The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
The.
INCLUDING
Railway 8c Industrial Section
Bankers' Convention Section
Bank & Quotation Section
Railway Earnings Section
Electric Railway Section
State and city Section
NO. 2682
SATURDAY, NOVEMBER 18 1916
VOL. 103
Tht
Week ending Norember 11.
Throuitte.
Clearings at
1916.
PUBLISHED WEEKLY.
Terms of Subscription-Payable in Advance$10 00
For One Year
6 00
50
30
17
For Six Months
European Subscription (including postage) postage)
European Subscription six months (including
Annual Subscription in London (including postage)
Six Months Subscription in London (including postage)
Canadian Subscription (including postage)
£2 145.
£1 115.
$11 50
Subscription includes following Supplements(monthly) I RAILWAY AND INDUSTRIAL(3 times yearly)
BANK AND QUOTATION
ELECTRIC RAILWAY(3 times yearly)
RAILWAY EARNINGS(monthly)y) I BAAKERS'
CONVENTION (yearly)
STATE AND CITY (semi-annuall
Terms of Advertisind--Per Inch Space
$4 20
agate lines)
Transient matter per inch space(14
22 00
(8 times)
Two Months
29 00
es
me
gn
Isths
f•obnifiln
irie
'.gx
50 00
Standing Business Cards
87 00
times)
(52
Months
Twelve
,
Telephone
Street,
Randolph7396
Salle
CHICAGO OFFICE-39 South La
0.
LONDON OFRIcE-Edwards do Smith,1 Drapers' Gardens, E.
WILLIAM D. DANA COIIIPANY, 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 total
The following table, made up by telegraph, &c., indicates that the
week
bank clearings of all the clearing houses of the United States for
9 last week
ending to-day have been $6,348,494,150, against $5,898,236,25
year.
last
week
corresponding
and $4,903,782,329 the
Clearings-Returns by Telegraph.
Week ending Nov. 18.
Per
Cent.
1916.
1915.
New York
Boston
Philadelphia
Baltimore
Chicago
St. Louis
New Orleans
$3,303,151,259
232,486,476
265,803,842
41,182,060
419,565,615
122,317,681
42,369,878
$2,629,930,399
183,724,483
184,327,916
32,855,949
305,964,253
86,693,796
23,140,011
+25.6
+26.5
+44.2
+25.3
+37.1
+41.1
+83.1
Seven cities, five days
Other cities, five days
$4,426,876,811
875,479,923
$3,446,636,807
675,408,214
+28.4
+29.6
Total of all cities, five days
All cities, one day
$5,302,356,734
1,046,137,416
$4,122,045,021
781,737,308
+28.6
+33.8
$6,348,494,150
$4,90,782,329
+29.5
Total all cities for week
The full details for the week covered by the above will be given next
Saturday. We cannot furnish them to-day, clearings being made up by the
day
clearing houses at noon on Saturday, and hence in the above the last
night.
of the week has to be in all cases estimated, as we go to press Friday
Saturday
with
ending
week
the
for
figures
detailed
We present below
noon, Nov. 11, for four years:
Week ending November 11.
Clearings at
1916.
1915.
Inc. or
Dec.
$
3,680,366,027 2,759,908,385
New York
292,857,366 191,336,455
Philadelphia
56,560,286
63,724,390
Pittsburgh
41,337,988
39,612,163
Baltimore
13,340,274
15,197,729
Buffalo
4,388,993
6,070,828
Albany
9,658,889
8,872,527
Washington
6,692,695
5,826,433
Rochester
3,496,523
3,391,591
Scranton
3,285,034
3,105,713
Syracuse
2,826,523
2,606,829
Wilmington
2,113,852
2,204,286
Reading
1,918,653
1,869,049
Wilkes-Barre.2,861,704
3,638,219
Wheeling
2,181,185
2.078,192
Trenton
1,037,488
1,080,766
York
1,151,959
1,460,923
Erie
658,696
786,796
Greensburg
884,300
871,900
Binghamton
517,675
625,000
Altoona
910,089
1,142,339
Cheater
1,811,484
Lancaster
1,872,865
578,094
Montclair
•486,346
1914.
1913.
+33.4 1,399,947,031 1,867,797,890
+53.1 152,173,600 167,346,593
54,793,413
+12.8
47,710,911
40,311,867
+4.4
36,328,541
13,727,263
+13.9
10,772,490
6,431,345
-27.7
6,491,350
7,518,400
7,721,899
+8.9
5,214,998
4,599,471
+14.9
3,346,412
+3.1
3,275,899
2,807,924
2,852,222
+5.8
2,086,786
1.936,561
+8.4
2,100,435
+4.3
1,803,077
1,663,755
1,834,794
-2.6
2,530,655
+27.2
1,942,416
1,867,040
-4.7
1,852,821
975,740
924,864
+4.1
1,135,652
+26.8
1,056,673
600,000
+19.4
655,656
832,400
-1.4
753,000
643,675
+20.7
551,759
679,562
+25.5
757,956
1,554,849
+3.4
1,461,860
470,428
-15.9
429,234
Total Middle. 4,141,946,838 3,107,256,663 +33.3 1,686.834,085 2,186,437,082
Boston
247,461,081
Providence
10,322,800
Hartford
10,022,950
New Haven
5,498,580
3,884,228
Springfield
2,706,273
Portland
3,774,407
Worcester
2,572,978
Fall River
2,180,977
New Bedford1,269,073
Lowell
859,722
Holyoke
650,000
Bangor
196,767,337
10,170,100
7,949,063
4,229,528
3,490,909
2,370,517
3,369,602
1,739,038
1,858,831
1,045,074
763,846
592,967
+25.8 138,952,738 164,440,259
9,518,500
+1.5
7.673,300
5,250,971
+26.1
4,755,561
3,664,559
3,824,706
+30.0
2,994,304
2;955,081
+10.1
2,352,788
2,087,342
+14.2
2,621,804
2,492,482
+12.0
1,646,664
+47.9
1,280,678
1,459,681
1,241,238
+17.3
978,048
955,754
+21.4
644,089
700,189
+12.6
474,986
492,370
+9.6
234,346,812 +24.3 167,411,499 196,046,656
Tot. New Eng.
Note.-For Canadian clearings see "Commercial and Miscellaneous News."
291,203,069
1915.
Inc. or
Dec.
1914.
1913.
$
$
%
$
$
421,473,129 351,148,682 +20.0 289,562,367 322,260,992
Chicago
23,526,950
24,560,250
30,715,050 +30.5
40,087,450
Cincinnati
23,836.934' 20,860,551
36,257,502 +72.3
62,489,882
Cleveland
28,454.607
24,730,941
34,285,207 +37.4
47,099,035
Detroit
17,356,410
17,209,469
19,191,752 +27.3
24,493,252
Milwaukee
8,927.637
8,805,388
10,582,191 +15.5
12,223,737
Indianapolis
6,164,400
6,801.800
7,642,200 • +15.7
8,819,800
Columbus
5,809,520
6,446,796
7,187,280 +38.2
9,931,044
Toledo
3,277.727
3,614,020
3,885,274 +15.8
4,500,198
Peoria
9.180,774
9,54$,18$
3,576,887 +37.4
4,914,054
Grand Rapids.-2,019,141
2,398,967
2,745,894 +33.0
3,651,888
Dayton
1,262,617
1,511,596
2,178,004 +4.0
2,265,339
Evansville
1,168,149
1,100,000
1,185,241 +12.1 •
1,328,269
Springfield, Ill
1,351,095
1,418,544
1,395,984 +22.6
1,711,888
Fort Wayne..
1,539,129
1,474,576
2,039,228 +30.3
2,657,874
Youngstown _
1,092,710
937,042
1,023,598 +17.2
1,200,000
Rockford
1,636,000
1,481,000
2,639,000 +72.9
4,564,000
Akron
865,207
768,698
+28.6
875,668
1,125,075
Quincy
1,460,000
1,479,012
1,800,000 +160.5
4,689,496
Canton
744,760
690,697
821,979 -20.2
655,003
Lexington
689,149
767,041
952,183 +3.4
984,521
Springfield, Ohio,
702,613
748,117
959,135 +3.3
991,326
South Bend
657,844
585,434
795,138 +15.1
915,542
Bloomington
564,937
483,202
556,216 +26.6
704,729
Decatur
568,097
515,000
732,682 +22.8
900,000
Jackson
550,513
513,695
618,044 +23.5
763,513
Mansfield
416,584
436,240
506,622 -4.7
482,598
Danville
490,463
542,926
916,532 +15.9
1,062,278
Lansing
491,201
535,411
572,562 +34.1
767,245
Lima
329,562
234,848
311,435 +19.6
372,552
Jacksonville, Ill_
234,717
289,357
+6.5
361,435
384,895
Ann Arbor
50,338
38,602
70,344 +80.0
126,565
Adrian
430,682
286,149
336,943 +14.8
386,490
Owensboro
Tot.Mid.West. 668,682,547 528,865,891 +26.4 424,739,376 462,682,369
56,222,569
25,488,957
15,467,950
9,301,483
5,481,171
15,696,243
2,556,955
3,809,587
2,664,498
2,349,113
1,538,241
1,018,819
782,654
923,133
600,000
440,403
San Francisco_ __
Los Angeles
Seattle
Salt Lake City_ _
Spokane
Portland
Tacoma
Oakland
Sacramento
San Diego
Fresno
Stockton
San Jose
Pasadena
North Yakima
Reno
Long Beach
Total Pacifie.-
80,055,121
24,750,000
17,267,844
13,023,248
6,400,895
14,143,083
2,307,139
4,450,496
2,969,768
2,071,761
2,292,591
1,848,818
1,308,734
1,093,545
844,696
462,271
622,377
175,912,387
59,482,989
23,110,906
13,235,057
8,677,399
4,574,383
11,880,752
2,085,157
4,109,893
2,586,251
2,239,040
1.930,075
1,187,405
1,060,974
924,986
550,000
339,545
505,470
138,480,282
+34.6
+7.1
+30.5
+50.1
+39.9
+19.0
+10.6
+8.3
+14.8
-7.5
+18.7
+55.7
+23.4
+18.3
+53.5
+36.2
+29.1
+27.0
54,570,398
24,275,372
13,488,419
8,063,755
4,355,592
13,200,000
2,147,979
3,855,507
2,488,366
2,002,899
1,626,579
1,202,395
911,940
806,967
469,842
337,167
544,411
194,152,588
144.341.756
Kansas City---Minneapolis - _ -Omaha
St. Paul
Denver
Duluth
St. Joseph
Des Moines
Sioux City
Wichita
Lincoln
Topeka
Davenport
Cedar Rapids
Fargo
Colorado Springs
Pueblo
Fremont
Hastings
Aberdeen
Waterloo
Helena
Billings
Tot.Oth.West_
116,700,886
37,260,862
27,095,978
18,828,720
15,597,617
9,285,404
11,199,021
6,955.939
5,000,000
5,754,867
3,215,714
2,481,173
1,822,697
1,729,459
2,182,431
861,627
559,777
603,496
460,954
1,208,650
2,029,178
2,043,500
1,017,438
271,895,468
96,711,401
36,330,335
21,979,661
19,254,517
13,004,220
11,839,355
8,724,545
5.889.665
4,202,106
• 4,414,599
2,570,013
1,992,555
1,659,502
2,122,112
3,342,193
838,627
523,626
437,841
257,033
1,199,156
2,270,149
1,917,699
835,150
242,315,940
+20.7
+2.6
+23.3
-12.6
+19.9
-21.6
+28.4
+18.1
+19.0
+30.4
+25.1
+24.5
+9.8
-18.5
--34.7
+2.7
+0.9
+37.9
+79.0
+0.8
--10.6
+65.7
+21.8
+12.2
80,039,583
38,955,277
18,503,138
19,925,683
11,066,155
10,679,972
7,921,225
5.093.272
3 ,105,795
4,316,974
2,277,581
1,450,000
1,400,000
1,866,300
2,552,862
609,449
847,047
434,351
264,192
808,277
1,344,039
1,610,154
737,364
209,808,690
63,097.742
33,263,924
19,437,135
12,854,282
11,499,490
8,036,988
8.409.497
5.574.239
3,750,000
3,591,117
2,025,130
1,711,195
1,654,097
1,617,719
770,647
654,369
859,499
291,507
190,090
555,875
1,431,639
1,364,507
639.068
183,273,756
St. Louis
New Orleans_ Louisville
Houston
Galveston
Richmond
Memphis
Atlanta
Savannah
Fort Worth
Nashville
Norfolk
Augusta
Birmingham _ _
Little Rook
Charleston
Chattanooga_
Jacksonville _ _
Knoxville
Mobile
Oklahoma
Austin
Macon
Vicksburg
Jackson
Muskogee
Tulsa
Meridian
120,248,372
36,706,048
18,300,000
13,329,362
6,429,140
20,000,000
16,265,527
30,908,888
9,090,967
12,588,527
9,087,343
6,143,912
4,003,069
2,787,592
5,040,394
2,815,478
3,987,324
3,500,000
2,203,915
1,175,000
6,105,293
2,000,000
8,261,404
461,961
694,164
1,523,427
4,789,243
350,600
96,059,688
21,760,335
17,366,546
10,990,003
4,006,752
14,988,171
11,988,198
21,834,160
5,931,862
11,268,221
8,045,509
5,221,657
2,772,924
2,948,099
3,347,550
2,315,142
2,810,185
3,291,950
1,922,009
1,056,800
3,383,645
1,957,863
5,072,414
321,971
497,224
1,500,107
1,731,130
348,300
+25.2
+66.4
+5.4
+21.3
+60.5
+33.4
+34.7
+41.6
+53.3
+11.7
+12.9
+12.1
+44.4
-5.5
+50.6
+13.0
+41.9
+6.3
+14.6
+11.2
+80.4
+2.2
+62.9
+43.5
+39.6
+1.6
+176.7
+0.7
73,739,205
16,433,191
11,219,926
8,374,493
3,820,612
8,918,500
9,316,578
14.305,952
4.852,182
9,898,958
7,074,029
4,442,571
1,879,305
2,714,355
2,282,106
1,860,557
2,223,002
2,906,071
1,932,020
1,000,000
3,245,365
2,045,483
3,819,149
334,262
591,963
1,097,777
1,510,361
88.037,976
22,863,896
13,655,249
12,729,167
3,908,000
9,293,421
13,214,877
19,963.043
6,598,899
10,386,319
8,391,202
5,160,456
2,570,215
4,000,056
3,549,243
2,820,638
3,019,183
3,432,333
2,001,272
1.540.000
2,281,417
4,830,551
6,023,319
375,552
489.329
1,549.783
1,729,817
•
Total Southern 348,596,950 264,728,415 +31.7 204,837,9731 254,415,213
5,898,237,259 4,515,994,003 +30.6 2,827,405,730 3,427,216,832
Total all
Outside N. Y. 2,217,871,232 1,756,085,618 +26.3 1,427,458,699 1,559,418,942
1816
THE CHRONICLE
[VoL. 103.
the unfortunates, is also on its feet again. The new
THE FINANCIAL SITUATION.
company was formed in June 1916, and possession
A favorable feature of the situation which is not taken July;] towards the close of last month it was
receiving the attention which it merits is the rapid announced that Hayden, Stone & Co. and E. H.
progress just now being made in removing the Rollins & Sons, had purchased $2,500,000 of the new
wrecks in the railroad world—in reorganizing and 1st mortgage 5% bonds of that company.
restoring to solvency the numerous bankrupt
Rehabilitation of the Missouri Pacific will also be
railroads which had become so prominent in affairs. an accomplished fact within a short time. The reAs is well known, one of the developments of the organization plan was declared operative some weeks
exceedingly trying times through which the railroads ago and the present month the Missouri Public
of the United States have recently passed has been Service Commission gave its approval to the plan.
the large aggregate of roads which could not meet their The securities of the new company "when issued"
obligations and which were therefore obliged to seek are already being traded in on the Stock Exchange.
refuge in the hands of the courts as a preliminary to This week there has been submitted the reorganizaa complete reorganization on a lower basis of fixed tion plan of another large railroad system, namely
charges. A statement prepared by the "Railway the Chicago Rock Island & Pacific Railway Co.
Age Gazette" in October of last year showed 42,000 Differences among the various interests in the propmiles of railroad (41,998 miles in exact figures) then erty which had long delayed reorganization have
operated by receivers. This meant that roughly been harmonized and it is the intention to carry the
one-sixth of the entire railroad mileage of the coun- scheme to early completion. There have been pretry was insolvent. By the end of 1915 this had been vious plans for the rehabilitation of this important
reduced to 38,661 miles through the taking of the company,but they have been lacking insubstantiality,
Wabash Railroad out,of the hands of receivers and while the present one carries within it the seeds of
some other adjustments, but in 1916 some more roads success, having been definitely underwritten.
succumbed. The magnitude of, the security issues
Two other Southwestern properties, namely the
involved in these financial difficulties may be judged Missouri Kansas & Texas and the Texas & Pacific,
from the fact that the capitalization of the 38,666 miles have also passed into the hands of receivers, the latter
aggregated no less than $2,354,900,301, consisting only quite recently, and its mileage (1,852 miles)
of $1,607,895,500 bonds and $774,004,801 stock.
is additional to the 42,000 miles operated by receivers
Even before prospects for the railroads so decidedly last year; reorganization plans for both these comimproved, as a result of the business activity en-, panies are expected in the early future. Then, also,
gendered by the European war, energetic efforts were the foreclosure sale of the New Orleans Mobile &
made to bring about a readjustment of the affairs of Chicago Railroad, which is to be succeeded by the
these embarrassed railroads ; and the present year, Gulf Mobile & Northern, has just been confirmed by
aided by the wonderful expansion in the traffic and the U. S. Circuit Court at Mobile.
revenues of all railroads on this Continent, the work
A lengthy plan for the reorganization of the Pere
of reorganization has been greatly facilitated, and Marquette Railroad, which has long been in the
in many instances has either already been carried to a custody of the courts, was submitted two weeks ago.
successful conclusion or is presently to be completed. The Wheeling & Lake Erie Railroad was sold at foreIt is safe to say that the end of 1916 will see the bulk closure on Oct. 30 and purchased by Kuhn, Loeb &
of the 42,000 miles of road, which twelve months ago Co. and Blair & Co., as reorganization managers;
were in the hands of receivers, prepared to resume they are now calling for the payment of the assesstheir independent existence free from the trammels of ment levied on the shares of the old company. The
the courts and out of the toils of creditors. The Minneapolis & St. Louis luckily was able to readjust
receiverships may not be entirely wound up by the its finances without a receivership, and the Western
close of the year, owing to the necessity of complying Maryland is now also being helped out of its difficulwith legal formalities, but at the most it will only ties by amicable arrangement. Other and less
be a matter of a short while before the properties will prominent companies might likewise be mentioned in
be definitely out of the hands of the courts.
enumerating the embarressed companies whose affairs
Asevidence of what has been achieved in thatrespect, are now in process of adjustment, or have already
there is, besides the Wabash reorganization of last been adjusted. On the other side of the account,
year, first of all the present reorganization of the St. to be sure, we have the recent placing in the hands of
Louis & San Francisco RR. This has been practically receivers of the Boston & Maine Railroad, comprising
completed. The road is out of the hands of receivers, about 2,500 miles, which also is additional to the 42,with the new company organized and in actual con- 000 miles of road alluded to as having been operated
trol of the property. It only remains to issue the by receivers a year ago, but this step, too, was taken
securities of the new company in exchange for those to facilitate reorganization (which in this instance
of the old. The remaining $45 of the $50 assessment is handicapped by the existence of a multiplicity of
on the shares of the old company was paid in on conflicting interests all reluctant to make concessions)
Wednesday of last week, and this week a syndicate, and brings nearer definite readjustment of the comheaded by Lee, Higginson & Co. and the Guaranty pany's affairs.
Trust Co., is offering for sale $8,516,000 of the prior
This restoring to solvency of embarrassed railroad
lien 5%, Series "B" bonds, due in 1950. The New properties is a vital and an encouraging and assuring
Orleans Texas & Mexico, originally part of the St. fact in the situation. The resumption of their funcLouis & San Francisco, completed its reorganization tions by companies operating such a large proporas an independent company early in the year, and tion of the railroad mileage of the country means
last month William Salomon & Co. offered a block much for the security holders in the properties conof the 1st mortgage, 6% bonds of the new company, cerned and much for the communities which these
due Oct. 1925, being part of the total issue of $5,- important railroad systems serve. Value is given
870,000. The Western Pacific Railroad, another of to great masses of securities and a new future is
Nov. 18 1916.]
THE CHRONICLE
1817
opened up to railroad properties whose unfortunate trial situation of the country, of which there has
plight served to impair railroad credit generally.
been no lack of evidence for quite an extended period.
As,far as the larger of these renovated systems are In fact, in rather sharp contrast with the usual trend
'concerned, it can be said that reorganization has been of construction work to gradual contraction at this
on a sound and conservative basis. Fixed charges time of the year, October operations showed conhave been reduced so as to place them well within siderable expansion as compared with the previous
the minimum of earnings, large amounts of cash have month and a very appreciable gain over the same
been provided for the physical and financial im- period Of 1915, notwithstanding the current high
provement of the properties, and reasonable provision cost of material and labor. It does not follow, of
made in the new schemes of capital arrangement for course, that activity has been universal; it .has, howthe needs of the future.
ever, been near enough so as to indicate that the
Added strength.is given to the railroad system of country as a *hole continues to feel the Stimulus
the whole country by the restoration to health of of the phenomenal volume of business passing, and
these ailing members. As convalescence of the em- is taking steps to facilitate the handling of it. In
barrassed companies is, one after another, assured, some leading centres of trade—Chicago, Kansas
the railroad prospect should steadily brighten; and City, Minneapolis and Pittsburgh, for example-with present traffic and revenues expanding it should the latest month's operations fall behind those of a
be possible soon to advance railroad credit again to a year ago, but in each instance construction work
point where the investment capital needed for the for the year to date runs well ahead of 1915. On
proper development of United States railroads will the other hand, at many points, more particularly,.
be readily obtainable.
localities where war orders have been a decided imThere is, however, unfortunately, one dark cloud pelling cause, the volume of building operations very
that mars the otherwise brilliant prospect. It is largely exceeds all records. This is especially true
the attitude of that certain class of railroad employees of Detroit, Akron, Hartford, Worcester and Springwhich has recently compelled the abject surrender field, Mass. Finally, a large number of other cities
of Congress to its demands and secured the enact- report notable increases thus far this year, among
ment of a statute which, if sustained by the courts, them those of such prominence as St. Louis, Phirawill enormously increase the expenses of the railroads delphia, San Francisco, Milwaukee, Denver, Washat a time when prices for railway. material and sup- ington, Richmond, Toledo, Norfolk, Seattle, Duluth,
plies are rising to prohibitive figures. That statute Los Angeles, Nashville, Columbus, Canton, Indianis now to be tested in the courts. Upon the result apolis and New Bedford.
of this litigation and the action of the railway unions
Our returns for October 1916 from 163 cities
with regard to it, will depend the immediate future of furnish a total of projected outlay for building operathe roads. That issue will decide whether railroad tions in the United States of $88,239,015, or $16,securities are again to command the favor of investors 607,285 (23.2%) more than for the month of 1915
as of old. All other obstacles are out of the way. and 33 millions, or 60%, above the 1914 aggregate.
Inflated 'prices for material will disappear with the The operations contracted for in Greater New York
end of the war, but the burden of wages kept un- covered a contemplated expenditure of $14,413,510,
reasonably high by statute, in response to the clamor against $10,672,677 in 1915 and 88,863,278 in 1914,
of a class, cannot be shifted and will remain to per- the Borough of Manhattan being the scene of most
manently cripple unless the courts defeat the at- of the increase. For the country outside of this city
tempt.
the estimated outlay under the permits issued totals
$73,825,505, against $60,959,053 in 1915 and exTransvaal gold mining operations, although quite ceeds 1914 by 28 millions. The Middle West divirecently below previous high records of inonthly sion (28 cities) reports an aggregate of $31,161,533,
output, continue of satisfactory volume and assure against $25,305,506 last year, and the Pacific Coast
for the full year 1916 a total production the greatest section (14 municipalities) a total better by 3 millions
in the history.of the world's premier field. During than in 1915. The amotint -for 38 cities in the
October the result, as now cabled, was an aggregate Middle Atlantic region (not including this city) at
yield of 792,339 fine ounces, this being a decrease $14,357,920 is 1 millions above a year ago; New
from the hie' mark set a year ago of 5,392 fine England cities to the number of 24 give an
agounces, but a gain of 58,593 fine ounces over 1914. gregate of 2 millions over, and the South a total
For the year to date, however, there is a substantial more than a million greater than last year. The
increase as contrasted with 1915-7,738,010 fine "Other West," however, falls behind Vi of a
ounces comparing with 7,531,547 fine ounces—which million.
should be quite fully maintained, and a gain of
For the calendar year 1916 to date our compila-.
147,454 fine ounces over the previous banner year tion, embracing the identical 163 cities, makes a very
(1912), which November and December results are favorable exhibit, showing as it, does an aggregate
most apt to increase. With the returns from the in excess of any heretofore' reported for the period
remainder of Africa furnishing no tangible indica- and greater than in some recent 12 month periods.
tions of more than a nominal change in production The figures for the whole country for the ten months
this year as compared with last, it would seem there- of the last four years are 872 millions, 696 millions,
fore that for the whple of the country the 200,000 714 millions and 772 millions, respectively. Greater
fine-ounce excess in the Transvaal would about New York's operations at 202 millions exceed those
mark the increase in production to be looked for in of 1915 by 57 millions, and for the outside cities
1916 in that quarter.
the comparison is between 670 millions and 551
millions. Analysis of the returns by sections shows
Building construction operations in the United gains over 1915 to have been general, reaching 63/2
States in October 1916 reflected in marked degree million dollars in New England, 143. millions in the
the comparatively excellent commercial and indus- Middle section (New York City excluded), over 56
1818
THE CHRONICLE
(VOL. 103.
especially being complained of, and this serves to
restrict output. Night work is being resorted to
in a few of the mills in an effort to keep up with orders. It would seem that the shortage of cotton mill
operatives is to be explained, in part, at least, by the
opportunities offered for employment in other directions—presumably on war munitions, &c., and with
greater pay.
Analysis of the statement of dividends for the
fourth quarter of 1916 indicates that three mills made
no distribution, earnings having been applied instead to the reduction of the debts of the corporations.
On the other hand, a number of establishments increased the regular rate of distribution and in several
instances there were appreciable amounts passed
to stockholders in the form of extra dividends, these
ranging from 13/ to 8% and serving materially to
swell the quarter's total. In one case—the Stevens
Manufacturing Co.—moreover, a stock dividend of
over 70% was declared Nov. 1, the capitalization of
the corporation being raised from $700,000 to $1,Uncertainty as regards the labor situation at Fall 200,000 without the passing of additional funds.
River has seemingly been removed by the action of The aggregate amount actually distributed, or to be
the Manufacturers' Association on the 10th in paid out, but not including, of course, the stock diviaccording the 10% increase in wages requested by dend referred to, reaches $799,475, or an average
the operatives through the Textile Council on Oct. 19. of 2.64% on the invested capital, this contrasting
At that time a practical ultimatum was delivered with $348,417, or 1.15%, a year ago, $283,292, or
threatening a strike on Nov. 6 unless the advance 0.96%, in 1914, and $1,028,675, or 332%, in 1913—
was immediately granted; but eventually the request extra dividends accounting for much of the lastof the manufacturers' committee that action be de- stated total. For the full twelve months of 1916 the
layed until after a conference to be held Nov. 10 shareholders in the 38 corporations our compilation
was acceded to. On that date a general advance of covers have had on the average a greater return on
10% was offered, to go into effect Dec. 4, and pre- their investment than for several years previously,
sumably all danger of friction is removed. To in- receiving on a capital of $30,331,670 dividends agsure the stability of wages for at least six months gregating $2,349,992, or 7.75%, whereas in 1915 the
the Cotton Manufacturers' Association included the amount paid out was only $1,131,133, or 3.73%; in
following clause in the wage advance proposition:
1914 reached $1,243,792, or 4.21%, and in 1913
up $2,075,450, or 7.07%. The greatest
summed
"An advance in wages to go into effect Monday,
in our record is 11.09%, in 1907, and
Dec. 4, and to continue in effect six months from annual return
that date, no change in the schedule to be made the smallest 2.41%, in 1898.
Needless to say, the comparatively favorable showduring the time. At least one month prior to the
e
a
conferenc
period
months'
six
for the full year is due to the very satisfactory
the
of
ing
expiration
shall be held between the executive committee of the outcome of the last half of it, for notwithstanding
Manufacturers' Association and the executive com- the decided advance in the value of the raw material,
mittee of the Textile Council to discuss business prices for finished products have risen in greater
conditions."
ratio, thus increasing the margin of profit. Take
an example: one year
The Fall River cotton mills dividend compilation 28-inch 64x64 printing cloths as
yard; now the quoper
c.
A
35
quoted
for the final quarter of 1916 clearly indicates that ago they were
40 years.
over
in
highest
6c.—the
is
stockholders in the corporations, as a whole, are tation
benefiting from the improved conditions that have
There certainly is no indication in the reports reprevailed for some little time, and bid fair to
this week of any immediate cessation of the
ceived
EngNew
in
continue in the immediate future
Major
land's leading cotton-manufacturing centre. The 1916 campaign in the European War.
Military
of
Chief
Director
mere declaration of dividends is not a conclusive General F. B. Maurice,
proof of prosperity, of course, but evidence to Operations at the British War Office, in an interon
that effect is to be found in the recently issued view with the Associated Press in London
gains
British
that
prediction
the
made
Thursday
corporathe
annual statements of practically all
r of further
tions, which show a very much better financial in the Ancre Valley were only a forerunne
be made
will
which
condition than a year ago. Companies whose state- equally important advances
months.
the
winter
during
front
ments for 1915 exhibited a balance on the debit side, on the Western
the
that
said,
he
meant,
Ancre
the
on
in almost all cases now report substantial surpluses, The success
rest
much
enemy
the
give
to
going
not
were
Allies
while those more favorably situated have further
whenever weather
improved their situation. It is to be noted, too, that this winter. It meant too that
going to attack
were
they
permitted
conditions
beyond
rather
the demand for goods at this time is
pressure during
the ability of manufacturers to meet, production in and subject the enemy to unceasing
as possisome lines—fine goods more particularly—having the coming months so as to prevent as far
s in
ng
themselve
establishi
from
been sold up for three or four months ahead. A fac- ble the Germans
early
began
drive
British
new
A
tor working adversely to the manufacturing interests new positions.
it has
is the inability to secure a sufficient force of operatives on Monday amid fog and rain. Thus far
Beauand
Beaucourt
namely
villages,
three
netted
to man all the machinery, the shortage of weavers
millions in the Middle West, 113/ millions on the
Pacific Coast, nearly 20 millions at "Other Western" points and 11 millions at the South.
Returns for the Dominion of Canada, while showing recently some revival in building operations,
nevertheless make a rather poor or indifferent exhibit as compated with years prior to 1915. The
war, of course, continues an adverse influence with
our neighbor to the North, but it is also to be remembered that in the Western provinces for several
years prior to 1914 there was a tremendous boom in
building operations, and in that way the future was
considerably discounted. Reports from 49 cities
for October indicate a projected expenditure of only
$3,357,617 in 1916 and $2,640,462 in 1915, against
some 14 millions in 1913, and for the same cities
the contemplated outlay for the ten months totals
but $31,986,016 this year and $27,564,732 last year,
against 91 millions in 1914 and about 135 millions
in 1913.
Nov. 18 1916.]
HE CHRONICLE
mont-Hamel and St. Pierre Divion. In it the British
have thus far taken more than 5,000 prisoners. In
addition they have made an advance to the East
of the Butte de Warlencourt about three miles
Southeast of the important town of Bapaume.
The French also have made progress. The
village of Saillisel lying to the East of the PeronneBapaume in the Somme region of France on Sunday fell into their hands. The Germans responded by severe counter attacks against both
the British and French Lines. The former as a
rule maintained their gains, but the French positions were forced back slightly both north and south
of the Somme, the Germans making gains in the
western outskirts of the St. Pierre Vaast Wood,
north of the river and of the eastern part of the
village of Pressoire, south of the river. Later in
the week the Germans, after recapturing the village
of Saillisel, were again driven out. A German attack on Ablaincourt and Pressoire was an attempt
to break through the French lines on a front of
two and a half miles. The attacking forces consisted of a division and a half in the morning and a
similar force in the afternoon, the whole strength
being directed against the two villages. Six successive waves struck down upon these places between 7.30 and 10.45 on Wednesday morning and
before the afternoon had ended Pressoire had been
attacked twelve times. In no case was there any
piercing of the French lines and it is reported that
some of the German regiments lost 60% of their
effectives.
The Serbs, in connection with other Entente
troops, have been making distinct headway in
Macedonia, having seriously broken the Teutonic
lines both east and west of the Cerna, southeast of
Monastir and have captured four additional villages
east of the river. A battle that will decide the fate
of Monastir now is in progress. The great Balkan
scarp east of the fortress -is in possession of the
Allies and a frontal attack on the city is a comparatively simple task. The fall of Monastir would be a
distinct blow at Bulgarian pride. London military
authorities predict that there will soon be another
appeal from Sofia for German assistance in retaking
the fortress. Considerable activity coincident with
the Monastir advance also is reported by the British
force operating to the east of the Struma River.
In the Transylvania district a further retirement
on the part of the Rumanians has been forced in the
Alt and Jiel valleys, and the Teutonic forces also
have made progress in the Rothenthurm and Szurduk
Pass regions, taking 1,200 prisoners. On the West
Moldavia front Russian attacks east of the Putna
Valley were repulsed by the Teutonic allies, as also
was an offensive in the vicinity of Oituz Pass. As to
the situation in the Dobrudja, considerable differences appear in the reports from Petrograd and
Berlin. The former claim that the Russians have
made further progress southward and that the Teuton
allies continue to retreat, burning villages behind
them. Berlin denies that the Rumanians have captured the town of Bonasolo on the Danube.
Bombardments are taking place along the Entente
eastern front in Russia and Galicia, according to the
Petrograd War Office. Berlin reports a repulse of a
Russian attack southeast of Riga. As to the work of
the Italian troops the situation east of Gorizia is
obscured by the varying reports from the Vienna and
which record successes for
Rome war offices, botb
1819
their respective armies. The Austrians report that
they have captured another Italian trench in this
district, together with 60 prisoners and two machine
guns, while Rome records the re-occupation of
trenches evacuated by the Italians on Tuesday. In
Galicia, according to the Petrograd War Office, the
Russians have driven Austro-Germans from former
Russian trenches in the Narayuvka River region.
Berlin asserts, however, that attacks by the Russians
in this vicinity were repulsed. The Greek insurgents
have completed the evacuation of Kiterina, leaving
the town in the hands of a few French guards. The
Greek Government troops have recommenced their
withdrawal southward to take up quarters at Peloponesus on the Isthmus of Corinth in compliance with
the agreement between the Entente commanders
and the Royalists. Assurances that King Constantine has pledged his word that he will not in any
cumstances attack the Entente Powers' armies have
been made on high authority, according to dispatches
from Athens, and great hopes are based in court
circles on the sojourn at Athens of General Rogues,
the French Minister of War, and M. Benazet,
Member of the French Chamber of Deputies.
England seems to be realizing with a greater degree
of seriousness than has heretofore been the case, the
sacrifices that will be necessary to carry on a still
further protracted war. This is a quite natural development, in view of the hard fighting that the
British troops now are engaged in after nearly two
years of active military preparations. King George
on Thursday signed a bill that imposes most severe
regulations upon the nation's food supply. It will
place the entire supply under control of a Food Dictator, who may be either Lord Milner, former High
Commissioner for South Africa, or Lord Devonport.
This action follows the same lines as that undertaken
by Germany some months ago. There does not
appear any eager competition for the new post, the
experience of General Batocki, of Germany, probably
deterring many men who would be fitted for the
work from aspiring to it. During the debates on the
bill earlier in the week in Parliament, most of the
speakers approved the proposals of Walter Runciman, President of the Board of Trade, for dealing
with food problems, and only criticised the Government for having failed to take steps in this direction
long ago. Colonel Winston Spencer Churchill said
the only surprising thing was that it had taken
twenty-seven months of Armageddon to convince
the Government that these simple remedies were
necessary. No new circumstances had arisen. The
submarine menace has been exaggerated; it was a
grave menace, but the speaker doubted whether it
had played so great a part in affecting the food
supply as Mr. Runciman had suggested. Mr. Runciman announced in conclusion that he did not approve
of handing over the country's whole merchant tonnage to a Government department, as high freights
were only an infinitesimal factor in the prices of food.
He said he was grateful for the cordial reception of
his proposals and did not envy the task of the food
controller. This official would only succeed provided he had the support of public opinion, and if
everybody was prepared to sacrifice private interests
to the public good.
In France a National Board of Supervision is to be
appointed to institute rigid economies, while in
1820
THE CHRONICLE
Germany, which was the first of the belligerent
countries to put in force a system of food dictatorship; it is now proposed to mobilize for Government
service persons who are unemployed or are doing
work that can be dispensed with during the war.
The Bundesrath discussed on Thursday a Government bill to put this plan into operation. The scheme
contemplates the utilization of the entire available
population for the purpose of fighting the war to a
successful issue without disturbing the work in any
necessary industry. It is contemplated in the first
instance, it is stated, to ask for volunteers for.the
home army and not to resort to compulsory steps
at present, although this may be done later in the
case of persons who are unable to show that they are
engaged in some useful occupation. In order to
obtain a trustworthy basis for the home army the
Government has ordered a census of the entire home
population of Dec. 1, with occupations. From the
lists the organizers of the new industrial army will
be able to select persons available as workers.
1O3.
informally and unofficially with the Under Secretary
of Foreign Affairs, Herr Zimmerman. The latter
admitted that a definite policy had been adopted to
enforce the labor of Belgians in cases where "they
would not work voluntarily, on the ground that so
many refused to work as to make the strain on public
charity intolerable.
The London Stock Exchange is not to observe
Saturday as a holiday during the remainder of the
fiscal year which ends in March, notwithstanding
that there has been presented to the Exchange
Committee what is believed to be the most widely
signed petition in favor of such action ever presented
by members. The Committee itself was divided so
equally on the question that it took the casting vote
of the chairman to decide. This decision will not
prevent special Saturday holidays. Keen interest has
been taken in the result. The petition being so
liberally signed may be considered significant of the
expectation, which is so general in London financial
circles, that business during the next half-year is to
The food situation and the problems of reorganizing continue on very moderate proportions. No change
the present supply channels, which have proven was made in the Bank of England rate on Thursday,
inadequate to meet the needs of the population, are but there is an appreciably easier tone in money
the principal questions before the Russian Duma, circles—a situation that is expected to continue and
which resumed its sessions on Thursday, after four still further increase as the end of the year approaches.
months adjournment. The Duma is expected to Active purchases of Treasury bills have been reexpress itself at an early date on the advisability of ported this week, the demand in this respect reflecting
transferring management of supplies from the a belief that present rates of these bills soon will be
Ministry of Agriculture to the Ministry of the Interior. reduced. London correspondents suggest that the
The Russian press and public are said to be unani- minimum discount in Threadneedle Street will be
mously demanding immediate action which will reduced before the close of the year and that the
allow the people to benefit from the ample resources general money situation will develop corresponding
of the country. These, if properly handled, it is ease, in order that a favoring atmosphere may be
contended, will be sufficient to provide for the entire prepared for the new long-term war loan, which is
population at prices not exceeding those of the expected to be offered early in the new year, after
the Jan. 1 payments have been completed and the
other countries at war.
usual January ease in the English money situation
ensues.
has
Grey,
Viscount
Secretary,
Foreign
The British
It is also of interest to refer to reports that are
replied under date of Oct. 12 to the protest of the
United States against the British blacklisting of current in usually well-informed circles in New York
firms domiciled within the United States. The text that a renewal of importations of gold to this centre
of the reply was made public by our State Depart- is to begin soon after Dec. 1. This movement
ment on Tuesday. The British Secretary defends would not be surprising in view of the necessity that
the blacklisting on the legal ground that its sole will be present for maintaining the relative ease in
purpose and effect is to restrict the action of British the money position in New York to that to be created
subjects within British territory, and that it thus is in London. Any other result if permitted to constrictly local legislation not subject to protest by the tinue for a protracted period would make the task
United States. We print the reply in full on a sub- of maintaining the English and French exchanges
in New York on their current basis a particularly
sequent page.
difficult one, as higher rates at home than abroad
would afford encouragement to draw American
the
State.
reached
have
that
reports
of
In view
Department at Washington, especially of protests funds back from London. The disposition in London
by the Belgian Government, that Belgian civilians is to regard reports from New York as to our bankers'
were being deported into Germany for forced labor, dislike of the deluge of gold and their fears of inflathe American Charge at Berlin, Mr. J. C. Grew, tion as exaggerated. "Both are, however, admithas been directed by the State Department to discuss tedly present dangers," says the London correspondthe matter personally with the German Chancellor, ent of the "Evening Post"; "yet you are in a curious
Dr. von Bethmann-Hollweg. Mr. Grew has been position. Assuming that the war continues twelve
instructed to say that such deportations could not months longer, your power over the resources of
but have a most unfortunate effect on neutral the Allies will be enormous. Your bankers' counsel
opinion, particularly in the United States, which has as to receiving payment for war orders, not in gold
the welfare of the Belgian civilian population very but in credits, without collateral, is on sound lines,
much at heart. No accurate information has been because that is the only possible means of consolireceived either as to how many have been deported dating your position after war, and making New
or where. The work to which they have been sent York the great monetary centre. That argument,
is designated as "industrial." The instructions to in fact, receives indirect confirmation from the fact
Mr. Grew followed a long report from that official, that, however much of temporary inconvenience
in which he stated that he had discussed the situation your insistence on gold or on loans secured by collat-
Nov. 18 1916.1
THE CHRONICLE
1821
eral might occasion, it is to us almost a relief when Chancellor with the intention of making an offer at no
you prefer such methods. They are, however, quite distant date. Some are in favor of two kinds of
unfitting to a great banking centre. For ourselves, securities, one subject to and one free of the income
we not only recognize the genuineness of your sud- tax, but it is believed that Mr. McKenna does not
denly acquired wealth, but are even more impressed favor the latter proposition. An outstanding feature
by speeches of Mr. Loree and others, showing your of the money market was the strong demand from
financial leaders as sternly determined not to lose banks in neutral countries for commercial bills of
their heads over war prosperity, but rather resolved three months' currency.
to take every precaution to avoid the dangers of
inflation, and consolidate prosperity."
How severe are the measures that are being taken.
Still another feature that is likely to result from in the interest of national economy in France may be
a large gold influx in New York during the closing judged from the fad that notice has been given of
month of the year is its effect on current sentiment the introduction of a bill in the House of Deputies
as to the desirability of arranging a new British or compelling the newspapers to cut their issues down
Anglo-French loan here based entirely on credit— to 2 pages, twice a week, in order to save print
i.e., without the deposit of collateral security. That paper. A decree, too, has been issued that all stores
such a loan should be placed and that it would be throughout France except those of food supplies
successful seems the opinion of a number of financial shall after Nov. 15 close at 6 o'clock p. m., the purpeople who should be qualified to judge matters pose being to economize fuel and light. A tax on
of this character in a practical way. An experiment meals in restaurants which exceed 5 francs has also
which will indicate to some extent the attitude of been ordered. Restaurants and cafes are to close
American investors to unsecured foreign loans is at 9:30 p. m., instead 10:30 p. m. Theatres will be
to be tried in a short time by an offering of $50,000,- closed on Mondays, moving picture houses on Tues000 five-year 532% gold bonds of the Imperial days and cafes, concert and music halls on WednesRussian Government. If this should prove success- days. Parisians have been startled to hear that the
ful, a British loan,in view of the higher credit con- elevators of many buildings will be stopped for the
cerned, could well be undertaken if the amount is same purpose. The coal supply of the Western Allies
not too large. The offering price of the Russian is drawn from England, which must partition the
bond will be 949 and interest, making the yield on fuel for Italy and France, and, to some extent, for
the investment approximately 63
4%. There has, Switzerland and Spain. The lack of both sea and
as we have shown in recent issues of the "Chronicle," railway transportation facilities limits deliveries.
been more or less of a propaganda designed to en- A National Board of Supervision, presided over by
courage public sentiment in favor of such an un- ex-President Armand Fallieres, will be invested
secured British loan. The bankers who have with large powers in an effort to stop waste and to
spoken so freely in favor of an experiment of this compel savings in the use of coal, light and provisions.
character have laid especial stress upon the danger Little business has been reported in financial circles
that may be expected to accrue from credit inflation at the French centre. In view of the increased
based upon an excessive supply of the precious expenditures the railroads in France have asked permetal. They argue that a large bond issue could mission to raise rates, both freight and passenger.
readily be placed and that this, more than any other Since the beginning of the war the losses of the
State
method available, woad operate against any such railroads are stated to have been 370,000,000
francs,
danger.
while the other roads have lost 790,000,000, and all
•
Bankers in London are reported by cable to be indications are that next year they will be nearly
discussing the American gold surfeit, which it is double the losses of last year. While receipts are
feared, to quote one correspondent, may cause contracting, expenses are increasing. Coal, rails,
dangerous inflation, or "an outburst of speculation oil, grease and wood all are much higher, and the
like that now proceeding in Japan. Satisfaction is roads see no hope unless they are allowed to increase
felt that the new Japanese Government, though their rates. Coal, for example, is said to be up
300
suspected of aggressive militarism, is continuing the to 400%, steel is up 200 to 300 and certain structural
prudent course and canceling its debt in London. shapes 1,000%. Arrangements have
been completed
Japan has announced the cancellation of a further in New York for three loans of
$20,000,000 each to
£500,000 414% loan, making a total of £2,500,000 three French cities—Marseilles, Lyons
and Borredeemed since April last. The revenues of the deaux—convered by three-year 6%
bonds. Details
United Kingdom last week amounted to £7,427,000 are given on a subsequent page.
and the expenditure 06,438,000. The amount of
Treasury bills outstanding was increased by L12,News by cable of a financial character from
676,000. Sales of Exchequer bonds amounted to Germany or its
allies is very scarce at the moment.
£12,726,000 and of other war securities £1,647,000. Even the German
Bank statement is coming with
British home rails were inclined to sag because of
considerable irregularity. The amount paid on
unsettlement among the employees of the London
subscriptions to the fifth German war loan up to
& Southwestern Line. An instance of the prosperity
Nov. 7 is reported at 8,924,000,000 marks ($2,123,that exists in the shipping circles is contained in
912,000), or 83.8% of the total. The forthcoming
the statement that the Khedivial Mail Steamship Austro-Hung
arian 6% war loan, according to the
Co. declared 25% for the year to June 30.. British Overseas
News Agency, will be issued at 97.70.
Consols closed at 56, which compares with 5631 a The
53/2% loan, redeemable at 105 in two years,
week ago. Money on call in London has declined will, it is stated,
be issued at 96. The subscriptions
to 4%%, against 5% last week. As to the new war for these loans will run
from Nov. 23 until Dec. 27.
loan, London opinion as to the probability of further
long borrowing and the terms and time of issue still
Official bank rates at the leading European centres
differs widely, but an increased number credit the continue to be
quoted at 5% in Paris, Vienna and
THE CHRONICLE
1822
=NNW
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 has not been changed from 532®
5V% for sixty-day and ninety-day bills. Cables
%%—an advance for the week of
from Berlin give 45
H%—as the nominal private bank rate at that
centre. No reports have been received by cable of
open market rates at other European centres, as far
as we have been able to learn. Money on call in
London is Yi% lower at 4%%.
The Bank of England in its weekly statement disclosed a small loss in its gold item this week, as
against the substantial increases recorded the two
previous weeks. The decline was £18,810, while
note circulation again decreased—£277,000—in consequence of which the total reserve increased £258,000. The proportion of reserve to liabilities, however, declined to 22.55%, against 23.20% last week
and 27.49% a year ago. Public deposits expanded
£2,141,000 and other deposits £3,673,000, while
Government securities continue without change.
Loans (other securities) this week registered an
increase of £5,551,000. The Bank's holdings of the
precious metal aggregate £56,476,421, which compares with £53,569,667 in 1915 and £72,570,142 the
year preceding. Reserves amount to £38,031,000,
against £39,005,747 and £55,706,732 one and two
years ago, respectively. Loans now stand at £106,233,000, comparing with £101,761,023 last year and
£107,103,443 in 1914. The Bank reports as of Nov.
12 the amount of currency notes outstanding as
£124,861,885, against £123,718,199 a week ago.
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:
The gold holdings abroad, which are understood to
represent contributions by France to the Allied gold
pool for the common use of all the Allies in the purchase of munitions, have been repeatedly increased
since June 8 1916, when the Bank of France first
began to show amounts so held, the increase since
that date being from 69,182,975 francs to 1,078,038,650 francs, a gain of 1,008,855,675 francs.
The amount of gold held by the Bank itself has
been reduced since June 8 1916 from 4,676,061,938
francs to 3,944,965,575 francs, a decrease of 731,096,363 francs. Combining the gold at home with the
gold abroad, there has been a net gain in the grand
total for the period from June 8 1916 to Nov. 16 1916
of 277,759,312 francs, or from 4,745,244,913 francs
to 5,023,004,225 francs. In the following table we
show the changes week by week in the gold reserve
of the Bank from June 8 1916 to date:
• RESERVE OF TI!E BANK OF FRANCE.
GOLD
BANK OF ENGLAND'S COMPARATIVE STATEMENT.
1912.
1913.
1914.
1915.
1916.
Nov. 20.
Nov. 19.
Nov. 18.
Nov. 17.
Nov. 15.
36,894,000
Circulation
Public deposits_ _ _ - 53,738,000
114,924,000
Other depo6its
42,188,000
Govt. securities_
106,233,000
Other securities_
Reserve notes and
38,031,000
coin
56,476,421
Coln and bullion
Proportion ofreserve
22.55%
to liabilities
6%
Bank rate
33,013,920
50,181,683
91,676,189
18,895,068
101,761,023
35,313,410
16,286,301
147,334,725
18,600,753
107,103,442
28,402,960
10,611,297
38,248,144
11,784,772
27,987,325
28,277,095
13,883,639
40,635,313
13,034,576
31,670,772
39,005,747 55,706,732 6,867,522 . 27,638,059
53,569,667 72,570,142 36,820,482 37,465,154
27.49%
5%
34.04%
5%
55.00%
5%
50.67%
5%
The Bank of France reports a further increase this
week in its total gold holdings, the amount of the
addition being 13,604,650 francs. The gain this
time, however, a cablegram from our special correspondent informs us, is wholly in the balance held
abroad, the amount of _gold in the vaults of the Bank
itself having been correspondingly reduced. In other
words, the amount of gold standing to the credit of
the institution abroad has risen from 876,219,700
francs to 1,078,038,650 francs, an increase of 201,818,950 francs, while the amount of the precious
metal held by the Bank itself has been reduced from
4,133,179,575 francs to 3,944,965,575 francs, or
188,214,300 francs. The total at home and abroad
increased during the week from 5,009,399,575 francs
to 5,023,004,225 francs. At the corresponding date
last year the total goldIheld (all in vault) aggregated
4,807,117,230 francs, and in 1914 the aggregate was
4,141,350,000 francs.
[VoL. 108.
Abroad.
In Bank.
Francs.
Week ending— Francs.
4,676,061,938 69,182,975
June 8
4,580,401,022 170,107,636
15
4,586,811,159 170,107,636
22
4,492,201,097 271,055,668
29
4,498,645,443 271,055,668
July 6
4,504,487,355 271,055,668
13
4,509,222,283 271,055,668
20
4,515,457,548 271,055,668
27
4,522,135,934 271,055,668
Aug 3
4,426,380,856 371,965,271
10
4,430,175,672 371,965,271
17
4,335,172,029 472,885,788
24
4,238,958,193 573,773,871
31
4,243,545,828 573,773,871
Sept. 7
4,247,825,666 573,773,871
14
4,152,170,201 674,553,075
21
4,158,198,210 674,553,075
28
4,165,888,287 674,558,075
Oct. 5
4,181,975,850 674,558,075
12
4,211,226,617 674,558,075
19
4,247,421,247 674,558,075
26
4,115,807,300 876,212,950
Nov. 2
4,133,179,875 876,219,700
9
3,944,965,575 1,078,038,650
16
Total.
Francs.
4,745,244,913
4,750,508,658
4,756,918,795
4,763,256,765
4,769,701,111
4,775,543,023
4,780,277,951
4,786,513,216
4,793,191,602
4,798,346,127
4,802,140,943
4,808,057,817
4,812,732,064
4,817,319,699
4,821,599,537
5,826,723,276
4,832,751,285
4,840,446,362
4,856,533,925
4,885,784,692
4,921,979,322
4,992,020,250
5,009,399,575
5,023,004,225
The silver item showed a reduction for the week of
6,611,000 francs. Total silver on hand now amounts
to 319,189,000 francs, which compares with 362,231,353 francs in 1915 and 625,325,000 francs in 1914.
Note circulation- registered a further decrease of
78,259,000 francs, reflecting repayments by the
Government to the Bank and the consequent ability
of the latter to call in its notes. General deposits,
which showed a substantial increase last week,
declined 67,703,000 francs; bills discounted decreased 13,695,000 francs, and Treasury deposits
49,661,000 francs, while the Bank's advances declined 7,997,000 francs. Note circulation is now
15,894,263,000 francs. Last year it amounted to
14,210,787,610 francs, and in 1914 to 6,683,175,000
francs. General deposits aggregate 1,730,120,000
francs, against 2,616,912,381 francs and 947,575,000
francs one and two years ago, respectively. Bills
discounted amount to 618,356,000 francs, as compared with 282,303,156 last year, and advances total
1,366,986,000 francs, against 567,972,911 francs in
1915. In 1914 bills discounted and advances combined aggregated 3,202,975,000 francs. Treasury
deposits are 72,392,000 francs. A year ago they
stood at 56,265,799 francs and in 1914 at 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.
Nov. 18 1916]
THE CHRONICLE
The Imperial Bank of Germany in its statement
issued November 7 shows the following changes:
Total coin and bullion inp reased 5,629,000 marks.
Gold increased 5,805,000 marks; Treasury notes increased 23,497,000 marks; notes of 'other banks
increased 2,632,000 marks; bills discounted decreased
82,216,000 marks; advances increased 845,000,
marks; investments decreased 11,064,000 marks;
other securities were reduced 25,739,000 marks;
notes in circulation showed a reduction of 14,113,000
marks; deposits decreased 54,695,000 marks, while
other liabilities were decreased 17,608,000 marks.
Total gold holdings now stand at 2,511,880,000
marks, which compares with 2,432,490,000 marks
in 1915 and 1,885,416,000 marks the year previous.
1824
tion is now $31,067,000, a decline of $310,u00.
Aggregate reserves sustained a reduction of $10,765,000, to $693,207,000, as against $750,650,000 the
preceding year. The reserve required registered an
increase of $14,473,790. The bank statement is
given in fuller detail in a subsequent section of this
issue.
Referring to money rates in detail, loans on call
0
continued to range at 2@23/2%. On Monday 23.4,7
was the minimum, with 23/2% the high and renewal
rate. Tuesday the range was 2@23/2% and 23i%
the basis for renewals. On Wednesday and Thursday 23'1% proved the low and ruling quotation and
23/2% the maximum. Friday's range continued at
23@23/270, with the ruling rate 234%. Time
money continues easy, but quotations for some
maturities, notably the longest and shortest periods, did not again go as low as at the close of last
week. Sixty-day money was advanced to 3%,
against 2%@3%; ninety days at 3@v331% (unchanged); four months3%%, against 3@33%, and
five and six months at 33@332%, against 334% a
week ago. The volume of business transacted was
not large. Last year sixty days was quoted at
21
/
1@23/
2%, ninety days at 2%%, four months at
2%@3%, five months at 3%, and six months at
3@33'1%. Commercial paper rates were not changed
during the week from 33
/
1@332%for sixty and ninety
days' endorsed bills receivable and six months' names
of choice character. Names less well known still
require 3%@4%. The Federal Reserve Bank of
New York, as also the Federal Reserve Bank of
Boston, this week marked up its rates for bankers'
acceptances 38@3i% all around, and quotations at
this centre for banks' and bankers' acceptances are
now as follows:
,
1 Minneapolis.
In local money circles lenders have been demanding a• shade higher rates for loans secured by "all
industrial" Stock Exchange collateral. But funds
are still readily available for all legitimate purposes,
and the incident is of interest solely from the fact
that it marks the first reaction in the steady trend
towards easier conditions that has been so obvious
{luring the last few months. We discuss in a preceding paragraph a report that gold importations
soon are to be resumed and that the British Treasury
in view of the necessity of providing a favoring financial atmosphere for the distribution of its new longterm war loan early in the new year will take steps
to provide an easier money situation at home there.
This we show will entail provision for a comfortable
situation in money circles in New York. Otherwise
it would be an exceedingly difficult matter to retain
control of the sterling and French exchanges.
Official announcement has been promulgated of the
completion of negotiations for a $50,000,000 Russian
Spot Delivery-- Delivery
loan with a local syndicate of bankers who are exNinety
Sixty
Thirty
within
Days.
Days.
Dar,.
30 Days.
pected to offer this amount in whole or in part for Eligible member banks
234sg234 234@235 235@234 335@254
Eligible non-member bills
234(g)2% 234@234 2350235 3540234
public subscription next week. The loan is unse- Ineligible
33463
334@235
3023i 335@33
bills
cured and will run for 5 years. The issue bears
The discount rates at the different Reserve banks
interest at 53/2%, but will, it is understood, be. throughout the country are shown in the following:
DISCOUNT RATES OF FEDERAL RESERVE BANKS.
offered at 94% and interest or on about a 6%% basis.
•
Three loans of $20,000,000 each have been arranged by Kuhn, Loeb & Co. for the French cities
CLASSES
•
OF
S
of Marseilles, Lyons and Bordeaux. Bonds covering DISCOUNTS AND LOAN' 1 >,
t
11i g
these transactions are to be offered for public subi
it
t,
scription in the near future. The bonds will carry Commercial Papa—
------------------------------3
1 to 10 days maturity
6% and have a 3-year maturity. Fuller details of 1to15
itto30
334
the transaction appear on a subsequent page of this 15to30
: 4 : : i i i i iii
;
4
4 4
4)4 4 4
4
4
4 4
31 to 60 "
43,44
"
issue.
4 4344
4
4
4 4344
434 4% 4
61 to 90 "
"
434
and
• The weekly statement of New York • Clearing A yrieultural
Live-Stock Paperdays to 6 months maturity 5 5 435 5 435 5 5 5 5 5 434 534
House banks and trust companies, issued last Satur- 91
Promissory Notes of Member
day, proved disappointing, showing—as a result of 1.Banks
to 15 days maturity
334 4
334 3 334 335 335 335 335 3 4 4
payments in connection with the new British loan— Trade Acceptances1 to 30 days maturity
335 335 335 3 354 354 --- 3 334 4 ”i 3
the unusually heavy increase in the loan item of 31 to 60
335 335 335 354 354 335 ___ 3 335 4
'
335 3
"
61 to 90 "
334 3% 335 4 334 334 .... 334 334 4 335 335
"
$97,776,000, while net demand deposits were ex- i
Commodity Paperto 30 days maturity
--_ 3 335 4 3 334
334 ___ 334 --_ 334 3
panded $87,867,000 and net time deposits $3,775,000. 311 to
, 3 35 ___ 3A ___ 334 3
-... 3 3544 3 4
60
"
to 90 "
314 ....... 3% ___ 3% 3 --- 3 334 4 3 4%
"
In consequence of these changes, the surplus reserves 61
61 day.'to ft mnntha maturlt v
S
suffered a loss of $25,238,790, which brought the
OPEN MARKET DISCOUNT AND PURCHASE RATES OF FEDERAL
total excess reserve down to $98,868,250 as comRESERVE BANKS.
pared with $193,845,370 at the corresponding date Bankers Acceptances—Authorized discount rate for all Federal Reserve banks;
minimum, 2%; maximum, 4%.
a year ago. Reserves in "own vaults" decreased
Trade Acceptances—Bills with maturities of 90 days or less, purchased In open
reqrket
without member bank endorsement, by New Orleans branch of Atlanta
$7,951,000 to $466,724,000, of which $399,963,000
Federal Reserve Bank; 33i to 4%.
is specie. A year ago the total in own vaults was Commercial Paper
purchased In open market by Dallas Federal Reserve
$533,078,000, including $478,354,000 in specie. Bank; 3 to 5%.
Bills of Exchanye.—BIlle purchased in open market by Atlanta Federal Reserve
Reserves in Federal Reserve banks were also de- Bank; 33,4 to 535%.
creased $5,217,000 to $170,870,000, against $169,- Bills With or Without Member Bank Endorsemen8.—BUla with maturities 01 90 days
or leas purobas din open market by St. Louis Federal Reserve Bank; 2 to 4%.
031,000 last year. Reserves in other depositories,
however, increased $2,403,000 to $55,613,000, which
In the absence of really new developments sterling
compares with $48,541,000 in 1915. Note circula- exchange continues to furnish an uninviting subject
.
1
1824
THE CHRONICLE
for discussion. There is no market in the sense
that trsansactions are on the basis of rates subject
to negotiation. Quotations virtually are pegged
and represent an arbitrary level at which bills are
available for purchase and sale. There has as yet
been no renewal of importations of gold though
the precious metal is expected in important banking
circles to begin to come in again toward the close
of the month or during the early days of December.
Meanwhile some small amounts of the precious
metal have been taken for export, a local financial
institution having engaged $90,000 for London
while ,900,000 has gone to Argentina, $100,000
to Montevideo and $800,000 to Cuba. It is understood that the demand for Argentina is quite heavy
and that additional amounts would have gone forward except for the handicap of heavy insurance
rates.
Compared with Friday of last week, sterling exchange on Saturday was not quotably changed and
demand bills continued to rule at 4 75%@4 75 11-16,
cable transfers at 4 76 7-16 and sixty days at 4 713.
On Monday dealings were still marked by a lack of
animation, although rates were steady and again
quoted at 4 75%@4 75 11-16 for demand, 4 76 7-16
for cable• transfers and 4 71% for sixty days. Very
little of interest transpired on Tuesday and sterling
remained at the levels of the previous day. Wednesday's market was quiet but steady and demand was
not changed from 4 75%@4 75 11-16, cable transfers
from 4 76 7-16 and sixty days from 4 7134; a renewal
of buying of cable transfers by an international
banking house represented the most active feature of
the day's operations. As is often the case, Thursday's dealings were dull and featureless; demand advanced fractionally to 4 75.65@4 75 11-16, although
cable transfers and sixty days were still quoted at
4 76 7-16 and 4 713.i, respectively. On Friday the
market was quiet but steady and in instances fractionally higher. Closing quotations were 4 719/
8@
4 713/
2 for sixty days, 4 75.65@4 75 11-16 for demand, and 4 76 7-16 for cable transfers. Commercial sight finished at 4 7532, sixty days at 4 703/8@
4 71, ninety days at 4-689, documents for payment
(sixty days) at 4 709@4 71, and seven-day grain
bills at 4 74 11-16. Cotton and grain for payment
closed at 4 7532.
In the Continental exchanges this week movements
as a rule were uninteresting and transactions were
again light. The most noteworthy feature proved
to be the rally in rubles, which went up to 30.85—
after a decline to 29.40—presumably on the successful completion of arrangements for the new Russian
loan to be placed here. Lire continue to move
irregularly, an upward reaction during the opening
days of the week having been followed by another
decline to as low as 6.71%, due mainly to moderate
offerings coming upon an extremely narrow market.
Reichsmarks developed renewed weakness and sight
bills at one time broke to 69 5-16 minus 1-16, the lowest point touched in some time. The recent reverses
experienced by German troops on the Western battle
front were held responsible for the depression. Kronen,
moving in sympathy with exchange at Berlin, again
reached a new low record, viz., 11.84, and closed
weak. Francs ruled steady and showed but slight
net changes. The sterling check rate on Paris
closed at 27.813'2 (unchanged). In New York sight
2, unbills on the French centre finished at 5 843/
[Vol,. 103.
changed; cables at 5 833/2, also unchanged; commercial sight at 5 85, against 5 85%, and commercial
sixty days at 5
against 5 89% last week.
Demand bills on Berlin closed at 69 5-16 minus 1-16,
and cables at 69% plus 1-16, compared with 69%
and 69 13r16 a week ago. Kronen finished at 11.84,
against 11.86 the week preceding. Rubles closed
at 30.85, against 29.65 Friday last. Lire finished
at 6 71% for bankers' sight and 6 703. for cables.
A week ago the close was 6 65 and 6 6431, respectively.
In the neutral exchanges the trend has been
towards slightly easier levels, although net changes
were for the most part unimportant. Swiss exchange was steady, Scandinavian rates were fractionally easier, while guilders remain pegged at the
figures prevailing a week ago. Bankers' sight on
Amsterdam closed at 40% (unchanged); cables at
40 15-16 (unchanged); commercial sight at 40% (unchanged), and commercial sixty days at 40% (unchanged). Swiss exchange finished at 5 20 for bankers' sight and 5 19 for cables, against 5 23 and 5 2214
last Friday. Greek exchange (which is still regarded
as neutral) , has remained at 5 14. Copenhagen
checks closed at 27.00,compared with 27.10. Checks
on Norway finished at 27.70, against 27.74, and
checks on Sweden closed at 28.32, against 28.40
the previous week. Spanish pesetas were again
strong dnd finished at 20.35, comparing with 20.36
at the close on Friday last.
The New York Clearing House banks, in their operations with interior banking institutions, have
gained 36,000 net in cash as a result of the currency
movements for the week ending Nov. 17. Their
receipts from the interior have aggregated $7,384,000,
while the shipments have reached $6,948,000. Adding the Sub-Treasury and Federal Reserve operations and the gold exports, which together occasioned
a loss of $18,196,000, the combined result of the flow
of money into and out of New York banks for the
week appears to have been a loss of $17,760,000, as
follows:
Into
Banks.
Week ending Nov. 17.
Banks interior movement
Sub-Treasury and Fed. Reserve operations and gold exports
Total
Out of
Basics.
Net Change in
Bank Holdings.
$7,384,000
$6,948,000 Gain
31,882,000
50,078,000 Loss 18,196,000
539,266,000
$57,026,000 Loss $17,760,000
$436,000
The following table indicates the amount of bullion
in the principal European banks:
Nov. 16 1916.
Nov. 18 1915.
Banks of
Gold.
England_ _ 56,477,421
France a_ 157.798,623
Germany 125,594,000
Russia _ 155.877,000
Aus-Hun.c 51,578,000
Spain _ _ _ 47,532,000
Italy
37,082,000
Netherl'ds 48,637.000
Nat.Bel_h 15,380,000
SwItz'land 11,435,500
Sweden _ _ 9,886,000
Denmark _ 8,340,000
Norway_ _ 6,127,000
Silver.
I
Total.
Gold.
Silver.
Total.
53,569,667
56,476,421 53,569,667
12,767.480 170,566,103 192,284,680 14,489,240206,773,020
799,700 126,393,700 121,660,100 1.820.250123.480,350
10,699,000 166,576,000160.367,000 1.939,000162,306.000
12,140,000 63,718,000 51,578,000 12,140,000 63,718,000
29,649,000 77,181,000 32,566,000 29,547,000 62,113,000
3,072,000 40,154,000 45,990,000 4,445,000 50,435,000
206,500 33,551,500
544,300 49,181,300 33,345,000
600,000 15,980,000
600,000 15,980,000 15,380,000
9,807,600
11,435,500 9,807,600
6,298,000
9,886,000 6,298,000
247,000 6,164,000
168,000 8,508,000 5,917,000
3,760,000
6,127,000 3,760,000
Tot. week.731,743,544 70,439,480802,183,024732,523:047 65,433,990797,957,037
Prey.week 739,050,566 70,758,77 809,803,336 731.503,474 65.106,430796,800,004
a Gold holdings of the Bank of France this year are exclusive of £43,121,546
held abroad.
The gold holdings of the Bank of Russia for both years in the above statement
have been revised by eliminating the so-called gold balance held abroad.
c July 30 1914 in both years. h Aug. 6 1914 in both years.
AFTER—ELECTION CONSIDERATIONS.
It is usually the rule, in the American community,
that discussion of electoral results almost vanishes
as a leading topic of conversation within a few days
of actual announcement of the result. For this habit
there are two obvious reasons. One is that our
present campaigns are conducted under such circumstances of excited controversy—often prolonged
Nov. 18 1916.1
THE CHRONICLE
for a period of months and ordinarily culminating
.n high tension of personalfeeling at the last—thatthe
Ipublic mind is satiated, and turns with relief to other
topics when the matter is settled. If a Presidential
election meant the prompt installing of a newlyelected President -and Congress in office, with whatever change in personnel and policies were involved,
public interest would doubtless shift to such considerations. But even that kind of interest is suspended by the curious and largely accidental fact
in our political system, whereby the President elected
in November is not inaugurated until March, and
the Congress chosen with him usually does not convene until December of the following year unless
called in extra session after the 4th of March.
While for these reasons discussion of issues and
personalities in a Presidential campaign does not
continue many days after election, public interest
nevertheless continues to converge on certain more
general considerations •to which attention is attracted by the nature of the vote. Almost invariably, discussion is revived as to the defects in our
system of electing Presidents. But curious questions
are also bound to arise in connection with the popular
vote and popular pluialities. Regarding the lastnamed consideration, there is food for curious conjecture in the results of 1916. This is especially so
in the immense increase of the total vote. It is impossible as yet to obtain exact figures from all the
States; especially in the Southern section. But it is
possible to state roughly the actual results, and in
last week's election the preliminary and partly estimated figures show the extraordinary increase of
2,300,000 votes for the Republican and Democratic
parties combined, over the combined vote of 1912 for
Republicans, Democrats and Progressives.
It is true, however, that the total vote of 1912
showed a slight decrease—about 177,000—from that
of 1908, and this despite the great increase in population during the four intervening years. Yet even
so, the increase shown in last week's vote is almost
unprecedented. The nearest parallel occurred at the
election of 1896, when the vote cast for the Republican and Democratic parties combined increased
2,888,000 over the vote for the same two parties in
1892. That increase was partly due to the intense
excitement of the free coinage campaign of the later
year; but it was also largely explained by the fact
that the Populist Party in 1892 polled something
over a million votes. If that vote were included in
the combined figures for 1892, the increase in the
vote of 1896 would be much reduced, even allowing
for the 357,000 votes cast in 1896 by the Populist
Party and the Gold Democracy.
One important reason for last,week's very large increase in the vote was undoubtedly woman suffrage. In
Illinois, for instance, where women voted for President for the first time last Tuesday, the State's
total vote was apparently.increased more than 500,000 over 1912. There seems to have been a largely
increased feminine vote in many other Western
States where woman suffrage already prevailed. For
the rest, it is probable that the increase in last week's
total vote reflects the increase of the country's population during the past eight years; the vote of 1912,
as we have already explained, having wholly failed
to reflect the increase in the electorate during the
previous four years.
As is always the case in a close election—especially
when the result hinges on the block of electoral votes
1825
to be cast by one State, like the thirteen votes of
California—discussion recurs over the disadvantages
in our system of choosing the President. It generally
takes the form, as it has been done in this week's
newspaper discussions, of an argument for reversion
to decision by the direct popular vote of the United
States as a whole, the choice of President to be made
by the majority or plurality in that vote. Now our
existing system is quite generally recognized as cumbersome. It has in fact ceased for a century past to
carry out the original purposes of the Constitution—
which, as every one knows, was for the States to
choose wise public men who,in the so-called Electoral
College, should select the President and Vice-President in the light of their larger knowledge.
While this function has wholly disappeared, retention of the machinery whereby voters choose the
State's electors, and the electors fulfill the mandate
of party nominations, has certainly some objectionable aspects. Sometimes it confuses the vote of a
State through failure, intentional or accidental, of
part of the electorate to vote for all of the electors
of a given party. Electors are sometimes disqualified; they may die; and these risks of defeating the
general purpose of the electorate are now taken
without the slightest remaining compensatory advantage. It may also possibly be contended that the
system of allowing each State a vote in the Electoral
College, equal to that State's Senators and Representatives, gives undue relative power in a Presidential election to the small States, which will always
have as many Senators as the most populous States
in the country. On the whole, there is much to be
said for determining the result in a given State
by direct vote of the people of that State for
President.
But to argue for removal of all voting by States,
and for submission of the question to direct vote of
the people of the United States as a whole, is to
propose a very different kind of change. The result
would inevitably be very great political confusion.
The uncertainty which existed last week regarding
the vote of California, Minnesota and a few other
States would, under such a system, apply to the
whole Union. In a close contest it might be weeks
before the actual results could be determined.
Temptation to fraudulent practices, which now
arises only.in close States, would then exist throughout the country, with greatly increased difficulty in
detecting and checking such practices. Furthermore, the facility offered for tyranny by a majority
would be very greatly increased. No other great
country in the world votes for its chief executive on
any such basis; the reason being that the teaching of
experience and history has led all such countries to
distrust the committing of this kind of political decision to the unchecked and unlimited vote of a popular majority.
The probability is that the present electoral system of this country will continue wholly or practically unchanged, for at least more than another
generation. With all our tendency to political excitement, and with all our occasional political vagaries (like those of the Populist platform of 1892 and
the Progressive platform of 1912), the Americans are
at heart a conservative people. They are especially
disinclined to change any Constitutional provision
which, despite possible awkwardness in the machinery of operation, has in the long run worked as well
as any other system could be expected to do.
1826
THE CHRONICLE
MODERNIZING THE MONROE DOCTRINE.
In a recently published book under the above title,
Mr. Charles H. Sherrill, late U. S. Minister to Argentina, has made a valuable contribution to the general
understanding of the Monroe Doctrine and has indicated with much clearness the direction in which it
can be applied to secure a thoroughly defensible and
effective position at this time when the European
war makes it possible. This last, which lies in its
application to ourselves in our relations to Eastern
Asia, if it is not entirely new, is enforced out of his
official experience and is made reasonable and convincing. It bears directly upon America's position
after the war.
Writing from the standpoint of South America, he
is impressed with the magnitude of those countries,
the broad intelligence and high character of their
leading men and the immense importance of our relations to them. Argentina, for example, has nine
millions of population with a billion dollars of annual
foreign trade; Brazil twenty-one millions of population and five hundred millions of foreign business,
with the vast interior of the continent as yet untouched. Buenos Aires is a beautiful European capital, with two million people, 40,000 of them English
residents, 35,000 German, 30,000 French and 400
American. In the epoch-making A. B. C. conference at Niagara Falls, the South American representatives not only showed themselves statesmen of the
first rank, but they carried the support of the entire
'continent. The conference laid the bogey of the
"Big Brother" and his big stick, and has led also to
the assumption by South America of her share in the
responsibilities and development of the Monroe Doctrine, lifting it from being a scheme of not altogether
welcomed outside protection to a position of prime
importance in the assurance of their own independent
future.
He points out that the Monroe Doctrine really
originated with Henry Clay and President Monroe
and the public discussions between 1816 and 1820 in
this country, and, as proved by Canning's recently
unearthed and published letters to Bagot, was only
taken up by Canning for his own purposes. He
agrees with John Bassett Moore that the doctrine
"has in reality become a convenient title by which
is denoted a principle that would doubtless have been
wrought out if the message of 1823 had never been
written, the principle of the limitation of European
power and influence in the Western Hemisphere."
Its development is quickly sketched. It started
with the declaration that the American continents
are henceforth not to be considered subjects for future
colonization by any European Power, and that any
intervention for the purpose of controlling in any
other manner the destiny of the Governments in
South America who have declared their independence
would be viewed as a manifestation of an unfriendly
disposition toward the United States, In 1870 Gen.
Grant went further, and announced as "an equally
important principle," that "hereafter no territory
in all this continent shall be regarded as subject to
transfer to a European Power"; a position which Mr.
Roosevelt when President sharply enforced against
Germany concerning even a "temporary" occupation. In 1895 President Cleveland, in the Venezuela affair, said to Lord Salisbury that the doctrine
"was intended to apply to every stage of our national
life, and cannot become obsolete while our Republic
[VOL 103
endures." The official adoption of the Monroe Doctrine at that time by the Congress of the United
States, and its explicit acceptance by the principal.
maritime power, Professor Moore says, was "the
most important political result of the Venezuela. incident." In 1905 President Roosevelt announced
that "it must be understood that under no circumstances will the United States use the Monroe Doctrine as a cloak for territorial aggression." President Wilson confirmed this in 1913. The Senate by
the Lodge amendment in 1912 applies the doctrine
to the taking up by a commerc'al company of any
territory which may be useful to its Government, by
giving it power of practical control for national purposes.
Though the latest German authority (1913) contends that no State has recognized it, this is the Monroe Doctrine as it now stands w.th us, and which is
generally recognized; and at last South America
realizes the altruism of our point of view in connection
with it; which is the important fact.
Mr. Sherrill would now have the doctrine turned
about and frankly applied on the further shore 9f the
Pacific. We should take official hands off, altogether, from the States over there, allowing them the
same freedom from our outside interference that we
demand here. We have claimed and always shall
(laity', the same rights in China, for instance, for trading or Otherwise, which inure to all nations, under the
"most favored nation" clause of treaties, but Mr.
Sherrill insists that we should never claim more than
that, and that Mr. Hay's "bluff," as he himself
called it, was a bad precedent and assumed for us a
protectorate position to which we have no claim, and
which is "dangerous nonsense." The sooner we take
our proper stand frankly and officially, the sooner
will there be dissipated all war clouds over the Pacific
Ocean. He would have our position scrupulously restricted to that expressed in the exchange of notes
Nov. 30 1908 between Mr. Root, Secretary of State,
and the Japanese Ambassador. "They are also determined to preserve the common interests of all
Powers in China in supporting by all pacific means
at their disposal the independence and integrity of
China, and the principal of equal opportunity for
commerce and industry of all nations in that Empire."
When the question arises of what is involved in •
taking this position in regard to the Monroe Doctrine, and how it is to be done, Mr. Sherrill proposes
the release of all foreign colonies* on this continent
by buying them, and using the Philippine Islands
in the exchange. He points out the present generally
unhappy and retrograde condition of these colonies
under their foreign control. As compared with their
neighbors, the condition of French, Dutch and British Guiana and Honduras is unfavorable and in the
main retrograde, of which he gives abundant evidence.
The Danish West Indian Islands fell off in population
from 43,000 in 1835 to less than 31,000 in 1901. In
the Dutch islands business is on the decrease, and in
1910 a deficit of 922,586 guilders had to be made up
by the Dutch Government at home. The French
islands have a constant deficit which France has to
meet; in 1908 that of Martinique was 140,000 francs
and that of Guadeloupe 400,000 francs. The foreign trade of the two islands shrank from 126 million
francs in 1882 to 65 millions in 1907. He would coin* The Dominion of Canada lies, of course, entirely outside the range of
his proposal and thought as in no sense a "colony," and as unaffected by
the Monroe Doctrine.
Nov. 18 1916.)
THE CHRONICLE
pare this with the great advance Porto Rico is making under our charge.
He advocates some arrangement by which these
colonies should be freed from European ownership
as chiefly important to deliver us from the risk of
future embroilment, which in all the years since 1823
was never so imminent as in very recent times. It
would go far to clear the atmosphere for all time in
that direction.
If in the Pacific it should eventually result in our
withdrawing from the Philippines, it would have a
similar effect. This does not mean abandoning the
islands or even necessarily making them at once selfgoverning. It may well be claimed that they are
far from ready for that. If, however, by mutual
agreement, the three nations who would withdraw
from the Caribbean, England, France and Holland,
who also happen to be the chief European States
with great colonies in the Far East, should have
turned over to them in the exchange different islands
in the Philippines, and should accept our responsibilities toward the islands, we should at once be set
right there and our status under the Monroe Doctrine would be cleared up for all the world and for
all time. We would be in no true sense a "hermit
nation," but on the contrary we should be established
in that disinterested position which we have always
claimed and have somewhat vainly tried to justify.
If it could not be written over us,Securusorbemterrarum
judicat, at least we could be a mediator among the
nations whose influence would be as welcome as it
would be unselfish. The thought also of Washington and of Monroe would be completed and this
hemisphere would be effectually delimitated from
outside encroachment.
Mr. Sherrill closes his book with this appeal: "Out
of the melting pot of the great European war blessings
have already come, and more will follow. Already
France and Russia are regenerated throughout every
fibre of the body politic. During the last months
British patriotism has flamed up as never before in the
memory of living men. Before peace comes none will
benefit more than the fine German people by freeing
their individual and personal rights from the control
of officialdom. Shall we content ourselves with mere
material gain from this dreadful crisis? Should we
not also take thought for the spirit of our nation, and
collectively consider how our destinies should be
shaped so that our children and their children shall
enjoy the land that has been given to us?"
We imagine our people and our statesmen will
want to think long and seriously over the radical
propositions embodied in Mr. Sherrill's suggestion,
but they are provocative of thought.
SENTIMENT IN CANADA REGARDING AFTERWAR TRADE DISCRIMINATION.
Ottawa, Canada, Nov. 13 1916.
Gradually the post-bellum tariff attitude of Canada ssumes more definite shape. While the business
of the country is to help win the war, political partibs
and economists generally are attempting to draft
from evidence at hand the probable trend of Canadian
conduct on tariff questions.
Sir George E. Foster, Minister of Trade and Commerce, acting as this country's representative at
the recent Paris conference of the Entente Powers,
has endorsed in a score of speeches, given since his
return to Canada, the principle of hostile tariffs
1827
against the Teutonic group and the extension of
preferential arrangements between the units of the
Entente group. Logically, this would imply some
further discrimination by Canada against the United
States and lessened taxation on imports from Great
Britain, France, Russia and Italy. The intense
passions of war time make any such tentative scheme
acceptable to many Canadians, and it enjoys the substantial organized support of many of the Canadian
manufacturers. The Minister of Trade and Commerce, like his confreres in the Paris Conference,
assumes that trade can be pressed into the mould of
diplomatic convenience, that the individual will consent to artificial channels of trade in place of the ageold rule of buying Cheapest and selling dearest.
High tariff sentiment in Canada was probably
never so weak as in these days of advancing costs of
living. A well-defined belief is manifested that the
price advances of food commodities justified arbitrary regulations of home prices long since by the
Federal Government, that high export prices on
wheat, for instance, should not apply to Canadian
requirements in times of war. No Government interference with food trading has occurred. Then,
too, the writer is aware that the majority of members
of the Canadian Manufacturers' Association desire
very little if any change in the present tariff scale,
which averages between 25 and 30% on manufactured articles.
Probably the most potent antidote for the highprotection propagandum is the fast-growing freetrade or near-free-trade organizations, political and
commercial, in the prairie provinces. These bodies
boast anything but amicable relations towards the
Eastern manufacturers and have stated frequently
the right of the agriculturist to sell in the United
States market and buy manufactured goods regardless of the "Made in Canada" stamp, the latter
being, in their view, not infrequently the shield for
exaction.
How dubious are some Canadian leaders as to the
feasibility of the Paris Conference idea, so far as
Canada is concerned, appears in the following important statement of Lord Shaughnessy, President
of the Canadian Pacific Railway Co.:
"To me the interests of Canada must come first.
And I am not at all convinced that the best interests
of our country would be served by a policy of close
protection within the Empire or with the Allies. At
any rate I cannot be convinced of this without a
further opportunity to study events.
"It does not seem reasonable that any unit of the
Empire can be benefited by buying certain goods
from another unit if the class of goods in question
can be purchased outside the Imperial Alliance at a
lower figure."
Of equal interest are the assertions of Sir Frederick
Williams-Taylor, General Manager of the Bank of
Montreal, and Sir Edmund Walker, President of the
Canadian Bank of Commerce, that "immigration and
salvation" are synonymous terms for Canada and that
"immigration will flow to that country which possesses the most democratic form of government."
Will the Canadian grain growers and their "wider
market" gospel dictate the tariff basis of the Canadian democracy to which immigrants will be attracted? Or will the theory of tightly-drawn markets between Canada and far-distant units of the
Entente group persuade the poor man of cheap
manufactures and fat agricultural profits?
1828
THE CHRONICLE
[vol.. 103
conviction for misdemeanor and subjection to fine
and,imprisonment, they are clearly entitled to such
definiteness of statement that they can know when
they are disobeying. It is an old rule that ignorance
of the law (that is, of the existence of the law) is no
excuse for a violator; but vagueness in the law must
needs be a full excuse, for no man can Obey the law
until it makes itself reasonably clear. It is enacted
that wages shall not be below "the present standard
day's wage," but there is no such wage; if the word
"handbreadth" or "pace" were used as the measure
of determining obedience to some mandate, a similar
case would be presented.
Great weight reasonably attaches to the complaint
that while this law orders a wage increase pending
an investigation (covering a term of seven to ten
months) there is no provision for possible reimbursement in any event. We suppose it can hardly be
forgotten yet that the railway executives offered, in
August, to put the amount in dispute into a trust,
under control of the Inter-State Commerce Commission, pending the decision of arbitrators to be
named by Mr. Wilson himself. In life insurance
experience it frequently happens that • several persons claim the proceeds of a policy, and then the
company customarily pays the money into court,
to be held thus until the rightful claimant is ascertained by legal trial; imagine the company compelled,
THE CASE OF THE RAILROADS AGAINST THE by some statute, to pay at once to some of the claimRAILROAD BROTHERHOODS.
'hnts and face the possibility of being forced to pay
Even while the result of the election was in dispute to another one who might be found, by the subsethere came a report that unless the Adamson law quent trial of the issue, to be the one legally entitled
is interpreted and obeyed by the roads according to to it. In this instance, the Brotherhoods refused
its spirit (that is, its spirit according to the Brother- alike arbitration and delay; they would not hear to
hood idea) the strike will be called forthwith. Last having the money put into a trust, pending decision
week nearly a dozen roads moved by filing suits by arbitrators to be appointed by their own partisan;
attacking the law, and the most important Eastern they demanded the money now, or the strike could
roads have done the same this week. •
not be averted by any human power. The probaIn substance, the twelve allegations of their com- bility that arbitrators thus designated would have
plaint reduce to this: that the law is in conflict with decided, or that the investigators already designated
the Fifth Constitutional Amendment in taking the under the Adamson law will decide, for the roads
property of the roads without just compensation and and against the Brotherhoods need not be discussed,
in arbitrarily interfering with their rights of contract; whatever private opinion may be held about that.
that it imposes cruel and unusual punishments, in When two men come into court, the one demanding
violation of the Eighth Amendment; that it,is not money which the other denies is legally or morally
in any sense or respect a regulation of inter-State due, the trial does not begin by the court's directing
commerce or a means related to such regulation; the defendant to hand the money to the plaintiff
that it is discriminatory by not applying to all roads and then proceed to try the case; the money awaits
and also by favoring certain classes of employees. the trial. Could anything be more contrary to all
Further, while the law Makes "the present standard customs in civilized countries, and more abhorrent
day's wage" the basic minimum for wages, there is to all ideas of fair play, than to decide an issue by
no such thing existing as a standard daily wage; first awarding the substance in dispute to the plaintiff
therefore, and perhaps for other reasons, it is im- and then proceeding to try out in court the question
possible for the managers of. the roads to tell with whether he was entitled to it? Let us refer this
reasonable certainty what will *constitute a violation dispute to arbitration, meanwhile putting and holdof the law. A further complaint is that the law ing the money in trust, said the railway executives;
merely creates a commission for an experiment, to not at all, replied the Brotherhoods, we demand the
be tried out within nine months' time, whose results money now, and then you can arbitrate if you want
are to be reported and used as a basis for possible to. This position was put into the Adamson law,
further legislation on the subject of labor; moreover, and upon that, with other points, the roads now
that there is no provision for reimbursing the roads go to the courts.
in case the result of this study should be in their
In reply to those who denounce what they miscall
favor in respect to the need and justice of any wage "nullification" by the courts and assert that legisincrease.
lative action should be deemed final, the "Chronicle"
Separated from the amplification and detail cus- has repeatedly pointed out that if a statute is found
tomary and necessary when one seeks relief by an by the final court to be in conflict with the prior and
action before the courts, the law is accused of un- fundamental law of the people as expressed in a conconstitutionality, indefiniteness of meaning, and stitution it is mere waste paper and never had validimpossibility and injustice in its mandates. When ity; also, that interpretation must needs precede
men are coalman d to do something, on penalty of enforcement. The roads now ask the final court
One genuine economic gain brought by the war to
Canada is the speeding up of agricultural production, thereby giving farm products a saner relation to
railroading and manufacturing. Automatically this
increases the capacity of the home market to absorb
Canadian manufactures. It is upon the extension
of home consumption that Canada's ability to export
her manufactures depends. That is the only possible
starting point. So that the future position of Canada
in taking profits from the world's industrial demands
becomes a question of building up the home consumption through heavy additions of agricultural population. To get this population after the war, the
present high prices for produce might be sufficient
lure, but such prices are bound to fall. In their
absence the Government must provide concessions
in wider markets, or invite keener competition with
many lines of manufactures now in the hands of
virtual combines. It will be seen, therefore, that
the predilections of Western Canada and much of
the agricultural East are in directions exactly opposite to restraint of trade. If the Paris Conference
or other deliberative body can apply the scheme of
hostile tariffs so as actually to untie the hands of
the Canadian agriculturist, the doctrine of the
"trade war" may appeal.
Nov. 18 1916.]
THE CHRONICLE
1829
to pass upon the constitutionality of this Adamson resistance, according to an immutable law in human
law, and, if it is held valid, to interpret it for them, nature.
Shall we find strength now to make the stand,
that they may obey it. What less, and what else,
could they possibly do? If they must obey, must or shall we continue retreating until (as the New York
they not be authoritatively informed what they "Times" predicted, on Sept. 2, may come) we have
"lost our democratic form of government?"
must obey?
this,
know
entitled
to
are
and
they
beBecause
cause they would have no available means of reimBANKING AS A CAREER.
bursement'for any wage increase paid in the interim
writers delight to picture the da zzling
Magazine
in the event that the law is decided invalid, the roads
of our captains of industry, particusome
of
careers
rightfully seek to have it passed upon before the date
risen to high and profitable pohave
who
those
larly
of taking effect, and it is suggested that this decision
No doubt such examples
trade.
steel
the
in
sitions
may be a possibility before January. At least,
world have a beneficial
industrial
the
in
success
of
gross
a
and
injustice
would it not be an anomaly
are impressed by the
they
as
men,
(even if the question of validity were waived) if a effect upon young
loyalty to an emindustry,
to
come
rewards
which
penal statute which nobody understands should go
of sound judgexercise
the
and
corporation
ploying
into effect without an interpretation? On the eve
the
of
United
expansion
States is
the
But
ment.
of the election, Chief Stone had to say to many inof
invite
the
which
attention
fields
other
up
opening
informagive
definite
any
quirers that he could not
tion, "for we do not know yet just what the Adamson young men who are seeking a career. Notably is
law means." On Sept. 1 Senator Underwood told this the case in banking.
the Senate that "we are going to legislate an in- • Conditions have been thrust suddenly upon the
crease of wages, without knowing what we are United States which have put it forward in the world
voting on." The railway executives now say they of finance. Had it grown to this position gradually,
do not know, and they ask to be informed so that there would have developed generation by generation
they may be protected against unwittingly becoming and step by step a race of financiers in America who
would be without superiors in the world. But there
liable. to imprisonment.
not been this gradual development among men
has
The vice and mischief of the whole thing have
financial world, as our relations with foreign
the
in
been clear from the start, but not as to the details;
before the beginning of the great European
nations
for those we must wait. Since the law was meant
all handled by comparatively few. Sudwere
war
only to put the case along until after election and
the
United States has become a world banker
denly
was therefore as truly a mere campaign measure as
any speech or public advertisement, one might and young men are needed to handle complicated
suppose that Mr. Wilson would now have no further situations at home and to go to foreign countries to
interest in the subject. Yet we have been told that represent powerful American institutions.
One institution in this city anticipates the need of
he is concerned over the prospect of an unmanagewho are educated along international lines and it
men
finish
his
"program"
able Congress and is planning to
a school which is very generally attended
conducts
remains,
that
is,
body
compliant
before
while the
March. We are also told that the Brotherhoods by employees from the office boys up. This instituplan to get the campaign law fixed to suit them, tion has sought in various parts of the country colduring the coming short session, and that the Admin- lege-educated men who are willing to make internaistration (of course meaning Mr. Wilson) has a tional banking their calling, and no effort is spared
scheme for additional legislation while the legislative to fit these men for the duties and responsibilities
process remains direct and simple, this to be "framed which will fall to the lot of the United States when
to meet constitutional objections and be a revision peace is restored.
One trust company in a neighboring city in paying
of the Adamson law." Still further, we are told
that, in the failure of other measures, the Brother- the expenses of eighteen of its younger employees at,
hoods will play their "final ace" by demanding, on a business college, a good beginning which may be
Jan. 1, an increase of pay which will amount at followed with advanced work as the pupils display
least to all the Adamson law was believed to "promise interest and capacity.
An excellent institution which is doing splendid
them. And behind all is the familiar strike threat.
We are to see what we shall see. But election work all over the country is the American Institute
had not been a week past before we had light upon of Banking. It now has eighty chapters. This is
the character of the peace and prosperity which we largely supported by the bankers in the communities
were entreated to secure by continuing Mr. Wilson where chapters are located and the Institute has
in power. At Shadow Lawn in September the sur- 18,000 members, most of whom are students at night
render was a surrender to justice, being not because and are employed in banks and trust companies durthe men demanded it "but because it was right." ing the day time. At least three men who are now
In Washington in August Mr. Wilson urged Congress highly regarded in the financial world are products
to do this thing to avert the strike which would of the Institute. One is a vice-president of a leadotherwise come on Labor Day and would entail ing trust company of this city, a second is Chairstarvation. The strike was deferred, as it had been man of the Federal Reserve Bank of Cleveland, and a
deferred many times. After sidestepping before third is a prominent and successful banker of Minthe issue and taking the apparent line of least re- neapolis.
These are times when it will pay well the employees
sistance, the question of the final stand against the
steadily pressing force of organized labor remained, of the financial institutions to study and fit themas one of the matters to be decided on the 7th. selves for higher positions. Perhaps their advanceThe exemplar and leader in placid temporizing was re- ment will not be so spectacular as has been that of
elected, and the ugly issue comes up anew, with re- some of the men in the steel industry, nor may it
newed fierceness, and with weakened powers of bring such great reward in money, but a good banker
1830
THE CHRONICLE
is a most useful citizen, and as the field of American
banking expands to other countries, the American
banker is destined to become a man of more importance than ever before and his success is sure to bring
the highest respect and a substantial reward.
(Vol,. 103
unduly rise, and prices of products go rapidly upward. And since profits are measured by these
prices, and profits indicate earnings that give value
to properties, the prices of stocks soar far beyond
the intrinsic and going values of the concerns which
they represent.
What, in brief, has happened? England and the
DISORGANIZING EFFECT ON INDUSTRY OF European States, comprising
the most highly indusWAR.
trialized countries of the earth, become suddenly the
Certainly it is trite to say we are living in extra- seat of war. Vast marches of men, appalling
ordinary, in unprecedented, times. And just as battles, ensue. In a short time the entire energies
surely, our thought and toil are subject to the en- of these countries are put forth to win victory in the
virons in which we live. When the flood-gates of gigantic struggle. In addition to the regular standendeavor are open the benefits of human effort enrich ing armies, twenty to twenty-five millions of men are
all peoples. In normal times, production seeks its taken from orderly and beneficial pursuits to engage
level as inevitably as does water. Again, when the in the business of killing each other. Vast properties
storm winds of trade blow shoreward, the waves are destroyed. Huge loans for equipment and mainroll high, but they must recede. And when the seas tenance, entailing fixed charges over necessarily long
of exchange are becalmed, the sails of prosperity periods, are contracted. Those left at home are
droop.
chiefly engaged in supplying munitions, food and
War is abnormal, therefore war is a disturbing engineries of war, to those in the field. Thousands
factor in all industrial and investment values. The upon thousands of small businesses are ruined. The
world's work is forward-moving; the world's hope is earth is ransacked to obtain the necessary agencies
forward-looking. Therefore, all "business" has an of battle. The prices of steel and iron suddenly
expectancy of life. Even if it depend upon the bound upward, and copper, leather and cotton goods
utilization of an invention in manufacture, which and raw cotton quickly follow. Foodstuffs take on
may be improved upon and superseded by another, famine prices.
getting into the market first with a useful product
Removed by the width of the Atlantic, the United
assures a certain run of custom, a certain profitable States is at peace with all the world. It is the most
existence. As any useful thing goes to the masses of highly developed industrial nation left upon the
men, it gathers momentum—we have a way of say- globe. Thither all come that can—for food to eat,
ing it advertises itself. But this natural expectancy and clothes to wear, for the raw materials that susof the business life requires freedom of endeavor and tain armies, for munitions, and all the accessories
exchange. Therefore the operation of an industry, that minister to the power to destroy. What reunder normal conditions, must always be a con- sults? The metal trades receive an unnatural imtrolling factor in the establishment of its real value. pulse. Old mines are reopened, the output of all inAgain, the very intellectual processes of business creased, and the price advanced. Allied products are
gain strength by exercise. We attain, by orderly and in demand following their relation to pig iron. The
uninterrupted procedure, to a given possession of increasing cry is for more munitions and arms.
skill in production and exchage which is an important Farmers, selling produce and stock faster than they
part of our "stock in trade." In a word the real can grow them, enjoy easy and extensive profits..
"going value" of a plant depends upon its normal Factories that were hard pressed by an overproducoperation under normal conditions.
tion in their own lines are turned to munition-making
In the midst of full-speed-ahead, on a clear track, at enormous gains in income and profits. Railroads.
production, exchange and consumption are suddenly transport more materials to the seaboard and inchecked and disordered by a world-wide_ disaster, a crease their earnings, receiving additional benefits
cataclysm unheralded and unmeasureable. The through favorable crops. Production and transporworld is poorer thereby. For the world is a unit in tation, accelerated by this inordinate demand, this
human endeavor. What is lost in time, waste and unparalleled necessity, draw other industries with
disorder must be regained.
them into unwonted activity, and the general level
But in the United States we are prevented from of "business" in this quarter of the world rises.
perceiving this by the feverish activity to repair the • Those who sell abroad are able to fix their own
damages, to renew'the activity and output. There price and get it. Prices rise; wages rise. The coris a sudden rush of labor in one direction, a sudden porations affected by this world-change enter for
• acceleration of production in one or more industries, the first time into international trade. Their plants
a sudden stirring to endeavor in one locality because are enlarged to meet the new demand, but they are
of a frenzied demand from another. Values sudden1 essentially the same industrial integers they were
become disproportionate. A factory in beleaguered before the war. Their stocks naturally become more
Germany stops running and one in the United States active on the exchanges. This dealing, beginning at
has the other world marts for its output to itself. A first in a legitimate way, tends toward speculation,
factory in England turns its plow-shares into swords and soon there is witnessed phenomenal advances in
and the United States has the world to itself in plow price, fostered illegitimately by the fever that comes
shares. Then since these two factories in the United from watching large sales. Two years witnesses a
States have less competition than before, other fac- rise in prices measured by the hundreds per cent.
tories that have been pressed by the endeavor of Fortunes are made quickly. The domestic demand
these fortunate ones have greater leeway. Add to is enhanced by the foreign, there is more money to
this the demands of the war for its own use; add the spend.among the people, the deposits in the banks,
exhilaration and enthusiasm of renewed effort, and fed by this and by the activity of trade, are greater
there -cesults a condition which some call "good times" than ever before. The balance of trade growing out
and prosperity." Labor is over-employed, wages of these conditions, expressed in dollars, is measured
Nov. 18 1916.]
THE CHRONICLE
1831
by billions, the largest ever known; and as a result- ratio of further improvement is only 13.10% in the
ant gold floods us with its yellow stream. And we gross and 11.24% in the net. The general aggregates for the month are shown in the following:
seem to be prosperous.
But are we not parting with our best goods and
(+)or Dec.(—).
September (468 roads)—
1916.
1915.
Amount.
our highest energies,without,as a commercial nation, Miles cf road
• 248,156
247,466
+690 0.28
Gross earnings
5432,888,990 8294,333,449 +838,555,541 13.10
receiving a proper equivalent? Already the gold Operating
expenses
208,441,151
182,458,153
+25,982,998 14.24
worries the credit-makers of the country. We are Net earnings
$124,447,839 8111,875,296 +812,572,54.1 11.24
getting heavy boot for what we trade, but we are
In
judging
of
the
significance of the further imdepriving the people of low-priced bread by the
provement
the
present
year it deserves to be recalled
operation.
that
September
last
year
was the first month that
Will we not, when the war ceases, have a legacy
revealed
marked
manifestations
of the great improveof high prices, of highly paid labor, of inflated indusment
in
results
which
was
to
become
the feature of
trial values, that cannot be maintained? "The world
the
returns
to
an
increasing
degree
in
subsequent
is out of joint; oh, woe is me, that ever I was born
months,
and
which
has
indeed
continued
the domito set it right!" Will we not pay, when the pendu.nant
characteristic
up
to
the
present
time. In
lum swings to the other extreme, all the more heavily
commenting
on
September
the
figures
for
1915 we
because of the nature of this access in oversea trade—
the
general
result
was
that
the
stated
very
best
because to feed the needs of those in distress we have
it
had
been
our
which
privilege
to
submit
in
a
long
ourselves
of
the
deprived
necessities of life and
because we have sacrificed our production on the time. Gross receipts were beginning to increase
heavily as a consequence of the sudden development
bloody altar of destruction. We shall never be able
of
trade activity on an exceptional scale, while at the
to enter the marts of the world as international tradsame
time expenses were still much curtailed in purers on the basis brought about by this war; in fact,
suance
of the policy forced upon the roads during
become
the means of
it is so disorganizing as to
the
many
months of shrinking traffic and poor outhoped-for
legitimate
foreign trade.
retarding our
look.
The
increase in the gross then reached $17,world,
that
the
of
should
parts
bebtiyers
,ar'e
Other
783,141.
In
ratio the improvement was not so very
being retarded in their development. If we do bestriking,
it
being
only 6.43%, but the significant fact
come a factor in general world trade we must become
was
that
it
inaugurated
a great change and, furthera great merchant nation, buying what we do not
more,
it
was
attended
by an actual reduction in
need in order to sell what we do not want, re-selling
expenditures,
so
that
in
the net the gain amounted
again. All these are vital conditions of the future
to
$18,546,361,
or
only
a trifle less than 20%—in
to
in,
make
the values,
of "business," and all enter
exact
figures,
19.90%.
Immediately
prior to 1915,
going,
of
and
intrinsic
the
of
compounded
investment shares of to-day. Can it be possible that we however, the returns had been poor or indifferent
shall not in our investments allow for the unnatural for several successive years. It happened that in
influence on activity and price by the pressure of September 1914, though gross earnings were reduced
war demand? Is it not true that the normal level is by $12,857,844, or 4.50%, this was met by shortening
reached by the mutual sustaining power of all indus- of expenses in amount of $13,606,758, thus yielding
tries in all countries under normal conditions every- $748,914 gain in net. On the other hand, the year
before (1913) there was an actual decrease in net,
where?
notwithstanding a moderate gain in gross. That
RAILROAD GROSS AND NET EARNINGS FOR is to say, for September 1913 our compilations
SEPTEMBER.
registered $9,805,231 increase in gross but attended
There is no general or very great modification as by an augmentation in expenses of $14,958,298, or
yet in the character of the returns of the gross and 8.44%, causing, therefore, a loss in net of $5,153,067,
net earnings of the railways of the United States. or 5.26%.
In September 1912 the gain in gross revenues
It is natural that the aggregate increase in the case
of both gross and net should no longer be so large as was of more satisfactory extent, but the net
it was a short time ago, for comparison is now being even then failed to keep pace •with the rise in
made with steadily improving returns last year, and gross receipts; $19,891,032 increase in gross, or
it is also natural to find rising expenses becoming 7.88%, was attended by an addition to expenses
a more prominent feature of the returns to the extent of $13,855,420, or 8.58%, leaving, therefore, only
that some companies are obliged to report losses $6,035,612 increase in net, or 6.64%. Extending
in net notwithstanding substantial gains in gross, the comparisons further back, we find that in
for the railroads have used up their supplies of ma- September 1911 our compilations showed only minor
terials purchased when prices were much lower and changes in the totals, namely $39,801 increase in
are- now obliged to pay the prevalent higher prices, gross and $1,321,815 increase in net. In September
while cost of operating is also increasing in other 1910 there was a gain of $10,312,116 in gross revedirections, more particularly in the matter of wages. nues, but a loss of $3,869,083 in net earnings. In the
In other respects returns of both gross and net earn- year preceding, results for this month were much
ings continue as before, and, speaking of them as a more encouraging—that is, in September 1909 there
whole, they continue quite satisfactory.
was $27,052,253 gain in gross and $13,585,396 gain in
Our tabulations this time cover the month of Sep- net. In September 1908 there was $15,299,397 loss
tember and comprise, as heretofore, all but a very in gross, with $4,083,435 gain in net. In September
small percentage of the entire railroad mileage of 1907 the returns were very incomplete, they coming
the country. As compared with the same month to hand when the panic of that year was at its height:
last year the increase in the gross reaches $38,555,541 The significant feature was that at that time, also,
and in the net $12,572,543. These are substantial net earnings were falling behind, though gross were
amounts of gain, coming on top of the gains regis- still expanding; stated in brief, for September 1907
tered in September of last year, even though the our compilation, though incomplete, registered
1832
THE CHRONICLE
[VoL. 103.
$13,172,222 increase in gross with $3,594,503 de- $21,231 increase in gross and $214,130 increase in
crease in net. In the following we furnish the Sep- net. In the great majority of cases, however, the
result the present year is large gains in gross and net,
tember comparisons back to 1896. •
in addition to equally striking gains in September
Net Earnings.
Gross Earnings.
1914. One illustration will suffice. Thus the SouthYear.
Increase or
Year
Year
Year
Year
Increase or
Preceding. Decrease.
Given.
ern Pacific last year was greatly advantaged by the
Given.
Preceding. Decrease.
Sept.
3 .
Panama-Pacific Exposition at San Francisco. and
1896_ __ 57,053,112 58,277.749 -1,224,637 19,889,887 20,478,809 -588,922
1897_ _ _ 72,571,090 62,866,514 +9,704,576 27,538,974 21,860,419 +5,678,555 added $1,208,729 to its gross and $826,893 to its net.
1898_ _ _ 81,574,080 79,290,848 +2,283,232 31,520,183 30,352,609 +1,167,574
1899___ 88,460,145 77,606,660 +10,853,485 33,488,813 29,398,146 +4,090,667 The present year that favoring feature was lacking,
1900.- 92,274,231 90,380,548 +1,893,683 34,073,853 34,790,545 -716,692
1901_ _ _ 106,840,715 96,359,674 +10,481,041 39,663,622 35,270,411 +4,393,211 and yet there is a further expansion of $1,904,257
+901,152
1902 _ _ 108,277,736 99,662,819 +8,614,917 37,336,366 36,435,214
1903...121,941,303 108,568,340 +13,372,963 41,781,513 37,410,861 +4,370,652 in gross and of $1,045,799 in net. In the following
1904._ _ 124,045,376 120,717,276 +3,328,100 45,628,707 41,023,532 +4,605,175
1905_ _ _ 129,462,517 118,616.511 +10,846,006 46,650,014 43.719,446 +2,930,568
1906_ _ _ 136,839,986 126,782,987 +10,056,999 48,341.798 45,653,884 +2,687,914 we show all changes for the separate roads for
1907_ _ _ 141,220,009 128,047,787 +13,172,222 41,818,855 45,413,358 -3,594,503
1908 ___ 218,929,381 234,228,778-15,299,397 81.615,313 77.531.878 +4,083,435 amounts in excess of $100,000, whether increases or
1909_ _ _ 246,065,956219,013,703 +27,052,253 95,443.956 81,858,560 +13,585,396
1910...256,647.702246,335,586 +10,312,116 91,580,434 95,449,517 -3,869,083 decreases, and in both gross and net alike:
1911_ _ _ 249,054,036249,014,235
+39,801 90,720,548 89,398,733 +1,321,815
1912.._ 272,209.629252,318,597 +19,891,032 96,878,558 90,842.946 +6,035,612
1913 _ _ .285,050,042275,244,811 +9,805,231 92,847,193 98,000,260 -5,153,067
+748,914
1914...272,992,901 285,850,745-12,857,844 92,022,947 91,274,033
1915._ _ „ 276,458,199 +17,783,141 111,728,276 93,181,915 +18.546,361
1916_ _ _ 332,888,990 294,333,449 +38,555,541124,447,839 111,875.296 +12.572,543
Note.-In 1896 the number of roads Included for the month of September was 136;
In 1897, 131; in 1898, 128; in 1899, 123: in 1900, 128; in 1901, 113; In 1902, 108:
In 1903, 112; in 1904, 102; in 1905, 98; In 1906, 95: in 1907, 84; In 1908 the returns
were based on 231,367 miles; in 1909 on 236,545 miles; In 1910 on 240.678 miles; in
1911 on 230,918 miles; In 1912, 237,591 miles; in 1913, 242,097 miles; in 1914,
242,386 miles; in 1915, 245,132 miles; In 1916, 248,156 miles. We no longer include
the Mexican roads nor the coal-mining operations of the anthracite coal roads in
our total.
The Pennsylvania RR. is one of the great railroad
systems which this time report a loss in net notwithstanding large expansion in the gross, but this follows
noteworthy improvement in the year preceding.
On the lines directly operated east and west of Pittsburgh there is $3,047,674 increase in gross with
$313,039 decrease in net. In September 1915 these
lines showed $2,615,027 increase in gross and .$2,306,312 increase in net following $1,436,466 loss in
gross and $255,473 gain in net in September 1914.
Including all lines owned and controlled which make
monthly reports to the Inter-State Commerce Commission, the result for the Pennsylvania for the
present year is a gain of $3,907,091 in gross but a
loss of $94,298 in the net. Last year on the same
basis the result was $2,944,103 gain in gross and
$2,684,515 gain in net.
The New York Central this time has $2,793,056
gain in gross and $719,185 gain in net. This is for
the Central itself, including the Lake Shore and the
other lines merged in it within recent periods. Adding the various auxiliary and controlled roads like
the Michigan Central, the Big Four, the Nickel
; Plate, &c., the whole going to form the New York
Central System, the result is a gain of $4,622,652
in gross and of $1,287,178 in net. This is in addition
to $2,629,591 expansion in gross and $2,967,388
expansion in net in September 1915, following
$2,111,773 loss in gross and $710,333 gain in net in
September 1914. The Erie the present time has
no less than $838,712 loss in net on a gain of $141,345
in gross, but in this case the explanation seems to be
found in considerable part in a different distribution
of repair and renewal work among the different
months of the year. In September 1915 the Erie
showed $747,308 addition to gross and $1,003,474
addition to net.
Two other large systems which suffered heavy
reductions of their net are the Great Northern and
the Milwaukee & St. Paul. The former with gross
enlarged by $210,224 falls $580,267 behind in the
net and the Milwaukee & St. Paul, though having
expanded its gross $885,841, nevertheless loses
$205,629 in net owing to an augmentation of over a
million dollars in expenses. The Great Northern,
as it happens, had decreases in both gross and net
in September 1915-$218,996 in gross and $274,686
in the net. In the case of the Milwaukee & St. Paul,
on the other hand, September last year showed
PRINCIPAL CHANGES IN GROSS EARNINGS IN SEPTEMBER.
Increases.
Increases.
$249,491
Pennsylvania
a$3,047,674 Pitts & Lake Erie
235,973
New York Central
62,793,056 New On Tex & Mexico_ _
233,273
Atch Topeka & Santa Fe. 1,973,567 Yazoo & Miss Valley_ _ _ _
224,178
Southern Pacific
1,904,257 Chicago & Alton
Union Pacific
1,832,127 Western Maryland
220,236
Chicago Burl & Quincy
1,467,104 Great Northern
210,224
208,551
Missouri Pacific
970,846 Internatl & Great Nor..
183,125
Chic Rock Isl & Pac lines
938,629 Wheeling & Lake Erie...
908,753 Chicago Great Western_
176,882
Chic & North Western
174,071
Baltimore & Ohio
898,026 Delaware & Hudson_ _
172,271
Chicago MIlw & St P
885,841 Elgin Joliet & East
168,349
808,288 Buffalo & Susquehanna_
Northern Pacific
161,609
Southern Railway
796,295 Chic Now On & Tex Pac_
153,610
N Y New Hay & Hartf
792,474 Maine Central
152,764
St Louis & San Fran... _
781,495 Western Pacific
152,155
Missouri Kansas & Texas
776,256 Chesapeake & Ohio
149,307
Michigan Central
754,550 N Y Chicago & St Louis_
149,183
Philadelphia & Reading_
741,650 Virginian
•
147,951
Illinois Central
704,421 Central of Georgia
141,345
Boston & Maine
592,749 Erie
138,349
591,967 Long Island
Duluth Missabe & No..
137,408
Louisville & Nashville
528,370 Los Angeles & Salt Lake_
132,014
Cleve Cinc Chic & St L
522,611 Hocking Valley
128,530
Wabash
433,920 Toledo & Ohio Central..
114,427
Atlantic Coast Line_ __ _
383,607 Bingham & Garfield.. _ _
111.913
Lehigh Valley
365,324 Nashv Chatt & St Louis_
109,622
Delaware Lack & West
363,383 Colorado & Southern...
104,061
El Paso Southwestern_ _ _
357,006 Kansas City Southern_ _ _
Chic St P Minn & 0_ __ _
340,933
Norfolk & Western
332,555 Representing 65 roads in
$35,184,576
Phila Bait & Wash
our compilation
305,638
Decreases.
Cent of New Jersey_ _ _ _
297,801
Pere Marquette
288,718 Cinc Ham & Dayton...... $111,238
St Louis Southwestern
100,482
283,779 Grand Canyon
Texas & Pacific
265,215
257,745 Representing 2 math in
Florida East Coast
our compilation
$211,720
257,074
Seaboard Air Line
Note.-All the figures in the above are on the basis of the returns filed with the Inter-State Commerce Commission. Where, however, these
returns do not show the total for any system, we have combined the separate roads, so as to make the results conform as nearly as possible to those
given in the statements furnished by the companies themselves.
a This is the result for the Pennsylvania RR., together with the Pennsylvania Company and the Pittsburgh Cincinnati Chicago & St. Louis, the
Pennsylvania RR.reporting $1,817,976 increase, the Pennsylvania Company
$617,183 gain and the P. C. C. & St. L. $612,515 gain. Including all
lines owned and controlled which make monthly returns to the Inter-State
Commerce Commission, the result is a gain of $3,907,091.
b These figures cover merely the operations of the Now York Central
itself. Including the various auxiliary and controlled roads, like the
Michigan Central, the "Big Four," &c., the whole going to form the New
York Central System, the result is a gain of $4,622,652.
PRINCIPAL CHANGES IN NET EARNINGS IN SEPTEMBER.
Increases.
Increases.
Atch Topeka & Santa Fe. $1,240,453 Los Ang Walt Lake_ _ _ - $157.423
136,551
Union Pacific
1,196,711 Western Maryland
136,212
1:045,799 St Louis Southwestern__
Southern Pacific
134,266
999,004 Yazoo & Miss Valley_ __ _
Chicago Burl & Quincy..
124,322
970,141 Cinc New On & Tex Pac_
Chic Rock Isl & Pac lines
119,120
b719,185 Baltimore & Ohio
New York Central
535,073 Western Pacific
110,408
St Louis & San Fran_ __ _
Philadelphia & Reading_
454,865 Maine Central
109,060
108,388
Duluth Missabe & Nor..
453,050 Louisville & Nashville_ _ _
103,414
434,752 Chicago & Alton
Missouri Pacific
101,360
419,693 Colorado & Southern_ _ _
Northern Pacific
•
348,368
Chic & North Western_ _
339,821 Representing 36 roads in
El Paso & Southwestern
$13,250,455
Illinois Central
our compilation
335,729
Wabash
297,175
Decreases.
Michigan Central
260,459
$838,712
Florida East Coast
243,349 Erie
580,267
Texas & Pacific
233.857 Great Northern
a313,039
Chic St P Minn & 0....
233,514 Pennsylvania
235,623
Southern Railway
205,545 N Y Chic & St Louis..._
203,966 Chicago Milw & St Paul_
205,629
Atlantic Coast Line....
201,755 Delaware Sc Hudson_ __ _
150,807
New Orl Tex & Mexico..
194,462
Cleve Cinc Chic & St L._
176,955 Representing 6 roads in
Norfolk & Western
166,250
our compilation
Missouri Kansas & Tex
$2,324,077
toifetlgtygunrsie
together w
s!thtth
vatiT
ah ,s is thef
Cincinnati
5hg
e'
allne.
nngclrtmlitligCa
avianrg
4t
j210 6t4714d.eir1Til,
C.
owned and controlled which make monthly returns to the Inter-State
Commerce Commission, the result is a loss of $94,298.
b These figures cover merely the operations of the Now York Central
itself. Including the various auxiliary and controlled roads, like the
Michigan Central, the "Big Four," &c., tho whole going to form the New
York Central System, the fesult is a gain of $1,287,178.
i.Nisarria
ss and the
2,,YueiMe-
The generally favorable character of the results,
notwithstanding isolated instances to the contrary,
is well illustrated when the roads are arranged in
groups or geographical divisions according to their
locations. In that case we find that every division
registers an improvement in gross and net alike. A
particularly significant fact is that this is a duplication and continuation of the showing in.September
of the previous year when every geographical division
likewise recorded an increase in gross and net alike.
Our summary by groups is as follows:
THE CHRONICLE
NOV. 18 1916.]
SUMMARY BY GROUPS.
Gross Earnings
1916.
1015.
Inc.(+)or Dec.(—)
Section or Group.
September—
Group 1 (18 roads), New England___
Group 2 (80 roads), East & Middle-Group 3 (64 roads), Middle West_ ___
Groups 4 dr 5 (93 roads), Southern___
Groups 6 & 7 (74 roads), Northwest...
Groups 8 dr 9 (95 roads), Southwest-Group 10 (44 roads), Pacific Coast___
13,073,015
79,224,215
36,130,070
34,518,684
68,686,752
44,102,398
18,598,315
+1,734,922
+8,958,034
+4,861,688
+4,323,407
+8,177.771
+7,830,077
+2.669,642
13.27
11.31
13.46
12.52
11.91
17.75
14.35
332,888,990 294.333.449 +38,555,541 13.10
Total (468 roads)
—Mileage—
1915.
1916.
Group No. 1
Group No. 2
Group No. 3
Groups Nos.4 & 5__
Groups Nos. 6 & 7__
Groups Nos.8 & 9- _
Group No. 10
14,807,937
88,182,249
40,991,758
38,842,091
76.864,523
51,032.475
21,267,957
7,828
29,511
23,338
41,874
68,520
58,394
18,691
7,833
29,466
23,705
41,621
68,143
58,130
18,568
Net Earnings
1916.
1915.
Inc.(-1-) or Dec.(—)
$S
4,926,384
4,620,482
+305,902 6.62
30,049,643 29,701,040
+348,603 1.17
14,445,990 13,706,586
+739,404 5.40
13,600,937 11,806,058 +1,794,879 15.20
32,406,561 29,638,725 +2,767,836 9.34
19,455,331 14,409,896 +5,045,435 35.01
7,992,509 +1,570,484 19.65
9,562,993
1833
THREE FRENCH CITIES OBTAIN LOANS FROM
NEW YORK BANKERS.
Following the loan completed in October between the
city of Paris, France, and Kuhn, Loeb & Co., of New York
City, for $50,000,000, maturing in five years and bearing
5% interest, three others French cities (Bordeaux, Lyon
and Marseilles) have closed negotiations with the same
bankers, each for a loan of $20,000,000,at6%,and maturing
in three years. The facts concerning these loans, as given
out yesterday, are set forth in the following statement.
In our issue of Oct. 7, page 1260, we gave the particulars
of the City of Paris $50,000,000 loan.
Kuhn, Loeb & Co. announce that they have closed negotiations with
the Cities of Bordeaux, Lyon and Marseilles for $20,000,000 3-year 6%
bonds of each one of these three cities.
The purpose of the loans is to provide for expenditures for the alleviation
Total
248,156 247,466 124,447,839 111,875,296 +12,572,543 11.24
of suffering caused by the war and for other municipal purposes.
NOTE.—Group I. includes all of the New England States.
The principal and interest of the bonds are payable at the option of the
Group II. includes all of New York and Pennsylvania except that portion west holder, either in United States gold coin in New York, or in francs at the
of Pittsburgh and Buffalo; also all.of New Jersey, Delaware and Maryland, and
fixed rate of 5.60 per dollar, and there is therefore, the possibility of a very
the extreme northern portion of West Virginia.
Group III. Includes all of Ohio and Indiana; all of Michigan except the northern substantial profitin exchange,inasmuch as the normal rate ofexchange before
the war was about 5.18 francs per dollar.
peninsula, and that portion of New York and Pennsylvania west of Buffalo and
Pittsburgh.
The Government of the French Republic is to undertake to furnish, if
Groups IV. and V. combined Include the Southern States south of the Ohio and necessary, to the three cities, gold to the amount needed to enable the payoast of the Mississippi River.
ment of the principal and interest of the loan in New York.
Groups VI. and VII. combined include the northern peninsula of Michigan, all of
We are advised that—
Minnesota, Wisconsin, Iowa and Illinois; all of South Dakota and North Dakota
Bordeaux, one of the three leading French seaports, has, according to the
and Missouri north of St. Louis and Kansas City; also all of Montana. Wyoming
north
of
a
Colorado
lino
parallel
last
to the State line
and Nebraska, together with
enumeration, a population of 261,678 and a funded debt of francs. 48.passing through Denver.
500,000 (approximately $9,000,000)•
Groups VIII. and IX. combined include all of Kansas, Oklahoma, Arkansas and
Lyon, next to Paris the leading trade centre of France, has, according to
Indian Territory, Missouri south of St. Louis and Kansas City; Colorado south the last enumeration, a
population of 523,796 and a funded debt of francs.
of Denver, the whole of Texas and the bulk of Louisiana: and that portion of
New Mexico north of a line running from the northwest corner of the State through 97,000,000 (approximately $18,000,000).
Santa Fe and east of a line running from Santa Fe to El Paso.
Marseilles, the foremost seaport of France, has, according to the last
Group X. includes all of Washington, Oregon, Idaho, California, Nevada, Utah enumeration, a population of 550,619 and a funded debt of francs, 122.and Arizona and the western part of New Mexico.
800,000 (approximately $23,000,000).
NEW RUSSIAN UNSECURED LOAN OF 850,000,000.
Announcement was formally made on the 16th inst. of the
proposed offering early next week by a syndicate to be composed of J. P. Morgan & Co., the National City Co.,the
Guaranty Trust Co., Lee, Higginson & Co. and Harris,
Forbes & Co., of a new $50,000,000 5M% unsecured loan, a
direct obligation of the Imperial Russian Government, and
maturing in five years. The loan, which will be exempt from
all present or future Russian taxes will be offered to the
public at 94% and interest, yielding the investor about6%%•
The bonds are to be dated Dec. 1 1916 and interest will be
payable June 1 and Dec. 1 in gold coin, at the National City
Bank, New York City. The terms of the agreement provide
that the principal is payable at maturity, at the option of
the holder, in rubles, at the offices of the Imperial State Bank
of Russia at the current commercial rate of exchange of
Petrograd at sight on New York. The bonds and coupons,
when due and payable, will be accepted in payment for all
Russian custom house dues at the value of gold dollars at the
current commercial rate of exchange. The bonds are also
eligible as security for Russian Government contrabts. The
option of payment at maturity at the Imperial State Bank of
Russia at the full face value of the bonds in rubles, at the
exchange rates then prevailing, is declared to be a very
valuable privilege, one possessed by no other issue of Russia's
external or internal debt.
According to the descriptive circular issued by the bankers,
it is stated that the customs revenues of Russia in 1913, the
last normal year, were $194,200,000, which compares with
$160,680,000, the average from 1908 to 1912, inclusive.
The bankers go on to say that the volume of American
exports to Russia has been steadily increasing, and that the
essential object of the loan is to facilitate the continuation
of this growing export trade. The exports for the eight
months ended Aug. 31 1916 are given as $300,362,626, compared with $169,099,931 for the entire year of 1915.
While it is the intention of the syndicate to offer the whole
issue of $50,000,000, only $25,000,000 will be taken by the
bankers at first, they having an option on the remaining
$25,000,000.
This will be the first attempt by Russia to float a loan of
this sort in the United States, unsecured by anything save
its general credit. In June of this year a $50,000,000 credit
was arranged for by the syndicate handling the presentloan
(the members of the syndicate on that occasion being the
same as on the present occasion, except that the National
City Bank and Kidder, Peabody & Co. then held the places
now filled by the National City Co. and Harris, Forbes &
Co., respectively), but in that instance the loan was secured
by the establishment of a credit in Petrograd of 150,000,000
rubles in favor of the American group, or at a fixed ratio of
3 rubles to the $1. For the particulars concerning this credit
see our issue of June 17, pages 2211 and 2212.
REPUBLIC OF CHINA BORROWS $5,000,000 FROM
CHICAGO BANKERS.
The Republic of China, through its Minister at Washington, Dr. V. K. Wellington Koo, has concluded a 6% gold
loan of $5,000,000 with the Continental & Commercial
National Bank of Chicago. Associated with the Chicago
bankers is Chandler & Co., Inc., of New York City, who will
have charge of the distribution of the loan in the East. The
Chinese Government was represented in the negotiations
by Levi Mayer of Chicago. The loan, which is a direct
obligation of the Republic, matures in three years and is
secured by a first charge on the entire revenues derived by
the Government from the Chinese tobacco and wines public)
sales tax, which, we are advised, amounts to $5,840,000 a
year. It is said that those concerned feel that they have
made a distinct gain in obtaining from Secretary Lansing a
formal approval of the action of the Chicago bank in furnishing the loan to the Chinese Government. Coincidentally with the arrangement of the loan, Mr. Lansing
handed to the officials of the bank the following letter:
Gentlemen—I have read the contract between yourselves and the Republic of China with reference to a loan of $5,000,000 for a period of three
years, and I have to say in reply to your oral request for a statement of the
policy of this Department respecting such loans that the Department of
State is always gratified to see the Republic of China receive financial
assistance from the citizens of the United States, and that it is the policy of
the Department, now as in the past, to give all proper diplomatic support
and protection to the legitimate enterprises abroad of American citizens.
I am, gentlemen, your obedient servant,
ROBERT LANSING.
The loan will be offered for public subscription on Nov. 22
at 9732, netting the investor about 6.90%.
AMERICAN SECURITIES SERVING AS COLLATERAL
FOR NEW BRITISH LOAN OF $300,000,000.
J. P. Morgan & Co. made public on the 14th the list of
American securities serving as collateral for the $300,000,000
5M% British Government gold loan for which subscriptions
were received so freely that the books were closed on Nov.4
instead of the 8th, the date originally set by the syndicate
managers. There are two distinct groups of securities
aggregating in value $180,000,000 each. The first group of
$180,000,000, consists of American securities and securities
of the Canadian Pacific Ry., and bonds and other obligations
of the Government of the Dominion of Canada, the colony
of Newfoundland, Provinces of the Dominion of Canada
and Canadian municipalities, of which at least $100,000,000
will be American and Canadian Pacific securities. The
second group of securities, totaling $180,000,000, is made
up of bonds and other obligations of the Governments
of Australia, Union of South Africa, New Zealand, Argentina, Chile, Cuba,Japan,Egyptand India,including approximately $25,000,000 in bonds and other obligations of dividend
paying British railway companies. The particulars of
the new loan were given by us on Oct. 28, pages 1550 4
1551. One-half of the loan matures in three years and
1834
TIIE CHRONICLE
[VOL. 103.
Railroad Bonds (Continued)—
Railroad Bonds (Continued)—
Long Dock consol. M. 6e, 1935.
Chic. St. Louis & New Orleans RR.—
Lou. Hend. & St. L. Ry. 1st M.5s, 1946.
Consolidated M. g. 33.45, 1951.
Macon Dublin & Say. RR. 1st M.58,1947
Consolidated M. g. 55, 1951.
Manhattan Ry. consolidated 4s, 1990.
Consolidated M. g. Is, 1951, reg.
Mc!. & Penna. RR. 1st M.4s, 1951.
Memphis Div. 1st M. g. 4s, 1951.
C.St. L.& P. RR. 1st cons. M.Is, 1932. Michigan Central RR.debenture 4s,1929.
45, 1957, 1st M.on Joi. & No. Ind.RR,
C. St. P. M. & 0. Ry. cons. (3s, 1930.
C.H.& D. Ry. 1st & ref. M.g. 45, 1959. Milwaukee Lake Shore & West. Sty,—
Consolidated 1st M. 6s, 1921.
1st & ref. M. g. 45, 1959, ctfs. of dep.
Ashland Division 6s, 1925.
Second (now 1st) M.450, 1937.
Michigan Division let M. 6s, 1924.
General M. 55, 1942.
M. S. S. M. & A. Ry. 1st M. 4s, 1926.
Cle. & Mar. Ry, 1st M.450, 1933.
First M. 45, 1926, registered.
Cle. & Mah. Vai. Ry. cons. 58, 1938.
Cie.& Pitts. SIR. gen. M.454s,'42,ser.A. Minn. St. P. & S.. S. M. Ry.—
First consolidated M. g. 4s, 1938.
C. C. C.& St. Louis Ry.—
First consol. M. 4s, 1938 registered.
Cairo Vin. & Chi. Ry. 1st M.4s, 1939.
General M. 4s, 1993.
Second M. g. 4s, 1949.
St. Louis Div. 1st coll. tr. M.4s, 1990. Minneapolis & Pac. Ry. 1st M.4s, 1936.
Gold debenture 414s, 1931.
Mo.Kan.& Texas Ry. 1st M.g.4s, 1990.
C. C. C. & St. Louis RIC-Mo. Pacific Ry. 1st consol. NI. 65, 1920.
General M. 4s, 1993, registered.
1st consol. M. 65, 1920. ctfs. of dep.
Cin. Wab. & Mich. Div. 45, 1991.
Mobile & 131rm. RR. prior lien Is, 1945.
Cie. Col. Cin. & Ind. Ry.—
First M. 4s, 1945.
General consolidated M. 6s, 1934.
Mobile de Ohio RR. 1st M.6s, 1927.
Industrial & Misc. Shares(Con.)—
Railroad Shares—.
General consolidated M. Os, 1934, reg.
First M. extended 6s, 1927.
• Ala. Great Southern RR., original.
U. S. Smelt., Refining & Mining, corn.
Cle. Sh. L. Sty. 1st M.guar. 450, 1961. Mohawk & Mal By. 1st M. 45, 1991.
Preferred.
Atch. Topeka & S. Fe. Ry., common.
1st M. guar. 454s, 1961, registered.
Minneap. Union Ry. 1st M.(3s, 1922.
Preferred.
U. S. Steel Corporation, common.
Colo. & So. Ry. 1st M. g. 4s, 1929.
Minn.& St. Louis fly. Pac. ext. 6s, 1921.
Preferred.
Bait. & Ohio RR., common.
First M. 7s. 1927.
Refund. dr ext. M. g. 430, 1935.
Utah Copper, common.
Preferred.
Colorado Springs & Cripple Creek DisFirst consol. M. g. 58, 1934.
Virginia-Carolina Chemical, preferred.
Beech Creek RR., common.
Montana Cent, Ry, 1st M. Is, 1937.
trict Ry. 1st M. 55, 1930.
Western Union Telegraph.
Boston & Albany RR.
Dela. & Ilud. Canal 1st M. 7s, 1917.
First M. 6s, 1937.
Central RR. of New Jersey.
Railroad Bonds—
First & refunding M. 4s, 1943.
Morris & Essex RR. 1st & refunding
Chesapeake & Ohio Ry.
M. 350, 2000.
Grt. So. RR. 1st M.ext. g. 5s, 1927. Denver & Rio Grande RR.—
Chicago & North Western Ry., common.
Improvement M. g. Is, 1928.
Nashville Chattanooga & St. Louis fly.
General M. sterling 5$, 1927.
Preferred.
First consolidated M. g. 4s, 1936.
1st consolidated M. Is, 1928.
1st coneol. M.5s, "A," 1943.
Cnicago Burlington & 'Quincy RR.
First consol. M. 4s, 1936, registered. Nashy. Flor. & Shef. Ry. 1st M.55, 1937.
Chicago MIlw. & St. Paul Ry., common. Ala. Mid. Ry. 1st M. g. 5s, 1928.
First consolidated M. g. 450, 1936. New Eng. RR. consol. M. 4s, 1945.
Allegheny Val. Icy. gen. M. g. 45, 1942.
Preferred.
New Jersey Jct. RR. 1st M. 48, 1986.
Cleveland & Pittsburgh RR.,7% guar. American Dock & Impt., 1st Is, 1921. Det. & Mack. Ry. 1st lien g. 4s, 1995.
Mortgage g. 4s, 1995.
N.0.& N. E. RR. pr. lien ext. Is, 1940.
Atch.Top.& S. Fe. Ry.cony. g. 5s, 1917.
Connecticut River RR.
N.0.Term, Ry. 1st M.48, 1953, ser. A.
Detroit Grand Haven & Milw. Ry.—
Convertible gold 4s, 1955.
Delaware Lackawanna & Western RR.
First equipment M. 65, 1913.
N. Y.& Or. Lake Ry, pr. lien Is. 1946.
Convertible go.d 48, 1960.
Detroit Hillsdale & S. W.RR., common.
Consolidated 6s, 1918.
N. Y. & Jersey RR. 1st M. Is, 1932.
Cal.-Aria. lines 1st & ref. M.4 kis, 1962
Erie & Pittsburgh RR.
Duluth & Iron Range RR.lst M.5e, 1937. N. Y. & Putnam RR. cons. M.4s. 1993.
1st & ref. M.450, 1962, sterling.
Erie RR.. first preferred.
Dui. So. Sh. & AU. Ry. 1st M.5e, 1937. N. Y. Central RR. consolidated NI. 45,
Adjust. M. g. 4s, 1995, stamped.
Great Northe.n Ry., preferred.
series A, 1998.
E.Tenn. Va.& Ga.Ily. 1st M.g. 58,1930
Adjust. M. 45, 1995, stamped, reg.
Illii.ola Central RR.
N. Y. Central Lines—
Consolidated M. g. Is, 1956.
Adjust. M. gold 4s, 1995, unstamped.
Leased lines.
Equip. trust 450,ser. 1910, due 1920.
Adjustment M.4s, 1995, unstpd., reg. Elgin Joliet & Feat. Ry. 1st M.5s, 1941.
Kansas City Southern Fly., preferred.
Equip. trust 450,ser. 1910, due 1921.
Erie Ry. 1st consol. M. g. 75, 1920.
General M. g. 4s, 1995.
Lenigh Valley RR.
Equip. trust 450, ser. 1910, due 1922.
Erie RR. Penna. collateral g. 45, 1951.
Little Miami RR.
General M.4s, 1995, registered.
Equip. tr. 43.45,ser. 1912,due 1918,reg.
General M. cony. 4s, series A, 1953.
Louisville & Nashville RR.
East. Okla. Div. M. g. 4s, 1928.
Equip. trust 430,ser. 1912, due 1921.
General M. cony. 4s, series B, 1953.
Minn. St. P. & S. S. M. Ry., common.
East. Okla. Div. M. g. 48, 1928, reg.
Equip. trust 450,ser. 1912, due 1923.
First consol. M. prior lien 4s, 1996.
Transcontinental Short Line 4s, 1958.
Preferred.
Equip. trust 450,ser. 1913, due 1919.
Leased lines.
First consol. M. g. gen. lien 4s, 1996.
Atlantic & Deny. Ry. 1st M. 45, 1948.
Equip. trust 450,ser. 1913, due 1925.
Mobile & Birmingham RR., preferred.
Florida Central & Peninsular RR. 1st M.
Second M. 45, 1948.
Morris & Essex RR.
Equip, trust of 1907, Is, 1917.
land grant extension 5s, 1930.
Atl. Co. L. RR. 1st cons. M.g. 4s, 1952.
New York Central RR.
Fla. East Coast Ry, 1st M.g. 454s, 1959. N. Y. Central & Hudson River RR.—
General unified M. 450, 1964.
N. Y. Lackawanna & Western Ry.
Boston & Albany equip. tr. 4545, 1910.
Ft. Worth & D. C. Ry. 1st M. 6s, 1921.
Lou. & Nash. coll. tr. g. 48, 1952.
Norfolk & Western Ry., common.
Bait. & Ohio RR. pr. lien g. 350, 1925. Fremont Elkhorn dr Mo. Valley RR.
Debenture 4s, 1942.
consolidated M. 6s, 1933.
Adjustment preferred.
Debenture 4s, 1942, registered.
Prior lien 33s, 1925, registered.
Ga. & Ara. Ry. 1st cons. M. 58, 1945.
Northern Central Ry.
First M. 354s, 1997.
Convertible 4s. 1933.
Gila Valley Globe & Northern Ry. 1st
First M.en-year g. 4s, 1948.
First M. 3349, 1997, registered.
Northern Pacific Ry.
M. g. 5s, 1924.
Debenture 4s, 1934.
North Pennsylvania RR.
First M.50-y.ar g. 4s, 1948, reg.
Debenture 4s, 1934, registered.
Pennsylvania RR.
Southwest. Div, tat M. g. 350, 1925. Ga. Caro. & No. Ry. 1st M. 55, 1929.
Lake Shore collateral 354s, 1998,
Pittsburgh Ft. W. dr Chic, fly., guar.
Southwest. Div. 1st M.35is, 1925,reg. Gouveneur & Oswegatchie RR. 1st M.
assenting bonds
Is, 1942.
Special guaranteed.
P. L. E & W. Va.Sys. ref. g. 4s, 1941.
Lake Shore collateral 3348, 1998,
P.L.E.&'W.Va.Sys. ref. g. 4s,'41, reg. Or. Rap.& Ind. Ry,1st M.g.4345, 1941.
Reading, common.
assenting registered.
Flock. Val. Ry. 1st cons. M.g. 43.4s,1999.
1st preferred.
Beech Creek RR. 1st M. g. 4s, 1936.
Lake Shore collateral 350, 1998,
2d preferred.
Belvidere Delaware RR. consol. M.sink. Housatonic RR. consol. M. 55, 1937.
non-assenting bonds.
Houston & Texas Central RR. 1st M.
St. Louis Bridge, 1st preferred.
fund 350, 1943.
Lake Shore collateral 350, 1998.
g. Is, 1937.
Birmingham Term. 1st M. g. 45, 1957.
2d preferred.
non-assenting registered.
Southern Pacific.
Buff. & Susq. RR. Corp. 1st M.48, 1963. Houston East & West Texas Ry. 1st M.
Ref. & impt. 450, 2013, "A."
Is, 1933.
Buff. Koch. & Pitts. Ry. gen. M. g.
Certificates of interest.
Ref. & impt. M.450. 2013,"A," reg.
Illinois Central RR.—
Southern Ry., preferred.
Is, 1937, registered.
Michigan Central collat. 354e, 1998.
Trust 354e, 1950, sterling.
Tunnel RR of St. Louis.
Consolidated 41s, 1957, registered.
Mich. Cent. collat. 350, 1998, reg.
1st M. 38, 1951, sterling.
Union Pacific RR., common.
Burlington Cedar Rapids & Northern Ry.
N. Y. C. & St. L. RR. 1st M. 45, 1937.
1st M. 4s, 1951, sterling.
Preferred.
consol. 1st M. g. 58, 1934.
Debenture 4s. 1931.
1st M. g. 350, 1951.
United New Jersey RR. & Canal Co.
Caro. CI. & 0. fly. 1st M. g. Is, 1938.
N. Y. Connecting RR. 1st M. 430,
1st M. 3kis, 1951, registered.
Industrial & Miscellaneous Shares.
55, 10-year gold notes, July 1 1919.
1st M. extension 33.48, 1951.
1953, "A."
American Agricultural Chemical, pref.
Carthage & Adir. Ry. 1st M.g. 4s, 1981.
N. Y. Lackawanna & Western RR. Ter1st M. extension g. 4s, 1951.
American Beet Sugar, preferred.
Cent. New Eng. Ry. 1st M. g. 4s, 1961.
minal & improvement 4s, 1923.
1st M. extension g. 45, 1951, reg.
American Can, preferred.
Cent. of Ga. Ry. cons. M. g. Is, 1945.
N. Y. Lake Erie & Western RR. 1st
Gold 4s, 1952.
American Car az Foundry, preferred.
Cent. Pee. Ry. 30-yr. sink. fd. 350,1929
consolidated M. 7s, 1920.
Gold 4s, 1952, registered.
American Light & Traction, preferred.
First refunding M. g. 4s, 1949.
N. Y. New Haven & Hartford RR. conGold Is, 1953.
American Locomotive, preferred.
Thru. Short L. 1st M. g. 45, 1954.
vertible debenture 6s, 1948.
Gold 4e, 1953, registered.
American Smelting & Refining, common. Central RR. Oz Banking Co. of Ga. 50.
Convertible debenture Os, 1948, reg.
1st refunding M. g. 48, 1953.
Preferred.
year collateral trust 58, 1937.
Cairo Bridge g. 4s, 1950.
N. Y. Ont. & W. Ry. ref. M. 45, 1992.
American Smelters Securities, "A" pref. Cent. RR. of N. J. gen. M. g. 58, 1987.
N Y Susquehanna & Western RR.—
Cairo Bridge g. 4s, 1950, registered.
"B" preferred.
Gen. M. 5s, 1987, registered.
First refunding M. 55, 1937.
Louisville Division de Terminal:
American Sugar Refining, common.
Central Vermont Ry. 1st M. 45, 1920.
Terminal 1st Is, 1943.
1st M. g. 3548, 1953.
Preferred.
Ches. & 0. Ry. let cells. M.g. 58. 1939.
/4. Y. Westchester & Boston Ity, 1st
1st M. g. 350, 1953, registered.
American Telephone & Teiegrapn stock.
1st cons. M. g. 5s, 1939, reg.
M. 450, 1946.
C. St. L. & N.0. it. 58, 1963, ser. A.
American Taread, preferred.
General M. g. 430, 1992.
Norfolk & Western IV.Joint Is, 1963, series B, sterling.
American Tobacco, common.
General M. g. 450, 1992, reg.
10-20-year convertible 4s, 1932.
St. I.. Div.&Term. 1st M.g. Is, 1951.
Preferred.
Convertible 20-year g. 450, 1930.
10-25-year convertible 4s, 1932.
let M. 334s, 1951, registered.
Anaconda Mining.
Craig Valley Br. 1st M. g. 55, 1940.
10-25-year convertible 450, 1938.
Baldwin Locomotive Works, preferred.
Rich. & Ailegh. Div. 1st cons.48, 1989. Interboro. Rap. Tran. 1st M. 5s, 1966.
First consolidated M. 4s, 1996.
1st M. Is, 1966, registered.
California Ry. dr Power, prior preference. Chic. & Alton RR. 1st lien 330, 1950.
First consolidated M. 44, 1996, reg.
International & Great Northern Ry.
Central Leather, preferred.
Chic. & Erie RR. 1st M. g. 55, 1982.
Divisional 1st lien & gen. M.4s, 1944.
purchase money 6s, 1919.
Chicago Jct. fly. & Un. Stkyds., Vet Chic. dr N. W. Ry. gen. M. g. 4s, 1987.
registered.
Iowa Central Ry. 1st M. Is, 1938.
Cities Service., preferred.
General M. g. 3545, 1987.
New River Division 1st M. Os, 1932.
Jamestown Franklin & Clearfield RR.
Conaol. Gas, El. Lt. & P. of Bait., corn.
Debenture 58, 1921.
Norfolk & Western RR.gen.M. Os, 1931.
1st M. 4s, 1959, registered.
Preferred.
Sinking fund debenture 55, 1933.
Improvement de extension 6s, 1934.
Continental Can, preferred.
Sinking fund debenture 58, 1933, reg. K.C.Ft. S.& M.RR.cons. NI. 6a, 1928.
Norf. & West. Ry. and Poca. C. & C.—
Refunding M. 45, 1936. .
Cluett, Peabody & Co.. preferred.
Chic.&W.Ind. RR.cons. M.g.4e, 1952.
Purchase money 1st M. 45, 1941.
Kan. City So. Ry, 1st M. 3s, 1930.
Deere & Co., preferred.
General M. 6s, 1932.
Purchase money 1st M. 4s, 1941, reg.
Refund. & Impt. g. 5e, 1950.
Detroit United Ry.
Chic. Burl. & Q., III. Div., 330, 1949.
Refund. az impt. g.Is. 1950, reglatered. Norfolk & Southern RR. 1st M.Is, 1941.
Eastman Kodak, common.
Illinois Division, 4s, 1949.
- Preferred.
Nebraska ext. M. sink. fd. 4s, 1927. Kan. City Term. Ry, 1st M.g. 4s, 1960. Northern Pacific-Great Northern joint
gold bonds, C. B.& Q. collat. 4s, 1921,
1st M. g. 45, 1960. registered.
General Chemical, preferred.
Nebraska ext. M.sink. 91. 48, 1927,reg.
Ky.& Ind.Term. RR. 1st M.45is, 1961. Northern Pacific Ry, pr. lien 45, 1997.
General Electric.
Iowa Division sink. fund Is, 1919.
Prior lien 48, 1997, registered.
Lake Erie & West. RR. 1st M.g.Is, 1937
General Motors, preferred.
Iowa Division sink. fund 4s, 1919
General lien 38, 2047.
Lake Shore & Michigan Southern fly,—
Goodrich & Co.(B. F.), preferred.
General M. 4s, 1958.
General lien 3s, 2047, registered.
First M. g. 350, 1997.
Ingersoll-Rand, common.
Chic. Great West. RR.1st M.g. 4s, 1959.
St. Paul de Duluth Division 45, 1996.
First M. g. 350, 1997, registered.
Preferred.
1st M. g. 45, 1959, registered.
St. Paul & Duluth DIY. 4s, 1996, reg.
Debenture g. 48, 1928.
Harvester Co. of N. J., common.
Chic. Ham.& W.Ry. 1st M.6s, 1927.
N. Y. & Erie RR. 4th M. Is, 1920.
Debenture g. 48, 1931.
Preferred.
Chic. Incl. dr So. RR. 1st M. 4s, 1956.
First M. extended 4s, 1947.
Debenture g. 4s, 1931, registered.
Int. Harvester Corporation, preferred.
Chic. L. S. & E. Ry. 1st M.450, 1969.
International Nickel, preferred.
Chic. Nillw. & Puget Sound Ry. 1st M. Lehigh & Hudson River By. general NI. N. Y. & North. Ry. 1st M. 58, 1927.
Ohio River RR. 1st M. Is, 1936.
Is, 1920.
Lehigh Coal & Navigation.
g. 4s, 1949.
Lehigh Valley Ry. let M. g. 450, 1940. Oregon & Cal. RR. 1st M. 58, 1927.
Lehigh Valley Coal Sales, common.
Chicago NIllw. & St. Paul Ry.—
Oregon RR.& Nay. consol. M.48, 1946,
First M. 454s, 1940, registered.
Dubuque Div. 1st M.sin. fd. 6e, 1920.
Liggett & Myers Tobacco, preferred.
Lorillard (P.), preferred.
Wisc. Val. Div. 1st M. s. I. 138, 1920. Lehigh Val, Term, Ry. 1st M. Is, 1941. Oregon Short Line Ry. 1st M. 6s, 1922.
Refunding M. 48, 1929.
First M. 58, 1941, registered.
Mackay Companies, common.
Chic. & L. S. Div. 1st M. g. 55, 1921.
Preferred.
Chicago & Pacific Western Div. 1st Lehigh Valley RR. general consolidated Oregon-Washington RR. & Nay. Co.—
First
& ref. M. 4s, 1901. series A.
M.
g.
4s,
2003.
1921.
M. g. Is,
Massachusetts Gas, preferred.
First & ref. M.4s,1961,ser. B.,sterrg.
Consolidated M. 6s, 1923.
Moline Plow, 1st preferred.
Wisconsin & Minnesota Div. 1st M
Long Island RR. cons. M. g. Is, 1931. Pacific RR. of Mo. 1st M. ext. 4s, 1938.
Montana Power, cum. preferred.
g. Is. 1921.
2d M. extended sink. fund 58, 1938.
General M. g. 48, 1938.
General M. g. 4s, 1989,"A."
Montgomery Ward Co., Inc., preferred•
Pennsylvania Co. 1st M. 41,58, 1921.
Refunding M. g. 4s, 1949.
National Biscuit, preferred.
General M. g. 45, 1989, "A," reg.
1st M. 43.40, 1921, registered.
Refunding 4s, 1949, registered.
National Lead, preferred.
General M.350, 1989, "B."
Guar. 354% g. tr. ctfs., 1912, ser. C.
Debenture g. Is, 1934.
National Sugar Refining Co. of N. J.
General M. 354e, 1989, "B," reg.
Guar. 354% g. tr. etre., 1944, ser. D.
Ferry 1st M. 450, 1922.
Pacific Gas de Electric, orlginal preferred •
General M. g. 450, 1989,"C."
15-25-year 4% loan ctfs., 1931.
North Shore Branch 1st M. 58, 1932.
1st preferred.
Gen. & ref. M. 450, 2014, "A."
Louisy. & Jeffer. Bdge, 1st M. 48, 1945. Pennsylvania IiR. consol. M. 48, 1943.
Philadelphia Co., preferred.
Gen. & ref. M. Is, 2014, "B."
Consolidated M. 354s, 1945, sterling.
Louisville & Nashville RR.—
Pittsburgh Steel, preferred.
Geld debenture 4s, 1934.
Consolidated M. 45, 1948.
General M. sinking fund g. (58, 1930.
Pressed Steel Car, preferred.
Convertible g. 454s. 1932.
Consolidated M. 4s, 1948, sterling.
First M. trust Is, 1931.
Providence Gas.
Chic. K. I. & Panne Mi.—
General M. 4548, 1965.
First M. 50-year Is, 1937.
Pullman Co., common.
Equip. trust 450, series "C," 1917.
4s,
1940.
Pensacola
& Atlantic RR. 65, 1921.
Unified
M.
"C,"
1918.
Sears, Roebuck & Co., preferred.
Equip. trust 450, series
Pennsylvania General Freight—
Unified M. 4s, 1940, registered.
Studebaker Corporation, preferred.
Equip. trust 4545, series "C," 1919.
Equipment 4545, 1917-23, registered.
Att. Knox. & Ctn. Div, M. Is 1955.
Swift & Co.
First M. 6s, 1917, registered.
Equipment 48, 1920, registered.
Mobile & Mont. Div. 1st M.450,1945.
Twin City Rapid Transit, common.
First & ref. M. g. 4s, 1934.
N.0.& Mobile Div. lot M.g. 68. 1930. Perkiomen RR. 2d series M. 55, 1918.
Preferred.
First & ref. M. 45, 1934, ctfs. of dep.
Philadelphia dr Erie lilt. 68, 1920.
S. E. & St. L. Div. 2d M. 38, 1980.
United States Rubber, 1st preferred.
General M. g. 4s, 1988; registered.
the other in five years. The three-year notes were
offered at 993i and interest, yielding about 54%, while the
five-year obligations were offered at 98M and interest, netting about 5.85%. The loan of $250,000,000, placed in
August and bearing 5% interest and maturing in two years,
was put out at 99 and interest, the yield to the investor being
a little over 532%. The complete list of the American securities back of the present $300,000,000 loan is as folloNvs.
The list consists of 54 railroad stock issues, 73 issues of shares
of industrial and miscellaneous companies and 615 railroad
and industrial bonds. The total number for the $250,000,000 loan of last August was 503-442 bonds and 61 stocks.
That list was published in these columns Aug. 26, pages
704 and 705.
Nov. 18 1916.1
THE CHRONICLE
Railroad Bonds (Concluded)—
Industrial & Misc. Bonds (Con.)—
Philadelphia & Reading RR.—
Central Illinois Public Service 1st & reImprovement M. 45, 1947.
funding M. 5s, 1952.
Extended 55, 1933.
Central Leather 1st lien 5s, 1925.
Pittsb. Cin. Chic. & St. Louis Ry.—
First lien 5s, 1925, registered.
Chicago
Consolidated 4149, 1940, series A.
City Ry, 1st M. 5s, 1927.
Chicago Gas Lt. & Coke 1st M.5s, 1937.
Consolidated 4348, 1942, series B.
Chicago Railways 1st M. 5s, 1927,
Consolidated 45, 1945, series D.
Pittsb. Cleve.& Toledo RR. 1st 6s, 1922. Chicago Telephone 1st M. 5s, 1923
Cin. Gas Transp. 1st M. 5s, 1933
Portland Terminal 1st M.48, 1961.
Reading and Philadelphia & Reading City Electric 1st M. sink. fund 58, 1937.
Commonwealth Electric 1st M.5s, 1943.
Coal & Iron general M.45, 1997.
Reading, Jersey Central coll. tr. 48, 1951. Connecticut Ry. & Lighting 1st refunding M. 434s, 1951.
Richmond-Washington guaranteed collateral trust 48 "B," 1943.
Colorado Fuel & Iron gen. M.s.f. 58,1943
Guar. collateral trust 45 "C," 1943.• Consolidation Coal Ist&ref. 5. f. 5s, 1950.
Rio Grande Jct, Ry. 1st M. 55, 1939.
Convertible 6s, 1923.
Rio Grande West. 1st trust M. 48, 1939. Consolidated Gas, Elec. Lt. & Power of
Rio Grande West. Ry. cons. M.4s, 1949.
Baltimore general 434s, 1935.
Roch. & Pitts. RR. cons. M.68, 1922.
Consolidated Tobacco 4s, 1951.
St. Lawrence & Adir. Ry. 1st M.58, 1996. Consumers' Power 1st lien & refunding
2d M.68, 1996.
M. 5s, 1936.
St. L.& San Fran. Ry. gen. M.5s, 1931. Cnrn Products RefiningGeneral M. 6s, 1931.
25-year debenture e. f. 5s, 1931.
St. Louis Bridge 1st M. 7s, 1929.
First M. sinking fund 5s, 1934.
St. L. Iron Mtn. & South. Ry.—
Dallas Electric 1st M.collat. tr. 5s, 1922,
Gen. cons. ry. & Id. gr. M. 5s, 1931. Dayton Electric Light 1st M.5s, 1921.
Unifying & refunding M. 45, 1929.
Detroit City Gas 58, 1923.
River & Gulf Div. 1st M. 45, 1933.
Detroit Edison 1st M. 58, 1933.
St. L. March. Bdge. Term. 1st M.58,1930 Detroit United Rys. 1st cons. 434s, 1932.
St. L. Southwestern Ry. 1st 48, 1989.
Duluth Edison Electric 1st M. 58, 1931.
Consolidated M. 48, 1932.
Duluth Street Ry. 1st M. 5s, 1930,
Terminal &•unifying 58, 1952.
General M. 5s, 1930.
St. Paul Sr Dul. RR.2d M.58, 1917.
Eastern Penna. Rys, 1st M. 5s, 1936.
First consolidated M. 4s, 1968.
Eastern Power & Light Corporation
St.Paul & Sioux City RR. 1st M.68,1910.
convertible 58, 1918,
St. Paul & Kansas City Short Line RR. Edison Electric of Los Angeles 1st & re1st M. 4348, 1941.
funding M. 58, 1922.
St. Paul Minn. & Manitoba Ry.—
Equitable Gas & Electric of Utica 1st
Consolidated 4348, 1933.
M. 5s, 1942.
Consolidated 45, 1933.
Federal Light & Traction 1st lien sinkConsolidated 68, 1933.
ing fund 58, 1942.
Montana extension 1st M.45, 1937.
General Electric debenture 330, 1942.
Debenture 5s, 1952.
St. Paul Minn. & Manitoba Ry. Pacific
extension 1st M. 4s, 1940, sterling.
Debenture 5s, 1952, registered.
San Antonio & Aransas Pass Ry. 1st M. Georgia Lt.Pow.& Rys. 1st lien 5s, 1941.
Great Falls Power 1st M. s. f. 5s, 1940.
48, 1943.
Savannah Florida & Western MT. 1st M • Great Northern Power 1st M. 55, 1935.
Houston Electric 1st M. 5s, 1925.
6s, 1934, registered.
Scioto Valley & New England RR. Hudson & Manhattan RR. 1st lien & refunding M. 58, "A," 1957.
1st M. 45, 1989.
Seaboard Air Line Ry. 1st M. 48, 1950. Hudson County Gas 1st M. 5s, 1949.
Hutchison Water, Light & Power 1st
Ati. & BIrm. Div. 1st M. 48, 1933.
Adjustment M. 58, 1949.
M. 4s, 1928.
Refunding M. 4s, 1959.
Illinois Steel debenture 434s, 1940.
Shamokin Sunbury & Lewisburg RR. Indiana Ry. 1st M. 5s, 1930.
2d M.6s, 1925.
Indiana Steel 1st M. 5s, 1052.
Sioux C. & Pac. RR. 1st M. 3348, 1936. Ingersoll-Rand 1st M. 5s, 1935,
So. & No. Ala. RR. cons. M. 55, 1936.
1st M. 58, 1935. registered.
So. Caro. & Ga. RR. 1st M. 5s: 1919.
Inter.-Met, collateral trust
1956.
Southern Pacific RR. 1st ref. M.4s, 1955. Internat. Mercantile Marine 4%s•
1st M. colSouthern Pacific convertible 5s, 1934.
lateral trust Cs, 1941.
Central Pacific stock collat. 48, 1949. Kings County Elev, RR,1st M.45, 1949,
San Francisco Terminal 4s, 1950.
Lackawanna Steel cony. 58, 1950, "A."
Convertible 4s, 1929.
First convertible 5s, 1923.
Southern Ry. 1st consol. 55, 1994.
Laclede Gas Light 1st M. 5s, 1919.
Devel. & gen. M.48, 1956, "A."
Lehigh Valley Coal 1st M. 5s, 1933.
East Tenn. reorg. lien 55, 1938.
Fist M. 58, 1933, registered.
'Terminal RR. Assoc. of St. L.4348, 1939. Lexington Ave. & Pavonia Ferry 1st
First consolidated M.5s, 1944.
M. 5s, 1993.
General M. 4s, 1953.
Liggett & Myers Tobacco 78, 1944,
Texas & Pacific Ry. 1st M. 5s, 2000.
78, 1944, registered.
Louisiana Div. Br. L. 1st M.58, 1931.
58, 1951.
Tol.& Ohio Cent, Ry. West. L. 5s, 1935.
M. 1951, registered.
Tol, St. L. & W.Ry. pr. lien 3348. 1925. Lorillard (P.) 5s, 1951.
Tol, Walhonding Valley & Ohio RR.—
(is, 1951, registered.
First M. 434s, 1931, series A.
7s, 1044.
First M. 4348, 1933, series B.
7s, 1944, registered.
Tol. Terminal RR. 1st M.4348, 1957.
Lynn dr Boston RR. 1st M. 5s, 1924.
Union Pacific RR. cony. 4s, 1927.
Milwaukee Elec. Ry. & Light consoliFirst M.land grant 4s, 1947.
dated M. 58, 1926.
First lien & refunding 4s, 2008.
Minneapolis General Electric 5s, 1934.
First lien & ref. 4s, 2008, sterling.
Minneapolis St. Ry. & St. Paul City fly.
United New Jersey RR. & Canal genconsolidated M. 58, 1928.
eral M. 45, 1944.
Minnesota & Ontario PowerGeneral M. 45, 1929.
1st M. 68, 1917.
Vandal's nit. cons. M.45, 1957, ser. B.
1st M. 6s, 1922.
Virginian Ry, 1st M.58, 1962,"A."
1st M. 68, 1923.
Wabash RR. 1st M. 5s, 1939.
1st M. 68, 1928.
2d M. 55, 1939.
Montana Power lst&ref.M. 58, 1943,"A"
Equip, trust sinking fund 5s, 1921.
Morris & Co. 1st M. s. f. 430, 1939.
Washington Central Ry, 1st M.45, 1948. Mutual Fuel Gas 1st M. 58, 1947.
Washington Terminal 1st M.45, 1945.
Nashville Ry. & Lt. ref.&ext. 58, 1958.,
West Shore RR. 1st M.45, 2361.
Nassau Electric RR. 1st cons. M.48,1951
W. Va. & Pitts. RR. 1st M. 48, 1990. Newark Gas 1st M. 6s, 1944.
Western N. Y. & Pennsylvania RR.—
New Eng. Tele. & Teleg. 5s, 1932.
First M.5s, 1937.
N. 0. Ry. & Lt. general Cis, 1935.
General M. 45, 1943.
Newport News & Hampton Ry., Gas &
Western Penna, RR. 45, 1928.
Electric 1st & ref. M. 5s, 1944.
West. Maryland RR. 1st M.45, 1952.
N. Y. Gas, Electric Lt. Ht. & Power—
Wheeling & Lake Erie RR., Wheeling
First M. 58, 1948.
1)IVIS1011, 1st M. 5s, 1928.
Purchase money 4s, 1949.
Wilkes-Barre & East. RR.1st M.5s, 1942 N.Y.Telephone 1st & gen. M.434s, 1939
Wilmer & Sioux Falls Ry. 1st M.58, 1938
First & general M. 434s, 1939, reg.
Wisconsin Cent, Ry. 1st gen. M.48, 1949.
First & gen. M. 434s, 1939, sterling.
First refunding M. 45, 1959.
N. Y. & Westch. Lighting deb. 58, 1954.
Niagara Falls Power 1st M. 58, 1932.
Industrial & Miscell. Bonds—
Refunding & general
(is, 1932.
Adirondack Electric Power Corporation Northern Westchester M.
Lighting lstcon1st M. 55, 1982.
solidated M. 5s, 1955.
M.
general
5s,
1947.
Albany Ry.
Northwestern Elev. Ry. 1st M.5s, 1941.
American Agricultural Chemical 1st M. Pacific Coast 1st M. 58, 1946.
convertible 58, 1928.
Pacific Gas & Electric general & refundAmerican Cities 8-year 5-6% col tr. 1919.
ing 5s, 1942, series A.
American Power & Light 10-yr. 8s, 1921. Pacific Telephone & Telegraph 1st colletAmerican Smelters Securities 68, 1926.
lateral trust 5s, 1937.
American Telephone & Telegraph—
Pennsylvania & Mahonlng Valley 11S•
Collateral trust 45, 1929.
First & refunding M. 5s, 1922.
Convertible 4348, 1933.
Peoples Gas Light & Coke of Chicago
1st consolidated 6s, 1943.
Convertible 45, 1936.
Philadelphia Co. cony. deb. 58. 1919.
American Tnread lat M.45, -913.
Convertible debenture 58, 1922.
1st M. 45, 1919, registered.
Armour & Co. real est.lstM. 4345, 1939.
Consolidated collateral trust 5s, 1051.
Atlantic City Electric 1st & refunding Pocahontas Consolidated Collieries 1st
M.sinking fund 5s, 1957.
M. sinking fund 5s, 1938.
Auburn & Syracuse Electric RR. !St & Portland Ity. 1st & refunding M.5s, 1930
refunding M. 5s, 1942.
Portland Ity., Light & Power 1st refundsinkBaldwin Locomotive Works 1st M.
ing 5s, 1942, series A.
ing hind 58, 1940
Prov. Loan Society of N.Y. 4348, 1921.
Beech Creek Coal & Coke 1st M. sink- Puget Sound Power 1st M. 5s, 1933.
ing fund 55, 1944.
Puget Sound Tmc. Lt. & Pow. 68, 1919.
Bethlehem Steel 1st lien&ref.58.1942,"A" Rochester Ry. M. 5s, 1930.
Broadway & Seventh Ave. RR. 1st con- St. Louts Springfield & Peoria RR. 1st
solidated M. 55, 1943.
& refunding 5s, 1939.
Brooklyn Rapid Transit—
St. Paul City Ity, cons. cable 5s. 1937.
Secured 5% notes, 1018.
San Joaquin Light & Power Corporation
1st & refunding 58, 1950, "13."
First & refunding M. 4s, 2002.
Seattle Electric consol. & refund. 5s, 1929
firl. 1945.
Brooklyn Union Elevated 1st M.58, 1950
First M. 5s, 1930.
Bkiyn. Un. Gas 1st consol. M. 55, 1945.
Seattle-Everett 1st M. 58, 1939. '
Buff. & Susq. Iron deb. 58, 1926, reg.
Shawinigan Water & Power consolidated
M. 58, 1934.
Bush Terminal consolidated 5s, 1955.
Butte Electric & Power 1st M. 58, 1951, Spokane & Inland Empire RR. 1st reCalifornia Gas & Electric Corp. unifying
funding M. 58, 1926.
& refunding sinking fund 5s. 1937.
Standard Gas & Electric convertible
Calif. Elec. Generating 1st 55, 1948 "A"
sinking fund 68, 1026.
1835
Industrial & Misc. Bonds (Con.)—
Swift & Co. 1st sinking fund 5s, 1941.
Tennessee Coal, Iron & RR.—
ConsoLlst "Birmingham Div."6s, 1917
Tennessee Div. 1st consol. 6s, 1917.
Texas Co. convertible deb. 6s, 1931.
Third Ave. RR. 1st M. 58, 1937.
First refunding 4s, 1960.
Adjustment M. 5s, 1960.
Tr -City Ry. & Lt. 1st refund. 5s, 1930.
Union 011 of Cal. 1st liens. f. 5s. "A"1931
Utah Light & Power consol. 48, 1930.
Utah Securities Corporation M, 1922.
United Electric Securities collateral trust
sinking fund 58, 1936.
United Fruit 5% notes, 1918.
Sinking fund 4Y4s, 1923.
Sinking fund 434s, 1925.
United Light & Railways 1st dr refunding M. 5s, 1932.
United Ry. & Electric of Baltimore 1st
consolidated 4s, 1949.
United Rys, Investment 1st lien collateral trust 5s, 1926.
United States Steel Corporation50-year 58, 1951, series F, registered.
10-60-year sinking fund 5s, 1963.
Industrial & Misc. Bond3 (Con )—
U. S. Rubber coll. trust Os, 1918.
United Utilities 1st M. coil. tr. 63, 1943.
Utica Electric Light & Power 1st M.
sinking fund 5s, 1950.
Virginia-Carolina Chem.IstM.55, 1923.
Convertible debenture 6s, 1924.
Western Electric 1st M.5s, 1922.
Western States Gas & Electric 1st & refunding M. 5s, 1941.
Western Transit 1st M.3345, 1923.
Western Union Telegraph—
Collateral trust 58, 1938.
Funding & real estate 434s. 1950.
Westinghouse Electric & Mfg. collateral trust 5s, 1917.
Washington Water Power 1st refunding
M. 5s, 1939.
Westchester Lighting 1st M. 5s, 1950.
Canadian Pacific Ry. Obligations—
Canadian Pacific Ry. 4% perpetual consolidated debenture stock.
4% perpetual consol. debenture stock.
4% non-cumulative preference stock
6% note certificates 1924.
Common stock.
J. P. Morgan & Co. have announced this week that the
temporary notes for the $250,000,000 loan put out in August
may now be exchanged for definitive notes of authorized denominations at the office of the Farmers' Loan & Trust Co.,
22 William St., N. Y. City; not exceeding 100 schedules
per day will be received.
I
FOREIGN COMMERCE OF FRANCE DURING THE FIRST
NINE MONTHS OF 1916.
(From "L'Economiste Francais," Oct. 211916.)
First Nine
First Nine
Difference
Imports—
Months 1916. Months 1915.
in 1916.
Francs.
Francs.
Francs.
Articles of food
2,152,793,000 1,793,735.000
+359,058,000
Material needed for manufacture
2,987,613.000 2,280,538,000
+707,075,000
Manufactured articles_ _ _ _2.241,002,000 1,733,118,000
+507,884,000
Total
7,381.408,000
5,807,391,000
+1,574,017,000
Exports—
Articles of food
311,772.000
Material needed for manufacture
505,881,000
Manufactured articles_ _ _ _1,519,438,000
Parcels post*
178,972,000
405,400,000
—93,628,000
470,032,000
1,184,171,000
119,828.000
+35,849,000
+335,267,000
+59,144,000
2,179,431,000
+336,632,000
Total
2,516,063,000
* Of which 6,640,000 francs were for parcels post containing silk fabric
and silk floss. The corresponding figure for 1915 was 4,884,000
francs.
CARTER GLASS DENIES THAT HE WAS ASKED TO
BECOME SECRETARY OF THE TREASURY.
Reports that Carter Glass had been offered the post of
Secretary of the Treasury were denied by him this week in
the following communication to the "Wall Street Journal:"
TO the Editor of the "Wall Street Journal:"
Please state in your next issue that there is no foundation for the report
printed in your paper to-day that President Wilson, two months ago or
at any other time, offered me the position of Secretary of the Treasury.
The assertion is utterly without excuse, and I regret very much that it
should have been made.
CARTER GLASS,
Lynchburg, Va.
THE FEDERAL RESERVE BOARD ON EUROPEAN PAYMENTS TO THE UNITED STATES.
As an illustration of the altered position of the United
States in international finance the Federal Reserve Board
calls attention to the amount of foreign loans and credits
arranged in the United States; according to the Board the
obligations of foreign governments, bankers and merchants
now held here are estimated at $1,931,000,000. Much
interest, says the Board, is now centred on the question of
how the United States will meet foreign demands for gold,
should such demands arise after the close of the European
war; as bearing on the subject it points out that the maturities of the European obligations held here are of distinct
importance, and it presents a table showing the yearly
maturities of European obligations aggregating $1,627,000,000. The Board's statement in the matter is published in
the November issue of its"Bulletin",from which we publish
its observations in full below:
EUROPEAN PAYMENTS TO THE UNITED STATES.
During the two fiscal years ending June 30 1916, which cover most of tho
period since the outbreak of the European war, the United States exported
merchandise to the amount of over $7,000,000,000, and imported less than
$3,900,000,000, an excess of exports of over $3,106,000,000, to which should
also be added further shipments made since June 30, the amounts of which
are not yet available. To pay for this large quantity of goods European
and other countries have been dbliged to send us gold, American securities,
and also to establish credits here by floating heavy issues of bonds. The
Federal Reserve Board's statistical division has recently prepared some
estimates of the magnitude of these various operations, and while many of
the figures obtained are necessarily only approximate, it is believed that
they are of sufficient interest to justify publication.
1836
THE CHRONICLE
Gold Exports and Imports, Aug. 1 1914 to Oct. 13 1916(in Thousands ofDollars).
Imports. Net Exports. Net Imports.
Exports.
81,720
23,252
Aug. 1 to Dec. 31 1914_104,972
419,322
450,211
Jan. 1 to Dec. 31 1915___ 30,889
294,049
390,010
Jan. k to Oct. 13 1916___ 95,961
631,651
863,473
Total
231,822
The amount of American securities returned by Europe can only be estimated very roughly, but indication of the extent of the movement may be
had from the estimate prepared by L. F. Lore°, President of the Delaware &
Hudson Co., who places the amount of railroad securities returned between
Jan. 31 1915 and July 31 1916 at almost $1,300,000,000. Figures have also
been published showing the return of 748,547 shares of United States Steel
Corporation common stock between March 31 1914 and Sept. 30 1916 and
of 141,736 shares of preferred stock of the same company between Juno 30
1914 and Sept. 30 1916. At market price of June 30 1914 this stock would
have represented a value of over $60,000,000. while at the market price of
Sept. 30 1916 its value would be over $100,000,000.
Even more striking, because of the indication they give of the altered
position of the United States in international finance, are figures showing
the amount of foreign loans and credits arranged in the United States. The
obligations of foreign Governments, bankers and merchants now held here
are estimated to amount to $1,931,000,000, distributed as follows:
$212,000,000
British America
1,627,000.000
Europe
88,000.000
Latin America
4,000,000
China
Much interest is now centred on the question of' how the United States
will meet foreign demands for gold should such demands arise after the
close of the European war, and in this connection the maturities of the
European obligations held here are of distinct importance.
Maturities of European Obligations Held in the United States.
•
$30,000,000
1916
103,000,000
1917
260,000,00D
1918
300,000,000
1919
500,000,000
1920
200.000,000
1921
5,000,000
1923
229,000,000
Information lacking
Total
$1,627,000,000
WM. McC. MARTIN ON THE FIRST TWO YEARS OF
THE FEDERAL RESERVE BANKS.
In reviewing the period since the inauguration of the Federal Reserve banks, William McChesney Martin, Chairman
of the Board of the Federal Reserve Bank of St. Louis stated
this week that these banks have accomplished more in the
first two years of their existence than any other of the world's
great banking systems can boast of in a similar period. Even
from an earning viewpoint, said Mr. Martin, they are, to
use a common phrase, "making good." His remarks on the
subject were addressed to the Memphis Chapter of the American Institute of Banking at Memphis on the 14th bast. We
quote the following from his speech:
To-day is the fourteenth of November, and on Thursday of this week,
Nov. 16 1916, the twelve Federal Reserve banks will have been open for
business exactly two years. We are, therefore, in a position to see what the
system has accomplished in this short time, and on some things, at least,
to speak from the viewpoint of practical experience rather than from the
viewpoint of theory.
Two years is an extremely short time to give any bank, let alone a great
banking system, an opportunity to demonstrate itself. Should we examine
the first two years of the operation of any of the great world banks, such as
the Bank of France, the Bank of England, or the Imperial Bank of Germany, we would be unable to find that any one of these three institutions
made much progress in so short a time. In fact, if I have read correctly,
the impression would be gained that in the first two years they stood still.
If there are any of you present here to-night who were with your banks
when they first opened their doors, you can doubtless testify that even an
individual bank was not able to show much in the way of results at the end
of the first two years, and if you had been criticized on your bank showing
for such a time, you would have considered, and rightly so, that it was unjust.
We,however, are living in an age when things move rapidly, and to-night
I think I can state to you without fear of contradiction that the Federal
Reserve system and the Federal Reserve banks have accomplished more in
the first two years of their existence than any other of the world's great
banking systems can boast of from the history of their two first years.
Even from an earning viewpoint, and this, while not unimportant, in my
judgment is perhaps the last viewpoint from which the Federal Reserve
banks should be judged, they are, to use a common phrase,"making good."
All of the twelve banks are earning something on their paid-in capital.
In September of this year six of the banks earned net in excess of 6% on
their paid-in capital, while the other six earned loss than 6% but in excess
of 4%.
Perhaps we can get a better idea of what the Federal Reserve Act has actomplished by very briefly stating the things it was intended to accomplish.
Its purpose was to correct certain defects in our financial system which had
long been recognized, but which it took the panic of 1907 to so impress on
the minds of business men and bankers of the United States that they considered them of enough seriousness to realize that they must be corrected
If this country's future was to be assured. To do this, the Federal Reserve
Act was passed, its chief object being to furnish banks with a medium
through which they could benefit the public to a greater extent than ever
before by giving it increased facilities, greater stability in the interest rate,
and the creation of the confidence that comes from knowing that they are
members of a great system whose purpose is their protection. Now, atthe
end of two years, it seems to me that any bank which owns stock in a Federal Reserve bank can go to its customers able to offer them the assurance
that never again will they have trouble that was once experienced in getting money to meet pay-rolls. A member bank can also assure its customer
that, if he has the proper credit standing and is conducting his business in
the proper way, he is now under no danger of having his loan called during
a time like 1907, when such a call in many cases meant the shutting down
of the business, but that, instead, the bank, through the instrumentality
of the Federal Reserve system, is in position to extend such accommodation
as is legitimate for sound business and the good of the entire community.
[Vol,. 103
The four great defects in our old system of banking, agreed upon by
banker, business man and economist, were: (1) Lack of co-operation between the banks; (2) diversion and immobility of bank reserves; (3) an unscientific, inelastic bond-secured currency, and (4) an actual hoarding of
money by the Government.
In the early history of our country, it was learned through bitter experience that banking is a paradox. It is not only a most selfish business, but
at the same time, if it wishes to exist, must be altruistic. It is organized
for the purpose of making dividends for its stockholders, but at the same
time it must think of, and help wherever possible, its neighbors in the same
business. The reason is that it is based on confidence. Whenever any
bank in a community fails, every other bank in that community, whether
it deserves it or not, is under more or less suspicion. A run on any bank
is more or less a dangerous thing for all banks. New York learned this
lesson during a panic in the early history of our country, and it resulted in
the formation of a clearing house, the chief purpose of which was not so
much the clearing of checks as the pooling of reserves, so that help could
be extended to the smallest deserving bank. This principle of combination
of reserves has justified itself throughout all of our country, and all of our
large cities have clearing house associations. However, though the banks
in the cities could combine their reserves, there was no medium by which
banks located outside of cities could effectually pool their reserves. They
were dependent on their correspondents in the centres, and though the correspondents in time of trouble did the very best they could for their friends
in the country districts, as you gentlemen know, there were times when
you could not be furnished the money you needed, and even times when you
were charged for your own money when it was sent to you. The principle
of combination was all right, but there was no effective means of carrying
it out. The Federal Reserve bank furnishes this means. The country
is divided into twelve districts; each district has a Federal Reserve bank.
All national banks in a district, and such of the State banks as desire, are
joined together through the medium of stock ownership in the Federal Reserve bank. In it the member banks also deposit a certain portion of their
reserves, and, in fact, since the recent amendment to the Federal Reserve
Act, they can keep all of their reserves in the Federal Reserve bank of their
district if they so desire, even that part which heretofore the law compelled
them to keep in their own vaults. Thus, as it were, the Federal Reserve
bank becomes a gold reservoir, able through its rediscounting operations to
send a stream of money to any bank that enjoys its privileges which has a
legitimate need for it. It is because the public has realized this fact, and
because the merchant has felt that he is not under the cloud of the possibility of having his loans called on the happening of any unusual event,
that, in great measure, at least, it has been possible for business in this
country, in the face of the greatest European war in history, and in an atmosphere charged with the possibility of the impossible, to reach the unprecedented high tide that it now enjoys. It is perfectly true that there
has been brought in from Europe some six hundred or seven hundred millions of dollars of gold, which, to some degree, acting as a basis of credit,
has resultbd in lower interest rates, and it is also true that some sections of
our country have enjoyed good crops and high prices; but I submit to you
that it is entirely possible, with even these conditions, if the people did not
have the confidence in our financial sytem that they have gained through
the establishment of the Federal Reserve banks, business would have gone
forward with a much more halting step than it has. In fact, I was told by
one of the largest wholesalers in this country that he did not believe merchants would think of ordering the supplies they are, unless they felt that
there was a Federal Reserve system to stabilize conditions. We are really
too close to events to be able to see clearly how much the present volume of
business of this country is due to the Federal Reserve system, but we do
know that it has helped a great deal, and perhaps when we are further away
from these stirring times and history is written, we will be astonished to
find out approximately how much.
In the period of readjustment that must follow the war, It is to the Federal Reserve system that this country must look for the protection of its
gold supply. The gold that we have will naturally be desired by the nations from which it came, because It is the basis of credit. Under our old
system, we would have had to stand helpless and see the gold go out. However, with the Federal Reserve System in effect, there is every reason to believe that we will be given effective protection. The system, under this
strain, is yet to be tried, but those in charge are anticipating the situation
and are waiting the outcome with confidence. We read of the "trade war"
that is to be made upon this country. We are becoming familiar with such
phrases as "the scramble for gold." There are those who predict a dark
outlook ahead. Personally, however, I cannot be pessimist enough to
find these "Jeremiahs" good company. Europe undoubtedly will want
our gold, but how is she going to get it? Many of her men are dead, many
more have been rendered inefficient through wounds. Such machinery
as she had has been turned into munition plants, and it takes time to change
the sword into a plow-share. Gold will leave us, of course, but not as the
result of a sudden raid. Europe cannot, as heretofore, establish artificial
interest rates which we are helpless to check.
Now the Federal Reserve banks will be able to meet such a move by a
raise in rates. The movement will be slow, duo to natural and normal
economic conditions, and through the Federal Reserve banks we have an
instrument by which it can be safeguarded.
It is a pity that those State institutions which are hesitating about coming into the system cannot get this world vision of the situation. Now that
our country is brought so close together through the medium of the railroad, telegraph and telephone, no longer can any bank, however small,
insist that it is not interested in the affairs of the world. An uncontrolled
withdrawal of gold out of the United States will affect every bank in it,
whether thd bank is able to recognize it or not. It will know the result,
even though it may not be conscious of the cause. The Federal Reserve
system can be made a success without the State institutions, but it is unquestionably true that every State institution that joins the system adds
strength, not only to itself, but to the system. It is bound to benefit,
whenever a strain comes, by having access, as a matter of right, to the gold
reservoir in the Federal Reserve bank, and the Federal Reserve bank is
stronger and more able to help all banks by reason of the reserve which the
State bank will keep with it. In a majority of cities, State banks and trust
companies have found it to their advantage to be members of the local
clearing house association. Such membership was a material aid to them
in the different panics. At the outbreak of the war, when it was necessary
to establish the so-called "gold pool" to protect American Industry, many
State institutions realized the situation and contributed to that pool. In
such cases, State institutions have found it greatly to their benefit, and in
some instances they have found it even necessary to their life, to combine
their reserves and pool their gold. Having had to do this heretofore, why
is it not plain to them that it is not only for their benefit, but for tho benefit
of the country as a whole for them to pool their gold through the medium
of the Federal Reserve bank, when in so doing, through the medium of rodiscount, they are certain of protection for themselves and their customers
during any emergency?
There was a time, under the old system, when a merchant might come into
a bank and apply for, say, a $10,000 loan. The cashier of the bank would
Nov. 18 MCI
THE CHRONICLE
say:"Mr. Brown, you are a most excellent credit risk; we have the money,
and will be glad to lend it to you at 6%, provided you will make your note
on demand." Mr. Brown's answer would be: "Such a loan will do me no
good, for I expect to buy leather with the money borrowed from you, turn
it into shoes, sell the shoes, make enough on them to pay off the loan, and
have sufficient profit to increase my deposit with you, but it will take me
at least ninety days to do this." The banker would reply: "I am sorry,
but when checks are presented at the counter of this bank, we must pay
them in money. We cannot pay a $1,000 check with an undivided onetenth interest in a $10,000 loan, even though the loan is as good as your loan
would be. If I cannot pay the check in cash, I have broken my contract
with the depositor, and I might as well close my doors, and you know that
world conditions are such that at any time I may be called upon to cash an
unusual number of checks." The results, under the old system, was that
Mr.Brown did not get his loan; he could not spend the money for the leather,
and the dealer in the leather lost a profit. Mr. Brown could not make the
shoes and make a profit. Perhaps he had to put his help on half time or
discharge some of them, and as a community suffers when its units suffer,
so the refusal of that loan to Mr. Brown discouraged the whole community.
On the other hand, the bank which perhaps could have loaned the money
to Mr. Brown at 6% could not make that much, and as a rule, sent the
money it might have loaned to Mr. Brown to a central rederve city, where
it did not receive more than 2% on daily balances. It did this because it
felt that money so deposited it could get on demand, but even this was not
certain in unusual emergencies like 1907 and the first weeks of August,
1914, when the great war commenced.
Now that the Federal Reserve banks are open for business, if Mr. Brown
wants $10,000 for a legitimate commercial transaction for ninety days, the
banker can lot him have it, for no longer is that $10,000 of necessity tied up
for ninety days. If Mr. Brown's loan is based on a legitimate liquid commercial transaction, the banker knows that, by endorsing Mr. Brown's
note and sending it to the Federal Reserve bank of his district, with a statement of Mr. Brown's financial affairs, he can get cash for the note, loss the
discount, in any form that he desires it. The amount will be put to his
credit on the books of the Federal Reserve bank, or he will be sent any
kind of money in the denominations that he desiies. This means that
business men can be taken care of for their legitimate needs by their local
banks, and in this way the whole community helped.
Sometimes I fear that many of our member banks do not thoroughly
appreciate the facilities which the Federal Reserve bank of their district
can offer them. It has been astonishing to all of us that our member banks
have not made more requests of us for small bills. I know that many of
our banks have needed this kind of money during the crop-moving season.
The Federal Reserve Bank of St. Louis wishes to do everything in its power
to be of assistance to its member banks, and always tries to answer requests
for different kinds of money promptly.
There has always existed a prejudice against a bank borrowing money,
and in my judgment such a prejudice has not been well founded, provided
the borrowing was for legitimate needs. Banks were timid about showing
the item "bills payable" in their statements,for they were afraid of criticism.
Under the National Bank Act banks could not have bills payable in excess
of the amount of their capital stock, but this provision of the National
Bank Act has been so amended by the Federal Reserve Act that there is
now no fixed limit covering the amount a member bank may rediscount with
its Federal Reserve bank. This means that the amount any member bank
may rediscount is left to the discretion of the board of directors of the Federal Reserve bank, with the result that legitimate needs of any bank may
be cared for. This, of course, does not mean that a bank may borrow all
It desires without hindrance, but it does mean that the board of directors
of the Federal Reserve bank can give all the help that it thinks the bank
needs.
The item "Bills rediscounted with the Federal Reserve bank"on a bank's
statement, I have every reason to believe, is viewed by the general public
in an entirely different light from the old item "Bills payable."
There was a time when a man in Memphis who wished to buy coffee in
Brazil had to arrange to have a London, French or German bank accept a
draft drawn on it. We could not do an international business without paying tribute to foreign banks. All that is past now. Under the Federal
Reserve Act, national banks may now make both foreign and domestic
acceptances,and there are now in the foreign trade approximately $175,000,000 of drafts accepted by American banks and bankers. A market is created for this type of paper, since it can be purchased by the Federal Reserve
banks. Up to Oct. 1 the amount of acceptance bought by Federal Reserve banks was approximately $300,000,000. It is through this means
that the American dollar is attaining its place in the sun. It has now displaced the pound, the franc and the mark in the international trade of the
world, and it is believed that it will be able to maintain its position even
when the war is over.
Two years of operation of the Federal Reserve system proves that it is
sound, and not only sound, but thoroughly practical. It has already
brought about a feeling of confidence, a standardization of commercial
paper, a definition of credit terms, the establishment of the American dollar in international trade, a Federal Reserve note currency fitted to varying
needs,and a check clearing system of great benefit to the country as a whole,
even though certain individual banks may have to forego the profit of charging exchange.
The statement is sometimes made that the Federal Reserve system does
away with hard times. This, of course, is not true. As long as we have
war and famine, drought, disease and death, there will be hard times.
However, the Federal Reserve banks can help the country go through hard
times with a minimum of distress and save it from having hard times become panics.
FARM LOAN HEARINGS AND SECRETARY McADOO'S
CLAIMS FOR RESERVE SYSTEM.
The Farm Loan Board, which since August has been
holding hearings throughout the country for the purpose
of securing at first hand information for its guidance in
dividing the country into twelve farm loan districts and
deciding upon the location of the farm loan banks to be
created under the Farm Loan act, held a hearing at St.
Louis on the 13th inst. Arguments in favor of the city for
the location of one of the farm-loan banks were presented
by a committee, headed by Walker Hill, President of the
Mechanics-American National Bank of St. Louis and the
St. Louis Clearing House Association. A gathering of
farmers was also present at the hearing, and with the declaration by the latter that the ordinary rate charged them
1837
for agricultural paper was 8%, even for six months' maturity Secretary of the Treasury William G. McAdoo, who
presided at the hearing, took occasion to state that:
The farmers don't even know that agricultural paper of 90 days' security
or less is on a preferred basis for rediscounting under the Federal Reserve
Act, like commercial paper. It is evident that the benefits of the Act are
not known to farmers. If a farmer pays 8% for cattle paper, it is his own
fault.
Why is it that such a rate is charged on paper the character of which
makes it the best for rediscount? The rates seem to me to be abnormally
high. I must confess I don't see the reason for such high rates.
In response to a query put to Mr.Bill as to the rediscount
rate for such paper the latter stated that it was 5% on agricultural paper, while on 30 to 90 day commercial paper it
was 4% and on commodity paper it was 3%. In the argument on behalf of St. Louis that the city be made the site
of one of the farm loan banks, the committee, according to
the St. Louis Republic, cited not only the needs of agricultural financing such as the new law provides, but pointed
out also that St. Louis is the largest bond market west of
Chicago, and therefore a bank here sells its bonds to advantage. In addition, St. Louis already has a Federal
Reserve Bank and is recognized as the financial centre of
the surrounding territory, while for many years prior to
the Federal reserve act the business men and farmers of
Missouri, Arkansas and the Southwest generally had looked
to St. Louis for financial help. Mr. McAdoo during the
hearing dilated upon the accomplishments of the Federal
Reserve system, the "Globe Democrat" giving the following
account of what he had to say:
"A little more than two years ago, you did not have a Federal Reserve
system," Mr. McAdoo said. "You will remember the successive sinking
spells which took place in all lines of business. These stringencies were due
to an inelastic and limited financial system, which placed control of a large
percentage of the country's currency in the hands of a comparatively few
men.
"Under the old system, credit was crippled the minute the first signs of
a stringency manifested themselves. The small business men were the first
whose loans were called, and they were the ones who were first to suffer.
"The Federal Reserve system has changed all this and has strengthened
the entire fabric of business. To-day the supply of currency increases or
diminishes in response to the wholesome demands of business."
Mr. McAdoo then declared that the country's industrial development
is at the highest point that has ever been known. He declared that the
United States has redeemed $2,000,000,000 worth of securities, had loaned
upwards of $2,000,000,000 to European countries and is still able to lend.
"Credit must be democratized so that every one can take advantage of
it on terms of absolute equality. This is the aim and object of the Federal
Farm Loan Act. With the aid of the Federal Reserve Bank Act, approximately $500,000,000 was placed at the disposal of American farmers by the
national banks.
"What the farmer needs, however, and what he must have before the
thousands upon thousands of untilled acres of land in the United States
are placed under cultivation, are loans which can be had for long terms of
years at very low rates of interest. We aim to place money at the disposal
of the farmers at not more than 6% interest for as much as forty years, and
will arrange to allow some of the interest paid to apply on the principal.
"The wonderful work that can be done in the way of agricultural development has never been demonstrated more clearly than it was recently at
Springfield, Hampton County, Mass. There the merchants decided to
spend $25,000 a year to teach the farmers how to produce greater crops.
This was done with the result that the value of the crops raised in Hampton
County was increased more than $2,500,000 in two years."
The initial tour of the Board covered the New England,
Middle Western and Western States. The Board has since
held hearings (last month)at Trenton, Harrisburg,Baltimore,
Richmond, Raleigh, N. C.; Columbia, S. C.; Jacksonville,
Fla.; Macon, Ga.; Birmingham, New Orleans, Jackson,
Miss., and Memphis. A tour of the Southwest and the Gulf
States will wind up the Board's itinerary.
The following warning to farmers against those seeking to
profit by organization of land banks was issued by the Farm
Loan Board on October 14:
Farmers who borrow through the National Farm Loan Associations are
not required to pay any advance commissioas. So all of these enterprises
requiring payments from farmers are declared by the Board to be fraudulent, and the attention of the Department of Justice has been called to the.
matter and an attempt will be made to bring the offenders to justice.
Indications that an effort will be made at the forthcoming session of Congress to extend the Federal Farm Loan
Act to the Island Possession of the United States and to
Alaska were given in a petition filed on October 6 with the
Federal Farm Loan Board by Edwin C. Moore of Hawaii.
The petition declared that the need for the law is greater in
Hawaii than in the United States, that the Hawaiian farmers
are suffering from excessive interest rates, short-time loans,
and a disinclination of the banks to make farm loans at all.
It is also stated that as the island is almost wholly agricultural, an extension of the Act to it would aid greatly in its
Americanization "through the success of the citizen farmers."
In answer to misleading reports, Herbert Quick, member
of the new Federal Farm Loan Board, on Oct. 21, announced
that absolutely no loans can be made under the Act on second
1838
THE CHRONICLE
mortgages. "The Farm Loan Act specifically provides,"
said Mr. Quick, "against second mortgage loans. Only
first mortgages can be accepted, and then only to the amount
of 50% of the value of the land and 20% of the permanent
insured improvements on the land."
EUGENE LAMB RICHARDS CAUTIONS AGAINST EXCESSIVE INTEREST RATES ON DEPOSITS.
"Safety First in Banking," was the key-note of an address
delivered by Hon. Eugene Lamb Richards, State Superintendent of Banks, before Group IV of New York State
Bankers' Association at its meeting at Rome, N. Y., on the
12th inst. This Association consists of State and national
bankers of Central New York. Mr. Richards said in part:
The new banking law has unquestionably improved New York's banking
system. It has given banking progress a start, but that impetus is apt to
weaken and may be lost without something more. Legislation unaided
cannot force improvement in anything. Effective laws must not only be
mothered by genuine public demand, but must also get life and strength
at the breast Of enlightened civic sentiment.
Therefore, any further progress towards higher standards and more
efficient methods among our bankers must rest mainly with the bankers
themselves, and upon their willingness not merely to lend themselves to
improvements, but also to co-operate in initiating them. That is why I do
not content myself with sitting in my office—that is why I am here—to
do my part in suggesting things which ought to be done, but which without
your help and support will never be done.
In the first place, a bank is not an eleemosynary institution. It is
organized and operated as a business proposition pure and simple, and the
State authorizes it upon that basis alone. And there is no difference in
this aspect between a commercial bank and a savings bank. Banking is a
business charged with a great public interest, and for that reason the State
insists that the banksshall be safe,honest and fair and legislates accordingly.
So we have two major essentials to a successful and useful banking institution—safety and profit—safety and profit to the depositors in a savings
bank, and safety to the depositors and profit to the stockholders in commercial institutions. The crux of the whole problem of management,
supervision and legislation is to keep these two factors in the right balance,
so that profit shall not impair safety, and that safety shall not unfairly
injure profit.
Of course, the ideal system is one which makes commercial banks remain
in their proper sphere, and makes savings banks keep in theirs. But I
realize that in many smaller communities this ideal is impracticable, because
hundreds of localities in this State cannot support a savings bank as well as
a commercial bank. If they can have only one, necessity demands a,business bank and not a savings bank. However, in any event, we should
separate these two forms of banking wherever possible, and if, by reason of
local conditions we must have mixed banking, let each department in such
an institution be separate, with special separate provisions as to investments,
reserve and management. Certainly savings accounts should not be
Invested in unsecured loans or fluctuating securities; or if they are, the
savings department should be compelled to keep a substantial reserve. One
thing is certain: excessive interest should not be paid on checking accounts,no matter what the competition. Both interest and dividends should be
consistent with safety and no more.
There is in the City of New York a commercial bank whose stock is worth
more than that of any banking corporation in the world. It pays no
interest on deposits, but it gives such complete and adequate service to its
depositors in the way of collections, advice, information and courtesies
that they are more than satisfied to remain with the bank. The result
is that, even in the face of keen competition for deposits by paying interest,
the deposits of this bank have practically kept pace with the times. Its
depositors are content with safety and service; for the bank's surplus
renders it as safe as the Bank of England and possibly a little safer.
How much better this system, how much safer for the public and the
depositors than straining every nerve to get deposits at high prices at a
time when easy money may make large interest to depositors a menace to
safety. Largo deposits, with added expense and little profit, are worse than
mere window-dressing in the front of a store. They are more than a costly
form of advertising. They are dangerous.
It is doubly important that we should face these problems here and now,
and not to put off the day of solution. With the constantly increasing
wealth of this country, and with the continuing importance of its banking
position in the world, faced as we are with the temptations of extravagance
and expansion, we should take stock now of our banking conditions and
methods, and prepare to meet the responsibilities, which both the present
continuance and the future discontinuance of the war will necessarily
involve.
[VOL. 1n3
One of the amendments to the Act provides that the Board may, by general ruling affecting all districts alike, permit member banks to carry in
Federal Reserve bank any portion of their reserves now required to be held
in their own vaults. Acting upon this authority, the Board on Sept. 11
took action, notice of which was sent to Federal Reserve banks in the following letter:
"The recent amendments to the Federal Reserve Act provide in part
that the Federal Reserve Board shall have power, 'by general ruling covering all districts alike, to permit member banks to carry in the Federal Reserve banks of their respective districts any portion of their reserves now required by Section 19 of this Act to be held in their own vaults.'
"In pursuance of the authority vested in it by this section, the Board
hereby'rules that, effective Sept. 18 1916, and until further notice, any
member bank so desiring shall be permitted to carry in the Federal Reserve
bank of its district any portion of its reserves now required by law to be
held in its own vaults.
"Please inform the officers of your bank that they may advise the member banks of your district."
PAYMENT OF ADDITIONAL INSTALLMENT OF RESERVES TO FEDERAL RESERVE BANKS.
The additional installment of reserves was paid in on
Thursday, the 16th, to the Federal Reserve Banks by member banks outside of central reserve cities. Extended reference to this call for reserves was made in these columns
Nov. 4, wherein we indicated the amount of reserve required
thereunder to be maintained with the Federal Reserve
banks. A. C. Miller of the Federal Reserve Board recently estimated that a total of $60,000,000 would be de
posited by member banks under the call. The reserve deposits received by the New York Reserve Bank on Thursday
amounted, it is said, to only about $1,250,000. It had been
figured that the payment of the installment would total
about $3,000,000; the smaller amount realized is accounted
for by reason of the fact that many of the member banks
had on deposit funds in excess of the reserve requirements
and the change did not necessitate any further transfers or
shipments of currency.
GROUP INSURANCE FOR EMPLOYEES OF FEDERAL
RESERVE BANKS.
The Federal Reserve "Bulletin" reports that several
Federal Reserve banks have developed plans of group insurance for their employees, a blanket policy covering each
such employee up to the amount of his annual salary, not
to exceed a specified figure, having been obtained from
reliable insurance companies. The Board has approved such
plans in the case of three banks, and is developing a similar
plan for insurance of its own employees. The policies are
in force only during the period for which the employee in
question holds his position.
OPERATION OF THE FEDERAL RESERVE CLEARING
PLAN.
The following table showing briefly the clearing operations
of the Federal Reserve system from Sept. 16 to Oct. 15, with
comparative figures.for each of the two preceding months,
is taken from the Federal Reserve "Bulletin" for November:
OPERATIONS OF THE FEDERAL RESERVE INTER-DISTRICT
CLEARING SYSTEM, SEPT. 16 TO OCT. 15 1916.
Average
Average
Member Slate
Number
Amount of
Banks Banks
of Items
Daily
Handled
in the Remitting
Daily.
District. at Par.
Bank—
Clearing.
$9,583,898 26
a241
34,328
402
Boston
626
31
35,574
21,771,197 98
New York
Philadelphia
25,089
12,648,696 00
630
137
14,072
6,929,805 09
756
490
Cleveland
6,649,364 00
14,521
520
Richmond
254
Atlanta (including New Or11,661
3,668,876 04
391
leans branch)
460
b21,322
10,705,835 14
994
1,287
Chicago
8,814
5,677,716 85
468
805
St. Louis
12,236
6,333,496 11
Minneapolis
753
1,100
10,956
5,729,296 78
937
1,388
Kansas City
11,539
(),747,754 00
621
206
Dallas
1,220,171 00
4,779
520
1,060
San Francisco
MEMBER BANKS AUTHORIZED TO KEEP ALL THEIR
RESERVES WITH FEDERAL RESERVE BANKS.
The Federal Reserve Board in adverting in the Novem. ber number of its"Bulletin".to the fact that country banks
and banks in Reserve cities would be required to pay their
Federal Reserve Bank an additional instalment of reserves
on Nov 16 makes mention of a letter which it directed to Totals—
be transmitted for the purpose of securing uniform action
$97.666,107 25
204,891
7,618
7,459
Sept. 16 to Oct 15
78,559,703 82
7.618
177,397
7,449
Aug. 16 to Sept. 15
with reference to such payments. In this letter it is sug59,301,695 94
133,113
7,624
7,032
Aug. 15
to
15
July
gested that attention be. called to the fact that under the
a All State banks in district.
amendment to section 11 of the Federal Reserve Act, apb Does not include Government checks averaging 3,166.
proved Sept 7 1916 the Federal Reserve Board is authorized
According to the "Bulletin" "expansion and extension of
to permit member banks to • carry in the Federal Reserve
system has gone on during the month with very satisthe
Banks of their respective districts any portion of their factory results." Continuing it says:
reserves now required by section 19 to be held in their own
Continuous gains in the daily number of items and amounts Cleared are
vaults; and to the further fact that the Board, under au- indicated by the reports of clearing operations received from the Federal
Reserve banks for the period Sept. 16 to Oct. 15 1916, the third month
thority of this amendment, has already issued a ruling to during
which the new clearing system has been in operation.
the effect that such member banks may carry all or any
The average number of items handled was in excess of 200,000 and shows
part of such reserves in their respective Federal Reserve an increase of 54% over the total handled during the first month, and of
15% over the number handled during the second month. The daily
Banks.
average amount cleared by the banks was not much below 100 millions,
The ruling referred to above was published in the October and shows an increase of about 65% over the first month's total, and or
about 25% over the second month's total.
Issue of the "Bulletin," as follows:
Nov. 18 19164
THE CHRONICLE
As a result of the larger number of items handled and the greater experience gained in the operation of the system, the cost per item handled is
constantly decreasing. Some of the banks, accordingly, have been able
to reduce the service charge per item from 1M to 1Y, cents.
A number of important clearing houses have informed the Board of
their intention to introduce changes in their rules in order to bring about
closer co-operation and harmony in the work of the Federal Reserve banks
under the clearing regulation as at present applied. This, with the increase
in the number of items handled at the several banks, affords satisfactory
evidence of the gradual growth of the clearing and collection system in
public favor.
CLAYTON ACT DECISIONS OF FEDERAL RESERVE
BOARD.
Out of a total of 1,335 applications for permission, under
the Kern amendment to the Clayton Anti-Trust Act, to
serve on the board of more than one bank the Federal Reserve
Board refused but 140 requests. The number granted and
refused, so far as each district is concerned, is indicated in
thePteserve "Bulletin" for November, from which we take
the following:
CLAYTON ACT DECISIONS.
The Federal Reserve Board has taken action on 1,335 applications for
permission under the Kern amendment, granting 1,195 and refusing 140.
No records exist to show the number of directors who have surrenered
bank directorates in accord with the provisions of the Act without filing
any application. The sub-totals of the districts are as follows:
Granted. Refused
District23
66
No. 1-Boston
54
265
York
No. 2-New
133
13
No. 3-Philadelphia
6
179
No. 4-Cleveland
24
107
No. 5-Richmond
a29
-Atlanta
No.6
122
13
No. 7-Chicago
54
5
No. 8-St. Louis
27
No. 9-Minneapolis
56
0
City
-Kansas
10
No.
3
0
No. 11-Dallas
154
2
No. 12-San Francisco
1839
a satisfactory arrangement, it is stated, having been completed by long distance telephone with the Navy Department. It is explained that the ciphers are quite apart from
the usual code arrangement by which messages are condensed, no objection being made by the banks to filing
copies of their "codes" which enable the censors to ascertain
the contents of the message, but their opposition being directed against the filing of copies of the cipher which, in effect,
constitute the signature to the message. As a result of the
bankers' representations, it is understood, the Navy Department ordered that an affidavit sworn to by an officer of the
bank remitting the message,as to the genuineness of the test
cipher, would be sufficient. In that case wireless messages
in code can be sent as usual. One banker, after the meeting,
•
was quoted in the "Journal of Commerce" as saying:
No protest was made. The matter was simply called to the attention
of the Department and the justice of the banks' claims was recognized.
We have agreed to file an affidavit with the Department that in transmitting money via the wireless stations at Sayville or Tuckerton we will
prefix the word "testword" or "test-number" in English to a cipher which
has no other use or meaning than to authenticate the amount of money
transmitted and to prevent fraud. The adjustment is entirely satisfactory and the private codes of the banks will be protected.
Representatives of the banks present at the meeting were
from the Guaranty Trust Co., Equitable Trust Co., Bankers
Trust Co., U.S. Mortgage & Trust Co., National City Bank,
National Park Bank, Chase National Bank, Mechanics &
Metals National Bank and many other leading banks.
FEDERAL RESERVE BOARD ON GROWTH OF ACCEPTANCE BUSINESS.
In an article dealing with the growth of acceptances
published in its "Bulletin"for November,the Federal Reserve
Board states that the amount of acceptances bought by the
a One of which was refused in part.
Reserve banks up to Oct. 1 is nearly 300 million dollars, the
b Four of which were disapproved in part.
monthly purchases for the past quarter averaging about 35
In another part of the "Bulletin" the Board has the follow- million dollars. "It is clear," says the Board, "that the
on
the subject:
ing to say
rapid growth of the American acceptance business is due
Consideration and final disposal of appeals under the Clayton Act, which
became effective on Oct. 15, has occupied a considerable part of the attention largely to the fact that the Federal Reserve banks have proof the Federal Reserve Board during the month of October. All pending vided a market for the purchase and sale of acceptances."
appeals have been disposed of and notice conveyed to the individuals and We reprint below what the Board has to say on the acceptance
banks affected by the Board's previous orders. In all 1,195 appeals have
.
been granted and 140 declined. In a few cases where doubt existed the business and its growth:
Board has granted temporary permission to continue directorates as at
present up to Jan. 1 1917, with the understanding that further hearings
and investigations shall be had in the meantime with a view to determining
definitely what action shall be taken with respect to the cases thus held
open. Inasmuch as the operation of the Clayton Act was in largo part
automatic, individuals withdrawing from directorates, retention of which
would be in violation of the Act, a mere analysis of the Board's action does
not afford an adequate idea of the actual operation of the law. Probably
In a majority of cases the changes resulting from the law have been brought
about without any appeal to the Board.
CONVERSION OF U. S. BONDS.
A total of $30,000,000 of 2% bonds of the United States
has been converted during the present year into $15,761,000
of 30-year 3% bonds, and $14,239,000 of 1-year 3% Treasury
notes, according to the Federal Reserve "Bulletin" for
November. The total given, says the "Bulletin," represents
the full amount available for conversion under Section 18
of the Federal Reserve Act. The "Bulletin" adds:
Conversion operations were conducted by the Treasury on April 1, when
a total of $10,290,600 was converted; on July 1, when a total of $9,574,200
was converted, and on Oct. 1, when the available balance of $10,135,200
was converted. Not all the Federal Reserve banks applied for the conversion of their allotted quota of bonds. The difference between the full
allotments and the amounts applied for were distributed among those
Federal Reserve banks which desired to convert bonds in excess of their
allotment.
REMOVAL OF WIRELESS CENSOR-CIPHER MESSAGES
OF BANKING INSTITUTIONS.
Charles S. Clarke, wireless censor of the Sayville station,
and H. S. Keep, censor of the station at Seasconset, were
relieved from duty and re-assigned it was learned on Oct. 29.
It was reported that they were removed upon charges that
they had permitted the transmission of unneutral messages
• relating td the U-53. On Oct. 30 .Rear Admiral Benson
denied the reports that the transfer of the two lieutenants
was due to a protest by Great Britain. He said that only
questions of administrative detail had been involved and
that no foreign nation had asked for the transfer of these
officers.
The difficulty in fulfilling the requirements of the new
order of the censors of the Naval Department whereby
American banking institutions were called upon to file a
copy of the secret cipher with which wireless messages to
correspondents are authenticated was adjusted at a meeting
of representatives of several New York banks at the National
Bank of Commerce on Oct. 30, to protest against the order,
GROWTH OF THE ACCEPTANCE BUSINESS.
The growth of the acceptance business of the national banks appears
from the following exhibit, which shows the aggregate liabilities on drafts
accepted by national banks in New York, Boston, Philadelphia, Baltimore
and San Francisco, and by all national banks since Sept. 2 1915, when,for
the first time, information regarding this new class of business was reported
by national banks:
Drafts Based on Imports and Exports Accepted by National Banks (in Thousands of Dollars).
Phila- BathSan
New
York. Boston. delphia. more. Francisco. Other. Total.
965
135
1,625 13,077
Sept. 2 1915_- 6,903 3,449
1,973
527
343
2,594 26,808
5,189
Nov. 10 1915_A6,182
2,809
1,063
492
2,746 31,985
7,374
Dec. 31 1915__17,501
5,751
Mar. 7 1916-21,429 10,878
895
1,095
2,629 42,677
6,217
2,096
2,221
3,191 59,836
May 1 1916__33,055 13,056
14,858
5,234
788
2,673
4,898
69,303
30
1916__40,852
June
5,084
1,616
2,484
6,409 77,879
Sept. 12 1916_ -44,229 18,057
In addition ,to the acceptance business reported by the national banks, the
large trust companies in the Eastern seaboard cities, since accepting was
authorized by State laws, have been engaging in the new business. On
June 30 1916 the following New York City trust companies report acceptance liabilities of the following amounts: .,
$9,333,800
Bankers Trust Co
31,083.700
Guaranty Trust Co
1,007.100
Columbia Trust Co
1,054,300
Broadway Trust Co
1,000,000
Central Trust Co
6,930,800
Equitable Trust Co
4,728,800
Farmers' Loan & Trust Co
Total New York trust companies
Corn Exchange Bank
$55,138,500
1,538,100
Total
$56,676,600
It is probable that the aggregate of drafts in the foreign trade accepted by
American banks and bankers is at present not much below 175 millions, of
which about 100 millions represent the share of the New York banks. A
considerable portion of these acceptances has been bought by the Federal
Reserve banks at rates as low as 2%,compared with rates in excess of 5%
ruling in the London market. (See Table A.) The total of acceptances
held on Oct. 20 by Federal Reserve banks-83 million dollars-constitutes
43.5% of their aggregate earning assets, as against 11.3% represented by
paper rediscounted for member banks.
As may be seen from the attached Table B the Federal Reserve banks
began the purchase of acceptances based upon imports and exports at the
end of February 1915. During the year 1915 the largest amount invested
in this class of paper was in the neighborhood of 18 millions. The present
year witnesses the steady growth of this class of investments from 23.8
millions in the beginning of the year to 78.6 millions in the beginning of
September. The largest holdings-over 85 millions-were recorded at
about the end of July.
The amount of acceptances bought by Federal Reserve banks up to Oct. 1
is nearly 300 million dollars, the monthly purchases for the past quarter
averaging about 35 million dollars. It is clear that the rapid growth of the
American acceptance business is due largely to the fact that the Federal
Reserve banks have provided a market for the purchase and sale of acceptances. From the attached Table B it may further be seen that, for the
present year at least, the increase in the amount of non-member bank
1840
THE CHRONICLE
acceptances held by the Federal Reserve banks has been greater than in
the amount of member bank acceptances so held.
There can be but little doubt that the law permitting national banks to
accept drafts based upon foreign-trade transactions has been a most helpful
factor in the recent movement of our foreign trade. Dollar acceptances
are now becoming known in almost all parts of the world, and are bound to
prove a most powerful instrument in promodng and facilitating the commercial relations between this country and our foreign markets, where
commercial credit has to be extended by our exporters desirous to enter
these markets in competition with European houses. It may be further
expected that the opening of fcreign branches of strong American banks.
in combination with dollar exchange, will before long free American commerce from dependence on foreign bankers and make unnecessary to-a large
extent foreign aid and intervention in the settlement of our foreign trade
balances.
Table A-Rates for Three Months' Bank Bills in London and New York on
Dates Specified.
Date.
London.
New Yolk.
Date.
London.
New York.
1915.
Per Cent.
Per Cent.
Per Cent.
Per Cent.
1916.
138 to 134
Jan. 27
Jan. 28
518 to VA
2
Feb. 24
138 238 to 21A Feb. 25
W.to 543
2
Mar. 31
238. to 212
238 Mar. 31
4N to 458 2 to 214
Ap 11 28
278 to 2% at to 212 April 28
2 to 2;f6
May 26..,.
2% to 278
21,1 May 26
2 to 29
4
418 21
4to 258 June 30
June 30
518 2 to 29
4
5 to 518 21s to 214 July 28
212
July 28
558
478 to 5
412 to 59
Aug. 25
2%,to X. Aug. 25
4 214 to 212
4% to 434
Sept. 29
512 to 558 214 to 212
2141 Sept.29
2
Oct. 27
478 to 4% •
2,
Nov. 24
514
Dec. 29
58
/
8 to 514 2 to 258
Table B-Acceptances Held by the Federal Reserve Banks as Shown by Schedules
on File on Dates Specified (in Thousands of Dollars).
Dates.
Member Non-Member
Trade
191 .
Banks.
Pants. Acceptances.
Total.
Feb 22
93
93
Mar. 31
3,075
7,831
10,906
April 5
3,653
7,940
11.593
May 3
5.038
8.309
13,347
June 7
5,242
4,718
9,960
July 3
4,342
5,428
9,770
Aug. 2
5,350
5,779
11,129
Sept. 6
6,087
6,797
12,884
Oct. 4
9,000
5,373
14,373
Nov. 1
8,477
4,788
13,265
Dec 6
12,311
5,843
18,154
1916.
Jan. 3
15,494
8,344
23.838
Feb. 7
15,681
9,668
489
25,838
Mar.6
17,182
10,859
462
28,503
April 3
21,000
17,308
722
39,030
May 1
24,875
19,415
1,477
45,767
June 5
24,680
24,680
2,208
51,568
July 3
32,989
31,222
67,633
3,422
Aug. 7
39.695
33,738
4,225
77,658
Sept.4
41,413
33,573
3,673
78,659
Oct. 2
37,798
32,438
2,306
72,542
Table C-Imports and Exports Into and From the United States During Fiscal
Years 1912 to 1916, inclusive, by Large Geographic Divisions (in
Millions of Dollars).
Year end. June 30North
South Asia and
ImportsEurope. America. America. Oceania. Africa.
Total.
1912
819.6
334.1
215.1
261.9
22.6
1,653.3
1913
892.9
362.0
217.7
314.0
26.4
1,813.0
1914
895.6
427.4
222.7
329.1
19.1
1,893.9
1915
614.3
473.1
261.5
300.3
25.0
1,674.2
1916
616.2
591.9
391.6
533.4
64.8
2,197.9
Exports1,341.7
1912
516.8
132.3
189.4
24.1
2,204.3
1913
1,479.1
617.4
146.1
194.2
29.1
2,465.9
1914
1,486.5
528.6
124.5
197.0
27.9
2,364.5
1915
1,971.4
477.1
99.3
192.2
28.5
2,768.5
2,999.2
732.9
180.3
1916
377.7
43.5
4,333 6
THE PRESIDENT ON RESPONSIBILITY FOR HIGH
• •
COST OF LIVING.
Responsibility for the high cost of foodstuffs was laid to
the middlemen by President Wilson in a speech delivered at
Washington on the 14th inst. in welcoming the convention
of the National Grange of the Patrons of Husbandry.
Urging that farmers increase their output so as to prevent
the middlemen from charging what he pleased, the President
said:
We ought to raise such big crops that circumstances like the present can
never recur, when men can make it appear as if the supply was so short
that the middleman could charge for it what he pleased. It will not do to
be niggardly with the rest of the world in respect to its food supply.
No reference was made by the President in his remarks to
recent petitions to him to declare an embargo on the exportation of food from the United States, nor did he advert, even
indirectly to the outcome of the Presidential election. In
part he said:
It goes without saying that the physical life of the nation has always
depended upon the farm. It goes without saying, also, that to a large
extent the physical life of the world has drawn Its sustenance from the great
areas of farm land in the United States. We have sent food to all parts of
the world, and the American farmer has contributed to the life of all the
countries of the world. But you know that as our own population has
increased the proportion in which we could help foreign countries as contrasted with our own has decreased and there are problems that aro comparable with the problems of statesmanship lying ahead of the farmers of
the United States.
I have been very much interested in conferring with the Secretary of
Agriculture to find that although the laboratory and the Investigations of
the man of science who was not directly concerned with the farm have had
a groat deal to do with the promotion of agricultureln the United States, as
elsewhere, what has had still more to do with it has been the intelligent
farming of the individual farmer. Most of the methods which the demonstrators of the Department of Agriculture have been busy to spread as far
and wide as possible have been methods which they have learned from the
most accomplished and best instructed farmers in the United States.
[VOL. 103.
In other words, the Department of.Agriculture has had, as one of its
most important duties, to put all the farmers of the United States, so far
as possible, where the best of the farmers of the United States had got of
their own initiative and of their own intelligence. That, after all, is the
business of education anyhow-to spread the product of the best minds far
and wide, so that they may be accessible to everybody.
But in the future wo have got to bring more of the area of the United
States under cultivation than is under cultivation now. We have got to
increase the product at()Very point where It Is susceptible of being increased.
We have get to study the variation of crops. We have got to study ho'to
assist nature, or at any rate understand nature, by making the most suitable
use of our several and varied soils. One of the things that has interested
me most, for example, is that what we have called the pine barrens of our
Southern coast need not be barrens at all; that if we acid a single additional
chemical element we can make the sand blossom and bloom and produce
crops, and that if nature is only questioned closely enough she will yield us
her richest products for our own as.sistance and for the assistance of the
rest of the world.
We have got to look closely into these secrets, and we have got to realize
that there must go forth from the United States the best agricultural
intelligence of all the world. We have got the means. We have got the
purpose. We have started along the right lines.
.
One of the things that has most interested me about what has.been done
recently by legLsiation for the benefit of the farmer is the question why it was
not done long before. It is astonishing that the assets-the valuable
available assets, the visible assets-of the farm should not have been
available as a basis of credit in the banks on the same terms as the assets
of commercial undertaking and manufacturing industry. Cattle are just
as visible and tangible as goods in warehouses and goods on trains.
Credit based on cattle is as good as credit based on bills of lading, and the
astonishing thing is not that it has been done now, but that it took so long
to do it. And when you add to that what has boon done by the Rural
Credits 13111 in the way of long-extended credits you will see that we have,
so to say, got ready for the first time to use the capital of this country to
push forward the agricultural industry of this country. We have liberated
the credits of the banks and we have mobilized, through the Department
of Agriculture, the scientific intelligence of the world.
With that combination, every nation in the world ought to come to us
to learn how to raise big crops.
We ought to raise such big crops that circumstances like the present can
never recur, when men can make as if the supply was so short that the
middleman could charge for it what he pleased. It will not do to be niggardly with the world in respect of its food supply.
I wish that all problems of Government were displayed in as clear lines of
duty as this problem of Government with regard to how the farmer ought
to be treated is displayed. I wish, for example, that foreign affairs were as
simple as agriculture. The great satisfaction about what you have to
discuss is that when once our duty is determined, we have got a great force
of intelligence to go forward in the line of duty.
I did not intend when I came hero to say as much as I have, or to discourse in the least about agriculture, but I did want to congratulate you
upon the opportunity now to study upon a scale as wide as the world the
great business in which you are engaged, and to express my very profound
interest in the more recent developments of agriculture in the United States
which have been converting it from an occupation into a systematic business; which have been introducing the things which make a free countrycounsel and co-operation.
The thing that makes a free country vital is the large number of people
who get together to do important things without asking the leave of the
Government to do them. The striking thing about a great country like
the United States is that if the Government neglected everything, the
people would do it; that you do not beckon to the people of the United
States. They command you to go on, and things that are neglected they
have got plenty of brains to got together and do for themselves.
All these organizations of business men and manufacturers and advertising men and farmers, and everybody else that has the same occupation,
are just a great combination of brains to keep alive the whole vital intelligence of the nation. They do not wait on anybody's invitation to do things
unpremeditated for them. They illustrate at every turn of what they do
the extraordinary vitality of this nation. The farmers have got together
long enough, and It is only recently that the country has appreciated just
how much it has left to the farmer to do what the Government ought to
have done for him. I am very proud to have lived in a time and be affiliated
with the Government at a time when these things were becoming manifest,
and the duty of the Government toward the farmer was partially performed.
In answer to President'Wilson's contentions, with regard
to the blame for the high cost of living, George W.Perkins,
Chairman of Mayor Mitchel's Commission on Food Supply,
issued a statement on Wednesday in which he charged that
"the fundamental trouble is that vie have not at Washingtion, or Albany or New York City or anywhere else, the
right kind of market departments whose business it is to
study the question of food supply, food distribution and
food consumption, in an intelligent, business-like manner,
and bring about such reforms in the methods of food distribution as would bring about beneficial results to both the
producer and consumer." Mr.Perkin's statement follows:
I see by the morning papers that President Wilson, in speaking to the
convention of the National Grange in Washington yesterday puts the high
cost of living up to the farmers and rather blames them for not producing
larger crops, saying that the way to bring down the cost of living is to increase the products of the farms.
Mr. Wilson's way of meeting the high cost of living is quite in keeping
with the way he meets every issue, viz.; by side-stepping it or shifting the
responsibility to some ono else.
The cost of living has been steadily increasing for a number of years. Of
course to increase our output and the quality of it is very desirable, and I
know of no class of citizens who have tried harder to do this than the farmers
themselves, but both farmers and consumers know that the high cost of
living is not entirely due to the fact that we have failed to raise enough food.
The fundamental trouble is that we have not at Washington or Albany or
New York City, or anywhere else, the right kind of market departments,
whose business it is to study the question of food supply, food distribution,
and food consumption in an intelligent, business-like manner, and,bring
about such reforms in the methods of food distribution as would bring
about beneficial results to both the producer and consumer. Until such
market departments are established the high cost of living is going to be
an ever-burning question.
Nov. 18 1916.1
THE CHRONICLE
The cost of table living is reaching a point where it is almost unbearable.
This is particularly true in the case of the people who work on salaries—
such people as teachers, professors, and clerks in stores, banks, corporations,
&c., for the income of these people has increased very little, if any, while
their outgo for the actual necessities of life has increased very much.
From time to time the State and city have created departments whose
business it is to look after the people's interests in the matter of transportation, education, health, &c. All these departments, to a greater or lesser
degree, head up to one centralized board or commission, whose sole responsibility it is to look after the particular activities intrusted to its care.
But in the matter of markets and all that has to do with supplying us with
our foods, chaos reigns. Here in.New York City this market business is
split up into almost as many parts as there are city departments. The
Comptroller, the Dock Commissioner, the Board of Aldermen, the Borough
President, the Superintendent of Markets, the Department of Health, the
Bureau of Weights and Measures—each has a finger in it, with no one
wholly responsible or knowing what the other department is doing. The
result is the usual one, viz., what is everybody's business is nobody's
business.
- •
We have in this State two Public Service Commissions to look after the
public's interests in the matter of transportation, and yet statistics show
that only about 10% of the average man's income goes for transportation,
while something like 40% of his income goes for food.
Until we change all this, until we secure from the Federal Government,
the State and the city, market departments in a real potential sense, we
will never be able, no matter what tho size of our crops or how hard the
farmers work, to substantially change the present extremely unsatisfactory
condition and give to the people the quantity and quality of food they
should have at prices that are proper.
As the Chairman of Mayor Mitchel's Food Supply Committee, I have
given this matter a great deal of study and sincerely believe there is no
question that demands more immediate and intelligent attention. Cannot
the great State of Now York be the pioneer in this matter, and afford to the
people of this State the relief that will come from prompt and intelligent
action along the lines indicated'?
1841
asset to these countries, when they can utilize these forces for peaceful
pursuits.
We must also consider whether our present educational system makes
adequate provision for the preparation of young men for public life, and,
if not, what we should do to so shape it as to enable it to do so. At the
present time those who wish to devote themselves to public affairs, whether
Federal, State, or municipal, almost invariably study law and become
admitted to the bar as a step towards this end. The legal profession has
thus become practically our only gate-way to public life. I think we all
realize that this has its disadvantages, and that other courses of training
should be provided. The conception of citizenship has grown very materially amoung our people during the past years and we are gradually
developing a body of young men, who are in a position to and who desire
to educate themselves towards contributing their share ef public service.
Facilities for training towards this end are, however, sadly lacking and
provision should be made that courses of instruction be available for those
planning such a career, Just as they now are for the learned professions.
We cannot depend, however, on collegiate education alone for accomplishing this and elementary and secondary schools must do their share by
providing proper preparation. Whether they are now doing so appears
very doubtful. There seems to be in our elementary and secondary education a lack of thoroughness, which, coming as it does in the formative
period of a child's life, is apt to have very far-reaching effects. They seem
to be lacking in teaching funda lentals and the old-fashioned three R's no
longer seem to be receiving the attention which they should. I think you
will bear me out that the handwriting alone of the average High School
graduate is enough to disqualify him for any position in the business world.
I do not wish to criticise our educational system, but I think that you.
gentlemen, dealing as you do with higher education, will agree that in many
instances the material with which you have to deal is unsatisfactory in many
respects, and that a very large number of young men and young women
come to college improperly or inadequately prepared. One of tho greatest
faults in this connection, which has come under my observation, is that our
young people are not taught to concentrate. There can be no real efficiency
without the power of concentration, and it seems a pity that more stress
is not laid upon this important factor.
Another thing in which our schools
to be deficient is in the matter
An inquiry into the increased cost of living is being made of discipline. If the students cannotseem
be disciplined with regard to their
by the Government in order to ascertain whether the rising attendance, behavior and the like, then there is little chance of disciplining
prices are being brought about by unlawful means. Evi- their minds. Positive knowledge is what is needed, not guess work. The
world
with facts and bluffing does not lead to success. How often do
dence of unlawful price increases through conspiracy or we heardeals
a child, or even an older student say: "I do not remember, I learned
other means is being sought by agents of the Department of that last year," or oven worse, guessing at the answer to a question7
Justice. At present investigations are being carried on in There seems to be too little reviewing of what has gone before, with the
that there is but little accurate and thorough knowledge. How niany
Chicago and Philadelphia and by different bureaus of the result
graduates of our schools, or even of our colleges, can name correctly the
Government throughout the country. The following state- countries of the world, their capitals and their most important natural
ment of his activities in this direction was authorized by resources, or even state correctly all the States of the United States, to say
nothing of their capitals? It may be said that if these faults exist, why
Attorney-General Gregory at Washington on the 5th inst.:
try to develop our collegiate system? This does not seem to be a sufficient
The Department of Justice is investigating the recent abnormal and sus- reason for not undertaking the work, as one great advantage in
making rigid
picious increases in the prices of various necessaries of life, especially coal. the requirements of higher education, is the effect upon
secondary and
Wherever any such increase is found to have been duo to conspiracy or elementary education. There is no doubt that if the collegiate standard
other unlawful action the Department will invoke against the offenders the is high, there must be a beneficial re-action upon the preparatory schools.
severest penalties which the law prescribes.
There appears to be, I am glad to say, a steadily growing belief on the
part of the American people in the value of systematic school training:
first, in the desirability of making elementary education available for all,
and, secondly, in providing proper courses ofinstruction for special training
AfORTIMER L. SCHIFF ON NEED OF EDUCATIONAL for
the vocation which the student wishes to adopt. Business is no longer
PREPAREDNESS.
a trade, but a profession, and it is Just as important that young men, who
The subject of "Educational Preparedness" from the view- wish to adopt business or public careers, should have the opportunity of
educating themselves along lines which will enable them to do so, as that
point of a business man was discussed by Mortimer L. Schiff law
schools should be provided to train lawyers; medical colleges for doctors
of Kuhn, Loeb & Co., on the 15th inst. before the Associa- and technical schools for engineers. When that is done,
the boy, who is
tion of Urban Universities at the College of the City of New expecting to enter the higher lines of business or of public service, will as
invariably look toward a college or university to secure a part of his training,
York. "It is," said Mr. Schiff, "perhaps particularly as does the lawyer, physician, or engineer.
Tho facilities for this purpose
appropriate at the present time in this crisis of the affairs are of but very recent development and those thus far provided are
still
of the world, when the future, yes even the prbsent is shrouded inadequate to meet the demands. As is doubtless known to many of you,
we tried to do something along these lines a short time ago hero in New
in so much uncertainty and doubt, for men holding different York, but unfortunately our plan failed of
fruition. The underlying
callings but pursuing the same ideals, to take counsel together thought was that there should be real co-operation between business men,
educators
municipality,
and
the
each
contributing
their experience and
as to how the growing generation may best be trained to cope
their efforts, so that something practical and effective might result. It
with the serious problems which it will have to face and the would have been, to say the least, an interesting
experiment and I am
situations which it will have to meet." We quote further convinced would have been a distinct success.
What
Committee
the
of
Commercial
Education
of
the Chamber of Comfrom his remarks as follows:
In speaking of educational preparedness, I refer as much to training for merce of the State of New York, of which I had the honor to be Chairman,
public service, as for business. We need trained workers and intelligent planned to accomplish during the negotiations in 1913 and 1914, in cocitizens and these our educational system must provide. There are various operation with the Trustees of the College of the City of New York and with
kinds of national preparedness and educational preparedness is by no means the city authorities, was as follows: It was proposed that there should be
the least of these. Discipline, thoroughness and efficiency are not only established in this city a College of Commerce and Administration and a
Museum of Commerce and Civics, and that the old site of the Coliegeof
military virtues, but also requisites for industrial, commercial and
civic the City of New York at Lexington Avenue and 23rd
Street, should be
success. The survival of the fittest still holds true and Just as Rome
fell utilized for this purpose. The city was to provide the site
because its people became decadent, so to-day, no nation can
and the Chamber
live whose of Commerce was to furnish the sum of $500,000
for erecting the building,
citizenship is shiftless, inefficient and inadequately trained
and educated.
and
$200,000
for the establishment of a Museum, which sums had
a fund of
The example of European nations has shown us how important
it is that been assured to the Chamber. The city was to equip the
building and to
an educational policy should be adopted to train young mon and women
in undertake to maintain the College and pay the running expenses
thoroughness, efficiency and breadth of vision. It is,
of the
for instance, quite Museum. The College and Museum wore to be
administered by a Board
hopeless for us to consider a real expansion of our foreign trade
and inter- of Trustees, consisting of representatives of the City of New
York, of the
national relations, unless we have available a body of young men whom
we
can send abroad well equipped to meet the competition of other nations College of the City of New York and of the Chamber of Commerce of the
and trained to market our products. Our commercial education has been State of New York. Frequent conferences were held between the parties
interested and it was believed that an agreement had been reached on
lamentably deficient in this respect, and it is a well known fact that we
have
been dependent almost entirely upon the foreign trained and the foreign substantially all material points, but finally the plan failed, because.
born whenever we wished to find representatives for service in foreign coming as this did, shortly after the outbreak of the European war, the
countries. Indeed, we have found that oven for clerical positions, those city did not feel Justified in authorizing the expenditure for annual maintenance, which would have been required from it. Negotiations having
coming from abroad are, as a rule, better trained and more
efficient. It, continued for more than two years, the donors had to be
released from their
therefore, behooves us to consider what improvements or
changes should pledges and the plan, therefore, had to be abandoned.
The donors had
be made In our present educational system and what, if
any, additional most readily acquiesced in the delays and consummation of the
facilities should be provided to meet this
plan, but as
situation. These are questions, its accomplishment seemed impossible
within a reasonable time, it hardly
the answering of which requires most careful study and thought,
particularly seemed fair to hold them any longer to their pledges. There is no
doubt
at the present Juncture in the affairs of the world. There is
no doubt that in my mind that the representatives of the city were as desirous
as were
after the titanic struggle, in which the European nations are
so unhappily those of the Chamber and of the College to consummate the
plan, but
engaged, there will come a struggle of almost equal Intensity for industrial
changed financial conditions led some of the city officials to believe that it
supremacy, in which all countries will strain every
effort to be victorious. was better to defer indefinitely, or even abandon the
establishment
of the
The present world war is, as it is, a battle between school-masters, as the
questions at issue are those arising from different schools of culture, thought College and of the Museum. The general consensus of opinion of all
and philosophy. This will be no less the case in the competition for the consulted at that time was that there was need in the City of New York
markets of the world and much will, therefore, depend upon the training for an institution on the college plan, which should include in its curriculum,
given by the different nations to their growing generations. That sober- and give particular emphasis to continuation classes holding their sessions
minded and far-seeing mon in Europe realize this is very apparent from in the late afternoon and to evening classes and lectures. By an institution
many recent utterances. The discipline and training, which the war has on the college plan, we had in mind one similar to a College or Arts and
given and is giving to foreign young men, is bound to be a tremendous Sciences, in that it would have substantially the same entrance requirements: would afford the same mental discipline and culture training and
1842
THE CHRONICLE
would lead to a baccalaureate degree, with provision made, however, that
practical experience and special knowledge might be permitted to take the
place of certain counts in the entrance examinations and an incentive thus
be furnished to young men, who had not been able to complete a high
school course.
It seemed partidularly appropriate that such an institution for higher
commercial and administrative training should be maintained by the
municipality and that instruction should be made available to all. Whether
the instruction should be absolutely free, or whether some moderate charge
should be made, or deposit required, was a question which was left for
future determination. The tendency in all collegiate education seems to be
to make it possible for capable youth to shorten the period of study by one
or two years. and it would probably not be easy to hold for four years the
ambitious and capable secondary graduate, whose entrance into a remunerative position did not depend upon a diploma from the College of Commcere.
While it was our opinion that the College of Commerce, which we had in
mind, should provide primarily a four years' course, we felt that facilities
should bo extended for completion of the course in three years, and that
the work should be so arranged, that, even those attending only one or two
years, could take advantage of complete courses and derive benefit from
the education thus received. We planned that the requirements for entrance should be similar to those now required for entrance into the City
College, except that particular stress should be laid upon commercial
subjects. In this connection, may I point out that there seems to be a
tendency in commercial high school education to emphasize too strongly
clerical subject matter, such as book-keeping, business arithmetic, steno,'
graphy and typewriting, business correspondence, &c. While these
courses are important and must be provided, they must not be permitted
to become academic,instead of vocational. They are apt to lack intensiveness and the teachers have often, I fear, not had practical training in
business methods. We planned further that the college should provide
continuation and evening classes, with well arranged and self-contained
courses, available for those young men who were already employed, but who
desired to extend their knowledge of commercial subjects. To the end
that the greatest benefit might be secured from this department of the
work, steps had been taken to secure the co-operation of the merchants
of the city, so that they would not only readily permit, but actively encourage their younger employees to make use of the facilities thus extended.
It was also planned that the building in which the college was to be housed
should provide adequate space for the installation of a Museum of Commerce and of Civics, which should, as one of its purposes, serve as a laboratory for the students. In our opinion this would have proved one of the
most valuable educational features of the proposed college and would have
filled a need, which I regret to say still exists in this city. In addition to
the great reaction which such a college and museum would have had on
the entire educational facilities of this city, we felt that it would serve five
great purposes. It would provide facilities:
1. For the training for public service.
2. For the training of those ambitious to attain administrative and
executive positions. Young men of such ambitions would probably be
willing to devote three or four years to a course of instruction, and although
their number might possibly be limited, quality of training, rather than
number of students would be the real test.
3. For the training of those whose outlook upon life is practically limited
to a permanent career of clerkship, who would probably be willing to
devote say two years to this purpose.
4. For the training through late afternoon and evening continuation
classes those already employed, thus fitting them for better work and
advancement.
5. For giving opportunity for commercial and civic investigations by
the utilization of the faculty and the higher grade students for this purpose.
In the two years which have elapsed since the abandonment of this
scheme, there is no doubt that considerable progress has been made in other
directions in extending the opportunities for commercial education and for
training for public service. During this time Columbia, the College of the
City of New York, Cornell, the University of the City of NewYork,and
many others, have either planned or established Schools of Business and
of Administration, or have extended existing facilities. Much is still
needed, and I am firmly convinced that the time is coming when as much
emphasis will be laid upon providing proper educational facilities for training for business and for public service, as has heretofore been done for what
has been considered a purely professional career. I do not feel competent
to express an opinion as to the details of the curriculum, which educational
Institutions should adopt for these purposes. These would have to be
worked out by the proper faculties with great care. The important thing
is that the curriculum be practical in its nature and avoid becoming too
theoretical, for which reason a large amount of field and laboratory work,
In addition and supplemental to classroom instruct.on is advisable. The
greatest difficulty, which will have to be mot is to secure proper instructors'
as Men who devote their lives to teaching are so apt to get out of touch with
practical affairs. Education is for life and the lives of most men are
practical, rather than theoretical or scholastic. While a man teaching a
technical subject can keep up to a great extent his contact with new developments and new methods by discussion with tho practical men whom
ho may meet, and by the study of technical books and publications, this
Is hardly possible for men teaching commercial studies, or those dealing
with public service. For these, there are few text-books and publications,
and it is, as a rule, only those actively engaged in business and in public
life who are able to keep step with the times.
It seems, in creating Colleges of Commerce and Administration, or
developing existing facilities, particular thought should be given to the
educational needs of young men who are not absolutely dependent upon
finding at an early age an immediately paying position. In other words
not to train clerks, but to give young men, who are able to enter the business
world on a favorable basis, without at once having to earn their livelihood,
or who have sufficient independent means to enter public life, an education to enable them to do so. I do not favor graduate schools for this
purpose, exce0 for the very limited number who may wish to pursue
special courses of study, but prefer colleges running concurrently with, but
separately from Colleges of Arts and Sciences. This would not prevent
facilities of other departments of a university being availed of, if feasible,
but the student upon entering college should definitely enroll himself as a
student in the School of Commerce and Administration, with a definite
course of study mapped out for him, possibly partly required and partly
elective, leading upon its completion to a degree corresponding to the B. A
of the College of Arts. Provision could then be made for graduate study,
in addition to this, leading to a Master's Degree. In pursuing this plan,
the appeal would probably be to a more limited body of young men,but
provision for the others could and should be made if the college is located
in a large centre of population by providing afternoon and evening continuation classes and courses. Government, as well as business, is becoming
more and more scientific and we need trained officials for domestic as
well as for foreign service. A College of Commerce of this nature lends
itself particularly well to this purpose and without much addition to its
curriculum can readily provide the proper facilities for such training. It
[Void. 103.
should in fact be a College of Commerce, of Administration, of Public
Service and of Civics, and its graduates equipped to enter any one of these
fields. Connected with such a college, if in any way possible, there should
be a Museum of Commerce and of Civics, with ample library facilities to
constitute a laboratory and place of reference.
INCREASING CAR SHORTAGE.
A net freight car shortage of 108,010 cars on Nov. 1 is
disclosed in the monthly statement issued this week by the
American Railway Association. The present shortage compares with 60,697 a month ago—Sept. 30—and 19,873 on
Sept. 1. The statement of the Association as given out
under date of the 13th inst. is as follows:
THE AMERICAN RAILWAY ASSOCIATION.
New York, November 13 1916.
•
The American Railway Association makes public herewith its customary
statement of freight car surpluses and shortages showing that Nov. 1 1916
on the railroads of the United States there was a net freight car shortage of
108,010 cars. The net shortage on Sept. 30 was 60,697; on Sept. 1, 19,873.
On Aug. 1 there was an actual net surplus of 9,762 idle cars.
The Association also makes public a statement showing car shortages and
surpluses since Jan. 2 1907, when the railroads began compiling these
figures regularly.
These figures show that for the whole period of nearly eight years proceding the middle of August this year, there had been a continuous net
surplusage of cars not in use on American railroads except for about one
month in 1909, three months in 1912, one month in 1913 and the month
of March this year.
In 1908 there was at one time a surplusage of over 413,000 cars, and at
no time during the year were there less than 100,000 idle cars.
In 1909 the maximum net surplusage was 332,513. In 1910 the maximum was nearly 143,000 for July 6, and there was throughout that year a
net surplusage of at least 7,000 cars not requisitioned by shippers. For
1911 surplus cars numbered on March 15 over 207,000, and there was at
no time during the year less than 20,000 cars standing idle.
In January 1912 there was a net surplusage of approximately 136,000.
From November 1913 until March 1916 there was a continuous surplusage
of cars, the number running in October 1914 to over 200,000 when the
figures became so large that The American Railway Association stopped
compiling them. Compilation was resumed on Feb. 1 1915, when idle
cars still numbered over 279.000.
The number of freight cars owned by the railroads of the country increased during that same eight years from 1,991,557 on July 1 1907 to
2,447,178 on July 1 1916.
U. S. THREATENED WITH COMMERCIAL APOPLEXY,
ON ACCOUNT OF RAILWAY CONGESTION.
The United States this winter faces the most acute railway
congestion this country has ever known, according to Ivy
L. Lee, formerly Assistant to the President of the Pennsylvania RR.; Mr. Lee's remarks to this effect were made
before the Boston City Club on the 13th inst. We are, he
said, threatened with commercial apoplexy, because our
transportation arteries are not large enough to accommodate
the circulation of our trade, and further than that, he
continued,"while industrial companies are earning enormously increased profits, with promises of still more, the railroad
business during the coming year faces the probability of
greater traffic and reduced profits." "Railroad enterprise,"
Mr. Lee pointed out,"is palsied under a regime of regulation
which fails to recognize the fact that railroad rates are fixed
while railroad expenses are continually rising." He added: ,
Industries may meet enlarged expenses by charging higher prices for
their product—and thus enlarge their profits more and more as prosperity
increases. But the railroad, no matter what the demand for its product,
must hold its prices stationary and in seasons of greatest prosperity see
its profits crumble before a rising tide of costs.
Regulation is necessary and in the public interest, but regulation must
take account of the fact that increased facilities vitally needed cannot
be supplied except with money from investors—and investors no longer
find it attractive to put their savings in securities to build and develop new
railroad facilities.
Mr. Lee set out the great difficulty of the present situation
as follows:
When railroads asked the Inter-State Commerce Commission in 1910
for an increase in freight rates, railroad presidents predicted just what has
now happened—if the railroads were unable to obtain the capital with which
to provide facilities against future needs. But the Commission decided
that it knew what was wanted better than the unanimous opinion of the
railroad experience of the country, and no increase was granted.
Again, in 1913,'in asking for an increase of 5% in freight rates, the railroads said even a 5% increase was not enough, and they once more pointed
out the danger of inadequate facilities which faced the country. But the
Commission allowed only 3%. And this is what has happened: On July 1
1913 there were 2,430,758 freight cars on all the railroads of this country;
on July 1 1916 there were 2,447,178—an increase in three years of only
17,000, or 7-10ths of 1%. Fewer miles of railroad were constructed in
this country in 1915 than in any year since the Civil War.
Railroad managers. full of plans and eager to go ahead with new work,
knowing what ought to be done, telling the public so, and tolling commissions so, yet find that the public will not listen and commissions will not
heed. The public has turned over the regulation of railroads to the InterState and various State commissions. In their power to name a "reasonable" rate these Commissions have the ability to limit the return all railroads might earn. The Commissions define what they consider a "reasonable return" upon the capital invested. But they take little note of the
fact that the man with savings to invest is the man who really determines
whether the returns from an enterprise are sufficient to attract his money.
And, after all, that man has the right to do with his money exactly what
he pleases.
The attitude investors have taken is very clearly to be gathered from the
fact that during the year 1916 not a dollar of now railroad stock has been
listed on the New York Stock Exchange to provide money for new railroad
Nov. 181916.)
THE CHRONICLE
building. Yet during this same period securities of all kinds have been
issued in this country amounting to $1,712,826,300, and new corporations
have been organized in the Vastern States alone with authorized capital of
$1,967,000,000.
The railroads are not to blame for the national predicament. They
have begged and implored; they have shouted from the housetops, and they
have used the printed page—telling the people what the situation was.
The bankers are not to blame. They cannot finance requirements of the
railroads unless they can sell railroad securities to the man with savings to
invest. Bankers are most eager to earn the commission they gain from
selling railroad securilies if they can pass them on to the ultimate investor.
But if the ultimate investor will not take the new securities the banker
Is helpless. Indeed, the commissions are not to blame. Our railroad
commissioners, both State and Inter-State, have felt they had a mandate
from the people to put the heavy hand of repression upon railroad management.
The people felt that railroad managements should be punished for past
misdeeds, and it came about that the one and supreme sin which seemed to
disqualify any person for appointment upon a railroad commission was the
fact that he had had actual experience in the conduct of a railroad. In a
word,the railroad policy of the United States for the past ten years has been
largely designed to prevent persons here and there who may have juggled
with railroad management from reaping the benefit of their knavery. That
was all very well in its way, but our people have been so bent upon that
object that they have largely neglected the no less important duty to take
intelligent steps to provide the railroad facilities necessary for the normal
development of our trade in the future.
It is true that the railroads earned last year $308,000,000 more than in
the previous year. But in the nine years since July 1 1907 our railroads
had invested upward of $5,000,000,000 in new money in increased facilities,
and the additional money earned in 1916 over 1915 is less than 6% return
upon the additional investment of the past nine years. In 1915 the railroads actually earned less than in 1907, before that enormous now investment began to be made, and in only two years other than 1916 have the
railroads since 1907 earned as much net operating income after paying
expenses and taxes as they did before the $5,000,000,000 began to be spent.
When the Hepburn law was enacted in 1906 and the country began to
regulate railroads in earnest, great improvements were already under way,
them. Some indeed are not yet
and it has taken many years to complete
completed. The Now York terminal facilities of the Pennsylvania RR.,
not have been completed until
will
1902.
in
Cassatt
started by President
the Hell Gate Bridge is dcne, probably a year from now. Great railroad
Improvements and increased facilities cannot be provided over night.
They must be provided by a long look ahead, and the railroads in order to
provide them must earn sufficient surplus over present requirements to
provide the credit absolutely necessary to attract the capital.
The great difficulty of the present situation is this: Though 1916 saw.
a large increase of net earnings over 1915, there is now evident a distinct
tendency in the opposite direction. The railroads handled a business
practically up to capacity during the pa3t fiscal year. It was a year following many years of depression in which great economy and efficiency
had been perfected. Contracts for materials and supplies had been made
upon most favorable terms, and labor was efficient. The companies in
1916 were prepared to handle a greatly increased business over 1915 under
most favorable conditions.• But now all costs are enormously inflated,
labor is hard to get and not nearly so efficient, and congestion of traffic
Is making economical operation difficult, if not impossible. In other words,
during the fiscal year 1917 the railroads cannot handle a quantity of business greatly in excess of 1916, and the expense of doing this business is
certain to be very much greater. This will mean reduced not revenues
as compared with last year. As last year's net income was insufficient to
provide adequate return upon the capital invested, the promise for the ensuing year is even less alluring. And all this at is a time when the demand
for railroad facilities was never so great.
The solution of the problem lies in developing without any delay a system
of railway regulation which shall not be controlled by political animus or
prejudice, and which will frankly recognize this fundamental fact. If we
are to obtain the railroad facilities absolutely necessary to move our national
trade, we must be willing to pay the bill. That means that we must permit railroads to earn sufficient profits to attract the necessary private
capital. Otherwise private capital will put its money elsewhere, and
Government ownership, with all its inevitable blight upon our national
life, with all its red-tape, waste and cost to the people, will be the only
recourse.
ACTION TAKEN BY AMERICAN RAILWAY ASSOCIATION TO RELIEVE CAR SHORTAGE.
The situation developed by the car shortage led this week
to the American Railway Association bringing up for consideration the question of the revision of car service rules.
At a preliminary conference on Tuesday at the Hotel Biltmore a hundred railroad officials took the question under
advisement, and on Wednesday, the 15th, the Association
adopted resolutions imposing heavy penalties upon any railroad detaining on its lines freight cars belonging to another
railroad. The resolutions adopted follow:
First—That the principle of variable per diem be adopted, the mimimum
to be the present rate of forty-five cents, as approximating the cost of
ownership of equipment, the maximum to be $1 25, representing approximately the cost of ownersnip plus the net earnings of the car.
Second.—That a body be created by the American Railway Association
with authority to vary the per diem upon notice, this variation to be based
upon' car and traffic conditions.
In explanation of the action of the Association, Secretary
Fairbanks issued a statement saying:
The purpose of these measuret prescriaing exceptionally drastic penalties
against any railroad detaining on its lines freight cars belonging to another
railroad, is to relieve the existing car shortage. It was also voted that any
railroad moving a newly loaded foreign car must move that car in the
direction of the home road, under penalty of $5 for each diversion.
As a further measure in this same direction, it was recommended that
the following demurrage penalties be put into efrect by all railroads to
promote the prompt unloading of freight cars by shippers:
"After the expiration of free time, $2 for the first day; $3 for the second
day;$4 for the third day, and $5 for the fourth and each succeeding day."
It is the plan of the railroads to make these demurrage rules effective
Dec. 1, assuming the approval of the Inter-State Commerce Commission.
1843
Commissioner McChord is conducting an inquiry into the
car shortage, and arrange on behalf of the Association the
most effective possible co-operation with the Commission in
relieving the existing situation. That Commission left for
Louisville on Thursday. It consists of C. H. Markham,
President of the Illinois Central RR.; H. R. Byran, VicePresident of the Chicago Burlington & Quincy RR.; G. L.
Peck, Fourth Vice-President of the Pennsylvania Lines West
of Pittsburgh, and W. G. Besler, President of the Central
Railroad of New Jersey.
The recommendations considered at the preliminary conference on Tuesday were drawn up by the Association's Commission on Car Service, consisting of Fairfax Harrison, President of the Southern Ry.; R. H. Aishton, President of the
Chicago & North Western Ry.; H. E. Byran, Vice-President
of the Chicago Burlington & Quincy RR.; G. L.Peck,Fourth
Vice-President of the Pennsylvania Lines West of Pittsbrugh,
and A. H. Smith, President of the New York Central RR.
In its report the Commission said:
The Commission is unanimous in the opinion that, whatever is the
solution of the problem, the existing car service rules are not now enforced,
and that their efficiency in principle has not been proved because they are
not enforced. Having respect for the historical development of these
rules, the Commission is of opinion further that an earnest and sincere
attempt should now be made to give them effect, in order that it may be
proved once and for all whether or not they provide the machinery necessary for a correct solution of the problem.
The car shortage situation was also discussed at a meeting
of railroad executives of Eastern trunk lines held at the
Grand Central Terminal on the 10th inst. At this meeting
a committee of railway heads to make a thorough investigation of the subject was appointed. The names of this committee have not been divulged, but it is understood to include practically the same men who made up the Eastern
Freight Accumulation Conference, which handled the situation last year. That committee worked in co-operation with
Inter-State Commerce Commissioner E. E. Clark, and included A. H. Smith, President of the New York Central;
Samuel Rea of the Pennsylvania; President Underwood of the
Erie; President Howard Elliott of the New York New Haven
& Hartford; President W. G. Bessler of the Central Railroad
of New Jersey, and President Daniel Willard of the Baltimore & Ohio.
INTER-STATE COMMERCE COMMISSION'S INQUIRY
INTO CAR SHORTAGE.
One of the important developments of the formal inquiry
opened by the Inter-State Commerce Commission at Louisville on the 8th inst. into the car shortage was the announcement on the 11th inst. by Commissioner McChord of the
issuance of an order requiring all the railroads affected by
the hearing to immediately shift their coal car equipment
so as to bring the number of cars under control to a point
within 100% of their ownership. The effect of the order,
the Louisville "Courier-Journal" pointed out, would be to
require all roads having an excess to reduce to their normal,
serving to bring back to the roads most affected by the
shortage situation, sufficient equipment to meet the demands
of shippers and bring relief to those sections of the country
threatened with a coal famine by enabling the railroads
to lift embargoes placed as a penalty against roads that
appropriated cars on their tracks. The paper quoted added
(the extract is taken from its issue of the 12th inst.):
Many startling developments of the past week led up to the action
decided upon by Commissioner McChord. Most vital in deciding the
course, however, was the alleged misuse to which coal cars are being
subjected, to which the embargoes may be traced. It has been stated on
numerous occasions that roads controlling an excess of the cars actually
owned, are using many coal cars to transport sand, stone, bricks and
other paving and building material, while other roads are makin? extensive
use of coal cars to move the sugar beet crop.
The principal offenders, it has been pointed out, are the roads in that
section of the country in which the need for a replenished coal supply has
become most desperate, especially Michigan and surrounding territory,
where cities have sent witnesses to the hearing to plead for an abatement
of the Louisville & Nashville embargo on its coal car movement to points in
the North. Witnesses have pointed out that people in the northern
country are certain to suffer, and many public utilities will be forced out
of business should the condition continue indefinitely.
Commissioner McChord said that roads returning coal cars to owning
lines would be allowed to load them to junction points if through loads
were not available, but said the Commission will insist they be returned
home from the junction points immediately, empty if necessary. He said
no notification other than stated at the hearing yesterday would be given
the carriers, as the Commission considered that all roads were represented,
as ordered. The roads will be required to state Monday morning what
action they have taken to comply.
Assurances that they had begun the return of all foreign
coal cars held on their lines to the owning roads were received .
on the 13th inst. by Commissioner McChord from practically
The Association also directed its Car Service Commission every large railroad in the United States. The co-operation
to proceed at once to Louisville, where Inter-State Commerce of the Eastern roads in returning all foreign coal car equip-
1844
THE CHRONICLE
ment on their lines was promised by Charles C. Paulding,
B. I. Spook and C. B. Heisserman, counsel, respectively, for
the New York Central, the New York New Haven & Hartford and the Pennsylvania lines west of Pittsburgh. Mr.
Paulding, speaking for his associates, said:
I would announce that we consider the situation a very serious ono and
fully recognize the necessity of prompt and effective action. I wish to
state that the Eastern railways are in full accord with the order of the
Commission for the return of cars to the owning companies at the earliest
possible moment, and we pledge the fullest measure of co-operation in
carrying it out.
Telegraphic reports from Lincoln, Neb., on the 13th inst.
stated that the Union Pacific Railroad Co. on that date had
only 25% of its freight cars available for its own use, the
other 75% being in the use of other roads, chiefly those of the
East, according to a report filed with the State Railway
Commission to-day. Of 22,000 cars belonging to the company, only 5,652 were available in Nebraska.
To the various measures advocated by railroad representatives for the prevention of car shortages such as now exist
in various parts of the country, a suggestion for the issuance
of traffic maps by the Inter-State Commerce Commission
was made on the 13th inst. by J. T. Bougher, Chief Clerk
of the Car Record Department of the Philadelphia & Reading RR.
At the hearing on the 12th inst. the principal testimony
introduced was with regard to alleged enormous losses which
threatened growers of perishable products. Facts were
brought out which had previously been touched upon but
lightly, especially as to the acute shortage with regard to
refrigerator cars. R. G. Phillips, of Rochester, N. Y.,
Secretary of the International Apple Shippers' Association,
and William L. Wagner, of Chicago, of the apple-handling
concern of William H. Wagner's Sons, gave evidence touching the subject. The "Courier-Journal" quotes Mr. Phillips
as follows:
[VOL. 103.
dispatched than returned. The excess in the East necessarily makes car
movement there slow, and this also is a factor in the shortage.
The car service rules, said he, have been altered innumerable times
since first formulated, until they now seek to protect railroad ownership of
cars, but are being violated on a huge scale in that cars are not returned to
the owning line in any degree of certainty. The proposed pooling system
would probably not have the pleasant effect so many people expect of it.
but in my mind the ownership and pooling systems have the same purpose
—to police car movements to assure speedy return after arriVal at the
destindtion.
Although there are 2,500,000 railroad cars in tho United States, these
are insufficient because of the low mileage movements per day of most of
the cars, and the preponderance of opinion is that the per diem rate of
charge must be increased so that the mileage per day will react accordingly
because of greater expense in holding up shipments and traffic. Automobile shipments are especially held a considerable length of time.
Shippers should be careful to provide an outlet for their commodities
before consigning goods, and a method of policing traffic to prevent excess
re-consignment also must be determined.
He pointed out that when the cars are returned under the proposed
pooling system some of the roads will be injured because they cannot load
the cars in the direction they are headed, with the result that embargoes
would again be the result.
Have you conducted an investigation into the matter of car service
violators?" asked F. B. Dow, attorney-examiner of the Commerce Commission.
"Yes," was the answer. "We have had twenty Inspectors busy, and 107
railroads were found to have committed 40,000 separate violations during
June 1916."
"Are any lines free from violations?" No, but one is comparatively so—
the Southern."
J. Van Dyke Norman, representing lumber and coal interests, took up
the cross-examination and asked if there is any contractual relation between the roads which bind them to observe the rules.
"Yes, there is the per diem agreement," answered Mr. Hodges. "The
railroads against whom the violations are directed are authorized to take
the matter before the Commission on Car Service Rules, and the violator
is fined."
Mr. Hodges said because the rules proved Ineffective it is proposed to
adopt a new set of regulations, although there will perhaps be considerable
agreement among the carriers, according to how they are situated, before
any change is finally decided upon. He said a new means of enforcing
the regulations is as necessary as the new rules themselves.
"Is it possible for the Association to adopt new rules which would become
automatically effective," he was asked, "and how soon could they be
mark effective?"
"Yes, it is possible, but not before January 1 at the earliest," Mr. Hodges
replied. He also said most of the carriers were members of the Association.
Of the 2,500,000 cars owned in the United States, he said, but 47%
were on the lines of their owners, and he held that a return of these foreignheld cars would have no effect on business, and would assist the depleted
carriers rather than aggravate the problem in some sections. Mr. Hodges
said that misuse of cars was not the term when other commodities were
loaded into coal cars, unless they were routed In a direction away from the
owning lines. Prevention of an excess in tile East, he said, could be
accomplished by prompt returns, even of empties.
He answered Mr. Norman by saying that the "so-called" shortage is
based, normally, on a comparison of cars furnished and cars requested by
shippers. Ho said that mines were rated as to output, so that no more
cars would be furnished than the rating made necessary, and that he knew
of no instances where munition manufacturers were given preference over
miners.
The American Railway Association has been asked to co-operate with the
growers, but has done nothing. The best explanation for the shortage is,
perhaps, that a number of refrigerator cars are being used to move dead
or imperishable freight, there being proven instances wherein refrigerator
equipment was used to transport paving material away from a producing
section.
Small railroads owning no refrigerator cars steal cars from other roads,
and pay the "magnificent" per diem and demurrage charges, thus securing
equipment at very little cost. Then there is the trouble from delay in
shipments reaching their destinations. Quite recently shipments moving
into Boston from a distance of but a few miles have been "lost" in the
railroad yards for several days.
He said organizations like that he represented recently had presented
resolutions to the American Railway Association asking their assistance,
but have seen no results.
As a relief measure he suggested that the misuse of equipment be proThe important developments of the inquiry on the 10th
hibited, arrangements made for prompt return after unloading, increased
per diem charges, and provision by the railroads after they know what inst. were summarized by the "Courier-Journal" as follows:
An investigation ordered by Commissioner McChord, to be conducted
shipments are to be made.
While the demurrage charges on refrigerator cars are higher than on by the railroads which have embargoed coal shipments to the Lake country.
other cars, the growers and shippers will submit to increased demurrage especially Michigan, to determine if dealers are holding loaded cars in an
gladly if cars are supplied as needed, and if the same demurrage exists effort to exact "famine" prices while they are able to supply every need.
The torpedoing of steamers has resulted in a number of loaded grain
when refrigerator cars are used for other purposes.
The trouble is that the railroads have failed to co-operate with the cars of the Chesapeake & Ohio RR. being held at seacoast towns until
further
export facilities could be arranged.
people they have been instrumental in engaging in the apple-raising indusCommissioner McChord stated during a discussion relating to misuse of
try by means of the "Back-to-the-farm" movement.
cars that "It has not yet been shown that the railroads of the country are
F. B. Dow, attorney-examiner, who is assisting Commis- making much of an effort to relieve conditions, and though it is customary
sioner McChord, stated to the railroad representatives pres- for the Commission to terminate a hearing before making a ruling, another
may be decided upon in the near future, although it is not the wish
ent that, beginning Monday, the 13th inst., all railroads course
of the Commission to resort to drastic methods.
would be required to file a telegram to the Commissioner at
The investigation order by Commissioner McChord came at the beginLouisville showing the number of cars owned Nov. 1 and 8 ning of the third day of the hearing, when P. B. Dow, attorney-examiner,
assisting the Commissioner, read a "confidential quotation" statement from
and each day thereafter, and also the number of cars held on a coal dealer in Chicago which made it appear that despite the coal famine
each company's line. He said this was for the purpose of any amount of coal desired could be secured if the price demanded were
enabling the Commission to determine the results of efforts paid. The Chicago dealer offered to reach any city on the Pere Marquette
road embargoed by many roads connecting which ordinarily send
which are being made to have foreign equipment returned to road—a
much coal through the link. The railroads will endeavor to ascertain how
owning lines.
many cars of coal are held at junction points.
Information to the effect that the car service rules of the
American Railway Association Were to be revised in the
near future because they were being flagrantly violated by
"every railroad in the country," was conveyed to the Commission on the 9th inst., according to the "Courier-Journal."
The information came from George A. Hodges, of the American Railway Association, who announced that the rules were
to be radically changed at a meeting of the Association to
be held in November, beginning on the 16th inst. The testimony furnished by Mr. Hodges was set out in part by the
"Courier-Journal" as follows:
Mr. Hodges, the Railway Association's representative, said that when
shortages did occur, they were usually most noticeable in October and
November. The export trade has reached enormous proportions, he said,
and this was responsible for the fact that there is an alarming excess of
cars being held at seaports-100,000 in round numbers, while in the same
section the coal car shortage reached a total of 25,000. He said the
shortage first became manifest in March, when temporary blocking of the
Panama Canal resulted in shipments overland of traffic which would otherwise have passed through the canal.
The central section of the country he branded as a busy workshop of
tremendous proportions, and said tho Increased business in this section is
responsible in a large measure for the shortage here, as the production
greatly exceeds shipments to this territory, with the result more cars are
Charges that coal operators are breaking contracts, made
at the hearing on the 16th, promised to result in a widening
of the scope of the investigation. Just before the close of
the afternoon session the charge was made by counsel for
the Louisville & Nashville RR. that mines had refused to
load cars furnished for the specific purpose of enabling them
to meet contract requirements. Three cars, it was said,
had been furnished to a mine for loading to a public utility
company at Hamilton, 0. The operator, counsel declared,
had refused to accept these cars for loading to that destination, though his was one of two mines under contract to
furnish the utility company with its fuel. Asked by Commissioner C. C. McChord the reason for this refusal, counsel
for the L. & N. answered that no reason was known, but
that it was "believed the operator wished to take advantage
of the high prices being offered on the open market." Commissioner McChord demanded that he be furnished with all
the records available to the L. & N. showing where any
operator had failed to fill his contracts when furnished with
a supply of cars for that purpose. "These operators," ho
Nov. 18 1916.1
TIIE CHRONICLE
1845
asking for an order preventing the Adamson law from being
put into effect. In Chicago on the 15th inst. the Chicago &
Alton RR. filed an action attacking the law; as stated last
week, a suit on behalf of the Chicago Rock Island & Pacific
was entered on the 10th; the suit was brought in the name
.of the American Steel Foundries Co. because the road was
SUITS CONTESTING THE EIGHT HOUR LAW.
placed in receiver's hands on the petition of that company;
In addition to the actions which we noted last week had the Chicago & Eastern Illinois RR. has also filed a combeen brought to test the constitutionality of the Adamson plaint against the law, as has the Illinois Central, the
eight hour law a number of other roads have begun attacks Chicago Milwaukee & St. Paul RR. and the Chicago Great
upon the law. On the 15th inst. U. S. Attorney-General Western RR. Co.; the last-named has filed actions in
Gregory took steps for the defense of the Act by the Depart- both Chicago and Kansas City, Mo. On the 13th inst.
ment of Justice and designated Frank Hagerman of Kansas the Missouri Pacific and the Chicago Burlington & Quincy
City as special counsel to take charge of all the eight hour railroads filed injunction suits in the Federal District
suits. The advisability of the railroads instituting one Court at St. Louis to restrain the carrying out of the Adamtest case instead of filing numerous proceedings throughout son law. Judge Dyer ordered the defendants to show
the country, was suggested on Thursday by H. Snowden. cause on Nov. 27 why a preliminary injunction should not
Marshall, United States District Attorney, who proposed be issued.
The New York New Haven & Hartford yesterday filed a
that the roads come to an agreement to this end with Attorney-General Gregory. Mr. Marshall in suggesting this bill in the United States District Court at Boston, directed
stated that it would result in the saving of considerable against United States Attorney George W.Anderson and the
unnecessary expense both to the Government and to the chairman of the four railroad brotherhoods, seeking an
railroads. His proposal came after he had been served injunction to prevent enforcement of the Adamson Eightwith the papers in the actions brought by the New York Hour Law. At Utica yesterday, the Delaware Lackawanna
Central R. R. and the Erie R. R. These suits were filed & Western RR. Co. filed a suit in the United States Court
on the 15th inst. in the U. S. District Court for the Southern to test the constitutionality of the law. The St. Louis Iron
District of New York. The actions are similar; on the Mountain & Southern, through B. F. Bush, Receiver, and
formal application of ex-Judge Walter C. Noyes, repre- the St. Louiet&ISouthwestern, have also filed injunction
senting the Central, and George F. Brownell, on behalf suits in the U. S. District Courts against enforcement of
of the Erie, Judge Julius M. Mayer issued an order on the the law.
The actions brought by the Union Pacific, the Atchison
15th directing District Attorney Marshall and the other
defendants to show 'cause why a temporary injunction Topeka & Santa Fe and the Louisville & Nashville were
restraining the enforcement of the law should not be granted. referred to in these columns a week ago. So far as the
The order was made returnable on Dec 2. In the suit filed Department of Justice is informed, the first suits set for
by the New York Central the Act is attacked on twelve hearinglare those of the Santa Fe and the Union Pacific
important points, the New York "Times" setting out the railroads at Kansas City on Nov. 23. Unless some reason
develops for a request for postponement of these cases they
same as follows:
1. It provides that wages shall not be reduced below the present standard will be the first heard, and any effort to expedite a Supreme
day's wages, whereas there is no standard day's wage, because of each road Court hearing would be based upon the lower court decisions
having varying schedules for different work. The complaint adds that the
"Act cannot be fitted or applied to the subject with which said Act deals, in them.
The Newlands Committee, which is to undertake next week
to wit, schedules and wages, in such a way that complainant, its officers
and agents can tell with reasonable certainty the amount of the wage re- an inquiry into questions concerning the regulation of the
work
hours'
for
employees
the
said
eight
to
paid
be
to
quired by said Act
railroads, announced on Thursday that its first hearing day,
provided by said Act."
2. The Act takes the property of the railroads in violation of the Fifth Monday, will be given over to State railway commissioners.
Amendment to the Constitution, in that it interferes with the liberty of These commissioners have been in session at Washington for
contract for employment and wages.
several days, and sentiment has been strong in favor of
3. It imposes excessive fines and inflicts cruel punishment in violation
of the Eighth Amendment to the Constitution.
appearing before the Joint Committee to fight action by
4. By trying to enforce compliance, through fear of great punishment, Congress tending to take away their powers over interthe Act would prevent an orderly resort to the courts for a just determinaState carriers. They oppose any increase in the Federal
tion of the rights of the complainant.
5. Because it is impossible for the railroads to tell what the Act means, Commerce Commission or authorization to it to act in
they are subject to severe fines and imprisonment, although they may be
different parts of the country in sections. After the railacting in good faith—an unconstitutional situation.
6. The Act is not a regulation of commerce among the States or with fd'r- way commissioners will come railway presidents, bankers,
eign nations, and is not a means reasonably or appropriately related to any economists and representatives of such labor and industrial
regulation of such commerce.
organizations as wish to be heard.
7. There is no relation between the Adamson Act and the Act to regulate
A discussion of the railroad situation and particularly the
commerce.
8. It is not a regulation of commerce because it merely prescribes a Adamson law, from the standpoint of the country's business
session
in
is
Commission
Hour
Eight
the
while
exist
condition that must
was begun at Washington yesterday (Friday) at a
and for thirty days thereafter in order that the Commission may determine interests,
special meeting of the National Council of the Chamber of
what is just in the premises.
O. The Act takes the property of the railroads In violation of the Fifth Commerce of the United States.
Amendment.
At this meeting Representative Adamson, who drafted
10. It is unconstitutional because it provides for payment of wages on
an eight-hour schedule without making any provision for reimbursing the the law, is said to have served notice on the railroads and
railroads.
that if another controversy should de11. The Act is unconstitutional because it is neither a regtiltion of Inter- the brotherhoods
State commerce, nor an Act for the public welfare, being only an arbitrary velop, "Congress will step in and take control of the whole
increase in wages.
business." The meeting was called for the purpose of having
12. The Act is contrary to the Constitution (a) because it exempts cerbusiness interests affiliated with the Chamber express
tain railroads unfairly, and (b) because it "unduly, unjustly and arbitrarily
favors certain railway employees who now receive high rates of pay for their views just before the Joint Congressional Committheir services and seems to compel this complainant to discriminate unjustly tee appointed to investigate railroad questions meets here
and arbitrarily in their favor.
next week. In addition to the Adamson law, questions
In its petition the Central asks:
strike prevention and wage fixing for common carrier
of
declared
be
void.
law
Adamson
the
That
1.
2. That a preliminary injunction issue restraining the defendants from employees, by the Inter-State Commerce Commission, will
bringing.action for non-observance of the law.
be taken up.
bind all "unnamed and
defendants
said, "are constantly coming to the Commission asking for
relief of various sorts. Now, if they are not going to serve
the public there is a question in my mind as to whether
they deserve, or ought to have, any relief."
unknown"
3. That such injunction
within the provisions of the Act.
4. That subpoenas be issued calling on the defendants to appear in court
and answer the complaint.
5. That the complainant shall have such further relief as the court may
decree.
Conferences between the heads of the four brotherhood
organizations and the national conference committee of the
railways were held this week in this city for the purpose of
deciding on points of administration brought up under the
Adamson law. Announcement of the failure of the respective interests to agree on the matters in conference wasmade
at the conclusion of the meeting on the 13th. Elisha Lee,
Chairman of the Conference Committee of the Railways, in
announcing this, said:
Coincident with the filing of the Central and Erie actions,
the Pennsylvania RR. also filed, in the U. S. District
Court at Philadelphia. a bill in equity asking for an injunction against the U. S. District Attorneys in Philadelf•hia,
forbidding them from bringing prosecutions against the
company under the Adamson law; the road further asks
We met for the purpose of exchanging ideas on the application and
that the law be declared unconstitutional and void. At operation of the Adamson law. We failed to reach an agreement, and we
Minneapolis on the 15th inst. the Northern Pacific Railway aro not certain that another meeting will take place.
William G. Leo, President of the Brotherhood of Railway
Co.. the Great Northern Railway Co. and the Minneapolis
spokesman for the employees in the absence of
Trainmen,
& St. Louis RR. filed suits in the Federal District Court
1846
THE CHRONICLE
A. B. Garretson, of the Order of Railway Conductors, declared in a statement that in the event of evasion by the
railroads of the Adamson law, summary action would be
taken by the brotherhoods. He said that the strike order,
which was directly responsible for the law, was still in effect
and the brotherhoods would not hesitate to enforce it if the
occasion warranted it. He sdded:
The brotherhoods asked for this conference. At the morning session
we discussed the application of the law and found that there was no basis
upon which we could possibly agree. Another setback, besides the elimination of the mileage system, was the determination of the railroads to continue their suits to determine the constitutionality of the law.
"Frankly," said Elisha Lee, "the trouble lies in the fact
that neither the railroads nor the men know definitely how
the law should be applied. We have our own ideas as to
how the law shall be applied, if at all, as suits to test its
validity are now pending, while the brotherhoods have their
own ideas."
Besides W. G. Lee, the brotherhood chiefs at the conference were Warren S. Stone, of the Brotherhood of Locomotive Engineers; W.S. Carter, Brotherhood of Locomotive
Firemen and Enginemen,; and F. L. Sheppard, acting President of the Order of Railway Conductors, in the absence of
Mr. Garretson.
On the 11th W. G. Lee was quoted as stating that it is
immaterial to the railroad employees whether the Supreme
Court sustains the Adamson Law. He made it plain that
whatever action the Supreme Court might take would have
no effect on the eight-hour day movement. Four hundred
thousand railroad men are ready to walk out Jan. 1 unless
the railroads put into effect the eight-hour day, law or no
law. He was quoted as follows:
Any railroad which attempts to cancel the present schedule of hours
and pay, or refuse to put the eight-hour law into effect, will find itself
with a strike on its hands, law or no law.
The power that was given to us last spring when the employees voted to
strike unless the railroads granted our demands is just as good now as it
was then, and will be called into play if necessary. What the Supreme
Court does with the law is no concern of ours. We have demanded fair
working hours and we are going to get them.
However, we have no fear that the Adamson Law will be declared
unconstitutional. We were advised in the first place that it would stand
thd fire of a legal test. We have President Wilson with us, and he will
see to It that the law is made airtight. If any flaws are found in it, they
can be remedied.
The Adamson Eight-Hour Law Commission, composed of
Major-General Goethals, E. E. Clark of the Inter-State
Commerce Commission, and George Rublee, former member
of the Federal Trade Commission, conferred in Washington
on a program for an investigation of the operation of the
Eight-Hour Law. The Commission will hold its hearings
in the New York Custom House. The sessions are expected
to open shortly.
INDUSTRIAL INTERESTS APPROVE RAILROADS
STAND AGAINST EIGHT-HOUR LAW.
The formation of a national body embracing twelve
organizations, representing 15,000 employers, furnishing
employment to 7,000,000 workers was announced on the 14th
inst. at the twentieth annual convention of the National
Founders' Association in this city. The new organization,
which is known as the National Industrial Conference
Board, is designed, according to its Manager, Magnus W.
Alexander, (identified with the General Electric Co.), as a
clearing house of information." Mr. Alexander further
explained its purposes as follows:
Its purpose will be to analyze and present the essential elements of the
situation, suggest methods and inspire united and intelligent action. Industry in this country must have the sympathetic support of the public.
It must have the co-operation of the Government and it must act intelligently and definitely on its own account. The life of the nation is bound up
in its industries and a broad patriotic purpose on the part of manufacturers
and employers of labor will bring about increased prosperity and greater
prestige for the country itself.
There have been times when the public and the manufacturing industries
have misunderstood each other; when the manufacturer assumed an
antagonism on the part of the public which did not exist, and when the
public took the position that the manufacturer was indifferent to the public
welfare and solicitous only for his own prosperity. Such a situation should
never have developed and would not have developed except for the lack
of information of each party of the purpose and intent of the other.
It is part of the work of this Conference Board to promote a clear understanding between the employer of labor —the manufacturer—on the one
side and the public on the other. During the last few years there have been
occasions when there was either open or concealed antagonism between
manufacturers and the Government, and this also was due to a lack of
understanding, to a lack of publicity, and either the suppression of facts
or the failure to present them properly.
No Government in the world deliberately utilizes its legislative machinery
to hurt the industries of the country. No Government and no legislator
who thoroughly understands all the circumstances in the case will support
legislation which hampers or cripples industry, and indirectly hampers and
cripples the prosperity of the country.
[vol.. 103
1. To stimulate the keen interest and active assistance of employers
toward constructive study and equitable solution of economic issues in
industry.
2. To foster maintenance of harmonious relations between employer and
employee and between both and the Government.
3. To assist in the formulation and enactment of sound and constructive
economic legislation by presenting publicly to legislators the fundamental
facts involved in the legislation and their effect.
4. To bring about genuine co-operation between the Government and
industry so that legislation hampering and restricting industry unnecessarily or unjustly may be avoided by a knowledge of the facts.
5. To present to the public facts showing the national benefits of industrial prosperity and the effect on employers and employees and consumers,
and to stimulate, by accurate and truthful publicity, intelligent sympathy
for all proper efforts for industrial development.
6. To stimulate the employer to maintain good conditions of work; to
provide fair treatment for his workers and to take a personal interest in
them.
7. To develop among the employees a reasonable attitude toward manufacturers and other industry, to inspire a sense of fair play, efficiency and
loyalty.
Its membership includes:
The National Founders' Association,
The National Metal Trades' Association,
The National Council for Industrial Defence,
The National Association of Manufacturers,
The National Erectors' Association,
The National Association of Cotton Manufacturers,
The American Cotton Manufacturers' Association,
The National Association of Wool Manufacturers,
The Silk Association of America,
The United Typothetae and Franklin Clubs of America,
The American Paper and Pulp Association and
The Rubber Club of America.
Frederick P. Fish, of Fish, Richardson, Herrick & Neave,
Boston, Mass., is Chairman of the Conference Board,
William H. Barr, President of the National Founders'
Association, in his annual address at the opening session of
the convention referred to the aggressiveness of labor and
the "weakness and vacillation in legislative councils," his
remarks being in part as follows:
There is one plain lesson in the recent election which cannot be too strongly
emphasized. It is that there is no such thing as a labor vote, and that the
pretensions of labor leaders that they can deliver a "labor vote" are absolutely false. For years political parties have been threatened in national
elections, and in Congressional elections as well, with the so-called labor
vote, if they did not grant the demands of the labor organizations.
Organized labor is strong in the manufacturing States and it is negligible
in the agricultural States. The election results show that the Democrats
were defeated in the manufacturing States, with perhaps one exception,
due to local conditions, and were successful in the agricultural States where
organized labor had scarcely any membership at all. For example, the candidate of the Republican Party carried Connecticut, Delaware, Illinois,
Indiana, Massachusetts, Michigan, New Jersey, New York, Pennsylvania,
Rhode Island, West Virginia and Wisconsin. These are all manufacturing
and industrial States and have very large bodies of organized labor.
Politicians have catered to labor leaders and in many cases have consented to the enactment of unjust legislation to placate or conciliate organized labor. In the future there will be less truckling to labor and more
independence on the part of political parties, so that legislation will not
be obtained by favoritism or political manoeuvering for votes.
Despite the fact that the impotency of organized labor has been shown in
the recent election, the fact which the business man must bear in mind
most clearly is that the party which has been continued in power in the
United States for the next four years has, during the last threo and a half
years, submitted to the dictates of organized labor, but that party must
now awake to the fact that in its bartering with organized labor it was
receiving nothing in exchange.
This point is clear: Business men and manufacturers must redouble
their efforts to prevent legislation which is unfair, unjust and sometimes
Illegal, and which is enacted at the behest of labor. Employers of labor
must seek through education and publicity and by every fair and honorable
means to conserve their own rights and to see to it that legislation which
Is enacted is based on equity and not on favor.
We have seen the aggressiveness of unscrupulous labor and we have also
seen weakness and vacillation in legislative councils; we have seen subserviency, timidity and time serving in the Federal Congress. We have
seen labor leaders dictate to the highest officials of the land, and we have
seen them direct Congress to pass a bill before a certain specified hour.
We have seen Congress pass the bill, and we have seen Senators and Representatives warn their colleagues that not the slightest change must be made
in the text submitted to them.
This is a humiliating spectacle, and I am sure that its full significance is
recognized by all of you. It is significant for the country generally, because
it shows that Congress is amenable to pressure from an organization which
claims a certain specified number of votes which it attempts to deliver.
What are the rights of the manufacturer and the business man? He is
supposed to have some property rights,some personal rights, the right to do
business, the right to earn a fair profit, the right to employ labor according
to its value, and the right to conduct himself with all the privileges of an
American citizen. Possibly, you will say that he has these rights, but a
right which is not enforceable exists in theory only.
"I direct your attention to the assertion made in connection with the
Commission which has been appointed to investigate the working of the
so-called eight-hour day, to the effect that there is no way of tolling at the
present time whether an eight-hour day will increase the cost of production
or not.
"That statement should be flatly contradicted, and one need not depend
on the figures of manufacturers, the figures submitted by employers of
labor, or by the railroads, to emphasize the contradiction. The United
States Government investigated this very question on increased cost of
production as a result of decreased hours of labor, by direction of the
Secretary of Commerce and Labor in 1904. That investigation reported
that out of 336 establishments investigated, 297 or alinost 89% showed
that the cost of manufacture had been increased by the shorter working
day. The increased range from 7 to 8%, and in 110 establishments exceeded 10%."
At the concluding session of the Association's convention
on Thursday a resolution upholding the right of the railThe Board in its announcement respecting its organiza- roads to have their cause in the eight-hour case determined
tion outlines its object as follows:
by judicial proceeding was adopted. The resolution follows:
Nov. 18 1916.)
THE CHRONICLE
Whereas, A serious question of grave national importance has arisen
relative to the conflict between the Constitution of the United States and
the so-called Adamson law, which law seeks to compel railway systems of
the country to raise the wages of certain of their employees under the
pretense of compelling an eight-hour workday; and
Whereas, The railway systems of the country have indicated their
opposition to the enactment and operation of that law, claiming said law'
to be in violation of rights guaranteed all, citizens by the Constitution of
the United States; and
Whereas, further, the Constitution of the United States guarantees to
every citizen the right to test through the courts of the land any Act
designed to deprive him of life or liberty,or property without due process
of law; Now, Therefore, be it
Resolved, That we, the National Founders'Association, manufacturers
and shippers of products in the various States of the United States, declare
that this right to have their causo determined by judicial proceedings should
be secured to the railway systems of the country and that this Association
approve of their attitude in the maintenance of that right.
Frank A. Vanderlip, President of the National City Bank,
was a speaker at the convention, his remarks dealing with
"The Bankers' Relation to Industry."
F. A. VANDERLIP'S ADDRESS VIEWING GOVERNMENT OWNERSHIP AS NATIONAL TRAGEDY.
The danger to the United States from its hardened arteries
of transportation if the nation ever faced a struggle was
pointed out by Frank A. Vanderlip, President of the National
City Bank of New York, in an address delivered at Washing• ton on Oct. 20 before the Society of Railway Financial
Officers. Mr. Vanderlip's remarks were extemporaneous,
and we gave at the time as much as it was possible to obtain
through the newspaper accounts. Since then the address
has been printed in pamphlet form, and inasmuch as the
earlier versions are essentially different from 'the printed
copy now available we reproduce below the address as now
officially published:
Mr. McKnight and Gentlemen:—Your President has just given me a very
flattering introduction, but privately before doing that he quite put me in
my place by telling me that I was about to face a group representing the
largest bank depositors in the United States. A banker always feels very
humble before his largest depositor, and so I will not be too flattered by
your President's introduction.
As the financial executives of the railroads of the United States, you
naturally have a good deal of pride in your business. You know that you
represent an interest which is capitalized for more than $16,000,000,000.
You know that a great amount of new capital ought to be going into that
business every year, and it has appeared that a good deal has been going
into it. You have seen American investors buy back from foreign holders
$1,600,000,000 of railroad securities since the outbreak of the European war.
You may take pride in the fact that our investors have shown such confidence as to buy back this great amount of railroad securities. But if you
have any disposition to feel that your business is popular with investors,
you may as well put that out of your minds. Do not feel proud of your
popularity with investors.
We have been talking in billions about the capital invested in the business;
in billions about the amount of railroad securities that investors have repurchased, but do you know that in the year 1915 the total amount of
money put into new railroad stock for new railroad work was $12,950,000?
Investors will loan you money, at least those of you who represent corporations that still can make a mortgage that offers security, but investors will
not even loan the railroads money to anything like the extent of their
financial needs. When it comes to new money going into fresh partnership
with the railroads, when it comes to raising fresh capital by stock issues,
your lack of popularity with the investor is shown in its true light.
Even in their efforts to borrow, the railroads have for several years had
to resort to short term investments. Most of the financing for several
years was done in that way, and most of the recent financing has been the
refunding of maturing short term obligations, but there is no new mcney to
take new stock issues. You still have some credit; you can borrow, but
your business is without the confidence of the investor. It is a sad
outlook for the biggest single business in America when that business
no longer has the confidence of the investors, and will not s and the test
of bringing new dollars for stock investment for the further development
of railroad properties.
A few weeks ago when the President of the United States was discussing
with the union labor leaders the suggestion of forced arbitration, he was
told with a good deal of ringing pride that "men cannot be subjected to
involuntary servitude." Do you know you cannot subject an uninvested
dollar to involuntary servitude either? The railroad business affords the
best illustration of that. Fresh dollars decline to be subjected to involuntary servitude in new railroad stock investment; these dollars are going
somewhere else.
There has within a year been invested $400.000,000 in new industrials
in America, but practically not a dollar for railroad investment. The
only new capital tho railroads have obtained has been through borrowing.
There are many phases of the railroad situation that are not heartening.
We see forty-two thousand miles of railroads in the hands of the receivers,
represented by $2,250,000,000 of securities.
And yet on top of that we have seen Congress take the extraordinary
responsibility of advancing the wages of railroad trainmen. The extent
of the railroad business is such that we ought to be building 200,006 freight
cars a year. Last year we built 74,000; this year the orders up to date are
for about 60,000. The effect of this is sharply pointed out in last week's
report of a car shortage aggregating 87,000 cars.
I could use figures to illustrate the position of the railroads without end,
but you know these figures better than I do. I remember Mr. Ripley
saying one time after a discussion about leasing a railroad, a discussion that
had grown too statistical: "Let us throw the figures away and get down
to business." I do not want to make a statistical speech, so we will throw
away the figures and take up some of the fundamental considerations of
the railroad situation.
I saw a letter the other day from Mr. Thornton from England. Some of
you know Mr. Thornton. lie is a very eminent American railroad man
who went into the English service, and has been chosen by the British
Government as one of the small group of men in charge of the operation of
British railroads. In that letter he told why the German army did not
reach Paris, after that wonderful start, after smashing through Belgium,
1847
and after getting so near that the sound of the guns could be heard in Paris,
and before Great Britain could gather herself for the attack. This letter
told the reason, and the reason was the railroad. The railroad service
broke down under the pressure, could not stand the strain, was not up to
the enormous requirements. If the service had been fully up to the requirements, it would have changed the history of the war—in that particular
case, I believe, for the worse. But that is neither here nor there. It
illustrates the importance to the nation of preparedness of its railroads.
Most of us have reached an age where we find ourselves once in a while in
a doctor's office with our coat off and a rubber bandage around our arm. A
doctor is taking our blood pressure. It is high time to take the blood
pressure or the United States. I tell you you will find that the United
States is getting hardening of the arteries, and it is a very dangerous
disease.
We have hampered the railroads by such restrictions, such interference,
such an unfriendly attitude by the public, by commissions, by legislators,
that investors have been afraid to give to the railroads the fresh capital, by
the use of which they could alone maintain the resiliency enabling them to
meet extraordinary demands. This lack of new capital has put many
railroads in a position where they cannot meet the demands of excessive
business pressure. We are seeing that in the situation to-day. But there
might come demands far more severe than anything that business is putting
on the railroads at the moment.
Just as certainly as a man with hardened arteries is in vital danger should
he engage in some struggle that calls forth all his powers, so the United
States would be in danger from its hardened arteries of transportation if
the nation ever faced a struggle. That danger would be one of enormous
consequences. I believe that the situation ought to be regarded by our
statesmen—such as we have—and by our people—if they think—as a
matter of grave national conce,rn. Do not be confused because of the fact
that we have bought back $1,600,000,000 of securities from foreign holders.
Even that vast repurchase of securities does not show confidence in the
railroad situation. It shows confidence in the old secured debts which have
been in the hands of foreign holders. It is quite possible to have a satisfactory mortgage on a very poor business. Railroads can still operate and
they can and do go on increasing their debts, but it is a fact that investors
are not attracted to new capital stock investment, and it is a dangerous
fact that the development of the railroads has been retarded because capital
does not regard the field as satisfactory. There is a lack of sympathy
between the railroads and the public; there is a lack of confidence in the
minds of investors, and it is well to remember, too, that investors are now
having new opportunities such as have rarely, if ever, been offered to the
investing public. American investors have bought since the outbreak of
the war, $1,700,000,000 of foreign government securities. You will see
that total grow rapidly. The greatest nations of the earth are paying more
for money than first-class railroads have paid in a long time. The foreign
demand for capital will increase in capacity rather than decrease. You
will have to meet this new competition. The railroads will have to face
not only the difficulties that they have faced in the past, but they will have
to face a new set of difficulties. They will have the difficulty of being in a
world where untold wealth has been destroyed; a world where the competition for capital will make the price of capital high; a world where the United
States has entered at last financially as a real world factor. In our markets
will come the play of competition, of a world demand for investment funds,
and the railroads must meet all that in addition to the difficulties inherent
in their position, which lead to a lack of fundamental confidence.
What is the trouble with us? What is the matter? I do not believe
there is a man in this room who knows what is the matter, or who has really
gotten down to thorough thinking, in a nation wide way, as to what is the
matter. This railroad situation seems to me to be quite parallel, in some
ways, to the banking situation twenty years ago. America, with its
insular business, its system of individual banks, had not developed bankers
who thought either nationally of internationally. They thought of the
business that passed over their desks. They were sound money lenders,
but they had not learned much about the business of banking as a science.
But they began to see that something very serious was the matter. We
had recurrences of panics. Twenty years ago, you will remember, we were
talking in a more or less loose way about the need for an expanding currency.
That seemed to be the catch word. But few men understood the principles
or the economies of the banking business. They saw something was wrong;
they were groping, but there was no unity of opinion whatever. No two
bankers would have made the same diagnosis or given the same prescription
as to what should be done.
But the great difficulties, and the great losses that followed the difficulties, made men think. They—the whole banking fraternity—got it pretty
well into their minds, that there was something wrong, and that a remedy
had to be found. Men began to devote their minds to it, and that was not
confined to the men in the big centres, either. There were more men, I
believe, in small communities, with the time, the temperament, and the
inclination to study, who contributed to the solution of that problem than
could be found in the very busy offices in the great centres.
After a while certain principles began to crystallize in the minds of the
bankers, but until that was done it was perfectly idle to talk about getting
legislation that would be correct from an economic point of view. Until
there was a body of banking opinion which was in agreement and saw clearly
which had studied the principles, which knew that we have got to mobilize
our resources, which knew we ought to have in circulation bank note currency, which knew there needed to be a central bank—and that is what
the banking mind knew we needed—until there was that crystallization in
the banking mind, there was no progress in the confidence of the public or
legislators as to what should be done. When that opinion crystallized
something was done, and it was done in the right direction. I am merely
using this as an illustration. What was done has been only one step, and
there have got to be some others.
What I want to do is to use this as an illustration of the necessity for
railroad men to think of their subject nationally, and to begin to see that
there is something fundamentally wrong with our railroad situation; that
the trouble is not merely with the administration of the Inter-State Commerce Law, or with that law itself; the trouble is not altogether with the
hampers that various State commissions put upon you; that the trouble is
not wholly that of lack of sympathy on the part of the public with your
problems. You have got to get at this thing so that you think as statesmen, that you see a great economic and national problem.
I am not assuming to tell you what the answer is at all: I have not
thought of it sufficiently. I do not believe there is a man in this room who
has thought of it sufficiently. We have got to direct the expert railroad
sentiment to the question "what is the trouble." You have got to diagnose
your disease before you attempt to cure it.
Your have in your Committee of Railroad Executives a starting point.
They say they want Federal incorporation, want to abolish State control,
want to have regional sub-commissions, patterned somewhat on the Fedora
Reserve bank. That is a start.
I have talked to some of them about some other features of the situation
that seemed to me just as fundamental, and they answer, "don't load the
wagon so heavily; it will not start." That may be true; probably you can
1848
THE CHRONICLE
not do everything that should be done at once. But you can think about
it, you can think about it clearly and intelligently, until all of your minds
crystallize, until the great body of railroad opinion crystallizes, so that we
have a force of expert opinion that will begin to tell on general public
opinion and then on legislation.
Now, this idea that you are going to be happy after you merely get rid
of State control, I doubt. It is a move in the right direction, but remeni.
ber you were not happy before you had State control.
We have, it seems to me, two perfectly incongruous ideas in our administration of this great business—first, there is the theory of regulation,
regulation that is getting enormously onerous; regulation that calls for two
million reports a year and prescribes every detail of the operations covered
by those reports; regulation that not only fixes your rates and fixes a great
part of your administration, but now regulates the wages you pay, and
regulates them because of threatened strikes, not because of relative levels.
Then we adopt,parallel with this theory of regulation, the same restricted
legislation prohibiting combinations that we have applied to all competitive
business. Side by side with the theory of regulation, we apply this other
theory and apply it with all the vigor that we do to uncontrolled competitive
business; thus you are caught between two mill stones. You cannot
obtain the economies in operation which a proper understanding and cooperation between railroad properties would evolve. You are stopped by
one theory from obtaining the economies of combination, and, at the same
time, you are grasped by the other theory and left with no freedom of
competition. Is it any wonder that you are not securing money from
investors for new development in a field of business so hampered? Is it
surprising that we saw last year the smallest amount of railroad construction in any year since the Civil War? Is it not a natural consequence that
you cannot get money enough properly to equip your roads and to enable
you satisfactorily to do your business?
What this situation needs, it seems to me,is railroad men who are statesmen. That was what the banking business needed. It was hard to find
them, and it took years of severe trials to grow bankers with statesmanlike
vision. You railroad men are busy with your day's work just as the
bankers were; you are engrossed in the great flow of business that goes
over your desks, with the normal natural problems of the day's work, and
with the abnormal unnatural problems that have been put upon railroad
managements by unsound public opinion and legislation. But it seems to
me, and I hope I am not too critical, that you are in just the position in
which we found the bankers twenty years ago—too busy to think nationally,
too near to detail to really be statesmen, and to keenly study the matter as
a problem in economics,a problem in government,and a problem in finance,
The subject is one that railroad men must approach in a broad way. They
must no longer view it as the individual problem of each road, but must
study it in the light of the experience of other countries, in the light of our
political institutions, and with a view to bringing about a sound state of
public opinion.
That is what has got to be done. It is certain we will not solve the railroad problem at all until you railroad men have reached some substantial
agreement as to at least certain common principles which must be involved
in solving it. Since I have been in this room men have said to me, "well
I suppose we are going inevitably to public ownership." If we are, we are
going inevitably to a public tragedy.
We are goirg inevitably somewhere. We are not going to stand still
with railroads unprovided with funds, with hostile Government supervision, with laws that prevent economic combinations, with a selfish public
demandirg lower and lower rates, and selfish labor forces demanding higher
and higher wages. You are going somewhere; you are not going to stand
still. Something has got to be done, and it is up to you to have a pretty
clear opinion of what it is that ought to be done, because we have to look
'to railroad men for expert railroad opinion.
We get all sorts of criticisms about maladininistration in the financial
management of the railroads. A lot of that criticism is unfair, a lot of it
is demagogic, and some of it is true. But what of it? At the most, taking
everything that is criticized in the way of the financial administration or
maladministration of railroads, it would not apply to 10% of the whole
railroad field. How would our Government officials like to be judged by
the worst 10% of their performances?
Some things have been done that ought not to have been done. But that
does not mean that the way to cure it all is to have Government ownership
and Government operation. Nor does it mean that the way to cure it all
is to have a blind Government control that has no regard for the safety of
the investment and creates a situation where investors will no longer put
their money into the properties.
The real trouble is a good deal deeper than any questions of existing
legislation. The real cure is a good deal deeper than any new methods of
regulation. It seems to me that the troubles are really fundamental; they
are troubles fundamental to our national character, and that meansfundamental to individual character.
There is a selfishness ;n this railroad proposition. The public is selfish
about rates; labor is selfish about wages; investors, if you will, are selfish
about returns; politicians are selfish about holding place. All selfishness
Is short sighted, but there can be no better examples, it seems to me, of
short sighted selfishness than these lines of selfishness that I have
enumerated.
There is the selfishness of the shipper who always wants a little lower
rate. A man told me it costs thirty-two cents to pay the freight from New
York to San Francisco on an entire outfit ofclothes a man wears. That is not
a very heavy tax. If men would analyze what the tax of freight means to
them, they would see what an infinitesimal thing it is to give the railroad
fair rates, and what a great thing it is for the nation not alone to have
prosperous railroads, but to have efficient railroads, to have railroads that
are up to the highest standard of service—and after all, that is what we
want, and it would seem they certainly would be willing to pay for it. If
we took a broad view of the matter we would cure some of the selfishness.
So, it is up to you to do what yo can all the time to show to the public
what selfishness really entails, not only on the railroad, but on them. I
do not believe you are doing that,and I do not believe any railroad company
begins to do it as it should be done. It is up to the railroads to show the
public how much better off it would be if the railroads were fairly treated,
so they could render efficient service under all circumstances,and be prepared to render efficient service in all emergencies.
Then there is the selfishness of labor. Much of it really has its foundation in ignorance. I have a copy of a paper which came to my desk yesterday, which was really one of the most shocking publications I have seen
In a great while. It is the weekly organ of some branch of railroad laliorers,
published in Cleveland. There was set forth in that paper detailed InAtrucMons to railroad men how to injure railroad property. The car repairer is
told to insert a broken bolt when he is repairing a car. He is told in detail
lust how to insert the broken bolt so than when the car is on the road and
gets a heavy strain it will pull °tit again, the train will be delayed, the car
will have to go back for further repairs, and the whole incident will lead
to more work and shorter hours.
This paper tells the helper of the mechanic making repairs on engines
how to place a jack so it will fall out before it is ready to do its full service I
[Vol,. 103.
and the work would has e to be done over again. It suggests that when
is sent after a tool he should get the wrong tool, and keep the man he is
working with waiting. The switchman is instructed how to run a car on
to a frog and delay the train and make more work. There are detailed
instructions of this kind all through the various field of rallroad"labor,
telling men how to destroy.
Could there be more dangerous selfishness than that? Could there be
greater economic ignorance, worse economic blindness than for men to so
completely fail to see that there is a unity in society, that there is a necessity
that we all contribute, that none of us be shirkers if all society is to produce
(and the production of things is what society is organized for)? There is
one of the great problems of the day. What is there more important than
to make men see that there is truly a unity between capital and labor, that
there is truly a unity between all members of scciety, that we must not
send a man out to do our work with a dull ax. We must give him a good
tool and then when he goes to work he must not be a shirker, because
shirkers will mean decreased production, and decreased production means
fewer things for the people—all that is fundamental economic law.
You may at once reply,"yes,and so are your stockholders selfish." They
are, probably. They are at least free in a competitive market, and if
you can call it selfishness to take an investment which they believe more
secure and in which the promise of return is higher, instead of taking one
they believe is less secure, and where the promise of return is small, they
are selfish, too. But that is a selfishness against- which it will be harder
to advance sound reasons than the selfishness of the employee who puts
out rules of sabotage.
The meanest selfishness of all is the selfishness of the politician, who will
trade what he knows is sound reason and judgment for place and votes. A
man who will sell his vote for money is not a whit worse than the man who
will sell his execu ive judgment for votes. That is the meanest selfishness
of all.
What does it all sum up to? Do you no see it is deeper than national
incorporation, and it is deeper than the action of the Inter-State Commerce
Commission? Do you not see that it is really a fundamental principle of
intelligent citizenship, of patriotic, unselfish citizenship? That is the test
of any real cure. That is what we have got to have, it seems to me, if we
are to have anything like the preparedness we should have for the work
that is ahead of us,and the competition that is ahead of us in this country.
We need a physical preparedness. We need a preparedness in a military
way, if you will—I believe we do, far beyond anything we have got—we
need preparedness in industry, and most certainly we need preparedness of
the arteries that carry the life blood of the country. But above all, we
need a moral preparedness that is going to see things as they are, clearly,
guided by right economic thought, that is going to have the moral strength
and fibre to form right judgments, that is going to have the moral strength
and fibre to undergo any sacrifice to uphold right judgments, that is going
to have the moral courage not to temporize, not to trade for mementary
advantage. We need a moral preparedness that will give us in the end a
public opinion which will demand from the Government sound economic
legislation, which will demand from labor a recognition of its proper duties
and responsibilities, and which will demand from capital fair and honest
co-operation in its relation to employees and to the public, and for capital
a just participation in the success of business.
BROTHERHOOD OF LOCOMOTIVE ENGINEERS
PRESSURE ON MEMBERS.
Testimony to the effect that the Brotherhood of Locomotive Engineers expelled members who opposed the organization's advocacy of high-power headlights was admitted to
the records of the Inter-State Commerce Commission at the
latter's hearing in Washington on the 3rd inst. on its proposed rule requiring such lights. The Commission overruled objections made by Warren S. Stone and W.S. Carter,
respectively chiefs of the engineers' and firemens' brotherhoods, the Board taking the position that the inquiry could
be more thorough without the limitations suggested. John
T. Heller of Indianapolis, a Big Four engineer, is said' to
have testified that charges had been preferred against him
by Mr. Stone and that he had been tried and expelled from
his local at Indianapolis for testifying at a former InterState Commerce Commission hearing that brilliant electric
headlights were likely to blind engineers of trains running
in opposite directions,and prevent proper reading of signals.
D. P. Trostle of Harrisburg, Pa., an engineer on the Philadelphia & Reading, declared that high officials of the
engineers' brotherhood had reminded him after he came to
Washington to testify that ho would violate the rule forbidding members to oppose individually any legislative
program of the organization and be liable to expulsion if he
testified against high-power lights. "Brother Stone told
me, however," he added, "that anyone who tells the truth
will not be thrown out of the brotherhood." 0. P. Keller
of Harrisburg, a Pennsylvania line's engineer, testified he had
been expelled in 1913 after the local of which he was head had
voted to disapprove a bill pending in the Pennsylvania
Legislature to require brilliant lights in locomotives. Keller
wrote a protest to the Inter-State Commerce Commission
last January against the pending Federal rule, asserting
that 95% of the engineers were opposed to the "searchlights,"
but that they were afraid to testify because they would be •
expelled from the brotherhood, as others had been.
On cross-examination Mr. Stone sought to show the action
was taken because Keller had joined a rival labor organization. The Commission's decision admitted officially testimony given on the 2nd by William II. Rother and A. E.
Martin, former members of a defunct Indianapolis local,
who said the charter of the local division of the Brotherhood No. 492 at Indianapolis had been recalled after it had
Nov. 181916.1
THE CHRONICLE
acquitted Rother of charges preferred by Stone when Rother
testified against strong headlights.
The sections of the "Constitution and Statutes" of the
Brotherhood of Locomotive Engineers under which members
have been expelled for giving testimony before the InterState Commerce Commission were given by the "Railway
Age Gazette" in its issue of Nov. 10 as follows:
Members Interfering with Board—Penalty.
Sec. 11. Any member or Division refusing to sustain the official Acts
or instructions of the Legislative Board, or who circulates or signs any
petition, or who, by verbal or written communication to railroad officials
or others, calculated to injure or interfere with legislative matters offered
by the Legislative Board or at any time mhkes suggestions to railroad
officials or to State legislators that may be detrimental to the interests of
the B. of L. E., or any train service organization, shall be expelled, when
proven guilty, as per Sec. 49 of the Statutes.
Interfering with National Legislative Matters.
Sec. 12. Any member or Division who, by verbal or written communication to anyone calculated to injure or interfere with national legislative
matters, offered by our Legislative Representative at Washington or Mexico,
or at any time makes suggestions to anyone that may be detrimental to
the interests of such legislation, shall be expelled, when proven guilty, as
per Sec. 49 of the Statutes.
In commenting upon the intimidation by the brotherhood,
revealed at the hearing, the "Railway Age Gazette" editorially said:
The question whether all railroads should be required to equip their
locomotives with high-power headlights, which has been the subject of a
hearing before the Inter-State Commerce Commission for over a week,
pales into comparative insignificance alongside the testimony presented at
the hearing regarding the methcds practiced by the Brotherhood of Locomotive Engineers to intimidate and coerce its members who are inclined
to express their views on a matter of such vital importance to themselves.
A most remarkable state of affairs, not entirely unsuspected by those who
have been familiar with railroad matters, was disclosed when the Commission decided to admit the testimony reported elsewhere in this issue, of
engineers who have been expelled front the brotherhood, deprived of their
insurance and ostracized by their fellow employees at the command of the
chief executive of the brotherhood, for giving public utterance to opinions
at variance with those entertained for their benefit by the leaders of the
organization.
The railroads and engineers who testified have performed an important
public service in thus calling attention to a condition which has long been
known to exist, but which it has been difficult for free American citizens
who do not belong to labor unions to appreciate.
The four brotherhoods of train service employees recently gave an
effective demonstration of the power they were able to exercise over the
Congress of the United States. This has served to throw some light on the
manner in which they have been able to exercise so potent an influence over
State legislatures for several years, as well as to explain why they have been
so successful in forcing concessions from the railroad managments.
The explanation given by witnesses in this proceeding of the way in
which the brotherhood chiefs have been able to intimidate their members
who do not approve of their legislative plans may help to explain in part
the unanimity with which the members of the same organizations on several
occasions have voted to throw up lucrative jobs at the behest of the same
leaders. The explanation will hardly serve to increase the self esteem of
the members of Congress and of the legislatures who have allowed themselves to be bluffed by organizations whose strength is derived from such
methods.
The sections of the constitution and statutes of the Brotherhood of
Locomotive Engineers prohibiting members from expressing an opinion
against the legislative plans of the officers, which were brought out at the
hearing and which the engineers who dared to express their honest opinion
as to electric headlights were charged with violating, show the extent to
which the members of the organization are required to subordinate themselves to the will of the labor oligarchy. Section 3 of the constitution,
which was not read at the hearing, expresses the same fact in even plainer
language. It provides that the grand international division of the brotherhood, composed of its chief officers, "shall have exclusive jurisdiction over
all subjects pertaining to the brotherhood, and its enactments and decisions
upon all questions are the supreme law of the brotherhood, and all divisions
and members of the order shall render true obedience thereto."
One of the engineers who testified on behalf of the railroads, but who was
rather nervous about the prospect, was reassured by "Brother Stone" that
"nobody who tells the truth was ever thrown out of the brotherhood."
The record does not show whether he asked Stone for any further reassurance
on this point after two other engineers had testified that they had been
ousted from the organization by Stone's direction on the sole evidence of
the fact that they had testified before the Commission unfavorable to
high power headlights and that the truth of their statements had not even
been brought into question. The question of the truth or falsity of a statement on such a subject apparently comes under the "exclusive jurisdiction"
of the brotherhood officers whose decision is the supreme law of the organization and its members.
The headlight hearing has also served to furnish another illustration of
the close partnership that appears to exist between the bortherhoods and
the Locomotive Boiler Inspecdon Department of the Inter-State Commerce
Commission, whose chief officers appeared as the principal witnesses for the
brotherhoods and sided with them througnout as against the railroads.
President Carter of the Brotherhood of Locomotive Firemen and Enginemen, said that the brotherhoods had refused to have anything to do with
the "ex parte" headlight tests conducted by the New York Central, but he
wanted to have the Commission conduct a series of tests of its own. As
such tests would naturally be conducted by the Boiler Inspection Department, which has already recommended the rule proposed by the brotherhoods, Mr. Carter's suggestion is rather amusing, to say the least.
REGULATIONS GOVERNING THE CAPITAL STOCK
TAX LAW.
Regulations concerning the special excise tax on corporations equivalent "to 50 cents for each $1,000 of the fair
value of the capital stock in excess of $99,000" were issued
by the Treasury Department on Oct. 19. The provisions
governing the tax are carried in the omnibus war revenue
bill which became a law with the signature of President
Wilson on Sept. 8. We printed the provisions bearing on
1849
the capital stock tax law in our issue of Sept. 16. The
exemptions in the case of this tax are the same as those
under the income tax law. The regulations in full are as
follows:
REGULATIONS
Concerning the special excise tax imposed by section 407, Title IV., Act of
Sept. 8 1916, on corporations, joint-stock companies or associations
and insurance companies, organized for profit in the United States
and on the capital invested in the United States of foreign companies
and associations transacting business in the United States.
RETURNS, COMPUTATION OF TAX, COLLECTIONS AND
PENALTIES.
TAX IMPOSED.
Article 1. Section 407 imposes a special excise tax with respect to the
carrying on or doing business by corporations, joint-stock companies or
associations or insurance companies, as follows:
Corporations in the United States.
(a) Every corporation, joint-stock company or association or insurance
company, now or hereafter organized in the United States for profit and
having a capital stock represented by shares, 50 cents for each $1,000 of
the fair value of the capital stock in excess of $99,000, except as hereinafter
indicated; and
Foreign Corporations.
(b) Every corporation, joint-stock company or associations or insurance
company, now or hereafter organized for profit under the laws of any
foreign country and engaged in business in the United States, 50 cents for
each $1,000 of the capital actually invested in the transaction of its business
in the United States. It Is provided in cases in which the foreign corporation makes a return of the total amount of capital invested in the transaction of business, both abroad and in this country, that such proportion
of $99,000 as the amount invested in the United States bears to the total
amount invested in the United States and elsewhere may be remitted in
computing the tax upon the capital invested in the United States.
CORPORATIONS EXEMPT.
Corporations and Associations Exempt.
Art. 2. (a) The following corporations, joint-stock companies or associations or insurance companies, which are exempt from Income tax under
the provisions of section 11, Title I., ara also specifically exempt from the
capital stock tax under section 407, Title IV., of this Act:
First. Labor, agricultural or horticultural organization;
Second. Mutual savings bank not having a capital stock represented
by shares;
Third. Fraternal beneficiary society, order or association operating
under the lodge system or for the exclusive benefit of the members of a
fraternity itself operating under the lodge system, and providing for the
payment of life, sick, accident or other benefits to the members of such
society, order or association or their dependents:
Fourth. Domestic building and loan association and co-operative banks
without capital stock organized and operated for mutual purposes and
without profit;
Fifth. Cemetery company owned and operated exclusively for the benefit
of its members;
Sixth. Corporation or association organized and operated exclusively
for religious, charitable, scientific or educational purposes, no part of the
not income of which inures to the benefit of any private stockholder or
individual;
Seventh. Business league, chamber of conunerce, or board of trade, not
organized for profit and no part of the net income of which inures to the
benefit of any private stockholder or individual;
Eighth. Civic league or organization not organized for profit but operated exclusively for the promotion of social welfare;
Ninth. Club organized and operated exclusively for pleasure, recreation
and other non-profitable purposes, no part of the net income of which inures
to the benefit of any private stockholder or member;
Tenth. Farmers' or other mutual hail, cyclone or fire insurance cornpanj, mutual ditch or irrigation company, mutual or co-operative telephone company, or like organization of a purely local character, the income
of which consists solely of assessments, dues and fees collected from members for the solo purpose of meeting its expenses:
Eleventh. Farmers'. fruit growers' or like association, organized and
operated as a sales agent for the purpose of marketing the products of its
members and turning back to them the proceeds of sales, less the necessary
selling expenses, on the basis of the quantity of produce furnished by them;
Twelfth. Corporation or association organized for the exclusive purpose
of holding title to property, collecting income therefrom, and turning over
the entire amount thereof, less expenses, to an organization which itself
is exempt front the tax imposed by this title; or
Thirteenth. Federal land banks and national farm loan associations as
provided in section 26 of the Act approved July 17 1916, entitled "An Act
to provide capital for agricultural development, to create standard forms
of investment based upon farm mortgage, to equalize rates of interest upon
farm loans,to furnish a market for United States bonds,to create Government depositaries and financial agents for the United States, and for other
purposes."
Mutual Companies Exempt.
(b) Inasmuch as the basis of tax is the fair value of the stock of a corporation, mutual insurance companies and other associations not having
capital stock represented by shares will also be exempt from tax, in the
absence of a basis for the computation of the tax.
RETURNS.
Tax due in January and July 1917 and annually in July thereafter.
Art. 3. (a) Section 3237, Revised Statutes, as amended by section 53
of the Act of Oct. 1 1890 (26 Stats., 557), provides "that all special taxes
shall become due on the 1st day of July 1891 and on the 1st day of July
in each year thereafter, or on commencing any trade or business on which
such tax is imposed. In the former case the tax shall be reckoned for one
year, and in the latter case it shall be reckoned proportionately from the
1st day of the month in which the liability to a special tax commenced
to the 1st day of July following." The capital stock tax, therefore, which
becomes effective Jan. 11917, will be payable in January 1917 on returns
to.be made during that month for the six months ending June 30 1917.
In July 1917, and annually in July thereafter, returns must again be made
and the tax paid for the ensuing fiscal year.
Returns required of every United States corporation having capital stock
outstanding of $75,000 or over.
(b) Every corporation, joint-stock company or association or insurance
company organized in the United States for profit and having a capital
stock issued and outstanding, represented by share; of the market value
of $75,000 or over, and not exempt as indicated in Article 2, shall make
a return on Form 707 irrespective of the par value of its capital stock
unless such corporation, joint-stock company or association or insurance
1850
THE CHRONICLE
company was not engaged in business during the preceding taxable year,
which for the return clue Jan. 1 1917 shall be the fiscal year July 1 1915
to June 30 1916.
Return required of every foreign corporation.
(c) Every corporation, joint-stock company or association or insurance
company organized for profit under the laws of any foreign country and
engaged in business in the United States, shall make return on Form 708
irrespective of the amount of capital employed either at home or in this
country in the transaction of its business.
FORM OF RETURN FOR UNITED STATES CORPORATIONS.
Substance of return required from United States corporations.
Art. 4. The return required by Article 3 of corporations, joint-stock
companies or associations or insurance companies organized in the United
States shall be made on Form 707, to be supplied by this department, and
shall set forth the following particulars:
(1) Total number of shares of stock now outstanding.
(2) Par value of shares.
(3) Par value of total capital stock outstanding.
(4) Amount of surplus.
(5) Amount of undivided profits.
(6) Case I.—Average market value per share during preceding fiscal
year, if stock is listed on an exchange.
Case II.—If stock is not listed on an exchange, average market value
per share computed from sales made during preceding fiscal year.
Case III.—If stock is not listed on any exchange and no sales have been
made during preceding fiscal year, or if sales have been made and the price
Is unknown, the fair average value of the stock may be estimated from the
following data set forth on the return: Amount of surplus, amount of
-.undivided profits, nature of business, estimated earning capacity, average
dividends per share paid during preceding five years, average profits per
share earned during preceding five years.
(7) Total number of shares of stock outstanding on last day of fiscal year.
(8) Fair value of total capital stock for preceding fiscal year.
(9) Deduction allowed by law of $29,000.
(10) Amount of fair value of stock over $99,000 upon which tax should
be computed.
•
(11) Tax at rate of 50 cents per year for each full $1,000.
(12) Amount of munitions tax, if any, paid under Title III. of this
Act since making the last previous return.
(13) Amount of tax due.
FORM OF RETURN FOR FOREIGN CORPORATIONS.
Substance of return required of foreign corporations.
Art. 5. The return required by Article 3 of foreign corporations, jointstock companies or associations or insurance companies having capital
Invested in the transaction of its business in the United States, shall be
made on Form 708, to be supplied by this department, and shall set forth
the following particulars:
(1) Amount of capital invested in the United States.
(2) Amount of capital invested in foreign countries.
(3) Total amount of capital invested in the corporation, both in the
United States and elsewhere.
(4) Percentage of capital invested in the United States.
(5) Percentage of $99,000 allowed to be deducted under the law.
(6) Amount of capital upon which tax should be computed.
' (7) Tax at the rate of 50 cents per year for each full $1,000.
(8) Amount of munitions tax, if any, paid under Title III. of this Act
since making the last previous return.
(9) Amount Of tax due.
COMPUTATION OF TAX.
United States corporations.
Art. 6. Sec. 1. Companies or associations organized in the United States
for profit.—The tax on companies or associations having a capital stock
represented by shares is Imposed on the fair average value for the preceding
year and not the face or par value of the capital stock. The fair value
'• of the capital stock shall be ascertained as follows:
Stock listed on Exchange.
(a) Case I.—If the stock is listed on any exchange its fair value will
be determined by adding the quoted highest bid price for the stock on the
last business day of each month during the preceding fiscal year (or, if no
bid price was quoted on the last day, then the latest day in the month on
. which a bid was quoted), and dividing by 12, the result being the average
bid price per share for that year.
Stock not listed, but of which sales hare been made.
• (b) Case II.—If the stock is not listed on any exchange, but sales thereof
have been actually made, and the price paid for the stock is known to the
officer making the return, or can be discovered by him, the average price
at which sales were made during the preceding fiscal year shall be the determining factor in ascertaining the fair value per share.
(In the foregoing two cases the actual fair value of the stock is ascertainable from the facts without the necessity of making an estimate.)
Cases in which fair average value of stock shall be estimated.
(c) Case 111.—If Case I. and Case II. cannot be applied,viz., the stock
is not listed on any exchange, and no actual sales have been made during
the preceding fiscal year, or if the price at which sales have been made is
not known to the officer making the return the fair average value of the
capital stock shall be estimated, and the surplus and undivided profits
for the preceding fiscal year will be taken into consideration as required
by the statute, as well as the nature of the business, its earning capacity and
average dividends paid, or profits earned during the preceding five years. Fair value of fetal capital stock outstanding.
(d) The fair value per share ascertained or estimated as above multiplied
by the number of shares outstanding will give the fair value of the stock
for taxation purposes.
Deduction of $99,000.
(e) From this total will be deducted the sum of $99,000, the exemption
allowed by law, and the tax will be laid upon the balance at the rate of
50 cents for each full $1,000 of the remainder.
Tax due January 1917.
(f) Upon the returns to be made during January 1917 for the six months
ending June 30 1917, the tax duo will be 25 cents per $1,000 of such remainder.
Deduction of munitions tax.
(g) From the tax due as so determined will be deducted the amount of
munitions tax, if any, actually paid since making the last previous return.
As the special excise tax on capital stock is due in January 1917 and the
munitions tax 'will not be determined and assessed until March or April,
no deductions for munitions tax will be allowed on the January 1917 return.
Deductions, however, will be allowed on the July 1917 return for munitions
taxes actually paid prior to that date.
Sec. 2. Corporations, joint-stock companies or associations or insurance
companies organized for profit under the laws of any foreign country and
engaged in business in the United States.
[Vol.. 103.
Foreign corporations.
(a) The tax imposed on such companies or associations shall be computed
upon the actual capital invested in the transaction of its business in the
United States. The basis of taxation is the average amount of capital so
invested during the preceding fiscal year.
Deduction of proportion of $99,000 only allowed if corporation makes return
•
of total capital invested.
(b) The exemption from the amount of capital invested in the United
States equal to the proportion of $99,000 as the amount so invested bears
to the total amount invested in the transaction of business in the United
States or elsewhere shall only be allowed a company or association which
makes return to the Commissioner of Internal Revenue, under these reguations, of the amount of capital invested in the transaction of business
outside of the United States. Thus a foreign company or association
investing part of its capital in the transaction of business In the United
States shall be liable for tax in the amount of 50 cents for each $1,000 of
the actual capital invested in the United States, without deduction of the
said proportion of $99,000, unless it discloses in its return the amount of
capital invested in the transaction of business outside of the United States.
Corporations not in business during preceding taxable year.
Sec. 3. Corporations not engaged in business during preceding taxable year.—
This tax shall not be imposed upon any corporation, joint-stock company
or association or insurance company not engaged in business during the
preceding taxable year, or in the case of the taxable period ending June 30
1917, not so engaged during the year July 1 1915 to June 30 1916. The
tax shall be computed upon each full value of $1,000 and not on any fractional part thereof.
COLLECTION OF TAX.
Special list, Form 23c.
Art. 7. On account of the impracticability of issuing stamps in the
various amounts, this tax will be collected by assessment on a special list
for the months of January and July 1917 and annually thereafter in July.
Any delinquent returns made in February or other months, or any assessments for delinquency in taxes, may be listed on the regular list Form 23,
and collected in the usual way.
Returns retained by collector.
(a) Returns listed on special lists will be retuned in the office of the
collector as the special list will be prepared so as to give the essential
data shown by the return.
Returns forwarded to Commissioner.
(b) Returns listed on regular lists will be forwarded to this office with
the list for audit.
Penalty of 5%.
(c) Upon failure to pay the tax assessed within 10 days after notice and
the
tax unpaid and interest at the rate of 1%
of
5%
of
demand, a penalty
per month until paid shall be added to the amount of such tax.
PENALTIES.
Administrative and assessment laws applicable to this law.
Art. 8. (a) Under section 409 it is provided that "all administrative or
special provisions of law, including the law relating to the as.sessment of
taxes so far as applicable, are hereby extended to and made a part of
Title IV., and every person, firm, company, corporation or association
liable to any tax imposed by this title shall keep such records and render
under oath such statements and returns as shall comply with such regulations as the Commissioner of Internal Revenue, withthe approval of
the Secretary of the Treasury, may from time to time prescribe."
Penalties for failure to make return.
(b) Any company or association, therefore, subject to special tax under
section 407 of this Act, which-fails to make returns during the months of
January 1917 and July 1917, and annually in July thereafter, will be liable
to the penalties imposed by section 3176, Revised Statutes, as amended by
section 16, Act of Sept. 8 1916, which reads as follows:
Collector may make the return.
If any person, corporation, company or association fails to make and file
a return or list at the time prescribed by law, or makes, wilfully or otherwise, a false or fraudulent return or list, the collector or deputy collector
shall make the return or list from his own knowledge and from such Information as he can obtain through testimony or otherwise. Any return or
list so made and subscribed by a collector or deputy collector shall be prima
facie good and sufficient for all legal purposes.
Extension of Thirty Days.
If the failure to file a return or list is due to sickness or absence the collector may allow such further time, not exceeding thirty days, for making
and filing the return or list as he deems proper.
Fifty Per Cent Penalty.
The Commissioner of Internal Revenue shall assess all taxes, other than
stamp taxes, as to which returns or lists are so made by a collector or
deputy collector. In case of any failure to make and file a return or list
within the time prescribed by law or by the collector, the Commissioner
of Internal Revenue shall add to the tax 50% of its amount except that,
when a return is voluntarily and without notice from the collector filed
after such time and it is shown that the failure to file it was due to a reasonable cause and not to willful neglect, no such addition shall be made to the
tax. In case a false or fraudulent return or list is willfully made, the Commissioner of Internal Revenue shall add to the tax 100% of its amount.
The amount so added to any tax shall be collected at the same time and
In the same manner and as part of the tax unless the tax has been paid
before the discovery of the neglect, falsity or fraud, in which case the
amount so added shall be collected in the same manner as the tax.
(c) In addition to the penalties imposed by section 3176, Revised Statutes, section 408 provides as follows:
Specific penalty.
Every person who carries on any business or occupation for which special
taxes are imposed by this title, without having paid the special tax therein
provided, shall, besides being liable to the payment of such special tax, be
deemed guilty of a misdemeanor, and upon conviction thereof shall pay a
fine of not more than $500, or be imprisoned not more than six months, or
both, in the discretion of the court.
W. II. OSBORN, Commissioner of Internal Revenue.
Approved:
WM. P. MALBURN, Acting Secretary of the Treasury.
INAUGURATION OF WIRELESS SERVICE BETWEEN
U. S. AND JAPAN.
The opening of the Trans-Pacific wireless service between
Japan and the United States by way of Honolulu, was inanugurated on the 15th inst., by an interchange of messages between dignitaries in both countries. The first
message which signalized the opening of the wireless service
was a congratulatory message from President Wilson to
the Emperor of Japan which read:
Nov. 18 1916.1
THE CLUIONICLE
The White House, Washington, Nov. 15 1916.
His Imperial Majesty the Emperor of Japan at Tokio.—The Government
and people of the United States of America send greetings to your Imperial
Majesty and to the people of Japan, and rejoice in this triumph of science
which enables the voice of America from the Far West to cross the silent
spaces of the world and speak to Japan in the Far East, hailing the dawn of
a new day. May this wonderful event confirm the unbroken friendship of
our two nations and give assurance of a never ending interchange of messages
of good-will. May the day soon come when the voice of peace, carried by
these silent Messengers, shall go into all the world and its words to the
end of the world.
WOODROW WILSON.
This message is regarded as an important step towards
friendlier relations and a better understanding between
the American and Japanese Governments. The Emperor's answer received late the same day follows:
1851
management since the • beginning of the war in Europe
were generally adjusted by permitting Gen. Hughes to
carry out his own plans. Lately however there is saidito
have been a growing disposition on the part of Premier
Borden with the remainder of the Cabinet Ministers to
insist that their own plans be carried out as against those
of Sir Sam. Referring to the retirement of Gen. Hughes
the Government made public the following statement:
The retirement of Sir Sam Hughes is in part the outcome of the establishment of the Ministry of Overseas Forces and in part is due to the
assumption by Sir Sam of powers which in the judgment of the Prime Minister can be exercised only by the Government as a whole.
Concerning his resignation, General Hughes said in part:
It is true I have resigned, but not for the reasons assigned in the report
given out this afternoon. Accompanying my resignation was a report
It affords me much pleasure that the first use of the installation of wire- to the Prime Minister asking that all the correspondence in connection
less telegraphy between Japan and the United States has been to transmit with the affair might be published promptly. I would like to say that I
your cordial message. In return I send this expression of my thanks for the feel quite happy. A great load is off my back.
good wishes exhibited toward me and my people and of the hearty desire
In leaving the department I feel I have nothing special to regret in regard
entertained throughout Japan for the continued prosperity and welfare of to its work
or management. In Britain in the first year of the war Canada
the Vnited States.
had
practically no control of her forces. The British system was followed.
(Signed) YOSIIIIIITO.
Last year for nine straight months our soldiers had no rest from the trenches.
This new wireless route begins at the San Francisco This year I have planned extra divisions, to that fully one-quarter of our
transmitting station at Bolinas Ridge, near the city. It is troops could be resting at a time; but perhaps the most important accomof all has been the perfect harmony with the War Office.
2,087 miles to the Hawaiian wireless station at Kahuka,near plishment
I conceive it my duty to give every assistance I can still to help in the
makes
Tokio
3,355
miles
to
Honolulu. This, added to the
cause. I do not know who my successor may be, but whoever it is can
count on my assistance in every legitimate way to help in the great cause.
the distance covered by the wireless service 5,442 miles, It
is my intention to go ahead precisely as I intended and to get out and help
with one relay. It is stated that the mileage from Hono- recruiting. I part from my colleagues with more or less regret, but in the
over
Tokio,
is
the
longest
distance
near
future,
if they pursue proper lines, I will be ready to give them or any one
Fienabashi
lulu to
commercial wireless messages have ever been sent. else my cordial support.
which
Prior to the inauguration of this service the longest commercial wireless route was 2,200 miles from Glace bay,Nova
Scotia, to England. The, Marconi Company announces
two classes of service between California and Japan.•
There will be a full rate or expedited service at 80c. a
word, a reduction of 41 cents a word from the existing
rates and a deferred half rate service at 40 cents a word.
The lowest cable rate at present is 1.21 cents a word.
For the present it is stated the service will be confined
to San Francisco, Hawaii and Japan. A United States
Censor has been installed at Honolulu with instructions
to prevent the despatch or delivery of any unneutral messages, the same rules of censorship being applied at Honolulu as at Sayville, Tuckerton or any other radio stations
in this country.
MAJOR-GEN. GOETHALS RETIRES FROM .ARMY.
The application of Major-General George W. Goethals of
Panama Canal fame, who is still the Governor of Panama,
to be placed on the retired list of the army, dating from Nov.
15, was announced on the 11th inst. as approved by President Wilson. General Goethals' status as Governor of
Panama is not affected by this retirement order, but it is
expected, that before long he will be succeeded by Lieut.Colonel Chester Harding of the engineer corps, now Acting
Governor of Panama. Several years ago Colonel Harding
was sent to Panama to familiarize himself with the work
there. General Goethals who had intended to resign when
the canal was in full operation, withdrew his resignation
when slides interfered. It is understood that General
Goethals wishes to relieve himself from canal duties, and to
rest before taking up his new task as Chairman of the Commission which is to review the effect of the eight-hour railroad law.
That the earth movements in the Panama Canal will
be overcome "finally and for all time" was reaffirmed by
Major-General Goethals, in his annual report made public
on the 10th inst., by the War Department. General
Goethals says that this will be accomplished "notwithstanding the calamity howlers and in spite of the disas" The General says
trous predictions of the
in the report that he has gone into the subject of "slides"
again, only because so many false reports have been published. The General adds that such reports serve to aid
shipping companies to take advantage of present conditions to charter ships at excessive rates and permit an increase in insurance rates.
RESIGNATION OF SIR SAM HUGHES OF CANADA.
Gen. Sir Sam Hughes has resigned as Canadian Minister
of Militia and Defense. The announcement came from
Ottawa, Canada, on the 13th inst. The resignation was
requested by the Government and was due to a break between Premier Borden and the General caused by differences over questions of policy and details of administration. Previously differences on questions of military
That the establishment of a Canadian Overseas Department of Militia with Sir George Perley as head of it occasioned the rupture between Premier Borden and Sir Sam
Hughes, was made plain by the publication on the 14th
Inst. of the correspondence that passed with Sir Sam. General Hughes thought a department of this kind unnecessary,
objecting particularly to Perley. He insisted that Sir Max
Aitken be appointed Overseas Minister, but Premier Borden refused to heed the suggestion. His subsequent criticism of the Premier's action left Premier Borden no other
alternative than to request Sir Sam's resignation. No successor to General Hughes has been appointed. It is stated
how ever that Premier Borden, aided by F. B. McCurdy,
Secretary to the Minister of Militia and Defense, will administer the Militia Department. Sir Sam was appointed
Minister of Militia and Defense in 1911, and was knighted
by King George last year. In March of last year it wai
charged by George W.Kyte of the Liberal Party that through
his endorsement of shell contracts awarded American enterprises, namely the American Ammunition Company
and the International Arms and Fuze Company, Sir Sam's
personal friends had been financially benefited. When
this charge was made General Hughes was abroad but demanded an inquiry. An investigation by a Royal Commission resulted in his exoneration. In the "Chronicle" of
Aug 5 1916 a detailed review of the matter is given.
GREAT BRITAIN'S ANSWER TO AMERICAN PROTEST
AGAINST HER TRADE BLACKLIST.
Great Britain's answer to the note of the United States
Government protesting against British action in blacklisting
American firms was made public on Wednesday of this
week. The answer was received by the State Department
at Washington on Oct. 28; it fails to meet the demand that
the names of Americans be stricken from the blacklist, but
seeks to convince the,State Department that the British
position is just and founded on law. The note to which the
present communication is an answer, was dispatched to the
British Government under date of July 26, following the
promulgation by the latter of a list of American firms and
individuals with which residents of the United Kingdom were
forbidden to deal under the edict of the British Government.
The protest of the United States Government said it was
evident that the measures adopted by Great Britain were
"inevitably and essentially inconsistent with the rights of
the citizens of all nations not involved in war" and the
British Government was reminded that "citizens of the
United States are entirely within their rights in attempting
to.trade with the people or the Governments of any of the
nations now at war,subject only to well defined international
practices and understandings which the Government of the
United States deems the Government of Great Britain to
have too lightly and too frequently disregarded." Great
Britain's answer is based largely on the argument that there
is no assumption by Great Britain of power to interfere with
neutral traders, but that the blacklist is a matter of municipal
law enjoining British subjects from trading with persons
found to be assisting or rendering service to the enemy. It
1852
THE CHRONICLE
disclaims any intention of imposing disabilities or penalties
on neutral trade. It says:
The legislation merely prohibits persons in the United Kingdom from
trading with certain specified individuals, who by reason of their nationality
or their association are found to support the cause of the enemy,and trading
with whom will therefore strengthen that cause. So far as that legislation
Is concerned, no rights or property of these specified individuals are interfered with; neither they nor their property are condemned or confiscated;
they are as free as they were before to carry on their business. The only
disability they suffer is that British subjects are prohibited from giving to
them the support and assistance of British credit and British property.
The answer further states that the steps taken by the
British Government are not confined to the United States;
the policy is being pursued in all neutral countries and even
in the Allied countries firms are being placed on the statutory list, "if they are firms with whom it is necessary to
prevent British subjects from trading." "These considerations," it is added, "may perhaps serve to convince the
Government of the United States that the measures now
being taken are not directed.against neutral trade in general.
Still less are they directed against American trade in particular; they are part of the general belligerent operations
designed to weaken the enemy's resources." Referring to
the exclusion from ships using British coal of goods belonging
to blacklisted firms, the note argues that there can be no
legal objection to such a refusal which is merely denying the
use of British coal to carriage of goods to persons actively
assisting Great Britain's enemies. It points to the destruction of tonnage by German submarines and says that if no
other factor entered into the question tho British coal supply
should be conserved to be certain that there is enough for
ships supplying the Belgian Relief Commission. Attention
is called to instructions to British merchants issued by Lord
Russell in 1862 regarding trade with the Bahamas advising
that the "true remedy" was to refrain from this species of
trade. The note concludes:
His Majesty's Government does not ask the Government of the United
States to take any such action as this, but they cannot believe that the
United States Government will question their right to lay upon British
merchants, in the interests of the safety of the British Empire, for which
they are responsible, the same prohibition as Lord Russell issued fifty years
ago out of consideration for the interests and feelings of a foreign nation.
Suspicions and insinuations which would construe so simple an action as an
opening of secret and unavowed designs on neutral rights should have no
place in the relaCons between two friendly countries.
I trust that the explanations contained in this note will destroy such
suspicions and correct the erroneous views which prevail in the United
States oh the subject.
The answer, which was transmitted to the State Department through Ambassador Page, is given in full below:
Ambassador W. H. Page to the Secretary of State.
American Embassy, London, Oct. 12 1916.
Sir.—With reference to the Department's telegram, No. 3,578, of July
and
to
my
telegram, No. 5,003, of the 11th inst., I have
26 1916, 10 p. m.,
the honor to inclose herewith a printed copy of a note I have received from
the Foreign Office concerning 'the Trading with the Enemy Act."
I have, &c.,
WALTER HINES PAGE.
The British Secretary of State for Foreign Affairs to Ambassador W.
H. Page.
Foreign Office, Oct. 10 1916.
Your Excellency.—Hls Majesty's Government have had under consideration the note which your Excellency was good enough to communicate to me
on July 28 last, with respect to the addition of certain firms in the United
States of America to the statutory list compiled and issued in accordance
with "the Trading with the Enemy (extension of powers) Act, 1915."
2. You will recall that shortly after this Act became law I had the honor,
in my note of Feb. 16 last, in reply to your note of Jan. 26, to explain the
object of the Act. It is a piece of purely municipal legislation, and provides that his Majesty may by proclamation prohibit persons in the United
Kingdom from trading with any persons in foreign countries who might be
specified in such proclamations or in any subsequent orders. It also
Imposes appropriate penalties upon persons in the United Kingdom who
violate the provisions of this statute.
3. That is all. His Majesty s Government neither purport nor claim to
impose any disabilities or penalties upon neutral individuals or upon neutral
commerce. The measure is simply one which enjoins those who owe
allegiance to Great Britain to cease having trade relations with persons who
are found to be assisting or rendering service to the enemy.
4. I can scarcely believe that the United States GOvernment intend to
challenge the right of Great Britain as a sovereign State to pass legislation
prohibiting all those who owe her allegiance from trading with any specified
persons when such prohibition is found necessary in the public interest.
The right to do so, is so obvious that I feel sure that the protest which your
Excellency handed to me has been founded on a misconception of the scope
and intent of the measures which have been taken.
5. This view is strengthened by some of the remarks which are made in
the note. It is, for instance, stated that these measures are "Inevitably
and essentially inconsistent with the rights of the citizens of all nations not
involved in war." The note then proceeds to point out that citizens of the
United States are entirely within their rights in attempting to trade with
any of the nations now at war. His Majesty's Government readily admit
that the citizens of every neutral nation are free to trade with belligerent
countries. The United States Government will no doubt equally readily,
admit that they do so, subject to the right of the other belligerent to put an
end to that trade by every means within his power which is recognized by
international law, by such measures, for instance, as the seizure of neutral
goods as contraband, or for breach of blockade, &c. The legislation, however, to which exception is taken does not belong to that class of measures.
It is purely municipal. It is an exercise of the sovereign right of an independent State over its own citizens and nothing more. This fact has not,
feel sure, been fully realized by the Government of the United States of
America,for the note maintains that the Government cannot consent to see
these remedies and penalties altered and extended at will in derogation of the
right of its citizens; and says that "conspicuous among the principles which
[VOL. 103.
the civilized nations of the world have accepted for the safeguarding of the
rights of neutrals is the just and honorable principle that neutrals may not
be condemned nor their goods confiscated, except upon fair adjudication
and after an opportunity to be heard in prize courts or elsewhere."
6. As I have said above, the legislation merely prohibits persons in the
United Kingdom from trading with certain specified individuals, who by
reason of their nationality or their association are found to support the cause
of the enemy, and trading with whom will therefore strengthen that cause.
So far as that legislation is concerned, no rights or property of these specified individuals are interfered with; neither they nor their property are
condemed or confiscated; they are as free as they were before to carry on
their business. The only disability they suffer is that British subjects
are prohibited from giving to them the support and assistance of British
credit and British property.
7. The steps which his Majesty's Government are taking under the
above-mentioned Act are not confined to the United States of America;
the policy is being pursued in all neutral countries. Nay, more. With
the full consent of the Allied Governments, firms, even in Allied countries,
are being placed on the statutory list if they are firms with whom it is
necessary to prevent British subjects from trading. These considerations
may, perhaps, serve to convince the Government of the United States
that the measures, now being taken, are not directed against neutral trade
in general. Still less are they directed against American trade in particular;
they are part of the general belligerent operations designed to weaken the
enemy's resources.
8. I do not read your note of July 28 as maintaining that his Majesty's
Government are obliged by any rule of international law to give to those,
who are actively assisting the cause of their enemies, whether they be
established in neutral or in enemy territory, the facilities which flow from
participation in British commerce. Any such proposition would be so
manifestly untenable that there is no reason to refute it. The feelings,
which, I venture to think, have prompted the note under reply must have
been that the measures which we have been obliged to take will be expanded
to an extent which will result in their interfering with genuine neutral commerce; perhaps, also, that they are not exclusively designed for belligerent
purposes, but are rather an attempt to forward our own trade interests at
the expense of neutral commerce, under the cloak of belligerency; and,
lastly, that they are, from a military point of view, unnecessary.
9. Upon these points I am able to give to the Government and people of
the United States the fullest assurances. Upon the first point, it is. true
as your note says, that the name of a firm may be added to the statutory
list of persons with whom British persons may not trade whenever, on
account of the enemy association of such firm, it seems expedient to do so.
But the Government of the United States can feel confident that this system
of prohibitions will not be carried further than is absolutely necessary. It
has been forced upon us by the circumstances of the present war. To
extend it beyond what Is required in order to secure its immediate purpose—
the weakening of the resources of our opponents—or to allow it to interfere
with what is really the genuine neutral trade of a country with which we
desire to have the closest commercial intercourse, would be contrary to
British interests.
The advantage derived from a commercial transaction between a British
subject and a foreigner is mutual, and for his Majesty's Government to
forbid a British subject to trade with the citizen of any foreign country
necessarily entails some diminution of commercial opportunity, for that
British subject, and therefore some loss both to him and to his country.
Consequently the United States Government, even if they are willing to
ignore the whole tradition and tendency of British policy toward the commerce of other nations, might be confident that self-interest alone would
render his Majesty's Government anxious not to place upon the statutory
list the name of any firm which carries on a genuine bona fide neutral trade,
If they did so, Great Britain herself would be the loser.
10. As to the second point, there seem to be individuals in the United
States and elsewhere whom it is almost impossible to convince that the
measures we take are measures against our enemies and not intended merely
to fester our own trade at the expense of that of neutral countries. I can
only reiterate what has been repeatedly explained before, that his Majesty's
Government have no such unworthy Object in view. We have, in fact, in
all the steps we have taken to prevent British subjects from trading with
these specified firms, been most careful to cause the least possible dislocation
of neutral trade, as much in our interests as in those of the neutral.
11. I turn now to the question whether the circumstances of the present
war are such as to justify resort on the part of his Majesty's Government
to this novel expedient.
12. As the United States Government are well aware, the Anglo-American practice has in times past been to treat domicile as the test of enemy
character, in contradistinction to the Continental practice, which has
always regarded nationality as the test. The angio-American rule crystallized at the time when means of transport and communication were less
developed than now, and when in consequence the actions of a person
established in a distant country could have but little influence upon a
struggle.
13. To-day the position is very different. The activities of enemy
subjects are ubiquitous, and under modern conditions it is easy for them,
wherever resident, to remit money to any place where it may be required
for the use of their own Government, or to act in other ways calculated to
assist its purposes and to damage the interests of the powers with whom it
is at war. No elaborate exposition of the situation is required to show that
full use has been and is being made of these opportunities.
14. The experience of the war has proved abundantly, as the United
States Government will readily admit, that many Germans in neutral
countries have done all in their power to help the cause of their own country,
and to injure that of the Allies; in fact, it would be no exaggeration to say
that German houses abroad have in a large number of cases been used as an
integral part of an organization, deliberately conceived and planned as an
engine for the furtherance of German political and military ambitions.
It is common knowledge that German business establishments in foreign
countries have been not merely centres of German trade, but active agents
for the dissemination of German political and social influence, and for the
purpose of espionage. In some cases they have even been used as bases
of supply for German cruisers, and in other cases as organizers and paymasters of miscreants employed to destroy by foul moans factories engaged
in making, or ships engaged in carrying, supplies required by the Allies.
Such operations have been carried out in the territory oven of the United
States itself, and I am bound to observe, what I do not think will be denied,
that no adequate action has yet been taken by the Government of the United
States to suppress breaches of neutrality of this particularly criminal kind,
which I know that they are the first to discountenance and deplore.
15. In the face of enemy activities of this nature it was essential for his
Majesty's Government to take steps that should at least deprive interests,
so strongly hostile, of the facilities and advantages of unrestricted trading
with British subjects. The public opinion of this country would not have
tolerated the prolongation of the war by the continued liberty of British
subjects to trade with and so to enrich the firms in foreign countries whose
wealth and influence were alike at the services of the enemy.
Nov. 18 1916.]
THE CHRONICLE
16. Let me repeat that his Majesty's Government make no such claim to
dictate to citizens of tho United States, nor to those of any other neutral
country, as to the persons with whom they are or not to trade. They do,
however, maintain the right, which in the present crisis is also their duty
towards the people of this country and to their allies, to withhold British facilities from those who conduct their trade for the benefit of our enemies.
If the value to those firms of British facilities is such as to load them to prefer to give up their trade with our enemies rather than to run the risk of
being deprived of such facilities, his Majesty's Government can not admit
that their acceptance of guarantees to that effect is either arbitrary or
incompatible with international law or comity.
17. There is another matter with which I should like to deal.
18. The idea would seem to be prevalent in some quarters that the
military position is now such that it is unnecessary for his Majesty's Government to take any steps which might prejudice, even to a slight extent, the
commerce of neutral countries, that the end of the war is in sight, and that
nothing which happens in distant'neutral countries can affect the ultimate
result.
19. If that were really the position, it is possible that the measures taken
by his Majesty's Government might be described as uncalled for, but it is
not. We may well wish that it were so. Even though the military situation of the Allies has greatly improved, there is still a long and bitter
struggle in front of them, and one which in justice to the principles for
which they are fighting imposes upon them the duty of employing every
opportunity and every measure which they can legitimately use to overcome their opponents.
20. One observation which is very commonly heard is that certain
belligerent acts, even though lawful, are too potty to have any influence
upon a struggle of such magnitude. It is, I know, difficult for those who
have no immediate contact with war to realize with what painful anxiety
men and women in this country must regard even the smallest acts which
tend to increase, if only by a hair's breadth, the danger in which their
relatives and friends daily stand, or to prolong, if only by a minute, the
period during which they are to be exposed to such perils.
21. Whatever inconvenience may be caused to neutral nations by the
to the
exercise of belligerent rights, it is not to be compared for an instant
war,
suffering and loss occasioned to mankind by the prolongation of the
oven for a week.
the
from
exclusion
namely,
mentioned,
22. One other matter should be
firms on the statutory list.
ships using British coal of goods belonging to
of the supply of bunker coal.
condition
a
it
rendering
by
This is enforced
why
is
What legal objection can be taken to this course? It British coal;
should it be used to transport the goods of those who are actively assisting
that
be
It
point.
must
only
remembered
the
this
is
our enemies? Nor
the German Government by their submarine warfare have sought to
diminish the world's tonnage; they have sunk illegally and without warning
hundreds of peaceful merchant ships, belonging not only to Allied countries
but to neutrals as well. Norwegian, Danish, Swedish, Dutch, Spanish
Greek ships, have all been sunk. Between Juno 1 and Sept. 30 1916, 262
vessels have been sunk by enemy submarines; 73 of these were British,
123 Allied, and 66 neutrals. These totals included ten British vessels
which were sunk without warning and involved the loss of eighty-one lives;
two Allied, one of which involved the loss of two lives, no information being
available as to the other, and three neutral, involving a loss of one life.
Even so, the list is incomplete. Probably other vessels were sunk without
warning and more lives than those enumerated were lost. It may be
only by
added that where those on board did not escape it was, as a rule,
aking to open boats.
the
has
been
tonnage
23. One of the first enterprises to feel the loss of
Commission of Relief in Belgium. Relief ships have themselves been
repeatedly sunk, and in spite of all the efforts of his Majesty's Government,
to ships engaged
in spite of the special facilities given for the supply of coal
In the Commissions' service, that body is constantly unable to import into
Belgium the foodstuffs absolutely necessary to preserve the life of the
population. Can it then be wondered that the British Government are
anxious to limit the supply of British coal in such a way as to reserve it as
far as possible to ships genuinely employed in Allied or neutral trade?
24. There is, indeed, one preoccupation in regard to this use of coaling
advantages by his Majesty's Government which is, no doubt, present in the
minds of neutrals, and which I recognize. I refer to the apprehension that
the pctential control over means of transportation, thus possessed by one
nation, might be used for the disruption of the trade of t me world in the
selfish interests of that nation.
Ills Majesty's Government, therefore, take this opportunity to declare
that they are not unmindful of the obligations of those who possess sea
power, nor of that traditiona policy pursued by the British Empire by
which such power has been regarded as a trust and has been exercised in the
Interests of freedom. They require no representations to recall such
considerations to mind, but they cannot admit that, in the circumstances
of the times their present use of their coal resources, a use which only differs
in extent from that exercised by the United States in the Civil War in the
case of vessels proceeding to such ports as Nassau, is obnoxious to their
duties or their voluntary professions.
25. In conclusion, I cannot refrain from calling to mind the instructions
Issued by Lord Russell on July 5 1862, to the merchants of Liverpool in
regard to trade with the Bahamas. Ms Lordship there advised British
subjects that their "true remedy" would be to "refrain from this species of
trade" on the ground that "it exposes innocent commerce to vexatious
detention and search by American cruisers."
26. His Majesty's Government do not ask the Government of the United
States to take any such action as this, but they cannot believe that the
United States Government will question their right to lay upon British
, merchants, in the interests of the safety of the British Empire, for which
they are responsible, the same prohibitions as Lord Russell issued fifty
years ago out of consideration for the interests and feelings of a-foreign
nation. Suspicions and insinuations which would construe so simple an
action as an opening for secret and unavowed designs on ncutral rights
should have no place in the relations between two friendly countries.
• 27. I trust that the explanations contained in this note will destroy such
suspicions and correct the erroneotis views which prevail in the United
States on the subject.
I have, &c.,
GREY OF FALLODON.
Maurice B. Blumenthal, of the law firm of Maurice B. &
Daniel W. Blumenthal, attorneys for the Association to
Resist British Domination of American Commerce, formed
to protest against the British blacklist policy, issued a statement on Wednesday announcing that they were'content to
await the solution of the difficulty at the hands of the
President. The statement follows:
Our fight has been to establish America's sovereignty in America and
her rights abroad. The sufferings of individual citizens have been of
1853
secondary moment. Accordingly, anything short of a complete abandonment of the blacklist policy is unsatisfactory to our Association and to a
very large portion of the American people, who appreciate the gravity of
the situation and realize how dangerous it would be for this country to
permit the encroachment upon the commercial and industrial rights of our
country that the blacklist policy contemplates.
Now, as from the beginning, we are entirely satisfied that President
Wilson has taken the matter very much to heart, and that he is deeply
concerned in having England recede from its position without qualification
or condition, as demanded by his note of protest. With President Wilson
handling the matter strictly from the American point of view, and with the
ability, force and firmness of which he is capable, we are entirely satisfied
to await the solution of the difficulty at the President's hands and in his
own way.
-Notice that an Order in Council removing the name of
the Petroleum Products Co. of California, San Francisco,
had been issued was received from the British Government
by the State Department on Oct. 24. No details regarding
the removal of the company's name from the blacklist were
made public. The only information vouchsafed was that
the British Embassy had been notified that the Government
had removed it owing to representations by the State
Department.
Advices from Petrograd on Oct. 31 announced that a
blacklist similar to the one in force in Great Britain and
including the names of most of the foreign firms
trading with enemies of Russia would shortly be
published by the Ministry of Trade and Industry in
accordance with a decision of the Council of Ministers,
which needs only the signature of the Emperor to become
a law. The maximum penalty for infraction of this measure
the dispatches stated, would be one year and four months
imprisonment or a fine of 25,000 rubles. The new ruling,
the Associated Press was informed by the Foreign Office, is
aimed chiefly at firms masquerading under neutral names,
but essentially belonging to enemy countries.
UNITED STATES INTEREST IN DEPORTATION OF
BELGIANS.
Charges that the German Government is rounding up
and sending to unknown destinations practically all the
able-bodied men in occupied Belgium, was a statement made
by Baron Beyons, Foreign Minister of Belgium, on the 9th
inst.
That the United States was not indifferent to the action
was evidenced by the fact that Joseph C. Grew, American
Charge d'Affaires at Berlin, in Ambassador Gerard's absence, has been directed by the State Department at Washington to take up the matter personally with Chancellor
von Bethmann-Hollweg. Charge Grew, it was stated, had
been requested to say that the alleged deportations have a
most unfortunate effect on neutral opinion, particularly in
the United States. These instructions, it was learned at'
Washington on the 14th inst., were the result of a long
report made by Mr. Grew, wherein he stated that in an unofficial discussion he bad had with Herr Zimmerman, Under
Secretary of Foreign Affairs, the latter admitted that a
definite policy had been adopted to enforce the labor of
Belgians, in cases where they would not work voluntarily,
on the ground that so many refused to work as to make the
strain on public charity intolerable. It was made clear,
however, on the 15th inst., that the State Department's instructions to Charge Grew were not official. Secretary
Lansing made the following statement:
The United States has not made an official protest to Germany. but has
suggested to her what a bad effect on neutral opinion, particularly in the
United States, such action might have. The instructions to Charge Grew
to discuss the matter with Chancellor von Bethmann-Hollweg, were sent
at the suggestion of the Belgian Government. The American action was
not meant in any sense to be a criticisni of the German Government's
policy. We do not know the full facts in the situation, and cannot form
a judgment until we have heard from them.
Later the same day Secretary Lansing reiterated this statement, saying:
We made no protest or remonstrance to Germany. All we did was to
make informal and unofficial representations in behalf of the Belgian
Government. While we do not officially represent the Belgian Government, they:had made representations.
Since those instructions were issued—on the 16th inst.—
the Belgian Legation made public the protest sent by the
Belgian Minister to Secretary Lansing, asking for "active
intervention" on the part of the United States against the .
deportation of the Belgian civilians. The Belgian Government is said to be in actual possession of the text of
a decree issued by German Headquarters, under date of
Oct. 3 subjecting to forced labor all Belgians,
able to work, and who, for want of employment or for any
other reason, are receiving public support. It is pointed out
that those subject tolthis decree may be compelled to work
1854
THE CHRONICLE
[Vol,. 103.
away from their domiciles—that is, may be sent to Ger- the following protest against the proclamation establishing
many. Since a census is being taken by the German mili- the Polish Kingdom:
In defiance of the laws of nations the German and Austro-Hungarian
tary authorities of all the unemployed in Belgium, it is feared
military authorities at Warsaw and at Lublin have proclaimed the Russian
by the Belgian Government that this decree will soon be provinces
of Poland henceforth to form a separate State.
applied to the whole occupied territory. It is contended by
The Imperial Russian Government protests against this act as a fresh
them that if the only design of the Germans was to combat violation of an international convention solemnly sworn to by Austria.
Hungary and Germany and declares It null and void. It reaffirms that
the idleness of Belgian workmen, it could employ them on the
provinces of the kingdom of Poland have not ceased to form an integral
public works near their homes and families. The Belgian part of the Russian empire, and that their inhabitants will be bound by
the
oath of fidelity which they took to the Emperor, my august master.
Government adds:
They have not done this,Tbut, on the contrary, have sent out of the
country or purposely deprived of employment workmen who had never
ceased to work. The Germans have offered the attraction of high wages to
those who consent voluntarily to deportation, and thus, by exciting hopes
of bettering their lot, to ddworktdirectly connected with the war. The
deported Belgian has thus the choice between starving and treason.
BASIS OF RUSSIA'S OPPOSITION TO FINANCING OF
CHINESE RAILROAD BY AMERICAN CAPITAL.
In explanation of the protest entered by Russia to China,
as a result of the proposed financing by American capital of
railroad construction in China, reports from Petrograd on
NEUTRAL VESSELS LOST DURING WAR.
Oet.27,via London,stated that the opposition to the arrangeA total of 308 neutral ships have been sunk by Germany ment, according to the Russian Foreign Office, is directed
since the beginning of the war, according to Lloyds record as exclusively against the action of the Pekin Government.
published at London Nov. 4. The list follows:
In the view of the Russian Government, it is stated, the
Nationality—
No. Sunk.
Tonnage.
Norwegian
168
212,314 proposal would serve to violate the Treaty of 1889, in which
Dutch
18
54,914 the Chinese Government agreed not to give the subjects of
Swedish
47
42,779 foreign powers, other than Russia, railway concessions in
Greek
22
41,540
Danish
38
37,324 the region north of the Chinese Wall. The participation of
Spanish
10
24,065 American capital, together with Russian, English, French
American
2
5,298 and Japanese capital, in Chinese railway construction, it is
Brazilian
1
2,258
Portugese
2
841 said, is welcomed by Russia, with the exception of this
particular region.
Total
308
421,333
The Portuguese vessels, it is stated, were sunk before
Portugal entered the war.
GERMANY'S WARNING TO GREECE CONCERNING
LATTER'S.SURRENDER OF RIFLES TO ALLIES.
That the handing over of Greek guns and rifles to the
ELECTIONS FOR POLISH STATE COUNCIL—RUSSIA'S
Entente Powers would be considered an unfriendly act to
DENOUNCEMENT OF THE PROCLAMATION.
Following the issuance of the Manifesto declaring Russian Germany, was the notification given the Greek Government
Poland a kingdom, Governor General Von Beseler, has by Count von Mirbach the German Minister to Greece,
ordered that an election be held in order that a State Coun- according to dispatches received from Athens at London on
cil be formed. Concerning the participation of the dis- the 11th inst. The notification, said to have been presented
tricts of ,the new Kingdom of Poland, under Austro-Hun- on the 9th inst., apparently has particular reference to the
garian administration, an agreement will be reached with cession of war material to be used by the National defence
competent authorities. Elections will be held under the army. Considerable secrecy is reported to be observed in
Athens regarding the Allies' note submitted to Greece some
following plans:
In agricultural districts township meetings and in Warsaw and Lodz days earlier. According to the Athens correspondent of the
the Town Councils will elect an aggregate of seventy delegates, who, under London "Morning Post," the belief is that the Allies in their
the principal of proportional representation, will elect eight members of the
State Council. Four other members of the Council are to be appointed note demand that the diplomatic envoys of the Central
by the Governor-General, who will preside over the Council. The State Powers be asked to leave Greece.
Council will deliberate on bills and will have the right to initiate proposals
for Parliament. Bills and other measures of importance to the country
may also be brought before the Diet for deliberation and decision by the
State Council, which will have the right to levy taxes and issue loans.
The debates in the State Council and the Diet, at which the chief of the
administration will be present as the Government's delegate, are to be in
the Polish language.
The uniform of the new Polish Army is described by the
Overseas News Agency as combining happily a suggestion
of the uniform of the Polish troops which fought under
Napoleon I. and that of the present Polish Legions. The
blouse of the Legions is to be worn, bearing on the left arm
the Polish eagle just as it appeared on the lance of the
Polish Uhlans of Napoleon's time.
The Austro-German proclamation of Nov. 5, establishing
an independent Polish State, in territory formerly occupied
by Russia, is denounced by the Russian Government, in
an official announcement issued the 15th inst. at Petrograd,
as an effort on the part of the Central Powers to swell the
ranks of their armies. The Russian statement also insists
that its intention to create a Poland which shall embrace
all Polish territory, and to maintain it, on the basis of
autonomy under Russian sovereignty, remains unaltered.
In our issue of Nov. 11 details regarding the Austro-German
proclamation were given. The Russian announcement
reads:
The German and Austro-Hungarian Governments, taking advantage of
tho temporary occupation by their armies of a portion of Russian territory,
have proclaimed the separation of Polish districts from the Russian Empire
and their constitution as an independent State. The object of our enemies
evidently is to obtain an addition to their armies. The Imperial Government regards this action on the part of Germany and Austria-Hungary
as a fresh, gross infringement by our enemies of the fundamental principles
of international law which prohibit the population in militarily occupied
territory being forced to raise armies against its own country. The
Imperial Government regards this action as null and void.
Russia, since the beginning of the war, has twice previously expressed
her views on the entire Polish question. Her intention is to create a complete Poland, embracing all Polish territories, which will enjoy the right,
when the war is ended, of freely regulating their national, intellectual and
economic life on the basis of autonomy under the sovereignty of Russia
and maintaining the principle of a united State. This decision by his
gracious Majesty remains unshakable.
M11111•11111•"
JAPAN TO RELINQUISH CLAIM TO SOUTH SEA
ISLANDS.
The South Sea Islands which were wrested from Germany
at the outbreak of the war in Europe by the joint operations
of the British and Japanese fleets, will not be claimed by
Japan at the Peace Conference as part of her demands.
Japan is now in possession of the islands, several of which
belong to the Caroline and Marianne Groups and which lie
not far from Guam, the American terminus of the Pacific
cable. These islands are now administered by the Japanese
Government. It is understood that the United States
informally expressed a desire that these islands should not
become the permanent property of the Japanese Empire.
The American Government's representations in the matter
are said to have been first taken up with Great Britain, since
it was partly through the efforts of Great Britain that the
island swere captured, and a joint suggestion was made
by Great.Britain and the United States that Japan should
not insist upon the permanent maintenance of tho islands.
It is believed that in view of the fact that Japan has promised
to accede to this joint request, she will seek compensation
at the Peace Conference in some other direction, perhaps,
reports have it, in the affirmation of her rights in the Chinese
peninsula of Shantung, of which Kiao-Chau is the great
base.
THE SINKING OF THE STEAMSHIP ARABIA.
The Peninsular & Oriental steamship Arabia was sunk by
a German submarine in the Mediterranean Nov.6, without,
it is alleged, receiving warning. On board the Arabia were
437 passengers, including 169 women and children, all of
whom were rescued. The only casualties reported were
those of two engineers who are understood to be missing. It
is feared that they were killed by the explosion. The
Arabia was homeward bound from Sydney, Australia, for
According to Reuter's Petrograd correspondent, the London, England. Of the 437 passengers who were saved,
diplomatic representatives of Russia have been instructed 198 were landed at Maltt and 84 at Port Said, according to
to hand to the governments to which they are accredited reports received from London the 9th inst.
Nov. 18 1916.1
THE CHRONICLE
1855
Paul M. Danner, who was the only American on board leading up to the sinking, as related by the seamen, show
the sunken liner Arabia, sent the following statement from that while Capt. Curtis was on the bridge of the Columbian,
Malta, which was received at Washington the 13th inst.:
he distinguished a submarine four miles distant. Upon the
I am an American citizen, and was a second-class passenger on the Arabia, approach of the submarine he ordered the American flag
bound for Marseilles.. At 11:20 on the morning of Nov. 6, I was sitting
on the port side of the afterdeck when a tremendous shock to the ship hoisted. The submarine signalled the Columbian to follow
occurred, immediately followed by an explosion.
in her wake, but not to approach her, nor to make any
There was absolutely no warning whatever, not even one second. It attempts to escape, as in either case
it would be sunk imappears from the statements of certain passengers who were on the starboard side that immediately they saw the periscope of a submarine appear mediately. After following the U-boat through a rough and
out of the water about three hundred yards distant on the starboard side, violent sea during the night, the next morning six American
the torpedo was fired.
seamen with a petty officer got into a small boat and made
It was only duo to the good fortune of a calm sea and that the boat
floated evenly for a considerable time that we were all saved. There was for the submarine with the purpose of explaining to the
certainly no warning of any character.
submarine commander that the Columbian was an American
It is stated that the Arabia was defensively armed. This ship. They were not permitted to explain, but were ordered
is borne out by a brief telegram received from Ambassador to take on board the small boat, a German officer and two
Page at London, who said the the P. & 0. steamships are sailors. Upon reaching the Columbian these two sailors
all "defensively" armed. The Persia, which was sunk a few boarded and placed bombs in the interior of the Columbian,
months ago was similarly armed. All survivors were while the German officer ordered the captain and his crew
unanimous in saying that the Arabia was given no warning to go aboard the Balto standing near by. The bombs were
and did nothing in the way of attempting to escape or lighted, after a quantity of foodstuffs had been taken and
attacking the submarine.
stored aboard the U-boat. Later Captain Curtis was
required to go on board the submarine as a prisoner. The
THE SINKING OF THE LANAO.
crew remained on board the Balto, until she and the subThe Lanao, a ship which was said to be under American marine fell in with the Swedish steamer Varing. The men
registry, was sunk by a German submarine off the coast of were put on board the Varing, the steamer Balto being
Portugal on Oct. 28. No lives were lost, the men on the then sunk. Food was running short on the Varing because
ship being taken aboard the submarine before the ship was of the more than usual number of men on board the vessel,
sunk and placed on board the Tromp, a Norwegian steamer, and when the German submarine commander was informed
which landed them at Cardiff, where they are being taken of this he gave the Varing permission to enter port. First
care of by Lorin A. Lathrop, the American Consul at that reports that the Columbian was being sunk came when she
point. The particulars of the sinking were furnished to the began calling for help by wireless on the 8th inst., announcing
State Department by Consul Lathrop in the following that she was being shelled by a German U-boat.
despatch under date of Nov. 6:
The Philippine steamer Lanao, Manila, Salgon,to Havre, carrying rice,
was stopped thirty miles off Cape St. Vincent, Portugal, by a "German submarine on Oct. 28. The Lanao was destroyed by a bomb after the crew
wore removed to the submarine, the submarine commander stating that
the cargo was contraband and he was compelled to sink the vessel. The
crew was transferred half an hour later to the Norwegian steamer Tromp
and landed at Cardiff. No injuries, no casualties. The Lanao was unarmed and flying the American flag.
The question as to the ownership of the vessel appears to
be in doubt. The records of the Bureau of Navigation of the
Department of Commerce are said to show that the Lanao
was owned by the Findlay Miller Steamship Co. of Manila,
but it is stated that her sale to Hans Hannevrg of Christiania,
Norway, was reported by the American Consul-General at
London in a report sent July 24 this year. The reported
purchase price was $20,000. It is said that the official view
at Washington is that while the,actual transfer had not been
made to her new owners, the transaction had proceeded far
enough legally to remove the vessel from the protection of
the American flag.
Captain Mainland and U. S. Consul Lathrop are reported
to have denied all statements from the U.S. to the effect that
the Lanao had been transferred to Norwegians. The Captain
is said to have saved the ship's papers showing that the
Lanao was registered at Manila, and thus entitk d to fly
American colors. He telegraphed from Cardiff on Nov. 7
as follows:
The Lanao sailed from Hong Kong under the American flag, which flew
day and night and was flying when sunk. I heard rumors of sale, but
nothing certain. The submarine captain gay, a receipt for the ship's
papers as from an American ship. The legal status of the vessel was
Philippine registry under American protection, which gave the right to
fly the American flag.
GERMANY AND BRITISH ACCOUNT OF SINKING
OF U-41.
The issuance by the German Admiralty on Nov.4 of details
of what is characterized as a second Baralong case, in which
it is charged that a British patrol ship, flying American
colors, destroyed submarine U-41, and deliberately ran
down a rowboat with the two survivors of the submarine,
has brought from the Admiralty at London, a denial that it
ever,issued orders that survivors of German submarines need
not be rescued. The story told by the German Admiralty
is to the effect that the U-41 while in the neighborhood of
the Scilly Isles on Sept. 24 1915, was engaged in the examination of a steamer, apparently an innocent merchantman,
flying the American flag and as she approached within 300
yards of the steamer, which was ostensibly preparing to
lower a boat, the supposed merchantman greeted the submarine with the opening of sudden firing from concealed •
ports. The submarine was sunk, but two of the crew
reached the water and swam for an empty boat. The German
Admiralty alleges that an attempt was made to ram the
boat but the German survivors sprang from it, and after
clinging to the wreckage for half an hour, were finally picked
up by the steamer. This incident now over a year old, was
only learned lately through one of the wounded men, Lieut.
Crompton, who, according to the German Admiralty repeatedly attempted to send his report through the American
Embassy in London, it is asserted, but no report from him
reached Germany. The cables from Berlin say:
An Admiralty officer recalled the newspaper reports of some time ago
The present case is somewhat similar to that of the William that
the British Government, having been forced by German retaliatory
P. Frye, sunk by the Prince Bite! Friedrich on Jan. 28 1915. measures to abandon drastic treatment of captives from submarines, had
The Frye was sunk by the Germans because they claimed her given orders to take no submarine prisoners, but to send them to the bottom
with their vessels. He declared that this case, with that of the Baralong,
cargo of wheat was contraband.. In the case of the Lanao should
be considered as furnishing all necessary proof that the undenied
rice.
Rice,
according to the commander of story regarding the Government order was true.
the cargo was
the submarine is contraband, consequently he claimed the
The British Admiralty's denial that orders had been
issued tending to operate against the rescne of survivors of
right of sinking the Lanao.
German submarines was contained in a published communique on the 6th, in which it stated that the German
THE SINKING OF.THE COLUMBIAN.
The crow and captain of the American-Hawaiian steamer press "is trying to make capital out of what they describe as
Columbian, which was sunk on the 8th inst. by the German a second Baralong case, possibly in order to incite American
submarine U-49, arrived in Curunna, Spain, on the 11th opinion against Great Britain or as a pretext for an unreinst. The Columbian was under American registry and strained submarine campaign." The facts are set out as
under charter of the France & Canada Steamship Co., with follows in the British Admiralty's communique:
A British auxiliary flying a neutral flag on Sept. 24 1915, approached a
offices in New York. The vessel sailed from New York German
submarine in the Western Channel engaged in sinking a British
Oct. 18 with a crew of 113 officers and men, many of whom merchantman. When within range the auxiliary hoisted a white ensign and
were Americans. Reaching St. Nazaire, Nov. 2 with her fired on and sank the submarine and then rescued the crew of the merchantman from their boats. When this was done she also
cargo of horses, iron and steel, she discharged part of'her submarine's crew who had climbed into a drifting boat. rescued two of the
cargo there, including 400 horses and then left for Genoa
The communique claims that the use of a neutral flag was
with the remainder of her cargo. It was stated that she was justifiable, as shown by the German practice in the case of
not armed. Reports from Washington on the 12th inst. the Moewe and in other instances, and says that "nobody
show that though official information of the Columbian's but a German could base an allegation of brutality on the'
sinking has been received, it is still very meagre. The events lapse of a few minutes between the rescue of Britishers and
1856
THE CHRONICLE
Germans." Supplementing its statement issued the 6th
inst., which denies that it had ever given orders that survivors of German submarines need not be rescued the British
Admiralty issued another statement the 14th inst., which
said:
It is directly, explicitly and completely untrue to allege that there exists,
or over has existed an Admiralty order that it is not necessary to rescue
the survivors of the crews of German submarines.
(VOL 103.
But they consider that they are within their belligerent rights in exercising on the high seas the control recognized by international law as accorded to them in order to prevent all transport destined to furnish assistance to their enemy in the conduct of the war and to maintain his resistance.
The rights of the United States, as a neutral Power,cannot in their opinion
Include that of protection given by the Federal Government to dispatches,
parcels, correspondence or communications of whatever nature thoy may be,
which have a hostile character, manifest or disguised, and a hostile destination, direct or indirect; such communication can only be carried on by
private American citizens at their proper risk and peril. This is the very
principle which has been expressly cited by the President of the United
States in his proclamations of neutrality.
Finally, If any faults, abuses or serious mistakes, alleged to have been
committed by the allied authorities responsible for the examination of mails,
are brought to the attention of the Governments of France and Groat
Britain, the latter will be prepared, as they have always been, to determine
the responsibility and to take the requisite measures in conformity with the
principles of law and justice, from which it is not and never has been their
intention to depart.
GERMANY'S REQUIREMENTS FOR SAFETY OF CARGOES OF NEUTRAL SHIPS.
Germany has decided to make the safety of neutral ships
carrying neutral cargoes dependent upon guarantees that
no part of such cargoes shall be landed, whether through
British compulsion or not, at any British port, according to
The following is the reply in full, as submitted by the
a statement made in the "Kreuz-Zeitung" of Berlin and British Ambassador, Sir Cecil Spring—Rice:
reported in an Amsterdam dispatch to London the 4th inst.
The British Ambassador to the Secretary of State.
British Embassy, Washington, Oct. 12 1916.
According to the "Kreuz-Zeitung," guarantees can consist
Sir: In conformity with instructions received from Viscount Grey of
only in formal undertakings by Great Britain and such an
Fallodon, his Majesty's principal Secretary of State for Foreign Affairs, I
undertaking will be recognized by Germany only from case have the honor to transmit herewith copy of the memorandum,agreed upon
to case. This is taken to mean that should any neutral by his Majesty's Government and the French Government, embodying the
joint reply of the Allies to your note of May 24 regarding the examination
cargo or part of it be landed in England the inviolability of of
the mails.
neutral ships will not receive recognition at the hands of the Inclosure—Translation—Identical Memorandum from the French Embassy.
German Government. The case of the Dutch freighter
1. Ty a letter of May 24 last the Secretary of State of the United States
on the memoBloomersdijk, which was sunk by a German submarine off was pleased to give the views of the American Government
randum of the allied Governments concerning mails found on merchant
Nantucket, Oct. 8 last, is implied by the "Kreuz-Zeitung," ships
on the high seas.
to be an example and it will be contended that since the
2. The allied Governments have found that their views agreed with those
Government of the United States in regard to the Postal Union conthe
of
there
was
Kirkwall,
vessel
of
this
intermediate destination
vention, which is recognized on both sides to bo foreign to the questions now
was no guarantee that the whole cargo would reach Holland. under consideration; post parcels, respectively, recognized as being tinder
It is also inferred by the British press from a Berlin dispatch, tho common rule of merchandise subject to the exercise of belligerent rights,
provided by international law; the inspection of private mails to the end
summarized in the "Kolnische Zeitung," that the German as
of ascertaining whether they do not contain contraband goods, and, if carGovernment proposes to sink all neutral ships bearing neutral ried on an enemy ship, whether they do not contain enemy property. It is
of covers so as
cargoes or otherwise, unless Great Britain will abandon its clear that inspection, which necessarily implies the opening
to verify the contents, could not be carried on board without being attended
right to compel discharges at Kirkwall of any part of a neutral -with
and
passengers
malls,
the
great confusion, causing serious delay to
cargo it suspects of having enemy destination.
cargoes, and without causing for the letters in transit errors, losses, or at
least great risk of miscarriage.
That is the reason why the Allies had mail bags landed and sent to centres
provided with the necessary force and equipment for prompt and regular
handling. In all this the allied Governments had no other object in view'
than to limit, as far as passible, the inconveniences that might result for
Innocent mails and Miutral vessels from the legitimate exercise of their
belligerent rights in respect to hostile correspondence.
3. The Government of the United States acknowledges it agrees with the
allied Governments as to principles, but expresses certain divergent views
and certain criticisms as to the methods observed by the Allies in applying
tl'ese principles.
4. These divergencies of views and criticisms are as follows:
5. In the first place, according to the Government of the United States,
the practice of the allied Governments is said to be contrary to their own
declaration in that, while declaring themselves unwilling to seize and confiscate genuine mails on the high seas, they would obtain the same result by
sending, with or without their consept, neutral vessels to allied ports, there
to effect the seizure and confiscations above referred to and thus exercise
over those vessels a more extensive belligerent right than that which is
theirs on the high seas.
According to the Government of the United States there should ho, in
point of law, no distinction to be made between seizure of mails on the high
seas, which the Allies have declared they will not apply for the pres-nt, and
the same seizures practiced on board ships t at are, whether willingly or
not, in an allied port.
6. On this first point and as regards vessels summoned on the high seas
and compelled to make for an allied port, the allied Governments have the
honor to advise the Government of the United States that they have never
subjected mails to a different treatment, according as they were found on a
neutral vessel on tho high seas or on neutral vessels compelled to proceed to
an allied port. They have always acknowledged that visits made in the
port after a forced change of course must in this respect be on the same
footing as a visit on the high seas and the criticism formulated by the
Government of the United States does not, therefore, seem warranted.
7. As to the ships which of their own accord call at allied ports, it is important to point out that in this case they are really "voluntarily'. making
the call. In calling at an allied port the master acts, not on any order from
the allied authorities, but solely carries out the Instructions of the owner:
neither are those instructions forced upon the said owner. In consideration
of certain advantages derived from the call at an allied port, of which he is
at full liberty to enjoy or refuse the benefits, the owner instructs his captain
to call at this or that port. He does not,in truth, undergo any constraint.
In point of law, the allied Governments think it a rule generally accepted.
particularly in the United States(U.S. vs. Dickloman, U.S. Supreme Court,
1875;92 U. S. Rep. 520; Scott's cases, 264) that merchant ships which enter
a foreign port thereby place themselves under the laws in force in that port,
whether in time of war or of peace, and when martial law is in force in that
port. It is, therefore, legitimate in the case of a neutral merchant ship
entering an allied port for the authorities of the allied Governments to make
sure that the vessel carries nothing inimical to their national defense before
granting its clearance.
On the high seas, according to international law, it *for the belligerents
It may be added that the practice of the Germans to make improper use
to search for and to prevent operations of transport or other services by of neutral mails and forward hostile correspondence, even official communiwhich neutral vessels can give co-operation and assistance to the hostile cations dealing with hostilities, under cover of apparently inoffensive
operations of the enemy. A few lines of a letter conveyed to the enemy envelopes, mailed by neutrals to neutrals, made it necessary it examine
may be as useful or even more useful, to his warlike operations than a cargo mails from or to countries neighboring Germany under the same conditions
of arms and ammunition. Experience in the course of the present war as malls from or to Germany itself; but as a matter of course mails from
has in fact demonstrated the truth of this observation. Hostile acts have neutrals to neutrals that do not cover such improper uses have nothing
failed which had been planned through the malls. Dangerous plots, which to fear.
the enemy does not even spare neutral countries, have been detected in
8. lathe second place,azcording to the Government of the United States,
the mails and foiled.
the practice now followed by the allied Governments is contrary to the rule
The note concludes:
of Convention XI of The Ilague, 1907. which they declare their willingness
heretoThe American memorandum lays great stress on the view that the rights to apply, and would, besides, constitute a violation of the practice
of neutrals and of belligerents are equally sacred and must be strictly ob- fore followed by nations.
9. In regard to the value to be attached to the eleventh convention of
served. The allied Governments for their part entirely share this view. I
only refers to malls
They are sincerely endeavoring to avoid any encroachment on the legitimate i The Hague. 1907, it may first of all be observed that it
'
the
exercise
through
commerce
found at sea and that it is entirely foreign to postal correspondence found
exercise of the rights of inoffensive neutral
on board shins in ports. In the second place, from the standpoint of the
of their own belligerent rights.
LATEST RESPONSE OF THE ALLIES TO U. S. PROTEST
AGAINST MAIL SEIZURES.
The joint reply of Great Britain and France to the representations of the United States Government of last May
concerning the interference with American mails was made
public by the State Department on October 14. The
matter has been the subject of correspondence between the
several countries since last January, when the first protest
of the United States Government was dispatched. The joint
response of the British and French Government was received
under date of April 3 (following an ad interim reply made in
January), and on May 24 a further protest was sent by
Secretary Lansing in which he advised the two Governments that "only a radical change in the present British
and French policy, restoring to the United States its full
rights as a neutral power, will satisfy this Government."
Like the first reply, the present fails to satisfactorily meet
the protests of the Administration at Washington. The
latest note was delivered to the State Department by the
Embassies on October 12 but was not made public until
the 14th by agreement of the Governments concerned. It is
maintained by the Allies that they are "sincerely endeavoring to avoid any encroachment on the legitimate exercise
of the rights of inoffensive neutral commerce." Delays and
annoyances are unavoidable, it is pointed out, in the exercise of full belligerent rights by the allied authorities, and a
long list of precedents are cited to support the validity of
the allied censorship methods. It is suggested that The
Hague convention quoted in the American memorandum
is not binding because it has not been ratified by several
belligerent Powers, though the Allied policies have been
guided by the intentions it expresses. Contending that the
practice followed by the Powers in former wars eatablishes
the general rule of the right to examine mails outside of territorial waters, the note amplifies that argument in the following terms:
g
Nov. 18 1916.j
THE CHRONICLE
peculiar circumstances of the present war, the Government of the United
States is aware that that convention, as stated in the memorandum of the
Allies, has not been signed or ratified by six of the belligerent powers (Bulgaria, Italy, Montenegro, Russia, Serbia and Turkey); that for that very
reason Germany availed itself of Article IX of the Convention and denied,
so far as it was concerned, tho obligatory character in these stipulations,
and that for these several reasons the Convention possesses in truth but
rather doubtful validity in law. In spite of it all, the allied Governments
are guided in the case of mails found on board ships in ports by the intentions
expressly manifested in the conferences of The Hague, sanctioned in the
preamble to Convention XI, and tending to protect pacific and innocent
commerce only. Mails possessing that character are forwarded as quickly
as circumstances will permit.
In regard to mails found on 'vessels at sea, the allied Governments have
not for the present refused to observe the terms of the Convention reasonably interpreted, but they have not admitted and can not admit that there
is therein a provision legally binding them, from which they could not
possibly depart. The allied Governments expressly reserve to themselves
the right to do so in case enemy abuses and frauds, dissimulations and
deceits should make such a measure necessary.
10. As for the practice previously followed by the Powers in the time of
former wars, no general rule can easily be seen therein prohibiting the
belligerents from exercising on the open seas as to postal correspondence
the right of supervision, surveillance, visitation, and, the case arising,
seizure and confiscation, which international law confers upon them in the
matter of any freight outside of the territorial waters and jurisdiction of
the neutral powers.
11. On the high seas, under international law, it is for the belligerents to
seek and prevent transportation or other acts by which neutral vessels may
lend their co-operation and assistance to hostile operations of the enemy.
Now, as has long ago been observed (among others, Lord Stowell in The
Atlanta, 6 Robinson, 440, 1, English Prize cases, 607; Scott's cases, 780), a
few lbws of a letter delivered to an enemy may be as useful as or even more
nseful than a cargo of arms and ammunition to promote his war operations.
The assistance rendered in such cases by the vessel carrying such a letter is
as dangerous for the other belligerent as the assistance resulting from the
transportation of military cargoes.
As a matter of fact, experience has, in the course of the present war,
demonstrated the truth of this remark. Hostile acts, which had been projected in mails, have failed. Dangerous plots, from which even neutral
countries are not safe at the hands of the enemy,.were discovered in the
malls and baffled. Finally, the addressees of certain letters, which the
Allies had seen fit to respect, have evidenced a satisfaction, the hostile
character of which removed every doubt as to the significance of those
letters.
12. The report adopted by the conference of The Hague in support of
Convention XI, leaves little doubt as to the former practice in the matter.
'rho seizure, opening the bags, examination, confiscation, if need be, in all
cases delay or even loss, are the fate usually awaiting mail bags carried by
sea in time of war. (Second Peace Conference Acts and Documents,
Vol. 1, p. 226.)
13. The American note of May 24 1916 invokes the practice followed by
the United States during the Mexican and Civil wars; the practice followed
by France In 1870; by the United States in 1898; by Great Britain in the
South African war; by Japan and Russia in 1904, and now by Germany.
14. As regards the proceedings of the German Empire toward postal correspondence during the present war, the allied Governments have informed
the Government of the United Staten of the names of some of the mail
steamers whose bags of mail have been, not examined,to be sure, but purely
and simply destroyed at sea by the German naval authorities. Other names
could very easily be added. The very recent case of the mail steamer
Hudikswall (Swedish). carrying 670 mail bags, may be cited.
16. The allied Governments do not think that the criminal habit of sinking ships, passengers and cargoes or abandoning on the high seas the survivors of such calamities is, in the eyes of the Government of the United
States, any justification for the destruction of the mails bags on board,
and they do not deem it to the purpose to make a comparisofi between
these destructive German proceedings and the acts of the Allies in supervising and examining enemy correspondence.
16. As to the practice of Russia and of Japan, it may be permitted to
doubt that it was at variance with the method of the allied Governments
in the present war.
17. The Imperial Russian decree of May 13-25 1877, for the exercise of
the right of visit and capture, provides (Paragraph 7): "The following acts,
which are forbidden to neutrals, are assimilated to contraband of war: The
carrying of dispatches and correspondence of the enemy." The Russian
Imperial decree of Sept. 14 1904 reproduces the same provision. The procedure followed in regard to the mall steamers and the prize decision boar
witness that public or private mails found on board•neutral vessels were
examined, landed, and, when occasion arose, seized.
18. Thus, in May and July 1904, postal correspondence carried on the
steamships Osiris (British) and Prinz Heinrich (German) was examined by
the Russian cruisers to see whether it contained Japanese correspondence.
Thus again, in July 1904, the steamer Catches (British), captured by Russian cruisers, had sixteen bags of mail, that had been shipped at Tacoma by
the postal authorities of the United States, seized on board and landed,
and the Prize Court of Vladivostok examined their contents, which it was
recognized it could lawfully do. (Russian prize cases, p. 139.)
19. As regards the practice of Japan,the Japanese rules concerning prizes
dated March 15 1904, made official enemy correspondence, with certain exceptions, contraband of war. They ordered the examination of mall bags
on mail steamers unless there was on board an official of the Post Office,
making a declaration in writing and under oath that the bags contained no
contraband; it was oven added that no account should be taken of such a
declaration if there existed grave suspicions. On the other hand, the
Japanese Prize Court rules acknowledged the power of those courts in the
examination of prize cases to•oxamine letters and correspondence found on
board neutral vessels. (Takahashi, "International Law Applied to RussoJapanese War," p. 568.)
20. The French practice during the war of 1870 is found outlined in the
naval instructions of July 26 1870, under which official dispatches were on
principle assimilated to contraband, and official or privateletters,found on
board captured vessels, were to be sent immediately to the Minister of
Marino. Subsequently the circumstances of war permitted of the rule in
additional instructions, under which, if the vessel to be visited was a mail
steamer having on board an official of the Post Office of the Government
whose flag she displayed, the visiting officer might be content with that
official's declaration regarding the nature of the dispatches.
21. During the South African war the British Government was able to
limit its intervention in the forwarding of postal correspondence and malls
as far as the circumstances of that war allowed, but it did not cease to exercise its supervision of tho mails intended for the enemy.
22. As to the practice followed by the Government of the United States
during the American Civil War, particularly in the Peterhoff case, cited in
1857
the American memorandum of May 24 1916, the following instructions
Issued in that case by the Secretary of State of the United States do not
seem to apply to anything but the forwarding of correspondence which has
been found to be innocent. "I have, therefore, to recommend that in this
case, if the District Attorney has any evidence to show the mails are
simulated and not genuine, it shall be submitted to the Court; if there be
no reasonable grounds for that belief, then that they be put on their way
to their original destination." (Letter of Mr. Seward, Secretary of State,
to Mr. Welles; Secretary of the Navy, April 15 1863; VII Moore's Dig.,
p. 482.)
23. Finally, as regards the free transit granted to malls by the United
States during the Mexican war, one may be allowed to recall the circumstances under which this proceeding was adopted. By a letter, dated May
20 1846, notified on the following 10th of July, the Commander or the
United States cruiser St. Mary announced the blockade of the Port of
Tampico. Although that measure authorized, without a doubt, the seizure
and confiscation of all correspondence for the blockaded port, the American
naval authorities, on learning the circumstances of the case, declared "neutral non-commercial mail packets are free to enter and depart," and it was
even added that "Mexican boats engaged exclusively in fishing will be allowed to pursue their labor unmolested." (British State Papers, Vol. 35,
1846-47.)
24. It seems difficult to compare the blockade of the Port of Tampico
in 1846 with the measures taken by the Allies in the course of this war to
reduce the economic resistance of the German Empire, or to find in the
method then adopted by the United States a precedent which condemns the
practice now put in use by the allied Governments.
25. To waive the right to visit mail steamers and mail bags intended for
the enemy seemed in the past (Dr. Lushington, "Naval Prize Law," introduction, page 7), a sacrifice which could hardly be expected of belligerents.
The willed Governments have again noted in their preceding memorandum
how and why,relying on certain declarations of Germany,they had thought
in the course of the Second Peace Conference of 19J7 they could afford to
waive that right. They have also drawn the attention of the Government
of the United States to the fraudulent use Germany hastened to make of
this waiver of the previous practices above mentioned.
26. After pointing to a certain number of specific cases, where American
interests happened to be injured from the postal supervision exercised by the
British authorities, forming the subject to the special memorandum of the
Government of his Majesty, dated July 20 1916, the Government of the
United States was pleased to make known its views as to what is to be and
is not to be recognized as not possessing the character of postal correspondence.
27. In this respect the Government of the United States admits that
shares, bonds, coupons and other valuable papers; money orders, checks,
drafts, bills of exchange and other negotiable papers, being the equivalent
of money, may, when included in postal shipments, be considered as of the
same nature as merchandise and other property, and, therefore, be also
subjected to the exercise of belligerent rights.
28. Yet the American memorandum adds that correspondence, including
shipping documents, lists of money orders, and documents of this nature,
even though refeyring to shipments to or exports by the enemy, must be
treated as mail and pass freely unless they refer to merchandise on the same
ship that is liable to capture.
29. As regards shipping documents and commercial correspondence
found on neutral vessels, even in an allied port and offering no interest of
consequence as affecting the war, the allied Governments have instructed
their authorities not to stop them, but to see that they are forwarded with
as little delay as pcssible. Malt matter of that nature must be forwarded
to destination as far as practicable on the very ship on which it was found
or by a speedier route, as is the case for certain mails inspected in Great
Britain.
30. As for the lists of money orders to which the Government of the
United States assigns the character of ordinary mail, the allied Governments deem it their duty to draw the attention of the Government of the
United States to the following practical coasideration:
31. As a matter of fact, the lists of money orders mailed from the United
States to Germany and Austria-Hungary, correspond to moneys paid in the
United States and payable by the German and Austro-Hungarian Post Offices. Those lists acquaint those Post Offices with the sums that have been
paid there which in consequence they have to pay to the addressees. In
practice, such payment is at the disposal of such addressees and is effected
directly to them as soon as those lists arrive and without the requirement of
the individual orders having come into the hands of the addressees. These
lists are thus really actual money orders, transmitted in lump in favor of
several addressees. Nothing, in the opinion of the allied Governments,
seems to justify the liberty granted to the enemy country so to receive funds
intended to supply by that amount its financial resisting power.
32. The American memorandum sees fit to recall firmly that neutra land
belligerent rights are equally sacred and must be strictly respected. The
allied Governments, so far as they are concerned, wholly share that view.
They are sincerely striving to avoid encroachment by the exercise of their
belligerent rights on the legitimate exercise ef the rights of innocent neutral
commerce, but they hold that it is their belligerent right to exercise on the
high seas the supervision granted them by internationai law to impede any
transportation intended to aid their enemy in the conduct of the war and
to uphold his resistance. The rights of the United States as a neutral
cannot, in our opinion, imply the protection granted by the Federal Government to shipments, invoices, correspondence, or communications in any
shape whatever, having an open or concealed hostile character and with a
direct or indirect hostile destination, which American private persons can
only effect at their own risk and peril. That is the very principle which was
expressly stated by the President of the United States in his neutrality proclamation.
33. Furthermore, should any abuses, grave errors, or derelictions, committed by the allied authorities charged with the duty of inspecting mails,
be disclosed to the Governments of France and Great Britain, they are now,
as they ever were, ready to settle the responsibility therefor in accoraance
with the principles of law and justice, which it never was, and is not now,
their intention to evade. I am, &c.,
CECIL SPRING-RICE.
BANKING, LEGISLATIVE AND FINANCIAL NEWS.
The sales of bank stocks at the Stock Exchange this week
aggregate 224 shares. No sales were made at auction of
either bank or trust company stocks. Two hundred and
nineteen shares of National Bank of Commerce stock were
sold at prices ranging from 187 to 200. The close was at
the latter figure, which is 15 points higher than last week's
closing sale price.
1858
THE CHRONICLE
Low. High. Close. Last previous sale.
Shares. BANKS—New York.
Nov. 1916— 541
540
540
5 National City Bank
540
Nov. 1916— 185
219 National Bank of Commerce_ 187
200
200
Four New York Stock Exchange memberships were posted
for transfer this week, the consideration in each case being
$75,000. This is an unchanged price from the last preceding transaction.
Important revisions of the Federal Reserve Act are contained in a "Digest of the Federal Reserve Act," just published for free distribution by the Guaranty Trust Co. of
New York. The original law and all amendments, up to
and including those of Sept 7 1916 are outlined in this
publication. Since the Federal Reserve Act went into
effect Nov 1914 various supplementary provisions have
greatly increased the functions of the member banks. These
changes now permit •member banks to deal in domestic
acceptances; to place with the Federal Reserve Bank, reserves formerly required to be held in their own vaults;
to accept drafts from foreign bankers; to invest up to 10%
of capital and surplus in an institution chiefly engaged in
international banking; and to perform many other banking
duties, all of which are fully explained in this booklet.
A new number of that most useful book—"Trust Companies of the United States" issued by the United States
Mortgage & Trust Co. of this city, has made its appearance. The present is the fourteenth annual edition of the
publication, which, it is proper to say, is devoted to a
presentation of statistics (1) of all companies with the word
"trust" in their titles actively engaged in business in the
United States and territories coming under the jurisdic.tion of the State- Banking Commissioner, Auditor, etc.,
and doing either a trust or banking business or both, and
(2) those banks, banking associations or institutions acting
in a fiduciary capacity without the word "trust" in their
titles, but supervised as above, and commonly classed as
trust companies by the State official to whom they are
amenable. The record does not include companies engaged in a strictly savings, real estate or insurance business.
The book reveals a growth in the aggregate resources during
the year. of $1,300,000,000, the amount now totalling over
$7,600,000,000. Just five years ago, it is pointed out,
the aggregate resources of the institutions reported in this
compilation were $5,168,C00,000, showing an increase of
47%. The following showing of trust company growth
in the following States is interesting:
New York State increased
Pennsylvania
Illinois
Massachusetts
Ohio
New Jersey
Connecticut
California
Indiana
$531,000,000 or 25%
139,000,000 or 15%
117,000,000 or 18%
110,000,000 or 26%
94,000,000 or 26%
41,000,000 or 13%
39,060,000 or 61%
35,000,000 or 14%
20,000,000 or 18%
In the preface, President John W. Platten says:
The trust companies of the United States during the year just closed
have had exceptional opportunities for service to the financial and commercial interests of this country and to the foreign nations as well. The
problems incident to the new position of the trust companies in world
affairs have been met and solved with courage, while the business openings
resulting therefrom have been availed of with enterprise and good judgment. A noteworthy increase in the business of acceptances, both foreign
and domestic, the establishment of well-equipped departments for the
handling of foreign transactions, especially with Central and South America,
and liberal participations in foreign loans, are all deserving of special
mention. The work of unifying and improving existing laws for the safeguarding of the interests of these companies and their clients is progressing
satisfactorily, while the administration of corporate and private trusts in
ever-increasing volume is continually evidenced.
When it is considered that the aggregate of trust company resources
reported during the year increased $1,300,000,000 and now totals over
$7,600,000,000, the vital and growing importance of the part played by
trust companies in national and international affairs will be fully realized
and these institutions continue to receive a deservedly increasing measure
of recognition and support.
The information which the publication supplies includes
the statements of condition Juno 30 1916, of the respective
institutions, the names of officers and directors, stock quotations, dividend rates, etc. A digest of State regulations
is also a feature of the book.
[VOL. 103
that the capital be increased from $500,000 to $1,000,000,
and that in the event of the passage of the necessary resolution by the vote el shareholders owning at least two-thirds
of the stock of the bank, 5,000 new shares will be offered
for subscription to shareholders of record Jan.9,pro rata, at
par, or $100 per share. Coincidently, at the first meeting
of the board in January, it is the intention of the bank to
declare a cash dividend of 100%. This dividend, the
shareholders will be advised, may be utilized in payment of
their subscription to the new stock. It is the intention of
the directors later to initiate the payment of regular semiannual dividends. To those interested in watching the
development of the institution it has been expected that
with a capital of $500,000 and surplus and undivided profits
at the last call of the Comptroller approximately $1,250,000,
and deposits of $27,000,000, not only might dividends be
conservatively initiated, but that some increase of the
capital would be made to provide for the increasing business. Dividends of 100% on bank stocks are not frequent,
and from the nature of the business of a national bank, as
differing from the broader business of trust companies, are
attributed by bankers generally more to careful and conservative management than to large profits. The Harriman
National bank began business on March 20 1911 with deposits of $4,100,000, and in this, its sixth year, has increased
its deposits 550%. The bank is located in what may be
termed the heart of the new financial and commercial district of the city, in the railway terminal zone, and draws
its business chiefly from the neighborhood. It is said that
the Harriman National Bank has larger deposits than any
other independent uptown institution.
The directors of the Columbia Trust Co. of this city
voted on the 16th inst. to declare a special cash dividend of
$2,000,000, payable out of surplus, and at the same time
to increase the capital stock from $2,000,000 to $5,000,000,
offering the new stock to the present shareholders at par.
The rights thus offered will be valuable, because the new
stock will have a book value of $230, and judging by the
present market price of the old stock, $640, as against a
book value of $525, new stock should sell about $280. A
special meeting of the stockholders is called for Dec 4 to
vote upon the matter. The directors at the same time
elected Harris A. Dunn and Chellis A. Austin, Vice-Presidents, Langley W. Wiggin, Vice-President and Secretary;
F. C. Marston, Treasurer, and S. Stern, Manager of the
Foreign Department. Orrin R. Judd was made Trust
Officer, and Willard C. Mason, Assistant Trust Officer;
Walter G. Kimball, Assistant Treasurer; Charles E. Wolff,
Assistant Secretary, and F. G. Herbst, Auditor. With
respect to the increase in the capital it is worthy of note
that when the matter was first taken up by the executive
committee, and before the board of directors had acted
upon it, President King sent a notice to each stockholder
to the effect that such an increase was contemplated, thus
saving the stockholders from parting with their shares
without knowledge of what was about to happen.
Adolph F. Johnson, who has been with the Irving National Bank of this city for a number of years, has resigned
his position with that institution to become affiliated with
the New York State Banking Department as an examiner.
Mr. Johnson is one of the best known of the younger bank
men of New York City, and is well qualified to fill his new
position. He had been with the Irving National Bank
since 1903, during which time he served in nearly every
department of that institution. Mr. Johnson is an active
member of New'York Chapter of the American Institute
of Banking; is a member of its Board of Governors, and a
graduate of the Institute. He is also a member of the
Educational Committee of New York Chapter and is in
charge of its Debate Section. He graduated from the Now
York Law School in 1912 and from the Brooklyn Law School
in 1913, and was admitted to the bar in the sama year.
The National City Bank of New York has been granted a
charter, with some modifications, for the establishment of a
branch bank in Russia and sub-branches throughout that
country. What changes have been made in the charter
by the Russian Ministry of Finance were not stated in the
cable message received by the bank on the 13th inst. OffiThe Harriman National Bank has advised its share- cials of the institution, it is said, are hopeful that the branch
holders that at the annual meeting, to be held Jan 9th, may be opened in the near future. The Petrograd branch
there will be submitted a recommendation by the directors of the National City Bank will be under the management
The Fulton Trust Co., 149 Broadway, this city, has issueil
a little circular of "Tax Memoranda" relating to real estate
and personal taxes in New York City,and the United States
income tax, giving dates of payments and other necessary
information.
Nov. 18 1916.1
THE CHRONICLE
1859
Upon his withdrawal from the directorate of the First
of H. F. Meserve. The Russian Ministry of Finance, as
noted in our issue of Sept. 16, required the deposit by the National Bank of Tenafly, N. J., with which he had long
National City Bank of security to the amount of 5,000,000 been associated as a member, Lewis L. Clarke, President of
the American Exchange National Bank of this city was the
rubles, or $2,500,000.
recipient on the 10th inst. of a loving cup from the directors
M. J. Degnon, President of the Degnon Contracting Co., of the Tenafly institution. Mr. Clarke's resignation was
was elected a director of the Seaboard National Bank of this in accordance With the requirements of the Clayton Act.
Following the presentation Mr. and Mrs. Clarke entercity, at a meeting of the board on Nov. 16.
tained in this city the directors and officers of the First
Charles D. Dickey of the firm of Brown Brothers & Co. has National Bank. The following senior officers of the Ameribeen elected a director of the Bank of the Manhattan Co. can Exchange National were also present: W. H. Bennett,
Theodore H. Banks, Arthur P. Lee and E. A. Bennett.
of this city.
The American Trust Co. of Boston, Mass., in appreciation of the efficiency of its employees and in recognition of,
and as an offset to the increase of living expenses, made as a
gift on Nov. 13 to each person on the company's payroll and
who was in its service on Ja, . 1 1916 a sum equal to 10% of
his or her yearly wages. The officers of the institution, with
the exception of the President and Vice-President, share in
the distribution. The payment of a bonus to the employees,
it is said, is to apply for this year only. The American Trust
Co. has a capital of $1,000,000; surplus and profits of over
$2,500,000, and deposits aggregating more than $20,500,000.
The Brooklyn Trust Co. of this city in recognition of the R. G. Fessenden is President. .
high cost of living and the efficient services of its employees,
awarded them a substantial bonus on the 17th inst. The
Earle P. Charlton of Fall River, Mass., a Vice-President
gift of the company came as a surprise to the employees, of the F. W. Woolwoith Co., has been chosen a director of
checks having been mailed to their homes accompanied by the First National Bank of Boston, Mass., to fill a vacancy.
the following letter frOm President E. P. Maynard:
Having in mind the greatly increased cost of living caused by the present
A charter has been denied to the projectors of the Industrial
world conditions, the board of trustees has authorized a special distribution
Trust Co. of Boston. The formation of the institution was
of a certain amount from its earnings, for which I hand you this check.
About ninety employees benefited by the award, the proposed,according to the Boston papers, by leading Germanamount of which was not made public. President Maynard, Americans and other residents of Greater Boston. The
according to the "Brooklyn Daily Eagle," in discussing the petition for a certificate of incorporation was refused by the
State Board of Bank Incorporation last week, after consideraaction by the company, said:
It gives us great pleasure to make this gift. There is no string tied to tion had been given to the matter since Sept. 13. At the
it whatsoever. We have been highly gratified at the loyalty which our hearing before the Board on Sept. 13, it is stated, that the
employees have displayed toward the company. We look upon our men as
claim was made by a representation of men and women of
something more than employees. They are part of the institution.
German extraction that some of the leading Boston banks
and bankers had absolutely refused to handle the accounts of
A new banking institution, the Yonkers Trust Co., opened the Boston branch of the Citizens' Committee for Food
Nov.
3
Yonkers,
on
for business at 515 South Broadway,
Shipments, which was sending milk to the babies of Germany,
with a capital of $150,000 and surplus of $75,000. Robert Austria-Hungary and Poland. Other alleged discriminations
Boettger, Secretary and Director of the Silk Finishing Co. against Germans are also said to have been related. It was
of America is President of the trust company, while Thomas asserted that the proposed bank would be strictly neutral
Brown is Secretary and Treasurer. The directorate of the
serve British, French, German, Russian or any
Yonkers Trust comprises the following: Robert Boettger, and would
other
patrons
without discrimination. According to the
company;
A.
D.
Ferguson,
President of the
President of the
Boston
"Transcript,"
it was claimed that Boston would be
A. D. Ferguson Publishing Co.; William Forster, attorney
secure much additional banking business by means
and counsellor-at-law; Eugene H. Gibson, a retired banker; helped to
to make
B. L. Haskins, Vice-President and Cashier of the Chatham of the proposed German connection, the idea being
a business link with other German banking institutions in
& Phenix National Bank of New York; C. C. Hubbell,
different parts of the country. Letters from some of the
General Purchasing Agent of the Delaware Lackawanna & other
German banks and from German business men in the
Western RR. and Frank Hudson, merchant.
Middle West were presented to show that.they had promised
to send business to the Industrial Trust Co., provided that it
T. Elwood Carpenter, President of the Mount Kisco was started all right. The Board of Bank Incorporation
National Bank of Mount Kisco, N. Y., died on Nov. 14. decided that the certificate should not be issued, on the same
Mr. Carpenter was in his sixty-second year and was also ground that it has taken in several recent instances where
a director in the Lawyers Westchester Mortgage & Title Co. petitions have been put in for the incorporation of small trust
of White Plains, N. Y.
companies in Boston—because public convenience and necessity did not demand them. The proposed company was
Directors of the Merchants' National Bank of Newark, to have been established with a capital of $200,000 and a
N. J., it is said, who are also members of the directorate surplus of $100,000, the stock being sold at $1 50 per share.
of the Irvington National Bank of Irvington, N. J., may retain their connections with both institutions, notice having
John A. Sweetser, Frank S. White, Samuel D. Warren
been received from the Federal Reserve Board that the banks and Harold Mason have been elected directors of the State
are non-competing. In the petition filed by five directors Street Trust Co. of Boston, Mass.
of both banks the argument was advanced that the Irvington National secures its business from only a neighborhood
F. L. Childs, President of the Hyde Park Trust Co. of
field and is not a competitor of the Merchants' National, Boston, Mass., has been elected a director of the Fidelity
Which is situated in the heartof 'Newark. The directors Trust Co. of Boston.
who will be permitted to continue their connection with
both banks are Theodore J. Gerth, Edmund E. Sargeant
Edwin M. Richards and Sidney Harwood have been
and Harry Durand. Two others, Adrian Riker and J. chosen to the directorate of the New England Trust Co. of
Brodhead Woolsey, are also understood to have been ac- Boston, Mass., to fill vacancies caused by the operation of
corded a similar privilege.
the Clayton Act.
Promotions in the official staff of the Guaranty Trust Co.
of New York have been of frequent occurrence in the past
few weeks. The latest to be announced were those of Frederick T. Sherman and Charles H. Platner, who have been
appointed Assistant Trust Officers of the institution.
Edmund P. Tate has been appointed Chief Clerk of the
Guaranty Trust Co. of this city to succeed R. B. F. Randolph, who, as noted in our issue of Sept. 2, has been made
an Assistant Secretary of the company.
The First National Bank of Philadelphia, William A.
Joseph M. Riker, President of the Merchants National
Bank of Newark, N.J., has been notified through the Federal Law, President, is distributing a photographic reproduction
Reserve Bank of New York, that he will be allowed to con- of the original charter of the institution, which was the first
tinue as a member of the Board of the Essex National Bank national bank charter issued. Every patriotic American
of Montclair, N. J., the institutions being considered non- .should know that the first bank chartered in the United
States under the National Bank Act was the First National
competitive by the Reserve Board.
Bank of Philadelphia, and it is still doing business at 315
1860
THE CHRONICLE
Chestnut St. The charter is dated June 20 1863 and signed
by Samuel T. IIoward, then acting Comptroller of the
Currency. The facsimile of this interesting historic document will be sent to any one interested in it on application
to the bank.
General Wendell P. Bowman has been chosen Chaianan
of the Board of the German-American 'Title & Trust Co. of
Philadelphia, and Oscar C. Schmidt of Hecker & Co. has
been elected First Vice-President. The German-American
Title & Trust has a capital of $500,000, surplus and profits
of over $450,000 and deposits of over two millions cf dollars.
John R. Westwood has resigned as Auditor of the Ninth
National Bank of Phliadelphia, to become associated with
the bond department of W. H. Newbold's Son & Co., Philadelphia.
fVoL. 103.
The Pearl Street Savings & Trust Co. of Cleveland, Ohio,
has prepared a booldet for distribution among its patrons
and friends, the purpose of which is "to better acquaint the
people of Cleveland with the progress and growth of one of
its strong banking institutions and with the personality of
the men who have been directing and assisting in this
growth." The Pearl Street Savings & Trust, of which
Henry W. Stecher is President, started business in February
1890 with paid-in capital of $50,000. It now has a capital
of $200,000, and deposits of over $6,600,000.
•
A special meeting of the stockholders of the Security
Savings Bank & Safe Deposit Co. of Cincinnati, Ohio, is
to be held on Dec. 12, for the purpose of considering a proposal to increase the capital from $100,000 to $200,000. The
company now has surplus and profits of more than $200,000,
and deposits in excess of $2,000,000.
George H. Frazier, a member of the New York and Phila"Twenty-Five Years of Humanities and Benefits," a
delphia banking firm of Brown Bros. & Co., has been chosen
a director of the Provident Life & Trust Co. of Philadelphia, pamphlet issued by the Union Trust Co., of Detroit, Mich.,
Pa., to serve for the unexpired term of T. Wistar Brown, who to mark the twenty-fifth anniversary of its founding, sets forth
in the matter contained within its covers a brief but interdied on April 16.
esting record of its twenty-five years of existence. The
Henry Bell, President of Bell, Walt & Co., wholesale boot ntent of the publication is to gain broader recognition of the
and shoe dealers, has been elected a director of the Central personal element in trust companies and trust company
business. The author, Gerald J. McMechan, Vice-President
Trust & Savings Co. of Philadelphia, Pa., to fill a vacancy.
and Secretary of the company, treats of the personal probRobert P. Robinson, heretofore Assistant Cashier of the lems that have been presented to the institution for solution
Central National Bank of Wilmington, Del., has been pro- —in every form and varied by every condition—and states
moted to the Presidency of the institution. Mr. Robinson that it is because of the characteristics displayed by those
has been connected with the Central National since 1888, directing the management of the company ("who have
except for a period of two years during which time he acted achieved successes—greater or less—who have encountered
as Secretary to United States Senator L. H. Ball. He setbacks and disappointments, and who in Life's workshop
started in the banking field as a messenger for the Central have richly developed the human elements of sympathy, of
National and has advanced by progressive stages to his consideration and of kindliness for their fellow-men") and
present office as President.
of the thoroughness, applied to the fulfilment of all duties
committed to the institution's care, that the company has
Daniel Loot Wilson, Vice-President and director of the won the favor and approval of the public and risen to its
Fidelity Title & Trust Co. of Pittsburgh, Pa., and one of the present height.- 1 he author points out that—
oldest and best known financiers of the Pittsburgh district, "No small book can adequately set forth the facilities which a trust
died on Nov. 9 in his seventy-sixth year. Mr. Wilson had company affords to its clients—its fund of information and its sources
of knowledge are limitless, it touches in on every walk of life, every profeslong been associated with banking affairs, having, when a sion,
every employment, every ago, every material and substance; it may
young man, entered the employ of the Citizens National almost bo said in this respect that its seas have no shores, but are unBank of Pittsburgh. He later became connected with the bounded.
"It buys, it sells—it lends, it borrows—it provides, it protects—it perFort Pitt National as Cashier and eventually rose t(, the mits,
it withholds—it collects, it distributes—it invests, It realizes—it
Presidency of that institution. Mr. Wilson was a Vice- liquidates, it maintains—it does and performs and fulfils everything in
President and director of the Central District Telephone Co. respect to business and the details and ramifications thereof that an individual can do, and because this is what it is created and organized to
and a director of the Bell Telephone Co. of Pittsburgh. do,
and what its experience and equipment fits it to do, it fulfils the various
Mr. Wilson was also a director of the Peoples National requirements in all the various lines of business to the highest possible
Bank, the Safe Deposit & Trust Co. and a trustee of the degree and that beyond the power of the individual."
As an indication of the conditions which the company
Peoples Savings Bank, all of Pittsburgh. He was also a
director of the Pittsburgh & Lake Erie RR., the Pittsburgh faced at the time of its inception in 1891, the institution,
McKeesport & Youghiogheny RR. Co. and the S. Severance according to the pamphlet, "opened its doors to enter upon
a line of business not only new to the community but to
Manufacturing Co.
ourselves." In the East recognition of the merit of trust
The sale of the Pittsburgh Bank for Savings Building companies had been immediate, these 'institutions there
to the Standard Life Insurance Company of America for growing rapidly into public favor and acceptance. But in
/350,000, was authorized by Judge L. L. Davis of the Court the West, institutions of this particular type were almost
of Common Pleas of Pittsburgh, Pa., Nov 13. The agree- entirely unknown, "and this was especially true as regards
ment of the Standard Life Insurance Company to purchase the individual, but not to the same degree as to a few corthe building was noted in our issue of Nov 4. The petition porations, such as railroads, which owed their existence to
asking for confirmation of the sale was filed in the court Eastern capital." The corporation side, informed to some
on Saturday, Nov 11, by G. H. Getty, receiver of the de- extent, came with greater readiness, but the individual side
was slow in its acceptance. To the special energy given to
funct bank.
the working out of some of the more intricate earlier appointGeorge Brooke, Robert E. Brooke and Charles W. Hen- ments is accredited much of the initial success obtained, while
del have resigned from the directorate of the Pennsylvania steadfast adherence, year in and year out, to the same
Trust Co. of Reading, Pa., in compliance with the require- methods and policies has placed the company on an enduring
ments of the Clayton Act.
basis of prosperity.
kccording to the Baltimore "Sun," a new organization, the
National Finance Corporation of Baltimore, Md., has been
formed by a number of bankers of Baltimore and vicintiy.
The new company, which plans to engage in a commercial
credit business, will be capitalized, it is stated, at $2,500,000,
of which $1,000,000 will be in preferred stock. The main
office of the,institution will be in Baltimore, and it is said to
be the intention of its promoters to also conduct it as a quasibanking company and to engage in other financial ventures
outside of its commercial credit business.
H. A. Dow,.heretofore Assistant Secretary of the Harris Trust and Savings Bank of Chicago, Ill., has been chosen
Attorney and Assistant Secretary, and Clinton Merrick
has also been elected an Assistant Secretary of the institution.
The New City Savings Bank, a private institution at
4601 Ashland Avenue, Chicago, Ill., was placed in bankruptcy on Oct 27 with the filing by five depositors of a
petition in the Federal Court asking that a receiver be appointed. The bank which Was run in conjunction with a
George W.Walther,senior member of thefirm of George W. real estate and steamship agency is said to have liabilities
Walther & Co., has been elected a directorof the Park Bank of 870,000 with few assets, according to the Chicago
"Tribune." The petition also charges that the bank acof Baltimore, Md., to fill a vacancy.
cepted deposits while insolvent. Most of its depositors
Nov. 18 1916.j
1861
THE CHRONICLE
were Bohemians and Italians. It was conducted by Stanley Marcinkiewicz, Anton J. Bierzynski and G. L. Ukso.
The Richmond Trust & Savings Co. of Richmond, Va.,
on Nov. 2 purchased from Granville G. Valentine and others
the property on the northwest corner of Seventh and Main
Streets, Richmond, in which it has long had its quarters.
The purchase price, it is said, was $100,000. The property
% feet and exnvolved has a frontage on Main Street of 433
tends back for a distance of 147 1-3 feet. The Richmond
Trust & Savings Co. (capital $1,000,000) opened for business
on Nov. 1 1912 with John Skelton Williams as President.
Mr. Williams, now Comptroller of the Currency, resigned
the Presidency in March 1913, with his appointment as
Assistant Secretary of the United States Treasury, and was
succeeded by E. L. Bemiss, the present chief executive.
The company now has surplus and profits of more than
$150,000 and deposits in excess of $1,100,000.
Neil Robinson, a former President of the Citizens' National Bank of Charleston, W. Va., died on Nov 11. Mr.
Robinson was also a prominent coal operator and had been
President of the La Follette Coal and Iron Company of La
Follette, Tenn., for the past three years.
SILVER.
On the whole, quietude has characterized the market.
Supplies have been forthcoming with such steadiness-especially from
America whence some 200,000 ounces arrived this week, that buyers have
been somewhat shy, and the tendency of prices has been downward, until
on the 24th inst. 3234 was reached for the third time this month. This
quotation, the lowest since Aug. 31, has lately seemed to encourage more
activity in the demand for coinage.
The Indian Bazaars have been quite idle in this market. China exchanges have remained remarkably steady, regardless of the fluctuations
of silver. The reason for this may be found in the very large reduction in
the visible stock at Shanghai since the beginning of the year.
The stock in Shanghai on Oct. 21 consisted of about 23,500,000 ounces
in sycee and 16,500,000 in dollars, as compared with about 24,000.000
ounces in sycee and 16,500,000 dollars on Oct. 14 last.
The totals in Shanghai for Oct. 31 are about half of those held on Jan. 7
last, when 50,500,000 ounces in sycee and 22,380,000 dollars were reported.'
The difference between the amounts held at the two periods is equal to
about 31,500,000 ounces.
It will be observed from the figures below that although the Indian note
Issue has increased in value by 12 lacs, the silver reserves have diminished
by 24 lacs.
The last three Indian Currency Returns received by cable give details
in lace of rupees as follows:
Oct. 7. Oct. 15. Oct. 22.
71,99
71,87
71,21
Notes in circulation
26.23
25,99
Reserve in silver coin and bullion
25,36
11.02
10,87
10.66
Gold coin and bullion
11,92
11,92
11,92
Gold in England
The stock in Bombay consists of 4,000 bars as compared with 3,200
bars last week.
During the week a shipment of 200,000 ounces was made from San
Francisco to Bombay.
Quotations for bar silver per ounce standard:
Oct. 20-3234
No
cash
' 21-32%
quotation Bank rate
6%
" 23-32 Y4
fixed
" 24-323
for
Bar gold per ounce standard_77s 9d.
" 25-32%
"
forward
" 26-32%
"
delivery.
Average for the week 32.229 d.
The quotation to-day for cash delivery is 3-16d. below that fixed a week
ago.
A new charter, we learn from the "Pacific Banker," has
been given the Puget Sound State Bank of Tacoma, Washington, authorizing the opening of a trust department and the
change of its name to the Puget Sound Bank and Trust
Company. The establishment of the trust department is
said to have been found necessary because of the steady
increase in the bank's business and the demand of the depositors for trust company service. The Company is headed
ENGLISH FINANCIAL MARKETS-PER CABLE.
by H. N. Tinker as President. W. W. Newschwander is
The daily closing quotations for securities, &c., at London,
Cashier and Peter Richardson and Carl E. Linguist are
as reported by cable, have been as follows the past week:
Assistant Cashiers.
64
46
H. G. Larsh, heretofore Assistant Cashier of the Union
'Trust Company of San Francisco, Cal., has been elected
to the Cashiership to succeed Hermon Van Luren, whose
death was reported in our issue of Nov 11.
The Molsons Bank (head office, Montreal), in its annual
report for the year ending Sept. 30 1916, shows net profits
of $582,356, an increase of $26,163 over the amount for
the previous year. During the period covered earnings were
14.6% on the $4,000,000 capital, against 13.9% in 1915
and 15.2% in 1914. The statement shows that of the total
amount available for distribution aggregating $643,656( and
including $61,300, balance from the previous year), $440,000
was paid in dividends, $40,000 was applied to war tax,
$21,036 to pension fund, $15,000 to patriot funds and
$127,619 was carried forward. The bank has a reserve
account of $4,800,000. On Sept. 30 the institution had
demand and notice deposits of $45,744,422, against $38,821,368 on the corresponding date last year, and aggregate resources of $60,142,104, the latter comparing with $52,009,550
in 1915. Edward C. Pratt is General Manager of the institution.
At the annual meeting of the Canadian Bankers' Association at the Chateau Laurier in Ottawa on Nov. 9 E. L.
Pease, Managing Director of the Royal Bank of Canada
and senior Vice-President of the Association, was chosen
President to succeed George Burn, President of the Bank
of Ottawa, and 0. H. Balfour of the Union Bank of Canada,
was elected to the Vice-Presidency left vacant by Mr.
Pease's promotion. Mr. Burn had served as President of
the Association for the past two years and was forced to
resign on account of his health. Three honorable Presidents were chosen on the 9th. They are Sir Edmund Walker,
Sir Vincent Meredith and George Burn. The Vice-Presidents' of the Association are Sir Frederick Williams-Taylor
of the Bank of Montreal, C. A. Bogert of the Dominion
Bank, H. A. Richardson of the Bank of Nova Scotia, and
G. II. Balfour of the Union Bank of Canada. The executive
offices of the Canadian Bankers' Association, it is said, will
hereafter be located in Montreal.
Nov.11.
London,
TVeek ending Nov. 17Sat.
d 34 1-16
Sliver, per oz
Consols, 23 per cents
563
British 434 per cents
953
French Rentes (fn Paria)..fr_ 61.10
French War Loan (old) 5%
(in Paris)
fr. 87.65
Nov.13.
Mon.
34 3-16
56
96
Nov.14.
Tues.
34 3-16
5634
9631
Nov.15.
Wed.
34 1-16
66
96
Nov.16. Nov.17.
Thurs.
Fri.
34
34
56
5634
61.10
61.10
61.10
96
61.10
96
81.10
87.85
87.70
87.70
87.70
87.70
The price of silver in New York on the same days has been:
Sliver In N. Y., per oz__cts_ 7134
7131
713(
7134
7134
7134
New York City Banks and Trust Companies
Ask
Ask Trust Co's. Bid
Bid
Banks.
Ask
Rid
_ Manhattan • 330
New York
340
475
280 Astor
245
- - Mark & Full 260
550240
300 Bankers Tr_ 477 iiiMech & Met 293
185
180
285 Biway Trust 150
75
..
18_5_ Merchants'. 270
175
. CentralTrust 775 790
400
--- Metropolis'_ 290
1-6Y Columbia _ _ 660
Metropol'n• 182
200
. _ Commercial. 110
-_
180 Mutual _ _-_ 325
285
22-5 - Empire..
1-40 - 150 New Neths. 215
555
New YorkCo725 Equitable Tr 546
115
100
0tL
y &_Tr 16 0 1650
375 New York__ 4-60- 415. rsijaz
370
210
200
230
235 Pacific •--_ 270
300
Fulton
5fi.
550
285
._-_ 125 Park
492
235 Guaranty Tr 487
400 People's'_ _ 220
395
198
Hudson_
_
150
140
185 Prod Each*.
180
Law Tit& Tr 139
143
230
. Puhlie •
4ii- UncoInTrust 105
420
115
45
0
City1'5
Coal & Iron_ 18
1-ii Seaboard
416
Metropolitan 420
395
430
.. _ Second.
Colonials- 450
137 Mutil(West120
Columbia* - 310
325 Sherman..
110
117 ' cheater) _, _ 125
---Commerce... 0187 t200 State •
135 N Y Life Ins
__ __ 23d Wards_ 100
Corn Exch._ 338
& Trust- 975 1000
163
100 Union Ezell_ 150
Cosinoporn• 85
_..
... N Y Trust...., 605 620
East River_ 75Unit States* 500
Title Ou&Tr 400
405
Ili- Wash HIN•_ 275
150
Fidelity •.
17
--5 Transatlan'c
Westch A vs 160
Fifth Ave•
155
4300 4800
_Yo,
Sniel
West
.5. 365 Union Trust 415 - 425
le
.
e•_.. 5_2
275
Fifth
250
457
-- US Mtg&Tr 450
1005
First
Brooklyn
UnitedStates 1010 1025
190
Garfield.... 180
140 Westchester. 130
Germ-Amer• 135 145 Coney tard• 130
140
270
255
__ First
German Ex•
.
170
..-..
.... I FlatbushGermania • 390-415
Brooklyn
165Greenpo1nt. 150
G
Gotham...
.. 200
120 Brooklyn Tr 600
Oreenwich•. 315
615
--. Hillside'. 110
265
115 Franklin.._ 257
Homestead •
Hanover _
650
275
_ _ Mechanics*. 128_- 138 Hamilton.... 265
Harriman. _ 415
650
Imp & Trad. 500
105 Kings Co_ 830
515
- . Montauk'... 90
155
200
210 Manufactirs 150
1 Nasaau
275 People's...... 295
Nation'i City 285
ITrAvbienrty
g - --- 850
215.
205
180 Queens Co
16'70
Lincoln....330 340
. - 1 North Rides_ 170
1 people's- 130 140
t Sale at auction oral Stook
•Banks marked with a (0) are State banks.
I New stock.
r Ex-rfghte
Exchange this week
Anoka-N.Y.
Americas__
Amer Exch.
Atlantic...., _
Battery Park
Bowery •..__
Bronx Soros
Bronx Nat_
BryantPark•
Butch & Dr_
Chase
Chat & Phen
Chelsea Ex*
Chemical .,
Citizens Cent
New York City Realty and Surety Companies
Bid
70
Amer Surety 150
Bond & M G 293
Alliance Wty
Casualty Co
City Invest'a
Preferred__
18 60
RId
Ask
did
LowyersM tr 167
alis Bond.. 110
Nat Surety_ 270
N Y Title &
Mtge ____
90
-2-i67
173
115
275
Realty Assoc
(Brooklyn) On
US Casualty 200
US TitleG&I 50
Wes & Bronx
Title & MG 175
Ask
80
155
300
97
Ask
100
16"
180
THE ENGLISH GOLD AND SILVER MARKETS.
We reprint the following from the weekly circular of Commercial anaMtscellanectusgaug
Samuel Montagu & Co. of London, written under date of
Canadian Bank Clearings.-The clearings for the week
Oct. 26 1916:
ending Nov. 11 at Canadian cities, in comparison with the
GOLD.
The holding of gold by the Bank of England against its notes shows a same week in 1915, shows an increase in the aggregate of
26.2%.
decrease of £357,990 as compared with last week's return.
Week ending November 11.
Name of Company.
Clearings at1916.
CanadaMontreal
Toronto
Winnipeg
Vancouver
Ottawa
Quebec
Halifax
Calgary
St. John
Hamilton
Victoria
London
Edmonton
Regina
Brandon
Lethbridge
Saskatoon
Moose Jaw
Brantford
Fort William
New Westminster
Medicine Hat
Peterborough
Sherbrooke
Kitchener
Total Canada
[VOL. 103.
THE CHRONICLE
1862
I
1915.
Inc. or ,
Dec. 1
% I
s
$
99,560,411 73,066,667 +36.3
62,780,686 43,547,576 +44.2
58,945,907 58,446,299 +0.9
7,182,270 6,495,245 +10.6
6,594,714 4,461,629 +25.4
5,201,417 4,055,561 +30.5
2,903,051 2,656,706 +9.3
6,598,530 4,941,720 +33.3
1,889,028 1,552,121 +21.71
4,927,683 3,251.505 +51.5:
1,644,150 1,539,784 +68.2'
2,516,967 1,929,966 +30.41
2,633,109 2,155,648 +22.2,
4,113,194 3,399,699 +21.0
993,690 -23.4,
761,842
636,080 +66.3
1,058,702
2,315,536 1,844,337 +25.5
1,517,758 1,473,809 +3.0'
818,884
630,177 +29.8
772,973 -16.2
647,390
251,631 +16.7:
293,403
402,463 +88.5
758,956
406,712 +31.5
535,021
734,027 Not incl. In total.
600,266 Not incl. in total.
ORR R 10
arta 912 011
002
4-90 9
1914.
1913.
$
s
48,466,690
36,973,648
37,869,164
7,053,126
4,132,354
3,445,444
1,852,396
3,749,453
1,520,92J
2,768,032
2,139,751
1,618,152
2,432,024
2,222,795
798,093
423,676
1,225,481
995,999
462,857
709,767
286,959
312,759
352,760
1 01
019
69,156,451
44,411,136
48,215,423
11,710,890
4,270,040
3,784,211
1,961,499
5,767,339
1,485,975
3,033,174
3,064,340
1,685,321
4,651,165
3,559,706
880,487
782,279
2,340,423
1,401,494
621,190
1,121,076
508,829
691,420
ono 91A n29
ARA
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 cent.
Per cent. Shares. Stocks.
Shares. Stocks.
5 Rumson Country Club_37 per sh.
5 Fidelity-Phenix Insur. Co_ _ _366
266 Bingham Cent. Standard Co)
375
10 Germania Insurance Co
$5 each
I $9
227 Sackett & Wilhelms Co., 1st
200 Corbin Copper Co., $7 per) lot
pref v. t. c
• $50 lot
share paid in
5 Green Ketchum Co
1
Per cent.
Bonds.
44 Tabard Inn Co., common 46
33 Tabard Inn Co., preferred..) lot $2,000 Standard Milling cony. 6s,
1926, temporary certificates_ __112
4,000 Pilot Min. Co., $1 each....$5 lot
By Messrs. Francis Henshaw & Co., Boston:
Shares. Stocks.
5 American Trust Co
2 National Union Bank
10 Saco Lowell Shops, pref
50 Pacific Mills
2 Algonquin Printing Co
10 Wamsutta Mills
1 Mass. Cotton Mills
12 Sullivan Machinery Co
$ per sh.
350
200
10234
176
205
11334
128
146
$ per sh.
Shares. Stocks.
2 Waltham Watch, pref "
87
4 Waltham Watch, common
18%
5 Fairbanks Co., pref
70
10 Hood Rubber, pref
10951
11634
5 U. S. Envelope, pref
10 Naumireag Steam Cotton
20034
109
5 Plymouth Rubber, pref
53734 Thos. G.Plant Co., pi. scrip-100M
By Messrs. R. L. Day & Co., Boston:
$ per sh.
Shares. Stocks.
$ Per sh. Shares. Stocks.
7 State Street Exchange
55
201
50 National Union Bank
20 Apsley Rubber Co., pref
9834
4 Boylston National Bank_ _ _ _128
187
10 Plymouth Cordage Co
34 Taunton (Mass.) Nat. Bank _120
176
28 W...1tham Watch Co., pref_87-8734
50 Pacific Mills
5 U.S. Envelope Co., pref.__ .11634
2 Nashua Mfg.Co., $500 each_815
45 Splitdorf Electrical Co., pref. 94
1 Massachusetts Cotton Mills_128
15834
60 Textile Finish. Mach., pref.. 6034
4 Brookside Mills
100 Wamsutta Mills
11334 6-10 Much.dr Miners Transp- _$38
5 Mass. Bonding & Insar---80-8034
151 Pere Nlarq. RR.1st pref. ctfs.
2
5 Lowell Electric Light Corp 230
deposit
11Board of Trade Building Trust 9834
1 Bay State St. Ry..1st pref._ _ 97
By Messrs. Barnes & Lofland, Philadelphia:
$ per sh.
$ per sh. Shares. Stocks.
Shares. Stocks.
2,500 Redoubtable G. & C. M. &
5 Pennsylvania Fire Ins. Co. 435
M., $1 each
$4 lot
25 Amer. Vulcanized Fibre, tom. 514
20 Phil. & East. El. Ry corn.). $10
39 Philadelphia Nat. Bank _ _ _ _49034
20 Phil. & East. El. Ry. pref.) lot
256 Camden& Sub. Ry.,$25 ca. 18
12 Fourth Street Nat. Bank...285%
3 Pa. Academy of Fine Arts__ _ 27
32 Third National Bank
250
802
4 Philadelphia Trust Co
21 Pennsy. Co. for Insurances,
36634
7 Girard National Bank
725-726
10 Fidelity Trust Co
71734
3 Real Estate Trust Co., pref. 9134
38 Central Nat. Bank___41034-411 Yi
32 Robt. Morris Trust Co
70
$3 lot
12 Walton Cranberry Co
1 West End Trust Co
168
100 Sierra Vista Oil Co., $10 ea...$i lot
18 Fire Assn.of Phila.,$50 each 34534
1,000 Printer Boy Gold Mg.,$1 ea.$1. lot
50 People's Nat. Fire Insur25 Internat. Mere. Agency, pf.1$1 lot
ance, $25 each
25 Int. Mere. Agency, corn-- -1
1834
1 Phoenix Insur. Co., Hartford 41234
284 Chemnitz Mfg. Co., pref
15 Germantown Passenger Ry_.10614
$1 lot
$50 each
17 2d & 3d Streets Pass. Ry_ _ _242 H
142 Chemnitz Mfg.,corn.,$50 ea _$1 lot
10 John B. Stetson, common_ _381
260 Raritan Graphite,$50 each_ _S3 lot
2 Young, Smith, Field, pref.__ 78
20 Oak Lane Casino,$50 each-1$1 lot
•
Per cent.
Bonds.
2,000 Seward Perrin. Mg.,$1 eachl
11 Phil. & Easton Ry. tr. ctfs_1$3 lot $10,000 New Orleans Terminal Co.
7434
1st 48, 1953
2,000 Duchess Gold M & L.,$1 ea.f
1,000 WIldwood Elec. & Trac.
2,000 Ben Franklin M.& M.,$1ea_$1 lot
sinking fund 55, 1958... 70
658 Ben Franklin M & R.,$1 ea _$1 lot
100 Springfield Water 5s, 1926_ 88
8 Phila. Bourse, com.,$50 each 734
DIVIDENDS.
The following shows all the dividends aniaounced for the
future by large or important corporations:
Dividends announced this week are printed in italics.
Name of Company.
Per
When
Cent. Payable;
Books Closed.
Days Inclusive.
Railroads (Steam).
2H Dec. 29 Holders of rec. Dec. 2a
Alabama Great Southern, ordinary
1
Dec. 29 Holders of rec. Dec. 2a
Ordinary (extra)
3
Feb. 23 Holders of rec. Jan. 22a
Preferred
Preferred (extra)
34 Feb. 23 Holders of rec. Jan. 22a
Atoh Topeka & S. F., corn.(qu.)(No.46) 134 Dec. 1 Holders of reo. Nov. 3a
Bolton Revere Beach & Lynn (guar.)
13.4 Jan. 1 Holders of rec. Dec. 15a
Canadian Pacific, cont. (qu.)(No.82)_
234 Jan. 2 Holders of roe. Deo. la
31.25 Nov. 18 Holders of rec. Nov. 6a
Catawis,sa, first and second preferred__
2
Deo. 30 Holders of rec. Dec. 8
Chesapeake & Ohio
75c. Dec. 4 Nov. 21 to d Dec 3
Chestnut Hill (guar.)
Cleveland & Pittsburgh., reg., guar.(qu.) 87140. Dec. 1 Holders of reo. Nov. 10a
50c Deo. 1 Holders of reo. Nov. 10a
Special guaranteed (quar.)
Cripple Creek Cent., corn. (qu.)(No. 28) 1 H Dec. 1 Holders of reo. Nov. 15a
1
I)co. 1 Holders of reo. Nov. 15a
Preferred (quar.) (No. 44)
Nov. 20 Nov. 11
2
to Nov. 19
Delaware & Bound Brook (quar.)
2
Dec. 30 Holders of rec. Dec. 15a
Hocking Valley
Illinois Central (altar.) (No. 124)
134 Deo. 1 Holders of reo. Nov. 9a
Maine Central, pref. (guar.)
134 Dec. 1 Holders of reo. Nov. 15
New York Philadelphia de Norfolk
33 Nov. 30 Holders of reo. Nov. 15a
Nov. 18 Holders of rec. Oct. 310
Norfolk & Western, ad). pref. (quar.)__
1
134 Deo. 19 Holders of rec. Nov. 30a
Common (quar.)
North Pennsylvania (quar.)
Nov. 25 Nov. 16 to Nov. 19
$1
134 Nov. 29 Holders of rec. Nov. la
Pennsylvania (guar.)
500. Dec. 14 Holders of rec. Nov. 28a
Reading Co. first pref. (quay.)
Phila. Germantown Sr Norristown (quar.) $1.50 Dec. 4 Nov. 21 to Dec. 3
Pittsburgh Bessemer & Lake Erie. prof.. $1.50 Dec. 1 Holders of rec. Nov. 15
Pillsb. Youngs. & Ashtabula, pref. (an.).. 134 Dec. 1 Holders of rec. Nov. 20a
50c. Jan. 11 Holders of rec. Dec. 19a
Reading Contpany, second preferred (guar.)
When
Per
Cent. Payable.
Books Closed.
Days Inclusive.
Railroads (Steam) Concluded.
Southern Pacific Co. (quar.) (No. 41)._ _
134 Jan. 2 Holders of rec. Nov. 294
2
Jan. 2 Holders of rec. Dec. in
Union Pacific, common (guar.)
Street and Electric Railways.
$1
Dec. 15 Holders of reo. Nov. 29a
American Railways, common
Deo, 1 Holders of reo. Oct. 31
Brazilian Trao., U.& Pow.,ord'y (quar.) 1
Cent. Ark. Ry.& Lt., pf.(qu.)(No. 15). 134 Dec. 1 Holders of rec. Nov. 15a
1 Holders of rec. Nov. 20a
CentralMiss. Valley El.Prop., pref.(quar.)
Dec.134
x Jan. 1 Holders of rec. Dec. 15
Cities Service, common (monthly)
Jan. 1 Holders of reo. Dec. 15
H
Preferred (monthly)
34 Dec. 1 Holders of rec. Nov. 15 "
Cities Service, common (monthly)
Dec. 1 Holders of rec. Nov. 15
Common (payable in common stock).. f4
yi Deo. 1 Holders of reo. Nov. 15
Preferred (monthly)
Dec. 1 Holders of rec. Nov. 15
Cu mberl'd Co.(M e.)Pow.& L.,corn.(qu.) 1
Detroit United Ry. (quar.)
13( Dec. 1 Holders of rec. Nov. 16
75c. Dec. 1 Holders of rec. Nov. 15a
Norfolk Ry. & Light
Dec. 1 Holders of rec. Nov. 22a
Northern Texas Electric Co., corn. (guar.). _
1
Jan. 2 Holders of reo. Dec. 15
United Light & Rys., corn. (guar.)(No.8). 1
134 Jan. 2 Holders of rec. Dec. 15
First preferred (guar.)(No. 25)
Miscellaneous
Acme Tea, first and second pref.(guar.)134 Dec. 1 Nov. 21 to Dec. 1
$1.50 Dec. 1 Holders of rec. Nov. 21a
Adams Express (guar.)
134 Nov 104 Holders of rec. Oct. 31a
Alaska Packers' Association (quar.)
Deo. 20 Holders of reo. Nov. 30
5
American Brass (extra)
1
Dec. 1 Nov. 17 to Dec. 7
American Cotton Oil, common (quar.)...
3
Dec. 1 Nov. 17 to Dec. 7
Preferred
6
Deo. 1 Holders of rec. Aug. 1
American Cyanamid, pref
$1.50 Jan. 2 Holders of rec. Nov. 29a
American Express (quar.)
Special dividend
$2 Jan. 2 Holders of rec. Nov. 29a
American Linseed, preferred (No. 7)
m134 Jan. 1 Holders of reo. Deo. 15
4
Dec. 30 Dec. 22 to Deo. 30
American Radiator, common (quar.)_
04 Dec. 20 Deo.10
to Deo. 19
American Sewer Pipe
Amer. Smelting dr Refining, corn. (quar.) 134 Dec. 15 Nov. 25 to Nov. 26
134 Deo. 1 Nov. 11 to Nov. 19
Preferred (quar.)
134 Jan. 2 Holders of rec. Dec. la
Amer.Sugar Refg., corn. & pref. (guar.)_ _ _
American Thread, preferred
234 Jan. 1 Nov. 15 to Nov. 30
Deo. 1 Holders of reo. Nov. 15a
5
American Tobacco, common (guar.).Nov. 27 Holders of reo. Oct. 21a
Anaconda Copper Mining ((mar.)
$2
5
Dec. 5 !folders of rec. Nov. 20
Atlantic Refining (quar.)
2
Nov. 21 Nov. 10 to Nov. 20
British Columbia Fish. & Pack
Nov. 21 Nov. 10 to Nov. 20
British Columbia Packers' Assoc.,cora-- 4
Brooklyn Union Gas (guar.)(No. 63)
134 Jan. 2 Holders of rec. Deo, 14
Jan. 2 Holders of fee. Dec. 14
Extra
1
134 Dec. 1 Holders of rec. Nov. 25a
Brown Shoe,Inc., common (quar.)
$2 Dec. 15 Holders of rec. Nov. 24
Buckeye Pipe Line (guar.)
Calumet de Hecla Mining (guar.)
$25 Dec. 20 Holders of rec. Dee. 2
Caney River Gas (quar.)
234 Nov.20 Nov. 10 to. Nov. 20
Dec. 1 Holders of rec. Nov. 17
Cerro de Pasco Copper (quar.) (No. 4).. $1
10o. Nov 29 'folders of rec. Nov. 15
Charcoal Iron of America, preferred
be. Dec. 30 Holders of rec. Dec. 15
Preferred
3
Dec. 20 Holders of reo. Nov. 29
Chesebrough Manufacturing (guar.)
Extra
50c. Dec. 20 Holders of rec. Nov. 29
154 Deo. 15 Holders of reo. Nov. 30
Colorado Power, preferred (quar.)
Consolidated Gas (quar.)
134 Dec. 15 Holders of rec. Nov. 10a
Dec. 16 Nov. 26 to Deo. 16
3
Continental Oil (guar.)
$1.50 Dec.!
15 Holders of reo. Nov.25
Copper Range Co. (quar.)
$1
Dec. 15 Holders of rec. Nov. 25
Extra
1
Dec. 15 Holders of rec. Nov. 25
Special
10o. Nov. 23 Nov. 16 to Nov. 23
Cosden,& Co. (quar.)
250. Nov. 23 Nov. 16 to Nov. 23
Extra
75c. Dec. 15 Nov. 22 to Dec. 15
Crescent Pipe Line (quay.)
h2 Nov. 29 Holders of reo. Nov. 15a
Crucible Steel. preferred (extra)
Crucible Steel, pref. (guar.)(No.50)
134 Deo. 21 Holders of rec. Dec. 7
fhl pi Dec. 21 Holders of reo. Dec. 7
Preferred (account accumulated diva.)
Cuban-American Sugar, corn. (friar.)
234 Jan. 2 Holders of rec. Deo. 15a
Preferred (guar.)
134 Jan. 2 Holders of reo. Dec. 15a
5
Dec. 18 Holders of rec. Dec. 1
Cumberland Pipe Line
Deere & Co., preferred (quar.)
134 Dec. 1 Holders of rec. Nov. 15a
Diamond Match (quar.)
134 Deo. 15 Holders of reo. Nov. 29a
Dome Mines, Ltd. (guar.)
50c. Dec. 1 Holders of rec. Nov. 204
134 Dec. 15 Holders of reo. Deo. 1
Eastern Steel, first preferred (guar.).-First preferred (accrued divs. to date). h28
Dec. 15 Holders of roe. Deo. 1
Eastman Kodak, common (quar.)
234 Jan. 1 Holders of rec. Nov. 15a
Preferred (guar.)
134 Jan. 1 Holders of rec. Nov. 150
Fairbanks, Morse & Co., pref. (guar.).
134 Dec. 1 Holders of ree. Nov. 20
Federal Mining & Smelt., pref.(guar.)_ _
134 Deo. 15 Holders of res. Nov. 22a
General Asphalt, pref. (quar.)(No. 38).. 134 Dec. 1 Holders of reo. Nov. 15a
General Chemical, common (quar.)
13-4 Deo. 1 Holdere of reo. Nov.20a
Mar. 1 Holders of reo. Feb. 21
2
General Chemical, common (guar.)
Feb. 1 Holders of rec. Dec. 30
5
Corhmon (extra)
15
Feb. 1 Holders of rec. Dec. 30
Common (special)
Preferred (guar.)
134 Jan. 2 Holders of rec. Dec. 18
General Development
134 Dec. 1 Holders of rec. Nov. 15
2
Jan. 15 Holders of reo. Dec. 16
General Electric (guar.)
Feb. 15 Holders of reo. Feb. 2a
Goodrich (B. F.) Co., common (quar.).. 1
Preferred (quay.)
134 Jan. 2 Holders of reo. Deo. 21a
Dec. 1 Nov. 21 to Nov.30
Goodyear Tire & Rubber, corn. (quar.)... 4
75o. Deo. 20 Deo. 3 to Deo. 20
Great Northern Iron Ore Properties
2
Nov. 27 Holders of rec. Nov. 10a
Greene Cananea Copper (quar.)
Gulf States Steel. common (No. 1)
Jan. 2 Holders of tee. Dec. 15a
2
Gulf Stales Steel, 1st preferred (guar.)
134 Jan. 1 Holders of roe. Dec. 15
Harbison-Walker Refrac., corn. (quar.)_
134 Dec. 1 Holders of rec. Nov.20a
Dec. 1 Holders of rec. Nov. 204
2
Common (extra)
Harbison-Walker Refrac., pref. (guar.)
134 Jan. 20 Holders of rec. Jan. 10a
1
Deo. 1 Holders of reo. Nov. 200
Hart, Schaffner & Marx, corn.(quar.)Hawaiian Commercial & Sugar (monthly). 25o. Deo. 5 Holders of rec. Nov. 24
Extra
$1. Dec. 5 Holders of reo. Nov.24
Homestake Mining (monthly)(No. 506)65c. Nov. 25 Holders of rec. Nov. 20a
Illirrts Pipe Line
12
Dec. 18 Holders of rec. Nov. 20
Independent Brewing, common
25o. Dec. 15 [folders of rec. Dec. 6
Preferred (guar.)
8734o. Nov. 29 Holdesr of reo. Nov. 22
Inland Steel (quar.)
2
Dee. 1 Holders of reo. Nov. 10a
Int. Harv. of N. J., 1/1• (qM.)(No. 39).. 134 Deo, 1 Holders of reo. Nov. 100
Int. Harvester Corp., pf. (qu.) (No. 15). lg Deo. 1 Holders of reo. Nov. 10a
International Nickel, common (guar.). _ _ $1.50 Dec. 1 Holders of rec. Nov. 18a
Kerr Lake Mining (quar.) (No. 45)..... 250. Dec. 15 Holders of reo. Deo. in
Deo, 1 Holders of reo. Nov. 20a
Kings Co. Eieo. Lt.& Pow.(qu.)(No.r37) 2
Kress (S. If.) dt Co., pref. (guar.)
134 Jan. 2 Holders of rec. Deo. 20
Lanston Monotype Machine (quar.)
154 Nov. 29 Holders of rec. Nov. 20
Lee Rubber & Tire (quar.)
50o. Deo. 1 Holders of reo. Nov. 150
250. Deo. 1 Holders of roe. Nov. 150
Extra
Lehigh Coal & Navigation (guar.)
$1
Nov. 29 Holders of reo. Oct. 31a
Deo. 1 Holders of reo. Nov. 15a
Liggett & Myers Tobacco, corn. (rluar.)- 3
3
Nov d30 Holders of rec. Nov. 16a
Lindsay.Light, common (quar.)
Preferred (guar.)
134 Nov d30 Holders of rec. Nov. 16a
Mutat! Sugar, common
1234 Dec. 1 Holders of rec. Nov. 28
1
Dec. 1 Holders of rec. Nov. 23a
Manhattan Shirt, com.(guar.)(No. 7)_ _
Massachusetts Gas Companies, preferred $2 Deo. 1 Nov. 16 to Nov.30
234 Jan. 2 Holders of rec. Dec. bin
Maxwell Motor, Inc., corn. (guar.)
First preferred (guar.)
134 Jan. 2 Holders of rec. Dec. ha
Second preferred (guar.)
134 Jan. 2 Holders of rec. Dec. ha
May Department Stores, common (guar.)._
134 Dec. 1 Holders of rec. Nov. 20a
Mergenthaler Linotype (guar.)
254 Dec. 30 Holders of rec. Dec. 2a
Extra
234 Dec. 30 Holders of rec. Deo. 2a
134 Deo. 1 Holders of reo. Nov. 15
Middle West Utilities, preferred (quar.)_
2e. Nov. 20 Holders of reel. Nov. in
Midwest 011, preferred
Mitchell Motors (quar.) (No. 1)
$1.50 Nov. 24 Holders of reo. Nov. 10
Moline Plow, first preferred (quar.)
134 Dec. 1 Holders of rec. Nov. I70
Dec. 15 Holders of rec. Dec. 5
1
Montreal Cottons, Ltd., common (guar.)_ _ _
134 Dec. 15 Holders of rev. Dec. 5
Preferred (guar.)
National Biscuit, corn. (guar.)(No. 74)_ _ _
134 Jan. 15 Holders of rec. Dec. 28a
Preferred (guar.) (No. 75)
134 Nov. 29 Holders of rec. Nov. 140
Jan 15'
2
National Carbon, common (guar.)
2
Jan. 15'
Common (extra)
National Cloak & Suit, pref. (guar.)
134 Dec. 1 Holders of rec. Nov. 18a
1
Dec. 30 Holaers of rec. Deo. 80
National Lead,common (guar.)
National Lead, preferred (quar.)
134 Deo. 15 Holders of reo. Nov. 24a
154 Jan. 2 Holders of rec. Dec. 11
National Sugar Refg., (guar.)
500. Dec. 15 Holders of rec. Nov. 30a
National Transit
25e. Dec. 1 Holders of rec. Oct. 15a
New York Transportation
Niles-Bement-Pond,corn.(qu.)(No.58). 234 Deo. 20 Dec. 7 to Dec. 20
Ohio Cities Gas, common (guar.)
6234 c. Dec. 1 'folders of rec. Nov. 15a
THE CHRONICLE
Nov. 18 1916.]
Name of Company.
Whin
Per
Cent. Payable.
Books Closed.
Days Inclusive.
Miscellaneous (Concluded).
Dec. 1 Holders of rec. Nov. iba
Ohio Cities Gas corn. (pay. In com.stk.) /5
3
Jan. 1 Holders of rec. Dec. 22
Owens Bottle Machine, cont. (guar.)
2
Jan. I Holders of rec. Dec. 22
Common (extra)
1% Jan. 1 Holders of rec. Dec. 22
Preferred (guar.)
1% Dec. 1 Holders of rec. Nov. 21
Pacific Mail S. S., pref. (guar.)
1% Nov. 25 Holders of rec. Nov. la
Peoples Gas Light & Coke (guar.)
39% c. Dec. 15 Holders of rec. Nov. 24a
Philadelphia Electric (guar.)
1% Nov. 29 Holders of rec. Nov. 20
Pittsburgh Brewing, pref. (guar.)
Pref. (extra) (acc't of accumulated divs.). 5% Nov. 29 Holders of rec. Nov. 20
(ouar.)
Dee. 1 Holders of roe. Nov. lie
1%
Steel,
preferred
Pittsburgh
Dec. 7 Nov. 16 to Dec. 7
Porto Rican-American Tobacco (guar.)._ 4
el0 Dec. 7 Nov. 16 to Dec. 7
• Stook dividend
Pressed Steel Car, corn. (guar.) (No. 24) 1% Dec. 6 Holders of rec. Nov. 15a
1% Nov.22 Holders of reo. Nov. la
Preferred (quay.) (No. 71)
2% Dec. 31 Holders of roe. Nov.29
Producers Ott (guar.)
30e. Dee. 1 Nov. 16 to Nov.30
Pure Oil, common (guar.)
20e. Dee. 1 Nov. 16 to Nov. 30
Common (extra)
2% Jan. 15 Holders of rec. Dec. 30a
Quaker Oats, common (guar.)
1% Feb. 28 Holders of rec. Feb. la
Preferred (guar.)
Quaker Oats, preferred (guar.)
1% Nov. 29 Holders of reo. Nov. la
1% Jan. 1 Holders of rec. Dee. 18
Republic Iron de Steel, preferred (quar.)_
Jan. 1 Holders of roe. Dec. 16
Pref. (account accumulated dividends)- - 54
St. Joseph Lead (guar.)
25e. Dee. 20 Dec. 10 to Dee. 20
Dee. 20 Dee. 10 to Dee. 20
Extra (from reserve for amortization)---- $1
Solar Refining
Dec. 20 Nov. 30 to Dec. 20
5
Dec. 1 Holders of roe. Nov. 15
6
Southern Pipe Line (guar.)
Jan. 2 Holders of rec. Dec. 15a
5
South Porto Rico Sugar, corn. (guar.)
Jan. 2 Holders of rec. Dec. 15a
2
Preferred (guar.)
1% Dec. 1 Holders of rec. Nov. 21
Southwestern Power dc Light, pref. (quar.)_
Nov.29 Holders of reo. Nov.20a
Standard Milling, corn. (quay.) (No. 6)_ kl
kl
Nov. 29 Holders of see. Nov. 20a
Common (payable in common stook)
1% Nov. 29 Holders of reo. Nov. 20'
Preferred (guar.) (No. 28)
Standard 011 (California)(guar.)(No.32) 2% Dec. 15 Holders of rec. Nov. 20
3
Nov. 29 Nov. 7 to Nov.30
Standard 011 (Indiana) (guar.)
Dee. 15
Dec. 15 Dee. 1 to
Standard 011 (Kansas)(guar.)(No.40)... 3
2
Dec. 15 Dec. 1 to Dec. 15
Extra
10
Dee. 20 Holders of reo. Nov.20a
Standard Oil (Nebraska)
Dee. 15 Holders of rec. Nov. 20a
5
Standard Oil 0/N. J. (guar.)
2
Dec. 15 Holders of reo. Nov. 24a
Standard Oil of New York (guar.)
3
Jan. 1 Dee. 2 to Dee. 20
Standard Oil (Ohio) (qUar.)
1
Jan. 1 Dee. 2 to Dee. 20
Extra
Studebaker Corporation, common (guar.) 2% Dec. 1 Holders of rec. Nov. 20a
1% Dec. 1 Holders of rec. Nov. 20a
Preferred (guar.)
33 1-3 Nov. 25 Holders of reo. Oct. 16a
Swift & Co. (extra)
2% Dec. 31 Holders of rec. Nov. 29a
Texas Company (guar.)
Underwood Typewriter, common (guar.) 1% Jan. I Holders of rec. Dec. 20a
134 Jan. 1 Holders of rec. Dec. 20a
Preferred (guar.)
1% Dee. 15 Holders of rec. Dec. 5
Union Bag & Paper Corporation (quar.)_ _
2
Jan. 3 Dec. 7 to Jan. 2
Union Carbide (guar.)
lg Dec. I Holders of rec. Nov. 24a
United Cigar Mfrs., pref. (guar.)
United Cigar Stores of Amer., pref. (qu.).. 1% Dec. 15 Holders of rec. Nov. 29a
1% Dec. 1 Holders of roe. Nov. 15a
United Drug, second prof (qu.)(No. 3)
1% Dee. 31 Holders of rec. Dec. 22
U. S. Gypsum, preferred (quar.)
5o. Dee. 1 Holders of roe. Nov. 16
United States Steamship (extra)
1% Dec. 30 Dee. 2 to Dec. 10
U. S. Steel Corporation, corn. (quar.)__ _
Common (extra)
1
Dec. 30 Dec. 2 to Dee. 10
Preferred (guar.)
1% Nov. 29 Nov 7 to Nov. 19
Utah Consolidated Mining (guar.)
$1.50 Dec. 20 Holders of rec. Nov. 25
Westinghouse Air Brake (extra)
55
Nov. 21 Holders of rec. Oct. 31a
White (J.0.) Co.,Inc.,Pf.(0.11.)(No.54)._
1% Dee. 1 Holders of reo. Nov. 21a
White(J.G.) Eng., pf. (guar.) (No. 15)... 1% Dec. 1 Holders of rec. Nov. 21e
White (J.G.) Manag't, pf. (qu.)(No. 15) 1% Dee. 1 Holders of rec. Nov. 180
White Motor (guar.)
$1 Dec. 31 Holders of rec. Dec. 15
Woolworth(F.W.) Co.,corn.(qu.)(No.18) 2
Dec. 1 Holders of rec. Nov. 100
a Transfer books not closed for this dividend. b Less British income tax.
d Correction. e Payable In stock. 1Payable in common stock. g Payable in
scrip. la On account of accumulated dividends. i Declared on common stock
1863
%, payable March 1 1917
234%, payable Doe. 1 to holders of record Nov. 28;
to holders of record Feb. 26 1917; 214% June 1 1917 to holders of reoord May'29
1917: 234%, payable Sept. 1 1917 to holders of record Aug. 29 1917. k Declared
a dividend of 8% on the common stock, payable one-half In cash and one-half in
common stook at par, In quarterly installments as follows: I% cash and 1% oom.
stook on Nov. 29 to holders of record Nov. 20; 1% cash and I% corn. stock on
Feb. 28 1917 to holders of record Feb. 19 1917; 1% cash and I% corn. stook on
May 31 1917 to holders of record May 21 1917: 1% cash and 1% com, stock on
Aug. 31 1917 to holders of record Aug. 21 1917. 1 Declared 1%, payable one-half
Dec. 20 and one-half March 20 1917. m Declared 3%,134% payable as above and
154% July 1 1917 to holders of record June 15 1917.
Imports and Exports for the Week.-The following are
the reported imports of merchandise at New York for the
week ending Nov. 11 and since the first week of January:
FOREIGN IMPORTS AT NEW YORK.
1915.
1914.
For Week.
1916.
For the week
Previously reported_
$23,799,866
1,069,532.901
$20,554,939
819,097,317
Total 45 weeks..
$1,093,332,767
$839,652,256
I
$17,540,5301
831,230,1221
1913.
$22,108,366
827,487,977
$848,770,6521 $849,596,343
EXPORTS FROM NEW YORK FOR THE WEEK.
1916.
1914.
1915.
$44,829,027
$50,548,070
For the week
Previously reported_ 2,446,594,004 5,463,670.724
Total 45 weeks
$2,491,123,031 $1,514,218,794
1913.
$24,189,270
723,598,981
$17,537,272
740,508,310
1747,788,2511 $758,045,582
EXPORTS AND IMPORTS OF SPECIE AT NEW YORK.
Week ending Nov. 11
Exports.
Gold.
Since
Jan. 1.
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
Imports.
Week.
1581,210 $6,649,903
27,670,441
13,000
736,500
1,550,000 12,471,653
14,288,825
Since
Jan. 1.
$37,131,507
23,971
$11,580
854
93,589
16,305
9,800,834
3,214,837
8,385,576
2,361,460
$1,644,210 $61,817,322 $122,328 $60,918,185
200,000 15,119,188 9,832,645 80,621,837
305,649 8,381,876
33,958 128,168,441
I
$1,227,772 $43,131,490
$44,358
7,477
I468,600
540,
501
I
857,061
29,517
1,532,203
10,300
52,871
200,770
5,095
206,628
8,002,535
5,581,799
1,405,001
$1,228,362 $46,029,1711 $208,736 115,247,798
829,521 35,619,2971 306,317 9,302,980
723,766 38,136,100
147,048 8,759,104
Of the above exports for the week In 1916,$1,643,000 were American gold coin.
The Federal Reserve Banks.-Following is the weekly statement issued by the Federal Reserve Board on Nov. 11:
The statement indicates large purchases during the week of bank acceptances, the amount on hand-$90,913,000-being the largest ever
shown in the Board's weekly statements. Total investments of the banks show but little change, owing to considerable sales of United States
bonds and liquidation on a large scale of' city warrants, mainly Now England town notes.
No appreciable changes in either gold or cash reserves of the system are shown, though considerable shifting of funds between the banks,
mainly through the Gold Settlement Fund, was affected during the past week. The largest transfers of gold were made by the New York, Boston
and Atlanta banks. Gold to the amount of 6.3 millions was transferred during the week to the Agents against Federal Reserve notes issued to
the banks, the total gold holdings of the Agents reaching the unprecedentedly large total of $231,339,000. The gold resources of the system,
Including the amounts held by banks and Agents, stand now at $638,175,000, which is more than 25% of the total gold of the country held outside
the United States Treasury. Since the corresponding date in 1915, when the gold resources of the system totaled $460,602,000, the gold in the
banks has increased by $109,389,000, while tno gold with the Agents has increased by 168.184,000.
Discounted paper on hand shows a decrease for the week of about $300,000, notwithstanding the increase of over 1.1 millions in discounts
reported by tho Boston bank, practically all other banks active In the discount field, especially the three Southern banks, reporting reduced holdings of this class of paper. Of the total discounts, about 1 1-3 millions is represented by members' collateral notes discounted for banks, largely
of the Philadelphia and Atlanta districts. Acceptances on hand increased about 5.8 millions, New York, Boston and San Francisco reporting large
purchases for the week. Of the total bills--incIuding acceptances-on hand about 32% mature within 30 days and 41% after 30 but IN ithin 60 days.
Transactions in Government securities are reported by ten banks, resulting in decreases of $1,687,000 In the amount of United States bonds
and of $20,000 in the amount of Treasury notes on hand. A decrease of over 3.4 millions Is shown in the aggregate holdings of warrants. Total
earning assets-$181,187,000-are about $40o,o00 larger than the week before, and constitute 325% of the banks' paid-in capital, as against 348%
about 3 months, and 300% about 6 months previous. Of the total earning assets 50.2% is represented by acceptances; 21.5% by United States
bonds; 11.3% by warrants; 10.7% by discounts; and 6.3% by Treasury notes.
Government deposits declined about 5.3 millions, Richmond, Chicago and St. Louis reporting considerable net withdrawals of Government
funds for the week. Net bank deposits increased 4.1 millions, large gains under this nead being shown for the Philadelphia, Cleveland and St. Louis
banks.
Federal Reserve bank notes in circulation show a slight decline. The Agents report the issue of $247,873,000, net, of Federal Reserve notes,
secured by $231,339,000 of gold and $16,735,000 of paper. Most of the banks report larger amounts of Federal Reserve notes in circulation, the
Increase for the wee being 37,674,000. The bank's aggregate liabilities upon notes issued to them by the Agents are stated as $13,886,000.
The figures of the consolidated statement for the system as a whole are given in the following table, and In addition
we present the results for each of the eight preceding weeks, thus furnishing a useful comparison. In the second table we
show the resources and liabilities separately for each of the twelve Federal Reserve banks. The statement of Federal Reserve
Agents' Accounts (the third table following) gives details regarding the transactions in Federal Reserve notes between the
Comptroller and the Ittserve Agents and between the latter and the Federal Reserve banks.
COMBINED Elb; ()URGES AND LIABILITIES OF THE FEDERAL RESERVE BANKS AT THE CLOSE OF BUSINESS Nov. 10 1916.
•
'
Nov 10 1016 Nov. 3 1910. Oct. 27 1916. Oct. 20 1916. Oct. 13 1916. Oct. 6 1916. Sept. 29 1916 Sept. 22 1916 Sept. lb 191$
RESOURCES.
265,897,000 5278,157,000 $274,001,000 $281,515,000 $267,400,000 4285.626,000 S260,845.0003258,711.000 $250,308,001
Gold coin and certificates in vault
Gold settlement fund
139,571,000 127,641,000 122,587,000 121,351,000 125,261.000 119,441,000 124.421,000 117.791,000 125,271,000
1,929.000
1,910,000
1,941,000
1,391,000
1,687,000
1.894.000
1,418,000
1,391,000
Gold redemption fund with U. S. Treasurer...
1,368,000
Total gold reserve
Legal tender notes, silver. ko
406,836,000 5407,192,000 $397,979,000 $384,284,000 $194,348,000 8386.977.000 $387,195,000 $378,443,000 $377,473,000
7,811,000
7,642,000
7.898.000
9,976,0001 10,561,000 11,377,000 13,991,000
7,312,000
6,884,000
Total reserve
$414,148,000 $414,076,000 5407,955.000 $394,845,000 1405,725,000 4400,968.000 3395,006,000 S386.085,000 $885,371,000
6% redemption fund ag'sre. It. bk notes
500,000
370,000
500,000
500,000
500,000
420,000
450,000
420,000
420,000
Bills discounted and boughtMaturities within 10 days
Maturities from 11 to 30 days
Maturities from 31 to 60 days
Maturities from 61 to 90 days
Maturities over 90 days
Total
•
$11,807,000 112,030,000 $16,808,000 414,311,000 $13,543,000 415.061,000 $21,408,000 $24,378,000 $15,685,000
23,315,000 23,278,000 20,513,000 24.461,000 27,175,000 27,810,000 23,245,000 24,238,000 32,521,000
45,511,000 41,473,000 39,062,000 35,928,000 33,591,000 32,112,000 36,527,000 37,893,000 39,788,000
28,073,000 26,719,000 29,620,000 28,147,000 23,986.000 24.947.000 23,882,000 23,594,000 20,697,000
1,191,000
1,210,000
1.164,000
1,516.000
1,487,000
1,213,000
1.631.000
1,263,000
1,587,000
110,293,000 $104,763,000 $107,216,000 $104,057,000 599.416.000 $101,094,000 S106,578,000 S111,590.000 $110,322.000
Acceptances (included In above)
90,913,000 $85,081,000 .886,085,000 482,692,000 $77,387,000 377,438,000 580,625,000 583,884.000 S82,609,000
Investments: U. S. bonds
One-year U. S. Treasury notes__
Municipal warrants
38,853,000 $40,540,000 $40,469,000 $41,335,000 $42,642,000 $44,370,000 $46,544,000 $47,553,000 $46,915,000
6,927,000
8,039,000
8,763,000
9.039,000
11,347,000 11,307,000 11,435,000 11,697,000 10,444,000
20,694,000 24,100,000 29,890,000 32,543,000 31,542.000 29,085,000 24,028,000 24,137,000 23,714,000
Total earning assets
••••••••
1111 lia7
nnn ta on 'MI nnn
t1Q0
nin nnn ti 620
R.
19
nnn lista a la non
21R2 219
nnn si Rs n77 nnn 211:11
210 win t1R0
aan nnn
THE CHRONICLE
1864
[VOL. 103.
Nob 10 1916 Nov. 3 19113. Oct. 27 1916. Oct. 20 1916.1Oct. 13 1916, Oct. 6 1918.1Sept. 29 191618ept. 22 1916 Sept. 15 1916
RESOURCES (Concluded).
Brought forward (total reserve & earn'g assets) 595,785,000 $595,266,000 $597,385,000.$584,897,0001$590,209,000 $584,780,000 $579,583,000 $577,904,000 $575,801,000
17,613,000 $17,749,000 $16,846,000 $15,181,000 $15,230,000 $14,894,000 $14.250.000 $16,080,000 519.975,000
35,065,000 34,778,000 33,197,000 30,604,000 30,089,000 26,232.000 31.365,000 29,266.000 28,937,000
8,451,000
2,969,000
2,675,000
3,045,000
2,630,000
3,071,000
7.543,000
2,483,000
3,708.000
Federal Reserve notes-Net
Due from Federal Reserve banks-Net
All other resources
$650,946,000 $650,864,000 5651,136,000 $633,312,000 $638,253,000 $628,951,000 5632.741,000 $631,701,000 $827,742,000
Total resources
LIABILITIES.
55,710,000 $55,709,000 $55,703,000 $55,682,000 $55,682,000 $55,684.000 555.393,000 355,423.000 $55.416,000
23,339,000 28,686,000 29,982,000 26,116,000 +26,515,000 33,971,000 38.985,000 39,947.000 40,199,000
556,462,000 552,386,000 551,918,000 538,102,000 +542243000 526,019.000 521,740,000 518,466,000 514.343,000
13,886,000 12,627,000 11,966,000 11,896,000 12,316,000 11,732,000 13,216,000 14,605,000 14,223,000
3,214,000
2,914,000
3,033.000
1,033,000
1,033,000
1,031,000
1,031,01)0
1,032,000
1,030,000
347,000
356,000
374,000
462,000
425,000
464,000
536,000
484,000
519,000
Capital paid In
Government deposits
Member bank deposits-Net
Federal Reserve notes-Net
Federal Reserve bank notes in circulation
All other liabilities
650,94(3,000 $650,864,000 $651,136,000 $633,312,000 $638,253,000 $628,951,000 11632,741,000 $631,701,000 $627,742,000
Total liabilities
Gold reserve ag'et net dep. & note liabilities (a)
Cash reserve ag'st net dep. & note liabilities (a)
Cash reserve against net deposit liabilities aftet
setting aside 40% gold reserve against aggregate net liabilities on F. R. notes in
circulation (a)
72.8%
74A%
72.9%
74.1%
71.0%
72.8%
70.4%
72.4%
75.0%
74.9%
73.5%
73.1%
71.6%
73.6%
73.4%
70.9%
73.5%
71.4%
72.8%
696%
71.0%
69.9%
71.4%
74.2%
73.6%
71.9%
72.2%
(a) Less items in transit between Federal Reserve banks, via
$35,065,000 $34,778.000 $33,197,000 $30.604,000 $30,089,000 $26,232,000 $31.365.000 $29.266,000 $28,937.000
Mend Reserve NotesIssued to the banks
In hands of banks
$247,873,000 $24C,534,000 $234,876,000 $230,803,000 $225,882,000 $220,490,000 $213,967,000 $209,778.000 $202.530,000
20,261,000 20,596,000 20,254,000 18,759,000 18,758,000 19,126,000 17,429,000 18,143,000 23,121,000
-$227,612,000 $219,933,000 $214,622,000 8212,044,000 $207,124,000 3201,364,000 $198,538,000 $191,635,000 $179,409,000
In circulation
$231,339,000 $225,060,000 $219,502,000 $215,329,000 $210,088,000 $204,476,000 $197,572,000 $193,110,000 $185.161,000
15,280,000 14,894,000 14,250,000 16,080,000 19,975.000
17,613,000 17,749,000 16,846,000 15,181,000
13,886,000 12,627,000 11,966,000 11,896,000 12,316,000 11,782,000 13,216.000 14.605.000 14,223,000
Gold and lawful money with Agent
Carried to net assets
Carried to net liabilities
Federal Reserve Notes (Agents' Accounts)Received from the Comptroller
Returned to the Comptroller
389,580,000 $380,260,000 $378,760,000 $374,600,030 $368,100,000 $364,140,000 $354,180,000 $352,900,000 5351.400,000
83,937,000 82,736.0001 81,194,000 79,838,000 78,716,000 77,588,000 72,042,000 70,891,000 69.829,000
Amount chargeable to Agent
In hands of Agent
305,643.000 $297,524,000 $297,566,000 $294,762,000 $289,384,000 5286.552,000 $282,118,000 1282,009,000 $281.571,000
57,770,000 56,990,000 62,690,000 63,959,0001 63,502,000 66,062.000 68,151,000 72,231,000 79,041.000
247,873,000 $240,534,0001$234,876,000 3230,803,000 $225,882,000 $220,490,000 $213,967,000 1209,778.000 $202,530,000
Issued to Federal Reserve banks
How Secured1
By gold coin and certificates
143,439,000 $140,740,0001$137,980.000 $134,850,000 $132,248,000 $130,128,000 $131,628,000 4131,535,000 $129,365,000
By lawful money
Ely commercial paper
16,534,000 15,474,000 15,374.000
15,474,0001 15,704,000 16,014,000 16,395,000 16,668,000 17,369,000
9,764,000 10,345,000 10,366,000
Credit balances in gold redemption fund. 10,350,000 10,730,000 10,392,000 11,289,C00 11,880,000 11.918,000
Credit balances with Federal Reserve 13'd. 77,550,000 73,590,000 71,130,000 69,190.(:00 65,960,000 62,430,000 56,180,000 61.230,000 45,430,000
Total
Corainercial paper delivered to F. R. Agent
$247,873,000 $240,534,000 $234,876,000 $230,803,000 $225,882,000 $220,490,0001$213,967.000 $209,778,000 $202.530.000
-$16,735,000 $16.065,000 $15,817,010 $16.338.000 $16.296,000 $16.220.0001 $17.054,000 $17.981.000 118,452.000
'Including bankers' and trade acceptances bought in the open market. t Amended figures
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF EACH OF THE 12 FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS NOV.191916
Boston.
New York. PMladera. Cleveland. Richmond. Atlanta.
Chicago
5i. Louis. 1 Minneap Kan. City 1 Dallas
San Fran
Total.
$
S
I
$
$
S
RESOURCES.
$
S
S
1
I
I
$
$
Geld coin dr eds. In vault 11,421,000157,476,000 15,474,00015,741.000 4,384,000 4,166,000 27,928,000 6,215,000 6,266,000 4,179,000 4,086,000 8,581,000 265,897,000
797,00023,777,000 8,967,000 7,377,000 12,870,000 13,918,000 3,795,000 139,571,000
Gold settlement fund... 8,038,000 10,076,000 13,869,000 16,455,000!19,632,000
10,000 1,368,000
160,000
115,000
30,000
55,000
250,000
50,000
5,000
64,000
Gold redemption fund__
206,000
200,000
223,000
13,673,000117,164,000 18,164,000 12,386,000406,836,000
Total gold reserve_ ___ 19,464,00 167,802.00029,393,000 32,260,00024,219,000 5,169,00051,905,00015,237,000,
108,000 7,312,000
171,000
30,000
237,000 1,111,000
Legal-ten.notes,silv Ace
210,000 2,859,000
849,0001 1,105,000, 211,0001
49,000
372,000
Total re erve
19,674,000 170,661,000 29,630,000 33,371,00024,268,000 5,541,00052,754,000 16,342,000113,884,00617,194,00618,335,000 12,494,000414,148,000
5% redemp fund-FR.
450,000
80,000
370,000
bank notes
Bills:
269,000 19,380,000
779,000 2,190,000
516,000
283,000 2,983,000 3,449,000 3,003,000 1,974,000 1,346,000
Discounted --Members 1,517,000 1,071,000
835,000 10,118,000 90,913,000
Bought In open mkt 13,662,000 28,326,000 11,007,000 6,204,000 1,438,000 4,446,000 6,116,000 4,565,000 2,529,000 1,667,000
Total bills on hand... 15,179,000 29,397,000 11,523,000 6,487,000 4,421,000 7,895,000 9,119,000 6,539.000 3,875,000 2,446,000 3,025,000 10,387,000110,293,000
Investments" U. 8 bds.. 2,012,000
One-yr. U S. Tr. notes 1,000,000
Municipal warrant& _ 1,794,000
1,213,000 2,096,000 5,417,000
443,000 1,210,000 6,883,000 2,308,000 2,727,000 9,190,001 2,720,000 2,634,000 38,853,000
580,000 11,347,000
705,000
700,000
963,000
718,00 1,070,000
1,205,000 1,174,000
824,000 1,517,000
891,000
61,000
75,000 2,113,000 20,694,000
470,000
5,336,000 1,878,000 3,828,000
292,000 2,609,000 975,000 1,263,000
Total earning assets_ 19,985,000 37,151,000 16,671,00016,450,000 5,995,000 10,221,00020,128,000 10,713,000 8,565,00013,069,000 6,525,000 15,714,000181,187,000
Fed. Ree've notes-Net 1,221,000 10,948,000
Due from other Federal
Reserve Banks-Net. 814,000 9,073,000
All other resources
278,000
29.000
Total resources
642,000
367,000
2,664,000
176,000
32,000
1,071,000
2,332,000 17,613, 00
1,032,000
430,000 4,666,000 8,244,000 5,495,000 1,717,000 2,714,000
141,000
46,000
385,000
300,000
144,000
138,000
2,415,000a35,065.000
468,000 2,483,000
346,000
41,723.000228,111,000 46,975,000153,028.000 30,831,00020,572,00082,582,00032,850,000 25,244,00033,488,00025,286,00033,423,000 650,946,000
LIABILITIES.
1
Capital paid in
5,021,000 11,909,000 5,224,0001 5,993,000 3,340,000 2,479,000 6,682,000 2,794,000 2,608,000 3,044,000, 2,695.000 3,921,000 55,710,000
204,000 1,720,000 2,007,000 23,339,000
928,000
Government deposit& _
929,000 3,462,000 3,975,000 1,463,000 2,710,000 3,489,000 1,000,000 1.452,000
Member bk deposits-Net 35,577,000 212,687,000 36,282,00045,572,00021,507,000 12,142,00074,889,000 23,724,000 21,708,00028,089,000 16,829.00027,456,000556,462,000
13,881,000
4,880,000
1,121,000 2,222.000
Fed. Reteve notes-Net
3,249,000 2,414,001
1,030,000
1,030,000
F.R.bank notes in etre' 1
1 1,820,000
Due to F.R.banko-Ne'
1.347,000.
519,000
39,000
11,0001
196,000
25,000
48,000
All other liabilities
53,000
147,000
' .._
Total liabilities
41,723,000228,111,00046,975,00053,028,00030,831,00020,572,00082,582,00032,850,000 25,244,000 33,488,00025,286,00033,423,000010,946,000
Federal Reserve Notes---Issued to banks
11.336,000 86,032,000 10,291,000 8,874,000 17,064,00022,945,000 3,159,000 15,751,000 17,151,000 19,146,00024,847,000 11,477.000247,873,000
519,000
184,000 2,332,000; 20,261,000
367,000
642,000
371,000 1,107,000 1,071,000
467,000 1,032,000
1,221,000 10,948,000
In hands of banks
F.R. notes In efreulatto i 10,115,000! 75,084,000 9,649,000 8,307,000 16,603,000 21,838,000 2,088,00015,284,000 16,119:000l8,627.00024,663,000 9,145,006227,612,000
Gold and lawful mone ,
with agent
11,3313,000 86.032,000 10,291,000 8,674,000 13,444,000 19,424,000 3,159,000 10,404,000 17,151.000 17,506,000 22,441,000 11477,000231339,000
1,032,00012,332,000, 17,613,000
642,000
1,071,000
Carried to net amts.__ .1 1,221,000 10.948,000
367,000
1 13.888.000
q °do nnn 9 414 nnn
4 RRil nnn
1.121 00(11 2.222.000
Carried to net liabilities
a Items in transit, I. e.. total amounts due from less total amounts due to other Federal Reserve banks.
STATEMENT OF FEDERAL RESERVE AGENTS'ACCOUNTS NOV. 10 1916.
Boston.
New Yo•k, Philadel'a, Cleveland. Richmond. Atlanta.
Chicago. St. Louts. Minneop. Han City
Dallas. San Fran.
Total.
$
$
I
$
8
3
$
$
3
$
$
Federal Reserve NOtes$
$
Reted from Com ptrolr 24,880,000 153.400,000 15,800,000 15,160,000 25,000,000 29,420,000 9,380,000 20,580,000 22,500,000 23,220,000 35,320,000 14,920,000 389,580,000
729,000 1,861,000 3,973,000 1,543,000 83,937,000
Returned to Comptrol 6,564,000 47,608,000 5,509,000 3,186,000 5,886,000 3,489,000 1,340,0001 2,249,000
Chargeable to Agent.-- 18,316,000 105,792,000 10,291,00011,974,000 19,114,00025,931,000 8,040,000 18,331,000 21,771,000 21,359,000 31,347,000 13,377,000 305,643,000
In hands of F.R.Agent 6,980,000 19,760,000
3,300,000 2,050.000 2,986,000 4,881,000 2,580,000 4,620,000 2,213,0001 6,500m0
1,900,000 57,770,000
Issued to F. R. bank. 11.336.000 86,032,00010,291,000 8,674,000 17,064,000 22,945,000 3,159,000 15,751,00 i 17,151,000 19,146,000124,847,000 11,477,000247,873.000
Held by F. R. Agent-143,439,000
5,165,000l2730,000 4,270,000 10,340,000
4,560,000
Gold coin ac cents__ _. 10,800,000 83,614,000 3,820,000 8,140,000
Credit balances'
427,000 10,350.000
209,000
929,000 871,000
444,000 1,314.000
836,0001 1,221,000
611,000
534,000
536.000 2,418,000
In gold redemption rd
13,000,000 13,530,000 2,950,000 4,310,000 3,550,000 12,400,0 10,880,000 11,050.000 77.550,000
5,860,000
Witb F. R. Beard.
Notes secured by corn-1
16,534.000
1,640,000 2,406,000
5,347.000
3,620,000 3,521,000
mercial paper
Total
11,336,000 86,032,000 10.2r)1,000 8,674,000 17,064,000 22,945,000 3,159,000115,751,000 17,151,000 19,146,000 24,847,000 11,477,000247,873,000
Amount of comml pape
16.735,000
1 5.348.000
1.674.000 2.463.000
delivered to F.RAg'tl
r
3.716.00() 3.534.003
1865
THE CHRONICLE
Nov. 18 1916.)
detailed statement
figures for the separate banks are tho 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 th., totals 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.
Statement of New York City Clearing House Banks and Trust Companies.-The following
shows the condition of the New York City Clearing House members for the week ending Nov. 11. The
LEARING HOUSE
MEMBERS.
Week Ending
Nov. 111916.
(00s emitted .)
Loan*,
Discounts,
/nreelmls.
rat.B'keSept.12)
rte.
Statell'icsSept.20
!embers of Federal
Reserve Bank.
ink of N. Y., N B.A
erckante Nat. Bank
ech. & Metals Nat.
ational City Bank__
hemical Nat. Bank__
tiantic National Bank
at. Butchers' & Drov
mer. Exch. Nat Bank
'Atonal Bank of Cora.
lhatham & Phenix Nat
anover National Bank
[Wens' Central Nat...
:arket & Fulton Nat..
hrn Exchange Bank..
aporters'& Traders'_.
ational Park Bank__
sat River Nat. Bank..
icond National Bank.
tat National Bank__
ving National Bank..
. Y. County Nat. Bk.
hue National Bank..
Incoin National Bank.
arfield National Bank
Ifth National Bank__
'aboard Nat. Bank__
!betty National Bank
oal riv Iron Nat. Bank.
Ilion Exchange Nat__
'alum Nat. Bank._..
roadway Trust Co-_
Capital.
' Net
Profits.
Gold.
Legal
Tenders.
Silver.
Nat.BankiNat itank
Federal
Notes
Notes
[Reserve
[Not
Reserve
for &ate Counted
Notes
haikuas
[Not
lions]. Reserve]. Reserve],
Average. Average. Average. Average. Average. Average. Average.
s
$
$
$
$
a
$
$
$
1,0
.5,0
533,0
851,0
2,000,0 4,887,0 • 35,315,0 2,995,0
34,0
35,0
849,0
305,0
27,310,0 1,750,0
2,000,0 2,419,0
110,0
83,0
6,000,0 9,455,2 123,963,0 17,059,0 2,144,0 6,002,0
103.0
774,0
25,000,0 a42.650,9 398,053,0 74,311,0 4,567,0 1,920,0
46,0
43,0
743,0 1,033,0
38,417,0 2,966,0
3,000,0 8.264,6
18,0
17,0
12,917,0 1,491,0
185,0
194,0
801.6
1,000,0
41,0
5,0
116,0
2,893,0
60,0
93,0
300,0
132,0
77,0
84,569,0 5,841,0 2,066,0 1,496,0
5,000,0 5.378,9
58,0
25,000,0 18,408,2 241,065,0 17,999,0 6,435,0 3,174,0
182,0
294,0
67,563,0 4,626,0 1,808,0 1,896,0
3,500,0 2,009,3
58,0
24,0
860,0
3,000.0 15,916,0 135,400,0 21,931,0 2,006,0
10,0
36,0
200,0 1,151,0
952,0
27,828,0
2,550,0 2,582,2
10,0
62,0
484,0
452,0
10,776,0 1,045,0
1,000,0 2,037,7
551,0
972,0 3,837,0
92.173,0 6,805,0
3,500,0 7,086,8
101,0
300,0
34,422,0 1,935,0 2,618,0
1,500.0 7,630.9
71,0
58.0
5,000.0 15,909,7 148,031,0 12,177,0 2,688.0 3,115,0
5,0
8,0
180,0
250,0
37,0
2,154,0
77,3
101,0
49,0
43.0
17.642,0 1,129,0
1.000,0 3,452.2
552,0
168,0
22,0
10.000,0 23.705,4 163,671,0 19,223,0 1,667,0 2,756,0
9,0
95,0
76,925,0 6,845,0 1,283,0 3,016,0
4,000,0 4,077,5
23,0
100,0
10,712,0
131,0
500,0 1,133,1
847,0
407,0
100,0
93,0
10,000,0 10,866,8 211,936,0 30,362,0 6,353,0 2,735.0
52,0
80,0
10,484,0 1,536,0
162,0
563,0
1,000,0 1,942,8
101,0
25,0
154,0
9,067,0 1,048,0
442,0
1,000,0 1,292.9
9,0
352,0
109,0
137,0
5,739,0
425,7
250,0
21,0
41,719,0 3,958,0 2,203,0 1,581,0
20,0
1,000.0 2,983.9
51,752,0 5,225,0
19,0
497,0
869,0
1,000,0 3,518,9
10,080,0
6,0
108,0
741,0
43,0
249,0
749,2
1,000,0
243,0
11,388,0
341,0
17,0
566,0
8,0
1,000,0 1.123.0
482,0
9,807,0
482,0
175,0
46,0
15,0
1.000,0 1.131,9
188,0
21,360,0 1,749,0
581,0
84,0
32,0
957.8
1,500.0
Totals. avge.for week 123.850,0 202,974,2 2,144,137,0 247,207,0 42,000,0 42,319,0
2,180,160,0 240,901,0
2,118,539,0 247,294,0
2,089,724.0 224,161,0
2,053.935,0 200,200,0
=--
2,074,0
39,688,0
48,546,0
50.469,0
55,348,0
40,591,0
39,324,0
44,546,0
47,760,0
5,750,0
4,924,0
1,102,0
505,0
211,0
1,051,0
332,0
853,0
2,237,0
408,0
646,0
814,0
278.0
1,248,0
2,216,0
1,224,0
1,377,0
201,0
526,0
02,0
1,387,0
52,0
330,0
949,0
89,0
59,0
401,0
267,0
433.0
737,0
1,594,0
685,0
410,0
87,0
165,0
1,049,0
58,0
35,0
938,0
103,0
219,0
261,0
155,0
469,0
562,0
90,0
41,0
287.0
142,0
5,0
48,0
38,0
10,0
46,0
135,0
70,0
53,0
34,0
68,0
184,0
'ota/s, awe. for week_ 11,950,0 26.645.7
213,546,0 22,575,0
8,124,0
6,780,0
otals, actual condition! Nov. 11
otals, actual condition Nov. 4
ORIEL actual condition Oct. 28
'gals. actual condition! Oct. 21
213,265.0
213,454,0
210,469,0
209,470,0
22 1)10.0
22,101,0
22,310,0
22,118,0
7,038,0
7,852,0
6,730,0
7,212.0
7,185,0
7,433,0
6,813,0
6,612,0
Trust Companies.
Not Members of
Federal Reserve Rank.
rookiyn Trust Co____ 1.500,0 4,031,4
10,000,0 16.403,0
enters' Trust Co
.8. Mtge.& Trust Co. 2,000,0 4,547,1
. 1,250.0 1.692,9
stor Trust Co
itie Guar.& Trust Co. 5,000,0 12,542.4
uaranty Trust Co__ 20,000,0 32,149,4
1,000,0 1.250,4
idelity Trust Co
awyers' Title & Trust. 4,000.0 5,571,0
°tumble Trust Co__ 2,000,0 8,286,9
1,000,0 1.690,4
eopie's Trust Co
'ew York Trust Co.,. 3.000.0 11.406,9
1,000,0 1,337,1
ranklin Trust Co
548,1
1,000,0
Imola Trust Co
letropolitan Trust Co. 2,000,0 5,454,2
36,249.0 1,943,0
204,208,0 17,364,0
65,766,0 4,573,0
29,689,0 2,163,0
42,911,0 2,340,0
355,054,0 28,101,0
647,0
10,192,0
20,379,0 1,598,0
85,971,0 5,954,0
22,683,0 1,714,0
70,871,0 5,243.0
19,223,0 1,241,0
13.635,0
855,0
61,396,0 5,463,0
324,0
602,0
53,0
14.0
196,0
7.614,0
50,0
300,0
227,0
144,0
332,0
165,0
106,0
749,0
°tato, actual condition
°tale, actual condition
otals. actual condition
otals, actual condition
State Banks.
Not Members of
Federal Reserve Bank.
ank of Manhattan Co
ank of America
.
reenwich Bank
.
aciflo Bank
.
eople's Bank
Ietropoiltan Bank.....
owery Bank
erman-American Bank
11th Avenue Flank....
erman Exchange Bank
'ermanla Bank
ank of Metropolis__
Test Side Bank
I. Y. Produce Ex. Bk.
late Bank
Nov. 11
Nov. 4
Oct. 28
Oct. 21
----
Average. Average.
$
$
2,313,0
1,872,0
9,667,0
33,688,0
2,606,0
1,160,0
141,0
7,435,0
17,580,0
5,206,0
12,566.0
2,647,0
986,0
7,03/,0
2,455,0
11,497,0
232,0
1,068,0
12,414,0
6,332,0
825.0
17,730,0
1,396,0
862,0
446,0
4,163,0
4,503,0
960,0
030,0
663,0
1,790,0 .
Nations
Bank
Net
CircuitsTime
Deposits, lion.
Average. Average. Average.
s
$
$
32,696,0 1,402,0
783,0
1,820,0
25,853,0
136,022,0 2,757,0 4,845,0
438,453,0 5,953,0 1,797,0
450,0
33,604,0
150,0
13,998.0
241,0
48,0
2,286,0
82,518,0 4,425,0 4,757,0
155,0
247,309,0 1,069,0
68,930,0 5,352,0 1,728,0
130,0
153,587,0
995,0
25,540,0 1,276,0
137,0
10,645,0
100,497,0
51,0
33,143,0
151,365,0 1,919,0 3,511,0
25,0
50,0
2,555,0
14,891,0
689,0
160,864,0
125,0 . 4,917,0
85,399,0
483,0
640,0
11,214,0
195,0
235,542,0 11,763,0
450,0
19,665,0
42,0
877,0
9,160,0
398,0
243,0
246,0
5,634,0
49,614,0
70,0
54,955,0 3,041,0
498,0
412,0
10,335,0
150,0
395,0
11,039,0
27,0
18,0
50,0
9,506,0
22,770,0
458.0
2,259,589,0 40,772,0 31,241,0
2,049,0 173,170,0
2,219,0 170,870.0
2,283,285,0
2,243,293,0
1.861,0 176,087,0
2,090,0 174,445.0 1.731,0 2,193.279,0
1.981,0 174,160,0
2,145.744.0
41,023,0
39,015.0
40,166,0
38,949,0
31,067,0
31,377.0
31.374,0
31,595.0
•
2,050,0
1,500,0
500,0
500,0
200,0
2.000.0
250,0
750,0
100,0
200,0
200.0
1.000,0
200,0
1,000,0
1,500,0
43,062,0
34,344,0
12,091,0
6,939,0
2,517,0
15,890,0
3,999,0
6,379,0
18,259,0
4,972,0
6,444,0
13,766,0
4,524,0
16,261,0
24.099.0
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
459.0
281,0
198,0
124,0
142,0
1,472,0
100,0
130,0
734,0
282,0
296,0
284,0
345,0
733,0
----.otitis. twee. for week_ 54.750,0 106.891,2 1,044.207,0 79,199,0 10.885,0 5,580,0
otals. actual condition
otals, actual condition
otals, actual condition
otals, actual condition
2,135,0
2,023,0
2,079,0
2,051.0
_
Addis'al
Reserve Deposits
with
with
Net
Legal
Legal
Demand
Deposf- Depend- Deposits.
larks.
tortes.
Nov.
Nov.
Oct.
Oct.
11
4
28
21
1,061,398,0
1,025,054.0
1,030,418,0
1,032.361,0
81,206,0 16,379,0
80,153.0 10,326.0
83,774.0 6.413,0
81,614,0 5,294,0
7,467,0
8.147,0
4,163,0
4,222,0
17,0
2,980,0
1,000,0
20,0
293,0
443,0
296.0
775,0 1,519,0
289,0
507.0
1,088,0
1,623,0
523,0
47,906,0
33,439,0
12,935,0
6,399,0
2.866,0
15,312,0
3,815,0
6,565,0
19,817.0
4,883,0
8,493,0
12,909,0
4,884,0
17,641,0
27.065.0
1,251,0
6.5.0
8,509,0 4.046,0
222,729,0
1,026,0
1,233,0
1,155,0
1,182,0
1,180,0
55.0
51,0
99,0
47,0
8,458,0
8,482,0
8,398,0
8.677,0
4,447.0
3,726,0
5.103,0
5.200,0
221.675,0
221,889.0
217.490.0
217,209.0
1,026.0
1,026.0
1.026.0
1.026.0
773,0
556,0
4,0
24,0
166,0
195,0
217,0
226,0
86,0
1,0
.
25,0
29,700,0 5,628,0
237.0
29,0 1,485,0 2,818,0
95,0 9,115,0 1,226,0 182.302,0 26,239,0
20,0
49,029,0 17,242,0
125,0
17,0 2,451,0 3,479,0
23,640,0 6,480,0
19,0
1.175,0 1,287,0
27,737,0 1,358,0
24,0 1,387,0 1,751,0
134,0
887,0 332,409,0 33,096,0
16,620,0
857.0
8,262,0
448,0
412.0
883,0
35,0
19,448,0
268,0
972,0
25,0
777,0
21,0
199,0 3,544,0
70,875,0 18,145,0
718,0
152,0
22,058,0 1,096,0
35,0 1,103,0 1,556.0
98,0
685,0
89,0 2,881,0
57,205,0 8,044,0
34,0
583,0
866,0
17,323,0 2,385,0
8,0
52,0
312,0 .. 13,541,0
677,0
14,0
644,0
76,0
59,090,0 5,453,0
44,0 2,954,0 5,459,0
377,0
-579,0 45,642,0 21,457,0 912,619,0 127,470,0
2.237.0
2,423,0
2,344,0
2,343,0
2,323,0
594,0
526,0
674,0
495,0
47,155,0 25,352,0
44,728,021,256.0
45,024,0 23,744,0
44.997,0 19,258,0
942,632,0 128,592,0
894,548,0 126.825,0
900,283.0 125.695,0
900.083.0 125.396,0
rand Aggregate. &vim_ 100.550,0 336.511,1 3,401,890,0 348.981,0 61,009,0 -E.4787-970 3,488,0
omparleon prey. week
+55,277,0 +118380 -3,687,0 -1,371,0 -112,0
2,074,0 2,693,0 227,321,0 25,503,0 3,394,937,0 169,268,0
+13,0 +652,0 -3,284,0 +58,180,0 +3.681,0
-76,0
condition
Nov.
11
Aggregato,actIiaI
3,454,823,0 344,77770 63,105,0 55,246,0 3.656,0 2,135,0 2,868,0 226,483,0 29,799,0 3,447,592,0 170.641,0
rand
ompartson prey. week
+97,776,0 -4.831,0 --3,619,0 +342,0 +157,0 +112,0 +430,0-2,814,0 +48170 +87,867,0 +3,775.0
-.•_,_-_-_=
rand Aggregate actual condition Noe. 4 3,367.047,0 349,5
54790-470 24:0 48374,0 9970 2.023,0 2,438,0 229.297,0 24,982,0 3,359,725,0 166.866,0
68:7
rand Aggregate actual condition Oct. 28 3.330.611,0 130,245,0 63,612.0 56,522,0 3,525,0 2,079.0 2.763,0221,867,0 30.578,0 3,311,052,0 186,887,0
27.834,0 24,458,0 3,263.036,0 165,371,0
rand Aggregate actual condition Oct. 21 3,295,766,0 303,932,0 67,854.0 58,594.0 3.503,0 2.051.0
2.523.02
1
33.000.000
Foreign
Branches.
for
aside
C Include. capital set
31.241.0
-261,0
31,067,0
-310.0
31.377.0
31.374.0
31,535.'1
STATEMENTS OF RESERVE POSITION.
Actual Figures
Aver•ges.
Cash Res,. .Reserre In
in Vrtnit. Depositaries
Total
Reserve
a Reserve
Requi*ed
Surplus
Reserve.
nc.
or Dm.
Inc. or DecI
i
b Reserve
Total
Surplus
from
from
Cash Reserse Reserve in
Required.
Reserve.
etdottsWsd
PreviousWeet in Vault. Dspertfarles Reserve.
$
3
3
1
$
$
s
$
s
Members Federal
$
$
$
Reserve Bank____ 331,526,000 173,170,000 504,696,000 108,764,620 95,931,380 -3,641,930 321,183,000170.870.000 492,053,000 413,042,450 79,010,550 26,496,960
38,730,000 8,509.000 47,239.000 40,091,22
+561,100 38,066,o i o 8,458,111 46,524,000 39,901,500 6,622,500 -460,480
State Banks*
7,147,780
+1,718,650
Trust Comeauless__ 97,001,000 45,642,000 143,543,000 136,892,850 6,650,150 + 1,56t,400 107,475,1 § i 47,155,iii 154,630,000141,394,800 13,235,2
--468,157,000227,321,000 695,478,000 585,748,690 109,729,310 -2,638,63 466,724,000226,483,000693,207,000 594.338,750 93,868,260 25,238,790
Total Nov.11
461,489,000226,669.000 688,158,000 575,790,060112,367,940 +6,639.1301474,675.000 „
i i I 703,972,000579,884.960124.107,040 +13,325,210
Total Nov. 4
105,728.810 +29,719,450 453,904,000 227.867,i .1 881,771,000 570,989.170,110.781.830 + 11,356.270
Total Oct. 28.... 445,267,0011225,165.030670,43200015154,703,
.
. .
637.942.000561.932 R4n 75 nnn.360 -1-3.691.780 433.883.000227,834.11 I 661.717.000.562,291.440 99.425,56 +30.511,150
..415
Total Oct. 21
• Not members of Federal Reserve Bank.
•This is the reserve required on Net Demand Deposita in the ease 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 Deposita,which was as follows:Nov. II. $2,038,600; Nov. 4. $1,936,450. Oct. 28. 31,986,350; Oct. 21, 31,943.700.
b This Is the reserve required on Net Demand Deposits In the ease of State Banks and Trust Companies, but In the ease of Members of the Federal Reserve Banes
ncludes also the amount of reserve required on Net Time Depoeita,which was as follows: Nov. 11, 32,051,150; Nov. 4, 31,950,750: Oct. 28, 32,103,300: Ost. 21. 81.947.450.
1866
THE CHRONICLE
[VOL. 1Q3.
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 New 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
previous week.
Nov. 11.
Loans and investments
$736,373,500 me. $2,171,200 York)and those for the rest of the State, as per the following:
Gold
60,365,300 Dec.
328,200
For definitions and rules under which the various items
Currency and bank notes
10,094,000 Ino.
421,200
Total deposits
947,290,100 Inc. 12,567,000 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
788,052,700 Ino. 9,677,900
Reserve on deposits
222,979,700 Ino.
699,800 ments of State banking institutions were published in the
Percentage of reserve. 29.8%.
"Chronicle" March 28 1914 (V. 98, p. 968). The regulaRESERVE.
Slate Banks
- -Trust Companies
- tions relating to calculating the amount of deposits and what
Cash In vaults
$13,364,500 10.76%
$57,094,800
9.15%
Deposits In banks and trust cos.-- 19,703,600 15.88%
132,816,800 21.30% deductions are permitted in the computation of the reserves
were given in the "Chronicle" April 4 1914 (V. 98, p. 1045).
Total
$33,068,100 26.64%
$189,911,600 30.45%
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 New 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 all these figures.
Week ended- Loans and
Investments
Aug. 19
Aug 26
Sept 2
Sent. 9
Sept. 16
Sept.23
Sept.30
Oot.
Oct. 14
Oct. 21
Oct. 28
Nov. 4
Nov. 11
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
4,068,917,0
4,070,418,5
4,052,003,8
4,038,408,1
4,080,815,3
4,138,263,5
Specie.
Other
Money.
Total
Entire
Money Reserve on
Holdings. Deposits.
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
436,941,7
453,886,5
464,025,3
$
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
78.019,6
74,591,0
$
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
515,508,3
531,906,1
538,616,3
Demand
Deposits.
3,899,806,1
3,932,568,9
3.973.033.4
4,036,621,1
4,005,139,9
4,038.274,9
4,067,109,0
4,068,969,4
4,055,441,7
4,041,662,1
4,056,792,1
4,11 , 31,8
4,182,389,7
$
846.646,0
863,608,9
861,249,8
821,018,7
833.730,4
875,570,3
877,445,1
855,865,7
840,263,4
835,547,5
877,385,6
910,437,9
918,457,7
STATE BANKS AND TRUST COMPANIES.
Stale Banks
Trust Cos.
Trust Co..
State Banks
outside of
in
outside of
in
Greater N. I'. Greater N. Y. Greater N. Y. Greater N. Y.
Week ended Nov. 11.
Capital as of June 30_-
$
23,450,000
$
75,550,000
8
11,783,000
Surplus as of June 30__ _
40,068,500
173,239,300
14,654,000
14,381,600
408,083,200 1,672,195,600
+1,397,100 +19,928,800
161,976,100
+425,400
256,833,700
+1,361.500
Deposits
575,823,300 2,041,824,400
Change from last week- +11,049,700 +37,551,000
176,640,500
+334,100
274,736,800
+1,444,600
371,319,500
+2,653,600
32,450,900
-496,100
40,997,700
+631,200
21.8%
22.0%
18.7%
18.4%
Loans and investments__
Change from last weekGold
Change from last week_
43,482,800
+439,400
134,839,300
1,726,800
Currency and bank notes..
Change from last week-
20,817,400
-910,700
22,859,000
+5,094,100
Reserve on deposits
Change from last week-
114,903,900
+1,885,200
P. o. or reserve todeposits
28.5%
23.5%
Unrnantn on In. conalr
OR 9°
92 ft%
14,900,000
+ Increav 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
Net
MON -MEMBERS. Capital.' Profits.
Week Ending
Nov. 11 1916.
Loans,
Discounts,
(Nat. bks. Sept. 12) IncestState bks. Sept. 20 ments, &c.
Members of
fedi Reserve Bank
Battery ParkNat_
First Nat., Brooklyn
Nat. City. Brooklyn
First Nat.,Jere. City
Hudson Co. N.,J.C_
First Nat., Hoboken
Second Nat.,Hobok.
Total
Gold.
Legal
Tenders.
Silver.
Nat.Bank Nat.Bank
Notes Me- NoteslNot
serve for Counted
State Inas
stitutionsl Reserve].
Reserve Additional
Federal
Deposits
with
Reserve
Legal with Legal
Net
Demand
DeposNotes[Not DeposDeposits.
Reserve) itaries.
(larks.
Average. Average. Averace. Average. Average. Average. Average. Average. Average.
$
$
$
$
$
$
326,000 5,231,000 365,000
400,000
85,000
88,000
3,000
555.000
685.400 5,422,000 169,000
300,000
57,000 108,000
292,000
12,000
14,000 643,000
300,000
599,100 5,889,000 172,000
67,000 141,000
178,000
8,000
8,000 730,000
400,000 1,286,600 4,874,000 216,000 4.9,000
99,000
15,000
11,000 562,000
123,000
762,800 5,100,000 168,000
250,000
14,000
83,000
88,000
3,000 509,000
512,000
220,000
627,900 6,130,000 197,000
11,000
50,000
17,000
13,000 427,000
581,000
292,100 4,922,000
125,000
49,000
45,000 135,000
4,000
4,000 317,000
357,000
8
1,995,000 4,579.900 37,568,000 1,336,000
State Banks.
Not Members of the
Federal Reserve Bank.
Bank of Wash. WM_ 100,000
400,000
Colonial Bank
300.000
Columbia Bank....
200,000
Fidelity Bank
International Bank_ 500,000
200,000
Mutual Bank
New Netherland__ _ 200,000
100,000
Yorkville Bank
Mechanics', Bklyn 1,600.000
North Side, Bklyn_ 200,000
420,600 2,195,000
895.000 8,933,000
682,300 8,738,000
191,900 1,572,000
126,900 3,797,000
487,100 6,758,000
233,900 3,820,000
589,400 6,354,000
874,000 19,954,000
195.200 5,123,000
150,000
648,000
738,000
109,000
398,000
625,000
226,000
449,000
816,000
303,000
Total
3,800,000 4,696.300 67,244,000 4,462,000
Trust Companies.
Not Members of the
Federal Reserve Bank
HamIltonTnist,Bkin 500,000 1.116,100 8,041,000 517,000
200,000
Mechanics'.Bayonn
298,700 5,470,000
72,000
700.000 1,414.800 13,511,000
Total
589,000
3
3
698,000
704,000
10,000
160,000
20,000
11,000
17,000
55,000
45,000
85,000
159,000
69,000
65,000
439,000
307,000
28,000
46,000
192,000
192,000
291,000
776,000
123,000
66,000
30,000
105,000
199,000
24,000
637,000 2,459,000
663,000
3
147,000
21,000
91,000
115,000
12,000
62,000
47,000
21,000
69,000
41,000
36,000
109,000
90,000
77,000
2
Average.
$
5,437,000
5,063,000
5,907,000
4,699,000
4,244,000
2,663,000
2,642,000
National
Bank
am
r Janos.
--Average. Average.
3
$
238,000 191,000
126,000 290,000
47,000 116,000
385,000
196,000
3,210,000 216,000
98,000
2,180,000
Net
Time
Deposits.
53,000 3,743,000 2,043,000 30,655,000 5,810,000 1,492,000
99,000
102,000 1,787,000
554,000 9,706,000
582,000
300,000 9,501,000
570,000
145,000 1,490,000
75,000
4,000 237,000
322,000 3,942,000
625,000 6,835,000
450,000
301,000 3,897,000
6,000 233,000
415,000
645,000 6,919,000
1,282,000 2,288,000 21,362,000
218,000 5,137,000
308,000
19,000
149,000
149,000
Grand aggregate_ _
6,495,000 10,691,000 118323000 6,387,000 1,444,000 3,253,000 740,000 296,000
Comparison,prev.w
+331,000 +33,000 +105,000 +133,000 -52,000 +57,000
Excess reserve_ _ 3-17-,880
_ ___
117,992 6,354,000 1,339,000 3,120,000
Grand aggr'te Nov. 6,495.000 10.691.000
Increase
792,000 .239,000
-Grand aggr'te Oct.2 6,495.000 10,691,000 117032000 6,434,000 1.360,0003,18l,000 857.000 174,000
Grand aggr'te Oct.21 6,298,000 10.317,500 116096000 6.418,000 1,401,0003,175,000 925,000 173,000
Grand aggr'te Oct.1 ,6,295,000 10,317.500 114384000 6,180,000 1,369,000 3,173.000 951.000 274,000
Grand aggr'te Oct. 6.295 000 10.317.500 113903000 6.047.000 1.274.000 2.972.000 878.0410 202.4100
121,000
399,000
231,000
70,000
400,000
29,090 4.251,000 5,500,000 70,576,000 1,221,000
15,000
16,000
907,000
322,000 1,160,000 6,460,000
119,000
566,000 2,377,000 2,934,000
31,000
441,000 1,726,000 8,837,000 3,841,000
113,000 8,435,000 9,269,000 110068000 10.872,000 1,492,000
+9.000 +215,000 -99,000 +658,000 -34,000 -16,000
104,000 8,220,000 9,368,000 109410000 10,906,000 1,508,000
103,0008,142,000 9,456,000 107879000 10,898.000 1,513,000
109,000 8.174,000 12,278,000 107454000 10.883,000 1.510,000
114,000 7,900,000 13.443.000 104277000 10,910,000 1.512.000
00 0410 7 on nnn 15.570.000 104865(100 10.861.000 1.508.000
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,
from
Invesrts. Banks.
Deposits.
DWI., ct
Bank.
Irutivieri.
Total.
Reserve
Held.
Excess
Reserve.
S
lav. 11.
$
$
$
$
$
$
at. banks. 386,990,0 82,323,0 181,317.0 335,515,0 516,832,0 87,340,0 25,565,0
•ust cos.._ 153,182,0 4,831,0 4,011,0 142,166,0 146,177,0 26,503,0 5,823,0
Total ___
[)v. 4___
0ft
.
. 28._
21___
" 14___
" 7___
Sept. 30___
23___
" 16_
..
a
540,172,0
538,433,0
538,069,0
537,802,0
532,230.0
526,818.0
522,799.0
517,519.0
515,320.0
R14 '7110
87,160,0 185,328,0 477,681,0 663,009.0 113,843,0
83,158,0 182,546,0 465,748,0 648,294,0 107,501,0
81,260,0 180,877,0 457,923.0 638,800,0 104,684,0
88,470,0 188,211,0 464,473,0 652,684,0 109,720,0
87,624.0 188,904,0 469,480,0 658,384,0 120,019,0
81,270,0 183,118,0 460,022,0 643,140.0 119.456,0
79,252,0 175,527,0 451,6,16,0 627,173,0 111,684,0
81,524,0 175,724.0443,715,0 619,439,0 108,796,0
77,697.0 171,781,0 440,268.0 612.052,0 109,588,0
71 219 A 155 0400 424 002 A MA 022 0108 5414 (1
31,388,0
26,147,0
23,918,0
28,482,0
37,978,0
38,465,0
32,566,0
30,978,0
32,047,0
21 140 A
Note.-National bank note circulation Nov. 11, $9,081,000; exchanges or Clearing
House (included in "Bank Deposits"), banks, $22,667,000; trust companies, $3,475,000; total, $26,142,000. Capital and surplus at latest dates; banks, $64,175,600; trust companies, $41,295,200; total, $105,470,800.
BOSTON CLEARING HOUSE MEMBERS.
Nov 11
1916.
Change from
previous week.
Circulation
$6,435,000 Dee.
Loans, diso'ts dc investments_ 461,869,000 Inc.
Individual deposits, incLU.S. 357,314,000 Dec.
146,615,000 Inc.
Due to banks
23,292,000 One.
Time deposit.s
Exchanges for Clear. House- 21,698,000 Dee.
Due from other banks
41,639,000 Dee.
26,094,000 Inc.
Cash reserve
Reserve in Fed. Res've Banks 24,634,000 Dee.
34,823,000 Dec.
Reserve with other banks
Reserve excess in bank
123,000 Dec.
Excess with Reserve Agent
17,511,000 Dee.
Excess with Fed. Res've Bk. 2,291,000 Dee.
Nov. 4
1916.
Oct. 28
1916.
$16,000 $0,451,000 $6.475,000
6,183,000 455,686,000 451,837,000
7,743,000 305,057,000 355,495,000
78,000 146,537,000 139,691,000
951,000 28,341,000 28,264,000
5,904,000 27,602,000 16.537,000
1,350,000 42,989,000 42,009,000
30,000 26,064,000 26,790,000
497,000 25,131,000 25,259,000
2,699,000 37,522,000 37,182,000
133,000
256,000 1,235,000
2,807,000 20,318,000 20,146,000
632,000 3,626,000 3,904,000
Imports and Exports for the Week.-See third page
preceding.
Nov. 18 1916.]
THE CHRONICLE
Vaulters' Gazette.
Wall Street, Friday Night, Nov. 17 1916.
The Money Market and Financial Situation.Uncertainty as to who had been elected President and reports
that one of the belligerent nations of Europe is seeking the
good offices of this Government in the interest a peace
exerted a deterrent influence in Stock Exchange operations
during the early part of the week. As these factors diminished in force day by day interest in the security markets
increased until the total of to-day's transactions is among the
largest in recent months. These transactions are, however,
stantially.largely of a speculative character.
In this particular the history of October 1915 is apparently
being repeated and, now as then,. the banks are declining to
accept as collateral manufacturing stocks at recently acquired speculative values. Doubtless, also, this course of
procedure on the part of the banks will again prevent any
disastrous effect of these new and perhaps ephemeral values.
In the industrial situation and outlook, the present shortage of freight cars is a matter of considerable interest. The
report just at hand shows that the net shortage on Nov. 1 was
slightly over 108,000, as against a shortage of 60,697 on
Oct. 1, of 19,873 on Sept. 1, and a surplus of nearly 10,000'
on Aug. 1. These almost phenomenal changes illustrate
the trend of industrial and commercial activity and lead
everyone directly interested to inquire how future transportation demands are to be met. Not only are the railway
managers confronted by this problem, but also by the
disturbance which the Adamson Eight-Hour Law has already
caused and by the certainty that if not declared unconstitutional, its evil effects have not yet begun. Is it any wonder,
therefore, under these circumstances that railway securities
have been neglected and heavy during the recent unprecedented activity and buoyancy at the Stock Exchange and
that this week every active issue has sub-declined in value?
Foreign Exchange.-Sterling exchange continues without essential change. There have been no additional importations of gold.
To-day's (Friday's) actual rates for sterling exchange were 4 71%04 71%
for sixty days, 4 75.6564 75 11-16 for cheques and 4 76 7-16 for cables.
Commercial on banks, sight, 4 753- : sixty days, 4 703/s 04 71; ninety
days, 4 6831; and documents for payment (sixty days), 4 703164 71.
Cotton for payment 4 75% and grain for payment 4 7574.
To-day's (Friday's) actual rates for Paris bankers' francs were 5 8934
5 8931 for long and 4 843/,05 85 for short. Germany bankers marks
were 7 69 5-16 less 1-16069% for sight, nominal for long and nominal for
short. Amsterdam bankers' guilders were 40 11-1604031 for short.
Exchange at l'aris on London, 27.8134 fr.; week's range, 27.8174 fr.
high and also 27.813 fr. low.
The range for foreign exchange for the week follows:
Cables.
Cheques.
Sterling ActualSixty Days.
4 76 7-16
High for the week.._ 4 71%
47511-1675
7-16
86
3m
4%4
57
Low for the week _ 4 71%
Paris Bankers' Francs5 84
High for the week_ _ _ 5 89%
5 8331
5 843-4
Low for the week_ __ .5 90
Germany Bankers' Marks____
69%
69 13-16
High for the week__
69 5-16 less 1-16 69% plus 1-16
_ __
Low for the week _ _ _
Amsterdam Bankers' Guilders4074
40 15-16
High for the week_ _ _
4074
40 13-16
40 9-16
Low for the week_ _ _
4034
Domestic Exchange.-Chicago, 15c. per $1,000 discount. Boston, par.
St. Louis, 15c. per $1,000 discount bid and 10c. discount asked. San
Francisco, 10c. per $1,000 premium. Montreal, .15625c. per $1,000 discount. Minneapolis, 300. per $1,000 premium. Cincinnati, par. New
Orleans, sight, 50c. per $1,000 discount, and brokers, 50c. premium. •
State and Railroad Bonds.-Sales of State bonds at the
Board this week are limited to $2,000 New York State 4s,
1961, at 105/
1 2, and $35,000 Virginia 6s tr. co. receipts at
57 to 588.
•
The market for railroad and industrial bonds has been
more active this week, while prices have been very irregular.
American Smelters Securities 6s violently reversed its movement of a week ago, advancing from 112M to 121 Yi, but
closing at 119. American Writing Paper 55, in contrast
to the movement of the shares, fell from 93% to 913
4, and
Chesapeake & Ohio cony. 5s declined from 96% to 9532.
Rock Island ref. 4s and deb. 5s, issues of more or less speculative importance during months past, advanced 1 and 43/i
points each from their closing prices of 78 and 663
4 last
Friday. Chile Copper 7s were unusually active. Due no
doubt to the great demand for the metal and in sympathy
with the general movemements of the copper shares, they
advanced from 127 to 1393.
Sales of the foreign Government issues were large this
week, the new 3 and 5-year British loan selling on the 'curb"
being very popular as were Anglo-French 5s, American Foreign Securities Corp. 5s and the various Dominion of Canada
issues. Sales on a s-20-f basis, indicating presumably sales
on foreign account, have increased, being $106,000 as
against $25,000 a week ago.
United States Bonds.---Sales of Government bonds at
the Board are limited to $500 3s, coup., at 101; $1,000
Panama 3s, reg., at 103, and $2,000 4s, reg. at 101. For
to day's prices of all the different issues and for the week's range
see third page following.
Railroad and Miscellaneous Stocks.--Talk of efforts
to bring about peace in Europe, discussion of the latest
phases of submarine attack, new developments of the 8-hour
railway law question and rather bad news from the Mexican
border have all tended to make stock market values irregular
and in some issues erratic throughout the week. A general
decline with few exceptions continued during the first three
days of the week. On Thursday many issues in both the
railroad and industrial group reacted and closed the day with
1867
substantial gains. Baltimore & Ohio fell away from 873
to 85, the final figure, howeve:, being 86. Canadian Pacific
declined from 173 to 1703, but recovered at the close to 172.
Chesapeake & Ohio lost 2 points to 66, the final figure being
673'. Norfolk & Western declined steadily throughout the
week, closing at 140, 1% points below the price last Friday.
Among the industrial issues, Gulf States Steel was by far
the most erratic, covering a range of 78 points, the final quotation being 175. American Smelting & Refining advanced
from 112 to 121%, but fell again at the close to 1193/8.
The copper and paper securities continued strong this week.
For daily volume of business see page 1876.
The following sales have occurred this week of shares not
represented in our detailed list on the pages which follow:
Sales
STOCKS.
Week ending Nov. 17. for
Week.
Range for Week.
Lowest.
Highest.
Range since Jan. 1.
Lowest.
Highest.
Par. Shares $ per share. $ per share. $ per share.$ per share.
Acme Tea tern ctis_ _100 3,240 66 Nov 13 6734 Nov 15 51
Aug 6774 Nov
300 9874 Nov 13 983-4 Nov 16 933-4 Sept 9874 Nov
1st pref tern ctis-100
100
400 14934 Nov 17 150 Nov 17 13234 Mar 1543-4 Jan
Adams Express
Amer Bank Note
-50
100 4334 Nov 13 4374 Nov 13 3874 Sept 44
Oct
Am Brake S & F pf cti100 1,915 195 Nov 11 206 Nov 17 165
Febe05
Nov
American Express_ _ _100
200136 Nov 11 139% Nov 11 123 June 140% Jan
Associated Oil
100
500 6734 Nov 15 6874 Nov 17 62
Jan 77
Jan
100
400 12 Nov 17 12 Nov 17 1174 Sept 1234 Sept
Atl Birm & At!
100
Barrett Co, pref
10011734 Nov 15 11774 Nov 15 1173-4 Nov 11974 Nov
Batopllas Mining___20 2,200 114 Nov 13 274 Nov 15 114 June 334 Jan
Bklyn Union Gas100 200 1313-4 Nov 14 133 Nov 14 126
Apr 13374 Oct
Brown Shoe
100
100 76 Nov 16 76 Nov 16 5074 Jan 76
Nov
Preferred
100 300 10034 Nov 15 101 Nov 16 9534 Jan 102
May
Burns Bros
100 3,100 843,4 Nov 15 8674 Nov 13 66
Aug 87
Jan
Bush Terminal
100
100 110 Nov 15 110 Nov 15 96
Jan 121
Feb
Butterick
100
600 2174 Nov 17 24 Nov 15 2174 Nov 31
Jan
Canada Southern
100
10 5834 Nov 18 583-4 Nov 16 56
Sept 59
Oct
Case (J I), pref
100
500 87 Nov 11 89 Nov 14 82
Oct 90 May
Chicago dr Alton_ _ _ _100 2,820 16 Nov 11 2131 Nov 16 8
Feb 2131 Nov
Preferred
100
500 25 Nov 11 32 Nov 16 18
Sept 32
Nov
Cluett, Peabody.kCo 100 800 7074 Nov 14 72 Nov 17 68
Ap 76
Jan
Preferred
100
100110 Nov 13 110 Nov 13 108 ',June 112
Jan
ConsGasEL&P(Balt)100 9,70012674 Nov 13 12931 Nov 15 10874 Mar 12931 Nov
Rights
4,600 234 Nov 11 434 Nov 14 1
Oct 434 Nov
Cons Inter-State Ca1l_10
300 24 Nov 15 2431 Nov 13 18
Aug 2874 Nov
Continental Insur_ _ _ _25 2,500 5834 Nov 17 613-4 Nov 17 54 June 6174 Nov
Deere & Co, pref100 500 z9474 Nov 15 9674 Nov 11 89
May 9874 Feb
Detroit Edison
100
Mar 149
Nov
30014834 Nov 14 149 Nov 17 131
Detroit United
100 1,200 11774 Nov 13x121 Nov 16 70
Jan 121 Nov
Gast W & Wig_no par 4,300 413-4 Nov 16 45 Nov 17 4134 Nov 5174 Oct
Helme (G W)
100
100 185 Nov 13 185 Nov 13 17931 July 19831 July
100
1 117 Nov 14 117 Nov 14 117
Preferred
Mar
Aug 19
Int Harvester Corp_ _100 800 79 Nov 14 8074 Nov 15 6834 Mar 8474 May
100
600111 Nov 1111131 Nov 15 10434 Ap 112
Preferred
Nov
Int liarv N J, pref_ _100
300 120 Nov 15 121% Nov 14 114
Feb 122
Oct
Int Nickel, pref v t c_100
5510874 Nov 15 106% Nov 15 105
Aug 111% Feb
Iowa Central_ _ _ -_ -100
500 7 Nov 14 7 Nov 14 2
July 731 Nov
100
400 110 Nov 1111074 Nov 13 104
Jewel Tea, pref
July 113
Apr
Kings Co E L & P- _100
Feb
28912634 Nov 16 127 Nov 14 12674 Nov 131
100
Laclede Gas
900 113 Nov 15 118 Nov 11 10374 Mar 118% Nov
Loose-Wiles Biscult_100 1,300 19 Nov 15 24 Nov 11 14
Sept 34
Oct
1st preferred
100
100 86 Nov 15 86 Nov 15 78
Mar 9174 Jan
Lorillard (P), pref_ _ _100
100 11934 Nov 1711974 Nov 17 11574 Jan 122% Sept
Manhattan Shirt_ _ _ _100
100 68 Nov 16 68 Nov 16 55
Feb 68
Nov
May Dept Stores__ _100 4,000 6774 Nov 17 7234 Nov 14 5074 Ja 4 7234 Nov
Minn & St Louis new 100 4,600 3031 Nov 17 3374 Nov 11 26
Oct 36
Oct
Mobile dr Birm, pref_100
100 8134 Nov 14 8174 Nov 14 8134 Nov 8134 Nov
Nat!Cloak & S, pref _100
200111
Nov 13 111% Nov 16 106
May 113
Feb
Nat Rys Mex, 2d pi_100 600 6 Nov 13 734 Nov 13 534 Oct 934 Jan
N Y Ch & St L,lst pf 100
100 80 Nov 16 80 Nov 16 75
Oct 9034 Feb
2d preferred
100
100 64 Nov 11 64 Nov 11 50
Ap 67 June
N Y Lack & West_ _ _100
Aug 116
12111574 Nov 15 116 Nov 17 115
May
New York Dock__100 1,000 1574 Nov 13 1774 Nov 17 934 May 1774 Nov
Preferred
100 1,137 40 Nov 11 47 Nov 17 25
Apr 47
Nov
Norfolk Southern__ _100 400 25 Nov 14 25 Nov 15 20
Ap 27
Jan
Nova Scotia S & C_ _100 10,600 142 Nov 14 156 Nov 17 142
Nov 156
Nov
Owens Bottle Mach__25 6,400 9374 Nov 11 987-4 Nov 16 83
Sept 9874 Nov
Pabst Brewing, met100
100 92 Nov 16 92 Nov 16 83
Jan 92
Nov
Pacific Tel & Tel__ --100 350 36 Nov 14 3774 Nov 17 3234 Apr 44
Jan
Pan-Am P & T, pref _100 5,250 9714 Nov 11 99 Nov 14 9734 Nov 99
Nov
Pittsburgh Coal__ _ _100
100 42 Nov 15 42 Nov 15 2274 Apr 44
Oct
Pitts Ft Wayne &(L100
5015874 Nov 14 15874 Nov 14 15534 July 15874 Nov
Pittsb Steel, pref_ _100
100 1043-4 Nov 17 10434 Nov 17 9374 Feb 106
Oct
Quicksilver Mining-.100 400 3 Nov 15 374 Nov 15 274 Mar 834 Jan
Preferred
1
300 374 Nov 15 434 Nov 15 331 Ma
834 Jan
St L & San Fr new pref-100 4574 Nov 13 4574 Nov 13 4534 Nov 50
Nov
Sears, Roebuck, pref 100
June 12734 Mar
20012674 Nov 14 1263-4 Nov 14 125
Sloss Shefl S & 1 pref 104) 1,00010134 Nov 15 10374 Nov 16 9174 Apr 10374 Nov
So Porto R Sug, pref _1
200 118 Nov 15 120 Nov 15 106
Feb 120 June
Standard Milling_ _ _100 600110474 Nov 1410574 Nov 16 88
Mar 10774 Oct
Tex Pee Land Tr__ -100
_100
100155 Nov 13 155 Nov 13 115
May 158
Nov
Tol St L & W,Pref-100
Feb 1634 Nov
300 1534 Nov 11 1674 Nov 17 10
Pref trust rects
200 1534 Nov 13 153-4 Nov 15 8
Feb 1534 Nov
Twin City It T, pref_100
80 127 Nov 14127 Nov 14 127
Nov 127
Nov
Underwood, pref _ _ _.i00
100120 Nov 15 120 Nov 15 110
Jan 120
Nov
United Cigar Mfra_100
100 47 Nov 16 47 Nov 16 46
Oct 64
Mar
Preferred
100
100 108 Nov 17 108 Nov 17 106
Feb 111
May
United Drug
100
700 7914 Nov 13 793-4 Nov 14 7974 Nov 80
Nov
let preferred
50 2,000 523-4 Nov 17 53 Nov 15 5234 Nov 53
Nov
26 preferred
100 300x94 Nov 15 9574 Nov 14 x94
No 9534 Nov
US Express
Nov 16 28
Sep 4934 Apr
1001 100 31 Nov 16 31
US Realty dr Imp._ _100
400 29 Nov 14 2934 Nov 13 25 Jun 49
Feb
June 334 Jan
USReduc&Retg10oi 3.900 134 Nov 13 234 Nov 16 1
Preferred
% Aug 4
Jan
1001 1,000 174 Nov 15 274 Nov 16
Wells, Fargo Exp_ _ ..100
200 135 Nov 1613574 Nov 16 12334 May 138
Oct
Weyman-Bruton, pf-100
Jan 11834 May
1011534 Nov 1411531 Nov 14 111
Wheel & L E ctl's dep___
900 2 Nov 14 2 Nov 15 2
Nov 334 Oct
2d pref ctis dep
300 2 Nov 14 274 Nov 15 2
Nov 4
Oct
White Motors new__ _ _50, 8.300 54 &.1 Nov 17 56 Nov it 5414' Nov SO kt Oct
Outside Securities.-Business at the Broad Street
"curb" was of slightly less volume than a week ago. Prices,
in sympathy with the other securities markets, were irregular.
Aetna Explosives varied only slightly, while Atlantic Steel
fluctuated between 102 and 110. Carbon Steel advanced
from 1123/i to 117, but declined to the former figure. Chevrolet Motors lost 11 points and closed at 176, three points
above the low mark. General Motors w. i., corn. and pref.,
fell from 158 and 943/i to 153 and 923/
2,respectively, closing,
however, at 154 and 1923/2.
Standard Oil issues were active. Galena-Signal advanced
from 178 to 206 and Ohio Oil fell from 385 to 379. Standard
Oil of New Jersey and Standard Oil of California covered
ranges of 65 and 6 points, respectively, while Standard Oil
of New York fluctuated between 240 and 265. The other
oil issues were also active. Among the bonds traded in at
the "curb" $3,195,000 3 and 5-year issues of the new
British 53' % loan.
A complete list of "curb" transactions for the week will be
found on page 1876.
1868
Daily, Weekly and Yearly
New York Stock Exchange-Stock Record,
PAGES.
OCCUPYING TWO
For record of sales during the week of stocks usually Inactive, see preceding page.
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Friday
IVednesday 1 Thursday
Tuesday.
Monday
Saturday
Nov 17
Nov. 16
Nov. 15.
Nov. 14.
Nov. 13.
Nov. 11.
Sale3tor
the
Week
Shares
STOCKS
NEW YORK STOOK
EXCHANGE
PER SHARE
Range Since Jan. 1
Oss bests of 100-share lots
Lowest
Highest
PER SHARE
Range for Previous
Year 1915
Lowest
Highest
$ per share. $ per share. $ per share. $ per share. $ per share $ Per share
Par 8 per share 3 Per share $ per share $ per share
Railroads
9212 Feb 11114 Nov
20,850 Atch Topeka dr Santa Fe__ 100 1004 Apr 22 10873 Oct 5
10534 10612 10178 10512 104 10538 101 10434 10414 10514 10458 105
Jan 10218 Nov
100 9858 Aug 30 102 Feb 24
96
*10034 10078 10014 10012 lootz 10012 .10014 10012 10013 10012 10014 10012 1,850 Do prof
800 Atlantic Coagt Line RR__ _100 10612 Apr 19 12478 Nov10
98 Mar 116 Nov
12212 12413 *12212 12414 12112 12212 *121 12412 *121 12412 *121 12434
6334 Feb 96 Dec
100 8278 Apr 24 96 Jan 4
8553 8538 8612 8558 8638 23,800 Baltimore & Ohio
8712 8758 864 8714 8518 8612 85
67 Feb 7934 Nov •
100 7212 Aug 30 80 Jan 15
753)1 755/1 754 7512 7514 7514 7514 7514 • 2,224 Do prof
*7514 76
8314 Aug 93 Apr
83.2 8418 2,500 Brooklyn Rapid Transit_100 8312Sept25 8878 June 6
84
8438 84
8434 84
-iiii2 -8118 *84
6,300 Canadian Pacific ______ _100 216212 Mar 1 18334Jan 3 138 July 194 Nov
172 172
17112 17212 17034 17178 17034 172
i7234 1731-4 17238 173
3514July 6434 Nov
100 58 Apr 24 71 Oat 19
6612 6312 6712 6312 23,500 Chesapeake de Ohio
67
6714 66
6712 6818 6714 6758 66
1712 Nov
1014 Jan
1438 6,900 Chicago Great Western-100 1134 Apr 24 16 Nov 4
1414 1378 1438 14
1412 14
1412 1518 144 1512 14
2513 May 414 Nov
100 33 Apr 24 4712001 27
12,300 Do prof
43
4214 43
4334 4134 424 4112 4212 41
4512 43
44
Dec
10118
uly
10212Jan
3
St
Paul
Chicago,
22
100
Milw
91
14,500
&
Apr
93
4J
94
9134 9278 9214 94
9434 9514 9334 9478 92
934
773
100 12278 Nov17 1364Jan 5 12078 Sep 135 Dec
1254 12638 125 12534 *125 12512 *125 12512 12278 12278 2,950 Do pref
127 127
800 Chicago & Northwestern_100 124 Sept 8 13473 Jan 3 11812 July 13518 Nov
12612 12612 12778 12838
12914 12914 128 12818 *128 129 *123 129
Do prof
100 1165 Apr 13 175 Jan 11 163 July 1180 Nov
*175 180 *175 180 *175 180 *170 180 *170 180 *173 180
1012 July 3838 Apr
3338 3412 3312 3512 3314 3512 3112 3434 3134 3414 3212 3378 129,500 Chicago Rock 181 & Pac_100 1512 Apr 22 3612Nov 8
Jan 52 Oct
57
5718 *5612 59
600()ley Cln Chic & St Louis 100 38 Apr 27 6258 Oct 27 121
57
*5738 5812 5733 573)1 57
59
59
6314 Feb 77 Oct
8412
200 Do pref
100 70 Feb 2 86 June14
8412 *83
8412 8318 8318 *83
8412 *83
*83
84
84
24 Mar 3812 Nov
_
341 34. __ ____
____
700 Colorado & Southern
100 2434 Apr 24 37 Oct 27
344 341
45 Jan 60 Nov
------100 46 Apr 1 624 Oct 18
61 ------- ---------- --------100 Do let prof
- -------- ---- 61
35 Sep 52 Nov
Do 2d pref.
100 40 *Nlar13 5734June10
*45
55
100 14918 Apr 20 156 Oct 4 13812 Aug 15418 Nov
eiii- 115- 15213 15213 Mils iii1-2 iiiTs itii1-8 *ia- fig - *iii-4 iiit-i ___ ioii Delaware & Hudson
200 Delaware Lack & Western50 216 Mar18 242 Nov 6 199% Jan 238 Nov
236 236 *236 240
240 240 *236 245
*24014 245 *240 245
1612 Nov
400 Denver dr Rio Grande
*18
21
20
1812 1812 *18
4 Jan
*19
21
20
100
878 Mar30 2314 Oct 25
2012 2012 20
612 Jan 2938 Nov
7,900 Do pref
100 15 Mar 8 5212 Oct 25
46
45
46
4634 .45
4334 44
4614 44
464 4758 44
1674 Feb 4558 Nov
3714 3832 3612 3738 3578 3658 3558 3638 36
3758 3634 3738 74.100 Erie
100 32 Apr 22 4338Jan 3
7,000 Do 1st pref
3214 Feb 6612 Nov
5214 5234 514 5214 5034 5112 5012 5112 5034 51(2 5178 62
100 48 Apr 22 S91 Jan 3
4212 424 4212 3,200 Do 2d prof
4218 42
4414 4312 4312 42
*4313 4414 43
100 41. Apr 22 5412Jan 3
27 Feb 544 Dec
11718 11338 11734 11812 7,700 Great Northern pref
118 11812 1174 11734 1164 11734 11658 117
100 11618 Aug 30 12712Jau 4 11234 Jan 12838 Nov
Oct
4378 4278 4338 4234 4138 4418 45
4312 444 43
4412 4614 61,200 Iron Ore properties_ _No par 3358 June26 5034 Jan 3
2514 Jan 54
104 10533 105 10514 3,001) Illinois Central
106 10618 10512 10512 *105 10512 10312 105
99 July 113 Apr
100 9934 Apr 17 10978 Oct 5
1814 18
1812 1734 1812 1814 1838 18,200 Interbor Con Corp. yte No par l53 Feb 15 2118 Jan 3
1834 18
187 July 2512 Nov
1834 1914 18
3,100 Do prof
7434 7434 7473 75
76
76
7434 7478 7112 75
76
76
70 July 82 Nov
100 71 Feb 15 7712Jan 3
2638 25
2614 2534 2618 6,800 Kansas City Southern
2038 Feb 3518 Nov
2612 27
100 2318 Apr 28 3214 Jan 4
2612 2634 2512 2612 26
60
61
60
*59
61 .359
*59
61
60
*60
200 Do prof
5478 Feb 6612 Nov
60
60
100 58 Aug 18 6478Jan 3
2312 2312 *2212 21
*22
25
*22
25
600 Lake Erie & Western
24
*22
25
24
5 Jan 1638 Dec
100 10 May 2 2614Oct 26
*49
53
*49
*49
52
50
52
50
200 Do prof
54
19 May 4112 Deo
49
*49
49
100 32 Apr 20 5512N ov 2
8078 8212 8212 83
15.700 Lehigh Valley
6458 Feb 8314 Nov
8312 8112 8238 8014 8112 8012 81
82
50 7412Jan 31 8718 Oct 5
34
32
203 Long Island
34
35
*31
35 '
324 3218 *32
332
15 Jan 2758 Oct
*33
35
50 20 Jan 31 4112June12
1324 13338 13314 13314 *132 135 •133 135
800 Louisville & Nashville__100 1214 Mar 1 140 Oct 5 10412 July 1304 Nov
•135 13512 13412 135
Manhattan Elevated
1-2-2.- *129 131 *129 132 *129 132
*129 131 *129 132
100 128 Apr 28 132 Oct 27 125 June 132 Dec
122 122
1,850 Minn St Paul & 8 S M
121 12114 121 123
12314 12314 122 12318 iiii:
100 11614 Apr 24 130 Oot 4 106 Jan 1264 Nov
300 Do pref
13314 13314 *13314 136
100 12812Sept26 137 Jan 15 123 June 136 Dec
13014 1304 *13314 136
4 Sep 1514 Apr
718 714
714 8
7
718 8
318 Sept 6
714 --irs -7-3-8 -714 -15-8 11,300 Missouri Kansas & Texas_100
8340ot 26'
18
1018 Sep 40 Apr
18
18
2,500 Do prof
1834 18
18
1814 1734 18
1838 1914 18
100 10 Apr 3 24 Oct 26
1814 Apr
10
10
9
9
134 July
912
*912 10
1018 5,600 Missouri Pacific
10
10
100
314 Sept 1 1112Nov 8
934 10
712 Nov
3 Deo
94 10
938
9
10
1014 29,400 Trust co Ms of depotet___
1114 Nov 8
34 Sept 1
94 934
978 10
934 10
2512 2534 2538 2612 2618 2634 14,400 Missouri Pacific(new)when iss. 224 Sept 6 28 Nov 8
2638 2512 20
2678 26
26
1.56
___
*56
57
57
53
1,800 Do pref(or in° bonds) do-.... 4734 Sept 5 59 Oct 27
5714 5812 5712 5734 5634 57
0
880538j
DDAu e:r
Junenev
e
10712 108
107 10758 106 10712 106 10634 1064 los
10634 10714 36,200 N Y Central & Hud River_100 10014 Apr 22 11414 Oct 5 814 Mar :
44
4312 4358 *42
4313 4312 43
44
4534 4534 43
434 1,700 N Y Chic & St Louis
30 June 4638 Dec
100 33 Apr 17 4534 Nov11
574 5912 5712 5812 13,750 N Y N H & Hartford
59
584 594 56
43 Feb 89 Oct
6014 6012 5912 60
100 56 N ov15 773 Jan 10
29
2912 2834 2918 29
3014 3018 3112 13,000 N Y Ontario & Weatern
2134 Jan
3038 3012 2912 30
100 26 May 5 3238Nov 8
13858 13978 1394 14213 140 14134 21,600 Norfolk & Western
141 14178 13814 141
141 142
100 114 Mat 1 147'8 Oct 16
9912 Jan 12258 Dec
8312 8612
720 Do adjustment pref....100 844 Feb 25 8918 May22
87
*8612 8712 *8634 8712 8612 87
8714 87
8012 Set)
87
gets Feb
10958 1104 1104 11114 111 11134 12.400 Northern Pacific
11112 1124 11034 11138 110 111
100 10814 Sept 2 11878Jan 4
21,700 Penrmylvanla
5634 5678 5634 57
5634 57
5712 5734 56711 5712 5634 57
50 55 Sept12 60 Oct 4 51% Feb 614 Nov
82
82
84
84
8634 2,4011 Pitts On Chic &St Louls_100 78 Feb 17 88 June 5
83
80
65 May 86 Nov
8018 8112 82
80
80
___ 96
_ _ 97 *__ 97 *_
100 Do pref
90 June
100 88 Jan 26 9834Jan 13
95
95 *-- - - 95
95
10512 10778 10534 10634 107 10934 10778 10914 89.900 Reading
6938 May 483558
a il7.)712
10612 103
109
50 751s Jan 31 115128ept27
June
4412 *4313 4412 4338 44
4412 4412
4038 Sep
4312 *43
4413 *43
*43
500 1st preferred
50 418 Fob 19 46 Feb 29
40 Feb 44 Apr
*4612 47
4634 4634 4612 464 4612 4612 *45.2 4612 4614 4614
500 21) preferred
-50 4114 Feb 21 52 May19
2234 2213 23
2214 2278 22
8,500 St Louis & San Fran new (w I). 1512 May18 2534 Nov 8
24
2434 2212 2312 2212 23
Nov
2612 26
27
26
26
27
27
11 Sep
27
27
2614 2614 26
2,600 St Louis Southwestern
_100 16 May 4 2712 Nov 9
i-13 1e
*48
48
50
48
*4712 5412 1,220 Do pre(
48
48
4813 49
50
52
29 Sep --45
100 h..Sept / 5212Nov 3
16
16
1638 1638 1558 1614 3.500 Seaboard Air Line
1634 1634 1614 161, 1534 16
1118 July 2014 Nov
100 14 Apr 22 187s Jan 13
38
38
38
37
3734 3734 3712 3734 33
3812 2,300 Do pref
3014 July 4334 Nov
100 344 Apr 24 42180ot 10
iii5i8 161-14 wo 10078 9914 10018 9834 9912 994 9973 9912 100 40,600 Southern Pacific Co
8114 Feb 10418 Dec
100 9414 Apr 22 10418 Jan 4
2738 2614 2778 2714 2734 34,000 Southern RallwaY
28
26
2714 26
275s 2818 27
1212 July 26 Nov
100 18 Apr 24 3034 Ott 10
15
772 Nov
6738 6758 67
6758 69
6678 6673 6814 67
6778 4,800 Do prof
6714 66
100 56 Apr 24 72 Oct 10
42 July 6
18
Apr
1712 1734 17
184 9,000 Texas & Pacific
812 July
1753 1812 1714 1714 164 1814 18
612Feb 14 1918 Nov 2
100
5038 51
53
5018 51
50
Oct
5212 53
52
52
000 Third Avenue (New York) 100 50 Nov13 6812June22
35 Jan
52
6578 9578 *95
97
95
9512 *90
---- ----301 Twin City Rapid Transit._11)0 94 Mar 21 99 June 8
91
*95
96
90 July 00 Aprr
146 14712 14618 14712 14758 14914 147513 14812 116,900 Uniel Pacific
14314 1494 14718 149
100 12934 Apr 22 15338001 24 11534 Jan 14112 Nov
83
83
83
8212 84
8314 83
824 83
83
8318 3,785 Do prof
83
100 280 Sept 1 8412 Sept29 x79 Mar 8418 Nov
1614 16
734 May 9 2114 Jan4
17
14
1213 1414 15
14
1534 26,800 United Railways Invest
13
13
14
8 Jan 2712 Oct
100
2514 2512 29
284 15.400 Do pref
17
73
14
2 NOocvt
3014 27
2534 25
23
2114 Mar 4
2112 2512 24
1514 154 1434 15
1538 1538 1514 1538 1473 15
15
1514 4,200 Wabash
1258 Oct
an
n
igg 118E13M r734-ia
o
14 Nov
5458 5534 5512 5738 21,500 Do pref A
4911
82:
56
5678 5514 5534 5434 5538 5434 55
4378 Oct 3
100 4112 Mar 1 5878 Oct 23
287/4 2912 2878 29
2878 2938 2918 30
14,500 Do prof B do
2512 Oct
3014 3034 2958 30
100 25 Apr 22 3212 Jan 15
2518 2658 26 . 2612 6,600 Western Maryland
914 Jan 3612 Oct
2612 2512 26
2714 2712 2658 274 26
100 2413 Fob 28 344 Mar 27
__ __.._
43
43
44
45
44
*44
45
45
50
500 Do pref
25 Jan 5605814
*46
100 40 Mar 7 55 Oct 16
Nov
214 234
2
2
2
2
24
2
212 234
2.640 Wheeling & Lake Erie._ _100
13 July
234 3
6 July 10
2 Oct 19
1934 Nov
4
4
4
.._
453
*3
6
1,100 Do 1st preferred
2 Aug
334 414 --334 N ov14 1812July 5
100
Nov
212 212
2
2
2
2
58 Aug
3
2
734July 5
600 Do 2d preferred
100
2 NovI5
5014 5073 50
51
50
504 5213 ;b15- -ii- 51
50
5134 2,200 Wisconsin Central
28 July 46 Nov
33 Apr 19 5612July 20
Industrial & Nliscellanerr
s
*1512 1612 1612 1512
16
16
16
16
16
16
16
16
800 Advance Ruinely
100 14 Aug 22 2113 Apr 29
*33
3418 31
3412
3.334 35
34
*34
36
*34
3434 34
400 Do prof
100 30380ot 10 43 Apr 28
7312 74
74
7478 7,300 Max Rubber Inc
7434 7312 7412 7378 74
74
7478 74
60 d3 July31 77 Nov 3
12
1334 31,000 Alaska Gold Mines
12
1178 1412 1334 1434 13
1178 12
1173 12
2114 Dec 4031 Apr
10 111:Aug 30 2612Jan 7
812
778 814 24,400 Alaska Juneau Gold Miult_10
8
74 812
74
7
*678 712
7
7
634 Oct 9 10' Jan7
934 Dec 1312 Nov
3134 3338 31
33
31
3238 3112 3218 3134 3212 3218 33.2 34,000 Allis-Chalmers Mfg v t 0_100 19 July19 3414 Nov 9
734 Jan 4912 Oct
8912 90.2 11,000 Do preferred v t o___100 7012July 18 92 Nov 9
90
39
8912 8912 90
88
90
894 90
88
33 Feb 8578 Dec
8712 89
8534 86
854 8518 85
3,300 Amer Agricultural Chem_100 63 Apr 22 8914 N ov 8
881
87
86
'
85
48 Jan 744 Nov
450 Do prof
101 10112 10134 10134 *102 10214 ------'102 101
102 102
90 Mar 10118 Nov
100 96 Mar23 102 Sept12
101 10212 9978 102
100 10214 10134 10318 10214 10312 10212 1034 21,600 American Beet Sugar
3314 Jan 7278 Dec
100 6134Feb 1 10512 Nov 8
100 Do prof
83 Feb 95 Nov
*100 10012 *100 10012 *100 10012 9914 9914 *100 10012 *100 10012
100 93 Apr 24 102 Juno22
634 6312 6514 6434 6634 6534 6758 136,200 American Can
25 Feb 6813 Oct
6214 6418 62
63
65
100 5014.1une27 6812 Sopt29
911: Jan 11312 Nov
114 114 *113 115 *113 115 *114 1154
114 .114
400 Do prof
1-147s 115
100 10814July 13 115300030
6834 6958 6978 713)3 7158 7434 69.300 American Car & Foundry.100 52 July 8 78 Jau 3
7014 7214 6912 71
634 70
40 Feb 98 Oct
*11612 11714 *11612 11734 *11612 11734 11734 11734 *11614 118
200 Do prof
100 11538Aug 9 11912 Mar 11 11112May 118 Aug
5434 5312 5418 5312 5334 x53
53
-.
5.
3- 13- 2,300 American Cotton Oil
5412 5478 54
39
Tan 64 Oct
100 5012 Apr 22 5818 Oct 23
_
101 101 *101 102
102 102
*98 102
*93 102
200 Do pre(
91 June 10214 Nov
1512 1658 1612 1612 1558 16
-11A -foli 154 16
16
1614 6,300 American Hide & Leather_ Ng :
g 1(
2
)0121Cloatr N
1414 Oct
ne 438 Feb
9 34Pun
7034 70
71
7018 69
71
70
69
7012 72
7112 73
6,300 Do pref
1934 Jan 594 Oct
100 45 Mar 1 7912001 23
2878 2878 284 2834 283.1 3018 2814 2914 284 2878 2814 2834 11,000 American Ice Securities...100 25 Jan 20 3112 Feb 19
2038 Jan 35 Apr
2634 2234 2312 2234 2378 2238 2314 28,000 American Linseed
2534 2718 23
2614 27
100 1714July 14 2773 Nov10
714 Jan 3118 Oct
100 3814 Mar 1 6234 N ovi3
5912 6012 5912 6234 5112 6214 5212 5614 5258 5414 5278 5312 64,700 Do pref
24 Jan 5012 Oct
9312 9512 9212 05
9134 9334 924 9358 9312 9538 944 9514 83,100 American Locomotive_ _100 58 July14 9814 Nov 9
19 Mar 7434 Oct
1 0712 10712 10714 10712 10718 103
10712 10712
*108 10912 108 108
1,200 Do prof
75 Mar 105 Nov
100 9912July 13 109 Nov 9
9
938 912
1018 10
84 814
10
*9
10
1.313 Oct
2,200 American Malt. Corp
378 Apr
512June 3 124 Oct 10
100
4611 4518 -48
4812 4914 4834 4938 4858 4814 2,200 Do pref
4614 4614 46
2112May 3712 Dec
100 x31.38Jan 14 50 Oct 23
95
94
9112 9434 94
9412 96
*93
9512 5634 96
78 Jan 8832 May
9614 7.170 Amer Smelters See pref 11_100 8412July 13 9634N ovI6
101
101
100 100
10114 10158 4,000 Do prof Ser A stamped_ 9134July 11 10138 N ov17
*994 10014 *99 100
9912 101
86 Oct 92 Dec
11178 11338 11112 11334 11218 11718 11612 12158 11834 12238 11858 121 401,300 Amer Smelting & Refining_100 8812 Apr 22 12238 N evil)
56 Jan 10878 Dec
115 11534 116 11612 11612 11658 3,100 Do pref
11678 11678 11534 11534 115 115
100 10914 Apr 22 11813001 21 100 Jan 113 Nov
'
3140 145 *140 145 *140 145 *140 145
_
_ *140 145
100 130 Niar23 14912Ju0e 8 144 Jan 165 Apr
*107 109 *107 109 *107 109 *107 109
RV; 1-6i *107 109
100 A m
DeoricaP
100 10612 Mar22 110 Jan 27 103 Jan 11038 Nov
are
Slnuff
.6411 66
66
65
6514 66
6512 66
6618 6658 6612 6912 12,800 Am Steel Foundry
2418 Mar 7412 Oct
100 44 Apr 24 6912N ov17
11714 11918 116 118
11512 11712 11712 11812 118 11934 11734 119
25,900 American Sugar Refining_100 10512Apr 22 125380ot 25
9912 Feb 11978 Nov
iii_ *120 123 112034 12034 *120 123 *120 123 *120 123
10 Do prof
100 11513 May 5 1234 Oot 24 109 Feb 11912 Nov
13212 13314 133 13314 4,725 Amer Telephone & Teleg_1110 12614 Feb 1 x13412 Sept29 116 Jan 13014 Nov
13234 133
133 1334 13234 133
1334
*2284 230 229 22978 22918 22978 222434 225
31 2231 - 2214 223
1,500 American Tobacco
100 188 Feb 16 22978 Nov 3 19513 Dec 25212 Apr
*108 110 *103 110
1084 1034 *10712 109
----- ----_ 109 109
-200 Do pref (new)
100 10514 Apr 24 113 Sept23 1034 Jan 111 Nov
5234 5438 5218 5338 524 5318 5212 5314 5358 5412 23,100 Am Woolen of Mass
5234 53
Oct
46 Nov 56
100 42 Jan 11 58711Nov 8
9734 9734 ---974 9712 98
9758 98
98
98
99
800 Do prof
95 Dec 9814 Nov
100 92 Jan 10 102 Mar 10
5713 5934 5678 6034 58-4 6258 63 -61;1-2 6138 6534 62
6458 108,500 Am Writing Paper pret 100 11 Jan 8 6534 N ov16
5 July 15 Apr
60.2 50t2 6112 61,700 Am Zino Lead & 8
58
5534 574 56
574 5914 53
5614 59
6714 Dec 7112 Deo
25 293Ouly 10 9778 Apr 10
8212 83
8112 8314 814 82
82
84
8212 83
8214 8338 4,200 Do pref
25 5912July 11 87 Nov 1
994 10158 0858 10114 9834 10012 9938 10078 10114 10212 10112 10378 418,400 Anaconda Copper
4 Fob8153 Nov
50 77 Apr 22 10378 N ov17 -(724312212 126
12438 12712 12314 126
112 11314 11134 11734 11458 122
71,400 Atl Gulf & WISS Line(Ate 100 56 July 12 12712 N ov16
7211 6,400 Do prof cents
7212 72
714 7114 724 713.1 7238 7112 7278 72
71
100 61 July12 7334 Nov10
8212 85
8312 8612 863 8734 865 80 65.500 Baldwin Locomotive
8678 834 86
85
2658 Mar 15412 Oct
100 6538July 14 11858Jan 3
107 107 *107 10834 ----- --------- ---10618 10612 *106 108
-200 Do prof
92 Mar 114 Sep
100 104 June20 110 May24
16178 16578 164 165
157 161
15812 15818 15753 153
*157 159
7,550 Barrett Co (The)
100 1504 Sept25 16578 N ov16
640 640 648 654
649 655
665 670 *625 665
655 680
2,230 Bethlehem Steel
4614 Jan -600 - Oct
100 415 Jan 11 684 Nov 8
150 152 *150 156
155 160
150 150
149 152
163 186
5,500 Do prof
Jan 184 Oct
100 126 July21 186 Nov-17
91
•Bid awl asked price% no 5.1193 on this day. j Ex-rights. g Leas than 100 sham. a Ex-div. and rights. b New stook. a Par $25 per share. a First installment
paid. x Ex-dIvidend. a Full paid.
:93:
New York Stock Record-Concluded-Page 2
1869
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. 11.
Tuesday.
Monday
Nov. 13. 1 Nov. 14.
lVednesday Thursday
.Nov. 15. 1 Nov. 16.
Friday
Nov. 17.
Satesfor
the
Week
Sh,tre,
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range Since Jan. 1
On basis of 100-share lots
Lowest
!Itches:
PER SHARE
Range for Preview*
Year 1915
Lowest
Higbee*
Ind ustrial&Misc.(Con.) Par $ per slum. $ pet share $ per share $ per chars
$ per 8hare.1$ per share. $ per share. $ per share.I 3 per share $ per share
20,200 Butte & Superior Copper___10 6012July 11 10514 Mar 9
67 1 6534 6613 6534 67381 6678 6778 6753 69
6712 66
06
5612 Aug 7972June
2212 2212 21
2212 2134 2212 22
5,503 California Petroleum. vtc_100 15 June27 4258Jan 3
23
21
22
22181 22
8 July 8831 Dec
*50
51
52 i *50
5213 1,000 Do pref
V
51
5019' 5034 5034' 50
100 40 June29 8033Jan 3
50
30 July 81 Dec
10212
1054
11213
Leather
109
10934
I 107 114
_100 49 Apr 22 123 Nov10
11434 11814 340,703 Central
11214 11514' 10514
3252 Feb 6114 Nov
400 Do pref
11633 11633' 11612 11612 11612 11658
*116 118
•116
100 10873Jan 3 11712 Nov10 10033 Jan 11013 Nov
106 106
3,500 Chandler Motor Car
100 106
100 8812 Apr 24 131 June 5
10212 103131 10312 105
106 106
102 103
25 1953July 14 3352 N ovi7
3332 359,800 Chile Copper
2234 2312 2278 2372, 2372 2612 2434 26
26
2333 Dec 2633 Nov
2834 30
6614 67521 6612 6712 6712 0813 6858 7012 70
6 4618July 11
7213 90,800 Chino Copper
6512 67
3234 Jan 573* Nov
72's Nov17
55
5278 54731 5214 5412 5353 5434 5434 5714 5773 6012 73,900 Colorado Fuel & Iron
100 384 Apr '22 6314 Sept30
54
2134 Jan 6612 Bel/
4541 4433 444 30,250 Columbia Gas & Eleo
100 3014 Sept28 4713 Nov 6
4412 41312 4334 4552: 4334 4412 44
448 41
_
48
4912 5014 4953 49531 48
4812 49
50
*49
1,500 Computing-Tab-Record
4852 49
100 4053 July24 5252Jan 22
4112 Nov --4958 ---135 135531 1354 13512 135 13512 13538 137
13572 137
13652 13634 4,400 Consolidated Gas(N Y) 100 13012 Mar 1 14434Jan 8 11334 Jan 15013 Oct
10078 10134 99 100.2 9813 10072 10072 10213 10212 10333 10212 10334 10,400 Continental Can
100 7514 Jan31 sill Sept20
4014 Jan 127 Oct
113 113
113 113 *113 115 *113 115 *113 11314
*113 114
500 Do pref
100 106 Feb 1 113 Oct 21
8813 Jan 10912 Dec
184 19
1914 204 2352 23
18
1834 1712 1853 18
24 137,700 Corn Products Refining.....100 1314 Aug 8 2514 Jan 25
8 Jan 2112 Oct
9573 9613 100
*9312 9412 9312 9414 94
102 10114 10253 10434 15,000 Do pref
100 85 June26 10434N ov17
65 Jan 9634 Dec
8614 9014 8712 8934 8932 9112 9034 9333 130,800 Crucible Steel of America_100 5234Jan 12 9912 Mar 16
8914 9112 8834 90
1814 May 10973 Ben
12414 1243g 12312 124
123 123 *119 123 *119 123
12314 123.2
800 Do pref
100 10814 Jall 11 12412 Nov 8
84 May 11212 Sep
7153 7334 7114 7252 71.2 7212 7152 7234 7113. 7234 91,900 Cuba Cane Sugar
7313 75
No par 5214 Aug 3 7632 Oct 30
9,500 Do pref
9912 9934 9834 9912 9813 984 9812 9872 0.378 9914 9812 99
100 93 July 14 10012Oct 28
23034 23034 *220 240 *227 235 *220 240 *228 235 *220 230
100 Cuban-American Sugar- _ -100 152 Jan 5 26972 Sept26
38 Jan 177 Dec
__ *108 111 *103 111 *108 111 *108 111 *108 111
Do pref
100 10434Feb 1 110 June 8
93 Mar 110 Sep
4214 4312 4313 4312 4253 4312 12,630 Distillers' Securities Corp-100 41 July10 5412 Apr 29
4312 4212 43
42
44
43
512 Mar 5012 Oct
2414 2434 2434 2434 2412 2434 2414 2412 2414 2413 2,703 Dome Mines, Ltd
*2413 25
10 2234 Aug 29 2912 Feb 8 816 June 3014 Dec
90
87 '
87
89
*85
90
80
85
90
385
80
1,200 Driggs-Seabury Ord
69
100 69 Nov17 119345ept18
2312 23
*16
23
2312 '316
*16
2312 2434 1,000 Federal Mining & Smelt-100 1252July 13 35 Jan 7
2334 2352 25
8 Mar 60 June
424 44
43
*4114 4234 43
4414 4734 48
20 Mar 65 June
5014 484 4912 7,710 Do pref
100 3512 Apr 24 5712Jan 7
325 325 *320 325 *315 325 *320 325
321-3 32112
319 319
300 General Chemical
100 9265 Jan 5 350 Mar 18 165 Jan 360 Oct
*14513 117 *11512 117
11612 11634 *115 117
*115 11634 , 200 Do pref
100 1113 Jan 5 11672 Nov 4 106 Mar 911612 Nov
17953 18012 179 1824 180 18112 180 18114 18013 114.1
53 26,300 General Electric
100 159 Apr 22 18714 Oct 20 138 Mar 18512 Oct
__ .510 875 .701 875 *510 875 *510 875 - ---- ----- ------General Motors
100 405 Apr 24 850 Oct 25
82 Jan 558 Dec
*iii" 125" *120 1241,1 12312 12312 124 12412 12434 12434 *iii 2 11" -800 Do pref
100 10$ July14 128128ept 6
9053 Jan 136 Dec
69
6933 7(1
6812 70
6912 6978 6938 7078 23,000 Goodrich Co (B F)
6834 68
68
Ion 6734 Jan 31 80 Aor 10 2412 Jan 8014 Oct
11418
114
114
*11312
8
.111 114
1127
114 *113 11414
1,300 Do prof
100 11034 Feb 1 11634 Mar 16 95 Jan 11414 Oct
9912 101
1-(1(1- 10012 10178 10114 109
23,200 Granby Cons M S & P....100 80 3111y12 109 Nov17
9452 9534 96 100
7914 Apr 91 June
5134 51
5112 51
5112 51
54.2 18,600 Greene Cananea Copper_ _10(
5112 5213 51
5234 51
34 June26 5413 Nov17
37 Oct 5232 Dec
165 193
144 159
137 142
13512 143
175 188
26,050 Gulf States Steel tr Ole_ -100 71 May 4 193 Nov16
130 135
105 106
107 108
107 10812 1,200 Do 1st pref tr ctfs
105 105 *100 105
•101 105
100 87 May 4 10813 Nov17
175 190
140 157
180 185
5,900 Do 2d met tr ctfs
137 14212 140 142
129 130
100 72 may 5 190 Nov16
6734 6938 6773 6932 6714 6918 6834 6914 6913 7058 7014 7252 177,400 Inspiration Cons Copper_ _20 4252 Apr 22 725s N ov17
1652 Jan 4712 Oct
28
25.2 2013 2514 2514 7,500 Internat Agricul Corp.__.10() 11 Aug 30 2978Jan 5
2414 2612 20
*23
25
25
24
512 Mar 2934 ov
56
58
5772 *54
5672 57
55
57
6,600 Do pref
5772 5014 57
56
100 3812 July 14 74 Jan 5
8 Mar 7134 Dec
11712 11712 117 117
117 117
11734 11734
11778 11778
700 Intern Harvester of N J.-100 10811 Jan 7 11934June 7
90 May 114 June
4358 4052 4458 4452 4638 4612 4814 4738 4812 176,000 Int More Marine Ws of dep__
4234 4412 41
1338Feb 15 507a Sept14
18 Dec 2012 Dee
11512 11912 11814 12112 11912 12172 11952 12114 145,900 Do pref Otis of (1e11
11712 11934 116.8 118
7712 Dec
5512 Nov
6114 Mar 1 12553Septll
5078 4911 5012 4832 49-2 106,100 Intern Nickel (The) v t
49
51 '5212 5032 5112 4912 51
561fe Jan 17 17934 Dec 22312 Oct
3953
Aug
22
7214 69.2 7112 681i 7018 116,600 International Paper
6734 7134 6612 7014 69
74
71
1272 Dec
100
Jan
Mar 1
7512
8
N
ov10
912
1045
10512
10432
2 10613 10512 106
10434 106.2 104 106
10412 10578 12,800 Do pref
100 4212Feb 1 1074 Oct 31
33 Feb 5034 Dec
88
88 .86
88
*86
88
87
89
*88
83 .86
89
300 Jewel Tea, Inc
190 67 Mar 9 96 Apr 4
76
75
7634 7612 7634 77
7014 75
75
77.2 7712 *78
7,700 Kelly-Springfield Tire
25 68 July18 8514 Sept 6
564 554 5612 554 5612 5553 5612 564 58
55
584 6133 427,000 Kennecott Copper---No Par 4412 Aug 2 6132N ov17
9478 9612 9473 9634 9533 984 9658 9772 9712 105
10334 107 150,400 Lackawanna Steel
100 64 May 5 107 Nov17
28 Jan 9434 Sep
40
397
3912
3
403
40
4
4
£393
4012 3912 3912 3912 41
3953
0,400 Lee Rubber & Tire...No par 39 Oct 24 5012June 5
*290 300.*290 300 *290 300 *280 300
*280 300
Liggett & Myers Tobacco_100 240 Apr 14 305 Nov 2 207 Jan 260 Dec
*225 236
*225 236 *225 236
___ Lorillard Co (P)
100 17914Jan 19 23973 Aug 19 16512 Jan 189 Nov
1012 *86
87
1812 8573 8572 8534 8534 *85- -86---209 Mackay Companies
100 78 Apr 14 91 Feb 10
7253 Jan 84 Nov
*6512 6714 *6512 6714 6512 6512 *60
6714 68
66
550 Do pref
66
66
100 651 Jan 20 6834 June 7
6434 Oct 6934 Jan
7512 7112 74
73
73
7934 7714 7852 76
7512 77
78
39,100 Maxwell Motor Inc tr ctfs..100 574 Mar 3 99 Sept25
1514 Jan 92 Oct
8214 8314 82
8234 8034 8312 82
8212 4,900 Do 131 pref stk tr ctle_100 78 Apr 22 93 Jan 3
8313 8212 8252 82
4314 Jan 10334 Dec
4913 51
4912 5013 48
5234 5012 5134 5034 51
3,800 Do 2d pref stk tr ctfs_ 100 4214 Mar 2 6078 June 6
51
50
18 Jan 6812 Oct
10432 10632 10513 109
106 109
107 11013 10834 111
10912 11234 89,400 Mexican Petroleum
100 8853June28 12958Jan 3
Jan 12412 Dec
51
•95
200 Do pref
*95
98
99
96
*95
98
99
95
*95
9512 *95
100 8912 June28 10553Jan 3
67 Jan 10412 Dee
404 41
41
4112 414 4358 44
463* 4613 4734 4014 4712 120,750 Miami Copper
5 33 Aug 3 4734 Nov16
1714 Jan 3612 Dec
073
4
9873
1,500 Montana Power
984 99
9712 9712 9712
97
99
*97
99
98
100 6814 Mar 1 100 Nov 4
42 Jan 7934 Dec
•117 120 41117 120
117 117 *11'7 11812
420 Do pref
117 117 *117 120
100 109 Jan 3 117 Sept28
99 Jan 120 Dec
•121 125 *121 125
400 National Biscuit
121 121 *122 12312 123 123
100 118 Sept 9 13112Oct 19 116 Ayr 132 Jan
127 127 *127 128 *12514 12972 *12513 130
100 Do pref
100 124 June30 12952 May12 119 May 12712 Dee
8213 84
•8213 84
100 Nat Cloak & Suit
8334 8334 *8112 8314 *8212 84
100 71 May 9 8478 Sept12
68 Mar 90 Aug
3334 3514 55,800 Nat Emon'g & Stampl
3334 3314 3514 3414 36
3212 3312 32
-5;g8
100 1934 Apr 22 36 Nov16
012 Jan 364 Oct
10012
10012
*100
*99
102
102
102
*98
*97 100
100 Do pref
*9713 100
100 92 Jan 19 99 Nov 8
79 Apr 97 Dec
6934 69
68
7018 69
6612 68
69
6934 9,800 National Lead
6814 6913 67
100 6012 Apr 22 7414 Sept21
44 Jan 7034 May
113 11312 1114 114
11312 11312 *11212 115 .11212 115 .11212 114
340 Do pref
100 112 Feb 9 11712 Oot 3 10454 Jan 115 Nov
2812 2812 2872 2913 2912 3034 89,700 Nevada Consol Copper
2733 28
28
2618 2718 27
1134 Feb 17 Nov
5 15 Jan 31 3034 Nov17
171 174
170 182
158 10414 16234 175
15712 158
17712 180
43,200 New York Air Brake
100 118 July14 182 Nov16
5612 Feb 16434 Sep
6912 6934 '
69
367
6934 *68
*6912 0934 09
6934 *68
6934 1,000 North American Co
100
6512
26
3
Jan
Apr
Jan 81 Apr
75
64
907
88
92
8
x833
85
8
8514
833
833* 83
83
8
83
8434 15,300 Ohio Cities Gas
_ 25 75 Oct 9 92 Nov13
652 634
711, 758
673 7
653 734
714
7
7
712 11,600 Ontario Silver Mining
100
2 Feb --1253Dec
573 N ov 2 1132Jan 7
2534 2414 2653 20
2512 2014 25
2613 2534 2534 2614 2714 11,600 Pacific Mall
5 1134Jan 3 31 Aug 21
1814 Dec 38 Aug
111 111 *110 112 *110 112 *111 112
111 111 *110 112
200 People's 0 L & C (Chic)-100 1004 May 5 118 Oct 10 10612 Dec 12312 Apr
4112 4214 4112 4178 4112 4112 4152 4434 4414 454 43
4412 25,9601Philadelphia Co (Pittsb)-- -50 38 June15 46 Jan 17
3512 Apr 49 Sep
4234 4253 4472 44,800'Pittsburgh Coal
4014 4132 4012 4152 4112 4272 4113 4272 42
ctfs dep_100 2514 July28 45 Nov 1
109 109
*106 10813 10653 10658 *101312 109
10912 110
2,900 Do pref ctfs del:K(815-100 10014 Aug 25 110330ot 27
7914 8112 84
7934 7734 7912 7813 79
78 -8133-4 78
87
54,471)Preved Steel Car
100 4212July14 87 Nov17
25 Mar 7814 Oct
106 107 '
3106 109
-____- 10512 10512 *10512 107 *106 108'
100 Do pref
100 97 July18 10014 Nov10
86 Mar 106 Oct
13314 13314 133 134
13214 13212 13234 133
13414 13414
4:151
900 Public Serv Corp of N J _ 100 114 an 31 137 Sept27 10012 Aug 120 Dec
1664 16812 168 168
167 167
108 163
'
167 169 *167 170
1,300
Company
100 15972 May10 177 Hept30 15013 Mar 170 Oct
5514 5734 5712 5852 37,500 Pullman
5473 534 5534 5314 5433 5372 55
54
Railway Steel Spring
100 32 Apr 22 5852 N ov17
19 Mar 54 Oct
10014 10014 *100 102 *100 101.2 *100 102 '310013 102
*10012 102
100 Do pref
100 954 Mar 9 1024 Oct 4
87 Mar 102 Nov
3414
3434
3372
343
2
35
2
33
343
347
2
3312
32
3472
3652 229,400 Ray Consolidated Copper_ _10 20 June23 3653 Nov17
Jan 2712 Nov
1514
8012 8452 814 8433 83
8013 83
8514 844 8734 88
9114 333,800 Republic Iron & Steel
100 42 June26 914 Nov17
19 Feb 5714 Dec
11512 11512 1154 11514 11514 11512 11534 116
11612 1163
Do pref
100 10672 June26 11634 N ov17
72 Jan 11253 Dec
"78" /61; 7634 7634 764 7714 7712 78 7813 80 80 81 4 1,900
200 Saxon Motor Car Corp._ _ 100 75 Nov10 8434Sept19
229 22934 23018 23012 23012 23013 231 231
23112 23112 230 230
1,100
& Co
•100 1684 Mar 1 233 Nov 9 213134 Mar 20912 Feb
3278 3214 3358 3234 3313 3333 3411 3352 3534 41,100 Sears.'Roebuck
324 32
32
Shattuck Ariz Copper
10 24 July 11 4014 Feb 14
7914 8113 7958 81
7914 81
8012 8914 90
9314 91
93
58,400
Sloss-Sheffield
Steel
&
Ii..
100 37 July14 9314 Nov16
24 Jan 6673 Dec
*22413 225 *220 225 *220 224 *222 225 *221 225
220 220
100 South Porto Rico Sugar...100 146 Jan 29 240 June10
40 Feb 164 Dec
12313 12778 12534 12778 12512 127
122 1254 12214 124
12614 127
44,000 Studebaker Corp (The)...100 11914 Sept 1 167 Jan 3
Jan 195 Oct
3534
112
112
115
112
*11214
112
*112 113
*1124 115
11133 11113 1,000 Do pref
100 10814 Sept26 114 Mar 14
Jan 11912 Oct
91
6438 6511 6438 6538 6512 6512 65
6478 65
65
06
66
1,000 Stutz Motor of Am Ino_No par 63'200t 9 7912Sept25
2414 2278 2314 23
22
231p 23
22
22
2312 2313 2153 13,000 Tennessee Copper
25 214 Oct 11 6612Jan 5
251i Feb --70 - Sep
222 22312 223 22534 226 230
22012 223
221 224
22734 232
18,500 Texas Company (The)....100 17714June27 23512Jan 3 120 May 237 Dec
53
5213 53
5253 5314 5213 5232 53
5253533* 5212 53
3,600 Tobacco Products Corp
100 4814 Sept 7 5913 Oct 5
102 10312 *102 ___ *103 106 .102 10313 *102 10313 *102 10312
500 Do pref____ -- ....100 99 July14 10912 Mar 16
95 May 103 Nov
107 10734 *105 108 .105 10712 107 107
.108 108
107 10712 1,000 Underwood Typewriter
100 86 Jan 12 110 Oct 24
55 Feb 97 Oct
14
1412 1414 15
1438 1618 15
1613 14
15
1418 1434 44,100 Union Bag & Paper
100
414 May 9 18120ot 19
94 Dec
834 89
433 Jan
8112 83
00
7712 SO
92
82
82
8434 8434 2,800 Do pref
100 28 Jan 27 92 Nov15
2273 July 3112 Dec
121 12812 119 129
11312 116
10712 110
111 11773 11452 117
14,800
Union Bag & Paper (now).100 87120ot 16 129 Nov15
9814 9914 9812 981, 9818 9838 *9814 992 99
99
99
9934 3,400 United Cigar Stores
100 59 Feb 9 10534 Aug 9 ---- - Dec -b101s Oct
11912 11912 11912 11912 11934 11934 *110 120 *119 120 *11012 120
400 Do pref
100 b1112Feb 10 120 Aug 9 b 1112 Oct 51213 Nov
162
2514 1637
254
161 16253 16012 16212 16034 104
2514 10
8 162
264
3312 16214 163
13,800 United Fruit
100 13613Jan 31 16912June 8 139 Nov 1(33 Nov
2512
25
26
2513 2572 25
2634 2813 15,500 U S Cast I Pipe &Fdy
100 1518 Jan 31 2812 N ov17
8 Jan 3178 Oct
66
65
65
.6512 6012 6514 6512 65
66
67
67
6712 1,200 Do pref
3212 Mar 5512 Nov
100 4812 Feb 5 6712 N ov 17
136 13934 138 14012 40
34
734 10
134 1394 134 140
45
1 .10
130
4 140
105
50,300 U S Industrial Alcohol,.....100 97 July13 17012 Apr 6
15 Jan 13134 Dee
-__ *102 105 *104 105
•103 105
Do pref.
100 9912July 11 114 Jan 13
70 Jan 107 Nov
5932 60
60
59
5914 6072 -596034
60 6034 6072 61
47,800 United State), Rubber___ 100 4734 Mar 1 64 Nov17
44 July 7434 Apr
11133 11112 11113 112
•111 112
11213 11212 112 113
112 112
1,900 Do 1st preferred
100 10613Feb 5 115 Sept18 10133 Feb 110 Apr
754
•
7632
7514
74
5
7412
7312
75
7312
76
73
7714 7814 37,000 U S Smelting Ref & M
50 6212June27 8034 Apr 4
5113 *5034 51
5112 51
5113 .51
.51
5112 *51
51
51
400 Do pref
50 50 June20 5312June 9
12213 121
12012 12311 1204 12312 12112 12314 12314 12453 12352 12572 1401600
United States Steel
100 77934 Mar 1 126 Nov 8
38 Feb 8912 Dec
*12113 122
20
12152 12134 12153 12134 12132 12152 11
114 10
12
21(142 121
6,300 Do prof
100 115 May 3 123 Nov 2 s102 Feb 117 Oct
11334 12032 1834 1834 11958 1214
11514 11934 118 12113 11814 120
1233
,171,400 Utah Copper
10 7434July 14 12333 N ov17
1812 Jan 8134 Dec
184 1872 *1312 1834
184 1912 1813 19
1878 2333 21,500 Utah Securities v t c
100 1614 June 9 2338 N ov17
4413 434 4412 4414 45
44
4412 46
45
4532 46
4634 7,900 Virglnia-CarOlina Chem_ 100 36 Apr 24 51 Jan 17
15 Jan 52 Oct
•112 11234 *112 113 *11112 11212 *112 11212
112 112
100 Do prof
100 108 Apr 22 11372 Sept25
80 Jan 11372 Dec
52
52
5913 5812 6114 -iso" 0438 07
54
55
55
6934 21,300 Virginia Iron C & C
41
100
July27
Oct
74
6934N
ov17
36
10134 102 10114 10134 1014 10114 101 102
101 10134 102 10214 4,150 Western Unlon Telegraph_ 100 87 Mar 1 1051200t 18 57 June
Jan 90 Nov
6532 6373 6452 6373 6453 6378 6578 653*
0473 6512 04
6618 86,900 Westinghouse Elec & Mfg_ _50 5234July 14 7138 Mar 15
Oct
7472
Feb
32
70
76 '372
*72
*72
76
76
*72
*72
76
Dolst prof
50 70 Apr 19 79 Mar 15
5812 Mar 85 Oct
3612 3814 3638 3714 3714 3934 3834 40
38
3912 38l4 30
80,850 WIilys-O verIand
erre(lbe)-- _25 3632 N ov13 n325 June 5 n87 Feb e268 Nov
100 101
100 10012 9913 100
9912 10012 100 100
2,300 Do pref Sub recta full pd 100 9913 Nov16 117 June 5
138 1381 1381 13812 13812 13812 138 13834
1,700 Woolworth (F W)
100 118 Jan 5 141340ot 5
9014 Jan 12012 Deo
*125 ---- ----- ----12534 126 *124 127
0 Do pref
100 123 June29 126 Nov15 115 Jan 124 Aug
*31
32
-iita 32
32
31% 3152
0314 Worthington P & M v t 0-100 25 July13 3633 Sept14
*95
100
974
98
96
9712
*06 100
*96 101)
97
97
300 Do pref A v to
100 95 July13 100 Sept16
55
•
_ 61 •_ _ _ (10 *_-- - 60 *__ (30 '
60 *-- - - 60
Do pref B v t o
100 523* July14 6612 Sept14
•ism sad asked prices; so sales on this day.
Leas than 100 shares. 9 Ex-rtahts. a
avdhr. and rlialta• 0 New stock. •Par $25 per share. s Ex-stook dividend.
13:141yldeall. n Par $191) per share.
1870 New York Stock Exchange-Bond Record, Friday, Weekly and. Yearly
IS Jan. 1909 the Exchange method of euottng bonds was changed, and prices are now all-"and interest"-except for income and defaulted bonds
BONDS
X. Y. STOCK EXCHANGE
Week Ending Nov. 17
Price
Friday
Nov. 17.
Week's
Range or
Last Sale
11
Range
Since
Jan, 1
BONDS
N. Y. STOCK EXCHANGE.
Week Ending Nov. 17.
t
Price
Friday
Nov. 17.
Week's
Range or
Last Sale
Range
Since
Jan. 1
High No. Low Mob
Bid
Ask Low
High No Low High Chic Burl & Q (Con.)
Ask Low
Bid
U. S. Government.
0638 35 93% 9658
Illinois Div 4s
99%
99
9934 Oct '16
1949 J - J 9538 Sale 9538
U S 28 consol registered_ __d1930 - J 9912 100
3 10214 10318
Iowa Div sink fund 5s
10212
9912 10012
1919 A - O 10212 _ _ 10212
9912 .--- 10012 Sept'16
U S 25 consol coupon
d1930 Q9938 9978
2 9934 10234
Sinking fund 4s
1919 A - O 9934 -- 9934 Oct '10
101
10034 10114 101
k1018 Q U S 38 registered
Point bonds. See Great North
10034 ____ 10078 Oct '16
100 10278
U S 38 coupon
k1918 Q9794 100
9812 Oct '16
Nebraska Extension 4s._1927 M-N 9838 99
U S 4s registered
10934 11118
1925 Q - F 110 11034 11034 Oct '16
96
98
Registered
1927 M-N *97 _ _ _ _ 98 July'16
_ 11038 Oct '16
110 11212
U S 48 coupon
1925 Q - F 110
9912 June'15
Southwestern Div 4s
1921 M- S 9978 _
9814 Oct '15
9914 100
U S Pan Canal 10-30-yr 2s_k1936 Q9414
- 9334
9418 25
- -9434
General 4s
1958 M- S 94
97 July'15
U S Pan Canal 10-30-yr 2s_ _1938 Q - N 9914 100
2114 3812
3612 3612 N ov'16
lolls 161-4 Chic & E Ill ref & imp 4s g_ _1955 J • J 32
U S Panama Canal 38 g
1961 Q -M 102 ____ 103 Oct '16
27 20
32 Sale 32
35
U S Mtg & Tr Co ctfs of dep__
35%
- .
U S Philippine Island 48_1914-34 @ - F 100 ____ 100 Feb '15
10314 _ -- 10712 Aug '16
104 10712
1st cc:mot gold Os
1934
Foreign Government.
9852 348 98
8312 Nov'16
03
9,1
75
9812 Sale 98
General consol 1st Is
1937 M- N 93
99%
Amer Foreign Secur 5s (w 1)219
82
82
---- 82 May'lb
95'2 15801 9312 9618
95 Sale 9478
Registered
Anglo-French 5-yr 5s Ester loan_
90
91
75
90 Oct '16
U S Mtg & Tr Co ctfs of1de
p
937
9212
N 89
2 8934 9533
Argentine-Internal 58 of 1909.._ M- S 9212 Sale 92
20 74
89%
91
89
7034 22 69
89
Guar Tr Co ctfs of dep
-- 85
7814
Chinese (flukuang Ry)-58 of'11 .1 -D 70% Sale 6912
_
6 9614 10034
9734 Feb '13
Put money 1st coal 5s_
9878
99
1942
- • -Cuba-External debt 5s of 1904_ M- S 9938 99
_ 2512 Nov'16
26
21
Chic & Ind C Ry 1st 58_ _ _1936 J - J 25
9418 97
Eater dt 5s of '14 ser A....1949 F - A 0614 96% 9618 Nov'16
__- 73
7412 Sale
7434
7434 202 69
Chic Great West 1st 49
8112 87
External loan 435»
1949 F - A 8612 -- -- 8012 Nov'16
8' 11112 116
115
J 115 Sale 115
M- S
1959
47 JDominion of Canada g 55 w 11921 A - 0 100 Sale 9978 1001s 75 9838 10038 Chic Ind & Louisv-Ref 68_1
95 9718 10114
100 101
10034 10034 Oct '16
Refunding gold 5s
Do
do
1926 A -0 9934 Sale 9934 100
100 Sale 99%
83
85
J 85 - - 85 Oct '16
Refunding 48 Series C_ _1
10018 112 904 10238
19
94
17
7 :j
Do
do
1931 A 70
9
70
75
70
70
70
Ind
&
88
Loulay
•
8814
Sale
1st
gu
48_1956
J
J
8814
9
F
A
8214 8834
Japanese Govt-Sloan 4;58_1925
1 78% 8818 Chic Ind & Sou 50-yr 4s___ _1956 J - J 8913 - - 8912
8s
9112
8912
88
Second series 43s
1925 J - J 8712 88 88
9712 9734
96% 9712 Apr 'lb
8118 Sale 8012
8114 81 73 8414 Chic L S dr East 1st 434s,_.1969 J -D 92
Do do "German stamp".
11 83 7212 Chicago Milwaukee & St Paul72
72
73
Sterling loan 45
1931 .1;5 72
9214 25 8912 94
5012 5012 Nov'16
Gen'l gold 4s Series A__ _c1989 J - J 9214 Sale 9134
45 60
Mexico-Exter loan £ 58 of 1899 Q - 9 47
9238 Feb '16
92% 92%
39 Aug '16
Registered
2712 50
Gold debt 4s of 1904
e1989 01954 -D 35 40
9538
Sale
453
9538
9818
9512 18 92
Sale 98
9578
0838
Permanent 48
Paris, City of, 5-year 68_ _ _ _1921 A 991s
98
17 9112 9618
9513 Jan '15
Gen & ref Set A 43.45. ___a202
-D 96 Sale 0512
5 -O
1914
00
Prov of Alberta-deb 4 Xs_ _1924 F - A
3 74
10634 46 10512 110
8012
79
Gen ref cony ser B 53___ _a2014 F- A 10614 dale 106
Tokyo City-5s loan of 1912.. M- S 9 7878 Sale 7878
2
81
_
_
8118
1817
8112
99%,
81 18
Sale 9878
78
Gen'l gold 33.4s Ser B____e1989 J - J
00 101
991
4
UK of Gt Brit dr I 2-yr 5s 1918
10218 15 10012 101
General 4 As Ser C
e1989 J - J 10218 Sale 10218
:These are prices on the basis of
9312
9278 59 90
25-year deben 45
J 9234 Sale 9234
J D
1934 j
State and City Securities.
141 100 103%
10034 Sale 10012
101
10312 73 101 10414
Convertible 43.58
X Y City-45s Corp stock. 1960 M- S 10314 Sale 10314
103 July'16
103 10378
Chic & L Sup Div g 58
10478 35 101 10478
1932
21 J - J 10314
435sCorporate stock
1061 M- S 10458 10478 10434
_
10614
10412 10578
10534
Nov'16
1043
4
1116
105
Nov'16
Chic
&
alo
Riv
Div
5s
105
1926
J
J
A0
dais Corporate stock__ _ _1966
10418
8 10338 10338 io 102 10418
Chic & P W 1st g 5s
1921 J - J 10314 103.3Cis Serial corp stock_1917-31 A-0
9318 9234
2 7174 1101-2
CM & Puget Sd 1st gu 4s_1949 J - J 93
9:08 19 8912 931s
Hit; 12 ig1-8 12113
435s Corporate stock
1965 .1 -D 1171io973 Sale 10978
106 107%
Dubuque Div 1st 5 f 6s__ _1920 J - J 106 ___ _ 106 Oct '16 _
1101s 32 10578 11013
434s Corporate stock
1963 P4Fargo & Sou assum g 68..1924 J - J 11014 -- 110 June'13
10134
4% Corporate stock
9778 10134
1959 M-N 10134 Sale 10138
11
1013
4
Oct
'16
10212
Rd - 16234
1013t
10112
La
1017
8
-Crosse
&
D
J
8
ist
58
1919
J
1017
MN
4% Corporate stock
98
1958
10234 105
10112 10112 10 9788 10134
Wls & Minn Div g 58
1921 J - J 10338 --__ 10314 Nov'16
N 10178 4% Corporate stock
1957
_ _ 107 Sept'16
1002 10714
Wis Vail Div 1st Os
1920 J - J 107
4% Corporate stock
9714 9714
1950 M- N 10112 101% 9714 Jan '16
10114 10178
10212
11014 16 10534 11014
Mil dr No 1st ext
_1931 J -D 10212 Sale 10212
New 4358
1957 M- N 11014 Sale 10912
_ _ 10212 Nov'16
101 10212
10034 Nov'16
Cons extended 434s_._1934 J -D 10212
New 4558
10014 101
1917 M- N
9518 97%
8 10934 10978 Nov'16
Chic & Nor WestExt 481886-1926 F - A 9712 9814 96 Aug '16
106 110
435% Corporate stock....1957 M-N it365_ 97 Apr '16
97
97
Registered 33.4e1886-1926 F - A 9438 _
10078 10078
43.4% Assessment bonds 1917 M-N - - 10012 10078 June'16
84
9312 Oct '16
80
General gold
1987 M- N 8214 8312 8212 Nov'16
8838 9312
33.4% Corporate stock_ _1954 151-N 9312 94
2 10212 105%
8114 8114
10512
Registered
p1987 Q - F ---- -- 8114 Oct '16
X Y State-48
1961 M- S 10512 Sale 10512
9514 -15 93% 95%
General 4s
1987 M- N 9434 Sale 9434
Canal Improvement 48
102 10512
1961 J - J 105 _ _ _ _ 10512 Oct '16
9614 94 Sept'16
105 ___ _ 10414 Nov'16
933s 96
Stamped 4s
1987 M- N 95
Canal Improvement 4s.._ _1962 a 10214 10414
11434
115
115
115
11214 11654
105
10512
Oct
'16
106
1987
MN
General
106
5s
stainped
10212
Canal Improvement 4s
1960
11212 11212
11512
117 Oct '10
Sinking fund 6s
1879-1929 A -0 11018 -- 11212 Jan 16
Canal Improvement 415s.1964
113 117
10912 Ayr '16
10912 109%
Registered
1879-1929 A-0 109
• Canal Improvement 43.(s.1985 J -J 10912 - - 10934 Sept'16
10612 10934
104 104%
Sinking fUnd Is
12212 118
1879-1929 A -0 10412 10514 10412 Oct '16
Highway Improv't 43.58_1963 M- $ 114 11558 11558 N ovlo
10312 Apr '16
10312 104
Registered
1879-1929 A- 0 10412 _
107 10934
Highway Improv't 4345...1965 M- S 10912 11034 1093 July'16
10112 10311
85 Aug '16
8634 88
Debenture 5s
1921 A -0 10212 1033-8 10338 Oct '16
irginia funded debt 2-3s_ _.A99I J 8434 8838
10212 10212
10212 Oct '10
5712 5878 57
Registered
58% 35 50
1921 A -0 Os deferred Brown Bros ars_ _ _
5858
10314 106
Sinking fund deb Is
1933 Pol-N 103% ---- 10334 Oct '16
Railroad
10414 June'16
6814 Sale 6814
10414 10414
Registered
6814 12 63
1933 M-N
inn Arbor 1st g 4s
6814
51935 Q 12012 12114
12114 Nov'16
9412 Sale 9414
Frem Elk & Mo V 1st 6s.1933 A - 0 12114
9434 194 9218 95%
itch Top dr S Fe gong 4s___1995 A 9012 Sep t'09
9212 _ _ _ _ 9212 N
_
•
Man GB&NW 1st 3355_1941 J - J
9114 9358
Registered
1995 A 7 8312 8812
86
86
Milw &. S L 1st gu 3358_ _1941 3 - J
8678 8538
Adjustment gold 4s
51995 Nov
i66- 10738 Oct '16
84
10738 101)
8514 82 Oot '15
Mil L S & West ist g 68
1921 M- S
Registered
8812
81
51995 Nov
10612 Oct '16
100 10712
8612 48 8314 8814
Ext & imn f gold 58_ _ _1929 F -A 10714
Stamped
51995 M- N 8614 Sale 86
12 10034 10812
106
Ashland Div 1st g Os__ _1925 IR - S 112 ---- 11178 Dec '15 _
Cony gold 48
1955 1 -D 10412 Sale 10412
16 10134 1083s
111 1121
106
Mich Div 1st gold 6s_ _ _1924 J - J 11114 -- 11112 Nov'16
Cony 48 issue of 1910
1960 J -D 10412 10512 105
5 91
5 10012 10134
9232
10118
Mil Spar & N W 1st gu 48_1947 M- S 9214 9238 9232
91
10-year 5s
1917 J -D 10118 Sale 101
9714 N ay'16
- 1073s May'14
Northw Union 1st 78 8...1917 M- S 101 14
East Okla Div 1st g 45_ _1928 M- S 9718
9538 9714
St L Peo dr N W 1st gu 58_1948 J - J 10812 1083-4 107 Nov'16
105 109
Rocky Mtn Div 1st 4s._ _ _1965 J - J 86 8712 8512 Nov'16
84 89
9212 9112 Nov'16 _- 89
10212 Dee '15
Winona & St P 1st ext 7s_1916 J - D
Trans Con Short L 1st 48_1958 J - J 92
92
3 1c-11 10278
10234
10234
Chicago Rock 181,4 Pac 68..1917 P - J
Cal-Ani• 1st & ref 4Xs"A"1962 M- S 9778 9812 98 Nov'16
9638 99
101 Sept'16
101 102
Registered
S Fe Pres & Ph 1st g 58-1942 M- S 106 10618 1027s Aug '16
191" J - J
10278 /0112
8714 Sale 87
41 82
88
88
93%
Ry
9334 46 91
general
988
.1
J
gold
48
1
ati Coast L 1st gold 48._ __51952 M- S 9334 94
91%
1 83 85
85
__ 85
85
9334 15 89
Registered
Gen unified 43.58
94
1988 J 1964 -D 9312 9338 93%
7912 607 8334 7912
Refunding gold 4s
1934 A -0 7878 Sale 77
Ala Mid 1st gIl gold 58_ ..1928 M- N 10644 10778 10738 Oct '16
10814 107%
7238 1675 4112 72%
71 Sale 66
30-year debenture Is
1932 J Bruns & W 1st gu gold 48_1938 J - J 9412 ---- 93/8 Oct '10
0312 95
95
9712
_ 12978 Aug '13
Coll trust Series P 4s
1918 rd -N 9734 98% 9678 Sept'16
Charles & Say 1st gold 78_1936 .1 - J 13412
53 54
68
68
8734 --oii 8313 .8812
RI Ark dr Louis 1st 4 Xs_ _1934 M- S 68 Sale 64
L & N coil gold 45
01952 M- N 8712 Sale 871s
3
973
4
102
103
10158
102
102
July'16
11918
12014
Bur C R & N-Ist g 58._ _1934 A 11918 .122
Say F & W 1st gold (is_ _ _ _1934 A -10712
C R I I? & N W 1st gu 5s 1921 A - 0 100 ---- 1007 Alar'14
1st gold 58
1934 A - 105 July 15
-a 995
9918 Feb '16
M dr St L 1st gu g 7s
1927 J -I)
SilSp Oca & G gu g 48
1918
-9.618
9934 -- 9934 Oct '16
94% Sale 9378
ii18 -9934
9414
Choc Okla & G gen g 58..o1919 J J
Bait & Ohio prior 33.5s
1925
9214 9414
97% July'15
2 9112 91
93
*9312 94
9338
94
Consol gold Is
1952 81-N
Registered
51925 Q6 55
65
6312
9234 95 89% 9234
Kook dr Des Moines 1st Is 1923 A - 0 _ _ 64 63
let 50-year gold as
51948 A -0 9214 Sale 9218
65
7212
7212 Nov'10
9134 9112 Oct '16
St Paul & K C Sh L 1st 4158'41 F - A
Registered
51948 Q8913 9112
itO 11818 Nov'16
1
11714
11818
1187
s
90 -YOChic
St
P
M
1930
J
-I)
10-yr cony 43.4s
&
0
con
6s
-- -- 90 Sale 9512
9378 98%
10114 122 9978 10134
10118 Sale 101
8734 8731
- 8734 Fel) '16
Cons Os reduced to 3358._1930 -D 91'4
Refund dr gen Is Series A.1995
100 103
101 12 idi 10112 Nov'16
108 109 112 Jan '12 -Debenture Is
Pitts June 1st gold (18_ _ _1922 J
118 ---- 11712 May'16
11712 11814
Ch St P & Minn 1st g 6s 193
918
0
P Juno & M Div 1st g 315s 1925 M- N 9212 9234 9214 Nov'16 - - -if - -621-4
_ 118 118
8758 10 8513 90
North Wisconsin 1st 6s__ _1930 J - J 118 faa 118 Nov'16
PLE&W Va Sys ref 48_1041 M- N 8758 Sale 8712
5 104 10538
10412
9238 22 8934 9278
St P & S City 1st g 68_ _ _1919 A -0 10112 I067-8 10412
Southw Div 1st gold 3;58_1925 J - J 9238 Sale 9218
_ 10412 10512
10512 Nov'16
Superior Short I. 1st 5s g_g1930 M- S 10534 Cent Ohio 11 1st c g 43.4s.1930 M- S 100 _ _ _ _ 10118 Nov'16 -- 10118 1011s
4 68
_
83
83
108 109 10634 Oct '16 -- 10834 10778 Chic T II & So-east 1st 55._ _1060 J - D
85
Ci Lor& W con 1st g 58_ ...1933 A 106 1071/
Chic & West Ind gong 6s_q1932 Q -M 1714 10812 107 Oct '16
10034 Oct '16 ---- 10034 101
Monon River 1st gu g 58..1919 F -A 10114
7618 7734 77
7712 30 7538 81%
Consol 50-year 48
Ohio River RR 1st g 5s....-1938 J -D 10614 --- 107 July'16 -- 10012 107%
8612 91
91 Oct '10
105 10712 10534 Oct '16 -- 105 10534 On II & D 2d gold 4;513
J -.1
J 91 952
37 P
General gold Is
19
1937 A 70
107 ---- 11312 Feb '12 -_
1st & refunding 4s
Pitts Cleo tic Tol 1st g 68.._1922 A 1959 J - J 60
1st guaranteed 4s
Pitts & West 1st g 48
1959 J - J 80 ---- 78 Aug'16 - 78 _78
1917 J - J 993s -- 9938 Sept'16 -- 0038 9912
Buffalo R & P gong 58
Cln D
I ist gu g 5s
1941 M-N 40 -- 25 July'15
1937 M- $ 11012 ---- 10938 Nov'16 --- 10712 11012
• - -• •
2 10114 103
88 Mar'll
Consol 435s
C Find & Ft W 1st gu 45 g 1923 M- N 20
1957 111-N 100% -- 10112 10112
05 July'14
9314 -- 97 Nov'16
Cin I& W 1st gu g 48.._ _ _1953 J - J
All & West 1st g 4s gu _ _1998 A 92118 97
--•
•
Day dr Mich 1st cons 4;48_1931 J - J 94 --- 948 Dec '14
Clear dr Mah 1st gu g 5s_ _1913 J - J 10614 -- l0318 Feb '16 -- 10318 10318
10758 10914
• •
lnd Dec & W 1st g 58
1935 J - J Roth dr Pitts 1st gold Os....1921 F - A 10014 -- 10818 Nov'16
- • 65 July'14
_
10711 Dec '02
1st guar gold Is
1935 J - J
Consol 1st g Os
1922 J -D 10834 -- 109 Oct '16 -- 10734 11014
7713 81
10314 ---- 10314
10312
Canada Sou cons gu A 5.s.._ _1962 A 8 10112 10434 Cleve Cin C dr St L gen 48_ _1993 J - D 8.05-8 -8034 8034 N ov'16
8312 9014
9312 9334 N ov'16 --- 92
20-yr deb 41•58
Car Clinch & Ohio 1st 30-yr 55'38 J -D 92
1931 .1 - J 8512 8712 8712 Oct '16
9512
9914 101
Gen 58 Series B
Central of Ga 1st gold 58---P1945 F- A 10838 -- 107% Sept'10
1993 J -D 10014 10034 10034 Nov'16
10712 108
8614
12 100 103
82
87
103
Cairo Diy 1st gold 48
Consol gold Is
1939 J - J 8614 Salo 80
1945 M- N 10234 Sale 10214
15 751i 80
80
- 8312 8412
Cin W & M Div 1st g 4s_ _1991 J - J 81) Sale 78
Chatt Div put money g 4s 1951 J -D 8212 8714 8412 May'16
5
79
8412
8312
8334 8012
Mac & Nor Div 1st g 58_ _1916 J - J 103% -- 10378 Oct '16 -- 10134 1037s
St L Div 1st coil It g 4s
1990 M- N 81
---- 82% Mar'14
Mid Ga & AtI Div Is
Registered
1990 M- N
1947 J - J 103% -- 10014 Mar'15
Mobile Div 1st g 5s
Spr & Col Div 1st g 4s_ _ 1940 M- S 83 -- 83 Sept'16 _- 83 -8612
1946 J - J 10334 ---- 104 Oct '16 ---- 10214 104
8434
84 Nov 16 _- 84
9618
4 94
W W Val Div 1st g 4s
1910 J - J 8312 80
Cen RR B of Ga col g 5s_ _1937 151-N 961s ---- 9618
97
117
1 11534 11814
Cent of NJ gen'i gold 5s
C I St L dr C consol Bs__ _ _1920 M-N 10518 10534 105 June'16 ___ 105 10534
1987 -J 117 118 117
9234 Oct '16
911s 9234
k1
0( F 93 - 1st gold 4s
k 1936
Registered
A1087 Q - J 117 _- -- 1171s Oct '16 -- 115 11714
88% MaY'15
Registered
Am Dock dr Imp gu 58_ _ _1921 J - J 1038 103% 10312 Nov'16
10314 10334
jai" 1-62-13
.2.7-s
- 102 Sept'16
Cif) S & Cl con let g 5s_ _ _1923 J - J 10
Leh dr Huditlygen gu g 58_1920 J - J ---- -- 100 June'13 -11618 11618
N Y dc Long Br gong 48..1941 M- S 9038 - - 10012 Jan '13 -CCC&Igencong8s___1934 J -J 116% 120 11618 June'16
94 July'08
79 - 8134 Oct '16 -- 79 83
79
Ind B & W 1st pref 4s
_1940 A Cent Vermont 1st gu g 4se1920 Q - F 9434 10' 941% 98
Chess dr 0 fund & impt 58..1929 J -J 9134 9634 9434
0 Ind & W 1st prof 58...._d1938 Q 737
4 63
733
77
73
107
2' 10434 10758
Pen & East 1st con 4s
1st consol gold 5s
_ 1940 A -0 72
1939 M11-N 107 10738 107
15 23 40
38 Sale 38
40
2 103 10412
104
Income 451900
Registered
1939 M-N 104 105 104
4 9994 10218
1021s
9214 67 89
9214 92
r 10218 Sale 10218
General gold 4158
1992 81- S 92
9314 Cleve Short L 1st gu 43.4s..,,.1961AA-PO
5 7
18
17
17 Sale 17
Col Midland let g 48
Registered
1992 M- S ---- 9012 91 Oct '16 -- 9013 91
18
1714 15 8
1712 17
86
69 8318 89
20-year convertible 4
Trust Co certfs of deposit _________
j 17
_1930 F - A 85% Sale 8512
61 90 94
94
9658 918 9218 98
0334 Sale 93%
30-year cony secured 58..1946 A -0 9512 Sale 9478
Colorado & Sou let g 48_ _1929
8512 71 8218 871a
85 85 Nov'16 -- 8314 85
Big Sandy 1st 48
Refund & Ext 43.58
1935 M-N 8512 Sale 85
1944 J -D 84
10434 1061s
8512 8512 N ov'16 ---- 8212 8512
1921 J -D 10514 Iola 10514 Nov'16
Coal River Ry 1st gu 46_1945 J -D 84
Ft W & Den C 1st g 8s
95
Craig Valley 1st g 55
1940 J - J 9234 ---- 9634 Feb '16 -- 96% 96% Conn & Pas Rive 1st g 48.-1943 A -0
Feb
'16
95
-174
-94 •
843
4
Jan
'13
J
J
-J
Potts Creek Br 1st 4s
55
g
1952
Cuba RR 1st 50-yr
1946
8812 18 -/41-1 -851-2 Del Lack dr Western8811 8758
R & A Div 1st con g 4s__ _1989 J - J 88
85% 87
8213 8212 8212 Oct '10 -- 8112 8318
2d consol gold 48
Morris & Es 1st gu 33511.._2000 J - D 8612 8714 8634 Nov'16
1989 8813 Sept'16 -- 8812 8812
Greenbrier Ry Ist gu g 48_1940 M- N
N Y Lack & W 1st 615-1921 J - J 10712 108 10712 Nov'16
10
06
2Z 104
0912
11314 Feb '15
10814
1923 F
Thi
- 10334 Oct '18
Warm Springs V 1st g 65_1941 M-. S 9212
Construction 58
98 9834
9812 99
9834 Oct '10
11 57
62
60
1923
6134 61
Chic & Alton RR ref g 3s_ _1949 A Term & Improve 4s
62
86 10218 Feb '03
26 43
56
5612 55
Railway 1st lien 3358
Warren 1st ref gu g 33531 2000 F - A 84
1950 J - J 55
57%
1 103 i64-12
103
9978
1917 M- S 102 -- - - 103
1 99 100
Chic B & Q Denver Div 4s_1922 F - A 99 10212 9978
Del & Hud 1st Pa Div 7s
2 0412
1041, Feb '16
1017 M- S
8634 10 R314 87
Rertioprod
Illinois Div 314s
1949 J - J 8814 86% 8638
e
Option
sale.
•No prloe aliday; latest this week. d Due April. •Due May. g Due June. h Due July.
Aug.
o
Due
Olt
Due
'Due Nov% f Due 7)-
New York Bond Record-Continued-Page 2
Nov. 181916.]
Price
Friday
Nov. 17.
BONDS
N. Y. STOCK EXCHANGE
Week Ending Nov. 17.
Week's
Range or
Lou Sale
Range
Since
Jan. 1
BONDS
N. Y. STOCK EXCHANGE.
Week Ending Nov. 17.
t
Price
Friday
Nov. 17.
1871
Week's
Range or
Last Sale
Range
Sinai
Jan. 1
Bid
Ask Low
High No. Low High
Delaware dr Hudson (Cool)Bid
High No. Low High
Ask Low
1922 J - J 10012 _-_- 102
102
1st lien equip g 4 8
10 10038 102
Leh Val Coal Co let gu g 513_1933 J - J 10512 _--- 108 Oct '16
104 10614
1943 13I-N 9812 9913 9834
9834
let & ref 48
2 9614 9912
Registered
1933 J - J --__ __ 105 Oct '13
1st int reduced to 4s
1935 A -0 10512 Sale 10612 10712 40 105 108
_
20-year cony 58
1933 J - J 92
. Alb & Susq cony 3)0-1946 A -0 8714 8858 87.2 Nov'16 -- -- 8514 883s Leh & N Y let guar g 481945 M- s .89 ---_ -jig.; Jury-'1;
894'Or
11238
_--- 11213 Oct '16 ---- 11213 113
Registered
Renss & Saratoga 1st 7s 1921 13I-N
1945 M- S ---8212 44 76 83/
Deny &R Or 1st con g 48_1936 J - J 82 Sale 82
1 1041
1
4 Long Isld let cons gold 58__h1931 Q - J 10633 ____ 10614
/
4 10633
10814
1936 J - J 88 89
1st consol gold 48
8714
88/
1
4
1;1931 Q- J 9414 -- _ - 9414 June'16
2, 83 89
Consul gold 4s
9414 9614
General gold 45
89
1938 J - D 87
28! 7834 90
8912 897 Nov'16
Improvement gold 5s.--1928 J -D 89 Sale 89
90
85
Ferry gold 4)4s
71
1922 al- 5 97
1955 F- A 7012 71
981
/
4 97 Oct '16
7212 36, 5513 7312
let & refunding Ss
97 9934
.
12 73.8
.
hi -13
Gold 48
1_1 9914 Oct '06
- 2 -ii
87/
1
4
2 -1
1' 8633 88
194
1939
Rio Or Juno 1st gu g 58_1939 J - 0 8734 Sale 8734
Unified gold 4s
8412 10 -8
84
:
6
7Rio Or Sou 1st gold 4s-1940 J - J 3412 ---- 6112 Apr '11 -13
9613
4- -9
9712
35 June'16 -- 35 - -Debenture gold 55
1940 J - J 341/4
3
1934 1 -D 90 ____ 9713
Guaranteed
15-14
s
1939 J - J 7658 8012
10
8012
- 7914
Guar refunding gold 4s___1949 M- S
3 73
Rio Or West 1st g 48
l
8958
8013
90
6814 Nov'16---- 61
Registered
69
Mtge dr coil trust 4s A 1949 A -0 68
69
----95 Jan 11
1949 NS- E3 ------NY B&MBIstcong5s.1935 A-0 10273 ____ 10114 Oct '16
Utah Cent 1st gu g 48.a1917 A -0 9414 --- 90 Apr '14 -De Moines Un ily 1st g 58_1917 M- N 9812 --_- 99 Sept'16 ---- 99 - -diN Y & RI) 1st gold 581927 M- S 103 ____ 10214 Sept'16
Nor Sh B 1st con g gu 5s_o1932 Q - J 9858_..,. 100 Aug '16
Du & Mack-Ist lieu g 48_1995 J -D 81 85 90 Jan '16 -- 90 90
85
75 July'16 ---- 75 85
Louisiana Jr Ark 1st g 58__1927 M- S 9212 94
Gold 48
97/
1
4 July'113
1995 J -D 80
Louisv dr Na8hv gen 68
-_-_ 1
9312 34 , 90-2 94
9312 9312
Dot Riv Tun-Ter Tun 4)01961 131-N 92
1!
_.
1930 J -D 114 ____ 113
113 :::: -_-_8
8
1
8806899
8
28
.
1.117.1:4
82
443 1111193231112
41
Gold 58
Dul Nlissabe & Nor gen 5s 1941 J - J 10414 1051
/
4 10514 Oct '16 ---- 104 10514
1937 I31-N 110 ____ 109 Aug '16 --,- 10833 1104
Unified gold 4s
Dul & Iron Range 1st 58
0234
5 10112 10314
958
1940 J - J 95% Sale • 9512
1937 A -0 too12 14935s 10234
1937 A -0
Registered
- - 106 Mar'08 ---.
1
4 Sept'16
1940 J - J 93 -- -- 93/
Registered
996
6
3:
14
88
0
92338
372 10
Dul So Shore & Atl g 5s
Collateral trust gold 58__A931 M- N 108 1081
/
4 10614 Nov'16 -_ ..- 2-_'-_5 19
2
1937 J - J 95 ___- 9812 Nov'16 -- -- .921;-9.61
E H & Nash 1st El 68
Elgin Joliet dc East 1st g 58-1941 131-N 10313 __- 10414 Oct '16 __-- 103 10414
1919 J - D 10753 --- 10734 10734
3 10734 10734
013
L Cin & Lex gold 430
1083311133
144 _-__ 10153 Sept'16
Erie 1st consol gold is
1
4 109 10853 10858
1931 M- N 106
1920 M- S 108/
N 0 dr M 1st gold 88
N Y & Erie 1st est g 48
5 9512 9612
/
4 Sept'16 ---.1331 11
/
4 951
1930 1 - J 11434 ____ 115 Nov'16 :::: 19°
02
64
1947 131-N 98 981
2d gold Os
2d ext gold 531919 M- S 10134
101 June'16 --- 1017 10214
1930 J - J 107 10914 10973 May'16
Padneals & Mew Div 48_1946 F - A 8934
3d ext gold 43.8
1
4 Aug '16 --- 100 100
8912 Nov'16
1923 M - S 10013 ---- 100/
St Louis Div lst gold 68_1921 M- S
4th ext gold 58
liii1; 108 Apr '113
/
4
/
4 103 10134 Nov'16 -- 10112 1021
1920 A -o 1011
107 10814
2d gold 38
5th ext gold4894
Nov'15
61
1928 J -D 91
1980 IVI- 8 8214 6312 62 Oct '16
1 108 111
Atl Knox dr Cin Div 48
NY L E & W 1st g fd 78-1920 M- S 10833 10934 10813 10812
89 -- -9
89
7 8512 64
90
1955 1.4-N 8813 90
Atl Knox & Nor let g 55 1946 J - D 10818 ---- 10712 Oct '16 ---. 10712 10713,
Erie 1st con g 48 prior1996 J - J 85 Sale 8412
85
55 83 8612
/lender Bdge let s f g 68_1931 M- S 10653 ---- 10814 June'16
Registered
80 Oct '15 -,..,
1996 JI - J 83 84
Kentucky Central gold 48_1987 I - J
let consol gen lien g 48_1996 J - J 7458 Sale 7414
8812 Sept'18
18
053
734 IL%
747a zio if- -iiLex & East 1st 50-yr 58 gu.1965
Registered
10233
1
4 7612
10233
1996 i - J ---- - --- 7212 June'16 ---- 72/
2 loci 1o2l,
1
4 9012
L&N&M &M istg 4301945 M8 88/
A -O
s 1E63
Penn coll trust gold 4s
101 Oct '16
9012
0044
1931 F - A 9012 Sale 9012
101
997
5 77123 82
L dr N-South M Joint 4s....1952 J - J 8114 -82
6812 68
- - - 81
7234
60-year cony 45 Series A-1953 A -0 68
81
7234 55 68
Registered
84
h1952 Q - J
do
---. 95 Feb '05
7212 59 70
1953 A -0 7214 Sale 7214
Series B
N Fla & S 1st gu g 5s____1937 F - A logr4 i6i. 10534 Sept'18
8853
8634 254 84
Gen cony 48 Series D
1952 A -0 8512 Sale 8518
10558 10714
N & C Bdge gen gu g 4%3_1945 J -13 100
9753 May'16
Chic & Erie let gold 58
1 10534 10718
10713
1982 13I-N 10718 108 1071s
9753 975s
Pemsac & Atl 1st gu g 6s__1921 F --_ A 1083
10834 10 10818 10834
08148 Sale 10812
Clev & Mahon Vail g 58._1938 J - J 10633 __- 101 gel. '15 -5 & N Ala cons gu g 58_1936
1
4
- 1.i112 121/
l 10734 Nov'16
A - 0 1231.3 --- 12234 Oct '16 -Long Deck consol g (331935
1
4
10514 108/
Gen cons gu 50year 58_1963 A - 0 10114
Coal & RR 1st cur gti 681922 M-N 10158104 102 mar'18 ---- 102 102
10312 Nov'16 _
100 1087s
L & Jeff Bdge Co gu g 48___1945 M- S 80 8413 8113 Apr '16
Dock & Imp 1st ext 58
1943 J - J 10614 ---- 106 Aug '16 ---- 10253 106
801s 8212
Manila RR-Sou lines 4s.....1936
--__ 10313
N Y & Green I. gu g 58
1946 131-N
Mex Internat 18t cons g 48__1977 3-N___---________ii- Ma'0
N Y Susq dr W 1st ref 5s 1937 -5 - J 99 - - 97 Oct'
--1M-S
10 ---- 961g 99
1937 F -A ...... 4-11 10014 Dee '06 -Stamped guaranteed
'
4u"10
2d gold 430
-_
1977 M-S T::: ___.79
,10
75%
3 .ii: 8
7412 75
Midland Term-lst s f g 58_1925 J -D
.1
General gold 58
1940 F - A
__101 Oct '09
Terminal 1st gold 58
1943 m -N 11-761-2 -- 10513 Sept'16 ---- 10512 10512 Minn dr St L 1St gold 7s
1131
/
4
1927 J -D 11313 ____ 11313
lii. iii_ 104 Sept'16 -- 104. 104
Mid of NJ let ext 58
Pacific Ext let gold 68._ 1921 A -0 1021
1940 A -0 10412
/
4 10333 10333 Oct '16 7, 10212 10115s
82
Wilk & Eas 1st gu g 58-1942 J -D 82 Sale 82
5 81/
let
1
4 90
consol gold 58
2
90
90
1934 MN 9
Ev dc Ind 1st con gu g 68__1926 J - J •, 7,- 40 106 Mar 12 ---- - - - • let & refunding gold 48
834 68
2178
2
1949 MI- S 6212 Sale 6212
9912
9913
Evansv & T II 1st cons(38_1921 J - J 100 101
3 90 102
Ref & ext 50-yr 58 Ser A 1962 Q - F 617 Sale 61%
6178
88
2' 50
58
____
63
1st general gold 58
May'16 ---• 63 63
1942 A -0
Des M & Ft D Ist gu 48._1935 J - J --j.
i -_ ----60
Feb '11) -Mt Vernon 1st gold 6s.... 1923 A -0 ___ ___ 108 N o v'll ---. __ _ _
Iowa Central let gold 54-1938 J -D
4
90
9114 g:11 -86. -if1Sul' Co Branch 1st g Sc.. 1930 A -0 -.... -__ 95 June'12 __
62
Refunding gold 48
1951 M- Et 6012 Sale 60
9 -;
9514
Florida E Coast 1st 4)0_1959 J -D 9453 93 95
Sale
illi1
i -4 M 83P&SSM con g Clint gu 1938
let Chic Term s f 48
Fort St U D Co let g 4)0_1941 1 - .1 8234 ____ 92 Aug '10 ----_ _.. -_ _
V
n1132
91''
14 JunI
1941
M SS&A 1st 848 int gu_1926 J - J 9834 9953 98 Oct '18
Ft W & Rio Or 1st g 48
1928 J - -I 70 --- 7013 Oct '16 ---. 6114 70/
of" iiii
1
4
Great NorthernMississippi Central let 58
1949 J - J 9414 - - -- 93 Nov'18
90
93is
C 13 & Q coil trust 48
/
4 Sale 7753
1921 J - J 99 Sale 9853
991
/
4 550 9758 9914 Mo Kan & Tex 1st gold 46.._1990 J -D 781
7814 39 7013 79
2d gold 48
Registered h
9834 131 9712 9834
1921 Q - J 9834 Sale 9853
0990 F - A 4914 4913 5013
214
5012 13 3
47
01, 5
1st ext gold 5s
let & ref 448 Series A
1944 M- N 41
4512 4434 Oct '10
1961 J - J 9934 Sale 9958
1001/4 251 9834 10034
lot dr refunding 48
Registered
96 June'16
S 6313 Sale 6312
2004
1961 J - J
6353 16 51
M8353
Gen sinking fund 430_1936 J - J 42
St Paul M & Man 4s
5. -96
4212
1933 J - J 9712 102
4212 4212
97
oils
97
1 38
48
St Louis Div 1st ref g 45. _2001 A&O 40
181 consol gold 6s
1201
/
4 123%
/
4 ____ 123% Oct '16
48
45
3712 Oct '18
1933 J - J 1211
37
Dall
&
1193
4
---1933
Waco
10
J
J
4
11 76014
12112
1st gu g 5e 1940 M- N 69 Sale 69
___- ---- 1193 Aug
Registered
69
69
69
4
Kan City dr Pac 1st g 48_1990 F - A 67 ---- 72 July'18
Reduced to gold 4348.1933 J - J 10313 ---- 10312 Oct '16 ---- 10133 10334
72
Mo K dr E 1st gu g 58
10
Registered
1933 J - -11 ---_-_ 10212 May'16 --- 10213 10213
1942 A - 0 88 --__ 88
88
9714
/
1
4
95
M
--K
'16
Oct
dr
9018
--__
Mont ext 1st gold 48
9612
Okla
-D
1st guar 58_1942 al-N 7212 8012 75
1937 1
75
50
75
M K & T of T 1st gu g 58_1942 M- 5 7612 Sale 76
96/
1
4 96,2
Reglatered
7612 36 6,
1937 i-D9512 Merle -2
71
812
48
Sher Sh & So 1st gu g 5s 1942 J - D 51 _-_- 51
..-. 8512 Nov'15
Pacific
11
ext guar 48 .e
1940 J ---------51
Unio
n2
1
(4
2
.
1
4
3
-O
94
2
9412
0
.
___
Texas
9418
A
&
E
Minni
Minn
n Norn
Divgs
Okla let gu g 5.3._1943 M- S 50 ____ 51 Nov'16 ---- 49
18
1st g 4.1 _ 1948
n
63
/
4 10938 Missouri Pacific (reorg Cu)
1922 J - J 10812 10933 1093. June'16 ---- 1091
1937 J - J 124 ____ 124 Nov'16
12053 124
1st & refunding 55 wit NS 1923 __ __
Mont C 1st gu g Os
9812 99
98
3 94 99
98
13614 ma3•06
Registered
1937 J - J --General 4s when issued
1
4
6814 Sale 67/
6812 678 63/
1
4 0812
1937 J - J 1101; -_-_-_-_ 109/
1
4 Aug 16
let guar gold 58
10914 11634
Missouri Pao 1st cons g 6s_....1920 M- N 10318 --_- 10273 Nov'16 ---- 100 10312
Registered
1937 J - J
Trust gold 5s stamped__ _a1917 M- S /05 ---- 10112 Oct '16 ---- 89/
1
4 10113
Will & SF 1st gold 5s 1938 i -13 lir 17_ 1563-4 Au-g-iii
10934 110%
Registered
82 Oct '15 ---al917 M- S
75 Jan '16
70
78
Green Bay dr W deb Ws"A"---- Feb
74
1st collateral gold 58
75
8 814, 15612
- l le
10018
-- 1001
/
4
1920 F - A 1-( 18
Feb
14
1412 14
Debenture ctfs "B"
1414 Li 11
147
Registered
1920 F - A 100 -_ _ _
-_-..87
90
87
Nov'16
Ouli & S I 1st ref & I g 5s....81952 J - J
8418 8813 40-year gold loan 4s
57% -H3-4 Nov'16
23
1-4
1945 1111- 8 57
Ef
8 -5
-i1119214 Nov'16
95
Hooking Vol 1st cons g 4348_1999 J - J
9014 96
• let & re/ cony 5s
s
Nov'16 ..--- 40
1959
Registered
--.
1999 J - J -------9734 Jan '14
3d 7s extended at 4%
85
82
1938
Co
Col &Hoy
&Tt
1
4 --- 8753 BeSept'1687 88
5 A - 0 88/
19
918
x y 4gs 4s. -1
Boonv St L & 8 1st 5s gu_1951 F - A
0 .,.100 Feb '13
F - A 88 ____ 88
88
1st. ext
5 86
88
Cent Br Ry 1st an g 48_1919 F - A --------67
Aug "16 ---. 50
_
8'7
Houston Belt & Term 1st 58..1937 J - J 87 -__ 9413 Feb '15
Cent Br U P 1st g 48
1
4 Dec '13 -_-___.- __-1948 1 -D -___ -__ 77/
Illinois Central let gold 48_1951 J - J 9838 ____ 9753 Sept'16
96/
1
4 9753
Leroy&CVALI8tg58l926 J - J 48 -.- 110 Mar'05 ---92 Aug 15
Registered
1951 -11 - J
Pee R of Mo let ext g 48_ _ 1938 F - A 91
92 -93 Oct '16
86
I. iti" -ij1951 J - J -Tor Aide 86
let gold 330
2d extended gold 58._ _ _1938 I - J 101 --__ 10012 July'16 .-, 100
11i- ;IC
1951 J - J 84 ____ 83 Nov'15
Registered
St L Ir M dr S gen con 858.1931 A -0 1031 Sale 103
10312 27 99% unx
5512
i :1112..-3 -..
Extended 1st gold 3)48...1951 A -0 8412 __ 8512
8.
24
Gen con stamp gu g 58 1931 I
23.8 1'/
65-3
2338
1
423
114
2
A ..-,
0 --- ----102
1951 A -0 8312-Registered
2 -fili "iiiUnified & ref gold 48._ _1929
- 1 - '--'1
let gold 38 sterling .
1951 M- 8
---- -_
_
_- 8073 Oct •12 -___ -_ _
Registered
1929 J - J
Registered
- --,
1051 M- S --------------------Riv dr G Div 1st g 48_1933 13I-N '
Wry gale- 7912
80
34 88 -88 - d- (I 'el'
Coll trust gold 48
Verdi V I & W 1st g 581926 PA- S 82 --... 87 Sept'15 ---. ____ .._.._
--_ __-- 9514 Sep '12
Registered
Mob & Ohio new gold 6s___1927 J - D 11378 --_ _ 11334 Oct '16 ---- 11134 115
1955 M- N 02 Sale 9134
1st refunding 48
9218 13 'in., -6iI-2
G
lsetne
1
4 109 Feb '16 ____ 102 109
exrtaeingsolid 4gold68____h1927 Q - J --__ 109/
extension
8158 8412 82 Nov'16 ---- 8034 83
Purchased lines 3)0
1952 J - J
L N 0 & Texas gold 48
1953 M- N 8713 Sale 8673
8713 96 8434 8714
Montgomery Div Ist g 54_1947 F - A 9933 --__ 101 Oct '16 -- -- 9914 102
1953
MN
8212
____ 84 8.iay'14 -Registered
St Louis Div 58
87
9 O
77
Dcete "118
1 :
-..
:
5 -- -- _-- , .
I 7
S 9
M-- D
.
:
i
7 1_3
;
28
_7 33
7J
4
_
193
F! 0013 ---- 90 Oct '16 .....-... -46- -Iii1-2
Cairo Bridge gold 48
St L & Cairo guar g 48
1
4 Oct '16 --1931 J - J 88 ---- 88/
Litchfield Div 1st g 3s_ _1951
J
. 74 I'eb 14
Mushy Chatt dr St L let 58 1928 A -0 107 108 107 Nov'16 ---- 10334 10712
Lottisv.Div & Term g 3348 1953 J - J -fir -iii 82 N ov"16 --- -7_Eil-4 -82 1
4 __. 11014 Marl.° -- 11014 11014
Jasper Branch let g 68.......1923 .1 - J 107/
1953 J - J
Registered
Aug '12 ---- _
McM M W & Al 1st 68_1917 J - J 10018 _-_. 10034 JU1Y'16 ---- 10034 10118
1921 r:i_k 100_
Middle Div reg 58
102 June'16 -- 101-1-4 102 .
T de P Branch let 68
1001
/
4 -__ 113 July'04 ---J
J
1917
Omaha Div 1st gold 3s__ _1951 F A 68
721-2 70 Aug '16 --_- 70
Nat Rys of Mex pr lien 4)0_1957 J - J 3.3 ____ 3014 Aug '16 ---- -20
71
36
0-14
2 -i
77 6812 Ser. '15 -.-St Louis Div & Term g 38..1951 J - J 62
Guaranteed general 48__1977 A -0 .-_- _-__ 35 Aug '18 --- 3
1951 J - J 81 18 --__ 811
Gold 3348
/
4 Jan '16 -- -811s -8118 Nat of Mex prior lien 4)0_1926 J - J _-__ -_ 9673 Feb '13 --- Registered
1951 J - J 79 _
80 June'16 -. 80
1st consol 48
80
30 Oct '16 ---- 30
30
Springf Div 1st g 330_ _1951 .1 - J 79
/65; 79 Sept'10 ___ 7834 79
N 0 Mob dr Chic 1st ref 5s 196
.- ::-.. 40 May'15
J 553
50
1 .1
A -0
Western lines let g 4s_..1951 F - A FPI ---- 91 Oct '16 -__-_-: .13
.
9
...
9
..1
.. New Orleans Term let 48.....1953 J - J 73
7314 7334
7334 ---2
66-M4
Registered
N Y Cent RR cony deb 68_1935 M-N 11334 Sale 113
11414 518 1107 1177
Bellev dr Car 1st 68
if/1;7%4;37.JF)
8658 90 814 88%
Consol 48 Series A
.
1998 F - A 8853 Sale 8014
86
____
8
48__1932
sl9412 J1
Carb & Shaw let gold
/
4 '12
Ref & imp 430 "A"
96
105 9178 96/
2013 A - 0 96 Sale 9553
1
4
Chic St L & NO gold 58_1951 J -D 10713 ---- 10753 Oct '16 - ---- 1136/
1
4 1(1fi - N Y iCentralred
8514 28 811
& H R g 3_1997
.1 - .1 8514 Sale 8378
/
4 8514
)0
Registered
eb
1
4
3 gips 83/
8358
1997 J - .1 8212 8358 8358
ISE
Gold 334s
-32 89/
1
4 9314
93
Debenture gold 4a
1934 al- N 93 Sale 9212
Registered
_ 90 June'16 ---- 90
3
1934 M-N -----90
Registered
4 1-8;i1-e- 12
J -- Ili 1(ii16,
2718
1j
4 Deic(i.
Joint 1st ref 5s Series A_1
196
953
2135
8 -13 100 10318
Lake Shore coil g 330_1998 F - A 7747833 7814 Oct '16 ____ 74
79/
1
4
D
1951 J 8514 8978
Memph Div 1st g 4s
7612 Oct '16 ---- 7314 78
1998 F - A 7613 79
Registered
---- -Registered
78 Nov'16 _ ___ 75 80/
Mn
ich
e,
C
isetn
erod
tcoll gold 3348_ _ 1998 F - A 7713 78
1
4
St Louis Sou 1st gu R 4s 121
6§"
JEliy-CA :::: ---- -:;:P
S :--- -itili
1998 F - A 75 ---- 78 Oct '16 ---- 74
78
Ind Ill & Iowa 1st g 4s
6-01
4 - - 0034
___
0034 •-• 90
Battle Cr & Stur 1st gu 38..1989 J - D 63/
1
4 --M-N
j loo §ale 100
Int & Great Nor 1st g 6s_ 1919 ‘1
10014 11 -95 - 1
Beech Creek 1st gu g 48_1936 J - J 9612 --__ -9E- it11-y-'11-3 ---- -ii1.E12
-d11-43
3 -2
James Frank & Clear 1st 48_1959 .1 -D 93 94 93
93
1
4 Nov'16 --__ 9334 9534
1936 J - .1 9373 9534 95/
Registered
7014 70
Kansas City Sou 1st gold 38_1950 A -0 '70
71
1936 J - J 103 ____ 104 May'18 __ 104 10.1
2d guar gold 58
1 3 7?
31 1111
Registered
1950 A -0 ---- ---.. 63 Oct '00 --__
Registered
Ref 6c Impt 58
Apr 1950 J - J 9114 Sale 907
9114 44 "i94'
11 7
-11 -_-- -- :
--:1..1 -A -.0
--.
56
1j
iii •
93
Beech Cr Ext let g 330_519
.
i.
-1..--: -- --:.... --1.-71
Kansas City Term 1st 4s......1960 .1 - J 8813 8812 88
1981 J - D 89 ____ -iii.Jui
.
3.
te-'11
Cart & Ad lat gu g 4s
88
88
J
99%
J
58._1937
&
West
Sale
1st
9953
Erie
g
r9
4%
3
Lake
J
-D
10413
1942
.9614
Gotiv
&
Oswe
-1st
gu
g
5s
_
3
12 988
aj
22
83_ 139
1941 J - J .
2d gold 58
Mob & Mal let gu g 48-1991 M- S ____ 9414 -ii- Mi
.17'18 -___94 94
North Ohio let Einar ft 58-1945 A -0
Mar'14
83 _ _4
_ 75
N J June R guar 1st 481986 F - A 8718 ____ 8914 Feb '18 - 8914 8914
83t,
10178 23 i(1(11Le
Lob Vail N Y let gu g 4)48_ 1940 J - J 10112 Sale 10112
2000 M-N 81 ---- 85 Junt'15
N Y dr Harlem g 330
3 ilii1940 J - .1 101 10118 100 Oct '16
Registered
/
4 dept'18
ioil
:
N Y & Northern 1st g 58_1923 A -0 10653 ___ 1061
- - _ _ 89
ehigh Vali( Pa) cons g 48_2003 131-N
9114 ---2 1244
L
92
92 Nov'16 ____ 88
N Y & Pu 1st cons gu g 48 1993 A -0 90
92
2003 111-N 10034 1007 10114 Nov'10 ____ 9914
General cons 430
1932 J - D 117 ____ 113 May'16
Pine Creek reg guar (38
10114
Leh V Term Ry 1st gu g 5E1_1941 A - 0 11234 __IUD: N or113 ____ 110 113
103%
2 1.153-3-t's iiili
R W &0con 1st ext 58__h1922 A -0 10373 10414 1038
11112
0
__111112 June'16 --__ 11112 1114
1941 A Registered
RW&OTRIstgurt58_1918111-N
____ 104 June 10
• No price Friday; latest bid and asked this week. a Due Jan, 5 Due Feb. d Due April. •Due May. g Due June. 3 Due July. 1 Due Aug. o Due Oct.
0 Due Nov. s Option sale.
- 1I
r____
Lp
:ita
,1 11 F.'s -ii- 2'8
NZ::8 -.0- -00i-8 8lls
i=
--------83
12A;.--11 :-_-_.-.i6§,,
-
1 :13 ____ ____ 113 Fc,:It __
fq:
411344
124
814 2
-_-_-_-_ __ ____
1872
BONDS
N. Y. STOCK EXCHANGE
Week Ending Nov. 17.
New York Bond Record-Continued-Page 3
13.2
zt
,-..°-.
Price
Friday
Nov. 17.
Week's
Range or
Las, Sale
;3
Range
Since
Jan, 1
Bi4
N Y Cent & H R RIt (Con.)Ask Low
High No. Low High
Rutland 1st con g 41m --A941 J - J 8414 _-_- 8134 Dec '15 -2 6814 70
Og & L Cham 1st gu 413 81948 J - J 69 _-_- 70
70
Rut-Canada 1st gu g 48_1949 J - J 67 ---- 92 June.09
-St Lawr & Aar 1st g 5s_1996 J - .1 96 ____ 9713 Oct '16
9712 9712
2d gold Os
10812 11912 Mar'12
1996 A - 0
Utica & Bik Riv gu g 48_1922 J - .3 98 .-_ 974 July'16
974 5713
2 8313 88
Lake Shore gold 3128
8512
1997.3 -D 8512 Sale 8514
Registered
1997.3 -D 86 -__ 8338 July'16
83 8334
957
Debenture gold 48
9638
1928 M- S 96 Sale
9438 9638
126 9334 96
25-year gold 4s
96
1931 M-N 9534 Sale 9534
Registered
95
1931 M-N95 Nov'16
94
Ka A dr G R 1st gu o 58_1938 J - J -----------------Mahon C11111. 1st 5s
_ 10412 Dec '15
1934 J - .1 1064
Pitts & L Erie 2d g 5s__a1928 A -0 103 _-__ 103 July'16
102 104
Pitts McK & Y 1st gu 6s 1932 J - J 11512 --_- 13018 Jan '09
2d guaranteed 6s
1934 J - J 11312 - _ 12314 Mar'12
_
McKeee & B Vist g 6s_1918 J - J ---- ...-. - -- -- -Michigan Central 5s
_ 10614 Aug '16
1931 M- S 10614
10614 10814
Registered
105 July'16
105 105
1931 Q - M 10618
48
98 Apt '12
_
1940.3 - J 91
Registered
1940.3 - J -- -87 Feb '14
J L &S 1st gold 33e,1951 M- 5 -------- 90 Iune3.08
1st gold 334s
1952 M-N 8218 8418 8212 Sept'16
824 85
20-year debenture 4s
8912 8914
1929 A -0 88
8614 904
8914
95
N Y Chic & St L 1st g 4s 1937 A - 0 0434 954 95
91
9513
Registered
1937 A - 0 9312 ---- 9034 Aug '16
9034 9334
Debenture 4s
1931 M-N .817 Sale 804
817s 21 774 8434
West Shore 1st 48 guar
92
2301 J - J 924 9238 92
8714 93
Registered
2361 J - J 9012 Sale 9012
8678 9012
9012
N Y C Lines eq tr 5s....1916-22 M- N 100 ____ 10034 Oct '16 _
1004 102
Equip trust -00_1917-1925 J - J 994
9934 July'16
9934 100%
9914 25 9712 10018
N Y Connect 1st gu 4 qs A 1953 F - A 99 Sale 99
N Y N .11 & HartfordNon-cony deben 48
82
7923 Sept'16
1947 IVI- 8 80
7958 8114
6 71
Non-cony deben 3sis
71
1947 M- S 71 Sale 71
73
Non-cony deben 334s1954 A -0 --__ 6812 69
69
72
69
Non-cony deben 4s
7734 Oct '16
1955 J - J 7723 79
7714 8112
Non-cony deben 4s
7714 Oct '16
1956 M-N 7758 78
774 82
1955 j - j 687 69 69
Cony debenture 31.40
69
6834 7712
41 110 116
Cony debenture 6s
113
1948 J - J 112 11212 112
Cons Ry non-cony 4s
1930 F - A 7912 ---- - - - - -----Non-cony deben 4s
1954 J - J ---- 8012 9112 Jan '12
- -Non-cony deben 4s
794 Apr 16
1955 1 - J ---- ----'
7914 7913
Non-cony deben 4s
1955 A-0 ---- ---- ---- -----Non-cony deben 4s
1956 J - J ---- 80 ---- --Harlem R-Pt Ches 1st 48_1954 NI- N 9112 9234 9112 Sept'16
-911-2 -5E B & N Y Alr Line lst 43 1955 F - A 8918 ____ 89
1 89 89
89
Cent New Eng 1st gu 4.3 1961 J - J 81
1 794 83
8214 82
82
Hartford St lty 1st 4s
1930 M- S
Housatonic R cons g 5s
1937 M-N 107 _-__ 10512 May'15
Naugatuck RR 1st 4s
1954 M-N 9114 ---- 87 „Fly '14
NY Prov dr Boston 4s
1942 A -0 9018 ---- 88 Aug '13
-2 72 82
7558
NYW'ches&B let seri 43,
is'46 J - J 7558 Sale 7512
N H & Derby cons cy 5s 1918 M-N 10014 --_- 107 Aug.09
Boston Terminal 1st 4s
1939 A -0 ---- ---- ------New England cons 5s
--1945 J - J 108
Consol 4s
1945 J - .1 88 ____ 9912 Mar'12
- --Providence Secur deb 4s 1957,M-I ---- 70 6914 Sept'16
8914 70
Prov & Springfield 1st 5s_19221J ---------9978 Dec '14
J
-Providence Term Ist 4E3_1950 M- S ---- ---_ 83% Feb '14
W dr Con East 1st 430
--_---1943 J - J 86
N Y 0 dr W ref 1st g 4s..___g1992 M- S 8112 8212 817
777 84
8178
Registered $5,000 only__g1992 M- S ---- --_ 924 June'12
_ .General 4s
79
79 Apr '16
1955 J -D 77
76 79
Norfolk Sou 1st dr ref A 5s 1961 F - A 8314 8312 8314
78
834
834
Norf dr Sou 1st gold 5s
3 97 101
101
1941 M-N 101 Sale 101
Nod & West gen gold 631931 M- A 120 ____ 120 Oct '16
11878 120
Improvement & ext g 6s 1934 F - A 12034 122 12118 July'16
1204 122
New River let gold 6s
1932 A -0 11834 --__ 122 Nov'16
119 122
N & W Ry 1st cons g 4s
58 9112 9538
1996 A - 0 941 9478 9412
947
Registered
1998 A -0 -------9314 Dec '15
Div'l 1st lien & gen g 48_1944 J - J 92
921 92
92
-lig% -52
10-25-year cony 4s
_ 144 Oot '16
1932.3 -D -------11312 1464
10-20-year cony 48
2 114 143
141
1932 M- S --------141
10-25-year cony 4J-613
25 11512 145
145
1938 M- S 139 Sale 139
Pocah C dr C joint 4s
4 88
9012 9012
9012
1941 J - D 90
9012
0 C & T lst guar gold 5s_ _1922 .1 - J 1024 -___ 103 Sept'16
103 10312
Selo V & N E let gu g 4s 1989 M- N 93
94
93 Nov 18
9113 94
Nor Pacific prior lien g 4s
1997 Q - .1 9414 Sale 9334
9412 126 914 9412
1997 Q - J --- - --- 92,4 Oct '16
Registered
9012 9312
General lien gold 38
33 6518 67
67
a2047 Q - F 6634 Sale 6658
6 531, 6578
Registered
658
a2047 Q - F 6578 Sale 6514
St Paul-Duluth Div g 4s_1998 J - D 9113.__ 9112 Sept'16
9138 9112
St P & N P gen gold 6s1923 F - A 110 111 1104 Oct '16
109% 113
Registered certlficates__1923 Q - A --------1092 Oct '15
St Paul & Duluth let 58_1931 F - F 107 ___ 107 Oct '16
107 107
2d 58
1917 A - 0 10038 _-_- 10034 Sept'16
toms 10118
1st consol gold 48
1968.3 -D 88 ____ 9112 Sept'16
9112
90
Wash Cent 1st gold 4s
1948 Q -M 8812 8812 904 Feb '16
90
9012
Nor Pao Term Co 1st g 88_1933 I - J 111 11212 1114 riept'16
111 11112
Oregon-Wash let dr ref 4s
864 05 8314 88
1961 J - J 8534 8618 8578
Pacific Coast Co 1st g 5s
9912 100 Nov'16
1946 I -D 99
93 101
Paducah & Ills 1st s f 411955 J - J 98
9938 9878 Oct '16
98
9878
Pennsylvania RR 1st g 4s
1923 M-N 9912 _-__ 9914 Nov'16
9814 9912
Consol gold 55
1 10212 10314
103
1919 M- 5 103 ____ 103
5
Consol gold 45
17
9958
1943 NV N 99 Sale 0918
9814 09%
Consol gold 48
9958 17 98 10014
1948 M- N 9958 Sale 9914
Consol 43-is
1960 F - A 10614 Sale 10534 10614 175 10413 10638
General ,Oits when issued_1965 J - D 10234 Sale 10212 10278 33 10034 10312
Alleg Val gen guar g 4s__ _1942 PA- 5 97 ____ 9738 Oct '16
9614 9738
D R RR&B'ge 1st gu 4s g_1936 F - A 954 ____ 9412 Sept'16
9412 96
Phila Bait de W let g 4s 1943 M- N 991 100
9812 Sept'16
9812 9858
Sodus Bay & Sou 1st g 58_2924 J - .1 ---- ----102 Jan '03
_
Sunbury & Lewis 1st g 4s_1938 J - .1 93
• - - ------U NJ RR dr Can gen 4s 1944 M- S 994 1004 9014 Oct '16
s 100
-551Pennsylvania CoGuar 1st gold 43,4e
1921 J - J 101 102 101
10178 27 10013 10212
Registered
1921 J - .1 10038 10158 100 Aug '16
100 10118
Guar 33,0 coil trust reg A_1937 M- S 8613 ____ 8613 Jan '10
8013 8812
Guar 3;is coil trust ser B_1941 F - A 861
85 Sept'16
85
8514
Trust Co otfs gu g 334e
1916 M- N ---- ----10018 Jan '10
9934 10018
Guar 31.4s trust etfs C
1942 J - 13 8434 ____ 8618 July 16
864 864
Guar 330 trust etfs D_1944 J -0 87
8812 88 Nov'16
88
85
Guar 15-25-year gold 4s 1931 A -0 9614 9812 96 Nov'16
9412 96
40-year guar 4s ctfs Ser E_1952 id -N 9212 ____ 92 Aug '16
92 92
Cin Lob & Nor gu 4s g_1942 M- N 91 ____ 01 Nov'16
9014 91
Cl & Mar let gu g 4. 513
1935 m-N
994 1004 100
3 99 100
100
Ci & P gen gu 4;isser A 1942 J - J 104 ____ 1037g Oct '16
10378 1054
Series B
1942 A - 0 104
104 Dec '15
Int reduced to 33-0_1942 A -0 88 ____ 9114 Feb '12
- --Series C 330
1948 M- N 89
9018 Oct '12
Series D 3s
1950 F - A 88 ____ 8912 Sept'16
-E51-2 8912
Erie & Pitts gu g 33.is B 1940 J - J 88 ____ 8818 Oct '16
8818 90
Series C
1940 J - J 88
904 PlY '12
Gr R dr I ex 1st gu g 4;181941 J - .1 100 10018 9938 Aug '16
9513 9938
Ohio Connect 1st gu 4s
__
.
1943 M- S 9418
93 May'14
Pitts Y & Ash 1st cons 53_1927 M- N 10478 ____ 109 May'10
Tol WV &0 gu 4;0 A
1931 J - .1 10014 ._ 10014 Oct '18
1501-4 1601-4
Series B .“is
1933 J - J 10014 ___. 10014 Oct '16
1004 10014
Series C 4s
1942 M- S 93
94 Apr '16
9313 94
P C C dr St L gu 43-is A_1940 A - 0 102 ____ 10178 Oct '16
101 10258
Series B guar
1942 A -0 102 10312 102
102
10114 10258
Series C guar
1942 M- N 102 ____ 9714 July'15
Series D 4s guar
1945 M- N 0618
9514 Oct '16
-54-34 -551-2
Series E 3;is guar gold 1949 F - A 9514 ___ 9514 Oct '16
92
9514
Series F guar 45 gold1053 J - D 9578 __ 9514 Jan '14
Series (I 4s guar
953 -5518
1957 M- N 9578
9558 Oct '10
Series I cons gu 4%3_1963 F - A 102 ____ 101 Aug '16
101 10212
CSt L & P 1st cons g 513_1932 A - 0 10712 -- 10712 Sept'16
10713 urns
.•No price Friday: latest bld end asked, a Due Jan. 0 Due Feb. I Due May.
sOption sale.
-an
-• _
1
_
-
BONDS
N. Y. STOCK EXCHANGE
Week Elidtn-7, Nov. 17.
z
4,
Peoria & Peklu Un let g 65-1921 Q - F
2d gold “is
81921 M-N
Pere Marquette-Ref 4s__--1955 J - J
Refunding guar 4s
1955 J - J
Chic dr West Mich 5s
1921 J - 0
Flint & P Al gold Os..,.,1920 A - 0
1st consol gold Sc
1939 1W -N
Pt Huron Div 1st g 5s_ _1939 A -0
Philippine Ry 1st 30-yr s f 43 1937 J - J
Pitts Sh dr L E 1st g 5s
1940 A - 0
1st cense! gold 5s
J
J:I
1013 j
Co gen gold 4s
1997
1907 3 - J
ReadingRegistered
Jersey Central coil g 4s_ 1951 A -0
Atlantic City guar 45 g
1951 J - J
St Jos & Gr Isl let g 4s
St Louis & San Fran (reorg C1
09
)17
- j - j.
Prior Lieu ser A 4s
1950 J J
Prier lien ser B 55
1950 J - J
Cum adjust ser A Os
1955 J - J
Income series A 6s
St Louis & San Fran gen 63_ 196
9y3
1 Jj1939
1931 j - j
General gold 5s
St L & S F RR cons g 48-1996 J - i
General 15-20-yr 5s__ _1927 M-N
Trust Co ctfs of deposit_ - -do
7 -- --_
5
5stna
.
.i.
.
pe
1,d.
Southw Div 1st g
Refunding gold 48
1951 j - .1
Registered
Trust Co ctfs of
...1 j
zz
-A:
i II
_
do
Stamped..
K C Ft S dr M cons g 6s 1928 m-N
K C Ft S & M Sty ref g 48_1936 A - 0
K 0 & NI It & 13 let gu 58_1929 A - 0
St L S \Vast g 4s bond etfs 1989 M- N
2d g 4s income bond ctfs_p1989 I - J
Consol gold 4s
1932 J -D
let term' & unit 6s
Gray's Pt Tor let gu g 5s 191
J:0
71
12
95
S A & A Pass let gu g 4s
1943 .1 - J
1919 j _ j
SF&NP1staktdg5s
Seaboard Air Line g 4s
1950 A -0
Gold 4s stamped
1950 A - 0
Adjustment 5s
o1949 F - A
Refunding 4s
Atl Birm 30-yr 1st g 4s __e1933
19591M
A:0
5
Car Cent 1st con g 4s
1949 j - j
Fla Cent & Pen 1st g 5s
1918 .1 - 3
1st land gr ext g 5,3
1930 j _ j
Consol gold 5s
1943 j - j
Ga & Ala Ity 1st con Se. o1945 J - J
Ga Car & No 1st gu g .5s 1929 J J
Seab & Roan 1st 513
1926 j j
Southern Pacific CoGold 4s (Cent Pao coll)-k1949 J - 0
Registered
k1949 J - 0
g1929 m. s
20-year cony 4s
20-year cony 5s.
1934 .3 -D
CeR
ntegPisateerlesdt ref gu g 43__ 194
9 F- A
9-19
F- A
Mort guar gold 3tis_k1929 J -0
Through St L 1st gu 48_1954 A -0
OH
2d &
eaS
tat 5
Ms &gu
Par
lst 5s_1931 M- N
1931 J - J
Gila V G & N lat gu g 5s 1924 M -N
Hous E & WT 1st g 58
1933 131-N
1st guar 5s red
J
II & T C 1st g 5s lot gu_.1937 J
M:N
Gen gold 4s int guar__ _1921
WACO & N W div 1st e On'
30
A & N W 1st gu g 5s
Louisiana West 1st 6s
A -- 0.1
41 J
192
Morgan's La & T 1st 7s 1918 A -0
1st gold 6s
30
8J - I
1,
92
No of Cal guar g 50
A -0
Ore & Cal 1st guar g 5s
1927 J - -11
S:P
pe
au
ec
ofuC
asati--18G
tg
uug45
ssg::1
19
937 NI- N
.71:Nj
Price
Friday
Nov. 17,
VoL. 103.
Week's1N
Range or
Lass Sale
Range
Since
Jan. 1.
Bid
Ask Low
High No, Low Iligh
100 ---- 102 Nov.15 ---87 --__ 87 Mar'16 -- -5/- -5i32
14 Apr '16 ---- 14
31
14
32 Sale 32
3412 37 14
35
994
991k
9938 ---- 98
7 83
107 ____ 10512 Nov'16 ---- 101 10513
8512 _-__ 78 Oct '16 ---- 74
78
____ 5812 5334
5334 10 40
6334
40
49
60 Apr '10 --- 50
51
10614 ____ 10618 Aug '16 ---- 10618 10613
11314 Noy'll - .• --------5E34 gl-e- 9512
9534 6'11 9314 9618
9438 9514 9514
954
3 9234 9514
11
9538 96
95%
9558
93 __
-.1.1;34 -5.6- --55 - -080
8134
7214 Sale 72
7
113
23
34 0
23
18
2' 3
0,
974:2
3 6
:
793
5
894 Sale 8914
8978 611 8378 9078
8812 Sale 86
8812 2081 74
894
Sale 62
16131142
16
12
112 Nov'16 -_- 1.09 113
10318 ____ 103
103
10 10078 10314
8012
78 May'16 ---- 6812 78
81
8114 15 4534 824
78
7912 -8
-1-14 79
82
82
3 40
6 4314 79
79
774
77
79
921 ___- 024 Sept'16 --- 89
93
---- ----834
3 Oct '16 -.-- 6714 8334
--_- --_- 8034 Mar'll ---80
8612
8012
2 6233 868
77 -8
-0
-1-4 7414 Sept'16 • --- 6114 7512
11012 11138 11012
11012
1 10914 1107s
7712 7834 78
7918 47 75
79'8
8
7958
9 ial
_e_ 9
70
031;
,58 Jun8
960
e0
.16 ...i. ..i
:
9
7577_88 _f8
55
64
69
6834
70
.7018
16
00
7
9'4 sa_l_e.
64
64
24
51
6978
70
70
6
97
834 Jan '14 19
6812
10178 Oct '16 ---1,
8112
8112
8212
51
8212
116
69
964
9
60
24 72
69
12
___- ,..... ..
10118 10173
8413
74
8112 bale
824 8212
7814 8314
70
6734 Sale
64
862512 877212
Sale
8
66
918
2 8
1901
s
e34 8
66
518
865932
8814 ____ 88 June'16
10013 ---993g Sep '15
10258 ---- 101 Dec '15 - -- -8
-8
--:
:
88
7
10334 _-_- 10234 Oot '16 -10238 10338
10312
1 10218 10354
10312 ---- 10312
10238 ---- 10233 Nov'16 ---- 10178 103
102 ----- 9914 Aug '15 ---- .. - -- 8838 26
884 Salo 88
90 Feb 14 -,---- 88
8812 244
8814 Sale 8818
104% Sale t0412 10514 216
91 Salo 9034
80
91
8912- 8712 Sept'16 - 90
9038 9012
9012 13
---- 8512 8512 Oct '16 --10238 10412 10112 Oct '16 -_-994 „.„- 100 Oct '16 _ ---: 49212 10014 Jan '16 ---101 102 May'10 ---16514 10212 100 Oct '16 ---10618 10612 100 Ncy'16 -_----- 96 Oct '16 __-..:
__-
8312 89
_i3.617, _go.„..8.
10212 1077a
8758 91
8634 89
8414 9112
84
804
102 102
99 100
10014 10014
101 1024
100 10313
106 10612
9414 96 .
--------
-51
4 .
1:0
993
:
2
501314
864 ;T: i
8
21
-6
0
43
i1ly
vav ":11116
4-6 10
10
55
Juu°:
11 92399
4133
2 1.
4 jNN
1-0
;
6
106
.
34 -- 105 Jan '1r -_-105 Oct 16 ...--_-. i.66.7,_3 1025;
75.13-4 ,10
'
t.1
7 ,
8
1 18or,v
07
14
18 ---- 10712 10712
1073a
05 983s 96 Oct '18 __-- 9412 97
8718 Sale 8678
8712 44 8212 8713
_....
93
95
96 Apr '14 -, 9234 Sale 9238
9278 190 -8912 -9278
10218 Sale 102
10214 02 100 1034
Aug '1(1 261 10014 10014
-7
-6 Sale l°7(5)144
69
77%
77
78
78
10 75
78
78
10023 101 10158 Oct '16 --- 100 104
8378 847s 84 Oct '16 __-- 80
84.4
10258 104 10238 Sept'16 __-- 10218 10314
9834 9934 9958 Oct '16 ---- 984 99511
9334 95 1 9412 Oct '16 ___. 9414 06
103181 18 10034 10334
1034 10314 10212
82
8312 8313 Oct '16.---- 814 854
---- 82 1 8112 Mar'161--- 7912 8112
75 -- : 7534 Dec '141-- .
_
_
10512 --...
-1105 Nov'16 __-- 10312 101
106.4 107 110714 Nov'16 --... 10514 113714
10014 10112 10112 00t '10 ---- 9912 10113
00
- -,. 60 1 58 Oct '18 --- 1$7
10078
- ____ 10678 Oct '16 -- 1007s 10758
108 110 110914 Aug '10 ---- 108 11012
105 ----;100 Sept'16 -- 10512 106
724 ----1 7134 May 16 --- 7134 7134
10338 10414 10
2 -_-_-_-. 1034 10138
735
388
330er'16
San Fran Terml 1st 4s
1
A:0
1950 1
Tex & N 0 con gold 5s
1943 J - J
1955 j _ J
So Pao RR let ref 4s
Southern-lst cons g 5s
1994 J - I
Registered
Develop & gen 4s Ser A.. 199
1
A:0
.56
41
Mob dr Ohio coil tr g 4s
1938 NI- s
s
MteL
motr
isivifilvstitg
st4gh4s858_1996 J - J
1951 .1 - .1
Ala Cen let g Os
1918 J - J
Ala Gt Sou 1st cons A 5s_ _1943 J - D
Atl dr Char A L 1st A 43-is 1944 J - J
1944 J J
()uvyr185
tsgs4
es
rB
Atl&
18tDa
3
1948 J - J
2d 4s
3
Atl & Yad 1st g guar 43
A:0
91
1945
O
gual6
D5s
ly g 5s_ _1030 J - J
ET
CoVnal&
st
1956 M- N
E Ten reor lien g 5s__. _ _ _1938 IMI- 8
Ga Midland 1st 3s
1949 A - 0
Oa Pac Ry let g 6s 68_ 192
2J - J
925
J - .2
Knox dr Ohio 1st g
Mob & Bir prior lien g 5s_1945 J - J
Mortgage gold 4s
1945 J - J
Rich & Dan deb 5s stmpd_1927 A -0
Rich dr Meek 1st gu 4s
1948 M- N
12 10012 l-52.
101
So Car & Ga let g 58
1019 M -N 1--51- iit-d-e- 101
1921 1V1- s 1021s ---- 1024 June'16 _- 102 10212
Virginia Mid ser D 4-5s
Series E 58
1926 M - S 10312 ---- 10318 Aug '10 ---- 102 1034
Series F 5s
1931 M- 5 10412 ---- 104 Mar'13 ---_ .
- 10714
General 5s
1036 M-N 10638 ---- 10714 Nov'16 ---- 10234
Va & So'w'n let gu 58_2003 1 - J 105 --- 105 May'10 ---- .024 105
0034
89
1 89
1st Cons 50-year 5s
91
89
1958 A -0 89
944
94
93
91 Sept'16 ____ 01
1924 F - A
W 0& W 1st cy gu 4s
Spokane Internet Ise g 53_1955 .1 - .3 93 ---- 9138 Oct '16 ---- 013a 03
10034 10 9812 10034
Ter A of St L let g 4340
1939 A - 0 100 10114 10034
2 18
06
5 18
00
5 Aug '16 ___ 1034 1074
J 12114
1st con gold 53
F --A
3i
1894-119
95
44
87
8 8458 88
Gen refund s f g 45
9912 1014
St L M Bridge Ter gu g 58_1930 A -0 101
- 10014 Nov'16 -99
98%
'Tex & Pac 1st gold 58
2000 .1 -D
5
1
9
3
5
9
69
4
M_Is.7
r .
2d gold Inc 5s
9
6_94_ i8
52000 j
766
9
2
5,4 108684813 sc
co otv
6:
4
0
14
6 -.-....... 88
90
La Div 11 L 1st g 53
1 F-A
W Min W dr N W 1st gu 5811930
1935 J - I F-1:1373 r„ 104 Oct '16 -_ 165 15E14
Tol &0 C let g 5s
Mestern Div 1st g 53
1935 A - 0 10058 1907-8 10112 May'16 ..-. 101 10212
94
90
04 May'16 -- 93
General gold 5s
1935 .8 -D ___
8212
1 82
1990 A -0 821-2 8312 8212
8414
Kan & M let gu g 48
9712 9712 Nov'16 ---- 97
99
2d 20-year 53
1927 J - .1 97
55 Nov'16 --. 50
61
60
Tol P & W 1st gold 43
1917 J - J 55
Tol St L & W pr lien g 30_1925 J - 1 8312 85 814 Oct '16 __-- 7812 83
63
17 54
63
1950 A - 0 83 Sale 6134
50-year gold 4s
1858 Mar'18 _ ... 1858 1833
50
1917 F - A 22
Coll tr 4s g Ser A
88
83 Apr '10 .83
Tor Ham & Buff 1st g 4s_61946 J - D 83 87
1004 10 9912 1014
01 Sale 10014
1928 .1 - D
Ulster & Del let con g 5s
1952 A - 0 ---- ----74 Mar'15 _. _
let refund g 45
61 6558 loci 100
1947 J - J 9912 Sale 9914
Unlon Pacific lst g 48
9718
97 96 Oct '16 ---- 95
1947 J - J 90
Registered
54 924 96
95
9412 Sale 9412
1927 J - J
213-year cony 4s
57 8912 92
92
g2008 M- S 9112 Sale 9112
let & ref 4s
5 914 934
92%
Ore RItt& Nay con g 48_1946 J -D 9278 Sale 0278
g Due Dec.
Due Aug o Due Oct p Due Nov
g Due June, 6 Due July,
New York Bond Record-Concluded-Page 4
Nov. 18 1916.1
3 - Price
BONDS
it
If. Y. STOCK EXCHANGE I
--.14.
Week Ending Nov. 17.
'Mari
Nov. 17.
Week's
Range or
Last Sale
'1"
.3
c.,
'
10
Range
Since
Ian. 1
BONDS
N. Y. STOCK EXCHANGE
Week Ending Nov. 17,
t
Price
/Friday
Nov. 17.
1873
West's
Range or
Last Sale
I
/laws
Sines
J
1
I
Dia
High No. Low High
Ask Low
Trenton GI & El 1st g 5s____1949 IN- S 10113
10113 June'14 __ i
Union Elee Lt Sc P 1st g 55_1932 M- S _ _ _ _ 10138 10034 July'16 -..7.D 10034 10114
Refunding & extension 58_1933 51-N 10158 Sale 10158
I: 10158 10158
10158
4 997$ 10014
10014
United Fuel Gas 1st 5 f Os.. 1936 J - J 10014 ____ 10018
51' 934 964
96
Utah Power & Lt 1st 5s___ _1944 F - A 98 Sale 9534
_
Utica Elec Lt & P 1st g 5s_ _1950 .1 - J 10018 ____ 1024 Mar'15
1957 J - J 1004 ____ 98 Aug '15 __________
Utica Gas & Elec ref 55
1950 J -0 10434 10814 10513 Nov'16
Westchester Ltg gold 5s_
16414 161;
3
Miscellaneous
8612
8612 23 82
1948 al- S 8614 Sale 8538
Adams Ex coil tr g 48
88
30 85 117
Alaska Gold M deb 6s A ___ _1925 111- S 87 Sale 85
1926 M- ki 86
88
88 Nov'16 ---- 85 105
Cony deb 6s series B
9413 87 93
95
Armour & Co 1st real eat 430'39 .1 -D 94 Sale 9334
9212
9238
5 90
Booth Fisheries deb s f 6e 1926 A - 0 9238 9278 9238
70 9713 9912
99
Braden Cop M coll tr 5 f 68_1931 F -A 99 Sale 9878
1952 A - 0 88 ____ 8712 Oct '16 ---- 8612 89
Bush Terminal 1st 48
9134
1 8878 9278
1955 J - J 9134 9278 9134
Conso153
90
47 86
91
1960 A -0 8913 Sale 8913
Bldgs 55 guar tax ex
10034 54 9938 1007
Chic UnStat'n 1st gu 440 A 1963 1 - J 1004 Sale 10014
14134 1545 12012 14134
Chile Copper 10-yr cony 78_1923 IN-N 13914 Sale 127
90
87
8758 18 81
8738
Computing Tab-Rec s f 65_ _1941 J - J 88
53
111
Granby Cons M SdrPcon6sA'28 rd-N 111 Sale 10812
111
222 1015
83 111
1928 1111-N 11013 Sale 10718
Stamped
2 9914 1014
Great Falls Pow 1st' a f 5s_1940 M- N 1007 10158 1014 1014
Int Mercan Marine 440_ _1922 A - 0 10934 111 111 Oct '18 ---- 95 111
10934 111 10934 Nov'16 ---- 954 Ill
Certificates of deposit
9712 518 964 994
Now lot dr coll In 0 1 8s__1941 A - 0 97 Sale 9634
11012
1 9134 1101k
Int Navigation 181 s f 5s____1929 F - A 110 ____ 11012
58 954 100
100
Montana Power 1st 58 A___11
,
13 J - 3 9934 Sale 9912
9318
5 92/
1
4 933s
Morris & Co lots f 440__1939 J - J 931s ____ 9318
_ _ .. _ 83 Apr '14 ---Mtge Bond (N Y) 45 ser 2_ _1966 A - 0 ......
1932 J - J
10-20-yr 58 series 3
"ii- iiii
7312 __ _ _
N Y Dock 50-yr 1st g 4s.._ _1951 F - A --------947314
jun7
e.3116
4 ---1
- 71
754
Niagara Falls Power 1st 58_1932 .1 - J 1024 10278 10212 10212
3 10034 10213
a1932 A -0 10714 1083* 1054 Oct '18 ----1
- ;10
Ref & gen 85
1 92
512 19
05514
2
Lock &0 Pow lot 5s__1954 M- N 9214 9514 9514
9514
9312 23 92
Ontario Power N F lot 5s_ _1943 F - A 9312 Sale 93
9513
9012
Ontario Transmission 5s____1945 M-N --- - 95
88 Sept'18 ---- 86
Pub Serv Corp N J gen 58._1959 A -0 9234 Sale 923*
93
45 8934 9338
Tennessee Cop lot cony 6s__1925 M- N 9314 Sale 93/
1
4
9413
6 88 125
Wash Water Power 1st 53)._1939 J - J ---- 10012 10313 Jan '14 ---- --- - -Manufacturing & industrial
Am Ag Chem lot e 5s
1928 A - 0 102 10314 10213 10212
5 10178 10318
Cony deben 58
1014 111 9634 1014
1924 F - A 101 Sale 10034
Am Cot Oil debenture 5s1931 rd-rr 96
974 10 9512 9734
9713 973*
Am Hide & L 1st s f g 6s
1919 IN- S 10378 104 1033* Oct '18 ---- 1033* 10412
Amer Ice Secur deb g 68_ _1925 A -0 8734 88
88
88
3 85
884
Am Smelt Securities a f 138_1926 F - A 119 Sale 11118
12114 1353 10614 1214
Am Thread 1st coll tr 4s
1919 1 - J 99
993* 99 Nov'16 ---- 9778 9914
Am Tobacco 40-year g 6s
1944 A -0 120 12014 120 Nov'16 ---- 118 120
Gold 45
8920143
8
95
1 Nov'16 ._ -- 8212 8914
9334 424 654 94
Am Writ Paper 1st s 1 58_1
Sale
19
91
51
9F
J:A.1
Baldw Loco Works 1st 58_1940 M-N 1044 105 103 Nov'16 ---- 1044 105
11 4024 10412
Beth Steel 1st ext a f 5s
1928 J - J 1034 104 1038 104
10212 12.1 997 1034
1st & ref 5s guar A
1942 III-N 1024 10212 102
10312 200,.10034 1034
Cent Leather 20-year g 544_1925 A -0 103 10312 1027s
-,! 8
Consol Tobacco g 4s
98
274 100
1951 F - A 814 --- 8414 Oct '18 ---3
84118
4
99
99
Corn Prod Ref s f g 5s
1931 M-N 9914 100
(Si 9578 Mk
977
lot 25-year s 1 58
1934 141-N 977k Sale 977
8,,10112
Cuban-Am Sugar coll tr 8s_ _1918 A -0 1023* 1023* 1023* 10234
103
73
Distil Sec Cor cony 1st g 58_1927 A -0 71733 Sale 718
891 8938 78
E I du Pont Powder 40_1936 J -D 10012 102 10114
10114
7101 1074
General Baking 1st 25-yr 63.1936 J -D ---- 95
85 Mar'16 ---- 85
85
1 78
834
Gen Electrie deb g 340_..1942 F - A 8012 8112 8112
8112
Debenture 58
1952 M- S 10512 10734 107
10818
8; 10318 1083*
Ill Steel deb 440
1940 A -0 9334 Sale 934
938 14711 8913 944
Indiana Steel 1st 58
1952 141-N 104% Sale 1044
1043* 18 10118 105
Ingersoll-Rand 1st 5s
19353 - J
100 Oct '13 --7.- ---lot Agricul Corp 1st 20-yr 58 1932 IN - N -i2
4
80
61- -iti1:4 80
Int Paper Co 1st con g 631_1918 F - A 10 4 Sale 102
10214 14, 10
92
1%
13
74
17
1 10
Consol cony s f g 5s
9912
9918
81 81
1935 J - J 994 9914 994
Laekaw Steel 1st g 5s
101
78 974 101
1923 A -0 101 Sale 100
1st cons 5s Series A
8 90 109
1950 IN- 5 106 Sale 10034 109 16181
Liggett & Myers Tobac 7s 1944 A -0 12713 128 127
128
12312 128
58
103
1951 F - A 10214 Sale 102
24, 10014 130
10 1223* 12782
Lorillard Co (P) 7s
1944 A -0 1264 127 1264 127
55
10113 31 10014 1024
1951 F- A 101 Sale 101
Mexican PetrolLtdcon 68 A 1921 A -0 111 11712 11813 Nov'16 ---- .10858 128
1st lien &ref 65 series C 1921 A -0 108 120 118% Oct '18 ---- 105 12513
Nat Enam Sc Stpg 1st 5s_1929 J -D 100 101 102 Oct '18 ---- 9612 102
Nat Starch 211-yr deb 5s_
854 Aug '16
8512 8812
1930 J• J 90 91
National Tube 1st 5s
1952 51-N 102 Sale 1017s 1023* 50 998 1023*
N Y Air Brake lot cony 88_ _1928 NI-N 10553 Sale 10513 106
28 101 108
Railway Steel SpringLatrobe Plant lot s f 5s 1921 1 - J 10034 10112 10013 Nov'16 -- 9934 101
Interocean P 1st 5 f 55-1931 A -0 973* 9813 973*
3 944 98
973*
Repub I Sc S 10-30-yr 58 s f_1940 A -0 10112 Sale 10018
10112 86 9534 1014
Standard Milling 1st 5s__ _ _1930 M- N 9918 Sale 991
9934
8 957 100
94 104 106
The Texas Co cony deb 834_1931 J - J 1054 Sale 10513 108
Union Bag Sc Paper let 5s_ 19305_
- J 9334 Sale 9313 '944 19 804 94
Stamped
1930 J - J 9312 9413 9413 Nov'16 ---- 8218 9413
US Realty Sc I cony deb g 5341924 J - .1 6818 6913 88%
70
9 68
73
US Red & Refg 1st g 88...„1931 J - J
16
18 i 15 Nov'16 ---- 1012 18
10278 21 1017 10313
US Rubber 10-yr col tr 634_1918 J - D 10234 Sale '10218
U S Smelt Ref dr M cony 85_1928 F - A 1123* Sale 10834 1123* 269 109 1154
U S Steel Corp-'coup- ___d1963 M-N 1074 Sale 10612 1074 532 10334 1074
S 1 10-60-yr Secret;
.5_8 i,_il_e_ loos Nov'16 ---- 10318 1067s
d1963 M-N _66
99% 47 9618 993*
Va-Car Chem lot 15-yr 5s_.. _1923 J - D
9914
Cony deb (is
10213
el924 A -0 10214 10212 102
5 100 10312
West Electric lot 5s Dec_ _1022 J - J 102
43 10278 10318 34 1014 10348
Westingh'se E & M cony 58_1931 J - J --------124
Oct '16 ---- 112 14112
-10-year coll tr notes 534_ A917 A -0 10058 10
101
101
10 10014 10158
Coal & Iron
Buff Sc Busy irons 15*
19323 -D 97 100
99 Nov
'
996916 992
161 90
84
8,4 9
99
9812
Debenture 58
.21920 M- S 9412 ____ 99
Col F Sc I Co gen s f 5s____1943 F - A 95
96
95
Col Indus 1st Sc coil 55 gu _1934 F - A 793* Sale 79
79% 12 '74.18 82
Cons Ind Coal Me let 5s_ __1935 J -D 20
Cons Coal of Md lst&ref 58.1950 J - D 9313 94 - 9
74
3 Ma9
1'414 ---i -1711i. -ii.
Continental Coal 15t g 5s. _ _1952 F - A 35 ___
99% Feb '14 __
Or Riv Coal Sc C lot g 6s_../11919 A -0
9412 9434 Marla _-Ran Sc II C dr C 1st sr g 58_1951 J - J 40 _-_
99 July'15
Pocah Con Collier 1st a f 59.1957 J - J 944 Sale- 9414
944 -6 :
iii
ii4 14 --i
I43-4
13
St L Rock Mt & P 534 stmpd_1955 J - J 8412 87 87
87
2 84
884
10112
Tenn Coal gen 5s
2 1005s 1033*
1951 J - J 10112 102 10113
Birm Div 1st conso165_1917 1 -5 1004 10014 1004 Nov'16 _--- 10018 102
a4 1021
1 100
10112
Tenn Div 1st g 8s
01917 A - 0 10018 ___ 101
Cah C M Co lat gu(33__1922 J -D __ __ 108 101 Dee '14 ____ ---. ...Victor Fuel lot a f 58
73 Apr '14 __
1953 J - J --- 80
Va Iron Coal&Coke 1st g 58_1949 IN- S 853-4 87 86
18
18
21
4 - is -fie
,i
Telegraph & Telephone
14
9212 114 90
Am Tele')Sc Tel coil tr 4s_ _1929 J - 1 9214 salt, 9258
9338
11
05
114 Nov'16 __-- 100 10534
Convent)) e 4s
1936 IN- S
20-yr convertible 4;Is__ _1933 hl- S iii" Sale 1113*
105% 113%
S 1027 10313 102% Oct '18 -- 10111 1038s
Cent Dist Tel 1st 30-yr 55_ _1943
2397 JQ D
Commercial Cable lot g 48_2397 Q - .1 73
77
73 Nov 18 ---- 73
73
____ 73
Registered
71 blay'16 --- 71
71
Comb T & T lot Sc gen 5:4_ _1937 J - J 100 10018 10034 10114 24 9914 10114
Keystone Telephone lot 58_ _1935 J - .1
100
98 Apr '16 ___ 98
98
Metropol Tel Sc Tel lot 8153 1918 IN -N 1661
8.
.
,. _ 100% 100% 3 1003* 10112
10118
3 994 10118
Mich State Telep lst 5s__ 1924 F - A 100 10078 10118
N Y Sc NJ Telephone 5s g_1920 111-N 10112- - 10138 Oct '18 ____ 10034 1013*
N Y Telep lat dr gen s f 4H5_1939 M-N
993* 150. 9712 993*
1
4
995* Sale 99/
1937 J - .1 101% Sale 10134 102
Pao Tel Sc Tel lot 58
52' 9913 102
South Bell Tel &T lat s f 58_1941 3-5 1013* Sale 1013* 102
41 9958 10214
23 100 10214
West Union coil In our 5e__ _1938 J - J 10134 102 10114 102
Fd and real eat g 410
1950 al - N 9714 Sale 9813
973* 58! 9458 973*
Mut Un Tel gu ext U.._ _1941 51-N 10234 ---_ 1014 Apr '15
1014 10112
TsTorth.roat Tni vv, 5 .4* ., 1051 I
T
95 ma2.16 ____ 95 95
5415 _
.kro prise Friday; Mot Aid sod asked. a Duo JAIL dDue April.•Duo May.•Due June. A Due July, Duo Aug.•Duo Oot. y Duo Nov.•Duo Dec. s Option sale.
Ask Low
High No. Low High
Bid
Union Pacific(Con)10812
1 10713 109
108
Ore Short Line 1st g 8s___1922 F - A 10812
___8 107 Nov'16 ---- 100 10778
1946 J - J 107 1075
1st consol g 58
94
9378 52 91
1929 J - D 938 Sale 9318
Guar refund 434
Utah & Nor gold 58.-1926 J - J 101 _-_- 102 Mar'10 ---- 102 102
923
4
100
90
Apr
'16
.--.
1
90
1933
J
953
1st extended 4s
1955 F - A 91'*____ 9118 Oot '18 ---- 9034 91
Vandalia cons g 48 Ser A
9112
91
91 June'16 1957 M- N 9112 92
Consol 4s Series B
424 Aug '15 --- ....._ _
Vera Cm":& P 1st gu 440-1934 J - J --- 87
9912 54 974 991
- Sale 9914
Virginian 1st 58 Series A...._ -1962 141-N 9914
1939 al-N 10512 10534 10513 10558
3 103 108
Wabash 1st gold 55
1939 F - A 100 Sale 9938 100
38 98 10018
2d gold 5s
f05 Oct '18 1939 J - J 80
105 105
Debenture Series B
1st ilea equip $ fd g 5s__....1921 M- 5 97 ___ 100 May'18 --- 9618 100
_
1st lien 50-yr g term 4s......1954 J - J 82 ____ 85 Des '16 --1941 J - J 104 --_- 105 July'16 -- 103 105
Det & Ch Ext 1st g 5s
1939 J - J 8212 ---- 80 Aug '12
Des Mobn Div 1st g 4s
74 Nov'16 ---- 72
74
1941 A -0 7312 76
Om Div lst; 340
86 June'18 -- 82
88
87
1941 IN- S 84
Tot dr Ch Div 1st g 4s
113 314 14 Oct '16 ---,
34 414
Wab Pitts Term 1st g 45_1954 J -D
24
158 2
24
1
Centand Old Col Tr Co cert4'.. __ _
13 334
12 312
2 Oct '16 ---_
Columbia Tr Co cents
112 3
14 24 112 Oct '16 ---12 3%
_
Col Tr ctfs for Cent Tr etfs_
78
14
14 Aug '16 -__
2d gold 48
14
15KI i -15
54
18
14 July'16 _-__
Trust Co certfs
14
4 8812 8418 Oct '16 ---_ 8312 8434
Wash Term! 1st gu 33-0___1945 F - A 851_
1st 40-yr guar 45._I945 F - A 94 9512 9113 Aug '15 -_-- _ _
7618 32 if fe-I,,
West Maryland 1st i4s-___1952 A -0 784 Sale 7518
West N Y & Pa 1st g 55-__1937 J - J 105 10512 10512 Nov'16 --- 10334 10513
1943 A -0 844 8534 844 Nov'16 ---- 81.12 8478
Gen gold 48
37
37
37 ____ 37 Oat '18 -91943 Nov
Income 58
Wheeling & L E 1st g 5a____1928 A -0 100 ____ 100 Sept'18 ---- 98 102
9913
_ 9912 Oct '16 --- 96
Wheel Div 1st gold 5s_1928 J - J 9813
____
99 Oct '18 ---- 97 99
Exten & Impt gold 55....-1930 F - A 99
80
7813 168 68
1949 M- S 78 Sale 78
RR 1st consol 414
80 Sept'10
80
80
1922 J - J 95
20-year equip s f 58
5 8413 88
87
Winston-Salem S B 1st 48...._1960 5 - J 8714 8734 87
8758 11 84
8813
Wis Cent 50-yr 1st gen 4s_._1949 J - J 8758 Sale 8758
901s
Sup & Dul div & term 1st 45'38 M-N ---- 88 88 Oct '16 ---- 85
Street Railway
15 10038 10334
Brooklyn Rapid Trail g 5s 1945 A - 0 101 Sale 10034 101
7718
1 744 81
let refund cony gold 48_2002 J - J 771s Sale 774
83 100 10118
101
6-year secured notes 58-1918 J - J 10034 Sale 10034
102
102
1 10012 1024
Bk City 1st con 58_1916-1941 J - J 102
9513 9413 Nov'16 --- 9312 9413
Bk Q Co & S con gu g 58-1941 III-N ---- ___1941 J - 1 --------101 May'13 ---- ____ -Bklyn Q Co & S 1st 5s
Bklyn Un El 1st g 4-50.._ _1950 F - A 101 1014 10112 10112 12 100 102
1950 F - A 10013 10112 10114 Nov'16 ---- 1004 1024
Stamped guar 4-58
8613
Kings County E 1st g 45_1949 F - A 847 87 84 Oct '18 .--- 824 8612
8413
1 824
F - A 8412 Sale 8412
1949
Stamped guar 4s
7714
7414
2 73
Nassau Elea guar gold 48_1951 J - J 7358 7412 7414
97
7 958 9834
1927 r,- A 968 9718 97
Chicago Rys 1st 55
10112
Oct
10114
'16
J
--9912
102
Conn Ity & List & ref g 4401951 J
1951 J - J 10112 _ _ 10112 Sept'18 ---, 10118 10113
Stamped guar 410
84
13 744 8553
Vet United 1st cons g 4;0_1932 J - J 84 Sale 84
1936 111- S --------84 Jan '14 ---- _ _ ___.
Ft Smith Lt & Tr 1st g 5s
944 SeDt'16 ---- 87
Havana Elec consol g 58._....1952 F - A ---- 95
9414
72
97 6812 75141
1957 F - A 7114 Sale 7114
Bud & Manhat 5s Ser A
2612 47 254 3114
284 Sale 2614
1957
Adjust income 5s
10012 July'16 - 10013 102
N Y &Jersey 1st 5s
1932 F - A 10034
Interboro-Metrop coil 440_1956 A -0 73 Sale 73
7313 196 7213 761/
Interboro Rap Tran 1st 5s-1966 J - J 994 Sale 9834
994 443 9713 9913
2 8812 9313
9312
Manhat Ry(N Y)CMS g 48_1990 A -0 9258 __ _ 9312
9344 26 89
Stamped tax-exempt
9334
1990 A -0 9313 Safe 9312
Metropolitan Street RY1 9314 10014
9912
Bwav & 7th Av 1st o g 58_1943 J -D 99
9913 994
10031
9913 9934 Nov'16 --- 98
Col & 9th Av 1st gu g 5s_1993 M- 5 98
1 99 101
100
1 100
9
Lex Av & P F 1st gu g 55._1993 M- 13
Met W S El(Chic) Ist g 4s-1938 F. A ---- ---- -30 Mar'14 ---- -_ -Milw Elea Ry & Lt copse 5s 1926 F - A 10218 ____ 0214 Oat 'It --- 101 10212
93
Refunding & exten 440_1931 J - J 9312 ____ 93 Nov'18 ---- 93
Minnow)St 1st cons e 55_1919 .3 - J 1004 ___ 101 Aug '16 --__ 10014 101
95
9614 95 Nov'16 ---- 92
Montreal Tram 1st dr ret 5s_1941 J - J 94
8334 Aug '16 ---- 80 88
Now On Ry dr Lt gen 440_ _1935 J - J ---- 85
99
NY MunIcip Ry 1st s 1 55 A 1966 J - J 9912 ____ 99 Sept'16 ---- 99
7534 18 734 79
NY Rya 1st RE & ref 4s_ 1942 J - J 7512 Sale 75
5218 101 5014 6374
a1942 A -0 5014 Sale 5014
30-year ad) Inc 55
8658
6 83
8811
N Y State Rys 1st cons 440-1962 M- N 864 Sale 884
8813 Nov'16 ---- 8812 941:
Portland Ry 1st dr ref 5s_......1930 M- N 88 91
7858 July'16 -.. 7812 80
Portld Ry Lt & P 1st ref 58_1942 F - A ---- '78
___ 100 N1ay'15
Portland Gen Eleo 1st 534_1935 - J _
_ 98 May'18 --- 95 96
St Jos Ry,L,H & P 1st g 531_1937 M- N 953-4
St Paul City Cab eons g 5s..-1937 J - J 10013 ____ 10218 Oct '18 -- 1024 10213
817
12 81
831:
1960 J - J 814 Sale 8114
Third Ave 1st ref 4s
75
76
13' 78
78
843,
Adj Inc 5s
a1960 A -0 75
10818
Sept'10
108
10712
108 10813
J
1937 J
Third Ave Ry 1st g 58
10012
3
Tr -City Ry & Lt 1st a f 58_1923 A -0 10013 ____ 10012
71
Undergr of London 440_ _1933 J - J ..-- 94 954 July'14 ----------09 Jan '16 -- (8 80
1948 - - 69
Income 138
__ .
84 Oct '08 ----------Unn Elev (Chic) 1st g 5s...1949 A---0 _--- 85
79
75
10 07
78
7418 76
United R.ys Inv 53 Pitts 188_1926 141-N
1934 J - J 80 6012 6113 Nov'16 ---- 594 62
United Rya St L 1st g 4s_
597,
55 Apr '16 -_ 88
1924 A -0 5113 65
St Louis Transit gu 5s
40 275 30
463,
United Rita San Fr a f 45......1927 A -0 39 Sale 38
91
5 87
923
Va Ity & Pow 1st & ref 5s.._1934 J - J 91 Sale 904
Gas and Electric Light
19475 -D 10414 ____ 103 Sept'15 -- ____ _ _
Atlanta G LCo lat g 5s
Bklyn Un Gas 1st cons g 56_1945 141-N 10878 10714 10634 Nov'16 ---- 105 107'
Buffalo City Gas 1st g 5s_ _1947 A -0 1914 ____ 54 June'13 ...... _
97 Feb '15
Columbus Gas 1st gold 55_1932 J - .1 ___
126
Consol Gas cony deb 65_ _1920 Q - F 125 12514 125
55 120
101 13 22 101. 127
Detroit City Oats gold 5s...._1023 J - J 10118 sale 10118
1021;
10112 Oct '16 -_ 10112 1011,
Detroit Gas Co cons 1st g 58 1918 F - A 10014
Detroit Edison 1st coll tr 58_1933 J - J 10412 105 10412 Nov'16 --__ 10234 1041,
h1940 M- S 10178
1st & ref 55 ser A
1014 Nov'16
10014 1021,
10013 May'15 Eq 0 L N Y Ist cons g 5s_ _1932 M- S
:L._ 100 Feb
Gas & Elea Berg Co o g 58__1949 J -D 100
'13 ---_ :::- :::"
Hudson Co Gas 1st g 55__ _ _1949 IN-N 103 104 10378
10378 -1 103 - 1037
. 91 Jan .16 --- 91
Kan City(Mo)Gas 1st g 58..1922 A -0 _ _ _ _
91
Rings Co El L & P g 58---1937 A -0 10514 10818 10514
10514
2 104 1013,
1997 A -0 1174 sale 1174
Purchase money (3a
11718
4 11478 1181;
1925 M- 5 120 125 128 Oct '18 ---- 126 128
Convertible deb 6s
88s,
8813 Sept'18 --.- 88
Ed El III Bkn 1st Cont 40_1939 J - J 8734 89
102
10 10038 105
Lao Gas L of St L 1st g 534-e1919 Q - F 101 102 10078
1934 A -0 10234 Sale 10238 10234 10 1007a 1023.
Ref and ext 1st g 58
1927 M-N 933* 9378 9334 Nov'16 _.. 914 933,
Milwaukee Gas L 1st 45
1948 J - D 10313 ____ 10358 Marl()-Newark Con Gas g 58
10358 103a
NYGELH&Pg5s.-1948.1 -D 105 Sale 10413 105
14 103 1054
F - A' 8614 Sale 88
4s____1949
Purchase money g
8813 22 8334 87
Ed El ii 1st cons g 5s- _1995 J - .3 10814 ____ 10812 Oct '18 ---- 108 109
NY&Q El L & P 1st con g 5s 1930 F - A 10018 ____ 10034 Aug '16 ___ 1004 1014
9212 July'09 ---- ---- -- •
'1,
/ Y & Rich Gas 1st g 55- _1921 III-N --.... Pacific0& El Co Cal(I dr-E
Corp unifying dr ref 5s__ _1937 M- N 100 Sale 9934
100
31 9718 100
Palflo G & E gen dc ref 58_1942 J - J 9334 Sale 93
9378 134 92
937,
Pac Pow dr Lt 1st dr ref 20-yr
96
1930 F - A -__
9218 Sept'18 -.. 92. 931
58 Internat Series
2 ____ 9913 Oct '15 - _ ___ _
Pat & Passaic CI & El 55__....1949 M- S 1001peon Gas dr C 1st cons g 6s-1943 A -0 11478 __ _ 115 Sept'10 ...L.: 11438 1151
1947 M- S 10213 Sale 10238 10212
Refunding gold 85
8 138 02t
1947 MS ____ 9978 99 Sept'13 -------Registered
_.._ eh 0-L& Coke 1st gu g 58_1937 J - J 10314 ---- 103 Oct '16 --_-_ 10018 103 .
J
D
5s1938
10118
10138
10118
10118
2 101 1011
Con G Co of Chi latgu g
90
80 Oat '18 _ . 86
Ind Nat Gaa & 01130-yr 581938 M- N 88
87
10034 Mar'133 _-:_ 1003s 1001
Mu Fuel Gas 1st gu g 58_1947 M- N 1007 914 9914 Nov'16 ___ 49614 993
Philadelphia Co cony 5s.,,_._1919 F - A 99 6-1922 M- N 9334 Sale 9313
04
6 88 94
Cony deben gold 55
101
Stand Gas & El cony a f 6s-1926 J - D 101 Sale 101
6 984 1027
10214
Syracuse Ltghting 1st g 50-1951 J -D 1023* 10314 10214
4 9914 1021
am 1054 .1
J
RA
9.,. Tun. 19
1874
BOSTON STOCK EXCHANGE-Stock Records.
e"
Zr:
411;
3.
4 224,
WARS PRICES-NOT PER CENTUM PRICES.
Saturday
Nov. 11.
Monday
Nov. 13.
Tuesday
Nov. 14.
Wednesday
Nov. 15.
Thursday
Nov. 16.
Friday
Nov. 17.
Sales
of the
Week
Shares.
STOCKS
BOSTON STOCK
EXCHANGE
Range Mace Jan. 1
Lowest
Highest
[VoL. 103.
Range for Previous
Year 1915
Lowest
Highest
Railroads
180 I 179 180
178 179
177 178 '5178 180
242 Boston de AlbAny
180 180
100 1 412Sept25 198 Feb 10 170 Mar 198 Jan
78 I 78
7812 78
7812 78
78
7813 7834 79
78
252 Boston Elevated
100 351k Apr 24 8812Jan 19
73 June 96 Jan
135 *125 135 *125 130
12818 12818 130 130
2 Boston & Lowell
100 122 Sept14 145 Feb 11 109 Feb 13812 Oct
4512 4513 4612 44
4411 --------516 Booton & Maine
4612 45
44
45
100 34 Aug 29 52 Feb 14
371k Oct
20 Feb
____ *212 ____ *212 ____ *212 __
Last Sale 212-Oti
Boston dr Providence
100 200 Aug 4 23512May29 225 Jan 240 June
4 *____
4 5._ _ _ _
4 *____
Last Sale 413 May'16
4
Boston Suburban Eieo Cos412 Feb 29
5 Jan 8
5 Dec
10 Mar
40 *____ 40 *___ 40 *____ 40
Last Sale 39 May'16
Do Wet
39 May19 4012 Feb 29
40 Sep
56 Mar
*413 5 1
412 412 *412 5
*412 5
'5412 5
5 Boston & Wore Electric Cos
4 M ar18
Nov
512Jan
5
5
9 Sep
5'44.2 47
*4412 47 '54412 47
Last Sale 45--Sep-t.'16
*4413 47
Do pref
42 Feb 28 4518 July18
39 Jan
47 July
*150 154*150 154 *150 154 *150 154
Last Sale 150 Oct'16
Ohio Juno Ry & U 8 Y-100 150 Oct 25 154 July26 157 Feb 160 Sep
106 106 I 106 106
106 10714 *105 10713 106 106
11
189 Do pref
10
10212 Apr 28 110 July14 10113 July 110 Apr
*150 _ _ _:
_ 5150 ____ 155 155
150 .150
150 150
---------80 Connecticut River
100 123 Sept 1 162 Feb 19 140 Feb 165 Jan
I 79
79
78
78
78
7814 *75 7770Fitchburg pref
1a3
6914 Sept27 87 Feb 14
51 Feb
76 Nov
*12913 131 *12912 131 *12912 13012 13012 13012 *130 131
i3-1312 itii160 Georgia fly & Eleo stampd 100 122 Jan 3 131 Nov17 114 Apr 120 Feb
93
93
*91
9212 *91
92
*91
93
*91 934 Do pref
100 r86 Jan 10 93 Nov 3
Aug
84
Mar
88
*9912 100
*9912 100
*9912 100
*9912 100
Last Sale loii--No-vliii
Maine Central
100 98 Sept19 102 Jan 17
92 Mar 10312 Nov
*4
5
*4
5
5
5
5
5
*312 5
*434 5
370 Mass Electric Cos
100
434Nov 9
834 Aug 30
478 June
10 Sep
31
3112 32
32
*3114 33
3034 3112 30
31
30
3012
380 Do pref stamped
100 30 Nov16 44 Aug 9
33 July 56 Jan
60
60
5913 60
5812 5613 58
58
5712 58
5712 5814
650 N Y N H & Hartford
100 5612 N ov15 7734Jan 3
43 Feb
8734 Oct
.105 107 *105 107 *105 107 *105 107
103l105
____ ____
20 Northern New Hampshire_100 97 Jan 3 107 Sept14
89 Oct
98 Apr
*142 ____ *142 ___ *142 ____ *142
__
142 142
3 Old Colony
-___ ___
100 135 Sept21 157 Feb 26 140 Aug 157 Apr
*26
29 1 *26
20
27
27
*28 -29 - 30
30
100 Rutland, pref
100 20 May 1
30 Jan 3
15 Mar 30 Nov
113 113
11212 11212 11312 11312 113 113 *113 114
123 Vermont & Massachusetts_100 10012 Aug 29 125 Mar 1 105 Feb 125 Apr
*57
5712 *57
5712 57
5712 57
*57
57
57
21 West End Street
50 /55 Sept21 8712Jan 19
May 721k Jan
61
*74
76 1 *74
76
74
75
74
76
*75
75
---- ---62 Do pref
100 69 July13 88 Feb 25
80 July 9312 Feb
Miscellaneous
8612 8612 8612 8612 85
88
*8512 8612 87
8912
8812 '588
127 Amer AgrIcul Chemical-100 64 Apr 24 8812Nov16
7334 Nov
48 Jan
102 102 I 10134 102
102 102
10112 103
102 103
102 102
1,156 Do pref
100 9513 Mar23 103 Nov15
8712 Mar 10112 Nov
*112 2
*134 2
134
134
134
134 *113 134
134 134
275 Amer Pneumatic Service
113
50
Apr
July
8
314
12
Mar
134
412 Oct
*11
1112 11
12
*11
1112 *1114 12 '511
1112 ---- --55 Do pref
11 Oct 5 16 May 4
13 Dec
1913 Jan
119 119
11734 118
11612 11612 118 118
119 11918 11814 1_1814
100 106 Apr 22 12514 Oct 25 100 Feb 11912 Nov
200 Amer Sugar Refining
*120 123
120 120
120 12112 122 122
12212 122.2 120 122
103 Do pref
100 11412Mar 1 124 Oct 25 109 Feb 119 Dec
13334 134
13314 13378 133 13312 13212 13318 13213 133.2 132/8 13318 1,747 Amer Telep & Teleg
100 12618 Jan 31 13412 Sept30 116 Jan
13013 Nov
*53
54
*52
53
*53
54
Last Sale 5378 Nov'16
*5212 53
American Woolen of Mam.100 42 Aug 5 5634 Nov 8
1812 Apr
5714 Oct
9734 98
9712 98
9712 9734 97
9734, 9713 98
98
9812
676 Do pref
100
101%
Mar14
92
Jan
11
9913 Oct
Feb
77
'578
80
*7713 78
77
7712 77
77
*77
-131 Amoakeag Manufacturing _-- 66 Jan 3 79 Nov 8
-59l Jan
67 Apr
.98 ____
*98
9812 98
98
*98 ------------75
_
Do9
pref
8
9713 May 101 Feb
July24 10114 Feb 10
11113 11314 11134 11734 114 12214 122 12614 12412 127
124- 1-2534 29,083 Atl Gulf & W I8S Lines_100 27 Jan 14 127 Nov16
4 Feb
36 Nov
*7113 73
71
7112 72
72
7212 7134 7212
7134 7134 72
208 Do pref
100 42 Jan 15 7212 N ov 1
978 Ma
49 Nov
4'23
24
23
2312 *234 24
2314 24
2338 2338 2312 2312
635 Cuban Port Cement--415 pd w818 Apr 28 2578 July20
*812 9
812 812 *812 9.
*812 9
*812 9
100 East Boston Land
10
812 Dec
812 Aug 16 133,3Jan 19
1314 Apr
*233 ____ 233 233
233 233
232
232 232
iai- 2.3-2:258 Edison Electric Illum
100 230 Oct 31 250 Mar 7 230 May 260 Jan
jazi 1766_ *17912 18012 *17912 18012 *180 233
181 '518312 18412 183 183
40 General Electric
100 15914 Apr 22 186 Oct 20 13814 Feb 18412 Oct
100 101
100 100 *100 101
10014 10012
70 McElwain (W H) 1st pref-100 95 June 8 10213 Sept 8
9612 Aug 104 Mar
9314 9413 9134 93
92
9312 9312 9512 95 100
-9
.4)- 1-663-4 3,143 Massachusetts Gas Cos_100 79 Sept21 10034 N ov17
78 Apr
94 Aug
82
8312 83
83
8212 8312 1 80
8012 80
8112 81
8112
464 Do pref
100
Sept14
Nov 9232 Jan
89
Feb
14
78
84
'
5163 166
163 164
163 165
165 165 *168
158 Mergenthaler Linotype-100 155 May 4 172 Jan 19 154 Feb 200 Jan
'
5.90
1 '5.90
1
1..90
112 '
5.90
Last Sale1--NoVii)
112
Mexican Telephone
10 .90 Aug 3
214Jan 15
14 Apr
3 Sep
*____ 17 *____ 17 *-___ 17 *--__ 17
Last Sale 16 June'16
Mississippi River Power....100 15 Jan 18 19 Apr 10
10 June 1638 Dec
*____ 39 *____ 39 *---_ 39 *____ 39
Last Sale 35 Nov'16
Do pref
100 35 Nov 9 44 Feb 8
35 Feb
Jan
4611
*27
____
30
30
29
30
*27 ___ *27 ---_
2912 2912
119 New Eng Cotton Yarn__ _100 2312July18 30 Jan 7
20 Apr
30 Nov
'
565 ____ *65
67
60
65
*60 _ __ '560
_ _ _ -___ ____
12 Do pref
100 50 Jan 24 65 Nov14
25 July 55 Dec
12834 129
12814 12834 12834 129
129 129
12812 129
487 New England Telephone-100 128 Aug 16 140 Mar17 /12714 June 143 Jan
164 164
164 164 *164 165
16313 164
160 164
lib- lid403 Nipe Bay Company
100 10218Jan 11 185 Nov10
15012 152 *144 147
144 144
143 145
14612 1503s 154 15514 1,245 Nova Scotia Steel & C.._ _100 117 May10 15514 Nov17
169 169
16834 169
167 167
43 Pullman Company
100 15813 Apr 28 175 Oct 5 150 Feb 170 Oct
-Li- Iiii 55 5518 *54 55 55 55 -K- 15- -84" Iii-2 1,565
Punta Allegro Sugar
50 51 Oct 10 59 Oct 28
*1512 16
*1513 16
*1513 16
1512 1512 15
15
23 fleece Button-Hole
10 15 Feb 3 1613 May23
15 Sep
1814 Jan
142 14312 141 143
141 142
4 1,147 Swift & Co
140 14134 140 14012 15513 1161.
100 125 Feb 5 177 Oct 9 10434Jan 128 Nov
8712 6734 67
68
6712 68
6713 68
68
8812 6812 6914 2,102 Torrington
25
35 Jan 14 70 Nov 3
28 Mar 3612 Dee
.32 ____ *32 ____ '
532 ____ *32 ____
32
3212 3212 3234
60 Do pref
25 28 Jan 14 33 Mar 2
28 Mar 3014 Sep
162 163
16034 16212 16114 164
16212 16414 16234 16312 16234 16314 1,999 United Fruit
100 13812Jan 31 16834 Aug 21 110 Feb 163 Nov
57
5712 57
5714 57
5712 57
5713 57
5734 5712 59
4,205 United Shoe Mach Corp.... 25 50 June23 6312 May12
48 Aug
65 May
30
30
2978 2978 2978 2973 2978 3014 *2978 30
30
30
358 Do pref
25 2812Jan 3 31 Sept18
28 Mar 30 Aug
12218 124
121 12314 12012 123
12112 123
12318 12412 12458 12538 7,330 US Steel Corporation-100 7934 Mar 1 12534 N ov 8
38 Feb
8912 Dee
*12112 12178 *12113 12134 *12112 122 *12114 12134
Last Sale 12158Nov18
Do pref
100
10214
1223
5
1151
Feb
4Nov
3
Jan
4
11714 Oct
934 10
978 10
958 1038 1018 1012 1018 1014 12,010 Ventura COII801 Oil Fields_ 5
9.2 934
658 Sept18 13 Jan 3
105rt Dec
1438 Nov
•
Mining
4
4
414 414
414 412
413 418 • 5
4,038
514
Adventure
514 514
Con
25
134 Feb 17
514 Nov16
4 Jan
478 Apr
113 113
115 116
11514 117
11713 11712 11934 120
122 122
885 Ahmeek
25 91 Aug I 122 Nov17
9212 Dec 103 Aug
12
12
1134 12
1178 1278 12
1438 1334 1458 1358 14
15,335 Alaska Gold
10 1134 Sept 2 2612Jan 7
2112 Dec
4034 Apr
112 112
138
158
112
134
158 134
134
178
2
2
8,280 Algomah Mining
25
34 May 3
2 Apr 7
.45 Feb
434 Apr
7312 7413 74
7514 74
7534 7334 7413 75
75
7513 7713 4,780 Allouez
25 58 July17 7712N0v17
3512Jan
88 Deo
5612 5912 5558 5714 5578 5818 5'714 5914 5834 6034 5912 6112 41,885 Amer Zinc, Lead
& Smelt- 25 2912Jul yl 1 9758 Apr 10
1834Jan
7214 Nov
8234 84
*81
83
8212 8312 83
83
8234 8314 83
1,150 Do Prof
83
25 80 Julyl 1 8618 Nov 1
17
1712 1634 1734 1634 1713 17
1738 17
1712 17
1712 34,678 Arizona Commercial
5
758 July29 1734N ovI3
314 Jan
912 Apr
258 278
234 234
213 234
212 278
258 258 *212 234 1,700 Butte-Balaklava Copper_ 10
512 Feb 5
112 Aug 2
2 Jan
434 Apr
6638 6634 66
6812 68
67
67
6712 68
68
920 Butte & Sup Cop (Ltd)
2July10 10514 Mar 9
3534Jan
10
601
80
June
-8812 -8914 89
90
8812 90
8912 90
90
9138 9112 93
11,401 Calumet & Arizona
10 66 June28 93 Nov17
5113 Fob
7834 Apr
598 600
595 599
598 600
598 600 599 600 600 617
591
Calumet
& Heels
25 515 July14 617 Nov17 350 Jan 630 Apr
22
2213 2212 23
23
23
23
26
2512 204 26
26
2,590 Centennial
.
25 14 July17 2614 Nov16
15 Jan
25 Apr
66
67
6612 6758 6612 67
6712 68
6812 70
70
72
2,320 Chino Copper
5 46 Julyll
72 Nov17
327s Jan
57 Nov
7414 7538 74
7638 7418 76
7614 77
7534 77
77
7912 23,719 Copper Range Cons Co_ 25 5412.juiy1 1
7912 Nov17
30
Jan
Dec
65
*212 3
*213 3
*213 3
234 234
3
312
312 312 3,860 Daly-West
20
2 July13
378 Marl?
178Jan
534 Apr
1612 17
1678 1814 17
18
1778 1814 1734 18
1744 1814 36,216 East Butte Copper Mtn- 10 1112 July12 1814 N ov13
812 Jan
1812 Dec
1018 1012
934 1012 10
10
10
1014 1012 1114 11
12
11,454 Franklin
25
8 June23 12 Nov17
411 Feb
1414 Apr
9334 96
95 100 I 99 10114 99 10034 99 10112 101 10338 2,981 Granby Consolidated
100 79 July14 10838 Nov17
58 Jan
9412 Apr
5212 53
*51
5112; 5112 5112 *5112 52
52
53
5334 5334
440 Greene Cananea
100 3434 June26 54 Nov 8
2314 Feb
5238
Deo
1434 1518 1514 16141 1512 1534 16
1613 1634 19
1814 18.2 5,168 Hancock Consolidated...... 25 1012June28 1912.1an 4
11 Jan
2412 Apr
*3
312
314 312 *3'2 4 I *4
413
412
4
414 458 1,080 Indiana Mining
214 Jan
25
2 July10
6 Jan 3
1012 Apr
63
6312 6212 63
6112 6212' 6234 6434 6412 6412 6412 6412 2,3
ref Goal
20
72
0 Island
41 Mar 52 Aug
1 42 Sept27 6434 N ov15
D dCreekrk
9212 9212 *92
93
91
9212 '592!2 93
92
92
93
93
1 88 Jan 29 03 Nov 1
8512Jan
9118 Apr
3614 37
37
37
35
3612 36
37
3612 37
37
3913 5,721 Isle Royale Copper
25 25 July13 3912 Nov17
34 Apr
1712 Jan
*434 47s
478 47/3
434 478 *434 478
478 478
47s 478
175 Kerr Lake
5
312Mar
4
May
53
•
8
3
3
Aug
513 Apr
*513 6
514 534
Ps 552
5,2 534
Ws 6,2 612 658 1,390 Keweenaw Copper
284 Feb 11
25
8 Apr 6
113 Aug
412 Apr
1314 1.114
14
1434 1413 1513 1413 15
1512 151t 1714 5,400 Lake Copper Co
15
1912 Feb 10
25
014 July14
512Jan
1978
Dec
5
5
5
5
5
514
5
5
478 514
538 534 1,530 La Salle Corner
534Jan 3
25
314 July15
318Jan
632 652
9 Apr
652 7
612 634
612 612
7
7
7
712 1,565 Mason Valley Mine
5
112 Aug 3
712 Nov17
1 Mar
5 Dec
1614 1612 1614 1712 1612 17
17
17
1634 17
1678 1712 7,880 Mass Consol
25 10 July13 1712 Nov13
3 Jan
17 Apr
4
4
4•
414
4
4
*334 4
4
414
414 412
999 Mayflower
25
2 July 5
5 Feb 10
3 Aug
8 Apr
4
4
4
4
414 414 *4
414
418 418
414 438
510 Michigan
25
434N 0v 6
112Jan 5
.60 Mar
3 Apr
100 10012 10014 102
100 101
100 10013 100 10013 10013 102
2,066 Mohawk
25 7712July11 10313 Mar10
4614
Jan
98
Dec
2634 27
27
28
28
28
2818 2858 2958 2912 3018
28
871 Nevada Consolidated
5 15 Jan 28 3018 N ov17
1158 Feb
17 Apr
*7
71
718 712
7
714
714 738
8
738 8
Arcadian
2,215
New
712
Copper_
_
_
.
25
y14
Jul
434
1014 Jan 4
41 Feb
1414 June
*14
1412 *1414 15
14
15
1513 1512 16
15
1613 17
1,710 New Idrla Quicksilver
5
9 July19 2434Jan 19
4 July 134 Aug
2834 2914 2813 29
20
28
2712 2858 28
29
29
2934 4,540 New River Company
100 2212 Nov 9 2934 Nov17
82
8212 82
83
82
83
8214 83
83
88
88
92
4,625 Do pref
100 79 Nov 9 92 Nov17
'1358 9
858 834
834. 834
8
878
9
•9
9
918
990 Nipissing Mines
5
6 Mar 1
918 Nov17
518 Aug ------ Nov
2338 2413 2314 2438 2312 24 2334 24 24 2412 2412 2813
18,171 North Butte
15 20 July13 32 Jan 3
2214 Jan
38111 Apr
2
2
2
214
114 238
113 27,2
234 3
234 318 6,764 North Lake
25
412Jan 3
.50 June 2
1 Jan
418 Apr
*113 2
*112 134
134 2
2
214
214 231 *2
238
84- OlibwaY Mining
25
July15
278
118
.50
Apr
6
Mar
312 Apr
314 312
3
312 312
3
314
3
3
318
318 334 1,415 Old Colony
25
114 July14
4 Jan 3
214 Nov
718 Apr
7513 77
7613 77
76
77
7612 77
77
78
7734 7934 6,555 Old Dominion Co
25 60 July14 7934 Nov17
3812Mar 84 Dec
9634 98
9612 98
9734 9734 97
99
97
98
9712 09
1,827 Osceola
10113
Mar14
July14
25
70
64
9312Apr
Jan
1834 1914
1813 19
1814 1912 1913 1958 19
1912 1814 1912 7,710 Pond Creek Coal
10 1112 Mar 7 21 Nov 2
12 Jan
1951 Aug
9514 98
95
99
9712 98
98
9913 99
9912 99 103
2,273 Quincy.
25 81 July12 103 Nov17
50 Jan
95 Apr
32
3234 33
35
34
34
3414 3478 3438 3412 3458 36
1,325 Ray Consolidated Copper.. 10 2034 June22 36 Nov17
4Jan
153
2758 Nov
92
93
92
92
93
9212 92
93
93
95
96 100
1,667
Mary's
St
Mineral
Land.-25
Nov17
6112Jan
31
100
28 Jan
6512 Dec
214
214
2Xs 213
2,8 213 • 214 212
212 234
252 234 2,960 Santa Fe Gold de Copper
114 July28
10
318Jan 8
1 Mar
5 Oct
9
912
914 912
1118 111 16,355 Shannon
9
938
914 1058 1012 11
7 July13 121t Feb 14
10
4 Jan
1112 Apr
'32
3212 3213 3314 *33
3312 34
3412 3334 3518
660
Shattuck-Arizo
na
11
8
403 Feb 14
10 2434 J uly
1834Jan
38 Nov
-i5i8 -1
6
6
6
6
614 614
6.2 678
634 634 1.385 South Lake
25
812Jan 4
4 Aug 4
514 Nov
734Jul7
*16
17
18
17
16
1634 1614 1612 *1612 1634 17
19
1,195 Superior
25 1212 Jul yI5 2812Jan 3
2212Jan
4112 Apr
7
758
71s 734
7
712
7
81,1
773 814
8
814 11,971 Superior & Boston Copper_ 10
112Jan 13
41:Apr
834 Oct 31
Mar
1
44
4512 44
47
44
4512 43
4413 43
4718 46
47
1,782 Tamarack
25 35 Aug 5 5614 Jan 14
25 Jan
5858 Aug
8
8
734 8
712 734
712 712
734 734
712 834 1,400 Trinity
414 July12 1234Jan 3
25
23s Feb
1512Oct
'.60 .67
.65 .65
.65 .65 '5.65 .70
.60 .64 *.62 .70 2,600 Tuolumne Copper
.15Jan 26
1
.20Jan
.74 Oct 13
.63 Apr
7312 75
74
7412 7312 7614 7412 7612 7638 7834 7712 7814 15,03,4 US Smelt Refin &
Min- 50 541k Jan3 8058 June 9
20 Feb
54 Dec
• 51
5114 51
5114 51
5114 51
5114 5114 5119 5114 5112
908 Do pref
50 49 Feb 1 5334 Apr 11
28 Jan
5012Dec
334 334
334 375
358 334
352 378
334 37s
334 334 3,310 Utah-Apex Mining
5 3/Feb 11
518 Apr 10
2 Jan
538June
1734 1834 1914 2118 2058 2134 2134 2214 2214 23
2318 2434 25,875 Utah Consolidated
5 1212Jan 15 2434 N ov 17
1638 June
914 Feb
117 11834 11913 12012 119 119
119 119
11912 11978 120 123
810 Utah Copper Co
10 75 June27 123 Nov17
4Jan
483
813
4 Deo
714 734
7
712
713
7
738 8
734 813
778 815 31,040 Utah Metal dr Tunnel
613July18 1112 Mar13
25
1
688 6i'
5
712
7
8
734 813
758 814
818 814 14
2:4
88
85
8 Vviliontoonriaa
284 Jan 3
814 Nov16 --I- Feb -- -ifit Apr
534 534
512 614
552 6
512 512
53s 6
57
8
6
334 M ar27
25
134Jan
712 May31
518May
49
49
49
50
4978 5012 50
51
51
5112 5112 5212 2,138 Wolverine.
25 45 Oct 9 6712 Feb 10
32 Jan
70 Apr
178
178
134 214
2
214
2
Di
..._ *158 _178
21 t
211 5,115 Wyandott
284 Feb 14
25
118 Aug 12
.50 Mar
214 Apr
'Bid and asked vices a Ex-dividend and rights. b Ex-stock dividend.
a Assessment paid. k;Ex-rights. x Ex-dividend. s Ex Tamarack stock. to half-vald.
17934
78
*125
45
*212
*____
Outside Stock Exchanges
Boston Bond Record.-Transactions in bonds at Boston Stock Exchange Nov. 11 to Nov. 17, both inclusive:
Friday
Last Week's Range Sales
for
ofPrices.
Sale.
Price. Low. High. Week.
BondsAlaska Gold deb 61 A..1925
1926
Series B 6s
Am Agric Chem 5s_ _1924
1928
5s
Am Tel & Tel coil 4s_ _1929
Convertible 4545_..1933
Anglo-Flench 58
Atch Top & S Fe 4s...1995
1995
Adjustment 4s
Atl G & W I SS L 5s_ _1959
Burl & Mo Riv 6s_ _ _ _1918
Chic June & U S Y 5s_1940
1940
4s
Dominion Coal Is. _ _ _1940
Gt Nor-C B & Q 43_1921
1934
KCM&B 4s
1934
Income 58
1929
Mass Gas 4548
1931
434s
N E Telephone 5s_ _ _ _1932
1934
New River 58
Pond Creek Coal 68_1923
Punta Alegre Sugar 6s 1931
Swift & Co 1st 58_ _ _1944
United Fruit 434s.__1925
135 Smelt R & M cony 65_
Western Tel & Tel 58.1932
Low.
High.
8755 883-4 52,000 86% Sept
2,000 85g Nov
85% 8555
101% 1014 10134 5,000 96% July
1,000 100% May
103% 103%
92% 9251 9254 47,000 90% Jan
2,100 105% Mar
1115.5 112
112
Mar
2,000 94
95
95
1,000 9255 Aug
94% 94%
3,000 8555 Nov
85% 85%
Jan
87% 85% 8754 144,000 74
1,000 10034 Nov
100% 100%
101% 10155 6,000 100% May
Mar
2,000 85
86
86
2,000 9314 Feb
94
94
98% 9834 15,000 97% July
Oct
1,000 80
83% 8335
6,000 67% Feb
95
95
98
9855 22,000 9655 Ma
1,000 93
Ma
95% 95%
102% 10255 10231 7,000 10151 Jac
Jan
8151 81% 8131 40,000 75
100 102
Feb
17,000 87
99% 9934 100
24,000 9955 Nov
10154 1014 10155 48,000 98% Jan
97% 97% 97% 2,000 97
Jan
112 • 110 112
67,000. 109% Apr
Jan
9,000 99
10155 10154 102
105
May
May
105
1014 Oct
10355 Oct
Apr
93
113% Oct
95% Jan
95% Feb
85% Nov
87% Nov
100% Nov
Aug
102
Jan
91
96% Feb
Feb
99
Mar
92
Nov
95
9954 Jan
Jan
98
May
104
814 Nov
Nov
102
Nov
102
10251 Oct
Nov
98
115 June
10234 Oct
are per cent of par value.
Sales
Friday
Last Week's Range for
Week.
of Prices.
Sale.
Par. Price. Low. High. Shares.
American Gas of N J...100
10
American Milling
American Itys, pref..100 97
Baldwin Locomotive-..100 88%
Buff & Susq Corp v t 0-100 67%
Preferred v t o
100 60
Cambria Steel
50
Catawissa, first pref.
50
Second preferred
50
Consol Trac of N J_ - - _100 7434
Eleo Storage Battery_ _100 70%
General Asphalt
100
Preferred
100
Hunt dr Broad Top
50
Preferred
50
Insurance Co of N A_ _ _10 27
.1 G Brill Co
100
Kentucky Scour, pref_ _100
Keystone Telephone _50 14%
Lake Superior Corp__ _100 2851
50 80%
Lehigh Navigation
50 83
Lehigh Valley
Lehigh Val Transit
50
Preferred
50
Minehill & S ii
50
Northern Central
50 89
North Pennsylvania50
Pennsyl Salt Mfg
50
Pennsylvania
50 57
Philadelpnia Co (Pitts)_50
Pref (cumulative 6%)50 42
Philadelphia Electric-2234 291,4
Phlia Rapid Transit_ _50
Voting trust recta_.- _50 25%
Philadelphia Traction_ _50 79%
Reading
50
414
Tono-Belmont Devel_ _1
Tonopah Mining
6
1
Union Traction
50 47
United Cos of N J
100
United Gas Impt
50 91%
U S Steel Corp
100 125
Preferred
100
Warwick Iron & Steel_ 10
West Jer & Sea Shore_ 50
Westmoreland Coal_
50
Wm Cramp & Sons....100 93%
York Railways. prof_
50
BondsAlt dr Logan Val 4558_1533
Amer Gas & Elec 59..2007
small
2007
do
Amer Rys coil tr Is. 1917
Baldwin I.ocom 1st 5s 1940
Bethlehem Steel p m 6s '98
Choo Oki & Gulf gen Is '19
1952
Consol 58
Eleo & People s tr ctfs 4s'45
Equit III GaaLt 5s.._1928
Inter-State Rys coil 4s 1943
Lake Superior Corp 15s 1924
1924
small
do
Lehigh Coal dr Nay1954
Consol 455s
Lehigh & New Eng 54 1954
Leh Vail cons 434s_ _ _1923
1923
Consol 6s
General consol 4s._2003
Gen consol 454s.. .2003
Leh Val Transit 1st 4s 1935
Newark Passenger 58_1930
Natl Properties 4-6s
Penns RR gen 435s_ _ 1965
Consol 455s
1960
Consol 4s
1948
Pa dr Northwest Is.. _1930
Peoples P118.9 tr ctfs 48_1943
Philadelphia Co 1st 58 1949
Cons & coil tr Is...l951
Nina Elec tr ctfs 5s_ _ _1918
195(1
Trust ctfs 48
1950
small
do
Phi's & Erie gen Is...1920
Pinta & Read Terml 581941
1997
Reading get) 48
United Rys gold tr ctf 4549
United Rys Invest 58.1926
York Railways 1st 5s_1937
120 120
7
7
97
9754
83% 8855
63
67%
60
6031
135 135
52% 53%
5234 524
7451 7414
69
71
3155
30
72
72
13%
12
2354 23%
27
27
38
38
85
85
1351 1455
2955
25
80% 82
80% 83%
2151
21
42% 43
57% 5734
89
89
293 z94
99
99%
564 5755
414 45
40
42%
2851 29%
2655 2755
25% 2734
7955 80
1064 109%
451
4'5f,
6%
6
4634 47%
225 226
9255
91
1204 12.534
12151 12151
94 10
51
50
80
80
84
95%
3655 36%
89
9634 964
90
96
100
100
10434 104%
122
10034
984
81
106
574 5731
49% 4855
47
90
9651
96%
100
105
122
100%
100
8155
106
57%
4955
48
102% 103
103 10354
10154 10l'4 1014
11054 11055 11055
9151 914
100% 100% 100%
92
92
105 105
68
68
102% 102%
10651 105% 1064
99% 99%
10o4 105%
85
85
101% 10151 101%
91% 90% 9136
106 106
92
87
92
86
86
86
10255 102%
112 1124
9.534 95;1
72
72
75
76
7614
98
9814
Range since Jan. 1
Low.
25 119
6
100
188 9351
340 69
503 38
325 54
60 70X
11 5255
2 5251
35 70
1,813 5855
404 2755
21 69
5
200
9
5
289 25
100 34
326 7055
1,460 12;5
855
57,275
1,931 74
683 74%
124 18
195 38
28 56
100 85
174 92%
120 97
2,989 554
1,520 3835
926 39%
8,819 27
115 17
87,957 17
806 75
525 754
4
3,230
555
1,322
4,029 41%
30 22255
1,420 874
28,920 7954
10 11555
951
35
52 484
20 65%
10,662 70
70 34%
July
July
Feb
July
Jan
July
Jan
Nov
Nov
Mar
Apr
Aug
Aug
June
July
Jan
Apr
Feb
Oct
Jan
May
Jan
Jan
Jan
Feb
Sept
Mar
July
Aug
Sept
July
Mar
May
May
May
Jan
Mar
Aug
Jan
July
May
Mar
May
Aug
Sept
Apr
Mar
Jan
High.
123
8
100
11555
6754
6231
145
55%
55
7434
724
38
7355
17
25
27%
4855
88
15
33%
84%
87
2334
4434
5855
90
95
10255
60
45%
45
29%
2735
27%
80
115%
5 7-16
7
47%
227%
93%
126
121%
1154
51
80
95%
39
Feb
Jan
Mar
Feb
Nov
Jan
Oct
Feb
Apr
Nov
Sept
Mar
Mar
Nov
Nov
Oct
Jan
Oct
Mar
Nov
Nov
Oct
Mar
Mar
June
Jan
Sept
Feb
Oct
Jan
Apr
Nov
Nov
Nov
Oct
Sept
May
Jan
Nov
June
Oct
Nov
Sept
June
Jan
Nov
Nov
Mar
$5,000 8555 June 90
Nov
12,000 83% Jan 9734 Nov
1,001) 59% Jan 97
Nov
2,000 99% Apr 100
May
11,000 104
May 106
Mar
1,000 120
Nov
Jan 122
17,000 99X Apr 10055 Nov
2.000 93
May 100
Nov
4,000 79% May 82
Nov
3,000 10551 Sept 106% Jan
4,000 57
May 58
Jan
21.000 2054 Jan 50
Nov
1.000 27% Feb 48
Nov
22,000
4,000
1,000
4,000
3,000
21,000
1,000
2,000
8,000
1,000
15,000
5,000
2,000
1,000
7,000
31,000
3,000
20,000
1,300
2,000
4.000
42,000
2,000
74,000
5,000
Baltimore Stock Exchange.
-Complete record of the
transactions at the Baltimore Stock Exchange from Nov.11
to Nov. 16, both inclusive:
Stocks--
Range since Jan. 1.
Philadelphia Stock Exchange.-The complete record
of transactions at the Philadelphia Stock Exchange from
Nov. 11 to Nov. 17, both inclusive, compiled from the
official sales lists, is given below. Prices for stocks are all
dollais per share, not per cent. For bonds the quotations
Stocks-
1875
THE CHRONICLE
Nov. 18 1916.1
101
103
101
10934
89
99%
91
10434
6734
10034
10455
99
1054
82
10031
87
10355
8155
82
10254
1104
93%
70
67%
9234
Aug
Jan
Aug
Sept
Sept
Aug
Jan
Oct
July,
Jan
July1
Jan
NoV.
May,
Aug
Aug
Jan
May
May
Junel
Jail
May
Aug!
Apr
Jan,
I
1034
10355
102
11074
94
10334
924
105
7054
103
10654
100
10534
85
10136
94
106
92
8834
1034
113
9631
7514
7654
983-4
Feb
Mar
Oct
July
Feb
Feb
Apr
Nov
Apr
Feb
Feb
Jan
Nov
Nov
Nov
Feb
Oct
Nov
Oct
Apr
June
Jan
Jan
Nov
Nov
Friday
Sales
Last Week's Range for I
Sale.
Week.
of Prices.
Par. Price. Low. High. Shares.
40
67
83
91
52
67
47
47%
125% 129
106 106%
651 6%
47
47
29
29
2654 26;5
126 130
12054 120%
234 4%
10455 106
17
18
1355 1374
4% 455
49% 52
20
20
40
4055
1955
19
o3,% 64
70
75
61
61
78
76
18
1834
68
69
90
9051
84%
83
955 114
38
38
3254 3255
5
5
100
Alabama Co
First preferred
100
Second preferred__ _100
Baltimore Elec pref.. _ _50
Baltimore Tube
100
Preferred
100
Coalmers 011 & Gas
_5
Commercial Credit
25
Preferred
25
Preferred B
25
Consol Gas, E L & P.. _100
100
Preferred
Rights
Consolidation Coal__ -100
Cosden & Co
5
Cesden Gas
5
Preferred
5
Davison Chemical_ _n3 par
Elkhorn Fuel
100
100
Preferred
Houston 011 trust ctfs_ _100
Preferred trust ctfs_ _100
Mel dr Min Trans new_100
Monon Valley Trac_ _ _100
Preferred
100
Mt V-Woodb Mills v t r100
100
Preferred v t r
Northern Central
50
Pennsylv Water & Pow.100
Sapulpa Refining
5
Seaboard Air Line pref _100
United Ry & Elec
50
Wayland Oil & Gas
5
Bonds.
Alabama Coal & Iron 5s
Ala Co gen 6s small bds'33
Atlanta Cons >1St 55_ _1939
Charl Con Ry, G&E5s1999
Chicago Ry 1st 5s_ _ _ _1927
Consolidated Gas Is..
_1939
General 434s
1954
Cons G,E L dr P 4558_1935
Notes when issued
Consol Coal ref 5a_ _ _ _1950
Convertible 6s
1923
Cosden & Co 6s
Cosden Gas 6s
Danville Trac & P 513_1941
Elkhorn Coal Corp 63_1925
Elkhorn Fuel Is
1918
Fair & Clarks Trac 5s _1938
Fairmont Coal 58_
1931
Ga Caro dr Nor 1st 58_1929
Ga Sou & Fla Is
194.5
0-B-S Brew 2d ins 58.19.51
TIcu.s Oil div ctfs_ _1923-25
Jamison C & C-G C 5s'30
Kirby Lum Contr 6.s. _1923
Maryi'd Elec Ry 1st 5s1931
Md & Penn income 4s_1951
M St dr St P C jt 5s_ _1928
Mt V-Woodb notes 68.1918
New On Grt North 58.1955
NO Mob & Chic 1st 581960
Norf & Caro 1st So.. _1939
Norfolk Ry dr Lt 5o..1949
Pennsylv W & P 5s- -1940
Sinclair Oil 6s
United Ry & Elec 48_ _1949
Income 4s
1949
Funding Is
1936
do
small
1936
Notes Is
1921
Wilm & Weldon 4s_ _1935
Range since Jan. 1.
high.
Low.
Apr
1,370 15
345 50
Sept
Apr
583 30
45 41
July
Jan
1,125 63
180 8254 Jan
10
3% Sept
Jan
75 46
12 26% Oct
369 26% June
Mar
4,935 107
35 107 June
3,898 1 1-16 Oct
Feb
295 96
7,044 13% Aug
Apr
4,689
6
2,274
455 Apr
3,300 35% Aug
Aug
285 15
385 3755 Nov
250 134 Aug
July
330 57
3 50% Feb
100 57 June
Nov
12 69
Mar
337 10
118 49 June
756 8551 Sept
1,754 72
Mar
958
74 Aug
Sept
110 36
1,773 25% Jan
25
351 Aug
89 $42,000 764
85
100 58
104
2,000 1034
97x 3
1 :0000
0 93
100
96
1,000 105
1054 105%
20,000 9255
95
95
9234 9351 34,000 864
10355 10755 505,800 102%
94
9455 14,000 91
22,000 102%
10451 106
93
4:205
1:500 101%
10334 10
10251 103% 89,000 100
9355
93%
9751 9774 20,000 96%
101% 10155 12,000 9951
9855 100% 12,000 98%
984 9834 8,000 93%
1,000 102
10254 10214
1,000 101
103 103
% ,
15:000
000
5Li 95
355
79
85
4,000 91
95
95
25,000 9854
9954 100
994 9951 2,000 9651
28
28
10,000 20
1024 102% 2,000 101
10034 10034 30,000 98
6455 65
-0,000 5554
5355 5355 59,000 49
2,000 1064
100 109
1,000 95
9954 9955
7,000 90
9651 9634
101;1 1014 5,000 1015-4
8531 22,000 82
85
6734 6854 59,000 6051
12,000 8455
90
90
700 83%
8955 90
3,000 99
100 100
9434 9455 2,000 9414
86
85
104
100
97
67 !Nov
Nov
91
67
Nov
48
Nov
131% Aug
106% Oct
Jan
8
Feb
50
'Jan
30
2635 June
Nov
130
12054 Nov
455 Nov
Nov
107
26% June
184 June
634 June
71% Jan
21
Nov
4054 Nov
2336 Jan
68
Jan
80 June
6531 Jan
76
Nov
18% Nov
6955 Nov
90% Nov
84% Nov
16% Feb
41
Jan
3351 Oct
9% Feb
89
85
104
100
99%
107
95
934
107%
94%
106
10555
120
94
9855
102%
101g
99%
10355
103
4
86
95
100
100
28
1024
10255
65
59%
109
100
9651
1014
8534
6951
90
90
100
95
Jan
Jan
Apr
Jan
May
Oct
May
Aug
Oct
July
Sept
Oct
Aug
Apr
Aug
Aug
Nov
June
Aug
July
Apr
Apr
Jan
Jan
Jan
Oct
Aug
Mar
May
Apr
Apr
Feb
Jan
Nov
July
June
Jan
May
Feb
Feb
Nov
Nov
Nov
Nov
Feb
Feb
Nov
Nov
Nov
Nov
Nov
Nov
June
Feb
Jan
Nov
Feb
May
Jan
Jan
Nov
Oct
Nov
Nov
Oct
Nov
Nov
Oct
Oct
Nov
June
Nov
Oct
Nov
Oct
Oct
Oct
Nov
Sept
Apr
Pittsburgh Stock Exchange.-Following sales were reported Nov. 11 to Nov. 17, both inclusive. Like records
will be found in previous issues.
Stocks--
Friday
Sales
Last Week's Range for
Week.
Sale.
of Prices.
Par. Price. Low. High. Shares.
American Sewer Pipe- _100
Am Wind Glass Mach_100
100
Preferred
Cable Consol Mining_ _ _
25
Caney River Gas
Columbia Gas & Eleo_ _100
Consolidated Ice cora__ 50
Crucible Steel common 100
100
Preferred
Harb-Walker Refract- _100
Independent Brewing_ - -50
50
Preferred
La Belle Iron Works_..l00
Preferred
Lone Star Gas
100
Mfrs Light dr Heat
50
Mt Shasta
National Fireproofing_ _50
Preterred
50
Ohio Fuel 011
1
Ohio Fuel Supply
25
Oklahoma Natural Gas 100
Osage & Oklahoma Co.100
Peop Nat Gas dr Pipe _25
Pittsb Brewing cora__ _ _50
50
Preferred
Pittsburgh Coal corn_ _100
Pittsb Con M M & T....
1
Pittsburgh-Idaho
Pittab 011 & Gas
100
Pittsburgh Plate GIE188-100
Pittab Silver Peak
1
Pure Oil common
River Side West Oil coin 25
Preferred
25
Ross Mining & Milling_ _1
San Toy Mining
1
Union Natural Gas
_100
Union Switch & Signal_ _50
100
S Glass
US Steel Corp corn.. _ _100
Wesrhouse Air Brake _50
West'house Elea & Mfg_50
.10
Preferred
WeatPennTr&WP corn 100
Bonds1955
Ind Brewing 68
Pitts Coal deb 5s_ _ _ _1931
Conn
181931
McK
&
Pitts
1
I
f
z Ex-dividend.
63
118
70
4255
122
551
22%
8354
133
63%
97c
754
17
58%
5%
z234
43
13c
1.20
10
13c
21
36c
18c
115
12554
15.5
854
59
17;5 1854
62
63
1163-4 118
5o
90
41
4255
44% 464
44 451
91
91
122 122
106 106
54 651
22% 23
80
84
13254 133
92
92
59
64%
90c 1.03
751 755
1734 1754
17%
17
58%
52
86
86
120 123
35
35
534 5%
:2354 2434
4255 43
14c
12c
1.20 1.20
104
10
12555 126
13c
13c
:2054 2155
13
13
17
17
37o
300
180
17e
175 177
115 117
40
404
122 12554
153 155
64
66%
75
75
24
25
250
752
575
47,200
335
300
200
o5
35
15
5.590
405
2,032
90
81
3,698
35,200
405
244
660
4,608
25
110
100
556
215
80
77.500
500
425
150
1.500
4,736
25
50
46,200
14,700
95
400
130
33
2,794
1,945
20
75
Range since Jan.1.
Low.
I
June
15
34% June
Nov
116
33 Apr
36 June
14% Mar
July
3
56
Jan
10914 Jan
7134 Jan
2% Mar
154 Mar
49 June
Jan
123
Aug
87
49% Apr
90c Nov
651 July
1555 July
Aug
14
Feb
38
Jan
70
98
Mar
July
34
434 Mar
1651 Feb
2355 Apr
5o Sept
1.20 Nov
6% Mar
Jan
115
Apr
7o
z17% May
12
Mar
1655 Aug
Apr
Sc
140 June
141% Apr
109
May
2555 June
80% Jan
133% Apr
53% July
Apr
70
Jan
17
High.
2055
66
155
13o
42%
4751
5
97
122
127
7
23
82%
134
93
644
1.03
12
24%
19
5814
80
123
37
654
26
45
150
1.20
13%
128
13o
2154
14
20
45c
258
177
126
4655
12555
160
7131
79%
26
Oct
Oct
Apr
Oct
Nov
Nov
Mar
Mar
Oct
Nov
Sept
Sept
Nov
Sept
Jan
Nov
Nov
Jan
Jan
Jan
Nov
Nov
Nov
Jan
Aug
Oct
Oct
Oct
Nov
Oct
Sept
Nov
Oct
May
Mar
Oct
Jan
Nov
Jan
Oct
Nov
Oct
Mar
Jan
Nov
Aug
Mar 62
5931 813,000 49
59
Nov
1,000 9651 May 100
100 100
1.000 1003.4 May 10254 Aug
10251 10251
1876
THE CHRONICLE
Chicago Stock Exchange.-Complete record of transactions at Chicago Stock Exchangefrom Nov.11 to Nov.17,both
inclusive, compiled from the official sales lists, is as follows:
Stocks-(Conei.)
[vol.. los.
Friday
Sates
Last Week's Range for
Sale
of Prices.
Week
Par. Price. Low. High. Shares.
Range since Jan. 1
Low.
High.
Am Writ Paper oom_r_100
2
84 934 23,000
Mar 1134 Oct
834
Friday
Atlantic Steel
Sales
100
102 110
Jan 110
82 55
Nov..
Last Week's Range for
Preferred
Range since Jan. 1
100 96
06
90
20 90
Sept 90
Sept
Sale.
Brit-Amer Tob ord'y......£1
of Prices.
Week.
20
Jan 204 Nov
204 1,300 16
Stocks-.
Par. Price. Low. High, Shares.
Ordinary
bearer
Low.
High.
£1 2034 2034 2134 4,800 15% May 21% Nov
I
Butler Chemical _r
_ _5
3
33%
3% 2,300
2% Mar
74 Apr
Amer Shipbuilding_ _
66
674 1,009 33
Jan 72
Nov Butterworth-Judson_r (t)_ 69
69
74
400 60
Sept 76
Oct
Preferred
100 95
Calif
94
Packing
95
203 75% Jan 95
Corp-r (t)
Sept
38
38
100
35%
Nov
38
Oct
Amer Straw Board_ _ _ _100
42
42
50 12
May 50
Oct California Shipbldic_r-- 10
1934 1034
200 13
Oct 20% Nov
Booth Fisheries, corn_ -100 60
59
604 1,500 25
Jan 62
Sept Canadian Natural Gas_ _1
400
24 Jan
%
%
% Nov
Preferred
100
87
88
87 66
Jan 88
Oct Carbon Steel, oom_ r- 100
112 117
280 55
Feb 125
Nov
Cal & Chic Canal & D_100
54
56
177 45
May 56
Nov Car Ltg & Power_r - _25
434 434
334 Aug
950
74 Apr
ChIcCity & C Ry Pt sh corn
534
Carwen
5
Steel
Tool..r1,665
24 July
_
_10 1534 .1434 .15% 12,100 w734 Jan *1534 Nov
634 Nov
Preferred
394 37% 404 7,265 15
July 41
Nov Central Foundry corn r 100 1834 17
184 1,100 11
Jan 184 Oct
Chicago Elev Ry common_
12
Preferred r
12
124
670
100 32
5
May 13
Nov
30
33
Jan 35
000 20
Oct
Chic Pneumatic Tool _ 100
71
7334
170 63% Mar 79
Mar Chalmers Mot Corp r w l(t)
33
37
11,500
33
Nov
37
Nov
Chic Rys part otf "2
244 25
433 13
Apr 274 Oct Charcoal Iron Coot Am_10
8
54 Aug
8
834 5,600
84 Nov
Chic Rys part otf "3
Preferred
100
24 July
44 Oct
10
54 June
7
74
800
74 Nov
Chic Rys part Of"4'
134
14 14
125
June
1
100
1% Oct Chevrolet Motor
172 .185
6,000 115
Jan 278 June
Chicago Title & Trust-100 223
223 223
165 5211
Oct 2493-4 July Cramp(Wm)& Sons ShipCommonwealth-Edison.100 143
&
142% 143
Eng
Bldg
.r
560 13934 June 147
100
Sept
83
96
1,500 73
Feb 96
Nov
Deere & Co., pref
100 95
95
96%
30 89
May 98
Feb Curtiss Aerop & M (no par) 29
25
30
600 18
Aug 60
Jan
Diamond Match
100 132
125 1334 4,202 102
Mar 1334 Nov Eastern Steel r
100 129
121 129
150 03
Aug 129
Nov
Hartman Corporation_ _
Electric
72
7234
Gun
Corp
150 72
r
74
Sept
g Sept
Oct
1
300
1% Mar
%
%
Hart Shaft & Marx,corn 88
89
190 86
Aug 91
Sept Emerson Motors, Inc r-10
1% Nov
54 Aug
134 234 2,700
Preferred
100 118
118 118
36 1144 Jan 120
Sept Emerson Phonograph_ _ _ _5 1234 11% 124 3,280
84 Oct 1494 Jan
Illinois Brick
100 94
924 94
445 764 Jan 94
10
Nov Enger Motor Car r
7% 7%
200
8
73% Nov
Oct
Lindsay Light
19
19
1934
6% Jan 25
830
10 11
Aug Falls Motor Corp r
835 Oct 11
934 11
2,600
Nov
National Carbon
298 301
100
317 167
July 301
Nov Fisher Body Coma(no par)
38
38
200 37;1 Aug 42;5 Oct
Preferred
Gent
133 133
Am
100
Tank
Car_
10 1204 Feb 133
r- -(t)
Oct
58
58
Nov 61
100 58
Oct
North Amer Pulp dc Paper_
15
15%
164 2,475 15
Nov 164 Nov General Motors_ r_w 1.100
153 155
Sept 172
500 124
Oct
Page Wov Wire Fence Co_
Preferred_r w 1
14
13
100
6
154
367
Oct 18
Nov
*9234 94
Nov 98
450 92
Sept
Prest-O-Lite Cc,Inc
Grant
1424 1314 143
Motor
Car Corp_10
4,097 11434 Oct 143
Nov
8% 9
7
Apr
500
14 June
People's Gas Lt & Coke.100
11034 113
May 118
76 110
Oct Hart-Bell Co_r
5
3% 4
334
3,100
4% Nov
334 Oct
Pub Serv of No Ill, com.100 114
113% 114
308 107
Jan 118% Sept Hartman Corporation_100 72
72
72
100 68% July w7634 Jan
Preferred
Llaakell
& BarkUar(no Par) 434 4134 43% 10,500 334 July 5435 Jan
100 102
101% 102
66 100
Apr 104
Feb
Quaker Oats Co
325 330
100 330
Jan 363
189 309
Jan Holly Sugar Corp (no par) 59
574 59%
Apr 61
950 41
Oct
Preferred
Preferred
112 112%
100
100 10034 *984 1004
85 107
Jan 115
Oct
845 93% July 100% Nov
Sears-Roebuck corn_..100 2324 228 232% 2,843 1694 Mar 234% Nov Imp Carbon Chaser_r_ A
0,300 250 Aug 53o Sept
%
%
Preferred
126 126
100 126
Aug 127
55 124
Feb Intercontinental Rubb-100
14 *15)5 2,650 10 June *19
Sept
Stewart War Sped com_100 108
105 109
6,707 8234 Apr 119
7
July 2634 Jan
Aug lot Arms & Fuze Sec--25 2234 22% 22%
100
Swift & Co
100 1394 139 143% 6,186 12(34 Jan 175
Oct Joplin Ore & Speiter_r_o_l 510
45o 54c 2b,960 035o Sept ofilo Aug
Rights W I & A
13%
12
1434 9,828 12
Nov 15% Oct Kathodion Bronze, pret_ -5
734 Nov 33
994
2,300
Jan
734 10
Union Carbide Co
173 1974 5,105 al55
100 192
Sept 215
Sept Kelsey Wheel, corn r_ _100
Aug *6335 July
55
55
100 55
United Pap Board,com.100 39% 344 39%
7,195 13% June 384 Nov Keystone Tire & Rubb_100
15
16
Sept 19% Oct
1,500 12
Preferred
Kresge
(S
S)
Co,
100
corn
_10
76
r
_
764
75 51% June 7634 Nov
11
114 1,000 10 June to10% Jan
Ward, NIontg & Co, prof.. 110
115% 116
414 1124 June 11734 Oct Kress(S 11) & Co corn r 100
60
63
Nov
200 00
75
May
Bonds.
Preferred
100
101
101
July 105
500 101
May
Armour & Co.435s._ _1939
944 944 $16,000 924 Sept 94% Feb Lake Torpedo Boat_r--10 1334
11
144 13,500
034 July
144 Oct
Booth Fisheries s f 68_1926 934 924 034 11,000 83
1st preferred_r
10 143-4
Mar 934 Nov
114 14% 5,100
sg July 14% Jan
Chicago City Ry Is. _1927
994 994 6,000 98% Apr 100
Feb Manhattan Transit
1
A Oct
2,000
234 Jan
ChicCity&Con Rys 5s.1927 77
764 77 155.000 69)i Sept 80
3
Oct Marconi Wire'Tel of Am-6
334
3
334 2,800
Apr
4% Jan
Chicago Rys Is
1927 97
96% 97
May 984 Feb Marlin Arms v to(no par)_ 64
31,000 96
61
69
7,200 23 June 83
Oct
Chlo Rys 58_ _Series "A" 89
Preferred
v
t
87% 89
c
100
8634
13,000
Aug 924 Feb
100
97 100
4,250 70
May 100
Nov
Chic Rys 4s_ _Series "B" 70
70
70
6,000 65% July 75
Jan Maxim Munitlons.r.....-10
634
7
4
Mar 13
14,600
Jan
Chic Ry pr m M g 4s1927
61
61
1,000 60
100
Jan McCrory Stores
Oct 70
45
45
Nov 45
100 44
Nov
Chic Ry Ad Inc 45_ _1927
Preferred
40
100
40
95
1,000 33% Juno 41
95
Oct
1()0 04
Nov 95
Nov
Chicago Telephone 56_1923
10234 102% 10,000 101% Apr 102% Nov Mexican Petrol Export r - 1934
19% 204 1,300 17% Sept 2034 Nov
Chic Un Sta 1st g 434s 1963
100% 100% 5,000 100 June 1004 Feb Midvale Steel & Ord_ r--50 7295 68
73% 50,300 57
Apr 77% Jan
Commonw-Edison 58_1913 102% 1024 103
28,000 101% July 103
58
62
Nov Mitchell Motors.r (no par) 60
1,040 58
Nov 7394 Sept
,Commonw Eke 5s_1943
102410234 2,000 101% July 102% Mar Nat Mot Car & Veh_r_-(t) 4134 39g 42
7,750 39% Nov 444 Nov
Metr W Side El 1st 4s_1938
714 714 1,000 71
May 734 Jan N Y Central RR WI
10634 107%
1,80( 1064 Nov 107% Nov
Morris & Co 434s_ _1939
9334 9334 9,000 894 Jan 09% July N Y Transportation
1534 16)4 2,300 124 Feb 164 Mar
153-5
Ogden Gas 5s
1945 98
974 98
14
3,000 95% Jan 98
Nov North Amer Pulp & Paper- 153%
15% 00,300 114 Oct 15% Nov
Poop Gas L & C ref g 5s'47
10234 102% 10,000 10134 July 102% Nov Penn Seaboard Steel
60
60
60
25 60
Nov 60
Nov
Pub Serv Co 1st ref g 5s'50
Pie:cc-Arrow
Mot Car r(t) 5531 5531 56% 12,70
96% 96%
1,000 94
Jan 9634 Sept
42
Nov 65
Nov
South Side Elev 430_1924
90
90
1,000 88;i Jan 92% Apr Pugh Stores Corp_ r_w 1_10
10
w9% Oct w10% Nov
1,80
Swift & Co 1st g Is.. _1944 10134 10134 101% 31,500 9834 Jan 10234 Oct Republic Mot Truck r-(t)
69
71
Aug 77
300 54
Sept
Western Elec Co 5s__ _1922
102% 1024 3,000 101% July 102% Mar Riker & Keg (Corp for)._5
10,22
4% Mar
5%
634 Feb
Wilson & Co 1st 6s.. _1941 102% 1024 102% 13,000 10234 Nov 103
100 3894 3634 41
Oct Rock Island w 1
17,500 3635 Nov 41
Nov
Preferred A w 1
83
88
89
7,000 83
Nov 89
Nov
x Ex-dividend. a Ex-div. 2%,stock dlv. 40%. b Ex-dist. ex-rts. C Ex-rights.
Preferred 13 w I
71
7034 68
15,000 68
Nov 71
Nov
St Joseph Lead_r
10 2131 19% 22
10,70
14
Nov
July 22
Seab'd St & Manganese (t) 31
29% 31
900 244 Aug 31
Nov
Smith(AO)Corp r (no par) 4235 42
434 1,485 42 Nov 45
Nov
Preferred r
100 9635 06
1,155
90
Nov 98
97
Oct
Smith Motor Truck _ r_ _5
6
7,100
534 Nov
534
0
Nov
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
Smith &Terry Tranv p110
10
9% Aug 1134 Sept
1034
800
DAILY, WEEKLY AND YEARLY.
Spicer Mfg _r
100 4735 46% • 484 2,500 46)5 Nov 484 Nov
1st preferred_ r
100
10131 102
300 100% Oct 104
Oct
Springfield Body Corp_100 93
9334 9534
Apr 1014 Nov
395 61
Week ending
Stocks.
Railroad, State, Man
Standard Mot Constr.r.10
73-4
1,090
5% Aug 104 Feb
7
Nov. 17 1916.
Steel Alloys Corp_r
et Foreign
U. S.
5
23-4 3
2,850
2% Sept
3% Oct
Shares.
Par Value.
Bonds.
Submarine Boat__(no par) 42
Bonds.
Bonds.
42
39
15,200 3134 July 454 Oct
Todd Shipyards_r(no par) 82
81
824 1,501 7334 July 83
Oct
Saturday
928,212 $70,890,700 $1,625,500
$284,000
$2,000 Transue & Williams Steel
Monday
1,507,540 123,568,500
Forging Corp r_(no par) 43
3,746,000
611,000
4234 44
5,300 424 Nov 46% Oct
Tuesday
1,591,951 132,601,350
United Alloys Steel Corp rt 50
4,397,500
950,500
48% 5034 24,700 47
Nov 514 Oct
Wednesday
1,324,322 107,193,200
4,989,500
603,500
614 6435 16,600 57
1,000 United Motors-r-(no par) 63
Aug 04 June
Thursday
1,979,712 164,182,200
United Profit Sharing-- -1
5,020,000
765,000
1
134 5,700
May 2 1-16 Jan
34
Friday
2,049,925 165,897,500
4,973,000
853,000
24 24
500 U S Lt & Ht Corp_r___10
1,000
24 July
4% Jan
U 8 Steamship
10
74 731 11,000
735
4
Apr
8 Sept
Total
9,381,662 4770,333,450 $25,351,500 $4,127,000
53-4
$3,500 United Zinc Smelt(no par)
435 Sept
5%
1,000
8)5 June
Voco-Phone Corp_ r w 1- -1
14 1% 2,150
1%
14 Nov
1% Nov
Western Pacific RR_r _100
204 21
1,100 12
Sept 2135 Oct
Sales at
Week ending Nov. 17.
Jan. 110 Nov. 17.
Preferred _r
100
474 48
350 36
New York Stock
Sept 49
Oct
Wheeling & L Erie r w_100
18% 184 2,000 184 Nov 2035 Sept
Exchange.
1916.
1915.
1916.
1915.
Preferred _ r _ w
100
5134 52
1,700 49
Oct 52
Nov
World Film v t o
5
1
A July
134 0,800
Stooks-No. shares...
3
Jan
9,381,662
4,510,830
185,655,263
Air. (t) 2394 2331 24% 31,600 22
Oct 36
Sept
Par value
$770,333,450 $356,258,200 $16,030,538,015 $13,390,682,815 Wright-Martin
Preferred _r
100 76
74
80
1,800 74
Nov 80
Bank shares ,par
Nov
$22,400
$6,000
$250,000
207,000 Zino Concentrating_r. _10
4
434 5,900
3% Aug
63( Apr
Bonds.
•
•
RightsGovernment bonds..
43,500
$10,500
$750,450
$902,000 N Y Central
13-16
% Oct
%
% 58,000
1;4 Nov
State, mun.,&c.,bonds
4,127,000
1,069,000
266,036,000
23,430,500 Oklahoma Prod & Refg_
Nov 15-16 Nov
% 15-16 13,500
RR.& misc. bonds.... 25,351,500 32,302,500
734,733,500
779,047,200 Tennessee Copper
234 3% 3,000
1
3
Oct
3% Oct
Texas Company
2534 23% 2534 8,500 20
Sept
26
Oct
Total bonds
$29,482,000 $33,382,000 $1,001,519,050
$803,379,700
Former Standard Oil
Subsidiaries
DAILY TRANSACTIONS AT THE BOSTON, PHILADELPHIA AND
Anglo-Amer
011
£1
16% 1634
1,200 x1434 July 18
Jan
BALTIMORE EXCHANGES.
Atlantic Refining
100 875
875 875
Jan 875
10 650
Nov
Buckeye Pipe Line
50
102 103
120 00 June 111
Jan
Eureka Pipe Line
Boston.
Philadelphia.
100
234 234
Sept 234
Baltimore.
15 204
Nov
Week ending
Galena-Signal 011
100
Feb 200
178 206
750 151
Nov
Non. 17 1916.
Shares. BondSales. Shares, BondSales. Shares. BondSales. Illinois Pipe Line
100 217
225 227
595 155 June 235
Oct
Indiana Pipe Line
50
102 102
10 93 Juno 107
Jan
Saturday
51,536
423,100
Aug n34
22,503
$51,000
30 m15
184 184
3,845 $115,800 National Transit__ _12.50
Jan
New
Monday
York Transit__ _ _100
100,107
47,000
22 200
July 215
42,802
215 215
35,000
6,997
356,100
Nov
Tuesday
77,900
25 381
114,000
Jan 392
40,438
502 189
379 387
72,200
9,800
226,800 Ohio 011
Oct
Wednesday
108,949
100 343
120,500
Apr 343
47,309
400 205
315 343
63,500
8,558
290,000 Prairie Pine Line
Nov
Thursday
108,670
74,000
100
55,347
455 450
20 325
Mar 470
69,500
7,827
241,800 South Penn Oil
Oct
Friday
S W Pa Pipe Lines ___ A00
101,452
102,000
50,459
5 106
113 113
80,900
Apr 118
Not received
Feb
Standard 011 (Colin _..100 380
450 z234
354 380
Apr 384
Jan
Tntal
AdRfoln
84011 (Inn
Standard Oil (Kansas)-100
200 350 81721(10
550 560
23 345
37.03381.230.500
May 560
Nov
Standard011(Kentucky)100
615 015
15 428
Aug 615
Nov
Standard 011 of N J. ..100
Apr 700
650 700
642 495
Nov
New York "Curb" Market.-Bolow we give a record of Standard 011 of N. Y-100
245 205
Mar 265
1,000 200
Nov
Other Oil Stocks
the transaetions in the outside security market from Nov. 11. Alberta
Petrol_r (proep'et) 680
900 50() June 69c
68o • 680
Oct
to Nov. 17, both inclusive. It covers the week ending Fri- Barnett Oil dr Cast.....! 3%
28,100
234 Jan
4
494 May
Cons'd Mex Oil Corp I-- -1
800
14
134
1
day afternoon.
Nov
134 Nov
Coaden & Co_r
5 1794 16% 18
8,205 13
Aug 27 June
Cosden Oil & Gas_r
5 14
04 Apr 1894 June
134 1434 12,950
Friday
pales
Federal 011_r
5
30,500
54 Feb
41
3% 4
4 Nov
Week ending Non. 17.
394
Last Week's Range for
Range since Jan. 1.
Gen Ret & Prod _ r
g Aug 1 1-16 Sept
34 24,000
34 11-16
Sale
of Prices
Week
Houston Oil, corn r..100 194
10. 1931
Stocks12
Aug 23
Jan
30
Par. Price. Low. High. Shares.
Low.
High.
Internat Petroleum r. .C1 1134 104 1134 4,100
94 Juno 1334 Jan
Kenova Oil (prospect)
3-10
Aetna Exploa_r_ _ _(no par) 10
3-10 Sept 93e June
94 5,00
934 10% 20,500
7
July 25
Feb Metropolitan Petroleum._1
5
114
Nov 25
Amer Druggist Synd r_100 124 124 1234
9
7,800
May
300 1134 June 144 Jan Midwest 011 com..r
1 45c
410 49c 34,000 38o Aug 850 Feb
Amer Int Corp $50 pd-100 59
56
59
330 v12% Jan 161
Sept N Y-Oklahoma Oil_r_
_1
1 13-16 12,900 700 June
1
Amer Sumatra Tob..__ _100 2434 22
134 Aug
25
4,300 19% Oct 20
Oct 011 & Exploration r_ -..10
A Oct
34
34
% 14,580
1
Oct
Volume of Business at Stock Exchanges
•
P
Sales
Friday
Last Weeks Range for
Week.
ofPrices.
Sale.
Other Oil Stocks (Cond.) Price. Low. High. Shares.
Range since Jan. 1.
Low.
High.
Par.
70 Mar 210 June
10110 130 116,700
Oklahoma Oil com.r..---1 110
g Aug
Nov
1% 1 5-16 29,250
1%
1
Preferred r
594 Aug 12
Oct
Oklahoma Prod & Refg_b 11% 10% 11% 22,300
Oct 95o Aug
55o 65o 11,300 48o
1 550
Omar 011 & Gas
1114 14,900
794 Aug 1894 Feb
r 5 1134
Sapulpa Refining
994 Mar 1431 May
1014 12
1,100
5
Savoy 011
134 1 7-16 131 24,800
1
134 Nov
13.4 Sept
Sequoyah 011 dr Ref
Sinclair Oil& Ref r(no par) 55% 5234 55% 18,500 3594 Aug 5594 Nov
994 Nov
Oct
8
8% 9% 24,370
914
Southern 011 & Transp't 10
294 June
1 13-16 9,700 54o Mar
1
1
United Western Oil_r
550 62o 52,000 350 Sept 62o Nov
Utah Petrol (prospect) I 60e
1 13-16 135,200 280 Sept
le Nov
Vacuum Gas&O.Ltd r11 1 1-16
Mar
1
291 Jan
1 1 13-16
134 I% 35,400
Victoria 011_r
Oct 85o Nov
400 65e 118,800 300
1 650
West End 011 & Gas r
1
Nov
1
• 900 75o Nov
750
1 750
Preferred r
Nov
2
294 Nov
2% 2% 14,900
2%
Wyoming Petroleum r- -1
Mining Stocks
Oct 1.02
May
94 8,000 25o
34
34
Alaska-Brit Col Metals i 1
1 90o
860 90e 56,400 590 Sept 900 Nov
Alaska Mines Corp
34 Oct 700 July
44o 60e 32,150
Alaska Westover Cop_r-1 60e
Jan
Jan 14o
8c
80 100 80.000
American Commander_ ....I 8340
Oct 510 Nov
42o 510 42,500 360
Arizona Chloride..r.. _ _ _10o 470
July
Sept
3%
350
24,275
19-16
134
134
Copperflelds_r_l
Arizona
1 8340 8340 100 11,200 8%0 Nov 23%c Jan
Atlanta Mines_r
1g Oct
134 Feb
134 1 5-16 341,450
10c 15-16
Big Jim
Oot
8
29,200 1 7-16 Feb
8
7
734
Big Ledge Copper Co_ __1
9% Nov 1534 May
700
934 1034
10
Bingham Mines
1% Nov
134 i3-i6 134 63,800 80o Nov
_1
Bisbee Cop M & Dev
Jan
100 110
4,300 100 Nov 44c
10o
1
Booth _r
2% June
780 840 26,300 600 Mar
Boston & Montana 0ev...5 820
Nov
434 June 20
89,000
1734 1754 20
_1
Butte Copper & Zinc
1% Nov
910 Oct
98o
15( 48,300
Butte-Detroit Cop& Zinc.1 980
4% Mar
19( Oct
234
9,760
1
234 3
Butte & N Y Copper_
191. Nov
194 Nov
134 I 9-16 2,000
134
1
Cactus Con M
6% Sept
294 Jan
535 534 1,000
5
Calaveras Copper_ r
480 570 11,800 400 Nov 1 5-32 Apr
1 550
Caledonia Mining
Oct
760 79c 10,300 760 Nov 800
Callf-Treadwell Gold M 11 78o
2% Nov
194 Aug
234 23i 132,600
Calumet & Jerome Cop r_l 213-16
2% May
5
234 1 15-18231 21,100 1 3-1e Mar
Canada Copper
534 614 17,500 39443 Feb 934o May
614
1
Cash Boy
Nov
July 46
46
30,700
Cerro de Pasco Cop(no par) 4514 *4234 3 103,750 3231
Nov
3
194 July
234 2 13-16
5
Consol Ariz Smelt
Nov
3%
Feb
1,800
19‘
331
3
Como! Copper Mines
Nov
July
%
1%
9,000
134
1-16
1
134
Consol-Homestead.. 1%1
% Nov
31 Jan
3-4 10,300
Consol Nevada-Utah._ _ _3 5-16 5-16
Nov
734
Oct
6
57,635
734
6
734
1
&M
Cresson Con Gold M
59( Sept 16% Nov
1234 1634 20,600
Darwin Lead-S M & D___15 15
19‘ June
Oct
3
214 29-16 24,700
Dundee Arizona Copp-1-1 2 7-16
Jan
35,700
17go
334 Oot
2%
134
23i
Emma Copper_ r
5,485
July
8% Jan
3
434 5
5
First National Copper._ _5
54o 570 13,300 54o Nov
1 3-18 Jan
10 540
Goldfield Cons'd
60 Nov 210
6o
Jan
70 13,700
60
1
Goldfield Merger r
Jan
5,000 130 Apr 300
190 190
5
Gold Hill Mining
150
Oct
100
Nov
34,500
15e
13o
130
1
r
Gold
Grand Canyon
%431
694 Nov
Aug
1
454 5% 110,000
Green Monster Mining_r.1
Oct 000 Nov
5,800 510
800 900
Grizzly Flats Gold M.._ _ _1 900
994 Oct
394 Jan
8
811
811 5,125
250
Hecht Mining
994 Nov
494 June
1
554 914 25,400
93i
Howe Sound
Nov
93o
Aug
280
72,000
830
650
Hull Copper_r
Oct 280
Oot
100 280 581,000 100
20o
Independence Lead _r__ _1
1% Oct
134 1 1-16 134 45,300 50o July
InsplrationNeedlesCopti 1
1,000 100 Mar 310 Apr
150 150
International Mines_r_
294 Apr
Jan
1
131 1 11-16 131 2,100
10c
Iron Blossom_ r
234 May
194 July
14 1 11-16 114 31,000
Jerome Verde Copper-t--1
894 Sept
2% 9,050
194 June
2
2%
Jerome Victor Exten _r_i.1
95c 1 1-32 14,200 810 July 1 3-16 Jan
1
Jim Butler r
134 Jan
Nov
310
250
13,700
25o
26c
Jumbo Extension
Jan
7,000 8g o July 22o
Eic 110
100
1
Kewanus r
May
1
% Nov
% 2,300
14
La Rose Cons'd Mines 5
Nov
5-16
1
Nov
1
21,000
111
134
1%
Mines
L
Loma Prieto
Nov
1
800 9/0 89,100 120 May
Louisiana Consolidated 10c 93c
6894 Nov
July
6814 35,500 13
5 6531 53
Magma Copper
Mar
410
Nov
710
3,200
90
70
1
r
Mining
Marsh
1
'234 Oct
Aug
111 1% 15,060
1%
Marysville Gold Mining..1
Nov
8
July
2
9,700
634 8
731
5
Mason Valley
4,800 88o Mar 720 May
600 630
MoKinley-Darragh-Sav-1 63c
Nov
1
510 800 127,100 510 Nov
Miami Consol Mines 1_1 570
May
8
234 Nov
2;4 3% 4,525
3
2
Molave Tungsten_r
% Apr
134 1% 2,300
1%
294 May
Monitor Sil L&ZM&M1
31 35,000 11-16 Nov
94 Nov
34 11-16
1
Monster Chief r
1
3,200 840 June
82o 850
Aug
Montana Gold Mines_ r-1 830
Jan 430 Apr.
1 37340 37o 3834c 53,500 200
Mother Loder
1%
1
1
1%
1,700
Sept
1594 .Lan
Nevada Utah Bingh'm 2.50
,4 Nov
12
1 1 3-16 52,000 340 June
_ _ _ _1 1 3-16
Newray Mines, Ltd_r.
18
18
Nov
3,050 14;4 Oct
N.Y.&Honduras Rosario.10 1894 18
631 Feb
894 931 23.600
931 Sept
994
Nipissing
34 June
14 Feb
8,000
3.4
94
North Butte Bevel r... _1
% Nov
34 8,000 3-16 Feb
34
5
Ohio Copper
154 Nov
194 Nov
134 11,900
194
1%
Ohio Copper new w 1-r 1
Oct
440 55c 100,495 120 Aug 82c
Old Emma Leasing r_10o 52o
60
Nov
Jan
30 3%c 6,500 30
30
1
Oro r
Oct
770
750
Oct
770
3.800
760
77c
1
Peerless Jennie_r
234 Nov
1% 2% 18,000 850 July
134
Plush Jerome Copper..1.1
40,400
Oct34
34 Nov
%
Progress Mining de
Ma
45,400
534
234
4%
5%
Nov
594
Ray Hercules_ r
600 73o 260,000 100 Aug 760 Nov
1 68o
Rex Consolidated_r
620 720 52,800 15043 Sep
780 May
1 700
Rochester Mines
2
Nov
Sacramento Val Cop_r_ _1 13-16 13-16 114 3,550 1 1-16 Sep
347-16 12,600
34 Sep
960 Sept
1
St Nicholas Zino r
1% 17,900
1314 Oct
2
191
Oct
Santa Rita Develop.r.... _1
18o 20e
3,000 13o Aug 26o
1
Jan
San Toy Mining
15
13
5,095 13
10 15
Nov 15
Nov
Section 30 Mining
85o 950 29,200 600 Nov 950 Nov
950
Silver King of Arizona...__
4% 4% 4,800
414
494 Nov
434 Nov
SIM+ ItIng Cons of Utah 1
210 24o 21,900
30 Feb 28o Nov
1 240
Silver Pick Consol_r
I% 1% 4.400
134
1
2
July
Jan
Standard Sliver-Lead--1
450
46o
38c
32,700 300 Aug 950 Feb
1
Success Mining_r
634 834 10,500 3 15-16 Feb
8%
9
Oct
Superior dr Boston r---.10
38o 450 103,800 220
Oct 720 Nov
Superstition Mining_f _ _1 430
44c 44o
3,000 40o Sept 44o Nov
Took Hughes r (prospeCt)1
92o 226,925 62o Sept 92o Nov
Tommy Burns Gold M of 1 900 4840
9-16 4% 2,500
4 June
6% May
1
Tonopah Belmont_r
5% 7,700 8 15-18 Jan
5
7% May
1
Tonopah Extension
6
6
290
594
794 May
1
Aug
Mining
Tonopah
34 7-16 4,200
Apr
1
9•1 Aug
5
Tri-BuHion S & D
4%
4%
4%
3,150
394 July
594 Nov
1
United Eastern
60
55
70.500
60
55
Nov
Nov
60
r.
Arizona
of
Mines
United
110 120
MON
40 Aug 180 Mar
1 110
U S Continental_r
3831 4031 8,500
694 Jan 45 Sept
United Verde Exten_r.50c 40
5
434
4%
14,040
194 Apr
5 Nov
Mines
Unity Gold
• 1% 134
1,825
194 Nov
194 Nov
1
Velvet Copper_ r
730 790 12,750 615o Sept
131 June
West End Consolidated...1 740
360 41c 17,600 22%Willie 620
Oct
WhitoCaps Mining_ r_ _10o 370
3-4 23,100
94
1
94 Oct
Oct
White Cross Copper r_ 1
294 2%
560 "1% May
294
3
Oct
White Knob Copp pf r 10
495 1,700
4
4)4
334 Aug
1694 May
White Oaks Mines Cons r
5%,
100
5% Nov
1
5% Nov
Winona Copper
250 30c 25,950 18o Nov 300 Nov
1 29c
Yerrington Mt Cop
1
15-16
15-16
2,400
5
31 July
I% May
YUsearan Consol _r
BondsBrit Govt (Unit'd King at
Brit dr Irerd) 534s-1919 99 3-16 9934 9934 1500000 99% Nov 9931Nov
1921 98% 9834 98% 1360000 98% Nov 983.4 Nov
5%8
125 275,000 110 June 125
Nov
Cerro do Pasco Cop 6s 1925 12434 121
69
69% 15,000 25
Mar 70
Nov
Como! Ariz Smelt 58_1939
104
104%
115,000 100
Sept 105 Nov
Os
new
Cosden & Co
102
102
450,000 92% Nov 102
9234
Nov
Metropolitan Petroleum Os
Feb
July 100
Midvale St & Ord bs.r.1936 98% 9814 98% 248.000 94
July 10234 Sept
Russian Govt 6%8---w I. - 100% 100% 100% 111,000 100
Sinclair Oil& Ref 6s.r.1926 10114 101 102 285,000 9434 Sept 102 Nov
Aug 10294 Nov
Sulzberger & Sons Os r 41 102% 102% 102% 25,000 99
5
a
1%
5
1877
THE CHRONICLE
Nov. 18 1916.]
Bonds-(Conel.)
Friday
Last Week's Range Sales
Sale.
ofPrices
for
Par. Price. Low. High. Week.
Range since Jan. 1
High.
Low.
Sept 88% Nov
88% 88% $25,000 81
10214 10214
1,000 10214 Nov 102% Nov
Western Pao RR new 58 46
Wilson dc Co 6s
*Odd lots. t No par value. I Listed as a prospect. I Listed on the Stock Exchange this week, where additional transactions will be found. m New stock, par
value $12 50. n Old stock, par value $25. oNew stock. r Unlisted. 8 Ex-100%
stock dividend. I $50 paid. u Ex-cash and stock dividends. o $10 paid. w When
Issued. z Ex-dividend. y Ex-rights. z Ex-stock dividend.
Quotations for Sundry Securities
All bond prices are "and Interest" except where marked "f"
Standard Old Stocks Peir Share
Pow Bid. Ask.
Anglo-Amer CHI neir__ 11 '1612 17
100 x900 925
Atlantic Relining
100; 400 420
Borne-Scrymaer Co
5O'103 106
Buckeye Pipe Line
Chesebrough Mfg new__ _100 470 490
100 50 70
Ckdonia1011
100 545 555
Continental 011
Crescent Pipe Line Co___ _50 *40 43
Cumberland Pipe Line__100 110 120
Eureka Pipe Line Co_ __100 230 235
Galena-Signal 011 com-_100 200 205
100 140 145
Preferred
100 x215 220
Illinois Pipe Line
Indiana Pipe Line Go_ .. _50 .110 115
1112
£1 '11
Internet Petroleum
19
National TilumOt Co._12 50 "18
New York Transit Co.._100 205 215
Northern Pipe Line Co_100 105 110
25 *380 385
Ohio Oil Co
25 063 68
Penn-Mez: Fuel Co
25 *1434 1514
Pierce Oil Corp
100 540 550
Prairie Oil & Gas
100 335 340
Prairie Floe Line
100 395 405
Solar Refining
Southern Flue Line Oo 100 217 222
100 475 485
South Penn 011
Southwest Pa Flpe Lines_100 113 118
Standard 011 (Calfornia)100 375 380
Standard CHI (Indiana)_.100 870 880
Standard 011 (Kansas)__l00 550 570
Standard Oil (Kentucky)100 630 650
Standard Oil (Nebraska).1004550 570
Standard Oil of New Jer_100 685 690
Standard 011 of New Y'rk100 278 282
100 430 435
Standard Oil(O
(Ohio)
100 110 120
Swan & Finch
Union Tank Line Co__100 94 98
100 370 380
Vacuum 011
45
Washington CHI
I
Per Cent.
Bonds.
Pierce Oil Corp cony 68_1924 84 86
co__
Ordnance Stocks-Per Share.
Aetna Explosives prof_ -100' 50
100 10
Amer & Walsh Mfg
100 20
Preferred
Atlas Powder common._ 100 172
100 97
Preferred
100 126
Babcock & Wilcox
Bliss CO w)Co common__50"740
50 075
Preferred
Canada fklys & Forgings100 x193
100 90
Preferred
Canadian Car & /WY__ _100 40
Preferred
100 70
Cl=fgxplosives conal00 380
100 100
Carbon gvernmon_100 116
52
20
40
178
101
128
785
85
198
100
45
80
460
110
118
2d preferred
Colt's Patent Fire Anne
Mfg
Crocker-Wheeler Co com.r00
&Wont (II I) de Nemours
100 298
dt Co, common
Debenture stock.... 100 102
100 390
Meade Boat
100 390
Preferred
EW/ndes Powder cm_..100 378
100 114
l'referred
Hopkins & Allen AaIns._100 15
Preferred
100 40
28 '20
International Arms
Calm Torpedo Boat corn .l0 '11
41dvale Steel & Ordnance 50 '70
Niles-Bement-Pondhcom-100 218
100 105
Preferred
. 100 860
Stovili Mfg
Submarine Boat__(no par.) *39
Winchester Repeat Arnui 100 1200
301
105
400
400
385
119
25
60
25
12
71
221
110
870
40
1350
182' '31 132
9112 23
Public Utilitiesso'152 154
Am Gas & Elec coin
50 'd4912 51
Preferred
Am 14 & Tree ,00monaon_ _100 381 383
100 III 113
Preferred
100 75 7612
Amer Power & Lt com
100 85 86
Preferred
Amer Public Utilities com100 40 43
100 72 75
F/eferred
100 327 330
Cities Service Co com
Preferred._
100 9214 93
Com'aelth Pow Ry &I...100 60 62
100 8312 85
Preferred
95 97
1 01M' 41: :ILA: pref.--100
Dayton.
Ine0 BOEK1 di, Share pref_100 99 101
Federal Light & TractIon100 17 19
100 56 58
Preferred
Great;'VVest Pow 5141946.J.4.1 9014 91
Indiana Lighting Co_ _ _ _100 85 ..
48 1958 _ ____ ___ _F
A 7912 8012
,
Pow eoloa _100 103 105
100 100 101
let & ref 58 1941_ _ A&O. 97 98
1 65
:
Pacific Gas & Elea cone_ la 2.1
14
1st preferred
Republic lay a, Light_ _ _ _100, 54 55
100 78 80
Preferred
South Calif Edison corn_ _100 9012 9112
100 106 109
Preferred
Southwest Pow & I, pref.loo d9712100
Standard Gas& El(Del). 58 "1514 1812
50 '43 44
Preferred
Tennessee Ity L & P COM 100 11'2 1212
100 51 52
Preferred
United Gas dr Mee Corp..100 _ ___ 12
100 70 73
1st preferred
13
100 11
241 preferred
100 4912 61
United 14 & Rys oona
100 79 80
1st preferred
Western Power ooranaon _ Igliti,
Preferred
rilmgr.
lig Is
1
RR. Equipments-PerCf. Oasts
Bid. Ask.
Baltimore & Ohio 434s____. 4.35 4.20
Buff Roch dr Ilttsburgh 434a 4.37 4.25
4.37 4.25
Equipment 48
4.45 4.30
Canadian Pacific 4348
. 4.60 4.40
Caro Clinchf & Ohio Za
4.10 3.75
Central of Georgia bs
4.65 4.40
Equipment 43411
5.00 4.60
Chicago & Alton 48
Chicago & Eastern III 5%8-- 5.60 5.25
5.60 5.25
Equipment 434s
Chic Ind & Louisv 4go.-- 4.65 4.40
4.45 4.25
Chic St 14:N 058
4 25 4.10
Cldcagod, NT NV 4348
Chicago 13. 1 & Pam 4348-____ 5.00 4.75
4.65 4.45
Colorado & Southern 58--4.45 4.30
Erie bs
Equipment 4148
4.45 4 30
4.45 4.30
Equipment 48
Hocking Valley 48
4.45 4.30
Equipment ba
4.45 430
Central 54
filinohi Centl
4.25 4.12
Equipment 434s
4.25 4.12
Kanawha & Michigan 41484.50 4.35
LouLevlile & Naahvilhe
4.25 4.12
Nth= St P &18.1 8 NI 454a__.
4.40 4.20
5.30 5.00
Missouri Kansas & Texas 58
Missouri Pacific 5s
5.30 5.00
4.65 4.45
Mobile & Ohio ba
4.65 4.45
Equipment 45411
4.40 4.25
New York Central Lines 55.
4.40 4 25
Equipment 4148
4.45 4.30
N Y Ontario & West 434e.._
4.25 4.12
Norfolk & Western 4148
4.25 4.12
Equipment 48
Pennsylvania RR 4)4a........ 4.25 4.10
4.25 4.10
Equipment 48
St Lends Iron Mt & Sou 5a_. 5.15 490
81 Lends & San FTWICI&N)Z4. 5.25 4.90
4.55 4.40
Seaboard Air Line 54
4.55 4.40
Equipment 430
Southern Pacific Co 4;4 a _ ... 4.25 4.12
Southern Railway 4 A 0 _ _ _.. 4.55 4.40
1/dedo & Ohio, Central 48_ _. 4.70 4.45
5._ _.
Tobacco Stocks-Per Sha re.
!
5'
American agar conamoniZK ilt 118
Preferred00
Amer Machine &
British-Amer Mime ord__El *2014 21
43 .2034 2112
Ordinary, bearer
100 300 360
Conley Foil
Johnson Tin Foil & Met-100 100 150
MacAndrews & Forbes. 100 195 205
100 100 102
Preferred
Porto Rican-Amer Tob_100 250 260
Reynolds (Ft JD Tobacco_100 620 640
100 122 125
Preferred
100 145 160
Young(J 11) Co
100 105 110
Prederred
23 90
nt,,..22 12
Short Term Notes. Po Csad.
Am Cot Oil 58 1917..M&
Amer Locom 5s. July '17_J-J
Am IC dr 1' 4348 1918
Anaconda Copper 58'17 111-E
(Weedier'Pac 64 1924.118&82
Cbilc41; West Ind 88'17_kddkS
Erie RR 634s 1917_--A-0
General Rubber Z4 1918 J&I)
Hocking Valley 581917_M-N
Int Harv As Feb 15 '18_F-A
K()Rya 5348 1918_ _ _ Jac.1
Morgan&Wright SeDec.1.16
New Eng Nay Os 1917..W1'
NYNH&H430May 1917
0
4
18
r08N1925
034
Croc4
I
i&
nnse
u0
.1thD
pe
P
1007s 1011s
10012 101
10012 10034
10038 10058
10338 1034
10014 10012
1005s 10078
101 10114
10078 1011g
10138 10134
10118 10112
10014 10012
100 10012
100 10014
I R 10138
II
10118
90'4 9111
10038 1004
10118 1014
9712 98
98.2 984
Rem Ams U.M.0.513'19k &A
Southern Ity 58 1917....84-82
United Fruit 54 1918_ 61-N
UtaliSecurCorp 6C22 M-Slt
Winches RepArms5s'18M1k8
New York City Notes-102 10218
64 Sept 1 1917
Canadian Govt. Notes-F&A 1001210034
68 Aug 1 1917
Industrial
and Miscellaneous
100 428 432
American Brass
100 72 76
Aanerkmui Chicle ,00ma..
100 83 86
Preferred
Am Graplhophone corn._100 185 190
100 183 187
Preferred
American Hardware_ _ _*.100 140 142
100
Amer Typefounders corn-1
Preferred
Borden's Cond Milk
Fleferred
comin
100 190 195
Celluloid Company
Havana Tobacco Co_._.100
214 8
613
8
100
Preferred
1st g 5s June 1 1922....J-I)151)
Intercontinen Rub Corn..10016 16
Internet Banking Co__ _ _100 160
-100 50 52
International Salt
A-0 f75 77
1st g 58 1951
International Silver pref_100 107 108
Lehigh Valley Coal Sales.100
96
50.
69
CHUG Elevator corn
100 94 96
Preferred
Remington Typewriter'100 18 19
Comation _
100 85 87
let preferred
100 49 62
2d preferred
Barang Powd oom
dterr
yte
Ropr
;13 eis
112 104
5s
111
ig MI 11,4.
Basis. a Purcnaser also pays accrued dividend. e New stook.
Per share.
/Flat price. n Nominal. z Ex-dividend. y Ex-rights.
1878
THE CHRONICLE
[VOL. 103.
inviestment n1Sailiroqui intelligence.
RAILROAD GROSS EARNINGS.
The following table shows the gross earnings of every STEAM railroad from which regular weekly or monthly returns
oan be obtained. The first two columns of figures give the gross earnings for the latest week or month, and the last two
oolumns 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.
_•
Late‘t Gross Earnings.
ROADS.
Week or
Month
Current
Year
Previous
Year.
July I to Latest Date.
Latest Gross Earnings.
July 1 to Latest Date
ROADS.
CurrentPrevious
Year. I
Year.
Ala N 0& Tex Pac$
$
N 0 & Nor East October__ 351,191 377,372 1,350.621 i 1,255,998
Ala & Vicksbur,g_ )ctob3r___ 137.017 150.311
619,131; 537.619
Vicks Shrew & P /ctober _ 103.045 *153,6
632.826
620.682
Ann Arbor
1st wk Nov
60,843
59,980 1,044,610
881,431
Atch Top,
ka. & 6 o' ieptemb,e- 12768461 107952 / I 37.712.511 32.122.013
Atlanta Birm & Atl 1st wk Nov
80,749
59,668 1,223,710 1,045,081
Atlanta & West Pt_ September
131,048 111,686
351.495
309,739
Atlantic Coast Line September 2,743,400 2,359,794 7,956.504 6.554.354
Chariest & W 0.e ieptene oer
170,94)7 148,125
433.2411 344.386
Lou Fiend & St 1 1ept weber
149,335 135.553
431.4591
373.361
aBaltimore & Ohio lepternber 105154 IS 9,617.810 31.219.947;27,637.429
B &0 Ch Ter 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 3,906.2911 3.699.392
Birmingham So•ith Septern.ter
90.96'i
71,129
105.6111
375.5331
Boston & Maine.. September 4,922.747 4,329.997 14.812.908 12.734.257
Buff Roch & Pittsb td wic Nov 20.607 253.311 5,257,1331 4,557,707
Buffalo & Susq RR September
142.013 142.320
435.2121
374,943
Canadian Nor Syst. 1st wk Nov 885,000 806,500 15.308.800 11.187.300
Canadian Pacif,e :st wk NOV 3,036,000 3,015,010 53.7,11.018'43,295,992
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
Cent New England_ September
466.5211 376,270 1.468.415 1,098.622
Central Vermont _ September
376,498 359.172 1,139.668 1,020,985
Ches & Ohl) Linas 'st wk Nov 805.275 781,530 17,392,970 16,4,9 673
Chicago & Alton
September 1.639.729 1,415,551 4,753.853 3,978.965
Chic Burl & Quincy September 10374092 8,906,988 28.868,796 24.428.638
b Chicago & East 11( September 1,419,498 1,410,216 4,198.176 3,871.421
c Chic Great West._ 1st wk Nov 313,105 295,527 6.009.642 5,221,762
Chic Ind & Loulsv_ 1st wk Nov 168.477 155,344 3,010.801 2.714.981
Chic Milw & St PI September 10147 279 9,261.438 29.404.862 25.765.898
Chic Mil & Pug S
deltic & North West 4eptenther 9.290,04718.413.649 27.127.807 23.605.73
Chic Peoria & St L.. September
158.928 161,384
432.607
464,575
Chic Rock Is! & Pac September 7,203,318 6,325,589 20,815.410 17,901,653
(71iic ft I & Gulf 4enteml)er
309.3441 244.465
725.715
911.961
dChic St P M & Om September 2.076.859,1.734.468 5.520.934 4,666,542
Chic Terre II & it 4eptember
244.6221 192.') 10
791.971
533,124
Cln Ham & Dayton September
947.393 1.058,631 2.925,815 2,973.468
Colorado Midland_ September
178.300 165,736
424.833
495.120
e Colorado & South_ 1st wk Nov 352.183 338.053 6,053
735 5,501,072
Cornwall
September
22,098
7,808
29.246
68,785
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 6,338.527 6.248.435
Delaw Lack & West September 4.412.131 4,048,743 13.249.266
Deny & Rio Grande 1st wk Nov 569,700 520.490 10,029.149 11.194,532
9.746,844
Western Pacific September
833,389 680.626 2,413.148 2,105,669
Denver & Salt Lake 1st wk Nov
44.600
47,150
800,685
777,994
Detroit Tel & front September
207,150 191.701
605,833
488,933
Detroit & Mackinac 1st wk Nov
22.331
24,660
302,356
454 660
Det & Tel Shore L. September
142,898 115,185
390.490
330,509
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 1st wk Nov
69,997
53.353 1,461.4138 1,239.170
Duluth Winn & Pac September
141.731 104.470
415.323
327.548
Elgin Jolla.,& 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 1,034.809
Fonda Johns & Olov September
57.003
79,929
246.149
276.954
Georgia Railroad... September
326,519 278,947
885.395
703.912
Grand Trunk Pac 3d wk Oct 134,481 220.919 1,474,6441,586,573
Grand Trunk Syst St lere. No. 1,244.059 981.765 23.609 843 10.312.324
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
Del 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 28.868.368
Gulf & Ship Island September
171.725 153.163
439,025
506,816
Hocking Valley_
September
811,730 679.715 2.407.987 1,872,926
Illinois Central_ _
October_ _ 1,555.6115 3,013.00 23,353.269 22.2313,153
Internat & Grt Nor September 1,080,414 871.897 2.794,516 2.129,646
Kansas City Sesith September
974,79
870.730 2.860.375 2.509.492
Lehigh & llud River September
189,526 160,834
599.991
476,376
Lehigh & New Eng. September
265,582 283,510
725,979
873.601
Lehigh Valley
September 1.303.962 3,913.633 13.052.105 11,453.913
Los Angeles & s L._ September
057.877 831.469 2,9131.010 2.372.124
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 & Nasa _ I st wk Nov 1.341.550 1,132.185 23.214.523 29.182.344
.Maine Central
September 1.187.049 1.033.439 3.456.811 3,080,920
Maryland & Penn_ _ September
53 00'4
47.508
129.350
124.515
Midland Valley_.
September
190.407 139,744
550,232
410,717
Mineral Range__ _ ist wk Nov
18,038
20,066
342,436
403.548
Minneap & St Louis 1st wk Nov 238,991 2)9,385 4,053.2.0 3,821,411
Mien St P&SSM. est wk New 662.505 932.148 13,127.715 12,401,607
Mississippi Central. September
78.689
71,848
226,021
195,568
Q M Kan & Tnxas_ Is • w•:. N7 y 833.420 637.331 14.3 10.1 25 1 1 .310 <127
h Missouri Pacific_ _ September 6.198.550 5,227,705 18,093,652 15,102.364
Naslav Chatt & St L September 1,146,541 1434.628 3.412,847 2.922,691
New York Central September 1'7889110 15119997 53.011.435 43.499.433
Boston & Albany September 1.836.667 1.530.434 5.611,993 4.641.455
nLake Erie & W. September
678,663 616.504 1.983.147 1,681,059
Michigan Central September 4.096.868 3.312,318 12,027.532 9.635.5148
Cleve 00 & St L September 4,135.645 3.613.035 12,228.371 10,310.033
Cincinnati North. September
179.209 155.394
530.246
444,304
Pitts & Lake Erie September 2,149.031 1,819,590 6.417,503 5,378.922
Tol & Ohio Cent_ September
551..460 422.930 1,762.209 1,244.278
Kanawha & Mich September
01 2.679
291,972 313.332
_ ,•
Tot all lines above September 31 858675 27353.452 94.557.641 78,136.795
Week or
Month.
Current
Year.
Prerinus
11,ar.
Current
Year.
Previous
Year
4
Nevada-Cal-Oregon 4th wk Oct
171,442
16.652
182.722
14.990
New On Great Nor.. September
11:3.248 143,041
432,731
461.261
N 0 Mobile & Chic_ September
50:1,966. .9r6
174.160
N Y Coic& St Lo Is September 1,291,743 1,1 42.44 1 3,978,245 3,160,355
N Y N If & !NW__ September 7,105.635 6.313.161 21.222.713 18.324.874
N Y Ont Sc Western September
770.850 727.510 2,728,404 2.601.113
N Y Stesq & West_ _ September
284.137 356.255
886,381
991.795
Norfolk Southern_ September
423,814 350.826 1.231.836 1,028,736
Norfolk & Western. September 5,122.132 4.789.627 15.310.316 13.986.463
Northern Pacific_ _ _ September 7,576.477 6,763,189 21.349.766 18.194.302
Northwestern Pace_ September
469.552 416.06:31 1.502..123 1.335,397
Pacific Coast Co_ _ _ August
_ 764.627 709,1941 1.509.054 1.318,790
p i'en,is,s Nardi' RR_ September 19969555 18151579 60.274.245 52,581.9814
Bait Chas St Atl_ _ September
137.521,
4 . •
14t 470.043
Cern berland Vol!. September
326.0271 299,679
821. 30
905,042
Long Island
September 1,458.491 1,320,142 4.746.067 4.345.947
Mary'd Del & Va September
308,671
95.0931 88,315
317.:349
N Y l'hila & Norf September
423.9711 344.737 1.423.793 1.207.431
Phil Balt & Wash September 2,230.243 1.924.6051 6.718,272. 5 .
W Jersey & Seash September
789.770 741,1771 2,892.636 2,654,703
Pennsylvania Co__ _ September 6,950.912 6,333,729 21.147,973 17.753.424
Grand Rap & End September
550.277 500,361, 1.635,954 1.459,087
Pitts CO & St L. September 4.501.232 3,888,717 13,216,540 11,027,647*
Vandalla
September 1.155.098 1.058,310, 3,388.856 2.960.174
Total
1
East Pitts & Erie September 25795738123294276 78.872.111 69.034.658
West Pitts & Erie September 13317347i 11927129 39,895.361 33.624.554
All East & West_ September 39113085'35221405 118767472 102659212
Pere Marquette__ _ 1st wk Nov 480.9021 425.5141 8,301.3111 7,174.012
Reading ('n-Phil» & Reading.. September 5,259,333 4.461.727115,154,927 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 18.691.623
Rich Fred & Potolm September
683,813
881,727
272.764 219.160
lti)Grande Jule__ _ Au gust _ _ _
161.732
182,534
96,405
85,174
Rh Grande South_ _ 1st wk Nov
216,893
14,213
14,741
21 8,531
Rtitland
September
985,160
357,802 344.201 1,031.317
St Jos & Grand Isl. September
207.333 141,983
387.635
579.618
St L Brownsv & M. September
496.129 289.564 1.420.0.1
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 Loui )lithwest _ 1st wk Nov 349,000 293,011)1 5,364,193 4,247,955
Seaboard Air Line_ _ September 2,039,452 1.777.037 5.700,153 5.083.689
Southern Pacific. _ _ September 15187759 13281713,44.607.020 39,452.778
Southern Railway. _ 1st wk Nov 1.657,996 1,457,217 27,241,105 24.023,356
Mobile & Ohia. _ _ 1st wk Nob 229,498 251,040 4,215,3:31, 4,051,384
Cin N 0& Tex P_ 1st wk Nov 230,744 202.595 4.159,605 3,471,404
Ala Great South. 1st wk Nov 111.634 105,071 2,013,603 1,804,194
818,3%!
(1 ergia S & Fla_ 1st wk Nov
0.10,853
49,393
57,017
Spok Port & Seattle September
502,082 486.787 1,490,906 1,359,527
I'ann Al & Georgia 1st wk Nov
24,329
2.133
47,735
1,711
Tennessee Central_ September
152,03i 148,578
410.661
447,347
Texas & Paelflc _ _ _ _ Ist wk Nov 471,054 410.475 7,883,510 6,635,024
Toledo Poor & West October_ _ 121,281 114,419
433.014
429,417
Tole to St T. & West 1st wk Nov 140,162 122.246 2,221,531 1,895,013
Trinity & Brazos V.. September
110,807
246,947
77.827
189.704
(Thieve Pacific SYst September 10134591 9,151.461 31.001,317 25.445.393
Virginian
September
789.923 626,544 2.237.312 1.856.803
Wabash
Septemoer 3,309,717 2.875.7971 9.541.513 8.111,536
Western Maryland. 24 wk Nov 213,539 202,501 4,785,431 4,011,007
Western Ry of Ala_ September
318.322
119,742 114.524
302.357
Wheel & Lake Erie.. Septemaer
932.625 749.5011 2,850.667 1.979.098
Yazoo & Miss Vail_ October.._ 1.631.210 1 ,341,0011 5,2436,921 4.313,210
Various Fiscal Years.
Period.
Buffalo & Susquehanna BK.__ Jan
Delaware & Hudson
Jan
Erie
Jan
New York Central.)
Jan
Boston & Albany
Jan
Lake Erie & Western_n
Jan
Mizhigan Central
Jan
Cleve eine 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, Louts.. Jan
N Y Susquehanna & Western Jan
p Pennsylvania Railroad
Jan
Baltimore Chesap & Atlantic Jan
Cumberland Valley
Jan
Long Island
Jan
Maryland Delaw 8c Virginia. Jan
N Y Philadelphia & Norfolk_ Jan
Phila Baltimore & Washing'n Jan
West Jersey & Seashore
Jan
Pennsylvania Company
Jan
Grand Rapids & Indiana
Jan
Pittsb ('Inc Chic & St Louis_ Jan
Vandalia
Jan
Total lines-East Pitts & Erie Jan
-West Pitts &Erie Jan
-All lines E & 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
Sept
Sept
Sept
Sept
Sept
Sept
Sept
Sept
Sept
Sept
Sept
Sept
Sept
Sept
Sept
Sept
Sept
Sept
Sept
Sept
Sept
Sept
Sept
Sept
Sept
Sept
Sept
Sept
Sept
Sept
Aug
Sept
I
Current
Year.
Previous
Year.
30 81.258,317 151.054.468
3) 10,859.1 39 17,029,732
30 55,512.502 47,486,599
39 150777291 119858122
39,15.963.900 12.760,992
311 5.451.514 4,447,199
31 33,929.514 26,19:3.612
:31 31.354.517 27,382.:313
30 1,425.435 1,151.783
30 17,891.537 12.416,866
30 4.515.810 3,3111,342
3') 2,735.792 2,197,456
39 217073313 201725045
3) 11.402.213 3,342.0:10
30 3.075,291 2,994.825
30 171918479 140740994
30
930.310
897.381
30 2,684.033 2,213,017
30 11.45:3.407 10.398.947
30
682.0I6
687,345
30 3,899,794 3.07:3,681
30 18,804.621 15,466,8:15
30; 6.232,:332 5.432.925
30 56,762.18:3 42.969.646
30 4,403.561 3.925,618
30 37.609.614 29,466.258
30 9.6011.227 8.117.171
30 219629644 181306449
30 109742879 85,642.533
30 329372523 266948982
311 701.469
624,507
30 3.010.167 2,618,502
AGGREGATES OF GROSS EARNINGS-Weekly and Monthly.
• Weekly Summaries
Current
Year.
Previous
Year
Increase (Sr
Decrease.
• Monthly Summaries
Current
Year.
previous
Year.
increase or
Decrease.
$
Cur. Yr Prey Yr
Mileage.
1
$
$
I
$
4th week Aug (35 roads) _ __ .. 22 632.905 14 139.117 + 1,463.789 21.65 January ....-247.620 246.838 267.043,635 220.203.595 +46,540.04021.27
1st week Sept r5 roads)...._.. 13.302.575 11.719.000 +1.583.575 13.51
February ___245.541 244,809267.579,814 209.573.963 +58.005.8512788
2d week Sept 30 roads)......_ 13.701,400 12.031.028 +1.820.372 13.41
Mch
March
247.363 246.548 298.830.406 238.098.843 +58.731.563 20.47
3d week Sept 30 roads).- 13.523.400 12.145.079 +1.378.321 11.34 tip:11
246.615 245.773 288.453.7
+50.941.052 21.45
. . .
4th week Sept (35 roads)..-- 19.509.961 17.444.023 +2.065.938 11.27 Junet Y
248.006 247.189 308.029.098 244.580.685 +63.448.411 25.94
1st week Oct (35 roads)....._ 14.736.262 .. ..22
.• • • . . 8.7
52 22.5.803 285.119,746 237.612.967 +47.536.779 20.01
..
2d week Oct (31 roads)......- 15.149,575 13.697.795 +1.451.780 10.60 July
244.219 213.563 305.040.791 4263.944.619 +44.096,14216.70
3d week Oct 133 roads)____ 14.641.624 13.566.014 +1,t 15.612 3.72 August
2.15,516 214.765 333,450,4571278,7
+54,673,436119.61
4th week Oct (33 reads).- 20.900.322 19.576.954 +1.323,368 6.74 S natember_ _2 ti.153 217.4"6 331,883,919,291,387.021
33,419 +33.555,541 13.10
ist_week Nov (34 roads)_ - - - 14.980,312 13.953.871 +1.026,471 7.36 October
83.598
81,851 82.158,273 77.309,581 +4,818.692. 6.27
a Includes Cleveland Lorain & Wheeling Ey. b Includes Evansville & Terre Haute.
Includes Mason City 8c Fort Dodge and the Wisconsin
Minnesota & Pacific. d Includes not only operating revenue, but also all other receipts. eaDoes not include earnings
Colorado Springs & Cripple
Creek District Ry. f Includes Louisville & Atlantic and the Frankfort & Cincinnati. g Includes the Texas Central andof
the Wichita Valls lines. h InMud.. the St. Louis Iron Mountain & Southern. j Includes the Lake Shore & Michigan Southern Ry., Chicago 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
0 1c1,
1 a oilr t•IILD.18
'
Nov 18 1916.1
THE CHRONICLE
Latest Gross Earnings by Weeks.—In the table which
follows we sum up separately the earnings for the first week
of November. The table .covers 34 roads and shows 7.36%
increase in the aggregate over the same week last year.
First Week of November.
1916.
Increase. Decrease.
1915.
•
Alabama Great Southern
Ann Arbor
Atlanta Birm & Atlantic
Buffalo Rochester & Pittsburgh
Canadian Northern
Canadian Pacific
Chesapeake & Ohio
Chicago Great Western
Chicago Indianapolis & Louisv_
Cinc New Orleans & Texas Pac_
Colorado & Southern
Denver & Rio Grande
Denver & Salt Lake
Detroit & Mackinac
Duluth South Shore & Atlantic
Georgia Southern & Florida__ _
Grand Trunk of Canada
Grand Trunk Western
Detroit Grand Hay & Milw_
Canada Atlantic
Louisville & Nashville
Mineral Range.
Minneapolis dt St Louis
Iowa Central
Minneapolis St Paul & S S M.
Missouri Kansas & Texas
Mobile & Ohio
Pere Marquette
Rio Grande Southern
St Louis Southwestern
Southern Railway_
Texas & Pacific
Tenn Ala & Georgia,
Toledo St Louis & Western_ __ _
Western Maryland
s
ll 1,634
105,071
60,843
59,980
80,749
'59,668
248,922
253,310
885,000
806,500
3,036,000 3,015,000
806,275
781,530
313,105
295,527
168,477
155,344
230,744
202,595
352,188
338,053
569,700
520,400
47,150
44,600
24,669
22,336
69,997
53,353
57,097
49,393
1,244,959
6,563
863
21,081
4,388
78,500
21,000
24,745
17,578
13,133
28,149
14,135
49,300
2,550
2,333
16,644
7,704
986,765
258,194
1,341,650 1,182,185
18,038
20,066
238,991
219,385
159,465
662,595
932,148
833,429
637,334
229,498
251,040
480,902
425,514
14,243
14,741
349,000
293,000
1,657,996 1,451.217
471,054
440,475
2.133
1.711
140,162
122,246
238,025
202,501
2,028
19,606
269,553
196,095
21,542
55,388,
498
56,000
200,779
30,579
422
17,916
35,524
14,980,342 13,953.871 1,329,363
1,026,471
Total (34 roads)
Not increase (7.36%)
302,892
Net Earnings Monthly to Latest Dates.—In our "Railway Earnings" Section or Supplement, which accompanies
to-day's issue of the "Chronicle," we give the Sept. figures of
(arnings of all steam railroads which make it a practice to issue
monthly returns or are required to do so by the Inter-State
Commerce Commission. The reader is referred to that Supplement for full details regarding the Sept. results for all the
separate companies.
In the following we give all statements that have come
in the present week covering a later or a different period
from that to which the issue of the "Railway Earnings"
Section is devoted. We also add the returns of the industrial companies received this week.
Reads.
—GrossEarnings— —NetEarnings—
Previous
Previous
Current
Current
Year.
Year.
Year.
Year.
$
$
Grand Trunk of Canada—
Grand Trunk Ry___ _Sept 4,616,848 3,677,614
34,481,096 29,428,851
Jan 1 to Sept 30
669,874
Grand Trunk West_ _Sept 744,088
7,008,490 5,454,128
Jan 1 to Sept 30
257,438
Det Gr Hay & Milw_Sept 275,444
2,484,4 88 1,976,427
Jan 1 to Sept 30
Gross
Net
Earnings. Earnings.
1,517,861
9,943,204
128.962
1,752,423
def20,926
172.030
Fixed Chgs.
& Taxes.
1,176,233
8,511,724
224,589
637,268
65,211
97,817
Balance,
Surplus.
Bellefonte Central._ Oct '16
6,134
402
250
146
'15
8,921
3,419
269
3,150
10 mos '16
68,173
9,807
2,560
7,247
'15
68,080
11,461
2,690
8,771
Net
Other
Charges & Balance,
Total
Earnings. Earnings. Income.
Income.
Taxes.
Surplus.
$
3
$
Tol Peor & West—
Oct '16
121,284
32,566
12,000
44,566
26,356
18,210
'15
118,419
28,706
5,684
34,390
24,718
9,67
4 mos '16
429,417
73,044
48.982
122,026
106,468
15,55
'15
433,014
73,662
13,672
87,335
106,370 def19,03
ELECTRIC RAILWAY AND PUBLIC UTILITY 008
Latest Gross Earnings.
Name of Road
or Company.
!Vet.* or
Month.
Atlantic Shore Ky.__ September
eAur Elgin & Chic Ry September
Bangor IV & Electric September
Baton Rouge Elm: Co September
,
1 VC) August _ _ _
Belt L Ry Corp(1
Berkshire Street Ity. September
Brazilian Trac, L & P September
Brock & Plym St Ry_ September
/3klyn Rap 'I'ran Syst August _ _ _
Cape Breton Elec (,o September
Chattanooga Ry & Lt September
Cities Service Co__ __ October__ _
Cent Miss V El Prop_ September
Cleve Painesy & East September
Cleve Soutuw & (Jul.. September
Columbia Gas & Elec September
Columbus (Ga.) El Co September
Colum (0) Ry, P & L September
g Com'w'tb 1,,Ity & L September
September
Connecticut Co
Consum Pow (Mich). September
Cumb Co (Me) P & L September
Dallas Electric Corp.. August _
Dayton Pow & Light September
gDetroit Edison
October_ _ _
Detroit Unito.i Lines. September
I) I) E 11 Sc Batt(Rec) August _ _
Duluth-Superior Trac September
East St Louis & Sub_ September
E ',stern Texas 11;lec September
gILI Paso Electric Co_ September
42d St M & St N Ave August _
Gal v-Hous Eloc Co._ September
0 Georgia Ry & Pow_ August _ _
Grand Rapids Ity Co September
Great. West Pow Ayst_ September
Harrisburg Railways August ___
Havana El Ry, L & P September
Ilonolalu It '1'& Land September
Houghton On Tr Co_ September
Current Previous
Year.
Year.
Jan. I to latest date.
Current
Year.
Previus
Year.
S
$
36.528 35.132
291,071
279,041
183,594 168,334 1,537,671 1,431,020
74,833 71,400
605,775
584,204
17.285 16,4461
154,298
137.026
52,545 63,953
516.622, 505,432
90,490 88.741
747,306
698.780
16920000 16194000 161249.000 157457,110
12,497 12,040
95,354
89.774
2663.727 2464.774 19,523,280 18,184,603
33.801 33.639, 282,010
353.792
105,056 94.588' 912.304
785.034
1122,910 411,501, 7,211,133 3,456,981
24,761
24.681' 217.279
206.339
43,680 40,982
351,576
322,121
117.313 104.293
9,44.000
920,132
606.750 540.312 6.506,647 5.889.723
77,658 61.827
625,1113
516.485
289.975 266,4:15 2.576,538 2,263,701
1434.201 1211.588 12.260.282 10.414.249
847.872 754.082 7.186,359 6,125.219
383.138 319.695 3.372.684 2,753.138
270.012 249.418 2.139,422 1,972.111
149.870 147.944 1.240.152
127,369 87.371 1.138.385 1,165.445
756,149
905,105 686,320 7,961,265 6,113,847
1433,414 1196,491 11,855,846 9,707,142
32,267 41.087
321,235
320.011
119.382 95.646 1,023.445
845.964
260.888 206.405 2,181,019 1,786.250
72,388 68,914
604.851
510,566'
92.265 78,367
788.501
702,128
123,356 157,783 1.267,538 1;281,191
159,845 163,019 1,426,438 1,430,497
570.226 498,869 4,548,368 4.170.522
111.638 100,771
971,822
868,295
306,053 210.924 2.731,806 2.128,644
60.893 76.247
664.848
612,122
507.562 443,502 4,407,453 4,108,935
58,620 49,807
483,517
433,124
26,730 23,389
244.575
203,894
Name of
Road or Company.
1879
Latest Gross Earnings.
Week or
Month.
Jan. 1 to latest date.
Current . Previous
Year. I Year.
Current
Year.
Previous
Year.
b Hudson & Manhat_ September 475,988 435.780 4.331,853 4.059.521
Illinois Traction_ __ _ September 1032.567 953.079 6.799,780 7.991.352
Interboro Rap Tran_ September 3007.107 2579,178 27,458,580 24,636,855
Jacksonville Trac Co_ September
50,1471 46,942
466.870
457.359
Keokuk Electric ____ September
20.418 20.301
178.138
171,174
10.495
Key West Electric_ _ _ September
9,183
86.846
83.575
Ry_
Elec
September
Shore
152,530 126.284 1.207,013 1,032,334
Lake
Lehigh Valley Transit September 234.155 204.423 1.860.541 1,520.918
Lewist Aug & Watery September
78,549 73.130
606.217
558.761
28.623 29.855
Long island Electric_ August _
167,772
174.859
Louisville Railway__ September 266.330 251.593 2,297.435 2.192.296
Milw El Ry & Lt Co._ September 558,029 490,241 5.073.811 4,328,917
Milw Lt, lit & Tr Co September 169.704 137.752 1,360,228 1,105.074
r 12:4.673 87.812 1.100.121
onong..he!. Vali Tr septemb,
708.792
Nashville Ry & Light September 206.901 184.243 1.760,147 1.564,643
NewpN &II Ry.0 &E September 102.197 88,472
780,825
680.648
44,738 55,506
N Y City Interboro__ August ....._
467.468
455,202
37,581 41.951
N Y 3c Long island__ August _ _ _
272.284
286,691
13.556 15,792
N Y & North Shore__ August ___
106.420
108,991
___
August
__
Co_
121,112
Queens
&
NY
125.843
966.991
915.218
New York Railways_ August __ _ 1101,557 1136.931 9,033.988 8,852,329
37.310
31,411
285.407
N Y & Stamford Ry _ September
294.626
N Y State Railways_ October_ _ _ 692,841 631,802 6,910,119 6,066,317
50.689 41.683
Westebes & 13os_ September
40'4.4)40
N
349.646
Northampton Trac_. August _ _
16.296 17;119
132.248
116.290
Nor Ohio Trac & Lt_ September 446.667 340.918 3.780.743 2.829.369
North Texas Electric September 161.045 142.738 1.378,543 1,229,066
Ocean Electric (L I). August __ _
32,225 33.090
114.583
114.993
Pacific Gas St Elec___ September 1563.418 1558.669 13.791.628 13.723.761
Pac Lt & Pow Corp_ _ September 292,148 254.276 2,432.630 2,161,135,
oPaineah Tr & Lt Co September
26.020 23.864
230,141
209.867
Pensacola Electric Co September
23,920 22.013
210.665
188.204
Phlla Rapid Transit_ September 2226.060 2.009979 20.013.193 17.746.123
Phlia & Western Ry_ September
47.652 42,316
360.284
338,989
Port(Ore)Ry.L&PCo September 453,731 454.856 4.031.428 4,120.018,
g Puget sd Tr. L & P. August _
671.861 606.22,
. 5.190,552 4.964,860
g Republic Ry & Lt__ October_ _ _ 338.61 3 276,355 3.269.262 2.511,277
Rhode Island Co.._ _ _ September 515.820 474,91e 4.401,082 3.754,879
Richmond Lt & RR_ August _
39.002 45.839
273.286
269,700
St Jos By, L. II & P. September 109.213 105,440
933.769
997.556
Santiago Klee Lt & Tr August
_
45,199 39.182
307.719
356.513
Savannah Electric Co August
_ 69.892 65.76s
528.491
526.884
Second Avenue (Rec) August --- 80.299 83,523
582,609
578.070
Southern Boulevard_ August _ _ _
13,567i 20,590
151,198
141.613
Southern Cal Edison_ September 411,482 422.332 3.699.852 3.569.969
Staten lsi'd Midland_ August _ _ _
35,020 44,138
234.143
225.802
Tampa Electric Co__ September
79 286 78.756
726,779
712,405
t
Third Avenue
,swic
August
_ - 265.147 327.058 2.671.912 2.547,518
Twin City Rap Trs.n _
Nov 109,838 180,384 8,633,490 7,994,806
Union Ry Co of NYC August
207.322 251,422 1.912.140 1.854.357
Virginia Ry & Power_ October_ _ _ 502.261 473.072 4,828,787 4.293,549
Wash Balt & Annap_ September
88.718 76,671
612,465,
677,495
Westchester Electric_ August _ _ _
391.793
39.661 57.293
356.690
Westchester St RR September
16.372 23.397
170.477
181,107
a West Penn Trac Co September 545.124 439.014 4.581.573 3.686.887
Yonkers Railroad
August _ _ _
47,724 61,127
488.708
481.076
York Railways_ _ ._
September
80.579 72,186
597.393
710.157
Youngstown & Ohio. September
30.239 25,963
214,383
251,084
Youngstown & South August
17.534 17.135
112,143
126.937
b Represents income from all sources. e These f gures are for commit-dated company. f Earnings now given in (nitre's. g Includes constituent
companies.
Electric Railway and Other Public Utility Net Earn
ings.—The following table gives the returns of ELECTRIC
railway and other public utility gross and net earnings with
charges and surplus reoorted this week:
—Gross Earnings— —Net Earnings—
Current
Previous
Current
Previous
Year.
Year.
Year.
Year.
Iowa Telephone
Sept 323,910
Jan 1 to Sept 30
2,472,280
Lincoln Tel & Tel
Sept 121,928
Jan 1 to Sept 30
1.010.186
Ohio State Telephone_ _Sept 306.702
Jan 1 to Sept 30
2,622,025
Aouthern Bell Telep_ _ _Sept 638,604
Jan 1 to Sept 30
5,378.811
Utah Securities Corp (subsidiary cos only)
Oct 510.247
Jan 1 to Oct 31
4.556.790
254,073
109,693
68,486
2,146.082
675,776
610.590
106,654
38.065
36.651
906,288
307,744
273.201
266,121
88.380
72.985
2.322.049
803,169
941,138
586,907
183.399
190,148
4,935.466 1,315,888 1.304.375.
432,601
295.682
3.934,282 2,514,393
237.697
2,050.224
Gross
Net
Fixed Chgs.
Earnings. Earnings. & Tqsxes.
ionolulu It V & L_Sept '16
58.620
49.807
'15
483,517
9 mos '16
433,124
'15
Virginia ity & Pow_Oct '16
502.261
473.072
'15
4 MO8 '16 1,969,596
'15 1,816.633
Cities Service Co....Oct '16
'15
10 mos '16
'15
Detroit Edison
Oct '16
'15
10 mos '16
'15
Federal Lt & Trac_Sept '16
'15
9 mos '16
'15
Interboro Rap Tran Sept'16
'15
3 mos '16
'15
Keystone Telephone Oct '16
'15
10 mos '16
'15
New York State Rys Oct '16
'15
10 mos '16
'15
Oct '16
Pine Bluff Co
'15
12 mos '16
'15
Oct '16
'15
Repub Ry & Lt
and sub cos__ 10 mos '16
'15
28.932
22.833
216,838
172.272
250.424
254,711
998,515
946,247
Gross
Earnings.
Net after
Taxes.
1,122.910
411.504
7.211.133
3.456,981
905,105
686,320
7,961,265
6.113.847
203,099
189,667
1,860.223
1,722,831
3.007.107
2.579,178
8,390,088
7,473,815
124.174
115,124
1,211,5.8
1,129,271
692,841
631,802
6,910,119
6,066,317
23,242
21.132
266,739
253,074
338.613
276.355
3.269,262
2,511,277
1.102.869
397,182
7,012.076
3.317.453
333.536
261,899
2,914,571
2,219,197
68,653
65.067
608,922
581,332
1,557,130
1,345.473
4.107,742
3,715,558
61,879
56.480
599,766
556,545
228,061
219,519
2,231,609
1,977,635
11.100
9,876
127.941
109.350
149.691
109,944
1,373,199
972,351
z After allowing for other income received.
7.769
6,289
66.113
56,597
149.066
143.301
591,483
572,979
Fixed
Charges.
'
392
40.834
258.403
408,335
88.116
98,971
895,023
899.604
49.298
48.787
438,526
443.599
978,404
897,583
2,933,042
2,696.646
27,470
26,941
274,546
265,323
115,144
113.815
1,144,082
1,159,470
3.936
3,874
47,766
46,820
72.495
57,277
700,678
560,969
Balance,
Surplus.
$
21,163
16,544
x162,004
x124.577
x111,416
z120,708
x482.770
z407,939
Balance,
Surplus.
1,102,477
356.348
6,753.673
2.909,118
245,420
162,928
2,019.548
1.319,593
19,355
16.280
170.396
137,733
x619,582
x495,377
x1,295,348
x1,160,986
34,409
29,5,36
325,220
300,322
112,917
105,704
1,087,527
818.165
7,164
6,002
80,175
62,530
x78.291
x52,773
x678,101
x412,672
1VoL. 103
THE CHRONICLE
1880
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.
(The) Virginian Railway Company
(7th Annual Report Year ending June 30 1916.)
The report dated at New York, Oct. 16, and signed by
Charles W. Hotchkiss, Chairman of the Board and Raymond
Du Puy, President, says in substance. (Compare map on
p. 131, of "Railway and .Industrial Section.")
Results.-Operating revenue increased from freight traffic 31,427.503,
equal to 28.15%, and from passenger traffic $52,506, equal to 13.01%;and
the total operating revenue increased $1,569,976,equal to 26.97%. Operating expenses increased $467,774,equal to 13.85%, and the net revenue from
operation increased $1,102,201, equal to 45.11%. Gross income (before
deducting fixed charges) increased $1,171,986, equal to 48.76%; and the
ratio of operating expenses to operating revenue was 52.02%, against
b8.02% in 1914-15. Taxes increased $32,764, equal to 12.93%.
Bonds.-in Jan. 1916 there were sold $2,500,000 additional First Mtge.
5% bonds, to reimburse the treasury in part for expenditures already made
upon additions to and improvements of your property.
Equipment.-The policy of rebuilding wooden stock and box cars, using
steel underframes, was continued, and 272 stock cars and 149 box cars were
so rebuilt during the year at a total cost of $132,133, $100.967 of which
was charged to operation and $31,166 to capital. The delivery of 250
40-ton steel frame box cars is now in progress.
Maintenance.-The cost of maintenance per mile of road in 1916 was
$1,507; in 1915 $1,502.
During the year 3.38 miles of main track were rolaid with 100-1b. rail,
making a total of 43.91 miles now laid with rail of that weight.
New Industries.-The following new industries were located on your
line, viz.: 27 lumber and lumber products; 1 tobacco prizery; 1 bakery,
and 8 coal operations; making a total of 37.
General Remarks.-The Sabine Smokeless Coal Co.,the Harty Coal Co.and
the Cooper-Pocohontas Coal Co. did not begin shipping until this year.
Of the nine new coal operations five have commenced to ship coal and four
are still under way.
The New River Company's Dunn Loop mine, reached in connection
with the K. G. J. & E. RR., began shipping during the year.
The following additional coal mines are under way, viz.: the ThermoPocahontas Coal Co., 1,000 acres; the Smith-Pocahontas Coal Co., 629
acres; the Fire Creek Smokeless Fuel Co., 1,700 acres; the Pickshin Coal
Co., 405 acme; the Lilly-Brook Coal Co., 932 acres; the Princewick Coal
Co., 773 acres; the Douglass Coal Co., 1,200 acres; and the Leckie Fire
Creek Coal Co., 2,500 acres; a total of 9,139 acres. During the year three
operating mines were consolidated with other mines, viz.•. Carlisle with
Oakwood; Wingrove with Scarbro; and the Graham with Tamroy.
Further work is progressing on the Stone coal branch, and it will be
ready for traffic by Dec. 31 1916.
The outlook for coal business on your line is exceptionally good, the only
drawback being the scarcity of miners and other labor.
CLASSIFICATION OF FREIGHT-PRODUCTS OF (TONS.)
Forest. Mfrs.. &c.
Total.
Agric. Animal. Mines.
50,449 4,624 4,795,687 272,591 138,293 5,261.634
1915-16
62,759 2,991 3,643,451 249,871 129,537 4,088,609
1914-15
In 1915-16 bituminous coal tonnage was 4,726,169, against 3,603,390 tons
In 1914-15.
TRAFFIC STATISTICS YEAR ENDING JUNE 30.
1913-14.
1912-13.
1915-16.
1914-15.
Average mileage
505
504
503
503
Tons (revenue) carried_ 5,261,634 4,088,609 4,776,663 4,410,622
Tons carried one mile_1,911,236,002 1477759,803 1694615,413 1559020,877
0.340 cts. 0.343 cts. 0.342 cts. 0.343 cts.
Rate per ton per mile
Passengers carried
716,218
658,781
511,869
821,046
Pass. carried one mile
17.147,671 15,599,384 15,157,690 13,496,106
Rate per pass. per mile_ 2.66 cts.
2.59 cts.
2.56 cts.
2.52 cts.
$14,643
811.558
$12,604
Gross earnings per mile_
$11.896
INCOME ACCOUNT FOR YEARS ENDING JUNE 30.
1913-14.
1912-13.
Operating Revenue1915-16.
1914-15.
Freight
$6,497,994 $5,070,491 $5,790,645 55,350,848
339.943
455,955
403.448
387,993
Passenger
151,793
436,433
346,467
161,441
Mail, express and misc..
Gross revenue
$7,390,382 $5,820,406 $6,340,079 $5,842,584
Operating Expenses$846,211
$741,069
Maintenance ofway,&c. $760,604
$756,274
1,090,727
Maintenance of equip
1,229,934
1,025,056
1,004,113
63,491
Traffic expenses
65,097
65,103
65,260
1,305,981
1,372,167
Conducting transport'n. 1.462,596
1,481,339
106,702
General expenses
189,628
140,827
136,297
Miscellaneous operations
152,872
117,004
Cr.33,393
•Transp'n for investment Cr.16,104
Total oper. expenses_ $3,844,626 $3,376,852 $3,533.220 $3,374,156
Net revenue
$3,545,756 $2,443,554 $2,806,859 $2,468,428
Taxes
286,100
253,336
257,195
214,300
Operating income_ _ _ _ $3,259,656 $2,190,218 $2,549,664 $2,254,128
316,008
213,460
'Other income
340,824
349,598
Gross income
$3,575,664 $2,403,678 $2,890,488 $2,603,726
DeductionsInterest on funded debt_ $1,405,903 $1,350,000 $1,284,896 $1,250.000
Int. on equip. obligat'ns.
57,800
95,300
114,050
76,550
1
Other interest
4
274
2,760
Disc. on first lien equip.
notes written off.._ _ _
22,500
5,806
9.639
1,325
Miscellaneous
959
Rents
237.901
238,244
239,526
194,656
Total deductions__ _ _ $1,707,410 $1,665,757 $1,629,635 $1,585,291
Balance, surplus
$1,868,254
$737,921 $1,260,853 $1,018,435
BALANCE SHEET JUNE 30.
1916.
1915.
1916.
1915.
LiabilitiesAssets$
S
$
Road & equip't__a86,620,062 86,276,143 Common stock_ _ _31,271,500 31,271,500
8,722 Preferred stock_ _ _27,955,000 27,955,000
Impt.on leased prop. 8,783
1st M.5a,due 1962.29,500,000 27,000,000
Depre. In lieu of
72,082
1st lien equIp.notes 937,000 1,312,000
mtged.prop.sold
25,300 Traffic, &o., bais_ . 18,869
N.T.Ry.com .stk. 25,300
27,360
V.T.Ry.com.stk.. 499,000
499,000 Vouchers & wages. 358,895
361,506
V.T.Ry.let M.bds. 3,000,000 3,000,000 Miscellaneous _ _
75,736
70,238
12,909
12,909 Rental V.T. Ry__
N.& P.cap.stock.
5,833
5,833
8,205
5,131 lInmat'd int., &e.. b278,642
Other invests., &o.
260,933
4,018,566 1,145,889 Taxes accrued_ _ _ _ 152,725
154,933
Cash
Materials & supp. 729,511
552,795 Operating reserves
65,790
66,897
15,450 Oth.def.cred.items.
Traffic, &o., bals_
49,695
18,093
8,017
159,610 Profit and loss_ ___c5,510,743 3,500,176
Agents & °endue_ 197,873
131,847
Bills receivable_ _ _ 160,034
207,195
Miscellaneous_
150,887
Special deposits.. _ 428,783
25,380
19,022
Oth.def.debiteras. 165,135
(The) Ann Arbor Railroad.
(19th Annual Report-Year ended June 30 1916.)
Pres. Newman Erb, N. Y., Sept. 15, says in substance:
Results.-The gross revenues increased $373,407, or 16.16%. Freight
revenue increased $353,103, or 21.58%, entirely due to our "Across Lake"
business. The revenue tons carried one mile increased 73,776,366, equal
to 27.05%. The average rate per ton mile decreased .0001%, largely due
to increased tonnage of bituminous coal handled; at a very low rate.
Maintenance of way and structures cost $241.835, or 13.22% of total*
operating expenditures, against $245,682, or 14.93%,in 1914-15, a decrease
of $3,847. There were placed in track 110,598 cross-ties, an increase of
4,252, and 31,348 tie plates; 5.23 miles of new 85-1b. rail was laid in the
main track, releasing lighter rail.
Maintenance of equipment cost $415,727, or 22.73%, of total operating
expenses, an increase of $101,326, or 32.23%, due to the charge of $35,828
resulting from retirement of obsolete freight-train cars and other equipment; $20,117 increase in depreciation charges, $29,149 increase in charges
for repairs to freight cars and 319.993 increase in repairs to 13comotives.
General expenses were $140,338, against $91,116, an increase of $49,222,
or 54.02%. Expenses in connection with the Michigan passenger rate
case incurred and paid during the year were $43,752.
Additions and Betterments.-The expenditures charged to this account
aggregated $89,986, and extraordinary repairs to the property charged to
operating expenses and paid out of current income were $43,379.
General Remarks.-In 1907 the company handled 2,009,460 tons of
revenue freight with 707,574 freight-train miles, with an average rate of
5.30 mills per ton mile. In 1915-16 2,416,101 tons wore carried with 570,124 freight-train miles. Notwithstanding the greater operating efficiency
thus indicated, the ratio of operating cost has increased from 64.86%
(exclusive of taxes) in 1907 to 68.12% in 1915-16. Increases in the cost of
every factor which enters into railroad operation and maintenance have
absorbed more than has been gained by greater operating efficiency, while
freight and passenger rates are actually lower and tax burdens have been
measurably increased. Nevertheless, for the ten-year period $924,606
surplus revenue has been turned back into the property by way of equipment purchases, &c. The intolerability of present conditions will be strikingly brought to the attention of the pub11.3 when the existing stimulation
of business due to the war has been withdrawn.
The volume of trans-lake business being limited by the car ferry facilities,
it has been found necessary to provide a new car ferry, which is expected
to be in service by Jan. 1 1917.
The company's tonnage per train mile for the fiscal year was 607.79 tons,
while the largest figure reached prior to 1911 was 463.42 tons.
Notes Retired.-The $750,000 2-year notes which matured May 1 were
retired through the proceeds of a new 3-year note issue bearing the same rate
of interest and the same collateral. During the year there was retired
$139,333 of equipment obligations, and the floating debt reduced $170,852.
Rates in Michigan.-The general feeling toward the railroads in Michigan is gradually improving, and a renewed effort will be made by the Michigan railroads at the coming Legislature this winter to secure the passage of
a law granting them increased passenger faros.
OPERATIONS AND FISCAL RESULTS.
1912-13.
1914-15.
1913-14.
1915-16.
292
292
292
Miles operated
292
1,054,261 *1.057,513 *1,146,539
Passengers carried
" 1,020,538
27,589,886 28.163,276 *29,648,387 *30.139,644
Pass. carried one mile
*1.82 eta.
*1.81 cts.
1.94 cts.
1.88 cts.
Rate per pass. per mile..
Pass. earns, per tr. mile_ 85.47 eta. 84.29 cts. 90.98 cts. 82.25 eta.
1.977,900
Tons carried (revenue)-2,416,101
1,959,268
2,046,652
Tons car'd 1 m.(rev.).. 346,5l7.468 272,741,102 277,916,663 279,587,372
Rate per ton per mile..
0.520 cts. • 0.530 cts. 0.507 cts. 0.495 cts.
$2.37
Fr't earn.s. per tr. mile
$3.16
$2.63
$2.53
$7,181
$7,101
Grass earns. per mile_ _ _
$8.538
$7,252
501
608
496
480
Aver, tons nor train mile
INCOME ACCOUNT FOR YEARS ENDING JUNE 30.
1913-14.
1914-15.
1915-16.
Operating RevenuesFreight
$1,989,433 51,636,331 81,597,157
541,372
532,696
538,688
Passenger
155,937
141,875
Mail, express, &c
156.188
Total operating revenues
Operating expensesMaintenance of way and structures
Maintenance of equipment
Traffic expenses
Transportation expenses
General expenses
Miscellaneous operations
$2,684,309 $2,310,902 $2,294,466
Total operating expenses
Net operating revenue
Taxes, &c
51,828,469 $1,645,879 $1,653,418
$641,048
$665,023
$855,840
*168,010
145,469
162,217
$241,835
415,727
58,871
966,136
140,338
5,562
$245,682.
314,401
61,347
928,700
91,116
4,634
$249,254
313,098
63,120
939,871
82,888
5,188
Operating income
Other income
$693,623
34,926
$519,554
35,343
*$473,038
*26723
Gross income
DeductHire of equipment, &c
Interest on 1st mtge. bonds
Interest on equipment notes, &c_
$728,549
$551.897
*5499,761
$75,387
280,060
98,752
*831,034
280,000
107,732
1
J
$64,666
363,8221
1
$454,140 *3418,766
Total deductions
$428,489
$80,994
Balance, surplus
$300,060
$100.757
* Comparison is slightly inaccurate, the figures, (also statistics) having
been changed in later years; the results, however, remain unchanged.
GENERAL BALANCE SHEET JUNE 30.
1916.
1915.
1916.
LiabilitiesAssetsRoad & equIpm't.17,374,337 17,319,272 Preferred stock_ _ - 4,000,000
stock_
3,250,000
Common
2-year 9% collat.
32,000 First mtge. bonds- 7,000,000
notes pledged_
Collat, trust notes 618,000
Collat, trust notes
158,000 Equip. obligations 512,181
in treasury
63,942
31,960 Manistique & L.S.
Other securities_ RR. loan & int1,278
164,869
180,889
Cash
Loans & bills pay_ 115,500
80,649
Special deposits_
135,045 Acc'ts & wages-- 384,532
Materials & supp_ 161,064
Misc. liabilities_ 105,137
Jackson Ann Arbor
7,000 Interest matured &
& Chicago bonds
129,832
153,252
accrued
Other curt assets_ 205,431
41,660
Traffic, &c., bats_
Cash for purchase
759 Accrued deprec'n. 229,600
of now equipm't
76,766 Add'ns to prop'ty. 133,095
0th .def.deb .items
44,597
80,000
Taxes accrued_ ___
Profit and loss_ ..a1,494,075
1915.
4,000,000
3,250,000
7,000,000
750,000
651,514
10,696
101,094
554,479
68,760
117,385
180,357
70,000
1,340,658
18,094,889 18,094,043
18,094,889 18,094,943 Total
Total
a After deducting $90,691 retirement of boat No. 2 and miscellaneous
(net), $46,952.
Note.-Securities unpledged: 3-year 6% collateral notes, $122,000, and
securities pledged, Improvement and Extension 30-year 5% bonds, $1,500,000, and 3-year 6% collateral notes, $10,000, are not included in the above
totals.-V. 103, p. 1300, 1031.
Pere Marquette Railroad.
(Report for Fiscal Year ended June 30 1916.)
The report, signed by Receivers Paul H. King and Dudley
14', Waters, Oct. 20, says in substance:
Result.-The gross revenues for the year ended June 30 1016 were
$21,210,053, the largest in our history, and an increase of 33,181843, or
17.65% over 1914-15. The freight revenues were $15,098,256, an increase
of $2,535,733, or 20.18%. The most important increa.ses in freight traffic
96,146,825 92,084,393 Total
Total
96,146,825 92,084,393 were: anthracite coal, 80,829 tons; bituminous coal, 322,681 tons; stone,
sand,&c., 158,871 tons; lumber,lath and shingles, 231,592 tons; petroleum
a After deducting depreciation reserve of $984,241.
b Unmatured interest in 1916 includes $245,833 on 1st M. 50-year 5s. and other olLs, 68.436 tons; iron, pig and bloom, 94,600 tons; cement,
brick and lime, 149,532 tons; wagons, carriages, tools, &c., 159,068 tons,&c.
$7,808 on 1st lien equip. tr. notes and unmatured rents accrued, $25,000.
c After adding miscel. items aggreg.(net) $52,513.-V. 103, p. 1785,494. The decreases in tonnage were principally in farm products, amounting to
Nov. 18 1916]
THE CHRONICLE
441,653 tons, for corn, oats, hay, potatoes, &c. The average revenue per
ton per mile(rail lines)for 1915-16 was 6.52 mills, against 6.14 mills in 1914-15.
The average revenue per passenger per mile for 1915-16 was 1.993 cents.
against 1.972 cents in 1914-15, an increase of .021 cent per mile, due in
part to the increase in the inter-State passenger rate from 2 cents to 2.5 cents
per mile, effective Dec. 11914.
*Maintenance of equipment charges increased $775,085, or 22.19%, due
to (1) the general advance in labor and material costs; (2) the increased
• volume of business; and (3) the fact that but little new equipment has been
purchased in recent years and our cars and engines require more repairs
each year to keep them in condition. During the year 837 freight-train
cars were retired, destroyed or converted, resulting in charges aggregating
$126,335, against 225 cars retired the previous year and aggregating $18;541,
an increase of $107,794.
The balance before interest accruals were $4,786,593, against $2,888,280,
an increase of $1,898,313, or 65.72%. Interest accruals increased on unmatured funded debt 3119459: on matured indebtedness $113,974; on bilis
payable $14,631; but decreased on receiver's certificates and notes $23,563.
During the year the receivers actually paid 3671,380 interest. The balance,
after alt interest which could possibly accrue during the year, shows a
surplus of $254,558, against a deficit or 41,419,265 for 1914-15, an increase
of $1,673,822.
Secured Debt.-During the fiscal year the bonded and secured debt in
hands of public increased $2,635.30a, as follows:
° Bonds_ _ _ _$4,68..;,000
Bonds Sold by Trustees.-P. M. RR. Ref. Mtge. 4'7
A first lien on $3,808,000 and a second lien on $875,000 Ref.
M. bonds was held by trustees, under P. M. RR. Improvt. &
Ref. Gen. M. of March 11911. On account of the default in
payment of interest on the latter bonds, the trustees exercised
their rights and sold at auction on Dec.6 1315 their interest in
the $4,683,000 P. M. RR. Ref. M. 4s, together with interest
coupons attached, and other securities similarly hold by them
as trustees, and applied the proceeds of sale toward partial retirement of the Impt. & Ref. Gen. Mtge. bonds.
Bonds Retired.-P. M. RR. Improvt. & Ref. Gen. M. 55, representing proceeds from sale of securities mentioned above applied in partial retirement of P.M. RR.Improvt.& Ref. Gen.
Mortgage bonds
42,058
Receivers' Certificates Retired.-Dated April 23 1912, 434% p. a.,
$90,000; Series "B" 1914, 5% p. a., $1,004,500; and Series
"0" 1914, 6% P. a., $100.000; total
1,194,500
Equipment obligations .maturing during the year: paid from current fun !a: C. H. & D. Ry. Kleybolte Equip. 434% notes,
maturing Oct. 1 1915 and April 1 1916, 368,744; P. M. RR.
5% Equip. notes duo Dec. 1 1915, 344.000; P. M. RR. Pullman Co. 5% notes, due Oct. 11915, $132,000; Baldwin Locomotive Co. 6% notes, due monthly July 16 1915 to April 16
291,739
1916, $46,996; total
Matured during the year, but not paid and transferred to funded
Pullman
Co.
5%
notes,
RR.
M.
P.
unpaid:
and
debt matured
maturing April 1 1916, $132,000; P. M.RR.5% Equip. notes,
176,000
maturing Juno 11916, 344,000; total
1881
1915-16.
1913-14.
1914-15.
Interest, dividends, &c., received__ _
156,611
194,538
185.037
Total net income
86,200,419 34,264,042df$1,577,108
Interest on bonds
x$3,305,568 $3,186,179 $3,192,903
Interest on bills payable, &c
679,108
x918,040
789.436
Interest on receiver's certifs & notes_
190,896
331,930
x308.427
Rentals
766,687
741,307
664,716
Hire of equipment
749,110
609,074
771.573
Total deductions
$5,945,861 $5,683.307 $5,575,787
Balance, surplus or deficit
sur.$254,558c1f$1,419,265df$7,152,895
x The total interest actually paid during the year 1915-16 was $677,380,
consisting of full interest on Pere Marquette RR. collateral trust bonds of
1923, $114,800; and on Lake Erie division collateral trust bonds of 1903,
due Aug. 1 1932. $135,000; int. on equipment obligations, $126,821; misc.
interest, $7,454; on receivers' certificates, matured June 11915, $175,000;
receivers' certificates, Series "B," 1914, matured June 1 1915, $69,919;
Series "C," 1914, matured June 1 1915. $2,567; receivers' certificates,
matured April 23 1914, $4,781; and on receivers' notes, $41,039. The interest accrued during the year on equipment obligations aggregated $75,617.
The unpaid matured interest on the equipment obligations on June 30 1916
aggregated $133,595, while the unpaid matured interest on the bonds of
the company aggregated $9,023,734.
BALANCE SHEET JUNE 30.
1916.
1916.
1915.
1915.
LiabilitiesAssetsRoad,equip.,&c. 91,446,091 91,500,297 Common stook_ 14,370,430 14,370,430
1st pref. stock__ 10,929,800 10,95
28
9:8
800
Impts. on leased
2d pref. stock__
968,180
968,180
railway prop.
1,255
58,800
by,in affil.cos_ a4,545,729 4,544,549 Stock for conv'n
1,058 L.E.& D.R.Ry.
1,058
Other investm'ts
common stook 1,400.000
205,981
1,400,000
Miso.phys.prop.
213,972
Mtge.,bond o ,
Dep. on mtge.
88,224
86,481
debt (see"Ry.
property sold.
2,522,293 1,258,864
& Ind."Seo.)- 78.359,941 75,381,239
Cash
189,959 Loans&bilis pay. 1 036,093
74,421
Special deposits.
725,000
48,422 Aco'ts & wages_ 1,272,157 1,914,478
21,997
Loans & bills reo
514,144 'natio balances
677,382
403,819
346,810
Agts.& conduo_
1,196,534 Maturint.unpd. 12,247,354 7,700,644
Material dr supp 1,593,868
796,146 Matur.fund.debt 7,597,884 8,698,741
mtse..assounts_
840,204
& diva. rco_
10,606
45,485 Misc. accounts_
233,213
161,997
Deferred debit
Acerint.& rents
670,390
682,285
15,274
Items
15,043 Accrued taxes__
317,646
288,968
Prepaid rent and
Oper. reserves-60,263
9,173
Insurance.. _ _
71,184
70,438 Def. cred. Items
219,252
266,805
Other unadjusAccrued depree_ 3,156,564 2,595,848
ted debits_ _ _
333,204
497,249 Unadj.credits__
298,530
136,875
Profit and loss_b31,161,556 25,685,221
Total
133,618,317 126,635,869
Total
133,618,317 126,635,869
a Includes (1) stocks pledged, viz.: Fort Street Union Depot Co. (par
Increase in bonded & secured debt as per general balance sheet_ _$4978,702 value, $515,800), book value $519,750; Toledo Terminal RR. (par value
Add-Equipment obligations retired, which were not paid, as
$644,300), book value $1; Lake Erie & Detroit River Ry. (par value
&c
$177,000 $1,400,000), book value $2,870,000; Grand Rapids Kalkaska & S. E. Ry.
listed above, $176,000,
Deduct-Equipment obligations which matured prior to July 1
(par value, $264,000), book value, $253,212; and miscellaneous (at book
520,393 value), $139,894. (2) Stocks unpledged, viz.: Lake Erie Coal Co., par and
1915, but were paid during 1915-16 from current funds
book value, $500.000, and miscellaneous (at book value), $10,004. (3)
$2,635,309 Toledo Terminal RR.434% bonds unpiedged, par and book value, $40,000.
Net increase in bonded & secured debt in hands of public
Equip. trusts matured and unpaid on June 30 1916. $471,000 principal and (4) Toledo Terminal RR. 434% and 5% certificates of indebtedness,
and $133,595 interest, a total of $604,595. The receivers' equipment plan par and book value, $212.868.
b After crediting $34,005 sundry unrefunded side-track deposits, &c.,
for the year ending June 30 1917 contemplates the retirement of tho balance
matured and unpaid, as well as the payment of equipment obligations and debiting $5,344,874 difference between par value and proceeds of sale
of $4,683,000 P. M. RR. Refunding Mtge. bonds, $642,612 of coupons
maturing during the year.
Physical Condition.-There were 690,308 cross ties used during the year; and $56,664 interest on said coupons matured and unpaid to Dec. 6 1915;
82,663 tie plates were applied; 86 miles of track were ballasted with gravel less $37.402 proceeds of sales; $216,583 daprociation on tracks and strucand 38 miles with cinders, and there were 409 tons of new 90-1b open-hearth tures destroyed, removed or sold and not replaced; $178,074 depreciation
prior to July 1 1907 on equipment destroyed, removed or sold and not
rail laid on main and second main linos.
replaced, and $45,377 miscellaneous.
Debit.
Credit.
Net.
Improvements and AdditionsSecurities issued or assumed pledged,$3,175,000, and unpledged, $2,267,$601,513 $342,178 -$259,335
Expenditures on road
790, are not included in the above balance sheet in accordance with the
270,883
+313,540 requirements
584,423
Expenditures on equipment
of the Inter-State Commerce Comm.-V. 103, p. 1687, 1593.
+354,205
$872,395 $926.601
Total road and equipment
San
Antonio & Aransas Pass Railway.
Receivers' Certificates and Notes.-Recolvers' certificates outstanding
July 1 1915 amounted to $5,809,500, viz.: Dated April 23 1912, matured
(Report
for Fiscal Year ending June 30 1916.)
payment
of
1911 taxes, $605,000; dated June 1 1912,
April 23 1914, for
Pres. W. H. McIntyre, Oct. 4, wrote in substance:
matured June. 1 1915, for payment of matured equipment obligations and
betterments, $3,500,000; dated Aug. 1 1914, matured June 1 1915, for
Results.-Total operating revenue amounted to $3,862,745, an increase
payment of material and supply bills (Series "B"), 31.604,500; and dated of $65,690, or 1.73%. The $141,781, or 5.66%. increase in freight revenue
- is due principally to merchandise shipments, which increased 60,590 tons,
Oct. 1 1914, matured Oct. 11915,for payment of 1913 taxes (Series "C"
total $575,000, of which $475,000 were redeemed in 1914-15), $1C0,000.
and revenue of which increased $229,880. Lumber and other forest prodDuring the year the following payments, amounting to $1,194,500, wore ucts also increased in revenue $37,079. These gains are somewhat offset
made from earnings covering the retirement of these Receivers' Certificates, by a decrease of 8,144 tons in cotton shipments, revenue of which decreased
viz.: Series "B," $1,004,500, and Series "C," $190,000.
$130,302. The average rate per ton per mile was 1.491 cents against
The total amount of Receivers' Certificates matured and unpaid on 1.611 cents in 1914-15.
June 30 1916 was $4,615,000, as follows: Issue of April 23 1912, $515,000;
The decrease of $77,683, or 6.27%, in passenger train revenue is due to a
of June 1 1912. $3,500,000; and of Aug. 1 1914,$600,000; total, $4,615,000. decrease of 4.60% in the number of revenue passengers carried, and to a
The receivers' notes outstanding on July 1 1915 amounted to $725,000, decrease of 5.13% in revenue from carrying express shipments. The con$325,000 payments having been made out of earnings, leaving $400,000.
tinued unsettled condition of our neighboring republic, Mexico and the
Cash on hand and in transit Juno 30 1916 amounted to $2,522,293.
ever-increasing automobile travel between cities and towns along the
Reorganization Plan.-On Friday, Sept. 1, the Michigan RR.Commission line, have undoubtedly contributed considerably to the decrease in passenrendered a decision unanimously approving the proposed plan (V. 103, P• ger earnings.
Total operating expenses decreased $215,411, or 5.95%. Maintenance
1687), saying (in part): "The proposed plan in its larger aspect reduces
the fixed charges upon the property to a point where past operations show of way and structures decreased $52,110, or 6.30%; maintenance of equipthey can be safely carried. The numerous divisional, general and consoli- ment. $96,440, or 13.18%, and transportation $74,683, or 4.05%. Operdated bonds of the company are retired and mortgage bonds of one class ating expenses consumed 88.14% of the total operating revenue against
take their place, eliminating the priority and preference that have hereto- 95.34% in 1914-15. The number of cross and switch ties renewed was
fore existed. The 316,000,000 of capital essential for the immediate needs 314_,785, an increase of 31,004 ties.
of the company is provided, the return upon more than $10,600,000 being
Transportation expenses decreased $74,683, or 4.05%, although grossconditional upon its being earned by the company. The common stock, ton mileage increased 47,619,000.
while increased in amount, is a burden upon neither the company nor the
RESULTS FOR YEARS ENDING JUNE 30.
public. 'rho proposed plan effects an adjustment of many conflicting interests; it forestalls what otherwise might be protracted litigation, with its
1915-16.
1914-15.
1913-14.
retarding influence; it frees the company from the constant harassing of Miles of road
724
724
724
current obligations and equipment trusts; takes the property from receiver- Passengers carried
1,291,761
934,281
979,381
the
control
of
it
in
its
places
owners."
ship and
Passengers carried one mile
38,356,637 40,984,842 55,212,202
1.03 eta.
Average rects. per pass. per mile
1.01 as.
1.04 eta.
OPERATIONS, EARNINGS, EXPENSES, &C.
Tons carried
1,244,339
1,396,367
1.335,718
1915-16.
1914-15.
1913-14.
1912-13.
Tons
carried
one
155,402,904
189,015.451
mile
177.442.777
2,251
2,314
Average miles operated_
2,324
2,330 Average receipts per ton per mile__ _ 1.491 eta.
1.611 cts.
1.613 cts.
5,168,465
Passengers carried
5,209,748
5,569,426
5,666,058
RevenuesPass. carried one mile_ _207,168,089 199,732,408 207,004,350 217,655,744 Freight
$3.048,094
$2,645.102
$2,503,321
1.972 eta.
Earns, per pass. per mile 1.993 cts.
1.890 cts.
1.841 cts. Passenger
1,336,104
946,814
1.017,034
$1.0572
Earns. per pass. train m.
$1.0027
30.9805
$0.9910
240,307
243,709
225,059
Revenue tons carried_ _ _ 12,908,719 11.362,169 10,867,428 11,401,029 Mail, express, &c
30.522 ' 32.991
38,940
Rev. tons carried 1 mile_2225740512 1966916,513 1808504,819 1979609,670 Incidental
Total operating revenue
$3,862,745 $3,797.055 $4,648.197
Earn, per rev. ton p. m. 0.652 cts. 0.614 eta. 0.606 eta. 0.603 eta.
518.70
mile_
464.91
Tons per fgt. tfain
430.90
Expenses419.33
$2.85284
Earn, per fgt. train mile $3.38241
$775,192
$827,302 $1,025,608
32.61308
$2.52957 Maintenance of way and structures
$9,421
$7,792
Gross earnings per mile_
$7,279
635,071
731,511
724,607
$7,728 Maintenance of equipment
81.418
79,377
76.818
Traffic
INCOME ACCOUNT FOR YEARS ENDING JUNE 30.
1.768.035
1,842,718
2,013,659
Transportation (rail-line)
191:5-16.
Operating Revenue1914-15.
1913-14.
147.022
139,593
144,064
General
315,098,256 312,562,523 $11,435,126
Freight
Cr2.144
Transportation for investment
Cr497
Passenger
4,129,019
3,938,086
3,912,186
33,404,594 $3,620,005 $3,984,756
Total operating expenses
1,598,884
Mail, express, &c
1,236,129
1,277,666 Net
$663,441
$458,151
operating
revenue
$177,050
Incidental, &c
383.894
291,472
290,219 Taxes, &c
184,759
160,563
160,843
$21,210,053 $18.028,210 $16,915,197
Total operating revenue
$273,392
Operating income
$502,877
$16,207
Maintenance of way and structures
$2,007,172 $2,000,282 $2,996,118 Other income
69,923
21,543
16,026
Maintenance of equipment
4,268,058
3,492,973
6,487,963
Gross income
$343.315
$37,750
$518,901
381.311
Traffic expenses
379,125
411,910
DeductionsTransportation expenses
7,338,105
7,022,741
7,596,675 Hire
(Included in"oth.income.") $40,152
of equipment
492,361
General expenses
500,859
478,163 Rents,
&c
$22,312
$5,972
5,718
48,323
Miscellaneous operations
53,045
63,344
701,760
1st mortgage bond interest
701,760
701.760
Transportation for investment
Cr.4,904
Cr.5,011
x191,522
146,043
110,315
Interest on notes
27,209
45,034
51,043
$14,530,425 $13,444,014 $18,034,174 Other interest
Total operating expenses
983
812
1,158
(68.51)
Per cent expenses to earnings
(74.57)
(106.62) Miscellaneous
revenue
86,679.629
$4,5
Not operating
$910,147
Total deductions
$943,786
$899,621
84,196df$1,118,977
627,493 • 512,844
$391,244
Taxes
$861,871
$600,471
643,168 Balance, deficit
8,328
Uncollectibles
1,848
Mix Includes W. II. McIntyre interest on notes. MAW;Southern Pacific
$6,043,808 $4,069.504di11,762,145 int on notes, $129.411, and bust.& Tex. Cent. RR.int. on notes.$14.111.
Operating income
1882
(vol.,.
THE CHRONICLE
BALANCE SHEET JUNE 30.
1916.
1915.
1916.
1915.
AssetsLiabilities-$
$
Road & equipm't_23,722,739 23,684,858 Common stock__ 1,000,000 1,000,000
607,819
Cash
43,101
90,357 Equipm t oolig'ns 403,398
Loans & bills rec.357
527 Martgage bonds...17,544,000 17,544,000
Traffic, &c.. bats_
76,323
63,865 Misc. oblig.(notes) 8,101,202 7,446,494
101,227
Agents & conduc_
41,587
24,415 TraLic, &o., bats_
135,375
391,852
98,187 Accounts & wages 352,018
Miscellaneous _ _ _ _ 124,483
Material & supp
485,219 Matured Int. unpd 380,220
355,840
423,273
Insur.,&c.,funds_
8,108
4,215 Accrued Interest__
6,990
35,329
65,861 Miscellaneous _ _ _ _ 210,478
89,846
Unadjusted debits
52,319
64,006
Profit and
_ _ 4,491,697 3,834,997 Accrued taxes_ ___
85,145
562,244
Accrued deprec'n_ 655,337
Other unadjusted
35,204
35,667
creilts, &c
115,279
Additions to prop_ 115,279
28,983,987 28,350,280
Total
101, p. 1625.
Total
28,983,967 28,350,280
St. Joseph & Grand Island Railway.
(20th Annual Report-Year ended June 30 1916.)
Pres. Graham G. Lacy, St. Joseph, Sept. 16, wrote in sub.:
103
The average number of tons of revenue freight per train mile was 325.71,
against 235.90 in 1914-15, due largely to changed haul on a large volume
of coal tonaage formerly handled over heavy grades on the Fordsville
brancn in snort trains and now moved over the main lino via Owensboro,
Ky., in heavier trains.
New Bonds.-On Oct. 1 1915 the company executed a mortgage to the
U. S. Trust Co. of N. Y. to secure an issue of $5,000,000 first Consolidated
Mortgage 50-year 5% aonds, dated Oct. 11915, due Oct. 11965, issuable
as follows: (1) $700,000 to be issued forthwith for the purpose of paying
the floating debt of the company incurred in making extensions, additions
and betterments to the property; (2) $2,710,000 to be reserved to retire
the $2,500,000 1st Mtge. bonds and $210000 equipment trust bonds, and
(3) $1,590,000 to be issued from time to time on account of the actual cost
of extensions, additions or betterments. (V. 101, p. 1370)•
Of the new bonds $700,000 were sold and the floating debt was discharged. During the year $30,000 of equipment bonds and $3,838 of
car trust notes were retired, leaving total amount of equipment obligations
outstanding June 30 1916, 3210,750.
STATISTICS AND INCOME ACCT. FOR YEARS ENDING JUNE 30.
1915-16.
1914-15.
1913-14.
200
200
Miles operated
200
401,702
400,813
Passengers(No.)
329,456
Passengers carried 1 mile
18,828,668 18,288,284 19,688,190
2.122 cts.
Rate per passenger per mile
2.134 cts.
2.186 cts.
1,124,014
Tons carried
1,538,110
1,225,940
Tons carried 1.mile
184,150,124 128,046,569 110,405,030
Rate per ton per mile
0.725 cts. 0.749 cts. 0.788 cts.
Freight revenue
$1,114,524
$917,771
$870,327
Passenger revenue
390,199
417,773
411,653
Mail revenue
23,675
23,644
23,687
Ex wes,s revenue
31,546
27,607
30,466
All other transportation
25,592
27,266
24,606
Incidental, &c
12,347
12,346
11,22;
Results.-Operating revenues increased $333,585 and operating expenses
increased $193,416. The total income was $422,654, an increase of $140,205, and toe net income, after all fixed charges, was $199,679, against
$22,436, an increase of $177,243.
Maintenance of way and structures increased $120,201, the principal
increases oeing $38,140 in bridges, trestles and culverts, which was due to
expenditures mada for repairs to the Missouri River bridge at St. Joseph,
Mo.; $18,264 in ties, due to more tie renewals; 827,344 in rails, $26,981 in
track laying, surfacing, &c. The decrease of $14,959 in maintaining joint
Total operating revenues
$1,617,244 $1,397,190 $1,381,823
tracks, yards and other facilities-Dr.,is chiefly due to discontinuance of
Maintenance of way & structures_ _ _ _
$271,790
$357,891
$316,479
service between St. Joseph and Kansas City Sept. 1 1914.
182,448191,711
193,846
The traffic arrangement made with the Union Pacific RR. for handling Maintenance of equipment
59,278,
60,489
62,794
Union Pacific freight traffic between Marysville, Kan., and Hastings, Traffic expenses
475,851
483,040
474,534
Neb., brought a gross revenue of 8657.597, against $326,490 in 1914-15, or Transportation expenses
35,640
38,380
40,498
an increase of 101%, thus accounting for the increase in freight revenue and General expenses
for the surplus of $199,679 against a surf his of only $22,436 for 1914-15.
Total
$1,131,512 $1,088,151 $1,025,008
Improverneats.-During the year $100,074 was expended for improve$356,81&
$309,039
$485,732
ments, mentioned in former annual reports, principally for replacing 23 Net operating revenue
45,463
46,424
38,579
miles 52-lb. steel rail with 75-1b. rail between Hastings and Grand Island, Taxes accrued, &c
Neb., comoloted during the year at a cost of $5,709 less than the original
$270,460
$311,352
$439,308
Operating income
estimate. $75,291. Of that amount $52,743 was chargeable to operating
8,751
9,555,
Other income
6,439
expenses and $47,331 to investment in road and equipment.
Of the contem,lated improvements of road bed, bridges, &c., mentioned
$320,907
Gross corporate income
$448,059
$276,899
in previous reports (see V. 99, p. 1594), there still remain to be made ex$41,506
$50,233
$49,615
penditures aggregating $782,345. In addition, the sum of $500,000 is Hire of equipment
31,080
31,533
30,927
required to replace the present bridge over the Missouri River and $23.410 Joint facilities
16,259
Miscellaneous rents
17,186
19,769
for miscellaneous expenditures.
143,745
164,395
142,026
Equipment.-During the year 21 freight and 7 outfit cars were retired Bond interest
6,541
2,914
5,295
from service and 13 freight cars and 2 way cars converted to be used in com- Miscellaneous
pany service, and one outfit car converted into a commissary car, leaving
$239,132
Total deductions_ _,.,..
$268,238
$245,654
only 531 serviceable freight cars for commercial service.
$179,821
$31,245
$81,775
Litigation.-The litigation instituted by certain stockholders against Balance, surplus
this company and the Union Pacific RR. has finally been discontinued.
BALANCE SHEET JUNE 30.
Appeal was taken by the plaintiffs to the U. S. Supreme Court, but was
1915.
1916.
1915.
1916.
later voluntarily dismissed, leaving as the final decision in the case the deLiabilities-$
Assetscree of the Circuit Court of Appeals.
2,000,000 2,000,000
Road & equipment.7,593,712 7,585,140 Common stock
2,000,000 2,000,000
Cash
469,332
28,686 Preferred stock
OPERATIONS, EARNINGS, EXPENSES, ETC.
60,763 First mtge. bonds...2,500,000 2,500,000
Special deposits_ _ _ _ 75,390
1915-16.
1914-15.
1913-14.
1912-13.
1,420 1st Consol. M.bds. 700,000
recely_
Miles operated Juno 30..
258
264
319
319 Loans & hills bats......
9,031 Ervtipment trusts.. _ _ 210,750 244,588
11,743
&c.,
Oper. revenue per mile_
$7,137
$5,702
$4,872 Traffic,
35,056
15,316 Nlisc, fund. oblitens_ 110,000 110,000
Agents & conductors. 33,615
Freight (tons) carried.. _ 1,207,228
825,898
853,333
763,645 Materials
91,114 Traffic, &c., bats...... 41,890
& supplies. 92,821
17.839
Fr't (tons) carried 1 mile133,080,989 93.839,616 105,253.955 99,896,721
3,792 Accounts dr wages... 107,721 375,755
1,353
Av.rate per ton per mile
1.07 eta.
1.17 cts.
1.07 cts.
1.03 eta. Prepaid Insur , &c....
300
68,703
Loans
&
bills
payable
Unextinguished
disAver. train-load (tons)*
291
237
233
217
66,648.
6,450 Matured int. unpaid. 67,275
count on securities.
Aver, earnings per mile
22,494
13,364
73,587
62,376 Taxes accrued
iscellaneous
of each freight train.. _
$3.10
$2.77
$2.50
$2.23
29,332
19,0(13
Miscellaneous
Passengers carried
522,130
541,011
607,829
711,147
Accrued depreciation 211,617 186,054
Pass. carried 1 mile_ _
13,944,112 13,789,882 16,362,057 17,764,916
39,781
Appropriated surplus 39,781
Rate per pass. per mile_
2.23 cts.
2.15 cts.
2.12 cts.
2.17 cts.
Profit and loss
310,392 222,293
INCOME ACCOUNT.
Total
8,351,552 7,884,088Total
8,351,552 7,864,088
1915-16.
1913-14.
1912-13.
1914-15.
Freight
$1,417,780 $1,098,714 $1,129,679 $1,024,264 -V. 103, p. 1301.
385,686
Passenger
310,936
296,705
347,504
Mail, express, &c
147,582
112,184
111,895
135,075
Tonopah & Goldfield Railroad.
Total oper. revenues.. $1.840,900 $1,507,314 $1,612,258 $1,557,532
$353,567
Maint. of way & struc_ _
$371,024
$250,822
$327,396
232,204
Maint. of equipment _ _ _
263,505
271,168
247,677
58,537
Traffic expenses
56,167
60,187
53,617
698,712
Transportation
602,425
556,999
696,413
73,598
General, &c., expenses.
61,260
68,108
81,940
Total oper. expenses.. $1,366,342 $1.172,925 $1,429,441 $1,416,618
P.c. of oper. exp. to rev.
(74.22)
(77.82)
(88.66)
(90.95)
Net earnings
$182,817
8140,914
$474,558
$334,389
41,395
Other income
*45,539
42,725
43,323
Total income
Taxes
Int. on 1st M.4% bonds
Rents joint facilities, &c.
Hire of equip. balance.._
Interest on loans
$520,097
$97,443
160,000
15,938
29,693
17,344
$377,712
$95,263
160,000
38,165
46,444
15,404
$225,542
$86,482
160,000
77,753
90,516
9,632
$182,309
$73,987
160,000
76,869
95,113
2,631
(Report for Fiscal Year ending June 30 1916.)
Operating RevenueFreight
Ore
Passenger
Mail, express, &c
Incidental
INCOME ACCOUNT.
1915-16.
1914-15.
$345,520
$347,209
193,826
197,061
87.127
94,553
53,759
41,7971
2,094j
1,549
Total
$681,781
Operating ExpensesMaintenance of way, &c- $61,562
Maint. of equipment... _ _
80,618
Transportation & traffic.. 187,331
General
34,583
1913-14.
$342,907
203,022
100,338
42,583
1912-13.
$355,806
195,025
106,666
38,901
$682,714
$688,850
$696,398.
$65,483
78,648
187,322
32,790
$66,181
129,685
178,841
36,167
$67,823
89,698
182,629
30,934
$364,243
$371,086
$355,094
$410,874
Total
P. C. expenses to revenue
(53.35)
(53.29)
(52.08)
(59.65)
Total deductions___
$320,418
$424,383
$325,313
$355,276
$408,599 Net earnings
$277,976
$326,688
$318,471
Balance, sur. or deficitisur.$199,679 sur.$22.436def.$198,841def.3226,290 'faxes
30,944
27,747
42,563
39,649
"Other income includes $42,834 rents received from joint facilities in
1915-16 and in 1914-15 $41,917; also miscell. income, $2,705 in 1914-15,
$278,822
$247,032
$297,566
Operating income
3284.126
against $1,406.
19,818
25,509
19,003
17,840
Other income
BALANCE SHEET JUNE 30,
$304,331
$266,035
$315,406
Total net income
$303,943
1918.
1915.
1916.
1915.
DeductionsAssetsLiabilities-$20,454
$26,340
832,889
$38,970'
Road & equipm't _ 18,355,529 18,311,234 First pref. stock.... 5,499,400 5,499,400 Interest on bonds, &c.._ _
8,089
12,160
14,379
16,494
Misc. phys. prop..
66,721 Second pref. stock 3,500,000 3,500,000 Hire of equip.,rentala,&c.
19,361
90,200
111,680
x78,925
x103,190
24,642 Common stook__ _ 4,600,000 4,600,000 Sinking fund
Inv. In Mill. cos._
24,d42
y115,500
y115,500
y115,500
4 1st M. bonds out.. 4,000,000 4,000,000 Common dividends, 7%.. y115,500
Other investments
4
y35,000
y35,000
y35,000
150,063 Preferred dividends, 7%.. y35,000
60,838
22,588 Aud'd vouch., &c_ 173,147
Cash
62,481
Spec. deposit agst.
Traffic, &o., bats_
62,024
$287,759
$264,258
$307,229
Total deductions
$296,524
83,370
83,110
matured interest
83.370
83,110 Matured coupons..
sur.$39,685 sur.$7,807 def.$41,194 sur.$27,647
334,055 Balance,surp. or def
33.829 Loans & bills pay.. 334,055
Traffic, &o., bals_
56,928
12,270 Accrint.,tax.,&c..
42,410
Due from agts.,&o.
17,865
43,806
x Includes sinking fund proportion of bonds canceled and retired, $39,462,..
26,872
168,130 Miscellaneous_ ___
24,476
Materials & supp_ 274,766
713,166 and reserve for sinking fund, $39,462.
56,592 Accrued deprecla'n 112,332
65,812
Miscellaneouq
y Deducted by company from profit and loss, but here for simplicity.
29,069
31,534 Profit and loss__ x555,574
436,097
Unadj.,&c. accts.
Total
Total
18,988,185 18,810,655
18,988.185 18.810,655
x After deducting $34,742 loss on retired road and equipment, $15,426
depreciation accrued prior to July 1 1907 on equipment vacated during the
Year. and miscellaneous items aggregating (net) $30,034.-V. 101. p. 1812
Louisville Henderson & St. Loui,- Ry.
(Report for Fiscal Year ending June 30 1916).
Pres. R. N. Hudson, Louisville, Sept. 26, wrote in subst.:
Results.-Business during the year was toe best in our history, the results
showing an increase of $220,054, or 15.75% in gross revenue, and an increase of $176,693, or 57.2% in net revenue. Freight revenue increased
$196,753, or 21.43%, and passenger revenue increased $21,454, or 5.49%.
Operating revenues per train mile increased from $1 38 to $1 54, or 11.59% •
The ratio of operating expenses to operating revenues is 69.97%, against
77.88% last year.
Maintenance of way and structures increased $41,411, which included a
net expense of $37,004, for 4,044 tons of new 80-lb. and 70-1b. rails laid
during the year. The total increase in gross operating expenses amounts
to $43,361, or about 4%, but operating expenses per train mile was $1 08
ant same as in 1914-15.
BALANCE SHEET JUNE 30.
1916.
1915.
1915.
1916.
Ltahtlittes3
$
Assets500,000 500,000
Road & equipment a3,491,947 3,532,148 Preferred stock
1,650,000 1,650,000
Demand loans, &c.... 450,000 385,000 Common stock
300,000 377,000
52,344 Funded debt
63,538
Cash on hand, &c_
17,365
19,623
Vouchers
Due from individuals
11,614
10,801
30,556 Payrolls, Arc
and companies...... 15,903
34,737
3,446
3,145 Traffic, &c., balances 37,476
Traffic balances, &c..
2,535
2,262*
2,263 Divs. uncollected._ _
7,652
Due from agents, &c.
34 Accrued rents, &c...
5
408
749
Interest receivable...
16,796
21,509
53,805 Accrued taxes
Materials & supplies 56,480
1,507
1,466
Miscellaneous
Unadjusted, &c., ac39,463
39,463
32,224
25,045 Sinking fund
counts
Funded debt retired_ 773,000 696,000
2,895
3,555
Unadjusted accounts
763,548 733,252
Profit and loss
Total
4,121,939 4,084,341
Total
4,121,939 4,084,341
a After deducting reserve for accrued depreciation. 3245,632.-V. 103,
p. 1509.
THE CHRONICLE
Nov 18 1916.1
1 883
-------- -------
Central Vermont Railway.
(17th Annual Report-Year ended June 30 1916.)
fiscal year of $344,123, or 12.65%, and establishes the highest record of
' earnings in our history.
In addition to the regular charge for maintenance of way and equipment,
$100,000 was set aside in cash in monthly installments and carried to deRails (Miles)
Locomo- Pass. Freight.
predation reserve and an additional sum of $335,973 was credited to
75-16.
72-16. 60-lb.
Cars. 80-lb.
June 30. lives. Cars.
56-16. depreciation
reserve and charged against surplus as of June 30 1916, making
212.0
113.1
48.8
32.0
107 3,147
1915-16___ .100
136.7
, the total amount carried to depreciation reserve $435,973. Balance to
207.5
3,194
116.2
48.8
32.0
109
1914-15_ _ 97
138.-` credit of depreciation reserve on June 30 1916. $1,157,866, against $960.572 at June 30 1915.
OPERATING STATISTICS AND FISCAL RESULTS.
Acguisition-New Stock.-ThiS company on July 21 acquired all the
1915-16.
1914-15.
1913-14.
property and franchises of the Richmond Ry. & Viaduct Co., effective for
1,533,569
1,559,533
1,840,922 convenience June 30 1916. Pursuant to the agreement of merger, the
Passengers carried
40,996.849 42,136,108 49,855,878 authorized pref. stock of this company was increased from $8,000,000 to
Passengers carried one mile
2.49 cts.
2.50 cts.
Earnings per passenger per mile
2.30 cts. $9,000,000. The additional stock will be taken into the treasury, when
4,288,183
3,651,234
Tons carried
4,187,550 issued, in liquidation of the capital stock and indebtedness of the Richmond
324,528,704 292,602,872 331,141,087 Ry. & Viaduct Co. held by this company.
Tons carried one mile
cts.
0.98
per
mile
ton
Earnings per
0.96 cts.
0.92 cts. ' New Construction.-The increased light and power business in Norfolk
$2.82
Earnings per freight-train mile
$2.42
$2.10 and vicinity made it necessary to enlarge the power plant facilities and a
$1.13
Earnings per passenger train mile__ _
$1.01
$1.06 now 12,500 k. w. unit is being installed at a cost of about $166.000 to replace
Operating Revenuea 2,000 k. w. generator. With the completion of this additional unit, the
Freight
$3,190,377 $2,822,596 $3,054,288 facilities at Norfolk will probably be sufficient to care for the growing busiPassenger
1,019,113
1,054,055
1,150,247 ness of that community for several years.
Mail, express, &c
402,868
333,760
334,244
Wages.-A • new schedule of rates of pay for motormen and
conductors was put into effect in Jan. 1916. The increase in operating
Total operating revenue
$4,612,358 $4,210,411 $4,538,779 expenses on this account will approximate $65,000 per annum.
Orerating ExtpensesAdditions & Betterments.-Although $371.598 was expended for additions,
I
$540,108
$566,995
Ma ntenance o way and structure_
$736,159 extensions and betterments ($269,196 for light and power dept., $62,648
Maintenance of equipment
645,230
628,000'
818,639 for railway dept. and $39,753 for gas dept.), the Income was sufficient to
108,151
108,400
Traffic expenses
112,164 provide for this large expenditure without selling securities.
1,878,527
Transportation expenses
2,021,065
2,190,090 7
Injury,
Rescrves.-The deficit in reserve for injuries and damages
93,510
101,951
General expenses
93,826 caused by the accident on the Ocean View Division a the Norfolk Ry.
Miscellaneous operations
25,085
27,965
25,098 & Light Co. in July 1914. was reduced $38,118.
Total
$3,444,719 $3,300,268 $3,975,975
FOR YEARS ENDING JUNE 30, OWNED, LEASED AND
Net earnings
$1,167,639
$910,143
$562.803 RESULTS
OPERATED LINES (EXCLUDING OFFSETTING TRANSACTaxes
192,994
190,219
196,018
TIONS BETWEEN COMPANIES AND DEPARTMENTS.)
Operating income
$974,645
$366,785
$719.924
ia.tist
1915-16.
1914-15.
1913-14.
1912-13.
Other Incomepassengers.
No......67.226,456 62,271.603 65.695,197 64,532,079
ics43,720
Income from securities
66,220
193,720 Transfers and pass
16.980,726 14.706,115 15,676,096 16,117,776
Total
DeductInterest on bonds, &c
Leased lino rentals
Hire of equipment
Miscellaneous rents. &c
$1,018,365
$786,144
$560,505
$518,054
216,553
85,710
22,840
3525,950
216,553
35,086
Cr6,863
$535,699
216,553
54,426
13,085
$843,157
$770,726
$819,763
Total deductions
sur$175,208 sur.$15,418 def.$259,258
Balance, surplus or deficit
Note.-The deficit as above in 1913-14 ($259,258) was covered by a contribution received from Grand Trunk Ry. as per guaranty.
BALANCE SHEET JUNE 30.
1915.
1916.
1916.
LiabilitiesAssetsRoad & equip't-17,020,563 16,770,330 Capital stock. ___ 3,000,000
1st. M.4% bonds_11,750,000
Inv .in affli.cos.117,916 Coll, trust bonds.
117,916
Stocks
35,009
8,384,749 7,217,744 Equip.trust cents. 635,000
Advances
75,000
75,000 Non-negot. debt to
Other investments
Securities issued,
MM.cos
243,840
976,000
pledged
976,000 Loans & bills pay.. 7,758,085
Scours.unpledged_
42,000
42,000 Accounts & wages 2,122,678
Cash
189,970
188,827 Traffic, &c., bals_ 152,209
Demand loans,&c_
17,500
17,500 Misc. accounts__ 874,850
Special deposits
11,486
95,363
13,333 Accrued int., &c__
Materials & supp. 418,312
97,667
288,374 Accrued taxes._ ...
Agents & conduc_ 122,274
82,321 Accrued deprec'n_ 547,421
Traffic, &c., bats_
53,444
58,860 DeLcred.items, &c 257,605
Misc. accounts
406,312 Profit and loss__ __ *362,755
420,846
Unadjusted sects
113,693
82,410
1915.
$
3,000,000
11,750,000
35,000
780,000
6,753,942
2,076,855
136,601
445.563
97,858
94,685
472,988
265,429
459,289
27,932,472 26,3138,210
Total
27,932,472 26,368,210
Total
* After deducting miscellaneous adjustments, &c., amounting to $271,742.
Note.-The company,also guarantees principal and interest on $200,000
Montreal & Province Line Sty. 1st M. 4% bonds and $725,000 Central
Vermont Transportation Co.5% Steamship bonds.-V.103, p. 1508, 406.
Elgin Joliet & Eastern Ry.
(Report for Fiscal Year ending June 30 1916.)
This company is owned by the Federal Steel Co. and thus
by the United States Steel Corporation.
Total passengers
84,207.182
Aver. fare (incl. transf.)
$0.037
Car mileage
13.750.325
Rev.p.car m.(incl.advs.)
80.231
Kilowatt hours (corn.)
75,409.277
Gas sold (cubic feet)__ _394,961.300
Railway RevenuesPassenger
$3,110,006
Freight
23,369
Miscellaneous
39,487
76.977,718 81,371.293 80,649,855
$0.037
$0.036
$0.036
12,439.758 12,478,058 12,207,419
$0.228
$0.239
30.240
58,044,703 52,091,214 45,203.407
401,026,900 392,351,700 346,236,100
$2,789,220 $2,922,339 $2,869,869
23,547
28,166
26,668
25,603
33,058
28,329
Total railway revs_ __ $3,172,862 $2,838,370 $2,982,065 $2,926,361
Light, Power & GasElectric and gas sales..__ $2,672,057 $2,704,051 $2,657,547 $2,439,421
Loss rebates & discounts
235,407
463,973
525,765
510,876 •
Net from sales
Outside operations
$2,436,650 $2,240,078 -$2,131,782 $1,928,545
35,646
31,174
42,201
9,198
Total elec. & gas revs 82.472,296
Total oper. revenues.. $5.645,158
Operating ExpensesMaintenance
$432,035
Traffic & transporta'n
1,015,147
General railway exp
342,205
Light, power & gas
886,792
82.271,252:2,173,983
622 85.156,048
$441,697
907.747
293.157
826,473
$477,324
912,955
280.306
795,323
$1,937,743
84.864.107
$438.746
914,948
266,544
746,750
Total oper. expen.ses_ $2,676.179 $2,469.074 $2,465,908 82,366,988
Net operating revenue__ $2,968,979 $2,640,548 $2,690,140 $2,497,119
Other income
96.610
80,919
86,704
80.910
Gross income
$3.065,589 $2,721.467 82,771,050 $2,583,823
Taxes and licenses
327,631
298,551
308,112
274,590
Bal. for chgs. & rent'ls $2.737.958 82,422,916 $2,462,938 $2,309,233
Interest on bonds
81.195,650 $1,136,120 81,108.325 $1,086,638
Other interest
2,133
1.244
Sinking fund payments_
120,387
100,614
98.779
40,274
Norf. Ry.& Lt. rent, &c
99,000
99.000
99,000
99,C00
Amort. of disct., &c_ _ _ _
30.316
29,262'
25,767
- 23,681
Net misc. chgs.(not op.)
33,284
38,488
26,463
57,918
Depreciation
100,000
100.000
100,000
50.000
Div. on pref. stock_ ___(6%)472.752 (6)472,752(514)423.456(5%)384.960
Divs. on corn. stock
(3%)358,482 (3)358,482(3%)358,493(21'i)298,749
Total deductions_ _ _ _ $2,415.074 $2,331.647 $2,272,982 $2,009,765
Balance, surplus
$322,884
891.269
$189.956
$299,468
INCOME ACCOUNT FOR YEARS ENDING JUNE 30.
1915-16 1914-15
COMBINED BALANCE SHEET JUNE 30.
1915-16
1914-15
Operating Revs.S
s
3 . (Including Norfolk Ry. & Light Co., Norfolk & Ocean View Ry. Co. and City
12,511,829 8,039,189 Other income
Freight
184,644
131,600
Gas Co. of Norfolk, Eliminating All Charges between Companies.)
59
111
Passenger
1916.
1915.
1916.
Gross income _ _ 5,459,070 2,939,651
1915.
431,981
737,522
Other transpor'n _
AssetsLiabilitiesS
70,126
103.996
Incidental,&c._ _ _
plant, franCommon stock__ _14,200..500 14,200,5(0
mof
d equipment
Hi co
1,019,905
603,680 Prop.,
chises & p.iv _A1,689,340 40,631,958 Prefel red goes_ _ _ 7.879,400 7,879.4(0
290,749
Total oper. rev_ 13,353,457 8,541,355 Joint facility
235,191 New
constr. & bet 3,968,348 3,596,749 Bonds
Rent leased roads_ 2,303,139
24,848,627 24,848,627
478,012
estate availaPay-rolls and acBond interest_
Operating Expenses:
500,000
500,000 Real
ble for sale
counts payable.. 248,921
98,740
98,973
934,311 Miscellaneous_ _ _ _
256,152
Malnt. of way,&c. 1.050,552
8,883
4,003 Work
in progress_ 184,888
139,466 Allied cos. acc'ts.: _ 622,575
493,945
Maint. of equip•t_ 2,514,942 1,523,708
68,943
1,840,830 2,959,902 Dividends unpaid. 237,425
Total deducens 4,122,676 1,817,891 Investments
80,798
Traffic expenses__
237,298
489,999 Matur. int. on bds 358,550
517,566
Transportation__ 3,683,693 2,537,110 Balance,surplus._ 1,336,394 1,121,760 Cash
355,320
159,094 Consumers' & em234,898 Previous surplus._ 2,577,392 1,7411,752 Consumers' acc'rs 166,880
262,089
General expenses..
Sundry accounts....
363
49,254
1,825
575,011
Trans.for inv.-Cr.
ploy's cred.,&c_
60,698
56,583
446,024
Total
Unred'med tickets
29.196
25,065
3,913,786 2,868,512 Sub. co's accts.
Allied co's accts._ 622,575
493,945 Sale of property. _ 368,681
Total oper. ex__ 7,620,248 5,298,601 Dividends(4%) _
311,212
403,000
400,000
23,585
169,367 Accrued bond int_
Net oper. revenue. 5,733,209 3,242,751 Adjustments(net) Deb .55,812 Cr.103,880 Bills receivable..
60,333
60,333
Material & suppl.. 343,342
434,700
274,351 Accr. taxes & rents 127,314
458,783
115,927
Tax accruals
accounts_
44,958
46,170 Res've for injuries
Total
455,842
291,120 Prepaid accrued
Operating income 5,274,426 2,808,051 Total accum.sur
5,123
4,851
and damages...... deb.4,285 deb.42,403
3,457,944 2,577,392 Interest
Premium & bond
Reserve for deprive 1,157,866
960,572
BALANCE SHEET JUNE 30.
discpunt
546,293
574,609 Reserve for service
Suspense
items_
14,988
_
8,636
awards
1916
1916
3,296
3,775
1916
1915
Trustee
accounts..
Sink,
154.890
72,090
fund
$
bond
LiabilitiesAMU-$
S
$
1,007
880
retirement
430,944
586,559
Road & equipra't_ 17,979,742 17,835,402 Capital stock ._._ 10,000,003 10,000,000 Dividend deposits
355,444 Suspense items__ _
358,874
2,083
25,270
Leasehold invest._ 4,000,000 4,000,000 Funded debt
10,000,000 10,000,000 Int. coup. depos
429,300 Sk.fd. Irktallm'ts_
24,400
27,618
6,406,447 4,704.950 Traffic, &c., bal.. 2,034,566 1,281,070 Sink, fund bonds_ 578,000
Cash
Profit
and
26,630 Vouchers & wages
loss..
_
_
_
840,110
839,815
17,401
Loans & bills rec._
650,250
400,284
209,989 Miscellaneous._ __ 1,013,636
460,803
'Traffic, &c. bid250,703
Total
assets_
_
_
_51,655,467
51.082,734
Ilabilities_51,655,467
Total
51,082,73.4
314,333 Accr.int.,tax.,&e, 362,398
817,288
Agents & conduo._
360,549
330,017 Oper. reierves. . 186,696
As to property account and list of investments, see V. 101 , p. 1551. V
Miscellaneous_ _ _.. 1,098,561
135,111
530,721 Depriessed equip.. 2,853,439 2,441,710
103, p. 1594, 494.
Materiai Asupp... 1,228,853
113,530 Approp.surplus_
Incur.,&c.,funds..
145,862
566,031
618,760
Profit and loss.. _ 3,457,944 2,577,392
American Cotton Oil Company.
Total
Total
31,154,959 28,0135,576
31,154,959 28,065,576
The revenue freight tonnage for year 1915-16 amounted to 31,672,385
tons against 19,627.397 in 1914-1S, the 'principal items being
mines, including chiefly coal and coke 17,934,349 tons againstproducts of
tons in 1914-15, and manufactures, including iron and steel,11,222,204
9,570,009
tons against 5,882,068 tons.-V. 103. P. 1301.
Virginia Railway & Power Co., Richmond, Va.
•
(7th Annual Report-Year ended June 30 1916.) .
on
signed
Nov.
15 by Pres. Thos. S. WheelThe report,
wright, and approved by Frank J. Gould, says in substance:
General Results.-The improvement in general business conditions
throughout the country during the past year is reflected in the earnings of
the company. Petersburg and Interurban divisions were particularly
benefited by the activities in the munitions plant at Hopewell. The gros
income from all sources of $3,065,589 shows an increase over the previou
(27th Annual Report-Year ending Aug. 31 1916.)
The remarks of Pres. R. F. Munro, with balance sheet
and profit and loss account, will be found at length on subsequent pages.
•
PROFITS AND DISBURSEMENTS FOR YEARS ENDING AUGUST 31.
1915-16.
1914-15.
190-14.
1912-13.
Net profits
82.524.292 82,514.403 $1,487,624 $1,771,109
Int. on deb. Ms.& notes $495,833
8475,000
8175,000
$475,000
Diva.(6%) on preferred
611,916
611,916
611.916
611,916
Common dividends_ _ _(4%)809.484
Surplus
Previoussurplus
$607.058 $1,427,487
all.853,209 10,531,497
$400,708
10,1 30,789
$684,193
9,446,596
Total surplus
$1 2.460.267 $11.958.984 $10,531,497 $10,130,789
a After deducting discount and expenses in connection with the issue in
Nov. 1915 of 2-year 5% notes, $105,775.
BALANCE SHEET AUG. 31.
Assets1913.
1916.
1915.
1914.
Real estate, &c
$15,934,074 $16,030,104 $15,951,025 $15,601,597
Cash
5,050,645
3,437,634
3,101,686
2,767,045
Bills and accts. rec, and
4,133,635
4,941,549
advs. for merchandise 4,036,138
4,949,219
Products, raw mat% &c. 8,335,076
4,958,468
5,137,256
4,445,863
Good-will, patents, &c.. 23,594,870 23,594,870 23,594,870 23,594,870
Total assets
$54,667,203 $53,946,510 $52,370,941 $52,205,840
LiabilitiesCommon stock
$20,237,100 $20,237,100 $20,237,100 $20,237,100
Preferred stock
10,198,600 10,198,600 10,198,600 10,198,600
Debenture bonds
5,000,000 10,000,000 10,000,000 10,000,000
Two-year notes
5,000,000
Accounts payable
202,521
303,4631
995,703 1,231,310
Reserves
893,720
840,3221
102,083
Accrued interest
102,083
102,083
166,667
Preferred dividends___ _
305,958
305,958
305,958
305,958
Common dividends_
202,371
Profit and loss
12,460,267 11,958,984 10,531,497 10,130,789
Total liabilities
-V. 103, p. 494.
$54,667,203 $53,946,510 $52,370,941 $52,205,840
Adams Express Company.
(Report for Fiscal Year ending June 30 1916.)
President W. M. Barrett, N. Y., Nov. 16, says in subst.:
The acquirement of the Southern Express Co., as of Jan. 1 1916, has
augmented the close relatioas that have existed between the companies
ever since the organization of the Southern in 1861, and a continuance of
the intercnange of traffic and the maintenance of joint features ofoperation
tnat have always existed between the companies is thereby assured. The
closer affiliation has resulted in imoroved service to the shipping puolic,
by reason of tne increase in through car and messenger service, uniformity
of methods and generally improved operating conditions, practically implying, so far as tne puolic is concerned, the same simplicity as thougn the
business were nandled by one company.
INCOME ACCOUNTS FOR YEARS ENDING JUNE 30.
1915-16.
1914-15.
1913-14.
1912-13.
Transportation
$42,400,411 $34,631,486 (not shown separately.)
(Divided) (Divided) $33,613,442 $35,182,128
Gross receipts
Express privileges-Dr- 20,886,134 17.167,041 17,532,432 18;444,345
Rev,from transport'n.$21,514,277 $17,464,445 $16,081,010 $16,737,783
508,498 (Incl. in gr. rcts. above)
Other than transporo'n_
583,009
Total operating rev_ _$22,097,286 $17,972,943 $16,081,010 $16,737,783
Operating expenses__ 19,918,779 18,088,934 16.842,653 16,565,816
Net earnings
Outside oper.(net)
Taxes
'Uncollecti Jles
sur.$2,178,507 def$115,992 def$761.643 sur$171,966
def64,871
def65,222
243 832
194,930
203 742
196 618
7,113
6,075
Operating income_ _sur$1,927,561 def$316,998df.$1,030,256 def.$89,873
Other IncomeDividend income
1,023,782
547,581
642,471
888,503
Int. on bonds
862,989
881,691
1,027,497 K1,022,331
137,710
113,4121
119,932
Int. on secur., &c
83,975
Miscel. income
534,440
628,426
425,985J
Total other income_ _ _ $2,558,921 $2,141,673 $2,209,365 $2,030,766
Gross income
$4,486,482 $1,824,675 $1,179,109 $1,940,893
Deductions$804,436
$784,372
$801,579
$775,753
Bond interest
94,402
60,266
Other interest
91,166
124,060
50065
73,567
371,509
109,776
Other deductions
Dividends
(5)500,000(43)453,780 (9)907:560(12)1210:080
Total deductions_ _ _ _ $1,767,110 $1,463,369 $1,836,399 $2,145,492
sur$2,719,372 sur3361,306 def$657,290 def$204,599
Balaace
BALANCE SHEET JUNE 30.
1910.
1915.
1918.
Liabilities-$
Assets$
Land and bldgs__ _x6,115,034 5,780,812 Capital stock_ __ _c10,000,000
Coll. trust 4% bondsCollat.for bds.(book val.)orig. issue due
For bonds due
June 1947_ _e10,601,700
June 1947_ _ _10,719,870 11,243,947
Orig. issue due
March 1948_ _ 8,783,723 9,082,928
March 1948__ 18,037,500
Secur. of sub.cos.y10,341,467 y7,162,491
Excess (bk. val.)
Sec. pledged for
of collateral__ d864,393
leans (contra).._ 7,706,000 3,438,200
Sec. loans (contra) 5,500,000
Sec. with State
26,547 Accounts payable_ 4,539,054
22,324
Ind. Corn
Checks,drafts, &o. 939,350
Cos. 4% bonds (at
154,500 Outstdg. dividends
4,657
142,700
par)
Accrd. int., rent,
Advances sun. cos.
284,106
540,507
to work.funds,&c. 483,984
taxes, &e
525,675
Deferred credits
Secur. of other
cos. unpledged_b2,816,143 4,241,841 Contingent reserve 2,316,458
9,990,242
2,682,001 2,579,767 Surplus
Cash
226,761
Accts. receivable_ 221,514
Agents, &c., bal 3,310,371 2,315,466
312,066
Ace.Int., rents,&c. 258,004
Total _
[VOL. 10a.
THE CHRONICLE
1884
53,603,135 47,085,830
Total
1915.
10,084,000
11,125,900
8,311,500
869,473
2,650,000
3,318,620
880,923
4,774
296,322
260,970
2,012,478
7,270,870
53,603,135 47,085,830
x Land and buildings, book value, $3,511,177; plant and equipment, book
value, $5,093,662; total, $8,604,839; less reserves for depreciation, $2,489,805; balance as above, $6,115,034.
y Securities of subsidiary cos. and others unpledged (book value).
b Book value, $4,566,830; less reserve for shrinkage in market value,
$1,750.687; balance, $2,816,143.
c Capital authorized and issued 120,000 shares; held by company 20,000
shares; outstanding 100,000 shares of declared par $100.
d Includes excess book value of securities held by Guaranty Trust Co..
$118,170, and held by Bankers Trust Co., $746,223. The company is
obligated to make up any deficiency on realization of the collateral deposited
wita tne trustees to secure its bonds.
e Original issue, due June 11947, $24,000,000; less amount thereof held
by trustee, Guaranty Trust Co., $13,398,300; balance, $10,601,700.
f Original issue, due Mar. 11948, $12,000,000; less amount thereof neld
by trustee, Bankers Tr. Co., $3,962,500, balance,$8,037,500.-V.102, p.610.
American Malting Co., New York.
(Report for Fiscal Year ending Aug. 311916.)
Pres. Wm.B.Franklin, N.Y., Oct. 16, says in substance:
Results.-The profit on malt, barley and other products dealt in, including interest on securities owned,loans and balances, was $673,633, and after
deducting interest on mortgage bonds, $112,658, less interest credited on
bonds held in treasury, $13,110; proportion of bonus paid for extension of
bonds written off to Aug. 31 1916, $44,919; taxes, 374,013, and amount
expended in betterment and maintenance, $46,693, the net profit from
year's operations was $408,460.
• Cash.-During the year we derived cash other than from earnings, $146,535, from sale of unused property, less $5,919 expenses.
• Bonds.-The sinking fund has received credits of $136,535 from the sale
of the above unused property, $200,000 as called for by the terms of the extension agreement on the 1st M.65, and $275,088 from cash, a total of $611,623. With this amount and the previous balance of $606, or $612,229, the
sinking fund purchased and canceled 607 bonds, which, with accrued interest thereon, cost $611,622, leaving a balance in the sinking fund of $608.
The company purchased 49 additional bonds, which were also canceled,
thus reducing the total bonded debt to $1,500,000. Bondholders have been
given the privilege of exchanging the 1st M.68 for 10-year 5% 1st Ref. M.
5s and of purchasing additional 1st Ref. 5s at 9734 and int.
Stock.-The $1,100,000 common stock previously carried in the Treasury
has been retired and canceled.
Net Working Capital.-While this item shows a reduction of $437,062
(to $4,032,943), it should be noted that $656,000 bonds have been canceled.
Preferred Dividends.-On Nov. 1 1915 a semi-annual dividend was paid
amounting to $101,080; on Jan. 3 1916 an extra dividend of $14,440; on
May 1 1916 another semi-annual dividend, $95,304; on Aug. 9 1916 dividends previously unpaid, $5, and on Aug. 23 1916 an extra (dividend, payable at option of stockholders in cash or in American Malt Corp. preferred
stock at $40 per share (V. 103, p. 1685), $115,520, total $326,349.
Stock Reduction.-At a special meeting of stockholders held on June 27
1916, Article IV of the certificate of incorporation was amended so as to
read in substance as follows:
The authorized capital stock having been reduced from $30,000,000,
consisting of $15,000,000 pref. stock and $15,000,000 common stock, to
$15,000,000, consisting of $9,000,000 pref. stock and $6,000,000 common
stock, the amount of the total authorized capital stock shall be $15,000,000,
divided into shares of $100 each, viz.: $8,700,000 first pref. stock, $105,000
second pref. stock, $195,000 third pref. stock and $6,000,000 common stock.
The First Pref. Stock shall be entitled to receive from the surplus or net
profits dividends at the rate of but not exceeding 6% per annum, payable
as and when declared by the board, together with unpaid cumulated dividends, which on May 2 1916 amounted to $30 50 per share. The Second
Pref. Stock shall be entitled to receive from the surplus or net profits dividends at rate of but not exceeding 7% per annum, payable as and when
declared by the board, together with unpaid cumulated dividends, which
on May 2 1916 amounted to $161 59 per share. Except as to the rate and
cumulated dividends, neither said First nor said Second Preferred stocks
shall have any preference as to dividends over the other; that is to say, no
dividend shall be paid on one of said stocks unless a dividend shall be paid
on the other of sal.:1 stocks. The dividends on First Prof. and Second Prof.
stocks shall be cumulative and shall be paid before any dividends on Third
Prof. or on common stocks shall be paid or set apart. Every lawful right
so far as concerns the past-due and unpaid dividends at the time of the reduction of the capital stock on Dec. 13 1915 which a holder of Second Prof.
stock then possessed as a pref. stockholder shall be retained by and to him
as if there had not been such reduction of capital.
Whenever all cumulative dividends on First Prof. stock and Second Prof.
stock have been paid, and the accrued dividends thereon for the current
year have been paid or set aside from surplus earnings, the holders of Third
.Pref. and common stocks shall be entitled to receive all moneys appropriated
to dividends, such dividend on each share of Third Pref. stock and each,
share of common stock to be equal; that is to say, the Third Prof. stock
shall have no preference as to dividends, which shall be paid at the same
rate on Third Pref. stock and common stock.
In the event of any liquidation or dissolution, voluntary or involuntary,
the holders of Second and Third Pref. stocks shall be entitled to receive such
proportion of the assets among them as the amount of stock held by them
bears to the total capital stock issued and outstanding, or at their option
such proportion of the assets as they would have been entitled to at the time
of the reduction of capital stock on Dec. 13 1915, as if there had not been
such reduction of capital. The holders of First Pref. Stock shall be entitled
out of the balance of the assets to be paid in full the par amount of their
shares, and the unpaid dividends accrued thereon. The holders of the
common stock shall be entitled to receive the remaining assets and funds in
proportion to the shares held by them respectively.
The purpose of classifying Second Prof. stock as such is to provide a
class to consist of those holders of the preferred stock who may be unwilling
to become holders of First Pref. stock, every holder of Second Pref. stock
shall have the right to surrender his stock and receive therefor the same
amount of First Pref. stock. The purpose of classifying Third Pref. stock
as such being to provide a class to consist of those holders of the common
stock who are unwilling to become holders of the common stock as such
stock is herein designated, every holder of Third Prof. stock shall have the
right to surrender his stock and receive the same amount of common stock.
Resulting Capital Stock as Tabulated by Editor (with accumulated dim. of May 2 1916).
Total
Amount Am. Malt
(1)Preference as to Dividends
Accum. Pref. as
(Both classes on same basis)- Divs. to Assets. Author. Outeding. Corp.owns
First Prat. stock, 6% cum_ _ 3054% 2nd 38,700,000 $8,559,000 $8,559,000
Second Prof. stock, 7% cum__161.59%1
105,000
f 105,000
(2) No Pref. as to Dividends} 1st
128,876
Third Pref. stock
None)
1 195,000
Common stock
3d
6,000,000 5,767,124 5,762,372
[The American Malt Corporation, which since 1900 has owned control
of tne American Malting Co., announced last week that inasmuch as there
were in the treasury of the corporation exactly the same number of shares
of American Malting Co. first pref. and common stock as are respectively
outstanding of Am. Malt Corp., and as these stocks owned are "similar in
every respect" to the corporation's stocks, it is proposed to eliminate the
holding company, by an exchange of said stocks share for share, thereby
reducing expenses about $8,000 yearly. See V. 103, p. 1793.)
INCOME ACCOUNT FOR YEARS ENDING AUG. 31.
1913-14.
1912-13.
1915-16.
1914-15.
Profit on malt, barley.
&c., products dealt in,
incl. int. on securities
owned, loans & bals_ _
Deduct-Int.on bds.,&c.
Bonus for bds. ext'd_
Taxes
Betterments & maint_
$673,633
e$99,548
x44,919
74,013
46,693
$306,960
$147,349
$656,086
$145,406
$777,039
$162.110
80,803
67,834
, 80,406
99,498
88,574
122.987
Total deductions.._ _ _
Balance for dividends_ _
Preferred dividends_ _ _ _
$265,173
$408,460
g326,349
$295,986
$10,974
al00,800
$325,310
$330,776
b89,528
$ 373,671
$403,368
c358,112
Balance after divs_ _x sim$82.111 def.$89,826sur.$241,248 sur.$45,256
a 70 cts. paid Nov. 1 1915. b 62 cts. paid May 1915. c Two of $1 24
paid Nov. 1913 and May 1914. d Two of $1 55 paid Nov. 1912 and May
1913. e After crediting $13,110 interest credited on bonds held in treasury.
x Proportion written off to Aug. 31 1916. g Includes dividends as stated
in text above.
BALANCE SHEET AUGUST 31.
1916.
1915.
1916.
1915.
LiabilitiesAssets$
$
$
Pits, good-will.&c14,1.53,797 27,535,730 1st pref. stock.- 8,559,000)
1,100,000 2d pref. stock__ 105,000)14,440,000
Common stook_
16,725 3d pref. stock_ _ _ _
Secure. other cos__ 219,338
128,8761
Cash
984,313 1,930,122 Common stook... 5,767,124 14,500,000
Ace'ts & bills me 1,354,007 1,107,074 1st refunding 5s__ 272,0001 2,156,000
Collateral loans
1st mtge. 6s
350,000
1,228,0001
46,502 Accounts payable_
18,552
Taxes & insurance
45,497
23,427
30,981
1,075,853 1,112,419 Accrued taxes_ _ _ _
30.237
Inventories
32,340
40,000
257,000 Acced int.on bds..
Bonds purchased_
21,820
100,000
606 Reserve funds__ _ _ 100,000
Sinking fund
608
82,000 Profit and loss.... 2,046,599 1,964,988
39,000
Mtges. on real est.
54,684
Unexting. bonus
19,253
Am. M.Corp.stks.
419
(at cost)
18,282,084 33,242,861
Total
Total
18,282,084 33,242,861
See Amer. Malt Corp., V. 103, p. 1685.-V. 103, P• 1793.
Mergenthaler Linotype Co., New York.
(Report for Fiscal Year ending Sept. 30 1916.)
Pres. Philip T. Dodge, N.Y., Nov. 14, wrote in substance:
Ihminess.-During the year there has oeen a marked revival in the printing industry of the United States and a substantial increase in tne volume
of your company's busiaess, and in its earnings, as compared with the
preceding year. The net gain for the year, after making reasonable allowance for depreciation, was $1,898,200, an increase of $431,185.
Net orders were received for 2,312 machines. the greatest number in our
history. Tnere were shipped, on sale, 1,976 machines, an increase of 571,
In addition to which a number of machines were loaned for educational and
other special purposes. To date more than 21,000 machines have been
built in the Brooklyn shops alone. To these must be added several nundred
Taunt in Baltimore and thousands built in Europe.
The number of new printing offices which adooted Linotypes during the
year was 820, chiefly of the more simple and cheaper types of machines,
adapted for the small newspapers, and job offices having limited capital
to invest.
Shareholders.-These number 2,997.
THE CHRONICLE
Nov. 18 1916d
Dividends.-Since Aug. 1894, when the first dividend was declared, we
have disbursed $35,913,230 in cash dividends.
Additions.-The demand is overtaxing the capacity of the Brooklyn
factory, additional land has been secured and a material increase in the
factory buildings and the tool equipment are expected to be completed
Within six months.
Prices, &c.-During the past few months tnere nas been a great dearth
of skilled labor, a material increase in wages, and a marked increase in the
cost of all our materials; nevertheless the company has continued to the
present time to sell its machines without an increase in price.
While the number of machines sold has greatly increased, the average
profit per machine has materially decreased owing to the fact that the
smaller and cheaper machines afford a correspondingly smaller profit.
Foreign Trade.-The exportation of machines has been limited and the
operations of your foreign companies nave been greatly hampered. It is
Impossible at the present time to determine even approximately what conditions will exist at the close of the European war, or what losses may be
involved in connqction with the very large indebtedness due your foreign
companies. It is this doubt, and the fact that large values now carried on
the books may have to oe canceled or materially reduced, that makes
It necessary to husband our resources and keep ourselves in position to meet
possible demands abroad and at home without endangering regular dividends
and without incurring indebtedness.
Indebtedness.-The company is without indebtedness of any kind other
than for current accounts. Its properties are not mortgaged or encumbered
in any manner.
RESULTS FOR YEAR ENDING SEPT. 30.
1913-14.
1914-15.
1912-13.
1915-16.
Total net profits
$1,898,200 $1,467,015 $2,547,849 $2,767,936
1,919,940
1,919 820
Dividends (about)
1,279,990
1.663 997
Dividend rate
(10%)
(1A%)
(15%)
(100)
Bal., sur. or deficit_ _sur.$618,210 def.$196,982 sur.$627,909 sur.$848,116
Dividends as shown above in 1915-16 consist of 4 quarterly dividends of
23% each; in 1914-15. 534% paid Dec. 1914 (234% regular and 3% extra),
and the regular dividends of 2%% each paid March, Tune and Sept. 1915,
and in 1913-14 and 1912-13 15% was paid, consisting of 6% paid Dec.
(234% regular and 334% extra) and 234% regular and 34% extra each in
March, June and Sept. (Compare V. 99, p. 1717.)
BALANCE SHEET OCT. 1
1916.
1915.
1913.
1914.
AssetsPlant, real estate, &c___ $2,262,525 $2,397,091 $2,473,049 $2,561,291
80,155
46,980
56,375
255,430
Linotypes
65,712
63,742
60,865
66,596
Office fixtures, &c
franch.,
priv.,
Rights,
4,000,000
4,000,000
4,000,000
patents & inventions_ 3,650,000
3,658,998
3,727,049
4,332,169
Stock and bond account 3,905,507
1,031,827
832,796
1,277,918
974,522
Cash
5,148,928
4,973,029
5,676,538
4,077,454
Bills receivable
1,230,673
1,332,304
1,526,990
Accounts receivable_ __ _ 1.398,193
1,936,235
1,735,455
2,256,573
2,320,683
Raw materials, &c
309,198
339,347
329,367
416,033
Canadian Linotype,Ltd.
$19,911,233 $19,856,675 $20,491,376 $20,528,314
Total assets
Liabilities$12,800,000 $12,799,900 $12,799,600 $12,799,200
Capital stock
Creditors' open accts_ _ 43,420
14,645
5,057
46,616
Bills payable
111,405
Dividends unpaid
648
628
602
856
Surplus
7,067,165
7,041,503
7,686,117
7,570,237
Total liabilities
-V. 101, p. 1803.
$19,911,233 $19,856,675 $20,491,376 $20,528,314
American Window Glass Co., Pittsburgh.
(Report for Fiscal Year ending Aug. 25 1916.)
President M. K. McMullin says in substance:
The past fiscal year has been the most successful one in our history.
The continuation of the war has resulted in the placing of a record amount
of export orders with the window glass manufacturers of this country.
The total exports of window glass from this country during the year, it
appears, was about 1,500,000 50-ft. boxes, of which we sold 1,252,221.
While the export orders were booked at prices equal to the domestic prices,
yet the returns were less on account of the additional expense of packing
and shipment.
We have also developed during the year to a very satisfactory state the
production of a high-grade picture glass, known to the trade as "16-oz.
picture glass," which in our opinion will entirely displace the foreign glass
made for this class of trade, and should continue to do so even after the war
is over.
• We have also made still further progress in the production of photo glass
and now have in operation, in connection with our Monongahela factory, a
complete dry-plate cutting factory, with sufficient capacity to take care
of the average annual requirements of the country. We will no doubt have
competition on the part of foreign manufacturers in the sale of this kind
of glass after the war, but the proximity of our factory to the large users
of the glass will no doubt assist us in securing a very large portion of the
business.
In the production of our heavy glass specialties we have also made very
gratifying progress. Our sales of this glass greatly increased during the
year, and the indications are that we will sell a still larger quantity of it
during the coming year at satisfactory prices.
Notwithstanding the increase in production of photo glass, 1:6-oz, picture
glass and our various kinds of heavy glass, we also increased our production
of common window glass, although the year's operation was only about
two-thirds of our capacity. The total production of common window glass.
In 50-ft. boxes, was 2,431,193 single strength and 669,265 double strength,
a total of 3,100,458.
While the operation of the factories to only about two-thirds of capacity
naturally increased our costs of production, yet your directors thought it
was the proper policy to pursue. At the present time there is a capacity
in this country to produce annually an enormous amount of window glass in
excess of what could possibly be sold, both for the export trade and the
domestic trade. Most of our competitors recognized the fact that overproduction would result in very unsatisfactory business conditions, and
voluntarily adjusted their operations to what they considered a safe basis.
The Western Pennsylvania Natural Gas Co. is continuing the development of its gas properties in the Jeannette and Kane gas fields. Those
operations continue to show a profit.
PRODUCTION AND INCOME ACCOUNT.
Aug.25'16. Aug.2T15, Aug.28'14. Aug.30'13.
Year endingBoxes com.window glass:
2,431,193
Single strength
1,900,069
1,724,898
2,316,416
669,265
Double strength
723,258
851,252
942.877
$3,461.978 $2,053,454 $1,864,101 $2,035,623
Not profits
55.753
1
Other income
14,133
34,039
19,746
$3,517,731 $2,167,587 $1,898,140 $2,055,369
Total income
180,536
Deductions
193,971
187,714
237,615
Net income
$3,337,195 $1,973,616 $1,710,426 $1,817,754
Royalties
1,380,861
862,295
975,674
987,325
Balance, surplus
$1,956,334 $1,111,321
$734,752 , $830,429
Preferred dividends
$739.075 $1,957,550 $1,080,000
BALANCE SHEET.
Aug. 25'16 Aug. 2715
Aug. 25'16 Aug. 27'15
Assets$
$
$
Property dr plants.17,539,998 17,489,634 Common stock_ ..13,000,000 13,000,000
Materials & supp_ 1,148,616 1,522,613 Preferred stock..__ 4,000,000 4,000,000
115,448
130,230
1st mtge. and colInyestments
5,000
21,196
lateral bonds_ _ _ 1,664,000 1,664,000
Treasury stock_
Cash,notes,&c rec 1,787,442 1,444,944 Acc'ts, notes pay283,550
able, arc
Discount on bonds 236,100
391,894
147,897
36,466
48,295 Royalty accounts_ 5,528,792 7,209,523
Repairs, Acc
43,369
41,638 Res'ved for repairs 483,619
Prepaid insur.,&c
341,831
Profit and loss__ a4,185,116 5,402,374 Miscellaneous _ _ _
29,249
21,223
Total
25,097,555 26,384,474
----V. 103, p. 1509.
Total
25,097,555 26,384,474
1885
Brown Shoe Company, Inc., St. Louis, Mo.
(Report for Fiscal Year ending Oct. 31 1916.)
The report, signed by George Warren Brown, Chairman
of the Board, and John A. Bush, President, in St. Louis,
Nov. 4, says in substance:
Plant.-The company owns and operates eight large and modern plants,
four located In St. Louis and one each in Moberly, Mo., Brookfield, Mo.,
Dixon, Ill., and Murphysboro, Ill., occupying an aggregate of more than
17 acres net,floor space. During the year we have charged as part of theexpenses of manufacturing $29,670 for repairs and renewals and the entirecost of all dies and patterns, $50,001, together with depreciation on plants,
$172,334, makes a total of $252,005 charged to operations.
Capital Stock.-We have retired $300,000 of preferred stock at a cost of
$272,202, and canceled same, thereby reducing the amount outstanding to'
$3,700,000.
Sales, &c.-The net sales for the year ending Oct. 31 1916 total $15,913,373, against $10,764,328 for 1914-15 and $10,748,120 for 1913-14. This
is the largest year's business in our history. The net earnings total $1,467.757, and after deducting preferred dividends, the balance is $1,203,507, or.
about VO per share on the common stock.
Special Reserve.-Out of the profits of the year has been set aside as an
insurance fund for future use in case it should be needed the sum of$100,000,
which stands credited to special reserve for future contingencies account.
Orders.-During the past three months the orders received have exceeded
the producing capacity of our plants. The company now has orders on
its books which will insure the operation of its factories to capacity for some
months. We have contracted for the requisite raw material at prices which
assure a normal profit.
Prices, &c.-The shortage in the world's supply of hides, the radical advances in price of leather and practically every other commodity required
In the production of shoes, has caused us to face a materially higher cost
of production, which has compelled us to increase very drastically the prices
of our finished product. At this time we feel that the general business
prosperity of the country is under such headway that it may fairly be expected to carry for some time.
INCOME ACCOUNT FOR YEARS ENDING OCT. 31.
1915-16.
1914-15.
1913-14.
Net sales
$15,913,373 $10,764,328 $10,744,467
Net for depreciation, &c
$1,719,762
$553,726
$833,642
Interest
146,642
161.013
Depreciation
172,334
130,636
176,740Repairs, patterns, &c., charged off
79,671
36,126
*Preferred dividends (7%)
264,250
278,250
273,000
*Common dividends
(See note)
(3)180,000,
Balance, surplus or deficit
sur.$1,203,507 def.$32,678 sur.$37,639
* Deducted by company from profit and loss account, but shown here
for simplicity. [The company declared last week a dividend of 1M % on
the common stock, payable Dec. 1. V. 103, p. 1793.]
BALANCE SHEET OCT. 31.
1915.
1916.
1916.
1915.
AssetsLiabilities$
$
$
691,657 Preferred stock__ _ 3,700,000 3.900,000
Real est.,blgs.,&o. 676,999
548,753 Common stock__ _ 6,000,000 6,000,000
Mach'y & equip__ 536,146
130,479 Notes payable_ _ _ _ 3,815,000 2,080,000
Lasts
168,760
Trade names,goodAccounts payable_ 422,470
301,606
will, .103
4,966,365 4,966,385 Employees', &c.,
Securities
y139,196
184,976
personal acc'ts_
62,753
Cash
358,521
242,980 Employees' say'gs
Ace'ts receivable_ 3,409,579 2,733,471
fund
79,946,
Inventories
5,256,216 3,362,472 Reserve for taxes_
10,000
Prepaid exp.,&a
92,419
15,654 Special reserves__ z400,000
100,000
Surplus
342,502
x1,266,730
Total
15,604,200 12,876,807
Total
15,604,200 12,876,807
x After deducting $179,278 paid for $200.000 pref. stock retired and
$100,000 special reserve set aside for future contingencies.
y Including 1,160 shares of Brown Shoe Co. pref. stock.
z Includes special reserve from redemption of pref. stock.$300,000, and
special reserve for future contingencies, 8100,000.-V. 103, p. 1793, 409.
Carbon Steel Co., Pittsburgh.
(22d Annual Report-Year ending Sept. 30 1916.)
Pres. Charles McKnight,Pittsburgh, Nov. 1, says in sub.:
Results.-After paying all expenses, Interest on bonds, collateral trust
beaus to employees, the net profits
notes and bills payable, and
for the year amounted to $3,099,611, wnich, added to the surplus of last
year, together with sundry adjustments, makes the total surplus account
$3,233,635. From this amount there was deducted $476,361 for all
douotful accounts, depreciation of plant and equipment, reorganization
expenses, bond premiums, losses on former subsidiary companies, and
$50,000 set aside, an additional reserve for Federal income tax.
In addition to this, a dividend of 8% was declared on the first pref. stock
(4% paid July 5 1916 and 4% payable Jan. 5 1917); 6% ea the second pref.
stock and 6% on the common stock, paid Sept. 30 1916, making a total of
$310,000 paid and declared during the year, leaving a balance to the credit
of surplus account on Sept. 30 1916 of $2,397,27i.
Collateral Notes.-During the year all of the $891,
0 00 6% collateral trust
notes have been retired and canceled; $342,000 of the 20-year 5% sinking
fund gold bonds were given in exchange for a part of these notes, and all of
the remaining bonds, which were held by the trustees as collateral security
for the notes, excepting those which have oeen turned into the slaking fund
and canceled, have been placed in the treasury, where tney may be sold or
used from time to time for improvements, additions, &c. At the preseat
time there is no intention of selling tuese oonds. In addition Zo th3 retirement of the collateral trust aotes, all other notes have been retired, so that
we are now free from all floating debt, excepting current monthly bills for
materials and supplies.
Carbon Iron Co. Bonds.-The $700,000 first and second mortgage bonds.
issued by the Carbon Iron Co., payment of which was extended by your
company on April 1 1912 for five years, will mature on April 1 1917.
Your company now holds in its treasury $98,000 of these bonds, which
have been purchased in the open market, and the trustees hold $700,000
(unissued) 5% sinking fund gold bonds of the Carbon Steel Co. It is
expected they will be retired at maturity, on April 1 1917, out of the funds
of the company, without increasing the- company's indebtedness. This
will leave in our treasury $1,470,000 of the 5% sinking fund gold bonds.
Improvements.-Dur ng the past few years extensive improvements have
been made in the plant, but where new buildings or new equipment have
replaced old, there has been nothing added to the appraised value of such
replacements, excepting the difference between the appraised value on the
books of the old property and the increased value of the new, so that your
mill has been greatly improved and bettered with comparatively small increases in the capital accounts, and all repairs have been charged directly
against the cost of production.
Foreign Orders, &c.-In March 1916 we leased the mill of Moorhead
Bros. & Co., Inc., in Sharpsburg, and entered into a contract to furnish the
Italian Government with 30,000 tons of finished bars. The material for
these bars was purchased in the outside market, and the contract will be
completed within the next 30 days.
The special contracts for shell forgings and finished shells, previously
reported, were satisfactorily completed withia the specified time. We furnished only the steel used in these shells, and the work of manufacturing
the forgings and shells was sublet to outside contractors, and all of these
sub-contracts have been fully completed and satisfied.
Orders for Regular Products.-A conservative estimate of the value of contracts and orders now on hand for the company's regular line of products,'
shows an increase of more than $1,500.000 over a similar estimate made at
the beginning of the year, and this increase does not include orders or contracts which will be received from time to time in the regular course of
business.
Plant Enlarged.-During the year our plant became so congested that it
was necessary to enlarge its capacity; we therefore purchased the property
of Edwin M. Hill, which adjoins the plant on the west, for $250,000.
This addition assisted largely in manufacturing and handling the company's regular products. Purchase money mortgages ($160,000) on this
property were given by the company which we hope to pay at maturity.
I 88G
[you. 103
THE CHRONICLE
INCOME ACCOUNT FOR YEAR ENDING SEPT. 30 1916.
$3,09,611 Reserve for taxes
$50,000
Net profits
2,263,250
First pref.. dividend
(8%)40,000 Balance, surplus
132,688
Second preferred dividend.- -(6%)90,000 Previous surplus
(6%)180,000 Sundry adjustments
Cr.1,336
Common dividend
476,361
Depreciation,&c
Total surplus Sept. 301916._ _52,397,274
BALANCE'SHEET SEPT. 30 1916 (TOTAL EACH SIDE, $9,060,188)•
AssetsLiabilities (Concluded)Common stock
Real estate, plant, equipment,
$3,000,000
$6,344,412 1st et 2d -M. bcnds (Carbon
and good will
Iran Co.)
602,000
Accounts and bills receivable. 502,640
1,178,208 5% s. f. bonds(Carb.Steel Co) 342,000
Inventory (at cast)
24,855 Mortgages on Hill property__ 160,000
Deferred charges
404,230
Investments
5,000 Accounts payable
10,500
Cash
1,005,073 Accrued interest
144,184
LiabilitiesSundry reserves
2,397,274
First preferred stock
$500,000 Surplus
Second preferred stock
1,500,000
-V. 103, p. 1689,.1304.
Pennsylvania Salt Manufacturing Co., Philadelphia.
(66th Annual Report-Year ended June 30 1916.)
Pres. Joseph Moore Jr., Phila., Oct. 2, wrote in substance:
Results.-Beginning July 1 19t5 our three works were taxed to caeacity
by the urgent de_nand for every line of product. All contracts were
honorabl, fulfilled, despite prices antedating the war. Many difficulties
were experienced through constantly increasing costs and the interruption
of supplies of foreign raw materials.
Sales for the year were $10,855,416, against $.7,797,782 in 1914-15.
Improvements, &c.-New construction and improvements amounting to
aboat $60,000 have oeen authorized, largely for the latest tyi.e of facilities,
conserving by-products and teducing insurance rates. It was deemed wise
to renew a part of the power pl ant at Wyandotte at an expenditure of
$250,‘,00, which will insure a yearly saving of $100,000. A modern alum
plant of large capacity has oeen ordered for Greenwich at a cost of $225,000.
These changes have not yet been completed. During the year expeaditcires
for construction and betterments amounted to $252,366 and for repairs:
$660,360.
Working Capital.-In addition to meeting the dividend and providing for
a large portion ($500,000)of the three-year notes, we have accumulated sufficient working capital to overcome the unsafe and embarrassing deficiency
which existed. This consummation, whicn implied over $1,000,000, has
wrought profitable results in many respects. There is still outstanding
31,000.000 of the three-year notes.
Insurance-Valuations-Mining Properties.-When opportunity will permit, at least $250,000 should be segregated to constitute two insurance funds
to reduce the present onerous premiums of nearly $70,000 per annum;
about $250,000 should be expended at Greenwich, and the book valuations
of the two copper-extraction plants should be further lowered, although
$232,839 has just been deducted. Such action will bring these two units
in accord with the American Appriasal Co.'s figures, and with the
The break in
limited and vacillating earnings which they yield.
copper In 1907, by which the price was cut in half, caused us a loss of $250,000, and the same happened in 1914. As the conditions of the business
involve a constant average ownership of 4,000,000 pounds of the metal,
another deficit is not improbable. Should it be deemed wise to abandon
wholly or partially the use of the cupreous foreign pyrites, on account of undue advance in cost, it may become necessary to extinguish entirely these
Inventory values, now reduced to $1,000,000. During the year expense
and time have been given by your staff to the exploration of deposits of
pyrites in Canada and in the United States, nearly all of which are without
copper. A source of supply owned by the company, if not involving too
much capital, would be a distinct benefit. Your inexhaustible mines of
coal and salt have amply demonstrated this principle.
EARNINGS FOR YEAR ENDING JUNE 30 1915.
1915-16. 1914-15.
1915-16. 1914-15.
Interest on notes_ $75,892
$92,246
Inc. from sale of
Depreciation
200,000
200,000
products aft, all
exp.,repairs,&c.$2,610,808 $1,115,997 Dividends paid_ _ _(8)600,000(10)750,000
Other income.._ _ 196,738
163,875
Balance, surp_ _51,931,654 $237,626
Total earnings _52,807,546 $1,279,872
BALANCE SHEET JUNE 30.
1915.
1915.
1916.
1916.
LiabilitiesAssets$
Capital stock_. 7,500,000 7,500,000
Real estate, incl.
573,710 Accounts payable_ 449,516
548,177
290,783
coal lands
375,000
Bidgs., mach., &c.*8,113,509 8,423,058 Bank loans
5,275 P. S. M Co. 3-yr.
Patents
427,104
95,698 5% coup. notes_ 1,000,000 1,310,000
Cash
Bills & accts. rec 1,690,472 1,038,978 Accrued interest,
149,549
113,046
taxes, &c
2,389,505 1,830,706
Inventory
108,550 Surplus and undiSecur. of 0th. cos_ 108,550
21,817
vided profits.. x4,201,506 2,508,964
43,255
Prepaid insur., &c.
Total
13,300,571 12.,097,792
Total
13,300,571 12,097,792
* Includes buildings, machinery and equipment at plants located at
- Philadelphia and Natrona, Pa., and Wyandotte, Mich., $15,372,953; less
depreciation, $7,382,734. x After deducting $239,112 amount charged, reducing values of copper extraction plants at Natrona and Philadelphia
$232,840, and securities and sundry patents, 36,272.-V. 103, p. 1596.
American Rolling Mill Co., Middletown, 0.
(Annual Report, Year ended June 30 1916.)
Pres. Geo. W. Verity, at Middletown, 0., Sept. 15 1916,
said in substance:
Results.-The improvement in general business conditions that began In
March 1915 has continued steadily, enabling us to largely increase our sales
over any previous estimate of the possible capacity of our works. We shall
however, enjoy higher prices during the current fiscal year. At this
writing substantial contracts have been made rimming throughout the
entire fiscal year ending June 30 1917. In addition to producing every
ton of steel we can make, we have become buyers of billets and ingots in
the open market. Our steel forging department, started two years ago, has
grown steadily and successfully. However, our business in forgings, regular and special, during the late year, amounted to only 6%% of our total
tonnage, all of the balance representing standard established products.
We are now employing 4,000 men with a yearly pay-roll of about $5,000,000.
Liquidation of Gold Notes.-Your directors have felt that it was best to
use surplus earnings in the liquidation of outstanding gold notes rather
than in support of a more liberal dividend policy, as the stability of future
dividends would be thereby greatly increased. Your company will liquidate the $500,000 gold notes maturing in April 1917, while the $750,000
gold notes maturing in 1918 have been called for payment, and will be (were]
paid on Oct. 1 1916.
Reserve Fund.-Large monthly reserves are made for extraordinary replacements, accruing renewals and intangible depreciation. The total
amount so reserved is now close to $1,000,000.
INCOME ACCOUNT YEARS ENDED JUNE 30.
1916.
1916.
Net profits, after current expenses, including maintenance ($950,877, against $521,627), and reserve for
extraordinary replacements, accruing renewals, &c.
$694,511 $3,101,513
($171,600, against $159.975)
58,860
40,174
Interest, dividends, rents, &c., received
BALANCE SHEET JUNE 30.
1916.
1916.
1915. i
1915.
AssetsLiollittes-$
$
$
3
Real est.,plant,&c. 8,013,017 7,300,701 Pref.stk.,6% cum. 800,000
800,000
a Pat.,licenses, &c 1,350,003 1.350.000 Common stock. _ _ 6,719,935 6,401,013
Sundry inve,stm't- 374.559
363,409 Gold notes. 6% _ _ c2,422,500 2,500,000
Materials & supp_ 3,899,193 2,895,007 Gold notes 5%256,000
Notes & accts. rec.
Notes payable
406,536
(less reserve)._ _ 2,047,576 1,323,384 Accounts payable_ 1,333,514
412,850
197,161
Marketable scours. 156,829
Div. paid July 15_ 179,853
139,333
Stock subscript'ns.
333.666 Reserve for extra557,221
Cash
992,119
ordinary
re96,000
96,000
Pref.div.guar.fund
placements, &c_ '036,539
761,277
8.781 Guar.of preLdies.
96,000
Prepaid insur.,&c_
96,000
Deferred charges_
7,343 b'332,971 Surplus
4,415,234 3.035.789
Total
16,936,639 14,818,284
Total
16,936,639 14,818,284
a Owned
and controlled through ownership of capital stock of International Metal Products Co.(Patent Holding Co.). b Includes initial operation of new East Mills, $165,000; patent expenses. $21,772, and expense of
Issue of 6% gold notes, $146,200. c $500,000 will be paid off on April 1
1917.-V. 103, p. 1304.
(The) Fajardo Sugar Company.
11th Annuhl Report Year ending July 3 1916.)
Pres. James Bliss Coombs says in substance:
The year 1916 has been the best in our history and prices obtained very
satisfactory. Perfect weather prevailed all the season, with sufficient rain
during the growing period, increasing the yield of cane to 21.60 tons to the
acre as against 18 tons in 1914-15, and yet permitting steady work during
the grinding.
Grinding was commenced Dec. 20 1915 and finished June 25 1916, covering a period of 156 days. The total number of acres of cane harvested
and ground during the season was 14,582, which yielded 315,001 tons of
cane as against 187.786 tons in 1914-15. Of this total of 315,001 tons of
cane, 125,684 were purchased from Colonos and 189,317 tons were produced by administration.
The total sugar output for the year was 234,438 bags of sugar of 310 lbs.
net, or 36,338 tons, as against 140,767 bags or 21,818 tons in 1914-15. The
output of molasses for (ho crop amounted to 1,741,620 gallons.
The prospects for the 1916-17 crop are excellent. The acreage Wanted
In cane is much larger, and as the weather so far has been favorable, it seems
safe to predict an output of at least 40,000 tons of sugar for 1916-17. Additional machinery is being installed in the factory to enable it to take off the
large anticipated crop.
DIVIDEND RECORD SINCE 1908.
1909.
1910. 1911. 1912. 1913. 1914-1915. 1916 Q-F.
1908.
None
10% .8%% & 140% stk. 10% 5j% 7% 14%
20%
PROVT AND LOSS ACCOUNT FOR YEARS ENDING JULY 31.
1915-16. 1914-15.
1915-16. 1914-15.
Sugar, &o., prod_ _$4,162,851 $1,980,623 Bad debts reserves
$5,247
70,964
Miscell. receipts.. 164,193
$79,813
78,643 Interest
Depreciation
114,589
110,366
Total
$4,327,044 $2,059,266 Dividends (173•4 %) 584,010
Deduct-Prod'g &
Net profits_ _ _ _ $947,028 $218,557
& rntg.costs, &o.$2,601,605 $1,654,133
CONSOLIDATED BALANCE SHEET JULT 31.
1915.
1916.
1916.
1915.
Assets$
L'd,b1dgs.,mach.,&c.2,752,168 2,764,200 Capital stook (33,372
shares at par). _ _ _3,337,200 3,337,200
Live stk., equip.,&c _ 534,609 542,468
Fajardo Devel. Co.
Esp. & Marg. purch.
385,399
outstanding stock_
1,000
1,000
accounts
San Cristobal acc't_ _ 178,299
54,679 Subscriptions reo'd
W.I.Sug. Fin. Corp. 650,318
for new stock
100
100
Growing crops
381.139 431,497 Bills payable
5,0421
Mtgs. receiv.. &c_ _ _ 58,870
83,907 L. W.& P. Armsteg 884,057)1,020,948
450,599
Cash
30.776 Accounts payable_ _ _ 163,984)
Material & supplies_ 287.856 103,669 Dividends payable.. 417,150
Sugar and molasses. 667,912 583,402 Insur. reserve to provide for poss. losses 100,000
50,000
Planters' ace ts, &c.. 1.59,763 139,050
13,414
Deferred charges_ _ _ 136,453 109,935 Other reserves
Surplus
*1,336,040 819,735
Total
Total
6,257.987 5,228,984
6,257,987 5,228.984
* After deducting $430.723 amounts written off for depreciation, insurance reserve, &c.-V. 103, p. 1595, 241.
Pittsburgh Brewing Co.
(Report for Fiscal Year ending Oct. 28 1916.)
. Pres. C. H.Ridall, Pittsburgh, Nov.8, wrcte in substance:
The total sales show an Increase of 197,306 barrels over those of last year.
The earnings also show a gratifying increase.
From the bonds payable by the company, amounting to 35,319,00),
should be deducted 474 bonds carried under investments and 201 boncLs held
in the sinking fund, leaving 34,644,000 bonds In circulation, against the
original issue of $6,319,000,showing a net reduction of $1,675,000.
INCOME ACCOUNT FOR YEAR.
1913-14.
1912-13.
1914-15.
1915-16.
7511116
669,912
600.869
798,175
$6,555,829 $4,744.864 35.072,628 $5,736,'01
3,437,148
3,380,921
4,312,228
3,508,685
Sales (barrels)
Total net sales
Operating cost of sales
$2,243,601 $1,363,943 $1,635,480
Gross earnings
459.785
397.947
General office expenses_
367,695
Net earnings
Other income_ _
$1,781,815
194,237
32,227,913
321,989
$965,996 :31,267,785 $1,905,926
175,456
164,758
149,874
$1,978,052 31,141,452 $1,432,543 $2,055,800
Total
Deduct$319,140
$340,140
$346,640
$333,140
Interest
Preferred dividencLs___(8 Yi)533,757(1 Yt)106,750(7%)427,000(7%)427,000
(%%)29,811(4%)238,490
Common dividends_ _ _ _
465,409
642,021
Depreciation, &c
463,742
687,796
$933,443 31,471.039 31.415,661
Total deductions_ _ _ $1,540.693
sur.3437,359sun$208,007 def.$38,496sur.$640.139
Surplus or deficit
4,462,584
4,424,088
3.822,445
Previous surplus
4,632,097
$5,069,456 $4,632,097 $4,424,088 34,462,584
BALANCE SHEET.
Oct. 28 '16. Oct. 23 '15.
Oct. 28 '10. Oct. 23 '15.
Liabilities$
$
$
Assets-$
Plant & equipm't_17,910,708 18,007,341 Preferred stock... 6,100,100 6,100,100
186,496 Common stock__ 5,962,250 5,962,250
409,323
Cash
Bonds
5,319,000 5,319,000
956,162
Investments
*1,021,963
417
4,879
1,911,330 1,905,603 Sundry accounts
Notes receivable
628,872 Accrued taxes_ _ _ 80.000
64,120
Acc'ts receivable_ 673,690
Accrued bond int_ 108,380
106,380
Brewery and office
3,200
477,051 Mortgage payable
1,250
Inventories _
566,260
30,501 Surplus
5,089,456 4,632,097
145,579
Sinking fund
Total surplus
$753,371 163,141,687
Net income
Deduct-Cash divs. declared during year and interest on install$597,214
ment stock payments
22,638,854 22,192,026
Total
22,638,854 22,192,026
Total
319,96.5
5% stock dividend paid Aug. 15 1916
* Includes as of Oct. 28 1916 mortgages receivable, $134,831; real estat 0
Interest paid and accrued
177,483
$424,831, against
and
stocks
$462,301;
and
than
bonds,
(other
plant),
Charge for initial operation new East Mill, written off
165,000
98,886 $162,294, $369,537 and $424,331, respectively, as of Oct. 23 1915.
Cost of 6% gold notes written off
Note.-Unsold stocks and bonds in treasury: $181,000 bonds of the $ 6,Profit-sharing distribution, year 1914-15
44,733
Reserve for profit-sharing distribution, year 1915-16
358,961 .,00.000 auth.; 7.998 shares of pref. stock (par $50), or 3399.900 of the $6.00,000 auth.; 10.755 shares common stock (par $50), or $537,750 of tile
6,500,000 authorized.-V. 103, p. 1796.
Net increase In surplus for year
$1.379,445
Nov. 18 1916.1
THE CHRONICLE
Independent Brewing Co. of Pittsburgh.
(Report for Fiscal Year ending Oct. 14 191(3.)
Lutz, First
Breweries.-(a) Allegheny County: Duquesne, American,
Valley at Carnegie, Pa.;
National and 11111 Top at Pittsburgh, Pa.; Chartiers
(b) Beaver
Pa.
at
Homestead,
Homestead
and
Pa.,
Home at Braddock,
County: Butler at
County: Anderton at Beaver Falls, Pa. (e) Butler
Butler, Pa. (d) Washington County: Charleroi at Charleroi, Pa., and
Monessen at
Globe at Monongahela, Pa. (e) Westmoreland County:
Monessen, Pa.; New Kensington at New Kensington, Pa., and Loyalhanna at Latrobe, Pa.
RESULTS OF OPERATIONS.
1912-13.
1913-14.
1914-15.
1915-16.
574,425
563,922
525,488
668,428
(barrels)
Sales
44.733,858 $4,086,333 63,991,5321 $4,281,996
Total sales
110,7841
98,452
140.662
Miscall. income, &c_ _ _ _
Income (all sources).._ $4,874,520 $4,184,785 $4,102,316 $4,281,996
2,796,857
2,896,715
3,234,487
Cost of produc.& oper__ 3,55[3,234
$950,298 $1,205,601 $1,485,139
$1,318,286
Profit on sales
Disbursements-$263,500
$248,930
$252,770
$270,000
Interest on bonds
Preferred dividends_ (7%)315,000(7%)315,000(7%)315,000 (8)36O.0*
2,918
2,468
2,017
1,568
Int. on bds. constit. cos_
287.212
281,961
262,744
434,478
Depreciation, &c
1887
Central Illinois Public Service Co.-Bonds Offered.Halsey, Stuart & Co., Russell, Brewster & Co., Illinois
Trust & Savings Bank and Continental & Commercial Trust
advertisement
& Savings Bank,all of Chicago,are offering by554%,
$4,000,on another page at 90 and int. yielding over
000 First & Refunding Mtge. 95% gold bonds dated Aug. 1
1912, due Aug. 1 1952, red. at 105 on any int. date. Int.
F.& A. Denom. $1,000 c*.
Digest of Letter of Pres. Marshall E. Sampsell, Chicago, No. 9 1916.
Organized in Illinois in 1902. now serves 131 communities in Central and
Southern Ill, having a combined est. population of 285,000. with one or
more classes of service, viz., electric light and power, gas, water, heating.
ice, and street or interurban railway.
Capitalization upon Completion of Present Financing.
Authorized. Outstanding.
Capitalization$7.500,000 33,225.000
Preferred 6% cumulative stock
7,500.000 6,000.000
Common stock
9,057,000
issue)
(a)
(this
1952
due
5s
M.
Ref.
First &
775.000
Underlying bonds (closed issues) on portion of properties
110,000
Debentures, due 1923
a Auth. issue limited by restrictions of trust deed. See V.95, p. 1744.
Purpose of Issue.-To retire the $3,000,000 3-year 6% Collateral Gold
notes due Dec. 1 1916, and for extensions, &c. now owned or
hereafter
Security.-A direct lien on all fixed property
acquired, being now (1) a first lien on properties producing about 68% of
gross earnings, and (2) subject only to $775.000 underlying bonds, all due
on or before Oct. 1 1935 on balance of property. (3) Further secured by
the deposit of $75,000 (entire authorized issue) of the First M. bonds of
Mattoon Gas Light & Coke Co. of Ill., 9290,000 (entire outstanding issue)
of the First M. 55 of the Central Illinois Traction Co., $1.999.500 (entire
outstanding issue except five qualifying shares)of the stock of the Central
Illinois Traction Co., and $636,000 par value of various underlying bonds.
Equity.-The investment in the properties represents substantial equity
over and above the First & Ref. bonds. The company has converted into
common stock, $ for $. $2,000,000 of its debentures and notes, owned by
the Middle West Utilities Co., representing the investment, made from
time to time by the Middle West company in this company, of an aggregate equivalent amount of cash, viz., $2,000,000. Such investment is in
15,670,275 15,516,791 addition to the Middle West co.'s large cash investment previously made.
Total
15,670,275 15,516,791
Total
in$21,050
and
company
by
Operations.-Company now serves 131 communities, of which 130 are
held
bonds
Co.
B.
I.
$242,000
a Includes
served with electricity, 6 gas. 11 water, 13 ice. 6 heating, 6 with street
vestments in miscellaneous stocks.
on unused taxes, license and in- railway service, and an interurban line is operated connecting Mattoon and
b After deducting $15,729 depreciation
Charleston, Ill.; also owns franchises in four towns shortly to be served.
surance Oct. 17 1914.
liabilities on notes of customThe company now has in operation over 846 miles and will have completed
The liabilities do not include the contingent
and on endorsements for customers, by Jan. 1 1917 36 miles more of high tension transmission lines; operates
ers discounted in banks, 6179,395,p.
1555.
central stations, holds 10 stations in reserve, having shut down several
13
101,
$196,785.-V.
$17,390; total,
due to new construction, and has contracts for power from 7 other central
stations, including Keokuk, Iowa. The largest generating station owned,
capacity over 8,000 h. p., is located at Kincaid, Ill. The company now has
a total available of 40.000 h. p.,to be increased by Dec. 1 1916 to 50,000 h.p.
Total connected load, 69,000 h.p. The properties serve without competition and are located in the agricultural sections contiguous to the central
Illinois coal fields.
1915. '16 (3 mos. est.)
1914.
1913.
RAILROADS, INCLUDING ELECTRIC ROADS.
Year end. Dec. 31$1.699,607 $1,851,141 $1,898,984 $2.189,250
Gross earnings
$891.250
$707,787
$666,031
$574,552
earnings
Net
File
Suits.
Adamson Law.-Railroads
Annual int. on $9,057,000 1st & Ref., $775,000 underlying and
See editorial columns in this issue.
498.930
$125,000 Mattoon Co. 5% bonds requires
$913,630
$848.359
$832,532
$1.021,046
Total disbursed
$571,508
$357,243
$117,766
$297,240
Balance, surplus
V.97,
p.1026.
1913.
Oct.
in
pref.
div.
stock
on
scrip
* Also paid a 25%%
BALANCE SHEET.
Oct. 14 '16. Oct. 16'15.
Oct. 1416. Oct. 16 '15.
LiabilitiesAssetsReal estate, ace_ _ _12,520,198 12,330,103 Common stock_ __ 4,500,000 4,500,000
259,841 Preferred stock__ _ 4,500,000 4,500,000
250,123
Cash
Bills receivable_ _ _ 1,194,772 1,199,281 Bonds660,547
Indep.Brew.Co. 4,500,000 4,500,000
Acc'ts receivable_ 648,133
30,500
332,567
23,000
Constituent cos.
*263,050
Securities at par
360,818
payable_ 234,447
68,061
Accounts
57,154
Unexp.,&c.,insur _
126,289
436,516 Bond in, &c_ _ __ 132,134
446,336
Inventories
229,874 Undivided proflts_b1,780,694 1,499,183
Bond sinking fund 290,512
GENERAL INVESTMENT NEWS
Ashland (Wis.) Light, Power & St. Ry.-Bonds Offered.
P. W. Brooks & Co. are offering an additional amount of 1st Mtge. 5%
•
gold bonds of this company, making $621,000 outstanding.
Bond Int. Surplus.
Net.
Gross.
Earnings-Year ending$36.555
$30,913
$67.467
$155,749
Aug. 31 1916
23,463
26.876
50.339
112,955
Aug. 31 1915
-V. 101. p. 845.
$392,320
Balance
The above includes earnings of the Mattoon Clear Water Co., whose entire capital stock is owned.
Management.-Entire outstanding common stock is owned or controlled
by the Middle West Utilities Co. under direction of Samuel Insull and
associates.
For additional information as to the trust deed, list of properties, &c.,
see V. 95, p. 1744.-V. 103, p. 496, 406.
Atlanta Birmingham & Atlantic RR.-Federal Valuation.-Thomas W. Hulme, General Secretary of the RailChicago Rock Island & Pacific Ry.-Plan Underwritten
road Presidents' Conference Committee on Federal Valu- by Speyer & Co. and Hayden, Stone & Co.-The Joint Re11,
Nov.
says:
Philadelphia,
at
ation, in circular letter datedCommerce Commission posted upon its organization committee gives notice to holders of the
On Oct. 23 1916 the Inter-State
bulletin board a notice of its tentative valuations of the property of the company's stock and 20-year 5% gold debentures that a
Texas Midland and Atlanta Birmingham & Atlantic Railroad companies. plan of reorganization dated Nov. 14 1916 has been prepared
As the report did not summarize the findings, various incorrect statements
have appeared in the public press with reference thereto. I have, there- by it and has been approved by the committee for debenfore, prepared the following statement showing correctly what appears in tures of the railway company acting under the deposit agreethe Commission's report with reference to the Atlanta Birmingham &
ment dated July 19 1915 and by the two committees repreAtlantic RR. Co.
Commission's Report on Valuation of Atlanta Birmingham & Atlantic RR. senting stock of the railway company, of which Nathan L.
Cost of reproduction of property owned and used (not incl. land).$24,155,000 Amster and Charles Hayden are, respectively, Chairmen.
LIM'S (a) owned & used, $2,291,413;(b) owned not used,$1,165.4300 3,456,413
433,000
788,000
Materials and supplies
Mulga Branch,leased to another operating company
Total
Cash on hand (not reported by the Government)
$28,832,413
200,000
$29,032,413
Grand total
The Government's total of $29,000,000 may be contrasted with the
$37,000,000 in cash which was obtained as the proceeds of the sale of
securities issued and expended for the construction of now lines and acquisition and rehabilitation of other lines, now part of the main line and
branches. The officers of the road contend that the property could not be
reproduced, at this time, for less than this amount.
The Division of Valuation, as a matter of administration, has prepared
its estimates on the lowest basis, leaving, as .required, to the aforesaid
Commission the determination of all matters in dispute. The Commission
has announced that it has not passed upon the many questions involved
in the determination of correct principles and methods, but that it will do
so as illustrated by the inventories that are first presented to it for consideration with the carrier's objections, and that its decisions in these cases will
servo as a guidance for its future work. It is, therefore, to be expected
that the Government's findings of $29,000,000 for the Atlanta Birmingham
& Atlantic RR. will be materially increased upon its ultimate determination
of correct principles and methods.-V. 103, p. 1683, 1508.
Birmingham & Southeastern Ry.-Default-Committee.
-The company defaulted Nov. 1 as to the interest payment then due on its $539,000 1st M. Os of 1911. The protective committee named below, in circular of Oct. 30, said
in substance:
Explanation is made that adverse local conditions, considered temporary
in their nature, have caused such a decrease in the earnings as to make it
necessary to defer payment of the coupon now maturing. In view of the
general situation respecting the business and affairs of the company it is
considered imperative that tile holders of 1st M.6% gold bonds unite for
the protection of tneir interests. Holders are therefore urged to dedosit
these bonds immediately with the Central Trust Co. of N. V. the depositary of the committee. The committee will promptly acquaint itself
with the status of the affairs and will keep the depositors advised from time
to time. [Signed by protective committee, George C. Van Tuyl. Jr..
Chairman, (President Metropolitan Trust Co., N. Y.) and H. A. Smith,
(President National Fire Ins. Co., of Hartford) with H. M. DeLancoie as
Secretary, 66 Broadway, N. Y. City and I. H. Lehman, counsel.]
[Salesmen who placed a large portion of the outstanding bonds, claim to
have done so under an implied, if not an expressed warranty and they
believe the warranty, good at the time, is better now. They are not satisfied that the default is Justified, nor that the aforesaid committee represents
all interests in the bonds. Consequently, they ask the holders to communicate with John A. Smith an attorney of Rockford, Ill., or Frederick Caries,
1411 Chestnut St., Phila., who propose to make a thorough investigation
without expense to the bondholders generally].-V.94, p. 1316.
Canadian Northern Ry.-Protection of Notes.-
See Mt. Royal Tunnel & Terminal Co. below.-r. 103, p. 1209, 1117.
Holders of stock who desire to participate must deposit the certificates
for such stock, duly assigned in blank, with either of the depositaries
on or before Dec. 4 1916. .
Holders of 20-year 5% gold debentures not heretofore deposited with the
said debenture committee who desire to participate in the reorganization
must deposit their debentures, with the coupon dated Jan. 15 1916 and all
subsequently -maturing coupons attached, with either of the depositaries,
on or before Dec. 4 1916.
Joint Reorganization Committee: Seward Prosser, Chairman; Nathan
L. Amster, Emile K. Boisot, Charles Ilayden, James Speyer and S. Davies
Warrick', with B. W. Jones. Secretary, 16 Wall St., New York.
Depositaries under plan, Bankers Trust Co., 16 Wall St., N. Y. City.
and First Trust & Savings Bank, Chicago.
Digest of Plan Dated Nov. 14 1916.
On April 20 1915 receivers were appointed. The interest which matured
Jan. 15 1916 and July 15 1916 on the [$20,000,000] debentures has not been
paid. No defaults have occurred as to interest payments upon any of the
mortgage obligations of the company, but a bondholders' committee has
begun suit to foreclose the First & Refunding Mortgage, alleging various
other defaults. This litigation is being contested by the company and by
the Joint Reorganization Committee, and representatives of the latter
have been holding informal conferences with the First & Ref. Committee.
Under this plan the Joint Committee is empowered to make any settlement that it may deem advisable with respect to the First & Refunding
bonds or any other obligations of or claims against the company.
Investigations have been made of the physical condition, operations,
earning power and accounts of the railway company by experts based upon
which the Joint Reorganization Committee has prepared the following:
(Optionally $140,000.000)
New Stock (in $100 Shares), Presently 6125,000,000
(or Income Debentures).
Including $50.000.000 (or $65,000,000) Pref. Stockpresent
company, or are
The properties are either to be retained in the
reorganized,
subject to all
otherwise
or
company
to be vested in a new
to such liens,as may
liens of record by way of mortgage or deed of trust and
be substituted for any thereof, and with now stock as follows:
and 6%, with (a) Same Preference as
(1) Two Classes of Preferred Stock, 7%
Dividends After Prior 1% on 7%
to Assets, (b) Sharing Pro Rata in all
Preferred-Both Cumulative up to 5%.
the 6% preferred stock as to diviover
preference
with
7% Preferred Stock,
any fiscal year, but, after setting aside such
dends to the extent of 1% In classes
preferred shall rank pad passu as
of
both
year,
fiscal
any
in
1%
upon the 7% preferred
to further dividends paid thereon. Dividends
shall be cumulative up to but
stock presently to be issued hereunder
such
date as may be fixed
and
after
from
annum
per
5%
exceeding
not
several installby the committee, having regard to the amounts of the
thereof by depositments and the respective dates fixed for the payment(but
see (a) below).
authorized
Presently
$30.000,000
stockholders.
ing
$29,743,889
(under
stated
above
as
dividend.s
to
entitled
ck,
o
e
t
si
b
a
d
e
u
r
s
i
is
irrefe
6
15
,
July
a.
5%
p.
to
from
up
cumulative
and
"7% pref."),
1916. Presently authorized (but see 'a" below), to be •
issued in exchange $ for $ for the $20,000,000 debentures.. _ _ _$20,000,000
in amount to present stock)(2) Common Stock (being equal now
$74.359,722
issuable
Total authorized. $75.000,000;
,
1888
THE CHRONICLE
(a) The Joint Reorganization Committee may in its discretion determine that the authorized amounts of the 6% preferred stock or of the 7%
preferred stock, or both, shall exceed the amounts above specified by not
more than $15,000,000 in par amount for both; and any part of such preferred stock not required for the purposes of the plan may be placed in the
treasury for general corporate purposes. The authorized amounts of the
preferred stocks may not be increased after reorganization except by vote
of a niajority of each cia.ss of stock, voting separately.
(b) The preferred stocks of both classes shall share part passu in the distribution of assets upon insolvency or dissolution, and shall, in such event,
be preferred over the common stock in the payment of the entire par value
of the preferred stocks, plus any accumulated dividends thereon.
(c) The Joint Reorganization Committee may, in its discretion, upon
consummation of the plan, pay in cash, either out of the funds provided for
under the plan or otherwise, all or any part of the amount that would otherwise then have accumulated by way of dividend on said 6% or 7% preferred
stock; and thereupon the dates from which dividends shall accumulate
thereon shall be changed accordingly.
(d) The right of cumulative voting at all elections for directors shall be
provided for by the charter.
(e) In lieu of preferred stock, if in the judgment of the Joint Reorganization Committee it shall be more expedient so to do, there may be issued
Income Debentures with substantially the same priorities and rights as to
earnings and assets, and, if practicable, substantially the same voting
privileges as above stipulated in respect of the proposed pref. stocks.
Sale of Stock.—For the cash requirements of the plan, estimated at $29,743,889, a purchase agreement has been entered into with Speyer & Co. and
Hayden, Stone & Co., who agree to purchase, for the sum of $29,743,889,
less a commission of 3%, the $29,743,889 7% preferred stock and the
$74,359,722 common stock to be presently issued, and have authorized the
committee to offer depositing stockholders the opportunity to participate
as below stated.
Terms Offered Holders of Present Stock and Debentures.
(1) Depositors of the present stock ($74,359,722) paying $40 a share
(the first $10 within 30 days after notice) will receive in exchange for each
$100 share of their stock and for the cash payment (a) $100 new common
stock, (b) $40 new 7% pref. stock (calling, if all assent, for $74,359,722
new common and the $29,743,889 new 7% pref.).
(2) Depositing Debenture holders (total Issue $20,000,000) will receive in
cash the 5% arrears of interest on their debentures to July 15 1916 (with
adjustment as to any advances upon Jan. 15 1916 coupons), and in respect
of each $1,000 debenture $1,000 in new 6% preferred stock.
Application of $29,743,889 New Funds (Compare V. 103, p. 665).
To pay Two-Year Collateral Trust Gold Notes
$7,500.000
Loan, Central Trust Co.. secured by collateral
do
2,500,000
Loan, Hayden, Stone & Co., secured by collateral
do
1,600.000
do
Receiver's Certificates, Series A
5,488,000
Receiver's Certificates, Series B
do
To pay or acquire claims against and liabilities of the receiver,
to pay interest and other debts of the new company, and to
pay the expenses of the reorganization syndicate, commissions and miscellaneous requirements and to provide additional working capital
11,555.889
The plan will leave unaffected various claims which will have to be met,
contested or otherwise disposed of by the new company. (These alleged
claims include liabilities renounced by the receiver, and items in dispute
000. Ed.) As against these claims the receiver will turn over all moneys
remaining in his hands. On Nov. 2 1916 the moneys so held amounted
to $4,821.589, a part of which represented accumulations made in anticipation of payments then presently to become due.
Treasury Assets—Proposed Sale of Bonds(with Additional Coupons Attached).
Upon payment of the above mentioned collateral loans (aggregating
$11,600,000, as provided in the plan, there will be liberated for use for the
general corporate purposes of the new company the treasury securities now
pledged as collateral for those loans, including: Railway company's First &
Ref. Mtge. 4% bonds, $16,199,000; St. Paul & Kansas City Short Line
RR. Co. 1st M. 4%% bonds, $2,545,000 ($212,000 additional are in the
treasury); Rock Island Ark. & La. RR. Co. 1st M.4%s, $1.965,000.
There are also reserved for issue under the First dr Refunding Mtge.
(a) $7,000,000 bonds against construction and property betterments made
during the calendar years 1915 and 1916; (b) upon retirement of the receiver's certificates issued to pay the Choctaw Collateral bonds matured
May 1 1915 and 1916 a further $2,988,000; (c) $20,988,000 additional are
reserved for refunding the $12,500,000 1st M.6% nonds due July 1 1917,
the $5,500,000 Choctaw Okla. & Gulf Gen. M. 5s due Oct. 1 1919 and tne
Choctaw Collateral bonds due $1,494,000 May 1 1917 and $1,494,000 May 1
1918. The committee is advised that all First & Refunding bonds so issued and certain bonds of subsidiary companies will be available as treasury assets of the new company.
By attaching appropriate coupons, It will be possible to sell such of the
First & Ref. bonds as it may be deemed desirable to dispose of at a price
more nearly approaching their face value than the present market price.
Such additional coupons will be a fixed charge, but will not be secured by
the First & Refunding Mtge. It is proposed to sell, before declaring tse
plan operative, an amount of such First & Refunding bonds at least sufficient to provide for the payment at maturity of the $12,500,000 face amount
of First Mtge. 6% bonds and the $1,494,000 Choctaw Serial Collateral
bonds falling due in 1917.
Earnings.—From the receiver's reports (V. 103, p. 1683) it appears that
the income for the year ended Juno 30 1916, applicable to interest charges;
amounted to $15,269,479, after deducting all rentals, equipment hire, taxes,
&c. Tne total interest charges on funded and unfunded debts for the same
period amounted to $12,312,198. In the above-mentioned allowance for
rentals, &c. annual rentals and interest charges (amounting to about $650,000) of certitin affiliated companies were included, although not paid by
the receiver. After deducting all interest charges, including the $1,000,000
accrued interest on the debentures ($958,333 of which was not paid), there
remained a surplus for the year ended June 30 1916 of $2,957,281.
When the receiver's certificates and the aforementioned collateral
loans shall be paid and the debentures exchanged for 6% preferred stock,
as provided in the plan, a reduction at the rate of 2,054,400 per year in
the company's fixed charges will be effected, including: $7,500,000 2-year
notes (interest and commissions), $525,000; $2,500,000 loan, Central Trust
Co., $125,000; $1,600,000 loan, Hayden, Stone & Co.,$64,000; $20,000,000
20-year gold debentures, $1,000,000; $6,588,000 receiver's certificates,
Series A and B, $340,000. Of this saving of $2,054,400, the amount actually charged for the last fiscal year was $1,937,696, because part of the receiver's certificates were outstanding for a few months only and rates of
Interest and commissions on certain loans were changed during that year.
'raking the net income for the late fiscal year as the basis, there would
have been, after crediting to the earnings for that year an amount equal to
Its proportion of the savings that will be thus effected in reorganization, a
surplus of $4,894,977 applicable to dividends on the stock, equivalent to
the full dividends on the 850,000,000 of preferred stocks of the new company presently issuable and a balance of $1,594,977 for tee common stock.
For the four months ended Oct. 31 1916 (Oct. estimated), the gross earnings of the railway company were $29,577,985, an increase of $4.325,300
over the same period in 1915.
•
Obligations ($257,758,383 Nov. 2 1916) Which Plan Leaves Undisturbed.
[Including $20,921,000 in treasury or pledged as collateral for loans.]
Description of Debt—
When Due. Outstanding.
1934 $94,941,000
Ch. R.I. & Pac. By. First & Ref. Mtge.4% bonds
do
pledged as collat. for loans_ _1934
do
16,199,000
First mortgage bonds, 6%
1917
12,500.000
General mortgage gold bonds,4%
1988
61,581,000
Gold bonds of 1902, 4%
1917-1918
2,988,000
Cavers Elevator Co. notes, 5%
1916
10,000
Equip.obligations(incl receiver's issue,$2,608,163) 1917-25
15,460,163
Burlington Cedar Rapids & Northern By. Co.:
Consolidated first mortgage 5% bonds
1934
11,000,000
Cedar Rapids Iowa Falls & N.'W. 1st M. 5s
1921
1,905,000
Minneapolis Sr St. Louis RR. 1st M 78
1927
150,000
Rock Island & Peoria By. Co. Consol. 1st M 6s
450,000
1925
Choctaw Oklahoma & Gulf RR. Co. Gen M 54
1919
5,500,000
Memphis
RR. Co. 1st M.Ss
Choctaw &
3,524,980
1949
Consolidated mortgage gold bonds, 5%
1952
5,411,000
Little Rock Bridge Co. 1st Mtge.6%
1919
95,000
Rock Island Ark. & La. RR. Co. 1st M.4%s
1934
11,000,000
do
pledged as collat. for loans.._ _ _1934
do
1,965,000
Little Rock & Hot Springs Western notes. 4%
1939
453,600
St. Paul & Kan. City Sh. Line RR.Co. 1st M.gold 438_1941
9,$67,640
do do $212.000 in treasury; $2,545,000 pledged as collat.
2,757,000
[VOL. 103.
Est. Requirements, Aggregating 338.312,840 Jan. 1 1917, to Dec. 311919.
[Without allowance for any liabilities renounced by the receiver.)
(Calendar Years).
1917.
1918.
1919.
1st Mtge. 6s, due July 1 1917
$12,500,000
Equipment trust obligations
2,409,947 $2,084,947 $2,084,946
Choctaw Serial Collateral bonds
1,494,000
1,494,000
Choctaw Ok.& Gulf Gen. M.54,
5.500,000
Little Rock Bridge 1st M 6s
20,000
20,000
55,000
C. & R. I. Elevator 1st M. 5s,-- —
50,000
50,000
50,000
Additions and betterments
3,500,000
3,500,000
3,500,000
Total
$19.973,947 $7,148,947 $11.189,946
It is also intended that the new company shall expend a substantial
amount for rehabilitation.
Estimated Resources to Dec. 31 1919.
Estimated balance of cash provided fcr in reorganization (after
paying all short-term loans, receiver's certificates and expenses), additional to receiver's cash.
$8,000,000
Estimated face amount of First & Refunding bonds available
upon consummation of plan for the making of the additions and betterments above specified and the retirement of
the Choctaw Serial bonds, the 1st M.6% bonds duo in 1917
and the Choctaw Okla. & Gulf Gen. M. 54 due in 1919_ _ _ _ 54,174.000
St. P.& K.C.Short L. RR. 1st M.bonds.lAlso further amts.' 2,757,000
Rock Isl. Ark.& La. RR. 1st Mtge. bondsf for improve'ts, &c.1 1,965,000
—V. 103, p. 1792, 1687.
Chesapeake & Ohio Ry.—Dividends Resumed.—A dividend of 2% has been declared on the $62,792,600 stock,
payable Dec. 30 to holders of record Dec. 8. This is the
first payment since Dec. 1914, when 1% was paid. Seealso
Hocking Valley Ry. below.—V. 103, p. 1319, 1298.
Cincinnati Indian apolis & Western RR.—Litigation.—
See Indianapolis Union By. below.—V. 102, p. 1435.
Cleve. Cinc. Chicago & St. Louis Ry.—Purchase.—
The shareholders of this company will vote Dec. 4 on purchasing the
properties of the controlled companies, the Saline Valley Ry. and the
Evansville Mt. Cannel Sz Northern RN,
.(of Indiana), the capital stock of
which it already owns.—V. 103, p. 1031.
Hocking Valley Ry.—"Soft Coal" Litigation.—
U. S. Circuit Judges Warrington, Knapper and Denison, sitting as a
special U. S. District Court at Cincinnati in the anti-trust suit of the United
States against the railway and coal companies alleged to compose the socalled "soft coal trust," on Nov. 10 handed down a decree approving the
sale by the Hocking Valley and Chesapeake & Ohio railways of securities
and properties of the Buckeye Coal & By. Co. and the Ohio Land & By. Co.
to John S. Jones, Chicago. III., coal operator.
The decree was made following the presentation of the notice of the Central Trust Co. of N. Y., trustee under the First Consol. mtges. of both
railway companies,of the withdrawal of its appeal to U. S. Supreme Court
from the decree of this Court, directing the sale of these securities and properties. Compare under Toledo & Ohio Central By., V. 102, p. 2167; V.
103, p. 1606, 1588.
Indianapolis Union Ry.—Litigation.—
This company and its principal tenants, the Cleveland Cincinnati Chicago
& St. Louis Ry.,the Pittsburgh Cincinnati & St. Louis By.and the Vandalia
RR., filed a petition on Oct. 24 in the U. S. District Court at Cincinnati
in the receivership suit against the Cincinnati Indianapolis & Western
By.(formerly a part of the Cincinnati Hamilton & Dayton system and now
separately reorganized as the C. I. & W. RR. Co.), asking the enforcement
of the letters contract for the joint use of the terminal facilities of the
Indianapolis Union Ry. The foreclosure decree, it is asserted, gave no
power to the reorganized co. to renounce this contract.—V. 101, p. 1272.
Interborough Rapid Transit Co.—Bonds Offered.—Lee,
Higginson & Co., Harris, Forbes & Co. and Kissel, Kinnicutt
& Co., all of New York, having sold over 80% of the same
are offering by adv. on another page, at 99 and int. the remainder of their block of $36,686,000 First & Refunding
Mtge. 5s, being all that is left of the total amount of $160,585,000 authorized by the Public Service Commission ha.
connection with the contract between the city and the company for the extension of the rapid transit system.
J,.p, Morgan & Co. as managers for the syndicate organized in April
1912, it is stated, have called upon the syndicate participants to return any
unsold portion of their commitments in order that the entire transaction
may be consummated. It is inferred by sonic that the syndicate will be
dissolved in advance of the original date set, July 1 1917.—V. 103, p.
1592, 1131.
Lake Erie Bowl. Gr. & Napoleon (Elec.) RR.—Sale.—
See Toledo Fostoria & Findlay By. below.—V. 103, p. 1032, 666.
Los Angeles & Salt Lake RR.—Earnings.—
June 30 Yrs. 1915-16.
1914-15. I
1915-16.
1914-15.
Gross earns_$11,244,355 $9,497,896'Gross income..$4,096.940 $2,893,843
Net,aft.taxes 3,987,292 2,796,5231 Int., rents. &c. 2,797,106 2,796,810
Other income_
100,648
97,319 I Bal., surplus_ 1,299,834
97,033
—V. 103, p. 759.
Louisiana & Arkansas Ry.—Extension.—An authoritative statement follows:
Arrangements have been completed whereby the extension to the Mississippi river will be ready for actual operation about Jan. 1. In 1914 the
company built from Jena, La., its previous southeasterly terminus, to
Wildsville Junction, on the oast bank of the Black River 23.68 miles, and
constructed steel bridge at this point. The remaining 25 miles to Vidalia,
La., on the west bank of the Mis.sissippi opposite Natchez, the company
will operate jointly with the Iron Mountain. Now bridges have recently
been constructed along this whole section, and the roadbed has been rolaid
with 75-lb. rails to correspond with the rest of the L. & A. main line.
Freight cars will be transferred across the Mississippi River to Natchez.
The opening of this new line will undoubtedly greatly strengthen the
entire Louisiana & Arkansas road, affording a direct connection with the
Illinois Central system and the Mississippi Central. furnishing for it a now
gateway into Eastern Trunk Line territory, and thus securing a greater
through freight traffic.—V. 103, p. 1787, 1687.
Manila Railway (1906).—Interest Deferred.—
Owing to the delay in the settlement of the agreement between the Philippine Government, the Manila RR. Co. and the above company, the payment of the coupon dated Oct. 15 on the "B" debenture bonds of the company (which is, in accordance with the resolutions passed at the meeting of
bondholders held on July 18 last, at the rate of 3 4% per annum), will be
deferred until further notice. An explanatory circular can be obtained on
application to Messrs. Speyer Bros., 7 Lothioury, London, E. C., Eng.,
or at the company's office. 286 Dashwood House, New Broad St., London, E. 0.—V. 103, p. 145.
Minneapolis St. Paul & Sault Ste. Marie Ry.—Series
"G" Equipment Gold Notes Sold.—Wm. A. Read & Co. New
York, Chicago, Phila. Boston and London, have sold
$1,500,000 (total issue):1%%,Equipment Gold Notes, Series
"G." Maturing $75,000 semi-annually May 15 1917 to Nov.
15 1926, inclusive. Int. M & N. 15 in New York. Denom.
$1,000c. Trustee Empire Trust Co., N.Y. A circular shows:
A direct obligation of the company, issued against equipment whose cash
contract cost is about 15% in excess of the amount of notes. Title to the
equipment is vested in Wm. A. Read & Co., as vendors, in trust for the
noteholders, until all the notes with accrued interest have been paid. The
pledged equipment, all new, consists of 800 box cars, 200 automobile cars
and 250 ore cars. See annual report V. 103, p. 1207.
Nov. 18 1916.1
THE CHRONICLE
1889
The considerable decrease in "other net income" since the receivership
Mount Royal Tunnel & Term.Co.,Ltd.-Modifications. I Is chiefly
due to the relin uishment of the Chicago & Eastern Illinois, which
Holders of the company's 5% First Mtge. (Canadian Northern) Rent paid some dividends to the San Francisco Co., but which proved unprofitCharge debenture bonds dated 1914, £2,400,000 outstanding, were to have able to the latter because requiring fixed charges in excess of income.
voted in London Nov. 3 on approving certain modifications of the trust
The great improvement in operating results above shown has been in no
deed proposed by the company, in order to restrict until the repayment of wise due to increase in traffic rates. On the contrary, the average rate per
certain one-year 5% Secured Gold notes issued by the Canadian Northern ton mile decreased 7% and per passenger mile decreased 8% between 1911
Ry. (V. 102, p. 521) as security for which certain of the aforesaid bonds and 1916. The improvement has been effected chiefly through an increase
have been pledged, (a) the total issue of debenture stock and bonds under in train-load, the number of tons of revenue freight having increased from
the Trust Mortgage to $20,000,000 Canadian currency or the equivalent
220.93 per train mile in i11 to 333.95 in 1916, an increase of 51% in trainand load
in pounds sterling and (b) the price of issue of such debenture stock
during the 5-year period. The average number of passengers carried
bonds and the disposition of the proceeds of additional issues thereof. per train mile increased from 45.73 in 1911 to 52.38 in 1916, an improve-V. 103, p. 1210.
ment of 14%.
Financial Status.-The new company is free of floating debt, other than
Oregon-Washington RR. & Navigation Co.-Bonds current
operating accountsand charges, has ample working capital and
Offered.-Tilney, Ladd & Co. New York, are offelin.g by should
have no difficulty in financing any future additions and improvenecessary to take care of its business with economy and efficiency.
adv. on another page, at 86 Y; and interest to yield 4.75% ments
-The equity behind the Prior Lien Mortgage bonds represented
$1,600,000 First & Refunding Mtge. 4% gold 'bonds dated byEquity.
the present quoted prices of junior securities amounts to more than
Jan. 3 1911, due Jan. 1 1961. Int. J. & J. Amount out- $73,000,000. Equity shown by actual property investment is in excess of
figure.
standing $39,665,035. Principal and interest uncondition- this
Control of New Company.-The entire capital stock is subject to a voting
ally guaranteed by the Union Pacific RR. Compare V. 94, trust, the trustees being: Frederic W. Allen of Lee, Higginson & Co.;
James W.Lusk, receiver St. Louis & San Francisco RR.; Charles H.Sabin,
p. 699. V. 103, p. 1033.
Pres. Guaranty Trust Co.; James Speyer of Speyer & Co.; Frederick
Called.Strauss of J. & W. Seligman & Co.; Eugene V. R. Thayer, Pres. Merchants
-Notes
Co.
Light
Republic Railway &
Supplementing the call of $480,000 3-year 5% Secured Gold Notes Nat. Bank, Boston.; Festus J. Wade, Chairman Mercantile Trust Co..
called
St. Louis.-V. 103, p. 1793. 1688.
company
has
this
1688),
dated Dec. 1 1915 (see "Chronicle," page
for redemption at 10034 and interest the remaining $2,483,000 outstanding
Savannah & Northwestern Ry.-Notes Sold.-William
notes of the above described issue at Fidelity Trust Co., Phila., on Dec. 11.
Under the trust agreement holders of these notes have the right to con- Morris Imbrie & Co., New York and Chicago, have sold
vert them at par into the 7% pref. stock of Mahoning & Shonango By. &
Light Co., the operating subsidiary of the Republic Ry. & Light Co., on at 993/i and int. $1,196,400 Collateral Trust Convertible
or before Dec. 1.-V. 103, p. 1688.
6% one-year gold notes dated Aug. 1 1916, due Aug. 1 1917.
St. Louis-San Francisco Ry.(New Company).-Bonds Denoms.$100,$500 and $1,000. Int. F.& A. Authorized,
Offered.-Lee, Higginson & Co. and the Guaranty Trust Co., $1,196,400; outstanding, $1,196,400. A circular shows:
Notts.-Subject to call at 102 upon 30 days' notice on any int. date.
N. Y., are offering, at 90 and int., $8,516,000 Prior Lien Convertible
at any time at option of holder into 6% First & Refdg. bonds
Mortgage 5% Gold Bonds, Series B, dated July 1 1916 and equal to 105%
of the face value of the notes. Trustee, Euqitable Trust
due July 1 1950, but callable at 105 & int. on 60 days' notice. Co. of N. Y. Secured by First & Refdg. Mtge.67 bonds. 13070 of bonds
Interest payable J. & J. In New York, without deduction for Federal inand
come tax. Denom. c* $1,000, $500, $250 and $100; r* $1,000, $5.000
Stock
$10,000. Application is to be made to list these bonds on the N. Y.
trustees.
and
Daniel
K.
Catlin,
Y.
N.
of
Co.
Trust
Central
Exchange.
$250,000,000
Prior Lien bonds, total authorized issue
Outstanding (as of Nov. 8 1916): Series A 4%, $83,069,075;
108,069,075
Series B 5%, $25,000,000; total
In addition, $10.329,425 Series A 4% bonds have been issued to the
reorganization managers to be applied for the refunding, payment, purchase
or acquisition of $7,688,000 St. Louis & San Francisco RR., Kansas City
Fort Scott & Memphis Pref. Stock Trust Certificates, and $4,099,300
underlying mortgage obligations.
Condensed Extracts from Letter of Pres. W. C. Nixon, Nov. 1916.
The company was incorporated in August 1916 to acquire lines of the
St. Louis & San Francisco RR;Co. and operates a total of 5,339 miles of
road, of which 3,462 miles are owned in fee 1,672 miles are controlled
through ownership of substantially all the capital stock, and 205 miles are
operated under trackage rights. The mileage of the system extends from
St. Louis through tho States of Missouri, Kansas, Arkansas, Oklahoma and
Texas, and serves some of the richest traffic-producing territory in the
central and southwestern parts of the United States. Through the IC. C.
Ft. S. & M. By., which it controls by stock ownership, the St. Louis-San
Francisco system has also a direct through route for traffic from Kaftsas
City to Memphis, Tenn., and Birmingham, Ala.
In the reorganization of 1916 annual fixed charges have been reduced
from $14,886,324 to approximately $9,331,630-a reduction of $5,554,694.
or 37%-of which approximately $2,725,330 is due to the fact that the lines
of Chicago & Eastern Illinois RR. Co., New Orl. Texas & Mexico RR. Co.
and New Orleans Term. Co. were not taken over by tho St. L.-S. F. Ry. Co.
Capitalization of SIISiC171 (as of Nov. 8 1916.)
Prior Lion bonds, Series A 4%, $83,069,075; Series B 5%,
$108,069,075
$25,000,000; total
Underlying bds.[Inci. $9,484.000 Gen.M.5s&6s of 1881-Ed.1_ 13,682,300
6,366,873
Equipment trust obligations
7,688,000
K. C. Ft. Scott & Mom.4% Prof. Stock Trust Certificates
Funded debt of K. C. Ft. Scott & Memphis By. System_
54,919,670
rIlotal bearing fixed charges
$190,725,918
Adjustment Mortgage 6% cumulative income bonds
40,547,818
Non-cumulative 6% income mortgage bonds
35,192,000
Preferred stock 6% non-cumulative
7,500,000
Common stock
50,447.000
In addition, $10,329,425 Series A 4% bonds have been issued to the
reorganization managers to be applied for the refunding, payment, purchase
or acquisition of $7,688,000 St. Louis & San Francisco BR.. Kansas City,
Fort Scott & Memphis pref. stock trust certificates, and $4,699,300 underlying mortgage obligations. Of the bonds not yet is.sudd, $9,484,C00 are
reserved for the refunding or acquisition of St. Louis & San Francisco RR.
Gen. Mtge. 5% and 6% bonds maturing in 1931; $5,306,000 are reserved
to retire an equal amount of equipment trust obligations maturing subsequent to July 1 1917; $6,811,500 5% Series B are issuabie for corporate
purposes, and the remainder not yet issued are issuable in limited amounts
annually under carefully drawn restrictions for new equipment, improvements, extensions, &c. (see "Railway & Industrial Section," page 115).
Security.-These bonds are secured by mortgage (subject to $13,682,300
underlying mortgage bonds, and 36,366,873 equipment trust obligations,
for the retirement of which Prior Lien bonds have boon set aside or are
reserved or ca.sh has been provided) upon the entire property of the company, real and personal, whether now owned or hereafter acquired.
Earnings for Year ended June 30 1916, Compared with Total Fixed Charges.
Operating revenue, $48,403,390; not, after taxes
$13,432,304
Miscellaneous income, less hire of equipment
749,023
Total income being 1 M time total est. fixed charges of new co_ _314,181,327
Total est. annual fixed int. and rental charges of now company_ $9,331,630
Earnings•for the three months ended Sept. 30 1916 show an increase of
$2,768,816, or 24.7%, in total operating revenue and $786,992, or 25.7%,
in total income available for fixed charges as compared with the corresponding period of the previous year.
Earnings, Gross and Net, Available for Fixed Charges (Est. at $9,331,630).
In the three years ended Juno 30 1916, during the receivership, the
physical property, taken over by the present company, received the benefit
of maintenance expenditures, amounting to $44,007,704, or $10,312,594
more than in the three previous corresponding years. In addition, expenditures for actual additions and betterments of way and structures and
reductions in outstanding equipment trust obligations during the same
period have together amounted to $14,252,823. The properties are now
in excellent physical condition.
191243.
Years ending
1911-12.
1913-14.
1914-15. ' 1915-16.
June 305,254
Avge. miles oper.
5,241
5,259
5,252
5,255
Operating rev_ _ _42,100,363 46,050,290 44,923,568 42,974,572 48,403,3f30
Net, after taxes 11,433,191 13,281,756 9,503,754 11,098,924 13,432,304
Other net income 1,459,319 1,379,023
749,911
571,842
749,023
Available for fixed
charges
12.992,610 14,660,779 10,253,665 11,670,766 14,181,327
Results per Mile of Road Oper. (Fixed Chgs. of New Co. Est. at $1,750 P. M.)
Yr.end.June 30- 1910-11. 1911-12. 191243, 1913-14. 1914-15. 1915-16
Operating revenue_ _68,319 $8,032 $8,763 $8,542 $8,182 $9,210
Maintenance expen_ 2,161
2,031
2,253
2,901
2,523
2,950
Transp. and all other
operating expenses 3,491
3,446
3,590
3,425
3,159
3,287
_
taxes_
2,318
2,182
2,528
Net, after
1,807
2,113
2,556
-. 2,768
2,479
Avail. for fixed chi's
2,790
1,950
2,222
2,698
The ratio of transportation expenses to operating revenue decreased from
37.24% in 1912 to 32.03% in 1916. On a gross operating revenue of
$48,403,000 in 1916 this reduction in transportation expense ratio is equivalent to an annual net saving of$2,521,000,due to improved oper. efficiency.
The large increase in ratio of maintenance expenses to operating revenue
means a great improvement in the physical condition of the property.
Maintenance expenses undoubtedly were above normal during the last 3 yrs.
for 100% of notes. The authorized issue of First & Ref. bonds is $5,000,000, but no more bonds can be issued during the life of these notes; $1,000,000 are reserved to retire 1st M.5% bonds,$865,000 now
Properly.-With its leased line and connections, forms outstanding.
part of a through
line between Savannah and Augusta and Savannah and Atlanta. The road
itself extends from Savannah northwesterly 109 miles to St. Clair, on
Georgia & Florida RR.,having trackage rights thence to Augusta,32 miles.
Also operates under traffic arrangement an extension (Savannah & Atlantic Ry.) to Camak, where connection is made with Georgia RR., thus making the shortest line by 28 miles from Atlanta to Savannah, and the logical
route to Savannah for L. & N. RR., Nash. Chatt. & St. Louis and Atlanta
& West Point.
Terminals.-Owns 161 acres of real estate in Savannah for terminals
adjacent to those of Seaboard Air Line, Central of Georgia and the Savannah Union Passenger Station. Has purchased property of Savannah Union
By. & Terminal Co., which extends from the main line to the Savannah
River,and which serves the property of the Port Wentworth Terminal Corp.
comprising about 2,000 acres of terminal property along the Savannah
River. On these properties considerable manufacturing development is
occurring, including the sugar refinery of the Savannah Sugar Refining
Co. and the lumber property, of the Port Wentworth Lumber Co. with
both of which the railway,will have exclusive freight contracts (see below).
Connection with Savannah Warehouse & Compress Co. will provide cotton warehouses and terminals.
Traffic.-The tributary territory ships a diversified traffic, chiefly of cotton, lumber, naval stores and garden truck, to Savannah and Augusta,
and fertilizer, general merchandise and manufactured products from these
'cities. The factory of the Savannah Sugar Refining Corp. (V. 102, p.
350, 2347) at Port Wentworth will have an output of 500 tons of sugar
per day. The Port Wentworth Lumber Co. (V. 102, p. 1351) will have
a daily capacity of 150,000 feet of lumber, and will also use the railway to
haul logs on a basis which should yield a minimum net revenue of $30,000
a year. The net proceeds from these two plants alone are estimated at in
excess of $93,000 per annum.
Valuation.-Westinghouse, Church, Kerr & Co.as of April 23 1913 valued
the tangible assets at $2,709,574. Subsequent investments for road and
equipment have increased the actual property account to $3,300,127, exclusive of ordinary improvements.
Directors.-C. W. Skinner, Waynesboro; Richard Billings, N. Y.; T. P.
Goodbody, V.-Pros. Port Wentworth Terminal Corp., Savannah; E. T.
Comer, Pres. Bibb Mfg. Co., Savannah; E. M. Frank and R. M. Hitch,
Savannah; James Imbrie, William Morris Imbrie & Co.. N. Y.; John
Heard Hunter (President), Mills B. Lane, Pres. Citizens'& Southern Bank,
Savannah; H. D.Stevens, Savannah; John F. Wallace, Pres. Westinghouse,
Church, Kerr & Co., N.'Y.-V. 102, p. 346.
Southern Ry.-Equipment Trust Certificates.-Droxel &
Co., Phila., have purchased $5,100,000 4
Equipment
Trust Certificates, dated Nov. 15 1916, to mature $255,000
semi-annually. The issue is secured by more than $6,000,000 of equipment.-V. 103, p. 1593, 1413.
Third Ave. Ry.-New Director.E. A. Manice has been elected a director succeeding George W. Davison,
who resigned.-V. 103, p. 1033.
Toledo Fostoria & Findlay Ry.-Acquisition.This company has purchased the property of the Lake Erie Bowling Green
& Napoleon (Electric) RR. for $55,000, and it is stated will rehabilitate
it and operate it regularly between Pemberville to Bowling Green, Ohio,
12 miles. The property was sold at receiver's sale in Toledo Aug. 5 last
to Theodore Luce. Chairman of the committee of holders-of First Mtge 5%
bonds ($353,500 out.), who began dismantling the road.-V. 78. p. 704.
United Railroads of San Francisco.-Opposition to
Plan.-The Mercantile Trust & Deposit Co., Baltimore, in
an adv. on another page, announces its disapproval of the
plan of reorganization (V. 103, p. 1303), saying:
As owners of, and the representatives of owners of, a substantial amount
of bonds of the 4% Gold Bonds, we have studied the proposed plan of
reorganization of the United Railroads of San Francisco, and are convinced
that the position of these bonds entitles them to better treatment than they
are offered.
It is our opinion, after a careful examination of the financial condition of
the company, that a reorganization can be effected, which, while fair and
just to the holders of the junior securities, insures to the holders of the 4%
bonds a more advantageous settlement than proposed by the present plan.
To effect such a reorganization will require concerted action on the part
of the holders of a large number of the bonds. We are advised that only
$6.000,000 of the total $23,000,000 bonds have been deposited as consenting to the proposed plan.
We wish to locate the holders of the undeposited bonds, and request
that they communicate with us as promptly as possible. If the holders of
sufficient bonds co-operate with us, arrangements will at once be made
looking to the appointment by the holders of a committee who will actively
endeavor to obtain more advantageous terms for those bonds in the reorganization.
The trust company reports a favorable response to its appeal for co-operation in this matter.-V. 103. P. 1303, 1299.
Utah Securities Corp.-Purchase of Notes.-The Guaranty Trust Co., having on deposit $1,200,314 for repurchase
of the 10-year 6% gold notes of 1912, at not over 101 and
int., will receive sealed proposals to sell same until 12m.
Nov. 17.-V. 102, p. 2252, 2167.
West End Street Ry.-New Bonds.The Mass. P. S. Commission has been asked to sanction the issue of
62.700,000 30-year 6% bonds to be dated Feb. 1 1917, to refund $2,700.000
of 4% bonds of 1897. due Feb. 1 1917.-V. 103, p. 1303, 321.
1890
THE CHRONICLE
[VOL. 103.
Automatic Carburetor Co., Chicago, Ill.-Pref. Stock
Western Maryland Ry.-Plan Approved.-Shareholders
on Nov. 17 approved and adopted the plan of financial re- Offered.-Robert A. Gunn & Co., Chicago, are offering,
adjustment, as published in full in V. 103, p. 1700, and the by advertisement on another page, at par $10 per share,
directors wcre authorized to take the necessary action tcr $200,000 7% Cumulative Prof. stock. A circular shows:
Preferred as to assets and dividends, with full voting power. Red., all
carry it into effect. See plan V. 103, p. 1700, 1689.
or part, after Jan. 1 1919 at 110%. Divs. Q.-J., beginning Apr. 1 1917.
Wheeling & Lake Erie RR.-Assessment.-Kuhn, Loeb
No additional stock shall be issued or bonded indebtedness created without the consent of 75% of the preferred stockholders. A sinking fund for
& Co. and Blair & Co., as reorganization managers, an- the
ultimate retirement of the pref. stock shall be set aside from the surplus
nounce, by adv. on another page, that holders of First and earnings
(after the 7% pref. and not more than 7% on the common is paid,
Second Preferred and Common stocks are required to pay, and also after reserving sufficient to pay two years' dividends on the pref.)
(No mortgage of banded debt)Authorized. Outstanding.
on or before Dec. 8, at the Central Trust Co., depositary 7%Capitalization
cumulative stock
$200,000
$200,000
under the plan, $27 for each share of stock held. Holders Common stock
800,000
800,000
so desiring may pay $12 of this amount Dec. 8 and the Data from Letter of Pres. E. S. Church, Chicago, iii., Nov. 1 1916.
Organization.-Organized in 1915 (in Ill.) with a capitalization of $150.balance, $15 at 6% interest, any time within the six months 000.
Manufactures the "compensating vapor plug,' a device utilized in
following. Additional deposits will be accepted until and the intake manifold of automobiles, which we claim gives 30% more power,
more speed and 40% more mileage. Has also developed the Church
including Dec.8, on condition that holders of the certificates 30%
gasoline feed a system designed to overcome the defects in suction, vacuum
of deposit on or before the date mentioned make payment as and pressure'feed systems. Also owns patent rights for Blitz vapor plug.
The bringing out of the Church gasoline feed makes it necessary to secure
above provided.
additional capital, and we are therefore increasing the capital stock to
Payment of Receiver's Indebtedness.$800,000 common and $200,000 7% preferred.
Payment to holders of certificates of indebtedness (other than those
maturing Mar. 1 1926, and receivers Equip. Certfs. Series A.) of the
receiver of this company will be made upon presentation on Dec. 11 to the
special master at the Citizens Savings & Trust Co., Cleveland.-V. 103,
p. 1689. 1594.
INDUSTRIAL AND MISCELLANEOUS.
American Chicle Co.-Purchase.-The company. it is stated, has taken possession of the properties of the
Sterling Gum Co. which were purchased through the medium of the American Chicle Co., Inc., of New York.-V. 103. p. 1594.
American International Corporation.-Purchase of N.
Y. Shipbuilding Co.-An authorized statement issued on
Wednesday says in part:
The American International Corporation, the International Mercantile
Marine Co., W. R. Grace & Co. and Pacific Mall Steamsnip Co. have purchased the properties of the New York. Shipbuilding Co. (V. 82, p. 695)
of Camden, N. J.
The New York Shipbuilding Co. now has contracts which will fill the
present capacity of the yards through 1917. In order to assist in meeting
the requirements of the Government's construction program, a certain
amount of Government work, if offered, will probably be taken by the new
company, althougn the demands for the renewals of the fleets of the companies purchasing the yards. together with private business now on hand
and in contemplation, will it is estimated, use the entire capacity of the
yards and proposed extensions for the next five years.
It is proposed to organize a new corporation which will take over the assets and property of the New York Shipbuilding Co. The majority interest in this corporation will be owned by the American International Corporation, International Mercantile Marine Co., W. R. Grace & Co. and
the Pacific Mall SS. Co. It is possible that a portion of the stock of the
new corporation Will be offered for public subscription at a later date.
The New York Shipbuilding CO. has one of the most efficient plants in
America, and it is equipped for the building of steel vessels both mercantile
and war and of various essentials such as marine engines and boilers. It
has five shipways equipped; its present capacity being 100,000 tons per
annum. Recently a 7,000-ton dead weight freighter was built and the
trial run made in the remarkable time of 14 weeks. During the past 10
years the company has turned out the armored cruiser Washington, the
battleships Kansas, New Hampshire, Michigan, Arkansas and Oklahoma,
eight destroyers and a number of battleships for foreign Governments.
The battleship Utah is now in the course of construction in the yard.
The proposed immediate extension contemplates the building of two
shipways 150 feet wide by 1.000 feet long. These ways will give an additional capacity of at least 50%. The machinery and equipment now in
use is practically all of the latest and most efficient type. The present
staff, which has made an excellent record, will be retained.
[Attention is also called to the scarcity of tonnage the world over, the
overcrowding of yards with repair work and naval construction, which.
together with the destruction of vessels due to the war, is preventing the
normal output, with the result that on Jan. 1 1917 the world's tonnage will
aggregate probably only about 48,000,000 tons, against a normal 53,000,000;
the shortage of materials abroad which is curtailing Norwegian, Danish
and Dutch output and sending orders to America; the ability of this country
for the first time to compete on a relatively even basis of cost; the naval
program of the U. S. calling for the early construction of 66 vessels of 382,000 tons displacement; and the fact that a large proportion of contracts are
now entered into on a cash plus 15 or 20% profit basis, by which all likelihood of loss due to rising prices of labor or material is eliminated.]-V.103.
p. 1303, 845.
Estimate of Earnings for 1917.
Gross income from prospective sale of 1,000 gasoline feeds and 1,000
plugs daily, $750,000; net after taxes, $623,995; 7% divs. on stock $70,000.
Directors and Officers.-E. S. Church (Pres.), H. M. Slaymaker (Sec. &
Treas.), Albert Dahler (Asst. Dist Supt. the Pullman Co., Chicago), P. C.
Hart(Gen. Mgr. C. M. & St.P.By.Co., Chicago), E. W.Macavoy (Pres.
Macavoy Advertising Co., Chicago), Wm. H. Schmidt (V.-Pres. Northwestern Trust & Savings Bank, Chicago), C. B.Stephenson (Pres. Stephenson Underwear Mills, South Bend, Ind.).
Butterick Company.-Dividend Omitted.-The directors,
in passing the regular quarterly dividend due at this time,say:
Under usual conditions the company would at this time declare a dividend
on the stock of the company. Under existing conditions in the publishing
business [notably the high price of paper.-Ed.] your directors feel that
the best interests of your company make a dividend distribution inadvisable. The policy of strengthening the company's resources not only establishes its ability to meet any further advances in produce costs, but also
Insures return to a position where a resumption of dividends will be warranted. Your directors wish to assure you of their complete confidence
inIthe future of the company.
The company paid 3% annually on the $14,647,200 stock in the last six
years.-V. 102, p. 1985.
Calumet & Hecla Mining Co.-Dividend Increased.A quarterly dividend of $25 per share has been declared on the $2,500,000
stock (par $25, of which $12 is paid in), payable Dec. 20 to holders of record
Dec. 2. In Sept. $20 was paid.-V.103, p. 845. 495.
Chalmers Motor Co., Detroit, Mich.-Further Data.In connection with the offering noted in last week's "Chronicle," of 264,000 shares of no par value, at $35 per share, by
J. S. Bache & Co. and Chas. D. Barney & Co., both of New
York, the following additional information is furnished in a
letter to the bankers, dated Detroit, Nov.4 1916, and signed
by Hugh Chalmers, Pres. and Gen. Mgr.:
Organization.-OrigLnally incorporated in Mich. in 1908 as successor to
the E. R. Thomas Co., Detroit. Also owns the entire capital stock of the
Chalmers Motor Co. of Canada, Ltd., incorporated Jan. 22 1916 in Ontario, auth. capital $1,000,000.
Capitalization.-Originally incorporated for $300,000 common stock,
par $100. This was increased to $5,000.000 common stock and $2,000,000
preferred stock, the entire increase in common stock resulting from stock
distributions, the principal one being 900% in Aug. 1910, when a cash dividend of 30% on the new capitalization was also paid. Regular common
cash dividends of 10% per annum have been paid since organization, together with 7% on the preferred. With the exception of the sale of 32,000000 preferred stock, the increased capitalization and the present net tangible assets of approximately $8,000,000 have been paid out of surplus earns.
Property.-Owns its own plant, a site of 42 acres with 23 main buildings,
of latest steel and concrete fireproof construction. Total floor space about
900 000 sq. ft. Also owns and operates its brass and iron foundry and is
equipped to manufacture every essential part. The company employs
5,500 men; this number will be increased after contemplated additions are
completed. Cars are marketed through 1,500 distributors and dealers.
Production.-Up to 1916 the company operated on a basis of about 7,500
cars yearly, at prices from $1,650 to $3,000; but a year ago wont into the
manufacture of a lower priced car and is now running at the rate of 25,000
cars per annum, all 6-cylinder machines. Contemplated production for
1917, 30,000 cars. The company is making a "quality" car and selling it
at a "quantity" price. The company manufactures one model, building
it as five and seven passenger retiring cars, roadster. cabriolet, touring sedan,
town car and limousine, at prices from $1,070 to $2,.550.
American Linseed Co.-Dividends-Earnings.---While 1916 is our record year, this has not resulted from the European
A dividend of 3% has been declared on the ($16,685,050) pref. stock,
we are doing some business with South America, Australia,
payable 1%% Jan. 1 1917 to holders of record Dec. 15, and 13,i% July 1 war, although
Zealand, Spain, France and other foreign countries. The company
Now
1917 to holders of record June 15. This is the first payment since Sept. has never
manufactured commercial trucks, but has confined itself to pleas1900, when 13i% was paid. There is also $16,643,200 of common stock ure cars alone.
For data regarding assets, current earnings, dividend
outstanding.
policy, &c., see V. 103, p. 1794.1 .
Earnings for Sept. 30 Years.-
Total,
Int. on Balance,
Net
Sept. 30 Gross earns. Operating
Year. (all sources.) Expenses. Earnings. for, money. Surplus. Surplus.
1915-16.32,847,484 $1,347,147 $1,500,336 $23,518 $1,476,817 $4,055,245
1914-15. 2,51%467 1,437,806 1,081,661 74,030 1,007,630 2,578,427
-V. 102, p. 1719.
Amer. Pneumatic Serv. Co.-Earns. 9 Mos. to Sept. 30.
1916.
1916.
1915.
1915.
9 mos. to Sept. 30
Mail Tube Co.._ _ _3267,866 $273,846 Total income.._ _ _3392,608 $320,819
38,384 General expenses.. $58,317 $27,675
Lamson Co
118,753
72,142
Other income_ _ .._
5,989
8,589 Int. & sink. fund_ 72,396
Total Income..-$392,608 $320,819
Net earning.. _ _3261,895 3221,002
Orders for 10 months of the Lamson Co. show an increase of $656,454
over the same period last year.-V. 103, p. 580. 240.
American Rolling Mill Co.-Stock Dividend-Merger.A stock drvidend of 13.38% has been declared on the common stock, payable Nov. 15 to holders of record Nov.6
thus distributing all common stock in the treasury.
The "Cincinnati Enquirer" of Nov. 1 said: "The declaration of this dividend, it is stated, is a step preparatory to a,
merger of this company with another company and a readjustment of the capital, which, it is expected, will be consummated in the near future."-V. 103, p. 1304.
American Ship Building Co.-Sale.See Western Dry Dock & Shipbuilding Co. below.-V.103, p. 1591, 1414.
American Sugar Refining Co.-New Vice-President.Robert M. Parker has been elected an additional Vice-Pres., with headquarters at New York.-V. 103, p. 1304, 62.
Atlanta (Ga.) Steel Co.-October, &c., Earnings.Gross
Int.
Replac't Pref. Divs. Corn. Divs. Bal.,
Period
Slap.
EndingEarns. Charges. Reserve. (3%%)• (4%%).
$68,189
M o. of Oct. 1916_ _$83,189 $5,000 $10,000
10mo.to Oct.31'16.762,525 53,000
85.000 $43,750 $45,000 535,775
-V. 103, p. 1509. 1033.
Consolidated Arizona Smelting Co.-Interest.This company begun on Nov. 15 paying the interest at the rate of 5%
for the fiscal year ending Dec. 31 1916 on its (about) $912,000 outstanding
Convertible Income bonds, at the Equitable Trust Co., New York.-V.88.
p. 161.
Continental Coal Co.-Plan-Status-Suit on Guaranty.
-The foreclosure sale has been postponed till Nov. 25,
pending application by the guarantor railroads for authority
to purchase the bonds. See V. 103, p. 846.
Digest of Statement Oct. 24 bY 1st Mtge. Committee. Charles H.
Sabin, Chairman.
Deposits.-All but 139 of the total 1,569 bonds outstanding have been
deposited with your committee, up to and including Oct. 23 1916. [Further
deposits are being received at Guaranty Trust Co., subject to approval of
the committee.]
Plan.-Under this reorganization plan it is provided that in case your
committee has to bid in the properties they will be transferred to a new
company which will issue to the bondholders 5% prof. stock to the full
amount of your bonds and interest accrued to date of transfer. Total pref.
stock not to exceed $1,800,000.
Common stock to one-half the amounts of the issue of preferred stock
is to be issued and delivered to George M. Jones, or the George M. Jones
Coal Co., or order, in consideration (1) of their providing a purchaser for,
or purchasing, the 1st M. bonds (which must be issued to take care of the
8425.000 receiver's certificates, expenses of reorganization, limited to
$40,000, and for betterments and improvements). (2) for $50,000 in oash
to be paid to the new company, and (3) of the execution of a contract,
whereby the George M. Jones Coal Co. agrees to purchase the coal of the
new company on the commission basis. [First Mtge. bonds authorized
to be $500,000 First Lien Series A and $200,000 2d lion Series B.]
In case the amounts sought to be recovered in the action against the railroad companies are thereafter collected, they are to be applied in the purchase and redemption of the new preferred stock. In case, however, the
litigation against the railroad company should be unsuccessful, or in case
the Judgments should not be collected, it is hoped that the preferred stock
will be eventually paid off if the operations of the new company are successful. Mr. Jones is one of; he most successful coal operators in Ohio.
Foreclosure Sale.-Under decree of U. S. District Court for the Southern
District of Ohio, the property is advertised to be sold under foreclosure
Unless the railroads, as guarantors, pay the principal and interest on
the bonds before the sale, or unless some satisfactory purchaser appears
It will be necessary or the bondholders to bid in the property in ordert3
Nov. 18 10164
THE CHRONICLE
1891
General Chemical Co.-Extra & Special Dividends$500.000 and the proceeds are to be
prevent its loss. The upset price is sale;
Expenses and compensation Common Stock Offering.-The directors on Nov. 17 declared
applied to payment of (1) Costs ofinterest(2)
(now
receiver's
of
certificates
and
principal
the
of receiver and
profits of 1916 an extra dividend of 5% and a special
amounting to $425,000); (3) Expenses of foreclosure case; (4) Any balance out of the
to the bondholders.
- dividend of 15% on the $13,110,000 common stock, payable
the
in
actions
Supreme
brought
committee
-Your
Common
Railroad Guaranties.
Toledo & Ohio Central Ry. Co. Feb. 1 1917 to holders of record Dec. 30 1916.
Court of New York County, against the
the guaranties. The cases against stockholders of record Dec. 30 will also, it is announced, be
and the Hocking Valley By. Co., upon
for
our
favor
in
in
a
judgment
resulted
finally
Central
to common stock at par
the Toledo & Ohio
deposited up to mid-day of Oct. 19 given the privilege of subscribing
the full principal amount of all bonds
registered holdings,
respective
with
their
1,569),
interest
of
outstanding
total
the
20%
of
of
out
extent
number
the
to
in
1916 (1,425,
or an aggregate Judgment of 61,for in full prior
paid
and
received
be
s
from the date of first default, and costs,
subscription
provided
on this judgment at the rate of 6% from
547,982 33. Interest will accrue
will
judgment
in
the
be
included
to
late
1917.
too
1
deposited
Feb
bonds
to
All
its date.
be mailed to each common
either be covered by its payindnt, if and when paid, or covered by suppleEarly in Jan. 1917 a form of subscription willwhich
he is entitled to submental suits.
stockholder showing the number of shares forhis
of
all
cover
the
will
properties
sale
foreclosure
extra and special dividend,
-The
of
Property.
amount
Mortgaged
scribe together with a check for the
the company, which include about 450 acres of coal lands owned in fee, and which check may be used in payment of his subscription.
about 15,OCO acres held under mining leases, all situated in the Hocking
Valley field, in the Counties of Athens,Perry and Hocking, Ohio. In addiThe directors also voted yesterday to increase the regular
tion there are about $639,000 of prepaid or advanced royalties, about 6160,on the common stock from 13/2% to 2%, payable
dividend
of
the
out
of
proceeds
made
improvements,
and
additions
repairs,
of
000
receiver's March 1917 to holders of record Feb. 21 1917.-V. 103,
receiver's certificates, any cash balance remaining from the said
the receiver's
certificates (being at this date approximately $100,000) and
share of the profits of operations under the contract with the Continental p. 1510, 496.
aforesaid coal
Increase.
Mining Co., probably amounting to about $40,000. The
General Roofing Manufacturing Co.-Capital
of 1 yi inch coal.
- certified to the
properties are estimated to contain about 76,000,000 tonsall
Nov.9
This company, with a plant at East St. Louis, on
the above-mencapital
authorized
From about July 1 1905, until about March 4 1916,
the
in
increase
an
Ill.,
Springfield,
at
State
of
Creek Coal Co., and Secretary
Browne is Pres. and
tioned coal properties were under lease to the Sunday
on the stock from $2,000,000 to $20,000,000. George M.
the rental therefor, included interest and sinking fundAtpayments
See V.102, p. 1814.
Louis.
St.
of
both
Sec.,
Schafly,
such
of
F.
time
J.
the
lessors.
several
the
bonds and the royalties payable to
&c.lease, the stock of the Sunday Creek Coal Co. was owned by The Toledo &
Gulf States Steel Co.-New Director-Earnings,
National Bank,
Ohio Central By. Co. and the Hocking Valley Ry. Co., the railroad corporaLewis L. Clarke, President of the American Exchange
tions which severally had executed their guaranties on the bonds of the
director.
a
elected
been
Continental Coal Co. In 1914 these railroad companies were required to has
October was $364,471, and
The net operating income for the month of
dispose of such stock under the decree entered in the Government suit
reserves, the net income was
after allowing for depreciation, taxes and 1916
against them under the Sherman Anti-Trust Law. Subsequent to the sale
(net). The net operating
Sept.
over
$106,227
of
increase
an
$335,251.
deCo.
of such stock by the railroad companies, the Sunday Creek Coal Co., as income for 10 months ending Oct. 31 1916 was $1,945.000, against $451,000
faulted in its obligations under its lease from the Continental Coal
311915. The results for Oct. are a record both
Oct.
ending
months
10
for
guaranties,
their
under
their
in
obligations
companies
did also the railroad
as to earnings and shipments offinished products.-V.103. P. 1510. 1034.
Coal Company.
resulting in the defaults of the bonds of the Continental
Coal Co. ceased operating.
In August 1915, the mines of the Continental
Hawaiian Commercial & Sugar Co.-Extra Dividend.about
aggregating
payments
royalty
minimum
These mines were subject to
An .ra dividend of $1 (4;to) has been declared on the stock (par $25)
the cessation of operation was not only to
$260,000 a year. The result of
but also caused serious danger of along N1 th the regular monthly 25 cents (1%), both payable Dec. 5 to
allow the property rapidly to depreciate
The most important leases owned are holders of record Nov. 24.-V. 102, p. 1252.
forfeiture of all the leased property.
containing an estimated amount of
(1) that from the Sugar Creek Company
Holmes Mfg. Co., New Bedford, Mass.-Extra Dividend.
that from the Republic Coal Co.
coal of about 37,000,000 tons, and (2)
Press reports state that this company has distributed an extra dividend
tons. The Continental Coal Co. had
containing an estimated 23,000,000
that the mines at once be put into of $10 a share on Its common stock in addition to its regular dividend of
no selling force, and it was imperative
also for immediate use $425,000, viz., $3 per share.-V. 88. v. 1440.
operation. There was required
in default, $75,000 for cleaning up the
$150,000 to pay past-due royalties
Houston (Tex.) Lighting & Power Co.-Bonds Offered.
mines, about $150,000 for necessary repairs, and the balance to cover a loss
in operation and payment of royalties until the mines could be gotten into -Paine, Webber & Co., New York, Boston and Chicago,
operating condition. The committee, on May 2 1916, with the approval
(new issue) First
of the court, entered into a tentative agreement with George M. Jones, are offering at 100 and interest $150,000
providing for the issue of $425.000 6% receiver's certificates to be sold at a Mortgage 5% Sinking Fund gold bonds dated April 1 1911,
price of not less than 983 %,and the execution of an operating contract
at 105 and int. Circular shows:
lay the receiver with the George M.Jones Coal Co.(of which Mr.Jones owns due April 1 1931, but callable
Issued.
Authorized.
all, or substantially,all, the stock) for a period offive years whereby the Geo.
Capitalizationprocoals
the
all
the
from
to
purchase
receiver
agree
would
Co.
Jones
$2,000,000 $2.000.000
M.
Common stock
1.685,000
5,000.000
duced at the mines,less a commission and selling charge of 10% of the selling First Mortgage 5s, due 1931
price, the minimum commission to be 10 cents per ton. As a result the
Earnings for Year ended Sept. 30 1916. Net 334 Times Bond Interest.
properties were put into immediate operation producing these earnings: Gross
$84,250
$781,685 Bond interest
earnings
$242,952
1916.
Sept.
for
$327,202 Balance
and
Net, after taxes
Profit Statement for Three Months ended Aug. 31 1916
3 Mos. Sept. '16.
light and power, without competition, to the
electric
supplies
Revenues
Company
4;393,108 $167,152 city of Houston, Tex., and surrounding territory, serving a population in
Sales of coal (8387,103). miscellaneous ($6,C05)
Expenses pay-rolls ($293,180), supplies 419.235), royal- 354,988 145,432 excess of 85,000. Owns power plant with a capacity of 9,600 h.p., underlines
ties ($26,212), general overhead ($16,362)
ground conduit mains in the down town district and 160 miles of poleComare connected 143,000 incandescent and 1,550 arc lamps.
$38,120 $21.720 to which
V. 94, p. 211; V. 96, p. 1024.
Net profit
pare
& Hocking Coal & Coke Co.
[The committee representing the Kanawha
the T.& 0.0. and Hock. Val. Rys for
Independent Brewing Co.-Dividend Resumed.has also obtained judgment against
with it ($2,389.000 out of
deposited
bonds
common
the
of
interest
and
principal
A dividend of % of 1% has been declared on the $4,500,000
full
prothe
are
these
in
and
included
guaranty,
the
of
account
$3,500,000) on
stock, payable Dec. 15 to holders of record Dec. 6. This is the first payposed purchase by the railroads. See V. 103, p. 846.
ment since Nov. 1907.-V. 101, p. 1555.
Copper Range Co.-Extra Dividends.-
An extra dividend of $1 per share and a special dividend of $1 per share
has been declared on the stock along with the regular quarterly $1 50, all
payable Dec. 15 to holders of record Nov. 25. In Juno and September last
$1 extra was paid.-V. 102, p. 1720.
Corn Products Refining Co.-Final Dissolution Decree.
-Judge Hand in the U. S. District Court at N. Y. City on
Nov. 13 handed down his final decree in the Government
anti-trust suit, ordering the company within 120 days, under
penalty of a receivership, to file with the Federal Trade Commission a satisfactory plan for the division of its factories,
business and assets into such parts of separate ownership as
shall be necessary to restore competitive conditions.
Among the defendants in the suit are the National Starch Co., St.
Louis Syrup & Preserving Co. and Novelty,Candy Co., all controlled by the
Corn Products Refining Co. by stock ownership, and also various
officers and directors of the several corporations. The decree recites a number of unfair methods of competition of which the company has been adjudged guilty and enjoins the defendants from continuing
or resuming any of the same. These practices as described include: (a)
Profit-sharing with glucose purchasers for their entire trade. (b) Threatening invasion of business of Royal Baking Powder Co., to limit and
partially control starch and glucose output of American Maize Products
Co. (c) Using Manierre Yoe Syrup Co. to get control of Novelty Candy
Co., with glucose factory at Clinton, Ia., and to sell three of its four plants.
(d) Attempted control of market through sale of glucose at or below cost
and starch at a narrow margin. (e) Manipulation of grape sugar prices.
(f) Efforts to manipulate railroad rates for glucose, &c. (g) Informal understanding with other starch producers, to maintain price-all with the
intent to maintain its monopoly.
Jurisdiction of the case is retained pending dissolution. Compare V.
103, p. 1689, 1595.
• Crucible Steel Co. of America.-Accumulated Dividend.
-A dividend of 131% has been declared on the $25,000,000
pref. stock on account of accumulations, along with the
1.%, both payable Dec. 21 to holders of
4
regular quarterly 13
4% accumulated preferred
record Dec. 7. This leaves 183
dividends.-V. 103, p. 1790, 1595.
(The) F. & D. Co.-Voluntary Petition in Bankruptcy.This company, owners of Madison Square Garden, on Nov. 13 filed a
voluntary,petition in bankruptcy in the U. S. District Court at New York,
the chief creditors being: (a) the Now York Life Insurance Co., which
holds a first mortgage on the property of $2,300,000, the total amount
now duo including interest and taxes,$2,444,841; and (b) Thomas W.Joyce,
holder of a second mortgage amounting to $650,000.
The company has been for several months in charge of Ex-Judge Edward
E. McCall, as receiver, in action in the State courts. The New York Life
Insurance Co. on June 15 last began suit to foreclose its $2,300,000 mtge.
The property will be sold at auction Dec. 8.
Federal Mining & Smelting Co.-Dividend Increased.-
A quarterly dividend of 1 % has been declared on the $12,000,000 pref.
stock, payable Dec. 15 to holders of record Nov. 22. This compares with
1% quarterly since 1915:5% in 1914; 6% in 1912 and 1913, and 7% from
1905 to Doc. 1911, inclusive.-V. 102, p. 2344.
Fisher Body Corporation of N. Y.-October Sales.-
The sales for Oct. 1916 amounted to $1,470,000, against $773,000 for
Oct. 1915.-V. 103, p. 1690, 1510.
International Harvester Co.-Dissolution Suit.-
Counsel for this company has asked the Supreme Court to set the Government's anti-trust suit against the company for Feb. 26 for reargument.
-V. 102, p. 2083, 2072.
International Mercantile Marine Co.-Joint Purch.-
See American International Corp. above.-V. 103. p. 1690. 1415.
International Motor Co.-New Co. Incorporated.-
See International Motor Truck Co. below.-V. 103, p. 1690, 1595.
International Motor Truck Corp.-Incorporated.-
TnIs company was incorporated on Nov.8 at Albany with 71.046 shares,
par
par $100, of preferred stock and 53,638 shares of common stock of no and
value, to carry on business with $7,372,790, to succeed to the business
assets of the International Motor Co. See plan, V. 103, P. 1415, 1690.
International Power Co.-New Receiver.-
Chancellor Walker at Trenton on Nov. 16 appointed ex-Gov.E. C.Stokes
receiver to succeed the late Wilbur F. Sadler Jr.-V. 101. p. 1373.
Interstate Electric Corp.-Pref. Stock Offered.-A. E.
Fitkin & Co., New York, Boston and Chicago, having sold
about two-thirds of the amount, are offering, by adv. on
another page,at prices yielding 7%%,the remainder of the
total present issue of $680,000 7% pref.stock. The bankers
report in substance:
Organization-Properties.-The corporation, organized in 1913, owns:(a)
all of the outstanding stock of the following (except $25,000 San Angelo
Union
Water, Lt. & Pow. Co. pref. stock): Corry City (Pa.) Elec. Lt. Co..TownCity (Pa.) Elec. Lt. Co., Concord Township (Pa.) Pow. Co., Wayne
Township, Pa., Great Bend
ship (Pa. Pow. Co.. Home Pow. Co., Union Towhip,
Water & Elec. Co., Hoisington (Kan.) Elec. & Ice Co., Trenton
Peoples
Mo.) Gas & Elec. Co., Trenton (Mo.) Ice & Refrigeration Co., &
Pow.
Gas & Elec. Co., Chillicothe, Mo., San Angelo (Tex.) Water. Lt.
BallinCo.,
Ice
Arctic
San
Angelo,
Co.,
Line
Transmission
Texas
West
Co.,
Consumers
Co.,
Water
Laredo
Co.,
Pow.
ger, (Tex.) Ballinger Elec. Lt. &
Ice Co. and
Ice & Fuel Co., Laredo, Palestine Water-Works Co., Palestine
between
Winters (Tex.) Elec. Lt. Co. (b) High tension transmission lines
Angelo,
Great Bend and Hoisington, Kan.; Trenton and Laredo. Mo.; San
Ballinger and Winters, Tex.; Erie, Waterford, Union City, Elgin and
125,000
about
served,
Corry, Pa. Population
Authorized. Outstanding.
Capitalization$1,000,000 $1,000,000
Common stock
680,000
1,000,000
Preferred stock (7%) par $100
1,165.000
2,000.000
mortgage)
(closed
6s
First lien
835,000
Reserved to retire underlying bonds
Franchises.-Are without burdensome restrictions and of satisfactory
unlimited.
length, some
Equity and Dividends.-Replacement value of the subsidiary properties
undertotals $3,342,730. as of Sept. 11916. Total bonded debt, including
twice the
lying liens, $2,000,000. leaving an equity of $1,342,730, or77
amount of the outstanding $680,000 pref. stock upon which apaid annual
on the
dividend is being paid. Dividends at the rate of 2% being
outstanding $1.000,000 common stock.
31:
Aug.
ended
year
-For
Earnings.
1916.
1915.
1916.
$210,992
Gross income_ __ _3644,630 $567,569 Balance
69.900
Elec.6s_
Int.
Interstate
Ann.
$228,864
Net, after taxes_ _$260,697
$141,092
Surplus
Ann.int.und'g bds. 49,705
Management.-Operated under the direction of the General Engineering
& Management Corporation. See also map in Railway and Industrial
Section.-V. 103. p. 1795, 941.
1892
THE CHRONICLE
Iron Steamboat Co. of New Jersey.-Earnings.Oct. 31 Year. 1915-16.
Gross receipts $298,007
Op.exp.& tax. 241,688
Net earnings_
56.315
-V. 101. p. 1626.
.Narragansett Electric Lighting Co., Providence.Right to Subscribe for $1,000,000 New Stock.-
1914-15.
1915-16.
1914-15.
$274,172 Bond interest_
$22,970
$22,970
270.195 Divs. (5%)_ _
18.262
18,262
3,077 Balance
sur.15,084 def.37,254
Shareholders of record Nov. 25, it is announced, will be permitted to
subscribe at par for 20,000 shares (par value $50), to be dated Jan. 2 1917.
in the ratio of one new share for every 7% old shares
es now held. Subscription warrants will be distributed Nov. 25. The present capital stock is
$7,500,000. having been increased by $1,000,000 last July in exchange for
maturing convertible debentures.-V. 102. p. 2171, 804.
Kanawha & Hocking Coal & Coke Co.-Judgment, &c.
See Continental Coal Co. above.-V. 103, p. 1795, 848.
Nassau Light & Power Co.-New Stock.-
(S. S.) Kresge Co., N. Y. City.-Sales.19113-October-1915.
Increase. 1916-10 Mos.-1915.
$2,374.600 $1,882,680
-V. 103, p. 1122.
Application has been made to the New York 1'. S. Commission for
authority to issue $531,000 capital stock on account of additions and
betterments.-V. 102, p. 890.
Increase.
$491,920 $19,711,136 $15,686,535 $4,024,101
I
Latrobe-Connellsville Coal & Coke Co.-Bond Call.-
Eighty-six ($86,000) 1st M. 20-year 6% gold bonds of 1931 have been
called for payment at 102 and interest on Dec. 1 at Commercial Trust Co.,
Philadelphia, trustee.-V. 93, p. 232.
Lee Rubber & Tire Corporation.-Operations.-President A. A. Garthwaite recently said in substance:
At present we are producing about 1,000 tires per day, or about 200 tires
below capacity, due to the removal of the miscellaneous machinery from the
tire plant into the new building constructed for miscellaneous manufacture
and also to moving about of the tire machinery. Our production will be
increased almost Immediaetly to the 1.200 a day capacity and within the
next few months to 1,500, and then by steps to 1,800 or 2,000 tires per day.
For the purpose of this increase in production we have made plans for an
addition to our tire business.
With the completion of this addition the manufacturing tires will be
on the most economical basis for handling as well as shipping. Raw
product will enter at one end of the plant and will come out as finished
tires at the other.
There is a good demand for our products, the tire contracts on hand being
sufficient to keep the plants at full operation at the present rate of production for more than ten months. We are somewhat behind on our deliveries, but hope to make this up with the increase in the output of our
plant. About 50% of our tire sales are of the puncture-proof variety.
-V. 102, p. 1630.
McCrory Stores Corporation.-Sales for October.-1916-October-1915.
$562,821
$468,811
-V. 103, p. 1415. 1035.
Increase. I 1916-10 Mos.-1915.
$94,010 I $4,956,727 $4,222,938
(VOL. 108.
crease.
S733,789
Madison Square Garden Co.-Petition in Bankruptcy.-
See F. & D. Co. above.-V.94. p. 1122.
National Motor Car & Vehicle Corp.-New Co. Takes
Possession-Officers.-
This company has taken over the assets and physical property of the National Motor Vehicle Co. (see issue of Nov. 4, p. 1690).
The following officers and directors have been elected: Arthur C. Newby,
Pres.; W. G. Wall, Vice-Pres.; Geo. M. Dickson, Sec. & Treas., all of
Indianapolis. The directors are: Arthur C. Newby, Pres.; Stoughton A.
Fletcher of Indianapolis; Otto J. Thomen of Redmond & Co., N. Y.;
Leonard Snider of Leonard Snider & Co., and Buell Hollister of Pyne, Kendall & Hollister, N. Y.-V. 103, p. 1690, 1596.
New Bedford Gas & Edison Light Co.-New Stock.-
This company has been authorized by the Mass. Gas & Electric Commission to issue $318,000 (par $100) stock at $225 to cancel construction
obligations. Compare V. 103, p. 1036.
New York Shipbuilding Co.-Sale, &c.See American International Corp. above.-V. 82. p. 695.
New York Telephone Co.-City Approves Merger.-
The action of Buffalo City Council In approving the proposed purchase of
the Federal Telephone & Telegraph Co. by the New York Telephone Co.
was sustained by a vote of 28,242 against 23,963. Under its agremeont
with the Federal Government it will now be necessary for the American
Tel. & Tel. Co., controlling the New York Telephone Co., to obtain the
consent of the Department of Justice before proceeding with the merger
plan. See V. 103, p. 1415, 1215.
Nipe Bay Co. (Cuba), Boston.-Earnings.15 Mos. to 12 Mos. to
15 Mos. to 12 Mos. to
Period end.- Sept.30'16 June30'15.
Sept.30'16. June 30'15.
Net, after
Int. charges__ $437.200 $389,760
taxes, &c....$2,687,966 $2.164,717 Divs. paid___
383,034
360,508
Other income_
34,568
9,264 Depreciation _
871,298
380,290
Total inc_ _$2.722,535 $2,173,982
Bal., sur_ _$1,031,003 $1,043,415
Magnolia Petroleum Co.-Bonds Called.Ninety-eight ($98,000) 1st M.6% bonds of 1937 have been drawn for -V. 102, p. 1064.
redemption at par and interest on Jan. 1 at Columbia Trust Co., trustee.
Nova Scotia Steel & Coal Co., Ltd.-Listing-Full
-V. 103, p. 1690.
Manhattan Electric Supply.-In Possession-Earns.-
Chandler & Co., Inc., announce that the turnover from the old New
Jersey company to the new Massachusetts corporation of the Manhattan
Electrical Supply Co. was made on Tuesday, Nov. 14 1916. After taking
over all the assets and business of the old company the new corporation
had a,cash balance of $665,000.
Earnings of Old Co.for Cal. Year 1915 and 8 Mos. 1916 ended Aug. 311916.
8 Mos. 1916. Year 1915.
8 Mos. 1916. Year 1915.
Sales (net)_ _ 32,812,041 $3,646,061 Total income.. $358,066 $550,363
Oper. profit__
349,336
544,877 Int.paid on notes,&c. 6
8,137
Add'ns to Inc_
8,730
5.486 Net income_
358,060
542,226
Compare stock offering, V. 103, p. 1596, 1510.
Directors.-fludolf Hecht, George de B. Kelm and Marcus Stine have
been elected directors.-V. 103, p. 1596, 1510.
Massillon Electric & Gas Co.-New Financing.-
This c nnpanv, It is announcel, has arranged to refund its present practically closed First Mortgage bond issue ($500,000 authorized, duo 1948)
and make provision for pre-sent awl future plant extensions through a new
$2.000,000 authorized bond issue duo 1956. Tho Ohio I'. U. Commission
has authorized tho issuance immediately of $540,000 (more or less) eof the
bonds, sufficient to effect the retirement of the present First Mortgage, also
permitting the company to sell $125,000 of 6% cumulative prof. stock,
which will make the outstanding amount of the preferred $250,000. Present earnings are equivalent to four times the Interest requirements of the
now bonds, leaving a balance equal to over five times the preferred dividend.
The bonds are being handled by Henry & West of Phila., while Roland T.
Meacham of Cleveland is offering the stock.-V. 103, p.
May Department Stores Co.-Dividend Increased.-
A dividend of 1 ya,% has been declared on the $15,000,000 common stock.
payable Dec. 1 to holders of record Nov. 20. This compares with 14 of 1%
quarterly since Juno 1915, 13. % quarterly from Mar. 1913 to Mar. 1915,
incl.,
% in 1912 and 1% in Dec. 1911.-V. 103, p.243.
•
Mergenthaler Linotype Co.-Extra Dividend.-
An extra dividend of 23' % has been declared on the $12,800,000 stock
along with tne regular quarterly 2 y,%, both payable Dec. 30 to nolders of
record Dec. 2.
See "Annual Reports" on a previous page.-V. 101, p. 1803.
Michigan Boulevard Building Co., Chicago.-Pref.
Stock Sold.-Counselman & Co. and Eversz & Co., each of
Chicago, have sold $500,000 6% cumulative prof. stock of
this company, but an advertisement of the offering, published for record purposes, will be found on another page.
Data from Letter of President Wallace G. Clark.
The company owns in fee simple the modern fire-proof 16-story Michigan Boulevard Building and the land upon which it is situated, fronting
96 ft. on Michigan Boulevard and 162% ft. on Washington St., in the heart
of the retail district of Chicago. The cost of the building, which was
completed in 1914, was $1,756,417; the land value is appraised at $2,341.440; total, $4,097,857.
Bonds and prof. stock combined are only about 56% of the value of the
land and cost of the building. Net revenue available for preferred stock
dividends is about 33 times the total annual dividend requirements.
Prof. stock authorized, $700,000; outstanding, $500,000. Par, $100.
Prof. as to assets and dividends. Red. on 60 days' notice at 105 and div.
on any dividend date. Divs. Q.-F. Up to and including Aug. 1 1926 the
company must set aside each year a sum equal to 2%%,and thereafter 5%,
of the greatest amount of pref. stock at any time outstanding, for retirement of pref. stock. Title to the real estate is guaranteed by the Chicago Title & Trust Co. See also V. 98, p. 1997; V. 102, p. 1350.
Middle West Utilities
ao.-Sub. Co.-Bonds Offered.-
See Central Illinois Public Service Co. above.-V. 103, p. 497.
Mt. Vernon-Woodbury Mills, Inc.-Earnings• for 3 Mos.
to Sept. 30 1916.3 Mos. to Prof.from
Other
Interest Deprec'n Insurance, Balance,
Sept. 30. sales.
Income.
1916
$323,579
$10,324
-V. 103, p. 1511, 1415.
Charges.
$38,707
Reserve. Taxes, &c.
Surp.'
$50,600
$22,480 $222,716
Municipal Gas Co., Albany, N. Y.-Stock Increase.-
Details of Company.-In connection with the listing on the
New York Stock Exchange of the Ordinary stock of this
company, there will be found under "Reports & Documents"
on subsequent pages full details of the company's capitalization, dividends, plants and properties, subsidiary interests,
as well as the income account for the calendar year 1915 and
the six months ending June 30 1916, with the consolidated
balance sheetsas of both periods, complete as presented to the
Stock Exchange in the company's application to list.-V.
103, p. 1795, 1690.
Ohio Copper Co.-Reorganization.-A notice has been
sent to the stockholders by the shareholders' protective
committee, Hubert E. Rogers, Chairman, that on or before
Dec. 1 next subscriptions to the new stock will close with the
New York Trust Co. All stock not subscribed for by the
stockholders will be taken by the underwriting syndicate at
$1 per share. This committee proposes, under plan of
Nov. 1, to raise the necessary funds for redeeming the property, &c., by forming a new company with $2,500,000 stock,
in $1 shares, of which $150,000 is retained for reorganization
purposes, $1,500,000 is to be sold to a syndicate at par less
15% common,and $850,000 is reserved for future use. Holders of $1,350,000 old stock are offered by the syndicate the
right to subscribe for the same amount of new stock at par,
$1 a share.
Another stockholders' committee is headed by William J.
Brown as Chairman, and is receiving deposits at the Central
Trust Co. Its plan, dated Oct. 19, calls for the formation
of a company under New York laws with $3,700,000 6%
non-voting pref. stock and 3,000,000 common shares of no
par value, to cover not only the mining property free and
clear, but also prospectively the Bingham Central Ry.
Assenting shareholders are asked to subscribe at par for
$2,500,000 new pref. stock at rate of $2 for each of the
present 1,250,000 common shares, receiving in return and in.
exchange $2 of the new pref. and one share of the new common. Compare V. 103, p. 411.
Ohio Fuel Supply Co.-Acquisition-New Stock-Bond
Retirement.-The Ohio P. U. Commission has authorized
the company to issue sufficient capital stock to provide for:
(a) The calling and retirement at par of its outstanding 6% debentures
due March 1 1927, at last accounts $6,115.125; (b) the purchase of the
Central Contract & Finance Co. of Columbus, for $1,185,875 50; Central
Gas Co. of Urbana for $25,000, and 23,129 shares of the Miami Valley
Fuel & Gas Co. for $289,112 50. Compare V. 103. p. 411, 325.
Owens Bottle, Machine Co.-Extra Dividend.-
An extra dividend of 2% has been declared on the $9,000,000 common
stock (par $25) in addition to the regular quarterly 3%,ban payable Jan. 2.
to s'ock of record Dec 22. This compares with 8% extra in Oct. last.
The board has been increased from 9 to 15 members by the election of the
following now directors: S. S. Cochrane and E. H. Everett, of Newark, O.;
James 'Morrison, M. W. Jack, of Streator, Ill.; J. B. Graham, Evansville,
Ind.; and S. A. Whitney, of Glassboro, N. J.-V. 103, p. 1795, 1596.
Pacific Mail SS. Co.-Purchase.See American International Corp. above.-V. 103, p. 841, 669.
Pennsylvania Salt Mfg. Co.-Notes Called.-
One hundred 3-year 5% coupon notes of 1915, aggregating $500,000,
have been called for redemption at par and interest on Dec. 1 at company's
offices, Widener Bldg., Philadelphia.-V. 103, p. 1596.
The stockholders will vote Dec. 1 on increasing the authorized capital
stock from $6,250,000 ($6,000,000 outstanding) to $10,000,000. Various
Peoria Light Co.-Bonds Called.rumors are afloat regarding the matter, one report saying that $1,000,000 of
Nineteen 5% Coll. Trust gold bonds of $1,000 each have been drawn for
the accumulated surplus may be distributed in the shape of a stock divi- payment
105 and Int. on Jan. 1 at Bankers Trust Co., N. Y., trustee.
dend. Another account speaks of a new issue to be offered at par to -V. 99, at
p. 1134.
shareholders early in 1917. The "Albany Journal" of Nov. 15 says: "One
of the plans under the increase is said to be that the entire electrification
Philadelphia Electric Co.-Assessment.plant of the famous Cohoes Falls is to be taken over. No one in authority
A final assessment of $2 50 has been levied on the stock. delinquent Dec.
would either affirm or deny the rumor."-V. 101. p. 133.
16, thus making the shares full-paid $25.-V. 103. p. 1596. 1416.
Nov. 18 1916.]
THE CHRONICLE
Pierce-Arrow Motor Car Corp.-Stock.J. & W. Seligman & Co., syndicate managers, are notifying participants
in the syndicate that all the preferred shares belonging to the syndicate
(not withdrawn from sale) have been sold. Compare V. 103. p. 1796.
.
Pittsburgh Brewing Co.-Accumulations.-
An extra dividend of X of 1% .188 beei declared on account of accumulations along with the regular quarterly 1X% both payable Nov. 29 to
holders of record Nov. 20.-V. 103. P• 1796. 1416.
Porto Rican-American Tobacco Co.-Extra Dividend.
An extra dividend of 10% has been declared on the stock, along with the
regular quarterly 4%, both payable Dec. 7 to holders of record Nov. 15.
-V. 103. p. 492.
Premier Motor Corporation, Indianapolis, Ind.-Notes
Offered.-Duquesne Bond Corporation, New York, Pittsburgh and Buffalo, in conjunction with Megargel & Co.,
New York, Boston and Chicago, are offering at 96 and int.
$1,000,000 5-year 6% Convertible Secured Gold Notes dated
Nov. 11916, due Nov. 11921. Purchasers of the notes have
the privilege of subscribing to the common stock at $30 per
share on a basis of 5 shares for each note purchased. A
circular shows:
Interest on the notes is payable M.& N. at Equitable Trust Co., N. Y.,
trustee. Authorized and outstanding, $1,000,000. Denom. $1,000e. The
notes must be redeemed by lot at 100 and interest annually, $100,000 on
Nov. 1 1918, $200,000 on Nov. 11919,$300,000 on Nov. 1 1920 and $400,000 on Nov. 1 1921. Red. all or part by lot at 101 and int. on any int. date
upon 60 days' notice. The notes are convertible at option of holder at any
t[me after Nov. 1 1918 at par, into 7% cumulative pref. stock.
The pref. BLOCK is preferred as to assets and divs., red. on 60 days' notice
at any time at $110 and diva. Divs. quarterly. A sinking fund ($50,000
yearly) is provided from July 1 1919 to redeem the pref. stock. Prof. stock
will have no vote unless eight consecutive dividends are not paid.
Data from Letter of President J. C. Flowers, New York, Nov. 1 1916.
Organization.-A new company, the Premier Motor Corp. of Now York,
has been organized in N. Y. iincorp. Oct. 261 and has acquired 95% of the
outstanding capital stock of the Premier Motor Corp. (Del.) by the issue
of its own shares in exchange for the shares of the Premier company. Should
beeon7gdel
all thioltsanding stock of the old company, it is
the new company acquire
two will
expected
ererMotor Corp. (of Del.) was organized early in 1916 to manufacture automobiles and trucks, took over all the assets, &c., of Premier
Motor Mfg. Co. and Mats Motor Truck Co., both of Indianapolis.
The Plant.-Modern and well equipped; steel construction, main building
is 882 ft. long by 285 ft. wide, which with adjoining buildings contains about
300,000 sq. ft. of floor space. Located in Indianapolis, on 40 acres of land,
entirely owned, free from lien, with direct railway connections.
Capitalization (New Company)Authorized. Outstanding.
Pref. stock, 7% cumulative (par $100)
$2,000,000
$1,000,000
Common stock (no par)
30,000 all.
25,500 sh.
(this
notes
iss.,
proceeds for work. cap.)$1,000,000
5-year 6%
$1,000,000
The notes are secured by pledge of all capital stock. Consent of threefourths of outstanding notes required for creation of any new lien. Net
quick assets shall be maintained to 1 X times principal of the notes outstanding. Neither the old nor the new company has any funded debt other than
these notes.
Consolidated Balance Sheet, Showing Combined Condition of Old and New Cos.
Real est., bidgs. & equip.,$1,230,352; misc, def. chgs., $168,137-81,398,489
Invent'y,$544,097; notes & accts. rec., $64,392; cash, $1,028,651 1,637,140
Total assets
$3,035,629
Deduct-Accts, and bills pay., $259,227; Gold Notes,$1,000,000 1,259,227
1893
Assets.-The total net assets of the Livery Co. and the Cab Co. are reported by Arthur Young & Co., accountants. as of Oct. 31 1916, to be $1,
143,385. and the net tangible assets to be $1,052,135, or over $116 for each
share of preferred stock.
Earnings.-The net earnings, after depreciation, of both companies.
including the manufacturing department, as reported by the accountants,
for 9 months to Sept. 1916 amount to $302,653. at the rate of $403,537 for
the year. The 1917 earnings will show results from the operation of more
cars. The manufacturing department has orders for a large number of
cars at satisfactory prices.
Net Assets ($1,052,135) as at Oct. 311916.
Buildings, improvements and leaseholds
$104,412
Automobiles (at sound values)
658.457
Machinery, tools, &c. (at sound value)
Current assets, being cash, acc'ts receivable, materials, &c., $375,- 100,506
581; less acc'ts and notes payable, and accrued liabilities, $194,821, and reserve for accidents, $32,000
148,760
Estimated net profit for the month of October 1916
40.000
Directors.-Benjamin V. Becker, John Borden (Sec. & Treas.), Edward
D'Ancona, John Hertz (V.-Pres. & Gen. Mgr.), P. B. Hitchcock, Richard
P. Lydon, M. S. Rosenwald, Walden W. Shaw (Pres.) and John Towne
(V.-Pres.).
Management will remain in the hands of the same men who hare been
responsible for the development of the business under contracts for a period
of years.
Smith Motor Truck Corp.-New Project.-This company is being organized under Virginia laws to take over the
Smith Form-A-Truck Co. (Del.), recently acquired by
Michaelis & Co. of N. Y. An approved statement shows:
Proposed Capitalization of New Co.(no bonds)- Authorized. Outstanding.
8% cum.cony. pref. stk.(no par), redeem. at 120 20,000 sh's. 14,000 sh's.
Common stock (par $10)
$12,000,000 $10.000,000
The pref. stock is convertible $ for $ into common, 10 shares for one,
after June :30 next and prior to Jan. 1 1920; consent of 75% of pref. stock
is necessary for the creation of funded debt. The amounts outstanding
will be applied to the acquisition of the old co. along
cash.
A sinking fund of 5% per annum, commencing Jan. 1 with $830,000
will retire the
pref. stock; when 8% dividends are paid on common 1920.
shares
sinking
fund
sill be 10%.
The company manufactures a truck unit whictr sells for $350 and which
converts Ford, Dodge, Maxwell and similar cars into one-ton
trucks with
an over-load capacity of 100%. More than 9,000 are now in use.
capacity now over 200 truck units. From Jan. 1 to Nov. 1 1916 the Daily
average production was over 30 per day. Sales are now running at the
of
about 50 units daily, and President A. D. Smith estimates that by rate
Jan. 1
next the company will be manufacturing more than 100 units per day.
Unfilled orders and open contracts on hand Nov. 1 amounted to more than
6,000 truck units. In 1917 a production of at least 30,000 units is anticipated.
Net earnings for 1916, estimating the last two months, will amount to
about $1,000,000. The new company will have net tangible assets, exclusive of good will, patents, trade-marks, &c., of $1,714,557, and net current
assets of $1,410.451, which will be about equal to the outstanding pref. stock.
Southwestern Construction Co.-Sale of Holdings.-
See Ala:Janie. New Orleans Texas & Pacific Junction By. Co.. Ltd.. in
last week's issue.
Standard Gas Co. (N. J.).-Bonds Offered.-Montgomery, Clothier & Tyler, New York, Phila. and Pittsburgh,
are offering at 96 and int. $600,000 First Mortgage sinking
fund 5% gold bonds dated May 1 1916, due May 1 1946.
Red. at 105 and int. Denom. $100, $500 & $1,000. Trustee, Girard
Trust Co., Phila. Interest M.&N without deduction of normal Federal
Income tax; free of all N. J. State taxes; Penna. State tax refunded.
Surplus of assets over current liabilities and gold notes
$1,776,402
Data from Letter of President H. Still°, Sept. 29 1916,
Management.-Practically the same as that of the old company. See
CapitalizationAuthorized. Outstand'.
V. 102. p. 1722.
First M.5s (reserved for future issue $400,000)
$1,000,000 8600,000
stock
500,000
239.000
Regal Motor Car Co., Detroit.-Portion of Property Capital
These
bonds
are
an
absolute
first
mortgage
entire property now
on
the
Sold-Payment of Bonds.owned or hereafter acquired. Issued to refund in part four issues aggreThe company in its recent sale of property to Fisher Body Corporation gating $650,000, the difference between
disposed of only one of its buildings and retains its original plant, which bonds being financed with junior securities.the new issue and the refunded
Additional bonds can be issued
now covers nine acres. The proceeds of the sale,said to be about $330,000, only for 80% of cost or extensions or now property
when net earnings are
will, it is understood, be applied to payment of outstanding bonds. The twice the Interest charges, including
bonds to be issued. Sinking fund to
Regal Co. has eliminated certain of its models and is concentrating its pro- retire
bond.s ;i% yearly of bonds outstanding July 1 1917 to July 1 1921.
duction on one model only.-V.96, p. 1560.
incl.; 1% 1922 to 1940, 1%% 1941 to 1945. Six per cent of gross earnings
be applied to maintenance and depreciation fund.
Republic Iron & Steel Co.-Accumulated Dividends Paid. must
The Company.-A N. J. corporation, manufacturing and distributing
-A dividend of 4% on account of accumulations has been artificial gas in Monmouth County, N. J., including the towns
of Atlantic
Freehold, Highlands, Rumson, Middletown, Keansburg,,
declared on the $25,000,000 prof. stock, along with the regu- Highlands,
Keyport, Matawan, &c. Serves a permanent population of over 30,000
lar quarterly 1 %,both payable Jan. 2 to holders of record and during the summer over 45,000, within 25 miles of N. Y. City proper.
Plant.-The plant, in Atlantic Highlands, distributes gas through 118
Dec.8. This cleans up all accumulations on the gref. stock. miles
of mains. Brick building, steel roofed. Total capacity 1,000,000
-V. 103, p. 319.
cu. ft. daily. Replacement value of properties is estimated at over $750.000. The sale of gas per mile of main increased rrom 370,000 cu. ft. in 1911
Safety Car Heating & Lighting.-Patent Litigation.- to 796,100 cu. ft. in 1915; meter sales from 11,300 cu..ft. per meter p. a. to
See United States Light &Meat Corp. below.-V. 102, p. 1716.
14,500 Cu. ft. per meter p. a. Average revenue per meter from $17 14 in
1911 to $2008 in 1916.
Schenectady Illuminating Co.-Bonds-Stock.Earnings for 12 Mos. endedOct. 1916. Dec. 1915. Dec. 1914.
The New York 1'. ,S. Commission recently authorized the company to Gross
$115,515
$106,277
issue $1,264,800 5% debenture bonds to be sold at not less than 00, and Net, after taxes and depreciation__ -" $126,273
359,575
$52,248
$44,327
$702.200 common stock to be sold at par to the General Electric Co. The
Franchises.-Some are perpetual and all extend beyond the maturity
proceeds are to be used for working capital and to reimburse the treasury of the bonds.-V. 103. p. 412.
for cash expended for betterments. The Commission has also
ordered
that in place of the $886,700 stock authorized but not sold under a previous
Stutz Motor Car Co. of America, Inc.-Earnings, &c.order, the company may issue some $985,000 debenture bonds.
Tlie auth. capital stock was recently increased from $3,000,000
to The following has been reported to the N. Y. Stk. Exchange:
$5,000,000.-V. 103, p. 1046.
Stutz Motor Car Co. (of Indiana) Income Account, 1915.
Cal. Year 5 Afos.end.
Schenectady Power Co.-Common Stock.Cal. Year 5 Mos.end.
1915.
May 31'16.
York
New
P.
S.
The
1915.
Commission has authorized the issue of 8:300,000
May 31'16
Not sales _ _ __$1,983,589 $1,319,107 Balance
common stock to be sold at not less than par to the General
3331,815 $251,310
Electric Co. Cost of sales
Other income_
The proceeds, it is stated, are to be used-, $12,000 to pay miscellaneous
31,829
16.725
(incl.
dope.)
1,511,851
1,031,675
accounts, $100,000 to reimburse the treasury for capital expenditures
of
Total
the last five years, and $98,000 for working capital.-V. 103,
$366,644
$268,035
p. 1046.
Gross profit $138,735 $287,432 Bad debts(net)
169
53
Sell'g,&c., exp
103,920
36,122
(Walden,W.) Shaw Corporation,
Chicago.-Preferred
Stock Offered.-F. B. Hitchcock & Co., Chicago, are offering $900,000 (new issue) 7% cumulative preferred stock.
Preferred as to assets and dividends. Dividends payable quarterly.
Red. during 1917 at $101 per share and div., and at a price increasing 31 per
share each year thereafter until 1926, then and thereafter at $115 and
div.
The company must annually set aside from the surplus or net profits, after
payment of the cumulative pref. dividend, an amount sufficient to retire
$90,000 pref. stock before any dividends may be paid on the
common stock,
and before dividends
over $6 per share per annum may be paid on the
common an additionalof$50,000
shall be set aside
that year for this
purpose; no bonds or securities having priority toduring
pref. stock maY be
Issued, nor the preferred 'stock increased, without the
the consent of 75% of
the pref. stock then outstanding.
•
•
Data from Letter of President Walden W. Shaw, Nov.
1 1916.
Organization, &c.-Incorporated
N. Y. and has acquired the business,
assets and good will of the Walden in
W. Shaw Livery Co., Chicago, and the
Yellow Cab Co.. Chicago, by the purchase
of their entire capital stocks.
The Livery Co. has been in the automobile livery business for nine
years,
doing to a great extent a contract business with hotels, clubs,
&c.; since
1914 has been building taxicabs for themselves and for sale to the
Yellow
other
companies operating in largo cities. The Cab Co. was
Cab Co. and
organized in Aug. 1915. Commenced with 45 cars, now operates 270
and expects by Jan. to have 300. The Cab Co. employs Its drivers cars,
on a
profit-Sharing basis with satisfactory results.
Capitalization Authorized and Outstanding(No Bonded or Mtge. Indebtedness).
7% cumulative preferred stock
$900,000
Common stock, no par value
abs.
Neither the corporation itself nor the operating companies40.000
have any
bonded or mortgage debt.
Balance
3334.815 3251,310
Balance ___ $366,475 $267,982
Stutz Motor Car Co. (of Indiana) Balance Sheet as of May 31 1916.
Assets (Total,$3,051,120)Liabilities (Total,$3,051,120)Land, bidgs., mach., &c__ 3219,457 Capital stock
$100.000
Good will
2.100,000 Accounts payable
124.597
Cash
302,458 Deposits on cars
14,275
Accounts receivable
159,498 Taxes accrued, &c
8,445
Notes receivable
950 Depreciation, &c., reserve
35.156
Mdse. inventory (est.)
268,757 Surplus
2.768,648
Stutz Motor Car Co. of America, Inc., Balance Sheet as of June 22 1916.
Assets (Total, 33,051.120)1,000 shares of capital stock of Stutz Motor Car Co. (Ind.), par
value 8100 each, representing fixed assets- Land and buildings, $146,083; machinery and equipment, $69,475; office furniture and fixtures, $3,898; total
$219.457
Good will
2,100.000
Cash in banks and on hand, $302,458; accounts receivable,
$159,495; notes receivable, $950; mdse. inventory (eat.), $218,757; total
731,663
Liabilities (Total. 33.051.120)Capital stocic: auth., 75,000 shares without nominal or par value
declared under the N. Y. Stock Corp. Law, at $5 per share_ _ - $375,000
Accounts payable, $124.597; deposits on cars, $14,275; wages.
$2,446; taxes accrued. 35.998; total
147,317
Reserves for depreciation, &c
35,155
Surplus
2,493.648
Note.-The Stutz Motor Car Co. of America, Inc., has declared a dividend of $93,750, being $1 25 per share on its 75,000 shares of capital stock.
payable Oct. 2 1916.-V. 103, p. 849.
-
1894
THE CHRONICLE
Standard Oil Co. of Ohio.-Extra Dividend.-
An extra dividend of 1% has been declared on the stock, along with the
regular quarterly 3%,both payable Jan. 1 to holders of record Dec. 1. This
compares with 3% regular and % of 1% extra in Oct. last.-V.102, p. 2081.
Sterling Gum Co.-Sale.-
See American Chicle Co. above.-V. 103, p. 1597.
Syracuse Lighting Co.-Bonds Authorized.-
The Now York P. S. Commission has authorized the company to issue
$100,000 6% 10-year bonds to be sold at par.-V.96, p. 867.
•
Tennessee Copper Co.-Plan Operative.-
J. S. Bache & Co. and Adolph Lewisohn & Sons, as syndicate managers,
announce that sufficient assent has been received to the financial plan to
permit its becoming effective. 'rime, however, in which deposits may be
made has been extended to Nov. 25 to permit further deposits in the
meantime, after wnich date the plan will be declared operative. See financial plan. V. 103, p. 1512. 1796.
Texas Co.-Stock Increase-
The stockholders on Nov. 14 authorized the Increase in capital stock from
$44,400,000 to $55,500,000, the new stock to be offered to shareholders
at par (1 new share for each 4 shares now held).-V. 103, p. 1216, 754.
Trumbull Steel Co., Warren, 0.-Expansion-Status.In connection with the offer of $2,500,000 new commonand
$1,250,000 new pref. stock, at par to stockholders, increasing
the total share capital to $5,250,000 common and $4,000,000
preferred, as of Jan. 1 1918 (not 1917), when subscriptions
will have been paid in full. President J. Warner, in circular
of Oct. 11, says in subtance:
the
is ifinished output consists of tinplate, black and galvanized sheets,
hot and
various forms of roofing products, light plates and in a few months
cold rolled steel strips will be added to these. The market for hot and cold
rolled steel strips is growing rapidly, and they are sold largely to the manufacturers of tubes, hardware specialties, automobile frames, bodies and
other parts of the machine. Up to this time we have operated only 24 hot
mills, having just started the light plate mills and additional sheet and tin
mills. We have also built and have now in full operation a modern plant
for the manufacture of spelter, which we use in making our galvanized
sheets. This plant is located at Fort Smith, Ark., and produces more than
we consume, the surplus being sold in the open market; its operation has
proven highly profitable. Up to this time we have been producing per
working day 400 tons of sheet and tinplate products, but next week the
output will be increased to about 700 tons. In a few months the hot and
cold rolled strip mills will be put in operation and the total output of finished products will approximate 1,000 tons per day.
We are endeavoring to specialize in the finer grades of these various
products, which necessitates the use of high-grade and special analysis steel.
The market for special analysis and high-grade sheets and strip material,
when once established, is more permanent, profitable and steady and less
affected by competition than for ordinary commercial output. Our new
mills are designed to make a variety of products, among which we expect
eventually to include manganese, nickel and chrome steels. We have now
about 300 acres available for construction work.
In order that we may make a certain part of our output of sheets, tinplate
and strip steel in the higher finishes, the proceeds of the new stock will be
used in the building of a steel plant for the manufacture in part of these
special steels for our exclusive consumption. The funds thus derived will
also be used to purchase equipment for the manufacture of high-grade automobile and metal furniture sheets, and kindred products. We shall continue to buy to a large extent the ordinary grades of steel sheet bars, billets
and slabs.
We will also on Jan. 1 1917 retire from the present surplus account our
entire Issue of $250,000 bonds.
Our operations and profits up to the present time have been very satisfactory and the proceeds from this stock issue should greatly increase our
earning capacity. A large part of the new equipment has already been
purchased, at prices lower than those now prevailing. During the last three
years we have been continuously engaged in building operations and we have
as yet received no profits from the operation of the new plate mills and the
works shortly to be in operation. See also V. 103,p. 1512.
Union Bag & Paper Corp.-Initial Dividend.-An initial
has been declared on the $10,quarterly dividend of 1
000,000 stock, payable Dec. 15 to holders of record.
Secretary E. B. Murray says: "Stockholders will observe that the above
dividend is payable only to stockholders in the new corporation, so that in
order to receive it they must exchange their certificates for new Union Bag
& Paper Corporation stock at the Empire Trust Co. before Dec. 5 1916.-V. 103, p. 1416, 1331.
-Union Gas & Electric Co.-Rates Increased.-Commission
[VOL. 103.
at 94 and dividend, yielding 7.44%, 8600,000 of the
$1,757,300 7% cum. pref. stock auth. and issued.
Preferred as to assets and dividends. Red. all or part at 1025% and div.
at option of the company. Dividends J. & J. In case of dividend accumulations aggregating 14%, pref. stock has sole voting power as to choice of
management.
Data from Letter from Pres. M. C. Branch, Greenville, S. C., Oct. 20.
Organization.-In July 1916 the Victor Mfg. Co., of Greer (near Greenville), S. C., a South Carolina corporation, which owned and operated five
cotton mills, changed its name to the Victor-Monaghan Mills and acquired
the three Monaghan mills at Greenville, making in all eight plants of
modern brick construction, protected with the sprinining systems. Also
owns houses for its operatives. The machinery, mills and houses are
insured for $5,036,535. The eight plants have an aggregate of 239,936
spindles and 6,289 looms and are engaged in manufacturing goods such as
fancy and semi-fancy cloths, sheetings and yarns, which are used in making
oilcloths, quilts, print cloths, shirts, underwear, curtain goods, ladies'
dress goods, fancy white skirts, &c. Real estate, buildings and machinery,
less depreciation, are valued at $5.051,772, while the net quick assets
Aug. 31 1916 were 72% and at present are over 80% of the $1,757,300
first preferred stock.
Earnings for Fiscal Year ending June 30 1916 (Exclusive of Interest Charges).
$717,376
Profits from operations_ _ _$861,337'Surplus for year
143,962 I Ann.div requirem'ton 1stpf.$123,011
Less depreciation
• Balance Sheet as of Aug. 311916, Showing Total Stock Authorized and Issued.
$1,757,300
Land, bldgs. & machinery $5,872,092 First pref stock
4,450,000
450,013 Common stock
Cash
71,200
Current liabilities
Bills and accounts reedy820,320
179,530 Reserve for depreciation_
able
11,086
371,243 Reserve for sundries
Cotton and cloth on hand_
105,227
94,975 Surplus and profits
Supplies and materials_ _ _
212,063
Cotton in process
$7,215,133
Total each side
35,217
Insurance paid in advance
On July 1 1915 the combined properties had a floating debt in excess of
settled
was
debt
This
$3,400,000, making an interest charge of $241,616.
partly by the issuance of this first pref. stock, partly by sale of common
no
have
will
company
the
Therefore
assets.
current
from
partly
and
stock
Interest charges to pay except on occasional small borrowings.
Western Dry Dock & Shipbuilding Co., Port Arthur,
Can.-Sale.the American Shipbuild-
This company's property, formerly owned by
ing Co., was sold on Nov. 2 to James H. Whalen of Port Arthur. The
"Buffalo Commercial" on Nov. 3 said the price paid was about $2,000000.
It is said the purchaser will assume the $750,000 1st M.6% bonds.-V'. 95,
p. 1751.
Western New York Water Co., Buffalo.Capital Increased
This company has certified to an increase in its authorized capital stock
from $5,000,000, par $100, to $8,000,000.-V. 93, P. 1539.
Wharton,(N. J.) Steel Co.-Acquired.-
Press reports state that this property has been taken over by J. L. Replogle, Vice-i res. of the American Vanadium Co., and associates, who will
use it as the basis for new steel works and finishing mills. The properties
consist of three blast furnaces, 5,000 acres of ore lands near Wharton, N. J.,
ore buildings near Spragueville, N. Y., 7,500 acres of coking lands and coke
plant in Indiana Co., Pa., also the Wharton & Northern 12R.,22 miles long.
An option on these properties was secured some months ago by N. L. 0.
Kachelmacher and associates in an effort to combine certain Eastern
blast furnaces, and Mr. Replogle succeeds to this interest. Associated with
bins is Ernest Hillman of J. H. Hillman & Co., Pittsburgh. The Wharton
company has been capitalized at $10,000,000.-V. 102, p. 1168.
Willys-Overland Co.-New Treasurer.-
Frank K. Dolbeer, formerly of the financial department of the Victor
Talking Machine Co., has been elected Treasurer, succeeding Walter
Stewart, resigned. Mr. Stewart continues as a director.-V. 103, p.
1432 1216.,
Wright-Martin Aircraft Corp.-Working Agreement.-
See Submarine Boat Corporation in last week's "Chronicle".-V. 103.
p. 1046, 584.
York Manufacturing Co.-Extra Dividend.-
In addition to the regular semi-annual dividend of $3, an extra $I per
share has been declared, both payable Dec. 1 to holders of record Nov. 17.
-V.99, p. 1683.
Youngstown Sheet & Tube Co.-Bonds Called.-
The company has called the $1,545,000 outstanding bonds for payment
at 105 and interest on Jan. 1 at the Dollar Savings & Trust Co., Youngsdated
town, trustee. This call includes $1.125,000 1st M.6% serial bonds
July 1 1905 and $420,000 1st M.6% serial bonds dated July 1 1908, se615.
1453.
-V,
v.
plant.
102.
Struthers
cured on the
This company has been authorized by the Ohio P. U.
to charge 35 cents per 1,000 cu. ft. for gas in Cincinnati, and fix a minimum
CURRENT NOTICE.
monthly meter rate of 35 cents. This is an increase of 5 cents per 1,000
Cu. ft. and under the old rate there was no minimum charge. The new
rates were effective as of Nov. 4 last and will continue for five years.-V.
Having sold over two-thirds of the amount of preferred stock outstanding,
103, p. 1046.
A. E. Fitken & Co. of 141 Broadway, this city, 19 Congress St., Boston
441041 and 105 South La Salle St., Chicago, offer.the unsold balance of Interstate
,-,
Union Oil Co.of California.-New Stock.Department
Corporation
Electric Corporation 7% cumulative preferred stock by advertisement elseApplication has been filed with the California
for authority to sell any or all of the 50,000 shares of unissued stock at where in this issue at a price to yield 73% % income return. The stock is
is
stock
The
betterments.
and
additions
for
provide
par, $100 a share, to
preferred as to assets and dividends, redeemable at option of company at
to be offered to present stockholders on a pro rata basis.-V. 103, p. 1709.
110% of par. The par value of shares is $100. Full particulars appear in
1512.
to-day's page advertisement and our "General Investment News DepartUnited Fruit Co.-Sub. Company's Earnings.ment." Descriptive circular on request to the bankers.
See Nip° Bay Co. above.-V. 103, p. 584.
-"A Long Look Ahead" Is the title of an analysis of present market
United Motors Corporation.-Acquisitions.-conditions with predictions as to the course in the future, which has been
Negotiations are about to be closed whereby this company will take over issued by John Muir & Co., members of the New York Stock Exchange.
the Houk Manufacturing co. and the liarrison Radiator Co. The IIouk 61 Broadway of this city. Illustrated by a chart which outlines the logical
purchase, it is said, involves about $1,000,000. The Harrison plant is
war destruction and
reported to have a capacity of 300 radiators per day, which will, it is stated, trend as influenced by prospects of peace, effects of
be increased to 2,000 radiators per day. No increase in capitalization of possibilities of peace profits, the circular is intended to afford a basis for
the United Motors Corp. was involved in the transaction.-V. 103. p. 1510. clear thinking, calculated to clarify the opinion of the individual investor.
Copies of this circular will be sent on request.
United States Express Co.-Liquidation.The directors have declared a third dividend in liquidation of $8 per share,
-In the firm's weekly page advertisement John Nickerson, Jr. of New
dis$48
make
This
will
18.
Nov.
record
of
holders
payable Nov. 29 to
York, St. Louis and Boston states that "it is a desirable thing in selecting
tributed out of assets.-V. 102, p. 1816.
investments to find a high degree of safety combined with an attractive
so near
United States Light & Heat Corp.-Patent Decision.- yield. We believe that in no field of investment can one comeThe
firm
Pres. J. Allan Smith announces the following received to this combination as in public utility preferred stocks."
and
ten
7.06%
recommends seven issues of preferred stocks yielding 6 to
from attorneys:
of
details
these
General
to
5
5.79%.
about
Judge Hazel of the U. S. District Court for the Western Dist. of N. Y., conservative bonds yielding
at Buffalo, has rendered a decision under date of Oct. 17 1916, in the case offerings appear in to-day's advertisement.
entitled Safety Car Heating & Lighting Co. vs. United States Light & Heat
-On the advertising page opposite our weekly statement of clearings,
Corp. holding that the axle-driven car lighting apparatus made and mar- A. B. Leach & Co. of New York, Boston, Buffalo, Chicago, Philadelphia
keted'
by the United States Light Co. Is free from infringement of the Creve- and Baltimore are featuring a selected list of securities for the attention
ling patent and taat the decision applies to all types of car-lighting appa- of investors. The list is diversified to suit the investment requirements
ratus made by tne Light & Heat Corp., the Court holding that the United of individuals, trustees of estates and financial Institutions. The MuniciStates Light apparatus is made pursuant to and covered by the McElroy pal bonds yield 3.85 to 4.15%, Corporation bonds 4.60 to 6.35% and
patents owned exclusively by the United States Light Co. and holding that the short term issues 4.20 to 6.25%. See to-day's advertisement for
these McElroy patents are valid.-V. 103. p. 841.
particulars.
N. W.
Utah-Apex Mining Co.-Change in Par.-John F. Burns, for many years associated with the firm ofresigned
Company, has
The stockholders on Nov. 9 authorized a reduction in the capital stock Halsey & Co., and lately with the National CityState
St., Albany, N. Y.
from 600,000 shares, par $5, to 120,000 shares, par $25. It was also voted from that company and has opened an office at 68
to deal in high grade investment securities.
to reduce the number of directors from nine to five.-V. 103, P. 330.
L. S. Barton, formerly with the National Bank of Commerce
of the
Utah Consolidated Mining Co.-Dividend Increased.- of-Joseph
Boston, and until recently in charge of the Loan Department
A quarterly dividend of $1 50 has been declared on the stock, payable Dec. Merchants National Bank of Boston, has become associated with the bond
20 to holders of record Nov. 25. This compares with 75 cents in Sept. last. house of Coffin & Burr, Inc.
-V. 102,.p. 1255.
branch office
-The National City Company of Now York has opened a
it- Victor-Monaghan Mills.-Preferred Stock Offered.-Hay- at 137 South La Salle Street, Chicago, under tho management of L. M.
York.
Now
Co.,
&
Halsey
W.
N.
of
sold
have
formerly
Bainbridge,
den, Stone & Co. and Curtis & Sanger of Boston
1895
THE CHRONICLE
Nov. 18 1916.1
Alga orts awl Potuments.
THE AMERICAN COTTON OIL COMPANY
ANNUAL REPORT—FOR THE FISCAL YEAR ENDED AUGUST 31 1916.
BALANCE SHEET AUGUST 31 1916.
ASSETS.
Real Estate, Buildings, Machinery, Investments, &c.:
31
1915
August
Balance
Deductions during the year
$16,030,103 97
96,030 23
$15,934,073 74
• $2.767,045 10
Cash
Advances
and
Receivable
Accounts
and
Bills
4,036,138 02
for Merchandise
Marketable Products, Raw Materials and 8,335.076 22 •
Supplies on hand
15,138,259 34
Current Assets
$31,072,333 08
Good will, trade-marks, brands, patents, processes, &c., at formation of Company_ _ __$23,594,869 81
Less Balance of General Profit and loss Ac12,460,266 84
count
11,134,602 97
COMPARISON OF GENERAL PROFIT AND LOSS
ACCOUNT FOR YEARS 1915 AND 1916.
1916.
1915.
Balance General Profit and Loss Account
$10,531,496 72 $11,958,983 64
August 31 previous year
Deduct:
Discount and Expenses in connection with
tne issue in November 1915 of Two-year
105,775 00
5% Gold Notes
$10,531,496 72 $11,853,208 64
2,524,291 55
2,514,402 92
Profit from Operations during year
513,045,899 64 814,377.500 19
Deduct:
Interest on Debenture Bonds and Twoyear Gold Notes
Dividends on Preferred Stock
Dividends on Common Stock
$475,000 00
611,916 00
$495,833 35
611,916 00
809,484 00
$1.086,916 00 $1,917,233 35
$42,206,936 05
Balance General Profit and Loss Account
511,958,983 64 $12,460,266 84
August 31
$10,198,600 00
20,237,100 00
Executive Offices,
27 Beaver Street,
New York, November 9 1916.
To the Stockholders of The American Cotton Oil Company:
The Directors submit their Report and Statements of
Account of The American Cotton Oil Company and the subsidiary companies, the Union Seed & Fertilizer Company and
The N. K. Fairbank Company, for the fiscal year ended
August 31 1916, being the Twenty-seventh Annual Report
of the Company
All the properties are free from mortgage or other lien.
The additions to Permanent Investment Account, represented by seed and other warehouses and increased capacity
of Crushing Mills. were exceeded by proceeds from the sales
of inactive properties and depreciation.
$584,580 09 has been expended during the year for the
maintenance of the properties.
In addition, the Reserve for depreciation and replacement
has been increased $30,007 79.
The Net Working Capital of the Company on August 31
1916 was $13,367,023 29, of which $2,767,045 10 was Cash,
and $10,599,978 19 represents Bills and Accounts Receivable, Marketable Products, Raw Materials and Supplies,
after deducting Liabilities.
The item Accounts Payable represents the current bills
unadjusted and not matured at the close of the fiscal year.
The Current Assets are $15,138,259 34, as against Liabilities of $1,771,236 05.
The total amount of Gold Bonds now outstanding is
$5,000,000, part of an authorized issue of $15,000,000
Twenty-year Five Per Cent Gold Bonds, bearing date of
May 1 1911, interest payable semi-annually, on the first
days of May and November.
• In addition there are outstanding $5,000,000 Two-year
Five Per Cent Gold Notes, bearing date November 1 1915,
interest payable on the first days of May and November.
The Board of Directors, at the regular monthly meetings
in May and November, declared the usual semi-annual
dividends of 3% upon the Preferred Stock, payable respectively on June 1 and December 1 1916, being the forty-mnth
and fiftieth consecutive dividends upon this stock.
The Board of Directors, at the regular monthly meetings
in February, May, August and November, also authorized
payment of Four Quarterly Dividends of 1% each on the
Common Capital Stock, payable respectively on March 1,
June 1, September 1 and December 1 1916.
The Cotton Crop for the season 1915-16, 112192,000
bales, was the smallest of the last five years, being, in round
figures, 5,000,000 bales less than the crop for the year preceding.
The prices for Cotton Seed were the highest on record,
being substantially double those of the year before.
The results of the year are looked upon as satisfactory.
This is particularly true with reference to our trade-marked
products.
The reorganization and readjustment of the Company's
corporate business affairs which was begun some time ago is
about completed, resulting in an efficient business organization, alive to the potentialities of expansion and development. Mr. Peters, Counselor to the Executive Committee,
is entitled to the appreciation and thanks of the Board of
Directors for the able manner in which he has conducted
this work and the splendid results achieved.
The Board of Directors report, with profound sorrow, the
death of two of their colleagues, Mr. George Austin Morrison
and Mr. Joseph W. Ogden.
The acknowledgments of the Board are due to the Officers
and Employees for their faithful and efficient services during
the year.
BY order of the Board of Directors.
R. F. MUNRO, President.
LIABILITIES.
oed
nmn
Capital Stock, 16'roeiferr
$30,435,700 00
5,000,000 00
5,000,000 00
Debenture Bonds
Two-year Gold Notes
$40.435,700 00
$202,520 76
Accounts Payable
893,719 61
and Depreciation
Reserves for Contingencies
Interest accrued upon Debenture Bonds and 166,666 68
Gold Notes
Preferred Stock Semi-Annual Dividend No. 50,
305,958 00
payable December 1 1916
Common Stock Dividend, payable September 1
202,371 00 1,7.71,236 05
1916
$42,206,936 05
GENERAL PROFIT AND LOSS ACCOUNT AUG. 31
1916.
Balance of General Profit and Loss Accou.it, August 311915,
$11,958,983 64
as per Twenty-sixth Annual Report
Discount and Expenses in connection with the issue in No105,775 00
Notes
Gold
vember 1915 of Two-year 5%
$11,853,208 64
Profits of the Manufacturing and Commercial business for 2,524,291 55
the year ended August 31 1916
$14,377,500 19
Deduct—
Gold
Two-year
and
Bonds
Debenture
Interest on
$495,833 35
Notes
Two Semi-Annual Dividends of 3% each on the
611,916 00
Stock
Preferred
Four Quarterly Dividends of 1% each on the
809,484 00
Common Stock
$1,917,233 35
Balance of General Profit and Loss Account, Aug.31 1916$12,460,266 84
r-
We have audited the head office books and accounts of
The Amerian Cotton Oil Company and the subsidiary companies, and examined the financial statements of the branches
for the year to August 311916, and we certify that, in our
opinion, the foregoing statements show the true financial
condition of the Company and the results of the operations
thereof for the fiscal year.
THE AUDIT COMPANY OF NEW YORK.
IL I. Lundquist,
A. W.Dunning,
President.
Secretary.
New York, November 9 1916.
COMPARISON OF BALANCE SHEET FOR YEARS
1915 AND 1916.
1915.
1916.
ASSETS—
Real Estate, Buildings. Machinery, Invest-$16,030,103 97
74
$15,934,073
ments,&c
23,594,869 81 23,594,869 81
Good Will, Brands, &c
5,050,644 91
2,767.045 10
Cash
4,133,634 53 4,036,138 02
Bills and Accounts Receivable
5,137,256 45 8,335,076 22
Marketable Products, &c., on hand
$53,946,509 67 $54,667,202 89
LIABILITIES—
Capital Stock, l'referred
Common
$10.198,600 00 $10,198,600 00
20,237.100 00 20,237,100 00
$30,435,700 00 $30,435,700 00
10,000,000 00
5,000,000 00
Debenture Bonds
5,000,000 00
Two-year Gold Notes
303,462 98
202,520 76
Accounts Payable
840,321 72
893,719 61
Reserves
Interest accrued upon Debenture Bonds and
102,083 33
166,666 68
Gold Notes
305,958 00
305,958 00
Preferred Stock Dividend payable Dec.
202,371 00
Common Stock Dividend payable Sept. 1
Balance of General Profit and Loss Account 11,958,983 64 12,460,266 84
$53,946,509 67 $54,667,202 89
1896
THE CHRONICLE
[vol.. 103.
NOVA SCOTIA STEEL AND COAL COMPANY, Limited
(Organized under the laws of Nova Scotia, Canada)
OFFICIAL STATEMENT TO THE NEW YORK STOCK EXCHANGE IN CONNECTION WITH
THE LISTING
OF ORDINARY STOCK.
New York, October 18 1916.
Ordinary.
Preferred.
The Nova Scotia Steel & Coal Company, Limited, hereby On October 8 1904 the capital was reduced to $6,030,000, consisting of
makes application to have listed on the New York Stock
$5,000,000 $1,030,000
(This was the result of the cancellation of $970,Exchange temporary certificates for $7,500,000 Ordinary
Stock, consisting of 75,000 shares of the par value of $100 On 000 of authorized but unissued preferred stock)
December 15 1909 it was increased to $7,030,000,
each, of an authorized issue of $15,0002000 (150,000 shares)
consisting of
Ordinary Stock, on official notice of issuance in exchange On March 20 1911 it was increased to $8.530,000, 6,000,000 1,030,000
for present outstanding certificates, with authority to sub-,
consisting of
7,500,000
1,030,000
stitute permanent engraved interchangeable certificates on On December 31 1915 it was decreased to $8,500,000, consisting of
official notice of issuance in exchange for present outstanding
7,500,000
1,000,000
(This was the result of the purchase and canceltemporary certificates or old certificates; also with authority
lation
of
preferred
$30,000
stock.)
to add $7,500,000 (75,000 shares) of said Ordinary Stock on
March 29 1916 it was increased to $16,000,000,
official notice of issuance and payment in full, making the Onconsisting
of
15.000.000
1.000.000
total amount applied for $15,000,000.
All of said stock is of the par value of $100 each,is full paid divided into 160,000 shares of the par value of $100 each.
and non-assessable, and no personal liability attaches to
The increase of December 15 1909 of $1,000,000 was issued
shareholders. The act of Incorporation of the Company as a stock dividend to holders of Ordinary
Stock. The inprovides:
crease of March 29 1911 of $1,500,000 Ordinary Stook was
14. The company may issue as fully paid up stock both common and sold for cash at par. The total outstanding stock at the
preferred shares of the company, and may, upon such terms as the directors present time is $8,500,000, consisting of $7,500,000
Ordinary
may deem for the interest of the company, pay and allot such shares in Stock and
$1,000,000 Preferred Stock. The holders of the
payment of right of way, plant, rolling stock, mining and smelting plant
or materials of any kind; and also may, on such terms as the directors may Preferred Stock are entitled to Eight per Cent per annum
deem for the interests of the company, pay and allot such fully paid up cumulative dividends. The shares are Preferred as to
shares in payment for services of or work done by contractors, engineers, assets on dissolution, and the holders have equal voting powsolicitors and other persons who may have been, or may be engaged, in ers with the Ordinary stockholders.
promoting the undertaking or work of the company; and may, upon such
Dividends have been paid as follows:
terms as the directors may deem for the interests of the company, allot
and pay over such fully paid shares in whole or partial payments for the
purchase, lease or acquisition of coal, iron and other mines or mining areas
or leases thereof, and of limestone quarries, railways, rolling stock, wharves,
lands, ships and any other property which the company is hereby authorized to acquire, construct, operate or own, or in payment of the shares,
bonds or other obligations of other companies, which the company is hereby
authorized to acquire. The issue, allotment or payment of such fully
paid stock by the directors of said company shall be binding upon the company, and shall make the same fully paid stock; and the same shall not be
assessable or subject to any calls for any purpose whatever,and the holders
of said stock allotted or paid as aforesaid shall not be subject to any personal liability whatsoever in respect thereof.
Year.
Preferred Stock. Rate. Ordinary Stock. Rate.
1901 ____$1,030,000 00 8
$3,090,000 00 4%
1902 ____ 1,030,000 00 8
4,120,000 00 5%
1903 ../..'__ 1,030,000 00 89'
4,120,000 00 69
1904
1,030,000 00 8%
4,939,300 00 3%
1905 ____ 1,030,000 00 8
4,970,300 00 _ _ _
1906 ____ 1,030,000 00 8
4,987,600 00 _ _ _
1907 ____ 1,030.000 00 8
4,987,600 00 6
1908 ____ 1,030,000 00 8
4,987,600 00 19'
1909 ____ 1,030,000 00 8
5,000,000 00 1°,, & 20% Stock Dividend
1910 ____ 1.030,000 00 8
6,000,000 00 44%
1911 ____ 1,030,000 00 8
6.000,000 00 6
1912 ____ 1,030,000 00 8
6,000,000 00 6
1913 ____ 1,030,000 00 8
6,000,000 00 6
1914
1,030,000 00 4
6,000,000 00 3,
1915 ____ 1,030,000 00 12 0
7,500,000 00 -_
The Nova Scotia Steel & Coal Company, Limited, was inIn accordance with the powers conferred upon it by its
corporated under an Act of the Legislature of the Province Acts of Incorporation the Nova Scotia Steel & Coal
Comof Nova Scotia, Canada, being Chapter 137 of the Acts of pany, Limited, (the applying Corporation), is engaged
in
1898, said Act being subsequently amended as follows: By the operation of coal and iron mines and in the manufacture
Chapter 172 of the Acts of 1900, Chapter 158 of the Acts of of iron and steel products. It also has power under its acts
1901, Chapters 178 and 179 of the Acts of 1902, Chapter 151 of incorporation to hold shares of other corporations.
of the Acts of 1904, Chapter 166 of the Acts of 1910. Its pursuance of said powers the Company owns the following:In
duration is perpetual.
Where
Capital- Owned
The Nova Scotia Steel & Coal Company, Limited, was
incorization. N. S. S.
Company—porated.
Date.
Par. Authorised. Issued. & C. Co.
originally incorporated with a capital of $1,000,000, consist- Eastern
Car
ing of 10,000 shares of the par value of $100 each, with
Co., Ltd_ _Canada June 1912 $100 *82.000,000 $1,550,000 $800,000
Scotia
authority in the stockholders to increase the same to not Nova
Land Co.,
exceeding $20,000,000.
Ltd
Canada June 9 1904
1
100.000
11,000
11,000
At a meeting of the stockholders held in June 1901 the Wasis SS.Co.,
Ltd
Canada Apr.13 1905 100
16,000
16,000
16,000
authorized capital was increased to $7,000,000, of which
*Eastern Car Company has an authorized capital of $1,000,000 common
$2,000,000 was Eight per Cent Cumulative Preferred Stock stock, and $1,000,000 preferred stock; $800,000 common and $750,000
and $5,000,000 Ordinary Stock. The following is a history preferred outstanding, the latter being held by the public.
of the Company:
The Nova Scotia Steel & Coal Company, Limited, owns
In 1882 the Nova Scotia Steel Company, Limited, was the following properties:
organized under Letters Patent of the Dominion of Canada,
First. The collieries, blast furnace and steel plant,
with an authorized capital of $500,000, of which 8165,000 Sydney Mines, Cape Breton County, Nova Scotia. The
was subscribed and paid for in cash. In December 1888 by land upon which the greater part of this plant is located is
supplemental Letters Patent the authorized capital was in- situated within the corporate limits of the Town of Sydney
creased to $1,000,000, and the name of the Company Mines. The total area ig 175 acres, and the plant is served
changed to Nova Scotia Steel & Forge Company. On by the Canadian Government Railway, whose tracks enter
January 1 1889 the Company took over as a going concern the plant. The various plants and collieries of the Comthe plant and works of the Nova Scotia Forge Company and pany are connected by a standard gauge railway about ten
issued in payment therefor $75,000 Ordinary Stock.
miles long,laid with eighty pound rails.
In 1894 the Nova Scotia Steel Company (a new company)
The coal areas consist of over ninety square miles, comwas organized under a Special Act of the Dominion of Can- prising both land and submarine areas, the whole under
ada, with an authorized capital of $5,000,000, consisting of lease from the Province of Nova Scotia. These leases are
$2,000,000 Eight per Cent Cumulative Preferred Stock and for a period of twenty years, with provisions for renewals
$3,000,000 Ordinary Stock. On January 1 1895 $530,000 for two additional terms of twentg years each. Under recent
of Preferred Stock and $530,000 of Ordinary Stock was issued legislation new leases are being prepared, giving the Comin payment for the assets of the Nova Scotia Steel & Forge pany a tenure of ninety-nine years. An agreement has also
Company and $500,000 of Preferred Stock and 8500,000 of been entered into with the Dominion Coal Company,
Ordinary Stock was issued in payment for the property and Limited, which owns the intervening areas, by which the
assets of the New Glasgow Iron, Coal & Railway Company. Nova Scotia Steel & Coal Company, Limited, has a lease
The New Glasgow Iron, Coal & Railway Company was of a strip of submarine coal areas one mile wide, connecting
incorporated in 1888 by a Special Act of the Legislature of its outside submarine areas with its present workings. The
Nova Scotia with a capital of $1,000,000, consisting of $500,- areas contain nineteen well defined seams of bituminous
000 Eight per Cent Cumulative Preferred Stock and $500,000 coal, ranging from four to twelve feet in thickness. At the
Ordinary Stock.
present time the Company is only operating on two of these
In 1901 the Nova Scotia Steel & Coal Company, Limited seams, viz.: Sydney Main seam and Indian Cove seam. The
(the applying Corporation), acquired the property and assets analysis of the Sydney Main seam, which averages about
of the Nova Scotia Steel Company, and issued in payment live feet six inches in thickness, and on which four of the
therefor 30,900 shares of its Ordinary Stock and 10,300 shares present collieries are situated, is as follows:
of its Preferred Stock. The balance, 19,100 shares of ordi- Fixed carbon
53.00
nary stock, was sold for cash. The Capital Stock of the Volatile combustible matter
38.00
Ash
7.00
Company was changed as follows:
Sulphur
2.00
Nov. 181916.]
The Indian Cove seam, which is about four feet six inches
thick, is practically of the same analysis, except in sulphur,
which is from 3% to 4%. The Company's engineers estimate that the property contains over 2,556,000,000 tons of
bituminous coal. At the present time there are five collieries operating on the property, of which the following is
a brief description:
Princess.—This colliery was the only one in opertion
when the Company purchased the property in 1900. It
consists of a shaft 700 feet deep, from which main slopes
are driven over 10,000 feet, with levels broken off the slope
every 300 feet. The mine is worked on a bord and pillar
system. The coal is cut by hand. About 600 men are
employed underground. The daily output averages about
800 tons. The surface plant consists of a steel bankhead
for hoisting, a large coal-hoisting engine with separate
engine for lowering and raising.the employees. Two large
air compressors at the plant supply the compressed air for
operating the underground pumps, hoists, &c. The buildings housing these engines are steel and concrete. The
bankhead is equipped with modern tipple and screening
apparatus. Underground the mine is operated by an endless
haulage system driven by compressed air.
Queen.—This mine was opened by the predecessors of the
present Company, but on the opening of the Princess pit
operations ceased, and in 1905 it was reopened by the present
Company. It is situated on the same seam of coal as and
about 5,000 feet distant from the Princess colliery. The
ventilating fan at the Queen colliery is driven by an electric
motor, with current supplied from the central power plant.
The haulage system at this colliery is also operated by compressed air. The mine employs underground about 300
men and has a capacity of 500 tons daily.
Florence.—This colliery is also located on the same seam
as the Princess and Queen, about two miles north ofPrincess.
The workings here consist of two parallel slopes driven in
the coal to a depth of about 5,000 feet. Levels are broken
off every 300 feet and like the other collieries the mine is
worked on the bord and pillar system. The slopes are
operated on an endless haulage system, and small air-driven
engines and hoists are used to deliver the coal from the various
headings to the main slope. The coal in this colliery is cut
almost entirely by compressed air machines. The surface
plant consists of two large air compressors for operating the
underground hoists and coal cutting machines. The bankhead is fully equipped with tipples, screens, &c. Six 240H.P. Stirling boilers supply steam for the various engines.
About 550 men are employed underground and the average
output is about 900 tons daily.
Scotia.—This colliery is situated about one and one-half
miles farther north than the Florence and on the same coal
seam. The workings like those in the Florence consist of
two parallel slopes about 4,000 feet deep, with the necessary
levels, crosscuts, &c. The mine is operated underground
wholly by electricity. The cutting and handling of coal
and the pumping of water is all done electrically. The
greater part of the power for operating same is furnished
from the central station power plant. The bankhead at this
colliery is also fully equipped with tipples, screens, &c.
About 400 men are employed, and the daily output averages
500 tons.
Jubilee.—A new mine is now being opened on the Indian
Cove seam. Equipment is being installed at this colliery
sufficient to produce 1,500 tons a day. So far, however,
development work only is being done and about 200 tons
a day are being produced.
Coal Washing Plant.—This plant was completed in the
autumn of 1914. The washer is of the Baum type. It has
a washing capacity of 1,000 tons of fine coal in ten hours.
In general it consists of a reinforced concrete building elevated about eighteen feet above the yard level and supported
by reinforced concrete columns. Alongside the washery
building is an elevated settling tank built of reinforced concrete and designed to hold 150,000 gallons of water. The
water tank is protected on the outside by a suitable air
space to prevent freezing.
Coke Ovens.—The coke ovens consist of thirtyBauer ovens
situate at the Princess colliery and 120 Bernard ovens. The
total capacity of the united batteries is 300 tons of coke a
day. The Bernard ovens are situated close to the blast
furnace.
Blast Furnace.—The blast; furnace has a daily capacity of
300 tons, has nine tuyers, is 80 feet high 12 feet 6 inches in
diameter at stock level, 18 feet 10 inches in diameter at
bosh, and 13 feet in diameter at hearth. The power equipment for the blast furnace consists of two compound disconneeted blowing engines, with 72-inch blowing tubes.
The engine is running condensing, with Worthington barometric condenser. The pumping equipment consists of
three outside packed Epping-Carpenter circulating pumps
with a capacity of 36,000,000 gallons in twenty-four hours;
and one Belliss & Morcom engine, direct connected to a
Rees-Roturbo pump, which has a capacity of 4,000 gallons
per minute. The power equipment is operated from six
300-H.P. Stirling water-tube boilers.
Open Hearth.—The open-hearth department consists of
two 50-ton to 60-ton and three 40-to 50-ton basic furnaces,
of modern design, and one tilting hot-metal mixer, with a
capacity of 200 tons. The open-hearth furnaces are housed
in a steel fabricated building equipped with two 75-ton
1897
THE CHRONICLE
Shaw electric cranes and one Wellman-Seaver-Morgan
charging machine, and are heated by gas manufactured in a
battery of 16 Duff type gas producers from coal from the
Company's mines. The ingots are stripped and handled
with a combination electric yard and stripper crane. The
furnaces are all equipped with Blair water-cooled port. ends
and hoods and have an approximate monthly capacity of
about 12,000 tons.
Fluid Compression Plant.—The fluid compression plant in
connection with the open-hearth furnaces consists of one
group of four Harmet presses each of 1,250 tons, for handling
four ingots of from 2IA to 5 tons at one time; also a 4,000-ton
Harmet press for handling ingots of 12, 20 and 30 tons.
These presses are fully equipped with all pumps, accumulators, operating valves, &c., in an extension of the openhearth building.
Central Power Plant.—The power plant is operated by
three Stirling water-tube boilers of 310 h.p., each working
at 200 pounds pressure, WO degrees of superheat, together
with nine fire tube boilers, worked at 150 pounds pressure.
These boilers are all fired with waste gases from the Bernard coke ovens. The engine-room equipment consists of
two 400 k. w. Canadian General Electric 250-volt, directcurrent generators, connected to two 18-inch and 36-inch
diameter cylinders by 24-inch strork engines. These engines are non-condensing, the exhaust going to a mixed
pressure 750 k. w. turbine of the Rateau multicellar type.
There is also a 200 k. w. Canadian Westinghouse 220-volt
60-cycle motor-driven alternator. A 2,000 k. w steam turbine, direct*connected to a 2,000 k. w., 3-phase, 60-cycle,
2,200-volt alternator, with surface condensing equipment, is
being installed.
In addition, there is at Sydney Mines a foundry, machine
shop, blacksmith shop and roundhouse, for general repairs
about the collieries, the plant and railway.
Railroad.—A standard gauge railroad connects the works
at Sydney Mines with all the collieries; also with the coal and
ore piers at North Sydney. This railway is equipped with
twelve standard locomotives, some 300 coal cars, 25 flat
cars and four passenger cars for conveying workmen from
their homes to the collieries.
Ore and Coal Piers.—At North Sydney are situate the coalloading and ore-discharging piers. There are two coal piers,
high and low level. The former is 60 feet above bigh water
and is 1,000 feet long, including approaches. It is equipped
with bins to hold 5,000 tons of bituminous coal. The low
level pier is 34 feet above high water and about 1,300 feet
long, and is used principally for loading small craft.
The main structure of the ore-receiving pier is 42 feet
above high water and 1,120 feet long. It is equipped with
two Wellman-Seaver-Morgan discharging steam cranes, with
a capacity of 5,000 tons per day.
Workmen's Houses.—Tbe company owns about 500 workmen's houses situate in various localities throughout the
town of Sydney Mines. The original townland was principally all owned by the Company, but parts of it have been
sold from time to time to workmen and others for housebuilding purposes.
Truck Store.—On the main street of Sydney Mines the
Company owns a two-story building 75 feet by 90 feet, of
frame structure, finished throughout and thoroughly
equipped for carrying on a general merchandise business.
In this store the Company does a business of approximately
$350,000 a year. The bulk of this business is with the
employees of the Company.
The iron and steel plants are exempt from municipal
rates and taxes until 1922.
LIMESTONE QUARRIES.
Point Edward Quarry.—The limestone -used in the blast
furnace at Sydney Mines is obtained from Point Edward,
some nine miles distant from Sydney Mines, and connected
with the main line of the Canadian Government Railway
by a branch line two and one-half miles long. This property
consists of about 250 acres, containing a very large amount
of carboniferous limestone of a high grade and uniform
quality. The stone is won entirely by quarrying, a steam.
shovel removing the earth overlying the deposit, a Lidgerwood overhead cableway with two towers and radius of 800
feet being installed to convey the stone direct from the quarry
face to the cars. There is very little top soil to remove.
The analysis of the limestone is as follows:
Lime
Silica
Iron and alumina
Sulphur
Phosphorus
94.0
3.0
2.2
.12
Trace
99.32
Red Islands Limestone Property.—This propety is situated
at Red Islands in the Bras d'Or Lakes, about thirty miles
by water from Sydney Mines. The property consists of
about 200 acres and contains extensive deposits of very
high grade limestone, particularly suitable for open hearth
as well as blast furnace work.
George's River Dolomite Quarry.—The Company owns at
George's River, Cape Breton County, Nova Scotia, twenty
acres on which is situate a deposit of first-class dolomite.
The output varies from 6,000 to 10,000 tons per year, depending on the requirements of the open-hearth furnaces.
1898
THE CHRONICLE
•
WABANA IRON MINES.
These mines are situated on Bell Island, in Conception
Bay, Newfoundland, distant about fourteen miles from
St. Johns. The land areas, which are about three square
miles in extent, contain three beds of hematite iron ore of
workable thickness, known as the Dominion, Scotia and
Upper beds, the latter two belonging to this Company. In
addition to this the Company owns all the ore contained in
823/i square miles of submarine areas, which also contain
the three seams already mentioned. These areas, both land
and submarine, are held in fee simple grant from the Crown
and are not subject to any rental. Of the seams in the land
areas but a small tonnage has been mined from the Upper
bed and the Scotia seam has still available several hundred
thousand tons of ore.
Only a small part of the submarine areas has as yet been
developed. The Dominion seam on these areas, which is
the only one prospected to any extent, has two parallel
adjacent slopes driven into it 2,700 feet, with levels running
at right angles to the slopes 2,800 feet. This development
work shows the ore to range in thickness all the way from
ten to thirty feet and the general thickness to be some
twenty feet of good, clean ore.
The average output of ore from the land and surface
workings of the Company for the five years previous to
July 1914 was 520,176 tons. The submarine mines alone,
with the development already completed, will have no difficulty in largely increasing this production.
The Company's engineers estimate that the Dominion
Seam alone contains over 1,500,000,000 tons of ore, and
Mr. E. C. Eckel places the figures of the ore contained in
these submarine areas as high as 2,000,000,000 tons. These
estimates would ensure an output of 1,000,000 tons a year
over a very long period. An average analysis of the iron
ore is approximately as follows:
(Vol, 103.
Building No,3.-Axle building. Seventy-five feet wide by 335 feet long.
Steel frame, brick and steel sides, composition roofing. In this
building is situated two steam hammers for forging axles, one continuous axle
heating furnace, one 1,500-ton shell forging press, one 500-ton shell forging
press, two 180-ton draw benches, two continuous heating furnaces for she
billets, 734-ton electric crane traverses the entire building. A
on tnis building covers 12 axle cutting off and turning macnines,leanto
three
stationary boilers and four (4) blacksmith fires and small smith hammer.
Building No. 4.-Forge yard 50 feet wide by 275 feet long; steel frame,
concrete sides, composition roof. This minding is traversed the entire
length by a 30-ton electric overhead crane. Under this roof is situated
one 3-ton steam hammer, one heat-treating and two annealing furnaces,
15 hack saws cutting shell blocks.
Building No. 5.-Main forge building. 50 feet wide by 240 feet long,
with leanto 20 feet wide on one side, 35 feet wide on other side. Steel
frame, brick and concrete walls, composition roof. Traversed entire
lengta with 50-ton electric overhead'crane. In this nuilding is situated one
4,000-ton steam hydraulic forging press, with steam intensifier, nydraulIc
accumulator and pumps; one 500-ton steam hydraulic forging press with
steam intensifier, 4 forge furnaces with steam boilers for utilizing waste
heat, one 310 h.p. Stirling boiler, six 270-ton shell forging presses and five
heating furnaces for shell billets.
Building No. 6.-Roughing machine shop, 50 feet wide ay 250 feet
long with 15 feet leanto, steel frame, brick and concrete walls and composition roof. This auildiag is traversed toe entire length with 30-ton
electric overhead,traveling crane. In this building are located the large
roughing lathes, planers, boring mills and cutting-off saws.
Building No. 7.-Finishing machine shop. Wood construction, steel
walls, composition roof. Traversed by 15-ton electric overhead crane.
Building 60 feet wide ay 180 feet long. In this building is located the machinery necessary for finishing large forgings, castings, &c., and doing a
general repair and engineering business.
Building No.8.-Cold rolling department. 40 feet by 180 feet. Wooden
frame, wood sides, composition roofing. Containing the machinery
necessary for finishing. polisaing and straightening round bars of /-inch
diameter to 6-inch diameter.
Building No. 9.-Pattern shop and pattern storage. Wood frame.
Wood covering composition roofing. Thirty by 75 feet. In this buildng is the machinery required in a well-equipped pattern shop.
Building No. 10.-Forge boiler house. Steel frame, brick and steel walls,
composition roofing, 40 by 110 feet, with leanto 30 feet wide and 110
feet long for pumps on one side, and leanto on back for feed pumps and feed
water heaters. Containing the following: 3,500 h.p. boilers, 2,400 h.p.
boilers, 2 feed water heaters, 2 feed pumps, 9 hydraulic pumps each capable of delivery of 170 gallons of water per minute against a head of 1,500
1gs., 3 hydraulic accumulators, 2 steel chimneys.
Iron (as Oxide of Iron)
74.051.84% Metallic Iron
Building No. 11.-Roll turning shop. 30 feet by 110 feet. Steel
Silica
11.11
frame, tile block walls, composition roofing. In this building are the
Sulphur
0.049
following: 1 7M-ton overhead electric crane, 4 roll turning latnes.
Phosphorus
0.570
Manganese Oxide
Building No. 12.-No. 3 mill building. 50 feet wide by 240 feet long.
0.15
Titanium Dioxide
Construction: steel frame, steel walls, composition roofing. In this
0.50
Alumina
building are one 9-inch Belgian typo mill with 1 stand of 16-inch roughers,
5.86
Lime
and 5 stands of 9-inch finishing rolls driven by engine 16 and 32x24. One
1.86
Magnesia
continuous heating furnace, 1 automatic cooling bed and 2 mill shears.
0.53
Copper
Faint Trace
'
Building No. 13.-No. 1 mill building. 75 feet wide by 240 feet long.
Nickel
.003
Construction: steel frame, steel walls and composition roofing. In this
Vanadium
.008
building are: one 9-inch guide mill, consisting of 5 stands driven by steam
Chronium
None
engine (size) 24 and 17x21; 1 continuous,heating furnace, 1 large reeler
Lead
Trace
driven by 125 h.p. motor, 1 small reeler driven by 125 h.p. motor, one oilCarbon Dioxide (C. 0.2)
2.86
furnace for reeler, 1 cooling bed, 1 mill shear.
fired
Moisture
Loss in Ignition 5.37%
2.24
Organic matter
Building No. 14.-No. 2 mill building. 75 feet wide by 240 feet long.
0.27
Construction: steel frame, steel sides, composition roofing. Equip100.050%
ment of this building consists of 1.18-inch bar mill driven by steam engine,
26 and 48x48. One 20-inch plate mill driven by steam engine, size 18 and
30x48; 2 cooling beds, 1 mill shear with live roll table approach, 1 fish-plate
The ore is mined on a slope equipped with 80-pound steel shear, 1 fish-plate punch, 1 fish-plate drop, 1 billet conveyor, one 24-ton
rails, on which is operated a 20-ton skip, which is loaded electric overhead traveling crane.
Building No. 15.-Cogging mill building, 50 feet wide by 375 feet long.
automatically from a distributing bin situated at the foot Construction:
steel frame, steel walls, composition roofing. This buildof the slope. The skip is also dumped automatically on ing contains one
28-inch reversing cogging mill, driven by a steam engine
the deck head,and at the present time can handle 2,000 tons (double), 33x48. Three continuous ingot-heating furnaces. Live roll
table approaches to mill; 2 hot billet shears, one 54-inch hot saw, 3 transfer
of ore from the bottom to the deckhead in twelve hours. cars
carrying ingots from furnaces to mill, two 10-ton electric overhead
The deckhead is equipped with rock-breakers and crushers. cranes, one 50-ton steam-operated overhaed crane, one 4-ton electrically
The ore is dumped from the skip into bins, from which it is operated jib crane.
Building No. 16.-Electric power house. 35x65. Steel frame, brick
fed automatically to the crushers and delivered from them walls,
composition roofing. In this building
situated 2 low-pressure
to a belt, and while passing over the belt any rock which 500 k.w. turbo-generators, 1 accumulator andare
1 oil separator, for lowpressure turbo-generators; 1 high-pressure turbo-driven hydraulic pump
may have been mined is removed and the ore delivered to with
jet condenser, one 15-ton hand-operated overhead traveling crane.
the cars for transmission to the shipping pier or the stock pile.
Building No. 17.-Shipping building. 940 by 75 foot. Stool framct,
The ore is conveyed either from the deckhead or stock pile brick
and steel walls, composition roofing. In this building are situated
to the shipping pier on the other side of the island, about stock bins 260 feet long by 20 feet wide, 4 shears, 3 straightening machines,
2 punches, 1 friction saw 1 bar twister. Traversed entire length by two
two miles distant, by an endless haulage rope system. 73
-6-ton high-speed electric overhead traveling cranes.
At the shipping pier the ore is dumped automatically into
Building No. 18.-Manufacturing building, 75 feet wide by 540 feet long.
two large storage pockets with a capacity of 60,000 tons. Steel frame, brick and steel walls, composition roof. In this building
are located 18-inch shell-finishing department, consisting of 4 automatic
Steel bucket conveyors carry it from the pockets to the end railway
spike machines with heating furnaces. Bolt and nut department.
of the loading pier, where, with self-trimming chutes, the consisting of 20 heating furnaces and 66 machines; 2 tie-plate
punches.
ore is loaded into the steamers with a minimum of labor. 38 machine tools.
Building No. 19.-9.2-inch shell finishing shop. 75x140. Stool frame,
The capacity of these conveyors is over 1,000 tons per hour.
brick and steel walls, composition roofing. In this building are located
• The mines are equipped with electric steam generators, 52
machine tools.
transmission lines and lead-covered cables carrying the
Building No. 20.-4.5-Inch shell finishing department. 50 by 140.
current to the remotest part of the submarine workings, In this building are located 110 machine tools.
where it is used in operating electric shovels, pumps, hoists,
Building No. 21.-Bolt and nut machine shop. 25 by 100. Steel frame,
brick walls, composition roofing. The plant contains the necessary
drills, lighting, &c. The whole of the deckhead machinery machinery
for the production of 20 tons of !Jolts per day.
and surface equipment is of the most modern type.
Building No. 22.-Box shop. 40x100. Steel frame, brick walls, comA new haulage slope 10 feet by. 17 feet is now being driven, position
roofing. Contains 1 boiler and the following machines: 1 planer.
which, on account of the improved gradient, will give a 1 edger, 2 circular saws and a box nailing machine.
Building No. 23.-Cutting-off department. 50x180. Wooden frame,
much better road than the one now being used. Provision
wooden walls, composition roofing. In this building the machines necesis also being made to install more powerful machinery and sary
for cutting to length 25,000 blocks per day are contained.
equipment on this slope so that when completed the output
Building No. 24.-Main boiler house. 50x250. Stool frame, steel
can be very considerably increased.
walls, composition roofing. Contains: nine 316 h.p. boilers, two 600 h.p.
boilers, complete coal and ash-handling plant, 1 stool stack, 1 concrete
Although the mine is a submarine excavation, the quantity stack
12 feet diameter, 180 foot high.
of water encountered is very small, being only about 150
Building No. 25.-Electric repair shop. 40x50. Steel frame, brick
gallons a minute, which has not increased appreciably during walls,
composition roofing. Contains: one 140 k.w. generator, driven
the past few years, althouth much additional territory has by reciprocating engine and electrical repair station with tools.
Building No. 26.-Smith and finishing department. 50x150. Steel
been opened up.
frame, tile block wall, composition roofing. Contains: blacksmith fires.
2 small steam hammers, 2 shears. 1 saw grinder, 2 air compressors.
MANUFACTURING PLANT-TRENTON.
Building No. 27.-General stororoon. 40x90. Wooden frame, hollow
wall, composition roofing, concrete foundation and basement.
The land on which this plant is located is situated within concrete
Complete oil storage equipment and 2-ton electric operated elevator.
the corporate limits of the town of Trenton, Pictou County,
Building No.28.-Physical testing laboratory. Wood frame, wood walla.
Nova Scotia, directly adjoining town of New Glasgow. composition
Contains: 3 tensile testing machines, 1 hardness
roofing*
and the following machine tools: 1 shaper and 2 lathes.
The total area is 72 acres, and the plant is served by the Cana- testing machine
dian Government Railway, whose tracks enter the plant.
Buitding No. 29.-Brick storage building. 150x60. Wood frame, tile
walls, composition roofing.
The main buildings with their contents are as follows:
Building No. 30.-Locomotive house. Wood construction. This buildMain Office Building.-55 by 110 feet. Two stories and basement, ing houses three small locomotives.
concrete foundation, brick walls, asbestos roof.
Building No. 2.-Works office, 30 by 9 feet. Two stories, wood contruction; Second floor contains complete chemical testing laboratory.
The plant employs about 2,500 men and has the following
daily capacity:
Nov. 18 1916.)
Rolled bars, plates, &c
Porgings
Car axles
Railway spikes
Track bolts
THE CHRONICLE
350 tons
250 "
70 "
50 "
30 "
1899
The buildings are fully equipped with all necessary
punches, lathes, planers, wheel and axle presses, bulldozers, power hammers, including four large Thomas
spacing tables arranged to handle all classes of car maThe products of this plant consist principally of rolled bars, terial. Two 300 ton and one 500 ton hydraulic presses
angles, channels, tees and plates; tee-rails up to 45 pounds are installed, and in the wood shop all the necessary wood
per yard; railway angle bars and fish plates; bolts, nuts, working machinery for either wooden or steel freight cars.
spikes and rivets; car axles and forgings of all kinds up to
All machines as far as possibe are individual motor drive,
30 tons in weight.
electricity being used wherever possible. Very few air
The properties, plants and equipment of the Company hoists are employed, nearly all of this work being done
are subject to $5,787,195 98 Five Per Cent First Mortgage by electric hoists. Three of the four spans are supplied
Gold Bonds ($6,000,000 authorized) secured by a first with ten-ton overhead traveling cranes, seven being promortgage bearing date July 1 1909,given to the Eastern Trust provided for the three spans; there are two in the wood car
Company of Halifax, Nova Scotia, Canada. These bonds shop, three in the steel car shop and two in the truck and
are dated July 1 1909, bear interest at 5% per annum, forge shop. The crane runways extend the entire length
payable semi-annually, and may be registered as to principal of the building.
only. The mortgage provides for a sinking fund, pursuant
The wheel foundry is housed under a separate roof and has
to which the Company agrees to pay to the Trustee on a capacity of 200 wheels per day. Provision has been made
January 1st in each year, commencing January 1 1911, to increase the capacity to 400 wheels per day. It is built
one-half of one per cent of the par value of all bonds issued. on the straight floor plan with the latest modes for handling
These bonds are subject to redemption by the Company both the flasks and the metal. The wheels can be rolled
at 105% and accrued interest. Pursuant to the sinking directly from the wheel foundry to the truck shop, a disfund provisions of the mortgage $212,804 02 of these bonds tance of only 60 feet.
have been redeemed and canceled.
Among the assessory buildings which
to make up the
Subject to the lien of the above described First Mortgage plant are the following: Power house,godry
kiln, general
the properties, plants and equipment of the Company are storeroom, paint and oil storage, locomotive
house, general
also subject to $4,000,000 debenture stock secured by a mort- office, etc.
gage bearing date July 1 1909, given to the Eastern Trust
The boiler plant is close to the west side of the main
Company. The mortgage provides that the stock to be building, midway along its length, as central
as
issued thereunder is limited in the first instance to $1,000,- without being too far from the supply of condensingpossible
water.
000, the Company to have the right from time to time to issue The condensing water is taken from the East River, 1,000
additional stock ranking pani passu to an amount not at any feet away. A pump house is built on the shore of this river
time to exceed the amount of the paid up capital of the containing three electric driven pumps with remote control so
Company for the time being. This debenture stock bears that the operator can start and stop them from the power
interest at the rate of 6% per annum,payable semi-annually. house without the necessity of going to the pump house
After July 1 1919 the Company may redeem all or any part except for occsional inspection.
of the debenture stock at 105%; in the event of voluntary
The boiler room is laid out for five 600-H.P. water-tube
dissolution it is redeemable at 100%.
boilers, three of the Edgemore type, equipped with Green
The Company guarantees the principal and interest of chain grate
making a total of 1,800 H.P. nominal
$1,000,000 Six per Cent. First Mortgage. Bcnds of the rating, havestokers,
installed and are in use. Over-head
Eastern Car Company, Ltd., and also guarantees pay- steel bunkers been
with concrete are provided for coal
ments into the sinking fund of 1% annually of amount storage and a lined
continuous
handles the coal from
of bonds issued. These bonds are dated July 1 1912 and the track hopper to the conveyor
bins. Provision has also been
become due on July 1 19521 bear interest at the rate of made at each boiler for burning
wood refuse and shavings,
6% per annum, payable semi-annually, and may be regis- the material being handled by the
blower system, which
tered as to principal. The holder of any registered bond delivers it direct to the boilers.
may, while such bond remains registered, detach, surrender
Both direct and alternating current
power is
to and have registered by the Trustee any unmatured in- used. The alternating current is three electiic
phase, 600 volt,
terest coupons. The mortgage provides for the creation and the direct current, which is used on cranes and variable
of a sinking fund by the payment to the Trustee on or be- speed motors is 220 volts. The electric power plant confore July 1st in each year, commencing in the year 1915, a, sists of two 750 Canadian General Electric turbines. A
sum equal to 1% of the par value of all bonds issued there- Terry turbine of 125 K. W. capacity has been installed to
under. These bonds may be redeemed at 105% and ac- take care of overtome
such as night and Sunday
crued interest on two months' notice. Pursuant to the lighting, etc. A motorloads,
generating set provides direct cursinking fund provisions of the mortgage $21,300 of these rent, with both steam driven
and electric driven exciters.
bonds have been redeemed and canceled.
compound two-stage Ingersoll-Rand Air compressor
The Company guarantees the principal and interest of of One
3,000 Cu. ft. capacity has been installed and provision
$50,000 Six per Cent. First Mortgage Bonds of the Nova, made
for a second unit of the same size.
Scotia Land Company, Limited, and also guarantees payThe hydraulic system consists of one three-cylinder comment into the sinking fund of 1M% semi-annually of the
pound fly-wheel high-pressure pump with two large acamount of bonds issued. These bonds are dated July 1 cumulators
to take care of the fluctuation. Provision is
1904, become due July 1 1924, bear interest at the rate of made for a second
one of similar size.
6% per annum, payable semi-annually, and may be 'regisPiping systems
main cables are carried in conduits
tered as to principal only. The mortgage provides for the and tunnels from and
the
house to various parts of the
creation of a sinking fund by the payment to the Trustee plant. The heating of power
plant is done largely by exhaust
on or before July 1st and January 1st in each year, com- steam, which is carriedthe
in mains through these tunnels to
mencing with the year 1905, a sum equal to 13/2% of the four large heating units, consisting
large stacks of indirect
par value of all bonds issued thereunder, as well as the radiation, about which air is passedofby
fans and distributed
interest on any bonds which may have been canceled under throughout
the shop.
the provisions of the sinking fund. These bonds may be
The
lighting of the plant is done principally by flaming
redeemed at 110% and accrued interest on three months'
notice. Pursuant to the sinking fund provisions of the arc lamps, or in smaller areas, tungsten lamps.
The
office building is brick and cement with hardwood
mortgage $20,000 of these bonds have been redeemed and
finish.
canceled.
At the south-western end of the plant is a storage for
EASTERN CAR COMPANY,
LIMITED.
lumber and steel. Overhead cranes serve to handle the
The land upon which this plant is located is situated material from the cars into the storage yard.
within the corporate limits of Trenton, Nova Scotia adAll buildings throughout the plant are thoroughly equipped
with hydrants and other fire fighting appliances. A sprinkjoining the property of the Nova Scotia Steel & Coal Company, Limited.
ler equipment is installed in all buildings except the wheel
The main building is 1,100 feet long, consisting of four f •undry, and the plant in all respects conforms to the inspans each 90 feet wide, arranged so that the material will surance requirements.
The plant has a capacity of twenty-five steel frame box
travel a comparatively short distance from one department to another. The whole layout is planned with a ears per day, and with little expenditure for machinery the
output can be increased to fifty cars per day.
view to reduce the handling of material to a minimum.
The number of men employed varies from 600 to 1,200,
The buildings are steel frame with concrete walls. It is
well lighted by numerous windows and monitors; the moni- and the annual wages from $300,000 to $500,000.
tors also provide for ventilation.
This plant is exempt from Municipal rates and taxes
The first span contains the machine shop, air brake
until 1933.
department, bolt and rivet storage, truck shop, small stores,
NOVA SCOTIA LAND COMPANY, LIMITED.
department and forge. The next span is
entirely
This Company owns 53 frame detached cottages at
to the steel car department, the materialdevoted
being sheared, Sydney Mines, Nova Scotia, near the works of the Nova
punched, pressed, rivetted and erected. At the
point where Scotia Steel & Coal Company Limited, which are rented
the erecting tracks begin they are intersected
a cross by the employees of the Steel'
Company.
track upon which the tracks from the truckbyshop
are
transferred directly to the point where they are needed
THE NVASIS STEAMSHIP COMPANY, LIMITED.
in the erection shop. The building between the second and
This Company owns an ocean-going
steamer, the
third spans is divided by a concrete fire wall completely "Algonquin," with a carrying capacity ofsteel
about 2,300 tons
shutting off the wood car shop from the two northern spans. dead weight cargo. The steamer is engaged in general
The third and fourth spans are devoted to the wooden car freighting, and carrying ore and coal for the Nova Scotia
and painting departments.
Steel & Coal Company, Limited.
http://frase
@FedFRASER