931 M-N
25-year gold 48
96
30 9334 96
Pitts Sh & L E 1st g 5s
10614 ---- 10618 Aug '16
10618 10618
Registered
1931 M -N --- 1)5 Nov'16 ---- 94
95
1st consol gold 5s
- 11314 Noy'l 1
-Ka A & R 1st gu 5s
1938 J - J
---Reading Co gen gold 4s
9534 Sale 9512
2
199
95/
1
4 71 9314 96,8
1
4 1.,
Mahon Cl RIt 1st 51)
1934 J - J 166- -_--.-_ icii11 Dec '15 ---9 9234 95
9458 9514 9458
Registered
9458
1997 J - J
Pitta & L Erie 2d g 5s_a1928 A - 0 103 ---- 103 July'16 ---- 102 101
2 9412 9714
Jersey Central coil g 4s
96
1951 A -0 9512 Sale 951.
Pitte McK & Y 1st gu 65_1932 J - J 11512 _-_- 1301g Jan '09 ---93
Atlantic City guar 4s g _ _ _ 1951 J - J
_
2d guaranteed Os
1934 J - J 11312 ---_ 12314 Mar'12 ---- — - - — St Jos & Or Isl 1st g 4s
9 -64
80 Sale 78
82
80
McKees & B V 1st g 6s..1918 J - J
—
St Louis & San Fran (reorg Co)—
Michigan Central 55
:
:1.06.1-4 Au-g-'16 -___ iii611931 M- S 11561-2 :..:
4 i6614
Prior Lien ser A 4s
7234 Sale 7234
7312 1154 6711 7312
1950 .7 J
Registered
1931 Q -M 100 ____ 105 July'16 ---- 105 105
90 Sale 90
Prior lien ser B 5s
9018 1210, 8378 9073
45
9034 __-_ 98 Apt '12 --1940 J - J
8858 Sale 88
Cum adjust ser A Os1N2
893s 170 74
8912
Registered
1940 1 - J --------87 Feb '14 ---6278 Sale 6278
Income series A Os
6438 loot 39
1960 July
65
J L & 5 1st gold 350-1951 M- S --------90 June'08 --- ---- --_- St L01118 de San Fran
2 109 113
11112
11112
gen 65_193 J - J 11112
1st gold 35is
1952 M-N 8218 86
8212 Sept'16 ---- 8212 85
9; 10078 10314
103 ___- 103
General gold 5s
103
20-year debenture 4s
1929 A - 0 88
89
89
8614 90(2
78 May'18
---St L & S F RR cons g 45....1
9%;:
(
6812 78
N Y Chic & St L 1st g 48-1937 A -0 9434 Sale 9431
g•9
134
111 91
80 __ _ 8213
9512
General 15-20-yr 5s _ 1927 M-N
8218 15 4534 8218
1937 A - 0 9312 ____ 9034 Aug '16
Registered
33 46
9034 9334
82
82
Trust Co ctfs of deposit_ _ _ _ -- -- 8112 Sale 8112
1931 MN
Debenture 48
771 t 82
80
31
8018
79 Sale 78
71 7712 8434
79
do
Stamped_ _
43/
1
4 79
2361 J - J 92
West Shore 1st 4s guar
9212 92%
9212 111 871
_ 9212 Sept'16
/
4 93
Southw Div 1st g 5s__ _ _1947 -A---0 9212
93
89
2361 J - J 8934 Sale 8934
Registered
8934
8 8678 90
8334 Oct '16
Refunding gold 45
1951 J - .1 81
6714 832
N Y C Lines eq tr 5s_ _1919-22 M- N 100 ____ 10034 Oct '16 ---- 1001g 102
Registered
---- 8034 Mar'll
Equip trust 4i8_ _1917-1925 J - J 9914 __-_ 9934 July'16 ---,..- 9934
8 6234 S65
85 _ _ _ _ 861
:
Trust Co ctfs of deposit.. j
86511
----j
10058
9914
N Y Connect 1st gu 4 Sis A 1953 F - A 90,8 9914 9914
10 9712 10018
-. 7414 Sept'16
do
78,2
Stamped__
8114 75,2
NYNII dr Hartford—
K C Ft S dr M cons g 6s..1928 ii--N- 110 1-113 11012
1094 11078
11012
Non-cony deben 45
1947 M- 5 80
82
7938 Sept'16 --- 79/
25 75
14
dr M Ity ref g 45_1936 A - 0 78 Sale 7758
Ft
78
S
C
78
1
4
K
81
_ 72 Oct '16 ---- 71
Non-cony deben 3 Sis
1947 M- S 72
90 June'16
KC&MIldcBletgu 56_1929 A - 0 89
73
90
90
Non-cony deben
A -0 6912 Sale
__6912
70
80 7578 8012
St L S %Vast g 4s bond ctfs 1989 M- N
7958 80
7934
8 6912 72
80
Non-cony deben 48
7758 7878 7734 Oct '16 ---- 774 8113
1955 J - J
2d g 48 Income bond etfs_p1989 J - J 6414 6834 64 Oct '16
70
62
M ..
Non-cony deben 4s
- N7
J 6
,
738 6
7
,
8178
1956 j
2 7714 Oct '16 ---- 771
Consol gold 4s
/
4 82
7112 36 6012 72
71 12 7012
1932 J -D 70
Cony debenture 3Iis
1956
7712 Oct '16 ---- 6834 7712
1st termi & unit 55
53 60
7014 Sale 70
71
72
113
Sale
113
Cony debenture 65
1948 J - J
11318 .....
7 110 110
Gray's Pt Ter 1st gu g 5s 11£15
17 1 -- It 100 ___ 9834 Jan '14
7912 - - -Cons Ry non-cony 4s
1930 F - A
5 -8
._ --- - ---- 8 A & A Pass 1st gu g 4s
1943 J - J 6814 Sale 68
6834
-78 -704
.2
1
4 Jan '12
Non-cony deben 4s
1954 j - j 7834 8018 -61/
S F & N P 1st sk fd g 5s
1011
/
4 Oct '16
1919 J - J
10118 10178
1955 J - ,j 7834 _ _ _ _ 7912 Apr '16 ---Non-cony deben 4s
i014 -i612 Seaboard Air Line
-;
__19
50
a 4s
A -0 8112 8334 8058 Oct '16
8412
74
1955 A - 0 ---- ---- ---- ------ __ --------Gold 4s stamped
Non-cony deben 45
3 7814 8314
1950 A -0 8218 Sale 82
8218
J
J
80
1956
Non-cony deben 48
---111 64
69 Sale 69
Adjustment 5s
F
A
01949
70
693
4
Harlem R-Pt Ches 1st 4s_1954 m -N 914 9234 171.1-1-2 5-e-p-t-in --- 9112 93
Refunding 48
1959 A -0 69 Sale 69
6934 14 6512 72
B & N Y Air Line 1st 4s 1955 F - A 89, _ _ -8 _ 9912 June'12 ---All firm 30-yr 1st g 48.._81933 M- S 86 Sale 86
20 82
8712
8612
813t
J
Sale
.1
1
813
4
Cent New Eng 1st gu 48-1961
8134
-iii1-2 -iiCar Cent 1st con g 4s
8812 8834 88 June'16
88
88
1949 J - J
Hartford St Ry 1st 4s
1930 M---Fla Cent & Pen 1st g 5s......1918 J - J 19012
____ ---- --- 9934 Sep '15
Housatonic It cons g 5s
N i67 -- _ - 10512 May'15 ____ - --- ---1937 M- S1st land gr ext g 5s
10134
J
J
Dec
'15
101
1930
Naugatuck RR 1st 4s
9114 -1954 M-N
87 rly '14
______
Consol gold 5s
1943 J - J 10234 ---- 10234 Oct '16
10234 7514
N Y Prov & Boston 4s
1942 A -0 90's__.._ 88 Aug '13 ---_
Ga & Ala Ry 1st con 58_01945 J - J 10312 - - - - 1021s Oct '16
10218 10334
NYNV'ches&B 1st ser I 4s'46 J - J
7512 76
70 Nov'16 - --- 72
82
1023
Ga
8
_
Car
_
&
1023*
No
J
103
lst
J
1023
10178
8
gu
g
58
1929
Nil dc 1)erby cons cy 5s 1918 M-N 10014 ____--107 Aug '09 ___Scab & Roan 1st 5s
- 1926 J - J 102 ____ 9914 Aug '15
Boston Terminal 1st 4s_ A939 A - 0
____
Southern Pacific Co—
New England cons 5s
j
J 1OT --_-_
1945
---- --- — - - _
21 8312 89
Gold 4s (Cent Pac coll)__k1949 J - D 88
8814 8734
88
Consol 45
1945
-0-62 Ma
-r-.-17
2
---88
90 Feb 14
Registered
Providence decor deb 4s 1957
6914 Sept'16 ---- -6
20-year cony 4s
-9
-14 -7
-0
-8858 186 8614 -g658
k
g19
192
49
9 M- S 8812 Sale 8838
Prov & Springfield 1st 55..1922
9978 Deo '14
196 10212 10778
10518 Sale 10518
20-year cony 5s
106
1934
Providence Term 1st 45...._1958
8353 Feb '14
9058 Sale 9058
Cent Pac 1st ref gu g 4s 194
9078 65 8758 91
39
4 F- A
W & Con East 1st 4 Wt
1943
Registered
8634 89
- 8712 Sept'16
1949 F - A
N Y 0 & %V ref 1st g 4s
g1992 M- S 8112 8212 8134
82 ---5' -ii78 -8-i Mort guar gold 3;is_k1929 J - D 9012 9114 9112 Oct '16
8414 9112
Registered $5,000 only., g1992 M- 8 -- -- ---- 9212 June'12 ---- -- - - - - - Through St L 1st gu 4s_1954 A -0 ____ 8512 8512 Oct '16
84
8634
General 4s
79 Apr '16
1955
G II &SAINI&P lst, 5s1931 M - N 10238 10412 10112 Oct '16
102 102
Norfolk Sou 1st & ref A 5s 1961 F - A
8312 78 Aug '16 ---- 78
81
80
2d eaten bs guar
9912 100 100 Oct '16
1931
99 100
m
Norf & Sou 1st gold 5s
-N
Noy'I0
100
1001g
101
1941
Gila V G .11E N 1st gu g 5s 1924 M-N ---- 10212 10014 Jan
10014 100,4
120 Oct '16
Norf & West gen gold 6s
1931
lions E & NV T 1st g 55...._1933
101 10214
Improvement & ext g 6s 1934 F - A 12034 122 1211s July'16 ---- 12012 122
1st guar 5s red
1933 M -N
100 10312
Now River 1st gold 6s_
122 Nov'16
1032
1
7
6
0
6
6:
114 10
II & T C 1st g 5s int gu
°06
21112
2 10
NM:
C.v
Y
'
:1116
86
66
°2 O
1937
106 10612
N & W Ry 1st cons g 4s
95
-l-e- 9158
18
45'8
4S
-a
°
0 19
1998 A:
7 9112 953g
Gen gold 45 int guar_ 1921 A -0 96 ____ 96 Oct '16
9414 96
Registered
1998 A - 0 ---- - -- - 93,4 Deo '15 ---Waco & N NV div 1st a 6s '30 M-N
10912 Noy'lf,
Dly'l 1st lien & gen g 48_1944 j - J
9134 Sale 913.1
9134
4 -ig3-4 -6131
A & N NV 1st gu g 5s
103 Nov'16
10-25-year cony 45
144
148
Oct '10 ---- 11312 14618
1932 J -D *143
Louisiana West 1st 6s_ _199 4
109 June'14
21
10-20-year cony 48
13712 Oct '16
1932
Morgan's La & T 1st 76_1918 A -0 10338 i0-3-7-8 10434 July'16
10112 16134
10-25-year cony 0.69
145
1938
145
1st gold 68
1920
105 Jan '11,
192380
105 105
---Pocah C de C joint 4s1941
8934 Oct 16
No
of
Cal
•lt,
guar
Oct
g
5s
105
C C & '1' 1st guar gold 5s 1922
103 Sept'16 ---- 103 10312
.
5
Oro
&
Cal
1st guar g 5(3_1927
10178
1011
/
4
1007 102I
Selo V dr N E 1st gu g 4s 1989
93
3 9112 94
93
So Pac of Cal—Go g 5s_ ....1937
10712 Sept'16
10712 10712
Nor Pacific prior lien g 4s_ 1997
93,
8
142 9118 9414
94
7% -15d38 8
So Pac Coast 1st gu 4s g 1937 r:1 15
2
96 OctOct'61.6
9412 97
Registered
1997
9214 Oct '16 ---- 9012 9312
J
A
__
cj
i
9
8
g
San Fran Terml 1st 4s_ _1950
,
s
71 8212 86%
g3
1
4
2
General lien gold 3s
a2047 Q - F -063-4 Sa-l-e- 6634
98
67
6518 67
Tex
&
N
0
con
gold
'14
Apr
96
5s...._1943
-- - Registered
6558 June'16
a2047 Q- F 65,4 66
:
1(
;
9218
So Pac Hit 1st ref 4s
82 1
2oa
aIc
eie8 9238
1955
9278 1411 8912 92.8
St Paul-Duluth Div g 4s__1996 J - D 9113
9112 Sept'16
Southern-1st cons g 5s
10258 135! 100 10312
1994
102
St P & N P gen gold Os
no 111 11014 Oct le 1923
1
-- --_-- 16
°
0'
Registered
LA 19615313142
19914 10014
3
2 AugAug'7116
17
06
014
Registered certificates.._1923 Q- A
10912 Oct '15
251 69
Develop & gen 4s Ser A__ _ 199
54
8
7758
St Paul & Duluth 1st 5s__1931
107 Oct '16 ---Mob
&
Ohio
coil
Oct
tr
75
'16
78
g
78
4s_
1938
2(1 5s
1917 A - 0 10012 ____ 10034 Sept'16 --- 10038 10118
11
:1 io
7o
738 lo
Mem Div 1st g 43s-5s.. 1996;
mti4 10134 Oct '16
100 104
1st consol gold 4s
86812 _8_872 9112 Sept'16
,,,, 8
1968 0
2 -_ D
J
_
j 8378 8478 84 Oct '16
St L01118 div 1st g 4s
8478
80
Wash Cent 1st gold 4s_
9012 Feb '16
1948
Ala Cen 1st g 6s
10218 10314
195
18
1 j - j 10238 104 10238 Sept'16
Nor Pao Term Co 1st g 6s
1933 .1 - .j 111 11212 11112 Sept'16
Ala Gt Sou 1st cons A 5s...1943 J - D 9834 9934 99/
9812 9958
1
4 Oct '16
Oregon-Wash 1st & ref 4s
:-.
4
:
-.
L
1961 .1 - ,j 88 Sale 86
18
?114 19411j2
8612
Atl & Char A L 1st A 434s 1944
9412 Oct '16
9414 99
Pacific Collet Co 1st g 5s__ _1946 J -D 96 100 100
10012
92
7 10034 10334
33'4 10
93
5 93 101
1st 30-yr 58 ser B
514 10:318
10314
1944 1.- 1 10
Paducah & Ills 1st s f 4135_1055 j- 2 98
1
095s 9878 Oct '16
8312 8312 Oct '16
Atl& Daily 1st g 4s
1948 j .. j 82
81,2 85'8
Pennsylvania nit 1st g 4s
9914 Nov'16
1923
8112 Mar'16
2d 4s
194
7913 8112
48 J - J -,-- 82
Consol gold 5s
103 Oct '16 ---, 10212 10314
1919 M- S 10214 _
Atl & Yad 1st a guar 48.._ _1949
---- 7534 Dee '14
Consol gold 4s
1943 M- N 98
9812
9938 981.
E T Va & Ga Div g 5s- - —1930
105 Nov'16
105
10312
Consol gold 45
9912 Sale 99
1948 M-N
9958 23I IG18
814 10909:
1°5
0714
M:N
Con 1st gold 5s
j 1
-- 10714
10 10514 10714
1956 j
107'4
C01113014!s
1960 F - A 10534 Sale 10513
..-1
2_ 16
2..-.7.' 1,0
10534:
94
,8
13,14
2 1(
E Ten reor lien g .58
9
' 9912 10112
:13:
36
6
9,
3/1
1938 M- S 10014 1161r3s 10112 Oct •ie
General 43-is when issued_1965 J -D 10258 Sale 10258
10312
Gs Midland 1st 3s
58 Oct '16
1946 A - 0 5712 60
67
60
Alleg Val gen guar g 45_ 1942
9738 Oct '16 --- 9614 9738
Ga Pac Ry 1st g Og_
,
92
g 6s___ 1
26
2 i _ Jr io878 1°714 io878 oct '16
1
4
1067s 107/
D H RIt&B.ge 1st git 4s g_1936
9412 Sept'16
Knox & Ohio 1st
J - J 108 110 10914 Aug '16
108 11012
Philo Bait & W 1st g 43_ _1913 M- N
9912 100
9813 Sept'16 -- 9812 981/4
Mob & Bir prior lien g 58_1945 J - j 10312 _--- 106 Sept'16
10,512 106
Sodus Bay & Sou 1st g 5s_2924 J
102 Jan '03
Mortgage gold 4s
7184 7134
1945
7134 May'18
Sunbury & Lewis 1st g 45_1936
Rich &Dan deb 55 stmpd_1
1
4 10414 103/
1925
7 A -0 103/
1
4 Sept.16
103% 10438
m..
-8
U NJ Int & Can gen 4s1944 j
.1 99
378 1661-4 -66G Oci-'1(-3 -_-_-_-_ '6618 ilgi
Rich & Meek 1st gu 4s
1948 M- N
73 Sett '12
Pennsylvania Co—
So Car & Ga 1st g 5s
3 iaoli 102
1919 M-N
Guar let gold 43-31§
1921 ,j - J 10178 102 10178
10178 20 10012 10212
Virginia Mid ser D 4-5s
e
'
116
i°
°112 Jun
1921 M- S 1021s ---_ 10
102 10213
Registered
1921 J - J 1003g 10138 100 Aug '18
100 10118
Series E 5s
1926
102 10318
103
,
8
Aug
Guar 333s coil trust reg A_1937
'
16
8612 Jan '16 -- 8612 8612
Series F 5s
104 Mar13
Guar 350 coil trust ser 11_1941 F - A
8534 88
85 Sept'16
General 5s
10714 Nov'16
19
93
36
1
1623-4 10714
Trust Co Ws gu g 3 WI_ 1916
10018 Jan '16 --- 9934 10018
Va & So'w'n 1st gu 5s 2003
105 May'16
10212 105
Guar 3s trust ctfs C__1942
86% July'10 ---- 861g 8613
1st cons 50-year 5s__ _1958 j*
A1MM:
I: N
O
S: 111
:
,
3364 -22281 ----9.-i
- -7:- 90 Sept'16 ---- 8912 9034
Guar 34s trust ctfs D_ __ _1944 J - D 87
Sfil2 88
88
5 85
88
W 0 & NV 1st cy gu 4s
92. 9234 91 Sept'16
91
9412
1924 F - A
0612 96 Nov'16
Guar 15-25-year gold 4s 1931 A -0 96
---- 9412 96
Spokane Internat 1st g 5s__ _1955
9134 Oct '16 ---- 9138 93
40-year guar 4s ctfs Ser E_1952
92 Aug '18
-2
- - 10018 Oct '16
90
Ter A of St L ist g
234 i0
j 10
A:O
1939 j
9812 10012
91 __ _ 91
1942 M- N
Cm Leb dr Nor gu 4s g
91
1 9014 91
1st con gold 5s
1 10312 10714
1894-1944 F - A 10414 105 105 Aug '16
Cl & mar It go g 43is- — 1935 M-N 9912 10099 Aug '16
Gen refund s g 4s
2
1953
452 88
8512
8512
Cl & P gen gu 43.4s ser A1942
103/
1
4 Oct '16
St L M Bridge Ter gu g 58_ 1193
50
3 A - 0 10014 10114 1001 1
10014
7 9912 10114
Series I)
1942
104 Dee '15
Tex & Pac 1st gold 55
4 95
9812
9812
9812
2000
Int reduced to 3%s 1942
9114 Feb '12
2d gold Inc 5s
14, 35
64
64
g2000
62
Series C 35is
1948
9014 Oct '12
La Div B L 1st g 5s
1931
88 Oct '16
90
88
Series D 3I-3s
1950 F - A
8912 Sept'16
W Min NV & N NV 1st gu 581930
10812 No v'04
Erie c1t Pitts go g 3s B 1940
8818 Oct '16
Tol & 0 C 1st a 5s
1935
104 Oct '16
Series C
-0
-1
8 1
80
1940 J:I 10
9018 J'iy '12
Mestern Div 1st g 5s
1935 A - 0 10014 1007-s 10112 Mar 16
101 L 0218
Or It & I ex 1st gu g 43.01941
9938 Aug '16 ___ -45-12 -1/0-3a
General gold 58
94 May'18 ---- 1 93
94
Ohio Connect 1st gu 4s, 1943
03 May'14
1990 A -0 82,8 8212 82 Oct '16
82 ; 1 14
Pitts Y & Ash 1st cons 58..1927
109 May'10
2d 20-year 58
9712 Nov'16
1927 J
97
99
Tol W V &0 gu 414s A1931 J - J 10014 ____ 10014 Oct '16
---4 1.062' 50
-1-4 Tol P & NV 1st gold 45
61
55
55
Series II 4Iis
1933 J - J 10014 ____ 10014 Oct '16 __- I.00110014 10014 Tol St I. & W pr lien g 3;0_19
574
112 1
6
8
8
jj 9
83
92
15
7;-: J
8112 Oct '16
7812
Series C 4s
1942 M- S 93
94 Apr '16
6212
9312
94
61
50
-year
gold
4s
0
1950
A
21j
62
54
60
62
gu
1940
4%s
St
A
PC &
1011
/
4 Oct '16
101 10258
Coll tr 4s g Ser A
1917 F - A
20
50
181
/
4 Mar'16
1858 1858
Series B guar
1942 A - 0 10134 ic-rli2 10158 Oct '16 ---________ _10
0
70
11: 11215: T
uo
lis
qfam & Iluff 1st g 4s_h1948 J - D 83
87
83 Apr '16
83
86
1942 M- N 10134 ____ 9714 J uly'15
Series C Muir
rrat
etu
D
ne
d
i
g
lei
t
s
con
10038
g
Sept'16
9912 1011,3
56_1928
i
-D
---10014
1945 M- N 9578 __
Series I) 48 guar
9514 Oct '16
1952 A - 0 ---- ---- 74 NI ar'15
9514 ____ 9514 Oct '16 ---- 92
Series E 33s guar gold_1949 F - A
9514 Union Pacific Ist g 4s
1947 J - J 9914 Sale 9814
9914 47 -95/
1
4 -9914
Series F guar 48 gold...._1953
951
/
4 Jan '14
Registered
1947 J - J
96
97
96 Oct '18
9718
95
1957
Series 0 48 guar
9538 Oct '16
-65-58 -65-7g
20-year cony 45
1927 J - J
9434 Sale 948
72 9212 96
95
Series I cons go 448-- -1963 F - A 10134 103 101 Aug '16 -__ 101 10212
1st
&
ref
Ms
Sale
5
g2008
917
9138
4s
92
214,
8912
92
CSt L & P let cons g 58-1932 A - 0 10712 ____ 1071
/
4 Sept'16 —_ 10712 10712
Ore RR & Nay con g 4s_ _1948 J -D
9314 Sale 93
9314 311 9118 93,4
• No price Friday; latest bid and asked, a Due Jan. b Due Feb. e Due May,
Duo June. h Due July, b Due Aug. o Due Oct p Due Nov
q Due Dec.
sOptIon sale.
--------Chic
-1-1
,,"::1
1
New York Bond Record-Concluded-Page 4
1778
BONDS
N. Y. STOCK EXCHANGE
Week Ending Nov. 10.
:d.
[VoL. 103.
z
Price
Friday
Nov. 10.
Week's
Range or
Last Sale
CO
Range
Since
Jan. 1
BONDS
N. Y. STOCK EXCHANGE
Week,Ending Nov. 10.
a:
Price
Friday
Nov. 10.
Week's
Range or
Last Sale
la
re
Real.4 Since
Jan,!
High No, Low High
Bid
Ask Low
High No. Low High
Bid
Ask Low
Union Pacific (Con)9 1074 109
Trenton GI Sc El 1st g 58____1949 IN- 5 10112 ____ 1011 June'14
10812
Ore Short Line 1st g 68-1922 F - A 10812 Sale 108
106 10778 Union Elec Lt Sc P 1st g 58._1932 M- S ____ 10158 10034 July'16
1946J - J 107 10734 107 Nov'16
1st consol g 5a
18 91
89 Mar'15
94
Refundhag & extension 58_1933 M-N
94
1929 J - D 9334 Sale 9312
Guar refund 48
7 908 166
100 "--7
United Fuel Gas 1st a f 68- 1936 J - J -- __ 10014 9978
- 102 102
1926 J - J 101 -- 102 Mar'16
Utah & Nor gold 5s
15 9312 9814
96
90 Apr '16
90
9539 Utah Power Sc Lt 1st 5s_ ......1944 F - A 96 Sale 9534
1933 J - J 9234 100
let extended 48
Utica Elec Lt Sc P 1st g 58__1950 J - J 1001 ____ 10214 Mar'15
9034 91
1955 F - A 9112 -- 914 Oct '16
Vandalia cons g 48Ser A..
1957 J - J 1004 ____ 98 Aug '15
91 June'16
91
9112 Utica Gas Sc Elec ref 58
1957 M- N 9112 92
Consol 48 Series B
- 10414 105s
Westchester Ltg gold 5s__ _1950 J - D 10434 10614 10512 Nov'16
4213 Aug '15
87
Vera Crus & P 1st gu 4s1934 J - J
Miscellaneous
9912 23 9714 -1/95/3
Virginian 1st 5s Series A
1962 M-N 9912 Sale 99
8514
1 82
1948 M- 5 85 Sale 85
17 103 106
85
Adams Ex coil tr g 48
1939 M-N 10558 106 10558 106
Wabash let gold 58
5 85 117
88
85
85
1925 M- S 85
2d gold 58
1939 F - A 9978 Sale 9978 10018 34 98 1001,8 Alaska Gold M deb 6s A
1
86
105
1026
INS
85
88
86
86
Cony
deb
6s
'16
105
series
B
105
Oct
105
80
Debenture Series B
1939 J - J
95
9412 68 93
Armour & Co ist real est 43is'39 J -D 944 sale 0378
9618 100
lst lien equip a fd g 58-1921 M- S 97 ___ - 100 May'16
Booth Fisheries deb s 1 6e _1926 A - 0 9238 9278 9238 Oct '16 - --- 90 9212
65 Dec '15
1st lien 50-yr g term,48.. 1954 J - J 82
23 9713 9913
99
Braden Cop M coil tr e f 68-1931 F -A 9878 Sale 9834
July'16
105
103
- 105
Det & Ch Ext 1st g 58
1941 J - J 10378
8612 89
1952 A - 0 88 ____ 8712 Oct '16
Bush Terminal let 48
80 _- 80 Aug '12
Des Moth Div 1st g 4s
1939 .11 2 8678 9278
9212
74
Consol58
1955 J ,J 92 Sale 92
72
74 Nov'16
7312 76
Om Div 1st; 3s
1941 A 91
Bldge 58 guar tax ex
1960 A -0 8934 Sale 8912
86 June'16
87
8934 12 86
823s 85
82
1941 MTol & Ch Div 1st g 48
10034 38 9938 10078
112 31 112 Oct '16
84
414 Chic UnStat'n 1st gu 4;48 A 1963 I - J 10012 Sale 1001
Wab Pitts Term lstg 48_ _ _ _1954 J -D
54
1204
127
Chile
M-N
Sale
12612
128
1354
78_1923
Nov'16
Copper
10-yr
15
8
218
cony
11
1
Cent and Old Col Tr Co costa- -- -334
8712
12 313 Computing Tab-Rec s 1 68 1941 J - J 87/8 88
87
2 Oct '16
8712 28 81
14 3
Columbia Tr Co certfs _____ -- -4 378 Granby
bnl
yCnso M 5&P con 6s A'28 M - N 10712 Sale 1061
10712 24 10158 1094
112 212 11 Oct '16
Col Tr ctfs for Cent Tr ate_
4
14
42
103
109
1W-N
Sale
107
Stamped
10712
1075
8
Aug
'16
14
1928
2d gold 48
1954 1--15
34
71
12 994 10118
Great Falls Pow lot 8 f 5s 1940 M- N 101 Sale 10012 101
14 July'16
Trust Co cents
14
8312 8434 Int Mercan Marine 43113
4 8612 8458 Oct '16
1922 A -0 10934 111 111 Oct '16 ---- 95 111
Wash Termi 1st gu
F - A 85110812 110 10934 Nov'16
951 Ill
Certificates of deposit
lat 40-yr guar 48
_1945 F - A 94 951 914 Aug '15
455 9614 9912
38 71
76
76
New 1st & coil tr s f 6s....1941 A - 0 974 Sale 9738
98,4 West Maryland 1st g 48____1952 A -0 7558 Sale 7558
1 10334 10512 Int Navigation 1st a f 5s......_1929 F - A 110 ____ 110 Oct '16
West N Y & Pa 1st g 50--1937 J - J 105 10512 10512 10512
9134 110
2 8113 8473 Montana Power 1st 58 A___1e43 J - J 9934 Sale 9912
841 854 841
8418
9978 35 9518 9938
Gen gold 48
1943 A 37
_ 37 Oct '18
9338 10 9214 9338
37
Morris Sc Co lets f 4318____1939 J - J 9318 9338 9338
37
Income 58
p1943 Nov
Mtge Bond (N Y)48 ser 2_ _1966 A -0 ---- --- 83 Apr '14
100 &Del°
98 102
Wheeling & L E lat g 58----1926 A -0 100
94 June'16
9912 Oct '16
1932 J - J ---- 96
10-20-yr 5s series 3
9912
Wheel Div let gold 58____1928 J - J 9812
N Y Dock 50-yr 151 g 4s_ _1951 F - A 731 74
721 Nov'16 ---- 71
7512
97 99
9912
_- 99 Oct '16
Exten & Impt gold 58--1930 F - A 99
Niagara
79
80
g
Fean
R
11 68
Falls
1st 58_1932 J - J 10212 10278 10212 Oct'16 -- 10034 10212
RR 1st consol 48
1949 M- S 78 Sale 78
80 Sept'16
80
al932
80
6s
a1932 A -0 10714 10838 10512 Oct '16 ---- 1051 10512
20-year equip a f 58
1922.1 - J 9214 _
9413 11 92
9412
Niag Lock Sc 0 Pow 1st 58__1954 M- N 94 ____ 9414
841 88
Winston-Salem S B 1st 48_ _ _1960 J - .1 87 8814 88 Oct '16
2 92
954
93
2 84
9314 93
8812 Ontario Power N F 1st 58_1943 F - A 93
8814
Wis Cent 50-yr let gen 4s
1949 J - .1 874 884 881
86
9012
86 Sept'16
88 Oct '16
85
90513 Outer/0 Transmiasion 5s____1945 01-N ---- 95
Sup & Dul dly & term 1st 48'36 M-N ---- 88
46 8914 9338
93
Pub Seri,Corp N J gen 5s__1959 A -0 9234 Sale 9234
Street Railway
95
9312
9512
9 88 125
2 10038 10334 Tennessee Cop let cony 6s__1925 M- N 93
101
Brooklyn Rapid Tran g 58_1945 A -0 10034 101 101
Wash Water Power lat 5s__1939 J - J 9934 10012 10312 Jan '14
741 81
7734 76 Oct '16
1st refund cony gold 48
2002 J - .1 76
10078 44 100 10118 Manufacturing & Industrial
10034 Sale 100
6-year secured notes 58......1918J s17
88 1034
10013 10214 Am Ag Chem let e 58
1928 A - 0 1031 1034 10318 10312 14 10
Bk City 1st con 58._1916-1941 J - .1 10114 102 102 Oct '16
101
9412
1 9312 9413
Cony deben 513
Bk Q Co &S congug 58_1941 M-N ---- 9512 9413
1924 F - A 10078 Sale 1004
1'; 1S784
9738
101 May'13
Am Cot 011 debenture 5s
_
1931 1W -N 96
Bklyn Q Co & lst 58
9738 97
1941 J 1044
iod" idi Am Hide Sc L let 8 f g 613....-1919 PA- 5 10358 104 10358 Oct '16 ----2 10338
Bklyn Un El 1st g 4-55_1950 F - A 101 Mira 101 Nov'16 85
8818
88
88
1925 A -0 8734 88
10114 13 10018 1021 Amer Ice Secur deb g 6s
Stamped guar 4-58
1950 F - A 10114 Sale 10118
310
118
1104
113
10614
Sale
84
Am
11212
8212
Smelt
A
Oct
'16
8613
Securities
8
68_1926
F
831
f
Kings County E '1st g 48-1949 F - A
841
99
2 9778 9914
8212 864 Am Thread let coil tr 4s
1919 J - J 99 9918 99
1949 F - A 831 8412 844 Oct '16
Stamped guar 4s
21 118 120
120
7714 Am Tobacco 40-year g 68
73
1944 A -0 120 12012 120
7414
7112 74,4
Nassau Elec guar gold 48_1951 J - J 74
85 Nov'16
97 Nosel8
Gold 48
9534 9834
1951 F - A 8212 85
Chicago Rye let 58
1927 F - A 9678 97
9912 102
94
Am Writ Paper 1st 8 f 5s
10112 Oct '16
1919 J - J 9334 Sale 90
Conn Ry & Llst & ref g 43481951 J - J 10114
2 10
864
1
51
21 182
0514
49
10118 10112 13aldw Loco Works 1st 5a.....1940 111-N 104 105 103
1031
Stamped guar 43is
1951 .1 - J 10112_ 10113 Sept'16
0
92
587818
4
2 10
094;
09
5_ 1.0
8414 34 741 8558 Beth Steel lst ext s f 58
1926 J - .1 104 Sale 10338 104 _5_6
Det United 1st cons g 43is 1932 J - J 84 Sale 84
1st Sc ref 58 guar A
1024 27 9978 10318
1942 1W-N 1024 Sale 102
Ft Smith Lt & Tr let g 5s......1936
S ---- 8412 84 Jan '14
_ 96
103,8 52 10034 10318
9414 Sept'16
- -6414 Cent Leather 20-year g 58_1925 A -0 103 Sale 103
Havana Elec consol g 5s
1952 F - A
1951 F - A 8118 ____ 8414 Oct '16 ---- 8278 8414
1 6813 7514 Consol Tobacco g 48
714
Hud & Manhat 58 Ser A
714
1957 F - A fi • 72
1931 M11-N 9858 9914 9838 Oct '16
264 2613 2612
Adjust income 5s
2612 47 254 3114 Corn Prod Ref a f g 58
1957 98
10012 102
let 25-year a f 58
10012 July'16
1934 1W-N 9778 9812 98
N Y &Jersey 1st 5,s
1932 F - A 10034 _
14 10113 103
103
734 109 7212 7612 Cuban-Am Sugar coil tr 68 1918 A -0 103 Sale 103
Interboro-Metrop coil 4348..1956 A -0 734 Sale 73
6
26
4 10
69
138 10
77812
74
Interboro Rap Tran let 58_1966 .1 - J 9878 Sale 9811
9878 245 974 9913 Distil Sec Cor cony lat g 5s-1927 A -0 7314 Sale 7314
3 8812 93
E I du Pont Powder 448
101
9212
Manhat Ry(N Y)cons g 48_1990 A -0 9213 _92
1936 J -D 101 Sale 101
8 89
85
85 Mar'16 --- 85
9314 General Baking 1st 25-yr 6s_1936 J -D ---- 95
Stamped tax-exempt
93
1990 A -0 934 ijii3 924
834
Gen Electric deb g 3Xs___ _1942 F - A 811s 821 814 Oct '16 ---- 78
Metropolitan Street Ry9978 9978 Oct '16
04
615
4
9314 10014
-0
- 18
00
312
8 10
Debenture 58
Bway & 7th Ay 1st c g 58_1943 J -0 99
1952 M- S 10811 __- 10614 Oct '16 -0
9934
_93_3_4 S_a_l_e_ 9334
3 98 1004 111 Steel deb 4;is
1940 A -0 .
941
Col & 9th Ay 1st gu g 5s-1993 M- S 9934 Sale 9913
Salle 1041
414 sa
02
Indiana Steel lot 5s
99 101
1041 39 1011 106
1952 IN - N 10
Lex Ay & P F ist gu g 5s _1993 M- S 99 10014 100 Nov'16
30 Mar'14 18
00 Oct '13
Ingersoll-Rand 1st 5s
1935 J - J
Met W S El(Chic) 1st g 4a 1938 F. A
23 7478 811
101 i6i1"2 Int Agrlcul Corp let 20-yr 58 1932 M-N 80 Sale
8038
Milw Elec Ry & Lt cons g 58 1926 F - A 10218 _ _ _ _ 10214 Oct 'le
212 15 10118 10234
10
00
int Paper Co 1st con g 68_ _1918 F - A
102
2 93
93
93
Refunding & exten 40_1931 J - J 931 -- 93
10014 101
25 81
99,2
Consol cony a f g 58
1935 J - J 991 Sale 09
Minnean St let cons g 5s_ 1919 .1 - J 10014 __ 101 Aug '16
10014
95
Laekaw Steel let g 58
95
1 92
1923 A -0 10014 Sale 9978
- 95
Montreal Tram let Jc ref 58_1941 J - J 95 Sale
28 90
712 10%58
let cons 58 Series A
80 86
1950 M- 5 101 Sale 9734 10118 1454
8
New Orl Ry & Lt gen 430_ _1935 J - J - - 8512 8334 Aug '16
12758 20 12312 12732
99
99
Liggett Sc Myers Tobae 78_1944 A -0 12712 Sale 127
N Y Municip Ry 1st f 58A 1966.1 - J 99 _ _ _ 99 Sept'16
8 10014 130
7313 79
102
76
1951 F - A 102 Sale 102
N Y Rye 1st R E & ref 48
1942 J - J 7578 Sale 7578
5238 91 5114 6378 Lo
Lorillard
U
30-year adJ Inc 58
co IP) 7s
1944 A -0 1264 127 12612 Nov'16 ---- 12218 12712
a1942 A -0 5214 Sale 52
102
18 10014 10214
158
4 83 884
87
1951 F- A 10112 Sale 1011
N Y State Rys ist cons 4318.1962 M- N 8612 Sale 8612
O
8813
8812
1 8812 9412 Mexican PetrolLtdeon 6s A1921 A - 0 113 119 11412 11612
Portland Ry let dt ref 5s____1930 M- N 86 92
198
05% 125
812
1st lien & ref Os series C 1921 A -0 108 120 11678 Oct '16
781s 80
Portld Ry Lt & P 1st ref 58_1942 F - A ---- 7778 7858 July'16
Nat Enam Sc Stpg let 58
1929 J -D 100 1014 102 Oct '16
Portland Gen Elec 1st 53_1935 - J --- -- 100 May'15
Aug
'16
96
85
92
854
66
Nat
J
'66Starch
•
St Joe Ry,L,
20-yr
deb
.1
MN
5e
1930
953
4
-P ist g 58_1937
May'16
9
899
6:
57112 10
42
802
82:22
10218 102,8 National Tube let 58
10214
St Paul City Cab cons g 58.._1937 J - J 1004 _ _ _ 10218 Oct '16
1952 01-N 102 Sale 10178
8358 N Y Air Brake let cony 68 1928 1W -N 1054 Sale 10514
8178 15 81
1057s 23 101 10578
Third Ave 1st ref 4s
1960.1 - J 8114 8112 814
76
43
76
8434
Railway
7618 Sale
761
Steel SpringAdj'no 58
a1960 A 6 9934 101
108 10818
Latrobe Plant let a f 58_1921 J - J 10012 10034 10013 101
Third Aye Ry lat g 5s
1937J - J 10714 109 1081 Sept'16
9 9834 10078
Interocean P 1st a f 58
1931 A - 0 974 9812 9712
1004
10038 10078 1001
971
Tri-City Ry & Lt lat f 58_ _1923 A 1 9
25
43
13
4 10014
July'14
28
954
Repub I Sc 5 10-30-yr 58 s f..1940 A -0 10014 Sale 100
1004 45
Undergr of London 4 Hs_
1933 I - J - 94
9912
5 9572 100
68 "titi- Standard Milling 1st 58
1930 M- N 9912 Sale 99
69
so 69 Jan '18
Income 68
1948
23
5 10
80
412 106
04
The Texas Co cony deb 68_ _1931 J - J 10512 10558 1054 1054 3
84 Oct '08
Union Elev (Chic) 1st g 58_1949
85
"tif" "ii Union Bag Sc& Paper 1st 58_ _1930 J - .1 9312 Sale 9312 93
United Rye Inv 55 Pitts 188_1926 M-N 73. 7634 7212 Nov'16
9412 9412 Nov'16 ---- 8218 9412
Stamped
7 591i 62
6112
1930 J - J 93
6112 6112
United Rye St L 1st g 4s_......1934 J - J 61
72
5978 US Realty & I cony deb g 58 1924 J - J 71
724 71
55 Apr '16
55
St Louis Transit gu 58_......1924 A -0 5112 65
15
2 6
10
812 7
16
3
4634 US Red Sc Refg 1st g 68...._1931 J - J 15 Sale 15
107 30
37
United RRa San Fr e f 4L.....1927 A -0 37 Sale 3512
10234 61 10178 10312
1 87 9234 U 5 Rubber 10-yr col Lc 68_1918 J -D 10258 1027s 10258
91
Va Ry & Pow let & ref 58_1934 J - J 901 923s 91
US Smelt Ref & M cony 65_1926 F - A 10912 10934 110,2 N ov'lO
Gas and Electric Light
534
-- 12
03
U 5 Steel Corp-lcoup- _d1963 M-N 107 Sale 10613 1074 -234 10
17
5:4
11
Atlanta0 LCo let g 55
19471 -D 10414 ---- 103 Sept'15
5 10358 10678
3 jai" 107
S f 10-60-yr 5sfreg
Bklyn Un Gas 1st cons g 58_1945 -N 10634 Sale 10634 10634
d1963 M-N - - - - __ __ 10638 10634
54 June'13
_ Va-Car Chem let 15-yr &L._ _1923 J - D 99 9912 9878 99 12 9634 9918
Buffalo City Gas let g 58_1947 A -0 19 _
3 100 10312
97 Feb '15
Cony deb 68
Columbus Gas 1st gold 58._1932 J - J
10218
e1924 A -0 102 10212 102
6 10112 10338
12558 12 120 Hi- West Electric let Sc Dec_ 1922 J - J 103 Sale 10278 103
Consol Gas cony deb 68___ _1920 Q - F 12513 gre" 125
1014 Oct '16 __ 101 10212 Westingh'se E Sc M cony 58_1931 J - J --------124 Oct '16
Detroit City Gas gold 5s__ _1923 I - J 10114
- 11
00
214 1415
10112 Oct '16 -- 10112 10112
10-year coil tr notes 58___1917 A -0 10058 101 100%
01
10071i-2
Detroit Gas Co cons let g 58 1918 F - A 10014
2 10234 10412
Coal & Iron
Detroit Edison let coil tr 58_1933 J - J 10413 10512 10413 10112
99
5 9612 99
1014
1011
2 10014 10218 Buff Sc Susq Iron s f 581932 J -D 99 Sale 99
1st & ref 5s ser A
10158
11940 M09
.1 90
Debenture 55
a1926 M- 5 99 Sale 99
99
10012 May'15
Eq GLNY 1st cons g 58._1932 PA100 Feb '13
Col F& I Co gen 8 f 58____1943 F - A 95 074 98'a Oct '16 ---- 9234 9811
Gas & Elec Berg Co c g 58_ _1949 J -D 100
80
103" 10384 Col Indus let Sc coil 58 gu.._ 1934 F - A 7912 Sale 79
17 7418 82
Hudson Co Gas let g 5s..___1949 M-N 103 10384 10334 Oct '16
91 Jan '16
Cons Ind Coal Me 1st 5s___1935 J -D 20
_ .. 73 Mar'14
91
91
Kan City(Mo)Gas let g 58_1922 A - 0
1 104 10534 Cons Coal of Md Ist&ref 58_1950 J - D 934 94
9312 Oct '16
Kings Co El L & P g 5s__1937 A -0 105 1054 10513 1051
Purchase money 68
1997 A -0 11612 118 118 Nov'16 ---- 1144 1184 Continental Coal 1st g 5s- A952 F - A 35 _994 Feb '14
9434 7.181
126 128
Or Rly Coal Sc C let g 68_h1919
A -0 - - 6il2
- 9434 Mar'16
_
Convertible deb 68
1925 PA- 13 120 1291 128 Oct '16
8812 Sept'16
Ed El Ill 13kn 1st con g 48-1939 .1 - J 8734 89
88 884 Kan & H C Sc C 1st sr g 58_1951 J - J 40 ___. 99 July'15
5 80 -6,
11;
10058 105
Pocah Con Collier 1st a f 58_1957 J - J 9414 9412 9414
Lac Gas L of St L 1st g 58_e1919 Q- F 1007s 101.78 10078
041
1007a
851 Oct '16
84
2 10078 10212 St L Rock Mt & P 5a stmpd_1955 J - J 8412 87
Ref and ext 1st g 5s
1934 A 10238 Sale 10214 10238
10058 108'
3833
1
10118
933
1951 J - J 10118 10112 1011
Milwaukee Gas L 1st 48__1927 M-N 9358 9373 9334
2 9114 9334 Tenn Coal ten 58
10018 20 10012 102
Birm DU+ 1st consol 68__ _1917 J - J 10018 10014 10018
Newark Con Gas g 5s
1948 J - D 10312 -- 1031 Mar'16 -- 10358 1034
Tenn Div 1st g 6s
1O0' 102
3 103 1054
a1917 A - 0 10018 ____ 1001 Nov'16
NYGELH&Pg 58
1948 J -D 10412 1043-4 10458 10434
6 8334 87
Cah CM Co 1st gu 68____1922 J - D ---- 108 101 Dec '14
86
Purchase money g 48
1949 F - A 86
8614 86
73 Apr '14
80
Victor Fuel lets f 58
10812 Oct '16 --- 108 109
1953 J - J
Ed El Il 1st cons g 5s_ _ 1995 J - J 1084
86
1004
13 8275 i61-2
8534 Sale 8518
-_
10012
1014
Va
Iron Coal&Coke Ist g 58_1949 IN- 5 ---10034
Aug
'16
NY&Q El L & P lst con g 5a 1930 F -A
Telegraph & Telephone
_
924 July'09
N Y & Rich Gas 1st g 5s___ _1921 IN -N
Am Telep Sc Tel coil tr 48
1929 J - J 91 ..1
Pacific G & El Co Cal G & E
2213 10
1 1200013 0534
935*1
25
Convertib e 45
9934 19 974 100
• 1936 NI- 5 --------101214
23,4
4 177
Corp unifying 'It ref 5s
1937 M- N 9934 Sale 9958
27 10518 11334
113
20-yr convertible 4;is
25 92
9312
1933 IN- 5 112 113 11234
93
Pa.ificG&Egen& ref 5s....1942 J - J 921 Sale 9234
14
773
3
10
773
112 10
Cent Dist Tel let 30-yr 58_1943 .8 - D 10278 1034 10278 Oct '16
Pao Pow Sc Lt let & ref 20-yr
96
9218 Sept'16
92 9312 Commercial Cable 1st g 48_23
J1 _7_3
77
73 Nov 16
239
07 QQ -.
58 Internat Series
1930 F - A
Registered
9912 Oct '15
- 73
71 MaY.16
Pat & Passaic 0 dr El 58_ _ _ _1949 M- S 1561;
1 10 72
ifis;
Cumb T & T let Sc ven 58
1937 J - J ;
6
06
0
78
:
s 10118 10012 10034 71_ 8_ 989:
Peon Gas & C 1st cons g 68._1943 A -0 11478 ____ 115 Sept'16
9
908
10038 10238 Keystone Telephone let 5s.. _1935 J - J
100 29800;28
Refunding gold 58
1947 M- S 1021 10212 10238 Oct '16
2
Sept'16 _1_7
_9 10
9
10
910112
:8
Registered
9978 99 Sept'13
Metropol Tel dc Tel 1st a I 58 1918 M-N
1947 M- S
-3 9012 101
1667
Mich State Telep 1st 5s- -1924 F - A 101 Mfrs
103 Oct '16
8
163
ChG-L& Coke istgug 53_1937 J - J idii
"
08
17
38
2 Oot0
'
0116
2-- 10034 1014
___- 10113 Oct .18
101 10112 N Y& N J Telephone 58 g _1920 IN -N 10112 -- 10
Con G Co of Chi lstgu g 581936 J -0 1011 10138
N Y Telep 1st & gen 8 f 430_1939 M- N 994 Sale
Ind Nat Gas& Oil 30-yr 581936 M- N
86 Oct '16
86
87
- 88
39 9912 102
1937 J - J 10134 Sale 10134 102
1004 1004 Pac Tel Sc Tel 1st 5a
Mu Fuel Gas let gu g 58_1947 M- N 11i _-__ looks Mar'16
18
0 99 10214
Philadelphia Co cony 58
5 19614 993; South Bell Tel Sc T let of 58..1941 1 - J 102 Sale 1014 102
1919 F - A 99
994 9914
994
100
102
'Union
10114
103
102
West
coil
J
J
94
tr
cur
_1938
Cony deben gold 58
1922 M- N
Sale
931
7
88
94
58_
9312
29 9418 9718
Fd and real est g 4 yis
07
1950 IN -N 97 Sale 9678
Stand Gas & El cony a f 613_1926 J -D 101 10212 101 Oct '16
9812 1024
Mut Un Tel gu ext 58_1941 IN -N 10234 --_- 10114 Apr '16 ____ 10114 10112
Syracuse Lighting let g 5a 1951 J -D 10214 10314 101 Sept'16
9924 101
Northwest Tel gu 4;is g _ _1934 J - J 9418 _-__ 95 Mar'16
Syracuse Light de Power 58_ _1954 J - J 86 ---- 8611 June'12
_ ---- 95 95
*No price Friday; fittest bid and asked. a Due Jan. d Due April e Due May. e Due Jun. h Due July. k Due Aug. o Due Oct. it Due Nov. q Due Dec. s Option sale.
12 2
-
Nov. 111916.]
BOSTON STOCK EXCHANGE-Stock Record
SHARE PRICES-NOT PER CENTUM PRICES.
Saturday
Nov. 4.
I
i
Monday
Nov. 6.
10634 *107 1071 1
101 *10034 1011,
180
175 180
8212 8212
82
135 *125 -- -4512 4812
46
_ _ *212 -_-*____
4
•_
40 *___ _ 40
412 412
71
;
71 i2 5
*4412 47
*4412 47
•150 154 *150 154
105 105
*105 100
_ -__ *150
*150
7712 7712
77
77
*13012___ *13078 13212
92
92
*91
-95
100 100
*9912 100
5
*4
*44 5
323,1 33
33
33
*6012 6034 6014 613*
•105 107 *105 107
*142
*142
30 -30
2913 2912
•15()14 151 *152 15214
*82
_
•
1-1-3 *111 112
*58
5812
58
58
76
*75
70
•75
•106
•10012
178
82
•125
48
*212
8712 873*
*8614 87
10112 10158
102 102
233 238
212 212
1212 1212 12.2 121
120 12012
12013 121
122
121
121
12012
133 133s 133 13358
5458
5214 5212 54
9814 9814 984
98
80
7714 7714 *78
•____ 9912 9834 9912
10613 10734
10412 106
•71
7112 71
7112
2312 2378 2412
23
*813 9
*812 9
231 232
232 232
*18113 18214 18312 18312
100 100 *100 101
04
9312 93
93
•8134 83
82
82
____ *16412
*164
____
1
*34
*_ _ __ 17 *____ 17
•____ 39 *____ 39
*27
_
•27
*60*60 _ _
129 129
5
129 1 ,
160 181
161 162
-E5171 55
6573
16
*1513 16
15638 156 160
70
6812 6912
•32
____
*32162 1-63
16212 16312
5712 5734 57
5778
2934 30
30
30
11934 12014 12038 123,4
12212
12112
12213
122%
1012 1034 1012 1034
5413
•1512
15512
6912
378 4
334 334
107 10712
107 107
12
1214
12
1212
114
1
1
1
7112
7012 71
70
5434
5358 53
63
83
8314 8312 83
1418 1434
14
13
234 3
2% 234
6812 6712 691s
•68
7914 7912 8018
79
585 589
585 590
2114 *21
21
22
6338 6118 6334 6413
7112 72
71
7214
*212 :1
*212 3
1614 1634
10
163
*912 10
934 10
03
94
94
9112
5214 5214 52
535
1334 1334 1334 14
312 312
*3
312
6212 6212 8212 6312
•92
93
•92
93
34
34
3413 3178
*458 478
*434
478
*512 534
534 534
•13
1312 13
14
*414 434 *412 434
0% 7
634 7
1512 16
1512 1534
414
358
312 378
434
4
418
4
9714
97
0634 97
2434 2434 2434 2533
634 634
634 7
1334 1334
14
13
812 812
813 858
2213 2:114 2258 233
214
178
2
2
113 218
178
2
312
234
278
234
7214 .7212 7213 7213
9134 9212
9114 92
1958 20
1913 1934
9312
92
93
93
20
20
2914 2934
88
90
88
89
*214
212
218
218
834 9
9
914
•31
3112 *3112 3212
*512 6
558
512
•1513 16
16
16
714
74
7
678
4414
44
42
43
734
718
713 712
.66 .66
.66 .68
7312 7434 7414 75
5112 5134 5114 5134
338 4
334 378
1618 17
17
16
112 11212 *11212 11278
753 778
78 8
018 612
638 6%
412 47
434 5
4614 47
47
46
178
1%
•13t1
178
•MI and asked Priem
Tuesday
Nov. 7.
Wednesday
Nov. S.
Thursday
Nov 9
Friday
Nov 10
Sales
of the
IVeek
Shares
STOCKS
BOSTON STOCK
EXCHANGE
1779
.age
SeeiLl'i
xtD
Range Since Jan. 1
Lowest
Highest
Range for Prelim
Year 1915
Lowest
Highest
Railroads
Last Sale 10712 Oct'16
9234 Feb 10938 Nov
*107 10734
Atch Topeka & Santa Fe__100 102 Mar 2 108 Jan 3
Last Sale 10014 Oct'16
100 9834 Aug 17 10114 Mar 9
*100 10034
10112 Nov
97 Jan
Do prof
178 180
180 180187 Boston & Albany
100 17413 Sept25 198 Feb 16 170 Mar 198 Jan
180 180
78
100 8513 Apr 24 8812Jan 19
73 June 96 Jan
79
79 x80
7812
78
180 Boston Elevated
____ ' Last Sale 125 Nov'16
*125
Boston & Lowell
100 122 Sept14 145 Feb 11 109 Feb 13813 Oct
4613 4612 4534 46
20 Feb
100 34 Aug 29 52 Feb 14
3712 Oct
46
367 Boston & Maine
4612
____
Last Sale 212 Oct'16Boston & Providence
190 200 Aug 4 23512May29 225 Jan 240 June
*212
*___ _
4
Last Sale 413 May'16
5 Jan 8
5 Dec
412 Feb 29
10 Mar
Boston Suburban Eleo Cos_ __
*____ 40
Last Sale 39 May'16
40 Sep
39 May19 4012 Feb 29
56 Mar
Do prof
513 Jan 5
*412 5
*413 5
_ _
9 Sep
5 Nov
4 is.lar18
50 Boston & Wore Electric Cos__
--Last Sale 45-- Sep-t'16
*4413 47
47 July
39 Jan
42 Feb 28 4518 July18
Do prof
Last Sale 150 Oct'16
*150 154
Chlo Juno Ry & U S Y___100 150 Oct 25 154 July26 157 Feb 160 Sep
106 10612
105 108
10212 Apr 26 110 July14 10112July 110 Apr
133 Do Prof
Last Sale 1-5.5--0Alla
*150
-Connecticut River
100 123 Sept 1 162 Feb 19 140 Feb 185 Jan
7734 7734 7734 78
7713 -78 51 Feb
76 Nov
151 Fitchburg pref
100 6914 Sept27 87 Feb 14
Last Sale 13012Nov'10
*13112 133
Georgia Ry & Eleo stampd100 122 Jan 3 13012 Nov 1 114 Apr 120 Feb
*92
93
9212 9212
93
*90
25 Do prof
88 Mar
84 Aug
100 z88 Jan 10 93 Nov 3
*9912 100
*99 100
25 Maine Central
92 Mar 10313 Nov
100 98 Sept19 102 Jan 17
-:A --g
434 5
*4
5
125 Mass Electric Cos
10 Sep
478 June
834 Aug 30
100
434Nov 9
*32
33
32
32
33
56 Jan
32
266 Do prof stamped
33 July
100 31 May 2 44 Aug 9
445 N I( N H & Hartford
8734 Oct
43 Feb
100 57 May 5 7734Jan 3
60% 6034 8012 6012
Last
16:1--0Ct
'
- IC
*105 107
Northern New Hampshire_ 100 97 Jan 3 107 Sept14
98 Apr
89 Oct
142
Last Sale Old
14214 Oct'16
*
Colony
100 135 Sept21 157 Feb 26 140 Aug 157 Apr
*__
30
_
65 Rutland, prof
15 Mar 30 Nov
100 20 May 1 30 Jan 3
Last SaleU
1K- - Oct'16"... nion Pacific
*151 15134
100 130 Apr 28 15278 Oct 24 11812Jan 1413* Nov
83
83
20 Do prof
7934 Mar 8178 Oct
100 8178 Mar 1 84% Oct 3
I.i - 1:1i
- - - - -- - - - •111 112
4 Vermont & Massachusetts_100 10012 Aug 29 125 Mar 1 105 Feb 125 Apr
57
58
58
58
58
7212 Jan
81 May
58
50 x55 Sept21 6713Jan 19
86 West End Street
74
7578 7578 74
____ ___
80 July 9312 Feb
100 69 July13 86 Feb 25
39 Do pref
Miscellaneous
1
*87 2 89
*8712 8812 *8812 88
100 Amer Agrioul Chemical_ 100 64 Apr 24 873* Nov 6
48 Jan
7334 Nov
102 102
10112 102 *10134 10234
100 9512 Mar23 10214 Oct 2
8713 Mar 10113 Nov
216 Do Prof
•134
238
2
2
314 Apr 12
134
113July 8
134
134 Mar
800 Amer Pneumatic Service- 50
413 Oct
13
13
1312 11
12
12460 Do pref
50 11 Oot 5 16 May 4
13 Dec
1913Jan
120 122
11934 12134 11912 12012
100 108 Apr 22 12514 Oct 25 100 Feb 11912 Nov
321 Amer Sugar Refining
12034 12112 122 122
121 122202 Do prof
100 11412 Mar 1 124 Oct 25 109 Feb 119 Dec
13378 13414 13334 134
13334 134
1,992 Amer Telep & Teleg
100 12818Jan 31 13412 Sept30 116 Jan
13012 Nov
55
5634 5514 5514 5314 5378
200 American Woolen of Mass.100 42 Aug 5 5634 Nov 8
1612 Apr
5714 Oct
9918 984 9812 9734 9814
98
913 Do prof
100 92 Jan 11 10158 Mar14
77 Feb
9913 Oct
79
79
7714 7714 7813 79
199 Amoskeag Manufacturing _-- 66 Jan 3 79 Nov 8
5918 Jan
67 Apr
*99
9934 99
99
98
98
119 Do prof
9712May 101 Feb
98 July24 10114Feb 10
10634 10912 1073* 109.2 107% 114
13,155 AU Gulf & W I S S Lines_100 27 Jan 14 114 Nov10
36 Nov
4 Feb
7214 *71
72
72
72.2 7212
615 Do pref
100 42 Jan 15 7213 Nov 1
978 Mar 49 Nov
24
*2334 24
24
24
24
1,250 Cuban Port Cement-$15 pd tc818 Apr 28 2578 July20 _____ --_- -___- -*813 9
81
1
1
1
175 East Boston Land
10
812 Dec
813 Aug 16 1338Jan 19
1314 Apr
- ------ --232 232 *232_
_
___
156 Edison Electric Ilium
100 230 Oct 31 250 Mar 7 230 May 260 Jan
183 183 *18112 182-.2 --------43 General Electric
100 15914 Apr 22 186 Oct 20 13814 Feb 184130ct
100 100
100 100
360 McElwain (W H) 1st pref_100 95 June 8 10212 Sept 8
9812 Aug 104 Mar
95
93
94
9434 -6:14 -64-1-3 3,7
155
83 Masachp
Do
s
u.
rseeftts Gas Cos100 79 Sept21 95 Nov 8
94 Aug
78 Apr
83
82
8212 83
83
83
100 78 Sept14 89 Feb 14
84 Nov 9212 Jan
*164
____ 16513 16512 16512 16512
10 Mergenthaler LInotype_100 155 May 4 172 Jan 19 15414 Fobr 203
p
0 Jan
1
1
..99 1'X,
100 Mexican Telephone
10 .90 Aug 3
214Jan 15
*____ 17
Last sale 10--juncliii
Mississippi River Power100 15 Jan 18 19 Apr 10
10 June
1038 Doe
*-_-- 39
35
35
100 35 Nov 9 44 Feb 8
40 Do prof
4612Jan
35 Feb
*27
____
Last Sale 2'7-oJiiii
20 Apr
New Eng Cotton Yarn__100 2313July18 30 Jan 7
30 Nov
*85Last Sale 56
100 50 Jan 24 58 Jan 7
Oct'16
Do pref
25 July 55 Dec
129 1-2-6- 128 129
218 New England Telephone_100 128 Aug 18 140 Marl? z12714June 143 Jan
129 129
100 10218 Jan 11 165 Nov10
472 Nine Bay Company
•161 164
162 162
164 185
100 15813 Apr 28 175 Oct 5 150 Feb 170 Oct
14 Pullman Company
.512
16
189 169
169 170
19
19 16
6
50 51 Oct 10 59 Oct 28
5512 1,810 Punta Allegro Sugar
56
5514 54
55
64
Reece Button-Hole
Oct'16
10 15 Feb 3 1812 May23
Last Sale 10
15 Sep
1814 Jan
980 Swift & Co
100 125 Feb 5 177 Oct 9 10184 Jan
14312 14513 142 14412
514413 147
128 Nov
0 Top
1,82
ornof
rroingtp
86
69
67
25 35 Jan 14 70 Nov 3
69
68
69
28 Mar 3611 Dec
68
*3214
25 28 Jan 14 33 Mar 2
32
32
26 Mar 8
391
0141S
peePo
2,08
16212 16.I.
United Fruit
16212 183
100 1381zJan 31 18834 Aug 21 110 Feb 163 Nov
162 164
58
57
5712 5712 2,547 United Shoe Mach Corp
5712 58
25 50 June23 6312 May12
48 Aug
85 May
30
110 Do prof
30
30
30
*2934 30
25 2812Jan 3 31 Sept18
28 Mar 30 Aug
12312 125
8,833 US Steel CorporatIon
122 12534 12278 125
100 7934 Mar 1 12534 Nov 8
38 Feb
12138 12158
161
*12112 122 *12158 122
Do pref
100 11514 Feb 5 12234 N ov 3 10214Jan
11714 Oct
1058
10
1018 8,585 Ventura Consol 011 Fields_ 5
105 108 1014
63* SeptI8 13 Jan 3
1058 Dec
1438 Nov
Mining
*334 414
4
4
4
4
925 Adventure Con
25
134Feb 17
51s Apr 11
4 Jan
478 Apr
11213
108
110 111
10912 115
1,336 Ahmeek
25 91 Aug 1 115 Nov10
9212 Dec 103 Aug
1213 1178 1214
12
1178 12
1,472 Alaska Gold
10 1134 Sept 2 2612Jan 7
2112 Dec
4034 Apr
113
3
113
138
114
13
5,350 Algomah Mining
25
2 Apr 7
154 May 3
.45 Feb
484 Apr
7013 72
7112 72
72
7312 2,055 Allouez
25 58 July17 741 Feb 21
3512 Jan
66 Dec
5312 55
5414 5512 55
5914 17,900 Amer Zino, Lead & Smelt_ 25 2912 July1 1 9758 Apr 10
1634Jan
7214 Nov
83
83
8212 8212 8334 8414
530 Do pref
25 60 Julyll 8618 Nov 1
1514 1612 1658 17
143* 153*
19,668 Arizona Commercial
314 Jan
7% July29 17 Nov10
5
913 Apr
*213 234
278
258
278
278
1,545 Butte-Balaklava Copper
512 Feb 5
10
414 Apr
2 Jan
112 Aug 2
6812 6712 6731 663* 68
68
• 578 Butte & Sup Cop (Ltd).
3534 Jan
80 June
10 6012July10 10514 Mar 9
81
80
80
8514 85
9,403 Calumet & Arizona
88
10 66 June28 88 Nov10
7834 Apr
5112Feb
590 590
585 585
558 596
178 Calumet & Recla
25 515 July14 596 Nov10 350 Jan 630 Apr
21
*21
21
22
22
22
560 Centennial
25 14 July17 24 Sept28
15 Jan
25 Apr
64
6538 6334 6414 6414 6612 1,380 Chino Copper
5 48 Julyll
6613 Nov10
327s Jan
57 Nov
71
7213 71
72
7214 7534 16,828 Copper Range Cons Co
25 5412July1 1
7534 Nov10
30 Jan
65 Dec
234 3
395 Daly-West
258
25
20
2 July13
*212 3
38 Mar17
l7 Jan
534 Apr
16
1634
1612 5,720 East Butte Copper Min_ _ _ 10 1112 J uly12 174 Sept 8
10
163
16
812Jan
1613 Deo
1,750 Franklin
25
934 1038
6 June23 1034Jan 8
912 934
912 934
413Feb
1414 Apr
95
9612
94
933,1 94
94
565 Granby Consolidated
100 79 July14 9834 Feb 10
58 Jan
9412 Apr
54
54
5313 54
5238
52
363 Greene Cananea
100 3434 June26 54 Nov 8
2314 Feb
5258 Dec
1334 14
*1313 1334 14
14
570 Hancock Consolidated
25 1012June28 1912Jan 4
11 Jan
2413 Apr
*3
312 *3
312 *3
312
214 Jan
10 Indiana Mining
25
6 Jan 3
2 July10
1012 Apr
63
6212 6312 62
83
64
10t Island
3,4or
1
41 Mar 52 Aug
42 Sept27 6438 Nov 3
rerek Coal
D d Cp
9212 9213 9212
9212 9212 *92
1 88 Jan 29 93 Nov 1
prof
8512 Jan
9112 Apr
3433 35
34
35
35
3614 2,078 Isle Royale Copper
25 25 July13 3734 Sept27
1713Jan
34 Apr
*434
478 *434 478
434 434
100 Kerr Lake
53 May 3
312Mar 4
5
3 Aug
518 Apr
*6
612
6
6
*512 6
150 Keweenaw Copper
2%Feb 11
25
8 Apr 6
113 Aug
413 Apr
12
14
1314 1314
1278 14 I 1,716 Lake Copper Co
25
914 Jul y14
1912Feb 10
513Jan
1978
Deo
434
434
412 5
434 5'
880 La Salle Copper
25
314 July15
534Jan 3
318Jan
9 Apr
672 7
*612 7
475 Mason Valley Mine
612 612
5
112 Aug 3
714 Nov 2
1 Mar
5 Dec
1558 1578
1512 1534
1558 1638 3,700 Mass Consol
25 10 July13
17380ct 23
3 Jan
17 Apr
4
4
*312 4
*378
4i, 1,305 Mayflower
25
2 July 5
5 Feb 10
3 Aug
8 Apr
*414
45
434 434 *45
434
820 Michigan
25
112Jan 5
434 Nov 6
.60 Mar
3 Apr
97
9714 9714 9714 98 101
1,51i Mohawk_
7712July1
Mar10
25
4814
1
10313
Jan
Dec
98
2513 257
2534 2534 25% 27
1.07 Nevada Consolidated
r
15 Jan 28 27 Nov10
1158 Feb
17 Apr
612 7
*613 7
7
7
1,130 New Arcadian Copper.._ _ 25
1014 Jan 4
434 J uly14
412 Feb
1414 June
14
15
14
14
950 New Idria Quicksilver
5
9 July19 2434Jan 19
4 July
1313 Aug
*8
8,2
812 28
358 -i
;
f1gs --640 Nipissing Mines
6
5
6 Mar 1
9 Sept14
518 Aug
878 Nov
2234 2:112 22
2212 24
8,370 North Butte
2214 Jan
15 20 July13 32 Jan 3
3878 Apr
134 24
2
2
2
'2
2,335 North Lake
25
412Jan 3
.50 June 2
1 Jan
418 Apr
134
134
134 *113 2
134
555 011bway Mining
2% Apr 6
July15
25
.50
lls
Mar
312 Apr
3
314 *2% 318
318 !,''313 2,430 Old Colony
25
114 July14
4 Jan 3
214 Nov
7% Apr
72
73
7213 75; 7434S78 i 5,425 Old Dominion Co
25 80 July14 78 Nov10
3812 Mar 64 Dec
9214 94
9312 0313 94
95 1
10112 Mar14
921
Osceola
July14
84
70
25
Jan
9312 Apr
19
20
19
1912 1858 1912 5,175 Pond Creek Coal
10 1112Mar 7 21 Nov 2
12 Jan
1958 Aug
9314 9334 9313 94
9414 9512 1,204 Quincy _
25 81 July12 9834 May18
50 Jan
95 Apr
291 3014 30
3012 30'4,32 1
647 Ray Consolidated Copper.. 10 2034 June22 32 Nov10
1534Jan
273* Nov
88
8812 88
89
90l9112 1,360 St Mary's Mineral Land
25 8112Jan 31
9312 Sept22
28 Jan
6513 Dec
238 23
214 238
2141.4213
930 Santa Fe Gold & Copper
10
114 July28
378Jan 8
1 Mar
5 Oct
9
94
9
914
914 -. 912 1,355 Shannon
7 July13 1212 Feb 14
10
4 Jan
1113 Apr
.31
3113 .31
3112 32 .3-,32;
40 Shattuck-Arizona
2434July11 4058 Feb 14
10
183
4Jan
Nov
38
512 6
*513 0
*573 6
185 South Lake
734 July
25
4 Aug 4
812Jan 4
514 Nov
16
16
15
1512 1512 1714
255 Superior
25 1212July15 2812Jan 3
4113 Apr
2212Jan
43
634 47
33
18
2 46
234 47
314
3.
43
7112 48
6 ; 9,440 Superior & Boston Copper_ 10
112Jan 13
834 Oct 31
1 Mar
412 Apr
843 Tamarack _
25 35 Aug 5 5614 Jan 14
5858 Aug
25 Jan
2,150 Trinity
25
414 July12 1234Jan 3
15120et
Feb
23*
*.0
70
l8 .67
8%
.
7
617
.1 .
7
617 *.
'
8
65 're .86172
1,250 Tuolumne Copper
.15Jan 26
1
.74 Oct 13
.20Jan
.63 Apr
73,21; 7538 6,955 U S Snaelt
73% 7534 7312 7438 .
Refln Sr Min__ 50 5418 Jan 3 8058 June 9
54 Dee
20 Feb
61
514 51
511. 5114 I 5114
671
Do
49
50
Feb
prof
1
Apr
11
4
533
28
Dec
Jan
5012
33.1 4
334 :378
334
334
1,910 Utah-Apex Mining
4Feb 11
5 31
5111 Apr 10
2 Jan
638.1une
1634 1712 1612 17
16%1 17 •
914 Feb
7,138 Utah Consolidated
5 1213Jan 15 1712 N ov 8
1838June
11313 11414 *11212 113
11618:117
935 Utah Copper Co
10 75 June27 117 Nov10
8134 Dec
4814Jan
734 8
712 734
758 734 11,811 Utah Metal & Tunnel
612July18
1
1112 Mar13
6,4 614
6
638
6
612 4,950 Victoria _
25
234Jan 3 (Sife Nov 8 .
1
Feb
----- /11-r5
512
5
514
512
5
995 Winona _
25
334 Mar27
713 May31
134Jan
518 May
48
48
48
49
4834 49
662 Wolverine
25 45 Oct 9 8713 Feb 10
32 Jan
70 Apr
17
*113
*113
178 *13*
178
300 Wyandott
25
234Feb 14
Ps Aug 12
.50 Mar
214 Apt
a Ex-dividend and rights. b Ex-stock dividend. c Assessment paid. h:Ex-rights.
z Ex-dividend. ;Ex Tamarack stock. to Halt-paid
1780
THE CHRONICLE
Outside Stock Exchanges
Boston Bond Record.-Transactions in bonds at Boston Stock Exchange Nov. 4 to Nov. 10, both inclusive:
Friday
Last Week's Range Sales
Sale.
ofPrices.
for
Price. Low. High. Week.
Bonds-
Range since Jan. 1.
Low.
High.
1
101
8614
10114
98
9534
1024
8134
102
102
10134
9834
10954
10134
101 101
9211 9234
11234 11234
0411 9434
8534 864
10114 1014
86
86
9834 9855
98
98
9534 95%
9114 9114
10234 1024
814 8114
102 102
994 102
101 101
101 10134
9731 98
9834 98%
10934 110
10114 10214
CZ t.. 0Csl
..C., CO 0,—,t.. C•1 ,
•-4 00 er C,
D C5 C,...et'CI L.
,s
IN.
C,—.
9.
Amer Agric Chem 5s_ _1924
Amer Tel & Tel coil 45.1929
Convertible 44s__ _1933
Atch Top & S Fe 45._1995
Atl G & W I SS L 55_ _1959
Chic June dr U S Y 55_1940
45
1940
Gt Nor-C B dr Q 45_ _1921
Mass Gas 414s
1929
4348
1931
NE Cotton Yarn 5a..1929
N E Telephone 55._ _ _1932
New River 58
1934
Pond Creek Coal (is_ _1923
Punta Alegre Sugar 69.1931
Seattle Electric 55
1930
Swift az Co 1st 58_ _ _1944
United Fruit 414s_ _ _ _1925
4345
1923
U S Smelt,R&M cony 6s_ _
Western Tel & Tel 5,1932
9634
9034
10534
9234
74
10014
85
9714
9634
93
75
10134
75
87
9934
10034
9834
97
974
10934
99
July
Jan
Mar
Aug
Jan
May
Mar
July
Mar
Mar
Jan
Jan
Jan
Feb
Nov
Jan
Jan
Jan
Jan
Apr
Jan
10114
93
11334
9514
8634
102
91
99
9934
98
9134
104
814
102
102
101
10231
98
10054
115
10214
Oct
Apr
Oct
Feb
Nov
Aug
Jan
Feb
Jan
Jan
Nov
May
Nov
Nov
Nov
Mar
Oct
Nov
July
June
Oct
Philadelphia Stock Exchange.-Record of transactions
at the Philadelphia Stock Exchange from Nov.4 to Nov. 10,
both inclusive, compiled from the official sales lists:
Stocks-
Friday
Sales
Last Week's Range for
Sale.
of Prices.
Week.
Par. Price. Low. High. Shares.
Alliance Insurance
10
American Gas of N .1....100
American Milling
10
American Rys, pref _ _ _100
Baldwin Locomotive_ _100
Buff & Susq Corp v t 0.100
Preferred v t o
100
Cambria Iron
50
Cambria Steel
50
Catawissa, 2d pref
50
Electric Storage Batt_ _100
General Asphalt
100
Preferred
100
Hunt & Broad Top
_50
Preferred
50
Insurance Co of N A._ _10
JO Brill Co
100
Kentucky Securities.. _ _100
Keystone Telep, pref_ _50
Lake Superior Corp__ _100
Lehigh Navigation
50
Lehigh Valley
50
Lehigh Valley Transit.. _50
Preferred
50
Minehill az S H
50
Northern Central
50
Pennsylv Salt Mfg
50
Pennsylvania
50
Philadelphia Co(Pitts)_.50
Pref (cumulative 6%).50
Philadelphia Electric_224
Phila Rapid Transit_ _ _ _50
Voting trust receipts_ _50
Philadelphia Traction_ _50
Reading
50
Tono-Belmont Devel_ _ _ _1
Tonopah Mining
1
Union Traction
50
United Cos of N J.-.100
United Gas Improv't-..50
U S Steel Corporatlon..100
Warwick Iron & Steel_ _10
Western N Y dr Pa
50
W Jersey & Sea Shore 50
Westmoreland Coal_ _ _.50
Wm Cramp & Sons_ _ _100
York Railways
50
Preferred
50
Bonds.
Amer Gas & Eleo 58_2007
small
do
2007
Baldwin Locom 1st 5s.1940
Eiee dr Peop tr ctfs 40_1945
small
do
1945
Equit Ill Gas Lt Se.. _1928
Gen Asphalt deb 65_1925
Inter-State Rys coil 4s 1943
Keystone Telep 1st 5s.1935
Lake Superior Corp 55 1924
Lehigh Val gen cons 452003
Gen conso14345____2003
Market St Elev 1st 4s_1955
Nat'l Properties
4-13s
Penn RR general 4345.1965
Consol 4s
1948
P NV & B ctfs 4s_ _ _ _1921
Peop Pass tr MAN 4s_ _ _1943
Phila Co cons&coll tr 55'51
Phila Eleo tr ctfs 55_1948
small
do
1948
Trust certlfs 4s_ _ ....1950
do
small
1950
Phil & Read Term 523..1041
Reading general 45_ _ _1907
Unit Rys gold tr ctf 4).1949
United Flys Invest As 1928
120
9714
87
45
704
234
27
31
i
274
8154
22
43
9934
5754
42
4034
2934
25
2534
80
10834
44
614
4714
9234
1234
19
83
3634
96
106
5734
98
474
10034
9734
10234
9915
903.4
106
106
1124
9554
78
Range since Jan. 1
Low.
High.
20
20
110 174 May 2054 Oct
120 120
138 110
July 123
Feb
6
6
6
20
July
8
Jan
974 9731
171 9334 Feb 100
Mar
105 69
July 11534 Feb
8534 8034
62
62
Jan 62
50 38
Oct
60
6014
264 54
July 6214 Jan
45
45
345 44
Jan 47
Feb
140 140
50 704 Jan 145 ' Oct
5334 534
13 5234 Aug 55
Apr
7054 7214 5,055 5814 Apr 7234 Sept
31
3134
200 2734 Aug 38
Mar
7214 7314
110 69
Aug 7334 Mar
14
17
809
5 June 17
Nov
23
25
July 25
783
9
Nov
27
27
291 25
Jan 2754 Oct
38
45 34
384
Apr 484 Jan
31
31
30 164 Feb 31
Nov
67
53 67
68
Nov 7011 Apr
23
854 Jan 3314 Nov
2834 71,336
814 84
2,832 74 May 844 Nov
84
85
324 7434 Jan 87
Oct
21
22
421 18
Jan 234 Mar
43
43
Jan 4434 Mar
70 38
574 5734
37 56
Feb 5834 June
89
80
4 85
Sept 90
Jan
9034 100
84 97
July 10234 Feb
5734 5834 3,316 5514 Aug 60
Oct
41
434
555 3834 Sept 4534 Jar
4034 404
472 3914 July 45
Api
2934 2935 3,507 27
Mar 2914 June
2134 25
515 17 May 25
Nol
2114 2534 78,243 17
May 2534 No
794 80
94 75
May 80
Oct
672 7514 Jan 11554 Sept
10834 11134
454 434 5,872
4
Mar 5 7-16 Ma)
5 15-16 614
1,595
54 Aug
7
Jar
4534 4754 6,073 5134 Jan 4754 Nol
224 224
4 2224 July 22754 Jun(
92
924 2,703 8711 May 934 Oc:
1194 126
35,935 794 Mar 128
Noi
10
10
30
934 Aug 114 Jun(
19
19
70 10
Mar 2034 Juni
146 4834 Sept 51
50
5034
Jar
794 80
262 6534 Apr 80
Noi
81
83
550 70
Mar 87
Jar
13
150
1334
854 Feb 1634 Junt
50 344 Jan 39
3634 3634
Ma
9654 974
96
07
10434 10434
82
82
824 83
106 106
9934 9934
5754 5714
9734 08
474 4934
014 9134
10054 10034
9634 9734
6734 674
10234 103
9934 9934
9934 9934
84
84
8834 9014
106 106
10554 106
864 87
86
86
1113411234
0514 95%
72
73
73
76
$8,000
1,500
4,000
3,000
200
3,000
1,000
6,000
12,000
14.500
6,000
34,000
2,000
1,000
7,000
4,000
1,000
2,000
12,000
8,000
2,100
7,000
200
13,000
20,000
10,000
50.000
8934
8934
104
794
76
1054
9934
57
96
2034
89
0914
05
6734
10034
99
99
82
87
10334
103
8134
82
11051
9334
70
6714
Jan 9734
Jan 97
May 108
May 82
Apr 83
Sept10635
May 100
May 58
Jan 100
Jan 50
Sept 94
Aug 1034
Jan 9734
July 704
Jan 103
Jan 100
Jan 094
May 84
Aug 94
Jan 106
Jan 106
May 88
May 8814
Jan 113
May 964
Aug 7511
ADr
76
Noi
Noi
Ma
NoiCr
Jai
Jai
Ma:
Jai
Fel
No,
Fel
Fel
No
Ap
Fel
Jai
Fel
Noi
Fe
Oc
No
Oc
Oc
Jun
Ja
Ja
NO
Chicago Stock Exchange.-Complete record of transactions at Chicago Stock Exchange from Nov.4 to Nov.10,both
inclusive, compiled from the official sales lists, is as follows:
Stocks-
Friday
Sales
Last 'Week s Range for
Sale.
Week.
of Prices.
Par. Price. Low. High. Shares.
American Radiator_ _ _ _100
Preferred
100
Amer Shipbuilding_ _ _ _100
Preferred
100
Amer Straw Board....100
Booth Fisheries, corn_ _100
Preferred
100
Chic City&C Ry Pr sh corn
Preferred
Chicago Elevated Ry corn_
Preferred
Chic Pneumatic Tool_ _100
Chic Rys part all "2"
Range since Jan. 1
Low.
420 420
27 385
134 134
10 132
684 72
1,455 33
94
489 75%
94
40
48
300 12
670 25
59% 58
60
87
221 66
8734
54 614 4,150
24
534
3914 37
41
15,455 15
12
3,240
5
13
39
40
250 25
72
72
73
370 6331
25
.22
2654 1,348 13
6834
94
High.
Jan 420
Aug 13634
Jan 72
Jan 95
May 50
Jan 62
Jan 88
July
614
July 41
May 13
Apr 72
Mar 79
Apr 2714
Nov
Feb
Nov
Sept
Oct
Sept
Oct
Nov
Nov
Nov
Jan
Mar
Oct
[VOL. 103.
Friday
Sales
Last Week's Range for
Sale.
of Prices.
Week.
Stocks (Concl.)- Par. Price. Low. High. Shares.
Chic Rys part ctf "3"
Chic Rys part ett "4"
Chicago Title & Trust_100
Commonwealth-Edison 100
Deere & Co pref
100
Diamond Match
100
Edmunds & Jones com_100
Hartman Corporation_ _ _ _
Hart Shaft & Marx com_
Preferred
100
Illinois Brick
100
Lindsay Light
National Carbon
100
Preferred
100
Pacific Gas & Elec Co_100
Page WovenWire Fence Co
Prest-O-Lite Co Inc
Peoples Gas Lt & Coke_100
Pub Serv of No Ill, corn 100
Preferred
100
Quaker Oats Co
100
Preferred
100
Sears-Roebuck common100
Stewart Warner Sp com100
Swift & Co
100
Rights W T & A
Union Carbide Co
100
United Paper Bd corn_100
Preferred
100
Ward, Montg. & Co pref.
BondsChicago City Ry 55_1927
Chic City & C Rys 5s_1927
Chlo Pneum Tool 1st 55'21
Chicago Rys 5s
1927
Chic Rys 45 series "B"
Cid° Ry pr m M g 4s'27
Chic Ry Ad Ino 45_1927
Chicago Telephone 55 1923
Commonw-Edison 55_1943
No West Elev 1st 65_ _1941
Ogden Gas 55
1945
Peo GL&C ref g Se... _1947
Pub Serv Co 1st ref g 5a'56
South Side Elev 4145_1924
Swift (5z Co 1st g 5s_ _ _1944
Wilson & Co 1st (is_ _ _1941
3
4
134 134
2234 220 22314
143
143 144
9634 9614 9634
12714 126 128
394 3914 394
73
74
88
89
118 118
93
924 93
20
1934 2014
301
290 301
133
133 133
60
60
1534 14
16
133
118 135
113
111 115
114
114 115
102
102 10214
32534 325 32514
112 112
232
2294 23451
10734 105 1114
143 c143 158
14
14
15
172
165 176
3714 3434 3851
7634 7614
11551 1154 11634
9934 9915
77
77
99
99
96% 96%
70
70
6034 6034
40
0
10234 10214
10254 102%
88
8814
9634 97
10234 10214 10254
96
96
9614
80% 0034
1014 10134
102% 10234 102%
Range since Jan. 1.
Low.
200
234 July
1 June
50
100 b211
Oct
258 1304 June
40 89 May
Mar
890 102
25 3814 Aug
58 72
Sept
160 86
Aug
20 11434 Jan
230 764 Jan
338
8% Jan
541 167
July
10 12034 Feb
55 5614 Oct
6
1,410
Oct
2,565 11454 Oct
150 110 May
279 107
Jan
241 100
Apr
07 309
Jan
107
Jan
1,909 16914 Mar
5,510 824 Apr
5,371 12614 Jan
5,390 1334 Oct
1.602 al55
Sept
7,859 13% June
50 5154 June
129 11234 June
$22,000
8.000
1.000
2,000
9,000
5,500
2,000
4,000
37,000
6,000
30,000
1,000
43,000
3,000
21,500
27,000
9834
694
97
98
65%
60
3334
10154
101%
8514
9554
101;4
94
8834
9811
1024
Apr
Sept
Apr
May
July
Oct
June
Apr
July
Oct
Jan
July
Jan
Jan
Jan
Nov
High.
434
1%
240%
147
98
128
4414
74
91
120
93
25
301
133
x6634
18
135
118
11811
104
363
115
2344
119
175
1514
215
384
76%
11734
Oct
Oct
July
Sept
Feb
Nov
Sept
Oct
Sept
Sept
Oct
Aug
Nov
Oct
Apr
Nov
Nov
Oct
Sept
Feb
Jan
Oct
Nov
Aug
Oct
Oct
Sept
Nov
Nov
Oct
100
80
0934
984
75
70
41
102%
102%
8934
9714
10235
964
9254
10214
103
Feb
Oct
Mar
Feb
Jan
Jan
Oct
Feb.
Jan
Mar
Mar
Oct
Sept
Apr
Oct
Oct
x Ex-dividend. a Ex-dividend 2%, stock dividend 40%. b Ex-dividend ex-rts
c Ex-rights.
Baltimore Stock Exchange.-Complete record of the
transactions at the Baltimore Stock Exchange from Nov. 4
• to Nov. 10, both inclusive:
Stocks-
Friday
Sales
Last Week's Range for
Sale.
of Prices.
Week.
Par. Price. Low. High. Shares.
Alabama Co
100
First preferred
100
Second preferred_ _ _ _100
Arundel Sand & Gray_ 100
Atl Coast L (Conn)_ _ _100
Baltimore Elee pref__ _ _50
Baltimore Tube
100
Preferred
100
Chalmers 011 & Gas
5
Preferred
5
Commercial Credit
25
Preferred
25
Preferred "B"
25
Consol Gas, E L & P--100
Preferred
100
Rights
Consolidation Coal_ _ _100
Cosden & Co
5
Cosden Gas
5
Preferred
5
Davison Chemical..no par
Elkhorn Fuel
100
Preferred
100
G-B-S Brewing
100
Houston Oil trust Ws_ _100
Preferred trust Ws_ _100
Mer & Min Trans new_100
Monon Vail Trac
100
Preferred
100
Mt V-Wood Mills v t r_100
Preferred v t r
100
Northern Central
50
Oklahoma Produc & Ref_5
Pennsylv Wat & Pow_ _100
Sapulpa Refining
Seaboard Air Line pref..100
United Ry & Elec
50
Virginia Ry & Pow pref 100
Wayland 011 de Gas
5
Bond.
Alabama Coal & Iron rte.__
Atl C L RR cony 45.. _1939
Bait Sparr Pt & C 43451953
Canton Co 58
Charl ConsRy,G&E5s 1999
Chicago Ry 1st U.__ _1927
Consol GEL&P 43451935
Notes when issued
Consol Coal ref 4145 _1934
Refunding 55
1950
Convertible 6s
1923
Cosden & Co 6s
Cosden Gas 6s
Elkhorn Coal Corp 65_1925
Elkhorn Fuel 55
1918
Fairmont Coal 5s_ _ _1931
(la Sou & Florida 5s_ _1945
G-B-S Brewing 1st 45_1951
2d income 55
1951
Funding 65 small_ _ _1934
Houston Oil div ctfs'23-'25
Jamison C&C GC 53 30
Kirby Lumb Contr't (is '23
LakeRoland El gu 55_1942
Maryland Dredge 6s
Md Elec Ry 1st 55_1931
Mt V NV'berry notes 651918
NO Mobile & C 1st 551960
Norf & Ports Trac 55_1936
Norf Ry & Lt 55
1049
Penna NV & P 55
1940
United Ry & El 45_ _ _1949
Income 4s
1949
Funding 55
1936
do
small
1936
34
49
47
128
1063.4
415
12654
12054
254
106
1734
1354
434
52
20
39
193-4
63
75
18
90
1051
8334
324
46
86
07
924
10334
10434
104
9734
10634
5334
86
0614
8511
674
00
30
80
42%
38%
122
47
124
1054
6%
434
.46
28
2614
125
1204
1%
1054
1714
13%
4%
50
20
3714
1
1914
63
7234
61
69
1736
68
8935
• 104
83%
914
40
32
46
5
34
80
49
3954
122
48
126
10634
651
434
46
28
26%
127
120%
214
107
18
14%
4%
5414
20
39
1
20
64
724
61
75
1814
6934
90
104
8434
1034
40
33
46
5
8514 88
95% 9554
97
97
100% 10034
9754 9754
9734 9734
9214 9214
1034 103%
9214 924
04
9454
10514 106
10414 10534
104 10514
9751 98
101 .101
9831 9814
10214 103
30
30
34 4
31
31
8434 85
95
95
9914 0934
10634 10611
100 100
99% 99%
10014 10031
52
5334
86
8631
9931 0931
95% 9631
8514 8511
67
6754
8914 90
89
894
Range since Jan. 1.
Low.
High.
410 15
Apr 34
Nov
10 50
Sept 80
Oct
216 30
Apr 49
Nov
103 354 Aug 42
Feb
40 11014 May 122
Nov
50 41
July 48
Nov
425 63
Jan 13134 Aug
171 8231 Jan 10654 Oct
5
34 Sept
8
Jan
15
34 May
414 Oct
10 46
Jan 50
Feb
247 2614 Oct 30
Jan
831 2634 June 264 June
7,170 107
Mar 127
Nov
63 107 June 12054 Nov
3,514 1 1-16 Oct
254 Oct
640 96
Feb 107
Nov
5,372 1334 Aug 2634 June
8,727
6
Apr 1831 June
815
414 Apr
611 June
5,774 3514 Aug 7134 Jan
230 15
Aug 21
Nov
285 3714 Nov 30
Nov
110
X July
134 Nov
430 1334 Aug 2354 Jan
170 57
July 68
Jan
• 12 5014 Feb 80 June
130 57 June 0534 Jan
125 69
Nov 75
Mar
362 10
Mar 1834 Nov
250 49 June 6934 Nov
196 8534 Sept 00
Jan
100
6
Mar 104 Nov
1,671 72
Mar 8434 Oct
119
74 Aug 1654 Feb
200 36
Sept 41
Jan
1,730 2514 Jan 3351 Oct
25 46
Nov 46
Nov
260
34 Aug
954 Feb
$33,000
17,000
2,000
2,000
1,000
1,000
25,000
194,200
1,000
14,000
9,000
226,000
106,000
47,000
3,000
3,000
4,000
3,000
83,000
100
7,000
1,500
5,000
1,000
1,500
6,000
17,000
6,000
25,000
4,000
19,000
23,000
24,000
6,300
2,700
7614 Jan
91
June
954 Jan
9934 Apr
93
Jan
06
May
8631 Aug
10234 Oct
91
July
91
July
10234 Sept
10134 Oct
100
Aug
MI Aug
994 Aug
9354 June
101
July
2034 Apr
34 Apr
30
Oct
70
Apr
91
Jan
9814 Jan
10536 Oct
9934 July
964 Jan
98
Mar
49
Apr
8114 Jan
95
Feb
90
Jan
July
82
6014 June
8434 Jan
8354 May
8634
9534
084
1004
9754
004
924
104
0331
9454
106
10534
120
9834
10234
0934
103
30
4
31
86
95
9914
10814
100
100
10254
534
864
100
984
8534
6951
90
804
Oct
Nov
Mar
Sept
Nov
Feb
Oct
Oct
Mar
Nov
Nov
Nov
June
Jan
Nov
May
Jan
Nov
Nov
Nov
Oct
Nov
Jan
Nov
Nov
Oct
Oct
Nov
Nov
Nov
Oct
Oct
Oct
Oct
Nov
Pittsburgh Stock Exchange.-Following sales were reported Nov. 4 to Nov. 10, both inclusive. Like recoids
will be found in previous issues.
THE CHRONICLE
Nov. 11 1916.1
Friday
Sales
Last Week s Range for
Week.
Sale.
of P7ices.
Par. Price. Low. High. Shares.
Stocks-
Amer Sewer Pipe
100 19
Amer Wind Glass Mach100 63
Preferred
100 118
Am Wind Glass, pref._100
Cable Consol Mining-21 60
Caney River Gas
25
Columbia Gas & Elec. 100
Consolidated Gas, pref. 50
Consolidated Ice, pref._50
Crucible Steel, corn.- _100
Harb-Walk Refrac_ _..100
Independent Brewing_ _50
67%
Preferred
50
La Belle Iron Works__ _100 804
Preferred
100
Lone Star Gas
100 92
Mfrs Light Sz Heat
50 59
National Fireproofing_50
Preferred
50
Ohio Fuel 011
1 1734
Ohio Fuel Supply
25 5235
Oklahoma Natural Gas.100
Osage dr Oklahoma Co_100
Peop Nat Gas & Pipeage__
357%
Pittsb Brewing,corn._ _ _50
6
Preferred
50
Pittsburgh Coal, corn_ 100
Pittsb Cons M, M & T__ 1 12e
Pittsburgh-Idaho
1 1.15
Pittsb Oil & Gas
100 107%
Pittsburgh Plate Glass 100126
Silver
Pittsb
Peak
1
Pure 011, common
5 217%
Ross Mining & Milling_ _1 33e
1 1.8c
San Toy Mining
Union Natural CRS- _ --100 175
Union Switch & Signal_ 50
U S Glass
100 40
U S Steel Corp, coin_.J00 1244
Western Insurance
50
West'bouse Air Brake_ _50 153
West'house Elec & Mfg.50 657%
Westinghouse Machine_50
West Penn Trac & W P.100
Preferred
100
Bond.
Central Dist Teiep 58_1943
Independent Brew 6s_1955
Pittsb Coal deb 58-..-1931
17% 19
63
62
1174 118
106 1064
80
6c
41
41
43
474
20
20
28
28
92% 92%
127 127
534 7
224 224
78
814
134 134
92
92
587% 594
734 8
177% 177%
174 177%
49
53
86
86
120 120
3531 3535
5% 6
24% 24%
43
43
10e
14c
1.15 1.15
107% 11
126 12634
12c 12e
21
2134
26c 33c
17c 18c
175 175
117 117
394 40
12041254
65
65
152 155
657% 677%
35
35
26
25
74% 747%
695
910
500
788
13,400
125
2,425
50
60
50
100
11,993
295
2,563
10
53
690
650
145
322
2,503
30
50
176
511
20
50
63,900
100
420
110
1,000
3,204
58,899
5,100
70
145
165
405
10
1,285
1,835
50
280
40
Range since Jan. 1.
Low.
I
High.
x Ex-dividend.
Volume of Business at Stock Exchanges
TRANSACTIONS AT THE NEW YORK STOCK
EXCHANGE
DAILY, WEEKLY AND YEARLY.
Week ending
Nov. 10 1916.
Stocks.
Shares.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Railroad.
stc..
Bonds.
Par Value.
State. Mun.
de Foreign
U. S.
Bonds.
Bonds.
495,980 $41,380,500
1,473,975 128,680,075
$2,064,500
5,251,500
HOLIDAY
2,045,464 180,909.775
3,720,000
1,494,846 139,001.600
4,183,500
2,009,865 166,152,750
3,603,500
$664,000
937,000
837,000
1,121,500
1,235,500
7,520,130 $656,124.700 $18,823,000 84,795,000
Total
Week ending Nov. 10.
Sales at
New, York Stock
Exchange.
1916.
Jan. 1 to Nov. 10.
1915.
1916.
1915.
Stooks-No. shares_ _ _
7,520,130
5,422,107
176,273,601
151,491,744
$656,124,700 $460.622,025 $15,200,204,565 $13,034,42
Par value
4,645
Bank shares, par
$8,500
$5,700
$227,600
$200,400
Bonds.
Government bonds_
$2,500
$746,950
$891,500
State, mun.,&c. bonds $4,795,000
899,000
261,909,000
22,361,500
RR.and misc. bonds
18,823,000 31,357,000
709,382,000
746,744,700
Total bonds
$23,618,000 $32,258,500
$972,037,950
8769,997,700
DAILY TRANSACTIONS AT THE BOSTON, PHILADELPHIA
AND
BALTIMORE EXCHANGES.
Week ending
Nov. 10 1916.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
Boston.
Philadelphia.
Baltimore,
Shares. Bond Sales. Shares. Bond Sales. Shares. Bond Sales.
27,640
60,692
841,000
132,500
59,346
49,662
63,869
35,500
64,500
73,000
261,209
$346,500
36,545
$55,100
61,635
52,800
HOLI DAY
46,200
21,600
43,495
50,000
45,598
82,900
233,473
3262,400
6,829; 8159,200
8,4621 217,500
6,590,
7,830
5,8101
163,800
274,800
130,000
35,5211 $945,300
New York "Curb' Market.-Below we give a record of
the transactions in the outside security market from Nov. 4
to Nov. 10, both inclusive. It covers all the sales for the
week ending Friday afternoon.
Friday
Sales
Last Week's Range for
Sale
of Prices
Week ,
Par. Price. Low. High. Shares.
Week ending Nov. 10.
Stocks-
1034 1134
Aetna Explos_ r_ _ _(no par) 10%
Amer Druggist SYnd r-100
127% 127%
Amer Sumatra Tob._ _ _100 234 234 2534
Anr Writ Paper com_r_100
7
9
9
Atlantic Steel
9734 110
100 110
Brit-Amer Tob ord'y_ £1
20
20
Ordinary bearer
20
£1
2034
Butler Chemical_r
34 *334
*354
Butterworth-Judson_ r (t)75
74
Calif Packing Corp-r- (t) 3534 3534 37
California Shipbidg.r._10 1934 16
2034
Carbon Steel. com_r _ - _100
112 118
Car Ltg & Power.r.._ - _25
44
44 44
Carwen Steel Tool _ r- _ _10 14%
137% 144
Central Foundry eon]r 100 174 17
174
Preferred r
100
32
34
Chalmers Mot Corp r w 1(t) 334 33
35
84
Charcoal Iron Co of Am_10
84 84
10
7%
Preferred
734 734
100 184
183 193
Chevrolet Motor
20
Curtiss Aerop & M(no par)
20
Electric Gun Corp r
1
Emerson Motors, Inc r_10
234 334
2%
Emerson Phonograph...A 12
117% 1334
Enger Motor Car r
7% 74
10
Range since Jan. 1.
Low.
High.
22,500
7
July 25
Feb
200 11% June 144 Jan
1,400 19% Oct 26
Oct
25,500
2
Mar 114 Oct
250 55
Jan 110
Nov
100 16
Jan 20
Aug
1,300 15% May 20% Nov
1,600
2% Mar
7% Apr
600 60
Sept 76
Oct
3,200 3534 Nov 38
Oct
3,700 13
Oct 2034 Nov
575 55
Feb 125 Nov
1,250
3% Aug
75( Apr
7,290 w734 Jan 15
Nov
300 11
Jan 18% Oct
530 20
Jan 35
Oct
13,610 33
Nov • 36
Nov
13,300
534 Aug
854 Nov
4,000
5% June
Nov
3,200 115
Jan 278 June
25 18
Aug eo
Jan
300
4 Sept
154 Mar
340
2
Nov
534 Aug
5,340
814 Oct 144 Jan
400
Nov
8
Oct
Range since Jan. 1
Low.
High.
Fisher Body Corp.r(no par)
38
38%
200 37% Aug 424 Oat
Preferred r
100 94
94
94
600 93
Oct 9534 Oct
General Motors_r_w 1.100 158
153 165
1,900 124
Sept 172
Oct
Grant Motor Car Corp 10
8
9
3,500
7
Apr 14 June
Guantanamo Sugar_ _50
78
80
310 u56
Sept 86
Apr
Hart-Bell Co_r
5
434 3,600
34 Oct
4% Nov
Hartman Corporation_100 72
72
724
200 684 July w7634 Jan
Haskell & BarkUar(no Dar) 42
41
42% 2,250 33% July 54% Jan
Hendee Mfg corn r_..100
25
25
700 23 June 33
July
Holly Sugar Corp, pf_ 100
98/4 9934 1,430 934 July 9934 Nov
Hupp Motor Car Corp_ _10
54 534
900
534 Nov 11% June
IlnD Carbon Chaser_r__ _1 7-16
% 7-16 10,975 25e Aug 53o Sept
Intercontinental Rubb _100 1534 15% 16
3,250 10 June *19
Sept
Joplin Ore & Spelter_r_o_5
40c 45c
8,300 0350 Sept cal(' Aug
Kathodion Bronze, Pref.-5
9% 10
300
8% Oct 33
Jan
Kelsey Wneel, pref r ÁOO
994 10034
700 9734 Sept 101% July
Keystone Tire & Rubb_100 154 154 1631
1,600 12
Sept 19% Oct
Kresge (SS) Co,corn r_ _10
13
300 10 June w165% Jan
13%
Lake Torpedo Boat_ r_ _10 11%
11
12% 4,900
64 July 144 Oct
1st preferred.r
10
11% 114
300
83£ July 143( Jan'
Manhattan Elec Supply100
38% 39%
300 32
Oct 40
Oct
Marconi Wirel Tel of Am..5
34 334
334
700
3
Apr
4% Jan
Marlin Arms v t o(no par)
6234 62
72
4,850 23 June 83
Oat
Preferred v t o
100 97
96
99
2,600 70
May 99
Nov
Maxim Munitions_r__10
634
6
7% 14,700
4
Mar 13
Jan
McCrory Stores
100 45
45
45
100 44
Nov 45
Nov
Preferred
100 94% 94% 94%
100 94
Nov 95
Nov
Mexican Petrol Export r _
2,800 17% Sept 2034 Nov
2034 19% 20%
Midvale Steel & Ord_ r_ _50 70
68
71
62,000 57
Apr 7734 Jan
Mitchell Motors.r (no par) 62
62
644 1,050 63% Oct 7336 Sept
Nat Mot Car & Veh_r (t) 42
444 18,000 42
42
Oct 4434 Nov
N Y Transportation
1534 16
900 1234 Feb 164 Mar
North Amer Pulp di Paper_
14% 13% 1434 44,700 114 Oct 15
Nov
Pleme-Arrow Mot Car r(t) 554 42
65
23,300 42
Nov 65
Nov
Preferred r
100
101 101
150 101
Nov 101
Nov
Poole Eng & Mach r_ _100
105 108
41 864 Sept 150
Jan
Pugh Stores Corp_r_w 1_10 10
9% 104 2,300 w954 Oct w10% Nov
Reo Motor Car r
10 45
45
45
1 29
Jan 45
Nov
Republic Mot Truck r-(t) 70
70
72
200 54
Aug 77
Sept
Riker & Heg (Corp for)-5
5%
5% 5% 10,000
4% Mar
63( Feb
St Joseph Lead_r
10 2034 1934 21
3,400 14
July 21
Nov
St L Rocky Mt& Pac r 100
3034 31
300 30
Sept 40
Mar
Seab'd St & Manganese (t) 29% 2934 29%
600 24% Aug 30 Sept
Smith(AO)Corp r (no par) 4334 43 • 44
828 424 Oct 45
Nov
Preferred r
100 9634 964 97
720 9634 Nov 98
Oct
Smith &Terry Transp pf 10 104 104 10%
1,000
9% Aug 11% Sept
Spicer Mfg_r
100 47
4634 47% 2,400 4636 Nov 48
Oct
1st preferred- r
100
102 102%
225 1004 Oct 104
Oct
Springfield Body Corp_100 96
96
99
150 51
Apr 101% Nov
Steel Alloys Corp_r
5
2%
2%
1,850
24 Sept
3% Oct
Submarine Boat__(no par) 4134 41
43% 9,700 31% July 45% Oct
Todd Shipyards_r(no par) 82
8134 82%
690 7334 Jul, 83
Oct
Transue & Williams Steel
Forging Corp r_(no par) 444 4434 46
19,500 44
Nov 46% Oct
Triangle Film Corp v t e_5
1% 2
800
134 Nov
6% Jan
United Alloys Steel Corp rt 49
48% 4934 17,600 47 Nov 51% Oct
United Motors_r_(no par) 6234 61
6534 11,600 67
Aug 94 June
United Profit Sharing...
1
1
134 8,500
34 May 2 1-16 Jan
U S Steamship
10
7% 74 9,700
4
Apr
8 Sept
1
US Tungsten r
27
29
4,500 27
Sept 39
Oct
Western Pacific RR_ r_100
204 204
100 12
Sept 21% Oct
Preferred _r
100
48
48
50 36
Sept 49
Oct
Whecl & L Erie pf r w 100
49/4 52
1,000 49
Oct 52
Nov
Wilson Pack'g w i(no par). 58
*57
60/4 10,500 59
Nov 6034 Nov
World Film v t c
5 14 1
14 1,800
3
Jan
Wright-Martin Air.r_ _(t) 23% 234 244 31,700 2254 July
Oct 36
Sept
Zinc Concentrating_ r....10
44
4
44 2,300
3% Aug
6% Apr
RightsN Y Central
51 1 1-16 18,000
% Oct
11,f,, Nov
Tennessee Copper
2% 3
2,700
1
Oct
3% Oct
Texas Company
.244 244
300 20
Sept 26
Oct
Former Standard Oil
Subsidiaries
Anglo-Amer Oil
16
Ll
16
100 z144 July 18
Jan
Illinois Pipe Line
100
227 230
12 155 June 235
Oct
Northern Pipe Line_..100 107
107 107
20 95
Aug 107
Nov
Ohio 011
25 385
367 388
930 189
Jan 392
Oct
Prairie Oil& Gas
495 500
100
21 359
Aug 500
Nov
Prairie Pipe Line
295 297
100 297
110 205
Apr 305 Sept
South Penn 011
455 458
100 458
28 325
Mar 470
Oct
Standard 011 (Cairn _ _ _100 358
357 361
90 z234
Apr 384
Jan
Standard Oil of N J_ _100 635
603 642
660 495
Apr 642
Nov
Standard Oil of N.Y_100 240
237 240
153 200
Mar 244
Oct
Vacuum 011
100
309 309
20 216
Feb 309
Nov
Other Oil Stocks
Alberta Petrol_r (prosleet) 68o
68c 690
500 500 June 69c
Oat
Barnett 011 dr Gas _r __1
231
24 2% 3,600
2% Jan
4% May
Cons'd Mex Oil Corp i__ _1
134
1
1%
1,800
1
Nov
1% Nov
Coaden & Co_r
5 1731 174 18
5,400 13
Aug 27 June
Cosden Oil & Gas_r
5 13% 134 15
10,000
6% Apr 183( June
Preferred r
4%
5
434 5
500
3% July
634 Feb
Federal 011.r
5 3 15-16
3% 4 1-16 27,C00
34 Feb
4% Nov
Gen Ref dz Prod-r
1,300
54
Aug 1 1-16 Sept
Houston 011, com_r__ _100 20
1934 204 1,900 12
Aug 23
Jan
Internat Petroleum r__ _£1 114 11
11% 4,500
94 June 1334 Jan
Metropolitan Petroleum-5 10
10
1134 5,500 10
Aug 25
May
Midwest 011 com_r
1 420
41e 43c 15,000 38e Aug 850 Feb
N Y-Oklahoma 011.r.-1
1%
1 13-16 12,400 700 June
1% Aug
011 & Exploration r_ -- _10
% 1
34
11,450
1
Oct
34 Oct
Oklahoma 011 com_r
1 13c
934e 1334e 83,400
70 Mar 21e June
Preferred r
1 1 3-16 9-16 14 17,750
34 Aug
1% May
Oklahoma Prod & Refg_..5 1034 10% 114 17,500
5% Aug 12
Oct
Omar Oil & Gas
1 67c
650 70e
11,500 480
Oct 95a Aug
Sapulpa Refining
9%
r 5
934 10
3,200
7% Aug 16% Feb
Savoy 011
5
12% 13
1,200
93( Mar 144 May
Sequoyah Oil & Ref
1
134 15-16 14 27,600
14 Sept
1% Nov
Sinclair Oil & Ref r(no par) 55
5434 56
13,100 354 Aug 5534 Nov
Southern Oil& Transp't 10
8%
84 a
.10,800
9 Nov
8
Oct
United Western 011.r---1
131 1 1-16 134 14,900 54o Mar
234 June
Utah Petrol (prospect) 1 56e
47c 590 68,000 350 Sept 59e Nov
Vacuum Gaa&O.Ltd r_i_l 1 1-16
1 13-16 45,000 28c Sept
1% Nov
Victoria 011.r
1
1%
1 11-16 24 85,400
1
Mar
2% Jan
Wayland 0114z Gas corn -5
540
3% Aug
9% Feb
West End Oil & Gas r_ _1 54e
52c 580 84,900 300
Oct 60o Nov
Preferred r
1
200
1
1
h Nov
1
Nov
Wyoming Petroleum r...1
2
24
254 12,000
2
Nov
2% Nov
Mining Stocks
Alaska-Brit Col Metals i 1 7-16
3,300
250
%
Oct 1.02
May
Alaska Mines Corp
85e 870 48,500 59e Sept 87c Nov
1 87o
Alaska Westover Cop_r.1 45c
42o 52o 35,200
3( Oct 700 July
Arizona Chloride_r_ _ _ _10e 460
420 47c 21,000 360
Oct 47o Nov
Arizona Copperfields_r 1
1% 1% 19,850 35c July
1%
3% Sept
Arkansas Arizona r
15-16 3,800
1
3( Nov
% Nov
Atlanta Mines_ r
9c
100
1
90
17,000
90 Aug 23%0 Jan
Big Jim
131 1% 37,400
10c
131
1% Feb
1% Oct
Big Ledge Copper Co_ ___1
74 8
754
26,300 1 7-16 Feb
8
Oct
Bingham Mines
9% 934
10
954
300
9% Nov 15% May
Bisbee Cop M & Dev_ _ _ _1
1
1% 165,200 800 Nov
111
1% Nov
Batton dr Montana Dev_..5 82e
80c 87c 82,000 50o Mar
2% June
Butte Copper & Zinc v t 5 194 134 19% 64,500
43( June 19% Nov
Butte-Detroit Cop& Zinc_1 990
96c 1 1-16 14,500
91c Oct
1% Nov
Butte & N Y Copper__ __I
236
14 2% 10,800
13( Oct
4% Mar
Cactus Con M 1
1
1% 1%
1%
300
1% Nov
134 Nov
Caledonia Mining
.1 49c
43c 50o 12,700 40o Nov 1 5-32 Apr
Callf-Treadwell Gold M 11 80c
77e 80e 10,300 760 Nov 80o
Oct
Calumet & Jerome Con r 1 2 7-16 2 3-162 7-16 64,550
1% Aug
27
4 Nov
Canada Copper
5 2 115-16 2% 14,300 1 3-10
Mar
2% May
Cash Boy
1 534e
534o 6/40 5.500 3%0 Feb 934c May
Cerro de Pasco Cop(no par) 4334 43
45
7,500 32% July 45% Nov
Consol Ariz Smelt
5
3
2% 3
67,000
1% July
3
Nov
Consol Copper Mines_ _ _5
24 2% 3,500
334 May
134 Feb
15 Jun& 20% Oct
34% June 66
Oct
116
Nov 155
Apr
100
Feb 107
Aug
3e Apr 13e
Oct
36 June 424 Jan
14% Mar 474 Nov
19
May 20
Apr
22
Oct 35
Jan
56
Jan 97
Mar
7134 Jan 127
Nov
24 Mar
7
Sept
154 Mar 23
Sept
49 June 81% Nov
123
Jan 134
Sept
87
Aug 93
Jan
49% Apr 59% Sept
64 July 12
Jan
15% July 24% Jan
14
Aug 19
Jan
38
Feb 53
Nov
70
Jan 86
Nov
98
Mar 120
Nov
34
July 37
Jan
434 Mar
6% Aug
164 Feb 26
Oct
2334 Apr 45
Oct
Sc Sept 15e
Oct
• 1.10 Sept
1.25 Sept
634 Mar 13% Oct
115
Jan 128
Sept
7c
Apr 12e
Oct
z1734 May 21% Oct
Sc
Apr 45c
Oct
14c June 25c
Jan
Oct
1417% Apr 175
109
May 126
Jan
257% June 4634 Oct
804 Jan 12534 Nov
65
Nov 65
Nov
1334 Apr 160
Oct
537% July 714 Mar
30
Mar 35
Oct
17
Jan 26
Nov
44
Jan 74% Nov
103 103
31,000 1014 Jan 10334 Mar
60
60
3,000 49
Mar 62
Aug
7
7 99%
99%
1,000 964 May 100
Nov
Stocks-(Cond.)
1781
Friday
Saks
Lass Week's Range for
Sale
of Prices.
Week
Par. Price. Low. High. Shares.
THE CHRONICLE
178$
Mining-(Conci3
Sates
Friday
Last Week's Range for
Week.
ofPrices
Sale.
Par. Price. Low. High. Shares.
Range since Jan. 1
Low.
[Vol.. 108.
New York City Realty and Surety Companies
High.
Aik
Bid
Ask
Bid
Ask
Bid
% July
1%, Nov Alliance RIF 70
173 Realty Assoc
Consol-Homestead__ r_l 1 3-16 13-161 3-16 9,600
80
LawyeraMtil 187
% Nov Amer Surety 150
g Jan
Si 38,000
(Brooklyn) 95
%
98
115
Mtg Bond.._ 110
Consol Nevada-Utah...3
160
Nov
634
Oct
6
6
634
634 7,550
NatSurety.. 265 275 US Casualty 200
Cresson Con Gold M &M 1
300
Bond Sc M
293
900
56
1334 1434
534 Sept 1434 Nov Casualty Co
ITS TlUeG&I ao
Darwin Lead-S M & D_ 5
N Y Title Sc
500
334 Nov City Invest'g 18
334 334
134 Jan
97 Wes Sc Bronx
Davis Daly Copper.. _10
Mtge ---- 90
22
Oct
3
180
134 June
Title Sc MG 178
Dundee Arizona Copp_i_l 2 9-16 2 1-16 234 29,000
87
Preferred.._ 60
334 Oct
234 234 22,600 1730 Jan
234
1
Emma Copper..,
July
3
834 Jan
434 534 15,900
434
First National Copper.._ _5
5,955 550 Oct 1 3-16 Jan
550 57c
10 55o
Goldfield Cons'd
Jan
60 Nov 210
7o 10,300
60
7e
1
Goldfield Merger r
Oct 150 Nov
15o 25,400 100
12o
150
Grand Canyon Gold ._1r
Aug
All bond prices are"and interest" except where marked "f".
1
634 Nov
434 6 128,000
534
Green Monster Mining_ r _1
Oct 850 Nov
65o 850 11,500 510
Grizzly Flats Gold M_ _ _ _1 850
934 Oct
334 Jan
250
734 834 9,405
834
Hecla Mining
RR.Equipments-PerCt.Basis
Standard Oil Stocks PeirShare
690 930 285,000 28o Aug 93o Nov
79c
Hull Copper.r
Bid. Ask.
Par Bid. Ask.
Oct
Oct 150
100 110 33,500 10o
Independence Lead_r__ _1 10o
4.38 4.25
Baltimore
Sc Ohio 474s
1812
*1512
£1
new......
011
knglo-Amer
134 Oct
InspirationNeedlesCopri 1 1 3-16
134 134 18,500 50e July
100 865 875 Buff Roch & Pittsburgh 434s 4.40 4.25
atlantic Refining
100
2,500 100 Mar 310 Apr
10o
10e
International Mines_ r_ _ _1
4.40 4.25
4s
Equipment
410
390
100
Co
Borne-Serymser
Apr
Jan
1
234
10c
Iron Blossom r
134 1 11-15 134 3,300
4.50 4.30
Buckeye Pipe Line Co..... 50.101 103 Canadian Pacific 430
294 May
134 July
134 134 1 15-16 20,000
Jerome Verde Copper-i_1
4.65 4.40
Chesebrough Mfg new___100 460 480 Caro Clinchf Sc Ohio 56
Sept
June
2,300
194
334
234
134
Jerome Victor Exten_r_i_l
234
50
4.15 3.90
Georgia
of
Central
70
50
100
011
Colonial
Jan
3-16
1
July
87o 93o 13,550 810
1 92e
Jim Butler _ r
4.65 4.45
Equipment 430
100 545 555
Continental Oil
6,700 30o Sept
30o 340
134 Jan
1 32o
Jumbo Extension
5.35 5.00
50 .40 43 Chicago Sc Alton 40
Crescent Pipe Line Co_
Jan
4,700 830 July 22o
1 1030 10e lb o
Kewanus _ r
Cumberland Pipe Line_100 115 120 Chicago Sc Eastern III 5340- 5.60 5.25
1
300 9-16 Mar
%
%
May
La Rose Cons'd Mines_ _5
5.60 5.25
Equipment 430
Eureka Pipe Line Co........100 235 240
Nov 1 5-16 Nov
1
1 1 5-16 20,250
134
Loma Prieta Mines r_ _ _1
4.70 4.45
/ 434s
Galena-Signal 011 com_ _ _100 176 178 Chits Ind Sc Louis,
Nov
1
May
12o
670
60,000
1
960
10o
Consolidated
Louisiana
4.45 4.28
L
St
Chic
050
N
Sc
143
138
100
Preferred
July 5434 Nov
5 5234 4834 5434 17,500 13
Magma Copper
4.25 4.10
Sc
Chicago
W
N
228
225
434s
100
830N ov 41e Mar Illinois Pipe Line
830 Oc 5,900
1
Marsh Mining r
Chicago RI Sc Pao 430.-- 5.00 4.75
105
--50*100
Co-Line
Pipe
Indiana
Oct
Aug
1
10,795
1%
*234
Mining_l
134
134
Marysville Gold
4.65 4.45
50„...
Southern
Colorado
Sc
1112
*11
21
Petroleum
Internet
July
2
734 Nov
5
634 734 2,700
Mason Valley
634
4.50 4.38
National Transit Co-12.50 *18 20 Erie 5s
2,000 380 Mar 720 May
560 60c
MoKinley-Darragh-Sav _I
4.50 4.38
Equipment 434s
215
205
Co_-_100
New
Transit
York
Nov
1
Nov
650
650
180,000
1
Miami Consol Mines r....1 • 780
4.50 4.38
4s
Equipment
108
105
Co__100
Line
Pipe
Northern
8 May
8,840
234 Aug
2
334 4
334
Mojave Tungsten_ r
4.50 4.30
25 41383 388 Hocking Valley 4s
Ohio Oil Co
294 May
Si Apr
I%
17/, 2,100
134
Monitor Sil L & Z M & M 1
4.50 4.30
50
Equipment
68
.66
25
Co
Fuel
Penn-Mex
Aug
1
June
640
2,200
83o 850
Montana Gold Mines_r 1 800
4.30 4.15
•
25 *16 1612 IlUnois Central 56
Jan 430 Apr, Pierce MCorp
1 3730 3630 38e 46,500 200
Mother Lode..r
4.30 4.15
Equipment 430
100 510 515
Prairie Oil Sc Gas
Sept
1
534 Jan
1,200
1
1
1
Nevada Utah Bingh'm 2.50
4.50 4.35
434s...
Michigan
Sc
Kanawha
298
295
100
Line
Pipe
Prairie
Newray Mines, Ltd_r_ _ _ _1 1 1-32 94o 1 1-32 44,000 340 June 1 1-320 Nov
4.30 4.15
So......
Nashville
Louisville
Sc
100 375 390
1,750 1434 Oct 1734 Jun( Solar Refining
1435 15
N.Y.&Hondurato Rosario.10 15
Minn St P Sc S S M 430_ _ _ 4.45 4.25
222
Line
217
Pipe
-100
Co_
Southern
Sept
Feb
12,600
9
934
sg
634
834
5
Nipissing
5.00
5.40
55.
Texas
Sc
Kansas
Missouri
480
450
100
011
Penn
South
Apo
100 25c Nov 50e
250 250
100
Oatman Southern
5.40 5.00
Southwest Pa Pipe Lines-100 113 118 Missouri Pacific 5s
% Nov
Si 22,600 3-16 Feb
34
5 5-16
Ohio Copper
4.60 4.35
Mobile Sc Ohio 50
380
355
(California)100
Standard
Oil
Nov
Nov
9,900
134
134
134
134 134
Ohio Copper now w L _ _ _1
4.60 4.35
Equipment 434s
001 Standard 011 (Indiana)....100 810 820
350 40e 107,340 12e Aug 820
Old Emma Leasing_ r_.10c 40o
Standard 011 (Kansas)_..b00 540 550 New York Central Lines 5a... 4.50 4.35
Jar
60
Nov
40
30
5,000 30
1
Oro r
4.50 4.35
434s
Equipment
630
610
(Kentucky)100
011
Standard
Oct
Oct 770
2,800 750
760 77e
1 760
Peerless Jennie _ r
Standard 011 (Nebraska).100 540 550 N Y Ontario Sc West 430._ 4.50 4.35
234 234 60,800 850 July
234 Nov
Pittsb Jerome Copper_ r..il
Norfolk Sc Western 430.-- 4.30 4.15
640
Jer_100
835
New
of
011
Standard
Nov
%
Oct
34
31,800
%
9-16
11-16
Progress Mining & Mill_ 1
4.30 4.15
Equipment 40
Standard 011 of New Y'rk100 240 242
234 Mar
4
5
534 Nov
434
534 51,000
Ray Hercules_ r
4.25 4.10
100 420 430 Pennsylvania RR 430
Standard 011 (0)iio)
400 75o 170,000 100 Aug 75o Nov
1 700
Rex Consolidated_r
4.25 4.10
40
Equipment
100
120
110
Finch
Sc
Swan
May
78o
Sept
580 640 33,900 500
1 63o
Rochester Mines
Louis
5.25 4.90
Iron
Sc
St
Mt
68...
Sou
97
95
-100
CoLine
Tank
Union
Nov
2
9,300 1 1-16 Sept
1 3-16 2
Sacramento Val Cop_ r_ _1
100 385 375 St Louis Sc San Francisco Si. 5.40 5.00
011
Vacuum
Sept
960
Sept
%
5,500
7-16
5-16
34
1
r
Zino
Nicholas
St
4.60 4.40
10 .40 45 Seaboard Air Line 50
Washington 011
Oct
2
4 Oct
11
22,300
134 2
134
Santa Rita Develop_ r _1
4.80 4.40
Equipment 434s
Per Cent.
Bonds.
Jar
1 1730 17e 1834o 7,250 I3o Aug 260
San Toy Mining
Southern Pacific Co 430..... 4.30 4.15
87
85
80_1924
Pierce
cony
Corp
011
Nov
•
65
Nov
65
60
3,500
60
65
_
Arizona
of
King
Silver
4.60 4.35
43-4s
Railway
Southern
3o Feb 280 Nov
1 2130 210 280 40,500
Silver Pick Consol_r
Toledo Sc Ohio Central 4s- 4.75 4.50
Ordnance Stocks-Per S hare.
Jar
2
July
1
134 1 7-16 134 3,400
1
Standard Silver-Lead
55 60
pref....A(03
Explosives
Aetna
Jar
%
June
5-32
500
Si
Si
1
Stewart
100 10 20
Amer Sc British Mfg
35o 390 18,700 300 Aug 95e Fet
I 390
Success Mining_ r
Tobacco Stocks-Per Sha re,
100 20 40
Preferred
Oct
0
734 3,100 3 15-16 Feb
7
Superior & Boston r_ -10
Par Bid. Ask.
170 175
_100
common_
Powder
Atlas
720
Nov
Oct
22o
142,500
72o
400
45o
_1
_
Superstition Mining _I_
Cigar common100 110 117
American
101
97
100
Preferred
Oot
82o 86o 142,100 620 Sept 860
Tommy Burns Gold M of 1 86o
Preferred
100 98 100
129
100 126
Babcock Sc Wilcox
534 May
1,210
4 June
1
434 474
Tonopah Belmont.**
434
Bliss(E W)Co common__50*750 780 Amer Machine Sc Fdry 100 80 90
734 May
534 6,000 8 15-16 Jan
5
1
534
Tonopah Extension
£1 •19 20
ord..
Tobac
British-Amor
85
.75
50
Preferred
534 Aug
2,000
534 6
734 May
1
Tonopah Mining
El *20 21
Ordinary, bearer
Canada Fdys Sc Forgings100 190 200
Apt
1
g Aug
Si 7-16 1,500
5 7-16
Tri-Bullion S & D
100 300 350
Foil
Conley
100
90
100
Preferred
Nov
July
434
1,500
354
5
1
534
United Eastern
434
100 150
Met_100
Tin
Sc
Johnson
Foil
40
30
Fdry-100
Car
Sc
40 Aug 18o Mat Canadian
U S Continental Mines_ rl 1134o 10o 12p 17,000
100 65 75 MacAndrews Sc Forbes...100 195 205
Preferred
634 Jan 45 Sent
3834 4034 3,700
United Verde Exten_r.5043 39
102
100
100
Preferred
480
380
com100
Canadian
Explosives
Nov
4
Apr
134
4
3,610
334
4
5
Unity Gold Mines
100 100 110 Porto Rican-Amer Tob__100 275 285
Preferred
1% Juno
2,340 65o Sep
70o 74o
West End ConsoUdated_ _ 1 72c
Reynolds(R J) Tobacco_100 810 640
_
116
110
common_
_100
Steel
Carbon
Ooi
52o
23,000
oJune
2234
410
390
40o
_100
r_
WhiteCaps Mining_
100 100 105
100 122 124
Preferred
lot preferred
Oci
% Oct1
% 13-16 16-16 42.600
White Cross Copper r----1
100 150 160
100 77 82 Young(J13) Co
2d preferred
450
334 Aug 1634 May
434 434
434
White Oaks Minee Cons r 5
100 105 110
Prelerred
Arms
Fire
Patent
Colt's
26o
24,200
Nov
Nov
18o
26c
20o
24o
1
Yerrington Mt Cop
860
100
880
Mfg
Si July
194 May
6 15-16 15-16 134 2,350
Yuscaran Consol-r
Crocker-Wheeler Co com.100 94 97
Short Term Notes. Per Cent.
duPont(E I) de Nemours
Bonds100 290 300
Sc Co, common
$
Brit Govt (Unit'd Gov Gt
Am Cot 0115s 1917___M&N 1007810118
10112105
100
stock
Debenture
Nov
Nov
9934
575,000
0934
534s_1919
9934
9934
'rad)
9934
Brit Sc
100 420 430 Amer L000m 50, July '17_J-J 10012101
Electric Boat
1921 9834 9834 9834 550,000 9834 Nov 9834 Nov
5%s
1001s 100%
100 420 430 Am T Sc T 434s 1918
Preferred
Nor
85,000 25
Mar 70
70
63
Consol Ariz Smelt 50_1939 69
Anaconda Copper 50'17 M-S 10938100%
395 420
_100
cornPowder
Hercules
105
Sept
Nov
100
30,000
105
10434
Cosden Sc Co new Ss
1924..M&S2
1031s 10338
68
Pao
Canadian
119
114
100
Preferred
July 100
Fel
Midvale St & Ord 5s.r.1936 98% 98% 98% 69,000 94
Hopkins & Allen Arms 100 18 24 Chia Sc West Ind 5s'17-M&S 1001410013
July 10234 Sep
10034 10034 85,000 100
Russian Govt 830_ w I_
1917...... _A-0 100581007s
530
RR
Erie
60
50
100
Preferred
or
N
9434
10134
Sept
365,000
10131
9934
Sinclair 011 & Ref 60.r.1928 101
25 *20 25 General Rubber 5s 1918 J&D 10078 1011a
International Arms
12 Hocking Valley 50 1917..M-N 10078 10118
*Odd lots. t No par value. I Listed as a prospect. I Listed on the Stock Ex- Lake Torpedo Boat 0°133_10 *1111 70
Int Han' 55 Feb 15 '18_F-A 1018810184
*87
50
Ordnance
Sc
Steel
Midvale
par
stock,
New
m
found.
be
will
transactions
change this week, where additional
K C Rys 534s 1918- _ J&J 1007810'14
220
value 412 50. n Old stock, par valuta $25. oNew stock. r Unlisted. s Ex-100% Niles-Bement-Pond com_100 215
Morgan&Wright 50 liet3.1.18 10014 10013
110
105
100
Preferred
When
w
paid.
dividends.
o
stock
and
$10
Ex-cash
Is
paid.
$50
I
dividend.
stook
New Eng Nay Os 1917_M-N 100 10014
850
825
100
Mfg
Scovill
issued. z Ex-dividend. y Ex-rights. z Ex-stook dividend.
Submarine Boat......(no par.) *42 43 N Y N Et Sc II 430 May 1917 100 10014
Winchester Repeat Arms 100 1150 1250 Penn Co 430 1921__J&D18 101 10111
Pub Ser Corp NJ Ss'19 M&S 10078 10111
Rem Ams U.M.C.158'19F&A 8914 90
Public Utilities50'15212154 Southern Ry 58 1917_M-S2 1003,1003,
Am Gas Sc Elec corn
5012
United Fruit 50 1918_ M-N 10118101%
.4912
50
Preferred
Ask
Ask Trust Co's. Bid
Bid
Banks.
Ask
Aanks-N.Y. Bid
Am Lt Sc Trac common....100 382 335 UtahSecurCorp 60'22 M-S15 9712 9818
340
New York
560 Manhattan • 330
America*._ _ 550
Winches RepArms5reI8M&S 0812 98%
100
113
111
Preferred
465
470
Astor
265'
255
Fult
Mark
245
Sc
Amer Exoh_ 240
New York City NotesAmer Power Sc Lt cora__ _100 75 76
477
Mech & Met 293 300 Bankers Tr_ 472
185
Atlantic...... 180
102 10214
100 8312 86 Os Sept 11017
Preferred
152
300 B'way Trust 147
185 Merchants'. 285
Battery Park 175
Canadian Govt. Notes44
42
com100
Utilities
Public
Amer
775
790
290
CentralTrust
Metropolis*.
flowery •_ _ _ 400
102 10214
F&A
1917
1
Aug
Si
76
74
100
Preferred
187 Columbia.... 620
Metroporn• 180
Bronx Boro• 200
Cities Service Co 00132_100 316 319
Commercial_ 110
375
180 Mutual..
Bronx Nat....
Industrial
93
9214
100
Preferred....
285
Empire..
_
225
_
215
Neth._
BryantPark• 140" 150 New
and Miscellaneoua
Com'w'Ith Pow Ry Sc L__100 61 6212
540
725 Equitable Tr 530
New YorkCo
115
Butch Sc Dr.. 100
100 84 86
Preferred
415 Farm L & Tr 1600 1650
New York.. 400
378
373
Bhase
100 395 400
Brass
American
97
95
100
pref
Lt
Sc
Pow
Dayton
2111
200
Fidelity
270
235 Pacific •_
Chat Sc Phen 230
100 72 78
American Chicle com
Elec Bond Sc Share pref.. _100 99 101
285
560 Fulton
530
300
125 Park
Chelsea Ex'
100 83 88
Preferred
1712
16
Traction100
Light
Sc
Federal
Tr
Guaranty
475
235
480
220
People's'......
405
395
_
Chemical
184
100180
corn....
Graphophone
Am
60
55
100
Preferred
140
150
198 Hudson....
185 Prod Excho_
Citizens Cent 180
100 180 184
Preferred
Great West Pow 50 1948.J&J 90 91
143
Law Tit& Tr 139
jib
540 Public •
535
City
American Hardware- _ _..100 137 139
_
.._
85
_100
_
Co.Lighting
Indiana
116
105
435
LincolnTrust
420
Seaboard......
195
Coal Sc Iron_ 185
4s 1958 _ _ _ __ ____F-A 7912 8012 Amer Typofounders com_100 40 43
416 Metropolitan 420
430
395
_- Second
450
Colonial._
100 93 98
Preferred
North'n States Pow com..100 104 105
137 Mut'l (West325 Sherman _ _ _ 120
Columbia* _ 310
100 100 102 Borden's Cond Milk com.100 110 112
Preferred
chester)....
125
117
112
Commerce._ t180 t185 State •
100 106 10712
Preferred
lot Sc ref 56 1941_ _ _ _A&O 97 98
135 N Y Life Ins
340 23d Ward._ 100
Corn Each'.. 335
100 190 195
Pacific Gas Sc Elec =3_100 6012 6112 Celluloid Company
Sc Trust__ 975 1000
155
100 Union Each.. 147
Cosmoporn• 85
Co-......104)
214 3
Tobacco
Havana
92
90
100
preferred
lot
NY
600
Unit States* 500
East River.... 75
811
8
Preferred
100
Republic Ry Sc Light_ __ _100 52 53
41)5
Title Gu&Tr 400
165 Wash H'ts•_ 275
Fidelity •__ _ 150
58
150
June
11922..
_.1.1)
156
lot
g
81
79
100
Preferred
155
Transatlan
'a
175
160
Av•
Westch
Fifth Aye'.... 4300 4800
Intercontinen
com__100
15
Rub
1518
93
91
South Calif Edison com-I00
365 Union Trust 415
275 West Side'..
250
Fifth
100 106 109 Internet Banking Co_ _ _100 160 _
Preferred
457
525
US Mtg&Tr 450
1000 1015 Yorkville•
First
100 46 48
Southwest Pow Sc L pref..100 9713100 International Salt
UnitedStates 1010 1025
Brooklyn
195
185
Garfield.. _
A-0 175 77
lot g 50 1951
Standard Gas Sc El (Del). 50 *1512 1612
140 Westchester. 130
140
145 Coney IsI'd• 130
Germ-Amer* 135
107 108
pref-100
International
Silver
4312
•4212
50
Preferred
270
255
First
390
Ex'
German
Tennessee Ry L Sc P com100 1212 14 Lehigh Valley Coal Sales_ 50 •95 98
Flatbush_ _ 170
415
Germania
100 88 70
100 52 53 Otis Elevator corn
Brooklyn
Preferred
165
Greenpoint _ 150
Gotham.._ _ 200
100 94 98
Preferred
8 12
United Cu Sc Elec Corp_100
625
120 Brooklyn Tr 600
_ 110
Hillside
Greenwich'.. 315
100 70 73 Remington Typewriterlot preferred
26:o
115 Franklin _ _ _ 255
655 Homeetead •
Hanover .... _ 645
100 1834 1914
Common
100 12 17
2d preferred
275
405 Mechanics'_ 123.- 138 Hamilton.._ _ 285
Harriman
385
100 85 8613
Ist preferred
United Lt Sc Rya com___100 48 51
630
650
105 Kings Co..
Montauk'.... 90
515
Imp Sc Trad_ 500
100 49 52
preferred
2d
100 79 80
1st preferred
Manufact'rs 150
210
155
200
205 Nassau
197
Irving
Western Power common_100 18 19 Royal Baking Powd com_100 150 160
275 People's.. _ _ _ 290
NatIon't City 265
Liberty ...... _ 850
100 1031210411
Preferred
6912
100
71
Preferred
180 Queens Co.... 70
16840 North Side_ 170
330
Lincoln _
140
People's_ . 130
•
•Per share. b Basis. d Purchaser a so pays accrued dividend. e New stock.
t Sale at auction or at scoot
•Banks marked with a (*) are State banks
Ex-rights.
y
z
Nominal.
n
Ex-dividend.
price.
Flat
y Ex-rights.
I New stook.
Exchange this week.
Quotations for Sundry Securities
New York City Banks and Trust Companies
Nov. 111916.]
THE CHRONICLE
1783
/nutstutent and Sailroatt intelligract.
RAILROAD GROSS EARNINGS.
The following table shows the gross earnings of every STEAM railroad from which regular weekly or monthly returns
can be obtained. The first two columns of figures give the gross earnings for the latest week or month, and the last two
columns the earnings for the period from July 1 to and including the latest week or month. We add a supplementary
statement to show the fiscal year totals of those roads whose fiscal year does not begin with July, but covers some other
period. The returns of the electric railways are brought together separately on a subsequent page.
Latest Gross Earnings.
ROADS.
Week or
Month.
Current
Year.
Previous
Year.
July 1 to Latest Date.
Current
Year.
Previous
Year.
Ala N 0& Tex Pac$
N 0 & Nor East_ October
359,190 377,372 1,350,624 1,255,998
Ala & Vicksburg.. October::: 187,097 150,341
619,136
537,669
Vicks Shrev & P._ October _ _ _ 193,045 153,629
620,682
532,826
Ann Arbor
74,842
977,232
4th wk Oct
821,451
82,900
Atch Topeka & S Fe September 12768861 10795294 37,712,544 32,122,013
Atlanta Birm & Atl 3d wk Oct
64,238 1,037,956
898.170
80,042
Atlanta & West Pt_ September
351,495
309,739
131,048 '111,686
Atlantic Coast Line September 2,743,400 2,359,794 7,956,504 6,554,354
Chariest & W Car September
433,244
384,886
170,007 148,125
Lou Hand & St L September
373.301
149,335 135,553
436,459
aBaltimore & Ohio_ September 10515845 9,617,819 31,219,987 27,637,429
B &0 Ch Per RR September
155.871 142,310
462,646
405.075
Bangor & Aroostook September 356,660 271,055
825,108
738,692
Bessemer & L Erie_ September 1,240,874 1,164,660 3,906,291 3,699,392
Birmingham South_ September
90,963
71,129
375,533
208,600
Boston & Maine_ September 4,922,747 4,329,997 14,812.908 12,734.257
Buff Roch & Pittsb 1st wk Nov 248,922 253,310 4,972,531 4,304,396
Buffalo & Susq !tit _ September
142,013 142,329
435,222
379,943
Canadian Nor Syst_ 1st wk Nov 885.000 806,500 15,308,800 11,187,300
Canadian Pacific _ 4th wk Oct 4,170,000 4,340,000 50.754.068 40,280,992
Central of Georgia.. September 1,241,711 1,093,760 3,476,174 2,981.584
Cent of New Jersey September 3,115.927 2,779,802 9,087,279 8,204,822
466,521 376,270 1,468,415 1,098,622
Cent New England.. September
Central Vermont _ _ September 376,498 359,172 1,139,668 1,020,985
Ches & Ohio Lines.. 4th wk Oct 1,397,714 1,422,325 16,586,695 15,638.143
September 1,639,729 1,415,551 4,753,853 3,978.968
Chicago & Alton
Chic Burl & Quincy September 10374092 8,906,988 28,868,796 24,428,638
b Chicago & Ea-st Ill September 1,419,498 1,410,216 4,198,176 3,871.421
c Chic Great West_ 4th wk Oct 434,164 359,053 5,696,537 4,926,235
Chic Ind & Louisv_ 4th wk Oct 230,764 222,790 2,922,331 2,559,640
Chic Milw & St P1 September 10147 279 9,261,438 29,464,862 25,765,898
Chic Mil& Pug Sf
deltic & North West September 9,290,087 8,403,689 27,127,807 23,605,736
Chic Peoria & St L_ September
158,928 161,384
464,575
432,607
Chic Rock Isl & Pac September 7.203,318 6,325,589 20,815,410 17,901.653
Chic R I & Gulf.. _ September
309,364 248,465
911,961
725,745
dChic St P M & Om September 2,076,859 1,734,468 5,520,934 4,666,542
Chic Terre H & S September
244,622 192,000
702,971
533,124
Cin Ham & Dayton September
947,393 1,058,631 2,925,815 2,973,468
Colorado Midland_ September
178,300 165,736
495,120
424,833
e Colorado & South 4th wk Oct 533.449 519,870 5,701,550 5,171,019
Cornwall
September
22,098
7,808
68,785
29,246
Cornwall & Lebanon September
45,180
35,994
146,142
112,295
Cuba Railroad _ _ _ September
522,444 411,923 1,652,262 1,248,647
Delaware & Hudson September 2,247,054 2,072,983 6,888,527 6,248.435
Delaw Lack & West September 4,412,131 4,048,748 13,269,266 11,194,582
Deny & Rio Grande 4th wk Oct 849.200 826.800 9,459,449 9,226,449
Western Pacific.._ September 833,389 680,626 2,413,148 2,105,669
Denver & Salt Lake 4th wk Oct
730,843
756,511
61,600
74,742
Detroit To! & Iront August ___ 212,478 164.129
297.232
398,683
Detroit & Mackinac 4th wk Oct
432.324
367,687
36,238
31,904
Det & Tol Shore L.. September
330,509
142,898 115,185
390.490
Dul & Iron Range September
898,073 843,459 2,911,233 • 2,623,847
Dul Missabe & Nor September 2359.607 1.567.640 6,141,229 4,566,375
Dul Sou Shore & Atl 4th wk Oct 118,345
93,227 1,394.841 1,235,817
Duluth Winn & Pac September
141,731 104,470
415,323
327,548
Elgin Jolle., & East.. September 1,203,242 1,030,971 3,485,719 2,906,905
El Paso & Sou West September 1,177,525 820,519 3,405.965 2,383,289
Erie
September 6,395,011 6,253,665 19,398,952 17,872,558
Florida East Coast.. September
584,402 326.658 1.678,943 1,034,899
Fonda Johns & Glov September
87.003
79.929
276,954
246.149
Georgia Railroad September
326,519 278,947
885,395
703,912
Grand Trunk Pac 3d wk Oct 134,481 220,919 1.474.644 1,586,573
Grand Trunk Syst_ 4th wk Oct 1,841,092 1,535,958 22,364.884 18,355,559
Grand Trunk Ry. 3d wk Oct 965,879 793,629 16,514,963 13,352.608
Grand Trk West.. 3d wk Oct 185,718 177,917 2,974,156 2,498,478
Det Or H & Milw 3d wk Oct
75,626
68,127 1,060,581
963,954
Great North System October _ _ 8,202,406 8,985,580 31,907,946 28,888,368
Gulf & Ship Island.1September
171,725 153,163
506,816
439,025
Hocking Valley.. 'September
811,730 679,715 2,407,987 1,872,926
Illinois Central.. _ _ _1October.._ 6,555,665 6,093,006 25,353,269 22,258,258
Internat & Grt Nor September 1,080.448 871,897 2,794,516 2,129,646
Kansas City South_1September
974,791 870,730 2,860,375 2,509,492
Lehigh & Hud RiverlSeptember
476,376
189,526 160,884
599,991
Lehigh & New Eng.. September
873,601
265,582 283.590
725,979
Lehigh Valley
September 4,308,962 3,943,638 13.052,105 11,456.998
Los Angeles & s L.. _ISeptember
967.877 830,469 2,984,020 2,872,124
Louisiana & Arkans September
111,308 156,967
382,748
423,318
Louisiana Ry & Nay September
186,545 204,153
536.557
556,143
f _Louisville Nash_ 4th wk Oct 1,817,145 1,628,080 21,882,873 19,000,159
Maine Central
September 1,187.049 1.033,439 3.456.811 3,080,920
Maryland & Penn September
53.092
47.508
129,850
124,515
Midland Valley_
September
190.407 139,744
550,232
410,717
Mineral Range_ _ _ _ 4th wk Oct
33,137
29,104
388,510
362,370
Minneap & St Louis 4th wk Oct 267,146 255,330 3,824,219 3.592.026
Minn St P & 8 S M.4th wk Oct 991,059 1,132,780 12,465,120 11,472,549
Mississippi Central_ September
78,689
71,848
226,021
195,568
g Mo Kan & Texas_ 4th wk Oct 1,226,399 1,021,569 13,526,696 10,743,593
it Missouri Pacific September 6,198,550 5,227,705 18,093,652 15,102,364
Nashv Chatt & St L September 1,146,541 1,034,628 3,412,847 2.922,691
New York Central September 17889110 15419907 53,094,435 43,899,433
Boston & Albany September 1,886,667 1,580,438 5,600,998 4.641,485
nLake Erie & W_ September
678,663 616,508 1,983,667 1,681,059
Michigan Central September 4,096,868 3,342,318 12,027,532 9.635,588
Cleve C C & St L September 4,135,645 3,613.035 12,228,371 10,340,083
September
179,209 155,394
Cincinnati North.
530,246
444,304
Pitts & Lake Erie September 2,149,081 1,899,590 6.417,503 5,378,922
551.460 422.930 1,762,209 1,244,278
To! & Ohio Cent.. September
291,972 303,332
Kanawha & Mich September
912,679
871,638
Tot all lines above September 31858675 27353452 94,557.641 78,136,795
Latest Gross Earnings.
ROADS.
Week or
Month.
Current 1Previous
Year.
Year.
July 1 to Latest Date.
Current
Year.
Previous
Year.
$
$
Nevada-Cal-Oregon 4th wk Oct
182,722
171,442.
16,652
14,990
New Or! Great Nor_ September
464,261
432,731
143.248 143.041
N 0 Mobile dr Chic_ September
503,966
436,956
174,160 154,151
NY Chic & St Louis September 1,291,788 1,142,481 3,878.285 3,160,355
NYNH& Hartf_ _ September 7305,635 6.313,161 21,222,713 18.824,874
N Y Ont & Western September
770.850, 727,510 2,728,404 2.601,113
N Y Susq &
September
284.1371 356,255
Norfolk Southern_ _ September
423,814 350,826 1,231.836 1,028,736
Norfolk & Western_ September 5,122,182 4,789,627 15,310,316 13.986,463
Northern Pacific...._ September 7,576,477 6,768.189 21,349,766 18,194,302
Northwestern Paz_ September
468,552 416,063 1.502.423 1,335,397
Pacific Coast Co_ _ August
764.627 709,194 1.509.054 1,318,790
p Pennsylvania RR_ September 19969555 18151579 60,274.285 52,581.989
Bait Ches & Atl__ September
137.521, 103,414
470.048
410.623
Cumberland Vail. September
326,0271 299.679
905.082
821.030
Long Island
September 1,458,491 1.320,142 4,746.067 4.345.947
Mary'd Del & Va September
95,0931 88,315
317,349
308.671
N Y Phila & Norf September
423,971 344,737 1.423,793 1.207,431
Phil Bait & Wash September 2.230,243 1.924.605 6,718,272 5.750.218
W Jersey & Seash September
789,770 741,177 2,892,636 2.654,703
Pennsylvania Co __ _ September 6,950,912 6,333,729 21,147,973 17.753,424
Grand Rap & Ind September
550,277 500,361
Pitts C C & St L_ September 4,501,232 3,888,717 13:246:540 11,027,647
Vandalia
September
1,058,310 3,388,856 2.960,174
Total lines1.155.0981
East Pitts & Erie September 25795738 23294276 78,872,111 69,034,658
West Pitts & Erie September 13317347 11927129 39,895.361 33,624,554
All East & West_ September 39113085 35221405 118787472 102659212
Pere Marquette _ _ _ 2d wk Oct 470,490i 400,182 6.702,7951 5.713,282
Reading CoPhila dr Reading.. September 5,259,333 4,461,727 15,154,927 12.775,178
Coal & Iron Co September 3,701,312 2,125,238 9,329,290 5,916,450
Total both cos.. September 8,960,645 6,586.965 24,484,217 18,691.628
Rich Fred & Potom September
272,768 219.160
683.813
881,727
Rio Grande June__ _ July
86,129
86,129
76.558
76,558
Rio Grande South 4th wk Oct
202,152
17,112
204,291
17,400
Rutland
September
357,802 344,204 1,051,317
985,160
St Jos & Grand Isl.. September
207.333 141,983
579.618
387,635
St L 1.3rownsv & M. September
496.129
1.420,021
713.949
St L Iron Mtn & So September 3,156,085 2,515.292 9,174.814 7.555.860
St Louis & San Fran September 4,681,417 3,899,922 13,971.610 11,203.230
St Louis Southwest 4th wk Oct 502,000 414,000 5,015,198 3,954.955
Seaboard Air Line.... September 2,039.452 1.777.087 5.700,153 5.083,689
Southern Pacific_ _ _ September 15187750 13281718 44.607.020 39,452.778
Southern Railway.._ 4th wk Oct 2.340.148 1,976,729 25,583.110 22,566.139
Mobile &
4th wk Oct 359,541 362,650 3,985,833 3,800,344
Cin N 0 & Tex P 4th wk Oct 370,169 302.143 3.928,861 3,288,809
Ala Great South_ 4th wk Oct 209,787 209,225 1,951,969 1,699,123
Georgia So & Fla 4th wk Oct
85.787
883,756
768.988
67,670
Spok Port & Seattle September
502.082 466,787 1,490,906' 1,359.527
Tenn Ala & Georgia 4th wk Oct
3,671
2,003
40,652
26,618
Tennessee) Central _ September
152.031 148,578
447.347
416,666
Texas & Pacific_ _ _ _ 4th wk Oct 810.971 601.800 7,412,456 6,195,549
Toledo Poor & West September
104.367 111,951
305,042
314,596
Toledo St L & West 4th wk Oct 157,951 115,291 2,081,370 1,772.767
Trinity & Brazos V_ September
110,607
77,827
246,947
189,704
Union Pacific Syst_ September 10984591 9,152.464 31,006,397 25,445,393
Virginian
September
789,923 626,544 2,237,312 1.856.803
Wabash
September 3,309,717 2,875.797 9,584,563 8.111.536
Western Maryland.. 1st wk Nov 238,025 202,501 4,541,901 3,808,506
WesternRy of Ala.. September
119,742 114,524
318,822
302,357
Wheel & Lake Erie.. Septemoer
932,625 749.501 2.850,667 1.979.098
Yazoo & Miss Vail.. October
1,631,240 1,346,001 5,266,921 4,343.210
Various Fiscal Years.
Period.
Buffalo & Susquehanna RR_ _ _ _ Jan
Delaware & Hudson
Jan
Erie
Jan
New York Centra14
Jan
Boston & Albany
Jan
Lake Erie & Western_n
Jan
Mizhigan Central
Jan
Cleve Cinc Chic & St Louis_ Jan
Cincinnati Northern
Jan
Pittsburgh & Lake Erie
Jan
Toledo & Ohio Central
Jan
Kanawha & Michigan
Jan
Total all lines
Jan
New York Chicago & St Louis.. Jan
N Y Susquehanna & Western Jan
p Pennsylvania Railroad
Jan
Baltimore Chesap & Atlantic Jan
Cumberland Valley
Jan
Long Island
Jan
Maryland Delaw & Virginia_ Jan
N Y Philadelphia & Norfolk.. Jan
Phila Baltimore & Washing'n Jan
West Jersey & Seashore
Jan
Pennsylvania Company
Jan
Grand Rapids & Indiana
Jan
Pittsb Cinc Chic & St Louis.. Jan
Vandalia
Jan
Total lines-East Pitts & Erie Jan
-West Pitts &Erie Jan
-All lines IC & W.. Jan
Rio Grande Junction
Dec
Rutland
Jan
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
Current
Year.
Previous
Year.
Sept 30 $1,258,347 $1,054.468
Sept 30 19,859,130 17,029,732
Sept 30 55,512,502 47,486,599
Sept 30 150777294 119858422
Sept 30 15,963,900 12,760,992
Sept 30 5.451,514 4,447,199
Sept 30 33,929.514 26,193,642
Sept 30 34,384,547 27,382,343
Sept 30 1,425,455 1.151.783
Sept 30 17,894,537 12,416,866
Sept 30 4,515,840 3,316,342
Sept 30 2,735,792 2,197.456
Sept 30 267078393 209725045
Sept 30 11,402.223 8,842.060
Sept 30 3.075,291 2,994.825
Sept 30 171918479 140740994
Sept 30
897,381
930,310
Sept 30 2,684,033 2,213,017
Sept 30 11,453,407 10,398.947
Sept 30
682,046
687.345
Sept 30 3,899,794 3,073,681
Sept 30 18,804,621 15.466,835
Sept 30 6,232,332 5,432.925
Sept 30 56,762,183 42,969.648
Sept 30 4,403,561 3,925.618
Sept 30 37.609,614 29.466,258
Sept 30 9,606.227 8,117,171
Sept 30 219629644 181306449
Sept 30 109742879 85.642.533
Sept 30 329372523 266948982
July 311 610,0541 539,333
Sept 30 3.010,1671 2,618.502
AGGREGATES OF GROSS EARNINGS-Weekly and Monthly.
* Weekly Summaries.
•
Current
Year.
Previous
Year
Increase or
Decrease.
%
-
• Monthly Summaries.
Current
Year.
Previous
Year.
Increase or
Decrease.
$
Mileage.
Cur. Yr. Prev. Yr.
$
15,813,607 12.712,433 +3,021.174 23.62 January __-247.620
246.838 267.043.635 220,203.595 +46.840.040 21.27
22.632,906 18,169.117 +4,463,789 24.65 February __ _245,541 244,809 267.579,814
209,573.983 +58.005.85127.68
13,302,575 11,719,000 +1,583,575 13.51 March
247,363
246.548 296,830,406 238,098,843 +58.731.563 20.47
13,701,400 12,081,028 +1,620,372 13.41 April
246,815 245,773 288.453.700 237.512.648 +50.941.052 21.45
13,523,400 12,145,079 +1,378,321 11.34 May
248.006 247.189 308.029,096 244.580.685 +63.448.411 25.94
19,509,961 17,444,023 +2,065,938 11.27 June
226.752 225,803 285.149.746 237.612.987 +47.536.779 20.01
14,736,262 13.401.187 +1,335,075
July
244,249 243.583 308,040.791 263.944.649 +44.096.142 16.70
15.149,575 13,697,795 +1,451,780 9.96 August
245,516 244,765 333.460,457 278.787.021 +54.673,436 19.61
14,681,626 13,566,014 +1,115.612 10.60
September
86.182 84,3411 78,061.427 70.354.431 +7,706.996 10.95
.441 ..•nnl, 1-1.4.
nq mulcts
20.900.322 19,576.954 A...1..10.1 geta 8.22
a.7A
„
,
„
581 +4,848,692 6.27
a In-eft-ides Cleveland Lorain & Wheeling Ry. b Includes Evansville & Terre Haute. c Includes Mason City & Fort Dodge and the Wisconsin
Minnesota & Pacific. d Includes not only operating revenue, but also all other receipts. e Does not include earnings of Colorado Springs & Cripple
Creek District Ry. f Includes Louisville & Atlantic and the Frankfort & Cincinnati. g Includes the Texas Central and the Wichita Falls lines. h Includes the St. Louis Iron Mountain & Southern. 1 Includes the Lake Shore & Michigan Southern Ry., Ohicago
Indiana & Southern RR. and Dunkirk
Allegheny Valley & Pittsburgh RR.• n Includes the Northern Ohio RR. p Includes the Northern Central. • We no longer
include the Mexican roads
In any of our totals.
38
4th
1st
2d
3d
4th
1st
2d
3d
week Aug. (35 roads)....__
week Aug 35 real _ ___
week Sept 35 roads ____
week Sept 30 roads ____
week Sept 30 roads)____
week Sept 35 roads)____
week Oct 35 roads)__
week Oct r4 roads)..___
week Oct 33 roads)......_
ME CHRONICLE
1784
[VOL. 103.
Latest Gross Earnings by Weeks.-In the table which ELECTRIC RAILWAY AND PUBLIC UTILITY COS.
follows we sum up separately the earnings for the fourth week
Jan. 1 to latest date.
Latest Gross Earnings.
of October. The table covers 33 roads and shows 6.74%
Name of
Previous
Current
Previous
Current
or
Week
Company.
or
Road
year.
last
week
same
the
over
increase in the aggregate
Year.
Year.
Year.
Year.
Month.
......
Increase. Decrease.
1915.
1916.
Fourth week of October.
$
209,787
Alabama Great Southern
82,900
Ann Arbor
414,380
Buffalo Rochester & Pittsburgh
' 1,172,000
Canadian Northern
4,170,000
Canadian Pacific
1,397,714
Chesapeake & Ohio
434,164
Chicago Great Western
230,764
Chicago Ind & Louisville '
370,169
Chic New Orl & Texas Pacific.. _
533,449
Colorado & Southern
849.200
•
Denver & Rio Grande
61,600
Denver & Salt Lake
36,238
Detroit & Mackinac
118,345
Duluth South Shore & Atl
85,787
Georgia Southern & Florida.. _ _ _
Grand Trunk of Canada
Grand Trunk Western
1,841,092
Detroit Or Hay & Milw_ _ _ _
Canada Atlantic
1,817,145
Louisville & Nashville
33,137
Mineral Range
267,146
}
Minneapolis & St Louis
Iowa Central
991,059
Minneapolis St Paul & 8 S M__
1,226,399
Missouri Kansas & Texas
359,541
Mobile & Ohio
16,652
Nevada-California-Oregon
17,112
Rio Grande Southern
502,000
St Louis Southwestern
2,340,148
Southern 'Railway
3,671
Tennessee Alabama & Georgia..
810,971
Texas &Pacific
157,951
Toledo St Louis & Western_ _ _ _
349,801
Western Maryland
$
209,225
74,842
363,470
1,271,400
4,340.000
1,422,325
359,053
222,790
302,143
519,870
826,800
74,742
31,904
93,227
67,670
$
$
562
8,058
50,910
99,400
170,000
24,611
75,111
7,974
68,026
13,579
22,400
13,142
4,334
25,118
18,117
1,535,958
305,134
1,628,080
29,104
255,330
189,065
4,033
11,816
1,132,780
1,021,569
362,650
14,990
17,400
414,000
1,976,729
2,003
601,800
115,291
289,809
141,721
204,830
3,109
1,662
288
88,000
363,419
1,668
209.171
42,660
59,992
20,900,322 19,576,954 1,775,639
1.:123.3118
Total (33 roads)
Net, irwroass IR 74or'..1
452,271
Net Earnings Monthly to Latest Dates.-The table
following shows the gross and net earnings with charges and
surplus of STEAM railroads and industrial companies reported this week:
Roads.
--Net Earnings
-Gross Earnings
Previous
Current
Previous
Current
Year.
Year.
Year.
Year.
Chic Rock Isl & Pac b__Sept 7,203,318 6,325,589 2,554,321
20,815,410 17,901,653 6,970.673
July 1 to Sept 30
Denver & Rio Grande368,737
680,626
Western Pacific b_ _ _ _Sept 833,389
July 1 to Sept 30
2,413,148 2,105,669 1,049,414
Sept 8,072,261 7,862,037 3,907,349
Great Northern b
July 1 to Sept 30
23,705,541 19,882,788 11,359,853
Sept 1,004,366 1,023,357 1316,527
Mimi & St Louisa
2,827,605 2,638,696 1839,005
July 1 to Sept 30
Missouri Pacific and
St L Iron Mt & So a_ _Sept 6,198,550 5,227,705 1,621,001
July 1 to Sept 30
18,093,652 15,102,364 4,394,508
112,652
709,194
Aug 764,627
Pacific Coast
172,232
July 1 to Aug 31
1,509,054 1,318,790
979.450
St Louis Iron Mt & So a Sept 3,156,085 2,515,292
9,174,814 7,555,860 2,576,172
July 1 to Sept 30
St L & San Fr Syst_b_ _Sept 4,681,417 3,899,922 1,733,841
13,971,610 11,203,230 4,519,658
July 1 to Sept 30
598,080
Sept 1,783,298 1,518,083
Texas & Pacific b
5,016,880 4,413,323 1,674,931
July 1 to Sept 30
457,368 3153,529
Toledo St L & West_ a_ _Sept 508,059
1,518,640 1,298,402 3482,969
July 1 to Sept 30
Fixed
Net after
Gross
Taxes.
Charges.
Earnings.
3
$
$
22,977
19,211
111,308
Louisiana & Ark.._ _Sept '16
27,786
51,160
'15
156,967
101,433
70,515
382,748
3 mos '16
122,116
80,671
426,318
'15
Fixed
Other
Gross
Net after
Gross
Charges.
Income.
Earnings. Taxes, &c. Income.
1,637,302
4,032,524
258,329
825,912
4,487,616
10,230,910
1389,067
f823,951
1,217,411
3,309,416
166,204
267,526
614,721
1,858,237
1,198,768
3,554,076
364,222
1,112,197
s133,006
3365,676
Balance,
Surplus.
$
def3,766
23,374
30,91S
41,445
Balance,
Surplus.
Rio Grande Southern2,011
16,419
18,430
18,371
59
54,409
Sept '16
17,282 def5,422
11,860
67
11,793
52,605
'15
667
46,763
49,055 def2,292
46,096
3 mos '16
147,097
51,713 def25,581
26,132
'15
776
143,538
25,356
Charges . Balance,
Total
Other
Net
Gross
Income. & Taxes. Surplus.
Earnings. Earnings. Income.
$
Bangor &Aroostook62,749
179,956
117,207
27,277
356,660
152,679
Sept '16
89.507
115,645 def26,138
12,526
'15 271,055
76,981
350,139 def10,968
91,611 .339,171
3 mos '16 825,108
247,560
346,844 def121,788
51,414
225,056
173,642
'15 738,692
a Net earnings here given are after deducting taxes.
b Net earnings here given are before deducting taxes.
I After allowing for other income, operating income for Sept. 1916 was
$301,987, against $363,152; from July 1 to Sept. 30 was $781,204 in 1916,
against $745,825 last year.
s After allowing for miscellaneous charges to income for the month of
Sept. 1916, total net earnings were $132,998, against $106,942 last year, and
for the period from July 1 to Sept. 30 were $388,366 this year against
$257,547.
EXPRESS COMPANIES.
-Adams Express Co.- American Express Co.
-Month of July- -Month of July
1916.
1915.
1915.
1916.
Total from transportation__ _ 3,700,651 3,009,118 5,131,671 4,346,539
1,772,847 1,532,653 2,565,497 2,186,999
Express privileges-Dr
Revenue from transport'n_ 1,927,803
53.380
Oper. other than transport'n.
1,566,465
47,916
Total operating revenues- 1,981,184
1,864,631
Operating expenses
1,614,381
1,449,592
Net operating revenue.. _ _ _
Uncollectible rev,from trans.
Express taxes
Operating income
116,553
259
19,794
164,789
280
15,600
96,499
148,907
$
$
$
$
279,041
281,071
36.528 35,132
Atlantic Shore Ry___ September
cAur Elgin & Chic By September 183,594 168,334 1,537.671 1,431,020
605,775
584.204
74.833 71,400
Bangor By & Electric September
137,026
154,298
17,285 16.446
Baton Rouge Elec Co September
505,432
516,622
_ _ 52,545 63,953
BeltL RyCorp(N YC)
698,780
August747,306
90,490 88,744
Berkshire Street By.. September
Brazilian Trac, L & P September 1692000016494000 161249,000 157457,110
89,774
95,354
12,497 12,040
Brock & Plym St Ry_ September
Bklyn Rap Tran Syst August ___ 2663,727 2464,774 19,523,280 18,184,603
33,804 33,639
353,782
282,010
Cape Breton Elec Co September
785,034
912,304
Chattanooga Ry & Lt September 105,056 94,588
Cities Service Co___ September 722.055 349,456 6,088,223 3,045,477
217,279
24,761 24.681
206,338
Cent Miss V El Prop..'September
322,121
351,576
43,680 40,982
Cleve Painesy & East September
920,132
994,000
Cleve Southw & Col_ September 117,313 109,293
Columbia Gas & Elec September 606.750 540,312 6,506,647 5.889.723
516,485
625,163
77,658 61,827
Columbus(Ga) El Co September
Colum (0) Ry,P & L September 289,975 266.435 2,576,538 2,263,701
g Com'w'th P.Ry & L September 1434.201 1211,588 12,260.282 10,414.249
September 847,872 754,082 7,186,359 6,125,219
Connecticut Co
Consum Pow (Mlch)_ September 383,138 319,695 3,372,684 2.753,138
Cumb Co(Me)P & L September 270,012 249,418 2,139.422 1,972,111
Dallas Electric Corp.. August ..__ 149,870 147.944 1,240.152 1,165,445
756,148
Dayton Pow & Light September 127,369 87,371 1,138,385
September 781.994 601.630 7.056.249 5,427.526
gDetrolt Edison
Detroit United Lines. September 1433,414 1196,491 11,855,846 9,707,142
320,011
321,235
DDEB& Batt(Rec) August ___ 32,267 41,087
845,964
Duluth-Superior Trac September 119,382 95.646 1,023,445
East St Louis & Sub_ September 260,888 206,405 2,181,019 1,786,250
510,566
604,851
72,388 68,914
Eastern Texas Elec September
702,128
788,501
92,265 78,367
°NI Paso Electric Co_ September
42d St M & St N Ave August ___ 123,356 157,783 1,267,538 1,281,191
Galv-Hous Elec Co.... September 159,845 163,019 1,426.438 1,430,497
g Georgia By & Pow_ August ___ 570,226 498,869 4,548.368 4.170,522
868,295
971.822
Grand Rapids By Co September 111,638 100,771
Great WestPow syst_ September 306,053 240,921 2,731,806 2.128,644
612.122
664,848
Harrisburg Railways August-- _ 60.893 76,247
Havana El Ry,L & P September 507,562 443.502 4,407.453 4,108,935
384,464
427,358
__ 53.869 47,745
Honolulu It '1' & Land
203,894
244,575
26,730 23,389
AugustHoughton Co Tr Co.. September
b Hudson & Manhat_ September 475,988 435.780 4,331,853 4,059,521
September 1032,567 953,079 8,799,780 7,991,352
Illinois Traction
Interboro Rap Tran. August _ 2731,984 2445,850 24,441,473 22,057,677
457,359
466,870
50,147 46,942
Jacksonville Trac Co_ September
171,174
178,138
20,418 20,301
Keokuk Electric _ _ _ _ September
83.575
10.495
September
86,849
9.183
Key West Electric_
Lake Shore Elec Ry_ September 152,530 126,284 1,207,013 1,032,334
Lehigh Valley Transit September 234.155 204.423 1,860.541 1,520,918
558,761
606,217
78.549 73,130
Lewist Aug & Watery September
174.859
167,772
28,623 29,855
Long Island Electric_ August ___
Louisville Railway.... September 226,330 251,593 2,297,435 2.192,296
Milw ELIty & Lt Co.. September 558,029 490,241 5,073,811 4,328,917
Milw Lt, Ht & Tr Co September 169,704 137,752 1,360,228 1,105,074
708,792
Monongahela Vail Tr September 123,673 87.812 1.100,121
Nashville By & Light September 206,901 184,243 1,760,147 1,564,643
680.648
780,825
Newp N &II Ry,0&E September 102,197 88,472
455,202
467,468
N Y City Interboro August ___ 44,738 55,506
286,691
41.951
272.284
N Y & Long Island.... August ___ 37,581
N Y & North Shore.._ August ___ 13,556 15,792 106,420 108,991
915,218
966,991
N Y & Queens Co_ _ _ August ___ 121,112 125,843
New York Railways.. August.... 1101,557 1136,931 0,033,988 8,852,329
N Y & Stamford By.. September 31,411 37,310 285,407 294.626
N Y State Railways., August _ _ 688,446 611,985 5.520,737 4,775,977
349,646
402,949
50,689 41,653
N Y Westehes & Bos_ September
116,290
132.248
_
16,296 17,119
Northampton Trac August
Nor Ohio Trac & Lt_ September 446,667 340,918 3,780,743 2,829,360
North Texas Electric September 161,045 142,738 1.378,543 1.229,066
114.993
114,583
Ocean Electric (L I).. August __ 32,225 33,090
September 1563,418 1558,689 13,791,628 13,723,761
Pacific Gas & Elec
Pac Lt & Pow Corp.._ September 292,148 254,276 2,432.630 2,161,135
209,867
230.141
26,020 23,864
gPaducah Tr & Lt Co September
188,204
23,920 22,013
210,665
Pensacola Electric Co September
Phila Rapid Transit_ September 2226,060 2,009979 20,013,193 17,746,128
338.989
380,284
47,652 42,316
Philo, & Western Ry_ September
Port(Ore)Ry,L&PCo September 453,731 454,856 4,031,428 4,120,018
g l'uget Sd Tr,L & P_ August...... 671.861 606,220 5,180,552 4.964,860
g Republic Ry & Lt September 334,444 266.302 2,930.648 2.234,921
September 515,820 474.910 4,401.082 3.754,679
_
Rhode Island
269,700
273.286
39,002 45,839
& RR.. August ___
Richmond Lt Co933,760
997,556
St Jos Ry, L. 11 & P.. September 109,213 105,440
356.513
307,718
Santiago Eke Lt & Tr August ___ 45,199 39,182
526,884
528.491
Savannah Electric C. August ___ 69.892 65,768
578,070
582,609
Second Avenue (Rec) August ___ 80,299 83,523
151,198
141,613
13,567 20,590
Southern Boulevard.. August ___
Southern Cal Edison_ September 411,482 422,332 3,699,852 3.569,969
234,143
225,802
Staten IsI'd Midland_ August _ __ 35,020 44,138
726,779
712,405
79.286 78,750
Tampa Electric Co September
August......265,147 327,058 2,671.912 2,547,518
Third Avenue
269,489 262,357 8,433,652 7,814,422
Twin City Rap Tran_ 4th wk
_ 207,322 251,422 1,912,140 1,854,357
Union By Co of NYC August
Virginia By & Power September • 481,231 452,005 4,326,526 3.820.47.7
012.465
677,495
Wash Halt & Atinap_ September 88,718 76,671
356,690
Westchester Electric_ August ___ 39,660 57.293
391,793
110.477
181,107
18,372 23.397
Westchester St RR _ _ September
a West Penn Trac Co September 545,124 439,014 4,581,573 3,686,887
481,076
488,708
Yonkers Railroad_ _ _ August __- 47,724 61,127
597.393
710,157
September
York Railways
80.579 72.186
251,084
214.383
30,239 25,963
Youngstown & Ohio_ September
119.148
196.087
17.684 17.186
Vntincratclurn Ar SInnth Ancniat
c 1ti,,se figures are for muff() b Represents Income from all
dated company. f Earnings now given in milrels. g Includes constituent
companies
Electric Railway and Other Public Utility Net Earnings.-The following table gives the returns of ELECTRIC
railway and other public utility gross and net earnings with
charges and surplus reported this week:
-Gross Earnings
---Net Earnings
Current
Previous
Previous
Current
Year.
Year.
Year.
Year.
X
• 63,051
39,816
517,022
British Columbia El.... _ _Sept 540,440
86,393
200,384
1,629,026 1,534,871
July 1 to Sept 30
672,461
128,896
130,894
Central Union Teleph_ _Sept 762,776
978,420
6,580,610 5,820,437 1,295,478
Jan 1 to Sept 30
368,286
348,455
Sept 1,654,157 1,482,668
Chicago Telephone
14,561,490 12,976,247 3,304,621 2,987,022
Jan 1 to Sept 30
42,389
186,691
34,877
Cleveland Telephone.... _Sept 225,523
1,908,904 1,603,356 3,796,651 3,722,557
Jan 1 to Sept 30
112,595
549,346
83,507
Michigan State Teleph_Sept 626,942
955,674
893,728
5,428,006 4,754.582
Jan 1 to Sept 30
92,733
366,069
91,752
Missouri & Kansas Tel_Sept 418,453
2,566,174 2,159.540
761,665
792,487
3,547,263 3,190,461
Jan 1 to Sept 30
237,840
211,761 New Eng Tel & Tel_a.._Sept 1.777,654 1,581.414
342,472
376,244
15,342,729 13,799,626 3,439,897 3,094,496
Jan 1 to Sept 30
2,804,015 2,371,301 Pacific Tel & Tel_ a _ _ _ _Sept 1,756,873 1.625,198
370,916
378,473
2,601,884 2,081,972
14,994,105 14,197,034 3,364,839 3,335,971
Jan 1 to Sept 30
29,717
32.490
64,879
60,313
Porto Rico Railways_ _Sept
311,163
273,406
560,187
627,904
Jan 1 to Sept 30
202,130
289,329
894
637 Western Union Tel
Sept 5,538.603 4,652,327 1,34:4.073 1,322.644
39,335
35.422
44,571,020 37,131,345 12,197,954 10.096.460
Jan 1 to Sept 30
105,576
86,647
364,197
Wisconsin Telephone__ _Sept 395,294
850,162
3,482,700 3,198,370 1,001,831
Jan
to
1
30
161,900
ffept
253,268
Net, after
Gross
Taxes.
Earnings.
Aurora Elg & Chic_Sept '16
'15
3 mos '16
'15
Cleve Painesv & E Sept '16
'15
9 mos '16
'15
Sept '16
Havana El By,
'15
Lt & Power
9 mos '16
'15
Internet Trac Co...Sept '16
'15
Lake Shore El By Sept '16
'15
9 mos '16
'15
Milw Elec Ry & Lt.Sept '16
'15
9 mos '16
'15
Milw L, H & Trac_Sept '16
'15
9 mos '16
'15
Portsmouth St RR_Sept '16
'15
12 mos '16
'15
Sept '16
United States
'15
Public Service
12 mos '16
'15
MI
Hudson Valley Ry3 mos Sept 30 '16
'15
183,594
168,334
590,839
545,797
43,680
40,982
351,576
322,121
507,562
443,502
4,407,453
4,108,935
673,781
599,338
152,530
126,284
1,207,013
1,032,334
558,029
490,241
5,073,811
4,328,917
169,704
137,752
1,360,228
1.105,074
29,744
20,812
293,608
246,241
91,498
78,028
1,043,585
892,143
Gross
Earnings.
288,282
226,292
Fixed
Charges.
Balance,
Surplus.
35,935
22,764
58,699
16,663
36,711
53,374
103,191
211,177
107,986
79,687
189,445
109,758
7,043
18,497
11.454
9,392
20,366
10,974
52,199
102,552
154,751
46,960
98.758
145,718
129,254 z201,587
320,001
106,838 x161,344
260,130
2,714,827 1,154,656 x1,660,100
2,425,096
977,166 z1,524,847
173,185
291,637
118,452
123,134
155,511
278,645
36,334
63,378
27,044
49,573
13,446
36,127
453,884
126,578
321,306
361,191
36.358
324,833
63,746
x81,632
139,466
142,158
67,043
x77,887
592,787 x814,810
1,357,161
609,367 z562,323
1,150,395
57,245
51.842
x39,67655,267
x34,991
45,143
512,549 z296,899
403,743
504,559 x247.965
346,980
2,500
13,351
15,851
5,262
2,500
7,762
103,277
30,000
133,277
69,145
23,356
92.501
29,128
13,312
42.440
22,952
13,130
36,082
306,936
157,301
464,237
218,822
153,262
372,084
Fixed Chgs. Balance,
Net
Surplus.
Earnings. & Taxes.
113,376
86,644
89,670
88,446
z24,559
zdef75
after deducting taxes.
a Net earnings here glVen are
b Not earnings hero given aro before deducting taxes. •
x After allowing for other income received..
ANNUAL REPORTS
Annual Reports.-An index to annual reports of steam
railroads, street railways and miscellaneous companies which
have been published during the preceding month will be
given on the last Saturday of each month. This index will
not. include reports in the issue of the "Chronicle" in which
it is published. The latest index will be found in the issue
of Nov. 4. The next will appear in that of Nov. 25.
Virginian Railway.
(Income Statement for Fiscal Year ended June 30 1916.)
The annual report for the fiscal year ending June 30 1916
will be published in full another week.
1912-13.
1913-14.
1914-15.
1915-16.
503
503
504
505
Average miles operated_
Operating revenues_ _ _ - $7,390;382 $5,820,406 $6,340,079 $5,842,584
3,376,852 3,533,220
3,374,156
Operating expenses_ __ _ 3,844.626
Net earnings
Taxes
$3,515,756 $2,443,554 $2,806,859 $2,468,428
214,300
257,195
253,336
286,100
Operating income____ $3,259,656 $2,190,218 $2,549,664 $2,254,128
340,824
349,598
213,460
Miscellaneous income__
316,008
Total income
Interest charges
Rents, &c
2,603,726
$3,575,664 $2,403,678 $2,890,488
$1,463,701 $1.426,554 $1,380,196 $1,364,050
221,241
249,439
239,203
243,706
$737,921 $1,260,853 $1,018.435
$1,868,254
Balance, surplus
IIIISee map in "IV. and Ind. Section" on page 131.- V.103,0.494, 408.
Colorado & Southern Railway.
(17th Annual Report-Year ended June 30 1916.)
The text of the report,submitted by President Hale Holden,
will be found on subsequent pages, together with the income
account, general balance sheet, &c.,for the late fiscal year.
Lines Included.-The Colorado & Southern Lines embraced In the statistics herewith aro as follows: Colorado & Southern Ry., Colorado RR.,
Denver & Interurban RR., Colo. Springs & Cripple Creek Dist. By., Fort
Worth & Denver City Ry., Wichita Valley Ry., Wichita Falls & Oklahoma
fly. Wichita Valley RR., Stamford & Northwestern Ry., Abilene & Northern Ey., Fort Worth & Denver Terminal By.
Securities Owned or Controlled by Col. & So. Ry. Co.(Par Value) June 30 1916.
b Mortgage Bonds (Total, $8,069,880).
& Capital Stock (Total, $14,930,116).
$2,233,100 Colorado RR
$2,233,000
Colorado RR
1,250,000
Denver dr Interurban RR_ - - _ 100,800 Denver & Interurban RR_
Wichita Valley RV
769,000
Colorado Springs dr Cripple
Wichita Falls & Okla. Ry_._ 257,000
Creek District fly.
1,199,100 Wichita Valley RR
744,000
Common
500,000
&
Abilene
Northern RY
516,000
Preferred
Stamford & Northwestern__
1,872,880
Ft. Worth & Deny. City Ry.* 9,361,016
1,019,100 Ft. Worth dr Deny.Term, Ry_ 428,000
Wichita Valley RY
22,100 c Centfs. ofIndebtedness (Tot.$502,796)
Wichita Falls & Okla. Ry_ _ _
60,100 Col.Spgs. & Cr. Crk.Dlit. Ry- $33,879
Wichita Valley RR
39,100
do
do
do
do
Ry
Abilene & Northern
169,000
81,600 Ft. Worth & Denver City Ry.. 299,917
Stamford & Northwestern Ry_
14,100
Ft. Worth & Deny.Term, Ry_
"stamped."
a Including $2,539,992
OPERATING STATISTICS-COLORADO & SOUTHERN LINES.
1915-16.
1914-15.
1913-14.
1912-13.
1,836
1,840
Average miles operated..
1,867
1,850
Operations2,791,690 2,937,796
Revenue pass. carried__ 2,800,934
2,918,605
mile_
_131,811,900
125,547,363 128,816,949 132,844,931
Rev, pass. carr. 1
2.56 cts.
2.62 cts.
2.60 cts.
2.56 cts.
Rate per pass. per mile_
7,409,361
6.449,670 6,124,647
7,452,941
Revenue freight (tons)_
Rev, freight (tons) 1 m-1187559028 983,465,174 876,128,356 148,168,819
0 eta,
1.03138c03
1.033 cts. 0.944 cts.
Rate per ton per mile__ _ 0.958 cts.
389.02
Av.rev.train-load (tons)
321.78
291.80
$1.39
$1.48
$1.30
p.32
Earns. per pass. tr. mile
13.72
$3.12
$3.02
.04
Earns, per fr't tr. mile- $8,557
$7,701
$7,083
$ ,152
Operating revs. per mile
1785
THE CHRONICLE
Nov. 111916.1
REVENUES,EXPENSES, &c.-COLORADO & SOUTHERN LINES.
1912-13.
1913-14.
1914-15.
Operating Revenues- 1915-16.
$11.371,287 $9,960,044 $9,053,885 $10,836,134
Freight
3.394,074
3,378,626 3,294,688 3,345,489
Passenger
x847.469
x823,363
918,246
957,393
Mail, express and misc..
Total oper. revenue._ _$15,707,311 $14,172,978x$13,222,737x$15.077,677
Operating ExpensesMaint. of way & struc__ $2,003,136 $1,741,313 x$1.818,146 x$1,905,988
Maint. of equipment___ 2,775,182 2.723,292 x2.184,784 x3,111,513
Transportation expenses 4,443,906 4,908,458 x5,055,016 x4,901,494
230,407
216,445
215,497
204,168
Traffic expenses
x471,611
441,091
x473,560
474,026
General expenses
(a)
(a)
81,225
78,191
Miscellaneous
Total oper. expenses_ $9,978,609 $10,110,875 x$9.746.002x$10,622,962
Net operating revenue... $5,728,702 $4,062,103 x$3,476,735 x$4,454,715
x16,956
x24,804
Net-Outside oper., Dr.
638,450
520,546
616,536
736,137
Taxes, &c
$4,992,565 $3,445,566 $2,821,328 $3,909,364
Operating income..
Income fromx844,278
x262,4881
482,460
521,521
Rents
627,915J
172,812
75,507
Miscellaneous interest
Gross corporate Inc $5,589,594 $4,100,838 x$3,711,731 x$4,753,642
DeductInterest on bonds, &c $2,863,099 $2,842,249 $2,853,001 $2,875,483
60,826
61,030
61,383
70,293
Sinking funds
x141,920
x177,663
561,127
352,873
Rents
214,152
10,337
82,312
145,627
Miscellaneous
280,220
Additions & betterments
500,000
Misc. approp. of inc.....
(2%)170,000 7
0)340,000
First pref. dividends__ _(2%)170,000
(2%)170,000 4%3340,000
Second pref. dividends_
4%3310,000
Common dividends_ _ _ _
Total deductions_ _ _ _ $4.387,119 $3,547,071 x$3.615,846 x$4.078,566
$553,767
$65,885
$1,202,415
Balance, surplus
$675.076
x Comparison with item so mirkel in earlier years Is inaccurate, due to
changes made in later years, the final results, however, remain unchanged.
Note.-The company is also responsible for one-half of the deficit from
operations of the Trinity & Brazos Valley By., amounting to $56,103 in
1915-16, against $21,797 In 1914-15.
BALANCE SHEET JUNE 30-COLORADO & SOUTHERN R Y.
1915.
1916.
1915. '
1916.
$
AssetsLiabilities$
Road & equlp't_111,272,558 110,951,698 lst pref stock__ 8,500,00(3 8,500,000
2d pref. stock__ 8,500,000 8,500,000
Inv. In affll.cos.:
446,223 Common stock.. 31,021,481 31,021,484
448,910
Stocks
8,257,121 10,203,493 Mtge. bonds_ __a61,424,900 61,490,900
Bonds
Equip. tr. obits_ 1,150,000 1,401,000
1,943,377
Notes
334,186
415,330
14,996 Traffic,&c.,baLs.
30,282
Advances... _ _
825,281 1,018,844
Accts. dr wages..
1,435,038
1,434,948
investm'ts
Other
84,660
109,996
18,158 Matured Int.,&c
26,340
Phys. prop., drc.
32,617
69,659
3,641,772 1,561,711 Misc. accounts_
Cash
632,732
803,740
85,813 Accrued int.,&c.
116,982
Special deposits.
463,169
515,781
7,850 Accrued taxes._
7,950
Loans dr bills rea
271,403 Accrued deprec_ 4,730,990 3,919,527
326,070
Trafflc,drc.,bals.
91,709
110,212
165,801 UnadJ.,&c„accts
197,959
Agts. & conduc_
331,603 Add'ns to prop.
476,153
Miscellaneous...
inthrough
1,227,007
1,231,234
supp
&
Material
299,381
come, &c_ _ 6,488,792 6,208,571
280,387
Dlsc.of.fund. d't
Reserves from
Unadjusted,&c.,
104.364
102,429
Inc. or surplus 2,501,397 1,433,627
accounts __
Profit and loss__ b2,630,915 1,962,574
Total
129,798,511 127,128,599
Total
129,798,511 127,128,599
a Includes in 1916 C. & S. 1st M.4s, $19,402,000, and Ref. & Extension
M. 43,5s, $30,803,900.• C. S. & C. C. D. 1st M. 5s, $1,364,000, and 1st
Consol. M. 5s, $1,37000; F. W. & D. C. 1st M.6s, $8,176,000, and Ft.
W.& D.T. 1st M.Os, $300,000.
b After deducting dividend appropriations of surplus, $264; miscellaneous appropriations of surplus, $500,000 and miscellaneous (net) aggregating $33,843.-V. 103, p. 1687, 1117.
Missouri Kansas & Texas Railway.
(Report for Fiscal Year ending June 30 1916.)
Receiver C. E. Schaff, St. Louis, Oct. 15, wrote in subst.:
Results.-The undersigned was appointed receiver of the properties, effective at midnight Sept. 26 1915. This report is issued to preserve the
continuity of the annual reports and it shows the usual statistical figures
for the fiscal year ended June 30 1916, embracing in all 3,865 miles of road,
of which 329 miles, the Wichita Falls & N. W. By., is not in receivership.
Toe results for the year (intercorporate items excluded) snow tnat operating revenues decreased $413,251, or 1%, while operating expenses increased $2,826,753, or 12%, so that the net operating revenue suffered a
decrepse of S3.240,004, or 33%. Miscellaneous inco_ne, on tne other aand,
Licreased $149,975, or 70%, but taxes were Increased $322,296 (24%), and
in consequence, although rentals and other payments decreased $168.585,
or 20%.the income available for interest indicates a decrease of $3,243,741.
or 41%. The interest accrued during the year amounted to $6,585,127
(increase $104.662,or 2%),and the net loss for the year, therefore, amounted
to $1,873,417.
Int. and Sinking Funds Matured During Rxelvership but Not Paid June 30'16
(1) Interest ($3,594,262, out of $6.585,127 accrued)M. K. & T. Ry. Co. 1st M. Ext. bonds, duo Nov. 1 1915 and
$162,650
May 1 1916
Sherman Shreveport & Southern By. Co. 1st M. oonds, due
84,450
Dec. 1 1915 and June 11918
M. K. & T. By. Co. 2-year Gold Notes extended, due Nov. 1
1,140,000
1915 and May 1 1916
231.472
M. K.& T. By. Co. Gen. M. bonds, due Jan. 1 1916
22,290
Southw. Coal & Impt. Co. 1st M. bonds, due Jan. 1 1916
400,000
M. K. & T. By. Co. 2d M. bonds. due Feo. 1 1916
50.000
Kansas City & Pacific Ry. Co. 1st M. oonds, due Feb. 1 1916*due Mar. 1 1916
58,675
Texas & Oklaooma RR. Co. 1st M. bonds, d
199.840
M. K.& T. Ry. Co. 1st & Ref. M. bonds, due Mar. 1 1916 __
112,625
M. K. & T. Ry. Co. of Texas 1st M. bonds, due Mar. 1 1916*_
M. K. & T. Ry. Co., St. Louis Div.. 1st M. Ref. bonds, due
38,480
April 1 1916
100,000
M. K. & Eastern Ry. Co. 1st M. minds. due April 1 1916*-- _ _
1.450
M. K. & Eastern Ry. Co. 2d M bonds, due April 1 1916
19,140
Boonville RR. Bridge Co. 1st M. bonds, due May 1 19160
33,500
Dallas & Waco RR. Co. 1st M bonds, due May 1 1916
136,700
M. K. & Oklahoma RR. Co. 1st M. bonds, due May 1 1916
799,990
M. K. & T. Ky. Co. 1st M. bonds, due June 1 1916
(2) Sinking FundsWichita Falls & Southern Ry. Co., due Jan. 1 1916
Soutnwestern Coal & Improvement Co., due Jan. 1 1916
Missouri Kansas & 'iexas Ry. Co. Gen. M., duo Jan. 1 1916..
$3,594,262
$3,900
17,328
461,852
Paid and to be paid after June 30 1916.
Operations.-Freight traffic revenues decreased $699.611, or 3%. The
entire decrease is more than covered by the loss in cotton movement, due
to crop shortage in Texas and Oklanoma, where the production was about
two-thirds of toe crop of the previous year. Tne production of crude
petroleum was largely reduced, and the movement was further affected by
the completion of additional pipe lines into tne Oklahoma field.
Passenger traffic revenues increased $255,187, or 3%.
Traffic was interrupted and operating expenses increased during the year
by heavy rainfalls and floods which prevailed at intervals over practically the entire line.
1786
THE CHRONICLE
Msg. ira.
While operating revenues decreased $413,251, or 1%, transportation
CONDENSED GENERAL BALANCE SHEET JUNE 30.
expenses decreased $856,555, or 7%. The operating ratio was 79.40%.
1916.
1913.
1916.
1915.
against 69.81% for the previous year, the increase being mainly due to
AssetsLiabilities-$
$
3
$
the larger expenditures made for maintenance of roadway, structures and Road & equip_a227,965,437
225,798,238 M.K.&T.com.stk 63,300,300 63,300.300
equipment. The transportation ratio was 34.42%, against 36.15%.
Secur. pledgedM.K.&T.pfd.stk. 13,000,000 13,000,000
Financial.-An issue of $1,750,000 San Antonio Belt & Terminal Ry. Co.
Prop.,&c.,cos.
955,907
955,907
Stock
of sub. cos
26,700
26,600
3-year notes was sold, the proceeds of $1,200,000 of said notes becoming
Iss'd or assum 30,292,000 30,292,000 Funded debt___174,730,400 173,341,500
immediately avallaole for construction and for the payment of obligations Misc.
investm'ts
961,514
953,006 Loans&bills pay. 2,012,750 2,809,948
incurred in land purchases, and the proceeds of the remaining $550.000 are Special deposits.
742,682
23,041 Traffic,&c.,bals.
770,888
559,114
deposited with the trustee and will become available as and when approved Cash
1,039,161 Vouch.& wages. 5,106,092 3,793,844
by the Railroad Commission of' Texas. These notes are guaranteed, prin- Loans & bills rec b1,628,653
3,838
11,842 Matur.int., &c.. 4,511,834
672,887
cipal and interest, by the receiver of the M. K. & T. Ry. of Texas and Traffic,&c
,bals.
302,278
277,756 Mtge. accounts..
756,191
136,236
receiver of M. K. & T. Ry. Ground was broken for these freight and pas- Miscellaneous... 1,882,635
1,677,735 Unmatured Int.,
senger terminals May 11 1916 and_the work will be hurried as much as Agents, &c
297,656
316,139 &c
1,287,788 1,219,468
practicable. (V. 102, p. 1718.)
Mater. & supp.. 3,831,944 2,492,828 Taxes accrued....
445,834
401,627
There were also issued $597.900 American Locomotive Co. rental Securs. in
treas..
366,945
324,429 Res've for abanpurchase 6% obligations, due serially.
int.,
doned prop'y_
175,701
Outstanding securities were decreased as follows: M. K. & T. Ry. Co. Unmatured
diva., &c
11,863
62,079 Oth.def.cr accts.
453,595
327,450
5% equip. notes, $190,000; Boonville RR. Bridge Co. 1st M. 4s, $11,000; Sinking funds
2,767,288 2,844,147 Add'ns to prop'y 1,592,205 1,563,430
S. W. Coal & Impt. Co. 1st M.6% bonds, $117,000; M. K. & T. Ry. Co.
def. debit
Skg., &c., funds
273,760
272,806
of Texas 10-year Equip. notes, Series A,5% Serial of 1914,$68,000; W.F.& Other
accounts .......
538,421
764,983 Profit and lass.... c4,105,023 6,408,081
N. W.Ry. Co. 1st M.5s,$14,000, and 1st Lien Collat. Trust M.5s, $9,000,
and M. K. & T. Ry. Co. Gen. M.4s purchased for sinking fund (held
Total
272,549,061
267,833,290
Total
272,549,061 267,833,290
alive by trustee), $104,000.
Property Investment.-While the company's property investment has been
a After deducting accrued depreciation on existing equipment,$1,897,092.
increased from $189,737,058 on June 30 1907 to $229,862,529 on June 30
b Incl. cash in banks, &c., $1,313,590; and cash on deposit for interest,
1916 to keep pace with the development of the country served, the return $315,063.
on the investment has declined as follows:
c After deducting depreciation prior to July 1 1907, on equipment destroyed, $326,607, and miscellaneous items aggregating (net) $102,100.Per Cent of Income on CompanY's PrOpeig:Investirient-10 YeaTSen.:=
une 30. V. 103. p. 1687. 1508.
1907. 1908. 1909. 1910. 1911. 1912. 1913. 1914. 1915. 1916. Aver.
4.60 3.13 3.24 3.05 3.47 2.70 3.73 3.04 3.50 2.05 3.23
Cincinnati Hamilton & Dayton Ry.
Rolling Stock.-The equipment inventory as of June 30 1916 was as fol(Report for Fiscal Year ending June 30 1916.)
lows: Locomotives 677, increase 9; passenger train cars, 452, decrease 55;
freight train and miscellaneous cars owned and leased. 25,731. decrease 549.
Receivers Judson Harmon and Rufus B. Smith, CincinThirty-five new Mikado freight locomotives and 12 new Pacific passenger
locomotives, 210 new ballast cars, two new steam shovels, one new Jordan nati, Sept. 1, wrote in substance:
spreader, two new steam wreckers and one new pile driver, were received and
Results.-The general income account of the system (as shown below)
placed in service and 80 new box cars were built in Sedalia shop during year. covers
only 621.53 miles of road, there having been omitted in both years
The general condition of equipment has been materially improved. the operations
of the Cincinnati Indianapolis & Western Ry., extending
New equipment was acquired, costing $2,340,693; value of equipment from Hamilton.
0. to Springfield, Ill., and Sidell,
to Olney, Ill.,
retired, $1,397,371; net increase, $943.322.
381.17 miles, which
'was sold under foreclosure Sept. 1915. (V. 1011
Average Expenditures for Repairsp. 1188. 845.)
.
Amount. Increase. %
Locomotives
The operating revenues were $9,618,787, an increase of $1,808,107.
$2,792 50 $284 34 11.33
Passenger train cars
888 23 230 05 34.96 or 23.15%. Freight revenue increased $1,472,387. or 24.35%. There
Freight train and miscellaneous cars
180 61
20.39 33.85 was an increase of 315,394,864 revenue freight tons carried one mile, and
average rate per ton per mile was 0.462 cents against 0.461 cents in
The amount included in operating expenses for depreciation (a chairrge the
1915. Passenger revenue increased $125,812, or 12.95%. The average
fixed at 2% Feb. 1 1915) was $544,391, or an increase of $202,754. The rate
per passenger mile was 1.784 cents as against 1.629 cents last year.
accumulated depreciation on June 30 1916 was $1,897,092,increase $403.560.
Operating expenses increased $701,825, or 10.65%. Maintenance of
This charge was in addition to the amount charged to operating expenses way
and structures increased $358,375, the principal items making up this
on account of retirements.
$318,225 expended for renewal of ties, $163,396 for rail and
Roadway and Structures.-Floods and heavy rainfall, occurring at inter- increase were
for track laying and surfacing. Maintenance of equipment invals throughout the year, resulted in damage to the roadway to the extent $430,402$311,780,
which includes an increased debit in the equipment reof $193,000. During the year $1,627,437 was spent for permanent addi- creased
amounting to $262,243 on account of retiring from service
tions and betterments to the property, exclusive of equipment [including tirement accounts
and equipment which by reason of their age, small capacity
chiefly: grading, $445,540; bridges, trestles and culverts, $232,068; ballast, locomotives
and light construction were unsuitable for present day service.
$269,941; land $152,053: track laying, &c., $118,3541.
The transportation ratio was 34.59, compared with 42.60 in year 1914-15.
About 66 miles of new 85 and 90-pound rail was laid in the main line. resulting
in a slight decrease in cost, although revenue freight ton miles
116 miles of new ballast was applied and 385 miles of track was re-ballasted; increased
24.06%. The train load was increased 106.40 tons or 12.3%.
1,965.186 cross ties were renewed. Extensive bridge work has been done,
888 v, tons, arLoi there was a substantial decrease in damage accounts,
replacing light structures with heavier bridges, and a large number of to Bonded
Debt.
-During the year there were retired (a) $162,000 R. Kleywooden trestles have been displaced by concrete. The revision of grade bolte & Co. 43.4%
equipment notes ($54,000 each in July and Sept. 1915
and alignment near Wirth, Okla., which included the building of about 3 and
in June 1916), b) $232,000 0. H. & D. Ry. 5% equipment bonds
miles of new line, new concrete piers and ten 100-foot deck girders over ($116.000
Dec.
19
in
5 and again in June 1916)•
South Canadian River, and raising of steel bridge over Mill Creek, was
Roadway and Track.-There have been used in main track renewals
completed in March 1916. The raise of grade above high-water level at 373,557,
and in side track 103,179 cross-ties, making a total of 476.736.
Crowder, Okla., was completed and that near Boughner was about 50%
Character of Rail and Ballast in Main Tracks.
completed on June 30.
Miles of Line Laid With
Total -Miles Ballasted with
Trackage.-Contract was made with the Fort Smith & Western Ry. for Cal.
85-lb. 90-lb. Mirge. Gravl, Cind. Slag.E'th
the Joint use df M. K.& T. tracks between Falls and Oklahoma City, and Year 60-lb. 66-lb. 704b.
1915.274.14
31.04 45.32 9.54 191.45 85.46 636.95 440.0 136.9 53.2 6.8
for the use of terminals at the latter point, effective Dec. 6 1915.
Dallas Terminal.-The new union station and passenger facilities at 1914.291.53 32.43 45.32 12.01 222.49 33.17 636.95 483.9 102.0 44.2 6.8
Dallas should be ready for service Oct. 1 1916.
Additions and Betterments.-Extensive improvements and betterments
Rates.-Applications for rate increases in Kansas and Missouri and the had to be made to enable the railroad to discharge its duties to the public
passenger and freight litigation in Oklahoma are pending. The Texas and handle the largely increased business. [The additions and improveRailroad Commission granted increases in rates on certain commodities. ments aggregated on "road" account $890,202 with offsetting credits of
Since June 30 1916 the I.-S. Comm. Commission has rendered a decision $133,031; on equipment account they amounted to $110,053 with credits
in the Shreveport case, which has been pending since 1910, making sub- of $1,082,732.-Ld.]
During the year there has been expended $308.979 in the construction
stantial advances, not only in rates between Texas points and Shreveport,
but in intra-State rates in Texas, to avoid discrimination. This will affect of about 23 miles of second main track and passing sidings between a point
most of the commodity rates, as well as class rates, within the State of near Trenton, 0., and Dayton, which when completed will provide conTexas. In consequence of this decision, the Texas Railroad Commis- tinuous double main track between Cincinnati and Dayton. It is the
sion on Aug. 28 1916 canceled all of the advances recently authorized by it, intention to have this new track ready for operation before Dec. 31.
On account of age and condition making same unsuitable for present
and directed that the rates previously in effect should be effective Sept. 1
1916. On application, however, of the Texas lines, a temporary injunction traffic requirements, 1,135 freight and service cars were condemned.
On June 30 1916 there were in service 1,500 steel coal cars, 996 steel
was obtained in the Federal Court against enforcement of the Texas Commission's cancellation order, and the advanced rates will continue in effect underframe box cars and 504 steel centre sill box cars, a total of 3,000 cars.
being 51% of the freight cars in service.
pending hearing of the case on Nov.8 1916.
Cincinnati Indianapolis & Western RR.-On account of the operations
of the line west of Hamilton, 0., being taken over after foreclosure sale
OPERATIONS AND FISCAL RESULTS.
by the C. I. & W. RR. Dec. 1 1915, a contract was entered into with that
company for use of freight and passenger facilities at Hamilton, 0., and
1914-15.
1915-16.
1913-14.
1912-13.
trackage of C. I. & W. RR. passenger trains between Hamilton. 0..
Milos operated, average.
3,865
3,865
3,677 for
3,825
Passengers carried
6,428,026 6,555,716
7,334.836 6,238,049 and Cincinnati, 0.
Pass. carried one mile....374,312,666 358,631,326 404,034,141 401,082,344
CLASSIFICATION OF FREIGHT TONNAGE-PRODUCTS OF.
Rate per pass. per mile_
2.26 eta.
2.25 cis.
2.22 cts.
2.34•cts.
Tons freight carried.
Agriculture. Animals. 'alines.
10,158,487 10,135,040
Forest. Manufac. Mdse.,&c.
9,121,554 8,874,462
Tons fght. cart'. 1 mile_ _2173151,735 2263781,517 1850591,630 1830519,759 1915-16-1,044,878 186,019 8,831,607 907,534 1,238,274 1,352,037
Rate per ton per mile.... 1.00 eta.
0.99 eta. .0.09 eta.
1.14 eta.
Gross earnings per mile_
,$8,405
$8,796
x Includes 7,019,781 tons of bituminous coal in 1915-16.
$8,5121 i .38,345
EARNINGS,EXPENSES,&C.,FOR YEARS.,ENDING.:JUNE 30. zz
1915-16.
1914-15.
1913-14.
1912-13.
Passenger
$8,321,250 $8,096,063 $9,105,242 39,402.967
Freight
21,697,723 22,397,364 20,228,337 20,912,978
Mail, express, &c
2.466,535 2,405,332 2,584,345 *2,030,313
Gross oper. revenues432,485,508 $32,898,759 331,917,924*332,346,258
Maintenance of way,&c. $6,734,992 $4,502,567 $4,574,726 *34,637,748
Maint. of equipment_ _ _ 5,864,189 4,579,464 3,934,119 *4,100,819
Traffic expenses
692,262
657,215
737,766
*755,120
Transportation expenses 11,223,773 12,080,328 12,408,688 *12,255,845
General expenses
1,122.023
1,037,434
1,217,0091 *1,058,880
Miscellaneous operations
200,868
297,515
504,7131
Transport'n for invest.._
Cr43,761 Cr.186,931 Cr.150,188
befaila
Total
325,794,345:822,967,592 823,226.832*322,808,412
Per cent ofexp. to earns.
(69.81)
(79.40)
(72.77)
*(70.51)
Net operating revenues.. $6,691,163 $9,931,167 $8,691,092 *39,537,846
Hire of equipment
123.436
411.307
Int. on investments,&c..
85,602
91,282
92,064
128,490
Sundry receipts
155,772
123,552
125,215
126,815
Gross income
$7,055,972 $10,146,001 38,908,370*310,204,457
Taxes
$1,650,167 $1,327,871 $1,499,521 $1,287,903
Int.on bonds, notes,&c. 6,446,936 6,372,3471 6,319,872 5,978,194
Int. on equip. trust..
138,191
108,1181
ia.
Hire of equipment
186,498
18,544 -.T-----Rentals road,i't irk.,&c.
669,750
643,556
523,807 ...; 565.749
Other deductions
24,345
32,626
7,399 * '
3 *55,626
Total deductions_ __ _ $8,929,389 $8,671,016 38.369,143 *37,887,472
Net income
def.$1,873,417 sr$1,474,985 sr$539,227 sr$2,316,985
x Preferred dividends_
(2)260,000 (4)520.000
x Texas Central divs_ _
{1,407
1,010
x Divs. on sub. cos. not
owned
934
1,013
21
142
Comparison with years-1915-16, 1914-15 and 1913-1411s slightly inaccurate. x Deducted by company from profit and loss account, but shown
here for simplicity.
4
STATISTICS (INCL. CIN. FINDLAY & FORT WAYNE RY.)
1915-16. 1014-15.
1915-16. 1914-15.
Av. miles op..
622
630 Tons rev.freiglat
Pass. carried.. 1,677.435 1,691,037
carried _ __ _13,560,349 11.007.424
Pass. carried
Tons rev. frt.
1 mile
61,530.138 59.669,076
carr. 1 mile 1,626,184 1,310,788
Rate per pass.
Rate per ton
per mile- 1.784 eta. 1.629 eta.
per mile...... 0.462 cts. 0.461 cts.
Gross earns.
per mile_ _ _ $15.476
$12,400
INCOME ACCOUNT FOR YEARS ENDING JUNE 30 (INCLUDING
CINCINNATI FINDLAY & FT. WAYNE RY.)
Oper, Revenues:- 1915-16. 1914-15.
1915-16. 1914-15.
$7,519,901 $6,047,514 Net earnings
Freight
$2,327.974 $1,221,691
Passenger
1,097,637
971,826 Taxes
337,020
300,061
Mail, express, &c.. 668,182
548,155 Uncollectibles_
2,764
2,198
Incidental,&c
243,184
333,067
Oper. Income_ _31,088,190 3919,432
Total oper. rev-39,618,787 $7,810,680 Rent income
117,684
93,065
Dividend income_
91,043
96,023
Oper. Expenses:
Miscellaneous......23,226
27,995
Maint. of way,&o.$1,586,407 $1,228,032
Maint. of equip't. 1,938,398 1,626,618
Gross income_ _$2,220,143 $1,136,515
Traffic
171,831
174,153 Hire of equipment 3513,183 $546,077
Transp'n rail lines 3,327,090 3,327,160 Joint facility rents
91,112
91,849
37,384
Misc. operations
31,799 Rents (leased rds.) 310,728
310,728
12,228
General
251,581
204,889 Miscell. rents, &o.
15,920
Transp.for invest_ Cr.21,878 Cr.3,662 Int. on fund. debt 1,992,019 2,010,517
Int. on unfund. di 495,269
497,815
Total oper. exp_$7,290,813 $6,588,989
Ratio exp. to rev.. (75.80%) (84.36%) Total doduens-$3,414,539 33,472,906
Net earnings
52,327,974 31,221,691 Balance, deficit_ _31,194,306 $2,336,391
Note.-The income account does not include the Cin. Ind. & Western
Ry., which was sold at foreclosure sale Sept. 9 1915 and turned over to the
new company Dec. 11915. The figures for fiscal year ended June 30 1915
have been restated to afford a comparison. (See previous income account
for the year ending June 30 1915, V. 102, p. 1548.)
The interest charges on funded and unfunded debt, above shown, are
accrued in accordance with I.-S. C. Commission accounting rules, but the
receivers were able to pay only a small proportion of the interest on funded
debt maturing during the year.
Nov. 11 1016.1
1787
THE CHRONICLE
Capital Accounts.-Investment in road was $413,376 greater than on
BALANCE SHEET JUNE 30.
July 1 1915, expenditures for second main track forming a large part of this
1916.
1915.
1915.
1916.
Investment in equipment shows a decrease of $537,681. due to
increase.
Assetsretirement, through charges to expenses and to reserves, of old cars and
Road, equip., &c_32,649,344 32,846,940 Common stock_ _ - 7,999,600 7,999,600 the
engines
which
were in bad order and, being unfit for modern service, were
Preferred
stock__
248,575
248,575
Inv.in affil. cos.:
unprofitable to repair. The new equipment, to cost $1,313,970, con3,441,216 3,441,116 Cap. stock leased
Stocks
lines (contra)_ _ 6,441,200 6,441,200 tracted for under series "E" trust, but not delivered during the year, is
115,000
115,000
Bonds
211,688 Funded debt
37,559,000 37,899,000 not yet included in this investment account.
212,868
Notes
Bonds, &c.-First Consolidated Mortgage 5% bonds and scrip amounting
1,356,818 1,343,575 Due affiliated cos.
Advances
non-negot.debt.10,615,122 10,615,137 to $463,158 were issued in exchange for .c95,300 of General Mortgage 5%,
Other investments 3,466,498 3,466,498
bonds,
which were then contemporaneously pledged under the First ConReal
estate
mtges_
36,000
38,000
Leasehold estate
6,441,200 6,441,200 Loans & bills pay- 587,735
837,735 solidated Mtge.
(contra)
Equipment trust obligations were increased by the issue of Series "E"
556,383
Traffic,
&c.
bats_
554,087
946,467
599,781
Cash
232,929 Accounts & wages. 1,271,857 1,117,400 equipment 4%% gold bonds of June 1 1916 (payable in 20 semi-annual in238,948
Special deposits
to pay in part the purchase price of 12 new
41,859 ' 31,906 Matured in, &c.. 6,167,787 3,883,894 stallments; V. 102, p. 1539),
Interest, divs., &c.
185,342 Matur.bonds, &c_11,613,000 11,613,000 locomotives, 13 new steel passenger-train cars and 795 new freight cars,
Traffic, &c., bats- 187,152
obligations aggregating $294,403 matured
Equipment
trust
$1,100,000.
335,088 Misc. accounts_
309,462
Agents & condue_ 394,093
278,914 and were paid during the year.
664,580 Accrued interest.
Materials & supp.. 1,065,254
the line between Fort Payne
work
of
double-tracking
Improvements.
-The
887,573
1,063,591
rents,
&c
104,710
&c_
116,077
Accts. reedy.,
243,732 Taxes accrued_
241,973
219,990 and Flanders, Ala., 18.75 miles, has been commenced.
Unadj.,&c., acc'ts 197,716
Profit audios& _ _ a34,106,057 32,426,307 Operating reserves
37,613
OPERATIONS, EARNINGS, EXPENSES. CHARGES. ee.c. •
Accrued deprec'n_ 1,196,547 1,288,808
1912-73.
1913-14.
1914-15.
Operations1915-16.
Other unadjusted,
309
309
309
312
&c., accounts... 190,665
195,133 Average miles operated..
1,008,807
1,018,229
785,786
Passengers carried
837,223
53,146,919 47,018,019 60,630.774 60,882.050
85,529,701 83,429,856 Pass. carried 1 mile_
Total
Total
85,529,701 83,429,856
2.12 cts.
2.14 cts.
2.20 cts.
2.14 cts.
Rate per pass. per mile_
3,689,683
3,742,414
3,584,063
of rev. frt. carried_ 4,173,304
a After crediting miscellaneous accounts, $26,104 and debiting $507,309 Tons
538,501,736
575.047,141
552,136,962
of
tons
carried
m_659,556,493
No.
1
out
of
service
taken
during
equipment
on
depreciation prior to July 1 1907
0.65 cts.
0.64 cts.
0.62 cts.
0.60 cts.
ton per mile_
the year, and $94,882 depreciation on tracks, buildings and structures Rate per
of freight in each
destroyed, removed or sold and which have not been replaced.-V. 103, Tons
418.15
421.67
450.51
539.28
train
(revenue)
P. 1346, 1059.
$16,910
$17,537
$15,438
$18,203
Gross earnings per mile_
New Orleans Texas & Mexico Railway.
(Financial Statement for Year ending June 30 1916.)
The "Chronicle" has been favored with a special interim
statement covering the 12 months' period ending June 30 1916
during eight months of which the property was operated
by the receivers, the present company having taken possession on March 1 1916. The statement says in part:
New Orleans Texas & Mexico Ry. Co. was chartered in Louisiana Feb. 29
RR. Co., whose
1916 as the successor to the New Orleans Texas & Mexico
15 1915. Possession was taken
property was sold under foreclosure on Nov.
acquired
in
fee
all
of the lines opthen
company
The
on March 1 1916.
erating in the State of Louisiana and all of the securities ofits subsidiary lines
STATISTICS AND INCOME ACCT. FOR YEARS ENDING JUNE 30.
1915-16. 1914-15.
1915-16. 1914-15.
Tons carried
3,021,798 2,873,240
921
Miles operated-- •
798,437 Tons oarr. 1 m...302,243,663 263931,689
Pass'gers carried__ 783,207
1.l78 cts. 1.169 eta.
Pass. carried 1 m_48,662,876 43,912,086 Rev. p. ton p. m
$1,253
$1,053
Rev. p. pass. p. m. 2.379 cts. 2.433 0th. Rev. p. m. of road
Oper. income
$871,411 $678,168
Oper. Revenues$3,550,975 $3,074,571 Other income_ _
47,689
Freight
49,019
1,153,477 1,068,355
Passenger
325,639
Gross income_ $919,100 $727,187
Miscellaneous- _ _ 339,843
Hire of equip't___Cr313,687
$91,067
Total op. rev_ J5,044,295 $4,468,565 Rents
413,835 - 385,554
Interest
394,941
250,406
Open expenses
4,014,732 3,675,717 Amort. of disc.,&o
24,342
56,574
Taxes
158,152
114,680
Total deductions $819,430 •$783,601
Oper. income__ $871,411 $678,168 Bal.(see toxt)____sur$99,670 det$56,414
There is included in the operating expenses, "general expenses" for the
fiscal year ended June 30 1916, $156,823, representing fees allowed receivers, receivers' counsel, special masters, trustees and trustees' counsel.
These charges should properly be spread over the period of the receivership namely approximately three years.
If'distribution of this amount is made to the entire period of the receivership the proportion chargeable to the fiscal year just closed isas$40.381.
heretomaking the total general expenses $332,190 instead of $448,631
fore reported, and the total operating expenses 33,898,290 instead of
$4,014,732, and the balance surplus, $216.111 instead of $99,670. If the
general expenses be calculated, at the current rate prevailing since the discharge of the receivers, the total would be further reduced by the sum of
$32,260, so that at the current rate of expenses the balance income surplus
for the year ended June 30 1916 would be the suns of about $248,371.
[The company thus owns in fee 172.72 miles of road with 183i miles of
trackage, and including its subsidiary properties operates in all 921 miles,
and has an operating connection covering 93 miles by which New Orleans
is reached, making a total of 1,014 miles.-Ed.1
Locomotives, 40; passenger cars, 28; freight cars, box, 486; tank, 73;
flat, 500; refrigerators, 982; other, 183 (2,224); service cars, 344; total engines and cars, 2,636; 1 transfer steamer.
INCOME ACCOUNT FOR YEARS ENDING JUNE 30.
1913-14.
1914-15.
1915-16.
Operating Revenues$4,100.575 $3,336.119 $3,662,745
Freight
1,033,538
1,298,781
1,136,300
Passenger
381,873
443,079
329,218
Mail, express and miscellaneous
deb.38,552
77,755
82,776
Incidentals, &c
Total operating revenues
$5,641,402 $4,776,630 $5.426,175
Operating ExpensesMaintenance of way and structure.... $498,852
$553,628
$691,948
Maintenance of equipment
1,341,320
1,149,707
1,419,227
Traffic expenses
160,321
156.042
162,213
Transportation expenses
1,621,706
1,694.659
1,844,193
General expenses
109,044
107,001
115,563
Miscellaneous operations
36,211
35,381
36,266
Transportation for investment
Cr.4.028
Cr.44,727
Total operating expenses
Net operating revenue
Taxes accrued,&c
83,761,383 $3,653,734 $4,269,411
$1,880,019 $1,122,896. $1,156,764
189,857
178,633
198,718
Operating income
Hire of equipment (balance)
Income from investments, &c
$1,681,301
203,111
180.804
a After deducting $614,700 controlled by company. b After deducting
$966,908
180,676
*191,298
Total grcss income
$2,065,216 $1,184,696 *$1.338,882
Deducttons$234,088 *$230,363
Miscellaneous, rents, &c
$250,468
*300,221
287,736
330,345
Interest on bonds
51.112
36,698
Interest on equipment obligations_ _ _
24.045
391.500
391,500
a Dividends on ordinary (5%)
548,100
202,821
202.821
Dividends on preferred stock (6%).... b236,625
Total deductions
$1.389.583 $1,152,843 $1,176,016
$162,866
$31,853
Balance, surplus
$675,633
* Comparisons with items so marked have been slightly changed. a The
company deducts the common stock dividends from the profit and loss
surplus; they are deducted here for the sake of simplicity, and includes in
1915-16 an extra dividend of 2% paid June 1916, amounting to $156.600.
b Includes in 1915-16. in addition to the regular payments, a reserve for
1% extra dividend Aug. 1916. amounting to $33.804.
GENERAL BALANCE
1915.
1916
Assets$
Road & equipm't_20,838,892 20,963,198
Inv.in atilt. cos.359,285
Stocks
363,755
Bonds
480
Notes
295,557
54,031
537,626
Advances
584,772
Other investments 2,846,059 1,532,089
Misc. phys. prop_
24,832
21,843
Cash
497,207
308.070
Special deposits
732,8.58 1,272,984
Traffic, dm, bals_ 321,808
311.008
Agents & conduo_
59,128
76,892
Materials & supp_ 240,124
214,920
247,988
Miscell. accounts_ 283,045
294,051
Unadj.,&a.,accts. 253,602
CONSOL. BAL. SHEET JUNE 30 1916 (Total each side, $40,102,970.)
a$15,005,300
Road and equipment
$35,768,072 Capital stock, v. t. o
b5,870,000
Invest. in affiliated cos
146,553 1st mortgage bonds
1,645,312
307,335 Equipment obligations
Other investments
106,092 6% non-cum. income bds c14,675,000
Miscell. physical prop'y, &o_
27,341.918 28.193,984
922,072
Total
1,545,645 Accounts payable, drci
Cash
610,591 -V. 103, p. 1300.
735,180 Deferred credit items
Accounts receivable, &o
462,007
416,277 Unadjusted credits
Material and supplies
912,688
178,762 Profit and loss
Deferred debit items
Louisiana &
899.054
Unadjusted debits
416,038,114 controlled by company and $130,000 held in treasury. c After
$944,263
104,108
136,326
SHEET JUNE 30.
1916.
Ordinary stook__ 7,830,000
Preferred stock _ _ 3,380,350
Mortgage bonds... 8,184,442
Equip. trust oblig_ 1,468,701
92,366
Traffic, &c., bats_
Vouchers & wages. 478.992
79,423
Matured int., &oMiscell. accounts_ 164,109
Accrued interest,
dividends, &o.._ 176,613
88,124
Accrued taxes_ _ _ _
Accrued depreo'n_ 1,441,993
Unadj..&c.,accts. 312,751
Profit and loss_.... 3,644,053
Total
1915.
$
7,830,000
3,380,350
8,185.600
663,104
98,290
862,067
67,433
100,673
139,632
79,047
1,640,258
216,827
2,930,705
27,341,918 26,193,984
Arkansas Ry.
(15th Annual Report-Year ended June 10 1916.)
Pres. Wm. Buchanan, Texarkana, Tex., Aug. 10, wrote:
deducting $325,000 held in treasury.
Results.-The gross operating revenues for the year, not including other
Income, amount to 31,652,092, a decrease of $27,859, or 1.66%. The net
STOCKS, BONDS, &c., OF SUB. COMPANIES JUNE 30 1916.
revenue increased $16,749, or 2.96%. The total disbursement for mainten[All except $500 to $900 directors' shares owned and pledged under ance of way and structures amounted to $1,056 per mile of line operated as
new 1st Mtge.)
against $1.083 for the previous year.
-Miles Oper.Capital
1st Mtge. Obliga'ns,
For repairs and renewals of rolling stock owned by our company, includOwned. Trackage. Stock.
CompanyBonds.
Notes.
ing reserves set aside for depreciation, the amounts charged to operating
46
St. L. Br. & Mex. Ry--._502
$500,000 $12,913,342 $640,000 expenses are as follows:
Lake
&
West.RY.
84
35
Beau. S.
85,000
1915.
1916.
1916.
1915.
2.057,824
Orange & Northwest. RR.
35.000
Per locomotive_$2,488 35 $2.497 70 Per passenger car___$818 79 $789 53
1,067,947
mileage, the company also owns 173 miles on Per freight car__
In addition to the above61-• 230 40 262 42
99 67
114 38 Per work car
miles
trackage.
The
company also operates under lease
main line and 18
These expenditures were adequate to maintain the property at its usual
(as successor to N.0.T.& M. RR.)the Louisiana Southern Ry.(65 miles). high standard. Amounts sufficient for maintenance are included in
On June 30 1916 the New Orleans Texas & Mexico Ry. held in its treasury operating expenses monthly, and set aside for replacements and renewals
$995,000
receivers' certificates of St. Louis Browns- of roadway and equipment as such renewals become necessary. At the
awaiting cancellation
end of this fiscal year the amount standing to the credit of the reserve fund
ville & Mexico Ry.. all since redeemed.-See also V. 103, p. 1593.
thus created was $877.664, an increase of $81,681 46 over 1915.
Great
Southern Railroad.
Alabama
Average Cost of Maintainance per Mile of Road &c.
[Including reserves for equipment depreciation charged to oper. exp.)
(39th Annual Report-Year ended June 30 1916.)
RoadMile. Per Locomotive. Per Pass.Car. Per Frt.Car. Work Car.
President Fairfax.Harrison, Oct. 4, wrote in substance:
$819
$100
$2,488
$230
1915-16 ___$1,056
789
114
262
2,498
Income Account.-The gross revenues were the largest in our history, be- 1914-15...- 1,083
ing 3.97% greater than the high mark reached in 1914, while the balance of
INCOME ACCOUNT &C. FOR YEARS ENDING JUNE 30.
income over charges was 28.71% above the record of 1913. To this recovery
all classes of traffic contributed, but the principal factor was the freight
1914-15.
1913-14.
1912-13.
1915-16.
business, the revenue from which increased $764,456, or 22.91%. The Average miles operated_
255
279
279
275
activity of the iron and steel industry in the Birmingham territory is strikOperationsingly shown in an increase of no less than 54.9% in the tonnage of the prod- Passengers carried (No)
281,410
311,612
417,870
371,174
7,599.171 10,156,006
9.077.628
ucts of that industry moved over our lines.
Pass. car. 1 mile (No.)__ 6.994,372
Operating expenses required 66.67 cents of each dollar of revenue, against Rate per pass. per mile..
2.69 cts.
2.66 cts.
2.70 cts.
2.68 cts.
1,482,915
1,b67,234
1,542.086
76.49 cents in 1914-15, a reduction of 9.82 cents. Expenditures for mainte- Revenue tons car. (No.) 1,544,159
m.(No.)_139,097,653
108,205,012
115,012,193
137.935,681
of
in
car.!
$72,953
Rev.tons
nance increased $136,836. There was an actual decrease
1.20 cts.
transportation ex_penses, notwithstanding the increase in business. A Rate per ton mile
1.02 cts.
1.03 cts.
1.27 cts.
$6,188
$5,927
$6,027
$6,563
freight tonnage 13.81% in excess of that in the preceding year was trans- Gross earnings per mile_
$
$
Earnings$
$
ported with no increase in the freight train mileage, the average train ton1.416,959
1,427,149
1,374.925
1,375,538
Freight
nage being 17.31% greater.
205,136
• 271,961
243,981
186,350
Dividends.-In addition to the usual dividends of 6% on the preferred Passenger
47,666
53,322
53,940
48,783
stock and 5% on the ordinary stock, extra dividends of 1% on the preferred Mail,exp. & miscell_ _
stock and 2% on the ordinary stock were declared, making a total distribu1,652,092
1,679.951
1,700,208
1,673,459
Total earnings
tionior the year of 7% on each class of stock, requiring $784,725.
1788
ExpensesMaint. of way & struc_ _
Maint. of equipment_ _ _
Conducting transporta'n
Traffic expenses
General
Transporta. for invest_ _
Total expenses
Net earnings
Taxes &c
THE CHRONICLE
1915-16
294,361
258,088
425,907
39,995
50,762
1914-15
301,887
281,988
446,522
34,209
49,556
Cr.441
1,069,112 a1,113,721
582,980
566,230
93,065
82.656
1913-14
325,039
276.272
442,517
30,312
61,724
1912-13
270,644
254,707
444,873
29,287
60,207
1,135,864
564,344
69,255
1,059,718
613,741
50,235
Operating income_ _ _ _
Other income
489,915
47,885
483,574
43,726
495,089
41.663
563,506
43,831
Total income
Int. on fund. debt
Other deductions
537,800
235,119
80,028
527,300
242,097
91,963
536,752
247,001
90,275
607,337
238,035
90,003
Total
315,147
334,060
337,276
328,038
Surplus
222,6.3
193,240
199,476
279,299
a Includes charges for eventual replacement of equipment, rails and ties.
BALANCE SHEET JUNE 30.
1916.
1915.
1916.
1915.
AssetsLiabilities$
$
$
$
Road & equipm't _12,073,866 12,081,796 Capital stook_ _ _ _ 5,000,000 5,000,000
Min. phys. prop_ 132,190
130,294 Mortgage bonds__ 5,358,000 5,380,000
Cash
535,751
436,310 Traffic, &c., bats_
15,355
18,127
Special deposits
34,427
3,648 Acc'ts & wages_ _ _ 103,491
177,669
Traffic, &o., bats83,299 Misc. acc'ts pay__
88,947
38,142
7,021
Materials & supp_ 153,543
144,328 Accrued interest__'76,187
88,628
Misc. .'
85,827
63,693Taxes accrued_ _ _ _
42,390
36,603
Sinking & redempOther unadj. sects
25,679
45,897
tion funds
732,663
505,473 Accr'd depree'n
888,399
804,606
Other unadJ. sects
5,272
21,396 Sing,fund reserves 802,363
652,973
Profit and loss_ _ _ _x1,462,480 1,348,713
'1 otal
13,812,486 13,560,237 Total
13,812,486 13,560,237
x After crediting in 1915-16 miscel aneous items aggregating $2,362 and
deducting net loss on retired road and equipment $2,780; surplus applied
to sinking fund $75,000; discount on bonds, $33,307 and miscellaneous
debits $159.-V. 103, P. 666.
Gulf & Ship Island Railroad.
(Report for Fiscal Year ending June 30 1916.)
Pres. J. T.Jones, Gulfport, Miss., Sept. 15, wrote in subst:
Result.-There is a gratifying increase in the revenues of your company
during the past fiscal year compared with the previous one, but a still more
gratifying surplus to transfer to profit and loss, the final surplus being $414,016, against $121,003 last year, the increase being $293,013, or 242.15%.
The increase in revenues was $331,171, or 20.28% but this revenue is still
a decrease of over $150,000 from the year ended June 30 1913 (considered
a normal year) or 7. 11%. Tne increase in freight revenue was $252,423,
or 20.56% and in passenger revenue $41,667, or 13.77%.
The increase in freight revenue is affected by the increase of products of
forests, which commodity increased 24.11% in tonnage, against an increase
of 17.66% in all tonnage.
Agricultural, Industrial and Immigration.-L lye stcck and products
increased nearly 42%,strawberries increased over 156%.canned vegetables,
Sze., increased nearly 82%, grain 30%. The only decrease was in fruits
and vegetables, nearly 23%. There is also a large and increasing volume
of less than carload shipments of these perishable products to record.
Thousands of acres of new land have been cleared and planted in crops and
there is a record acreage in some lines of perishable products.
The strawberry shipments from Sanford more than doubled last year's
figures; also since July 1 of this year and not included in tne figures in the
first part of this report, hundreds of cars of watermelons have moved which
are pronounced by experts to compare favorably with the crops ef Florida
and Georgia.
Gulfport Harbor.-The movement of lumber proper over your road increased 23.89% in tonnage, while the lumber handled over Gulfport pier
during the past year increased 18.72% in board measure for both export and
coastwise movements, this in spite of the fact that the number of vessels
loaded and their net registered tonnage was slightly less this year than
last.
Bonds.-On April 1 1916 $200,000 Gen. & Ref. 6% bonds matured and
were paid off. The sinking fund brought in an additional $101,000 First
Refunding and Terminal Mortgage, increasing the bonds in sinking fund
to $850,000, or over 17% of the amount issued.
OPERATIONS AND FISCAL RESULTS.
1915-16.
1914-15.
1913-14.
Average miles operated
308
308
308
OperationsPassengers carried
426,738
392,716
513,062
Passengers carried one mile
12,933,768 11,354,858 14,287,993
Rate per pass. per mile
2.661 cts. 2.664 cts. 2.737 cts.
Tons freight moved
1,336,409
1,135,831
1,305,385
Tons freight moved one mile
a90,757,598 a77,170,570 85,872,869
Rate per ton per mile
111.631 cts. al.591 cts.
1.719 cts.
Av. train-load, rev.(tons)
305
306
274
Earns, per pass. train mile
0.79 •
0.91
$1.02
Earns, per freight train mile
$5.00
$4.86
$4.71
Gross earnings per mile
$6,493
$6.386
$5,310
Gross EarningsFreight
$1.479,916 $1,227,492 $1,476,439
Passenger
344,208
302,592
391,111
Mail, express and miscellaneous
78,508
74,005
90,058
Incidental
61,545
28,967
39,326
Total operating revenue
$1,964,177 $1,633,006 $1,996.934
Operating ExpensesMPIntenance of way, &c
$171,929
$208,821
$271,650
Maintenance of equipment
309,775
350,361
406,329
Traffic expenses
37,572
30,010
35,485
Transportation expenses
528,356
435.165
564,819
General expenses, &c
93,495 . 86,645
96,863
Total
$1,141,127 $1,111,002 $1,375,146
P.c. of exp. to revenue
(58.10)
(68.03)
(68.86)
Net earnings
$823,050
$522,0C4
$621,788
Taxes, &c
84,573
92,420
90,691
Chicago Peoria & St. Louis Railroad.
(Report for Fiscal Year ending June 30 1916.)
Receivers Bluford, Wilson and William Cotter, Springfield, Ill., Sept. 9 1916, report as follows:
There has been an increase in the total operating revenues of 9.69% and
an increase in the total operating expenses of 1.24%. The percentage of
operating expenses to operating revenues for the current year, including
depreciation on equipment, is 81.57%, while the exclusion of depreciation
reduces the percentage to 80.53%.
INCOME ACCOUNT FOR YEARS ENDING JUNE 30.
Operating Revenues1915-16.
1914-15.
1913-14.
Freight
31,368,590 $1,226,045 81,263,705
Passenger
287,142
314,282
276,412
Mail, express, &c
97,068
98,630
95,452
Total operating revenues
Maintenance of way and structures
Maintenance of equipment
Traffic
Transportation
General
$1,752,800 $1,597,909 $1,676,617
$236,325
$273,311
$325,286
348,812
319,848
399,854
68,305
70,693
77,331
711,444
685,335
822,846
63,128
64,894
63,194
Total operating expenses
Net earnings
Tax accruals
31,429,779 $1,412,315 $1,688,511
3323,021
$185,594 def.$ t1,894
63,015
65,862
72,265
Operating income
Other income
$260,006
11,653
$119,732 def.$84,159
7,201
13,734
Gross income
Hire of equipment, bal
Other rents, &c
Accrued int. on funded debt
Interest on notes, &c
$271,659
$8,133
38,838
90,000
29,500
$126,933 def.$70,425
$44,951
$87,831
38,544
96,561
35,165
199,272
Total deductions
Balance, surplus or deficit
$166,472
$287,102
$215,221
sur $105,187 def.$88,288def.$357,527
RECEIVERS' BALANCE SHEET JUNE 30.
Assets1915.
1916.
Liabilities1916.
1915.
Road & equipment_... $61,515 $30,259 And. accts. & wages_ _$277,918
Cash
125,2141
Mat int unpaid
45,3401 .
Traffic, &o. bal
Accrued interest, &o__ 34,870
10,3531
Agents & conduct_ _ _ _ 39,215;. 325,500 Miscellaneous
80,246 432,977
Materials de supplies__ 96,4461
Accrued taxes
30,697
Miscellaneous
108,8941
Accrued depreciation_ 20,273
Chi. Peo& St. L. RR_ 78,149
Profit and loss
30,440
Profit and loss
77,218
Total
$519,785 $432,977
Total
$519,785 $432,977
CHICAGO PEORIA & ST. L. RR. BAL. SHEET JUNE 30 1916 AND 1914.
1916.
1914.
1914.
1918.
Assets- "
Liabilities$
Road & equipment 8,166,361 9,200,963 Capital stock_ _ _ - 4,000,000 4,000,000
Invest. affil. cos.
Prior lien M.436s_ 2,000,000 2,000,000
Alt. termity.stk
50,000
50,000 Gen.& ref.M.4Yis_ 2,850,000 2,850,000
do do bonds_ _
50,000 Equip.tr.notes"A" 472,000
50,000
675,000
Peor.&Pek.Un.stk. 250,000
250,000 Interest notes_ _ _ _ 165,869
Cash
551 416,857 Aud.accts.& wages 295,628
0th. current assets
4,5575
Mat.Int. unpaid._ 184,121
Unadj.&c.sects..
6,958k 890,745 Miscellaneous,___
18,6371 1,807,884
Unpl. scour. Issued 850,000 J
B.Wilson & W.C.
Proilt and loss_ _ _
766,913
Cotter, Rec..-474,318
78,1401
Reorg. comm.sect
80,439
Total
10,144,843 11,332,884
-V. 102, p. 1625.
EARNINGS AND EXPENSES.
1913-14.
1915-16.
1914115.
1912-13.
Passengers carried
544,075 • 521,441
650,564
645,658
Pass. carried one mile_ _ 16,657,413 15,508,631 19,359,790 18,401,130
Tons carried
1,269,958
881,454
1,125,537
949,426
Tons carried one mile__ _ 111,150,458 70,697,952 85,930,951 71,497,666
Passenger earnings
$425,170
$405,317
$491,735
$484,476
Freight
1,343,069
900,598
1,043,000
951,078
Mall and express
56,740
56,823
53,619
53,262
Incidentals,.tc
37,628
29,212
30,001
22,350
Total
$1,862,607 $1,392,739 31.617.566 $1,511,166
Maint. of way & struc
$334,586
$271,571
$359,079
$375,462
Maint. of equipment_ _ _
300,461
236,965
308,142
279.158
Traffic expenses
29,215
25,183
29,002
31,415
Transportation expenses
577,805
475,937
572,357
511,379
General expenses. &c..
74,112
71,167
75,371
69,020
Total
$1,316,159 $1,080,823 $1.343,951 $1.266,433
Net operating revenue
$546,448
$311,916
$273,615
$244,733
Taxes, &c
78,513
70,486
78,983
71,840
Operating income..
$241,430
$467.935
$194,632
$172,893
AddHire of equipment
8,028
55.352
66,518
119,643
Outside operations
1,015
8,537
Joint facilities and rents
1,014
1,004
4,034
1,008
Divs. on stock owned__ _
4,500
4,500
4,300
Income from secure., &c
51,250
82,000
96,631
27,102
Miscellaneous income
2,982
8,331
30
13
$429,584
$31,488
$531,097
36,886
• Total income
Deduct-Interest
Sinking,&c.,funds
Miscellaneous
$755,459
$239,722
90,391
11,330
$461,072
4249,247
85.426
5,396
$537,083
$264.446
80,994
4,137
Gross corporate inc.__
Deduct-Joint facilities and rents
Accr'd rents leased lines
Miscellaneous
Bond, &c., interest
Total deductions
Bal., surplus for year
$341,443
$414,016
$340,069
$121.003
$349,577
$188.406
Total deductions
Balance,sur. or def_
Total
16,060,041 15,381,185
10,144,843 11,332,884
Rolling Stock Sept. 25 1915.-Locomotives, 37; cars: passenger, 34, gas
electric motor car, 2; freight (coal 1,585; box, 441; steel tank, 97; stock, 10;
flat, 77; ballast, 76; caboose, 20), 2,306; service, 56. Total cars, 2,398.
$738,477
$16,982
Total
18,060,041 15,381,185
-V. 103, p. 1413, 406.
Total
Midland Valley RR., Arkansas.
(Statement for Fiscal Year ending June 30 1916.)
This company (whose property is substantially as described
in V. 95, p. 1271) reports to the "Chronicle" as follows:
Operating income
Other income
a Not including company's freight
CONDENSED GENERAL BALANCE SHEET JUNE 30.
1916.
1915.
1916.
1915.
Assets$
LiabilitiesRoad & equipm't_14,185,416 14,123,961 Capital stock ____ 7,000,000 7,000,000
Leased rail, ,to._ _
47,441
44,096 Funded debt
5,550,000 5,400,000
Cash
103,310
58,485 Loans & bills pay_
90,750
50,000
Time drafts, &e_ _ 335,183
Accounts Se wages.
75,440
77,205
Special deposits.
128,150
125,785 Matured int., &e- 106,900
107,060
Loansand bills reM Iscellaneous... _ _
53,968
35,111
ceivable
13,184
Int. & taxes accr'd
41,923
37,660
Materials & supp_ 231,540
154,577 Operating reserves
24,184
43,734
Miscellaneous. _ _ _ 105,648
83,486 Accrued deprec'n_ 1,195,678 1,143,500
Sinking fund
850,236
749,787 Other unadj. acc'ts
15,904
11,834
UnadJusted. &o..
Sinking fund
896,406
793,432
accounts
59,932
41,008 Profit and loss_ _ 1,049,637
640,898
(VOL. 103
$535,709
$392,617
$359,834
$336,522
$24,470
56,815
4,499
250,000
$20,376
57,219
4,164
250.000
$13,769
57,228
2,123
245,806
$26,042
56,564
268,264
3331,759
$335,793
3318,926
3350,869
sur.$199,916 sur.360,858 sur.$40,908 def.$14,347
GENERAL BALANCE SHEET JUNE 30.
1916.
1915.
1915.
19s
Assets$
Liabilities
16.,$
Road & equipm't_16,534,294 16,602,582 Preferred stock _ 4,006,500 4.006,500
Invest.In affil. cos. *542,488
500
0 5000
542,488 Common stock.. 50000
4:006:000
006:500
4:0
991,421 1st M.bonds
Other investm'ts. *991,874
Material & supp__ 127,500
118,550 Adjust. M.bonds.. 5,512,500 5,512,500
Physical property_
60,045
60,022 Accr. Int. & taxes_ 102,000
101,664
20,473
Loans dr bills rec__
30,262 Cm rent liabilities_ 276,656
182,464
318,7801 195,795 Acor'd deprecia'n_ 1,741,587
Cash
664,628
UnadJust. aco'ts....
Other cur. acc'ts
10,629
13,026
105,8581
lInadjust. acc'ts
26,106 Additions to prop4,551
Profit and loss_ _ _ 2,156,475 1,121,228 erty through income dc surplus_ 203,568
203,568
Total
20,862,338 19,688,454
Total
20,862,338 19,688,454
* Includes $493.600 securities pledged and $48,888 unpledged•
a Includes in 1916 $973,750 bonds,$13,525 advances and $4,600 stock.V. 103. p. 1032.
Nov. 11 1916.1
1789
THE CHRONICLE
Mobile & Ohio Railroad.
(68th Annual Report-Year ended June 30 1916.)
President Fairfax Harrison, Oct. 13, wrote in substance:
for the year, over fixed charges
Income Account.-The balance of income
betterments, was $817,739, an inand appropriations for additions and
To this gratifying result $264,year.
preceding
the
over
crease of $522,309
of that amount in operating income,
438 was contributed by an increase
of equipment, for the use of cars in the interand the account styled hire important
part, the company collecting $186,change of traffic, played an equipment
hire, while in the year before the
761 more than it expended for
by $129,917.
expenditures exceeded the collectionscents
of each dollar of revenue against
71.91
consumed
Operating expenses
72.24 cents in the preceding year. Maintenance of equipment increased
$618,006, or 33.07%; maintenance of way and structures, $125,236, or
11.81%, while transportation expenses decreased $74,113, or 1.78%, and
administration and solicitation expenses $36,790, or 4.68%. The average
costs of repairs per unit were: Per freight car, $94 69; per passenger train
car, $590 15, and per locomotive, $2,141 35, against $69 71, $402 01 and
$1,605 34, respectively in 1914:15, exclusive of renewals and depreciations. These increased expenditures have brought about a marked improvement in the physical condition of the equipment.
Dividend, &c.-A dividend of 4% was paid on June 23 1916 and charged
agains., the profit and loss account, the credit balance in which account,
after providing for this dividend, is $631,386 greater as a result of the
year's business.
The substantial reduction of 9.11% in the transportation expense ratio
was brought about largely through an increase in the freight train loading,
for loss
a decrease in empty freight car mileage and a reduction in charges
in
and damage claims. The average number of tons of freight per train
tons
365.22
and
1914-15
in
tons
405.30
against
tons,
455.76
1915-16 was
in 1913-14.
Additions and Betterments.-The improvements and additions of substanfills,
tial importance included the conversion of 50 trestles into permanent
to two trestles, the construction of 26 new
the addition of ballasted decks
side
company and industrial side tracks. the extension of 8 other company
tracks and the laying of 2,040 tons of new 85-lb. section steel rail, replacing
lighter or worn rail in 15.28 miles of track.
New equipment placed in service during the year consisted of three
Mikado type locomotives, which were purchased with the sinking funds
1,000
provided by equipment trust agreements series "A" and "B," andequipcontracted for under contract of conditional sale of
.
new box carswere
1916.
Sept.
in
delivery
for
'J"
series
ment
Terminal Mtge. & Collateral
Bonds, &c.-The payment of $120,000 First
the year accounts for the decrease of
Trust bonds which matured during
equipment gold bonds,
45.%
"J"
Series
debt.
funded
the
in
that amount
payable in 20 substantially equal semidated June 1 1916(V. 103, p. 1718),
to pay in part the purchase price of 1,000
annual installments, were sold
for $298,000 manew box cars, $950,000. Equipment trust obligations
tured and paid during the year (Cr.) $298,000.
OPERATIONS,EARNINGS AND CHARGES.
1912-13.
1913-14.
1914-15.
•
1915-16.
1,119
1,122
1,122
1,122
operated_
miles
Average
•
Operations2,176,809
2,202,092
1,816,966
1,777,784
Passengers carried
Passengers carried 1 mile 54,932,768 55,511,193 69,057,123 64,952,356
Av. rate per pass. p. m.. 2.219 cts. 2.205 cts. 2.205 cts. 2.248 cts.
Revenue tons moved_ _ _ 6,842,318 6,321,104 7,111,225 6,759,175
Tons moved one mile.. _ _1597736,390 1454051,914 1598623,994 1555296,849
Av. rate per ton p. m.. 0.626 cts. 0.627 cts. 0.670 cts. 0.656 cts.
338
323
408
359
Av.rev. train-load(tons)
$11,058
$11,584
Gross earnings per mile..
$10,573
$9,784
INCOME ACCOUNT FOR YEARS ENDING JUNE 30.
1913-14.
1915-16.
Operating Revenues$1,218,798 $1,223,754 $1,522,933
Passenger
38,864
34,061
36,069
Misc, passenger train revenue
9,998,658 9,120,432 10,708,321
Freight
138,621
106,781
109,596
Other transportation revenue
357,603
311,067
328,698
Mall and express
236,241
186,054
176,219
Incidental, Ste
$13,002,583
$11,868,038 $10,982,149
Total operating revenue
Operating ExpensesMaintenance of way & structures_ _ .. $1,185,363 $1,060,127 $1,509,993
1,868,535 2,704,888
2,486,541
Maintenance of equipment
503,836
460,405
429,098
Traffic expenses
5,003,564
4,168,852
4,094,740
expenses
Transportation
354,910
349,192
373,441
General expenses
44,954
31,189
28,246
Miscellaneous operations
Cr4,644
Cr63,692
Transportation for investment
the previous
creasing $191,023, or 14.92%, and being $16,728 greater than
high record in 1913-14. While the total volume of freight was somewhat
less than in that year and the average receipts per ton per mile slightly
lower, the average distance of the freight haul increased from 123.52 miles
to 136.09 miles. The passenger business continued at low ebb, the revenue
from passengers being only $8,926, or 1.38% more than in 1914-15, and
being $175,824, or 21.17%, less than in 1913. The ratio of operating expenses to revenues was reduced from 83.21% to 74.99%.
Additions to Property.-Investments in road and equipment increased
$228,123, viz., $182,105 equipment and $46,018 road.
Equipment Trust Certificates.-Equipment trust obligations consist of
Series E 4% equipment bonds of Nov. 15 1915, payable in equal semiannual installments, which bonds were issued and sold to pay in part the
purchase price of new rolling stock, $450,000; less equipment trust obligations which matured and were paid during the year, $115,000; a net increase of $335,000.
Traffic and Business Conditions.-The shipments oflumber,iron products,
live stock, fruits, vegetables and general merchandise were in substantially
during
larger volume than in the preceding year. There were established
the ye,r along our lines two cotton gins, one flour mill, one lumber mill, one
enterprises.
business
new
other
34
and
hotels
two
plant,
cooperage
OPERATIONS,EARNINGS,&c.,FOR YEARS ENDING JUNE 30.•
1912-13.
1913-14.
1914-15.
1915-16.
Operations395
395
402
402
Miles operated
837.887
848,305
650,518
647,652
Passengers carried
Passengers carried 1 mile 30,310,728 29,466,454 37,627,575 37,085,652
Rects. per pass. per mile 2.161 cts. 2.192 cts. 2.208 cts. 2.240 cts.
1,239,438
1,246,307
1,052,778
1370,849
Tons freight carried_
Tons fr't carried 1 mile_159,336,145 134,632,314 153,946,255 162,366,881
0.923 cts. 0.951 cts. 0.945 cts. 0.869 cts.
Rate per ton per mile_
$6,498
$6,579
$5,505
$6,076
Gross earnings per mile_
1913-14.
1914-15.
1915-16.
Operating Revenues$1,471,091 $1,280,068 $1,454,363
Freight
830,691
645.941
654,867
Passenger
224,945
241,882
244,956
Mail, express and miscellaneous_ _ _ _
64,819
68,750
77,568
Incidental, &c
$2,445,408 $2,215,773 $2,598,760
Total operating revenue
Operating Expenses$294,555
$318,223
Maintenance of way and structures_ $270,527
467,120
420,101
508.529
Maintenance of equipment
86,264
84,899
101,824
Traffic expenses
895,502
919,225 1,059,710
Transportation expenses
110,672
120,239
123,676
General expenses
3.768
4,643
3,559
Miscellaneous operations, &c
Total operating expenses
Net operating revenue
Taxes accrued, &c
Operating income
Hire of equipment
Other income
$1,833.853 $1,843,662 $2,115,522
$372,111
$611,555
$483,238
140,501
136,220
118,706
$471,055
72,244
31,452
$253,405
79.467
29,091
$347,018
134,484
26,975
Total gross income
$574,751
$361,563
Deduct$271,900
$271,900
Interest on bonds
27,225
23,040
Interest on equipment obligations_
760
Additions and betterments
57,419
60,024
Other deductions
Dividends on first preferred stock_ _ *(5)34,200 (234)17,100
Dividends on second preferred stock.. *(5)54,200 (234)27,100
$508,478
Total deductions
Balance, surplus or deficit
$271,900
31,410
1,279
54,915
(5)34,200
(5)54,200
$447,904
$401,504
$443,365
sur.$131,386 def.$39,941 sur.$60,574
* In addition the company also deducted during the year $17,100 dividend reserve for 234% on 1st pref. and $27,100 (234%) on 2nd pref. stock.
CONDENSED BALANCE SHEET JUNE 30.
1915.
1916,
1916.
1915.
Liabilities.$
Assets$
$
$
Road & equipm't_12,501,497 12.273,374 Stock (see "Ry. &
Ind."
Section)_ 3,768,000 3,768,000
Invest,in attn. cos.85,831 Bonds
86,466
5,838,000 5,838,000
Stocks
15,000 Equip. tr. oblig's_ 903,000
15,000
Bonds
568,000
16,026 Due affiliated cos.. 249,265
154,146
169,265
Notes
55,691 Loans & bills pay.. 145,710
8,696
50,000
Advances
Traffic, &c., bals_
53,398
45,832
Advances for addlAccounts & wages 303,715
317,997
Hone! equipm't. 169,571
24,500 Taxes & int. accr_
24,500
95,795
Other investments
79,940
$8,533,737 $7,933,656 $10,122,145 Misc. phys. prop_ 156,097
Total operating expenses
176,818 Int. and dividends 137,822
137,660
$3,334,301 $3,048,493 $2,880,438 Traffic, &c., bats_
Net operating revenue
56,123 Miscellaneous.. ___
98,596
50,063
37,159
416,519 Mater. &supplies_ 216,650
385,591
406,384
Taxes accrued
261,381 Operating reserves
41,050
88,417
2,140 .
2,717
Uncollectibles
90,611 Accrued deprec'n_ 731.926
729,512
108,562
Cash
63,674
11,569
97,660 Unadjusted, &c__
97,823
Special deposit.
Operating income
$2,925,200 $2,660,762 $2,463,919 Agts.& conductors
7,712 Reserves for divs_
44,200
27,187
186,761
Hire of equipment-balance
35,915
165,608 Add'ns to property
36,490
Miscellaneous _ _ _ _ 325,387
107,944 Advances, &c..
66,946
70,529
Other income
24,081 Profit and loss..... 1,554,301 1,507,612
60,693
Total
$3.182,491 $2,727,708 $2,571,863
14,050,871 13,350,416
Total
Total gross income
14,050,871 13,350,416
Deductions--N. 103, p. 1687.
$48,107
Rental St. Louis & Cairo RR
$566,560
$534,245
$558,573
Other rents
Lehigh & Hudson River Railway Co.
203,182
129,917
Hire of equipment-balance
174,836
203,779
250,047
Miscellaneous
1,382,702
(34th Annual Report-Year ended June 30 1916.)
1,392,110
1,386,103
Interest on bonds
111,367
138,988
134,638
Int. on equipment obligations
240.680
240,672
Pres. Lewis A. Riley, Newark,N.Y.,Sept. 1, wrote in sub.
240,672
Dividends (4%)*
23,738
3,238
5,391
Additions and betterments
Financial.-The net income from operation amounting to $483,299 has
Additions and betterments, $171,071; equipment
$2,575,424 $2,642,950 $2,751,172 been applied as follows:$40.000;
Total deductions
dividends (12%), $160.800; materials and
plaid,
Balance
sur$607,067 sur$84,758 def$179,309 trust certificates
supplies increased $68,335; working assets and liabilities, $113,962 and
total $564,492, less reserve for accrued
$10,325;
purchased.
securities
*Dividends are deducted from profit and loss, but are here included for
depreciation, $81,193.
the sake of comparison.
Results.-The gross revenue increased $293,272, or 16.14%; operating
GENERAL BALANCE SHEET JUNE 30.
expenses increased $32,244, or 2.70%; surplus from operation increased
$222,000. or 84.96%; Freight traffic increased 11.03%; revenue freight
1916.
1915.
1915.
1916.
tons increased 10.75%; tons one mile increased 8.22%; average revenue
AssetsRoad & equipm3_45,885,741 45,897,658 Capital stock_ ___ 6,016,800 6,016,800 per ton mile was 5.25 mills, an increase of 2.54%; average trainload revenue
613 tons, increase of 24 tons; including company's freight, the
freight
1,001,526
',686
Funded
,
1,0
28,890,000
debt
cos..
attn.
in
28,770,000
Inves.
699,483 Equip,trust oblIg. 3,553,000 2,901,000 average trainload was 620 tons. Revenue from passengers, $84,618,
Other investments 1,057,493
402,699 Loans & bills pay.. 698,058 1,455,036 decrease $30,265. or 26.34%, due to the discontinuance of the Federal
Misc. phys. prop_ 404,883
60,913 Traffic, &a., baL_ 212,682
48,010
128,540 Express in Jan. 1916. Passengers carried one mile was 4.062.689, decrease
Sinking fund, &c_
681,115 Accounts & wages 1,172,737 1,168,858 26.95%; revenue per passenger mile was 2.08 cents, an increase of0.48%.
951,044
Cash
454,997 Matured int., &c.. 278,192
278,711
Maintenance.-Expenditures amounting to $205.440 were made for
Special deposits.._ 518,024
5,240 Misc. accounts_ _ _ 205,929
4,040
217,397 maintenance of way and structures, a decrease of $38,483, or 15.7770,
Loans & bills rec
169,945 Accrued interest__ 310,314
341,777 caused by the scarcity of labor, resulting in the work of replacing new rails
Traffic, &tr., bats_ 245,184
130,453 Taxes accrued_ _ 198,784
Agents & conduc's 158,391
195,978 in main track being very much delayed. During the year 3.97 miles of
598,882 Operating reserves 469,225
281,138 100 lb. rail were laid, replacing an equal length of 80 lb. rail; 33,681 ties
762,765
Material & supp
633,233 Accrued deprec'n.. 3,449,571 3,308,758 used; 28.459 for replacement, and 5,222 for new track; previous year total
Miscell. accounts_ 576,980
308,756 UnadJust.,&c.,accts 505,249
405,001 of 51,220. Maintenance of equipment aggregated $269,259, an increase
Unadjust.,&c.,acct. 325,650
Add'ns to property 277,505
264,439 of $34,836, or 14.86%; included therein is a charge of $84,721 for depreciaProfit and loss a5,822,852 5,191,465 tion on equipment.
Additions & Betterments.-Expenditures amounting to $183,192 were
Total
Total
51,940,897 51,044,901
51,940,897 51,044,901 made for additional property, (of which $115,007 was expended for 4 locomotives and superheaters appled to 5 locomotives) and $12,121 was credited
a After adding $44,120 results of operations of land department and de- for buildings and equipment destroyed, making a net charge of $171,071.
Equipment Trust Certificates.-During the year the final $40,000 equipducting miscellaneous (net) items aggregating $19,801,
Securities issued or assumed unpledged in 1916 were $1,714,200 and ment trust obligations were extinguished.
pledged $501,000, against $1,713,700 and $501,500, respectively, in 1915.
Dividends.-Dividends aggregating 12% have been paid during the year;
102, p. 1718.
4% in Dec. 1915, and 8% in June 1916, 4% of which was declared as an
extra dividend.
Georgia Southern & Florida Ry.
COMPARATIVE FREIGHT TRAFFIC.
Ores. Anth. Coal. Bit.Coal.
Mdse. Limestone.
(22d Annual Report-Year ended June 30 1916.)
941,910 854.620 955,587 2,072,284 297,516
1915-16, tons
736,262 841,541
923,975 1,799,870 322,971
Pres. Fairfax Harrison, Oct. 19, wrote in substance:
1914-15, tons
$232,727 1758,449 $103,582
Results.-The year witnessed a material recovery in freight traffic from 1915-16, earnings ---$337,732 $365,668
360,698 225,878
661,609
108,279
tho depressed conditions of the preceding year, the revenue from freight in- 1914-15, earnings ___ 262,965
1790
THE CHRONICLE
RESULTS FOR YEARS ENDING JUNE 30.
1915-16.
1914-15.
1913-14.
1912-13.
Miles operated
97
97
97
97
Passengers carried
172,257
200,201
155,222
158,148
Rate per pass. per mile_
2.70 cts.
2.55 cts.
2.48 cts.
2.48 cts.
Freight (tons) carried
5,121,917 4,624,619
4,527,247 4,700,898
Freight (tons) car.I mile342,251,727 316,250,138 314,373,049 331,727,702
Av.rate per ton per mile 0.525 cts. 0.512 cts. 0.520 cts. 0.516 cts.
Gross earnings
$2,109,857 $1,816,585 $1,774,791 $1,849,435
Operating expenses_
1,226,629
1,194,385
1,293,130
1,242,608
Net earnings
Other income
$883,228
5,493
$622,200
3,590
$481,661
5,097
$606,827
4,933
Gross income
$888,721
$625,790
$486,757
$611,760
DeductTaxes
$58,010
$50,645
$49,768
$48,067
Interest on bonds
155,200
157,000
158,800
156,978
Interest on floating debt
2,437
4,671
1,868
Rentals
a192,212
a154,409
140,825
132,673
Dividends
(12%)160,800 (8)107,200
(4)53,600
(4)53,600
Adjustments
Cr.2,926
1,806
Cr.6
10,010
Total
$563,296
$473,497
$407,658
$403,196
Balance,surplus
$325,425
$152,293
$79,099
$208,564
a Rentals include hire of equirment balance of $104,732
1915-16,
against $77,828 in 1914-15, and jo nt facilities, $87,480, againstin
$76,581.
BALANCE SHEET.
1916.
915.
1916.
1915.
Assets$
Liabilities
$
,
$
$
Cost of road
4,658.368 4,623,154 Capital stock
1,340,000 1,340,000
Cost of equipment_ _1,589.218 1,453.361 Funded debt
2,751,000 2,751,000
Other investments__ 10,325
Debenture bonds.._ _ 400,000 400,000
Cash
466,162 203,636 Eq. tr. ctfs., Set. A
40,000
Traffic balances_
437,458 350,897 Reserve accr. depree. 513,014 431,820
Open accounts
157,068
49,488 Int. on funded debt_ 71,442
71,592
Material & supplies_ 239,169 170,834 Vouchers & pay-rolls 156,894
130,685
Accrued coupons
106
Traffic balances_ ___ 492,529 194,822
Miscellaneous
34,667
18,547
Profit and loss
1,798,329 1,472,904
Total
7,557,874 6,851,370 Total
7,557,874 6,851,370
-V. 103, p. 1687.
Aurora Elgin & Chicago (Electric) Railroad.
(Report for Fiscal Year ending June 30 1916.)
[Vol,. 103.
INCOME ACCOUNT.
-Years ending June 30- -Years ending Dec.311916.
1915.
1914.
1913.
Divs,on stocks owned__ $1,590,686 $1,584,788 $1,808,688
$1,998,850
Int. on bonds,loans,&c.
175,540
165,038
140,511
135,371
Total income
$1,766,226 $1,749,826 $1,949,199 $2,134,224
DeductionsDirectors'fees, taxes,&c.
$73,743
$80,012 ' $63,727
$77,737
Interest on bonds
954.900
955,500
956,450
973,700%.
Interest on 6% notes_ _ _
39,000
63.000
75,000
99,000.
Int. on dividend certfs
80,240
80,233
80,194
80,250.
Int. on loans,&c
41,181
83,436
36,334
11,202'
Total
$1,189,064 31,259,906 $1,227,990 $1,227,885
Net income for year_ __ _ $577.162
$489.920
$721,209
$906,339
CONSOLIDATED INCOME ACCOUNT (Including the Company and Its
,
controlled Companies as if one (Jompany) JUNE 30 YEARS.
1915-16.
1914-15.
1915-16.
1914-15.
Gross earns.$34,495,572 $32,574,112 Gross i nc_ _$16,382,130
Oper. exp__ 17.037.090 17,166.110 Rents, &c__ 3,858,888 $14.400,407'
3.691,471
Taxes
1,479,258
1,482,416 Bd.,&c.,int.a 6,179,063 b6,240,101
Not earns
15,979,224 13,925,586 Pref. diva__ b1,738,901 b1,536,977
Other inc.._
402,906
474,821
Bal., surp__ $4,605,279 $2,931,858
Gross inc 316,382,130 $14,400,407
[Proportion applicable to common stock of Investment Co., $2.040,228, or 10.001%, on
common stock in 1915-16.j
Improvements, extensions and extraordinary expenses charged against income by the several cos. 1,775,007
860,435
Balance available for dividends on common stock.. $2,830,272 $2,071,423
The proportion of this last item applicable to common stock of the Investment Co. is $1,025,120, being equal to 5.025% on its common stock.
Note.-The above statement excludes depreciation and amounts charged
against income for sinking fund.
a Includes interest on bonds, notes, &c., held by public and in 1915-16
$186,138 int. on Series "B" 2d M. 5s of Sierra & San Fran. Power Co..
payable in like bonds, against $358,772 in 1914-15.
b Includes 3799.130 United Rys. Investment Co. preferred dividend.
although none was declared during the year.
BALANCE SHEET UNITED RYS.INVEST. CO. JUNE 30.
1916.
1915.
1916. ' 1915.
Assets$
Liabilities$
$
Investments ____*62,687,665 62,479,615 Preferred stock__ _16,000,000
16,000,000
Cash
124,539
104,446 Common stock__ _20,400,000 20,400,000
Un.RRs.ot San Fr.
Coll. tr. sk. Id. 58_16,762,000 17,084,000
notes receivable. 695,000
740,000 8% cony. bds.1910 790,000
790,000
Sinking fund
12,109
9,372 11% notes 01 1908.. 500,000
900,000
Interest accrued
54,189
49,830 Prof.stk. div. ctfs.
Phil. Co. com.stk.
8%
712,500
712,500
div. of 1,i% de5%
750.000
750,000
clared J'ne 19'16
Loans & notes pay. 935,000
846,088
for quar. ended
Coupons due
9,001
7,758
June 30,Payable
Accr. bond, &o.,
Aug. 11916._ 429,712
604,000 interest
196,346
202,343
Miscellaneous_ ...._
20,473
19,870 Miscellaneous..._
18.926
28,926
Profit and loss.._d6,949,015 6,285,518
Total
64,023,688 64,007,133 Total
64,023,688 64,007.133
* Investments as of June 30 1916 Include: Philadelphia
Co., $24,555,000
corn. stock; Calif. R.& Power Co. $5,134,400 prof., $34,160,700
Railroads & Power Development Co., capital stock, $5,500,000; com.;
total,
$61,726,439; other securities, $961,226.
d After crediting $86,335 for discount on bonds purchased for sink. fund.
Note.-The company has a contingent liability
its guaranty of
equipment notes of United RRs. of San Francisco,under
that company
reduced by redemptions during the year ended Juno 30which
1916 from $150,000
to $100,000. Under agreement between California Ry.
& Power and this
co. and all the holders of the $1,000,000 10-year 5% notes
of the United
R Rs. of San Francisco matured Feb. 1 1916 to the extent
the principal
of the 5% notes of the California Ry. & Power Co. due that
Feb.
1 1917 shall
not be paid by that company.
See Philadelphia Co.-V. 100, p. 1837; V. 103, p. 1509, 1302.
RESULTS FOR YEARS ENDING JUNE 30.
1915-16.
1914-15.
1913-14.
1912-13.
Gross earnings
$1,950,510 $1,968,137 $2,094.157 $2,013,030
Expenses and taxes.. _ _ $1,299,502 $1,359,347 $1,396,791 $1,238,642
P. C. oper. exp. to earns
(66.62)
(69.06)
(66.69)
(61.53)
Net earnings
$651,008
$608,790
$697,366
$774,388
Other income
257
1,091
2,026
1,814
Total net income..
$651,265
$609,881
$699,392
$776,202
Deductions from income $489,210
$443,438
$418,759
$395,223
Div. on pref. stock (6%)
186,000
186,000
186,000
Div. on corn. stock (3%)
93,000
93.000
Total deductions..
$489.210
$629,438
$697,759
$674,223
Balance,sur. or def____sur.$162,055 def.$19,557 sur.$1,633sur.$101,979
BALANCE SHEET JUNE 30.
1916.
1915.
1916.
1915.
Assets
Liabilities-$
Prop:, plant, &e.._12,407,305 12,410,005 Preferred stock_..3,100,
000 3,100,000
Construction, imCommon stock__ _ 3,100,000 3,100,000
provements, &o. 2,816,594 2,729,592 First & ref. bonds_ 4,293,000 4,198,000
Other improvem'ts
First mtge. bonds_ 2,700,000 2,750,000
and betterments
14,696
7,749 E. & A. S. Tram.
Investments
16,013
15,753
cons. 1st M.bds. 2,000,000 2,000,000
"First & refund'g"
3-yr. coll. tr. notes
800,000
bonds in treas'y. 1,215,000 1,119,000 Salaries and wages 800,000
31,427
31,091
Sinking funds_
455,576
433,868 Vouchers & accts. 160,356
183,421
Working accounts. 140,372
151,425 Notes payable_ _ __ 327,900
360,894
Cash on hand, &c_
40,510
Hercules Powder Co., Wilmington, Del.
73,725 Accr. int. & taxes_
64,923
62,449
Notes & accounts
Accrued dividends
46,500
receivable
(Results for 9 Months' Period ending Sept. 30 1916.)
93,116
97,639 Outstanding tickUnamortized debt,
ets. &o
16,604
5,394 STATEMENT OF INCOME FOR NINE MONTHS
discount, &a__ _ 196,918
ENDING SEPT. 30.
217,029 Reserves
*96,934
47,535
Deferred accounts.
28.217
8,584 Profit and loss_ _ _ _ a733,171
1916.
1915.
1914.
579,085 Gross receipts
1913.
$43,875,019 $8.675,567 $5,974,427 $5,660,391),
Total
17,424,316 17,264,369 Total
17,424,316 17,264,369 aNet earns. (all sources)$13,113,275 $2,359,464
$996,966 $1,041,247
Bond int. & pref. div__ _
280,875
310,983
305,135
292,500'
* Includes reserve for depreciation of equipment, $62,919; for damages,
$32.192; and for accounts receivable, $1,823.
Balance for imp. or for
common dividends_$12,832,400 $2,018,481
a After deducting sundry items (net), aggregating $7,969.-V. 103.
$691,831
1748,747
Amt.avall for diva. equiv.
p. 1300.
to annual rate on corn b239.30%
38.20%
12.90%
15.36%,
Dividend paid (9 mos.).
10.00%
40.00%
4.50%
1.50%
United Railways Investment Co.
Net earns. (all sources)
equiv. to ann. rate on
(14th Annual Report-Year ended June 30 1916.)
total investment
41.50%
10.06%
7.99%
9.61%
Pres. Mason B. Starring, Oct. 14, says in substance:
a After deducting all expenses incident to manufacture and sale, ordinary
General.-This company, being solely a holding company, is represented and extraordinary repairs, maintenance -of plants, accidents, depreciain the Pittsburgh. Pa., district by its holdings of Philadelphia Company tion, &c.
b An estimated amount has been set aside for the Federal munition tax.
stock, and in California by its holdings of the California Railway & Power
Co.; it does not operate any properties. The Pittsburgh and the California Without this deduction the amount available for dividends would be equiva•
ent to annual rate on common stock of 269.36%.
enterprises are entirely separate and are operated as separate entities:
This company owns control of the Philadelphia Company through its
BALANCE SHEET SEPT. 30 1916 AND DEC. 311915.
ownership of $24,555,000 of said company's common stock, on which dividends at the rate of 7% are now being paid. Also it owns control of the
Sept.30'16. Dec.31'15.
Beyt.3016. Dec.31'15.
California Railway & Power Co. through ownership of $5,134,400 of the
Assets$
$
Liabilities,
$
7% cumulative preferred and $34,160,700 common stock,
on neither of Prop'y & plants_ _16,490,004 13,886,975 Common stook__ 7,150,000 7,150,000
which, at present, are dividends being paid.
Cash
3,238,010 3,946,464 Preferred stook__ 5,350,000 5,350,000
•
The company's earnings have been and are being applied to the reduction Accts. receivable_ 4,665,201 2,696,018 Bills payable
589,767
610,651
of its debt, certain portions of which must be extinguished before the earn- Collateral loans__ 1,200,000
Accts. payable__
1,182,231
Investment secure. 7,071,431 7,458,442 Preferred dividend 1,561,253
ings become applicable to distribution to stockholders.
46,812
46,812
Bonds, &c.-Regarding reduction of debt, prior to June 30 1916 $1,388,- Materials & suppl- 7,721,124 6,042,724 Deferred credits__ 246,303
107,648
000 Collateral Trust 20-Year sinking fund 5% gold bonds had been retired Finished product_ 1,537,303 1,102,397 Reserves & con96,785
tract advances_11,893,296 15,461,900 •
through the sinking fund, reducing the outstanding amount thereof to $16,- Deferred charges_ 207,321
Profit and loss____15,292,962 5,320,563
762.000. While the principal of the debt is continually being reduced,there
is no reduction in the charge against income for bond interest, the interest
Total
42,130,394 35,229,805
Total
42,130,394 35,220,805.
on bonds retired going to swell the sinking fund income from $181,500, the
-V. 103, p. 941, 663.
regular annual installment, by at the present time $69,400 per annum.
The 6% serial notes of 1908 having been reduced from $3,500,000 to
$500.000 prior to June 30 1916, a further $200,000 was paid on Aug. 15
Crucible Steel Company of America.
1916, leaving only $300,000 now outstanding, of which $200,000 matures
Feb. 15 1917 and $100,000 Aug. 151917.
(16th Annual Report-Year ended Aug. 311916.)
Since Aug. 31 1913 a reduction of $439,000 has been made in the $1,229,000 6% gold bonds of 1910; so that during the last five years the debt of the
The report signed on Oct. 16 by Herbert DuPuy,Chairman
company has been reduced by $3,827.000. Adding the payment on Exec.
Committee, and C. C. Ramsey,Pres., says in subst.:
Aug. 15 1916 of *200.0006% serial notes, the total reduction of funded debt
Results.-The gross profits were $16,528,748 [against $5,220,921 in
reaches $4,027,000, or an amount equal to the full annual dividend of 5%
191419151. and after deducting for depreciation and renewals,
upon the outstanding preferred stock during said period.
$1,915,240; for
Acguisitions.-During the year the company acquired an additional 7,100 interest on scrip and bonds of subsidiary companies, $595,282, and for•
shares of the common capital stock of the Philadelphia Co. through the ad- contingencies, $794,570, the net profit for dividends was $13,223,655.
The year 1915-16 was one of the most remarkable years that the iron and
justment of an account between it and one of its subsidiaries which had been
pending for a considerable time, and in connection therewith transferred to steel industry has ever known and it shows a result for your company which
said suiosidiary 1,639 shares of California Ry.& Power Co. prior preference must be eminently satisfactory.
Shortage of Materials.-The difficulty in securing certain ingredients
stock. [As to Cal. Ry.& Power Co. see V. 103, p. 1301; Phila. Co. report,
quired in making crucible steels, largely purchased abroad, has been inresee V. 103, p. 1893.1
a
measure overcome in one direction, only to break out, again.
Philadelphia Co. Dividend.-The Philadelphia Co. showed a revival of
Crucibles, the backbone of our business, of which the company has a.
business in the Pittsburgh district, with the result that the company has capacity for manufacturing
250,000 per annum, are necessary to the probeen able to increase Its dividend rate from 6% to its normal dividend rate duction of all high-grade steels.
They are made from a mixture of German
of 7%• Business in the Pittsburgh district is now the largest In the history clays and plumbago (graphite), the
latter coming mostly from the Island of
of that territory and the earnings of the companies in which your company Ceylon. The present war has cut off
our supply of German clay and the
is interested located therein are reflecting their share of this condition.
stock on hand has been gradually consumed. The character of
the present
Nov. 11 19161
THE CHRONICLE
supply reduces the life of the crucible to such an extent that it has tremendously increased the latter's cost. Plumbago has advanced in price
over 200% and this added to the reduced life and reduced output of a crucible, has made the production of our high-grade steels cost very materially
more than ever before. All of our plants have been constantly short of
crucibles, it requiring fully three times as many now to produce the same
tonnage of steel as heretofore. Because of this shortage of raw material
it has been impossible for us to produce pots enough in our own works to
supply our own demands, thus compelling us to buy from others, who could
supply only a moiety of our requirements.
Because of these conditions, together with constant labor troubles, our
plants have been unable to produce anything like the amount of high-grade
steels our order books require.
Call for Conservatism and Large Working Capital.-The year 1916 has
as stated, a most remarkable one, and as our business is keeping up
been, 1917
well
may also be a good year, depending, of course, upon future
conditions. We believe, however, in tempering hopefulness with good
judgment, and therefore believe it wisest to treat our present prosperity
and its prospective good year in 1917 with great conservatism.
To operate your plants under present pressure, of course, requires very
large increased working capital and increased outlay in raw materials. The
conservatism displayed by your management in the matter of back dividend
payments is due not alone to the company's extens ye building program and
the modernization of certain of its existing plant but to this requirement
of increased working capital as well. In the development of its business
the company is spending several millions of dollars in the erection of new
additions to its plants and improving those already built. Consequently
our statement must show large construction charges.
Purchase to Render Company's Position Impregnable.-The argument is
that present profits, after paying debts, should be first utilized to place
against the inevitable reaction to
the company in an i mpregnable positionwar.
To meet these future condifollow the settlement of the Europeanof making
large expenditures in its
need
the
realize
officials
tions, your
in competition with other manuplants to maintain an economic position
facturing concerns, both at home and abroad. With the completion of
various Installations now under construction at your Midland works and
your other plants, additional expenditures must be made during the
coming year for further extensions and improvement to rehabilitate them
of certain commodities-that is. add
so as to concentrate the production
new and more economical types of mills, and to diversify their output.
Putting back into property the large sums of money already spent and
to be spent, will not only accomplish this, but will cut operating costs to a
level where competition can be fairly met. These expenditures must necessarily be taken out of profits.
Status.-Our financial position is exceptionally strong. We have paid
banking liabilities and will pay all
from profits during the year our entire
Year. During the coming year it is
liquid obligations before the New liquidate
a considerable portion of the
to
gradually
also
able
be
hoped to
shares.
deferred dividends due on the preferred
Depreciation and Renewal.-To insure full maintenance of our plants
there was set aside 31,915,240 for deduring dull as well as active seasons,
preciation and renewals, all of which has been charged against Income as
part of current expense.
Improvements, &c.-Various improvements have been completed or are
under way at the Crescent works and both there and at the Singer-Nimick
works in Pittsburgh a largo outlay is required for new boilers, it being
proposed at the latter plant to reduce steam costs and•eliminate smoke
13y a central boiler station.
At the Atha works, following the erection of a laboratory and mill office
building, there has been added a plant for the sole manufacture of riflebarrel blanks, of which your company is probably the largest producer
in this country. These, with other additions to boiler house, emergency
hospital, &c., will have cost upwards of $1,000,000.
At the Park works arrangements have been made to replace the six old
open-hearth furnaces, which are badly placed for economical operation,
by one central open-hearth steel plant with four 50-ton furnaces possessing
all mechanical means for producing Ingots at lowest possible cost and using
natural gas and oil as fuel.
Ordnance Department.-The extensions to this plant, commenced last
year, have been completed at a heavy cost, and munitions of war are now
being rapidly and regularly shipped therefrom, both to our own Governthis plant to
ment and to those abroad. Sufficient orders are on hand at
from Washingwork full time until April next, without figuring on anything
ton. The cost of much of the machinery has been amortized through
charges against surplus.
Syracuse Crucible Works.-This large construction is now receiving considerable installation of machinery and during the coming year will begin
an expenditure of $500,000. Gradually
to produce steel. This will require
additional machinery will be added, so that, when completed, this plant
will be one of the most modernly constructed crucible steel works in the
world. Its power operations will be controlled entirely by electricity,
steam only to be used for heating the buildings and for forging purposes.
Sanderson Works.-The original location of this plant being cramped,
several buildings have been erected in the outskirts of Syracuse, where all
future extensions will be made. Machinery is now being installed and the
expenditure required to make a beginning will be about $500,000. Electricity will be solely used except for heating.
Pittsburgh Crucible Steel Co., Midland, Pa.-The billet mill for which contract was made in Aug. 1915 is expected to be completed before Dec. 31
1916. Its installation will aid our crucible steel plants materially in getting
aniample supply of steel billets. Contracts have been let for an addition to
the open-hearth furnace building to accommodate two additional openhearth furnaces, all of which should be completed during the coming spring.
A large steel building for the production of castings required at our various
plants has been bought and will be speedily erected, making us largely
-independent of outside foundries. Contracts for other largo buildings have
been made, so that it is expected that the improvements at this plant to be
completed during the coming year will cost upwards of $1,000,000. When
completed, for the production of high-grade open-hearth steel, at minimum
cost, this plant cannot be excelled.
Crucible Coal Co.-The operation of your fuel-producing plant has been
steadily improving and a number of large modern steel and wooden coal
barges have been added to the fleet already owned. A large steel tipple
is in course of construction and should be finished by Dec. 31 1916. These
improvements will have cost upwards of 3150,000.4
Number of Stockholders.-On Aug. 31 1916, preferred, 4,390, increase 792;
common, 1,831, increase 292.
1791
New York Dock Co., Brooklyn, N. Y.
(15th Annual Report-Year ended June 30 1916.)
Pres. Wm.E. Hahn, N.Y., Oct. 24, wrote in substance:
The gross revenue shows a very satisfactory increase in all departments.
The operation of the railway increased from a deficit of $51,054 in 1914-15
to a surplus of $30,563 in 1915-16.
Work of rehabilitating the piers and warehouses has been continued, as is
shown by the item of maintenance expenses, which includes cost of extraordinary repairs to piers, $97,349; extraordinary repairs to warehouses.
$30,643, and $30,872 for the demolition of piers 18, 19 and 36. The policy
adopted, of setting aside a reserve for depreciation, also increases this item
by $111,677; an increase of $102,209 over last year.
The increase in operating expenses is almost wholly due to the increased
cost of labor in handling the heavier business. A contract has been concluded with the City of New York, under which was sold an easement for
the Clark St. subway under the slip between piers 9 and 10 and under
warehouses 36 and 37, for $300,000. Under this contract your company is
obligated to build a modern pier over the subway, entailing the destruction
of the piers on either side. It also secured for you the right, under a longterm lease, to build piers over the property owned by the city over,the
subways at the foot of Joralemon and Montague streets.
This agreement enables us to make full use of the water front in the
Prentice section, and piers 15, 16, 17, 18 and 19, all of which were inadequate improvements and in poor physical condition, are being replaced by
four modern piers. Very satisfactory long-term leases were concluded for
piers Nos. 16, 17 and 18 in anticipation of the improvement, and the work
of construction is now well advanced.
Pier 40, an open pier and producing no revenue, has been repaired'for
receiving cotton, thus making it possible to rent No. 39, formerly used as a.
cotton shed, to good advantage. Pier 36 was destroyed by fire last February, and is being replaced with a pier modern in every respect.
The board has decided to make the fiscal year coincide with the calendar
year and your next report will be for the six months ending Dec. 311916.
INCOME ACCOUNT FOR YEARS ENDING JUNE 30.
1915-16.
1914-15.
Earnings1913-14.
1912-13.
$1,690,896 $1,283,227 $1,011,727 $1.012.944
Warehouses
929,691
710,780
Docks
625,643
558.601
98,281
91,227
Other income
85.960
76,714
Total revenue
$2,718,868 $2.085,234
Exp. warehouses & docks. $847,554
$678,221
Repairs & maint. do
405,867
168,838
Insurance
67,687
50.494
Legal expense
11,552
5,824
$1.723,330 $1 648,259
$578,199 q564.558
97,419
96,183
44,661
41.972
5,236
5,201
Total expenses
$1,332,661
$903,377
$725,514
$707,914
Net earnings
$1.386,207 $1.181,857
$997,816 *$940,345
Net earns, railroad dept_
30,563
def51,054
def38,068
2,452
Total income
$1,416,770 $1,130,803
$959,748 *8942.797
Deduct-Taxes
3379,643
$392,482
$369,645
$371.175
Bond interest
502,000
502,000
501,048
476.415
Interest on loans
11,515
15,967
Total deductions
$881,643
$905,997
S886,660 -74147759O
Balance, surplus
$535,127
$224,806
$73,088
$95,207
Railroad .Department$390,147
Earnings
$434,805
$400,195
$367,941
Net, after expenses
sur.$30.563 def$51,054 def$38.068 sur$2,452.
* Comparison with later years is slightly inaccurate.
BALANCE SHEET JUNE 30.
1916.
1915.
1916.
1915.
Assets$
$
$
Property,&c.......a30,354,227 30,627,762 Common stock-__ 7,000,000 7,000,000
Depreciation fund. 6505,678
86,763 Preferred stock_...10,000,000 10,000,000
N.Y.CIty corp stk
5,000
5,000 First mtge. bonds_12,550.000 12,550,000
Cash
273,828
87,683 Accounts payable_
4,427
35,824
Loans on mdse
22,900 Accrued bond int_ 209,167
209,167
Acc'ts receivable
467,801 Vouch.&pay-rolls_ 199,952
572,170
98,370
Claims, &c
8,165
14,288 Taxes payable_ _ _ _
10,619
23,18(1
Accr. earnings, net 113,637
68,536 Freight due RRs_ _
15,189
26,437
Materials & supp_
46,592
40,666 Prepaid accounts_
52,893
Miscellaneous_
4,112
Sundry accounts__
8,058
5,951
Unexp.Insur., &c_ 145,174
70,394 Reserve
.98,210
53,121
Surplus
dl.880,068 1,489,736
Total
Total
32,028,583 31,491,792
32,028,583 31,491,792
a Property, &c., includes in 1916 real estate, wharves warehouses, &c.;
$29,037,886; terminal railroad, $724,392; floating equipment, $331,067;
machinery and tools, $116,650; and improvements and betterments. $390,140; total, $30,600,134; less reserve for depreciation, $245,907: balance,
$30,354,227. b Includes in 1916 $21,000 N. Y. D. Co. 1st M. 4s at cost.
$16,888; cash, $184.644, and deposits with trustee account property sold.
3304,146. c Includes reserve for cost of delivering merchandise from store,
$45,346; and for claims, $52,864. d After deducting sundry adjustments
(net), $144,795.-V. 102, p. 980.
American Type Founders Co., New York.
(24th Annual Report-Fiscal Year ended Aug. 31 1916.)
President Robert W. Nelson, Oct. 28, wrote in substance:
The company had a considerable increase in its business during the
past year, and while its profits have improved, there has been no large
Increase, owing to the greatly advanced cost of metals. The very high
cost of paper also has caused many publishers to cut down the size of their
editions, and much of catalogue and other work has been materially reduced,
The company, not being engaged in the manufacture of war material.
has, therefore, not been in a position to earn unusual, and perhaps temporary profits.
The month of Sept. 1916 has already shown an increase over Sept. 1915,
and we may look forward to a further moderate growth in business and
EARNINGS FOR YEAR ENDING AUG. 31.
profits throughout the year. The country generally is to-day extremely
prosperous.
1915-16.
1914-15.
1913-14.
1912-13.
The National Paper & Type Co., the export house in which this company
$16,528,748 $5,220,921 $2,991,602 $6,958,131
Gross Profits
$1,915,240 $1,464,616 $1,316,322 $1,033,164 Is largely interested, has had a great increase in volume of business in Latin
Repairs
America, and largely increased profits. The immediate dividend return
Depreciation, &c
1 665,000 upon this investment, however, has not been increased, as all the capital
794,570
Contingencies
48,443
50,755
53,595 and surplus of that company are most profitably employed in handling
813,818.938 $3,707,862 $1,624,525 $5,206,372 the phenomenal growth of its business.
Balance
The company added considerably to its manufacturing plant to provide
bonds
Int. on scrip and
for the production of the Kelly two revolution lob press and has largely
$595.282
$634,112
$609,486
$300,486 increased its sales. This press, which is the sole property
of subsidiary cos
of the company
%)2,125,000
(8A
(7)1,750,000
dividends-(7)1,750,000 and protected by its patents, has been established in the favor
Pref.
of the printing fraternity and promises to become an important and profitable branch
Bal., our. or def__sur.$11,098,655 sr$3,073,750 def$734,961 sr$3,155,886 of the business.
•
Both issues of our debenture bonds have been reduced by the sinking
BALANCE SHEET AUG. 31.
funds.
1915.
1916.
1916.
1915.
RESULTS FOR YEARS ENDING AUGUST 31.
Assets$
Preferred stock___25,000,000 25,000,000
1915-16.
Real estate, plants,
1914-15.
1913-14.
1912-13.
Common
46,626,168
$361,114
good-will,&c__ A9,505,848
stock___25,000,000 24,578,400 Net earnings
$350,448
$357,428
$352,498
Dividend scrip__ 1,637,404 1,926,428 Common dividend (4
16'1,000
I vests, in and
160,000
160,000
160,000
Coalland pur.notes 309,000
construction ad165,242
Preferred
dividend
(7
165.242
616,000
163,972
141,653
Accounts payable_ 3,385,435 3,612,416
vances to asso9,157,973 9,357.180 Bills payable
clatedcos
Bal. for year, surplus_
$35,872
675,000 2,315,000
$25,206
$33,456
$50,845
200,100
Int.,
100,000
&c.,
investments
Other
accrued- 314,080
83,754
BALANCE SHEET AUGUST 31.
Accts.& bills rye_ _10,594,702 5,224,559 Pref. divs. pay.
1,161,920 1,181,696
Sept. 30
Cash
750,000
1915.
1916.
1916.
1915.
211,436
Depreciation, &c_ 1,210,927 .802,817
Scrip redemp.fund
Assets$
Liablittfes$
2
Insurance fund
1,000,000
Taxes, insurance,
219,269 Plant
5,046,082 4,961.321 Capital stock,com. 4,000.000 4,000,000
62,804
77,243
Res've
for
unexpiredcontIng.
500,000
&c.,
50,000
10,516,331 6,996,528 Approp. surplus 15,000,000t10,444,951 Mdse.& raw mater 2,586,851 2,674,476 Capital stock,pref. 2,360,600 2,360,600
Inventory
receivable_
811.389
Accts.
689,124
Debenture
bonds_
1,645,000
1,696.000
Prof t and loss__ _ 6,543,606J
544,743
Notes receivable
532.886 Accounts payable_ 207,718
171,062
291.418
Cash
423.775 Notes payable__ _ _ 1,065,000 1,115,001
81,325,453 69,649,035
Total
81,325,453 69,649,035 Stocks and bonds- 702.003
Total
713,326 Scrip
11,882
11,956
the
guaranteed
principal
also
and int. of *7,470,0005% Miscellaneous____ 216,892
233,016 Surplus
The company has
• 909,178
873.306
bonds of associated companies. At Aug. 31 1916 the undeclared dividends
on the met,stock aggregate 23X %. (Since declared 3ji %.] See V. 103.
Total
10,199,378 10,227,924
Total
10,199,378 10,227,924
p. 1595;
-V. 101, p. 1712.
1792
THE CHRONICLE
South Porto Rico Sugar Co. (Incl. Subsidiary Cos.)
(Report for Fiscal Year ending Sept. 30 1916.)
Pres. William Schall Jr., N.Y., Sept. 30, wrote in subst.:
The amount of sugar made during the crop of 1916 was 75,550 tons.
The lands in cultivation for 1917 aggregate 22,000 acres, including lands
in Santo Domingo, estimated to yield. about 550,000 tons of cane; in addition to this grinding contracts have been made covering approximately
150,000 tons. It is estimated that the output in 1917 will be about 78,000
tons of sugar.
On Dec. 1 1915 and June 1 1916 bonds of the 1906 issue amounting to
$31,000 were converted into preferred stock, and $46,000 of said bonds
were paid on July 31 1916, the remaining $150,000 of bonds of the 1909
issue were paid. During tne fiscal year ending on this date, there have
been paid the regular dividends of 8% on the preferred stock and 20% on
the common stock; also, extra dividends on the common stock of 20% in
cash and 18% in stock.
Pursuant to vote of the board there have been transferred from reserve
for depreciation, accounts to various plant and equipment accounts,
amounts aggregating $1,949,909, thus reducing the book values of plant
and equipment by said amount.
CONSOLIDATED INCOME ACCOUNTS FOR YEARS ENDING SEPT. 30.
1915-16.
1914-15.
1913-14.
1912-13.
Total receipts
$8,396,562 $7,384,493 $5,239,025 $4,885,232
Mfg.exp.,rents,tax.,&c. 4,693,042
5,264,372
4,527,779
4,297,079
Net earnings
$3,703,520 $2,120,121
$711,246
$588,153
Bond interest
$16,320
$24,060
$30,360
$37,293
Res've for mach'y, &c
*1,181,242 *1,168,701
*301,406
55,312
Preferred dividends(8%) 298,900
296,680
296,680
296,160
Common cash divs. (40%)1,378,327 (10)337,100 (4)134,840 (6)202,260
Corn. divs. (scrip)(18%)
606,840
Total deductions... _ _ $3,481,630 $1,826,541
$763,286
Balance, sur. or der_ _ _ _sur.$221,890 sur.$293,580 def.$52,040
* Includes depreciation in 1915-16, 1914-15 and 1913-14.
CONSOLIDATED BALANCE SHEET SEPT. 30.
1916.
1915.
1916.
AssetsLiabilitiesReal est. & constr_x7,453,622 8,669,428 Preferred stock_ _ _ 3,739,500
Equipment, &c__ _ x752,909 1,105,331 Common stock__ 3,977,800
Live stock
265,411 Bonds,6% cony__
262,363
58,000
Materials & supp_ 593,594
351,204 Bds.,6% non-cony.
Cash
1,933,914
761,866 Accounts payable_
95,943
948,561 Miscellaneous__
Accts.rec.(secured) 923,494
30,387
875,869 Deprec., &c.,res'vex1,449,995
Cultivation(crops) 925.695
Sundries (crops)_ 311,289
282,967 Res've for new machin.,wkg.cap.,&c.x2,996,372
Profit and loss_ __ _ 808,882
$591,025
def.$2,872
1915.
3,708,500
3,371,000
135,000
150,000
75,822
18,290
3,212,504
2,002,530
586,991
Total
Total
13,156,880 13,260,637
13,156,880 13,260,637
x After transfer of $1,949,909 from depreciation reserves accounts
-V. 103, p. 1597.
Santa Cecilia Sugar Co., New York.
(Report for Fiscal Year ending June 30 1916,)
Pres. M. H. Lewis, N. Y., Oct. 11, wrote in substance:
[VOL. 103.
In order to facilitate the arrangements for American exchange, and in
compliance with a desire expressed by hls Majesty's Treasury, the directors
have entered into a provisional contract for the sale to American purchasers
of the undermentioned holdings of the company, viz.: (1) New Orleans
North Eastern RR., (a) $5,595,000 Gen. Mtge. 4}6% bonds; (b,$1,500,000
Income Mtge. bonds; (c) $5,336,300 common stock. (2, Southwestern
Construction Co., $448,700 common stock.
The consideration for tne sale is 12,400,000, which is somewhat in excess
of a capitalization, at 5%, of the average income received from those investments over the last ten years. If the sale be completed, the £2,400,000
will be invested in the purchase of Britisn Government6% Exchequer bonds,
due 1920, to yield an income of £144,000 per annum, as compared with the
above-mentioned average income of £119,520.
It is an essential part of the arrangement that the company's share capital
shall be reorganized so as to bring it into accord with tne intrinsic worth and
earning capacity of its assets, and that the company's powers shall be assimilated to those of an investment trust company, subject to the limitation
that the maximum amount to be invested in any one security-except in
the case of British Government securities and the holdings in the Alabama
& Vicksburg Ry. Co. and the Vicksburg Shreveport & Pacific Ry. Co.
shall not exceed 3% of the total issued share and debenture capital.
To carry out this purpose it will be necessary to make certain consequential alterations in the existing trust deed. To this end the £1,500,000
of "A" shares will be reduced to £1,200,000, the £2,500,000 of "B" shares
to £50,000, and the total share capital will thus be £1,250,000, to be converted into consolidated stock of one single class.
Proposed Debenture and Share Carl of the Comppny,under Plan.
£748,850 5% "A" debentures;
ur
£810,652 5% 'C' (income) debs.;
£1,048,390 5% "B" (income) debs.; £1,250,000 of consolidated stock.
The assets representing capital will be: (1) Cash purchase price, to be
invested as aforesaid in Exchequer 6% bonds;(2) securities of Ala. & Vicks.
Ry., viz.: $30,000 (Vicksburg & Meridian) 1st M.6s: $141,100 Consol. 54;
$343,400 2d M. 5s and $1,168,000 common stock; (3) securities of Vicksburg, Shreveport & Pacific Ry., viz.: $1,613,000 Gen. M. 5s, 32,080,100
pref. 5% stock, $2,773,500 common stock; (4) $108,850 common stock of
Railroad Lands Co.; (5) approximately £140,000 of casn and misc. assets.
Approximate Earnings and Charges on New Basis.
Income from .C2,400,000 in British Government Exchequer bonds
at 6%, £144,000; from other assets, on basis of current year's
receipts about £67,000,per annum
£211,000
Fixed charges: Int. on'A" debentures, £37,442; on "B" debentures, £52,420; on "C" debentures, £40,533; administration
expenses, say £6,000; total, say
137,000
Balance, surplus, available for dividends and reserves, say__ £74,000
A committee, consisting of Stanley Boulter, Robert Fleming,
- C. C.
Macrae and George A. Touche, M.P., who represent large interests in the
debentures and shares, approve the plan and are willing, if so desired, to
join the board of directors.-V. 103, p. 1592.
Atch. Topeka & Santa Fe Ry.-Eight-Hour Litigation.See editorial colums of this issue.-V. 103, p. 1223, 1206.
Chicago & Eastern Illinois RR.-Foreclosure.-The
Farmers' Loan & Trust Co. has brought suit to foreclose the
Evansville & Terre Haute First General Mortgage securing
$3,175,000 outstanding 5% bonds.-V.103, p. 1505, 1412.
Chicago Great Western RR.-Seven Years of Progress.In line with the opinion recently expressed by President Felton that the first mortgage bonds are selling far below their
intrinsic worth, Plympton, Gardiner & Co. have- compiled
a 9-page booklet, saying in part:
The gross revenue for the year was $609,401; operating charges, including
repairs and depreciation, aggregated $429,718, leaving net earnings of $179,683. Interest on funded and other debt amounted to 360.646, leaving a
net balance carried to surplus of $119,037. A charge to surplus account of
$124,025, in addition to depreciation heretofore charged, was made to bring
The statements of earnings show that the interest requirements of the
the reserve for this purpose up to the full amount accrued to June 30 1915.
bonds were earned three times over in 1916 and an average of
The severe drought which prevailed throughout eastern Cuba during 1st Mtge.
over annually since their issue. (Compare annual report. V. 103, P.
both the growing and harvesting seasons of 1915-16 greatly reduced the twice
The bonds are, moreover, an absolute first mortgage upon
1298,
1322).
output. Increased cost of labor and supplies and the enormous advance
main line (757 miles) extending from Chicago to Kansas City and from
In ocean freight rates combined to further reduce the profits from the year's the
to Minneapolis and St. Paul, and through pledge of first mortgage
business. The area of cane fields has been increased by 755 acres. The Chicago
bonds cover 277 miles additional, a total of 1,034 miles, at the exceptionally
market for sugar continues to rule high.
low rate for an important line of $24,500 per mile.
From a high price of 92 in 1909 the bonds dropped to 64 in 1915, and yet
INCOME ACCOUNT FOR YEARS ENDING JUNE 30.
their security has been steadily increasing.
1915-16.
1914-15.
1913-14.
1912-13.
P. & L. Fiscal Av.Price Surplus
P. ee L.
Sugar ouput(lbs.netwt.) 16,690,146 19,554,080 26,473,708 25,441,526 Fiscal Av.Price Surplus
Year. lstM.4s. Earns.
Surplus. 1 Year. lstM.4s. Earns.
Surplus.
Average price realized c.
3455.775 1914___73.1 $895,930 $3,582,175
3360.536
f.(New York)
$3.76
$3.89
32.054
$2.07 1910___90
1,223,683 191569.3
767,908
868,194
4,524,254
Molasses output (gals.)_
223,573
505,109
464,210
498,733 1911__ _85.4
183,609
1,407,2921191670.4 1,763,994
5,316,952
Gross earnings
*3609,401
$723,713
$554,276
$531,252 191282.3
2,653,9631
Oper. expens?,s, &c
354,944
381,785
381,213
386,974 1913___76.3 1,245,039
For this decline in price there are in our judgment three reasons. The
Net earnings
$254,457
$341,928
$173,063
$144,278 first and most important is the weakening of railway credit; the second, that
Repairs, deprec'n, &c
74,774
147,816
69,711
62,539 the security of principal and interest of this issue has never been adeInterest on bonds, &c
60.646
69,041
73,897
67,265 quately appreciated; and the third, that well over $6,000,000 bonds were
held abroad and liquidating sales have depressed and held down the price.
Balance,surplus
$119,037
$125,071
$29,455
$14,474
The present earnings justify the 2% paid on the preferred and we look
Add'ns & betterments
$56,006
$35,379
$16,643
$38,868 to see this rate maintained and eventually increased. At the head of the
Chicago Great Western is Samuel M. Felton, recognized as one of the ablest
* Not including sugar on hand.
railway executives of the country. Compare V. 103, p. 1301.
BALANCE SHEET JUNE 30.
Chicago Rock Island & Pacific Ry.-Plan.1916.
1915.
1915.
1918.
Press reports state that the reorganization plan is expected early next
LiabilitiesAssets$
week.
Peabody foreclosure petition against the Rock Island
Real estate&impts.a2,414,293a2,451,762 Common stock
1,500,000 1,500,000 has beenThe
continued until Dec. 11.-V. 103, p. 1687, 1683.
Preferred stock
Manufacturing plant
714,800 721,300
& field equip., &c. C456,763 454,651 20-year 1st M. 6%
Cincinnati Hamilton & DaytonlIty.-Foreclosure.-The
100,056
95,623
bonds (interest
Buildings
73,822
payable F. & A.)_1,500,000 1,500,000 New York Trust Co., as mortgage trustee, has brought
79,339
RR.& equipment__
32,524
2-year
6%
coupon
Live stock
32,009
8,448
notes (1915)
25,000 suits in the U. S. District Court at Cincinnati to foreclose
Furn., fixtures, dm
14,579
167,000
76,694 Bills payable
Plantation sundries_ 74,001
96,500 the Cincinnati Dayton & Chicago 1st Mtge. of 1892 and the
53,643 Accounts payable__ 27,691
Cash
53,739
15,417 Cincinnati Findlay & Fort Wayne 1st Mtge. of 1903.-V. 103
18,398 Accrued bonds, inAccounts receivable &o 20,551
48,514
18,728
89,936
terest,&c
18,925 p. 1687, 1301.
Sugar on hand
b6,200 Surplus
Treasury pref. stock
190,916 200,000
Treasury bonds_ _ __ 753,000 753,000
Columbus Delaware & MarionlIty.-Committee.-3,863
Deferred charges__ 30,868
The committee representing First Consol. M. 5% Gold Bonds has now
enlarged by the addition of G. M. Dahl of New York and A. Q. Jones
been
Total
Total
4,119,134 4,077,142
4,119,134 4,077,142 of Indianapolis, J. I. Burke, 140 Broadway, N. Y., acting as Secretary..
has adopted a new form of deposit agreement and urges imcommittee
The
a Includes 10,614 acres (at purchase price and attending expenses, incl. mediate deposit of bonds with the Guaranty Trust Co. of N. Y. Rudolph
31,500,000 common stock issued at par as part of purchase price), improved Kleybolte, Chairman of the committee representing a substantial majority
with 4,694 acres of cane and 1,216 acres of made pastures, $2,511,- of the underlying1st M. bonds, recently gave notice that unless the com274 less reserve for replanting cane fields. $96,981.
Consols should promptly signify its intention to reorganmittee for the
b $191,000 common stock not valued.-V. 101, p. 1374.
ize the property and assume the first mortgage, they themselves would be
C Includes in 1916 manufacturing plant, $319,622, field improvements, obliged to foreclose and take the property. ACompare V. 103. P. 1687.
$52,998; field equipment, $12,177; expenditures on improvements and
alterations to factory incomplete to date,$29,395; and other capital expendiFt. Dodge Des Moines & Southern.-Dividends.
ture incomplete, $42,570.-V. 102, p. 1991.
The company paid on Nov. 1 last a dividend of 1%% on its common
stock, a like amount having been paid on Aug. 1 1916. Preferred stock
dividends have been paid since Feb. 1916-1M % each Feb., May, Aug,
and Nov.-V. 102, p. 608.
14
GENERAL INVESTMENT NEWS
RAILROADS, INCLUDING ELECTRIC ROADS.
Alabama Great Southern RR.-Extra Dividends.The company has declared extra dividends of 3,i of 1% on the pref. and
1% on the ordinary shares, in addition to the semi-annual payments of 3%
and 23 % on the pref. and ordinary shares, respectively. Dividends on the
ordinary stock are payable Dec. 29 to holders of record Dec. 2 and on pref.
Feb. 23 to holders of record Jan. 22. Extra dividends in Aug. and June
last were 1% and 2% on the pref. and common stocks, respectively.
-V. 103, p. 1300.
Missouri Kansas & Texas Ry.-May 1 Interest.-
Payment of the May 1 interest on the Boonville Bridge Co. $947,000
1st Mtge. bonds began on Oct. 31. See also report for the fiscal year ending June 30 under Annual Reports above.-Y. 103, p. 1687, 1508.
Missouri Pacific Ry.-Plan Approved.-
The Missouri P. S. Commission on Nov.9 approved the plan of reorganization. See plan, V. 101, p. 130; V. 103, p. 406.-V. 103,p. 1508, 1503.
New York Central Lines.-Equipment Trust Certificates.
-This company has applied to the Ohio P. U. Commission
Alabama New Orleans Texas & Pacific Junction Rail- for permission to issue $12,000,000 4 2% equipment trust
ways Co., Ltd.-Sale of Portion of Holdings in American certificates to be sold at notiless than 97.
Railways.-In a circular addressed to the debenture holders,
The equipment to be purchased will include 4,000 steel under frame box
Secretary B. R. Tomlinson, London, Oct. 28, says in subst.: cars, to cost 35,900.000; 3.000 all-steel coal cars, to cost $4,500,000; ten
Nov. 11 1916.1
THE CHRONICLE
1793
electric locomotives, to cost $750,000; 100 steel passenger coaches, to cast
$2.000,000; 100 steel baggage cars, to cost $1,100,000, and 30 multiple-unit
cars, to cost $750,000. A hearing on the application was to have been held
yesterday on this hue,the first issue of New York Central Lines equipment
trust certificates since 1913.-V. 102, p. 3451
respectively outstanding of American Malt Corporation preferred and common stocks, and as those American Malting Co. stocks are similar in every
respect to the American Malt Corporation stocks and entitle the holder to
every right to which he is entitled as a stockholder of American Malt Corporation, it is evident that the continued existence of American•Malt Corporation is no longer necessary.
New York Central RR.-Guaranty.Subject to approval of the plan by holders of 80% of the stock, each
See Clearfield Bituminous Coal Corporation; also Continental Coal Co. stockholder of American Malt Corporation is offered
the right to exchange
under "Industrials" below.-V. 103, p. 1508, 493.
his stock for stock of American Malting Co., receiving for each share of
pref. stock one share of American Malting Co. first preferred stock, and for
Portsmouth (0.1 Street RR. & Light Co.-Earnings.- each
share of American Malt Corporation common stock one share of
American Malting Co. common stock, such exchange to be free of any and
John Nickerson Jr. reports the results of operations.
expense to the stockholders so depositing and to be carried out by a com-Menthol Sept.- Year end. Sept. 30. all
mittee appointed by the depositing stockholders and the Guaranty Trust
1916.
1915.
1916.
1915.
Co. of New York as the depositary. [This committee consists of William
$29.745 $20,812 $293,608 $246,242 B.
Gross earnings
Franklin, Russell H. Landale and Stephen J. Leonard.]
Operating expenses and taxes
13.893
13,050
160,331
153,740
Shareholders are requested to deposit their stock immediately so that the
plan may be declared operative. See also American Malting Co. above
$15,852
$7,763 $133,277
Net earnings
$92,502 and compare V. 102, p. 346.
2,500
Bond interest
2,500
30,000
23,357
Balance, surplus
-V. 100, P. 142.
$13,352
$5,263 $103,277
$69,145
Rio Grande RR., Texas.-New Officers.David O'Brien, former Vice-Pros. and Gen. 'Mgr. of this road, was recently elected Pros. and Gen. Mgr., with Jas. A. Brown as Vice-Pres.
and John Gregg, Secretary.-V.98, p. 1920.
St. Louis-San Francisco Ry.-New Securities.-Lee,
Ifigginson. & Co. and Guaranty Trust Co. have purchased
and formed a syndicate to sell $8,516,000 of the new Prior
Lien 5% bonds due 1950.
American Water Works & Elec. Co., N. Y.-Earnings.
Gross EarningsWater-works property
West Penn Traction properties
3 Mos. end. Sept. 30.
1916.
1915.
$1,144,400 $1,022,366
1,598,945 1,273,638
Increase.
$122,034
325,307
Total gross
32.743,345-$2,296,004 $447,341
Income Account of American Water Works & Electric Co., Exclusive o
Earnings of the West Penn Traction Properties.
1916.
1915.
Increase.
Net earnings
$400,153 $327,665
$72.488
Interest charges
199.804
195,975
3,829
Net income
$200,349 $131,690
$68,659
The securities of the new corporation are being delivered by the Bankers
Trust Co and the Central Trust Co. in accordance with the terms stipulated Company's proportion of West Penn
by the reorganization managers in their announcement of Oct. 25. Both
earnings (additional)
$115,000 $109,000
$6,000
series of incomes carry full interest for the year ending June 30 1916, and the -V. 103, p. 1209, 409.
coupons representing the same are being paid on presentation at tho Union
Bethlehem
Steel
Trust Co., N. Y.-V. 103, p. 1688, 1593.
Co., Pa.-New Bonds Offered.-Clark,
Tennessee & North Carolina REL.-Receiver.This company is being operated by Jas. G. Campbell as receiver, having
been appointed by the U. S. District Court, Eastern District, Tennessee,
on Sept. 14 last.-V. 93, p. 408.
Tidewater Southern Ry.-Stock-Extension.Application has been made to the Calif. RR. Commission for authority
to issue $600,000 common stock at 80, the proceeds to be used (a) to extend
its line from Hatch to Irwin City, Cal., 8 miles; (b) for freight terminals in
Modesto; (c) for further improvements.-V. 102, p. 1250.
Union Pacific RR.-Eight-Hour
See editorial columns in this issue.-V. 103, p. 1313, 1298.
INDUSTRIAL AND MISCELLANEOUS.
Acme Tea Co., Philadelphia.-Sales.The sales for five weeks ended Nov. 4 1916 were $1,929,373, against $1,657,248 for the same period in 1915.-V. 103, p. 1120, 408.
American Brake Shoe & F'dy. Co.-Reincorp.-Listing.
The company.having been reincorporated under the laws of Delaware
with the same capital stock as before, the N. Y. Stock Exchange has authorized the listing of $4,964,500 cumulative 7% preferred stock and $4.552,300 common stock, upon official notice of issuance in exchange for outstanding certificates of deposit of Bankers Trust Co. with authority to add
$35,500 preferred stock and $447,700 common steel( on official notice of
issuance and payment in full, or in exchange for stock of American Brake
Shoe & Foundry Co. of N. J. making the total amount authorized to be
listed: Common stock, $5,000,000; preferred stock, 0,000,000.
Earnings.-For year ending Sept. 30 1916:
Net earnings_a
Interest on bonds
$1,661,619 I Dividends paid
34,312 I Balance, surplus
$722,000
$905,307
a Net earnings arc stated after deducting manufacturing,administrative
and selling expenses and depreciation ($62,503) and including other income
and earnings of sub. cos. The item does not include $344,963, which is the
estimated pro rata part of the net earnings of the sub. and affiliated cos. for
the year ended Sept. 30 1916, and which was not paid by them to the company in form of dividends.-V. 103. p. 1509. 1033.
Ainerican Chain Co., Bridgeport.-Acquisition.-
This company has taken over the properties of the Standard Chain Co.
of Pittsburgh, which owns and operates 7 plants, located in York, Carlisle
and Braddock, Pa., Columbus,St. Marys and Mansfield, Ohio,and Marion,
Ind., and having an estimated production of 30,000 toms. The capitalization of the acquired company at last advices consisted of $509,700 pref.
and $280,471 common stock and about $383,000 First Mtge. sinking fund
bonds.-V. 96, p. 238.
American Express Co.-Special Dividend.-
A special dividend of 2% has been declared on the $18,000,000 stock for
the calendar year from investments, along with the regular quarterly
%,both payable Jan. 2 to holders of record Nov.29.-V. 101, p. 1887.
American Hide & Leather Co.-Preferred Stockholders'
Committee.-The preferred stockholders' committee in a circular of Nov. 10 proposes the following plan, put before the
management Oct. 26:
(a) Retire all the present bonds (about $3,500,000) and do away with the
sinking fund. The surplus after the release of the sinking fund would total
about $10,000.000. (b) Put out a $12,000,000 5% 1st M. bond issue without a sinking fund, due in not less than 15 years. (c) Sell $4,000.000 of
these bonds. (d) Pay out the other $8,000,000 bonds at once to the preferred stockholders. This would pay off about65% of accrued back dividends.
This plan we believe to be feasable, as the company has $40,000,000 assets.
It does not increase the fixed charges, as there would be no sinking fund,
while the accrued dividends would be largely decreased and the price of the
common should thereby tend to enhance. The committee must have the
fullest co-operation on the part of the stockholders to attempt its accomplishment.
Committee: Anderson Price, Frederic Drew Bond, ,Hans P. Fresco.
-V. 103, p. 1689.
American Malting -Co., N. Y.-Earnings-Plan.--
Dodge & Co., New York, and Brown Brothers & Co., E. W.
Clark & Co. and E. Lowber Stokes, Philadelphia, are offering at 100,q and int., yielding about 4.96%, $16,000,000
Purchase Money & Improvement Mtge.5% 20-year sinking
fund gold bonds, date July 11916, due July f1936. Int.
J. & J. at the company's office or agency in N. Y. Authorized issue, $60,000,000; outstanding, $31,942,000.
The bonds are redeemable in whole or in part or for sinking fund purposes at 105 and int. on any semi-annual interest date on 12 weeks' notice.
Denom. $1,000 c*, $1,000 and $5,000r*. Trustee, Bankers' Trust Co..
N. Y. Free of Pennsylvania State tax, and both principal and interest are
payable without deduction for any taxes, except Federal or State income
taxes. Application is to be made to list these bonds on N.Y.Stock Exch.
Data from Letter of Pres. E. G. Grace, South Bethlehem, Oct. 30 1916.
Bonds.-These bonds are a direct obligation of Bethlehem Steel Co., a
Pennsylvania Corporation, being part of an authorized issue of $60.000,000,
of which there! are now outstanding $31.942,000 bonds, all issued in connection with the financing of the purchase, in July 1916 (V. 103, p.
of all the assets of the Pennsylvania Steel Co. of Pa., Maryland Steel241),
Co.
and the assets of Pennsylvania Steel Co. of N. J., except the capital stocks
of the two former companies, by Penn-Mary Steel Co., all the stock of
the last named being owned by Bethlehem Steel Co. The mortgage securing these bonds is a direct lien on all real estate and plants acquired by PennMary Steel Co., with which company Bethlehem company has joined in
the mortgage.
Bonds of a par value of $16,949,000 are reserved under the mortgage to
retire underlying bonds and bonds of the two subsidiaries below
mentioned
not previously retired by sinking fund operation.
The balance of the authorized issue, $11,109,000, with any of the
t16,949,000 bonds not required for retirement purposes, may
be issued for '75%
of the cost of property acquired, or for additions, improvements,
&c.,
made after March 1 1919, to the mortgaged property or the property
of
any corporation, 90% of whose stock is pledged under this
mortgage.
An annual sinking fund equal to 2 %
the bonds outstanding is to
become operative July 1 1919 to purchase of
and cancel these bonds at not
over 105 and int.
Property.-Includes an extensive steel plant
Steelton, Pa., with five
blast furnaces, open-hearth furnaces, roughingat
finishing mills, forge
and machine shops, a complete frog and switchand
department,
bridge
shop; two blast furnaces at Lebanon, Pa., and a complete plantand
with large
ore docks, four blast furnaces, Bessemer converters and open-hearth
furnaces and rail mills, together with a fully equipped shipyard at Sparrows
Point, Md., all equipped with by-product coke ovens.
About $60,000,000 will be spent within the next four years in extending
these plants and diversifying their products.
Additional blast furnaces are to
be built both at Steelton and Sparrows Point.
The finishing mills at Steelton will be enlarged and extended and new lines
of products added. At
Sparrows Point advantage will be taken its exceptional
position as a point
for manufacturing material for export; of
and besides the improvements and
extensions to the existing rail mills,
are in course of erection mills for
the manufacture of merchant bars, there
rods and sheets, general commercial
line of plates and a complete tin-plate mill. All ofathese
additions and
betterments will be covered by this mortgage, which also covers Penn Mary
Steel Co.'s 54.16% interest in the Cornwall ore banks, Lebanon County.
Pa.
In addition there are pledged $2,644,290, the entire outstanding amount
of the capital stocks of subsidiary companies, which include the SpanishAmerican Iron Co., owning valuable ore lands in Cuba, and Penn-Mary
Coal Co., owning about 16,000 acres of bituminous coal measures in
Indiana and Cambria counties, Pa.
Underlying Mortgages.-Parts of tho property are covered by underlying
mortgages [of Pennsylvania Steel Co., Maryland Steel Co. and Penn Mary
Steel Co.-Ed.] aggregating $12,550,000, of which $7,000,000 bonds mature on or before Sept. 1 1925 and $5.550,000 bonds Oct. 1 1932; $4,399,000
bonds maturing in 1927 and 1939 are also outstanding on properties of two
of the subsidiary companies, the stocks of which are pledged [namely
the
Spanish-American Iron Co. and the Penn-Mary Coal Co.-Ed.). The payment of all of these bonds (except $1,000,000 underlying bonds due Nov. 1
1917) has been guaranteed by Bethlehem Steel Co. and all of these mortgages are, in effect, closed by provisions in the Purchase Money & Impt. M.
As a condition of the sale, the bonded debt of the former Pennsylvania
Steel Co. of N. J. was reduced by the retirement of $10,000,000 Collateral
Trust bonds.
Stock.-Bethlehem Steel Company has outstanding $15,000,000 capital
stock, all of which, except directors' shares, is owned by the Bethlehem
Steel Corporation. The absorption of the properties of the former -Pennsylvania Steel Co. of N. J., and its subsidiaries should materially increase the
earning capacity.-V. 103, p. 1689. 322.
Aug. 31 Years. 1915-16. 1914-15. I
1915-16. 1914-15.
Profit on malt,&c.$673,633 $306,960 lAdditions, &c_ _ _ _ $46,693 $67,834
Not bond int.,&c.*$144.467 $147,349 Dividends paid__ 326,349 100,800
Brown Shoe Co., Inc., St. Louis.-Earnings.-Div.Taxes
80,8031 Balance
74,013
sur.382,111 df$89.,826
A dividend of 15-5' has been declared on the $6,000,000 outstanding
* Includes in 1915-16 344,919 proportion of bonus paid for extension of common stock, payable Dec. 1 to holders of record Nov. 25. The last
bonds written off to Aug. 31 1916.
previous dividend on the common stock was 1%. paid Aug. 11914. The
As to plan for exchange of stock, see American Malt Corporation above. initial payment on the common stock was 1% Feb. 1 1914, the same
amounts being paid May 1 and Aug. 1. Preferred stock has received 7%
-V. 103, p. 1689, 1685.
American Malt Corporation.-Holding Company to be (1j% Q.-F.) since Feb. 1 1913.
Yr.
1915-15.
1914-15.
1915-16.
1914-15.
Eliminated, the Stock to be Exchanged Share for Share for Stock 0c1.31
Sales
$15,913,373 $10,764.328 For pf.stk.ret'd
of American Malting Co.-President William B. Franklin aNet earns.. $1,467,757 $240.322 Special reserve $179,278
100,000
Pref.
.
divs.(7%
Balance._
)264,250
273,000
_
_sur.$924,228 def.332,678
in circular dated at New York Nov. 10 says in substance:
a Net earnings as above are stated after deducting
1915-16 8252,005
Your corporation being a holding corporation (its only assets consisting expenditures for lasts, dies, and patterns, repairs and in
renewals and depreof first preferred and common stocks of American Malting Co.), its income clations.-V. 103, p. 409.
is derived from the dividends on its holdings of such stocks, while its expenses, consisting largely of taxes, have amounted since organization to
Bush Terminal Co.-Purchase.-Aug. 31 1916 to $81,212, or approximately $8,000 per annum, an expendiThis company has purchased for cash at parT$1.000.00)common stock of
ture which will be eliminated by the following plan.
its
subsidiary company, Bush Terminal Buildings Co., and will deposit it
The certificate of incorporation of American Malting Co. has been so as security for its
own Consolidated 5% mortgage, thus increasing the equity
amended and the terms of its capital stock so altered that there is now in the behind
that mortgage, and also increasing the equity behind the Buildings
treasury of the American Malt Corporation exactly the same number of
mortgage. The Buildings Co. has filed a certificate increasing its
shares of American Malting Co. first preferred and common stocks as are company
authorized capital stock from $7,010,000 to $9,000,000.-V.103,p.322. 63.
1794
THE CHRONICLE
Butte iz Superior Mining Co., N. Y.-Earnings.Total.
Quarters Ending
Quarters enaingSept.30'16. June 30 '16. Mar.31 '16. 9 Mos.
Net val.(zinc concent.)_ $1,731,670 32,879,568 34,337,413 $8,948,651
264,303
700,744
246,342
190,099
Net val. (lead concent.)
58,957
21,427
14,758
22,772
Miscellaneous income.._
WoL. 103.
and proposing a plan of reorganization which should be effective in case no
other settlement was reached. For the four months ended Sept. 30 1916,
under the lease of the property to the George M.Jones Coal Co. (for a commission and selling cnarge of 10% of the selling price, with a minimum of
10 cts. per ton), the Continental mines showed gross profits of $560,260 and
net profit of $59,840. See also Kanawha & Hocking Coal & Coke Co.
below.-V. 103, p. 846.
$1,936,527 $3,148,682 $4,623,143 *9.708,352
Total net value
3,143,481
1,068,203
988,625
1,086,653
Operating costs, tax., &c
Cuba Cane Sugar Co.-Conversion-Listing.-
The New York Stock Exchange has authorized the listing of 500,000
shares of common stock, without nominal or pat value, on official notice of
Profits
$947,902 $2,062,029 $3,554,940 $6,564,871 issuance for
the conversion of the
7% cumulative convertible
The average price used in estimating returns on speltor for the Sept. 30 preferred stock, when and as from $50,000,000
time to time presented for exchange at
1916 quarter is 8.3441 cents per pound.
the
making
holder's
to be listed 1,000,000
option,
total
amount
authorized
The regular dividend rate of 75 cts. per share per quarter was increased shares of common stock, without nominal or par value.-V.103,p.1304,496.
to $1 25 per share, paid on Sept. 30 together with an extra of $5 per share.
V. 103. p. 1304. 940.
Eastern Steamship Corp.-Sale Ordered.William L. Putnam in the U. S. District Court at Portland. Me.,
By-Products Coke Corp., Syracuse, N. Y.-New Stock. hasJudge
ordered this property to be sold under foreclosure but no date has as
In order to provide additional working capital and funds to pay for ex- yet been set.-V-. 103, p. 1213, 1121.
tensions and additions to the plant and property, the directors have decided
to allow stockholders of recent]. Nov. 29 to subscribe at par for an amount
Eastman Kodak Co., Rochester.-Dividends on Com.Stk.
of new stOck ($1,308,825) equal to 25% of the stock held by them, respecIn our issue of Oct. 28 we stated that an extra dividend of 5% had been
tively. Assignable subscription warrants 'will be issued about Dec. 1 by declared on the common stock, payable to holders of record Nov. 30. This
be
must
Wall
N.
16
subscriptions
and
Co.,
Street,
Bankers
Y.,
Trust
the
was incorrect. The last extra declaration on the common stock
5%,
paid at said trust company 50% on Jan. 2 1917 and 50% July 2 1917. On payable Nov. 15 to holders of record Oct. 25, and was reported in was
our issue
the latter date the now stock certificates will be issuable by the trust com- of Oct. 14. Below is the record of extra payments on the common stock
pany and interest to July 2 1917 will be paid at the rate of 6% p. a. upon in 1916:
the installment paid Jan. 2 1917. The total with. capital stock is $10,000,Extra Dividends on Common Stock in 1916.
000; amount now outstanding. $5.235,300. which is now to be increased
Aug. 15.
July 1.
May 1.
Nov. 15,
March 1.
April 1.
to $6,544.125. R. G. Hazard is Pres.-V. 103, p. 1689.
10%
5%
%
10%
5%
234%
The common stock received the regular quarterly payments of 234%
Chalmers Motor Corp.-Stock Offered.-J. S. Bache & and
pref. 1 %.-V. 103, p. 1595, 1414.
Co. and Charles D. Barney & Co., each of New York, are
Ely & Walker Dry Goods Co., St. Louis.-Extra Divireceiving subscriptions at $35 per share (see adv. on another
page)264,000 shares, of no par value, of an authorized issue dends.-A circular signed by Pres. D. B. Calhoun, Oct. 24,
in substance:
of 600,000 shares. There are no bonds and no pref. stock. says
At a meeting of the Board of Directors held this day, an extra 10% cash
Incorporated at Albany, N. Y., on Nov. 3 as successor of dividend
was declared payable to the common stockholders on Nov.30.
The company has enjoyed great prosperity during the last year and added
Chalmers Motor Co. of Detroit (V. 103, p. 581; V. 102, p. materially
to its surplus. The surplus on hand, after making provision
610). The bankers report:
for the above dividend, and that which will be on hand after the closing of
Finances.-The new company will have no bonds or preferred stock and this year's business, will be large and would under most circumstances
no liabilities except strictly current accounts. The net assets, exclusive justify a payment of further cash dividends to the common stockholders.
of good-will, patents, trade-marks, &c. as of Nov. 1 1916, will be more The directors, however, are of the opinion that this surplus should be rethan $13,500.000, or a book value equivalent to 85% of tne subscription tained for the prosecution and enlargement of the business, thereby increasprice. The net proceeds from the sale of the 264,000 shares will go into the ing the stability of the value of all classes of stock.
With this end in view, the directors have decided to call a meeting of the
treasury of the new company, and the outstanding preferred stock (1,457,capital
800 in June) of the Chalmers Motor Company of Mich. will be retired at its stockholders for Jan. 3 1917, to consider a proposition to increase the
stock
from $4.500,000,[consisting of $1,500,000 each of common, of 1st 7%
price.
redemption
said
Earnings.-Current earnings are running at the rate of $2,500,000 per cum. Pref. and of 2nd 6% cum. Pref. stock, par $100.)to $6,000,000,
common
annum or about 35 40 a share. For the year commencing Jan. 1 1917 the Increase of $1,500.000 to be represented by 15,000 shares of newdistribute
to
and
surplus;
of
out
stock
common
now
this
up
stock;
pay
to
is
which
to
about
equivalent
19%
company expects to earn $3,000,000,
on the subscription price. Present rate of production is 25,000 cars per same to or for the benefit of the holders of the present common stock,.
annum, with 30,000 estimated for 1917. It is expected that the new com- instead of taking any further amount of money out of the business at
pany will inaugurate a dividend policy on Jan. 1 1917 at the rate of $3 per this time.-V.83, p. 1101.
annum, bringing a yield of about 9% on $35 a share.
Federal Dyestuff & Chemical Corporation (of N. Y.),
Management.-1he same management which has brought the old company up to its present financial and productive stage will continue to manage Kingsport, Tenn.-Notes Offered.-White & Co., New
the affairs of trie new company and the personnel of the directorate will be York, have sold practically all of the $2,000,000 2-year 1st
representative and of high standing.-V. 103, p. 1689, 581.
Charcoal Iron Co. of America.-Earnings.Total
Previous
Total
Net Profits
All.
3 Mos.to Sept. 30'16. 62tios. to June 30'16. 9 Mos. Surplus.
$831,789 $91,657 $923,446
$529,884
$301,905
The balance as at Sept. 30 1916 shows bank loans, 3265.000. and advances
secured by pig iron warrants, $157,500.-V. 103. p. 1595. 1414.
Chino Copper Co.-Earns.-73 and 9 mos. end. Sept. 30:
-3 mos. end. Sept. 30- -9 mos. end. Sept. 301915.
1916.
1915.
1916.
Gross production_ _ _lbs_ 20,606,723 18,545,638 55,973.355 48,733,648
$3,366,541 $1,503,846 $9,170,235 $4,276,990
Milling and profit
175,610
244,010
78,750 51,568
Misc. Income,rents, &c_
Total net profits
Dividends paid
$3.445,291 $1,555,414 $9,414,245 $4,452,600
1.739.880
652,455
5,002,385
1,957,455
3902.959 $4,411.860 32.712,720
$1,487,836
Net surplus
The above earnings are computed upon the basis of 25.61, 27.49 and
26.566 cts. per lb. for copper in the quarters ending Sept. 30, Juno 30 and
Mar. 31 1916, respectively, and 16.003. 17.54 and 14.37 cents for the respective quarters in 1915.-V. 103. p. 940, 581.
Clearfield Bituminous Coal Corp.-Bonds Offered.Brooke, Stokes Co., New York, Phila. and Baltimore, are
offering at 96 and int., yielding 4.86%, a block of the 41 2%
mtge. gold bonds due Nov. 1 1932, guaranteed p. & i. by
the New York Central RR. Authorized, $5,000,000; out_
standing, $2,500,000. A circular shows:
Tax-free in Pa. Company pays the normal Federal income tax. Int.
M.& N. Denom. 31.000 c*, $1,000 and 35,000 c*r*. Trustee, Guaranty
Trust Co., New York.
The entire $825,000 capital stock is owned by the New York Central
RR. the railroad thus owning an important part of its own coal supply.
' bonds are a first lien on over 22,000 acres of coal, and subject to
These
$7,114,700 closed prior liens, a general mortgage on the remaining 126,000
acres of coal (all owned in fee in Pa.) and other property. The $7,114,700
of prior liens are being retired by their sinking funds, of from 23- cts. to
6 cts. per gross ton of coal mined.
Guaranty assumed by N.Y.Central RR.endorsed upon each bond: "For
value received, the Now York Central & Hudson River RR. Co. hereby
guarantees the punctual payment of the principal and interest of the within
bond, at the times and in the manner therein specified, and covenants in
default of payment of any part thereof by the obligor to pay upon demand
the said principal and interest of the within bond as the same shall become due."-V.93, p: 1604.
Computing-Tabulating-Recording Co.-9 Mos. Earns.
-9 Mos. ending Sept. 30- 12 Mos.end. Dec. 31.
1914.
1915. Inc. or Dec.
1915.
1916.
Net earns.(sub. cos.)-$1,035,730 $701,541 +$334,180 $1,042,634 $850,916
-5,797
351,940 361,054
*Accr.int. on 6% bds. 258,378 264,175
$777,352 3437,366 +3339,985 8690,694 $489,862
Net earnings
* After deducting interest on treasury bonds.
Net earnings as above are stated after deducting maintenance and depreciation of plants and equipment, reserve for doubtful accounts, proportion
of unacquired shares, and expenses of C.-T.-R. Co.-V. 103, p. 496.
Consol. Gas, Elec. Light & Pow. Co., Balt.-Notes.-
The stockholders on Nov. 6 authorized the issuance of the $8,500,000
5-year 5% notes, convertible after two years. See plan, V. 103, P. 1213,
1689, 1595.
Continental Coal Co.-Guarantor Asks Authority to Purchase Bonds.The Toledo & Ohio Central By. Co. which was recently held liable by
of the bonds of the Continental Coal
the N.Y. Supreme Court as guarantor '
Co. (judgment for $1,547,982 having been obtained by the bondholders'
committee on account of the $1,425.000 bonds represented by it, out of
$1,569,000 bonds outstanding), has joined with the New York Central RR.
Co. in a petition to the U. S. District Court at Cincinnati in the suit of the
Government against the Lake Shore & Mica. So. By., the so-called Soft
Coal Trust case, asking permission to purchase and hold temporarily for
self-protection the aforesaid bonds and also the bonds of the Kanawha &
Hocking Coal & Coke Co., which were similarly guaranteed.
The foreclosure sale of the property of the Continental Coal Co. has been
[postponed till Nov. 15. The committee of 1st M. bondholders, Charles
11. Sabin, Chairman, on Oct. 24 issued a circular explaining the situation
(closed) Mtge.6% gold notes, dated June 1 1916, which they
offered at par and mt.
These notes are dated June 1 1916 and due Juno 11018, but callable all
or part at 102 and int. on 4 week's notice on any int. date. Denoni. $500
and $1,000 c*. Iliterst quarterly at office of trustee, Metropolitan Trust
Co. of N. Y. Normal Federal income tax assumed by the corporation.
Penna. State tax refunded.
These notes may be exchanged at the trustee's, after Jan. 1 1917, int.)
stock (voting trust certificates) at the rate of 15 shares for each $500 note.
If called prior to Jan. 1 1917, the privilege of exchange will be effective for
ton days after such date, but certificates will not be delivered until Jan. 1.
Data from Letter of V-Pres. John C. Hebden, N. V.. dated July 5 1915.
Organization, &c.-Organized in N. Y. State with a capital stock of 300,000 shares without par value. (Incorporated in May or June 1916 as an
enlargement of the Federal Dyestuff & Chemical Co. of Delaware, whose
assets it took over, the old company ceasing to exist. See V. 101, p. 1888.)
Mfrs.-These notes are secured by a closed first mortgage on all the
property and assets. No dividend will be paid on the stock until funds to
retire all of these notes are deposited, or the notes retired. [The new notes
were used in part to retire $1,000.00Q notes of the predecessor company Ed.
Property.-Owns 200 acres (and an option on .300 adjoining) at Kingsport, Tenn., and more than 29 modern brick buildings thereon, in which
equipment has been, or is being, installed; also power house, warehouses,
laboratory, workmen's quarters, tanks, reservoirs, over four miles of railroad tracks, &c. At this plant coal tar distillates are chemically combined
with acids and alkalis by standard European processes to produce a great
variety of dyestuffs, pharmaceutical preparations, high explosives and
chemicals used in various industries and in the arts and sciences. We
have contracts for raw materials which show a large increase between the
contract price and the present market price. Those materials can mostly
be secured within 100 miles of the plant.
Product-Profits.-The corporation can produce annually a substantial
amount of the aniline dyes and dyestuffs hitherto imported. Its products
will also include pharmaceutical preparations, barium chloride, blanc fixo
and satin white, largely used in the paint and paper industries; chlorine,
hydrochloric acid, nitric acid, caustic soda, &c. The corporation has been
producing dyestuffs for many months, but it is only commencing to approach
full capacity. The increasing output, with apparatus now being installed
should ensure a monthly production of over 1,000,000 lbs. In the near
future.
Earnings.-Profits during May and Juno last were more than five times
the monthly interest charge on the $2,000,000 notes, and with the increased
production the profits will be proportionately greater. These profits are
extraordinary, owing to existing conditions, and, while it is not expected
that they can be duplicated each year, it is believed that they will be sufficient to retire the company's notes before maturity, to establish a largo
surplus reserve for betterments, extensions and working capital, and to
pay a substantial dividend to stockholders.
Directors.-A. M. Archer, (Treas.); C. Vanderbilt Barton, R. G. Barclay, Barclay & Co., G. T. Bishop,(Pres.); Walter A. Guile, Jr.(V.-Pres.);
E. A.MacPherson, Mark W.Potter,Pres. Carolina Clinclifield & Ohio R Ft.
George C. Van Tuyl, Jr., Prs. Metropolitan Trust Co. and Archibald S.
White, all of New York. George A. Coulton, Pros. Union National Bank;
Ralph L. Fuller, Harshaw, Fuller & Goodwin Co., mfrs. of chemicals.
Pres. Cleveland Chamber of Commerce and E. G. Tillotson, Investment
Securities, all of Cleveland; W. Sackett Duell, Secy. Klauder-Weldon
Dyeing Machine Co., Yardley, Pa. and John (:). Hebden,(V.-Pres.) Kingsport, Tenn. See also V. 101. p. 1888; V. 102,p. 2170.
Firestone Tire & Rubber Co.-New Stock.-Sales.
The shareholders on Nov. 2 voted to increase the authorized capital stock
from $4,000,000 to $15,000,000, of which 310.000.000 will be 6% preferred
and $5,000,000 common. It was also voted to reduce the par value of the
common shares from $100 to $10, each shareholder to receive 10 shares
of new stock for every share held. The stockholders further authorized
the company to sell 50,000 shares of common stock at $100 per share to
employees of all grades and $1,000,000 was authorized to be set aside as a
fund for insurance of employees and pensions. Dividends on the new
common stock, it Is stated, will begin at the rate of $4 per year. The board
of directors was increased from 5 to 7 members.
Of the new pref. stock, 35,000,000 will be now outstanding, and this
issue was underwritten by the Cleveland Trust Co., who inform us that
the issue was several times oversubscribed without issuance of any circular regarding same.
Sales for the fiscal year ending Aug. 1 were reported m 333,321,693, a
gain of32% over 1915,compared with 319,173,387 in 1913.-V.103,p.940.
Fontana Power Co. (Cal.).-Bonds-Stock-Lease.-
The Cal. RR. Commission has authorized this company, organized in
April last with $350,000 capital stock, to issue $350,000 First Mtge. 6%
bonds, 100 shares of capital stock (par $100) and to lease its properties to
h e Southern California Edison Co.(see that co. below). The bonds are to
by.11 MC
1795
THE CHRONICLE'
be issued at not leas than 90 and are for the construction of a power plant
The Commission gave the company a certificate that public convenience
and necessity require the construction of the electrical power plant and
system near Rialto in San Bernardino County.
The Fontana company is closely associated with the real estate development known as the Fontana Lands, 38 miles east of Los Angeles, embracing
about 18,000 acres, of which 14,000 acres are under agricultural development and 12,000 acres under irrigation. The Southern Cal. Edison Co.
will lease the plant for 30 years and operate it at capacity, 24 hours a day.
Lake Superior Corporation.-Official Statement.With reference to reports of large business and profits of the corporation,
which have appeared recently, the management states that it desires it to
be understood that these reports are not official or authorized. Beyond
stating that the position of the company's subsidiary, the Algoma Steel
Corporation, has improved, there is at the moment no statement to make,
it is added.-V. 103. p. 1305, 840.
Loft Incorporated (Candy), N. Y.-Capital Stock OfFontana Union Water Co.-Bonds Offered.-Torrance, fered.-William J. Gerety, New York, is offering, at $107
Marshall & Co., Los Angeles, Cal., recently offered a block per share, a limited portion of the $4,000,000 capital stock,
of First Mtge. sinking fund 30-year gold 6% bonds. dated par $100. There is no bonded debt. A circular shows:
Organization.-Incor.Jan.9 1916 in Va. and registered in N.Y.and N.J.
July 1 1912, due July 1 1942. Denom. $1,000c*. A Took
over all the assets, &c.,of the candy business operating under the name
circular shows:
of Loft for over 50 years, up-to-date stores in the metropolitan district and
Subject to call all or part on July 11917, or on any interest date thereafter, at 105 and interest. Interest payable J. & J. at office of trustee,
Los Angeles Trust & Savings Bank, and at Bankers Trust Co., N. Y.
Normal Federal income tax and the Cal. taxes paid by the company.
Capitalization.-Capital stock, authorized and issued, $1,000,000; 1st
M. bonds authorized, $900,000, of which $241,000 outstanding; $534,000
reserved for future improvements, $13,000 in sinking fund and $105,000
in treasury. This is a mutual company owning the water supply and distributing system for about 10,000 acres of the Fontana citrus properties
In and around Fontana and Rialto in San Bernardino County. Valuation of property as reported by engineer is $1,160,788.
nc.-Pref. Stock
Great Atlantic & Pacific Tea
Co.,York, are offering at
Offered.-Wm. C. Wilson & Co., New
$102 per share to yield 6.85% a block of 7% cumulative preferred stock divs. Q.-M.14%. A circular shows:
Red. all or part at 115 and to provide for this redemption not less than 3%
of the not earnings will be set aside each year beginning June 11919.
CapitalizationAuthorized.
Issued.
250,000 sit'. 250,000 sh.
Common stock, no par value
Pref. stock (6,400,000 held for note conversion and
exchange)
$12,500,000 $6,100,000
5,000,000
5% convertible gold notes
3,000,000
A N. Y. corporation operating over 2,600 stores throughout the U. S.,
constituting the largest retail grocery business in this country. During the
last year the company has opened on an average of 25 new stores a week.
The company handles groceries of almost every variety on an absolutely
cash basis, thus eliminating any loss from bad accounts. Net earnings for
year ended Feb. 28 1916, after charging off $305,023 for depreciation,
aggregated $1,820,598, or over 354 times the dividend of the outstanding
stock. It is estimated that the net earnings this year, on basis of operations
for the first six months, will approximate $2,500,000, or over 5 times the
dividend requirements. See also V. 102. re. 2257. 2345.
owning, with other real estate, two factories of brick and steel construction
at Broome and Centre streets, N. Y., and Long Island City, both in
operation.
Officers and Directors.-George W. Loft, Pres.; John H. Carl, V.-Pres.;
Jacques R. Haas, Sec. St Treas.; Chas. B. Underhill, Paul Hungelmann,
George Leon Loft, S. Stanwood Menken.
Los Angeles Gas & Electric Corp.-City Purchase.See Southern California Edison Co. below.-V. 101, p. 212.
Maryland Steel Co.-First Mtge. 58 Guaranteed.See Bethlehem Steel Co. above.-V. 61, p. 326.
Mills & Gibb Co.-Time Extended.Judge Mayer in the Federal District Court at N. Y. on Nov. 3 extended,
on the petition of Receivers Jos. B. Martindale and J. Harper Poor, until
and including Nov. 14, the time during which creditors may file claims
against the company. All of the note holders and a majority of the general
creditors are reported to have approved the plan. The sale is set for
Nov. 15. See plan.-V. 103. p. 1511. 1415.
Nevada Consolidated Copper Co.-Earnings.-3 Mos. end. Sept. 30- -9 Mos. end. Sept. 301916.
1915.
1916.
1915.
Gross production_ _ _lbs_ 24,585,393 18,516,121 67,836,688 44,438,721
Totalincome
83,901.197 $1,590,621 $11,536,953 $3.659,449
Deprec'n Steptoe plant..
173,187
143,879
500,627
389.916
Ore extinguishment_ _
103,205
84,594
296.058
225,663
Dividends
1,999,457
749,796
4,498,778
1.999,456
Balance, surplus
81.625,348
$612,352 $6,241,490 $1,044,414
The above earnings are computed upon the basis of 23.883 cents for the
quarter and 24.959 cents for the 9 months ending Sept. 30 1916.-V. 103.
p. 941. 583.
New York Transportation Co.-Dividend.A second dividend of 25 cts. a share has been declared on this company's
Great Northern Power Co.-Bonds Sold.-Coffin &
stock,
Dec. 1 to holders of record Oct. 15. The initial distribution
Burr, Inc., have sold jointly with Tucker, Anthony & Co. of likepayable
amount was made on Sept. 1 last.-V. 103, p. 325.
at 91 and interest, $1,469,000 First Mortgage 5% gold bonds,
North American Pulp & Paper Co.-Listing-Officers-dated 1905. Due Feb. 1 1935, but callable as a whole at 110
Additions to Plant.on any int. date. Denom.$1,000 c*. Int. F.& A.
The New York Curb Market Association has listed 1,000,000 common
Data from Letter of Pres. Charles A. Duncan.
The company controls all the water power within practicable transmission
distance to the Duluth-Superior District. It owns present water power
developments of 55,000 h. p. installed capacity, and total power sites
capable of an ultimate capacity of 150,000 h. p. Serves Duluth, Minn.,
Superior, Wis., and also the so-called Range District, which includes the
rapidly growing centres of the Great Mesaba Iron Range, reaching a total
population of about 200,000.
Capitalization (Stock all owned by Northwestern Power Co.)
$11,000.000
Stock_($3,000,000 is preferred 6% cumulative)
First M 5s, due Feb. 1 1935. Auth. $10,000,000, outstanding_*$7,969,000
* Including the present issue of $1,469,000 and $210,000 held alive in the
sinking fund.
There are also outstanding $650,000 6% notes, duo Feb. 11918. against
which proceeds of the present sale of bonds are deposited with the trustee
for their retirement at the next call date, i. e., Feb. 11917.
Years ending Dec. 31 1912 to 1915, and Sept. 30 19161913.1914.
1915.
1912.
1915-16.
Gross earnings
$531,709 $603,585 $667,347 $716,872 $849,790
Net earnings
403.278
479,740
452,801
513,147
614,020
Accrued interest on $7,969,000 1st M.Ss calls for
398,450
For detailed description of the property &c., see V. 92, p. 1036.
shares of stock with no par value. Paul J. Myler and J. M. Wilson have
been elected directors.
A report from Canada as to the company's proposed additions to the
plant will be found in the "Editorial Dept. on a preceding page.-V. 103,
p. 1690.
Nova Scotia Steel & Coal Co., Ltd.-Listing on New
York Stock Exchange.The N. Y. Stock Exchange has authorized the listing of temporary certificates for $7,500,000 ordinary stock on official notice of issuance in exchange for present outstanding certificates, permanent engraved interchangeaole certificates to be substituted on official notice of issuance and
to be added on or before July 1 1917, $7,500,000 ordinary stock, making
the total amount to be listed $15,000,000.
Consolidated Earnings.-Including subsidiary companies,
for 6 months to June 30 1916:
Profits from operation__ -$2,790,710 Pref. divs.(N.S.S.&I.Co.)(4)840,000
Bond sinking fund
do (Eastern Car Co.)(334)26.250
44,800
Bond, &c., interest
332.230 Balance, surplus
$2,347,430
The total surplus June 30 1916 was $3,859,495.-V. 103, p. 1690.
Oklahoma Producing & Refining Co.-New Stock.-
Shareholders of record Dec. 11 have the privilege of subscribing at $8
per share to 325,000 shares of new stock, par $5, to the extent of 3 of the
An extra dividend of 2% and the regular quarterly dividend of 134% amount of stock held, payments for full shares to be made to the Bankers
have been declared, both payable Dec. 1 to holders of record Nov. 20. Trust Co., N. Y., not later than Dec: 28. A syndicate has underwritten
The same extra payment was made Sept. 1 last. Dividend record on com- the issue and will take the stock or any part thereof at $8 per share.mon stock: Initial payment, 54%, Oct. 1 1907; none in 1908 and 1909; V. 103, p. 849, 669.
1910 to 1914, both incl., 2% per annum (%% Q.-M.); 1915. 234%; 1916
Ontario Power Co., Niagara Falls & Ontario Trans(incl. Dec.),
% (534% regular and 4% extra). Six per cent cum. pref.
stock has received dive. in full beg. with Oct. 20 1902.-V. 103, p. 582,64.
mission Co.-Consolidated Earnings.1 Mos.
6. to Sept. 30- -9
Mos.
19
es. to Sept. 30Interstate Electric Corporation.-Bonds Sold.•
1915.
1915.
A. IC. Fitkin & Co. report they have disposed of the entire $2,000,000 Gross earnings
$446,132 $412,085 $1,303,138 $1,165,470
First Lien 6% coll, sinking fund bonds due Mar. 1 1933, which they pur- Net income
$374,635 $339,155 $1,092,558 $981,784
chased from the corporation.-V. 103, p. 941. 848.
Charges
232,111
234,523
700,756
739,966
Balance, surplus
$142,524 $104,632 $391,802 $241,818
Kanawha & Hocking Coal & Coke Co.-Proposed PurThe surplus after charges for the 3 months to Sept. 30 1916 of the Ontario
chase.-(See Continental Co. above.) A circular recently Transmission
Co. was $33,143, against $9,037 for the same period in 1915,
and for the 9 months ended Sept. 30 1916, $75,659, against $19,341.
issued by the bondholders' committee said in substance:
Immediately after the committee was appointed last year the committee -V. 102, p. 607.
took up negotiations with the Sunday Creek Co., which was operating our
Owens Bottle Machine Co.-Sale of Interest.properties under a lease. Inasmuch as no legal proceedings could be instiThis company, it is stated, has sold its entire holdings of the Charles
tuted for the collection of the principal of the bonds until six months after
Boldt
Co. of Cincinnati, bottle mfrs., consisting of 1,667 shares, or about
default,
or Jan. 1 1916, experts were employed to investigate the conthe
dition of the coal properties. As a result, we became convinced that a one-third of the capital stock, for about $1,000,000, or $600 per share.
largo sum of money must be spent upon the properties in order to make The Boldt Co., which has plants in Huntington, W. Va., and Cincinnati,
and has operated 23 Owens machines at an annual royalty of $250,000,
them adequately productive.
The committee has consistently contended that the stockholders were will continue to operate independently, but will use the Owens machines
primarily interested to invest further sums in the properties if they desired as heretofore. The money received, It is said, means an addition of about
to preserve any equity, and that if the committee should undertake fore- $800.000 to the Owens Co. surplus.-V. 103, p. 1596. 1122.
closure it would be necessary for the bondholders to raise these large sums
Pacific Light & Power Corporation.-City Purchase.of money, an alternative that should be avoided if possible. As soon as
See Southern California Edison Co. below.-V. 102, p. 2346.
possible after Jan. 1 1916 proceedings upon the guaranties by the Toledo
& Ohio Central Ry. Co. and the Hocking Valley RR. Co. were brought
Pan American Petroleum & Transport Co.-Listed.in the N. Y. Supreme Court. The two cases against the Toledo & Ohio
Central Co. were submitted to the court after a trial last spring, and the The N.Y.Stock Exchange has listed the company's $10,000,plaintiff's contentions have just been completely sustained. The railroad
company will undoubtedly appeal from this decision. The determination 0007% cumulative preferred stock. See map and statement
of the cases against the Hocking Valley Ry. Co. have been delayed by vari- on pages 181 and 182 of "Ry. & Indus. Section."-V.
103,
ous applications made by the defendant which should be disposed of shortly,
p. 1305, 411.
and it is hoped that these cases will shortly come to trial.
Pending the proceedings in tho courts, we have been trying to arrange
Paragon Refining Co., Toledo, Ohio.-Preferred and
for handling the property without the investment of a large sum by the
bondholders. As a result we can now report that a preliminary fund of Common Stock Offered.-Field, Richards & Co., and associ$125.000 has been furnished by the committee representing the collateral
bonds of the Sunday Creek Co., which was secured in part by the stock of ates, Cincinnati, Cleveland, etc. have sold their block
of $1,500,000I% cumulative preferred stock at par, $100
the Kanawha & Hocking Coal & Coke Co. Glenn H. Warner of Cleveland,
an experienced coal operator has been employed by the company to con- and div., and $3,500,000 common stock at $20 per
share,
duct the business. Previous to that time the Kanawha company terminated
the lease to the Sunday Creek Co., and the properties are now subject to par $25. The bankers report: (See also adv. pages.)
The stock is non-taxable in Ohio. Preferred redeemable at $110.
the direction of the board of directors of the Kanawha company.
Bondholders' committee: D. E. Pomeroy, Chairman; Walker Buckner, Sinking fund provides that 15% of net earnings be applied annually to the
Lewis L. Clarke and Stacy C. Richmond, with B. W. Jones, Secretary, redemption of the preferred stock. Dividends Q.-F.
16 Wall St.. N. Y. [See Continental Coal Co. above.1-V. 103, p. 848.
Capitalization (No Bonded Debt)Authorized.
Issued.
7% cumulative preferred stock, par $100
$2,500,000 $1,500,000
(S. H.) Kress & Co.-Salesfor Oct. and 10 Mos.end. Oct.31. Common stock, par $25
5,000,000
3,500,000
Organization.-The now company incorporated in Ohio is organized to
Increased 1916-10 Mos.-1915.
1916-October-1915.
Increase. take over the entire assets of the old company, of similar name, organized
$1,086,415
$1,379,460
1293,045[811,158.471 $9,050,048 82.108,423 in 1888, which has been in continuous
operation and has uninterruptedly
-Ar. 103. p. 1035, 582.
_.1 paid dividends at from 6% to 60% per annum.
Harbison-Walker Refrac, Co.-Extra Div. on Corn. Stock.
-391.
THE CHRONICLE
1796
The plant at Toledo covers about 24 acres, with a 1,000 ft. frontage
on the Maumee River, and has a present monthly capacity of about 50,000
bbis. With improvements contemplated, some of which under construction, this will be increased to 65,000 bbls. by March 1. The company
owns 875 producing wells in the Ohio field, has about 360 miles of pipe line,
176 steel tank cars and 3 lake vessels. Operates over Penn., Ohio, Ken.,
Ill., Mich., Wisc., Ia., Minn. and Texas.
The balance sheet as of Aug. 31 1916, without the new capitalization,
shows net tangible assets, excluding patents and good will, of $3,421,870,
or over $228 per share on the preferred stock.
Earnings.-Net earnings applicable to dividends, after depreciation and
renewals, for the first eight months of 1916 were $508,049, and it is estimated for the full year should exceed $650,000,or over six times the pref. div.
Directors.-President, C. A. Ulsh (formerly Vice-Pros, and Manager of
the old company); W. Y. Cartwright, Cin.; W. C. Carr, Toledo; R. E.
Field, Field ,Richards & Co.; Rathburn Fuller, Wm.J. Welding, andRome
Goodwin, Toledo. No change in the management is contemplated.
Penn-Mary Steel Co.-Mortgage Closed.See Bethlehem Steel Co. above.-V. 103. p. 243.
Pierce-Arrow Motor Car Corporation.-Proposed New
Company.-Subject to expert examinations of books and
property,j. & W.Seligman & Co. have contracted, on behalf
of themselves and associates, to buy the property and business of the prosperous Pierce-Arrow Motor Car Co., and will
transfer the same at cost to a new company, to be called.
Pierce-Arrow Motor Car Corporation or some other appropriate name, under the laws of New York or other State.
Proposed Authorized Capitalization of the Corporation.
8% cumulative preferred stock (par value $100 a share), preferred both as to assets and dividends, redeemable and repayable in case of voluntary dissolution, at 125 and accrued dividends and convertible at any time into common
stock, share for share, with sinking fund for its retirement
equal to the amount paid in any year in cash dividends
100,000 shares
on common stock Above $5 a share
250,000 shares
Common stock (without par value)
Preferred stock when retired by the sinking fund is to be converted into
common stock and held in the treasury for the general purposes of the corporation or for distribution as a stock div. on outstanding common shares.
To carry out the plan the bankers and their associates contemplate the
purchase of the entire capital stock of the (old) Pierce-Arrow Motor Car Co.
and will provide also a further $1,500,000, out of which the $1,250,000 1st
M. 6s of the present company will be called and paid in Feb. 1 1917 at
par and int. The bankers in this connection are forming a syndicate to
acquire from them and their associates all of the preferred stock (100,000
shares), together with 180,000 shares of common stock, for the sum of
$16,500,000 and accrued dividends on the pref. stock and to market the
stock so acquired. The remaining 70,000 shares of common stock, it is
stated, will 130 retained by the firm and its associates to represent their
entire profit in the transaction.
Charles Clifton, Vice-Pres. and Treasurer of the present company, is
to be President of the new corporation. Under date of Nov.3 he estimates
the assets as follows:
Properties of Present Pierce-Arrow Motor Car Co. as of Oct. 1 1916, Aggregating (Net) $13,776,910.
Real est., bldgs. and equip.-net book value, less depr'n reserve..$3,904,951
Net working assets: Cash, $1,221,107; accts. and bills receivable, $2,131,536; inventories, $7,750,000; total, $11,102,642;
$9,545,513
leas current liabilities, $1,557,129
326.446
Investments
Against the above assets are only the $1,250,000 of bonds which it is
planned to retire on or before Feb. 1. By Dec. 31 1916 these assets, it is
estimated, will have increased $1,000,000.
The company manufactures the well-known Pierce-Arrow motor cars,
which have long stood in the front rank for quality and appearance, and also
the well-known Pierce-Arrow trucks, recognized as probably the best
heavy truck in the market. The company had orders from foreign Governments which were filled mainly during the year 1915 and in part during
the current year; but its domestic commercial business is also stated to be
steadily increasing.
Earnings of the Company after Proper Deduction for Depreciation.
$2,142,000
For the 12 months ending June 30 1912
1.464,000
For the 12 months ending June 30 1913
1,714,000
For 18 months to Dec. 31 1914
4,301,000
For the calendar year 1915
For 9 month ended Sept. 30 1916,including for 7 months ending
July 31 1916 profits before depreciation of $1,660,000, for
August $540,000 and for Sept. $560,000, making a total of
$2,760,000, which, after depreciation, shows a net profit of_ -$2,460,000
-V. 89, p. 475.
Pittsburgh Brewing Co.-Earnings for Fiscal Year.Year end.-Oct. 28 16. Oct. 23 15.
600,869
Barrels sold__
798,175
$6,555,829 $4,744,864
Sales
Net earnings..$1,783,815 $965,996
175.456
194,237
Other income_
Oct. 28 '16. Oct. 23 '15.
Bond interest_ $319,140 $333,140
463,741
Deproc'n, &c_
687,796
%)106750
Pref. divs. (83i)533,757(13
Common divs.
of 1%)29,812
Gross income_$1,978,052 $1,141,452 Balance,surp_ $437,359
-V. 102, p. 1815.
$208,009
Ray Consol. Copper Co.-Earns.3 (t: 9 Mos.end Sept. 30.
-3 Mos. end. Sept. 30- -9 Mos. end. Sept. 301915.
1915.
1916.
19i6.
Gross production,lbs_ _ _ 19,061,727 14,931,388 53,530,959 43,918,981
$802,775 $8,698,766 $2.948,270
$3,280,424
Net profits
48,723
27,931
14,172
Miscellaneous income
18,976
$816,947 $8,747,489 $2,976,201
$3,299,400
Total income
$112,504
$35,675
Bond interest
1,094,837
2,760,775
547.802
1,182,884
Dividends
$233,470 $5,986,714 $1,768,860
$2,116,516
Balance for quarter
The earnings for the Sept. 30 1916 quarter are computed on the basis of
27.722 cts. per lb. for copper, against 15.708 cts. for the same quarter
n 1915.--V. 103, p. 946. 583.
Shattuck Arizona Copper Co., N. Y.-Production in lbs.
Copper (lbs.) Lead (lbs.) Silver (oz.) Gold (oz.)
361.07
335,008
35,905
1,663,671
October (1916)
4188.91
276,035
2,669,888
15,206,701
10 months (1916)
-V. 103, p. 1305. 1016.,
Southern California Edison Co.-New Stock.-Lease.This company recently filed amended articles of incorporation increasing
the authorized capital stock from $30,000,000 to $100,000,000, to consist
of 1,000,000 shares, par $100, divided into 40,000 shares of preferred and
the remainder common stock.
As to lease of Fontana Power Co., see that company above.
Terms Proposed by City and Companies.-Mayor Woodman
on Oct. 19 gave out the details of the city's offer to the
three power companies for their distributing systems and the
companies' counter proposal. The Los Angeles "Times"
on Oct. 20 said:
(1) The city offers a lump sum of $10,000,000 for the distributing systems, which have gross earnings of $5,000,000, and the steam plant of
the Los Angeles Gas & Electric Corporation, and will purchase power for
51i years at a rate of 85 cents per k.w. hour, not less than 25,000 k.w. to be
purchased for the first 13i years, 15,000 k.w. for the succeeding two years
and 10,000 k.w. for the remaining two years. The price of $10,000,000
means $9,000,000 for the distributing systems and $1,000,000 for the steam
plant.
The city proposes to pay down what money it can and raise the rest by
a bond issue. Within ten days after the voters authorize the bonds, but
not earlier than Jan. 1 1917, it proposes that possession of the properties
be delivered and the bond contract become operative.
[Vol,. 103.
The offer is signed by the city's committee, composed of Mayor Woodman, President Betkouskj and W. A. Roberts of the City Council, and
President Del Valle and John W. Kemp of the P. S. Commission. They
say that as the city is expending large sums daily in paralleling, prompt
action on the part of the companies is necessary.
(2) The companies offer to sell for $13,691,000 cash or $12,561,500 on
time, excluding the steam plant. The difference in the price is because of
extra expenses in the retirement of bonds which would be largely avoided
on the basis of partial payments. They also want a power contract for
ten years, during which time the city will buy from them half its power
requirements at $33 17 per h.p.; after 10 years the city to buy from the
companies for 20 years what power it may require, the price to be fixed
by whatever is the constituted authority, each five years.
The partial payment plan includes $3,561,500 cash down, leaving $9,000,000 for the city to pay out of the total earnings, which the companies
estimate would amount in 10 years to $70,846,315, with available cash
after operating expenses of $27,486,328, of which $7,000,000 would be
applied to building municipal plants along the aqueduct, $9,000,000 to pay
for the distributing system, and $6,500,000 for extensions and betterments
inside the city.
Comment upon the Two Offers by Mayor Woodman.
We are not very far apart. If the two can be brought together without
either party suffering much in their original figures, it is going to be a good
thing for the city.
Explanation of Cos.' Proposal by J. B. Miller, Pres, So. Cal. Ed. Co.
Companies' Offer.-The sum of $13,691,000 is the price for the Los Angeles distributing properties and business of the three companies, if it is
decided to vote bonds and pay us cash down. This price includes the
systems in San Pedro, San Fernando Valley, Palms and all other territory
within the city and is arrived at as follows:
In its decision of the condemnation case the Railroad Commission placed
a value upon the system of the Southern California Edison Co. of $4,750,000
as of Juno 30 1915, entirely exclusive of the commission's award for severance damages. Between this date and down to the end of the current year
the cash cost of the company's extensions and connections of new business
increased this award to $4,982,104. In denying the application of the city
of Los Angeles for a rehearing of this case, the Commission reaffirmed
this valuation, stating: "We are satisfied that the decision thus rendered
was fair and just, both to the city of Los Angeles and to Southern California Edison Co."
The cost of the Edison company's system is 40.574% of the total cost
of the three systems and basing the values of the Los Angeles Gas & Electric
Corporation and Pacific Light & Power Corporation systems upon the
Commission's decision, a total of $12,279000 is arrived at by simply adopting the Commission's award to the Edison company as 40.574% of the
whole. The difference between this and the sale price on the cash-down
basis represents the actual cash cost to these companies of calling in their
bonds long before maturity and substituting an equivalent amount of
bonds- from time to time to provide for necessary extensions to their remaining properties to replace the Los Angeles distributing investments.
On the basis of partial payments, these extra expenses in connection with
the retirement of bonds would be largely avoided, making it possible for us
to submit a price of $12,561,500, of which $3,561,500 would be paid in cash
from funds now on hand and the balance spread over a period of years
consistent with the city's ability to pay from earnings after providing for
all requirements-operating expenses, interest and sinking fund on the
$10,000,000 power bonds now outstanding, extensions to distributing systems and further power development.
We are not submitting trading figures. We are all of the opinion that
the properties and business of the companies are worth more than the basis
on which we are now willing to sell.
Effect of Settlement.-Taking into consideration the very large savings
in operation-made possible by combining the systems with the city'a
power system operating all the properties as one single unit-the city's
earnings will be sufficient to meet all of its requirements, including not only
the payment for distributing systems on the partial payment plan, interest
and sinking fund on all outstanding bonds and extensions to distributing
systems, but also all further power developments so that no additional
bonds for the development of the city's power or electrical business will
over be necessary.
In my opinion, the harmonious relations brought about by a settlement
of this power question will reassure investors and have such a stimulating
effect upon business in general as to not only increase the rate of growth
in Los Angeles, but bring back prosperity throughout all this southern
section.-See also Fon,ana Power Co. above.-V. 103,p. 1215, 946.
Spanish-American Iron Co.-Mortgage Closed.See Bethlehem Steel Co. above.-V. 101. p. 1890.
Standard Chain Co., Pittsburgh.-Sold.See American Chain Co. above.-V. 102, p. 973.
Standard Sanitary Mfg. Co., Pittsburgh.-New Stock.
-A press report states that this company is proposing to
increase its authorized capital stock from $10,000,000(prof.,
$4,000,000; common, 86,000,000) to $20,000,000, of which
$8,000,000 will be preferred and $12,000,000 common.
There was outstanding at last advices: Prof. 7% non-cum.,
$3,859,800, and common, $5,761,800 (par $100), along with
$1,718,000 debenture 6s.
We are officially informed that the application to make the increase will
be made in Jan. next, with a view to a possible increase in the business,
regarding which nothing is avalialbe at present -V. 103, P.' 1691.
Studebaker Corporation.-Earnings for Half Year.The net profits for the half year ending June 30 1916 were
$6,028,000, against $9,248,375 for the cal. year 1915.
The statement that the earnings mentioned covered the year ended
June 30 was corrected in our issue of Sept. 9, but owing to the absence
of the responsible editor, the error was not drawn to his attention
and so crept into the "Railway & Industrial Section." Fortunately being
absurd on its face, our readers have been quick to sense the real meaning
intended.-V. 103, p. 1046, 946.
Submarine Boat Corporation.-Working Agreement.This company, which controls the Holland patents for submarine boat
construction, it is announced, has entered into a working agreement with
the Wright-Martin Aircraft Corp., under which it will manufacture aeroplanes. The Submarine Boat Corp. would manufacture its own aeroplanes
under license from the Wright-Martin Corp. and would buy its motors from
tne Wright Corp., which has recently expended $3,000,000 on its plants in
New Brunswick, N. J. for the manufacture of aeroplane motors of the
Hispano-Suiza type. The Submarine Boat Corp. has a world-wide organization, which will, be adapted to the development of an aeroplane business.-V. 103, p. 1416.
Swift & Co.-Stock Increase.-
The shareholders on Nov. 8 authorized an increase in the capital stock
from $75,000,000 to $100,000 and holders of record Nov. 8 are offered the
right to subscribe for the 33 1-3% of new stock at par on a basis of 1 now
share for each 3 shares held. Subscriptions must be paid in full by Nov. 25
and the cash dividend of 33 1-3% recently declared (out of surplus accumulated prior to Mar. 11913) is applicable at holders' option to said payment.
The new stock will be issued on or before Jan. 25. See V. 103,P. 1416,841.
Tennessee Copper Co.-Time Extended.The time for the deposit of holdings by the stockholders of this company to be exchanged for stock of the Tennessee Copper & Chemical Corp.
(which see below) has been extended until Nov. 25. The plan has not as
yet been declared operative.--V. 103, p. 1512, 1416.
Tennessee Copper 85 Chemical Corp.-Successor Co.This company was incorporated at Albany, N. Y., on Oct. 14, as shown
by the records of the Corporation Trust Co., N. Y. City, as the proposed
successor of the Tennessee Copper Co., which see above.
(William) Tod Co., Youngstown, Ohio.-Sold.-
Soo United Engineering & Foundry Co. below.-V. 102, p. 442.
Nov. 111916.]
THE CHRONICLE
Transue & Williams Steel Forgings Corp.-Earnings.
The net earnings for Oct. 1916 amounted to $124,469, or at the rate of
$1,494,000 per year, equivalent to $14 93 per share.-V. 103, p. 1691.
Underwood Typewriter Co.-Common Dividend Inhas been declared
creased.-A quarterly dividend of 1
on the $8,500,000 common stock, payable Jan. 2 1917 to
This
1916.
compares with 1%
holders of record Dec. 20
4% on the pref.
quarterly since July 1911. The regular 13
day.
same
payable
was also declared,
Acting upon authority of the directors the company has
acquired by purchase the 4,000 shares of preferred stock necessary to complete the cancellation of $1,000,000 par value
of said preferred stock.
The company announces the details of its profit-sharing
plan, calling for the distribution of approximately $250,000.
Under the plan, 20% of the company's net earnings is to be
given in stock to its employees.-V. 102, p. 891.
United Drug Co., Boston.-Listed-Earnings.The N. Y. Stock Exchange has authorized the listing of $5,086,350 7%
cum. 1st pref. stock, $9,099,800 6% non-cum. 2d pref. stock and $19,977.700 common stock, with authority to add $2,413,650 7% 1st pref.
stock on issuance and payment in full and $9,200 6% 2d pref. stock and
$72,300 common stock on issuance in exchange for outstanding scrip,
making the total amounts authorized to be listed of 1st pref., $7,500,009;
2d pref., $9,109,000; common, $20,050,000.
Consolidated Income Accountfor the Five Months ended June 30 1916.
$14,794,181'Sundry deduc'ns (see below) $43,593
Sales
1,145,613 Chged. off for consol. expen. 110,274
Total profit
Net profit for five months
$991,745
The deductions above include sundry expenses, also dividends accrued
on subsidiary Companies' pref. stock not owned by United Drug Co.
Combined Bal. Sheet Un. Drug Co. and Subsidiaries June 30 1916 (InterCompany Accounts Eliminated).
Liabilities (Total $42,488,695)Assets (Total $42,488,695)Real estate & building's_ _ b$1,994,497 Real estate mtges. & bds_ $662,500
115,086,350
580,860 First preferred stock
Improvem'ts to leasehlds
Furn., utensils & mach'y 3,810,680 Second preferred stock__ _ 9,109,000
20,050,000
Holdings in var. outside cos 215,224 Common stock
Accts. payable (not due)_ 1,693,013
Patent processes, tradeNotes payable
c3,458,428
mks., formulae. leaseCapital stock of allied cos.
holds, good-will, &c.to be acquired
233,826
Louis K. Liggett Co_ 12,276,474
9,974,213 Reserve for depr. of leaseUnited Drug Co
holds,
equipment,
&c_
1,276,778
1,291,554
corpora'ns
allied
Other
958,403 Surplus (combined from
Cash
all the allied corpor'ns,
2,506,666
Accounts receivable
less divs, paid, reorg.
89,136
Notes receivable
exp., divs, paid to holdMerchandise inventories
ers of sub. cos. stocks
8,280,900
(at cost or less)
other than this cos., &
Advances and suspense
494,864
miscellaneous losses) _ _ _
904,025
accounts
a This amount is being increased by $2,413,650, which has all been subscribed for and IS being issued for cash in three installments, ending Dec. 10
1916 and will then be $7,500,000. b This amount is being increased by
$160,000 to complete contracts for buildings under construction. c This
amount is being decreased $1,953,650 out of the proceeds of the sale of
first pref. stock, as shown in foot-note a. V. 103, p. 1709, 1597.
United Dyewood Corporation.-Preferred Stock Offered.
-Blair & Co. New York, are offering $4,500,000 7%
Cumulative Preferred Stock, par $100. A circular shows:
Dividends Q-J. The stock Is entitled upon liquidation to $107 50 and
dividends prior to the common stock red. at $107 50 and dividends. No
stock prior to or equal with this pref.stock authorized may ever be issued.
Organtzation.-Incorp. in Del.[Sept. 261 and holds substantially all of the
capital stocks of: (a) American Dyewood Co. with plant at Chester. Pa.;
(13) British Dyewood Co., Ltd., with plants at Glasgow, Scotland and La
Coyle, Jamaica; (c) West Indies Chemical Works, Ltd., of Spanish Town
Jamaica (d) Cie Francalse des Extrsits Tinctoriaux et Tannants of Havre.
These subsidiaries manufacture dyewoods and dyewood and tanning
extracts and deal in dyestuffs, aniline dyes and other chemicals. They
carry on an extensive business both in America and Europe.
Authorized. Outstanding.
Capitalization$5,000,000
$4,500,000
7% cumulative preferred stock (par 4100)
15,000,000
13,915,000
Common stock (par $100)
Assets.-Tne corporation and its subsidiaries together shall maintain net
quick assets equal to tne preferred stock outstanding, and if at any time they
fall below $4,500,000 no common dividends may be paid until they again
reach $4,500,000.
Preferred and common stock shall vote alike, except in case the corporation shall fall of pay,nent of six successive preferred dividends of 134%,
when the common stock shrll cease to have any voting rights until all unpaid
preferred dividends are paid.
Earnings of Subsidiary Co's.-Accountants report average net income
applicable to the securities of the sunsidiary companies, for the three years
ending Dec. 31 1915, were $1,772,224, and for the six months to June 30
1916 largely in excess of this amount. The average annual net income so
reported is more than five times the annual dividends on the $4,500,000
preferred stock.
United Engineering & Foundry Co.-Acquisition.Tuts company has taken over, as of Nov. 1, the property, &c., of the
(Wm.) Tod Co. of Youngstown, Ohio, manufacturer of heavy engine
pumps and hydraulic machinery. The acquired property,founded in 1856,
will, it is understood, be operated as a separate unit with its present operating organization. The "Iron Trade Review" of Cleveland reports: "All
of the capital stock of the Tod company was acquired by the United company, consisting of $1,000,000 common authorized and outstanding, and
3500,000 7% cumulative preferred, of which $339,800 is outstanding;
shares, $100. The 'rod interests exchanged their stock for United stock,
thereby acquiring large interests in the latter company, of which I. W.
Frank is President. David Tod is succeeded by John T. Harrington as
President of the Tod Co. C. II. Booth, Chairman of the Board of the
United company, becomes Vice-President. Mr. Tod was elected a director
of the new organization. as were Messrs. Harrington and Booth. John
Stambaugh and H. M. Kelly. H. J. Stambaugh remains as Secretary
& Treasurer."-V. 91 p. 13S3.
United Service Co.-Dividend-Earnings.-
This company has declared another dividend of 1% on its common stock,
payable Dec. 1, making 4% for the year. This stock was given as bonus
with the 6% pref. stock (dividends Q.-J. 15). Brooks & Co., Scranton,
who financed the company, report:
1913.
1914.
1915. '16(6mos.)
1912.
1911.
Gross earnings_ _$148,484 $226,541 $522,882 $553,118 $666,965 $383,583
Not,aft.tax.,&c. 58,642
90,963 212,925 243,697 277,091 169,919
44,807 134,588 156,074 172,680 102,295
Fixed chgs.&div. 33,236
Surplus
$25,406 $46.154 $78,337 $87,623 $104,411 $67,624
1%
Cash div.on corn.
2%
4%
The pref. stock will pay its 24th dividend Jan. 15 1917. Compare
V. 102, p. 981.
United States Steel Corporation.-Unfilled Orders.-
See "Trade & Traffic Movements" on a preceding page.-V. 103,
p. 1709, 1685.
United Zinc Smelting Corporation.-Construction.An authoritative statement says in substance:
The company, after the examination of 27 sites, has determined to locate
its now smelter and acid plant at Moundsville, W. Va., and to commence
construction immediately. The first unit, producing about 48,000 pounds
of spolter and 50 tons of66% sulphuric acid per day, is expected to be completed within 6 months. Otto Proelss, an acid and zinc-smelting expert,
1797
will have charge both of the construction and the operation of the Moundsville plant. The low cost of coal available at this point and the advantageous shipping position should place us in a very strong position under
conditions following the end of the European war.
Kenefick Zinc Corporation, a subsidiary of the United Zinc Smelting
Corporation, in addition to paying four monthly dividends and retiring 10%
of the preferred stock, has put part of its surplus into new construction in
order to bring its mills to the highest state of efficiency as well as to meet the
conditions which may prevail after the war.-V. 103. p. 150.
Utah Copper Co.-Earnings.-3 and 9 mos. end. Sept.30:
-3 Mos. end. Sept. 30- -9 Mos. end. Sept. 301915.
1915.
1916.
1916.
Gross production__ _lbs_ 61,079,924 44,766,841 146,029,386 111,982,661
$10,283,878 $3,663,708 $25,145,725 $9,035,684
Net profits
79,041
90,082
25,668
290,757
Miscellaneous
375,188
2,251,125
1,000,500
Nevada Cons. nividends 1,000,500
350,000
1,400,000
879,053
675,000
Bing. & Garfield Ry. net
Total net profit
Dividends paid
$12,049,460 $4,414,564 $29,087,607 $10,994,278
4,467,348
4,873.470 1,624,490 13,808,165
Net surplus
$7,175,990 $2,790,074 $15,279,442 $6,526.930
The above earnings are computed upon the basis of about 25.364 cts.,
26.758 cts. and 26.131 cts. for copper in the quarters ending Sept. 30,
June 30 and March 311916, respectively, 16.252, 16.984 and 14.93 cts. for
the respective quarters in 1915.-V. 103, p. 584, 330.
Utah Power & Light Co.-Pref. Stock Offered.-Hayden,
Stone & Co., N. Y., Boston, &c., are offering at 101 and
dividend a block of $1,200,000 7% cumulative pref. stock.
Preferred as to dividends and assets. Red. on any dividend date at 115.
Auth.
Issued.
Issued.
Auth.
Capitalization.
Prof. 7% stk.$15,000,000 $5.900,000 I Corn. stk_..$35,000,000 $30,000,000
2d pref. stk. 10,000,000 4,937.000 1st M. 5s.. _100,000,000 19,005,000
The pref. stock was issued in part payment for property acquisitions
and construction. Divs. Q.-J.
Earnings Twelve Months ending Sept. 30 1916.
$4,108,989'Bal., after int. charges..41,055,953
Gross earnings
2,104,662 I Annual divs.on pref. stock 413,000
Net earnings
For further details see V. 101, p. 1374, 1979; V. 103, p. 1597.
Western Canada Flour Mills Co.-Earnings.Aug. 31- Profits.
1915-16
$376,261
1914-15
340,063
-V.101, p.1276.
Bond Int. Dies.(8%). Bal., Sur.
$93,500
$169,976
$112,785
96,865
73,222
169,976
Total Sur.
$688,269
575,484
Westinghouse Electric & Mfg. Co.-Alliance.See Federal Light & Traction Co. in last week's "Chronicle," page 1687.
-V. 103, p. 1216.
White Motor Co.-Dividend Increased.A quarterly dividend of 2% has been declared on the $16,000,000 stock.
par $50, payable Dec. 31 to holders of record Dec. 15. This compares
with 14% quarterly since April 1916.-V. 103, p. 1512, 156.
(F. W.) Woolworth Co.-Earnings.1916-October-1915.
$7,169,313
$7,981,069
-V. 103, p. 1432, 948.
Increase.
Increased 1916-10 Mos.-1915.
$811,7561$65,778,975 $57,032,281 $8,746,694
CURRENT NOTICE.
-The public utility firm of John Nickerson, Jr., 61 Broadway, this city
300 North Broadway, St. Louis and 19 Congress St., Boston, is offering
a block of 5% first mortgage public utility bonds tax-exempt in New York.
The firm considers these bonds to be unusually well secured, the issue has
been largely distributed and the present offering is the only block available
at this time. The earnings are said to be steadily increasing and many of
the bonds are held by banks in various parts of the country. A special
discount will be allowed to dealers. See the firm's usual weekly page
advertisement elsewhere in the "Chronicle," for other particulars of its list
of public utility offerings.
-The latest ruling and regulations of the United States Treasury Department, on the Inheritance Tax Law, are contained in a booklet entitled.
"The Federal Estate Tax Law and Regulations," issued by the Guaranty
Trust Co. of this city. Its contents include a brief synopsis, comprehensive
Index and appendix. Under this law the estate of every decedent is now
subrect to an inheritance tax, based upon the amount of the net estate,
which is ascertainable after certain deductions have been made. This
little volume, containing the complete text of the law, effective on Sept. 9
1916, has been published for general distribution and may be obtained
free upon request.
-Messrs. Otis & Co., Cuyahoga Building, Cleveland, Ohio, are offering
subject to sale or change in price, $500,000 (oeing unsold portion of $2,000,000) City of Edmonton, Province of Alberta, Canada, 6% Treasury bills
at price 100.75, yielding 5.55%. Edmonton has a Population of 60,000,
and is the Capital of the Province of Alberta. The assessed value of taxable
property is $168,923,690. For further particulars see full-page advertisement.
-Robert R. Forrester, investment specialist, 61 Broadway, this city, is
advertising in to-day's issue the security features of the Southern Oil &
Transport Co. stock, which is now actively traded on the New York Curb.
Interested parties are invited to send for descriptive circular, or telephone
Mr. Forrester, "Rector 1459." Details of this property were published in
the July 8 1916 issue of the "Chronicle," page 149.
-Announcement was made on Nov. 6 that the firm of Block, Maloney
& Co., will on Jan. 1 succeed Finley Barren & Co., and that A. M. Stein
and F. II. Alstrin, partners, will be in charge of the Chicago office. W. B.
Anderson, also a partner, will remain at the New York office and Finley
Darrell will be a special partner in the new firm.
-Gerald It. Child and William A. Levering announce that they have
opened an office for the purpose of dealing in high grade investment securities under the firm name of Child & Levering, room 421-39 South La Salle
Street, Chicago. Mr. Childs was formerly with Hornbiower & Weeks.
Mr. Levering was formerly President of the Standard Asphalt & Rubber Co.
and the Petroleum Products Co. Thomas H. Bullock and William Z.
Mead are associated with the firm in its sales department.
-J. S. Bache & Co. and Chas. D. Barney & Co. of this city, jointly are
receiving subscriptions for 264,000 shares of stock of the Chalmers Motor
Corporation at $35 per share. Subscription books close on Monday. Nov.
13. See to-day's advertisement on another page for description of this
offering.
-Kean, Taylor & Co. announce that they have opened an office at 36
liearl St., Hartford, Conn., under the management of Roy P. Crary.
Mr. Crary has been in the investment business in Hartford for a number of
years and is well known there.
-Wm. R. Compton Co. of 14 Wall St., this city, have just issued their
November list. This is one of the most complete lists of current municipal
bonds available, and will be mailed to inquirers.
-Harold G. Wise has become associated with Hagan, Walker & Co. of
Houston, Texas, dealers in Texas municipal bonds. as Treasurer and Manager of their bond department.
[voL. 103.
THE CHRONICLE
1798
Squirts an
gimunients.
THE COLORADO & SOUTHERN RAILWAY COMPANY
SEVENTEENTH ANNUAL REPORT-FOR THE FISCAL YEAR ENDED JUNE 30 1916.
Taxes increased $119,727 96 over the preceding year, due
Chicago, July 1 1916.
to increases in assessment by the Federal Government and
To the Stockholders of The Colorado & Southern Railway Co.:
Herewith is submitted the Seventeenth Annual Report of in tax levies in Colorado, Wyoming, New Mexico and Texas.
Operating income shows an increase of $1,546,999 18, or
your Board of Directors, for the year ended June 30 1916.
38.08 per cent.
COLORADO & SOUTHERN LINES.
The percentage of operating revenues required for operating
Per
OPERATING REVENUES.
Per
expenses was 63.53 per cent, as compared with 71.34 per cent
Cent. in the previous year.
1915.
Cent.
1916.
$9,960,043 59 70.28
72.40 $11,371,286 53 Freight
It required 53.22 per cent of the gross income to meet in3,294,688 32 23.25
21.51
3,378,625 65 Passenger
234,206 23 1.65 terest on funded debt this year, as compared with 72.81 per
1.50
235,622 06 Mail
230,757 01
1.63
1.38
217,175 39 Express
269,503 51
1.90 cent in the previous year.
1.95
306,016 07 Miscellaneous
167,621 70
1.18
1.16
182,815 80 Incidental
During the year the following Long Term Debt obligations
.11 have been retired:
16,157 47
.10
15,769 48 Joint facility
100.00 $15,707,310 98
Total operating revenues....$14,172,977 83 100.00
OPERATING EXPENSES.
12.75 $2,003,135 61 Maintenance of way and
structures
$1.741,313 17 12.29
17.67
2,775,182 55 Maintenance of equipment... 2,723,291 50 19.22
1.52
215,497 05
1.30
204,167 66 Traffic
4,908,457 99 34.63
28.29 4,443,906 34 Transportation
.57
81,225 01
.50
78,190 69 Miscellaneous
3.11
441,090 61
3.02
474,025 81 General
63.53 $9,978,608 66
Total operating expenses.. _$10,110,875 33 71.34
36.47 $5,728,702 32 Net revenue from operations $4,062,102 50 28.66
$735,781 36 Railway tax accruals
355 70 Uncollectible railway revenues
First mortgage bonds of the C. S. & C. C. D. Ry. Co., through
$66,000 00
sinking fund
254,000 00
Deferred rentals under equipment leases
$320,000 00
Making net decrease in Long Term Debt of
There were charges to Capital Account aggregating $317,859 79 for additions and betterments to property. This
amount was expended for:
$21,695 08
111:94494
43,148 66
37,131 68
57,242 89
46,696 5t
Structures and machinery
Bridges
Tracks
Land
Laying tie plates, main line
Various other additions and betterments
$616,053 40
During the year trackage arrangements were made with
the Chicago Burlington & Quincy RR.Co. between Wendover
and Guernsey, Wyoming, thus making a direct connection
$616,536 42
$736,137 06
with the Colorado & Wyoming Ry. at that point.
$3,445,566 08
$4,992,565 26 Operating income
The main line between Wendover and Orin Junction,
Wyoming, has been leased to the Chicago Burlington &
NON-OPERATING INCOME.
Quincy RR.Co., and through joint train service inauguarted
$482,459 69
$521,521 11 Rents
between Billings and Denver.
172,811 84
75,507 38 Miscellaneous interest
The Denver Union Terminal Railway, which is used by ali
$597.028 49 Total non-operating income.. $655,271 53
railroads entering Denver, has been completely remodeled
$4,100,837 61
$5,589,593 75 Gross income
and is now in operation.
DEDUCTIONS FROM
A viaduct crossing all tracks south of the Union Terminal,
GROSS INCOME.
and
connecting North and South Denver, is in process of
$561,126 37
$352,873 34 Rents
construction and will be completed during the ensuing year.
2,842,249 47
2,868,098 98 Interest on funded debt
5,631 02
1,104 00 Interest on unfunded debt_
The operating results of the receiver of the Trinity & Brazos
19,349 24 Amortization of discount on
Valley Railway Company show a deficit in the net operating
14,143 27
funded debt
62,538 37
revenue of $112,215 45, to which there was added, for tax
125,174 18 Miscellaneous income charges
and miscellaneous items, $113,397 11, creating a net income
$3,485,688 50
$3,366,599 74 Total deductions
deficit for the year of $225,612 56.
$615,149 11
Net income
$2,222,994 01
During the year a number of spur tracks and industry
tracks were abandoned, as they were of no further service to
DISPOSITION OF NET INCOME.
the Company, and credits equal to the original cost of the
Appropriations for:
property were passed to the various additions and better$61,382 56
Sinking funds
$70,298 32
Dividends
170,000 00
ments accounts.
Additions and betterments
280,220 33
The business of the Company has shown considerable in500,000 00 Miscellaneous appropriations
crease during the last fiscal year, making necessary increased
of income
expenditures for additional plant and facilities. In common
$1,020,518 65 Total appropriations of inwith the experience of railroads generally throughout the
come
$61,382 56
country, there has been an increase in taxes and in some items
$553,766 55
$1,202,475 36 Income balance
of expense which may be expected to.continue. The ComINVESTMENT IN ROAD AND EQUIPMENT DURING pany, by the use of larger power and other improvements in
its facilities, and the adoption of better methods of operation,
THE YEAR.
has during the past year been able to conduct its operations
Additions and Betterments
Charges to Road
with economy and increased efficiency, but further expenditures for better facilities and additional equipment will conAppropriated
Total.
-from Income.
Account
tinue to be necessary to properly handle the business of the
$11,737 12
$11,970 77
Engineering
$233 65
38,941 39
36,926 77 Company, and a considerable portion of these expenditures
Land for transportation purposes_Cr.2,014 62
14,782 17 should be paid for out of surplus income in order to avoid
14,151 17
Grading
631 00
20,050 05
20,198 73 unnecessary increase infixed chargesand thereby to strengthen
Bridges, trestles and culverts
148 68
14,710 56
16,206 80
Ties
1,496 24
Rails
11,082 77 the credit of the Company.
2,002 53
9.080 24
Other track material
72,060 53
73,678 38
Cr.1,617 85
Following is the report of the General Auditor, with stateBallast
1,92389
1,923 89
14,019 81
Track laying and surfacing
618 49
14,638 30 ments prepared by him.
Right-of-way fences
2,411 14
473 1.2
2,884 26
By order of the Board of Directors.
Snow and sand fences and snowHALE HOLDEN, President.
sheds
Cr.10,046 60 Cr.10,046 60
Crossings and signs
Station and office buildings
Roadway buildings
Water stations
Fuel stations
Shops and engine houses
Telegraph and telephone lines
Signals and interlockers
Power transmission systems
Miscellaneous structures
Paving
Roadway machines
Assessments for public improvements
Shop machinery
9 38
1.813 20
483 02
86,119 17
13,007 09
289 64
5,638 90
7,886 42
16,943 22
14.980 71
9,258 85
6,402 92
Cr.219 08
10,935 00
10,935 00
Cr.14,111 28 Cr.14,111 28
631 55
631 55
738 59
738 59
43 51
86,109 79
11,193 89
289 64
Cr.2,247 52
1,962 51
9,258 85
6,402 92
Cr.219 08
29,894 25
1,929 60
29,937 76
1,929 60
Total expenditures for road..__ _$37,639 46 $322,490 86 $360,130 32
Steam locomotives
$22,265 16
$22,265 16
Freight-train cars
Cr.57,813 53 Cr.57,813 53
Passenger-train cars
2,963 92
2,963 92
Work equipment
Cr.9,686 08 Cr.9,686 08
Total expenditures for equipm't_
Grand Total
$37,639 46
Cr.$42,270 53 Cr.$42,270 53
$280,220 33
$317,859 79
Compared with the preceding year, the total operating
revenues show an increase of $1,534,333 15, or 10.82 per
cent. The operating expenses show a decrease of $132,266 67, or 1.31 per cent. The net operating revenue shows
an increase cf $1,666,599 82, or 41.03 per cent.
INCOME ACCOUNT.
Operating IncomeRailway operating revenues:
Transportation:
Freight
Passenger
Excess baggage
Mail
Express
Other passenger-train
Switching
Special service train
Other freight-train
$11,371,286 53
3,378,625 65
28,311 07
235,622 06
217,175 39
1,392 56
270,991 03
4,178 51
1,142 90
$15,508,725 70
Incidental:
Dining and buffet
Hotel and restaurant
Station and train privileges
Parcel room
Storage-Freight
Storage-Baggage
Demurrage
Rents of buildings and
other property
Miscellaneous
Joint facility:
Joint facility-Cr
Joint Facility-Dr
$80,814 90
1,322 30
22,113 89
1,250 19
3,066 51
3,859 66
54,005 66
7,770 12
8,612 57
182,815 80
$15,799 55
30 07
Total railway operating revenues
15,769 48
$15,707,310 98
THE CIIRONICLE
Nov. 111916.)
Brought forward
$15,707,310 98
Railway operating expenses:
Maintenance of way and
$2,003,135 61
structures
Maintenance of equipment.._ 2,775,182 55
Traffic
204,167 66
4,443,906 34
Transportation
78,190 69
Miscellaneous operations..
474,025 81
General
9,978,608 66
Net revenue from railway operations
0,728,702 82
accruals
Railway tax
$735,781 36
Uncollectible railway revenues
355 70
736,137 06
Total operating income
$4,992,565 26
Non-operating IncomeHire of equipment
$200,832 68
Joint facility rent income
31,295 60
Income from lease of road
273,006 04
Miscellaneous rent income
16,386 79
Separately operated properties-Profit
1,94347
Income from unfunded securities and accounts..
73,563 91
597,028 49
Gross income
$5,589,593
75
Deductions from Gross IncomeHire of equipment
$292,051 05
Joint facility rents
45,996 42
Miscellaneous rents
14,825 87
Separately operated properties-Loss
67,334 65
1799
Broughtforward
Interest on funded debt
Interest on unfunded debt
Amortization of discount on funded debt
Miscellaneous income charges
$5,589,593 75
2,868,098 98
1,104 00
19,349 24
57,839 53
3,366,599 74
$2,222,994 01
Net income
Disposition of Net IncomeAppropriations of income to sinking funds_ ___
Dividend appropriations of income:
First preferred stock. 2%, payable Oct. 10
1916
Income appropriated for investments in
physical property
Miscellaneous appropriations of income_ __ _
S70,298 32
170,000 00
280,220 33
500,000 00
1,020.518 65
$1,202,475 36
Income balance transferred to Profit and Loss
PROFIT AND LOSS ACCOUNT.
Credit balance at beginning of year
Credit balance transferred from income
Miscellaneous credits
$1,962,574 18
1,202,475 36
32,214 05
$3,197,263 59
$263 84
500,000 00
29,656 59
36,397 97
566,318 40
$2,630,945 19
Dividend appropriations of surplus
Miscellaneous appropriations of surplus
Loss on retired road and equipment
Miscellaneous debits
Credit balance carried to balance sheet
GENERAL BALANCE SHEET JUNE 30 1916.
ASSETS.
LIABILITIES.
Investments:
Stock:
Investment in road and equipment
Capital stock:
$111,272,557 68
Sinking funds
Common stock
186 29
Deposits in lieu of mortgage property sold
Preferred stock
21,493 65
Miscellaneous physical property
4,660 00
Investments in affiliated companies:
Total stock
Stocks
$448,909 94
Long Term Debt:
Bonds
8,257,121 29
Funded debt unmaturedNotes
1,943,376 76
Total book liability
$67,793,346 55
Advances
30,281 77
Held by carrier
5,218,446 55
10,679,689 76
Other investments:
Actually outstanding
Stocks
$1,021,610 30
Current Liabilities:
Advances
417,377 42
Traffic and car service balances payable
1,438,987 72
Audited accounts and wages payable
Miscellaneous accounts payable
Total investments
$121,417,575 10
Interest matured unpaid
Dividends matured unpaid
Current Assets:
Unmatured dividends declared
Cash
Unmatured interest accrued
$3,641,771 79
Special deposits
Unmatured rents accrued
116,981
96
Loans and bills receivable
Other
Current liabilities
7,950 00
Traffic and car service balances receivable
326,070 08
Net balance receivable from agents and conductors
Total current liabilities
197,959
37
Miscellaneous accounts receivable
454,013 69 Deferred Liabilities:
Material and supplies
Otner deferred liabilities
1,231,234 16
Rents receivable
15,075 46 Unadjusted Credits:
Other current assets
Tax liability
7,063 47
Accrued depreciation-Equipment
Total current assets
Other unadjusted credits
$5,998,119 98
.
$31,021,484 00
17.000,000 00
148,021,484 00
$62,574,9.)0 00
$415,330 36
825,280 87
1,170 63
109,769. 75
226 44
170,000 00
623,873 41
9,866 61 68,488 50
$2,224,006 57
47,283 68
$515,783 84
4,730,989 83
102,928 65
Total unadjusted credtis
$5,349,702 32
Concrete Surplus:
Additions to property through income and
surplus
$6,488,791 72
deot retired through income and
Total deferred assets
$10,106 08 Funded
surplus
468,000 00
Sinking fund reserves
33,397 37
Unadjusted Debits:
Appropriated surplus not specifically inRents and insurance premiums paid in advance
$20,795 12
vested
2,000.000
00
Discount on funded debt
280,386 70
Other unadjusted debits
71,527 87
Total appropriated surplus
$8,990,189 09
Securities issued or assumed-Unpledged_ _$5,218,446 55
Profit and loss credit balance
2,630.945 19
Total unadjusted debits
$372,709 69
Total corporate surplus
$11,621,134 28
Grand Total
$129,798,510 85
Grand Total
$129,798,510 85
Deferred Assets:
Working fund advances
Other deferred assets
$1,468 59
8,637 49
CAPITAL LIABILITIES OF THE COLORADO & SOUTHERN LINES.
ON JUNE 30, 1916.
DESIGNATION.
•
ChC
ea&Tora
iScroc.
kk Southern By. Co__ _
Common
First preferred
Second preferred
rho Colorado RR. Co
rho Denver & Interurban RR. Co
rho Colorado Springs & Cripple
Creek District Ry. Co
Common
Preferred _
?ort Worth & Denver City Ry. Co.:
(Incl. 32,539,992 00 "Stamped")_
rho Wichita Valley Ry. Co
oVichita Falls & Oklahoma Ry. Co
Arichita Valley RR. Co
kbilene & Northern Ry.Co
1tamford & Northwestern Ry. Co
Port Worth & Denver Term. Ry.Co.
Mortgage BondsCho.Colorado & Southern By. Co.:
First mortgage
Refunding and extension mtge.._ _
rho Colorado RR Co
rho Denver & Interurban RR. Co
Cho Colorado Springs & Cripple
Creek District Ry. Co.:
First mortgage
First consolidated mortgage
Port Worth & Denver City By. Co.:
First mortgage
he Wichita Vaey
ll Ry. Co
Vichita Falls & Oklahoma By. Co.._
Vichita Valley RR. Co
Lbilene& Northern By. Co
Itamford & Northwestern By. Co_
Port Worth & Denver Term. Ry•CoEquipment Trust Obligations- .
Cho Colorado & Southern Ry. Co.:
Equipment trust, series "A."
Port-Worth & Denver City Ry. Co.:
Equipment lease, series "B"
Equipment lease, series "C"
Certificates of Indebtedness'he Colorado Springs & Cripple'
Creek District By. Co
j
Port Worth & Denver City By. Co_
Total
Term or charter
limit,
Date of Date of
Issue. Maturity.
1898
1948
Total
par value
authorized.
Total
par value
outstanding.
$48,000,000 00
1906
1904
1956
1954
331,000,000 00
8,500,000 00
8.500,000 00
5,000,000 00
2,233,600 00
3.000,00000
101,500 00
1897
1947
2,000,000 00
Total par value
owned or
Interest.
I
controlled by
Total
'
The C. & S. par value in I
When iAmt. Accrued
Railway Co. hands of public.' Rate. payable. 1 during year.
1
$31,000,000 00
8.500,000 00
8,500,000 00
$2,233.100 00
500 00'
100,80000
700 001
1,200,000 00
800,000 00
1,199,100 00
800,000 00
90000''
1873
1890
1903
1905
1906
1909
1890
1933
1940
1953
1955
1956
1959
1940
9,375,000 00
1,020,000 00
23,000 00
61,000 00
40,000 00
82,500 00
15,000 00
9,375,000 00
1,020,000 00
23,000 00
61,000 00
40,000 00
82,500 00
15,000 00
9.361 016 00
1,019,100 00
22,100 00
60,100 00
39,100 00
81.600 00
14,100 00
13,984 00
900 00
900 00
900 00
900 00
900 00
900 00
1899
1905
1908
1907
1929
1935
1938
1937
20,000,000 00
100,000,000 00
19,402,000 00
35,594,346 55
2,233.000 00
1,250,000 00
4.790,446 55
2,233,000 00
1.250,000 00
19,402,000 00 4
30.803,900 00 431
5
6
1900
1902
1930
1942
2,000,000 00
3,600,000 00
1,364,000 00
1,379,000 00
1881
1890
1906
1906
1906
1909
1907
1921
1940
1936
1936
1936
1939
1937
$25M per mile
20 M per mile
30 M per mile
30 M per mile
30 M per mile
1,872,880 00
2,500,000 00
1,364,000 00
1.379,000 00
8,176,000.00 --------------8,176.00000
769,000 00
___ 00
257,000 00
257,000 00
744,000 00
744,000 00
516,000 00
516,000 00
1,872,880 00
1,872,880 00
728,000 00
428.000 00
300,000 00
1907
1917
104,000 00
1907
1915
1917
1925
38,000 00
1,008,000 00
1908
1909
1909
1935
Demand
1935
33,878 71
169,000 00
299,917 52
F. &
M.&
J. &
J. &
A. $776,080 00
N. 1,386,175 50
J.
J.
5
5
J. & J.
A. & 0.
6
5
6
6
6
6
6
J.
J.
J.
T.
J.
F.
J.
D.
J.
J.
J.
J.
A.
D.
490,560 00
5
A. & 0.
7,800 02
38,000 00 5
1,008,000 00 4
A. & 0.
M.& N.
2,850 00
48,300 00
104,000 00
33,878 71
169,000 00
299,917 52
$138,889,622 78 $28,293,238 783110,596,384 00
&
&
&
&
&
&
&
69,383 46
68,950 00
18,000 00
6 M.& N.
5 M.& S.
43i M.& N.
$2,868,098 98
[VOL. 103
THE CHRONICLE
1800
Titc Tounntrcial
Winxts.
COMMERCIAL EPITOME
.
Friday Night, Nov. 10 1916.
Business has continued decidedly brisk, despite reports
of some slowing down here and there, partly owing to the
excitement due to the closeness of the Presidential election.
Not only have transactions continued very large, but some
increase is noted in parts of the Northwest and the South.
The October pig iron production was the largest on record,
and the demand seems insatiable even at steadily mounting
prices. Sales of steel are enormous at rising quotations,
the demand extending into 1918 deliveries. The dry goods
trade is still very large. The export demand for wheat is
tremendous. Business would be larger than it is despite
high prices were it not for difficulties of transportation and
the scarcity of many kinds of raw materials. Demand in
very many industries outruns supply. Building statistics
surpass previous records. Timely rains have benefited the
winter wheat crop. On the other hand,a continued shortage
of cars hampers the movement of grain, lumber and coal.
The scarcity of raw materials and frequently the erratic
movements of prices also act as a damper. High prices in
some quarters have a sobering effect. And some are beginning to predict a decrease in purchases of dry goods owing to
the high cost of living. . Food and clothing are notoriously
high. Breadstuffs, cotton, potatoes, butter, cheese and
eggs as well as meats are all higher. Men on moderate
salaries feel this and fail to see much point in the talk about
prosperous times. The truth is that the high cost of living
bears hard on a very large percentage of the American population. Still, the feeling on the whole remains optimistic.
LARD again higher and active; prime Western, 18.20c.;
refined to the Continent, 18.75c.; South America,. 19.10c.;
Brazil, 20.10c. Futures have been more active and higher.
Hogs have advanced. Liverpool cables have been higher.
Bull support has,it is said, been given to lard,pork and ribs
at Chicago. Hog packing, it is true, reached 841,000 last
week, against 566,000 in the same week last year, but the
big demand for product offset this. To-day prices were
higher with reports of large buying by Europe. Prices
reached the highest seen for 46 years. Pork and ribs also
advanced. Hog prices were steady to 5c. lower.
DAILY CLOSING PRICES
Sat.
December delivery_cts_16.40
January delivery
15.37
May delivery
15.37
OF LARD FUTURES IN CHICAGO.
Fri.
Thurs.
Wed.
Man. Tues.
17.30
17.05
Holt- 16.75
16.67
16.60
16.15
day. 15.75
15.62
16.67
16.17
15.75
15.60
PORK firm; mess, $31 @$32; clear, $28 50@$30 50. Chicago futures were decidedly higher. Beef products steady;
mess, $22 50@$23 50; extra India mess, $38@$40. Cut
meats firm; pickled hams, 10 to 20 lbs., 17%©18c.; pickled
bellies, 153/2@16c. Butter, creamery,323/2@393'c. Cheese,
State, 20@23c. Eggs, fresh, 26@44e.
8c.; No. 4 Santos, 109@
/
COFFEE quiet; No. 7 Rio, 93
1 1 @l1 Yic. Futures advanced
11c.; fair to good Cucuta, 11/
but later reacted. The spot demand has been poor and
visible supplies exceed those of a year ago. The trade has
sold to some extent. Brazilian receipts are liberal and stocks
are increasing. Yet the price is considered cheap. Some
commission houses are buying from time to time on this
idea. They think coffee is bound to have its turn sooner
or later. Peace, it is assumed, would electrify the market.
To-day prices closed unchanged to 2 points lower, with sales
of 57,750 bags. Prices end slightly lower for the week.
Closing quotations were as follows:
November cts8.23i8.25
December _ _ _8.28 8.29
January .. _ _ _ 8.33 8.34
February -_ _8.37 8.38
March.._ _cts.8.41 8.42
April
8.46@8.47
May
8.51@8.52
June
8.55©8.57
July
cts.8.60 8.62
8.65(8.67
August
September _ _ 8.70 8.72
October
8.74(i8.76
SUGAR steady; centrifugal, 96-degrees test, 6.520.; molasses, 89-degrees test, 5.75c.; granulated, 7.50c. Futures
advanced on a good demand at times. Cuban interests or
some other prominent people were supposed to have bought
heavily last Monday. Rains have prevailed in Cuba, where
dry weather would be better for the crop. Russia is supposed
to be buying on the Pacific coast, or at least testing the
market there. Russian stocks are supposed to be small.
Cuban stocks are 111,504 tons, against 143,104 last week
and 145,374 tons last year. On the other hand, some think
sugar is too high with beet root competition possible in the
near future and granulated noticeably dull. Refiners are
pursuing a waiting policy. To-day prices advanced slightly,
then reacted. Cuban mail advices state that cutting of
cane 'will be later than usual. Prices, however, show only a
slight advance for the week. Prices were as follows:
time in lard and cotton. On the spot 12.45c. To-day
futures closed as follows:
Nov
12.70§12.901February__12.7212.76 May
2.79 June
December _12.68 '2.72 March.._ _ 2.77
• 12.80@12.81
January _12.71 12.73 April
12.82R12.83
12.83c12.95
PETROLEUM in steady demand and firm; refined in
35©$9 35; bulk $4 50@$5 50; cases $10 75(0,
barrels,
$11 75. Naptha, 73 to 76 degrees, in 100 gallon drums and
over, 403/2c. Gasoline in good demand; motor gasoline in
steel barrels to garages, 22c.; to consumers, 24c.; gasoline,
gas machine, steel, 37c.; 73 to 76 degrees, steel and wood,
31@34c.; 68 to 70 degrees, 28@31c. Crude has remained
unchanged. The Dents Run Pool, in West Virginia holds
the record for the higest daily of production of any well
completed for many years past east of the Mississsippi.
One case ranged from 1,200 to 2,000 barrels a day. Elsewhere in the Eastern field the wells have shown a low average
output. It is said that the shallow territory in the Illinois
field has been about drained. Most people expect no great
change in prices in the near future. Closing prices were
as follows:
$1 43
Pennsylvania dark $260 North Lima
1 43
207 South Lima
Cabell
1 28
2 10 Indiana
Mercer black
1 47
2 10 Princeton
New Castle
2 10 Somerset,32 deg.._ 1 90
Corning
90
1 65 Ragland
Wooster
95
95 Electra..
Thrall
95
95 Moran
Strawn
1 08
80 Plymouth
De Soto
Illinois, above 30
degrees
$1 47
Kansas and Okla90
homa
90
Caddo La., light
65
Caddo La., heavy_
1 83
Canada
_73 ©78
California
95
Henrietta
TOBACCO has been in moderate demand and firm. Manufacturers are having a good trade and packers, therefore,
believe they will be obliged to buy sooner or later on a liberal
scale. High prices have been paid in the country. Much
of the crop, it is understood, has been sold. Sumatra is in
demand but trade is somewhat restricted by the fact that
assortments are none too attractive. Cuban leaf is in steady
demand at firm prices. Spirits of turpentine 50c. Strained
rosin, common to good, $6 60.
COPPER advanced to a new high level on a continued
brisk demand both for home and foreign consumption.
Lake here on the spot reported 320.; electrolytic 32c. for
future delivery 30 to 31%c., the latter for December. Tin
higher on the spot at 43%©43%c. Early in the week
Singapore advanced £3 10s. The reported sinking of the
Glenlogan by a submarine in the Mediterranean with 360
tons of tin on board was the main cause of the advance.
Spelter active and higher on the spot at 11c. Galvanizers
have been heavy buyers. Brass makers have also bought to
some extent. Lead steady on the spot at 7.023'c. Pig iron
still active and advancing. No.2 Northern,$23@424;No.2
Southern, $19@$20, Birmingham. In the last fortnight
sales of iron by merchant furnaces are estimated at over
750,000 tons. Yet the dctmand persists. In the last few
weeks England, Norway,81111 )den, France, Italy and Holland
have bought heavily ot foundry grades and steel-making
irons, and prices have risen from $19 to $25 at Buffalo, from
$14 to $20 at Birmingham, and from $19 to $24 in Eastern
Pennsylvania. Big advances have also taken place at the
Ohio district, in Chicago and in Virginia. Sales have been
made for delivery in the last half of next year. Some works
are sold ahead for all of 1917. October's production of pig
iron exceeded 3,500,000 tons, the highest on record. The
daily average of 113,189 tons is the highest ever known.
Steel is still in big demand at strong prices. Shipbuilders,
car builders and railroads want big tonnages. Sales of ship
steel have been made as far ahead as the second half of 1918.
Other steel has sold freely for the second half of 1917. The
tendency is to extend deliveries into 1918 in these remarkable
times in the steel trade. Wire products advanced $3 a ton.
Wire nails are 2.85c., plain wire 2.800., plain barbed wire 3c.,
and galvanized barbed wire 3.700.
COTTON
Friday Night, Nov. 10 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
271,037 bales, against 325,901 bales last week and 305,928
bales the previous week, making the total receipts since
Aug. 1 1916 3,140,718 bales, against 2,545,100 bales for the
same period of 1915, showing an increase since Aug. 1 1916
of 595,618 bales.
Mon. Tues. Wed. Thurs. Fri. 1 Total.
Sat.
10,124 18,737 31,602 22,242 11,903 7,728 102,342
Galveston
8,500
Texas City
6,348 6,348
Pt. Arthur, &c
New Orleans_ __ _ 10,163 11,844 14,769 10,930 6,640 13,449 67,749
198 1,654
275
146
831
109
95
Mobile
9,965
Pensacola
3773ii 3,738
Jacksonville, &c_
&065 3,674 28,127
47 7 5T574 , -cts.4.45©4.47 Savannah
November cts5.5015.51 March_ _ _ cts.4.32 4.34 July
--3,000 3,000
---------------4.35 4.3. September _ 4.50 ©4.52 Brunswick
Deeember.....5.20 5.21 April
,005 1,498 7,727
890
806 1,553
975
Charleston
4.39 4.41
January _ _ _4.64 4.65 May
603
338 4,351
343
932
510 1,567
Wilmington _ _
February _ _ _4.34 4.36 June
4.42®4.44
3,651 5,583 2,801 3,421 3,848 2,890 22,200
OILS.-Linseed oil higher with flaxseed. The Govern- Norfolk
N'port News, &c
"ii "ogi
Bi
5; 1271 _,„ - -io
ment estimated the crop of flaxseed at 15,300,000 bushels, New York
481 2,645
650
-610
405
493
Boston
against 13,845,000 last year and 18,353,000 bushels the Baltimore
1,982 1,982
59
59
average for five years. City. raw, American seed, 93@95e.; Philadelphia.._-
City, boiled, American seed, 94@96c.; Calcutta, $1 05.
Tntals this wk. 30_448 51.827 58.335 42.6931 39.589 45.344 271,037
Lard, prime, $1 25@$1 40. Cocoanut, Cochin, 16@17c.;
The following shows the week's total receipts, the total
4©12%c.
Ceylon, 143/
2@15c. Corn, 12c.; Palm, Lagos, 113
Soya bean, 10%c. Cod, domestic, 70@74c. Cotton seed since Aug. 1 1916 and the stooks to-night, compared with
oil active and higher, artly in sympathy with a rise at one last year:
THE CHRONICLE
Nov. 11 1916.]
1915.
1916. '
Receipts to
Nov. 10.
Galveston
102,342 1,219,203
Texas City
8,500 116,871
14,591
Port Arthur
9,976
6,348
Aran. Pass, &c
New Orleans_... 67,749 682,593
51,985
1,654
Mobile
9,965
16,670
Pensacola
29,034
3,738
Jacksonville, &c_
28,127 516,588
Savannah
52,500
3,000
Brunswick
89,041
7,727
Charleston
Georgetown
67,467
4,351
Wilmington
Norfolk
22,200 222,849
8,515
N'port News, &c_
11,866
New York
650
Boston
20,369
2,645
Baltimore
9,250
1,982
Philadelphia
1,350
59
•
Totals
Stock.
This Since Aug This Since Aug
Week. 11916. Week. 1 1915.
59,527
11,861
3,378
1,248
49,210
2,381
7,000
2,292
28,837
1,000
7,795
.
6,152
17,360
104
50
126
1,912
188
1916.
880,189 381,286
129,155
53,140
6,174
51,389
420,284 384,186
38,029
10,155
16,817
15,781
7,289
492,533 169,249
37,200
5,500
151,699
68,600
45
109,814
50,648
178,905
73,647
1,760
1,583 113,439
3,178
6,701
10,141
2,167
424
2,978
1915.
288,998
28,566
6,126
281,408
20,044
2,068
193,677
7,500
90,958
41,398
69,849
302,951
5,644
3,039
1,723
271.037 3.140.71R 200.421 2.545.100 1.328.985 1.343.949
In order that comparison may be made with other years,
we give below the totals at leading ports for six seasons:
1916.
1915.
1914.
1913.
1912.
1911.
Galveston _ _ _
TexasCity,&c.
New Orleans_
Mobile
Savannah _ _ _
Brunswick_ _ _
Charleston.&c
Wilmington_ _
Norfolk •
N'port N.,&c.
All others__ _ _
102,342
14,848
67,749
1,654
28,127
3,000
7,727
4,351
22,200
19,039
59,527
16,487
49,210
2,381
28,837
1,000
7,795
6,152
17,360
104
11,568
147,731
13,972
48,391
6,148
59,922
6,000
15,848
10,384
16.566
3,423
9,670
159,765
23,580
95,135
16,991
79,719
7,000
22,902
24,383
32,023
3,214
20,553
186,055
54,082
89,363
12,578
84,786
14,400
20,640
24,280
34,481
3,203
25,830
126,005
28,783
71,186
14,518
87,007
9,000
17,122
22,366
36,976
278
25,570
Total this wk.
271,037
200,421
338,055
485,269
549,698
438,861
Receipts at-
Since Aug. 1_ 3,140,718 2,545,100 1.970,503 4,687,123 4,649,075 4,676.983
The exports for the week ending this evening reach a total
of 212,529 bales, of which 94,603 were to Great Britain,
36,976 to France and 80,950 to other destinations. Exports
for the week and since Aug. 1 1916 are as follows:
Week ending Nov. 10 1916.
Exported toExports
fromGalveston _
Texas City_
Port Arthur
NewOrleans
Mobile _ _ _ _
Pensacola _ _
Savannah_ _
Brunswick _
Charleston _
Wilmington
Norfolk _
New York_
Boston _ _
Baltimore_ _
Philadelphia
San Fran_ _
Seattle _ _ _ _
Tacoma
Great I
Britain.I France. Other.
From Aug. 1 1916 to Nov. 10 1916.
Exported to-
Great
Total. Britain. I France.
25,345 11,928 28,155 65,428 404,006
6,249 12,644
18,893 26,84e
14,5911
10,537 23,474 190,798,
12,957
5,413
5,413 34,706j
9,965
9,965 21,9681
12,404 1;oio 13,454 63,887i
12,661
12,661 43,2131
4,505
7,200 7,200 5,000
4.768
4,766 21,932
7,058 11,035 81,724
3,079
150 3,400 14,174
3,250
7,349 64,399
7,349
2,689 12424
2,689
8,522 8,522
18,280
18,280
-
Other.
Total.
46,365 163,111 613,482
44,652
71,498
14,591
67,257 92,205 350,260
400 36,106
21,968
59,939 53,000 176,826
43,213
6,405
1,900
70,886
19,355 46,531
1,100 39,138
16,106
56,798 134,099 272,621
786 14,960
1,000 65,399
2,140 14,564
59,121
50,121
70,257 70,257
41,228 41,228
Total ___ 04,603 36,976 80,950212,529 1,004,173 310,472 666,878 1,981,523
Total 1915_ 28,499 40,031 85,928 154,458 609,428 271,048 666,1551,546,631
Total 1914_ 73,507 12,380 73,630159,517 406,222 34,887 394,806 835,915
Note.-Exports from New York include 60 bales Peruvian to Havre and 705 bales
West Indian to Liverpool.
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
NOW York.
On Shipboard, Not Cleared forGerOther CoastGreat
Nov. 10 al- Britain. France. many. Cont't. wise.
New Orleans_ _ 9,465
Galveston _ _ 62,447
Savannah _ _ _ _
1,000
Charleston_ _ _ _
636
Mobile
Norfolk
1,000
Now York_ _ _ _
Other ports__ _ 15.000
8,344
2,115
Total.
Leavin
Stock.
___ _
5.224
902 23,935 360,251
____ 30,859 13,000 108,421 272,865
5,000 6,000 163,249
000
66,600
------------------638
9,519
1,769 1,769
71,878
2,500
____
4,000
____
7,300 105,939
- --- --- 6,000
____ 21,000 107,423
_-_ 48,083 20,671 171,261 1,157,724
Total 1916-- 89,548 12,959
Total 1915_ _ 24,915 18,351
100 47,479 22,043 112,888 1,231,061
_ Total 1914- - 54,713 12,324 3,532 137,736 25,0961263.401 704.739
1801
have been very strong, with reports of a good demand for
export. Liverpool, too, has been active and at times even
excited, at a sharp advance in prices. Within a little over
a week the advance in Egyptian cotton in Liverpool, owing to
bad crop reports and a corner in November, has been something like five to six cents a pound. On a single day, the 8th
inst., Egyptian advanced there nearly three cents, while at
the same time American cotton there moved up 70 to 95
American points. Liverpool's spot sales have been 10,000
bales a day. The Continent has been a steady buyer there
of futures and the limited amount of hedge selling has been
easily absorbed. At the same time, Liverpool reported
Southern prices dearer, adding that Manchester's business
was larger for India and China. British exports of yarns in
October reached 14,000,000 pounds, against 13,711,300 in
October last year and 8,018,500 in 1914. The exports of
cloth were 386,000,000 yards, against 367,322,200 in October
last year and 370,711,500 in 1914. The exports of yarns up
to the end of October this year are,it is true,nearly 10,000,000
pounds behind those of the same period last year. But
on the other hand, those of cloths are nearly 400,000,000
yards larger than during the like period last year. The
American dry goods trade has been active at strong prices.
Exports of raw cotton make a good showing. They are
something over 400,000 bales larger than they were up to this
time last season. Liverpool has been a free buyer here
for about ten days to undo straddles at good profits.
Spot houses have also bought and the West was a good
buyer on Thursday. The election had a more or less
disturbing effect, but in spite of this prices advanced both
on Wednesday and Thursday, under the stimulus of
strong spot markets, the bullish situation in Liverpool
and trade buying. Southern spot houses have bought
here on quite a liberal scale, both to remove hedges
and to protect themselves against forward sales to the mills.
On the other hand, many feel that an advance of seven cents
a pound discounts anything that the bulls have to say.
They still think that the crop is being greatly underestimated
and that quite as certainly the consumption is being overestimated, so that present prices are exorbitant. They think
that the recent ginning report cannot fairly be taken as a bullist argument. They think, on the contrary, that it indicates
plainly enough that the crop is larger than the bulls are estimating it. They believe that large quantities of spot cotton
are held at the South by speculators and that if the spot demand should fall off, or in other words, if the spinner should
decide to play a waiting game, many of these holders would
soon become tired and sell out and cause lower prices. Today prices declined under heavy liquidation, attributed partly
to leading operators here and at the West and South. Some
spot interests also sold. Liverpool bought, however, and
there was at times more or less buying, attributed to trade
interests. There was also at times noticeable bull support.
But early talk of a possible contest over the count in the national election and a false rumor that the President had put
an embargo on wheat exports caused heavy selling, partly by
the West. After the embargo rumor had been denied, prices
rallied, but closed about 20 points lower for the day. Spot
cotton closed at 19.30c.for middling uplands,a net rise for the
week of 40 points.
The official quotation for middling upland cotton in the
New York market each day for the past week has been:
Nov. 4 to Nov. 10Middling uplands
Sat. Mon. Tues. Wed. Thurs. Fri.
18.95 19.05
H.
19.40 19.60 19.30
NEW YORK QUOTATIONS FOR 32 YEARS.
1916_c
1915
1914
1913
1912
1911
1910
1909
19.30 1908c
11.75 1907
1906
13.60 1905
12.25 1904
9.45 1903
14.80 1902
15.10 1901
9.35
10.90
10.10
11.65
10.15
11.15
8.40
7.88
1900_c
1899
1898
1897
1896
1895
1894
1893
9.56
7.62
5.94
5.88
8.19
8.75
5.62
8.31
1892_c
1891
1890
1889
1888
1887
1886
1885
8.88
8.25
9.62
10.25
10.00
10.44
9.12
9.38
MARKET AND SALES AT NEW YORK.
Spot Market
Closed.
Saturday_ _ _ Quiet, 5 pts. adv_ _
Monday _ _ _ Quiet, 10 pts. adv._
IIOLIDAY
Tuesday - - Wednesday_ Quiet, 35 pts. adv_ _
Thursday _ _ Steady. 20 pts. adv_
Friday
Quiet, 3)pts. dec
Futures
Market
Closed.
SALES.
Spot. Contr'ct Total.
Steady
Very steady_
Irregular
Speculation in cotton for future delivery has continued
Steady
&JO' -865
Steady
active and prices have advanced. This was in response to
mean
that
the
to
taken
crop is small and the
news which was
Total_
5001
500
consumption large. There has been, in point of fact, nothginning
report
the
But
published
ing really new.
on Nov.8
QUOTATIONS FOR MIDDLING COTTON AT OTHER
was taken by many to mean that the crop is not over 12,000,- MARKETS.-Below are the closing quotations of middling
including
linters,
bales,
000 to 12,500,000
though some would cotton at Southern and other principal cotton markets for
cut these figures down 500,000 to 1,000,000 bales. The gin- each day of the week.
ning report stated that the total ginned up to Nov. 1 was
8,619,063 bales, against 7,378,886 during the same time last
Closing Quotations for Middling Cotton onWeek ending
year, 9,826,912 in 1914 and 8,830,396 in 1913. This meant
Saturday. Monday. Tuesday. 1Ved'day. Thursd'y. Friday.
Nov. 10.
that the ginning in the latest period,from Oct. 18 to Nov. 1,
19.35
19.10
19.35
18.65
18.80
was 1,313,097 bales, against 1,670,156 bales in the like period Galveston
Orleans_ _ _ 18.25
18.38
18.75
18.88
19.00
last year and 2,207,165 in 1914. The guesses on the percent- New
18.75
18.94
Mobile
18.37
18.50
19.00
19%
18%
194
19%
18X
age of the crop ginned range from 75 to 85 per cent. Of Savannah
19
18
18%
19
1834
course nobody really knows anything about it. It is in the Charleston
HOLI- 184
18%
Wilmington_
is 31
19
18
DAY 18.88
18.88
19.00
18.33
18.50
nature of the case purely conjectural. But bulls believe that Norfolk
194
Baltimore
18%
19.
isq
18%
an unusually large percentage of the crop has been picked Philadelphia
19.65
19.85
19.55
19.20
19.30
_
19.13
19.13
18.69
18.75
19.13
and ginned and marketed this season under the spur of ex- Augusta
19.12
19.12
Memphis
18,75
18.75
19.0.)
traordinary high prices. And very possibly there is nothing St.
Louis
18.75
19.35
18.75
NY()
19:g6
illogical in such a contention. Given a strong motive, men Houston
18.65
18.50
18.50
19.00
19.00
are supposed to act accordingly. Moreover, spot markets Little Rock_ -- - 18.50
THE CHRONICLE
1802
THE VISIBLE SUPPLY OF COTTON to-night, as made
up by cable and telegraph, is as follows. Foreign stocks,
as well as the afloat, are this week's returns, and consequently
all foreign figures are brought down to Thursday evening.
But to make the total the complete figures for to-night
(Friday), we add the item of exports from the United States,
including in it the exports of Friday only.
Nov. 10Stock at Liverpool
Stock at London
Stock at Manchester
1916.
_..bales.. 627,000
29,000
45,000
Total Great Britain
Stock at Hamburg
Stock at Bremen
Stock at Havre
Stock at Marseilles
Stock at Barcelona
Stock at Genoa
Stock at Trieste
Total Continental stocks
1915.
871,000
69,000
69,000
1914.
734,000
20,000
44,000
1913.
651,000
5,000
54.000
701,000 1,009,000 798,000
*1,000
*1,000 *15,030
*1,000
*2,000 *100,000
147,000 237,000 201,000
5,000
2,000
3,000
44.000
33,000
22.000
205,000 118,000
26,000
*1,000
*1,000 *10,000
710,000
13,000
252,000
170,000
2,000
8,000
21,000
11,000
404,000
477,000
394,000
377,000
Total European stocks
1,105,090 1,403,030 1,175,009 1,187,000
India cotton afloat for Europe__ _
34,000
29,000
91,000
96,000
Amer. cotton afloat for Europe
706,473 523,989 389,468 1,118,797
Egypt,Brazil,&c.,afloat forF.urope 59,000
71,000
36,000
71,000
Stock in Alexandria, Egypt
154,030 203,000 *115,000 299,000
Stock in Bombay, India
284,0 )0 430,000 479,000 391,000
Stock in U.S. p3rts
1,348,935 1,343,949 938,140 994,832
Stock in U. S. interior towns_ _ _ _1,192.916 1,183,544 1,021,495 659,850
U.S. exports to-day
29,3)1
12,320
8,191
59,106
Total vi4ible supply
4,803,763 5,202,842 4,233,294 4,833.595
Of the above, totals of American and other descriptions are as fillows
AmericanLiverpool stock
bales 487,000 681,030 451,000 452,000
Manchester stock
36,000
55,000
29,000
29,000
Continental stock
*322,000 *301,090 *280,000 440,000
American afloat for Europe
706,473 523,989 389,468 1,118,797
U.S. port stocks
1,328.985 1,343,949 968,140 991.832
U.S.interior stocks
1,192,916 1,186,234 1,024,495 660,860
U.S.exports to-day
29,391
12,230
8,191
59,106
Total American
East Indian, Brazil, &c.
Liverpool stool(
London stock
Manchester stock
Continental stock
India afloat for Europe
Egypt, Brazil, &c., afloat
Stock in Alexandria, Egypt
Stock in Bombay, India
Total East India, Scc
Total American
4,102,765 4,084,842 3,153,294 3,763,595
148,000
29.000
9,000
*82,000
34,000
59,000
154,000
234,000
210,000 280,000
69,000
- 20,000
13,000
15,000
*93,000 *97,000
29,000
91,000
71,000
36,000
203,000 *115,000
430,000 479,000
199,000
5,000
25,000
37,000
96,000
71,000
299,000
391,000
791.090 1,118,000 1,133,000 1,123,000
4,102,765 4,084,842 3,153,294 3,763,595
Total visible supply
4,893.765 5,202,842 4,286,294 4,886,595
Middling Upland, Liverpool
11.431.
7.01d.
4.58d.
7.47d.
Middling Upland, New York..
• 9.30e.
11.80c.
_
13.90c.
Egypt, Good Brown, Liverpool_
7.75d. 10.65d.
20.95d. 10.10d.
Peruvian, Rough Good, Liverpool 14.59d. 10.10d.
8.75d.
9.25d.
Broach, Fine, Liverpool
10.30d.
6.60d.
4.25d. 6 15-16d.
Tinnevelly, Good, Liverpool _ _ _ 11.03d.
6.72d.
7d.
4.30d.
* Estimated.
Continental imports for past week have been 81,000 bales.
The above figures for 1916 show an increase over last week
of 179,041 bales, a loss of 309,077 bales from 1915, an excess
of 607,471 bales over 1914 and a gain of 7,170 bales over
1914.
AT THE INTERIOR TOWNS the movement-that is,
the receipts for the week and since Aug.1,the shipments for
the week and the stocks to-night, and the same itemsforthe
corresponding period of the previous year-is set out in
detail below.
Movement to Nov. 10 1916.
Towns.
Ship- Stocks
merits. Nov.
Week. Season. Week. 10.
Receipts.
Movement to Nov. 12 1915.
Receipts.
ShipMeas.
Week. Season.
Week.
Stocks
Nov.
12.
565 11,769
137 12,062
Ala.,Eufaula_
400
8,490
_-- 9,095
Montgomery.. 1,597 27,728 1,343 35,619 4,451 70,524 2,196 78,632
Selma
1,254 16,036 1,139 9,214 3,128 38,288 1,993 32,907
921 17,691
Ark. Helena_ _ 2,422 30,439 1,512 21,699 4,625 26,322
Little
e Rock_ 12,334 127,553 12,530 53,914 9,393 56,644 5,481 31,567
47,64' 3,441 31,996
Pine Bluff
9,000 75,123 6,000 47,255 5,281
480 18,618 2,698 2,732
466 16,803
514 10,400
Ga., Albany.....
Athens
9,190 60,996 5,300 28,524 9,117 53,463 2,150 34,700
Atlanta
12,000 129,883 7,000 52,152 6,766 56,564 6,058 25,296
Augusta
12,941 245,746 16,009131,482 15,283 221,949 11,604 173,219
800 40,416
Columbus_ .._ .. 2,727 30,627 1,990 18,399 4,756 26,493
Macon
4,921 88,278 4,836 23,346 1,459 30,967 1,264 15,660
Rome
5,203 31,715 5,049 9,320 3,191
28,696 2,315 10,830
La.,Shreveport 5,257 100,106 6,058 35,277 6,924 69,464 4,087 43,661
318 2,055
920
5,975
149 6,509
Mias.,Columbus
636
2,685
Greenville _ _ 3,000 35,963 2,500 22,000 3,464 38,217 5,27 22,330
Greenwood..
7,000 68,282 6,859 26,000 6,267 56,127 4,735 25,067
Meridian
1,090
9,701
594 7,532 1,469 13,766
850 10,909
428 11,018 1,125 17,791 • 296 11,900
Natchez
1,548 25,970
Vicksburg
1,110
7,887
865 4,384 1,129 14,905 '273 9,968
Yazoo City
1,638 13,683 1,288 9,398 1,811
16,831
800 13,922
Mo.,St. Louis_ 65,659 325,444 63,935 18,924 23,417 99,567 19,441 11,395
N.C.,Gensboro 2,500 33,320 2,200 8,528 2,590 26,934 1,806 5,516
Raleigh
723
5,887
857
359
502
4,937
5
302
0., Cincinnati_ 7,636 42,693 7,559 8,096 8,563 51,286 8,753 10,316
Okla., Ardmore 3,200 36,012 3,489 8,702 3,906 13,069 3,272 5,809
2,200 33,401 2,420 12,000 3,528 10,222 1,444 4,823
Chickasha__
Hugo
1,192 16,938
764 4,373
813
3,523
18i 2,101
Oklahoma
2,254 21,889 2,146 6,861 2,046
5,516
51 3,946
S.C.,Greenville 6,499 57,553 6,064 29,635 4,241 47,288 2,692 21,458
598 4,472
8,386
Greenwood__ _
942
825
7,909
559 7,689
Tenn.,Memphis 70,444 503,931 53,773228,023 62,902 345,534 23,233231,296
Nashville
432
3,189
148 1,651
Tex., Abilene__ 2,215 47,724 5,837 4,178 2,675 28,644 2,012 6,233
400 2,379
Brenham ____
500 21,534
385 11,031
3,985
Clarksville_ __ 2,310 33,806 1,672 6,614 1,662 13,386
478 6,573
3,208 66,385 3,106 13,657 1,458 38,229 1,375 7,277
Dallas
Honey Grove_ 2,944 32,418 2.623 4,632 2,422 13,451 2,403 3,129
Houston
110,772 1,439,088 110,858260,791 56,743 933,816 49,442 183,001
Paris
7,809 81,623 7,792 8,047 4,259 37,481 4,719 7,505
629 1,800
San Antonio_ _
600 33,329
644 39,232 2,465 2,934
NM P
Ttstn1 Al Ae.nrrysa RCM,Q MC 1,CICIQ,A/71 Ri21 1,4 1100,1111 .3'7C 1,70 AM') AAA i on on,non ECIA
,
•
, ,
,
Note.-Our Interior Towns Table has been extended by the addition of 8 towns.
This has made necessary the revision of the Visible Supply Table and a number
of other tables.
The above totals show that the interior stocks have increased during the week 34,317 bales and are to-night 6,332
bales more than at the same time last year. The receipts at
all towns have been 120,198 bales more than the same week
last year.
(VoL. 103
OVERLAND MOVEMENT FOR THE WEEK AND
SINCE AUG. 1.-We give below a statement showing the
overland movement for the week and since Aug. 1, as made
up from telegraphic reports Friday night. The results for the
week and since Aug. 1 in the last two years are as follows:
- 1916-Since
Week. Aug. 1.
63,935 314,459
25,155 100,299
345
2,168
7,715 • 38,780
2,864
18,652
7,942
25,794
42,773 200,634
Nov. 10ShippedVia St. I.ouis
Via Mounds, &c
Via Rock Island
Via Louisville
Via Cincinnati
Via Virginia points
Via other routes, &c
Total gross overland
Deduct ShipmentsOverland to N. Y., Boston, &c
Between Interior towns
Inland,&c.,from South
150,729 700,786
-1915---•
Since
Week. Aug. *.
19,441
106,016
94,953
19,252
433
50
6,487
27,796
31,173
4,400
18,732
2,608
94,773
8,376
60,614
373,906
2,276
1,942
3,703
15,326
16,350
46,329
_ 5,336
3,498
16,939
42,835
36,182
116,484
Total to be deducted
25,773
195,501
7,921
78,005
Leaving total net overiand*
124,956 505,285
52,693
295,901
* Including movement by rail to Canada.
The foregoing shows the week's net overland movement
has been 124,956 bales, against 52,693 bales for the week last
year, and that for the season to date the aggregate net overand exhibits an increase over a year ago of 209,384 bales.
1916-- ---1915
Sinde
In Sight and Spinners'
Since
Week.
Weolc.
Aug. 1.
Takings.
Aug. 1.
Receipts at ports to Nov. 10
271,037 3,140,718 203,421 2,545,100
Net overland to Nov. 10
52,693
295,901
124,956
505,285
South'n consumption to Nov. 10.. 79,000 1,148,000
67,000. 973,000
Total marketed
Interior stocks Ia excess
474,993 4,794,003 320,114
34,317
839,182
94.850
3,814,001
709.407
Came into sight during week. 509,310
414,964
Total in sight Nov. 10
4,523,408
5,633,185
North'n spin's takings to Nov. 10 162,396
848,323
91,929
722,175
Movement into sight in previous years:
Week1914-Nov. 13
1913-Nov. 14
1912-Nov. 15
Bales.
547,773
676,180
696,725
Bales.
3,970,004
6,453,818
6,308,922
Since Aug. 11914-Nov. 13
1913-Nov. 14
1912-Nov. 15
FUTURES„-The highest, lowest and closing prices at
New York for the past week have been as follows:
Saturday, Monday, Tuesday, iVed'day, Thursd'y, Friday,
Nov. 4. Nov. 6. Nov. 7. Nov. 8. I Nov. 9. Nov. 10.
Week.
Nov.Range
Closing_ _ 18.81-.84 18.95-.98
19.30-.35 19.40-.43 19.18-.22
I
December18.80_.00h 19.00_.12
19.36-.54 19.38-.67 19.20-.62 18.80-.67
Range
Closing.... _ _ 18.97-.99 19.11-.12
19.45-48 19.56-.58 19.33-.35
January18.78-.00118.98-.12
19.31-.55 19.35-.72 19.23-.65 18.78-.72
Range
Closing...... 18.95-.97.19.10-.12
19.44-.46 19.58-.61 19.37-.38
February'
19.45-.50
19.45-.50
Range
Closing__ _ 18.97 -19.14 19.49,- 19.62 -19.81 MarchI
I
18.89-.12 19.10-.25 HOLI- 19.45-.69 19.48-.86 19.39-.79 18.89-.86
Range
Closing_ _ 19.06..08 19.23-.25 DAY. 19.55-.60 19.73-.75 19.50-.51
AprilRange
19.61 -19.77 -19.54 Closing_ _ 19.11 -- 19.38 MayI
19.03_.28119.24_.40
19.57-.84 19.67-.01 19.57-.97 19.03-.01
Range
Closing__ _ 19.21-.23 19.38-.40
19.73-.77 19.89-.92 19.68-.63
JuneI '
I •
19.68 --- -- -19.84.-85 19.68-.85
Range
19.73 - 19.90 - 19.68 - _
Closing_ _ _ 19.22 - 19.40 JulyI
19.03-.27 19.29-.42
19.63-.82 19.68-.01 19.55-.97 19.03-.01
Range
Closing.. _
19.24-.25 19.39-.42
19.73-.75 19.86 - 19.67-.60
SeptemberI
17.25-.30 17.48-.53
17.68-.98 18.00 -17.98-.05 17.25-.05
Range
Closing...... 17.42-.50 17.53-.60
17.85-.95 18.08-.13 17.95,00
-;
October16.93-.20117.20-.32
17.50-.75 17.80-.00 17.8G,98 16.9340J
Range
17.73 - 17.91-.93 17.80-.81--Closing_ .._ .. 17.15 - 17.33 118.
NEW ORLEANS CONTRACT MARKET.-The highest, lowest and closing quotations for leading contracts in the
New Orleans cotton market for the past week have been as
follows:
Saturday. Wmday, Tuesday, Wed'day, Thursd'y, Friday,
Nov. 4. Nov. 6. Nov. 7. Nov. 8. Nov. 9. Nov. 10.
NovemberRanqe
Closing
DecemberRange
Closing
JanuaryRanFe
Closing
MarchRange
Closing
MayRange
Closing
JulyRange
Closing
ToneSpot
(Intinns
18.15 -18.32 -
18.64 -18.80 -18.55 -
18.21-.36 18.42-.53
18.35-.36 18.52-.53
18.71-.93 18.79-.10 18.73-.04
18.84-.85 19.00-.01 18.76-.78
18.35-.55 18.55-.68
18.49-.50 18.67-.68
18.85-.10 18.92-.29 18.86..22
18.98-.99 19.15.17 1893-95
18.59-.78 18.77-.93 HOLI- 19.07-.30 19.17-.53 19.10-.46
18.72-.73 18.90-.92 DAY 19.22-.24 19.39-.41 19.19-.20
18.76-.96 18.95-.10
18.90-.91 19.10-.12
---19.09-•20'
19.02-.03 19.21-.23
Steady Steady
Steady Very st'y
•
19.26-.49 19.41-.71 19.30-.65
19.41-.42 19.50-.60 19.38-.40
19.59-.60 19.52-.85 19.50..72
19.52-.51 19.71-.72 19.50-.51
Firm
Steady
Firm
StoadY
Firm
Steady
WEATHER REPORTS BY TELEGRAPH.-Advices to
us by telegraph this evening from the South indicate that
with a continuation of favorable weather the gathering of
the crop has progressed rapidly and has been completed
in a number of sections. Marketing has been liberal.
Galveston, Tex.-It has rained on two days of the week, the
rainfall being eighteen hundredths of an inch. Average
thermometer 67, highest 78, lowest 56.
1803
THE CHRONICLE
Nov. 111916.1
enough to fill their own needs, since
It advantageous to save more than
the spring to other planters.
there should be a ready sale for the surplus in
Abilene, Tex.-There has been no rain during the week.
because of the seed shortage
and
8
Cotton growers should not bo willing, regard
being
highest
the
58,
to its quality, but should
without
The thermometer has averaged
available
supply
first
the
to take
types of proven worth.
willingly pay an increased price for the seed ofseed
the lowest 34.
of desirable quality
supply of unginned
sufficient
a
during
having
day
on
one
rain
Farmers
been
has
contamination by
Fort Worth, Tex.-There
avoid
to
taken
are
precautions
special
that
should see
an
of
s
x
well to save such
be
hundredth
may
twenty-si
It
ginning.
reaching
the week, the rainfall
mixture with worthless seed during
of the ginning season, when arrangements
42
close
the
from
near
63,
until
ranging
averaged
cotton
seed
has
ter
inch.. The thermome
made.
be
may
ginning
careful
for especially
shown by reports
to 84.
primary factor in the cotton-seed shortage, it isthe
cotton crop in
of
the toThe
the Department of Agriculture, is the shortage
Pelestine, Tex.-We have had rain on one day duringinch.
boll weevil inand
floods,
drought,
to
due
States,
Southern
most of the
of
an
hs
our
hundredt
seventy-f
ucing States
being
cotton-prod
the
all
in
rainfall
week, the
festation. The shortage is marked
62.
to
averaging
84,
Tennessee, Arkansas, Oklahoma and Texas,
40
from
Louisiana,
ranged
has
Georgia,
ter
except
thermome
The
is rapidly
produced
seed
The
States.
those
of
some
is appreciable in
per ton is approxiSanAntonio, Tex.--Rain has fallen on two days of the week. and
passing to the mills for crushing, since the price offered
inch.
of
an
s
years.
Averhundredth
normal
forty-six
during
as
reached
high
as
twice
rainfall
mately
The
age thermometer 63, highest 84,lowest 42.
EGYPTIAN COTTON CROP.----The following is a sumTaylor, Tex.-There has been rain on one day during the
of Agriculture
mary of crop reports received by the Ministry
week, the precipitation being fourteen hundredths of an inch. of
during September 1916:
inspectors
from
Egypt
Minimum thermometer 38.
during the first half of the
The improvement due to the hot weather
the second half.
New Orleans, La.-We have had rain on two days during month
was checked by the damp and cool nights during
pink worm was reported during
A noticeable increase in the attacks of the The
the week, the rainfall being seventeen hundredths of an inch. the
cotton boll worm (earias)
notably in Upper Egypt.
week,
third
from Skainia and
The thermometer has averaged 70.
showed a slight increase. Cotton stainer was reported
and
Gharbia, but little damage resulted. Picking is general
Shreveport, La.-We have had rain on one day during the Aphis from
The first
thereafter.
y
immediatel
removed
are
plants
in some places
an
inch.
of
s
hundredth
ng
nine
disappointi
being
reaching
ion
irregular
is
precipitat
yield
week, the
picking is over in several districts, the
is likely to be below average,
in the majority. On the whole the yield
The thermometer has ranged from 51 to 82.
copious
too
by
followed
June,
in
heat
continued
to abnormal and
lower branch bolls, the quick maVicksburg, Miss.-We have had rain on one day during the owing
watering which prevented formation of
to the upper
before attaining full size and the damage
week, the rainfall being one hundredth of an inch. The turity of middle bolls
maturity of middle bolls, upon
rapid
The
plink worms.
by
bolls
66.
late
or
45
to
88,
averaging
from
ranged
during July
has
water
ter
of
lack
to
thermome
which this crop depended, was doubtless due
in pink worm attacks during last month is a
Mobile, Ala.-We have had rain on one day during the and August. The increase the
on the
increase
attacks
the
picking
first
natural condition, as after
week, the precipitation reaching one hundredth of an inch. remaining
bolls.
The thermometer has averaged 67, the highest being 81 and
AlexandThe Alexandria Cotton Co., Ltd., under date of
the lowest 51.
Oct. 6, says:
Selma, Ala.-Rain has fallen on one day during the week, ria,
those of 1909-10. The
The first picking reports are as disappointing asto
The thermo- second
the unfavorable cool
picking prospects are no brighter owing
the rainfall being five hundredths of an inch.
Ginning returns
worms.
pink
the
by
63.
damage
averaging
immense
78,
the
weather and
meter has ranged from 43 to
refrom 5 to 10% below last season, which will in consequence
continue
week.
past
the
rain
no
had
have
Madison, Fla.-We
by the same percentage. We, therefore, feel that
outturn
crop
the
duce
and
which
79
million,
being
highest
quarter
a
by
the
estimate
67,
crop
week's
averaged
last
we must reduce our
The thermometer has
3 million cantars.
will bring our estimate to 5A to 5%
the lowest 54.
the
during
days
two
on
rain
had
TAKINGS OF COTTON.
AND
have
WORLD'S SUPPLY
Savannah, Ga.-We
week, the rainfall being nine hundredths of an inch. The
1914-15.
1915-16.
Cotton Takings.
thermometer has ranged from 51 to 77,averaging 63.
Week and Season.
Season.
Week.
Season.
Charleston, S. C.-We have had no rain during the week.
Week.
The thermometer has averaged 65, the highest being 78 and
5,133,897
4,714,724
Visible supply Nov. 3
476-6-4-,:lio
3,198,251
the lowest 51.
Visible supply Aug 1
5,633,185 414,964 4,523,408
Charlotte, N. C.-There has been rain on one day during American-in sight to Nov.910_ _ -1 509,310
433,000
29,000
245,000
615,000
Nov.
to
receipts
Bombay
inch.
an
of
h
hundredt
one
being
ion
97,000
6,000
the week, the precipitat
53,000
b3,000
Other India ship'ts to Nov.9
232,000
37,000
and
78
being
251,000
highest
the
60,
b35,000
The thermometer has averaged
Alexandria receipts to Nov. 8._
30,000
2,000
37,000
b1,000
8*
Nov.
to
Other
supply
the lowest 41.
active.
9,979,818
5,622,881
continue
9,417,436
5,278.034
Memphis, Tenn.-Picking and marketing
Total supply
DeductIt has rained on one day of the week, the precipitation reach- Visible
4,893,765 4,893,765 5,202,842 5,202,842
supply Nov. 10
ter
thermome
The
inch.
ing twenty-nine hundredths of an
384,269 4,523,671 420,019 4,776,976
Total takings to Nov. 10 a
has ranged from 51 to 78, averaging 66.
345,269 3,618,671 335,019 3,692,976
Of which American
no _non 005 000 R5.000 1.084.00(1
other
which
Of
G
GINNIN
CENSUS BUREAU REPORT ON COTTON
Brazil, Smyrna, West Indies, &c.
from
its
in
Europe
8
receipts
Nov.
Embraces
on
*
TO NOV. 1.-The Census Bureau issued
n by Southern mills.
a This total embraces the total estimated consumptio
in 1915-takings not being availareport (the fourth for the season) on the amount of cotton 1,148,000 bales in 1915 and 973,000 balesby
foreign spinners.
and
Northern
taken
amounts
follows,
as
of
1916
aggregate
groNcth
the
the
ble-and
ginned up to Nov. 1 from
bales in 1916 and 3,803,976 bales In 1915. of which 2,470,671
comparison being made with returns for like period of pre- 3,375,671
bales and 2,719,976 bales American. b Estima)ed.
ceding years:
INDIAN COTTON MOVEMENT FROMALLPORTS.
Number of bales of cotton ginned from the growth of 1916 prior to Nov. 1
1916 and comparative statistics to the corresponding date in 1915, 1914
and 1913 (counting round as half bales): 1915.
1913.
1914.
1916.
Od. 19.
726,949 1,068,771 1,015,788
379,974
Alabama
'Receipts at431.522
573,571
445,115
813,718
Arkansas
5,988
8,972
6,868
11,283
California
47,315
56,645
40,389
39,036
Florida
1,435,842 1,428,250 1,763,374 1,606,506 Bombay
Georgia
222,464
297,356
271,398
364,711
Louisiana
568,005
669,143
584,893
561,728
Mississippi
384,260
427,949
408,198
381,255
Exports
North Carolina
536,303
659,367
171,584
Great
592,546
fromOklahoma
846,468
910,558
771,074
639,734
Britain.
South Carolina
174,379
172,485
146,886
229,178
Tennessee
2,950,444
3.110,299 2,344,486 3,168,786
BombayTexas
40,954
49,935
32,796
59,759
______
1916
All other States
8,619,063 7,378,886 9,826,912 8,830,396
United States
The number of round bales included this year is 153.698 bales, contrasted
with 68,577 bales in 1915 and 23,182 bales in 1914. The distribution of Sea
Island cotton for 1916 by States is: Florida, 26,462 bales; Georgia, 53,294
bales, and South Carolina, 554 bales.
COTTON CONSUMPTION AND OVERLAND MOVEMENT TO NOV. 1.-Below we present a synopsis of the
crop movement for the month of October and the three
months ended Oct. 31 for three years:
Gross overland for October_ _ _ ..bales_
Gross overland for 3 months
Net overland for October
Net overland for 3 months
Port receipts in October
Port receipts in 3 months
Exports in October
Exports in 3 months
Port stocks on Oct. 31
Northern spinners' takings to Nov. 1_
Southern consumption to Nov. 1_ _
Overland to Canada for 3 months (included in net overland)
Burnt North and South in 3 months_ _
Stock at Nor.interior markets Oct.31
Came in sight during October
Amount of crop in sight Oct. 31
Came in sight laalance of season
Total crop
Average gross weight of dales
Average net weight of bales
1916.
347,901
501,513
248,276
349,172
1,447,243
2,739,799
846,407
1,704,577
1,275,297
633,004
1,030,000
1915.
172,762
268,471
139,486
203.,628
1,184,781
2,160,001
715.402
1,309,924
1,289,215
535,246
850,000
21,046
7,800
2,453,519
4,898,971
COTTON GROWERS URGED TO SAVE SEED.
The U. S. Department of Agriculture, in a Bulletin issued
this week, says:
Because of unusual conditions in the South and the markets of the world
materially the usual autumn supply of
which are operating to reduce
are urged by the U. S. Department of Agricotton seed, cotton growers
seed to meet all their planting needs
culture to save enough of their best
in estimating the supply which
next spring. It is recommended that,
will be needed, allowance be made for possible replanting requirements
It is also suggested that farmers having exceptionally good seed may find
9,000
Week.
127,000 39,000
Since
Aug. 1.
324,000
For the Week.
Great
Conti- Japan
nest. &China Total. Britain.
Coral-
10,000
6,
1915
1914 ____ 2,000 4,
Calcutta1916
______ 1,000
1915
1914
Madras1916
______ 1,000
1915
1914
All others1,000 2,000
1916
1,000 2,000
1915
1,000 1,000
1914
3,000
7,000
4,000
1,000
1,000
1,000
1,000
1,000
2,000
4,000
4,000
5,000
2,000
3,000
9,000
5,000
17,000
33,000
24,000
1,000
2,000
Japan
dt China. Total.
35,000 246,000 284,000
52,000 252,000 311,000
24,000 71,000 99,000
10,000 20,000
38,000 44,000
8,000
2,
1,000
54,000
2,000
Since August 1.
nent.
Since
Aug. 1.
Week.
4,000
9,000
1,000
2,000
6,000
10,000
1,000
2,000
5,000
16,000
27,000
2,000
36,000
69,000
31,000
1914.
143,925
1
195,382 Total all6,000, 58,000 264,000 328,000
1,000, 2.000 12,000 25,000
1916
116,036
18,000! 98,000, 279,000 395,000
51,000
1915 _- 1,000: 10,000 40,
129,411
9,0430: 49,000 73,000 131,000
10,000
3,000 5,000 2,
1914
968,618
1,356,013
441,211
ALEXANDRIA RECEIPTS AND SHIPMENTS.
566,090
1
703.985
1914.
I
1915.
1916.
478.510
Alexandria, Egypt.
760,000
Oct. 18.
.
26,145
292
3.258
10,858
1,869,654
1,976,267
2,960,424
3,745,629
9,207,821 12.106,823
12,953.450 15,067.247
515.45
510.42
515.54
490.45
485.42
490.54
21,096
Since
Aug. 1.
Week.
1914.
1915.
1916.
Receipts (cantars)This week
Since Aug 1
259,870
1.085.382
Since
220,633
1.605.023
1 Since
128,048
263.662
Since
Week. Aug. 1. Week. Aug. 1. Week. Aug. 1.
7.403 35,702 4,494 32,880 , ____ 6,738
To Liverpool
8,363 16.335 6,521 19,6971 ____ • 5.114
To Manchester
31,681
12,470
To Continent & India__ _ 3,467 12,684 2,080 22,916 i1 2,711
____ 7,127
400 2,633 2,435
To America
Exports (bales)-
19.633 67.354 115.530 107.174 I 2.711 31.449
Egyptian bales weigh about 750 lbs.
lbs.
99
is
cantar
Note.-A
week were 259,870 cantars
This statement shows that the receipts for themovement
for week ending
bales. The
19,633
and the foreign shipments
exports to Liverpool,
Oct. 11 was as fo.lows. Receipts, 208,379 cantars;
350 bales;
.America
to
bales;
3,511
India,
and
Continent
to
bales;
3,828
total, 7,689 bales.
Total exports
1804
THE CHRONICLE
[VOL. 103.
MANCHESTER MARKET.-Our report received
The prices of futures at Liverpool for each day are
cable to-night from Manchester states that the marketby
given
is below. Prices are on the basis of
quieter but healthy with an advancing tendency.
upland, good ordinary
We
give
clause, unless otherwise stated.
prices for to-day below and leave those for previou
s weeks
of this and last year for comparison:
Nov. 4
Saturday. Monday. Tuesday. Wed'day. Thursday
. Friday.
to
Nov. 10. 1234 134 1234
4 1234 4 1234 4 1234 4 123.ek 4
p.m P.m p.m. p.m. p.m. p.m. p.m.
p.m. p.m. p.m. p.m. p.m.
84 lbs. Shirt- Corn'
84 lbs. Shirt- Col'os --32$ Cop
Inca, common
32s Cop
d. d.
d.
Ines, common Mid.
d. d. d. d. d. d. d. d. d.
Twist.
to finest.
Nov
Up's
Twist.
11
15
to finest.
10 ____ 33% 4134 3534 33 3334 2934 34%
Up 's Jan -Feb..
11 15 1034 ____ 34 4734 36 34 3434
Sep. 6.
32 36%
d. s. d.
s. d. d. d.
Mar.-Apr Holt day 11 21 1534 ____
d. s. d.
s. d. d.
39 4734 4134 41 413440
22 144
154 8 8 010 6
May-Jun
9.62 94
e
11
28
103( 7 3 CO7 104 6.59
22 ____ 4534 5434 48 49 50 51 45
29 144
5434
154 8 8 @106
July-Aug..
9.47,104
114 7 43408 0
11 26 21
6.97 Oct.
____ 4434 5334 4734
Oct.
50 5134 55
-Nov
10 09 08 ...._38 55 49 49
54 60 60 63
6 144
154 9 0 010 1034 9.93 104
11 7 53408 1
7.24
13 144
154 9 2 011 0 10.11 1034
11% 7 3 08 6
7.23
20 154
164 9 3 011 1% 10.57 1034
114 7 3 08
7.12
27 154
164 9 5 011 6 11 14 10%
11 7 6 (4)8 734 7 02
Nov.
3 154
164 9 6 011 6 11.13 104
114 7 3 08 3
6.91
10 164
Friday Night, Nov. 10 1916.
•17% 9 6 011 734 11.42 10%
114 7 3 08 3
7.01
1916
1915
OS SOOS 034
GO SOSO GO
Midi
BREADSTUFFS
Flour on the whole has not been very active
On
the contrary the sharp fluctuations in wheat havehere.
militated
Total bales. against big transactions.
NEW YORK-To Liverpool-Nov.3-Headley,
Yet at times a better jobbing de1.872_ _ _Nov.9Baltic, 2,027 upland, 80 West Indian
3,979 mand has prevailed and prices towards the close of the week
To Rotterdam-Nov. 4-Noordam,
993
993 became noticeably stronger. The fact that Great
To Genoa-Nov. 4-Calabria, 3,999;
Nordanger, 1,764_ _ _
Britain
Nov.6-Chemung,200
5,963 has been a large buyer of wheat leads some to believe that
To Piraeus-Nov.6-Nefeli, 100
100 before long it will also buy flour. Re-selling is
GALVESTON-To Liverpool-Nov. 3-Artist,
not heavy
7,603---Nov. 6Nubian, 4,960
and at not very much under mill prices. There are
12,563
rumors
To Manchester-Nov.3-Esperanza de
Larrinaga, 12,782_
12,782 that England has bought quite a good deal of flour
To Havre-Nov.8-Lorna, 11,928
already
11,928 and that before long this
To Gothenburg-Nov.4-Carolina, 1,258
will
be
made
plain in the clearances.
1,258
To Barcelona-Nov. 4-Pio IX, 7,259.._ _Nov.
European buying this season has been largely
6-Mar Mediterraneo, 10,150
confined to
17,409 wheat with the idea of making
To Genoa-Nov. 3-Normannia, 9,488
the
flour
on the other side
9,488
TEXAS CITY-To Liverpool-Nov.8-Thirl
of
the
water
by,
6,249
and
getting
6,249
the
benefit
To Havre-Nov. 7-Holidar, 12,644
of by-products. But
12,644 it is believed that foreign Governments
NEW ORLEANS-To Liverpool-Nov.
will have to buy more
6-Tyinghame, 4,549_.
._ 4,549
To Manchester-Nov. 2-Sylvanian,
or
less
freely
of
8,388
Americ
an
flour
from
8,384080
time
to time..
To Bergen-Nov.6-Troldfos, 409
Wheat has advanced at home and abroad on a pressing
To Gothenburg-Nov. 4-Sark,
1,389 demand. It
To Barcelona-Nov. 9-Pio IX,1,389
become
950
s
more
and
more
evident that war950
To Oporto-Nov, 4-Bark Clara,
400 stricken Europe will have to buy heavily in this country
To Genoa-Nov. 8-Alcana, 7,398400
.
7.398 Roughly speaking,
MOBILE-To Liverpool-Nov. 4-Nubia
the
n,
world's
5,413
crops
are suppos
5,413
to be
PENSACOLA-To Liverpool-Nov. 4-Adeli
na, 9.965
1,000,000,000 bushels smaller than they were last ed
SAVANNAH-To Havre-Nov. 4-Nethe
year. It
rpark, 12,404
12,
99404
65 is believed that Europe will
To Rotterdam-Nov. 4-Themtsto, 1,050
take all that this country has
1,050
BRUNSWICK-To Liverpool-Nov.
7-,
to spare. Some think that we are already trenchi
12,661
12,661
WILMINGTON-To Genoa-Nov. 8ng on our
, 7,200
7,200 reserves. Meanwhile foreign quotati
NORFOLK-To Liverpool-Nov. 8-Turin
ons have been rising,
o, 4,766
4,766
BOSTON-To Liverpool-Oct. 30-Start
in
spite
Point, 148_ - _Nov. 6of
reports
of
benefici
al
rains
in
Argentina. The
Devonian, 3,102
3,250 Winnipeg market has been rising. Attenti
To Yarmouth-Oct. 31-Prince Arthur, 150
on was directed
150 to the fact
BALTIMORE-To Liverpool-Nov.
that
1-Quern
the
total
more,
availab
4,496_
le
stocks
_
_
in and afloat for
Nov. 9-Swanmore, 2,853
7,349 Europe decreased last week 900,000 bushels
PHILADELPHIA-To Liverpool-Nov. 3-Haver
as compared
ford,
2,689 with an increase
SAN FRANCISCO-To Japan-Nov.
in the same week last year of 5,500,000
4-Nessel Martz,
2.689_3,900;
Siberia Mans, 4.622
8,522 bushels, a difference of 6,400,000 bushels. As a
SEATTLE-To Japan-Oct. 31-Sado Marti.
of
5,924
To Vladivostok-Oct. 28-Kaimaru,
fact, the total world's supply of wheat increased formatter
12,356
12
5:3
956
the week
24
5,633,000 bushels, but this was only about one-third
Total
of the
212,529 increase during the same
week last year. Then it was
The particulars of the foregoing shipme
arranged in our usual form, are as follows:nts for the week, 17,676,000 bushels. Meanwhile the foreign demand has
increased. Export sales of 1,000,000 to 2,000,000 bushels
Great French
Hot-. -Oth.Ettrope-Vlad.,
day excite little comment. Last week the total is said to
a
Britain. Ports. land. North. Squth.
&c.
Japan.
Total.
New York__ _ 3,979
_ _-993 ____ 6,063
11,035 have been 7,000,000 bushels. Over Election Day the British
. Galveston -.....25,345 11.928
1,258 26,897
---- 65,428 Government is said to have bought
Texas City__ 6,249 12,644
4,000,000 bushels of
____ 18,893
New Orleans_ 12,937
1-,7789 8
.
- 77:18
- --- 23,474 Canadian wheat. This helped to send prices to new high
Mobile
5,413
_
records
5,413
.
The
Pensacola __ _ 9,965 - - - sales included hard winter and Manitoba
____
9,965 wheat. Farmer
Savannah
12,404 1:686
s' deliveries at country stations have been
_
13,454
Brunswick __ _12,661
__ _ _
light
____
and
12,661
receipt
s at primary points are small enough to
Wilmington_
7-,§66
7,200 excite comment.
- --Norfolk
4,766
It is also remarked that Buenos Aires
• 4,766
Boston
3,250
prices
150
_
advanc
___
ed in spite of reports of beneficial 'rains in
3,400
Baltimore
7,349
____
7,349 Argentina. Also the weekly
Philadelphia _ 2,689
shipments from Australia
-1_
__
2,689
San Francisco _ _ _ _
8,522
8,522 and India are small. The better grades of wheat have been
Seattle
12,356 5,929 18,280 in steady demand at
Minneapolis. It is true that receipts
Total
94,603 36,976 2,043 3,047 48,904 12,506 14,446
212.529 at interior points are about half as large as those of last year.
The exports to Japan since Aug. 1 have been
And,
133,573
while
bales
from
it
is
Pacific
true that the available stock of American
ports.
wheat is
at 125,236,000 bushels against 104,505,000 last
COTTON FREIGHTS.-Current rates for cotton from year, it isput
said
New York are as follows, quotations being in cents per pound: Europe. The that a good deal of this wheat is owned in
world's shipments last week were about
Liverpool, 1.50c.; Manchester, 1.50c.; Havre, 2.0002.2
5c.; Rotterdam, 2,575,000 bushels smaller than those of
3.00c. nom.; Genoa, 2.00c. asked; Naples,
a year ago, and the
2.00c. asked; Leghorn, 2.60c.;
Christiania, , 3.25c.; Bergen, 3.25c.; Stockhol
quantit
on
y
passage
for Europe was much smaller than at this
m, 3.25c.; Malmo, 3.25c.;
Gothenburg, 3.0003.25c.; Barcelona, 2.0003.2
time
5c.;
last
Lisbon,
year.
2.00c.;
The world's shipments last week were
Oporto, 2.70c.; Marseilles, 2.50c. asked; Japan,
3.00c. asked; Shanghai, 2,290,000 bushels
3.00c. asked; Bombay, 3.00c.; Vladivos
against 11,864,000 in the same week last
tok, 2.50c.
year.
At
Chicag
o
it is said that foreign houses were rapidly
LIVERPOOL.-Sales, stocks, &c., for past week:
exchang
ing
futures
for cash wheat. In Northern France the
Oct. 20. Oct. 27.
Nov. 3. Nov. 10. weather has
Sales of the week
been
wet,
and in fact the agricultural
44,000
45,000
44,000
47,000
s
Of which speculators took
4,000
4,000
there generally have had bad weather for seedingsection
4,000
Of which exporters took
. The
4,000
2,000
2,000
Sales, American
foreign
arrivals
in
France
are
31,000
moderato and the native re35,000
28,000
35,000
Actual export
8,000
3,000
4,000 ceipts small. The French stocks are moderate and the
Forwarded
58,000
72,000
79,000
78,000 mills ate therefore operating slowly.
Total stock
558,000
In Russia the weather
592,000 611,000 67,000
Of which American
413,000 445,000 475,000 487,000 has been bad over the entire agricultural section and
Total imports of the week
the
57,000 114,000 113,000
98,000 movement of crops is slow. In Central
Of which American
and Northren
42,000
91,000 120,000
/4,000 Argenti
Amount afloat
335,000 400,000
na
the
weather
continu
has
ed
unfavor
able,
though
Of which American
288,000 349,000318:000
beneficial rains in the South have improved crop prospects
The tone of the Liverpool market for spots and futures somewhat.
The
Italian
crop
official
is
ly
estimat
ed
at 176,each day of the past week and the daily closing prices of 000,000 bushels,
or 12,000,000 bushels smaller than earlier
spot cotton have been as follows:
estimates. In the United Kingdom the weather has been
too wet for seeding and has retarded the movement of the
Spot.
Saturday. Monday. Tuesday. Wednesday. Thursday.
I Friday.
old crop. There are some fears that under the circumstances
Market, 1
the acreage may be reduced. It is true that in Australia
12:15
Good
Fair
Good
Good
further rains have fallen and that the crop outlook is good,
Qlueter.
P. M.
demand. demand, demand. demand.
and that the outlook is also favorable in India owing to recent
Mld.Upl'ds
11.27
11.32
11.53
abundant rain. But such reports are in sharp contrast
11.45
611.42
Sales
with most that are being received from foreign countries.
HOLT10,000
8,000
10,000
10,000
6,000
Spec.kexp. DAY.
1,000
800
Prices have risen to new high records. May wheat, which
800
4,000
600
closed last Friday at Chicago at Me. over December, ended
Futures.
Steady
Steady
Steady
Quiet,
Market {
1 point
this week at 4c. over December. To-day the market was
507 pts. 8010 pts. 3l@6 pts.
opened
advance.
•
advance, advance. advance.
active, excited and higher. Closing, however, at a reaction
Quiet
Very st'dy Unsettled Irregular
of 3e. from the high point of the day. Argentine prices adQuiet,
Market1
2010 pts. 233,6030 2011 pts. 2 pts. dec. 105
pts.
vanced 5 to 6c. Our Northwestern markets were up to
closed
advance. ots. adv. advance. tollots.adv advance.
the $2 mark. Frost in Southwestern Argentina is said to
SHIPPING NEWS.-Shipments in detail:
Nov. 111916.]
THE CHRONICLE
have done damage. The reaction here :was attributed
partly to the fact that the Baltimore & Ohio RR. Co. has
placed an embargo on shipments of all grain to Baltimore,
both export and domestic, from Springfield, Ill. Export
sales, however, were reported of 2,000,000 bushels.
DAILY CLOSING PRICES OF WHEAT FUTURES IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
cts. 190
191g Holt. 194X 196% 2014
No. 2 red
DAILY CLOSING PRICES OF WHEAT FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
December delivery in elevator_ cts. 182
184
Hon- 1873 189X 1833j
184
May delivery in elevator
186% day. 189
192% 192M
July delivery in elevator
149
150%
152% 1554 157%
Indian corn advanced in company with wheat. Fears
of wet weather in the West also told. And the visible
American stocks showed a decrease that attracted attention.
Last week they fell off 1,131,000 bushels in sharp contrast
with an increase in the same week last year of 102,000
bushels. This pulled the total down to 2,720,000 bushels,
which looked rather puny compared with 4,418,000 bushels
a year ago and 3,862,000 bushels in 1914. Buenos Aires
advanced in the teeth of reports of beneficial rains in Argentina. Europe has been buying for mixing purposes. This
was taken as the herald of larger purchases in the future.
Argentine corn has been sold on the spot to a small extent3,000 bushels-at $1 193/i delivered, but no more, it is
said, is obtainable at anything like this price. It would
cost $1 33, it is stated, to lay down Argentine corn hero now.
Also, the American crop is now officially estimated at
smaller figures than were generally expected. It is stated
at 2,643,508,000 bushels, against 3,054,535,000 bushels last
year and 2,732,457,000 bushels, the average for five years.
The stocks of old corn on farms were officially stated at
89,686,000 bushels, against 96,009,000 bushels a year ago,
and 104,460,000 bushels the average for the preceding five
years. The above total of 89,686,000 bushels was rather
larger than many had expected, but it will be seen that it
was substantially smaller than the five year average. On
the other hand, the crop movement in the United States.
is increasing and country houses have, therefore, been selling
▪ in Chicago. Still, the buying side has been more popular
than the selling. Most people think that corn is going
higher. Buenos Aires reported a good demand and offerings light. Liverpool advanced in two days 23/2d. to 3%d.
on the spot, with the parcel market up 6d. to 9d. and American offerings light. London has been buying in Liverpool.
To-day prices advanced 23/2 to 3 cents, but reacted sharply
on the announcement that the Baltimore & Ohio road hag
put an embargo on shipments of all grain to Baltimore from
Springfield, Ill. Prices reached a new high level during
the day, however, owing to very strong cables from Argentina. The scarcity of cars at the West is retarding the movement. Exporters took 300,000 bushels, part to arrive.
DAILY CLOSING PRICES OF NO.2 MIXED CORN IN NEW YORK.
Sat. Mon. Tues. 1Ved. Thurs. Fri.
cts. 112% 109% Holl. 1 10% 110% 112
No. 2 yellow
DAILY CLOSING PRICES OF CORN FUTURES IN CHICAGO.
Sat. Mon. Tues. 1Ved. Thurs. Fri.
December delivery in elevator_ cts, 859 86% Holt- 88% 91 XI 92%
May delivery in elevator
87
88
day. 89% 93% 94
July delivery in elevator
87's 88%
90
93% 94%
Oats advanced in response to the rise in other grain. Besides, Chicago has reported a good seaboard demand. 'Exporters have continued to buy. There has been more or
less hedge selling by warehouse interests but the current
demand has absorbed such offerings. And Liverpool has
been rising. It makes people expect a big export demand on
this side. Liverpool reported the tone very firm with arrivals
limited and foreign countries offering only at strong prices.
America, it is true, has of late been offering in Liverpool
somewhat more freely but the River Plate and Chili have
offered but sparingly. And while the total world's shipments have been small-only 750,000 bushels last weekthere has been a good demand in Liverpool. The American
available supply increased last week only 1,171,000 bushels,
against 2,840,000 in the same week last year. And while it is
true that American supplies are large-66,580,000 bushels,
against 25,100,000 last year, and 43,370,000 in 1914-it is
no less true that everybody expects a big consumption at
home and abroad. So that speculation has been more active.
Still it is not forgotten that supplies are large and that prices
are already 15 to 18 cents a bushel higher than a year ago.
To-day prices advanced and then reacted with other grain.
Argentine cables were bullish. .Export sales in this country
were 500,000 bushels. Barley is stronger with a steady demand. Exporters took 60,000 bushels.to-day and 70,000
bushels yesterday. Rye is firm but quiet.
DAILY CLOSING PRIQES OF OATS IN NEW YORK.
Sat.
Tues. Wed.
Mon.
Thurs.
Frt.
Standards__cts_594-59
594-593 Holi- 60-60% 60%-61
61%-62
No. 2 white_....594-60% 59)i-60% day. 60%-61 61-61%
6242%
DAILY CLOSING PRICES OF OATS FUTURES IN
CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
December delivery in elevator_cts_ 534
Holt- 55
545
55 7/s 56%
May delivery in elevator
57
57% day. 58% 59% 60%
FLOUR.
Winter, low grades---$6 55@i7 05 Spring, low grades
----$6 30136 80
8 8083 9 05 Kansas
Winter patents
straights.sacks- 9 30
9 66
8 45
Winter straights
8 70 Kansas clears, sacks-- 7
30
8 65
7 9583 8 30 City patents
Winter clears
11 15
9 5583 9 80 Rye flour
Spring patents
7 900 830
Spring straights
9 2083 9 45 Buckwheat flour
4 500 500
Spring clears
8 5583 8 90 Graham flour
6 650 7 80
1805
GRAIN.
Wheat, per bushel-f.o. b.
Corn, per bushelN.Spring. No. 1. new___$2 143j
No. 2 m.x d
f. o. b.
N. Spring. No. 2
No. 2 yellow
c. 1. f.31 12
Red winter. No.2. new...,.. 2 01X
No. 2 yellow kiln dried__ Nom.
Hard winter. No. 2
2 07'%
Argentine
Nom.
Oats, per bushel, newcts. Rye, per bushelStandard
62
New York
613
C. I. f. $1 53
62
Western
No. 2, white
623
c. I. f. $1 56
61% Barley, malting
61
No. 3. white
$1 2801 35
No. 4. white
Barley, feeding
60% 61
1 07
AGRICULTURAL DEPARTMENT'S REPORT.-The
Agricultural Department's report on the cereal and other
crops was issued Nov. 8, and is given below:
The Crop Reporting Board of the Bureau of Crop Estimates makes the following
estimates from reports of its correspondents and agents:
For the United States:
Production (000 omitted). I Yield per acre
Price Nov.1
CROPS.
1916.
Prelim.
Average 1916 10-yr. Qual- 1916 1915
1910-14. Prelim Aver. Uy.* cents cents
1915.
Final.
bush 2,643,508 3,054,5352,732,457 24.3 26.6
Corn
.5 85.
61.9
Wheat
607,557 1,011,505 728,225 11.9 15.0 --3.7 158.4 93.1
"
Oats
" 1,229,182 1,540,362 1,157,961 30.3 30.0 +1.4 49.0 34.9
Barley
"
183,536 237,009 186,208 23.7 25.6 ---3.4 83.2 50.1
41,884
"
Rye
49,190
37,568 15.3 16.4 1.6 115.2 85.7
Buckwheat
15,769
11,447
17,022 14.0 20.0 5.1 102.9 78.5
"
Potatoes ____ "
288,964 359,103 360,772 79.6 97.5 2.6 135.7 60.8
67,663
74,295 51,117 91.9 93.1
Sweet potatoes "
.9 80.6 63.7
86,155 85,225 66,234 1.64 1.41 +3.1 $10.68 10.83
Hay, tame_ _tons
21,491
20,070
1.19
Hay, wild__ "
11,192
bales al1,637
Cotton
14,259 al56.3 186.1
18.0 11.6
ib 1,145,53 1,060,587 991,958 819.2 822.4
Tobacco
15,300
bus
Flaxseed
18,353
13,845
9.6
8.6 +6.5 234. 162.9
b33,160
28,94
Rich
24,378, b37.6 33.1
36,911
Peaches
63,460
43,752
112.1 c85.2
10,377
Pears
11,184
11,216
c96.9 c82.7
bbls 67,695
Apples
65,966
76,670
-1.3 32.6002.10
Sugar beets_..ton
d7,416
6,511
5,391 i1-977 10.15
Kafirs
bush
61,024 114,46
15.6
e Cranberries. _bbls
413
428
17.5
Beans(5 St's_ _bush
b9,924
10,278
b10.6
Onions(14 St's) ,.
f11,06
10,369
f325.0
123.6 c82.9
Cabbage(8 St's)t'ns
b326
658
b7.5
c$2.09 c57.7
•Percentage above or below average. a Forecast from condit on Sept. 25.
b Forecast from condition Oct. 1. c Price Oct. 15. d Forecast from condition
Nov. 1. e Three States. (Forecast from conditions Sept. 1.
Details for corn in principal States follow:
CORN.
46
Yield per acre
Production (000 omitted).
Quality.
STATE.
PrizeNov. 1
1916 10-Yr. 1916. 1 1915. 5-Yr. As.
,
Prelim Aver. Prelim. Final. 11910-14. 1916. 1915. 1916.1915.
Pennsylvania _
Virginia
North Carolina_
Georgia
Ohio
Indiana
Illinois
Michigan
Wisconsin
Minnesota
Iowa
Missouri
South Dakota
Nebraska
Kansas
Kentucky
Tennessee
Alabama
Mississippi
Louisiana
Texas
Oklahoma
Arkansas
Bush.
39.0
27.5
18.5
15.5
31.5
33.5
30.0
27.5
36.0
33.5
36.5
19.5
28.5
26.0
10.0
28.0
26.0
12.5
14.0
21.0
19.0
13.5
17.7
United States 24.3
Bush.
39.2
24.7
18.3
14.0
39.1
36.8
34.4
33.5
34.8
32.3
34.4
27.7
27.8
25.0
20.2
27.6
25.2
16.4
18.3
1,1.9
20.2
19.4
20.4
Bush.
56,901
59,015
56,425
65,100
117,243
175,071
319,740
46,200
62,640
75,978
368,6
139,834
90,772
193,830
63,820
104,272
87,360
50,212
49,056
44,814
140,144
60,102
46,834
Bush. I
58,520,
60,562,
64,050,
64,9501
156,0401
190,950
376,1641
56,000
40,8251
62,100
303,000
209,450
94,250
213,000
172,050
114,000
94,500
66,300
6J,350
45,100
175,075
123,900
62,100
Bush.
60,661
47,176
52,582
56,807
151,691
180,464
348,846
56,848
60,486
81,205
361,771
194,253
64,997
163,641
120,415
94,123
83,311
54,066
57,072
37,649
130,14C
66,555
49,317
%
84
90
89
88
78
83
83
78
79
84
91
72
86
91
68
88
88
81
75
90
79
72
77
%
83
89
91
88
81
81
79
62
45
35
48
87
50
69
88
90
87
88
88
86
85
93
87
Cit.
88
90
99
95
83
76
84
92
90
76
78
88
74
79
89
78
85
92
92
82
88
88
90
Cis.
73
75
83
84
66
60
57
69
70
62
59
59
56
53
57
54
59
70
65
64
56
46
65
26.6 2.643.5083.054.535 2.732.457 83.8, 77.2 85.0 61.9
The statement of the movement of breadstuffs to market
indicated below are prepared by us from figures collected by
the New York Produce Exchange. The receipts at Western
lake and river ports for the week ending last Saturday and
since Aug 1 for each of the last three years have been:
Receipts at-
Flour. I
Wheat.
Corn.
Oats.
Barley. I
Rye.
bbls.1961bs.Pbush.60 lbs. bush. 56 lbs)bush.32 lbs. bush 481bs Ibush.56lbs.
214,000 1,746,0001 1,209,000 3,816,000 1,011,000
Chicago
182,000
Minneapolis
4,026,000
60,000 1,199,000 1,105,000
392,000
852,m
Duluth
42,000
406,000
164,000
369,111
47,000
Milwaukee-- 94,000 1,035,1 i i
710,000
119,000
93,1''
Toledo
50,000
41,111
Detroit
6,000
58,000
55,000
69,000
57,000
16,000
Cleveland
23,000
111,000
5,000
998,000
St. Louis_ _ _
112,000
151,000,
537,000
122,000
13,000
56,000
Peoria
39,000
532,000;
367,000
99,000
29,000
1,953,000
Kansas City_
112,000;
321,000
Omaha
938,
221,000,
294,
Total wk.1916
Same wk.1915
Same wk.1914
434,000 11,146,000
506,000 18,259,0001
428,000 15,222,0001
2,507,000; 7,832,000 3,453,000
904,000
3.077,0001 9,550,000 4,066,000 1,177,000
2,838,000, 6,481,000 2,941,000
723.000
Since Aug.11
1916
5,269,000156,032,000! 46,227,000,110,657,00037,026,000 10,051,000
1915
5,381,
178,852,000 46,578,0001 88,066,000 35,175,000 9,481,000
1914
6.220.0001185,227,0001 46.830,000413,048,000 35,426,000 9,074,000
Total receipts of flour and grail:I:at the seaboard ports for
the week ended Nov.4 1916 follow:
Receipts at-
Flour.
Wheat.
Corn.
Oats.
Barley.
J
Rye.
Barrels.
Bushels.
Bushels.
Bushels.
Bushels. I Bushels.
New York _ _ _
116,
2,265,000
183,000
308,000
223,
38,000
Philadelphia _
45,000
568,000
67,000
264,000
46,000
4,000
Baltimore ___
81,000
192,000
316,000
299,000
i5,000j 469,000
N'port News_
5,000
623,000
Mobile
3,000
11,000
New Orleans*
32,000
558,000
17,000
274,000
Galveston ___
7,000
Montreal__
1,141,000
77,
111,000
682,900
82,000
St. John
Boston
31,000
390,111
55,000
149,000
18,000
Total wk.1916
397.000 5,114.000
760,000 2,599,000
366,000 529,000
Since Jan.1'1622,421,000337,553,000 53,447,000161,109,00024,765,00011,544,000
Week 1915_
720,000 11,675,000
309,000 2,930,0001 518,000
37,000
Rini,Jan.1'15 22.5531 OM 251_942. i 47.504 000 127.:127 1100111919 00012 21111 OM
*Receipts do not include grain passing through New Orleans for foreign ports
on through bills of lading.
1806
THE CHRONICLE
The exports from the several seaboard ports for the week
ending Nov.4 are shown in the annexed statement:
(VOL 103.
THE DRY GOODS TRADE
New York, Friday Night, Nov. 10 1916.
As a result of the uncertainty which has prevailed through1,698,631 128,155 72,893
New York
5,399 42,787 59,821 8,517 out the country as to the outcome of the Presidential elecBoston
314,263
25,914 2,080
tion, business in the dry goods markets during the past week
600
3,817
Philadelphia
95,000 4,000
412.000
11,000
has been less active. The late returns pointing to the reBaltimore
1,192,496 128,571 80,864 328,850 480,751 5,307
election of President Wilson caused more or less uneasiness
Newport News_
5,000 623,000
Mobile
11,000 3,000
in some quarters, as it had been hoped that there would be
New Orleans
581,000
15,000
7,000 46,000
73,000
a Republican victory with a protective tariff to safeguard
Galveston
7,000
Montreal
781,000 138,000 25,000
179,000
18,000
American merchants against after-war competition from
Total week
4,979,390 533,640 245,837 990,849 534,538 320,945 8,517 European countries. While the general feeling regarding
Week 1915
9,070,317 228,225 311,815 2,277,956 316,897 288,716, 9,045 the immediate future is quite optimistic, many pessimistic
The destination of these exports for the week and since expressions are heard concerning the future trend of business
should a low tariff be maintained and the European war end
July 1 1916 is as below:
within the near future. It is claimed that domestic mills
would be unable to compete with foreign spinners at the.
Flour.
Wheat.
Corn.
present high rate of wages, and labor agitation is continually
Exports for Week
and Since
1Veek
Since
Since
Week
Week
Since
expanding with demands made for still higher pay. Aside
Nov. 4
July 1 toJuly 1
July 1
Nov. 4
Nov. 4
July 1
from the labor question, other costs of production are also.
1916.
1916.
1915.
1916.
1916.
1916.
increasing and prices for the various raw materials used in
Barrels. Barrels.
Bushels. I Bushels.
Bushels. Bushels.
United Kingdom_ 36,207 1,882,815 2,330,088 46,554 519 387,285 10,774,347 the manufacture of goods are moving rapidly upward.
Continent
135,316 2,016,308 2,643,302 65,616,815 127,647 6,214,013 Business, however, during the week, despite the many unSo.& Cent. Amer. 34,604
586,366
6,000
107,765
7,026
440,300 certainties surro..nding the situation, has been fairly active
West Indies
708,845
36,570
3,785
11,462 1,050,519
2,300
Brit.No.Am.Cols_
7,030
200
1,700 and above normal. Prices have been firmly maintained
Other Countries__
840
101,658
5,000
20
11,620 with no indications of easiness in any quarter. Some good-Total
245,837 5,303,022 4,079,390 112,287,884 533,640 18,492,499 sized orders were reported to be in the market for future.
Total 1915
311,815 4,135,955 9,070,317 95,401,477 228,225 4,321,583 delivery, but owing to the indefinite result of the election
they were not placed. The chief feature in the market has.
The world s shipment of wheat and corn for the week been the steady increase in the demand for goods
reending Nov. 4 1916 and since July 1 1916 and 1915 are tailers for both this year's delivery and early nextfrom
spring,
shown in the following:
which is taken to indicate that sales across the counter are
continuing on a heavy scale and that stocks have become
Wheat.
Corn.
badly depleted. Retailers have also been preparing for the
1916.
Exports.
a1915.
1916.
al915.
usual January sales which they generally expect will be exceptionally heavy this season. The strength of the raw
Week
Since
Since
Since
Week
Since
Nov. 4. ! July 1.
July I.
material market has again been reflected in the yarn markets.
Nov. 4.
July 1.
July 1.
where prices resumed their upward tendency. Spinners
Bushels. I• Bushels.
Bushels.
Bushels.
Bushels.
Bushels.
North Amer* 6,662,000145,227,000 128,612,000
540,000 18,799,000 2,621,000 are very backward in making deliveries, and many urgent
Russia
5,462,000 2,648,000
281,000
requests are being received for the shipment of orders long
Danube_
Argentina _ _ 1,240,000 24,143,000 6,024,000 2,619,000 50,251,000 87,648,000 overdue. While export business has been less active, fair
Australia _ _
392,000 14,128,000
184,000
sales of colored goods have been made for shipment to South
India _ _
888,000 13.776,000 8,608,000
108,000 2,815,00
0th.countr's
3,416,000
117,000 2,310,000 2,322,000 American countries. A more hopeful feeling is developing'regarding the future outlook for trade with Far Eastern
Total ____ 9,290,000205,551,000149,492,00 3,276,000 71,641,000 92,591,000
markets, although the inquiry so far has failed to show any
a Revised.
improvement.
Exports from-
Wheat. i Corn.
Flour.
Oats.
Rye. Barley. I Peas.
bushels. bushels. barrels. bushels. ;bushels. bushels.Ibushels.
* North America.-The Canadian Government has officially prohibited the
issuance of botn manifests and exports until after ten days. This is effective
during the continuance of the war.
DOMESTIC COTTON GOODS.-While the Presidential
uncertainties have had a restraining influence on
The quantity of wheat and corn afloat for Europe on dates election
business, demand for staple cottons has continued very good.
mentioned was as follows:
Merchants are still in need of supplies, and in many instances
are experiencing difficulty in providing for their requireWheat..
Corn.
ments. Regardless of the final outcome of the election, it is
United
United
generally believed that as long as the European war lasts
Kingdom. Continent.; Total.
Kingdom. Continent. Total.
business will be active. Prices continue to be well held with
Bushels.
Bushels.
Bushels.
Bushels.
Bushels.
Bushels.
further advances named in some quarters. Sales of print
Nov. 4 1916_
40,088,000
22,152,000
next year are reported to have been made.
Oct. 28 1916_
40,328,000
21,743,000 cloths for delivery
Nov. 6 1915_
42,064,000
27,319,000 at quotations close to the highest prices paid for spot fabrics.
Nov. 7 1914_
28,320,000
20,715,000 Bleached goods are steadily becoming firmer as bleaching
The visible supply of grain, comprising the stocks in costs are increasing. Re-orders for wash .fabrics for spring
granary at principal points of accumulation at lake and are reported to be quite heavy with many lines becoming
scarce owing to the large shipments abroad. It is also reseaboard ports Nov.4 1916 was as follows:
ported that a number of the mills have large orders on their
GRAIN STOCKS.
books which are still unfilled, and that these will absorb
Wheat,
Corn.
Oats.
Rye.
Barley.
United Statesbush.
bush.
bush,
bush.
bush. their output for months to 'mile. Tire manufacturers are
3,695,000
505,000 1,780,000 133,000 321,000 complaining about their inability to secure nearby deliveries
New York
231,000
Boston
141,000
399,000
58,000
Philadelphia
56,000
1,804,000
338,000
3,000
48,000 of duck, while the tendency of prices for late deliveries is
129,000 • 868,000 550,000
2,565,000
Baltimore
upward. Gray goods, 38-inch standard, are quoted at 83c.
8,000
Newport News
79,000
4,000
32,000
3,104,000
174,000
New Orleans
122,000
WOOLEN GOODS.-With raw material prices advancing,
Galveston
2,542,000
20,000
3,315,000
Buffalo
137,000 3,003,000
99,000 272,000 and difficulties in securing supplies becoming more acute,.the
41,000
1,844,000
710,000
Toledo
4,000
situation as regards woolens and worsteds is very firm. DeDetroit
40,000
415,000
294,000
45,000
249,000 21,298,000
Chicago
5,996,000
73,000 142,000 mand for spring goods is increasing despite the fact that
Milwaukee
14,000 1,232,000
84,000
42,000 352,000 higher
prices are being asked. Stock goods in the markets
Duluth
9,811,000
697,000 115,000 1,391,000
8,185,000
Minneapolis
2,000 6,945,000 567,000 612,000 for men's wear have been well absorbed, and there has also
2,492,000
11,000
St. Louis
12,000
926,000
4,000 been an active business in lines for next spring and fall.
12,064,000
Kansas City
29,000 3,566,000. 94,000
Manufacturers of overcoatings report a very good inquiry,
18,000
Peoria
13,000
834,000
269,000
Indianapolis
205,000
996,000
as it is generally feared that there will be a scarcity of highOmaha
6,000 2,088,000 207,000
1,623,000
25,000
415,000
On Lakes
247,000
631,000 grade material next season. In some of the plain and fancy
152,000
On Canal and River
overcoatings which have been opened for next fall advance
Total Nov. 4 1916
60,703,000 1,630,000 46,403,000 2,006,000 3,920,000 business is said to have exceeded the capacity of manufacTotal Oct. 28 1916
60,470,000 2,361,000 45,580,000 1,795,000 3,760,000 turers. While prices named are higher than those of last
Total Nov. 6 1915
29,469,000 3,345,000 16,895,000 1,789,000 4,199,000
Total Nov. 7 1914
67,940,000 2$01,000 33,053,000 1,751,000 5,384.000 season, still further advances are looked for as the season
progresses.
Note.-Bonded grain not included above: NVhest, 1,985,000 bushels at New York,
88,000 Baltimore, 149,000 Philadelphia, 222,000 Boston, 4,354,000 Buffalo, 452,000
FOREIGN DRY GOODS.-As a result of the announceDuluth: total, 7,250,000 bushels, against 8,912,000 bushels in 1915. Oats, 347,000
New Y rk, 13,000 Boston, 2,000 Baltimore, 42,000 Duluth, 1,720.000 Buffalo; ment that several lines of linens will be advanced beginning
total, 2,124,000 bushels, against 162,000 in 1915; and barley, 219,000 New York, with the first of the new year, demand for.
goods has been
111,000 Buffalo, 31,000 Duluth; total, 351,000, against 219,000 in 1915.
quite active during the past week. In addition to a liberal
CanadianMontreal
2,746,000
452,000 5,073,000
41,000 478,000 amount of business placed for delivery during the remainder'
9,850,000
4,428,000
Ft. William & Pt. Arthur
of the current year, there has been an improvement in the
8,457,000
Other Canadian *
•4,955,000
inquiry for spring supplies. Road salesmen are reporting
21,053,000
452,000 14,456,000
Total Nov. 4 1916*
41,000 478,000 an active demand for various lines of goods and are sending Total Oct. 28 1916*
20,397,000
749,000 13,574,000
41,000 662,000
Total Nov. 6 1915
27,325,000
26,000 4,863,000
15,000
6,000 in orders on a liberal scale. Housekeeping lines continue
Total Nov. 7 1914
27,000 4,219,000
20,058,000
99,000 to sell well with many varieties becoming scrace. Retailers
Summary60,703,000 1,630,000 46,403,000 2,006,000 3,920,000 and jobbers are active buyers of damasks in the piece,
American
Canadian
452,000 14,456,000
21,053,000
41,000 478,000 crashes and towelings for prompt delivery. Stocks of pure
linens are rapidly decreasing and despite the. high prices.
Total Nov. 4 1916
81,756,000 2,082,000 60,859,000 2,047,000 4,398,000
Total Oct. 28 1916
80,867,000 3,110,000 59,154,000 1,836,000 4,422,000 buyers are taking these in preference to substitutes which
Total Nov. 6 1915
56,704,000 3,371,000 21,758,000 1.804,000 4,205,000 are cheaper. Burlaps continue in a very firm position with
Total Nov. 7 1914
87,998,000 2,928,000 37.272,000 1,751,000 5,483,000
the demand largely for light weights. Light weights are,
* Including Canadian at Buffalo and Duluth.
quoted at 7.85c. and heavy weights at 8.50c. to 8.60c.
THE CHRONICLE
ov. 1 1 1 916
$Iiin AND
CITY DErmiturtrno
News Items.
Alameda, Alameda County, Calif.-Election on Commission Form of Government.-Reports state that an election
will be held Jan. 9 1917 to vote on the charter providing
for a city manager form of government.
Arkansas.-Proposition to Repeal State-Wide Prohibition
and Initiative and Referendum Amendment Fail.-According
to reports the proposition voted on at the general election to
repeal State-wide prohibition and adopt local option was defeated by more than 2 to 1 The initiative and referendum
amendment also submitted will, it is thought, fail by a
small majority.
1807
ments (water-works and electric-light), $1,468,867 201
total capital assets, $111,420,197 11. Current assets: supplies (inventory) $115,677 35; maintenance material (inventory), $58,019 50; stores (inventory), $404,373 70;
accounts receivable (general fund, miscellaneous divisions
and public utilities), $830,375 60; Cash-general fundtaxes receivable(delinquencies 1914 and prior years and tax
levy 1915), $3,792,118 31; total current assets, $5,391,670 55.
Trust fund assets: cash, $179,438 69. Sinking fund assets:
cash, $745,334 12, investments (less public utilities), $1,667,311 30; tax levy 1915, $2,146,505 49; special assessment
accounts, $2,815,090 92; total sinking fund assets, $7,374,241 83. The assets in excess of liabilities on Jan. 1 1916
were $67,417,792 88 The assessed valuation of the city in
Dec. 1915, was 91,331,905. Tax rate, city only, including
pension and sinking funds (per $1,000) 1915, $6.5112. The
population for 1910 (U. S. Census) was 560,663, and for
1916 it is estimated at 735,000.
Arizona.-Prohibition Amendment Adopted.-The prohibition amendment to the constitution, making it a crime
France (Republic of).-New Loan Subscribed.-See
to have liquor in one's possession, was, it is stated, approved
reference in our editorial columns this week.
by the voters at the election on Nov.7.-V. 103, p. 1441.
Highland Park, Mich.-Charter Providing for City ManCalifornia.-Prohibition Amendments Defeated.-Both
prohibition amendments (1) restricting rigidly the sale and ager Plan of Government to Be Voted Upon.use of strong drink and (2) providing for absolute prohibition A revised charter providing for the adoption of the city
were defeated, reports state, at the general election on the manager plan of government will be submitted to the voters
on Nov. 18.
7th.-V. 103, p. 1442.
Lackawanna Union Free School District No.6 (P.O.)
Canada.-Western Provinces Show Increase in Population.
-In a recent issue of the "Monetary Times" of Toronto it is Lackawanna, N. Y..-Injunction Against Issuance of
stated that the preliminary return of the results of the quin- Bonds.-Concerning the award on Oct. 16 of $158,000 432%
quennial census of the Western Provinces of Manitoba, Sas- coup. tax-free sehool bonds to Geo. B. Gibbons & Co. of
katchewan and Alberta, taken in June 1916, show increases New York, Farson, Son & Co., also of New York, have
written us that they have obtained an injunction against
in nearly all cases, although the growth of urban population the
of these bonds to any one but themselves, as
has not been nearly so great as was the case during the boom theirissuance
bid was considerably higher than the one at which the
times of the two previous five-year periods. Swift Current,
were awarded. The letter in part reads:
for whieh the count is not yet compiled, is omitted, and all bonds
Through our attorney, Mr. Saul S. Myers, we have obtdnel an injuncthe_figures are subject to final revision. The total gain in tion
in New York City against the
of these bonds to any one but
population of the thirty cities and towns enumerated is ap- ourselves. The bonds were awardedissuance
by the officials to George B. Gibbons
Co. at a considerably lower bid than ours.
prokimately 90,000, as compared with a gain of over 150,000 & The
Ellis-Joslyn Publishing Co., Inc., publishers of the "Lackawanna
between 1906 and 1911.
Daily Journal," Lackawanna, N. Y., have also obtained an injunction
Winnipeg, the largest city in the Middle West, increased locally against the issuance of these bonds, claiming toe election was illegal
and that the School Board contracted for property at considerably more than
its population, from 136,035 in 1911 to 162,999 in 1916, it
was worth.
We intend to use our best efforts to stop officials of municipalities from
a gain of 26,964, or nearly 20%. For the ten years 1906 to
bonds to any one but the highest bidder, and ta fully protect
awarding
1916 Winnipeg shows an increase of 72,846, or more than our interests
in this matter.
80%.
Los Angeles, Calif.-Charter Amendments Adopted and
In the Province of Saskatchewan,Regina leads,with 26,105,
although a decrease •of 4,108 has taken place since 1911. Defeated.-Of the fourteen proposed charter amendments
Both Saskatoon and Moose Jaw show material gains since submitted to the voters on Oct. 24(V. 103, p. 1239), ten were
adopted, according to local papers. The questions which
1911.
The city of Alberta Calgary still stands first, with a were successful and the vote are reported as follows:
the consolidation of certain zity and county offices, particupopulation of 56,302, followed by Edmonton with 53,794. larAuthorizing
being mado for the consolidation of City and County Assessor
Of the population of the latter, 12,420 represents that of the andprovision
Tax Collector. Vote, 35,580 "for" to 18,164 "against."
Authorizing the city to submit municipal questions at any State or county
former city of Stratlicona, now municipally part of the election,
the necessity for many special elections. Vote, 35,414
Provincial capital. In 1911 Strathcona had a population "for" to obviating
16,531 "against."
Broadening the city's power to require the elevation or depression of
of 5,579 and in 1906 one of 1,550.
tracks constructed at grade. Vote, 26,463 "for" to 23,600 "agst."
We reprint below a table published in the "Monetary railroad
Broadening the city's jurisdiction over municipal affairs under the recent
Times," showing comparative figures of population for the amendment of the
State constitution. Vote, 23,450 "for" to 21,731
"against."
years 1906, 1911 and 1916:
Authorizing the city to adopt its own
MANITOBA.
Cities1906. 1911. 1916. 1 Towns (Con.). 1906. 1911. 1916.
Winnipeg
93,153 136,035 162,9991V1rden
1,471
1,550
1,618
Brandon
10,408 13,839 15,2251Dauphin
1,670 2,815 3,200
St. Bonlface____ 5,119 7,483 11,0221Neepawa___-_ _ 1,805
1,864 1,854
Towns'Portage la Prairie 5,106 5,892 5,860
Minnedosa
1,299
1,483
1,8311Silkirk
2,701
2,977 3,399
Souris
1,413
1,854
1,8451Transcona
3,357
SASKATCHEWAN.
Cities1906. 1911. 1916. 1 Cities (Con.)- 1906. 1911. 1916.
Moose Jaw
0,249 13,823 16,8891Weyburn
996 2,210 3,054
North Battleford 824
2,105 3,1451 TownsPrince Albert. _ _ 3,005 6,254 6,436 Melville
1,816 2,100
Regina
6,169 30,213 26,1051Estevan
887 1,981
2,140
Saskatoon
3,011 12,004 21,0541
ALBERTA.
Cities1906. 1911. 1016. I Towns-1906. 1911. 1916.
Calgary
11,967 43,704 56,3021 Coleman
915
1,557
1,559
Edmonton
11,167 24,900 53,7941MacLeod
1,114
1,844
1,811
Lethbridge
2,313 8,050 9,4371Camrose
412 1,586
1,692
Medicine Hat.... 3,020 5,608 9,2691Castor
1,659
755
Red Deer
1,418 2,118 2,2031Raymond
1,568
1,465
1,206
Wetaskiwin
1,652 2,411
2,0481
Cleveland, Ohio.-1915 Report of Director of Finance.
The "Fourth General Ledger Report of the Director
of Finance," a very interesting publication, has been issued
for the fiscal year ending Dee.31 1915. This report containsa
.150.pages,of the assets and liabilities
summary,covering about
of the city, together with income and expense statements
classified by departments and departmental sub-divisions.
In each case a separate and distinct balance sheet is shown.
On pages 1 andla of the report appears a consolidated balance
sheet giving in detail the total assets and liabilities of the city
TOr Jan. 1 1916, and also the figures for the corresponding
date in 1915. The total liabilities, aggregating $56,947,755 30, are described as follows: Bonded debt: general, $36,363,805 86; water-works, $12,104,721 82; electric-light,
$2,817,000; special assessment, $2,815,090 92; accounts and
vouchers payable (general fund, miscellaneous divisions and
public utilities), $1,167,698 01; certificates of indebtedness
and trust funds, $1,679,438 69. The.total as(rt, ts of the city
for the same period, including sinking fund, amounted to
$124,365,548 18 and were made up as follows: Capital
assets: land, $33,802,138 92; land betterments, $3,534,714 25; buildings, structures and improvements, $49,550,861 32; equipment for the same, $16,394,892 97; cash (bond
funds and special funds), 6,668,722 45; sinking fund invest-
method for levying special street
assessments and doing its own public improvement work. Vote, 24,517
"for" to 22,450 "against."
Authorizing the city to grant rights of way for subways and other public
utilities through public parks. Vote, 24,547 "for" to 21,953 "against."
Authorizing the Council to appoint a special commission to control the
expenditure of private donations for improvements in public parks. Vote,
24,111 "for" to 23,119 "against."
Authorizing the Public Service Commission, on approval of the Council
by ordinance, to enter into contracts with other cities for the sale to them
of surplus electric power, or for exchange with them of current for a period
not to exceed fifteen years. Such contracts will be subjec., to the referendum, but not necessarily will be submitted to a direct vote of the people.
Vote, 23,794 "for" to 21,474 "against.'
Authorizing the payment of city salaries monthly, semi-monthly or
weekly, as may be prescribed by ordinance. Vote, 32,121 "for" to 16,158
"against."
Requiring the Council to meet.five days a week instead of six. Vote,
25,775 "for" to 21,518 "against.'
The measures which follow were all defeated:
Providing an optional borough system for the outlying annexed sections.
Vote, 20,820 "for' to 25,312 'against."
Authorizing district bonds for district improvements. Vote, 19,325
"for" to 25,788 "against".
Authorizing the Board of Harbor Commissioners to let emergency contracts without bids, just as the Board of Public Works does now. Vote,
18,890 "for' to 27,900 "against.'
Authorizing the city to borrow money temporarily against the year's
taxes before they are collected. Vote, 12,944 "for" to 33,858 "against."
An ordinance permitting slaughter houses in certain annexed districts and the cafe-dancing initiative ordinance
were defeated, by a vote of 19,844 "for" to 28,274 "against"
and 20,561 "for" to 39,026 "against," respectively.
•
Massachusetts.-Propositions Reported Carried at General
Election.-According to reports the propositions providing for
the holding of a constitutional convention, and for a revision
of the primary laws in order to prevent the voters of one
political party from voting in the primaries of another political
party, were accepted, it is thought, by the voters at the
election on Nov. 7.-V. 103, p. 958.
Michigan.-State-Wide Prohibition Approved.-At the
general election on the 7th the voters, it is stated, favored the
adoption of the proposition providing for State-wide prohibition.-V. 103, p. 862.
Missouri.-Prohibition Amendment Defeated.-Unofficial
figures show that the proposition to prohibit the manufacture
and sale of intoxicating liquors was defeated on Nov. 7.-V.
103, p. 1442.
1808
THE CHRONICLE
[VOL. 103.
Montana.-Voters Favor Prohibition.-It is reported that favorable vote on the proposed amendment to the constituthe voters at the polls on Nov. 7 accepted the proposition tion providing for excess condemnation of land by the State
to prohibit the manufacture and introduction of intoxicating or by any cities or towns, and on the propositions to issue
$130,000 armory, $850,000 charitable and penal institutions
liquors within the State.-V. 103, p. 1620.
and $300,000 bridge-construction bonds.
Nebraska.-Amendment Providing for State-Wide ProhibiSouth Dakota.-Equal Suffrage Defeated and Prohibition
tion Adopted.-Newspapers report the adoption by the voters
on the 7th of the proposed amendment to the constitution Amendments Carried.-The proposed amendments to the
constitution submitted to the voters on Nov. 7, providing for
providing for State-wide prohibition.-V. 103, p. 1442.
woman suffrage is reported defeated, while the amendment
New Jersey.-$7,000,000 Road Bond Proposition Reported prohibiting the sale of intoxicatingliquors carried,it is stated.
Adopted.-It is thought that the proposition voted upon at -V. 103, p. 1055.
the Nov. 7 election providing for the issuance of the $7,000,West Virginia.-Equal Suffrage Amendment Defeated.000 4% (semi-annual) registered or coupon bonds for the
construction, reconstruction and improvement of certain Reports state that the proposed amendment to Section 1, of
Article 4 of the constitution providing for equal suffrage,
highways (V. 103, p. 772), has received a favorable vote.
was defeated at the general election by a 2 to 1 vote -V.103,
New York State.-$10,000,000 Bond Proposition Reported p. 958.
Carried.-Question of Holdinv Constitutional Convention
Fails.-The indications are, it is stated, that at the general
Bond Calls and Redemptions.
election on the 7th, the proposition providing for the issuance
of the $10,000,000 432% 10-year bonds for the extension of
Republic of Cuba.-Bond Call.-A. B. Leach & Co. of
the Palisades Inter-State Park and for the acquisition of lands New York have been advised that the following numbered
for State park purposes, has carried, while the question of Interior Debt gold 5% bonds (amounting to $50,000 par
holding another constitutional convention, was defeated.-V. value) have been drawn for payment at the Treasury in Ha103, p. 1240.
vana on Nov. 28, on which date interest will cease: Nos.
North Carolina (State of).-Republic of Cuba Would 100,451 to 100,500 incl.; 46,651 to 46,700 incl.; 95,351 to
Sue State to Recover on Old Special Tax Bonds.-New York 95,400 incl.; 44,851 to 44,900 incl.; 24,651 to 47,700 incl.;
attorneys representing the Republic of Cuba asked the U. S. 108,351 to 108,400 incl.; 27,851 to 27,900 incl.; 68,901 to
Supreme Court on the 7th for leave to file an original petition 68,950 incl.; 62,101 to 62,150 incl.; and 57,401 to 57,450 incl.
against North Carolina to force payment of issues of 6%
Spokane, Wash.-Bond Call.-The following special imspecial tax bonds put out years ago. The Republic of Cuba provement bonds are called for payment at the City Treasholds $985,000 of these bonds which were donated to it, and urer's office on Nov. 15:
sets up a claim (with accumulated interest) against the State Name and
Up to and
Up to & Name and
Up to & Name and
Includ. Dist. No.
for $2,186,130 and costs. Marcus H. Burnstine, Attorney
Including. Dist. No.
Dist. No.
Walk
(Concluded)
Grade
Pave
for the Republic, in a recent statement, explains how the Alley No. 516
6 Bridgeport Ave. 478__ 16 Main Ave. No. 1077-- 16
Cuban Government came into possession of these bonds. Browne's Add. 675 1640 Bryant Ave. 870
Water Main19
37 18th Ave. No. VV44--- 9
47
678
No.
St.
Cedar St. No. 214
Howard
original
the
A majority of the bondholders, he says, were
Sewer70
Monroe St. No. 1025_ 23 Helena Ave. No. 1
hope
the
abandoned
purchasers or their heirs who "never
27 Alley No.964
10th Ave. No.662_ _ 24 Madison St. No.719
2
37 Alley No. 1080
that North Carolina would some day rise to the standards Washington St. 856._ 59 Post St. No.653
3
No. 660- 13 ilth Ave. No.968
Ave.
Rich
Grade
the
characterize
transfinancial
of fair dealing that should
20
38 5tb Ward No.3
24 16th Ave. No.663
Arthur St. No.882..
12
actions of a great and sovereign State." When nothing was Blaine Ave. No. 103 16 16th Ave. No.855
done and "it was intimated that the Republic of Cuba would
be willing to accept a donation of the bonds, a gift of $2,Bond Proposals and Negotiations thisweek
186,130 of he obligations were made to it to be used for its
public charities and sanitation purposes."
have'been as follows:
This is the first time, it is said, in which a suit of this kind
ADA, Hardin County, Ohio.-BOND SALE.-On Nov. 7 the $5500
has been instituted in the U. S. Supreme Court by a foreign 43,5% 8-yr. refunding bonds-V. 103, p. 1528-were awarded to Field,
Richards & Co. of Cincin at 100.81 and int. Other bidders were:
Government. Repeated attempts to donate some of these Well,
$6,552 00 Tillotson & Wolcott Co__ __$6,520 80
Roth & Co
6,520 00
bonds have been made by individuals in this country to Rud. Kleybolte Co
6,536 00 Otis & Company
6,535 00 Breed, Elliott & Harrison__ 6,517 00
& Mayer
different States for the purpose of bringing suit (an individual Seasongood
6,513 00
6,533 33 Stacy & Braun
Davies-Bertram Co
not being permitted to sue), but all the States approached
ADAMS COUNTY (P. 0. Quincy),Ills.-BONDS DEFEATED.-The
refused to allow themselves to be made tools for the pur- proposition
to issue the $1,800,000 road bonds was defeated at the Nov. 7
pose. The States referred to are New York, Nevada, election.-V. 103, P. 428.
Michigan and Rhode Island.
ALGER, Hardin County, Ohio.-PRICE PAID FOR BONDS.-The
An amendment to the North Carolina State Constitution price paid for the $21,890 6% 9%-Yr. aver. street assess. bonds awarded at
private sale to Durfee, Niles & Co. of Toledo, was $22,028 (100.62) and
passed by the Legislature in 1879 and ratified by popular int.-V.
103, p. 1718.
vote in 1880 forbids the General Assembly to pay or recogARGYLE INDEPENDENT SCHOOL DISTRICT NO. 3 (P. 0. Ar•
nize as valid the bonds now made the subject of suit, "unless gyle)
Marshall County, Minn.-BOND SALE.-On Oct. 3 $43.000 5%
St.
the proposing to pay the same shall have first been submitted building bonds were awarded to the Capital Trust & Savings Bank ofDate
$44,712, equal to 103.981. Denom. $1,000 and $500.
for
Paul
to the people and by them ratified by the vote of a majority Oct. 1 1916.
Int. A. & 0.
of all the qualified votdrs of the State at a regular election
ARLINGTON, Tarrant County, Tex.-WARRANT SALE.-J. L.
held for the purpose."
Arlitt, of Austin, recently purchased $6,667 6% warrants. Interest semiSee "State & City Section" for May 27 1916, page 188.
annually at New York.
ARNETT, Ellis County, Okla.-BONDS VOTED.-This city at a
Oregon.-Prohibition Amendment Approved.-The proelection authorized the issuance of $65,000 6% 25-yr. water-works
posed amendment to Section 36, Article 1 of the constitution recent
bonds.
forbidding all importation of intoxicating liquors for beverage
ASCENSION PARISH (P. 0. Donaldsonville), La.-BOND SALE.purposes, carried at the general election, according to reports, On Oct. 23 $14,500 5% 18-yr. serial First Dist. road bonds were awarded,
is stated, to the Whitney-Central National Bank of New Orleans for
it
by about 1,500 votes. V. 103, p. 1054.
$14,527 (100.178) and int.
Pensacola, Fla.-Proposed Charter Amendments to Abolish
ASHLAND, Boyd County, Ky.-BONDS VOTED.-The question of
school impt. bonds carried, it is stated, at the election
Commission Government Defeated.-Proposed amendments to issuing $200,000
Nov. 7.
held
the City Charter for the return to the aldermanic plan of
ATTICA, Seneca County, Ohio.-BOND' OFFERING.-Proposals
government in place of the commission form established by will
be received until 12 m. Nov. 27 by F. R. Stutzman, VII. Clerk, for the
this city in May 1913, were defeated on Oct. 10 by a vote of following
5% road bonds:
$5,000 bonds. Due $500 yearly on Mar. 1 from 1918 to 1926 incl. and
525 "for" to 1,225 "against."
$500 Sept. 1 1926.
bonds. Duo $1,500 Sept. 1 1917, $1,500 Mar. land $1,000
Piqua, Ohio.-Explanation by Purchaser of Street Bonds.- 15,000 assess.
Sept. 1 from Mar. 1 1918 to Sept. 1 1922 incl. and $1,000 Mar. 1
We are in receipt of a letter from Field, Richards & Co. of
1923
Denom.$.500. Date Dec. 1 1916. Prin. and semt-ami. int.-M. & S.
Cincinnati explaining why they were awarded the $172,at office of Vil. Treas. Cert. checks for $300 and $500,respectively
165 9043/2%street bonds on Oct. 16,against the issuance of payable
payable to the VII. Treas., required. Bonds to be delivered and paid for
which Farson, Son & Co. of New York obtained a taxpayers' within 10 days from time of award. Purchaser to pay accrued interest.
AVOYELLES PARISH (P. 0. Marksville), La.-BONDS VOTED.injunction on the ground that their bid was the highest and
proposition to issue $300,000 road bonds carried, it is stated, at the
most advantageous to the city. The letter from the Cincin- Tho
election held Oct. 31.
nati bankers in part is as follows:
BAKERSFIELD, Kern County, Calif.-BONDS DEFEATED.-The
Our representative advises that the bid of Farson, Son & Co. was for
the entire amount of bonds and also contained a condition that the bonds
be of even denominations of $1,000 each.
The bonds which the city was offering were made up of 15 different issues,
each issue containing approximately 2 or 3 different denominations, except
one issue of $300, being 10 typewritten bonds of $30 each.
Our representative submitted a proposal for $171,865 90 bonds, particularly describing the correct maturities, without any condition as to the denomination of the bonds, having specifically omitted the $300 issue from
his old,inasmuch as the City Auditor stated that if this issue was not wanted
the bonds would in all probability be purchased by the Sinking Fund.
Upon the opening of the bids, it was found that that of Farson, Son &
Co. for the entire amount offered a premium of $19 more than our bid for
a like amount of bonds, less the $300 issue previously mentioned.
After a correct interpretation of the two bids to the City Auditor and
other officials who were present, our representative left the city and we
were subsequently advised that the bonds had been awarded to us.
The bid of Farson, Son & Co. In our estimation was for something which
the City of Piqua could not deliver, and therefore they could not expect
its acceptance.
Rhode Island.-Constitutional Amendment and Propositions Receive Favorable Vote.-Local papers report a
question of issuing the $175,000 East Bakersfield municipal system bonds
failed to carry at the election held Oct. 24 (V. 103, p. 1144). The vote
was 183 "for' and 412 "against."
BALTIMORE, Md.-PROPOSITIONS CARRIED AT GENERAL ELECTION.-Tho following propositions, providing for the issuance of city stock
bearing 4% int., payable semi-annually, carried, it is stated, at the election
Nov. 7.-V. 103,p.1620.
$1 000 000 for public school purposes, maturing on May 1 as follows:
$24.000, 1918 $29,000, 1923 $36,000, 1928 $43,000, 1933 $53,000, 1938
25,000, 1919 30,000, 1924 .37,000, 1929 45,000, 1934 55,000, 1939
26,000, 1920 32,000, 1925 38,000, 1930 47,000, 1935 57,000, 1940
27,000, 1921 33.000, 1926 40,000, 1931 49,000, 1936 59,000, 1941
28,000.1922 34,000, 1927 41.000, 1932 51,000, 1937
$1,000,000 or extensions to undergroun conduits and their appurte-nances. This issue matures the same as the one above.
$2.000,000 for general improvement of streets, sidewalks, &c., in the
annexed portions of the city, to mature as follows on May 1
$36,000, 1918 $45,000, 1924 857,000, 1930 $72,000, 1936 392,000, 1942
37,000, 1919 47,000, 1925 59,000, 1931 75,000, 1937 95,000, 1943
39,000, 1920 49,000, 1926 62,000, 1932 78,000, 1938 99,000, 1944
40,000, 1921 51,000, 1927 64,000, 1933 81,000, 1939 103,000. 1945
42,000, 1922 53,000, 1928 67,000, 1934 84,000, 1940 107,000, 1946
43,000, 1923 55,000, 1929 69,000, 1935 88,000, 19411112,000, 1947
Nov. 11 1916.j
THE CHRONICLE
The above stock will be issued in $100 multiples.
An ordinance to authorize the Mayor and City Council to issue notes
not exceeding $1,000,000 in any one year, and not to exceed in the aggregate 90% of the estimated revenue which will accrue under the Special
Paving Tax (Acts 1912, Chap. 688), also carried at the general election
Nov. 7. This issue will be used for paving purposes.
1809
CLARK COUNTY (P. 0. Jeffersonville), Ind.-BOND SALE.-The
following bids were received for the $13,000 4M% 6 1-3-year aver, road
bonds offered on Oct. 26 (V. 103, p. 1529):
Miller & Co
$13,381 00 Meyer-Kiser Bank
$13,316 30
Breed, Elliott & Harrison_ 13,377 00 First Nat. Bank, Jeffers'le 13,286 00
Fletcher-Amer. Nat. Bank 13,366 25 R. L. Dollings Co
13,280 00
Union Trust Co
13,345 30
BAYHEAD, N. J.-BOND AWARD DEFERRED PENDING DECISION OF COURT.-The awarding of the issue of 5% sewer bonds not to
CLARKSVILLE, Mecklenburg County, Va.-BOND SALE.-On Oct.
exceed $61,000, which was to have taken place on Nov.6(V. 103, p. 1528), 31 the $7,500 6% 20-30-yr. (opt.) coupon electric light bonds (V. 103, p.
has been postponed until Nov. 13, the bids received being unopened. The 1340), were awarded to W. L. Slayton & Co. of Toledo for $7,901 75
postponement is due to the filing of a writ of certiorari with the State Su- (105.343) and interest.
preme Court to test whether or not the bonds are legal. A decision by this
CLEVELAND SCHOOL DISTRICT (P. 0. Cleveland), Ohio.court is expected to-day (Nov. 11)•
This case, we understand, is the first to come before any court since the BONDS VOTED.-Local reports state that the $2,000,000 bond issue
enactment of the Pierson Law (Chap. 252, Laws 1916) under which all carried at the election Nov. 7.-V. 103, p. 1443.
bonds, excepting those for school purposes are now issued. The law reCLIFTON HEIGHTS, Delaware County, Pa.-BONDS VOTED.-A
ferred to was given in full in the "Chronicle" of April 15 1916, pages 1462
vote of 475 to 107 was cast in favor of the proposition to issue the $70,000
and 1463.
sower and highway bonds at the election Nov. 7, it is stated.-V. 103,
BEDFORD, Cuyahoga County, Ohio.-BOND OFFERING.-Bids p. 1241.
will be received until 12 m. Nov. 30 by 11. T. Hubbell, Vii. Clerk,for $1,700
COLUMBUS, Ohio.-BONDS VOTED.-At the Nov. 7 election the
5% coup. street assess. bonds. Denom. 1 for $200. 3 for $500. Prin. and
semi-ann. int. payable at Cleveland Trust Co., Bedford. Due 00 Oct. 1 $3,500,000 river-impt. bond issue carried by a vote of 28,653 to 9,881.
1918 and $500 Oct. 1 1921, 1924 and 1926. Cert. check for 10% of bonds
COLUSA SCHOOL DISTRICT (P. 0. Colusa), Colusa County,
bid for, payable to the vii. Treas., required. Bonds to be delivered and
paid for within 10 days from time a award. Purchaser to Day accrued int. Calif.-BONDS VOTED.-By a vote of 434 to 83 the question of issuing
$65.000 5% building bonds carried at an election held Oct. 24.
BEGGS, Okmulgee County, Okla.-BONDS VOTED.-By a vote of
BOND ELECTION.-An election will be held Nov. 17 to vote on the
64 to 29 the question of issuing $42,000 water-works and $18,000 Sewer question of issuing $20,000 additional school bonds.
25-yr. bonds at not exceeding 6% int. carried at an election held Nov. 3.
COLWELL CONSOLIDATED SCHOOL DISTRICT (P. O. Charles
BELLEFONTAINE, Logan County, Ohio.-BOND SALE WITH- City), Floyd County Iowa.-PRICE PAID FOR BONDS.-The price
DRAWN.-The sale of the $6,400 5% 53
%-year average Evansville St. paid for the $20,000 51to 5-20-yr. Opt.) building bonds awarded on Oct. 2
improvement bonds which was to have taken place Oct. 30 has been with- to the Commercial Nat 1 Bank of Charles City (V. 103, p. 1719), was 100.50
drawn until next spring on account, we are advised, of improvement work and int. Denom. $500. Date Oct. 11916. Int. A. & 0.
failing to sell.-V. 103, p. 1528.
COMFREY SCHOOL DISTRICT NO. 49 (P. 0. Comfrey), Brown,
BELOIT UNION SCHOOL DISTRICT NO. 2 (P. 0. Beloit), Rock County, Minn.-BONDS VOTED.-The question of issuing $45,990
buildCounty, Wisc.-BOND SALE.-On Nov. 1 $52,000 school bldg. bonds ing bonds carried. it is stated, by a vote of 215 to 86 at an election
held
were awarded to Halsey, Stuart & Co. of Chicago at 103.30, according to Oct. 9.
reports.
CONWAY, Horry County, So. Caro.-BOND OFFERING.-Bids will
BELOIT VILLAGE SCHOOL DISTRICT (P. 0. Beloit), Mahoning be received until 3 p. m. Nov. 25 by L. D. Magrath, Mayor, for
$30,000
County, Ohio.-BOND OFFERING.-Bids will be received until 12 m. 5% water and sewer bonds, it is stated. Int. semi-annual.
Dec. 1 by Mrs. J. A. James, Clerk of Dist.. for $5,000 5% coup, school
CREIGHTON,
Gen.
Code.
Knox County, Neb.-BOND SALE.-During the
Denom. $500. Date
bonds. Auth. Secs. 7625 and 7627,
Dec. 1 1916. Int. J. & D. at Sebring. Due $1,000 Dec. 1938 and $1,000 month of October the State of Nebraska purchased at par $5,000 5% 10-20each year thereafter. Cert. check for 3%, payable to the "Board of Edu- yr. (opt.) city-hall bonds, dated June 1 1916.
this
(excl.
issue)
debt
Nov.6 1916, $25,000.
cation," required. Total
CUYAHOGA COUNTY (P. 0. Cleveland), Ohio.-BOND SALE.BIG SANDY, Chouteau County, Mont.-BOND ELECTION.-An On Nov. 1 the $45,018 4 % 6-yr. aver. coup. road bonds-V. 103, p. 1529
election will be held Jan.8 1917, it is stated, to vote on the question ofissu- -were awarded,it is stated, to Hayden, Miller & Co. of Cleveland for $45,sewerage-system
bonds.
968, equal to 102.110.
ing $29,300 water-works and
BLACKFORD COUNTY (P. 0. Hartford City), Ind.-NOTE SALE.
DADE COUNTY (P. 0. Miami), Fla.-BOND OFFERING.-Proposals
-On Nov. 6 the $40,000 6% notes-V. 103, P. 1240-were awarded, t will be received until 10 a. m. Nov. 27 by Z. T. Merritt, Clerk Bd. of Co
Is said, to the Indiana Trust Co. of Indianapolis at 101.892. Duo $20,000 Comm'rs, for the $600,000 57 causeway bonds voted Aug. 22 (V. 103,
June 1 and Dec. 1 1917.
p. 774). Date Oct. 11916. P'rin. and semi-ann. int. (A. & 0.) payable
at the United States Mtge. & Trust Co., N. Y. Due on Oct. 1, as follows:
BOSTON, Mass.-BOND SALES.-During the month of October the $15.000, 1933,
1934, 1935 and 1936; $20,000, 1937 and 1938; $25,000.
Sinking and Trust Funds purchased at par the following 4% bonds dated 1939; $30,000, yrly.
from 1940 to 1949, incl., and $35,000 yrly. from 1950
Oct. 1 1916, aggregating $680,500:
to 1954, incl. Cert. check on'a responsible bank or trust company for 2%
$5,000 fire station bonds. Due $1,000 yearly in Oct. from 1917 to 1921, of bid, payable to the Co. Treas., required. Purchaser
to pay accrued int.
inclusive.
The above trust company will certify as to the genuineness of the signatures
39,000 municipal building improvement bonds. Due $3,000 yearly in of the officials signing
the bonds and the seal impressed thereon and purOctober from 1917 to 1929, inclusive.
chaser will be furnished with an opinion of Dillon, Thomson & Clay of N. Y.
22,500 fire-house improvement bonds. Due• $2,500 October 1917 and as to the validity of these bonds.
Delivery to be in N. Y. at above trust
$2,000 yearly in October from 1918 to 1927, inclusive.
company or in Miami. Bonded debt including this issue $1,194,702.
15,000 police station improvement bonds. Due $3,000 yearly in October Assess. val. 1916, $11,559,940.
from 1917 to 1921, inclusive.
DALY CITY, San Mateo County, Calif.-BOND OFFERING.599,000 harbor-improvement bonds. Due $30,000 yearly in October from
Charles L. Biebel, City Clerk, will, according to rep6rts, receive bids until
1917 to 1935, inclusive, and $29,000 October 1936.
8 p. m. Nov. 13 for an issue of $85,920 7% 5 1-6-yr. aver. impt.
bonds.
CAIRO, Grady County, Ga.-BOND ELECTION.-We are advised Int. semi-annual. Cert. check for 10%, required.
that the election to vote on the question of issuing $28,000 sewerage-system
DARKE COUNTY (P. 0. Greenville), Ohio.-BOND SALE.-On
Impt. bonds at not exceeding 5% interest has been postponed from Oct. 31
Nov. 3 an issue of $7,400 5% road bonds was awarded to Seasongood &
to Nov.28. V. 103, p. 1443. J. H.Connell is City Clerk.
Mayer of Cincin. for $7,556, equal to 102.108. Denom. 14 for $500, 1 for
CALHOUN COUNTY (P. 0. Marshall), Mich.-BONDS VOTED.
- $400. Date Nov. 3 1916. Prin. and semi-ann. Int.-M. & N.
-payable
The proposition providing for the Issuance of the $800,000 road bonds-V. at office of Co. Treas. Due $1,500 Nov.3 1917. 1918; $1,400 Nov.
3 1919
103, p. 1443-carried at the general election Nov. 7.
and $1,500 Nov. 3 1920 and 1921.
CANTON, Stark County, Ohio.-BONDS DEFEATED.-At the
DAVIESS COUNTY (P. 0. Washington), Ind.-BONDS NOT SOLD.
Nov. 7 election the questions of issuing $106,000 sewer, $104,000 sewer, -No sale was made on Nov. 1, it is stated, of the
$8,100 4%% 61-3-yr.
$46,000 street, $37,000 street and $200,000 deficiency bonds were de- aver, road bonds offered on that day-V.103, p. 1529.
feated.
DEER
Hamilton County, Ohio.-BOND OFFERING.-ProCARNEROS SCHOOL DISTRICT, Sonoma County, Calif.-BOND posals willPARK,
be received until 12 m. Nov. 29 by C. H. Mittendorf, VII. Clerk,
OFFERING.-Sealed bids will be received until Dec. 2 by the Clerk, Bd., for
$1,661 10 (amount changed from $1,704 40) and $226,20 6% 1-10-yr.
of Co.Super's(P.0.Santa Rosa),it is stated,for $5,0005% school bonds.
serial street-impt. assess. bonds-V. 103, p. 1719. Auth. Sec. 3914, Gen.
CHAMPAIGN COUNTY (P. 0. Urbana), Ohio.-BOND OFFERING. Code. Denom. 10 bonds of equal amounts to each issue. Date Oct. 12
-W. S. Coffey, Co. Treas., will offer for sale at public auction at 12 m. 1916. Int. payable ann. at First Nat. Bank of Norwood. Due one bond
each issue yearly on Oct. 12 from 1917 to 1926 incl. Cert. check for 5%
Nov. 20 an issue of $2,220 5% 1%-yr. aver. coup. Stephenson ditch No. of bonds
bid for, payable to the "Village of Deer Park," required. Bonds to
422 bonds, Auth. Secs., 6492 and 6493, Gen. Code. Denom. $370. •Date of
be delivered and paid for within 10 days from time of award. Purchaser
Nov. 20 1916. Prin. and semi-ann. int.-M. & N.-payable at office of to
pay accrued interest.
Co. Treas. Due $370 each six months from May 20 1017 to Nov. 20 1919,
incl. Successful bidder will be required to take and pay for bonds imDEFIANCE, Defiance County, Ohio.-BIDS.-The other bids remediately upon being awarded the same, but may have a 10 day option by ceived for the $125.000 4% 17-yr. aver. water bonds awarded
on Nov. 2 to
depositing a cert. check for 10% of the amount of bonds bid for, payable to Breed, Elliott & Harrison for $129,512 60 (103.610)
and int., were as
the Co. Treas. Bidders to satisfy themselves at own expense a to legality follows (V. 103. P. 1719)•
of issue.
Hayden, Miller & Co_ _ _$129,510 00 Field, Richards & Co.. _ _3128,638 50
129,277 00 Seasongood & Mayer_ _ _ 128,505 00
CHELAN COUNTY SCHOOL DISTRICT NO. 60, Wash.-BOND A. 13. Leach & Co
129,037 50 Cummings,Prudden&Co 128,163 00
SALE.-On Nov. 1 $2,000 1-10-yr. (opt.) funding bonds were awarded to Well, Roth & Co
127.017 75
the State of Washington at par for 5 Us. Date Nov. 1 1916. Int. annualy Security S. B. & Tr. Co_ 128,925 00 Stacy & Braun
Prov. Say. B.& Tr. Co__ 128,800 00 Sidney Spitzer & Co_ _
on Nov. 1.
125,862 50
A. E. Aub & Co
128,700 (10
CHEROKEE COUNTY (P. 0. Rusk), Tex.-BOND OFFERING.
Proposals will be received until Nov. 15 by C. F. Dixon, Co.
RAPIDS,
Minehaha
DELL
Judge, it is An election will be held Nov. County, So. Dak.-BOND ELECTION.
stated, for the $250,000 5% 40-yr. Road Dist. No. 1 road bonds
28 to vote on the question of issuing $32,000
voted electric light and power plant
Oct. 21. Denom. $1,000. Date Nov. 1 1916.
erection bonds. Jas. Ridlington, City
Auditor.
CHESTER SCHOOL DISTRICT (P. 0. Chester), Delaware
County,
DOWNERS GROVE TOWNSHIP SCHOOL DISTRICT _0". 0.
Pa.-BONDS VOTED.-The question of issuing $500,000 school bldg.
and Hinsdale), Du Page County, Ills.-BONDS
OFFERED BY BANKERS.equip. bonds carried at the election Nov. 7 by a vote of 3341 to 1133.
The First Trust & Savings Bank of Chicago is offering to investors $56,000
of an issue of $75,000 5% coup. 12-year aver. school bonds. Denom.
CHICOPEE, Hampden County, Mass.-BOND SALE.-On
Nov.
9
$12,000 4% coup. water bonds were awarded to Geo. A. Fernald & Co. of $1,000. Date Jan. 11916. Int. J. & J. Due from Jan. 1 1922 to Jan. 1
1934 tad. Bonded debt $75,000. Assessed val. 1915 $1,673,854.
Boston at 101.224. Other bidders were:
101.039 Merrill, Oldham &Co
R.L. Day & Co
iosc co_ _ _ 110
00
06
82
85
9
DUMAS, Desha County, Ark.-BOND OFFERING.-Proposals will
101.03 Cropley, McGarag
Adams & Co
be received until 1 p. m. Nov. 28 by B. C. Bowles, Sec. Bd. of Impt., for
100.91
Biodget & Co
Impt. Dist. No. 2 electric -light-plant erection bonds. Bids are
$15,000
Denom. $2,000 and $3,000. Date Nov. 1 1916. Prin and semi-ann.
int.-M.& N.-payable at Old Colony Tr. Co., Boston. Due $3,000 Nov. requested at both 5% and 6% int. Cert. check for $500, required.
1 1917 and 1918 and $2,000 Nov. 1 1919, 1920 and 1921. Total debt Oct.
DUNCAN, Stephens- County, Okla.-DESCRIPTION OF BONDS.
24 1916, incl. this loan $873.040, less exemptions of $450,000, sinking fund The
$5,000 electric-light and $6,000 water-works-impt.6% bonds awarded
for debt within limit $2,000, borrowing capacity Oct.
24 1916, $47,320. on Sept. 25 to Robinson & Taylor of Oklahoma City (V. 103, p. 1621)
are
not val. 1915, $20,299,590.
in the denom. of $1,000 and dated Sept. 25 1916. Int. M. & S. Due
CINCINNATI, Ohio.-BOND SALE.-On Nov. 2 the $100,000 4% Sept. 25 1941.
20-yr. water bonds-V.103, p. 1340-were awarded to the
Felbel-Elischak
DUNSMIIIR SCHOOL DISTRICT, Siskiyou County, Calif.Co. of Cincin. at 104.388. The other bidders were:
BONDS DEFEATED.-The question of issuing $30,000 building bonds
Atlas National Bank
103.132 Fifth-Third Nat. Bank
103.765 failed to carry, it is stated, at an election held Oct. 28. The vote was 203
Seasong.00d & Mayer
103.630 illotson-Wolcott Co
103.633 to 107, a two-thirds majority being necessary to carry.
Breed, Elliott & Harrison__ _103.751 E. II.
& Sons
104.079
Provident Says. Bk.& Tr. Co103.890 StaceyRollins
& Braun
EAST BRIDGE WATER, Plymouth County, Mass.-BOND SALE.103.745
German National Bank
103.440 A. B. Leach & Co
104.279 Cropley, McGaragle & Co. of Boston recently purchased at 100.71. it is
Davies Bertram Co
103.200 Wm.A. Read & Co
stated,
an issue of $5,000 4% bonds dated Nov. 1 1916 and maturing $1,000
103.396
Well, Roth & Co
104.190 Estabrook & Co
103.840 yearly from 1917 to 1921, inclusive.
Cummings,Prudden & Co_ _ _104.130 Remick, Hodges
& Co
104 156
Co
&
Spitzer
Sidney
104.350 Harris, Forbes & Co
EATON, Preble County, Ohio.-BOND SALE.-The State Industrial
103,212
Western German Bank
103.500 First Nat. Bank,Cleveland.._102.720 Commission has purchased the issue of $3,500 5% 3-yr. aver. street assess.
bonds which were advertised to be sold on Nov. 20. Auth. Sec. 3812 Gen.
OLALLAN COUNTY SCHOOL DISTRICT NO. 35, Wash.-BOND Code. Denom.$350. Date Sept. 1 1915. Int. M.& S. Due
$350 yrly.
SALE.-The State of Washington was awarded on Sept. 23 $1,000 1-20- on Sept. 15 from 1917 to 1921, incl. Cert. check for 5% of bonds
bid for,
year (opt.) building bonds at par for 49s. Denom. $100. Date Nov. 1 payable to the Vil. Treas., required. Bonds to be delivered and paid
for
1916. Interest annually on Nov. 1.
within 10 days from time of award. Purchaser to pay accrued interest.
1810
THE CHRONICLE
EAU CLAIRE Eau Claire County, Wis.-BONDADEFEATED.$45,000 auditorium bonds failed to carry at the
i
The question of issuing
election held Nov. 7.
Pg EL DORADO:SPRINGS, Cedar County, Mo.-BOND OFFERING.
Sealed bids will be received until 8 p. m. Dec.5 by C.P. Ryan, City Clerk,
for $20,000 5% 10-20-yr. (opt.) coupon water-warks bonds. Auth. Secs.
9544 to 9548, Chap. 84, Rev. Stat. of Mo. 1909. Denom. $500. Date
Jan. 1 1917. Int. J. & J. at place designated by purchaser. Cert. check
for $250, payable to the City Treas., required. Bonded debt, including
this,issue, $37,000. No floating debt. Sinking fund $2,000. Assess.
val. 1915, $800,000.
ENID, Garfield County, Okla.-BONDS DEFEATED.-Reports state
that the question of issuing $50,000 water-works bonds was defeated at the
election held Oct. 30.
ENOLA SCHOOL TOWNSHIP (P. 0. Enola), Cumberland County,
Pa.-BONDS DEFEATED.-The voters defeated at the Nov. 7 election
the proposition providing for the issuance of $15,000 school bonds.
ERSKINE, Polk County, Minn.-BOND OFFERING.-Proposals will
be received until 2 p. m. Nov. 29 by C. P. Hole, VII. Recorder, for $5,000
5% electric light and power plant bonds. Denom. $500. Int. annually.
Due $500 yrly. from 1 to 10 years, inclusive.
John D.Everitt & Co
M.M.Freeman & Co
State Trust Co., Plainfield
Hornblower & Weeks
R. M. Grant & Co
West Hudson Trust Co
National City Co
Ontwater & Wells
Geo. B. Gibbons & Co
Cummings, Prudden & Co
A. B. Leach & Co
[Vol.. 103.
Am't of
Bonds.
$233,000
233,000
233,000
234,000
234,000
234,000
234,000
235,000
235,000
235,000
237,000
Price Bid.
$245,611 45
245,561 90
245,527 60
245,946 80
245,616 00
245,583 00
245,044 80
245,353 50
245,252 00
245,125 00
245,023 00
HARRISBURG SCHOOL DISTRICT (P. 0. Harrisburg), Dauphin
County, Pa.-BONDS VOTED.-A vote of 6625 to 4194 was cast at the
Nov. 7 election in favor of the proposition to issue the $1,250,000 building
bonds-V. 103, p. 1145.
HARTSGROVE TOWNSHIP SCHOOL DISTRICT (P. 0. Hartsgrove), Ashtabula County, Ohio.-BOND SALE.-On Oct. 26 the
$1,000 5%% 4%-yr. aver, school bonds-V. 103, p. 1530-were awarded
to Chas. R. McElroy at 102 and int. Other bids wore:
101.40ITillotson & Wolcott Co
Durfee, Niles & Co
101.12
HENDRICKS COUNTY (P. 0. Danville), Ind.-BOND SALE.-On
FAIRVIEW, Major County, Okla.-PURCHASER OF BONDS.-The Oct. 30 the two issues of 4%% gravel road bonds, aggregating $26,400
purchasers of the $30,000 6% 25-yr. city-hall bonds recently sold (V. 103, (V. 103, p. 1622), were awarded to J. F. Wild & Co. of Indianapolis for
p. 1719) were Geo. A.& J. E. Piersol of Oklahoma City.
$27,222 75, equal to 103.116. Date Nov. 15 1916. Int. M. & N. Due
and Nov. 15 for 10 years.
FALLS SCHOOL TOWNSHIP (P. 0. Falkington), Bucks County, part on May 15
Pa.-BONDS DEFEATED.-The questilon of issuing $40,000 school bonds
HICKSVILLE VILLAGE SCHOOL DISTRICT (P. 0 Hicksville),
failed to carry at the Nov. 7 election. The vote was 86 "for" to 155 Defiance County, Ohio.-BOND OFFERING.-Proposals will be received
"against.'
until 12 m. Nov. 16 by A. E. Hart, Clerk of Dist., for an issue of $12,000
5% 6%-yr. aver, school impt. bonds, Auth. Secs. 7625 to 7628, Gen. Code.
FOXLAKE, Dodge County, Wisc.-BONDS DEFEATED.-The Denom.$1,000. Date Sept. 151916. Int. M.& S. at District Depository.
question of issuing $2,700 park bonds failed to carry at the election hold Due $1,000 yrly. on Sept. 15 from 1917 to 1928 incl. Cert. check, bank
Nov. 7.
certificate or N.Y.draft for 5%, of bonds bid for, payable to the Dist. Treas.
- required. Bonds to be delivered and paid for within 10 days from time of
FRANKLIN COUNTY (P. 0. Brookville), Ind.-BOND SALE.
On Nov. 6 tho $31,860 44% 64-yr. aver, road nonds-V. 103, p. 1622- award. Purchaser to pay accrued interest.
were awarded, it is said, to the Fletcher Amer. Nat. Bank of Indianapolis
HIGGINSVILLE, Lafayette County, Mo.-DESCRIPTION.-The
for $32,868-equal to 103.163.
$22,000 sower bonds awarded recently to Prescott & Snider of Kansas City
FRANKLIN COUNTY (P. 0. Columbus), Ohio.-BOND SALE.-On (V. 103,p. 1720) bear int. at the rate of 4%% and are in the denom. of
Nov. 3 the $10,500 4%% 5%-yr. aver, ditch bonds-V. 103, _p. 1530- $1,000. Date Dec. 15 1916. Int. J. & D.
were awarded to Breed, Elliott & Harrison of Cincin. for $10,700 60
HILLSBOROUGH COUNTY (P. 0. Tampa), Fla.-BONDS VOTED!
(101.912) and interest.
state that the question of issuing $30,000 bridge bonds earni
FRANKLINVILLE (Village), Cattaraugus County, N. Y.-BOND -Reports
the election held Oct. 31.
at
OFFERING.-Proposals will be received until 11:30 a. m. Oct. 17 by R. L.
Farnham, VII. Clerk, for $8,500 5% coup, paving bonds, auth. election
HO-HO-KUS, Bergen County, N. J.-BOND SALE.-The bid of
held Oct. 17. Denom. $500. Date Nov. 1 1916. Prin. and semi-ann. A. B. Leach & Co. of N. Y. which was $15,228 88-equal to 101.525-has
int., payable in N. Y. Exchange. Due $500 yrly. on Nov. 1 from 1917 to been accepted for the $15,000 4%% bonds offered on Oct. 25.-V. 103,
1933, incl. Cert, check or a N. Y. draft for $400, payable to VII. Treas., p. 1622.
required. Purchaser to accept and pay for bonds on or before Dec. 1.
HONEY BROOK VOCATIONAL SCHOOL DISTRICT (P.O. Honey
FREEPORT, Harrison County, Ohio.-BOND SALE.-On Nov. 6 Brook),
Chester County, Pa.-BONDS VOTED.-At the Nov. 7 election
the three issues of 5% coup. bonds aggregating $1,800-V. 103, p. 1444- the
$8,000 Township school and $4,000 Borough school 4% 1-30-yr. serial
were awarded to the Peoples Banking Co.of Coshocton for $1,843 (102.388) school
carried by votes of 134 to 8 and 151 to 38, respectively.
bonds
and int. Other bids were:
$1,810 00
First Nat. Bk. GallipoLis_$1,8421Freeport State Bank
Hennepin County, Minn.-BONDS VOTED.-The quesHOPKINS,
1,818 Tillotson & Wolcott Co_ _ _ 1,803 60 tion of issuing $30,000 gas-light-plant impt. bonds carried, it is stated, at
Otis & Company
- the election held recently.
FRESNO COUNTY (P. 0. Fresno), Cal.-BONDS DEFEATED.
The proposition to issue the $3,600,000 road-construction bonds (V. 103,
HUNTINGTON BEACH, Orange County, Calif.-BOND SALE.
p. 865) failed to carry at the election held Oct. 24.
The $20,000 5% gas-distributing system bonds were sold on Sept. 25, it is
FROST, Navarro County, Tex.-BOND SALE.-An issue of $10,500 stated, at 100.615. $10,000 of this issue was offered without success on
5% 30-yr. sewer bonds was awarded on Sept. 25 to G. J. Heflin for $10,- Aug. 3(V. 103, p.681).
601 75, equal to 100.969. Denom. $500. Date Sept. 1 1916. Int. ann.
INDIAN CREEK DRAINAGE DISTRICT (P. 0. Sardis), Miss.on Sept. 1.
6% drainage bonds awarded
DESCRIPTION OF BONDS.-The $225,000 53,
GARRETSON, Minnehaha County, So. Dak.-BOND SALE.-On at 102.89 and int. on Oct. 24 to the Mercantile Trust Co. of St. Louis
electric-light-plant
power
and
plant
were
bonds
5%
$18,000
Sept. 6
(V. 103, p. 1720), are in the denoms. of $500 and $1,000. Date Nov. 1
20-yr. Co. of Minneapolis at 100.65. Denom.$1,000. 1916. Int. M. & N. Due serially from 1922 to 1937, inclusive.
awarded to Wells & Dickey
Date Nov. 1 1916. Int. ,„.kM. & N.
JAMES COUNTY (P. 0. Ooltewah), Tenn.-BOND OFFERING.
GETTYSBURG SCHOOL DISTRICT (P. 0. Gettysburg), Adams Further details are at hand relative to the offering on Nov. 16 of the $80,000
County, Pa.-BONDS DEFEATED.-The proposition to issue $85.000 5% coupon highway-impt. bonds (V. 103, p. 1720). Proposals for these
school bonds was defeated at the election Nov. 7 by a vote of 327 "for" to bonds will be received until 12 m. on that day by E. 0. Smith, Chairman
541 "against."
Co. Court. Denom. $1,000. Date July 1 1916. Prin. and semi-ann.
GIBSONB17RG, Sandusky County, Ohio.-BOND SALE.-On Nov. int. (J. & J.) payable at the First Nat. Bank, Chicago. Due $2,000 yrly.
1 from 1917 to 1956 Incl. Cert. check for $3,000 required. Bids
July
street
bonds aggregating $59,418 12-V. 103,
6 the seven issues of 4%%
& Oakley of Chicago furp. 1622- were awarded to Well. Roth & Co. of Cincin. for $59,683 12 must be unconditional. Legal opinion of Wood
nished bidders. Total debt.$97,551 50. Assess. val. 1916,$1,093,339 30:
(100.446) and int. The Gibsonburg Banking Co. bid par and int.
real val. (est.), $3,100,000.
GLEN RIDGE, Essex County, N. J.-BONDS VOTED.-At the Nov.
JANELEW, Lewis County, W. Va.-BONDS NOT SOLD.-No sale
7 election the question of issuing $34,000 43 % serial municipal building
bonds offered on Aug. 21
and Library land purchase bonds carried by a vote of 521 to 221. These has been made of the $15,000 6% street-paving
103, p. 510). Geo. B. Waggoner is Town Recorder.
(V.
sale.
for
offered
be
shortly
bonds will
County, Ind.-BOND
Knox
TOWNSHIP,
SCHOOL
JOHNSON
SCHOOL
Grand
DISTRICT
(P.O.
Rapids), Kent
GRAND RAPIDS
10:30 a. m. Nov. 15 by Oscar
County, Mich.-BOND OFFERING.-Proposals will be received until OFFERING.-Proposals will be received until
& Merchants'Bank,Decker, for
8 p. m. Dec. 18 by H. N. Morrill, Sec. Bd. of Ed., for an issue of $250,000 Frederick, Twp. Trustee, care of Farmers'
$16,700 4% school bonds. Denom. 28 for $562 50 and 2 for $475. Date
4%% semi-ann. school bonds, it is said. Cert. check for 3% required.
Nov. 15 1916. Int. J. & J. at office of J. F. Wild & Co. Indianapolis.
GRAND RAPIDS SCHOOL DISTRICT (P. 0. Grand Rapids), Due $1,125 yrly. on Jan. 15 from 1918 to 1931, incl., and $950 Jan. 15
Kent County, Mich.-BONDS AUTHORIZED.-The School Board at its 1931.
meeting on Oct. 16 authorized the issuance of $12,000 deficiency bonds,
JOLIET TOWNSHIP HIGH SCHOOL DISTRICT (P. 0. Joliet)
it is stated.
Will County, Ills.-BOND OFFERING.-Proposals will be received until
GRANT SCHOOL TOWNSHIP (P. 0. Boswell), Benton County, 3 p. m. Nov. 14 b r J. F. Skeel,Clerk,Bd.of Ed ,for $70,000 4%% coupon
Ind.-BOND SALE.-A bid of $395 premium, equal to 100.940, was sub- school bonds. Date Dec. 1 1916. Int. J. & *J. Duo $10,000 annually
mitted by J. F. Wild & Co. of Indianapolis for the $42,000 4% school bonds beginning Jan. 1 1928. Cert. check for $700, payable to the "Board of
offered on Oct. 21.-V. 103, p. 1341.
Education," required. Purchaser to furnish blank bonds and secure own
Bidders will also be permitted to make a supplemental oral
GRANVILLE, Licking County, Ohio.-BOND SALE.-On Oct. 24 legal opinion.
bid. These bonds are the unsold portion of an issue of $100,000. Official
an issue of $3,500 street-impt. bonds was awarded to the Park Nat. Bank circular
states that there is no controversy or litigation pending or threatof Newark for $3,532 17-equal to 100.917, it is reported.
ened, of any kind affecting this district, its officers or validity of the bonds
GREENFIELD, Highland County, Ohio.-BOND SALE.-A local and that no former issue of bonds has ever been contested or defaulted,
paper states that the Industrial Commission has.purchased.an issue of $120,- either as to principal or interest. Bonded debt, Nov.3 1916,incl. this issue
(of 70,000), $100,000. Assess. val. 1915, $13,213,433.
000 sewer construction bonds.
KALAMAZOO, Kalamazoo County, Mich.-BONDS DEFEATED.
GRIFFIN, Spalding County, Ga.-BOND OFFERING.-Proposals
City
&
Bridges,
P.
Clerk
E.
by
15
Treas.,
Nov.
m.
12
until
At the general election Nov. 7 the voters defeated the proposition to issue
will be received
0 5-yr. gold coupon tax-free school improvement bonds. the $225,000 storm sewer bonds-V. 103, p. 1530.
for $65,000 4%7
Denom.$500. Date Nov. 1 1916. Int. J.& J. at the United States Mtge.
KEMPER COUNTY (P. 0. De Kalb), Miss.-BOND SALE.-John
& Trust Co., N. Y. Cert. check for $1,300, payable to the City of Griffin, Nuveen
& Co. of Chicago were awarded on July 8 $65,000 Supers Dist.
required. Bonded debt, including this issue, $247,000. Floating debt No. 1 and
$20,000 Supers. Dist. No. 5 5%% 11-25-yr. serial road bonds.
none. Assess. val. 1916,$4.088,649. Total tax rate (per $1,000).$29 40.
Denom. $500. Date July 1 1916. Int. J. & J.
GUERNSEY COUNTY (P. 0. Cambridge), Ohio.-BOND OFFERKENMORE (Village), Erie County, N. Y.-BOND OFFERING.-AcING.-Proposals will be received until 11 a. m. Nov. 21 by T. C. White,
to reports the Village Board has ordered the sale of $17,000 sewer
Co. Aud. for $6,000 5% 6%-yr. aver, bridge bonds. Auth. Sec. 2434, cording
take place on Nov. 14.
Gen. Code. Denom. $500. Date Nov. 21 1916, Int: M. & N. Due bonds to
SALE.-The three issues of bonds aggregating $7,575, offered on
BOND
$1,000 yrly. on Nov. 21 from 1920 to 1925 incl. Cert. check for 5% of
required. Bonds to be delivered Oct. 10, were.awarded on that day as follows-V. 103, p. 1341:
bonds bid for, payable to the Co.
time of award. Purchaser to pay ac- $6,600 two issues to H. A. Kahler & Co. at 103.18.
and paid for within 10 days from Aud..
975 water bonds to the Franklin Land Imp. Co. at par.
crued interest.
KNOXVILLE, Knox County, Tenn.-BONDS VOTED.-13y a vote
HANOVER, York County, Pa.-BONDS VOTED.-A vote of 962 to
693 was cast at the election Nov.7 in favor of the question of issuing $10,000 of 716 to 289 the question of issuing $225,000 water-works-impt. bonds
fire department bonds. These bonds will be offered for sale about Jan. carried, it is stated, at the election held Oct. 24.
1 1917.
LAFAYETTE, Lafayette Parish, La.-BOND SALE.-Powell, Gerard
- & Co. of Chicago, purchased the $20,000 water-plant-improvement bonds
HARDIN COUNTY (P. 0. Kenton), Ohio.-BOND OFFERING.
' P. 1531)•
Proposals will be received until 12 m. Nov. 20 by Ulrich J. Pfeiffer, Co. (V. 103,
Aud., for $8,400 5% ditch bonds. Auth. Secs. 6439, 6492 and 6493, Gen.
LAKE BENTON SCHOOL DISTRICT (P. 0. Lake Benton), LinCode. Denom. $100, $150, $200, $300 and $1,000. Date Nov. 20 1916. coln County Minn.-BONDS VOTED.-Reports state that the question
Prin. and semi-ann. int.-M. & N.-payable at office of Co. Treas. Due of issuing $5000 building bonds carried by a vote of 112 to 6 at an election
part yrly. on Nov.20from 1917 to 1921 incl. Cert. check on a Kenton bank held Oct. 20.
•
for $500 required. Bonds to be delivered and paid for within 15 days
LARKIN SCHOOL DISTRICT Glenn County, Cal.-DESCRIPfrom time of award.
TION OF BONDS.-The $10,000 5tgold coupon building bonds awarded
cDonnell of San Francisco (V. 103,
HARDIN COUNTY (P. 0. Kenton), Ohio.-BOND SALE.-On Nov. at 104.70 on Sept. 26 by Byrne &
1 the six issues of 4%% road bonds aggregating $42,400-V. 103, p. 1622- p.1341) are in the denom. of $1,000 and dated Sept. 11916. Int. M.& S.
were awarded, it is stated, to Breed, Elliott & Harrison of Cin,. for at the Co. Treas. office. Due $1,000 yrly. Sept. 1 from 1919 to 1928 incl.
$42,787 10, equal to 100.912.
LAWRENCE, Douglas County, Kans.-DESCRIPTION OF BONDS.
on Aug. 17
HARRISON, Hudson County, N. .1.-BOND SALE.-On Nov. 8 the -The $175,000 4%% water-works purchase bonds awarded
are in the denom.
4%% Passaic Valley sewer bonds-V. 103, p. 1530-were awarded to J. S. to the Watkins Nat. Bank of Lawrence (V. 103, p. 1720)
Rippel & Co. of Newark on their bid of $245,094 66 (105.644) and int. for of $500 and dated July 1 1916. Int. J. & J. Blue serially from 1922 to
1946, inclusive.
$232,000 bonds. The other bidders were:
Nov. 111916.1
THE CHRONICLE
LEBANON, Lebanon County, Pa.-BONDS VOTED.-Newspaper
reports state that the proposition to issue $230,000 storm sewerage bonds
carried at the election Nov. 7.
LEIGHTON, Colbert County, Ala.-BOND OFFERING.-Proposals
will be received until 8 p. in. Nov. 20 by J. T. Fergeson, Town Clerk, for
$5,000 tax-free school bonds at not exceeding 5% int. Int. ann. on Jan. 1
at Leighton. Due serially from 1 to 20 yrs. Cert. check for 5%, payable
to the Town of Leighton,required. The town has no indebtedness. Assess.
val. $168,562. Total tax rate (per $1,000) $18 50.
LEOMINSTER, Worcester County, Mass.-LOAN OFFERING.
Reports state that the Town Treas. will consider bids until 12 m. Nov. 14
for a loan of $150,000 maturing $50,000 on Dec. 15 1916, Jan. 15 and
Feb. 15 1917.
•
LEWIS COUNTY (P. 0. Weston), W. Va.-BONDS DEFEATED.
The proposition to issue $1,000,000 road impt. bonds failed to carry at the
election held Nov. 7.
'1811
NEW BRITAIN, Hartford County, Conn.-BONDS AUTHORIZED.
-Reports state that at the city meeting held Oct. 30 it was voted to issue
$185,000 4% coupon school bonds.
NEW LONDON, Huron County, Ohio.-BONDS VOTED.-A vote
of 344 to 50 was cast at a recent election in favor of the issuance of $56,000
water bonds, it is stated.
NEWPORT, Campbell County, Ky.-BONDS DEFEATED.-Reports
state that the questions of issuing $150.000 high-school-bldg. and $40.000
garbage incinerator constr. bonds failed to carry at the election held Nov.7.
NEWTON, Middlesex County, Mass.-NOTE OFFERING.-This city
is offering, subject to prior sale, $100,000 tax-free notes in anticipation of
revenue at a discount of $3,000, to be dated and delivered day after sale
and maturing one year after.
NEW YORK CITY.-BOND SALE AND TEMPORARY LOANS.
During the month of October the city sold $1,645,000 3% assessment bonds
for street and park openings, maturing "on or after Jan. 2 1917.- The folLIMA, Allen County, Ohio.-BONDS DEFEATED.-The 3500,000 lowing short-term securities, aggregating $21,310,548
33. consisting of
sewer bond issue was defeated by the voters at the election Nov.7.-V. 103, revenue bonds and corporate stock notes, were also issued
during October:
p. 1242.
Revenue bonds of 1916
35- % Jan. 10 1917 $1,250,000 00
Revenue bonds of 1916
3%% fOn or after1
310,548 23
LOCKPORT, Niagara County, N. Y.-BONDS VOTED.-A vote
1Jan. 1 19171
of 3,992 to 1,300 was cast at the election Nov. 7 in favor of the proposition Corporate stock notesto issue the $12,000 fire-apparatus bonds.-V. 103. p. 1445.
Various municipal purposes
3%% Jan. 15 1917 2,000,000 00
do
do
do
3)4% Mar. 9 1917 1,500,000 00
LOS ANGELES MUNICIPAL IMPROVEMENT DISTRICT NO. 3
do
do
do
3%%
On or aftert
250,000 00
(P. 0. Los Angeles), Calif.-NO ACTION YET TAKEN.-Up to Oct. 23
Jan. 1 1917J
no action had been taken towards the offering of the $200,000 Dairdstown
Water Supply
JOn or beforel 250,000 00
3%
Water Impt. bonds voted Sept. 15 (V. 103, p. 1242). Chas. L. Wilde is
Dec.31 19161
City Clerk.
do
do
250,000 00
3)4% Jan. 10 1917
do
do
3J% April 1 1917
750,000 00
LOS ALAMOS SCHOOL DISTRICT, Santa Barbara County, Calif.
do
do
3M % f yann.
ot;1f9t g1
250,000 00
-BONDS VOTED.-The question of issuing $3,500 school bonds carried,
t is stated, at a recent election.
do
do
33/% 10
April
191't
500,00000
do
do
39' April 20 1917
LYONS,Fulton County, Ohio.-BOND SALE.-On Oct. 30 the $3,000
250,000 00
do
do
3 % Ap
ri l 3 1917
250,00000
59' 15 -year aver. street bonds-V. 103. p. 1623-were awarded to Durdo
do
2
%
c
;
Nov.
20 1916
250,00000
fee, Niles & Co. of Toledo for $3,094 75 (103.158) and int. The other
Rapid
o Trctnsit
i
% Feb. 9 1917 2,000,000 00
bidders were:
Mar. 14 1917
500,000 00
$3,090 60 Spitzer, Rorick & Co
W. L. Slayton & Co
$3,032
do
do
Mar.
15 1917
500,00000
337
3,075 001
Otis & Company
do
doMay 3 1917
500,00000
do
do
33%
C May 15 1917
500,00000
McCALL, Boise County, Idaho.-BOND SALE.-On Oct. 30 $8,000
do
do
3)4% April 16 1917 1,500,000 00
67'
o 10-20-yr. (opt.) water-warks bonds were awarded to James N. Wright
do
do
3J(% April 1 1917
250,000 00
& Co. of Denver at par. Denom.$500. Date Oct. 1 1916. Int. J. & J.
do
do
33% April 16 1917
750,00000
do
do
McKEES ROCKS SCHOOL DISTRICT (P. 0. McKees Rocks),
3% April 10 1917 2,200,000 00
do
do
Allegheny County, Pa.-BONDS VOTED.-The proposition to issue
3 -16%April 10 1917
300,000 00
do
do
$150,000 school bonds carried at the election Nov. 7.
2% Nov. 20 1916 1,000,000 00
do
do
April 20 1917 2,250,000 00
McMINNVILLE, Yamhill County, Ore.-BOND SALE.-On Oct. 31
Dock
On or before
250,000 00
3%
the two issues of bonds aggregating $19,590 99 (V. 103, p. 1623) were
Dec. 31 1916
do
awarded as follows:
331% April 16 1917
250,000 00
do
$12,000 00 113•6-yr. (aver.) street impt. (Intersection) bonds to the Nafion334% April 18 1917
500,00000
al City Co. of San Francisco for $12,055 50 (100.462) as 4s.
Grand total of short-term securities
7,590 99 6% 1-10-yr. (opt.) sewer impt. bonds to the McMinnville for
$21,310.548 23
$7,899 18 (104.059) and int.
NORFOLK COUNTY (P. 0. Dedham), Mass.-BOND SALE.-On
Nov.
7 the $60,000 4% 9M-yr. aver. bonds-V. 103, p. 1623-were
MASSILLON, Stark Count7, Ohio.-BONDS DEFEATED.-The
voters defeated the following city s share bond issues at the election Nov. 7 awarded, reports state, to the Stoughton Trust Co. at 102.95. plus $3
-V. 103, p. 1531: $7,890 sewer, $1,500 street, $5,000 park, $12,000 premium.
sewer, $1,500 street, $39,100 street and $23,900 street.
NORTH DAKOTA.-BONDS PURCHASED BY STATE.-During the
MARIN MUNICIPAL WATER DISTRICT (P. 0. San Rafael), month of October the following twenty-four issues of 4% bonds, aggreMann County Calif.-PURCHASER OF BONDS.-John Nuveen & Co. gating $163,850 were purchased by the State of North Dakota at par.
of Chicago advise us that they wore the purchasers of the $3,000,000 5% Amount. Place Issuing Bonds- Purpose. Date of Bonds.
Due.
water plant purchase and impt. bonds sold on Sept. 29 at par and int. and $15,000 Arrow-wood Sch. Dist_ _Building
Sept.30 1916 Sept.30 1926
1,000 Brown Sch. Dist
Building
not J. R. SUtherlin & Co. of Kansas City, as we were first informed. See
July 1 1916 July 1 1936
1,200 Church Sch. Dist
Building
V. 103, p. 1531. Denom. $1,000. Int. A. & 0. The bonds mature in
Sept.30 1916 Sept.30 1926
4,000 Dewey Sch. Dist
Building
annual installments from 10 to 40 years.
Sept.25 1916 Sept. 25 1936
60,000 Divide County
Court'h.& jail Sept.30 1916 Sept.30 1936
1,500 Enterprise Sch. Dist__ _Building
MARIPOSA HIGH SCHOOL DISTRICT, Mariposa County, Calif.Sept. 1 1916 Sept. 1 1936
2,000
Formosa
Sch.
Dist
BOND OFFERING.-Proposals will be received until 10 a. m. Nov. 14 by
Building
Sept.25 1916 Sept.25 1936
750 Heart River Sch. Dist_ _Building
W. E. Gallison, Clerk, Bd. of Co. Super's (P. 0. Mariposa), it is stated,
Sept. 25 1916 Sept.25 1936
3,000 Hettinger Sch. Dist
for $12,000 5% bldg. bonds. Denom. $600. Int. semi-ann. Due $600
Building
Sept. 1 1916 Sept. 1 1936
500
Juzler
Seh. Dist
yrly. Jan. 2 from 1918 to 1937, incl. Cert. check for 10% of amount of
Refunding
Sept.25 1916 Sept.25 1936
9,500 Juzler Sch. Dist
bid required.
Building
Sept.25 1916 Sept.25 1936
6,500 Karlsruhe Sch. Dist_ _ _ _Building
Sept. 25 1916 Sept.25 1936
MARLOW, Stephens County, Okla.-PURCHASER OF BONDS.
1,500
Laketown
Sch. Dist_ __ _13uilding
Sept.30 1916 Sept.30 1926
6,000 Lee Sch. Dist
The purchaser of the $25,000 water-works and $23..M0 sewer 6% bonds
Funding
Sept.30 1916 Sept.30 1926
awarded at 105.266 on Sept. 7 (V. 103, p. 1720) was R. J. Edwards of
1,000 Lincoln Sch, Dist
Building
Sept.30 1916 Sept.30 1926
Oklahoma City. Denom. 21,000. Date Oct. 1 1916. Int. A.& 0. Due
7,000 Linden Sch. Dist
Building
Sept.30 1916 Sept.30 1936
15,000 Lone Tree Sch. Dist_ _ _Building
part in 5, 10, 15, 20 and 25 years.
Sept.25 1916 Sept.25 1936
13,000 Mayville Sch. Dist__ Building
Sept.30 1916 Sept.30 1931
MARQUETTE COUNTY (P. 0. Marquette), Mich.-BONDS DE1,200 Moord Sch. Dist
Building
Sept.
1 1916 Sept. 1 1936
election
Nov.
the
question
of
7
the
-At
issuing
FEATED.
$50,000 4%
7,000 Northfield Sch. Dist
Refunding
Sept. 25 1916 Sept.25 1936
county-jail-construction bonds was defeated. Int. J. & J. Due $10,000
2,500 Sanddale Sch. Dist_ __ _Building
Oct. 16 1916 Oct. 16 1936
yearly on Jan. 1 from 1918 to 1922, inclusive.
800 Silver Lake Sch. Dist. Building
Aug. 22 1916 Aug. 22 1926
2,400 Snow Sch. Dist
Building
Sept.30 1916 Sept.30 1936
MEDFORD, Middlesex County, Mass.-BOND SALE.-On Nov. 3
1,500 Walle Sch. Dist
Building
Sept. 25 1916 Sept. 25 1926
the following three issues of 4% tax-free coup. bonds aggregating $71,600,
NYSSA ARCADIA DRAINAGE DISTRICT (P. 0. Nyasa), Ore.
were awarded to Estabrook & Co. of Boston at 103.68:
$65,000 school bonds. Denom. $1,000 and $300. Date Oct. 2 1916. BOND SALE.-On Nov. 4 the $70,000 gold drainage-system-construction
Due $3,300 yrly. on Oct. 2 from 1917 to 1935, incl. and $2,300 bonds (Sr. 103, p. 1623) were awarded to John E. Price & Co. of Seattle at
98.27 and int. for 68. Other bids for 6% bonds were:
Oct. 1 1936.
9,600 street constr. bonds. Denom. $1,000 and $600. Date Sept. 1 Lumbermens Tr, Co., PortCarstens & Earles, Inc.,
land
1916. Due $1,000 yrly. on Sept. 1 from 1917 to 1925, incl. and
$68,5751 Seattle
$66,675
Ferris & IIardgrove, Spokane 68,050 J. N. Wright & Co., Denver_ 66,500
$600 Sept. 11936.
bonds.
Date
Denom.
$700.
street
Aug.
3
Due
1916.
7,000
$700 yrly.
OCEAN BEACH, San Diego County Calif.-BOND ELECTION.on Aug. 3 from 1917 to 1926, inclusive.
Int. on all of above bonds payable semi-annually. The other bidders Reports state that an election will be held'
Nov. 20 to vote on the question
of issuing the $125,000 beach-impt. bonds (V. 103, p. 961).
were:
103.11 lii. L Day & Co
Chandler, Wilbur & Co
102.589
OCHOCO IRRIGATION DISTRICT (P. 0. Prineville), Ore.103.036 Blake Bros. & Co
Biodget & Co
102.44
102.96 J Cropley, McGaragle & Co--102.415 BOND ELECTION.-Reports state that an election will be held to-day
Curtis& Sanger
(Nov. 11) to vote on the question of issuing $1,000,000 6% coupon irri102.64
Adams & Co
gation bonds. R. W. Rea is Project Engineer.
MILAM COUNTY (P.O. Cameron), Tex.-BONDS VOTED.-Reports
OKANOGAN, Okanogan County, Wash.-BOND SALE.-The Spostate that the election held in Road Dist. No.7 on Oct. 31 resulted in favor
kane & Eastern Trust Co. was awarded at par on Sept. 7 an issue of
of the proposition to issue $15,000 road-impt. bonds.
6% 1-20-yr. (opt.) water-system bonds. Denom. $500. Date $3.500
Oct. 1
MONONA COUNTY (P. 0. Onawa), Iowa.-BOND SALE.-On
1916. Interest A. & 0.
Oct. 31 $65,000 5% drainage bonds were purchased by Schanke & Co. of
OKANOGAN
Date
COUNTY
Sept.
$1,000.
Denom.
SCHOOL
DISTRICT
1
City.
and
NO.
Oct.
47,
1
Mason
Wash.
1916. Int. BOND OFFERING.
-Proposals will be received until 11 a. m. Dec. 5 by
M.& S. Due in 10 equal annual installments after Oct. 1 1917.
E.0. Quackenbush, County Treasurer (P.0. Okanogan),for $2,000 10-yr.
MONTGOMERY COUNTY (P. 0. Dayton), Ohio.-BOND SALE._. building bonds voted Oct. 20. Int. rate not to exceed 6%-payable
at
On Nov.6 the $15,000 43i %_4M-yr. aver. looridge bonds-V. 103, p. 1623- the County Treasurer's office.
were awarded, it is said, to Tillotson & Wolcott Co.of Cleveland at 101.62.
OKANOGAN COUNTY SCHOOL DISTRICT NO. 29, Wash.
MOUNT CLEMENS, Macomb County, Mich.-BONDS DEFEATED. BOND OFFERING.-Proposals will be received until 11 a. in. Dec. 2 by
-The proposition to issue $12,000 water-works bonds failed to receive the E. 0. Quackenbush, County Treasurer (P. 0. Okanogan), for $1,250
necessary two-thirds majority at the Nov. 7 election. The vote was 1143 5-15-yr. optional building bonds voted Sept. 2. Int.-rate not to exceed
6%-payable at the County Treasurer's office.
"for" to 700 "against."
OLIVE HILL Carter County, Ky.-BONDS VOTED.-According to
MOUNT PLEASANT (Town) (P. 0. Tarrytown), Westchester reports the question
issuing $10,000 electric-light and water-works system
County, N. Y.-BONDS OFFERED BY BANKERS.-Farson, Son & Co. bonds carried at theof
election held Nov. 7.
the
$30,500
investors
10M-yr.
offering
to
of N. Yare
aver. reg. Bronx
ORLEANS TOWNSHIP (P. 0. Orleans), Ionia County, Mich.Parkway. bonds offered by the town on Oct. 3-V. 103, p. 1243. Denom.
Due $P
r
2o
,inayo
ob nd y
$500 and $2,000. Date Oct. 1 1916. Int. rate is 4.05%.
s.m
e oin
- BONDS VOTED.-At the Nov. 7 election, a vote of 157 to 129 was cast in
favor of issuing $15,000 road bonds.
ann. int.-A. & 0.-payable in N. Y. exchange.
Oct. 1 from 1919 to 1933 incl. and $500 Oct..1 1934. Total bonded debt,
PALMYRA TOWNSHIP (P.O. Diamond), Portage County, Ohio.
incl. this issue, $270,000; assess. val., $13,000,000.
BONDS NOT SOLD.-No sale was made of the issue of $2,500 5% road
MURFREESBORO, Rutherford County, Tenn.-BOND SALE.-On bonds which was offered on Sept. 18.
Nov. 1 the $75,000 5% 20-yr. coupon high and grammar school-bldg. bonds
PENNS STATION, Westmoreland County, Pa.-BONDS VOTED.
(V. 103. P. 1446), were awarded to J. W.Jakes & Co. of Nashville.
A vote of 124 to 12 was vast at the Nov.7 election in favor of the proposition
to
issue $25,000 sewer and paving bonds.
Mineola),
0.
COUNTY
(P.
N.
Y.
NASSAU
-BOND OFFERING._
Bids will be received until 12 m. Nov.24 by E.J. Bennett, Co. Comptroller,
PEORIA TOWNSHIP (P. 0. Miami), Ottawa County,
for $100,000 4% 2-21-yr. serial hospital bonds, it is stated. Int. semi-ann. BONDS VOTED.-By a vote of 104 to 46 the question of issuing Okla.
$19,000
Cert. check for 1% required.
road bonds carried, it is stated, at a recent election.
NATCHITOCHES PARISH (P. 0. Natchitoches), La.-BOND
PHOENIX, Maricopa County, Ariz.-BONDS
SALE.-On Oct. 30 the $250,000 5% Road Dist. No. 19 highway impt. question of issuing $600,000 municipal electric-light andDEFEATED.-The
gas-plant-construebonds (V. 103, p.• 1342) were awarded, it is stated, to Stacy & Braun of tion bonds failed to carry, it is stated, at the election held
Oct. 23. The
Toledo at 101.55 and int.
vote was 342 "for" and 931 "against."
3.g%
1811
THE CHRONICLE
PIKE COUNTY (P. 0. Petersburg), Ind.-BOND SALE.-On Nov. 3
the 828,000 43 % John W. Scales et al. road bonds (V. 103, P. 1624). were
awarded to J. F. Wild & Co. of Indianapolis for 829,137 50 (104.06) and
int. Other bids w
@FedFRASER