Full text of Commercial and Financial Chronicle : November 20, 1915, Vol. 101, No. 2630

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financial

TV
umirarrtH
IN C L U D IN G
Bank & Quotation Section
Railway Earnings Section
VOL. 101

Railway & Industrial Section
Bankers* Convention Section

Electric Railway Section
State and City Section

SATURDAY, NOVEMBER 20 1915

(&hv0uxtU.

NO. 2630
W e e k e n d in g N o v e m b e r

C le a r in g s a t —

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13.

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1913.

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, „

,

CLEARING-HOUSE RETURNS.

1, ®
w,ng tal*1©. m ade up by telegraph, & c.. Indicates that the total
bank clearings o f all the clearing houses o f the United States fo r the week
n
J
^
l°
;o
boon $1,942,486,369.
against $4,514,140,158 last week
ail(1 .S .SI KaL
.(Olhla^
illn tim
.1 11rlinrw nr/i,il. I....4- ...... M
C le a r in g s — R e tu r n s b y T e le g r a p h .
W e e k e n d i n g N o v . 20.

1915.

New York . . . _____________ _________
B oston_____________ _____ _____ _____
Philadelphia.......... ......... ................. .....
Baltimore____________ ______________
C hicago________________ ___________
St. Louis_____ _______ _____ ________
Now Orleans_____________ _____ _____

$2,629,930,399
183,724,483
184,327,916
32,855,949
305,964,253
86,693,796
23,140,011

$1,156,896,102 + 127.3
122,565,677 + 49.9
132.192,574 + 39.4
29.114,133 + 12.8
248,612,454 + 23.1
63,972,318 + 35.5
18.591,519 + 24.5

Seven cities, 5 days_______________
Other cities, 5 days_________________

$3,446,636,807
685,437,294

$1,771,944,777
070,298,976

+ 94.5
+ 20.2

Total all cities, 5 days.
All cities, 1 day_________

$4,132,074,101 I $2,342,243,753
810,412,268 1 476,151,553

+ 76.4
+ 70.2

P er
C e n t.

1914.

Total all cities for week............ ......... $4,942,486,369 $2,818,395,306 I +75.4
T he fuH details for the week covered by the above will be given next
Saturday. We cannot furnish them to-da.v. clearings being made ud by the
clearing houses at noon on Saturday, and henco In the hbove the last day
or the week has to be In all cases estim ated, as wo go to press Friday night.
„ ' Ve present, below detailed figures for the week ending with Saturday
noon, N ovem ber 13, for four years:
W e e k en d in g N o v e m b e r

C le a r in g s a t —

1915.

1914.

I n c . or
D ec.

13.

1
1913.

1912.

!
$
$
New York_____ 2,759.908.385 1,399,947.031 + %
98.6 1,,867,797,890 2,244,192,548
Philadelphia___
191,336,455 152.173,600 + 19.2 167,346,593 179,674,740
Pittsburgh...
66.560,286
47.710.911 + 18.7
54.793,413
50,377,930
39.612,163
Baltimore______
36,328,541 + 9.0
40,311,867
44,674,641
13.340,274
B u ffa lo.............
10.772.490 + 23.9
13,727,263
13,496,379
6,070.328
Albany................
6,491.350 — 6.5
6,431,345
7,169,610
8.872,527
Washington..
7.721.899 + 14.9
7,518,400
8,298.010
Rochester__
5,826,433
4,599,471 + 26.5
5,214,998
5,828,270
Scranton_______
3.391.591
3.275.899 + 3.5
3,346,412
3,208,702
Syracuso_______
3,105.713
2.852.222 + 8.9
2,807,924
3,127,141
Wilmington___ I
1.936,561 + 34.6
2.606.829
2,086,786
1,685,869
Reading________
2,113,852
1,803,077 + 17.2
2,100,435
2,058,561
WHkes-Uarro. "
1,834,794 + 4.6
1,918,653
1,663,755
1,481,235
Wheeling___
'
1,942,410 + 46.9
2,861.704
2,530,655
2,457.346
Trenton.........
1,852,821 + 17.8
2,181,185
1,867,040
1,876,086
Y o r k ............
924,864 + 12.2
1,037,488
975,740
1,052,041
Erlo ..............
1,056.673 + 9.0
1,151,959
1,135,652
1,112,194
Greensburg..
655.656 + 0.5
058.696
600,000
550,000
Binghamton___
753,000 + 17.4
884.300
832,400
689,000
Altoona........
551,759 —6.2
617,675
643,675
790,762
Chester........
010,089
757,956 + 20.2
679,562
767.593
Lancaster__
1,811.484
1,461,860 + 23.9
1,554,849
1,524,037
Montclair . . .
678,094
429,234 +34.8
470,428
521,165

Total Middle- 3,107.256,663 1.686,834,085
196.767,337 138.952,738
19,170,100
7.673,300
7.949.063
4.755.561
4,229,528
3.824,780
3.490.909
2.955,061
2.370.517
2.087,342
3,369,602
2,492.482
1,739,038
1,280.678
1,858,831
1,241,238
1,045.074
955.734
700.189
763,846
492,370
592.967

Boston_________
Provldenco........
Hartford............
New Haven____
Springfield..........
Portland______
Worcester_____
Fall River.
New Bedford . . I
Lowell................
Holyoke............I
Bangor..............I

Tot. New Eng.

234,346,812

+ 84.8 2,186,437,082 2,583,263,800

+ 18.1
+ 13.5
+ 35.2
+35.8
+ 49.5
+ 9.4
+ 9.1
+ 20.3

164,440,259
9,518,500
5,250,971
3,664,559
2,994,304
2,352,788
2,621,804
1,646.664
1,459.684
978.048
644,089
474,986

198,716,530
10,525,000
6,059,541
3,314,870
3,112,685
2,382,425
2,795,669
1,822,655
1,301,961
720.089
619,081
726,886

167,411,499 + 40.0

196,046,656

231,098,292

+41.6
+ 32.5
+ 67.2

+ 10.6

.
9 ana,,lan clearings see •'Commercial and Miscellaneous News.
„
? wln?
tlJ® consolidation the latter part of March 1915 of the First National
Bank sod the Security National under the name of the First A Security Bank,
Mlnaeapolls bank clearings are being materially reduced.




Chicago_______
351,148,682
Cincinnati.........
30,715,050
Cleveland_____
35,500,000
Detroit.......... .
34,285,207
Milwaukee___
19.191.752
Indianapolis__
10,582,191
Columbus_____
7,642,200
Toledo_________
7,187,280
Peoria ............ .
3,885,274
Grand Rapids..
3,576,887
D a y ton _______
2,745,894
Evansville_____
2,178.004
Springfield, 111. .
1,185,241
Fort W ayne___
1,395,984
Youngstown___
2,039,228
Rockford_______
1,023,598
Akron____
2.639.000
Quincy___
875,668
Canton . . .
1.800.000
Lexington .
821,979
Springfield, Ohio
952,183
South Bend
959,135
Bloomington___
795,138
D ecatur...
556,216
Jackson . . .
732,682
Mansfield .
618,044
Danville ..
606,622
Lansing . . .
690,0)0
L im a ____
672,562
Jacksonville, B l.
311,435
Ann Arbor.
345.000
Adrian___
70,344
Owensboro____ ____ 336,943
Tot. Mid .West 527,765,423
San Francisco__
Los Angeles
Seattle____
__
Salt Lake C ity ..
Spokane.*..
Portland . .
Tacoma__
Oakland__
Sacramento
San Dlego.
Fresno_________
Stockton _______
San Jose__
Pasadena..
North Yakima..
R e n o __________
Long Beach____
Total Pacific- .

69,482,989
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

Kansas City___
96,711.401
Minneapolis___
*36,330,215
Omaha.............. .
21.979,661
St. Paul..............
19.000,000
Denver................
13,004.220
Duluth_________
11.839.355
St. Joseph_____
8.724,545
Des Moines_____
5,889,665
Sioux City..
5
3,105,795
Wichita___
9
4,316.974
Lincoln . . . .
1
2,277.581!
T op ek a ___
5
1,450,000
Davenport..
9
1,400,000
Cedar Rapids__
2
1.866,300
Fargo--------5
2,552,862
Colorado Springs
T
609,449
Pueblo.........
5
847,047.
Frem ont__
1
434,351
Hastings__
1
264,192
Aberdeen__
)
808,277.
Waterloo___
)
1,344,039
Helena_____
>
1,610,154
Billings___
)
737,364
Tot. Oth.West. 241,617,615> 209,808,690
St. Louis___
1 73,739.205!
New Orleans___
> 16,433,191
Louisville............
1 11.219.926
Houston________
I
8,374,493
Galveston______
)
3,820.612
Richmond______
14.988,171
8,918,500
M em phis..........
9,316,578
Atlanta________
14,305.952
Savannah ______
4.852.182
Fort Worth........
11,268,221
9,898,958
Nashville_______
8.045,509
7,074.029
N orfolk..............
5.211.657
4,442,571
Augusta..............
2,772,924
1,879,305
Birmingham___
2,948.099
2,714,355
Little Rock........
3,347,550
2,282,106
Charleston______
2,315,142
1,860,557
Chattanooga___
2,810,185
2,223.002
Jacksonville___
3,291,950
2,906,071
Knoxville_______
1,922.009
1,932.020
Mobile_________
1.056.800
1 ,000,000,
Oklahoma ..........
3,383,645
3.245,365
Austin_________
1.957,863
2,045,483
Macon_________
5,072,414
3,819,149
Vicksburg..........
321,971
334,262
Jackson ..............
497,224
591,963
Muskogee..........
1,500,107
1,097,777]
Tulsa.................. _ 1,731,130
1,510,361;
Total Southern _ 264,673,363 ! 204,837,973
Total a l l ........ + [514,140ri58 2 ,827,405,730
Outside N . y j f >54,231777i f 42774587699

1912.

322,260,992 325.160,882
.24,560,250
27,565,500
20,860,551
25,343,165
28,454,607
25,957,730
17,356,410
16.043,534
8,927,637
9,914,169
6,801,800
6,637,500
6,446.796
5,868,291
3,614,020
3,975,682
3,544,184
3,430,536
2,398,967
2,307,133
1,511,596
1,464,739
1,168,149
1,161,278
1.418.544
1,204,247
1,539,129
1,701,412
1,092,710
952,225
1.481.000
1,768,000
865,207
794,077
1.460.000
1,447,363
744.760
972,029
689,149
744,090
702,613
640,059
657,844
659,858
564,997
591,300
568,037
600,000
550,513
451,036
416.584
442,061
490,463
555,822
491,201
469,293
329.562
305,259
234.717
201,054
50,338
25,000
____ 430.682
447,000
462,682,369 469,801,392
+ 9.0
—4.8
—1.9
+ 7.6
+ 5.0

— 10.0

—2.9
+ 12.4
+ 3.9

+ 11.8

+ 18.7
—1.7
+ 16.3
+ 14.6
+ 17.0
+ 0.7
—7.2
+ 3.2

56.222,569
25.488,957
15,467.950
9,301,463
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

59,713,082
27,938,230
14,040,118
9,086,439
5,552,612
14,813.487
3,124.352
3,825,878
2,455,841
2,810.693
1,557,672
1,069,511
883,894
1,295,933
592,251
333,363

144.341,756

149,093.356

+ 35.3
+ 2.3
+ 12.9
+ 37.4
+28.6
+ 13.7
+30.9
+37.6
— 38.3
+ 0.8
— 2.7
— 13.4
+ 68.9
+ 19.1
+ 1.7
+ 15.2
+ 30.3
88,037,976
+ 32.4
22.863,896
13.655,249
+ 54.8
+ 31.2
12.729.167
+ 12.6
3.908.000
5.043.000
+ 68.1
9,293.421
9.325.464
+ 28.7
13,214,877
14,069.686
+ 52.6
19,963.043
17.794,126
+ 22.2
6,598.899
7.972,278
+ 13.9
10.386.319
12.832.816
8,391.202
+ 13.7
8,351,494
+ 17.3
5,160,456
4,676,149
+ 47.5
2.570.215
2.906,400
+ 8.6
4.000.056
3.889.024
+46.7
3,549.243
3.564.781
+ 24.5
2,820,638
2.975.476
+ 26.4
3,019,183
2.997.316
+ 13.2
3,432,333:
3.509.000
— 0.5
2,001,272
2.019.127
+ 6.7
1.540.000
1.602.300
+ 4.1
2,281,417
2,237,148
— 4.3
4,830,551
2.915.5X2
+32.8
6.023.319
6,524.761
— 3.7
375.552
509.069
— 15.9
489,329
667,638
+ 36.7
1,549,783
1.007,466
+ 14.6 __ 1,729,817 __ 1,071,274
+ 29.2 254,415,213 247,77+236
+ 59.7,3 ,427,2167832 3 866,4317143
+22.9 1 ,559,418~942 1 621,0&fL5M"

1654

THE CHRONICLE

[Vol. 101.

nor the balance of silver on hand. Now the accounts
are so stated as to show the surplus gold and the
available silver dollars with exact precision, 4 hat is
an important point gained. On the other hand, in
some other directions information previously fur­
nished is materially curtailed.
The advantages referred to appeal of course to all
those who are obliged to consult and study the
Government figures for their own enlightenment or
that of the public. The general reader is concerned
mainly about the truth of the assertions that the
Treasury balance has been padded as a consequence
of the re-casting of the accounts. It is true that the
net balance in the general fund now stands very
much larger than it did under the old arrangement
of the figures. An idea of the extent of the change
wrought in that particular is found in the fact that
the Treasury statement for Sept. 30 under the old
ments.
The author of the charges is ex-Senator Jonathan form gave the net balance as $40,898,894, whereas
Bourne Jr. of Oregon, and he speaks as President of the statement for the next day (Oct. 1) gave the
the Republican Publicity Association. The state­ available balance under the new form as $128,003,545.
ment put out is quite a lengthy one, and though its Plainly therefore the effect of the change has been to
purpose is palpably obvious, we reproduce it in an­ add a very large sum to this balance.
It is due to Secretary M cAdoo to say that the
other column, since the newspapers have featured it
nature
of the changes by which this new result was
with all sorts of startling headings, such as “ Says
reached
and the reasons for them were set out at
M cAdoo’s U. S. Millions Are Phantoms,” “ Assails
M cAdoo as a Money Juggler,” “ Finds Treasury considerable length and with indisputable clearness
Balance Padded More Than $100,000,000,” &c., &c. in an “ Announcement” which occupied a whole page
The gist of the allegations is that under the present in the Treasury statement for Oct. 1. Mr. Bourne
Administration repeated changes have been made in affects to believe that this explanation is obscure.
the form of the Treasury statements, this part of the The truth is, what has been done could hardly have
assertion being, as we have already indicated, correct. been set out with greater clarity.
The increase in the available balance is due to
The latest change dates from Oct. 1, and the princi­
two
main alterations, both involving large sums, and
pal point in it is that it has increased very materially
we
imagine
opinions will differ as to the propriety
the so-called available cash balance. Changes of
of
the
changes.
As to at least one of them, however,
that kind are always viewed with suspicion, even
Mr.
M
cAdoo
has
authority of law behind him.
when sound or unobjectionable, and it is impoitant,
The
two
changes
consist
(1) in excluding from the
therefore, to inquire into this departure with the
liability
side
of
the
General
Fund the item of dis­
view to seeing whether it can be considered justified.
bursing
officers’
balances”
and
(2) in excluding also
It is an unfortunate feature that in recent years
the amount deposited by national banks for the re­
nearly every new head of the treasury Department
has deemed it expedient to revise the debt and Treas­ tirement of national bank notes but not yet paid
ury statements. Usually some improvement is out for that purpose. This last amounted on Sept.
effected as a result of the revision, though by no means 30 to $34,340,866 and is the item as to which the
invariably so, and often the amendments deal with Secretary has authority of law for his act. T-he
very minor matters. Congress, on its part, has at item is in every sense a current liability, since the
times given directions as to how particular items money has been deposited with the Government
should be treated. Altogether the effect, as fai as for the express purpose of retiring the notes and
the ordinary layman is concerned, has been dis­ under accurate accounting methods it would be set
tinctly confusing. The peculiar mischief in such aside in a specific fund to take care of the notes as
they came in. The Secretary recognized the charac­
charges as those made by ex-Senator Bourne is that
most persons do not consider themselves competent ter of the item soon after his advent to office and,
changing previous practice in that respect, he had the
to decide questions of bookkeeping and accounting,
item marshalled among the current liabilities, thereby
and yet are inclined to give credence to reports or
diminishing the amount of the available cunent
intimations of irregularities, on the theory that if
balance. Experience has shown that the notes in
they were not at least in part true or did not rest on
process of retirement are very slow in coming in,
substantial foundations their authors would not
and while of course this does not change the charac­
dare to give publicity to them.
ter
of the liability, the fact remains that Congress
On the present occasion the Treasury figures and
had long previously directed by statutory enactment
accounts have been entirely recast. M any innova­
that such deposits should be treated, not as a cur­
tions are introduced. Some of these aic distinct
improvements. In particular is this true regarding rent liability, but as part of the public debt.
The Treasury Department really went outside
the tabulations dealing with the gold and silver hold­
the pale of the law when two years ago it began to
ings and the trust funds existing in connection there­
enter the item in its true character as a current
with, to take care of the gold and silver certificates
liability. The Secretary says frankly now that this
that are outstanding against large amounts of the
was an error. The Act of July 14 1890 prescribes
holdings. Under the old form of return the “ free”
that such deposits shall be covered into the lica sgold available for the general use of the Ircasuiy
ury as miscellaneous receipts and that the notes
could not be told except after considerable figuring,

THE FI NA NC IA L SITUATION.
Newspaper columns have been filled this week with
sensational reports bearing upon the condition of the
United States Treasury. As these have emanated
from political sources and obviously been circulated
for political effect, they would ordinarily be entitled
to no notice or consideration. It happens, however,
that Government disbursements have been running in
excess of receipts and that Government cash has as
a result been contracting. It is also well known that
Administration circles are casting about for new
forms of taxes with which to raise additional reve­
nues. This makes it important to examine into the
charges. As it happens, too, a basis for the allega­
tions exists in certain changes that have been made
in the form of the daily and monthly Treasury state­




Nov. 20 1915.]

THE CHRONICLE

thus rendered subject to retirement by the United
States shall be carried as part of the public debt—
that is, that the item shall be exhibited each month
on the printed statement of the public debt under
the heading “ Debt of the United States Bearing
No Interest.” As directed by the Act of July 14
1890, the amount to the credit of this fund was
mingled with the general cash and carried there
continuously until the early part of the present
Administration, when the form of the Treasury
statement was changed. The item has now been
restored to the general fund in accordance with the
requirement of the law. The change made in that
particular, therefore, is good law, though not in
consonance with sound accounting practice.
In the case, however, of the item of disbursing of­
ficers’ balances, which is of much larger magnitude, it
aggregating Sept. 30 $60,409,181, the Secretary makes
a departure entirely on his own responsibility. He
points out that these disbursing officers’ balances
consist of amounts placed by the Secretary of the
Treasury to the credit of disbursing officers, against
which they are authorized to draw checks in pay­
ment of public obligations. In the past, whenever
the Secretary has placed an amount to the credit of
a disbursing officer it has been the custom to carry
that on the Treasury statement as a disbursement.
The Secretary states that as a matter of fact the
money in many instances is not spent for months,
and sometimes not at all, being returned to the
Secretary’s account.
The argument is plausible enough, but neverthe­
less these balances have all the characteristics of a
current liability. They represent disbursements not
actually paid out but set aside for payment, and to
a larger or smaller extent they are immediately
drawn against. To just the extent this is done the
balances no longer have any existence. The Secre­
tary says it will be impossible to state outstanding
checks in the column of liabilities in the daily state­
ment because it is not practicable to get the informa­
tion daily from disbursing officers. It is contem­
plated, however, to set up outstanding warrants,
checks, and matured coupons as a liability in the
monthly debt statement. Obviously, to the extent
at least that warrants, checks, &c., are on any given
day outstanding, they ought to appear as a liability.
To report the available cash balance without deduct­
ing the same is an overstatement in just that
amount.
M r. M cAdoo argues that the new daily statement
is on a cash basis. Receipts, he states, under the
old method were reported on a cash basis, while dis­
bursements were on a mixed basis. This proved
confusing. Under the new form, he contends, dis­
bursements, like receipts, will represent cash trans­
actions. But in ordinary business affairs, when a
check is drawn in payment of a bill, or of a service
rendered, it is counted as a disbursement and cash
balance marked down accordingly. The money is
no longer considered available whether the check is
presented immediately or not until two or three days
later.
The Secretary argues that outstanding checks and
warrents are offset in large measure by receipts
which are in transit to the Treasury. That may be,
but it does not alter the fact that such warrants and
checks should be deducted, even if the full amount
standing to the credit of disbursing officers is not




1655

eliminated. The results are in error by the aggre­
gate amount of such outstanding items. W hy it
should be so difficult to get the records of checks and
warrants is hard to understand, but the Secretary
lays emphasis on the point and says that inasmuch as
it will be necessary to get information from disburs­
ing officers all over the country, the monthly state­
ment, heretofore issued promptly on the first of the
month, will be greatly delayed, though it is believed
that this can be so expedited that the Department will
be able to issue the statement on the 15th of each
month. The statement for the present month had
not yet reached us up to late last night.
If the daily record of available cash balance is in
error in the particular mentioned, there is this much
to be said, that a footnote is added to each day’s
statement showing the amount of moneys held for
retirement of national bank circulation, while the
item of disbursing officers’ balances is also stated.
Accordingly, it is possible to calculate the balance on
the old basis if so desired.
When all has been said that can be said, it remains
true nevertheless that these repeated changes by one
Administration after another in the form and char­
acter of the debt and Treasury statements are dis­
turbing and highly objectionable, if for no other
reason that they render difficult comparisons with
the past on an identical basis. The lesson which the
experience teaches would seem to be that the char­
acter and contents of these statements ought to be
prescribed by law so as to render it impossbile for
each new head of the Treasury Department to impose
on the form of the statement his own ideas as to what
it should be.
Building construction operations in the United
States in October 1915, continuing to reflect the im­
provement in the commercial and industrial affairs
of the country of which evidence has recently been
accumulating, showed considerable expansion as
contrasted with the same period of 1914, when there
was marked contraction, and a slight gain over
1913. It does not follow, of course, that increased
activity has been universal; such a revival could
hardly be expected so soon in a country where abso­
lutely identical conditions are rarely ever operative
in all sections at the same time. But localities where
stimulus to building was lacking in October were
not numerous. On the other hand, moreover, many
conspicuous gains are to be noted. They are to be
found at Boston, Bridgeport, Springfield, Mass.,
Albany, Buffalo, Jersey City, Rochester, Washing­
ton, Chicago, Cleveland, Toledo, Akron, Detroit,
Cincinnati, Minneapolis, Omaha, Memphis, Okla­
homa and scores of cities of lesser prominence.
The impetus to building operations now being
experienced has naturally created an increasing de­
mand for materials, and this in turn has caused a no­
ticeable rise in prices pretty much all along the line.
But that is not all. Those who keep in touch with
the markets report that whereas not so long ago ma­
terials in some lines were in such full supply and the
outlook believed to be so poor that reduction in ca­
pacity was being considered, now the available stocks
have dropped below normal. Furthermore, an enor­
mous demand for structural material is looked for
after the close of the war in Europe, and the United
States will doubtless profit from it in considerable
degree.

1656

THE CHRONICLE

Our returns for October 1915 from 161 cities fur­
nish a total of projected outlay for building operations
in the United States of $71,890,530, or $17,091,944
(31.2% ) more than for the month of 1914 and 1)4
millions, or 1.8% , above the 1913 aggregate. The
operations contracted for in Greater New York this
year were of greater magnitude, covering a contem­
plated expenditure of $10,672,677 against $8,863,278
in 1914 and $7,886,224 in 1913, the Borough of
Manhattan alone recording a decrease from a year
ago. For the country outside of this city the esti­
mated outlay under the permits issued total $61,217,­
853 against $45,935,308 in 1914, and falls only 1)4
millions below 1913. The Middle West division
(29 cities) reports an aggregate of $25,690,746 against
$14,943,524 last year and $20,899,590 in 1913, and
the territory west of the Mississippi River (23 cities),
but not including the Pacific Coast section, furnishes
a total of 2 % millions in excess of 1914 and 1 million
more than in 1913. The amount for 38 cities in the
Middle Atlantic region at $12,802,328 is one-third
of a million above a year ago, but 3 millions below
1913; New England cities to the number of 25 give
an aggregate 2 millions over and the South a total
nearly half a million greater than last year. The
Pacific Coast, however, falls behind % of a million.
For the calendar year 1915 to date, the compila­
tion, embracing the same 161 cities, makes a better
comparison than heretofore, showing as it does that,
as a result of the further active operations in October
the decrease from a year ago has been very materially
lessened. The figures for the last three years for
the whole country are 698 millions, 714 millions and
772 millions, respectively. Greater New York’s oper­
ations at 145)4 millions exceed those of 1914 by 18
millions and 1913 by 13)4 millions, but fall behind 1912
by 43 millions. Outside of this city, the comparison
is between 552% millions this year and 587 millions
in 1914 and 640)4 millions two years ago. New
England and the Middle West show satisfactory
gains and the remaining sections losses, with the South
and the Pacific Coast least favorably situated.
Returns for the Dominion of Canada, while mak­
ing a better exhibit than recently, are still rather
poor. We have reports from 37 cities for October,
and they indicate a projected expenditure of only
$2,504,570 ($2,200,188 in the East and $304,382 in
the West), against $3,185,507 ($2,515,468 East and
$670,039 West) in 1914 and $13,633,554 ($11,142,436
and $2,491,118, respectively) in 1913. For the ten
months the contemplated outlay at the identical 37
cities aggregates very much less than last year, only
$25,112,351 (of which $20,920,703 East and $4,191,­
648 West), contrasting with $82,653,515 ($57,649,­
847 and $25,003,668, respectively) in 1914, with the
loss from 1913 over 91 million dollars.
The New Orleans Cotton Exchange, or at least
traders thereon whose ideas of prices do not con­
form to those of certain persons in Greenville, Texas,
are now slated for Federal investigation. This latest
move to interfere with the legitimate functions of a
commercial body is sponsored by Congressman
Reyburn of Texas who, acting on behalf of Green­
ville constituents, has filed with the Federal Trade
Commission a complaint against the “ bear” operators
on the New Orleans Exchange who are accused of
depressing the price of spot cotton. In effect the
“ bear” operators are charged with having depressed
the price of cotton on the New Orleans Exchange



fVOL. 101.

at least 200 points (2 cents per pound) thus serving
to depress the value of the staple generally. Com­
ment upon this latest proceeding is hardly called
for. There is every reason to believe that under
existing conditions of supply and demand present
prices for cotton would be deemed quite satisfac­
tory. It will, therefore, be interesting to know what
the Greenville complainants would expect to realize
for their staple could the New Orleans and other
“ bear” operators be suppressed.
The consumption of cotton in Continental Europe
has been the subject of a recent investigation by
Mr. Erwin W . Thompson, Commercial Attache
of the United States at the Hague, and his results
have been made public by the Department of Com­
merce. Explaining that his calculations and esti­
mates (which are given to-day in our cotton depart­
ment) leave out of account the unknown factor of
cotton used for gunpowder and other explosives,
M r. Thompson figures that consumption for the
year ended June 30 1915 was 1,747,000 bales of 500
pounds net each smaller than for the preceding 12
months. As regards the various countries, the con­
sumption of Austria-Hungary is given as a little
less than one-third of that of 1913-14, and the
reduction in Belgium, France and Germany is
estimated at 60% . Elsewhere an increased use of
cotton is quite generally noted, with the gain in
Russia about 40% , or 700,000 bales, and largely in
the Moscow district. In some instances scarcity
of labor, or of raw material, or both, have tended
to reduce output. In others, the spinning of coarser
yarns for war orders and running night and day,
have resulted in a material increase. Mr. Thomp­
son’s figures are interesting and instructive even
though, as he says, they cannot be taken too liter­
ally, owing to the confusion of present conditions.
It now appears that one of the objects of Lord
Kitchener’s absence from London is to make a per­
sonal investigation into conditions in the Dardanelles
before the British Cabinet decides either to abandon
or push to a finish the Dardanelles campaign. Press
dispatches via London announced on Thursday that
a new success was won by British troops at Gallipoli.
This news followed closely the admission by the
Marquis Lansdowne in the House of Lords that
Lieutenant-General M onro, commander at the
Straits, favored a withdrawal of the forces. Lord
Lansdowne added that the Government had asked
Lord Kitchener to visit the Eastern Mediterranean
because, in its- opinion, the report of Sir Charles
Monro and the evidence accompanying it did not
seem sufficient to enable the Government to come to
a conclusion upon the general questions of policy
involved. In the House of Commons, also on Thurs­
day, the Dardanelles situation was under discussion,
Andrew Bonar Law, Colonial Secretary, linking it
with the Serbian crisis as among the topics “ which are
not pleasant to think or talk about.” He empha­
sized the fact, however, that the House might be
assured that in what the Government is doing or was
intending to do it would not be influenced by the
idea that, having made a mistake, it was going to see
it out. The Government would be influenced solely
by the best military opinion it could get. Reports
early in the week suggested that Lord Kitchener
had gone to Greece to bring pressure upon King Con­
stantine. At any rate, he conferred with Gen. Sar-

Nov. 20 1915.]

THE CHRONICLE

rail, Commancler-in-Chief of tho French army in the
East, at Salonika on Thursday, and left that port
without going ashore. Both the situation in the
Balkans and at the Dardanelles may have been con­
sidered, as General Sarrail was in command of the
French troops on the Gallipoli Peninsula before he
went to Salonika.
As to the attitude of the Grecian Government, the
Entente Powers seem now to be concentrating their
efforts to obtain a definite guarantee for the safety
of French, British and Serbian troops. It is reported
in dispatches from Rome that immediate action of a
forceful character is to be taken, no delay being
tolerated. Latest advices state that an ultimatum
has been served on Greece. Italy, it is announced,
will be an important factor in the approaching devel­
opments. M . Denys Cochin, French Cabinet Minis­
ter, who went to Greece on a special mission, is said by
the Athens correspondent of the London “ Daily
News” to have stated to an interviewer that the ques­
tion of the Allied troops would be easily settled, but
that nothing further was expected. Bonar Law, in the
House of Commons on Thursday, injected a note of
optimism into an allusion to the outlook in the Bal­
kans. He could not agree, he said, that the public
should be taken into the Government’s confidence at
the present time. With respect to Serbia, whatever
criticism there might be, he would not say a word
on a subject which could not be judged unless all the
facts were known, and most certainly, in his judg­
ment, it would not be wise to tell all the.facts. De­
spite what was happening in the Near East, he would
say, however, that he was more hopeful than he had
been for many months, and, looking at the tendency
of the whole war, things were not going so badly as
they would seem to be. Advices from Berlin refer
to an agreement between Greece and Bulgaria con­
cerning their future relations and sphere of interest
and annexation. Such an agreement is considered
highly probable, although it has not yet, it is under­
stood, been concluded in a formal way. Negotia­
tions to that end, it is declared, would have the
active help of the German Government. From the
German point of view, as expressed in Berlin, such an
agreement would relieve Greece of any apprehensions
of an attack by Bulgaria and assure her of a growth
that would enable Greece to retain her place in the
Balkan balance of power. Washington press dis­
patches say that Great Britain, France and Russia
have united in an effort to add China to the Entente
Alliance, in order to prevent possible friction in the
future between Japan and China, and to preserve the
peace of the Far East. If China agrees to the plan,
military participation in the present war is not ex­
pected. Negotiations thus far are in a conversa­
tional stage at Pekin, it is stated, with no indications
as to China’s attitude.
As to the week’s military operations, chief inter­
est has not unnaturally centered in the invasion of
Serbia by the Austro-German and Bulgarian forces.
The German war authorities claim that the conquest
ofjjh c little kingdom has in fact been accomplished.
Dispatches from London do not concede this, but it
seems evident that the end is very near, as the Serb­
ians are now conducting what is little more than guer­
illa warfare in the mountains. Monastir’s occupa­
tion by the Bulgarians appears to be imminent. The

London “ Chronicle” correspondent at Salonika


1657

states that the Serbians inflicted on the Bulgarians
a loss of 5,000 men, more than the total Serbian op­
posing force at Baduna Pass, and finally retired with
all their guns and equipment. The Serbian army in
the Monastir region is estimated at 50,000 and is
opposed by 60,000 Bulgarians. The official account
of the operations at the Dardanelles states that an
engagement took place on Monday in the Krithia
Nullah, near the tip of the Gallipoli Peninsula, where
160 yards of trenches to the east of the defile and 120
yards to the west were captured. In the other
theatres of war hard fighting continues, but appar­
ently without important net results. The Russians
continue their offensive west of Riga, and are making
an effort to secure control of the railway which con­
nects Mitau with Windau. Further south they have
attacked the Germans near Smorgom,on the railway
running eastward from Vilna. The Germans claim
to have driven the Russians back across the Styr River.
With a view of securing proper co-ordination among
the Allies in their conduct of the war, the new War
Committee of the British Cabinet visited Paris on
Wednesday to attend the first meeting of the AngloFrench War Council. Those taking part were
Premier Asquith, A. J. Balfour, First Lord of the Ad­
miralty; David Lloyd George, Minister of Muni­
tions, and Sir Edward Grey, Secretary for Foreign
Affairs, of the British Cabinet, while the French par­
ticipants were Premier Briand, Gen. Gallieni, Min­
ister of War; Admiral Lacaze, Minister of Marine,
and Gen. Joffre, the French Commander-in-Chief.
The British Ministers also had a conference at the
French Admiralty Office. On Friday Premier As­
quith, after his return home, reported to the Cabinet
that a complete agreement between England and
France on all military, naval and diplomatic matters
had been established at the joint meetings of the
Anglo-French war board in Paris. The next war
council will be held in London. It is expected that
the Russian and Italian Governments will be repre­
sented.
Winston Churchill, the most severely criticized
member of the British Cabinet, delivered a speech in
his own defence in the House of Commons on M on­
day, following his resignation from the Cabinet.
“ I wont have it said,” was his dramatic assertion, re­
ferring to the Dardanelles attack, “ that this was a
civilian plan foisted by a political amateur upon re­
luctant officers and experts.” His speech was mod­
erate and direct and he presented evidence to show
that in every case experts had counseled and con­
curred before any of the expeditions which had been
condemned were undertaken. He made a good im­
pression upon the House. In conclusion he expressed
his willingness to accept general ministerial responsi­
bility subject to his written and recorded opinion,
adding:
“ If we had known what we now know of the cost
of the military operations I cannot think that any one
would have hesitated to face the loss of prestige
involved in breaking off the operations.”
“ The situation is now entirely changed,” he said,
“ and if there has been any operation in the history
of the world that, having been taken, it was worth
while to carry through with the utmost vigor, fury
and sustained flow of reinforcements and utter dis­
regard of life, it is that operation so daringly begun
under Ian Hamilton by the immortal landing in
the Dardanelles.”

1658

THE CHRONICLE

“ W e are passing through a bad time, and it will
probably be worse before it is better, but that it will
be better, if we only endure and persevere, I have no
doubt whatever.”
.
In his opinion it would not be necessary to push
the Germans back over all the territory they have
absorbed to win the war, and while the German lines
extended far beyond their frontiers Germany might
be defeated more vitally in the second or third year
than if the allied armies had entered Berlin during
the first.
_
Great Britain's command of the seas and the rapid
and enormous destruction of German manhood were
factors upon which the country might confidently
rely. Germany’s power was diminishing; Great
Britain's was continually becoming stronger.
“ We are the reserve of the Allied cause,” he said,
“ and the time has come when that reserve must be
thrown fully into the scale.”
Importing circles in New York have been recently
considerably concerned over the rumors that the
Suez Canal had been closed by the British Govern­
ment. The rumors were seized upon as the basis for
an advance, notably in tin, rubber and other products
of India and the Far East. The peculiar thing
about the report was the apparent inability of mer­
chants and others to obtain official information, a
feature that was obviously due to the control of the
cables by the British censor. It was not until
Tuesday evening that announcement was permitted
to come over the cables that traffic through the
Suez Canal was absolutely uninterrupted in any way.
Our State Department has been advised of the
ratification by the Haytian Senate of the pending
treaty between the United States and Hayti which
gives the Washington Government a large measure
of control in the Haytian affairs, particularly the
national finances. The treaty will be submitted to
the United States Senate when Congress convenes
and the Administration will endeavor to secure
ratification, the treaty being regarded as one of the
most important advances on the part of our own
Government toward securing peace and order in the
Caribbean Sea.

[VOL. 101.

New York such a provision was found necessary in
order to attract investors and that the imposition of
the income tax in the past has proved a serious bar
to obtaining foreign subscriptions to the loans.
There has been some disposition on the London mar­
ket to ascribe the absence of more definite loan ar­
rangements to an under-current of belief that Ger­
many in an indirect manner is instituting peace
proposals and that it would be wise, therefore, to
avoid definite arrangements for such a huge loan as
otherwise would be necessary. The military events
of the week, it must be conceded, give slight color
to any suggestion of this character and it is diffi­
cult to place the finger upon any single item of the
week’s news as cabled to this country that would
furnish a basis for such a report.
The volume of trading on the London Stock Ex­
change has been light, which was quite natural in
view of what seemed to be the increasing uncertain­
ty or worse of the conditions in the Balkans. Money
rates early in the week were strong and discounts
were advanced for all maturities to 5 % % for both
short and long bills, while day-to-day funds were
quoted at 4J^%. Later dispatches indicated, how­
ever, that difficulty was being experienced in main­
taining these rates. There were, in fact, confident
early-week predictions made in banking circles in
London that the Bank of England's minimum rate
would be advanced on Thursday. Predictions of
this nature were not fulfilled. As a matter of fact,
the Bank of England on Saturday made the an­
nouncement that it would decline to discount bills
for the market below 53^%. This was the cause of a
sudden advance in the open market rate. The
London banks have decided to observe three o’clock
instead of four as the closing hour for business, begin­
ning on Dec. 1, to enable the greatly reduced staffs
to handle the work more expeditiously. This will
necessitate some changes in arrangements of the
English Stock Exchange. Stock deliveries, for in­
stance, will be possible until 2:30 p. m. only, instead
of 3:30, as is the present practice. In the same way
money and various merchandise transactions must be
advanced accordingly in order to permit payment by
checks. It is expected that there will be an import­
ant change in the Treasury's regulations in regard to
the sales of securities on the Exchange. Members
are urging that the rules under which the London
and provincial exchanges were permitted to reopen
be modified so that either minimum prices be aban­
doned altogether or sufficiently reduced to permit
the market to become for practical purposes one of
free action— in other words, to be dominated by the
relative strength of demand and supply. One satis­
fying change has already been agreed upon and will
take effect on M onday, the Stock Exchange Commit­
tee, with the Treasury’s permission, having ruled
that transactions in registered stocks will be permit­
ted when the broker supplies the seller's name only
instead, as is the present practice, of supplying identi­
fying numbers and other complicated particulars at
the moment of the sale. This, to some extent, is
making a virtue of necessity, since the old rule has
become impossible and is in many instances being
ignored.

A much better demand that has developed this
week for Treasury bills on the London market has
reassured the British Government as to its immediate
expenses. Hence no intimation has yet been made
of the probable date of the next English popular
war loan. Official figures that have just become
available indicate that a surprisingly small propor­
tion of the old Consols and war loans has been con­
verted into the new loan. Of Consols, the total con­
version amounted to £204,000,000 out of the £536,­
000,000 outstanding, while of the old war loan only
£135,000,000 out of the £350,000,000 issue was
turned in in exchange for the latest loan; of other
Government securities only £8,400,000 of the out­
standing total of £33,626,000 were utilized in this
way. Thus the new loan was used to convert only
£347,400,000. It is considered probable therefore
that the terms of the forthcoming loan when an­
nounced will be found to contain additional con­
version rights. In the House of Commons on Wed­
nesday a new clause was added to the Finance Bill
empowering the Treasury to free from the income
The London “ Times” of Wednesday stated that
tax all foreign holders of future loan issues, whether
made in England or abroad. It was explained that it had reason to believe that the British Government

when the Anglo-French credit loan was issued in is considering tentatively a plan to “ mobilize”


Nov. 20 1915.]

American securities now held in private hands in
preparation for the possible necessity of seeking
another loan in the United States after a few months.
The country would then be in the position to offer
solid collateral if, in the meantime, American terms
have stiffened and it is found impossible to obtain
a loan simply on the security of British credit.
The “ Times” believes that when investors appre­
ciate the circumstances they will be willing to loan
securities to the Government, adding “ there is, of
course, no question of confiscation, or even of
commandeering securities.” Early in the week
London brokers were advising their clients to take
advantage of the then low rates of exchange to
sell securities to the countries of origin and put the
proceeds in Treasury bills or war loan bonds. An
informal canvass that has been made by London
interests has revealed the fact that holdings of
American stocks and bonds still remaining in
English hands are much larger than supposed.
The new French loan which is unlimited as to
amount, will, it is announced by cable from Paris,
be issued at 88 francs. The loan will take the form
of new 5 % rentes and be entirely free of all taxation.
Subscriptions may be paid for in National Defense
notes and bonds and V/^% rentes at prices to be
calculated later. The 3 % perpetual rentes will be
accepted for a third of the amount of the subscrip­
tions, their price to be reckoned at 66 francs for
the purpose. Savings banks accounts may be drawn
on demand for an amount not exceeding one-half
of the subscription. The list will be opened Novem­
ber 25 and closed on December 25 at latest. It is
still possible that some change in the terms may
be decided upon before that date. The Minister
of Finance is authorized by law to act for the best
interests of the Treasury and he imposes the terms
the moment the issue is made, not before. M .
Ribot, Minister of Finance, in the Senate on Wednes­
day declared he was willing to accept the *name
already given to the new loan, the “ Loan of Vic­
tory.” This headline has been used very generally
in the French press and is said to be creating no
little enthusiasm. The issue price of 88 will be
reduced to 87.25 for those paying for their sub­
scriptions immediately. Others can pay in four
installments, 10% on making their application,
26% on January 15, 26% on February 15 and the
balance on March 15 1916. Subscribers will receive
1y 2% on the coupons of January 1. The new loan
at 88 really will pay 5.68% . With American ex­
change so high, it is hoped in Paris that subscriptions
will be attracted from the United States, as the
present rate of exchange will make the interest
nearly 7 % . The application of the general revenue
tax voted before the war and which should have been
inaugurated formally in January of this year will
again be delayed, it has been announced. French
rentes closed at 65.00 francs, against 65.35 francs
a week ago.
Official bank rates at the leading foreign centers
remain as last quoted, namely London 5% ; Paris 5% ,
Berlin 5 % , Vienna 5 % , Copenhagen 5 % , in Italy,
Norway, Sweden and Portugal the rate is 5 ^ % ;
in Russia it is 6 % and Switzerland, Holland and
Spain it is 4 ^ % . The open market rates in London
are 5}/s@ 5% % for both long and short bills, against
5 }4 @ 5 3 ^ % for the former and 4J^% for the latter



1659

THE CHRONICLE

one week ago. Day to day funds at the British cen­
ter, after touching 43^%, closed at 4 @ 4 )^ % , against
4 @ 4 ^ % last week. From Berlin a 434% rate is
reported, but there have been no quotations cabled
from the other Continental centers this week so far
as we have been able to learn.
The Bank of England again reports a substantial
decline in its gold and bullion holdings, the loss
amounting this week to £1,782,007, comparing with
a reduction of £1,304,044 last week. More than
the whole of this loss represented sales of the precious
metal for New York. With the decrease of £185,000
in note circulation the reduction of the total reserve
was only £1,597,000. Public deposits indicated an
expansion of £1,223,000 and other deposits increased
£1,261,000. Loans (other securities) registered an
expansion of £4,093,000. The proportion of reserve
to liabilities is now 27.49% , against 29.13% last
week and 34.04% a year ago. The Bank holds in
gold and bullion £53,569,667, against £72,570,142
one year ago and £36,820,482 in 1913. The reserve
is £39,005,000. One year ago it was £55,706,732 and
two years ago £26,867,522. The loan item stands
at £101,761,000, against £107,103,442 and £27,987,­
325 one and two years ago, respectively. The Bank
reports the amount of currency notes outstanding
as of N ov. 13 at £81,950,389, against £79,935,940
the week preceding. The amount of gold held for
the redemption of these notes remains at £28,500,000.
Our special correspondent furnishes the following
details by cable of the gold movement into and out
of the Bank for the Bank week: Inflow, £2,677,000
(of which £696,000 bar gold bought in the open
market, £100,000 released from Egyptian account
and £1,881,000 net received from the interior of
Great Britain); outflow, £4,459,000 (of which £3,­
245,000 exported to the United States, £34,000 to
Canada, £180,000 to South America, £750,000 to
Spain, £50,000 earmarked Switzerland and £200,000
to other points on the Continent. We add a tabular
statement comparing for the last five years the
different items in the Bank of England return:
BANK OF ENGLAND'S COMPARATIVE STATEMENT
1015.
1914.
1913.
1912.
1911.
Nov. 17.
Nov. 18.
Nov. 19.
Nov. 20.
Nov. 22.

£
Circulation.............. 33,013.000
Public deposits___ 50,181,000
Other deposits......... 91,676,000
Gov’t securities.-.. 18,895,000
Other securities___ 101,761,000
Reserve notes A coin 39,005,000
Coin and bullion... 53,569,667

£

£

£

£

35,313,410
16,286,301
147,334,725
18.600,753
107,103,442
65,708,732
72,570,142

28,402,960
10,611,297
38,248,144
11,784,772
27,987,325
26,867,622
36,820,482

28,277.095
13,883,639
40,635,313
13,034,576
31,670,772
27,638.059
37,465,154

28,501,405
12,818,407
39,687,004
14,438,210
28,979,562
26,817,810
36,868,216

34.04%
4%

54.97%
5%

50.67%
5%

61%
%

Proportion of reserve

to liabilities.........
Bank rate.................

27.49%
5%

The Bank of France still continues to increase its
gold holdings, no less than 25,087,000 francs being
added this week to its heretofore high record total,
bringing the amount up to 4,807,034,000 francs,
against 4,141,350,000 francs one year ago and
3,526,075,000 francs in 1913. An expansion of 764,­
000 francs was noted in the silver supply to 362,164,­
000 francs, against 625,325,000 francs one year ago
and 640,350,000 francs in 1913. Note circulation
increased 22,622,000 francs, while general deposits
indicated the large expansion of 91,940,000 francs,
and discounts increased 9,066,000 francs. Treasury
deposits decreased 2,913,000 francs and advances
are 1,057,000 francs lower. The outstanding circu­
lation is 14,210,987,000 francs, against only 6,683,­
184,785 in 1914 and 5,670,247,205 in 1913 General
deposits are 2,616,940,000 francs. One year ago

THE CHRONICLE



4 3 4 % .

FEDERAL RESERVE BANK DISCOUNT RATES.

Live-Stock Paper—
01 days to 0 months maturity 5

5

4H 5

Dallas.

3M
4
4
4H

Kansas City.

3
4
4
4

St. Louis.

3
4
4
4

Minneapolis.

10 days maturity........ 3
30 "
"
........ 4
00 “
"
......... 4
90 "
"
......... 4

a
c
§

4
4
4
4

4
4
4
4

4
4
4
4H

3
4
4
4

4
4
4
4«

4
4
4
4

4
4
4
4

5

5

6

6

5

5

Commercial Paver—

1 to
11 to
31 to
01 to

Trade Acceptances—

3
1 to 10 days maturity____ 3M
11 to 00 “
•• ......... 3M ■sx 3
81 to 90 "
"
........ 3H 3 34 3
Commodity Paper—
1 to 30 days maturity____ 3K . . . 3
31 to GO "
“
........ 3!^
3
........ ■SK
01 to 90 “
“
3
01 days to 8 months maturity

8

Chicago.

1?
|
&
s

CLASS
OF
REDISCOUNTS.

Richmond.

Lenders have been more aggressive in the local
money market this week. They have moderated their
views fractionally, but have not succeeded in placing
any large lines at the reduction. Buyers of commer­
cial paper have likewise modified their views. Funds
continue to accumulate in the New York banks.
One distinct aid in this direction was the receipt of
about $72,000,000 by the National City Bank as
central depositary of Great Britain and France.
This amount represents the first installment of 15%
called on account of the Anglo-French loan. The
account at the National City Bank is to be used by
the two Governments as their general checking ac­
count. The call was made by Basil P. Blackett and
Octave Homberg, members of the Anglo-French
Loan Committee who remained in this country.
Something over 1,100 banks and banking institu­
tions from all over the United States made pay­
ments. On Thursday the Commissioners issued
their second call on various banks holding the pro­
ceeds of the loan— this time for 30% , or substan­
tially $144,000,000, which is to be paid into the
National City Bank by N ov. 29 in New York funds.
It is understood that the Anglo-French Governments
have already begun to draw against their deposits
here for payment for goods purchased in this coun­
try, though according to advices in London, this will
be done with discretion in order to maintain balances
in New York in as large volume as possible for effect
upon the foreign exchange situation.
The weekly statement of the New York Clearing
House last Saturday (which was not affected by the
call on account of the Anglo-French loan) showed an
increase of $12,176,000 in the aggregate reserve but
of only $4,744,870 in the surplus reserve, there having
been an increase of $7,431,130 in the reserve require­
ments following a marked expansion in the deposits.
Net demand deposits increased $42,413,000 and net
time deposits increased $183,000. Loans for the
Digitized forweek
FRASER
were $26,037,000 higher. The reserve in “ own

Philadelphia.

The Imperial Bank of Germany in its report as
of November 17, published yesterday, showed an
increase of 212,000 marks in gold and a decrease
of 158,684,000 marks in cash, which item includes
metal stocks, treasury certificates and notes of
other banks. There was an increase of 443,000
marks in loans and of 35,052,000 marks in dis­
counts. Treasury bills decreased 1,022,000 marks,
note circulation decreased 77,073,000 marks and
deposits decreased 24,655,000 marks. The Bank
now holds 2,433,202,000 marks in gold, which
compares with 1,915,960,000 marks one year ago
and 1,232,120,000 marks in 1913. Combining
loans and discounts, we have a total of 4,320,­
790,000 marks, which compares with 2,800,580,000
marks in 1914 and only 954,680,000 marks in 1913.
Note circulation aggregates 5,910,051,000 marks,
against 4,060,000,000 marks and 1,927,640,000
marks one and two years ago respectively.

vaults” increased $7,709,000 to $533,078,000, of
which $478,354,000 was specie. Reserve in Federal
Reserve banks increased $4,101,000 to $169,031,000,
and reserves in other depositaries increased $366,000
to $48,541,000. A year ago, which was the last under
the old form of bank statement, the surplus above
reserve requirements amounted to $7,413,000.
Referring to money rates in detail, the range for
demand loans this week has been 13^ @ 2% , compar­
ing with l /4 @ 2 % the preceding week. Two per
cent has been named as the high figure each day this
week; on Monday and Tuesday 1 % % was the lowest;
on Wednesday 2% was the minimum and on Thurs­
day 13^%, and on Friday 1% % . On Monday 2%
was the renewal basis, on Tuesday 1 % % , Wednesday
2% , Thursday 1 % % and on Friday 1 % % . Time
money for nearly all maturities is fractionally lower,
closing at
for sixty days (against 2J^%
last week); 2 % % for ninety days (unchanged),
2 M @ 3 % for four months (unchanged), 2 ^ @ 3 % for
five months (against 3 % ), and 2 % @ 3 % for six
months (against 3 % ). A year ago all maturities
were quoted at 4 % @ 5 % . Rates for commercial
paper, as we have already noted, are fractionally
easier, closing at 2 % @ 3 % (against 3 @ 3 )4 % fast
week) for sixty and ninety-day endorsed bills re­
ceivable and for six months’ single names of choice
character. Names not so well known require 34
to 34% additional. Bankers’ acceptances are 234@
234%> according to maturity. The Federal Reserve
Board on Monday approved a reduction in the rate
for commercial paper at Dallas running 61 to 90
days from 434 to 4 % , and in the rate for agricultural
paper, running 91 days to six months, from 5 to

New York.

they were 947,571,861 francs and in 1913 866,053,758
francs. Discounts aggregate 2,179,266,000 francs,
against 2,454,280,425 francs in 1914 and 1,450,674,630
francs in 1913. Immediately after the war began
last year the Bank of France suspended publication
of its weekly statement and did not resume until
Feb. 4 1915; hence no closer comparison with the
1914 figures is available than of July 30. These are
the figures used in the foregoing comparisons.

[Vol. 101.

Boston.

1660

I
I
3
3M
4
4H
0

3K 3 « 3H
3«
3H 3 « 3
3>4 3H
3H
3K 3>4 3
4
4
3 « . . . 3H . . . 3H 4
3X
3
3
3

3
3
3

3
3
3

3
3
3

3
3
3

3
3
3

3H
4
4K
6

Authorized rate for discount of bankers’ acceptances, 2 to 4% .

The general sterling exchange situation has shown
distinct improvement. This is attributable to the
virtual completion of arrangements of the proposed
line of American credits for English banks. Details
of the arrangements in definite form have not
been reported, though in a general way they have be­
come known in financial circles in New York and
have been cabled by newspaper correspondents to
London. This latter incident has, it is understood,
been the basis for cable protest being forwarded to
some banks on this side by London bankers, who have
intimated that the smaller details were being ob­
served in London as professional banking secrets.
Credits have already been arranged for $50,000,000
and will ultimately reach $150,000,000 or more if
required. The credits are to be in favor of eight of
the large London banks. These banks are Lloyds,
he London City & Midland, the Union of London <&;

Nov. 20 1915.]

THE CHRONICLE

Smiths, the London County & Westminster, Parr’s
Bank, Barclay & C o., the National Provincial Bank
of England, the London Joint-Stock Bank. The rate,
it is understood, will be 4 % % , and the bills will run
for six months. The loan will be distributed here
among large banks throughout the country, each bank
entering into the transaction receiving the joint obli­
gations of each of the eight London banks. In addi­
tion, it is understood that certain deposits of Consols
and British war loan bonds will be made at the Bank
of England as security for the loans. Meanwhile, as
we have stated in a preceding paragraph, it is inti­
mated that the British Government is tentatively
considering a plan to “ mobilize” American securities
privately held in England in preparation for the pos­
sible necessity of seeking another loan in the United
States in the course of a few months. A part of
the pending credit loan will be handled in the form of
acceptances, bills being drawn on the other side and
accepted by New York, Chicago and other banks and
bankers in the United States who are members of the
group that has become identified with the transac­
tion. The London “ Morning Post,” commenting
on the effect of the new credit loan on the exchange
situation, states that the Government has decided
not to put its remittances to the United States on
the market, thus leaving a larger credit in New York.
Aside from the virtual completion of the loan ne­
gotiations, the general sterling exchange market has
been favorably influenced by the much higher dis­
count and money rates in London. The Bank of
England last Saturday, while still naming 5 % as its
minimum rate, charged 5 % % in its regular transac­
tions with banks, thus throwing the entire discount
situation into a state of nervousness and causing all
the banks to advance their rates for bills, though
difficulty, according to cable correspondents, was
experienced later in the week in maintaining the
higher private discounts. Some relaxation has been
obvious in the pressure of bills in the local market in
consequence, no doubt, of the higher discounts
abroad. Nevertheless, exports of merchandise are
keeping up actively. The weekly report of the De­
partment of Commerce as of N ov. 13 showed an
excess of exports over imports of $48,002,155, which
compares with $34,012,872 the week preceding, with
$42,330,909 the week ending Oct. 30, and with the
high record week of $70,009,402 for the week ending
Oct. 23. The gold importations included $2,775,000
by the steamship Pannonia, which arrived last Sat­
urday; and $3,500,000 by the steamship Saxonia on
Tuesday, making a total of $0,275,000.
Compared with Friday of last week, sterling ex­
change on Saturday was weaker and demand declined
to 4 G 4% @ 4 05% , cable transfers to 4 G5% @4 00
and sixty days to 4 01 @ 4 01% . On M onday the
opening was strong and rates advanced % c. to 4 05%
@ 4 05% for demand, 4 GG@4 00% for cable trans­
fers and 4 G l% @ 4 01% for sixty days; a smaller
influx of commercial offerings over the week-end as
well as renewed selling of American securities for
European account were mainly responsible for the
firmness. Additional advances were recorded on
Tuesday when demand bills went as high as 4 05%
@ 4 05% , cable transfers to 4 GG%@4 00% and sixty
days 4 G2@4 02% , principally on continued foreign
sales of Americans and a slight stiffening in the Lon­
don discount rate. Active buying by several inter­
national banking concerns and a smaller supply of
bills caused a further sharp upward movement on



1661

Wednesday with an advance of 2c. in the pound;
the range was 4 GG%@4 07% for demand, 4 07%
@ 4 08% for cable transfers and 4 G3@4 04 for sixty
days. On Thursday sterling quotations again ad­
vanced sharply and demand moved up to 4 G 8% @
4 09 (the highest point touched in the present rise),
cable transfers to 4 G 9% @ 4 09% and sixty days to
4 G5@4 05% ; lighter offerings together with a good
inquiry and the publication of an unfavorable
English Bank statement were among the market’s
chief influences. On Friday the market ruled strong
early in the day, but subsequently reacted moder­
ately. Demand bills were quoted at 4 G 9% @ 4 70% ,
cable transfers at 4 7 0 % @ 4 71 and sixty days at
4 G 5% @ 4 05% . Closing quotations were 4 05% for
sixty days, 4 09% for demand and 4 70% for cable
transfers. Commercial on banks (sixty days) closed
at 4 08% , documents for payment finished at 4 03%
and seven-day grain bills at 4 08. Cotton for payment
closed at 4 08% , grain for payment at 4 08% .
The Continental exchanges have continued irregu­
lar except in the instance of francs, which have sympa­
thized with the firmness in sterling. Sterling checks
in Paris closed at 27.87% francs, comparing with
27.84% francs a week ago. In New York Paris
checks finished at 5.91 and cable transfers at 5.90% ,
against 5.99% and 5.99% a week ago. Exchange
on Berlin closed at 80% for bankers’ sight and
80 11-10 for cable transfers, against 81 3-10 and 81%
on Friday of last week. Swiss exchange finished at
5 32 for sight and 5 31 for cables, against 5 32 and
5 31 a week ago. Bankers’ sight on Amsterdam is
41% and cables 41% , against 42 and 42% a week
ago. Commercial sight on Amsterdam is 41% ,
against 41% . Italian lires are 0 40% and 0 45% for
sight and cables, against 0 40% and 0 40 last week.
Greek exchange was 5 15% for checks, or without
net change for the week. Copenhagen checks are
27 05, against 20 55, and bankers’ sight bills on Nor­
way and Sweden are 20 95, against 20 90. Russian
rubles are 33% for sight, against 3 2 % @ 3 2 % last
week.
The New York Clearing House banks, in their op­
erations with interior banking institutions, have
gained $1,982,000 net in cash as a result of the cur­
rency movements for the week ending N ov. 19.
Their receipts from the interior have aggregated $7,­
489,000, while the shipments have reached $5,497,­
000. Adding the Sub-Treasury operations and the
gold imports, which together occasioned a gain of
$12,007,000, the combined result of the flow of money
into and out of the New York banks for the week
appears to have been a gain of $13,989,000, as follows:
W e e k e n d in g N o t .

19.

Out o f
B an ks.

In to
B a n ks.

Sub-Treas. oper’ns and gold Imports.
T o ta l...........

...

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

$7,489,000
34,879.000

$5,497,000 Gain $1,992,000
22,872,000 Gain 12,007,000

$42,368,000

$28,369,000 Gain $13,999,000

The following table indicates the amount of bullion
in the principal European banks:
______
N ovem ber

18 1915.

,

N ovem ber

19 1914.

B anks o f

England..
Franco __
Germany.
Russia . . .
Aus.-IIunc
Spain____
Italy.........
Nethcrl’ds
Nat Belgli
Swltz’land
Sweden . .
Denmark.
N orw ay..

G o ld .

S ilv er.

T o ta l.

G o ld .

S ilv e r .

T o ta l .

£

£

£

£

£

£

53,569,667
53,569,667 72,570,142
72,570,142
192,283,680 14,489,666 206,773,280 164.880.000 13.160.000 178.040.000
121,475,050
1.909.000 123,384,050 95,798,500 2,014,750 97,813,260
163,282,000
1.939.000 165,221,000 183.842.000 4.119.000 187.961.000
51.578.000 12.140.000 63.718.000 51.578.000 12.140.000 63.718.000
32.566.000 29.547.000 62.113.000 22.381.000 27.683.000 50.064.000
*45,990,000 4.445.000 50.435.000 47.758.000 2.700.000 50.458.000
33.345.000
206,500 33,551,500 14.329.000
171,600 14,500,600
15.380.000
600,000 15.980.000
600,000 15.980.000 15.380.000
9,807,600
9,807,600 8,781,700
8,781.700
6.298.000
6.298.000 5.774.000
5.774.000
5.917.000
247,000 6.164.000 3.860.000
165,000 4.025.000
3.760.000
3.760.000 2.251.000
2.251.000

Tot. week 735,251,997 65.523.100 800,775,097 689,183,342 62,753,350 751,936,692
Prev .week 734,809,024 65,287,040 800,096,064 684,630,823 63,105,800 747,736,623
c July 30 1914 In both years, h Aug. 6 1914 In both years.
* Sept. 30.

1663

THE CHRONICLE

ASPECTS OF THE EUROPEAN SITUATION.
The darkening military horizon in the Balkans,
from the standpoint of the Allies— with the Serbian
army nearly surrounded and the purposes of the
Greek King under suspicion, even as to whether he
may not have contemplated a treacherous attack
in the rear on the Anglo-French army of relief—•
continues to converge all attention on the field of
operations in Southeastern Europe. Whatever the
ultimate result of that campaign, the events of the
day again emphasize the contrast between the sure,
silent and forehanded action of the German Govern­
ment and military authorities, as contrasted with the
divided councils of the Allies on many critical pre­
vious occasions, and with the frequent alternation,
on their part, between premature military action,
as in the case of Antwerp and the Dardanelles, and
belated military action, as in the case of Serbia.
But this is a familiar shortcoming of democracies
engaged in war. It undoubtedly proves the ef­
ficiency, for purposes of making war, of govern­
mental and military absolutism. Such facts, as
applied both to autocracies and to popular govern­
ments, are far from new in history. It has often
of late been recalled that even the early Roman
republic was accustomed in time of war, and
because of long experience, to suspend civil au­
thority to the extent of creating an absolute dic­
tatorship, in the hands of a single man for the period
of war. In prolonged contests of recent history—
in our own Civil War, for instance— the later stages
of the conflict have usually been marked, even in
democracies, by an increasing tendency to lodge
dictatorial powers with the Government.
This was attained on such occasions only with great
misgiving and after long delay. It was right that
it should be so; indeed, it was inevitable, if the sys­
tem of democratic government in its modern form
is to survive. It is not to be forgotten that the
existence, at the beginning of a war, of such dic­
tatorial powers in the government and army of any
State assumes also the existence of closely similar
powers in time of peace. The price paid for this
kind of “ preparedness” is the species of militarj'- rule
which has long been ascribed, even during years of
peace, to Prussia, and to Germany in so far as Ger­
many was. controlled by Prussia. Therefore, the
question for civilized modern States to answer is,
whether the price was worth paying. The answer
of Anglo-Saxon nations is, and always has been,
that it was not worth the price. The reasoning
through which this conclusion was arrived at was
undoubtedly based, in the Anglo-Saxon and similar
democratic communities, on their view that war and
a condition of perpetual militarism were abnormal
conditions, to be avoided, whenever possible con­
sistently with national honor— this as against the
teachings of Treitschke and Bernhardi that war is
the natural state of humanity, and that preparation
in every detail for the coming war is the foremost
and constant duty of government.
But if democracies are to wage war as democracies,
it is at least necessary that freedom should exist in
discussion and criticism of public policies, subject
only to considerations dictated by requirements of
military secrecy. M any of the mistakes of the
British Government have been due to the fact that
neither Parliament nor the people were fairly in­
formed as to the nature and purpose of actual gov­




[Vol . 101.

ernmental policies, even after no further requirement
of secrecy existed. We cannot help believing that
in this regard the present outburst of criticism in
Parliament, over the conduct of the war, is whole­
some and will have good results. How far that ap­
plies to Winston Churchill's speech of last Monday,
defending his own official actions, may be debatable.
His purpose was purely that of personal defence, and
his method of self-defence was the imputing of the
blame to his official associates. His statements
that Kitchener, and not himself, was responsible
for the Antwerp expedition; that Lord Fisher had
tacitly consented to the Dardanelles expedition and
had not given to Churchill either “ clear guidance
before or firm support after” that undertaking, are
interesting historically, but they can now have no
value whatever in fixing the right or wrong of the
policies in question.
Had such discussion as is now in progress in the
House of Lords, however, been possible in the early
stages of these military plans, a much clearer view
might have been obtained and many mistakes
avoided. That was certainly the course pursued,
and with generally good results, during England's
war with France early in the last century, and during
both the Crimean and Boer wars. It is true that
certain disadvantages surround any open discussion
in a public legislature of the war measures of Govern­
ment. But the alternative, unless in the case of
complete success of the Government’s plans, is such
an outburst of consternation, discouragement or
wrath as is now in evidence.
It is not to be overlooked that such fruitful dis­
cussion or criticism as has developed in Parliament
in this present instance has been almost wholly con­
fined to the House of Lords. The House of Com­
mons has remained under the firm political grasp
of the Ministry. Its votes, and in large measure
its discussions, have been regulated by the Minis­
try’s control of its membership through the adherence
of the Labor and Irish parties— a situation which
also reacts, as in the case of the Labor faction, on
the Ministry's own home policies in connection with
the war. The House of Lords is under no such
domination, and that is why the recent discussion,
soberly but frankly conducted, has performed by
itself the function of intelligent legislative criticism
of the policies of Government.
Comment of the London press leaves no doubt that
the prestige of the House of Lords has been im­
mensely enhanced by its debates in these recent weeks.
Yet this was bound to be so. The experience of
our own Senate is equal proof of the usefulness of
such a body. Discussion of public affairs, in an
assemblage of that sort, raised beyond the influence
of a constantly insecure tenure of office, equally
guards against subservience to the Government in
power and against random and reckless attack on
that Government for purely political reasons, with
a view to possible coming elections.
We believe that the English people will take this
lesson to heart, after the long series of indiscriminate
attacks on the House of Lords during the past half­
dozen years. That the right to scats in the Upper
House, on the basis purely of heredity, is also vindi­
cated we do not say— though in England there is
some ground of argument even for this contention,
when the actual participation in the war by members
of the peerage has been a notable incident of the
conflict, and when debates upon the war have been

Nov. 20 1915.]

THE CHRONICLE

of so high an order. But the debates in the House
of Lords, like so many of our Senatorial debates
during critical controversies of our own past his­
tory, certainly vindicate the usefulness of a second
house of legislation, not dependent on the passing
fluctuations of the moment in the political sentiment
of a voting public. Such a public body occupies
the very desirable middle ground between the single
chamber of legislation in the first French Republic,
without any governmental checks and balances,
where the wildest and most reckless interference
with military operations prevailed, and such Conti­
nental legislatures as those whose members arc now­
adays forbidden to discuss the war at all, and are
liable to be sent forcibly into army service if they
even criticize past policies of the Government.
T H E RIGHT K I N D OF RAILROAD
MANAGEMENT.
The recent dinner to commemorate the seventieth
birthday of M r. E . P. Ripley and the completion of
twenty years of service by him as head of the Atchi­
son Topeka & Santa Fe R y . system was mainly
a personal occasion, as was natural and proper,
and the several addresses took the line of recollec­
tions of those associated in the road who are gone
and of congratulations to the guest of honor and to
his remaining coadjutors. Y et some things were said
which were unavoidably suggested by the present
outlook upon transportation and arc therefore perti­
nent enough to justify a moment’s comment. For
instance, M r. Frank Trumbull (whose address has
been already printed in the “ Chronicle” ) dropped
the suggestion, in happy retort to the barren effort to
procure a “ valuation” of railroads as a test of just
rates, that it would be interesting to have a govern­
mental “ valuation” of the wagon roads of the country
as well, since those have been public property for
three centuries, setting forth original cost to date,
the cost now to reproduce, and so forth.
In his acknowledgment, M r. Ripley remarked that
only six of the original fifteen directors are living
but that in the entire twenty-five or thirty who have
at various times served on the Board there has been
no trace of self-seeking; they have been moved only
by “ service,” and each man has been “ Santa Fc all
the w ay.” The road has sought and achieved more
than mere money-getting, he said; it has been edu­
cational in many ways. “ It contributes the services
of its engineers without charge to municipalities
desiring expert advice; it graduates about 155 firstclass mechanics yearly from its apprentice schools; it
maintains agricultural experts to aid the farmer; it
has set an example in architecture and has made life
more attractive all over the Southwest; organized
for profit and as a business venture, it has, I believe,
fully lived up to its duties to the public as well as to
its owners.”
M r. Ripley’s statement of the esprit de corps on the
road is a testimony to the steady coming together
by employer and employee (notwithstanding all the
tumult) and is also an unintended tribute to his own
management. “ N ot only” said he “ do the employees
regard the company with a loyalty bordering on af­
fection but they perform their duties cheerfully and
well; not a day passes that travelers and others do
no go out of their way to comment on the workman­
like and thorough manner in which things are done.”
This means that the men are cared for and that they
have a future upon which their ambition is fixed. As



1663

to promotion, the general solicitor of the road said,
on this same occasion, that “ not long ago the chief
executive of another system wrote M r. Ripley to
suggest a man for vice-president, but M r. Ripley
replied that he found his vice-presidents among his
own employees and that his correspondent should
do the same.” Along the same line was the remark
of the same speaker that once when some dissension
and threatening feeling appeared among the men
several of them were gathered in the reading room at
one place and one was overheard to sum up by saying
that “ as long as that man Ripley’s heart is at the
head of the Santa Fe there will be no trouble.”
In the twenty years, said M r. Ripley, the 6,486
miles of what would not be now called good track
have almost doubled, and nearly all of it is firstclass; the mileage has grown 7 2 % , the capitalization
has grown 6 1 % , and gross earnings have grown
2 8 4 % . The system has grown with the country;
but shall growth continue? The dinner occasion
could not and did not pass without raising once more
the question which must somehow be answered:
whether private owners of capital can feel confidence
that railroads will be permitted to charge enough to
enable them to live, to grow, and to pay a reasonable
return on borrowed funds. This question is for the
scheme of regulation to answer.
THE

TELEPHONE S E R V I C E - L E T T I N G
E NOUGH A LO N E.

WELL

A public hearing was granted by the Board of
Estimate yesterday to persons interested in either
promoting or opposing the grant of a franchise for
what professes to be an automatic telephone service
in the Borough of M anhattan. In opposition, the
present telephone company says that the list of indi­
viduals ready to take the proposed service which the
applicant concern professes to have is really nine
years old; that, before completion of this alleged list,
a number of signatures to a tentative proposal to
furnish an unlimited service at a charge of a dollar
per month were obtained in Newark, but that
nothing came of it there, and it is generally believed
to have been only a plan of the promoter to get
himself bought off; that an alleged plant in Perth
Am boy is in receivership and not operative; and
that the application is only a step in stock-jobbing.
It is further said that in Chicago the city’s own in­
vestigator reported, only a few weeks ago, that any
attempt to continue this automatic scheme as a
public matter or otherwise would not conduce to good
service and that the only sure way to make it a
real asset (if the city acquires it) will be to discon­
tinue it, and dismantle and sell the plant.
The proposition is for instruments with an auto­
matic device by which subscribers can call and obtain
a desired connection without a “ central” operator.
If such a device can increase efficiency it can also
reduce operating cost, thus furnishing an obvious in­
ducement to the existing company to discover and
adopt it. N o layman should assume to pronounce
upon the practical feasibility of such a device, but
two things are clear about it: one is that the experts
regularly with the present company, the same men
who have mainly brought wireless telephony to its
present astounding position, are the likeliest persons
to discover a means of eliminating exchange stations,
supposing that such means exist at all; the other thing
is that if some persons on the outside made such a
discovery independently, he would take it at once to

1664

THE CHRONICLE

the telephone company as his surest and best cus­
tomer. The presumption that if the company has
not such a device there has been no such perfected
is, therefore, pretty sound.
Moreover, the old question of competition and
monopoly is raised again. The practical value of
the telephone, to the user, is that thereby he can call
anybody or be called by anybody; the system has
grown until the directory of subscribers is almost a
directory of the city; figuratively speaking, the in­
strument is within reach of everybody’s hand. A
divided and split-up service, involving more inter­
connecting than we now almost unconsciously use,
would make towards destroying the speed and cer­
tainty and the universality which give this modern
helper its value. This ought to appear so obvious
as not to need more than a mere pointing out. Here
is a monopoly which is natural and necessary; we
grumble at its incidental imperfections, for grumbling
without cause is an American birthright; but the
imperfections are wonderfully few and the company
is not surpassed by any on the globe in respect to
enterprise and progressiveness. To say so much as
this is not eulogy, but merejjustice. Y et the word
“ monopoly” is used as a cry, and we have M r. Burle­
son and M r. Lewis, and possibly a few others, who
do not live in the great centers, determined that
Government should and shall get its deadening hand
upon immaterial as well|as*material communications.
If every city or town of 5,000 or more people could
only, by some imaginary arrangement, be brought
for, say, one week under the same sort of Govern­
ment handling of the telephone as some European
cities perforce endure, there would be a most instruc­
tive lesson which might be worth its irritating cost.
This would end the -talk of Government assumption
of further functions than those it already manages so
clumsily and wastefully.

T H E B A L T IM O R E & OHIO RAILROAD REPORT.
The Baltimore & Ohio Railroad Co. makes a
much more satisfactory showing of results in the
report for the fiscal year ending June 30 1915 than
it did in the report for the twelve months pre­
ceding, notwithstanding the very unfavorable trade
and business conditions which prevailed during the
greater part of the year. The improvement is
entirely the result of a wonderful curtailment of
operating expenses, due in part to a further advance
in operating efficiency which has been such a marked
feature of the history of this property in recent years,
in part to the absence of certain special causes of
extra expenses existing in the previous year and
which were not repeated in 1914-15, and in part
to the pursuit of a most rigid policy of retrenchment
adopted simply because under the falling off in
traffic and the rise in wages and other items enter­
ing into the operating accounts, such a policy had
become imperative.
The saving in expenses brought about in these
various ways aggregated more than the amount of
the falling off in revenues, thereby producing a gain
in net. The hasty conclusion, however, should
not be drawn that this property and its manage­
ment, any more than other railroad properties,
has been relieved in any considerable degree of the
trying conditions which have been the bane of the
railway world in late years and have made the lot
of the average railroad man a very uncomfortable



[Vol . 101.

one. The 5 % advance in freight rates which the
Inter-State Commerce Commission granted in De­
cember last, after a rehearing of the case, did not
become effective generally until March 1915, and
does not apply to certain commodities such as
bituminous and anthracite coal, coke, iron ore,
& c., or on traffic moving via Lake and rail, which
exceptions constitute about one-half of the freight
traffic of the company.
Stated in brief, gross earnings of the late year,
as compared with the year preceding, were reduced
in amount of $7,348,212, but this was met by a
decrease of $10,477,880 in expenses, and accord­
ingly net earnings were increased in amount of
$3,129,668. Higher fixed charges arising out of
the new capital expenditures which the companj'had to make in recent yeafs, in order to increase
the capacity and standard of the property, con­
sumed a part of this improvement in net, but never­
theless the amount available for the stock on the
year’s operations was sufficient to take care of the
5 % dividends which are now being paid on the
common shares and to leave a surplus to be trans­
ferred to the credit of profit and loss in amount
of $771,473. This $771,473 is equal to about onehalf of 1 % on the amount of common stock out­
standing and thus it can be said that the company
earned 5 % % during the year under review. This
is a satisfactory showing in the state of things
existing, but obviously leaves considerable room
for expansion under the transformation in business
conditions which occurred at the close of the fiscal
year and which promises an important recovery
in traffic and in revenues in the new or current
fiscal year.
The decrease of $7,348,212 in gross earnings fol­
lowed both from a loss in the freight and the pas­
senger traffic and also some contraction in the
minor items of revenue. In the freight earnings
the shrinkage was $5,617,908 and in the passenger
earnings $1,830,050. There was an increase of
668,164 tons in the agricultural traffic, reflecting
the excellent character of last season’s harvest,
and also of 14,528 tons in the animal traffic, but
a contraction of 7,520,045 tons in the mineral ton­
nage, which constitutes two-thirds of the Baltimore &
Ohio traffic, and also losses in manufactures, forest
products, merchandise and miscellaneous, the whole
being indicative of trade depression and the adverse
effects thereof. Altogether, the freight traffic in
the late year aggregated only 64,375,595 tons, as
against 72,267,060 tons in the previous year. Of
the decrease in the passenger earnings, the report
tells us, approximately $800,000 was due to the
cessation of immigrant business, owing to the war
in Europe, the remaining portion of the falling off
being ascribable to general trade depression.
The loss of $7,348,212 in total gross earnings in
the year under review does not measure the full
effects of trade depression, since there was a loss
also in the previous fiscal year, to which, therefore,
the 1915 falling off is additional. The exact amount
of this loss in the previous year cannot be stated
in terms of the 1915 figures, inasmuch as the Inter­
State Commerce Commission has prescribed new
accounting classifications in the matter of both
receipts and expenditures which the carriers have
had to follow, but on the old basis of accounting,
the falling off in 1914, as compared with 1913, was
$4,144,690.

Mov. 20 1915.]

THE CHRONICLE

The cut of $10,477,880 in the expenses, as com­
pared with 1914, attracts particular attention of
course. Of this decrease $3,432,808 is found in
maintenance of way and $1,147,186 in maintenance
of equipment, making the total curtailment in the
maintenance outlays $4,579,994.
It is pointed
out in the report, as explaining in part the reduction
in the maintenance of way disbursements, that
these in the previous year included a charge of
$2,112,085 directly attributable to the disastrous
floods of March 1913, which had no counterpart in
the operations of the fiscal year under review.
It is affirmed that roadway and structures have
been properly maintained. A t all events, however,
they have been, owing to the plight in which the
road, in common with others, found itself, on a
much more restricted scale than formerly, as is
evident from the fact that only $8,985,626 was
spent for maintenance of way in the late year,
against $12,418,434 in 1914 and $14,019,619 in
1913.
Another circumstance, however, should be noted,
both with reference to the maintenance expenses
and expenses in general: operating cost had been
rising in startling fashion for many years and the
upward trend could not be checked until the late
year when at last control was obtained over the
expense accounts. The course of the expenses for
the two previous years furnishes a clear indication
of what was going on in that respect. Taking the
figures on the old basis of accounting, we find that
in 1913 gross earnings showed a gain of $9,289,397,
or 9 .8 8 % , but operating expenses increased no less
than $9,605,360, or 1 4 .3 7 % . As a consequence,
net earnings actually decreased $315,963 in face of
a large growth in traffic and in revenues, besides
which, taxes consumed $177,710 more, making the
loss in net almost half a million dollars. In 1914
gross earnings actually fell off $4,297,842, while
expenses decreased only $1,866,962 (notwithstanding
maintenance outlays were reduced $3,453,652) thus
leaving a loss in net of $2,430,880, besides which
there was a further increase in taxes of $265,560,
making the total falling off in net income $2,696,­
440.
W ith such a noteworthy rise in operating cost
in the two previous years, there was correspondingly
greater room for reduction in the late fiscal year.
And the saving in the transportation and traffic
expenses, due to genuine operating economies,
proved an important aid in such reduction and
shows that it was obtained in solid, substantial
ways. The decrease in the transportation expenses
was $5,730,924 and the decrease in the traffic
expenses] $247,329, making roughly $6,000,000 to­
gether. V Of course, as the volume of traffic was
smaller, the transportation expenses would natur­
ally; be less, and the same argument applies also
toXthc|maintenance outlays. But a more potent
element in the decrease in the transportation and
traffic]expenses was the further advance in operating
efficiency. The report points out that coincident
with the decrease in transportation costs and di­
rectly] contributing thereto was the heavier freighttrain load, which averaged 692 tons in 1915, as
against 645 tons in 1914. There was a saving in
freight-train mileage of 3,042,622 miles, or almost
1 4 % , notwithstanding the decrease in the tonnage
movement one mile of revenue freight was no more
than 7 .7 1 % .



1665

To see what has been accomplished in this respect,
however, it is necessary to carry the comparison
further back. N o road in the country has a more
marvellous record in respect to improvement in
train-load than the Baltimore & Ohio, and the neces­
sity for the step, that is for raising train-load to
larger and still larger proportions, will appear when
it is recalled at what very low average rates the
traffic over the Baltimore & Ohio has to be moved.
On its bituminous coal traffic— which, measured by
the number of tons moved one mile, constitutes
one-half the entire freight traffic of the system (the
number of revenue tons carried one mile in the
case of bituminous coal in the late year having been
6,399,396,329 ton miles, and in the case of the
other traffic 6,571,497,745 ton-miles)— the average
received in the year under review was only 3.77
mills per ton per mile, making it necessary to haul
almost 3 tons of freight one mile in order to earn
a single cent gross. Even including the merchan­
dise traffic, the average works out only 5.46 mills
per ton per mile.
Such a low rate under the rise in wages and in
operating cost generally, obviously made necessary
steady development of operating efficiency, but
to attain the latter and to handle a growing volume
of traffic enormous new capital expenditures had
to be made, which, in their turn, have added
heavily to the annual fixed charges. In the late
year the average train-load was further raised 45
tons, bringing it up to 662 tons, and as indicating
what progress has'been made in this respect within
a relatively short time it is only necessary to note
that in the fiscal year ending June 30 1906 the
average was no more than 422 tons, so that in nine
years the average train-load has been raised over
5 0 % . These figures are on the basis of the tons
as shown in the waybills which, for a large propor­
tion of the company’s traffic, consist of tons of
2,240 pounds. The Inter-State Commerce Com­
mission now requires that the statistics shall be
adjusted to the basis of 2,000 pounds per ton.
Accordingly, the figures are also given in the latter
way, on which basis the train-load is as high as
692 tons, as mentioned above.
One advantage, of course, of the increase in
train-load is the higher freight-train earnings per
mile run. The improvement established in that
respect is evident from the fact that while for the
late year the trains earned $3 78 per mile run, in
the fiscal year 1906 they earned only $2 37 per
mile run. W hat is constantly being done to reduce
cost and advance operating efficiency is seen by
a reference in the present report to what is known
as the Magnolia cut-off improvement between
Okonoko and Orleans Road, W . V a ., which was
put in operation last December. W ith the use
of this improvement, it is stated, it has been pos­
sible to increase the east bound slow freight train­
load over 3 6 % . The distance has been shortened
5.78 miles and the helper station at Hansrote has
been eliminated. The latter constituted a serious
interference with the movement of traffic, inasmuch
as east bound trains required assistance over a
section of the road where traffic is of very great
density. Though the new line has been opened
only a little more than six months, substantial
economies in transportation cost, we are told, have
already been effected and the movement of traffic
much facilitated. W ith the handling of a still

1666

THE CHRONICLE

[Vol. 101.

W e may suppose that the situation as to expenses
will not long remain as at present. W ith prospects
of expanding gross revenue as a consequence of trade
revival and bounteous harvests, railroad managers
will again undertake renewal and repair work in the
old accustomed way and it is possible even that they
will ere long undertake to make good the previous
enforced neglect in that respect. There are many
indications of a change in policy already. For the
moment, however, improving gross receipts find no
counterpart in rising expenses.
The occasion for these comments is the presenta­
tion of our compilations of the gross and net earnings
of United States railroads for the month of Sep­
tember. The showing is an exceedingly gratifying
one. September is a month for which the Penn­
sylvania Railroad recently submitted such a strikingly
favorable return, and its good fortune that month
extended to many other railroads, only in lessened
degree. In a memorandum attached to the return
the Pennsylvania management took occasion to di­
rect attention to the magnitude of the system’s
earnings for that month as follows: “ Due to an
extraordinarily heavy traffic in the eastern part of
the country, largely as a result of the shipment of
material of most every kind manufactured for use in
European countries, the gross earnings of the Penn­
sylvania R R . lines east of Pittsburgh directly op­
erated for the month of September were $20,817,361,
the largest for any one month in the railroad’s his­
tory except August and October 1913, which were
but slightly larger. The net earnings of $7,282,021
for the month of September 1915 were the largest
net earnings for any one month in the history of
the Pennsylvania R R .’s lines east of Pittsburgh.”
While the Pennsylvania Railroad has doubtless
been favored beyond most other systems in the par­
ticular here indicated, improvement has been general
and the Pennsylvania’s own good showing has served
to make the general result for the railroads in the
United States as a whole one of the very best which
it has been our privilege to submit in a long time.
Our statement u exceedingly comprehensive, com­
prising 245,132 miles of road, or close to the entire
railroad mileag of the country, and on this mileage
the improveme it in gross receipts reaches $17,783,­
141. On accoi nt of the magnitude of the totals
the ratio of improvement is not abnormal, being in
fact no more than 6 .4 3 % , but it has been attended
by an actual decrease in expenditures of $763,220,
and accordingly the gain in the net is not only large
in itself, but exceptionally so in ratio. In other words,
where last year in September the roads earned net
of only $93,181,915, the present year in the same
month the amount was no less than $111,728,276,
giving an improvement in the net of $18,546,361, or
almost 2 0 % . In other words, this year’s net is
RAILROAD GROSS A N D N E T E A R N IN G S FOR larger by one-fifth, speaking of the roads collectively,
than was that of last year as will be seen by the fol­
SEPTEMBER.
For the time being we have reached a happy state lowing summary:
In c . (+ ) or Dec. (—).
in the matter of railroad earnings. Gross receipts
September (474 roads)—
1915.
1914.
Am ount.
%
Miles of road...........................
245,132
243,403
+1,009 0.09
are heavily increasing as a result of the sudden de­ Gross earnings......... ................5294,241,340 $270,458,199 +517,783,141
0.43
—703,220 0.42
velopment of trade activity on an exceptional scale, Operating expenses.................. 182,513,004 183,270,284
Net earnings........................5111,728,270
$93,181,915 +S13,540.301 19.90
while at the same time expenses are still very much
Of course we are comparing with poor results a
curtailed in pursuance of the policy forced upon the
railroads during the many months of shrinking year ago, but as far as the gross is concerned the
traffic and poor outlook. Thus there is a double extent of this year’s gain surpasses the amount of
advantage for the moment under which a very note­ last year’s loss, while in the matter of the net there
worthy improvement in net earnings is being re­ was in 1914 no loss at all (owing to reductions in

expenses), but rather a small gain. In other words,
corded.
'

greater volume of business the benefits derived
will be yet larger.
The report states that no new construction work
of any magnitude is under way and during the late
year the expenditures charged to road account were
no more than S3,744,946, and the capital expendi­
tures for equipment aggregated $4,231,882. But
in the preceding years the new capital outlays were
of huge magnitude. In the fiscal year immediately
preceding the expenditures for equipment aggre­
gated $9,137,448 and those for improvements $ 7,­
113,696, making $16,251,144 together, while in
the annual report of the company for the previous
year it was pointed out that for the four fiscal years
ending 1913 the expenditures for additions and
betterments had reached no less than $42,002,908,
while $41,512,207 more was spent for equipment,
making a total outlay for these four years in the
large sum of $83,515,115. In other words, roughly
$108,000,000 has been spent in this way during the
last six years.
The augmentation in yearly fixed charges arising
from the heavy outlays during the last six years
and the years preceding could easily have been met
under the growth in traffic and the advance in oper­
ating efficiency. The rise in operating costs, how­
ever, because of the advances in wages and the en­
hanced cost of practically everything else entering
into the operating accounts of a railroad, coming
contemporaneously, made conditions exceedingly
trying. Even after the late year’s improvement
in the net the total of the net was no more than
$27,890,289, whereas in the fiscal year 1907 it had
been $29,520,897, and in the fiscal year 1906 $29,­
166,799. In the meantime fixed charges kept
rising, as already pointed out, and taxes were enor­
mously increased. The result is that for the late
year the balance above the 5 % dividends paid on
the common shares was, as already stated, only
$771,473, where in 1907 there was a surplus of
$6,950,028 above the 6 % distribution then made,
and a surplus of $9,227,621 in 1906 above the 5 lA %
in that year.
It would be too much to expect an early return
to the prosperous state of things prevailing eight
and nine years ago, but it ought to be possible under
the slight increase in rates now allowed and the
return of industrial activity, to make important
progress in that direction, and it is to be hoped there
will be no further hampering of the railroads, either
by the Inter-State Commerce Commission or the
State Commissions, since it is so palpably evident
that to cripple the railroads still more by continuing
the policy of antagonism to railroad interests which
has prevailed in all recent years, must react to the
detriment and disaster of the public itself.

THE CHRONICLE

Nov. 20 1915.1

while gross earnings in September 1914 were reduced
by $12,857,844, or 4 .5 0 % , this was met by shorten­
ing of expenses in amount of $13,006,758, thus yield­
ing $748,914 gain in net. On the other hand, the
year before (1913) there was an actual decrease in
net, notwithstanding a moderate gain in gross. That
is to say, for September 1913 our compilations
registered $9,805,231 increase in gross but attended
by an augmentation in expenses of $14,958,298, or
8 .4 4 % , causing, therefore, a loss in net of $5,153,007,
or 5 .2 6 % . In September 1912 the gain in gross
revenues was of more satisfactory extent, but the
net even then failed to keep pace with the rise in
gross receipts; $19,891,032 increase in gross, or
7 .8 8 % , was attended by an addition to expenses
of $13,855,420, or 8 .5 8 % , leaving, therefore, only
$6,035,612 increase in net, or 6 .6 4 % . Extend­
ing the comparisons further back, we find that in
September 1911 our compilations showed only minor
changes in the totals, namely $39,801 increase in
gross and $1,321,815 increase in net. In September
1910 there was a gain of $10,312,116 in gross reve­
nues, but a loss of $3,869,083 in net earnings. In the
year preceding, results for this month were much
more encouraging— that is, in September 1909 there
was $27,052,253 gain in gross and $13,585,396 gain in
net. In September 1908 there was $15,299,397 loss
in gross, with $4,083,435 gain in net. In September
1907 the returns were very incomplete, they coming
to hand when the panic of that year was at its
height. The significant feature is that at that time,
also, net earnings were falling behind, though gross
was still expanding; stated in brief, for September
1907 our compilation, though incomplete, registered
$13,172,222 increase in gross with $3,594,503 de­
crease in net. In the following we furnish the Sep­
tember comparisons back to 1896.______________ _
N e t E a r n in g s .

G r o s s E a r n in g s .
Y ear
G iv e n .

Y ear
P r e c e d in g .

I n c r e a s e or
D ecrea se.

Y ea r
G lc c n .

Y ea r
P r e c e d in g .

In crea se or
D ecrea se.

S
S
S
S
S
,277,749 — 1,224,037 19,889,887 20,478
57,053,
—588,922
,806,514 + 9,704,570 27,538,974 21,860
72,571,
+ 5,678,555
,290,848 +2,283,232 31,520,183 30,352
81,574,
+ 1,167,574
,600,000 + 10,853,485 33,488,813 29.398
88,400,
+ 4,090,007
.380,548 + 1,893,683 34,073,853 34,790
92,274,
—710,092
,359,074 + 10,481,041 39,003,622 35,270
100,840,
+ 4,393,211
.602,819 + 8,014,917 37,330,360 36,435
108,277,
+ 901,152
,568,340
+
13,372,903
41,781,513 37,410
121,941,
+ 4,370,652
,717,270 +3,328,100 45,628,707 41,023
124,045,
+ 4,005,175
,016,511 + 10,840,006 40,650,014 43,719
129,402,
+ 2,930,508
,782,987 + 10,056,999 48,341,798 45,653
130,839,
+ 2,087,914
,047,787 + 13,172,222 41,818.855 45,413
141,220,
—3,594,503
,228,778 —15,299,397 81,615,313 77,531
218,929,
+ 4,083,435
,013,703 + 27,052,253 95,443,950 81,858
240,005,
+ 13,585,390
,335,586 + 10,312,116 91,580,434 95,449
250,047,
—3,809,083
,014,235
+
39,801
90,720.548 89.398
249,054
+ 1,321,815
,318,597 + 19,891,032 90,878.558 90,842
272,209
+ 6,035,012
,244,811 + 9,805,231 92,847,193 98,000
—5,153,067
285,050
—12,857,844
.850,745
92,022,947 91,274
+ 748,914
272,992
,458,199 + 17 783,141 111,728,270 93,181
+ 18,546,301
294,241
M o le __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 231,307 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. We no longer lncludo the Mexican roads nor
the coal-mining operations of the anthracite coal roads In our total.
Sept.

1890
1897
1898
1899
1900
1901
1902
1903
1901
1905
1900
1907
1908
1909
1910
1911
1912
1913
1914
1915

—.
...
...
...
...
...
...
...
...
...
...
...
...
...
...
..
...
..
..
..

The returns of the separate roads partake of the
character of the general results, the gains being large
and numerous both in the gross and the net. The
Pennsylvania Railroad on the lines directly operated
east and west of Pittsburgh and Eric reports $ 2,615,­
027 increase in gross and $2,306,312 increase in net.
Last year in September this system showed $ 1 ,4 3 6 ,­
466 loss in gross but $255,473 gain in net. The
New York Central this time has $1,555,850 gain in
gross and even a larger gain in not, namely $1,756,­
935. This is for the Central by itself, including the
Lake Shore and other lines recently merged in it.
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 $2,629,591 in



16(57

gross and of $2,967,388 in net. In September 1914
the Central System also showed a gain in net (in
amount of $710,333) but there was then a loss of
$2,111,773 in gross.
The Southern Pacific, though serving an entirely
different part of the country and having no part in
the revival of industrial activity which marked the
eastern districts of the country, stands near the
head of the list in amount of gain, it reporting
$1,208,729 increase in gross and $826,893 increase in
net. Its advantage has come from a different
source, the Panama-Pacific Exposition at San Fran­
cisco. In September last year the Southern Pacific
lost $807,310 in gross and $514,659 in net. This
enumeration of roads with important increases might
be extended so as to include many other large
systems in nearly all portions of the United States.
But where the returns are so uniformly of one char­
acter it would be tedious to attempt to mention
them all. In the following we furnish a full list of
them in tabular form and indeed show all changes
for the separate roads for amounts in excess of $100,­
000, whether increases or decreases. There are a few
roads, it will be noted, which actually report decreases
but they comprise mainly the Great Northern, on
which the grain movement was backward, and roads
in the Southwest like Rock Island, Missouri Pacific
and St. Louis & San Francisco where crop conditions
the present season have not been so entirely auspi­
cious as last year.
PRINCIPAL CHANGES IN GROSS EARNINGS IN SEPTEM BER.
In c r e a s e s .

In c r e a s e s .

$172,099
Pennsylvania__________ a$2,615.027 Chicago & Eastern 111..
170,485
Now York Central______ 61,555,850 Minn St P & S S M _____
167,328
Southern Pacific_______ ’ 1,208,729 Elgin Joliet & Eastern..
156,002
Baltimore & Ohio______
835.487 Atch Topeka & San Fe.
155,379
Du'uth Missabe & N o r ..
793,013 Denver & Rio Grande..
148,446
E rie.....................
747,308 Buffalo Rochester & Pitts
125,573
Norfolk & Western------686.876 Nashv Chatt & St L ____
119,943
Pittsburgh & Lake Erie.
540,367 Seaboard Air Lino______
118,729
Chesapeake & Ohio_____
530,631 Cin Ham & Dayton____
118,318
N Y N II & H a rtford ...
510.783 Central of Georgia_____
111,834
Chicago Burl'& Quincy.
327,683 Grand Canyon_________
111,636
Chicago & North W est..
299,606 Phila Balt & Wash.........
110,640
Louisvillo & Nashvillo..
260,409 Internat & Great N o r ..
107,697
Duluth & Iron Range__
259,826 Chicago & Alton_______
107,201
El Paso Southwestern..
246,417 Southern R y __________
101,528
Clove Cin Chic & St L . .
243,754 Colorado & Southern__
Philadelphia & Reading.
228,452
Representing 43 roads
W abash..............
228,064
in our compilation..$16,059,915
Illinois Central_________
227,151
D ec re a se s.
St Louis & San Fran____
224,553
$307,523
Yazoo & Miss Valley__
221,619 Rock Island.....................
218,996
N Y Chicago & St Louis.
213,652 Great Northern________
200,140
Western Maryland_____
205,554 Missouri Pacific________
194,963
201,634 Toledo & Ohio Central..
Michigan Central______
Delawaro Lack & W est.
191,623
Representing 4 roads
Wheeling & Lake E rie..
179,773
in our com pilation..
$921,622
Atlantic Coast Lino____
173,236
N o t e .— All tho figures in the above are on the basis of the returns filed
with tho Inter-State Commerce Commission. Where, however, these
returns do not show the total for any system, we have combined the
soparato roads so as to mako tho results conform as nearly as possiblo to
those given in the statements furnished by tho companies themselves.
a This is tho result for tho Pennsylvania R R ., together with the Pennsyl­
vania C o m p a n y and tho Pittsburgh Cincinnati Chicago & St. Louis, the
Pennsylvania RR. reporting SI ,383,176 increase, tho Pennsylvania C o m p a n y
$1,062,222 gain and the P. C. C. & St. L. $169,629 gain. Including all
lines owned and controlled which mako monthly returns to tho Inter-State
Commorco Commission, the result is a gain of $2,944,103.
b These figures cover merely tho operations of tho New York Central
itself. Including tho various auxiliary and controlled roads like tho
Michigan Central, tho “ Big Four,” tho “ Nickel Plate,” &c., tho whole
going to form the New York Central S y stem , tho result is a gain of $2,629,591.
PRINCIPAL CHANGES IN NET EARNINGS IN SEPTEM BER.
In c r e a s e s .

Pennsylvania__________ o$2,306,312
Now York Central_______ 61,756.935
E rie...............
1,003,474
826.893
Southern Pacific.
657,013
Southern Railway______
Pittsburgh & Lake Erie.
644,251
616.159
Duluth Missabe & N o r ..
578,154
Norfolk & Western------559.545
Baltimore & Ohio______
548,039
Northern Pacific---------534,310
Louisvillo & Nashville..
476,781
Boston & Maine----------412,656
N Y N II & H a rtford ...
398.494
Chesapoako & Ohio------385,719
Chicago Burl & Quincy .
371,044
Chicago & North W est..
353,302
Atlantic Coast Line-----307,615
Philadelphia & Reading.
290,721
Denver & Rio Grande..
268,136
Delawaro Lack & West.
256,076
Clove Cin Chic & St L _.
231,695
Duluth & Iron Range—
223,614
N Y Chicago & St Louis
Chic Milw & St Paul—
214,130
203.894
Internat & Great N o r ..
188.583
Central of Georgia.........

St Louis Southwestern_
Minn St P & S S M ___
Yazoo & Miss Valloy__
Wabash________________
Michigan Central______
Western Maryland------Grand Trunk W estern..
Phila Balto & Wash____
Mobile & Ohio.................
Wheeling & Lake E rie..
Nash Chatt & St L ouis..
Cin N O & Texas Pacific
Elgin Joliet & Eastern..
Seaboard Air Line______

In c r e a s e s .

$179,947
166.037
161,867
160,681
146,162
143,285
131,176
122,412
117,061
112,345
110,860
108,267
106,965
101,813

Representing 40 roads
in our com pilation..$16,482,423
Missouri Pacific________
Rock Island___________
Great Northern________
Toledo & Ohio Central..
St Louis & San Fran____

D e c re a s e s.

$362,153
349,101
274,686
128,840
110,085

Representing 5 roads
in our com pilation.. $1,224,865

a This is tho result for the Pennsylvania IiR ., together with tho Pennsyl­
vania C o m p a n y , and tho Pittsburgh Cincinnati Chicago & St. Louis, the
Pennsylvania RR. report ing $1.264,141 increaso.tho Pennsylvania C o m p a n y
$1,001,931 gain and tho P. C. C. & St. L. $37,240 gain. Including all lines
owned and controlled which make monthly returns to the Inter-State
Commerce Commission, the result is a gain of $2,684,515.
b Theso figures merely cover the operations of the New York Central
itsolf. Including tho various auxiliary and controlled roads, liko the
Michigan Central, the “ Big Four,” the” Nickel Plato,” &c., the whole going
to form tho Now York Central System,'the result is a gain’ of $2,967,388.

1668

THE CHRONICLE

[Vol.

101.

When the roads are arranged in groups or geo­
graphical divisions according to their location, every
group or division without any exception records a
gain in both gross and net. That indicates better
than anything else the extremely gratifying nature
of the present statement. Our summary by groups
is as follows:

T ho enormous influx o f gold and tho additions to our national wealth
which wo aro already largely experiencing will inevitably quickon the ar­
teries o f our industrial and com m ercial lifo to tho m ost distant limits o f
our country, and its stimulation will bo folt in ovory fa cto ry, ovory a ctiv ­
ity and overy hom o. W o must not, how ever, forgot that tho conditions
which bring about theso rosults aro abnorm al.
Tho era o f prosperity upon which wo aro now ontoring m ust in m y opin­
ion inevitably end in sorious reaction if wo d o not p rofit b y tho bitter oxporienco o f sovon long yoars o f business recession. T ho conditions which
brought us to tho vergo o f financial disaster last year havo not boon rem edied
and undor intoxication, stimulated b y abnorm al processes, wo aro menaced
SUMMARY BY GROUPS.
with tho danger o f overlooking and forgotting tho factors which brought
thorn about.
un/oo
--------------- -------S e c tio n o r G r o u p .
1 9 15 .
1914.
I n c . (+ ) o r D e c . (— )
It was in 1907 that legislative crusades against businoss woro fu lly
-* S ep te m b er —
g
g
S
%
Group 1 (17 roads), New England----- 13,063,428 12,527,891
+535,537 4.27 launched, and continued with intensifying virulonco throughout all tho
States until successful business enterpriso fell littlo short o f boing considered
Group 2 (83 roads), East & Middle__ 79,197,435 73,395,212 +5,802,223 7.91
Group 3 (60 roads), Middle West----- 36,156,135 32,960,492 +3,195,643 9.70 prima facie ovidence o f crim o. N o ono a ctivo in tho w orld’s work could
Groups 4 & 5 (95 roads), Southern... 34,590,718 31,690,234 +2,900,484 9 .15
feol
himself safe from tho unreasonable attack undor tho ill-advised legis­
Groups 6 * 7 ( 7 8 roads), Northwestern 68,872,353 66,495,6S6 +2,376,667 3.57
lation which was, and to somo degreo is still being, featured by lawm akers.
Groups 8 & 9 (89 roads). Southwestern 43,746,707 42,806,782
+939,925 2 19
Group 10 (46 roads), Pacific C oa st... 18,614,564 16,581,902 +2,032,662 12 26 W hon, therofore, wo return to tho normal conditions o f coinm orcial and in­
dustrial lifo, aro again forced to meet tho com petition o f tho w orld’s work­
Total (474 roads)
.294,241,340 276,458,199 +17,783,141 6.43 shops, and aro confronted with tho necessity o f doaling with each other and
------ M tte a g e -------------------------- — N e t E a r n in g s ----------------------- with tho world under conditions which prevailed only a littlo m oro than a
1915.
1914.
1915.
1914. I n c . ( + ) o r D e c . (—).
year ago, wo will inevitably find ourselves faco to faco with tho reactionary
5
S
S
%
Group No. 1............ 7,832
7,818
4,619,021
3,661,160
+957,861 26.16 business conditions, unless wo shall havo prepared ourselves for normal re­
Group No. 2............. 29,288 29,213 29,646,732 23,239,535 +6,407.197 27.57 sumption o f manufactures and with financial safeguards.
Group No. 3............ 23,800 23,836 13,710,542 10,921,926 +2,788,616 25.53
It goes without saying that tho legitimate aim o f all governm ental reguGroups Nos. 4 & 5 .. 39,064 38,678 11,814,579
7,882,869 +3,931,710 49.88
ation should bo constructive, not destructive; to build up, not destroy; and
Groups Nos. 6 & 7 .. 68,631 68,229 29,685,055 27,119,738 +2,565,317 9.46
that
tho incontivo for expansion so indisponsablo to tho national progress,
Groups Nos. 8 & 9 .. 57,718 57,501 14,274,555 13,461,372
+813,183 6.04
Group No. 10.......... 18,799 18,188
7,977,792
6,895,315 +1,082,477 15.71 should not bo impaired. During tho last winter session o f tho legislatures
o f tho several States, 1,097 bills woro introduced affecting railroad opera­
T o ta l.................... 245,132 243,463 111,728,276 93,181,915 +18,546,361 19.90
tion and management, o f which 137 wore onactcd into law. M ost o f thoso
N OTE .— G r o u p I . Includes all of the New England States.
bills resulted, and were perhaps so intended, in adding burdons and oxpenscs
• Includes all of New York and Pennsylvania except that portion west
unnecessary for tho safety or com fort o f passengers or for tho expeditious
of Pittsburgh and Buffalo; also all of New Jersey, Delaware and Maryland, and
m ovem ent o f traffic. This was dono at a tim e whon it was recognized b y
the extreme northern portion of West Virginia.
tho President, b y com m ercial bodlos and b y tho public generally that the
G r o u p I I I . Includes all of Ohio and Indiana; all of Michigan except the northern
peninsula, and that portion of New York and Pennsylvania west of Buffalo and railroads wero already overburdened.
Pittsburgh.
T ho Government itself set an oxampio o f unfairness calculated to aggra­
G r o u p s I V . a n d V . combined Include the Southern States south of tho Ohio and
vate tho conditions which brought tho railroads o f tho country to tho verge
east of the Mississippi River.
o
f
financial disaster, littlo m oro than a yoar ago, b y its troatm ont on tho
G r o u p s V I . a n d V I I . combined Include the northern peninsula of Michigan, all
of Minnesota, Wisconsin, Iowa and Illinois; all of South Dakota and North Dakota m atter o f tho parcel post. N o t only in imposing this burdon w ithout
and Missouri north of St. Louis and Kansas City; also all of Montana, Wyoming reasonable additional com pensation, but in itsolf om ploying tho railroads to
and Nebraska, together with Colorado north of a line parallel to the State line
transport com m odities for which tho p a red post was not intended, as in
passing through Denver.
G r o u p s V I I I . a n d I X . combined Include all of Kansas, Oklahoma, Arkansas and
tho Instanco o f tho transportation o f 200 tons o f gold— 899,000,000 in
Indian Territory, Missouri south of St. Louis and Kansas City: Colorado south amount— from Philadelphia to N ow Y ork by parcel post, with a rotinuo o f
of Denver, the whole of Texas and the bulk of Louisiana; and that portion of
New Mexico north of a lino running from the northwest corner of tho State through guards, without cost to tho Governm ent for tho railroad servico invoked.
I boliovo it is generally recognized that laws affecting our railroads must
Santa Fe and east of a lino running from Santa Fe to El Paso.
G r o u p X . Includes all of Washington, Oregon, Idaho, California, Nevada, Utah
bo mado m oro uniform, m oro harmonious and m oro tolorant. T ho rail­
and Arizona and the western part of New Mexico.
roads must bo givon rates adequato to allow a fair roturn upon tho capital
invested, provido for the ordinary hazards which pertain to all business
undertakings and to admit o f a high degreo o f maintonanco, efficient opera­
tion and replacement o f obsolescent equipment. A businoss ontorpriso that
C A L L I S S U E D FOR S E C O N D I N S T A L L M E N T O F A N G L O - does not from its profits admit o f tho roplacomont o f worn-out m achinery,
FRENCH LOAN.
maintenance o f its plant, tho sotting asido o f a reasonable surplus to covor
eventualities and tho ordinary hazards o f tho undertaking, bosidos a rea­
A call has been issued upon the banks which aro acting as
sonable roturn upon tho investment. Is in a sorry plight indood, and cortho depositaries for tho p aym en ts m ado on tho $ 5 0 0 ,0 0 0 ,0 0 0 tainly cannot bo said to bo successful. Thoro can bo no gonoral prosperity
A n glo-F ren ch loan to p ay a second installm ent o f tho pro­ under normal conditions unless our business mon, who com o in closor
t uch with transportation than others, diligontly co-oporato in socurlng a
ceeds o f tho loan. T h o call, which was sent out b y Basil mcasurablo degreo o f prosperity for tlioir railroads, which aro tho main rcP . B la ck ett and O ctavo H om b erg, tho two m em bers of tho lianco for their own success.

C om m ission who rem ained in this country to look after tho
loan , requires 3 0 % of the subscriptions to be dopositod w ith
tho N a tion a l C ity B an k of N e w Y o r k on N o v . 2 9 .
T ho
notice sent out b y the two Com m issioners is as follow s:
Roferrlng to tho deposit standing to tho credit o f the a ccou nt entitled tho
British and French Governm ents Joint Loan A ccoun t on tho books o f your
bank, wo hereby request that you will pay in N ow Y ork funds to tho N a ­
tional C ity B ank, N ew Y ork , N . Y ., for tho credit o f the British and French
Governm ents Central Joint Loan A ccou n t, on N o v . 29 1915, 30 per contum
o f tho am ount originally deposited with you .

A s heretofore stated , tho first installm ent callod for 1 5 %
o f the loan , payable on or before N o v . 15.
T h o total doposits received under tho first installm ent b y tho N ation al
C ity B a n k and credited to tho British and Fronch G overn­
m ents was approxim ately $ 7 2 ,0 0 0 ,0 0 0 .
It was learned on
the 16th in st. th at G roat B ritain and Franco havo already
m ado withdrawals against tho deposits for tho purposo of
paying for merchandise purchased. T h o terms o f tho loan
agreem ent provided th at subscribing banks bo perm itted to
retain tho am ou n t of tlioir subscriptions as special doposits
crediting the same to tho join t account o f tho tw o G overn­
m en ts, and pay 2 % thereon until called for.

NEWMAN

ERB

URGES C O -O P E R A T IO N
T H E R AILR OAD S.

TO P R O T E C T

According to N ow m an E r b , there can bo no goneral pros­
perity under norm al conditions unless our businoss m on,
w ho com e in closer touch w ith transportation than othors,
diligently co-operato in securing a moasurablo degree of
prosperity for their railroads. T h is assertion was m ado b y
M r . E rb in. an addross on “ Tho M on aco to N ation al P ros­
p e rity ,” delivered a t tho annual banquet o f tho T oled o T ran s­
portation Club last n igh t.
In part M r . E rb said:
It is a m atter o f congratulation that I am ablo to point out to you tho
encouraging outlook which tho immediate futuro presonts. W o havo
entered upon an era o f prosperity which is to bo unprecedented in our his­
tory. In tho present calendar year upwards o f $350,000,000 has already
been added to our store o f gold; wo havo ro-purchascd m oro than $500,000,­
000 o f our securities hold abroad; rc-paid at least $500,000,000 o f our for­
eign-hold obligations, and loaned oxternally m oro than $800,000,000, to bo
ropaid within a period o f five yoars. The colossal aggregato will perhaps
bo m oro than doubled if tho regrettable conditions abroad contlnuo for an­
other
year.
FRASER

Digitized for


M r . Erb bespoko for tho transportation linos tho “ intelli­
gen t, unbiased and hoarty co-oporation” of his hearors in
protecting them against unreasonable legislation and un­
reasonable and oppressive burdons, pointing out that thoir
failuro so to do would constitute a monaco to thoir own pros­
perity, and in a moro or loss dogroo th at of tho wholo country.
B.

F. B U S H O N T H E S I T U A T I O N C O N F R O N T I N G T H E
R AILR OAD S.

T h a t “ a m ost grave situation confronts this country in its
transportation affairs” was tho assertion m ado b y B . F .
B u sh , Receiver for tho M issouri Pacific and Iron M o u n ta in
Railroad system s, a t tho convention of tho N ation al Coffee
R oasters’ Association in S t. Louis on tho 9th inst. W h ile
tho diro effects of thoir troncl m a y not bo im m ediately ap­
parent except in patchos, tlioy aro bound undor tho present
policy, said M r . B u sh , to gradually porvado tho ontiro
railroad sy stem .
In M r . B u sh 's opinion “ thoro can bo no
permanent prosperity in our country until tho credit o f tho
agencies of transportation is ro-ostablishod.”
W o quoto tho
following credited to him in tho S t. Louis “ G lob o-D om ocrat” :
T he problem has ceased to bo ono with m any o f tho roads as to how
returns can bo realized for tho shareholders, as this has largely passed
beyond redemption. It is ono rather as to how tho integrity o f tho under­
lying securities can bo m aintained, as to how tho Interest on tho m ortgage
bonds can bo met.
T ho savings banks, with 11,000,000 o f depositors, and tho insurance
com panies, with 34,000.000 o f policy holders, havo tho hard-earned sav­
ings o f tho people invested in theso bonds to tho am ount o f ovor $2,000,­
000,000, and tho hopes o f millions o f our industrial and frugal citizons aro
centered on theso to rciiovo tlioir declining years from caro and want.
T ho integrity o f theso underlying socurltios is boing jeopardized, and this
is reflected in their downward valuo, which, if not arrested, will bo fraught
with much misery and unhappiness throughout tho land. T ho financial
soundness o f tho railroads, which should bo assured to give fitting security
to theso investments, is already undermined and is disintegrating year by
year.
O f ono thing wo aro certain, and o f which tim e will glvo proof, and
that is, under tho conditions now governing tho transportation servico
cannot bo conducted so as to adequately servo tho increased production
and com m erco o f tho country and provido prom pt and safo m ovom ont from
producer to consum er without tho expenditure o f hundreds o f millions
o f now m oney yearly.
I f tho people insist that tho railway servico to which thoy havo been
accustom ed and to which tho business o f tho country is adjusted shall
still obtain, or that a higher standard o f servico to moot tho exigencies

»ov. 20 1915.]

THE CHRONICLE

that m ay arise in trado and com m erce shall be inaugurated, they must
understand that theso can bo furnished only through the ability o f the
owners o f the properties to pay the bills. Under the conditions which
now govern, I can conceive o f no investing power through private owner­
ship that will bo able to p ay tho bills, and, therefore, the conclusion is
forced upon us that only through government ownership can tho bills bo
paid.
W hile we m ay differ in opinion as to whether by governm ent ownership
tho railroads can bo operated for the developm ent o f the resources o f the
cou n try, and for tho general good , as well as thoy have been in tho past
under private ownership, still, I think all will agreo that it is a m atter
which m ay give us grave concern.
A lready tho work o f destruction has begun, and the record o f insolvency
is unparalleled in history. There are now elghty-tw o railway companies
operating 41,988 miles o f lino that are unable to pay their bills. T hey
havo boon forced into bankruptcy and are operated b y receivers.. T ho
capitalization o f thoso companies is $2,264,000,000— nearly fifteen hun­
dred millions o f which is bonded debt.
L ike a m erchant, railroads cannot borrow m oney unless thoy havo an
established credit and are ablo to show from past and current operations
that interest will bo regularly paid and tho loans liquidated on m aturity.
Thoro are fow railroads that can now m ake such a showing and tho best
o f them can borrow only at rates o f interest that are almost prohibitive.
F or these reasons tho railway transportation service is not keeping pace
with tho com m ercial requirements, a continuance o f which will seriously
retard tho developm ent o f tho cou ntry’s resources and Inflict great injury
on tho business already established.
B elief from this can com o only b y tho roads bolng perm itted to Increaso
their rates. Additional business under tho conditions governing will not
suffice. This has boen demonstrated b y tho roads’ operations In years
o f m ore than normal business activ ity , and Is duo to the extra expense
o f conducting tho additional traffic b y reason o f congestion and inadequate
facilities for its proper m ovom ent, as well as insufficient com pensation for
tho service rondered.
W e aro still hopeful thero will arise In tho near future wise statesmanship
that will espouso and m old into concroto shapo tho principles o f adoquato
com pensation to tho railroads for service rendered. T his, with tho attend­
ant benefits to all pursuits and callings, would ward o ff hidden dangers
to our institutions, to our econom ic structure and to our prosperity. Such
statesmanship would leave an imperlshablo Impression o f profound thank­
fulness among our pcoplo and would always romain a mark o f shining
glory In tho annals o f our country.

NEW
T A X A T IO N
M E A S U R E S FOR N E W
YORK—
M I L L S C O M M I T T E E O U T L I N E S PROPOSED P L A N S .
T en tativo proposals for an ineomo tax , a classifiod per­
sonal property tax , and an ability tax , as substitutes for
tho presont personal proporty ta x , aro tho three principal
measures now undor consideration b y tho Joint Legislative
C om m ittco on T a xa tio n , o f which Ogdon L . M ills is Chair­
m an.
T h oso proposed now form s o f taxation aro outlined
in a statom ont m ado public this wook. Further lioarings,
boginning N o v . 29 in Syracuso, Rocliostor and B u ffalo,
m ake it advisablo, tho com m ittoo thinks, for tho work
alroady dono to be n oted .
In presenting the throe sub­
stitute plans tho com m ittee disclaims all responsibility for
thorn and announces th at thoy aro published moroly for tho
purpose of inviting discussion and suggestions.
T ho first plan provides for an incom e tax upon every
person rosiding within tho Stato for his entiro incom e fro m
all sources, oxcopt thoso locatod w ithout tho S ta to .
T ho
not ineomo o f corporations is to bo dotorminod practically
as it is undor tho Fodoral Ineom o T a x .
T h o only exem p­
tions will bo tho salarios of U n ited States officials and in­
terest upon Fodoral, N ow Y o rk Stato and m unicipal bonds.
T h o oxomption to an individual is S I ,5 0 0 , to a husband
and wifo living togothor S I ,7 0 0 , for each child S 1 00 , but
w ith a m axim u m oxomption of S 2 ,0 0 0 .
T h o rato for cor­
porations shall bo 2 % upon thoir not incom os. F or indi­
viduals tho rato varios from one-half of 1 % to 2 % , tho
lattor applying on all incomos o f moro than S 2 ,0 0 0 .
Tho
tax on salaries paid to non-rosidonts shall bo withhold a t
tho sourco, and ovory em ployer shall bo hold for tho tax.
T h o second substitute is a classifiod personal proporty tax
covoring all tangiblo and intangiblo item s o f porsonal prop­
orty w ith tho oxcoption o f cortain tangiblo proporty to tho
am oun t o f S 2 ,0 0 0 , tho rato to bo adjustod separately for
each class— 8 to 10 m ills on tangiblo proporty and 2 mills
on tho m arket valuo o f stocks, bonds, notos, dobonturos, & o.
T h is classifiod porsonal proporty tax , is an oxtonsion o f tho
system of a classifiod proporty tax .
I t is now alroady
applied to banks, trust com panies and m ortgagos; tho noxt
stop is to oxtond it to thoso intangibles comprised in stocks,
bonds and dobonturos, b u t n ot to m onoys and crodits. T ho
prosont plan contem plates the gradual oxtonsion o f tho
classifiod proporty tax at somo futuro date to all othor forms
o f personal proporty not included b y this A c t and not
specifically oxomptod.
T h o third suggostod substitute for tho porsonal proporty
tax is tho prosum ptivo incom e tax , a tax on tho abilities
o f thoso who profit from the opportunities o f N o w Y o rk
S tato. Such “ ability ta x ” would bo com posod o f threo
parts : A habitation tax , an occupation tax , and a salarios
tax .
Tho h abitation tax is to bo levied upon individuals
oooupying houses or apartm ents for residential purposes.




1669

I t oxom pts all rentals below S50 a m on th and above th at is
sharply graduated. T h e occupation tax is a flat tax of
7 % o f tho annual rental o f premises occupied for business
or for securing a livelihood. T ho third part o f tho project is
tho tax on all salaries paid or received in the S ta te , except
salarios paid b y the Federal G overn m en t. T h o oxomption
in all cases is 8 2 ,0 0 0 , and above that is graded from 1 to 5 % .

NEW

YORK STOCK E X C H A N G E C O M M IS SIO N REGU­
LA T IO N S.
Supplem enting the a m endm ents to the constitution of the
Stock Lxchange adop ted in O ctober, under which it was
stipulated th at “ bids or offers shall n ot be m ade a t a less
variation than % of 1 % o f tho par value o f b on d s, and V8 o f
ono dollar of the value o f sto c k s,” a further change in the
constitution was m ad e this week m ak ing certain exceptions
to this regulation.
T h e follow ing is this w eek’s announce­
m ent o f tho E xch an ge:
N e w Y o r k S t o c k E x c h a n g e , N e w Y o r k , N o v . 18 1915.
T ho followin'? amendment to tho constitution was adopted b y the
Governing C om m ittco on N o v . 10 1915 and was subm itted to tho Exchange
in accordance with tho provisions o f A rticle X X X V I I I o f the Constitution
and not having boon disapproved b y a m ajority voto o f tho entire member­
ship becom es law this day:
A R T IC L E X X I I I .
Strlko ou t Section 5, which reads as follows:
“ Bids or offers shall not bo mado at a loss variation than
o f 1% o f
tho par valuo o f bonds, and 14 o f one dollar o f the valuo o f stocks.”
and insort in llou thereof tho following:
“ Soc. 5. Bids or offers shall not bo m ado at a loss variation than ] 4 o f
ono dollar o f tho valuo o f stocks, and ^ o f 1% o f tho par valuo o f bonds,
provided, how ovor, that fractional bids and offers o f less than ^ o f 1%
o f tho par valuo o f foroign and dom estic Governm ent bonds and notes,
Stato, cou nty and municipal securities, and short tim e bonds and notes
o f corporations, m ay bo m ado, if so determined b y tho C om m ittee o f A r­
rangements with tho approval o f the Governing C om m ittee.”
.
G E O R G E W . E L Y . S e c r e ta r y .

R A IL R O A D S S T IL L H A V E I D L E CARS.
N ow spapor roports all last m onth were to tho effect th at a
car shortage had already developed as a result o f the increase
in traffic.
Theso figures find no support in the N o v . 1 state­
m en t o f tho Am orican R ailw ay Association, for this shows
th a t on that dato thero were still 5 2 ,8 6 7 idle cars on the rail­
roads of tho U nited States and C an ad a, while tho shortage
was only 2 6 ,6 2 8 cars, leaving a not surplus o f 2 6 ,2 3 9 cars.
T h o gross surplus o f 5 2 ,8 6 7 on N o v . 1 compares with 8 8 ,3 4 1
on O ct. 1 1915 and 1 7 2 ,3 2 5 on N o v . 1 1914.
T h e follow ing is
the latest statem ent:
T H E A M E R IC A N R A IL W A Y A S S O C IA T IO N .
C h i c a g o , N o v e m b e r 11 1915.
T ho Com m ittoo prosonts hcrowith Statistical Statement N o . 10, giving
a summary o f froight-car surpluses and shortages for N o v . 1 1915, with
comparisons:
„
, (N ovem ber 1 1915......................... 52,867
T otal Surplus] O ctober 1 1915_________
88,341
(N ovem ber 1 1914_____________ 172,325
T ho surplus for O ct. 1 1915, shown above. Includes figures reported since
tho issue o f Statistical Statement N o. 9.
Surplus cars show a reduction o f 35,474 since O ct. 1. M ore thanthre.
fourths o f this reduction is in box cars, which decreased generally through
out tho country, oxcopt in tho Southeast the change is slight. The princi­
pal reduction is In Canada, which shows a decrease in surplus box cars
o f m oro than 15,000.
(N ovem ber 1 1 9 1 5 ..
26 628
T otal Shortage] October 1 1915____
l o 'o i o
(N ovem ber 1 1914_____ 111111” 2(229
T ho shortago for O ct. 1 1915, shown above, includes figures reported since
tho issuo o f Statistical Statement N o . 9.
Tho total shortago is 16.618 m ore than on O ct. 1. T he box car shortages
aro worst in Central Freight territory, the territory northwest o f Chicago
and Canada. T ho worst coal car shortages are In Trunk Line and Central
Frolght territory.
T ho figuros b y classes o f cars follow :
Classes—
Surplus. Shortage.
B ox...................
14.201
16.617
F l a t .......................................................... 6.855
220
Coal and gon dola_________________ 13,786
7.961
O ther---------------------------------------------- 18.025
1,830

T o t a l .................................................52.867
26.628
A R T H U R H A L E , Chairman.
C O M M IT T E E ON RE LATIO N S D E TW E E N RAILRO ADS.

SECRETARY

RED FIEL D ON IM P O R T
BALANCES.

OF TRADE

Secretary o f Com m orce W illiam C . R edfield speaking
a t the annual banquet this week o f the C ham ber of C o m ­
merce o f tho Stato of N e w Y o r k , took occasion to
refer to tho onormous trade balance o f $ 1 ,5 0 0 ,0 0 0 ,0 0 0 in
favor o f tho U nited States, which he declared was not a
cause for boasting, b u t rather “ a m atter for grave con cern ."
In advancing tho idea that it suggested “ both a possible
monace and an o p p o rtu n ity ,” M r . Redfield said:
.T lio menace is possible in a tw o-fold w ay. On the econom ic side It Is not
wise nor In tho long run advantageous to have matters continue on such a
one-sided basis. Ono does not forget the means o f paym ent o f our foreign
obligations afforded b y this vast balance nor the alteration In our econom ic
position toward tho w orld’s fiscal markets which it has in a measure brought
abou t. N either should wo forget that while so-called war m unitions form

THE CHRONICLE

1(>70

a largo part o f the account they are not the largest part. T h e tido cannot
always run wholly our w ay, and a m ore equal poise o f tho international
balance is better for us all. Thoro is danger that the sudden turning
o f the scales in our direction and tho apparent access o f wealth and profit
arising from it m ay turn tho heads o f som o and cause them to forget that in
tim e our share o f the bill must bo paid. T h o day is certain to com o when
b y the normal econom ic processes tho losses o f this great war shall bo d is­
tributed and in one or another w ay wo shall havo to bear a part o f them .
I f we can retain clear vision and self-control; if wo can avoid excessive stimu­
lus; if wo can put tho ban on excessive speculation, then we should be able
when the readjustments com e to bear our part o f them w ithout undue strain.

M r . R edfield suggested to tho Ckam bor tho appointm ent
o f a standing com m ittee to represent the C ham ber in m atters
under the jurisdiction o f the D ep artm en t o f C om m erce, in
which tho C h am ber is interested.
SUEZ C A N A L N O T CLOSED.
T raffic through tho Suez C an al continues uninterrupted,
according to a dispatch received from L ondon on tho 16th
in st. b y tho “ Journal o f C om m erce” o f this c ity .
I t was
rumored last week th at the British G overn m en t had closed
the C anal for m ilitary reasons, th at warships had ontored
tho waterw ay and th at it was boing fortified a t sovoral points.
According to tho “ Journal of C om m orco,” shipping interests
attribu te the reported closing o f the C an al to G erm an sources.
I t is stated th at thoro has boon no interruption thus far.
T h is statem ent is said to bo confirm ed b y officials o f tho
C an al com pany in L on don .
F O R E IG N C O M M E R C E OF F R A N C E D U R I N G T H E F IR S T
N I N E M O N T H S O F 19 15 .
[From " L ’E conom isto Francais,” O ct. 23 1915.]
--------- F i r s t N i n e M o n t h s ------------- D i f f e r e n c e —
1915.
1914.
+ In c. — D ec.
Articles o f fo o d ............francs.1,806,015,000 1.333,579,000
+472,436,000
M aterial needed for m an u frs 2,283,691,000 3,186,296.000
— 902,605,000
969,132,000
+782,435,000
M anufactured articles______ 1,751,567,000
Im p o r ts—

T otals............- ........................5,841,273,000 5.489,007,000

+352,266,000

E x p o rts—

Articles o f fo o d .......................- 405,399,000
493,663,000
M aterial needed for m anuf’rs 472,571,000 1,181,576,000
M anufactured!articles______ 1,185,996,000 2,254,555,000
Parcels post * ..........- ................. 119,828,000
319.867,000

— 88,264,000
— 709,005,000
1,068,559,000
— 200,039,000

T otals....................................2 ,1 8 3 ,7 9 4 ,0 0 0 4,249,661,000 — 2,065,867,000
* O f which 4,884,000 francs were for parcels post containing silk fabric
and silk floss. T he corresponding figure for 1914 was 23,407,000 francs.

DOLLAR E X C H A N G E W IT H A U S T R A L A S IA .
R E M IT T A N C E S O N GREECE.
T h o Irving N a tion a l B a n k o f N o w Y o rk announced on the
15th in st. th at dollar oxchango w ith A ustralasia had been
m ade available through the establishm ent b y tho B an k of
N e w Zealand of direct rotations w ith tho Irving and other
financial institutions in this cou n try. A shipm ent o f gold
to San Francisco was tho m eans em ployed to establish tho
new connection. I t is roported that additional shipm ents will
probably bo m ade unless higher rates provail for London
exchange. T h o establishm ent of dollar oxchango with
A ustralasia is of particular m om en t to exporters o f goods to
that country and N e w Zealan d, m an y of th em , it is stated ,
having sustained severe losses in exchange the last fow m onths
owing to the steady decline in value o f pounds sterling during
tho transit period betweon Australasia and tho U n ited S tates.
T h e B a n k o f N e w Zoaland now quotes rates for tho purchase
and sale o f drafts and telegraphic transfers on all the im port­
a n t cities o f this country and C an ad a.
F ollow ing the action o f the P ost Office D ep a rtm en t, noted
in our issue of O ct. 3 0 , in suspending postal m oney order
exchanges between the U n ited States and Greece, tho N a ­
tional B an k of G reece, of which tho Irving N ation a l B an k is
tho principal correspondent in this cou n try, has m ade
arrangem ents w ith the G reek postal authorities whereby it is
ablo to assure rem itters th at funds sont through tho bank
will be im m ediately paid o u t through any m onoy order offico
in G reece.
T h o Irving N ation a l B a n k now issues drafts in drachm as
and also in dollars instead of in pounds or francs, as was
form erly tho cu stom . T h e present arrangem ent m aking the
drachm a the basis of direct exchange relations betweon tho
U n ited States and Greeco was roferred to in thoso columns
M a r ch 5 .

_____________________ _ _______

E X -S E N A T O R B O U R N E O N S E C R E T A R Y M cA D O O 'S
M E T H O D OF P R E S E N T IN G T R E A S U R Y B A L A N C E .
Criticism o f Secretary M c A d o o ’s m eth od o f indicating
tho condition of tho U . S . Troasury is contained in a state­
m en t issued on the 15th in st. b y ox-Senator Jonathan
B ourne Jr. of O regon. M r . Bourno declares th at trying
to follow tho changing form of tho daily T reasury statom ont




[VOL. 101

“ is alm ost as exciting sport as tho hunting o f big g a m o ,”
and in his com m ents on Secrotary M c A d o o ’s m ethod o f pre­
senting the Treasury balances assorts th at “ when Congress
assem bles there probably will bo ‘ no froo and available bal­
ance’ in tho Federal T roa su ry .”
Somo com m onts on those
allegations will bo found in tho opening paragraphs of our
article on “ T ho Financial Situation” to -d a y . T ho statem ent
issued b y M r . B ourno, it is said, is based on tho findings of
an expert accountant engaged b y tho Republican P ublicity
Association (of which M r . Bourno is President) to dotormino
w hat tho balance w ould bo if com puted on tho samo basis
as w hen the T reasury was under R epublican rule. Below
we give M r . B ou rn e’s statom ont:
W hen Congress assembles there probably will be no “ freo and availa­
ble balance” in tho Federal Treasury— using theso words in tho sense which
used to bo given to them in the days beforo M r. M cA d o o bocam o Secretary
o f the Treasury.
Following the changing form o f tho daily Treasury statom ont is
almost as exciting a sport as tho hunting o f big gam o. A t tho closo o f
business o f M arch 5 1913, tho first day o f Dem ocratic control o f national
affairs, tho daily Treasury statement was issued in a form to which tho public
had becom o accustom ed, and it showed, to em ploy Its own language, a
“ working balance in Troasury officos” o f $82,210,619. This represented
tho surplus which the Republicans turned over to the Dem ocrats.
A t the end o f that fiscal year, how ever, tho gifted literary genius who
presides over tho destinies o f the strong box and who has been described
as tho m ost brilliant financier that ever dug a tunnel under the Hudson
R iver, concluded that tho hackneyed and conventional form o f tho daily
Treasury statement was too sim ple and too easily understood to bo worthy
o f tho great mind now directing our financial affairs, and on July 1 1913
tho daily statement was issued with a changed face.
In this form tho daily statement affected to show the "freo and available
balance in Treasury and ban ks,” and tho “ free balanco” was given as boing
S114,735,746. Theso are lmprcsstvo figures, but adding to tho psychologic
effect which nino digits always produce upon tho ordinary mind tho state­
ment went on to givo tho "to ta l cash assets in tho general fu n d ,” including
Philippines, balances in Treasury officos, “ limited tender or unavailable.”
These included silver bullion, subsidiary silver coin, fractional currency,
m inor coin and all tho other chicken feed, scraps o f paper and junk-w hich
tho vaults contained, and they rolled up the eye-satisfying total o f $303,­
250,006.
„
W ith thoso figures tho D em ocratic bookkeepers struck their zenith o f
paper m anifestations o f national thrift. From that m om ent a rapid and
steady declino was recorded; and on Sept. 1 1913, only tw o m onths after
the old form o f daily statement had been discarded, another cliango was
m ade and tho daily statement for that dato mado no mention o f a "freo and
available balance,” but contented itself with tho m ore elastic and elusive
presentation o f "assets” and “ liabilities." T ho “ net balance in tho general
fund” was then given as $127,336,337.
F or a little m ore than tw o years this form o f statement was adhered to
and on Sept. 30 1915 tho daily Treasury statement announced the “ net
balance in general fund” as boing $40,898,894.
On tho following day tho daily statement appeared with a long and some­
what involved p rcfaco intended to bo explanatory and in a strikingly meta­
m orphosed form , so far as its figures wero concerned. W ithout tho addi­
tion o f a single dollar to tho funds o f tho nation, with no now sources o f
revenue pouring into tho Treasury, with no proceeds from a bond issue and
without other means o f replenishing its dwindling funds, tho Treasury
boasted a “ net balanco” o f $128,063,545.
B y a stroko o f tho pen M r. M cA d o o over night had converted m ore than
$61,000,000 o f disbursing officers’ balances into an available balanco for
general governm ental purposes, and had also added to tho assets colum n
funds which are distinctly earmarked for specific purposes and which aro
in no sense to bo used for any ob ject except tho fiduciary ends for which
they wero given in tho first place into tho custody o f tho Treasury.
Somewhat dazzled b y the piece o f financial legerdemain o f our modern
John Law , I took early occasion to write to M r. M cA d o o to expose tho con­
fusion Into which his novel m ethod o f bookkeeping had thrown m e, and I
asked him to be good enough to toll m o how tho Treasury balanco would
appear if ho had retained tho old form o f statement. A fter considerable
delay I received an answer tho litorary stylo o f which corresponds to tho
elaborate preface to tho first o f tho now forms o f Treasury statement,
and I was told that with this inform ation beforo m o I would find it very
simple to mako the com putation m yself.
N ow , it so happened that m y education in tho higher mathematics was
interrupted m any years ago and it has novor been resumed. So I was
unable to apply M r . M cA d o o 's formula.
H appily, however, m y path through M r. M cA d o o ’s tortuous labyrinth o
accounting' has been illuminated. M r. Harvey S. Chaso o f B oston, a
certified public accountant, has m ado an examination o f tho figures re­
lating to the dally Treasury statement for two dates, tho first, A ug. 4 1913,
being under tho form originally designed b y M r. M cA d o o for tho purpose,
and the second, O ct. 23 1915, boing under tlio latest (I daro not say the
last) o f tho Secretary’s ingonious efforts to lift himself b y his financial
ootstraps.
On A ug. 4 1913, according to M r . Chaso, tho freo available balance” in
le Treasury offico and in banks was $105,793,571. On that dato M r.
base was at work in tho Treasury and tho form o f daily statement from
illy 1 1913 until somo tim e later than A ug. 4 was prepared under his
crsonal supervision.
In tho balanco thus stated noithor ’ subsidiary silver coin nor silver
ullion” nor “ minor co in " was Included; whereas in tho statement o f O ct. 23
315 theso items aro listed in a total sum o f m oro than $30,000,000, which
mi, M r. Chaso says, should be deducted from tho balanco which M r.
IcA d oo said he had.
,
,
In August 1913 tho balanco o f disbursing officers and tho national bank
otes redem ption fund” wero included as liabilities; and as M r. Chaso
oints out. they wero so included up to Oct. 1 1915, when M r. M cA d oo
ecided to exclude them from this classification and thus boosted his ap!arent balance b y some $80,000,000.
As a convenient means for maintaining solvency I com m end tho M cA d oo
ystem o f bookkeeping to merchants and manufacturers o f tho country who
rivo found it difficult to d o business with profit since M r. M c A d o o ’s party
‘ me into power. T ho only troublo with a general application o f this
aethod is that banks and other creditors, to say nothing o f tho courts, d o
lot look with kindly eyes upon tho falsification o f accounts for tho purpose
,f obtaining credit.
A nd I beg to observo that the force o f this suggestion is not diminished
,y tho fa ct that it is political credit that M r. M cA d o o is seeking.

Nov. 20 1915.]

THE CHRONICLE

M r. C hase’s conclusion is couched in solemn words, “ I hereby ce rtify ,”
ho writes, using his title o f certified public accountant, “ that if the daily
statement o f the U nited States Treasury o f O ct. 23 1915 had been m ado
up on tho same basis as that o f A ug. 4 1913 the available balanco in the
Treasury would now bo exhibited as 33,517,027.”
I therefore concludo and assert that tho Federal Treasury when C ongress
meets will bo found practically bankrupt for tho first tim o since James
Buchanan turned over to Abraham Lincoln the em pty coffers o f tho nation.

T h o only answer which M r . M c A d o o vouchsafed to m ako
to M r . Bourno’s statem ent is tho follow ing:
T ho statement issued b y cx-Senator Bourne’s R epublican P ublicity
Bureau, for political purposes, about tho daily Treasury statement is so
ridiculously untrue that it isn’t worthy o f notice. W o have in the Treasury
o f tho United States all tho m oney which tho daily Treasury statem ent
shows.

A M E N D M E N T S TO R E S E R V E A C T P R O P O S E D B Y
A D V IS O R Y CO U N CIL.
Som e im p o rtan t am endm ents to tho Federal R eserve A c t
have been recom m ended this week to the Reserve B oard b y
the A d v iso ry C ou n cil, created under tho Reservo A c t to ad­
vise the B oa rd on m atters affecting tho Reserve sy ste m .
T hese recom m endations wero adopted a t a m ooting o f tho
C ouncil held a t W ash in gton on tho 10 th , and attended b y all
b u t throe o f tho mom bors.
I t is undertood th at tho
Council was recently asked to su bm it to tho B oard sug­
gestions concerning legislation to bo prosonted to Congress
a t tho com ing session, and tho m eeting tho curront week was
largely dovoted to consideration o f this requost. One o f tho
rocom m ondations o f tho Council is th at tho office o f tho
C om p troller o f the Currency bo absorbed and adm inistered
b y tho Reservo B o a rd .
In a statem ent issued b y tho B oard
w ith regard to tho conclusions o f tho C ouncil, it is pointed
out th at tho latter’s recom m endations havo n ot received
consideration or action o f any kind b y tho B o a rd .
I t is
statod th at the m em bers of tho Council in advocating tho
absorption of the C om p troller’ s offico wero prom pted to m ako
tho proposal because o f their bolief th at tho offico had been
m ado unnecessary b y tho establishm ent of tho R eserve sy stom ; th ey contend th at thero is bound to bo duplication of
w ork, since exam inations o f national ban k s, ono o f tho prin­
cipal functions of tho C om p troller’s offico, m a y bo conducted
b y agents o f th olR oserve B oard a t tho request o f a Roservo
B ank.
A nother recom m en d ation o f th e C ouncil calls for a red u ction b y tw o-thirds o f tho present paid-in capital, leaving tho
subscribed capital and doublo liability as now con stituted .
I t also suggests th at tho N a tio n a l B a n k A c t bo am ended to
pormit tho establish m en t of branches b y national bank s,
b u t only in tho city where tho ban k is located; changes in
tho C la yton A n ti-T r u st A c t affecting interlocking director­
ates; perm itting in certain instances an officer o f director
o f a ban k or trust com p an y operating under tho Federal systom to servo as'officer or director o f n ot moro th an two banks
or trust com panies organized under tho national or State
law s, aro also am ong tho suggestions. T h o follow ing state­
m en t of tho R eserve B oard outlining tho recom m endations
o f tho Council was issued on tho 17th in st.:
T he A d visory C ouncil at its m ooting held in W ashington N o v . 10 sug­
gested several am endm ents to the Federal R eservo A ct, tho chief among
which aro given b elow . Theso amendments havo n ot received considera­
tion or action o f any kind b y tho Federal R eserve B oard.
1. T hat the w ork o f the offico o f C om ptroller o f tho C urrency be ab­
sorbed and administered b y the Federal Reserve B oard.
2. T h a t Section 24 o f tho Federal Reserve A ct relating to loans on farm
lands bo amended to read as follows:
“ A n y national bank association n ot situated in a central rcservo city m ay
m ako loans secured by im proved and unencum bered farm lands situated
within Its Federal Reserve district, or in an adjoining district provided
tho land on which tho loan is m ado is within 100 miles from tho offico o f
tho bank m aking the loa n ."
3. A reduction o f two-thirds o f tho present paid-in capital o f the Federal
Rosorvo banks, leaving tho subscribed capital and double liability as now
constituted.
4. T h a t the Federal A nti-trust A ct bo am ended so that tho second para­
graph o f Section 8 will read as follows:
" N o ban k, banking association or trust com pany, organized or operating
under the laws o f the U nited States in any city or incorporated town or
villago o f m oro than 200,000 inhabitants, as shown b y tho last preceding
decennial census o f tho U nited States, shall havo as a director or other offi­
cer or em ployee any person w h o m ay be connected in either o f these official
capacities with m oro than ono other bank, banking association or trust com ­
pany located in tho sam e place; provided, that noting in this section shall
apply to tho m utual savings banks not having a capital stock represented
b y shares; provid ed , further, that a director or other officer or em ployee
o f such ban k, banking association or trust com pany m ay besides being an
officer or director in ono other bank bo a director or other officer or em ployee
o f not m ore than ono additional bank; or trust com pany organized under
tho laws o f the U nited States or any State where tho entiro capital stock
o f one Is ow ned b y stockholders in the other, and provided further, that
noting contained in this section shall forbid a director o f Class A o f a Fed­
eral R escrvo ban k, as defined In tho Federal R cservo A ct, from being an
officer or director or b oth an officer and director in ono member ban k.”
5. T h a t tho A nti-trust A ct be so amended as to perm it Joint stock owner­
ship b y national banks or banks organized to d o business in foreign coun­
tries through branches estbalished therein.
6. T h a t tho N ational Bank A ct bo amended to perm it tho establishment
b y national banks, having an unimpaired capital o f not less than $1,000,000,




1671

o f branches, provided that n o branches are placed outside o f the limits o f
the city where the bank itself is located.
U pon the request o f tho B oard for the views o f the Council as to whether
Federal R eserve banks can d o anything with their m em ber banks to dis­
courage or p u t a stop to the present high rates o f interest on demand
deposits, the C ouncil held that the rate o f interest paid to the public on
deposits is regulated b y the accum ulation, or lack o f it, o f wealth in the
com m unities in which the banks d o business.
T he C ouncil also passed the follow ing resolution:
“ T h a t this C ouncil is unalterably opposed to any provision whereby
farm loan bonds described in the Ilollis bill m ay becom e security for loans
from Federal R eserve banks and to their being m ade a basis for acceptances
b y m em ber banks.”

C om p troller o f the C urrency John Skelton W illia m s was
in N e w Y o r k on T h u rsd a y . W h e n approached b y a repre­
sentative of the “ T im e s” for an expression of opinion as to
w hether the A d v iso ry C ou n cil’s recom m endations w ith re­
gard to the abolition of the C om p troller’s office had grown
out o f the R iggs N atio n a l B a n k con troversy, M r . W illiam s
said: “ I w ould n ot like to have it appear th a t I regard the
action o f the A d v iso ry Council as being in a ny w ay related
to the R iggs N a tion a l B a n k a ffa ir.”
C om ptroller W illiam s
is also quoted in the “ S u n ” as saying:
T he action o f the A dvisory Board will have to speak for Itself. I t has
not been acted upon as yet, and it would bo highly improper for m e to at­
tem pt to forecast what disposition will bo m ade o f this report. T he A d ­
visory Board since tho new law went into operation has held three or four
meetings and has made some recom m endations, as I recall, but its recom ­
m endations heretofore have been with regard to details, such as clearing
checks.
These are the first im portant recomm endations I recall having been m ade
b y it. T h o Federal Reserve Board is preparing to draw up its first report
to Congress, winch will be presented in January, and any changes it sees
fit to recomm end will be incorporated in that report.

RESERVE

A M E N D M E N T S SUGGESTED
WEXLER.

BY

SOL

Suggestions for am endm ents to the Federal Reser ve
A c t are contained in a statem ent com ing from Sol W e x le r ,
President of tho W h itn e y Central N a tion a l B a n k of N e w
Orleans and printed in tho “ Journal of C om m erce” on
W e d n e sd a y , as follows :
T he Federal Reserve L aw , now in operation fo r one year, has been a
success in having created in the public m ind a greater degree o f confidence
in banks and in their ability to take care o f their depositors in tim e o f
stress, as well as to facilitate com m erce under all conditions at reasonable
rates. It has, ho tvever, departed from the original purposes o f its organ­
ization, namely to maintain Itself as a reserve credit, in that it has urged
its credit upon banks and thereby entered into com petition with lending
banks throughout the country.
W ith present easy m oney conditions this has not worked hardship except
in impairing profits o f banks. In tim e o f great business a ctivity this
rescrvo credit feature w ould be destroyed i f this p olicy is pursued, as its
funds would be m ore or less loaned up and, therefore, not available in
case o f stress or breakdown o f credit.
T he great number o f Federal Reserve banks prevents m ost o f them
earning the dividends which their shareholders have a right to expect.
Amendments to the law providing for consolidation o f all o f these banks
into one located in W ashington having branches in the natural m oney
centers o f the country would be a decided im provem ent and would enable
such a bank to d o only such business as it was called upon to d o w ithout
using extraordinary efforts to earn profits.
I t will also be necessary to have some definite laws governing national
banks and their relations with the Federal Reserve B oard, rather than to
leave all such matters to arbitrary rulings o f the Board itself, which rulings
depend largely upon the view point o f individuals, some o f whom are m ore
or less inexperienced in the practical workings o f banks.

RESERVE BOARD POSTPONES A C T IO N O N R E A D J U S T ­
M E N T OF D IS T R IC T S .
A ction on tho question o f deciding applications for a
reduction in the num ber o f Federal Reserve B ank s and
changes in the geographical divisions of the districts, which
was expected to have been taken up b y the R eserve Board
this w eek has been postponed, and it is stated tho m atter
m a y not bo decided upon for soveral weeks. T h o daily
papers say th at some of tho m em bers o f the Board take the
viow that it is w ithout power to decide upon a readjustm ent;
four o f tho seven m em bers, according to theso reports,
aro in favor of a change in tho districts, but none, it is de­
clared, is inclined to press tho m atter to the point o f causing
friction am ong tho m em bers. W it h regard to the reports
th at the abolition o f the M inneapA -J R eserve B a n k was
being considered, because o f failure of som e o f the m em bers
to co-operate w ith it, E . W . D ecker, President o f the N o r th ­
western N ation al B an k of M inneapolis and one of tho D i ­
rectors of the M inneapolis Reservo B a n k was quoted in the
“ T ribu n e” of that city on the 14th in st. as saying :
I d o not believe there is the slightest probability o f the bank being
rem oved from M inneapolis. A nd I think the reports o f dissatisfaction
and lack o f support aro exaggerated. T h e bank is doing well and will
continuo to d o well.

P rotest from banks in tho western part of Connecticut
against thoir incorporation in tho B oston district, is one of
tho m atters beforo tho B oa rd . T h o Connecticut banks
wish to bo included in the N e w Y o r k district. B an k s in
tho western half o f A la b a m a , it is stated , have filed an

THE CHRONICLE

1612

application to be included in the district exchanging through
the branch b an k a t N e w Orleans, instead o f w ith the parent
reserve b an k a t A tla n ta .
C H A R L E S S. H A M L I N O N R E S E R V E B A N K A C T ' S P A R T
I N B R IN G IN G A B O U T PROSPEROUS C O N D IT IO N S .
T o the confidence engendered b y the enactm ent o f the
Federal R eserve A c t is credited the present prosperous con­
ditions o f the cou n try b y Charles S . H a m lin , G overnor o f the
Federal R eserve B o a rd . M r . H a m lin ’s views on the subject
were expressed in an address before the Philadelphia C ham ber
o f C om m erce on T h u rsd ay . In cid en tally, he rem arked that
“ while I believe we can never again h ave a general panic,
a general collapse o f credit in a n y financial s y s te m , it is im ­
possible to prevent the jo y riding, so to speak, o f individual
bank s; a n y ban k can com m it suicide, and there is no system
devised th at can prevent such a ctio n .”
Som e of his further
observations, as set o u t in the Philadelphia “ P re ss,” were
as follow s:
W e have had a year o f progress and m any things have happened. I f you
take the com m ercial records o f the year y ou will notice that the crops o f the
cou ntry have m oved in such a manner as would ordinarily have caused
nervousness before the Federal Reserve A ct was pasesd. N ow these crops
have m oved w ithout a ripple o f excitem ent.
So successful has our system been, that, although som e o f the public R e ­
serve banks in the recent past have not even m ade their expenses, y e t we
believe that substantially they aro all doing that now; and the reason is
that there Is so m uch prosperity in the country that the banks have been
able to m eet every dem and and have had no occasion to call on the Reserve
Bank for the assistance for which the Federal Reserve Banks were created.
W hat Is the principal reason for that condition to-d a y ? I take It that
business and banking depend upon confidence, and when confidence is
Impaired disaster m ust follow . W hen confidence is restored business con ­
ditions are restored and the country is once more on its way to prosperity.
T h e enactm ent o f the Federal Reserve A ct was at the time when wo w ere
concerned with troubles abroad, and there was a feeling am ong all our p eo­
ple that the A ct was a long-desired step in the right direction. T h a t gave
confidence to the people, and that confidence was one o f the great m ove­
m ents in the dom estic conditions o f this cou ntry. I t has created a feollng
o f absolute certainty and supreme confidence that we have at last a finan­
cial system o f soundness and integrity on which this nation can build its
future increasing prosperity.
C onfidence has been restored. N orm al business conditions are getting
better. Y ou no d ou b t know , o f course, the enormous excess o f reserve
that the banks in this country hold to-d ay. I suppose It is nine hundred
m illion, probably a billion dollars. Y ou know what am ount o f credit that
means; but in times o f such credit, we certainly should act with conserva­
tism and prudence, and, I am glad to say, that the banks o f this country
are exercising conservatism and prudence, for it is for them to determ ine
what our future shall bo.

P IE R R E J A Y O N T H E A D V A N T A G E S OF T H E F E D E R A L
RESERVE S Y S T E M .
Som e rem arks upon the Federal R eserve system b y Pierre
J a y , Federal R eserve A g e n t, and C hairm an of the B oard of
the N e w Y o r k Federal R eserve B a n k , was a feature of the
annual m eeting of the E ssex C o u n ty B an k ers’ A ssociation
held a t the D o w n T o w n C lu b , N e w a r k , on the 9th in st.
In
M r . J a y ’s v ie w , “ W h a t steam has done for transportation
the Federal R eserve system will do for b a n k in g .”
M r . Jay
spoke extem poraneously, and the N ew a rk “ N e w s ” quotes
him to the follow ing effeot:
W e are Issuing Fedoral Reserve notes freely in order to accumulate
gold and we aro ready to put into circulation this gold to p rotect its supply,
which m ay bo held as security for and to redoem Fedoral notes.
W hat the Bank o f England Is doing in England under tho stress o f war
wo aro doing in a quiet and unobtrusive w ay at tho rate o f from $15,000,000
to $20,000,000 per m onth. T ho Federal Reserve systom has from $300,­
000,000 to $400,000,000 in gold to give m omber banks w ithout depleting
tho gold In tho banks themselves.
T he system is n ot a buroau o f tho Governm ent or a safe deposit vault.
N or is it an alien institution. It is a system which you yourselves have
form ed and you yourselves con trol. W ith tho systom this cou ntry can
expand its foreign trade and also protect the financial situation o f the
country in International gold m ovem ents.

RESERVE

ACT

H E L D TO I M P A I R
COUNTRY.

C R E D IT

OF

T h e declaration th at the Federal R eserve B a n k A c t im ­
pairs the credit o f the country and th at the A ldrich-Vroeland
A c t was one o f the best pieces o f financial legislation ever
enacted were prom inent passages in an address delivered
b y former G overnor E dw ard C . Stokes o f N e w Jersey, a t
the ninth annual banquet o f the N ew a rk Association o f
C redit M e n , held in N ew ark on the 16th in st. M r . Stokes
also had som ething to say regarding G overn m en tal inter­
ference w ith business, and as an illustration o f the difference
in the treatm ent accorded successful business m en in this
country and G erm a n y, rem arked :
W hen a German business man succeeds, he is patted on the back b y his
Governm ent and decorated. When an American succeeds he Is Immedi­
ately Investigated and Indicted. W hen that sort o f thing is stopped, the
Governm ent and Its citizens, working together, will go along hand In hand
to prosperity.

W it h reference to the Federal banking system M r . Stokes,
w e learn from the N ew ark “ N e w s ” , asserted th at it has a
tendency to divert m on ey from its proper channel. H e




[V ol . 101.

said th at the provision which requires country banks to
deposit certain sum s w ith the Federal R eserve banks takes
ju st th at m uch from the com m ercial interests in the local­
ities in which the country banks are located . H e declared
th at this feature, as well as other alleged defective portions
o f the new national banking la w , should be am ended ,
and he urged the credit m en to do their u tm o st to bring
a bou t such am endm ents.
M r . Stokes declared credit m en , above all others, should
be interested, inasm uch as banks aro only organs o f credit
which deal in credit, and n ot in cash, as popularly supposed.
T h e N ew ark “ N e w s” also gives the follow ing extract from
M r . S tok es’ speech :
I f Adam had started working ten hours a d ay from the d a y he was
placed In tho garden and had been paid $1 a m inute, $16 an hour, $600 per
day he would have just about earned a billion dollars b y now . Y e t, some
say, John D . Rockefeller has earned that m uch in fifty years.
T h a t billion is the am ount o f the capital and surplus o f the national
banks o f our country. And the Aldrich-Vreeland A ct I have referred to as
one o f tho best pieces o f financial legislation, in m y judgm ent, ever enacted
in tho United States, sim ply perm itted the banks to liquidate that capital
and surplus and com e to the rescue o f the cou ntry during the panic o f 1907.
W hen the European war broke out the new Federal Banking A ct had
been on the statute books about eleven m onths. It was said b y its spon­
sors to be panic-proof. W hen the war cam e it was tested and failed
signally to m eet the requirements o f tho situation. Instead o f Invoking
the new A ct they had to resort to tho Aldrich-Vreeland A ct to perm it the
country to extract itself from a threatening situation w ithout a financial
upheaval.
I t seems to m e this new banking law impairs the credit o f the country,
and I trust that It will be amended. Y o u credit men should bo interested
in It enough to see that It is. T he, to o , I want to see tho tim e com e when
the Governm ent will cease this foolish legislation. I hope to seo the
G overnm ent cease warring on business.

S T A T U S OF T H E GOLD

SETTLEMENT FU N D.

According to an announcem ent o f the Federal Reserve
B oard this w eek, the G old Settlem ent F u n d a m o u n ts, at
the conclusion o f its first six m onths o f operation, to more
than $ 1 0 0 ,0 0 0 ,0 0 0 .
T h e balances to tho credit o f the F ed ­
oral R eserve banks aro shown to be $ 6 9 ,2 4 0 ,0 0 0 , while
those to the credit o f Federal Reserve A gents stand at
$ 3 3 ,3 8 0 ,0 0 0 .
D uring the six m onths balances o f $ 7 1 9 ,6 8 8 ,­
0 0 0 have been
settled .
Tho
B oa rd ’s announcem ent
issued on the 18th in st., is as follow s:
M ore than $100,000,000 is now held b y tho Federal Reserve B oard In Its
G old Settlement Fund, m ade up o f balances to the credit o f tho twelve Fed­
eral Reserve banks and the Federal R eserve A gents. In the weekly clearing
m ade b y tho B oard to -d a y the balance in tho fun d was shown to bo $102,­
620,000, m ade up o f deposits held to the credit o f the Federal Reserve bank
for the purpose o f clearing balances betw een them existing at tho close o
business each W ednesday. E ach bank telegraphs to the Federal Reserv
B oard a statem ent o f the am ounts due to other banks, and the clearing take
place on each T hursday m orning.
Clearing operations were begun on M a y 19 1915 and the fun d is, there
fore, now six m onths o ld . T h e first actual clearing was on M a y 26, each
Federal Reserve bank at that tim o being required to deposit $1,000,000 in
tho fund and an am ount in addition equal to its indebtedness to other
Federal Reserve banks.
A uthority for clearances betw een Federal Reserve banks Is found In Sec­
tion 16 o f the Federal Reserve A c t, under w hich the B oard Is authorized
jn Its discretion to exercise the fun ction s o f a clearing house for the Federa
R eservo banks. A regulation covering the m atter was Issued b y the B oard
on M a y 8. D eposits b y tho Reserve banks In this fund are counted as
legal reserve. - On Sept. 8 1915 the B oard authorized accounts to be opened
with the tw elve Federal R eserve A gents. T he fund is now divided as folows: Balances to the credit o f Fedoral Roservo banks, $69,240,000; bal­
ances to tho credit o f Federal R eserve A gents, $33,380,000.
These am ounts aro now held b y tho B oard in gold order certificates In de­
nom inations o f $10,000. D eposits in the fund aro, through tho courtesy
o f the Treasury D epartm ent, m ade b y Federal R eservo banks through the
Sub-Treasuries. W hen a deposit is m ade at a Sub-Treasury advice is
wired to the Treasurer o f the U nited States at W ashington, w h o then
causes gold certificates to be issued to the Federal R eserve B oard. W hen
paym ents are m ade from tho fun d the operation is, o f course, reversed.
Transfers aro, how ever, fo r tho m ost part on the books o f the G old Settle­
m ent Fund b y credits and debits betw een the twelve banks or botween
banks and the Federal Reserve Agents.
T h e G old Settlement Fund is administered for the B oard b y officers con
nected with Its organization, w h o d o the w ork in addition to their other
duties. Its cost o f adm inistration during tho first six m onths o f its existence
has been slightly in excess o f $1,000. D uring this period balances o f
$719,688,000 have been settled.

A R G U M E N T A G A I N S T R E D U C T IO N I N R E -D IS C O U N T
R A T E O N B E H A L F OF S A V I N G S D EPOSITORS.
T h e contention th at the present re-discount rate of the
Chicago R eserve B a n k for m aturities up to sixty days should
n o t, in the interest o f savings depositors, bo reducod below
the present figuro o f 4 % w as recently advanced b y E . L .
Johnson o f W a te r lo o , Io w a , a director o f the Chicago R e­
serve B a n k , in a letter addressod to Jam os B . F organ , Presi­
dent of the Federal A d visory Council. M r . Johnson set out
his views as follow s:
W a te r lo o ,

Iow a ,

O c to b er

30 1915.

M r . J a m e s B . F o r g a n , P r e s i d e n t F e d e r a l A d v i s o r y C o u n c il , C h i c a g o , I I I .:
M y . D e a r M r . F o r g a n — I write to oxpress the opinion that tho minimum
re-discount rate o f the Federal Reserve Bank o f C hicago should not bo re­
duced below tho present figures, v iz ., 4 % for m aturities up to sixty days.
In the larger centers o f Federal D istrict N o . 7 3 % and in the smaller
com m unities 4 % Is paid on savings deposits. T h e average open-m arket
rate fo r com m ercial loans in the district has n ot for some tim o oxcoeded the

THE CHRONICLE

Nov. 20 1915.]

rate paid by the banks on savings deposits. The margin of profit between
tho rate paid on deposits and tho loaning rato, considering tho necessity
o f maintaining proper cash reserves, is under existing conditions extremely
narrow.
Tho decline in loaning rates has already forced some reduction of inter­
est paid on cortain classes o f deposits in the East.
Tho Reserve Bank rate inovitably affects. If it does not control, the cur­
rent discount rato, and the establishment of an abnormally low rato of dis­
count will jeopardize the interests o f depositors, who outnumber the bor­
rowers at least twenty to one.
Tho majority o f the depositors are wage earnors, small dealers and people
not in independent business, contributing small sums each, wliilo tho bor­
rowers aro often our richest people, borrowing large sums, independent
business people with means, borrowing to make money. If tho greatest
good to the greatost number is to govern, and the plain people are to be fa­
vored by the establishment o f a Reserve Bank rate, it would seem that tho
rate should bo raised.
The deposits of the plain people are the very foundation of our business
and credit structure, furnishing the base on which rests all private as wel
as tho public credit. The savers must be encouraged. It costs time and
money to get those funds togother and skill and patience to retain them
intact. N o factor Is more influential In promoting tho business interests
of the country than tho assembling and caro o f this fund.
With borrowers it is more essential that tho credit bo available at somo
prico than that tho rato be low. On tho other hand, maintenance of tho
rates paid on deposits is highly important as an inducement to tho great
mass of people to save.
Tho economic good of tho country demands that the people should be
thrifty. Tho interest paid on savings deposits is tho inducement to save.
Therefore tho Federal Reserve Bank directors and the Federal Reserve
Board, when establishing current rates for re-discount, should give due con­
sideration to tho interests o f the depositor, who is in reality tho owner and
the londor of tho funds collected and made available for commercial and in­
dustrial purposes.
Very truly yours,

E. L. JOHNSON.
A N N IV E R S A R Y

OF

E ST A B LIS H M E N T
SYSTEM.

OF

RESERVE

T h e Federal Reservo banks com pleted the first year o f
their operation on the 16th in st. W h ile no statem ent has
been given out b y the B oard reviewing the y ear’s activities
o f tho sy ste m , it is reported th at as a unit the regional R e­
serve banks have oarned 2 % on their capital during the
twolve m o n th s. T h o aggregate paid-in capital is in the neigh­
borhood o f $ 5 5 ,0 0 0 ,0 0 0 .
T o ta l doposits of approxim ately
$ 3 7 5 ,0 0 0 ,0 0 0 are held b y tho regional ban k s, thoir cash hold­
ings am ou n tin g to $ 3 2 9 ,0 0 0 ,0 0 0 . T h ero aro 7 ,6 3 0 m em ber
banks in the system , the greater num ber, o f courso, being
nation al banks. R e-discounts of the tw elve R eserve banks
a t the present tim e are only $ 4 3 ,0 0 0 ,0 0 0 .
I t is pointed out
th at while the Reserve banks are fu lly organized, thoir re­
discounting facilities have as y et been only slightly utilized,
inasm uch as the prevalence o f easy m on ey has m ade it un­
necessary for m em ber banks to seek accom m odations.
Coincident w ith the conclusion o f the year’s operation,
tho R eserve B oard m ade public tho O ctober figures o f earn­
ings and expenses o f the tw elve Reservo banks.
T h o com ­
bined oarnings during tho m on th totaled $ 2 2 1 ,9 5 4 , while the
expenses reached $ 1 3 4 ,0 1 7 , the net earnings thus am ounting
to b u t $ 8 7 ,9 3 7 .
T h e S t. Louis Resorvo B a n k , reporting a
loss of $ 2 1 8 for the m on th , is the only one o f tho tw elve to
show a deficit for th at poriod. T h e follow ing is the state­
m ent for O ctober:
Earnings.

Current
Expenses.

Boston_____________ ..............$16,163 86
Now York................................ 30,478 26
1’hiladelphla------------ .............. 10,984 55
Cleveland----------------Richmond..................
Atlanta-------------------Chicago............ .......... .............. 25,232 31
St. Louis-----------------__.......... 10,826 96
.............. 13,371 14
.............. 14,782 47
............ 25,642 18
San Francisco_______ ............ 10,618 35

$9,190 20
23,748 48
10,907 20
9,441 64
10,133 11
11,615 42
14,400 53
11,045 14
6,390 06
8,737 61
8,870 75
9,537 31

........ $221,953 97
Total____________
........ 219,797 50
September_________
. . . 200,070 65
August_________
July............................. .............. 179,945 01

$134,017 45
127,036 38
128,404 61
139,289 22

Excess o f
Earn, over
Curr. Exp.

$6,973 66
6,729 78
77 35
4,918 46
16,739 17
11,006 09
10,831 78
218 18
6,981 08
6,044 86
16,771 43
1,081 04
$87,936
92,761
71,666
40,655

52
12
04
79

T h o anniversary of the establishm ent o f the sy stem was
the occasion o f com m en t on its workings b y bankers and
others identified w ith the operation o f tho Roserve banks.
Piorro J a y , Fedoral Reservo A g en t o f the N e w Y o r k Reserve
B a n k , in reviewing tho year’s work had tho follow ing to say:
Tho first year’s operations o f tho Federal Rf serve Bank o f New York
closed to-day. A year ago to-day the net deposits were $102,000,000 and
tho gold $81,000,000- To-day tho net deposits aro $186,000,000 and the
gold $157,000,000. In addition to tnis gold held by the bank, the Federal
Roserve agent holds $74,000,000 In gold as security for a like amount of
Federal Reserve notes Issued, making tho total gold holdings o f the bank
$231,000,000, an increase of $150,000,000 during the year.
Tho assembling of gold, through the issue o f Federal Roserve notes
against it, is one or tho most important functions performed thus far. It
provides tho bank with a fund or gold from which credits established by
member banks through re-discounting may bo withdrawn in gold without
depleting tho fund held by the bank Itself.




1673

The bank maintains at all times, ready for prompt issue, a supply of
Federal Reserve notes largely in excess of the Aldrich-Vreeland currency
issued in this district. The bank is well organized on a departmental
basis. Its intra-district collection system, inaugurated in June, shows
a steady growth in the volume of checks handled.
In a year of unprecedented money ease the re-discounting by member
banks has been light. The total re-discounts have been $9,400,000, the
largest piece of paper being $300,000 and the smallest $21 40. During the
year over $18,000,000 of bankers’ acceptances and $20,000,000 short-time
municipal notes have been purchased. The investments to-day are: Re­
discounts, $318,000: Dankers’ acceptances, $4,646,000; municipal notes,
$6,562,000.
H.
Parker W illis, Secretary o f the Federal R eserve B oa rd ,
settin g o u t the results o f th e first year, in a statem ent pre­
pared for the “ Journal o f C om m erce” and printed in its issue
o f the 17th , said:
To-day, Nov. 16, the Federal Reserve banks complete the- first actual
year o f their operations. I d many ways the period has been of memorable
and unprecedented financial importance. Could the new banks have been
brought into existence in some quieter and more normal time, it would have
been eas'er to test the results of their working, and to state with less fear
of difference of view what general benefits could positively be ascribed to
them, and what deficienices have been found to exist in the statute under
which they are organized. As things stand, the Federal Reserve banks have
entered upon their career at a time when every department of industry
and international trade is passing through profound and far-reaching
alterations. Nevertheless, it is practicable to state in explicit terms some
of the principal results which have accrued through the Federal Reserve
system, and to suggest further the more important lines in which the influ­
ence of the new banks has been felt.
First. During the past year the new banks have taken a long step toward
securing the standardization o f commercial paper. There has also oeen a
very decided growth in the practice o f making satisfactory statements o f
condition on the part o f commercial concerns. Member banks have been
steadily encouraged to keep a part o f their assets in liquid and re-discount­
able condition: and have succeeded in so doing.
Second. Through the careful use o f the power to grant trustee and execu­
tor powers a premium has been placed upon sound banking, and many
banks have found that they could not receive this recognition of their re­
sponsibility without altering business practices of doubtful wisdom, and
without eliminating questionable paper from their assets.
Third. Many banks which were in need o f assistance have been directly
aided through the re-discount policy o f the Reserve banks, and have been
enabled to restore themselves to a solid and satisfactory condition.
Fourth. There has been developed the Beginning of a system of bankers’
acceptance business which is already taking strong root, and is likely to
expand rapidly as the years go by.
Fifth. A system of clearing and collection has been inaugurated which has
already had valuable indirect as well as direct results, and which furnishes
the basis for an ultimate standardization of the check and deposit system
throughout the country.
Sixth. It is not too much to say that, under the leadership of tho Federal
Reserve system, more has been done toward bringing about a recognition
of the essential principles of banking and credit than had been accom­
plished during the many years o f currency and banking reform agitation.
These are probably to be reckoned among the more outstanding and
obvious accomplishments of the Reserve system during the past year.
They are each and all easily recognizable, and in themselves constitute an
eminent justification of the work done in establishing the system.
During the past year there has been unprecedented and remarkable ease
o f money. Interest rates have been phenomenally low. The present
crop-moving season has proceeded with greater ease and more distinct
facility in the management o f crop marketing than any preceding season
for years past. It would be easy to attribute these factors to the inflow
of gold, tho tremendous growth of American export trade, or to any one
of a number of different causes. The fact remains that at the inauguration
of the Federal Reserve system the country was in the throes of commercial
convulsion, and that the various influences already referred to have not
been constant throughout the year, but have presented themselves irreg­
ularly and sporadically, so that their effect has not been steadily and
consistently felt. It is fair to say, therefore, that the Federal Reserve
system, with its Initial release of lending power, but its accompanying
conservatism in its management o f discount rates, has been the single,
steady, persistent force operative through all o f the financial transforma­
tions throughout the past year. It is, moreover, obvious that the country
has passed easily and without financial stress through a period of unprece­
dented expansion of foreign trade, and is to-day financing that enormous
foreign trade without difficulty, notwithstanding the unusual conditions
under which goods must move, and the difficulties attending such move­
ments, entailed by the European war. The Federal Reserve system has
not encouraged inflation, but has, within the limits of its power, endeavored
to check undue movements toward expansion. It has kept its resources
essentially intact, while giving necessary assistance when called upon to
do so, pending the arrival of contingencies growing out o f the present state
of international trade which could not be foreseen or counted upon.
The new system is to-day continuing this work of preparation against
eventualities which are sure to come. It has accumulated and holds
a large supply of currency available for prompt issue against the proper
classes of commercial obligations, and is in position to increase this currency
stock as need may require. It is still engaged, under the terms of the law,
in drawing into its vaults that share of the banking reserves o f the country
assigned to It by statute, its second annual installment being payable on
this date (Nov. 16). It has already received the accession of a small body
of strong State banks and trust companies, and is gradually admitting others
to its ranks as they apply and are found to be in satisfactory condition. It
is endeavoring to develop Its clearing and collection system, and to improve
Its good relations with the member banks o f a system with a view to econo­
mizing banking operations and functions, and, at the same time, promoting
tho convenience of the public. It is gradually putting out the Federal
Resorvo notes with the view of ultimately standardizing the note currency
of tho country by the substitution of these notes for other forms of paper
currency. It will be ready when the time comes to embark upon those
foreign operations which are appropriate to a reserve banking system, and
which will bo necessary In view of America's larger place in international
trade. Its attitude toward discount rates and the purchase of paper has,
as already observed, been conservative, in accord with the objects just set
forth, and designed to preserve the strength of the system against the test
of its strength which is certain to arrive.
Tho Federal Reserve system is now upon a self-supporting basis, and
sovoral of tho banks are upon a dividend-earning basis. The cost of the
initial supply o f Federal Reserve notes, and of organizing the system has
been considerable, but the present development is such as undoubtedly

1674

THE CHRONICLE

to enable the writing off of these expenses within a modorate period. In
fact, it may be said that tho past year has been a period of organization,
and that only now at its first anniversary is tho system in any general
sense complote and prepared to oxert semothing like its full strength. It
has already worked to the far-reaching benefit of American banking, but
what it has dono may be regarded as merely a beginning. Conservatism,
economy, moderation and ‘‘preparedness” have boon the controlling idoas
thus far. Steady work toward improvement o f banking conditions and
banking practice, consolidation and strengthening of reserves, and gradual
development of the functions o f the system to their complote scopo is the
task of the immediate future.

[Vol . 101

C ou lto n , m em ber and Secretary of tho U nited States C o m ­
mission on R ural Credits; D a v id L u b in , perm anent delogate
o f tho U nited States to tho International Institute o f A gri­
culture, R o m o , and D r . T h o m a s N . C arver o f H arvard U n i­
versity.
T o M r . H errick’s m ind tho shortcom ings o f A m er­
ican agriculture aro traceable to tho fact that farmers have
not com bined their resources w ith a view to helping one an­
other, and th is, ho argued, can be brought about only b y a
more extended use o f the association; according to M r . H er­
W ith reference to the fact that the Philadelphia Fodoral rick tho association form o f organization is the best for agri­
culture in every one o f its phases, whether it bo for business,
R eserve B a n k failod to show earnings in oxcess o f exponsos,
In furtherance o f his recom m enda­
the first year, R ichard L . A u stin , Federal R eserve Agent financo or social life.
tion for the form ation o f co-operative associations, M r . H er­
o f Philadelphia, is quoted in the Philadelphia “ Inquirer” as
rick proposed tho follow ing legislation:
saying:
First. An amendment to tho National Bank Act, so as to pormit any
We failed to earn expenses for this first year, but wo did not expoct to
do so when we started operation on N ov. 16 a year ago. Business has been national bank that confined Its credit facilities to members to bo organized
very dull and is just beginning to show a revival. Then again a resorvo as an association without capital stock.
Second. An amendment of tho banking Act of each Stato so as to permit
bank is a bank for banks and we aro restricted in our investments. A short
timo ago wo bought $2,000,000 United Statos 2% bonds. When tho local any kind of bank that confines its credit facilities to members to be or­
bank was started tho thought wo all had in mind was to forgot earnings for ganized as an association without capital stock.
Third. A law by the nation and in each Stato to legalize for associations
tho first two years. The results are, therefore, not in tho least surprising
or disappointing.
whatover is lawful for corporations— 1. o., a regidatory law.
Fourth. A clauso in such law to pormit combinations among farmers’
T h e “ Inquirer” also credits Charles S . Cahvell, President
associations, or small producers or consumers’ associations.
o f the Corn E xchange N ation a l B a n k o f P hiladelphia, with
In voicing his views on tho subject o f tho conforenco, M r .
tho follow ing statem ent concerning tho Roservo B a n k ’s oper­
H errick said:
ations:
America is too set in the idea that co-operation or partnership is tho means
The Federal Reserve Act has not yet demonstrated its usefulness. With to bo usod only for organizing business or financo. There is a disposition
the exception o f the South, where banks aro usually overloaned, the banks to think that tho association is intended merely for benevolenco, thrift
find the now system very expensive insurance. Loss of intorest on resorvo and non-profit objects, and that co-operation is of a similar altruistic nature.
balances, lack of collection facilities and pressure from their old reservo
A system of co-operative associations based on co-operative banks is, in
agents for increased balances to cover exchange charges aro worrying my opinion, tho best solution of tho difficulties of American agriculture.
country banks.
Tho combinod wealth and earning power of the farmers aro so stupendous
I
believo much o f the existing prejudice could bo overcomo by the Federal
that they would become self-sufficient if they would consolidate and mo­
Reservo Board, assuming the duties o f tho Comptroller’s office, and by bilize their resources through such systems. Experience proves that the
further amending the law so that country banks could keep part of their organized farmer is able to take care of himself; the only way to organiza­
resorves with national banks in reserve cities.
tion lies through co-operation.
The local bank began business on N ov. 16 1914 with paid-in capitl of
$2,‘087,000 and deposits from member banks aggregating $5,777,000. At
M r . Harris in his address at the conference clearly indi­
the close o f business M onday, tho end o f tho first yoar’s business, the
capital item was $5,272,000 and deposits $21,360,000. During tho year cated his opposition to Federal legislation in tho m atter, at
tho Roservo Bank lost about $1,000,000 capital and $3,100,000 deposits by least a t this stage of tho d evelop m en t. It is his opinion that
reason o f the Northern Now Jersey member banks being transferred to the
tho pendulum is sw inging back and that m an y who were ad­
Now York Resorvo District.
Tho paid-in capital was increased yosterday by payment of tho socond in­ vocating Federal legislation boliovo that m ost good can be
stallment of the total capital subscribed by tho member banks. Figures on accom plished b y leaving the question, which is a local issue,
tho amount paid in aro not yet available, but tho aggrogato payment will
be reflected in the weekly statement issued at closo o f business Friday. The to Stato legislation. M r . H arris expressed himself in part
remaining four installments of capital will be paid by the member banks as follow s:
at Intervals o f six months, the final ono on N ov. 16 1917.
I
do not believo we are ready for Federal legislation— at least, until tho
sovoral States, many of which have recently legislated on the subject, have
demonstrated that they cannot moot their own needs. Liko the tariff, it is
B A N K E R S PROTEST A G A IN S T CHARGES T H A T
a “ local issue,” — but fortunately, unlike tho tariff, it can bo provided for
locally— in any event, by Stato legislation, and in many instances by local
U SU RIO U S R A T E S A R E E X A C T E D .
solf-help.
A t a recent m eeting o f the E xecu tive C om m ittee o f the
As Dr. Coulter has said, “ It is not Maine’s job, with her 8% of tenancy,
N ation al B an k Section, Am orican B an k ers’ A ssociation, held to contribute to Mississippi and her 80% of tenancy.”
I f wo have decided that we need legislation in any locality, tho next ques­
in tho offices o f tho Association a t N o w Y o r k , and attended
tion, it seems to mo, is, what part Federal and what part Stato legislation
b y every m em ber of tho com m ittee, a resolution was unani­ should play in the matter. While tho Federal or national banking system
m ously adopted protesting against tho circular issued b y is older— much older in many localities than the State banking system— yet
practically two-ohirds o f tho incorporated banking assets of tho country and
C om ptroller W illiam s charging national banks w ith exacting
two-thirds of theso banks are under State charter, and in spite of the spe­
usurious rates o f interest. T h e resolution recited that tho cial or exclusive, so-called, privileges that aro only extended to national
practices com plained o f b y the Com ptroller aro confined to banks. This situation could only exist as a result of the fact that Stato
charters aro, and of necessity can bo, more liberal and better fitted to tho
certain soctions of the country and are n ot general, and that
particular needs of tho ono particular Stato than can a big, broad national
b y the publicity given to tho m attor a great injustice has been provision that covers forty-eight States.
As mortgage banking is inherently even more peculiarly local than com­
dono to the m ajority of bankers throughout the country.
mercial banking, ancl confounded with an infinlto and conflicting variety
B y v ote o f the com m ittee, tho Secretary pro tem , Fred. E . of legal requirements in each State, why does it not follow that farm mort­
Farnsw orth, was directed to send a cop y o f .the resolution gage banking can be as woll or even better provided for by State than by
Federal legislation? Tho needs of the various States aro in many instances
to M r . W illia m s. T h o resolution follow s:
Whereas, The Comptroller of tho Currency has, under dato of Oct. 27, radically different and not easily reconciled, nor is it always possiblo or fair
addressed each national bank in tho Unltod States on tho subject of inter­ to class tho farm land values or conditions or mortgages of ono Stato with
another. Tho farm mortgages, originating under forty-eight different
est rates charged by some of tho banks of tho country: and.
Whereas, in tho opinion of tho Executive Committoo o f tho National State laws, can’t be standardized nationally, but qan be more nearly standBank Section, Amorican Banlcors’ Association, tho practices complained zod within Stato lines. There is no Stato but has sufficient character and
of by tho Comptroller are confined only to somo soctions of tho country and credit of its own to give all tho forco and cliaractor needed or that can bo
aro not general: and that as a matter of fact, millions o f dollars aro loaned expoctod in its locality to tho farm mortgages originating within Its borders.
Such a Stato organization could act as a cloaring liouso for mortgages from
by tho banks at much loss than legal rates; and.
Whereas, tho letter o f the Comptroller was given very wide publicity and all incorporated banks within its linos.
If such a Stato outlet wore providod, tho various banks within tho Stato
has created a bad impression and has dono a great injustice to tho great
could bo continually turning over their capital, providing amplo funds for
majority of bankers throughout tho country, it is therefore.
all
propor mortgage necessities, and at lower ratos and— by thosamotokon,
Resolved, That this Executive Committoo respectfully asks tho Comp­
troller o f tho Currency to make such modifications and corrections of his this outlet would also unlock more funds for short timo or cash credits.
Wisconsin
bankers havo voluntarily formed such a clearing houso in their
statement, as will do justico to tho great number o f banks, which have not
own Stato. N o ono can object to an oxtonsion of tho building and loan as­
violated the statutes relating to rates of interest.
sociation idea, under Stato supervision, into or for farm loans, as is now
dono, notably in Ohio. Wo can’t expect to get tho samo rates in new and
P H I L A D E L P H I A C O N F E R E N C E O N R U R A L C R E D I T S . unsettled sections as prevail in older and sottled States, and that is another
reason why tho problem is a local or Stato ono. Ratos, &c., can’t bo legisA conference on rural credits was held in Philadelphia on ated, and no real farmer or sano legislator is asking for subsidies.
the 13th inst. a t tho instance of tho Corn Exchange N ational
In tho first place, thero is a vital condition precedont to any effort to
B an k o f th at c ity .
In issuing invitations to tho m eeting, the got more money credit and to get it easior, and that precedont condition Is
more character or business ability credit. In short, better farm mothods,
bank pointed out that “ more than oighty rural credit bills a larger margin of farm incomo, aro conditions precedont to more and easier
were introduced in tho last Congress, probably not ono of monoy credits.
You can legislate all you pleaso, but that isn’t going to make a bankers'
them providing the facilities n eed ed .”
B an k ing as well as
or a Raiffeison or Landschaften society, or any farmers’ socioty, loan a man
agriculture, it added, will suffer if an improper bill is passed. monoy who can’t show that ho knows how to uso it for constructive purposes
Leading authorities on agricultural credit addressed the con- j and earn back tho principal and intorost, &c.
Only in a vory few localities of the United States is agriculture on any­
ference, which was held a t tho B ollevue-Stratford, tho speak- :
thing like a stable basis. Unless wo can say that in this nation or in a par­
ors including M y r o n T . H errick, form er Am bassador to ticular Stato our farmers as a rule havo a sound, established system of agri­
France; B . F . H arris, Chairm an o f tho Agricultural C om m is­ culture that maintains soil fertility; that brings a profit on investment and
sion o f tho Am orican Bankers’ A ssociation, and President labor, thon we have no solid foundation on which to attempt to build a Fed­
eral or State system, as tho caso may bo, of rural credits. It is a local ques­
o f the First N ation al B an k o f C h am p aign , 111.; John Loo tion.




Nov. 20 1915.j

THE CHRONICLE

Now how do our farmers farm? Wo know that in somo of tho sections
wo liavo referred to— those that arc asking most— the farm results are least,
or loss, dependable. On tho other hand, what is tho situation in somo of tho
richest and most settled agricultural States? In 1911 tho Office of Farm
Management of tho United States Department of Agriculture made an
extended and practical survey o f actual farm operations on 700 farms, in
at loast averago farm sections in Indiana, Iowa and Illinois. Those farms
averaged 179 acres each. Their report shows that, after deducting 5% In­
terest on tho averago capital invested ($30,606,000), one-third of the farm­
ers woro losing monoy, plus soil fertility; that 10% of theso wcio losing $500
or moro each year; that only 8% were really making from $1,500 to $5,000
a year; that tho live stock farmer receives $755 for his labor, while the crop
jarmer gets only $206; that tho liigh-school graduate is getting twice the
returns of the other classes; that the tenant farmer is rolatlvoly doing the
host of all.
Now you can’t blame lack of adequato marketing and crodit facilities for
all or any considerable part of this— it is tho man, and lack of rural educa­
tion and farm demonstration that is responsible. In tho faco of these
facts in Indiana, Iowa, Illinois, California and elsewhero, this country can
make no claim to an established agriculture, and a rural credit plan not
properly worked out, and which in my opinion cannot now be worked out
by tho Fedoral Government, would only aggravate tho situation.
Responsibility is tho soul of co-operation, and until our farmors feel it
for thomselvos, they will not feel it for a movement.
Again, tako California for illustration. Mr. Harris Wcinstock, acting
President of tho California Stato Rural Credits Commission, recently Issued
a public statement “ that 90% of tho attempted farm ventures in Califor­
nia during tho past fivo yoars have failed.” Another member of this com­
mission, said: "Inflated land values, ignoranco o f conditions, and lack or
credit were contributing causes to those 90% failures.”
At almost tho satno time Mr; Woinstock wroto mo: “ Should tho consti­
tutional amendment carry (it was defeated), it is tho intention of my com­
mission to proparo a measure providing fhat a permanent rural credit com­
mission bo appointed, which shall havo tho power to loan directly to the
individual from tho Stato at a rate of 4% , or 6% including a 20-year amor­
tizing plan.”
In a State where over a period of fivo years 90% of tho farming ventures
fail, Is it sound economics, is it sanity, to talk about the State loaning monoy
diroctly to ninety per cent failures?
And yet, M i. Ilorrick, in speaking before tho Illinois bankers last month,
and referring in dotail to tho sixteen States that havo legislated on the rural
credit subject, said: Excepting tho California law, ovory ono of those six­
teen new Stato rural crodit laws vlolato in somo way or other basic princi­
ples, disregards tho rights o f persons not intended to bo benofitted, and
bears tho mark of class legislation.” I don’t understand why ho “ excoptod”
California from the list of States that “ violates basic principles.”
It would seom, therefore, from tho outcome o f farming in California__
ninety por cent failures in fivo years— and tho Farm Management survoy
oi 700 farms in Indiana, Iowa and Illinois, with so many farmers not niakng any profit or labor incomo after 5% interest on investment is figured,
that loss favored sections at loast can do no bottor, and that a type of effi­
cient and permanent farming must bo developed if additional and easier
farm credit is to havo any basis on which to stand. Even at that, the “ de­
mand” does not come from Illinois, Iowa, Indiana, Ohio, Nebraska, Wis­
consin, Kansas, &c., for thoro Is a constant and usually crying demand from
investors for farm mortgages in theso localities.
European conditions are not comparable to ours, and thoir systems cannot
bo utilized hero to any considorablo extent. Neither aro thoy getting tho
low rates quoted in the 1912 political campaign, oxcopt in rare instances of
government subvention. Tho Europoan farmer usually gots a debenture
bearing upwards o f 4% to 4H % interest in exchange for his farm mortgage
When lie comes to exchange this on tho market to securo the needed cash,
the discount oasily moves tho rate that tho farmer actually pays up to
4 /o ovl 5% . At that our rates aro, all things considered, as low as theirs.
Wo havo moro banks per capita than any country on tho globe
Since
900 the number of our banks has increased two and one-Saif tinms faster
than tho Population, and wo now average ono bank to every 250 farmers
or about 7K> banks to each agricultural county in tho United States
The
desire to got business from tho farmors, makes competition so keen that
matters are rapidly adjusting themselves. However any sane plan ha
will render efficient results should bo adopted. Do wo know what that
!
i , T
T lK‘ icd U’ and th0 situation Sufficiently ? _ a r o wo Cer­
tain that Federal legislation would do any good or as much good as State
T o “ I1 u “ e

1

" o

The only duty the Federal Government has in tho premises at this stage
as I see it. is to carry the doctrine o f sound farming to tho farmer throng
or°farm ,S 2 £ 2 ? ‘
£°
af
State organizations for farm credits are built up on the blsis of aiL m an en
agriculture and need or would bo clearly helped by connecting them u
r Z l h o f e t b j e c r tCm> COngrOSS> ln

wollIcoop c.ea

Charles S . Calwoll, President o f tho Corn E xchange N a
tional B a n k , presided at tho conference, which was attondo<
b y abo u t ono thousand bankers and agriculturists.
In ad
dressing the gathering, M r . Calwoll stated th at tlio confer
onco had not been called for tho purposo o f oxpounding air
particular thoory, but was held w ith a viow to securing ai
intelligent understanding o f a quostion which will havo ;
prominent place in Congressional and Stato legislative pro
coodings. M r . Calwoll furthor said :
in Zthe
r i crichest
h S a magricultural
I c u l t u ^ f ed
*'! th°inSU
CC0SS
of tho
farmor Tho
• We
are situatec
in
section
the
United
States.
Department
Pennsylvania has the largest rural population, and its fruit lands In th
mountains and grain fields in the valleys are capable o f producing ma
times their present yields. Rural credit is Philadelphia’s problem, as we
as tho problem o f the country, and lmnmn«, , . .
‘ ,
',
nomic conditions on tho farm diroctly affects the citv worker ‘ §
^
Already the bankers aro accused of being selfishly opposed'to any plan r
subjecT
* Th° T -subsidies
’ V 'V r 0 haV°
* ,ven
subject. '! w
W,Cr?
hen rGovernment
and guarantees
o f loans aro suggest©
t is time wo obtain at least sufficient knowledge o f the suhW t
i
in tellig en t when our opinions are asked by o “ custom er
V o aro going to have legislation in “ rural credits” — not the kind of crcdi
Other^skle
other side.

bM
.Shall it bo encouraged?




Cred,t ‘ " “ “ planted from th
Tl-c co-operative farm credits i

1675

Europe have been successful. Without doubt a similar system would be of
great advantage to many rural communities in this country, under proper
regulation.
J O H N C. M I T C H E L L E N D O R S E D FO R D I R E C T O R S H I P
OF K A N S A S C IT Y RESERVE B A N K .
John C . M itc h e ll, President of the D en ve r N a tio n a l B an k ,
of D e n v e r, has been unanim ously endorsed b y tho D enver
Clearing H ou se Association for the 1910 vacan cy on the
board of directors of the K an sas C ity Federal Reserve
Bank.
M r . M itc h e ll’s election as a director of the Cities
Service C o . was announced this w eek.

N E W C O U N TR Y CLE AR IN G A S S O C IA T IO N FORM ED
I N R IC H M O N D .
A now organization, know n as tho R ichm ond C ountry
Clearing A ssociation, was form ed in R ich m on d, V a ., on the
9th in st.
T h e purpose o f the association, which is com posed
o f tho five largest com m ercial banks in the city , is to facili­
tate tho collection o f checks on banks in the F ifth Federal
Reserve D istrict and to effect economies in exchange. T h e
new organization is distinct from the R ichm ond Clearing
H ouse Association, which handles only local clearances.
T h e new association will collect checks on interior banks w ith­
out relation to their m em bership or non-m em bership in the
Federal R eserve system .
According to tho Richm ond
“ T im e s-D isp a tc h ,” tho banks which form the association
will pool all their drafts and checks on interior bank s.
In­
stead o f each bank m ailing under separato cover its own
checks on a n y one country b an k , tho five banks w ill, through
tho R ichm ond C ountry Clearing A ssociation, forward in a
single envelope all their chocks and drafts on a n y one bank .
A saving in exchange will bo effected as a result o f the new
arrangem ent, tho pooled checks on a ny ono bank being sub­
ject to tho reduced rate which applies to large sum collec­
tions, since the total am ount o f tho separate enclosures will
bo treated as a single collection for the association instead
o f as separate collections o f smaller am ount for tho individual
bank s.
T ho country banks will also save in postage, since
they will group item s for tho five banks in a single enclosure.
T h o officers o f the new association are: President, W . M.
A d d ison , Cashier of the First N ation a l B an k ; V ice-P resident r
C on w ay I I . G ordon, Cashier o f the P lanters’ N a tion a l Bank,,
and Secretary, J . W . Sinton, Vice-President o f the N ation al
State & C ity B a n k . A n advisory board is com posed of
W . P . Shelton, A ssistant Cashier o f the First N a tion a l B an k ;
R . Latim er G ordon, V ice-President o f tho Planters’ N ation al
B an k ; W . F . Augustine, A ssistant Cashier o f the M e rch a n ts’
N a tion a l B an k ; Julien H . H ill, Cashier o f tho N ation a l State
& C ity B a n k , and D . W . D u rrett, A ssistan t Cashier o f the
A m erican N ation al B an k .

A P P O I N T M E N T OF C O M M I T T E E O N C R E D IT FO R M S.
A t the Seattle m eeting o f the E xecutive Council o f the
A m erican B ankers’ Association authority was given to the
President t6 appoint a special com m ittee on credit forms
for the purpose o f taking up work in the direction o f uni­
form ity o f crodit blanks for borrowers. President Jam es K .
L ynch o f San Francisco has accordingly appointed the fol­
lowing com m ittee: W . P . Sharer, President First N ation al
B a n k , Zanesville, O hio, C hairm an; W illiam A . L a w , Presi­
dent First N ational B a n k , Philadelphia, P a ., and N elson
N . L am port, Vice-President F ort D earborn N ation a l B an k ,
Chicago, 111. A s far back as 1899 tho Association had a
C om m ittee on Credit Blanks whose purpose it was to devise
a series o f form s on which prospective borrowers could mako
credit statem ents. A s a result o f the labors o f this com m ittee
and of a revision which took place in 1910 the Association
was ablo to supply its m em bers with such from s, which have
m et every requirement and havo been used extensively by
mombors of the A ssociation.
Since the Federal Reserve A c t
cam e into being w ith the consequent use o f credit form s by
m em bers o f tho system on an extensive scale, it has become
necessary to tako steps looking to tho adoption o f uniform
blanks.
Tho Association states that it is gratifying to note
that tho efforts m ade b y its general officers to have tho G o v ­
ernors o f tho Federal Reservo banks co-operate in this direc­
tion have been m ost successful.
In fa ct, two o f the Reserve
banks adopted the Association form , and tho form s prepared
b y somo oi the other Reserve banks have shown little varia­
tion from those o f tho A ssociation.
I t was as a result o f
this situation that tho appointm ent o f tho C om m ittoe on
Credit F orm s was authorized.

1676

THE CHRONICLE

PR O SPE R ITY T A L K — M R . S C H IF F ’S F A I T H I N

C IT Y .

Prosperity figured as the basis o f the annual dinner given
b y the F ifth A ven u e A ssociation a t the W a ld o rf-A sto ria
on T u esd ay n igh t. A num ber of banking organizations were
represented a t the gathering, as w ell as business houses identi­
fied w ith F ifth A v en u e or its v icin ity . A feature of the oc­
casion w as the distribution o f the souvenir booklet recently
issued under the title o f “ F ifth A v e n u e ” b y the F ifth A v e ­
nue B a n k .
R obert Grier C oo k e, President o f the F ifth
A v en u e A ssociation , presided. Jacob H . Sch iff, o f K u h n ,
L oeb & C o ., w as one o f the speakers, the others w ho addressed
the gathering being S tate Senator O gden L . M ills ; George
M c A n e n y , President o f the B oard o f A ld erm en ; W illia m
H a y w a rd , P ublic Service C om m issioner, and M a r tin W .
L ittle to n . M a y o r M itc h e ll, who w as operated on on M o n ­
d a y for appendicitis, w as to h ave been the principal speaker.
A letter received from President W ilso n and read a t the din­
ner m arked the proceedings, this letter being as follow s:
I am very much interested to hear o f the prosperity dinner planned by
the Fifth Avenue Association for Tuesday evening, Nov. 16, and take the
privilege of contributing to the evening tho thought that the prosperity
o f America lies ow as always in the spirit of Americans, thoir spirit of enterprisj not only, but their understanding of the neods o f tho country and
o f the needs of the world, and that the prosperity o f the country will grow
with its increasing serviceability in all the great lines o f commerce and
manufacuro. Tho opportunity was never greater than it is now and the
obligation nev<.r deeper.
In his rem arks M r . Schiff noted th at while his firm is
n ot a resident of F ifth A v e n u e , he him self has been for the
last th irty years, and he sketched the developm ent o f the
c ity , and especially o f th at thoroughfare during th at period.
A t the sam e tim e ho pointed to tho necessity o f im provem ent
o f m eans for m ovin g traffic, if retail business is to continue
below F o rty-secon d S t .
In discussing the c ity ’s progress
M r . Sch iff said in part:
Our forefathers a century ago never dreamed what a tremendous me­
tropolis it would become. But we may now learn by our own experience,
and realize what a tremendous town New York will be fifty or even twontyfive years hence. Now York is likely then to havo a population of between
9,000,000 and 10,000,000 people, and it is a serious problem how wo are
to handle them on Fifth Avenue.
It will grow from West, from North, from South, and from that great
East, tho East beyond the Atlantic Ocean, which unfortunately is in so
great a turmoil. We want to do nothing that can make tho growth of
New York stop; to do nothing that will stop immigration, for do not forget
that what has made New York great is not. the people who havo amassed
large fortunes.
New York needs reorganization from top to bottom. I speak advisedly
when I say this. W e have a splendid city administration, men for whom wo
all have tho greatest esteem, but they are often powerless because of the
conditions o f politics, because they hold office for only four years. How
little can a man do in four years, how little o f a permanent impress can he
make.
What wo need is a permanent body, not one appointed nore or less for
political considerations. We need a permanent body to study the finances
o f the city, which so badly noed reorganization and to replace the makeshift
financing wo have been doing for many decades. What we need is a com­
mission that understands tho relation o f taxation to real estate.
Senator Mills is here. He has been working very hard and intelligently
with his committee to give us a proper system o f taxation, but abovo all
ho needs the backing o f the people o f Now York, the intelligent backing.
If ho is to carry through in tho Legislature, measures which will moro equi­
tably distribute taxation and not put everything on real estate as it is now.
We need men who will do far-seeing city planning. Wo want mer
chants— not men with hackneyed names like myself, men who are growing
old— we need younger men, men o f middle age, who know enough of the
past so that they may apply its lessons to the future. Go to the MorchantsAssociation, to the Chamber o f Commerce, to associations like tho Fifth
Avenue Association; to the workingmen's associations, and see that from
the merchants, tho working men, the financiers, is selected a great perma­
nent body, which can bring such pressure on the Legislature, which can
work out plans which the Legislature must grant. Then this great city in
which wo live will go faster toward its manifest destiny, and will become,
as it is sure to become, the greatest city in this world.
Prosperity, gentlemen, needs facilities. Prosperity has come, and pros­
perity is going to stay. It is not going to cease with the end o f tho war,
for which we all pray. AVe have entered upon conditions that have never
existed before. We need proper facilities to make them permanent.

CHARLES

A.

[V ol . 101.
PR O U TY ON F U N C TIO N S
U T IL IT Y V A L U A T IO N S .

OF

PU B LIC

“ T h e M ean in g o f the Constitutional Protection in V a lu ­
a tio n ” is the title o f an address in which Charles A . P ro u ty ,
D irector of the Valuation D ivision o f tho In ter-S tate C o m ­
merce C om m ission, sought to indicate the province o f the
Public Service Com m issioners, and to define the lim itations
o f courts in reviewing rate regulations. M r . P ro u ty ’s ad­
dress w as a feature o f the banquet which brought to a close
on the 12th in st. the three-day valuation conference held
in Philadelphia under the auspices o f the U tilities B ureau .
W e quote the follow ing from M r . P rou ty ’s romarks:
It Is probable, although by no means certain, that Congress might provide
that tho valuation when completed should bo passed upon by the courts
and that the utility should bo roquired to file its objection within a certain
time or stand foreclosed up until the timo of the determination. It is not
contended that tho valuation fixed by the Commission is conclusive upon
the courts. Whether tho rate is obnoxious is always open to inquiry.
Confiscation has come to have a significance of its own in this connection,
and is used for tho want o f a more accurate term. The court will not set
asido a valuation simply because the judge is of the opinion that the amount
is too small unless there bo palpable and gross errors.
If this interpretation of the law be correct it seems that tho Public Service
Commissioners of this land largely control the welfaro of our public utilities.
This should be clearly understood. No public official to-day discharges
a duty of greater delicacy than does tho Public Servico Commissioner.
Upon tho one hand ho is the advocato and guardian of tho public interest,
which usually has, in questions coming before him, no supporter, while
at tho same timo he must stand as a judge between the patron of the utility
and the utility itself. It is o f first importance that our utilities and tho
goneral public instead of attempting to ovorroach one another should unite
in the selection of men of tho highest grade for theso positions, and should
when onco selected inform and support them. Upon the quality of these
Commissioners the ultimate success of public regulation depends.
Tho making of a rato for the future is a legislative function. Tho Legis­
lature may discharge this function diroctly itself or it may creato a com­
mission, delegating to it that authority.
The courts cannot modify or revise the rato so established; that is, the
judicial department cannot review tho discretionary set of the legislative
department. But to regulate is not to destroy, and If the regulating
authority transconds the bounds of legitimate regulation in so far as to estab­
lish a rate which in effect confiscates tho property of the utility, the Fodoral
courts, under tho National Constitution, and in most instances State courts
under State Constitutions, can interfere.
The practical result is that a twilight zono exists within which tho rate­
making power is supreme. Tho limits of this zone must depend upon con­
ditions, upon the utility involved, upon tho temper of the court, but that
there are limits within which the decision of tho Commission is conclusive
and that those limits are sufficiently involvod, cannot be doniod.
The courts may decide whether the decisions of the Commission are con­
fiscatory. But tho courts cannot accord the utility a reasonable rato. Tho
rate must be accorded by the Commission, which alone has the power to
fix rates.
Valuation is a part of tho making of the rate itself; but it is not contended
that the valuation fixed by tho Commission is conclusive upon the courts,
except within the limits above indicated.
The private property which is invested in the utility is entitled to a
fair roturn upon its fair value. N o rato can be properly and justly estab­
lished until the value of that property is known. The determination o f that
value is .therefore, an essential part of tho rate-making process. When a
Commission under legislative authority values tho property of a public
utility for the purpose of using that valuation in its rate-making,it discharges
an essential part of the legislative duty which rests upon it. I f it wero to
be hold that the courts should fix tho value, the legislative department
would bo largely deprived of its legitimate authority.
It has seemed to me, therefore, that it might finally be held that the action
of the Commission in fixing tho value was conclusive within tho same limits
and to the same extent as is its action in the fixing of the rato. The caso
falls within that lino of decisions holding that where the determintion o f a
fact Is essential to the exorcise of an executive or an administrative duty,
the correctness of that conclusion cannot bo questioned by the courts.
The courts will, of course, correct all legal errors which may be mado in
the process of valuation, but if tho above theory is correct, will not review
conclusions of fact.
In referring to tho conclusion of tho conference and its
resu lts, tho Philadelphia “ R ecord” states that “ in so far as
find ing fa u lt w ith the existing m ethods o f ascertaining tho
valu e of utilities was concerned, tho conference was rem ark­
a b ly successful, b u t when tho last o f a great array o f prom i­
nent speakers from all over tho country had finished nothing
o f a constructive nature had been accom plished.”
C lifford
T h o rn e, C hairm an o f tho Iow a B oard o f R ailroad C om m is­
sioners; A . E . H e lm , C om m erce Counsel o f the K an sas
P ublic U tilities Com m ission; U . S . Senator Joseph L . Bris­
to w , C hairm an of the K ansas Public Service Com m ission;
D r . Charles V a n H ise , President of tho W isco n sin U n iv orsity
and of the U tilities Bureau; D r . M ilo R . M a ltb io o f the V a lu ­
ation A d visory B oard o f the Inter-S tate Com m erce C om m is­
sion; R obert C . W o o d , Public Service Com m issioner for tho
First D istrict of the S tate o f N e w Y o r k , were som e of those
w ho addressed the conference. M r . W o o d ’s romarks are
referred to under a separate heading below .

Senator M ills in referring to the different proposals ad­
vanced for m eeting tho financial requirements of th9 c ity ,
stated th at “ Various remedies h ave been suggested and o f
these tw o m a y be discarded as unw orthy o f further atten­
tion .
O ne is a proposal to raise all needed revenue from an
increased, tax on land valu es, and the second is the im posi­
tion of a series o f indirect taxes such as the Federal G overn­
m en t is depending upon to an over increasing degree. Three
other suggestions deserve attention— the classified property
ta x , the so-called a bility tax and the incom e t a x .” H e ex­
pressed the view th at the incom e tax is tho m o st feasible
R O B E R T C. W O O D O N M E T H O D S O F V A L U A T I O N O F
since it w ould take each m an according to his m eans.
PU B LIC U T IL IT IE S .
T h e banking institutions represented a t the gathering
R obert C . W o o d , Public Sorvice Com m issioner for the
included the F ifth A ven u e B a n k , the H arrim an N ation a l
B a n k , the A sto r T ru st C o ., the G u aran ty T ru st C o ., the First D istrict o f tho State o f N o w Y o r k , roforring to tho
E q u ita b le T ru st C o ., the U n ion E xchange N a tio n a l B a n k , discussions a t the U tilities Conference a t Philadelphia w ith
the C orn Exchange B a n k , the E m pire T ru st C o ., the reference to the various m ethods o f obtaining tho valuation
| of public utility properties and the necessity o f m aking
C h ath am & Phenix N ation a l B a n k and the M u tu a l B a n k .




Nov. 20 1915.]

THE CHRONICLE

proper allowances for the various phases o f depreciation,
took occasion to declare th at around thoso two questions
lie tlio m ost im portant factors of regulation, not only for
determ ining, b u t also for m aintaining, the value of public
u tility properties. M r . W o o d well said th at upon their
proper solution dopends n ot only to a groat extont the
valuo o f oxisting securities, b u t likewise the conditions
under which now capital can be obtained for our public
u tility corporations. T h o follow ing are somo of the ideas
em bodied in M r . W o o d ’s address delivered a t the confer­
ence, undor tho titlo of “ T ho Financial Aspects o f R egula­

ir>77

“ A careful examination of various economic signs permits us to state
that the recovery of business, noted at the time of the former delays, is
progressing under satisfactory conditions. Thus, in the course of the last
three months there has been repaid to the Bank of I1ranee commercial paper
to a value of 400,000,000 francs, which previously took advantage of the
postponement of maturities.
“ Without any doubt it is still impossible to think of a return to normal
regulations, which are far too rigorous for the present circumstances. But
we intend to submit to you shortly a project substituting for the postpone­
ments a law which, with the necessary provisions, will set a time when the
postponement of maturities shall cease, safeguarding at the same timeal
the interests of debtors who have not the ability of paying off.

M I L E A G E BOOKS N O T F O R F E IT E D W H E N P R E S E N T E D
B Y P U R C H A S E R FOR T R A N S P O R T A T I O N O F A N O T H E R .
tio n ;”
.
, .
Much as our views may vary regarding tho methods to bo employed in
T h o rule governing the forfeiture o f a railroad m ileage book
regard to the valuation and maintenance of thoso properties I think wo
when presented b y a ny ono other than tho original purchaser
can all agree that tho object wo want to attain by tho regulation of public
does n ot apply where tho purchaser him self presents the book
utility companies is
for the transportation of another person, according to an
(1) A fair rate to tho public:
(2) A fair return on the capital invostod;
3
That tho corporation should bo in a position whore it can obtain opinion handed down b y the U n ited States Suprem e C ourt
from timo to time the capital it no3ds to provido tho additional on the 15th inst. T h o decision was rendered in the proceed­
facilities that tho public may demand.
ings brought b y Sam uel J . C am p bell against the Southern
I
bolieve that tho principle of State regulation o f these corporations has
bocomo firmly established and that this regulation has encouraged and R ailw ay C om p an y for tho recovery o f S I ,0 0 0 dam ages
protected their dovclopmont along lines proper and nocossary to tho com­ claim ed as a result of the action o f a conductor in taking up
munities which thoy serve.
.
a m ileage book tendered for the transportation of him self
Tho investor should receive a fair and reasonable rato of roturn on his
and his wife from G reenville, S . C ., to G reensboro.
I t ap­
invostmontfu n c tio n Df ro ulation to determine tho valuo o f the investment pears th at two mileage books were presented to the ticket
in tho property in order to ascertain tho basis for a reasonable rato of agent a t Greenville on N o v . 2 4 1910 b y C am p bell, w ho re­
Regulation, as universally accepted, should, I believe, moan that the ceived in exchange for the detached m ileage two m ileage ex­
investment must bo protected against depreciation. Valuation as a step change tickets for G reensboro. B o th m ileage book s, it is
in regulation involves tho inventory o f tho property, tho determination
stated , were in his nam e, and were lim ited to his use.
Tho
of its' condition and thus makes possiblo tho accurate ascertainment of
dopro iation charges. Prop r regulation prevents tho uso of orporato collector on the train refused to accept tho mileage exchange
funds for tho payment of dividends at tho expense or maintenance or by ticket for M r s . C am p bell, and asked for tho m ileage b oo k ,
failure to talco adequato measures against the inovitablo offocts of ago,
decay and tho “ change of tho art.” By thus maintaining operating which ho refused to return, claim ing that it was forfeited under
efficiency and consequent continued earning powor properties aro safe­ tho regulations. H o also required th at full faro be paid for
guarded in tho interest of proper sorvico to tho public, as well as equally M r s . C am p bell. M r . C am p bell’s suit for $ 1 ,0 0 0 was brought
safo-gu-rded in tho interest of tho investor.
Regulation further moans proper accounting and publicity in accounts. and jud gm ent for $ 3 7 was awarded him in tho trial C ourt.
The utility must mako reports to tho Commission and theso roports aro Its findings aro affirm ed b y the Supremo C ou rt, C am pbell
public documents. Tlioro can bo no socrocy as to earnings and profits. receiving in addition to tho $37 the cash paid for his wife s
Tho extent o f tho proporty tho company owns is clearly defined.
Thoro c n bo no financial jugglory or abuso of tho confidence of tho faro. T h e C ourt holds that the rulo of tho railroads, filed
investing public by promoters or managers as lias at times unfortunately as part of their tariffs w ith tho In ter-S tate C om m erce C o m ­
happonod in tho past.
.
m ission, governing uso of m ileage b ooks, is to be construed
Tho corporation in turn should, through being allowed to charge a fair
and cquitablo rate, bo in a position to attract sucli now capital as it ic- literally, and that the provision forfeiting the book or tickets
quired from time to timo for extensions and hnprovomonts. In tins way issued in exchange therefor if presented b y other than the
only can it furnish tho public with such facilities as it needs.
“ original purchaser,” m eans exactly w hat it says.
Every public utility corporation, bo it a gas, electric light company, or
a streot railway company, does its sharo in tho dovclopmont of tho locality
it sorvos, providod tho sorvico it ronders tho public is adequat) and its R I G H T TO S E L E C T C U S T O M E R U P H E L D — C R E A M O F
charges aro reasonable. Every community is dependent upon its lighting,
W H E A T CASE A N D C LA Y T O N L A W .
transportation, tclopliono and telegraph facilities for its development and
is vitally intorosted in the quality of sorvico it receives.
As both tho corporation and tho public aro so deeply interested in each
other’s welfare, it can be easily seen that a fair and reasonable equilibrium
must bo maintained between them. If tho locality or section served is
a rapidly growing one, it continually roquiros more and moro lighting and
transportation facilities. In fact, it cannot reach its maximum develop­
ment without them. In a developed neighborhood, also, tho public is
Interested in having thoso facilities maintained at thoir maximum efficiency;
othorwiso tho prosperity of tho soction would bo soriously impaired. Tho
corporation, on tho other hand, is vitally intorosted in tho prosperity of
tho territory it serves, and if its management is progressive, it should do
ovorytiling in its power to render adequate sorvico at reasonable rates.
In order to accomplish this tho plants must bo maintained at a high state
of efficiency and a proper allowance bo inado annually for tho various
phases of depreciation.
It is a woll known fact that a public utility corporation never stands
still. It continually roquiros new capital. Moroovor, the growth and
dovolopmont of tho territory it sorvos often demand expenditures con­
siderably in advance of a reasonable return on tho capital invested. "Tho
advanco in tho stato of tho art,” especially tho electrical art, is continu­
ally requiring that machinery, equipment, &c., bo superseded by a newer
and more up-to-dato plant and equipment. The corporation should
l)o encouraged to mako thaso improvements, and so long as it furnislios
proper and°adoquato service, should bo permitted to oarn a reasonable
roturn on its investment.
It should bo tho aim of regulation to onablo corporations, through tho
fair valuation of thoir properties and through a fair return on their valuo
to mako investment in their securities safo and attractive.
Hero tho intorost of tho public and tho interest of tho corporation aro
one and tho same.
In a word, tho public noods tho utility corporation and is as much inter­
ested in their ability to properly discharge thoir duties as aro tho corpora­
tions in turn intorosted in tho welfare and development of tho localities
thoy sorvo.
I boliovo that under public service commission regulation tho securities
of a corporation having an established earning capacity, a capitalization
within tiro limits of a fair and roasonablo valuation of its property and
under specific requirements for sotting asido annually from operating
rovenucs, proper allowances for renewals and replacements should prove
safo and dosirablo investments.

T h e tem porary injunction sought b y tho G reat A tlan tic
& Pacific T e a C om p any against the C ream o f W h e a t C o .
is denied in a decision handed down on tho 10th inst. b y tho
U n ited States Circuit Court of A p peals a t N e w Y o r k .
In its
findings the Court upholds the conclusions of Judge H ough
in tho U . S . D istrict C ourt on July 2 1 , referred to in these
columns July 3 1 . T h e proceedings involved the application
o f Section 2 o f the C la yton A n ti-T ru st A c t , m aking it un­
law ful for any person “ engaged in com m erce to either di­
rectly or indiroctly discriminate in price betweon diferont
purchasers of com m odities
*
*
* where the effect of
such discrimination m ay be to substantially lesson com peti­
tion or tend to creato a m onopoly in a n y lino o f com m erce,
provided that nothing contain [in tho A ct] shall prevent dis­
crimination in price between purchasers of com m odities on
account of differences in the grade, quality or q u an tity of the
com m odity sold, or that m akes only duo allowance for dif­
ference in the cost of soiling or transportation or discrimina­
tion in price in tho same or different com m unities m ade in
good faith to m eet com petition; and provided further that
nothing contained [in the A ct] shall provent persons engaged
in soiling goods, wares or merchandise in com m erce in se­
lecting thoir own customers in bona fido transactions and

not in restraint o f tra d e.”
T h is w eek’s opinion o f tho U n ited States Circuit Court
of Appeals was written b y Judge Lacom be and was concurred
in b y Judges Coxe and R ogers.
T h o G reat A tlan tic & P a­
cific T ea C o . endeavored to com pel the Cream of W h e a t
C o . to continue to sell its product to it, after the defendant
had decided to sell only to wholesalers, and also sought to en­
join tho defendant from sending to tho trade requests not to
T H E E X T E N S I O N O F T H E F R E N C H M O R A T O R I U M TO
sell Cream of W h e a t to the T ea C o m p a n y . T ho latter con­
J A N . 1 1916.
tended that it was discriminated against because it had sold
[From “ L’Economiste Francais,” Oct. 23 1915.)
I t argued
As tho decrco of June 24 1915, which extended for a period of ninety the Cream of W h e a t products a t reduced prices.
full days tho delays previously granted for the payment o f negotiable notes, that tho defendant’ s courso o f action is in violation o f the
comes to an end on N ov. 1, a new delay of sixty days— that is, until Jan. 1 Shorman A n ti-T ru st A c t , and that under tho C layton A c t the
19 K5__is granted by a decree published in the "Journal Officiel” of Oct. 17.
In deciding th at
The Government has thought it necessary to inform tho interested parties suit could bo instituted and m aintained.
forthwith of tho conditions which will prevail after that date.
tho com plainant is not entitled to tho relief asked for, Judge
In a report addressed to tho President of tho Republic, the Ministers in
Lacom bo said:
chargo say:




1678

THE CHRONICLE

Before tho Sherman Act It was the law that a trader might reject tho offer
of a proposing buyer, for any reason that appoaled to him; it might bo
because ho did not liko tho other’s business methods or because he had some
porsonal difforenco with him politically, racial or social. That was purely
his own affair, with which nobody else had any concern. Noither the
Sherman Act nor any decision of tho Supromo Court considering tho same,
nor tho Clayton Act, has changed the law in this particular. Wo have not
yet reached the stage whore tho selection o f a traders’ customers is mado for
him by the Government.
Ihe Cream of Wheat Company has elected not to sell to consumers or
rotailers, but to confine its sales exclusively to wholesalers. Thoro is noth­
ing unusual about such a course of business, and certainly it is no offense
against common law, statutes, public policy or good morals for a trador to
confine his sales to persons who will buy from him in largo quantities. A
wholesaler” is ono who buys in comparatively largo quantities and who
soils, usually in smaller quantities, but never to tho ultimate consumer of
an individual unit. Ho sells eithor to a “ jobber” (a sort o f middleman) or
to a “ rotailer,” tho latter being tho ono who sells to the consumer. * * *
Upon tho proofs and tho admissions in tho record, tho Tea Company is
not a wholesaler, but a rotailer, it does not confino its sales to retailers, but
soils to countless consumers, a package at a time for twclvo cents.
Tho Cream of Whoat Company, as wo havo seen, in tho conduct of its
business decided and mado announcement to tho trado that, for reasons
sufficient to itself, it would soli only to wholesalers. Why if it chose to do
so It could not make such a rule and adhore to it, wo aro at a loss to under­
stand. It named tho prices at which it would sell to wholesalers, so much
in carload lots, so much in less than carload lots. That certainly it had a
right to do; tho Clayton Act Itself oxpresly recognizes tho existence o f this
right. Undor tho rule which tho company had legitimately established for
the conduct o f its own business, tho Tea Company could not buy from it,
being a rotailer. Nevertheless, for a time tho Cream o f Wheat Co. mado an
exception to its rulo and sold to tho Toa Company under somo arrangement,
which, as defondant thought, would not mako tho wholesalers with whom it
dealt critical o f tho exception. On a certain day tho Croam o f Whoat Co.
decided that it would no longer sell to this retailer at all, and since thon it
has not sold to complainant. Thoro was no contract betwoon tho two which
bound defendant to soli to complainant for any specified poriod of timo.
This suit is really brought to force tho Cream of Whoat Co. to contlnuo
to soli to this single retailor, as it sells to tho wholesalers who trado with It.
Much has been said about tho reason why dofondant ceased to treat com­
plainant as an exception to its rulo; failure o f tho latter to live up to some
arrangement, &c. All that seems to be wholly immaterial. Tho businoss
or the Cream of Whoat Company is not a monopoly or oven a quasi monop-

F. P. W A L S H A N D O T H E R S O N F E D E R A L C O M M I S ­
SION FORM N E W IN D U S T R I A L C O M M IT T E E .

A now organization, created by Frank P . W alsh, Chair­
man of tho United States Commission on Industrial Rela­
tions and others, plans to urge upon Congross the adoption of
tho recommendations contained in the roport of Basil M .
M an ly, which Commissioner Walsh and the three labor rep­
resentatives of tho Commission signed last August. Those
throe Commissioners— John B . Lonnon, Treasurer of the
American Federation of Labor; James O’Connell, of tho M etal
Trades Department, and Austin B . Garrotson, President of
tho Order of Railway Conductors— aro associated with M r .
Walsh in the now organization, formed under tho name of tho
Committee on Industrial Relations. Tho committee con­
sists of twelvo mombors, and in addition to tho four already
named, includes in its membership: Amos R . E . Pinchot,
Frederic C . Howe, Immigration Commissioner; Bishop
C . D . Williams of tho Episcopal Diocoso of Detroit; Danto
Barton, a Kansas City newspaper man; John P . W hite,
President of the United M ine Workers of America; John
I( itzpatrick, President of the Chicago Federation of Labor;
Helen M arot of tho W om en’s Trado Union League of Now
York, and Agnes Nestor of tho W om on’s Trado Union League
of Chicago. The principal object of tho now organization is
to assist organized labor, “ chiefly by romoving Governmental
obstacles to the efforts of the wage-earners to organize and
insisting that all wage-earners and their representatives havo
a fair and free field.” According to M r . Walsh—

[Vol. 101.

specifically that tho courts shall exercise only the powers
granted by the Constitution, and shall not be permitted to
declare laws unconstitutional.”
The committee will also urge that, “ if additional rovonue
is required for tho needs of tho Government, it shall bo ob­
tained by the passage of an inheritance tax or by making the
income tax more effective, and not by heavier taxes upon tho
necessities and small luxuries of the workers, such as sugar,
tea, coffee, tobacco and the like, or by a bond issue which
insidiously taxes the whole people for tho bonefit of tho bond­
holders.” M r. Walsh announces that “ the final roport of
the Federal Commission, which expired Aug. 23 by statutory
limitation, will bo laid before Congross when it meets in
December. Congress and tho nation then for tho first time
will bo officially advised of what manyjcitizens havo known
for a long time— that the vast numbers of thojnation’s work­
ers receive wages too low to maintain a decent existence for
thomselves and their families.”
Throe of tho mombors of the new committee will opon head­
quarters in Washington at once, and will locate there until
its first gonoral meoting on D ec. 8, two days aftor Congross
convenes. It is plannod to organizo sub-committees to as­
sist in promoting tho objects of tho main organization.
T H E U T I L I T Y OF T R A D E B O A R D S OR C H A M B E R S OF
COMMERCE.

An outlino of tho work which tho Madison (Wisconsin)
Board of Commorce plans to undertake in tho devolopmont
of that city was given by E . B . Steensland in an addross de­
livered with his inauguration as President of tho Board in
October. M r . Steensland is President of the Savings Loan
& Trust C o. of that city and was formerly group President
of tho Wisconsin Bankers’ Association. M r . Steensland
also referred in a goneral way to tho purposes of this and liko
organizations, and wo quote a portion of his remarks bolow:
Thore is a widespread movement at this timo for the organization of the
community. Tho inovemont has arison in part, at least, from tho con­
viction that businoss is also entitled to bo hoard in tho solution of local
and national probioms. Undor tho influonco of tho succoss of tho local
chambers and boards of commerco, tho National Chamber was organized,
and this organization, in turn, encourages, dovolops and directs phasos of
the work of tho local organizations. Tho commercial organization move­
ment has boon characterized as “ the greatest niovomont in America to-day.”
Tho word “ co-oporation" has been much over-worked in recent years, but
I cannot refrain from using it. Co-operation and cohosion among business
men and the membership is necessary, and I know of no hotter way to ob­
tain these essentials for success than through tho Board of Commorce.

M r. Steensland at the same timo took occasion to rofor to
tho imperative need of capital to dovelop tho city. Madison,
ho said, needs and wants more industries.
P A S S A G E OF S T E V E N S B I L L U R G E D B Y R E T A I L E R S .

The passage by Congress of tho Stevens Bill, designod to
maintain prices on patented and trade-marked goods, was
urged in resolutions adopted at a conference of independent
rotailers of tho Metropolitan District, held at tho Hotel
Astor on tho 27th ult.
Dr. Leo Galloway, Professor of Com­
merce and Industry of tho Now York University, was ono
of those who addressed the gathering in favor of tho enact­
ment of tho bill. He was quoted to tho following effect in
the “ Journal of Commerce” :

Tho basic principle of tho Stovens Bill is that it would givo the manufac­
turer tho right to mako a contract in selling his goods, by which ho might
requiro a resale at a certain price and provide certain penalt.es for violation.
It is not contrary to public policy in any way, as opponents of tho bill
assert. It would protect the manufacturer in the rights which havo been
taken
away by recent court decisions.
Tho first effort of tho now committee will bo to urge tho printing and dis­
Present merchandising lias advanced far over the practices of former
tribution, free o f chargo, o f final reports o f tho Commission on Industrial
Relations, and also o f tho testimony taken at public hearings. It believes days. Tho watchword of manufacturing years ago was cheapness and
a reading o f these reports by the vast number o f men and women who al­ salability. Tho producer was driven to price-cutting in order to survive.
ready aro vitally interasted in the Industrial problem would go far toward IIo felt the tendency to put his goods out at the market price. Tho situ­
tho creation o f the understanding that it is necessary for public opinion ation has now changed. Tho reputable merchant puts his goods out
to do its share in tho great task o f translating our democratic ideals into slightly above the market price, for quality, service and an honest profit
aro to be considered. It represents better merchandising.
reality.
Among tho developments of the new period havo been cleaner adver­
It is announcod that the committee, “ while taking no tising, better goods and an increased confidence from tho buying public.
part in tho discussion regarding tho sizo of the army and navy, Tho chief complaint arising from merchants under tho new system of trade
will endeavor to keep to tho forefront certain fundamental markod, standard-priced goods is against tho smallness of the profit ho
makes. This is compensated in part by tho largo turnover arising from
principles that should govern in any program for propared- wido advertising.
Ono of tho effects of tho Stovens Bill would bo to eliminate tho greatest
noss.” Besides believing that tho Government plants, ex­
cept in cases of emergency, should manufacture all munitions woapon of monopoly— price-cutting. Tho retailer is serving Ills own in­
terests when ho supports tho measure. When tho bill is looked upon from
war, ships and military supplies, thocommittee advocatos, the viow of public property it resolves itself into a guarantee that tho
says M r . W alsh, that tho^militia system or any new system manufacturer may retain ids property in a trade-marked name.

of citizen soldiery bo organized on a democratic basis, with
equal opportunity for wage-earners and those without means
to obtain commissions on ajmerit basis, and that tho uso of
these forces bo confined to purposes of national dofonse, and
that they shall never bo used against workmen on striko.”
Tho committee also makes known its intention to “ endeavor
to secure the passage by Congress of a statute, or if neces­
sary the initiation of a Constitutional amendment providing




BANKS

LOSE S U I T

TO

TEST

WAR

REVENUE

ACT.

Proceedings brought by tho Germantown Trust C o. and
tho Real Estate Title Insurance & Trust C o ., both of Phila­
delphia, to test tho Emergency W ar Rovonuo A c t, which went
into effect N o v . 1 1914, wero decided in favor of tho Govornmont on tho 12th inst., when Judge Dickinson in tho U . S.
District Court in Philadelphia ordorodfnon-suits ontorod in

THE CHRONICLE

Xov. 20 1915.]

tho actions. The trust companies brought suit against
Collector of Internal Revonuo Lodoror to rocovor taxos
assessed under the A ct. These casos furnish tho first test
of tho Act in Philadelphia and will bo fought out in the Su­
premo Court for a final decision. Tho statute, as it applies
to banking operations, provides that banks, individuals,
firms or corporations must pay a tax of SI on overy $1,000
of capital used or employ d, and in estimating capital,
surplus and undivided profits shall bo included. Tho Ger­
mantown Trust Co’s, claim against tho Government was for
$1,034, whilo tho Real Estate company sought a refund of
$1,523. Tho former company declarod that its capital,
surplus and undivided profits wero not taxablo undor tho
A ct, as they were all invested in permanent securities; tho
money of tho depositors, it was contended, was used to con­
duct tho banking business. Tho Court hold that the trust
company must traco its permanent investments to tho
capital of tho institution or show as a positivo fact that only
a part of its capital was usod in the banking department,
otherwise tho Government was justified in levying a tax on
tho whole of its capital. This, it is stated, tho plaintiff
was unable to prove to tho satisfaction of tho Court, and
as a result tho non-suit was granted. A similar ruling was
made in tho caso of the Real Estate Title Insurance & Trust
C o ., which admittod that a part of its capital was usod in
its banking business, but complained that tho Government
had lovied tho tax on all of tho capital. U . S. District Attor­
ney Kano maintained that, although a largo part of tho capi­
tal of difforont institutions might bo lying idlo in tho vaults
of trust companies, its truo significance was as a rosorvo to
meet any emergency. Tw o other cases of a similar naturo,
those of tho W ost End Trust C o. and tho ContinontalEquitablo Title & Trust C o ., woro continued, ponding tho
final outcome of tho two casos mentioned above.
S U IT S BROUGHT

TO

TEST

WAR

REVENUE ACT.

A suit to recover $1,695 paid under tho W ar Rovenue
Act of October 1914 was begun on September 4 in tho U . S.
District Court in Brooklyn by the People’s Trust C o. of that
borough. As previously noted, the Farmers’ Loan & Trust
C o. and tho Guaranty Trust C o. of New York and the
Fidelity Trust Co. of Newark have filed similar proceedings
to test tho W ar Revenue A ct, in[so'far|as it affects the collec­
tion of a tax from banks. The suit instituted by tho People’s
Trust Co. is brought against Internal Rovenuo Collector
Keith. Tho company alleges that $1,695 was paid to
Collector Keith under protest on Feb. 5 last, and that appli­
cation for tho return of the tax was made on Juno 15. This
application was denied, it is alleged, and tho company now
asks judgment for tho amount with interest and tho costs
of tho action.
Tho Titlo Guarantee & Trust Co. and tho United States
Trust Co. of New York brought suits on September 14 against
Charles W . Anderson, former Collector of Internal Rovonue
of tho Second District of New York, to recover taxes alleged
to havo been wrongfully assessed under tho W ar Rovenuo Act.
Tho proceedings woro instituted in tho Fedoral District Court
in this city. The Titlo Guarantee & Trust asks for a refund
of $11,004 and tho United States Trust for $10,728.
MOVEMENT

TO COPE W I T H I N D U S T R I A L
TIONS A F T E R W A R .

CON DI­

A movomont dosigned to bring about tho co-operation of
industrial organizations in working out plans for dealing
with tho chaotic labor conditions which aro expected to dovolop with tho conclusion of tho war, had its inception this
week at tho annual convention of tho National Founders’
Association in this city. Tho Association was in session
two days, Wednesday and Thursday, and tho opening day
was marked by addresses by tho prosidonts of five business
organizations; thoso speakers woro Col. Georgo Pope, Presi­
dent of tho National Association of Manufacturers; Robert
II. Barr, President of tho National Foundors’ Association;
Albert G . Duncan, President of tho National Association
of Cotton Manufacturers; John P. W ood, President of tho
National Association of Woolen Manufacturers, and II. II.
Rico, President of tho National M otal Trades Association.
Whilo tho plans of tho principals havo not boon disclosed,
tho “ Journal of Commorco” is authority for tho statement
that it is proposed to offect a combination of tho employers
of labor in tho industrial plants throughout tho United
States, special committoes boing solectod from all to take up
and doal with ono particular object, such as foreign trado,
tariff ,£wagos]andihours of labor. It is also stated that offorts




1679

will bo made at the coming session of Congress by the com­
bined groups of employers and industrial interests, which
aro expected to be accorded co-operation by financial in­
terests, to secure the passage of constructive or remedial
legislation affecting problems along economic or industrial
linos. Col. Pope, in addressing the meeting, declared (we
quote from the “ Journal of Commerce” ) that business in­
terests must once and for all time organize to meet “ unbridled
unwarranted and thoughtless attack.” Legislators, he said,
must be given to understand that the industrial efficiency
of the United States is in utter need of constructive co­
operation, if our producers aro to be ablo to seize upon the
unprecedented opportunities which may follow the war.
“ To m y m ind,” Col. Pope further said, “ tho causes of dis­
orders concerning wages and hours of labor are to be found
in tho lack of uniformity in labor conditions, lack of concur­
ring action by employers, absence of uniformity in State
labor legislation, and variation in the differential of the cost
of living. These aro but a fow of tho underlying factors,
but thoy illustrate my point, whch is this: American industry
needs greater uniformity and standardization. More atten­
tion should be paid to general controlling economic laws than
to purely local phases of tho question.”
M r . Barr in speaking at tho meeting referred to the un­
toward business conditions from which we are just recovering
as being directly brought about by Governmental tariff
adjustments, uneconomic and experimental legislation or
ill-advised rulings by commission, and asked why, as a step
toward permanent correction of such conditions, we “ shall
not demand tho co-operation of tho Government instead of
its antagonism and continued abuse perpetuated in tho name
of the people.” As to labor’s share in tho profits of manu­
facturing industries, M r. Barr stated that “ It is clearly
shown by comparative statistics that labor actually does
receivo tho lion’s share, or 7 7 % of the income derived from
tho manufacturing processes of the nation’s industries. The
recent report of tho National Civic Federation, showing in a
now light tho comparative returns to capital and labor in
manufactured products, completely destroys the fallacy that
labor does not receive its proportionate share of tho income
of industry.” M r . Barr also criticized Secretary Redfield’s
administration of his office, saying:
No member of any Cabinet, of any President, has failed so ludicrously
to understand his position, or to carry out tho plain mandate of the law
creating his office and tho spirit and intention of those who created It.
Secretary Rodfield apparently brought with him a violent antagonism to
business men and sound business principles, which ho manifested within
a very short time, by deliberately using his office to prevent tho business
interests of tho country from securing through it any useful administrative
act. Instead of being a help to business, M r. Rodfield has become a
menace.
FURTHER A G IT A T IO N REGARDING S E A M E N ’S A C T .

Tho cause of tho withdrawal of tho Pacific M ail Steamship
C o. from tho Pacific Ocean continues to be a matter with
which Secretary Redfield of tho Dopartmont of Commerce
is gravely concerned. M r. Redfield, some weeks ago in a
lotter to Secretary of tho Treasury M cA doo, combated tho
idea that tho Seamen’s Act and in particular tho so-called
languago clause had forced the company’s action. This
lotter was published in our issue of Oct. 23, together with a
reply of Julius Kruttschnitt, President of tho Pacific M ail
Steamship Co. and Chairman of the Board of the Southern
Pacific R R . In his latestjlotter (addressed to M r. K rutt­
schnitt and bearing date tho 5th inst.) Secretary Redfield
in seeking to refute tho arguments that the Seamen’s Act
is responsible for the sale of tho Pacific M a il’s steamers
quotes from conflicting statements alleged to have been made
by R . P. Schwerin, Vice-President and General Manager of
the company, as to the reasons which prompted the action
of tho Pacific M ail; in concluding M r . Redfield says:
It is respectfully submitted that on two separate occasions, in different
parts of tho country, Mr. Schwerin expressly gave the Canal Act as a reason
for tho Pacific Mail C o.’s going out of business, and is himself a witness to
tho effect that tho Chinese crews are ablo to meet the languago test as
interpreted by tho committee and by the Department.
Ono must bo glad the stockholders of the company havo profited by the
salo of their ships, while one also wonders at a reason being given for this
salo at tho present time which is contradicted by the repeated statements
of their own officers. I am informed, and believe it to be true, that there
aro other witnesses that could be summoned to a similar effect.

In reply to this letter on the 6th inst., M r . Kruttschnitt
writes in part as follows:
I
have read your letter to mo of Nov. 5. Tho reasons why the Pacific
Mail could not continue to operate its trans-Pacific ships if the Seamen’s
bill bccamo a law havo been given to committees of Congress in detail with
supporting figures which havo never been answered. In a letter to Presi­
dent Wilson July 6 1914 I summarized the objections to tho proposed legis­
lation and gave notice that it would result in tho withdrawal of tho trans­
pacific ships. The language clause, while one of the most objectionable
features of tho bill, was only one of several unreasonable and onerous pro­

1680

THE CHRONICLE

visions. After a careful review o f the subject when the bill was passed
wo woro unable to find any way to overcome tho difficulties with which wo
were confronted, and with the approval o f tho shareholders withdrew from
the business and sold the ships.
You refer to a reported dinner tablo discussion in December 1913 be­
tween tho Surveyor of Customs at San Francisco and M r. Schwerin (which,
however, differs so much from tho latter’s opinions often expressed to mo
as to raise grave doubts as to tho accuracy o f the reporter’s memory),
and to excerpts from what M r. Schwerin said before a committee of Con­
gress in 1913, about tho Panama Canal Act, and argue that he ascribed
the withdrawal o f our Oriental service to tho Panama Canal bill, tho pro­
visions o f which wero not applicable to that lino o f ships. It clearly ap­
pears even from tho excerpts contained in your letter that M r. Schwerin
meant that the Panama Canal bill would put Pacific Mail out o f business,
“ so far as tho Panama route is concerned, by law.”
You reiterate that Pacific Mail withdrew from trans-Pacific business
because it was unprofitable in years past, but you cannot deny, what ovory
one knows, that conditions had changed at least a year before the with­
drawal and had become profitable and the prospects for tho future most
favorable. If Pacific Mail persisted in tho service during poor years it
would certainly not have abandoned it when a good year had arrived and
others wero in sight, except for some compelling reason.
Shall we look for that reason in tho Panama Canal Act, which did not
interfere with tho business in the least, or in tho Seamon’s Bill, which im­
posed upon it most burdensome restrictions? According to the press, tho
same restrictions havo been assigned by Robert Dollar and J. J. Hill as
tho cause o f withdrawal o f their ships from tho Pacific. Aro those gentle­
men knaves or fools, to either conceal or not to know, as you do, that the
Panama Canal Act and not tho Seamen's Act was tho real causo of with­
drawal ?
Finally you again complain becauso Pacific Mail did not wait to seo how
you would construe away tho noxious provisions o f tho law.
Tho law speaks for itself. Tho men who advocated and tho men who
made it worded it so as to carry out their intention to effect a change in
existing conditions. Tho Seamen’s Union worked strenuously for its passago with that end in view.
Referring to tho language test section, tho law requires tho collector of
customs, upon tho sworn complaint o f any reputable citizen that tho sec­
tion is not complied with (which may bo mado at any time up to six hours
beforo tho departure o f the vessel), to cause tho muster of tho crow to deter­
mine the fact. You are powerless to chango tho law or to control tho action
of members o f tho Seamen’s Union, who aro all "reputable citizens.” It
is easy, howover, when tho lines o f tho Pacific Ocean havo ceased to be,
to givo instructions which apparently tako tho teeth out o f the law.
Perchanco you havo not read opinions o f M r. ffm . F. McCombs. Chair­
man of tho Democratic National Committee, which appeared in tho New
York “ Sun” o f Nov. 4, thus:
“ I beliovo that the La Follette law should bo ropealed.”
“ I havo investigated carefully and I believe tho bill puts unwarranted
burdens upon tho shipping interests.”
It Is pleasant, indeed, Mr. Secretary, to note your satisfaction over tho
fact that tho stockholders have received a good prico for their ships. It is
duo to the accidont of tho war, howover, and not to tho Seamen's Bill, that
tho abandonment o f commerce on the Pacific Ocean to foreign-owned lines
o f steamships was not accompanied by disastrous financial loss to American
corporations and their stockholders.

According to tho “ Herald” of tho 9th inst., Androw Furuseth, who labored in behalf of tho onactmont of tho law, has
applied, on bohalf of members of tho International Soamon’s
Union, for a modification of some of tho provisions governing
physical requirements. Ono man on tho Pacific Coast (a
sailor for many years) on whose account M r . Furusoth is
said to havo petitioned Secretary Rodfiold, has been doniod
work, it is stated, becauso ho has but ono oyo. It is added
that M r. Furuseth’s communication to tho Secrotary indi­
cates that many of tho soamon of his union aro experiencing
difficulty in complying with all tho requirements of tho law.

[Vol. 101

that tho steamship company received a measure o f immunity from the
Secretary of Commerco it know that tho Secretary exercised tho power
to impose upon it additional burdens at any timo vacillating notions or
prejudices might dictato.
Tho Pacific Mail Steamship Co. owned vessels that represented in in­
vestment o f several millions of dollars, and was doing a business that also
ran high into the millions annually. That company, like any other busi­
ness enterpriso, cannot bo safely conducted without some degreo of certainty
as to the conditions that will bo imposed upon it. Instead of inspiring
a fooling of confidence, as it was perhaps intended to do, tho letter of tho
Secretary of Commerce must havo left tho managers of tho Pacific Mail
company with a greator feeling of uncertainty than they entertained be­
foro. So long as they were guided by tho express language of tho law they
know exactly what they had to contend with. The moment tlioy received
the letter of the Secretary of Commerco and saw his assumption of right
to chango tho meaning of tho statuto whonovor it suited his pleasuro and
in any manner that seemed best to him, they knew that certainty had ended.
They could not tell from one day to tho next what tho interpretation of tho
department would bo and what now conditions might bo imposed upon
them.
If it lies within tho power of a head of a department to chango tho Acts
of Congress at will, then wo havo como to tho end of government by law
and havo established a government by mon.

In commenting on tho 7th inst. on tho conditions that had
necessitated tho practical suspension of certain provisions
of tho La Follette Bill, Spearman Lowis, Socrotary of tho Lake
Michigan Passenger Linos Association, said:
For whom has Congress convulsed the merchant marine of tho United
States, driven it from tho Pacific and demoralized its operations in general?
Listen to these official figures:
In his testimony before tho Federal Trade Commission at San Francisco
Andrew Furuscth, President of tho International Seamen’s Union, tho au­
thor of tho bill, said that thero woro approximately 60,000 seamen employed
in tho United States, including tho Great Lakes. Of tills number approxi­
mately 14,000 wero memhors of tho Union and of tills 14,000 about 70%
would not bo availabio in caso of war with Kuropo, becauso of their alle­
giance to foreign Powers. This leaves 30% , or about 4,200 American
sailors.
Granting those men tho right to food and plenty and humane treatment,
wo aro nevertheless confronted with ono of tho most vicious examples of
government by and for tho minority.
To pleaso this handful of men the commercial chances of tho United
States in tho Orient havo been ruined and our national safety Is threatened.
Mail, supplies, army officers and ammunition for Manila dopend for trans­
port to-day on tho whim of Japaneso ship owners, who In two yoars havo
increased their fleet from thirteen to forty-fivo ships. Tho Atlantic and
Great Lakes shipping is equally demoralized and unfairly burdened.
Indeed, wo havo minority government run riot.

A t the annual meeting on tho 12th inst. of tho Acadomy
of Political Science in Earl H all, Columbia Univorsity,
Welding Ring, of tho Now York Chambor of Commerco,
in speaking against tho Seamon’s Act declared that “ a moro
unfortunato law was nover enacted by Congross.” Ho
furthermore said:
Thero is so much of bad in tho Soamon's bill and so littlo of good that It Is
hard to characterize It. . Tho bill is a direct inducement to desertion on tho
part o f tho crow. Merchants aro told that as they do not buy or build moro
ships under present conditions, tho Govornmont will stop In and expend a
largo amount In building or purchase. In a rocont address in San Fran­
cisco, tho Secretary of tiio Treasury plainly stated that wo must have
American tonnage on tho Pacific Ocean no matter what it costs; that if
prlvato interests would not provido it tho Government would, and if in
competition with foreign tonnago under cheaper conditions tho Govern­
ment ships should lose money, tho lossos should bo charged to tho Govern­
ment and paid for by tho people. Was thoro over a moro flagrant illustra­
tion of paternalism run wild?

Tho following suggestions wero offorod by M r. Ring for
Tho provision of tho Act stipulating that vessels failing
to comply with its terms bo rofused clearance was suspended tho building up of Amorican shipping:
Tho creation of a shipping board somewhat similar to tho British Board
indefinitely on tho 3d inst. by Acting Secrotary of Commorco of Trado, to bo composed of men familiar with shipping questions and with
A. L. Thurman, according to tho San Francisco “ Chroniclo,” power to make regulations and to provido for rovision of navigation laws.
Tho prompt suspension of tho Soamon’s Law, or its immodiato ropoal, and
which says:
Realizing tho tanglo that would result from enforcing tho measure, under
existing conditions, tho Department of Commerce notified collectors of
customs in all parts o f the United States not to withhold clearance o f vessels
for tho present.
Tho instructions were to tho effect that in all cases vessels wero to bo
permitted to clear where it was shown that tho owners and operators had
made bona fide efforts to comply with tho torins o f the now law. The
departmental instructions givo tho collectors wido discretionary power.
Tho belated order received by Collector o f Customs J. O. Davis late
yesterday afternoon relieved a tense situation in regard to shipping inter­
ests in this port. It will also greatly ease a very porplexing situation
toward seamen in whoso interest tho measure was framed.

tho onactmont of a now law which would eliminate tho objoctionablo fea­
tures of tho present law.
Tho ending of tho agitation for Govornmont ownership of merchant
vessels.
Legislation to safeguard investments in shipping.

TEXT

OF

A U S T R I A ’S SECOND PROTEST
M U N I T I O N S EXPORTS.

AG A IN ST

Tho reply of tho Austro-Hungarian Govornmont to tho
note received from tho United Statos in August regarding
the export of arms and munitions from this country to
Socrotary Redfield’s “ assumption of tho right to construe
England was received in tho mail by tho Stato Dopartmont
a statute to mean something different from what it says,”
at Washington on Oct. 28. Tho roply boars dato Sopt. 24
is criticized in a statement issued by ex-Senator Bourne of
and cabled summarios of it woro received horo from Amster­
tho Republican Publicity Association on tho 7th inst. M r.
dam on Sopt. 20, as indicated in theso columns Oct. 2. A t tho
Bourno says: '
timo of its receipt it was announced that it was unlikoly that tho
Every thoughtful Amorican citizen must bo appalled by tho conclusive
evidence o f tho substitution o f government by men for government by law State Department would givo out tho text of tho communi­
contained in tho recent letter o f Secretary Redfield, declaring his assump­ cation; it has, however, bocomo availabio horo through tho
tion of tho right to construo a statuto to mean something different from
Austro-Hungarian papors, which havo published tho roply in
what it says.
Opinions will differ as to tho wisdom o f tho language provision of tho full. This latest communication is tho socond rocoivod from
Seamen's Law, but thero should bo no difference of opinion as to tho danger Austria in tho matter; tho first protost was dated Juno 29,
of establishing a bureaucratic system of government which permits ad­
ministrative officers to enforce a law or not, as happens to suit their pleasure. and was published in our issue of Aug. 7; tho roply of tho
In
Tho Pacific Mail Steamship Co. knows, as every Amorican citizen knows, United States was given in tho “ Chroniclo” of Aug. 21.
that if it is within the power o f tho Secretary of Comnierco to interpret tho present noto tho Austro-Hungarian Govornmont sots
tho Seamen’s Law, or any other law, by making it loss burdensoino upon
those affected, it Is also within tho power of that department to interpret out that it has in no way ploadod in favor of tho principlo of
law by making it moro burdensomo. In other words, at tho samo timo “ equalization,” that it did not baso its suggestion concerning
Digitized forthe
FRASER



Nov. 20 1915.]

tho exportation of war materials on the fact that it was not
in a position itself to import such materials from the United
States; it did, however, it assorts, “ protest against tlio croation of now and the extension of existing plants for tho pur­
pose of manufacturing and exporting war materials to such
an oxtont that tho economic lifo of the United States has
practically, so to say, becoino militarized— if one can use a
word that has been often wrongly applied.
In part tho
n °ThoSramarks of tho Federal Government aro mostly based upon the
erroneous premises that tho Imperial and Itoyal Government had essential y
denied* the right conceded by Article V II o f tho Fifth and Thirteenth
Conventions o f Tho Hague to nationals o f neutral Powers to supply con rabatul to belligerents, whereas tho Imperial and Royal Government had
cxnrcssly stated in tho aforesaid note that tho wording— and tho wording
only__of tlio clause referred to formally warranted tho sufferanco by the
Federal Government o f tho trado in war materials as at present pursued
by citizens o f tho United States o f America. Tho Imperial and Royal
Government naturally never sought to provail upon the Washington
Cabinet to depart from an existing treaty; it only pointed out that, in its
opinion, an interpretation of said clauso should bo avoidod that would be
contrary to the fundamental idea and tho highest principles of tho laws
0 fFurthcnnoro, the Imperial and Royal Government has in no way pleaded
In favor o f tho principle of “ equalization.
As a matter of fact it did not
base its suggestion concerning the exportation o f war materials on tho
fact that it was not in a position itself to import war materials from the
United States of America; oven if both groups o f belligerents were to share
bi t e supply of war materials from tho United States o f America tho
Imperial and Royal Government would, novortheloss, maintain that tho
excess!vo ^exportation of war materials would be objectionable. Tho
Tmnorial and Royal Government never thought of suggesting that. Because
S t ^ H u i a ^ could not procure war materials from tho territories of
one neutral Power this disadvantage should bo balanced by prohibiting
tho citizens of that neutral Power to carry on a normal trado in contra­
band with tlio enemies o f tho Dual Monarchy. It, however, did protest
asrainst tho creation of new and tho extension o f osisting plants for tho
nurooso of manufacturing and exporting war materials to such an oxtent
that tho economic lifo of tlio United States has practically, so to say.
bccomo militarized— if ono can uso a word that has been often wrongly

exclusion in itself would justify tho Issuance by tho Federal Government
of laws providing for an embargo.
If tho impression is correct that tho Government of tho United States
wishes to express the opinion that the Government of a belligerent Power
is not entitled to take up a matter which is connected with the preservation
or the application of a right of a neutral Power, this is evidently duo to the
fact that tho Washington Cabinet has possibly given a too restricted inter­
pretation to tho last paragraph referred to when it understood it to apply
only to strictly private rights, the preservation of which the Imperial ana
Royal Government naturally holds to bo a matter that concerns the neutra
Power only. As is shown by the report submitted by tho 1'rench delegate.
M . Renault, to the full sitting of tho Hague Conference concerning the
Thirteenth Convention (Deuxiemo Conf. Intern, do la Paix, Actes et D oc.,
Tome I., page 326), the said paragraph aims at the preservation of neutral­
ity; a belligerent can, therefore, not bo denied tho right to approach a
neutral country and to invoke the clauso referred to when the question of
the preservation of the rights of a neutral Power has a bearing on the rights
of that belligerent.
_
Jy
Tho Imperial and Royal Government has followed with great interest tho
arguments of the Federal Government setting forth the reasons which, in
tho opinion of the Washington Cabinet, make it impossible to restrict
during the present war the exportation o f munitions. The Imperial and
Royal Government nevertheless still hopes that the Federal Government
will agree that the reasons given, which have a purely practical character,
can in no way influence tho legal aspect of tho question; while expressing
tills hope, we do not venture to investigate whether tlio very fact that the
manufacture of war materials in the United States could develop to such
extraordinary dimensions does not rather lead to the conclusion that the
United States, disposing as it does in an unlimited way of all tho essential
conditions for manufacturing munitions, such as labor, natural products
and financial capital, would not be reduced to procure war material from
abroad in tho event of a war which would naturally stimulate the energy
of its citizens.
.
The Imperial and Royal Government begs leave to make the following

aPThoconcentration of a largo part of tho Amorican working power toward
ono goal namely tho supply of munitions of war, constitutes a "fait nou­
veau” which invalidates any roforence to allegedly similar casos in otlior
wars- whether Intended or not, this concentration o f tho national working
oowor constitutes a ono-sided and effective support o f ono group of bel­
ligerents all tho moro conspicuous since not oven non-contraband goods aro
supplied’ from tho United States to tho other group of belligerents. A
comparison with tho former wars is all tho moro out o f placo since thoso
wars wero waged between two single Powers, or at least between groups
of a few Powers only. When munitions of war from one neutral country
wore supplied to one belligerent only it was then possible for tho latter s
enemies to apply to other neutral countries. In tho present war, however
tho United States o f America is tho only Power that can bo effectively
considered for such supplies. This circumstance further contributes to
g " o S Hm eyortation of munitions of war from tho Union a different
and far moro serious character than tho exportation o f contraband has
ever had in tho past.
,
.
. .
,
Since these various facts, unforeseen before, have become clearly mani­
fest in the course of tho present war only, tho Austro-Hungarian Govern­
ment thinks it is justified to hold tho opinion that in accordance with
tho last paragraph o f tho preamble of tho Ihirteonth Convention, they
should constitute a sufficient reason for modifying tho regulations that
govern tho trado in contraband in tho United States. 1 he absolute and
strict impartiality which tho Washington Cabinet is anxious to observe,
and tliereforo the abstaining of any direct or indirect assistance and sup­
port of ono belligerent, aro undoubtedly tho right of a neutral Power. If
experience should teach that an ombargo in any direction should in tho
course of tho war bccomo necessary to that end, then tho Power concerned is
justified to modify its former policy of applying neutrality . On tho other
hand, tho presont caso is wholly different from all preceding ones, it is a
“ novum,” which, as pointod out above, does not corno under the already
quoted Articlo VII, and tliereforo has to bo considered as a "cas non
prevu,” (unforeseen caso), which, in accordance with tho preamble of tho
Thirteenth Convention (paragraph 3) has to bo dealt with under tho
general principles of International law, as has already been explained.
Tho suggestion of tho Imperial Royal Government concerning tlio supply
of foodstuffs and raw materials was likowiso not based on tho assumption
that a neutral Government would lie bound to compensate tho advantages
attained by ono bolligerent over tho other by a system o f non-intorcourso
with tho former.
The note o f Juno 29 makes it clear that this suggestion
ma(i e solely for tho purpose of pointing out to tho Washington Cabinet,
, ' . , . declared that, as a consequence o f tlio situation created by tlio
' W C it h Vd become Impossible for tho United States o f America to main­
tain its trado relations with tho Central Powers, that it is within tho power
o f the Federal Government to enforce such a possibility of trado relations.
As a matter of fact, tho trado between America and Austria-Hungary, at
least with regard to non-contraband goods, has not been stopped by tho
imval su ccessS of Great Britain and her Allies, but by the ^ la w fu l de­
cisions taken by tho Entente Powers which, as the Imperial and Royal
Government has not failed to learn, aro also considered as unlawful by tho
Government of tho United States o f America.
It is not contended that, wore the Washington Cabinet to fall in with the
views o f tho Imperial and Royal Government, the trade relations of tlio
United States of America with both groups o f belligerents would bo less
unequal than they aro at present. The Imperial and Royal Government
believes that an argument could all tho less bo therefrom derived against
a suggestion admitted by a neutral Power as justified trom tlio point
o f view of neutrality and otherwise, since tho Washington Cabinet cortiinlv will not consider it as a duty of a neutral Power to render its situa­
tion toward both belligerents as unequal as possiblo, or, when such a state
of inequality exists, to undertako no steps whatover with a viow to nodify it.
Whereas tho Federal Government has understood that, according to tho
Tmnorial and Royal Government, tho exportation of arms and munitions
is contrary to tho last paragraph of tho preamble of tho Thirteenth Conventlon it should bo emphasized that— as already pointed out abovo tlio
Imperial and Royal Government basos its stand against tho oxcosstvo
exportation o f munitions of war on tho second and third paragraphs of said
preamble Tho referenco to tho last paragraph was made in connection
with tho unlawful exclusion of Austria-Hungary from c.i.nmercia intercourso with America, and was Intended to convey tlio suggestion that tho




1681

THE CHRONICLE

Among tho precedents invoked by tho Washington Government, which,
as has already been mentioned, cannot bo accepted as such, the federal
Government lays stress on the conditions existing at tho time of tho Boer
War, during which one of the belligerents was cut off from international
trade in a way similar to that created during tho present war. Such an
analogy cannot possibly be detected, because Great Britain did not then
decreo a stoppage of trade comparable with tho unlawful measures now taken
by the London Cabinet; the prevention of tho supply of arms and ammuni­
tion referred to by the Federal Government doos certainly not amount to
a commercial isolation.
. _______ _
Besides, tho exportation of munitions of war from Austria-Hungary
during the Boer War, just as during other wars, whenever such an exporta­
tion took place, never exceeded the limits of permissibility.
Tho Federal Government undoubtedly will have learned that Ilorr
Einicko has publicly protested against the interpretation of ono sentence
taken from his treatise on neutrality in naval warfare for the purpose or
justifying tho duty of the Washington Government; this invalidates the
reference made by the Washington Cabinet to German jurists and the con­
clusions deducted therefrom. Furthermore, the Imperial and Royal Gov­
ernment naturally holds that a neutral Governmentcannot ^ e » n c “ bareo
with tho intention of jeopardizing the interests of one of the belliaere t .
Just as naturally an embargo issued by the Government for the purpose
of protecting its neutrality could never bo described as a measure taken with
tho intent of injuring one of the belligerents.
Finally the remarks of the Federal Government concerning the victual­
ing of men of war are apparently based upon a misunderstanding.
Tho references made by the Imperial and Royal Government to the pro­
hibition of supplying men of war. and to tho prohibition of making certain
supplies to men of war, was not aimed at a concrete case;
tended to quote the prohibitions embodied in Articles V III.. X IX . and X X .
of the Thirteenth Convention of the Hague.
Tin: undersigned has the honor to request his Excellency the American
Ambassador to convey by wire to the AVashington Cabinet the above
friendly communications, which are solely made in order to complete the
outline of tho legal status defined in tho note of June 29, after a careful
examination of tho views expressed in tho note of tho Federal Governme .
The undersigned avails himself of tills opportunity to renew to his Ex­
cellency the American Ambassador the assurance of his most distinguished
consideration.
(Si^ned) DURIAN.

AU STR IA

C LA IM S ANCONA

W AS WARNED.

A statomont by tho Austrian Government sotting forth
its vorsion of tho sinking of tho Italian liner Ancona Avas recoivod at tho State Dopartmont on tho 17tli inst. from A m ­
bassador Penfield at Vienna. M r . Ponfield informed the
Dopartmont that tho explanation had been handed to lnm
by tho Austro-Hungarian Foreign Office. As noted in our
issue last Aveok tho Ancona, bound from Naples to N oav York,
Avas sunk in tho Mediterranean Sea on tho 7th inst. by a
submarine flying the Austrian colors. The Austrian G o v ­
ernment in its statement admits tho attack on tho Ancona but
donios that the vessel Avas sunk Avithout warning. The
statomont points out that the “ story that submarine fired
upon loaded boats and people in Avator is a malicious fabri­
cation.” Tho text of tho note is as folloAvs:
Submarine fired warning shot across bow of steamer, whereupon latter
fled a full speod. Sho thus carried out instruction! officially given all
Italian steamers at beginning of war to att mpt escape upon being held up
by fuibmarincs or to ram, according to position of latter. Escaping
steamer pursued and fired on by submarine, but did not stop until receiving
several lilts. F rty-fivo minutes given passengers and crew to leave
ship on which greatest panic reigned. Only a porti n of boats lowered,
which were occupied by members ship’s crew, who pulled hurriedly away.
Great portions of boats, which would apparently have sufficed for rescue
all hands, not occupied.
Afto about fifty minutes submarine, submerged on account rapidly
amir aehin vessel, torpedoed Ancona, which did not sink until further
i sos of forty-five minutes. If many passeng'rs lost lives, blame rests
entirely with crow, bocauso instead of stopping upon warning shots, fled
and compelled submarine to fire, and because crew endeavored to save
only themselves and not passengers, for which there was ample time and
means. Story that submarine fired upon loaded boats and people in water

168^

THE CHRONICLE

Is a malicious fabrication, for reason ammunition much too valuablo for
submarine, if for no other. No further shot firod after vessel stopped.
PENFIELD.

(Vol. 101.

clause was adopted on the motion of Edwin Samuel M ontagu,
Financial Secretary of the Treasury. M r . M ontagu, in
Instructions were sent to Ambassador Penfield on the advocating the measure, pointed out that such a provision
16th inst. by Secretary of State Lansing directing him to was found necessary when the Anglo-French loan was issued
ask the AustrianJForeign Office for a detailed account of the in New York, in order to attract investors. Ho said that
disaster. The communication received by the State D e­ tho imposition of tho income tax had proved a serious
partment from M r . Penfield on the 17th inst. is not looked handicap in tho past in obtaining foreign subscriptions to
upon as a reply*toJthese instructions since he is not believed loans, but predicted that with the exemption a great increase
to have received:Mr.5Lansing’s message when the statement in foreign subscriptions was assured.
of the ForeignJOffice was sent.
The note transmitted by Ambassador Penfield is similar
D E V E L O P M E N T S I N A L L E G E D C O N S P I R A C Y TO
to an account of the attack received by the Austro-Hun­
B LO W UP M U N I T I O N SHIPS.
garian Em bassyjin}W ashington last Sunday from the Aus­
Robort F ay, believed to be ono of the principals in the
trian Admiraltyjand ajtranslation of which was sent to the
alleged conspiracy to blow up vessels leaving American ports
State Department. A statement regarding the sinking of
with cargoes of munitions for tho Allies, indicated his
the Ancona was issued by Baron Sonnino, the Italian
willingness last Sunday to plead guilty and turn State’s evi­
Minister for ForeignlAffairs, and sent by the Italian Govern­
dence. Fay is said to have detailed anew on M onday his
ment on the 14tlr inst .[from Rome to the principal neutral
activities but to have given to the Federal authorities no
nations. Thisjversion^of the attack is contradictory to the
material information additional to that already in their pos­
account given by Austria. Tho note was received by the
session, and it was stated officially, following tho confer­
Italian Embassy in Washington and after being translated
ence, that tho Government did not intend to grant him im­
into English was'delivered to Secretary of State Lansing on
munity and that he would not bo takon beforo tho Grand
the 15th inst. The^communication as handed to M r. Lan­
Jury to repeat his story. On the following day Fay apparent­
sing says in part:
ly changed his mind. H e informed tho Assistant District
It was out o f tha question that the vessel could hav been suspected of
carrying arms or contraband or porsons in the service of any of tho belliger­ Attorney that ho had labored under a misapprehension when
ents. In fact, none of tho circumstances alleged in t or cases in an ho offered to be a Government witness.
It bocamo known
attempt to justify actions described by tho authors as a necessity of war, or
on the 16th inst. that the Grand Jury indictment against
as a reprisal, wero present in'tho ca o o f the Ancona.
Without any warning whatsoever, without ovon a blankjshot,'without Fay and the other alleged conspirators is to bo superseded
observing any o f tho formallti s accompanying tho right o f earch, tho by another in which there will bo two or threo additional
submarine encountered by tho Ancona in tho aforesaid cir umstancos
opened fire upon tho unarmed p ssenger liner, elontlessly shelling not only counts which will make it possible in the event of conviction,
tho wireless apparatus, sides and decks o f tho ship while sh o>as at a stop, to add eight or ten years to tho sentence of each defendant.
but oven tho lifoboats in w ich tho terrorized passengers wore seeking
Indictments against six of tho mon arrested in connection
refugo. Many of the passengers wero killed outright or wounded. Somo
who approached the subma- ino in tho hope o f rescuo we e driven o ff with with tho alleged conspiracy wero returned by tho Federal
Jo rs. As a result o f this inhuman procedure moro than 200 men, women Grand Jury in this city on the 8th inst. The Grand Jury
and children lost their lives.
took up the cases on the 3d inst. Tho mon indicted are
According to a dispatch from Rome on the 15th inst., tho Robort Fay, M ax Breitung, Waltor Sholz, Paul Daeche,
latest official reports give the number of those saved when D r. Herbert Kienzle and Engelbert Bronkhorst. The in­
tho vessel went down as 299 out of a total’ of 507 on board. dictments contain two counts each, charging conspiracy
A statement issued byRho Italian Emigration office in Rome to blow up vessels to the detriment of owners of tho vessels
on the 14th inst. said that of ten Americans who wero on and cargoes and the detriment of the underwriter of insur­
the Ancona only one was saved. Advices from Rome on ance on the vessels and cargoes. Tho indictment charges
the same day stated that so far as Ambassador Page was able that tho mon contrived infernal machines which wore to
to ascertain from the official reports received through the bo attached to vessels carrying munitions of war from
Italian Government and from tho British consuls at Bizerta this port, and that these machines were timed so as to
and Tunis, there wore eleven Americans on tho vessel and explode on the high seas. Five of the alleged conspira­
of theso only two are among the survivors. A n official list tors, namely Breitung, Kienzlo, Fay, Bronkhorst and
received in this city on the 17th inst. by Hartfield, Solari Sholz, wero arraigned beforo Judge Harland B . Howe
& Co. from the main offico at Naples of tho Italia Societa in the Criminal Branch of the Federal District Court in
di Navigazione a Vapore, owners of tho Ancona, gives the this city on tho 9th inst. and entered pleas of not guilty.
names of 103 survivors and 139 missing passengers.
Applications for reduced bail wore denied by Judgo Howe
It is reported that $800,000 in gold for deposit in tho San to each defendant. Daeche pleaded not guilty on the 10th
Francisco Sub-Treasury to meet war expenses was lost on inst. when arraigned before U . S. Commissioner Carpenter
the Ancona.
in Jersey C ity. Counsel for Daeche asked a continuance
of the arraignment, which was laid over for a week. A pe­
G R E A T B R I T A I N TO R E G U L A T E S H I P P I N G B Y
tition to reduce the defendant’s bail from $25,000 to $15,000
LIC E N SE S.
was denied.
Official announcement was made in London on the 2d
A s indicated in our issue of Oct. 30, five arrosts wore
inst. that tho British Government will, where an emergency made that week in connection with the supposed plot
of national importance exists in any particular market, uncovered in Weehawken, N . J ., with tho arrost of Fay
owing to an absence of tonnage, requisition a sufficient and Sholz on Oct. 24. It is said that Bronkhorst, who
number of ships to deal with such cases. The Government was takon into custody on tho 1st inst., was tho ono who
further proposes to regulate the employment of British provided tho dynamito with which Fay, who is thought
shipping in tho carriage of cargo between foreign ports by to be tho leader of the plot, was to accomplish his pur­
means of licenses. The official statement is as follows :
pose of blowing up the ships. Bronkhorst was arraigned
T he Board o f Trado deny rumors that the Government contemplate bofore U . S. Commissioner Houghton of this city on tho same
requisitioning tho entire British mercantile marine. Tho Government
have decided to take powers to deal, by requisitioning a sufficient number charge as the other five and was takon to the Tombs in deo f vessels, with cases where an emergency o f national importance exists faidt of $25,000 bail.
On tho 2d inst. tho police arrested in
at any timo. In any particular market, owing to absence o f tonnage, and
W est New York another man believed to bo concerned in
further reguiato the employment o f British shipping in the carriage of
the conspiracy. He gave his name as George Van Horn.
cargo between foreign ports by means o f licenses.
The British Board of Trade has announced an arrangement Ho was takon into custody on a charge of stealing automobile
whereby vessels loading wheat in tho United States for Eng­ tires, but confessed, according to tho police, that ho know
Van Horn was held in $2,000 bail ponding further
land before Dec. 15 will be exempt from requisition under Fay.
the Government plan to tako merchant shipping in cases of investigation into his case, and was locked up in tho Hud­
emergency, and will be free to begin another voyage from son County Jail in Jersey C ity. Assistant Attomoy-Goneral
Warren announced in Washington on tho 3d inst. that tho
England even if it is not a North Atlantic journey.
prosecution of Fay and the others implicated in tho con­
spiracy will bo handled by the Department of Justice.
G R E A T B R I T A I N E X E M P T S F O R E IG N I N V E S T O R S I N
Two men connected with nowspapersat Bridgeport, Conn.,
L O A N ISSU E S FROM IN C O M E T A X .
who admittod that they had prepared stories to publish to
A clause empowering the British Treasury to free from the effect that tho Transatlantic Trust Co. of this city was
the income tax all foreign holders of future loan issuos,
agent in this country for the Central Powers and that
whether made in England or abroad, was addod to tho
through tho company Fay and the other alleged conspirators
finance bill by the Houso of Commons on the 17th inst.,
had obtained funds to carry on their work, wero arrested in
according to a dispatch from London on that date. Tho
this city on the 9th inst. The prisoners [aro Alexander




THE CHRONICLE

Nov. 20 1915.J

and Victor Gondos, brothers, who own tho Bridgeport
“ Daily Nows” and “ The Bridgeport,” a Hungarian daily.
They were arrested in tho offices of the Transatlantic Trust
on a charge of oxtortion, and are held in $25,000 bail oach
for further examination. Julius Pirnitzer, President of the
company, alleged that they had conspired to extort $2,000
from him. M r. Pirnitzer denounced tho charges mado by
the Gondos brothers and said that tho stories wero tho work
of jealous bankers whose business had beon injured by tho
activity of his company. Tho Gondos brothers had ap­
proached M r. Pirnitzer with a view to ascertaining whothor
ho was willing to pay to have them abandon thoir cam­
paign against him.
RU SSIAN

E M B A R G O O N E X P O R T S OF
S K IN S LIFTED .

H ID ES

AND

Tho Russian Government has lifted tho embargo on the
exportation of hidos and skins, finished or unfinished, to
all Allios or neutral countries by any route, according to
a cablo messago rocoived by the Stato Department from
Petrograd. Information to this effect was recoivod by tho
New York “ Tribune” in a dispatch from Washington, dated
November 15. The dispatch further stated that frco
exports will bo allowed of beaver, otter, sable, black and
gray-black fox, bluo Arctic fox, elk, seal, ermino, marten,
skunk and karkula, finished or unfinished.
A cable from Commercial Attacho Honry D . Baker at
Petrograd received in Washington on tho 17tlx inst. said
that tho exportation of tho above-montioned furs had beon
authorized. It is stated that no applications for permission
to export aro now required. Dotails of tho arrangement
entered into botween tho United States and Russia whereby
tho Russian ombargo on exports to this country was lifted,
provided certain conditions were complied with, wero given
in our issuo of October 9.
P I E C E OF M E T A L F O U N D O N H E S P E R I A N S A I D
B E P A R T OF A

TO

TOR PEDO.

Tho United States naval oxpcrts who liavo oxaminod tho
piece of motal which is said to havo been picked up on tho
dock of tho Hosporian boforo sho sank, stato that tho frag­
ment was part of a torpedo. Announcement to this effect
was mado by tho State Department on Oct. 30. The frag­
ment of motal was recoived in this country over a month
ago and turned ovor to Secretary Daniels of tho N avy D e­
partment. It appoars that through so mo inadvertonco tho
N avy Department was not asked to report on tho mattor.
Howovor, wlion this bocamo known to Secrotary Lansing,ho
asked Secretary Daniols for a report and tho latter turned
tho fragmont ovor to tho Chiof of tho Bureau of Ordnance,
whoro it was carefully examined by torpedo and mine oxports. Tho rosult of their examination was communicated
to Secretary Daniols on Oct. 30. It is stated that as the
American Government does not possoss any proof that tho
fragmont was found on tho dock of tho Ilosporian, it is un­
likely that tho matter will bo tho subject of further contro­
versy. Tho American Embassy in London is understood
to have recoived tho pieco of motal from tho British A d­
miralty along with a statement that it had boon found on
tho dock of tho vossel. It is roported that tho statomont
was not in tho shape of an affidavit nor in such form that it
could be regarded as judicial proof. As herotoforo stated,
tho Hesperian was damaged by an explosion on Sopt. 4 and
sank two days later whilo being towed into Quoonstown.
Tho Gorman Govornmont sont a noto to tho United Statos
on tho sinking of tho vessol which was rocoived at tho Stato
Dopartmont on Sopt. 10 and was said to oxpross tho convic­
tion that a Gorman submarino was not concornod in tho
attack. It is understood that tho decision of tho naval
exports in rogard to tho fragmont of motal will bo roforred
to tho Gorman Govornmont for its information.
PROT ES T A G A I N S T
ENCE W IT H

G REAT B R IT A IN 'S IN T E R F ER ­
PACKERS' SH IP M E N T S.

Following tho complaint mado by tho Chicago packers
against Great Britain’s soizures of moat cargoos, tho Stato
Department at Washington directed Ambassador Page at
London on tho 5th inst. to inquiro at tho British Foreign
Offico whothor tho British Govornmont is attempting to
imposo restrictions on Amorican shippors with regard to
cargoes proceeding out of Now York bound for Scandinavian
countrios.
It is stated that Ambassador Pago is instructed
to lodgo a formal protest if tho British Govornmont admits
that it is seoking to imposo such restrictions. Representa­




1681

tives of the Clrcago packers called at the StatoDopartment
on tho 4th inst. and urged that action bo taken in tho form
of a protest to England against restrictions placed on ship­
ments of packers’ products to neutral European countries.
Tho immediate cause of tho visit was tho alleged threat of
Great Britain that unless tho steamship companies enforce
cortain now restrictions regarding tho sliipmont of Chicago
packers’ products to resident buyers in Sweden, tho ships
and cargoes would bo seized on route to Christiania and tho
cargoes confiscated. It is reported that tho packers’ at­
torneys discussed with Counselor Polk and Consul-General
Skinnor, who recently returned from London, tho status of
tho packers’ cases in British prize courts and tho shipping
situation in general. Following tho conference, Alfred R .
Urion, Henry Veeder and Luther M . W alter, representing
Armour & C o ., Swift & C o ., the G . II. Hammond C o. and
Morris & C o ., gave out tho following statement:
Tho immediate cause of our visit to AVashington to-day is tho instructions
issued to the steamer Christfaniafjord of the Norwcgian-America line, which
expected to sail on Nov. 6 from New York for tho Norwegian port o f Chris­
tiania. Such instructions prohibited the steamer from tho further loading
o f tiu; Chicago packers’ products destinod to resident buyers in Sweden on
through bills of lading via Christiania, Norway, unless tho packors would
remove from the bills of lading the provision “ Goods in Transit to Sweden,”
declare tho ultimate destination to bo Norway, and guarantee consumption
in that country.
Those instructions, we aro informed, are duo to the threat of Great Britain
that unless tho steamship companies enforce such requirements Groat
Britain will seize the ships and cargoes en route to Christiania and confiscate
such cargoes.
By these restrictions Great Britain seeks to determine, before the vessel
is loaded in tho American port, what American products, if any, may bo
shipped, to what neutral countries, if any, they may bo shipped, and the
terms and conditions under which they may bo shipped, if at all.
Representations have been made to tho State Department to-day in the
liopo that it will notify Great Britain that such further unlawful interfer­
ences with trade between tho United States and tho European neutral coun­
tries will not bo tolerated, and that it will oxpoct Great Britain to permit the
packers’ products to bo loaded on tho Christianiafjord and to go forward
to ultimate destination in Sweden.
This is only one of the many interferences within the last six weeks by
Great Britain with trado in packing house products carried on neutral
ships from the United States to resident buyers in Scandivavian countries.
Several of these vessels arrived at their destinations in the neutral coun­
tries, and, after their cargoes had been unloaded on tho docks and wero
therefore not subject to seizure. Great Britain notified tho steamship lines,
notably tho Scandinavian-Amcrica line, that such goods, so delivered in
their ships, the Oscar II, Frederick V III, and others, must be reloaded on
other steamers and returned to Great Britain for tho express purpose of
placing the goods in prizo c6urt as though they had been seized on the
high soas while in transit.
Wo aro informed that Great Britain has mado tho samo requirements of
tho Norwcgian-America line, owners of the Christianiafjord, which is the
subject of to-day’s complaint to tho State Department, and that the car­
goes of packers’ products now on the seas in tho vessels o f this line when
they roach Christiania, will have to bo reloaded and returned to such
British ports as may bo designated by the British Government, there to
bo mado tho subject of prize court proceedings.

%

U N I T E D STA TES C O N T E N D S B R I T IS H B L O C K A D E
IS NOT LEGAL.

Tho text of tho United States noto to Great Britain pro­
testing against the latter’s interference Avith trado botwoon
tho United States and Europe Avas mado public at tho Stato
Dopartmont on tho 7th inst. As indicated in our issuo of
Oct. 30, tho communication Avas sent to London by special
mossongor a month ago. The noto groups the causes for
protest to tho British Government under three heads. Tho
first complaint deals Avith tho practices employed in the de­
tentions of Amorican vessels on the high soas, resulting in
tho seizuro and detention of innocent vessels or cargoes on
moro suspicion, Avhilo efforts aro mado to obtain evidence
from extraneous sources to justify tho detention and tho com­
mencement of prizo court proceedings; the second point takon
up involves tho so-called blockade measures imposed by the
Order-in-Council of March 11, while tho third point takes
oxcoption to tho proceedings to which American interests
aro subjected in seeking redress; in discussing this mattor the
noto statos that tho United States has viowod “ Avith surpriso
and concorn tho attempt of his M ajesty’s Government to
confer upon tho British prize courts jurisdiction by this illegal
oxorciso of force, in ordor that these courts may apply to ves­
sels and cargoes of neutral nationalities seized on the high
seas,” and it “ feels that it cannot reasonably be expected to
adviso its citizens to seek redress before tribunals which aro
in its opinion unauthorized by the unrestricted application of
international laAV to grant reparation, nor to refrain from
presenting their claims directly to tho British Govornmont
through diplomatic channels.”
In summing up tho contents of the note, Secretary of State
Lansing states that in his belief “ it has beon conclusively
shown that tho mothods sought to be employed by Great
Britain to obtain and use evidence of onomy destination of
cargoes bound for neutral ports and to imposo a contraband
character upon such cargoes aro Avithout justification; that

1684

THE CHRONICLE

the blockade, upon which such methods are partly founded,
is ineffective, illegal and indefensible; that the judicial pro­
cedure offered as a means of reparation for an international
injury is inherently defective for the purpose; and that in
many cases jurisdiction is asserted in violation of the law of
nations.” The note sets out that “ tho United States, there­
fore, cannot submit to the curtailment of its neutral rights
by these measures, which are admittedly retaliatory, and
therefore illegal, in conception and in naturo, and intended
to punish tho enemies of Great Britain for alleged illegalities
on their part.” The United States further warns Great
Britain that “ it cannot with complacence suffer further sub­
ordination of its rights and interests to the plea that tho ex­
ceptional geographic position of the enemies of Groat Britain
require or justify oppressive and illegal practices.” The
United States insists that the relations between it and Great
Britain bo governed by tho established rules of international
conduct and not by a policy of expediency. Tho note states
that our Government unhesitatingly assumes tho “ task of
championing the integrity of neutral rights,” and will dovote
its energies to accomplishing this task.
The note informs tho British Government that “ thoro is
no intention in this discussion to commit tho Govorninont of
tho United States to a policy of waiving any objections which
it may entertain as to the propriety and right of tho British
Government to include in their list of contraband of war cer­
tain articles which havo been so included,” and states that
“ tho United States Government reserves tho right to make
this matter tho subject of a communication to his M a jesty ’s
Government at a later d a y.”
The full text of tho note is as follows:

[Vol , 101

there may havo been at the beginning of that war, but a careful sea rch of
ho records of this Government as to the practice of its commanders show s
tconclusively that thero wero no instances when vessels wero brought into
port for search prior to instituting prizo court proceedings, or that captures
wero mado upon other grounds that, in tho words of tho American note of
Nov. 7 1914, “ evidence found on the ship under investigation and not upon
circumstances ascertained from external sources.” A copy of the instruc­
tion issued to American naval officers on Aug. 18 1862, for their guidance
during tho Civil War is appended.
(7) Tho British contention that "modern conditions” justify bringing
vessels into port for search is based upon tho size and seaworthiness of m od­
ern carriers of commerce and tho difficulty of uncovering tho real transac­
tion in the intricate trade operations of the present day. It is belioved that
commercial transactions of tho present time, hampered as they are by cen­
sorship of telegraph and postal communication on tho part of belligerents,
are essentially no more complex and disguised than in tho wars of recent
years, during which the practice of obtaining evidence in port to determine
whether a vessel should be held for prize proceedings was not adopted. The
effect of the size and seaworthiness of merchant vessels upon their search
at sea has been submitted to a board of naval experts, which reports that:
“ A t no period in history has it been considered necessary to remove every
package o f a ship’s cargo to establish the character and nature of her trado
or the service on which she is bound, nor Is such removal necessary.
*
* *
“ Tho facilities for boarding and inspection of m odem ships are in fact
greater than in former tim es, and no difference so far as the necessities of
tho case aro concerned can bo seen between the search of a ship of a thousand
tons anti one of tw enty thousand tons— excej)t possibly a difference in
limo— for the purpose o f establishing fully tho charade r o f her cargo and
the nature o f her service and destination.
* * * This method would
bo a direct aitl to the belligerents concerned in that it would release a bel­
ligerent vessel overhauling the neutral from its duty o f search and set it
free for further belligerent operations.”
(8) Turning to tho character and sufficiency o f tho ovidenco of tho con­
traband nature of shipments to warrant the detention of a suspected vessel
or cargo for prizo proceedings, it will be recalled that when a. vessel is
brought in for adjudication courts of prize havo heretofore been bound
b y well-established and long-settlcel practice to consider at the first hearing
only tho ship’s papers anel documents, and the goods found on boarel, to­
gether with tho written replies of tho officers and seamen to standing in­
terrogatories taken under oath, alone and separately, as soon as possiblo
and without communication with or instruction by counsel, in order to
avoid possibility o f corruption and fraud.

(9) Additional evidence was not allowed to be introduced except upon
an order of tho Court for “ further p roof,” and then only after the cause had
been fully heard upon the facts already in evidence or when this ovidenco
THE SECRETARY OF STATE TO AMBASSADOR VV. H. PAGE.
furnished a ground for prosecuting tho inquiry further. This was tho prac­
D e p a rtm en t o f State,
tice of the United States Courts during tho War of 1812, the American Civil
W a sh in g to n , October 21 1915.
S i r : I desire that you present a note to Sir Edward Grey in the sense of War, and the Spanish-American War, as is evidenced by tho reported de­
cisions of those courts, and has been tho practice o f the British prizo courts
the following:
(1) Tho Government o f the United States has given careful consideration for over a century. This practice has been changed by the British prize
to Your Excellency's notes o f Jan. 7, Feb. 10, Juno 22, July 23, July 31, court rules adopted for the present war by the Order-in-Councll of Aug. 5.
(2)
Aug. 13, and to a note verbale o f tho British Embassy o f Aug. 6, re­ Under these now rules there is no longer a “ first hearing” on tho ovidenco
lating to restrictions upon American commerce by certain measures adopted derived from tho ship, and the prize court is no longer precluded from re­
by tho British Government during tho present war. This Government ceiving extrinsic evidence for which a suggestion has not been laid in tho
has delayed answering tho earlier o f theso notes in tho hope that tho an­ preparatory evidence. The result is, as pointed out abovo, that innocent
nounced inirpose o f His Majesty's Government “ to exercise their belligerent vessels or cargoes aro now seized and detained on mere suspicion while ef­
rights with every possible consideration for the interest o f neutrals” and forts aro made to obtain evidence from extraneous sources to justify tho
their intention o f “ removing all causes of avoidable delay In dealing with detention and tho commencement of prizo proceedings. Tho effect of this
American cargoes,” and o f causing “ the least possiblo amount of incon­ new procedure is to subject traders to risk of loss, delay, and expenso so
venience to persons engaged in legitimate trade,” as well as their “ assur­ great and so burdensomo as pracitcally to destroy much of the export trado
ances to tho United States Government that they would make it their first of the United States to neutral countries of Europe.
(10) In order to place the responsibility for tho delays of vessels and
aim to minimize the inconveniences” resulting from the “ measures taken
by the Allied Governments,” would in practice not unjustifiably infringe cargoes upon American claimants, the Order-in-Council of Oct. 29 1914,
upon the neutral rights of American citizens engaged in trade and commerce. as pointed out in the British note of Feb. 10, seeks to place tho burden
It is, therefore, a matter of regret that this hope has not been realized, but of proof as to the non-contraband character of the gcods upon the claimant
that, on tho contrary, interferences with American ships and cargoes des­ in cases where tho goods are consigned “ to order” or tho consignee is not
tined in good faith to neutral ports and lawfully entitled to proceed havo named or tho consignee is within enemy territory. Without admitting that
become increasingly vexatious, causing American shipowners and American tho o n u s p r o b a n d i can rightfully be made to rest upon the claimant in these
merchants to complain to this Government o f tho failuro to take steps to cases, it is sufficient for the purposes of this note to point out that tho three
prevent an exercise of belligerent power in contravention of their just rights. classes o f cases indicated in the Order-in-Council of Oct. 29 apply to only a
As the measures comolained o f proceed directly from orders issued by tho fow of tho many seizures or detentions which havo actually been made by
.
British Government, are executed by British authorities, and arouse a British authorities.
(11) Tho British contention that in the American Civil War the captor
reasonable apprehension that, if not resisted, they may bo carried to an ex­
was
allowed
to
establish
enemy
destination
by
“
all
the evidence at his dis­
tent oven more injurious to American interests, this Government directs
the attention of Ilis M ajesty’s Government to the following considerations: posal,” citing tho Bermuda case (3 Wallace, 515), is not borno out by tho
(2) Without commenting upon the statistics presented by His Majesty’s facts of that case. Tho case of the Bermuda was one of "further proof,’ ’
Government to show that the export trade o f the United States has increased a proceeding not to determine whether the vessel should bo detained and
in volume since the war began further than to point out that tho compara­ placed in a prize court, but whether the vessel, having been placed in prizo
tive values fail to take into account the increased price o f commodities re­ court, should be restored or condemned. The same ruling was mado in
sulting from a state o f war, or to make any allowance for the diminution in the case of tho Sir William Peel (5 Wallace, 517). Theso cases, therefore,
the volume o f trade which the neutral countries in Europe previously had cannot be properly cited as supporting the course of a British captor in
with tho nations at war, a diminution which compelled them to buy in other taking a vessel into port, thero to obtain extrinsic evidence to justify him
markets, I will pass directly to tho matters which constitute tho specific n detaining tho vessel for prizo proceedings.
(12) The further contention that the greatly increased imports of neutral
complaints o f this Government.
(3) F ir s t . The detentions of American vessels and cargoes which have Icountries, adjoining Great Britain’s enemies, raiso a presumption that cer­
tain
commodities, such as cotton, rubber, and others more or less useful for
taken place since the opening of hostilities havo, it is presumed, been pur­
suant to the enforcement o f the Orders-in-Council, which wero issued on military purposes, though destined for those countries, aro intended for ro
Aug. 20 and Oct. 29 1914 and March 11 1915, and relato to contraband traf­ exportation to the belligerents who can not import them directly, and that,
fic and to tho interception o f trade to and from Germany and Austria-Hun­ this fact justifies the detention for the purpoes of examination of all vessels
gary. In practice theso detentions havo not been uniformly based on bound for tho ports o f thoso neutral countries, notwithstanding the fact
proofs obtained at tho time o f seizure, but many vessels have been detained that most of tho articles of trade havo been placed on tho embargo lists of
whilo search was mado for evidence of the contraband character o f cargoes those countries, can not be accepteel as laying down a just or legal rule of
or of an intention to evade the non-intercourso measures of Great Britain. evielence. Such a presumption is too remote from the facts anel offers too
The question, consequently, has been one o f evidence to support a belief great opportunity for abuse by tho belligerent, who could, if tho rule were
of—in many casos a bare suspicion of—enemy destination, or occasionally adopted, entirely ignore neutral rights on the high seas and prey with im­
o f enemy origin of the goods involved. Whether this evidonco should bo punity upon neutral commerce. To such a rule of legal presumption this
obtained by search at sea before tho vessel or cargo is taken into port, and Government cannot accede, as it is opposed to these fundamental principles
what the character o f tho ovidenco should be, which is necessary to justify of justice which are the four.elation of the jurisprudence of tho Uniteel States
the detention, are the points to which I direct Your Excellency’s attention. and Great Britain.
(13) Before passing from the discussion of this contention as to the pre­
(4) In regard to search at sea, an examination o f tho instructions issued
to naval commanders of the United States, Great Britain, Russia .Japan, sumption raised by increascel importations to neutral countries, this Gov­
Spain, Germany and Franco from 1888 to tho beginning of tho present war ernment elirccts attention to the fact that His M ajesty’s Government aelshows that search in port was not contemplated by tho Government of any mit that the British exports to thoso countries have also materially increased
of theso countries. On tho contrary, tho context of tho respective instruc­ since the present war began. Tints Great Britain conccdedly shares in cre­
tions shows that search at sea was the procedure expected to bo followed by ating a condition which is relied upon as a sufficient ground to justify tho
the commanders. All of these instructions impress upon the naval officers interception of American goods 'destine el to neutral European ports. If
tho necessity o f acting with the utmost moderation— and In some cases British exports to those ports should be still further increascel, it is obvious
commanders are specifically instructed— in exercising tho right o f visit and that, under tho rule of evidence contendeel for by the British Government,
tho presumption of enemy destination could be applii el to a greater number
search, to avoid undue deviation o f the vessel from her course.
(5) An examination of the opinions o f tho most eminent text writers on of American cargoes, and American trado would suffer to tho extent that
tho laws o f nations shows that they give practically no consideration to tho British trado benefited by tho increase. Great Britain can not expect
question o f search in port, outside o f examination in tho course of regular tho United States to submit to such manifest injustice or to permit tho rights
of its citizens to bo so seriously impaired.
prizo court proceedings.
(14) When gooels are clearly intended to becomo incorporated in tho mass
(6) The assertion by His M ajesty’s Government that tho position of tho
of merchandise for salo in a neutral country, it is an unwarranted and in­
United States in relation to search at sea is inconsistent with Its practice dur
ing the American Civil War is based upon a misconception. Irregularities quisitorial proceeding to detain shipments for examination as to whether




Nov. 20 1915.]

THE CHRONICLE

1685

those goods aro ultimately destined for the enemy s country or uso. 4V hat- tho Declaration of London. Tho meaning of this statement is elucidated by
ever may bo the conjectural conclusions to bo drawn from trade statistics, M r. Renault in tho report of tho drafting committee upon the convention,
which, when stated by value, are o f uncertain evidence as to Quantity, the in which ho states:
“ This rulo has been thought necessary the better to protect the commer­
United States maintains the right to sell goods into the general stock of a
cial interests of noutral countries; it completes Article 1, according to which
neutral country, and denounces as illegal and unjustifiable any attempt of a
blockade must not extend beyond the ports and coasts of the enemy,
a belligerent to interfere with that right, on tho ground that it suspects which implies that, as it is an operation of war, it must not be directed
that tho previous supply of such goods in tho neutral country, which the against a neutral port, i n s p ite o f the im p o rta n c e to a b ellig eren t o f the p a r t
imports renew or replace, has been sold to an enemy, lh a t is a matter ■ played by that p o rt i n s u p p ly in g h is a d v e r s a r y .”
As tho conference assembled at London upon tho Invitation of tho Brit­
with which tho neutral vendor has no concern and which can in no way af­
fect his rights o f trade. Moreover, even if goods listed as conditional ish Government, it is important to recall the instruction of Sir Edward
contraband aro destined to an enemy country through a neutral country, Grey to tho British delegates, “ setting out the views of his Majosty’s
Government, founded on the decisions of the British courts,” in which ho
that fact is not in itself sufficient to justify their seizure.
(15) In view of theso considerations tho United States, reiterating its po­ says:
“ A blockado must bo confined to the ports and coast of the onemy, but
sition in this matter, has no other courso but to contest seizures of vessels
may bo instituted of one port or o f several ports or of tho wholo of the
at sea upon conjectural suspicion and the practice o f bringing them into it
seaboard of the enemy. It may bo instituted to prevent tho ingress only,
port for tho purpose, by search or otherwise, of obtaining evidenco for the or ogross only, or both.”
purposo o f justifying prize proceedings, o f tho carriage o f contraband or
He added:
of breaches o f the Order-in-Council of March 11. Relying upon tho regard
"Where tho ship does not intend to proceed to the blockaded port, the
of tho British Government for tho principles o f justice so frequently and fact that goods on board aro to bo sent on by sea or by inland transport is
uniformly manifested prior to the present war, this Government antici­ no ground for condemnation.”
In support of this announcement, Sir Edward Grey referred to several
pates that tho British Government will instruct their officers to refrain from
decisions of British prize courts, among which an early one of 1801 held'
these voxatious and illegal practices.
(16) S e c o n d . Tho Government of tho United States further desires to that goods shipped from London to Emden, thence inland or by canal to
direct particular attention to the so-called “ blockado" measures imposed Amsterdam, thon blockaded by sea, were not subjoct to condemnation for
by the Ordor-in-Council of March 11. Tho British note o f July 23 1915 breach of blockade. (;Jo n g e P ie te r , 4 C. R ., 79.) This has been the rulo
appears to confirm tho intention indicated in tho noto o f March 15 1915 for a contury, so that it is scarcely necessary to recall that the Matamoras
to establish a blockado so extensive as to prohibit trade with Germany or cases, woll known to the British Government, support tho samo rule, that
Austria-IIungary, oven through tho ports of neutral countries adjacent to noutral ports may not bo blockaded, though “ trado with unrestricted in­
thorn. Great Britain, however, admits that it should not, and gives as­ land commerco between such a port and the enemy’s territory impairs un­
surances that it will not, interfere with trade with tho countries contiguous doubtedly, and very seriously impairs, tho value of a blockado of the
•
to tho territories of tho enemies o f Great Britain. Nevertheless, .after over enemy’s coast.”
(22) Without mentioning tho other customary elements of a regularly
six months’ application of tho “ blockado” order, tho experience of American
imposed
blockade,
such
as
notification
of
tho
particular
coast
lino
invested,
citizens has convinced tho Government o f tho United States that Groat
Britain has boon unsuccessful in her efforts to distinguish between onemy tho imposition of tho penalty of confiscation, &c., which aro lacking in tho
and neutral trado. Arrangements have been made to creato in these neu­ present British “ blockado” policy, it need only be pointed out that, meas­
tral countries special consignees, or consignment corporations, with power ured by tho three universally concedod tests above set forth, tho present
to refuso shipments and to determine when tho state o f tho country’s re­ British measures cannot bo regarded as constituting a blockado in law, in
sources requires tho importation of new commodities. American commcr- practico or in effect.
(23) It is incumbent upon tho United States Government, therefore, to
interests aro hampered by tho intricasics of theso arrangements, and
many American citizens justly complain that their bona fide trado with give tho British Government notice that tho blockade which they claim
to
havo instituted under tho Order-in-Council of March 11 cannot bo recog­
neutral countries is greatly reduced as a consequence, while others assert
that their neutral trado, which amounted annually to a largo sum, has nized as a legal blockade by the United States.
(24) Since tho Government of Great Britain has laid much emphasis on
been entirely interrupted.
(17) It makes this practico even moro harassing to neutral traders that tho ruling of tho Supreme Court of the United States in tho Springbok case,
that
goods of contraband character seized whilo going to the neutral port of
tho British authorities requlro a consignor to provo that his shipments aro
not bound to an enemy of Groat Britain, oven when tho articles are on tho Nassau, though actually bound for the blockaded ports of the South, were
embargo list of tho neutral country to which they are destined, and that subject to condemnation, it is not inappropriate to direct attention to the
notwithstanding tho assertion in tho last British noto that interference with British view of this case in England prior to tho present war, as expressed
such trado by a belligerent can only tako place “ provided, o f courso, that by Sir Edward Grey in his instructions to tho British delegates to the Lon­
don Conference in 1908:
ho (tho belligerent) can establish" that tho commerco is with the enemy.
(18) While tho United States Government was at first inclined to viow
“ It is exceedingly doubtful whether tho decision of the Supreme Court
with leniency the British measures which wero termed in tho correspon­ was in reality meant to cover a case of blockade-running in which no ques­
tion
of contraband aroso. Certainly if such was tho intention, the decision
dence, but not in the Order-in-Council o f March 11, a “ blockade,” because would
pro tanto bo in conflict with the practico of the British courts. His
o f tho assurances of tho British Government that inconvenienco to ncutra- M ajosty’s Government sees no reason for departing from that practice,
trado would bo minimized by tho discretion loft to tho courts in.tlic applica
and you should endeavor to obtain general recognition of its correctness.”
tion of tho Order-in-Council and by the instructions which it was said would
It may bo pointed out also that tho circumstances surrounding the Spring­
bo Issued to tho administrative and other authorities having to do with tiio
bok caso wero essentially different from those of the present day, to which
execution o f tho so-called “ blockado” measures, this Government is now
tho rule laid down in that caso is sought to bo applied. When tho Spring­
forced to tho realization that its expectations, which were fully set forth
bok caso arose, tho ports of tho Confederate States were effectively block­
in its noto of March 30, were based on a misconception o f tho intentions o
aded by the naval forces of the United States, though no neutral ports were
tho British Government. Desiring to avoid controversy and in tho ex­ closod, and a continuous voyage through a neutral port required an all-sea
pectation that tho administration o f tho Order-in-Council would conform voyage terminating in an attempt to pass tho blockading squadron.
to tho established rules o f international law, this Government has unti
(25) T h ir d . It appears to be the position of Great Britain that if, as
now reserved tho question o f tho actual validity of tho Order-in-Council of tho United States alleges, American citizens or American interests aro di­
March 11, in so far as it is considered by the Government of Groat Britain rectly and adversely affected by tho British policies of contraband and non­
to establish a blockado within tho meaning of that term as understood in intercourse, resulting in interference with ships and cargoes, they should
tho law and tho practice of nations; but in the circumstances now developed seok redress in tho prize courts which the British Government havo estab­
it feels that it can no longer permit tho validity o f tho alleged blockado to lished, and that, pending the exhaustion of such legal remedies, with the
remain unchallenged.
Vasult of a denial of justice, the British Government “ cannot continue to
(19) The Declaration of Paris in 1850, which has been universally recog­ doal through the diplomatic channels with tho individual cases.”
nized as correctly stating tho rulo o f international law as to blockado, ex­
(26) It is declared that this was tho courso followod by the United States
pressly declares that “ blockades, in order to bo binding, must be effective; during tho Amorican Civil War and the Spanish War, and that both coun­
that is to say, maintained by forco sufficient really to prevent accoss to the tries havo supported tho practico by allowing their prize court decisions,
coast of the enemy.” The effectiveness o f a blockado is manifestly a ques­ when shown to bo unjust or inadequate, to bo reviewed by an international
tion of fact. It is common knowledge that the German coasts aro open to tribunal, as was done under tho treaties of 1794 and 1871. The ground
trado with tho Scandinavian countries and that German naval vessels upon which this contention is put forth, and the results which would follow,
cruise both in tho North Sea and tho Baltic and soizo and bring into Ger­ if tho courso of procedure suggested wero accepted, givo the impression
man ports neutral vessels bound for Scandinavian and Danish ports. Fur­ that His Majosty’s Government do not rely upon its soundness or strength.
thermore, from tho recent placing o f cotton on tho British list of contra­ Nevertheless, sinco it has been advanced, I cannot refrain from presenting
band o f war, it appears that tho British Government have themselves boon cortain considerations which will show that tho proposed course embodies
forced to the conclusion that tho blockado is ineffective to provent shipments tho form rather than tho substance of redress. The cases which the
of cotton from roaching tholr enemies, or else that they aro doubtful as to tho British Government would have claimants present to their prize courts aro
legality of tho form of blockado which they liavo sought to maintain.
essentially different from cases arising wholly within the jurisdiction of a
"(20) Moreover, it is an essential principle which has been universally ac­ foroign country. They result from acts committed by tho British naval
cepted that a blockado must apply impartially to tho ships of all nations. authorities upon tho high seas, where the jurisdiction over neutral vessels
This was set fortii in tho Declaration o f London, is found in tho prize rules is acquired solely by international law. Vessels of foreign nationality,
of Germany, Franco and Japan, and has long been admitted as a basic flying a noutral flag and finding thoir protection in the country of that flag,
principle o f the law of blockado. This principle, however. Is not applied aro seized without facts warranting a reasonable suspicion that they are
in the present British “ blockado,” for, as abovo indicated, German ports aro destined to blockaded ports of tho enemy or that their cargoes aro contra­
notoriously open to traffic with tho ports of Denmark, Norway and Sweden. band, although the possession of such facts is, by international law, essen­
So strictly has this principle been enforced in tho past that in tho Crimean tial to rondor a soizuro legal. Tho officers appear to find their justifica­
War the Judicial Committee of tho Privy Council on appeal laid down that tion in tho Orders-in-Council and regulations of the British Government,
if belligerents themselves trado with blockaded ports they can not bo re­ in spite of tho fact that in many of tho present cases the Orders-in-Council
garded as effectively blockaded. ( T h e h r a n c is k a , M oore P. C ., 56.) and tho regulations for their enforcement aro thomsclves complained of by
Tills decision has special significance at tho present time, since it is a matter claimants as contrary to international law. Yet tho very courts which, it
o f common knowledge that Great Britain exports and ro-oxports largo is said, aro to disponse justice to dissatisfied claimants, are bound by tho
quantities o f merchandise to Norway, Sweden, Denmark and Holland, Orders-in-Council. This is unmistakably indicated to be tho case in the
whoso ports, so far as American commerco is concerned, she regards as Britisli note of July 31, which statos that—
blockaded. In fact, tho British noto of Aug. 13 itself indicates that tho
“ British prize courts ‘according to tho ancient form of commission under
British exports o f many articles, such as cotton, lubricating oil, tobacco, which tlioy sit aro to determine cases according to tho courso of admiralty
cocoa, coffee, rico, wheat flour, barley, spices, tea, copra, &c., to these and tho law of nations, and the statutes, rules and regulations for tho time
countries have greatly exceeded tho British exports o f tho samo articles for being in force in that behalf.’ ”
This principle, tho note adds, has recently been announced and adhered to
tho corresponding period o f 1914. Tho note also shows that there has been
an important British trado with theso countries in many other articles, by the British prize court in tho case of the Zamora. It is manifest, there­
fore, that if prize courts are bound by the laws and regulations under which
such as machinery, beef, butter, cotton wasto, &c.
(21)
Finally, thoro is no better settlod principle of tho law of nations thanseizures and detentions aro made, and which claimants allege aro in contra­
that which forbids tho blockado o f neutral ports in time of war. The De­ vention of tho law of nations, those courts are powerless to pass upon the
claration o f London, though not regarded as binding upon tho signatories real ground of complaint or to give redress for wrongs of this nature. Never­
because not ratified by them, has been expressly adopted by the British theless, it is seriously suggested that claimants aro free to request tho prize
Government without modification as to blockado in tho British Ordcr-in- court to rulo upon a claim of conflict between an Ordor-in-Council and a rulo
Council of Oct. 29 1914. Articlo 18 o f tho Declaration declares specifi­ of international law. How can a tribunal fettered In its jurisdiction and
cally that “ Tho blockading forces must not bar access to noutral ports or procedure by municipal enactments declare itself emancipated from their
coasts." This is, in tho opinion o f this Government, a corroct statement restrictions and at liberty to apply tho rules of International law with free­
of tho universally accepted law as it exists to-day and as it existed prior to dom? Tho very laws and regulations which bind the court are now m at.




168G

THE CHRONICLE

[Vol . 101.

ters o f disputo between the Government of tho United Statos and that of his might not bo in a position to object to them if its interests and tho interests
Britannic Majesty. If Great Britain followed, as she declares that she of all neutrals woro unaffected by them, but, being affected, it cannot with
did, tho course of first referring claimants to local remedies in cases arising complaccnco suffer further subordination of its rights and Interests to tho
out of American wars, it is presumed that she did so because of her knowl­ plea that the exceptional geographic position of tho enemies of Great Britain
edge or understanding that tho United States had not sought to limit tho require or justify oppressive and illegal practices.
jurisdiction of its courts o f prizo by instructions and regulations violative
(34) Tho Government of tho United Statos desires, therefore, to impress
most earnestly upon His Majesty’s Government that it must insist that tho
of tho law and practice of nations, or open to such objection.
(27) Tho British noto o f Feb. 10 states that the British Government in relations betweon it and His M ajesty’s Government bo governed, not by a
tho American Civil War—
policy of expediency, but by thoso established rules of international conduct
“ in spite o f remonstrances from many quarters, placed full reliance on tho upon which Great Britain in tho past has held tho United Statos to account
American prizo courts to grant redress to tho parties interested in cases of when tho latter nation was a belligerent engaged in a struggle for national
alleged wrongful capture by American ships of war and put forward no
claim until the opportunity for redress in those courts had been exhausted.” existence. It is of tho highest importance to neutrals not only of tho pres­
Tho Government o f tho United States recalls that during the progress of ent day but of the future that tho principles of international right bo main­
that war Great Britain, in several instances, demanded through diplomatic tained unimpaired.
(35) This task of championing tho integrity of neutral rights, which havo
channels damages for seizures and detentions o f British ships alleged to
to have been mado without legal justification. Among these may be men­ received tho sanction of tho civilized world, against tho lawless conduct of
belligerents
arising out of tho bitterness of tho groat conflict which is now
tioned tho cases o f tho Magicienne, the Don Jose, the Labuan, and the
Saxon. Two o f these cases were, at the time tho demands were made, wasting tlie countrios of Eurpoe, the United States unhesitatingly assumes,
and
to
tho
accomplishment
of that task it will dovoto its onorgios, exorcis­
before American prizo courts for adjudication. It is understood also that
during tho Boer War, when British authorities seized the German vessels, ing always that impartiality which from the outbreak of tho war it has
tho Ilertzog, tho General and the Bundesrath, and released them without sought to exerciso in its relations with tho warring nations.
I enclose as supplements to this instruction tho United States Navy Order
prizo proceedings, compensation for damages suffered was arranged througli
of Aug. 18 1862, and a statement regarding vessols dotainod by British
diplomatic channels.
authorities.
These two documents should bo transmitted as inclosurcs in
(28) There is. furthermore, a real and far-reaching injury for which prizo
courts offer no means o f reparation. It is the disastrous effect of tho meth­ your note to Sir Edward Grey. I am, &c.,
ods o f tho Allied Governments upon tho general right of tho United States
ROBERT LANSING.
to enjoy its international trade free from unusual and arbitrary limitations
Two appendices wero attached to the main body of the
imposed by belligerent nations. Unwarranted delay and oxponso in bring­
ing vessels into port for search and investigation upon moro suspicion has note which is quoted above. Appendix N o . 1 gives tho
a deterrent effect upon trade ventures, however lawful they may bo, which
cannot bo adequately measured in damages. Tho menace o f interference toxt of instructions issued in 1862 to Amorican flag officers
with legal commerce causes vessols to be withdrawn from their usual trade commanding squadrons and officers commanding cruisors,
routes and insurance on vessels and cargoes to bo refused, whilo exporters rolative to the right of search.
Tho other appendix contains
for the samo reason aro unabio or unwilling to send their goods to for­
eign markets and importers dare not buy commodities abroad because of a summary and table showing the largo numbor of vossels
fear o f their illegal seizure or because they aro unable to procuro transporta­ dotainod by tho British authorities since tho beginning of the
tion. For such injuries thero can be no remedy through tho medium of present war.
courts established to adjust claims for goods detained or condemned. For
specific injuries suffered by private interests prizo courts, if they aro freo
to apply the law o f nations, might mote out an adequate indemnity, but
M E X I C A N F I N A N C I A L A N D OTHER DEVELOP­
for the injury to the trade o f a nation by the monace o f unwarranted inter­
MENTS.
ference with its lawful and established pursuit, there can manifestly bo found
no remedy in tho prize courts o f Great Britain, to which United States citi
Advices from Washington on tho 16th inst. statod that
ens aro referred for redress.
(29) Thero is another ground why American citizens cannot submit their Great Britain has authorized Chargo Ilohler of tho British
wrongs arising out of undue detentions and seizures to British prize courts Legation in Mexico City to oxtond recognition to tho do
Jor reparation which I cannot pass over unnoticed. It is the manner in facto government in Mexico on his roturn to that country.
which British courts obtain jurisdiction o f such cases. Tho jurisdiction
over merchant vessels on the high seas is that o f tho nation whoso flag it M r . Holder is now in Washington.
rightfully flies. This is a principle o f tho law and practico o f nations
fundamental to tho freedom of tho high seas. Municipal enactments of
The Carranza agency in Washington announced on tho
a belligerent Power cannot confer jurisdiction over or establish rules of
13th inst. that General Carranza had issued a docroo on
evidence governing tho legality o f seizures o f vessels o f neutral nationality
on the high seas. International law alone controls the oxerciso o f the bel­ N o v . 6 completely severing the railway system of Moxico
ligerent right to seize and detain such vessels. Municipal laws and regu­ from military control and placing all tho lines undor wholly
lations in violation o f tho international rights o f another nation, cannot
civilian management, the docroo to becomo effective within
be extended to tho vessels o f tho latter on tho high seas so as to justify
a belligerent nation bringing them into its ports, and, having illegally one month.
brought thorn within its territorial jurisdiction, compelling them to submit
to tho domestic laws and regulations o f that nation. Jurisdiction obtained
The concessions of the banks of Hidalgo and Guerroro,
in such a manner is contrary to those principles o f justice and equity which
all nations should respect. Such practice should invalidate any disposi­ which operate in tho Statos of the samo names in Moxico,
tion by a municipal court of property thus brought before it. Tho Govern­ woro declared forfeited on tho 17th inst. by tho investigating
ment o f the United States has, therefore, viewed with surprise and concern commission appointed by Acting Minister of Finance Nieto,
tho attempt o f His M ajesty’s Government to confer upon tho British
prizo courts jurisdiction by this illegal exerciso o f forco in order that these according to a dispatch from Moxico City on that date
■courts may apply to vessels and cargoes of neutral nationalities seized on to tho Now York “ Tim os.”
It is stated that this action
tho high seas, municipal laws and orders which can only rightfully be en­ was taken because the fiduciary circulation of tho banks
forceable within tho territorial waters of Great Britain, or against vessols
was in excess of tho percentage allowed by law. As noted in
of British nationality when on tho high seas.
(30) In these circumstances the United States Government feels that it theso columns, Carranza recently issued a decree notifying
can not reasonably bo expected to adviso its citizens to seek redress before
all banks that they must comply with tho provisions in the
tribunals which aro, in its opinion, unauthorized by tho unrestricted ap­
plication o f international law to grant reparation, nor to refrain from pre­ national banking law within a certain longtli of timo or
senting their claims directly to tho British Government through diplo­ forfeit their concessions and right of business. Tho “ Times”
matic channels.
further states that the Banco Nacional do Moxico and tho
(31) This Government is advised that vessels and cargoos brought in for
examination prior to prize proceedings aro released only upon condition Banco de Londres y Moxico wero found to bo woll within
that costs and expenses incurred in tho course o f such unwarranted pro­ tho law under which thoy wero organized, thoir cash re­
cedure, such as pilotage, wharfage, demurrage, harbor duos, warehouseage,
unlading costs, &c., bo paid by the claimants or on condition that thoy sign sources being in excess of tho amount required to guard thoir
a waiver o f right to bring subsequent claims against tho British Govern­ note circulation. It is reportod that tho banks of Hidalgo
ment for these exactions. This Government is loatho to beliovo that and Guerrero aro solvont in spito of their deficiency in specio.
such ungenerous treatment will continuo to be accorded American citizens
by tho Government o f His Brittanic Majesty, but in order that the position Owing to tho abnormal conditions in Moxico, all banks aro
o f tho United States Government may bo clearly understood, I tako this said to experience difficulty in realizing even on gilt-edgo
opportunity to inform Your Excellency that this Government denies that securities held by them.
tho charges incident to such detentions are rightfully imposed upon inno­
cent trado or that any waiver o f indemnity exacted from American citizens
under such conditions o f duress can preclude them from obtaining redress I N T E R N E D G E R M A N C R U I S E R TO B E R E F I T T E D FOR
through diplomatic channels or by whatever other means may bo open to
PA SSEN G ER SERVICE.
them.
(32) Before closing this noto, in which frequent reference is made to
The State Department at Washington has granted per­
contraband traffic and contraband articles, it is necessary, in order to
avoid possible misconstruction, that it should bo clearly understood by mission to restore the Gorman auxiliary cruiser Kronprinz
His Majesty’s Government that thero is no intention in this discussion to Wilhelm , now interned at Norfolk, to her normal condition
commit tho Government o f tho United States to a policy of waiving any as a passenger liner, according to an announcement mado on
objections which it may entertain as to tho prop iety and right o f tho Brit­
ish Government to include in their list o f contraband o f war certain articles i the 1st inst. The vessol will remain interned until tho end
which havo been so included. Tho United States Government reserves of the war and the crew will bo transferred to tho German
tho right to mako this matter tho subject o f a communication to His Majes­ auxiliary cruiser Prinz Eitel Friedrich, which is also intorned
ty’s Government at a later day.
(33) I beliovo it has been conclusively shown that tho methods sought at Norfolk. Tho Kronprinz Wilhelm will be dry-docked at
to be employed by Great Britain to obtain and use evidence of enemy desti­ Newport News for a thorough overhauling.
It is reported
nation o f cargoes bound for neutral ports and to impose a contraband that the request for permission to re-fit tho vessel was at first
character upon such cargoes are without justification; that the blockado
upon which such mothods are partly founded, is ineffective, illegal and in­ opposed by the Neutrality Board, but after conference with
defensible; that tho judicial procedure offered as a means o f reparation for State Department officials it was hold that under interna­
an international injury is inherently defective for tho purpose; and that in
tional law thero was no reason why tho permission should
many cases jurisdiction is asserted in violation o f tho law of nations. The
United States, therefore, can not submit to tho curtailment o f its neutral j not bo granted as long as the interned status o f tho ship and
rights by these measures, which aro admittedly retaliatory, and therefore crew remained unchanged. As heretofore statod, tho Kron­
illegal, in conception and in nature, and intended to punish the enomios of |
Great Britain for alleged illegalities on their part. Tho United States prinz Wilhelm arrived atNowport Nows on April H a n d was




Nov. 20 1915.)

THE CHRONICLE

interned on April 29. The vessel was formerly in the trans­
Atlantic trade between Bremen and New York. It isjstated
at tho offices of the North German Lloyd line in this city,
owners of the vessel, that the alterations are to be made
merely for tho purpose of having the vessel ready for service
at the end of the war.
NEW

T R AN S FE R R A T E S OF P A N A M A
SUSPENDED.

R AIL R O A D

Tho flat S3 emergency rate per ton for the trans-shipment
of cargoes of Panama Canal steamers ovorland by rail at the
Isthmus will be continued in effect until tho quostion of the
propriety of the proposed new classified tariff has been thor­
oughly investigated. Announcement to this effect was mado
on Oct. 30 by E . A . Drako, Vice-President and General
Managor of tho Panama Railroad Company. It appears
that on Oct. 8 the Panama Canal authorities issuod a circular
stating that because of the closing of tho Canal b y slides,
ships waiting at the Isthmus to pass through tho Canal
would bo permitted, as far as practicable, to transfer freight
across tho Isthmus by rail at $3 per ton, including all charges.
A subsequent circular was issuod on Oct. 19 which said that
tho abovo-mentioned emergency rato of S3 would be continued
during October, but that, effective with tho arrival of ships
at tho Canal on and after N o v . 1, and during such timo as
tho Canal might be closed, a now classified tariff ranging
from $2 to $15 per ton, with cranoago, wharfago and steve­
doring charges extra, would bo put into operation. Tho of­
ficial announcement made on Oct. 30 as to the suspension of
these proposod advances, was as follows:
Tho shipping community is hereby advisod that tho flat $3 omergoncy
rato for tho transfer o f ships’ cargoes by rail across tho Panama, described
In this company’s circular No. 167. datod Balboa Heights, Oct. 20 1915.
has boon ordorod continued in effect until tho quostion of tho propriety of
tho proposod now classified tariff has boon thoroughly investigated and
properly determined.
(Signed) E. A. D R AKE, Vlco-Prosidont.

It is statod that the suspension of tho proposed now rates
will enable the Luckonback Steamship Company to continue
its service from coast to coast by way of the Canal. This
company protested vigorously against the proposod advances
and announced that if such rates wero collected the company
would havo to suspend its Panama servico. Complaint was
mado to Secretary of W ar Garrison, undor whoso jurisdic­
tion tho Panama Railroad is placed. Pacific and Atlantic
coast shippers, who have contracts for tho shipment of largo
volumes of froight over tho Luckonback lino, joined in the
protest. The Luckonback Company in its complaint to
Secretary Garrison declarod that the advanced rates would
force tho company to oither discontinue operations on the
Panama trade route until the Canal was permanently reoponed, or go out of business entirely by soiling its fleot of
ten steamers and changing their registry. Shippors of soasonablo products on the Pacific Coast also attacked the pro­
posod advancos.

1687

awake to the fact that we need and must have our place upon the sea; that
our means of delivery must be within our own control; that wo can no
onger depend upon the desire for profit of those who would let us hire their
ships for our purposes, but whoso needs may at any time make it undesirable
for them to continue to permit our using their vessels as we wish. We must
have a free hand in this matter, controlled in the sole interests o f the move­
ment of tho American commerce as a wholo. We cannot longer do our great
and growing trade abroad by permission of any one elso. The wheat farmer
o f Minnesota, the miller of Montana, the cotton planter of tho South,
manufacturers all over the land— these, I say, know that a merchant
marino under our own control is of vital necessity to them, and public
opinion will not rest until the problem is in one way or another, perhaps
in many ways, worked out.
I
do not know why, if an inland waterway existed all along our Southern
coast, for which, again, nature had done most of the work, we should not
load upon great steel barges similar to those now in use on Southern rivers,
but modified for the special servico and propelled by internal-combustion
engines using the cheapest fuel, free from fire risk, cargoes of cotton from
Northern mills rivaling if not exceeding the movements o f early days.
Nor do I know why these should not reach our Northern markets without
danger from stress of weather or from any possible interruption at a cost
for transportation less than is now known.
We have had one or two experiences in blockades in this country. In the
inal part of the war of 1812 our harbors were shut tight by hostile fleets.
Tho story of the blockade of Confederate ports Is of recent memory.
I
need only suggest what would be secured of advantage to planter and mer­
chant, to manufacturer and laborer, if regardless o f all possibilities o f
blockade, through safe internal channels our great commerce might in all
tho major elements flow unimpeded.
Finally, I suggest one weakness in our knowledge which this body may,
I think, assist in removing.
We do not know what tho great internal movements o f our commerce are.
Wo keep with care the records of our foreign trado, and ignore the records
o f our vastly greater domestic trade. We do not know the volume o f traffic
that flows along our coasts. We cannot tell the volume of commerce on
any of the rivers o f the land. We do not know the extent o f the commerce
upon the Great Lakes. The facts exist, and we have in the Department of
Commerce an organization to collect and utilize them. They would be o f
immense service to you and to similar public-spirited bodies. A small
appropriation for gathering them lapsed in 1912. We have repeatedly
asked another, but without success. I f wo can secure from tho coming
Congress an appropriation of $50,000, for which we shall ask, for keeping
tho rocords of tho great commerce movements In our own land, we shall
then be able to deal with such problems as internal waterways far more
Intelligently than now we can.

B A N K IN G , L E G IS L A T IV E A N D F IN A N C IA L N EW S.
The public sales of bank stocks this week aggregate 66
shares, and were all made at the Stock Exchange. Eleven
shares of trust company stocks were sold at auction. A sale
of 10 shares of. Commercial Trust Co. stock was made at
105, an advance of 9 points over last week’s sale price.
BANKS — N e w Y o r k .
L o w . H ig h . C lo se.
*25 City Bank, National............... 475
475 475
180 178
*41 Commerce, Nat. Bank o f___ 178
TRUST COMPANIES — N e w Y o rk .
10 Commercial Trust C o_______ 105
105 105
1 Empire Trust C o___________ 293
293 293

S h a re s .

L a s t p re v io u s s a le .

Nov. 1915— 470
Nov. 1915— 180
Nov. 1915— 96
Sept. 1915— 293

* Sold at the Stock Exchange.

W ith the view to completing the organization of the
National Bank Section of the American Bankers’ Associa­
tion and mapping out the work for its future activity a
meeting of the Executive Committee of the Section was held
at the offices of the Association in this city on the 12th inst.
The creation of the new section was authorized at the recent
annual meeting of the Association in Seattle. A t last week’s
S E C R E T A R Y R E D F I E L D A D V O C A T E S M E R C H A N T meeting there was a full attendance of tho Executive Com ­
mittee, and in addition there were present by invitation G ov­
M A R IN E A N D IN L A N D W A T E R W A Y .
Speaking beforo the eighth annual convention of the ernor Benjamin Strong of the N ew York Federal Reserve
Atlantic Deeper Waterways Association at Savannah on Bank and Pierre Jay, Fedoral Reserve Agent. Tho meeting
tho 11th inst., Secretary of Commerce William C . Rodfield was largely given up to a discussion of legislative matters per­
declared that “ it is almost a paradox to-day that wo aro taining to the Federal Reserve system and its relation to the
suffering more than ovor for lack of an American morchant national banks. The officers and members of the Executive
marino, and at the same timo that morchant marine has nover Committee of the National Bank Section compriso the fol­
grown with such rapidity as during tho past year and is lowing: President, Frederick W . H yde, Cashier National
expanding to-day as fast as tho combined resources of our Chatauqua County Bank, Jamestown, N . Y . ; First Viceshipping industry, prossed to tho utmost, can add to it.” Presidont, Joseph S. Calfee, Cashier Mechanics-American
M r. Rodfiold advocated in his speech a deep Atlantic inland National Bank, St. Louis, M o .; J. Elwood Cox, President
waterway, such as has for yoars been contemplated between Commercial National Bank, High Point, N . C .; H . E .
Southern and Northern points. In addressing the gatlioring, Otte, Vice-President National City Bank, Chicago, 111.;
Oliver J. Sands, President American National Bank, Rich­
M r. Rodfiold said:
It is not so long since many regarded tho canal as a defeated rival of the mond, V a .; J. W . Spangler, Vice-President Seattle National
railway, and tho canal boat as rapidly becoming an extinct spoclos. Even Bank, Seattle, W ash .; W . H . Bucholz, Vice-President
more recently we havo boon told that tho river cannot compcto with tho
parallel railway, whose greater efficiency was Invincible. Side by side Omaha National Bank, Omaha, N e b ., and W . M . Van
with this has dovoloped the law that sea power is essential to a nation’s Deusen, Cashier National Newark Banking C o ., Newark,
life, and that to be excluded from tho sea is to throttlo a nation, and that N . J. The committee organized by choosing J. Elwood
vigorous national life requires froedom o f movemont ovor the seas which
unite and no longer dlvido mankind. Meanwhile also the process o f Cox as Chairman and Fred. E . Farnsworth as Secretary
specialization familiar to industry has gono on rapidly in matters maritime. pro tern. Aside from those indicated above there were also
Wo now adjust tho ship to tho cargo and by the process obtain results un­ prosont J. D . Ayres, Vico-President Bank of Pittsburgh,
known boforo. So we develop tho bulk froight carriers o f tho lakes. Wo
work out tho highly specialized naval collier. We develop in tho largo N . A ., President of the Clearing House Section; John H .
American coasting schooner what tho bost professional marino authority M cH ugh, Vice-President of tho Mechanics & M etals N a­
tells mo Is tho cheapest known moans of transportation for bulk freight tional Bank, N ew York C ity, Chairman of the Executive
known to mankind for distances o f ovor 250 miles. And o f this interesting
typo wo havo a development now proceeding into a stool auxiliary schooner Committee of the Clearing House Section; Chas. A . Hinscli,
for transatlantic purposes which promises much.
President of the Fifth-Third National Bank, Cincinnati,
I
shall not enter now Into the question how the progress that has beenOhio, Chairman of the Committee on Federal Legislation
sketched may bo still further advanced to moot tho Immediate and pressing
need o f our commerce. Lot me smiply say that the mind o f America Is of tho American Bankers’ Association; Fred. E . Farnsworth,




1688

THE CHRONICLE

General Secretary; Thomas B . Pa ton, genoral counsel, and
W . G . Fitzwilson, Assistant Secretary of the Association.
Tho “ Thrift Campaign” for 1916 to bo conducted by tho
Savings Bank Section of the American Bankers’ Associa­
tion in co-operation with all the chapters of the American
Institute of Banking throughout tho country and many
other active organizations, was discussed at tho meeting of
the Forum of New York Chapter, American Institute of
Banking, on the 17th inst. Tho campaign will run for tho
entire year of 1916 and will bo given added significance in
a celebration of tho 100th anniversary of tho beginning of
savings banking in this country. Addresses and practical
suggestions wore given at the meeting by William E . Knox
Comptroller of the Bowery Savings Bank; M ilton W . Har­
rison, Secretary of the Savings Bank Section of tho American
Bankers’ Association, and Victor A . Lersner, Comptroller
of the Williamsburgh Savings Bank, for carrying out the
plan.
Tho Executive Committeo of tho Now York State Savings
Bank Association hold a meeting in this city last week at
which plans for tho coming winter woro considered. In
viow of the fact that tho centennial of tho establishment
of tho savings bank will bo celobrated during tho coming
year, tho Association appointed a committee to doviso ways
and means for tho activities of tho organization in connection
therewith. Tho mombersof the committee aro: Andrew D .
Baird, President of the Williamsburgh Savings Bank;
E . Corning Townsend, President of tho Buffalo Savings Bank,
and Henry P . Browster, President of tho Rochester Savings
Bank. James H . Manning, President of the National Sav­
ings Bank of Albany and head of tho Association, prosidod
at tho meeting, which was hold at tho Bowery Savings Bank.
A legislative committeo was appointed, consisting of Thomas
M . M ulry, President of tho Emigrant Industrial Savings
Bank; Henry A . Schonck, President of the Bowery Savings
Bank, and Eugene F . Barnes, President of tho East Brook­
lyn Savings Bank. A real estato committeo, made up of
John J. Pulleyn and George E . Edwards, was also selected.
Halsoy G . Bechtel has been appointed an Assistant
Cashier of the National City Bank of this city. M r . Bechtel
had been loan clerk of tho institution.
Tho directors of tho Corn Exchange Bank of this city
voted on the 17th inst. to open a branch on tho northwest
corner of Fordham Road and Decatur Avenuo, tho Bronx,
to bo known as tho Corn Exchange Bank, Fordham Branch.
This now offico will mako tho thirty-sixth branch of tho bank.
Tho thirty-fifth branch was opened on Aug. 2 last at tho cor­
ner of 60th Street and Lexington Avenuo.
In respect to the rumor of tho possible merger of tho
United States Mortgage & Trust C o. and tho Equitable
Trust Co. John W . Platton, President of the U . S. Mortgago
& Trust C o ., states that there are no negotiations pending
nor havo there been any negotiations looking to tho morgor
of the two companies in question.
The Atlantic N ational Bank, formerly the Merchants Exohango National Bank, at 257 Broadway, this city, reports
deposits of $13,329,447 for November 10, in responso to
the Comptroller’s last call. Resources were$15,598,881 and
cash $1,640,985. W ith the introduction of tho Kountzointerests in its management, the bank is developing along stronger
commercial lines. Herman D . Kountze is Vice-President.
Tho Morris Plan Company of N ew York has increased
its capital from $100,000 to $500,000.
According to tho State Banking Department, tho Browns­
ville Assets Corporation, which is to tako over tho assets o f
the so-called “ M ax Kobre’s Private Bank” in Brownsvillo,
has been organized in accordance with the composition plans
approved by tho depositors of this defunct institution and
in compliance with a decreo recently ontored in tho Unitod
States Eastern District Court of Brooklyn. Tho directors
and trustees of tho now corporation havo been eloctod as
follows: H on. Eugene Lamb Richards, State Superintendent
of Banks; County Judge-elect Mitchell M a y and Mosos
Ginsberg.
Judgo M a y has been choson Prosidont of tho corporation,
M r . Ginsborg, Vice-President and Manager, and Goorgo
V. McLaughlin, the State Bank Examiner who has been in




[Vol.

101.

charge of this bank since it was closed by tho Banking De­
partment last year, Secretary and Treasurer. Tho corpora­
tion will pay on November 29 a 1 5 % dividond to the
depositors of tho institution, which will bring tho total
up to 25 % . Under an order of tho Federal Court the Browns­
villo branch of this bank was separated from tho bank con­
ducted by Kobro in the Borough of M anhattan. M r .
Ginsberg was its active head at tho timo this bank was
closed.
Culvor Ferguson, a Vice-President of tho North Sido Bank
of Brooklyn, died on tho 14th inst. M r . Ferguson had held
tho Vice-Presidency of the bank sinco 1905. H e was also
President of tho Brooklyn H ay & Grain Co.
Announcement has been mado by Clinton H . Blake,
President of tho Citizens’ National Bank of Englowood, N . J .,
that, after a careful examination of the books of the bank, it
has been discovered that tho total shortago, owing to the
defalcation of Abram Cornelius Jr., former Cashior of tho
bank, who disappeared on July 28, amounts to $41,192.
Cornelius was under a bond of $20,000, furnished by the
American Surety Co. of Now York. This sum has boon
paid to tho bank, leaving a balance of $21,192 to bo charged
off to undivided profits, which on Oct. 8 amounted to
$72,710. After charging off all shortages tho statement of
the bank on Oct. 29 showed capital of $50,000, surplus
fund of $100,000 and undivided profits o f$51,518. The
ontiro situation is frankly sot out in a lottor addressed by
M r. Blake to a local paper as follows:
Oct. 29 1915.
T o the E d it o r o f the E n g lew o o d P re ss:

Dear Sir— Regarding the shortago in our bank owing to tho defalcation
of A. Cornelius Jr., former Cashier, we dcsiro to adviso that the accountants,
Messrs. Ernst & Ernst, certified public accountant of Now York City,
have made a thorough detailed audit o f all of tho accounts of the bank,
having spent a number of weeks on this work, and havo found that tho
total shortago amounts to 341,192 1G. Tho accountants havo communi­
cated directly with all of our depositors, as well as tho makers of notes
which we hold.
Mr. Cornelius was under tho bond of tho American Surety Co. of New
York to the bank in tho sum of 320,000, which sum has boon paid to us
by the surety company, leaving a balance of 321,192 10 to bo charged off
to undivided profits. Tho accountants find that our total undivided
profits as of Oct. 8 1915, after providing for all expenses and accrued inter­
est on deposits, amounted to 372,710 32, and deducting the $21,192 10,
there are still left undivided profits of 351,518 16. After charging off all
shortages, tho statement of our bank is to-day as follows:
C ap ita l_____________________________________________$50,000 00
Surplus fund_______________________________________ 100.000 00
Undivided profits---------------------------------------------------- 51,518 16
The report of the accountants shows that Mr. Cornelius started to tako
money from tho bank in February 1911, and covered up his shortago by
making false entries in tho books.
Wo havo felt that our depositors aro entitled to a full explanation of this
matter and we arc, therefore, glad to givo tho facts to the public as rovealed
through the examination which has been mado.
Very truly yours,
For the Directors,
CLINTON II. RLAICE, P re s id e n t.

John S. Cooke, Vice-President of tho Paterson National
Bank of Paterson, N . J ., died on tho 13th inst.
The Citizens National Bank of Saratoga Springs, N . Y . ,
has been consolidated with the First National Bank of that
city, the former institution having gono into voluntary
liquidation on tho 1st inst. Edgar D . Starbuck, former
President of the Citizens National, was appointed liquidating
agent.
The now statement of the Marino National Bank of
Buffalo for November 10 1915 shows that institution to
havo enjoyed a prosperous growth in its business during
the past year. Its deposits havo increased from $4 5,­
998,000 in October 1914 to $51,180,520 on N o v . 10 1915,
representing a gain of nearly six millions of dollars. Georgo
F . Rand is at tho head of this, Now York State’s biggest
bank outside of New York C ity.
John W . Do K a y , who was indicted in Providonco, R . I .,
in 1913, by the Federal Grand Jury on a chargo of aiding and
abotting Edward P . Motcalf in misapplying tho funds of tho
Atlantic National Bank of that city, was arrested in London
on the 12th inst. on an extradition warrant, charging him
with fraud within tho jurisdiction of tho Fronch Govornmont. D e K ay was takon into custody on tho chargo, it
was alleged, of fraud in connection with tho supply of riflos
to tho Bolgian Government. Ho was not allowed bail.
Do K ay was never approhondod on tho indictment returned
against him in Providonce, as tlio offonco with which ho was

Nov. 20 1915.)

THE CHRONICLE

charged is not extraditablo and ho was in London out of the
jurisdiction of tho United States.
Robert Coleman Drayton, Financial Vice-Prosidont of tho
Ponn M utual Lifo Insurance Co. of Philadelphia, died on tho
15th inst. M r. Drayton was bom in 1858 and began his
career as a banker in 187G with tho firm of Townsend,
Whelon & Co. Ho subsequently became a momber of tho
firm of Toland Brothers & C o ., from which he withdrew in
1909 to accept tho position of Financial Vice-President of
tho Penn M utual. M r . Drayton was a director in tho Frank­
lin National Bank, tho Commercial Trust C o. and tho Guar­
antee Company of North America.
Tho forty-sixth annual report of tho Philadelphia Trust
C o. of Philadelphia for tho fiscal year endod October 30
shows not incomo of $407,240. In tho banking department
tho total doposits for 1915 woro $10,977,726, an increase
of $6,350,865 over thoso in 1914; tho total trust funds for
1915 aggregated $117,242,379, which is an increase of
$9,284,643 over last year’s figures. Tho Philadelphia
Trust Co. has a capital stock of $1,000,000, and surplus
of $4,000,000. As heretofore stated, tho corporato titlo
of tho institution was changed on M a y 5 from tho Phila­
delphia Trust, Safo Deposit & Insuranco C o. to tho Phila­
delphia Trust Co. Thomas S. Gatos is President of tho
company and is assisted in its management by John Story
Jonks, Vice-President; Ilonry G . Bronglo, Vice-Prosidont
and Treasurer; T . Ellwood Framo, Secretary; Nolson C .
Donnoy, Trust Officer; Thomas B . Prossor, Real Estato
Officer; Edmund D . Scholoy, Assistant to Vico-Presidont;
Ilonry L . M cC loy and Arthur Ilainos, Assistant Treas­
urers. Tho annual roport of tho trust company for tho
fiscal year just onded has boon printed in pamphlot form.
Tho Equitablo Trust C o . of Baltimore opened a branch on
tho 15th inst. on tho northwest corner of Howard and Fayotto streets. Charlos Fishor, Assistant Treasurer of tho
company, will liavo immediate chargo of the branch and John
J. Dolanoy, formor Treasurer of tho Border Stato Savings
Bank, will liavo supervision of tho savings department.
Tho Equitablo Trust pays 3 % on chocking accounts of $200
andovorand 4 % on savings accounts and time certificates of
doposit. It has a capital of $1,000,000 and doposits of ap­
proximately $4,800,000.
Tho Clovoland Trust C o. of Clovoland, Ohio, has issued a
booklet giving information and advico with regard to tho
preparation of wills and tho administration and managomont
of ostatos. Tho booldet points out tho arguments in favor
of appointing a trust company as oxocutor and trusteo of an
ostato rathor than an individual, and gives tho following
roasons why tho Clovoland Trust C o. is hotter qualifiod
than an individual to act in that capacity:
F i r s t . Its charter is perpetual. This means that it lives on from genera­
tion to generation— it nover dies. Tho expense, confusion and possiblo loss
attending a change of individual executors or trustees are thus avoided.
S eco n d . Its actions aro guided by the combined judgment of its directors
— successful business anti professional men who have had broad experience
in tho solution of problems connected witli tho caro and management
of ostatos.
T h ir d . It is subject to regulation by tho Stato. It must have on deposit
with tho Stato Treasurer $100,000 In money or approved securities, which
aro held to secure tho faithful performance o f tho trusts assumed. The
assets o f overy trust must bo kept separate from thoso belonging to tho
company, and tho entire resources o f tho bank aro answorablo for tho
proper performance of its trust ooligations.
F o u rt h . It makes tho business o f an estato its own. Its Estates Depart­
ment has no other business to engross its attention, as is tho caso with
an individual executor.
F i f t h . It Is in position to make cash advances to heirs or beneficiaries
when it is advisable to do so. This often avoids inconvenicnco and hard­
ship.
S ix t h . It is not affected by sentiment, nor influenced by family differ­
ences which aro apt to hamper an individual executor. It carries out faith­
fully and to tho letter tho instructions o f the testator.
S even th . It is always in its office; it never takes vacations; and informa­
tion about tho business o f estates can bo obtained at any timo within
reasonable) office hours by thoso who aro entitled to it.
E ig h th . Its charges are no moro, and aro often much less than thoso
o f an individual.

Jamos W . Stowart, heretofore a Vico-Presidont of tho
Garfiold Savings Bank C o. of Clovoland, has boon oloctod
Prosidont to fill tho vacancy caused by tho doath of H . Clark
Ford. M r . Stowart has been connected with tho bank as a
Vico-Prosidont and director sinco its organization in 1892.
Tho institution has a capital of $250,000, surplus and undi­
vided profits of about $3 50 ,0 00 ,andassots of over $6,000,000.
John Unverzagt, horotoforo Vico-Prosidont of tho Produco
Exchango Bank of Columbus, Ohio, has boon oloctod Presi­




1689

dent of tho institution, succeeding Albert O. Glock, resigned.
M r . Glock had been head of tho bank since its establishment
in 1904. M r . Unverzagt is President of the Franklin Brew­
ing C o. Henry R . Isaly has been chosen Vice-President of
the bank.
Tho savings department of the Union Bank of Chicago
opened in new quarters on the 8th inst. Tho bank is located
in its own building at 25 North Dearborn Street and the sav­
ings department was installed on the ground floor at that
address. As heretofore stated, this building was acquired
by tho bank in 1911 and was formerly the property of the old
National Bank of Illinois. It has been remodeled at a cost
of $125,000.
Tho State Deposit Bank of Minneapolis is the name of
tho new institution which is to take over tho business of the
Savings Bank of Minneapolis. The plan for the reorganiza­
tion of tho latter with a view to tho operation of a com­
mercial business as well as a savings department has been
under way for some time. The new bank is to have a
capital of $100,000 and surplus of $20,000. It will begin
business about December 6 and will bo located in the present
quarters of tho Savings Bank of Minneapolis, at 52 South
Fourth Street. Edward M attson, Treasurer of tho savings
bank, is named as managing officer of the new bank.
J. C . Lynch, President of tho National Bank of tho Repub­
lic of Salt Lako City, has been chosen Prosidont of the Salt
Lako Clearing-House Association to fill the vacancy due to
the death of Frank Knox. As previously noted in these
columns, M r. Lynch also succeeded M r. Knox in the presi­
dency of the National Bank of the Republic.
Townloy Culbertson, heretofore Assistant Secretary of the
Commerce Trust Co. of Kansas C ity, M o ., has been chosen
a Vico-Prosidont of the institution. M r . Culbertson is only
37 years old and has risen to his present position by succes­
sive stages.
.
W.
H . Garanflo and R . D . Duncan, President and Cashier,
respectively, of the Stato National Bank of Little Rock,
A rk., which suspended business on June 20 1914, were
indicted by a Federal Grand Jury in Little Rock on Oct. 20
on several counts alleging irregularities in the bank’s manage­
ment. Each of the indicted officials furnished a bond of
$10,000. Tho charges against President Garanflo and
Cashier Duncan are said to bo based on five drafts which,
it is alleged, wore issued by tho two officials without the
knowledge of tho directors. It is stated that these drafts
woro drawn on the funds already overdrawn of tho State
Trust Co. in tho State National Bank. The trust company,
which was placed in tho hands of a receiver on July 15 1914,
was a subsidiary of the State National. The officials are
also chargod with conspiracy to defraud. Tho Stato N a­
tional had a capital of $500,000. Since it has been in the
hands of a receiver two 1 0 % dividends havo been paid to
depositors.
Julion H . Hill, Casliior of tho National State & City Bank
of Richmond, V a ., has been elected a director of tho institu­
tion to fill tho vacancy on the board caused by the death on
Oct. 10 of Vice-President John S. Ellett. M r . Hill was for­
merly associated with tho old National State Bank, and when
that institution merged in July 1910 with the City Bank of
Richmond, forming tho National Stato & City Bank, he was
mado Cashier of the enlarged bank.
Offers to buy tho stock of the Citizens’ National Bank and
tho Union National Bank, both of Louisville, with a view to
bringing about their merger, by Henning Chambers & C o. of
that city, mombers of tho New York Stock Exchange, have
failed. The directors of the Citizens’ National rejected the
offor and it appears that the proposal made to tho Union
National was conditional upon acceptance by tho Citizens’
National of the proposition mado to it. According to Hen­
ning Chambers, head of tho firm of Henning Chambors &
C o ., a cash offer of $300 per share and accrued dividend was
mado for tho stock of the Citizens’ National and a separate
offer of $275 per share and accrued dividend for the stock of
tho Union National. M r . Chambors is a director of the
Union National Bank.

1690

THE CHRONICLE

|VoL 101

Quotations for bar silver, per ounce standard:
Oct. 29___ 24 1-16 cash
No
Bank rate_____________________ 5%
quotation Bar gold, per oz. standard-.77s. 9d.
Oct. 30___ 24 1-16 “
French gold coin, per oz__ Nominal
Nov. 1___ 24%
“
fixed
Nov. 2___ 24 3-16 “
U. S. A. gold coin, per oz..N om in al
for
forward
Nov. 3 ___ 24 M
“
Nov. 4 ___ 24 7-16 “
delivery.
Av. for woek.24.187 cash
The quotation to-day for cash is 5-16d. above that fixed a weok ago,
I and is the highest touched during the yoar.

The directors of the Citizens’ National Bank declared on
the 9th inst. a semi-annual dividend of 6 % , payable D ec. 1.
This action increases the annual dividend rate from 1 1 % to
1 2 % . It was also decided to pay the dividend in quarterly
installments beginning next year instead of semi-annually as
j
heretofore.
The Fourth & First National Bank of Nashville, Tonn.‘
will make extensive improvements in the Colo Building at the
corner of Fourth Avenue and Union Street, in order to pro­
vide a new home for itself and the First Savings Bank &
Trust C o ., which is affiliated with it. Plans for completely
remodeling the building, drawn by Ludlow & Peabody of
New York, have been approved by the board of directors of
the institution. James E . Caldwell, President of both the
Fourth & First National and the First Savings Bank & Trust
C o ., states that the construction work will begin about the
first of the year.
The first and second floors and the base­
ment will be used by the two banks. The National bank is
to occupy the comer of the new building at Fourth Avenue
and Union Street, while the trust company will be located
on the other side of the building. Efforts will be made to
have the remodeling done in such a way as not to necessitate
the removal of the First Savings Bank & Trust C o ., while
the work is in progress. The three upper storios of the build­
ing will be used for offices, as they are at present, but will
be reconstructed in keeping with the rest of the building. It
is expected that the new home will be completed and ready
for occupancy some time next fall. In the basement of the
new building there will be safe deposit vaults and fireproof
storage for valuables.
According to the Toronto “ Globe” of the 15th in st., an
interesting event occurred recently in England in connection
with the change in the general management of the Canadian
Bank of Commerce. The “ Globe” states that over seventy
officers of the bank who are all in active military service cele­
brated the appointment of John Aird as General Manager
of the institution and H . Y . F . Jones as Assistant General
Manager by a dinner given at Folkstone (near Shorncliffe).
As noted in theso columns, M r . Aird, who had been Assist­
ant General Manager of the bank, was chosen to succeed
Alexander Laird, the latter having resigned.
T H E E N G L IS H GOLD A N D

SIL VE R M A R K E T S .

W e reprint the following from the weekly circular of
Samuel Montagu & Co. of London, written under date of
November 4 1915 :

GOLD.
The external movements have been adverse to the Bank o f England.
The following amounts wore received by the Bank:
Nov. 1— £500,000 in sovereigns released on Egyptian account.
N ov. 1— 25,000 in sovereigns released on miscellaneous account.
Nov. 2— 64,000 in bar gold.
Nov. 3— 869,000 in bar gold.
N ov. 3— 25,000 in sovereigns released on miscellaneous account.
Withdrawals were mado as under:
Oct. 28— £50,000 in sovereigns set aside on miscellaneous account.
Oct. 29— 150,000 in sovereigns set asido on miscellaneous account.
O ct.29— 175,000 in sovereigns for the U. 8. A.
N ov. 1— 350,000 in sovereigns for tho U. S. A.
N ov. 2— 919,000 in sovereigns for the U. 8. A.
Nov. 2— 20,000 in sovereigns for Canada.
N ov. 2— 12,000 in sovereigns sot aside for the Straits Settlements Note
Guarantee Fund.
N ov. 3— 23,000 in sovereigns for the U. 8. A.
During the week the reduction on balance amounted to £216,000. The
net import of gold into India for tho month o f October 1915 was approxi­
mately £289,900. The enquiry for gold in England onbehalf of tho manu­
facturing trade is quite keen, owing to a large demand by men serving in
the navy and army for keepsakes that they wish to present to sweethearts
or wives, and also for gifts in the reverse direction. In Birmingham tho
demand for wedding rings is greatly in excess o f the supply. Quito half
of the present silver for manufacture is made into presents suitable for
fighting men.
SILVER.
Tho firm tendency to which we have recently boon calling attention has
resulted in a further advanco in the price. There was a reaction to 24 l-16d.
on the 29th ult., but 24%d. was regained on the 1st inst., and slnco then
thero has been a daily addition o f l-16d. to tho price until yesterday.
To-day a sharp rise o f 3-16d. took place. The principal factor in the mar­
ket has been the'limited amount o f supplies. Tho available stock in Lon­
don has been drawn upon rather heavily of late. In those circumstances,
continued Continental domand and an inquiry from China have been
rather difficult to satisfy, although there may be no prossuro on tho market
to buy for home coinago. An Indian currency return for Oct. 30 gavo
details as follows, in lacs o f rupees:

E N G L IS H F I N A N C I A L M A R K E T S — PER C A B LE .

The daily closing quotations for securities, & c., at Lon­
don, as reported by cable, have been as follows the past week:
L ondon,
N o v . 13.
W e e k e n d in g N o v . 19.
S a t.
Silver, peroz____________ d . 24 7-16
Consols, 2% per cents_____ 65
British 4% per cents_______96%
French Rentes (in Paris) fr. 65.35

IM PORTS

AND

N o v . 15. N o v . 16. N o v . 17. N o v . 18. N o v .
M on.
T u es.
W ed .
T h u rs.
F rt.

24%
65
96%
65.75

24%
65
96%
65.50

EXPORTS

FOR

24%
65
96%
65.35

SEPTEMBER

FOREIGN TRADE MOVEMENT OF THE UNITED STATES.
(In the following tables three ciphers (000) are In all cases omitted.)
MERCHANDISE.
— Im p o rts—
— E x p o rts ----1914.
1915.
1913.
1915.
1914.
1913.
January____ $267,879
$201,067 $227,033 $122,148 $154,743 $163,063
February___
193,997
125,123
148,015
149,914
299,806
173,920
M arch_____
157.982
182,555
155,446
187,499
187,4^7
295,612
160,576
173,762
146,194
April..............
294,746
199,813
162,553
M ay..............
142,285
164,282
133,724
274,218
161,733
194,607
157,529
June........ .....
157,072
163,405
131,246
268,547
157.695
143,245
159,677
139,062
J u ly........ .....
268,975
154,139
160,991
141.804
129,768
August..........
261,025
110,367
187,909
137,652
151,423
139,711
171,085
September__
297,767
156,052
218,240
132,949
October........
194,711
271,861
138,080
November__
245,539
205,878
148,236
126,467
December__
245,633
114,657
184,026
233,196
............
T o ta l........

$2,113,624 $2,484,018
GOLD.
1915.
$691
1.054
924
814
1.277
2.822
2,192
1,128
2,034

January____
February___
M arch___
April_____
M ay........
June____
J uly........ .
August........
Septembu .
October . . .
November. .
Decembet . . .

1914.
$6,914
9,079
2,632
407
16,835
48,107
33,669
18,126
21,887
50,302
14,527
131

1913.
S17.238
12,373
18,077
3,010
12,467
569
8,654
1,195
496
484
6,663
10,573

$222,616

$91,799
SILVER.

1914.
$4,009
3,592
3,882
4,543
4,845
4,639
3,953
3,627
5,390
3,972
3,838
5,312

1913.
$6,436
5,315
5,537
6,972
5,329
4,732
4,936
4,908
5,856
4,874
4,423
4,458

■.........

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

1915.
$5,188
3,425
3.156
4.371
4,741
3.963
3.965
3.378
3.364

January____
February___
M arch..........
April..............
M ay________
June..............
Ju ly..............
August..........
September__
October........
N ovem ber...
December__

1915.
Jan . . $145,731
F e b .. +174.683
March +138,630
April. +134,170
May . +131.933
June. +110.852
July.. +125,730
A u g.. +119,221
Sept.. +146,344
O c t.....................
Nov.....................
D ec.....................

1915.
32,287
2,400
2,477
2,003
2,352
3,622
3,003
3.804
2,728

1914.
$10,412
3,209
7,842
3,460
1,973
3,817
3,392
3,045
2,762
5.945
7,392
4,109

1913.
$6,210
5,357
4,381
4,014
4,561
3,387
7,859
5,804
4,627
5,391
7,041
5,073

$57,388

$63,705

1914.
$2,318
1,914
2,567
2,214
1,755
1,822
1,240
2,097
1,864
2,724
2,705
2,739

1913.
$4,201
2,481
3,184
2,808
3,093
2,365
2,799
3,401
3,098
2,538
3,089
2,8.10

+ $165,228

+3324.348+ $691,422

+ Exports.

1915.
$6,896
12,726
25,620
16,203
31,136
52.312
17.263
61,041
42,043.

$62,776
$51,602
$25,959
$35,867
EXCESS OF EXPORTS OR IMPORTS.
--------- X/UtU
rertviunaufe-------- OliveT------ ----1914.
1913.
1915.
1914.
1914.
1915.
+ $49,324 + 563,970 — $0,205 — $3,528 + $2,901 + $1,691
+ 25,875 + 44,083 — 11.672
+ 1,678
+ 5,870
+ 1 025
+ 4,944 + 31,981 — 24,696
+ 1.314
— 5,210
+ 679
— 11,209 + 53,619 — 15,389
+ 1.708
— 3,053
+ 2,329
— 2,549 + 60,883 — 29.859 + 14,802
+ 2.389
+ 3,090
—457 + 32,159 — 49,520 + 44,290
+ 347
+ 2,817
+ 962
— 5,538 + 21,929 — 15,071 + 30,278
+ 2.713
— 426
— 19,401 + 50,257 — 60.513 + 15,081
+ 1,530
+ 636
+ 16,341 + 47.155 — 40,009 + 19,125
+ 3,528
_____
+ 44,357
+ 56,631 + 138,912
+ 1,248
_____
+ 7,135
+ 79,411 + 97,303
+ 1,133
+ 3,978
+130,976 + 49.170
+ 2,573
..........

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

Total.

$1,789,276 $1,792,596

+ $25,643

— Imports.

Totals for merchandise, gold and silver for nine months:
M e r c h a n d is e .

N in e \
M os.

(000s
o m it­
te d .)

E zp o rts .

Im ­
p o r ts .

S tiv er.

O o ld .

E xcess
of
E x p o rts.

E x­
p o r ts .

Im ­
p o r ts .

E xcess
of
E x p o r ts

E x­
p o r ts .

$
$
$
1
$
$
$
1 $
1915. 2,529,5751,302,282 1,227,293 12,937 265,871 f2529341 35,557
1914. 1,467,4021,410,072
57,330157,657 39,942 117,715 38,480
1913. 1,733,422 1,327,385 406,037 74,079 46 200 27,879 49,022
1912. 1,616,0241,332,895 283,129 43,728 38,790 4,938 52,348
1911.1 1,455,501 1,132,917 322,584 18,263 45,177 126,914 49,528
1910. 1,222,9271,172,363
50.564 55,318 45,682 9,636 41,764

Im ­
p o rts.

E x cess
of
E x p o r ts

S
25,277
17,791
27,430
36,'02 !
33,696
33,257 i

$
10,280
20,689
21,592
16,046
15,832
8,507

f Excess of Imports.

Similar totals for the three months since July 1 for six years
make the following exhibit:
S ilv e r.

0 o ld .

M e r c h a n d is e .

i fircc
M o n th s

(OOOt

E x cess
of
E x p o rts

E x­
p o r ts .

E x cess
of
E x p o r ts

o m itted )

E x­
p o r ts .

Im ­
p o r ts .

The stock in Bombay consists o f 6,500 bars, as compared with 6,800
last woek. A shipment o f 150,000 ozs. has been mado from San Francisco
to Hongkong. Statistics for October are appended:

1915...
1914...
1913...
1912...
1911...
1910...

$
827,767
420,559
567,140
516,408
467.681
418,7'7

$
$
$
%
$
436,472 391,295 5,354 120,947 f 115593
429,156 18,5971 73,682 9,199i 64,483
447,798 119,342. 10,345 18.290 17.945
448,243 68,1651 10,331 13,525 13,194
369,171 98,510, 5,012 11,404 16.392
372,938 45,229 5,801 26,293 f 20,492




19.

25
65
96%
65.00

The Bureau of Statistics at Washington has issued the
statement of the country’s foreign trade for September, and
from it and previous statements we have prepared the fol­
lowing interesting summaries:

Notes in circulation...................63,581 Gold coin and bullion. .
7,04
Reserve in silver coin_________ 36,39] Gold in England....................... I 6,15

Highest quotation for cash delivery_________________
' 24%d.
Lowest
"
“
“
“
...................................I I I I I I " ’ 23%d.
Average
"
.....................
.................................................. 23.925d.

24 13-16
65
96%
65.10

fExcesso*’

Vta.

Im ­
p orts

E x­
p o r ts .

Im ­
p o r ts .

S
*
10,708 9,535
12,970 5,201
15,700 9,299
18,679 11,037
15,085 11,736
14,711 ll,357i

E x cess
of
E x p o rts
%

1,173
7,769
6,401
7,642
3,349
3,354

THE CHRONICLE

Nov. 20 1915.]

HHM

The following shows the amount of each class of
New York City Banks and Trust Companies \held
against national bank circulation and to secure
Bid
A sk
Trust Go's.
Banks.
Ask
Banks.
Bid
315
NewYork Bid AS* moneys in national bank depositaries on Oct. 30.
Manhattan * 305
NewYork
Astor .......... 350
253
—
Mark A Fult 243

America*__ 545
Amer Exch. 208
A tla n tic__ 175
•Battery Park 145
400
225
160
135
100

590
•Chat A Phen

200

CltlzensCent
•City_______
Coal & Iron.
Colonial*__
■Columbia*..
Commerce..
•Corn Exch*.

124
395
170
t475
1(55
450
300
tl7S
315

East River..
Fidelity « . . .
Fifth A ve*..
•Fifth............
First............
■Garfield___
Germ-Amer*
German Ex*
Germania *.
Gotham___
Greenwich*.
Hanover__
Harrlman . .
■Imp A Trad.
Irving..........
lib e r ty ___
Lincoln ___

75
140
4300
250
890
185
135
375
425
190
265
625
330
495
170
675
310

560
215
ISO
165

260
175
145
115
615
205
135
405
180
___
170
325
tl,80
320

100

82
155
5000
300
910
195
145
409
475
280
630
350
605
177
330

Mech A Met
Merchants' .
Metropolis*.
Metropol’ n •
M utual___
.Vow Noth*.
New York Co
New York..
Pacific*___
Park............
People's*__
Prod Exch*.
Public *___
Seaboard __
Second____
Sherman__
State *____
23d Ward*.
Union Exch.

265
173
300
175
325
2 10

725
365

Brooklyn

225
825
375

2 00

220

395

400
236

220
200

41 O’
395
125
125
100

134
500
Wash U’ts*. 275
Westell Av* 160
West Side*. 400
Yorkvllle*.. 475

Coney Isl'd*
F irst..........
Flatbush __
Greenpolnt .
Hillside * . . .
Homestead *
Mechanics*.
Montauk*..
Nassau........
Natlon’ ICIty
North Sldo*.
People's___

275
179
315
185

___
255
134
115
100

___

120

85
195
270
170
130

•Banks marked with a (*) are State banks.
change this week.
____________

175
430
425
135
135
135
140
175
450
550
140
265
142
130
115
90
130
1 10

205
280
185
140

Bankers Tr
B’ way Trust
CentralTrust
Columbia__
Commercial.
E m p ire .__
Equitable Tr
Farm l. A Tr
Fidelity___
Fulton .. .
Guaranty Tr
Hudson__
I.aw Tit A Tr
I.IncoInTrust
Metropolitan
Mut'l (WestChester). .
N Y I.lfe Ins
A Trust.

465
144
1175
510
1 105
f293
455
1150
197
270
690
120

4 75
150
. __
520
...
....
465
1290
263
300
710
130

108
103
405

__
415

112

130

135

990
590
397

101 0

TltleGuATr
Transatlan’c
Union Trust 350
U SM tgA T r 385
UnltedStates 1030
Westchester 140

610
405
155
365
395
1050

Brooklyn
BrooklynTr.
Franklin . . .
Hamilton__
Kings C o ...
Manufact’ rs
Citizens..
People's___
Queens C o ..

480
245
265
630

500
255
275
650

137
280
....

142
287
80

tSale at auction or at Stock Ex­

U . S . B o n d s H e ld O ct.
B on d s on D e v o s ll
O c t. 30 1915.

Bank
C ir c u la t io n .

3% , U. S. Loan of 1918-1918................
2% , U. S. Panama of 1936____________
2% , U. S. Panamaof 1938......................
3% , U. S. Panamaof 1961___
3.6597, District of Columbia__
4% , Philippine Loans............
4% , Philippine Railway________
4% , Manila Railroad__________
4% , Porto Rico Loans______________
Various, Territory of Hawaii________
Various, State, City, Railroad, A c____

S
600,678,600
20,377,720
32,304,800
52,892,440
28,721,980

..................
T o ta l____ _____ ___________________ 734,975,540
Miscellaneous Securities (approved Issue
value)..____________ _______________
171,203
Total Bonds and Other Securities__

735,146,743

30

bonds
public

to S ec u re —

P u b lic D e p o s i t
in B a n k s.

T o ta l
H e ld .

$
11,525,850
4,547,200
3.220.600
1,138,500
506.000
12,587,500
585.000
4.522.000
706.000
10,000
F,394,000
1.308.000
7.523.600

S
612,204,450
24,924,920
35,525,400
54,030,940
29,227,980
12,587,500
585.000
4.522.000
706.000
10,000
1.394.000
1.308.000
7,523,600

49,574,250

784,549,790

49,574,250

784,720,993

171,203

Tho following shows the amount of national bank notes
afloat and the amount of legal-tender deposits Oct. 1 and
N o v . 1 and their increase or decrease during the month of
October.
N a t io n a l B a n k N o t e s — T o ta l A f l o a t —
Amount afloat Oct. 1 1915......................................................................... $786,736,460
Net amount retired during October................................ ..........................
6,818,779

Amount of bank notes afloat Nov. 1 1915............................................$779,917,681
L e g a l-T e n d e r N o te s —
Amount on deposit to redeem national bank notes Oct. 1 1915______$63,794,876
Net amount of bank notes retired In October................ _........... .........
6,803,322
Amount on deposit to redeem national bank notes Nov. 1 1 915... $56,991,554

# c r m m e v c t a l m i d i * ! is c e lU u u e o u s U te n rs
G O V E R N M E N T R E V E N U E S A N D E X P E N D IT U R E S .
— Through tho courtesy of the Secretary of tho Treasury, wo
are onablod to place beforo our readers to-day tho details of
Govornmont receipts and disbursements for October 1915
and 1914 and for the four months of tho fiscal yoars 1915-16
and 1914-15.
Receipts—
O c t. 1015.
O ct. 1914.
4 M o n th s 1915. 4 M o n th s 1914
O r d in a ry —
$
3
$
$
Custom s........................17,306,830 94 16,271,829 25 62,996,654 47 75,917,543 84
Ordinary internal rcv..33 ,818,637 34 24,049,003 22 122,749,636 27 107,802,810 58
Income tax................... 1,023,867 53
458,646 87 12,068,969 08
8,471,581 49
Miscellaneous.............. 3,193,777 06 3,541,003 37 14,145,960 45 28,280,733 90
T o ta l........................ 55,343,112 87 44,320,482 71 211,961,220 27 220,472,669 81
P u b lic D e b t —•

Sale of Pan. Can. bonds ..................................................................................................
865,500 00 ......................
Sale of Post. Sav. bonds ........ ..................................
Deposits for retirement
of national bank notes
(Act of July 14 1890) 1,234,897 50 1,177,200 00
6,729,215 00
4,823,822 50
T o ta l........................ 1,234,897 50

1,177,200 00

7,594,715 i O

4,823,822 50

Grand total recelpts.56,578,200 94 45,741,146 10 221,213,061 36 225,656,235 05
Disbursements.
O r d in a r y —
Checks A warrants paid
(less bal. repaid,Ac.>55,041,373 71
Int. on public debt paid 3,279,460 77

58,628,11020 239,338,875 33 242,445,735 87
3,275,45992
8,995,983 54 8,985,281 56

T o ta l........................ 58,320,834 48

61,903,570 12 248,334,858 87 251,431,017 43

P a n a m a C a n a l—

Checks paid (less bal­
ances repaid, A c .).. 1,968,751 07

1,899,50149

6,100,025 18

1,140 00

18,140 00

2,610 00

26 485 00

779,659 00

922,155 00

2,068,252 50

3,944,823 00

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

780,799 00

940,295 00

2,070,862 50

3,971,308 00

Grand total disburses.01,070,384 55 64,743,306 61 257,105,746 55 264 714 501 24
Excess total disburses
’
’
over total receipts.. 4,402,183 61 19,002,220 51 35,892,685 19 39,058,266 19

B A N K N O T E S — C H A N G E S IN T O T A L S O F, A N D IN
D E P O S IT E D B O N D S , & c.— W o givo bolow tables which
show all tho monthly changes in bank notes and in bonds
and legal tenders on deposit._________
B o n d s a n d L eg a l T e n d e r s
o n D e p o s it f o r —

Oct.
Sept.
Aug.
July
Juno
May
April
Mar.
Feb.
Jan.
Dec.
Nov.
Oct.

30
30
31
31
30
31
30
31
27
30
31
30
31

1915
1915
1915
1915..
1915..
1915..
1915..
1915..
1915..
1915..
1914..
1914..
1914..

Total----- .........................4,249,104,500 291,750,935 3,799,531,052 3,715,522,306
Population of Continental United States estimated at 101,293,000. Circulation
per capita, $37 51.
a This statement of money held In the Treasury as assets of the Government does
not Include deposits of public money In Frderal Reserve banks, and In national bank
depositaries to the credit of the Treasurer of the United States, amounting to
558,600,829 27.
b For redemption of outstanding certificates and Treasury notes of 1890 an exact
equivalent In amount of the appropriate kinds of money Is held In the Treasury, and
Is not Included In the account of money held as assets of the Government.
N o t e . — On Nov. 1 1915 Federal Reserve banks and Federal Reserve agents held
against Federal Reserve notes $8,802,513 gold coin and bullion. S14S,920,000 gold
certificates and $100,000 United States notes—a total of $157,822,513, against
$128,003,413 on Oct. 1.

F O R E IG N T R A D E OF N E W Y O R K — M O N T H L Y
S T A T E M E N T .— In addition to the other tables given in
this department, made up from weekly returns, we give the
following figures for the full months, also issued by our
New York Custom House.
Merchandise Movement to New York.

L eg a l
T en d ers.

Imports.
1915.

January..
February.
M arch__
April........
M ay____
June........
July.........
August__
September
October . .

B on d s.

L eg a l
T en d ers.

ft Of which $361,119,940 miscellaneous securities, Act of May 30 1908.
c Of which $270,078,236 miscellaneous securities, Act of May 30 1908.
d Of which $150,S36,692 miscellaneous securities, Act of May 30 1908.
e Of which $67,307,165 miscellaneous securities, Act of May 30 1908.
/ Of which $31,133,734 miscellaneous securities, Act of May 30 1908.
0 Of which $15,154,695 miscellaneous securities, Act of May 30 1908.
ft Of which $6,582,581 miscellaneous securities. Act of May 30 1908.
k Of which $2,508,940 miscellaneous securities, Act of May 30 1908.
1 Of which
$719,561 miscellaneous securities, Act of May 30 1908.
mOf which
$185,245 miscellaneous securities, Act of May 30 1908.
n Of which
$181,778 miscellaneous securities, Act of Mny 30 1908.
o Of which
$172,203 miscellaneous securities, Act of May 30 1908.
x Of which
$171,203 miscellaneous securities, Actof M a y30 1908.

|

1914.

Exports.
1915.

$
l
$
$
70,992,107 82,330,513 104,025,265
71,016,866 85,328,968 113,203,172
90,473,231 101,655,994 129,845,743
92,252,029 93,600,199 139,410.642
76,341,381 87,518,541 135,622,599
87,890,671 81.336,584 144,890,856
75,812,949 84,561,785 156,746,121
76,266,845 63,804,412 144,117,486
85,617.505 76,118,541 163,608,127
77,121,468 77,153,765 176,847,566

Customs Receipts
at New York.

1914.

1915.

$
72,872,302
64,934,639
72.798,453
66,338,880
66,008,905
62.630,190
59,218,363
33,559,424
61.895,606
88,199,144

$
12.028,863
10,888,461
13,782,944
10,784,886
11,258,475
11,916,018
11,112.048
10,873,044
11,030,703
12,035,882

1

1914.
$
16,643,013
13,023,068
17.964,690
14,713,576
13,225,912
14,889,990
15,914,374
12,803,086
12,143,094
11,622,465

Total . . 803,785,052 833,409,302 1408317.577 648,455,906 115,711,324 142,943,268

Imports and exports of gold and silver for the 10 months:

C ir c u la t io n A f l o a t U n d e r —

Gold Movement at New York.
Month.

T o ta l.

$
S
S
8
$
735,146,743 56,991,554 z722.926.127 56,991,554 779,917,681
735,793,393 63.794,876 0722,941,584 63,794,876 786,736,400
735,698.808 70,626,198 1*733,100,609 70,026,198 793,780,807
735,682,530 80.798,814 m72.3,802,559 80,798,814 804,601,373
736,743.751 93,240.891 <726,033,703 9.3,240,891 819,273,593
738,066,230 112,101.038 *728,180,909 112,101,038 840,287,947
742,687,871 139,016,078 *728.776,3.89 139,016,078 867,793,007
751,289,635 165,409.147 (7734,138,833 165,409,147 899,547,980
770.139,524 190,078,639 /747,951,802 190,078.639 938,030,441
810,508.055 191,724,115 e790.482.018 191,724,115 982,206,133
897,146,922 108,541,610 dS71,109,405 168,541,616 1,039.711,021
1,017,177,241 101,420,019 Cl,010,579,057 101,420,019 1,111,999,076
1,109.989,665 20.032,278 61,100,836,633 20,632,278 1,121,468,911




8
$
$
$
Gold coin and bullion........ 2,198,113,762 216,809,613
597,108,847 665,854,219
Gold certificates.b............................... .
.............. 1,226,472,789 913,347,859
Standard silver dollars___ 568,271,655
13,497,271
65,723,809
70,273,451
Silver certlflcatcs.b................ .................
..............
486,851,787 482,776,199
Subsidiary s ilv e r ............. 186,730,386 22,482,129
164,248,257 162,470,390
Treasury notes of 1890.b ._ ______________________
2,198,788
2,377,389
United States notes.............. 346,681,016 5,941,978 340,639,038 334,903,719
Federal Reserve notes........ 169,390,000
9,301,145
160,088,855
..........
Federal Reserve bank notes __________
________
__________
__________
National bank notes.......... 779,917,681 23,718,799
756,198,882 1.083,519,080

Month.

Bonds, Interest-bearing
notes & ctfs. retired.
National bank notes retlre<l(Act July 14'90)

B onds.

- S t o c k o f M o n e y N o n . 1 ’ 15-------- M o n e y In C ir c u la t io n ----I n U . S.
H e ld i n T r e a s .n N o v . 1 1915. N o v . 2 1914.

9,312,175 81

P u b lic D e b t —

1914-15.

ST O C K OF M O N E Y IN T H E C O U N T R Y .— The follow­
ing table shows tlio general stock of money in the country,
as well as the holdings by tho Treasury and the amount in
circulation on tho dates given:

Imports.
1915.

January..
February _
March . . .
April____
M ay____
June........
July.........
A ugust...
September
October . .
Total . .

1914.

Silver—New York.

Exports.
1915.

Imports. | Exports.
1914.

1915.

|

$

i

1915.

$
2,082,618
1,531,031
3,377,102
3,590,774
12,722,697
1,204,397
5,301,292
2,281,541
8,992,572
27,999,731

$
1,301,532
659,423
1,252,366
575,917
633,149
806,392
732,964
973,114
905,196
712,573

69,083,755!

8,552,626 14,878,358117,399,986 15,061,875 34,691,578

$
$
639,000 6,788,486
996,300 8,982,204
773,400 2,582,056
754,808
60,250
1,196,820 16,700,846
2,779,190 47,593,306
2,064,670 32,732,361
1,032,670
949,341
1.817,500
766,499
2,824,000
244,637

396,139
1,410,058
1,266,910
834,374
881,477
1,864,418
1,768,120
2,718,817,
1.581.174
2,340,388

$
4,371,866
2,892,627
2,725,628
3,626,612
4.869,982
3,020,338
2,694,349
2,824,995
3,104,667
4,560,514

N ation a l B an k s.— The following information regarding
national banks is from the office of the Comptroller of the
Curroncy, Treasury Department :
TO CONVERT
« APPLICATIONS
The Citizens' Rank o f Batesburg,

APPROVED OCT. 28 AND 29.
S. C ., Into "The Citizens' National
Bank of Batesburg.” Capital, $30,000.
Tho Planters’ Bank o f Saluda, S. C ., Into "Tho Planters' National Bank
of Saluda.” Capital, $30,000.
CH ARTER ISSUED TO NATIONAL BANK OCT. 28.
10,796— Tho Colonial National Bank of Hartford, Conn. Capital, $500,­
000. Lucius A . Barbour, Pres.; Myron A. Andrews, Cashier.

VOLUNTARY LIQUIDATION.
2,615— The Citizens’ National Bank of Saratoga Springs, N. Y ., N ov. 1
1915. Liquidating agent, Edgar D. Starbuck, Saratoga Springs.
N . Y. (Consolidated with the First National Bank of Saratoga
Springs, N . Y .)
D IV ID E N D S .

The following shows all the dividends announced for tho
futuro by largo or important corporations.
Dividends announced this week are printed in italics.

Name of Company.
Railroads (Steam).
Alabama Great Southern, ordinary--------Preferred--------------- ------------- --------Atch. Top. & 8 . Fe, com. (qu.) (No. 42).
Atlantic Coast Line Co., Conn, (quar.)___
Atlantic Coast Line RR., common________
Boston A Albany (quar.)---------- ---------Boston Revere Beach A Lynn (quar.)______
Canadian Pacific, com. (quar.) (No. 7 8 )..
Chestnut Hill (quar.)....................... .......
Chicago Great Western, preferred--------Chicago & North Western, com. (quar.).
Preferred (quar.)-----------------------------Cin. New Orleans A Texas Pacific, com—
Common (extra)______________________
Preferred (quar.)-------------------------------Cleveland & Pittsburgh, guar. (quar.)..
Special guaranteed (quar.)....................
Cripple Creek Cent., com. (qu.) (No. 24)
Preferred (quar.) (No. 40)___________
Delaware & Bound Brook, guar. (quar.).
Delaware A Hudson Co. (quar.)_________
New York Philadelphia A Norfolk........ .
Norfolk & Western, com. (quar.)............
North Pennsylvania (quar.).................. .
Pennsylvania (quar.)---------------------------Phila. Germantown & Norristown (quar.)
Pittsburgh Bessemer & Lake Erie, pref..
Reading Company, 1st pref. (quar.)........
Reading Company, second pref. (quar.)___
Southern Pacific Co. (quar.) (No. 37) —
Union Pacific, common (quar.)-------------Street and Electric Railways.
American Railways, common (quar.)___
Brazilian Trac., Lt. & P., ordinary (qu.).
Cent. Ark. R. & L. Corp.,pf.(qu.)(N o.ll)
Cent. Miss. Vail. Elec. Prop., pref. (qu.)

Per
When
Cent. Payable.
</2 %
3
1%
$1.50
2%
2%
1%
2%
75c.
1
1%
2

3
2%
1%
1%
1
1
1
2
2%

S3

1%
$1
1%

$1.50
$1.50
I
1
1%
2

I
%

1%
1%

Books Closed.
Days Inclusive.

Dec. 29 Holders of rec. Dec. 4a
Feb. 23 Holders of rcc. Jan. 22a
Dec. 1 Holders of rec. Nov. 6 a
Dec. 10 Dec. 1 to Dec. 9
Jan. 10 Holders of rec. Dec. 20a
Dec. 31 Holders of rec. Nov. 30a
Jan. 1 Holders of rcc. Dec. 15a
Doc. 31 Holders of rcc. Nov. 30a
Dec. 4 Nov. 21 to Dec. 3
Dec. 1 Nov. 11 to Nov. 30
Jan. 3 Holders of rcc. Dec. la
Jan. 3 Holders of rcc. Dec. la
Dec. 10 Holders of rec. Nov. 27a
Dec. 10 Holders of rec. Nov. 27a
Dec. 1 Holders of rec. Nov. 20a
Dec. 1 Holders of rcc. Nov. 10a
Dec. 1 Holders of rec. Nov. 10a
Dec. 1 Holders of rec. Nov. 20a
Dec. 1 Holders of rec. Nov. 20a
Nov. 20 Nov. 13 to Nov. 19
Dec. 20 Holders of rcc. Nov. 27a
Nov. 30 Holders of rec. Nov. 15a
Dec. 18 Holders of rec. Nov. 30a
N ov.24 Nov. 12 to Nov. 19
N ov.30 Holders of rec. Nov. la
Dec. 4 Nov. 21 to Dec. 3
Dec. 1 Holders of rec. Nov. 15
Dec. 9 Holders of rec. Nov. 23a
Jan. 13 Holders of rec. Dec. 21a
Jan. 3 Holders of rcc. Nov. 30a
Jan. 3 Holders of rec. Dec. la
Dec. 15 Holders of rec.
Dec. 1 Holders of rec.
Dec. 1 Holders of rec.
Dec. 1 Holders of rec.

Nov.
Oct.
Nov.
Nov.

30a
30
15a
17a

16
Detroit United Ry. (quar.)------------------i% Dec. 1 Holders of rec. Nov. 15a
Manhatlah Bridge Three-Cenl Line (quar.).
i% Dec. 1 Holders ot rcc. Nov. 29a
Dec. 1 Holders of rcc. Nov. 15a
3
Norfolk Railway A Light----------------------Northern Ohio Traction A Light, com. (qu.)
1 % Dec. 15 Holders of rec. Nov. 25a
Dec. 1 Holders of rec. Nov. 20a
Nor. Texas Elec. Co., com. (qu.) (No. 25)
1
1 Holders of rcc. Nov. 23a
Rochester Ry. A Light, pref. (quar.)--------1 % Dec.
Jan. 1 Holders of rec. Dec. 15a
Third Avenue Ry. (N. Y. City) (quar.).
1
Dec.
1 Nov. 13 to Nov. 14
Washington (D. C.) R y. & El., com.(qu.)
IX
to Nov. 14
Preferred (quar.)---------- ------------------1 % Dec. 1 Nov. 13
1 Holders of rcc. Nov. 15a
Wisconsin-Minnesota L. A P., pref. (qu.).
1 % Dec.
Miscellaneous.
Doc. 1 Nov. 11 to Nov. 30
SI
Adams Express (q u a r.)............................
Ahmeck Mining (quar.)----------------------- $2.50 Nov. 23 Holders of rec. Oct. 23a
1 Dec. 25 to Jan. 1
American Coal Products, common (quar.)
1 % Jan.
to Jan. 14
1 % Jan. 15 Jan. 11
Preferred (quar.)_______________ _—
Dec. 1 Nov. 12 to Dec. 2
1
American Cotton Oil, common (quar.)..
Dec. 1 Nov. 12 to Dec. 2
3
Preferred __________________________
Dec. 1 Holders of rco. Nov. 17a
2
American Cas (quar.)........ ....... ............. .
Dec. 31 Dec. 23 to Jan. 2
4
Amer. Radiator, common (quar.)...........
Dec. 15 Nov. 27 to Dec. 5
1
Amer. Smelt. & Rcfg., com. (quar.)........
1 Nov. 16 to Nov. 23
Preferred (quar.)------------ ----------------1 % Dec.
3 Holders of rec. Dec. la
Amer. Sugar Refining, com. A pref. (quar.)
1 % Jan.
Dec. 1 Holders of rec. Nov. 15a
American Tobacco, common (quar.)----5
Nov. 26 Holders of rcc. Nov. 19
American Window Glass Machine, pref—
7
Nov. 29 Holders of rcc. Oct. 23a
Anaconda Copper Mining............ ............ $1
Dec. 15 Holders of rec. Nov. 20a
5
Atlantic Refining (quar.)---------- ----------Atlas Powder, common (quar.)----------------i% Dec. 10 Dec. 1 to Dec. 10
Common (extra)--------------------------------3% Doc. 10 Dec. 1 to Dec. 10
to Dec. 15
Borden's Condensed Milk, pref. (quar.)-----1 % Dec. 15 Dec. 2
to Nov. 20
British Columbia Fishing & Packing, Ltd.
1 % Nov. 21 Nov. 10
British Columbia Packers Assn.,com.& pf 3% Nov. 21 Nov. 10 to Nov. 20
1 Holders of rec. Dec. 15
Brooklyn Union Gas (quar.) (No. 59)------1 % Jan.
Jan. 1 Holders of rec. Dec. 15
I
Dec. 15 Holders or rec. Nov. 24
Buckeye Pipe Line (quar.)................ ....... $2
Butterlck Company (quar.).......... ...........
% Dec. 1 Holders of rcc. Nov. 15a
Nov. 20 Nov. 10 to N ov. 21
2
Cancy River Cas (q u a r.)..------- ----------Nov. 20 Nov. 10 to Nov. 21
1
Dec. 30 Holders of rec. Dec. 9a
4
Central Leather, common---------------------Dec. 20 Holders of rec. Nov. 30a
6
Chesebrough Mfg. (Consolidated) (quar.)..
Dec. 20 Holders of rec. Nov. 30a
4
Colorado Power, preferred (quar.)---------1 % Dec. 15 Holders of rec. Nov. 30a
1 Holders of rcc. Nov. 15a
Connecticut Power, pref. (qu.) (No. 11).
1 % Dec.
Consolidated Gas (quar.)---------------------1 % Dec. 15 Holders of rec. Nov. 11a
3 Holders of rcc. Dec. 15a
Consol. Gas, El. Ij . A P ., Balt., com. (qu.)
1 % Jan.
Dec. 16 Nov. 27 to Dec. 16
3
Continental Oil (quar.) .. ------- -------------Dec. 15 Holders of rec. Nov. 29a
Copper Range Co. (No. 28)------------------- S3
75c. Dec. 15 Nov. 23 to Dec. 15
Crescent Pipe Line (quar.)------- --------—
3 Holders of rcc. Dec. 15a
Cuban-American Sugar, common (quar.)..
2 % Jan.
3 Holders of rec. Dec. 15a
Preferred (quar.)_______________ _____
1 % Jan.
Dec. 15 Holders of rec. Nov. 30
5
Cumberland Pipe Line.......... ....... ...........
Deere & Co., preferred (quar.)........ .......
i% Dec. 1 Holders of rec. Nov. 15a
Diamond Match (quar.)----------------------i% Dec. 15 Holders of rec. Nov. 30a
Dome Mines, Ltd. (quar.).......... ........... . 50c. Dec. 1 Nov. 24 to Dec. 1
3 Holders of rec. Dec. 15a
Dominion Textile, Ltd., com. (quar.) —
1 % Jan.
Dominion Textile, Ltd., preferred (quar.)..
1 % Jan. 15 Holders of rec. Dec. 31a
1
1 % Dec. 15 Holders of rec. Dec.
Eastern Steel, first preferred----------------Eastman Kodak, common (quar.)--------2 % Dec. 31 Holders of rec. Dec. 15a
1 2 % Dec. 15 Holders of rec. Nov. 30a
Common (extra)____________________
Preferred (quar.)___________________
1 % Dec. 31 Holders of rec. Dec. 15a
Dec. l Holders of rec. Nov. 20
4
Essex A Hudson Gas__________________
Fairmont Gas, preferred (quar.)-----------1 % Nov 20 Holders of rec. Nov. 12a
Dec. 15 Holders of rec. Nov. 22
1
Federal Mining A Smelting, pref. (quar.).
Dec. 31 Holders of rcc. Nov. 30a
3
Galena-Signal Oil, com. (quar.) -----------Dec. 31 Holders of rec. Nov. 30a
2
Preferred (quar.)----- --------— ........
Dec.
1 Holders of rec. Nov. 12a
General Asphalt, prof, (quar.) (No. 4 3 )..
1%
1 Holders of rec. Nov. 19a
General Chemical, common tquar.)......
1 % Dec.
Feb. 1 Holders of rec. Dec. 31
5/
Gen. Chem., com. (extra)(pay. in com. slk.)
Feb. 1 Holders of rec. Dec. 31
Special (payable in common stock)--------- 10 /
3 Holders of rcc. Dec. 15
Preferred (quar.)-------------------------1 % Jan.
Dec. 1 Holders of rec. Nov. 20a
3
General Development (quar.)--------------Jan. 15 Holders of rec. Dec. 15
2
General Electric (quar.).. . — .......... .
Dec. 15 Dec. 2 to Dec. 15
1
Globe Soap, common (No. 1)— -----------2 to Dec. 15
1st, 2d and special pref. (quar.)----- . .
1 % Dec. 15 Dec.
Holders of rec. Dec. 2ia
Goodrich (B. F.) Co., preferred (quar.)..
1 % Jan.
50e. Dec. 15 Dec. 2 to Dec. 22
Great Northern Ore___________ ________
Holders of rec. Nov. 30a
Great Northern Paper (quar.)---------. . . . .
1 % Dec.
Holders of rec. Nov. 20
1
Dec.
Harblson-Walker Refrac., com. (quar.)..
25c. Dec. (
Hawaiian Commercial A Sugar (monthly).
50c. Dec. (
Homestakc Mining (monthly) (No. 493). 65C. Nov. 2f Holders of rcc. Nov. 20a
to Nov. 29
Independent Brewing, pref. (quar.)------1 % Nov. 3< Nov. 21
Holders of rec. Nov. 10i
Dec.
2
Inland Steel (quar.)_____________ ____
Holders of rec. Nov. 10a
Int. Harvester of N. J., pf. (qu.) (No. 35)
t% Deo.
Holders of rec. Nov. 10a
Int. Harvester Corp., pf. (qu.) (No. 11).
1 % Dec.
Holders of rec. Nov. 15a
Dec.
5
International Nickel, common (quar.) —
Kerr Lake Mining (quar.) (No. 41)------- 25C. Dec. If Holders of rec. Dec. la
Holders of rcc. Nov. 19a
Dec.
2
Kings Co. El. L. & P. (qu.) (No. 6 3 )..
Holders of rec. Nov. 27
Jan.
3
Kresge (S. S.) common (quar.)--------------: Holders of rec. Nov. 27
Preferred (quar. ) . . ............ ....... .............
1 % Jan.




[Vol. 101.

THE CHRONICLE

1(393

Per
When
Cent. Payable.

Name of Company.

Books Closed.
Days Inclusive.

Miscellaneous (Concluded).
Nov. 30 Holders of rec. Oct. 30a
Lehigh Coal & Nav. (qu.) (No. 148)____ $1
Dec. 1 Holders of rec. Nov. 15a
Liggett & Myers Tobacco, com. (quar.).
3
Nov. 30 Holders of rec. Nov. 15a
Lindsay Light, common (quar.)________
1
Preferred (quar.)........ ......................... .
1 % Nov. 30 Holders of rec. Nov. 15a
Manhattan Shirt, com. (quar.) (No. 3 )-.
% Dec. 1 Holders of rcc. Nov. 23a
Nov. 30
2
Massachusetts Gas.Companies, pref___
Dec. 1 Nov. 16 to
Maxwell Motor, Inc., first pref. (quar.)..
3 Holders of rec. Dec. 10a
1 % Jan.
May Department Stores, com. (quar.)..
% Dec. 1 Holders of rec. Nov. 15a
Mergenthaler Linotype (quar.)___________
2 % Dec. 31 Holders of rec. Dec. 4a
Middle West Utilities, preferred (quar.).
1 Holders of rec. Nov. 15
1 % Dec.
1 Holders of rec. Nov. 17a
Moline Plow, first preferred (quar.)..........
1 % Dec.
Montreal Cottons, Ltd., com. (quar.)..........
1
Dec. 15 Holders of rec. Dec. 5
Preferred (quar.)_____________________
1 % Dec. 15 Holders of rec. Dec. 5
National Biscuit, com. (quar.) (No. 7 0 )..
1 % Jan. 15 Holders of rec. Dec. 28a
Preferred (quar.) (No. 71)___________
1 % Nov. 30 Holders ot rcc. Nov. 15a
National Cloak & Suit, preferred (quar.).
1 Holders of rec. Nov. 19a
1 % Dec.
National Lead, common (quar.)__________
% Dec. 31 Dec. 11 to Dec. 15
to Nov. 23
National Lead, pref. (quar.)___________
1 % Dec. 15 Nov. 20
National Refining, preferred (quar.)___
2
Jan. 1 Holders of rec. Doc. 15a
National Sugar Refining (quar.)_________
3 Holders of rec. Dec. 6
1 % Jan.
la
New York Air Brake (guar.) (No. 52)____
1 % Dec. 23 Holders of rec. Dec.
1
N. Y. 11 Queens Elec. L. A P., pref. (qu.)
Dec. 1 Holders of rcc. Nov. 26a
4
Jan. 15 Holders of rcc. Dec. 24
New York Transit (quar.)______________
to Dec. 20
Niles-Bement-Pond, com. (qu.) (No. 54)
1 % Dec. 2 0 Doc. 12
3 Holders of rcc. Dec. 15a
North American Co. (quar.) (No. 47)___
1 % Jan.
5
Jan. 3 Holders ot rec. Dec. 13
Northern Pipe Line (quar.)_____________
1 Holders of rec. Nov. 22
Ogilxie Flour Mills, preferred (quar.).........
1 % Dec.
1 Holders of rec. Nov. 15
Ohio Cities Gas, common (quar.)............
1 % Dec.
Nov. 23 Holders of rec. Oct. 23
Osceola Consolidated Mining (quar.)___ $3
2
Nov. 25 Holders of rec. Nov. 2a
Peoples Gas Light & Coke (quar.)...........
Philadelphia Electric (quar.)----------------- 39%c Dec. 15 Holders of rec. Nov. 20a
1
Nov. 30 Nov. 20 to Nov. 30
Pittsburgh Brewing, preferred (quar.)__
1 Holders of rec. Nov. 10a
Pittsburgh Steel, preferred (quar.)..........
1 % Dec.
4
Dec. 2 Holders of rec. Nov. 15
Porto Rican-American Tobacco________
to Nov. 23
Pressed Steel Car, pref. (qu.) (No. 67)__
1 % Nov. 24 Nov. 4
2 % Jan. 15 Holders of rec. Dec. 31a
Quaker Oats, common (quar.)___________
la
Preferred (quar.)_____ _______________
1 % Feb. 29 Holders of rec. Feb.
Quaker Oats, preferred (quar.)_________
1 % Nov. 30 Holders of rec. Nov. la
1 Holders of rec. Dec. 15a
Republic Iron A Steel, pref. (qu.) (No. 49)
1 % Jan.
Pref. Extra (on account of deferred dlv.)
Ih Jan. 1 Holders of rec. Dec. 15a
to Dec. 1
Rlker & liegeman Co., common________
1 % Dec. 1 Nov. 16
to Dec. 3
Riker & liegeman Stock, Corp. for..........
1 % Dec. 3 Nov. 17
to Dec. 20
St. Joseph Lead (q u a r.).._____________ 15c. Dec. 20
to Dec. 20
Extra ____________ _____ ______ _____ 1 0 c. Dec. 2 0
of rcc. Nov. 15
1
Savoy OH (monthly)__________________
Nov. 24
of rec. Nov. 15
1
Nov. 24
Extra _____________________________
of rec. Dec. 31
Shawinigan Water A Power (quar.)..........
1 % Jan. 10
5
Dec. 2 0 Dec. 1 to Dec. 20
Solar Refining_________________________
6
Dec. 1 Holders of rcc. Nov. 15
Southern Pipe Lino (quar.).......... ...........
3
Doc. 31 Holders of rec. Dec. 15
South Penn Oil (quar.).......... ....................
2
Dec. 31 Holders of rec. Dec. 15
E xtra____________ __________________
5
Jan. 3 Holders of roc. Dec. 11a
South Porto Rico Sugar, common (quar.)__
Jan. 3 Holders of rec. Dec. 11a
2
Preferred (quar.)____________________
Standard Oil (California) (quar.)............
2 % Dec. 15 Holders of rcc. Nov. 20
3
Standard Oil (Indiana) (quar.)................
Nov. 30 Nov. 9 to Nov. 30
3
Dec. 15 Nov. 28 to Dec. 15
Standard Oil (Kansas) (quar.)..................
Dec. 15 Holders of rcc. Nov. 19a
Standard Oil of New Jersey (quar.)_______
5
Standard Oil of N. Y. (quar.)..................
2
Dec. 15 Holders of rec. Nov. 26
Jan. 1 Doc. 4 to Dec. 22
3
Standard Oil (Ohio) (quar.).................... .
3
Jan. 1 D ec. 4 to Dec. 22
E xtra______________________________
5
Dec. 15 Holders of rec. Dec. 14
Stewart Sugar........................................—
5
Doc. 15 Holders of rcc. Dec. 14
E xtra.---------- ---------------------------------1 Holders of rec. Nov. 20a
Studebaker Corporation, com. (quar.) —
1 % Dec.
1
Dec. 1 Holders of rec. Nov. 20a
Extra _____________________________
1 Holders of rcc. Nov. 20a
Preferred (quar.)........ ...........................
1 % Dec.
5
Jan. 1 Dec. 11 to Dec. 21
Tonopah Extension Mining (quar.)............
to Dec. 21 '
1 Dec. 11
2 % Jan.
Extra------- --------- ---------------- ----------- Jan. 1 Holders of rec. Dec. 20a
Underwood Typewriter, common (quar.)
1
Preferred (quar.)___________________
1 Holders of rec. Dec. 20a
1 % Jan.
1 Holders of rec. Nov. 24a
United Cigar Mfrs., pref. (quar.)............
1 % Dec.
United Cigar Stores of Amor., pref. (qu.)
1 % Dec. 15 Holders of rcc. Nov. 30a
U. S. Gypsum, preferred (quar.)________
1 % Dec. -- Holders of rcc. Nov. 10
Holders of rcc. Nov. 10
Preferred (payable In common stock ).. 343 % h
Nov. 2 to Nov. 17
U. S. Steel Corpration, pref. (quar.).......
1%
Holders of rec. Nov. 20
50c
Utah Consolidated Mining (quar.)--------Holders of rec. Nov. 18a
White (J.G.) Co.. Inc., pf. (qu.) (No. 50)
1%
Holders of rec. Nov. 18a
White(J.G.)Eng., pf. (qu.) (No. 11)----IX
Holders of rec. Nov. 18a
White (J.G.) Manag’t, pf. (qu.) (No. 11)
IX
Holders of rcc. Dec. 4
2%
Women’s Hotel________________________
Holders
of rec. Nov. 10a
Woolworth (F .W .), com. (qu.) (No. 14)
IX
Holders of rcc. Dec. 10a
Preferred (quar.).................... ..............
IX
a Transfer books not closed for this dividend, b Less British Income tax. d Cor"
rectlon. e Payable In stock. /P ayable In common stock, g Payablo In scriph On account of accumulated dividends. 1 Transfers received in London on or be*
fore Sept. 8 will be In time to bo passed for payment of dividend to transferees-

A u c t io n

S ales. — Among otlior securities, tho following,

not usually dealt in at the Stock Exchange, woro recently sold

at auction in New York, Boston and Philadelphia :
\

B y Mossrs. Adrian H . Muller & Sons, Now York:
Per cent
Shares. Stocks.
Percent. Shares. Stocks.
89 Central Verein of N . Y . City,
150 "Journal of Commerce & Com­
$1,300lot
Inc...... ......................
mercial Bulletin” __________105%
85 A. Savareso & Co., In c___ $60 lot
3 Rutherford National Bank----- 167
Bonds.
Per cent
56 Royal Baking Powder, com — 147!$
$14,300 North Carolina funding
12 German-Amerlcan Insur. C0--522
bonds, Class 3, certit. of deposit. 7.6
10 Commercial Trust C o------------ 105
$5,000 Atlantic Phosphate * Oil
1 Empire Trust C o.....................-293
Corp. ref. 6 s, 1933, Jan. 1914 7.10
83 Singer Manufacturing Co.........212

B y Messrs. Francis Honshaw & C o ., Boston:
S to c k s .
S p e r sh .
2 Pepperell Mfg. C o------------------120%
10 Collateral Loan C o---------------- 117
10 Haverhill Gas Lt. Co., $50 ea. 97
5 Androscoggin Mills...............-.160
10 Dartmouth Mfg. Corp. p re f... 101
5 Bates Mfg. Co...... ....................240
2 I.anett Cotton Mills— --------- 110
10 Lancaster M ills....................... 77%
5 Creylock Mills---------------------- 105
5 Coontoocook Mills, pref_____ 55
2 Boston Athenaeum. $300 each.350%
1 Boston Real Est. Trust, $1,000
par________
lOOl&lnt.
1 Hotel Trust Touraino_.100% & Int.
1 Haverhill Gas Lt., $50 each— 97%
1 Lowell Electric Light...................98%

S h a r es.

Shares. Stocks.
Spersh
100 Adiron. Elec. Pow. Corp., com. 20
10 Adiron. Elec. Pow. Corp., pref. 67%
3 Apsloy Rubber Co., pref-----------98%
25 Edison El. 111. of Brockton,
rights.................................. 6 % - 6 %
20 New Boston Music Hall.................... 5%
Bonds.
$2,000
1.000
1.000
2.000
1.000

Percent.
Boston 3%s, 1920, taxable. 98
Boston 3%s, 1919, taxable. 98%
Mass. 3%s, 1923, taxable.. 96%
Mass. 3%s, 1931, taxable.. 94%
Huntington L. & Imp. Co.
6 s, 1925......................
99
1.000 Houghton Co. St. Ity. 1st
6 s, 1920............................ 96%

B y Messrs. R . L . D ay & C o ., Boston:
S h a r es.

S lo ck s.

S persh .

11 Nat. Shawmut Bank — ......... -197%
4 Merchants’ Nat. Bank----- 293-293%
2 Second Nat. B a n k .......... ........304%
2 Webster & Atlas Nat. B an k..209%
1 American Trust C o................. .356%
1 Blue Hill Nat. Bank, M ilton..175%
10 Manufac'rs* Nat. Bk., Lynn..150
10 Chlcopeo Nat. Bk., Springfield 175%
5 Pacific Mills........ ..................... 121
25 Lowell Bleachcry.......................127%
19 Merrimack Mfg. Co., common. 27%
2 Nashawcna Mills---------------------94%
15 Harmony Mills, preferred------92%
5 Hamilton M a n u f a c t u r i n g . 70%

Shares. Stocks.
Spersh.
7 Ludlow Mfg. Associates........... 120
10 Everett Mills------------------------120%
50 Mass. Mills In Ga., ex-dlv------ 100
1 Central Vermont R y................ 3
1 Hood Rubber, preferred........... I l l
50 Standard Engineering W orks.. 10
175 Wellington Prclce C o .............. 51.43
16 Edison El. 111. of Brockton
--.1
rights.........................
6 % -6 %
100 Merrimack Chemical, S50 ea ..l3 5
33 Matheson Alkali Co., common. 69
Bonds.
Per cent.
$5 ,0 0 0 New Bedford 3%s, 1922.. . 96%
1.000 ShannonArlz. R y .ls t6 s ,’ 19 95,^

B y Messrs. Barnes & Lofland, Philadelphia:
Shares.

1693

THE CHRONICLE

Nov. 20 1915.]

$ per sh. Shares.

Stock.

Stock.

Spersh.

5 Girard Trust C o ...................... 90G
200 Lit Brothers, $10 each______ 19K
2 Heal Est. Trust C o ., pref___82
1 Universal Iloail Repair &
34 IIom eLlfeIns.ofAm er.,$10ea. 15
Street Cleaning C o ., $10 ca. 11
50 Mechanics’ Insur., 525 each. GO
12 Nat.StatcBk.,Cam den 208K-210
5 Frank. & So’ wark Pass. R y ..3 4 4
25 Corn Exchange N at. B a n k ..300
2 John B. Stetson C o ., com ___372
G Eire Assn, of Phil., $50 cach.331 %
1 John B. Stetson C o ., pref__ 151
29 Phil. Warehousing & C. S ._ 87
13 Amer. Pipe & C on stru ction .. 2914
GO People’s N at. F. Ins., $25 ea. li'A
20 American D redging................ 97?i
29 Cons. Ice M fg ., S25 each------ 0
13 United Gas & E . C orp., com . 18
4 Phil. Rifle Club-------------S25K lot
2 Pa. Academy of Fine Arts.31-33
5 Phoenixvllle Indus. Assn------ 0
4 Republic Trust C o ......... ........ G3
2 Lapanol Chemical C o ------- SI lot
50 American Corporation------$10 lot
Per cent.
GO Mexican Nat. Oil, $1 e a c h .. 40c. Bonds.
$1,000 M id . West U til. C o. 6s, ’25. 93><J
400 National Oil C o ., SI e a c h ... 2
500 Sonora Chief M g ., $1 e a c h ..83 lot 1.000 Cons. Gas, Pitts., 1st 5s, '48 42
400 Springfield W at. C o. 5s, ’26 89
1,011 People’s Stores C o ., $1 e a ._ S l lot
18 Keystone W atch Club C o ..\ S 3 lot 1.500 N . J. Gas C o. 1st 5s, 194 0.. 75
1.000 Laurel Springs W ater Sup­
12 Internal. Print.& Tcleg. C o .f
ply Co. 1st Gs, 1931--------90
5 Amer. Compress.
Castngl
A ssociation______________ )$1 lot 1.500 Sun. Haz. & W . B. R y . 2d
Gs, 1938________________ 112M
8 W . II. In g h a m * C o _____ J
200 Sun. Ilaz. & W . B . R y . 1st
2 Proposed Postal Bank, S t.L .l
5s, 1928________________ 101
S5 People’s Stores C o. Gs.........)$3 lot
50 Allemanla Gcsang Vcrein
Bond Herzogl, Braunsclier, |
ctfs. of indebtedness___ $3 lot
Pramlen Staats....... .......... ]
50 Columbia Gcsang Vercln ctfs.
25 Ninth National Bank_______ 32GK
of Indebtedness______ $3 lot
1 1G Industrial Trust T . & S. C o.,
10.000 Y olo W at. * Pow . 1st 5s, ’52 70
$50 each_________________ 172
30.000 M anatee Estate, In c., Inc.
1 Philadelphia N at. Bank----- 46G
debs. 1923....... ...............$100 lot
5 C om m om vea lth T .I.& T .C o .2 2 1 K

1915.
January................................ ..........S45.064 68
F’ebruary.................... .......... .......... 59,460 45
March___________________ _____ 67,607 88

1914.
$158,251 36
156,910 64
118,220 40

Increase (+ )
Decrease (—).
—S113.1S6 68
—97,450 19
—50,612 52

R- Total first quarter_______ _____ $172,133 01
April_____________________ ..........$68,627 96
May ____________________ .......... 81,187 68
June ____________________ .......... 65,773 53

$433,382 40
$115,087 24
118,306 40
108,549 52

—$261,249 39
—$46,459 28
—37,118 72
— 42,775 99

Total second quarter_____ ......... $215,589 17

$341,943 16

—5126,353 99

Half-year.... .......................... ___ --S387.722 IS
July____ ____ ___________ .......... 70,044 50

$775,325 56
95,973 52

—$387,603 38
—25,929 02

Im ports an d Exports fo r th e W e e k .— The following are
the reported imports at New York for the week ending
November 13 and since the first week of January:
F O R E IG N IM P O R T S A T N E W Y O R K .
For Week Ending Nov.

1914.

1915.
$2,440,540
18,114,399

$3,005,960
14,534,570

EXPO RTS FROM N EW Y O R K .
W
eek Ending Nov.

13.

1914.

S
S
Canada—
%
Montreal ............ - ......... 73,006,667 48,406,690 + 50.8
T oron to---------------------- 43,547,576 36,973,048 + 17.8
Winnipeg . ...................... 58,446,299 37,869,104 + 54.3
6,495,245 7,053,126 — 7.9
Vancouver.............. .......
4,461,629 4,132,354
+ 8.0
Ottawa.... ............. .........
4 055 561 3 445,444 + 14.8
Quebec - . ....................
2,656,706
1,852,396 + 43.4
Halifax.............. - ...........
4,941,720 3,749,453 + 31.8
Calgary......... ............ .
1,552,121
1,520,929
+ 2.1
St. J o h n .............. .........
Hamilton...... ......... .......
3,251,505 2,768,032 + 17.4
1,539,784 2,139,751 — 28.0
Victoria............................
1,618,152 + 19.2
London------- ---------------1,929,966
Fklmonton......................
2,155,648 2,432,024 — 11.4
R egina........ ........... .......
3,399,699 2,222,795 + 52.9
Brandon..........................
993,090
798,093 +24.4
Lethbridge____________
423,670 +50.3
636,080
Saskatoon........................
1,225,481 + 50.5
1,844,337
Moose Jaw.......... ...........
1,473,809
995,999 + 48.0
Brantford ................ .....
030,177
462,857 + 36.3
772,973
Fort William__________
709,767
+ 9.0
251,631
286,959 — 12.3
402,403
312,759 + 28.8
406,712
352,760 + 15.3
Total Canada________ 218,911,998 161,812,309

1913.

1012.

$

S
62,078,,865
43,922,534
44,718,162
13,448,324
3,981,204
3,631,048
2,150,844
6,533,312
1,829,880
3,678,267
4,112,855
1,714,508
6,327,164
3,131,193
941,688
710,590
3,003,790
1,770,702
659,345
855,223

69,156,451
44,411,130
48,215,423
11,719,890
4,270,040
3,784,217
1,961,499
5,707,339
1,485,975
3,033,174
3,064,340
1,085,321
4,651,165
3,559,706
8.80,487
782,279
2,340,423
1,401,494
621,190
1,121,076
508,829
69+420

1913.

1912.

$17,537,272
740,508,310

$16,201,512
700,520,428

Total 45 weeks___________ 1514,218,794 $747,788,251 $758,045,582 $716,721,940

Week ending November 13.

1915.

1914.
$24,189,270
723,598,981

1915.

For the week........... .............. .. $50,548,070
Previously reported........... . . 1463,670,724

Inc. or
Dec.

$3,948,192
16,786,504

Total 45 weeks___________ $839,652,256 S848,770,652 $849,596,343!$880,881.227

ending N o v . 13 at Canadian cities, in comparison with tho
same weok of 1914, shows an increase in tho agrogate of

Clearings at—

1912

1913.
$3,431,380
18,676,986

Total . . . ............................... S20,554,939 517,540,530 $22,108,366 $20,734,696
Since January 1.
D ry G oods............................ . S102,905,857 5148,594,168 $134,248,224 $130,232,164
General Merchandise_______ 730,740,399 700,176,484 715,348,119 750,649,063

Canadian Bank Clearings.— Tho clearings for the week
3 5 .3 % .

13.

D ry G oods_________________
General Merchandise_______

The gold and silver exports and imports for the week and
since January 1 have been as follows:
E X P O R T S A N D IM P O R T S OF SP E C IE A T N E W

G o ld .

Since
Ja n . 1.

Week.

Week.

Since
J a n . 1.

$9,585,403 $41,024,950
11,519,8S0

$’200,090
Total 1915.........................................
Total 1914......... ...................- ..........
Silver.

16,693
194,998
35,551

7,540,641
1,711,305
13,368,452
5,456,609

$813,116 $31,291,856
2,286,075

S I,661
1,469

S18,705
15,067

1,768,944
3,700
256,147
12,575

2,657
268,301
19,499
12,730

336,996
4,614,611
3,219,922
1,097,679

$829,521 S35J519.297
723,766 38,136,100
765,073 43,512,490

$306,317
147,048
185,570

$9,302,980
8,759,104
9,234,285

16,100
305
Total 1915.........................................
Total 1914.........................................
Total 1913.........................................

14,113,338
22,010
922,340
61,500

$200,000 $15,119,188 $9,832,645 $80,621,837
305.649
8,381,876
33,956 128,168,441
756,960 20,874,122
68,863,646

+ 35.3 215,032,685 209,200,498

N IC A R A G U A C U ST O M S R E C E IP T S .— W o append a
statomont showing tho Nicaraguan customs receipts for tho
sovon months sinco Jan. 1 1915, compared with 1914:

Im ports.

Exports.

Week ending N o v . 13.

YORK.

Of the above exports for the week In 1915, $200,000 were American gold coin.

The Federal Reserve Banks.— Following is the weekly statement issued by the Federal Reserve Board on N o v :

13:

A gain of about 3 millions in total reserves and a gain of 2.7 millions in tho combined gold resorves of tho Federal Reserve banks, as against an
incroaso o f 13.3 millions in net reserve deposits is indicated bv the statement. The principal increases in total and gold reserves are reported by the
Chicago, Boston, Kansas City and Dallas banks. Tho Now York banks shows a decrease of 1.4 million in gold reserve, which is, however, 2 millions
below tho amount o f gold deposited with the Federal Reserve Agent to reduco tho bank’s liability on outstanding notes. The total gold resources of
the system, 4(50.5 millions, oxceed by 11.8 millions tho figures reported a week ago, by 37.5 millions the figures a month ago, and by 110.5 millions
those of three months ago. Of tho total gold resources of tho system tho proportion held at present by tho Federal Reserve Agents, either in their own
vaults or in Washington, is over 35% , compared with less than 25% reported three months ago.
A not gain of 2.1 millions in earning assets is shown for the system over the preceding week’s figures, increasing tho ratio of these assets to paid-in
capital to 142% from 138% shown last week. Commercial paper on hand shows an increase of about $657,000, the Richmond, Atlanta and Chicago
banks reporting tho largest gains for tho week. Bankers’ acceptances on hand decreased about $636,000. the New York bank accounting practically
for tho ontlro decrease under this head. The holdings o f this class of papor constitute at present 30.4% of the entire bill holdings of the banks, com­
pared with 31.9% reported last week. Bills maturing within 30 days aro 37.3% of the total bill holdings, as against 37.8% tho week before, while bills
maturing after 60 but within 90 days aro 22.1% , as against 19.7% of the total bills held. The amount of bills maturing after 90 days (practically all
agricultural and live-stock paper) shows a further increase during tho week and constitutes at present 6 .6 % of the total bills on hand. Of the total
o f about 2.9 millions of this class o f paper about 56% is reported held by tho Atlanta and Chicago banks.
Additional purchases of Umtecl States bonds, mainly of tho 2% typo, aro reported by the Boston, Philadelphia and Minneapolis banks, tho total
amount on hand showing an increase for tho week of about 1.5 million dollars. The holdings of municipal warrants increased about $653,000, mainly
as tho result o f tho larger holdings reported by tho Boston bank. Net deposits increased about 13.3 millions, all the banks except St. Louis reporting
larger net deposits than tho week before. The largest gains in deposits are reported by the New York and San Francisco banks.
An incroaso of over 9 millions in tho amount of Focloral Roscrve notes outstanding is shown as tho result of fresh issues to nine banks. Tho total
amount of Federal Roscrve notes outstanding is given as 179.3 millions, against which tho agents hold 163.1 millions of gold, $100,000 of lawful money
and 16.7 millions of commercial paper. Tho banks givo their ci dilation as 156.6 millions and their aggregate liability thereon as 13 million dollars. -~i

The figures of tho consolidated statement for the system as a whole are given in the following table, and in addition
we present tho results for each of tho eight preceding weeks, thus furnishing a useful comparison. In the second table we
show the resources and liabilities separately for each of tho twelve Federal Reserve banks. The statement of Federal Reserve
Agonts’ Accounts (the third tablo following) gives details regarding tho transactions in Federal Reserve notes between the
Comptroller and the Reserve Agents and betweon tho latter and the Federal Reserve banks.
C o m b in e d R e s o u r c e s a n d L ia b il it ie s o f t u b F e d e r a l R e s e r v e

B a n k s at t u b clo se of b u s in e s s

N o v e m b e r 12 1915

N ov. 12 1915. N ov. 5 1915. Oct. 29 1915. Oct. 22 1915. Oct. 15 1915. Oct. 8 1915. Oct. 1 1915. • Sept. 24 1915 Sept. 17 1915

, RESO U RCES.

1
Gold coin and certificates in vault
. . . $233,430,000 S232.678,000 $218,224,000 $227,005,000 $226,956,000 $227,769,000 $227,274 000 $229,972,000 *224.402.000
59,050,000
63,040,000
55,180,000
Gold settlement fund_______
55,850,000
54,670,000; 58,620,000
62,790,000
00,810,000
01,900,000
1,202,000!
1,197,000
1,202,000
1,212,000
Gold redemption fund with u. S. T reasurer..
1,212,000
1,212,000
1,227,000
1,222,000
1,227,000
Total gold reserve........................ ................... 5297,447,000 S294,715,000 $281,406,000 $282,8.87,000 S2S6.78S.000 $284,831,009 $283,656,000 3290,224,000 $288,639,000
22,920.000
16,001,000
16,493,000
Legal tender notes, silver, A c -----------------34,626,000
19,748,000
21,302,000
31,806,000
31,507,000j 37,058,000
Total r e s e r v e ................................................ $329,253,000 $320,282,000 $318,461,000 $317 513,000 $300,538,000 $308,133,000 $300,149,000 $313,144,000 $304,640,000
Bills discounted and bought—
Maturities within 10 days-----------------------Maturities from 11 to 30 days-----------------Maturities from 31 to 60 days......................
Maturities from 01 to 90 days— ................
Maturities over 90 days---------------------------

Bank acceptances (Included In above) —




$5,893,000
♦13,786,000
*15,257,000
♦ 9,109,000
1,320,000

35.765.000
12.207.000
15.790.000
9.006.000
1.452.000

57.487.000
11.997.000
15.501.000
8.173.000
1.213.000

* ? 4 .784.000
*12,997.000
*17,452,000
7.293.000
1.135.000

$43,959,000

$45,365,000

$44,880,000

$44,431,000

$43,661,000

$13,335,0 0 $14,556,000

$14,804,000

*14,840,000 $13,058,000

12,9,00085

$7,263,000
$6,694,000
11.198.000
12,939,000
14.094.000
14,703,000
8,978,0001 8,116.000
1,789,600
1,507,000

$1,924,000
11.105.000
14.663.000
9.521.000
2.875.000

$5,803,000
10.136.000
15.606.000
8.498.000
2.724.000

$6,913,000
10.595.000
15.909.000
8.458.000
2.102.000

543,148,000

$13,127,000

$14,067,000

$43,322,000

*13,138,000

$13,774,000

513,619,000

1694

\_VOL. 101.

THE CHRONICLE
N ov. 12 1915. N ov. 5 1915. Oct. 29 1915. Oct. 22 1915. Oct. 15 1915

Oct. 8 1915. Oct. 1 1915.* Sept. 24 1915 Sept. 17 1915.

R E SO U R C E S {Concluded).
Brought forw ard (total reserve A bills dlsc'ted) 5372,401,000 $399,409,000 $362,531,000 S360.835.000 $350,495,000 $351,498,000 $345,029,000 $357,575,000 $348,301,000
Investments: U. S. bonds____________________
M unicipal w arrants......................
Federal Reserve notes— N et......... .........................
Due from Federal Reserve banks— N et..............
All other resources____________________________

S12,003,000
22,801,000
19,537,000
16,175,000
3,275,000

310,533,000
22,148,000
15,184,000
12,483,000
2,962,000

310,505,000
25,014,000
19,723,00C
8,533.00C
3,645,000

$10,380,000
26,583,00C
15.236.00C
10.160.00C
3,018,000

$10,480,000
25,381,000
15.680,000
*12,314,000
3,162,000

$9,483,000
27,029,000
15.523,000
7,723,000
3,124,000

$9,329,000
27,381.00C
15,378,00C
11,194,000
3,326,000

$9,328,000
24,945.000
14,866,000
7,409,000
3,577,000

9,047,000
24,444,000
12,481,000
8,533,000
3,382,000

Total Resou rces...................................... $440,192,000 $432,719,000 $429,951,000 $427,880,000 $415,872,000 $414,380,000 $411,637,000 $417,700,000 $406,188,000
L IA B IL IT IE S .
Capital paid in ............... ..........................................
Government deposits ............. ................................
Reserve deposits— N et________________________
Federal Reserve notes— N et__________________
AH other liabilities....... ........................... ............ ..

354,846,000
15,000,000
359,317,000
13,007,000
4,022,000

$54,848,000
15,000,000
346,063,000
13,661,000
3,147,000

$54,838,000
15,000,000
343,554,000
13,918,000
2,641,000

$54,834,000 $54,775,000
15,000,000
15,000,000
340,444,000 328,766,000
14,809,000
14,791,000
2,540,000
2,793,000

$54,781,000 $54,728,000
15,000,000
15,000,000
326,787,000 324,884,000
15,225,000
14.359.000
2,587,000
2,666,000

354,748,000
15,000,000
329,941,000
15,348,000
2,663,000

$54,749,000
15,000,000
316,953,000
10,562,000
2.924,000

Total liabilities______________________ $446,192,000 $432,719,000 $429,951,000 $427,880,000 $415,872,000 $414,380,000 $411,637,000 $417,700,000 $400,188,000
G old reserve against net liabilities ( a )................
Cash reserve against net liabilities ( a ) . . ......... ..
Cash reserve against liabilities after setting
aside 40% gold reserve against net
amount of Federal Reserve notes In
circulation (a )______________ ________

(a) Less Items In transit between Federal Re-

80.1%
88.7%

81.4%
90.1%

77.3%
87.5%

*79.0%
*88.7%

82.3%
88.0%

81.5%
87.6%

82.7%
87.5%

82.2%
88.7%

84.9%
89 0%

90.5%

92.0%

89.4%

♦90.8%

90.1%

89.8%

89.0%

91.0%

92.1%

$8,533,000 *$12,342,000

$10,160,000

$7,723,000

$11,194,000

$7,409,000

$8,533,000

316,175,000 *$12,483,000

serve banks, viz...................... .........................

Federal Reserve Notes—
Issued to the banks......................................... $179,335,000 $170,310,000 $168,370,000 $159,280,000 $153,790,000 $148,590,000 $141,000,000 $133,060,000 $124,000,000
22,710,000
17,828,000
22,345,000
18,025,000
18 268,000
17,711,000
18,782,000
In hands of banks_______ _____ __________
17,398,000
15,378,000
In circulation......... ............................. ............ 3156,625,000 3152,432,000 $146,025,000 $141,569,000 $135,765,000 $130,322,000 $122,218,000 $115,662,000 $108,622,000
G old and lawful money with Agent.................... 3163,155,000 $154,005,000 $151,830,000 $142,440,000 3130,210,000 $130,023,000 $123,301,000 $115,180,000 $104,541,000
13,007,000
13,918,000
15,225,000
14,295,000
13,661,000
14,809,000
14,791,000
Carried to net liabilities_____________________
10,562,000
15,348,000
15,523,000
19,537,000
15,184,000
15,680,000
15,236,000
15,378 000
19,723,000
14,866.000
Carried to net assets......... ......................................
12,481,000
Federal Reserve Notes (Agents' Accounts )—
Received from the Com ptroller.................. 3235,020,000 $218,020,000 $212,020,000 $205,460,000 3199,260,000 $193,880,000 $175,820,000 $171,860,000 $165,400,000
1,265,000
1,035,000
815,000
1,015,000
745,000
745,000
745,000
Returned to the Com ptroller........................
005,000
605.000
Am ount chargeable to Agent................ $233,755,000 $216,985,000 $211,205,000 $204,445,000 $198,515,000 $190,135,000 $175,075,000 $171,255,000 $164,895,000
46,675,000
45.165,000
44,725,000
41,545,000
54,420,000
42,835,000
34,075,000
38,195,000
40,895.000
In hands of Agent________________________
Issued to Federal Reserve banks____ 3179,335,000 $170,310,000 $168,370,000 $159,280,900 $153,790,000 $148,590,000 $141,000,000 $133,060,000 $124,000,000

--

i

m.
How Secured —
B y gold coin and certificates........................ 3133,515,000 3127,495,000 $126,480,000 $119,920,000 $120,010,000 $116,630,000 $110,451,000 $105,235,000
100,000 .................
5.000
17,970,000
16,840.000
17,580,000
16,180,000
16,305,000
10,540,000
17,699,000
17,880^000
B y commercial p a p e r .......................... ..........
520,000
500,000
490,000
570,000
560,000
550,000
450,000
440,000
Credit balances In gold redemption fu n d ..
22,000.000
15,700,000
13,503,000
28,970,000
25,950,000
24,800,000
12.400,000
9,500,000
Credit balances with Federal Reserve B ’d .

$90,826,000
5,000
19,447,000
410.000
7,300,000

T o t a l ........................................................... $179,335,000 $170,310,000 $168,370,000 $159,23 '.009 $153,790,000 $148,593,000 $141,000,000 $133,060,000 b$123988000
$16,680,000

Commercial paper delivered to F. R . A gent___
• Amended fissures,

$16,663,000

$16,553,000

$16,989,000

$17,766,000

$18,207,000

$18,093,000

318,113,000

$19,470,000

b Deficiency of $12,000 offset by funds In the Oold Redemption Fund.

W EE K LY STATE M EN T O F RE SO U R CE S AND L IA B IL IT IE S O F EACH O F T H E 12 FEDERAL RESERVE BA N KS A T CLOSE O F BUSINESS N OV . 12 1915
N ew York. Phlladel'a. Cleveland. Richm ond.

Boston

Atlanta.

Chicago.

St. Louis.

U ln n eap . K an . City.

D allas.

San Fran.

Total.

$
$
$
$
$
!
$
$
$
$
S
R E SO U R C E S.
1
S
$
*
975,000 3.128.000 4.009.000 5.576.000 233,430,000
G old coin A ctfs. In vault 14,769,000 143,818,000 7,606,000 10,331,000 5.964.000 6,009,000 28.639.000 2,606,000
3,006,000 2,643,000 5,367,000 6.903.000 2,515,000 12.194.000 4,622,000 4,598,000 3.103.000 8.213.000 4.699.000 62,790,000
Gold settlement fund__ : 4,567,000
______
35,000
375,000
225,000
30,000
1,227,000
55,000
37,000
102,000
341,000
21,000
G old redemption fund. .1
6,000
Total gold reserve____
Legal-ten .notes,sllv. .A c .

15,698,000 13,242,000 8,749,00040,833,000 7,263,000 5,963,000 6,333.00012,503,00010,290,000 297,447,000
131,000
209,000 1,015,000
140,000
7,000
162,000,
185,000
4,000| 31,806,000
114,000 25,605,000 3,116,000 1,052,000

Total reserve................ 19,456,0(5o 172,544,000 13,402,000 16,750,00013,379,000 8,958,00041,848,000 7,403,000 5,970,000 0,495,00012,748,000 10,300,000 329,253,000
Bills dlscountedAbought,
Commercial paper
178,000
Bank acceptances___ I 2,955,000
T o t a l ....... ................

3,133,000

316,000
145,000
4,647,000 1,751,000

532.000 6,535,000 6,838,000 2,739,000 1,771,000 1,492,000 3,100,000 5,479,000
330,000
308,000
...
550.000
100,000
........... 1,475,000
429,000

885,000; 30,010,000
587,000 13,138,000

4,963,000 1,896,000 1,082,000j 0,635,000, 6,838,000 4,214,000 2,200,000 1,828,000 3,210,000 5,479,000 1,472,000, 43,148,000

932.000
980,000
.............. 1,432,000
Investments: U. 8. bds.
M unicipal w arrants.. 3,443,000 0,562,000 2,809,000 3.515.000
427.000
1,173,000 11,457,000 1,010,000
Fed. Res've notes— Net
Due from other Federal
642.000 3,943,000 1.563.000 1,563,000
Reserve banks— N et.
232.000
92,000|
424',666
370.000
654,000
All other resources.........

........... I 4,031,000
952.000 1,144,000 1,520,000
335,000 2,468,000
950.000
718,000
753,000
......... 1 ,868,000 1 ,002,000
996,000

1 ,000,000 12.003.000
1,182,000 22.801.000
1.004.000 19.537,000

202,000 2,104,000 1,293,000 2,190,000 1,243,000
296,000;
95,000)
176,000)
68,000'
655,000)

329.000 2.323.000 alO ,175,000
92,000 3,275,000
115.000

Total resources........... 28,615,000 196,544,000 25,206,000 24,501,00021,669,000 16,629,000 56,628,000 13,982,000 12,920,000 14,080,000 18,671,000 17,973,000 440,192,000
L IA B IL IT IE S .
5.171.000 11,059,000 5,273,000 5,945,000 3.352.000
Capital paid In..............
5.000.
Government deposits__
-------- 1
----------'
..........
Reserve deposits— N e t .. 22,218,000 181,710,000 19,933,000 18,556',666 8 . 100.000
5.000.
Fed. Res've notes— N et.
Due to F.R.banks— Net 1 .220.000
157,000
3,775,000
All other liabilities.........

2.417.000 6,635,000 2,778,000 2,495,000, 3,027,000 2,753,000 3,941,000 54.846.000
. ._
.......
........... I 5,000,000
000
5,000,000;
....
15,000,000
6.268.00049.993.000 11,204,00010,425,000 9,820,000 0,992,000 14,032,000359,317,000
...........
........... 1,227,000 3,926,000
___
2,854,000)
000
13.007.000
90,000

4,022,000

Total liabilities...........
F e d e r a l R eserv e N o t e s —

1
i
|
6.820.000 74,360,000 7,640,000 9,000,000 14,000,000 15,300,000 4,380,000 6.950.000 12,000,000 8,900,000 15,615,000 4.370.000 179,335,000
996,000
1.173.000 11,627,000 1,010,000
427,000
200,000 1,146,000 1,868,000 1.502.000
758,000;
399,000 1.604.000 22,710,000
1
F. R . notes In circulation 5,647,000 62,733,000 6,630,000 8,573,00013,800,000 14,154,000 2,512,000 5,448,000 11,004,000 8,142,000 15,216,000 2,766,000 156,625,000
Issued to banks______
In hands of banks___

G old and lawful money
1
I
with agents.................. 6,820,000 74,190,000 7,640,000 9,000,000 8,800,000 11,300,000 4,380,000 6,450,00012,000,000 6.915.00011.290.000 4,370,000 163,155,000
...........
........... 1.227.000
13.007.000
5,000,000 2,854,000
____..
Carried to net liabilities.
3,926,000
1,604,000 19.537.000
990,000
427,666
. . . . . . 1,868,000 1,002,000
Carried to net assets____ 1,173,000 11,457,000 1,010,000
a Items In transit, 1. e ., total amounts due from less total amounts due to other Federal Reserve banks.
STATE M EN T

OF

FE DE RA L

RESERVE

A G E N T S ' AC CO U N TS N OV. 12 1915.

N ew York. PMladeVa. Cleveland. Richm ond.

Atlanta.

Chicago.

St. Lou is. M ln n ea p. K a n . CUv.

D allas

San F r a n :

Total.

Federal Reserve Notes— !
$
$
:
S
S
$
*
*
$
*
*
I
$
Reo'd from Com ptr'r 11,800,000 93,480,000 12,480,000 11,000,000 15,100,000 17,600.000 9.380.000 9,600,000 15,000,000 10,000,000 19,580,000 10,000.000 235.020.000
Returned to Com ptr'r
400,000
............. I 400,000
40,000:
______
______ [
120,000
......... ...................... i
.......... ..
15,000
230,000
1,265,000
Chargeable to A g en t.. 11,400,000 93,480,000 12,020,000 10,960,000 15,100,000 17,600,000! 9,260,000 9,600,000 15,000,000 10,000,000 19,565,000, 9,770,000 233,755.000

,

,

,

,

,

,

I

,

,

In hands of F . R . agent 4,580,000 19,120,000, 4,380,000 1,960,000 1,100,000 2,300,000 4,880,000 2,650,000 3,000,000 1,100,000 3.950,000 5,400,000 54,420,000
Issued to F. R . b a n k .. 6,820,000; 74,360,000) 7,640,000 9,000,00014,000,000 15,300,000) 4,380,000 6,950,000.12,000,000; 8,900,000^5,615,000 4,370,000 179,335,000
Held by F. R . agent—
G old coin A ccrtfs____ 6,820,000 74,190,000 7,640,000 8,550,000
133,515,000
250,000; 4,260,000 5,450,00010,000,000 6,815,000 9,540,000
Lawful m oney_______
100,000
......... I ...........................
.........
100,000
Credit balances.:
In Oold redemp. fund
570,000
450,000
W ith F. R . Board___
8.800.00011.050.000
1 ,000,000 2 ,000,000
...
1.750.000 4,370,000 28,970,000
Notes secured by com ­
170,000
mercial paper.
5.200.000
4,000,000
500,000
......... . 1,985,000 4.325.000
16,180,000
T o t a l __________
6,820,000 74,360,000 7,640,000 9,000,00014,000,00015,300,000 4,380,000 6,950.000 12,000,000 8,900,00015,015,000) 4,370,000 179,335,000
Am ount com m 'l paper
170,000
delivered to F.R.agent
.1 5,538,000 4,000,000
.
500,000
1,988,000 4,484,000
16,680,000




Nov. 20 1915.

THE CHRONICLE

1695

w TvYork
V rCity
£ f %Clearing-House
anng"gOU3emembers
Banks and
Companies.—The
shows
theoonditionof the New
forTrust
the week
ending Novemberfollowing
13. Thedetailed
figures statement
for the separate
banks are the averages of the daily results. In the ease of the totals, actual figures at the end of the week are also given
In order to furnish a comparison, we have inserted the totals of actual condition for each of the three groups and
also the grand aggregates, for the four preceding weeks.
*
NEWJYORK WEEKLY CLEARING-HOUSE RETURN.
CLEARING HOUSE
MEMBERS.
Week Ending
November 13 1915
(00 s omitted.)
Members of Federal
Reserve Bank.
Bank of N. Y., N.B.A
Merchants Nat. Bank.
M.
'Ch. & Motals Nat...
National City Bank...
Chemical Nat. Bank__
Atlantic National Bank
Nat. Butchers' & Drov.
Amer Exch. Nat. Bank
National Bank of Com.
Chatham & Phenlx Nat.
Hanover National Bank
Citizens' Central Nat..
Market* Fulton Nat..
Importers' * Traders'..
National Park Bank__
EistRIvcr Nat. Bank..
Second National Bank.
First National Bank__
Irving National Bank.
N. Y. County Nat. Bk.
Chase National Bank..
Lincoln National Bank.
Garfield National Bank
Fifth National Bank...
Seaboard Nat. Bank—
Liberty National Bank.
Coal * Iron Nat. Bank.
Union Exchange Nat..
Nassau Nat. Bank___
Broadway Trust C o ...
Totals, avge. for week
Totals, actual condition
Totals, actual condition
Totals, actual condition
Totals, actual condition
State Banks.
Not Members o f
Federal Reserve Bank.

Bank of Manhattan Co.
Bank of America____
Greenwich Bank____
Pacific Bank.............
People’s Bank_______
Metropolitan Bank___
Corn (Exchange Bank..
Bowery Bank..............
German-Amerlcan Bank
Fifth Avenue Bank___
German Exchange Bank
Germania Bank______
Bank of Metropolis___
West Side Bank______
N. Y. Produce Exch.Bk
State Bank__________
Totals, avge. for week
Totals, actual condition
Totals, actual condition
Totals, actual condition
Totals, actual condition
Trust Companies
Not Members o f
Federal Reserve Bank.

Brooklyn Trust Co__
flankers Trust C o ___
U. S. Mtg. * Trust Co
Astor Trust Co...........
Title Guar. & Trust Co.
Guaranty Trust Co__
Fidelity Trust Co___
Lawyers Title & Trust
Columbia Trust Co__
People’s Trust Co___
New York Trust C o..
Franklin Trust Co___
Lincoln Trust Co.........
Metropolitan Trust Co.
Totals, avge. for week.
Totals, actual condition
Totals, actual condition
Totals, actual condition
Totals, actual condition
Grand Aggregate, avge. 175,550,0 310,365,5
Comparison prev. week ______
Grand aggregate, actualcondltlon
Comparison prev. week ___ . . .
Grand Aggregate actualcondltlon Nov.
Grand Aggregate actual condition Oct.
Grand Aggregate actual condition Oct.

6 3,098.674,0
30 3,044,229.0
23 3.019.565,0

Cash Reserve Reserve in
in Vault. D epositaries

Members Federal
»
I
*
Reserve Bank... 368,632,000:169,325 000
Stato Banks *____
61.0.30.000 9,286,000
Trust Companies*. 94.706.000, 39,205,000
Total
Total
Total
Total

Nov. 1 3 .. 524.368.000 217,8763)00
Nov. 6
526.148.000 212,938,000
Oct. 2 6 . . 524.109.000 209,929,000

O ct.

23

J518.547.000 205,083,000 723.630

In c . or D e c .
fr o m
Cash Reserve
PreviouslVeek in Vault. I

S

S

' from

$

+ 4,609,143 375.372,000169.031,0001
— 1,385,940; 61,048,000 9,227,000
—5,918,250 96,658,000 39.314,0301
—2,695,050
—2,208,690
+ 3,072,300
+ 1.423.380

Not members of Federal Reserve Bank.
This Is the reserve required on Net Demand Deposits In the 1
Includes also the amount of reserve required on Net Time D ep osits'ih u
m , w Th'j ,s the ™crve SquiredonNetDemandDeposits^ In the ease of State B h S
Includes also the amount of reserve required on NetTIme Deposits, which was £




ij

In c . or D e c .
P r evio u sly eek

533.078.000217,,
525,369,000213,
526,287,000211,
521.922.000 207.;

I 750.650.000 556,804,630
) 738,474,000,549,373,500
) 737,462,000 541,246.830
1729,195.000 536,394,950

193,845.370
189,100,500
198,215,17
192.800,050

s>^ea' but ln the caS€ of Mernbers of the Federal Reserve Banks,
N°v 6 . $957,100; Oct. 30. S971.150; Oct. 23, $971,650.
6° 1 ^ ^ 0 0 1 SO^eOJSo! o K
w I m o * * * * ''

(Vol . 101.

THE CHRONICLE

1 6 96

In addition to the returns of “ Stato banks and trust com ­
panies in New York City not in the Clearing H ouse ” furnishod
by the State Banking Department, tho Department also
presents a statement covering all tho institutions of this class
SUMMARY OF STATE BANKS AND TRUST COMPANIES IN GREATER in the whole State. The figures are compiled so as to distin­
m p w YORK,
v n n if NOT
VOT INCLUDED IN CLEARING HOUSE STATEMENT..
NEW
guish botween the results for New York City (Greater Now
D ifferences from
(Figures Furnished by Stale Banking Department.)
York) and those for tho rest of the State, as per the following:
previous week.
.
November 13.
Inc. S2,741,300
For definitions and rules under which the various items
97,100
r nk? 3 and lnv^tmerita _
"
?6g2’375’,800 Inc.
143,700 are made up, see “ Chronicle,” V . 98, p. 1601.
Inc.
Currency and bank notes..........................................S2?’32s’3()0
Inc. 8,675,900
Total deposits............................- ........ .........821.328.3UU
Tho provisions of the law governing the reserve require­
Deposits, eliminating amounts due from reserve de­
positaries and from other banks and trust com1,736,100 ments of State banking institutions wore published in the
panics in New York City, and exchanges............. 639,379,900 Inc. 6,416,200
Reserve on deposits................................ .................. 238,14J,6UU Inc.
“ Chronicle” March 28 1914 (V . 98 , p. 96 8). The regula­
Percentage of reserve, 35.4%.
tions relating to calculating the amount of deposits and what
RESERVE.
— Trust Companies — - deductions are permitted in tho computation of the reserves
------- Slate Banks ------$50,556,100 8.87%
Cash in vaults_. . . . ___- __. . . . - . 5 1 1 ,228,400 11.06%
155,205,500 27.22% were given in the “ Chronicle” April 4 1914 (V . 98 , p. 1045).
Deposits in banks and trust cos----- 21,153,600 20.82%
The Stato Banking Department reports weekly figures
showing the condition of State banks and trust companies
In Now York City not in the Clearing H ou se, and these are
shown in the following table:

Total .......................................... $32,382,000

31.88%

$205,761,600 36.09%

STATE BANKS AND TRUST COMPANIES.

The averages of the New York City Clearing-House banks
and trust companies, combined with those for the Stato hanks
and trust companies in Greater New York City outside ot tho
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 fig ures.

Week ended —

Aug. 21----Aug. 28----Sept. 4----Sept. 11----Sept. 18___
Sept. 25----Oct. 2----Oct. 9----Oct. 16----Oct. 23----Oct. 30___
Nov. 6 ----Nov. 13-----

D em and
D eposits.

Specie.

3.227.946.4
3.256.872.5
3.280.356.0
3,281.909,7
3.356.088.0
3.398.150.6
3.443.128.2
3.474.185.0
3.554.422.3
3,709,084,9
3.748.805.7
3.803.016.8
3.839.752.9

$
449.279.8
458.750.1
473.413.8
481.187.9
498.657.5
496.161.0
490.661.8
482.017.2
494.209.0
502.300.9
513.565.6
519.525.7
520.920.8

$
83.967.5
81.539.1
83.874.0
82.700.5
83.684.2
80.832.3
78.671.6
79,288.5
79.423.4
77.013.0
71,853,9
68.166.0
65.231.7

Capital as of Sept. 25----Surplus as of Sept. 25-----

Entire
Reserve on
D eposits.

Other
M oney.

S
533.247.3
538.289.2
557.287.8
503.888.4
582.341.7
570.993.3
569.333.4
561.305.7
573.632.4
579.313.9
535.419.5
587.691.7
586.152.5

Trust Cos.
State Banks
Trust Cos.
State Banks
outside o f
outside o f
in
in
Greater
N. Y.
Greater
N
.
Y
.
Greater
N
.
Y
.
Greater N . Y .

Week ended N ov. 13

Loams and investments.Chango from last week.

S

828.407.2
847.557.2
878.958.4
873.985.2
901,059,6
899.749.4
888.344.5
881.458.3
911.515.5
931.772.5
957.399.9
970.813.4
980.387.6

S
05,550,000

$
*10,863,000

38,209,100

155,738,300

*13,863,600

*11,358,400

363,345,400 1,438,177,200
+ 1,506,700 + 21,483,800

141,867,000
— 1,800

20S,635,400
+ 186,200

506,248,500 1,810,993,600
—7,967,500 + 5,328,300

154,265,600
— 104,900

223,242,500
+ 436,800

114,511,300
+41,900

446,748,100
+ 2,898,700

30,125,700
—413,300

33,697,100
+ 877,100

28.5%
28.8%

30.6%
30.9%

2 2 .8 %

18.5%
18.1%

Change from last week.

47,247,000
— 1,099,100

131,263,100
—3,110,300

Currency and bank notes.
Changc from last week.

25,008,300
—531,100

16,418,800
— 1,063,400

Deposits--------------------Change from last week.
Change from last week.
P. c. of reserve to deposits
Percentage last week..

+ Increase over last week.

Non-Member Banks and Trust Companies.— Following is the report made

$
*13,400,000

$
23,050,000

23.2%

— Dccreaso from last week.

* As of Juno 23.

to the Clearing-House by clearing uon-

member institutions which are not included in the “ Clearing-House return” on the preceding page:
R E T U R N OF N O N -M E M B E R IN S T IT U T IO N S OF N E W Y O R K C L E A R IN G H O U SE .
CLEARING
NON-MEMBERS.

Net
Profits.

Loans,
Discounts,
Nat. b’ks Sept. 21 Invest­
State b’ks Sept. 251 ments, &c

C apital.

Week End Inil
Nov. 13 1915.

Average.

Members of
Fed'l Reserve Bank
Battery Park NatFirst Nat., Brooklyn
National City, Bklyn
First Nat., Jers. City
Hudson Co. N.. J. C.
First Nat., Hoboken
Second Nat., Hobok

Average.

Average.

$
2.412.000
4.986.000
5.169.000
4.805.000
3.935.000
5.349.000
4.185.000

$
67.000
119.000
168.000
204.000
113.000
140.000
51.000

$
65.000
35.000
55.000
302,000

1,795,000 4,450,000 30,841,000

1.962.000
7.877.000
7.031.000
1.249.000
4.648.000
3.443.000
5.493.000
16,761,000
3.231.000

$

200,000

300.000
300.000
400.000
250.000
220.000

125,000

Total

Cold.

Legal
Tenders.

S
150.500
679,400
614.500
1,279,900
776.300
654.300
295,100

N a t.B a n k
Notes [Re­
serve fo r
State In ­
stitutions]
Average

$
60,000
166,000
129.000
87.000

N a t. Bank Federal
Notes[Nol Reserve
Bank
Counted
Notes\Not
as
Reserve]. Reserve].

Average.

$

S

8,000
1 1,0 0 0

15.000

21.0 0 0

5.000
9.000

24.000
51.000

81,000
15,000

110 .0 0 0

6,000

862,000

544,000

673,000

157,000

95.000
402.000
558.000
96.000
612.000
163.000
487.000
786.000
203.000

125.000
63.000
9,000
49.000
39.000
115.000
147.000
55.000

10,000

60,000
558.000
268.000
25,000
142.000
181.000
250.000
733.000
134.000

55,000

Excess
D ue from
Reserve
D eposi­
taries.

Average. Average. Average.
?
$
%
179.000
275.000
2,000
159.000
8,000 574.000
184.000
638.000
12,0 0 0
2,000 485.000 3,176,000

Average.

66.000

12.0 0 0

Reserve
with
Legal
D eposi­
taries.

354.000
338.000
252.000

Net
Dem and
Deposits.

Net
Tim e
Deposits.

Average.
$

Average.
$

N ational
Bank
C ircu­
lation.

45,000
2.294.000
4.626.000
5.135.000
4.048.000
510.000 2.951.000
751.000 2.044.000 2.766.000
659.000 2.099.000 1.893.000

38,000 2,916,000 5,618,000 23,197,000 4,714,000 1,515,000

State Banks.
Not Members o f the
Federal Reserve Bank.

100,000
Bank of Wash. Hgts
Colonial Bank_____ 400.000
Columbia Bank----- 300.000
200.000
Fidelity Bank—
Mutual Bank-------- 200,000
New Netheiland___ 200,000
100,000
Yorkville Bank___
Mechanics' Bklyn. 1,600,000
North Sldo, Bklyn.. 200,000

385.100
807.500
653.100
188,300
470.100
250,200
521,400
716.500
184,700

3,300,000 4,176,900 51,695,000 3,402,000

Total.............

29,000

519.000
532.000
528.000
103.000
591.000
481.000
033.000
981.000
,527,000

422.000
135.000

6,000 3,367,000 8,548,000 54,295,000

646,000

91.000
512.000
451.000

192,000

88,000
10,000

67.000
41.000
82.000

66.000

6,000

200,000

188,000

612,000 2,351.000

540,000

380,000

15.000
29.000

22,000
66,000

51.000
43.000

4,000

3,000
16,000

44,000

88,000

94,000

a,000

19,000

23,000

386.000
208.000
362.000
1,079,000
2 12.0 0 0

158,
563,
855,
376,
2,108,
562,
588,
2,913
425

77.000
12.0 0 0

Trust Companies.
Not Members o f the
Federal Reserve Bank

HamlltonTrust.Bkln
Mechanics, Bayonne
Total

500.000 1,051,000 7.232.000
276,000 4.224.000
200.000

447,000
80,000

700,000 1,327,000 11,456,000

527,000

Grand aggregate----- 5.795.000 9,953,900 93,992
+ 719
Comparison, prevwk
$66,990
Excess reserve,
Grand aggr’te Nov 6 5.795.000
Grand aggr’te Oct 30 5.795.000
Grand aggr'te Oct 2 5.795.000
Grand aggr'te Oct 16 5.795.000
Grand aggr'te Oct ~ 5.795.000

634,000 541,000
—7,000 + 70,000

6,626,000
+ 82,000

1 , 12 1,0 0 0 3.065.000

641.000
653.000
630.000
732.000
814.000

471.000
466.000
546.000
538.000
395.000

54.000 6,544,000
48,000,6,478,000
46.000 6,489,000
50.000 6,677,000
49.000 6,636,000

1.078.000 2.979.000
1 . 12 1.0 0 0 2.823.000
1,088.000!2,907,000
1,118,000 2,741,000

— Summary of weekly
Clearing-House banks and trust companies of

totals of

Philadelphia:

Loan s.

Reserve.

D eposits .

a

17.442.000 83.167.000
14.742.000 82.739.000
14,515,009 82.800.000
13.702.000 82,471,000
14,803,000 81,882,000

9.131.000
9.045.000
8.672.000
8.503.000
8.495.000

1.514.000
1.523.000
1.516.000
1.512.000
1.514.000

Boston Clearing-House Banks.—

a

BOSTON CLEARING HOUSE MEMBERS.______ ___ ______
ffirculion .

N o v. 13

Clearings

$
$
s
%
$
S
173.932.0
Sept. 4_______ 103.684.3 431.900.0 119.932.0 518.366.0 11.136.0
126.690.4
1
1
.
1
2
1
.0
519.879.0
Sept. 11............. 103.684.3 432.378.0 123.105.0
1 1 , 100,0 161.603.8
Sept. 18----------- 103.684.3 433.634.0 125.335.0 530.794.0 11.077.0
176.084.0
Sept. 2 5 ..........- 103.684.3 436.807.0 129.433.0 543.606.0 11.070.0 245.187.9
Oct. 2............... 103.684.3 437.928.0 140.764.0 564.655.0 11.079.0 207.012.0
Oct. 9............... 103.684.3 439.654.0 133.413.0 550.582.0 11.090.0 199,283,3
Oct. 16............... 103.684.3 446.539.0 132.562.0 566.761.0
204.705.1
Oct. 23............... 103.634.3 453.567.0 127.930.0 566.137.0 11.105.0
1 1 . 1 10 .0 190.212.9
Oct. 30............... 103.684.3 457.330.0 124.693.0 565.461.0
204.079,7
1
1
,
022,0
578.456.0
Nov. 6 ............... 103.684.3 460.898.0 127.471.0 572.590.0 10,958,0 198.336.5
Nov.13............... 103.684.3 463.773.0 122.851.0
a Includes Government deposits and tho item "due to other banks"’ (N°v - *3,
$165,936,000); also "Exchanges for Clearing House (Nov. 13, $17,0o5,UUU). uuo
from banks Nor. 13, $69,484,000.




84,348,000 9,058,000 1,515,000
+ 1181000 —73,000 + 1,000

W e give below
summary showing the totals for all tho items m the Boston
Clearing-House weekly statement for a serios of weeks:

We omit two civhers (00) In all these fig ures.
C apital
and
Su rplu s.

343,000 2,116,000 6,856,000 3,698,000

1 ,200,000 3,112,000

+ 79,000 + 47,000

Philadelphia Banks.

253,000 1,723,000 5,061,000 1.427.000
393,000 1,795,000 2.271.000
90,000

1915.

Change from
previous week.

Circulation----------------------- S3.0 19.000 J)ec.
Loans, disc’ts & investments. 387,080 000 Inc.
Indlvldual deposits, incL.U.S 338,489 000 Dec.
Due to banks....................... 135,027 000 Dec.
Time deposits..................... 14,782 000 Dec.
Exchanges lo r Clearing House 16,771 000 Dec.
Due from other banks........ 38,593 000 Dec.
Cash reserve...................... 26,896 000 Inc.
Reserve in Fed. Res’vo Bank 13,438 ,000 Inc.
Reserve with other banks— 79,9.35 ,000 Dec.
4,993 ,000 Dec.
Reserve excess in bank.........
Excess with reserve agent.. . 58,032 ,000 Dec.
Excess with Fed. Rcs’ve B'k. 2,487 000 Dec.

Imports and Exports for the

preceding.

$363,000
4,693,000
995,000
6,086,000
472,000
4,671,000
8,000

169,000
29,000
7,471,000
145,000
7,785,000
127,000

N ov. 6

1915.

Oct. 30

1915.

$9,046,01
,387,000 374.663.01
,484,000 335.478.01
113,000 134.937.01
,254,000 15.630.01
,412,000 10.546.01
,601,000 38.120.01
,727,000 26.927.0
,409,000 13.770.0
,406,000 89.882.01
,138,000 5.794.0
,817,000 68,749,0
,614,000 3.203.0
0 12 ,0 0 0

W e e k .— See third page

Nov. 20 1915.]

1697

THE CHRONICLE

W all Street, Friday N igh t, N ov. 19 1915.

The Money Market and Financial Situation. — More

interest than usual has centered this week in tho interna­
tional exchange situation and tho measures now maturing for
restoring sterling rates to moro nearly a parity basis. It is re­
ported that London bank credits to tho amount of about
$50,000,000 have already been placed hero, and this amount,
it is understood, will be largely increased as occasion requires.
A s a result of the progress thus far made, exchange has ad­
vanced to 4.7034* or nearly 9 cents higher than tho rate
prevailing earlier in tho month, and a further advance to at
least about $4 75 is expected.
It is generally well understood that this matter has no
connection with the Anglo-French loan rocently closed, the
proceeds of which aro to bo used in paying for tho products
of farm and factory now being exported as fast as transporta­
tion facilities can bo secured. Tho latter, it is said, are
wholly inadequate, and the export movement is being held
up on that account. Notwithstanding this fact, tho trade
balanco in our favor for tho second week in November
amounted to $48,000,000, which oxcopt for the third week in
October, has nover been exceeded.
It is practically impossible to comment upon the general
situation without referring again to conditions in tho iron
and steel trado which a well-known leading authority charac­
terizes as “ wholly unprecedented.” Hero buyers aro bidding
against each other in their efforts to secure early deliveries,
with tho result that prices havo soared to an almost unknown
lioight and many plants have sufficient orders now booked
to koop them running at full capacity for months to come.
Railway net earnings aro also comparing favorably with those
of other activo, prosperous years, and the clearing-house
roturns outside of N . Y . City showan increaso of abou t2 7 % .
The Bank of England reports a decrease of nearly $ 9 ,000 ,­
000 in gold holdings, while tho Bank of France has taken in
about $5,000,000, or tho samo as for several weeks past.
— A distinct improvement in rates
and in tho general tono of tho market has been shown by
sterling oxcliango this week in sympathy with tho arrange­
ments for tho supplementary loan by tho Amorican markets
to Great Britain in tho form of tho establishment here of
credits for London banks.

Foreign Exchange.

To-day’s (Friday's) actual rates for sterling exchange were 4 05)4 @ 4 65)4
for sixty days, 4 09)4 («>4 70)4 for checks and 4 70)4 @ 4 71 for cables.
Commercial on banks (sixty days) 4 08)4 and documents for payment
(sixty days) 4 03)4 @ 4 03 M . Cotton for payment 4 08)4 and grain for
payment 4 68)4There were no ratos for sterling posted by prominent bankers this week.
To-day's (Friday’s) actual rates for Paris bankers' francs wero nominal
for long and 5 91)4 @ 5 92 for short. Germany bankers' marks were nomi­
nal for long and nominal for short. Amsterdam bankers’ guilders wero
41)4 for short.
Exchango at Paris on London, 27.82)4fr.; week’s range, 27.73J4fr. high
and 27.95fr. low. Exchango at Berlin on London not quotable.
The rango for foreign exchange for tho week follows:
S te r lin g , A c tu a l —
S i tg D a y s .
C h e c k s ..
C a b le s.
High for tho week........................................ 4 65)4
4 70)4
4 71
Low for tho week______________________ 4 61
4 64)4
4 65)4
P a r is H ankers' C ra n e s —
High for tho weolc______________________ ____
5 90)4
5 89)4
Low for tho week--------------1____________ ____
5 98
5 97
G erm a n y B a n k e rs ’ M a r k s —
High for tho weok....................................................
811-16 81)4
Low for tho week
..................................
80)4
80 11-16
A m s te rd a m B a n k ers G u ild e r s —
High for tho week______________________ ____
41)4
42)4
Low for tho week....................................................
41)4
41)4
Dom estic Exchango.— Chicago, 10c. per $1,000 discount. Boston, par.
St. Louis, 15c. por $1,000 discount bid and 5c. discount asked. Han Fran­
cisco, 35c. per $1,000 premium. Montreal, 78)4c. per $1,000 discount.
Minneapolis, 10c. per $1,000 premium. Cincinnati, par. Now Orleans,
sight, 50c. per $1,000 discount, and brokers, 50c. premium.

State and Railroad Bonds

— Sales of State bonds at tho
Board this weok include $1,000 New York Stato 4s, 1901,
at 1 0 1 % ; $77,000 Virginia 6s, deferred trust rects, at 5 8 %
to GO; $0,000 Now York State 4 % s , at 11 0% -1 11 and $20,000
Now York Canal 4 % s , at 11 0% to 111.
Sales of railway and industrial bonds at tho Stock Exchango
fell off considerably from tho high marks of last weok and
the weok beforo. Prices showed a gonoral advance.
Tho docreaso and final disappearance of idlo cars as shown
in tho official statomont and reports of congested traffic in
various localities indicato that tho increaso in railway
activities, noted for several wooks past, is still continued.
Chesapeako & Ohio gon. 4 % s added 2 % points to their
closing price of 9 1 % last Friday; Atchison Topeka & Santa
Fo gen. 4s gained % of a point. Now York Central ref. &
impt. 4 % s , ser. A , closod at 9434, % point above tho final
quotation last week and Chicago Milwaukee & St Paul
conv. 4 % s also added 1 % points to their value, tho closing
prico being 1 0 1 % .
Contrary to their movement of last weok, Inspiration
Copper Gs, 1922, advanced from 175 to 1 8 1 % , while Chili
Copper 7s continued to declino, falling from 139 to 1 3 7 % .
Lackawanna Steel 5s, 1950, pushed up from 9034 to 9234,
while United States Stool s. f. 5s gained only a fraction.
Sales of securities on a s-20-f basis, which are presumably
sales on foreign account, havo declined, being $1,505,000,
as against $2,084,000 a week ago.
Sales of Oovornmont bonds at
tho Board this weok aro limited to $500 3s, coup., at 101.

United States Bonds.—

For to-day’s prices of all the different issues and for weekly
range see third page following.

Railroad and Miscellaneous Stocks.— Tho

speculative

fever which has raged for some time past in tho stock market



subsided somewhat this week and total transactions have
been correspondingly smaller^ On Wednesday, however,
over 1,000,000 shares were traded in, but the average has
been well below that amount. Prices in the z'ailway list
have been strong, on conditions mentioned above, but
irregular in other departments, especially that including
the manufacturing stocks, which recently absorbed so much
attention. There has been almost no change in the tone
of the market from day to day, some issues showing con­
tinuous strength and others weakness, tho latter appearing
generally in the industrial group. T o-d ay’s market was
relatively narrow both in volume of business and range of
prices. Total transactions aggregated only 570,884 shares,
the smallest since September 15.
Of the exceptional features Canadian Pacific is conspicu­
ous for a decline of nearly 4 points, presumably on sales
for foreign account, as nearly all stocks in the railway group
have advanced. On the other hand, many manufacturing
issues have fluctuated widely with varying net results.
General Motors advanced 41 points and lost 10, W illys
Overland closes 20 points below its selling price on Monday
and Inter. M er. M a r. has covered a range of over 17 points,
with a net gain of 1 0 % . Baldwin Locomotive has declined
9 % points, U . S. Ind. Alcohol 5 , Crucible Steel nearly 5
and other issues nearly as much.
For daily volume o f business see page 1706.
The following sales have occurred this week of shares not
represented in our list on the pages which follow:
STOCKS.

Week ending N ov. 19.

Sales
fo r
Week.

Range fo r Week.
Lowest.

Highest.

Range since Ja n . 1.^
Lowest.

H ighest.

$ per share. $ per share.
Nov
Jan 120
Nov 16 80
Feb 133)4 Nov
Nov 17 83
Oct
Jan 14
Nov 16 5
Nov
Nov 19 59
Nov 59
Apr
)4 Feb 2
Nov 15
Nov 19 4 )4 Mar 13)4 Nov
Nov
Nov 16 80 July 91
Aug 60 May
Nov 19 54
Nov 15i 74)4 June 90)4 Nov
Nov
Jan 135
Nov 19 110
Nov 171 8
Aug 15)4 Aug
Nov 18 1 1y, Feb 22)4 Nov
Apr 79)4 Oct
Nov 17 55
Nov
Nov 48
Nov 15 43
Nov 19 111)4 Nov 113)4 Nov
Sept
Apr 99
Nov 17 86
Nov 17 11154 Feb 134)4 Oct
Nov
Nov 19 52)4 Apr 72
Nov 19 2
July 8)4 Oct
July 15)4 Oct
Nov 19 4
Mar 87
Nov
Nov 17 71
Jan 121
Nov
Nov 15 114
Nov
Nov 17 10)4 Jan 25
Apr
Nov 13 55
Feb 80
Nov 6)4 Feb
Nov 18 4
Nov 16 120)4 Mar 130 Nov
Sept
Nov 18 105)4 Feb 1 1 2
Mar
July 56
Nov 19 35
Aug
Nov 17 68
Mar 90
Nov
Nov 18 100)4 Mar 1 1 1
Nov
Nov< 16
Nov 18 14
Nov
Nov 25
Nov 15
Feb
Sept 25
Nov 16
Feb 4)4 Nov
Nov 17
4
May 100 Nov
Nov 19
Nov
Sept 25
Nov 17
Nov
May 99
Nov 18
Nov 19 94)4 Feb 119)4 Nov
Nov
Nov 17 123 June 180
Nov
Nov 15 95 May 103
Nov 16 5)4 Oct 6)4 Nov
Nov 13 1)4 Apr 1054 June
Apr 10)4 June
Nov 13 1
Nov 19 45
Nov 45 Nov
Nov 17 77)4 Jan 1 ax 7g Mnn

Par Shares S per share. ! S ver share.

Adams Express____ 100
American Express__ 300
Assets Realization.. 100
Associated Oil_____ 100
Batopilas Mining___ 20
Brunswick TermI__ 100
Buff Uocii & Pitts__ 100:
Canada Southern__ 100
Case (J I), pref____ 100|
Cent & So Am Teleg. 100
Chicago & Alton___ 100
Preferred_______ 100!
Cluett, PcabodyACo 100
Comp-Tab-Record. . 100
ConsG EL&P (Balt)-100
Deere & Co, pref.*__ 100
Detroit Edison........ 100
Detroit United____ 100
Dui Sou Shore & Atl. 100
Preferred..............100
Havana El Ry LAP. 100
Ilomestake Mining.. 100
Interboro-Met v t c.100
Int Harvester Corp.. 100
Keokuk & Des M__ 100
Kings Co El L& P..100
Krcsge (S S) Co, pref 100
May Dept Stores__ 100
Nat Cloak & Suit__ 100
Preferred.............100
New York Dock___ 100
Preferred_______ 100
Norfolk Southern__ 100
Ontario Silver Min.. 100
Plttsb Steel, pref___ 100
Rutland, pref_____ 100
Sloss-Sheff S & I, pf.100
Southern Pacific tr rects
Texas Co full pd rects. .
Tobacco Prod, pref.. 100
Tol St L & W tr rects— 1
U S Rcduc & Refg.. . 100
Preferred_______ 100
Virginia Ry & Pow_. 100
Wells, Fargo & C o..100

1,250109)4
2,755119
100
8
1001 59
1,900 1)4
400 10
10 91
30 55
200 88)4
108 135
200 12)4
100 22)4
175; 67
950 43
350 111)4
100 96
445 130
4 72
100 7
100 13 H
18 87
222 121
1
22)4
200 69
1001 4
10129
200 1 1 2

200 50
700 76)4
100111
500 14
44 25
100 21 )4
3,600 4
850 97)4
100 25
810 98
636118)4
1.700 172)4
200101)4
400 6
4.2001 4
1.700 4)4
100 45
1,650131

Outside Securities.

Nov 15120
Nov 15 133)4
Nov 16 8
Nov 19 59
Nov 13 1)4
Nov 18 10)4
Nov 16 91
Nov 17 58)4
Nov 18 89)4
Nov 19 135
Nov 16 13
Nov 18 22)4
Nov 17| 67
Nov 18 45)4
Nov 13 113)4
Nov 17 96
Nov 15 131)4
Nov 19 72
Nov 19 7
Nov 19 13)4
Nov 17 87
Nov 15 1 2 1
Nov 17 22)4
Nov 19 70
Nov 18 4
Nov 16 129
Nov 18 1 1 2
Nov 19 52)4
Nov 19 80
Nov 18 1 1 1
Nov 17 16
Nov 15 25
Nov 16 2154
Nov 16 4)
Nov 13 100
Nov 17 25
Nov 18 99
Nov 16 119)4
Nov 16 180
Nov 13 103
Nov 16 6)4
Nov 18 5) 4
Nov 13 5)4
Nov 19 45
Nov 13 134)4

— Trading in securities on the Broad
Street “ curb” continued brisk. Prices, howover, among the
industrial issues fell off considerably. American Zinc from
71 dropped to 6 8 % , Canadian Car & Foundry common and
preferred declined from 99 and 116 to 91 and 107, respec­
tively. Carbon Steel sold down from 93 to 85, while D o­
minion Steel, after advancing % to 5 0 % , lost 1 % points to
4 8 % . Chandler Motors from 8 9 % foil to 8 5 % , while
Chevrolet M otors, w. i., lost 4 points, tho closing price
being 126. International Mercantile Marine common and
preferred showed slight gains, tho formor advancing from 20
to 21 % , declining to 1 8 % and closing at 2 0 % , while the latter
added 1 0 % points to its closing figure of 5 8 % a week ago.
International Motors lost 4 points to 36, while KelleySpringfield added 2 points to its closing prico of last Friday.
From 1 5 % Lake Torpedo Boat jumped to 17, falling away
on tho close to 16, and Submarine Boat lost 3 points during
tho weok. Tobacco Products fluctuated botween 3 6 % and
33. Midvale Steel covered a range of 3 2-3 points, the high
figure being 83. Standard Oil subsidiaries wero moro active
than a week ago, and prices showed substantial gains through­
out the list. Anglo-American Oil lost 2 points to 16, gain­
ing to 17 at tho close, but from a list of 15 most active issues
this was the only one that registered a loss. Galena-Signal
Oil covered a rango of 5 % points, closing at 65. Illinois
Pipe Line advanced from 1 5 5 % to 1 6 4 % , whilo Ohio Oil,
Prairie Oil & Gas and Prairie Pipe Lino covored a range of
15, 10 and 9 points, respectively, tho closing figures being
170, 435 and 216. South Penn Oil advanced from 350 to
375 and Standard Oil of Cal. from 315 to 346. Standard Oil
of Ind. added 53 points to its closing price of last wook, tho
final quotation to-day boing 500. Among tho bonds sold
on the “ curb” during "the week wero: $49,000 Braden Copper
6s at 335 to 340; $413,000 Cerro do Pasco Copper 6s at 119
to 122, and $470,000 Kennecott Copper 6s at 182-220.
Outside quotations will be found on page 1706.

1 6 98

New York Stock Exchange—Stock Record, Daily. Weekv and Yearly
OCCUPYING TWO PAGES.
For record of sales during; the week of stocks usually inactive, see preceding page.

S T O C K S— H IG H E S T
S a tu r d a y
N o v . 13

M onday
N o v . 15

AND

T u es day
N o v . 16

LOW EST
W ed n esd a y
N o v . 17

SALE

P R IC E S

T h ursd a y
N o v . 18

F r id a y
N o v . 19

S a lesfo r
th e
W eek
S h a res

STOCKS
NEW YORK STOCK
EXCHANGE

R a n g e S in c e J a n . 1
O n b a sts o f 100-sh a r e lots
L o w e st

Railroads
Par
$ p e r shtf re
S per s h a r e S p e r s h a r e $ p e r sh a r e S p e r s h a r e $ p e r sh a r e 3 p e r sh a r e
92% Feb 24
10734 108's 10734 108U 10712 10834 107% 108% 107% 108% 107% 108% 12,500 Atch Topeka & Santa F e ..l0 0
10134 101*4 1,787
96 Jan 5
Do pref........................ 100
10 H2 1 0 1 % 10H2 10U2 IOU4 10134 101% 10134 102 102
98 Mar 1
117 *113 115% *113' 115% *113% 116 *114 116
Atlantic Coast Line R R __ 100
* 1 1 2 116 * 1 1 2
9434 94
045g 947s 94is 9434 94
63% Feb 25
94% 94% 94% 94% 95% 15,287 Baltimore * Ohio.............. 100
67 Feb 23
78
78% 3,350
Do pref........................ 100
77i2 771? 77>2 77t2 77>2 77% 77% 7719 77% 78
7,700 Brooklyn Rapid Transit.. 100 83% Aug 13
89% 90% 89% 90
8978 89% 8934 90
89i2 891? 89i2 90
19,450 Canadian Pacific_________100 138 July23
185i4 18534 185 1865? 18514 18634 18534 187% 184% 186% 183% 186
Central of New Jersey___ 10C 5250 Sep 1
*300 350 *300 350 *300 350
*300 350 *290 350
623S 63M 63
35% July 9
64
63i4 64
62% 63% 62*4 64% 63% 6 434 60,200 Chesapeake & Ohio_______100
*1534 16
1534 16
16
16
2,400 Chicago Great W estern... 10C 10% Jan 4
I6I4 16% 1534 163g 1534 16
25% May 14
39% 39% 39% 5,710
Do pref_____________ 10C
39i2 3934 39l2 3934 39l8 3934 39% 39*4 39
9434 9514 94i2 95% 94% 953? 94% 95
94% 96
94% 96% 12,400 Chicago Milw & St P aul.. 10C 77% July28
131 132% 13134 1313.1 1315S 132% 13234 13234 2,350 Do pref_____________ 10C 120% Sep 2
13U2 131% 131 131
1,444 Chicago <fe Northwestern.. 10C 118% July 10
13434 135
134% 135
*134 135
135 135
13458 13518
163 July 9
*170 190
*170 190 *170 190
1934 19
20
19% 62,100 Chicago Rock Isl & P ac.--100
10% July23
20
2 1 % 18
20*4 20*4 2234 2 H4 22
*122 124 *122 125 *122 124
*122 125 * 12 1 125
Chic St Paul Minn & Om. . 10C 5114 Apr 8
*13219 140 *132*2 140 * 132*9 140
*132 140 *132 140
124 Sep 17
50
400 Clev Cin Chic & St Louis.. 100 521 Jan 18
*49
*49
50
*49
50
50
50
50
*49
50
*49
*75
77
76
76
*75
576
76
300 Do pref........................ 100
53% Feb 17
77
*75
77
*76
77
400 Colorado & Southern........ 100
377g *3712 38
37
37% 37
37
37% 371?
24 Marl5
*3712 377« *37
60
*5612 58
*56l2 58
*56
59
60
*59
500
45 Jan 18
58
58
58
Do
1st pref__________ 100
*471-. 55
*50
54
*50
54
*47
54
*50
*47% 54
54
151>4 15H4 *151 1521? 152 152
152% 1521? *15131 152% 153 153
400 Delaware <fe Hudson.......... 100 138% Aug 31
*220 240 *220 240 *220 240 ♦220 240 *224 240 *225 240
Delaware Lack & Western..50 199% Jan 6
1434 16% 16% 16% 16
*1134 13
2,950 Denver & Rio Grande----- 100
1338 151?
17
4 Jan 12
16% *15
283., *26
25
25U 29
29
9,290
21%~ 21% 23
28
29% 28
6% Jan 7
Do pref...................... .100
4234 43h
43
44% 43's 44% 43% 44% 44% 45% 44% 45% 205,550 Erie......................................100
19% Feb 24
32% Feb 21
57h 573s 57is 58'4 5712 58% 57% 58% 58% 59% 58% 59% 29,010
Do
1st pref__________ 100
49
27 Feb 25
49
51% 51% 52% 50% 52% 5,850 Do 2d p r e f ............... 100
5012 50l2 503S 51% 51
125*8 125% 12512 126*4 12512 126U 126 1263., 126% 127
126% 127*8 16,100 Great Northern pref______100 112% Jan 2
25% Jan 2
Iron Ore properties________
49*8 50U 501.1 5178 50lg 51% 50% 51% 49% 50*4 49*8 50% 53,675
109 109
1,150 Illinois Central.................. 100
99 July 7
107U 10718 108 108% *108 110% 108*4 109 *108% 110
2212 22% 223g 227g 22U 22% 2134 22% 2134 22% 21% 22% 24,025 Interboro Cons Corp, vtc___
18% JulylO
70 JulylO
7912 7934 79*8 79^2 78*34 79*2 78*2 7878 78*4 79% 78*2 78% 6,900
3234 33
3284 33
3234 33 % 33
3 3 % 32% 33% 32% 33% 7,600 Kansas City Southern___ 100
20% Fob 24
64
700
63% 63% 63% 63% *63% 64
Do pref_____________ 100
54% Feb 24
63i2 631? 63l2 631? *63
1413 14l2 *13l2 1434 *12
14
14% 14% 14% 14% 14
14
400 Lake Erie ft. Western____ 100
5 Jan 5
*27
36
32
32
*27
33
*29
33
*28
32
*27
♦27
19 May27
64% Feb 24
81
8H? sou 8134 8034 821? 81% 82% 81% 82% 82% 83% 33,566 Lehigh Valley...................... 50
*22
24
24
300
24
23
23
24
24% 24% *24
26
24
15 Jan 11
500 Louisville & Nashville___ 100 104% July 8
*125 130
127 127
126 126
12678 127 *125 129% *125 127
650 Manhattan Elevated........ 100 125 June25
*12812 130 *128 130 *128 130 *128 130 *129 130
129% 130%
17
173s 1734 17's 17%
17% 17% *16*4 17% 17% 17% 1,270 Minneapolis & St Louis__ 100
8 Sep 15
17h
*35
445 Do pref........................ 100
*37
36
36
24 Sep 15
38
37>2 3712 3712 3612 361? *36% 38
*124 126
125 125 *124 126% 12334 124
123 124
124% 125
1,400 Minn St Paul & S S M ___ 100 106 Jan 4
*129 132
130 130 *130 132
300 Do pref_____________ 100 123 June 8
130 130 *130 132 *129 134
*7
4 Sep 28
71?
7% V s
7*4
7%
7%
7% 7% 2,100 Missouri Kansas * Texas. 100
712 7% *7%
too
*15
16
16
16t2 *15
16% *15
16% *15
16% *15
16%
Do p r e f ........... ......... 100
10% Sep 25
75s 8%
734 81?
7%
7% 8
7%
7% 73., 30,300 Missouri Pacific.......... ...1 0 0
1% July27
7>4 7*8
7
73*
6**> 7*2
0,000
7*3
6% 7
*6i2 7
7'4
6*4 7%
25*? 25% 25*? 25*2
400
1412 Aug 31
9% 9%
9% 9%
9% 958
9% 9% 2,300 Do 2d pref__________100
9% 93g
4% July28
102% 103
1021.1 1031.4 1021210334 102% 10334 102% 103% 102% 103% 34,695 N Y Central A Hud River. 100 81% Mar 1
80% 7914 80% 79% 80*4 79% 81% 80% 82% 22,450 N Y N II & Hartford........ 100
43 Feb 25
8OI4 8078 80
31% 3U2 31
311? 31
31% 31
31% 30*4 31% 31% 32
5,100 N Y Ontario* Western...100
21%Jan 6
99% Jan 4
118% 11914 118*2 120
11812 119% 11834 119% 118% 119% 118% 119% 11,100 Norfolk & Western........ ..100
92
*82
92
*82
*85% 92
100 Do adjustment p ref.. 100 80% Sep 2
*85% 92
85ls 85% *85% 92
115*4 116% 116% 117’4 22,930 Northern Pacific................ 100
116 116h 116 11712 116 117
116 117
99% Fob 24
21,200 Pennsylvania_____________ 50 5 1 % Feb 24
59% 60>8 5934 603g 5934 60% 59% 60
.59% 60% 59% 60
300 Pitts Cln Chic & St Louis. .100 65 Mayl7
*83
83
82
85
86
83
82
83
*80
83
85 ♦
to o
99
96
*91
96
*96
98
96
96
*91
90 Junel9
*91
Do pref........................ 100
82*8 825s 82
833g 815s 83% 82% 83% 82% 83% 83% 84% 55,956 Reading____ ____________ 50
69% MaylO
443, *42
*42l2 44
44
44
44%
200
4412 44% *42
44% *42
1st preferred.......... ......... 50
40% Sep 20
*43
44
45
43
43
4278 42% 4234 42% *43% 45
44
725 2d preferred.................... .50
40 Feb 23
1
4,500 Rock Island Company___ 100
1
% July 15
**8
1?
12
*2
h
*2
>2
*2
%
%
1
% June21
3t
3?
Do pref.............. ......... 100
*8
n8
% 12,125
*8
%
*8 1
1%
%
634 7
7
1% Mar22
612 7'8
7
6% 7
6% 6*4 3,300 St Louis & San Francisco. .100
6*2 678
14
13
13
*1012 14
13
11
11
♦1212
♦10% 13% *11
200 Do 1st preferred........ 100
7 Aug 17
934 934
10
934 93,
10
9% 9%
9% 91? 2,200
3 Jan 18
9% 10
Do 2d preferred.......... 100
22
22
*22
*19
23
23
23
23
*20
23
22
22% 1,000 St Louis Southwestern___ 100
11 Sep 9
45
*40
*41
*38
42
42
*41
*42
200
50
Do pref........................ 100
29 Sep 29
*18*4 1912 1812 18% 19
19'
19
18% 19
19
19% 1,500 Seaboard Air Line________100
11% July31
19%
42
*39
40
40
40
40
41
41
41
41
30% July24
41
40
2,000 Do pref.......... ............. 100
102 10278 10178 10278 102 103
102 103
102I2 103
102% 10338 47,700 Southern Pacific Co_____ 100
81% Feb 5
24% 25
24% 23% 24
14.850 Southern R ailw ay............ 100
12% July23
241.8 2434 24 ls 24% 24% 24% 24
62% 62% 62%
1,000
63*2 631? *633.1 647g 63l2 64% ♦62
64% 62
Do pref....................... 100
42 July23
16
16
16
15% 15% *15% 15% 2,100 T exa s* Pacific........ ......... 100 . 8% Juty23
16
16
16
1514 16
63
63
62% 62*4 61*4 62% 61% 62% 3,500 Third Avenue (New York). 100 35 Jan 2
63'4 63h
63ig 62
8
700 Toledo St Louis & W est.-.100
Vs
8%
8% *7*4 9
8
1 Jan 6
8%
712 71? *7i2 8
*11
* il
15
*11
15
*11
15
*11
15
♦11
15
May2.r>
15
*96
*95
*95
98
♦95
98
*95
98
98
98
*95
Twin City Rapid Transit. .100 90 July 9
98
13734 13814 13714 13814 1371? 1393s 138% 139% 138% 141% 139% 141% 132,495 Union Pacific............ ......... 100 115% Jan 2
83
83
83
83
83% 83% 83% 83% 83% *83% 8334 1,520
83
Do pref_____________ 100 z79 Mar 1
24
*23
2314 237? 23l2 23% 23% 233, 23% 233., 23% 23%
1,800 United Railways Invest...100
8 Jan 5
41
♦40
40
40% ♦39% 40% 38
40
40
38
21% Marl5
*37% 40
600
Do pref........ .............. 100
163i 1714 165g 17% 16% 163,
12% Oot 16
17
17h
16*8 16*4 16% 16% 11,820 Wabash Co when Issued------483g
481$
15
son
437$
Oct 10
481*
48
30*4 31«8 30*8 315s 30*4 31*4 30% 31*3 301$ 3012 30>4 3034 21,200
25*2 Oct 16
9% Jan 4
• 3414' 34*s 3314 3414 32% 33
2,300 Western Maryland_______100
32% 33 % *32% 33% 32% 33
*47
49
49
49
49*2 ♦ 45
*44
*44
49*2 *47
434 5
434 5
4% 4%
4% 4% 4,350 Wheeling A Lake Erie___ 100
% July28
4i2 51?
5>8 5's
1334 14
14
1,000 Do 1st preferred........ 100
14% *12
2 Aug 2
13l2 131? 137s 14
13% 14
*13
5«4 534
534 5*4
% Aug 10
53g 5**8
53g 5%
5% 5% 1,100 Do 2d preferred_____ 100
5*8 5%
*40
42
800 Wisconsin Central_______100
40
42
10
40
40
40
28 July 14
39
*38
40
*38
Industrial & Miscellaneous
25% N ovl8
29
25% 26% 26% 2734 78,050 Alaska Gold Minas.............. 10
29lS 3034 295g 307s 2878 30% 27
1114 llSg 19,800
123g 12*2 12
111 j NovlO
1214
12*2 13
12*2 1
11*2 12
3412 3512 33lg 3578 32% 34% 33% 35% 32% 33 % 31% 323., 32,240 Allls-Chalmers Mfg v t C..100
7% Jan 12
7412 7434 741.1 74/8 73% 74% 74
74% 73% 74
73% 73% 4,200 Do preferred v t c ___ 100
33 Feb 10
72% 72% 73
73i2 7414 7378 74h
4,450 Amer Agricultural Chem.,100 48 Jan 4
72l2 74% 72% 74% 72
99
99
99
99
90 Mar27
99i2 99% 99% 9934 99% 99% 100% 101% 1,550 Do pref.............. ......... 100
67l2 6 8 i 4 67
68
67% 68% 68% 70% 68
69% 67% 68% 43,150!Araerlcan Beet Sugar........ 100
33% Jan 6
*94
941? 94h 94% 94
95
94
94
94
*94
95
*94
300
Do pref........ ............... 100
83 Fob 1
*100 103 *100 103
*99 101
101 101 *100 103
100% 100%
200 Amor Brake Sh A F ctfs d e p ..
871i Feb 25
2003J 20034 198 2033, 195 195 *191 202
200 203 *19514 205
900
Do pref ctfs deposit____ 132% Mar25
6034 61% 60% 62% 59*4 61% 59% 62
66,000 American Can.................... 100
621.1 0378 6078 63
25 Feb 24
*1073.4 10778 10778 107VS 107% 10734 107% 108
107% 1073, 108 109% 4,050
Do pref.................... ..100
91% Jan 5
8234 837g 8H4 8334 8 U4 83
82% 843, 82% 83% 82% 83% 30,800 American Car A Foundry. 100 40 Feb 23
*117 118
250
Do pref.................... ..100 111% May25
117l8 117*8 *117 118
117% 117% *117 118 *117 118
*143 145
144 145
143 143 *143 146
143i2 14434 143% 144
1,400 American Coal Products.. 100 82 Jan 20
110
*108 119 *108 119 *111 119 *114 119 *117 119 * 1
5105 Jan 7
*57
60
59
2,500 American Cotton OH........ 100 ' 39 Jan 4
58i4 581.) 5734 5834 58
58% 58% 57% 58
*96 101
*96 103
91 June25
*97 100
*99% 100 §100 100
133 Do pref........................100
*98 100
12l2 123.,
4% Feb 19
1 2 % 11% 11% n %
121S 1234 12% 12% 12
11% 2,500 American Hide A Leather. 100
55
55
5312 5534 533g 54% 5214 54
52% 53
19*4 Jan 5
51% 53
4,700 Do pref........................100
27
28
2712 2834 27% 28% 26% 27% 26% 271? 26% 27
20% Jan 4
10,100 American Ice Securities__ 100
2534 2014 2513 26
7% Jan 2
25% 25% 2334 25% 23% 24% 22% 23% 9,700 American Linseed.............. 100
4434 433* 43% 42
45U 451.1 43
43% *42
45
43
1,000 Do pref...................... .100
24 Jan 5
*41
65% 71% 70% 73
19 Mar 2
667s 671? 653.i 68'?
68*4 71% 69% 70% 111,700 American Locomotive___ 100
75 Mar 6
99% 99% 99% 100
100 100
100 103% 5,565 Do p r e f ..................... 100
9812 981? 9812 99
934 934 *9l2 11
10%
10
9% 9% 1,100 American Malt Corp........ 100
3% Apr 14
10% 10% *9% 10%
*32
34
32
32
32% 33% 32
32
*31% 33
32% 32%
700 Do pref...... ............. ..100
2 1% May27
84% 84% 85
*84
85
8312 831? 8312 8312 84
*84
85
1,400 Amer Smelters Sec pref B. 100 78 Jan 19
89!i 8912 89's 89'? 89% 903! 90% 91% 91% 91% 91% 91% 2,900 Do pref Ser A stamped..
86 Oct 6
9934 10078 98% 10034 99 100% 97% 100
97% 98% 96% 98
72,950 Amer Smelting <fc Refining.100 56 Jan 2
112 11238 r i l l
111
111% 111% 112 1123, 112 113
111% 1111? 1,723 Do pref........................100 100 Jan 4
155 155 *150 157 *150 158 *150 158 *150 155 *150 155
100 American Snuff.................. 100 144 Jan 16
*105 109
107 107 *105 109
109 109 *106 110% *106 110%
315
Do pref (new)............ 100 103 Jan 19
643i 62
6378 64% 62
64% 62% 6334 64
63% 61% 6234 10,000 Amer Steel Found (new )..100 24% Mar 5
117 1173,8 117 1171? 117 118
117% 119% 117 117% 116% 117% 16,100 American Sugar Refining.. 100 99% Feb 24
*116 118
117 117 *116 118
119 119% 118 118% *117 118%
550 Do pref_____________ 100 109 Feb 5
12778 12778 12734 12.81s 127% 128*3 128% 1291., 128% 128% 128% 129% 13,700 Amer Telephone A T cleg ..l0 0 110 Jan 4
23312 237 1229 232
229% 230
230 230
229 229% 229 229
5,837 American T ob a cco_______100 1218 May 14
*108 1091? 109 109l2 109 109 *109 110% 109% 109% *109 110
600 Do pref (new)............ 100 103% Jan 4
503i 51*4 51% 63% 52% 52% 5134 51% 50
5112 52
15% Mar 6
51% 3,200 American Woolen________100
97l2 9712 97% 98
98% 98% 98% *97
99
1,330 Do pref...... ................. 100
98
98
98
77% Feb 27
for FRASER
* Bid and asked prices: no sales on tnis day. t Ex-rights. } Less;than 100 shares, a Ex-dlv. and rights, ft New stock, e
per share. « First Installment paid. z Ex-dlvldend. i Full paid.

Digitized


R a n g e f o r P r e v io u s
Y e a r 1914

H ig h est

L ow est

H ig h e s t

$ p e r sh a r e
111% Nov 4
102 N o v l8
116 N ov 1
95% N ov 4
78% Nov 19
93 Apr 21
194 N ov 1
325 Jan 22
64% Novl9
17% N ov 3
41% N ov 3
98% Apr 19
13234 N ov 19
135% NovlO
5180 N o v ll
38% Apr 15
123 N o v ll
131 July29
52 Oct 22
77 Oct 20
38% N ov 3
60 N ovl8
50 N ov 5
154% N ov 4
235 N ov 8
16% NovlO
29% N ovl7
45% NovlO
59% NovlO
52% N ov 18
128% N ov 5
54 Oct 22
113 Apr 19
25% N ov 4
82 N ov 5
35% N ov 1
65% N ov 5
14% N ov 3
33 Nov 1
83% NovlO
27% Oct 11
130% N ov 4
130% NovlO
19% Fob 15
49 Feb 15
126% Nov 1
132% N ov 3
15% Apr 19
40 Apr 5
18% Apr 19
7% N o v ll
28% Oct 30
9»4 Oct 21
104% N ov 4
89 Oct 11
35 Apr 20
122% N ov 3
90 JunelS
11734 NovlO
61% N ov 3
86 N ov 5
98% June 5
85% N ov 3
45 Junel2
44 Apr 29
1% Apr 9
2% Apr 0
8 N ov 1
14% N ov 8
1034 N ov 8
23 N ovl7
42 N ovi 7
20% Nov 5
43% Nov 4
103% NovlO
26 N ov 1
65 N ov 3
17% Apr 19
64% Oct 14
8% NovlO
11% Oct 11
100 Apr 19
141% NOV18
83*4 N ov 9
27% Oct 1
4734 Oct 1
17% N ov 1

%

%
100*8 Jan
101*4 June
126 Jan
98*8 Jan
83*8 Jan
94% Mar
220% Feb
310 Jan
68 Jan
15% June
41% June
107% Feb
143 Feb
136% Feb
ISO Jan
33 June
131% July
132 May
40 Jan
70 Feb
28% Jan
62 Jan
35 Mar
159% Feb
406% June
19% Jan
31% Feb
32% Jan
49*4 Jan
40% Jan
134% Feb
39% Jan
115 Jan
_____. . .

94% July
112 July
77% Dec
7% Deo
22 July
__ ______

32% N ov 1
35% Oct 11
50% Oct 11
6% Nov 4
16 Jan 18
6% N ov 3
45 N ov 1

10% Deo
.10 July
2% July
8% July
3 Deo
29*4 July

40% Apr 22

$19%July

89% July
z96% Dec
599% Dec
67 Dec
69 Dec
79 July
153 Dec
300 July
40 Doc
9% July
25 July
84*4 Dec
126 Dec
122 Dec
170 Jan
33 Juno
125 May
132 May
22 July
40 July
20 Mar
37% July
138% Deo
388 Jan
4 July
8 July
20% July
32 July
26% July
111*8 Dec
22% July
103% Dec
20% July
49% Dec
5% July
17 Apr
118 July
23 Jan
125 Deo
128 Jan
9% July
27% June
101 Dec
130 June
8% Dec
26 Dec
7 Dec
5 Deo
77 July
49% July
18*4 Dec
96% Dec
85 Jan
96% Deo
102% Deo
64% July
95 June
137 July
87 July
z80 Deo
*8 Dec
1 Dec
2 Apr
8 May
2% Dec
17% July
36 July
10% Dec
45*4 Jan
81 Deo
14 Deo
53 Deo
11% Deo
33 July
2 Deo

6 Jufy
49% Oct 4
32% July
77% Sep 28
74% Nov 8
47*4 Jan
10l% N ovl 9
90% Dec
70% N ovl7
19 July
94% N ovl5
66 May
109*4 Aug 9
80 Apr
219% Oct 28 129% Jan
68% Oct 4
19% July
109% N ovl9
80 July
98 Oct 4
42% Deo
118 Aug 6 112 July
170% July 12 582 Jan
120 Sop 11 5102 Jan
64 Oct 23
32 July
102% Nov 5
93*8 June
14% Oct 22
3% July
59% Oct 22
17 July
35 Apr 30
19% July
7% July
31% Oct 25
24 Deo
6OI2 Oct 25
20% July
7434 Oct 23
96 Jan
103% NovlO
4% Deo
13% Oct 28
30 Dec
37 Oct 28
79% July
88% May 5
________
913, NovlO
50% July
101*8 N ovl2
97% Apr
113 Novl7
165 Apr 22 143 Dec
99% Jan
110*8 N ov 5
74% Oct 19
27% July
119% Nov 5
97 Mar
119*8 Novl7 107% Mar
130% N ov 4 114 July
252% Apr 22 215 Apr
110% Sep 25 101%Jan
57% Oct 20
12 July
100 Oct 4
72% Mar
Par *25 per share.

28% July
62 Jan
9 Jan
21% Jan
156% Jan
36 Feb
141%Jan
133 Feb
16% Jan
35% Jan
137 Feb
145 Feb
24 Jan
60 Jan
30 Jan
34 Feb
14 Jan
96*8 Jan
78 Jan
31*8 Jan
105% July
90 Apr
118% Feb
115% Jan
91 Feb
101 Mar
172% Jan
89*8 June
93 Jane
16*8 Jan
25 Jan
5*8 Jan
17% Jan
9-% Jan
26*4 Jan
65% Jan
22*8 Feb
68 Feb
99% Jan
28% Feb
85% Feb
17% Apr
45*4 Jan
12% Jan
23 Jan
108% Jan
1643s Jan
86 Feb
23*4 Feb
49% Mar
__ _ . . . .
35

Jan

6*8 Jan
21 Jan
11 Jan
48 Feb
*28% May
14% Feb
49 Jan
59% Mar
97% Jan
33% Dec
80 Deo
97% Fob
146% Feb
35% Jan
96 Jan
53% Feb
118% July
586% Mar
107 July
46% Feb
97*8 Mar
5% Fob
25*4 Feb
32*4 Feb
11*8 Jan
31% Jan
37% Jan
102% Mar
9% Jan
60% Jan
85 Jan
________
71% Feb
105 Jan
172 Jan
106% July
37% Feb
109% Jan
115 Deo
124% Jan
256 Mar
109 June
20'8 Jan
83 Jan

&Quoted dollars

New York Stock Record— Concluded— Page 2

1699

For record of sales during the week of stocks usually inactive. se9 second page preceding.
ST O C K S— H IG H E S T
M on day
N o v . 15

S a tu r d a y
N o v . 13

AND

T u esd a y
N o v . 16

LOW EST
W ed n esd a y
N o v . 17

SALE

P R IC E S

T h ursd a y
N o v . 18

F r id a y
N o v . 19

STOCKS
NEW YORK STOCK
EXCHANGE

R a n g e S in ce J a n . 1
O n b a sis o f 100-share lo ts
H ig h e s t

R a n g e f o r P r e v io u s
Y e a r 1914
H ig h e s t

S p e r sh a r e S p er s h a r e $ p e r sh a r e •5p e r share.
Industrlal& M lsc.(Con). P a r $ per sh a re
$ p e r sh a r e
52
50
52
' Am Woolen certlfs of deposit.
52
52*8 51*2 53*2 52*4 52*4 *50
46 NovlO 56 Oct 20
98
98
98
98
97*2 97*2
98
Iio pref certlfs of deposit.
98
99*2 98
96 Oct 22 91*8 N ovl7
i Anaconda Copper________ 50 c24*4 Feb 24
88 N ovl2 c *24*4 Dec c 838*4 Feb
87*s 87*8 87*2 89*4 89*2 91*8 8934 91=8 88*2 90*2 88*s 89*4
118*4 122
120 124*4 116*2 120*2 114*2 117*4
Baldwin Locom otive____ 100
119*4 125
121*2 123
5218 Mar
38*2 Jan
26=8 Mar 3 15412 Oct 23
*109 110
109*4 110*8
Do pref.......................... 100 92 Mar 9 114 Sep 29 102*2 Jan
*108 109*2 110 110 *109 110
110 June
474 490
477*2 486
Bethlehem Steel_________ 100 46*4 Jan 2 600 Oct 22
440 445*8 440 45978 461 494
435 445
46*8 Deo
29*2 Jan
Do pref..............
100 91 Jan 2 184 Oct 22
*160*2 165 *160*2 165 5160*2 100*2 161*2 161*2 161*2 161*2 *161*2 165
91*8 Deo
68 Jan
135 135
136 136
Brooklyn Union Gas______100 118 Jan 5 138*4 Oct 14 118 Dec 130 Jan
*135 138 *135 138 *134 136 *135 136
837S
83
84
82
*83
85
*82
82
Burns Brothers................... 100 82 N ovl7
84
*82
*82
85
94*8 Oct 19
74
70
71
72*i
73
72*8
71*2
Butte
&
Superior
Copper_
_
10
71*2
73*2
56*2 Aug 23 797gJune 4
69*8 73*2 71*2
25
26*4
27
24*2 26
California Petroleum, vtc.100
22*4 21*4 23*2 25
*20
20*4 20
8 July26 27 N ovl7
30*8 Feb
15*8 Dec
55
56
54
55
57
Do pref______________ 100 30 Ju!y23
*44
48*2 SlVg 53
45*2 45*4 46
57 N ovl7
68 Mar
50 July
58
Central
Leather__________100
59*2 58*4 59*8
58*4 58*4 58*2
325s Feb 20 6 U4 N ov 1
58*2 58
58
58*2 58
2578 Jan
38*4 Deo
110 111)
Do pref______________ 100 lOO-fj Jan 7 110*2 N o v l8
110*2 110*2 110*2 110*2
*108 111) *108*2 110 ♦109 110
947s Jan
104 July
Chino Copper_____________ 5 3284 Jan
567g 55*4 57*8 54*2 55=8 54*4 55
54*4 54*2 53*4 55=8 55
57*8 N ovi 7 831*2 Dec 844 Feb
5478
53
Colorado Fuel & Iron_____100
55
21*4 Jan
54
54*2 56*8 53*2 55
55*4 54*4 56*8
6612 Sep 29
20*2 July
34*2 Feb
143*8 144*4 143*4 143=8 143 143*2 14334 146*2 145*4 145*4 143*2 144*4
100 II384 Jan 4 150*2 Oct 15 112*2 Dec 139*2 Jan
90
92
88
91
93
89
88>s 89*4 89*2 90
100
40*4 Jan 4 127 Oct 5
89*t 92
37*2 June 45*4 July
Do pref.
.100
♦104 107 *104 107 *104 107 *104 107 §106*2 106*2 *104 107
88*2 Jan 5 109 Oct 1
91*4 July
84 July
19
19*4
19*8 19
20
orn Product
100
8 Jan 2 21*2 Oct 25
19*2 19
7 July
13*8 Jan
19=8 19
19=8 1978 19
*89
90*i 89*4 89*4
90
Do pref.
.100
65 Jan 5 91 Oct 25
*90
91
89*4 89*4 90
72 Jan
89*s 90
58*8 July
73*2 76*4 73
70*4 75*2 79
75*2
100
77
18*4 MaylO 1097* Sep 29
78*8 74*4 78*2 74
107*2 107*4
1077S 108*2 107*2 108
Do pref.
.10 0
84 MaylO 112l2 Sep 29
106*8 107*4 107*2 107*4 107*2 108
135 139
135 138
132 143
uban-Amerl
12 1 122*i 123*2 136
119 12 1
.10 0
38 Jan 25 143 N ovl7
103 105
105*4 105*4 105 105 *102 110
Do pref.
*100 105 *10 1 105
93 Marl7 110 Sep 14
.10 0
90 Deo
90 Dec
44*4 46
45
48
48
49
5*2 Mar 2 50*2 Oct 22
46*4 48*4 46*4 47*8 44*2 47
.10 0
11 July 20*2Mar
24*4
25*4 243.4 25*4
25
247g 25
25*8
24*2 25*2 243.1 25
. . 1 0 {16 June25 27*4 Oct 26
*64
67
67
67
67*2 *65
68*4 68*4 68
68*4 *67
.10 0
63*4 NovlO
78*4 Sep 25
*26
32
35
*26
32
35*4
34
34
*26
36
*32
35
60 Junel2
100
8 Mar24
15 Jan
7*4 May
54
52
*50
5234 53=8 53*2 53*2 50*2 50*2 *50
Do pref.
55*2 51
100 20 Marl3
43 Jan
65 Junel2
28*8 Dec
43.31 331 *330 310 §330 339*2 *335 346 §335 339*4 §339*4 339*4
leneral Cher
100 165 Jan 26 360 Oct 8 160 Apr 180 Jan
*114
114
§114
116
*114
116
*112*4 114*2 *113 114*2 *113 114*2
Do pref.
100 106 Mar 1 511434 Oct 30 107*2 Feb 110 June
177*2 178*8 175*2 177
175 175*2
176 177
177*2 178*4 177 178
100 138 Mar 3 185*2 Oct
137*2 Dec 150=8 Feb
395 405
410 432
421 435
393 398
*390*8 395
395 399
82 Jan 2 435 NovlO
99 May
100
37*8 Jan
113*2 113=8 113*4 1*4*2 114=8 115*2 115 115
113 113 *112*4 114
115*2 Sep 13
95 Feb
Do
pref vot tr ctfs__ 100
90=8 Jan
70 July
72*i 74*2 7178 72*4 72*2 73*4 717S 73
71*8 74
71=8 73*4
2878 Apr
Goodrich Co (B F )............ 100
80*4 Oct 14
241* Jan
19*8 Jan
113 *110*1 112*8 * 1 1 1
113 ♦ 1 1 1
113 ♦ 1 1 1 113 ♦ 1 1 1
•111
112
Do pref_____________ 100
95 Jan 14 114l4 Oct 27
95 Deo
7978 Jan
43
4.3*4 46
427s 43
43*4 42
44
42
44*4 4378 437g 0,500 Greene Cananea Copper.. 100 37 Oct 25 46 N ovl7
79*8 77*4 79*8 77
73*4 74*8 73=8 74*4 76
78*.| 77
78=s 143,825 Guggenheim Exploration__ 25
45igJan 7 79*8 N o v l6 $40*2 July 85712 Apr
45
44
44*4 46*4 457, 47*4 45*4 40=8 45
44
45
45*4 187,940 Inspiration Cons Copper__ 20
16*8 Jan 2 47*2 Oct 7 $1414 July 819*4 July
24
27
28
24*2 27*4 *24*4 27*2 26*2 26*2 3.000 Internat Agrlcul Corp___ 100
27*2 2778 27
10i2 July
29*4 N ov 1
51* Mar31
4 Jan
02
64
61
65
64
64*2 62
03
6212 63*4 3,800 Do pref........ ............... 100
65*4 66
36 Jan
67*8 N ov 1
8 M arls
13 May
110
110*4
109
109
109
111) 110
109 109*2 3,150 Intern Harvester of N J __ 100
110*2 110 110
90 MaylO 114 June 4
82 July 113*2 Jan
*
_
_
116 *115*4 116 *115*4 120 *115*4 120
*115*4 119 *115*4 119
Do pref...............
100 110 Julyl3 120 N ov 4 11312 Jan
1187* July
66*2 75*4 68*8 73*2 07*4 71
67*2 6912 177,650 Int Merc Marino pref ctfs dep.
58*s 5878 58*2 65
75*4 N o v l6
55*2 N o v ll
192 193*4 189*1 189*4 185 185*4 3.300 Intern Nickel (The) v t C..100 180 NovlO 223*2 Oct 5
1947g 196 xl90 192*2 191 194
11*8 11=8
11*2 117s 11*2 11=8
11*8 12
11*8 IDs
11*8 1134 5,950 International Paper______100
107g Feb
8 Jan 6
12*8 Nov
6*4 July
46*8 48
*45
46
45*8 45*8 4578 47
46
47
46
46
4.000
Do pref......................... 100 33 Feb 24 48 Nov
41 Jan
30 Dec
79
81
SO
847S 82*4 85*4 81*2 83*2 101,145 Lackawanna Steel.............. 100
78*2 83
77*4 82
28 Jan 7 94*4 Sep 29
40 Jan
26*2 July
104 104 ♦103 11)512 103*2 103*2 105*4 105*4
*103 105*2 *103 106
300 Laclede Gas (St Louis)___ 100
927g Jan 15 106 Apr 13
85 July 101 Feb
249 259 x257 257 *245 256
256 256*2 *256 260
256 256
1.300 Liggett & Myers Tobacco. 100 207 Jan 9 259 N ovl3 207*2 Dec 231 Mar
119 119 *118 119*4 *118 119*4 119*4 119*4 *118*2 119*2
*117 119
200 Do pref______________100 113*4 Jan 5 119*8 Sep
118*2 July
111*8 Jan
27
20
*23
26
*23
26
♦23
26
*23
26
100 Loose-Wiles Blsc tr co ctfs. 100 16 Feb 17 31 Jan 11
38 Jan
26 Dec
___ ___ *91
98
95
95
*91
96*2 *91
9512 *91
96*2
100 Do
1st preferred____ 100
86 Feb 20 105*8 Jan 13 101 Apr 105 Mar
*
*
fi/Slg
95*4 June
67 Oct 18
Do 2d preferred______100
60 Junel5
89 Jan
185 188
189 189 *183 188*2 ♦183 188*2 *182*2 188*2 *184 188*2 " ‘ 366 Lorlllard Co (P )................. 100 165<2Jan 6 189 N ovlo 160 July 190 Apr
*112
___ 115 115 *113
*115
100 Do pref......................... 100 112 Sep 14 118 Jan 19 110 Jan 1177S July
*113*8
*113*8
8212 8212 *80
83
82*2 83*4 *82
*79
8218312 *80
83
400 Mackay Companies______100
72*8 Jan 11 84 Nov
87*g Feb
61 July
*65*2 66
65*4 65*4 66
66
66
66
714 Do p re f...'............... ..10 0
65*2 65=8 *65
65*4
70 Jan
64*4 Oct 28 69*4 Jan 19
65*8 Jan
74
81
176
82*2 76*8 78*4 77
80*2 74*4 78*4 74
15*4 Dec
76*2 54,795 Maxwell Motor Inc tr ctfs. 100 15*4 Jan 6 92 Oct 26
14*2 Dec
101*2 102 1 100*4 102*4 101 101*4 100*4 101*4 100=8 101*8 100*4 100*2 6,700 Do
44 Deo
1st pref stk tr ctfs. 100 43h Jan 2 103 Oct 26
41*2 Dec
59
6 178 {58
61*2 58
58*2 57*2 61
55
57
58
17*2 Dec
56*4 12,100 Do 2d pref stk tr ctfs. 100 18 Jan 6 68*2 Oct 26
17 Dec
89*4 89's 89*s 91
90*2 91 *4 92*4 95*2 91*2 92*4 92*8 94*a 111,550 Mexican Petroleum______100
51 Jan 9 97 Apr 26
73*2 Feb
46*2 Jan
*82
*82
86
88
*82
86
*82
90
85*4 86
90
90
87 Feb
800 Do pref______________100 67 Jan 15 94 Apr 26
67 May
34*4 34*2 34*2 35
34=8 35*8 35*8 35=8 34=8 35
34*2 34*4 29,675 Miami Copper..................... . . 5
17*4 Jan 6 35*4 Oct 30 816*2 Dec 824*8 Feb
*60
62*2 62
62
63
62*2 60
61*4 62
527g June
60=8 63
67*2 10,200 Montana Power................ 100
41 Dec
42 Jaji 4 67*2 N ovl9
___ ♦ 110
* 110
112
112
110*2 110*2 * 112 112*2 112*2 1 12 1 2
900 Do pref______________100 99 Jan 29 114 N ov 8 101 Apr 1037g June
*125 128
128 128 *125 128 *125*4 128 *125*4 128
125*4 125*4
320 National Biscuit................. 100 116 Apr 3 132 Jan 22 120 July 139 Feb
12 1 12 1
* 120*2
Do pref......................... 100 119 May25 126 Feb 3 119*4 Jan
128 June
31*2 32
30*4 31*4 30*2 31
29*4 31*8 28*4 29*8 28*2 28*4
Nat Enam'g & Stamp’g.__100
14 Feb
91* Jan 4 36*8 Oct 25
9 July
*92
94
*93
93*4 93*4 *9212 95
95
*9212 95
*92*2 95
Do pref......................... 100 79 Apr 1 93*4 N ov 15
80 June 867g Mar
6(1
66
65
05*s 66
60*4 66*2 06*2 65
60*2 65*8 65*4
52 Jan
National Lead..............
100 44 Jan 4 70*4 May 1
40 July
* 112*2 115
11478 115
114 114
114 114 *113 115 *109*2 112*4
Do pref..................... .1 100 104*4 Jan 4 115 N ovl5 105 Jan 109 Feb
15*8 16
10
15*4 16
10*4 16*4 17
16*4 167,
16*4 17
Nevada Consol Copper_____5 11*4 Feb 24
17 N ovl7 810*4 July $16*2 Jan
143 143*4 141*2 143
110 143
140 143 *138 110
New York Air Brake____ 100
58 July 69 Jan
561* Feb 26 164*4 Sep 23
72*.| *71*2 72*2 72*2 72*2 *71=8 73
72*4 72*4 *71
79*4 Mar
81
Apr 21
North
American
Co
(new).
100
64
Jan
19
64*8 July
33*4 33
33
32
33
32
32*2 32*2 32*4 32*2
Pacific Mail........ ............... 100
38 Aug 3
18 Marl7
17*4 July 29 Jan
44
*42
45*4 *43
42*2 42*2 44
44*2 44
45*4
49*2 Oct
31 Jan
Pacific
Telep
A
Telcg........
100
26*8
Feb
II
20
July
1 1 s 118
119 119 ♦118 119*4
118 118=8 118 118
People’s G L A C (C hic).. 100 112 '2 MaylO 123*2 Apr 3 106 July 125 Jan
44*2 43
44*i 44=8 44*4 44*4 43
4412 43*2 44
Philadelphia Co (P lttsb)...50
35*2 Apr 7 49 Sep 30
367,
36
38*4 36
37*2 38=8 36
36=8 34*4 36*8
Pittsburgh
C o a l_________ 100 loUJan 4 42*2 Oct 14
23*2 Feb
15 Dec
106 107
108*4 109*8 107*2 10S78 1077, 1077, *106 110
93*2 Feb
Do pref.......... ............. 100 81*8 Jan 4 114 Oct 14
79 Dec
66*i 67
66*4 68*2 68*2 70
67*4 69
67*4 6,8*4
78*4
Oct
4
25
Mar
6
Pressed
Steel
Car...........
..10
0
46
Feb
26*4
Jan
104*8 104*8 *104 106 *103*4 104*4 101*4 104*4 ♦103*2 105
Do pref......................... 100 86 MarlO 105 Oct 26
105*4 Mar
97*4 Jan
____
117 119
115 115
115 117
*115 116*2
114 Apr
Public Serv Corp of N J . . . 100 100*2 Aug 24 119 N ovl7 107 Jan
1037g 165
*163 160
I037g 167*2
105*2 165*2 164 164
Pullman Company............. 100 150*8 Marl2 170*4 Oct 23 150 Dec 159 Jan
4*4 4=8 *4*2 4*4
4*8 4*8
4*8 4*8
4*4 4*4
27g Jan
5*4 Nov
Quicksilver Mining_______ 100
>4 Marl5
h June
5% 5*8 *4*2 512 *4*2 5*2 *4*2 5*2 ♦4*2 5*2
4 Jan
678 Nov
Do p r e f ...................... 100
*4 Mar29
1*2 June
47
45
45*2
47=8
40*1
46*2
47*4
46*2
45*8 15*8
54
Oct
1
34*8
Feb
19
Mar
6
Railway
Steel
Spring____
100
19*4
July
♦
100 100
100
*98 100
*99*2 100
*99=4 105
Do pref.................
100 87 Mar 3 100*4 N ovl9
88 Dec 101 Feb
2(5*8 26*8 26*8 26=8 20*4 27*8 26=8 2712 26*8 28*4
Ray
Consolidated
Copper..
10
822*2
Apr
27*2
N
ovl7
15*4
Jan
2
815
Dec
51*i 53*4 51*4 52*2 517g 53
5178 53
50=4 51*,
27 Jan
19 Feb 1 56l2 Oct 19
Republic Iron A Steel___ 100
18 Dec
106 106=8 107 107*4 1077, 108*4 108*4 109*2
105*4 106
Do pref_____________ 100 72 Jan 30 1097g N o v 19
91*4 Mar
75 Dec
*3*2 412 *3*2 4*4
3*4 3*4
3*4 3*4 *3*4 4*2
18 Jan
14
Aug
13
Rumcly
Co
(M
).................
100
37g
Dec
7gJan
22
*7*2 —
*7*2 —
....
41 Jan
18*4 Aug 12
212 Jan 20
Do p ref................
100
20*4 Apr
5*2 Oct 15
Rumcly Co (M) ctfs of deposit
3*2 NovlO
9*8 Nov25
7*4 Oct 23
Do prof certlfs of deposit
§157' lsY ’ 15012 150*2 156*2 156*i 157' 157" ‘ *155" 157"
Sears, Roebuck A Co____ 100 *131*4 Marl7 209*2 Feb 1 170*4 July 197*2 July
*1247,
*12(78 ____ *125 ____ *124*1
*1247,
Do prof______________100 121*8 Jan 4 125*2 Feb 19 120 Dec 124*4 June
59
58
59*4 58*2 58=3
58*4 587, 58=8 59
58
3,300 Sloss-Shcfficld Steel A Ir._100 24 Jan 6 65 Sep 29
35 Jan
19*2 July
115 116*9 115 115
129 132
129*2 133
115*2 120
3,335 South Porto Rico Sugar__ 100
40 Feb 16 150 Oct 15
*105 110 ♦105 110 *105 110 *105 110 *106 111 )
110
Oct
14
Do
pref_____________
100
89%
Feb
4
79*8 79*2 70*2 79*2 79
78
79
79=8 797,
79
45 Dec
Standard M illing________ 100 43** Feb 23 84 Oct 20
32 Jan
81
81
81
79
*80*2 81*8
79
♦so
81*8 81
Do pref...................
100 66 Feb 17 83*4 Oct 21
67*2 Dec
59*2 Dec
158*2 103*4 103 170
162 107*2
162*2 165*2 103*2 168
36*4
Mar
195
Oct
22
35*4
Jan
2
Studebaker
Corp
(T
h
e
)...
100
20
Jan
* 112 114
112
115 * 112
115
112 * 112
115 * 112
92 May
Do pref........ ................ 100 91 Jan 2 119*2 Oct 27
70 Jan
5878 59=8 59*8 60*2 68
59*2 607, 57*2 59*2
Tenneaseo Copper_________ 25 25*2 Feb 24 70 Sep 30 524*4 July S36*4 Feb
171 171
170*4 171*2 171*4 184
1.80 185*4 179*4 181*2
Texas Company (The)___ 100 120 Mayl4 194 N ovl9 112 July 14978 Mar
7=8 778 *7
8
8
8
8
*7*2 8*8 *7
8*4 Nov 4
Union Bag A Paper______100
8*4 Feb
3*8 June
4*8 Jan 4
*26
27*2 *25
27*2 20*2 26*2 ♦25
27*?
27*- *25
32*2 Feb
Do pref........ ... ............ 100 227* Julyl 3 307g Apr 6
18*4 July
fT4
*62
0312 03*i 63
64
03
03*4 63*8 *61
66*4
Oct
27
39
Dec
42
Jan
25
United
Cigar
Mfrs..........100
50*4
Feb
105*4 105*4 *107*2 109 *105 109 . *105 110 *105 109
Do pref_____________ 100 100 Junel9 110 Oct 1
99 June 10378 Feb
9*4 97g
9*4 97,
9*4 97,
9=8 9*4
9*4 9*4
10*2 Oct 20
9*8
N
o
v
l8
United
Cigar
S
tores............10
*11*2 12*2 * 11*2 12*8 *11*2 12*8 *11*2 12*8 * 11*2 12*8
Do prof...........................10 11*2 Oct 14 12*8 N ovl(
145 147
144*8 145
140 154*4 157 163
158*2 162*2
15,970 United F ruit...............
100 139 NovlO 163 N ovl7
27*| 28*8 27*2 28
27
277, 27*2 28
27*4 27*2
2,500 U S Cast I Pipe A Fdy___ 100
8 Jan 2 3178 Oct 29
7*4 June
13*2 Jan
54
5413 54*2 53
5.3=8 54
54
53
54
53
700 Do pref_______
49 Feb
100 32*2 Mar 3 55*2 N ov 8
30 July
44
44
44
*44
44
45
44
46
44
*12
300 U S Express_____________ 100 43*2 N ov 1 73*4 Mar 9
87
Mar
46
Jan
115 117
113*2 117*2 113 114*8 113 i n
110 113*2
6,600 U S Industrial Alcohol___ 100
20 Apr
15 Jan 27 128 Oct 23
15 Dec
► 102 105*2 *102 105 *101
105 *10 1
105 ♦ 101 105
Do pref.........................100 70 Jan 26 107 N ov 1
85*8 Jan
75 Dec
54*4 55
557,
54
54
54*s
543* 551 •> 537g 54*i
74*4 Apr 14
63 Mar
United States Rubber____ 100 44 July24
44*2 July
►106*- 107*2 106*2 106*4 100*4 10.8*4 107*2 107*o *107 108*4
Do
1st preferred_____ 100 101*8 Feb 21 110 Apr 9
95*8 July 104=8 Jan
87*i 87*i 80*4 8773 86*8 87*2 86=8 88
86=8 87=s
67*4 Jan
United States Steel_______ 100 38 Feb
88*s N ov 1
48 Dec
116*8 116=8 11578 116*2 115*2 115*4 116 116*4 1157g
116
Do pref_____________ 100 xl02 Feb
117 Oct 30 103*4 Dec 112*4 Jan
75
767g 797, 79*4 81*s 78*s 79=8
75*.,
75*2 77
Utah Copper_____________ 10 48*2 Jan
81*8 N ovl7 545*8 Dec $59*8 June
*18
48*4 47=3 48*2 47*4 477, 47
48*- 47*2 48
34*8 Mar
15 Jan
17 Dec
52 Oct 26
Vlrglnta-Carollna Chem__ 100
111*3 111*8 *110
112 *110 112
112=8 *110 112 *110
Do pref......................... 100 80 Jan 6 1127S N ovl9
96 May 107*2 Mar
*63*2 68
*02
66
*03*2 67*2 *63*2 67
60
02
52 Mar
35 July
Virginia Iron Coal A Coke. 100 36 June 9 74 Oct 26
*87*i 89
87*4 88*1 87*4 87*| 87*4 887, 88
88*2
6678 Feb
Western Union Telegraph. 100 57 Jan 2 90 N ov 4
53*g July
69*2 70
0.8*4 70*4 6.8=8 69*4 69*8 71
68*4 70*4
32 Feb 24 7478 Oct 26
64 Jan
79*2 July
Wcstlnghouse Elec A M fg..50
*76
79
79
79
*76
*70
.80
76*4 76't
SO
Do
1st preferred______50 5S*2 Marl2
85 Oct 21 1157s Jan 124*2 June
2(3 248
240 255 ♦230 215
245 245*4 235 214*2
268
Nov
1
87
Feb
23
Wlllys-Overland
(The)___
100
112
112*2 112
113=8 114
I It 114*8 114 114
113
Do
pref.......... ............. 100 96 Feb 13 114*8 N o v l6
112=8 1 12=8 112=8 112=8 113 113
113 113
111*2 111*2
Wool worth (F W )............... 100 90*4 Jan 6 115l2Nov 1
89 July 103*4 Feb
122 124 *122 123 *122 122*2 —
*122 123
118*8 Mar
Do pref______________100 115 Jan 8 124 Aug 14 112*4 Jan
• Bid and asked prices: no sales on this dny. | Less than 100 sharos
t Ei-rlghte. a Ex-dlv. and rights, ft New stock, e Par S25 per share, d Quoted dollar*
per share, lEx-stock dlvldond. x Ex-dlvIdend
8 ver

sh are

3

p e r sh a r e




New York Stock Exchange— Bond Record, Friday, Weekly and Yearly

U. S. Government.
0 B 2b consol registered__ 61930
0 8 2a oonsol coupon_____<11930
0 8 3s registered............. ..*1918
0 8 3a cou pon___________ *1918
D 8 4s registered__________ 1925
0 8 4a coupon____________ 1925
0 8 Pan Canal 10-30-yr 2s.*1938
0 8 P n Canal 10-30-yr 2s ..1938
0 8 Panama Canal 3s g------1901
0 8 Philippine Island 4s. 1914-34
Persian Oavornmtnt
Anglo-French 5-year 5s (wh Iss).
Argentine— Internal 5s ol 190«
Chinese (Hukuaog tty)—5sof 'l l
Cuba— External debt 5s ol 1904.
Exter dt 5s o( ’ l l ser A __ 1949
External loanl }$s_______ 1949
itpantse Govt— £ loan 4 H S 1925
Second series 4 449_______ 1925
Do do ’ ‘ German stamp” .
Starling loan 4s.... ............ 1931
Mexico— Exter loan £ 5s ol 1899
Gold debt 4s of 1904____ 19
Prov ol Alberta— deb 4 H s .. 1924
Tokyo City— 5s loan of 1912 .. .
t T h e s e o r e p r ic e s o n th e h a ste o f

P r ic e
F r id a y
N o v . 19.
Bid

W e e k 's
R a n g e or
L a st S a ls

A s k fjotr

H igh

97*4 Oct ’ 15
97*4 Oct ’ 15
Q*J
98 Sep ’ 15
,01*8 Nov'15
Q- F
10934
10934
110 Sep '15
Q- F
98*4 Oct '15
Q-F
97 July'15
Q -N
Q -M 101*2____ 101*4 Aug '15
100
Feb '15
____
100
Q F
99
99*2
99 ____
I d 1 11 10134
101*4-----1095s 110*8
110 i n
98 ------

$t 0
5*3
SQ

N o . Low

H ig h

90*4
97*4
98
100*2
10 109
109*2
. . . . 97*2

93*1
99
101*8
102
110
l *1*2
98*4

—

___
—

163
9778
98
1
94
94
s» July'14
96
97*2 37
94*4
96*2 159
86*2
86*2 12
36
32
82
4
?79*2
79*2
8757s
7078 70
78*4
June'lo
{
____
69
j - j
79*4 Apr '14
U - J t ____ 79
65 July'14
____ 85
1*90 ____ 95*2 Jan '16 ___
80 M ay'15
M- S 1------ 79*2
S5W£

93 Salo
M- rt t ------ 92'>8
t____ 7434
s97*2 Salo
96*2 Sale
F - A 86*2 Sale
t 82 Sale
j - j l 791a Sale

State anil City Securities.
If Y City—4 M s ................... 1901
4!4s Corporate stock___ 1901

100*4 Salo 100*2
100*4 156
100*4 Salo 100*4
100*4 21
105*8 Sale 105*8
105*4 188
105*8 37
105*8 105*2 105
30
9778 Salo 97*4
98
7
9778 Salo 9734
9778
97*2 98
97*4
97*4 24
2
96*2 9678 96“>8
9G>8
5
1047s 105*2 105
105*4
101 10134 101 NOV'15 ___
10478 105*4 101*4 N ov’ 15 ___
10 1 ____ 101*8 Oct '15 ___
86*2 8778 86*2 Nov'15
1
10078 ____ 101*4
101*4
h
i
s
N Y State— 4a.
101*4____ 101*2 N ov’ 15 ___
*10 1
..
lot *s Sop '15 ___
101*4____ 101*4 N ov’ 15 ___
20
111
j - j 1 1 1 * 2 ____ 110*8
105 N ov’ 15
j - j
0
1 1 1 ____ 110*2
111
105*2____ 105*2 Nov'15 ___
Highway Improv't 4 'ls ..l9 0 5
___
87
____
SS6
N
ov’
15
Irglnla funded debt 2 -3 s.--l9
77
59 Salo 58*8
60
6a deferred Brown Bros ctfs.

Nov
Nov
M -N

Trans Con Short

Mao A Nor Dlv 1st g fis._
Mid Oa A Atl Dlv 5s____
Mobile Dlv 1st g 6a_____

Registered

Jala A Alton R li ref g 3b._

town Dlv sink fund 6s.

61*8____
394*2 Sale
91*2 93*8
8734 88*2

R ange
S in c e
J a n . 1.

61>s N ov’ 15 ___
91*2
95U 235
92*4 N ov’ 15 ___
87*4
87*2 13

100*4 102
100 100
977g 98*4
80
99*4
93*8
90
80
73.’8
717g
70

97*2
96*2
86*2
31*2
82
79*4

____
95*2 95*2
78
82

97<4 lul
97*4 101
1015g 105*4
101*8 10534
94
98
94*2 9778
94
9734
94
97*4
1015s 105*.)
100*2 1*11*4
I01*s 1*15*8
100*2 101*8
34
89
997s 101*4
997g 101*2
100 101*8
99**8 101*4
103*4 1 1 1
104 105*8
108 H I
104*8 105*2
81
86
52
«1*2
55
89*2
89
80*4

60*2
95*4
92*2
87*2

136 80' j 88
83 Sale 87*2
88
s 10734 Bale 1073|
108*4 23 92*8 110
99*2 May’ 13 ___
108 109' 108*4
1085s 20 92*a 110*4
9 100*8 102
101*2
J - D 10 1* 2 ____ 101*8
95 ____ 9358 Nov'15 ___
92
94
2 84*» 89
____ 90
88
88
95
99 394*4 Oct '15 ___ 93
96
10 0 *2____ 103*2 Sep '15 ___ 103 103*2
13 85
94
94
M- S 94 Salo 93 3S
92*4 July I t
J -D
105 N ov’ 15
105 105
M- N 1041s
9234 ____ 89 Sop '15
89
93*2
128‘8 135 1297s Allg '15 - - . I297g 129 <s
37 80
89
89
88 Salo 88
M -N
A - O 119 120 US Oct '15 ___ 118 119*2
July’ 15 ___ 105 105
\ A - O 103*2____ 105
____
98 ____ 93 June'15
97*2 »8
93*8 152 88*4 03*8
^ J - J 93*8 Sale 92*4
90 June’ lo __ _
38*1 M"
5 Q - J
S908 Salo 90*2
92*4
92*4 120 85
85
90
87*2____ 89 N ov’ 15 ___
744
90 Salo 95
96i8
S2*2 96*8
112 Jan *12
] j - j
91
84*a 88
87*2 Oct '15 ___
5 M- N 88
87*4 54 77SS 87*4
1 M- N 87*4 Salo 85*4
115 86
92 Salo 9158
92
02
. ___
100 Apr -ia ___
(VM- 5
104*1 Apr '15 ___ 103*2 104*2
102<4 Juno'12 ___
) F-A
0 J - D 104 ____ 102*2 Oct '15 ___ 10212 102*2
9812 9834
7 A - O 10 0 *8 ____ 98*4 N ov’ 15 —
113*» Feb '12
2A-O
80*4 M a r'll
91 Juno'12
] J -D
___
/ J - J
7 M- S 106 ____ 104*2 Sep '15 ___ 1021, 1065s
99*2 100*4 100 N ov’ 15 ___ 9912 103
7 M -N
1 90
92 ____ 92
92
94*8
112 Apr H ___
3 J - J 103*8 .
___
lUo*
2
____
100*8
Oct
'15
106*8 107*8
! F-A
___
107 107
2 J - O 109*4____ 107 Sep '15
17 100 105*4
105*4
105*4 Salo 105
lO07g Apr H ___
2 A- O
97
97*4 18 94
97*4
97*4 98
J - I)
5 F - A 107 ____ 107 Oct '15 ___ 103*2 107*3
101*4 33 90 102*2
5 M- N 1017s 102*2 100*2
M \ . F«h ».
85
86
56
i J - D 83
j J J 10 1* 8 ____ 1013.4 Nov'15 ___ 101 10**4
__ *00*4 10U>4
7 J J 1*).)*8____ t0 0 « M 'jr'i
6 J J 101*4 105 103*4 Mav’ lf ___ 103*4 103*j
7 86*2 93*8
96*8 Salo 96*8
96*8
7 M -N
t 1 1 1 *1 115*2
11478
7 J - J 1147s 115*2 l 1478
15 110*2 116
114
7 CJ - J 113*2 114*8 1137s
102*4 101
1 J - J 103*8 101*2 103l2 Oct '15
0 J - J too ____ 100 June’ l'
Jan ’ l:
1 M - S 91*4 100
75
68
75
75 N ov’ 15
0 Q - F 73
5 83
98
95
96
90
9 - J 93
12 101*3 100
105*4
9 M -N 105*4____ 10512
10 1 1**1
9 M-N 101 105*2 101 Sop '15
55 S3
9*
91
2 M - S 9 1 Sale 917a
84
81
90*. 81 Oct 'la
2 M- S 83
2 1 f 70
90
90
0 F - A 89 Salo 88*2
80
337g
83*2 Nov'15
1 J D 82*4 85
81 S33
5 J - D 81*2____ 8163 N ov’ 15
95
95
95 Nov'15
96*4 93
0j - j
0 j - j _________ 81*1 Jan '13
5 80*4 8 ‘*S
81
85
84
84
9j - j
2 77
... 82
80
80
80
9j - j
_______
90 Apr '1
0 M t
. .
. 113*» Feb ’<V __
1 M- S
1 52
60
58
9 A - 0 s56*2 Salo 356*2
{
38
47*2
45
0 J - J 45 Salo 41*4
2 F - A 99*2____ 991* Nov'15 ___ 08*8 100
ot 8U4 87*4
87*4
86*2 Salo 847*
9J - .
10 917g 95
95
95 Salo 94*4
0J *9334 ____ 94 N ov’ 15 —
94
94
9J 101*2 102*2
9 A - 0 102*4____ 102*4 N ov' L
90*i 9912
99
99 Salo 99
9 A •a

a l l — " a n d i n v e s t " — e x c e p t f o r i n c o m e a n d d e f a u l t e d O o n d i.

BONDS
If. Y. STOCK EXCHANGE
Week Ending Nov. 19.
Chic Burl A Q ( C o n .)—
Joint bonds. See Great North
Nebraska Extension 4a__ 1927
Registered................ ......1927
Southwestern Dlv 4a____ 1921
General 4s........ ........... ......1958
Ohio A E 111 ref A Imp 4.1 g.,1355
let consol gold 0a________1934
General consol 1st 6s____ 1937
Registered................ ......1937
Pur money 1st coal 6«___ 1942
Ohio A Ind C Ry 1st 5 a ... 1936
Ohio Great West 1st 4s.........1959
Ohio Ind A Loulsv— Rof 08.1947
Refunding gold 5a_______1947
Refunding 4s Series O___ 1917
Ind A Loulsv 1st gu 4s__ 1956
Ohio Ind A Sou 50-year 4s. .1950
C hief S A East 1st 4 Ha___ 1969
Chicago Milwaukee A St Paul—
Gen’ l gold 4a Series A ___ el!)89

P e r io d

BONDS
If. Y . STOCK EXCHANGE
Week Ending Nov. 19.

o f Q u o t in g b o n d s w a • c h a n g e d , a n d p r i c e * a r e n o w

P r ic e
F r id a y
N o v . 19.

1

th e E x c h a n g e m eth o d

j I n te rm

/ a n . 1909

I ru e sest
P e r io d

1700

R

W e e k 's
R ange or
L a st S a le

A sk Low

H ig h

Range
S in c e
Jan. 1
N o . L ow

H ig h

97*2 Sale 97*2
97*2
2 94>< 97*2
M-N
95
95 jtm c’ 15 ___
95
M-N
___
99*4____
99*8 99'g
99's
June’
15
\1- S
94*2
94*2 177 88
IM- 8 94*2 Sale 93ij
26 15
29
23
- J 23 Sale 20
91 103
101*8 N o v ’ 15 ___
A-O
37 51*8 75
s65
73
M- N
71 Juno'15 —
52*2 71
M- N
9734 Feb '13
F- A
17 * 17
12 ____ 17 Oct ’ 15
J - J
73*2 5-1 64
73*4
M- S 73*2 Sale 7234
112*2 10 110 117
J - J 112*2____ 1117s
10 1 10 1
/ - J 97*2____ 101 Juue'lb —
9558 Apr ’ l l
J •J
80 July’ 12
J- J
85*2 N ov’ 15
'85*2 '85*2
J • J 8534
9234 94*2
93
94*2 9412 N ov’ 15 —
J -D
119
93
9234
Sale
85
92
93
i - J
89*2 Apr 15 ___
89*2 8912
Q- J
72' 87
94**
04*s
Gen A ref Ser A 4He___ <*2014 A - O 94*8 Sale 92*2
107*4 217 100*8 107*4
F - A 107*4 Sale 10634
3 76
80*2
80*2
Gen'l gold 3Hs Sor B ___ el9S9 J - J 80*2____ 80*2
103*2 04 97 10312
General 4.4s Ser C _____ el9S9 i - J 103*2 Salo 101*2
262 8 U2 93
93
35-year doben 4s________1934 J - J 9278 Salo 92
1015s 163 93*4 101*3
Convertible 4 Ha________1932 J -D lODs Sale 100
Ohio & L Sup Dlv g 5s___ 1921 J - J 103 ____ 102*8 Aug ’ 15 ____ 10233 10212
103 IOH4
____ 103 July'15
Ohio A Mo Rlv Dlv 5s___ 1926 J - J 10312
103*2 37 101*4 103*2
ChloA P W 1st g 5s_____ 1921 J - J 10334 ____ 103*4
175
91*8
Salo
857g 91*8
91
91*8
C M A Puget Sd 1st gu 4s. 1949 1 - J
Dak A Grt Sou gold 5s__ 1916 J - J 100 ____ 100 Oct '15 ___ 100 100*2
106 107*8
Dubuque Dlv 1st s f 6s__ 1920 J - J 100*g 1077s 10634 N o v ’ 15 —
110 Juno'13
Fargo A Sou assum g 6s . . 1924 J - J 108 ..
1 102's 103
103
103
La Crosse A D 1st 5s____ 1919 J • J 4
1 101*8 103*8
103*a
103*8
Sale
103*8
J
•
I
Wls A Minn Dlv g 5a.........1921
.
.
.
.
____
July’
15
106*8
106*4 107
106*2
WIs Vail Dlv 1st 6s ...... ..1920 J
.1
____ 101
1 99 10 1
10 1
Mil A Nn 1st ext 4H s___ 1934 J -D 100 ____
___
10
1
Oet
T5
100 100*2
100
Cons extended 4 H s __ 1934 J -D
92*2 94*4
Chic A Nor West Ext 4s 1836-1926 F - A 95 ____ 94 Sep ’ 15 ___
1 94*2 9412
94*2
Registered_______18.36-1926 F A 91*2 ____ 94*2
82*2 19 78
82*2
General gold 3 H a- - ...........19.87 M- N 8212 Sale 81*2
90»2 78*2 Jan ’ 14
Registered__________ pl987 tj - F
96 ” 16 '.St *4 *96 '
General 4s................ ......... 1937 M- N ’ 90’ Sale 9512
6 89
95
90
95
Stamped 4s ................ .1987 M- N *92*2 94
109 114*2
'l 5
General 5s stamped___ ..1987 M- N 113*8 1147s 110t2
—
1097s
.
.
.
108
109*2
108*2
Oct
’
15
Oinking fund 6s ___ 1879-1929 A - O
105>j Doo ’ 13
A - O ------ 109
1027g 104*2
Oinking fund 5a........ 1879-1929 A - O 1043s . . . 1043s Nov'15
Registered............ 1879-1929 A - O 10338____ 102 Oct T3
100*8 102*8
Debenture 5s.................... 1921 A - O 103 ____ 1<)258 Oct '15
101 D e o '12
Registered............ ......... 1921 A -O ------ 103
2 10 1 10 1
103*;
Oinking fund deb 6s_____ 1933 M -N 103*2____ 103*2
99 101*2
10 1*1 Muy'16
Registered......................1933 M -N
117 A u g ’ 15
117 1 1 UU
Frera Elk A Mo V 1st 6s .. 1933 A - O 1175s
90*2 Sep ’09 ___
Man O B A N W 1st 3.H8.1941 J - J
Mllw A S I, 1st gu 3 *-<8__ 1941 Jl - J
105 108*2
Mil L 3 A West 1 st g U s...1921 IW- 8 107*2____
*0212 101*8
F - A 104 ____
Ashland Dlv 1st g fls__ 1925 M- 8 110*2____
111*2 111*2
Mich Dlv 1st gold 6a__ 1924 J - J 110*4____
92
93
16 89*4 92
90*2
MU Spar A N W 1st gu 4s. 1947 M- 8
. . . . -----Northw Union 1st 7s g __ 1917 M - 8 1013s____ 107*8 J
102*4 106
St L Teo A N W 1st gu 6s . 1948 J - J 105 106*2 106 N ov’ 15
. . . 103*2 May-16
103*2 1035s
Winona A St P 1st ext 78.1916 J - O 103
100*8 102*2
102*2
Chicago Rock lal A Paofla .1917 J - J 102*2 102*8 102*2
101*4 1023*
Registered...................... 1917 J - J 10 2 12 ____ 102*s Oet ’ 15
85*2
85*8 Salo 8 U4
79
85*2
R y general gold 4a_______ 1988 J - J
80
82*2
81*2
Registered-.................... 1988 J - J 83 ____ 81*2
08*4 Sale 67
70
01
70s
Refunding gold 4s______ 1934 A - O
39
67
50
J - J 50 Sale 46*8
79 ____ 9434 JunuTl
Coll trust Series P 4s........ 1918 M -N
85 Juiy’ 13
R 1 Ark A Louis lst45ss.. 1934 M - 8 ___ 74
99 100
Bur C R A N— 1st g 5 s ... 1931 A - O 101*4____ 99*4 Oct ’ 15
O R I F A N W 1st gu 5a. . . 1921 A - O 09 ____ 1007s M ar’ 14
M A St L 1st gu K 7s........ 1927 J -D
975s 97*8
Choo Okla A O gen g 6s.ul9l9 J * J *0778 ____ 0758 July’ 15
9758 July’ 15
97*2 97*2
Consol gold 5s______ 1952 Al-N
49>4 84
4934 Sep T5
Keok A Des Moines 1st 5s 1923 A - O 61 . .
65
65
St Paul i K C S I i L 1st 4 Ha ’41 F - A 65 ____ 65 Apr ' 16
1 1434 II734
117 N ov’ 15
Ohio St P M A O con 6s___ 1936 J -D 116*2
90
90
90 Jan '15
Cons 6s reduced to 3 H a.. 1930 J -D
9912 1025s
102*8
Debenture 5e............ ....... 1936 iVI - 8 102*4 102*2 10134
IIS’* Oet ’ 15
115 1153s
Ch St P A Mlnu 1st g 6s . . 1918 iW-N 116*8 . .
1295s May’09
North Wisconsin 1st 6s. ..1936 J - J 115 . .
1015s 105*4
Ot I* A S City 1st g 6s___ 1919 A -O 105 1056a 105*4 N ov’ 15
Superior Short L 1st 5s g.ol936 M- 8
*1
85 Jan T4
Chic T H A Bo-east 1st 5s__ 1966 J - O ___ 80
108*2
1 105 106*2
Cblo A West Ind gen g 6s .,1932 Q -M 106*2 Sale 106*2
83*4 59 747g 83*4
Consol 50-year 4s________1952 J J 83*4 Salo 79*8
—
CIn FI A D 2d gold 4 H a____ 1937 J - J 80 ____ 96 M a r'14 —
1st A refunding 4a............ 1959 J - J
. 87
86U Juue'12
1st guaranteed fa.............. 1959 J - i
25
____
25 July'15
25
25
CIn D A I 1st gu g 5s........ (911 M -N
—
C Find A Ft \V 1st gu 4s g . 1923 M- N ................. 88 M a r'll . . . . —
CIn I A VV 1st gu g Is___ 1953 J - J
Day A Mich 1st eons 4 Hs 1931 J - J
05 J'ly ' l l
Ind Deo A W 1st g 5s........ 1935 J J
--.
107*2 Deo '02
1st guar gold 5s_______1935 J " J _______
25 68
83
83 sale 82*s
S3
Cleve CIn C A St L got* 4s— 1993 J -D
15
793g
87*2
87*2
88*2
87*2
87*2
J
J
20-yr dob IH s........ ......... 1931
4 80
84*2
85
84*2 85*2 84*2
Cairo Dlv 1st gold 4s____ 1939 j - j
78 Nov'15 . . . . 70
78
78
82
CIn W A M Div 1st g 4 s.. 1991 j - j
79 N ov’ 15 . . . . 75*2 85
84
St L Dlv 1st coll tr g 4 s.. . 1990 M- N 82
Registered............ ......... 199C M- N 75 .
1 77
847,
817,
SprAC ol Dlv 1stg Is___ 191C M- S 85 ____ 817*
91 Apr *12 ___
W W Val Dlv 1st g 4 3___ 194C J - 1 ____ 85
1 {<)■> 105*4
105
C 1 St L A C consol 6s ___ I92f M -N 104 ____ 105
90*2____ 91 N ov’ 15 ___ 90
91
1st gold 4s ............ ..*1931 Q-F
KHlj|
Registered................ *1031 ti-F
101 10 1
CIn S A Cl con 1st g 5;*... 1923 J - J ................. 101 Juno’ 15
105*i J'ly '14
C C C A I gen cou g 0s . .. 193' J - J
—
—
R egistered___
193- J - J .................
’ 6 i J’ly "'08
A
O
*ed l* A W 1st prel 4S...194C
f . ind A W 1st oref 5s. ..<11938 Q-J
71
75
59
70
70 Nov'15
Peo A East 1st con 4s___ 191* A - O
io 20
35
40
38
37
37
Apr
Income Is................... 199*
993.1 140 00*4 99*4
Clove Short L 1st gu 4 Ha. . 1961 A - O 9934 Salo 98*2
15
10
14*8 16 Muy'lo ___
17
Col Midland 1st g 4s............1947 J J
14*3 M ar’ 16 ___
14*2 15
Trust Co certfs of deposit........ - - - • ------ 10
93*4 23 85
93*4
Colorado A Sou 1st g 4s___ 192C F - A 93*8 Salo 03
8734 30 787g 89*4
89
89*i 87*2
Refund A Ext IH s _____ 193F M -N
2 100 103*4
193*4
Ft W A Den O let g 6s . .. t021 J -D 101*8____ 103*4
..... .....
Conn A Pas Rlvs 1st g 4s__ 1947 A - O
Cuba RR 1st 50 yr 5a g _ 1951 J J
Del Lank A Western —
5 84
80*8
86's
Morris A Es 1st gu 3 H a ..2001 J - O 80*s Salo 86*s
N Y Lack A W 1st 6s___ 102 J - J 107*4____ 108 Nov'15 . . . . 107 109
Construction 5s............ 192: F - A _ _ _ ______ 101*4 May'15 ___ 101*2 101*4
95*8------ 05*8 Sep '15
95'i 96
Term A Improve 4s___ 192: M -N
Warren 1st ref gu g 3 He .200* F - A ....... 85*2 102ig Feb '03 ___
Del A Hud 1st Pa Dlv 7 s...19 1 ' M- S 104*8 . . . 104*4 Aug '15 ___ 101*4 105*8
Registered.......... ......... 191' M- S _________ 149 A u g'01 ___
ll)012
7 99 100*4
10-yr conv deb 4s.............. 191< J -D 100*2 Salo 100*3
99 1007g
1 st lien equip g 4H s........ 102 J - J 1001* 101*2 9<)7S Sep '15
90*8 Sale 90*8
97*2 20 89*2 97*2
1st A ref 4s_____________ 194 M -N
108*l 203 101*4 108*2
108*2 Salo 110034
Conv 5s sub r c c ts .............—
80 ____ 86 N ov’ l;
80*2 86
Alb A Sits conv 3 H s........ 194 1 A - 6
Rons A Saratoga 1st 7s. 192 M -N 111*4____ 1113*8 Jan ’ 15|___ 113*8 113*8

Slnklng fund 4s.

• No price Friday; latest this week, <t Due April. « Due May. g Due June, a Due July. * Due Aug. oDueO ot. v Duo Nov. j Duo Doo. » Option salo.


I n te rest
P e r io d

BONDS
N. Y. STOCK EXCHANGE
Week Ending Nov. 19.

1701

New York Bond Record-Continued—Page 2

Nov. 20 1915.1

& j.
P r ic e
F r ld a v
N o v . 19.

R ange
S in c e
Jan. 1

W eek ’s
R an ge or
L a st S a le

BONDS
N . Y . STOCK EXCHANGE
Week Ending N ov. 19.

if

P r ic e
F r ld a v
N o v . 19.

R ange

W eek ’s
R ange or
L a st S a le

i S in c e
Jan. 1

L ow
H ig h
B id
A sk L ow
H ig h
H ig h No. L o w
H ig h
Bid
A sk Low
84
88% N o v ’ 15
88*2
8934 91
80*4 Leh * N Y 1st guar g 4e___ 1945 M- S
80*4 90 68
J - J S8O34 Sale 78
19 73% 85
Registered........ ................. 1945 M- S
85
J - J 85 Sale 84*2
102 104%
103*2
3 66
80
Long Isld 1st cons gold o s..A 1931 Q - J 103%____ 103%
80
80
82*2 80
j -D
$94 s 94
01%
1st consol gold 4a.............A1931 Q - J 94 ____ s94 Oct 15
60*2 110 3S
F - A 60*2 Salo $58
85
87%
86 Oct ’ 15
87% 88
General gold 4 a.................. 193s J -D
95 109 Dec ’ 12 . . . . . . . . - .. . . J - D 80
____
9634
95%
M
ay'lt
.
.
Ferry
gold
4
4$
a................
1923
MS
61%
Apr
'l
l
35
77
J - J
99% Oct ’06
i 35
35
Gold 4s........ ..................... 1932 J -D
35
.1 - J 35 Salo 35
10
82i2 89%
87
87
12 09
77
Unified gold 4s.................. 1949 M - S 1 .1 . *87”
80
75
77
J - J 74
Rio Gr West 1st g 4s.
96 ■« 98%
9 8 % ------ 98% N ovT5
Debenture gold 5s............ 1934 J - D
00%
60% N ov’ 15 . . . . 58
A - O 60% 70
82S4 88%
88
88
87
88
Guar refunding gold 43__ 1949 M - S
90 Apr *14
95 Jan ' l l
Registered____________ 1949 M- S
100 100
M- N 99% 100 100 Mar'15
100
100%
95
____
Feb
'lfl
100
___
N
Y
B
A
M
U
1st
con
g
5s.
1935
A
O
87
71%
87
90 $87 Nov'15
J -D
100 100
N Y A R B 1st gold 5 s...1927 M- S 100% 102 100 Nov'15
85
78
80 ------ 80 N ov’ 15 ___
J -D
1007* 101
Aug
'15
100%
102
101
94%
Nor
Sh
13
1st
con
g
gu
5s.ol932
Q
J
10
89%
94
Sale
94
94*2
Det Rlv Tun-Ter Tun 4X8.1961 M -N
____ 91% 91% Feb '14
J - J 104 106 105 N ov’ 15 ___ 101% 105% Louisiana A: Ark 1st g 5s___ 1927 M- S 113%
110 115
114
114% 114
2 98% 103% Loulsv A Nashv gen 6s____ 1930 J -D
103%
A - O 104%____ 103*2
106% 107
Gold 5s.............................. 1937 M -N 106% 10834 107 N ov’ 15!
100 M ar’03
94% Sale s94
94% 46 89*2 94%
Unified gold 4s.................. 1940 J - J
104 Feb ’ ll
94 June’ H
Registered____________ 1940 J - J
94
907$ Oct '15 . . . . 90 100
J - J 91
1047*
99% 104%
Collateral trust gold 5 s ... 1931 M- N $104% Sale 1047*
1 103 105
101
M -N 101 ------ 104
107*2 107%
107*2
E U A Nash 1st g 0s........ 1919 J - D 107%____ 107%
M- S 110 111 110 Nov'15 ___ 106% 110%
98% 101
100 ------ 101 Nov'15
L
Cln
A
Lex
gold
4X®___
1931
MN
97%
June’
14
9
0
%
-----M -N
113% 115Ii
114%
N O A M 1st gold 6s........ 1930 J - J 114% Sale 114%
M S 101%------ 101% May' 15 . . . . 100 102%
103 109%
109% May' 15
2d gold 6a...................... 1930 J - J ------ 110
M S 9 8% ------ 98% June’ 15 . . . . 93% 99*4
86
881*
86*2
Oct
'15
____
8
6%
.
.
.
.
Paducah
A
Mem
Dlv
4
s
..
1946
F
A
102%
101
Oct
'15
100
A O 101%-----105% 107%
St Louis Dlv 1st gold 6S..1921 M- 8 106% 10634 106% Oct '15
93 Oct '15 . . . . 93
93
95
J D 93
58% 65
01
62
6084 Nov'15
2d gold 3s...................... 1980 M- S
109 O ct' 15 ___ 108% 109
M S
23 83
90
90 Sale 87*2
90
Atl Knox A Cln Div 4 s...1955 M -N
85% 113 77
85*2
J - J 85*2 Sale 84%
Atl Knox A Nor 1st g 5 s.. 1946 J - D 102% ____ 111 Jan T
79% 80
. . 80 Oct '15
J - J 80
165” i05
Hender Bdgo 1st s f g 0s_. 1931 M- S 105% ___ 105 June'15
76*2 273 65
J - J 70% Sale 74*2
70*2
86
87%
87*2
87%
77 A p r' 12 - - - Kentucky Central gold 4s. 1987 J - J ------ 89
i - J ____ 75
98 101
1 83
98*2
83%
88%
L A N A M A M Istg 4X** 1945 M- S 98% Sale 98*2
86*2 Sale 86*2
F -A
80%
75*2
80%
8184
80%
80%
102
73
Salo
73
71%
73
59
L
A
N-Soutb
M
Joint
4
s..
1952
J
J
A -O
95 Feb 'O fl----049 63*2 80
85% Sale 83*4
88
Registered.....................A1952 Q - J
A -O
N Fla A S 1st gu g 5s___ 1937 F - A 104 ” 1 1 106 J’ ly '1 4 ----J -D ____ 103% 102*4 June’ 15 ___ 102*2 103%
97 Deo '1 4 ----N A C Bdge gen gu g 4X$- 1945 .1 - J
M -N 103%------ 102*8 Sop '15 . . . . 101*2 104*4
101 Feb '15 ___ 101 101
Pens A Atl 1st gu g 6s___ 1921 F - A 109'% ” 11 108 Oct '1 5 ----- 107*2 109
J - J
122*2 11 119*4 122*2
8 & N Ala cons gu g 5 s ... 1930 F - A 104%____ 105% Feb '15 65 105** 105%
A - O 122*2 Sale 122
99*2 104
101
99% 103 100% Oct '15 - - - - 100% 100*8
Gen cons gu 60-year 5s. 1963 A - O 103 Sale 103
M -N
74
82%
J - J 1021*------ 103% Aug '15 . . . . 102*2 103% L A Jeff Bdge Co gu g 4 s ...1945 M- 8 ♦81%____ 82% Nov'15
103*2 Aug '12
Manila RR—Sou lines 4 s ... 1930 M -N
Mar’
10
77
99
100
99
'
N
ov’
15
99
90
Mex Internat 1st cons g 4 s.. 1977 M- S
j '- * j
79 N ov’ lC
100*4 Dec '06
Stamped guaranteed____ 1977 M- S
101 Oct '09
Midland Term— 1st s f 5s g.1925 J - D
F - A 73 ____ 67% Aug '15 . . . . 67*2 75
105 111%
102 Jan *14
Minn A 8t L 1st gold 7s___ 1927 J -D 108% 112 105 Sep '15
102 102
102*2 _ _
11 lia May* 12
Pacific Ext 1st gold 6 s . .. 1921 A - O 103 104 102 N ov’ 15
92%
81
87
87
89*2
88*2,
84
"
8934
86
80
'
Oct
'15
79
1st
consol
gold
5s________1934
MN
J -D
60
40
56
66
35 ____ 106 M ay'12
1st A refunding gold 4 s . .. 1949 M- 8 547* 57
60
60
60 Feb '1 5 ----97
81
Dea M A Ft D 1st gu 4 s.. 1935 J - J ____ 65
.! - J 88 ____ 87% N ov’ 15
5
90%
80
86
89
87
87%
42 ____ 99*8 Dec ’ 13
Iowa Central 1st gold 5S..193S J -D
43 35
66
54
53 Sale 53
108 N ov’ l l
Refunding gold 4s____ 1951 M- 8
44 86*2 93
92%
9334 92*4
M StPASSM con g 4s lnt gu 193S J - J 93
June'12-----97%
____
95
29 86*2 95
94% Sale 92%
95
1st Chic Term s f 4s.......... 1941 M -N
J -D
93% s96»4
97*4 S96% Nov'15
92 Aug *10
M 8 8 & A 1st g 4s lnt gu. 1926 J - J 97
90 ____ 91 J'ly '14
2 50
66
66
66
Mississippi Central 1st 5s__ 1949 J - J
J - J 66% 72
Ft W A Rio Gr 1st g 4s.
72% 81
80*2 Sale S79%
80*2
Mo Kan A Tex 1st gold 4 s.. 1990 J -D
Oreat Northern—
57
49% 63
57 Sale 56
2d gold 4s____ ________ yl990 F - A
98% 438 94% 98%
J - J 98% Salo 98%
67% 89
65
68
65
67
3
98
-----9834
1st
ext
gold
5s..................
1944
MN
98
93
94%
Q- J
56%
40
51
51% 50
10 94 101
1st A refund 4s...................2004 M- S 51
100's
J - J 100** Sale 99*4
42% 74
45
46
45
48
1 . 1
96 June'13
Gen sinking fund 4H s___ 1930 J - J
60%
60%
60%
Feb
'13
60
1 93% 95%
St Louis Dlv Is ref g 4s ..2001 AA O
95%
J - J 9578 Salo 95%
93*2 99% Deo '13
Dal A Waco 1st gu g 5s__ 1940 M- N
J - J 119% 120% 119 N ov’ 15 ___ 116% 120%
78 J'ly '14
78
___
Kan
C
A
Pao
1st
g
4s........
1990
F
A
118*4
1183$
Apr
'15
118
J - J
82
96%
97*2 95 Nov'15
Mo K A E 1st gu g 5s___ 1942 A - O
8 99*4 102*2
102%
J - J 102%____ 102
85% M a r'13
85*2 88
85
M K A Ok 1st guar 5s___ 1942 M - N
J T- 1
65%
89
70
70
70
75
3
M
K
A
T
o
f
T
1st
gu
g5s_.
1942
MS
91*2 95%
95%
95 ____ 95%
J -D
96 May* 13
95
Sher 8h A So 1st gu g 5 s.. 1942 J - D
92 ____ 92% Nov'15 - - . 92*4 92%
J -D
68 ' _6 8 *
68 Oct T5
TexasAOkla 1st gu g 5 s.. 1943 M- S 68 . . .
85*2 85*2
J - J 8 6 % ------ 85% N ov’ 15 —
92%101%
99%
100
100
101
A - O 8 6 % ____ 89% June'15 . . . . 89% 89% Missouri Pac 1st cons g 6s__ 1920 M- N
78*2 96%
Trust gold 5s stam ped...al917 M- S 88 ____ 86 Nov'15
J - J 109 ____ 109 N ov’ 15 __ _ 109 109
80
88**
82
Oct
’
15
____
86
.
.
.
.
118%
121
Registered...................al917
M8
120
Oct
'15
J - J 118%____
72
92%
7634 Oct '15
79
85
7I - ■
1st collateral gold 5s____ 1920 F - A
13GU May'Of
Registered____ ______ 1920 F - A
J - J 105*4____ 105*j July’ 15 . . . . 105% 105*2
29
5334
42% 46
46
45
40 year gold loan 4s_____ 1945 M - 8
29
497$
4434 44
45
IstA ref conv 5s_________ 1959 M- S 43
J -D 104 ____ 107% June’ 15 ___ 107% 107*4
78
80
80
84
80
77
3d 7s extended at 4 % ____ 1938 M N 82
75
79% 75 Nov'15
70
Feb
100 Feb '13
Boonv St L A 8 1st 58 gu.1951 F - A
1334 810 10'$ 14%
12*2 13% 12*4
Feb
60
85
60 ------ 60 N ov’ 15
88
Cent Br Ry 1st gu g 4s__ 1919 F - A
82*2 85
82 Nov'15
82
J - J
77% Dec '13
|J - J
Cent Br U P 1st g 4s........ 1948 J -D
110
Mar'03
16 87% 96*4
Leroy A C V A L lstg 5 s ..1926 J - J
96%
J - J 95% 96*2 96
90
90
U
- j
97’4 Jan •11
Pac R of Mo 1st ext g 4s. .1938 F - A 90 Sale 89*2
96%
96% Nov'15
97% 100
84 ____ 84
I 83% 85*2
1 A -O
84
2d extended gold 5s___ 1938 J - J
101%
101%
F - A 8 3 % ____ 80 N ov’ 15
St L Ir M A 8 gen con g 5s 1931 A - O 101% Sale 100%
86
86
102 J'ly '14
J - J
931$ Feb '15
Gen con stamp gu g 5 s.. 1931 A - O
9312
19 61
77%
77%
96
94*2
94ij
Unified A ref gold 4 s ... 1929 J - J 77*2 Sale 75%
J - J 95
2 9 4% 97*2
80% Oct '12
____ 92 A u g'15
J - J
92
Registered..................1929 J - J
92
71%
69%
71*2 60 51
71
73
J - J 84 ____ 82 Nov'15
Rlv A G Dlv 1st g 4s__ 1933 M -N
7834 84
87
87
77% ------ 87 Sep '15
Verdi V I A W 1st g 5s____ 1926 M - 8
83
J - J 82 ____ 83 N ov’ 15
82
105 114*4
82 ___ 83 Oct '15
Mob A Ohio new gold 6s____ 1927 J - D 109% 112 111 N ov’ 15
A -O
83
83
106 114
1 A - O 83 ___
1st extension gold 6s____ 51927 Q - J 107 108% 107 Nov'15
75
72
M- S
General gold 4s....................1938 M- S 70 ____ 72 Mar'15
80 J’ ly '09
100 101%
M- H
Montgom Dlv 1st g 5s____ 1947 F - A 100 103% 100 June'15
86*2
86
86*2
89
86*2
86*2
St
Louis
Dlv
5s...................
1927
J
-D
87%
89
. 'A - O
87%
87*2
7 81
87*2
86*4____ 86*4
86% 87
86%
i A- O
9514 Sep 'U
St L A Cairo guar g 4s___ 1931 J - J
102*4 106%
5 M- N 91% Salo 89
89*2 Nashville Ch A St L 1st 5 s .. 1928 A - O 105% ____ $04% Oct '15
91%
8 83
111 Jan '13
J - J 84 ____ 81 N o v 'lf
Jasper Branch lstg 6s___ 1923 J - J
81
79
10334 Jan '14
3 M- N 87*s Salc| 85%
McM M W A A1 1st 68...1917 J - J
87*s 02 79% 87%
113 J’ l y '04
1 M- N ____ 85
T A P Branch 1st 6s.......... 1917 J - J
52% N ov’ 15
52*4 57*4
1) J - D 8 7% ____ 86*4 Oct '15
Nat Rys of Mex pr lien 4HS.1957 J - J ____ 53
89
86
68
68
68 Oct '15
[J - J
Guaranteed general 4s----- 1977 A - O
3 J - J 70% ____ 70% June’ 15 . . . . 70% *77% Nat of Mex prior lien 4 X 8— 1926 J - J 53 ____ 96% Feb '13
30
30
Aug
'15
30
1st consol 4s____________ 1951 A - O
3 J - J ------ . . . . 83 A u g’ 12
31% 41
40 M ay'15
lF-A
N O Mob A Chic 1st ref 5 s.. 1960 J - J ’ 43* ” ”
123 May’9! - - - 101
June'14
N
O
A
N
E
prior
lieu
g
6s..pl915
A
O
1 F - A ____ 72
73 Mar’ 15 . . . . 08
73
79*2 May’ 13
68*2____ 68% Sep ’ 15 . . . . 08% 68*2 New Orleans Term 1st 4 s ... 1953 J - J
J - J
937 99% 112
112
N Y Cen ItRdeb 6s wh lss..l935 M -N 111% Sale 11034
80
78
1 J - J 78 ___ 80 Apr ’ ll
94%
94% 1103 86
Ref A Imp 4Ms " A ” ____ 2013 A - O 94% Sale 93%
101*8 Oct ’ If
124 76
84
84
N Y Central A H R g 3 X 8 -1 9 9 7 J - J 83*4 Sale 82**
2 75*2 82
82
82
82
Sale
88
Sale
1997
J
J
Registered.....................
87*2
88
10
88
84*2
1 F -A
93%
93% 183 84
Debenture gold 4 s . .......... 1934 M- N 593% Sale 92%
89% June'14
............ 117*2 May’ ll] —
Registered.............
1934 M -N
1 J -D
80
79% 80
77*2
80
94% J'ly •1 ;
Lake Shore coll g 3 X s ____ 1998 F - A
75
75
Registered............................... 1998F - A75 ____ 75
I J -D 107 ------ 107 Oct ’ 15 ___ 104*2 109%
85
85
85 Sale 83%
114 Feb ’ 1
J P M A Co ctfs of dep____
77
77
77
77
Sale
F
A
___
90 Oct ’0(i
Mich Cent coll gold 3 X s . -1998
71%
71 Oct '15
77
Registered ..................... 199S F - A 75
J
-D
54
Battle
Cr
A
Stur
1st
gu
3s.
1989
101%
103%
98%
103%
3 J - D 102*2 Sale
92% 96
95%
Beech Creek 1st gu g 4s__ 1936 J - J 95% 96*2 95%
80
86*2
1 J - D 87*8------ 80 Oct ’ 15
99 May’ l l
Registered___________ 1936 J - J
97%
2d guar gold 5 s . ............ ..1936 J - J
98*2 98 J'ly ’0> ___
Registered................. 1936 J - J
85%
85 Oct '15
82
0 J - J 86*2 89
Beech Ci Ext 1 st g 3 X s ..61951 A - O
97*
9 M- N 97*2 Salo 97%
£ 96 100
88 Oct '12
92
Cart A Ad lstgu g 4s_____ 1981 J - D 90
1C 88
92
92
) J -D
92
93
Gouv A Oswe 1st gu g 5 s ..1942 J -D
57 0612 70%
) A -O
70s;
70% 707; 70*8
87 $89
$89
Moh A Mai 1st gu g 4 s . .. 1991 M- S 8 7 % ------ $89
63 Oct '()( ___
) A-C
86
86
86 Jan ‘ 15
N J Juno R guar 1st 4S...19S6 F - A
90
0j - j
31 $87
94*4 Salo 94*4
96
85
85
7 9% ____ 85 June’ 15
N Y A Harlem g 3 X s ___ 2000 M -N
0j - j
85 83*2 93
89*2 Salo 88
891
101*2
1017$
101%
Mar’
15
102%____
A
-O
N
Y
A
Northern
lstg
58-1927
7 j - j
9 0% ____ 95*2
89*4
98*2
957;
t
$83
88
88 N ov’ 15
80
N Y A Pu 1st cons gu g 4s. 1993 A - O ____ 90
1 j - j
80 Salo 80
2 74
80
Nor A Mont 1st gu g 5s__ 1916 A - O
i A - C 90 . . .
98 M ar’ l* ___
113
113
113
M
ay'15
J
D
Pine Creek reg guar 6s------ 1932
) J - J 100*2 Salo 100*2
2 98 101%
100*.
101*4 1037*
103%
It W A O con 1st ext 5 s ..61922 A - O 102% 103% 103%
) J - J *99*2____ 100 N ov’ 15
99 100%
100*8 100%
100% Mar'15
91
913j 91
Oswe A R 2d gu g 5s------ el915 F - A
1 M-N
913;
5 80*4 9134
R W A O T R 1st gu g 58— 1918 M -N lOOX*____ 104 June’ 10
1 M-N 100*2 Salo 100*2
10 0 %
1 97% 100%
General cons 4 X s .
85
80 Nov'15
81% 84
Rutland 1st con g 4 X s . . .1941 J - J
1053$ 108
1 A - 0 10734 ------ 106% Oct '15
70
Og A L Cham 1st gu 4s g 1948 J - J 70 ____ 70 N ov’ 15
111*8 Deo T ___
1A- C
92 June'09
Rut-Canada 1st gu g 4s. 1949 J - J
105
1 101% 105
u - j 10434 105 105
100 101
100 Oct '15
St Lawr A Adlr 1st g 5s__ 1996 J - J
105 Oct '1C ___
3 j - j
119% M ar'12
2d gold 6s....................... 1996 A 3 j - j

r tnv & R Gr 1st con g 4 a __ 1936
Conaol gold 4 X $........ — 1936
Improvement gold 5s----- 1928
1st A refunding 5s----------- 1955
Rio Gr June 1st gu g 6 s .. 1939

5
9

Due Nov.

1 Option sale.




Due Feb.

d Due

April. « Due May. $ Due June, ft Due July, ft Due Aug.

0

Due. Oot

1703
2a
BONDS
h-2
Y . STOCK EXCHANGE
Week Ending Nov. 19

New York Bond Record—Continued-Page 3
P r ic e
F r id a y
N o v . 19.

W e e k ’s
R ange or
L a st S a le

l i
aj

I

Range
S in c e
Jan. 1

BONDS
If. Y. STOCK EXCHANGE
Week Ending Nov. 19.

fS ^
S£

P r ic e
F r id a y
N o v . 19

(Vol. 101.
W eek ’s
R ange or
L a s t S a le

|
III
r

R ange
S in c e
Jan. 1

N Y C e n i H UR ( C o n .)
B id
A ik L ow
H ig h N o L o w
H ig h
B id
A sl L ow
Pere Marquette (C o n .)
H io> N o
L o w H ig h
J 97 ------ 1 90% N ov’ 15 —
Otlca A Blk Riv gu g 4a._. 1922
96
97
. 100%
90 100%
Flint A P M gold 6s. -.1920 A O 100%
100%
D
Lake Shore gold 3Ha____ 1997
84
85 I 85
85
81
85
1st consol gold 5a.......... 193! M-N
73 Sale 73
73
.
65% 73
82
Registered..................... 1997 _ D 83t2------ 8134 Oct ‘ 15 —
81
Pt Huron Div 1st g 5a.. 1931 A - (.
60
68
68 July' 15
68
65
95>2 7( 90
Debenture gold 4a.........1928 M- 5 9478 Sale ' 9434
F -A
25-year gold 4a............... 1931 M -N
94*2 Sale ' 941.!
94i2 142 88% 94% Philippine Ry 1st 30 yr a f 4s 1937 J
65 Mav’ l- . . .
------- 65
Registered................. 1931 M -N ................. 91 Oct '10 —
91
91
Pitts Sb A L E lat g 5s____ 19 l' A O 104 ____ 105%
105%
105% 105%
—
____ . . . .
Ka A A G R 1st gu c 5s__ 1938 J J
l 13% N ov i
1st consol gold 5 s ..._____ 1943 J Mahon C*1 RR 1st 5s____ 1931 J J 103i2 ____ 10714 Apr ’ l l
60
Pitts A L Erie 2d g 5s._.«192s A -O lUHs____ 103 Jan ’ 15 ___ 103 103
94
Registered...... ............ 1997 J J ------ 94
94 Oct ' l.j
90
Pitta McK A Y 1st gu 6 s.. 1932 J - J 115 ____ 130>8 Jan ’09
95
95
95
- J
123% M ar’ ll
2d guaranteed Gs_____ 1934
85% __
McKees & B V 1st g Gs. 1918 J J
103 N ov’ lo —
Mlchlgau Central 5s____ 1931 M- S
102% 103
St Louis A San Fran gen 6s. 1931 J J 108 l l o 107% N ov’ 15
105% 108%
103i2 May’ l l —
Registered..................... 1931 Q-M
____ —
103
6 98% 103
General gold 5h______ _ .1931 1 J 103 ____ 102%
9a Apt
4a..................................... 1940 J - J
J
J
87
Feb
’
14
Registered................. 1940
M-N
90 June’OS ___
J L A S 1st gold 3H s__ 1951 M- S
55%
56
22 32% 5634
5 79% 83%
8 1 835s 83%
83%
1st gold 3Ha.......... .........1952 M-N
53% Sale 53
53% 61 32% 55
do
Stamped..
8734
923
4
A
O
86 N ov’ 15
20-year debenture 4s__ 1929
7S% 86
90
•3outhw Dlv 1st g 6 s.. 1947 A - O 90 . . .
90 N ov’ 15
90
94i2
N Y Chic A St L 1st g Is. _ 1937 A - O 9412 Sale 9334
88
91%
Refunding gold 4s........1051 J ■ 3 72% ____ 72% N ov’ 15
63% 72%
92% J'ly '14
Registered ______
1937 A - O
80% M iir’ l 1
Ueglsiered...... ........... 1951 J - J
83*2
Debenture 4s...... ..........1931 M-N _83% Sale 8312
83%
75
70 ____ 72 N o v ’ 15
00% 72
92
22 80
91
92
92%
14 SIHt 69
West Shore 1st 4s g u a r ...2361 J - J 91
66
67% 67%
67%
do
Stamped..
2o 85% 90
89
90
Registered___ _______ 2301 J - J 88‘2 90
7 104% 110
109
K (5 Ft S 4 M cons g 6a.. 1928 M - N 108% 110 108%
100 M a r io
N Y C Lines eq tr 5s. 1915-22 M N 10034
100 100
78 60% 80%
80%
K C Ft S A M Ry ref g 4s. 1930 A - O 80% Sale 77%
98 J’ly ' 14
....
Equip trust 4 H »-- 1910-1926 J - J 9 9 %
92
95 M ur'i i
K C A M R A B 1st gu 5s. 1929 A - O 87
5 9U3 97
97
N Y Connect lstgu 4Hs A .. 1953 F - A 96*2 9734 97
79% 32 07% SO
St L S W lat g 4a bond ctfs.. 1989 M- N 79% Sale 79
N Y N H A Hartford 4 62
62
62
2d g 4s Income bond ctfs.pl9S9 J - J 62 Sale 60%
Non conv deben 43.. ...1 94 7 ■VI- S 8 l» g ____ 78 Oct ’ 15
78
22 61% 68
78
68 Sale 67
68
Consol gold 4s............ ...1 93 2 J -D
63
Non-conv di-ben 3 He ...1 91 7 M- S 70 ____ 63 Feb ’ 15
| 63
100 ___ 93% Jan T4 ___
Gray’s
Pt
Ter
1st
gu
g
5
s..
1947
J
D
2 61
72
v on conv deben 3 Ha ..1954 A - O 72 ____ 72
72
80
74
10 65
S A A A Pass lat gu g 4s___ 1943 J - J 73% Sale 73%
8OI2 ____ 80 N ov’ 15 —
Non-conv deben 4s.. ...1 9 5 5 J i
80
71
99% 101%
S F * N P lat sk IdeSa.........191!l J - J 101%____ lol% Nov'15
Non conv deben l a ... ...1 95 6 M - N 8 1% ____ 81%
81% Seaboard Air Line g 4s........ 1950 A -O
8 3% ____ 85 N ov’ 15
81%
70
$83
85
73
7212 72
11 78
84%
Conv debenture3 H a .. ...1 9 5 6 J .1 71
01% 73
84
Gold Is stamped.............. I960 A - O 84 Sale 84
11734 42 101 117%
Conv debenture 6s___ ...1948 J J 11734 Sale 117
_ ..
i „ * . ____ ___
Registered........ ............... 1950 A - O ____
Cons By non conv 4a ...1930 F - A 70 ___
9H2 Jan *12
....
Non-conv deben 4a ...1954 J J
76%
74% 52 66
Refunding 4 s __________1959 A - O 574 Sale $73%
.... .. .. —
Non- onv deben 4a __ 1955 J .1
HI
86 N ov’ 15 ___
86
Atl Blrm .30 yr 1st g 4s..el933 M- S ------ 88
Non-conv deben la. ...1 9 5 5 A - O
Car Cent 1st con g 4a___ 1949 J - J 8 5% ____ 85*4 Mul ’ 16 ___ 84% 85%
Non-conv deben 4a ...1956 J J 78%
____
Harlem R-Pt Ches 1st 4 s.1964 M -N --------------- 99% N ov’ 12 —
.
104 Nov ’ 12
lat land gr ext g 5s___ 1930 J - J lo l
A - . 99% June’ 12
B A N Y Air Line 1st 4a. .1955
.
10()78 101
Consol gold 5a.............. 1943'J - J 102% .. . IIII July-lTi
s81
J 75% 82% S81
Cent New Eng 1st gu 4s... 1961
____ 102% Mar *15
71 ssi
KHMj mats
Ga A Ala Ry 1st con 5a. _nl945 J - J
—
Hartford St Ry 1st 4s___ 1930 M- S
.
1 100% 102%
102
102
Ga Car A No 1st gu g 58.. 1929 J - J 102 .
Housatonlc R cons g 5s__ 193« M -N 105%-----i105*2 May’15
105 105%
99% 101%
Seab A Roa lat 5a......... 1926 J - J 99% ____ 0l>'4 A uk ’ ir>
91 ___
87 J’ ly ’ 14
Naugatuck OR 1st 4s___ 1951 M -N
____ Southern Pacific Co—
N Y Prov A Boston 4 a ... 1912 A - O 8 9 % ____ 88 Aug ’ 13
....
S6
87% 22 79% 87%
Gold 4s (Cent Pac coll).A: 1949 J - D 87% 88
81%
J 81% Sale 80
NYW'chesAB 1st ser 1 4 H s ’46
66% 81%
90 Feb ’ ll
J -D
N H A Derby cons cy 5 s .. 1918 M N 100%____ 107 Aug ’Oo
89% 038 79% 89%
20 year conv la.............. g 1929 M- S 89% »ale 88%
— ____ ____
Boston Terminal 1st 4s . .. 1939 A - O
107% 490 95% 108
20 year conv 5 s ...............1931 J •I) 101 8 ' ': 1‘' 107
—
New England cons 5a__ 1945 J - J
____ ____
261 83% 91
91
Cent Pac tat ref gu g 4a.. 1949 F - A 90% Sale 89%
99% M ar’ 12 —
Consol 4s........ . ............ 1945 J - J
__ _ 80% M ar’ 15
____
86% 86%
Registered.................. .1449 F - A
Providence Secur deb 4s 1957 M ■N 6078 — ■ 50 Apr '15 —
58%
So
90% 35 84% 90%
Mort guar gold 3HS--M929 J D s90% Sale 89%
Prov A Springfield 1st 5a. 1922 J - J
99% Dec ’ l l - - - - . _.
42 82% 87
85%
87
Through St L lat gu 4a. 1954 A - O 87 .
83% Feb ' 11 . . . .
Providence Term 1st 4a 1956 M- S
____
a H A S A M ,t P 1st 5 s..1931 M N 104 100 102 Oct ’ 16 ___ 100 102%
95%
W A Con East 1st 4H s. .1943 J - J '90
102% Apr T 4
. . . ■ ____
Gila V G A N 1st gu g 5a . 1924 M-N ____ _
81% Sale 81
T3 74% 82%
81%
If Y O A W ref 1st g 4s ...01992 M- 8
2 100 ios
100%
Houa E A VV T lat g 5 s .. . 1933 M-N 100,. 8alo 101%
yj% June'12
Registered $5,000 only 01992 M- S
101
2 99% 101
1st guar 5s red..............1933 M- N 101 Sale 101
79
80
General 4s............ .. ........ 1955 J - D
80 N ov‘ 1 —
so
3 102% 107
70
106
H A T C 1st g 5s Int g u ... 1937 J J 1U0 106%; 106
83
95
95
Norfolk Sou 1st A ref A 5s 1961 F - A
93% ____ 04 Oct *15 ___
96
96
05* 05%
Gen gold 4a Int guar__ 1921 A - O
95% 99 101 July 15 - - - - 101 102
Norf A Sou 1st gold 5 s ... 1941 M -N
109% N ov’ 15
109% 109%
Waco A N W dlv 1st g 6s 1930 M -N ------ I l l
Worf A West gen gold 6 s...1 9 3 1 M A 118%
117% N ov’ 15 —
103% N ov’ 15
115 118
too 103%
A A N W 1st gu g 5s____ 1941 J J 100 _
116% Sep ’15 —
Improvement A e x t g fis 1934 F - A 1 119
J
116% 119
109 Juiie’ 14
Louisiana West lat 0s___ 1921 J
New River 1st gold 6s
1932 A - O 118% 120 119 Apr *I —
119 119
104% July’ 15
102 104%
Morgan’s La A 4’ 1st 78.. 1918 A - O
N A W Ry 1st. cons g 4a. 1996 A O 94% Sale 91
94% 21 86% 91%
1st gold 6s____________ 1920 J - J ic434 100 106% J'ly *1-1
94 May’ l-i - I
Registered..............
1996! A O
105 Oct T5
105 105
No of < a! guar g 5a_____ 1938 A O 105
90% ~92~ 92
92
Dlv’ l 1st lien A gen g 4s" 1944 J - J
101%____
85% 92
101%
101% 10 99% 101%
Ore A Cal 1st guar g 5 s .. . 1927 J - J
10 25-year conv 4a..... 1932 J D 118 119% 117% Nov'15 - - - - 98% 12)%
101% N ov’ 13 ___ ____
9o Pac nr rial—Gu « Ss. _. 1037 M- N 106 .
10 20-year conv 4a... 1932 M- S 118 119% 117 Oct ’ 1, --■■I 99% 117
91 . . .
91% Sop ’ 12
So Pac Coast 1st gu 4a g._ 1937 J J
118
Sale
118
118
10-25-year conv 4 Hs. 1938 M- S
86
158 77% 86
101 120%
8an Fran Terml 1st l a . 1950 A - O 85% Salo 84%
90% 91% 90%
91%
96 Apr ' 14
Pocah C A C Joint 4s
1941 J t)
80% 91%
J - J
105% Jan ’ 13 — -J
90-% Hale 89%
C C A T 1st guar gold 5a 1922 J - J: 100?a
90% 282 83% 9034
So Pac HU lat ref 4a____ 10.-.-. J - J
91
§ 84% 92
92
92
Scio V A N E 1st gu g 4a.. 1989 M N
103% 108 90% 103%
Southern— 1st <-ons g 5s___ 1991 J - J 103% Sale 101'U
94% Sale 93%
94%
Nor Pacific prior lien g 4s . 1997 Q - J
98
88% 94),s
98
Registered.................... 1991 J - J _________ 98 June T 5
2 88% 92%
92%
Registered........
1997 Q J 92% Sale 92%
72
235 58% 72
Develop A gen 4s Ser A .. 1956! A - O 71% Sale 70%
66%
General lien gold 3a____ «2017 Q F 66 Salo 65%
66%
70% ____ 08 Oct ’ 10
62
Mob A Ohio coll trg 4s__ 193SjM- 5
68
70
J 61% 65%
65% 65% Oct *15
Registered.......... ..
«2047 Q - F 64
98% Oct T5
$98% 100
Mem Dlv ls t g 4 H 5s___ 1996 J J 103 _
at Paul-Dulutb Dlv g 4a 1996 J D 90%
on% 90%
9:%
90%
84
21 80% 84
St Louis dlv 1st g 4 8 ..._ _ 1951 J J S4 Salo 83%
100 Oct To
Dul Short Line 1st gu 5o... 1916 M- S 100%
109 100
100%____ 104% Juno’ 14
Ala Cen I s t g e s . . . .......... 91S;J - J
8t P A N P gen gold 63
1923 F • A 1097a h o * 109% Nov* 15 - - - - im»% I ll's
08
99
08-ti Oct ’ 15
Ala Gt Sou 1st cons A 5 s .. 19431J O 97% 99
. . . . 109% Oct T5 —
Registered certificates 1923 Q - A
109% 109%
5 03
95%
95%
Atl A Char A I, 1st A 4 %sI9l4 J J 95% Sale 95%
102 Feb ’ 15 - - - - 102 1U2
Ht Paul A Duluth 1st 5s 1931 F F 104 "
80
8 3 Apr ’ 15
83% 85%
Atl A Danv 1st g 4a.......... 104S J - J 84
2d 09.......
1917 A O 101 102 101 Aug T5
100% 10 1
76% 75%
M 4s
........ ................. 19-18 J - J 74% ------ 75% Aug T5
88
88 June 15 - - - - g«
1st consol gold 4s
* 1968 J - D
Atl A Yad 1st g guar 4 s . .. 1949 A - O 73% 78% 76% Doc ’ ll . . . . ____
88 Sale t 8
88
Wash Cent 1st gold 4 s.. 1948 Q -M
88
88
100% J’ ly T4
5 110 113
111
111
Nor Pac Term Co 1st g 6s 1933 J - J 110%
E T Va A Ga Dlv g 5s. I . . 1930 J - J 103 ____ 102% Sup T5 . . . . 102% 102%
88
Oregon-Wash 1st A ref 4s
1961 J • J $88 Sale 87%
79% 88
Con 1st gold 5a..............I960 M N 105%____ 105 N ov’ 15 ___ 100% 105
94% 94% N ov’ 15
Pacific Coast Co 1st g 5s
1946 J -Dl
100
91
98%
1 977h 100
E Ten reor lien g 5s_____ 1938 M- S 9 9% ____ 100
98 Sale 98
Pennsylvania RR 1st g 4a ..1923 M -N
65
98
60
60
98
90
A - O 60
1 60
60
Consol gold 5s___
1919 M- S| 103
103 Oct T5 —
102 103%
Ga Pac Ry lat g 6s.......... 1922 J - J 1UG ____ 1067s Oct T5 ___ 106 in/
98
99
96% Oct T ------1 95
Consol gold 4a___
""1 9 4 3 M-N
105% July’ 15 ... 105% 105%
98%
J
Knox A Ohio 1st « 6s___ 1925 J
100 Sep To
(10% 100%
Convertible gold 3Ha . ol915 J -D
Mob A Blr prior lien g 5s. 1945 1 - J . . . . ____ 105% N ov’ 12
Consol gold 4s______
1948 M-N 100 Sale 100
100% 33
Consol 4 H a ..............
" i9 6 0 F A 106% Sale 105
106% 835 10134 103%
Rich A 1Jan deb 5s stmpd. 1927 A - O ____ _____ 102 May *15
1C2 102%
101%
General 4H-s when Issued' 19651J - D 101% Sale
97 101%
Rich A Meek 1st g 4a___ 19 IS M N
73 Sep T2j
96
96
AHeg Val gen guar g 4a
19421M- S 96%
So Car A Ga 1st g 5s........ 1919 M -N 100%____ 100% N ov’ 15
93% 93
100 101
—
91 Mar* 14
D R RR AB ’ge lstgu 4sg 1936 F A
. _.
Virginia Mid ser C 6s___ 1916 M- S 100%____ IOU'4 Mar' l.
100% 100%
96% Sep To •Phlia Balt A W lat g 4s 1943 M- N ’ o s " *99
90% 97
Series D 4-5a................ 1921 M- S
103% N ov’ 12 . . . —
....
102 Jan ’03
Sod us Bay A 8ou 1st g 5s 2924 J - J
Sunbury A LowIb 1st g 4s. 1936 J J
Series F 5s...... ............. 1931 M - 8 102 ____ 104 Mar' 13
fT N J RR A Can gen 4a 194 l M 8 99% —
98 3j 99%
99%
'99%
102 103%
General 5a.............. ....... 1936 M -N 102% ____ 102% Oct T6
Pennsylvania Co—
98% 102%
Va A So'w'n 1st gu 5s. _2003 J - J 102%____ 102% N ov’ 15
101%
84%
99% 102%
Guar 1st gold 4 H s -1921 J J 101% 102% 101%
1st cons 50-year 5a.. 195.8 A - O 8 5 % ____ 84% Oct Tf> •* 1 *1
1921 J - J 100%
Registered...........
100 Juiy’ l •
09%
91
91
W O A W 1st cy gu 4s. . . . 1921 F A 90 ____ 91 N ov’ 15
84%
—
—
85% N ov’ io
Guar 3Hs coll trust reg A 1937 M S
85% 85% Spokane Internal lat g 5a .. 1955 J - J 88 ____ 89 N ov’ 15 ___ ! 88
89
80 July To —
Guar 3 Hs coll trust ser B 1941 F - A
84
98
3 93% 99%
00
97% ____ 98
Ter A or St L lat g 4 H «___ 1939 A -O
99%
Trust Co ctfs gu g 3Hs
1910 M N
99% Oct To —
99%
99
100% 103
lat con gold 5 a ... 1894-1944 F - A 103 103% 103 N ov’ 15
83
83 Feb To - - 83
Guar 3Hs trust ctfs C__. 1° 12 J D
86
S3
l| 79t, 86
Gen refund s f g is_____ 1953 J - J! 86% 86% 86
Si Aug '15 — J 81
Guar3Hs trust ctfs D
1944 J D 84
99
81
St L M Bridge Ter gu g 5s 1930 A - O *99 ____ 99
i. 198% 100
Guar L> 25-year gold 4s " 1931 A O 94%
91%
91%
90%
89% 94% Tex A Pac 1st gold 0 3 ........ 2000 J 1)1 97% ------ 96%
4 91% 90%
10 year guar 49 ctfs Ser E 1952 M N 89
y2->, May' 14 - •-I
35
35
30
35
2! 20
30%
2d gold Inc 5s..................^2000 M ar
Cln Leb A Nor gu 4s g
1942 M Nj 89% 92% 93% Apr T4 ----- 1
soi2
La Dlv B I. 1st g 5s..........193% J J 89% Sale 8'Jia
3] 89% 89%
97%
97% Aug T5 —
Cl A Mar 1st gu g 4 Hs. 193 ’>M -N
95 106% N ov’()i|
97% 97%
W Min VVA N VV lat gu 5s 193o| F - A
101% N ov’ 13
71 A Pgengug4H aner A 1942 J J U‘2%
«»o% 103
. . . Tol A D C 1st g 5a...... ......... 1935
- J 103 1031a 101 N ov'ln
Series B ...................
1942 A : O 102%
109% JJy ’09
100 101
Western Div 1st g 5s.. _
19351 A - O 101% ------ 1D1 Nov'15
91% Feb T2 —
Int reduced to 3 Ha 1947 A O 84%
___
101% Apr T4
General gold 5a................. 1935 J - D ____ 100
Series C 3 H a..
1948 M N 84%
83% 86
80
90% Oct T2 —
80 Mur'i-.I
86%
Kan A M 1st gu g 4s____ I990| A - Oi
Series I) 3H s..
'" 1 9 5 0 F A 84%
83% June* 17. —
83% 83%
92
97%
97% N ov’ 15
2d 20 year 5a................ 1927 |J - J 97% 99
'^rle A Pitta gu g 3Hs B 1940 J J! 85% 89% 86% May’ l l —
1 02% 68
05 j
Tol P A W lat gold 4 s.. . . 1917| - J 63 ____ 65
Series C ................ ........19401J ■»
85% S0l2[ 90's J’ly T2 . . .
82
82 1 2, 72% 82
Tol St L A W pr lien g 3 Ha. 1925 1 - J 83% 85
96% 99
Jr R A I ex 1st gu g 4 Hs ' 104 i I /
J
—
97% N ov’ 15
95 160'
54
53
53 1 5I 42% 55%
50-year gold 4 s................. 1950] A - O 52
Ohio Connect 1st gu 4a
19Ml M S
93 May’ 11 —
43 June’ 14]
Coll tr 4a a Ser A. . _ . 1917! F - A ------ 50
09 May’ 10 —
Pitts Y A Ash 1st cons 5s' 192,' M N
Tor Ham A Buff 1st g 1s._M946 J - D *____ 89% 87% N ov’ 15|. . . . 82% 87%
fol W V A O gu 4 Hs A 1931 J J 08%
98% Oct To —
96% 98% Ulster A Del lat con g 5s . 1923 J -D 100 101% 100% A UR T5|
98% mi
Series B 4Hs . .
1933 J J 99
93 , June* 15 . . . 98% 98%
74
71 Mur’ i ;*|
74
1st refund g Is . .......... 1952] A - O
Series C 4a. . .
1942 M S 86% __ 1 93% J’lv ’ ll . ..
97% ] 107 92% 9'%
Union Pacific 1st g <s.......... 1947 .1 J
97% Salo 97
'* C C A St L gu 4 Ha A . 19401A O 101%
NoV15 —
$92
98 101%
95%
Registered....................1917 J J
9 5 % ____ 94% Oct To
Series B g u a r___ .
i ?)1 2 ,a o
101%
N ov’ 15 . . . . 47% 101%
91 | 74 88
94
20-year conv i s . ____ . . . 1927 J - J
94 Salo 93%
Series C g u a r............ . 19 1 2 j M N 100%
97 % July* 15 —
07% 101%
91%] 57 84% 92%
1st A ref is .................... 0200s] M- S 91% Sale $89%
92% Sep ’ 15
Series I) 4s guar. .
194', M N 91
02% 93%
9! 87
02l2
Ore RR A Nav con g la. . 1946 J I); 92% Salo 1)2
92%
Series E 3 H s guar gold 1949 F A 90%
91 Oct *15
91%
108%
00
6 107% 109%
Ore Short Line 1st g 6 s ... 1922! F - A 108% Sale 108%
'cries F guar 4agold. 1953 1 O
—
95% Jan *14
1001Series G 4s guar____
1957 M- N
92% Aug *15
92% 93%
94% 64 87% 94%
94% Sale 92%
Guar refund I s .. ____ 1929 J -O
St L A P 1st eons g 5a 1933 A O 104 '
106% Mav’ 14
102>4
li 102 103%
Utah A Nor soPI S3___ 1020, J - J 102% 103 I(I2'4
corla A Pekin Un 1st g 0s 1921 Q - F 101 L0( 102 N ov’ 15
101% 102
93% Oct Tfi . . . . 03% 93%
1st extended 4s. ...1933 J - J 93% 09
’ d gold 4 Hs.................... 81921 jM- N
*9
89 Feb *14
_____ _ 93 Apr '13
Vandalla cons g Is Ser A .. 19551 F - A
’ ere Marquette—Ref 4a___ l955jJ - J
...
19% 11% June’ 15
86
80
11% 11%
Consol 48 Series B ____ .1957 M N1 86 . . . 80 Sop Tf>
Refunding guar 4s. . . 1955 J J
40 Dee *13 . . . L
42% 42%
Vera Crus A P 1st gu 4 Hs . 1931 J
I ------ 88% 42% Aug ’ 15
72
Ohlc A West M i c h ___ 192CJ O!
72 Aug To
72
72
98% 54 <w
98 Sale 97%
Virginian 1st 5s Series A
1962 M N
99?s
• No price Friday: latest bid and asked
<i Due Jan. b Due Feb. e Due May g Due June.
Due July k Due Aug 0 Due Oot. v Duo Nov. q Due Deo.
* Option sale.




New York Bond Record— Concluded— Page 4

Nov. 13 1915.
BONDS
Y. STOCK EXCHANGE
Week Ending Nov. 19

Week's
Rangt
Price
Fridas Hanot or I I
Sine*
Jan. 1
Nov. 19. Last Sa't 03
o. Low inon
Hid AskLozo Uioh N10

10334 Sale 103*4
10334
97 10334
* abash lat gold 5a________ 1939
93 Sale 97*2
98*2
86
98*2
3d gold 6 a....................... ..1939
Debenture Series B______ 1939
897* Oct T5
92
S078 897#
1st lien equip s fd g 5s.-.1921
66
0.3 ____ 65 Mar* 15 — 66
lnt lion 60-yr g term 4s— 1951
34
22 Oct ’ 15 - - - - 12
1st ref and ext g 4s—
1956
9934 Oct T6
9934 9934
Cent Tr ctfs asst p aid ------Do asst part paid
1 102*2 102*2
102*2
102*2 Salo 102*3
Cont Tr stpd ctls asst paid .
Do asst part paid. ----10734 174 93*2 109
105 Sale 105
Eqult Tr ctfs asst paid-----46*2 N ov’ 15 ___ 34
47
48
50
Do asst part paid............
101 105 101*8
105*4 61 91 106
Eqult Tr stpd ctfs asst paid
4534
4534 10 31*2 4.3*4
45
46
Do nsst part paid____
99 101
101 ____ 101 Nov* 15 —
Dec «fe Ch Ext lstg 5s___ 1941
Oes Moln Dlv 1st g 4a___ 1939
65
60*4
70*2____ 60*4 July’ lo ___
Urn Dlv st g 31*8............ 1941
6 6 l j ------ 66*2 July'15 —
66
72*4
Tol A Ch Dlv 1st g 4a____ 1941
4*4
5
3
4
83,
1
Wab Pitts Perm lat g 4s___ 1951
3*8
412 104
3*a Sale
3s 9%
Cent and Old Col Tr Co certs. _
414
5
4*4 Sale
3-8 8 %
Columbia Tr Co c e r tfs ____ _
4
____
4*4 3*4
38 8
Col Tr ctfa for Cent Tr ctfs . .
27
58
1*4
u
1
*4 1*2
2d gold la........................... 1951
1
1*4
*2
1
Trustee certfa_________ _
*8
1*4
1
83
83
83*2 85
8038 83
Wash 'Perm! 1st gu 3 ^ a ____ 1945
9112
Aug
T5
91*2 ---91*2 91*2
1 st 40-yr guar 4a ........... 1945
75
36 54
75 Salo 7 3
75
W>st Maryland 1st g 4s____1952
103*4____ 10 234 N ov115
10 0 7* 10234
West N Y A Pa 1st g 5s____ 1937
7934------ 79 N ov ’ 15
1943
Qon gold 4s.................
74*2 79
17*8 May’ 15
I7>* 17'«
Income 5s_____________ d 19 43 Nov
97*2____ 96 Oct ’ 15 —
96 10 0
Wheeling A L E 1st g 5s____1926 A
94 ____ 95*2 N ov ’ 13 —
Wheel Dlv 1st gold 5s____ 192.S
9 0 % ____ 92 Apr ’ 15 —
92
92
Exten A Impt gold 5s____1930
70 ____ 69*2
70*2 17 49
RR 1st consol 4s_________ 1949
70*2
20-year equip s f 5s........... 1922
4 82
89 Salo 89
89
89
•Vlnston-Salem 3 1st 4s. . . 1960
8738
875
8
45
57
H/->8
HI
Wla Cent 50-yr 1st gen 4s— 191!)
87*8
89 Sale 87*2
89
gup A Dul dlv A term 1st 4a ’36
82's 89
&tro«t Railway
1
102*4
Salo
102*4
1023g
100*8 103*8
nrooklyu Rapid Tran
-1940
7 9 34 N o v ’ 15 ----lat refund conv gold 4 s . ..2002
79*4 85*2
! 100*4 Salo lOO^a ld 0 7s
0-year scoured notes 6 a .. -1913
987s 1 0 1
1U034 . -- 10 0 *2 Oct '15
Bk City lat con 5 s.. 1010-1941
100*4 10 2
Bk Q Co A 8 con gu 5a.. 1941
Bklyn Q Co A 8 lat 5a___ 1941
. . . . ____
10 L
100*8 Sale 10 0 o8
Bklyn Un El lat g 4-oa__.195<)
98*4 101*2
10 0
____ 100 N ov’ 15
Stamped guar 4-5s____ 1950
98 100*2
82 Sale 81*2
83
•rJ 79
83*2
81 ____ 80*2
Stamped guar 4a_____ 1949 F ■
82
j 79
82*2
74
753.1 75
75
Nassau Eloo guar gold 4a. 1951 J •
78
73
963s 4U 92*4 07»a
93*8 Sale 9534
*95*2____ 1017s June’ 12
...
96*8____ 9614 June’ 14 - - - 737s
74*4 32 65*4 79
74*4 Sale
Det United lat cons g 4 H b.
Smith Lt A Tr 1st g 5s. _
Grand Rapids Ry 1st g 5s.
10 0
____ 100 June'14
____ 90
76*2 Sale 76
76*2 39 70
7978
252 24*2 30*2
30 Salo .s29:>8
30
Adjust Income 5s........ I ” 1957
N Y A Jersey 1st 5s______1932
198
77*4 Sale
7678
773s
Interboro-Metrop coll 4 a 1966
73U 79*2
98 Sale 9734
98*8 151 96*4 98*8
Interboro Rap Tran 1st 5 a ..I960
29 82
92 Salcj 91
92
Manhat Ry (N Y) cons g 4s. 1990
92
4
92
93
92
92
92
Stamped tax-exempt
1990
85
Metropolitan Street Ry—
9734 ____ 10 0
23 97*2 1 0 1
100*4
5 94 10 0
10 0
------ 100*2 10 0
Col A 9th Av lat gu g 6s__1993'M9934
99
99*2 9934
1
981a 9934
80 Mar'14 __ 101*8 Aug *16 . . . 10 1* 8 10 1* 8
Mllw Eloc Ry A Lt cons g 5s 1926 F 925g Feb '1 5 ___ 92*8 92*m
Refunding A exton 4^s.-193l|J IC0 12 N ov 15 —
Mlnneap St 1st cons g 5s___ 1919! J 100*2 100*2
Montreal Tramways 1st A ref!
91
95
91*2 N ov’ 15 . . . . 86
94i*
—
.
78
78 Feb T5
Ifew Orl Ry A Lt gen 4 Ha. - 1935 J
78
78
71 Salej *70*4
60 63
If Y Rys 1st It
A ref 4s.. 1942 J
71
73*4
50*8
5134 130 47
30-year adj Inc 5s______
66*8
80
86
86 Apr ’ 15
86
84
Portland Ry 1st A ref 5a___ 1930 M96
U6 34
5 95
99i8
------ 80
80 Sep T5 ___ 80
Portld Ry Lt A P 1st ref 5a. 1942 F 80
100 May’ 15 —
Portland Gen Elec 1st 6 a. 1935 J 1 0 a 10 0
8 t Joa Ry, L. If A P 1st g 5a. 1937 M.
...............
8 t Paul City Cab cons g 5a.. 1937 J 100 Sep '15 ___ 10 0 10 0
Third Avo lat ref 4a..............1900 J 84
84*4 51 78
85*8
79*2 Sale
79*2
80*4 100 75
82
104*2 Oct '15 ___ 10412 107
ITl-Clty Ry A Lt lat a f 5s. -1923
8 9434 93*4
97%
US']
Ondergr of London 4,^s____1933
95*2 J'iy 'l i ___
Income Os............................ 1948
87*2 J’ly 'l l ___
84 Got ’08 ___
74 Oct ’ 15 —
75
65
United Rya St L 1 st g 4a___ 1931 J
; ------ 70
60*2 N ov’ 15 __- - 60
63*2
St Louis Transit gu 5a.. . 1921 A - | . — . 60
59»a M ar’ 15 . . 1 69*g 59*8
United RRs San Fr a f 4s._. 1927
44
4634 48 40
65*8
8 6 Sale
Va Ry A Pow Inf A ref 5 s ... 1934
86
SO
1 82
89*2
Gas and Electric Light
103 Sep T5 ___ ! 103 103
Atlanta G L Co lat g 5a... 1947
Bklyn Un Gas 1st conag 5a 1945 M -N 104*8 1 0 U4 104%
2 103 104*2
101'2
Buffalo City Gaa ls tg 5 s .. . 1917 A -O
61
Juno’ 19
97 Feb ’ 15 ____1 97
Columbus Gas 1st gold 6 a .. . 1932 J - J
97
Consol Gaa conv deb 6a . . . 1920 Q - F 119*2 Sale 119
119*8 89; I09**s 120*2
1
10 0
Detroit City Gua gold 5a----- 19231J - J 100*2 103 1 0 0
99*s 101
Detrol t Gaa Co cons 1 st g 6 s. 1918 F “ A 08*2____ 9 a5a Hep '08
Detroit Edison 1st coll tr 5a. 1933 J - J 1U3 ____ 10234 NovT5 ■■ 1 101*4 103
----- M- S ------ -------- 100*2 May’ 15 __ J 100*2 100*2
Eq G L N Y lat cons g 5s . 1932
100 Feb *13 ___
Gaa A Elcc Berg Co c g 6 a .. J949 J -D
10 2
1
103*2
Hudson Co Gaa lat g 5a___ 1949 M-N 1 0 2 Sale 1 0 2
. . 91
92 Mar’ ll ___ 1
Kan City (Mo) Gas 1st g 5a 1922
10 2
N ov’ 15 . . . . 107% 101*4
KlngH Co El L A P g 5a____ 1937
113
____
113
113
4
116
Purchase monoy 6 a
1997
12 2 * 2 Dee 12 ___
Convertible deb 6 a . ........ 19 2 2
125 126 1 2 0
12 0
3 115 126
Convertible deb 6a........ II 19 2 5
8 6 * 4 ------ 86*4 Oct *15
Ed El 111 Bkn lat con g 4s’ 1939
86*4 88
101*8 Sale 1 0 1 % 1 0 1 %
6 : 100*4 10 1* 2
Lac Giia L of St L lat g 5 s # 19 19
10 1* 2 Sale 100*2
10 1* 2
1 97
Ref and ext 1 st g 59
" 19 34
10 1* 2
9134
Milwaukee Goa L 1st 4^" . 1927 M-N
91*4 Sale 9134
1
90
91*4
Newark Con Gua g 5a
103*2____ 1033s Aug T5 ___ ! 103 1 0 .1*8
.1948 J
N Y O E L II A Pg5a
105
2 2 I0 1 *s 105
10434 Sale 104*4
.1948 J
Purchase money g 4a___ .1949 F
85
85
86*4 81
22 HO
85N
E d E l I l ll s t c o n s g 5 a .i l...........
107 ------ 107 Oct ’ 15 ___ 106*4 107*2
.1995 J
NYAQ El L A P lat con g 5a119301F - A 101 Sale 1 0 1
10 1
2 99 1 0 1
N Y A Rich Gas 1st g 5a.. . . 1921 !M - N ____ ____
02'j J’ly '09 ___
Pacific G A El Co Cal G A E
Corp unifying A lef 5s___ 1937 M- N
11
07 Sale 96*4
97
97
91
Pac Pow A Lt 1st A ref 20-yr
5 a Internat Series________1930 f - a
01
_
91 Feb '16
8 8 *| 91
Pat <fc Passaic G A El 6 3 ___ 1949 M- 8 10 0 . . .
99l2 Oct *15
99*2 9934
Peop Gas A C 1st cons g fls. . 1943 jA - O 114 ____ 114 Sep ’ 15
115
110
Refunding gold 6 a______ 1947 M- S 1 0 2 % 1 0 2 % 10 2
10 2
2 996) 10 2
Registered........ ............. 1947 M- S
1
0
2
____
Ch G-L A Cke 1st gu g 5s. 1937 J - J
103
102*8
102*8
5 10 1
Con G Co of Chi lat gu g 581936 J - D
100*2 N ovTo
997« 101*2
Inil Nat Gaa A Oil 30-yr 5al936 M- N -------- - - _ 93 M a r'12
Mu Fuel Gas lat gu g 5S-.1947 M- N
100*8 Nov'15
99** 100*8
9.1*2------ 95 Oct ’ 16
Philadelphia Co conv 5a___ 1919 F - A
95 soo
87
97
9i.*4 June’ 14
Conv dehcu gold 5a.......... 1922 M- N
94
5 ] 88*2 95
Stand O hs A El conv g f 6s__!920 J - D 9234 933|| 04
09% 1 0 0 %! 99*2
Syracuse U .htlng lat 5 s.. 1951 J D
99*2
1
SI) ____ 1 15)- Jiine'izl
r>..... " ’ '" i " * Power
964 ' j - J
99*2 99*2

D

g5a.
a

K

<

1

g

N

BONDS
Y. STOCK EXCHANGE
Week Ending N ov. 19.

Trenton G A El 1st g 5*j.__ . 1949
Union Elec Lt A P 1st g 5a. .1932
.. 193o
Utica Elec Lt A P 1st g 5a. .1950
Utica Gaa A Elec ref 5s__ .1957
Westchester Ltg gold 5s__ . 1950

1703
«9„

Prict
RanQt
Week's
Frida»
Range or S I ! Since
Nov. 19. Last Sale
Jan. 1
hid AskLow High No. 'Low Hiob

II

M- 8 100*4____ 101*2 June’ 14
M- S .................. 100 Sep ’ 15 —
J - J 102U____ 102*4 M ar’ 15
98 Aug '16
J J ____ 99
1033s
J U 1033s Sale 103*8

Alaska Gold M deb 6s A . . . .1925

119

Consol 5s.................. ..
. 1955
Bldgs 5s guar tax ex____ . 1960
Chile Copper 10-year conv 7s 1923
GranbyConsMSAP com 6s A '28

88*4
A - O 88
J - J 87
90
88
A - O 87
M -N 137 Sale
M-N 10412 Sale

5-year conv deb 6s_____ .1919 J - j
lnt Mercan Marine 4>$s__ .1922 A - 0

181*2 Sale
95*2 Sale
92'8 Sale
90*4 Sale
95L Sale
86*2 90
____
9378 9434
74 % 7 5
1 0 0 38 ____
IOU4 ____
89*4____
9184 95*2
89
90*2
90 Sale
130*2 Sale

lnt Navigation l s t s f o s . . . .1929 F - A
Montana Power 1st 5s A .. .1943 J - J
Mtge Bond (N Y) 4s ser 2. _.1900 A - O
.1951
. 1932
al932
Nlag Lock & O Pow 1st 5a. .1954
Ontario Power N F 1st 5s . 1943
Ontario Transmission 5s__ . 1945
.1959
.1921
. 1949
.1925

189
94
91~8

189
1 94*4 186
96*2 20 0 30*4 90*2
94*2 3010 33*2 94*2
86
90*4 27 36
90*4
94*4
95*4 75 88*4 95*4
8 H*j Jan ‘ 14
83 Apr *14
10 0
J’ly ’ ll
12
74
73*2
71
75
10 1
N ov’ 15
10 0
10 1

10 2

88

891* 91U
92% 95%
8 6 *s 90
86*4 90*8
103 137
117

125

10 2 *2
11
99% 1 0 2 %
97*8 45 92
97*8
Oct *15
9W78 1001*
97 Sale 95
97
12 0
91*8 96*4
103*2 10 5 10312 N ov’ 15
1001* 1031*
85*2 87
86*2 N ov’ 1 5 ___
80
8612
112 Sale 1 1 1
115*2 354 103*8 115*2
92*s
97*8
97*8
3 93** 97*8
*118 _
119*2 N ov’ 15
115 1211b
....
1 2 D* May 14
94 N ov’ 15
------ 94
94
98*8

96*2 97

A-O
M- S
A-O
A-0
F- A
A -O
A -O
J -D
J - J

N Y Air Brake 1st conv 6 s. _ 1928 M -N

96

10 0

6 6 * 8 ____
J 100
107

.1 M-N
J - J
M-N
A-O
F -A

.1918 F - A
1936 J - J
1929 M- S

Mexican Petrol Ltd con fin A 1921
1921
Nat Enam A Stpg Jst 5s__ 1929
1930

87
141
111

10 2

F- A
.1952 M- S
A -O
.1952 M -N

.1923
.1950
Liggett A Myers Tobac 7a. .1944
5 s ........ ...............
Lor 11lard Co (P) 7s.
1944

N ov’ 15
86% 1
7 | 83
1393s! 637 111
104*2 17 93

10 1

A- 6
E I du Pont Powder 4 ^ s . .1936 J -D

j lnt St Pump 1st s f 5s___

16 0

124

M-N

Debenture 5a........
Til Steel deb 4t$s
Indiana Steel 1st 5s .

86*4

136
104*4

102U
98
103*2

15
105 Ills

122

90 N ov’ 15 ___
91
3
95*2
S9*2 N ov'15 ___
90
903s SO
130
137
88
92U Feb ’ 14
35
119-34
125

F

Consol Tobacco g 4s__

87
89

96
98
1 101

F-A
J - J
A-O
M-N
F-A
M-N
A-O
J - J
F A
M -N *117

.1928 A - O
Conv deben 5s................ .1924 - A
Q- F
.1931 M -N
.1919 M- 8
1925 A -O
. 1926 F - A
.1919 J - J
.1944 A -O
A- O
F- A
1919
.1910
. 1926
.1942
1925
.1951

Sale 117

j 97*2 101

10 2 *2
IUO'2
100'8

-

Sale
Sale
Sale
9S12

96
97
101 Sale
72*8 Sale
10 112 10 1%

19 51?b 70
66
1 100*4 106*4
106*4
47 981* 103
103
100-34 127, 85% 1 0 2 %
10 1
10 1
9678 10178
97^ Jan ’ 15 ___ 97*4 »7*4

65*8
106*4

10 2
10 0
1 U0*8

97

97
5!
19
10 1* 8
72
73*8 214 46*4 75
10 1* 4
16 84 104*3
10134
87*s> July 14
78 Sale 78
2 74
78
79
105% 105)2 10434 105*4
19 101*2 105U
93 827* 92
92 Sale 8 934
92
10 2
27 99 102*8
101*8 Sale 10 1* 2
10 U
10 0
Oct 13 ___ 1
4 99% 10 2 %
10 2 )2 1 0 2 % 102*8
102*8
82 Sale 82
82
29; 78*4 82
65
70
70
70
2 ; 38
70
70
10 2
68
69*2 64*2
62
70
97*2 100
96*8
97*2 24 89
97*2
92*2 Sale 90*8
9 3 % 539 65
97
122% Sale 12 2
29 121*4 124*2
12 2 *2
101*s Sale 101*3
16 99*2 102*2
1 0 1 7s
123*8 Sale 123
2 119 124
123*8
101 Sale lU0~8
10 1* 8
24; 95*8 102
108 1 0 0 % 108
109
8 95*i 110
107 _
106*2 N ov’ 15 . . . . 95 110
9 5 12 00% 95*3 N ov’ 15 ___
92
96
83*2 __
83 June’ 15
83
85
10 1
2 2 95 102
101 Sale 10034
10 2 *2 Sale 10 2*2
21
10 2 *2
90 103
10 1

99
6 96% 99%
09i2
.1921 J • J 99*2
94
26 9(1 94
A - O 94 Sale 93*2
96*4 103 90*2 96*4
96*4 Sale S95
1940 A - 0
96 N ov’15 ___ | 88 % 90
1930 M- N 96i4 97
10 G
236 97*2 106
1931 J - J 105 Sale 104*2
80 Aug T5 ___
75
80
1930 J - J 76*2 __
Stamped____
..
1930 J - J 1--------------- 91*4 Jau ’ 13
<7*2 Sale 75
77l2
65
77*2
20
30
U S Red A Refg 1st g 6 s__ 1931 J
J ------ 2534 2573 N o v ’ 15 ___
103*2 31 10 1*8 103*2
U S Rubber 10-yr coll tr 6 s. 1918 J D 103*2 Sale 1U3
104j
4
sale
105
459
104*8
U S Steel Corp— /c o u p ___ 41963 M -N
997b 105
104*8
105
2 99*4 105
41963 M -N
98*4 128 89
Va-Car Chem 1st 15-yr 5s. 19231J - D 398*2 Sale 98
98*4
11)3% 99 96*2 103*2
Conv deb Gs___.............. <1924 A - O 103*2 Sale 102*8
10 0 % 1 0 2 1 s
.1922 J - J 1 0 2 % 1 0 2 % 1 0 2 Nov'15
2 897» 105*4
105*8
Westlnghouse E A M a f5s. .1931 J - J 105*8 105*4 105*8
1051* Sen 15
141 “ 87 109*8 149*2
139*2 140 138
.1931
l| 98*4 101*8
10 1* 8
10-year coll tr notes 5s__ _.1917 A -O 1U138 Sale 1013s
91 ____ 92 J’ly T4
85
90
85 Oct '15
75
86
a!926 M95 Oct T5
1943 F - A 92*2 96
87
95
77%
77)2
76l2
76*8
8 : 70
1934 F - A
80
20
.
73 Mar' It
90*2 Sale 89*2
90*2
Cons Coal of Md IstAref 5s 19501J -D
2 88*4 90*2
Continental Coal 1st g 5 s. _ .1952 F - A _________ 99 - Feb '14
------ 9434
90 July’ 15
90
90
.1951 J - J
88
88
89*4 88
1
85*4 88
Pocah Con Collier 1 st s f 5s .1957iJ 82
St L Rock Mt A P 1st 5s
1955 J - J 82 ____ 82 Apr *15 ___ 76
82 N ov’ 15
75
82*2
1 100 101*4
10 1* 8
Tcno Coal gen 5s___
1951 J - J 1 0 2 * 8 ____ 10 1* 8
10 2 %
17 9078 102*4
.1917 J - J 1 0 1 78 10 2 10 2
10 1* 8
1 ! 100*4 1017i
11917 A - O 1 0 1 7a 10 2 501*8
.1922 J - O . . . 106 1 0 1 Dec T*
73 Apr ’ 14
75
1953 J 90
Sale
89
13 82
90*4
90*4
Va Iron CoalACoko lstg 5s .1949 MTeloqranh & Tolophon
91
223 86*2 91
Am Telep A Tel coll tr 4 a.. 1929 J J 91 Sale 90*4
4 91*4 101
10 0
M- S 100-38 ____ 10 0
Convertible 4s_________
108
658 96 L09U
20-yr convertible 4 ^ s __ 1933 M f» 10778 Sale 10678
Cent Dlst Tel 1st 30-yr 5s. 1913 J -O 10 0 ____ 10 0 N ov’ 15
98*8 100
88*4 Juue’ l4 . . . .
Commercial Cable 1st g 4s. 2397 Q 79 Ayr -14
Registered........ ........... 2397 Q - J ------ 84
9834
98*4
Sale
97*2
2 0 05
Cumb T A- T 1st A gen 5s . .1937
- J
98*4
95
3 95
95
Keystone Telephone 1st 5s. 19351I - J *95*2____ 95
lO lfi
1 0 1* 2 Sale 1 0 1 *->
9934 N ov’ 15
97*4 99*4
Mich State Telep 1st 5 s ... 1924 F - A 99 100
N Y A N J Teleohone 5s g. 1920 M-N 1 0 0 * 2 ----- 10 1* 2 June lo . . . 10 1* 2 10 1* 2
9834 330 94
N Y Telep 1st A gen a f 4 t$a 1939 M- N 98*4 Salt 98*a
98*4
93
28 94*4 99
Pac Tel A Tel 1st 5 a .......... 1937 J - J 99 Sale 98*8
99
29 90*4 99
South Bell Tel A T 1st 8 f 5s 1941 J - J 98*4 987b 98*2
J - .1 10 0 100*8 10 0 78
10 1
2 95 101
94*2
94*4 95
Fd and real est g 4 Hs__ .1950 M-N
94*2
88*8 94*2
04
Northwest Tel sru 4 H ag. 1934
9()*» M ar'U
90*2 90**
- J

H

J

J
P
i

)

J

4 No price Friday; latest bid and asked, a D uo Jan. d D ue A pril. s Due M a y . 0 D u o June. A D ue July, ft D ue Au g. o D u e O c t . p D u e N o v . vD u e D e c. * Option aa'e .




B O S T O N S T O C K E X C H A N G E — S to c k R e c o r d

1704

SHAREPRICES—NOTPERCENTUMPRICES.
Friday
ednesday Thursday N
Saturday Monday Tuesday W
ov 19
Nov 18
Nov. 17
Nov. 13 Nov. 15 Nov. 16
*10712
*101
185
*

108

186
185
*82*2
84
133
*134" 136
3512 35*2
35
235 * _
7'2 ’ *5"
*40
*40
*
’ 8 34
*46’ 48
*
1573i
*10312 104*4 104
*159 161 '159
73
73
72
■118
*118
*85l2 87 " *85*2
102
102 103
8*2
9
*7
40
*41
807g 8073 80*2
*91
91
*93
152
*150 152
*25
26
*24
1377s
*137l2 138
*116
63
83

1073s
*101*2
190
186
83*2 83*2
132
133
35*2
36
235 *
7*2 *5
*40
" ~8~*4
46 *
15734
104 *103*2
165 *160
72*4
73
*118
*8512
87
103
103
8
8*2
40
42
79*2
81
*91
95
152
152
25
30
1377g *138*2

*107*2 108

10134 *101*4 102

120
63
83

*116
63
83

*
*

12 0

63
83

74U *73*4 733s
9S34 9878 9S*s 9878
234 234
*234 3
*1534 17
*15l2 17
*117 11734 117 117*2
117 117l2 117 117*2
12778 128*4 1277g 128*4
52
52
51*2 51*2
*97
9712 9734 98*2
64
64
64*2 64*2
*99 .
*9912 10 0
33*2
31
3278 32
44
45>2 45*2 47
9*4
*834
9U *884
238 240
238 238
*177 178 *176*2 177*2
*98
99
98
98
88
88
8734 88
8434 8434
*8612 87
181 181
180 180
*7314

*1H2

*11*2___

*41

*41

*50
*132
165
*16

50
60
131
133
165
165
1634 *16

120l2 121

*34
*30

35
31

121
3434

*30

1*2

*1

1 1 78

11

2*4 2*4
96
96
30
3078
*15S 13,
57
57
68*4 71*4

2

*1

143
49*2
2834
87>4
*116*4
1134

8

144*2 14412
50
49*2
2834 29
8934 8684
1165s *11634

8

*31S 3*2
69
7234

68*2 6878

560
18

5484

560
18

5434

61*4 6134
14*2 15*4

10

84*2
41
16
*28
*5
42*2
*89
*28
358

*278

10

85*2

512
'13
89*2
28*2

334
3*4

13*2 13*2
*558 6
*1 1 2
2*4
13
13
*4
4*2
34*4 34*4

*2
86

16
103,
1038
7*4
3158
*1*8
*134
3*2
*57*2
8412
16

88

2*2

87*2
16
103,

93*2 96
295g 31

1*8

1*8

57*2 58
69
713s
77g 8*8
*3*8 3*s
71*4 73*8
6834 69*4
565 570
*17*2 18
54*8 55*2
62
6212
25S 25g
15
15*2

10

84*2
42*2
17
*28
5*8
*43*2
*89
28*2
37s
3*8
13*2
*5*2
*134
13
4
3438
2

10

85
43*2
17
___
578
44*8
90
29
37s
3*8
14

2*8

13*8
4
34*4
2*4

87*4 88*4
16
16*4
10*4 10*2
11

11

11

7*4
32
32*2
*158
134

3;
58
85
16

*3*2 4
57*2 58

278

56*4 56*2

10*2 11

*.35
.40
47
4734
47*4 47*2
3*8 3*2

1334 133.1

7478 75
*23i 3*4
3*4 3*2
*60
61

*1*8

212

2

*1*2

86

2

86

16
89*2
26*4 26*2
58*2
58
4
4*8
16

88*2

8

8*2

3534 3678
5*2 5*2
28*2 2834
2*2 23,
56
56

10

.40
47*4
47*2
3*2
131o
76
3*8
35s
60

*1*2

12

.40
48
4734

1438

77
3*8
35s

61
13,

• Bid and asked prloe.

108
10 2

190
84
132
36
235

108*2 108*2

101*2 101*2
83

83*2

35*2 35*4

Last Sale
Last Sale
Last Sale
45
Last Sale

Mar’ 15
Oct’ 15

110
165
73

Last Sale
86*2
103
8
40
813s

80
82
4 Nov'15
150
25
25
25
141*8 1403, 1413S

Last Sale

115
63
84

115
63
84

115
64
84

115
64
84

73*2
99
23,
*15*2
117
117*4
128
52
98
*63

73*2
99
234
17
118
117*2
128*8
52*2
98*2

31
3.3*2
45
46*2
*834 9*4
240 240
176 177
98*2 98*2
88
88
84
85*4
180 180

73
99
234
15*2
117*2
117
128*2
*52
97*2
6412
99*2
32*2
45*2
*8*4
240
176*2
98
87*2
85*4
180

73
100*2
23,
153,
119*4
117*2
129*4
53
98*2
64*2
99*2
33*8
46*4
9*4
240
177*4
98
88
85*4
180

*11*2
*41

*11*2
*41

*51
50
50
50
131*2 131*2 131*2
132
165
166 160
165
16*4 *16
16*4 *16
127
123 128
122
3484
34*2 34*2 34*2
30
30
*29*4
31
1*2 *1
1*2 *1
146 154*2 155*2
147
49*2
50*4 49*2 50
283, 29
2878
29
86*2 873s 87
88
117*4 115*4 11534 *116
1234 12*4 12*4 13

7*4
32

263s 2638
57
58
4*8
*8*4
3434 35*8
*5*4 6
28*2 28*2

*2*2

_

108*8 1083S *10734
10138 101.*8 *101*2
189*2
*187 190
8412 84*2 83
132
132 132
36
36*2 35
235 235 *__
*5
7*2
*40
5 *
5
45
45
45
46
15734
15734 ♦
105 105 *105
165
160 160 *160
72
73
72*4 73
*118
86
87
*85*2 87
103*2 103 103*2 103
8
7*2 7*2 *___
40
*39
40
40
8078 7934
8078 80
95
*91
95
150
152
152 152
25
*25
27
25
139 *138*8 139 *141*.,

107*8
101*4
190
84*2
133
36
233
7*2

Last Sale

*115 120
62*2 63*2
*83
84
73
99*2
*2*2
15i2
117
118
128*2
*51
97
64
99
32*2
45

73
9934
3
1534
118
118*2
129
52
97*2
64
99*2
33*2
47

62*2 63

72

100

23,
15*2
117
118
1285s
51

73

101*8

23,
15*2
117
118*2
129*4
51*4

99*2 99*2
3212 33
45*2 46
S3, N ov’ 15
241 241*2
240*2 241
*175*4 176*4 175 175
*98
98*4
"88" 88"
87*4 88
87
87
*175 178
172*2 175”
3*4 N ov’ 15
12
Oct’ 15
10 N ov’ 15
30 Apr’ 15
*51
70
70
131*2 131 13234 133" 133
166 166
164*4 167
165
16
16*2 16
16*4 *16
1253, 126*2
125 127
128
34*2 35
34*2 35
35
29*4 30
30
1is"” Oct’ 15
1*2
159 1613, 158 159*2
163
49*2 50
50
49*2 50
29
29
29
29
29
8758
8658 87*4 87
88
1155s 116
*115*2 116
143s 135s 14*4 13*2 143s

Last Sale

Last Sale
Last Sale
Last Sale
Last Sale

Last Sale

2
2
2
2*4 2*4 *2
2*2
2*8
96
96
97
96
98
*97*4 97*2 *95
27*8 29*4 255S 27*2 26*4 2734
2878 30
1*8 1*2
*1*2
1*4
178 *1*4
5,334 " 563, 58*
58
57*4 (iO
583, 60
70*8 685g 69*8 683, 705s
69*2 71*8 69
77s 8
*778 8
8
8
778 8
3
3
3*4
3*8 3*8 *3
3*8 3*4
72*8 71*2 7334
71
723, 71*4 73
71
693, 71
69*2 70
72
69
70
70
565 569
566 569
565 565
565 565
17*2 17*2 17*2 17*2
18
*18
18*2 18
54*2 65*8 54*2 64*4
57
55
5678 56
62*2
62
62*2 62*2 63*4 61*2 62*2 62
23,
3
3
23,
23,
3
23,
23,
15*4 15*2 15*4 15*2 153g 1512 15*4 16
10*2 10*4 10*4
10*4 10*2 10
11
10
82*4 84
84
84
84*2 85*2 833, 86
44
4534 44
44l>8 *43
43
42
43
17S8
17
16
17
17*2 17*2 17*2 17
28 Nov’ 15
*28
*297s
534
6
53, *512
6
6*4
5% 5*8
44*., *43
44*8
44
*43
*4312 44*8 * 4 3
90
90
*8912 90
89*2 90
88*2 90
28
28*8
283, 29*2 273, 29
28*2 29
*33, 4
3*8 3 %
3% 3%
*378 4
234 234 *278 3*8 *27s 3*8 *27s 3*8
13*2 13*g 13*2 13*8
14
13
13*2 15
6
6
6
6*s *512 6*8
6
6
1*4 Nov’ 15
2*.,
* 1*8 2*8 *2
13*2
123, 13
13*2 14*4 13*4 13*2 13
4
4*4
43,
4*4 4*4
412
*4*2 434
*34*2 35
3534 *3434 35
*35
3512 35
2*4
2 *.,
21?
2*4 2*4 *2*4 2*2
*2*4
87
87*2
86
87
88
87*4 87*4 87
*16*8 17
16*4 165,8 17
16*8 17
16
10*2 103,
10*8 11
10*4 12
11*4 12
11
11
11
11
11
11*4
11*4 11
7
7
7
7
7*8
*7
7*8
7*4
32*4 32
32
3234
3234 32*2 34
32
*1*8 1*4
l»4 *13, 2
13,
* 1*8 1*4
2
13, *13,
13,
* 13, 2
* 1*4 2
*3*4 4
334 4
*3*2 4
*3*2 4
5912 58*2 59*2 59*4 59*2
58
58*2 58
87
87
*8412 85*2
88
86*2 87*4 87
15*4
15*2 15*2 1514 15*2 15
S934 89*8 88*2 893,
89*2 90
26*4 27*4 27
2758 26*8 26*8 26*8 26*4
58*2
5934
58
58*2 58
58
57*2 58
3*8
4
4
378 4
4
4*8
8
8*8
8*4
8
8 I2
81?
8*8
38
35*4 37*2 36** 36*8
30*2 37*2 37
5*4 5*2
53,
5*4 53,
53,
578 578
273, 27
27*4
27*2 2834 27
28*2 29
2*4 234
2 1?
•25s *2 1 2 23,
2*2
2*2
55
55
56
55
57
56
57
50
11*2 113,
113,
10*2 1 1 78
It
10*4 11 * 2
.35 .35
.35 .35
.41
.40 .41 *.35
463, 4712
48
44*2 48*8 47*2 48*4 47
48
48*2
48
48*8 47*2 48
47*., 48
3*2 334
3*g 378
3*8 378
3*2 33
14*2 1373 14*8 *13*4 14
13*4 14*4 14
78
79*8 77*2 78*4
7078 79*4 793S 81
*23, 3
3
3
3
3
3
3
33, 4
*3*2 4
35s 4
*3*4 4
59*2
60
60*2 59*2 60*2 58
59*., 61
13,
Oct’ 15
*
1*2
1»4
* 1*2
1*4
a Ex-dlvldend and rights
Ex-fltock dlvldond.




Last Sale

Last Sale

Last Sale
b

Sales
of the
Week
Shares

[VOL 101.

Saa Next Pag*

Range SinceJan. 1.

STOCKS
BOSTON STOCK

Lowest.

IllOhesl.

Railroads
47 Atch Topeka & Santa Fe._ 10 0
13 Do pref................... .. 10 0
55 Boston & Albany_______ 10 0
255 Boston Elevated................ 10 0
Lowell_________ 10 0
65 Boston
621 Boston M aine................ 1 0 :l
10 Boston & Providence____ 10 0
Boston Suburban Elec Cos__
Do pref.................. .
Boston Wore Electric C os..
Do prof_____________
Chic June K y & U S Y . . . 10 0
30
Do p r e f . . ............ .
3 Connecticut River______ 10 0
115 Fitchburg pref___________ 10 0
Georgia Ry & Elec stampdlOO
20 Do pref........................ 10 0
290 Maine Central___________ 10 0
305 Mass Electric Cos________ 10 0
Do pref stamped____ 10 0
428
1,082 N Y N II A Hartford____ 10 0
Northern New Uampshlro. 10 0
89 Old Colony_____________ 10 0
135 Rutland, pref.................... 10 0
160 Union Pacific____________ 10 0
Do pref____ ________ 10 0
25 Vermont A Massachusetts. 10 0
314 West End Street_________ 50
51 Do pref_____________ 59

923, Feb 23
97 Jan 15
170 Mar 5
73 JunelG
109 Feb 26
20 Feb 13
225 J&n 3
10 Mar23
40 Sep 21
S34 Sep 13
39 Jan 20
157 Feb 13
10 1* 2 July 9
140 Feb 25
51 Fob 9
114 Apr 20
84 Aug 10
92 Mar 4
47g Juno 7
33 July21
43 Feb 25
89 Oct 1
140 Aug 3
15 M arl 7
116*2 Jan 4
79*4 M arl 1
105 Feb 9
61 May 15
80 July 1

109*s N ov 1
10 1* 2 NovlO
19,3 Jan 12
96 Jan 6
1.38*2 Oct 27
37*2 Oct 11
210 June26
10 Mar24
56 Mar23
9 Sep 1
47 Julyl5
160 Sop 9
110 Apr 21
165 Jan 12
70 N ov 5
120 Feb 6
88 Mar 3
103*2 NovlO
10 Sep 24
56 Jan 6
87*4 Oct 11
93 Apr 29
157 Apr 9
25 Oct 11
1413s N ovl9
8178 Oct 26
125 Apr 20
72*2 Jan 25
93*2 Feb 4

Miscellaneous
Amer Agrlcul Chem ical... 10 0
Do pref_____ _______ 10 0
Amer Pneumatic Service. 50
Do pref_____________ 50
Amer Sugar Refining____ 10 0
Do pref------------ -------- 10 0
Amer Telep A Teleg_____ 10 0
120 American Woolen________ 10 0
1,437
Do pref_____________ 10 0
415 Amoskeag Manufacturing.
29
Do pref_____________
4,518 Atl Gulf A W I S S Lines. 10 0
5,936
Do pref...... ................. 10 0
East Boston Land_______ 1 0
953 Edison Electric Ilium........ 10 0
98 General Electric_________ 10 0
110 McElwaln (W H) 1st pref. 10 0
627 Massachusetts Gas C o s.. 10 0
96
Do pref.... ................... 10 0
48 Mergenthaler Linotype... 10 0
Mexican Telephone.......... 1 0
Mississippi River Power.. 10 0
Do prof........ ............ 10 0
New Eng Cotton Yarn___ 10 0
29
Do pref_____ _______ 10 0
621 New England Telephono.. 10 0
194 Pullman Company_____ 10 0
10 Reece Button-Hole______ 10
1,226
10 0
150 Torrlngton______________ 25
25
8
25
15,322
10 0
1,038 United Shoe Mach C orp.. 25
623
Do pref....................... 25
4,162 U S Steel Corporation___ 10 0
71
Do pref........................ 10 0
77,598

48 Jan 5
87*2 Mar25
1*4 Marl7
14*2 Oct 14
100 Feb 24
109 Fob 5
116 Jan 4
16*2 Apr 6
77 Fob 5
59*8 Jan 20
97*2 May25
4 Feb 24
97s Marl2
8*4 July27
230 MaylO
138*4 Feb 26
96*2 Aug 25
78 Apr 8
84 NovlO
154 Feb 8
*4 Apr 20
10 Juno 4
35 Feb 23
20 Apr 15
25 July 1
z 127*4 JunolO
150 Feb 24
15 Sep 27
1013, Jan 4
2,3 Mar 8
26 Mar23
.95 Jan 18
110 Feb 25
48 Aug 17
28 Mar27
3,3 Feb 1
102*4 Jan 27
1078 NovlO

&
&

&

195
923
550
75
499
347
4,939

Mining
Adventure Con__________
Ah meek..............................
Alaska Gold____________
Algomah Mining_________

Rangefor Previous
Year 1914.
Lowest. Highest.
88*4 Nov 100 July
101*8 Feb
97*8 Jan
175 Nov 195 Jan
77 May 10 1* 4 July
150 Dec 179 Feb
55 Jan
30*2 July
225 May 255 Jan
7 Mar
7*2 Feb
50 July
60 Jan

35 July
40 Jan
160 Mar 163 Jan
103 Dec 107 June
162 Nov 200 Jan
75 July 93 Jan
115*2 Dec 124 May
83 Jan
8 8 78 Apr
907g Jan
99 Mat
9 Apr
14 Jan
54 Deo
66*2 Jan
7778 Jan
4978 July
100 May 112 Feb
140 July 165 Jan
30 Jan
19 May
110 * 4 Nov 163*4 Jan
82 Apr
85 Jan
115 Jan
130 Feb
75 Jan
65 Nov
82 Dec
95 Mar

47*4 Jan
733, N ov 8
89 Dec
101*s NovlO
2 Dec
4*2 Oct 25
17 Jan
19*2 Jan 9
119*2 Nov 5
97*4 Mar
10.3 Mar
1 1 .3 *2 NovlS
130*2 N ov 4 112 Nov
14 Mar
57*4 Oct 20
72*4 Mar
9912 Oct 4
67 Apr 23
57*2 Dec
973, June
101 Feb 0
5 Feb
36 N ov 4
13*2 May
49 N ov 4
9*2 Dec
13*4 Apr 5
200 Jan 22 234 Nov
18 4*2 Oct 4
137 Deo
104 Mar29
98*2 Nov
94 Aug 5
76*4 Nov
92*2 Jan 28
85 Nov
200 Jan 4 200 Deo
2*4 May
3 Sep 10
18 July
12*4 Feb 8
46*2 Jan 26
55 June
20 Apr
20 Apr 15
50 Oct 26
38 Dec
143 Jan 29 128 Nov
170 Oct 23 148 Dec
10 Jan
18*4 Jan 2
12.3 NovlO 10 1* 2 Nov
27 Feb
35*4 Oct 29
27 Mar
30*4 Sop 8
1*4 Apr 21
.95 Dec
163 Novl7 z ll3 Dec
65 May24
52*4 Dec
30 Aug 31
28 Jan
88*2 Nov 1
48 Deo
117*4 Oct 30 103*4 Dec
14*8 N ovl7

Mar
98 June
4 Jan
22 Jan
110*4 Jan
115 Deo
124 Jan
15 Mar
83 Jan
67 Feb
10 0 *2 June
9 Jan
16*4 Jan
14*2 Feb
265 Mnr
150*2 Feb
102 Jan
94*8 Feb
96 Mar
216*4 Feb
3 Jan
38 Feb
70 Jan
30 Jan
69 Jan
141 Feb
159 Jan
20's July
107*4 Mar
31 May
29*2 Jan
2 Feb
173 Feb
0 1*4 June
30'g July
67*4 Jan
112*8 Jan
59*4

47s Apr 22
1 Apr
2 Jan
1 Jan 22
93 NovlO 103 Aug 27 2393, Apr 300 Mar
40*4 Apr 22
19 July
28*4 May
25*s Novl.3
4*4 Apr 22
1*4 Jan
*2 Dec
45 Feb 10
25
60 NovlO
3 4 12 Jan
43*4 Feb
25
12*4 Nov
2 Jan
163, Jan 4 71*8 NovlS
Amer Zinc, Lead A Smelt. 25
9*2 Apr 22
6 % M ar
3*4 Jan 4
1,200 Arizona Commercial........
2*2 Nov
5
4*4 Apr 22
480 Butte-Balaklava Copper. 1 0
2 Jan 16
1 Nov
4*8 Feb
353, Jan 4 80 Juno 4
403, May
27,000 Butte A Sup Cop (L td ).. 1 0
24 Nov
8,011 Calumet A Arizona______ 1 0
51*2 Feb 23 78*4 Apr 26
53 Dec
70*8 Mar
Calumet A H ecla ........... 25 350 Jan 4 630 Apr 22 350 Dec 460 Feb
15 Jan 12 25 Apr 22
19 Feb
Centennial_____________ 25
14 Jan
Chino C op per................
30*4 Dec
43*2 Fob
5 3278Jan 6 57 N ovi 7
40*4 Feb
29 Dec
Copper Rango Cons C o .. 10 0
30 Jan 13 633, N ovl7
3 Feb
1*2 Nov
Daly-West___________ _
5*4 Apr 22
20
178 Jan 21
8 Dec
13 Jan
16 NovlO
East Butte Copper M in .. 1 0
8*2 Jan 5
2 Nov
77s Apr
Franklin.................. ......... 25
14*4 Apr 22
4*2 Feb 5
60 Dec
9 1 Feb
Granby Consolidated___ 10 0
58 Jan 7 94*2 Apr 27
21*4 Apr
42*8 Feb
Greene Cananea________ 10 0
23*4 Feb 1 45*4 N ov 17
11 Dec
22 Feb
11 Jan IS 24*2 Apr 29
Hancock Consolidated__ 25
26*2 Oct 27 29*4 Jan 19
28 July
30 Mar
Hedley G o ld ___________ 1 0
10*2 Apr 22
2*4 Jan 21
3 Apr
0*2 Feb
Indiana M ining.............. 25
41 Marl,3 52 Aug 17
1
50*4 June
Island Creek Coal_______
44*2 Dec
85*2 Jan 5 91*8 Apr 27
Do pref____________
1
81 June 89*2 June
17*2
Jan
11
34
Apr
20
Isle Royale Copper_____
25
24 Feb
16 Dec
3 Aug 3
5*8 Apr 20
Kerr L ake_____________
5
378 Mar
0*8 July
1*2 Aug 23
Keweenaw Copper_____
4 % Feb
412 Apr 20
25
2 *s May
5*2 Jan 27
Lako Copper Co________ 25
18 Apr 22
10 *2 Jan
43, Nov
La Salle Copper________ 25
3*8 Jan 7
9 Apr 23
5*2 Feb
3 JYjDec
4 Jan
Mason Valley Mine........
1 M a rll
5
4*2 Apr 27
1*., Deo
3 Jan 11 17 Apr 22
Mass Consol___________ 25
<5*2 May
2 Mar
9 Jan
Mayflower_____________ 25
33, Juno
3 Aug 16
8 Apr 22
Miami Copper__________
24*8 Feb
5 163, Jan 2 35*4 Oct 30
103, Dec
.50 July
Michigan______________ 25
1*4 Feb
.60 Mar 1
3 Apr 22
39 Apr
Mohawk.............. ............ 25 46*4 Jan 15 88*4 Nov 15
4912 Deo
10 Deo
Nevada Consolidated___
5 11*8 Feb 24
17 Apr 27
16*8 Geo
New Arcadian Copper__ 25
178 Jan
14*4 June 7
7*2 Jan
4*2 Feb 24
4 June
New Idrla Quicksilver__
5
4 June
4 July 10 13*2 Aug 7
7*8 Sep 27
Nlplsslng M ines.............
5 July
5
8 *g Feb
5*8 Aug 9
North Butte........ .......... 15 22*4 Jan 25 387s Apr 26
19*4 Dec
303, Feb
4*8 Apr 23
North Lake...................... 25
.95 Apr
1 Jan 28
2*8 Jan
3*2 Apr 29
OJlbway Mining.......... .
2 Jan
3, Apr
25
.50 Mar 4
7*8 Apr 22
Old C olon y...................... 25
5 % Feb
25g Nov
3 Aug 16
54 Feb
Old Dominion Co............ 25 38*2 Mar '3 59*2 N ovl7
44 Dec
84 Fob
Osceola..............................
64 Jan 28 93*2 Apr 22
04 Deo
2078 Jan
Pond Creek Coal.............. 1 0
12 Jan 7 19*8 Aug 13
12*4 Dec
68 Feb
50 Jan 16 95 Apr 22
5 17 3 Dec
Quincy.................. ..........
22*2 Apr
15*4 Jan 7 27*8 N ovl7
15 Dec
Ray Consolidated Copper 1 0
40 Feb
28 Dec
St Mary's Mineral Land. 25 28 Jan 4 65 Apr 23
2*4 Jan
1 M arl7
1 Jan
5 Oct 22
Santa Fe Gold A Copper. 10
7*2 Feb
4 Jan 15 11* 4 Apr 20
S hannon ................. .......
4 Nov
29*4 Feb
183i Jan 5 3,3 Nov 17
18 Dec
10
Shattuck-Arlzona............
5*4 Nov 3
73, July27
22 Nov
32 Feb
Superior.................. ......... 25 2 2 l2 Jan 6 4 U2 Apr 26
1*4 Nov
2%Jan
1 Mar 3
Superior A Boston Copper 10
4*2 Apr 29
24*2 Dec
43 Feb
Tamarack_____________ 25 25 Jan 4 58*8 Aug 1.3
2*4 Nov
5*2 Jan
T rin ity ............................ 25
2*8 Feb 11
15*2 Oct 13
.23 Dec
.85 Mar
Tuolumne Copper............
1
.63 Apr 14
.20 Jan 2
24*4 Dec
43*2 Feb
U S Smelt, Refln A Min. 5C 20 Feb 25 49*2 Junol5
40*2 Apr
487s Feb
Do pref............ ......... 50
2,3 Jan 15 48*2 JunolO
1*4 Nov
2*8 Feb
5*8 JunolO
Utah-Apex Mining______ . 5
2 Jan 2
8*4 Jan
14 Fob
16*8 Junel4
Utah Consolidated_____ . 5
9*t Feb 26
45*8 Nov
59 June
Utah Copper C o________ . 10
48*4 Jan 6 81 N ovl7
4*2 Apr 22
1 Mar e2% M ay
Victoria_______________ . 25
1 Feb 2f
5*8 May 1
178 Deo
478 Feb
W inona_______________ . 25
1*4 Jan It
70 Apr 26
30 Deo
Wolverine_____________ . 25 32 Jan (
47*4 Feb
2*., Apr 23
30 Juno
.50 Mar I
W yandott_____________ . 25
1*4 Jan
a Assessment paid.
Ex rights
Unstamped z 2s paid.
Ualf paid.
1,030
355
39,169
135
1,488
35,038

0

25
25
10

c

u>

THE CHRONICLE

Nov. 20 1915.]

O u tsid e E x c h a n g e s — R eco rd T r a n sa c tio n s
Boston Bond Record.—Transactions in bonds at Bos­
ton Stock Exchange Nov. 13 to Nov. 19, both inclusive:
Sales
Friday
fo r
Last Week’s Range
Week.
o f Prices.
Sale.
H igh. Shares.
Price. Low .

Bonds—

91
AtlG & W I 8 8 L 5s - -1959

78 *3

Chic B it Q gen 4s-----1958
94 *3
Mass Gas 4*3s......... 1931
_______ 1929
4*3s
N E Cotton Yarn 5s. .1929
N E Telephone 5s___ 1932 101*3
Now River 5s. _. ........1934
Swift* Co 5s_______ 1944
98*3
Western Tel & Tel 5s. 1932 99

102
90
106*3
78..
73
93*3
72*3
82
94
97
73
101*3
75
97*3
98

102
91
100*3
79
73
93 53
72*3
82
94*3
97
74
101*3
75
98*3
99

82,000
42,000
1,400
28,500
1,000
5,000
1,000
2,000
14,000
2,000
4,000
5,000
2,000
45,000
13,000

Range since J a n . 1.
H ig h .

Low .

99*3
86*3
95*3
60
68
93*3
72*3
82
91
95
70
99*3
65
94*3
94 U

Jan 102*3 Oct
Nov
Jan 91
Jan 108*3 Nov
Nov
Jan 79
Nov
June 73
Nov 93*3 Nov
Nov 72*3 Nov
May 82 May
Aug 94*3 Nov
Jan 97*3 Mar
Jan
Apr 76
Jan 101*3 Nov
Aug
78
Feb 98*3 Nov
Nov
Mar 99

1705
Friday
Sales
fo r
Last Week's Range
o f Prices.
Week.
H igh. Shares.
Price. Low .

Bonds (Concl.)
Fair & Clarks Tr 5s. .1938
Fairmont Coal 5s___ 1931
Ga Car & Nor 1st 5s.. 1929
G-B-S Brewing 1st 4s.1951
Ilous Oil dlv ctfs.. 1923-25
do small____________
Jamison C & C—G C 5s ’30
Kirby Lum Contr 6s. _1923
Maryl’d El Ry 1st 5s.1931
Maryland Steel 5s___ 1922
Minn St & StPC Jt 5s. 1928
Mt Vernon C Mills notes.
N O Grt North 5s___ 1955
N O Mob & Ch 1st 5s.1960
Norf & Ports Trac 5s. 1936
Norfolk Street Ry 5s. 1944
Petersburg A 5s_____ 1926
Scab A L 4s stamped. 1950
United E L & P 4*38.1929
United Ry & Elec 4s__1949

98*3
96*3
102*3
21
80*3 77*3
80
88
88
97*3
96
97
99

Funding 5s_______ 1936
do small...............1936
Notes 5 small___ .1916
Virginia Mid 3d ser 6s.1916
Fifth series 5s____ 1926
W1I& Weldon 5s........1935
4 s ______________ 1935

10 0
100 *3
99

52
44*3
82*3
102
103*3
83*3
93
81*3
61*3
85*3
85*3
100*3
100*3
102*3
106*3
95

98*3 6,000
96*3 6,000
102*3 2,000
21
1,000
80*3 35,200
1,000
80
3,000
88
97 K 1,000
96*3 15,000
97
5.000
4.000
10 0
3,000
101
99
2,000
52
1,000
44*3 2,000
82*3 1,000
102
1,000
103*3 3,000
S4
3,000
93
5,000
82*3 34,000
62*3 6,000
86*3 3,000
86
1,400
500
100*3
100*3 1,000
102*3 1,000
106*3 4,000
95
2,000

Range since J a n . 1.
Low .

98*3
94
101
IS
72*3
73
79
93*3
94
97
94*3
100
99
48*3
33
75
101*3
102*3
77*3
90*3
79*3
55
81

July
Jan
Jan
Aug
Apr
Apr
June '
Mar
July1
Apr
Sept
Nov
Oct
Feb
Aug
July
Oct
Jan
July
June
June
July

H igh .

Feb
100
96*3 Jan
102*3 Apr
Jan
23
80*3 Nov
SO Nov
Nov
88
97*3 Nov
98*3 Jan
97
100
Oct
Jan
102
Nov
99
52*3 Apr
44*3 Nov
84*3 Jan
103
Jan
104*3 Apr
84
Nov
Nov
93
82*3 Nov
63
Jan
87
87*3 Jan
100*31 Nov
101*3 Mar
104
Apr
106*3 Nov
Nov
95

80*3
9953 Jan
Pittsburgh Stock Exchange.—The complete record of
Nov
100*3
transactions at tho Pittsburgh Stock Exchange from Nov. 13
101*3 Jan
to Nov. 19, both inclusive, compiled from tho official sales
105*3 Jan
95
93*3 Jan
lists, is given below. Prices for stocks are all dollars per
sharo, n o t per cent. For bonds the quotations are per cent Chicago Stock Exchange.—Complete record of transaoof par value.
tionsat Chicago Stock Exchange from Nov. 13 to Nov. 19, both
Sales
Friday
inclusive, compiled from the official sales lists, is as follows:
fo r
Range since J a n . 1.
Last Week’s Range
Stocks—

P a r. Price. Low .

Amor Wind Glass Macli 100
Amcr Wind Glass prof. 100
Columbia Gas & Elec..100
Consolidated Ice pref— 50
Crucible Steel, com — 100

14*3
35
73*3

Harb-Walk Refrac com 100
99
Preferred____ ____ 100
Independent Brewing— 50 _____
Preferred__________ 50
La Bello Iron Works__ 100 54*3
Preferred_________ 100 120
Mfrs Light____
& Heat
50
Nat Fireproofing com ..50
Preferred ........... .......50
Ohio Fuel Oil__________ 1
Ohio Fuel Supply . . . .25
Oklahoma Natural Gas 100
Osage & Oklahoma Co. 100
Pittsburgh Brew com ..50

50
11*3
22*3
15*3
39

Pittsburgh Coal com.. 100
7
Plttsb Oil & Gas_____ 100
Pittsburgh Plate Glass. 100
Pure Oil common______ 5 18
San Toy Mining_______ 1 15c.
Union Natural Gas.. 100
Union Switch & Signal. .50 129
U S Glass................... 100
U 8 Steel Corp com___ 100 87
Westlhouso Air Brake..50 140
West’house Elec & Mfg.50 69
W PcnnTr&W P com. 100
Bonds—
Ind Brewing 6s_____ 1955
Plttsb Coal deb 5s__ 1931

90

28
126
96*3
29
60*3
14*3
35
73*3
107*3
70
98*3
3*3
19
52*3
119*3
93
49*3
10*3
22*3
15
38*3
07*3
83
5
18*3
35
5*3
112
17*3
15c.
135
120
130
19*3
87
139*3
09
78
13*3

Week.
H igh. Shares.

Low .

H igh.

30
1,537 16
Oct 30
Nov
852 75*3 May 130*3
130*3
97
85 89*3 Oct 123
Jan
29
35 23
July 3011
20 48
50*3
52
14*3 1,985
8*3 Jan 15*3 Aug
35
158 34
Nov 40
Feb
15 12*3 Feb 100 Sept
73*3
108
36 75
i 11
Sept
70
10 45
Feb 70
Nov
99
105 97*3 Mar 99
Jan
10
Apr
3*3
6
2*3 Aug
230 13*3 Aug 22*3 Jan
19*3
55
1,460 27
Jan 59*3 Nov
120
131 103 June 120
Nov
93
43 91
108*3 Apr
Aug
50*3 1,100 46 May 50
12*3 3,481
4*3 Feb 13*3 Oct
780 16
23
Feb 26
Nov
15*3 2,495 12 May 15*3 Nov
39
209 39
Oct 45 May
Feb 71
45 57
69*3
Oct
140 67*3 Feb 83
83
Nov
Feb
3
265
8*3 Nov
5*3
July 24*3 Jan
115 12
20
810 16*3 Jan 42*3 Oct
38*3
4*3 Aug
7*3 Jan
7*3 1,363
Apr 114
652 104
114
Nov
18*3 3,015 13*3 May 18*3 Oct
8c. Apr 24c. Juno
18c. 12,200
50 128*3 Aug 135*3 Nov
135*3
Apr 130*3 Oct
881 92
129
Mar 131
60 95
Oct
130
Aug 28
40 13
19*3
Feb 88*3 Nov
60 38
88
600 116*3 Mar 144 Sept
140
375 32*3 Feb 74*3 Oct
70*3
Oct
13 58
Feb 85
78
Oct 15*3 Nov
140 10
15*3

59*3 59*3 S2.000
95*3 96
38,500

49
90

Aug
Jan

62
97

Nov
Apr

N ote .—Omitted from last week’s list: SI,000 Monongakcla Cons. Coal & Coko

Cs, 1949, at 113.

.

Baltimore Stock Exchange.—Complete record of the
transactions at tho Baltimore Stock Exchango from Nov. 13
to Nov. 19, both inclusive, compiled from the official sales
lists, is given below. Prices for stocks are all dollars per
sharo, n ot per cent. For bonds the quotations are per cont
of par value.
Stocks—

F rid ay
Sales
Last Week’s Range
fo r
Sale.
o f Prices.
Week.
Par. P rice. Low . H igh. Shares.




American Radiator___ 100
Amer Shipbuilding___ 100
Preferred_________ 100
Booth Fisheries, com.. 100
Preferred.................100
Chic Pneumatic Tool.. 100

73
84

Chicago Title & Trust. 100
Commonweal th-Edlson 100
Deere & Co, pref_____ 100
Diamond Match_____ 100
Hart, Shaff & Marx, pf.100
Illinois Brick...............100

212
145
96
106
115
75

Lindsay Light..................
Maxwell Motors 2d pf.100
National Biscuit, pref. 100

36
so

6
54*3

People’s Gas Lt & Coke 100
Pub Serv of N 111, com. 100
Preferred_________ 100 99*3
Quaker Oats Co.........100 300
Sears-Roebuck, com__ 100
Preferred_________ 100
Stew Warn Speed, com. 100
Swift & Co____ . . ..100
Union Carbide Co___ 100
U S Steel, common___ 100
Ward, Montg & Co, pref..
Bonds.
Armour & Co 4*3s__ 1939
Chicago City Ry 5s. .1927
Cldc Pneu Tool 1st 5s 1921

157
125
89*3
126*3
165
114
93*3

Chic Rys 5s..Series “ A” 90*3
Chic Rys 4s, Series ’’B ".
Chic Ry pr m M g 4sl927
Chicago Telephone 5s. 1923 102*3
Commonw-Edison 5s. 1943 102*3
Dla Match Con deb 6s 1920 103*3
Met W Side El 1st 4s. 1938
Extension gold 4s.. 1938
Morris & Co 4*3s___ 1939
Ogden Gas 5s_______ 1945 95*3
Peo G L & C ref g 5s.. 1947
Chic Gas L & C 1st 5s’37
Pub Serv Co 1st ref g5sl956
Swlft&Co 1st gold 5s.1944 98*3

360
xl34
35
79
35
73
80*3
16*3
1*3
210
143*3
z95
106
113*3
72
z318
5*3
54*3
122
155
120 H
117*3
106
99*3
290
106*3
156
126
81*3
120*3
161*3
87*3
113*3
93*3
98
96*3
96
90*3
70
60
102
102*3
103
74*3
68
89*3
94*3
102
103
95
97*3

Range since J a n . 1.
Low .

H ig h .

365
28 345 June 390
34 Z130J3 Feb 13S
134
570 2 6 " Apr 48*3
36*3
470 67*3 Apr 82*3
80
Feb 44
35
50 30
285 68*3 Mar 81
73*3
85
1,176 45*3 Feb 93*3
90 16
17
31*3
1
100
Feb
3
2*3
Aug 213
212
80 204
244 132*3 June 146*3
145
Jan 99
30 88
96
Mar 109
108
598 90
Jan 115
177 105
115
Feb 75
75
1,413 60
31S
25 159*3
318
6
6
280
3*3 Feb
Mar 64
25 31
54*3
1 119*3 May 125
122
155
90 119*3
165
120*3
50 118*3 Mar 125
214 113
Mar 123*3
118*3
74 75
Jan 108
108
46 93*3 May 100
100
300
48 225
Sept 330
106*3
20 103
108
845 al31*3 Mar 215
157*3
Jan 126
40 121
126
91
14,926 48*3 Jan 91
127*3 1,869 104*3 Jan 127*3
166
3,638 144*3 Jan 166*3
100 38*3 Feb 88
87*3
79 110*3 Jan 114
114
93*3
98*3
96*3
96
90*3
70*3
60
102*3
102*3
104
74*3
68
89*3
95*3
102*3
103
95*3
98*3

S4.000 91
21,000 96
1,000 94
5,000 93
1,000 86
10,000 69
1,000 60
10,000 99*3
18,000 100
36,100 101*3
4,000 70*3
8,000 65
2,000 86*3
28,000 92
2,000 99*3
2,000 100*3
6.000 87*3
61,500 94*3

Jan
Juno
Feb
Sept
Sept
Nov
Jan
Jan
Feb
Oct
Oct
Jan
Jan
Jan
Oct
Jan
Jan

93*3
99
98
97
90*3
77*3
67
102*3
102*3
104
77
73
89*3
95*3
102*3
103
95*3
98*3

Jan
Aug
Nov
Aug
Aug
Aug
Mar
Nov
Sept
Nov
Nov
Nov
Nov
Oct
Feb
Apr
Nov
Mar
Nov
Jan
Mar
Nov
Nov
Aug
Oct
Mar
Nov
Feb
Mar
Feb
Nov
Mar
Jan
Nov
Nov
Nov
Feb
Jan
Nov
Nov
Nov
Nov
Nov
Nov

a Ex 50% stock dividend, x Ex’dlvldend.

Range since J a n . 1.
Low .

12 0
12 2
49 107
43*3 44
15 42
28
28
12 0 1 25*3
Comm’l Credit, prof..-100
558 102*3
Cons Gas E L &. Pow.,100 113*3 111*3 113*3
114
114
114
25 106*3
99
99*3
172 92
Consolidation Coal___ 100 _____
6*3 7
2,381
5
500
6*3 6*3
5*3
843 16
18*3
Elkhorn Fuel.
.
.100 18*3 18
30
30
249 23*3
Fairmont Gas.
50 30
5 42
49*3 49*3
Preferred___
fin
25
18
13,060
10
Houston OH tr ctfs .
100
24*3
63*3 1,697 64
Preferred tr ctfs.
100 63*3 61
GO 24
Mcr & Miners Trans
106
46*3
46
Mt Vernon Mills v t
10
9
17*3 18
Northern Central...
56
27 82
85*3 86
Pa Wat & Power........too
326 63*3
74
73*3 73
Pub Serv Bldg, pref...
10 1 0 1
10 1
10 1
Sapulpa Refining_____
310
2
4
4
4
Preferred......................
20
4*4
4K
4*3
Seaboard Air Line........100
185 12*3
10
25 "
Symington (T II).............. 53
27 35
50
63
Preferred.... ................. 105
284 80
93*3 105
United Ry & Elcc......... 50 24*3 24*3 24*3 1 , 1 0 1
20*3
Wayland OH& Gas......... 5
453
4*3 4*3 4,170
2*3
Bonds—
98
Anacostla & Pot 5s__ 1949
08
53,000 97*3
Atlantic Coast L RR—
90*3 91*3 12,400 82*3
Atlantic C L (Conn)—
03
03
Certificates 5-20 4s. 1925
10,0 00
92*3
96
90
Augusta Ry & E 1st 5s '40
1.000
92
09
99
8,000
Balt Elcc stamped 5s. 1947
90*3
94*3 94*3 3,000 93
Balt Spar l>t P & C 4*3s’53
90
90
1,0 0 0
93
Chicago Ry 1st 6 s ___1927
93*3 93*3 3,000 92
Consol Gas gen 4*3s .. 1954
29,000 85*3
Cons O E L A P 4*38.1935 87*3 87*3 88
91
25,000 80*3
90
Consol Coal ref 5s___ 1950 91
27,000 99*3
102*3 103
Convertible 6s .. ..1923
11,0 0 0
97
100*3 1 0 1
Davison Chemical 6s. 1932 1 0 1
Elkhorn.Fuel 5s........1918 99*3 09*3 99*3 25,000 9253

Atlan Coast L (Conn). 100

Stocks—

Frid ay
Sales
fo r
Last Week’s Range
o f Prices.
Week.
Sale
H ig h . Shares.
P a r. P rice. Low .

H ig h .

Sept 12 2

Nov

Mny
Jan
Jan
Jan
Jan
Mar
May
Apr
Apr
Mar
Jan
May
Oct
Aug
Aug

102*3 Apr
113*3 Nov
115
Mar
100
Nov
7*3 May
7 May
22
Juno
30*3 Oct
51*3 Oct
Nov
25
63*3 Nov
47*3 Nov
Nov
IS
Nov
86
74*3 Oct
1 0 1* 3 Oct
July
4*3 Oct
Oct
5
20

25
Nov 53
Sept 105
Juno 27
May
4*3

Nov
Nov
Mar
Nov

Oct 100*3 Apr
Aug

91*3

Nov
Nov
Juno
Jan
Jan
Juno
Apr
Jan
01
Nov
103
Nov
Jan 1 0 1
Jan 99*3 Nov

Juno
Sept
Jan
Aug
Juno
Aug
Sept
Sept

03
96
99*3
97
97
95
89

Philadelphia Stock Exchange.—Record of transactions
at tho Philadelphia Stock Exchange from Nov. 13 to Nov. 1 9 ,
both inclusive, compiled from the official sales lists:
Stocks—

Sales
Frid ay
fo r
Last Week’s Range
o f Prices.
Week.
Sale.
P a r. Price. Low .
H igh. Shares.

Range since Ja n . 1.
Low .

100
119 121
249 100
American Milling___ ..10
6*3
6*3 6*3
200
5
American Railways.. ..50 33
464 24
31*3 33
Preferred......... — .100 96*3 96*3 96*3
31 94
Baldwin Locomotive. .109
15 30
120*3 120*3
Preferred............... .100 109*3 109 109*3
65 90
Buff & Susq Corp v t c .100 24*3 24
793 11
25
100
278 36
53
53 %
Cambria Iron........... -.50 45
44'
45*3 1,216 41
Cambria Steel........... 50 68*3 67*3 69*3 51,299 41
118 70
Consol Trac of N J__ .100 72
72
72
2,033 47*3
69
Elec Storage Battery. .100 66
66
General Asphalt........ .100 35*3 35*3 36*3 1,110 24
533 60
Preferred ............. . .100 73*3 72*3 73*3
161 21
Insurance Co of N A. ..10 24*3 24*3 24*3
61
59
260 29
J G Brill Co............... 100
97
97
50 88
Preferred............... .100 97
547 13
13*3 15
Keystone Telephone. ..50 15
66*3
246 61
Preferred________ ..50 66*3 65
9
Lake Superior Corp.. .100
10*3 1,839
9*3
5
Lehigh Navigation__ ..50 78*3 77*3 78*3
568 71*3
..50
80*3 82*3
840 65
18
19*3 1,730 13*3
Lehigh Val Transit__ ..50 19
Preferred________ ..60 38*3 37*3 39*3 1,358 26*3
Mlnehlll & S II......... ..50 ___
56*3 56*3
20 54*3
91
North Pennsylvania.. ..50 92
189 90
92
50 100*3 100 101 *3
301 80
Penn Salt Mfg.........
Pennsylvania_______ ..50 69*3 5.9*3 60*3 3,132 51*3
2
2
500
.2*3
1*3
669 49*3
82
Pennsyl 8tecl, pref— .100
85*3
185 29*3
Philadelphia Co (Pitta) .60 44
43*3 44
43
380 32
Preferred (cum 6%) ..50 43
43*3
Philadelphia Electric.22*3 28*3 27*3 28*3 10,822 23*3
525
Phils Rapid Transit.. ..50
7
17*3 18
Voting trust rects.. ..60 17*3 17*3 18*3 16,313
7*3

H ig h .

Apr
6*3
Sept 36
Oct 101
Feb 154
Mar 115
May 25
55
May 45*3
Feb 75
July 74
Jan 78*3
Mar 37*3
Mar 74*3
Jan 25*3
72*3
June 9 8 "
Aug 16
Jan 69
Apr 13*3
May 80
82 %

June 19*3
Mar 39*3
July 57*3
Feb 92*3
Mar 108
Feb 61*3
2
May 98
Mar 48*3
Mar 46
Jan 28*3
May 18
May 18*3

Feb
Jan
Jan
Oct
Sept
Nov
Nov
Sept
Apr
Sept
Nov
Nov
Nov
Oct
Apr
Apr
June
Oct
Nov
Nov
May
Feb
Oct
Nov
Oct
Oct
Sept
Nov
Nov
Nov

THE CHRONICLE

1706
Friday
Sales
Last Week's Range
fo r
Sale
o f Prices.
Week.
P rice. Low .
H ig h . Shares.

Stocks— (Con.)
Tono-Belmont Devel___ 1
Tonopah Mining_______ 1

44 %
88%

85

£
CO

8SM
106

59
93
97

97
100 'A
100)4
100
98)4

97
101
101
100
98)4

88
87)4
96)4
105
119
82)4
82
100)4
59
93
94 )*
27)4

88)4
88)4
96)4
106)4
119
83
82
100)4
59
93
97
29

66
42
136
43
43

92

1,000
5,000

102)4 Oct
Oct
101
ioi)4 Oct
109
Aug
98)4 Nov

Feb
Feb
Feb
Feb
Feb
Jan
Jan
Jan
Mar
Aug
Aug
July
Sept
July
July
Jan
Aug

88)4
88)4
96)4
107
119
83
. 82
100)4
60
93
97
45

97
Jan 101

96
97)4

Aug
Nov
Nov
Oct
Nov
Nov
Nov
Nov
Apr
Nov
Nov
Jan
Nov

Nov
86)4 Aug 92
97
Feb 100)4 Nov

31,000
90)4 92
100)4 100)4 7,000

100)4

July 79)4 Jan
May 85)4 Nov
July
5)4 Mar
July
7)4
Nov
May 45
Jan 89)4 Nov
Feb 88)4 Nov
Jan 115)4 Oct
July 11)4 Aug
Jan
Aug 50
Jan 67
Oct
Sept
Jan 91
9
Nov
July
Nov
July 34

95
95
95
90
80

$9,000 85
1,600 85
1,000 94)4
42,000 100 'A
5,000 116
19,000 73
700 73
3,000 91)4
18,000 57
5,000 86)4
8,000 90
4,000 25)4

97
97
100)4 101

101

H igh.

Low .

274 70
79
79 H
1,708 70
81 14 83)4
3Yi
4% 11,358
3)4
4,114
5
5%
0% ,
44 <4 45' " 3,851 30
87
89)4 4,089 80)4
27,712 38
SO'A 88
3 103
115 a 115)4
1 0 X 10 % . 285
9)4
48 a 48)4
227 47
67
67
25 58
111) 18)4
80
85
9
9
185
6
34
33
355

48 H
Wm Cramp & Sons___ 100
York Railways_______ 50
Preferred__________ 50
Scrip—Cambria Steel scrip, _1916
do
______ Feb 1917
do
______ May 1917
Phlla Co scrip______ 1916
do
................,.1918
Bonds—
Am Gas & Elec 5s___ 2007
do small______ 2007
Am Railways coll tr 5s 1917
Baldwin Locom 1st 5s 1940
Beth Steel 6s reg____ 1998
Elec & Peop tr ctfs 4s. 1945
do small______ 1945
Harwood Electric 6s,. 1942
Inter-State Rys coll 4s 1943
James F & Clear 1st 4s '59
Keystone Telep 1st 5s 1935
Lake Superior Corp 5s 1924
Lehigh Coal & Nav—
Funding & Impt 4s. 1948
Consol 4)$s............ 1954
Lehigh Valley—
Gen consol 4s_____ 2003
Gen consol 4!^s___ 2003
Pennsylvania RR—
Consol ‘iy 2s ............ 1960
General 4 )is_____ 1965
P W & B ctfs 4s___ 1921
Peoples Pass tr ctfs 4s 1943
Philadelphia Co—
1st 5s___________ 1949
Cons & coll tr 5s__ 1951
Phil Elec tr ctfs 5s___ 1948
do small______ 1948
Trust certfs 4s____ 1950
do small........ ..1950
Phlla & Reading lmpt 4s’47
Reading gen 4s_____ 1997
J-C collat 4s______ 1951
United Rys gold tr ctf 4s’49
United Rys Invest 5s. 1926
West N Y & Pa gen 4s 1943

Range since Ja n . 1.

106\ i
101

105)4
100)4
98)4
82

106)4 213,000 102)4 Aug 106)4 Nov
Nov
101 251,000 97 May 101
Jan 98)4 Juno
98)4 5,000 97
Jan
82
2,000 76)4 Oct 83

100J i

100)4
88
103)4
102)4
81)4
81)4
97)4
95
94)4
74
74
78 H

100)4
89
103)4
103
82
82
97)4
95)4
95
74
75
81

10 3)4

82

95
74
81

Nov
1,000 95
Mar 101
Mar 89
Nov
35,000 70
4,000 100)4 Jan 103 'A Nov
15,000 101
Jan 103)4 Nov
Nov
17,000 77)4 Jan 82
2,700 79
Jan 84)4 Nov
13,000 94)4 Aug 97)4 Nov
38,000 91
Aug 95)4 Nov
Nov
9,000 90)4 Jan 95
6,000 72)4 Aug 74)4 Apr
14,000 55
Mar 75
Oct
Nov
10,000 74)4 Oct 81

V o lu m e o f B u s in e s s a t S to c k E x c h a n g e s
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
DAILY, WEEKLY AND YEARLY.
Stocks.
Week ending
N ov. 19 1915.

Shares.

Saturday__
Monday___
Tuesday__
Wednesday.
Thursday ..
Friday........

P a r Value.

330,705 $27,175,900
800,222 69,624,250
976,636 69,423,475
1,054,198 78,626,125
787,185 63,902,750
570,884 47,505,700

Total....................

R ailroad,
& c ..
Bonds.

55,879,500
5.565.500
5.895.500
5.234.000
5.297.000
4.431.000

510,000

4,519,830 5356,258,200 532.302,500 51,069,000

510,500

1915.

1914.

4,519,830
Stocks—No. shares__
Par value............... $356,258,200
Bank shares, par........
$6,600
B onds.

Government bonds__
State, mun.,&c..bonds
RR. & mlsc. bonds__
Total bonds...........

V . S.
Bonds.

588.000
363.000
142.000
250,500
68,500
157.000

Week ending N ov. 19.

Sales at
N ew York Stock
Exchange.

State, M a n .
& Foreign
Bonds.

STOCK
EXCH’GE
$10,500 CLOSED.
1,069,000
32,302,500

$33,382,000

’ ” 500

J a n . 1 to N ov. 19.

1915.

1914.

156,011,574
45,990,575
$13,390,082,845 $4,023,321,369
$207,000
$265,800
$902,000
23,430,500
779,047,200

$655,100
32,659,500
391,771,500

$803,379,700

$425,086,100

DAILY TRANSACTIONS AT THE BOSTON, PHILADELPHIA AND
BALTIMORE EXCHANGES.
Boston.
N o v. 19 1915.

Shares.

Bond Sales.

Ph iladelph ia.
Shares.

Bond Sales.

Baltim ore.
Shares.

Bond Sales.

Saturday.............
Monday________
Tuesday.... ..........
Wednesday..........
Thursday ...........
Friday_________

41,134
80,335
87,033
115,199
67,183
72,349

$15,600
27,200
50,000
18,500
23,100
34,600

32,168
25,910
26,126
28,472
36,885
15,870

$41,000
122,205
282,725
203,512
64,288
93,800

1,578
1,819
1,182
4.147
8,339
10,124

333,800
75,400
112,500
102,400
71,600
23,000

Total........... .

463,233

$169,000

165,431

$807,530

27,189

$418,700

»

I n a c tiv e a n d U n lis te d S e c u r itie s
All bond prices are “ and Interest” except where marked “ f.'
Standard Oil Stocks

Pe r Share
Par
Par B id . A sk. Pierce Oil Corp_______ ..25

17i.,
*17
Atlantic Refining_____ 100 z645 655
Borrre-Scrymser Co____ 100 280 290
Buckeye Pipe Line Co__ .50 *118 121
Chesebrough Mfg Cons. 100 720 740
Colonial Oil.................... 100 170 180
Continental Oil.......... 100 270 280
Crescent Pipe Line C o ... .50 *x84 52
Cumberland Plpo Lino.. 100 63 66
Eureka Pipe Lino Co___ 100 262 205
Galena-Signal Oil com. . 100 161 104
Preferred......... ......... 100 135 140
Illinois Pipe Line______ 100 161 164
Indiana Pipe Line Co__ .50 ♦111 114
Internat Petroleum____ .£1 *1212 124i
National Transit Co___ .25 *38 38
Now York Transit Co__ 100 233 238
Northern Plpo Line C o.. 100 111 113
Ohio Oil Co.................... .25 *167 170
Penn-Mex Fuel Co_____ .25 *61
04




Per share.
B id . Ask

*16
100 433
Prairie Pipe Line_____ 100 214
Solar Refining............. 100 300
Southern Pipe Line Co. 100 237
South Penn OH________ 100 368
Southwest Pa Pipe Lines 100 125
Standard Oil (California) 100 312
Standard Oil (Indiana). 100 483
Standard Oil (Kansas).. 100 445
Standard Oil of KentuckylOO 345
Standard Oil of NebraskalOO z350
Standard Oil of Now Jer. 100 z497
Standard Oil of Now Y’rklOO 219
Standard OH of Ohio___ 100 530
Swan & Finch................. 100 125
Union Tank Lino Co___ 100 90
Vacuum OH__________ 100 227
Washington Oil............ .10 *45
Bonds.
Pierce Oil Corp conv 6s. 1924 85

16ij

217
310
242
372
135
345
487
455
355
360
500
222
540
135
92
230
49
87

[Vol. 101

Tobacco Stocks— Per Sha re.

Railroads—
B id . At*
As*. West Pac 1st 5s 1933__ M-S f 37 40
115
98 100
Street Railways— Pai
85 95 Com’w’lth Pow Ry & L. .10 1
55 58
*13 14
Preferred.................. . 1 0 1 82 84
*1312 141? Federal Light & Traction 10C
9 11
350 400
Preferred............... . , 10 ( 45 50
120 140
24
Republic Ry & Light__ -lor 22
140 150
Preferred__________ .10 1
72 74
98 10 0 Tennessee Ry L & P com 101 1 U. 12 12
190 200
Preferred__________ _ 10 ( 46 47
440 460 United Lt & Rys com.. _ 10 ( 42 46
118 12 0
73 75
1 st preferred............. _10 (
34 36 Wash Ry & El Co........ . 10 ( 2:8114 83
100 103
Preferred................. .10 0 Z813 821?
1 11 ) 125
4s 1951..................... j- r
80*4 81
155 170
105 109
Elcc. Gas & Power Cos—
Am Gas & Elcc com___ ..5( * 12 2 125
Ordnance Stocks— Per S ihare.
Preferred........... ....... -_5( *49 51
Aetna Explosives com__ 100 140 150 Am Lt & Trac common. _10 ( 368 373
Preferred....................100 8912 92
Preferred................. -lot 109 1 1 1
Amer & British Mfg___ 100 30 40 Amer Power & Lt com.. _10 ( 62 64
Preferred___________ 100 50 90
80 81l2
Preferred__________ .10 1
Atlas Powder common.. 100 260 270 Amer Public Utilities coml()( 34 37
Preferred___________ 100 95 99
Preferred__________ _10 ( 67 70
Babcock & Wilcox.........100 130 140 Cities Servlco Co com.. - 10 ( 88 90
Preferred_____ ____ . 100 76 78
Bliss (E W) Co common..50 *345 365
50 *72 80 Consumers Power (Mlnu)
Preferred.................
1st & ref 5s 1929__ M&N 93l2 96
Canada Fdys & ForglngslOO 175 185
Canadian Car & Fdry__ 100 90 93 Elec Bond & Share prof- .10 0 100
Preferred.....................100 1 1 0 117 Great West Pow 5s 1916.J&J 82 83
Canadian Explosives cornlOO 380 415 Indiana Lighting Co__ .1 0 0 45
Preferred...............
100 101 ) 1 1 0
4s 1958 optional___ F-A 69 71
Carbon Steel common__ 100 88 98 North’n States Pow com .lot 37 39
Preferred__________ 10 c 90 92
1st preferred________ 100 83 93
2d preferred................100 60 73 Pacific Gas & Elec com. .106 54 55
8712 89
1 st preferred_______ Kit
Colt’s Patent Fire Arms
M fg ............................ 100 850 875
2 d prof (old pref)__ 106 89
91
Drlggs-Seabury Ord CorplOO 145 150 South Calif Edison com . 10(1 76 79
Preferred____ _____ tot 93 96
duPont (E I) de Nemours
Powder com (new)__ 100 429 430 Southwestern Power pref__ 9712100
Preferred.................... 100 100 104 Standard Gas & El (Del) 50 *8
812
Electric Boat................. 100 390 400
Preferred................. 5(1 *30 31
Preferred_____ ______ 100 39) 400 United Gas & Elcc Corp lOt 17 20
58 60
1 st preferred............. .lot
Hercules Powder com__ 100 415 425
2 d preferred_______ lot
18 2 1
Preferred................... .100 Z112 116
Hopkins & Allen Arms.. 100 62 66 Utah Securities Corp__ .106 2 1
22
6 % notes—See Short-Term Notes
Preferred............
100 92 98
Lake Torpedo Boat com.. 10 *16 17 Western Power common .10 0 16 18
Preferred................. .10 0 50 52
Midvale Steel* Ordnance .. *81 82
Niles-Bement-Pond com. 100 180 190
Industrial
Preferred...... ...............100 100 104
and Miscellaneous
Savage Arms__________ 100 350 400
Scovlll M fg ............... ..100 400 425 Adams Exp col tr g 4s’47 -D 775 76l2
*39 10 Alliance Realty........... 100 75 85
Submarine Boat______
_
Winchester Repeat Arms i 0 0 2500 2650 Amer Bank Note com.. 50 *17
Preferred__________ 50 *50 52
Short Term Notes. P e r 1■ 'em.
Amer Locom 5s July 1916 J-J 10034 IOU4 American Brass............ 100 258 262
5s. July 1917...............J-J IOOI2 IOII4 American Chlclo com . . 100 78 83
Preferred__________ 100 81 87
Am T & T Sub Cos 5s.. 1916 10()34101
Anaconda Copper 5s T 7 M-S 1 0 1 1 4 1 0 1 1 2 Am Graphophono com. 100 125 128
Preferred................ 100 126 130
Balt & Ohio 4Hs 1917.J&D 10<)3S1005s
J&D 1 0 0 ‘s 10 0 ’s American Hardwaro__ 100 123 127
4)*s, 1918........
Canadian Pac 6s 1924.M&S2 1 0 2 /s 103l8 American Surety_____ 50 120 123
Ches & Ohio 5s 1919...J -D 987s 9918 Amer Typefounders com 100 38 42
Preferred__________ 100 90 95
Chic Elev Ry 5s 1916___ J-J 911.1 95
Chlc& West Ind 5s T7.M&S 997n 10 0 ’s Bond & Mtgo Guar___ 100 275 285
Consum Pow 6s 1917..MAN 99 100 Borden’s Cond Milk com.100 114 116
Preferred........... ....... 100 105 107
Erie RR 5s, April 1916. A&O 100*8 10078
5Hs April 1 1917___ A-O 1 0 1 1 2 1 0 1 78 Braden Copper Mines.. -.5 *1584 16
General Rubber 5s 1918 J&D 10 ()12 10034 Casualty Co of America 100 135
Hocking Valley 5s 1917.M-N 10 0 7s tOl'i Celluloid Company___ 100 160 170
Int Harv 5s Feb 15 ’ 18.F-A IOU4 10184 Chill Copper................. .25 *25ti 2558
Lackawanna Steel 6s’ 17 M-S 10 1 IOU2 City Investing Co........ 100 14 20
Preferred.................. 100 70 80
Lake Sh & M So 5s.Dec 1915 100 10 0 U
Minn Gen El 6s 1917...J&D 1 0 1 IOH2 Cramp Ship & E Bldg.. 100 83 85
New Eng Nav 6s 1917.M-N 993s 99*8 Emerson-Brantlnghara . 100 16 19
Preferred.... .............. 100 50 52
N Y N II & H 5s. May 1 1916 100*8 10 0 's
Pub Ser Corp N J 5s T6 M&S 1003g 100*4 Goldfield Consol Mines. . 1 0 •U4 18*
1
Schwarz & Sulzb 6s '16.. J-D 10078 10 1 '3 Havana Tobacco Co__ 100
3
Preferred___________ 100
4
7
Seaboard A L 5s 1916__ M-S 100*8 10034
1st g 5s June 1 1922.. J-D /52 58
Southern Ry 5s 1916__ F-A 1001,1 10012
5s Mar 2 1917____ M-S2 10014 I0012 Intercontincn Rub com.. 100 1212 13X2
Sulz&SonsCo6sJ’ne 1 ’ 16M-S 1007s ii)n8 Internat Banking ( 0 ___ 100 160 165
UnTypew 5s Janl5’16 J-J15 9834 100 Internat Merc Marino... 100 207s 21'a
United Frult6sMay 1T7M-N 102 10214
Preferred................... 100 69 69*s
Gold notes 5s 1918..M-N HMDs 101 International Motor___ 100 35 38
Utah Co 6s 1917............A-O 1003.| 101<2
Preferred___________ 100 55 65
UtahSecurCorp 6s ’22 M-S15 91 9212 International Salt-------- 100 35 40
68
1st g 5s 1951........... A-O /e i
New York City Notes—
6s Sept 1916_____
1021.1 10212 International Sliver pref 100 98 102
1st 6s 1948.............. J-D 1081* 1091j
6s Sept 1 1917..............” 1” 103l2 10358
Deb 6s 1933............... .J-J
Canadian Govt. Notes—
5s Aug 1 1916............... F&A 1003s 100*8 Kelly-Springflehl Tiro.. 100 300 305
1st preferred......... . 100 96 97
5s Aug 1 1917................F&A 100's 100*8
New stock when lss.
“er Cl. Basis
76 77
B id . A sk.
RR. Equipments—
*55 5514
4.45 4.35 Lanston Monotype....... 100 75 80
Baltimore & Ohio 4)$s..
Buff Roch & Pittsburgh 4)4s 4.50 4.30 La Rose Consol Mines. ..5
34
68
4.50 4.30 Lawyers’ Mortgage Co.. 100 177 182
Equipment 4s_______
4.60 4.50 Lehigh Valley Coal Sales.50 ♦78 82
Canadian Pacific 4)$s.._
5.00 4.75 Marconi Wireless of Amer.5 •4
Caro Cllnchf & Ohio 5s___
4ls
Central of Georgia 5s______ 5.00 4.60 Mortgage Bono Co....... 100 111 119
5.00 4.60 National Surety............. 100 181 189
Equipment 4)Ss.............
6
Chicago & Alton 4s______
N Y Mtge & Security... 100 98 103
6.00 5.00 N Y Title Insurance Co. 100 35 45
Chicago * Eastern 111 5s__
6.00 5.00 Nlplsslng Mines........... ..5 *078 7la
Equipment 4)$s.............
5.00 4.60 Otis Elevator com......... 100 70 72
Chic Ind & Loulsv 4J$s___
4.50 4.30
Chic St L & N O 5s.............
Preferred.................... 100 92 94
Chicago* N W4H-s........... 4.45 4.25 Realty Assoc (Brooklyn). 100 91 99
7.00 5.50 Remington Typewriter—
Chicago R I & Pac 4>$s._
Common----------------- 100 1612 1712
Colorado & Southern 5s___ 5.00 4.75
1st preferred------------ 100 62 64
Erie 5s____ ____ _____
4.80, 4.00
2d preferred........... too 36 39
4.80 4.60
Equipment 4Ks_____
Equipment 4s_______
4.80 4.60 Rlker & IIege’n(Corp for stk) ♦512 57a
Hocking Valley 4s_____
4.70 4.50 Royal Baking Powd com. 100 140 150
Preferred................ . 100 101 102
Equipment 5s_______
4.70 4.50
4.50 4.35 Safety Car Heat & Light. 100 123 126
Illinois Central 5s_____
4M8...........................
4.50 4.35 Singer Mfg Co............... 100 212 215
Kanawha & Michigan 4H s.. 4.65 4.45 Standard Coupler com.. 100 25 35
Preferred.................. 100 100
4.40 4.25
Louisville & Nashville 5s__
Minn St P & S S M 4)$s___ 4.50 4.30 Sterling Gum................ ..5 *2*8 35S
Missouri Kansas & Texas 5s. 6.00 5.25 Texas * Pacific Coal___ 100 130 160
7.00 5.00 Tonopah Extension Min. -.1 *3
31.8
Mlssourl Pacific 5s_____
6 I4
4.90 4.70 Triangle Film............. . ..5 •6
Mobile & Ohio 5s______
*13.1 1?8
4.90 4.70
Equipment 4H s.........
New York Central Lines 5s.. 4.60 4.50 U 8 Casualty................. 100 190 210
4.011 4.50 U S Envelope com_____ Kill 125 135
Equipment 4Ms_______
4.75 4.65
Preferred........... ........ 100 101 1061?
N Y Ontario & West 4 ^ s ..
Norfolk & Western 4)$s___ 4.40 4.20 U S Finishing_________ 100 10 15
4.20
Preferred...............
--- 100 30 38
4.40
Equipment 4s......... .......
1st g 5s 1919--------- -J-J 90
4 30 4.15
Pennsylvania RR 4)4s___
4.30 4.15
Cons g 5s 1929-------- .J-J 68 74
Equipment 4s.................
5.75 5.00 US Title Gu& Indent.. 100 35 45
St Louis Iron Mt & Sou 5s.
7.00, 5.00 Westchester & Bronx Title
St Louis & San Francisco 5s
& Mortgage Guar....... too 165 180
4.SO 4.60
Seaboard Air Line 5s_____
4.81)1 4.60 Worthington (II It) ComEquipment 4Hs_______
pany pref----------------- 100 95 100
4.45 4.30
Southern Pacific Co 4)$s__
3U
Southern Railway 4)$s____ 4.70 4.50 Yukon Gold__________ -.5 *3
Toledo & Ohio Central 4s... 4.70 4.50
1
Par B id .
110

American Cigar common 100
Preferred___________ 100
Amer Machine & Fdry..l00
Brltish-Amcr Tobac ord..£l
Ordinary, bearer_____ £1
Conley Foil............
100
Johnson Tin Foil & Met. 100
MacAndrews & Forbes..100
Preferred_____ ______ 100!
Porto Hican-Amer Tob..l00
Reynolds (R J) Tobacco. 100;
Preferred___________ 100,
Tobacco Products com.. 100
United Cigar Stores com. 100
Preferred___________ 100
Young (J S) Co..............100
Preferred___________ 100

•Per share. 6 Basis, d Purchaser also pays accrued dividend.
/Flat price, n Nominal. * Ex-divldend. V Ex-rlghts.

t Now stock.

1707

THE CHRONICLE

Ncrv. 20 1915.1

!*urcstwmtt iratl |lailfo;uX |ixlclligciicc,
R

A

I L

R

O

A

D

G

R

O

S S

E A R N I N G S .

M’lio fnllnwimr table shows the gross earnings of every STEAM railroad from which regular weekly or monthly returns
non bn obtained " The first two columns of figures give the gross earnings for the latest week or month, and the last two
K eirnines 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 retu rn s o f the electric ra ilw a y s are brought together sep a ra tely on a s ubsequent p a g e.
L a test G ross E a r n in g s .
RO A D S.

W eek or
M o n th .

C u rr e n t
Y ear.

P re v io u s
Y ear.

C u rr e n t
Y ear.

P re v io u s
Y ear.

S
$
Ala N O & Tox Pac377,372 287,705 1,255,998 1,230,117
N O & Nor East. October —
550,896
537,669
140,403
150,341
Ala & Vicksburg. October —
527,704
532,826
153,629 127,677
Vicks Shrov & Pac October . . .
897,654
877,375
43,966
55,228
Ann Arbor________ 1st wk Nov
30,415,023
32,122,012
10639292
10795293
AtchTop&SantaFe. September
713,900
715,750
265,670 209,494
Atlanta Birm & Atl September
306,085
309,739
99.262
111,686
Atlanta & West P t. September
6.938,463
6.554,354
2,186.558
2,359,794
Atlantic Coast Line September
425,234
384,886
148,124 136,150
Chariest & W Car September
390,191
373,301
135,553 134,646
Lou Hend & St L September
27,637,429 25,629,396
allaltlmoro & Ohio. September 9,617,819 8,782,332
437,443
405,075
142,310 151,412
B & O C h Ter Hit September
731,148
763,642
268,353 288,452
Bangor & Aroostook September
3,448,975
Bossomer & L Erie. September 1,164,660 1,179,904 3,699.392
208,600
252,221
77.525
71.129
Birmingham South. September
Boston & Maine— September 4,329,998 4.298,351 12,734,258 12,941,328
Buff Roch & Plttsb. 2d wk Nov 258,255 174,953 4,534,826 4,057,894
381,663
379,943
142,329 122,142
Buffalo & Susn UK. September
Canadian Northern. 2d wk Nov 820,800 533,700 9,719,400 8,709,700
Canadian P acific.. 2d wk Nov 3,035,000 1,878,000 46,330,992 40,091,876
Central o f Georgia. September 1,093,760 975,442 2,981,584 3,173,317
Cent of Now Jersey September 2,939,386 2,935,246 8,700,316 8,538,240
924,604
376,270 332,735 1.098.622
Cent New England. September
359,172 351,296 1,020,984 1.049,353
Central Vermont . . September
Ches & Ohio Lines. 2d wk Nov 861,807 706,890 17,114,108 15,020.341
Chicago & A lto n ... 1st wk Nov 325,997 270,248 5.757.622 5,470.917
Chic Burl & Quincy September 8,906,988 8,579,305 24.428,638 25,183,260
b Chicago & East 111 September 1,449,766 1,277,667 3,975,490 3.978.632
c Chic Great W est.. 1st wk Nov 289,980 268,282 5,189,492 5.313.632
Chic Ind & Louisv. 2d wk Nov 146,892 114,606 2,868,188 2,677,505
Chic Milw & St I’ l September 9,261,439 9,240,208 25,765.897 25,254,395

July 1 to L a test D a te .

L a test G ross E a r n in g s .

July 1 to L a test D a te .
RO A D S.

W eek or
M o n th .

C u rr e n t
Y ear.

P re v io u s
Y ear.

C u rr e n t
Y ear.

P re v io u s
Y ear.

S
S
429,122
432,731
143,041 132,294
New Orl Great Nor September
491,987
436,955
149,630
154,151
N O Mobile & Chic. September
N Y N II & Ila rtf-. September 6,313.161 5,802,378 18,824,874 17,314.921
727,510 821,968 2,601,113 2,815,260
N Y Ont & Western September
928,705
991,795
356,255 324,001
N Y Susq & W est.. September
350,826’ 306,922 1,028,736 1,001.121
Norfolk Southern.. September
Norfolk & Western. September 4,789,627 4,102,751 13,986,464 11,849,054
Northern Pacific__ September 6,768,189 6,733.845 18,194,302 18,601,840
416,063 369,457 1,335,397 1.202.701
Northwestern P a c .. September
669,008! 671,598 1,987,798 1,910,860
Pacific Coast C o . . . September
^Pennsylvania R R . September 18151580 16768404 52,581,990 49,838,197
473,518
410.623
103,415 131,994
Balt Ches & A t l.. September
795.731
821.030
299,6791 272,995
Cumberland Vail. September
Long Island_____September 1.320,142 1,299,929 4.345.947 4,325,012
331.379
308,671
97,700
88,315
M aryl'd Del & Va September
1,207.431- 1.106.702
344,737 300,960. ----------N Y Pliila & Norf September
5,570.034
Phil Balt & Wash September 1,924,605 1.812,969 5.750,218 2,506,281
741,177 664,678! 2,654,703
W Jersey & Seasb September
Pennsylvania C o __ September 6,333,729 5,271,507 17.753,424 15,966,067
500.361 521,315 1,459,087 1,571,034
Grand Rap & Ind September
Pitts C C & St L . September 3,888,717 3,719,088 11,026,647 10.780,557
V andalia_______ September 1.058.310 1,030.635 2,960.173 2,992.073
Total lines—
East Pitts & Erie September 23543479 21911359 69.S12.966 66,734.437
West Pitts & Erie September 11927130 10685636 33,624,555 31.731,007
All East & West. September 35470609 32596995 103437 521 98,465,446
Pore Marquette__ September 1,753,585 1,743,780 4,935,607 4,747.397
Heading C o—
Phlla & Reading. September 4,461.726 4,291,141 12,775,177 12,242,337
Coal & Iron C o .. Soptembor 2,125,237 2,797,331 5,916,450 7,097,676
Total both cos__ September 6,586,963 7,088,472 18,691,627 19,340.012
683,813
684,042
219.160 218,213
Rich Fred & Potom September
97,776
161,732
176,281
85,174
Rio Grande Junc’n . August —
21,572
216,893
213,865
14,741
Rio Grande South. . 1st wk Nov
Rock Island L ines.. September 6,573,569 6,881.092! 18,625,918 19,584,880
985,160
968,226
344,204 336,039,
Rutland__________ September
387,635
477,398
141,983 141,119:
St Jos & Grand Isl. September
713,949
636.393
289,564 210,201!
St L Brownsv & M_ September
St L Iron Mtn & So September 2,515.293 2,570,190 7,555,860. 8.040,720
St Louis & San Fran September 3.899,922 3,675.369 11,203,230 11.336,308
St Louis Southwest. 2d wk Nov 274,000 247,000 4,530.955 4,255,470
830.469 785,956 2,872,124 2,434,756
San I’ ed L A & S L . September
5,099,035
Seaboard Air L in e.. September 1.694.974 1,575,036 4,899,205 35,246,076
11940999 39.452.778
Southern Pacific__ September 13281718 1,222,109
23,518,227123,656,973
1,402,620
Southern R ailw ay.. 1st wk Nov
4,139,431
M obilo& Ohio__ 1st wk Nov 238,598 187,769 4.020,555
Gin N O & Tox P. 1st wk Nov 202,595 178,867 3,456,072 3,434,948
1,714.701
1,786,133
81,562
Ala Groat South . 1st wk Nov 105.071
843,390
810,299
42,801
45,906
Goorgia Sou & Fla 1st \vk
. Nov
466,787 480.338 1,359,527 1,412,278
Spok Port & Seattle September
28,796
28,287
1,127
1,677
Tenn Ala & Georgia; 1st wk Nov
424,829
410,666
148,578 130,051
Tennessee Central. September
" '
6,955,877
7,082,381
434,611
466,68
2d
wk
Nov
Texas & Pacific____
450.561
435,451
41,387
47,096
Toledo Peo & West 4th wk Oct
89,436 1,861,593 1,684,524
Toledo St L & Wost 1st wk Nov 113,093
280,257
189,704
61,247
77,827
September
Trinity & Brazos V .
Union Pacific Syst. September 9,152,464 9,162,999 25,445,393 25.190,263
1,639,328
1.856.803
597,213
626,544
September
Virginian_________
515,649
475,284
176,356 168,271
Virginia & So W est. September
September 2,875,796 2,647,733 8,111,535 8,089,816
Wabash
3,228.265
3.988.803
151,508
195,289
2d
wk
Nov
Western Maryland.
319,986
302,357
114,524 109,007
Wostern Uy of Ala. September
749,501 569,727 1,979,098 1,617.362
Wheel & Lake Erie. September
63.041
61,056
30,693
25.178
September
Wrightsvillo& Tenn .
1,330,596 1,106,748 4,327,805 3,763,598
Yazoo & Miss V ail. October.

dChlc5?North West September 8,406,434 8,098,316 23,533,842 23,839.210
474,288
Chic Peoria & St L . September
161,384 159.791
432,607
dOhic St P M & Om September 1 ,7 3 4 ,4 6 8 1,721,577 4,666,.>42 5,010,890
595,378
Oiiic Terro 11 & S E September
192,000 206,434
533,124
Cin Ham & Dayton September 1,058,631 939,903 2.973,469 2.856,096
542,178
Colorado Midland. September
165,735 205.467
924.833
e Colorado & South. 1st wk Nov
325,665 327,278 o , 446,424 5.264.394
35,015
7,808
10,041
29,246
Cornwall_________ September
88,733
Cornwall & Lebanon September
35,994
26.944
lll,2 9 o
Cuba R ailroad___ Soptembor
411,923
314,676 1,248,647 I, 010,707
Delaware & Hudson Soptembor 2,072,983 2,068,596 6,248,43.) 6,169,416
Dol Lack & Western Soptembor 4,048,748 3,857,126 11.194.582 11,324,747
Donv & Rio Grande 2d wk Nov 513,100 439,200 10,259,94.) 9,580,746
Western P acific.. September
680,626 596,988 2,105,66.) 1,712,031
693,712
Denver & Salt Lake 1st wk Nov
47,000
38.129
TZo’S!,'.!
533,065
Dotroit Tol & Iront September
191.701 199,823
488.933
442,536
Dotrolt & Mackinac 2d wk Nov
23,513
19,lo2
417,71336,705
Dot & Tol Shore L . September
115,185 129,572
330,509
Dul& Iron R an ge.. September
843,459 583,632 2,623.847 2,081,585
Duluth So Sh & Atl 1st wk Nov
53,363
47,052 1,289,170 1,158,101
335,855
Duluth Winn & Pac September
104.470 104.211
327,548
Elgin Joliet & East. September 1.030,971 863,643 2,906.904 2,495.503
El Paso & Sou West September
820,519 574,102 2,383,289 2.019,172
Erie
_ _
.Septem ber 6,253.660 5,506,358 17,872,560 16,414,706
905,565
Florida East Coast. September
326,658 314,405 1,034,898
258.111
Fonda Johns & Glov September
79,929
77,677
246.150
747,734
Georgia R ailroad.. September
278,947 241,082
703,912
Grand Trunk Pac 11 4th wk Oct 332,343 140,666 1,857,219 1,666,340
Grand Trunk Syst. 2d wk Nov 971,715 860,676 20,314,039 20,421,352
Grand Trunk Ity 4th wk Oct 1,174,822 1,121,753 14,527,429 15,180,302
Grand Trk West. 4th wk Oct 260,469 207,857 2,758,955 2,542,483
928,730
Dot Gr II & Milw 4th wk Oct 103,059
87,126 1,064,095
Great North System October . . 8,872.454 7,789.500 28,755,242 29,627,635
436,132
Gulf & Ship Island. September
153,163 135,686
439,025
Hocking Valley___ September
679,716
750,945 1,872,926 1.913.394
P e r io d .
V a r io u s F i s c a l Y e a r s .
Illinois Central___ O cto b e r... 5,974,663 5,520,342 22,139,915 22,291,246
Intcrnat & Grt Nor Soptembor
871,897 761,256 2,129,646 2,227.540
Sept
913,649 Buffalo & Susquehanna R R ------Jan 1
Kanawha & M ich .. September
303.332 308,767
871,638
Sept
Kansas City South. September
870,730 859,165 2,509,492 2,690.074 Delaware & Hudson-----------------Jan 1
Sept
E r i e . . . ...............- ....................... -Jan 1
268,255
Lehigh- V aliev .___ September 3,943,037 3.915,827 11,456,997 I I ,
Sept
456,697 Now York Contral.j----------------- Jab JLehigh & IIuc'l River September
160,884 160,217
476,376
Sept
Boston
&
Albany-----------------Jan
1
705,037
Lehigh & New Eng. September
283,590 246,431
873,601
Sept
Lake Erie & Western.n------- Jan 1
468,366
Louisiana & A r k ... September
156,967 131,827
4"0.318
Sept
Michigan Central-----------------Jan 1
497,594
Louisiana lty & Nav'September
204,153 155,212
556,143
Sept
Clove
Cine
Chic
&
St
L
ou
is..
Jan
1
fLouisvillo & Nashv 1st wk Nov 1,176.130 971,905 20,140,575 19,629,117
Sept
Cincinnati Northern------------- Jan 1
40,314
Macon & Blrm'ham Soptembor
13,129
13,454
34,192
Sept
Pittsburgh
&
Lake
Erie------IJan
1
3,137.868
Maine Central_____September 1,033,439 1.056,375 3,080,920
Sept
Now York Chicago & St Louis Jan 1
143,075
Maryland & Ponua. September
47,508
54,664
124,516
Sept
Jan 1
Tolodo & Ohio Central
367,742
Midland Valley___ September
139,744
125,692
410,717
Sept
Jan
1
Total
all
lines____________
291,007
Mineral Range
. 1 st wk Nov
20,060
13,085
382,436
Sept
1
M inn & St L ouis.. 1 2d wk Nov
228,981 218.461 4,021,699 4,013,819 N Y Susquehanna & W estern.. Jan
Sept
^Pennsylvania
R a ilr o a d ------- - Jan 1
Iowa C e n tr a l.../
,
Sept
Jan
1
Baltimore
Ohesap
&
Atlantic
Minn St P & 3 S M . 2d wk Nov 881,013 609,037 13,285,710 12,194.980
Sept
Jan 1
Cumberland Valley
160,193
64,447
80,754
132,003
Mississippi Central. August . . .
Sept
Long
Island------------------------Jan
1
12,652,506
695,080
740.076
12,032,044
g M o Kan & Texas. 2d wk Nov
Sept
Maryland
Delaw
&
Virginia..
Jan
1
h Missouri P acific.. 2d wk Nov 1,353,000 1,223,000 23,381.000 23,866,000
Sept
N Y Philadelphia & N orfolk.. Jan 1
2,966.707
1.034,628
909,055
2,922,691
Nashv Chatt & St L September
Sept
Phila
Baltimore
&
Washing'n
Jan
1
182,675
8,702
8,270
179,834
Novada-Oal-Orogon 1st wk Nov
Sept
West Jersey & Seashore------- Jan 1
j Now York Central September 15342592 13883266 43,663,103 40,787,731
Sept
Pennsylvania
C o m p a n y ------------- Jan 1
4,441.106
1,483,917
1,580.438
4,641.485
Boston & Albany. September
Sept
Grand
Rapids
&
Indiana____Jan
1
1,612,391
616,508 537,832 1,681.059
7i Lake Erie & W . September
Sept
Pitts Cine Chic & St Louis----Jan 1
Michigan Central September 3,342,318 3,140,684 9,635.587 9.000,383
Sept
Vandalia____________________Jan
1
9,883,427
3,369,280
3,613,034
10.340,082
Clovo O C & St L September
Sept
Total
lines—
East
Pitts
&
Erie
Jan
1
439,204
155,394 151,582
444,304
Cincinnati North. September
Sept
— Wost Pitts & Erie1Jan 1
Pitts & Lake Erie September 1,899,590 1,359,223 5,378,922 4,380,986
Sept
—
All
Lines
E
&
W
Jan
1
2.816,600
928,828
3,160,355
N Y Chic & St L . September 1,142.481
Aug
Dec
1
Rio
Grande
Junction___________
422,930 617,893 1,244,278 1.479,232
Tol & Ohio Cent. September
Sept
Jan 1
!28115285 25472 503 80.189,175 74.841.058 Rutland__________________
Tot all lines above September
~

C u rr e n t
Y ear.

P re v io u s
Y ear.

30 SI,054,468 SI,057,486
30 17,029,735 16,917,460
30 47,486,599 44,858,22o
30 119216086 113940033
30 12,760,992 12,499,55 c
30 4.447,199 4,297,65“
30 26,193,641 25,262,67*
30 27,382,343 26,467,271
30 1,151,783 1,076,802
30 12,416.866 12,376,56*
30 8,842,061 8,379.503
30 3,316,342 3,535,183
30 215727313 207835231
30 2,994,825 2,914,777
30 140740 994 141624741
974,866
897,380
30
30 2,201,231 2,504,190
30 10,398,947 10,342,863
723,750
687,346
30
30 3,073.681 2,899.765
30 15,466,835 15,388,964
30 5,432,924 5.222,610
30 42,969,646 42.227,681
30 3,925,618 4,109,703
30 29,466,258 29,947,533
30 8,117,171 8.190,388
30 182574697 183412225
30 85,642,533 85,685,432
30 268217230 269097658
661,269
624,507
31
30 2,618,504 2,648,271

AGGREGATES OF GROSS EARNINGS—Weekly and Monthly.

* W eekly S u m m a r ie s .

C u rr e n t
Y ear.

P re v io u s
Y ear.

8
S
4th week Aug (33 roads)------ 16,778,185 17,122,595
1st week Sept (36 roads)------ 12,032,766 12.057,576
2d week Sept (37 roads)----- 13,108,847 13,384,850
3d week Sopt (35 roads)----- 13,332,571 13,349,783
4th week Sopt (37 roads)----- 18,614.775 17,922,564
1st week Oct (37 roads)----- 14,393,591 13,249,948
2d week Oct (32 roads)----- 14,406,155 12,873.769
3d week Oct (32 roads)------ 14,372,120 12,225,873
4th week Oct (36 roads)------ 21,305,141 17,501,687
1st week Nov (36 roads)------ 14,911.501 12,010.570
n Includes Cleveland Lorain oc huouhjik xv,
Dodge and the Wisconsin Minnesota & I acific.

In c r e a s e o r
D e c re a s e .

S
— 344,410
— 24.810
— 276,003
— 17,212
+692,211
+ 1,143,643
+ 1,532,386
+2,146,247
+3,803,454
+2,900.931

ou longer include the Mexican roads in any of our totals.



%

* M o n th ly S u m m a r ie s .
M ile a g e .

2.01
0.20
2.07
0.13
3.86
8.63
11.98
17.49
21.73
24.15

C u r . Y r . P re v . Y r .

January_____________
February___246,186
M a rch ......... 246.848
A p r il______ 247,701
M a y ............. 247.747
June............. 210,219
July..............243,042
August_____ 247,809
September . .245,132
O ctober____ 87,083

C u rr e n t
Y ear.

_______ 243,559
220,282.196
246,959
242,837 210,860,681
243,598 238.157,881
245,170 237.696.378
245.207 244,602,738
235,828 248.849,716
241,796 262.948,115
245,754 279,891.224
243,463 294,241,340
85.976' 83.071.129

P re v io u s
Y ear.

In c r e a s e o r
D e c re a s e .

%

236.880,747
212,163,967
253,352,099
241,090,842
243,367.953
247,535,879
260.624,000
274,618,381
276,458,199
72.264.876

S
-16,598,551
— 1,303,286
— 15,194.218
— 3.394,464
+1.324,786
+ 1,313,837
+ 2,324,115
+ 5.272,843
+ 17,783.141
+ 10,806,253

7.01
0.61
5.99
1.41
0.54
0.53
0.89
1.93
6.43
14.95

1708

THE CHRONICLE

L a t e s t G r o s s E a r n in g s b y W e e k s . — In the table which
follows we sum up separately the earnings for the first week
of November. The table covers 36 roads and shows 2 4 .1 5 %
increase in the aggregate over the same week last year.
F ir s t w eek o f N o v e m b e r .

1915.
S
105,071
55,228
216,07c
806,50C
3,015,G0(
744,601
325,997
289,98C
155,102
202,595
325,665
520,400
47,000
24,670
53,353
45,906

A labam a Great Southern.
Ann A rb or___________
Canadian N orthern______
Canadian P a cific________
Chesapeako & O h io_____
Chicago & A lto n _________
C hicago Great W estern ..
Chicago Ind & L ouisvillo.
Colorado & Southern.
D enver & R io G rande.
D enver & Sait L a k e ..
D etroit & M a c k in a c ..
Georgia Southern & Florida___
Grand Trunk o f Canada______ ’
Grand Trunk W estern___II
D etroit G r Haven & M ilw ..
Canada A tlantic___________
Louisvillo & N ashville________
M ineral R ange_______________
M inneapolis & St L ou is___I I I
Iow a C entral_____________
M issouri Kansas & T exas______
Missouri P a cific________________
M ob ile & O h io_______________I .
N evada-California-O regon_____
R io Grando Southern__________
St Louis Southwestern______
Southern R ailw ay_____________
Tennesseo Alabam a & G eorgia.
Texas & P a cific________________
T oledo St Louis & W estern____
W estern M a rylan d ____________
T otal (36 roa d s)_____
N et increase (2 4.1 5 % ).

1914.

In crea se

D ecrea se.

$
$
81,562
20,50!
43.966
1 1,262
174,95c
41,120
525,80(
280,700
1,908,00( 1,107,000
611,208
133,393
270,246
55,751
268,282
21,698
125,546
29,556
178,867
23,728
327,278
457.900
62,500
38,129
8,871
21,766
2,904
47,052
6,301
42,801
3,105

986,765

906,941

79,824

1,176,130
20,066
210,810

971,905
13,085
209,826

204,225
6,981
984

932,148
639,121
1,317,000
238,598
8,702
14,741
294,000
1,402,620
1,677
426,760
113,093
196,129

637,975
674,326
1,145,000
187,769
8,270
12,572
229,000
1,222,109
1,127
426,365
89,436
151,508

294,173
172,000
50,829
432
2,169
65,000
180,511
550
395
23,657
44,621

14,911,501 12,010,570 2,937.749
2,900,931

$

C u rren t
Y ea r.

E a m i n o s ------P r e v io u s
Y ea r.

—

35,205

36,818

e t E a r n i n g s ------P r e v io u s
C u rren t
Y ea r.
Y ea r.

1,921
68,080

S
7,618
75,456

317,866

321,362

N ew London N orth ern .b —■
July 1 to Sept 3 0 ______
Jan 1 to Sept 3 0 ............
Ulster & D ela w a re.b —

77,175

77,333

245,714
788,647

276,399
779.060

38,192
195,746

36,939
10,569

S
324
13,758

352,547
375,247
133,180
112,082
I N D U S T R IA L C O M P A N IE S .
------- G r o s s E a r n i n q s ------ --------- N e t E a r n i n g s ------C u rren t
Y ea r

P r e v io u s

C u rren t

P r e v io u s
Y e a r ..

Y ea r.
Y ea r.
s
s
s
..O ct
97,522
75,366
60,684
N o v 1 to Oct 31.
983,895
557,891
587,502
ve E lect 111.a_____
354,372
337,399
174.689
Jan 1 to O ct31.
3.549,577 3,471,304 1,808,051
-O ct
411,505
300,212
397,182
Jan 1 to O ct3 1 . —
3,456,982 3.158,519 3,317.451
roit E d is o n .a _____ .O ct
686,321
569,962
261,900
Jan 1 to Oct 3 1 .
6,113,847 5,151,080 2,219,197

S
45,351
252,521
165,619
1,625,327
289,821
3,065,584
202,772
1,725,591

a N et earnings here given are after deducting taxes,
b N ot earnings here given are before deducting taxes.

I n t e r e s t C h a r g e s a n d S u r p lu s .
— I n i . , R e n t a l s , & c . --------- B a t . o f N e t E a r n s .—
C u rren t
P r e v io u s
C u rren t
P re v io u s
Y ea r.
Y ea r.
Y ea r.
Y ear.

R oad s.

Bellefonte C entral______ Oct
Jan 1 to Oct 31______
N ew London N orthern—
July 1 to Sept 3 0 ______
Jan I to Sept 3 0 ______
Ulster & Delaware—
July 1 to Sept 3 0 ______

x

$

8

269
2,690

235
2,350

3,151
8.771

80
11.408

78,682 dof41,518
236,676 d efl25,318

dcf41,743

61,270
66,446
290,771
IN D U S T R IA L C O M P A N IE S .
-O ct
40,833
40,833
356,348
Jan 1
—
408,333
338,333 2,909,117
-O ct
35,433
34,100
139,256
354,312
356,765 1,453,739
.O c t
98,972
79.591
162,928
Jan 1 to Oct 31.
899,604
719,388 1.319,593

263,130

79,710
231,064

248,988
2,727,251
131,519
1,268,561
123,181
1,006,203

N et operating revenue.
Express taxes____________
Operating incom o .




118,894

433,993

408,051

41,189
9
5,000

26,251
2
5,000

155,913
58
15,000

121,861

36,180

21,249

140,855

106,828

N ot operating revenue____
U ncollee. rov. from transpor.
Express taxes_______________

L a tes t G ro ss E a r n in g s .
W eek or
M o n th .

1915.
$
30 7 574
157J21

of

1
1915.

— J u ly

to S e p t.

1 5 .0M

C u rren t
Y ea r.

J u l y ----1914.

318.758
163,167

150.453
5,262

155,591
5,142

155.716
136,820

160,733
142.751

18.895
4,200

17,982
4,000

14,695

13.982

Jan.

P r e v io u s
Y ea r.

l

to

C u rren t
Y ea r.

la tes t

d a te .

P r e v io u s
Y ea r.

$
8
8
American R ys C o___ O ctober___ 465,261 464,220 4,429,242 4,604,112
A tlantic Shoro R y ___ O ctober___
24,486
27.184
330,527
312,150
c Aur Elgin & C h iclty September
168.334 183,355 1,431,020 1.587,105
Bangor R y & Electric September
71,401
69,099
584,206
578,251
Baton R ouge E lec C o September
16,446
14.332
137,027
130.383
B e ltL R y C o rp (N Y O ). J u l y _____
64,541
64,995
442,479
425.931
Berkshire Street R y . September
88.744
87,236
698,780
738,449
Brazilian T rac, L & P September /6494000 /6096940 /57457.110
/55170.088
B rock & Plym St R y . September
12,040
13.080
89.775
95,801
Bklyn R ap Tran Syst J u l y _____ 2624,427 2579.109 15,819,829
15.775,328
Cape Breton E lec Co September
33,639
27,773
253,782
259.304
Chattanooga R y & Lt September
94,588
87,086
785.034
822,928
C lov Palnesv & E ast. September
39.251
39,933
307,096
316,074
Cleve Southw & C o l. September
109,293 113,019
920,132
950,590
Colum bus (Ga) El Co September
61.827
59,676
516.485
494.503
Colum (O) R y , P & L September 266,435 256.125 2,263,701
pC om ’w ’th P R y & L September 1211,588 1175.031 10,405,485 2.263,396
C onnecticut C o _____ September 754,082 704.175 6,125,219 10.295.395
Consum Pow (M ich) September 319,695 275,524 2,753,137 6,108,425
C lim b C o (M o) P & L September 249,418 230,662 1,972,112 2,484,361
1,899,051
Dallas Electric C o ___ September
148,154 173.777 1.313,597 1,641,657
D etroit United Lines September 1196,491 1092,677 9.707.104 9,268.192
D D E B & B at (R ec) July _____
40.508
44,257
278.924
300,976
Duluth-Superior Trac September
95,646 107,996
845.964
975.767
East St Louis & Sub­ September 206,405 216,514 1,786.250
1,985,315
Eastern Texas E le c .. September
68,914
59.970
510.566
504,219
El Paso E lectric C o . . September
78,367
87.041
702,128
772.717
42d St M & St N A vo July _____ 162.751 158.347 1,123,407 1.058,978
G alv-IIous Elec C o . September
163,019 195.260 1,430,498 1.846,892
^Georgia R y & Power September
522,935 523.160 4,693.457 4,664,047
Grand Rapids R y Co September
100.771 108,327
868.295
959.482
Harrisburg Railw ays. O ctob er___
76,356
83,955
777,532
814,243
H avana El R y , L & P September
443,502 443,550 4,108,935 4,013,204
Honolulu R T & Land A u g u s t ___
47.745
49,967
384,465
402,669
H oughton C o T r C o . September
23,389
21,298
203,894
214,332
b Hudson & M a n h a t. September
435.789 435.844 4,059.521
Illinois T r a c t io n ____ September 953,079 925,509 7,991,352 4,140,434
8.009,480
Interboro R ap T ra n . J u l y _____ 2448,788 2511,171 19,611,826 20,027,112
Jacksonville T rac Co September
46.942
53.567
457,363
549,486
Keokuk E lectric____ September
20,301
21.657
171,174
185,687
K ey W est E lectric___ September
9,183
11.411
83,575
100,216
Lake Shoro Elec R y . September
126,284 132,602 1,032,334 1,098,927
Lehigh Valley Transit October _ . 196,650 158,790 1,717,566
1,562,875
Lowist Aug & W aterv September
73,130
67,32b
558.761
520,104
L ong Island E loctric. July
32,437
29,813
145.004
140,092
Loulsville R a ilw a y .. September 251,593 272,245 2,192.296
2,393.880
M ilw El R y & Lt C o . September 490,241 479,857 4.328,917 4,470.381
M ilw L t. l i t & T r Co September
137.752 132.480 1,105.074 1.145.954
N ashville R y & Light September
184.243 196,155 1,577.375 1.677,178
N Y C ity In te rb o ro .. July .........
58,814
57,421
399,696
379.022
N Y & L ong I s la n d .. July .........
44,552
42,386
244,740
225.717
N Y & N orth S h o re .. July _____
16.251
17,450
93,199
94.190
N Y & Queens C o
July _____ 134.381 131,808
789.375
781,471
N ew Y ork R ailw ays. July _____ 1127,093 1134,472 7,715,398 7,820.164
N Y & Stam ford R y . September
37,310
37.175
294,626
300.562
N Y W estches & Bost September
41,653
36.811
349.637
305.042
N ortham pton T ra c’n September
16,859
17,074
133,149
140.658
N or Ohio T rac & L t . September 340.918 311,656 2,829,360
2.728,659
N orth Texas Electric September
142,737 164.778 1.229.065 1,560.940
N orthw Pennsyl R y . A u g u s t ___
36.139
40.508
236.251
241.806
Ocoan E lectric (L I ) . July _____
32,176
34.335
81,903
88.595
Paducah T r & L t C o . September
23,864
23,805
209.867
223,116
Pensacola Electric Co September
22,013
20,510
188,205
206.056
Phila Rapid Transit O c to b e r ... 2219,105 2097.099 19,965,234 19,927.048
Phila & W estern___ September
36,652
42,316
338,990
282.663
P ort(O re)R y.L & P Co September 454,856 483.313 4,120.018 4,753,241
Portland (M e) R R __ September
95,122
102,069
805,901
800,021
Puget Sound T r,L & P September 609,782 683,557 5,574,642
nRepublic R y & L t . . O ctober___ 276,356 251,893 2.611,276 6.335.603
2.500,002
R hodo Island C o ____ September 474.919 467,400 3,754,679 4.084,273
R ichm ond L t & R R J u l y ..........
48,331
47,475
223,861
221,132
St Jos R y L t H & PCo September
105,440 101,596
933.764
958.580
Santiago El Lt & T r . September
39,182
37,953
346.900
344.012
Savannah Electric Co September
64,018
65.202
590.901
633.562
Second Avenue (Rec) J u l y ..........
85,231
89.293
494.547
526,635
Southern B oulevard. J u l y ..........
21,542
21.477
130.609
127.204
Staten Isl M id la n d .. J u l y ..........
48.102
43,641
190.006
179,251
T am pa Electric C o _ . September
78,756
80.755
731.568
726.779
Third A venu e______ J u l y .......... 329,224 341.476 2,220.460 2,304,654
T oron to Streot R y . . Soptombor
489,573 525,254 4,173.872 4,583,860
Twin C ity Rap T ra n . 1st wlc N ov 180,384 174.617 7,976.375 7.902.604
Union R y C o o f N Y C J u l y _____ 272,043 268,515 1,602,935 1.585.956
Virginia lty & P ow er. O ctober___ 473.073 446.705 4,293.546 4,298,627
W ash Balt & A nnap. October __
71,696
684.161
77.937
690,336
W estchestor E lectric. J u l y _____
62,426
334.502
66.109
343,378
W ostchester St R R . . September
25,705
23,397
190.477
195.816
Yonkers R ailroad___ J u l y ..........
65.901
67,350
419,950
412.389
York Railways______ September
63,398
72.186
597.104
589,316
Youngstow n & O h io. Soptombor
27.175
25,963
214.380
204,254
Youngstown & South A u g u s t ___I 17,135
16.490
112.143
119,302
b Represents incom o from all sources,
c These figures are for consoli­
dated com pany. / Earnings now givon in milrels. g Includes constituent
com panies.

E le c tr ic R a ilw a y N e t E a r n in g s . — The following table
railway gross and net

gives the return of E L E C T R IC
earnings reported this week:
R oad s.

■ M o n th

Revenue rom transportation____________
Operations other than transportation_______

132,710

T otal operating rovonues.

------ u r o s s

E X P R E S S C O M P A N IE S .

T otal from transportation_________________
Express privileges— D r _______________________ I I I I I I

397.625
10,425

127,973
4,737

A fter allowing for other incom e received.

C a n a d i a n E x p r e s s C o .—

421,529
12,464

Revenue from transporta’n
Oper. other than transporta.

N am e of
R oad.

Bellefonte C e n tra l.b ____ Oct
Jan 1 to O ct 31______

C o m p a n ie s.

115,069
3,824

1914.
S
251,322
136,352

E L E C T R IC R A I L W A Y A N D T R A C T I O N C O M P A N IE S .

------- N

3,420
11,461

908,240
486,710

30—
1914.
S
852,284
454,658

s
277,418
149,445

1,613

In the following we give all statements that have como in
the present week C9vering a later or a different period from
that to which the issue of the “ Railway Earnings” Section
is devoted. W e also add the roturns of the industrial com­
panies received this week.
----- G r o s s

-S e p te m b e r N o r t h e r n E x p r e s s C o .—
T otal from tr a n s p o r ta tio n ...
Express privileges— D r ..........

Operating in com o. L______

N e t E a r n in g s M o n t h l y to L a t e s t D a t e s .— 7n our “ Rail­
way Earnings ’ Section or Supplement, which accompanies
to-day s issue of the “ Chronicle ’ , we give September figures of
earnings 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 Supple­
ment for fu ll details regarding the September results for all the
separate companies.

R oad s.

[VOL, 101

C u rren t
Y ea r.

t. i a m m g s ------P r e v io u s
Y ea r.

8
24,486
303,527
1,196,491
9,707,104
Harrisburg R y s _________O ct
76.350
Jan 1 to O ct 31______
777.632
H avana El R y Lt & P__Sopt
443.502
Jan 1 to Sopt 30______ 4,108,935
Hudson Valley R y b —
July 1 to Sopt 30______
220,292
Jan 1 to Sopt 30............
579,639
N ortham pton T ract a .-S e p t
16,589
133,149

A tlantic Shoro R y b ____Oct
Jan 1 to O ct 31______

------- N

e t E a '.m i n g s ------C u rren t
P r e v io u s
Y ea r.
Y ea r.

8
27,184
312,150
1.092.677
9,208,192
83,955
814.243
443.550
4,013,204

8
647
57.709
369,152
2,805.252
11.662
101.909
260,130
2,425,096

8
1,160
71.181
340,631
2.757,549
10.683
125.020
243,957
2,107,904

277,009
660.841
17.074
140,058

86,644
168.181
6.033
59,015

123,174
245.900
4,992
50.971

Nov. 20 1915.]

THE CHRONICLE
------- G r o s s
C u rren t
Y ea r.

R oad s.

E a r n in g s —
P r e v io u s
Y ea r.

Philadelphia R ap T ra n s.O ct 2,210,105
July 1 to Oct 31______ 8,060,753
Puget Sd T r L t & Power and
___
subisidary cos a ______ Sept 600,782
Jan 1 to Sept 30---------- 5,574,642
R opublic R y & Light and
subsidiary cos a _______ Oct 276,355
Jan 1 to Oct 31______ 2,511,276
Virginia R y & Power b - .O c t
473,073
July 1 to Oct 31______ 1,816,634
Wash B alt & A n n a p .b .-O c t
71,606
Jan 1 to O ct 3 1 ______
684,161
W est Penn T r a c .a ______ Sept 463,024
Jan 1 to Sept 30______ 3,884,347
W isconsin E d ison_______ O ct 748,102
N o v 1 to Oct 31______ 8,522,421

------ N

e t E a r n i n g s -----C u rren t
P r e v io u s
Y ea r.
Y ea r.

S
2,007,000
7.010,775

S
087,025
3,536,743

$
001,825
3,352,818

683,557
6,335.603

222,207
2,020,687

283,632
2,558,804

251.803
2,500,002
446,705
1,761,703
77,037
600,336
420,467
3,746,140

100,044
072.351
254,712
046,247
33,146
204,513
230,735
1,871,830
c2^5,523
c3,418,740

87,877
040,256
234,300
014,812
38,480
315,277
180,355
1,565,740

..

a N et earnings here given are after deducting taxes,
b N ot earnings here given are before deducting taxes.
c Balance for the Wisconsin Edison Oo. and depreciation o f sub. cos.
was $151,350 for October and S I,786,313 for the 12 m onths.

I n t e r e s t C h a r g e s a n d S u r p lu s .
R e n t a l s , & c . -------- T la l. o f N e t E a r n s .—
C u rren t
P r e v io u s
C u rren t
P r e v io u s
Y ea r.
Y ea r.
Y ea r.
Y ear.

— I n t.,
R oad s.

D etroit U nited_________Sept
Jan 1 to Sept 30______
Havana E lec R y L & P .S ep t
Jan 1 to,S ep t 30______
Hudson V alley R y —
July 1 to Sept 30______
Jan 1 to Sopt 30______
Phlla R apid Trans____ Oct
July 1 to O ct 31______
Pugot Sd T r L t & Pow and
subsidiary co s _______ Sept
Jan 1 to Sopt 30______
R opublic R y & Light and
subsidiary com panies-O ct
Jan 1 to Oct 3 1 ______
Virginia R y & P ow er___Oct
July 1 to Oct 3 1 ______
Wash Balt & A n n a p olis..O c t
Jan 1 to O ct 31______
W est Penn T ra c_______ Sopt
Jan 1 to Sopt30______

S
180,834
1,679,253
106,838
977,166

S
S
182,077
*219,614
1.625,285 *1,396,957
106,616
*161,344
961,678 *1,524,847

$
*182,837

88,447
264,149
816.614
3,264,763

86,754
xdof75
254,177 xdef92,756
807,937
170,411
3,234,036
271,980

.T36.935
xdef6,300
03,888
118,782

154,686
1,416,286

156,444
1,391,608

67,521
613,401

127,188
1,167,196

58,915
577,046
143,304
572,979
25,891
250,017
153,794
1,367,530

57,143
564,505
133,732
543,690
24,987
245,286
146,764
1,268,986

*51,135
*396,595
*120,709
*407,939
*9,544
*66,800
85,940
504,295

*31,056
*386,729
*107,620
*399,002
*15,539
*89,462
42,590
296,763

*150,264

1709
B a ltim o r e & O h io R a ilr o a d .

{Report for Fiscal Year ended June 30 1915.)

On subsequent pages will be found the report of President
Willard for tho year 1914-15; also tho comparative income
account for two years, showing the operations of the entire
system (including all affiliated lines excepting the Staten
Island R y ., the Staten Island Rapid Transit R y ., the Sandy
Valley & Elkhorn R y . and the Baltimore & Ohio Chicago Ter­
minal R R .) , and the comparative balance sheet of the sys­
tem for two years.
The comparative traffic statistics and income account for
several years are as follows:
T R A F F IC

S T A T IS T IC S .

....
, __
„„
1914-15.
1913-14.
1912-13.
1911-12.
M iles operated June 3 0 4,535
4,515
4,456
4,455
O p e ra tio n s—
T ons fgt. carr.(rev.only) 54,375.595 72,267,060 72,461,064 64,704,070
T ons fgt. carr. 1 m ile .. 12970894074 1405442150114313128233 12490418797
A v . rate per ton per m ile 0.546 cts.
0.544 cts.
0.560 cts.
0.580 cts.
Passengers carried.......... 20,581,992 22,748,070 22,879,239 22,178,298
Pass, carried 1 m ile------ 714,368,423 827,278,610 805,206,527 766,169,876
A v . rate per pass, per m . 1.968 cts.
1.921 cts.
1.930 cts.
1.926 cts.
A vg e. train-load (tons)
692
645
620
554
(revenue o n ly )---------Earn, per pass, train m .
$0.8943
$0.9716
$0.9806
$0.9494
Earn, per fgt. train m ile
(revenue o n l y ) ______
$3.7781
$3.5082
$3.4718
$3.2168
Gross earnings per m ile,
including outside oper.
$20,245
$21,961
$23,187
$21,109
GENERAL

IN C O M E

ACCO U N T
-N e to

YEARS

E N D IN G

B a s is -

30.

JU N E

-O ld B a s i s -

1913-14.

1914-15.
E a r n in g s —
$
F r e ig h t ............................. 70,780,809
P a ssen g er_____________ 14,059,940
M a il, express and miscel. 4,745,915
Other than transport’n . 2,229,133

1913-14.
$
76,398,717
15,889,991
4,800,281
2,075,021

75,784,287
15,893,721
4,745,618
987,815

Gross ea rn in gs______ 91,815,797
E xp en ses—
M a in t. o f way and struc. 8,985,627
M aintenance o f oquip’t . 16,002.589
T ra ffic expenses_______
1,905,496
Transportation expenses 34,254,572
General expenses______
2,228,274
M iscel. operations_____
557,613
T ransport’n for in v e s t..
Cr.8,663

99,164,010

97,411,441 101,556.132

$

1912-13.
§
80,194,490
15,537,078
4,802,665
1,021,899

12,418,435 12,207,191
17,149,775 16,681,986
2,152,826
2,151,887
39,985,497 38,699,493
2,135,6091 2,314,335
561,246/

14,019,620
18,323,210
2,026,274
37,274,397
2,136,137

T otal expenses______ 63,925,508
P . c. o f exp. to earnings(69.62)
N et earnings___________ 27,890,289
Outside op er.— net d e f.
_________

74,403,389
(75.03)
24,760.621

72,054,892
(73.97)
25,356,549
885,246

73,779,638
(72.65)
27,776,494
874.311

A n n u a l R e p o r t s . — An indox to annual reports of steam

T otal not revenues___ 27,890,289
R ailw ay tax accruals___ 3,289,611
18,981
U ncollectibles__________

24,760,621
3,236,881

24,471,303
3,226.466

26,902,183
2,960,905

railroads, street railways and miscellaneous companies which
havo been published during the preceding month will bo
given on tho last Saturday of each month. This indox will
not includo reports in tho issuo of tho “ Chroniclo” in which
it is published. Tho latest indox will bo found in tho issuo
of Oct. 30. Tho noxt will appoar in that of N o v . 27.

Operating In co m e .__ 24,581,697
In t. and divs. on secure.
o w n e d _______________ 3,317,596
Other interest__________
418,027
Joint facilities and m is­
1,308,573
cellaneous r e n ts _____
M iscellaneous__________
216,652

21,523,741

21,244,837

23,941,278

3,138,601
1,556,638

3,149,193
1,556,638

3,045,463
921,696

1,334,806
103,372

1,150,461
161,427

1,065,493
179,554

* After allowing for other incom o received.

AN N U A L REPORTS

A t l a n t i c C o a s t L in e R a ilr o a d .
(Report for Fiscal Year ending June 30 1915.)

Tho remarks, signod by Chairman Honry Waltors and
President J . It. Konly, togotlior with tho comparative balanco
sheet, will be found on subsoquont pages.
O P E R A T IO N S A N D F IS C A L R E S U L T S .
,
O p e r a tio n s —
1914-15.
1913-14.
1912-13.
1911-12.
Avorago m iles--------------4,689
4,646
4,611
4,524
Passongors carried (N o.)
7,603,261 9,153,694
9,117,383
8,552 506
Pass, carried ono m ll o ..358,379,412 417,417,644 398,762,647 376,292 408
A v . rato per pass. p. m .
2.191 cts. 2.207 cts.
2.246 cts.
2.234 cts.
Freight (rev. to n n a g e ).. 10,507,751
13,114,739 13,032,586 11,885,030
Tons 1 m llo (r o v e n u o ).l,750,912,250 2040571,520 2036643,060 1825598,508
A v . rate per ton per m llo
1.203 cts. 1.217 cts.
1.2 0 3cts.
1.2 3 0cts.
Pass, earns, per train m .
S0.87
$1.01
81.01
$.097
Freight earns, per tr. m .
$2.83
$2.73
$2.70
$2.59
Gross earns, per m llo—
86,725
87,927
$7,833
$7,395
IN C O M E

ACCO U N T.

O p e ra tin g R ev e n u e s—

1914-15.
1913-14.
1912-13.
1911-12.
F r o fg h t ..............................$21,064,188 $24,825,313 $24,497,523 $22,452,360
P a sson g er-------- 7,853,539
9,212,170
8,931,836
8,407,624
M ail, express and raise.
2,114,459 2,334.2951
2,693,713
2.603,574
In cid en ta l......... - .............
504,289
461,002/
Total oper. rovcnues.$31,536,475 $36,832,780 $36,123,072 $33,403,558
$4,572,051
M aint. o f equipm ent—
T ra ffic expenses_______
661,514
Transportation expenses 11,291,110
Gonoral exponsos______
880,377
M lsoclianodus operations
1 10,546
Transport’ll for in vest. . Cr.50,502

$5,110,944
64J.821
13,118,266
1,232,351

$4,667,357
5,581,307
618,145
12,821,636
947,087

,273,545
,038,547
566,317
1 1 ,752,552
910,622

----------

----------

----------

T otal oper. exponses.$22,904,157 826,212,088 $24,635,532 $22,541,583
N ot operating rev en u e.. $8,632,318 810.620,692 $11,487,540 $10,921,975
Outside opor. (not), d ef
___
9,640
___
.
Taxes
......... ...............
1,589,157
1,561,159
1,451,477
1,399,395
U ncollectibles__________
14,047
______
______
______
Operating incom o____$7,029,114
Int. aiu ld ivs. re c e iv e d .. 2,158,266
Othor int., rents, & c ___
467,735
Joint facilities---------------245,669
lliro o f equipm ent..........
433,077
Separately oper. p rop ’s .
______

$9,049,893 $10,036,063
3,105,140
2,846,614
436,461
436,230
252,151
240,216
262,290
198,849

$9,522,580
2,523,459
441,268
213,217
16,345
68,911

Gross in c o m e ------------ $10,333 861 $13,105,935 $13,757,971 $12,785,781
D e d u ct—
« ...
Int. on funded d eb t------ $5,552 313 $5,395,413 $5,322,235 S5,446,784
In t. on ctfs o f Indobt—
5 466
9,711
9,378
9,378
In t. on equipment trusts
124 045
153,295
182,545
162,498
Rentals o f leased lin o s ..
41 .776
40,276
40,276
40,276
Joint facilities_________
120, 190
124,554
115,962
113,680
Separately oper. proper­
,825
ties— loss____________
............
25,291
185,953
,965
18,548
14,701
............
M iscellaneous__________
9,839
6,000
Sinking, & c., fun ds____ _____ ,344
D lvs. on com m on ___(5% )3,377 ,900 © £ ’ 729,032 (7)4,510,236 (7)4,018,661
D lv s. on It. & P .“ A ’ ’stk. (5 % )5 0 ,000 (7 % )7 0 ,0 0 0 (7 % )7 0,00 0 (7 % )70 ,0 0 0
9,925
9,925
9,925
D lvs. on prof. ( 5 % )____
9 ,835
T o t a l ............................. $9,470,660 $10,585,884 $10,464,929 $9,873,485
Surplus incom o for yea r.
$863,201 $2,520,051 $3,293,042 $2,912,296
Tho com pany chargos dividends in “ profit and loss,” hero deducted
FRASER
for sim plicity.— V. 100, p. 1616.

Digitized for


Gross corporate in c ._ 29 ,842,545 27 657,158 27,262,556 29,153,484
D e d u ct—
H ire o f equip.— net b a l. 1 ,121,665
847,210
759,872
627.139
Joint facilities and m is­
cellaneous r e n ts _____
1 ,550,752
,602,830
1,304,089
979.652
M isc. taxes accrued____
213,463
206,267
206,267
152,477
Interest on funded d e b t. 14 ,480,288
344,311 15,567,623 13 ,837,799
Other interest__________
1 .583,580
,404,214
159,494
157,469
M iscell. deductions____
111,915
2,301
15,187
16,836
Sink. & other res’vo fd s.
57,633
49,457
49,457
47,861
Preferred divs. (4 % ) ___ 2 ,354,521
354,634
2,354,634
,354.891
♦Common d ivid en d s.(5% )7,5971253 (6)9,118,762 (6)9,118:762 (6)9 .120,976
T otal d e d u ctio n s____ 29,071,071 29,929.987 29,535.385 27,295.101
B al., surplus or d e fic it..s u r .771,474d ef2 ,2 7 2,82 9 d ef2 ,272,829s u r l,858,383
♦ Deducted b y co. from profit & loss a cct., but shown here for sim plicity.
GENERAL

BALANCE

S H E E T J U N E 30.

1915.

Assets—

$

1914.
s

R oad and equipm ent, $316,483,508; investments
(see x below ), $325,787,103; miscell. physical
p ro p ., $6,667,736; sk. fd s., & c., $97,953; tota l.649,036,300 639,840,315
Cash, $16,718,240; special deposits, & c., $197,­
545; t o t a l ........................... ................... ........................ 16,915,7851
T ra ffic, & c., b al., $1,453,489; agts. & conductors,
60,081,119
$3,587,257; miscellaneous. $5,945,574; t o t a l.. 10,986,320
M aterials and supplios____________________________ 7,444,980
Sccur. o f carriers own issue, $1,257,000; other de­
ferred, & c., assets, $325,752; tota l....... ..............
1,582,752
1,582,402
Prepaid insurance, & c., $1,171; other unadjusted
dobits, $1,501,782; t o t a l . . . .........................
1,502,953
951,095
Unpledged securities in treasury— B onds, $6,173,­
450; stocks, $1,505,582; tota l...................
7,679,033
6,684,694
T otal a sse ts................................
695,148,123 709,139,625
Liabilities—•
C om m on stock, $152,317,468; preferred stock,
$60,000,000; tota l..............................
212,317,468 212,317,468
Funded debt— E quip, obligations, $15,000,000;
m ortgage bonds, $234,885,780; collateral trust
bonds, $90,000,000; miscellaneous obligations,
$66,439,830; tota l-------- ------------406.325,610 402,333,776
T ra ffic, & c., bal., $1,351,102; accounts and wages,
$4,778,107; miscellaneous. $1,541,508; t o t a l . . . 7,670,7171
M atured in t., divs., & c., $2,430,763; unmatured
/ 39,294,733
in t., d ivs., & c., $7,708,378; to ta l---------------------10,139,14lJ
A ccrued depreciation, $16,129,754; insur. reserve,
$1,503,680; unadjusted credits, $1,653,499; total 19,286,933 17,879,297
Liability for provident loan, $2,684,130; other d e­
ferred accounts, $127,653; tota l_________________ 2,811,783 3,282,404
A dditions to property through incom o and surplus,
$4,020,957; profit and loss, S32,575.514; t o t a l .. 36,596,471 34,031,947
T o t a l............................................ - ................................ 695.148,123 709,139,625
x Investments In 1915 consist of the following:
— I n A f f i l i a t e d , A te ., C o m p a n ie s ------------- I n C o n s tit u e n t C o m p a n ie s -------In v e st-

P led g ed .

U n p le d g e d

T o ta l.

m en ts —
S
S
S
S tocks____15,880,045 13,497,453 29,377,498
Bonds......... 32,450,000 3,774,531 36,224,531
Notes........................... 12,321,049 12,321,049
Advances.. .............. 12,489,560 12,489,560
Miscell.........................
307,227
307,227

P le d g e d .

...
...
...

U n p le d g e d .

T o ta l,

S
$
S
51,576,331
5,237,267 56,813,598
130,448,481
3,904,801 134,353,282
43,900,358

43',9bo',358

Total ...48,330,045 42,389,820 90,719,865 182,024,812 53,042,426 235,067,238
The grand total (all Investments) amounted to $325,787,103.— V. 101, p. 15 52,­
1 0 12 .

[Vol. 101

THE CHRONICLE

1710

C h ic a g o R o c k I s la n d & P a c ific R y .

(35 th A n n u al Report— Year ended June 30 1915.)
The report signed as of N o v . 15 by Jacob M . Dickinson
and H . U . M udge, as receivers, says in substance:
R e c e i v e r s h i p . — On A pril 20 1915 Jacob M . Dickinson and llo n ry U .
M udgo were appointed as receivers o f the property and imm ediately took
possession. On Sept. 30 1915 M r. M udgo resigned as receiver and M r.
Dickinson was continued as sole receiver.
T he receivers herewith submit their report for tho year ended Juno 30
1915, including the period from July 1 1914 to A pr. 19 1915, com bined
with the period from April 20 1915 to Juno 30 1915 o f tho operations and
affairs o f tho R ock Island Lines, com prising the following companies:
(1) Lines operated undor own namo: Chicago R ock Island & P acific R y .,
Chicago R ock Island & G u lf R y . and M orris Terminal R y . (2) Lines oper­
ated b y C h. R . 1. & P a c. R y . C o. under lease: C hoctaw Oklahoma & G u lf
R R ., R ock Island Arkansas & Louisiana R R ., St. Paul & Kansas C ity
Short Line R R ., R ock Island Stuttgart & Southern R y ., R ock Island &
Dardanelle R y ., Peoria & Bureau Valley R R ., Keokuk & Des M oines R y.
and W hite & Black R iver Valley R y . Only the throe com panies last
named are here treated as leased mileage: the entire cap. stock o f the seven
preceding com panies, C h. R . I. & G u lf R y. to R . 1. & Dardanelle lty .,
inclusive, is owned b y tho C h. R . I. & Pac. R y . C o. and their m ileage Is
treated in this annual report as ownod mlleago.
R e s u l t s . — Tho operations for the year show total operating revenue o f
$70,947,890, being an increase o f $2,272,048, or 3 .3 % . Operating ex­
penses increased $1,885,795, or 3 .7 % , so that the net operating revonue
was $17,426,275, an Increase o f $386,253, or 2 .3 % . Taxes and uncollecti­
ble railway rovenuo increased $50,110, or 1 .5 % , to $3,386,380: miscellane­
ous incom e was $1,367,916 (decrease $468,293); intorost and rental ded uc­
tions aggregated $16,142,488 (an incroaso o f $1,053,147). T he final
result, therefore, was a deficit o f $734,676, against a surplus for tho yoar
1913-14 (beforo deducting dividends) o f $450,621.
A footnote to tho incom e account says: "T h o balance o f incom e (defi­
cit) shown on this pago for tho fiscal year 1914-15 will not agroo with tho
report o f Touche, N iven & C o. b y $870,017, on account o f thoir additional
charge o f $779,405 for depreciation on equipment over and above tho
am ount charged b y tho railway com pany, and $90,611 covering sundry
minor items written o f f and charged direct to p rofit and loss In this report.
T ho figures shown above for the fiscal year 1913-14 are unadjusted, as pub­
lished in last yoar’s report. T ho balance o f lncom o shown for that yoar
does not agree with the accounts prepared b y T oucho, N ivon & C o . by
$567,943, before applying tho additional charge b y thorn for doprociation
o f equipment. This difference represents the balance o f the miscellaneous
adjustments mado b y Toucho, N iven A C o. and charged direct to p rofit
and loss in this rep ort.”
A ttention is directed to the increaso o f $3,243,221, or 7 .3 2 % , In freight
revenue for tho year ending Juno 30 1915 as com pared with tho previous
year. This increaso is almost entirely duo to tho Increased m ovem ent o f
wheat. During tho fiscal year undor roviow 2.253,720 tons o f wheat were
m oved. This is the equivalo it o f 75,124,000 bushels. T he largest m ove­
m ent o f wheat over handlod b y th R ock Island Lines prior to this yoar was
in 1913, when 1,202,540 tons were m oved. T he average for eight years
prior to this fiscal yoar was 886,467 tons. N ot only was tho m ovom ont o f
wheat nearly three timos as m uch as it had been on an avorago for tho proceding eight years, but owing to the largo export m ovem ent, tho com pany
also enjoyed a long haul.
During M a y , Juno and July 1915 occurred almost unprecedented rain­
falls over tho district sorved, causing m any washouts and consequently
additional expense, estimated at m oro than $1,000,000. This doos not
tako Into accou nt any loss o f earnings duo to failure to perform service, but
represents only tho loss in transportation and maintenance exponses.
Part o f this loss came into fiscal year under review and part since June 30.
E ffective July 1 1914, the rates used for charging o ff depreciation o f
equipment undor operating exponsos wore Increased from M o f 1 % on all
classes o f equipment to 2 H % on locom otives, 2 M % on passonger and m otor
cars. 2% % on froight cars and 3 % on work equipm ent. This accounts for
$1,561,589 o f tho Increaso o f $1,856,067 in maintenance o f equipment ex­
penses. Attention is directed, howover, to the fact that the accountants
w ho certified to tho accounts for the year are o f tho opinion that oven tho
am ount now chargod for depreciation o f equipment Is not fu lly adequate.
A m t . o f A n n . P a y m en ts D is c o n tin u e d S in c e R ece iv er sh ip B eg a n

(x A p p r o x . ) .

Galv. Term. Ry. Co. int_ $33,180
y Propor. of int. on Peoria
Ry. Terminal 1st 4s_ _ $18,880 Cons. Ind. Coal Co. int_ _ 125.000
Trinity & Braz. Val. Ry. Co.:
Sk. fd. (V.101, p.290,616) *40,000
Interest on first cost_ _ 248,278 Other advances_ _ _ _ _ zl40,OOO
Installments of car trusts. 25,000 C.B.&Q.trackage Harlem to
Interest thereon_ _ _ _ Various Rushvillo. . . . . . . . 75,000z
.Union Term. Ry., St. Jos.. 31,250
y Interest coupons, howevor, purchased by Chicago & Alton, which owns
half the stock of the Terminal and joined in guaranty; seeV.85,p. 161.— Ed.
In addition to tho abovo, there has been saved in salarios paid to goneral
officers something over $75,000 per year. There was also a reduction of
approximately $25,000 m a d o in tho expenses of tho N e w York offlco.
Other savings havo beon effected through cancellation and changes in con­
tracts and still others aro in process of being made.
Effective July 1 1915 tho K e o k u k & Des Moines Ry. Co. was operated
as a separato proporty, and tho receiver is making no payments on account
of tho guaranteed interest of $137,500 per yoar on that c o m p a n y ’s bonds,
such interest being paid, if earned, by that co. (V. 101, p. 527,1014, 1092).
F u n d e d D e b t — R e c e i v e r s ' C e r t i f i c a t e s .— Fundod debt, exclusive of tho $16,­
740,000 equipment notes but including $1,494,000 receivers’ certificates,
increased $3,456,840 to $282,606,370: equipment notes dcroased $2,445,000;
net increaso, $1,011,840. N o n o of tho fundod debt issued during tho yoar
has been disposed of except tho SI,494,000 receivers’ certificates, dated
April 15 1915 and duo April 15 1916. These certificates (V. 100, p. 1509,
1591) aro prior in right to tho lion of tho First A Ref. M . bonds of 1904.
Thoro were pledged at Juno 30 $20,709,000 bonds of tho comp a n y for shorttorm loans. [Of tho said funded debt of $282,000,370 on Juno 30 1915,
tho following bonds wero in the treasury or pledged as collateral for other
loans: First A Refunding, $16,199,000 of tho $111,140,000 reported as
outstanding; R. I. A. A L. 1st M., $1,965,000 out of $12,965,000; St. P. A
K. O. S. L., 1st M.. $2,545,000 out of $12,400,790. V. 100, p. 1078.1
O n July 1 1915 $2,500,000 of receivers’ certificates wero issued and sold
at par to provide funds for the paymont of maturing equipment notos ag­
gregating $953,000 and Interest on various mortgage bonds. T h e certifi­
cates bear Interest at 5 % por annum, maturo Jan. 3 1916, and have the
same priority as those hereinbefore mentioned (V. 101, p. 47).
T o provide funds with which to comply with tho order of tho Court to
pay ho semi-annual interest which matured July 15 1915 on tho $20,000,­
000 20-year 5 % debentures, $500,000 of Series “ B ” 6 % receivers’ certifi­
cates wero issued and sold at par on Sept. 16 1915. Theso certificates
mature Mar. 16 1916 and aro junior to all outstanding securities oxcept tho
debenture bonds and tho capital stock (V. 101, p. 923).
R o a d a n d E q u i p m e n t . — T h o investment in road and equipment increased
$2,519,678 (net) during tho year.
N e w L i n e s A c q u i r e d . — Since July 1 1915 the property of tho Morris
Terminal Ry. Co., acquired in 1905 and consisting of 6.23 miles of yard
tracks and sidings serving various industries located at Morris, HI., has
been treated as a part of the Ro c k Island Lines. Prior to July 1 1914 it was
treated as a separato proporty.
N e w E q u i p m e n t . — O n Sept. 16 1915 the U. S. District Court for tho Nor.
Dist. of 111. approved the application of the recoivors for tho purchase of
4,000 n e w steel undorframe and steel superstructure box cars of 80,000
lbs. capacity each, at a total contract price of $3,409,540. Fifteen per cont
of tho purchaso prlco is to be paid in cash, the remainder being evidenced
by 5 % equipment notes issued by the recoivors, payablo in 20 semi-annual
installments.- T h o equipment is n o w arriving and delivery will be c o m ­
pleted beforo Dec. 31 1915 (V. 101, p. 923).
If contracts wero m a d e for similar equipment at the dato of going to press ,
tho cost would be approximately $700,000 greater than It was.
A v e r a g e E x p e n d itu r e p e r L o co m o tiv e a n d C a r f o r M a in te n a n c e .
L o co n o tiv es.

P a ss. C a r.

F reig h tC a r. S e r v ic e C a r .

tion of n e w bridges, trestles and culverts, rails, other track matorial and
ballast. This am o u n t is exclusive of tho charges to operating exponses for
maintenance, repairs, &c.
A r k a n s a s & M e m p h i s R a i l w a y B r i d g e & T e r m i n a l C o . G u a r a n t e e d N o t e s .—
Satisfactory progress has boon m a d o during tho year on tho construction
of tho bridge across tho Mississippi Rivor at Memphis, Tenn., by tho
Arkansas A M e m p h i s Railway Bridge & Terminal Co., roferrod to in the
1914 report. T h o major portion of the steel and other material is n o w on
tho ground and it is anticipated that the bridge, together with certain
terminal facilities in and near Memphis, Tenn., will bo completed early In
tho year 1916.
T o enable tho Bridge C o m p a n y to carry out its current obligations, the
Railway c o m p a n y and tho receivers jointly guaranteed, with the St. Louis
Iron Mountain & Southern Ry. Co. and St. Louis Southwestern Ry. Co.,
$5,000,000 6 % three-year gold notes duo Jan. 1 1918. [Theso three-year
6 % gold notes, $3,870,000 outstanding June 30 1915, aro secured by pledge
by tho maker of $6,000,000 of its IstM. 5 % gold bonds d a t o dMar.l 1964,
which are guaranteed by the same companies that guaranteed the notes
V. 100, p. 138. 1347. 1436.]
P h y s i c a l V a l u a t i o n . — T h e Federal Government began the physical valua­
tion of tho property in Aug. 1914, and n o w has eight roadway parties of
ton m e n oach in the field, and about 8 5 % of the mileago has boon covered.
Thero aro also ten parties of two m e n each ongagod on structural, telegraph
and motive power work. It is expected that all field work will be completed
about Jan. 1916. T h o exponso to tho c o m p a n y during tho year incident to
such valuation was $56,250, as compared with $75,960 in 1913-14.
I n d u s t r i a l D e p a r t m e n t . — This department continues Its activity in locat­
ing manufacturing and commercial establishments along tho lines. D u r ­
ing the year 109 such establishments were located at an approximate cost
of $3,016,250, and will employ about 1,633 men. Such industries will
create an additional annual m o v e m e n t of approximately 19,002 carloads
of revenue freight and a considerable am o u n t of loss than carload freight.
D u o to tho increased d o m a n d for additional track facilities of various
industries, 101 tracks were constructed to serve private companies, and 12
tracks to serve coal mines. T h o extension of 14 tracks was aisoroquirod.
B o o k V a l u e o f S e c u r i t i e s . — T h o books and accounts wero examined by
Touche, Nivon A Co., accountants, and on thoir recommendation a sub­
stantial reduction was m a d o in tho book valuo of certain securities owned.
T h e conditions which reduced tho value of those securities culmlnatod in
tho year endod Juno 30 1915 [soe statement following balance sheet.— Ed.].
[The aforesaid accountants say: " W e havo examined tho accounts repre­
senting cost of road and equipment for tho two years from July 1 1913 to
June 13 1915 and have found them to bo correct. W o aro of the opinion
that the provision m a d o for depreciation of equipment is not fully adequate.
Subject to theso remarks, and accepting tho valuo of cost of road and equip­
me n t at June 30 1913, w e further cortlfy that In our opinion the abovomentioned accounts (balance sheet and income accounts) prosont a true
and correct statement of tho position of the c o m p a n y and its subsidiary
companies at June 30 1915, and of the results for tho yoar then onded.”]
ROCK

IS L A N D

S Y S T E M — M IL E A G E

1914-15.
Average miles operated .
8,330
E q u ip m e n t—
1,674
Locomotives_ _ _ _ _
Passenger cars_ _ _ _
1,155
Freight cars_ _ _ _ _ _
44,247
Service cars_ _ _ _ _ _
4,913
O p e r a tio n s —
Tons m o v e d (rev.) N o _ 22,521,285
Tons m o v e d (co.), No.. 6,475,853
Tons m o v e d 1 m. (rev.).5-162034 060
Tons m o v e d 1 m. (co.)-.997,678,811
Passengers carried, N o. 19,812,630
Pass, carried 1 m., N0..956,121,760
Earns, per ton per milo. SO.0087
$2,799
Earnings per train mile.
Tons per tr. p. m . (rev.)
321
1’ons per tr. p. m. (co.).
58.70
Earns. per pass, per mile $0.0191
Earns, per tr. mile (incl.
mail, express, & c . ) __
$1,160
No. of pass, per train m .
51.00
$8,517
Total earns, p. m . of rd.
IN C O M E

A N D

T R A F F IC

1913-14.
8,205
1,678
1,163
45,674
4,469
21,488,826
6.111,901
5123579107
931,851,874
20,279,537
980,051,132
$0.0087
$2,649
306
55.86
$0.0192
$1,189
51.32
$8,370

S T A T IS T IC S .

1912-13.
8,048
1,608
1,106
44,064
4,500
21,101,989
6,671,134
5203973087
1038345549
19,505,284
983,696^182
$0.0089
$2,651
297
59.29
$0.0201
$1,215
50.38
$8,867

1911-12.
8,036
1,554
1,073
40,798
4,419
18,969,251
8,343,259
4599242133
860,382,165
18,927,146
939,391,981
5/ A*HO L
$0.0089
$2,486
278
51.97
$0.0198
$1,179
49.21
$8,053

ACCO U N T.

-N e w B a s is -

- O ld B a s i s -

1913-14.

1912-13.

.............
1914-15.
1913-14.
E
a r n i n g.
s—
Freight .............................$47,576,668 $44,333,447 $44,309,636 $46,428,045
P assen g er........................ 18,230,101 18,829,816 18,824.651 19,777.431
M ail and express............ 3,304,396
3,636,336
3,636,337
3,666,435
M iscellaneous.................
1,836,725
1.876,243
1,437,489
1,493,024
T o t a l ............................. $70,947,890 $68,675,842 $68,208,113 $71,364,935
O p e ra tin g e x p e n s e s —
M alnt. o f way A s t r u c .. $9,468,977
M aint. o f equipm ent___ 11,807,657
T ra ffic expenses_______
1,877,152
Transportation expenses 28,107,246
General expenses______
1,763,925
M iscellaneous operations
5.34.398
Transporta, for in v e s t .. Cr.37,740
____________

$8,945,682
9,951,590
1,924,349
28,400,530
1,827.2441
586,425/

$8,838,586
9,820.703
1,924,090
28,449,907
1,960,600

,885,324
,072,854
,999,138
,772,587
,774,19

T o t a l ..............................$53,521,615 $51,635,820 $50,999,910 $52,504,102
N et earnings.....................$17,426,275 $17,010,022 $17,208,167 $18,860,833
T a xes___________
3,353,919
3,315.633
3,315,633
2,946,438
U ncollectibles__________
32,461
20,637
______
______
Operating incom e____ $14,039,895 $13,703,752 $13,892,534 $15,914,396
Outside operations, d o f.......................
............
$174,473
$191,577
Other incom e..................
1,367,916
1,836,209
1,229,528
2,089,228

Total. . . . . . . . $1,367,916 $1,836,209 $1,055,055 $1,897,651
Total income. . . . . $15,407,811 $15,539,962 $14,947,589 $17,812,046
D ed u ct—
Iliro of equipment. . $1,256,477
$999,766 $886,734 $867,857
Interost. . . . . . . . 12,136,425 11,660,902 11,657.784 11,066,032
Joint facll., Ac., rents.. 2,075,470 1.956.330 1,828,776 1,819,803
Rents leased roads. .
332,106
341,306
----Miscellaneous. . . . .
342,009
131,036
123,674
..
____$16,142,488 $15,039,3 I i 31 1.196,963 $13,753,691
T otal deductions____

Balance, sur. or dof'— def.$734,677 sur.$450.621 sur.$450,62 lsr.$4,058.355
Dividends_
. . . . . . . . x 1,871,763 x 1,871,763 3,743.525
525
(2 M % )
Per cent—
2 X % )
(5%)
B A L A N C E S H E E T J U N E 30.
1915.
1914.
1915.
1914.
L ia b ilitie s —
$
3
Assets—
$
S
Road A eq u ip ..319,505,235 317241,417 Capital s to c k ... 74,482,523 74,995,123
24,709 Fund, debt (see
Imp. leased prop
220,567
"Ry.A I.Scc” )267,142,789 271,124,949
Inv.ln affil.cos.:
1,919,675 Receivers’ ccrtlf. 1,494,000
...............
Stocks...........
697,604
Funded debt. 4,463,495 16,770,551 Duo affil. cos.
95,841
1,375,341
non-nog. debt
Advances----- 11,427,515 12,837,300
3,500,000
6,415,970 LoansAbllls pay. 4,100,000
OtherInvestm’ ts 2.258,792
738,723
2,056,983 Traffic,Ac.,bals. 1,071,720
Mlsc.phys.prop. 2,144,892
4,331,596
Deposited In lieu
Accts. A wages - 0,672,958
293,223
413,602
Mlsc.accts. pay.
of prop. sold.
758
Cash__________ 3,290,264
Int.,
5,756,301 Matured
2,150,324
Special deposits.
389,209
dlvs., A c----- 2,318,244
268,037
60,709
72,808
Loans A bills reo
50,631
121,347 Mat’d fund .debt
511,651
574,982
Traffic, Ac.,bals.
357,472
290,425 Other dof. accts.
2,729,931
Agts. A conduc.
971,873
917,346 Acer.Int. Arents. 2,718,731
1,483.813
Mlsc. accts. rec. 2,545,881
2,663,813 Taxes accrued.. 1,080,018
687,111
Material A supp 5,732,025
5,613,316 Oper’g reserves. 2,421,057
6.82,851
029,487
Oth.work.accts.
806,230
1,014,647 Ins., A c., res’vcs
Accrued dcprcc. 2,631,261
917,357
Acer. Int., dlvs.,
738,470
1,081,496
Cr.23.903 Oth.unadJ. accts
65,246
A c..................
04,368
04,308
15.092 Add’ns to propWork’gadv.,Ac.
109,162
8,733,812
1,702,183 Profit A loss.xdcbl2,530,963
Unadjus. debits. 1,552,605

Yoar ended June 30 1915-. .$3,002 39 $823 29 $100 41
$58 59
Yearonded Juno 301914-.- 2,791 80
593 44
73 55 39 35
T h o abovo figures per unit of equipment Include only actual labor and
material applied for repairs, and charges for depreciation and retirements, |
but no overhead charges of any nature.
T o ta l............ 356,055,457 375,610,822
T o ta l............ 356,655,457 375,610,822
G e n e r a l . — For the completion and improvement of existing terminals and
N o t e . — In stating tho assots and liabilities of tho companies formlnglthe
facilities, expenditures aggregating $829,388 woro m a d e during the year.
Rock
Island
Lines,
tho
holdings
of
tho
c o m p a n y in tho bonds and capital
There
has
also
been
expended
$1,150,466
for
the
strengthening
and
erec1



THE CHRONICLE

Nov. 20 1916.]

stock o f the auxiliary lines, together with loans between the various com ­
panies, havo been eliminated from tlio liabilities, and a like reduction made
in tho assets pertaining thereto: the figures shown, therefore, represent the
b ook value o f tho assots and tho liabilities without duplication.
x Tho profit and loss deficit June 30 1914 was $12,530,963 after making
the following adjustments:
Surplus June 30 1914-----------A d d — Profit oil la n d ., & c ., sold
I n t . onadv. fo r c o n s t r u c ’ n . .
Add'ns a n d b e t t e r m e n t s ...

2 72 ,97 8
6 8,412
189,434
110,263

S u n d ry a d ju stm en ts...............

Writ, down to cst. pres, value—
Cldc. A Alton R R. pref___ $338,761
Memph. R R . Term, stock..
83,832
T . St. L. & W. R R . "A " A
“ B” bonds______________ 3,615,679
Poor. R y. Term. 1st A Ref.
M . bond3______________
728,000
Kank. A Sen. R R. 1st M.bds.
81,250

59,374,899
Total credits.............
Deduct Written off as worthless—
Peoria Ry. Term, stock----- $210,000
Tot. writ, down to est. p. v . $4,847,522
Rock Island Co. preferred..
690,103
do
do
common___
2,897 Other deductions:
Unextlng. diset. on secur—
$297,665
Nebraska Cent. R y. stock!
200,000
Operating reserves------------ 1,704,365
do Construe. Co. stock/
Miscellaneous____________
163,582
174,479
Union Term. Ry. stock___
Tracks removed__________
36,243
C .R .I.A P.R R .(Ia.)fund.dt. 5,960,961
Structures sold, &c________
116,445
Trln. A Braz. Val. Ry. adv. 3,729,864
Equipment sold, A c_______
325,684
Consol. Ind. Coal Co. a d v .. 2,695,850
Galv. Term. Ry. adv_____
15,525
Total raise, deductions___ S2,643,984
Tot. writ, off as worthless.$13,679,679 Bal., der., 1914-15(as above). $734,677
Total profit and I03S as per balance sheet J mo 30 1915...............................$12,530,963
— V. 101 , p. 1552. 1464.

K an sas

C ity

M e x ico

&

O r io n t j^ R R .

{Report for System for Year ending June 30 1915.)

As stated last week (pago 1628), a tontativo plan for the
completion of tho reorganization has boon submitted to tho
Kansas P . U . Com m . Tho company now reports to us:
Incorporated under tho laws o f Kansas July 6 1914, and acquired tho
property o f the Kansas C ity M exico & Orient R y. C o ., which was sold at
foreclosure sale on July 6 1914 for $6,001,000. T he projected and com ­
pleted line as contem plated will extoiul from Kanass C ity , M o ., to T op olobam po Bay, M ex ., a distanco o f 1,659 miles: also a cu t-o ff from San
A ngelo, T ex ., to Del R io, T e x ., connecting there as well as at Chihuahua,
M ex ., with tho National Lines o f M oxico, for M exico C ity . Tire fulfil­
ment o f tho reorganization plan lias boon deferred until tho foreign situation
improves and was not available at Uato o f going to press.
M ile a g e in O p e ra tio n J u n e

K .C .M .& O .R R .— K an.A O kla. M i l e s
W ichita, K a n .,to F oley ,O kla. 178.08
Kwing, O k la ., to Texas lino
81.65
Trackage, St. I.. A San F r.ltlt.
Foloy to lCwing, O k la ______ 12.78
K . C . M . A O. R y . o f Texas:
State lino to A lpino, T e x ___464.62

30 1915.

K .C .M .A O .R y .L in e s in M ex . M i l e s
Receivers: E . D ickinson,Lie.
Jorgo Vera Estanol.
M arquez to T ob a la op a _________ 86.77
M inaca to Sanchez_____________74.28
El Fuerto to T op olob a m p o___62.23
M ochls to M ock ls Junction___ 2.92

T otal oporated (including 12.78 miles o f trackage rights)_________963.33
Sidings owned (W ichita to A lpino), 101.33 miles. Gauge, standard.
Rails (steel), 70, 75 and 80 lbs. Equipm ent Juno 30 1915: (a) In U. S.:
L ocom otives, 64; cars— passonger, 24: baggage, mail and express, 13:
freight (b ox, 1,062; flat, 123; stock, 361; coal, 42; tank, 10; refrigerator, 5:
other, 2 ), 1,805: service, 7 9 ; total cars, 1,921. (25) In M exico: L ocom otives,
9 ; cars— passonger, 8 ; com bination passenger, baggago and m ail, 6 ; freight
(b ox, 72; flat, 131; stock, 14; coal, 5 ), 222; servico, 8 ; total cars, 244.
S t o c k .— rI ho amount o f capital stock authorized b y charter is $45,000,000,
o f which the $2 0 ,0 0 0 ,0 0 0 , issued, is pledged under notes below; par, $ 10 0 .
F u n d ed D e b t ”
• ■»- .
. . - 1914, due April i
and in L o n d o n ,__ ________ , — —
, , ,
------------ ---------- -------N . Y ., and Trustees, Executors & Securities Insurance O orp ., L td ., London,
trustoes. A uth. issuo, $6,000,000. Subject to call at par and int. at any
tim e upon 60 days’ notlco. Issued to provide for tho receivers’ certificates
and notes; preferential claim s, about $550,000; tho proportion o f tho salo
prico attributable to non-depositing bondholders; tho costs, charges and
expenses o f tho bondholders’ com m lttoo o f tho foreclosure, and tho whole
intorest on tlia present note issuo. T h e notes are to bo paid o ff out o f first
proceeds from tho salo o f securities provided under reorganization plan
whonover issued. (2) As security for tho aforesaid notes there are pledged
(along with $2 0 ,000,000 o f tho outstanding capital stock) $31,000,000
A djustm ent M ortgage non-cum . incom o 5% bonds [making, with tho notes,
tho item o f $36,640,200 shown in tho balance shoot— E d.)
IN C O M E

ACCOU N T

OF

T H E L IN E S I N
J U N E 30 1915.

U.

S .— J U L Y

O p e ra tin g R ev en u es—

7

N ot operating rovenuo___
F re ig h t..............................$1,906,615 Other incom e____________
P assenger.........................
363,168
M a il, express, & c--------------------------- 126,956
Gross incom o__________
D e d u c tio n s —
Total operating revenues $2,397,039 T a xes______ _______
O p e ra tin g e x p e n s e s —
Hire o f equipm ent, & c___
M a in t. o f way & stru c------ $492,310 Joint facility rents________
M aint. o f equipm ent-------368,125 Interest charges__________
Traffic expenses--------------97,853 A m ortization discount___
Transportation exp en ses.. 1,021,028
General exponscs-------------110,696
T otal d eductions______
Balance, d eficit__________
N ot operating rovenuo—
$307,027
C O N S O L ID A T E D

BALAN C E

S H E ■ET

A s s e t s (Total $82,103,929)— ■
R oad and eq u ip m en t.---$ 6 0 ,0 3 6 ,9 1 9
Invest, (linesin M e x ico ). 18,991,732
Otlior investm ents_____
2,500
423,783
G a s h .....................
Special doposits_________
350,476
T ra ffic balances, See____
95.661
M isc. accounts receivable
562,953
M aterial and supplies. .
203,591
Prepaid insurance, A c
6,860
D iscount on funded d ebt
57,655
Othor unadjusted accts
37,717
P rofit and loss____
* \ 33 4 082

OF

SYSTE M

JU N E

1914

TO

$307,027
30,828
$337,855
$108,673
79,820
24,753
330,038
68,085
$611,369
$273,514
30

1917

1711

F lo r id a E a s t C o a s t R a ilw a y (F la g le r S y s te m .)
{Report for Fiscal Year ending June 30 1915.)
Pres. W . H . Beardsley, Sopt. 30, wrote in substance:
E x t e n s i o n , A c .— Tho Kissimmee Valley extension (now known as tho
Okeechobee B ra n ch ), from Kenansville to Okeechobee, 48.84 miles, was
com pleted and put in operation during January 1915.
T he work on tho K e y W est extension o f replacing tem porary trestles
with concrete bridges was continued, six o f such structures having been
finished during the fiscal year. This leaves only one opening o f importance
to be bridged and work at that point is nearing com pletion. A t K e y W est
tho export pier and ferry slips were com pleted and additional terminal
facilities installed to provide for traffic with C uba. R ock ballasting has
been placed on about 60 miles during tho year.
F e r r y t o C u b a .— T he crowning achievement in M r. Flagler’s life, and the
last im portant business transaction authorized b y him , was the inaugura­
tion o f a freight steam ferry service between K ey W est and C uba. C arry­
ing out his recomm endation, the com pany early in January 1915 put in
service its new twin-screw steel car ferry steamer between K e y W est and
Havana. This boat (tho H enry M . F lagler), making daily round trips,
has from the first been taxed to its capacity o f approxim ately 30 loaded
freight cars, and the service has becom e so popular that an additional steamer
o f the same type is being built to properly take care o f the business.
R e s u l t s .— T he gross earnings for the main lino showed a decrease o f
$4,863, but owing to the earnings from the ferry this loss was turned into
an increase o f gross earnings o f $115,832 for the period. Operating ex­
penses for the rail lino showed a material decrease, so that tho net earnings
resulted in an increase over tho previous year o f $413,515. Deductions
from net earnings for hiro o f equipm ent, rentals and taxes left a balance
applicable to paym ent o f interest on funded debt o f $1,772,903. T otal
interest charges on the 1st M . bonds were $540,000 and on the car trusts
$19,583. There has also been declared payablo N o v . 1 4 % on the general
mortgage incom e bonds, or S I,000,000, thus carrying to surplus account
for the year, $213,319.
O i l a s F u e l .— T he substitution o f oil for coal as fuel in our locom otives is
being m ade. This is an innovation in the southeastern territory. From
the servico already inaugurated it is indicated that this operation will
prove an econom y, increase efficiency and add to com fort o f the p u b lic.
FOR
Y E A R S E N D IN G
JU N E
30.
1914-15.
1913-14.
1912-13.
1911-12.
M iles operated_________
745
696
642
642
Passengers carried_____
1,284,869
1,482,367
1,290,296
1,263,771
Pass, carried one m ile .. 69,390,430 76,075,625 69,202,185 63,422,960
R ato per pass, per m ile.
2.745 cts. 2.728 cts.
2.767 cts.
2.759 cts.
N um ber o f tons carried.
886,370
910,829
885,888
727,204
T ons carried one m ile ..163,704,548 149,520,996 143,199.802 118,456,221
ltects. per ton per m ile.
1.672 cts. 1.735 cts.
1.712 cts.
1.772 cts.
$
E a r n i n g s —•
$
S
S
2,098,830
2,452,214
2,736,598
2,593,683
Freight_________________
1,749,974
2,075,542
1,914,798
P a ssen g er_____________
1,904,928
572,141
492,321
577,073
615,113
M ail, express, A c ______
*82,642
151,348
*85,810
Incidentals, A c _________
136,143
RESULTS

S ta tis tics—

T otal . ......... ...............
E xp en ses—
T ransportation. ---------M aint. o f way, A c _____
M aint. o f equipm ent___
T r a ffic _________________
G e n e ra l____ . _______
M iscell. operations_____
Transport’n for invest. .

5,392,782

5,397,646

*5,021,795

*4,426,935

1,653,866
697,683
678,191
103,826
201,433
39,044
0 3 6 ,2 0 7

1,815,742 *1,837,346
*770,842
870,095
*706,790
743,982
*92,189
97,205
126,1971
147,436
62,993/

*1.618,491
*695,836
*588,595
*83,775
130,384

Total ___. " ________
N et earnings___________
Transport’n (water line)

3,337,836
2,054,946
40,000

3,716,214
1,681,432

3,554,603
1,467,192

3,117,081
1,309,854

Gross incom o_______
D e d u c t —•
T a x e s_____ . . -----------Hiro o f equipm ent_____
Rentals, A c _____ _______
Int. on 1st M . bonds___

2,094,946

1,681,432

1,467,192

1,309.854

236,090
49,342
20,333
540,000

239,717
162,232
19,270
502,500

214,519
207.937
16,770
495,000

186,561
134,282
15,748
468,875

35,862

16,499

Other interest, A c ____

C r .7

,465

C r . 46,832

T otal d e d u c t io n ____
1,881,627
1,565,218
1,426,761
1,258,634
213,319
116,214
40,431
51.220
Balance, surplus_______
♦Comparison o f items so m arked are som ew hat inaccurate the figures
having been changed in later years, tho results how ever, remain unchanged.
G E N E R A L B A L A N C E S H E E T J U N E 30.
1915.
1914.
1915.
1914.
L ia b ilit ie s —
S
S
A ssets—
$
$
Road A cqutpm’t.47,476,853 46,258,914 Capital s to ck ___ 10,000,000 10,000,000
63,319 First mtge. bonds.12,000,000 12,000,000
63,319
Inv.affil.cos(3tks.)
903,824 Gen. M. inc.bonds25,000,000 25,000,000
Other investments 901,574
135,624 Equip, trust c tfs ..
350,000
400,000
156,233
Mlsc. phys. prop.
174,709 Loans & bills pay. 2,040,381
531,978
239,191
Cash____________
67,271
6,570
3,870 Traffic, A c., bats.
83,799
Cash for mat’d int.
939,165
910,452 Accounts & wages. 541,781
426,457
Loans A bills rec..
19,797
35,309 Miscell. accounts34,583
Traffic bal., A c__
91,585
5,092
301,970
382,640 Matured interest.
9,487
Miscell. accounts.
119,024
658,102 Accrued taxes___
485,481
111,161
Materials A supp.
670,000
Def. debit items.. 1,393,425
392,496 Unmatured Int__ 1,045,000
564,373
610,887
Unadjusted acc’ts.
49,038
37,136 Accrued deprec’n.
142,872
Other unadj.accts.
55,426
9,531
Profit and los3 __
221,900
T o ta l............ ..52,104,404 49,956,394
— V. 1 0 1 , p . 1188.

T o ta l................ 52,104,404 49,956,394

N e w E n g la n d C o t t o n Y a r n C o ., B o s t o n .

{Report for Year ending Sept. 2 5 1915.)
$82,103,929)—
S tock .....................................$2 0 ,000,00
President C . M inot, Boston, says in substance:
D o . unissued_________ 25.000,00
In Sept. 1914 tho com pany had ample orders on its books to keep it
Funded d eb t------------------- 36,640,20
running to full capacity for several m onths. T h o war and the consequent
45,79
rlr a ffic balances_________
curtailm ent o f business in practically every yarn line prevented the corpora­
Vouchers and wages___
274,10
M atured interest, & c______________ 15,40tion form obtaining specifications on contracts on which it could wrork, and
credits prevented it forcing customers to take stock which they then could
A ccrued in te re s t..............
56,40
not sell and which consequently they could not p ay for.
Accrued taxes_____
55,00
As a result, during the first quarter only 52% o f tho spindles was busy.
U nadjusted, A c ., a c c t s ..
16.90
In tho second quarter about 6 6 % o f tho spindles was occupied, and as a
result no profit was made during the first half-year. In the third quarter
an im provem ent in conditions occurred, and 7 6% o f the spindles ran;
and in the fourth quarter this increased to 9 2 % .
. . O f f i c e r s . — E d w a r d Dickinson, Pres.; Lawrenco V . G u ild , A sst, to Pres.;
T ho manufacturing profit for tho year was $462,238, which enabled tho
Neal S. Doran, Sec. & A n d .; Tow nley Culbertson, Treas. E xecutive com pany to pay its bond interest and use tho surplus in tho purchase o f
C om m ittee: W . V. K ing, E. Dickinson. H. Sanderson, J. B . N ivon, W . T .
new machinery.
K em per, H. F. Hall, D . J. H a lf, W . W . C olpitts, George T yson , E . D .
T o get an adequate return on their investm ent, a further considerable
Stair, C lifford II is ted.
am ount must be spent for m achinery to take tho place o f such as is now out
D i r e c t o r s .—E dw ard D ickinson, W . T . Kem per, II. F. Hall, D . J. H aff,
o f date and uneconom ical, and the stockholders must therefore realize that
Kansas C ity , M o .; E. D . Stair, James Couzcns, D etroit; Chas. II. Sm yth, dividends would bo im prudent until tho plants are put in first-class and
Benjam in F. M cLean, W ichita. K an.; J. B . N iven, W . V . K ing, II. San­ econom ical condition and the floating d ebt reduced.
derson, Chas. II. Jones, W . W . C olp itts, N ow Y ork; G eo. T yson , Boston;
A t present the com pany is running to a fairly full capacity and the orders
J. R . M ulvane, Topeka; rh os. B ost, M edicine Lodge, K an.; .1. B. Braith- on hand should warrant the expectation o f continuing a com paratively
w aito, Frederick Hurdle, I . D . T u ck ott, Lord M on son , London; C lifford
full production for a considerable period.
H lsted, Kansas C ity , M o.
B A L A N C E S H E E T S E P T . 1915 A N D
1914.
General O ffice, 10th St. and B altim ore A v o ., Kansas C ity , M o .
S e p t . 25’ 15. Sep/.26T4.
S e p t . 25’ 15. S e p t. 26’ 14
R a ilro a d F orm in g P art o f T h e K a n sa s C ity A lexico & O r ie n t S ystem .
L ia b ilit ie s —
S
S
A ssets—
$
3
Preferred stock__ 2,000,000 2,000,000
Kansas C ity M exico & Orient R y . C o. o f Toxas. Inc. July 5 1899 in Real estate, ma­
chinery, A c___ 8,755,945 8,673,073 Common stock__ 3,900,000 3,900,000
Texas as tho Panhandle & G u lf R y . Charter amended M arch 3 1900 and
present name then adopted.
Red River, T e x ., to M exican Merchandise........ 1,875,026 1,736,217 Bonded debt____ 4,713,000 4,713,000
Notes payable___ 1,690,000
995,880
boundary, about 545 miles. Com pleted as o f June 30 1915, R ed R iver, Notes and accounts
receivable........ 1,482,014 1,226,860 Accts. payable__
207,763
153,871
T e x ., to Alpino, T e x ., 464.62 miles. Capital stock, $1,000,000; all owned
10,000
10,000
564,275 Reserve for insur.
b y Individuals for tho benefit and account o f T ho Kansas C ity M exico & Cash____________ 1,097,676
709,173
902,493
do depreciat’ n 498,020
498,020
Orient R R . C o. T h o com pany has Issued $4,810,000 bonds covering 369 Investments____
14,162
10,922 Profit and loss___ 1,174,495
947,907
miles o f line In Texas, extending southwardly from Rod R iver through a Suspense account.
259,282
104,838
portion o f tho Stato o f Texas. T h e entire amount Is held in tho treasury Renewal account.
o f T ho Kansas c i t y M exico & Orient R R . Incom o account and balanco
T o ta l................ 14,193,278 13,218 678
T o ta l_________14,193,278 13,218,678
sheet are included in foregoing report o f accounts o f T ho Kansas C ity
FRASER
— V . 99, p . 1595.
M exico & Orient Railroad System .— V . 101, p . 1628, 1553.

Digitized for


L ia b ilitie s (T o ta l,

Projected:

1713

N e w Y o r k D o c k C o ., B r o o k ly n , N . Y .

(14 th Annu al Report■— Year ended June 30 1915.)
Pres. W m . E . H alm , N . Y . , Oct. 26, wrote in substance:
T ho increase o f $361,904 in tho gross earnings was nearly all m ade in the
last ha lf o f the year, and is due to a considerable oxtent to tho crowded
condition o f tho P ort o f New Y ork on account o f the European war. The
principal items com prising tho increased expenses o f $177,863 are: L abor,
$72,068, owing to the greater am ount o f business handled: ropairs to ware­
houses, $20,979, and repairs to piers, $45,541, charging o f f m any deferred
items accum ulated in recent years, $25,909..
T he am ount written o f f for depreciation has increased $82,269, and the
cash in the depreciation fund now amounts to $86,479. Tho loan o f
$295,000 has been repaid and your com pany is now free from floating debt.
T ho railway shows a loss o f $12,986 m ore than tho previous year, but
you r m anagem ent has now succeeded in getting rid o f somo o f tho m ore
unprofitable business and tho results for tho com ing year will bo more
satisfactory. The I.-S . C . Comm ission has decided against your applica­
tion to com pel tho trunk lines to increase tho proportion o f rates allowed
this com pany.
P r o p e r t y . — A sprinkler system is being installed in tho warehouses in tho
M cC orm ick section at a cost o f $31,000: assurances having been obtained
o f sufficient storage business under the reduced insurance rates to warrant
m aking this im provem ent. T ho policy o f heavy expenditures on the piors
and warehouses will be continued until thoy are placed in first-class condition.
O u t l o o k — Owing to tho disturbed world-w ide conditions, it is d ifficult to
make predictions for tho com ing year, but it would appear at present that
the net results will be m ore satisfactory than for somo years past.
[As to recent agreement with P. S. Commission providing for water­
front im provem ents, see V . 101, p. 1632.— Ed.J
IN C O M E

ACCO U N T

FOR

E a r n in g s —
1914-15.
W arehouses..................... $1,283,227
D ocks......... ......................
710,780
Other i n c o m e .. .............
91,227

YEARS

E N D IN G

1913-14.
$1,011,727
625,643
85,960

$2,085,234 $1,723,330
E xp . warehouses & docks
S678.221
$578,199
Repairs & m aint.
d o ...
168,838
97,419
50,494
44,661
In s u ra n c e .........................
Legal expen se..
5,824
5,236

JU N E

1912-13.
$1,012,944
558,601
76,714

30.
1911-12.
$979,087
572,125
85,990

$1,648,259 $1,637,202
*$564,558
*$522,538
96,183
72,700
41,972
43,919
5,201
7,134

T otal expenses............
$903,377
$725,514
N et earnings------------------- $1,181,857
$997,816
N ot earns, railroad dept.
dof51,054 def38,068

*$707,914
*$940,345
2,452

*$646,290
*$990,912
10,260

T otal incom o__________ $1,130,803
Taxes . ..............
$392,482
502,000
B ond interest..............
Interest on loans____
11,515

$959,748
$369,645
501,048
15,967

*$942,797 *$1,001,172
$371,175
$384,355
476,415
472,000
*
*

T otal d eductions____
$905,997
Balance, surplus..............
$224,806
______
Preferred dividends____
R a i l r o a d D e p t .—
E a r n in g s ..........................
$390,147
N et, after expenses------ def$51.054

$886,660
$73,088
______

*$847,590
$95,207
____ __

D e d u ct—

$400,195
def$38,068

*$856,355
$144,817
(1)100,000

$367,941
$331,212
sur$2,452 sur$10,260

♦Comparison with years 1914-15 and 1913-14 is slightly inaccurate.
Railroad expenses for 1915 and 1914 include $21,707 and $25,668, re­
spectively, for depreciation, an item not charged out in earlier years.
B A L A N C E S H E E T J U N E 30.
1915.
1914.
1915.
1914.
$
L ia b ilit ie s —
S
8
S
Property, &c___ a30,627,762 30,710,073 Common stock__ 7,000,000 7,000,000
Depreciation fund.
86,479
26,630 Preferred stock__ 10 ,000,000 10 ,000,000
N.Y.Clty corp.stk
5,000
5,000 First mtgo. bonds. 12,550,000 12,550,000
Cash____________
87,683
273,912 Accounts payable.
35,824
8,731
Loans on mdse__
22,900
11,967 Accrued bond Int.
209,167
209,167
Accts. receivable.
201,104 Loans payable___
467,801
295,000
Claims, & c ______
14,572
23,253 Vouch .& pay-rolls
98,370
127,762
Acer, earnings, net
68,536
77,905 Taxes p ayablo__
23,186
Materials & supp.
61,893 Freight due R R s..
40,666
26,437
28,458
Taxes prepaid___
711 Sundry accounts..
5,951
12,511
Insur., &c., unexp.
160,743 Reserve................
70,394
1)53,121
22,041
Surplus................ c l , 489,730 1,359,521
A ssets—

Total ................ 31,491,792 31,613,191

T o ta l_________ 31,491,792 31,613,191

a Property, & c., includos in 1915 real estate, wharves, warehouses, & c.;
$29,567,525: terminal railroad, $714,400: floating equipm ent, $337,067:
machinery and tools, $114,544, and im provem ents and bottormonts, $48,­
073; total, $30,781,609; less roservo for depreciation, $153,847; balance,
$30,627,762. b Includes reservo for cost o f delivering merchandise from
store, $33,026; and for claims, $20,095. c Aftor deducting depreciation,
$50,000. and sundry adjustments (not), $44.591.— V . 101. d . 1632.

B r o w n S h o e C o m p a n y , I n c .,

S t.

31.
1914.
1915.
S
L ia b ilit ie s —
8
648,813 Preferred stock__ 3 .9 0 0 .0 0 0
585,065 Common stock__ 6,000,000
143,028 Notes payable___ 2 .0 8 0 .0 0 0
Accounts payablo.
3 0 1 ,60 6
4,966,365 Empioyees’ &c.,
104,744
personal acc’ts.
62,7 53
292,619 Employces’ sav’gs
2,801,650
fund__________
79,9 46
4,571,282 Reserve for taxes.
10,000
30,981 Surplus............ .
X442.502

B A L A N C E S H E E T OCTOBER

Real est.,bldgs.,&c
Machln’y & equip.
Lasts....................
Trade names,good­
will, & c ............ 4,966,365
Investments........
184,976
Cash...............
242,980
Accts. receivable- 2,733,471
Inventories______ 3,362,472
Prepaid exp., &C-.
15,654

T o ta l................ 12,876,807 14,144,547

1914.
•S
3.900.000
6 ,000,000
3.289.000
242,984
140,059
87,325
10,000
475,179

T o ta l................ 12,876,807 14,144,547

x After adding §100,000 special surplus from redemption of pref. stock.— V. 101,
p. 1630.

A m e r ic a n T y p o F o u n d e r s C o ., N e w Y o r k .

(23d An n u al Report— Fiscal Year ended A u g . 31 1915.)
President Robert W . Nelson, Oct. 28, wrote in substance:
R e s u l t s . — In the last annual roport it was statod that during the first
m onth o f the war tho business o f tho com pany was affected very little, but
that tho second m onth showed a larger reduction in business. Following
that, for a few m onths there was quite a decreaso in sales. W ith tho war
growing in severity, business in m ost lines was necessarily reduced, and the
printing industry suffered correspondingly. Ilow ovor, our business began
to im prove last summer and has shown a steady im provem ent since. W hile
som o industries are still below norm al, it is generally believed that this
cou ntry is entering upon an era o f unusual business expansion, in which
your com p any will participate.
g g A d d i t i o n s . — Tho com pany has purchased a largo numbor o f machines and
producing special tools for tho m anufacture o f tho K elly T w o-R ovolu tion
Job Press, which we havo developed during tho past threo yoars, and for
which wo now havo a demand largely in oxcoss o f tho capacity to m anufac­
ture. The sales o f this pross will bo a sourco o f very iioeral revenue.
P r e f e r r e d S t o c k . — N o effort has been mado to sell tho $639,400 o f author­
FRASER

Digitized for


RESULTS

FOR

YEARS

Balanco for year, surplus_____ $25,206
BALAN C E

1915.
A ssets—
5
P la n t .................. 4,961,321
Mdse. & raw mta’l 2,674,476
Accts. receivable689,124
Notes receivable.532,886
Cash.____ ______
423,775
Cash to purch.bds.
______
Stocks and bonds.
713,326
Miscellaneous____
233,016

SH EET

1914.
$
4,884,427
2,858,166
725,219
627,503
531,801
1,050
710,868
205,203

T o ta l........ ....... 10,227,924 10,544,237
— V . 99, p . 1364.

A U G U S T 31.
1913-14.
1912-13. 1911-12.
$357,428 $352,498 $333,531
$160,000 $160,000 $160,000
163,972
141,653
140,000

E N D IN G

1914-15.
N et earnings.....................................$350,448
Com m on dividend ( 4 % ) ............-.$ 1 6 0 ,0 0 0
Preferred dividond ( 7 % ) ............- 165,242

$33,456
AU G U ST

$50,845

$33,531

31.

1915.
L ia b ilit ie s —
S
Capitalstock.com. 4,000,000
Capital stock,pref. 2,360,600
Debenture bonds. 1,696,000
Accounts payablo.
171,062
Notes payable___ 1,115,000
Scrip.................
11,956
Surplus ................
873,306

1914.
S
4,000,000
2,360,600
1,748,000
164,139
1,362,500
60,897
848,101

T o ta l................ 10,227,924 10,544,237

GENERAL INVESTMENT NEWS
R A IL R O A D S ,

IN C L U D IN G

E L E C T R IC

ROADS.

A m e r ic a n R a ilw a y s C o . (o f N . J .) , P h ila d e lp h ia .—
Offer of Par fo r the 86,713,150 Common Stock Payable in Col­
lateral Trust Bonds o f National Properties.— The National

Properties C o. lias mado an offor to purchaso all of the
$6,713,150 outstanding common stock at par, $50 per sliaro,
paying therefor in its collateral trust bonds (par value not
less than $100), provided tho holders of not loss than 7 5 %
of said common stock shall assont and doposit their certifi­
cates ondorsed in blank with tho Continontal-Equitable
Title & Trust C o ., Philadelphia, prior to 3 p. m . N o v . 30.
An advorstisoment on anotlior pago shows:
T h o bonds will bear date Jan. 1 1916, bo payablo 30 years after date, but
redeemable on or after Jan. 1 1921 at 102 'A and in t., .and boar interest
at the rate o f 4 % fo r tho first tw o years, A f t % for tho next two years and
5 % thereafter until m aturity or redem ption, with a provision for an in­
crease up to 6 % , but no m ore, b y making tho interest rate equal tho rate
o f dividend up to that percentage paid or declared by tho N ational Prop­
erties C o. in any year on its com m on stock. T h ey will bo secured b y tho
doposit and pledge o f all o f the com m on capital stock o f tho American Rail­
ways C o . which m ay bo acquired under tho offer, together with additional
com m on capital stock o f that com pany o f tho par valuo o f $2,560,000,
against which no bonds will bo Issued.
All depositors o f stock will bo entitled to receivo tho dividond upon tho
com m on capital stock now declared and payablo D ec. 15 1915, whether
the agreement o f purchaso becom es operative or not.
In the judgm ent o f tho directors or your com pany, this offor is an ad­
vantageous one and should bo accepted. Under tho offer, if accepted, tho
holder o f our com m on stock will receive a fixed obligation for tho par valuo
o f his stock, bearing a rate o f interest equal to tho dividends now paid
upon the stock and increasing progressively as abovo set forth. F or tho
paym ent o f this obligation the N ational Properties C o . is liable, and as
security therefor tho stockholders will havo a lion on their prosent stock,
plus the $2,560,000 additional com m on stock [which tho American Railways
Is going to issue along with $1,500,000 o f its new pref. stock in cxchango
for the entire $4,060,000 capital stock o f tho W ilm ington & Philadelphia
Traction C o ., as stated in V . 101, p. 14641.
In case their offer is accepted, tho N ational Properties C o . agrees to
purchase, for cash, at p a r, $100 a sharo, a further 5,000 shares o f prof,
stock o f tho American Railways C o ., should our stockholders not oxerciso
their rights to subscribe, and your com pany itself will thus bo strengthened
b y tho receipt o f $500,000 in cash. Y ou r com pany will bo further strength­
ened b y tho acquisition by tho American Railways C o. o f Ilclawaro o f the
stock o f tho W ilm ington & Philadelphia Traction C o ., which has a presont
earning capacity sufficient to pay tho dividond o f 7 % upon tho $2,000,000
new pref. stock which Is to bo issued b y tho American Railw ays C o ., and
leave a substantial balanco applicable to dividends upon our now com m on
stock, thus enhancing tho security o f tho bonds. Seo also V . 101, p . 1464.

A r k a n s a s & M e m p h is R a ilw a y B r id g e & T e r m in a l C o .
— Guaranteed Notes— Progress o f Construction .—
A t la n t i c C o a s t L in e R R .— N ew Director — Report .—

1914-15.
1913-14.
1914-15.
1913-14.
$
s
S
$
Net sales............... 10,764,328 10,744,467 Repairs, patterns,
Sundry income__
21,803
3,653
&c., charged off.
36,126
...........
-------------------------------- Pref. dlvs. (7 % ).. *273,000 *278,250
Total Incom e...10,786,131 10,748,120 Common dlvs............... ......... *(3)180,000
Interest.............
146,642
161,013
Total deduc'ns.10,818,809 10,710,481
Oper. expenses,&C.10,232,405 9,914,478
.
Bal.t sur. or def_def32,678 sur37,639
Depreciation........
130,636
176,740
♦Deducted by company from profit and loss acc’t, but shown here for simplicity.
1915.
3
691,657
548,753
130,479

ized prof, stock because the outstanding pref. stock is still soiling at less
than its real value. It is belioved that during tho com ing year tho market
for such securities will bo advanced, in which ovent an offoring o f tho
balance o f tho authorized issue o f prof, stock at par m ay bo m ado.

See C h. R . I. & P . R y . under “ R e p o rts" abov o.— V . 101, p . 1188.

L o u is , M o.

{Report for Fiscal Year ending Oct. 31 1915.)

A ssets—

[Vol. 101

THE CHRONICLE

P . It. Albright has been elected General M anager, succeeding W . N .
R oyall, and A lexander Hamilton has been mado a momber o f tho oxecutivo
com m ittee, increasing this body to threo members. Seo roport o f com pany
for year 1914-15 under “ Annual R op orts" in this issuo.— V . 100, p . 1916,

B a r c e lo n a T r a c t io n , L ig h t & P o w e r C o .— Coupons .—
In accordance with tho resolutions passed at tho m eeting o f tho 5 % 1st
M . 50-year bondholders, hold on Juno 8 1915, coupons N os. 6 and 7, in
respect o f the half-yearly interest duo D oc. I 1914 and Juno 1 1915, respec­
tively, on these bonds m ay bo lodgod on and aftor N o v . 8 i915 at tho offices
o f tho com pany, 19 M anning A rcado, T oron to, or 34 Bishopsgato, L ondon ,
to bo exchanged for interim certificates in rospoct o f tho 5 % 10-year notes
to bo issuod in discharge tlicroof. Special arrangomonts aro being m ado to
m eet tho convonionco o f holders o f bonds in Franco. Seo V . 100, p . 1830.
— V . 101. p . 129.

B o s t o n E le v a te d R y . C o . — Bonds Sold.— A syndicato
headed by R . L . D ay & C o . has sold the ontiro now issuo of
$3,286,000 gold 5 % bonds of 1912, duo Doc. 1 1942, which
they offered at 97 and int., to yiold 5 .2 0 % . A circular shows:
A legal investment for M ass, savings banks. Interest payablo J. & D .
in gold coin at Old C olony Trust C o. Denom . c*$ l,0 0 0 ; r*$ l,0 0 0 , $5,000,
$ 10 ,0 0 0 and $50,000.
Capitalization: Stock, par valuo, $23,879,400; promiums received from
sale o f stock. $2,707,428; total stock capitalization, $26,586,828; total bonds
(including present issuo), 826,586,000; total, $53,172,828- This does not
include tho capitalization o f tho West End St. R y . or any o f tho other leased
lines. T ho W est End St. R y- has outstanding $19,845,150 stock and
$19,410,000 bonds.
E a r n in g s f o r
Y ear
E n d in g
June
30 1915.
Gross earnings__________$17,886,5491 Interest on elevated bonds i/$963,619
N et earns., after ta x e s-- 5,524,790 Interest on unfunded debt
86,166
Rentals ________________ z 3 ,150,786
, Sur. for res'vos & d ivs.z$l,324,219
x There will be a decreaso o f $1,430,323 in rentals (Including Interest and
dividends o f loased lines) in 1922 and thereafter, owing to tho West End
St. R y. merger, y Int. on this new issuo will bo $164,300 additional annually.
Incorporated in 1894. Owns or controls all tho street car lines o f Boston
— surface, elovated and subway— com prising 520 miles o f track. A t pres­
ent only 60 miles aro owned, but in 1922 tho W est End St. R y ., owning
420 miles o f track, will autom atically merge with tho elovated. which will
leave but 40 miles under leaso. Under this arrangement tho West End
stock will bo exchanged for pref. stock o f tho elovated railway. As guaran­
teed dividends aro now being paid on tho West End stock, tho merger will
d o away with a present annual fixed chargo o f $1,430,323. T his merger
has been approved by tho Legislature and by tho stockholders o f both cos.
Serves a population o f well over 1,000.000, its lines connecting with tho
populous suburbs o f Cam bridge, Somorvillo, Brookline, M alden, M ed ford ,
A rlington, Belm ont, Everett and Ohelsoa. Its m onopoly o f all threo types
o f lines— subway and elevated, as well as surfaeo— allows m any important

THE CHRONICLE

Nov. 20 1915.]

economies. Beside the guaranteed dividends on W est End stock, dividends
havo been paid on Boston Elevated stock as follows: 1898, 2 '/ i % ; 1899,
5 M % ; 1900, 4 ' A % \ 1901, 5 M % : 1902 to 1913, 6 % ; 1914, 5 % , and 1915,
5 fu % .
Compare V . 101, p. 1369.

C h ica g o R o c k Isla n d & P a c ific R y .— Annual Re-port—
Receivers' Certificates— Car Trusts— Unpaid Charges— Worth­
less Securities Charged Off— Profit and Loss Surplus of $ 8 ,7 3 3 ,­
8 1 2 Changed to Deficit of $ 1 2 ,5 3 0 ,9 6 3 .— Seo “ R o p o rts.”
Expert's Report—Needs of System—Estimated Earnings .—
J . W . K endrick lias m ado a report to the receiver which in­
dicates that an oxpondituro of $ 3 5 ,0 0 0 ,0 0 0 , spread over a
period o f fivo years, will be required to effect a thorough re­
habilitation of tho system . T h e full am ou n t o f the savings
or economies suggested will n ot bo realized until tho last
year, that is, tho year onding Juno 2 0 19 21 .
T ho m ajor
part of tho capital expenditures should bo m ad o, ho says,
during tho first throo years, or up to Juno 3 0 1919, and the
m onoy so required is estim ated to bo $ 2 7 ,0 0 0 ,0 0 0 , divided
am ong tho various accounts as follows:
30 1919, $27,204,000.
Track motor cars___________ $170,000
Bridges.......... ...........................
280,000
Track elevation and grade
separation.............
3,392,000
Fences........ ............................
309,000
275,000
Telegraph and telephone........
Signals......................................
291,000
Miscellaneous .......................... 2,487,000

E s tim a te d C a p ita l E x p e n d it u r e s f o r T h r e e Y e a r s to J u n e

Grade revision, new lines, sid­
ings and second track______$0,008,000
New freight locomotives____ 1,000,000
Improv’ts to cars and engines. 3,442,000
Rails.........................
750,000
Ballast and bank widening__ 3,587,000
Tie plates__________________ 3,000,000
Yards and terminals_________ 2,207,000

A n official statem ent says in substanco:
It is believed that this amount o f m oney, judiciously oxpondod, will result
in putting tho R ock Island in good physical condition, and b y tho oxerciso
o f close supervision, it is estimated that the net annual saving in operating
expenses for tho fiscal year ending Juno 30 1919 will am ount to about
$5,050,000. Four thousand freight cars havo been purchased b y tho re­
ceiver, and b y tho expenditures rocommonded in connection with equipment
roinforcom cnt and botterm ont, somo 5,000 additional freight cars will bo
put into serviceable condition and will result in an estimated reduction in
Eire o f equipment charges amounting to $700,000 por annum. B y the can­
cellation and m odification o f certain leases tliero should bo also a reduction
in rentals amounting to $319,000. The expenditures will causo an increaso
in interest on funded and unfunded debt in 1919 ovor 1915 o f $1,588,000.

A p p lyin g these estim ates to tho year onding Juno 3 0 19 19 ,
and assum ing th at tho gross operating rovonuo increases at
tho samo rate it has during tho past fivo yoars, tho incom e
account for tho year onding Juno 3 0 1919, it is pointod o u t,
will bo as shown in the following table.
D u rin g 1920 ancl
1921 $ 4 ,0 0 0 ,0 0 0 , it is stated , should bo expondod annually
for additions and betterm ents, and b y tho end o f tho fiscal
year 1921 it is bolioved all of tho estim atod economies should
bo realized.
On this basis tho operating ratio for 1921, it
is th ou gh t, should bo 6 4 .1 % and tho incom e account for
th at year as indicated.
E s t i m a t e d I n c o m e A c c o u n t f o r Y e a r 1918-19 A f t e r E x p e n d i t u r e c f $27,204,000,
a n d f o r Y e a r 1920-21 A f t e r E x p e n d i t u r e o f a n A d d i t i o n a l $8,000,000.
Y r s .e n d . J u n e 3 0 —

1918-19.
1920-21.
Y r s .e n d .J u n e 3 0 1918-19.
1920-21.
$
$
D e d u ct—
S
$
Railway oper. rev.74,550,000 70,350,000 Hire of equip. D r.
556,000
556,000
Opcr. expenses__ 50,918,000 48,940,000 Rent other equip.
453,000
453,000
Operating ratio__
(68.3%)
(64.1%) Joint facilities, Ac. 1,304,000 1,304,000
332,000
332,000
Net revenue____ 23,632,000 27,410,000 Rent leased roads.
Taxes & uncoil.rev 3,986,000 4,280,000 Int. on funded and
unfunded debt.13,724,000 14,124,000
Total R y. in c.. 19,646,000 23,124,000 Other charges___
342,000
342,000
Other Income___ 1,368,000 1,368,000
Total deduct’ns. 16,711,000 17,111,000
Total Incom e...21,014,000 24,492,000 Balance of Income. 4,303,000 7,381,000
— V . 101, p. 1552, 1464.

C in c in n a ti N o rth e rn R R .— Equipment Trusts Offered.—
K o a n , T a ylo r & C o . arc offering a t prices to yield 4 .9 0 %
for avorago m atu rity $ 4 3 0 ,0 0 0 E qu ipm en t T ru st 5 % gold ctfs.
Principal and interest unconditionally guaranteed b y endorsem ent b y tlio
Cincinnati N orthern U R . (N . Y . Control system ). D ated Sept. 1 1915 and
duo in ten annual installments o f $43,000 each, from Sept. 1 1916 to Sept. 1
1925 incl. Dividends payablo M . & 8. in N . Y . or Phila. Freo o f Penn.
Stato tax. Denom . $1,000 c* . These $430,000 outstanding certificates
(part o f $500,000 authorized) are issued by tho Com m ercial Trust C o .,
trustee, against 500 now box cars o f 80,000 lbs. capacity, with steel under­
frames, constructed according to tho standard specifications o f tho N . Y .
Central Lines, for a cost price o f $482,000, o f which $52,000 (over 10% )
was paid in cash, and tho balance in those certificates. T itle to this equipmont is vested in tlio trustee until all o f tho certificates are retired. T he
railroad leases tho equipment until Sept. 1 1925, upon a rental sufficient
to pay tho principal o f tho certificates and semi-annual dividends thereon,
and is required to maintain the equipment and replace any destroyed.
T ho railroad is officially reported to havo $4,072,000 worth o f physical prop­
erty. It lias only $ 1 ,000,000 bonds outstanding at tho low rate o f $4,847
per m ile, and this is tho only Issuo o f equipment obligations. N o floating
debt. Com pany is controlled (and operated) b y C lov. C ln. Chic. & St. I..
R y . C o. o f tho N . Y . Central system , through ownership o f $1,707,400 o f
$3,000,000 outstanding stock.— V. 101, p. 773.

C ities Service C o., N. Y . — 7 % Notes.— Ilo n ry L . D o ­
herty & C o ., N . Y . , havo issued a circular, rocommonding at
101 and in t. F iv e -Y e a r 7 % C onvertible C ou pon gold notes
dated M a y 15 1913 and duo M a y 15 19 18 , b u t callable a t
102 and convertible into prof, stock a t par. A u th orized ,
$ 1 0 ,0 0 0 ,0 0 0 ; outstanding, $ 7 ,0 0 0 ,0 0 0 .
A circular shows:
C a p it a liz a t io n o f C i t i e s S e r v ic e C o . ( H o ld in g C o .) .A u t h o r i z e d .

O u ts ta n d in g .

Five-year 7 % C onvertible Coupon gold notos..........$10,000,000 $7,000,000
Preferred stock, 0 % cum ulative................................. 40,000,000 26,168,426
Com m on stock .................................................................. 25,000.000 14,718,380
E a r n i n g s o f C i t i e s S e r v i c e C o . ( H o l d i n g C o . ) Y e a r e n d i n g S e p t . 30 1915.
Gross earnings................... $ 4 ,1 2 1 , 6 2 2 1Net earnings.......................... $3,962,051
Expenses...............................
159,5711Interest on n o t e s .............
490,000
Tlio aggregate gross revenues o f tlio subsidiary properties, it is stated,
aro at tho rate o f m ore than $20,800,000 per annum.
John O. M itchell, President o f the Denver National Bank, has been elect­
ed a director, succeeding tho lato Dennis Sullivan.— V. 101, p . 1627, 1188.

C leve. C in c in n a ti C h ic a g o & St. L. R y .— Bonds Sold.

The N ew Y ork Central R R . C o. has sold through J. P . M org n & C o.
$4,161,000 General I'irst M . bonds to bear intcrost at 5 % . These bonds
havo b; on held in the tnasu ry o f the N ew Y ork Central, and wore originally
iss ed b y tlie O. C . C . & St. Louis to refund underlying bonds maturing
Jun j 1 1914.— V . 101, I>. 1552.

C lev ela n d & Y o u n g s to w n

(E le ctric) R R .— Amend—

A t tho city election on N ov . 4 tlio ordinance passed on N ov . 30, granting
tlio com pany tho rights necessary for tlio establishment o f a freight terminal
and downtow n passenger station, was passed by a vote o f 62,875 to 23,644.
— V . 97, p. 1732.

C olu m b u s D elaw are & M arion R y .— Decision.—
Judgo E . D . Kinkead o f tho Franklin C ounty C om m on Pleas C ourt at
Colum bus, O ., on N ov . 11 handed down a decision holding that this com ­




1713

pany is not liable for its guaranty o f the principal and interest o f the
$500,001 bonds issued in 1905 b y the old Colum bus M arion & Bucyrus
R a i l w a y , on which there is due for principal and overdue interest $598,146.
Judgo Kinkead held that Pros. J. G . W ebb had no right to bind the
Colum bus Delaware & M arion, such a proceeding being inimical to public
p olicy, and m oreover, “ it would be useless to allow the claim, even if it were
legal, for the defendant com pany is hopelessly insolvent." Com pare
V . 94, p. 1488; V . 101, p. 1013. T h o C . M . & B . R y . was in 1913 re­
organized as the C ol. M arion & Bucyrus R R . per plan in V . 96, p. 1488,
1839.— V . 101, p. 1013, 129.

C olu m b u s M arion & B u cy ru s R a ilw a y . — Decision.—

See Colum bus Delaware & M arion R y . abov e.— V . 101, p . 1013.

Essex T erm in a l R a ilw a y . — Mortgage Filed.—
A m ortgago dated July 2 1912, m ade b y tho com pany to N ational Trust
C o ., L td ., as trustee, was filed a t Ottaw a on N o v . 10 1915.
Incorporated in M a y 1902 and owns and operates a 12-mile belt line for
freight tra ffic betw een W indsor, W alkervillo, Sandwich, & c., O n t.,co n ­
necting the Grand T ru nk R y ., C an. P a c., Pore M a r q ., M ich . Cent, and
AVabash. A t last accounts had outstanding $300,000 stock and $360,000
1st M . bonds. F or the yoar onding June 30 1914 its gross earnings
were $52,379; net, $18,079. P res., A . L . C olby; S ec., J. II . C oburn,
W alkerville. Ont.

H ilo R R .— Plan .— T h e bondholders’ agreem ent, dated a t
H on olu lu , Sept. 4 19 15 , under which a t last advices 9 0 %
of all tho bonds had been deposited w ith the H aw aiian T ru st
C o ., L t d ., as depositary, provides in substance:
In case the com m ittee shall purchase the property they m ay incorporate
a now com pany under the laws o f the Territory o f Hawaii with a capital
o f such an am ount as the com m ittee shall think fit, to take over the p roperty,
paying therefor—
(a) With its 1st M . 5 % b o n d s o f an issue o f such am ount as the com m ittee
shall determine, but not exceeding $2,500,000.
(b) AVith its 7 % paid up and non-assessable f i r s t p e f e r r e d s l o c k . C l a s s A ,
entitled to cum ulatlvo dividends and preferred as to assets and dividends.
T otal issue to be fixed b y the com m ittee, in its absolute discretion, but n ot
to exceed 50.% o f the par value o f all o f the bonds deposited with the de­
positary, and also the full am ount o f tho interest on the said bonds so de­
posited from tho date up to which interest has been paid thereon to the date
when the said pref. stock is issued.
(c) AVith its 6 % non-cum . s e c o n d p r e f e r r e d s t o c k . C l a s s B, o f an issue
limited to such am ount as tho com m ittee shall determ ine, but not to exceed
the total amount o f the unsecured debts with interest thereon at the rate'of
6 % per annum, up to O ct. 1 1915, plus the par value o f the outstanding
pref. stock. Such stock m ay be issued either paid up or assessable or partly
paid and as to the balance assessable as the com m ittee shall in their absolute
discretion think proper.
(d) AVith its c o m m o n s t o c k o f an issue not exceeding $400,000, and either
paid up or assessable or partly paid and as to the balance assessable, as
the com m ittee shall in its absolute discretion think proper.
P rop osed E xch a n g e—
N e w 5% B o n d s . 7% P r e f. S l k .A .
Bonds o f 1901, principal_________________ 60 per cent
42 per cent
Bonds o f 1909, principal_________________ - 50 per cent
50 per cent
F or interest on Doth issues________________ _____________
100 per cent
T ho 6 % pref. stock o f the new com pany, if any, m ay be divided among
the unsecured creditors and holders o f tho present outstanding preferred
stock on such terms as the com m ittee shall think proper. The new com m on
stock m ay be divided among such o f the holders o f tho present com m on
stock on such terms as the com m ittee in its absolute discretion thinks proper.
Bondholders’ protective com m ittee: A . AV. T . B ottom ley, A . N . C am p­
bell, J. R . G alt, A . Lewis J r., E . I. Spalding, John AVaterhouse and E . H .
AVodchouse. C om pare annual report, & c., in V . 101, p. 1626. 1628

H u d s o n & M a n h a tta n R R . —
v e y F isk & Sons say:

Improving Traffic.'— H ar­

In com m on with the other traction com panies, the road is reporting su b ­
stantial increases in tho amount o f passengers carried. This im provem ent
began in tho latter part o f September and becam e quite pronounced in
O ctober. The number o f passengers carried in O ctober was 5,287.429, an
increase o f about 2 2 0 ,0 0 j, or 4.4 8 % over the previou s year. In the first
half o f N ovem ber the com pany carried 2,614.706 passengers, an increase o f
over 265,000, or 11.3 % . In N ovem ber tho im provem ent is shown in both
the up-town and dow n-tow n business, while in October it was chiefly in
the down-tow n business. AVith two exceptions, where the traffic was
substantially the same as last year, every station showed an i ncrease in
business for the current m onth.— V . 101, p. 923, 846.

I n te r n a tio n a l T r a c tio n C o., B u ffa lo , N. Y .— Exchange
of Pref. Stock for New Preferred—Over 8 5 % Already Exchanged.
— M o r e than 8 5 % of tlio $ 5 ,0 0 0 ,0 0 0 4 % cum ulative pref.
stock, (including all accrued and unpaid dividends thereon),
having been exchanged, share for share, for the neAv 7 %
cum ulative first prof, stock, tho com p any offers to the
holders o f tho remainder of the 4 % preferred the privilege
o f like exchange a t the com p an y’s office, 15 Exchange P L ,
Jersey C ity , a t a ny tim e prior to J an . 1 19 16 . A n a d v . says:
T ho 7 % cum ulative first pref. stock (total issue, S5,000,000) will bear
cum ulative divide- ds at tho rate o f 7 % per annum from N ov. 15 1915. All
holders o f tlio 4 % cum . pref. stock aro advised to m ake this exchange, as it
is con fiden tly believed that the earnings o f tho com pany will lie sufficient
to justify tho paym ent o f tho full dividends on its proposed issue o f 7 %
cum . first pref. stock. Compare V . 101, p . 527, 1465.

K an sas C ity T erm in a l R y . — Notes.— Refinancing.— T h e
com pany has sold to Leo, H igginson & C o ., J . P . M o rga n &
C o . and tho Illinois T ru st & Savdngs B a n k , Avho have re­
sold to investors a t par, an issue of $ 5 ,0 0 0 ,0 0 0 4 % % 3-y ear
notes to provide for tho retirement of £ 1 ,0 0 0 ,0 0 0 3-y ear 5 %
notes, duo July 15 1916, Avhich havo been called for p aym ent
at 101 and in t. on Jan. 1 5 19 16 , a t office of H igginson &
C o ., in L o n d on .
T he new notes are dated N o v . 15 1915 and due N o v . 15 1918, but callable
as a whole only at 101 and int. on any int. date. Int. payable M . & N . in
N . Y ., Boston and C hicago. Coupon notes o f $1,000 each, payable without
deduction on account o f incom e or other taxes. Trustees, Illinois Trust &
Sav. Bank, C hicago, and Samuel AV. M oore. Secured b y deposit o f $ 6 ,­
667,000 Kansas C ity Term inal R y . 1st M . 4 % gold bonds, which have a
present market value o f approxim ately $6,000,000.
Capitalization: Kansas C ity Belt R y . 1st 6s, July 1916, $2,500,000;
1st M . 4 % gold bonds, 1960, $33,094,000; 3-year 4 H % secured gold notes,
1918, (this issue). $5 X00,000: secured 4 M % notes, 1916, $2,000,000;
capital stock, $1,200,000.— V . 101, p . 1628.

M a h o n in g & S h en a n g o R y. & L t. C o .— Sale of Bonds.—
L ee, H igginson & C o ., D rexel & C o ., R eilly , Brock & C o .
and G raham & C o . have sold (see a d v . on another page) the
initial issuo o f $ 7 ,0 0 0 ,0 0 0 First & C onsol. M tg e . 5-year 5 %
gold bonds dated N o v . 19 15 , Avhich they recently offered at
9 7 % and in t., yielding about 5 % % .
In t. payable M . & N .
T a x-ex em p t in P enn. Principal due N o v . 1 1920, but call­
able as a Avhole, b u t n ot in p art, a t 101 and in t. on 6 0 d a ys’
notico.
D en o m . c * $ 1 ,0 0 0 and $5 0 0 ; r * $ 1 ,0 0 0 .
T rustee,
G uaranty T rust C o . o f N oav Y o rk .

Digest of Statement by Pres. R. P. Stevens Nov. 16 1915.

O r g a n i z a t i o n . — Incorporated in 1905 in Pennsylvania, and owns, or con­
trols through ownership o f tho entire capital stock o f its subsidiary com ­
panies, a com prehensive system o f electric street railway and interurban
railway lines and a large electric-light and power system , serving the
territory in or adjacent to Y oungstow n, O ., N ow Castle, P a., and Sharon,
I’ a .. containing a population o f about 233,000,

THE CHRONICLE

1714

T he ontiro outstanding capital stock is owned b y tho R epublic R y . &
Light C o ., which com pany, through its own securities, has financed a con­
siderable part o f the cost o f construction and equipment o f tho system ,
thus adding m aterially to the equity behind theso bonds. On com pletion
o f present financing said stock will bo tho sole prop orty o f the R epublic
R y . & Light C o. (see that com pany beiow ), as against which it will have
outstanding the follow ing, having a present m arket valuo o f about $7,900,­
000, v iz.: Three-year 5% notes due D ec. 1 1918, $3,000,000; prof, stock,
0 % cu m ., $5,191,400; com m on stock, $6,206,000.
A p p r o x im a te

C a p ita liz a tio n

a fte r

Issu e

of

T h ese

B on d s.

Theso 1st & cons. M . 5 s .. $7,000,0001Proferred 7 % stock ______ $3,000,000
Divisional underlying 5 s ._ 5,361,0001 Com m on stock ___________ 10,628.300
D e s c r i p t i o n o f B o n d s . — A uth. issue, $20,000,000, dated N o v . 1 1915, duo
N o v . 1 1920, o f which $7,000,000 now sold, $5,361,000 are reserved sololy
to rotiro underlying bonds, par for par, and the remaining $7,629,000 for
8 0% o f tho cost o f future additions, extensions or im provem ents, but only
when annual not earnings are 1M tim es ail charges o f the system equal or
superior in lien to interest on these bonds, including bonds to be issued, but
excluding bonds in sinking funds o f divisional m ortgages. B oth principal
and interest payable in U. S. gold coin o f porsent standard, w ithout deduc­
tion for taxes. C om pany intends to p ay tho normal Federal incom e tax
and also tho Penn. State tax on these ponds. T ho subsidiaries can create
no further securities or indebtedness unless'! pledged under this m ortgago.
Sinking funds am ounting to about $115,000 In 1916 and increasing, will
acquire, or retire, abou t $621,000 underlying bonds boforo N o v . 1920,
against which nono o f these bonds can bo issued.
P u r p o s e o f I s s u e . — T he proceeds o f these bonds will bo used to retire
$4,844,000 First C onsol. Ref. M tge. B onds, which mature Jan. 1 1916, and
in addition will pay a part o f tho cost o f now construction, additions and
im provem ents during the last few years, including the main power plant
o f tho system constructed in 1913. T his financing will give ahe com pany
com plete ownership o f all properties in tho systom (subject to bonds below)',
and will leave it free o f floating debt and with sufficient working capital
for its present business.
S e c u r i t y f o r T h e s e B o n d s . — (1) A first m ortgage on (a), modern 20,000
h . p . power plant at Lowollvillo, O ., put in service in 1913; now being in­
creased to 40,000 h. p .; certain high-tension transmission lines, & c., for­
m erly owned by R opubllc Construction C o .; (6) form er W heatland (Pa.)
S t. R y . C o.; (c) all outstanding securities o f Pennsylvania Power C o.,
owning an electric-light and power plant in E liw ood C ity , P a .; (rf) ontiro
capital stocks o f Penn. & M ahoning Valley R y . C o.; M ahoning Valley S. E.
R y . C o ., Y oungstow n Park & Falls St. R y . C o. and Poland St. R y . C o.
(2) A lien, subject to $5,361,000 divisional bonds, on all other properties
and securities o f tho present system ow nod. (3) AH properties, & c., here­
after acquired b y use o f bonds o f this issue.
T ho system om bracos about 170 miles o f olectric street and intorurban
railways (40 miles private right o f w a y ), 4 electric-light and powor plants,
present ca p a city abou t 40,000 h. p ., which will bo increased to about
60,000 h. p . b y M arch 1916; also artificial gas plant in Y oungstow n.
C a l e n d a r Y e a r s ( T w o M o n t h s o f 1915 E s t i m a t e d ) .
1906.
1908.
1910.
1912.
1914.
1915.
$1,670,088 $1,747,927 $2,251,482 $2,655,601 $3,001,460 Est.83,108,000
N ot earnings applicable to interest charges, $ l,1 8 7 ,4 6 i____E s t . l l ,279,000
T otal present annual interest charges, including this issue______
$618,050
T e r r i t o r y S e r v e d . — C overs about 300 sq. miles, em bracing an important
iron and steel district m idw ay botweon Pittsburgh and Cleveland, with a
population o f 202,917 (1910), as com pared with 123,224 in 1900, an increase
o f 6 4 % , and an estim ated population o f 233,000 in 1915.— V . 99, p. 1673.
G ross E a rn in g s fo r

M aine C en tra l R R . — New Bonds.— T h o now 1st M . 2 0 year 4 lA % bon d s, o f which $ 7 ,0 0 0 ,0 0 0 , along w ith $ 3 ,0 0 0 ,0 0 0
5 % cu m . prof, stock, having boon underwritten b y a syndicato
headed’ b y K id d er, P eabod y & C o ., were recently offered at
par to tho stockholders for purchase or exchange for stock,
are authoritatively described as follow s;
A first m ortgage on about 320 miles o f road, including tho lino running
from Portland to B angor, and a second m ortgago on about 88 miles. The
M aine Central also owns tho stock o f tho Portland Term inal C o ., and this
stock is pledged under the m ortgage, so that tho control o f tho entrance
to Portland is assured.
D ated D ec. 1 1915; run for 20 years and aro callable at 60 days’ notice
on D ec. 1 1918, or on any interest date thereafter at 102 and int. Donom .
(a) c*$ 1,000; l b ) r* $ l,0 0 0 , $5,000, $10,000 and $50,000. C oupon and
registered bonds aro interchangeable.
T otal issue limited to $25,000,000; $6,000,000 aro reserved to retiro
$6,000,000 notes o f 1919, which now rank equally with theso m ortgage
bonds; $17,000,000 aro reserved to retire othor underlying bonds; $5,300,000
m ay bo issued for any lawful purpose, and tho remaining $5,000,000 m ay be
issued only for improvem ents when the earnings aro equal t o
times
all interest chargos, including tho bonds to bo issued.
Since 1884 tho com pany has paid dividends averaging 6 34 % on stock o u t­
standing, and never less than 6 % . T ho presont dividend rate is 6 % and
tho am ount o f stock outstanding is about $18,COO,000.

Pref. Stock Offered.— A group of E astern banking houses is
offering a t 102 and d iv ., yielding abou t 4 . 9 % , a part o f tho
now issuo of $ 3 ,0 0 0 ,0 0 0 5 % cum ulative pref. stock.
D iv i­
dends Q . - M ., accruing from D o c . 1 1915.
T a x-ex em p t in
M a in o and a legal investm ent for savings banks in M a in e
and N e w H am p shire. T ho bankers say:
This stock is preferred over tho common stock as to assets and cumulative
dividends, but has no voting power. After tho issuo o f this stock there will
bo outstanding about $ 1 4 ,907 ,000 common stock, now receiving 6 % divi­
dends and having a present market valuo o f about $101 per share, or
$ 1 5,056 ,070 . The company has paid continuous dividends on its common
stock during the last 32 years, at rates nover lesi than 6 % (averaging about
during tho entiro period), and in addition has accumulated an un­
divided surplus (June 30 1915) of $ 3 ,9 7 4 ,2 2 9 .

(>H%

Y e a r e n d i n g J u n e 30 1915 a n d P r e s e n t I n t e r e s t C h a r g e s .
[Com puted from tho annual report. Com pare V . 101, p. 1090.]
R ailw ay oper. revenues.$11,350,423 Interest, rentals, & c____ $1,749,980
N on-operating in com e..
xS06,578 Sinking, & c., funds_____
40,051
Interest on now 4 lA %
T o t a l............................... $12,157,001
bonds_________________
315,000
N et, after exp., tax ., &c_x$3,368,060
Balance applicable to divs. (aft. deduct’g approx, pres’t chgs. x$ l,2 0 3 ,0 29
Annual dividends on this preferred stock require________________
$150,000
E a r n in g s f o r

xlncludes $383,000 dividends received on M aino Railways C om ­
panies’ capital stock.
Offering bankers.— Merrill Trust C o ., B angor, M o.; E stabrook & C o .,
B oston; M aynard S. Bird & C o ., Portland and R ockland, M o.; Fidelity
Trust C o ., Portland, M o.; K idder, Peabody & C o ., Boston; Charles il.
Gilm an & C o ., Portland, M e.; Lee, Iligginson & C o ., B oston. See V. 101,
p . 1628, 1465, 1090.

M ich ig a n C en tra l R R . —Equipment Bonds.—

[Vol . 101.

D a t a F u r n ish e d b y P re s id e n t S am uel In s u ll C h ica go^ J u ly 15 1915.
C a p i t a l i z a t i o n a s o f J u n e 30 1915.
A u th o r iz ed .

O u ls ta n d ’g A

A u th o r iz ed .

O u ts ta n d 'g .

Pref. s t o c k ..$12,000,000 $9,971,800 3-yr. 6% notcs$3,500,000 $3,500,000
C om . s t o c k .. 12,000,000 8,496,300|Theso b o n d s ..* 2 ,000,000 1,000,000
♦Total authorization restricted to 75% o f capital stock at any tim o out.
C o n s o lid a te d O p e r a tin g S ta te m e n t o f th e V a r io u s S u b s id ia r y C o m p a n ie s N o w
O w n e d o r C o n t r o l l e d f o r t h e 12 M o n t h s e n d i n g A p r i l 30 1915.

Gross earnings o f subsidiary com panies__________________________ $7,634,745
Operating oxpenses o f subsidiary com panies_____________________ 4,877,016
N et earnings o f subsidiary com panies____________________ . . . $ 2 , 757,729
W e s t U t i l . C o . f o r Y e a r e n d . A p r . 30 1915— I n t . C h a r g e s .
T otal incom o (incl. securs. rocoiv. fr. subsids., val. at $ 3 3 ,95 6 ).$ 1 ,5 28 ,855
332,251
T otal expenses, including miscellaneous interest charges________

E arn s, o f M id .

B a la n ce ________________________________________________________$1,196,604
Annual int. chargos on 3-year collateral gold notos____ S210.000
Annual int. charges on $2,000,000 collateral gold bonds 120,000
T otal present annual interest charge__________________________ $330,000
In addition to tho above oarnings actually received b y tho com pany, its
proportion o f the surplus carried in the aggregate surplus accounts o f tho
subsidiary com panies on their ow n books am ounted to $78,504 for tho
fiscal year (V . 100, p. 2006).
Based on tho market prices o f to-d ay , tho outstanding preferred and com ­
m on stocks o f tho com p any aro worth approxim ately $10,000,000.—
V . 101, p. 923, 532.

M in n ea p olis & S t . L ou is R R .— Equipment Trusts.—
E . H . R ollins & Sons, in a circular regarding tho $ 4 0 0 ,0 0 0
new equipm ent trust 0 % cortificatos, say in substance:
Issued b y tho Penn. C o . for Insurance on Lives & Granting Annuities,
P hila., trustee. Guarantood as to principal and dividend by endorsement
b y the railroad com pany. Authorized and outstanding, $400,000. D ated
N o v . 1 i9 I 5 . Duo $40,000 annually oacli N o v . 1 from 1916 to 1925 incl.,
but subject to call at any dividend date on 30 d ays’ notico at 102H • Semi­
annual dividends M . & N . in Phila. D on om . $1,000 (c). Roprcsont
85% o f tho cost o f 500 40-ft. standard 8 0 ,000-lbs. capacity stoel uiulorfram e box cars, costing $470,090. Prico (“ and interest” ): 1916 m aturity,
101.45, to yield \ A % \ 1917, 101.41, to yield 5 H % \ 1918, 101.71 (5 M % );
1919, 101.77 (5 H % ) ; 1920, 101.72 (5 .6 0 % ); 1921, 101.89 ( 5 ^ % ) . and
1922, 101.42, 1923, 101.59, 1924, 101.74, and 1925, 101.88, to yiold 5 % % .
— V. 101, p . 1629.

M ississippi C en tra l R R .— New Fiscal Agents.—
C allaw ay, Fish & C o ., 37 W all S t., N . Y ., liavo beon appointed fiscal
agents o f tho com pany for tho paym ent o f tho coupons on tho 1st M . 5%
bonds duo 1949 and tho registration as to principal o f tho samo securities.
— V . 99, p . 1052.

M issou ri P a c ific R a ilw a y — Discussion as to Plan.— T ho
objections of E d w in G ould to tho plan published on N o v . 15:
Referring to tho proposed plan o f reorganization (V . 101, p. 130,1553
p . 0000), wherein tho holders o f First and R efunding 5% bonds duo 1959
and o f 40-Year G old Loan 4 % bonds, duo 1945, aro requested to oxchango
their bonds for preferred stock o f the new com pany, Edwin Goulcl, who him­
self holds bonds o f both o f theso issues, regards these provisions as proju­
dicial to tho best interests o f tho holders o f tho bonds. Ho is not willing
to deposit his own bonds, or that tho largo holdings o f tho G ould Estate,
which represent upward o f 23% o f tho First and Refunding 5 % bonds and
upward o f 8 % o f tho 40-Year G old Loan 4 % bonds, should be deposited
tinder tho plan unless somo material m odification is m ade, whereby tho
holders o f tho bonds in question shall rcceivo (in lieu o f their preferred stock
offered) a lien on tho property prior to (or at least on an equality with) any
now m ortgage to bo given to the stockholders for m oney advanced to pay
assessments. M r. G ould is also strongly o f tho opinion that tho plan In
its present form , providing as it does that the present stockholders shall
rcceivo new R ef. bonds for their assessment, gives them unduo preference.
R e p ly N ov. 16 b y A le x a n d e r J . H em p h ill. C h a irm a n o f C o m m itte e
R e p re s e n tin g M o. R ac. 5% F irst it R e f. B o n d s.
A s pointed out in tho plan, tho prosont d ifficulty with tho com pany is
that its m ortgago debt and fixed charges are entirely too largo for its earn­
ings. For tho year ended Juno 30 1915, tho reported earnings o f the sys­
tem fell short o f its total fixed charges b y approxim ately $1,250,000. A fter
m aking full allowance for the hoped-for im provem ent in earnings, tho sys­
tem cannot be placed in a sound financial position w ithout a very radical
reduction in fixed charges. M anifestly, this can bo accom plished only b y
converting the 5% First & R efunding bonds and tho 4 % G old bonds into
preferred stock or incom o bonds. T ho need o f a new security which will
bo saleablo is especially urgent. Inasmuch as provision must bo m ado for
$79,308,000 obligations which mature within tho noxt 5 'A years. It must
bo manifest that these results would bo defeated and tho present bankruptcy
continued indefinitely by tho adoption o f M r. Goulds suggestion.
I f M r. G ould or anyone else will point out a way b y which fixed charges
can bo reduced except by converting bonds into pref. stock or incom e bonds,
and how $42,000,000 o f imm ediately-needed now m oney can bo raised ex­
cept b y placing for at loast part thereof a m ortgago ahead o f tho junior
securities, wo shall bo very glad to consider it.
F u r th e r S ta te m e n t on N ov. 16 b y E d w in G o u ld .
I d o not think that tho earnings o f tho year ended last Juno should bo
taken as a criterion on which to form a basis for tho re-organization. T hat
year was one o f extreme business depression, duo to tho outbreak o f tho
European war. I believe that wo aro on tho throshhold o f an era o f groat
prosperity in this country. T his cannot fail to affect In somo measure tho
railroad properties, and among them tho M o ., I’ac. system.
It was only a few years ago that I paid 90 for m y Missouri P acific 5%
First and Refunding bonds. T ho strongest financial interests in this
country brought out tho bonds and advised tholr purchaso after having
em ployed tho best expert opinion procurable to investigate tho conditions
and needs o f tho property. I cannot reconcile tho conditions under which
I purchased m y securities w ith tho proposed treatm ent under tho plan.
[George J. G ou ld is stated to hold similar view s.]— V. 101, p . 1629, 1559.

M u sca tin e & Io w a C ity R y ., M u sca tin e, l a .— New Com­

pany— Lease.—
■ 'T h is com pany, incorporated in Iow a on O ct. 26 1915 with $400,000 au­
thorized capital stock ($300,000 o f which is 6 % p re f.), has loasod for 50
years from Jan. 1916 tho M ontezum a branch o f the Chicago Rock Island &
P acific, running from M uscatine, la ., to M ontezum a, 87 miles, with
branches to Iowa C ity and W hatclioer, aggregating 14 miles, it is pro­
posed later to oporato tho lino with electric power for both freight and pas­
senger service, but for the timo being steam power will be usod. Trackago
rights over the lino o f tho Iowa Railway & L igh t C o. will afford entranco
into Iowa C ity. A. D. Bowen o f M uscatine is President; S. W . M ercer and
F . O B lock. Vice-Presidents; \V. R . Jayno, Sec.; E. L . M cC o lm , Troas.
O ffice, Hershey Bldg. M uscatino.

N a tio n a l P rop erties C o .— Offer for Common Stock of
American Railways— New Collateral Bonds.—

J.
P. M organ & C o. have arranged to purchaso from tho com pany an See Am orican Railways C o . a bov o.— V . 101, p. 1473.
Issue o f equipment bonds which wilt supply the necessary funds to purchaso
now equipment necessary to adequately handle tho largo bulk o f business
N ew O rlean s Texa3 & M exico R R .— Sold.— T h is former
now being done b y tho road — V . 101, p ..4 8 .
subsidiary o f tho S t. Louis & San Francisco system was bid

M iddle W est U tilities C o. —Bonds Offered.— T h o Illinois
T ru st & Savings B a n k , liussoll, Brow ster & C o . and M c C o y
& C o ., C hicago, aro offering tho remaindor of a prosont au­
thorized issuo o f $ 2 ,0 0 0 ,0 0 0 G % 10-year collateral gold bonds
dated Jan . 1 1915 a t 9 4 .8 0 to not over 6 % % .

These bonds aro secured b y pledge o f 100% In m ortgago bonds o f sub­
sidiary com panies ownod entirely or controlled by tho M iddlo W est com ­
p a n y. T he bonds are limited to 75% o f the outstanding capital stock o
the com pany. See full description in V . 100, p. 733, 2006.
A largo part o f this $2,000,000 issuo had already beon placed b y tho threo
firms just m entioned and b y W . I’ . B onbright & C o. and A . II. Bickm oro
& C o . o f N ew York (seo V . 100, p. 733, 642).




in a t foreclosure sale in N ow Orloans on N o v . 15 for $ 6 ,­
0 0 0 ,0 0 0 b y W a lter F . T a y lo r , v presenting tho bondholders’
com m ittee, tho only bidder.
T h e plan o f reorganization was outlined in V . 101, p. 774, 1093. A for­
mal protest against tho reorganization plan was filed at the sale b y Julos
Sim on o f M ilw aukee, w ho said ho owned $50,000 o f the road s bonds— V . 101, p. 1273.

N. Y . N ew H aven & H a rtfo rd R R .— Equipment Bonds.
T he com any lias arranged witli J. I’ . M organ & C o. for tho salo o f an
issue o f equipment bonds to provide funds for tho purchase f equipment
which is necessary to handle ho volum e o f business which tho com pany
is now d oing.— V . 101. p . 1629, 1465.

1715

THE CHRONICLE

Nov. 20 1915.]

P e n n s y lv a n ia C o m p a n y .— Profit on Cambria Stock It
is estm ated on tho street in Philadelphia th at this
has realized a profit of between $ 1 5 ,5 0 0 ,0 0 0 and $ 1 0 ,0 0 0 ,0 0 0 ,
or abou t 1 5 0 % , b y selling its C am bria nloel C o . holdings.
T h is estim ate we understand to be reasonably coirect.
“ Philadelphia N ow s B ureau” N o v . 13 said:
T ho Pennsylvania owned 450.082 share* o f Cam bria stock, which It
acquired some years ago when tho steel com pany underwent a change o f
m anagem ent at a price understood to have been $24 per share or a total
Of ^in s n i 068
The stock has l)cen disposed o f recently in threo differ­
ent wavs ’ W illiam H . C onner bought 112,520 shares, or one-quarter o f
the holdings, under his option o f $50 per share, netting the Pennsylvania
ir, non non
It is not known definitely how m any shares J. Leonard
ltenlogie has just purchased, but it m ay bo estim ated at 243,000. T ho
nrico which M r. Replogle paid also has not been officially announced, but
on tho basis o f $60 per share the Pennsylvania would receivo $14,580,000.
T his leaves about 94,500 shares to be accounted for, which tho Pennsyl­
vania sold recently in tho open m arket, it is understood, at fr o m 75 down
to 62: at an average o f $67 they would yield $6,331,500. Tho total amount
realized would thus bo $26,537,500, an excess over tho original cost figures
o f $15,735,532. See Cam bria Steel below and V . 101, p. 1629.

P e o r ia R a ilw a y T e r m in a l C o .—

Coupons Purchased.—

Seo O h. R . I . & P . lty . undor “ R ep orts" a b o v e — V . 96, p . 654.

R a t e s . —Missouri Commission Sanctions 2 }f>-Cenl Fares:
Also Freight Readjustment Equaling 5 % Increase. A press

Further particulars regarding the plan follow :

6

T h e option is reserved to the purchase syndicate (which will provide th
cash requirements under the p la n ), instead o f delivering $50 o f Prior Lien
5 % bonds to retain the bonds and to credit the sum o f $42 50 on account
o f the $50 paym ent (being at the rate o f 85% flat for the bonds). I f the
bonds are so retained b y the syndicate, the net paym ents to be made b y
old stockholders who deposit under tho plan will be $7 50 per share o f old
stock, o f which $5 has to be paid at tho time o f deposit, and the old first
pref. stock will then receive $125 o f new com m on stock trust certificates,
and the old second pref. stock will receive $105 o f new com m on stock trust
certificates; the old com m on stock will receive $85 in new com m on stock
trust certificates.
.
. .
. ,, ,.
E ffect is given to tho above arrangement b y requiring stockholders,
upon depositing their stock under tho plan, to pay the sum o f $5 per share
o f old stock. The deposit o f their stock and the paym ent o f the $5 gives
them the option at the end o f 18 m onths either to forfeit the deposited stock
and the $5 he has paid, or to secure his interest in the reorganization through
the paym ent either o f $45 additional, or, if the syndicate elects to retain
the Prior Lien bonds at 85, through the paym ent o f only $2 50 additional.
Provision is made so that stockholders who d o not desire to part with their
Prior Lien bonds can secure tho bonds b y paying the $50 in full, in which
case they will receive fully paid subscription certificates entitling them to
the delivery o f the Prior Lien bonds and stock on the term ination o f the
loan to bo made b y the loan syndicate as provided in the plan', and in the
meantime ho will collect the coupons on tho Prior Lien bonds. _

T lie reorganization managers will bo J . & W . Seligm an &
C o . and Speyer & C o .— V . 1 0 1 , p . 1 6 29 , 1554.

S ea b oa rd

Approved.—

A ir L in e

R y . — Merger and New Mortgage

T h e shareholders on N o v . 15 b y a v ote o f nearly
dispatch from Jefferson C ity , M o ., on N o v . 13 said:
8 0 % of the stock ratified the articles and agreem ents of
The M issouri P S. Commission to-day granted tho railroads o f Missouri
increases o f 5% in freight rates, and permission to ehargo a passonger faro merger between the Seaboard A ir Line and tho Carolina
o f 2 Lj Conts a m ilo on one-w ay tickets, 2M cents a mile on round-trip tickets A tlan tic & W e stern R y ., as well as the authorization o f a
and fixed a rato o f 2 cents a mile on mi eago books for 500 or 1,000 miles,
effective for 12 m onths from Jan. 1 191b. T he present passenger rato is m ortgage to be executed b y tho Carolina A tlan tic & W e stern
R y . to secure an authorized issue of $ 3 0 0 ,0 0 0 ,0 0 0 bon d s,
2 T h o Srailroads asked for incroaso in freight rates ranging from 5 % to
o n iw
T he Commission refused to allow the freight schedules submitted por plan in V . 10 1, p . 5 2 8 , 11 89 , 12 73 .
b v tho roads, but increased somo and reduced others resulting in a total
advanco o f all rates o f approxim ately 5 % .
I ho Commission also re­
adjusted tho grain rates by providing a lower rato on corn than applies on
wheat and also providing that tho rato on grain shall Include transit
arrangements, terminal allowances and tho usual absorption o f switching
charges resulting in an advanco on all grain tra ffic m oving undor now rates

° f Tim Commission finds that tho reduction in passonger ratos from 3 cents
a m ilo to 2 cents was not offset by increaso in tra ffic, as the follow ing lossos
in rovonuo from passenger tra ffic for 1914, as com pared to the year 1913,
indicates: St. Louis & San Fran., decrease $94,688; C h. Hurl. & Quincy,
docroaso $246,319; Chicago & A lton, decrease $28,355; M o . K an. & T o x .,
docroaso 860,555; M o . Pac. and Iron M ountain, decrease $186,078; C h.
It. I. & P a c.. decrease S101.737.— V . 101, p . 1629, 1465.

R e p u b lic R a ilw a y & L ig h t C o .— Refinancing.— A syn­
dicate com posed of Leo, Iligginson & C o ., Droxol & C o . and
R eilly , B rock & C o . has purchased from tho com p any an
issuo of $ 7 ,0 0 0 ,0 0 0 5-year bonds of M ah on in g & Shonango
R y . & Ligh t C o . (seo that com p an y a b o v e ), and R eilly,
B rock & C o . havo purchased an issuo of $ 3 ,0 0 0 ,0 0 0 3-year
notes o f R epublic R y . & L igh t C o .
T h e proceeds o f tho sale o f theso securities w ill bo u cd to pay o ff tho
$3,000,000 5% notes o f R epublic R y . & Light C o ., maturing Jan. 1 1916,
and the $ 1,844,000 M ahoning & Shenango R y . & Light C o. First C on oildated Refunding M ortgage 5 % bonds also m aturing Jan. 1 1916, to pay
o ff all floating d ebt o f R epublic R y . & Light C o. and M ahoning & Shenango
R y . & Light and their subsidiaries, and to furnish funds for construction
requirements well into 1916.— V . i0 0, p . 2007.

S t . L o u is & S a n F r a n c is c o R y .— Plan.— Substantially
tho follow ing official sum m ary of the proposed plan was
givon out yestorday:
T h e reorganized com p an y will take ovor all tho m ileage of
tho old com pany (including tho K an sas C ity F o rt Scott &
M o m p h is lease), w ith tho exception o f tho N ow Orleans
T exas & M o x ic o system and tho Chicago & Eastorn 111. systom .
S e c u r it ie s to b e I s s u e d
P r i o r L i e n M o r t g a g e G o l d B o n d s , in

by

th e

N ew

C om pany.

tw o senes, A and B , ranking
equally under tho m ortgage, and differing only as to rato
o f interest and redem pt on price, viz.:
Scries A 4 % bonds, due 1950; redeemable at par and in t
$93,398,500
Series B 5 % bonds, duo 1950: redeemable at 105 and in t
25,000,000
C u m u l a t i v e A d j u s t m e n t M o r t g a g e 6 % G o l d B o n d s , red. at par&Int. 40,547,818
C o n v e r t i b l e I n c o m e A I t g e . 5 % G o l d B o n d s (non -cum .), red. at par 38,661,200
S i x P e r C e n t P r e f e r r e d S l o c k . ................................................................
7 ,0 0 0 ,000
C o m m o n S t o c k .................... ........................................................................ 53,000,000

Undor tho plan offors will bo m ado to refund all underlying
bonds on the miloage o f tho now com p an y , oxcept tho fol­
lowing bonds (for tho retirement a t m atu rity o f tho last
two itoms prior lien bonds will bo reserved):
T h ese

B onds

A lo n e

N ot

O ffe red

T erm s

of

E xch a n ge.

Kansas C ity Fort Scott & M em phis R y. S y s t e m .........................$54,813,670
St. Louis & San Fran. 5 % and 6 % Gen. M . bonds o f 1931____ 9,484,000
St. L. & S. F. E quip. T r. Obiig'ns m aturing after July 1 1917- 5,306,000

T h o torms of oxchango offered somo leading issuos of tho
S t. Louis & San Francisco follow :
(a) T o H o l d e r s o f 4 % R e f u n d i n g B o n d s .
75% o f tho par in new prior lien 4 % bonds, bearing int. from July 1 1915:
25% in 6 % cum . adjustment m tgo. bonds, bearing cum ulative interest
from July 1 1915;
,,
,
Casli for overdue interest on tho old bonds maturing July 1 1914, Jan. 1 1915
and July 1 1915, with interest from datos o f m aturity to the dato set by
tho reorganization managers for paym ent o f overdue coupons.
(6) T o H o l d e r s o f G e n e r a l L i e n 15-20 - Y e a r 5 % B o n d s .
2 5% in now prior lien 4 % bonds, bearing interest from July 1 1915:
28 1-3% in 0 % Cum ulative Adjustm ent M ortgago bonds, bearing cum u­
lative interest from July l 1915;
55% in C onvertible 5 % N on-cum . Incom e M ortgage bonds, bearing noncum. Interest from July 1 1 9 1 5 ; and
Cash for overdue interest on the old bonds maturing M a y 1 1914 and
N ov . 1 1914, with interest from those dates to tho dtao sot by tho re­
organization managers for paym ent thereof. A djustm ent for tho other
overdue coupons is included in tho securities to bo delivered as above.

Holders of tho old stock o f tho sovoral classos will bo per­
m itted to participate in the reorganization upon paym ent of
$ 5 0 por sharo o f old stock.
For each $ 5 0 so paid per share
of old stock they will receivo tho follow ing, b u t soo option
below , which m ay reduce tho not cash p aym en t to $7 50
por sharo of old stock and do aw ay with tho allotm ent of
Prior Lien 5s to stockholders except thoso who desire to
p ay par therefor:
As to 1st ( $50
P rof. Stock\$125
As to 2d
J $50
P rof. S tock \$ 105
A s t o C o m -f $50
m oil Stock\ $85

Prior Lien 5% bonds (or casli at 85 in lieu thereof);
new com m on stock trust certificates.
Prior Lion 5 % bonds (or cash at 85 in liou tlioroof);
new com m on stock trust certificates.
Prior Lion 5 % bonds (or cash at 85 in lieu thereof);
now com m on stock trust certificates.




As a preliminary to the foregoing, a certificate o f consolidation o f th®
Carolina A tlantic & W estern and the Charleston & Southern H R . com panie3
was filed at Raleigh, N . C ., on Sept. 23, and now the Carolina A tlantic &
W estern changes its name to Seaboard A ir Lino R y . C o ., makes the new
S300,000,000 m ortgage and takes over the property o f tho old Seaboard
A ir Lino R y . C o .— V. 101. p . 1622, 1634.

V irg in ia R y. & P ow er C o. — New Director.—

W J. Parrish, General M gr. o f the R ichm ond Cedar W orks, has been
elected a director, increasing the board from 14 to 15 m em bers.— V . 101,
p . 1550, 1274..
L
l . ■ i-N
fe .fe E i--.trf

[ IN D U S T R IA L , GAS AN D M ISC E L LA NEOUS.
A e tn a E xplosives C o., I n c .— Sold—Equipment Trust.—
D om inick & D om inick have sold their block o f 7 % pref. stock .
An equipment trust agreement, entered into w ith tho A m er. Car & Foun­
dry C o. on O ct. 26, has been filed for record, covering an issue o f notes ag­
gregating about S100.000. Com pare V . 101, p . 1630.

A m erica n T e le p h o n e & T e le g ra p h C o .— Stock.—

See Western Electric C o . below .— V . 101, p. 1630, 1093.

A m erica n W in d o w G lass C o .— Option of Exchange.—

See American W indow Glass M achine C o. below .— V . 101, p . 1015.

A m erica n W in d o w G lass M a ch in e C o., P ittsb u rg h *
P a .— Initial Dividend—Option of Exchange.—
An initial dividend o f 7 % has been declared on the prof, stock (about
$6 600 000), payable N o v . 15 to holders o f record N o v . 19. Thero will
stiil remain, it is said, about 77% in back dividends on the pref. shares.
Com m on stock, about $12,600,000.
An officially revised statement says: T he com pany owns the U. S. patent
rights for glass-making m achinery. Dividends are cum ulative at 7 % , but
under the terms o f the licenso agreement tho stockholders o f the American
W indow Glass C o ., which uses the machines, were to receivo dividends in
full before any paym ent o f royalty was m ado to the m achine com pany.
In tw o years all preferred dividends on the W indow Glass C o .’s stock,
amounting to 8 7 A % . have been paid. It can now pay the m achine com ­
pany for the use o f its machines. This royalty amounts to a litlte over
$7,000,000, or about 100% on the machine com p any’s preferred stock.
N otice is given that the com pany has extended to Jan. 1 1916 the priv­
ilege to holders o f any o f tho outstanding com m on sharos o f the American
W indow Glass C o. to exchange said shares on the basis o f one-half share
o f tho full-paid pref. stock and one-half sharo o f the full-paid com m on stock
o f the M achino C o . T h e American W indow Glass M achine C o. now owns
m ore than 90% o f tho com m on stock o f tho American W indow Glass C o .,
whicli it acquired on tho foregoing terms, and holders o f the remainder
who wish to avail themselves o f this offer must present their certificates
properly assigned, to tUo Farmers’ Deposit N at. Hank o f Pittsburgh, tho
depository, before Jan. 1 1916. After Jan. 1 this privilege will cease.—
V . 100, p. 2087.

A m erica n W o o le n C o.— Plan Operative.— Time Extended.
— T h o plan for tho transfer o f tho com p an y ’ s charter from
N ow Jersey to M a ssachusetts has been declared operative,
the deposits a t 10 a . m . yesterday m orning including $ 1 4 ,­
1 2 9 ,8 0 0 of tho $ 2 0 ,0 0 0 ,0 0 0 com m on and $ 3 1 ,3 5 3 ,6 0 0 of the
$ 4 0 ,0 0 0 ,0 0 0 pref. stock.
Further deposits (see a d v . on
another page) will bo received to and including Jan. 1 5 1 9 1 6 .
C om pare V . 10 1, p . 5 2 9 , 6 9 5 , 1554.

A ssets R e a liz a tio n C o.— New President-Treasurer.—

E A . Potter has been elected President and Treasurer, succeeding
G . M . P . M u rp hy, who resigned these offices but will remain on the execu­
tive and creditors’ com m ittees.— V . 101, p . 1274, 450.

A tlas P ow d er C o., W ilm in g to n , D el.— Extra Dividend.

An extra dividend o f 3 H % has been declared on tho co m p a n y ’s com m on
stock in addition to the regular quarterly l ' A % . both payable D oc. 10 to
holders o f record N o v . 30, making 1 1 A % for the year.— V . 101, p . 09o, 215.

B a ttle Isla n d P a p er C o ., O sw ego, N. Y . — Sold.—
T he com p any’s sulphite plant at V olney, N . Y ., was bid in for $27,200
at receiver’s sale b y S. G ay Daley o f Syracuse, representing the bondholders
com m ittee. It is said that the plant, which has been idle for a year past,
cost over $350,000, and that the outstanding bonds aggregate about $400.­
000. George F. B oyer o f W atertown, N . Y ., also b id .— V . 74, p . <77.

B eth leh em S teel C o.— Fire Damage.— T ho north and
east w ings o f tho N o . 4 m achine shop , a four-story brick and
steel building, suffered from fire on N o v . 10 to the extent,
jt is said, o f about S I ,0 0 0 ,0 0 0 . V .-P r e s . A . D . M ix sell said:
N o . 4 m achine shop was equipped w ith part o f tho smaller m achine tools
used in ordnance w ork, and, while tho loss is serious, it will be our policyi
to rebuild at once. T ho shop norm ally em ploys abou t 1,500 m en, w h o wil
o f course bo used to advantage in other snops o f the plant.— V . 101, p.
1554, 1466.

B ra d en C op p er M ines C o.— Pending Deal.—

See K ennecott C opper C o . below .— V . 100, p . 2088.

C am bria S teel C o .— Purchase.— W o understand the fol­
lowing from the N e w Y o rk “ T im e s” o f N o v . 16 to be correct:
T h e C am bria Steel C o . stock , b ough t for $15,000,000 last week b y J.
Leonard R eplogle from the Pennsylvania C om p a n y , has passed into the
hands o f a group o f bankers, headed by E . T . Stotesbury o f Drexel & C o .,
tho Philadelphia banking firm , and A . W . M ellon and R . B . M ellon, the
dom inant factors in tho M ellon N ational Bank c f P ittsburgh. It is not

1716

THE CHRONICLE

im possible that a m erger o f steel com panies will develop with the Cambria
as the nucleus, but the new interests in control are n ot discussing this
phase o f the situation. M r . Stotesbury was in a position to know a great
deal abou t the C am bria, being a director. H e is also a director o f the
Pennsylvania Steel C o.
T h e 240,000 shares bough t b y M r . R eplogle d o n ot carry control o f the
C am bria, b u t this is b y no means all the Cam bria stock now owned by
M r . Stotesbury and his associates. T h ey have at least 300,000 shares
o f the total o f 900,000 outstanding, while the D onner holdings are esti­
m ated in quarters familiar w ith the deal at slightly m ore than 100,000.
T h e balance above 240,000 shares taken over b y the Philadelphia and Pitts­
burgh bankers has been picked up in the open m arket in the last m onth,
and a report was current in brokerage circles yesterday that th ey still were
adding to their holdings. See also Pennsylvania C om pany under “ Rail­
roads” above and V . 101 ,'p . 1629.

C a s c a d e C a n a l C o ., W a s h .—

Bonds Called.—

T h e com pany has called for paym ent D ec. 1 all o f its $75,000 series " B ”
bonds o f 1904 at office o f Bank o f Ellensburg, W ash.

C erro d e P a sc o C o p p e r C o r p o r a t io n .— Status.— ChasD. B arn ey & C o ., N . Y . and P liila ., report in substance:
A new corporation, chartered in N . Y . State, with a capital o f 1,000,000
sharps o f non-par value stock and $10,000,000 10-year C onvertible 6 %
bonds, convertible after N o v . 1 1917 Into the stock at $30 per sharo, i. o.,
each $1,000 bond is convertible into 33 1-3 shares o f stock, the corporation
retaining 333,334 shares for this purpose. The bonds can be called at
105 after tw o years, subject to the right o f holder to convert before paym ent
is m ado. T h o $10,000,000 bonds, together with 666,666 shares o f stock,
have been issued in paym ent to the original holders o f the properties ac­
quired b y tho corporation. Sinking fund for bonds, one-third o f the net
earnings after paying interest on tho bonds, with a minimum o f $1,500,000
per annum. The $10,000,000 bonds have been purchased b y J. P . M organ
& C o . (V . 101, p . 1467).
T h o mines aro located In Peru on the Andes M ountains, som e 14,000 feet
«P - 4 Pout 10 years ago J . B Haggin, D . O. M ills, Honry C . Frick,
J. P . M organ, F . W . Vanderbilt, II. M c K . T w om b ly, Estato o f Georgo
Hearst and W illiam D . Sloano undertook to develop tho property, building
a smelter, abou t 120 miles o f railroad and opening up the mines, sovcral
o f which carried copper, silver and gold. Fortunately, a fow miles away
valuablo coal doposits were secured, from which coko has boon m anufac­
tured for sm elting operations. Furthor to facilitate econom ical opera­
tions, a hydro-electric plant was recently com pleted at Oroya at a cost o f
abou t $2,000,000. T he control o f a group o f Important mines was also
acquired in tho M orococha district, about 100 miles distant from Cerro de
P asco, both sections benefiting b y the hydro-electric power. Although
tho com pany had been producing copper to the extent o f m any m illions o f
pounds, its real ability to produce in full quantities was attained only about
a year ago, just prior to the breaking out o f tho war. Tho outbreak o f war
resulted in reducing tho output o f all American copper com panios. The
increase in this com pany’s output was started early this year and for the
first six m onths o f 1915 tho production was about 23,750,000 lbs. Tho
com p a n y’s production is now at tho rate o f over 60,000,000 lbs. per annum,
and for O ctober 1915 totaled 6,250,000 lbs.
T h o not oarnings o f the com panies owned b y tho corporation for the year
1915 (partly estimated) will exceed $5,000,000. T ho values in silver and
gold which aro carried in tho ores m ako possible a very low production cost.
Taking into consideration these values, and tho profits o f tho railroad, tho
actual cost o f copper delivered and sold in N ew Y ork during 1915 has been
under 6M cents per pound, and this corporation is therefore ono o f tho lowest
cost producers in the world.
T ho oro is a direct-sm elting ore, not o f the p orphyry character, and as in
tho case o f all similar mines, tho ore developm ent is only kept abou t four
years ahead o f the consum ption b y the smolter. A bou t tills am ount o f
oro is now developed, and tho experience o f tho com pany has been that each
year s developm ent has exceeded the amount smelted. Various minos
owned b y the corporation control a great deal o f virgin territory, which has
n ot yet been explored. T ho ores that have been developed have assayed
from 4 % to 15% in copper. In addition to its own ores, tho com pany
smelts for others, and practically controls tho smelting industry o f Peru.
T ho now corporation starts with a net w orking capital o f over $4,000,000.
T ho interests connected with tho property have never been willing to havo
stock o f the com pany distributed to the public until the success o f it bocamo
a certainty, and tho fa ct o f the now incorporation and present distribution
is indication o f that situation having been reached. T ho now corporation
will bo handled as in tho past, b y L. T . Haggin as President and by an
executive com m ittee consisting o f M r. Haggin, E . H . Clark o f the Hoarst
Estate and J . H orace Harding o f Chas. D . Barney & C o. Seo V . 101. p. 1467.

B r i 'g e C o., S iou x C ity . — Deposit of
T h e com m ittee nam ed below urges th at tho 8 5 0 0 ,0 0 0
1st M . 2 0 -y ea r 5 % bonds defau lted a t m atu rity July 1 1 9 1 5
be deposited w ith the Central T ru st C o . o f 111., depository,
125 W e s t M o n ro e S t ., Chicago. See a d v . on another page.
C o m b in a tio n

Bonds.—

D epositors who shall n ot assent to any plan prepared or adopted b y the
com m itteo will be allowed 30 days in which to withdraw. I f tho com m ittee
shall fall to propose a plan on or before D ec. 31 1916, the depositors will
also bo entitled to receive back their securities upon paym ont o f their pro
rata sharo o f the expenses o f the com m ittee.
Securities m ay bo deposited on or before Jan. 31 1916.
C om m ittee: W illiam T . A b b o tt, Chairman, Vice-Pros. Central Trust
C o. o f 111., C hicago; John W . M orsbach, Sec. & Counsel, First N a t. Bank
B ldg. C hicago; F. J. Postel, Tresaurer, 343 So. Dearborn S t., C hicago;
H* C . D ana, Cashier First N at. B ank, Kowaneo, 111.; A . O. G ood in g , Pres.
First N at. B ank, R ochester, M in n ., and John W . Lovegood, Treas. Jersey
Shore Trust C o ., Jersey Shore, Pa. Tho bridge is used as a highway and
trolley bridge, but no longer b y any steam roads. Seo V . 101, p . 287, 530.

C o n s o lid a te d G as C o. o f N ew J ersey . — Offering of Bonds

of a Subsidiary of American Light & Traction Co.—

B odell &
C o ., Providence, aro offering a t 9 6 K and in t. $ 7 0 0 ,0 0 0 First
R e f. M . 5 % gold bond s, dated A p ril 1 1915 and duo A p ril 1
1 9 6 5 , b u t callable a t 110 and in t.
Interest payable A . & O .
a t B ankers T ru st C o ., N . Y . C ity , w ithout deduction for
norm al incom e tax .
D e n o m . $ 1 ,0 0 0 c * . A circular shows:
Incorporated in 1895, and has operated successfully for 20 years.
D oes
tho entire gas and electric-lighting business o f Long Branch and the gas
business o f A sbury Park, N . J ., and surrounding territory, serving an aver­
age population o f over 50,000. There is $1,000.000 capital stock outstand­
ing paying 8 % dividends, which is owned b y tho American Light & T ra c­
tion C o . Theso bonds and the rates charged for service havo been a eproved b y the P . U . Commission o f N . J.
Earns, for Year end. Sept. 30 1915 Showing Net Earns. Double Present Int.Chg.
Gross ea rn in g s.......................$390,1251 Interest, incl. present issue. $85,000
N e t, after taxes----------------- 170,2851Balance, surplus___________
85,285
Principal franchises unlimited as to tim e. Physical replacem ent valuo
o f property largely in excess o f bonded debt.
There aro $5,000,000 First R ef. M . 5 % bonds, due 1965. authorized,
o f which these $<00,000 havo been recently issued (a legal investment for
It. 1. savings banks), and $1,000,000 aro reserved to retire an Issue o f 5%
bonds duo 1936, and tho balance m ay be issued for extensions, & c.
T h e American Light & Traction C o ., which owns tho entlro capital stock,
is one o f the strongest public service corporations In this country; its com ­
m on stock sells for over $340 per sharo and has paid 20% dividends for a
number o f years.— V . 101, p . 1467.

C o n s o lid a te d W a ter Co. o f U tica , N. Y . — New Stock.—

[Vol. 101

tho accumulated surplus o f tho com pany Is sufficient in am ount to war­
rant the use o f $7,000 000 o f surplus for the purpose o f increasing e cap.ta
to that oxtent and that $1,000,000 o f additional capital hould bo secured
b y stockholders’ subscription.
Tho board o f directors o f this com pany has determined 'subject to action
b y the stockholders as required b y law and approval o f the Superintendent
o f Insurance) that tho capital o f this com pany shall bo increased from
$2,000,000 to $10,000,000 and that tho number o f shares shall bo changed
from 20,000 shares o f tho par valuo o f $100 each to 400,000 shares o f the
par valuo o f $25 each. It is intended that $7,000,000 par valuo o f the new
stock shall bo paid for out o f the surplus o f tho com pany and distributed
s a stock dividen , ayablo Jan. 10 1916, to stockhold rs o f rocord D oc. 23
1915.
t is also intended th it $1,000,000 par valuo o f tho now stock shall
bo offo ed to tiio tockholders o f record D oc. 23 1915, for subscription at par,
to the extent o f tw o shares o f now stock ($25 par value) for each sharo o f tho
present outstanding capital stock o f this com pany o f record D ec. 23 1915.
— V . 90, p . 629.

C ru cib le S teel C o.— New Director.—

E . L . French has be n elected a director to succeed H orace S. W ilkinson,
resigned.— V . 101, p . 1551, 1094.

C u b a n -A m erica n S u ga r C o.— Common Dividend.—

An initial quarterly dividend o f 2 U % has been declared on the $7,136,600
com m on stock, payablo Jan. 3 to holders o f record D e c. 1 5 . Com pare
V . 101, p . 616.

D o m in io n S teel F o u n d r y C o ., H a m ilto n , O n t.— Divs.
T he com pany paid on O ct. 30 to pref. shareholders o f rocord O ct. 23,
tho back dividends on the $720,000 p ref. stock am ounting to 1 4 % .
C om m on stock now outstanding, $1,000,000.

D over R o ck a w a y & P o r t Oram G as C o., N. J .— Sold.—

Edwin Hawloy Van W y ck o f P . W . B rooks & C o ., N . Y ., purchased the
com p a n y’s property at receiver’s salo on N o v . 8 for $110,000, tho am ount
duo on tho 1st m tge. being $110,271, tho 2d m tgo. bonds being unprovided
for. President E ly protested that the p roperty was worth $476,000.— V .
101, p. 696, 290.

(E. I.) d u P o n t do N em ours P o w d e r C o ., W ilm in g to n .
D el.— Notice to 4j/£% Bondholders— Option of Exchange Sub­

ject to Withdrawal Dec.

1 .— See advertisem ent on another
pago and comparo V . 10 1, p . 6 9 6 , 8 4 8 , 1 0 1 6 , 1 2 7 5 , 13 7 3 .

E astm an K o d a k C o. o f N ew J e rse y .— Extra Dividend.—

An extra dividend o f 1 2 ) 4 % has been declared on the $19,532,800 com ­
m on stock, payablo D e c. 15 to holdors o f rocord N o v . 30, m aking, with
provious extra distributions, v iz ., 10% in M a rch , 2 ) 4 % in A pril, 5 % in
Juno, 2 H % In July, 5 % in Septem ber, 2 ) 4 % i» O ct. and 10% In N o v ., a
total o f 5 0% in "extras declared or paid in 1915, along with tho regular
10% per annum. Com paro V . 101, p . 1276. 696.

E lk H o rn C oal C o r p o r a tio n . — Merger Plan.— A plan,
issued on N o v . 11, provides for the organization o f a com pany
w ith th isn am e [incorporated N o v . 19 in W e st V a .] to ta k e o v e r
tho properties and business o f the E lk H orn Fuel C o . and the
E lk H orn M in in g C orporation. T h o shareholders o f these
com panies will v ote on ratifying the plan N o v . 2 3 , and in
tho m eantim e to facilitate the mergor aro asked to deposit
their certificates, endorsed for cancellation w ith tho G uaranty
T ru st C o ., 140 B road w ay, N . Y .
T h o plan provides in subst.
N e w Co. — Capitalization, A u t h . & Presently Issuable.
A uth. Pres. Iss'le
10-year. s.f. 6% notes, red. any int. day at lQ5&lnt-$9,500,000 $4,500,000
6 % pref. stock in $50 shares (6 % and participating)
redeemable at 112 H % - ............................... - ............... 6 ,600,000 6,600,000
C om m on stock in $50 shares (6% and participating) .22,000,000 12.000,000
T ho pref. stock shall sharo equally with the com m on stock in all divi­
dends paid In any year after the com m on stock has received 6 % for such
year, and will be redeemable at 1 1 2 ) 4 % . A ny default continuing for one
year In the full 6 % dividends on the pref. stock will givo that stock tho sole
flKbt (if desired) to elect tho directors at tho next annual m eeting thereafter.
T h e notes will be secured b y m ortgage on the entire property. Sinking
fund, 2c. per ton o f all coal mined com m encing A pril 1 1916 (after April 1
1919, 3c. per t o n ), will purchase or call and retire the notes at not exceeding
105 and int. Interest is to be paid J. & D . free o f any tax in M aryland
and so far as m ay bo legal o f Income tax. T h o notes are to bo convertible
at the option o f holder Into com m on stock o f tho com pany at par.

N o te s — L im it a t io n

o f P ro p o s e d

Issu e.

$4,500,000 are to be presently Issued anil sold ($4,000,000 thereof to be
taken at onco and remaining $500,000 not later than A pr. 1 ’ 16).

(D T he new com pany will soil $4,500,000 o f its 10-year sinking fund gold
notes, which the ild e llt y Trust C o. o f Baltim ore aud M ercantile Trust &
D eposit C o. o f Baltimore have agreed to purchase.
(2) T he new com pany shall provido for the retirement o f sufficient o f the
pref. and com m on stock o f the Elk H orn Fuel C o . (V . 100, p. 1347) to make
the outstanding capitalization o f that com pany $6,000,000 o f preferred
anil $18,000,000 o f com m on stock. T h o now com pany shall then acquire
all tho properties and assets o f tho Fuol C o . subject to Its outstanding
$3,970,000 o f notes (duo M a y 1 1918), to bo assumed b y tho now c o n ?

and (b) 50% o f tho outstanding com m on in com m on stock o f tho new c o ’
(3)
It shall acquire tho entiro property o f the Elk Horn M ining C orooration in return for $1,500,000 o f pref. stock and $600,000 o f com m on stock
(subject to its outstanding $2,475,000 o f notes to bo paid b y the now com ­
pany and certain claims o f underwriters to be m et b y tho now com pany)
to be distributed as follows: T o holdors o f tho preferred stock $200
pref. stock o f tho new com pany for each $100 old prof.; to holdors o f the
com m on $32 com m on stock o f tho now com pany for each $100 old com m on.
rh o now com pany will securo tho conveyance o f tho properties o f the
Mineral Fuol C o ., subject to tho $1,200,000 5 % bonds o f that com pany
now outstanding, to be assumed b y tho now com pany, o f which $72o,000
will vest in tho treasury o f tho new com pany. (V . 96, p , 1427.)
O u ts ta n d in g O b lig a t io n s o f th e N e w C o m p a n y a f t e r A c q u i s i t i o n o f th e A b o c e ,
M e n tio n e d P r o p e r tie s .

E lk H orn Fuel notes (5-year convertible 5 % notes, due M a y 1
1918,
secured b y Consolidation Coal C o . stock) (V .101,p.731) $3,970,000
M ineral fu e l 5 % 30-year sinking fund gold bonds, duo M a y 1
1943 (in addition to $725,000 thereof In the treasury o f now co )
475,000
10-year sinking fimd 6 % notes......... ................... - .......... - ............... 4,500,000
Capital stock (6% pref., $6,600,000; com m on, $12 ,00 0 ,0 0 0z)--zl8 ,60 0 ,0 0 0
x Including $1,500,000 o f com m on stock, or so much thoreof as shall be
used in paying certain expenses o f and obligations Incurred In putting this
plan Into effect.
T he proceeds o f the $4,500,000 o f notes now to be sold will bo used to
pay tho obligations assumed by the now corporation (other than tho $3.­
970,000 o f notes o f Elk Horn Fuel C o . and the bonds o f tho M ineral Fuel
C o. remaining outstanding) and for developm ent and other purposes.
[As to Elk Horn Fuol C o. seo V. 97, p . 731. 1537; V . 100, p . 1347, 1513.
E lk Horn M ining C orporation. V . 100, p. 1347; V . 97, p . 804, 524.]

E lk H orn F u el C o.— Merger Plan .—

Soe E lk H orn Coal Corporation abovo.— V . 100, p . 1513.

Elk H orn M in in g C o r p o r a tio n .— Merger Plan .—

voted N ov . 10 to increase tho capital stock from $2,­
See E lk H orn Coal C orporation abovo.— V . 100, p . 1347.
500,000 to $3,000,000. O f tho new stock, $100,000 is offered to present
stockholders at p a r until
__________________
_________
......
.....
and including
N ov . 30._ T
ho.........
remainder
will be
F ed eral S u gar C o.— Resignation of Director.—
issued from tim o to tim o on account o f furthor extensions'* Com paro
Clarence H . M a ck a y , it Is said, resigned as director and Vice-President
V . 101, p . 1555, 1467.
o f the com pany several m onths ago.— V. 101, p . 697.

C o n t i n e n t a l (F ire) I n s u r a n c e C o ., N . Y — Stock In ­
3 5 0 % Dividend.— President H en ry E v an s in a state­
m ent issued N o v . 18 said in substance:

crease—

In tho opinion o f tho board o f directors, tho position o f this com pany
in the business o f fire insurance will bo greatly enhanced b y an increase o f
the com pany s capital from $2,000,000 to $10,000,000. In thoir Judgment,




G en era l C h em ica l C o.— Stock Dividends.— T ho directors
on N o v . 19 doclarod (1) an extra stock dividend o f 5 % , and
(2) a special stock dividond o f 1 0 % upon tho [$ 11 ,400 ,902 ]
com m on stock, b oth payablo in com m on stock a t par on
F e b . 1 to holders o f record D e c .3 1 1 9 1 5 .— V . 101, p. 1 3 7 3 ,9 2 5 .

Not . 20 1915.]

THE CHRONICLE

G en era l D ev elop m en t C o., New Y o r k .— Stock.—

Tho stockholders recently voted to reduce tho par value o f the com pany's
shares o f stock from 100 to $25, but leaving tho total outstanding stock
unchanged at $3,000,000. Holders will therefore recelvo four $25 shares
In place o f each share o f $100 par value.— V . 101, p . 1555,450.

G en era l M otors C o.— New Officers— Status.—

In addition to changes in the m anagem ent o f tho com pany as foreshad­
ow ed in the ‘ ‘C hronicle,” V . 101, p . 925, Pierre S. du P on t has been elected
Chairman o f the B oard, succeeding T h om as N eal, and A . G . Bishop has
beon m ade a vice-president to succeed W . C . D urant. Tho following
com m ittees have been chosen: Financo: L . G . K aufm an, C . II. Sabin,
A . II. W iggin. E xecutive: J. J. Storrow , Chairm an, Lam m ot llelin,
A . G . B ishop, E . W . C lark, \V. C . D u rant, C . S. M o t t , C . W . Nash and
A lbert Strauss.
Regarding tho affairs o f tho com p any Pres. N ash says: "A ll tho com ­
panies in tho General M otors C o. aro now for the first time since I have
been associated with tho com p any on a paying basis. T ho production of
cars from the beginning o f the fiscal year A ug. 1 up to N o v . 11 was 12,500
cars ahead o f the same period a year ago. Sales in this period were 13,250
cars ahead o f last year. T h o com p any has a large cash balance, notwith­
standing that in recent weeks tho total o f $11,000,000 has been paid in
dividends and retirement o f n otes.” — V. 101, p . 1095, 1023.

G en era l U tilities & O p e ra tin g C o., B a ltim o re .—
See Lykens Valley Light & Pow er C o. below .— V . 99, p . 1835.

G u g g e n h e im E x p lo r a tio n C o., N. Y .—Proposed Sale.—

Seo K onnecott C opper C o. below .— V . 101, p . 530.

H a rrison B roth ers & C o., I n c ., P h ila .— Business, cfee.—
Touching the recent increase in tho quarterly dividend from 1 to l % % ,
Pres. R . S. Perry is quoted as saying: The business o f the last m onth and
that firm ly booked to tho end o f 1910 assure us our full participation in
th o existing unusual opportunities. W o saw early in this year that curtail­
m ent o f export from Europo, together with abnorm al demands in Europe
for certain o f our chemical propucts, would produco shortage and high
prices, and wo made ourselves ready to meet tho opportunities, ch ief among
which has been the supply o f certain raw materials for tho U . S. Govern­
m ent. In the opinion o f tho m anagement, tho values o f our securities are
m uch greater at this tim o than in tho past history o f tho corporation.
— V . 101, p. 1467.

H a w a iia n C om m ercial & S u ga r C o .— Extra Dividend.—
In addition to tho regular m onthly dividond o f 25 cts. (1 % ) on tho
$10,000,000 stock (par $25) an extra paym ent o f 50 cts. (2 % ) has been
declared, payable D ec. 6. Similar extra paym ents were m ade fin O ct
A ug. and M a y 1915, bringing tho total dividends for tho year up to 2 0 % .
— V . 101. p . 1555, 926.
1
/0

H ercu les P ow d er C o.— Purchase.—

This com pany has purchased tho Union Pow der C o. o f Parlin N J
which was recently incorporated with $550,000 stock. Tho consideration
is said to bo $1,500,000.— V . 101, p . 1467, 869.

(T h e) H ess S teel C o r p o r a tio n , B a ltim o re . — New Enter­

prise .—

T h is com p an y, incorporated in M a ry la n d in October
a st, has beon organized w ith tho follow ing securities:

A u th o r iz e d — C a p ita liz a tio n a n d N o te s —
Issued.
$1,000,000 com m on stock , par $10 0 ..... ................$750,000 "p aid in "
500.000 prof. 7 % non-cum . stock, par $ 1 0 0 .. 125,000 d o
do
,000,000 6 % 20-yoar bond
250.000 2-3-4-yoar 6 % no
O f the notes, $50,000 are
and $125,000 after 4 years.
T ho com pany expects to begin within tw o weeks and com pleto about
April 1 at Baltimore, steel furnaces,rolling mills, & c., using electricity for
power and m elting purposes In tho manufacture o f high-grado steel billots,
& c. Directors (and officers): Ilenry Hess o f Phila.and Bridgeton, N . J .,
President; Henry Lawrence Hess, V .-Pres. & Sec., and Eugono Levering
o f Baltim ore, Treas.; Edmund von M altitz, Charles M . C ohn, V .-Pres.
o f Consolidated Gas E lectric Light & Power C o. o f Baltimore; It. H ow ­
ard Bland and John Vogel.

H om e T e le p h o n e & T e le g ra p h C o., S an D ie g o .—
See San Diego H om e Telephone C o. below .— V . 79, p . 682.

K en n ecott

1717
C op p er

C o r p o r a t io n .— Proposed

Deal.—

President Stephen Birch on N o v . 17 stated:
Leading shareholders o f the K ennecott and the Braden C opper companies
have been discussing plans and have practically com e to terms under which
tho K ennecott com pany will purchase certain shares o f the Braden com pany
(V . 100, p. 2088; v . 93, p. 530) upon a basis to be subm itted to the direc­
tors and stockholders o f tho Kennecott com pany for their approval. The
same terms o f purchase will bo offered the remaining stocknolders o f the
Braden com pany. It is planned that the offer will afford an opportunity
to the Braden stockholders to take either cash or stocks o f the K ennecott co .
The properties o f the tw o com panies, while situated far apart geographi­
cally, are admirably fitted to supplement each other in their workings and
future output o f copper at a low cost. It is expected that arrangements
m ay also be made by which som e o f the steamships now used by the Kenne­
cott com pany in the transport o f ore from Alaska m ay be used during the
Alaskan winter in connection with the Braden mines, which are in Chile,
and that such an arrangement m ay indirectly have a material effect upon
the cou ntry’s South American trade.
I am also autnorized to state that the leading stockholders o f the Guggen­
heim Exploration C o. have inform ally approved the plain under which that
com pany’s holdings o f Utah Copper C o. stock, constituting a m inority
o f the stock o f th eU ta h C opper C o ., will be sold to the K en necott com pany,
aym ent therefor being m ade in K ennecott shares, this plan having already
een inform ally approved b y the large shareholders o f the Guggenheim
Exploration.
" ‘ Financial A m erica” on N o v . 16 said: "A lthough details are not yet
available, it is understood that that stock will be increased from an author­
ized present issue o f 1,120,000 shares, o f which 720,000 shares are outstand­
ing, to 2 ,5 0 0 ,0 0 j, or possibly 3,000,000, shares. T h e purpose o f this in­
crease is to provide sufficient stock for exchange for shares o f the Braden
Copper C o. and the Guggenheim Exploration C o .’s holdings o f Utah C op ­
per.
Another story follows: T ho offer will be m ade to all Braden stock­
holders to exchange their shares for K ennecott in the ratio o f 3 1-3 for 1 K en­
necott. N o general offer is at present contem plated to stockholders o f the
Utah C opper C o .]— V . 100, p. 2013, 1922.

E

(S. S .) K resge C o.— Sales.—
1915— O c t o b e r — 1914.
$1,882,679 $1,453,586
— V . 101, p. 1555.

I 1915— 10 M o s . — 1914.
In crea se.
$429,093|$15,453,586 $12,088,303 $3,365,283

In crea se.

L o rd & T a y lo r , N . Y . —

Sale of Wholesale Departments—

The stockholders will vote N o v . 30 on authorizing the sale o f the com ­
pany’s wholesale departm ent.— V . 100, p . 2089.

L y k e n s V a lle y L ig h t & P o w e r C o ., W ill ia m s t o w n , P a .
— Bonds.— H en ry & W e s t, P hiladelphia, and J . Ilarm anus
Fisher & S on, B altim ore, aro offering a t 9 7 and in t.,
yielding abou t 6 .2 0 % , S 1 5 0 ,0 0 0 1st M . 6 % sinking fund gold
bonds dated Sep t. 1 1 9 15 , duo S e p t. 1 19 4 5 . circular shows:
Callable as a whole on any Interest date after Sept. 1 1920, or for the
sinking fund at 102 A and int. C oupons M . & S. Trustee, Penn. C o . for
Ins. on Lives & Granting Annuities. Tax-free in P a. Free from normal
Federal incom e tax. D enom . $1,000.
A first m ortgage on a m odern steam generating station which when im­
provements aro made will have an initial capacity o f approxim ately 2,500
k .w ., a modern transmission system o f 3 1 A m iles, sub-station, equipm ent,
rights o f w ay, real estate, meters, transformers, perpetual franchises, free
from burdensome restrictions, &c.
C a p ita liz a tio n —
A u th o r iz ed .
Issu ed .
First m ortgage bonds_________________________________ $1,000,000 $150,000
7 % pref. stock (cum ulative after Jan. 1 1916)_______
300,000
60,000
300,000
20O,0OO
Com m on stock _______________________________________
O f tho remaining bonds $100,000 thereof can be Issued for the actual cost
o f necessary additions, extensions and acquisitions, but only with the con­
sent o f the bankers, and $750,000 thereof can only bo issued at 8 5% o f the
actual cost o f necessary additions, extensions and acquisitions, and when the
net earnings for the preceding 12 m onths have been at least 1 A times the
fixed charges on the bonds issued and to bo issued.
Sinking fund (to cancel bonds): From Sept. 1 1920 to Sept. 1 1925, equal
to 1% o f the bonds outstanding from Sept. 1 1926 to Sept. 1 1930, equal
to 1 A % o f the bonds outstanding, and from Sept. 1 1931 to Sept. 1 1945,
equal to 2 % o f the bonds outstanding.
E a r n in g s f o r

1 2 M o n t h s e n d e d A u g . 31
In s ta lla tio n o f N e w

1915

and
P la n t.

E x p e r t's

E s tim a te a fte r

H o u s to n Oil C o. o f T exas. —New Director.-*—

1914-15.
Gross earnings________________ S40.114
N et earnings_________________ $16,975
B ond interest_________________
9,000

H u p p M otor C ar C o rp ., D e t r o it. —Preferred Stock.—

Balance, su rp lu s___________ $7,975
$16,000
$18,000
$24,000
O r g a n i z a t i o n .— Incorporated In State o f P a ., having taken over the prop­
erties o f the Sterling Consolidated E lectric C o . o f T ow er C ity , Pa. and
Williams Valley Light & Power C o . at W illiam stown, P a ., which have been
operating for a number o f years in the rich Lykens Valley, supplying the
following towns and boroughs in Dauphin and Schuylkill counties: Lvkens
B orough, W isconlsco T w p ., AVilliamstown B orough, W illiamstown T w p .,
Elizabethville B orough, W ashington T w p ., T ow er C ity B orough, Porter
T w p . and Elizabethville T w p . C om bined population about 20,000.
Transmission lines cover this entire territory from a central station located
at W illiam stown, being one o f the best sections o f the anthracite coal field,
with m any diversified m anufacturing Industries. T ho management Is to
be under the supervision o f the General Utilities & Operating C o . o f Balti­
m ore, which has had wide experience in the operation o f such properties,
(com pare V . 99, p. 1835) and which will have associated with it in the
management Herbert T . H artm an, President o f M unicipal Service C o.
and form erly Vice-President o f American Gas & E lectric C o. o f N . Y . and
the E lectric C o. o f Am erica, Philadelphia.

John B . D avis, Vice-President o f the Mississippi Valley Trust C o. o f
— V 100' paS1922n lL ll* 3^ a t*Irector in P*aco o f D - S. H . Smith, resigned.
Ladonburg, Thaimann & C o. o f N ew Y ork and A . G . Becker & C o. o f
Chicago are about to bring out $1.500.000 preferred stock o f the H upp M otor
Car C orporation. The capacity o f the presont plant is insufficient for tho
constantly growing demand, and tho proceeds o f the preferred stock issue
are to be used to increase tho production.— V . 101. p. 1631, 1555,

In te r n a tio n a l M e rca n tile M arin e C o., N. Y..— Commit­

tee Organized to Protect Common Stock.—

John W . Flatten, Pres. U .S . M ortgage & Trust C o ., Chairman; Lewis L .
Olarko, Pros. American Exchange N at. Bank; D onald G . Goddos, o f Clark,
D odge & C o.; A . II. S. Post, Pros. M ercantile Trust & D eposit C o ., Balti­
m ore; Stacy C . R ichm ond, o f W inslow, Lanier & C o ., and William C . Van
A ntwerp, o f Van Antworp, Bishop & C o ., with Alfred A . C ook as counsel
for tho com m ittco and Cnauncey II. M urphoy as Secretary. U . S. M o rt­
gage & Trust C o ., N . Y . f depositary.

Earnings .—

R eceiver P . A . S . Franklin says:

I regret exceedingly the misleading statements which have been published
giving oxtravagant earnings. The com bined earnings o f tho International
M ercantile Marin j C o. and tho Loyland line for September woro lass than
those for August, and amounted to about $3,400,000, which was before
providing for depreciation and war taxes. The O ctober earnings will
likely bo largor, but not to any vory great extent.— V . 101, p. 1631, 1275.

In te r n a tio n a l M illin g C o., M in n .— Dividend.—

The com pany, it is stated, lias declared a 50% dividond on the com m on
stock. T his calls for tho distribution o f $400,000, o f which $160,000 has
been re-lnvostod in com m on capital at par, thereby increasing tho com m on
stock from $800,000 to $960,000.— V . 99, p . 1830.

In te r n a tio n a l S team Pum p C o., N ew Y o r k . — Decision
Favorable to Reorganization Plan and Foreclosure— Deposits.—

The report o f the Special M aster, filed in court N o v . 19, states that the
contentions o f the llaw kes preferred stockholders’ protective com m ittee,
which has been opposing tho plan o f reorganization agreed on by tho Joint
Reorganization C om m ittee, are wholly groundless and that the trustee o f
the bondholders is entitled to a decree o f foreclosure and sale.
On Thursday the Hawkos com m ittee notified tho m inority preferred
shareholders who had deposited their holdings with this com m ittco that
they could now withdraw. Ib is announcem ent, it is stated, does not indi­
cate that tho fight to upset the reorganization plan has beon abandoned.
Yosterd y it was announced that Charles K . Beckm an o f Now Y ork,
R ogor F. Sturgis o f Boston and Oharlos H . W iltsio o f Itoch stor had with­
drawn from tho Hawkes O >mmlttee and deposited their stock under tho
Plan o f r organization. Tho Sabin Joint com m ittee states that upwards
o f 92% o f tho pref. stock has boon deposited under tho plan and that the
remaining holders o f pref. stock will bo givon an opportunity o f de ositing
without penalty prior to D oc. 1. It is now thought that tho pref. stock­
holders will participate in tho plan with substantial unanim ity. Soo adv.
on another pago.— V . 101, p. 1473, 1095.

Io w a (B ell) T e le p h o n e C o., Des M oin es.— Franchise

Held Perpetual by Supreme Court of Iowa .—

Tho Supremo Court o f Iowa on N o v .
, in an opinion written b y C hief
Justice II. E . Deomer (tw o Justices dissenting), reversed the decision o f the
lower court in the case o f tho State ox rol. W . T . Shaver vs. tho com pany,
appellant, and decided that tho com pany has a perpetual franchise to oper­

ate both long-distance and local tolephono sorvlco on tho streets o f Dos
M oines.— V . 98, p . 1247.
http://fraser.stlouisfed.org/

Federal Reserve Bank of St. Louis

F ir s t Y e a r . S e c o n d Y e a r . T h ir d Y r

$50,000
$25,000
9,000

$60,000
$30,000
12,000

$75,000
$37,500
13,500

M en om in ee (M ich .) W a ter C o.— City Water Bonds.—

Soo M enom inee. M ic h ., in "S ta te and C ity ” D e p t., pages 1397, 1648.

M erg en th a ler L in o ty p e C o .— Earnings.— Sep t. 3 0 year:

1914-15.
1913-14.
1912-13.
1911-12.
Total net profits............ $1,467,015 $2,547,849 $2,767,936 $2,738,522
Dividends (abou t).......... 1,663,997
1,919,940
1,919,820 1,919.760
Dividend r a t e .............
(1 3 % )
(1 5% )
(1 5% )
(1 5% )
Balance, sur. or d e f..d e f.$ 1 9 6 ,9 8 2 sur.$627,909sur.$848,116sur.$818,762
President P . T . D od ge explains that the decrease in earnings was due
to the E uropean war, business conditions in the United States and the dis­
orders in M ex ico.— V . 100, p . 737.

M ich ig a n M alleable Ir o n C o., D e tr o it.— Stocky &c .—
President Thom as H . Simpson, w ho, it is understood, has long held a
m ajority o f the $800,001 capital stock (par $10), has recently purchased
the holdings, stated to aggregate $250,000 o f the M cM illa n interests and
George M . B lack estate, thus increasing his ownership, the D etroit “ Free
Press" says, to 8 5 % . On O ct. 18 the shareholders voted to substitute
$400,000 6 % pref. stock for an equal am ount o f the com m on stock, so that
tho stock will neroafter consist o f $400,000 com m on and $400,000 6 % non­
voting pref. stock. Present directors are: Pres, and T re a s., T . H . Simpson;
V .-P res. and M g r., W . E . Burns; A sst. Treas., A . J. L adouceur; S ec., H . S.
Slyfieid, and M . M . Hedges o f Chattanooga, T e n n ., Pres, o f Casey &
Hedges. T he plants, including the steel w orks, aro said to be working
to capacity.

M iller R u b b e r C o., A k ro n , O .— Common Div. Increased.
T he directors on N o v . 11 declared a quarterly dividend o f 3 % on the
com m on stock, placing that stock on a 12% basis, com paring with 2 A % .
or 10% per a nn., for four years.past.
Pres. Jacob Pfeifer reported for the year ended June 30 1915: "T h e
com p any’s lino is diversified, including surgeon’s goods as a specialty and
groat quantities o f rubber gloves and other surgical equipm ent havo boon
shipped oversea. Sales for the year were approxim ately $2,500,000, an
increaso o f 30% over the previous twelvem onth, and in tho latest period
shipments to Europo were n ot at the full. A fter paying 7 % on $400,000
p ref. stock and 10% on $1,000,000 com m on, the com pany added $303,243
to accumulated surplus, making that $832,000. A nd net sales for October
this year were $300,000 as against $140,000 in the corresponding 1914
m onth. T ho com pany increased its floor space 6 A acres to 2 1 A acres
in the y e a r ./— V . 99, p . 1533.
.

1718

[Vol. 101

THE CHRONICLE

Mirror Films, Incorporated.— N ew Enterprise .— This
company, recently incorporated in Delawaro with authorized
capital of $ 2 ,5 0 0 .0 0 0 ,divided into preferred 7 % cumulative,
$500,000, common stock, $2,000,000, has recently boon offer­
ing its prof, shares at par, $5 each, with an equal bonus of
“ full-paid” common stock. A circular shows:

Organized to m anufacture and market m otion picture films o f merit.
Theatre-goers are demanding m ore and better pictures, and the M irror
Films, In c., will help fill this demand by producing pictures o f tho highest
artistic m erit. The largest and best-known distributors in tho United
States have asked for our film s, some o f the requests com ing from firm s
that operate largo chains o f theatres. T ho sale o f our South American and
European rights will also net a large profit
W o are purchasing books,
plays and scenarios b y woll-known authors and will produco extraordinary
creations like "C a b lria .” “ Tho Birth o f a N a tion ,” “ Quo Vadis, &c. Our
studio, which is nearing com pletion at Glondalo, L . I ., Is one o f tho largest
and best equipped in tho country. Tho directors agree to givo tho freo
use o f their city and country homes, yachts, autom obiles, aeroplanes, & c.,
in the production or high-class pictures.
. . .
. . . .
One can best get an idea o f the earning possibilities b y what other film
productions have done. “ The Birth o f a N ation” cost .$150,000 and is now
paying its producers $2,000 nightly and playing to a greater capacity than
ever. “ T ho M illion Dollar M ystery” cost about $93,000 and in soven
m onths paid a dividend o f $56 50 on its pref. stock, and the samo amount
on the com m on given as a bonus. “ T he T ra ffic In Souls” cost about
$6,500 and earned close to $1,000,000. “ Tho Perils o f Pauline and other
serials o f a like character have earned nearly $2 ,000,000 for their producers.
Directors (and officers): C lifford B. Harmon (of W ood , Harmon & C o .),
President: C apt. Harry Lambart (late director o f Vitagrapli Co. o f A m erica),
1st V.-Pres.; William J. H oggson, 2d V .-Pres.; Andres do Segurela, 3d
V .-P res.; William C. T oom oy (late V.-Pres. and Gen. M gr. o f M utual H im
C orporation ), 4th V .-Pres.; Frank S. Hastings, Treasurer; John W .
H ouston, R ufus B . Cowing Jr., James K ing D u ffy, A . A . Anderson,
Edward B . Closo. Joseph Howland H unt, R ich. G . Hollaman (first m otion
picture exhibitor in America) and H arry R ow o Shelley. Office, 16 East
42d S t., N ew Y ork.

New Castle (Pa.) Rubber Co.— Stock Increase .—
T ho shareholders will vote D o c . 27 on increasing tho capital stock from
$500,000 to $1,000,000, and the indebtedness from nothing to $300,000
for the purposo, it is said, o f enlarging plant and increasing working capital.

L i a b il i t i e s ( Total $14,362,727) including $10,386,200 for stocks o f sub­
sidiary com panies (purcliaso arranged)—
Poorless M o to r Car C o. 7% cum . p rof., $2,100,700; com m on
stock, $2,085,500; to ta l____________________________ ___________ $4,186,200
Genoral Vehiclo C o ., In c.. 7 % cum . p rof., $1,200,000; com m on
stock, $5,000,000; t o t a l .-------- ----------------------------- --------------- - - - 6,200,000
(This am ount represents patents, franchises, good-w ill, per contra)
Funded dobt (to retire which cash provided by now com p a n y)—
First M . 6 % bonds o f Peerless M o to r Car C o ., $900,000; less
$300,000 rotirod or to bo retired by Pcorloss M o to r Car C o .
_____
b al., $600,000; m tge. on real est. in N . Y . C ., $300,000; total
900,000
____
Special doposits. $126,275; accounts payablo, $557,309; accrued
pay-rolls, & c., $127,378; to ta l------ -------------------------------------------810,962
197,532
R escrvo against inventories, doubtful accounts, & c------------------Surplus capital to bo created b y cancellation o f notes payable o f
General Vehicle C o ., In c., as o f O ct. 31 1915, $900,000; un­
divided surplus, $1,168,033; to ta l------------- — - - - - - 2,068,033
“ T ho assets aro conservatively stated, all bad debts having been written
o ff and substantial allowance m ado for depreciation o f buildings and equip­
m ent. T he plants o f both tho Poorless and Vohlclo com panies aro o f co m ­
paratively recont construction. T h oy aro in tho best o f physical condition
and in a high state o f m anufacturing efficien cy. T he Peerless plant covers
20 acres o f land in tho conter o f tho m anufacturing district o f the city o f
Cleveland, with 400,000 sq. ft. o f floor space. T h o General Vehicle plant
covers 8 acres o f land in L ong Island C ity , within 15 minutes o f tho Grand
Central Term inal, N . Y ., and has 265,000 sq. ft. o f floor spaco. This
com pany manufactures a bou t 70% o f tho electric m otor trucks sold in
the United States.” See also V . 101, p. 1556, 1632.

Ray Consolidated Copper Co.— Bonds Called .—
A ll ($2,292,000) outstanding 1st M tgo. co n v . gold bonds o f Jan. 1 1 O il
have been called for redemption on Jan. 1 1010 at 110 and intor st, at Guar­
anty Trust C o ., N . Y . Holders m ay oxerciso their option to con vort these
bonds into stock o f tho com pany up to and including Jan. 1 1916.— V .
101. p. 1632. 452.

Remington Typewriter Co., N . Y . — Financial Plan—
Bonds Convertible into First Pref. Stock.— The shareholders will
vote N o v . 30 on authorizing an issuo of $7,500,000 mortgage
bonds, of which tho present $5,500,000 6s, convertible into
an equal par valuo of first prof, stock, as bolow statod,
aro now offered to shareholders at par, to provido for tho
$4,300,000 5 % notos duo Jan. 15 1916, &c. Tho voto is on.

(1) The execution o f a inortgago covering tho property and franchises
North Branch Transit Co., Bloomsburg, Pa.
to socuro the paym ent o f bonds or other obligations In an am ount not
A.
W . D a y , receiver, has applied for authority to Issue $62,000 receiver’s
exceeding $7,500,000 (tho present issue to bo limited to $5,500,000), to
certificates for im provem ents.— V. 101, p. 1371.
bear interest at a rato not exceeding 6 % por annum, payablo somi-annually,
and all or any part to becom e duo ana payablo In not less than 10 years.
Owens Bottle Machine Co., Toledo, O.— Stock Dividend.
(2) And furthor authorizing tho directors undor such regulations as thoy
T lio directors havo voted to distribute $1,250,000 among tho com m on m ay ad op t to confer on tho holders o f any o f said bonds or obligations tho
right
to con vort tho principal thereof after tw o, and not m ore than twolvo,
stockholders as a 2 0 % stock dividend in addition to tho regular cash dis­
tribution o f 12% per annum. In this connection a circular says: “ In tho years from tho date o f such bonds into first prof. 7 % cum ulative stock,
opinion o f woll-inform ed bottle manufacturers, conditions havo never been such stock to bo subject to call on the part o f the com pany at 1 1 0 % and
, t
_
.
...
.
so unfavorable since 1894 and 1895. Probably thero havo been threo accumulated dividends.
[Tho plan. It Is understood, contem plates a 5-year voting trust, tho under­
principal causes: Tho business depression, accentuated by tho European
writing
o
f
a
portion
o
f
tho
bonds
o
f
the
present
issue,
and,
in
connection
war; the consequent lack o f em ploym ent and reduction in purchasing powor,
and p ossibly— m ost im portant o f all— tho unprecedented cold and wot therowith, a contribution b y present stockholders o f some am ount o f tholr
weather during the past summer. A very considerable proportion o f the com m on stock for the bonofit o f tho com p any. T ho property, it is stated.
bottles annually consumed are used as containers for beverages, and a cold Is now far behind with its orders and earning a largo surplus over interest
summer largoly curtails the salo o f both alcoholic and non-alcoholic bever­ on all outstanding indebtedness.) C om paro annual report, & c.. in V . 100,
p . 1254.— V . 101. p . 1276.
ages.” — V . 99, p . 1915.

Penn Marine & Ordnance Castings Co., Phila.— Pur­
chase.— Frazior & C o ., Phila., N o v . 17 put out tho following:
T h e Penn Steel Castings C o ., Chester, P a ., and tho Baldt Steel C o .‘
N ew Castle, D el., manufacturers o f gun carriages, gun mounts, battleship
>arts, submarine parts, anchors, & c., havo recently been purchased by
argo Phila. and N . Y . interests. Allied with these are interests in B oston,
Pittsburgh and Baltimore. A consolidation will shortly bo effected under
tho name o f tho Penn M arine & Ordnance Castings C o. B oth com ponent
com panies havo operated successfully over a long period o f years, and tho
com bination will effect not only econom y o f operation, but will greatly
facilitate the handling o f now business on a largo scale. Frazier & C o.
headed tho syndicate which took over theso properties, and it is under­
stood that application will very shortly be m ado to list tho stock o f tho
new com pany on the N ew Y ork C urb.

{

Peerless Truck & Motor Corporation (of Va.), New
York.— Status.— Shearson, Hammill & C o ., New York and
Chicago, who aro financing tho merger, furnish the following
information secured from sources which thoy bolievo to bo
absolutely roliablo, but which, as they havo not had access
to tho books, thoy cannot guarantee:
In tho acquisition o f the capital stock o f the Peerless M otor Car C o. and
tho Genoral Vehiclo C o ., In c., there havo been issued by tho Corporation:
Capital stock, 200,000 shares, par valuo $50 (out o f an author­
ized issuo o f 400,000 shares)_________________________________$10,000,000
Ten-year 6 % convertible gold notes, dated N o v . 15 and
duo N o v . 10 1925, but subject to call at 102 & int. on and
after M a y 10 1917 in amount o f $1,000,000 and over. C on­
vertible into stock at par on 20 days' notice after N ov. 10
1916, at option o f holder. A lion on stocks o f subsidiary cos.
N o prior liens outstanding. D enom . $1,000, $500 and $150.
Interest M . & N . at Bankers Trust C o ., trustee...................... .. 5,000,000
Thoro has been deposited w ith tho trustee $600,000 cash to rotiro the
balanco o f the outstanding Peerless bonds, and $637,695 cash to acquiro
tho balance o f tho outstanding Peerless shares. In addition, tho com pany
has cash in bank $292,500 and no liabilities excopt tho 6 % convertible
gold notes above stated.
This com pany has been form ed to acquire tho securities o f tho Peerless
M o to r C ar C o. o f Cleveland, O ., and the Genoral Vehicle C o ., In c., o f
L ong Island C ity , b oth now engaged in filling large and profitable orders
for trucks, autom obiles, aeroplane m otors, amm unition parts, & c. In
addition to export business, both concerns havo an extensive dom estic
businoss a t rem unerative prices in the m anufacture and salo o f gasoline
and electric vehicles for all classes o f service.
T ho General Vehicle C o ., In c., controls tho exclusive rights for the
United States for the m anufacture o f the aeroplano m otors o f tho Daimler
M otoren Gosellschaft o f Stuttgart and Berlin, and it is proposed to develop
this branch o f the business on an extensive scalo.
T ho Peerless C o. is producing a new m odel eight-cylinder car, deliveries
o f which will begin in D ecem ber. It wi.l bo a m edium -priced, high-grade
car o f the woll-known Poorless design and quality, m anufactured in tho
Peerless plant, o f light weight, high power with amplo speed, and will
sell for $1,890.
,
T oucho, N iven & C o ., chartered accountants, havo m ado a preliminary
exam ination o f tho books o f tho subsidiary com panies o f tho Peerless Truck
& M o to r C orporation, which indicates that their com bined earnings from
actual shipments for tho current calendar year aro at a rato in excess o f
19% per annum on tho $ 1 0 ,000,000 o f new stock, after deducting interest
charges on tho $5,000,000 o f now notes and aftor setting asldo a liberal
am ount for depreciation, & c.
Consolidated Balance Sheet Sept. 30 1915 of the Constituent Cos. (Peerless
M o t o r C a r Co. a n d General Vehicle Co., Inc.)

[After giving effect to adjustm ents Incident to tho acquisition o f stocks
b y Peerless Truck & M o to r Corporation.)
Assets (Total $14,362,727)—
Patents, franchises and good-w ill ($5,000,000 o f this represents
com m on stock o f tho General Vehicle C o ., In c., per co n tr a )..$ 5 ,100,000
Land, $967,154: buildings, plant and cq u lp t., $3,697,115; t o t a l.. 4,664,269
Invostm onts, $19,036: inventories o f finished goods, work in
process, raw materials and supplies, $1,308,832; accounts
& notes recoiv ., $685,946; cash in l>anks& on hand, $2,376,083;
t o t a l ................. ........................................................................................ 4,389,897
PropaUl exp. & insur., $46,695; developm ent, engineering oxFRASER
ponsos, & c., $161,866; tota l___________________________________
208,561

Digitized for


Republic Iron & Steel Co.— Extra D ividend. — A quar­
terly dividend of 1 % % lias boon declared on tho $25,000,000
7 % cum. pref. stock, payablo Jan. 1 to holders of record
Dec. 15, also an oxtra dividend of 1 % on account of accumu­
lated dividends (1 2 % ), leaving 1 1 % still duo. In Oct. last
paymonts wore resumed aftor a year’s intermission, owing to
tho war and genoral business conditions, with tho paymont
of a quarterly 1 % % and M of 1 % oxtra.
1904.
12. 13. 14.

P r e v io u s D iv id e n d R e c o r d o f P r e fe r r e d S to c k S i n c e

'05. '06. '07. '08. '09. TO. ’ l l .
R e g u la r ------------------- 1 M 7
7
On accum ulations—
6
— V. 101. P- 776. 619.

“ !2 f*I I

1*1

!»

O c t.

T5.

}8

_____________
^ ______ Co.- Plan.— Tho plan for morgor with
Riker & Hegeman
the United Drug C o. on which tho R. & H . stockholders
will vote D ec. 6 is dated N o v . 10 1915, and calls for deposit
of tho stock with Bankers Trust C o ., 16 W all S t., as dopos.
Summary of Plan Dated Nov. 10 1915.

A new corporation will bo organized under tho laws o f N . Y ., M ass, or
som e other State, and the Riker & Hegeman C o. will bo consolidated or
merged with the new com pany under tho laws o f N . Y ., or the new com pany
will purchase all the assets and property o f the United Drug Go. and o f the
Riker & Hegeman C o . or tho amalgam ation will bo effected in such other
manner as deem ed advisablo. T ho new com pany shall assurno all the out­
standing liabilities and obligations or tho said com panies. T ho follow ­
ing allotm ent o f stock is proposed:
^
^
Common.

$8,800,000
1 1 .20U.UUU
P r e f e r r e d S t o c k s . — (a) First preferred entitled to preferential cum ulative
dividends at rate o f 7% per annum; also preferred as to principal. Subject
to call at 120% and d iv. T h o com m ittee m ay include a provision for tho
accumulation o f a surplus to secure tho first pref., and also a provision
granting a preferential right to subscribe to any now Issuo o f first pref. stock.
N o voting powers except in case o f default on any quarterly dividend,
but on such default shall havo the right to vote until the default is cured,
(b) Second pref. entitled to non-cum ulativo dividends at rate or 6 % per
annum ami also preferred as to assets over com m on stock. N o voting
powers'. Subject to call at 1 0 5 % . Com m ittee m ay Include provisions
giving the right to voto in case o f default on dividends, and m aking tho
second preferred convertible into com m on stock in caso tho com m on shall
pay dividends at rate o f 7 % per annum, and under such other conditions
as m ay bo deemed advisablo.
_ . _
,
D i s t r i b u t i o n o f S t o c k .— It is proposed that R . & II. pref. stockholders who
Riker & Hegeman C o----------------- $2,147,400

United Drug C o............................. 2,938,950

$3,859,000
5,250,000

assent to the plan shall receive in exchange (a) first prof, stock, par for par,
and (b) the common stockholders will rcccivo second pref. stock, * 3 ,8 6 9 .0 0 0 ,
and common stock $ 8 ,8 0 0 ,0 0 0 [less not over $332 ,58 0 com m on, which shall
be distributed amongst employees now parties to stock participation
agreements); in other words, approximately par in new common stock and
approximately $44 in now 2d pref. stock for each $100 of R . & I I . common

in case the plan is not substantially consum m ated boforo April 1 1916
the deposited certificates will be returned unless the committee extends such
period for not over four m onths. The expenses o f the com m ittee, &£.,
will be m et by tho new com pany. [It. & II. stockholders committee:
John B . C o b b , John II. Flagler and Edward D . C ah oon .l.— V. 1U1, p .
1632. 1482.

(J o h n A .) R o e b lin g S o n s’ C o., N. J . — Fire.
One of the company's steel wire ropo plants at Trenton, N . J., was de­
stroyed by fire on Nov. 11. An official says: "W o cannot explain the causo
of tho fire. Tho building burned was used for the production of small
ropo and our factory for heavy ropo was not affected. About 1,000 men
are thrown out of employment, and tho loss Is approximately $1,000,000.
We will uso new buildings, about completed, for tins small rope, and expect
to bo in operation in about two months. Tho wire producing plant is In­
tact and also our steel works, and otlior manufacturers will help us in putting
our wire rope in marketable shape.”
. . . . .. . .__.
Tho company was Incorporated Jan. 1876 with $500,000 capital stock
In shares of $500 each; on Feb. 7 1879 tho stock was docreasod to $250,000.
which is understood to bo tho present amount.
St. J o se p h L ead C o. — Notes to Be Retired— Extra Dividend.
All of the $1,988,000 outstanding notes will bo paid off Jan. 1, although
but $500,000 mature on that date.
, ,
. 0
Duplicating tho action o f last Septem ber, the com pany lias declared a
regular quarterly dividend o f 15 cents a share and an extra disbureomont o f
10 cents, payablo Dec. 20 to holders o f record as o f Dec. 9.— V. 101, p. 851.

THE CHRONICLE

Nov. 20 1915.]

San Diego (Cal.) Home Telephone Co.— Voting Trust.
A circular recently sent to the stockholders b y a com m ittee o f stock­
holders and bondholders says lu substance:
,
,
F or som o years prior to A prd 1015 tho com pany had boon rapidly losing
ground by docrcaso in tho number o f subscribers as well as In not earnings.
N ow policies introduced b y the present tem porary m anagem ent, have
turnod tho tido and tho com pany has boon gaining now subscribers very
rapidly during tho last few months and it is now believed that it can bo put
upon a paying basir and the bonds and stock enhanced in value.
A t a rocont informal mooting o f security holders it was decided that it is
impossible to raise tho necessary funds to take care o f tho business unless
tho stock control can bo fixed so that a m ajority representation o f stock
will direct the affairs o f tho com pany. W o have been fortunato in securing
tho follow ing as voting trustees: lio n . Lym an J . G age, G en. C . M . Spitzer,
form erly head o f Spitzer & C o. o f Boston and T oled o, O ., but now a resident
o f Los Angeles, and F. It. Burnham o f San D 'og o. Under tho plan tho
stockholders are urged to deposit thoir certificates with tho Bank o f C om ­
merce & Trust C o. o f San D iego in excliango for trustees’ certificates,
transferable liko stock certificates.
[On D oc. 31 1914 tile com pany had outstanding 8735,800 capital stock
In 8100 sharos; $235,800 o f its authorized $1,500,000 m ortgage 5s o f 1907,
duo D oc. 15 1937, and $500,000 assumed H om o T e l. & T el. C o . o f San
D iogo 1st 5s o f 1904, duo Juno 15 1934 (V . 79, p . 682).

17 19

Swift & Co., Chicago.— Additional Bonds .—
T he C hicago Stock Exchange has listed an additional 81,000,000 1st M .
5 % bonds, making total listed and outstanding $26,000,000.— V . 101,
p. 928, 777.

Terminal Warehouse Co., N. Y .— Stock Dividend .—
A stock dividend o f 2 5% ($300,000) on th o $ l ,200,000 outstanding capi­
tal stock was paid on N o v . 15 to holders o f rocord as o f N ov. 4, out o f th e
$800,000 stock increase recently authorized. T he remaining $500,000 stock
will bo held in the com pany’s treasury.— V . 101, p. 1017

Thompson-Starrett (Construction) Co., New York.—
Entire $500,000 Pref. Stock to be Paid O ff at $1 10.—
T ho shareholders will vote D ec. 1 1915 upon exercising the option to
retire the $500,000 pref. stock at S110 per share and accrued dividends.
Pres. Louis J. H orowitz in circular o f N o v . 15 says: "Y o u r com p any’s
operations during recent years have been attended with success and tho
accum ulated profits, together with the capital represented b y the $1,500.000
com m on stock are in excess o f tho com p any’s resources as they were in 1905
after the issue o f the pref. stock and are am ple for ail the needs o f the busi­
ness.” T ho stock will thus be reduced to 81,500,000, all o f one class,
par o f shares $100. N . Y . office, 51 W all S t.— V . 93, p . 1607.

United Profit-Sharing Corporation.— N ew Officer .—

Sapulpa Refining Co.— Earnings to Sept. 30.—

Thom as T . Graham , M anager o f tho C ontract and Service Departm ent,
5 M o n th s
has been elected a director and Vice-President.— V . 100, p . 314, 59.
Bond interest_____
Gross earnings_____ $95,553
$339,250
Bond i n t e r e s t . . $1,000 $5,000
United States Printing & Lithograph Co., Cincinnati.
579
1,699
Operating oxpensos 76,955 265,946 Organiz’n & disc’t .
Bonds— skg. fu n d . 2,750
A certificate was filed at Colum bus on N o v . 8 increasing the authorized
13,750
12,418 capital stock from $3,500,000 to $10,000,000, in accordance with tho merger
Net earnings_____$18,598 $63,304 Preferred d ividend. 2,493
plan outlined in V. 100, p. 404, 1924. T ho following from tho Cincinnati
148
228
Other incom o______
------------- Balanco, surplus.$11,922 $30,664
Enquirer” o f N o v . 5 is understood to be correct: "T h e final steps in the
amalgamation will be taken next week. A bou t a week or so later it is ex­
Total earnings..$18,746 $63,532
AI xjvo sinking fund charge is at rato o f $33,000 yearly; the m ortgago pected to make the actual transfer o f stock to the assenting stockholders.
requires retirement o f only $10,000 bonds yearly. In addition, beginning
A t tho same time the deferred dividends o f tho United States Printing C o.
O ct. 1 , $ 2,50 0 m onthly is sot asido for depreciation. S ooV . 101, p . 1633, 51. o f Ohio up to April 1 1915, will bo paid to tho stockholders o f tho Ohio
com pany who have turned in their stock under the merger plan. It is ex­
Shawinigan Water & Power Co., Montreal.— Dividend. pected that the entire merger will have been consum m ated b y D ec. 1 .”
A dividend o f 1 % lias been declared on tho stock, payablo Jan. 10 to — V. 100, p. 1924, 1678.
holders o f record l)e c . 31. This com pares with 1 'A % In recent years.—
United States Steel Corporation.— Capital Expenditures
V . 101. p . 777. 292.
S ep t.

5

M o n th s

S ep t.

Sherwin-Williams Co., Cleveland.— Dividends .—
In accordance with a resulutlon o f tho board authorizing a distribution
o f stock out o f tlie earnings equal to 1 0 % on the present outstanding com ­
mon stock (about $6,090,000). and in addition a cash dividend o f 5 % ,
payable N o v . 15 1915, the com pany on that day mailed to its com m on
shareholders a cortificato o f stock equal to 1 0 % o f tho am ount o f their
respective holdings on N o v . 10 1915, and also check for 5 % dividend on the
entire am ount o f their present holdings, as increased, it is understood, by
the 10% allotm ent. Tho regular cash dividends havo herotoforo boon
2 H % quarterly. C om pare V. 100, p. 637.

South Penn Oil Co.— Extra D ividend .—
An extra dividend o f $ ) per shaio has boon declared in addition to tho
regular quarterly $3, payablo D ,c . 31 to holders o f record D ec. 15.—
V . 100. p. 738.

South Porto Rico Sugar Co.— Extra Common D iv .—
A n extra dividend o f 5 % lias boon declared along with tho regular quar­
terly 1% on tho $3,371,000 com m on stock, payablo Jan. 3 to holders o f
rocord D ec. 11. Previous extra dividends wore: Juno 1915, 4 % ; O ct. 1915,
as also In O ct. 1910 and Jan. 1912 and 1913, 2 % . Regular paym onts havo
boon m ade since Jan. 1910.— V. 101, p . 777.

Stewart-Warner Speedometer Corporation.— Earns .—
T ho C hicago “ Herald” N o v . 9 stated that tho profits for quarter ended
Sept. 30 wore slightly in excess o f $447,000 and for tho 9 m os. ended Sept. 30
woro $1,221,350, com paring with $848,127 for same poriod last year.—
V . 101, p . 375, 51.

Standard Oil Co.— Chinese Government Agreement Stifl
in Effect .— “ Oil, Paint & Drug Roporter” N o v . 3 said:
The roturn a few days ago o f M . E . Bemis, Vice-President o f tho Standard
Oil C o. o f N . Y ., from a six m onths’ trip to tho Far Hast, has revived inter­
est In tho com pany's undertaking in the exploitation and developm ent o f
tho Chinoso oil fiolds in tho provinces o f Shensi and Chihli, under an ar­
rangement with tho Chinese G overnm ent, entered into Fob. 1914. M r.
Bomis was unwilling to com m ent upon tho result o f his trip or the progress
o f tho Chinose operations, but it was learned on crcdibio authority that the
roports frequently circulated o f late that tho negotiations for tho develop­
m ent o f tho Chinoso industry had been suspended, with scan prospect for
their resumption in tho near future, were w ithout foundation. Tho
"R ep orter's inform ant declared that tho negotiations were In statu quo,
that drilling was boing carried on in tho Shensi district by tho men sent
from tho com pany b y the Standard, w ho woro equipped with American
m achinery. T h e drilling was reportod slow , but som o wells had reached a
depth o f 3,000 ft ., with tho result o f developing a prom ising goological for­
m ation, although tho oil resources woro not established to a dogreo that
would warrant a practical forecast.
T he reports o f serious differences botwoon tho com pany and tho G overn­
m ent woro declared to havo boon unwarranted, sinco tho Governm ent is
known to bo sincoroly dosirous o f onlisting both American co-operation
in tho dovolopm ont o f China and tho perfect organization o f tho Standard
Oil C o. T ho original agreement expired on Fob. 10 1915, and a ronowal of
tho terms o f tho agroom ont was ontorod into under which presont work
is boing conducted.
Equally firm denial is m ado hero that there has been any d ifficulty over
tho capitalization o f tho proposod American Chinoso corporation. I f tho
exploitation and dovolopm ont o f tho fiolds justified the organization o f tho
com pany 55% o f tho capital was to bo hold b y tho Standard Oil C o . and
37 % by tho Chinoso G overnm ent as paym ent for tho franchise. T ho
Governm ent was also to have tho option o f purchasing tho remaining 7 'A %
o f tho capital stock at par within tw o years o f tho form ation o f tho corp or’n.

Prices .— Cruclo oil and gasolino havo rocontly advancod
sharply, tho formor roaching tho highost pt. sinco M a y 11 ’ 14.
A d v a n c e s i n P r i c e p e r D a r r e l o f P e n n . C r u d e S i n c e A u g . 1 1915.
A u g . 13/o 17. A u g . 24. S ep t. 13. S e p t. 27.
O ct. 7. O c t. 27. N o v . 5 . N o v . 15. N o v . 18.
$135 to $155
$160 $165
SI 70
SI 75
$180
$185
$190
$2 00
T h e “ Oil, Paint & D rug R oportor as o f O ct. 30 said: “ Despite a
markod increase in com pletions in tho G u lf Coast fields, from 13 to 25, tho
now production o f tho current week was hoavily curtailod, 2,180 as against
36,419 barrels. T h o developm ents at llu m b lo were disappointing, four
o f tho sovon com pletions com ing in dusters. T h e m ost significant com ple­
tion at llu m blo was a 400-barrel well in a doop test, proving a southern
extension o f tho producing limits. Tho total daily production o f tho
llu m b lo Hold is now over 75,000 barrels a day. T he m ost creditablo com ­
pletion o f tho week in tho G u lf C oast fiolds was a 900-barrel well at Edgcrly. Returns from tho N orthwestern Louisiana fields havo been more
favorablo, 15 com pletions, 5.770 barrels o f now daily production and 4 dry
holes, com paring with 10 com pletions, 280 barrels o f now dally production
and 2 dry holes for tho former week. Eastern field operations for tho week
havo com prised 121 com pletions, 2,567 barrels o f now daily production and
66 dry holes.” — V . 100, p. 1442.

Standard Gas & Electric Co., Chicago.— Plan Opera­
tive— To Resume Cash Dividends on Pref. Stock at 4 % .— Pros.
II. M . Byllosby, in circular dated N o v . 15, says:
Referring to the circular which was sent to you , dated Sept. 1 1915
(V . 101, p. 843, 851), you are advised that tho subscriptions therein sot
forth havo been in excess o f $2 ,000,000 notes referred to, and the plan is
declared effective. T ho proceeds o f the notes sold will accom plish tho
retirem ent o f the Collateral Trust N otes duo Juno 1 1916, and your direc­
tors, at their next m eeting, will declare, for paym ent D ec. 15 1915 to share­
holders o f record N ov . 30. a quarterly cash dividend o f 1% upon the p ref.
stock.
T h e salo o f additional 20 -year 6 % G old N otes will b o proceeded with,
and it is oxpoctod that additional substantial amounts will bo sold. If
tills doos not provo to be tho caso, som o plan wilt be adopted for the accom ­
plishment o f tho other purposes set forth in tho circular relative to these
FRASER
notes.— V . 101, p . 1374. 928.

Digitized for


to Cost $9,000,000.— Chairman E .H . Gary has issued this:

W o have decided to make additional im provem ents at G ary, In d ., con­
sisting o f tw o blast furnaces, several open-nearth furnaces, bloom ing m ill,
duplexing plant. & c., costing over $7,500,000, the exact figures o f which
are not yet ascertained, and will probably com m ence work in tho imm ediate
future. W o havo also decided to make additional Improvements at Youngs­
tow n, O ., and Pittsburgh, which will cost between ono and tw o millions.
— V . 101, p. 1633, 1482.

Utah Securities Corporation.— N otes. — (See adv.)
T ho Guaranty Trust C o ., 140 B roadw ay, having on deposit an additional
$1,000,000 for re-purchase o f the 10-year 6 % gold notes o f 1912, at not over
iOl and in t., will receive sealed proposals to sell same until 12 m . D o c. 2.
— V . 101, p. 1556. 1372.

Vulcan Detinning Co., New York.— Sept. 30 Statement.
3

M
~ ~o s . e n d".
S e p t . 30—

T o t a l‘
S a les.

O ft h e r
In com e.

I"n v e n to r ie s .

C o s t‘ s a n d"
G en era l E xp .

B a la n c e ,

Sur. or D e f .

1915.............. $138,545
S I,224
+ S5.740
$151,419
d ef. $5,910
1914......... .. . 203,729
78
+ 14,059
225,571
d ef. 7,705
9 M o s .—
+ $6 4 3
$474,770
S I,692
1915............. $508,241
sur.$35,806
__+
43,321
769
def. 32.092
._678,805
1914_______ . 602,623 •
Pros. W . J. B uttfieid, jn o v . y i « i a , wrote: —rms statement shows a
profit in operations, but a net loss o f $5,910 after providing for all over­
head charges and inventory adjustm ent to lower price for tin. During the
period covered b y this statement, it is to bo noted that tho price o f tin fell
from a level o f about 38 cts. to ono o f 32 cts. per pound. Since the end o f
September tin prices have gradually im proved and detinned steel prices
havo sharply advanced. T he suit brought against A dolph K ern, the R e ­
public Chemical C o ., In c., and others, is set down for trial N o v . 15 1915
before tho Supreme C ourt o f N . Y . State.— V . 101, p. 456.

Western Electric Co., Inc., N. Y .— Successor C om pa ny .—
This com pany, incorporated at Albany on N o v . 17 as successor o f the
W estern Electric C o. or 111., has $15,7 . ,000 capital stock, o f which $15,­
0 0,000 will bo 6 % cum . pref. subject to call at $120 and $750,000 om m on, par $ . An authoritative statement s iy s : T e stockholders o f tho
old com pany cam e to tho conclusion that it was desirablo that the com pany
should havo two classes o f tock, com m on an l non-voting preferred. As
tho statutes o f Illinois d o not provide for such classification, it was decided
to change its legal dom icile. N o change In operations or management is
involved.
T he “ N . Y . T im es” says: T ho American Telephone & Telegraph C o .
own m ore than $14,000,000 o f the $15,000,000 capital o f tho old com pany.
T ho n w com p ny s com m on stock o f 150.000 shares, par value $5
each, theoretically takes the placo o f tho single Issuo o f the old com pany
and tho $15,000,000 now 6 % cum ulative preferred represents tho desire o f
tlie stockholders to havo two issues o f stock in place o f ono, tho preferred
to havo no voting power.— V . 100, p. 2082.
C U R R E N T N O T IC E .

— W illiam W . C ohen, 45 B roadw ay, N . Y ., has Issued an extensive
analysis, prepared by his statistician, George B . M o tt, regarding tho finan­
cial status, traffic conditions and prospects o f the Lehigh Valley R R . C o .,
tho "W a r R ail,” as he describes It, from 1830 to 1915. M r. Cohen looks
for a large increase in the com pany's traffic to com e from Bethlehem Steel
C o ., Lackawanna Steel C o. and other great plants along the lines, and also
from new construction and improvements o f industrial plants and from the
docking facilities which the com pany Is constructing at largo cost at C on­
stable H ook, to handle Bethlehem Steel C o .’s Chilian and Cuban iron ores,
thus gaining return traffic to South Bethlehem for coal cars now returning
em pty. His Investigation indicates that $47,242,762 m ore has been put
into tho system ’s property and investments than its outstanding bonded
d ebt and capital stock, while the surplus arising from appreciation in value
as determined by official appraisal o f the transportation property o n ly , he
states at $115,081,122, the book value o f com m on stock as determ ined b y
official appraisal being given as $173 54 per share.
— A convention o f salesmen o f the National Cash Register C o . o f D a y ton ,
O hio, was rocontly held in that city , at which reports were m ade indicating
tlie general improvem ent in business throughout the cou ntry. Out o f the
800 salesmen present, all but one is said to have stated that his territory
was m oving fast toward a business boom . On the basis o f these reports,
John 11. Patterson, President and General M anager o f the com pany,
predicts that the approaching era o f prosperity will p robably exceed any­
thing this country has ever know n. “ All this great p rosp erity,,” says
M r. Patterson, “ cannot com e in a day. It will take tim e. B ut con­
ditions everywhere are Im proving.
T h e farmers are prosperous.
T he
mills o f Pittsburgh are busier than ever before. Railroad stocks are
going up. It Is only a question o f a short tim e before the wave o f pros­
perity will bo upon us. N ow Is the tim e for storekeepers to advertise.”
A ccording to M r. Patterson, his own com pany is spending m ore than
$ 200,000 this m onth for advertising.
— T he firm o f Caldwell, M asslich & Reed has this day been dissolved.
J. II. Caldwell and Chester B . M asslich will continue the practice
o f law under tho firm name o f Caldwell & M asslich, at N o . I l l B road­
w ay, New York C ity.
R obert R . Reed has form ed a partnership with Philip J. M e C ook
and Charles K . Allen, and will continue tho practice ot law undor the
firm name o f Reed & M cC o o k , at N o . 15 W illiam Street, N ew Y ork
C ity , with R aym ond C . Thom pson In association.

THE CHRONICLE

1730

an d

Iz p n x ts

[Vol . 101.

^ on xm m U *

THE BALTIMORE & OHIO RAILROAD COMPANY
E I G H T Y -N I N T H A N N U A L R E P O R T — F O R T H E Y E A R

Office of the Baltimore & Ohio Railroad C om pany ,
Baltimore, M d ., October 27 1915.
To the Stockholders o f The Baltimore & Ohio Railroad Company:

The President and Directors of the Company submit
herewith report of tho affairs of the Company for the fiscal
year ended June 30 1915.
Except where otherwise indicated, the comparisons shown
herein are with the figures for the preceding fiscal year.
The income and capital accounts for the year are stated in
accordance with the new Accounting Classifications as
prescribed by the Inter-State Commerce Commission,
effective July 1 1914, and in order that such comparisons
may be properly made, the figures for the preceding year
have been recast, so far as practicable, and consequently
do not agree in detail with the figures published in the last
annual report.
M IL E A G E A N D E Q U IP M E N T .
The statements in this report show the results of the
operation of the lines directly controlled and operated by
your Company, embracing :
F ir s t M a in
T ra ck.

T o ta l o f
A ll T ra cks.

M iles (o w n e d )________
M iles (trackage rights)

.4,458.97
.
76.30

8,803.17
204.10

T otal miles operated

.4,535.27

9,007.27

as shown in Table 28.
There has been an increase during the year in total first
main track mileage operated of 57.05 miles, which was
occasioned by the acquisition of the Moorefield and Virginia
Branch, 36.61 miles; the construction of the Magnolia
Cut-off, 13.14 miles; the extension of branch lines, 5.34
miles; and certain other adjustments, 1.96 miles.
The equipment of the Company at June 30 1915, con­
sisted of 2,399 Locomotives; 1,261 Passenger Cars; 86,097
Freight Cars; 3,163 W ork Cars; and 1 4 4 pieces of Floating
Equipment, as shown in detail in Table 27.
R E S U L T S F R O M O P E R A T IO N .
The General Income Account of the Company will be
found in Table 1.
The Total Railway Operating Revenues were $9 1,815,­
797 34, a decrease of $7,348,212 63, or 7.41 per cent.
The Total Railway Operating Expenses were $63,925,­
507 74, a decrease of $10,477,880 78, or 14.08 per cent.
The ratio of operating expenses to total revenues was
69.62 per cent, compared with 75.03 per cent for the pre­
vious year.
.
Tho N et Revenue from Railway Operations was $27,­
890,289 60 , an increase of $3,129,6681 5, or 12.64 per cent.
The Gross Income from the year’s operations was suf­
ficient to enable your Company to meet its fixed and other
charges, to pay the established four per cent dividend upon
the Preferred Stock and five por cent upon the Common
Stock, and leave a surplus of $771,473 86.
F R E IG H T R E V E N U E S A N D S T A T IS T IC S .

ENDED

JU N E

30

1915.

vious year. Freight revenue per mile of road was $1 5,­
606 75, a decrease of $1,312 77, or 7.76 per cent, and the
revenue per freight train mile was $3 77 81-100, an increase
of 26 99-100 cents, or 7.69 per cont. The average oarnings
per ton per mile were 5 46-100 mills, an increase of 2-100
mills. The increase in the average rate per ton per mile
and in the average distance each ton was carried is mainly
due to a larger proportion of the coal shipments being con­
signed to tho ports of Baltimore and Now York. Freight
Traffic Statistics are given in Tables 12 and 13.
Tho Statement of Commodities Carried, Tablo 14,-shows
a substantial increase in tho grouping of Products of Agri­
culture of 668,164 tons, or 18.97 por cent. There was,
however, a very large decrease in the items comprised in
the grouping of Products of M ines, amounting to 7,520,045
tons, or 15.42 por cent under the previous year. The
decrease in Products of Minos and of Manufactures reflects
tho depression in the steel trade and allied industries through­
out tho greater part of the year.
P A S S E N G E R R E V E N U E S A N D S T A T IS T IC S .
Passenger Rovenue amounted to $14,059,940 41, a de­
crease of $1,830,050 54, or 11.52 per cent. Those earnings
constitute 15.31 per cent of total oarnings compared with
16.02 per cent for last year.
The numbor of passengers carriod was 20,581,992, a
decrease of 2,166,078, or 9.52 por c e n t ; the number of
passongers carried ono mile was 714,368,423, a decrease
of 112,910,193, or 13.65 por cent, and the average distance
each passenger was carriod was 34.71 miles, a decrease of
1 66-100 miles. Of the decrease in passongor oarnings,
approximately $800,000 was due to tho cessation of immi­
grant business occasioned by tho disturbed conditions in
Europe, and the remaining portion of the decrease reflects
the general depression in business. The avorage rate por
passenger per mile for the year was 1 968-1000 cents, an
increase over the previous year of 47-1000 cents, due in
part to tho withdrawal of special rate features and tho in­
crease in cortain faros. Tho average earnings from oaoh
passenger decreased 1 54-100 cents. These and other
statistics relating to Passenger Traffic will be found in
Tables 10 and 11.
M IS C E L L A N E O U S R E V E N U E S .
M ail Revenue was $1,236,076 68 , an increase of $ 2 1,­
733 61 over the preceding year.
Express Revenue was $1,818,452 68, a decrease of $3 1,­
761 15. That this decreaso was not greater in a year_ of
general depression, is due largely to the earnest co-operation
and great activity displayed by tho W ells Fargo Express
Company in building up this branch of tho servico.
Other Transportation Revenue, in which is included
earnings from Switching and Special Train Service, Trans­
portation of M ilk, Excess Baggage, Water Transfers, &o.,
shows a net decreaso of $44,338 20, mainly from Excess
Baggage charges and Water Transfers.
#
_
Revenue from Sources othor than Transportation, in
which is included earnings from Dining Cars, Station
Privileges, Storage, Grain Elevators, Joint Facilities, &o.,
shows a net increase of $154,111 76, principally occasioned
by the increase in oarnings from Elevators, due to tho larger
movemont of grain.

Freight Revenue was $70,780,808 51, a decrease of
$5,617,908 11, or 7.35 per cent and constituted 77.09 per
cent of Total Railway Operating Revenues, as against
77.04 per cent last year.
O P E R A T IN G E X P E N S E S .
The Inter-State Commerce Commission has ordered,
effective July 1 1914, that all statistics, with respect to tons
The
total
Operating
Exponsos for tho year wore $63,­
and tonnage, be adjusted to the basis of 2,000 pounds per
ton, without regard to the customary weight of the ton as 925,507 74, compared with $74,403,388 52 for last year,
waybilled. The statistics heretofore published have been a decrease of $10,477,880 78, or 14.08 por cent.
The total Maintenance of W a y and Structures oxpensos
on the basis of the weight of the ton as waybilled, and as
a large proportion of your Company’s tonnage is waybilled were $8,985,626 86, a decrease of $3,432,808 11, or 27.64
at 2,240 pounds to the ton, as prescribed by tariffs, the por cent. It should bo noted in this connection that main­
effect of tho recent requirement of the Commission is to tenance of way oxpensos for the previous yoar included a
materially increase the number of tons as reportod. The charge of $2,112,084 98 directly attributable to tho dis­
Traffic Statistics, Tablo 12 and Table 13-A , for the years astrous floods of March 1913, which had no counterpart
1915 and 1914, are given on the new basis, but in order that in tho operations of tho present fiscal yoar. These expenses
comparisons for the ten year period may be continued, the include $556,452 15, covering roplacomont and revision
statistics given in Table 13-B are stated on the basis of the of facilities incident to additions and bottormonts. The
roadway and structures have boen properly maintained.
tons as waybilled.
.
The total Maintenance of Equipment exponsos were
The tons of revenue freight carriod were 64,375,59o, a
decrease of 7,891,465 tons, or 10.92 per cent, and the tons $16,002,588 53, a decrease of $1,147,186 68, or 6.69 per
carried one mile were 12,970,894,074, a decrease of 1,­ cont. Included in these expenses is a chargo for depreciation
083,527,427 tons, or 7.71 por cent. A s indicating tho of equipment amounting to $2,810,415 80.
Tho total of all Maintonanco Exponsos for tho yoar was
traffic density of the system the revenue ton miles per mile
of road were 2,860,005 tons, a decrease of 252,534 tons, or $24,988,215 39, and compared with tho same oxpenses for
8.11 per cont. Tho average distance each ton was carried tho preceding year shows a decrease of $4,579,994 79, or

was 201 49-100 miles, a gain of 7 1-100 miles over the pre­ 15.49 por cent. Theso oxpenses for the year represent



THE CHRONICLE

Nov. 20 1915.]

27.22 per cent of Total Operating Rovonuos, as compared
with 29.82 por cont tho preceding yoar.
The total Transportation oxponsos for tho year wero
$34,254,572 05, and compared with last year $39,985,496 44,
show a decroase of $5,730,924 39, or 14.33 por cont. These
oxponsos wero 37.31 por cont of Total Operating Rovonuos,
as compared with 40.32 por cont the preceding year. Co­
incident with tho decrease in transportation costs and
directly contributing theroto was tho heavior froight train
load, which was 692.35 tons this year against 645.37 tons
for tho provious year, an increaso of 46.98 tons, or 7.28 per
cont. There was a decrease in revonuo froight train miles
of 3,042,622 miles, or 13.97 per cont, notwithstanding tho
rovonuo froight handled ono milo decreased but 7.71 por
cont.
Tho Traffic Exponses decreased $247,329 82, or 11.49
por cent, duo mainly to loss oxpondituro for outsido agencies
and for printing tariffs, &c.
Tho Inter-State Commerce Commission Classification
of Outside Operations was abolished, effective July 1 1914.
Tho greater portion of tho oxponses formerly charged to
those accounts aro now charged direct to other accounts,
a minor portion, however, is still segregated and included in
Miscellaneous Operations, and tho fluctuations therein for
tho year woro immaterial.
g$|Tne General Expenses increased $92,664 23, duo, prin­
cipally, to increased oxpenso of tho Relief Department on
account of increaso in pension paymonts and to tho difforonco in method of charging appropriations made to that
Department.
The credit item of Transportation for Investment is a
now requirement of tho Inter-State Commerco Commission.
Tho amount included thoroin roprese ts tho reasonable
cost of transporting mon and material for construction work
and is charged to tho cost of such work.
TAXES.
Railway Tax Aeerua's amountod to $3,289,611 04, and
taxes charged to Miscellaneous Tax Accruals amounted to
$213,463 32, or a total of all taxes for tho yoar of $ 3 ,5 0 3 ,­
074 36, an increaso of $59,926 33. Taxos for tho year wero
3.82 per cont of Total Operating Rovonues.

1721

Commission, in December 1914, approved an advance in
the freight rates in the so-called Official Classification
Territory, which includes the territory served by your
Company, of approximately fivo per cent, except on certain
commodities such as bituminous and anthracite coal, coke,
iron ore, & c., and on traffic moving via lake and rail, which
exceptions apply to about one-half of the freight traffic
of your Company. The Commission also approved of
advances in certain passenger rates and some other miscel­
laneous charges. The revised rates on inter-State traffic
became effective generally in March 1915, but the applica­
tion for authority to adjust intra-State rates is still pending
in some of the States, therefore, tho full effect on your
Company’s revenues cannot now bo determined.
In that part of tho decision devoted to their findings as
to the adequacy of present revenues, the Commission,
among other things, stated :
“ In view of a tendency towards a diminishing net operating
income as shown by the facts described, we are of opinion
that the net operating incomo of the railroads in Official
Classification Territory, taken as a whole, is smaller than
is demanded in the interest of both tho general public and
tho railroads; and it is our duty and our purpose to aid, so
far as we legally may, in the solution of the problem as to
the course that the earners may pursue to meet the situa­
tion.”
While granting approximately only one-half of the im­
mediate relief asked for by the railroads, it should be en­
couraging to those interested in railroads and in the proper
industrial development of thi country to know that the
Commission treated the question beforo it in a broad way,
and recognized, unanimously, the necessities of the carriers
for additional revenues and declared its purpose to aid, so
far as it legally m ay, in the solution of tho problem as to
the course that the carriers may pursue to meet the situation.
It is believed that tho inquiry has also served to bring about
a much better understanding of the railroad situation by
all interested or concerned in that question, and that be­
cause of this clearer understanding, tho shippers, the rail­
roads and the regulatory agencies of the public, will all in
tho future be better able to satisfactorily work out the many
problems incident to tho Governmental regulation of the
public utilities.

IN C O M E A C C O U N T .

C H A N G E S IN C O R P O R A T E R E L A T IO N S .

Non-operating Incomo, in which is includod Rontals from
Proporty and Equipment, Dividends and Intorost on
Securities Owned, & c., docroased $872,569 82, due to tho
exclusion from tho incomo of tho year of any interest accruing
on obligations of tho
incinnati Hamilton & Dayton Rail­
way Company now hold by your Company.
Deductions from Gross Incomo, in which is included
Rontals paid for tho use of Equipment and Proporty, In­
terest on Funded and Unfunded Uobt, & c., incroasod $654,­
529 68, occasioned by increase in certain rentals paid and
largor intorost chargos incidont to increased capital obliga­
tions.
Tho N et Incomo for tho year amountod to $10,780,881 33,
an increase of $1,530,856 95 over tho preceding year, out
of which dividends at tho rate of four per cent per annum
were paid on the Preferred Stock of the Company amounting
to $2,354,521 28. Aftor deducting this amount and re­
quired appropriations for Sinking and othor Ileservo Funds,
tho balanco transferred to Profit and Loss was $8 368 727 07.
’

Continuing the program begun in 1912 for tho purpose
of simplifying the title to properties underlying the several
System mortgages and of reducing the number of corporate
entities comprising the System, thereby affording a more
comprehensive basis for future financing, tho Baltimore
& Ohio Railroad Company during the year acquired the
fee title to the property of the following corporations own­
ing railroads in tho State of Ohio, tho operations of which
properties are included in tho System’s income account as
heretofore, viz.:

P R O F IT A N D LOSS.

T h o Central Ohio Railroad C om pany, as reorganized__________ 142.72 miles
Sandusky Mansfield & Newark Railroad C o ., as reorga n ized.. 116.25
“
T ho Columbus & Cincinnati M idland Railroad C o ___________ 69.80
“
T ho Ohio M idland Railroad C om p a n y_________________________ 43.86
“
T he Cleveland Lorain & Wheeling Railway C o _________________191.14
“
T he Pittsburgh Painesville & Fairport Railway C o ___________ 49.86
“
8.64
“
T he Trumbull & M ahoning Railroad C o ______________________
T ho M ahoning Valley Western Railway C o ___________________ 43.07
“
T ho Eastern Ohio Railroad C o _________________________________ 16.90
“
T ho Akron & Chicago Junction Railroad C o ----------------------------- 77.30
“
T h o Cleveland W ooster & Muskingum Valley Railroad C o ____ 35.73
“
T he Pittsburgh Cleveland & T oledo Railroad C o _______________ 36.81
“
832.08 miles

Tho amount to tho credit of Profit and Loss at the begin­
ning of tho fiscal year was $32,804,187 74, which amount
was increased to $41,172,914 81 by tho addition of tho
surplus incomo earned during tho yoar as shown abovo.
Dividends at tho rato of fivo per cont per annum, amount­
ing to $7,597,253 21, woro declared on tho Common Stock
of tho Company and charged to Profit and Loss, and thoro
was also charged to this account during tho year the net
amount of $1,000,147 69, included in which is $897,970 95
for discount and oxponses on securities sold during tho saino
period. The balance to tho credit of Profit and Loss, which
roprosonts tho excess book value of assets ovor liabilities,
at tho closo of tho year is $32,575,513 91.
THE

f iv e

PER C E N T R ATE CASE.

Becauso of tho steady and constant increase in tho costs
of operation duo to matters of a continuing character, such
as wago increases, legislative requirements, and tho neces­
sity of maintaining highor standards in maintonanco and
operation, thoro had been a marked decline in tho rato of
roturn in not operating income upon tho proporty invest­
ment of the railroads generally during the past several years.
Owing to tho inadequacy, under these conditions, of tho
thon xisting rates, your Company joined with other rail­
roads sorving Official Classification Territory in proceedings
beforo tho Inter-State Commorco Commis ion, seeking to
secure approval of a uniform advanco in freight rates of
fivo por cont.
Following tho original and supplemental petitions of tho
railroads in tho matter, and aftor hoarings and investigations
extending over more than a yoar, tho Inter-State Commerce




Tho fee of that portion of The Pittsburgh Cleveland &
Toledo Railroad Company, lying wholly within the State
of Pennsylvania, 9.85 miles, was acquired by The Pittsburgh
& Wostern Railroad Company, tho entire capital stock of
tho latter being owned by your Company.
Tho Baltimore & Ohio Railroad Company also acquired
tho fee titlo to the property formerly owned by the Moorefield & Virginia Railroad Company, 36.61 miles, which
had heretofore been operated separately, but was inoi ided
in tho operations of the System for the fiscal year.
The purchase price of these properties represented the
investment of your Company in the securities of, and capital
advances to, the corporations mentioned above at the time
of acquisition. The total amount of your investment has
not been changed by reason of such purchases, the effect
being merely to alter the form of the investment and to
simplify tho accounts on the general books of the Company.
Tho purchase of these properties, except in the case of
tho Moorefield & Virginia Railroad Company, did not in­
creaso or change the miles of road of the System, but did,
however, increase the miles of road owned in fee by The
Baltimore & Ohio Railroad Company to the extent of
868.69 miles. The length of road now owned in fee is
2,188.75 miles, or 49.13 per cent of the mileage comprising
the System.
G ENER AL BALANCE SH EET.
The General Balance Sheet, stated generally in the form
now prescribed by the Inter-State Commerce Commission,
is shown in Table 2, and the principal differences in the

THE CHRONICLE

1122

assets and liabilities of the Company, as compared with
tho previous year, are as follows :
A S SE T S .

[Vol . 101.

The total capital expenditures for equipment during tho
year aggregated $4,231,882 19, as shown on pago 12 of
pamphlet roport. Table 27 shows tho oquipmont in sorvico
and tho various changes occurring therein during tho year.

The grouping of Investments, in which is included tho
capital assets of the Company, shows an increase for tho

ROAD.

year o f ................................................................................................. ..$ 9 ,1 9 5 ,9 8 5 07

The work of constructing tho roadway for now doublo
track lino and relocation of parts of tho old lino betwoon
Okonoko and Orleans Road, W . V a ., known as tho Magnolia
Cut-off improvement, has beon completed. Ono track
has boon laid and was put in operation Docombor 6 1914.
Tho laying of tho second track has boon held in aboyanco.
W ith tho uso of this improvement it has been possiblo to
incroaso the oastbound slow freight train load to 6,180 gross
tons, an increase of 36.36 per cent. Tho operations in this
territory havo boon greatly facilitated by this improvomont,
tho distanco has been shortened 5.78 miles and tho holpor
station at Hansroto has been eliminated, which latter con­
stituted a sorious interference with tho movement of traffic
by reason of eastbound trains requiring assistance ovor a
section of tho road whore traffic is of the groatost donsity.
W hile tho now lino has been opened but a little moro than
six months, substantial economies in transportation costs
havo already boon effected and tho movomont of traffic
much facilitated. W ith tho handling of a greator volume
of businoss tho bonefits dorived will bo proportionately
larger. This improvement, togothor with othors horotoforo
mado, givos a continuous throe track lino botweon Patorson
Creek and Chorry Run, W . V a ., a distanco of 57 miles,
which section has tho greatest traffic donsity of tho system,
at times in excess of 24,000,000 ton milos per mile of road
per annum.
N o now construction work of any magnitude is now undor
way, but miscellaneous oxponditures, as shown in dotail
in Table 6, woro mado during tho yoar for tho bottermont
and improvomont of tho property, somo of tho moro im­
portant items woro as follows :
An electric transformer station, to enable tho utilization
of purchased power, was erected at Camden Station, Balti­
more, M d .
A now passengor station was constructed at Borkoloy
Springs, W . V a ., and a now combination station and office
building was completed at Strasburg Junction, Va.
During tho yoar three new interlocking plants wore built,
and four woro reconstructed and rearranged.
Automatic signals woro installed ovor seven milos of
doublo track, and 10.6 milos of wostbound track botwoon
Orloans Road and Magnolia, W . Va. Controlled manual
block signals woro provided for 14.7 milos of single track
and a largo number of safety dovicos woro installed for tho
protection of switches, grade crossings, &c.
The alignment near 75th Streot, Chicago, 111., was cor­
rected, eliminating 194 degrees of curvaturo, making it
possible to oporato tho heaviest power on this part of the
lino and dispensing with a slow order ovor six milos of road.
Tho work of eliminating tho grade crossing of Concord
Piko, near Concord, D el., was completed, as was also tho
Washington Road crossing at Elkridgo, M d .
Tho Ludlow Avonue Viaduct, Cincinnati, Ohio, which
was opened for traffic on June 15 1914, has now beon ontiroly
completed, and substantial progress has also been mado in
constructing tho Hopple Stroot Viaduct in the samo city.
Tho undergrade crossing at 28th Stroot, Lorain, Ohio,
was completed.
Important bridges woro constructed during tho yoar ovor
tho Monongahola Rivor at Wheeling Junction, P a ., ovor
Contral Avonue, Madisonvillo, Ohio, and ovor tho Potomac
River at Magnolia and Kessler, W . V a ., tho latter two boing
incidont to the Magnolia Cut-off.
To permit tho operation of heavier locomotivos tho bridgos
botweon Akron Junction and Clovoland, Ohio, havo boon
robuilt or strengthened so as to carry onginos woighing ovor
220,000 lbs.

made up as follows, v iz.:
N et chargo to R o a d ____________________________ $6,538,144 22
N e t charge to E quipm ent______________________ 2,082,090 69
Miscellaneous Investm ents (n et)_______________
575,750 16
$9,195,985 07

The grouping of Current Assets shows a decroaso of
$24,734,033 96.
Of this docreaso, $17,751,244 53 is in Cash and is duo to
the inclusion last year of $20,000,000 in this item to pay
a like amount of Ono Yoar Secured Notes which matured
and were paid July 1 1914. There was a decroaso in Special
Deposits of $1,900,947 53, duo to payments for additional
equipment acquired for the Equipment Trust of 1913 and
a decrease in Material and Supplios of $1,935,412 98. Tho
increases in groupings of Deferred Assets and Unadjusted
Debits are normal fluctuations incidont to the business.
L IA B IL IT IE S .
Thero woro not additional issues of Capital Stock during
the year.
Tho grouping of Long Torm D ebt, i. e ., Funded D ebt,
shows an increase of $3,991,833 34, accounted for as follows:
Obligations issued during the year:
4J^ % Secured G old N otes—
Series “ A , ” m aturing June 1
1 9 1 7 ....... .............................. $20,000,000 00
Scries “ B ,’ m aturing Juno 1
1918 ..................................... 20,000,000 00
------------------------$40,000,000 00
Issued to retiro $35,000,000 00 Ono-Year
N otes, matured Juno 1 1915, and
for other corporate purposes.
First M ortgago B ond s_____________________
1,000,000 00
Issued under provision o f the m ortgago,
in recoupm ent o f construction expend­
itures.
Hampshire Southern R R . C o. (M oorefield
& Virginia R R . C o.) First M ortgage
B onds, assumed__________
5,000 00
$41,005,000 00
Obligations retired during tho year—
Baltim ore & Ohio Equipm ent
Trust o f 1912_____ _______ $1,000,000 00
Series “ C ,” paid at m aturity.
B altim ore & Ohio Equipm ent
Trust o f 1913.................... 1,000,000 00
Series “ B ,” paid at m aturity.
Baltim ore & Ohio R R . C o .,
Loan N o. 6 o f 1853............
6,000 00
Purchased and retired.
Real Estato M ortgages and
Ground Liens, Liquidated
7,166 66
B altim ore & Ohio R R . C o.
Ono-Year Secured N o te s . 35,000,000 00
------------------------ 37,013,166 66
Paid at m aturity, Juno 1 1915.
-----------------------N et Increase................................................... $3,991,833 34

Current Liabilities show a decrease of $21,484,875 37,
due, principally, to the payment at maturity, July 1 1914,
of $20,000,000 of Ono-Year Secured N otes, tho balance
of tho decrease “boing in the accounts Interest Matured
Unpaid, Unmatured Dividends Unpaid, &c.
Deferred Liabilities decreased $470,620 68, resulting from
the operations of tho Roliof Department and smaller aggre­
gate amounts withhold from contractors’ estimates. Un­
adjusted Credits increased $1,407,635 80, tho major portion
of which represents the net incroaso in Accrued Depreciation
on Equipment.
^ In c id e n t to the acquisition of tho feo of certain properties
in. Ohio, thero was restored to the investment account of
Road $2,793,197 90 of capital oxponditures for additions
and betterments, which had horotofore beon chargod to
Income or Surplus, and this change accounts for tho incroaso
in tho itom Additions to Proporty through Incomo and
Surplus;
E Q U IP M E N T T R U S T S .

E Q U IP M E N T .

Baltimore & Ohio Equipm ent Trust o f February 1912:
T otal outstanding June 30 1914___________ $8,000,000 00
M atured and paid during tho year— •
Series " O ," paid Feb. 1 1915- — ................
1,000,000 00

T otal B ook Valuo o f Equipm ent, Juno 30 1914, was_______ $107,756,046 72
During tho year tho following additions to tho equipment
were mado:
34 L ocom otives, 6 Passenger Cars, 1,781
Freight Cars, and 9 Work Cars, and
paym onts were mado amounting t o ____ $2,749,194 06
A nd 5 Passenger Cars, 7,564 Freight Cars
and 1 W ork Car woro reconstructed, in­
volvin g a net chargo to the equipment ac­
count o f ............- ...............................................
1,482,688 13
----------------------- 4,231,882 19

Outstanding Juno 30 1915-----------------------------------------------$7,000,000 00
B altim ore & Ohio Equipm ent Trust o f 1913:
T otal outstanding Juno 30 1914------------$9,000,000 00
M atured and paid during tho year—
Series “ B ,” paid April 1 1915..................... 1,000,000 00

During tho year tho following equlpmont was put ou t o f
service and credited to Investm ent in Equipment: 7 Passonger Cars, 3,603 Freight Cars. 419 Work Cars, 1 Car
Float and 1 Lighter, having a book valuo o f — . --------------

Tho status of tho Equipment Trusts at June 30 1915,
follows :

Outstanding Juno 30 1915______________________________ $8,000,000 00
T otal Equipm ent Trust obligations outstanding Juno 30
1 9 1 5 ....... ..................... - .......... - ........................................... .$15,000,000 00

Each of these Trusts was issued in ton serios of $1,000,000,
one series of each Trust maturing annually.
A D D I T IO N S TO R O A D A N D E Q U I P M E N T .
The total expenditures chargod to Road Account wore
$3,744,946 32. These chargos are shown in Table 6, whore
they are grouped under tho moro important accounts of tho
Road and Equipment Classification.




$111,987,928 91

2,149,791 50

M aking the Gross B ook Valuo o f E qulpm ont...........................$109,838,137 41
From tliis should bo deducted:
A ccrued Depreciation on Equipm ent in
Service, as follows:
_ .
_
_____
A m ount at credit, Juno 30 1914--------------- $15,025,071 35
A m ount charged to Expenses for doprccia__
tion , year ended Juno 30 1915--------------2,810,415 80
$17,835,487 15
Less: Charges against this account for de­
preciation accrued on equipment put
out o f servico during tho year__________

1,705,733 07

Balanco to Credit o f Accrued Depreciation on E qulpm ont
in Service, Juno 30 1915..............................................................

16,120,754 08

M aking N ot Valuo o f Equipm ent Juno 30 1915--------------- $93,708.38g 33

1723

THE CHRONICLE

Nov. 20 1915.)

In continuation of tho policy inaugurated sovoral yoars
ago of strengthening cortain classes of equipment, during
tho year 7,504 freight cars woro rebuilt with steel under­
frames and bolsters and oquippod with hoavy draft geai
to better fit thorn for presont operating requiromonts.
A t tho end of tho year 203 locomotives, that had undergono thorough repairs, woro in storage awaiting trattic

Tho N ot Income’ of tho Sandy Valley & Elkhorn Railway
Company was transferred and included in the Income
Account of Tho Baltimore & Ohio Railroad Company and
tho balance 8423,007 62, was credited to the Profit and Loss
Accounts of tho respective Companies.
T H E C IN C I N N A T I H A M IL T O N & D A Y T O N R Y . C O .

This property is still in tho hands of Receivers, and wliile
plans for its reorganization are now being considered, the
subject has not progressed sufficiently to justify any con­
clusion at this time as to the ultimate effect of the reorganiza­
tion upon your Company; consequently, there is nothing
to add to the full statomont made in this connection in the
previous annual report, oxcopt that your Company has
made no further advances to or on account of the Cincinnati
Company other than to pay the interest accruing during
the year on the 87,500,000 First and Refunding Mortgage
Four Per Cent Bonds outstanding and bearing the guarantee
of your Company.
, , „
.
As previously noted there was excluded from the income
account of Tho Baltimore & Ohio Railroad Company for
R E L IE F D E P A R T M E N T .
the year all interest accruing on obligations of the Cincinnati
Tho Railroad Company assumes goneral chargo of tho Company now held by your Company, aggregating -8-2,­
Roliof Dopartmont; furnishes offico room and furnituro, 695,144, so that tho full weight of any income loss Irora this
givos tho sorvico of its officors and employees and tho uso source has been mot. Tho capital losses cannot yet be
of its facilities; bocomes tho custodian ol its funds with full determined and adjusted.
responsibility thorofor, and guarantees tho truo and faithful
*
*
*
*
porformanco of tho obligations of tho Department.
Tho President and Directors renew thoir acknowledgment
RELIEF FEATURE.
of the loyal and efficient services of the officors and em­
Tho total number of mombers of this Foaturo is 50,591. ployees during tho past yoar.
Tho total paymonts for all bonefits sinco tho inauguration
B y order of the Board,
of this Foaturo M a y 1 1880, to Juno 30 1915, amount to
D A N I E L W IL L A R D ,
820,090,882 93. A statomont of tho operations of this
President.
Foaturo', which provides accidont, sick and doatli benefits
for employees, is shown on tho first page of Tablo 26.

Tho porcentago of steol froight cars, including cars with
stool undorframes and stool con tor-sills, to tho total lovonuo
froight equipment at Juno 30 1915, was 81.38 per cont, as
compared with 72.77 por cont last year and 38.83 por cent
at Juno 30 1909.
.
.
01 T
Of tho now equipment acquired during tho year 31 Loco­
motives and 1,195 Stool Froight Cars woro purchasod under
tho provisions of tho Baltimore & Ohio Equipment Trust
of 1913.
.
. cn
Contracts liavo boon entorod into for the purchaso or oO
steol passenger cars and 2,000 all steol freight cars, to bo
delivered during tho coming fiscal year.

SAVINGS FEATURE.

This Featuro combines tho advantages of a savings and
loan association, through which omployoos and thoir immodiato dopondonts may invest thoir accumulated savings,
and from which thoy m ay obtain funds for tho purchaso
of homes to be repaid through easy monthly installments.
As an incontivo to omployoos to savo, tho Railroad Company
guarantees four por cent intorost on all such doposits.^ Dur­
ing tho past year this Foaturo paid to depositors 8410,295 91,
boing fivo por cont on deposits, aftor which thoro was a
balanco of 848,178 18 carried to tho Surplus Account. On
Juno 30 1915, thoro woro 8,937 depositors, with total doposits of 88,787,810 22, an avorago of 8982 21. During
tho year 1,394 new loans woro mado and 541 loans woro
paid off, leaving in forco and offoct at Juno 30 1915, a total
of 0,114 loans, amounting to 85,530,842 22. Sinco tho
inauguration of this Feature, August 1 1882, loans to tho
aggrogato amount of S16j326,128 72 liavo boon made,
assisting omployoes in acquiring real estate to this oxtont.
A statement of tho operations of this Foaturo will bo found
in Table 26.
PENSION FEATURE.

Ponsion paymonts to superannuated and infirm omployoes,
constitute a special payroll and aro chargo to Operating
Exponsos, tho total amount so charged during tho yoar
being 8287,835 99.

During tho yoar 200 namos wore addod to tho ponsion
roll and 87 woro romovod by roason of doath, loaving 1,036
as tho total numbor of ponsionors on Juno 30 1915. Tho
avorago ago of pensioners at Juno 30 1915 was ovor sovonty
years.
_
A roport of tho operations of tho Dopartmont will bo dis­
tributed to mombers.

Ono hundred and thirty-oight new industries, manufac­
turing and. commercial, woro locatod on or immediately
adjacont to tho lino during tho year, from which tho Com­
pany oxpocts to dorivo substantial froight rovonuos. Ono
hundrod and tliirtoon sido tracks woro constructed: oightysovon to nowly located industries, and twonty-six to in­
dustries previously located, but without sido track facilities.
IN S U R A N C E F U N D .
A summary of tho operations of this foaturo for tho yoar
endod Juno 30 1915 and a statomont of tho assots and lia­
bilities aro shown in Tablo 25. Tho surplus in this Rosorvo
Fund at Juno 30 1915, was 81,503,680 30.
S U B S ID IA R Y L IN E S .
Tho Income Accounts of tho following linos, tho capital
stock of which is o w e d by your Company, but which aro
operated soparatoly, aro shown in tho following Exhibits,
viz.:
„
M i le s .
Tho Staten Island Railway Company............... 12.05
The Staten Island Rapid Transit Railway C o .. 10.89
Tho Sandy Valley & Elkhorn Railway C o.........30.57
n
n m Baltimore &
9r rOhio
\ U l r \ r*
h lr»n im T
p r m in n .1 Rail­
Kn.fl..
Tho
Chicago
Terminal
road Company___________________________ 79.42

N e t In c o m e .

133.53

$500,697 54




BALANCE
1915.

CONDENSED INCOME ACCOUNT FOR Y E A R .
1915.
T u L IU ” W

” " “ " '* • .“

In c r e a s e ( + ) o r
D e c re a se (— ).

*91.815.797 34 -S 7 .3 4 8 .2 1 2 63
63,925,507 74 -1 0.47 7.88 0 78

.

P e rce n ta g e o f E x p en ses t o E a rn in gs .

69.62%

. $3,289,611 04
18,981 38
U n c o lle c tib le R a ilw a y R e v e n u e s .....................
$3,308,592 42

— 5.41%
+$52,730 32
+ 18,981 38
+$71,711 70

.$24,581,697 18 +$3,057,956 45
— 872,569 82
. 5,260,847 77
.$29,842,544 95 +$2,185,386 63
+662,705 38
. 19,119,296 60

G ross

Net Income................................................ $ 10,723,248 35 +$1,522,681 25
Net Corporate Incom e. .........- ..................................... ......... t ’w oa
Dividend Payments on Preferred Stock, 4 % ---------------------- z . s o i . o z i z a
Income Balance Transferred to Profit and Loss ...................$8,368,727 07
Amount to Credit of Profit and Loss, Juno 30
1914........................ _............................. ....... $32,804,187 74
Less Sundry Adjustments— Net Debit Bal—
1,000,147 69 ^ 3 0 4 940 05

Dividends on Com m on Stock,5 % ...................................... .. .-

$40,172,767 12
7,597,253 21

Amount to Credit of Profit and Loss, Juno 30 1915--------- .$32,575,513 91
CONDENSED GENERAL BALANCE SHEET FOR Y EA R .

IN D U S T R IA L D E P A R T M E N T .

■A”
“ B”
"O ”
«*TV>
*D”

C O N D E N S E D IN C O M E A C C O U N T A N D
S H E E T , Y E A R E N D E D J U N E 30

$3,180 08
288,044 25
77,689 92
131,783 29

In crea se ( + ) or
1 9 i5 .
D e c r e a s e (— ) .
Investments in Road and E q u ip m en t...$ 3 1 6 ,4 8 3 ,5 0 8 43
Investment in Constituent C o m p a n ies.. 2 3 5 ,067 ,238 24
Other Investm ents------------------------------------- 9 7 ,485,553 71 ___________________ _
A s sets—

Total Investments.................................. S649.036.300 38
Current Assets— Cash, Materials and
Supplies. &c.............................................. 35.347,085 15
Other Assets— Insurance Fund, SecuritlS of our issue. & c................................
9.261.783 99
Unadjusted Debits------------------------------1,502,953 03

+$9,195,985 07
-2 4.73 4,03 3 96
+994-687 94
+551,858 11

$695,148,122 55 — $13,991,502 84
L ia b ilitie s—

___ ____

Common Stock----------------------------------- $152,317,468 00
Preferred Stock.......................................... 60,000,000 00 _________._______
Total Stock Issues-------------------------------- $212,317,46800
Funded Debt__________________________ $406,325,609 81
Total Capital Obligations____________ $618,643,077 81
Current Liabilities **................................ 17,809,857 39
S X S “ m E . : : : : : .........................
m iu s s h
10.286.933 31
Additions to Property through SurplU3
Profit and Loss— Balance------------------

4.020.950 96
32,575,513 91

+$3,991,833 31
+$3,991,833 34
— 21,484,87537
- 1 - 0 .6 2 0 es
+1.107.635 80
+2.793.197 90
228,67383

$695,148,122 55 — $13,991,502 84

1724

THE CHRONICLE

Series “ B ,” leaving Equipment Trust Bonds outstanding
June 30 1915 as follows:
s ° nc}s’ i ot,iea

.........- ..................................................... $898,ooo

4>4% Bonds, Senes “ B ” ______________________________________ 1,625,000
There were purchased during the year $10,000 o f Brunswick &
Western Railroad Company Income Bonds, leaving outstand­
ing in the hands of the public Juno 30 1915 bonds of this issuo.. $31,000

[Vol. 101.

There were purchased and put in sorvico during the year:
2 Locomotivos.
6 All-Steel Coaches.
5 All-Steel Baggage Cars.
4 All-Steel Mail and Express Cars.
1 Wooden Passenger and Baggage Car.
310 Steel Underframe Flat Cars.
20 Wooden Cabooso Cars.
1 Pile Driver Bargo.

The following issues of bonds were paid at maturity:

GENERAL REM ARKS.

Ashloy River Railroad Company First Mortgago 8% Bonds, ma­
tured January 1 1915____________
.
5 3 3 500
Richmond & Petersburg Railroad Company First Mortgago
’
Bonds, matures May 1 1915:
Bearing 6 % --------- -------------------------- ------------ ------ $316,000
Bearing 7 % ........................................................ ..........
24,500
$340,500

There were no other changes in tho securities issuod by
your Company.
QHANGES IN HOLDINGS OF COM PAN Y’S OWN SECURITIES IN
ITS TREASU RY.

In Company’s Treasury, Unpledged, Juno 30 1914:
General Unified Mortgage, Scries “ A ,” Four and One-half
_ i er Cent Gold Bonds----------------------------- ----------------------$21,180 484 09
First Consolidated Mortgago Four Per Cent Gold Bonds__
438,750 00

T h e decrease in Operating Rovenues compared with pre­
vious year was 8 5 ,2 9 6 ,3 0 4 6 9 , oqual to 1 4 .3 8 por cont.
T his slirinkago was causod b y tho groat declinos, resulting
from tho war in E urope, in tho prices and consum ption o f tho
products and m anufactures of the territory sorved b y tho
A tlan tic C oast Lino Railroad C om p an y and to tho conse­
quent large decreaso in passonger travol.
A n analysis of tho tons m ovod in tho two years shows
decreases as follows:
In products of Agriculture________________________________ 6 .5 4 p0r
Anim als_______________________________ " " “ 4 1 . 4 3 “
M ines____________________________ . " “ “ ” “ 3 3 ,3 0 “
“
“
Forests__________________________“ _ I I “ “ l6.13 "
In Manufactures___________________________________
28.i8 “
In Miscellaneous Freight___________________ ” I “ “ “ “ “ l5.’l2 "

cen(j
••
“
“
“

Averago..................................................................................... 4 9 .8 7 <•
General Unified Mortgage, Series " A ,” Four and One-half^
Per Cent Gold Bonds issued by Corporate Trustee to re­
imburse this Company for expenditures for Additions and
B etterm ents......... ......... - ................................. ...................
2,644,545 83
$24 263 779 92
Less General Unified Mortgago, Series “ A ,” Four and One’
'
half Per Cent Gold Bonds sold at 86 M net and interest.. 5,000,000 00
$19,263,779 92

In Company’s Treasury, Unplodgod, June 30 1915:
General Unified Mortgage, Series “ A ,” Four and One-half
Per Cent Gold Bonds__________________________________ $18,825,029 92
First Consolidated Mortgago Four Per Cent Gold BondsIII
’438I750 00
$19,263,779 92
R A I L R E L A Y I N G A N D IN C R E A S E I N S ID E A N D Y A R D T R A C K S .
T h e r e w o r e l a i d d u r i n g t h o y o a r 2 2 . 1 5 m i le s o f a d d i t i o n a l
s id o a n d y a r d t r a c k s , w h i c h , w i t h t h o n o t in c r e a s e o f i n d u s t r ia l
t r a c k s la i d ( 0 . 3 9 m i l e s ) , m a k e a t o t a l o f 2 8 . 5 4 m i le s .
T h e r e w o r e r o la id 9 6 . 0 1 m i l e s , o r a b o u t 2 . 0 p o r c o n t o f
t o t a l o f m a i n a n d b r a n c h lin o m i le a g e a s f o l l o w s :

Norfolk, Va -------------------------------------------------------------------- 16.79
percont
Richmond, V a ..............
7 9 7 <*
••
Wilmington, N. C _____________
*>5 2.3 “
“
""
38 34 “
“
Charleston. S. C ________ .
Augusta, o a . ..................
:::::::::::::::io :k 2
Savannah, Ga_____________
2 0 78 “
••
Jacksonville, Fla____________________________ _
ti .33 “
“
Montgomery, Ala__________________ I “ “ “ “ “ “ “ “ ” “ 35l58 “
••
Tho extension of double track from Solma to Parkton','N. C
61.69 miles, was completed in Docomber 1914, thus increasing
miles of double track to______________________________________ 331.74

Automatic oloctrie block signals wore completed and put in
operation on tho doublo track botwoon Collier, V a ., and
Pleasant Hill, N . C ., a distaneo of 48.43 miles. This will
increase automatic oloctrie block signals to protoct
Miles of doublo track________ ,__________________ .
.366 26
Miles of singlo track_________________________________ 111121111“ 1L32
317.58

33 7*2

N ew 85-pound r a i l ________________________________
^ ^
Re-*a y m
—
.................. - - - ................ —
: : : : : : : : : : : : : : : : : 3 o . -8o
60
............. .......................................................... - ..........................31.49

96.01

W e renow tho expression of our appreciation of tho intelli­
gent and faithful work dono by our officors and employoos.
II. W A L T E R S ,

N E W C O N S T R U C T IO N .
N o w d o u b l e t r a c k l in o , 4 . 4 8 m i le s l o n g , b e t w e e n M e a d o w
a n d F a ll i n g C r e e k , V a . ( J a m e s R i v e r B r a n c h ) , w a s c o m p l e t e d
b u t h a d n o t b o o n p u t in o p e r a t i o n o n J u n o 3 0 1 9 1 5 .
N e w l in o , 4 . 1 3 m i le s l o n g , M i l l d a l e t o E a s t p o r t , F l a . , w a s
c o m p l e t e d a n d p u t in o p e r a t i o n in D e c e m b e r 1 9 1 4 .

••

A s a further illustration o f tho groat shrinkage in business
throughout the wholo territory sorvod by tho A tlantic C oast
Lino Railroad C o m p an y , freight “ forwardod” rovonuo from
tho following stations shows decreases b y com parison with
tho previous yoar as follow s:

J. R . K E N L Y ,

Chairman.

C O M P A R A T IV E

President.

GENERAL

BALANCE

SH EE T.

Assets.

In vestm en ts —
J u n e 30 1915. J u n e 30 1914.
Investment in Road and Equipment.........$177,383, 973 07 $175,817,605 09
Improvemontson Leased Railway Property
Deposits in lieu of Mortgaged Property
Sold______________________________
ROAD PURCHASED.
6 ,200 00
5.500 00
839 584 42
749,318 68
M i l(>s m Miscellaneous Physical Property____
Investments
in
Affiliated
Companies:
Florida Central Railroad, Finchor to Fanlew, F l a . . ____________________ 32.47
Stocks.................
$55,910 426 99 $55,913,376 99
Bonds_______________________________
1.878, 821 80
1.859,615 63
E Q U IP M E N T R E P L A C E M E N T A C C O U N T S .
N otes_______________________________
2,093, 596 75
2,097,877 17
Advances____________________________
3 0 0 ,' 431 61
463.518 32
Credits During tho Year:
S o c o n d t r a c k , S e lm a to P a r k t o n , N . C . , 6 1 .6 9 m ile s , w a s
c o m p l e t e d a n d p u t in o p e r a t i o n i n D o c o m b o r 1 9 1 4 .

Fom Operating Expenses:
D e p r e c ia t io n :
For locom otives_________________________________ $291,182 45
For passenger train cars.......... ...............
88,795 02
For freight train cars___________________________ 692,316 10
For work equ ip m en t___________________________
21,057 58
For floating equipment_________________________
3,306 12
„
..
_
--------------------$1,09 6 ,6 5 7 27
From Operating Expenses:
R e n e w a ls , E q u ip m e n t D estroyed or S o ld :
For
5 locomotives___________________________ $10,766 39
For
3 passenger train cars_________________
2,430 95
For 1,098 freight train c a r s ___________________
66.446 76
For
57 work equipment cars________________
2,818 47
-------------------8 2,462 57
$1,179,119 84

$730 ,41 2 09

-------------------

$ 730 A 12 09

Cost o f transferring equipment to other classes............. .........

$1,215 42

The following table shows the equipment ownod, or leased
under car trusts, on hand at the close of each yoar:
1906. 1907. 1908. 1909. 1910. 1911. 1912. 1013. 1914. *1915.
Locomot’8 545
641
672
669
663
686
719
814
777
811
Passenger
train cars.
530
564
606
602
605
603
646
679
671
674
Freight
train cars. 18,108 23,009 24,668 24,508 24,581 25,472 27,510 29,210 29,833 28,927
593

600

657

773

847

946

11

15

16

16

17

17

19

975 1,070 1,169
20

20

21

•Changes In tho Inter-State Commerce Commission’s Classification, effective
July 1 1914, have necessitated the transfer to Work Equipment of fourteen units of
equipment heretofore shown under Passenger Train Cars




$00,243,277 15
-

$221,831
1 ,1 2 1 , 1 2 0
64.300
821,981

25

$60,334,388 11
$165,831 25

00

1 ,1 2 1 .1 2 0 00
21,600 0 0

$2,229,232 72

$2,070,284 54

00
47

761,733 29

. $240,753,692 25 $238,977,096 42
C u rre n t A s s c ls -

Demand Loans and Doposlts.
Special Deposits:

. $11,380,317 97
439,630 78

$8,430,684 65
335.513 92

-

$1,230,401 67
575,000 00

$1,339,268 17
575,000 00

$655,401 67
28,531 39

$764,268 17
32.984 54

784,248 07

693.654 62

Loans and Bills Receivable_______
___Traffic and Car Sorvico Balances Receiv­
able___________________________

Cared for as Follows:
“
From operating expenses, renewals_____________ $8 2 ,4 6 2 57
From accrued depreciation.......... .............................. 461,756 78
From salvage, firo insurance and foreign roads. 186,192 74

449

N otes___
Advances.

Less: This Company’s own issues.

Charges During the Year:
For cost valuo of equipment retired by destruc­
tion, sale or transfer to othor classes_________ $753,403 00
Less valuo at which equipment was transferred
to other classes............... ................ ............................
22.990 91

equipment
Floating
equipment

Other Investments:
Stocks___________

C onductors__________________
Miscellaneous Accts. Receivable.
Materials and Supplies_________
Other Current Assots.

.
-

354.288
865,864
2,013,045
1,104,189
31,347

06
72
12
21

69

- $17,656,864 68

485.827
1.042.088
2.872.667
1,437,210
31.469

77
14
14
50
24

$16,132,368 69

D e fe r re d A ss ets —

Working Fund Advances_____
Insurance and Other Funds:
Total Hook Assots________

Total.
U n a d ju s t e d D eb its —
Other Unadjusted Debits___
Securities Issued or Assumed:
Par valuo of holdings —
1915. $19,263,779 92
1914, $21,619,234 09

-

$4,916 50

$7,428 50

-

$317,069 45
150,000 00

$262,001 39
150,000 00

$167,069 45

$112,001 39

.

$171,9f>5 95

$119,429 89

.

$804,506 01

$974.8

81

Grand Total...................................$259,387,048 92 $256,293,74 81

1725

THE CHRONICLE

Nov. 20 1915.]

ATLANTIC COAST LINE RAILROAD COMPANY
A N N U A L R E P O R T — F O R T H E F IS C A L Y E A R
Richmond , Va., November 16 1915.
To the Stockholders of the Atlantic Coast Line Railroad Co.:

Tlio Board of Directors of tho Atlantic Coast Lino Railroad
Company respectfully submits tho following report for tho
fiscal year ondod Juno 30 1915:

4,672.6.5
H 60

Miles operated June 30 1914---------------------------------------------------- 4,661.05
M i le s a d d e d d u r in g fi s c a l y ea r:
QO
Fincher to Fanlew, Fla. (Florida Central R R .)----- 32.47
New lino Milldale to Eastport, Fla.......................... 4.14
Spurs to mills and factories--------------— - - - - - - — 8 "88
Total added to operated lines account re-survey.. . 3.98
46.97
L e s s:

Part of Savannah W harfB ranch^abandoned...... 0.08
Petersburg Hranch, transferred to double track.
Total deducted from operated lines account
4.56

PROPERTY INVESTM ENT AND RATE OF RE TU R N .

The following statement shows, for each year, the amount
of investment, tho amount of net income applicable to
bond interest, dividends, improvement of property and
strengthening of credit, and tho rate of return which such
net income represents on the amount of investment.

Average mileage operated during year..............................................4,689.36
Mileage owned Juno 30 1915---------------- ------ -— -------- - — - - — 4,608.4/

Annual average . .

36.58

Total miles operated Juno 30 1915...........................- ....................... .4,697.63

Double-track mileago Juno 30 1915-------------------------------------------INCOME ACCOUNT.

331.74

In c r e a s e ( + ) or
D e crea se (— ).

1915.
1914.
Operating revenues...........-531,536,474 8 8 $36,832,779 57 — $5,296,304 69
Operating expenses and
t a x e s ............................. 24,493,313 98 27,773.246 96 — 3,279,932 98

67
62
91
32

$201,958,657 69

5.83
4.80
4.83
5.58
6.58
6.49
6.23
6.33
5.90
4.63

$11,563,629 87

5.73

* Does not include either Cash or Material and Supplies,
t For tho purpose of comparison, “ Property Investment fig u re ror
1915 are revised to conform to tho Classification of the Inter-State Com­
merce Commission in effect from 1910 to 1914, and, therefore, are not the
same as shown in the "General Balance Sheet” on the following page,
where the Investment figures for both 1914 and 1915 are on basis of the
new Classification in effect July 1 1914.

88 15.15
88 14.75
0 1 15.64
56 0 .2 2

Thoro has been no change during the year in tho issues of
Common and Preferred Stock, Certificates of Indebtedness
or Convertible Debenture Four Per Cent Bonds.

31,536,474 88 36,832,779 57 — 5,296,304 69 14.38

UNIFIED M ORTGAGE FOUR PER CENT BONDS.
Outstanding June 30 1914----------------------------------- -----------.$4,568,000 00
Retired to June 30 1915 by issuance of like amount of General
Unified Mortgage Series “ A ” Four and One-Half Per Cent
Bonds............................................ - ............................................ 3,955,000 00

+ 14,046 74
— 9,640 01

$9,049,892 60 — $2,020,778 44
4,056,042 21
— 751,295 00

$4,610,26111

$7,507.239 73

-$2,896,978 62

309,324 95

178,231 98

+ 131,092 97

Net incomo_____________ $4,300,936 16
$7,329,007 75
$3,028,071 59
* This Is a now account provided by Inter-State Commerce Commission’s
classification effective July 1 1914.
t Operating expenses and operating revenues for auxiliary operations for
current year are included in expenses and revenues of rail operations; here­
tofore accounting for such operations lias been treated separately.
INTEREST AND RENTALS.
1914.
1915.
Interest on funded debt____________________ $5,550,263 27 $5,393,362 76
Interest on certificates of indebtedness--------5,466 00
9,711 32
Interest on equipment trust bonds o f March 1
1907 .............
43.419 99
61.420 00
Interest on equipment trust bonds o f Dec. 1
1911__________ - ................. ..........................
80,625 00
91,875 00
Interest on Brunswick & Western incomo
2.050 00
bon ds...........................................................
2,050 00
40,276 00
Rentals________________________________ —
41,776 00
D IVIDEN DS.

$5,723,600 26

$5,598,695 08

Dividends were paid as follows during tho yoar:
To Preferred Stockholders, 5 per cent.........................................
$9,835 00
To Common Stockholders, 5 per cent------------ --------- ----------- $3,427,900 00
OPERATING REVENUES.
1915.

1914.

In c . ( + ) or
D e c . (— ).

$
$
$
Freight ---------------------- 21,064,187 99 24,825,312 87 — 3,761,124
Passenger........................ 7.853,539 42 9,212,170 30 — 1,358,630
1,085.748 51 1,287,008 52 — 201.260
654,439 94
652,986 38
+ 1.453
91,699 50
116,473 10
— 24,773
786,859 52
738,»28 40
+ 48,031

60 21.27
12 6.50

OPERATING EXPENSES AND TAXES.
1914.

1915.

S
S
4,572,650 63 5,116.944 18

5,438,461
661,513
Transportation expenses 11,291,110
Miscellaneous operations
110,546
880,377
Transportation for in­
vestment— Credit----50.502

I n c . ( + ) or
D e c . (— ).

$
— 544,293 55 10.64

12 6.094,705 82 — 656,244 70
649,820 81
+ 11,692 88
69
13 13,118,265 62 — 1,827,155 49
+110.546 52
52
15 1,232,351 16 — 351,974 01
06

Per
C en t.

10.77
1.80
13.93
28.56

— 50,502 06

22,901,157 18 26,212.087 59 — 3,307.930 41 12.62
+ 27,997 43 1.79
T axes_________________ 1.589,156 80 1,561,159 37
T o t a l ........................... 24,493.313 98 27 ,773,246 96 — 3,279,932 98 11.81
Commission were revised effective July 1 1914. In tho foregoing tables
under “ Incomo Account,” “ Operating Revenues” and “ Operating Expenses
and Taxes ” the figures for 1915 are on basis of new Classification, effective
July 1 1914 The figures for 1914 are on basis o f Classification in effect
prior to that date. The numerous changes in tho new Classification shave
rendered it impracticable to compile tho figures on tho same basis for each
year.
Operating revenues decreased__________________$5,296,304 69, or 14.38%
Operating expenses decreased--------------------------- 41 ■or
Taxes Increased_________________________ _____ . 27,997 43, or 1.79%
Net operating revenues, less taxes, decreased------2,016,371 71, or 22.26%




66

75
34
48
19
80
59
55
85
81
37

$10,542,182
9.002.929
9.131.634
10,979,931
12.934.306
13,061.766
12,785.780
13,757.970
13,105,934
10,333.861

Per
C en t.

-$2,016,371 71

Gross incomo.......................$10,333,861 37 $13,105,934 81 — $2,772,073 44
Interest and rentals........... 5,723,600 26
5,598,695 08
+ 124,90ol8

Maintenance o f equip-

47
52
22
09
45

Representatives of tho Agricultural and Immigration
Department, with a demonstration ear containing an exhibit
of tho agricultural resources of the six States through which
your lines run, visited fairs in many of the Northern and
Eastern States with very gratifying results. This method
of advertising has proved a very effective way of getting in
personal touch with possible patrons of tho road and demon­
strating to them tho wonderful possibilities in the way of
soil and climate of tho section traversed by your road.
There is an increasing interest throughout the South in
improved agricultural methods. Tho diversification of crops,
as evidenced by tho increased grain production, is an en­
couraging indication of tho work done by this Department
aided by the State and Federal Agricultural Departments.
In some sections of your territory, there is evidence of an
active and intelligent interest in stock raising and dairying.
This is also a hopeful sign and will bo encouraged in every
possible way.
.
.
In addition to its publicity work and its efforts to stimu­
late interest in agricultural pursuits, tho Department has
boon unremitting in its efforts to induce an intelligent and
progressive class of immigrants to locate on the line of
your road.
.
There were 3,084 heads of families, engaged in agricultural
or industrial pursuits, located on your lines during the year,
an increase of 171 over last year.
.
There were 315 now industries, including mills, factories
and various manufactories, located on your lines during the
year.
.
Thoro were 153 industrial sido tracks or extensions con­
structed during tho year to reach new plants or those al­
ready in existence.

$7,029,114 16
Other income....................... 3,304,747 21

Maintenance o f way and

$180,866,539
187.519.495
188.914.505
196,606,199
196,632,216
201,239,805
205.319,088
217,284,946
222,149,101
t223.054,678

INDUSTRIAL.

Net operating revenues,
less taxes.........................$7,043,160 90 $9,059,532 61
Uncollectiblo railway rev­
enue *...............................
14,046 74
...................
Auxiliary operations— Def­
9,640 01
---------------icit t ------- --------------------

from Incomo.

In c o m e A p p lic a b le
P e r C ent
to B o n d In t e r e s t,
D iv id e n d s , Im p r o v e ­ In c o m e on
P ro p e r ty
m en t o f P ro p erty
a n d S tren g th en in g In v e s tm e n t.
o f C r ed it.

B o o k V a lu e
of
P ro p erty
In v e s tm e n t.*

Y ea r Ended
J u n e 30.

1906...........................
1907...........................
1908..........................
1909...........................
19i0
.................
i9 ii
....................
1912...........................
1913...........................
1914...........................
1915_______________

10.39

J U N E 30 1915.

Tho ratio of operating expenses and taxes to operating
revenues was 77.67 per cent, as compared with 75.40 per
cent for tho previous year.

Miles not* owned 0 but ^operated under lease and' trackage
contracts____________________________________________
Miles owned but not operated by this Com pany................

ENDED

CAPITAL ACCOUNT.

Outstanding June 30 1915-------------------------------------------------

$613,000 00

GENERAL UNIFIED MORTGAGE BONDS.
Outstanding June 30 1914, Series “ A ” Four and One-Half
PerCent
52o,27y,4©4
Issued between July 1 1914 and June 30 1915, to retire like
amount of Unified Mortgage Four Per Cent Bonds
—
3,955,000
Issued between July 1 1914 and June 30 1915, for Additions
and Betterments------- -----------2,644,545

uy
00
00

83

Outstanding Juno 30 1 9 1 5 - - - - - - - - - r - - -----------------^ 2’?nnnnn nn
Outstanding Juno 30 1915. Series“ B ” Four Per Cent........ ..
100,000 00
Total outstanding General Unified Mortgage Bonds June 30
__________________________________________________- ____ 2$oz,y7y,uzy y^s

Under resolutions adopted by tho Board_ of Directors,
privilege has been extended to December 1 1915 to tho holders
of Unified Mortgage Four Per Cent Bonds of exchanging,
par for par, said bonds for General Unified Mortgage,
Sories “ A , ” Four and One-half Per Cent Bonds.
EQUIPMENT TRUST OBLIGATIONS.

There were paid during tho year $450,000 of Equipment
Trust Four Per Cent Bonds, Series “ A ,” and $250,000 of
Equipment Trust Four and One-half Per Cent Bonds,

1726

[Vol. 101.

THE CHRONICLE

Liabilities.
Stock —
J u n e 30 1915.
Common S tock............................. ..............$67,558,000 00
Class " A ” Richmond & Petersburg Rail­
road Co. S t o c k ......................................
1,000,000 00
Preferred Stock.............................................
196,700 00

J u n e 30 1914

$67,558,000 00
1,000,000 00
196,700 00

$68,754,700 00
Premiums realized on Capital Stock_____
4,819,572 50

$68,754,700 00
4,469,597 -50

Total.............................................. ............$73,574,272 50

$73,224,297 50

L o n g T erm D ebt —

Equipment Trust Obligations___________
Mortgago Ronds:
Book Liability............ $114,308,779 92
Held by or for this
Company-------------- 19,988,779 92
„ ,
Collateral Trust B o n d s.......................
Income Bonds.............
Miscellaneous_______________

$2,523,000 00

$3,223,000 00

94,320,000
35,000,000
31,000
4,619,135

89,694,000 00
35,000,000 00
41,000 00
4,619,135,00

00
00
00
00

Total........................................ ................. $136,493,135 00 $132,577,135 00
C u rre n t L ia b ilit ie s —
Traffic and Car Service Balances Payable
Audited Accounts and Wages Payable__
Miscellaneous Accounts Payable________
Interest Matured Unpaid_______________
Dividends Matured U n p aid .....................
Funded Debt Matured Unpaid__________
Unmatured Dividends Declared_________
Unmatured Interest A ccrued___________
Unmatured Rents A ccrued.........................

D e fe r r e d L ia b ilit ie s —

Other Deferred Liabilities.

$730,762
1,594,852
323,223
461,748
5,850
10,000
1,713,950
1,161,674
1,356

86

02
94
34
75
00
00
08
25

$600 ,877 91
2,067 ,965 32
856 831 30
477 ,614 84
5 ,850 75
103 000 00
2,399 530 00
1,151 659 49
2 925 25

$6,003,418 24

$7,666,254 86

$71,635 46

$95,032 11

U n a d ju s t e d C red its —

Tax Liability____________________
Insurance and Casualty Reserves.
Operating Reserves_____________
Other Unadjusted Credits.
Total...............................

$794,578
314,243
621,361
1,154,549
10,016,002
426,742

40
97
44
88

63
26

$780,579
260,238
604,443
981,598
9,386,421
478,721

69
36
05
58
73
16

$13,327,478 58

$12,492,002 57

$73,820 15
29,843,288 99

$73,820 15
30,075,201 62

$29,917,109 14

$30,149,021 77

^ 'i ii x c s .

C O M M lS c iA L E P IIO M E
F rid a y N ight, N o v em b er 19 1915.
The evidence multiplies that the American trade is
steadily increasing. Colder woather helps retail trado.
The movement of grain is so vast that it has caused car
congestion. But for tho scarcity of ocean tonnage tho
exports, already large, would be oven larger. Iron and steel
plants are being operated to their full capacity. Tho same
is true of the woolen and clothing manufactures, of boots
and shoes, of munitions of war and furniture. Tho flour
mills find it hard to keep up with orders received recently.
Southern lumber mills are hard pu to it to keep pace with
their contracts
In the Northwost, where tho lumber
industry is so important that commodity is in increasing
demand after a long lull. In some branches of business
a scarcity of labor is complained of, and aside from this,
unemployment is decreasing. Coppor has advanced, and
also zinc, while tin, after advancing sharply, declinod whon
it was announced that tho Suez Canal was not closed to
commerco. It is true that tho war drags on, that peace
seems rathor romoto, that tho South has but a small cotton
crop, that cotton exports aro far below thoso of a normal
year, that dyestuffs continuo scarco, and that tho scarcity
of ships to handle our foroign commerco is a serious draw­
back, intensified by tho fact that tho samo trouble seems to
prevail throughout tho world. But tho business situation
in tho United States, on tho wholo, is promising.
L A R D steady; prime Western 9 .2 5c ., refined to Continent
10.30c., South America 10.50c., Brazil 11.50c. Futures
have advanced with higher prices for hogs and corn. T o ­
day prices wero higher.
S a t.

Grand Total........................................ $259,387,048 92 $256,203,743 81

C U R R E N T N O T IC E .
— Sanderson A Porter, engineers, N. Y . and San Francisco, have had
reprinted in quarterly form from technical Journals illustrated descriptions
of two o f the groat enterprises for which they are acting or havo recently
acted as construction engineers, namely (a) the hydro-electric develop­
ment of tho Cohoes Company o f Cohoes, N. Y ., a proposed ultimate in­
stallation o f 50,000 h. p ., o f which 30,000 h.p. Is expectod to bo ready for
commercial operation lato in April 1916, and (b) tho 170 mllo pipo line,
ncluding eleven pumping stations, o f the Valley Pipo Lino Co., which at a
cost of about $4,000,000, was built In ton months’ time from tho Coallnga
oil fields to deep water on San Francisco Bay.
— All the bonds having been sold, Lee, Higginson A Co. o f New York,
Bostonand Chicago, and Drexel A Co., Reilly, Brock A Co. and Graham &
Co. of Philadelphia, are to-day jointly advertising in tho “ Chronicle” as a
matter of record only their recent offering o f $7,000,000 Mahoning A
Shenango Ry. A Light Co. first and consolidated mortgago 5% bonds,
due Nov. 1 1920. Those bonds are tax-exempt in Pennsylvania and wero
offered to investors at 97M and interest, yielding about 5 K % . This
advertisement appears opposite our statement o f weekly clearings.
— Dunbar, Ebert A Co., 60 Broadway, this city, havo prepared a
special letter describing Virginian Railway Co. common stock which tho
firm believes is selling at tho present timo considerably under its intrinsic
value. Earnings for tho threo months ending Oct. 31 1915 aro reported as
equivalent to 2.55% per annum on tho common. Tho letter will be
mailed to inquirers asking for “ C103.’
— A. L. Drum A Co., consulting and constructing engineers, Chicago,
havo brought out in handsome form (pages 14x10 in., with sopla diagrams
and illustrations) their plans, prepared in conjunction with Ilewltt A
Granger, architects, Philadelphia, for underground plazas to relievo traffic
congestion at Herald Squaro and Times Squaro, N. Y . City.
— Fairman R. Dick, Arthur W. Gregory, Henry II. Sutphin and Earnest
T . Androws havo this week formed a co-partnership under tho firm name of
Dick, Gregory A Co., at 25 Broad St., this city, and Connecticut Mutual
Bldg., Hartford, Conn. All tho firm members aro well known in financial
circles and will transact a general investment business.
— To net about 6 % , tho bond department o f tho Union Trust Co. of
Chicago aro offering and advertising in this issue o f tho “ Chronicle” a
block of Salt Lake Terminal Co. first mortgage 6 % bonds duo June 1 1935.
Descriptive circular on request. All the dotalls of this Investment appear
in tho advertisement.
Kean, Taylor A C o., No. 5 Nassau St., Now York, announce that
they havo now associated with thorn J. Ernest Allen, in charge of their
bond department. Mr. Allen was formerly with E. W. Clark A C o.,
Philadelphia, and more recently with Edward B. Smith A C o., Nw York.
— Norman Merriman, William F. Kloecker Jr. (formerly of Sheldon,
Morgan A Co.) and Thomas E. Noyes havo formed a co-partnership under
the firm name o f Noyes, Merriman A Co., and will deal in investment
securities at 27 William Street, this city.
— William A. C. Ewon, established 1898 at 74 Broadway, this city,
advertises a list o f bonds, among thorn several Pero Marquette issues, which
the firm will buy. For details o f tho bonds wanted, see to-day’s advertise­
ment in our advertising department.
— Many interesting facts regarding Katliodion Bronze preferred are
reviewed in tho analytical letter issued by C. R. Bergmann A Co., 66 Broad­
way, this city.
J. C. Mayer A Co. o f Cincinnati, doalers in investment bonds, an­
nounce tho admittance o f Hornian M . Magnus as a member o f their firm
o* N ov. 16.
— William F. W olff, o f London, has opened a Now York office at 52
Broadway to deal in investment securities.




C m m uem al

D A ILY CLOSING PRICES OF LA RD FUTURES IN CHICAGO.

C o rp o ra te S u r p lu s —

Additions to Property tl
and Surplus___________

J "h e

January delivery..cts. 9.15
M aydclivery--------------9.22K

M on.

9.00
9.12M

T u cs.

9.00
9.15

W ed .

9.10
9.271*

T h u rs.

9.1714
9.35

F r i.

9.20
9.40

P O R K dull; mess $ 2 0 @ $ 2 1 , clear $ 2 0 @ $ 2 2 . Beef, mess,
$ 1 6 @ $ 1 7 ; extra India mess $ 2 7 @ $ 2 8 . Cut meats steady;
pickled hams, 10 to 20 lbs., 14J^ @ 15c.; pickled bellies
12@13J^e. Butter, creamery, 23 X
A @ 3 2 J^c. Cheese, Stato,
12!3@10J<4C. Eggs, fresh, 2 2 @ 4 4 c .
C O F F E E dull and easior; Rio N o . 7, 7 5
A c .\ N o . 4, Santos
9 @ 9 3 4 c .; fair to good Cucuta 1 1 @ 1 1 J^c. Futures declined,
partly owing to W all Street selling. Also tho condition of
the spot trade is less reassuring, and tho crop movement at
Rio and Santos has reached 8,337,000 bags, against 5,021,000
in the same timo last year, and 8,373,000 in 1913. To-day
prices advanced 10 to 11 points with sales of 35,500 bags.
November cts6.80@6.82
December__ 6.80 <S>6.82
January____6.80®6.82
February___ 6.80@6.82

March _ . cts 6 .8 1@ 682
A p ril............ 6.85@6.86
M a y ............. S.90(u>6.9l
Juno________6.95@6 96

J u ly .........ctaO 99@ 7.0t
August........ 7.04 @7.06
Soptombor __7 .1 0 @ 7 .li
October____ 7.15@7.17

SU G A R less active; centrifugal, 96-degreos test, 5.02c.;
later, 4.77c.; molasses, 89-degreos test, 4.2 5c .; later 4c.;
granulated, 6c. Futures declined with loss covoring and
some profit taking. Tho Louisiana crop is moving more
freely and granulated is quiot, as boot root sugar is
competing noticeably. To-day prices advanced 4 to 20
points with sales of 2,550 tons.
N o v e m b e r cts3.70@4.00
December___3.60@3.62
January____3.30@3.32
bruary __.3.12@3.13

March__ cts3.12®3.13
April_______ 3 .15@ 3.17
May __......... 3.19@ 321
J u n o_______ 3.23@3.25

July---------cts3.28@3.30
A ugust-------3.30 @3.32
Soptombor - _3.32@3.34
October____ 3.34@3.36

O IL S.— Linseod in good demand; city, raw, Amorican
seed, 6 4 @ 6 7 c .; city boiled, American seed, 6 5 @ 6 8 c .; Cal­
cutta, 80c. Lard, prime, 9 2 @ 9 6 c . Cocoanut, Cochin,
12@ 12J^c.; Ceylon,
1 0 % @ ll^ c .
Corn 7 .5 0 @ 7 .7 5 c .
Palm, Lagos, 8 @ 8 > £ c . Cod, domestic, 5 3 @ 5 5 c . Cottonseod, winter, nominal; summor white, nominal. Spirits of
turpentine, 5 9 @ 5 9 )^ c .; strainod rosin, common to good,
$5 70.
Pennsylvania dark $2 00
Cabell...... ..........
1 55
Mercer black____ 1 50
New Castle______1 50
Corning___________ 1 50
Wooster___________ 1 40

North Lima______$1 23 I Illinois, above 30
South Lima______ I 23 ‘ degrees________ $ 1 37
Indiana___________ 1 08 Kansas and Okla­
Princeton________ 1 32
homa__________ 1 00
Somerset, 32 d e g .. 1 32 C a d d o __________ 90c.
Ragland___________70c.

P E T R O L E U M in good demand; refined, in barrels, $7 75
' 75; bulk $4 2 5 @ $ 5 25, cases $ 1 0 @ $ 1 1 . Haphtha,
73 to 70-degrees, in 100-gallon drums, 203^c.; drums $8 50
extra. Gasoline, 80-degrees, 31c.; 74 to 70-degrees, 2 6 @ 2 8 c .;
08 to 79-degrees, 2 3 @ 2 5 c . Criulo oil has been advancing.
Pennsylvania crude oil has rison from $1 35 to $2 sinco tho
middle of August. Tho production has been steadily de­
clining. Tho monthly pipo line report of tho Oil City “ Der­
rick” shows that for October tho daily avorago of runs of
oil from the Eastern fields (Pennsylvania, Lima and Ken­
tucky) were tho smallest in five years, with tho single ex­
ception of August 1914. The big falling off at that timo was
duo to the unusual conditions brought about by tho collapse
of the foreign markets at the outbreak of tho war when pur­
chasing agencies were not taking all of tho production. Tho
daily average runs of all Pennsylvania fields for October was
58,070 barrels, the lowest for that month in more than
twenty-five years, dating from the opening of the Lima field.
The only other record even approaching this, with the ex­
ception of August 1914, was that of January 1912, when tho
daily averago of runs was 58,374 barrels.
T O B A C C O .— Wrapper has been in somewhat better de­
mand and firm, as supplies aro anything but abundant. Tho
smallness of the crop of Wisconsin tends to give steadiness to
prices. Tho demand has run more to Pennsylvan a and

Wisconsin at the moment than to other descriptions. A
Dutch syndicate is said to have bought 1,000,000 lbs. of
Wisconsin. Quite a good business has been done in Gebhardt and Zimmer Spanish. Sales aro larger of Cuban leaf,
especiallj' Remedios. Sumatra meets v/ith the ordinary de­
mand; the withdrawals from bond are of normal size.
C O P P E R in good demand and higher; L a k e ,1 9 K c , elec­
trolytic 19J^c. London advanced sharply. The talk is
still of prospective small supplies in the United States.
M any consumers, it is said, aro carrying very moderate sup­
plies. The foreign demand hero is increasing. Tin ad­
vanced on the spot to 43J^c., then reacted to 43c. and later
to 4 1 ^ c . , as the Suez Canal, it is now said, is not closed.
London was higher and active for a time, but declined later.
Spelter advanced to 1834b. hero. London has advanced.
Lead on the spot hero advanced to 5.2 5c., with a good de­
mand, but later became quiet and somewhat depressed.
Pig iron in fair demand and firm. N o . 2 Eastern $1(5 7 5 @
$17 25; N o . 2 Southern $ 1 3 @ $ 1 3 50, Birmingham. In
London pig iron is more active and advancing. Steel is in
good demand and rising. It is stated that leading steel
mills in the East and Middle W est have adopted $1 70 as the
usual quotation on plates, shapes and bars, while large steel
rounds for shrapnel sell in Philadelphia at $4; Pittsburgh
sheets, black, at 23^c.; galvanized over 4c. Chicago fur­
naces have added 50 cents to iron prices. Steel chain ad­
vanced $1 a ton. The bullish fever has reached the Lake
Superior ore trade and it looks as though buying may begin
____
shortly for next year.

COTTON

S a t.

M on.

Boston _ ______
Baltimore______
Philadelphia____
Totals this woek.

F r i.

T h u rs.

9,267

15,368
2,118

6,285

5,282
548
1,338

8,324 16,849
588
838

5,349
1,392
4,495

8,329
124

6,080

3,452

5,796

3,650

3,245

984

505

987

820

597

921
3,073

1,954
4,059

238
2.993

1,27 1
2,264

1,051
2,237

6,127

Jacksonville, &c_
Savannah ______
B runsw ick_____
Charleston_____
Georgetown___
W ilm ington___
N orfolk________
Newp’fc News, &c

W ed.

T u cs.

5,942

—

—

"5 0
220

"iiG

"150

'294
194

______

"3 0

"6 7

"3 2

24,623 25,220! 45,154 26,046

—

25
—

T o ta l.

6,582 49,571
5,859
3,741
697
697
6,567 50,700
188 3,678
5,833
3,304 3,364
5,516 27,739
800
800
1,600 5.493
1.334
1,816
6.484

6.769
16,442
6,484
610
476
1,702
129

37
1,702

24,875 40.428 186,346

The following shows the wook’s total rocoips, the total
sinco Aug. 1 1915 and the stocks to-night, .compared with
last year :
1915.
R eceip ts to
November 19.

T h is S in c e A u g
W eek .
1 1915.

Galvoston_______
Texas C ity---------

49,571
5,859

Aransas Pass, &c.
New Orleans___
M o b ile --------------

697
50,700
3,678
5,833
Jacksonville, &c.
3,304
.Savannah---------- 27,739
800
Brunswick--------5,493
Charleston--------Wilmington_____
N ’port Nows, &c.
Now Y o r k ...........
B oston _______ _
Baltimore. _ .
Philadelphia___

6,769
16,442
6,484
610
476
1,702
129

929,760
135,014
6,174
52,086
470,984
41,707
22,650
19,145
520,272
38,000
157,192
45
116,583
195,347
8,244
2,193
3,654
11,843
553

1914.
T h is
W eek.

1 1914.

161,341 1,109,820
14,235 106,684
400
454
9,370
61,022 283,973
51.274
6,595
4,066
1,632
17,485
55,696 403,625
7,000
23,308
17,646 112,112
7,076
18,067
5,943
25
485
1,961
38

Sto ck.

S in c e A u g

55,094
107,537
25,031
544
3,874
15,187
335

1915.

1914.

259,055
33,142

409,450
43,121

6,126
300,397
20,973

6,780
195,954
33,538

2.291
200,955
8,000
94,542

754
165,813
7.00C
79,050

48,042
77,530

36,583
42,596

299,242
7,590
4,771
2,960

75,222
3,217
8,254
6,417

Totals________ 186,346 2,731,446 359,216 2,329,719'1,365,616 1,113,749

In ordor that comparison may bo mado with other years,
wo givo below the totals at leading ports for six seasons :
R ec e ip ts at —

1915.

1914.

1913.

1912.

1911.

1910.

Galveston__
Texas City.&c
New Orloans.
M obilo______
Savannah —
Brunswick__
Charleston,&c
W ilm ington..
N orfolk _____
N ’port N..&C.
All others___

49,571
6,556
50,700
3,678
27,739
800
5,493
6,769
16,412
6,484
12,114

161,341
14,689
61,022
6,595
55,696
7,000
17,646
7,076
18,067
5,943
4,141

150,147
35,295
72,733
17,926
60,105
11,000
20,375
19,480
25,316
3,247
18,528

176.542
50,250
92,474
12,943
67,515
13,500
17,059
17,050
34,816
6,729
19,922

138,529
50,951
83,295
11,925
87,176
10,350
21,609
25,333
35.769
18.769

104,069
18,950
92,323
11,778
58,326
18,000
16,752
17,986
39,426
149
15,621

T ot. this week

186,346

359,216

434,152

508,800

483,606

393,380

Since Aug. 1. 2,731.446 2,329.719 5,121,275 5,157,875 5,200,589 4,254,941

The exports for the week ending this evening reach a total
of 125,469 bales, of which 36,588 wero to Groat Britain,
28,323 to Franco and 60,558 to the rest of the Continent.
Exports for the weok and since Aug. 1 1914 are as follows :




WeekendingNov. 19 1915. FromAug. 1 1915 toNov. 19 1915.
Exportedto—
Exportedto—
Exports
Conti­
Great
Conti­
from— Great
Britain.France.nent.Sxc Total. Britain. France. nent &c. Toted.
Galveston.. 10,999 14,440 23,303 48,742
Texas City.
Port Arthur
Ar. Pass, &c
NewOrleans 19,461 5,116 . 3,575 28,152
1,03.3
M ob ile___
1,033
1,338 5,833
Pensacola.. 4,495
Savannah. .
4,200 4,200 8,400
Brunswick .
Charleston.
Wllmingt’ n
N o rfo lk __
New York.
4,567 16,759 21,326
B oston___
500 1,100
600
Baltimore..
Phlladel'a..
San Fran..
Seattle___
10,883 10,883
T acom a__
Pembina__
—
—
—
—
T o t a l__

36,588 28,323 60,558 125,469

296,474
81,457
163
123,964
5,419
14,988
33,098
17,620
22,400
1,550
14,218
1,167
28,597
5,000

93,523
21,703
13,873
30,574
7,000
46,581
4,800
40,201
______
29,147
11,400

..........

..........

646,115

298,802

Total 1914. 53,514 13,667 104,248 171.429 459,736
Total 1913. 106,142 18,968209,213 334,323 1,326,356

201,045
6,322
____
9,722
114,542
1,438
70,885
17,050
54,846
'______
143,998
1,936
500
700
26,275
49,744
27,447
1,000

591,042
109,482
163
23,595
269,080
5,419
23,326
150,564
22,420
39,450
95,047
1,550
187,363
3,103
40,497
5,700
27,275
49,744
27,447
1,000

727,350 1,672,267

48,554 499,0541,007,344
563,16111,729,427.3,618,944

Note.

— New York exports since Aug. 1 Include 1,048 bales Peruvian and 222
West Indian to Liverpool any 1,010 bales Peruvian to Genoa.

In addition to above exports, our telegrams to-night also
give us the following amounts of cotton on shipboard, not
cleared, at the ports named. W o add similar figures for
New York.
O n S h ip b o a r d , N o t C le a re d f o r —
N ov. 19 at —

Friday N ight, N ov . 19 1915.
T H E M O V E M E N T OF T H E C R O P , as indicated by our
telograms from the South to-night, is given below. For the
weok ending this evoning the total receipts havo reached
186,346 bales, against 200,421 bales last week and 231,002
bales the provious week, making the total recoipts since
Aug. 1 1915 2,731,446 bales, against 2,329,719 bales for the
samo period of 1914, showing a decroaso sinco Aug. 1 1915
of 401,727 bales.

Galveston______
Texas C ity_____
1’ ort Arthur. __
Aransas Pass, &c.
Now O rleans__
M o b ile ________

1 7 37

THE CHRONICLE

Nov. 20 1915.]

G e r­
G rea t
B r it a in . F r a n c e . m a n y .

3,847
New Orleans..
Galveston____ 22,585
Savannah ___
3.000
Charleston___
N orfolk______
New York___
Other ports__

'200
4,000

3,283

2,506

O ther
Com .

C a o stw is e .

T o ta l.

525 24,062
16,407
12,283 16,350 51,218
1,500 4.500
2.500
2",500
300
'200
"Too
890
890
6,700
4",666
11,000
7,000

L e a v in g
Sto ck.

276,335
207,837
196,45
92,042
20,673
76,640
292,542
101,922

5,783
10 0 42,190 19,46 101,170 1,264,446
Total 1915.. 33,632
Total 1914. . 111,483 14,466 3,532 137,285 25,742 292.508 821,241
Total 1913.. 122.740 45,255 92,207 64,210 25,757 350,169 692,801

Speculation in cotton for future delivery has been on a
very moderate scale. Price fluctuations, too, have kept
within comparatively narrow bounds. Of late, however,
the market has had more of a sold-out appearance. On
Wednesday the leading bull operator was credited with sell­
ing very heavily, that is, anywhere from 40,000 bales and
upward, some reports making the total in the neighborhood of
60,000 bales. They are hero given merely for what they are
worth. One fact, however, is clear enough. There cer­
tainly was heavy “ long” liquidation by bulls who evidently
became discouraged by the sluggishness of the market. It
made a poor response to killing frost, both east and west of
the Mississippi, over Sunday and M onday. It is now stated
that the Suez Canal is not closed, so that East India cotton
is not shut out of England. A rumor that the National
Ginners’ Association had put the total ginned up to N o v . 14
at 8,8 00,000 bales was considered bullish, but it had only a
momentary effect. Exports increased a little, with favora­
ble talk about the outlook for big additional London credits
in N ew York and somewhat steadier rates for foreign ex­
change. The movement of the crop has also been compara­
tively light
Reports have been circulated of a better spot
demand hero and there in the belt. But the action of the
market was certainly disappointing to its friends. It is true,
however, that on Wednesday, when very heavy long liquida­
tion attributed to the leading W all Street interests took place,
there was also large buying, which was generally put down to
Russia. It was supposed to have taken 20,000 to 30,000
bales, largely July cotton. On Thursday the same interests
were bidding for anywhere from 10,000 to 25,000 bales, and
seem to have taken 10,000 bales. This made the shorts
nervous and they covered with a certain freedom. Some of
the spot interests have also bought from time to time. In
the middle of the week they are said to have bought rather
freely. Liverpool spot sales have been at the rate of 10,000
to 12,000 bales a day. And whether the market recognized
it or not, killing frosts are said to have done considerable
damage in parts of the Southwest, even if they were of little
account in other parts of the belt, where the crop was al­
ready made. Sweden as well as Russia is said to have been
buying here of late. The reports that the Suez Canal has
not been closed really cuts both ways so far as the American
cotton trade is concerned. East India cotton, it is true, ac­
cording to this may go without restriction to England, but
on the other hand, England may ship its cotton goods
through the Canal to the Far East with equal freedom. Late
in the week the National Ginners’ Association figures up to
N o v . 14 were given as 8,730,0 00 bales against 11,668,240
bales in the same time last year, 8,780,433 in 1910-11 and
8,112,199 in the same period of 1909-10. Bulls are banking
on the idea that the crop is over-estimated and the consump­
tion under-estimated; also on an expectation of a continued
scarcity of potash during the next planting season, which
they think will insure another small crop, through the les­
sened efficacy of the fertilizer used. Furthermore, they ex­
pect a spread of boll weevil east of the Mississippi, including
Georgia. To-day prices advanced early on strong cables,
covering and some buying attributed to foreign and domestic
' mills; also heavy rains fell in the Atlantic States, which would

1728

be apt to injure cotton in the fields. B ut the world’s spin­
ners’ takings were small and the close was generally at a
slight net decline. Middling uplands closed at 11.75c., a
recession for the week of 5 points.
The official quotation for middling upland cotton in tho
New York market each day for tho past week has boon :
N o v . 13 to N o v . 19—
Sat.
Middling uplands ------- __ ------11.95

Mon. Tues. W ed. Tliurs. Fri.
11.90 11.80 11.70 11.75 11.75
&
N E W Y O R K Q U O T A T IO N S F O R 32 Y E A R S
1915. c _____11.75 1907-C- ___ 10.80 1899-C- ___ 7.56 1891-C____ ."” 8.12
1914- ...........7.50 1906--. ___ 11.10 1898--- ____5.38 1890______ 9.50
1913- ______13.70 1905-.- ___ 11.15 1897--. ____5.88 1889______ .10.25
1912. ______ 12.40 1904--. ___ 10.00 1896... ------7.09 1888______ .10.00
1911. --------- 9.50 1903-.- ___ 11.35 1895--- - - . 8.38 1887........... .10.38
1910- ---------14.55 1902.-. ___ 8.40 1894--. ____5.09 1880______ 9.19
1909. ______14.80 1901--. ------8.00 18 93... ____8.00 1885........... 9.44
1908- --------- 9-55 1900--. ___ 10.06 18 92-.. ___ 9.44 1884______ 10.44

M A R K E T A N D SA LES A T N E W Y O R K .
The total sales of cotton on tho spot each day during the
week at Now York aro indicated in tho following statomont.
For tho convenience of tho reader wo also add columns which
show at a glance how the market for spot and futuros closed
on same days.
F u tu r e s
M a rk et
C lo se d .

Spot M a rk et
C lo se d .

Saturday__
M o n d a y __
T uesday__
Wednesday.
Thursday
Friday__ __

SALES.
S p o t.

Steady, 15 pts. adv. Steady________
Quiet, 5 pts. dec__
Quiet, 1 0 pts. d e c .. Barely steady..
Quiet, 10 pts. d e c .. Steady________
Qulot, 5 pts. adv._

C o n tr'ct

T o ta l.

2,600

2,600

68
200
*200

68
200

i

*200

332

T otal__

332

3,400

3,400

F U T U R E S .— Tho highest, lowest and closing prices at
Now York for tho past week have been as follows :
Saturday, Monday, Tuesday, Wed’day, Thursd'y, Friday,
Nov. 13. Nov. 15. Nov. 16. Nov. 17. Nov. 18. Nov. 19.
November—

R ange_____
Closing____
Decem
ber—
R ange.........
Closing____
January—
Range.........
Closing____
February—
R ange_____
Closing____
M
arch—
R ange_____
Closing____
April—

[Vol. 101

THE CHRONICLE

—

—

—

—

Week.

T H E V IS IB L E SU P P L Y OF C O T T O N to-night, as mad#
up by cable and telegraph, is as follows. Foreign stocks,
as well as tho afloat, aro this week’s rotums, and consequently
all foreign figures aro brought down to Thursday ovoning.
But to make the total tho complete figures for to-night
iFriday), we add tho item of oxports from tho United Statos,
ncluding in it the oxports of Friday only.

November 19—
1915.
Stock at Liverpool________ bales. 892,000
Stock at L on d on _______________
08,000
Stock at Manchester___________
79,000

1914.
711.000
20,000
40.000

1913.
089,000
5,000
58,000

1912.
821,009
5,0)0
35,009

Total Great Britain__________ 1,039.000
Stock at Hamburg______________
*1,000
Stock at Brem en_______________
*1,000
Stock at H a v r e ________________ 247,000
2,000
Stock at M arseilles____________
Stock at Barcelona____________
32,000
Stock at Genoa .......................
106,000
*1,000
Stock at Trieste________________

771.000
*12,000
*95,000
188.000
3,000
21.000
20,000
*8,000

752.000
13.000
250.000
204.000
2,000
11.000
18,000
11,000

801,000
12,000
333.000
256.000
2,000
14.000
11.000
7,000

353,000

575,000

635,000

Total Continental stocks_____

Total visible supply...................5,233,081 4,526,783 5,172,628 5,405,379
Of tho above, totals of American and other descriptions aro as follows:

A m e r ic a n —

Liverpool stock__________ bales i- 6 8 6 ,0 0 0
441,000
502,000
685,000
Manchester stock______________ .
60,000
27,000
29,000
2 1 ,0 0 0
. *362,000 *260,000
539,000
599,000
. 457,473
454,276 1.075.498 1,127,072
.1,365.616 1,113,749 1,042,970 1,294,524
.1,180,759 1,097,236
743,397
685,834
U. S. oxports to-day
.
6,233
7,522
67,763
102,949
E a s t I n d i a n , B r a z il, & c .—

—

11.56 — 11.56 —
11.61-.65 11.61-.65 11.44 — 11.39-.42 11.47 — 11.49-.54
11.57-.75 11.66-.78 11.55-.68 11.43-.55 11.45-.60 11.55-.65 11.43-.78
11.73-.75 11.73-.74 11.55-.56 11.49-.50 11.57 — 11.55-.56 —

Stock in Alexandria, Egypt.

11.71-.90 ll.8 1 -.9 5 11.72-.8l ll.0 0 -.7 2 11.60-.75 11.72-.82 11.60-.95
11.88-.90 ll.S 8 -.8 9 .ll.7 2 -.7 3 11.65-.66 11.71-.72 11.72-.73

Total East India, &c___
Total American_________

11.97 — 11.97 — 11.82 — 11.76 — 11.82 — 11.83 — _ __ __
11.92-. 11 12.02-.17 ll.9 6 -.0 5 11.S6-.97 11.85-.03 11.9 7-.10 11.85-.17
12.09-.10 12.11-.12 11.95-.96 11.95-.92 tl.99-.00 11.97-.98

Range____
Closing___ 12.15 — 12.17 — 12 .0 2 — 11.98 — 12.06 — 12.04 — —

May—

Range____ 12.05-.25 12.I7-.32 12.11-.20 1 2 .0 2 -.12 12.02-.18 12.13-.26 12.02-.32
Closing___ 12.24-.25 12.24-.25 12.11-.12 12.06-.07 12.16-.17 12.13-.14

June—

Range____
Closing___ 12.25 — 12.25 — 1 2 .1 2 — 12.07 — 12.17 — 12.14 — __ __ __

July—

Range____ 12.15-.3l 12.21-.37 12.15-.23 12.07-.17 12.09-.25 12.21-.33 12.07-.37
Closing___ 12.28-.30 12.28-.30 12.15-.16 1 2 .1 1 - . 1 2 12.23-.24 1 2 .2 1-.2 2 —
Range____ —
12 .2 2 — —
11.94 — —
12.15 — 11.94-.22
Closing___ 12.12-.15 12.15-.17 12.01-.03 11.97-.99 12.11-.13 1 2 .10 - .12 —
Septem
ber—
Range____ --- --- --- --- --- --- 11.8 6 — ------- ---- ------- ---- ------- ---- 11.8 6 —
Closing___ 11.93-.97 11.94-.96 11.82-.S5 11.78-.S0 11.92-.94 11.89-.91 ____ __

August—

October—

Range____ 11.80 — 11.96 — 11.84 — ll.76-.77 11.88-.92 11.98-.00 11.76-.00
Closing___ 11.93-.97 11.94-.96 11.82'.85 11.78-.80 ll.92-.94 11.89-.91

Q U O T A T IO N S FO R M ID D L I N G C O T T O N A T O T H E R
M A R K E T S .— Below are tho closing quotations of middling
cotton at Southern and other principal cotton markets for
each day of the week.
W eek e n d in g
N o v . 19.

Galveston____
Now Orleans__
M obilo________
Savannah _____
C harleston___
Wilmington___
N orfolk _______
B altim ore_____
Philadelphia__
Augusta_______
M e m p h is .__
St. Louis______
H ou ston ______
Little Rock____

C lo sin g Q uotations f o r M i d d li n g C olton on
S a tu rd a y . M o n d a y . T u e s d a y . W ed ’d a y . T h u r s d ’y.

11.50
11.44
11.25
llk j
ll'A
1 1 'A

11.44
h a

1 2 .2 0

11.50
11.50
11H

11.45
11.63

11.50
11.44
11.25

11.50
11.38
11.13

1 1 'A
ll'A
11 'A

ll'A
11A
ll'A

11.38
11'A
12.15
11.50
11.50
11^
11.55
11.63

11.25
ll'A

12.05
11.38
11.38
1l A
s
11.50
11.63

11.50
11.38
11.13
1 1 >3

F r id a y .

11.50
11.38
11.13

11.50
11.38
11.13

ll A
HA

11A
ll'A
ll'A

H A
H A
11A

1 1 .95

ll'A
1 2 .0 0

11A
1 2 .0 0

ll'A

ll'A

ll'A

11.13
ilka

11.25
11.38
11.50
11.63

11.25
11.25
11.38

11.50
11.50

11.38

11.38
11.38

11.60
11.50

N E W O R L E A N S C O N T R A C T M A R K E T .— Tho high­
est, lowest and closing quotations for leading contracts in tho
Now Orleans cotton market for the past week have been as
follows :
S a tu rd a y , M o n d a y , T u e s d a y , W ed ' d a y T h u r s d ’y, F r id a y ,
N o v . 13. N o v . 15. N o v . 16. N o v . 17. N o v . 18. N o v . 19.
D ecem b er —

Range_______ 11.42-.55 11.47-.65 11.39-.44 11.32-.40
Closing______ 11.53-.54 11.53-.54 11.39-.40 11.37-.38
Range_______ ll.59-.76 11.67-.86 11.59-.71 11.50-.62
Closing______ ll.73-.74 11.72-.74 11.59-.60 11.59-.57
M a rch —
Range_______ 11.84-.01 ll.91-.14 11.85-.95 11.76-.87
Closing______ 11.99-.00 11.99-.00 11.85-.86 11.82-.83
M ay—
Rango_______ 12.00-.18 12.10-.29 1 2 .0 1 - .l l 11.94-.04
Closing______ 12.16-.17 12.15-.IG 12.02-.03 11.98-.99
Ju ly —
Rango_______ 12.10-.2.3 12.19-.39 1 2 . 1 2 -. 18 12.04-.15
Closings____ 12.26-.27 12.25-.26 12.13-.14 1 2 . 1 0 - .i l
T one —•
S p o t ________ Steady
Steady
Quiet
Quiet
O ption s_____ Steady
Steady Steady
Steady
J a n u a r y -—■




450,000

Total European stock s_______ 1,489,000 1,124,000 1,327,000 1,496,000
India cotton afloat for Europe__
44,000
95.000
95.000
25,000
Amer. cotton afloat for E urope.. 457,473
454,270 1,075,498 1,127,072
Egypt,Brazil,&c.,afloatforEur'po
75,000
58.000
98.000
114.000
Stock in Alexandria, Egypt_____ 205,000 *125,000 ■319,000 277.000
Stock in Bombay, India________ 411,000
452,000
404,000 283.000
Stock in U. S. p o rts____________1,365,616 1.113,749 1,042,970 1,294,524
Stock in U. S. mtorior towns____1,180,759 1,097,236
743,397
685,834
U. S. oxports to-day___________
5,233
7,522
67.763
120,949

.4,126,081 3,400,783 3,999,628 4,515,379
.
.
_
.
.
.
.

206.000
6 8 ,0 0 0
1 0 ,0 0 0
*8 8 ,0 0 0

44,000
75,000

2 0 5 ,0 0 0

411,000

270,000
2 0 ,0 0 0

13,000
*93,000
95,000
58,000
*125,000
452.000

187,000
5,000
29,000
36,000
95.000
98,000
319,000
404,000

136,000
5,000
14.000
36,000
25,000
114,000
277,000
283,000

.1,107,000 1,126,000 1,173,000
890,000
.4,126,081 3,400,783 3,999,628 4,515,379
Total visible supply___________5,233,081 4,526,783 5,172,628 5,405,379
Middling Upland, Liverpool___
7.06d.
3.44d.
7.30(1.
0.91(1.
Middling Upland, New York____ 1 1.75c.
7.00c.
13.00c.
12.60c.
Egypt, Good Brown, Liverpool.. 10.15d.
7.05d.
10.70(1.
10.50d.
Peruvian, Bough Good, Liverpool lO.lOd.
8.75d.
9.25(1.
10.00(1.
Broach, Fine, Liverpool________
0.65d.
4.15(1. 6 15-16(1.
6A
3 d.
Tinnovolly, Good, Liverpool____
6.77d.
4.00(1.
7d. 6 5-16d.
* Estimated.

Continental imports for past weok liavo boon 114,000 balos.
Tho above figures for 1915 show an incroaso ovor last weok
of 112,954 bales, a gain of 706,298 balos ovor 1914, an excess
of 60,453 balos ovor 1913 and a loss of 172,298 balos from
1912.
A T T H E IN T E R IO R T O W N S tho movomont— that
tho recoipts for tho weok sinco Aug. 1, the sliipmonts
I ho week and tho stocks to-night, and tho same itoms for
corresponding period of tho provious yoar— is sot out in
tail below.

is,
for
tho
de­

Towns.

Movement toNov. 19 1915. Movement to November 20 1914.
Receipts. | Ship­ Stocks
Receipts.
Ship­ Stocks
ments. Nov.
ents. Not.
Week. Season. |Week. 19. Week. Season. m
Week. 2 0 .

Ala., Eufaula..
Montgomery.
Selma______
Ark., Helena..
Little Rock..
Ga., Albany__
Athens_____
Atlanta_____
Augusta........
Columbus__
M acon_____
Rome...........
La., Shreveport
Miss.,Columbus
Greenville__
Greenwood . .
Meridian___
Natchez____
Vicksburg__
Yazoo City..
Mo., St. Louis.
N .C ., Raleigh.
O., Cincinnati.
Okla., Hugo__
S.C., Greenw’d
Tenn.,Memphis
Nashville___
Tex., Brenham
Clarksville__
Dallas...........
Iloney Grove.
Houston.......
Paris_______

439
12,208
716
2 0 1 12,300
14,448
233 10,515
3,745 74,269 2,293 80,084 7,325 109,551 3.782 75.100
2,446 40,734 1,516 33,837 5,070 70,455 3.061 44.815
2,662 28,984; 1,376 18,977 4,552' 32,505 2 ,10 0 22,295
7,995 64,639 6,750 32,812 10,039 69,817 5,338 40,710
449
394 10,455
17.252S
876 23,750
399 18,954
5,626 59,089, 2,501 37,825 7,585 53,803 2,575 26,178
4,76S 61,332 3,805 26,259 8,708 58,511 6,655 16,521
13,154 235,103 4,708 181,605 19,039 223,863 11,127 145,310
8,180 34,673 1,000 47,596 5,675 48,386 1,150 36,370
1,225 32,192 1,105 15,780 2,635 27,497
623 22,053
3,034 31,730 2,225 11,639 3,914 28,243 3,684 8,517
5,703 75,167] 3,368 45,996 10,046 83,350 4,923 69,454
530
295 6,744 2,128
6,505
11,539
870 8,208
4,489 42,700 1 , 2 1 1 25,608 5,132 43,219 3,241 28,047
59,565,
843 27,602 6,000
3,438
62,249 4,000 34,800
14,842,
1,076
854 11,131 1,355, 10,556
355 9,411
500
18,290
400 12,000
700 12,580
200 1 0 ,00 #
1,294
16,199,
931 10,331 2 , 1 1 1
14,722
930 11.028
18,518, 1 ,2 1 2 14,397 2,974 22,068
1,687
674 18,983
29,257 128,824 27,379 13,273 26,055 142,450 23,378 29,617
556
5,49.3!
450
453,
408
2,152
425
202
6,319 57,605 5,956 10,679 5,207 43,033 4,868 4,641
945
4,468
888 2,158
1,408
8,874 1,605 3,742
3,767
11,676
432 11,024
578'
7,255
6,305
48,258 393,792, 21,765 257,789 56,505 398,497 39,643 227,393
144
105 1,690
3,333
243
775
708
289
134 4,140
11,320
748
9,920 2,532 4,221
851
14,2.37
046 0,778 2,329| 21,218 1,832 5,497
2,561
3,379
6,459 2,573 52,958 5,521 5,802
40,790
2,029
15,479, 1,986 3,172
881
15,239 1.104 6,006
57,651 991,4671 48,024 192,031 134,535 : ,084,392 127,743 139,661
5,697 43,178 5,682 7,520 3,114 43,655 4,437 5,497

11.32-.46 11.42-.50
11.42-.43 11.42-.43

Total, 33 towns230,7642,605,659 153,874 1180759 341,809 2,851,530 269,068 1097230

11.50-.65 ll.6O-.70
11.61-.62 11.60-.61

The above totals show that tho intorior stocks liavo in­
creased during tho week 76,890 balos and aro to-night 83,523

11.77-.92 11.87-.97
11.87-.88 11.87-.88

bales more than at tho samo time last yoar. Tho receipts at
all towns have boon 111,045 balos loss than tho samo weok
last year.

11.96-.07 12.06-.15
12.06-.07 12.05-.06
1 2 . 1 1 - .2 0 12.24-.25
12.17-.18 12.17-.19

Steady
Steady

Firm
Steady

O V E R L A N D M O V E M E N T FO R T H E W E E K A N D
SIN C E A U G . 1.— W o givo bolow a statomont showing tho
overland movement for tho wook and sinco Aug. 1, as mad#
up from telegraphic roports Friday night. Tho results forth#
week and since Aug. 1 in tho last two years aro as follows :

Nov. 20 1915.]
-1915-

N o v . 19—
S h ip p e d —

Via
Via
Via
Via
Via
Via
Via

THE CHRONICLE
-1914-

W eek.

S in c e
A u g . 1.

W eek.

__ .27,379
St. Louis____________
Cairo
_______________ .15,564
Rock Island_______________
Louisville_________________ . 6,384
Cincinnati_________________ . 4,000
Virginia p o in t s ___________
other routes, & c___________ . 7,768

133,395
110,547
433
34,180
35,173
21,951
102,541

23,378
12,754
166
4,809
4,368
8,498
10,423

129,958
70,101
1,151
28,497
16,668
30,390
98.285

S in c e
A u g . 1.

— .64,314

438,220

64,396

375,050

Overland to N. Y ., Boston, &c__ . 2,917
Between interior towns-----------Inland, &c., from South----------- . 3,198

18,243
19,378
49,527

2,509
6,149
1,952

19,940
26,597
49,582

Total to bo deducted________ . 9,143

87,148

10,610

96,119

Loaving total not overland *_____ .55,171

351,072

53,786

278,931

Total gross overland

D ed u ct S h ip m e n ts —

* Including movement by rail to Canada.

The foregoing shows tho week’s net overland movoment
has boon 55,171 balos, against 53,786 bales for tho weok last
yoar, and that for tho soason to date tho aggregate not over­
land exhibits an increaso over a yoar ago of 72,141 balos.
I n S ig h t a n il S p in n e r s '
T a k in g s .

Total in sight N ov. 19-

1915--------W eek.

S in c e
A u g . 1.

1914---------W eek.

S in c e
A u g . 1.

.186,346
. 55,171
i. 69,000

2,731,446
351,072
1,042,000

359,216
53.786
60,000

2,329,719
278,913
930,000

.310,517
. 76,890

4.124,518
734.797

473,002
72,741

3,538,650
977,097

.387,407
. 99,077

4,859,315
821,252

545,743

W eek—

747,416

H ales. , S'nce/lwfl. 1—
B a le s .
21........
.626,137
N ov. 21..................... 7.079.955
22...................... 684,937 1912— Nov. 2 2 ..................... 6,993,859
24_________
637,548
1911— Nov. 24................--.6,878,208

W E A T H E R R E P O R T S B Y T E L E G R A P H .— Our ad­
vices by telegraph from the South this ovening denoto that
lower temperature has prevailed during the wook with
killing frost and ice in somo sections, and that rain has boon
quito general, interfering to somo oxtont with tho picking
of tho crop.
G alveston , T ex .
There has been rain on tlireo days dur­
ing tho wook, tho precipitation boing ninety-eight hundredths
of an inch. Average thermomoter 62, highest 80, and low­
est 44.
A b ile n e , T e x . — There has boon no rain tho past weok. The
thormomotor has avoraged 46, tho highest being 64 and the
lowest 28.
F ort W o rth , T e x . — Rain has fallen on ono day of tho past
weok, tho rainfall reaching twenty-six hundredths of an inch.
Tho thormomotor has averaged 57, ranging from 30 to 84.
D a lla s , T ex . — There has been rain on two days of tho weok,
tho precipitation reaching thirty-four hundredths of an inch!
Minimum thormomotor 34.
P a le s tin e , T e x . — Rain has fallen on threo days of tho week,
tho rainfall being ono inch and eighty hundredths.
Aver­
age thormomotor 58, highest 80, lowest 36.
San A n to n io , T ex . — Rain has fallon on two days of tho
weok, tho rainfall being twenty hundredths of an inch
Tho
thermometer has avoraged 58, ranging from 34 to 82.
T a y lo r, T ex. W o havo had rain on two days during tho
past week, tho rainfall boing fifty-three hundredths of an
inch. Minimum thormomotor 32.
N ew O rlean s, L a .
W e ]iavo had rain on four days of tho
past weok, the rainfall being two inches and sovontoon hun­
dredths.
1 he thormomotor has avoraged 62.
S hreveport, L a .
Rain on four days of tho wook, the precipi­
tation reaching two inchos and forty-threo hundredths
Tho
thormomotor has ranged from 33 to 67.
V icksbu rg, M is s .- There lias boon rain on fivo days of tho
past weok, tho rainfall boing two inchos and sovonty-two
hundredths. Tho thormomotor has avoraged 52, ranging
from 34 to 77.
M o b ile , A la .
W o liavo had rain on threo days during tho
wook, tho precipitation reaching ono inch and forty-threo
hundredths. Tho thormomotor has averaged 64, highest
80, lowost 45.
S elm a, A la . — W o havo had rain on fivo days during tho
weok, tho precipitation reaching two inches and fifteon luuidredths. Tho thermometer has ranged from 30 to 79, aver­
aging 52.5.
S a va nn ah , G a. — Thore has been rain on two days during
tho wook, to tho oxtont of ono inch and fifty-six hundredths.
Minimum thermomoter 38, maximum 84, mean 61.
M a d is o n , F la .—-There has been rain on ono day during tho
week, tho precipitation boing two inches and fifty hun­
dredths. Average thermomoter 62, highest 80 and lowest 39.
C h arleston , S . C .— Rain has fallen on ono day during tho
weok, tho rainfall reaching one inch and forty-nino hun­
dredths. Tho thermomoter has ranged from 41 to 83,
averaging 62.
C harlotte, N . C. W o havo had rain tho past weok, tho rain­
fall boing ono inch and sixty-four hundredths. Tho thormo­
motor has avoraged 52, tho highest boing 73 and tho lowost
30.
M e m p h is , T cn n . — Killing frost and ico on M onday, thir­
teen days later than tho avorago dato. Picking has boon in­
terrupted by tho rain. Rain has fallon on tlireo days of tho
weok, tho rainfall boing four inchos and fifty-five hundredths.
Tho thormomotor has avoraged 48, ranging from 31 to 63.




W O R L D S SU P P L Y A N D T A K IN G S OF C O T T O N .—
The following brief but comprehensive statement indicates
at a glance the world’s supply of cotton for the weekand
since Aug. 1 for tho last two seasons, from all sources from
which statistics are obtainable ; also the takings, or amounts
gone out of sight, for tho like period.
C otton T akings.
W eek and Season.

1915.
W eek.

1914.

| Season.

W eek.

Visible supply N ov. 1 2
5,120,127
4,286,294
Visible supply Aug. 1
4,633,210
American in sight to N ov. 19
387,407 4,859.315 545.743
Bombay receipts to N ov. 1 8 ..
550.000
503.000
8 ,0 0 0
Otlier India shipm’ts to N ov. 18
64.000
64.000
5.000
Alexandria receipts to N ov. 17- 620.000
263.000
37,000
Other supply to N ov. 17 *
61.000
31.000
1 .0 0 0
Total supply________________ 5.582,534 10.353,525 4,883,037
D ed u ct —
Visible supply N ov. 19________ 5.233,081 5,233,081 4,526,783
Total takings to N ov. 19.a____ 349.453 5,120,444 356.254
Of which American_________
263.453 3,956,444 298.254
Of which o t h e r .___________
86,000 1,164.000
58,000

Season .

.

3.176,816
4,515,747
6 8 ,0 0 0

45.000
147,000
59.000
8,011,563
4,526,783
3.484.780
2.794.780
690.000

* Embraces receipts in Europe from Brazil, Smyrna, West Indies, &c.
a This total embraces the total estimated consumption by Southern mills,
1,042,000 bales in 1915 and 930,000 bales in 1914— takings not being avail­
able—and aggregate amounts taken by Northern and foreign spinners,
4,078,444 bales in 1915 and 2,554,780 bales in 1914, of which 2,914,444
bales and 1,864,780 bales American.
b Estimated.

4,515,747
93,579

Movomont into sight in previous years
1913— Nov.
1912— N ov.
1911— N ov.

1729

C O T T O N C O N S U M P T IO N IN C O N T IN E N T A L E U
R O P E .— Commercial Attache Erwin W . Thompson at the
Hague has submitted to the Department of Commerce active
statistics showing tho estimated consumption of cotton by
European countries during the year ended June 30 1915, as
compared with 1913-14, as follows:
S p in d le s .

Austria-Hungary...............
4,950,000
Belgium.................................
1,500.000
Denmark________________________
93,500
7,400.000
F ranco----------------------Germ any------------------11,718,000
Italy..............
4,600.000
75,000
N orw ay .........................
Netherlands____________________
578,000
Portugal.......................
450,000
9,292,500
Russia.................
S p ain -------------------------1,900,000
Sweden -----------------------------------------500,000
Switzerland ........................ ................... 1 ,400X00

C o n s u m p tio n , 500-/6 bales

1913-14.
912.000
250.000
25.000
1,000,000
2,000,000
800.000
12.000
95.000
75.000
1,800,000
350.000
88.000
90,000

1914-15.
300.000
100.000
35.000
400.000
800.000
800.000
20.000
100,000
75.000
2,500,000
400.000
100.000
100,000

T o t a ls ................. .......................... 44,457,000
7,497,000
5.730.000
Mr. Thompson explains that tho figuros cannot be taken too literally
owing to the confusion of present conditions, but asserts that it is safe to
ostimato the consumption of all countries oxcopt Russia, which produces
about one-half of its own requirements, on tho basis of tho North American
supply. Ho remarks further:
"The number of consuming spindles is known with accuracy for each
country, as well as the normal consumption per spindlo: but at this time
thero aro great abnormalities, duo in some instances to scarcity of labor in
somo to scarcity of raw material, and in somo to both of those conditions
combined, and all of these tend toward a reduced output. In other cases
mills aro beginning to spin coarser counts, and some mills aro running 2 0
hours per day instead of 10. Both of those conditions tend to increase tho
consumption of cotton per spindlo. While the maximum efficiency of a
mill is attained when spinning tho counts of yarn for which it was originally
designed, yet considerable latitude may be allowed. Under the stress
of war orders, which mostly require coarse counts, many mills are changing
from fino to coarse yarn, and, while perhaps not working under tho best
conditions and producing the best quality of yarns, aro still making a
greater outturn. By running tho preparatory machinery night and day
and the spinning spindles on coarser counts than usual during the daytime
only, it would be possible in many mills to double tho consumption so
that instead of requiring about 1 0 0 lbs. per spindlo per year, thev might
bo made to use 200 lbs. Thero is nothing certain about the resultant of
those two opposite tendencies, for it is difficult to ascertain the facts in the
belligerent countries. Thus an attempt to check up tho net imports by
tho consumption must not be expected to yield accurato results.
“ Austrian and German mills were able to operate on their accumulated
stocks from the beginning of the war until January 1915, at which time im­
portant quantities of cotton began to arrive frem tho United Statos. From
January to April 1915 about 200,000 bales woro received in the port of
Bremen, directly from the United States. In addition to these direct ship­
ments, it is estimated that during tho cotton season about 1,300,000 bales
havo reached Germany by indirect shipment through other ports.
“ Most of tho French mills aro in tho occupied territory, and these, as a
whole, aro said to be running at about 20% capacity. The present con­
sumption of ail the French mills, taken together, is estimated at 40% of tho
normal. Tho imports, however, are moro than 60% of normal, so that the
stocks of cotton must bo accumulating or the surplus cotton is being used
for military purposes.
“ A detailed statement of the Russian mills, by localities, as shown in the
table, indicates that less than 20% of tho consumping capacity of Russian
mills is in Roland, which is tho only district now greatly affected by tho
war. It is reported that most of the mills in the other districts aro running
double time, and that the consumption of all Russian mills taken together
amounts to about 50% more than normal.
“ The total Continental mill consumption for 1914-15 is put at 5,730.000
bales of 500 lbs. each, which Is 1,767,500 bales less than the year before.
Direct imports front tho United States were 4,017,379 bales, which is
1,367,639 bales less than the previous year. Cotton derived from other
sources than direct importation from the United States is 1,712,621 bales
in 1914-15, against 2,112,482 in the previous year. Deducting the Russian
crop of 900,000 bales, thero remain 812,621 bales in 1914-15 derived from
still other sources. Very little cotton could bo received from Egypt or
India, so this difference must bo largely made up from tho depletion of
stocks. These calculations and estimates leave out of account tho unknown
factor of cotton used for gunpowder and other explosives."

C O T T O N C R O P E S T IM A T E .— Messrs. Cooper & Grif­
fin, Inc., of Greenville, S. C ., announco that reports from
thoir correspondents throughout tho cotton belt indicate a
total cotton crop, growth plus linters, of 11,961,000 bales.
Their ostimato by States is as follows: Alabama, 1,065,000;
Arkansas, 825,000; Georgia, 2,116,000; Louisiana, 376,000;
Mississippi, 1,025,000; North Carolina, 840,000; Oklahoma,
781,000; South Carolina, 1,232,000; Tennessee, 327,000;
Toxas, 3,194,000; Florida, Missouri, California, & c., 180,000.
total, 11,961,000 bales. Previous estimates by Messrs.
Coopor & Griffin, with dates of their issuanco, are as follows:
Oct. 31 1910, 11,980,000, vs. 12,075,000 commercial crop;
N o v . 1 1913, 14,290,000, vs. 14,552,000 commercial crop;
N ov . 7 1914, 15,534,000, vs. 15,136,285 commercial crop.

P O R T O R IC A N C O T T O N C R O P — The production of
cotton (Sea Island) in Porto Rico in 1914-15, as indicated
by the exports, was 306,073 lbs., or a slight increase over
1913-14. As a matter of record we give bolow the statistics
for the last five seasons as secured from official sources:
1914-15. 1913-14. 1912-13. 1911-12. 1910-11.
Exported—

Dales.

Dales.

537
273

Dales.

Dales.

27

Total crop__________
796
Total weight, pounds__ 306,073
Average weight per bale___ 384.5

810
305,076
376.64

560
191,027
341.12

637
439
216,283 155,889
339.5 35.508

769
To Now York_________
T o Great Britain & Contin't

499
61

Bales.

506
131

236
203

B O M B A Y C O T T O N M O V E M E N T .— The receipts of
India cotton at Bom bay and the shipments for the week
ending Oct. 28 and for the season from Aug. 1 for throe
years have been as follows :
____________

Since
A u g . 1.

Week.

Bombay________________

Since
A u g . 1.

Week.

1,000
___________

Calcutta—

1915
1914
1913
Madras—
1915
1914
1913 .

52.000 240.000 298.000
24.000 71,000 99.000
187,000 135.000 325.000

6,000
4.000
3.000

3,000

2,000

11,000 11,000

3.000
1.000
8,000

2,000

1,000
"V666

4.000
1.000
11.000
1,000

1,000

___________
___________

1 3 ",666

2,000

2,000
1,000
2,000

Total all—
1915 . . . .
1914 . . . .
1913___

1,000
2,000

2,000 3,000 6,000
3,000
1,000
2,000 lY.ooo 13,000

31.000
25.000
36.000

2,000
7.000
5.000

3.000
3.000
2.000

1,000

1915 .
1914 .
1913 .

"i3 ",6 6 6

16,000
2,000
12,000

49.000
34.000
53.000

8,000 87.000 257.000 352.000
11,000 50.000 73,000 134.000
10,000 244,000 148.000 402.000

According to the foregoing, Bom bay appears to show an in ­
crease, compared with last year, in the week’s recoipts of
34.000 bales. Exports from all India ports record a gain of
3.000 bales during the wook and since Aug. 1 show an in­
crease of 218,000 bales.
A L E X A N D R I A R E C E IP T S A N D S H IP M E N T S OF
C O T T O N .— The following are the roceipts and shipments for
the week ending Oct. 27 and for the corresponding weok
of the two previous years :
Alexandria, Egypt.
October 27.
Receipts (cantars)—

This week_______

To
To
To
To

1915.

1914.

1913.

154,143

175,843

500,000

Since
This
Week. A u g . 1.

Exports (bales)—

Liverpool___________ 4,399 37,279
19,697
Manchester_________
Continent and India. 2,831 34,512
America____________ 3,288 26,204

This
Since
Week. A u g . 1.

This
Since
Week. A u g . 1.

1,918 8,656 15,000 54,557
4,152 9,266 8,000 42,676
3,637 16,107 14,250 83,188
400 4,024
2,857 9,984

Total oxports________ 10,518 117.692 12,564 44,013 37,650ll84,445
Note. — A cantar is 99 lbs.

Tw ist.

o«t. <1.

1
8
15
22
29
Nov
5
12
19

10K
10K
10K
10K
10K

10V»
10^
10^

8 X lbs. Shirt­ Cot’ n
ings, common
to fin est.

d. 3.
UK 7
(<’> 11 7
@ 11 M 7
@ 11 V% 7
@ 11 % 7

@

@
<a

@

3. (1.
d.
4K@S 0
5K@8 i
3 @8 6
3 @8 9
6 @8 7 h

11 K 7 3 @8 3
11 K 6 3 (<t 8 3

UK 6 3 @8 3

M id .
U p l’s

32s Cop
Tw ist.

MU.
U pl's

ings, common
to fin est.

d. s. d.
No quo tatlons
No quo tatlons
No quo tatlons
No quo tatlona
No quo tatlons

6.91
7.01
7.06

No quo tatlons
No quo tatlons
No quo tatlons

s. d.

d.
5.30
5.30
5.30
5.05
4.85
4.64
4.58
3.44

provious pago, tho
tho past week havo
in detail, as made
aro as follows :
Total bales.

Y ORK— T o Havre— Nov. 12— Lord Downshiro, 787—
Nov. 13— Lord Erne, 1 ,7 5 4 ..Nov. 16—King Bleddyn, 2,001
To Bordeaux— Nov. 13— Lafayetto. 25-------------------------------To Narvik— Nov. 16—Hermes, 2,000...........................................
To Gonoa— Nov. 13— Taormina, 100— Nov. 15— San Giorgio,
2,900__ Nov. 17— Canopic, 1,000; Dinnaniaro, 3,391--------To Vladlvostock— Nov. 12— Hackness, 1,793— Nov. 13— Tavian, 3,338__ Nov. 17— City of Baroda, 2,000.......................
To Venezuela—Nov. 17— Philadelphia 37----------------------------T o South Africa—Nov. 16— Hyacinthus, 20 0............................
-GALVESTON— To Liverpool—Nov. 13— Meltonian, 10,999.........
To ilavro— Nov. 16— Jersoy City, 14,440----------------------------T o Barcelona— Nov. 13— Marte, 8,163__ Nov. 13— Cadiz,
5,087...............................................................................................
To Gonoa— N ov. 17— Ceroa, 10,053-------------------------------------




125,468

Total.

Tho particulars of tho foregoing shipments for tho weok,
arranged in our usual form, aro as follows :
Great French
Dritain. Ports.

Ilol------ Oth.Europe—
land. North. South.

____
New York_____ ____ 4,567
Galveston______10,999 14,440
New Orleans____19,461 5,11#
M obile................ 1,033
-----Pensacola_____ 4,495
-----Savannah_____ ____ 4,200
600
-----Boston_________
Seattle________ ____
____
____

2,000

Vlad.,
A c. Japan

7,391 7.368
23,303 ..................
2,025 1,550 ------

f,338 I I I I I I I I
4,200 ..................
____
500 ____
____ 1,791 9,092

Total

21,32#
48,742
28,152
1,033
5,833
8,40#
1.10#
10,883

2 ,0 0 0 38,257 11209 9,092 125,469

The oxports to Japan sinco Aug. 1 havo boon 87,774 balos
from Pacific ports.
C O T T O N F R E IG H T S .— Curront ratos for cotton from
New York aro as follows, quotations boing in conts por pound:
Liverpool, 1.25c. asked; Manchester, 1.25c. asked; Havro, 2.50c.; R ot­
terdam, 2.25c.; Gonoa, 1.25c.; Naples, l.25c.; Leghorn, 1.40c.; Marseilles,
2.50c.; Piraeus, 3c.; Japan, 1.50c. asked; Shanghai, 1.50c. askod; Bombay,
1.25c.; Vladlvostock, 2c. asked nom.

L IV E R P O O L .— B y cablo from Livorpool wo havo th#
following statement of tho weok’s sales, stocks, & c., at
that port
N o v . 5.

Oct. 29.

52,000
2,000
1,000
41,000
4,000
96,000
916.000
689,000
106,000
91,000
256,000
204,000

59,000
9,100
2,300
44,000
5,000
97,000
920,000
677,000
78,000
67,000
300,000
247.000

Of which speculators took.
Of which exporters took __
ales, American___________
Actual export______________
Total imports of tho weok—

N o v . 12.

55,000
2,000
2,000
44,000
7,000
66,000
871,000
661,000
28,000
27.000
267,000
194,000

N o e . 19.

9,00#
89,00#
892,00#
686,000
110,00#
104.00#

Tho tone of tho Liverpool market for spots and futures
each day of tho past wook and tho daily slosing pricos of
spot cotton havo boon as follows :
Saturday.

Spot.

Market, f
12:15 1
P. M. 1

Quiet.

M onday.

Tuesday.

Good
inquiry.

Fair
business
doing.

W ednesday. Thursday.

Good
inquiry.

Good
demand.

F rid a y .

Good
demand.

Mid. upl’ds

7.01

7.08

7.02

6.97

6.96

7.06

Spec.&exp.

6,000
500

10,000
1,000

8,000
800

10,000
1,500

12,000
2,500

10,000
2,000

Futures.

Market
opened

Quiet,
Quiet, un­ Steady,
1changed to generally 5 points
/ l pt. dec. 3 pts. adr. advanco.

Quiet, Steady, un­ Steady,
1K@2 K changed to 2@3 pts.
pts. dec. K Pt. dec. advance.

Quiet,
Quiet, Steady, K Very st’dy,
Quiet, Easy, IK
H @2 pts. pts. dec. to K @3 pts. pt. adv. to 2@3 pts. 4@5 pts.
P. M. | decline. 2 pts. adr. decline. 4 pts. dec. advance. advance.

Market, j

Tho prices of futures at Livorpool for oach day aro given
below. Prices aro on tho basis of upland, good ordinary
clauso, unless otherwise stated.
T h e prices are given in pence a n d 1001/is.

Thus: 6 87 m e a n s 6 87 100d.

Nov. 13
Saturday.
to
Nov. 19. 1 2 X 1 2 X
p.m.

November
Jan.-FebMar.-Apr.
May-Juno
July-AugOct.-Nov.

d.

Monday.

Tuesday. Wed'day.

Thursday.

Friday.

4 \ 2 A 4 12'A) 4 V 2 A 4
12X
p . m . p.m. p.m. p.m. p.m. p.m. p.m. p.m. p.m. p.m. p . m .

6
6
6
6
6
6

d.

87 K
85
82
79 K
73 K
47

12M
d.

92
90 K
88
86
80 K
54 K

4

d.

86
84 K
82
80 K
75
49

d.

86
84 K
82
80 K
75
SO

d.

83
81K
79
78
73
48 K

d.

81K
80
78
77 K
73
49 K

d.

79
78 'A
77
76
71
49

d. | d.

d.

78 K 82
77 K 81
76 (79K
75 *78K
70 K 74
48 51

88K
87 K
86 K
85 K
82
59

d.

86
85
83 K
82 K
79
56

8H lbs. Shirt­ Cot’ n

d. d.
6.97
7 21
7.23
7.12
7.02

S H IP P IN G N E W S .— As shown on a
exports of cotton from tho United States
reached 125,469 balos. Tho shipments
up from mail and tolegraphic roturns,
N *W

T o ta l b a le s.

Egyptian bales weigh about 750 lbs.

M A N C H E S T E R M A R K E T .— Our report rocoived by
cablo to-night from Manchester states that yarns aro strong.
There is more doing in jaconnots, dhootios for India and greys
for China. The miscellaneous division is healthy. W o give
prices for to-day bolow and leave those for provious wooks
of thisand last year for comparson.
|

32s Cop

•

NEW ORLEANS— To Liverpool— Nov. 13— Aloxandrian, 7,784;
Norwegian, 6,223-..NOV. 15— Syivanian, 5,454----------------- 19,461
To Havre— Nov. 15— Texas, 5,116------- ------------------------------- 5,11#
To Barcelona—Nov. 17— Asuarlca. 2,025----------------------------- 2,025
To Mexico— Nov. 16— Mexico, 1,550------------------------------------ 1.550
M OBILE— To Liverpool— N or. 18— Syivanian, 1,033..................... 1.033
PENSACOLA— To Liverpool— Nov. 16— Juliana, 4,495-------------- 4,495
To Genoa—Nov. 13— Motlacci, 1,338------------------------------------ 1,338
SAVANNAH— To Havre— N or. 13— Mississippi, 4,200................... 4,200
To Genoa— Nov. 18— Ilova, 4,200--------------------------------------- 4,20#
BOSTON— To Liverpool— N or. 12— Largo Law. 100— Nov. 13—
Canadian, 500--------- --------- .......................................................
500
To Yarmouth— Nov. 13— Prince Georgo, 500-- .........................
500
SEATTLE— To Japan— N or. 11— Ixion, 4,5 00---N ov. 12— Yokahama Maru, 4,592--------------------------------------- - - - ---------------- 0,092
To Vladivostock— N or. 13— Kurokina Maru, 1,791---------------- 1.791

T o ta l.............36,588 28,323

Ja p a n
& China.

Conti­
nent.

Great
Britain .

___________
___________
___________

All others—

219,000

Since August 1.

F o r the Week.
Great Conti- Ja p a n
Britain , nent. A C hlna Total.

Bombay—
1915___
1914
191.3___

Since
A u g . 1.

Week.

56,000 39,000

2,000

390,000

36,000

1913.

1914.

1915.

Oct. 28.
Receipts at—

Exports
from —

[Vol. 101.

THE CHRONICLE

1730

4,542
25
2,000
7,391
7,131
37
200
10,999
14,440
13,250
10,053

BREADSTUFFS
Friday Night, N ov. 19 1915.
Flour has been without activity and although prices early
in the week were steady, thoy havo lattorly been somewhat
less so. It is true that tho demand for immediate delivery
has, at times, been quite good but the freight congestion
hero continues and it is said, morcovor, that flour is side­
tracked in many parts of tho country. Export flour has
accumulated on many different railroad lines, owing to the
scarcity of ocean freights. This of itself necessarily inter­
feres with tho movement of domestic freight. This is all
due, of course, to tho war. It has put tho flour trade out
of joint. Tho lateness of tho winter-wheat crop also had
considerable effect. It checked business in flour for a time,
after which rush orders to replenish supplies aggravated
the congestion on transportation lines. M any mills show
no disposition to ship to New York as thoy find a ready
market for thoir flour within easy distance of their own
plant. The total production last wook at Minneapolis,
Duluth and Milwaukee was 558,065 bbls., against 537,380
bbls. in tho provious week and 393,635 bbls. in 1914.
W heat advanced oarly in the wook and then roactod. The
changes, however, havo not boon vory marked. One draw­
back has boon tho scarcity of ocean tonnage. Naturally,

THE CHRONICLE

Nov. 20 1916.]

1 7 31

this has soriously interfered with tho export trade, although
somo business has been dono, presumably, whore tonnage had
already been arranged for. Tho world’s supply increased
last week 9,192,000 bushels against an increaso in tho same
week last year of 8,937,000 bushels. Tho world’s supply is
now but littlo under that of a yoar ago, i. o ., 191,800,000
bushels against 193,540,000 a yoar ago. Two years ago the
total was 205,140,000 bushols. Tho point is that tho ten­
dency is to incroase tho visiblo supply of tho world boyond
what it was at the corresponding date in 1914, whereas at
ono timo tho total was as much as 50,000,000 bushols below
such figures. In other words, tho high-record crop in this
oountry is gradually beginning to show itself. A t tho samo
timo tho export demand has noticoably lessoned. Thore has
been some re-selling of Manitoba wheat, owing to the fact
of the requisitioning of Italian steamships by tho Italian
Government. This one factor alone has seriously interfered
with tho export business. In fact, much nervousness is no­
ticed in regard to the ocean freight situation and tho fact
that freight ratos have reached an abnormally high level.
This trouble about ocean tonnage is world-wide. Freights
at Italian ports have advanced sharply. Liverpool advices
say that the abnormal freight rates make it difficult to pur­
chase wheat. The charge is made in Liverpool that freights
are being needlessly advanced. Meantime the weather in
Argentina seems to be better and now crop offerings of wheat
have been easier tliero. Liverpool expects liberal native re­
ceipts in tho near future, though at tho moment tho crop
movement in tho United Kingdom is slow, owing to cold,
rainy weather. In France native offerings are liberal and
prices on the farm aro described as comparatively low. The
French Government is purchasing quietly whonovor prices
look favorablo. In Rumania and Bulgaria tho woathor has
beon favorable for harvesting, threshing and planting and
tho crops aro said to bo largo and of excellent quality. Ger­
many, Austria and Turkoy aro buying Rumania’s and Bul­
garia’s oxport surplus at good prices. B ut, on tho othor
hand, European supplies, according to English grain authori­
ties, aro in most cases meager, and purchases will havo to bo
mado shortly, having, in fact, beon too long doferrod in some
countries whoro tho winter has set in at an unusually early
dato and with unusual sovority. In Russia sovoro froozing is
against tho lato plantod wheat and rye. Tho seed-bed was
dry and tho growth has beon small, while tho stocks at Rus­
sian ports aro light. In tho Unitod Kingdom farm work is
impeded by cold, wot woathor, and tho country markots aro
strong. Tho Australian export surplus, it is now said, will
not bo as largo as was at ono time expected. Harvesting in
Argentina as woll as exportation, will bo delayed. It is also
said that Argentina is not likely to oxport much during Janu­
ary, owing to tho urgoncy of its own neods and tho scarcity
of ocean tonnago. In Southern Italy rains havo hindored
sooding and tho movomont of tho crop. To-day prices ad­
vanced early but closed lower, with loss demand for oxport;
200.000 bushols wore takon by oxportors.

port demand has prevailed at the seaboard, though no very
large transactions with foreign markets have taken place.
Still, Chicago has reported buying by houses which usually
act for the seaboard. Cash interests at Chicago have bought
December to some extent. B ut stocks are accumulating
in this country at a rate that attracts attention. The in­
crease in the American available supply last week was 3,231 ,­
000 bushels, in sharp contrast with a decrease in the same
week last year of 1,089,000 bushels. Y et the total available
American stock is even now only 28,321,000 bushels, against
42 ,290,000 last year and 46 ,382,000 at the same timo in 1913.
Still, there has been no great speculative interest. There has
been no very interesting foreign news. Freezing weather
has been unfavorable for late planted oats in Russia. To-day
prices advanced. Exporters took 100,000 bushels.

D A IL Y CLOSING PRICES OP W IIE A T FUTURES IN NEW Y O R K .

Since Aug. 1
5.894.000 198,041,000 50.312.000 97,978,000 39.119.000 10578000
1915..
6.672.000 200,526,000 51.200.000 118,699,000 38.219.000 9.870.000
1914..
6,065,000:136,071,000 54.072.0001 88,281,000 40.983.000 6.769.000
1913..

S a t.

M on.

T n es.

W ed . T h u r s . F r i .

S a t.

M on.

T u cs.

W ed. T h u r s . F r i .

nora. nom. nom. nom. 126 %
No. 2 red____________________ cts.nom .
December delivery In elevator------1 1 1 %
113 112
111
112}$ 112
D A IL Y CLOSING PRICES OF W IIE A T FUTURES IN C H I C A O O .
Decomber delivery in elevator.cts.105K
M ay delivery in elevator................. 1 0 6 %

106K 1 0 4 % 1 0 3 % 105 %
107% 106% 105% 1 0 7 %

104}$
106 %

Indian corn advanced at ono timo and thon reacted. But
fluctuations havo kept within comparatively narrow bounds.
Tho moro southerly sections of tho belt aro soiling moro
freely and tho movement of corn would bo greator but for
tho scarcity of cars. A t Chicago tho Eastern domand has
beon rather poor and samplo pricos havo declined. On up­
ward turns in prices long liquidation by commission firms
has been vory noticoablo at Chicago, whoro cash houses,
moroovor, havo been soiling Docomber. Tho weokly statis­
tics show no particular change, i. o., a decrease in tho Ameri­
can availablo supply of 90,000 bushols, against a decreaso
in tho samo timo last yoar of 230,000 bushols. -Tho total
Amorican availablo stock is now 4,327,000 bushols, against
3.030.000 a year ago and 4,960,000 at this timo in 1913.
Tho weather at tho W est much of tho timo has boon fino
and this had naturally a tondoncy to causo increased offer­
ings. The quality of tho corn in Northern Illinois and Iowa
is said to bo rather poor. Predictions aro vory gonoral of
larger roceipts in tho near futuro. Y et lator in tho wook
tho weather was not so favorablo and tliero was increasing
talk of tho scarcity of cars. In Liverpool tho trading has
boon activo at an advanco in pricos. The stocks tliero aro
modorato and cold woathor has caused an increased consump­
tion. River Plato holders havo been firm, as Argentina
rosorves aro greatly doploted. The Continent has beon buy­
ing Itivor Plato corn frooly, in fact, taking all offors at firm
prices and paying tho high froight readily. Business at
Liverpool would bo larger than it is but for the vory strong
ocoan freights. To-day pricos advanced. Recoipts of now
corn aro not so largo as woro oxpected and wot weather
throatons to further curtail them. A t Chicago prominent
interests woro persistont buyers.
D A IL Y CLOSING PRICES OF NO 2 M IX E D CORN IN NEW Y O R K .
S a t.
N o. 2 yellow.............................. eta. 7 6 %

M on.

T u es.
75%

W d. T h u rs. F r i.
75%
76% ,
76 %

S a t.

M on.

T u es.

W ed. T h u rs. F r i.
62%
66%

D A IL Y CLOSING PRICES OF OATS IN NEW Y O R K .
S a t.

M on.

T u es.

W ed . T h u r s . F r i .

S a t.

M on.
38%
40%

T u es.
38%
40%

W ed . T h u r s . F r i .
38%
38%
30%
30%
40%
4 1%

Standards-----------------------------cts. nom. nom. nom. nom. nom. nom.
No. 2 white-------------------------------- nom. nom. nom. nom. nom. norm.
D A IL Y CLOSING PRICES OF OATS FUTURES IN CHICAGO.
December delivery In elevator.cts. 3 8 %
May delivery in elevator_________ 40

The following are closing quotations]:
GRAIN .
Wheat, per bushel—f. o. b.
Corn, per bushel—
C ts.
nom.
N. Spring, No. 1, new____$1 1 7 %
No. 2 mixed_______ f. o. b.
No. 2 yellow______c.
N. Spring. No. 2_______________ _
7% %
Red winter, No. 2, new
1 26 %
No. 3 yellow_____
Argentina in bags_______________
Hard winter. No. 2 _______ ___
Rye. per bushel—
Oats, per bushel, new—
Cu.
New York_______________$1 0 6 %
Standard________________ Nom.
Western, No. 2, new______ _______
No. 2. white_____________
Nom.
No. 3. White ...................4 2 @ 4 2 % M a lt...................................... 73@ 7«c.
FLOUR.
Winter, low grades___ $4 30(3)34 50 Kansas straights, sacks.$5 20@$5 4 0
Winter patents________ 5 80@ 0 00 Kansas clears, sacks__ 4 76@ 5 00
Winter straights______ 5 3 5 @ 5 65 City patents__________ __________
Winter clears_________ 5 0 0 @ 5 2 5 Rye flour____________ 5 35@ • 05
Spring patents________ 5 40(3) 5 75 Buckwheat flour______ __________
Spring straights_______ 5 15(4 5 40 Graham flour_________ 4 35(g) 4 75
Spring clears__________ 5 00® 6 35

Tho statement of tho movement of breadstuffs to market
indicated below are preparod by us from figures collected by
tho New York Produce Exchange. Tho receipts at Western
lake and river ports for tho week ending last Saturday and
since Aug. 1 for each of the last three years have been:
Receipts at—

Chicago___
Minneapolis
Duluth........
Milwaukee..
Toledo____
Detroit____
Cleveland . .
St. Louis__
Peoria........
Kansas'.City.
Omaha____
t o -1
Total wk. 15
Same wk. '14
Same wk. '13

Wheat.

Flo ur

Oats.

Corn.

Barley.

bbls.l96lbs. bush. 60 lbs. bush. 56 lbs. bush. 32

1.732.000
5.741.000
5.836.000
358.000
413.000
110.000
15,000
1.444.000
236.000
2.443.000
861.000

1,792,000
75,000

513.000 19.189.000
452.000 15.299.000
479.000 9,139,000

3.734.000
4.370.000
2.958.000

217,000

124,000
6,000
17.000
111. ,000
34.000

5,177,
1,918,
123,
117,
121,
132,
120,
507,
197,
78,
422,

298.000
69.000
34.000
9,000
239.000
780.000
238.000
200.000

Rye.

bush.48lbs. bu. 56lbs.

920.000
1,182,000
1,057,000
649.000

203.000
374.000
253.000
217.000

56.000
80.000

31.000
19.000

8.912.000 3.944.000 1,097,000
5.651.000 2.793.000 796.000
4.220.000 3.877.000 482.000

Total receipts of flour and grain at tho seaboard ports
tho week ended November 13 1915 follow:
Receipts at—

Portland, Me___
Boston...............
Philadelphia___
Baltimore______
Newport News . .
Norfolk________
Mobile...............
New Orleans *__
Galveston______
Montreal______

Flour,
bbls.

Wheat,
bush.

249,000 5,244,006
792.000
54,000
838.000
57,000 1,167,000
63,000 1,791,000
3,000
11,000
116,000
30,000

810,000
492,000
1,226,000

Total week 1915. 573,000
Since Jan. 1 1915.23,231,000
531,000
Week 1914 .........
Since Jan. 1 1914.20,538,000

12,360,000
164302,000
6,991,000
21,379,000

C om ,
bush.

30,000
2,000
35,000
118,000
103.000
272.000
111.000
3,000

Oats,
bush.

Barley,
bush.

685,000
82,000

159,000
71,000

for

Rye,
bush.

15,000
4,000

284,000 52,000 84,000
485.000 414,000 313,000
351.000
22,000
56,000

435,000

674,000 2,344,000 752,000 416,000
46,568,000129652,000 11660000 12622000
516,000 2,428,000 567,000 390,000
23,418,00063,917,000 13053000 5982,000

» Receipts do not include grain passing through New Orleans for foreign ports
on through blits of lading.

Tho oxports from the several seaboard ports for the week
ending November 13 are shown in tho annexed statement:
Wheat,

Corn,

bush.
Exports from —
bush.
5,528
New York..........3,835,029
Portland, Me___ 838,000
700
Boston............... 706,942
Philadelphia___ 775,000
25,714
Baltimore______ 1,716,420
Norfolk________ _____
Newport News.................
103,000
Mobile........... ...............
61,000
New Orleans___________ 39,000
Galveston______ 120,000
Montreal______ 2,698,000

Total week ...1,107,391
Week 1914_____ 7,439,947

F lo u r,
bbls.

133,398

15,202
4.000
15,499
3.000
lV.OOO
52,000
145,000

Oats,
bush.

Rye,
bush.

13,736

Barley,
bush.

89,671

P e ts ,
bush.

12,248

49,944
..........
........
1,000
440.000 338,797 324,536
3 5 1.0 0 0

m u

m u

18,000

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

651666

IIIII 2061666

195,942 379,099 887,736 338,797 671,151
284,242 270,643 1,830,477 206,333 243,650

12,248
1,182

The destination of these exports for the week and sine®
July 1 1915 is as below:
-------- Flour -------------------- Wheat---------------------- Corn—--------Week.
Exports fo r tseek and N ov. 13.
since Ju ly 1 to—
bbls.

Since
Ju ly 1

1915.
bbls.

Week.
N ov. 13.
bush.

Since
Ju ly 1

Week.

Since
Ju ly 1

bush.

bush.

bush.

1915. N ov. 13.

1915.

Deeomber delivery In elevator.cts. 6 1 %
60%
60%
60%
61 ,
May delivery In elevator_________ 6 4 % 6 \ %
64%
63%
65

United Kingdom— 191,363 ,896,481 5,703,966 40,267,441
Continent________ 36,099 ,002,391 5,363,463 64,068,049
11,962 1,614,247
Sou. & Cent. Amer.106,048 924,171
34,000
..........
West Indies........... 44,042 535.580
25,993
..........
Brit. Nor. Am. Cols.
100
497,131
_____
Other Countries___ 1,447 130,438

233,917
25,714 1,743,815
41,643 1,417,329
126,589 1,066,556
700
5,875
10,033
1,296

Oats advanced and thon reacted somewhat. They havo
sympathized with tho flutuations in othor grain. Some ox­

Total ................ 379,099T4,515,054 11079,391 106480,868
Total! 1914............. 270,643^,4,977,032 7,439,947 124971,597

195,942 4,517,525
284,242 1,591,367

76
D A IL Y CLOSING PRICES OF CORN FUTURES IN CHICAGO.




1733

THE CHRONICLE

Tho world’s shipment of wheat and corn for tho week
ending November 13 1915 and since July 1 1915 and 1914
aro shown in tho following:
Wheat.

1915.,

Exports.

Corn.

1914.

1915.

1914.

Week
N ov. 13.

Since
Ju ly 1.

Since
Ju ly 1.

Week
N ov. 13.

Since
Ju ly 1.

Since
Ju ly 1.

Bushels.

Bushels.

Bushels.

Bushels.

Bushels.

Bushels.

North Amer* 13411000 159,328,000 162,314,000 150,000 3,957,000 2,186,000
Russia____ 360,000 3,778,000 12.074.000
4.813.000
Danube___
2.347.000
9.431.000
Argentina . .
96,000 8,202,666 3.850.000 4,761,000 96,428,000 59,773,000
Australia__
8.800.000
India..........
11,652,000 14.192.000
Oth. countr’s 330,666 4,444,000 3,601,000 154,6o6 1,863,000
Total___ 14197000 187,404,000 207,178,000 5,065,000 102,248,000 76,203,000
* North America—The Canadian Government haa officially prohibited the
Issuance of both manifests and exports until after ten days. This Is effective
during the continuance of the war.

Tho quantity of wheat and corn afloat for Europo on datos
mentioned was as follows:
Wheat.

Nov.
Nov.
Nov.
Nov.

United
K in gdom .

Continent.

Bushels.

Bushels.

Corn.
Total.

United
K in g d om .

Continent.

Total.

Bushels.

Bushels.

Bushels.

Bushels.

13 1915..
41.640.000
6 1915..
42.064.000
14 1914..
30 816 000
15 1913.. 12,424,000 18,528,000 30.952.000 8,364,666 6,919,000

26,011,000
27 319,000
21.766.000
15.283.000

Tho visible supply of grain, comprising tho stocks in
granary at principal points of accumulation at lako and
seaboard ports November 13 1915 was as follows:
GRAIN STOCKS.
New York.......................... 2,080,000
318,000 1,256,000
Boston_________________
103,000
18,000
Philadelphia...................... 1,320,000
38,000
563,000
Baltimore.................
1,191,000
163,000 1,287,000
Newport News__________
185,000
396,000
New Orleans...................... 1,898,000
280,000
105,000
Galveston...................
680,000
37,000
Buffalo............................... 1,655,000
141,000 1,590,000
Toledo............................... 1,361,000
50,000
335,000
Detroit...............................
298,000
66,000
279,000
Chicago............
2,801,000 1,647,000 5,509,000
Milwaukee.____ ________
68,000
66,000
736,000
Duluth................................ 10,458,000
667.000
Minneapolis________
3,385,000
12,000 2,836,000
St. touts........................... 1,374,000
135,000
400,000
Kansas City.......................... 2,014,000
23,000
442,000
Peoria.................................
13,000
97,000
526,000
318,000
Indianapolis__ _____
139,000
566,000
723,000
Omaha.................
136,000
708,000
On Lakes_______
2,337,000
75,000
177.000
On Canal and River______________ 325,000
109.000

145,000
48,000
135,000
629,000
5,000

257,000
81,000
3,000
235,000

89,000 457,000
7,000
26,000
90,000 101,000
80,000 127,000
135,000 2,267,000
193,000 392,000
19,000
22,000
11,000
63,001)
129,000

24,000
688,000

Total Nov. 131915........ 34,593,000 3,423,000 18,505,000 1,804,000 4,654,000
Total Nov.
61915.........29,469,000 3,345,000 16,895,000 1,789,000 4,199,000
Total Nov. 141914------- 73,476,000 2,774,000 32,103,000 1,998,000 5,726,000
Total Nov. 151913........ 60,962,000 3,519,000 31,136,000 2,235,000 5.763.000
Note. —Bonded grain not Included above: AVheat, 4,285,000 bushels at New York,
327.000 Baltimore, 207,000 Philadelphia, 571,000 Boston, 181,000 Duluth, 4,004,000
Buffalo, 93,000 Toledo: total. 9,668,000 bushels, against 2,550,000 bushels lnl914.
Oats: 106,000 bushels at Buffalo, 9,000 New York. 91,000 Duluth: total, 20 6,000
bushels, against 429,000 la 1914; and barley, 50,000 bushels at New York, 123,000
Boston, 22,000 Baltimore, 61,000 Buffalo, 101,000 Duluth: total, 357,000, against
251.000 In 1914.
Canada —■
Montreal........................... 2,298,000
19,000
685,000
17,000
8,000
Fort William & Port Arthur.18,231,000
_____ 4.014.000
Other Canadian____ ____ 7,294,000
_____ 1.490.000
Nov. 131915....... 27,823,000
19.000 6,189,000
17,000
8,000
Nov.
61915....... 27,325,000
26.000 4,863,000
15,000
6,000
Nov. 141914........19,070,000
12.000 3,949,000
_____
96,000
Nov. 151913....... 21,156,000
7,000
9,084,000 18,000 323,000
Summary —
American_______________ 34,593,000 3,423,00018,505,000 1,804,000 4,654,000
Canadian........................... 27,823,000
19.000 6,189,000
17,000
8,000
Total
Total
Total
Total

Total
Total
Total
Total

Nov.
Nov.
Nov.
Nov.

13
6
14
15

1915...... 62,416,000
1915...... 56,794,000
1914...... 92,546,000
1913...... 82,118,000

3.442.000
3.371.000
2.786.000
3.526.000

24,694,000
21,758,000
36,052,000
40,220,000

1,821,000
1,804,000
1,998,000
2,253,000

4,662,000
4,205,000
5,822,000
0,086,000

THE D R Y GOODS TRAD E
N ew York, Friday N ight, N ov. 19 1915.
An activo demand for drygoods is roportod in all depart­
ments of tho trade. While pricos continuo firm, par­
ticularly on goods for forward dolivory, tlioro have boon no
noticeablo changos in quotations from thoso prevailing a
wook ago. Primary cotton goods markets continuo activo
and strong, notwithstanding tho dull and sagging markot
for tho staple. Mills aro well bookod with business running
up to and through the first quarter of tho now year, and
while thoy aro in a position to accept additional ordors,
they aro only disposed to do so at full markot quotations.
Somo manufacturers aro having difficulty in making doliveries, which aro in many cases, ovorduo. The improve­
ment in retail business is now being felt by mills, as jobbers
have been operating upon a small margin of stocks and aro
now compelled to call for all goods they have under order.
This not only applies to staplo piece goods but to all linos
of merchant drygoods. Knit goods, undorwear, hosiery
and fino and fancy goods are all in the samo position. Job­
bers aro being kopt busy meoting an active demand from
retailers for quick supplies to meet regular roquiromonts
as woll as goods for tho holiday trade. It is difficult for
jobbers to make prompt deliveries as thoy aro not in a posi­
tion to got additional supplies from mills upon short notico.
M any largo distributers now rogrot that thoy woro not
more liberal in placing original contracts when pricos woro
moro attractive. While retail trado in most sections is
activo, mild tomporaturos have had a tondoncy to restrict
tho salo of wintor goods. Miscellaneous linos, howover,
have sold woll. Tho export situation is littlo changod.
N o now business has been roceivod from Oriental or Mediter­




[Vol. 101.

ranean markets, but shipments to Groat Britain, South
America and Provincial markets aro stoadily increasing.
It is known that a largo trado is going on with Groat Britain
and Europe, but lack of statistics covering thoso now mar­
kets makes it difficult to estimato the volume. Tho report
that tho Suez Canal will bo closed to morchant shipping
has been denied. Thero have also beon disquieting rumors
of a blockado by closing tho Strait of Gibraltar. Tho
consequences are that exporters despair of any improvomont
in business with tho East until the ond of hostilities and aro
contenting thomselvos with such now markets as have
arisen from tho war.
D O M E S T IC C O T T O N G O O D S .— Tho compilation of
tho weekly roturns of oxports of cotton goods has boon tem­
porarily discontinued by tho Now York Customs IIouso.
Selling agents and commission houses report an activo
demand for all linos of staplo cotton goods. Although
quotations remain about unchanged a firmer undertone is
noticeable regardless of tho decline in cotton values. Cotton
yarns have shown an easier tendency during tho past week
and a number of large contracts have been closed with
spinners for deliveries running well through next year.
This has not had any effect upon prices for finished goods
as weavers claim that present values aro cheap when com­
pared with the cost of yarns. Cotton goods manufacturers
aro generally experiencing difficulty in making deliveries,
being, in many cases, sevoral weeks behind. On tho other
hand, buyers are demanding prompt shipment of all goods
under order beforo placing now contracts. A good demand
is reported for heavy sheetings for bagging and converting
purposes, but demand for gray goods is not activo, owing
to converters’ inability to dotermino their requirements in
advance. The fact that finishing costs have advancod
sharply has prevented tho latter from closing business very
far ahead and they aro taking goods in tho gray only as
needed. Print cloths aro quiet and firm. Buyers are
under bidding tho market an eighth to a quarter cent, but
are securing no concessions from mills. Gray goods, 38-inch
standard, are quoted 4^.fc.
W O O L E N G O O D S .— Businoss in woolons and worsteds
is steadily expanding. In dress goods dopartmont lioavyweight goods are about sold up and buyors aro now con­
fining their attention ontiroly to noxt spring’s roquiromonts.
Cuttors-up and garment manufacturers aro enlarging upon
their earlier purchases of spring goods, owing to fears that
deliveries will bo hard to obtain as tho soason draws noar.
Fabrics in fast colors aro being rapidly consumod and tlioro
is every indication that thoso will becomo scarco. High
and medium grado broadcloths aro heavily sold, largoly
on this account, as only tho best dyos aro used in their
coloring. Greater activity is also noticeablo in mon’s wear
departments, whore there is a good demand for spring
fabrics. Woolens continue to bo favored abovo worstods
and business is confined mostly to medium grado goods.
Somo contracts havo boon reported on mon’s wear for fall
1916. Prices for next fall havo not boon namod as yot and
manufacturers who havo bookod such businoss aro not
willing to discuss values for that soason.
F O R E IG N D R Y G O O D S .— Linens continuo activo and
buyers are having difficulty securing goods thoy need, owing
to tho limited supplies and high pricos. For this reason
cotton substitutes aro meoting with groator success than
was expected. Tailors and high class clothiers aro complain­
ing about tho shortage of lining canvasses for stiffening
garments and while substitutes aro boing offered thoy do
not meet requirements. Advices from abroad aro no more
oncouraging than in tho past and pricos aro being quoted
at now high lovols on most linos. Burlaps havo boon activo
with pricos firm. Importers havo boon concerned ovor tho
reports that tho British Govornmont has roquisitionod
steamers in tho Far Eastern trado. Lightweights aro
quoted 5.60c. to 5.65c. and hoavywoights at 8 .2 5 c .

Importations &3Warehouse Withdrawals of Dry Goods.

Imports Entered for Consumption for tho Week and Since Jan. 1.
N o v . 13 1915.
I ’kg s.
V a lu e .
$

Manufactures of—
W ool__________ _______ --------437
C otton ________________ ______2,180
Silk___________________
F la x __________________ ______ 1,824
Miscellaneous_________ ---------2,028
Total
Total

1915............................ 7,447
1914.............
6,602

138,433
446,447
587,565
620,010
238,213

S in c e J a n . 1 1915.
I ’kgs.
V a lu e .

28,702
94.998
48,777
46,413
93,974

$
7.563.361
25,224,449
22,217,390
10,511,873
14,284,191

2,030,668 312.864 79 ,801,264
1,927,673 455,379 112 ,971,268

Warehouse W ithdrawals Thrown Upon the Market.

Manufactures of—
W ool.........................
219
C o tto n .............
383
Silk...........................
459
F la x ............ ................................
281
Miscellaneous............................. 2,167
Total withdrawals_________ 3,509
Entered for consumption_______ 7,447
Total marketed 1915_______ 10,956
Total marketed 1914.............8,691

75,589
134,289
135,070
125,294
159,326

16,255
23,832
15,754
25,465
56.356

,052,475
,420,822
.884,110
,936,354
,094,732

629.568
2,030,668

137,662
312,864

28.388,493
79,801,264

2,660,236
2,534.677

450,526 108,189,757
625,308 144,006,573

Imports Entered for Warehouse During Same Period.

Manufactures of—
W ool............................ .. ...........
66
Cotton ................ ............ ...........
225
Silk_________ ________ _ --------454
Flax __________________ ______
133
Miscellaneous_________ _____ 1,305
T o t a l______________ ...........2,183
Intered for consumption. ...........7.447
Total imports 1915__
Total imports 1914__ ______10,078

31,358
90,442
180,659
64,821
42.592

10,821
18,176
12.743
24,485
53.367

3.531,210
5,772,310
4.774,494
4,435,929
4,590,650

409,872
2.030,668

119,592
312,864

23,104.593
79.801,264

2,440.640
3,005,960

432,466
601,885

THE CHRONICLE

Nov. 20 1915.]

D E f^ P T M E W T ,
N ew s Item s.
Brownsville, Cameron County, Texas.— E lection on
C om m issio n F orm o f G overnm ent. — An election will bo held
Dec. 14, it is stated, to voto on tlio question of establishing
the commission form of government.
C aliforn ia.— C on stitu tion a l A m en d m en ts an d R eferen d u m
M e a s u r e s D efea te d .— A t tho State olection Oct. 26 tho nine
proposed constitutional amendments and two referendum
moasuros submitted on that day wero all defeated. Tho con­
stitutional amendments related to the terms of judges, rural
credits, doposit of public moneys, condemnation for public
purposes, taxation, exempting religious property from taxa­
tion, county charters and initiative and roforendum, the
latter providing that no law creating a bondod indebtedness
shall bo enacted by initiative by electors without tho assent
of two-thirds of qualified electors voting thereon. Tho
measures submitted by referendum woro tho Direct Primary
Law and Form of Ballot Law.
Canada (Dominion of).— N ew L o a n . — W ood, Gundy &
Co. of Toronto furnish tho following facts concerning the
$50,000,000 5 % Dominion Government domostic loan, which
will bo announced on Monday (N ov. 22). The loan will bo
dated Dec. 1 1915, duo Dec. 1 1925; principal and somi-annual
interest payablo in gold at practically any branch of any of
tho chartered banks in Canada. Denominations $100 up to
$1,000. There will bo no underwriting commission, and tho
prico to all subscribers, without regard to tho amount, will
bo tho same. Payment may bo spread ovor fivo months and
tho prico will probably bo 98, which, with tho accrued inter­
est that will bo givon as bonus, will malco tho yiold botwoen
5 % % and 5 > 6 % . Probably frco of any Dominion taxes.
Canadian banks and lifo insurance companies have arranged
to tako a very largo portion of the loan. The lists will opon
on N o v . 22. The prospectuses, which are to bo issued by
tho Government, will bo ready on that day.

Cartersville, Bartow County, Ga.— B on ds D ecla red V oid .
— The Georgia Supremo Court on N o v . 9 reversed tho Su­
perior Court of Bartow County and docidod that the election
Aug. 14 at which $86,000 5 % public improvomont bonds wero
authorized (V . 101, p. 710) was illegally held.
Kentucky.— C on stitu tion a l A m e n d m e n ts A d o p te d . — A t tho
gonoral election N o v . 2 two proposed constitutional amend­
ments woro adopted by largo majorities. Ono of these
allows tho employment of convict labor upon public roads
and bridges. The othor amends Section 171 of tho Con­
stitution and gives tho Legislature powor to divido proporty
into classes and determine what class or classes of proporty
shall bo subject to local taxation. It is providod, also, that
bonds of tho Stato and of countios, municipalities, taxing
and school districts shall not bo subject to taxation. Any
tax law enacted undor this amondod section shall bo subject
to tho roforendum powor of tho peoplo, which is doclarod to
oxist to apply only to this section. It is further providod
that tho voto power of tho Govornor shall hot oxtond to
moasuros so roforrod to tho voters.
Those amendments wero adopted at tho general olection
in 1913, but at that time thoy woro not advortisod accord­
ing to tho requirements of Soction 257 of the Constitution.
Soo “ Chroniclo” of Jan. 31 1914, page 405.
Massachusetts.—-Incom e Tax A m endm en t .— W o print in
full bolow tho constitutional amondmont authorizing a tax
upon incomos, adoptod at tho gonoral olection N o v . 2, as
already reported in V . 101, p. 1569:
Artlclo of Amendment. Full power and authority are hereby given and
granted to the General Court to lmposo and levy a tax on Income in the
manner hereinafter provided. Such tax may bo at different rates upon
income derived from different classes o f property, but shall bo levied at
a uniform rato throughout tho Commonwealth upon incomes derived from
tho same class of property. Tho General Court may tax income not
dorlved from property at a lower rato than Incomo derived from property,
and may grant reasonable exemptions and abatements. Any class of
property tho incomo from which is taxed under tho provisions of this
artlclo may bo exempted from tho imposition and levying of proportional
and reasonable assessments, rates find taxes as at present authorized by
tho constitution. This Artlclo shall not bo construed to limit tho power
of tho General Court to lmposo and levy reasonable duties and oxcises.

B o n d P r o p o s a l s a n d N e d o t ia t io n s t h is week
have been as follows:
AKRON, Summit C ounty, O hio.— B O N D S A L E . — On Nov. 17 tho
sixteen Issues of 44$% and 5% street-impt. bonds aggregating $133,125
wero awarded to Farson, Son & Co. of N. V. at 101.002, it is stated. V.
101, p. 1395.
ALAMORIO SCHOOL D ISTR IC T, Imperial C ounty, C alif.— B O N D
S A L h . Tho Security Commercial & Savings Bank o f El Centro has, it
is stated, purchased at par and int. the $1,500 (3% 3-year (aver.) site,
bldg, and equipt. bonds offered July 7.— V. 101, p. 60.
ALLEN COUNTY (P. O. F ort W ayne), In d .— B O N D S A L E . — O n
Nov. 10 tho two issues o f
% highway-fmpt. bonds, aggregating $12,200,
wero awarded, it is stated, to tho Hamilton Nat. Bank o f Fort Wayne for
$12,327, equal to 101.01.
*
ALTA CONSOLIDATED SCHOOL D ISTR IC T (P. O. A lta), Buena
Vista County. Iow a.— B O N D E L E C T I O N P R O P O S E D .— An election will
probably bo called in about 30 days to voto on tho question of issuing about
$75,000 or $80,000 building bonds. These bonds if authorized will tako
tho placo of tho $55,000 issuo voted Juno 28.— V. 101, p. 147. J. Jay
Parker Is Secretary Board of Education.
ASHLAND SCHOOL DISTRICT (P. O. A shland), Clark C ounty,
Kans.— B O N D S V O T E D . — Tho election held Nov. 6 resulted, It is stated,
In favor of the question of issuing $30,000 high-school-buildlng bonds.
ASHEVILLE, B uncom be C ounty, No. Car.— B O N D S V O T E D .—
Tho olection Nov. 9 resulted, it is stated, in favor o f Issuing tho $200,000
school bonds mentioned In V. 101, p. 1570. Of this amount $150,000 is
to be used for a now high-school and tho remainder to pay various school
(jobts now outstanding against tho city




1733

A STO RIA SCHOOL DISTRICT NO. 1 (P. O. A storia), Clatsop
C ounty, Ore.— B O N D E L E C T I O N . — An election will be held N ov. 29,
it is stated, to voto on the question of issuing $100,000 grade-school-bldg,
bonds.
A T TIC A INDEPENDENT SCHOOL D IST R IC T (P. O. A ttica),
M arion C ounty, Iow a.— B O N D S A L E . — Tho $25,000 building bonds
voted in June have been purchased by Geo. M . Bechtel & Co. of Davenport
— V. 100, p. 1944.
AURORA SCHOOL DISTRICT (P. O. Aurora), Kane C oun ty, Ills.
— B O N D S A L E . — On Nov. 8 an issue of $30,000 school bonds was awarded
to N. W . Halsey & Co. of Chicago at 103-10, it is reported.
AURORA TOW NSHIP (P. O. Aurora), P ortage C ounty, O hio.—
B O N D O F F E R I N G . — Bids will be opened at 7.30 p. m. Dec. 13 by the
Bd. of Twp. Trustees, Chas. F. Lowe, Clerk, for $1,000 5% 6-yr. average
town-hall-impt. bonds. Auth. Sec. 3395 Gen. Code. Denom. $500.
Date Dec. 13 1915. Int. J. & D. Due $500 June 13 1921 and 1922.
Cert, check on a solvent national bank for $50, payable to Twp. Treas.,
required.
AUSTIN, Mower C ounty, M inn.— B O N D S A L E . — The $5,000 5%
park bonds voted in July wero awarded to the First Nat. Bank of Austin
at 103.90 and int. during August.
BALDWIN COUNTY (P. O. Bay M inette), A la.— B O N D E L E C T I O N .
— Reports state that an election will bo held Jan. 18 1916 to vote on tho
propositions to issue $200,000 internal road improvement and $55,000 roadconstruction bonds.
BARNESVILLE VILLAGE SCHOOL D IS T R IC T (P. O. Barnesville),
Belm ont C ounty, O hio.— B O N D O F F E R I N G .— Proposals will be re­
ceived until 12 m. Dec. 6 by J. M . Cassells, Clerk Bd. of Ed., for $2,400
5% playground and school-property-lmpt. bonds. Auth. Sec. 7625,
Gen. Code. Denom. (4) $500, (1) $400. Date Dec. 1 1915. Principal
and annual int. (Dec. 1) payable at the office ot tne Board of Ed. Duo
$500 Dec. 1 1916, 1917, 1918 and 1919 and $4,000 Dec. 1 1920. Cert,
check for $200 required.
BARTLESVILLE, W ashington C ounty, Okla .— B O N D O F F E R I N G .
— Proposals will be received until 9 a. m. Dec. 14 by John Johnstone, City
Clerk, it is stated, for tho $35,900 park-impt., $7,600 park-site-purchase
and $6,500 garbage-incinerator-erection 54$% 10-25-yr. opt. bonds author­
ized by vote of 519 to 281 at the election held Aug. 31.— V. 101, p. 1115.
BELLAIRE, Belm ont County, O h io.— B O N D O F F E R I N G . — Bids will
bo received until 12 m. Dec. 14 by It. E. Crow, City Aud., for $4,353 50
6% 5H -yr. average Franklin St. impt. assess, bonds. Auth. Sec. 3914
Gen. Code. Denom. $435 35. Date Nov. 20 1915. Int. annually.
Duo $435 35 yearly on Nov. 20 from 1916 to 1925 incl. Cert, check for
5% of bonds bid for, payablo to City Treas., required. Bonds to be
delivered and paid for within 5 days from time of award. Purchaser to
pay accrued interest. Official circular states that this city has never
defaulted payment on its bonds or interest and there is no controversy or
litigation pending or threatening the validity of these bonds or any othe
outstanding bonds.
r
BELTRAMI COUNTY (P. O. Bemid.1l), M inn.— B O N D S TO B E
R E - O F F E R E D . — Tho County Auditor advises us that the $424,000 54$%
rural highway-construction bonds mentioned in V. 101, p. 1301 will be
re-offered as soon as the attorney’s approval Is secured, and the bonds are
printed.
\
BENTON, Lafayette C ounty, W ise.— B O N D S A L E . — The $10,000
1-20-year serial park bonds offered on June 22 have been awarded to the
Benton State Bank of Benton as 5s.— V. 100, p. 1851.
BEREA, Cuyahoga C ounty, O hio.— B O N D S N O T Y E T S O L i T ^ No sale has yet been made of the $5,500 44$ % 6 4$-year (aver.) coupon
general-impt. bonds offered without success on Oct. 10 1914.— V. 100,
p. 2181.
BENTON, Polk C ounty, T enn .— B O N D S D E F E A T E D . — The election
held Oct. 30 resulted, reports state, in the defeat of the question of issuing
$10,000 water-works bonds.
BERLIN, Somerset C ounty, Pa.— B O N D S TO B E O F F E R E D I N
S P R I N G . — The $8,000 4% coup, tax-free street-paving bonds authorized
during Sept, will be offered for sale in the spring of 1916.— V. 101, p. 865.
BIRMINGHAM SCHOOL DISTRICT (P. O. Birmingham ), Erie
C ounty, O hio.— B O N D E L E C T I O N . — An election will be held Nov. 23,
it is reported, to submit to the voters tho question of issuing $10,000 sitepurchase, constr. and equip, bonds.
BLADENBORO TOWNSHIP (P. O. B ladenboro), B laden C ounty,
No. Car.— B O N D S V O T E D . — The proposition to issue $25,000 road bonds
carried, it is stated, at an election held Nov. 15.
BLAIR TOWNSHIP (P. O. Traverse City), Grand Traverse C oun ty,
M ich.— B O N D S D E F E A T E D . — Tho question of Issuing the $12,000 road
bonds was defeated at the election held Oct. 23.— V. 101. p. 1208.
BLOOMINGTON, M onroe C ounty, In d .— B O N D S A L E . — On N ov. 13
an issue of $10,000 4% city-hall-impt. bonds was awarded to John M .
Weaver of Indianapolis at par, it is stated.
BOUNDARY COUNTY (P. O. B onners Ferry), Ida.— D E S C R I P ­
T I O N O F B O N D S . — The $50,000 5% coupon funding bonds awarded
jointly on Oct. 18 to the International Trust Co. and E. H. Rollins & Sons
of Denver at 100.6625, are in the denom. o f $1,000 each and dated Nov. 1
1915.— V. 101, p. 1491.
Principal and semi-ann. int. M . & N ., payable
at the Co. Treas. office or in Now York City. Due one-tenth yearly Nov. 1
from 1925 to 1934, incl., opt. Nov. 1 1925.
BOONE COUNTY (P. O. L ebanon), In d .— B O N D O F F E R I N G —
J. T. Frank Laughner, Co. Treas., will receive bids until 10 a. m. Nov. 22
for the following 44$% 64$-yr. av. coup, tax-free road bonds:
$6,000 Lon Robinson et al. road bonds in Washington Twp. Denom. $300.
7,200 Anderson F. Smith et al. road bonds in Perry Twp. Denom. $360.
Date Oct. 4 1915. Int. M . & N. at Co. Troas. office. Due one bond
of each issue each six months from M ay 15 1917 to Nov. 15 1926 incl.
B O N D S N O T Y E T S O L D . — No sale has yet been made of the $1,370 44$ %
5^-yaar average bighway-impt. bonds offered without success on June 9.
— V. 100. p. 2182.
BROWN COUNTY (P. O. Green Bay), W is.— B O N D E L E C T I O N
P R O P O S E D . — Reports state that an election will be called to voto on the
proposition to issue $650,000 road bonds.
BROWNSVILLE INDEPENDENT SCHOOL D ISTR IC T (P. O
B rownsville), Cameron C ounty, Tex.— B O N D E L E C T I O N . — 'The
question of issuing $100,000 building bonds will be submitted to a vote on
Dec. 11, reports state.
BUCKLIN, Ford C ounty, K ans.— B O N D S V O T E D . — Tho question
of issuing electric-light bonds carried, it is stated, by a vote of 126 to 6 at
an election held Nov. 8.
BUFFALO, N. Y .— B O N D O F F E R I N G . — Bids will be received until
12 m. Nov. 23 by John F. Cochrane, City Comptroller, for the following
44$% rcg. tax-free bonds :
$400,000 school bonds. Due $20,000 yearly on Dec. 1 from 1916 to 1935,
inclusive.
200,000 school bonds. Due $10,000 yearly on Dec. 1 from 1916 to 1935,
inclusive.
50.000 municipal-building bonds. Due $5,000 yearly on Dec. 1 from
1916 to 1925, inclusive.
46.000 public trunk sewer bonds. Due Dec. 1 1965.
Denom. $1,000 or multiples thereof. Date Dec. 1 1915. Principal and
semi-annual interest—J. & D .—payablo at office of City Comptroller, or
at Hanover National Bank, N. Y . City. An unconditional certified check
upon an incorporated bank or trust company for 2% of bonds bid for.
payable to City Comptroller, required. The favorable opinion of Caldwell,
Massllch & Reed of N. Y . City, certifying as to tho legality of these bonds,
will be furnished purchaser. Bids must be unconditional.
* ’ CARMI, W hite County, Ills.— B O N D S A L E . —-Smith, Moore & Co. of
St. Louis have been awarded the $12,000 bridge bonds which were voted
on Sept. 14.— V. 101, p. 958.
CAROLINA TOWNSHIP, P itt C ounty, No. Car.— B O N D S V O T E D .
— A proposition to issue $50,000 road bonds carried, it is stated, at an
election held Nov. 11.
CARROLL INDEPENDENT SCHOOL D ISTR IC T (P. O. Carroll),
Carroll C ounty, Iow a.— B O N D E L E C T I O N .— Tho election to vote on tho
question of issuing tne $80,000 high-school-bldg, bonds will be held Dec. 11.
— V. 101, p. 1395.
, 'v-i ■ pe3r_if.-gi

THE CHRONICLE

CARSON C IT Y SCHOOL D ISTR IC T (P. O. Carson City), M ont­
calm C oun ty, M ich.— B O N D S A L E . — Tho $5,000 building bonds voted
during June have been awarded to Bolger, Mosser & Willaman o f Chicago
at par— V. 100. p. 2100. Denom. 500. Date April 1 1915. Int. M . & S.
Duo April 1 1929.
CASS COUNTY (P. O. W alker), M inn.— B O N D S A L E . — The $40,000
i % 3)4-7r. aver, funding bonds offered on July 6 have been awarded to
the Commercial Invest. Co. o f Duluth at par and int.— V. 100, p. 2182.
CEDAR RAPIDS, L inn C ounty, Iow a.— B O N D O F F E R I N G W I T H ­
D R A W N . — The City Clerk advises us under date o f Nov. 16 that it has
been found that it will not be necessary to issue the $25,000 15-19-yr. scr.
coupon Cedar River dam completion bonds, and the offering o f tho same
which was to take place on N ov. 22, is therefore withdrawn.— V. 101,
p. 1645.
CHAMPAIGN COUNTY (P. O. U rbana), O h io.— B O N D O F F E R I N G .
— W . S. Coffey, County Auditor, will offer for sale at public auction at
12 m. Dec. 6 an issuo o f $1,056 5)4 % 3-year average Gearhart Ditch
N o. 408 bonds. Auth. Secs. 6492 and 6493, Gen. Code. Denom. $176.
Date Dec. 6 1915. Prin. and semi-ann. int.— J. & D .— payablo at office
o f County Treasurer. Due $176 yearly on June 6 from 1916 to 1921 incl.
Successful bidder will bo required to take and pay for bonds immediately
upon being awarded the same, but mav havo a 10-day option to take and
pay for bonds provided a certified check for 10% o f bonds bid for, payable
to tho County Treasurer, is deposited with the County Auditor.
CHANUTE, N eosho C ounty, K an.— B O N D S A L E . — Tho $37,000
5% sowage-disposal and public-impt. bonds mentioned in V. 101, p. 1491.
havo been sold to local parties.
CHARLESTON, Kanaw ha C ounty, W. Va — B O N D E L E C T I O N
P R O P O S E D . — Local papers state that an election will probably be called
soon to determine whether or not this city shall issuo cemetery-propertypurchase bonds.
CHICAGO SAN ITARY D IST R IC T (P. O. C hicago), 111.— D E S C R I P ­
T I O N O F B O N D S . — The $2,000,000 sanitary-improvement bonds autho­
rized by the Board o f Trustees on Oct. 21 are in the denomination of $1,000
and bear interest at the rate o f 4% — V. 101, p. 1395. Date Dec. 1 1915.
Principal and semi-ann. int.— J. & D .— payable at the office o f the Treas­
urer o f tho District. Due $200,000 Dec. 1 1917 and $100,000 yearly on
Dec. 1 from 1918 to 1935 incl. Bonds may bo registered as to principal.
CHINO, San B ernardino C ounty, C alif.— B O N D E L E C T I O N . —
A special election to vote on the question o f bonding tho city for $70,000
will bo called, it is said, some time in January.
CIENEGA SCHOOL DISTR IC T, Los A ngelos C ounty, C alif.—
B I D S . — Tho following are tho other bids received for the $40,000 5)4%
20J4-year aver, construction and equipment bonds awarded on Oct. 2 f
to Blyth, Witter & Co. o f San Francisco for $43,303 (108.257), a basis or
about 4.781 % — V. 101, p. 1570:
.
P r e m iu m . R a te P r ic e
N . W . Halsey & Co., San Francisco___________________$3,148
107.87Perrin, Drake & Riley, Los Angeles...............__........... 3,003
107.51
E. II. Rollins & Sons, San Francisco.....................
2,924
107.31
105.44
Torranco, Marshall & C o., San Francisco____________ 2,175
W . R . Staats C o.. Los Angeles........................................ 2,128
105.32
CLAY COUNTY (P. O. Brazil), I n d .— B O N D O F F E R I N G . — Bids will
bo received until 10:30 a. m. Nov. 22 by McClean Johnson, Co. Treas., for
$4,300 4)4% 6 )i-y r. aver. J. Riley McCullough et al. highway-impt.
bonds on line between Cass and Jackson Twps. Denom. $215. Date
N ov. 2 1915. Int. M . & N. Due $215 each six months from M ay 15
1917 to N ov. 15 1926 incl.
CLAY COUNTY (P. O. M oorhead), M inn.— B O N D S A L E . — The
Minnesota Loan & Trust Co. and Wells & Dickey C o. o f Minneapolis wero
awarded on July 13 an issue o f $38,000 5% 5-20-yr. serial drainago bonds
at 102.10. Denom. $1,000. Date July 1 1915. Int. J. & J.
CLAYTON SCHOOL D ISTR IC T (P. O. C layton), U nion C ou n ty
N. Me x . — B O N D E L E C T I O N P R O P O S E D .— A n election will bo called
shortly, it is stated, to vote on the question o f issuing $35,000 bldg, bonds.
CLEVELAND HEIGHTS (P. O. Cleveland), Cuyahoga C ounty,
O hio.— B O N D S A L E . —-The six issues of 5% coupon assessment bonds,
aggregating $122,582, offered on N ov. 15 (V. 101, p. 1395) were awarded,
it Is stated, to the Fifth Third National Bank o f Cincinnati for a premium
of $3,358 21, making the price 102.739.
CLINTON, De W itt C ounty, 111.— B O N D S A L E . — According to re­
ports the $15,500 improvement bonds voted Oct. 5 have been, sold to the
Matheny-Dlxon Co. o f Springfield at par for 5s.— V. 101, p. 1302.
COFFEYVILLE SCHOOL D IST R IC T (P. O. C offeyvillo), M ont­
gom ery C ounty, K an.— B O N D S A L E . — Spitzer, Rorick & Co. o f Toledo
have been awarded the $55,000 school-building-improvement bonds
voted Sept. 21.— V. 101, p. 1116.
COHOES, A lbany C ounty, N. Y .— C E R T I F I C A T E O F F E R I N G . —
Dispatches state that G, A. Bold, City Comptroller, will receivo sealed
bids until 10 a. m. N ov. 27 for $44,110 4)4% 4-months certificates of in­
debtedness.
COLE COUNTY (P. O. Jefferson City), Mo .— B O N D S D E F E A T E D .
— Early returns indicate that the election held N ov. 9 resulted in defeat
of the propositions to issue tho $100,000 road-construction, $25,000 jail
building and $25,000 tuberculosis-hospital-erection bonds.— V. 101, p. 1209
COLLINSVILLE TOWNSHIP, Rogers C oun ty, O kla .— B O N D S .
V O T E D . — Reports state that the voters on N ov. 9 approved the issuance
of $50,000 road-impt. bonds.
COLUMBUS, Cherokee C ounty, K an.— V O T E . — The vote cast at
the election held N ov. 2, which resulted in favor o f the proposition to issuo
$20,000 5% 10-yr. coupon Oklahoma & Interstate Ry. aid bonds, was
416 to 97 and not 419 to 74, as reported in last week’s "Chronicle,” page
1645. Denom. $1,000. Principal and semi-annual int. payable at the
fiscal agency o f tho State of Kansas. F. II. Hawkins Is City Clerk.
COLUMBUS, Lowndes C ou n ty , Miss.— B O N D E L E C T I O N P R O ­
P O S E D . — Reports state that this city contemplates holding an election to
. submit to a vote the proposition to issue $10,000 Main Street parking and
electric light installation bonds.
COLUMBUS SEPARATE SCHOOL D IST R IC T (P. O. Colum bus),
Lowndes C ounty, Mis3.— B O N D E L E C T I O N P R O P O S E D . — Reports
state that an election will bo called to vote on the question of issuing $50,000
high-school-building bonds.
CONCORDIA SCHOOL D ISTR IC T (P. O. C oncordia), L afayette
C oun ty, M o.— B O N D S A L E . — Tho $20,000 5% 20-year serial building
bonds mentioned in V. 101, p. 309, wero awarded on July 16 to Altheimer
& Rawlings Investment Co. o f St. Louis at a price above par. Denom.
$500. Dato Aug. 1 1915. Interest Feb. & Aug.
COOK COUNTY (P. O. Grand Marias), M inn.— B Q N D S N O T TO
B E R E - O F F E R E D .— The County Auditor advises us that tho $12,500 5%
3 1-3-yr. aver, gold coupon funding bonds offered without success on Aug. 28
will not bo re-advertised.— V. 101, p. 467.
COSHOCTON, C osh octon C ounty, O h io.— B O N D S A L E . — On
Nov. 10 tho $7,500 5% 6)4-year average East Main St. improvement
assessment bonds were awarded to Breed, Elliott & Harrison o f Cincinnati
at 102.78 and interest, a basis o f about 4)4 %• V. 101, p. 1302. Other
bidders were:
Seasongood & Mayer, Cin.$7,685 00 Prov. S. B. & Tr. C o., C in.$7,653 75
Now First Nat. Bank, Cin. 7,675 00 R.L.DollingsCo..Hamilton. 7,650 75
Weil, Roth & C o., Cin____7,671 00 Ohio Nat. Bank, Columbus 7,641 80
Stacy & Braun, Toledo____ 7,669 80 Davies-Bertram Co., Cin__ 7,638 00
Field, Richards & C o., Cin. 7,661 25 People’s Bkg. C o., Coshoc. 7,624 00
Tillotson & Wolcott Co.,
Com’l Nat. Bank, Coshoc. 7,620 50
Cleveland______________ 7,660 50 Otis & Co., Cleveland_____7,615 00
Central Bank, Coshocton_ 7,659 55 Coshocton Nat. Bank, Cos. 7,606 75
COTTONW OOD COUNTY (P. O. W indom ), M inn.— B O N D S A L E .—
C. O. Kalman & Co. o f St. Paul have purchased the following 5% coupon
ditch construction bonds:
$4,000 Judicial Ditch N o. 13 bonds. Denom. $500. Due $500 Nov. 1
every two years from 1921 to 1935 incl.
6.000 Judicial Ditch N o. 14 bonds. Denom. $500. Due $500 Nov. 1
1921, 1923 and 1925 and$500yrly. Nov. 1 from 1927 to 1935 incl.
15,000 Judicial Ditch No. 17 bonds. Denom. $1,000. Duo $1,000 yrly.
N ov. 1 from 1921 to 1935 incl.
4.000 Judicial Ditch No. 40 bonds. Denom. $500. Duo $500 on N oy . 1
every two years from 1921 to 1935 incl.
Date N ov. 1 1915. Principal and semi-annual Int. (M . & N .) payable
at tho First Nat. Bank of St. Paul.




[Vol. 101

COR W ITH, H ancock C oun ty, Iow a .— B O N D S A L E . — G e o . M .
Bechtel & Co. of Davenport have been awarded at par the $9,000 5)4%
electric-light bonds voted in September.— V. 101, p. 1034. Donom. $500.
DALLAS COUNTY (P. O. Dallas), Tex.— B I D S . — The following arc
tho other bids received for tho $135,000 5% 10-40-yr. opt. Trinity River
viaduct and bridge bonds awarded on Oct. 30 to the Citizens’ State Bank
& Trust Co. of Dallas for $138,777 30 (102.798) and int.— V. 101, p. 1646.
It. M . Grant & Co., C h ic :.$138,604 Weil, Roth & Co., Cincin..$136,849
G. II. Walker & C o., St. L . 138,405 Colonial Trust Co., Hillsb. 136,809
Yard, Otis & Taylor, Chic. 138,105 City Nat. Bank, Dallas___ 136,770
E. II. Rollins & Sons, Chic. 138,090 Baker, Watts & Co., B a lt.. 136,710
O. W . McNear & Co., Chic. 138,078 John B. Oldham, Dallas__ 136,700
A. E. A u b & C o., Cin______ 137.555 J. N. Wright & Co., P hlla.. 136,647
J. E. Jarratt& Co., San A n. 137,500 Tillotson&WolcottCo., Cle. 136,579
A. B. Leach & Co., C h ic ... 137,145 Sidney Spitzer & Co., T o l.. 136,125
J. C. Mayer & Co., Cin___ 137,120 Bolger, Mosser & Willaman
Wm. R. Compton C o., St.L. 136,970
Co., Chicago.............
136,501
Miss. Valley Trust Co. and
Fifth-Third Nat. Bk., Cin. 136,404
Whitaker & Co., St. L . . . 136,856 Dallas Tr. & Sav. Bk., Dal. 136,390
DALLAS INDEPENDENT CONSOLIDATED SCHOOL D ISTR IC T
(P. O. Dallas), M arion County, Iow a.— B O N D O F F E R I N G .— Bids will
be received until Dec. 10 by Chas. W . Nobler, Dist. Treas., for tho $20,000
building bonds voted July 23.— V. 101, p. 388.
DANVILLE SCHOOL DISTRICT (P. O. Danville), Boyle C ounty.
K y.— B O N D E L E C T I O N P R O P O S E D . — Reports state that an election will
be called in tho near future to vote on the question of issuing $50,000 sitepurchase and school-building bonds.
DELAWARE COUNTY (P. O. M uncie), In d .— B O N D O F F E R I N G . —
Bids will bo received until 10 a. m. Nov. 29 by G. G. Williamson, Co. Treas..
for $4,880 4)4% 6 1-3-yr. aver. Amos D. Hoober et al. liighway-lmpt.
bonds in Liberty Twp. Denom. $244. Dato Oct. 15 1915. Int. M .& N .
Due $244 each six months from M ay 15 1917 to Nov. 15 1926 incl.
DENVER, C ole.— B O N D S N O T Y E T S O L D .— No sale has yet been
made of tho $8,000,000 4)4 % 30-yr. gold coupon municipal water bondsfor which bids were asked until Sept. 8.— V. 101, p. 1116.
DE SOTO PARISH (P. O. M ansfield), La .— B O N D E L E C T I O N
P R O P O S E D .— A petition is being circulated asking the Police Jury to call
an election in Wards 2, 6, 4, 5 and 7, it is reported, to voto on tho pro­
position to issuo $280,000 road-construction bonds.
DICKENS, Clay C ounty, Iow a.— B O N D S N O T I S S U E D . — The Town
Treasurer advises us that tho $4,500 electric-light bonds voted July 19 have
not yet been issued.— V. 101, p. 544.
DIXON TOWNSHIP SCHOOL DISTRICT (P. O. Eaton), Preble
C ounty, O hio.— B O N D S A L E . — On Nov. 13 an issue of $3,000 5% 214year average coupon school-completion bonds was awarded to tho Preble
County Nat. Bank of Eaton at 100.72— a basis of about 4.70%. II. L.
Gard bid $3,010. Denom. $500. Dato N ov. 13 1915. Int. A. & O. at
above bank. Due $500 each six months from April 1 1917 to Oct. 1 1919
incl. Assessed valuation 1914, $2,438,780.
DORMONT, A llegheny C ounty, Pa .— B O N D O F F E R I N G . — Proposals
will bo received until 8 p. m. Dec. 10 by C. D. Doming, Boro. Clerk, for
$30,000 4)4% 20-year tax-free coupon improvement bonds. Denom.
$1,000. Dato Dec. 1 1915. Principal and semi-annual int. (J. & D.)
payable at the Peoples Nat. Bank of Pittsburgh. Cert, check for $1,000
required.
EAST AURORA, Erie C ounty, N. Y .— B O N D O F F E R I N G . — Sealed
bids will bo received until 8 p. m. Nov. 30 by David N . Rumsoy, Vllago
Clerk, for the following registered bonds:
$21,700 Main St. paving bonds. Donom. (15) $1,000, (5) $1,340. Due
$4,340 yearly Oct. 1 from 1916 to 1920 incl.
11,000 Olean St. paving bonds. Denom. $1,100. Due $2,200 yearly
Oct. 1 from 1916 to 1920 incl.
8.000 Hamburg St. paving bonds. Denom. $800. Due $1,600 yearly
Oct. 1 from 1916 to 1920 incl.
Dato Oct. 1 1915. Int. (rate not to exceed 5% ) payablo semi-annually.
Certified check on an incorporated bank or trust company for 2% of bonds
bid for required. Purchaser to pay accrued interest. Bids must bo made
on forms furnished by the United States Mtge. & Trust Co., Now York.
The above trust company will certify as to the genuineness of the signatures
and the seal impressed thereon and their legality will bo approved by Cald­
well, Masslich & Reed of N . Y ., whose opinion will be furnished to tho pur­
chaser without charge.
The o ffic ia l n o tice o f th is b o n d o ffe r in g w i l l a p p e a r n ext w eek a m o n g the
a dvertisem en ts elsew h ere i n th is D e p a rtm en t.

EASTHAMPTON, Hampshire C ounty, Mass.— T E M P O R A R Y L O A N .
— It is stated that a loan of $25,000, matuirng Nov. 6 1916, was recently
negotiated with H. C. Grafton Jr. at 2.95% discount.
EAST WATERLOO INDEPENDENT SCHOOL D ISTR IC T (P. O.
W aterloo), Black Hawk C ounty, Iow a.— B O N D E L E C T I O N . — Local
papers state that an election will bo held December 14 to voto on tho ques­
tion o f Issuing $250,000 high-school-bldg, bonds.
EAST YOUNGSTOWN, M ahoning C ounty, O hio.— B O N D S A L E . —
On Nov. 12 tho two issues of 5% bonds, aggregating $210,000 (V. 101, p.
1396) wero awarded, it is stated, as follows:
$165,000 water-works bonds to tho Mahoning Nat. Bank o f Youngstown
for $173,885 (105.384) and int.
45.000 street-improvemeat, village’s portion, bonds to the City Trust &
Savs. Bank of Youngstown for $45,414 05, equal to 100.92.
EAU CLAIRE, Eau Claire C ounty, W is.— B O N D E L E C T I O N P R O ­
P O S E D . — Petitions asking the City Council to submit to a voto of tho people
the question of issuing $85,000 armory-auditorium-eroctlon bonds aro
being circulated, reports state.
ERIE, Erie C ounty, Pa .— B O N D S A U T H O R I Z E D . — According t °
reports this city recently authorized the issuanco of $475,000 4)4 % bonds.
EVERETT, Middlesex C ounty, Mass.— B O N D S A L E . — On Nov. 16
the $18,500 4% 314-year average coup, playground bonds wero awarded
to F. S. Moseley & Co. of Boston at 101.03, a basis of about 3.685% .—
V. 101, p. 1646.
H. C. Grafton J r ................100.9661Estabrook & C o................... .100.53
E. H. Rollins & Sons_____ 100.82811Uodgot & C o....................... .100.50
W . L. Raymond & C o___ 100.76 [Cropley, McGaragto C o_____ 100.433
Curtis & Sanger------- -------- .100.693 IMerrill, Oldham & C o......... .100.42
Adams & C o_____________
100.57
IIt. L. Day & C o------- .100.419
All of above bidders of Boston.
FAIRFIELD, Fairfield C ounty, C on n .— B O N D S N O T Y E T S O L D .—
N o salo has yet been made of tho $60,000 bonds offered but not sold on
July 10.— V. 101, p. 62.
FLORENCE SCHOOL D IST R IC T NO. 1 (P. O. F loren ce), F lorence
County, So. C aro.— B O N D S O F F E R E D B Y B A N K E R S . — J. H. Hilsman
& Co. of Atlanta are offering to investors the $52,000 5% 20-yr. school
bonds.— V. 101, p. 1646. Denom. $1,000. Date Aug. 1 1915. Principal
and semi-annual int. (F. & A.) payable in New York City. Total debt,
including this issue, $100,000. Assess, values 1914, $2,784,845: actual
value, $7,000,000.
Tho legality of tho bonds has been approved by
Nathans & Sinkler o f Charleston.
FLOYD COUNTY (P. O. New A lbany), In d .— B O N D O F F E R I N G .—
Proposals will bo received until 10 a. m. Nov. 27 by Claude A. Sittason,
Co. Treas., for $10,160 4)4% Lafayetto Twp. highway-impt. bonds.
Donom. $254. Date Nov. 27 1915. Int. M . & N. Duo $254 each six
months from May 15 1917 to Nov. 15 1936, Incl.
FORT DODGE, W ebster County, Iow a.— V O T E . — Tho voto cast at
the election held Nov. 8, which resulted in favor of tho question o f issuing
the $100,000 power-dam-construction bonds, according to local papers, was
2,734 to 1,848.— V. 101, p. 1646.
FORT PIERRE, Stanley C ounty, So. D ak.— B O N D S N O T S O L D .—
N o sale has yet been made of tho $35,000 20-year coupon funding bonds
offered Aug. 24.— V. 101, p. 149.
GALESBURG, K nox C ounty, Ills.— B O N D S A W A R D E D I N P A R T .
— Of the two issues of 4)4% coup, bonds aggregating $95,000, offered on
N ov. 15 (V. 101, p. 1646), $20,000 electric light and $15,000 water bonds
wero awarded to A. B. Leach & Co. of Chicago at 101.52.
-

1734

Nov. 20 1915.]

THE CHRONICLE

1 7 35

HOMESTEAD, Dade C ounty, F la .— B O N D S V O T E D .— The question
o f issuing $40,000 municipal-impt. bonds carried, reports state, at an elec­
tion held Oct. 28.
HOPKINS COUNTY (P. O. Sulphu r Springs), T ex.— B O N D J E L B C T I O N P R O P O S E D .— Petitions are being circulated asking for the Commrs.
Court to call an election to vote on tho proposition.to issue $400,000 roadconstruction bonds.
HUDSON COUNTY (P. O. Jersey City), N. J .— B O N D S A U T H O R ­
I Z E D .— The Board of Chosen Freeholders on Nov. 11 authorized the issu­
ance of $20,000 Passaic Ave. impt. and $16,000 Belleville bridge^impt.
bonds, it is stated.
,
HUNTSVILLE, R an dolp h C ounty, M o .— B O N D S N O T Y E T I S S U E D .
12 ' 500 Jeffereon
St.
yearly
N ov.1923
1 as
Jeimrson i^
l7 _impt.
$1i 00Qbonds.
1Wg tQ iDue
922 incl.
andon
$1,500
to follows:
1926.
— The City Treas. advises us that the $1,000 bridge-construction,,bonds
Autli Sec 3914 Gen. Code. Denom. $500. Date N ov. 1 1915. Int. voted Sept. 7 have not yet been issued.— V. 101. p. 791. . ,.i j*
M & N. Cert, check for $500, payable to City Treas., required. Bonds
INDEPENDENCE, C uyahoga C ounty, O h io . — B O N D O F F E R I N G . —
to be delivered and paid for within 10 days from time o f award. Purchaser Arthur J. Goudy, Village Clerk, will receivo bids until 12 m. Dec. 11 for
to pay accrued interest.
$5,500 5% 544-year average Brecksville road improvement bonds. Autfc.
GALLATIN, Daviess C ounty, Mo.— B O N D S A L E . — W m. It. Compton Secs. 3812 to 3852 incl., Gen. Code. Denom. $550. Date Oct. 15 1915.
Co. of St. Louis was awarded on Oct. 21 the $20,000 5% 7-20-yr. opt. light Int. A. & O. Due $550 yearly on Oct. 15 from 1916 to 1925 incl. Certified
and water-plant-impt. bonds at 100.545 and int.— V. 101, p. 1396. De­ check for 5% of bonds bid for, payable to Village Treasurer, required.
Bonds to be delivered and paid for within 10 days from time of award.
nom. $500.
G A R Y SCHOOL C IT Y (P. O. Gary), Lake County, In d .— B O N D Purchaser to pay accrued interest.
O F F E R I N G . — A. 11. Bell, Auditor of School Board, will receivo bids until
IOW A C ITY, Joh n son C ounty, Iow a .— N O A C T I O N Y E T T A K E N .
7:30 p. m. Nov. 23, it isstated, for tho 550,000 4% semi-annual 20-year — The City Clerk advises us that no action has yet been taken .towards the
issuance of the $16,000 fire-equipment purchase bonds mentioned in V. 101,
school impt. bonds authorized on Oct. 26.— V. 101, p. 1571.
GENEVA, Fillmore C ounty, N eb.— B O N D S N O T Y E T S O L D .— The p. 389.
B O N D S A L E .— The $23,662 52 6% street-paving bonds authorized on
City Treas. advises us that up to Nov. 13 no salo had been mado of the $10,­
000 (unsold portion of an issue of $20,000) 5% 20-year city-hall and hose- Sept. 24 have been awarded to local parties at par. V. 101, p. 1209. De­
nom. $500. Int. ann. Due serially Apr. 1 from 1917 to 1922 incl.
house bonds.— V. 101, p. 468.
IRETON SCHOOL D IST R IC T (P. O. Ireton ), Sioux C ounty, Iowa.
GEORGETOW N SCHOOL D IST R IC T (P. O. G eorgetow n), Brown
C oun ty O h io.— B O N D E L E C T I O N .— An election to decide whether or — B O N D S A L E .— Tho $30,000 5% 20-year serial building bonds offered in
M
ay
have been awarded to Wells & Dickey Co. of Minneapolis at par.
not this district shall issue 530,000 school bonds will bo held N ov. 23.
V . 100, p. 1853. Denom. $1,000. Date July 1 1915. Int. J .& J .
GILES COUNTY (P. O. Pulaski), T enn— B O N D E L E C T I O N P R O ­
IRON
RIVER, Iron C ounty, M ich .— B O N D S P R O P O S E D . — Accord­
P O S E D — Local papers state that tho proposition to issuo $500,000 roading to a local newspaper, the Village Council is contemplating the issuance
impt. bonds will probably bo submitted to a vote in January
o f about $45,000 bonds for street improvements.
GILLESPIE, M acoupin C ounty, 111.— B O N D E L E C T I O N . — Tho
JACKSON COUNTY DRAINAGE D ISTR IC T NO. 8 (P. O. Edna),
question of issuing 56,000 20-yoar refunding bonds will bo submitted to the Texas
— B O N D O F F E R I N G — J. W . Bagby, County Judge, will receive
voters early in Decembor according to nowspaper reports.
bids for $71,000 5% 25-year serial bonds. Denom. $1,000. Date Oct.
GILLESPIE COUNTY (P. O. Fredericksburg), Tex.— B O N D E L E C ­ 10, 1915. Int. semi-annual.
T I O N . — An election will bo hold Dec. 7 to vote on the question of issuing
TOWNSHIP, G rant C ounty, W ise .— B O N D S D E ­
$300,000 5% 5-40-year (opt.) road-construction bonds. Interest somi-ann. F EJAMESTOWN
A T E D .— The proposition to issue $3,500 road-impt. bonds failed to carry
Using newspaper reports, wo stated in V. 101, p. 1302, that this election at an
election held Nov. 6. it is stated.
should liavo boon held Nov. 7.
JASPER COUNTY (P. O. Rensselaer), In d .— B O N D O F F E R I N G .—
GIRARD, Trum bull C oun ty, O h io.— B O N D S A L E . — On Nov. 4 an
will be received until 1 p. m. N ov. 23 by A . A. Fell, Co. Treas.,
issuo of 514,000 street-impt. (assess, and village’s portion) bonds was Proposals
for
$2,800 444% 644-year aver. Alva D. Ilershman et al. road bonds in
awarded to Hoehlcr, Cummings & Pruddon o f Toledo for $14,215, equal to Gillam
Twp. Denom. $140. Date Nov. 15 1915. Int. M . & N. Due
101.535, it isstated.
$140 each issue each six months from M ay 15 1917 to Nov. 15 1926 incl.
GOODRIDGE, P en n in g ton C oun ty, M inn— B O N D O F F E R I N G .—
COUNTY (P. O. Carthage), M o .— B O N D S A L E .— On N ov.
Proposals will bo received until 7 p. m. Dec. 1 by A. B. Johnsrud, Vil. 11JASPER
the $100,000 5% 3-year aver, coupon tuberculosis hospital erection bonds
Clerk, for $2,000 6% fire-protection, Street-crossings and culvcrt-constr. wero
awarded to tho First Nat. Bank of Carthage at 101.39, a basis of about
bonds voted Oct. 9. Denom. $400. Int. semi-ann. Due $400 yearly 4.50%.
V. 101, p. 1303. Other bids were:
from 5 to 9 years, incl.
Merchants’ Loan & Trust C o., Chicago_________________________$101,22250
G R A D Y COUNTY (P. O. C hickasha), Okla.— B O N D E L E C T I O N
Wm. It. Compton C o., St. Louis_______________________________ 101,09000
P R O P O S E D . — Local papers state that an election will probably bo called
Kauffman, Smith, Emert & C o., St. Louis______________________ 101,02050
in the near future to voto on tho proposition to issuo 5100,000 road and Lyon Investment C o., Joplin___________________________________ 100,89000
bridgo bonds.
N. W. Halsey & C o., Chicago__________________________________ 100,84200
* * GRAFTON, T aylor C ounty, W. V a . — B O N D S A L E . — On Nov. 15 Tlllotson & Wolcott C o., Cleveland_____________________________ 100,77000
the $15,000 5% 15 44-year avor. coupon tax-free city-hospital bonds wero Sidney Spitzer & C o., Toledo__________________________________ 100,72300
awarded to Seasongood & Mayor o f Cincinnati at 101.85 and int Among Stacy & Braun, Toledo_________________________________________ 100,70220
Spitzer, Rorick & C o., Toledo_________________________________ 100,69225
tho sixteen other bids wero :
J. C. Mayer Sc C o., Cin___ $15,255 Field, Richards & C o., Cin..$15,165 Smith, Moore & C o., St. Louis_________________________________ 100,66350
Bolgor, Mosser& Wil’n, Che. 15,187 Sidney Spitzer & Co., T ol— 15,161 Baker, Watts & C o., Baltimore________________________________ 100,62500
J. It. Sutherlin & C o., Kansas C ity_____________________________ 100,06100
Powell, Garard & C o., Chic. 15,178 C. II. Coffin, Chicago______15,151
11. T . Holtz & C o., Chicago___________________________________
99,67900
A. B. Loach Sc C o., N . v _ _ .$15,170
Denom. $500.
Date Jan. 10 1916.
Prin. and semi-ann. int. (J. & J.)
GREEN CAMP, Marion C ounty, O hio.— B O N D S A L E . — On Nov. 15 payable at the Co. Treas. office. Duo on Jan. 10 as follows: $15,000 1917.
the $5,000 5% 544-year (aver.) coupon elcc.-liglit bonds.1wero awarded $20,000 1918, $25,000 1919, $30,000 1920 and $10,000 1921.
to tho Mansfield Savings Bank of Mansfield at 100.50 and int., Tho SoJEFFERSON PARISH (P. O. G retna), L a .— B O N D E L E C T I O N .— An
curity Sav. & Tr. C o., Toledo, bid 100.10.
election will be held Dec. 21, it is stated, to vote on tho question of issuing
GREENSBORO, G u ild ford C ounty, No. Car .— B O N D E L E C T I O N . road-constr.*bonds in Dist. No. 3.
— Local papers stato that an election will be held Dec. 14 to decide whether
JOHNSON COUNTY (P. O. F ranklin), I n d .— B O N D O F F E R I N G .—
or not this city shall issue $50,000 street-improvement and S75.000 sewerHarry Bridges, Co. Treas., will receive bids until 10 a. m. Nov. 23 for the
ago-systom-ext. 5% 30-yr. bonds. Denom. $1,000. Principal and semi­ following
444% 644-year aver, highway-impt. bonds:
annual int., payable at tho City Treas. office.
$6,000 Ed. Woodcook et al. road bonds. Denom. $300.
GREENWOOD, Leflore C ounty, Miss— B O N D S A L E — On Nov. 6
2,700 Harvey H. Wheatcroft road bonds. Denom. $135.
tho $23,500 5% funding and Carrollton Avo. paving bonds wero awarded,
Date Nov. 1 1915. Int. M . & N. Due one bond o f each Issue each six
it is stated, to J. C. Mayer & Co. of Cincinnati at 99.40.
months from May 15 1917 to N ov. 15 1926 incl.
HAMTRAMCK TOWNSHIP SCHOOL D ISTR IC T NO. 8 (P. O.
KANAWHA, H ancock C ounty, Iow a .— B O N D S A L E . — Geo. M . Bech­
Hamtramck), W ayne C ounty, M ich.— B O N D S A L E . — Mattliow Finn of tel & Co. of Davenport were awarded on Oct. 13 the S13.000 544% electricDetroit has boon awarded tho $75,000 5% 15-year sitc-purchaso and bldg, light-plant bonds at par. V. 101, p. 1492. Denom. $1,000. Date Nov. 1
bonds voted Aug. 4.— V. 101, p. 545.
1915. Int. M . & N. Duo 1926.
HARRIS COUNTY COMMON SCHOOL D IST R IC T NO. 25, Tex.—
KANE COUNTY (P. O. Geneva), 111.— B O N D S P R O P O S E D .— The
D E S C R I P T I O N O F B O N D S . — Tho $20,000 5% 20-40-yoar (opt.) building County Supervisors have under consideration tho question of issuing
bonds awarded on Oct. 30 to Blanton-Wise Co. o f Houston at 100.015 and $1,000,000 bonds for road improvements.
int. arc in the denom. o f $1,000 each and dated Oct. 25 1915. V. 101. p
KARLSTAD, K ittson C ounty, M inn .— B O N D S N O T Y E T I S S U E D .
1646.
Int. A. & O.
,
— The Village Clerk advises us that the $4,000 6% 20-yr. firo-hall-erection
HASTINGS, Adams C ounty, N eb.— N O A C T I O N Y E T T A K E N »— bonds mentioned in V. 101, p. 311. have not yet been issued.
City Clerk A. T. Bratton advises us under date of Nov. 15 that no action
KEARNEY, B uffalo C ounty, N eb .— B O N D S A L E .— On Nov. 1 the
has yet been taken towards tho offering o f tho $50,000 414% 10-20-year $39,000
5% District No. 8 paving bonds were sold at par. V. 101, p. 1571.
(opt.) street-paving bonds voted Juno 29. V. 101, p. 149.
Denom. $1,000. Date Nov. 1 1915. Int. annual on Nov. 1. Due $29,000
HAVENSVILLE, P ottaw atom ie C ounty, K ans.— B O N D S TO B E in 10 yrs. and $10,000 in 20 yrs., subject to call $29,000 in 1 yr. and $10,000
O F F E R E D S H O R T L Y .— This city will offer for salo shortly tho $8,000 5%
in 5 yrs.
20-year electric-light-plant bonds voted Sept. 23.— V. 101, p. 959.
KENOSHA, K enosha C ounty, W is .— B O N D S A L E .— On N ov. 15 the
HEAVENER, Le Flore C ounty, Okla.— B O N D S V O T E D . — Tho $75,000 444% 8-yr. aver. North Main sewer and extension bonds were
question of issuing $20,000 municipal elec.-light-plant-constr. bonds awarded to A. B. Leach Sc Co. of Chicago for $76,522 (102.029) and int.—
V.. 101, p. 1647. Other bids were:
carried at a recent election, it is stated, by a voto or 96 to 49.
. W. Halsey & C o., Chic..*876,356 M cCoy & C o., Chicago___ *$75,978
HEBER SPRINGS, C leburne C ounty, A r k . — D E S C R I P T I O N O F N
E.
H. Rollins & Sons, Chic. *76,322 Second Ward Sav. Bk., M il. 75,907
B O N D S . — The $54,000 water-works and $36,000 sanitary-sewer Impt.
Harris Tr. Sc Sav. Bk., Chic. 76,250 Hoebler, Cummings & PrudDist. N o. 1 bonds awarded on Oct. 27 to Janies Gould of Pine Bluff at par, E.
II. Rollins & Sons, Chic. 76,222
den, Toledo____________
75,838
bear int. at the rate of 6% and are in tho denom. o f $100. V. 101, p. 1571. Wisconsin
Tr. Co., Milwau. *76,215 P. W. Chapman & Co., Chi. *75,660
Int. J. & J. Due serially for 25 years.
Merch. Ln. & Tr. C o.. Chi. *76,174 II. T . Holtz Sc Co., C h ic ... *75,603
HENDRICKS COUNTY (P. O. Danville), In d .— B O N D O F F E R I N G . R. M . Grant & Co.. C h ic.. 76,057 Bolger, Mosser & Willaman,
— Geo. Macombor. Co. Treas., will receive bids until 10 a. m. Nov. 24, Yard, Otis & Taylor, Chic. *76,042 t P hi4rrag0 ------------------------ 75,525
reports state, for $2,021 60, $10,600 and $10,400 414 % highway-inipt. bds. Continental & Commercial
John Nuveen & C o., C h ic.. *75,510
Trust Sc Sav. Bank. Chic. *76,018 Sidney Spitzer Sc C o., T o l.. 75,397
HENRY COUNTY (P. O. N ewcastle), In d .— B O N D O F F E R I N G . —
Hanchett Bond Co., C h ic .. *75 278
J. B. Wallace, Co. Treas., will receivo bids until 10 a. m. N ov. 22 for $4,920 Wells & Dickey Co., Minne­
apolis __________________ 75,990 Provident Sav. Bank & Tr.
’
444% 6 1-3-yr. aver. Amos D. Hoober et al. highway impt. bonds in Prairio
Co., Cincinnati_________ 75,165
Twp. Denom. $246. I n t .M .& N . Duo $246 each six months from May
*And blank bonds free, All tho above bids provided for payment of
15 1917 to Nov. 15 1926 incl.
accrued interest.
HIBBING, St. Louis C ounty, M inn.— B O N D E L E C T I O N . — 'Tho ques­
KNOXVILLE, T en n . — B O N D E L E C T I O N P R O P O S E D .— According
tion of issuing tho $1,500,000 6% funding bonds will bo submitted to a voto
on Nov. 30. V. 101, p. 1647. Principal and semi-annual interest, payable to local papers an ordinance providing for tho calling of an election to sub­
at the Merchants & Miners Bank at Bibbing. Duo part in 5, 10, 15 and mit to the people the question of issuing $50,000 park-site-purchase bonds
passed on its first reading by Board of Commrs. on Nov 2.
20 years. A five-eighths majority is necessary to carry.
LACEY CONSOLIDATED SCHOOL DISTR IC T (P. O. Lacey)
HIGHLAND SCHOOL DISTR IC T (P. O. H ighland), H ighland
C ounty, O h io.— B O N D S V O T E D . — According to reports, this district Mahaska C ounty, Iow a. — B O N D S A L E .— The S4.000 additional build­
ing bonds voted Oct. 21 have been purchased by Geo. M . Bechtel & Co. of
at a recent election voted in favor of the issuance of $20,000 impt. bonds.
Davenport. V. 101, p. 1492.
H IG H POINT, G u ilford C ounty, No. C ar.— B O N D S E L E C T I O N
LAFAYETTE COUNTY (P. O. L exin gton ), M o.— B O N D E L E C ­
P R O P O S E D .— An election w li bo called shortly, it is stated, to | voto on tho
T I O N .— Reports state that an election will be held in Waverly. District
question of issuing $50,000 street-paving bonds.] , !
> »
on Nov. 24 to voto on the proposition to issue $49,000 road-construc. bonds.
HILL COUNTY (P. O. Havre), M ont .— P R I C E P A I D F O lT liO N D S .—
LAFOURCHE PARISH (P. O. T hibodau x). La.— B O N D S A L E .—
The prico paid for the 51o0,000 5% funding bonds awarded on Oct. 11 to Reports state that the $80,000 5% 1-40-yr. serial Road Dist. No. 2 road
Ferris Sc Hardgrove of Spokane was .$151,300 (100.866) and not 100.20 impt. bonds offered without success on Aug. 25 have been sold to the Hi­
as first reported.— V. 101, p. 1492. Denom. $1,000. Date Nov. 1 1915. bernia Bank & Trust Co. of New Orleans and the Bank of Thibodaux at
Int. J. Sc J. Duo $15,000 yearly Jan. 1 from 1921 to 1935, incl.
par. V. 101, p. 791.
LAKE COUNTY (P. O. Crown P oint), In d . — B O N D O F F E R I N G . __
HOLYOKE, Ma33.— B O N D S A L E ,— On Nov. 17 tho $100,