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financial
The 1
1i011111urri 1l
Bank & Quotation Section
Railway Earnings Section
Ijrtintrit
INCLUDING
Railway & Industrial Section
Bankers' Convention Section
NO. 2631
SATURDAY, NOVEMBER 27 1915
VOL. 101
The Throttirle.
Week ending November 20.
Clearings at
1915.
PUBLISHED WEEKLY.
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WILLIAM II. DANA COMPANY,Publishers,
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B. DANA COMPANY,
Published every Saturday morning by WILLIAM
George S. Dana and Arnold G. Dana,
Jacob Seibert Jr., President and Treasurer:
Sec. Addresbes of all, Office of the Company.
Vice-Presidents: Arnold G. Dana.
CLEARING-HOUSE RETURNS.
Itc., indicates that the total
The following table, made up by telegraph, United States for the week
bank clearings of all the clearing houses of the
,329 last week
ending to-day have been $3,621,131838, against $4,903,782
week last year.
and $2,308,015.478 the corresponding
-Returns by Telegraph.
Clearings
Week ending Nov. 27.
1915.
1914.
Per
Cent.
New York
Boston
Philadelphia
Baltimore
Chicago
St. Louis
New Orleans
$1,661,562,436
122,032,654
139,944,813
26,898,072
240,665,692
63,169,086
17,827,604
$901,561,797
82,017,213
95,452,559
22,129,662
198,532,754
49,714,242
14,929,582
+84.3
+48.8
+46.6
+21.5
+21.2
+27.1
+19.4
Seven cities, five days
Other cities, five days
$2,272,100,357
562,107,213
$1,364,337,809
455,941,318
+66.5
+23.3
Total all cities, five days
All cities, one day
$2,834,207,570
786,924,268
$1,820,279,127
487,736,351
+55.7
+60.1
$3,621,131,838 $2,308,015,478 +56.9
Total all cities for week
covered by the above will be given next
The full details for the week
to-day, clearings being made up by the
them
Saturday. We cannot furnish
and hence in the above the last day
clearing houses at noon on Saturday,
estimated, as we go to press Friday night.
of the week has to be in all cases
for the week ending with Saturday
We present below detailed figures
Goon. November 20, for four years:
1914.
Inc. or
Dec.
1913.
1912.
$
i
I
$
%
II
356.680,137 293,328,273 +21.6 334,983,540 322,273,314
Chicago
26,214,700
26,442,900
22,882,490 +43.3
32,794,950
Cincinnati
23,329,749
23,339,749
21,380,151 +86.1
39,798,698
Cleveland
24,875,483
28,124,052
26,180,590 +43.1
37,456,298
Detroit
5,532,590
16,405,529
16,800,315 +15.2
19,354,425
Milwaukee
8,672,319
8,532,651
8,092,506 +25.3
s
10,137,067
Indianapoli
6,754,000
6,447,200
6,079,900 +34.9
8,200 000
Columbus
5,305,314
6,349,155
6,691,042 +28.8
8,618,933
Toledo
3,957,145
4,149,518
3,055,609 +10.2
3,368,708
Peoria
3,554,321
3,569,798
2975,387 +27.6
3,796,682
Grand Rapids_
2,307,750
2,645,453
2,000,286 +42.8
2,856,909
Dayton
1,217,217
1,365,213
1,171,731 +83.3
2,147,567
Evansville
1,142,273
1,081,245
1,055,364 +2.7
1,083,396
Springfield, Ill
1,136,172
1,229,237
1,246,117 +2.4
1,276,350
Fort Wayne
2,058,000
1,823,000
1,598,000 +85.5
2,965,000
Akron
954,101
690,733
635,848 +12.9
717,597
Lexington
1,523,248
1,439,587
1,181,642 +83.9
2,173,235
Youngstown
896,396
996,214
848,559 +21.3
1,029,129
Rockford
1,271,776
1,655,000
1,513,275 +25.6
1,900,000
Canton
769,652
799,848
772,990 +10.1
850,197
Quincy
570,087
714,411
688,542 +12.5
774,705
Springfield, Ohio.
600,000
690,300
663,230 +30.5
865,865
South Bend
618,716
585,463
609,880 +17.5
716,341
Bloomington..
501,194
488,140
477,109 +28.8
614,659
Mansfield
464,728
444,629
+5.6
427,607
451,403
Decatur
550,000
610,586
576,447 +43.4
826,971
Jackson
449,236
411,056
378.699 +10.3
417,427
Danville
452,236
475,000
479,739 +4.0
498,721
Lima
507,227
559,291
580,000 +2.8
595,000
Lansing
255,533
316,955
267,320 -9.0
243,238
Jacksonville, Ill_
195,401
179,920
271,349 +10.3
299,624
Ann Arbor
40,000
95,923
52,657 +79.1
94,252
Adrian
442,170
443,620
+8.4
302,469
327,825
Owensboro
425,265,031 +27.9 478,084,916 459,402,048
Tot. Mid.West 543,931,309
60,464,489
53,968,932
57,771,322 +8.2
62,528,375
San Francisco.,,._
27,215,349
25,630,600
20,170,366 +17.7
23,742,992
Los Angeles
12,611,908
13,777,336
11,589,967 +12.1
12,991,268
Seattle
12,315,612
12,982,365
11,700,000 -2.2
11,439,647
Portland
4,825,378
4,729,950
3,724,738 +26.2
4,700,000
Spokane
8,704,299
11,641,693
10,190,963 +9.5
11,159,145
Salt Lake City
3,167,650
2,357,399
2,007,263 +1.0
2,028,181
Tacoma
3,826,323
3,674,277
3,587,536 +14.6
4,111,856
Oakland
2,452,202
2,712,423
2,515,198 +15.1
2,894,083
Sacramento
2,879,959
2,232,300
1,849,293 +21.9
2,254,571
San Diego
1,600 406
1,511,195
1,504,628 +22.2
1,838,028
Fresno
1,136,873
1,154587
1,151,889 +7.7
1,240,710
Stockton
1,202,488'
923,034
+27.6
706,323
901,831
Pasadena
863,612
658,815
791,878 +13.6
900,000
San Jose
472,444
500,000
420,089 +19.0
500,000
North Yakima
300,180
318,324
298,264 +11.4
332,803
Reno
502,840 -1.2
496,631
Long Beach_.
Total Pacific.... 144,060,121 130,482,577 +10.4 138,773,230 144,035,172
61,804,269
60,88.5,299
73,608,024 +30.9
96,326,649
Kansas City__
33,320,529
32,283,723
34,054,619 +3.3
Minneapolis ___ *35,176,489
18,693,105
18,813,966
17,714,702 +29.5
22,589,182
Omaha
16,098,800
13,249,780
12,849,738 +40.9
18,100,000
St. Paul
11,872,975
11,952,840
11,698,882 +17.3
13,721,228
Denver
9,735,518
7,707,415
9,274,880 +42.2
13,192,246
Duluth
7,188.592
8,720,473
8,567,926 +0.8
8,631,922
St. Joseph
4,855,247
5,036,194
4,649,793 +17.8
5,478,271
Des Moines
Week ending November 20.
2,900,000
3,374,504
2,906,897 +27.1
3,694,977
Sioux City
3,540,105
3,657,113
3,756,565 +15.9
4,354,670
Clearings at
Wichita
Inc. or
1,677,894
1,777,957
1,534,410 +15.4
1,770,260
Topeka
1912,
1913.
Dec.
1914.
1,764,643
2,064,459
1915.
2,161,752 +12.4
2,429,939
Lincoln
1,515,770
1,480,785
1,222,534 +18.7
1,451,289
Davenport
1,680,424
$
1,535,691
$
1,662,033 +19.3
1,983,161
Cedar Rapids
534,184
725,110
3,075,301,411 1,402,845,262 +118.5 1,848,111,072 2,015,377,697 Fargo
2,281,730 +27.4
2,906,005
New York
738,028
720,405
218,995,360 158,692,107 +38.0 173,199,785 182,119,320 Colorado Springs
702,804 +22.2
858,384
Philadelphia
58,739,383
58,499,387
46,480,330 +19.0
1,461,177
1,393,965
55,306,766
1,406,925 -67.1
462,123
Pittsburgh
+14.3
40,362,689
41,987,335 Pueblo
34,396,707
278,818
283,998
39,299,352
352,989 +13.0
398,842
Fremont
Baltimore
14,266,312
13,041,713
11,431,116 +34.0
178,066
155,638
15,316,300
231,281 +15.1
266,145
Buffalo
7,897,640
6,411,828 Hastings
451,013
6,516,293 -2.9
456,269
6,328,417
798,797 -24.8
600,000
Albany
Aberdeen
+19.4
8,083,553
7,329,109
7,082,900
1,478,340
1,527,213
1,408,671 +53.0
8,458,158
2,154,039
Washington
Waterloo
4,864,517
4,713,140
1,339,042
4,367,358 +32.2
1,469,331
1,487,016 +4.1
5,774,811
1,548,417
Rochester
3,676,249
3,191,576 Helena
552,364
2,991,183 +1.9
683,749
3,048,562
812,940 +15.5
938,143
Scranton
3,228,289
2,676,109 Billings
2,630,006 +15.4
3,034,085
+22.5 179,955,877 183,059,903
Syracuse
1,941,820
1,779,125
Total oth.West 239,032,381 195,145,898
1,671,078 +22.9
2,053,211
Reading
1,678,941
2,272,740
1,569,150 +75.5
2,754,278
Wilmington
87,160,318
87,638,414
1,768,927
1,684,429 St. Louis
1,685,530 +27.1
74,705,018 +33.8
99,819,855
2,111,621
Wilkes-Barre
27,209,071
23,552,927
2,294,118
2,307,529 New Orleans_ _
1,749,932 +56.7
19,253,531 +21.0
23,289,327
2,741,206
Wheeling
13,666,273
14,384,088
2,168,666 Louisville
+8.1
1,933,898
+62.3
2,044,243
11,273,292
18,301,601
2,210,210
Trenton
10,631,252
964,477 Houston
889,145
9,187,311 +46.9
887,493 +14.0
13,497,417
1,011,954
York
4,106,500
3,790,000
1,629,215 Galveston
1,162,973
4,669,272 +22.3
959,038 +23.1
5,710,491
1,181,196
Erie
13,222,880
13,161,789
510,000
500,000 Memphis
8,502,996 +24.5
613,157 +18.8
10,583,576
728,106
Greensburg
11,857,071
11,190,324
701,146 Fort Worth
765,397
10,439,268 +11.7
658,045 +60.9
11,657,087
1,050,129
Chester
9,051,086
8,909,017
655,000 Richmond
689,800
9,320,820 +66.0
628,100 +33.4
15,473,658
838,600
Binghamton
17,085,469
20,275,005
577,088 Atlanta
712,707
14,098,075 +50.1
608,018 -9.5
21,157,376
550,000
Altoona
7,735,514
7,373,056
1,551,635 Savannah
1,437,258
4,396,286 +22.3
1,221,305 +43.3
5,375,174
1,750,366
Lancaster
7,735,705
8,473 875
356,353 Nashville
487,593
6,721,223 +15.9
391,257 +3.0
7,789,676
402,800
Montclair
5,073,092
5,161,247
4,122,255 +21.3
5,001,300
Norfolk
3,475,288
4,069,774
2,611,336 +14.8
1,602,109,612 +103.9 2,179,296,774 2,347,300,849 Birmingham......2,997,531
Total Middle_ 3,450,255 989
3,073,253
2,682,729
1,915.719 +22.7
2,349,095
Augusta
3,283,401
3,443,784
2,615,992 +12.2
2,935,127
218,281,840 146,429,773 +49.1 162,731,354 163,952,065 Jacksonville
Boston
2,101,588
1,982,376
9,760,000 Knoxville
9,141,900
1,742,202 +20.0
7,216,200 +50.0
2,090,435
10,826,500
Providence
3,210,582
3,300,909
4,453,882 Little Rock
4,584,629
4,251,077 +65.7
2,562,651 +23.7
3,169,058
7,046,230
Hartford
2,591,885
3,726,992
2,822,243 Chattanooga_ _ _ _
3,363,374
3,319,255 +16.1
1,997,880 +52.0
3,035,236
3,855,115
New Haven
2,315,105
2,976,060
2,602,301 Charleston
2,577,639
2,642.072 +35.3
1,795,154 +25.7
2,257,938
3,575,701
Springfield
1,750,000
1,500,000
2,245,081 Mobile
2,167,287
2,073,072 +21.8
1,000,000 -8.0
920,155
2,525,000
Portland
2,083,146
2,233,363
2,634,215 Oklahoma
2,591,344 +30.3
2,807,196
3,043,678 +8.4
3,308,000
3,375,708
Worcester
5,088,262
6,012,215
1,369,076 Macon
1,645,248
1,192,752 +32.6
3,701,208 +17.8
4,361,691
1,581,371
Fall River
2,322,083
3,239,012
1,061.372 Austin
1,252,487
1,157,932 +47.7
2,553,305 -27.6
1,848,351
1,709,154
New Bedford._ _
467,419
416,433
519,968 Vicksburg
859,847
746,161 +33.2
263,777 +20.9
319,130
994,827
Lowell
495,644
708,377 Jackson
463,968
11.5
841,291
749,372 385,810 +32.2
509,085
663,813
Holyoke
1,079,967
1,507,869
707,875
482,646
-26.1
1,116,059 +25.7
625,605 1,403,375
462,750
Muskogee
Bangor
763,248
1,327,750
+70.0
1,438,852
2,443,766
Tulsa
+47.31 192,454,898 192,836,455
238,003,670
Tot. New Eng_ I 254,898.018 172,994,035
Total Southern 271,604,511 202,432,970 +34.3 252,424,228
us News."
al and
4;9637782,329 2;818,430,723 +74.0 3,423,989,923 3,564;638,097
-For Canadian clearings see "Commerci March Miscellaneo First National
Note.
Total all
1915 of the
of
1,549,260,400
•Owing to the consolidation the latter part
of the First & Security Bank,
Outside N.Y 1828,480.918 1,415,585,461 +29.2 1.572,877,951
Bank and the Security National under the name
Minneapolis bank clearings are being materially reduced.
1742
THE CHRONICLE
[voL. 101.
sound and wise were a better guide for measuring
their duties and powers than the provisions of the
statute. The system has already achieved signal
distinction in one direction. It has sucbeeded in
drawing to itself an array of banking talent the like
of which has never been gathered together anywhere
THE FINANCIAL SITUATION.
else in the world. It is really marvellous what emiAmong students of affairs who observe the opera- nent minds are to be found within
its fold. The varitions of our Federal Reserve banks the thought must ous papers, addresses and
essays emanating from
often involuntarily arise whether there is not danger these men and their commen
ts and discussions on the
that in carrying out this latestexperiment in Federal questions that have arisen
in connection with the
banking the unfortunate experience attending the inauguration and conduct
of the system afford elotwo previous attempts may not be repeated. Both quent testimony to their
qualifications and their
the First Bank of the United States and the Second broad grasp of banking
and currency affairs. But
Bank of the United States owed their downfall to a this very strength is
an element of weakness on the
feeling on the part of certain political leaders that point we are discussing,
for such men are proverbially
by reason of the powers conferred upon such banks, impatient of restraint
and not inclined to be bound
which some held to be unconstitutional, and the by statutory restrictions.
Being men of force and
assumption of new powers and the natural growth character, and having
always had pretty much their
of their operations, they were becoming a menace own way in their
private business, as it was right that
to the country and their continuance should no longer they should, they are
apt to imagine that the same
be tolerated. The Federal Reserve banking system considerations hold
good in the larger domain of
is of such vastly larger mold that its operations are public affairs—which,
however, embodies a fallacy
already assuming a magnitude that gives it the aspect of most grievous nature,for
the Federal Reserve banks
of a giant alongside of pigmies in comparison with are Government-controll
ed institutions, and any
the functions and doings of the two banks of the official or any board that
acts by virtue of GovernUnited States. In perfectly legitimate ways, too, ment authority is by reason
of that very fact vested
its power andeinfluence must expand with the growth with such supreme control
that the history of the
and development of the country—unless indeed it is whole world teaches limitati
ons must be imposed in
brought to grief by ill-advised action. Quite obvi- the interest of the public
welfare, lest the dictates of
ously the Federal Reserve banking system is conduct- a sound discretion
be exceeded.
ing banking on a scale never attempted anywhere
Many illustrations might be given going to show
else in the world. If it is carried to success along that the managers of
the Reserve system have been
the lines intended by the lawmaker, even the gigantic governed by their own
idea of what should be, rather
operations of the great central banks of Europe as than by the requirements
of the law, but the most
manifested in extraordinary war times like the present glaring instance of the violatio
n of the spirit and purwill soon look small by contrast.
pose of the law is found in the matter of note issues.
All this makes it important not only that the pow- It was clearly the intent of
the lawmaker that the
ers expressly conferred upon the Federal Reserve notes should be issued only
in response to trade debanks and their centralizing authority—the Federal mands and to facilitat
e the re-discounting operations
Reserve Board—shall be wisely administered, but of the banks, the
notes going out of existence the
that these powers shall never be exceeded lest the moment they had fulfilled their
functions in that reattempt arouse fear or animosity. Demagogues spect. It is for that reason
that it is required that
have been assailing the money power since the "whenever Federal Reserve
notes issued through one
dawn of civilization and in the Federal Reserve sys- Federal Reserve bank shall
be received by another
tem there will be a concentration of monetary re- Federal Reserve bank,
they shall be promptly resources surpassing anything ever witnessed in his- turned for credit or redempt
ion to the Federal Retory. From that source the system will always be serve bank through
which they were originally isliable to assault though it act with consummate sued," and that it is further
provided that "no Fedwisdom. And the assailants will never fail to com- eral Reserve bank shall
pay out notes issued through
mand a considerable body of followers. It is above another, under penalty
of a tax of ten per centum
everything else important therefore that it shall not, upon the face value of notes so
paid out." But unby the unwarranted exercise or assumption of au- der the practice that has been
inaugurated by the
thority, do anything that will alienate the support Reserve authorities, the notes
are being put out for a
of the thoughtful and intelligent classes, who are not wholly different purpose and the
idea of ever redeemeasily swayed by the diatribes of the politicians, but ing them is discarded.
who yet will not tolerate anything even remotely
At the end of last week the Federal Reserve Bank
involving a menace to public interests. Let it even of New York had the huge
volume of $76,760,000
be suggested that there is a possibility of jeopardy of Federal Reserve notes out
and but $170,000 of
to the public weal and they will make their influence this amount was secured by
commercial paper, the
felt so as to bring about a removal of the evil, real only way the statute contemp
lated they should be
or imaginary, before it can operate to become a issued; the remaining $76,590
,000 was secured by the
genuine source of danger. And it must never be deposit of gold coin and
certificates with the Federal
forgotten that the same power that called the Fed- Reserve Agent. The whole
twelve banks combined
eral Reserve banking system into being can also legis- last week had no less than $183,27
5,000 of Reserve
late it out of existence under the spur of popular notes out, and only $16,520
,000 of this amount was
feeling, be it well-founded or ill-founded.
secured by commercial paper, which the law provides
These reflections are suggested by the fact that in shall be the sole basis for the issuance
of notes. The
many matters the managers of the Reserve banking rest was secured to the extent
of $132,695,000 by
system are proceeding as if their own sense of what is gold coin and certificates deposite
d with Federal
STATE AND CITY SECTION.
With to-day's issue of the "Chronicle" we send to
our subscribers a new number of our "State and
City Section" revised to date.
Nov. 27 1915.)
THE CHRONICLE
Reserve Agents, $100,000 was secured by the deposit
of lawful money with a Federal Reserve Agent,
$580,000 by credit balances with the Gold Redemption Fund, and no less than $33,380,000 by credit
balances with the Gold Settlement Fund with the
Federal Reserve Board at Washington.
We have referred before to this practice of issuing
notes in a way not contemplated by the statute but
the movement is each week growing in magnitude.
Each week, too, those responsible for this policy
grow bolder in disclosing their purpose. At first
they spoke very guardedly and in a veiled kind of
way, as if they were not sure of their ground and
wanted to test public opinion before venturing very
far upon their course. But public opinion being
uninformed regarding the matter and most persons
being unwilling to pronounce judgment because of
insufficient knowledge, all reserve is now .thrown
aside and frank avowal made that it has been determined to put out unlimited amounts of the notes
contrary to the spirit and purpose of the law.
One after another of those identified with the system keeps making declarations to that effect. Pierre
Jay, the Federal Reserve Agent of the Reserve Bank
of New York, speaking extemporaneously at the
annual meeting of the Essex County Bankers' Association on the 9th inst., is represented by the Newark
"News" as having said: "We are issuing Federal
Reserve notes freely in order to accumulate gold."
Yet the only authority for the issuance of notes is
found in Section 16 of the law. This says: "Federal
Reserve notes, to be issued at the discretion of the
Federal Reserve Board for the purpose of making
advances to Federal Reserve banks through the
Federal Reserve agents as hereinafter set forth, and
for no other purpose, are hereby authorized." It is
provided, too, that any application for the notes
"shall be accompanied with a tender to the local
Federal Reserve agent of collateral in amount equal
to the sum of the Federal Reserve notes thus applied
for and issued pursuant to such application." The
collateral, it is furthermore provided, must be Mercantile notes and bills of the character prescribed.
In face of all this Mr. Jay says "we are issuing Federal Reserve notes freely in order to accumulate
gold." Further along in his address he declared
that the notes were being issued "in a quiet and unobtrusive way at the rate of from $15,000,000 to
$20,000,000 per month." Mr. Jay is, of course,
frankly telling the truth. By a process of indirection the notes are being issued "freely in order to
accumulate gold."
The way this is being accomplished has been previously explained. The notes are issued in the first
instance on the deposit of mercantile notes and bills,
in nominal compliance with the law, but the paper
thus deposited is immediately withdrawn and gold
or lawful money substituted, for the supposed retirement of the notes. The gold is deposited with the
Federal Reserve Agent, not with the Federal Reserve
Bank, and the Reserve Agent under the law must
hold it "exclusively for exchange for the outstanding
Federal Reserve notes when offered by the Reserve
Bank of which he is a director." But the Reserve
officials do not intend that the Reserve notes shall be
redeemed. The purpose indeed is to keep the notes
out indefinitely, the Reserve Agent meanwhile
holding on to the gold. Thus the retirement process
is not entered upon in good faith, which alone would
be sufficient to condemn it.
1743
The operation of putting out notes as a substitute
for gold or for lawful money may be good in itself,
but it is not the quality of the act that can control
in a consideration of the matter, but whether the
law furnishes full sanction for it. The sanction must
be express tnd explicit and no such sanction is given
by the statute. As a matter of fact, if it had been
intended that the notes should circulate as substitutes for gold and gold certificates, the provision
forbidding the paying out by one Reserve Bank of
the notes emitted by another Reserve Bank would
never have been inserted. Nevertheless, Mr. Jay,
with charming naivete, declares that the notes are
being put out "in a quiet and unobtrusive way at the
rate of from $15,000,000 to $20,000,000 per month."
But the broadest and most unqualified declaration
of the purpose of the managers of these institutions
is contained in a statement prepared by H. Parker
Willis, the Secretary of the Federal Reserve Board,
for the "Journal of Commerce" of this city and printed
in the issue of that paper on the 17th inst. In that
statement Mr. Willis undertakes to set out what has
thus far been accomplished by the new system and
what is in contemplation. Among the other achievements of the system, he says: "It is gradually
putting out the Federal Reserve notes with the view of
ultimately standardizing the note currency of the country
by the substitution of these notes for other forms of
paper currency." "Standardizing the note currency
of the country" may be• commendable in itself—
indeed, if we were asked for an expression of opinion
on this subject we should say (considering the multifarious character of the existing paper issues) it was
decidedly so. 'That, however, is not the point to
be considered. The difficulty is that no authority
to do this is conferred upon the banks by the law
creating them. Mr. Willis is certainly familiar with
the language and provisions of the statute, since he
drafted it for the Congressional committees in charge
of the bill. But we are satisfied he cannot point
to any provision, or any phrase or set of words, which
sanctions "standardizing the note currency." There
being no such power conferred, the Federal Reserve
managers, though proceeding from the best of motives, are acting outside of and in disregard of the
law in undertaking such operations. Nevertheless
every one of the twelve Reserve banks is engaged
in the task; each one evidently thinks that inasmuch as, in its judgment, the act is good in itself,
there is no need to inquire whether the law authorizes
it or not.
"Standardizing the note currency" means more
than the issuance of the notes as substitutes for gold
at the rate of 15 to 20 million dollars a month. The
retiring process, which is being so cleverly used for
the purpose of getting notes afloat, is evidently to
be carried many steps farther. The law permits retirement of the notes not merely by the deposit of
gold or gold certificates, but also by the deposit of
"lawful money of the United States." So we may
expect soon to hear that "lawful money" is being used
for the further extension of the note issues. We repeat that though the purpose be good, this putting
out of Reserve notes in huge amounts is without warrant of law, and may lead to the whole system in the
end being put in jeopardy out of a fear on the part of
a jealous public that the managers are growing too
ambitious.
The importance of proceeding with care in the
issuance of these Reserve notes is all the more im-
1744
THE CHRONICLE
perative that the notes are not merely a concern of
the banks themselves but by express provision of
the law they are "obligations of the United States."
Yet the managers of the Reserve system purpose
putting out these "obligations of.the United States"
by the hundreds of millions in a mannet never contemplated by the law and in direct contravention
of its spirit. We are strict constructionists in all
governmental matters and believe that the powers
of the Federal Reserve Board and of the Reserve
banks should be construed rigidly.
It is for Congress to say whether there shall be
a standardizing of the note currency or the substitution of the Reserve notes as "obligations of the
United States" in substitution for gold. The mere
ipse dixit of the managers can not be allowed to
decide the question. Disregard of the law cannot
be tolerated on the part of any one, for it leads
straight to anarchy. The Federal Reserve managers
in that respect must be held amenable to the same
rules as labor unions or other bodies. No body of
men, however exalted or respected, can be allowed
to consider themselves above. and beyond the law,
and least of all a body dealing with the country's
money affairs. The Federal Reserve Law is a composite measure; it embodies conflicting views and
opinions and is the result of compromises and concessions. Therefore it does not altogether satisfy
any one, but whether one likes it or not it is the duty
of every one to accept it and be governed accordingly. To improve it may be desirable, but it is
only Congress that can undertake the work of improvement. The Reserve Board can and should
recommend, but for it to go further than that is to
imperil the very existence of the system.
Interesting light upon the legal aspect of the matter—that is, upon the right to issue Federal Reserve
notes for the purpose of "standardizing the note currency of the country"—is thrown by an opinion given
this week to President Wilson by Attorney-General
Gregory, who was asked for advice as to whether the
Federal Reserve Board could abolish any of the Federal Reserve banks or any of the Federal Reserve districts. The Attorney-General answers this question
in the negative, on the ground that no grant of authority to do this is found in the statute. He says:
"I am of the opinion that the failure to confer such
a power in express terms would be regarded by the
Courts as virtually conclusive that Congress did not
intend it to be exercised except by itself." This is
precisely the situation with regard to the issuance of
Reserve notes with the idea of "standardizing the note
currency." Not only has no such power been expressly conferred, it is not even conferred by implication. Accordingly, a court of law would have to
hold that the right was not vested in the Federal
Reserve authorities.
As showing that this is the rule of construction
followed by the courts, the Attorney-General makes
some pertinent citations of authorities which are as
applicable to the Reserve Board's power to "standardize the note currency" as they are to its right to
abolish any of the Reserve banks. He cites first
the case of Inter-State Commerce Commission vs.
Railway Company (167 U. S., 479). There the
Commission claimed that, having found a particular
rate to be unreasonable, it must be assumed that it
had the right to prescribe what would be a reasonable rat for the future. But the U. S. Supreme
[VOL. 101.
Court, speaking by Justice Brewer, said No. It
said "the grant of such a power is never to be implied" (494). It referred to "the inference which
irresistibly follows from the omission to grant in
express terms to the Commission this power of fixing
rates" (506). And again, "the vice of this argument
is that it is building up indirectly and by implication
a power which is not in terms granted" (509). Still
again: "And if it (Congress) had intended to grant
the power to establish rates it would have said so in
unmistakable terms" (509).
How directly all this bears upon the assumption
of the Reserve authorities that they may issue Reserve notes, which, as we have shown, are "obligations of the United States," to standardize the currency. If Congress had intended to grant the power
"it would have said so in unmistakable terms."
"It (the Reserve Board) is building up indirectly and
by implication a power which is not in terms granted."
The Attorney-General also quotes from Tillson vs.
United States (100 U. S. 43-46), where the Court
said: "If Congress had decided to grant such authority, it would have been easy to say so in express
terms." Obviously, if Congress had intended that
the Reserve Board should engage in standardizing
the note currency, "it would have been easy to say
so in express terms."
In summing up, the Attorney-General lays down
conclusions with reference to the right to abolish
Reserve banks which bear directly upon the right to
engage in the standardizing process. His first conclusion is that the power "is not conferred upon the
Federal Reserve Board in express terms." His
second conclusion is that "it is a rule of statutory construction that the failure to grant in express terms
a power of such great consequence raises a convincing
presumption that Congress did not intend to grant
it." Even his third conclusion could not have been
made to fit the standardizing question more completely if it had been expressly written for the purpose. He says: "Putting out of view that presumption, there is no provision in the Act from which
an intention to confer the power can fairly be implied,
but on the contrary, there is a provision which shows
affirmatively that Congress did not intend to confer it."
The provison which shows affirmatively that Congress did not intend to confer power of "standardizing
the note currency of the country" or the right of
"issuing Federal Reserve notes freely in order to accumulate gold" is that part of Section 16 which forbids the paying out by one Reserve bank of the notes
emitted by another Reserve bank. This provision
is intended to ensure the speedy redemption and retirement of the notes, while the process of issuing
Reserve notes with the view ,to "standardizing the
note currency of the country" or the issuing of them
"freely in order to accumulate gold" serves to
keep (and is intended to keep) them out indefinitely.
It is not needful to carry the analogy any further.
It is as plain as can be that the Reserve authorities
are exceeding their authority in venturing upon a
standardizing process or in engaging in kindred endeavors. We are sure they would not wish to encourage the inference that they are not law-abiding.
They should accordingly desist from doing what by
the Attorney-General's course of reasoning and the
rules of statutory construction they have no right
t do.
Nov. 27 1915.1
THE CHRONICLE
1745
Further marked expansion in the volume of
Imports in October, notwithstanding the hindmerchandise exports from the United States is rances to which reference is made above, were some
the important feature of the official foreign trade 10 millions greater than last year and with one
statement for October 1915 made public this week. exception (October 1912) the heaviest on record
All previous records were considerably exceeded in for the period covered. They were $148,529,620,
this latest month, the increase over the high mark against $138,080,520 a year ago. For the ten ,
established in September having been virtually months of 1915, however, the inflow of merchandise
34 million dollars, and the gain over October 1914 aggregated only $1,450,624,406, contrasting with
nearly 140 millions. This tremendous augmenta- the record figures of $1,548,152,394 in 1914. The
tion in the outflow of commodities is, however, in net export balance of $186,108,958 for October this
practically no degree, a development of the ordinary year is the heaviest ever recorded for a single month,
outward trade of the country. On the contrary, exceeding that of February last by nearly 12 millions
and as heretofore pointed out, it reflects the in- and comparing with but $56,630,650 in 1914. The
satiable demand upon us by the Entente countries ten months export balance, at $1,416,500,339, is
for munitions of war and various supplies for the simply staggering. It almost equals the entire
armies. Contracts already in hand are taxing the imports for the period and compares with only
capacity of manufacturers in all sections of the $113,960,735 a year ago and 545 millions in 1913.
country. Wherever it has been possible, it would
The gold movement of the month, reflecting the
seem that factories, both large and small, whose shipment to this country of a large volume of the
equipment, as already existent or after modification, metal on British account, netted a very large balcould in any way be utilized in the manufacture of ance in our favor. Exports were only $2,938,300,
shells, explosives, &c., have been turned to the almost wholly to the West Indies from New York,
production of war materials. And the shipping of but imports reached the unprecedentedly heavy
the product is monopolizing much of the available monthly total of $79,669,359. Of this aggregate
freight room.
approximately 34 millions came into the United
Some of the articles of export are of a magnitude States from Great Britain via Halifax, N. S., and
almost beyond comprehension. It is difficult to Vanceboro, Me., 5 millions reached New York from
realize thatin the ten months since January 1 we have Ottawa and 22 millions were received here by
sent abroad horses and mules to the value of approx- steamers direct from Liverpool. Aside from the
imately 100 million dollars, whereas under normal above amounts, 5 millions reached this port from
conditions 4 millions would be a fair and full measure the West Indies, and 13/i millions from South
of the outflow for the period. In the shipment of America and there were arrivals of 12 millions at
commercial automobiles, too, there has been a San Francisco from the Orient. Our net gain of
most remarkable increase—from about 1 million gold for the month was $76,731,059 and for the ten
dollars in ordinary times to some 50 millions this months $329,685,393, this latter contrasting with
year. Passenger motor cars have also felt the export balances of $162,121,938 and $22,972,366,
impetus of the war demand and motorcycles as respectively, in 1914 and 1913.
well. Furthermore, from a comparatively unimportant total the outflow of explosives, &c., with
The Fall River cotton mills dividend compilation
shells the dominant item, has risen to about 100. for the final quarter of 1915 does not furnish any
.million dollars the current ten months. The de- special evidence that stockholders, as a whole, are
mand for fire arms, metal working machinery and yet feeling any material benefit from the improved
wire for entanglements explains a large increase in conditions prevailing in the leading cotton-manuthe outgo of iron and steel manufactures, as does facturing center of New England. The annual
the urgent need of men's boots and shoes, sole statements recently issued do, in many cases, show
leather and harness the tripling of the value of the a better financial condition than a year ago, and a
exports of leather and manufactures. Brass, bread- majority of the corporations have continued to
stuffs, chemicals, cotton manufactures, packing- make the usual distribution, but shareholders in
house products and zinc are a few other items that other establishments neither in this last quarter,
have decidedly felt the stimulus of the war demand.
nor for some time past, have received any return
On the other hand, our imports have fallen off, on their investments. That business has been
but certainly not to an excessive extent considering better with the mills of late, even though the margin
the lack of transportation facilities, the very limited of profit may not have been up to the mark, is
and difficult means of communication with Ger- amply attested by periodic reports of operations.
many,from which country our receipts of goods are These are to the effect that yarn mills are being
ordinarily of a volume second only to that of Great run practically to full capacity and that weaving is
Britain, and, finally, the necessity for retaining being carried on to the extent that looms can be
at home some of the articles of which we have been supplied with yarns. Furthermore, night work is
large receivers.
making up in part for curtailment due to looms being
The aggregate exports of merchandise for the idle at times for lack of yarns. As regards the
month of October this year were $334,638,578, this operatives, it is stated that there are enough to.
comparing with $300,676,822 in September, 194,-. go around but few to spare.
711,170 in October 1914 and $271,861,464 in 1913,
Analysis of the statement of dividends for the
the latter the former record for the period. For fourth quarter indicates that ten mills made no
the ten months of the current calendar year the distribution, one decreased the rate, two gave intotal at $2,867,124,745, contrasts with $1,662,- creases, six resumed payment and nineteen adhered
113,159 in 1914 and $2,005,283,622 in 1913. Due to to the percentage of a year ago. The aggregate
the extraordinary conditions now prevailing, there- amount actually distributed, or to be paid out,
fore, our growth in exports in two years has been reaches $348,417, or. an average of 1.15% on the
no less than 40%.
invested capital, this contrasting with $283,292, or
1746
THE CHRONICLE
0.96% in 1914 and $1,028,675, or 332% in 1913-extra dividends, however, accounting for much of
the last stated total. For the full year 1915, the
stockholders in the 38 corporations benefited to
a comparatively meager extent, the return on a
capital of $30,331,670 having been only $1,131,133,
or 3.73%, whereas in 1914 the amount paid out
reached $1,243,792, or 4.21%, and in 1913, with
the extra dividends included, the distribution was
$2,075,450, or 7.07%, and without them $1,380,700,
or 4.70%. The greatest annual return in our record
is 11.09% in 1907 and the smallest 2.41% in 1898.
[VOL. 101
Russian and Italian representatives at the conference, and announced that it had been unanimously
decided to set up a permanent organization for the
conduct of the munitions business of the Allies. A
permanent office has been established, and rules
have been drawn up for the purpose of dealing with
the orders given by one Entente State to another.
There is to be no immediate decision in Great
Britain on the question of conscription. Lord Derby,
who is in charge of the British recruiting campaign,
seems particularly optimistic. In an interview with
correspondents of American newspapers on Monday,
when asked whether he thought England would have
to adopt conscription, he replied:"Ask me on Dec. 11,
the day the time limit of my scheme expires. All
that I can say is that we want to win this war by the
voluntary method. If we are able to win by this
method, then it will be an additional triumph for
England." Outlining the essentials of his plan,
Lord Derby said:
"The essential fact is that every man, married or
single, must enlist. When it comes to a decision
whether a man cannot be allowed to go to the front,
we believe that we have brought the question to a
point of scientific accuracy. In the first place, he
or his employer may obtain the judgment of the local
tribunal, composed of experts regarding his particular trade. This is composed, outside of the experts, of employers of that trade and representatives
of the War Office. If either the man or his employer
is dissatisfied with the results of that tribunal, he
may appeal to a local tribunal whose members are
unconnected with the trade. Finally, if either is
dissatisfied, an appeal is still open to the central court
sitting in London. The process may appear unnecessarily cumbrous at first sight, but it must be
remembered that at the beginning of the war, and in
the first enthusiastic flush of recruiting, thousands of
men rushed to the colors who never ought to have
been allowed to leave their trade or employment."
A feature that will prove of interest in considering
the permanence of the activity in securities of our
so-called "war industrials" is the news from London
of the very rapid strides that have been made in
England and France in supplying their own ammunition requirements. A special cable to the New York
"Times" declares that the output of munitions in
these two countries has reached a'stage which makes
the Allies independent of American supplies. It is
unlikely, says the correspondent, that any further
contracts will be placed in America, and suggests
that the financialimportance of this development need
not be emphasized. There have recently been a
number of other dispatches cabled to newspapers
here of the same general purport. A Paris correspondent, for instance, boasts that what it has taken
Germany forty years to produce as a war machine,
France has done in a single year under the spur of
actual war. A representative of both Britain and
France in this country denied, when questioned, any
intimation of a change of policy as to purchasing supplies. He thought there was no reason to believe
that there would be any slowing down of the demand
for the products of American factories. Nevertheless, it is unquestionably a fact that the emergency
demand is not so acute as it was a few months ago,
and it seems fair under these circumstances to asThere have been few definite reports from Serbia
sume that the element of competition will soon be
this week. The national capital has again been
a factor in this important branch of industry. Lord
Murray of Elibank, director of recruiting and Muni- moved, this time to Scutari, Albania. It is reported
tions work under Lloyd George, stated to a represen- from Berlin that of the original Serbian army of
tative of the New York "Times" a day or two ago 300,000, there are yet 120,000 under arms. Most
that more than one million men and women in Great of the Serbian officers and picked troops, still believBritain were at work producing guns, shells and other ing in timely aid from the Allies, seem determined
munitions. As an example of what had already been to evade a decisive action, and are saving themselves
done, Lord Murray stated that in the Leeds area for a better opportunity. They are being led by the
alone there were five hundred workshops, new and Crown Prince and are retiring in the direction of Alold, where before there had not been a single muni- bania. The important news of the week in connection factory. In another part of England, he said, tion with the Serbian situation is the news which
one firm was employing 60,000 hands, including seems to come from responsible sources, that the
6,000 women, where before the war only a negligible Czar has addressed a personal telegram to Premier
fraction of this force had been engaged. Another Pachitch of Serbia, promising in a week from its
filling factory, in Scotland, he said, covered 200 acres date the appearance in Bulgaria of Russian troops.
and had eleven miles of trolley lines, while the dif- The Italian Government also has promised to send an
ferent shops needed twenty-two miles of pipes to expeditionary force of 40,000 men.
This news has followed closely the favorable rewarm them. This vast establishment had been built
in the last six weeks. Men were working sixty, sults of a recent conference between Lord Kitchener
seventy,and even in special cases, 100 hours a week, and King Constantine of Greece, in which the former
Lord Murray said, and they were sure that what is reported to have assured the King that Great
they turned out was equal in quality to the best pro- Britain by spring would have an army of 4,000,000
ductions of the Krupp works. Albert Thomas, the men in the field, and would in addition be in a posiFrench Munitions Minister, has been in London this tion to arm and equip 6,000,000 Russians, and that,
week attending conferences at the British Ministry consequently, it would show great stupidity to think
of Munitions, at which civil and military representa- that the war could end otherwise than in complete
tives of Russia, France, Italy and Great Britain were defeat for Germany. The Entente Commissioners
present. M. Thomas, in a statement given out for on Wednesday presented a collective note to Premier
publication, laid great stress on the presence of the Skouloudis of Greece, demanding freedom of move
Nov. 27 1915.1
THE CHRONICLE
1 747
ment for their forces in Macedonia, without inter- former base in the Riga-Dvina region, and are preposition of obstacles of any kind. It was couched in paring to withdraw from the now hopeless task of
friendly terms and in brief was merely a request that capturing Riga and the Dvina line. A great deal of
the Greek Government confirm formally in docu- fighting that has occurred lately in the northern war
mentary form the assurances already given to Lord theatre has been directed towards securing a better
Kitchener and Denys Cochin relative to the position line for the German permanent winter fortifications.
of the Allied forces on Greek soil. It contained, it The Russians continue to exert pressure at various
is said, the declaration that no part of Greece's ter- points to prevent the realization of this objective.
ritory would be retained after the war. Immediately The Germans are constructing a strong fourfold
upon receipt of the note, a Cabinet council was called line of trenches in their rear and are busy completand a reply was handed to the Entente envoys. It ing field railways to the interior of Germany.
An unofficial report states that Gorizia haS been
is understood, according to Reuters' correspondent,
that the reply agrees not to disarm the Allied forces, taken by an Italian army after a campaign lasting
but to give them liberty of action on Greek terri- more than four months. Gorizia was considered by
tory for their own security, and accords railway and the Austrians as one of their most formidable positelegraphic facilities. There were early in the week tions. Its importance is not so much derived from
reports that Britain had declared a blockade of the the town itself, which is well situated on railway lines
Greek coast and had detained a number of Greek connecting the upper and lower valleys of Isonzo, as
ships as a definite and practical form of protest from its military position, which makes it the key to
against the then Greek position. Later a formal the Austrian defences north of the Carso plateau.
On the Western front there has been continuous
disavowal of the reports was published officially by
the British Government,but there seems to have been artillery fighting but without important net results,
apparently. The British army operating in the Tigris
some basis for them, nevertheless..
position of the Balkan campaign at this writ- Valley have reached the ruins of Ctesiphon (Sulman
The
ing appears to be that a concerted movement of Pah), 18 miles southwest of Bagdad, the objective
great magnitude is about to be undertaken by the of this campaign. After taking the town and repulRussian, English, French and Italian troops. The sing Turkish counter attacks,the British forces were
Czar, as we have noted already, promises to send a compelled to retire three or four miles down the river
large Russian army to invade Bulgaria within a week. to obtain considerable water supply. This is a menMeanwhile, French and British troops are concen- ace to Germany's railroad to the Orient.
trating in large numbers at Salonika to begin at the
The new Mexican Government recently declared
same time a great drive into Bulgaria from the south,
of the joint movements being the cap- the concessions to State banks forfeited. It is now
the objective
ture of Sofia, the Bulgarian capital. Reports are reported that the Administration, responding to dipcurrent that on the insistence of Gen. Joffre, the lomatic representations, has decided to show leniency
French Commander-in-Chief, the Dardanelles cam- toward these institutions, which are owned almost
paign as an offensive measure has been abandoned, exclusively by foreigners. They will now be given
and that the troops, after being withdrawn, have al- every opportunity to satisfy the authorities as to their
ready begun to arrive at Salonika. It is not expected, ability to guarantee outstanding notes and will be
quoting a cable dispatch from Paris, that the Allies invited by the Administration to enter a movement
will undertake an extensive sweep through Serbia with the National Bank and the Bank of London Sr
at Uskub, 120 miles northwest of Salonika, on the Mexico to form a Federal bank of issue. Minister
Nish-Salonika Railway. It is believed, instead, Nieto leaves next week from Mexico City to confer
that their march will swing to the northeastward with Carranza on this matter. He says the commisalong the Uskub-Sofia Railway line, with the Bul- sion appointed to acquire the Laguna region cotton
garian capital as the objective. German communi- crop, in accordance with Carranza's decree, acquired
cation with Constantinople, it is argued, can be cut 6,000,000 pesos worth. The commission is now
at Sofia as effectively as at any point in Serbia, and studying means to acquire the rest. This cotton
the campaign will have the additional advantage of shortly will be distributed among Mexican manufacstriking Bulgaria at a vital point, thus compelling the turers at cost prices to supply a shortage which
immediate recall of the Bulgar forces in Serbia and at caused factories to close.
the same time compel an advance of the Germans into
A sign of the improved financial sentiment that
the same territory in defence of the line to Constanwould give the Serbs an opportunity seemingly has taken possession of the London martinople. This
to strike the invaders of their country in the flank ket has been the official announcement by the Stock
and clear their own soil of enemies. Meanwhile, Exchange Committee there that the minimum price
the Austro-German army is pushing its recent ad- restrictions that were put into operation at the outbreak of the war—and have since on a number of
vantages.
renewed occasions been modified—were in numerous instances
As to Rumania, latest reports suggest a
trend toward the Allies. It is understood that Ru- abolished altogether on Tuesday. The new order
mania has agreed to make only a formal protest to does not mean a complete sweep of these quotations.
the passage of Russian forces through its territory on It leaves the minima still effective in a large number
their invasion of Bulgaria. Japanese guns are re- of Colonial Government and British railway bonds
ported to be arriving in large quantities at Odessa. and preference shares. But it applies to all Indian
Strong Russian forces are being concentrated at and Colonial corporation stocks and all foreign stocks
Reni, Ismail, Odessa and other points in preparation and bonds, as well as to Consols and the annuity
for the invasion of Bulgaria, which may be by land issues. The effect of the announcement was to
bring the open prices for securities down to the basis
and water routes.
dispatch declares that the Germans at which they had been in fact appraised on the reA Petrograd
have commenced the evacuation of Mitau, their cent market. British Consols, for instance, which
1748
THE CHRONICLE
have been officially quoted at 65 and have been
quoted at 57@58, opened at 57 on Wednesday morning and closed at 57% on the same day. They
closed yesterday at 6034. It is believed that a
further announcement will soon be made by the
Exchange Committee removing all _minimum quotations, thus constituting the London market an
entirely free and unrestricted one. There is no further fear of panic and it is felt in London financial
circles as a whole that the relaxation of emergency
legislation is desirable.
101.
a responsible indication of the amount of stocks and
bonds that have been liquidated since his June report. International banking authorities at this
center seem to agree that a liquidation of 50% of
English holdings would be found to be a liberal estimate. There obviously is still a large holding of
securities in Great Britain that can be utilized as the
basis of additional loans to be obtained in the United
States.
Reginald McKenna, the Chancellor of the British
Exchequer, announced on Monday last a plan for
Another subject that has attracted attention in issuing war loan bonds of the value of £1 ($5) or
international banking circles has been the definite multiples thereof, bearing 5% interest. The Chanannouncement that the British Treasury proposes in cellor explained that subscriptions to the war loan
the near future a complete "mobilization" of Amen - vouchers—the plan previously adopted to attract
can securities held in England. The plan, which, small subscriptions—had proven disappointing. These
however, is not yet in its final form—a formal an- subscriptions had aggregated only £5,000,000. The
nouncement is expected by the British Chancellor working classes, he said, evidently preferred 23/2% in
on Tuesday—contemplates not so much the pur- the savings banks to investment in a loan which was
chase of these securities as an intention to borrow liable to fluctuate. The Chancellor emphasized the
them, paying a commission of M of 1% above urgent necessity in the interest both of themselves
their normal rate of interest for the privilege. In and of the State that persons now enjoying excepthe case of purchases, payment, it is proposed, tional wages should save. "Extravagant expendiwill be made by war bonds on a basis yet to be ture in any class cannot be tolerated," he continued.
announced. The borrowing will be for specific "At this moment economy in expenditure is vitally
periods, with privilege of renewals if such are found necessary and the nation must be made to undernecessary. In working out this plan the British stand that a suitable instrument must be devised by
Treasury is undoubtedly arranging for further credits means of which we may avail ourselves of the
or direct loans in. the United States. In the $500,- nation's earnings." Mr. McKenna said it was on
000,000 loan recently placed here the security, it this account that the Government intended to issue
will be recalled, was the joint and individual credit bonds of small denomination which will be convertiof the British and French Governments. In the ble into cash at face value on demand. An effective
second loan transaction, namely the bank credits committee is to be appointed to popularize this
of which $50,000,000 has been definitely arranged issue among the workers. At a rough estimate,
and whose total will, it is expected, reach $150,000,- the capital wealth of the British Empire is £26,000,000, the collateral is war bonds, although bankers 000,000 ($130,000,000,000) and its yearly income
here interested in the transaction expressed a £4,000,000,000 ($20,000,000,000), Reginald Mcwillingness to accept British Government endorse- Kenna, Chancellor of the Exchequer, told an inment of the bills. The next loan, having two quirer in the House of Commons on Tuesday.
large ones already in advance of it, will unquestionably, as is usual in the banking practice, reEvidence seems to be increasing of the movement
quire stronger collateral. Nothing could be more toward the English Stock Exchanges of the large
available nor acceptable than our own securities. profits that are being made on war contracts in
While there have been very active sales by foreign England. There also is evidence of investments reholders of our securities ever since the war began, it is sulting from the prosperity of labor in the form of
nevertheless a fact that a large volume still remains high wages and active work that is becoming so obabroad, especially in the hands of the English banks vious. The abandonment of minimum prices means,
and insurance companies. Estimates have varied of course, liquidation (at large losses from pre-war
very greatly as to the volume of the foreign holdings prices, it is true) of stocks and bonds that have until
of these securities. In a compilation made about now been unavailable for sale. This, it is expected,
1910 by Sir George Paish of the London "Statist," will result in increased activity on the London Stock
the total foreign holdings of American securities was Exchange. Already there has been quite a sensaplace at about $6,000,000,000, of which more than tional speculative movement in oil and rubber stocks.
half—to be more specific, $3,500,000,000—were The more favorable character of the news from the
credited to Great Britain. An estimate published Balkans has been a stimulating feature on the Lonlast June by Mr. Loree, President of the Baltimore don market during the week's closing days. On the
& Ohio Ry.,based on official reports from the various other hand, the scheme to mobilize American securirailroads as of the preceding December, showed the ties has not been favorably regarded, according to a
holdings of securities of all American lines abroad to responsible London correspondent, since it will tend,
be about $2,500,000,000, and he estimated, though it is argued,to restrict the volume of business on the
without presenting definite data, that an addition of Exchange. It is intended that the Government's
$500,000,000 should be made for American industrial plan shall be extended to other classes of securities,
securities in the hands of foreign holders, thus bring- such, for instance, as South Americans. Brazilian
ing the total up to $3,000,000,000. These figures, bonds have been in improved demand, based on
of course,do not include holdings in smaller corpora- rumors that the Bank of Brazil has formulated a plan
tions, in mining and farm developments, &c. We to steady exchange, which yesterday closed at
understand that President Loree is at present at 12 5-16d. Bar silver in London on Wednesday adwork on a new compilation of railroad holdings, and advanced 4d. to 263d. per ounce and closed yester7
the results of his investigations will be of interest as day at 27d., the highest point since Aug. 30 1914,
Nov. 27 1915.]
THE CHRONICLE
due to small offerings and the reduced supplies in
London which were estimated at 7,000,000 ounces.
China shows no disposition to sell silver, and with
the English Mint and India buying, supplemented
by Continental orders, the price is steadily rising.
The new French loan was duly announced on
Thursday. Subscriptions will close Dec. 15. As
predicted, the issue price is 88, yielding 5.68%
free from income tax and 5.73% if fully paid up
immediately. The Government undertakes not to
reduce the issue price by conversions during the next
fifteen years. Part of the new loan is to be placed in
England. There have been no definite announcements as to the volume of subscriptions received thus
far, though, as pointed out by Yves Guyot, the wellknown French journalist, in a cable to the "Tribune,"
the patriotic sentiment which has induced the French
to change over $200,000,000 gold for bills at the
Bank of France may be depended on to cause many
to subscribe to the loan. Furthermore, the French
favor investments at fixed interest because they have
habitually enjoyed living on such revenue. "One
never finds them," the correspondent continues, "investing more than a part of their capital in industrial
stocks with varying revenues, their first preoccupation being the certainty of a fixed annual sum. The
State loan guarantees their revenues. It is certain
that the French Government will continue to pay
interest at the minimum rate of 5.68% until 1931,
which is the earliest possible date for conversion.
Never could a Frenchman aspire to such a high interest from stock s9 sure. The people had stopped
buying French rentes because they found the interest
too low—hence the many investments in foreign
Government bonds—but the present loan offers interest superior even to the latter. Finally, the
French remember two 5% loans. The first in 1871
at 82.50 and the second in 1883 at 84.50 in the aftermath of the great defeat. From Sept. 7 1874 the
5% bonds were 100.50. On March 13 1877 they
reached 108.70, on Oct. 25 1880 120.85,
and on March 25 1881 121.20. Even after the
panic of 1882 the lowest price—in 1883— was
107.65."
The first subscription to the new loan was for
500,000 francs ($100,000). This was followed by
one for 200,000 francs and two for 300,000 francs
each. The greatest amount subscribed by a single
individual Thursday was5,000,000francs($1,000,000)
and all the formalities connected with it were completed in six minutes, which, quoting press association accounts, is a speed record for a French official
transaction, and furnishes evidence of the energy of
M. Ribot, who organized the issue, and by resorting
to business methods made the utmost of the confidence felt by the French people and of his personal
prestige. Everywhere in France public meetings
were held and resolutions were adopted calling for
generous subscriptions. The first presentation of the
special loan films in the moving picture theatres was
greeted with cries of "Vive La France." Co-operative societies of all kinds, which are numerous, and
strong in France, met in various cities and sent complimentary addresses to M. Ribot. The Government employees in the different Departments and
the labor unions have formally promised to give the
nation all their available funds. The railroad employees' union has subscribed 1,000,000 francs.
General Joffre, Commander-in-Chief of the French
1749
forces, on Thursday issued this general order to the
army:
"On Nov. 25 France issues a great loan to provide
funds for expenditure on the national defence. All
the appeals she has made since the beginning of the
war have had ready response. This because every
one knows the riches of France; because every one
has confidence in her destinies and a favorable termination of the struggle.
"All those who subscribe fulfill the duty of a good
Frenchman. They also will find their advantage in
it. Who ever pays in 87.25 francs will receive an
obligation bearing 5 francs interest annually, an investment in French bonds at 5.73 per cent.
"You have doubtless heard your parents recall the
terrible hours of 1870. After that war there was a
loan for the liberation of territory. This time,
thanks to your efforts, it will be, as the Minister of
Finance has said,`the loan of victory.' Think about
all that. Write about it to your relatives and the
friends that you left behind at your birthplace. Tell
them that to subscribe to the loan is to serve France;
that it is to fight for her with you; that it is to give
you the most effective aid possible at the present
time, and that it is to assure your future and that of
your children."
Cable advices from Paris state that it is estimated
in financial circles that the first day's subscriptions
in Paris alone exceeded 25,000,000,000 francs
($5,000,000,000). The Bank of France alone estimated that it had received subscriptions of 13,000,000,000 francs ($2,600,000,000). The Minister of
Finance, Alexandre Ribot, introduced in the Chamber of Deputies yesterday a bill appropriating
8,172,000,000 francs ($1,634,000,000) for the first
quarter of 1916. In a memorandum attached to the
bill M. Ribot says:
"The financial situation has nothing disquieting
in it when it is considered that we have met all
demands, heavy as they have been, in sixteen months
of war, without imposing new burdens of taxation
and without affecting our credit. The Bank of
France for the first time has just opened subscriptions for a loan which, with the national defense
bonds, will assure resources for the ensuing months.
"We can contemplate the future with perfect confidence, assured as we are of the unshakable will of
the country to spare no effort, no sacrifice, to obtain
final victory."
Dr. Tontshev, Bulgarian' Minister of Finance,
who is in Germany, has, it is reported from Berlin
by cable, arranged for another war loan from German banks to the Bulgarian Government. The
amount is not named. The Bulgarian official declared that his country wanted no Greek territory
and that Greece is well aware of this fact. The
arrival in Berlin of the first consignment of cereals
from the Balkans is announced in the "Vossische
Zeitung" of that city. A Constantinople dispatch
says regular shipments of foodstuffs, especially
grain to Germany and Austria from the Balkans,
began on Tuesday. The Belgian Ministers of
of Finance and Justice are on their way to New
York, it is reported, to arrange a loan, despite the
fact that all Belgium, save a small aroit., in the
extreme northwest, is held by Germans. it is
announced that subscriptions to the third Hungarian war loan reached a total of 2,000,000,000
crowns ($400,000,000), or 900,000,000 crowns more
than the second war loan. The cost to the end of
October of guarding Swiss neutrality was 255,000,000
francs ($51,000,000). This figure is given in an
official statement which has just been issued at
1750
THE CHRONICLE
[VOL. 101.
BANK OF ENGLAND'S COMPARATIVE STATEMENT.
Berne regarding expenses entailed by mobilizing
1913.
1912.
1911.
1915.
1914.
Nov. 24.
Nov. 25.
Nov. 29.
Nov. 26.
Nov. 27.
the army and keeping it in the field. The Swiss
treasury estimates that if the war should continue Circulation
33,301,000 35,314,865 28,416,365 28,311,835 28,731,960
deposits
52,148,000 18,691,374 9,749,254 13,179,627 12,128,431
until it has been in progress for two years the ex- Publicdeposits
Other
84,649,000 156,462,997 40,724,468 41,753,316 40,618,588
18,895,000 26,285,717 11,184,993 13,034,576 14,437,210
penses for maintaining the Swiss army will be be- Gov't securities
Other securities_
98,016,000 111,315,710 29,591,342 31,760,724 28,911,031
tween 350,000,000 and 400,000,000 francs. Switzer- Reserve notes&coin 37,605,000 55,358,067 27,456,243 27,924,435 27,075,283
Coin and bullion__ _
land, accordingly, must raise 40,000,000 francs Proportion of reserve 52,457,046 72,222,932 37,422,608 37,786,270 37,357,243
27.49%
31.63%
54.38%
50.38%
51.38%
annually in excess of her present revenues in order to liabilities
4%
Bank rate
5%
5%
5%
5%
to pay off amounts .borrowed for military purposes.
The Government proposes among other taxes .to
The weekly statement of the Bank of France regisraise 25,000,000 francs additional to the present tax
tered an increase of 28,076,000 francs in the gold
annually from imposts on tobacco.
holdings and a decrease of 692,000 francs in silver.
Official bank rates at the leading foreign centers Note circulation showed a further expansion of
have not been changed this week despite rumors 67,636,000 francs, general deposits an increase of
that were current on Monday and Tuesday that 54,269,000 francs, bills discounted an increase of
the Bank of England governors had decided on a 13,528,000 francs, and Treasury deposits a decrease
532% minimum. The quotations are London 5%, of 13,424,000 francs. The Bank's gold holdings
Paris 5%, Berlin 5%, Vienna 5% and Copenhagen amount now to 4,835,110,000 francs; one year ago
5%. In Italy, Norway, Sweden and Portugal the they were 4,141,350,000 francs, and at the corresrate is 532%, in Russia it is 6% and in Switzerland, ponding date in 1913, 3,526,100,000 francs. Silver
Holland and Spain it is 432%. The open market showed a total of 362,856,000 francs, against 625,rate in London closed at 53 for both long and short 825,000 francs and 643,025,000 francs one and two
bills, which is compared with 53s@5% indiscrimin- years ago, respectively. General deposits aggregate
ately for 60 or 90 day bills a week ago. Day to day 2,617,209,000 francs, against only 947,571,861 francs
funds at the British center remain without net in 1914 and 805,088,328 francs in 1913. Discounts
change from last week's quotations of 4 @434%. aggregate 2,192,794,000 francs; one year ago they
The London money situation, however, is a firm were 2,454,280,425 francs and two years ago 1,596,one. Arrangements have been made by the British 578,664 francs. Treasury deposits are 48,689,000
Treasury officials, as a result of the hardening in francs against 382,561,817 francs in 1914 and 308,money and discount rates, to borrow from the lead- 402,137 francs in the year preceding. The Bank of
ing banks for short periods instead of a month. A France immediately after the war began last year,
private bank discount rate of 434% is reported from suspended publication of its weekly statement and
Berlin; otherwise the private rates at the Continental did not resume until Feb. 4 1915; hence, no closer
than
centers are subject to negotiations based on the comparison with the 1914 figures is available
of July 30 that year. These are the figures used in
Bank rates.
the foregoing comparisons.
The weekly statement of the Bank of England
The Imperial Bank of Germany in its report as of
once again shows a decrease in the bullion item, this
Nov. 20, shows an increase in gold of 1,562,000
time of £1,112,620. There was an increase of
£288,000 in note circulation; hence the reserve de- marks, in deposits of 173,466,000 marks, and discrease, £1,400,000. Other securities (loans) de- counts of 346,477,000 marks. The decrease in the
clined 0,645,000, public deposits increased L1,- metal stock, treasury certificates and notes of other
967,000, other deposits decreased £7,027,000 and banks was 231,299,000 marks; loans decreased
notes reserved decreased £1,406,000. The propor- 3,418,000 marks, treasury bills decreased 1,828,000
tion of the Bank's reserves to liabilities this week is marks and note circulation decreased 68,077,000
the same as a week ago, namely 27.49%, which marks. The Bank's gold now stands at 2,434,764,compares with 31.60 rate at this date a year ago and 000 marks, against 1,949,000,000 marks a year ago.
54.38% the rate two years ago. The gold holdings Discounts aggregate 4,666,794,000 marks against
of Threadneedle Street now total £52,457,046, 2,887,000,000 marks; treasury notes stand at 879,against £72,222,932 at this date one year ago.and 082,000 marks against 600,000,000 marks; circula£37,422,608 in 1913. The reserve stands at 07,- tion outstanding is 5,764,901,000 marks against
605,000, against £55,358,067 and £27,456,243 one 4,009,000,000 marks, and deposits are 1,570,054,000
and two years ago respectively, and loans aggregate marks against 1,416,000,000 marks.
£98,016,000, against £111,315,710 and £29,591,342.
The money situation remains without quotable
Our special correspondent furnishes the following
details by cable of the gold movement into and out change. The Anglo-French loan commissioners havof the Bank for the Bank week: Inflow, 0,565,000 ing issued their call for a second installment from
(of which £1,600,000 foreign gold coin and £853,000 the banks of the country of their holdings of the
bar gold bought in the open market, £75,000 re- recent loan, funds are coming to New York freely.
leased from Egyptian account and 07,000 received On the other hand, it has been learned that some
from the Straits); outflow, 0,678,000 (of which large payments have this week been made for war
£1,370,000 exported to the United States, £57,000 to munitions to out-of-town manufacturers on behalf
Canada, £220,000 to South America, £500,000 to of the Allied Governments. Rates asked by lenders
Spain, £100,000 to Japan, £100,000 earmarked are without important change. Funds extending
Egypt, £25,000 to the Straits, £50,000 to Switzer- as far as six months are available in exceptional inland and £1,256,000 net sent to the interior of Great stances at 2%%, and some business has been reBritain). We add a tabular statement comparing ported this week on that basis. The bank statement
for the last five years the different items in the Bank of last Saturday indicated a decrease of $170,410
of England return)
in the surplus reserve (reserve requirements having
ktoT. 271915.)
THE CHRONICLE
increased $430,410, as a result of increased deposits)
to $193,674,960. Comparisons are now available
with the new form of bank statement that came into
operation with the inauguration of the Federal
Reserve banks a year ago. The surplus above
requirements at that time was $176,830,000. The
loans for the week are $8,752,000 higher; demand
deposits increased $5,442,000 and time deposits
increased $723,000. There was an expansion of
$564,000 in note circulation. Reserves in "own
vaults" increased $4,060,000 to $537,138,000 (including $478,531,000 in specie). Reserve in Federal
Reserve banks decreased $8,139,000 to $160,892,000
and reserves in other depositaries increased $4,339,000 to $52,880,000, making the total net increase
in the aggregate reserve $260,000 to $750,910,000.
The bank statement in greater detail appears on a
subsequent page of the "Chronicle."
Referring to money rates in detail, demand loans
have each day this week (except on Thursday, the
holiday) covered a range of 19@2%, and the ruling
figure has not varied from 1%%. Time money
quotations at the close are 231@23/2%for,sixty days
(unchanged for the week); 2%% for ninety days
(unchanged), and 2%@3% for four, five and six
months' maturities (unchanged). A year ago all
maturities were 49@5%. Commercial paper is
offering very sparingly, but buyers are not naming
more favorable terms than ruled last week, closing
figures being 29@3% (unchanged for the week) for
sixty and ninety days endorsed bills receivable and
for six months' single names of choice character.
Names not so well known require 4 to
3
additional. Bankers' acceptances are 2% for sixty and
23.i% for ninety-day maturities. No changes of importance have been reported in the discount rate of
the Federal Reserve banks this week.
Minneapolis.
New York.
CLASS
OF
REDISCOUNTS.
Boston.
FEDERAL RESERVE BANS DISCOUNT RATES.
g
s: 1
iz u
Commercial Paper
1 to 10 days maturity
"
11 to 30
"
31 to 60 "
"
31 to 90 "
Agricultural and
Live-Stock Paper
31 days to 6 months maturity
3
4
4
4
3
4
4
4
3
4
4
4
5
5
4% 5 5
Trade Acceptances
1 to 10 days maturity
II to 60
"
31 to 90 "
334 334. 3
33.4 334 3
334 334 3
834
4
4
434
4
4
4
4
t:'4
4
4
4
4
4
4
4
434
8
4
4
4
4
4
4
434
4
4
4
4
4
4
4
4
5
5
5
5
5
434 6
8
334
4
434
334 334 334 _ 334 _ 334 334 3
334 331 334 .... 334 ___ 334 334 3
4 4 334 --- 334 — 354 4 334
Commodity Paper
___ 3 3 .... 3 3 3 3 334
354 _ 3
1 to 30 days maturity
334 ___ 3
__.3 3
__.3 3 3 3 4
31 to 60
.6
___ 3
_..3 3 --.3333434
31 to 90 "
31 days to 6 months maturity --------------------------------- 5
--Authorized rate for discount of bankers acceptances. 2 to 4%.
Sterling exchange rates have just about been maintained this week. The aggressive strength which
became such a prominent feature toward the close
of last week has lost much of its force, however, the
market having adopted what may be termed a waiting attitude. The supply of bills was quite liberal,
and required a substantial buying power to neutralize
its influence. A definite acceptance of the terms of
the new American credit for English banks has come
from London, and the necessary agreements on the
part of the eight large English banks to which the
credit is to be granted have, it is understood, been
definitely signed. The credit is a six months' one,
bearing 432% interest, and secured by a deposit in
the Bank of England of £11,000,000 British Government bonds. The arrangements provide that the
1751
credit will be drawn in dollars, and as the eight banks
in Great Britain desire to make payments for their
clients in this country, they will call upon the New
York banks for a certain amount of the credit which
has been arranged through this transaction. A subcommittee which has been appointed will have charge
of the foreign exchange transactions that may be
necessary in connection with the plan. Thus far
the transaction involves a total of only $50,000,000.
No arrangements have been made for its renewal at
the end of the six months' period. The understanding is, however, that an additional $100,000,000 in
the form of separate transactions, will follow as
needed. As to the question of how soon the latter
contingency will arise, there seems slight basis for
difference of opinion. The export figures contain
what is undoubtedly an accurate answer in this respect. Last week's total exportations of merchandise through the leading customs districts as reported
by the Department of Commerce, showed a total of
$87,997,794, or an excess over the importations
through the same districts of $58,585,420, or approximately $10,000,000 each day. Gold, it is true, is
coming forward by almost every incoming English
mail steamer. But the imports of the precious metal
are inconsiderable in comparison with the requirements of export balances. We have already referred
in a preceding paragraph to the movement on the
part of the British Treasury to mobilize the American
securities that are still in the hands of English holders.
This, as we have shown, seems merely a form of preparatory work for still another loan to be granted by
this country to the British banks or British Government. The fact that the Anglo-French loan commissioners have already found it necessary to call for
two installments of the $500,000,000 subscribed, presents a rather accurate indication of the rapidity with
which this fund is being expended for war supplies.
The outward movement of ammunition and general
munitions is now in full swing, and, in the opinion
of. competent sterling exchange authorities, the payments from now on should increase rather than decrease. This may render the foreign exchange situation acute again before long, and require arrangements for additional funds. Thus far the higher
discount rates in Lombard Street have exerted slight
influence as a factor in sustaining the rates of exchange. Negotiations are reported for a $60,000,000
loan by American banking interests to the Russian
Government. The gold importations this week have
included $7,000,000 on the steamship Lapland,
$8,750,000 on the St. Paul and about $2,500,000 on
the steamer Finland.
Compared with Friday of last week, sterling exchange on Saturday was slightly easier for demand
and cable transfers which declined to 4 693'@4 691
4
and 4 69%@4 70, respectively; sixty days remained
unchanged at 4 6534@4 653/2. On Monday the
usual week-end accumulation of bills caused weakness
at the opening, but later buying by a prominent international banking house brought about a rally,
although trading throughout was not active; the
range for demand was 4 68 13-16@4 69%, cable
transfers at 4 69 9-16@4 703 and sixty days at
%
4 653/©4 66. Further strength was induced on
Tuesday by continued buying by banking interests,
together with additional imports of gold; demand advanced to 4 70@4 7034, cable transfers to 4 70V1@
,
4 71 and sixty days to 4 6634@4 67. Wednesday's
1752
THE CHRONICLE
[VOL. 101.
bility of somewhat altered circumstances in the matter of legislation. But far more important than the
mere status of party pluralities is the fact of the new
aspects of the general situation with which the Sixtyfourth Congress will be confronted. One has only to
recall the position of affairs at the beginning of last
March and contrast it with that which now exists.
The German submarine campaign had not then actively begun. The attacks on the Lusitania and the
Arabic, and the resultant critical diplomatic relations
between our Government and Germany, have all
occurred during the intervening period. The series
of attacks on our munitions enterprises belong also
to that interval. The fortunes of the European war
itself have shifted rapidly in the nine months since
the adjournment of Congress in the spring. Questions affecting vitally our relations with the outside
world, and raised inevitably by the events of the
past nine months, have been handled exclusively
and without interference by the Executive.
We do not undertake to forecast the possibility of
an exhibition in Congress of that aggressive spirit
of partisanship with a single belligerent Power which
has of late become noticeable in private organizations.
Some expressions of sympathies of the sort had occurred, even in Congress, before the spring adjournment. But the trend of discussion in the next Congress. can, we suppose, do little more than reflect
the actual feeling of the American people as a whole.
Their attitude, in our judgment, is one which would
give little scope for attempts, in Congress or elsewhere, to draw lines of political division in our home
affairs, on the basis of sympathy with either side in
The New York Clearing-House banks, in their op- the European conflict.
erations with interior banking institutions, have
But other changes also have come about since the
gained $2,066,000 net in cash as a result of the cur- fourth of March. The altered financial and ecorency movements for the week ending Nov. 26. nomic condition of the United States itself is a very
Their receipts from the interior have aggregated $6,which must have its influence
961,000, while the shipments have reached $4,895,- striking phenomenon,
the even in Congressional controversies. Still more im000. Adding the Sub-Treasury operations and
gold imports, which together occasioned a gain of portant, it is in this intervening period that the ag$10,479,000, the combined result of the flow of gressive and widespread discussion of a largely inmoney into and out of the New York banks for the creased military and naval armament for the United
week appears to have been a gain of $12,545,000, as States has arisen. This last development is one
follows:
whose actual significance it is still difficult to measure.
Net Change in
Out of
Into
Week ending Nov. 26.
Bank Holdings.
In one respect, it has a curious bearing on certain
Banks.
Banks.
war,
$4,895,000 Gain $2,066,000 predictions, prevalent at the outbreak of the
$6,961,000
Banks' interior movement
23,339.000 Gain 10,479,000
33,818,000
Sub-Treas. oper. and gold imports
that this vastly destructive conflict
to the effect
340.779.000 528.234.000 Gain 312.545.000
Total
would result in a stimulus, the world over, to the
The following table indicates the amount of bullion propaganda for limiting increase in the armed forces
, in the principal European banks:
of the several nations—a movement commonly, deNovember 26 1914.
scribed as "disarmament." It has never been wholly
November 25 1915.
Banks of
Total.
Silver.
Gold.
clear just how that desirable result was to be brought
Total.
Silver.
Gold.
2
2
2
about as a consequence of the war. It was possible,
2
72,222,932
/72,222,932
52,457,046.
England.._ 52,457,046
164,880,000 13,160,000 178,040,000 indeed, to argue that the inevitable sequel of this war
France...._ 193,407,720 14,461,560207,869,280
2,249,150 99,683,450
Germany _ 121,485,650 1,719,750 123,205,400 97,434,300 4,264,000 180,736,000
l increase, not a decrease, in
Russia _ _ _ 163,385,000 2,459,000 165,844,000 176,472,000 12,140,000 63,718,000 would be an eventua
Aus.-Hunc 51,578,000 12,140,000 63,718,000 51,578,000 27,827,000 60,244,000
Such an inference,
_ 33,330,000 29,764,000 63,094,600 22,417,000 2,500,000 49,323,000 preparation for future conflicts.
Spain _ _ _
*45,598,000 4,445,000 50,043,000 46,823,000
Italy
132,200 14,489,200
247,700 34,214,700 14,357,000
though plausibly enough based on England's heavy
Netherl'ds 33,967,000
600,000 15,980,000
600,000 15,980,000 15,380,000
Nat.Belgh 15,380,000
9,695,100
9,860,100 9,695,100
through its lack of the military
Switzland 9,860,100
5,781,000 handicap in this war
6,298,000 5,781,000
Sweden _ _ 6,298,000
165,000 4,025,000
and on the misfor247,000 6,164,000 3,860,000
Denmark_ 5,917,000
2,265,000 system of the Continental States,
3,760,000 2,265,000
Norway..- 3,760,000
European belligerents, will
63,037,350 746,202,682 tunes of the weaker
Tot. week 736,423,516 66.084,010,802,507,526 683,165,332 62,753,350 751,936,692
Prey.week 735,251,997 65,523,1001800,775,097 689,183,342
naturally have to await the actual ending of the war,
* Oct. 10.
years.
c July 30 1914 in both years. h Aug.6 1914 in both
when the question will be determined by conditions
then existing. But it is at least a curious sidelight, on
THE ISSUE OF "PREPAREDNESS."
the theory of an era of disarmement immediately beThe approaching session of Congress, beginning the
an fore us, that even before the European war itself is
first week of DeceMber, will for many reasons be
settled, the trend of feeling outside of belligerent
interesting event. For one thing, the Democratic
Europe should have led to urgent discussion, in the
plurality over the Republicans, which was 167 in the
most powerful neutral State, of the necessity that
Congress whose term expired on the 4th of last March,
this neutral Government itself shall arm for future
will be replaced by a plurality of only 40 in the new emergencies.
Congress. This of itself would point to the possimarket was essentially a pre-holiday one; very little
business was transacted and the undertone showed
slight recessions, with the range 4 699'@4 70 for
demand, 4 70%@4 70% for cable transfers and
4 663/@4 669 for sixty days. Thursday was a
holiday. On Friday the market ruled easy, with
cable transfers at 4 70@
demand at 4 693@4
.
sixty days at 4 6631@4 663. Closing
4 703, and
quotations were 4 663j for sixty days, 4 69 7-16 for
demand and 4 70 3-16 for cable transfers. Commer4,
cial on banks closed at 4 69@4 691 documents for
payment finished at 4 64%@4 65, and seven-day
grain bills at 4 68%@4 68%. Cotton for payment
closed at 4 69@4 69%; grain for payment 4 69@
4 693.
The Continental exchanges have been more or less
irregular. Sterling checks in Paris finished at
27.873/ francs, comparing with 27.83 francs a week
ago. The Paris check rate in New York closed
at 5 893/b and cable transfers at 5 893/2, against 5 91
and 5 903 a week ago, respectively. Sight bills on
Berlin closed % lower at 803/ and cable transfers
1
likewise 4 lower at 80 9-16. Swiss exchange finished at 5 33 for sight and 5 32 for cables, against
5 32 and 5 31. Bankers' checks on Amsterdam are
41% and cables 42, against 41% and 41%. Italian
lire are 6 50 for sight and 6 49 for cables,against
6 469j and 6 45%. Greek exchange is on the basis
of 5 153.1 for checks as against 5 1531 last week.
Copenhagen are 27.15 against 27.05 and bankers'
• sight bills on Norway and Sweden are 27.20 against
2
26.95. Russian rubles are 323/@32% for sight,
against 333'.
Nov. 27 1915.)
TIIE CHRONICLE
1753
The political doctrine, described in somewhat un- our navy—which, after all has been said, even the
couth English as "preparedness," is certain to hold serious advocates of a bigger armament admit
a considerable place in the deliberations of Congress. to be to-day one of the most formidable weapons of
For the general idea to which the word refers, there defence possessed by any government in the world.
All of these questions, discussed from every point
seems to be a very strong sentiment of approval among
the majority of the American people. If there were no of view, will doubtless come up before a committee
other proof of this, the rather complete volte-face of of Congress in the approaching session, and will
President Wilson from his original position on the figure in the debates of Congress itself. We do
matter to the position stated in his Manhattan Club not know that there is anything to regret in this.
speech, would be proof enough. Mr. Wilson has With all its obvious shortcomings, that kind of
shown many signs of ability to discern the drift of ventilation of a controverted question is the only
popular opinion, and in this case he almost cer- practical means that a democracy has of marshalling
the expert evidence on both sides of the controversy,
tainly yielded to it as a political necessity.
down in details, and turning on each side the crossfire of the criticism
But as to exactly what policy, set
the United States ought to pursue, it is difficult to submitted by the other. But we certainly hope,
obtain, even from the advocates of "preparedness," in common with all intelligent and public-minded
any intelligible idea. President Wilson has one citizens, that the inquiry will be undertaken in no
conception of the necessities of the case; Secre- mood of senseless panic. For confidence that there
tary Garrison a somewhat different one; the "Secur- will be no such absurd approach to a problem inity League" another; Mr. Roosevelt and the military volving not only the political traditions of our
enthusiasts yet another. What the general public country, but exceedingly complicated problems of
unreservedly approves of, when it expresses ap- revenue and taxation which would be involved,
proval of the doctrine of "preparedness," is a matter there is fortunately abundant ground in the divided
of pure guesswork. Any one accustomed to gather opinions of.our legislators.
the opinions of his personal acquaintances on a
WITHOUT GOVERNMENT
public question will agree with us that the word, PROMOTING TRADE
INITIATIVE.
and the concrete proposals to which it relates, are
A very notable, if not the most notable, domestic
interpreted in a dozen different ways by as many
event of the week is the formal announcement and
different people.
On the general proposition that the United States chartering of the American International Corporashould place itself in readiness for defense against tion, intended for doing and promoting American
the
any enemy likely to make a military or naval attack trade in foreign countries. The breadth of
that perhaps an outcry khat here
upon it, and able to make that attack effective, there charter is so great
Wal be pre,will, we suppose, be no difference of opinion what- is a lurking danger of too great Buccepv
personsTA° have professed
raised by the s
ever. The crux of the discussion comes when the sently
'goVernment in the breadth and
practical questions are put: Who is likely to attack to see dan
enevolent foundations. With some
perma,nenc
us? What opportunity would he have for a successhich is
ful invasion? How far are our navy and army, things excepted expressly, the charter—w
rs entering
as at present constituted, capable of resisting such given in full on a subsequent page—cove
attack? And if they are not thus capable, how into financial dealings; acquiring franchises; searchmuch of additional naval and military force would ing out and acquiring material properties; culbe adequate to serve the purpose? It is undoubted- tivating, producing, selling; doing "a general meron
ly the events of the European war—the helplessness cantile and commercial business," anywhere
the globe; owning hotels, stores, and many other
of Belgium under a sudden and secretly planned
incursion, the slowness of England to put the neces- buildings; operating with electricity, and doing such
sary armies in the field, and, in general, the evidence varied things otherwise that substantially the
that the nation in the highest state of preparation corporation is chartered to do everything which
for war gained the greatest advantage at the outset seems desirable in trade and industry.
Of a concern with such abundant financial backing
—which have made many Americans consider these
and taken hold 'of by men of such proved business
questions more seriously than before.
assured in adThe result of such consideration, under such ability some things can be taken as
to be vance. It is started for business, and it will move
circumstances, was almost certainly bound
incidental human
a feeling that our army needed at least some general on business lines, albeit some
will be no nonsense
plan of larger organization in a conceivable emer- errors must be expected. There
in it, and only
gency, which might be promptly utilized in the about it. There will be no "politics"
nepotism; efficiency will be the test
event, whether probable or improbable, that such the minimum of
an emergency would arise. But that the possible by which the persons engaged in it will have to prove
emergency would be such as to warrant any approach themsleves. It will have its own budget, and it will
to such measures as compulsory military service keep a set of books which will exhibit the facts
or universal conscription—the country as a whole clear-cut and not allow waste in one department
has at no time, in our opinion, entertained even to ride on and hide itself behind the work of some
momentarily such a notion. People who have even other. In this it will be in contrast with the operaof
tentatively advocated such policies as this have tions of government; moreover, the formation
shows anew the superiority of private
simply allowed themselves to be swept into a panic this concern
for
over "Prussian militarism" and its supposedly in- effort and the absurdity of asking or waiting
government to "do something for" business. Busievitable results. They have simply dismissed from
y when
mind all such eminently practical considerations, ness will respond to call and seize opportunit
al possibilities, the time comes; it needs only to be let alone and to
even in the discussion of hypothetic
interas our distance from Europe, our relations with feel reasonably safe against governmental
Canada and England, our immense population, and ference.
1754
THE CHRONICLE
[vol. 101.
This is an answer to those who have been fidget- Treaties of peace are mostly the completion or
ing, in Washington and elsewhere, over the trade aggravation of crimes.
prospects of the country; if the business men and
He noticed in particular the change that has
interests in the country had not intelligence, courage taken place in several important relations since the
and initiative enough to take care of trade neither close of the eighteenth century; one is in regard to
Congress nor the Executive Mansion could supply indemnities. No nation may be altogether free in
the lack. Here is an answer also to the cry that the past from the reproach of exacting hard terms,
government must furnish the ships needed for but none has so constantly pressed her demands as
foreign trade; the charter of this company does Prussia from the days of the Great Elector. Sweden,
exclude "the business or powers of a transportation Poland, 'Austria, Denmark, several of the smaller
corporation," but the ships (and probably the flag German States, and France, each in turn has sufwith them) will follow the trade when the trade fered. She took Silesia from Austria in the sevencalls for them.
teenth century; but for England, she would have
This movement is not to be "educational," yet it seized Saxony in 1815, when she absorbed the
can hardly avoid teaching exporters that a mistake Rhine provinces. She took Schleswig-Holstein from
has been made heretofore in not closely studying Denmark in 1864; absorbed Hesse and Hanover in
the habits of foreigners (especially Orientals) in 1866, and exacted an indemnity of five milliards
such details as labels and packing and in not seek- with Alsace and Lorraine from France in 1870. In
ing enough to ascertain what the customer "wants." some cases the acquisitions had the ground of legality
Some deference will naturally be paid to the im- and more or less of justification. Here only the
portant matter of credits, especially in South facts are noted. Von Ghentz, the German historian,
America, where somewhat slow settlement has be- says "Progressive aggrandizement became in a.
come a habit; in this it may naturally follow that the certain degree the constant political maxim of
corporation will bear an important part. Along the Prussia as the only means of maintaining her inline of education which no charter can prohibit or fluence and rule of self-preservation."
prevent, will come a better understanding of the
The change in practice which this means is evinature of trade. American trade "in" foreign denced in Burke's reply to Fox when the latter had
countries is necessarily trade "with" them, and this claimed that every State on the conclusion of a
means imports to offset exports—the correction of war has a right to avail itself of its conquests toward
the fallacy that we can perpetually send out our indemnification. "This principle," Burke said,
"is
surplus products and get gold in return. We can- totally contrary to a policy which England has
not; goods must pay for goods, even if the goods pursued with France at various periods, particularly
must take a somewhat circuitous route or go at not at the treaty of Ryswick in the last century and at
the highest possible advantage to their owners.
the treaty of Aix-la-Chapelle in this. Whatever
Trading is to be coupled with—and to be predeced the merits of his rule niay be in the eyes of neutral
and enlarged by—exploration and development. judges, it is a rule that no State before him ever laid
The exploration of the natural resources of South down in favor of the adverse party with whom he
America, Central America and Russia (not to men- was to negotiate." To-day, the prospect of imtion other countries) means almost what a free posing an indemnity is held constantly over belimagination can see in it; the same may be said of ligerents, while war is going on. It takes the form
the very-embracing word "development," in irriga- of complete reimbursement of the expenses of the
tion, agriculture, mining, electricity, engineering victorious State, as in the Treaty of Vienna in 1864
and so on. Here is room for expansion.
and that of Prague in 1866; or of an additional fine,
While this movement has nothing to do with war as in the Treaty of Lhassa in the war between Engmunitions, it does arise in the opportunities which land and Thibet in 1904; or of a sum so large as to
war has offered. Its consequences will long outlast be likely to impoverish the payer, measured only
the war; and while our hearts are burdened and our by the resources of the conquered country—a sum
view of the future is darkened by the awful upheaval called an indemnity, but which is in fact booty,
there is a possible note of comfort also; for, con- as in the Treaty of Frankfurt, in which Bismarck
ceivably, this may make the globe smaller and may demanded of France six milliards, but was finally
cause commerce to take larger steps forward as the persuaded to be content with five, of which not
forerunner of civilization.
more than three could possibly be regarded as
necessary to cover every possible charge incurred
PATRIOTISM AND PLUNDER.
by Germany as growing out of the war.
Sir John MacDonell, writing in the "Contemporary
This form of plunder has been enlarged more
Review" has recently called attention to the way in recently to cover excessive demands of every
kind
which the great historic treaties prove that "com- levied upon individuals as well as upon
towns and
pensation" in money or in territory after victory cities over-run by the victor during the
progress of
in war is a new thing.
the campaign, as in Belgium.
Treaties vary, of course, according to the race,
We learn that it has already advanced a stage
the degree of civilization and the moral standards further. Returning Americans who have been
of the parties to them. Limiting his inquiry chiefly residing in Switzerland report that since February
to modern treaties he points out that where the a German train arrives every afternoon bringing
war has been pursued with brutality and cruelty, five hundred French and Belgian exiles, mainly
brutality and cruelty will probably characterize women and children, with not an able-bodied
man
the terms of the treaty. Treaties are generally among them, evacuees they are called, en route
for
ruthless if, after large sacrifices, the war has ended France. They are in the worst stage of
destitution,
in complete ctory for one of the belligerents. as they have been routed from their homes
with
The majority
them show no signs of chivalry, the shortest possible notice. The Swiss people
forebearance
enerosity to the vanquished. show them great kindness, meeting them with coffee
Nov. 27 1915.]
THE CHRONICLE
1755
and food, bathing the babies, taking the sick to the I mutual interests which ought to be seized upon to
hospital and supplying the most needed articles establish free intercourse and enduring goodwill,
of clothing. They are put upon the evening train are perverted into instruments of offence. Self
for Geneva, Swiss nurses traveling with them aggrandizement with opportunity for unlimited
through the night. From Geneva they are passed plunder, even to the extent of taking all that a
on to the French boundary at Annemasse, where neighboring State may possess of land and wealth
the French Government receives them and dis- and trade is dangled before the eyes of a military
tributes them chiefly in Southern France. They people in the form of patriotic appeal and of a proper
are in pitiful case, both because of the scenes they national development. The idea of empire is made
have witnessed, their utter ignorance of what has to take the place of nation and the divine right of
become of their menfolk and that they are going to lordship through military prowess is made to sucwhat is to them a strange land. More than one ceed the decadent divine right of king.
Perhaps the outcome of the present war will be
hundred thousand of them, it is said, have been
thus expatriated, the number now rising often to to show the modern world the path in which it is
a thousand a day. The ostensible reason for their being dragged. Certain it is that the policy to which
shipment is to remove them from danger. The the United States stands committed, of protecting
private German explanation is "we have learned lesser neighboring States, and of refusing all tempta4
wisdom from Alsace-Lorraine." The conquered tion to territorial aggrandizement at the cost of
territory of Belgium and northeastern France is other people, is directly antagonized to-day by the
already being prepared for re-peopling by Germans. spirit dominant in some of the nations of Europe,
The policy which in late years has been so steadily and is destined to have a leading place in the treaties
pursued in German Poland, but which has been waiting to be written, if civilization is not to be
made so difficult by the patriotic resistance of the definitely arrested or overthrown.
The new dignity and power of the French,as witPoles, is here to be applied in a way in which it
will not only meet no resistance, but be accepted as nessed in the loftiness of their spirit and their unnecessary and inevitable. The resources of the hesitating readiness for any sacrifice that will secure
conquered territory, in some respects the richest in the cause for which they are fighting, the liberty
Europe, for manufacture and agriculture, constitute of France and of Europe, which has so impressed
a prize so valuable that no room is to be left for every observer, is evidence that the war cannot
questioning its future ownership; that is, if the plan end without overthrowing this new policy of justified
goes through.
plunder.
The seriousness of this whole procedure, which
must be called a retrogression of civilization, and
BEARINGS AND BURDENS OF WAR.*
which now seems to be looked upon as inevitable in
The author of this very unusual work explains
modern warfare, appears when it is connected with that his best reason for publishing it is that since
the form which patriotism seems to be assuming. the South African war he has been an eager and
MacDonell points out that the great treaties of anxious student of war and armaments. "To inclose
earlier days, from that of Westphalia in the seven- in one small book (he says) an essay on the Political
teenth century, with which began the history of
Economy of war in general and another on the
modern Europe, to that of Vienna in 1815, had, with
political economy of the war which is desolating
all their limitations, a larger outlook than the
Western Europe is an act of boldness which claims
treaties of to-day. They recognized the political
the indulgence of critics." His hope "is by the
unity of Europe and had a common theory as to
first and second parts (on the Policy and Economics
how it should be maintained. They made the of War and on War Debts) to induce economists
attempt, at least, to look beyond the dispute of the
to read the third (on the Great War of 1914-15)
hour and to frame enduring settlements. Each
and by the third to induce business men and practreaty was regarded as part of a system. Usually
tical politicians to consult the first two." We
there was a promise to maintain the provisions
echo his hope. He has been unable to learn (and
of the early fundamental treaties and though there
we are not aware) of the existence of any formal
was constant selfishness, there was always evident treatise on the Political Economy of War; indeed,
the existence of a larger common policy than now the term as thus applied appears a sort of contraappears. The old ideal of a state of enduring diction. Etymologically, "economy" is house manequilibrium in Europe, a condition in which all agement, implying a somewhat successful endeavor
States, great or small, were permitted to live, has towards thrift and prosperity; with the adjective
well nigh disappeared. It threatens now to be prefixed, the contemplation is shifted to.the State.
distinctly denied.
But Adam Smith's rather paternalistic definition
The worst of it is that this latter policy is based
of it, as such, makes the business of the statesman
on an interpretation which is now given to patriotism.
or legislator to enable the people to support themThe idea that large masses of people should be left
selves and to supply to the State revenue for public
free to determine their fate, which has become the
purposes; "it proposes to enrich both the people
common creed of civilization, is disregarded when
and the sovereign." War, on the contrary, is the
modern States settle their frontiers. Opportunity reverse of economic; it is unprofitable consumption
won by force of arms is seized upon in the name of carried to the conceivable maximum, only leaving
national rights and in the interests of a proper something to revive and return to, and justifiable
patriotic demand, to swallow up any lesser people only as the unavoidable price of peace and progress.
and annex any contiguous territory. The State
So this work by the editor of the London "Econois made an end in itself. Racial elements are
mist" regards and exhibits it. In the century
carried over into political relations and the old following Waterloo, the development of arbitration,
identity of "alien" with "enemy" is revived. "Pro*"The Political Economy of War," by F. W. Hirst. Pages 328: price
tection" is used to cover envy and jealousy, and 5 shillings net. London and Toronto: J. M. Dent & Sons, Ltd.. 1915.
1756
THE CHRONICLE
of international law, and of conventions respecting
warfare "seemed to promise that the increasing
atrocity of the weapons would be compensated by
the improved rules of the game." But this has not
been realized. While the "Mare Liberum" of
Grotius (1608) "argued the high theme that the
sea is in its very nature insusceptible of private
ownership or monopoly, as being a grand international highway incapable of occupation," and
while privateering was abolished by the Declaration
of Paris, what has occurred in 1915, culminating in
the sinking of the Lusitania, "must have helped to
disillusion the blindest worshippers of Force," and
the subject of the security of non-combatants at
sea and the immunity of peaceful commerce is likely,
"when peace returns, to command more earnest and
practical attention than ever before."
In the history of the political economy of war,
remarks the author, "the year 1815 seemed to be a
sort of temporal boundary between an old world in
which war was the normal condition and a new
world in which peace was normal;" in 1895 the
average inhabitant of Europe and America was
better off than in 1855, and in 1855 he was far
better off than in 1815. One reason for the term
of comparative peace was the European exhaustion;
"for years," said Channing in 1829, "poverty kept
the peace in Europe," and a second cause was the
extension of profitable relations between countries.
But in the last quarter of the Nineteenth Century
the burden of armaments began in most countries
to outdo the growth of the general wealth. "The
armament tree has now grown until its leafy ramifications throw shadows over all the world; thus,
though the preparations for war are national, the
trade is international." War is therefore indispensable to the trade of armament concerns and to
the profits of their many shareholders. The ordinary economic theories are not applicable here.
As human beings get their wants supplied the
demand slackens; broadly speaking, they buy for
themselves, and not because others have the same
things. But the basis of armaments '(to somewhat
compact the author's interesting point made on
page 96) is that they are used by a State against a
State. When Argentina buys battleships, Brazil is
moved to buy more of them, and so on. Here,
supply increases demand instead of satisfying and
checking it. If an English concern supplies ships
or guns to other nations, this furnishes a reason for
a larger purchase by England in the next year;
whereas, "if an English firm sold boots to Austrian
or Italian merchants this would have no tendency
to increase the demand for boots in England."
We must restrain the inclination to quote, yet
a few figures must be taken as to the pilv of more
recent waste; one writer estimated that a Warbreaking out in 1896 would cost Germany, Austria,
Italy, France and Russia, combined, nearly 43i
millions sterling per day; in September of 1914, Mr.
Hirst estimated the daily exppnditure by the
Powers then involved at about •'10 millions; after
one year, he accepts the estimate that the five
countries first involved (Belgium not included here)
have sacrificed nearly 43 millions of men, economically valued at 1,795 millions sterling, while another
estimate is that 15 months of it will devour four
years of British and six years of German savings.
When it is over, says the author, the belligerent
governments will face a prodigious outlay for in
[VOL. 101.
terest on new debt and the huge pension-roll, and
they will face also "a gravely-diminished trade and
revenue." As to their alternatives :
"Thus they will be compelled either to repudiate
interest on their debt—which means the confiscation
of the property of their own subjects—or to compound with their creditors, or to make very heavy
additions to a scale of taxation which had already
become oppressive before the war, or finally they
will have to abandon by mutual consent the system
of conscription and be content for a long time to
come with a very small expenditure upon armies
and navies. The last of these methods alone offers
a tolerable prospect for Europe in the long years
of industrial and commercial depression that lie
ahead. But its adoption is very unlikely, unless,
indeed, the statesmen and diplomatists of Europe
have the wit to strive for a settlement which does
not sow the seeds of a future conflict."
Mr. Hirst is clearly not an optimist for "glory"
and national aggression. He sees that the terrible
price of administrative follies and mad ambitions
must be paid without abatement, yet the whole
truth is the kindest. In special chapters he shows,
and incidentally suggests on every page, that war
impoverishes because it destroys, and that it is
fallacious to plead that war circulates money and
reduces unemployment, that the people borrow
from themselves, and that there is a national gain
by indemnities obtained. The brief chapter on
indemnities is particularly noticeable, since it points
out the vital difference between results of taking
individual differences to the courts and national
differences to the battlefield. "The classic instance
of an indemnity" is that exacted of France in 1871,
and Mr. Hirst quotes, with implied though not
distinctly stated indorsement from several writers
who argue that, in the balance of considerations
involved, France actually gained and Germany lost
by that transaction. If this strikes the reader as
rather fantastic, take this sentence: "At the same
time, this extra supply of capital encouraged speculation and the starting of ill-considered enterprises
all over the country, which soon came to grief."
Or take this: "Bismarck himself declared in 1879
that Germany was slowly 'bleeding to death,' and
two years later he said 'it was towards 1877 that I
was first struck with the general and growing distress in Germany as compared with France.'"
We are left with no space to consider the chapters
on the treatment of war debts. Those can be paid
only by taxes on the present generation, by privation (another name for sharp taxation) or by sinking
funds. The author seems to least favor the last,
because sinking funds are illy understood and wrongly
handled; it is futile to put a pound into such a fund'
while ,rupning many pounds into debt at the same
time, and governments even commit the blazing
folly of borrowing for sinking funds. The chapter
on "War Debts and War Finances" cites, with marked
approval, nine general principles formulated by
Dr. Robert Hamilton, and this is the first sentence
of the first one: "The annual income of a nation
consists of the united produce of its agriculture,
manufactures and commerce." This is another
way of stating the absolutely unalterable fact that
wealth is the product of labor, and is not "money,"
still more is not fiat money. Further, this exhibits
the pestilent fallacy about the "wealth" or the
"income" of government, since government is a
non-producer and has not a pennyworth which it
Nov. 27 1915.]
THE CHRONICLE
1757
obligations of the Government it should be understood
has not wrested from the proceeds of individual are largely presented to the disbursing officers and are paid
industry; therefore it cannot distribute, in the by them by means of checks on the Treasurer. Over threelargess for which men and interests are constantly fourths of the obligations of the Government are so paid,
are
reaching out hands, without having first seized. and these balances to the credit of disbursing,officers the
apothegm cited has the wisdom being constantly renewed by means of warrants so that
The ninth Hamilton
total amount standing to their credit is a comparatively
of Ben Franklin and the immovability of a conclusion stable fund which almost never falls below $50,000,000. As
in the exact sciences :
I have stated above, they are bookkeeping accounts, and it
expenditure is the is practicable and in accordance, I believe, with the best
"The excess of revenue above
these accourits entirely,
principles of accounti
only real sinking fund by which the public debt and instead of setting ng to eliminate sum to be drawn against
aside a certain
of the revenue,
can be discharged. The increase
by the disbursing officer when needed, the amount of any
or the diminution of expense, are the only means check paid by him could be credited to his account from the
and its
by which this sinking fund can be enlarged
general fund, and in this case the net balance would be reoperations rendered more effectual; and all schemes duced only as the checks of the disbursing officers are
for discharging the national debt by sinking funds actually paid by the Treasurer.
operating by compound interest, or in any other
It was realized at the time that so far as checks issued by
manner, unless so far as they are founded on this disbursing officers were not taken into account in the daily
principle, are illusory."
statement an opportunity for criticism would be offered, but
ing and suggestive it was felt that even if it were possible to obtain the amount
This book,which is full of interest
of those:checks outstanding it would destroy the consistency
matter "ends with Switzerland and the Red Cross," of the statement to that extent. The suggestion was made
and the author is filled with longing for repentance while the new statement was under consideration that an
in Germany and the return of reason in all Europe; arbitrary amount should be deducted from the balance to
"if Force leads nowhere and offers no remedy, Reason the credit of the disbursing officers, based on what experibe the average amount of outstanding
must be summoned to save Western Europe from ence has shown to actual checks outstanding, but this sugchecks to offset the
social and economic ruin; perchance the New World gestion was discarded as tending to make the statement
may recall sanity to the Old."
more complicated without its giving any more accurate
information.
THE GOVERNMENT'S CASH BALANCE—THE If the entire business of thtiOovernment except liquidating
given day, the
TREASURY'S EXPLANATION OF THE CHANGE. the debts due from it were to stop on abut as its operastatement would be misleading,
Treasury
We make room for the following letter from Assist- tions are continuing there seems no advantage in deducting
y Malburn setting out checks drawn by disbursing officers unless there is also added
ant Secretary of the Treasur
not yet
the reasons that influenced the Treasury officials in the amount of funds held by collecting officers but business
in the daily and monthly finanbial deposited. Your editorial states that "in ordinary or of a
making the change
affairs when a check is drawn in payment of 'a bill
statements which was the subject of comment On, ,service rendered it is counted as a_ disbursement and cash
page 1654 of our issue of last week :
balance marked down accordingly." This is true from the
depositor's standpoint, but in that case any money received
TREASURY DEPARTMENT.
by him on account of sales is counted as a receipt and cash
ASSISTANT SECRETARY.
Washington, Nov. 22 1915.
balance marked up accordingly. It is not proper accounting
the receipts.
The Editor, The Commercial & Financial Chronicle, New to consider only the disbursements and not
The principle adopted in the new Treasury statement of
York, N. Y.
nt
Sir:—I have read your editorial on the new daily Treasury representing the balance from the Treasurer's standpoi
1915, and wish to com- did not logically permit either this debit or this credit to be
statement in your issue of Nov. 20
mend it for its fairness. The criticisms it makes of the new considered.
There is another statement in your editorial which is
statement are not without some basis,and as I had something
to do with the preparation of the new form, I wish to explain somewhat misleading. In referring to the balances to the
credit of disbursing officers you say that "they represent
why certain changes were made.
main object sought to be attained was to piesent a disbursements not actually paid out but set aside for payThe
statement of the actual condition of the Treasury from which ment." They do not represent disbursements set aside
in the
the person uninformed in Government finance or accounting for payment any more than the balance of the money
glance how much money the Treasury has on Treasury does. They represent allotments made to the
could tell at a
hand on any given day for the purpose of meeting its obli- different disbursing officers at the request of the heads of the
gations. It was believed that this is the most important departments on account of expenditures authorized by
Congress. They do not represent the whole of the authorized
purpose for which the Treasury statement is issued.
Former Treasury statements have endeavored to present expenditure but merely such part as the disbursing officer
for the
the condition of the Treasury partly from the standpoint and the head of his department consider desirable
disbursing
of the Treasurer as the custodian of or banker for the Govern- disbursing officer to have to draw against. The
at the request
ment, and partly from the position of the Government itself, officer might be advised by the Treasurer that
r is only one official. On other words, of the head of his department he is authorized to draw a
of which the Treasure
that amount to his
the statement was partly that of the depositor and partly certain amount without actually passing
with whom his funds are kept. It was credit on the books of the Treasurer. This I have suggested
that of the banker
were adopted
believed that a statement based on these two conflicting above, and it is apparent that if such a method
should
principles was illogical and misleading to the average per- the total amount to the credit of disbursing officers
to decide which point of view be eliminated from the statement and it would be more
son. It became necessary
should be adopted: that of the Government as a whole or apparent than it is now that these balances do not represent
that of the Treasurer as an official of the Government; a liability.
Respectfully,
and after a great deal of study and discussion it was found
WM. P. MALBURN.
that the former plan was entirely impracticable, while a
statement could be prepared from the Treasurer's standpoint
THE ATLANTIC COAST LINE REPORT.
which, while it might not be above criticism technically and
theoretically, would yet present approximately the true conAll Southern roads suffered severely during the
dition of the Treasury in such form as to be understood by fiscal year ending June 30 1915 as a result of the
any one with a slight knowledge of accounting, much more outbreak of war in Europe, with the collapse in the
clearly than any statement in use in recent years at least.'
cutting off of the German
Considering, therefore, the Treasurer as in a sense the price of cotton and the
of dis- market for the staple, but in the case of no other
banker of the Government,the balances to the credit
bursing officers, which are only accounts on the Treasurer's system are the adverse effects so strikingly evident
books, become part of the funds in the Treasury available as in that of the Atlantic Coast Line Railroad propfor paying current obligations until the checks drawn by the
erty. Gross earnings fell off no less than $5,different disbursing officers are paid by the Treasurer. The
1758
THE CHRONICLE
[vol.. Dm.
296,304, or 14.38%—the total declining from the result of a further advance
in operating efficiency
$36,832,779 to $31,536,474—and though this was and, therefore, may be accepted
as reflecting genuine
met by a reduction of $3,279,933 in expenses, a loss economy. This conclusi
on would seem to follow
in net, nevertheless, remains of $2,016,372, or over from the fact that a large
portion of the decrease in
22%, which is certainly a heavy shrinkage, the expenses is found in the
cost of conducting transtotal of the net having dropped from $9,059,533 portation. A new classification
of revenues and
to $7,043,161. The Atlantic Coast Line RR. was expenditures was prescribed by
the Inter-State
especially hard hit because so large a portion of Commerce Commission in an
order effective July 1
its lines run through a strip of territory along the 1914, making comparison
with the previous year
seaboard, which forms a part of the distinctive unavailable on that basis, but
the report also shows
cotton belt, where the life of the community chiefly the figures on the old basis,
and from this it appears
depends upon the situation with regard to that that while there was a decrease
of $595,279 in the
staple, and where there are few other industries to expenditure for maintenance of
way and of $737,558
absorb the energies of the people,—unlike the situa- in maintenance of equipme
nt, the decrease in the
tion in the mineral districts which are found so transportation expenses amounte
d to no less than
plentifully distributed in the territory more remote $1,866,866. One way in which
the saving was
from the seaboard.
brought about was by a further reduction in train
The report tells us that the tremendous shrinkage mileage. The number of tons
of freight carried
in revenue was caused by the great declines in the one mile decreased 14.20%,
but the mileage run by
prices and consumption of the products and manu- trains in the freight service
decreased 21.12%.
facture of the territory served by the system, with
The truth is,the system has made steady progress
the coincident large decrease in passenger traffic. in operating efficiency in all
recent years. ConThe situation might be epitomized by saying that ditions on the Atlantic Coast
Line system are not
general industrial activity was paralyzed by the such as to admit of a very high
train-load, nevermisfortune experienced by the cotton planters. theless the lading of the trains
is being steadily
There was only a trifling contraction in the cotton raised. For 1915 the average
tons of freight moved
traffic itself, but as ordinary business is so closely per train mile was 235,
against 225 in 1914, 224
interwoven with the welfare of the planter, the in 1913, 210 in 1912, 207 tons
in 1911 and 201
diminished purchasing power of the latter and his tons in 1910.
At these figures comparison is
inability to convert the cotton raised by him—his with 194 tons in 1908-09, with 185
tons in 1907-08,
"money" crop—into cash, crippled and paralyzed with 178 tons in 1906-07 and
with but 167 tons
the activities of the entire population. As showing in 1905-06. On account of the
character of the
the widespread nature of the shrinkage in traffic, tonnage, rates realized rule higher
on the Atlantic
it may be noted that in products of agriculture the Coast Line system than on
most other large systems,
falling off in tonnage was only 6.54%, but but this average is tending
downward and for 1915
that in manufactures the decrease was 28.18%; was 12.03 mills per ton mile,
against 12.17 mills
in animal tonnage 41.43%;in mineral traffic 33.30%; in 1914, 12.03 mills in
1913, 12.30 mills in 1912,
in forest products 16.13% and in miscellaneous 12.15 mills in 1911, 12.73
mills in 1910, 12.60 mills
freight 15.12%. As a further illustration of the in 1909 and 13.10 mills in 1905. The
effect of the
great contraction in business throughout the whole larger train-load is to give the road
increased earnterritory served figures are given showing the per- ings per train-mile, notwithstanding
the decline in
centages of decrease in freight "forwarded" revenue average rate realized. For 1915
the trains earned
at a number of leading stations. At Norfolk, Va., $2 83. per mile run, against
$2 73 in 1914, $2 69
the decrease was 16.79%; at Richmond, Va., 7.67%; in 1913, $2 58 in 1912, $2 52
in 1911, $2 56 in 1910,
at Wilmington, N. C., 25.23%; at Charleston, S. C., $2 44 in 1909, $2 29 in
1908, $2 20 in 1907, $2 17
38.34%; at Augusta, Ga., 10.82%; at Savannah, in 1906 and $2 08 in
1905.
Ga., 20.78%; at Jacksonville, Fla., 11.33% and at
In face of all economies, however, net earnings,
Montgomery, Ala., 35.58%.
owing to the great shrinkage in gross revenues,were
The loss in net followed a falling off in the net in reduced $2,016,372, as we have
already seen, and
the previous year of nearly a million dollars and this was additional to a loss in
net of $976,530 in
derives additional significance by reason of that the previous year. Nor was
this the full extent
fact. There was no lack of growth in traffic and of the loss in net experienced
as a consequence of
gross revenues in preceding years, but the gains the trade depression which develope
d in the South.
were offset by the persistent rise in operating cost The company's non-operati
ng income was only
occasioned by higher wage schedules and by ad- $3,304,747 in the late year,
against $4,056,042 in
vances in the cost of other items entering into the the preceding year, owing
to the smaller return
operating accounts. In the four years from June 30 received by it on its holdings of Louisvill
e & Nash1910 to June 30 1914, the gross moved up from ville shares, which latter reduced
its dividend from
$29,810,267 to $36,832,779, but net earnings, after 7% per annum to 5% and
altogether the Atlanthe deduction of taxes and expenses, actually de- tic Coast Line RR. in 1915 had
only $4,300,936 of
creased from $9,987,150 in 1910 to $9,059,532 in income available above expenses
and fixed charges,
1914. In other words, with gross larger by $7,- as against $7,329,008 in
1914 and $7,883,203 in
000,000 net was reduced by nearly a million dollars 1913.
—this, too, in face of a steady advance in operating
In the case of a company less strongly buttressed
efficiency.
in the matter of yearly surplus in relation to dividend
The great augmentation in operating expenses requirements, such a
great shrinkage in the annual
in these preceding years left correspondingly more amount available for
dividend distribution might
room for reduction in the late year under the pres- have led to a complete suspensi
on of dividend paysure of necessity. As a matter of fact, however, ments. In the Atlantic Coast
Line case the dividend
the_bulkof„the reduction in expenses in 1915 was was reduced only from 7% per
annum to 5% and
THE CHRONICLE
Nov. 271915.)
even that step was largely a matter of prudence and
conservatism as even the reduced amount of available income fell less than half a million dollars short
of equaling the sum required to pay the old 7%.
The company's stock is only $68,558,000 and on the
basis of 5% the call for the dividend was no more
than $3,427,900, whereas the sum available on the
year's operation, as we have seen, was $4,300,936,
leaving a surplus of $873,036.
A statement contained in the 1913 report is again
incorporated in the present report and is instructive
as to the small amount of return that is being earned
on the investment in the property. The statement
covers the last ten years, and gives for each of the
years the total of the investment in the property,
the amount of net income applicable to bond interest, dividends,improvement of property and strengthening of credit, and the rate of return which such net
income represents on the amount of the investment.
We reproduce this table here. It will be observed
that the property investment has risen from $180,866,539 to $223,054,678, but that the return on the
investment, after having improved a little in the
middle part of the period, for 1915 'again fell below
five per cent, having been in fact only 4.63%, while
the annual average for the whole of the ten years is
below six per cent, being only 5.73%.
Year ended
June 30th.
Property
Investment.
$180,866,539 47
187,519,495 52
188.914,50522
196,606,199 09
196,632,216 45
201,239,805 66
205,319.088 67
217,284,946 62
222,149,101 91
223,054,678 32
1906
1907
1908
1909
1910
1911
1912
1913
1914
1915
Available
Income.
$10,542,182 75
9,002,929 34
9,131,634 48
10,979,931 19
12,934,306 80
13,061,766 59
12,785,780 55
13,757,970 85
13,105,934 81
10,333,861 37
% on
Investml
5.83
4.80
4.83
5.58
6.58
6.49
6.23
6.33
5.90
4.63
5.73
Annual average
$11,563,629 87
$201.958,657 69
Note.—Property investment does not include either cash or material
and supplies on hand.
The Atlantic Coast Line RR. controls the Louisville Si Nashville RR., but the latter is operated as a
separate property, and the same is true of the
Charleston & Western Carolina and the Northwestern
Railroad of South Carolina, which.are also controlled.
Altogether over 12,000 miles of road are owned or
controlled. Control of the Louisville & Nashville is
held through the ownership of $36,720,000 out of the
$72,000,000 outstanding capital stock of that company. The road being operated separately, the
Coast Line Railroad's investment in the same appeas merely in the dividends received on its holding
of the stock of the company, which dividends were
smaller for 1915 as we have already seen than for
1914.
THE LIMITS OF GOVERNMENT.
[Communicated.]
The question of limits for governmental coercion of the
citizen has always been thought an extremely difficult, if not
a humanly unsolvable, one. On this account it has usually
been side-stepped, or filed for frainy-day reference in the
pigeon-hole labled "theoretical." So it has come to pass
that practical men who could scorn to embark on a manufacturing venture without a carefully considered working
theory of the possibilities, and especially of the limitations,
of the game can calmly, and without pointed protest, see
their government go about its somewhat important business
without a working theory of limits for the undertaking.
And they are able to feel genuine surprise when the governmental machine jumps the curbing and plows up their own
front yards.
At such times they are apt to soliloquize: "There must
be some governmental coercion; there must not be unlimited
coercion. Question is: How much? H'm, very difficult,
very complicated. Of coursejthere must be some regula
1759
tion of business." Thus, round and round and getting
nowhere. Squarely facing our intensely practical need for
a rough working 'plan of limits they turn away and hope
for the best—these practical men.
The underlying reasons for this phenomenon are various.
They are interesting reasons, in a way, but they are disillusionizing. Let's forget that the subject of limits was
ever broached; let's approach it without fear and trembling—
with the utmost naivete if you please.
One thing, at least, is plain. When a people acquiesces.
in the assumption that the State may be regarded as "a
spiritual, collective personality, living a life of its own,
beyond and above the life of individuals," the problem of
limits is solved by elimination, just as it is when a people
accepts the doctrine of the divine right of kings, or of majorities. On any variation of the theme that man is made
for the State it would be mere Indian-giving to hold out to
the governed the lure of a theory of limits. We can't eat
our cake and have it too in these premises, any more successfully than we can elsewhere.
"Oh, well," you say impatiently, "If you give the State
absolute authority, of course you give it. But what of
that? We don't give our State absolute authority. We
don't subscribe to the divine right superstition, nor to the
superior State wisdom nonsense. Let Europeans settle
their questions of limits as best they can, or fail to settle
them. The question, so far as our system of government is
concerned, is sufficiently covered by our Constitution."
Whereupon I recall to your minds the mandate which
our Constitution lays upon the State to "promote the
general welfare." I ask you to note that the term welfare
is neither defined, nor qualified by any adjective, though
the meanings that men give to it are widely various, and
shifting at that. The welfare promotion mandate is in
effect an order to our government to do that which, in its
judgment, seems best. Terminologically, it neutralizes
very Bill of Rights element in the Constitution as completely as any absolute ruler can, by his fiat, nullify any
privilege of the ruled if he sees fit to do so.
Again you protest: "But our rulers do not see fit to misuse their power, and if they did we should know what to do
about it. Terminologically you are right enough, but
practically there's nothing to it."
To this I reply that neither do absolute rulers generally
see fit to use their power to the bitter end—fearing practical
consequences. But I was mainly concerned to point out
that technically our organic instrument of government
gives our rulers powers as absolute and unqualified as those
assumed by any divine-righter, and therein, I think, is the
real, though generally the unconscious, reason why we are
quitters when we come up against the subject of the limitations of government. With the general welfare clause in
the Constitution there is, of course, no rational room for
discussion of limits.
But let me add that the terminological aspect of the
general welfare matter is not the serious one. That our
State has gone to great practical lengths of nullification of
Bill of Rights elements (i. e. individualistic elements) of the
Constitution under this self-same general welfare mandate
is clear when we consider that the word "reasonable," as
now employed by our highest Court, is synonymous with
fair, right, just and half a dozen other synonyms of the word
moral. The reasonable rate, the reasonable profit is to-day
the one that ought to be, in the opinion of some judge or of
some court in equity. Now the thing that ought to be is
the moral thing, the thing that subserves the general welfare in the highest sense. Of course, men are looking to
government for stunts in the moral regeneration of men.
What else could we expect? Yet the men who put the
general welfare mandate in the Constitution surely had
no notion that it would lead to such unwarranted extension
of the equity arm of jurisprudence as our day and generation
have seen.
But still it is the subject of limits that I am trying to
discuss, and I would, therefore, urge that this unwarranted
extension of equity judging could scarcely have come to
pass had not the welfare clause diverted our attention from
our crying need of an approximate working plan of limits
for governmental activity.
Since we are already committed to the sin of naivete in
treatment of this subject suppose we mind-cure the case a
bit, and see what we can construct in the way of a ground
work for limits before we fancy that we are overwhelmed
by the traditional difficulties, which we will try to believe
do not exist.
1760
THE CHRONICLE
We find, of course, that there is an immense deal of
substantial agreement as to functions which government
must and shall perform. There is no disagreement worth
talking about as to the practical indispensability that
government must maintain a strong national existence, and
safeguard life and property at least at such extent as is
reflected in what .is roughly known as the common law.
Now when the largely preponderating number of the governed
wish their government to do certain things those things
will be done—if they are do-able—and the conversation
may as well end at its beginning. No need for a theory
of limits here, where we are practically of one mind.
These undisputed fundamental functions of government
are usually defended OR the ground that they are right,
just, &c. Well, they are right, just, &c., if one personally
thinks so, as most of us probably do. But even if they
lacked the full support of our consciences they would not
lack the full support of our practical wisdom and it makes
for clearness if we avoid the moral synonyms. The firm,
enduring common ground of warranty for governmental
safeguarding of life and property is our common conviction
that without such safeguarding the life gregarious could
not long be lived on any considerable scale. We want the
life gregarious and we propose to have it, with or without
approval of conscience.
Why elaborate the theme? Once we cut free from the
hampering terminology of the ought to be, in this region
of fundamental expediency there remains no problem of
limits that is worth discussion. Not justice, but social
necessity, as conceived by the largely preponderating number
of the governed, is the true warrant for government. The
question of limits is one with the question of warrants.
If no rational warrant, acceptable to the preponderating
number, can be found for social coercion of the citizen
beyond the requirements of social necessity, then the limit
of rational government is reached when acceptable warrant
for further coercion fails.
We have to remember that even such differences of
opinion as must always exist between men as to what is
really necessary to the maintenance of social order are
commonly set aside, and uncomplaining acquiescence is
the result, when measures honestly and earnestly thought
to be indispensable to social order are to the fore. Not so
when the measure is defended on the ground that it will
enhance the moral, economical or aesthetic general welfare—
no claim being made on the score of social necessity. Against
such interpretation of the term welfare the average reflective
man instinctively rebels, and if he cannot be felicitated
upon his choice of words to convey his disapprobation that
is only because of our groveling poverty of language. Some
day, perhaps, we shall be rich enough to afford a few
additional terms. When that day comes, and we are no
longer obliged to use the symbols, right,fair,just, reasonable,
&c., to convey their own proper moral signification, but
the quite different expediential signification as well, then
the present chasm between our sound instinctive repugnance
to paternalistic government, and our floundering philosophizing on the subject may be closed. It will be recognized
then that the theoretical touchstone of defensible coercion
in a popular government is the will of the approximate
whole.
I waste no words over "majority rule." No critically
minded person fails to see the gross inadequacy of that
means to the desired end. We have clung to it through
thick and thin not from rational conviction, but from
failure to see another and likelier avenue of approach to the
end of social order and humanitarian progress. We have
acted as if we thought such progress possible only through
compulstion of law. Against such blindness words are
Impotent. There is another way, as our instinct has never
failed to see.
• By far the greater number of limit-exceeding laws become
properly obsolete. The body of law which we all demand
and approve is very great. So far from this doctrine being
a counsel of practical anarchism it is a dogmatic defense
of most legal things as they are in their essence, if not in
their form.
But there are things in our jurisprudence, and in our
statute making, which this doctrine would destroy if it
could, and the greatest of these is the modern reach of the
equity arm of law into the field of morals, which field belongs,
by order of nature, to the individual.
I do not dispute the fact that a considerable use of the
equity arm is practically indispensable to the stabilizing
of the institution of private property. But to go from
[VOL. 101.
this to the conclusion that the equity arm may reach,
ad lib, to the determination of moral, economic and aesthetic
values (we have long repudiated the suggestion for religious
values),is mere careless stumbling over our own democratic
feet.
The common reaction to this doctrine of limits reflects
doubt as to its "workableness" here and now. But this
consideration is beside the mark. The question is not
whether there is to be compromise, but whether it is to be
tentative compromise with a rationalized conception of a
goal, or mere pragmatical groping.
We shall have to do some international teaching of theory
of democracy soon, or go backward, and our abiding pragmatical faith that we are somehow on our way will not
serve in place of a clear-cut notion as to where we think
we are going—and why.
S. D. MERTON.
500 Security Building, St. Louis, Mo.
DANGER OF FEDERAL CONTROL.—GIGANTIC INTERESTS MENACED.
(From the "Insurance Observer" of Nov. 1.1
The centralization of power in the Government at Washington is fast
becoming a serious menace to the welfare of the component parts of this
nation. The self-government of more than one hundred million people is
an experiment in the science of government which has yet to be worked
out, and the success of which Is at least problematical. The perpetuation
of such a form of government must find its guaranty in the preservation
of those separate sovereignties, and individual identities which have
attached to the States. These and these alone stand as an unsurmountable
barrier to a despotism which would make the National Government everything and local interests nothing.
In the endeavor to give over to the National Government control of insurance interests, we see only a purpose to give additional authority to the
Government at Washington, at the expense and even at the peril of State
government. We conceive it to be the duty of every intelligent citizen alive
to the danger of concentrated power in the hands of officials far removed
from the sense of immediate responsibility to local needs and desires, to
fight valiantly against the displacement of State authority by the enlargement of national authority based upon a disregard of the fundamental
principles upon which our system of government was wisely founded.
There are many phases of the proposed national control of life insurance
deserving consideration. At this time we shall confine our attention to
one phase alone. The jeopardy into which life insurance companies would
be placed invites serious thought. True it is that a company doing business in forty-eight States has, at the present time, forty-eight State powers
to conciliate or obey. At the worst, however, it is beyond the capacity
of any one of those powers to dictate to or to injure a life insurance company in more than one of the forty-eight States. In the forty-seven other
States its vengeance is impotent. Enthrone national power and the condition is exactly reversed. In only one State, then, will a life insurance
company be able to escape the exercise of autocratic power by the Government; in the remaining forty-seven States it must submit or go out of
business. Better a thousand times is it for a life insurance company to be
menaced by exclusion from one State or a half a dozen States than to be
forever facing the danger of being driven out of every State except the one
which has given it its charter of incorporation. If national charters are
to supersede State charters, then, indeed, will a company be in danger
of involuntary extinction.
THE EUROPEAN CONFLICT AND THE NATURAL
RELATION BETWEEN RELIGION AND SCIENCE.
To the Editor:
During long periods of peace the civilized world has been governed—
and very successfully—by cosmopolitan public opinion.
That the
European war began at all is by no means proof that war, in principle, is
necessary—a most disgusting theory which no sane person will consider,
but is proof rather that cosmopolitan public opinion was imperfectly coordinated.
I am among those who believe that the war will not continuo for another
year or more, a possibility vouched for by loading belligerent financiers,
but that it will be stopped by cosmopolitan public opinion steadily coordinating for that purpose.
Seeking to offer something of use in this co-ordination movement I
recently advanced the idea that at last analysis the cause of the war,
philosophically summarized, would be recognized as a collapse of equilibrium
between religion and science.
This formula does not suit me now. One word, at least, has been misused. The word "equilibrium" moans some two equal and opposing
forces each holding the other in a position of rest. Of course any such
description of the natural relation between religion and science is manifestly wrong. It would be nearer the truth to say that the cause of the
war wasfailure to establish this natural relation, or to maintain it, or both
to establish and maintain it.
And in another respect the formula does not suit me. True I say "at
last analysis." But still, the use of the word "religion" is ill-timed. The
thing itself is of necessity for from the thoughts of those who are
straining every nerve to stop the fighting. Ours is not a holy war as was
the War of the Crusaders. And no groat moral issue is now at stake as
in the case of the War of Secession. It would probably be bettor at the
outset to say less about religion and more,for instance, about social order.
It may be taken for granted, at least, that our modern social order is based
on religion—on religion and science.
For more than a year now,efforts to stem the tide of outward, or social,
disorder have blocked the way to any demand for or supply of relief
from individual innermost soul disorder. On every hand we hoar only of
dislocated business, private and public—of things political, diplomatic,
financial, industrial and so on. The very question at issue is a sordid one:
who is to control the shaping of a form of Occidental Civillation best suited
to tho successful exploitation of the Orient. Religion, apparently, has
nothing to do with it.
In reality, however,religion is the"dark horse," The co-ordinators whose
efforts will count know very well that social order will be all right if a
natural relation is established and maintained between religion and science.
And this natural relation would very likely also best establish itself if man
Nov. 27 1915.1
THE CHRONICLE
1761
would but give his entire energy to science, after having placed the latter
where it belongs—under the strict control of religion.
estimated to be $62,806,394." Mr.McAdoo's statement was
as follows:
A few such simple ideas should be taken hold of and put where they
belong, used as a shovel to clear the way. And here is another one. Reigion is all-powerful, yes. But it is master of the inner-man only. The
outer-man may become master of the world and its destinies.
W. D. CHILDS,
Petrograd, Oct. 25 1915.
In view of the many inaccurate and misleading statements which are being
made, either deliberately or ignorantly, about the condition of the Treasury and the finances of the Government with respect to the current fiscal
year and the fiscal year 1917. I feel that a true and accurate analysis of the
situation may be of service to the public. The question of the national
finances is so intimately related to other vital problems which must be
settled in the interest of the American people that every right-minded citizen
should want the truth in order that he may help form that intelligent public
opinion out of which alone can arise sound and just conclusions. With this
in mind,I desire to submit to the public the following information:
We began the fiscal year 1916 (July 1 1915) with a general fund balance:
not including amounts to the credit of disbursing officers, of $104,170,105 78. Compared with the balance shown in the daily Treasury statement of June 30 1915, this is composed of the following:
Balance in general fund, June 30 1915, as per Treasury
daily statement
$82,025,716 03
Add national bank note redemption fund, which by law is a
part of the public debt and not to be set up as a liability
of the general fund
19,390,345 50
Add cash deposits during the year 1915 and included in the
revised totals, advices of which were received at the
Treasury after June 30 1915
2,754,044 25
Balance in general fund, June 30 1915 (revised basis)__ _ _$104,170,105 78
Under existing law, the present duty of 1 cent per pound on raw sugar
ceases May 1 1916, and the present Emergency Revenue Law expires on
Dec. 31 1915. Assuming that these two sources of revenue are eliminated,
the following results may be expected for the fiscal year 1916:
•
General fund balance in the Treasury, July 1 1915, as already shown
$104.170,105 78
The estimated total receipts for 1916 are
670,365,500 00
Total estimated disbursement for 1916, excluding Panama
Canal payments
716,891,000 00
Surplus or balance June 30 1916
$57.644.605 78
The duty on sugar and the emergency revenue taxes ought
to be continued. If this is done, the additional receipts
from these sources for the fiscal year 1916 should be
($41,000,000 from emergency taxes and $15.000,000 from
sugar)
56,000,000 00
Balance
$113,644,605 78
It may be assumed that there will be appropriated by the
Congress for supplemental estimates and deficiencies for
the fiscal year 1916 a total of
12,000.000 00
Surplus for fiscal year 1916 (assuming that emergency taxes
and sugar duties are continued)
$101,644,605 78
Panama Canal payments for 1916 are estimated at $25,000,000. These, under existing law, may be paid.by.sale
of bonds. If paid, however, out of current revenues,
we must deduct
25,000,000 00
On this basis, available balance at end of fiscal year 1916
would be
376,644,605 78
Now let us consider the fiscal year 1917, which we begin
with a balance in the Treasury of
$76,644,605 78
Total estimated receipts, on the assumption that present
emergency revenue taxes and duties on raw sugars are
continued
730,500,000 00
Total for 1917
$807,144,605 78
Total estimated disbursements, including $93,8,00,000 new
or additional expenditures for greater national defence of
preparedness and excluding Panama Canal payments_ __ _$832,951,000 00
Deficiency, 1917
$25,806,394 22
Estimated deficiencies and supplemental appropriations for
1917
$12.000.000 00
Add for working balance in Treasury to begin fiscal year
1918
50,000,000 00
Panama Canal payments for 1917 are estimated at $25,000,000. If paid out of revenues and not from sale of
bonds, add
25,000.000 00
On this basis the total new revenue to be raised for fiscal
year 1917 is
$112.806,394 22
If, however, the Panama Canal payments for the years 1916 and 1917,
amounting to a total of $50,000,000, should be paid from the proceeds of
bond sales, then the amount of additional revenue which must be raised
for the fiscal year 1917 is estimated to be $62,806,394 22. It would not
be an unusual thing to finance the Panama Canal payments by the sale of
government bonds; in fact,3138.600,869 02 of the Panama Canal payments
have been met by the sale of such bonds, as follows:
Principal
Premium.
of Bonds.
Received.
Series of 1906, Administration of President
Roosevelt, 2%
$54,631,980
$1,946,606 62
Series of 1908. Administration of President
Roosevelt, 2%
30,000,000
731,008 21
Series of 1911, Administration of President
Taft, 3%
50,000,000
1,291,274 19
$134,631,980
$3,968,889 02
Total realized
$138,600,869 02
Under the present Administration, all payments for the Panama Cana
have been made out of current revenues, amounting since March 4 1913 to
dato to $87,036,818 20. There is no necessity in my opinion for the issuance of bonds, notwithstanding the continuance of the European war and
its inevitable effects upon the revenues. I believe that it would be
far
preferable to continue to pay the expenditures for the Panama Canal out
of current revenues, especially since the Canal is almost completed and
it is likely that the demands upon the Treasury from that source will largely
decrease in the near future. If the policy is adopted of providing sufficient
revenues to cover the Panama Canal payments as well as all other demands
upon the Treasury, it will probably be broad enough to take care of any
ordinary fluctuations in the revenues and expenditures of the Government
in the future. Therefore, if bonds are not issued for Panama Canal payments, the total amount of new revenue required for the fiscal year 1917
(assuming, as before stated, that the present duty on sugar and the present
emergency revenue taxes are continued), is $112,806,394 22, in which is
included the sum of $93,800,000 for preparedness, or new measures for the
national defence.
This amount can easily be raised by internal taxation, without appreciable burdens upon the American people. The resources and wealth of the
FEDERAL RESERVE BANKS TO GET ALL GOVERNMENT
DEPOSITS.
•
Secretary of the Treasury McAdoo announced on the
24th inst. that he had determined to appoint the Federal
Reserve banks as depositaries and fiscal agents of the
Government. Mr. McAdoo has taken this action in accordance with the provisions of the Reserve Act, which permit
him to deposit moneys held in the General Fund of the
Treasury in Federal Reserve banks and to require those
banks to act as fiscal agents of the Government. The
Secretary of the Treasury proposes to make these arrangements effective from and after January 1 next and has
decided "to make a beginning by transferring to each of the
Federal Reserve banks the funds of the Government now
on deposit with the national banks in each of the cities in
which a bank is located, thus giving to each of the Reserve
banks the funds held by the national banks in its own city."
It is stated that this will mean a transfer of about $7,000,000.
The following letter, announcing his decision in the matter,
was sent by the Secretary of the Treasury to the Federal
Reserve Board:
In accordance with the provisions of Section 15 of the Federal Reserve
Act, which provide that "The moneys held in the general fund of the
Treasury * * * may, upon the direction of the Secretary of the Treasury,
bo deposited in Federal Reserve banks, which banks, when required by
the Secretary of the Treasury, shall act as fiscal agents of the United States.
* * *." 1 have determined to appoint the Federal Reserve banks
depositaries and fiscal agents in the manner thus indicated by the Act.
In order that the Reserve banks may not be embarrassed by the addition
of an unduly largo volume of business upon undertaking their functions
in this connection, I have decided to make a beginning by transferring
to each of the Federal Reserve banks the funds of the Government now
on deposit with the national banks in each of the cities in which a bank is
located, thus giving to each of the Reserve banks the funds held by the
national banks in its own city. Each Federal Reserve bank will be required to perform on behalf of the Government the services which are now
rendered by the national bank depositaries located in said cities, as well
as any other services incident to or growing out of the duties and responsibilities of fiscal agents.
May I ask you to co-operate in carrying out the provisions of the Federal
Reserve Act in this regard and to take any and all stops that may be
desirable to perfect such arrangements by the Federal Reservb banks as
will enable them to fully and satisfactorily perform these functions from
and after January 11916, the date on which it is my purpose to make the
proposed arrangements effective. I have designated Hon. William P.
Malburn, Assistant Secretary of the Treasury in charge of the fiscal bureaus,
to act for the Treasury Department in carrying out the details so far as
this Department is concerned. I have deferred action until this time in
order that the organization of the Federal Reserve banks might be completed and gotten into good working order through experience and practice,
and with the hope that a satisfactory clearing and collection system would,
by this time, have been evolved. I fool convinced, however, that I should
not longer delay giving these banks the opportunity of performing these
services for the Government and enlarging their field of usefulness.
PROPOSES TO RAISE NEW REVENUE THROUGH
CHANGE IN INCOME TAXES AND OTHER
INTERNAL TAXES.
A suggestion that the additional revenue which will be required to pay the increased expenses of the national defence
program and meet an expected deficit bo raised by internal
taxation was embodied in a statement issued by Secretary of
the Treasury McAdoo on the 25th inst. Mr. McAdoo proposed a continuance of the duty on raw sugar and the reenactment of the Emergency Revenue Law. In order to secure new revenue, he suggested an increase in the rates of
taxation on individual and corporate incomes; a reduction of
the income tax exemptions of $3,000 for single and $4,000 for
married persons to $2,000 and $3,000, respectively; a provision that the surtax begin at $10,000 or $15,000 instead of
at $20,000, as at present, and the imposition of a tax on such
products as gasoline, crude and refined oils, horespower of
automobiles and other internal-combustion engines. The
Secretary of the Treasury stated that"if bonds are not issued
forPanama Canal payments,the total amount of new revenue
required for the fiscal year 1917 (assuming, as before stated,
that the present duty on sugar and the present emergency
revenue taxes are continued) is $112,806,394, in which is
included the sum of $93,800,000 for preparedness, or new
measures for the national defence." He pointed out, however,,that if the "Panama Canal payments for the years 1916
and 1917, amounting to a total of $50,000,000,should be paid
from the proceeds of bond sales, then the amount of additional
revenue which must be raised for the fiscal year 1917 is
•
1762
THE CHRONICLE
country are so great and are Increasing so rapidly that the needs of the Government for its normally growing expenditures and for the carrying out of
the larger program for national defence can readily be met. Merely as suggestions, I would say that consideration may well be given to increasing
the rates of taxation on individual and corporate incomes, and of reducing
the exemption under the present law of $3,000 for single and $4,000 for
married persons to $2,000 and $3.000, respectively. The surtax could begin at $10,000 or $15,000. instead of $20,000, as provided at present. In
addition, to any increases that may be made in the corporation and individual income taxes, a tax could be imposed on such products as gasoline,
crude and refined oils, horse power of automobiles and other internal-cornbuslon engines, and various other articles not necessary to mention. These
taxes would be widely diffused and scarcely felt. Certainly the nation is
willing, when it is so able to do so, to raise by taxation the amount needed
for such a vital purpose as national preparedness and defence.
It is, of' course, the function of the Congress to determine what revenues
shall be raised and how, and these views must not be considered as a program, but merely as suggestions for discussion.
ADVOCATES_CONSTRUCTIVE LEGISLATION CAFFETING BUSINESS.
That "bankers should preach moderation in the enactment
of laws affecting the conduct of business enterprises" and
"advocate laws that will encourage and protect legitimate
business" was the opinion advanced by Jesse C. McNish,
President of the Nebraska Bankers' Association, in his
annual address before the organization in Omaha on October
27. The address has been reprinted in pamphlet form.
Mr. McNish said regarding the need of constructive legislation:
Bankers should preach moderation in the enactment of laws affecting
the conduct of business enterprises. It is our duty to Interest ourselves in
the election of legislators who will vote for constructive, not destructive,
measures touching the commerce and industry of Nebraska. We should
assist in creating a sentiment which would make it difficult for the professional politicians to ride into office upon pledges to regulate every kind
of business that has become great and successful. We must advocate laws
that will encourage and protect legitimate business.
The adoption of a State policy that would invite outside capital in
railroad extensions, and especially Interurban electric lines in Nebraska,
would be very beneficial. We are all aware of the great impetus transportation lines give to a community in advancing land values and in
populating the locality traversed.
We should also encourage and invite outside capital for development
of our natural water power. Eastern capital was ready a few years ago
to invest largely in water-power projects, but local opposition and jealousies
drove them out and prevented the investment of millions, which, upon
completion, would have contributed immensely to the wealth-producing
power of the State. Having a State which produces raw materials, it
behooves us to encourage capital in any enterprise which would create
cheap motive power for our mills and factories. This is important because our State is purely an agricultural producer, since we have no coal.
no oil, no mines and no forests. We should encourage the construction
and financing of irrigation projects wherever feasible, for after witnessing
the increased production, popularity and settlement in the Scott's Bluff
territory, I feel we certainly should support agencies to that end.
NEW FOREIGN TRADE CORPORATION FORMED.
A new organization known as the American International
Corporation which has in view the furthering of trade relations between the United States and foreign countries was
formally launched this week. According to its President,
Charles A. Stone, of Stone & Webster, "the American International Corporation is organized for the purpose of doing
an international business and establishing trade relations
with different countries which will help to make 'a world
wide market for our products; for financing and promoting
the development in foreign countries by American engineers
and manufacturers of great public and private undertakings;
for assisting in financing the rehabilitation of industries in
foreign countries, and for the purpose of undertaking such
domestic business as seems advantageous in connection
therewith."
The company was incorporated in Albany on the 23d
Inst. with a capital of $50,000,000, of which $1,000,000 is
preferred stock, to be known as managers' shares, and
9,000,000 is common stock. The par value of the shares
is $100 each. The preferred stock, which can be held only
by such directors as are actively engaged in the management
of the company and the more important officers and employees, will be sold at par the same as the common stock.
In the matter of dividends the common and preferred stock
will be treatedalike until over 7% is paid,when the managers'
shares will receive 20% of the disbursements and the common stock 80%. It is stated that $25,000,000 of the common stock will be offered to stockholders of the National
City Bank at par and the remaining $24,000,000 to those
institutions and individuals who have agreed to aid in the
promotion of the company. It is not proposed that the entire
capital subscribed shall be paid in at once, provision having
been made for the payment of 10% on Dec. 15 and another
10% one month later. Frank A. Vanderlip, President of
the National City Bank, will be Chairman of the board
of the corporation; Mr. Stone will be President; Willard D.
Digitized for Straight, formerly with J. P. Morgan & Co., Vice-ProsiFRASER
[VOL. 101.
dent, and R. P. Tinsley, until recently Treasurer of the
Standard Oil Co., will be Secretary and Treasurer. The
board of directors of the company includes many prominent
business men and bankers. There have been some changes
in the make-up of the board since the articles of incorporation were drawn up,and we give herewith the list as officially
issued yesterday: J. Ogden Armour of Armour & Co.;
Charles A. Coffin of the General Electric Co.; William E.
Corey of the Midvale Steel & Ordnance Co.; Joseph P. Grace
of W. R. Grace & Co.; James J. Hill of the Great Northern
Ry. Co.; Otto H. Kahn of Kuhn, Loeb & Co.; Robert S.
Lovett of the Union Pacific RR. Co.; Ambrose Monell
of the International Nickel Co.; Henry S. Pritchett of the
Carnegie Foundation; Percy A. Rockefeller of the Standard
Oil Co. of New York; John D. Ryan of the Anaconda Copper Co.; Charles H. Sabin of the Guaranty Trust Co.;
William L. Saunders of the Ingersoll-Rand Co.; James A.
Stillman of the National City Bank; Charles A. Stone of
Stone & Webster; Theodore N. Vail of the American Telephone & Telegraph Co.; Frank A. Vanderlip of the National
City Bank; Edwin S. Webster of Stone & Webster; Albert
H. Wiggin of the Chase National Bank; Beekman Winthrop
of Robert Winthrop & Co.; Robert Dollar of Robert Dollar
& Co.; Guy E. Tripp of the Westinghouse Electric & Mfg.
Co., and William Woodward of the Hanover National Bank.
Mr. Vanderlip outlined the new corporation in a talk
with newspaper men on the 23d inst. He said that no other
American corporation had ever tried the scheme of issuing
managers' shares, although it has been tried frequently in
England and Germany. The purpose of the scheme, he
pointed out, was to attract men of high character and
ability to the corporation. Mr Vanderlip is quoted in the
New York "Times" as saying:
I think it will be recognized that we have secured a wonderful group of
successful men for the board. The management will be the very heart of
the attempt, and the widespread operation contemplated made it essential
to obtain men who have been conspicuously successful in big things. We
have made a great beginning by getting Mr. Stone to head the company.
What is the reason for forming this company? We are in a very extraordinary state of world affairs. Those sources of capital that were drawn
upon for new projects in various parts of the world are closed by the war.
They are likely to remain closed for some time. The result is that in many
countries going concerns are urgently in need of capital. They are coming
to the United States as the only place to got it. We have been getting
many applications for help in this direction.
There were difficulties in the way of this work. We have no international banking houses, with the proper branches where needed. We hope
to build up such an organization through the National City Bank. We
hope to accomplish in foreign fields what our domestic banks do for American
industries. Another difficulty is that our investors are not prepared to buy
foreign securities direct. That will be met by the issuance of debentures;
so that the holders may look to an American company for payment.
I regard the project as much more important than merely an effort to
make money. It will stand for the development of America along International financing lines. The situation we find ourselves in demands
this.
Mr. Vanderlip said that the plan had been laid before
Secretary of Commerce Redfield and Comptroller of the
Currency Williams and that they were apparently well
pleased with the scheme. J. P. Morgan & Co. are not represented directly on the board of directors of the new company but will hold a considerable amount of the stock
through being large stockholders of the National City Bank.
The point has been emphasized in connection with the establishment of the company that it is essentially a commercial proposition. The corporation proposes in the case
of securities of foreign companies, municipalities and Governments which are well known, to sell direct to investors,
assuming no risks and leaving its capital free as soon as the
securities are disposed of. With regard to securities which
are unknown to investors, however, the company will issue
debenture bonds with these issues as collateral, the bonds
to be secured by all the assets of the company.
The charter of the corporation, which we give below, is
very broad and will permit the company to engage in almost
every kind of business outside of Now York State.
CERTIFICATE OF INCORPORATION OF AMERICAN INTERNATIONAL CORPORATION.
We, the undersigned, desiring to form a corporation under the laws of
the State of New York, pursuant to the present Business Corporations Law
of the said State. all of us being of full age and citizens of the United States,
and at least one of us being a resident of the State of New York, do hereby
certify, as follows:
First. The name of the corporation is American International Corporation.
Second. The purposes for which the corporation is to be formed are:
I. To purchase, acquire, hold, sell, exchange, pledge, hypothecate, or
otherwise dispose of or deal in, the stocks, notes, bonds, debentures or
other evidences of indebtedness and obligations of any private, publici
quasi-public or municipal corporation, domestic or foreign, or of any domestic or foreign State, government or governmental authority, or of any
political or administrative sub-division or department thereof, and all trust,
participation or other certificates of, or receipts evidencing, interest in
any such securities; and, while the owner of any such stocks, bonds or other
evidences of Indebtedness or interest therein, to exercise all the rights.
Nov. 27
1915.]
THE CHRONICLE
1763
powers and privileges of ownership, including the right to vote thereon for portation corporations law, nor as authorizing, or intending
to authorize,
any and all purposes.
the performance at any time of any act or acts then unlawful.
II. To make and enter into any arrangements not repugnant to the BusiThird. The amount of capital stock of the corporation is ($50,000,000)
ness Corporations Law of the State of New York, with any domestic or fifty million dollars, of which ($1,000,000) one million is
preferred stock
foreign governmental or municipal authority which may be deemed to be (to be known as "managers' shares"), and forty-nine million
dollars ($40.for the benefit of the corporation; to obtain from any such authority, or 000,000) is common stock.
otherwise to acquire, by purchase, lease, assignment or in any manner,
The preferred stock shall be entitled to receive, out of surplus profits,
any powers, rights, privileges, immunities, franchises and concessions not dividends at the same rate as that paid on the common
stock until dividends
repugnant to the said law, which the corporation may deem desirable; to aggregating seven per cent (7%) shall have
been paid or declared on both
exercise and exploit the same,and to undertake and prosecute any business classes of stock during any one year. Thereafter, the
preferred stock shall
dependent thereon.
be entitled to receive one-fifth (1-5th) of any further distribution of
surplus
III. To search for, prospect, explore, purchase,lease or otherwise acquire, during that year, and the common stock shall be entitled to
receive four.
own, develop, work, operate, sell, lease, mortgage, or otherwise dispose of, fifths (4-5ths) thereof.
any and all agricultural, grazing, timber or other lands, mineral deposits,
Upon the liquidation of the corporation and the distribution of its assets
:
mines, mining properties, collieries and quarries, and, with a view thereto. the preferred stock shall be entitled to
receive an amount equal to the par
to employ experts and equip and finance expeditions.
value thereof, before any distribution shall be made to the common
stocki
IV. To cultivate, cut, mine, crush,smelt, concentrate, refine, treat, pre- which shall be entitled to receive out of the
assets then remaining an amount
pare for market, buy, sell, exchange, export, import, trade and deal in, equal to the par value thereof; after which, the
preferred stock shall be enany and all agricultural products, timber and timber products, oils, pe- titled to receive one-fifth (1-5th) of the assets, if
any, then remaining untroleum, coal, iron, metals, phosphates, nitrates, minerals, precious stones distributed, and the common stock shall be
entitled to receive four-fifths
and materials, products and by-products of all kinds. 11
(4-5ths) thereof.
V. To make, manufacture, purchase, or otherwise acquire, hold, own:
Fourth. The number of shares of which the capital stock shall consist is
manage, sell, pledge, transfer, export, import, trade and deal in, goods, five hundred thousand (500,000), of the par value
of one hundred dollars
wares and merchandise of every character and description; and to carry on ($100) each.
a general mercantile and commercial business in any part of the world.
The amount of capital with which the corporation will begin business
VI. To promote, finance, build, construct, complete, equip, purchase, is three thousand dollars ($3,000).
lease, or otherwise acquire, hold, own, improve, extend, manage, operate,
Fifth. The principal office of the corporation is to be located in the
maintain, mortgage,sell, or otherwise dispose of, hotels, apartment houses, Borough of Manhattan, City, County and State of
New York.
boarding and lodging houses, restaurants, stores, shops, parks and places
Sixth. The duration of the corporation is to be perpetual.
of public entertainment, or amusement.
Seventh. The number of directors of the corporation is to be twenty-fon
VII. To promote, finance, build, construct, complete, equip, purchase, (24). Directors need not be stockholders.
lease, or otherwise acquire, hold, own, improve, extend, manage, operate,
As soon as practicable, the directors shall divide themselves into four
maintain, mortgage, sell, or otherwise dispose of, telephone and telegraph (4) classes, each of which classes shall consist of six (6)
directors. Each of
systems in any part of the world outside of the State of New York.
the directors of the first class shall hold his office for one (1) year, or until
VIII. To promote, finance, build, construct, complete, equip, purchase, the next annual election; each of the directors of
the second class shall hold
lease, or otherwise acquire, hold, own, improve, extend, manage, operate, his office for two (2) years, or until the second annual
election; each of the
maintain, mortgage, sell or otherwise dispose of, gas and electric light and directors of the third class shall hold his office
for three (3) years, or until the
power works, plants and systems, and any other plants, machinery, works third annual election; and each of the directors of the
fourth class shall hold
or systems for the production, manufacture, transmission and distribution his office for four (4) years, or until the fourth annual election.
At each
of light or energy, of every nature and description, and to furnish and sell annual election, the successors to the class of directors
whose terms shall
gas, electricity, steam and any other kind of substance or energy used for then expire shall be elected to hold office for the term of four
(4) years, so
lighting, heating, or power purposes, in any part of the world outside of the that the term of office of one class of directors
will expire in each year.
State of New York.
Eighth. The names of the directors for the first year are iThe list is the
IX. to promote, finance, build, construct, complete, equip, purchase, original one. It has been changed since, as noted
above.—Ed.j:
lease or otherwise acquire, hold, own, improve, extend, maintain, operate, J. Ogden Armour
Frederick W. Jackson
Charles H. Sabin
mortgage, sell or otherwise dispose of or turn to account, reservoirs, water Charles A. Coffin
Otto H. Kahn
James A. Stillman
towers, dams,flumes, water courses, aqueducts, water rights, water-power William E. Corey
Stephen G. Kent
Charles A. Stone
canals, irrigation systems, sewage, drainage and sanitary works, water Joseph T. Cosby
Robert S. Lovett
TheodoreN. Vail
mains, pipes, gates, valves and hydrants, and to furnish and sell water Edward P. Currier
Ambrose Monell
Frank A. VanderlIp
and water power, in any part of the world outside of the State of New Chauncey B. Garver
Henry S. Pritchett
Edwin S. Webster
York.
Joseph P. Grace
Thomas A. Reynolds
Albert H. Wiggin
X. To promote, finance, build, construct, complete, equip, purchase, James J. Hill
Percy A. Rockefeller
Beekman Winthrop
lease or otherwise acquire, hold, own, improve, extend, manage, operate,
Ninth. The names of the subscribers to this certificate, and the number
maintain, mortgage, sell or otherwise dispose of, wharves, piers, docks, of shares of stock which each subscriber has agreed to take, are:
bulkheads, dry docks, basins, tugs,floats, lighters,storehouses, warehouses, Chauncey B. Garver (10 shs.), Frederick W. Jackson (10), Reginald
elevators, oil tanks and other terminal facilities of all kinds, in any part of Roome (10).
the world outside of the State of New York.
Tenth. The following provisions are adopted for the regulation of the
XI. To make investments and to conduct, carry on and engage in any and business and for the conduct of the affairs of the corporation:
all kinds of mining, manufacturing, irrigating, agricultural, stock raising,
I. The corporation may conduct its business, in whole or in part, and
real estate, mercantile, commercial, industrial, engineering and develop- exercise any and all of its rights and powers, and have
one or more offices,
ment enterprises or businesses of every name, nature and description, in both within the State of New York and in any part of the
world, except
any part of the world, and, so far as permitted by law, within the State of whore otherwise provided by law to the contrary.
New York.
II. No transaction entered into by the corporation shall be affected by
In furtherance and not in limitation of the general powers conferred by the fact that the directors of the corporation were personally
interested in
the laws of the State of New York, it is hereby expressly provided that the it; and every director of the corporation is hereby relieved from
any discorporation shall have also the following powers:
ability that might otherwise prevent his contracting with the corporation
To purchase, or otherwise acquire, real and personal property, of every for the benefit of himself or of any firm, association or corporation in
which
kind and description and wheresoever situated, including the stocks, bonds he may be in any wise interested.
and other evidences of indebtedness of any corporation, domestic or foreign,
III. Allcorporate powers,including the sale,mortgage, hypothecation and
and to issue in payment or exchange therefor its stock, debentures, notes, pledge of the whole or any part of the corporate property,shall be
exercised
bonds or other obligations.
by the board of directors, except as otherwise expressly provided by law.
To manage, improve, develop, lease, mortgage, pledge, hypothecate,
IV. The board of directors may make by-laws, and may provide therein
deal in, sell and dispose of all or any of the property, real or personal, at for the appointment of an executive committee from
their own members,to
any time owned or controlled by the corporation.
exercise all or any of the powers of the board, which may lawfully be
To apply for, obtain, register, purchase, lease or otherwise acquire, hold, delegated, when not in session. The by-laws may beamended or repealed
own, use, operate. introduce, sell, assign, or otherwise dispose of, any and at any time, by the stockholders.
all copyrights, trade-marks and patents, and any and all inventions, imV. When and so far as allowed by law, the directors may hold their
provements, apparatus, appliances and processes used in connection with, meetings and keep the books of the corporation, except its stock
and
or secured under, letters patent of the United States of America, or else- transfer books, outside of the State of New York.
where, or otherwise, and to use, exercise, develop or grant licenses in reVI. The board of directors may,from time to time, sell any or all of the
spect of, or otherwise turn to account, any such copyrights, trade-marks, then unissued capital stock of the corporation, whether the same be any
patents, inventions, improvements, apparatus, appliances, processes and of the original authorized capital or of any increase thereof, without first
the like, or any property or information so acquired.
offering the same to the stockholders then existing; and all such sales may
To make and enter into contracts of all kinds with, and to act as agent be made upon such terms and conditions as by the board may be deemed
(other than fiscal) or representative for, any individual, firm, association, advisable.
private, public, quasi-public or municipal corporation, State, Government
VII. The board of directors, from time to time, shall determine whether,
or Governmental authority; and to aid any lawful enterprise.
to what extent, at what times and places, and under what conditions and
To borrow money for its corporate purposes; to make, accept, indorse, regulations, the accounts, books and papers of the
corporation, or any
execute, issue and deliver bonds, debentures, notes, bills of exchange or of them, shall be open to the inspection of the stockholders;
and no stockother obligations; to mortgage, pledge and hypothecate any stocks, notes, holder shall have any right to inspect any account,
book or paper of the
bonds or other evidences of indebtedness, and any other property held corporation, except as expressly conferred by law
or authorized by the
by it; and to lend money, with or without collateral security.
board of directors or the stockholders.
To aid by loan, subsidy, guaranty, or in any other manner whatsoever,
VIII. The Board of Directors shall have power, in its discretion, to
any corporation whose stocks, bonds, securities or other obligations are provide for and to pay to Directors rendering unusual or exceptional
serin any manner, either directly or indirectly, held or guaranteed; to do any vices to the corporation special compensation appropriate to
the value
and all other acts or things toward the preservation, protection, improve- of such services.
ment or enhancement in value of any such stocks, bonds, securities or other
IX. The corporation may use and apply its surplus earnings or accumuobligations, and to do all and any such acts or things designed to accomplish lated profits, otherwise by law to be reserved, to the purchase
or acquiany such purpose.
sition of property and to the purchase or acquisition of its own capital
To carry on any business or operation deemed advantageous, which is stock from time to time and to such an eitent and in such manner
and
incidental or accessory to any of the powers or purposes hereinbefore upon such terms as its Board of Directors shall determine; and neither
specified; to acquire, use, undertake, manage and dispose of contracts. the property nor the capital stock so purchased or acquired, or any of its
properties and rights of all kinds, including the assets, franchises, business, own capital stock taken in payment or satisfaction of any debt due
to the
good-will and liabilities of corporations, associations, firms and individuals, corporation, shall be regarded as profits for the purpose
of declaration or
and to give guaranties in respect thereto; and generally, to do anything payment of dividends, unless otherwise determined by a majority
of the
that a natural person might lawfully do or cause to be done in connection Board of Directors.
with any of the said things.
X. No preferred stock shall be issuable or transferable to any person
Nothing herein contained shall be construed as authorizing the business not an officer, director, agent or employee of the corporation. In the
of banking, nor as including or authorizing the exercise of any of the busi- event of the death of any holder of preferred stock, or if any such holder
ness or powers of a moneyed corporation, or a corporation provided for shall, for any other reason, cease to be an officer, director, agent
or emby the ban cing, the insurance, or therailroad laws,or of an educational in- ployee of the corporation, the corporation shall thereupon have the right
stitution or corporation which may be incorporated as provided in the edu- to purchase the preferred stock held by such person. If the corporation
cation law, nor as authorizing the exercise within the State of New York elects to exorcise such right, the price to be paid for such preferred stock
FRASER the business
of any of
or powers of a corporation provided for by the trans- shall be its par value, unless such person, or his legal representatives.
Digitized for
1764
THE CHRONICLE
[vori. Dm.
Cut, Montana, South Dakota, Idaho, Nevada, New Mexico, Washington,
Wyoming and Utah, and wherever in these States rates in excess of 12%
are charged, they are usurious.
1,247 national banks in 36 States, covering 75% of the total area of the
continental United States, exclusive of Alaska, in their statements of
Sept. 2 1915 admitted under oath that they were charging on some of their
loans rates in excess of the maximum rates permissible, even by special
contract, by the laws of their own States or of the United States. The penalty for the charging of usury in several States is a fine or imprisonment,
or both.
The records also show that as of Sept. 2 1915 1,022 national banks in
25 States were, by their sworn reports, charging an average of not less than
10%,and in some cases 18%, on all of their loans. The sworn statements
of the banks in one particular State include a list of 131 banks whose maximum rates of interest ranged from 15 to 24%: 67 banks whose maximum
rate was between 25 and 60%; 22 banks which charged between 60 and
100%, and 26 banks whose maximum rates were 100% or more.
•The sworn reports of the banks also show that, on Sept. 2 1915, 2,743
national banks, out of a total of 7,613, being more than 36% of all the
national banks of the country, were charging on some of their loans 10%
per annum or more—in hundreds of banks very much more.
When 2,743 national banks in 42 States, covering 98% of the total area
of the continental United States, exclusive of Alaska, admit under oath
that they are charging 10% or more on some of their loans, and when 1,022
national banks in 25 States, which include 74% of the total area of the continental United States, exclusive of Alaska, also confess that they have been
charging on an average anywhere from 10% to 18% or more on all of their
loans, is it not flying in the face of facts to suggest that the practice is confined either to a small area or to a few banks?
It is also worthy of note that a majority of all the national banks in 21
States, including over 65% of the total area of the continental United States,
COMPTROLLER OF CURRENCY REITERATES THAT exclusive of Alaska, admit that they are charging as high as 10% on some
MANY BANKS CHARGE USURIOUS INTEREST RATES. loans, and a majority of all the national banks in six States, whose area
continental United
embraces more than one-fourth of the territory of
In a circular letter to national banks dated Oct. 27 1915, States, exclusive of Alaska, admit, likewise underthe
oath, that they have
in which the Comptroller of the Currency called the attention been charging an average of 10% or more on all of their loans.
Of the 1,022 national banks which certified under oath that they were
of the national banks to the usury laws and to the oaths
or more on all of their loans, 2 were in Illinois,
receiving an average
taken by national bank directors, he stated that a great many 6 in Minnesota, 2 in of 10% 23 in Georgia, 6 in Florida, 21 in Alabama,
Missouri,
banks had grossly violated the laws against usury.
national
2 in Louisiana, 317 in Texas, 17 in Arkansas, 3 in Tennessee, 90 in North
The Executive Committee of the National Bank Section Dakota, 25 in South Dakota, 18 in Nebraska,5 in Kansas, 38 in Montana,
Wyoming,37 in Colorado,25 in New Mexico, 300 in Oklahoma, 12 in
of the American Bankers' Association, in a letter to the Comp- 14 in
Washington, 10 in Oregon, 13 in California, 2 in Utah, 1 in. Nevada and
1915, complained that the Comptrol- 33 banks in Idaho.
troller dated Nov. 15
During this same period, while so many national banks were charging
ler's statement above referred to had created a bad impresexcessive rates to customers, the Federal Reserve banks were offering
sion and had done a great injustice to the great majority of money freely to the national banks in every part of the country at rates
bankers, and requested the Comptroller to modify and cor- varying from 3% to 5%, according to the class of paper and the time of
maturity. There was no reason why sound, well-managed banks in any
rect his statements on the subject.
section could not have gotten at these low rates all the money required to
The Comptroller's reply, dated Nov. 23 1915, is as follows: supply the needs of customers, whether farmers, merchants or manufacturers, or why the national banks should not have loaned the funds to their
OFFICE OF THE COMPTROLLER OF THE CURRENCY,
customers in every case well within the rates prescribed by law.
Washington, Nov. 23 1915.
Under such circumstances, and with these facts before you, I am conTo the Executive Committee of the National.Bank Section of the American fident that you will revise your opinion that this office has done, as you
express it, "a great injustice to the great majority of bankers throughout
Bankers' Association, New York City.
statement in my circular letter of Oct.27 that
Gentlemen:—Your letter of the 15th inst. has been received and considered. the country," in making the
condition of a groat many national banks show
You inform me that a full meeting of your committee, held in New York "the sworn statements of
R. S., against usury, has been grossly violated
on the 12th inst., took up for consideration a circular letter addressed by that Section 5197. U. S.
this office under date of Oct. 27. to all national banks, calling the attention by these banks."
Concerning your statement that many millions of dollars of money are
of the banks to the laws against usury and to the oaths taken by national
at less than the legal rates, may I point out that
bank directors to observe the statutes of the United States. The circular being loaned by banks
to those borrowers who have been charged and
letter also stated that the records of this office show that a great many this is a poor consolation
charged in so many cases from three to ten times the legal rate
are being
national banks have grossly violated the usury laws.
of the different States and under the provisions
You inform me that your committee unanimously adopted a resolution permissible under the laws
declaring it to be the opinion of the committee that the usurious practices of the National Bank Act?
The facts developed in the investigation recently conducted by this
complained of "are confined only to some sections of the country and are
have suggested the desirability of requesting
not general," and you ask this office "to make such modifications and cor- office with reference to usury
in their published statements of condition
rections of the statements embraced in that letter as will do justice to the national banks to print hereafter
interest charged and the amount of money which
great number of banks which have not violated the statutes relating to the maximum rates of
they may be lending at rates in violation of Section 5197, U. S. R. S.,
rates of interest."
If this is done, will not the public learn, fairly and
My statement that "a great many national banks have grossly violated relative to usury.
which banks, in the matter of interest charges, are conforming to
Section 5197, U. S. R. S., against usury," is literally true, and stands in rightly,
law and which are not? Such publication could do no injustice to
no need of correction. It is a pleasure, however, to me to be able to state the
bank that honestly tries to keep within the laws which all bank directors
that the records show that a large majority of the national banks of the any
have solemnly pledged themselves to observe.
United States, according to the latest reports, are keeping their interest
To illustrate the unfairness of some of the complaints made by usurers
rates within the maximum figures permitted by law.
this office, let me take this occasion to call attention to
• I was sincerely gratified to be in a position to announce in a public ad- and which reach
Reserve System just a year ago by a
dress to bankers a few weeks ago that a majority of the national banks were an attack made upon the Federal
denounced the 6%% rate for long-time paper,
obeying the law in this respect. At the same time, there are a great many certain national bank which
by Federal Reserve banks (though soon reduced
national banks which have violated the usury law in the past, but which, established at the outset
"exacting" and "prohibitive," "prejudicial to
I am confident, will not again do so, now that the provisions of this law to 5%) as "unreasonable,"
and calculated to shake "confidence" in the "members
have been made plain to their officers and directors and their attention the new system"
of the Federal Reserve Board."
called to their oaths of office.
An examination of the complainant bank which this office promptly
As the records of this office show that more than 1,200 national banks,
made showed that this bank, with assets of more than a million
including banks in 41 States, were charging on some of their loans, as late caused to be
been a gross violator of the usury laws; had been charging its
as Sept. 2 1915, 12% per annum interest or more (and in numerous cases dollars, had
money more than ten times the 6%% rate which it characmore than 60%), it can hardly be claimed that the charging of excessive customers for
exacting and prohibitive," and had in the three
rates of interest is confined to either a few banks or a few localities. In terized as "unreasonable,
months preceding its complaint made more than 400 loans in amounts
27 of these States, embracing approximately 60% of the total area of the or four
on which it had exacted rates ranging from
continental United States, exclusive of Alaska, the rate of 12% or more is. from $50 to over $10,000 each,
10% to 100%, including one loan of $2,067 at 64% and another for $553
under any circumstances, usurious.
The location of the national banks charging on some loans 12% or more at 85%.
I realize that a great many banks, including some of the greatest banks
was, as stated in my recent public address above referred to, as follows:
dealing justly with their customers and maintaining the
9 in New York State, 6 in Pennsylvania, 2 in Maine, 3 in Massachusetts, of the country, are
of helping in the expansion of business and the guarding of
5 in Virginia, 7 in West Virginia, 6 each in Florida and Louisiana, 66 in wise policy
these very institutions that I hope for aid, both by
Georgia, 52 in Alabama, 168 in Texas, 7 in Arkansas, 17 in Kentucky, its safety. It is from
influence, in repressing the practices of which this office
28 in Tennessee, 4 in Ohio, 8 in Indiana, 40 in Illinois, 7 in Iowa, 19 in example and
in protecting borrowers against oppression, and the
Missouri, 69 in North Dakota, 48 in South Dakota, 21 in Kansas, 46 in has complained, and
generally against public anger, provoked by the offenses
Montana,20 in Wyoming,63 in Colorado, 33 in New Mexico, 287 in Okla- banking interests
but bestowed without discrimination.
homa, 25 in Washington, 40 in California, 45 in Idaho, 18 in Utah, and 8 of a minority,
• I hope earnestly we may work together to impress on the offending
In Nevada; 3 each in Michigan, Oregon, North Carolina and Arizona.
including so many of the smaller and more remote banks, the prinIn New Jersey, District of Columbia, Nebraska, Minnesota and South banks,
governing the great number of the most successful banks at the
Carolina only 2 banks in each admitted charging 12% or higher, and only ciples
centers and elsewhere, that consideration for the customer and the communone in Maryland.
and the most certain to bring largo and
The only States whore there were no national banks which admitted ity is the wisest possible banking
success.
under oath in their statements of Sept. 2 1915 that they were charging as permanent
I am certain from the contents of your letter that your committee had
high as 12% on any of their loans were Connecticut, Delaware, Mississippi,
no suspicion of the real facts of the situation, as shown by the records
New Hampshire, Rhode Island, Vermont and Wisconsin.
In this office. I invite your co-operation in the effort to convince the
In Maine, Massachusetts; Rhode Island, New York, Pennsylvania,
of banks, especially those in villages and towns, that it is as
Colorado and California high rates may, under the law, be charged by managers
to their own interest and that of the country, to help the farmers
special agreement. The only other States in addition to the foregoing much
small struggling manufacturers and storekeepers around them, as the
seven States in which rates as high as 12% per annum may be charged, and
large majority of the big banks have found it to be to their advantage to
even by written
http://fraser.stlouisfed.org/ contract, according to the reports recently received by
. .„ . .
.
• .o
I resources to u.hold and stimulate the vast commercial
•• •
shall, within thirty (30) days after notice of such election, either agree
with the corporation in writing upon some other price to be paid for the
said stock or serve upon the corporation a written demand for an appraisal
of the stock, appointing therein an appraiser to represent him; whereupon,
the corporation shall appoint a second appraiser, and these two shall
appoint a third; and the decision of any two of the appraisers thus chosen
shall be conclusive as to the price to be paid by the corporation for the
stock. Upon tendering to such person, or his legal representatives, the
price of such stock, determined as above provided, the corporation shall
thereupon acquire the entire interest in the said stock. Subject to the
foregoing provisions any preferred stock so acquired by the corporation,
may,from time to time, be sold, reacquired and resold by the corporation,
at such price and upon such terms and conditions as the Board of Directors
may deem advisable; but no such sale shall be made to a person not an
officer, director, agent or employee of the corporation.
XI. Without assent or other action of the stockholders, unless otherwise expressly provided by law, the Board of Directors may purchase,
acquire, hold, lease, mortgage, pledge, sell and convey such property,
real or personal, without as well as within the State of New York, as the
Board of Directors may from time to time determine; and, in payment
for any property, it may issue or cause to be issued stock of the corporation,
bonds, debentures, or other obligations thereof, secured or unsecured.
In witness whereof, we have made, signed and acknowledged this Certificate, in duplicate, the 22nd day of November 1915.
CHAUNCEY B. GARVER,
In the presence of
FREDERICK W. JACKSON,
MORRIS POLLINGER.
REGINALD ROOME.
Federal Reserve Bank of St. Louis
•
•
Nov. 27 1915.1
THE CHRONICLE
to the growth, the
and industrial enterprises which contribute so greatly
wealth and the prosperity of the country.
me of Nov. 15 was given to the press
As I am advised that your letter to
making public this reply.
I am sure you will appreciate the propriety of my
Respectfully yours.
JOHN SKELTON WILLIAMS,
Comptroller of the Currency.
ACTION ON READJUSTMENT OF RESERVE DISTRICTS
POSTPONED PENDING INVESTIGATION.
The Federal Reserve Board issued a statement on Monday
to the effect that action on appeals from the decision of the
Reserve Bank Organization Committee regarding the determination of Federal Reserve cities and districts would be
postponed until further investigation has been made of the
powers of the Board to act on such appeals. As stated in
these columns on the 20th inst., it was expected that the
Federal Reserve Board would take action on this, matter last
week, but the question was not decided at that time. The
daily newspapers last week stated that there was disagreement among the members of the Board as to its power to
decide upon a readjustment of districts. A meeting of the
Reserve Board was held on Monday and the subject came up
for a thorough discussion. According to the New York
"Times," the sharpest controversy arose over the selection of
Richmond rather than Baltimore as the Reserve city of the
Fifth District. The statement issued by the Board following its meeting said that it had received "an opinion of the
Attorney-General of the United States dealing with some
phases of the legal right of the Board in regard to action on
such appeals." The Attorney-General's opinion, which we
print in full below, holds that the Board has no authority
under the Reserve Act to abolish any of the Federal Reserve
districts or banks. It was chiefly due to this opinion, it is reported, that the Board has postponed action in the matter.
The statement of the Reserve Board read:
A committee appointed by the Federal Reserve Board to consider appeals from the decision of the Reserve Bank Organization Committee regarding the determination of Federal Reserve cities and districts to-day renow
ported to the Federal Reserve Board that the following appeals are
pending:
in preference to RichFirst—The appeal of Baltimore that it be selected
mond as the Federal Reserve city of the Fifth District.
to
Second—The appeal of Pittsburgh that it be selected in preference
Cleveland as the Federal Reserve city of the Fourth District.
in certain counties of Wisconsin
Third—The appeal of a group of banks
the Chicago
that they be taken out of the Minneapolis District and added to
District.
Fourth—The appeal of certain banks in the western half of Connecticut
that they be taken out of the Boston District and added to the New York
District.
Fifth—The appeal of certain banks of Louisiana that they be included in
the Atlanta District and operate through the New Orleans Branch,in preference to being included in the Dallas District.
The committee asked for instructions as to whether these five cases be
dealt with in a comprehensive way by considering the broader questioii of
readjustments of districts, or whether it should handle each question by
itself.
There was also presented to the Board an opinion of the Attorney-Genera
of the United States dealing with some phases of the legal right of the Board
in regard to action on such appeals. After a general discussion of the whole
situation, it was unanimously agreed that further investigation of the powers
of the board with reference to the whole question was required before any
action could be taken, and the report of the committee was laid on the table
pending the making of further investigation of the subject.
ATTORNEY GENERAL HOLDS RESERVE BOARD CANNOT ABOLISH DISTRICTS.
The full text of the opinion of Attorney General Gregory in
which he holds that the Federal Reserve Board does not
possess the power to abolish any of the existing Reserve
districts or banks was made public on the 24th inst. The
Attorney General confines himself to the question of the
Board's right to abolish districts and does not deny the
power of the Board to change the boundaries of the districts.
In fact, he indicates that the latter power is vested in the
Board. The opinion cites the changes made by the Board
in northern New Jersey, where the banks were transferred
from the Philadelphia to the New York district and says that
these changes are valid. The Attorney General holds that a
Reserve district may not be abolished without the abolition of a
Reserve bank and he contends that Congress did not confer
in express terms the power to abolish a Reserve bank and
that the record of committee hearings and Congressional
debates shows that there was no intent to confer such
power. The text of the opinion is as follows:
DEPARTMENT OF JUSTICE.
Washington, Nov. 22 1915.
Sir—I have your letter transmitting a request from the Governor of the
as to the power of the Board to
Federal Reserve Board for my opinion
abolish any of the existing Federal Reserve districts or Federal Reserve
banks. Tho Secretary of the Treasury, who is ex-officio Chairman of the
Board, united with the Governor in making this request; and you ask that
I comply with it.
The Act creating the Federal Reserve system (38 Stat. 251, ch. 6) provided for an Organization Committee to be composed of the Secretary of
1765
the Treasury, the Secretary of Agriculture, and the Comptroller of the
Currency (Sec. 2).
The Act also established a permanent body known as the Federal Reserve
Board (Sec. 10).
A reading of the Act shows at once that the Organization Committee was
created not merely for the purpose of attending to the formalities of organization or to serve as a stop-gap until the Federal Reserve Board should
come into existence, but that it had an independent function to perform,
and to that end was invested with wide powers. That is to say, its function was to organize the system as contradistinguished from the function
of the Federal Reserve Board, which was primarily to administer the system.
This being the general scheme, the Act provided that the Organization
* * * shall designate not less
Committee, as soon as practicable,
than eight nor more than twelve cities to be known as Federal Reserve
cities, and shall divide the continental United States, excluding Alaska,
into districts, each district to contain only one of such Federal Reserve
cities (Sec. 2).
It provided further that these districts * * * shall be apportioned
with due regard to the convenience and customary course of business and
shall not necessarily be coterminous with any State or States and shall be
known as Federal Reserve districts and may be designated by number
(Sec. 2).
In order that it might have the information and advice essential to the
discharge of this duty, the Organization Committee was authorized * *
* to employ counsel and expert aid, to take testimony, to send for persons
and papers, to administer oaths, and to make such investigation as may be
deemed necessary by the said committee in determining the Reserve districts and in designating the cities within such districts where such Federal
Reserve banks shall be severally located (Sec. 2). Upon the establishment
of the Federal Reserve districts by the Organization Committee, certificate must be filed with the Comptroller of the Currency showing the geographical limits of such districts and the Federal Reserve city designated
in each of such districts (Sec. 4).
Having thus authorized the Organization Committee to designate Federal Reserve cities, and to create around each a Federal Reserve district,
the Act directed that * * * the said committee shall supervise the
organization in each of the cities designated of a Federal Reserve Bank
(Sec. 2)•
naThe Act then prescribes how these banks shall be constituted: Every
tional bank is required to subscribe to the capital stock of the Federal Reserve Bank of its district in a sum equal to 6% of its paid-up capital stock
and surplus, one-sixth payable on the call of the Organization Committee,
or of the Federal Reserve Board, one-sixth within three months,and onesixth within six months,the remainder subject to call by the Federal Reserve
Board when deemed necessary (Sec. 2). State banks declared eligible
by the Organization Committee, while of course not required to subscribe,
were authorized to do so (Secs. 2, 4).
If the subscriptions by banks to the stock of any Federal Reserve Bank in
the judgment of the Organization Committee do not provide an adequate
capital, the Organization Committee may offer the stock of such Federal
Reserve Bank to public subscription;and if the total subscriptions by banks
and the public fall short of supplying an adequate capital, the Organization
Committee shall allot to the United States such an amount of the stock of
the Federal Reserve Bank in question as the committee shall determine.
Stock not held by banks has no voting power. (Sec. 2.)
No Federal Reserve Bank is permitted to commence business with a subscribed capital of less than $4,000,000 (Sec. 2), nor until authorized so to
be by the Comptroller of the Currency (Sec. 4).
When the minimum amount of capital stock required for the organization of any Federal Reserve bank shall have been subscribed, the Organization Committee is directed to designate any five of the subscribing banks to
complete the organization and to execute and file with the Comptroller of
the Currency a certificate of organization, stating the name of such Federal
extent
Reserve bank, the city and State in which it is located, the territorial
of the district in which its operations are to be carried on, the amount of
same is divided,
its capital stock and the number of shares into which the
the name and place of business of each bank executing the certificate of
organization and of each subscribing bank, and the number of shares subscribed by each, &c. (Sec. 4).
Upon the filing of this certificate such Federal Reserve bank becomes a
the
body corporate, with the powers which are enumerated, amongst them
its
power * * * To have succession for a period of twenty years from
unless
organization, unless it is sooner dissolved by an Act of Congress, or
its franchise becomes forfeited for some violation of law (Sec. 4).
Acting under the authority of these provisions, the Organization Committee divided the country into twelve Federal Reserve districts and designated in each a Federal Reserve city. Boston was designated as the Federal Reserve City for District 1; New York for District 2; Philadelphia for
District 3; Cleveland for District 4; Richmond for District 5; Atlanta for
District 6; Chicago for District 7; St. Louis for District 8; Minneapolis for
District 9; Kansas City for District 10; Dallas for District 11; San Francisco
for District 12. A certificate to that effect was filed on April 2 1914, in the
office of the Comptroller of the Currency.
On
A Federal Reserve bank was duly organized at each of these cities.
beMay 18-20 1914 all filed their certificates of organization and thereby
powers enumerated in Section 4
came bodies corporate, with the rights and
organization was officially announced by the Secretary
of the Act. Their
of the Treasury, pursuant to the second paragraph of Section 19 of the Act,
and on Nov. 14 1914, pursuant to Section 4 of the Act,they were authorized
by the Comptroller of the Currency to commence business.
They have been engaged in business for a little over a year. Their statement for the week ending Nov. 12 1915 shows their capital, deposits and
total resources as follows:
Resources.
Deposits.
Capital.
Federal Reserve Bank of—
$28.615,000
$22,218,000
$5,171,000
Boston
196,544,000
181,710,000
11,059,000
New York
25,206,000
19,933,000
5.273,000
Philadelphia
24,501,000
18.556.000
5.945,000
Cleveland
21,669.000
*13,160,000
3,352,000
Richmond
16.629,000
*11,268,000
2.417,000
Atlanta
56,628,000
49,993,000
6,635,000
Chicago
13,982,000
11,204,000
2,778,000
St. Louis
12,920,000
10,425,000
2,495,000
Minneapolis
14,080,000
9,826,000
3,027,000
Kansas City
18,671,000
*11,992,000
2,753,000
Dallas
17,973,000
14.032,000
3,941.000
San Francisco
Total
$54.846,000 $374,317,000 $446,192,000
* Includes Government deposit of $5,000,000.
present time
All of them have issued Federal Reserve notes. of which at
a
$160,000,000 in round numbers are outstanding. One has purchased
for long terms.
site for its bank building and the others have leased quarters
Board the power to abolish
The question is, Has the Federal Reserve
1766
THE CHRONICLE
[voi,. 101.
any of the existing Federal Reserve districts established by the Organiza- to abolish districts, and consequently to abolish
banks, from a power
tion Committee, as hereinabove described?
to readjust districts and to add new districts.
As there can be only one Federal Reserve bank in a district, a district
A power not expressly conferred can arise as an incident to the exercise
cannot be abolished without abolishing a bank. Therefore, inseparably of some other power only because essential to the
exercise of that power,
linked with the question first stated is the further question, Has the Fed- or because included therein as a lesser power of like nature
or effect. (The
eral Reserve Board the power to abolish a Federal Reserve bank?
Floyd acceptance,7 Wall,666,680; Branch v. Jessup, 106 U. S.,468,478.)
And since, concededly, the power to abolish a Federal Reserve district
No one would say that the power to abolish is a lesser power than the
or a Federal Reserve bank is not granted in -express terms, the question power to readjust. It only remains, then, to inquire whether
the power
finally becomes, Is it to be implied from other provisions of the Act that to abolish districts and banks is essential to the
exercise of the power to
Congress intended to confer that power?
readjust districts. In other words, would the power to readjust districts,
The counsel of the Board held not in an opinion dated March 1 1915. which is expressly conferred upon the Board, be nullified
or rendered imSubsequently, Mr. Joseph H. Cotton of New York was consulted and he potent if the power to abolish districts and banks
is withheld?
reached the opposite conclusion in an opinion dated Nov. 19 1915.
I have not heard that contention made, and do not see how it could be
The Federal Reserve banks are not banks in the ordinary sense. They made. Obviously, the power conferred can fall short
of the power of
are banks composed of banks. They touch the business life of the nation abolition and still have a wide and useful field
of operation. From time
in its most sensitive spot. Of all the processes of business, theirs is perhaps to time much may be done to promote
the convenience and efficiency of
the most delicate.
the system by readjusting the boundaries of districts, adding here and
In determining whether Congress intended by implication to confer upon taking away there, without abolishing
districts and without abolishing
the Federal Reserve Board power to abolish one or more of these institu- banks.
tions, it is proper to consider that if the power exists at all it may be exerThe only grounds upon which a power may be implied are thus lacking
cised not only now but at any time in the future. Certainly it was the ex- hero. Rather, the specification of the power to
readjust districts and of
pectation of Congress that the Federal Reserve banks would extend their the power to increase the number of districts carries
with it the implication
roots deep; that upon them, as a foundation, permanent banking arrange- that Congress did not intend to grant the greater power to
abolish districts.
ments better than any we have ever known would be constructed, and that As the Supreme Court has said in similar
circumstances: "If Congress
they would become interwoven with the business fabric of the country.
had decided to grant such authority it would have been easy to say so in
If these expectations shall be realized, and in this discussion we must as- express terms (Tillson v. United States,
100 U. S. 43-46)."
sume that they will be, the abolition of one or more of the Federal Reserve
Again, it does not seem reasonable to suppose that Congress would have
districts, and consequently of one or more of the Federal Reserve banks, authorized the Organization Committee to
establish these very elaborate
whether for better or for worse, would profoundly affect the currents of banking units if another body to be organized
only a few months later was
trade and alter the whole face of business throughout vast sections of the to have the power not only to make
readjustments among them, but to
country, to say nothing of the effect upon the investments of member banks abolish altogether a substantial number of them.
and perhaps of the public, in the capital stocks of Reserve banks.
Finally, the power of readjusting districts and of creating new districts
It must be acknowledged that the power to do such a thing is, to borrow conferred by this provision upon the Federal
Reserve Board is subject
a phrase of the Supreme Court, "a power of supreme delicacy and impor- to two limitations only: (1) There must
be "due regard to the convenience
tance," and I am of the opinion that the failure to confer such a power in and customary course of business," and
(2) the number of districts cannot
express terms would be regarded by the Courts as virtually conclusive that exceed twelve, (Section 2.)
Congress did not intend it to be exercised except by itself.
If, therefore, the power to readjust districts includes the power to abolish
A leading case in point is Inter-State Commerce Commission vs. Railway districts, I see nothing to prevent the Board from abolishing
districts and
Company, 167 U. S. 479. There the question was whether the Inter-State banks until the number is reduced not only to eight, but
to six, four, or
Commerce Commission, when it found a particular rate to be unreasonable, even one, if the judgment of the Board, with due regard to the
convenience
was given the power by the Act to regulate commerce as originally enacted, and "customary course of business," dictates that policy.
Assuredly.
to prescribe what should be a reasonable rate for the future. As in the pres- Congress intended no such result.
ent instance, the power in question was not expressly given, but the ComBut not only does this provision afford no sufficient basis for implying
mission claimed that it had the power by necessary implication.
that Congress intended to grant tho power in question—there is another
Briefly stated, its contention was that it was expressly charged with the provision in the Act which shows affirmatively, I think, that
it did not
enforcement and execution of the provisions of the Act; that among other intend to grant that power.
provisions was Section 1, which required all charges to be reasonable and
Section 4 provides that "upon the filing of such certificate with the
just and prohibited every unjust and unreasonable charge; that in the nature Comptroller of the Currency as aforesaid, the said Federal
Reserve Bank
of things it could not enforce this mandate of the law without a determina- shall become a body corporate and as such, and in the name
designated in
tion of what are reasonable and just charges, and finally, since no other such organization certificate, shall have power * * *
to have succestribunal was created to make that determination, it must be implied that sion for a period of twenty years from its organization, unless it
is sooner
the Commission was authorized to do so (167 U. S. 500, 501).
dissolved by an Act of Congress, or unless its franchise becomes forfeited
The Court, overruling this contention, held that, as the Act did not ex- by some violation of the law."
pressly grant the power, the Commission did not possess it. Speaking
Here is an assurance by Congress that a Federal Reserve Bank,organized
through Mr.Justice Brewer,the Court said:
under the provisions of this Act, shall have the right to exist for a period of
"The question debated is whether it (Congress) vested in the Commission twenty years, except in two specific contingencies, 1. e., unless it
shall forthe power and the duty to fix rates; and the fact that this is a debatable feit the right by a violation of law, or unless Congress itself shall
shorten
question and has been most strenuously and earnestly debated, is very per- the period.
suasive that it did not. The grant of such a power is never to be implied."
The Federal Reserve Banks were organized, their capital subscribed, and
(494.)
large obligations undertaken by them on the faith of that express assurAgain, it refers to "the inference which irresistably follows from the ance and in the expectation of enjoying that right.
omission to grant in express terms to the Commission this power of fixing
Manifestly, to imply a power in the Federal Reserve Board to abolish
rates." (506.) And again, the vice of this argument is that it is building Federal Reserve Banks at will would directly conflict with
the rights and
up indirectly and by implication a power which is not in terms granted. powers expressly conferred upon these banks by this
section. A power thus
(509.) Still again:"And if it (Congress) had intended to grant the power to expressly conferred cannot be destroyed or seriously
impaired by implying
establish rates, it would have said so in unmistakable terms." (509.)
a conflicting power—at least not unless the grounds for the implication
While this seems to me decisive of the matter, I will nevertheless examine are irresistible, which as we have seen, is not the
case here. (Texas &
the provisions of the Act which is put forward as a ground for implying that Pacific Ry. Co. v. Abilene Cotton 011 Co., 204 U.
S. 426, 440, 441, 446;
Congress intended to confer upon the Federal Reserve Board the power in Wilder Mfg. Co. v. Corn Products Co., 236 U. S.
165, 174, 175.)
question. That provision, which is found in Section 2, immediately folFinally, it remains to be observed that the reports of the committees
lowing the grant of power to the Organization Committee to designate which considered this Act and the debates attending its
passage, while
Federal Reserve cities, and to establish Federal Reserve districts, reads as discussing fully many different powers conferred or proposed
to be confollows:
upon the Federal Reserve Board, contain no mention of tho power
ferred
"The determination of said Organization Committee shall not be subject here in question. This is very significant. It shows, I think,
an entire
to review except by the Federal Reserve Board when organized; provided, absence on the part of Congress of any thought of conferring
such a power.
that the districts shall be apportioned with due regard to the convenience For, considering the far-reaching consequence of the power,
it is not easy
and customary course of business, and shall not necessarily be coterminous to believe that if the granting of it had been under
consideration at all, the
with any State or States. The districts thus created may be readjusted fact would not have been mentioned by some one
in the course of the
and new districts may from time to time be created by the Federal Reserve thorough and exhaustive discussion which the subject
underwent in ConBoard, not to exceed twelve in all."
gress.
The merely negative statement that the determination of the OrganizaI sum up my conclusions as follow:
tion Committee "shall not be subject to review except by the Federal ReFirst—Concededly the power to abolish Federal Reserve Districts and
serve Board when organized" clearly cannot be enlarged into an affirmative Federal Reserve Banks is not conferred upon the Federal Reserve
Board in
grant of power to the Board to review and set aside everything done by the express terms.
Organization Committee.
Second—It is a rule of statutory construction that the failure to grant in
The reasonable view is that by that language Congress meant that the express terms a power of such groat consequence raises a
convincing prerterminatIon of the Organization Committee should not be subject to sumption that Congress did not intend to grant it.
review at all, except in so far as the subsequent provisions specifically
Third—Putting out of view that presumption, there is no provision in the
authorize a review by the Federal Reserve Board. The only subsequent Act from which an intention to confer this power can fairly be implied,
but
provision authorizing a review of the determination of the Organization on the contrary there is a provision which shows affirmatively that Congress
Committee of the Federal Reserve Board is contained in the sentence:
did not intend to confer it.
"The districts thus created may be readjusted and new districts may
Fourth—The absence of any mention of such a power in the reports of
from time to time be created by the Federal Reserve Board,not to exceed committeees and the debates dealing with the legislation shows that
the
twelve in all."
thought of conferring it was not in the mind of Congress. I am of the
But the power to readjust districts does not necessarily carry with it the opinion, therefore, that the Board does not possess the power in question.
power to abolish districts and banks. On the contrary, it would be deVery respectfully,
parting from the usual moaning of the language to give it that effect. In
T. W. GREGORY,
the affairs of business especially, the word "readjust" is associated with
Attorney-General.
The President,
the Idea of preservation rather than of destruction. When it is used in
The White House.
connection with any business or political entity, we instinctively think
not of the destruction of that entity, but of its preservation in some other
form. When it is used in connection with a geographical area, such as
HOW CAN RAILROAD REGULATION BE
a district, we instinctively think of changes in boundary lines— not of the
STRENGTHENED?
blotting out of everything. To illustrate, suppose the Constitution had
provided that Congress should have power to readjust the States taken
This is the title of an address delivered by A, J. County,
into the Union. Would it be contended that this included power to Special
Assistant to the President of the Pennsylvania Railabolish States? I cannot think so. Likewise here, in my opinion, the
road Co., before the Wharton School of the University of
power to readjust districts refers to change in boundary lines.
This conception of the power is exemplified in the changes heretofore Pennsylvania, Philadelphia, Pa., on Nov. 17. We quote
made by the Federal Reserve Board in the boundaries of the districts as
as follows:
fixed by the Organization Committee. To cite one instance, Northern
NECESSITY FOR CHANGES IN REGULATORY POLICY.
New Jersey was detached from the district of which Philadelphia is the
center and annexed to the district of which New York is the center. But
Public regulation is so confused that it is impossible to concentrate reif what was meant by readjustment of districts were obscure instead of sponsibility. It imposes on the one hand increased taxes, higher wages
reasonably clear, there would still be no ground for implying the power and requires standards of service and facilities that necessitate the expend-
Nov. 27
1915.1
THE CHRONICLE
ture of unproductive capital running into millions of dollars every year for
each of the large railroad systems; while, on the other hand, any tendency
to permit adequate railroad profits has been decidedly slow. A property
investment return of 5.36% in 1913, when gross earnings were the highest,
and of less than 4% in 1914, is evidence of this. Further, new railroad
construction was less in 1914 than any year for about two decades; the purchase of supplies and materials has been greatly curtailed and employment
has been reduced; and about one-sixth of the railroad mileage of the country, or over 41,000 miles, consists of bankrupt lines located principally
through the West and Southwest territory. Unless this condition is changed
by intelligent and courageous regulatory bodies, we will roach a position
where the ability of the railroads to sustain their credit and perform their
full duty to the public is taken from them. Public opinion has recognized
that condition and an encouraging sign is that the wave of ill-considered
railroad legislation and regulation is abating.
The present improvement in railroad revenues, resulting chiefly from a
foreign war, is small compared with the rise in profits and prices in other
lines of business; but compared with a poor year like 1914 it is nevertheless
another encouraging feature. This brighter outlook, however, does not
relieve the public regulation situation, and the effective remedies required
by the railroad industry to put it upon a sound profitable basis to render
efficient service. We may well ask, what course shall this reconstruction
take?
A NATIONAL BROAD-GAUGED POLICY OF REGULATION IS
REQUISITE.
Some of the necessities of public regulation, which I hope will be considered, and on which the views of experienced men will be obtained, are:
First.—We should consider Federal incorporation, or some constructive
national legislation that will give to the railroads carrying on inter-State
traffic those ample powers to act corporately as inter-State transportation
systems not limited by local or State regulations. This would not deprive
the States of the usefulness of their public utility laws and commissions,
as there is still the broad field, affecting State public service activities and
corporations, over which the States must continue to exercise jurisdiction,
but as a result responsibility on tho larger transportation questions would
be concentrated, and conflicting orders and regulations—State and Federal
—would be replaced by co-operation and by the elimination of what is
unnecessary.
Second.—The strengthening of the overworked Inter-State Commerce
Commission, including, if possible, some men experienced in railroad affairs
and management. It has also been suggested that district or regional
commerce commissions be established in various parts of the country to
assist the National Commerce Commission in exorcising jurisdiction over
the carriers, by facilitating hearings, shortening time for rate suspensions
and in reaching prompt conclusions. The Federal Commission to be effective should control all rates and practices affecting inter-State transportation and commerce, including the increase of rates which it regards
as non-compensatory, and the prevention of rate reductions which it belioves to be unreasonable. This might appropriately include the regulation
of rates for carrying the mails and parcels post, which are now unreasonable
and unprofitable. Further, that the duties of detection and prosecution
should in some way be separated from the Commission's many other functions; they seem more appropriate work for the Department of Justice.
Third.—That a longer term of office and greater compensation be provided to reward men of the greatest experience and ability for assuming a
place on the Federal Commission, one of the most responsible tasks in the
country, and to induce them to remain in office.
Fourth.—That the Inter-State Commerce Commission be given full
power to regulate through a system of publicity the issue of securities of
inter-State carriers, in lieu of having several State commissions with diversified laws and orders also regulating the same matter. In fact, the powers
already possessed by the Commission, including the right to demand all
necessary information, would seem to largely cover this situation, except
that it does not avoid the delay, expense and confusion of the various
State laws.
Fifth.—The duties of all the commissions should be so defined that they
will be authorized by law and impelled under public opinion, and as a
iberal governmental policy, to strengthen the railroads and define measures
and principles under which clearly compensatory rates will be paid to the
railroads as common carriers, as taxpayers, wagepayers and purchasers
and consumers of supplies and materials and the developers of the country.
These commissions should be made as beneficial to the railroads for the
benefit of the public and investors as are the other departments of the
Government, such as those dealing with Agriculture and Banking.
Sixth.—Much might be done to save duplication and expense by a closer
understanding between the various governmental departments and commissions—Federal and State. There are several hundred thousand reports
and returns of various kinds, many of which could be abolished and many
more revised.
As a conclusion, let me say that no body of men realize more clearly than
railroad managers that their companies are dependent for their credit and
prosperity upon rendering good public service based on reasonable rates.
This is evidenced by the character and regularity of service furnished, which
in magnitude and low transportation charges is not excelled in any other
country in the world. It follows that such a service can be maintained
and expanded only under equitable regulation and profits.
Perfection in railroad regulation cannot be expected immediately; that
takes time, experience and knowledge, but lot us move forward in that
direction. Reduction of rates and punitive investigations often prove
popular, but they form only a small part of a great national question. It
is the neglect of the constructive side of public service corporations, like
railroads, which weakens or stops so many activities of our national life
and produces trade paralysis, and the consequent unnecessary unemployment. The railroads must not be regarded as finished works, like a bank
building or a reservoir. If the vast undeveloped areas and natural products
in this country are to be opened up, the carriers must have public support.
Until we have a finished country we shall always have a demand for additional railroad linos and facilities and for additional capital. It is the
business of public regulation to recognize that private capital cannot be
had through legal mandates or now laws, because capital will choose the
best channels for profits and safety. Public regulation must, therefore,
see that no obstacle in business or politics shall exist which discourages
private capital from railroad investments. Otherwise, the country will be
forced to serious economic changes.
If we can make these problems clear to the public a change in railroad
regulation policy is in sight, a national conception will be awakened in the
public mind of what the transportation systems require to make and keep
them growing and prosperous. That conception will fully appreciate the
great public service of the railroads, and recognizing them as the ablest
instruments for national prosperity in peace or war, will insist on a broad
constructive policy in legislating for, and regulating, these inter-State commerce carriers. In the early history of our country the State laws imposing
regulations and barriers against each other's commerce wore removed for
the advantage of the entire nation, through the provisions of the Constitu-
1767
tion, so the time has now come when the railroads as the national instrumentalities for carrying that national commerce will under liberal public
regulation again become the advance guards of progress and prosperity.
LEGISLATION AFFECTING RAILWAY OPERATION.
That 1,097 bills affecting railway operation were introduced in the 43 State legislatures which were in session in
1915 and that 137 laws of that character were enacted during the year in the various legislatures, was set forth by the
Special Committee on Relations of Railway Operation to
Legislation. This committee, which is located in Chicago,
has recently issued an elaborate chart' classifying the bills
introduced and the laws enacted in 1915 affecting railway
operation. In comparing this year's figures with those for
previous years, the committee shows that in 1914 there were
14 legislatures in session in which 236 bills were introduced
and 27 laws enacted; in 1913 there were 42 legislatures in
session, 1,395 bills introduced and 230 laws enacted, while in
1912 19 legislatures convened, 292 bills having been introduced and 48 laws enacted. These figures show that, as
between 1915 and 1913, in which years there were about the
same number of legislatures in session, both the number of
bills introduced and the laws enacted affecting railways were
much larger in 1913 than during the present year. The laws
were nearly all regulatory in character and such as add either
to the burdens or expenses of the carriers.
INACTIVITY OF LAND BANK OF NEW YORK.
The inactivity of the New York Land Bank is the subject
of an article by Wallace Benedict in the November Journal
of the American Bankers' Association. The new bank,
designed as a clearing house for mortgages on farms, was established last January, but thus far the author of the article
points out, it has not yet made a loan. Mr. Benedict writes
as follows concerning his inquiry into the operations of the
new bank:
The Land Bank of the State of New York, incorporated last spring after
volumes of heated discussion in granges and savings and loan societies
after weeks of foot-sore lobbying in the corridors of the State Capitol—
the Land Bank, hope of the home-builder, emancipator of the farmer, is
to-day harder to locate than the abode of an Italian immigrant fresh from
the steerage. It is not mentioned in the telephone directory; in fact, it
has no telephone. The police department can give no help because it is
too young to have been in jail.
A truly persevering person, however, can run the elusive creature to
cover. I found it listed in the American Bankers' directory as follows:
Land Bank of the State of NewYork, E. F. Howell, managing director.
61 Broadway.
Hurrying to 61 Broadway, I found that the State Banking Department
had offices there, and as the Land Bank was not listed, I took the elevator
to the Banking Department.
Yes, the usher had heard of the Land Bank and of Mr. Howell. No,
they had no offices here; but he thought Mr. Howell worked for the Western Union Telegraph Co. and could be found at 16 Dey Street. No, I
couldn't use the 'phone to call up Mr. Howell; that would be a violation
of section 6, chapter 37, of the State Banking Law, series 1913—or some
such thing.
So I plodded my way north in maddening Broadway to Dey Street, turned
in at number 16 and was told by the elevator starter that Mr. Howell was
to be found in a room on the third floor, first turn to the right,just beyond
the barber shop.
Arrived at the room, a woman clerk answered me through a little brass
grating, the kind they have in branch post offices in city drug stores.
"Mr. Howell is out at lunch, but I expect him in soon because he has
promised to relieve me."
So I sat down to wait, glad of the cool and quiet of the little office.
The inscriptions on the door caught my eye:
Room 301.
Telegraph & Telephone Life Insurance Association.
Serial Building Loan & Savings Association.
Gold .31 Stock Life Insurance Institution.
New York Telegraphers' Aid Society.
There were three employees in the room, a man and two women. Evidently the return of the chief would complete the staff of four.
Four people, four associations, I thought. Oh, no; five associations.
Don't forget the Land Bank,even though its name is not gilded on the door.
So this is the little laboratory in which the managing director of the New
York Land Bank worked out his experiments and gained the experience
to guide this enterprise of larger importance to which he is now committed.
Mr. Howell came in.
He is a man of about sixty, simple-mannered and kindly. I asked him
many questions. He replied patiently, without evasion, and with no sham
front of great deeds done.
Before getting into a discussion of the perplexities of the New York
Land Bank, the term "land bank," in its theoretical significance at least,
should be defined.
A land bank is simply a device for getting city money to the farmer via
the farmers' savings and loan associations or similar bodies.
The farmer borrows of the association, giving a mortgage as security.
The interest rate is equitable and fixed, and a gradual amortization of the
debt is provided for in the computing of the semi-annual payments.
The association, standing alone, would have to derive its funds for such
loans from membership dues solely. A few loans then would use up its
cash resources.
Now in comes the Land Bank's principal function.
The individual members of one of the local savings and loan associations
indorse a handful of mortgages, bundle them up and send them off to the
Land Bank as security on which they borrow more money to loan out to the
farmers in the neighborhood, and so on until the countryside is resplendent
with red barns and tall silos and granaries and all the other external evidences of efficiency and prosperity.
1768
THE CHRONICLE
Money must now be raised by the Land Bank to replenish its coffers.
So against the mass of gilt-edged personally indorsed mortgages in its vaults
it issues debentures, Land Bank bonds, sells them—and, voila.—the chain
is complete and city money is financing farm enterprise.
"The Land Bank of the State of New York," said Mr. Howell, "was
created by law Dec. 14 1914, and one month later, Jan. 29, the necessary
amount of capital stock had been subscribed and paid in and the bank
received its authorization to begin operations. There are forty-one subscribing savings and loan associations, with assets of approximately twenty
million dollars.
"We have proceeded slowly and cautiously in the administration of our
affairs because what we are doing is absolutely without precedent in America, and we do not wish to hurry into any blunders that will later have
to be undone.
"Our attorneys are working on the wording of the security to be issued,
and the Guaranty Trust Co. will it is hoped, underwrite our initial issue
of Land Bank bonds, $50,000 in amount, as soon as a satisfactory form
has been agreed upon by all the parties to the transaction."
The men who have fought for the success of the Land Bank since its
creation have had no easy task, thanks to blundering legislation. The
Land Bank Act authorized a start with $100,000 capital, but no surplus
stock subscriptions by forty-one savings and loan associations settled the
question of authorized capital but did nothing toward putting the business
in motion, for it is provided that the capital cannot be loaned but must
be held in reserve against some distant rainy day. Neither can it be spent
of course. So here you have the spectacle of a bank with $100,000 paid-in
capital but without the price to rent a room and start business.
Hampered as they were for lack of a working surplus, the directors
planned to make promises to accept mortgages tendered them by the subscribing members, agreeing to tender cash in return for these mortgages
at some date in the near future. It was anticipated that when a respectable quantity of these obligations had accumulated, the Land Bank could
Issue debenture bonds against them and with the proceeds of these bonds
make good their agreements to loan. A tiresome, clumsy process this,
to be kept up until the microscopic margin between income and out
-go
between the 5% received from the savings and loan societies on loans, and
the 4%% interest to be paid out on debentures, has gradually accumulated
into a working surplus.
But to do business you must find some one who wants your goods.
Things turned out as planned, except that few of the local societies
seemed to care to borrow. Each apparently had money enough to meet
all the demands of its individual members and only now, after eight or nine
months of corporate existence, is the first round-up to occur. The first
$50,000 worth of debentures are to be sold to meet the accumulation of
requests for loans.
Selling the debentures at 4%% was no easy matter, according to Mr,
Howell. When so many fine securities pay 5% or more underwriters
do not care to experiment with a 43 % issue backed by a credit fabric
new to the public. The purchase of the first $100,000 is assured, however,
Mr. Howell said.
Other sources of dissatisfaction lurk in the present status of the Land
Bank and its subscribing members, the savings and loan associations.
One is the fact that tho scheme which was to solve the rural credits problem
Is not a rural land bank at all. It is almost a purely urban institution.
It has only ono farmer's loan society to forty urban loan societies.
The bank was organized to divert urban capital to the country, to enable
the farmer to finance his operations economically. It has failed in that
object so far because there are no farmers' loan associations to act as gobetween from Land Bank to individual farmer. Furthermore, its usefulness to urban savings and loan associations has been far from startling for
the simple reason that the urban associations have needed little help.
Time, let us hope, will do much for this ill-nurtured child. Time and
patience and economy will gradually bring enough surplus to permit of a
steady flow of business transactions even though small ones. Time also
will see the formation of savings and loan associations by farmers and the
gradual acceptance of the Land Bank and its facilities. Let other States
before they enact land bank laws see to it that the good word has been
spoken throughout the land, that the farmers'savings and loan associations
are numerous, and that there is a real understanding and a real demand
preceding the creation of the land bank machine.
VIRGINIA TAX OFFICIALS MAY COMPEL DISCLOSURE OF DEPOSITORS' NAMES.
The taxing officials of Virginia have the right to require
the banks of the State to disclose upon request the names of
their time or savings depositors according to an opinion
given by State Attorney-General John G. Pollard. The
latter's views are expressed in a letter addressed under date
of Oct. 21 to the State Advisory Board on Taxation, and
which the Board adopted for the guidance of taxing officers
on the 9th inst. The Attorney-General also contends that
the requirement applies to national banks of the State as
well as to State institutions.
It is not improbable, the Richmond "Dispatch" states,
that the national banks will contest the opinion and carry
the matter to the Federal Courts. In setting out his conclusions concerning the right of tax officials to require a list
of the names of bank depositors and the amount of their deposits, the Attorney-General says:
[voL. 101.
banks. But this is an erroneous impression, as the courts have already
decided that a State has a right to require national as well as State banks
to disclose the names of their depositors and the amount to the credit
of each.
ILLINOIS STATE BANKS JOINING FEDERAL RESERVE
SYSTEM MAY COUNT BALANCES DUE FROM
OTHER STATE BANKS AS RESERVES.
That "it would seem to be entirely consistent with the purpose and intent of the Act for the Federal Reserve Board to
permit State banks or trust companies located in Illinois,
which become members of the Federal Reserve system, to
count as part of their reserve balances due from other State
banks or trust companies,for a period of three years from the
establishment of the Federal Reserve Bank of Chicago,"
was the gist of an opinion recently announced by M. C. Elliott, Counsel of the Federal Reserve Board. We reprint
below the opinion as it appeared in the "Federal Reserve
Bulletin" of Nov. 1:
The question whether State banks which are members of the Federal
Reserve system may count as part of their reserves balances carried with
other State banks and trust companies has been under advisement by the
Counsel of the Federal Reserve Board.
Counsel now holds that, although the Illinois law is silent on the question, the Auditor of Public Accounts has specifically ruled that banks located in Illinois may count as part of their legal reserves balances due from
other State banks or trust companies, and it would seem to be entirely consistent with the purpose and intent of the Act for the Federal Reserve Board
to permit State banks or trust companies located in Illinois which
become members of the Federal Reserve system to count as part of their
reserve balances due from other State banks or trust companies for a period
of three years from the establishment of the Federal Reserve Bank of
Chicago. The Board has approved the Counsel's opinion in the matter.
REPORT OF FEDERAL RESERVE AGENTS' COMMITTEE
ON CLEARINGS.
This report, presented to the Federal Reserve Board on
Oct. 18, is printed in its entirety in the Federal Reserve
Bulletin for November. The committee points out that the
need for the extension of the present system across district
lines and to include State bank items and non-cash items,
will become more pressing as more and more reserves are
transferred and member banks' ability to collect through
reserve agents is correspondingly curtailed; and it states that
the approaching transfer of reserves on Nov. 16 suggests
the desirability of prompt action looking toward the establishment of a general system for the collection of all items.
A number of important recommendations are embodied in
the report, which we publish in full herewith:
In this report it is suggested that each district be allowed to handle the
clearing situation in the way that seems best suited to meet its local conditions. It allows an immediate credit and immediate debit basis, or a deferred credit and deferred debit basis. It also suggests that each Federal
Reserve Bank may carry such portion of its float as it feels that the needs
of its member banks warrant. It also suggests that the intra-district and
inter-district systems of clearings can be developed simultaneously.
In addition to what the report sets out, personally, I believe:
First. That whatever system is adopted by the respective Federal Reserve Banks, it should be made mandatory on the member banks of each
district. A positive stand on the part of each Federal Reserve Bank, it
seems to me, will help the banks to overcome their spirit of hesitation and
inspire a spirit of confidence in what is being done.
Second. That whatever system is adopted, the ultimate aim should be
an immediate credit and immediate debit basis, as this, in my judgment,
is the soundest banking method, one that will correct the present evil of
drawing checks against anticipated balances, and is less liable to other
abuses.
Yours respectfully,
WM. WC. MARTIN,
Chairman Federal Reserve Agents' Clearing Committee.
St. Louis, Mo., October 13 1915.
Sirs: As requested, the committee on clearings of the Federal Reserve
Agents has had two meetings and respectfully presents the following report:
The extension of the present collection facilities of Federal Reserve Banks
is more of a reserve than a transit problem. In its transit aspects it opens
a privilege to member banks, but in its reserve aspects the collection of their
checks constitutes a restriction. Membership in the collection system
requires them to carry larger reserves, the burden of which will be felt
increasingly as more and more of their reserves are transferred to Federal
Reserve Banks.
Checks Are Not Counted as Reserves and Reserves Pay the Cost of Collections.
One of the purposes of the Federal Reserve System is to concentrate
reserves and put an end to the pyramided reserves which the National
Bank Act has permitted. An inevitable accompaniment of this reform is
It is urged that such a construction of the law makes it highly inquisi- the elimination of checks-in-transit from the reserves of member banks.
torial, disclosing the private affairs of a depositor and furnishing to the Such checks, forwarded by one bank to another for collection and counted
banks' competitors information which would be harmful to the banks. In its reserve before either credit or remittance for them as been received,
This, however, is considered a matter of legislative policy already passed constitute a so-called "float" of largo proportion, the natural volume of
upon by the General Assembly, and with which the other departments which is often further increased by indirect routing and delayed remittance
of the Government cannot interfere.
arrangements.
The General Assembly itself seems to have recognized the importance
In many cases the same check-in-transit servos as a reserve for both a
of keeping secret the information furnished under the statute cited, and country bank and its reserve city correspondent. These two classes of
Inserted therein a provision guarding against the very objection now urged banks are able to use their balances with reserve agents to compensate the
against the construction here placed upon the statute. The provision is latter for their services in collecting checks. Not only do they receive imas follows:
mediate credit for checks they deposit with reserve agents, but checks
"The answers required under oath of the person,firm, corporation, agent drawn upon them are seldom charged against their accounts; usually they
or witness shall not be disclosed unless called for by a court of record or are given several days in which to remit for them. Receiving immediate
the State Advisory Board or any local board of review."
credit themselves for foreign items, they in turn do likewise for their deIt is also urged that the conclusion here reached will work a great hard- positors, although a collection charge is sometimes made. In this way the
ship on depositors in State banks. This objection is based upon the assump- circulation of checks outside the place of origin is encouraged and is contion that while the State may compel State banks to disclose the names of stantly increasing. The desire to convert such chocks promptly into
retheir depositors, no such authority can be exercised in case of national serves has created the present transit and reserve problem,
Nov. 27 1915.)
THE CHRONICLE
Situation When Reserves Will No Longer Pay for Collections.
The Federal Reserve Act gradually requires the reserves to be transferred from present reserve agents to the reserve banks. With this transfer the tangle of reciprocal collection arrangements which the competition
of half a century has developed will be unraveled and ended. Country
and reserve city banks will, therefore, be brought face to face for the first
time with the problem of collecting their foreign items. Reserves with
reserve agents will no longer provide and pay for their service. Clearly
the service cannot be had for nothing; some one must pay the cost. Checks
now count as reserves and the reserves carry the cost, but when the reserves have been completely transferred this will not be so. The cost will
fall primarily on the bank which receives the foreign item on deposit.
If the bank is unwilling to bear the cost, it must obviously impose it upon
the person depositing the foreign item by either exacting a charge, deducting interest, or compelling a larger balance to be kept. Now that the cost
of collecting foreign items is to be shifted from the reserve agent to the bank
of original deposit, the latter must do just what the former has done—
analyze its accounts and require those who deposit foreign items to keep
compensating balances.
Federal Reserve Banks Must Provide Collection System.
Clearly, if the Federal Reserve System deprives member banks of their
present collection facilities, it must provide a substitute; not only must it dothis as a matter of both justice and law, but it should do it as a matter of
policy as well. For in a majority ofthe districts re-discounting has brought
and probably will bring but a few of the member banks into active relations
with their reserve banks. At best the relationship through re-discounting
is occasional. But the daily depositing of checks and drawing of drafts
will foster a close and normal relationship between the reserve bank and its
members and will be constant evidence both to them and to the public
that the system is doing something for them; nor will the effect of this be
lost on the State banks.
The first step has been taken within each district. The need for an extension of the present system across district lines and to include State bank
items and non-cash items will become more pressing as more and more reserves are transferred and member banks' ability to collect through reserve
agents is correspondingly curtailed. The approaching transfer of reserves
on Nov. 16 suggests the desirability of prompt action looking toward the
establishment of a general system for the collection of all items,. Such a
system should be planned on linos of unquestioned soundness, assuring the
most direct collections, and guarding as far as possible against inflation,
manipulation of domestic exchange, and the purchase of "float" by reserve
banks. Not only should existing unsound practices developed under competitive conditions be eliminated, but a constant watch should be kept for
new elements of unsoundness to which new conditions may open the door.
The practice now inaugurated, of figuring the reserves of member banks
from the books of the reserve banks, is sound and prevents checks in the
mail from counting as reserve before they reach the reserve bank. It
is, however, not thoroughly understood by the member banks, and as long
as the Comptroller figures reserve from their books it will be difficult to
change this long-established custom. Consequently, the reserve banks
find themselves now carrying a considerable amount of float, although
they have announced that it is against their policy to do so. In the Federal
Reserve Bank of New York during August, reserves of member banks of
the collection system outside of New York City averaged about one million
dollars under the legal requirements.
Effect of Calculating Reserves from Books of Reserve Banks.
If all member banks joined the collection system and did business only
with the reserve bank, each country and reserve city bank would be required to increase the reserves carried to an amount sufficient to offset the
uncollected checks which are now constantly in transit to its reserve agents
and are counted by it as reserves.
It is clear that the assumption of such a float will entail a distinct hardship on the country and reserve city banks. The hardship will be felt by
them not only because it will reduce their loanable funds and their earnings,
but because it will handicap them in competing with State banks. It is
probable that until they have had time to adjust themselves and educate
their depositors to carry their float, the reserve banks will find it necessary to be somewhat lenient and share such portion of the burden as their
resources will permit. It seems clear, however, that the development
of the Federal Reserve collection systems will inevitably, by prompt collections, materially reduce the proportions of the present float.
Suggested Method of Eliminating Checks from Reserves.
Having for so many years been able to count this float as reserve, it is
probable that the complete assumption of it by the member banks can only
be brought about by ruling of the Comptroller or by the imposition of the
penalty for deficient reserves authorized by the Federal Reserve Act. The
latter method would doubtless cause great dissatisfaction. The former is,
therefore, to be preferred, but, in our opinion, it should not be attempted
until the Comptroller has secured an agreement with all or nearly all State
bank supervisors to make a joint ruling, effective after reasonable notice.
At the same time, a study might profitably be made of what should constitute "net deposits" in calculating reserves, for adoption uniformly by supervising authorities. It is our belief that the excessive reserves now held
by the banks make the present an especially favorable time to endeavor to
effect this reform.
The Check Is Not Likely to Be Superseded by the Bank Transfer.
If remittances to distant points could be made by means of bank transfer
checks,the problem of the "float" would be substantially eliminated, but the
Individual check is an instrument of such convenience and value to the user,
carrying as it does its receipt for the payment, that it is not likely to be superseded; in fact, through the use of voucher and other receipt forms of
checks, receipting of bills and invoices is being quite generally abandoned.
Eventually the Depositor Must Carry His Float.
While it is undoubtedly sound to charge a depositor for paying his checks
which he sends out of town in preference to buying a bank draft, yet member banks feel that this is an impracticable charge to impose. The practice
oven has some advantages to the member bank,for its reserve is not reached
by its depositor's check as promptly as by its own draft. But for a depositor
to draw against foreign items deposited, before the bank has collected or
received credit for them is obviously unsound. A bank may properly
compensate itself for assuming the float which such a depositor, by accepting foreign items in payment of bills, creates either by charging for collecting such items or by requiring the depositor to maintain an increased average balance sufficient to carry them.
1769
tension of the collection system should be explained to the commercial,
industrial and agricultural interests of the country through appropriate
organizations in order that they may understand the service which the
Federal Reserve System is undertaking, largely for their benefit, and be
prepared to bear their proper share of the burden.
Recommendations.
In view of the foregoing considerations, the committee recommends:
1. That as soon as practicable, and under arrangements which will make
clear and restrict its use to the purposes for which it was established, settlements through the gold settlement fund should be made daily.
2. That the Federal Reserve Banks should soon arrange to undertake
the collection of notes and drafts, and of items drawn on non-member
banks upon the most favorable terms which can be arranged in the respective districts.
3. That the Comptroller should be asked to endeavor to arrive at an
agreement with all State bank supervisors that on and after a given date,
checks in the mail shall not be counted as reserve.
4. That through mutual agreements, each Federal Reserve Bank should
receive checks drawn on members of the collection system of every other
Federal Reserve Bank, deferring credit for them a sufficient number of
days to allow them to reach the Federal Reserve Bank of the district of
origin, plus the number of days, if any, allowed by such Federal Reserve
Bank to reach the paying bank; and further
5. That through mutual agreement, any Federal Reserve Bank may receive for immediate credit checks drawn on members of the collection system of any other Federal Reserve Bank; and that whenever it is both practicable and more direct, member banks in such collection systems may send
direct to the Federal Reserve Bank of the district of origin instead of to
their own Federal Reserve Bank.
6. That the development of inter-district collecting need not await the
completion of the intra-district collection systems.
7. That in extending the collection system both within and across district lines uniformity need not prevail, but instead there should be freedom
and flexibility of rules and requirements, in order that each reserve bank
may best meet the conditions and needs of its member banks.
8. That each Federal Reserve Bank should retain the right to change
immediate credit points to deferred credit points, to assess upon members
the cost of its collection service, to make charges against its member banks
for using their balances to create exchange on other districts, and generally
to make such rules and regulations as will enable it promptly to safeguard
its position and protect itself against unsound developments.
Respectfully submitted,
WM. McC. MARTIN,
FREDERIC H. CURTISS,
PIERRE JAY,
Committee.
SERVICES WHICH MAY BE PERFORMED FOR MEMBER BANKS BY FEDERAL RESERVE BANKS.
An inquiry from Benjamin Strong Jr., Governor of the
New York Federal Reserve Bank, concerning the right of
Federal Reserve Banks to perform certain services, has resulted in the issuance of a general letter by the Federal Reserve Board, setting out the powers of the banks on the questions propounded by Governor Strong. The Board has decided that a Reserve bank may collect notes and drafts sent
for collection by member banks, and that it may also collect
items drawn on banks which are not members; with regard
to the execution of orders for securities, the Board suggests
that it would be possible for Reserve banks, acting on behalf
of their members to transmit such orders to certain brokers;
but points out that it would not be proper for Federal Reserve
banks to give orders in their own name and to execute them
on a commission basis; as to whether the Reserve banks might
answer inquiries as to credits, it would seem clear, the Board
sets out, that they might advise member banks in advance
as to the credit of various borrowers in their district; on the
final question—the purchase of commercial paper—the
Board states that "while there is no express authority given •
in the Act permitting Federal Reserve banks to act as agents
for their member banks in the purchase of commercial paper,
nevertheless there is no doubt that a Federal Reserve bank
might, under the provisions of Section 14, purchase bills of
exchange of the kinds and maturities made eligible under
Section 13, and sell such paper to one of its member banks
under an agreement made prior to the transaction." The
answer to Governor Strong, as conveyed to all the Federal
Reserve Agents, is set out as follows in the "Federal Reserve
Bulletin" for November:
Under recent date the Federal Reserve Board received a letter from
Governor Strong of the Federal Reserve Bank of New York, inquiring
whether a Federal Reserve Bank may undertake to perform the following
services for its member banks:
(1) Collect notes and drafts.
(2) Collect items not covered by the present collection system.
(3) Collect items drawn on banks which are not members of the Federal
Reserve System.
(4) Execute orders for securities.
(5) Answer inquiries as to credits.
(6) Purchase commercial paper.
These questions have had the careful attention of the Board, and it has
been thought that the matters referred to were of such large interest as
to warrant a general letter addressed to each Federal Reserve Agent. I
Explanations Which Should Be Made.
have the honor, therefore, to advise you as follows:
In developing the present systems and extending them across district
(1) Collect notes and drafts?
There is no doubt whatever that a Federal Reserve Bank may collect
lines, it is suggested that each reserve bank should make to its member
the reserve requirements of the Act and of the notes and drafts sent to it by its member banks for collection and credit,
banks a frank statement of
effect which the operation of the collection system will have upon their such collection being a necessary incident to the power of a Federal Reserve
reserves. Also that it should explain to the member banks the desirability Bank to receive deposits from a member bank.
(2) Collect items not covered by the present collection system?
of analyzing the accounts at least of those customers who deposit out-ofBy items not covered by the present collection system, Mr. Strong evitown items, and should offer its services to member banks to assist them in
Inaugurating such work. Also that the proposed development and ex- dently contemplates the collection of coupons, &c., and the legal primiPles
1770
THE CHRONICLE
discussed under the first question will apply equally well to the collection
of such other items. It seems, therefore, that the second question should
be answered in the affirmative.
(3) Collect items drawn on banks which are not members of the Federal Reserve System?
The Board has already held that Federal Reserve Banks may coliec
Items drawn on non-member banks, there being no difference whatever
between the first question and this one as far as the legal rights are concerned. A Federal Reserve Bank could not, of course, accept checks drawn
on non-member banks for immediate credit, because such non-member
banks do not and cannot legally have a deposit with the Federal Reserve
Bank against which such items could be immediately charged; but there is
no legal objection to the Federal Reserve Bank collecting such items from
non-member banks and crediting them when collected to the account of the
member bank for which the service was performed.
(4) Execute orders for securities?
There does not seem to be any provision of the Federal Reserve Act
which gives to the Federal Reserve Banks either express or implied authority to execute orders for securities for member banks. It is true that a
Federal Reserve Bank may, in an exceptional case where commercial paper also has the additional security of stocks and bonds, have to sell such
stocks or bonds to realize on the security in case of default. But the right
to sell securities on such an occasion as that does not imply a power to act
as an agent for a member bank in the execution of general orders for the
purchase or sale of securities.
In connection with this matter the Board wishes, however, to suggest
that it would be possible for Federal Reserve Banks acting on behalf of their
members to transmit such orders to certain brokers, requesting such brokers
to confirm their transactions direct to the member banks. It would not
be proper for Federal Reserve Banks to give orders in their own name and
to execute them on a commission basis. Federal Reserve Banks should not
secure any revenue from such orders.
(5) Answer inquiries as to credits?
There is no express provision in the Act relating to the answer of inquiries
as to credits, but inasmuch as the regulations of the Federal Reserve Board
reasonably contemplate that member banks maintain credit files and certify in each application for re-discount of paper by a Federal Reserve Dank
that statements as to the credit of the borrowers are on file, it would seem
clear that each Federal Reserve Bank might advise its member banks in
advance as to the credit of various borrowers in its district. Such advice,
however, must be considered merely as advice and not as a guaranty on
the part of the Federal Reserve Bank. It must be carefully considered,
however, that the Federal Reserve Banks receive from their members confidential reports which they may not divulge and that this may lead to
embarrassment.
(6) Purchase commercial paper?
While there is no express authority given in the Act permitting Federal
Reserve Banks to act as agents for their member banks in the purchase of
commercial paper, nevertheless, there is no doubt that a Federal Reserve
Bank might, under the provisions of Section 14, purchase bills of exchange
of the kinds and maturities made eligible under Section 13, and sell such
paper to one of its member banks under an agreement made prior to the
transaction. There does not seem, however, to be any power vested in a
Federal Reserve Bank which would permit of its buying promissory notes
for its member banks. The only express authority given for the purchase
of bills of exchange in such a manner is in Section 14, which makes no mention of promissory notes.
The Board desires to emphasize in dealing with this question the fact
that the task of advising and purchasing paper for member banks will involve a moral responsibility which must not be underestimated. Difficulties will arise; paper which has been bought with the greatest care and
In the best possible faith will turn- out to be bad, or it might happen that
the bank examiner might criticize paper bought by the Federal Reserve
Bank, or which has been bought upon the strength of information received
fom a Federal Reserve Bank. However,it may be possible to find a mode
of accommodating the banks, and the object might be achieved by the banks
simply acting as intermediaries in the matter, turning over the information
as received from others to the member banks, and, when purchasing paper,
orwarding the same with the letter of the broker through whom it has been
purchased, the letter being addressed direct to the purchasing member
hank. Federal Reserve Banks should not indorse paper to their membet
banks, or turn over paper which they had previously bought. They should
act distinctly only as intermediaries in the matter, without taking any responsibility or appearing as contractors.
The questions here raised might well be discussed at the conferences of
Governors and Federal Reserve Agents, and the Board will be pleased to
receive their reports and recommendations.
INTERLOCKING BANK DIRECTORS UNDER CLAYTON
ANTI-TRUST ACT.
• The provisions of the Clayton Anti-Trust Act relating to
Interlocking directorates of banking institutions is the subject
of further interpretation by M. C. Elliott, Counsel of the
Federal Reserve Board. An earlier opinion of Mr. Elliott's
was printed in these columns Aug. 21. In dealing with later
questions which have arisen he points out that directors ineligible to serve after Oct. 15 1916 may be elected at the
annual meeting in January, and that with their disqualification on Oct. 15 1916 the remaining directors may appoint
their successors who will serve until the annual meeting.
Mr. Elliott's latest opinion is sot out as follows in the November issue of the "Reserve Bulletin":
•
ELECTION OF DIRECTORS.
Any person coming within the inhibitions of section 8 of the Act generally
known as the Clayton Anti-Trust Act, who is elected a director at tho annual election in January 1916 may servo in that capacity until Oct. 15 1916.
The vacancy occurring in such case on Oct. 15 1916 may ba filled by the
remaining directors.
Oct. 12 1915.
Sir:—In an opinion published on page 222 of the August issue of the
"Federal Reserve Bulletin" this office discussed the following question
which had been submitted to it for consideration:
"If a director of a national bank having deposits, capital, surplus and
undivided profits aggregating more than $5,000,000 is elected at the annual
meeting in January 1916, may he, without violating section 8 of the Act
referred o, cantinue to serve until January 1917, and at the same time
serve as a director of another national bank?"
[voL. 101.
It had been suggested that directors under such circumstances, elected
in January 1916, could serve until January 1917 by reason of that provision
of the Act, generally known as the Clayton Act, which reads as follows:
"* * * when a director, officer or employee has been elected or
selected in accordance with the provisions of this Act it shall be lawful for
him to continue as such for one year thereafter under said election or
employment."
In the opinion referred to, however, after reviewing the general provisions
of the Act in question, the conclusion was reached that a person who is a
director or other officer of a bank having aggregate resources of more than
$5.000,000 will be ineligible to serve as a director on the board of another
national bank or of a State bank or trust company which is a member of
the Federal Reserve System after Oct. 15 1916, although elected at a
meeting held in January 1916.
From letters subsequently submitted to this office for consideration it
appears that this opinion has been interpreted to mean that no bank can
elect a director at the meeting to be hold in January 1916 if, after Oct. 15
1916, such director will become ineligible, and this specific question has
been submitted to this office for consideration.
Section 5145, Revised Statutes, provides in part that directors of national banks shall be elected—
"* * * at meetings to be held on such day in January of each year
as is specified therefor in the articles of association. The directors shall
hold office for one year and until their successors are elected and have
qualified."
Section 5146, Revised Statutes, provides in part that—
"Any director who ceases to be the owner of the required number of
shares of the stock, or who becomes in any other manner disqualified, shall
thereby vacate his place."
Section 5148, Revised Statutes, provides that—
"Any vacancy in the board shall be filled by appointment by the remaining directors, and any director so appointed shall hold his place until the
next election."
In view of these provisions it seems clear that directors who will be ineligible to serve after Oct. 15 1916 may be elected at the annual meetings
to be held in January 1916; that they will become disqualified to serve on
Oct. 15 1916, and that their offices will thereupon become vacant and their
successors may be appointed by the remaining directors, who shall serve
until the next election.
In the case of State banks or trust companies which are members of the
Federal Reserve System, but which are not subject to the provisions of the
Revised Statutes above quoted, successors to directors becoming disquallied on Oct. 15 1916, should be elected in accordance with the charters
and by-laws of such associations and in conformity with any State laws
which provide for filling vacancies on boards of directors of such State
banks or trust companies.
Respectfully,
M. C. ELLIOTT, Counsel.
To Hon. CHARLES S. HAMLIN. Governor Federal Reserve Board.
RESERVE NOTES NOT FRANKABLE.
An opinion to the effect that Federal Reserve notes may
not be sent through the mails with the frank of the Reserve
Board has been submitted to the latter by the AttorneyGeneral. A similar ruling had previously been made by
the Post Office Department. The November "Bulletin" of
the Board in printing the ruling says:
Federal Reserve notes may not be sent through the mails under penalty
envelopes or labels carrying the frank of the Federal Reserve Board. A
ruling to this effect was first made by the Post Office Department. Desiring to use every effort to obtain the privilege, the Federal Reserve Board
requested the Post Office Department to submit the question of franking
Federal Reserve notes to the Attorney-General. This was done tho latter
part of August, and on Oct. 5 the following opinion of the Attorney-General
was sent to the Postmaster-General, and by him forwarded to the Federal
Reserve Board:
"I have the honor to acknowledge your letter of Aug. 24 1915, wherein
you request my opinion as to whether Federal Reserve notes can be sent
through the mails under penalty envelopes or labels by the members of the
Federal Reserve Board.
"The solution of the question depends alone upon the correct interpretation of the Act of Dec. 23 1913 (U. S. Stat. L., Advance Pamphlet,
p. 251), commonly referred to as the Federal Reserve Act, the material
portion whereof reads:
"'When such (Federal Reserve) notes have been prepared, they shall
be deposited in the Treasury, or in the sub-treasury or mint of the United
States nearest the place of business of each Federal Reserve bank and shall
be held for the use of such bank subject to the order of the Comptroller
of the Currency for their delivery, as provided by this Act. * * * and
the expenses necessarily incurred in executing the laws relating to the procuring of such notes, and all other expenses incidental to their issue and
retirement, shall ho paid by the Federal Reserve banks, and the Federal
Reserve Board shall include in its estimate of expenses levied against the
Federal Reserve banks a sufficient amount to cover the expenses herein
provided for.
'This language plainly imposes upon the Federal Reserve banks all expenses involved in the procurement, issuance and retirement of Federal
Reserve notes. As the shipment of those notes to the sub-treasury, &c.,
and ultimately to the bank applying for them,is necessarily a step precedent
to their issuance, it follows that the expense of such shipment is one 'Incidental to their (tho notes) issue,' and under the terms of the Act must be
borne by the banks.
"Numerous other provisions of the Act, not necessary to be here set
forth in detail, manifest the purpose of Congress to impose upon the banks
all expenses connected with its administration.
"Having reached the conclusion that the Federal Reserve Act imposes
the expense of shipment upon the reserve banks, I deem it unnecessary to
pass upon the additional reason assigned by your solicitor, viz., that these
notes do not relate 'exclusively to the business of the United States,' and
therefore, regardless of the Federal Reserve Act, could not enjoy the benefit
of the free carriage provision of the Act of March 3 1877 (19 Stat., 319,
335)."
POINTS RAISED WITH REGARD TO RETIREMENT OF
BONDS UNDER RESERVE ACT.
Several questions bearing on the sale of Government bonds
by member banks retiring circulating notes, as provided for
in Section 18 of the Federal Reserve Act, are answered in the
Nov. 27 1915.1
THE CHRONICLE
1771
"Reserve Bulletin" for November, and we quote below what Carolina were excessive. They resolved to appoint a committee to confer with the State Corporation Commission and
it has to say in the matter:
the Inter-State Commerce Commission on the subject. The
ALLOTMENT OF BONDS.
Much interest has been apparent on the part of Federal Reserve banks Union also went on record as opposed to a military preparedand member banks of the system in the retirement of bonds under section 18 ness program.
Act.
of the Federal Reserve
In response to certain of these inquiries there was sent by the Federal
Reserve Board to tho Conference of Governors, opened in Minneapolis
on Oct. 20, a letter containing the results of its consideration of the matter.
The principal points raised are as follows:
"1. In the allotment of bonds at the end of each quarter, will the limitation of 325,000,000 be divided by four and the amount of bonds purchased
by the reserve banks in that quarter be deducted from the quarterly
amount?"
As to this the Board has had passed the following resolution:
Resolved, That until further notice, in requiring Federal Reserve banks
to purchase United States bonds offered for sale by member banks under
the provisions of section 18, the Federal Reserve Board will not allot to
any one Federal Reserve bank in any one quarter more than one-fourth of
its pro rata share of the bonds to be purchased during the calendar year
under the provisions of this section.
"2. In case the applications received exceed the amount to be allotted,
will the allotments be based upon the order of receipt of the applications,
or upon the pro rata share of each applying bank?"
It would seem that if the applications filed with the Treasurer exceed
the amount to be allotted in any one quarter, the allotments should be
based not upon the order of receipt of such applications, but rather upon
the pro rata share of each applying bank. The Act evidently contemplates that any bank which has its application on file ten days prior to the
end of the quarterly period will be on an equal footing with any other bank
which has filed a similar application, and the order in which such applications are received would seem to be immaterial as long as they are filed
-day period.
before that 10
"3. Will any mention be made of bonds securing circulation other than
the 2 per cent?"
Bonds made eligible for sale by member banks under section 18 are not
limited to 2% bonds, but rather to any United States bonds which are
securing circulation. That excludes the 3% Panama bonds, series 1911,
but the 1908-1918 3% bonds and also the 4% bonds, loan of 1925, are eligible if they, as a matter of fact, are securing circulation.
"4. To what date will the accrued interest on the bonds that are sold
be figured?"
There is nothing definite in the Act to indicate what date shall be fixed
to determine the amount of accrued interest on the bonds sold under section 18, but all provisions of that section, as read together, would seem to
justify the conclusion that the accrued interest should be figured as of the
date on which the lawful money to cover the purchase price of such bonds
is deposited with the Treasurer of the United States.
"5. If an application to sell bonds is not granted in full at one quarter
day, will it be considered as continuing in effect for the balance at the
next quarter day, and so on, until the sale is completed?"
The Board believes that banks whose applications have not been granted
in full at one quarter day should reapply.
Mr. Strong raises again the question whether or not the limitation of
$25,000,000 contained in the proviso of section 18 prohibits the purchase
by Federal Reserve banks of bonds in the open market. The Board has
already ruled on two or throe occasions that that proviso is not intended
to and does not apply to or restrict the purchase of Government bonds
under the provisions of section 14 of the Act.
FARMERS ENDORSE COTTON WAREHOUSE SYSTEM
AND RURAL CREDITS.
A cotton warehouse system for the Southern States with
an inter-State board to fix a minimum price for the staple
and the passage of a long-term rural credit bill were measures
enddrsed by the North Carolina Farmers' Union at their
annual convention in Durham, N. C., last week. The
former subject was presented to the Union by ex-Senator
John L. McLaurin, State Warehouse Commissioner of South
Carolina. Mr. McLaurin advocated the establishment of
State warehouses in North Carolina which would be under the
control of the State Government. According to the Raleigh
"News and Observer," he said:
I believe that the State warehouse idea is the beginning of a movement
which will revolutionize the marketing of our cotton crop and inaugurate
a prosperity in the South which will be lasting because founded upon correct business principles. It will pave the way to a system of rural credits
based upon land which will unlock vast capital now lying idle and almost
useless. * * * Our State warehouse receipts are negotiable instruments which are now passing current in the money centers just like bonds
and stocks. * * * They have the system in Texas, and the Georgia
Legislature is now considering it, at an extra session. If North Carolina
and the other States will go into it, we could have an inter-State board
which could establish a minimum price for cotton, and never again will it
be necessary to sell a bale of cotton below the cost of production.
John Sprunt Hill, a member of the American Commission
on Rural Credits, addressed the farmers on the subject
"The Rural Credits System We Need." Mr. Hill said that
national representa ives and North Carolina Congressmen
are not wide awake on the subject of long-term credit institutions, and are opposed to Government aid. The "News
and Observer" quotes him as saying:
All of them are flying in the face of all the experience of other nations in
regard to land mortgage business, and in direct opposition to the interest
of North Carolina and against the expressed wishes of the organized farmers
of this country. I have watched the papers closely and I have yet to find
any evidence that members of our own Congressional delegation are showing
any particular enthusiasm for troubling their minds with all of the intricasies of this most difficult subject. * * * Will they permit this Congress
to hand to the farmers of this country a great big "lemon"—a high-sounding
makeshift bill, a miserable failure, a boomerang for their party, and a disgrace to their country?
The Farmers' Union adopted a resolution declaring that
the express and freight rates on truck and fruit from North
THROUGH RATES MUST NOT EXCEED AGGREGATES •
OF INTERMEDIATE RATES.
The Inter-State Commerce Commission in a decision
handed down on the 20th inst. held that railroads operating
between the Central Freight Association territory and the
Buffalo-Pittsburgh territory to points south of the Ohio
and east of the Mississippi have failed to justify the practice
of charging in some instances through rates in eiccess of the
aggregates of the intermediate rates. The Commission
stated that relief under the fourth section of the Inter-State
Commerce Act will be denied to these roads. An order to
that effect has been entered, to be enforced Feb. 1 next.
•
The Commission in its decision said:
The Northern lines contend that the Ohio River is the natural dividing
line between the rate structures in Central Freight Association territory
and in the Southeastern territory, and that the rates should be constructed
on the Ohio River crossings, even though such rates may exceed the combinations on other intermediate points. They claim that it is an easy
matter for them to furnish their agents with tariffs containing rates to the
river crossings and tariffs of the lines leading south of the river, by use of
which the total rates from points of origin north to points of destination
south of the river may be ascertained, but that the local tariffs of the
Southern lines from the various prorating points are not available for distribution to their agents and are entirely too numerous to be placed on file
at all stations. They contend that their present tariffs, which provide that
the rates to be applied on through shipments in the absence of specific rates
will be the combinations on the river crossings, afford a simple and expeditious means by which their agents and shippers may readily ascertain the
rates applicable on through shipments, and that if they were compelled to
construct rates by combination on the prorating or other intermediate
points it would require innumerable computations and the use of tariffs
naming rates to and from these points, which, even if the tariffs were available. would be too burdensome and complicated a process for practical use.
There is no doubt of the advantages of the present method of determining
rates to apply on through shipments over the contrasted alternative method
assuming that the latter would meet the requirements of our tariff regulations. However, the fact that the present tariffs furnish a more convenient
method of ascertaining the total through rates than that which is suggested
as a substitute does not constitute sufficient ground to warrant a continuance of the practice of charging through rates in excess of the aggregates of
the intermediate rates.
The situation of these applicants does not differ greatly, if at all,from that
of carriers in other territories, having different rate structures, which have
established joint rates. In fact, these same applicants now publish many
joint rates from points in the territory north to points south of the Ohio
River, and participate in others.
Much of'the difficulty anticipated by carriers from a change from their
present method of constructing rates on through shipments could be avoided
by the publication of specific through rates, as has been done between other
territories, and, unless classification complications prevent, that course of
action would suggest itself as a possible solution of the difficulty.
Two decisions relating to the charging of class and commodity rates from Louisville, Ky., and Cincinnati, 0., to
Alexandria, Va., in contravention of the long-and-short-haul
rule of the fourth section of the Act to regulate commerce
have also been handed down by the Commission. In one
instance the application of the Southern Railway Co. for
authority to continue to charge class and commodity rates
from Cincinnati to Alexandria in connection with the Cincinnati New Orleans & Texas Pacific Ry. Co. via Harriman
Junction, Tenn., lower than rates concurrently applicable
on like traffic to intermediate points on the line of the railroad between Alexandria and Orange, Va., was granted.
The Commission, however, denied authority to continue to
charge class and commodity rates from Louisville, Ky., and
Cincinnati to Alexandria in connection with the Chesapeake
& Ohio Ry. via Orange, lower than rates concurrently applicable on like traffic to intermediate points on the line of the
Southern Railway between Alexandria and Orange.
THE FEDERAL TRADE COMMISSION AND
DISHONEST ADVERTISING.
The question as to whether the Federal Trade Commission
has jurisdiction over dishonest advertising practices was the
subject of a hearing before the Commission on the 23d inst.
Representatives of the Associated Advertising Clubs of the
World appeared before the Commission and presented arguments to show that dishonest advertising came under the
Federal Trade Act, and that the Commission was therefore
able to institute proceedings against such advertisers. The
Commission had agreed to hold the hearing following correspondence with Herbert S. Houston, President of the Associated Advertising Clubs of the World. Mr. Houston was
the first speaker heard by the Commission. He explained
why the Association had desired to bring the matter before
the Commission and declared that the methods of fake
advertisers created grave abuses which served to injure
honest business men. He outlined the work of the advertis-
1772
THE CHRONICLE
[VOL. 101.
after the satisfaction
ing clubs in attempting to correct this evil, and explained leave still remaining for the stockholders,of 3500,000,and a largeof every
amount
claim, the capital of $1,000,000, the surplus
the activities of the vigilance committees, whose duties of undivided profits.
Trust Company, if
We hold ourselves ready to extend to the Federal
consist of searching out and correcting false statements in
advertising. Mr. Houston pointed out that one of the necessary, the aid of the banks we represent.
George M. La Monte, New Jersey Commissioner of Bankgreatest evils was the dishonest advertising conducted
ing and Insurance, took an active part in the investigation
through the mails. He said in part, according to the New
of the Federal Trust Company. He gave out the following
York "Times":
We feel that honest publishers and honest advertisers are brought into statement on the 22d inst., summarizing the condition of the
direct competition with the Government of the United States. By what institution:
is called direct advertising fraudulent concerns are able to sell their goods
through the United States mail when their advertisements have been rejected by honest publications. J. Julian Southerland, Solicitor for the
Post Office Department, is authority for the statement that in four years
$239,000,900 has been taken from the people of the United States by fraudulent concerns. We think it would be competent for us to bring such cases
to the Federal Commission for action. The business they conduct is strictly
inter-State and cannot be dealt with by individual States.
We are not concerned merely with the local advertising but national
advertising. Many papers circulate far outside the States in which they
are printed. Many times we have found ourselves unable to proceed because the offender lives in one State while the publication is issued in another. We want to extend our work, built up in the States, to the United
States. We want to submit cases which we think are infractions of the
law to this Commission.
James Keeley of the Chicago "Herald" read to the Commission statements from many publishers to the effect that
it had jurisdiction over dishonest advertising. He asserted
that newspapers, magazines and periodicals were common
carriers and should be dealt with by the Trade Commission
when they engaged in inter-State commerce.
William H. Ingersoll, of New York, cited a number of instancesof unfair trade practices which have been perpetrated
through false advertising. He said that many untrue advertisementsappeared becauseof the ignorance of the advertiser.
Other speakers before the Commission were H. J. Kenner
of Indianapolis, Charles H. Porter of Chicago and E. T.
Meredith of Des Moines.
At the conclusion of the hearing Chairman Davies said
that the Commission would be glad to receive any complaints
of unfair trade practices alleged to have been worked through
false advertising, and that it would investigate any specific
cases brought to its attention.
FORMER SENATOR SMITH MAKES AN ASSIGNMENT
AND RESIGNS FROM FEDERAL TRUST.
Former United States Senator James Smith Jr. of New
Jersey made an assignment on the 20th inst. for the benefit
of his creditors, placing his affairs in the hands of the Fidelity Trust Co. of Newark as trustee. On the same day Mr.
Smith withdrew from the presidency of the Federal Trust
Company of Newark, which position he had held since 1904.
Following their acceptance of Mr. Smith's resignation, the
directors of the Federal elected Christian W. Feigenspan
President and selected Julius S. Rippel to succeed the former
Senator as a director of the institution. A statement regarding Mr. Smith's failure and resignation from the Federal
Trust was issued by Comptroller of the Currency Williams
on the 20th inst. It said:
An examination of the condition of the Federal Trust Company as of the
close of business Nov. 20 1915, under My supervision, shows that the institution is in an absolutely sound condition, that the depositors and other
creditors are amply protected. Over and above all claims of depositors
there is an excess of assets of $1,500,000 for capital and surplus and a further
large amount for undivided profits.
Mr. La Monte said that "the prompt resignation of Mr.
Smith as President orthe Federal Trust Company was agreed
upon at a conference between him and myself in New York
last Wdenesday, and the election of Mr. Feigenspan as his
successor last night has met with the hearty approval of
all of those with whom I have talked. Mr. Feigenspan occupies a high position in the commercial life of Newark and
in his new office he will be of great service to the community."
"Acting in connection with the representatives of the
Comptroller of the Currency in investigating the affairs of
James Smith Jr.," he added, "I have satisfied myself that
the banks of Newark arc abundantly able to meet all demands
and that they are in a sound condition. As is now well
known, a committee from some of the larger banks was
called into conference to protect the local situation, if necessary. This committee has worked with great public spirit
and has satisfied itself and added to my own confidence as
to the fundamental soundness of conditions here."
Announcement was made on the 21st inst. by Hamilton
F. Kean of the New York firm of Kean, Taylor & Co., who
is a director in the Federal Trust, that all of Mr. Smith's
paper held by the trust company "had been cleaned up."
According to the New York "Sun," Mr. Kean said:
I told the directors at their meeting yesterday that i'they would take all
the securities of the Federal then in the bank to my office, in Now York,
I would give them a check for $2,000,000 for them right away. The Federal, as you see, is in splendid condition.
As a result of the precautions taken, there has not been a
run on the Federal Trust Company. As a matter of fact,
on Monday the withdrawals from the company were lighter
than usual, while the amount of deposits on that day was
above normal.
It is estimated that Mr. Smith's outstanding obligations
amount to $1,750,000. The reasons given for his assignment
are losses sustained in the various business enterprises in
which he is interested. He owns all the stock of the Newark
Daily Advertising Publishing Company, which publishes the
Newark "Eagle" and the Newark "Evening Star." Mr.
Smith is also largely interested in T. P. Howell & Co. and
J. H. Halsey & Smith, both leather manufacturing concerns.
Mr. Smith's assignment, dated last Saturday, placed his entire estate under control of the Fidelity Trust Co. as "trustee
forever." It was filed in the Essex County Registrar's office in Newark on Monday.
Chief Bank Examiner Charles Starek has been in conference with United States District Attorney Marshall of New
York in regard to Mr. Smith's withdrawal from the Federal
Trust Co. Mr. Marshall made the following statement as
to the purpose of the conference:
Some days ago it was reported to this office that the affairs of James
Smith Jr. of Newark were in a dangerous condition; that his liabilities were
heavy and that a number of banks held his obligations, partly secured and
partly unsecured, for varying amounts.
The subject was taken up by the national bank examiners with a number
of the principal banks from which Mr. Smith had been borrowing for himself or the companies in which he was interested.
Statements of Mr. Smith's financial condition showed that it would be
necessary for him to make an assignment of his property for the protection
of his creditors. This he promptly agreed to do. At the same time he
arranged to resign from the trust company in Newark cf which for some time
Certain features of Mr. Smith's financial affairs have been laid before
past he has been President.
me by Charles Starek, head national banking examiner. Mr. Starek asked
The Newark banks thought that possibly the announcement of Mr.
me to consider them, so that I might be prepared to act promptly in case
Smith's difficulties might cause some uneasiness in local banking circles,
a violation of the National Banking Act were found in this district.
and they therefore proceeded to make themselves especially strong and to
accumulate additional cash reserves so that they may be prepared to meet
promptly any demands which might arise.
It is said that the banks in Newark are in a generally sound and well- GOVERNMENT WAS TO HAVE PURCHASED INTERfortified position and ready to meet all calls which may be made upon
NATIONAL MERCANTILE MARINE FLEET.
them.
A committee consisting of Uzal H. McCarter, President
of the Fidelity Trust Co.; Charles L. Farrell, President of the
Essex County National Bank, and William Sheerer, President of the Union National Bank, made an investigation of
the books of the Federal Trust Co. They stated on Monday
that the trust company was in "sound and safe condition,"
and that they were ready to extend to the institution the aid
of the banks which they represent. Their statement was as
follows:
At the request of the State and Federal officials having supervision over
the banking institutions of this city, concurred in by the directors of the
Federal Trust Company, we have, with the aid of competent assistants,
either selected by ourselves or belonging to the State Banking Department,
made an examination of the condition of the Federal Trust Company as
of the close of business Saturday. Nov. 20 1915.
We unanimously report, after such examination, that in our opinion the
said Federal Trust Company is in sound and safe condition, with abundant
resources to meet every obligation of depositors and other creditors, and to
The source from which the Administration in Washington
was to have procured vessels if the Ship Purchase Bill had
been passed by the last Congress was revealed by Bernard N.
Baker of Baltimore, one of the leading ship-owners of the
country, in a statement issued on the 21st inst. During the
time that the bill was before Congress the question arose as to
where the Government could purchase the necessary ships
if the measure was passed. It was charged that the Administration had designs on the German and Austrian ships interned in our ports. Mr.Baker, however, has cleared up this
mystery. He said that the Government, at the time the
Ship Purchase Bill was under consideration, was in a position
to purchase practically the entire fleet of the International
Mercantile Marine Corporation. The purchase price of the
vessels was tentatively fixed, Mr. Baker said, at $30,000,000.
If the Government had purchased them at that time, he •
Nov. 27 1915.]
THE CHRONICLE
1773
(or finance) committee, and
pointed out, it would already have made a profit of $70,000,- members of your executive
member has served continu000, since the vessels could not be secured now for $100,000,- state for how many years each
ously on this committee. (D)How often does this committee
part:
000. Mr. Baker said in
have been
It was frequently stated in Congress and by the press all over the country meet? (E) Give the names of directors who
that would not
that it was not possible to acquire tonnage at that time
of your board continuously during past five years
tonnage members
draw us into complications with other countries. Over 1,000,000
purchase of a con- but have not served on the executive (or finance) committee
could have been added to our merchant marine by the
ship in that period. A statement of the total net earnings and
trolling interest in the International Mercantile Marine. Every
and controlled
owned by the International Mercantile Marine was owned
all expenses and losses, the dividends
New Jersey, owning and con- profits after deducting
by an American company, incorporated in
in the various English companies. Conse- paid and the surplus earnings after deducting dividends,
trolling the shares of stock
passage of the Ship for each calendar year 1912-13-14, is asked for under the late
quently it is a bona fide American ownership. The
these ships,
Registry Bill gave the necessary authority of law to transfer
item calls for a statement of losses susto our American flag under this call. Another new
as a large majority of the ships transferred
tained by the bank from loans to borrowers, other that banks,
twelve months had an exactly similar status.
Act during the last
The result would have been an enormous addition to proper and suitable charged off during the calendar years above mentioned; in
proships in our foreign commerce under the American flag, with the full
the statement of condition for Sept. 2 last losses sustained
tection of our flag, and the only result would have been that the English
have been compelled to draw more largely on its own in dealings with banks only were reported. The Comptroller
Government would
large companies.
asks for the losses sustained on account of loans to nonLet Congress appoint immediately—and it should lose no time—a comfor investment), on account of other
powers, both in appro- depositors (bought
petent board of a few men with ample and broad
to provide our country with a merchant marine loans and discount (not including loans to banks), and the
priation and authority,
n the best way to develop our foreign commerce.
total losses arising from loans to depositors and non-depositors (other than banks). Under the late call "stocks, other
BOSTON CLEARING HOUSE BROADENS ITS RULES than Federal Reserve bank stock," will be shown separately.
GOVERNING ACCEPTANCES OF CHECKS AT PAR.
Under the new regulations just made effective by the Bos- INFORMAL RULING BY FEDERAL RESERVE BOARD ON
ton Clearing House Association, members and non-members
WINDOW ADVERTISING.
are permitted to receive upon deposit at par checks and drafts
A suggestion as to the proper wording of signs placed in
on many additional points outside New England. The new their windows by member banks of the Federal Reserve Sysarrangements permit the Boston banks to accept:
Reserve tem to advertise the protection afforded depositors was conpar
(1) Checks on points receivable upon deposit attheirby Federal member
respective
tained in a letter sent out by the Board under date of Oct. 15
Boston, New York and Philadelphia from
banks in
banks.
and reprinted in the November issue of the "Bulletin."
in the States of New York and
(2) Checks on banks and trust companies
The communication read:
New Jersey receivable upon deposit at par by members of the New York
Clearing House Association.
(3) Checks on Federal Reserve banks, provided that the credit ofinterest
upon such checks shall be delayed in accordance with the schedule of deferred credit adopted by the Federal Reserve Bank of Boston.
(4) Items on St. Louis and Chicago.
(5) Drafts drawn upon insurance companies and mutual savings banks
located in New England.
Your letter of Oct. 6 has been received and placed before the Board, and
by it referred to a special committee. The opinion was expressed that member banks should be discouraged from placing signs on their windows reading "Deposits have Government protection," or "This bank has Government protection." It was suggested rather that a sign reading "Member of
Federal Reserve System" offers depositors all the protection and facilities
afforded by membership.
ASSERTS FEDERAL RESERVE ACT HAS ABOLISHED
CURRENCY PANICS.
That "the Federal Reserve Act has abolished currency
panics and panics arising out of a sudden collapse of confidence in our financial system" was the opinion expressed
by John H. Rich, Chairman and Federal Reserve Agent at
Minneapolis, in a speech to the St. Paul Credit Men's
Association on the 15th inst. Mr. Rich asserted that
the Federal Reserve banks had exerted a steadying influence on money rates. According to the Minneapolis "Journal" he said:
INTERNATIONAL TRADE CONFERENCE OF NATIONAL MANUFACTURERS' ASSOCIATION.
The International Trade Conference arranged by the Foreign Trade Department of the National Association of
Manufacturers, to commemorate twenty years of practical
service to manufacturers, promises to be an important and
timely gathering of men of affairs representing many countries and experts in all branches of international commerce.
The conference is to be held at the Hotel Astor on Dec. 6,
7 and 8. Among the papers to be presented and addresses
to be made at the conference, are the following:
There has been criticism of the Federal Reserve banks because they:have
not been highly successful as money makers. Men who take this view
mistake the purpose of the Federal Reserve banks.
If one were to imagine a representative commercial bank stripped of all
the business that arises from loans to and deposits from individual customers, and with a business restricted to loans to and deposits from country
banks and purchases of certain classes of investment paper, he would have
a rough, but a fairly good,idea of what a Federal Reserve bank is.
The Federal Reserve Act has abolished currency panics and panics
arising out of a sudden collapse of confidence in our financial system.
The influence of the Federal Reserve banks has tended to prevent unduly
high rates for money that might easily have followed the outbreak of the
European war. It has been an extremely valuable steadying influence
in quieting the fear of panic and restoring financial conditions to a sound
and stable basis.
"Commercial Treaties and Their Relation to Foreign Trade," John
Bassett Moore, formerly Counselor of the Department of State; "Transportation and Foreign Trade," by Professor Emory R. Johnson of the University of Pennsylvania, the U. S. Government Special Commissioner on
Panama Canal Traffic and Tolls; "Credit, Banking and Exchange,"
J. J. Arnold, Manager foreign exchange department, First National Bank,
Chicago; Benjamin Joy, Vice-President, National Shawmut Bank, Boston;
David II. G. Penny, Vice-President Irving National Bank, New York, and
V. Gonzales, banking adviser of the N. A. M., delegate to the Pan-American Financial Conference, and member of the International High Corn mission; "General Review of the World's Commerce," Dr. Albert A.
Snowden, member of the N. A. M.'s Trade Commission to Australia and
the Far East in 1914; "The Present Export Situation," Dr. E. E. Pratt.
Chief Bureau of Foreign and Domestic Commerce; "International Trade
as a Sign of National Prosperity," John M. Clausen, Crocker National
Bank, San Francisco; "Trade Relations Between Australia and the United
States," P. E. Quinn, former member of the Parliament of New South
Wales; "Advertising in Foreign Trade," H. M. Kahler, editor of "How to
Export"; "Elemental Conditions in Credit Information," J. H. Tregoe,
Secretary National Association of Credit Men.
Mr.'Rich stated that if the Federal Reserve banks had
opened on Aug. 1 1914 instead of Nov. 16 they would have
made a profit of $4,500,000 in their first year. He explained
that by the time they did open the crisis of last year had
Two of the speakers at the banquet on Dec. 7 will be the
passed and the opportunity of making large profits by re- Ambassador of Brazil and the Minister of Peru.
discounting was gone.
NEW REQUIREMENTS UNDER NATIONAL BANK
CALL.
The Comptroller of the Currency has required the national
banks to furnish information on a number of new items in
the call just issued for a statement of their condition on
Nov. 10. One of the new schedules included by the Comptroller calls for the amount Of loans secured by warehouse
receipts, while another asks for the number of new loans
and discounts since the last statement and the number of
such loans renewed in full or in part. The Comptroller
also in certain new schedules requests the banks to give information regarding the make-up and method of selection
of the members of the board who constitute the finance or
executive committee. He asks: (A) How many members
of your board constitute your executive (or finance) committee? (B) What plan (if any) have you by which each
member of your board may take turns in serving on the
aforesaid committee? (C) Give the names of the present
RESPONSIBILITY FOR COAL MINING DEPRESSION
IN KANSAS.
No blame is attached to the coal operators in southern
eastern Kansas for the conditions in the State which have
brought about the unemployment of a large number of
miners. An investigation of the conditions was made by
W. K. Fairley, Federal Conciliation Commissioner, in
response to a request for a Federal inquiry, made by Governor Capper, at the instance of a number of miners. It
was alleged that 3,000 miners were out of employment,
and the coal operators were charged with responsibility for
the conditions. After a month's investigation Mr. Fairley
has submitted a report in which he says:
In my judgment, unemployment in the Kansas coal fields results from
the following causes:
1st—Decrease in amount of coal purchased from the Kansas coal fields
by the 500 railroads running into that territory.
2nd—Use of oil instead of coal on passenger engines on the Santa Fe RR.
and generally increased use of gas and electricity, all contributing adversely
to the coal trade.
1774
THE CHRONICLE
3rd—The employment of a new class of labor at the strip pits, which
is composed largely of farmers. It is obvious that every ton of coal mined
in the strip pits affects the working time or enforced idleness of miners
who are employed in shaft mines. 4th—The development of coal mines in Kansas in recent years has far
exceeded the requirements of the markets which they furnish with coal.
5th—The recent reduction in inter-State railroad rates from Franklin
County and Bellevue district, Illinois, to Kansas City, creating very sharp
competition from Illinois.
6th—The miners complain vigorously that several coal companies are
shutting down part of the mines and working the other part a reasonable
number of days, and claim that it is an injustice to them. In discussing
this matter with the coal operators, they stated that the margin of profit
was so small that they were compelled to adopt this policy or lose money,
for the reason that it costs less to close part of their mines than to operate
all of their mines at half time.
7th—The general depression in the coal trade and in every other industry in the United States for the last two years.
I say, in passing, that while the conditions in Kansas coal fields through
unemployment are deplorable, yet the same conditions prevail in every
coal-producing State in the Union, and especially so in Illinois. where
30,000 coal miners have been without employment for more than a year.
MERCHANTS' ASSOCIATION ADVOCATES HIGHER
MAIL PAY FOR RAILROADS.
The Merchants' Association of New York, after an exhaustive investigation into the subject of railway mail pay,
submits it as its conclusion that the railroads are being greatly
underpaid by the Government for carrying the mails and
that the plan embodied in the two measures now pending
before Congress, the Bourne and Moon bills, would divert
large quantities of merchandise from the freight traffic of the
carriers. The inquiry was conducted by F. B. De Berard,
head of the Association's Bureau of Research, under the direction of the organization's Committee on Postal Affairs,
of which William Fellowes Morgan, President of the Association,is Chairman. The directors of the Association,after considering the c-mmittee's report and the more detailed report
of Mr. De Berard, adopted on Oct. 23 resolutions in which
they recommend payment for the present for weight on the
basis of the existing law, but with provision for annual instead of quadrennial weighings; payment for apartment car
space, pro rata, upon the basis of payment now in effect for
full postal cars; payment to the railroads for side and transfer
services, or as an alternative that the railroads be relieved
of the performances of those services. The resolutions recite that no new and untried plan for determining railway mail
pay should be adopted unless or until approved by the Inter-State Commerce Commission after thorough investiga'tion, with special reference to the effect of such plan upon the
existing freight revenues of the roads, and it is recommended
that all weighings and adjustments for determining railway
mail pay be supervised for not less than two years by the
Commission. We give the resolutions in full below:
Whereas, It is of vital importance to every business interest and to the entire people that their means of transportation constantly be maintained at
the highest practicable point of efficiency, which condition is impossible
unless the railroads be assured of the revenues necessary for their proper
support;
Whereas, It is shown by the analysis of the Inter-State Commerce Commission—
(a) That railroad revenues as a whole are insufficient and should be
Increased; and
(I)) That the deficiency is mainly due to insufficient passenger service
earnings; and
Whereas, It is shown by the analysis of the Bourne Joint Congressional
Committee that the earnings of the mall traffic branch of the passenger service are approximately 223i% below the average earnings of the passenger
service, which the Inter-State Commerce Commission finds deficient as
a
whole; and
Whereas. It is shown by the report of the Association's Committee on
Postal Affairs that the average rate of compensation paid by tho Government to the railroads for mall carriage has been reduced approximately
50%
since 1902, and now produces little or no profit and possibly entails a loss
and
Whereas, The railroads receive no payment—
For increase in weight of mails during the four-year period following
each
quadrennial weighing;
For apartment
-car space in 4,000 cars used mainly for assorting malls
in transit; and
For so-called "side" and transfer service; the value of which uncompensated services is now approximately $11,000,000 to $12,000,000 per
year;
and
Whereas, It is proposed to abolish the present method of payment
by
weight and to substitute therefor payment by space exclusively, on a
basis
which will exact from the railroads great increase of service without
corresponding increase in compensation; and
Whereas, The space-rate proposed is equivalent in the case of fully
-loaded
cars to a rate of 1M cents per ton-mile for freight carried for the Government on passenger trains, while the same high-class freight,if carried
for
private shippers on freight trains throughout the country would pay
from
two to three times that rate per ton-mile; and
Whereas, The space plan proposed totally disregards the principle upon
which the entire freight-rate structure is based, namely,"rates proportioned
to value of service" arbitrarily limits the revenues which may be derived
from mail carriage; makes the carriage of freight much cheaper on
passenger trains than on freight trains; and dangerously attacks the existing
freight
revenues of the railroads; now, therefore, be it
Resolved, By the Merchants' Association of New York, that the
public
welfare requires that the country's transportation facilities be
maintained
in constantly efficient condition, to effect which end the railroads
must receive adequate payment for their services; and therefore that
rates shown
to be unduly low should be advanced to a fair basis.
[VOL. 101.
Resolved, That In our opinion the compensation now paid the railroads for
mall carriage is insufficient, and should be increased by payment for service
at present uncompensated for; and that we therefore recommend—
(a) Payment for the present for weight, on the basis of the existing law,
but with the provision for annual instead of quadrennial weighings;
(b) Payment for apartment-car space, pro rata, upon the basis of payment now in effect for full postal cars;
(c) Payment to the railroads for side and transfer services, or, as an alternative, that the railroads be relieved of the performance of those services.
Resolved, That no new and untried plan for determining railway mall pay
should be adopted unless or until approved by the Inter-State Commerce
Commission, after thorough investigation, with especial reference to the
effect of such plan upon the railroads' existing freight revenues, and the
equity of rates proposed for the carriage of postal matter upon passenger
trains in comparison with the ratse charged for first-class merchandise on
freight trains; and we recommend that for not less than two years, all weighings and adjustments for determining railway mail pay be supervised by
the Inter-State Commerce Commission, which Commission shall obtain
from the Post Office Department and the railroads,reports covering all
necessary information as to the service performed, and thereafter report to
Congress, with recommendations as to further changes, if any,that should
be made in the law; and we further recommend that pending such report
and recommendations by the Inter-State Commerce Commission, the existing law be continued, but with the modifications indicated by the preceding resolution.
Resolved, That the plan ofspace payment for mail carriage proposed by the
Bourne and Moon bills is excessively discriminatory in favor of the United
States Government, in that it makes, for mail-freight carried on passenger
trains a rate only about one-third to one-half the rate paid for high-grade
freight carried on freight trains, which condition will promote the diversion
to the mails of large quantities of high-grade merchandise, on all of which
the railroads will suffer a loss of two-thirds of their present freight revenues;
and therefore that the Merchants' Association of Now York oppose any
and all bills for the readjustment of railway mail pay on the basis mainly
of space or substantially as proposed by the Bourne and the Moon bills.
POSTMASTER-GENERAL ANNOUNCES MAIL PAY
FOR MIDDLE WEST ROADS.
In announcing the payment fixed for the carrying of the
mails by the railroads in the Middle West, PostmasterGeneral Burleson states that for the next four years the roads
in this section will receive an annual increase of more than
$4,300,000 over the pay allotted them ten years ago. The
roads embraced in the territory in question number 151,
and the pay for:the entire section is fixed at $20,073,484 a
year for the four year period beginning July 1 1915. In the
fiscal year 1907 the annual pay in this section was $15,772,678. The following is the statement issued by Mr. Burleson
on fin 14th inst.:
Adjustments just completed by the Post Office Department fix tho pay of
all railroads in the third contract section for carrying tho mails during the
four-year period which began July 1 of this year. Largo increases in compensation for the railroads in eight States and eager competition among
the great railroads of the Middle West are shown.
Of the four sections into which to facilitate administration the country is
divided by the Post Office Department, the third handles the heaviest bulk
of mail. It embraces Ohio, Indiana, Illinois, Michigan, Minnesota, Wisconsin, Iowa and Missouri. The adjustments are based on a complete
weighing of' all mail carried by rail in these States during 105 days. The
weighing began Feb. 18 and ended Juno 2 last.
The pay of all the roads in this territory for four years is fixed at $20,073484 a year. Though effective the latter half of 1915, this is the rate for
the fiscal year 1916. In the fiscal year 1907, a decade back, the annual
pay in this section was $15,772,678. The increase in ten years for this one
section amounts to more than $4,300,000.
The mail in the third section is carried over 67,375 miles of track by
151
different railroad companies or systems. The weighing showed an average
of 5,724,348 pounds, or 2,862 tons, of mall were being carried each day over
4,000 trains. In the opinion of postal authorities those figures, both as to
the daily bulk of mail and the high cost of the service, afford a striking
commentary upon the importance of the eight States in question to the business and social life of the nation.
The eager competition among the railroads to share in the mail pay
Is
shown by the fact that they will receive annually more than
$20,000 less
than the maximum allowed by the law because certain lines between common points accept a lower rate of pay in order to retain the carriage of
through mails.
Where two or more linos are available between common points it frequently occurs that the cost over one line is cheaper than over
the others.
because of shorter mileage upon which the law provides that but
80% of
the rates that would otherwise apply shall be-paid. In such case the Department gives the companies operating the more expensive lines the opportunity of meeting the cheapest rate and retain the malls. This the railroads are always willing to do.
A conspicuous instance of this is found between Chicago and Minneapolis.
Between those cities the Chicago & North Western line is the cheaper
on
account of shorter distance and land-grant deductions. The Chicago
Milwaukee & St. Paul RR., which has carried the bulk of the malls
for
many years, accepts the lower rate of the North Western on all through
mails, and thereby its pay on this one route is reduced $112,000 yearly.
The New York Central carried competitive mails between Now York and
Chicago at the lower short-line rate, with a reduction of $95,000 a year
in its compensation.
Postal officials think the alacrity with which the railroads agree to these
reductions and their efforts before each weighing to secure additional mails
by offering expedited or new train service as inducement are good evidence
of the unjustness of the often-repeated assertion that the railroads
are
handling the mails at a loss.
Railway mail pay under existing laws is based primarily upon the average
weight of mails carried over a routo daily, ascertained by an actual weighing
for a period of not loss than 90 successive working days, held not less frequently than once in every four years. In practice the duration of the
weighing period for a number of years has been 105 days, or fifteen weeks.
One section is weighed each year, thus covering the entire field in four years.
Experience has demonstrated that a fair average daily weight is best secured
by a weighing in the spring of the year, and for many years the weighings
have begun about the middle of February and concluded early in June.
The only exception to this rule is in the New England States, whore
the
mails are weighed in the fall.
Nov. 27
1915.]
THE CHRONICLE
were
During the weighing, upon which the adjustments just completed
and taken
based, every pound of mail carried on each railroad mail route
were weighed and
on and put off at every railroad station in the section
amount of detail
recorded and the results reported daily. An enormous
involved. No less than 793 train weighers,
work and heavy expense was
service division headquar321 station weighers, 59 verifiers at railway mail
department at Washington
ters and 58 tabulators and computors in the
Nevertheless, this is
were employed upon the job at a cost of $381,948.
in the third secmore than $97,000 less than the cost of the last weighing
of improved methods,
tion, an economy effected through the adoption
results in Washsupervision direct from the department and tabulation of
the last four
ington instead of in the field as formerly. The:saving during
years has been over $280,000.
RETURNS OF COTTON FUTURE DEALINGS REQUIRED
TO BE FILED MONTHLY.
Several.additions to the Cotton Future regulations under
which records are required to be kept of contracts of sale
of cotton for future delivery, were announced by Assistant
Secretary of the Treasury William P. Malburn, under date
These additional requirements call for
of October 30.
the rendering of a report of contracts bought and sold for
future delivery by the fifteenth of each month. Under the
regulations governing the Cotton Futures Act made public
last January, sub-division 3 of Article 18, stipulates that:
"All records required by this Article shall be kept in separate books,
and shall be
and not mixed with records of other accounts or transactions,
kept open to inspection when demand is made therefor, by officers and
agents of internal revenue or of the Treasury Department. All entries
therein must be in writing, and the books preserved for a period of not
less than two years."
As amendatory to this the following additional regulations
are set out in the November 4 issue of "Treasury Decisions:"
(T. D. 2,256.)
TREASUTY DEPARTMENT.
October 30 1915.
To Collectors of Internal Revenue and Others Concerned—
In conformity with the provisions of Section 14 of the United States
Cotton Futures Act, which provides that the Secretary of the Treasury
shall "require all persons coming within its provisions to keep such record
and statements of accounts as will fully and correctly disclose all transactions * * * " a regulation providing the form of record to be kept
was promulgated as T. D. 2.216.
The facts disclosed by this record are, of course, intended and necessary
for a proper enforcement of the law by the revenue officers charged with
that duty, and in furtherance of that object, and under the authority
conferred by said Section 14, the following amendment of and addition
to Section 18 of Regulations No. 36 (T. D. 2,139) is hereby promulgated:
Subdivision 4.—All persons who make contracts of sale of cotton for
future delivery at, on, or in any exchange, board of trade, or similar institution, or place of business, shall on or before the fifteenth day of each
month render a return, in writing, for the preceding month, to the United
States Cotton Futures attorney, to a United States Cotton Futures agent,
or to the Collector of Internal Revenue of the district where located showing the number of contracts brought forward from the preceding month;
the number of contracts bought or sold; the number of bales of cotton involved in said contracts; the month in which said cotton is to be delivered;
whether the order for said cotton was of domestic or foreign origin; the
method of settlement of said contract, that is, whether.by "ring," "direct,"
"notice," "actual delivery," or through the Cotton Exchange clearing
association, if any, and the number of contracts left open at the end of the
month.
Said return to be made upon forms to be furnished, upon application,
by the Commissioner of Internal Revenue.
Subdivision 5.—All persons who send, or direct, or authorize to be sent,
orders for the making of contracts of sale of cotton grown in the United
States for future delivery in cases in which the contract of sale is or is to
be made at, on, or in any exchange, board of trade, or similar institution,
or place of business in any foreign country, shall on or before the 15th day
of each month render a return in writing for the preceding month to the
United States Cotton Futures attorney, or to a United States Cotton
Futures agent, or to the Collector of Internal Revenue of the district where
located, giving the date the order was sent; the quantity of cotton involved,
in halos, pounds, or kilograms; time specified in order for delivery; whether
order was for a purchase or a sale; basis grade of cotton; grade, type, or
description of cotton, if order is not for basis contract; price per pound;
if order resulted in purchase or sale, date and price at which cotton was
bought or sold; date of delivery or settlement; method of settlement;
whether closed by ring, direct, or other method of settlement or actual
delivery, or whether contract is still open.
Said return to be made upon forms to be furnished, upon application,
by the Commissioner of Internal Revenue.
Subdivision 6.—That if any person liable to make the return, required
by the United States Cotton Futures Act or the regulations promulgated
by the Secretary of the Treasury in accordance therewith, shall fail or
refuse to make said return, then said return shall be made by a United
States Cotton Futures agent upon inspection of the books and records
of the person so liable; provided that the making of said return by a United
States Cotton Futures agent shall not be construed to relieve the person
so liable from any penalty incurred by reason of his failure to make the
return as required by law.
1775
Hough's decision, and contends that the Act being a taxraising measure is not a law since the tax provision originated
in the Senate and not the House, which is the source from
which revenue-producing measures must proceed.
REFERENDUM BY NATIONAL CHAMBER OF COMMERCE ON THE SUBSTITUTION OF LAW FOR WAR.
Six important recommendations having to do with the
economic results of the war and American business are embodied in a referendum which was sent out on the 16th inst.
by the Chamber of Commerce of the United States to local
and national commercial organizations in every State in the
Union and the American Chambers of Commerce in Berlin,
Paris, Milan and Constantinople. An organization which
will have its initial vote—the first organization in South
America to join the National Chamber—is the American
Chamber of Commerce for Brazil, which has its headquarters
at Rio de Janeiro.
As explained by Elliot H. Goodwin, Secretary of the National Chamber, in this referendum as in all others, the purpose is to ascertain the opinion of the various trade bodies
throughout the country, and not to secure approval of the
recommendation of the special committee voiced in the report. This committee, of which Edward A. Filene of Boston
is the head, advances as its first recommendation that action
be taken, on the initiative of the United States, to secure
conferences among neutral countries for the purpose of defining and enunciating rules which will at all times give due
protection to life and property upon the high seas. The
committee recommends secondly that for the decision of
questions which arise between nations, and which can be determined upon the application of established rules or upon
ascertainment of facts, the United States should take the
initiative in joining with other nations in establishing an
International Court. The third proposition is that for consideration of questions which arise between nations and which
do not depend upon established rules or upon facts which can
be determined by an International Court, the United States
should take the initiative in joining with other uations in
establishing a Council of Conciliation. The fourth recommendation is that.the United States should take the initiative in joining with other nations in agreeing to bring concerted economic pressure to bear upon any nation or nations
which resort to military measures without first submitting
their differences to an International Court or a Council of
Conciliation, and awaiting the decision of the Court or the
recommendation of the Council, as circumstances make
the more appropriate. The next recommendation is that
the United States take the initiative in joining with other
nations in agreeing to use concerted military force in the
event that concerted economic pressure exercised by the
signatory nations is not sufficient to compel nations which
have proceeded to war to desist from military operations and
submit the questions at issue to an International Court or
a Council of Conciliation, as circumstances make the more
appropriate. Finally, it is recommended that the United
States should take the initiative in establishing the principal
of frequent international references at expressly stated intervals for the progressive amendment of international law.
In view of the peculiar opportunities afforded at the present time for the development of American commerce in other
countries, a referendum has also been sent out by the Chamber of Commerce of the United States, giving the members of
the organization an opportunity to endorse a report of its
Department of Commerce Committee. This recommends
an increase in Congressional appropriations for the general
broadening and improving of the Government's foreign commercial service. The questions are being submitted to the
various commercial bodies throughout the country—nearly
700 affiliated organizations representing every State, the
An opinion declaring the Cotton Futures Act unconstitu- territorial possessions and the principal American Chambers
tional was rendered by Judge Hough of the United States of Commerce abroad.
District Court of this city on October 13 in the test case
brought by Samuel T. Hubbard of the cotton brokerage
THE SEAMEN'S ACT AND THE AMERICAN
house of Hubbard Bros. & Co. It was immediately anMERCHANT MARINE.
however, that pending an appeal to the United
nounced,
Resolutions setting forth its attitude on the establishment
States Supreme Court, the Treasury Department and the
Department of Agriculture would enforce strictly the pro- of an American merchant marine and urging the repeal of
the La Follette Seamen's Act have been adopted by the
visions of the Act.
An amended complaint in the action instituted by Weld Merchants' Association of New York. The action of the
& Neville of this city to test the constitutionality of the Association was based upon a report made by its maritime
Act was filed on October 24. The original complaint committee. The resolutions state that the Merchants'
attacked the law on the ground that it imposed a duty on Association "reaffirms its advocacy of Government aid to a
exports. The amended complaint follows the line of Judge national merchant marine to the extent and for the time
1776
THE CHRONICLE
[VOL. 101.
There is great agitation against the Seamen's law, because the steamship
necessary to offset the conditions that now impede its develcompanies believe they can make greater progress if a sailor is a bondman
opment", "that it is opposed to the purchase or operation rather than a
freedman. They say the law is destroying our merchant
by the Government of ships for commercial purposes", marine, when we have had no merchant marine for thirty years. Our
"that it is in accord with the adverse opinion held in ship- antiquated navigation laws are responsible for that. One reason why our
marine
ping circles generally concerning the La Follette Seamen's merchantwages has deteriorated is that it costs the American shipowner
more for
than it costs his foreign competitor.
the
Act, and therefore urges its repeal," and "that it favors the law changes things, so that the foreign owner must payBut high Seamen's
as
wages as
creation of a merchant marine commission, composed of the American owner or run the risk of having their sailors desert.
citizens experienced in maritime affairs, for the purpose of
fully investigating the conditions which now operate against
STOCK EXCHANGE AT MEXICO CITY CLOSED.
American shipping and of recommending such revision of the
According to a dispatch from Galveston, Texas, dated
laws as may be desirable and necessary."
Nov. 22, the Mexican Consulate in that city announced on
that day that the Stock Exchange in Mexico City had been
closed by order of the Government, because its operations
The Seamen's Act was the principal topic of discussion of late had been devoted to the promotion of fictitious flucat a meeting of the members of India House in this city on tuations in the value of the national currency.
the 22d inst. The occasion of the gathering was the celebration of the club's first anniversary. The members
adopted resolutions on the Seamen's Act which had been ADVOCATES ESTABLISHMENT OF AGENCIES IN
LATIN-AMERICA.
drafted by a special committee chosen to examine the law.
That the New Orleans banks and business men should coThey recommended that authority be conferred on President
Wilson to suspend the provisions of the Act until the entire operate in establishing agencies in Latin-America was the
subject of the development of the American merchant suggestion made by Dr. Paul H. Saunders, Chairman of the
marine could be taken up on a basis of permanency and that Board of Directors of the New Orleans branch of the AtCongress create a permanent shipping board to investigate lanta Federal Reserve Bank in an address delivered in New
all shipping problems and to submit recommendations to Orleans on the 19th inst. before the Tulane College of Commerce. Dr. Saunders advocated the formation of a coCongress.
Albert Strauss of J. & W. Seligman, who is a member operative society by the banks and business men, who
of the Chamber of Commerce's committee on the Seamen's would pledge themselves to contribute to the society $50,000
law, in speaking at the meeting advocated the creation of "a per year for a period of two years. The society would open
shipping board made up of such admirable men as form the agencies in five centers in Latin-America, these agencies
Federal Reserve Board." Mr. Strauss gave it as his opinion to be in charge of managers who would be heavily bonded.
that a subsidy was probably the only solution of the problem Dr.Saunders pointed out that "the New Orleans banks should
of building up a merchant marine. He is quoted in the agree to send direct to this bonded agent all the business
which they had on that point and the New Orleans merchants
New York "Times" as saying:
There is no escape from the horn of the dilemma which the Seamen's Act should agree to settle through this agency for their purpresents. If the most burdensome provisions of this Act apply only to chases by the issuance of acceptances which the New OrAmerican vessels, they will be handicapped in competition with foreign
ships. If it applies equally to all vessels coming into our ports, then all leans banks would finance, if necessary, through the Federal
Reserve branch." Dr. Saunders said in part, according
of our trade is put under a handicap.
P. A. S. Franklin, Vice-President of the International to the New Orleans "Times-Picayune":
Mr. McAdoo, the Secretary of the Treasury and Federal Reserve Board,
Mercantile Marine, was a speaker at the meeting. He exrealizing that proper banking facilities were absolutely necessary to foster
pressed himself as being in favor of a Federal shipping com- our trade, would
have been inclined to consider the establishment of
mission. Mr. Franklin characterized the Seamen's law as in some of the most important centers had it not been for the branches
peculiar
"a most unfortunate bill, adding new burdens to American nature and the special purpose of these institutions—but they have recomthe Federal Reserve
shipping and becoming effective at a most inopportune mended that to co-operate for the Act be so amended as to permit the national banks
purpose of jointly owning and operating
time." According to the "Journal of Commerce," he said:
foreign banks. The contribution of the Federal Reserve banks in de-
What American shipping interests want is not one legislative measure velopment in Latin-America would primarily consist in providing conditions
drawn largely for the labor unions, but a large shipping bill covering all so favorable for American acceptances that the American banks willing to
features of our shipping problems, the provisions of which might be admin- offer credit facilities there will be materially assisted in meeting the Euroistered by a competent Federal shipping commission. No shipowner ob- pean rates.
jects to providing every modern device known to improve the safety of life
The leading bankers of America likewise see this, and it will in the course
as well as property on the high seas, but they want such regulations and of time be done along some such line. But why should New Orleans wait
other rules formulated on a practical basis.
to follow? We have the ability and the means to take the initial steps.
Personally. I am strongly in favor of a subsidy, and I do not care what We have the excess of imports over exports, for an argument—we have the
you call it. Until we get some assistance from the United States Govern- goods ourselves or we are in most direct communication with the centers
ment and bring our capitalists to realize that the shipping field under the manufacturing them, and can be assured of their co-operation. I am not
American flag is a profitable one, we cannot hope to get people to invest inclined to be reckless with my own or my neighbor's money, but I do betheir money in ships. All of these matters could be carefully studied out lieve that the proper expenditure of a comparatively small sum at this time
by a shipping board.
will return many fold, and I would therefore suggest that the New Orleans
I think Government ownership of ships would be a detriment instead of a banks and business men at once consider the formation of a co-operative
help in developing our merchant marine facilities, because no man would society, and pledge themselves to contribute thereto $50,000 per year for
want to compete with the Government.
a period of two years. The executive committee of this society to select
Other speakers at the meeting were Welding Ring, E. H. five centers in Latin-America in which to open a New Orleans agency.
manage the agencies
Outerbridge and Joseph P. Grace. James A. Farrell, Presi- That there be selected toother qualifications five men with good knowledge
of the language, and
for the position, including a
dent of the United States Steel Corporation, who is the head knowledge of banking and exchange. That these managers be heavily
bonded=
-that suitable offices be secured, with sufficient space to have
of India House, presided at the meeting.
display rooms for the samples which may be forwarded—that in addition
to the manager, there be employed an assistant whose special duties shall
be to gather credit information and compile statistics as to the kinds of
A special committee of the Chamber of Commerce of the goods used and needed, and answer all inquiries; these two with the proper
•United States, which has taken up the study of the Seamen's clerical and stenographic assistants would be all the force required, and
Act, held a meeting in Washington on the 20th inst. A $10,000 per year for each agency would be sufficient. to this bonded
The New Orleans banks should agree to send direct
agent
visit was paid to Secretary Redfield for the purpose of dis- all the business which they had on that point, and the Now Orleans mercussing a number of its sections with him and of ascertaining chants should agree to settle through this agency for their purchases, by
the issuance
Orleans
would finance,
something of the operation of the law in the few days it has If necessary, of acceptances which the New branch. banks business would
through the Federal Reserve
This
been in effect. The committee adjourned to meet again bring some return, but more important still, it would cause the dealers in
early next month. Those present at the meeting were: these centers to think of New Orleans as a city capable of filling all their
and otherwise. The development
R. G. Rhett, President of the People's National Bank of requirements, financial found as managers, and they can bewould be slow,
but if the right men are
found, for this
Charleston, S. C., Chairman of the committee; Frank A. affords a wonderful opportunity for a capable and ambitious man, it would
Seiberling, President of the Goodyear Rubber Co. of Akron, be sure, and in the course of a few years a separate bank, with sufficient
capital, owned jointly by the New Orleans banks and
O.; Homer L. Ferguson, President of the Newport News probably result. This is the course of development ofbusiness men, would
most of the English
Drydock & Shipbuilding Co.; Russell H. Loines, marine and German banking houses in Latin-America.
points at which these agencies should be opened, I should say
As to the
insurance expert of New York, and J. Howland Gardner,
our present trade should control. New Orleans receives nearly 300,000,000
Vice-President of the New England Steamship Co.
pounds of coffee from Brazil, worth over $25,000,000, and an agency
should certainly be established in Rio. New Orleans receives over $11,600,000 of sisal from Yucatan, and arrangements have been made by New
An address defending the Seamen's Act was delivered in Orleans bankers to finance this crop here, so an agency should be at Prothis city by Secretary of Labor Wilson on the 21st inst. gresso, for New Orleans cannot but be received with favor there. Another
Havana, from which we draw so much sugar; one in the fruit section of
before the Labor Forum at Washington Irving High School. at
Central America and one in Buenos Aires. As those agencies become selfMr. Wilson attacked "the interests conducting a national supporting, others could be established. This is not an original idea.
campaign against the Seamen's law," and said in part, ac- Every one is thinking of it, and talking of it. Let New Orleans do it. It
would be a modest, conservative start on a new era of growth, and one of
cording to the New York "Times":
its first results would be an appreciation of the benefits of the branch.
Nov. 27 1915.]
THE CHRONICLE
RESTRICTIONS ON PARCEL POST TO HOLLAND.
The Holland-America Line has notified the Post Office
Department that only parcel mail addressed in care of the
Netherlands Oversea Trust will be accepted for Holland.
Announcement to this effect was made by Postmaster-General Burleson on the 19th inst. As heretofore stated, parcel
post service between the United States and Germany has
been discontinued because the Holland-America Line refused to carry the parcels. The steamship company informed the Post Office Department that the consignee in
Holland could arrange with the Oversea Trust for delivery
of the parcels upon their arrival. It is stated that the Department has cabled the postal authorities in Holland to ascertain whether the requirements of the steamship company
have official sanction. The following announcement regarding the discontinuance of the service to Germany has
been issued by the Post Office Department:
Suspension of the parcel service to Germany became necessary because
the Holland-America Line, the only carrier by which parcel mail for Germany was being taken, refused to continue the service. Exchange of parcels in international mail is not provided for in the agreement known as
the Universal Postal Convention, which obligates all the signatory nations,
whenever possible, to facilitate the exchange of all postal union mail. International parcel post is provided under special agreements between nation's.
Under such an agreement, prior to the outbreak of the European war,
parcels were exchanged direct between the United States and Germany.
After the war began, when direct steamship service ceased between the
United States and Germany, an agreement was entered into with Holland
for the continuation of the parcel service to Germany by the IIollandAmerica Line through Rotterdam.
When the Holland-America Line refused to accept parcels for Germany
no other route remained by which they could be sent. Efforts are now being made to renew the service via Rotterdam or via some other route.
Misunderstanding of the action of the Post Office Department in suspending Germany parcel service has resulted from failure to take into account all the facts.
It was far better for the convenience and economy of American users of
the service to announce this suspension than to allow parcels to accumulate
at New York at a time when the means of dispatching them was not available. Under the steps now taken such parcels will be returned to their
senders and the postage refunded. This avoids loss and confusion.
PROTECTION OF DYESTUFFS INDUSTRY EXPECTED.
The Department of Commerce issued a statement on the
19th inst. in which it was asserted that "the prevailing shortage of dyestuffs is making itself felt more and more acutely
each day," and that many textile and other factories will be
forced to suspend operations because of their inability to secure the coal tar dyestuffs which were formerly in current
use. The statement points out that "there is an increased
confidence among both manufacturers and consumers of
dyestuffs that at an early date legislation may be secured from
Congress which will give the necessary security to American
manufacturers of synthetic colors." The Department's
statement says in part:
The prevailing shortage of dyestuffs is making itself felt more and more
acutely each day. The Bureau of Foreign and Domestic Commerce is
constantly receiving letters from textile and other factories, stating that
operations must be totally or partially suspended in consequence of the
inability to secure the coal tar dyestuffs hitherto in current use.
Although permission has been granted by the British Government for the
free passage of two steamer loads of coal tar dyestuffs of German origin to
the United States, the embargo by the German Government prohibiting
the shipment of these dyes except in return for a supply of American cotton
of equal value, has not yet been raised. As a result no dyestuffs of German
origin have been received in this country since March 15 1915.
The Department of State has continued its most earnest efforts to have
the embargo raised by the German Government. Thus far, however,
these efforts are without result.
There is an hicreased confidence among both manufacturers and consumlegislation may be secured from Coners of dyestuffs that at an early date
to American manufacturers of
gress which will give the necessary security
synthetic colorsthat their industry will not be threatened by organized un
derselling at the close of the present war. This confidence is reflected in
the increased amount of capital being invested in dyestuffs plants, as well
as in the steady expansion of existing color works.
The present production of American coal tar dyestuffs is at the rate of
approximately 9,000 short tons per annum. Sixteen months ago the rate
was 3,000 tons. It is now confidently expected that by the end of 1916
the output will reach 16,000 tons.
NEW REGULATIONS GOVERNING EXPORT
PROCEDURE.
In view of the fact that manufacturers and shippers have
shown so much interest in the announcement that the new
regulations relative to export procedure will become effective
Jan. 1 next, the Bureau of Foreign and Domestic Commerce,
Department of Commerce,has re-printed the new order with
explanatory text. The pamphlet is supplied free of charge
to those interested upon application at the above-mentioned
office. All shipments for export to foreign countries or to
Alaska, Hawaii and Porto Rico will be affected by the new
regulations. The Department of Commerce issued on the
22d inst. the following summary of the new requirements:
Accuracy of statement and completeness of description in export statistics are the primary objects of the new procedure. Heretofore the data
1777
received by the Bureau of Foreign and Domestic Commerce have frequently
been lacking in these respects, largely by reason of the fact that interior
shippers consign to their agents at the seaboard for export goods unaccompanied by adequate descriptions for use in making export declarations. The
new regulations seek to remedy this defect.
The importance of detailed and accurate returns as a basis for the statistical information published by the Bureau of Foreign and Domestic
Commerce is apparent when it is realized that the export trade of the country now exceeds $3,000,000,000 annually and is rapidly increasing. With
practically all commodities participating in that growth, interest in commercial procedure is widespread and to meet the demand for authoritative
instructions regarding the new requirements in export trade, the main features of Treasury Decision No. 35,708, containing the regulations on that
subject, have been summarized as follows:
1. A simplified form of shippers' export declaration has been prescribed,
alike for exports by rail and by vessel. It is so drawn up as to prevent the
disclosure of the value of goods to persons outside the customs service. The
duplicate to be handed over to the shippers' agent at the seaboard or to the
common carrier as proof of compliance with customs requirements will contain no statement of value.
2. The oath to shippers' declarations for export by water may be taken
before any person authorized to administer oaths and not as heretofore exclusively before the collector of customs at the port of exportation. This
will facilitate the preparation of export declarations by the original shipper
instead of by his agent at the seaboard who is less cognizant of the character
and value of the merchandise and the country of final destination. Manufacturers themselves are urged to make out the export declarations wherever practicable, to assist in which work the Bureau of Foreign and Domestic
Commerce cheerfully supplies to those interested Schedule-13, containing the
official classification of all merchandise extering export trade.
3. The requirements on the part of common carriers have been somewhat
simplified and hereafter copies of the way-bills will be accepted from the
railroad companies in lieu of car manifests. In vessel manifests a notation
that the values are as stated on the shippers'declarations will be accepted in
lieu of a detailed statement of the value of each shipment.
4. On and after Jan. 11916, the legal requirement that goods shall not
pass out of the jurisdiction of the United States until shippers' declarations
are presented in due form will be strictly enforced. Exception will be made
only when the carrier gives bond to produce within 15 days export declarations (originals or duplicates) for all shipments.
Compliance with the new regulations will impose no hardships on exporters who have been observing the legal requirements. On the contrary,
their convenience is served, and the co-operation of shippers generally will
aid the Bureau of Foreign and Domestic Commerce in publishing full and
accurate information regarding the export trade and thus furnish to the
manufacturers of the country an accurate business guide.
BANKING, LEGISLATIVE AND FINANCIAL NEWS.
The public sales of bank stocks this week aggregate 362
shares, of which 333 shares were sold at the.Stock Exchange
and 29 shares at auction. Thirteen shares of trust company
stock were also sold. The price of National City Bank
stock touched 500 at the Stock Exchange, as against 475
last week, and closed at 4863. Ten shares of Liberty
National Bank stock were sold at auction at 7293/2, an
advance of 1043 points over the price paid in January
1914, when the last previous sale was made.
Shares. BANKS—New York.
Low. High. Close.
• 13 America, Bank of
556
556 556
3 Chase National Bank
601
601
601
*177 City Bank, National
486
4863i
500
*156 Commerce,National Bank of 177
1783 177
3 First National Bank
906
906 906
10 Liberty National Bank
729% 729M 7293
TRUST COMPANIES—New York.
3 Astor Trust Co
387
387
387
484
484
484
9 Bankers Trust Co
1101 1101 1101
1 U. S. Trust Co
Last previous sale.
Mar. 1915— 561
Feb. 1913— 700
Nov. 1915— 475
Nov. 1915— 178
Jan. 1914— 850
Jan. 1914— 625
Apr. 1915— 3643
July 1914— 400
Nov. 1913-1050
* Sold at the Stock Exchange.
The stockholders of the Guaranty Trust Co. of New York
voted on the 24th inst. to increase the capital stock of the
institution from $10,000,000 to $20,000,000. The new
shares will be offered to stockholders of record Nov. 24 at
par, share for share, and must be paid for on or before Jan.3
next. The contemplated step was referred to in our issues
of Nov. 6 and Nov. 13.
Frank V. Baldwin, Vice-President of the Chatham &
Phenix National Bank, has been elected President of the
Hudson Trust Co. at Broadway and 39th St., this city, succeeding E. R. Chapman. Mi. Baldwin is a Baltimorean
banker and was born in Virginia. He came to Baltimore a
number of years ago as Assistant Cashier of the Commercial
& Farmers' National Bank, which was absorbed by the
National Bank of Baltimore four years ago. He later became Assistant to the President, but resigned this position
about six years ago to become Secretary and Treasurer of
the Mutual Alliance Trust Co. of this city. After two years
he was made Vice-President of the National Reserve Bank
and later returned as Vice-President of the Mutual Alliance
Trust Co. when the latter purchased control of the National
Reserve Bank. Last January the Chatham & Phenix
National Bank of this city bought the assets and business
of the Mutual Alliance Trust Co. and Mr. Baldwin became a
Vice-President of the bank. The business operations of the
Hudson Trust Co. will be extended under the direction of
Mr. Baldwin, the holdings of the new President, it is stated,
constitute the largest single block of its capital stock of
1778
THE CHRONICLE
$500,000. On the 19th inst. the company's deposits were
$4,373,962. The new executive's official associates are:
Louis H. Holloway, Henry C. Strahmann and John Gerken,
Vice-Presidents; Richard A. Purdy, Secretary, and James
R. Edwards, Treasurer.
[VOL. 101.
finish, making altogether a most attractive and beautiful
room. F. A. Drury is the head of the Merchants, which
has a capital of $750,000, surplus of 8750,000 and deposits
of over $9,000,000. The other officials are C. A. Evans,
Vice-President; C. S. Putnam, Cashier and A. R. Brigham
and E. W. Jenkins, Assistant Cashiers.
Donald G. Geddes, a • member of the New York Stock
Exchange firm of Clark, Dodge & Co., was yesterday
Robert H. Bean, Treasurer and a director of the Old
elected a director of the United States Mortgage & Trust South Trust Co. of Boston, and Frederick D. Potter,
Co. of this city.
Assistant Treasurer of the company, have resigned. Both
had occupied those positions with the Old South Trust since
The National Bank of South Africa, Ltd., has opened an its organization last year. It is stated that Mr. Bean will
agency in this city at 6 Wall St., with R. E. Saunders, accept a position with a bank in Portland, Me., while Mr.
formerly of the Farmers' Loan & Trust Co., as agent. The Potter will become connected with another Boston bank.
bank has over 270 branches in Africa, an office in London
The Haddington Title & Trust Co. of Philadelphia has
and a large number of correspondents in all parts of the
world. The National Bank of South Africa, Ltd., is banker declared an initial dividend of 2%. The directors of the
to the Union Government of South Africa. In 1910 the in- company have also voted to increase the surplus by $5,000.
stitution absorbed the National Bank of the Orange Free The institution has a capital of $125,000, and on Nov. 11
State, Ltd.; two years later it took over the Bank of Africa, showed surplus of $10,000, undivided profits of $30,272, and
Ltd., and last year absorbed the Natal Bank, Ltd. The deposits of $644,713.
progressiveness of the bank is well illustrated by the fact that
The Detroit Trust Co. of Detroit opened its new building
in 1909 paid-up capital and reserves amounted to $5,750,000
and deposits aggregated $42,750,000, while for 1915 the for- on the southwest corner of Fort and Shelby streets on tho
22d inst. The structure is three stories high with a mezzamer item is $16,537,000 and the latter $101,117,000.
nine floor, and has been erected by the company for its exHerbert R. Eldridge, a Vice-President of the National City clusive use. Provision has been made in the construction
Bank of New York, died on the 21st inst. at Potosi, Bolivia. of the foundations to admit of the addition in the future, if it
Mr. Eldridge had been traveling in South America in con- is found desirable, of nine more stories. The exterior archinection with the establishment of branches for the bank. tecture of the building is Italian Renaissance. The walls
Death was due, it is stated, to heart disease brought on by of the building are made of marble with granite base and
the high altitude encountered in crossing the Andes. Mr. buff-colored Bedford limestone above. The building has a
Eldridge was born in Decatur, Ill., in 1870. He got his frontage of 40 feet on Fort Street and a depth of 138 feet on
start in the banking business as Cashier of the Gainesville Shelby Street, the main room including about two-thirds
National Bank of Gainesville, Tex. Mr. Eldridge later went of this area and having a ceiling two stories in height. The
with the Commercial National Bank of Houston, becoming Detroit Trust Co. has a capital of $1,000,000, surplus of
Cashier and subsequently Vice-President of the institution. $1,000,000,and on Sept. 2 last, undivided profits of $966,964.
In 1908 he became Vice-President of the First National Bank Alexander McPherson has served as President of the instituof Colorado Springs, Col. From this bank Mr. Eldridge tion since its inception in 1900.
went to the First National Bank of Houston as Vice-President, and retained that position until January 1913, when he
Elliott T. Slocum, a director of the Union Trust Co. of
was elected a Vice-President of the National City Bank.
Detroit, Mich., died•on the 20th inst.
Max M.Norman, a director of the Battery Park National
Bank of this city, died on the 21st inst. Mr. Norman was
head of the firm of Benham & Boyesen, agents here for the
Norwegian-American and Russian-American steamship lines.
He was also President of the Norwegian-American Chamber
of Commerce in this city and a member of the Maritime and
Produce exchanges.
James B.Forgan,President of the First National Bank and
the First Trust & Savings Bank of Chicago, is to retire from
those positions in January and become Chairman of the
board of directors of the national bank, which governs the
affairs of both institutions, if the directors follow his suggestion in the matter. With regard to his resignation, Mr.
Forgan is quoted in the Chicago "Herald" of the 24th inst.
assaying:
board of direc-
I am sorry the news got out before we were ready, as the
Leon P. Broadhurst, heretofore Vice-President of the tors has not yet acted in the matter. Do not misconstrue the plans, for
has been elected I am not retiring. Please emphasize that fact.
Phoenix National Bank of Hartford, Conn.,
to the board a year ago that
It was
President of the institution to succeed Frederic L. Bunco, should bemy recommendation two banks. Both institutionsyounger men
have grown
at the head of the
who died on the 2d inst. Mr. Broadhurst's place as Vice- to a point where a president is needed for each, to attend to the details,
of William B. and a man to act in an executive capacity.
President has been filled by the promotion
at the year-end meeting next month
I
Bassett, Cashier of the bank, who has assumed the duties of and shall repeat my recommendation successors and create a Chairman of
hope the directors will elect my
both positions. Mr. Broadhurst became associated with the the board. A committee was selected by the directors at their last yearly
Phoenix National in 1890, was chosen Assistant Cashier in meeting for the purpose of naming officers, and after the stockholders
directors at their annual meeting, Jan. 11, the new board
1901, Cashier in 1904, and Vice-President in 1913. Mr. have elected officers. That is when the changes will be made, If the board
will name its
Bassett's connection with the bank dates back to 1896. He follows my suggestions.
Frank 0. Wetmore, Second Vice-President of the First
was made Assistant Cashier in 1907 and succeeded Mr.
Broadhurst as Cashier in 1913 when the latter becameVice- National,is mentioned as Mr.Forgan's successor as President
President.
of the national bank and Emile K. Boisot, Vice-President
of the First Trust & Savings Bank, it is stated, will become
The Colonial National Bank of Hartford, Conn., opened President of that institution.
for business on the 8th inst. The institution is located at
Charles B. Munday, former Vice-President of the defunct
74-76 Asylum Street and has a capital of 8500,000 and surplus
of $100,000. Lucius A. Barbour is President of the bank and La Salle Street Trust & Savings Bank of Chicago was found
is assisted in its management by Edward C. Frisbie, Vice- guilty on the 19th inst. of conspiracy in connection with the
President; Myron A. Andrews, Vice-President and Cashier, failure of the institution and was sentenced to five years'
and F. S. Flagg, Assistant Cashier. General Barbour and imprisonment in the State Penitentiary. The verdict
Mr. Andrews were formerly President and Cashier, respec- against Munday was returned by a jury in the Circuit Court
tively, of the Charter Oak National Bank,which was recently of Grundy County at Morris, Ill. The trial was started in
absorbed by the Phoenix National Bank.
the Grundy County Court on Sept. 27, having been brought
there on a change of venue granted to Munday. As preThe Merchants National Bank of Worcester, Mass., is viously stated, the La Salle Street Trust & Savings Bank
now occupying its magnificent new quarters in its enlarged closed in June 1914. It is stated that two other indictments
building, which is practically twice the size of the old struc- against Munday are pending. He is at liberty under
ture. The new home which is of the monumental type of 875,000 bond until after arguments for a new trial are heard.
building, used only by the bank, is constructed of steel and
Fred C. Orthwein was elected a director of the Mississippi
limestone. The interior finish of its handsome main banking room is of Parvenezza Italian marble, with solid bronze Valley Trust Co. of St. Louis at the regular meeting of its
grills, the woodwork being of gum wood in its natural board on the 10th inst. Hard Hardin, private secretary to
Nov. 27 1915.]
1779
THE CHRONICLE
the President of the trust company, resigned a directorship
which he has been holding provisionally, and Mr. Orthwein
takes his place for the unexpired term. Mr. Orthwein is
Vice-President and General Manager of the William D. Orthwein Grain Co., with offices in the Merchants Exchange
Building. He is widely connected with St. Louis business
interests as Vice-President of the William F. Niedringhaus
Investment Co., and director of the Kinloch Telephone Co.
and Gilsonite Construction Co. His father, William D.
Orthwein, is one of the oldest directors of the Mississippi
Valley Trust, besides having been for many years a member
of its Executive Committee.
The affairs of the failed Broadway Bank of St. Louis,
which closed its doors on the 8th inst., have been placed in
the hands of E. H. Benoist, Special Deputy Bank Commissioner of Missouri.
The directors of the Farmers' Loan & Trust Co. of Kansas
City, Mo., have chosen the following new officers: J. S.
Lapsley, President; Charles S. Gleed, First Vice-President;
C. F. Hutchings, Second Vice-President and J. S. Carrel,
Secretary and Treasurer.
The First National Bank of Chattanooga, Tenn., has
issued a handsome souvenir booklet in commemoration of
its fiftieth anniversary. The booklet contains portraits
of present and former officers, pictures of the buildings
occupied by the bank and interesting notes concerning the
institution's history. The First National opened for
business on Nov. 15 1865, with a capital of $200,000. Today its capital stands at $750,000. In '1905, when the
Chattanooga National Bank was consolidated with the
First National, the latter institution by declaring a stock
dividend of 150%, increased its capital from $200,000 to
$500,000. Again, in 1911 at the time of its absorption
of the American National Bank, the First National further
increased its capital to the present figure. Since its organization the First National has never failed to pay its stockholders a regular semi-annual dividend. The growth of
the institution is best shown by a comparison of deposits
from its organization down to the present; in 1870 they were
$241,548, in 1875 $279,798, in 1880 $528,463, in 1885
$627,364, in 1890 $1,220,958, in 1895 $1,367,567, in 1900
$1,648,201, in 1905 $3,945,643, in 1910 $4,566,377 and in
1915 (Sept. 2) $6,511,932. Charles A. Lyerly is President
of the First National Bank. H. S. Chamberlain and J. T.
Lupton are Vice-Presidents; C. C. Nottingham, Active
Vice-President; J. P. Hoskins, Cashier, and W. H. De Witt,
Assistant Cashier.
0.L.Sellers has resigned as Cashier of the Marine National
Bank of San Diego, Cal., Mr. Sellers has been Cashier of
the bank since its organization in 1909.
FALL RIVER MILL DIVIDENDS IN 1915.
Twenty-eight of the thirteight cotton-manufacturing
corporations located in Fall River which furnish reports of
operations have declared dividends during the fourth quarter of the year. The total amount paid out, moreover, is
more than for the corresponding period of last year, the
aggregate distributed having been only $348,417, or an average of 1.15% on the capital. In 1914 the amount paid by
twenty-three mills was $283,293, or an average of 0.96%.
Fourth Quarter.
1915 and 1914.
Dividends 1915. Dividends. 1914
Capital.
Amount.
$
American'Llnen Co
800,000
Ancona Mills
300,000
Arkwright Mills
450,000
Barnard Mfg. Co
495,000
Barnaby Mfg. Co
350,000
Border City Mfg. Co
1,000,000
Bourne Mills
1,000,000
Chace Mills
1,200,000
Charlton Mills
800,000
251,670
Conanicut Mills
Cornell Mills
400,000
Davis Mills
1,250,000
Davol Mills
500,000
Flint Mills
1,160,000
Granite Mills
1,000,000
Hargraves Mills
800,000
King Philip Mills
1,500,000
Laurel Lake Mills
600,000
Lincoln Mfg. Co
1,250,000
Luther Mfg. Co
525,000
Mechanics' Mills
750.000
1,200,000
Merchants' Mfg. Co
400,000
Narragansett Mills
Osborn Mills
750,000
Parker Mills
800,000
Pilgrim Mills
1,050,000
1,200,000
Pocasset Mfg. Co
Richard Borden Mfg. Co.. 1,000,000
1,200,000
Sagamore Mfg. Co
600,000
Seaconnet Mfg. Co
550,000
Shove Mills
1,000,000
Stafford Mills
700,000
Stevens Mfg. Co
750,000
Tecumseh Mills
300,000
Troy Cot.& Wool.Mfg.Co.
Union Cotton Mfg. CO.1,200,000
750,000
Wampanoag Mills
500,000
Weetamoe Mills
Total
Amount.
8,000
No dividend
No dividend
No dividend
No dividend
1
10,000
134
15,000
1A
18,000
1
8,000
1
2,517
2
8000
134
18,750
134
7,500
17,400
1;4
10,000
1
No dividend
22,500
134
6,000
1
18,750
134
2
10,500
1
7,500
2
24,000
1
4,000
7,500
1
No dividend
a134
5,250
No dividend
15,000
134
48,000
4
No dividend
5,500
1
No dividend
134
10,500
11,250
134
6,000
2
134
18,000
No dividend
5.000
1
$
No dividend
1,500
No dividend
No dividend
No dividend
1
10,000
134
15.000
18,000
134
No dividend
1
2,517
2
8,000
18,750
134
134
7,500
17,400
134
No dividend
No dividend
22,500
134
No dividend
No dividend
7,875
134
1
7,500
1
12,000
1
4,000
134
11,250
No dividend
a:
5,250
No dividend
A
15,000
18,000
No dividend
5,500
No dividend
10,500
134
11,250
134
6,000
2
18,000
134
No dividend
No dividend
1
30,331,670 1.15
348,417 (1 116
(+)
or Dec.
,
(-)•
$
+8,000
-1,500
+8,000
+10,000
+8,000
+18,750
+2,625
+12,000
-3,750
+5.000
283,292 +65.125
•On $100,000 preferred stock. a On $350.000 preferred stock.
Combining the foregoing results with those of the nine
months, we have the fallowing exhibit for the full year. It
is seen that on a capitalization of $30,331,670 the mills have
paid out in dividends only $1,131,133, or 3.73%, against
4.21% in 1914, 7.07% in 1913 and 4.70% in 1912.
Year.
1915 and 1914.
(+)
Dividends 1915. Dividend., 1914. Inc.
Capital.
%
$
800,000
American Linen Co
300,000
Ancona Mills
450,000
Arkwright Mills
495,000
Barnard Mfg, Co
350,000
Barnaby Mfg. Co
1,000,000
Border City Mfg. Co
1,000,000
Bourne Mills
1,200,000
Chace Mills
800,000
Charlton Mills
251,670
Conanicut Mills
Cornell Mills
400,000
1,250,000
Davis Mills
500.000
Davol Mills
1,160,000
Flint Mills
1,000,000
Granite Mills
800,000
Hargraves Mills
1,500,000
King Philip Mills
600,000
Laurel Lake Mills
1,250,000
Lincoln Mfg. Co
525,000
Luther Mfg. Co
750,000
Mechanics' Mills
1,200,000
Merchants' Mfg, Co
400,000
Narragansett Mills
750,000
Osborn Mills
800,000
Parker Mills
1,050,000
Pilgrim Mills
1,203,000
Pocasset Mfg. Co
Richard Borden Mfg. Co_ 1,000,000
1,200,000
Sagamore Mfg. Co
600,000
Seaconnet Mills
550,000
Shove Mills
1,000,000
Stafford Mills
700,000
Stevens Mfg. Co
750,000
Tecumseh Mills
300,000
Troy Cot.&Wool.Mfg.Co.
Union Cotton Mfg. Co.__ 1,200,000
750,000
Wampanoag Mills
500,000
Weetamoe Mills
Amount.
$
8,000
1
4,500
*434
No dividend
No dividend
No dividend
40,000
4
60,000
8
6
72,000
2
16,000
2
5,033
32,000
8
6
75,000
30,000
6
69,600
6
10,000
1
No dividend
90,000
6
6,000
1
134
18,750
31,500
6
4
30,000
60,000
5
12,000
3
4
30,000
No dividend
15,750
a436
No dividend
75,000
734
120,000
10
No dividend
22,000
4
No dividend
42,000
6
45,000
6
24,000
8
72,000
6
No dividend
15,000
3
%
Amount. Dec.
$
No dividend
6,000
No dividend
No dividend
No dividend
1 40,000
4
6
60,000
6
72,000
No dividend
10,067
4
32,000
8
75,000
6
30,000
6
69,600
6
1
10,000
No dividend
6
90,000
334
21,000
No dividend
6
31,500
4
30,000
4
48,000
4
16,000
45,000
6
No dividends
21,000
a6
48,000
4
85,000
834
120,000
10
2
12,000
45(
26,125
2
20,000
6
42,000
6
45,000
8
24,000
6
72,000
3
22,500
4
20,000
*6
$
+8,000
-1,500
+16,000
-5,034
The Bank of Montreal had total resources of $302,980,554
-15,000
at the close of the fiscal year on October 30 last, according
+18,750
to the bank's statement for that period, which has just been
issued. This aggregate is said to establish a new high
+12,000
-4,000
record in Canadian banking. As compared with last year's
-15,000
figures an increase of $43,498,891 is recorded. Profits for
-5,250
-48,000
the year amounted to $2,108,631 and compare favorably,
-10,000
conditions in Canada, as a result of the war,
considering the
-12,000
with the net earnings for the previous twelve months,which
-4,125
-20,000
$2,496,452. The total amount available for distriwere
of profits for the year and a balance of
bution, made up
$1,232,669 brought forward, was $3,341,300. Of this
-22,500
sum $1,920,000 was distributed in four quarterly dividends
-5,000
and two bonuses, $127,347 was paid out in war tax on bank 'Tntn1
20221 fi'm 272 1 121 122 4 71 1 742 709.-119 ARO
note circulation and $1,293,953 was carried forward as
* On $100,000 preferred stock. a On $350,000 preferred stock.
balance of profit and loss. As usual, dividends of 10% were
paid during the year and two bonuses of 1% were distributed.
THE ENGLISH GOLD AND SILVER MARKETS.
The interest bearing deposits of the bank increased from
We reprint the following from the weekly circular of
$154,533,644 a year ago to $160,277,083 on October 30 1915.
Montagu & Co. of London, written under date of
Deposits not bearing interest were $75,745,729 on the latter Samuel
November 11 1915:
date, as compared with 2,689,032 last year. The Bank
GOLD
of Montreal has a capital stock of $16,000,000. H. V.
The external movements have been against the Bank of England. The
Meredith is President of the institution and Frederick following amounts were received by the Bank:
Nov.4- £500,000 in sovereigns released on Egyptian account.
Williams-Taylor is General Manager.
Nov. 10-1,116,000 in bar gold.
The Canadian Bank of Commerce (head office, Toronto)
has announced the opening of its recently completed branch
building in Windsor, Ont. The new structure is three
stories high and of modern Renaissance design, faced with
grey granite and cream colored sandstone.
Withdrawals were made as under:
Nov.4- £500,000 in sovereigns for the U. S. A.
Nov.4- 290,000 in sovereigns for South America.
Nov.4- 200,000 in sovereigns for Spain.
Nov. 4- 26,000 in sovereigns for Canada.
Nov.6- 748,000 in sovereigns for the U. S. A.
Nov.6- 100,000 in sovereigns for Japan.
Nov. 6- 131,000 in bar gold.
THE CHRONICLE
1780
Nov. 7- 315,000 in sovereigns for Spain.
Nov. 7- 50,000 in sovereigns set aside on Swiss account.
Nov. 8- 150,000 in sovereigns set aside on miscellaneous account.
Nov. 9- 500,000 in sovereigns for the U. S. A.
Nov.9- 200,000 in sovereigns for the Continent.
During the week the net reduction amounted to £1,594,000. The
"Statist" issued a series of index numbers calculated upon the prices of
15 commodities. The average of the prices during the years 1867-1877
inclusive were to represent 100 The purchasing power of a sovereign at
different dates can be contrasted by the use of these indices. It may be
gathered from these given below that a period of great cheapness set in
after the basis 100 was fixed, and that the index numbers did not rise again
to 100 until the seventh month of the present war. The index number
for the first year of the war was only 98:
100 Aug. '14-July '15_ 98 November 1914_ _ _ 88.8
1867-1877
87.9 December
91.6
1878-1887
66 August 1914
89.3 Jan. 1915
96.4
88 September
1890-1899
89.8 February
100.9
1905-1914
79 October
SILVER.
The market continues to be in good heart, and prices were well maintained, though some fluctuations were recorded. Continental demand has
been well in evidence
-so much so that a further amount of the London
stock has been absorbed. China has been a rather uncertain factor-figuring sometimes on the same day as a seller and a buyer. In reckoning the
transactions for this quarter during the week, the sales have exceeded the
purchases. Some interest has been taken by the Indian bazaars, though
the purchases have been but slight. The recognition of General Carranza
and the measure of support accorded to him by the U. S. Government will
doubtless increase ultimately the export of silver as well as of silver ores
from Mexico. This contingency may be some set off against the reduction of London stocks. The strength of the market lies in the large
demand for coinage, of which, in present circumstances, no diminution
should be anticipated. An Indian currency return for Nov. 7 gave details
as follows, in lacs of rupees:
7,04
62,74[Gold coin and bullion
Notes in circulation
6,15
35,55'Gold in England
Reserve in silver coin
The stock in Bombay consists of 6,300 bars, as compared with 6,500 last
week. A shipment of 1,200,000 ozs. has been made from San Francisco
to Hongkong. Quotations for bar silver, per ounce standard:
Bank rate
5%
No
Nov. 5_ _ _ _24% cashI
Nov. 6_ _ _ _24 5-16 " quotation Bar gold, per oz. standard_77s. 9d.
French gold coin, per oz_ _ _ _Nominal
fixed
Nov. 8_ _ _ _24 7-16 "
U. S. A. gold coin, per oz_ _Nominal
for
Nov. 9_ __ _24 7-16 "
forward
"
Nov. 10_ _ _ _24%
delivery.
Nov. 11_ _ _ _24 7-16 "
Av. for week.24.395 cash
The quotation to-day for cash Is the same as that fixed a week ago.
-PER CABLE.
ENGLISH FINANCIAL MARKETS
The daily closing quotations for securities, &c., at London,as reported by cable, have been as follows the past week:
Nov.20. Nov.22. Nov.23. Nov.24.
Wed.
Tues.
Sat.
Mon.
263(
25h
253
24%
57%
573
65
65
9634
96%
96%
96%
64.50
64.50
64.50
65.00
London.
Week ending Nov. 26d
Silver, per oz
Consols, 23i per cents
British 414 per cents
French Rentes (in Paris)_fr_
Nov.25. Nov.26.
Fri.
Thurs.
27
HOLI- 593
DAY 97)
64.50
IMPORTS AND EXPORTS OF GOLD AND SILVER AT
SAN FRANCISCO.
The Collector of Customs at San Francisco has furnished
us with the details of the imports and exports of gold and
silver through that port for the month of October, and we
give them below in conjunction with the figures for preceding months, thus completing the results for the ten
months of the calendar year 1915.
IMPORTS OF GOLD AND SILVER AT SAN FRANCISCO.
Silver.
Gold.
Months.
Coin.
1915.
January
February
March
April
May
June
July
August
September_ _ _ _
October
$
500,990
762,560
1,526,000
2,712,037
3,494,050
1,500,000
3,752,783
8,766,448
9,782,358
9,479,986
Bullion.
Total.
$
$
1,668,828 2,169,818
1,017,412 1,779,972
1,584,214 3,110,214
1,722,213 4,434,250
376,652 3,870,702
937,539 2,437,539
231,615 3,984,398
361,655 9,128,103
1,359,503 11,141,861
2,496,173 11,976,159
Total, 10 mos- 42,277,212 11,755,804 54,033,016
961.959 4.091,964
10 mos. 1914_ 3.130.305
Coin.
3
6,700
800
6,423
313,420
963
46,500
Bullion.
$
95,012
58,707
151,909
218,237
211,784
499,909
204,084
216,402
265,160
126,270
Total.
$
101,712
58,707
152,709
218,237
218,207
499,909
517,504
216,402
266,123
172,770
374,806 2,047,474 2,422,280
8,778
740,786
749,564
EXPORTS OF GOLD AND SILVER FROM SAN FRANCISCO.
Silver.
Gold.
Months.
1915.
January
February
March
April
May
June
July
August
September_
October
Bullion.
Total.
Coin.
$
Coin.
$
$
200
1,000
2,500
_
200
1,000
2,500
32,500
2,500
16,250
12,225
1,000
2,750
32,500
2,500
16,250
12,225
1,000
2,750
Total, 10 mos..
4,945
4,254
Total.
779,367
779,367
475,636
479,890
371,981
371.981
714,961
714,961
377,339
377,339
803,845
803,845
1,093,700 1,093,700
370,204
370,204
115,813
115,813
572,861
572,861
70,925
70,925
10 mos. 191C_
Bullion.
457,050
4,254 5,675,707 5,679,961
461,995
42,9971 4,563,327 4,606,324
THE DEBT AND TREASURY STATEMENT.
The United States Treasury has completely revised the
daily and monthly Treasury and debt statements,and in the
daily statement for Oct. 1, when the change was put into
effect, printed the following "Announcement" outlining the
reasons for the departure. Some comments on the new form
of statement were made in our article on "The Financial
lin
Situation" in the "Chronicle" of Nov. 20, page 1654, and
on another page to-day (page 1757) we print a letter from
Assistant Secretary Malburn explaining the motives that influenced the Treasury officials in presenting the figures in a
new form.
ANNOUNCEMENT.
The daily statement of the United States Treasury and the monthly
public debt statement of the Government have been revised by a committee
appointed by order of Secretary McAdoo, so as to make them more intelligible and clearer to the public. The new daily statement will represent the
actual condition of the Treasury, so far as it is possible to present it, at the
close of business each day. The new public debt statement will show the
actual condition of the Treasury and the state of the public debt at the close
of business each month. The new form for the daily Treasury statement
becomes effective Oct. 1 1915. and that for the public debt statement
Oct. 31 1915.
The most important points in which the new form of daily statement
differs from the old are the following:
The assets and liabilities of the Government have heretofore been published under two general classifications, viz.•. (1) The General Fund, and
(2) The Currency Trust Funds, The General Fund and The Gold Reserve
Fund.
The new form shows the assets and liabilities divided into three general
classes, viz.: (1) Gold, (2) Silver Dollars, and (3) The General Fund.
This gives at a glance the amount of gold and the amount of silver dollars
In the Treasury, the liabilities against such coin and bullion, and the
actual condition of the general fund.
In the new form the item "Disbursing Officers' Balances" is excluded
from the liability side of the general fund and included in the net balance.
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 payment of public obligations.
These amounts are funds of the United States in the same sense that the
balance remaining, subject to the warrant of the Secretary alone, is money
of the United States. 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. 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. Funds are placed to
the credit of disbursing officers practically as a bookkeeping arrangement,
and they are as much a part of the working balance of the Treasury as the
money which is subject to the warrant of the Secretary. As the net balance
should represent the funds in the Treasury available for paying the current
obligations of the Government, the amount placed on the books to the
credit of disbursing officers should be included therein.
The amount deposited by national banks for the retirement of national
bank notes, but not yet paid out for that purpose, is also included in the
net balance. In the old statement this amount was carried on the liability
side of the general fund. This was an error, because by law deposits for
the retirement of national bank notes are a part of the public debt. The
Act of July 14 1890 prescribes that such deposits shall be covered into the
Treasury as miscellaneous receipts, and that tne notes thus rendered
subject to retirement by the United States shall be carried as a part of the
public debt. This fund is not the 5% fund provided for the redemption
of the current circulation of national banks, but is a fund for the redemption
of the notes of national banks which have ceased to circulate notes, or which
have reduced their circulation. As directed by the Act of July
the amount to the credit of this fund was placed in the general fund 14 1890,
balance,
where it was carried continuously until the early part of this administration
(1913), when tne form of daily Treasury statement was changed. The item
is now restored to the general fund balance, where it belongs, and will
appear as a liability on what was previously known as the monthly public
debt statement.
Following the general fund statement appears the daily trial balance of
the general fund, entitled "Receipts and Disbursements This Day." This
Is a simple statement of the day's transactions. One important change
contained in this table, as well as in the "Comparative Analysis of Receipts
and Disbursements" on page 2,is the segregation of Panama Canal receipts.
In the past it has been customary to se.; forth Panama Canal disbursements separately as extraordinary expenditures, but receipts from tolls,
profits from the sales of material on account of the canal, &c., have been
Included in the ordinary miscellaneous receipts. In future these Panama
Canal receipts, like the disbursements on account of the Panama Canal,
will appear separately.
The new daily statement is on a cash basis. Receipts have been reported
on a cash basis, while disbursements have been on a mixed basis. This
has proved confusing. Under the new form disbursements, like receipts,
represent cash transactions.
It will be impossible to state outstanding checks in the column of liabilities in the daily statement, because it is not practicable to get the information daily from disbursing officers. Outstanding checks and warrants are
offset in large measure, however, by receipts which are in transit to the
Treasury. All outstanding warrants and checks will be shown monthly in
what previously was known as the public debt statement.
Several tables that appeared on the fourth page of the old statement are
either omitted entirely as unimportant or uninforming, or are included in
the new items on page 4-"Rederal Reserve Notes and National Bank
Notes Outstanding' and "Transactions Affecting Federal Reserve and
National Bank Note Circulation." "Bonds Held in Trust for National
Banks" still appears, but the table of "Pay Warrants Drawn" has been
omitted. It is believed that a daily statement of these warrants is of no
value, and it will hereafter appear in the form of "Pay Warrants Issued,"
monthly, in what previously was known as the public debt statement.
The new statement will give an accurate idea of the actual condition of
the Treasury as far as it is ascertainable from day to day. The old statement, with its cumbersome notations of purely bookkeeping transactions
within the Treasury Department, which had little bearing upon actual
expenditures, has been very confusing and has led to much misconception
as to the actual condition of the Treasury.
The public debt statement in the new form is changed to "Financial
Statement of the United States Government."
Instead of reproducing the daily statement for the last day of each month
on the public debt statement, the new statement will include a table of cash
available to pay maturing obligations, or, in other words, the working balance of the Treasury with the liabilities against it. On the asset side of
this table will be the net balance in the Treasury. On the liability side of
this statement will be set up outstanding warrants, checks, and matured
coupons. While it will not be practicable, as stated above, to get daily
from disbursing officers a statement of their outstanding checks, it will be
possible to get this information once a month.
The monthly statement will also include a table of warrants and checks
Issued by departments which will show the expenditures according to this
classification.
It will be necessary to get information from disbursing officers all over
the country for the monthly statement, but 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.
From the monthly and the daily statements combined we
have prepared the following figures:
INTEREST-BEARING DEBT OCTOBER 31 1915.
Amount
Amount Outstanding
Interest
Issued.
Registered, Coupon.
Total.
Payable.
Title of Loan$
Q.
-J. 646,250,150 643,353,050 2,897,100 646,250,150
2s, Consols of 1930
Q.
-F. a198,792,660 47,014,160 16,931,300 63,945,460
3s, Loan of 1908-18
48, Loan of 1925
Q.
-F. b162,315,400 101,281,900 17,208,000 118,489,900
19,560 54,631,980
-F. 54,631,980 54,612,420
2s, Pan. Canal Loan 1906.Q.
312,480 30,000,000
2s, Pan. Canal Loan 1908_Q.
-F. 30,000,000 29,687,520
3s, Pan. Canal Loan 1911_Q.
-S. 50,000,000 40.617,800 9,382,200 50,000,000
724,820 6,441,600
6,441,600 5,716,780
2;is,Post.Sav. bds '11-'14_J.
-J.
84,640
865,500
780,860
-J.
865,500
2As,Post.Say. bds. 1915_J.
Aggregate int.-bearing debt_ _1,149,297,290 923,064,490 47,560,100 970,624,590
a Of this original amount issued, $132,449,900 has been refunded into the 2%
Consols of 1930 and $2,397,300 has been purchased for the sinking fund, &c., and
canceled.
b Of this original amount issued, $43,825,500 has been purchased for the sinking
fund and canceled.
Nov. 27 1915.]
1781
THE CHRONICLE
DEBT ON WHICH INTEREST HAS CEASED SINCE MATURITY.
Oct. 31.
Sept. 30.
Funded loan of 1891, continued at 2%, called May 18
34,000 00
$4,000 00
ceased Aug. 18 1900
1900, interest
23,650 00
23.65000
Funded loan of 1891, matured Sept. 2 1891
13,050 00
. . 13,050 00
Loan of 1904, matured Feb. 2 1904
550,300 00
651,400 00
Funded loan of 1907, matured July 2 1907
12,480 00
12,500 00
Refunding certificates, matured July 1 1907
Old debt matured at various dated prior to Jan. 1 1861
and other items of debt matured at various dates
901,520 26
901,540 26
subsequent to Jan. 1 1861
Aggregate debt on which interest has ceased since
$1,506,140 26 $1,505,000 26
maturity
DEBT BEARING NO INTEREST.
Oct. 31.
Sept. 30.
$346,681,016 00 $346,681,016 00
United States notes
53,152 50
53,152 50
Old demand notes
National bank notes assumed by U.S. for retire23,651,308 00
23,096,069 50
ment
Fractional currency, less $8,375,934 estimated as
6,849,889 90
6,849,889 90
lost or destroyed
$376,680,127 90 $377,235,366 40
debt bearing no interest
Aggregate
In the following summary showing the net amount of the
debt we compare the figures for Oct. 31 under the new form
with those for Sept. 30 under the old form. The effect of
.
the new policy in no longer taking account of disbursing
in
officers' balances is to increase the available cash balance In
the Treasury and to decrease the net total of the debt.
the daily statements the item of disbursing officers' balances
is ignored altogether. In the monthly statement, which forms
the basis of the summary below, the checks, warrants, &c.,
outstanding against these balances are, however, taken into
the account. The total to the credit of disbursing officers on
Oct. 31 was $60,709,045 96; the offsets in the shape of
checks, warrants, &c.,amounted to $15,114,672 47,leaving a
difference of $45,594,373 49. This latter indicates the extent to which cash balance is increased and net debt diminished under the new form of statement and the extent to
which the comparison with the previous month under the
old form is erroneous. The comparison, as it stands, shows
if
a decrease in debt during the month of $42,568,817 12;an
the basis had not been changed there would, instead, be
increase of $3,025,556 37.
TREASURY CURRENCY HOLDINGS.—The following
compilation, made up from the daily Government statements, shows the currency holdings of the Treasury at the
beginning of business on the first of August, September,
October and November 1915:
Aug. 1 1915
$
Holdings in Sub-Treasuries—
257,006,051
Net gold coin and bullion
Net silver coin and bullion
30,011,097
7,511
Net United States Treas. notes
Net legal-tender notes
12,517,467
Net national bank notes •
37,731,120
Net subsidiary silver
26,298,677
Minor coin, &c
3,173,716
Sept. 1 1915
$
241,846,744
31,528,604
3,297
10,072,178
33,853,197
26,277,417
3,011,068
Oct. 1 1915
3
225,523,525
25,044,804
3,840
8,966,535
33,828,093
24,730,213
2,642,055
Nov. 1 1915
1
216,809.613
19,006,956
5,941,978
33,019,944
22,482,129
2,532,099
Total cash in Sub-Treasuries__366,745,639x346,592,505 320,739,065 299,792,719
Less gold reserve fund
152,981,221 152,983,066 152,983,105 152,983,112
Cash balance in Sub-Treasuries_213,764,418 193,609,439 167,755,960 146,809,607
Cash in national banks—
To credit Treasurer of U. S___ 46,502,976 43,180,814 c55,639,471 c58,600,829
5,660,415
To credit disbursing officers_ _ _ 4,728,592
5,289,728
5,206,480
Total
Cash in Philippine Islands
51,231,568 48,387,294 60,929,189 64,261,244
4,849,893 6,338.199
5,634,790
5,320,336
Net cash in banks, Sub-Treas_270,316,322 247,631,523 233,535,052 217,409,050
Deduct current liabilities
100,731,869 128,340,533 133,557,733 95,159,954
169,584,453 119,290,990 99,977,319 122,249,096
Balance
National bank redemption fund_101,410,991 65,935,546 59,078,424
Available cash balance
68,173,462 53,355,444 40,898,895 122,249,096
a Chiefly disbursing officers' balances. x Includes in September $5,509,684 77
silver bullion and $2,532,099 30 minor coin, &c., not included in statement "Stock
of Money." c Including $15,000,000 in Federal Reserve Banks.
•Including $9,301,145 Federal Reserve notes on Nov. 1.
New York City Banks and Trust Companies
Trust Co's.
Ask
Bid
Banks.
Ask
Bid
Banks.
Ask
Bid
New York
315
Manhattan* 305
New York
t387
253 Astor
Mark & Fult 243
America•___ t556
Bankers Tr_ t484
275
Mech & Met 265
215
208
Amer Exch.
116179 B'way Trust 144
Merchants' _ 173
180
175
Atlantic.
315 CentralTrust 1150 1200
Metropolis._ 300
165
Battery Park 145
525
515
185 Columbia
175
Metropol'n •
400
Bowery •__
Commercial. 100
260 Mutual ____ 325
Bronx Boro• 225
300
292
225 Empire
New Neth._ 210
175
Bronx Nat_ _ 160
455
825 Equitable Tr 445
New York Co 725
145
BryantPark• 135
RECAPITULATION.
385 Farm L & Tr 1150
New York_ _ 370
115
Butch & Dr_ 100
Increase (-I-) or
203
Pacific •____ 200 220 Fidelity ____ 197
t601
Chase
Decrease (—).
Sept.30 1915.
Oct. 311915.
300
270
405 Fulton
398
205
Park
Chat & Phen 202
$970,624,590 00 3970,624,590 00
700
Interest-bearing debt
235 Guaranty Tr 685
People's•___ 220
135
Cheslsea Ex. 124
2
- E1,140 00
1,506,140 26
1,505,000 26
130
Debt interest ceased
Hudson
405
Prod Exch._ 200
+555.238 50 Chemical _ _ 395
376,680,127 90
377,235,366 40
interest_ _ _
Debt bearing no
200" Law Tit& Tr 114 120
125
180 Public
CitizensCent 170
Seaboard ___ 410 430 LincoinTrust 103
t486 t500
+3554,098 50 City
$1,349,364,956 66 $1,348,810,858 16
Total gross debt
415
425 Metropolitan 405
395
170 Second
Coal & Iron_ 165
Cash balance in Treasury._ _ a260,100,985 49 a216,978,069 87 +43,122,915 62 Colonial'... 450
135 Mut'l(West125
Sherman
135
chester) __ 130
135
125
300 ig- State •
$1,089,263,971 17 $1,131,832,788 29 —$42,568,817 12 Columbia*
Total net debt
135 N Y Life Ins
Commerce_ _ t177 t17812 23d Ward._ 100
& Trust__ 990 1010
140
Union Each. 134
330
Corn Exch.. 325
•Includes $152,979,015 19 gold reserve fund.
N Y Trust_ _ 590 810
Unit States. 500
a Under the new form of statement adopted by the United States Treasury on Cosmoporn• 100
Title Gu&Tr 395 400
82 - Wash H'is._ 275
75
155
Oct. 1, disbursing officers' balances amounting to $60,709,046, except as offset by East River__ 140
fiE Transatian'c
Westch Av• 160
155
Fidelity
365
$15,114,672 47 of checks, warrants, &c., outstanding, are treated as available cash, Fifth •___ 4300 5000
450 Union Trust 350
West Side._ 400
400
disturbing the comparison with the previous month to that extent. The $260,- Fifth Ave•__ 250
550 USNitg&Tr 387
York viI le•_ _ 475
300
UnitedStates t1101
100,985 49 for Oct. 31 consists of 3107,121,970 30 cash and of $152,979,015 19 First
Brooklyn
t906
Westchester 140
140
gold reserve.
Coney Isi'd•
195
185
Garfield
265
255
LIABILITIES.— Germ-Amer' 125 140 First
TREASURY CASH AND CURRENT
Brooklyn
142
134
Flatbush
400
German Ex. 375
The cash holdings of the Government as the items stood Germania •_ 425 475 Greenpoint _ 115 130
500
115 Brookl ynTr_ 480
Hillside ...- 100
In this case the figures Gotham.... 190
Oct. 30 are set out in the following.
255
245
90 Franklin
280 Homestead•
Greenwich'. 265
275
are taken entirely from the daily statement for Oct. 30.
130 Hamilton___ 265
Mechanics._ 120
625 635
Hanover
110 Kings Co_ - _ 630 650
85
Montauk•
LIABILITIES.
350
330
Harriman..
ASSETS.
1,375,392,789 00 Imp dr Trad_ 490 500
205 M anufact'rs
195
Nassau
1,053,365,001 38 Gold certificates
Gold coin
142
152,983,111 89 Irving
Citizens.. 137
280
Nation'l City 270
174
179
538,837,400 55 Gold reserve
Gold bullion
287
185 People's.... 280
North Side._ 170
t72912
502,547,846 00 Available gold in general
Liberty
Silver dollars
63,826,501 04 Lincoln
so
fund
140 Queens Co__
330
310
People's_..__ 130
2,094,750,247 93
Total
1,592,202,401 93
Total
General Fund Hold'gs:
auction or at Stock Ex486,851,787 00
*Banks marked with a (') are State banks. tSale at
63,826,501 04 Silver certificates
Available gold
2,198,788 00 change this week.
13,497,271 00 Treasury notes
Available silver
5,941,978 00 Available silver in genUnited States notes_ _ _
13,497,271 00
eral fund
286,926 65
Certif'd checks on banks
9,301,145 00
Federal Reserve notes
502,547,846 00
Total
23,718,798 81
National bank notes__ _
22,482,128 58
Subsidiary silver coin
2,094,750,247 93
Total all
100 00
Fractional currencY-- -Gen. Fund Holdings:
1,748,110 04
Minor coin
2,856,727 10
5,509,684 77 Treasurer's checks out._
DIVIDENDS.
Silver bullion
496,962 61 Deposit Govt. Offices:
Unclassified
6,368,545 84
P. 0. Department_ _ _
The following shows all the dividends announced for the
3,210,028 31
Postal Say. System_ _
146,809,606 50
Total
Assets insolvent naIn Nat. Bank Deposit's;
future by large or important corporations.
1,883,529 38
tional banks
To credit Treas. U.S. 43,600,829 27
15.521,91057
Postmasters, &c
Dividends announced this week are printed in italics.
To credit postmasters,
5,660,414 95 Deposits for—
Judicial officers, &c.
Redemption Fed. Res.
1,751,487 36
notes
49,261,244 22
Books Closed.
When
Total in banks_ _ _ _
Per
Redemption national
Days Inclusive.
Cent. Payable.
In Treas. Philippines:
Name of Company.
26,021,336 84
bank notes
4,247,557 73
To credit Treas. U.S.
Retirement of addl
To credit disbursing
Railroads (Steam).
27,754,861 89
circulating notes_ _ _
2,090,641 64
d234 Dec. 29 Holders of rec. Dec. 4a
ordinary
officers
9,791,527 20 Alabama Great Southern,
Misc. (exchanges, &c)
3
Feb. 23 Holders of rec. Jan. 22a
Preferred
6,338,199 37
Total in Philippines
corn.(qu.)(No.42). 134 Dec. 1 Holders of rec. Nov. 5a
95.159,954 49 Atch. Top.& S. Fe,Co., Conn.(quar.)
Total
to Dec. 9
•In Fed. Reserve Banks:
$1.50 Dec. 10 Dec. 1
AtlanticCoast Line
To credit Treas. U.S. 15,000,000 00 Net balance, includ2;§ Jan. 10 Holders of rec. Dec. 206
Atlantic Coast Line RR.,common
ing $60,709,045 96 to
234 Dec. 31 Holders of rec. Nov. 306
Boston & Albany (quar.)
credit of disbursing
134 Jan. 1 Holders of rec. Dec. 15a
122,249,095 60 Boston Revere Beach & Lynn (quar.)- _
officers
Jan. 15 Holders of rec. Dec. 31a
Buffalo & Susquehanna RR. Corp., pref_ _
234 Dec. 31 Holders of rec. Nov.306
2,312,159,298 02 Canadian Pacific, cam.(quar.)(No.78)
Grand Total
Grand total
2,312,159,298 02
75c. Dec. 4 Nov.21 to Dec. 3
Chestnut Hill (quar.)
Dec. 1 Nov. 11 to Nov.30
1
In the foregoing, made up from the daily return, the net Chicago Great Western, preferred
com.(quar.). 134 Jan. 3 Holders of rec. Dec. la
cash balance is reported at 8122,249,095 60. In the monthly Chicago & North Western,
Jan. 3 Holders of rec. Dec. la
2
Preferred (guar.)
10 Holders
return, which did not come to hand until Nov.24,and which, On. New Orleans & Texas Pacific, coin. _ 3 Dec. 10 Holders of rec. Nov.27a
of rec. Nov.27a
234 Dec.
Common (extra)
presumably, includes some minor revisions, the amount is
Dec. 1 Holders of rec. Nov.206
134
Preferred (quar.)
Dec. 1 Holders of rec. Nov. 106
given as $122,236,642 77. The offsets against this latter in Cleveland & Pittsburgh, guar. (quar.)
Dec. 1 Holders of rec. Nov. 106
Special guaranteed
the shape of outstanding checks, warrants and matured Cripple Creek Cent., (guar.) (No.24) 1 Dec. 1 Holders of rec. Nov. 20a
cow.(qu.)
Dec. 1 Holders of reo. Nov. 206
1
coupons at the same date aggregated $15,114,672 47, leaving
Preferred (guar.) (No. 40)
(quar.)
234 Dec. 20 Holders of rec. Nov.27a
Delaware & Hudson
the real cash balance $107,121,970 30, as indicated by the Delaware LackawannaCo.Western (extra)_ _ 10 Dec. 20 Holders of rec. Dec. 2a
&
134 Dec. 10 Holders of rec. Nov. 30a
following:
Erie & Pittsburgh (guar.)
Jan. 1 Dec. 2 to Jan. 2
.
Mobile de Birmingham, preferred
CASH AVAILABLE TO PAY MATURING OBLIGATIONS
Nov. 30 Holders of rec. Nov. 15a
$3
Settlement warrants,couNew York Philadelphia & Norfolk
the
Balance held by
134 Dec. 18 Holders of rec. Nov. 30a
pons and checks out& Western, corn. (guar.)
Norfolk
Treasurer of the Uni134 Nov. 30 Holders of rec. Nov. la
standing:
Pennsylvania (guar.)
$122,236,642 77
ted States
Treasury warrants____ $3,248,844 71 Phila. Germantown & Norristown (quar.) $1.50 Dec. 4 Nov. 21 to Dec. 3
552,610 84 Pittsburgh Bessemer & Lake Erie, pref.. $1.50 Dec. 1 Holders of rec. Nov. 15
coupons__ - _
Matured
Dec. 1 Holders of rec. Nov. 20a
315,001 34 Piusb. Youngst. & Ash., pref. (quar.)_._ _
Interest checks
Dec. 9 Holders of rec. Nov. 234
officers'
Disbursing
Reading Company, 1st pref.(quar.)
Jan. 13 Holders of rec. Dec. 21a
1
10,998,215 58
Second preferred (guar.)
checks
107,121,970 30 Southern Pacific Co. (guar.)(No. 37)... 134 Jan. 3 Holders of rec. Nov.306
Balance
Jan. 3 Holders of rec. Dec. la
2
UnionPacific, common (quar.)
$122,236,642 77
$122,236,642 77
eauxux.ertial nnaMtscellantonsRCM
1782
THE CHRONICLE
[VOL. 101.
Per
Books Closed.
When
Per
Wheal
Books Closed.
Name of Company.
Cent. Payable.)
Days Inclusive.
Name of Company.
Cent. Payable.
Days Inclusive.
Street and Electric Railways.
Miscellaneous (Concluded).
American Railways, common (quar.)_ _ _ _
Dec. 15 Holders of rec. Nov.30a Niles-Bement
1
-Pond, com.(qu.) (No. 54)
Dee. 20 Dee. 12 to Dec. 20
Baton Rouge Elec. Co., com.(No. 1)
Dec. l'Holders of rec. Nov. 22a North American Co.(guar.)
2
134 Jan. 3 Holders of rec. Dee. 15a
Preferred (No.9)
Dec. 1 Holders of roe. Nov.22a Northern Pipe Line (quar.) (No.47)---- 5
3
Jan, 3 Holders of me. Dec. 13
Brazilian Trac. Lt.& P., ordinary (qu.)_
Dec. 1 Holders of roe. Oct. 30
Ogilvie Flour Mills, preferred (quar.)
134 Dec. 1 Holders of rec. Nov. 22
Brooklyn Rapid Transit (quar.)
'
13i Jan. 1 Holders oftrec. Dec. 9a Ohio Cities Gas, common (quar.)
134 Dee. 1 Holders of me. Nov. 15
Cent. Ark. R.& L. Corp.,pf.(qu.)
(No.11) 134 Dec. 1 Holders of rec. Nov. 15a Ohio Oil (quar.)
$1.25 Dec. 20 Nov. 28 to Dec. 13
Cent. Miss. Vail. Elec. Prop., pref. (qu.) 1;4 Dec. 1 Holders of roe. Nov. 17a
Extra
$4.75 Dec. 20 Nov. 28 to Dec. 13
Citizens' Traction, Oil City, Pa., common_ _ 50e. Dec. 1 Holders of rec. Nov.22
Old Dominion Co. (quar.)
$1.50 Dec. 31 Dec. 16 to Dec. 22
Detroit United Ry. (quar.)
1;4 Dec. 1 Holders of rec. Nov. 15a
Extra
50c. Dec. 31 Dec. 16 to Dee. 22
Frankford & Southwark,Phila.(quar.)_ _ _ _ $4.50 Jan. 1 Holders of rec. Dec. la Old Dominion
Copper Mining & Smelting.. $2
Dec. 30 Dec. 16 to Dec. 22
Indianapolis Street Ry
3
Jan. 1 Dec. 23 to Jan. 2
Pabst Brewing, preferred (quar.)
134 Dec. 15 Dec. 7 to Dec. 15
Louisville Traction, common (guar.)
1
Jan. 1 Holders of rec. Dec. 15
Penn Central Light & Power, pref
1
Dec. 6 Holders of rec. Nov.22
Manhattan Bridge Three-Cent Line (qu.) d1;4 Dec. 1 Holders of rec. Nov. 29a Philadelphia
3934e Dec. 15 Holders of rec. Nov.20e
Norfolk Railway & Light
3
Dec. 1 Holders of rec. Nov. 15a Pittsburgh Electric (guar.)
1
Nov.30 Nov. 20 to Nov.30
Northern Ohio Trac. & Light, corn. (qu.) 1( Dec. 15 Holders of rec. Nov. 25a Pittsburgh Brewing, preferred (quar.)__ _
Steel, preferred (quar.)
134 Dee. 1 Holders of rec. Nov. 10a
Nor.Texas Elec. Co.,corn.(qu.)(No.25) 1
Dee. 1 Holders of roe. Nov. 20a Porto Rican-American
4
Dec. 2 Holders of roe. Nov. 15
Rochester Ry.& Light, pref. (quar.)_ _ _ _
134 Dec. 1 Holders of roe. Nov. 23a Quaker Oats, common Tobacco
(quar.)
234 Jan. 15 Holders of rec. Dec. 31a
Third Avenue Ry.(N. Y. City) (quar.)_
1
Jan. 1 Holders of rec. Dec. 15a
Preferred (quar.)
134 Feb. 29 Holders of rec. Feb. la
Washington(D.C.) Ry.dr El.,com.(qu.) 1% Dec. 1 Nov. 13 to Nov. 14
Quaker Oats, preferred (quar.)
134 Nov 30 Holders of rec Nov. la
Preferred (quar.)
1 lj Dec. 1 Nov. 13 to Nov. 14
Quincy Mining (quar.)
$3
Dec. 20 Holders of rec. Nov.27a
Wisconsin-Minnesota L.& P., pref. (qu.) 1, Dec. 1 Holders of rec. Nov. 15a Realty Associates
1,
(No. 26)
3
Jan. 15
Miscellaneous.
Republic Iron & Steel, pf. (qu.) (No. 49) 134 Jan. 1 Holders of rec. Jan. 5
Holders of roe. Dec. 15a
Adams Express (quar.)
$1 Dec. 1 Nov. 11 to Nov.30
Pref. Extra (on acct. of deferred div.)_
lh Jan. 1 Holders of rec. Dec. 15a
American Coal Products,common (quar.) 13j Jan. 1 Dec. 25 to Jan. 1
Riker & Hegeman Co., common
134 Dec. 1 Nov. 16 to Dec. 1
Preferred (quar.)
13% Jan. 15 Jan. 11 to Jan. 14
Riker & Hegeman Stock, Corp.for
131 Dec. 3 Nov. 17 to Dec. 3
American Cotton Oil, common (quar.)
I
Dec. 1 Nov. 12 to Dec. 2
St. Joseph Lead (quar.)
15e. Dec. 20 Dec. 10 to Dee. 20
Preferred
Dec 1 Nov. 12 to Dec. 2
3
Extra
be. Dec. 20 Dec. 10 to Dec. 20
American Gas (quar.)
2
Dec.1 Holders of roe. Nov. 17a Shawinigan Water & Power (quar.)
134 Jan. 10 Holders of rec. Dee. 31
Amer. Power & Light, com. (qu.) (No. 12) 1
Dec. 1 Holders of rec. Nov.26
Solar Refining
5
Dec. 20 Dec. 1 to Dec. 20
Amer. Radiator. common (quar.)
4
Dec. 31 Dec. 23 to Jan. 2
Southern Pipe Line (quar.)
6
Dec. 1 Holders of rec. Nov. 15
Amer. Smelt. dr Refg., com.(quar.)
Dec.15 Nov.27 to Dec. 5
1
South Penn Oil (guar.)
3
Dec. 31 Dec. 10 to Jan. 2
Preferred (quar.)
13( Dee 1 Nov.16 to Nov. 23
Extra
2
Dec. 31 Dec. 16 to -Jan. 2
Amer. Sugar Refining, corn. & pref. (qu.) I% Jan. 3 Holders of roe. Dee. la South Porto Rico Sugar, common (quar.)
5
Jan. 3 Holders of rec. Dee. lie
American Telegraph & Cable (guar.)
13% Dec. 1 Holders of me. Nov.30a
Preferred (quar.)
2
Jan. 3 Holders of rec. Dec. lla
American Tobacco, common (quar.)---- 5
Dee. 1 Holders of roe. Nov. 15a Southwestern Power & Light, pre. (guar.)_
134 Dec. 1 Holders of rec. Nov. 23
Anaconda Copper Mining
Nov.29 Holders of me. Oct. 23a Standard Oil (California) (quar.)
$1
234 Dec. 15 Holders of rec. Nov.20
Atlantic Refining (quar.)
Dec. 15 Holders of rec. Nov. 20a Standard Oil (Indiana) (quar.)
5
3
Nov. 30 Nov. 9 to Nov.30
Atlas Powder, common (quar.)
134 Dee. 10 Dec. 1 to Dec. 10
Standard 011 (Kansas) (guar.)
3
Dec. 15 Nov. 28 to Dec. 15
Common (extra)
334 Dec. 10 Dec. 1 to Dec. 10
Standard 00(Nebraska)
10
Dec. 20 Holders of rec. Nov.20a
Baldwin Locomotive, preferred
Dec. 12
334 Jan. 1
Standard 011 of New Jersey (quar.)
5
Dec. 15 Holders of rec. Nov. 19a
Blackstone Vall.G.&E.,com.(quar.)(No.13) 2
Dec. 1 Holders of rec. Nov. 23a Standard 011 of N. Y.(quar.)
2
Dec. 15 Holders of rec. Nov. 26
Preferred (No. 7)
Dec. 1 Holders of me. Nov. 23a Standard Oil (Ohio) (quar.)
3
3
Jan. 1 Dec. 4 to Dec. 22
Booth Fisheries,first pref. (guar.)
13% Jan. 1 Holders of rec. Dec. 20
Extra
3
Jan. 1 Dec. 4 to Dec. 22
Borden's Condensed Milk, pref. (quar.)_
134 Dec. 15 Dec. 2 to Dec. la
Stewart Sugar
5
Dec. 15 Holders of rec. Dec. 14
Brooklyn Union Gas (quar.) (No. 59)
134 Jan. 3 Dec. 16 to Jan. 2
Extra
5
Dec. 15 Holders of me. Dec. 14
Extra
Jan. 3 Dec. 16 to Jan. 2
1
Studebaker Corporation, corn. (quar.)._. 134 Dec. 1 Holders of rec. Nov. 20a
Buckeye Pipe Line (quar.)
Dec. 15 Holders of roe. Nov.24
$2
Common, Extra
1
Dec. 1 Holders of ree. Nov.20m
Butterick Company (quar.)
Dec. 1 Holders of rec. Nov. 15a
Preferred (quar.)
154 Dee. 1 Holders of rec. Nov.20a
Central Leather,common
4
Dec. 30 Holders of rec. Dec. 9a Swift & Co. (guar.) (No. 117)
2
Jan. 1'Dee. 11
to
Jan.
Central Leather, pref. (guar.)
13% Jan. 3 Holders of rec. Dec. 10a Thompson-Starrett Co., common
4
Jan. 2 Holders of ree. Dec. 24
Chesebrough Mfg.(Consolidated) (quar.) 6
Dec. 20 Holders of rec. Nov. 30a Tonopah-Belmont Development (quar.)___ _
1234 Jan. 1 Dec. 16 to Dec. 21
Extra
4
Dec. 20 Holders of rec. Nov.30a Tonopah Extension Mining (quar.)
5
Jan. 1 Dec. 11 to Dec. 21
Chicago Telephone (guar.)
2
Dec. 31 Holders of rec. Dec. 30a
Extra
234 Jan. 1 Dee. 11 to Dec. 21
Childs Company, preferred (guar.)
13% Dec. 10 Dec. 3 to Dec. 10
Underwood Typewriter, common (quar.) 1
Jan. 1 Holders of rec. Dec. 20a
Colorado Power, preferred (quar.)
134 Dec. 15 Holders of rec. Nov.30a
Preferred (quar.)
134 Jan. 1 Holders of rec. Dec. 20a
Connecticut Power. pref. (au.)(No. 11)_
134 Dec. 1 Holders of me. Nov. 15a Union Stock Yards, Omaha (oar.)
134 Nov. 30 Nov. 21 to
Connecticut River Power, preferred
Nov.30
3
Dee, 1 Holders of rec. Nov. 23a United Cigar Mfrs., pref. (quar.)
134 Dec. 1 Holders of rec. Nov. 24a
Consolidated Gas (guar.)
134 Dec. 15 Holders of rec. Nov. lie
Cons. Gas, El. L.& P., Belt., com.(qu.) 134 Jan. 3 Holders of roe. Dee. 15a United Cigar Stores of Amer., pref. (qu.) 134 Dec. 15 Holders of roe. Nov. 30a
United Globe Mines
$12
Continental 011 (quar.)
3
Dec. 16 Nov. 27 to Dec. 10
U.S. Gypsum, preferred (quar.)
134 Dec. __ Holders of rec. Nov. 10
Copper Range Co.(No. 28)
$3
Dee. 15 Holders of rec. Nov.29a
Preferred (payable In common stock)_ $43 34h
Holders of tee. Nov. 10
Crescent Pipe Line (quar.)
75e. Dec. 15 Nov.23 to Dee. 15
U. S. Steel Corporation, pref. (quar.).._ _
134 Nov. 29 Nov. 2 to Nov. 17
Crucible Steel of Amer., pref.(qu.)(No.44) 134 Dec. 31 Holders of rec. Doe, 10
Utah Consolidated Mining (quar.)
50.3 Dee. 20 Holders of rec. Nov.20
Cuban-American Sugar, common (quar.) 234 Jan. 3 Holders of rec. Dee. 15a Waltham Watch,
preferred
2
Dec. 1 Holders of rec. Nov.21
Preferred (guar.)
134 Jan. 3 Holders of roe. Dec. 15a White (J.G.) Co., Inc., pf.(qu.)(No.
50) 134 Dec. 1 Holders of roe. Nov. 18a
Cumberland Pipe Line
5
Dec. 15 Holders of rec. Nov.30
White(J.G.)Eng., pf. (qu.)(No. 11)___..
154 Dec. 1 Holders of me. Nov. 18a
Deere & Co., preferred (quar.)
134 Dec. 1 Holders of rec. Nov. 15a White (J.G.) Manag't. pf. (qu.)(No. 11) 134 Dee. 1 Holders
of rec. Nov. 18a
Diamond Match (guar.)
134 Dee. 15 Holders of rec. Nov.30a Willys-Overland, preferred (guar.)
134 Jan. 1 Holders of rec. Dec. 21a
Dome Mines, Ltd. (quar.)
50c Dec. 1 Nov.24 to Dee. 1
Women's Hotel
234 Dec. 15 Holders of rec. Dee. 4
Dominion Textile, Ltd., com. (quar.)_ _
134 Jan. 3 Holders of rec. Dec. 15a Woolworth (F.W.), corn. (qu.) (No. 14) 154 Dec. 1 Holders of
rec. Nov. 10a
Preferred (guar.)
134 Jan. 15 Holders of rec. Dec. 31a
Preferred (quar.)
194 Jan. 3 Holders of rec. Dec. 10a
du Pont (E.I.) de Nern.& Co., corn. (qu)_ _
134 Dec. 15 Holders of rec. Nov.30
Common (extra)
a Transfer books not closed for this dividend. b Leas British income tax.
2834 Dec. 15 Holders of rec. Nov.30
Eastern Shore Gas & Elec., pref
rection. • e Payahle in stock. f Payable in common stock. g Payable in 41 Cor134 Dec. 1 Holders of rec. Nov. 22
scrip.
Eastern Steel, first preferred
1% Dec. 15 Holders of rec. Dec. 1
h On account of accumulated dividends. i Transfers received in London on or
beEastman Kodak, common (guar.)
234 Dec. 31 Holders of me. Dec. 15a fore Sept. 8 will be in time to be passed for payment of dividend to transferees.
Common (extra)
Dec. 15 Holders of roe. Nov. 30a
1234
Preferred (quar.)
134 Dee. 31 Holders of rec. Dec. 150
Essex & Hudson Gas
Dee. 1 Holders of rec. Nov.20
4
Auction Sales.—Among other securities, the following,
Federal Mining & Smelting, pref. (quar.) 1
Dec. 15 Holders of rec. Nov.22a
Freeport (Ill.) Gas, pref. (guar.)
not usually dealt in at the Stock Exchange, were recently sold
I% Dec. 1 Holders of rec. Nov. 23
Galena-Signal Oil, common (quar.)
Dee. 31 Holders of roe. Nov. 30a at
3
auction in New York, Boston and Philadelphia:
Preferred (guar.)
Dec. 31 Holders of rec. Nov. 30a
2
General Asphalt, pref. (guar.)(No. 43)-- 134 Dec. 1 Holders of rec. Nov. 12a
By Messrs. Adrian H. Muller & Sons, New York:
General Chemical, common tquar.)
Dec. 1 Holders of rec. Nov. 19a Shares. Stocks.
134
Per cent. Shares. Stocks.
Gen. Chem., com.
af Feb. 1 Holders of rec. Dec. 31a
Per cent.
(extra) (pay. In corn.)
9 Bankers Trust Co
484
183 L. 13oyer's Sons Co., com.v.t.e.
Corn, special (payable in com stock) __ _ 1W
Feb. 1 Holders of rec. Dec. 31a
13 Bank of America
556
Preferred (quar.)
$100 lot
Jan. 3 Holders of rec. Dec. 15a
134
3 Chase National Bank
601
750 Int. Hendersonian Co., Inc_ _825 lot
General Development (quar.)
3
Dec. 1 Holders of rec. Nov. 20a
3 First Nat. Bank of New York_906
35 Colum.-Knicker. Tr. Co., ben.
General Electric (quar.)
2
Jan, 15 Holders of roe. Dec. 15
3 Astor Trust Co
387
certificates
$25 per sh.
Globe Soap, common (No. 1)
1
Dec. 15 Dec. ld to Dec. 15
10 Liberty National Bank
72934 50 U.S. Finishing Co., pref
3534
First, second and special pref. (quar.)_
154 Dec. 15 Dec. id to Dec. 15
1 U. S. Trust Co. of N Y
1101
Goodrich (B. F.) Co., Preferred (quar.).
Jan. 1 Holders of rec. Dec. 21a 400 City of Chicago Brew.&
Bonds.
Malt)
Per cent.
Great Northern Ore
50e. Dec. 15 Dec. 2 to Doe. 22
Co., Ltd., ordinary shares,)
$5,000 Mo. Pac. RR., Lox. Div.
Great Northern Paper (guar.)
134 Dec. 1 Holders of rec. Nov. 30a
£10 each
?$500
1st 5s, 1920
Harbison-Walker Refrac., corn. (quar.)_ _
45
1
Dec. 1 Holders of rec. Nov. 20
£1,180 Cin. Brew., Ltd., cons.stk_ I
lot 82.000 Dundee Water, Pow. & Ld.
Hawaiian Commercial & Sugar (monthly) 25e. Dec. 6
100 Chic. Brew. dr Malt.Co-Ltd.,I
Co., Passaic, N. J., 1st 7s, 1922_10634
Extra
50c. Dec. 6
cum. preference, £10 each..1
$1,000 Military-Naval Corp. 5s,
Independent Brewing, pref. (guar.)
134 Nov. 30 Nov. 21 to Nov.29
88 L. Boyer's Sons. Co., com_ _$50 lot
1920. July 1914 coupon on
Inland Steel (quar.)
$10
2
Dec. 1 Holders of me. Nov. 105
Int. Harvester of N.J., pf.(qu.)(No.35) 194 Dee. 1 Holders of roe. Nov. 10a
By Messrs. R. L. Day & Co., Boston:
Int. Harvester Corp.. Pf. (911.)(No. 11)_
134 Dec. 1 Holders of rec. Nov. 10a Shares. Stocks.
$ per sh. Shares. Stocks.
International Nickel, common (quar.)_ _ _
$ per sh.
5
Dec. 1 Holders of roe. Nov. 15a
6 National Union Bank
200
3 Apsley Rubber Co., pref
Kerr Lake Mining (quar.) (No. 41)
104
25e. Dec. 15 Holders of me. Dec. la
5 National Shawmut Bank
19754 10 Haywood Bros. & Wakefield,
Kings Co. El. L. dr P. (qu.) (No. 63)
2
Dec. 1 Holders of rec. Nov. 19a
55 Old Colony Trust Co
260
corn., ex-div
Kresge (S. S.) common (quar.)
117
3
Jan. 2 Holders of roe. Nov. 27a
1 Wamsutta Mills
118
2 Lowell Gas Light
Preferred (quar.)
25034
13% Jan. 2 Holders of rec. Nov. 27a
8 Lyman Mills
2 Plymouth Cordage
12434
Laclede Gas Light, com. (quar.)
1% Dec. 15
19434
122
10 Pacific Mills
Preferred
2
Dec. 15
98
Bonds.
Lake of the Woods Milling, common
Per cent.
2
Dec. 1 Holders of me. Nov. 26a 104 Arlington Mills
12 Boa. Rev. Beach dr Lynn RR_ _125% $LOW Shannon-Ariz.RR.Ist6s,'19_'95
Preferred (guar.)
13% Dec. 1 Holders of rec. Nov. 26a
Lehigh Coal & Nay.(qu.)(No. 148)
$1
Nov.30 Holders of roe. Oct. 30a
By Messrs. Samuel T. Freeman & Co., Philadelphia:
Liggett & Myers Tobacco, corn. (quar.)_
3
Dec. 1 Holders of rec. Nov. 15a Shares. Stocks.
$ per sh.
Lindsay Light, common (guar.)
1
Nov. 30 Holders of roe. Nov. 15a
5 People's Nat. Fire Insurance Co., $25 each
14
Preferred (guar.)
134 Nov. 30 Holders of me. Nov. 15a
Louisville Gas dc Electric, pref. (guar.)_ _
1% Dec. 20
By Messrs. Barnes & Lofland, Philadelphia:
Mackay Companies, com. (guar.) (No. 42) 134 Jan. 3 Holders of rec. Dec. 10a Shares. Stocks.
$ per sh. Shares. Stocks.
$ per oh,
Preferred (guar.) (No. 48)
1
Jan. 3 Holders of rec. Dec. 10a
5 Guarantee Tr. Co., Atl. City_ _200
45 Corn Exchange Nat. Bank__._300
Manhattan Shirt, corn. (quar.) (No. 3)....
% Dec. 1 Holders of rec. Nov.23a
256
4 Farmers & Mech. Nat. Bank _ _12514
3 Bank of North America
Massachusetts Gas Companies, pref._ _ _
2
Dec. 1 Nov. 16 to Nov.30
700-701
5 Fifth & Sixth Sts. Pass. Ry_ _ _345
9 Fidelity Trust Co
Maxwell Motor, Inc., first pref. (quar.)_ _
134 Jan. 3 Holders of roe. Dec. 10a
905
10 Girard Trust Co
May Department Stores, corn. (quar.)_ _
% Dec. 1 Holders of rec. Nov. 15a
82
Bonds.
16 Real Estate Trust, prof
Per cent.
Mergenthaler Linotype (quar.)
234 Dec. 31 Holders of rec. Dec. 4a
$2,000 Chattanooga Elec. Ry. Co.
5 Market St. Title & Tr.,par $50. 64
Middle West Utilities, preferred (guar.). 154 Dec. 1 Holders of rec. Nov. 15
1st 5s, 1919
50 Phila. Life Ins. Co., par 310_ _ - 10
9934
Moline Plow, first preferred (quar.)
Dec. 1 Holders of rec. Nov. 17a
134
12 Penn Cols. Stor. dr Mkt. Co.,
$5,000 Lynchburg Water Power Co.
Montana Power, com. (guar.) (No. 13).._ _
% Jan. 3 Holders of rec. Dec. 15
21
par $50
1st 5s, 1932
90
Preferred (oar.)(No 13)
.
13% Jan. 3 Holders of tee. Dec. 15
Druggist Syndicate, par
31 Amer.
82,000 Consol. Rys., L. & P., WilMontreal Cottons, Ltd., common (quar.) 1
Dec. 15 Holders of rec. Dee. 5
$10
1254-1234
mington, N. C., 1st hs, 1932..,.. 98
Preferred (quar.)
13% Dec. 15 Holders of roe. Dec. 5
2 Woodlawn Cemetery Co., N.Y.
$5,000 Grand Forks Gas & Elec.
National Biscuit, corn. (quar.)(No. 70)....
134 Jan. 15 Holders of rec. Dee. 28a
140
$50 each
ref. 5s, 1925
9534
Preferred (quar.) (No. 71)
134 Nov. 30 Holders of rec. Nov. 15a
10 Assoc. Land Co., N.Y.,$10 ea_ 10
$2,000 Huntsville Ry., L. & P. 1st
National Carbon, common (quar.)
134 Jan. 15 Jan. 6 to Jan. 15
63, 1919
2 Pocono Manor Assn.,$50 each 16
96
National Cloak & Suit, preferred (quar.)_
1% Dec. 1 Holders of rec. Nov. 19a
42 Lykens Val. RR.& Co., par $20 1534 $1,000 Southwest Missouri El. Ry.
National Lead, common (quar.)
Dec. 31 Dec. 11 to Dec. 15
6 American Dredging Co
97
ref. 5s, 1923
9534
Preferred (quar.)
Dec. 15 Nov. 20 to Nov. 23
8 Phila. W'house & Cold Storage.89-90 $4,000 Norfolk Ry.& Light 1st eons
National Refining. preferred (auar.)_ _ _ _
2
Jan, 1 Holders of rec. Dec. 15a
3 Central Nat. Bank, Wilm.,De1.115
5s, 1949
9734
National Sugar Refining (quar.)
134 Jan. 3 Holders of rec. Dec. 6
6 Union Nat. Bank, Wilm., Del.,
$1,000 Fidelity Storage Sc W'house,
National Transit
50c. Dec. 15 Holders area. Nov.30a
$25 each
80
cons. 5s, 1919
90
New York Air Brake (quar.) (No. 52)....
Dec. 23 Holders of rec. Dec. la
30 Equitable Guar.& Tr., Wilm_ _230
$8,000 Kan. Irr. Dev. Co. 13s, '17132,000
N.Y.& Queens El. L.& P., pref. (quar.) 1
Dec. 1 Holders of roe. Nov. 26a
6 Girard National Bank
$770.54 Kan. Irr. Dev.6% scrip-f
335
lot
New York Transit (quar.)
4
Jan 15 Holders of me. Dec. 24
7 Penn. Co.for Insur., &c
623
$180 Kansas Irr. Dev.8% scrip- _1$750
20 People's Trust Co
38
$3,000 Kan. Irr. Dev. Co.6s,'174 lot
131
X
I
134
134
-The clearings for the week I
Canadian Bank Clearings.
ending Nov. 20 at Canadian cities, in comparison with the
same week in 1914, show an increase in the aggregate of
27.0%.
Week ending November 20.
Clearings at-
Canada
Montreal
Toronto
Winnipeg
Vancouver
Ottawa
Quebec
Halifax
Calgary
Hamilton
St. John
Victoria
London
Edmonton
Regina
Brandon
Lethbridge
Saskatoon
Moose Jaw
Brantford
Fort William
New Westminster
Medicine Hat
Peterborough
Total Canada
1783
THE CHRONICLE
Nov. 27 1915.1
1914.
1915.
$
$
62,618,196 50,429,224
43,361,176 39,114,568
54,764,847 33,305,168
5,922.418 6,527,230
4,624,206 4,443,591
3,676,291 3,508,665
2,077,882 2,008,610
5,063,047 3,178,637
3,425,612 2,579,067
1,406,635 1,412,749
1,585,555 1,849,925
1,823,005 1,570,139
2,234,390 2,433,132
3,037,890 2,021,698
635,630
987,154
386,178
689,699
1,854,377 1,162,997
933,254
1,536,966
505,679
618,205
640,106
305,046
312,430
245,406
331,464
451,431
411,264
490,374
202_709_R08 159.701.405
Inc. or
Dec.
%
+24.2
+10.9
+64.4
-9.3
+4.1
+4.8
+3.4
+59.3
+32.8
-0.4
-14.3
+16.1
-8.2
+50.3
+55.4
+78.5
+59.5
+64.6
+22.3
-52.3
-21.5
+36.2
+19.2
1913.
$
60,767,596
44.277,847
51,219,253
11,567,311
4,595,480
3,792,814
2,239,043
5,546,692
3,438,002
1,546,990
3,124,693
1,842,784
5,402,084
3,143,694
831,025
762,118
2,280,972
1,564,792
704,879
1,147,383
482,787
640,194
1912.
$
59,362,145
44,846,227
46,652,937
14,264,689
4,057,846
3,455,861
2,654,988
6,203,067
3,909,946
2,018,689
4,266,835
1,849,546
5,625,635
3,421,750
1,034,696
938,035
3,065,982
1,786,483
725,499
968,158
INSOLVENT NATIONAL BANK.
-The Citizens National Bank of Arlington, Tex.. was placed in the
5,806
hands of a receiver November 6 1915.
-The Merchants & Farmers National Bank of Cisco. Tex.. was
7,360
placed in the hands of a receiver Nov. 12 1915.
CHANGE OF LOCATION AND CORPORATE TITLE NOV. 12.
-The Comptroller has approved the removal of"The First National
10,162
Bank of Soldier," Idaho, to Fairfield, in the same county and
State, and of the change of title of the association to "The First
National Bank of Fairfield."
CHANGE OF TITLE NOV. 4.
-The First National Bank of Saratoga Springs, N. Y.. to "Saratoga
893
National Bank of Saratoga Springs."
-The following are
Imports and Exports for the Week.
the reported imports at New York for the week ending
November 20 and since the first week of January:
FOREIGN IMPORTS AT NEW YORK.
$2,304,3121
14,535,726
1912
1913.
1914.
1915.
For Week Ending Nov. 20,
Dry Goods
General Merchandise
$3,052,844
14,810,380
$2,554,351
14,305,619
$3,230,100
20,695,415
$16,840,038 $16,859,970 $17,863,224 $23,925,515
Total
Since Jan. 1.
Dry Goods
General Merchandise
$105,210,169 $151,148,519 $137,301,068 $133,462,264
1 751,282,125 714,482,103 730,158,499 771,344,478
$856,492,294 $865,630,622 $867,459,567 $904,806,742
Total 46 weeks
EXPORTS FROM NEW YORK.
+27.0 210,918,433 211,109,014
Week Ending Nov. 20.
I
1914.
1915.
I
1912.
1913.
-The following information iegarding
National Banks.
the
national banks is from the office of the Comptroller of
Currency, Treasury Department:
For the week
Previously reported
$65,413,454 $19,885,938 $13,219,049 $17,954,986
1514,218,794 747,788,251 758,045,582 716,721,940
Total 46 weeks
1579,632,248 $764,674,189 $771,264,631 $734,676,926
NOV. 9 TO NOV. 17,
APPLICATIONS TO CONVERT APPROVED
Berosford. So. Dak., into "The First
The American State Bank of Capital, $25,000.
National Bank of Beresford."
First National Bank of
The State Bank of Buxton, N. D., into "The
Buxton.' Capital, $25,000.
into "The First National Bank
The First State Bank of Denton, Mont.,
of Denton." Capital, $25,000.
The gold and silver exports and imports for the week and
since January 1 have been as follows:
3 TO NOV. 13.
CHARTERS ISSUED TO NATIONAL BANKS NOV.
-The First National Bank of Goodwin, So. Dale. Capital, $25,000.
10,797
J. A. Thronson, President; J. P. Antony, Cashier. (Succeeds
State Bank of Goodwin, So. Dak.)
-The First National Bank of Saluda, S. C. Capital, $25,000.
10,798
B. W. Crouch, President; J. P. Lindler, Cashier. (Conversion
of the Bank of Saluda).
-The First National Bank of La Pine, Ala. Capital, $25,000.
10,799
W. L. Grissette, President. W. T. Webster, Cashier.
-The First National Bank of Hayti, So. Dak. Capital, $25,000.
10,800
A. 0. Arneson, President; C. J. Kjenstad, Cashier. (Conversion
of the Central State Bank of Hayti.)
10,801-The People's National Bank of Harrison, Ark. Capital, $25,000.
W. J. Myers, Pres.; F. W. Maxwell, Cashier. (Conversion of
the Peoples Bank of Harrison.)
VOLUNTARY LIQUIDATIONS.
9 1915.
-The Tecumseh National Bank, Tecumseh, Neb., Aug.which is
4,276
Succeeded by the Tecumseh State Bank, Tecumseh,
acting as liquidating agent.
1915.
2.711-The Commercial National Bank of Pittsburgh, Pa., Nov.6
Liquidating agent: Samuel Bailey Jr., Pittsburgh. Consolidated
with the Commonwealth Trust Co. of Pittsburgh.
EXPORTS AND IMPORTS OF SPECIE AT NEW YORK.
Week ending Nov:26.
Week.
Great Britain
France
Germany
West Indies
Mexico
South America
All other countries
Imports.
Exports.
Gold.
Since
Since
Jan. 1.
Week.
Jan. 1.
$7,839,923 $48,864,873
11,519,880
7,540,641
$12,000$14,125,338
22,010
922,340
1,000,000 1,061,500
47,249 1,758,554
320,122 13,688.574
178,477 5,635,086
$1,012,000 216,131,188 $8,385,771 $89,007,608
379,302 8,761,178
41,470 128,209,911
32,500 68,896,146 2,860,103 23,734,225
Total 1915
Total 1914
Total 1913
Silver.
Great Britain
France
Germany
West Indies
Mexico
South America
All other countries
$887,679 $32,179,535
2,286,075
203
31,769
1,769,127
3,700
287,916
12,575
$919,651 $36,538,928
1,086,819 39,222,919
817,567 44,330,057
Total 1915
Total 1914
Total 1913
$258.
2,560
379,364
5,847
$18,705
15,325
339,556
4,993,975
3,225,769
1,097,679
$388,029 $9,691,009
478,037 9,237,141
596,483 9,830,768
Of the above exports for the week in 1915,81,012,000 were American gold coin.
-Following is the weekly statement issued by the Federal Reserve Board on Nov: 20:
The Federal Reserve Banks.
the combined gold reserves and an increas3
deposits,
An increase for the week of about 25.7 million dollars in net reserve banks is a gain of 18.5 millions instatement. The large gains in deposits and
of the Federal Reserve
indicated by the weekly
of about 7.4 millions in aggregate earning assets member banks outside of central reserve cities of an additional installment of reserves, which fell due
are due primarily to the transfer by
cash resources
Philadelphia and Atlanta report larger total reserves than the week before. The total gold resources of the system show
Nov. 16. All the banks exceptweek, having increased from 460.5
This total includes the gold holdings of Federal Reserve
the
a gain of 22.2 millions for millions during the week, and constitutemillions to 482.7 millions.the entire gold resources of the system. The gain of gold
at present about 35% of
3.6
Agents, which gained
past month, 131 millions for the past three months and 188.3 millions for the past six ;months.
the
by the system was 57.4 millions for
an increase during the week of over 1.6 million dollars. Considerable gains are recorded for AtThe amount of commercial paper on hand shows
West. These
of all the commercial paper on hand, as against less than
lanta and all the four banks in the Middle three Southernfour banks report about one-third 20.1 millions, or about 70% of the total on hand, to 19.2
banks
The share of the
207,', three months ago. 60% of the total. Bankers acceptances meanwhile decreased from of about 0.4 million and constitute at present slightly less
on hand show an increase
little over
millions, or a
bills on hand.as against 12.1% shown for the
bills on hand. Paper maturing within ten
than 30% of the total proportion of paper maturing after 10 but days represents 10.2% of the aggregate week from 25.2 to 27.3%. while the share of
within 30 days shows an increase for the
preceding week. The
maturing after 60 but within 90 days declined from 22.1 to 20%. bills maturing after 90 days (practically all agricultural and live-stock paper)
paper
were about 3.4 millions in amount, or over 7.4% of the total bills on hand, as against 6.6% the week before. four banks. The increase in the holdings of
Fresh purchases of United States bonds, the greater part with the circulation privilege, are reported byand State warrants on hand increased about
more recent period of other earning assets. Municipal
bonds has kept pace with the increase during the the New York
purchases by
bank of local municipal warrants. All the banks report now this class of investments.
4.7 millions, mainlY as the result of during the past week in
short-term obligations of the State of Georgia. The ratio of total earning assets to paid-in
Southern banks having invested
the
as against 142% reported the week before.
capital now stands at 156%,
reporting considerable gains as the result of
Net reserve deposits show an increase for the week of 25.7 million dollars, all the banks except New York about 75 millions for the past three months
to
aggregate net
transfers of reserves. The gains in six months. deposits amount to about 44.6 millions for the past month;
past
and to about 90 millions for the
of 183.3 millions of notes
3.9 millions for the week. Against this total they
Federal Reserve Agents report a total lawful money and 17.2 outstanding, an increase of show a total circulation of 160.9 millions and a net
of
millions of paper. The banks
hold 166.7 millions of gold, 0.1 million
liability thereon of 12.9 million dollars.
and in addition
The figures of the consolidated statement for the system as a whole are given in the following table, second table we
the
.
we present the results for each of the eight preceding weeks, thus furnishing a useful comparison In of Federal Reserve
show the resources and liabilities separately for each of the twelve Federal Reserve banks. The statement notes between the
Agents' Accounts (the third table following) gives details regarding the transactions in Federal Reserve
Comptroller and the Reserve Agents and between the latter and the Federal Reserve banks.
COMBINED RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BANKS AT THE CLOSE OP BUSINESS NOVEMBER 19 1915
Nov.19 1915.1Nov.121915. Nov. 5 1915.10d. 29 1915.1 Oct. 22 1915. Oct. 15 1915. Oct. 8 1915. Oa. 1 1915.. Sept. 24 1915
RESOURCES.
Gold coin and certificates in vault
Gold settlement fund
Gold redemption fund with U. S. Treasurer
$245,400,00013233,430,000 $232.678,000 $218,224,0001$227,005,000 $226,956,000 $227,769,000 $227,274 000 $229,972,000
69,345,0001 62,790,000 60,810,000 61,960,000 54,670,000 58.620,000 55,850,000 55,180,000 59,050,000
1,202,000
1,202.000
1,212,000
1,212.000
1.212.000
1,232,0001
1,222,000
1,227,000
1,227,0001
Total gold reserve
Legal tender notes, silver, &c
$315,977,0001$297,447,000 $294,715,000 $281,406,000 $282,887,000 $286,788,000 $284.831,000 $283,656.000 $290,224.000
32,173,0001 31,806,000 31.567,000 37.058,0001 34,626,000 19,748,000 21,302,000 16,493,000 22,920,000
Total reserve
Bills discounted and bought
Maturities within 10 days
Maturities from 11 to 30 days
Maturities from 31 to 60 days
Maturities from 61 to 90 days
Maturities over 90 days
Total
Bank acceptances (included in above)
$348,150,0001$329,253,000 $326,282,000 S318,464,000,$317 513,000 $306,536,000 $306,133,000 $300.149.000 $313,144,000
$4,603,000
12,320,000
15,835,000
9,018,000
3,373,000
$5,223,000
10,866,000
14,663,000
9,521,000
2,875,000
$5,863,000
10,436,000
15,606,000
8.498.000
2,724,000
$6,943,000
10,595,000
15,969,000
8,458.000
2,102,000
$7,263,000
11,198,000
14,094,000
8,978,000
1,789..100
$6,694,000 $5,893,000
12,939.000 •13,7k6,000
14,703,000 .15,257,000
8,116,000 • 9,109,000
1.320.000
1.507.000
$5,765,000
12,267,000
15,790,000
9,606,000
1,452,000
$7,487,000
11,997,000
15,561,000
8.173,000
1,213,000
$45,149,000 $43,148,000 $43,127,000 $44,067,000 $43,322,000 $43,959,000 $45,365,000 $44.880,000 $44,431,000
$13,510,000 $13,138,000 $13,774,000 $13,619,000 $l3.335,00 $14,556.000 $14,804,000 $14.345.000 $13,058.000
1784
THE CHRONICLE
ilrezi. 101.
Nov.19 1915. Nov.12 1915. Nov. 5 1915. Oct. 29 1915.0d. 22 1915.
Oct. 15 1915. Oct. 8 1915. Oct. 1 1915.. Sept. 24 1915
RESOURCES (Concluded).
I
Brought forward (total reserve dr bills dIscled) $393,299,000 $372,401,000 3369,409,000 $362,531,0001
1360,835,000 1350,495,000 $351,498,000 $345,029,000 $357,575,000
Investments: U. S. bonds
$12,574,000 $12,003,000 $10,533,000 $10,505,0001 $10,480,000
Municipal warrants
27,519,000 22,801,000 22,148,000 25,014,000 25,381,000 $10,380,000 $9,483,000 $9,329,000 $9,328,000
Federal Reserve notes
-Net
18.792,000 19,537,000 15,184,000 19,723,000 15,680,000 26,583,000 27,029,000 27,381,000 24,945,000
15,236,000 15,523,000 15,378,000 14,866,000
Due from Federal Reserve banks
-Net
15,827,000 16,175,000 12,483,000
8,533,000 .12,314,000 10,160,000
7,723,000 11,194,000
7,409,000
All other resources
3,662,000
3,275,000
2,962,000
3,645,000
3,162,000
3,018,000
3,124,000
3,326,000
3,577,000
Total Resources
$471,773,000 $446,192,000 $432,719,000 $429,951,000 $427,880,000
$415,872,000 $414,380,000 $411,637,000 $417,700,000
LIABILITIES.
Capital paid in
$54,854,000 $54,846,000 154,848,000 $54,838,000 $54,834,000
Government deposits
15,000,000 13,000,000 15,000,000 15,000,000 15,000,000 154,775,000 $54,781,000 $54,728,000 $54,748,000
Reserve deposits
-Net
384,997,000 359,317,000 346,063,000 343,554,000 340,444,000 15,000,000 15,000,000 15,000,000 15,000,000
Federal Reserve notes
-Net
12,923,000 13,007,000 13,661,000 13,918,000 14,809,000 328,766,000 326,787,000 324,884,000 329,941,000
14,791,000 15,225,000 14,359,000 15,348,000
All other liabilities
3,999,000
4,022,000
3,147,000
2,641,000
2,793,000
2,540.000
2,587,000
2,666,000
2,663,000
Total liabilities
$471,773,000 $446,192,000 $432,719,000 1429,951,000 $427,880,000 $415,872,000
$414,380,000 $411,637,000 $417,700,000
Gold reserve against net liabilities (a)
80.1%
79.6%
81.4%
77.3%
•79.0%
82.3%
81.5%
82.7%
Cash reserve against net liabilities (a)
82.2%
87.7%
88.7%
90.1%
87.5%
.88.7%
88.0%
87.6%
Cash reserve against liabilities after setting
87.5%
88.7%
aside 40% gold reserve against net
amount of Federal Reserve notes in
circulation (a)
89.3%
90.5%
89.4%
92.0%
*90.8%
90.1%
89.8%
89.6%
91.0%
(a) Less items in transit between Federal Reserve banks, viz
$15,827,000 $16,175,000 *112,483,000 18,533,000 .$12,342,000 $10,160,000 $7,723,000
$11,194,000 $7,409,000
Federal Reserve Notes
Issued to the banks
$183,275,000 $179,335,000 $170,310,000 1168,370,000 $159,280,000 1153,790,000 1148,590.000
In hands of banks
22,389,000 22,710,000 17,828,000 22,345,000 17.711,000 18,025,000 18 268,000 1141,000,000 $133,060,000
18,782,000 17,398,000
In circulation
$160,886,000 $156,625,000 $152,482,000 $146,025,000 1141.569.0001135,785.000 1130,322,000
1122,218,000 $115,662,C00
Gold and lawful money with Agent
Carried to net liabilities
Carried to net assets
Federal Reserve Notes (Agents' Accounts)
Received from the Comptroller
Returned to the Comptroller
Amount chargeable to Agent
In hands of Agent
Issued to Federal Reserve banks
$166,755,000 1163,155,000 1154,005,000 1151,830,000 1142,440,000 $136,210,000 $130,620,000
12,923,000 13,007,000 13,661,000 13,918,000 14,809,000 14,791,000 15,225,000 $123,301,000 $115,180,000
18,792,000 19,537,000 15,184,000 19,723,000 15,680,000 15,236,000 15,523,000 14,295,000 15,348,000
15,378 000 14,866,000
$242,980,000 1235,020,000 $218,020.000 $212,020,000 $205,460,000 $199,260,000
$190,880,000 1175,820,000 $171,860,000
1,275,000
1,265,000
1,035,000
815,000
1,015,000
745,000
745,000
745,000
605,000
$241,705,000 $233,755,000 1216,985,000 1211,205,000 1204,445,000
58,430,000 54,420,000 46,675,000 42,835,000 45,165,000 $198,515,000 $190,135,000 $175,075,000 $171,255,000
44,725,000 41,545,000 34,075,000 38,195,000
$183,275,000 $179,335,000 $170,310,000 $168,370,000$159,280,00()
$153,790,000 $148,590,000 1141,000.000 1133,060,000
How Secured
$132,695,000 $133,515,000 $127,495,000 $126,480,000 $119,920.000
By gold coin and certificates
$120,010,000 $116,630,000 $110,451,000 $105,235,000
100,000
By lawful money
100,000
5,000
16,520,000 16,180,000 16,305,000 16,540,000 16,840,000
By commercial paper
17,580,000 17,970,000 17,699,000 17,880,000
Credit balances in gold redemption fund
580,000
570,000
560,000
550,000
520,000
500,000
490,000
450,000
440,000
33,380,000 28,970,000 25,950,000 24,800,000 22,000,000 15,700,000
Credit balances with Federal Reserve B'd_
13,500,000 12,400,000
9,500,000
Total
$183,275,000 $179,335,000 1170,310.000 $168,370,000 $159,28 1,000 $153,790,000
1148,590,000 1141,000,000 $133,060,000
r ,,,,,,,,..,t,,t n,npr dplIvprpd tn r Ft Aepnt
,
817.240.006 116.680.000 116.663.000 116.553.000 S16.989.000 317.766.000 118.267.000
11R non nnn SIR Ilq nnn
• Amended figures.
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF EACH OF THE 12 FEDERAL RESERVE BANKS AT CLOSE OF
BUSINESS NOV. 19 1915
Boston. New York. Philadera. Cleveland. Richmond. Atlanta. Chicago. St. Louis. Minneop. Kan. City Dallas. Ilion
Fran.
Total.
RESOURCES.
1
$
$
I$IS
Gold coin & ctfs. in vault 15,906,000 147,884,000 8,884,000 10,632,000 5,983,000 6,293,000 30,520,000 3,033,000 2,478,000 2,309,000 4,086,006
Gold settlement fund___ 5,527,000 2,891,000 1,192,000 7,881,000 8,726,000 1,867,000 12,291,000 4,183,000 5,325,000 5,162,000 8,505,0001 7,392,000245,400,000
5,795,000 69,345,000
Gold redemption fund__
375,000
37,000
6,000
55,000
225,000
35,000
30,000
107,000
341,0001
21,000 1,232,000
Total gold reserve__ __ 21,439,000 150,830,000 10,113,000 18,513,000 15,084,000 8,385,000 42,811,000 7,251,000 7,833,000 7,578,000
l2,932,00013,208,000 315,977,000
Legal-ten.notes,sliv.,&c.
114,000
21,000 25,681,000 2,846,000 1,123,000
222,000 1,586,000
167,000
13,000
169,000
198,000,
33,0001 32,173,000
Total reserve
21,460,0001 176,511,000,12,959,000 19,636,000 15,198,000 8,607,00044,397,000 7,418,000 7,846,000 7,747,000 13,130,000,13,2
41,000 348,150,000
Bills discounteddrbought
Commercial paper
169,000
263,000
192,000
517,000 6,599,000 7,135,000 2,862,000 1,809,000 1,540,000 4,332,000
5,450,000
771,0001 31,639,000
2,833,000 4,918,006 1,797,000
Bank acceptances
623,000
100,000
1,475,000
521,000
343,000
307,000
593,0001 13,510,000
Total
3,002,000 5,181,0001 1,989,000 1,140,000 6,699,000 7,135,000 4,337,000 2,330,000 1,883,000
4,639,000 5,450,000 1,364,0001 45,149,000
Investments: U. S. bds_
986,000
1 1,973,000 1,015,000
4,062,000
952,000 1,160,000 1,526,000
1,000,000 12,674,000
Municipal warrants.._ 3,500,000 10,853,000 3,321,000 3,482,000
52,000
335,000 2,353.000
959,000
717,000
742,000
63,000 .1,142,000 27,519,000
Feel. Res've notes
-Net. 837,000 12,273,000
642,000
448,000
1,853,000
604,000
579,090
1,556,000 18,792,000
Due from other Federal
Reserve banks
-Net. 1,754,000
8,048,000 3,560,000 1,717,000 1,932,000 1,404,000 2,560,000 3,336,000 1,371,000 1,546,000 2,597,000
al5,827,000
All other resources
310,000
402,000
582,000
109,000
157,000
136,000
571,000
268,000
69,000
706,000
250,000
102,000 3,662,000
Total resources
31,849,000 205.220,00029,514.000 29,390,000 23,802,000 18,580,000 58,563,000 15,091,000 15,590,000 16,731,000 20,439,000
21,002,0001471,773,000
LIABILITIES.
Capital paid in
5,171,000 11,060,000 5,270,000 5,945,000 3,353,000
Government deposits
5,000,000
Reserve deposits
-Net 26,678,000 176,414,000 24,244,000 23,445,000 10,364,000
Fed. Res've notes-Net..
4,923,000
Due to F.R.banks-Net
13,998,000
All other liabilities
3,748,000
162,000
Total liabilities
2,418,000 6,638,000 2,780,000 2,496,000 3,026,000
5,000,000
7,755,00051,925,000 12,311,000 13,094,000 12,959,000
3,318,000
746,000
89,000
31,849,000 205,220,000 29,514,00029,390,000 23,802,000 18,580,00058,563,000 15,091,000 15,590,000
2,755,000 3,942,000 54,854,000
5,000,000
15,000,000
8,748,000 17,060,000 384,997,000
3,936,000
12,923,000
3,999,000
16,731,000 20,439,00021,002,000471,773,000
Federal Reserve Notes
Issued to banks
In hands of banks
1
6,820,000 76,760,0001 7,840,000 9,200,000 14,000,000 15,450,000 4,380.000 6,950,000,12,000,000 9,900,000
15,605,000 4,370,000 183,275,000
837,000 12,443,0001 642,000
448,000
277,0001 932,000 1,853,000 1,104,000, 579,000 1,339,000
379,000 1,556,0001 22,389,000
F
.R. notes in circulation 5.983,000 64,317,0001 7,198,000 8,752,000 13,723,000,14,518,000 2,527,000 5,846,00611,42
1,000 8,561,000 15,226,000 2,814,006,160,886,000
1
Gold and lawful money
1
with agents
6,820,000 76,590,000 7,840,000 9,200,000 8,800,0001 11,200,000 4,380,000 6,450,00012,000,000 7,815,0001 11,290,000 4,370,0001 166,755,000
Carried to net liabilities_
4,923,0001 3,318,0001
746,0001 3,936,000
1 12,923,000
1
Carried to net assets_ _ _ 837,000 12,273,000
642,000
448,000
604,000, 579,000
1 1,853,000
1,556,006 18,792,000
a Items in transit, I. e., total amounts due from less total amounts due to other Federal Reserve banks.
STATEMENT OF FEDERAL RESERVE AGENTS' ACCOUNTS NOV. 19 1915.
Boston.
New York. Philadel'a. Cleveland. Richmond), Atlanta. Chicago. Si. Louis. Minneap. Kan. City. Dallas, San Fran)
,
Total.
Federal Reserve Notes$
1
$
$
I
$
Rec'd from Compter 11,800,000 98,440,000 12,480,000 11,000,000 15,100,000 17,600,000 9,380,000 9,600,000 17,000,000 11,000,000 $
19,580,000 10,000,000 242,980,000
Returned to Comptr'r
400,000
460,000
40,000
120,006
1
25,0001 230,0001 1,275,01)0
1
Chargeable to Agent.._ 11,400,000 98,440,000 12,020,000 10,960,000 15,100,000 17,600,000 9,260,000 9,600,006,17,000,000111,000,00
0 19,555,006 9,770,0001241,705,000
In hands of F.R.agent 4,580,000 21,680,000 4,180,0001 1,760,000 1,100,0061 2,150,000 4,880.0001 2,650,006, 5,000,000!
1,100,000 3,950,000 5,400,000 58,430,000
Issued to F. R.bank__ 6,820,000 76,760,000 7,840,000 9,200,000 14,000,000115,450,000 4,380,000, 6,950,000 12,000,000
9,900,000 15,605,0001 4,370,0001
,183,275,000
Held by F. R. agent
Gold coin dr certfs____ 6,820,000 76,590,000 7,840,000 8,740,000
5,450,000 10,000,000 7,715,000 9,540,000
132,695,000
Lawful money
100,000
100,000
Credit balances.:
In Gold redemp. fund
460,000
120,000
580,000
With F. R. Board_
8,800,00011,200,000 4,260,000 1,000,000 2,000,000
1,750,000 4,370,000 33,380,000
Notes secured by commercial paper
170,000
5,200,000 4,250,000
500,000
2,085,000 4,315,000
16,520,000
Total
6,820,000 76,760,000 7,840,000 9,200,000 14,000,000 15,450,000 4,380,000, 6,950,000 12,000,000 9,900,000 15,605,000 4,370,000
183,275,000
Amount comm'l paper
delivered to F.R.agent
170,000
1
5,614,000 4,250,0001
1 500,000
2,086,000 4,620,000
17,240,000
1785
THE CHRONICLE
Nov. 27 1915.]
-Thefollowing detailed statement shows
Statement of New York City Clearing-House Banks and Trust Companies.
for the separate
the condition of the NewYork City Clearing-House members for the week ending November 20. The figures are also given.
daily results. .In the ease of the totals, actual figures at the end of the week
banks are the averages of the.
groups and
In order to furnish a comparison, we have inserted the totals of actual condition for each of the three
also the grand aggregates, for the four preceding weeks.
NEW YORK WEEKLY CLEARING-HOUSE RETURN.
CLEARING HOUS
MEMBERS.
Nat.Bank
Notes
(Reserve
Silver. for State
Gold.
Instins:Ions].
Average. Average. Average. Average, Average.
$
3
$
$
$
462,0
712,0
39,814,0 3,182,0
1,411,0
442,0
31,773,0 1,785.0
120,436,0 22,572,0 2,710,0 5,279,0
342,510,0 102,479.0 5,271,0 6,076,0
1,789,0 3,292.0
34,112,0 4,120,0
442,0
168,0
678,0
11,251,0
202,0
35,0
54,0
1,946,0
1,385,0
935,0
91,427,0 8,909,0
222,743,0 21,718,0 5,957,0 2.201,0
860,0 2,574,0
56,853,0 2,912,0
125,989,0 19,426,0 1,247,0 2,671,0
206,0 1,037,0
28,276,0 1,276,0
875,0
396,0
494,0
9,851,0
811,0
1,484,0 1,150,0
34,534,0
1,675,0 4,520,0
141,926,0 9,885,0
237,0
41,0
85,0
2,056,0
1,215,0
478,0
16,004.0 1,020.0
176,256,0 17,522,0 2,355,0 5,848,0
1,329,0 2,933,0
62,803,0 7,500,0
820,0
130,0
344.0
9,820,0
5,877,0
185,241,0 32,18C,0 5,714,0
322,0
1,127,0
16,550,0 1,600,0
353,0 1,181,0
8,740,0 1,097,0
377,0
136,0
180,0
4,497,0
1,023,0
923,0
36,658,0 3,355,0
795,0 2,136,0
59,734,0 4,932,0
178,0
175,0
674,0
8,217,0
813,0
295,0
330.0
10,984,0
483,0
91,0
380,0
9.228,0
488,0
227,0
1,491,0
17,463,0
Loans,
Discounts.
hues:nets,
..tc.
f Nat. Irks Sept. 21
'State B'ksSept.25f
Capital.
Week Ending
November 20 1915
(00s omitted.)
Members of Federal
Reserve Bank.
Bank of N. Y., N.B.A.
Merchants' Nat. Bank_
Mech.& Metals Nat_ _ _
National City Bank__ _
Chemical Nat. Bank__ _
Atlantic National Ban
Nat. Butchers'& Drov_
Amer. Exch. Nat. Ban
National Bank of Coin_
Chatham & Phenix Nat
Hanover National Bank
Citizens' Central Nat_
Market & Fulton Nat_
Importers' & Traders'_
National Park Bank__
EastRiver Nat.Bank..
Second National Bank
First National Bank__
Irving National Bank_
N. Y. County Nat. Bk.
Chase National Bank_
Lincoln National Bank
Garfield National Ban
Fifth National Bank_ _
Seaboard Nat. Bank__
Liberty National Bank
Coal & Iron Nat. Bank.
Union Exchange Nat_
Nassau Nat. Bank___
Broad way Trust Co_-
Net
Profits.
$
$
2,000,0 4,673,6
2.000,0 2,180,9
6,000,0 9,155,8
25,000,0 a37,942,3
3,000,0 8,020,4
783,8
1,000,0
76.6
300,0
5,000,0 5,089,9
25,000,0 18,053,4
3,500,0 1,703,9
3,000,0 15,583,2
2,550,0 2,604,6
1.000,0 1,980,9
1,500,0 7,698,6
5,000,0 15,590,1
71,6
250,0
1,000,0 3,248,3
10,000,0 23,164,9
4,000,0 3,907,6
500.0 1,225,3
5,000,0 9,750,7
1,000,0 1,905,4
1,000,0 1,278,7
401,0
250,0
1,000,0 2,871,2
1,000.0 3,095,7
686,9
1,000,0
1,000,0 1.002,9
1,000.0 1,119,3
903,7
1,500,0
Legal
Tenders.
273,670,0 37,722,0
Totals, avge. for wee 115,350,0 185,771,2 1,917,693,0
1,922,598,0270,535,0 36,777,0
Totals, actual condition Nov. 20
1,923,603,0 282,737,0 33,688,0
Totals, actual condition Nov. 13
1,903,243,0 271,060,0 38,608,0
Totals, actual condition Nov. 6
1,887,497.0 282,679,0 39,889,0
Totals, actual condition Oct. 30
State Banks.
Not ifembers of
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-American Ban
Fifth Avenue Bank _ _ _
German Exchange Ban
Germania Bank
Bank of Metropolis_ _ _
West Side Bank
N. Y. Produce Exch.I3
State Bank
Nat.Bank Federal
Reserve
Notes
Bank
[Not
Notes
Counted
[Not
as
Reserve]. Reserve].
Reserve
with
Legal
Depositortes.
Excess
Due
from
Reserve
Deposikyles.
Net
Demand
Deposits.
Net
Time
Deposits
Natiosal
Bank
Circulalion.
Average. Average. Average,
$
S
$
800,0
1,398,0
37,507,0
1,947,0
31,730,0
139,265,0 2,340,0 4,963,0
1,799,0
421,647,0 1,251,0
450,0
35,112,0
386,0
27,0
11,381,0
50,0
61,0
1,915,0
94,338,0 2,715,0 4,858,0
125,0 2,695,0
225,285,0
1,287,0
56,101,0 5,515,0
305,0
141,912,0
1,641,0
25,585,0 1,189,0
74,0
9,537.0
50,0
31,136.0
846,0 3,555,0
143,972,0
50,0
2,440,0
675,0
14,293,0
125,0 4,504,0
178,577,0
740,0
161,0
71,662,0
199,0
10,106,0
450.0
230,852,0 1,353,0
887,0
32,0
17,560,0
348,0
9,881,0
249,0
110,0
4,920,0
374,0
42,603,0
500,0
66,900,0 2,450,0
398.0
8,277,0
400,0
6,0
10,841,0
10,0
267,0
8,546.0
78,0
18,491,0
Average, Average, Average. Average
$
$
$
$
4,0
2,767,0
64,0 2,298,0
20,0
153,0
64,0 10,093,0
872.0 33,007,0
218,0
45,0
5,0 3,256,0
969,0
18,0
2,0
156,0
112,0
33,0 8,809,0
99,0 16,749,0
53,0
623,0
206,0 4,427,0
40,0
92,0 11,171,0
71,0
45,0 2,530,0
91,0
54,0
769,0
19,0
2,448,0
230,0
10,651,0
9,0
208,0
61,0
86,0 1,191,0
58,0
13.780,0
26,0
456,0 5,370,0
170,0
14,0
710,0
109,0 18,429,0
27,0
162,0
195,0
1,238,0
863,0
64,0
95,0
9.0
356,0
27,0 4,320,0
43,0
86,0 5,987,0
32,0
14,0
587,0
29,0
803,0
19,0
10,0
599,0
15,0
37.0
41,0
77,0
1,398,0
57,169,0
2,522,0
2,682,0 165,939,0
2,102,372,0 19,792,0 34,901,0
65,105,0
58,947,0
57,106,0
45,716,0
2,717,0
2,366,0
2,065,0
1,963,0
2,806,0160,892,0
2,646,0 169,031,0
2,773,0 164,930,0
2,642,0 164,621,0
2,105,572,0
2,120,132,0
2,084,705,0
2,069,833,0
20,048,0
19,505,0
19,014,0
19,395,0
35,051,0
34.487,0
35,182.0
35,601,0
75,0
354,0
55,775,0
38,118,0
11,514.0
4,948,0
2,467,0
10,564,0
94,660,0
3,303.0
5.858,0
16,892,0
3,931,0
6,198,0
14,320,0
4,480,0
15,157,0
23,114,0
3,231,0
38,0 10,680,0 1,874,0
311,299,0
174,0
33,844,0 9,177,0 12,574,0
35,890,0 9,321,0 12,417,0
35,077,0 10,028.0 12,397,0
34,563,0 13,024,0 12.532,0
3,130,0
3.420,0
2,902,0
3.064,0
37,0 12,520,0 2,105,0
37,0 9,227,0 2,045,0
41 0 9 199 0 1 921 0
38,0 9,333,0 2.411,0
312,091,0
311,299,0
311,905,0
311,603,0
173,0
250,0
243.0
222,0
508,0
147,0
462,0
190,0
156,0
3,978,0
120,0
99,0
726,0
262,0
270,0
206,0
284,0
402,0
175,0
25,0
135,0
177,0
122,0
550,0
29,0
22,0
235,0
172,0
31,0
71,0
63,0
394,0
1,109,0 2,677,0
9,182,0 24,731,0
2,022,0 9,633,0
1,141,0 1,483,0
1,229,0 3,881,0
14,652,0 21,194,0
553,0
368,0
806,0 1,172,0
2,855.0 4,516,0
848,0 1,739,0
2,339,0 6,990,0
707.0 1,872,0
533,0 1,274,0
2,146,0 3,609,0
22,181,0
183,632,0
40,445,0
23,243,0
1 24,583,0
293,047,0
7,379,0
16,125,0
57,102,0
16,963,0
46,688,0
14,146,0
10,658,0
42,927,0
7,852,0
25.813,0
12.954,0
5,431,0
546.0
35,398,0
233,0
579,0
14,043,0
905,0
8,626,0
3,707,0
963,0
6.689,0
Totals, avge. for week. 44,750,0, 92,447,5 913,836.0 87,103,0 7,424,0 7,810,0
I
921,999,0 91,199,0 7,207,0 5,274,0
Totals, actual condition Nov. 26
1
912,509,0 79,135,0 6,128,0 9,228,0
Totals, actual condition Nov. 13
905,690,0 87,549,0 3,232,0 5,208,0
Totals, actual condition Nov. 6
870,989,0 81.872,0 2,643,0 8,141,0
Oct. 30
Totals, actual condition
-3,118,131,0
Grand A ggregsfe, avge. 175,550,0 310,365,5 +4,975,0 396,784,0 .54,345,0 77,146,0
+630,0 +3,974.0 +4,755,0
Comparisonprey. week
2,201,0
697,0 39,937,0 85,324.0
799,119,0 123,739,0
2,316,0
2,167,0
2,202,0
2,164,0
691,0
658,0
577,0
558,0
40,360,0 80,149,0
39,314,0 92,489,0
38,976,0 88,282,0
37.221,0 82,303,0
807,022,0 125,300,0
787,812,0 125,043,0
780,220,0 125.358,0
744,124,0 124,634,0
4,939,0
6,118,7
1,193,9
1,000,5
438,3
1,935,1
6,736,7
765,7
703,7
2,240,2
795,4
999,7
2,134,0
683,41
956,91
505,61
Totals, avge- for week. 15,450,0 32,146,8
Nov.
Nov.
Nov.
Oct.
20
13
6
30
Trust Companies
Not Members of
Federal Reserve Bank.
1,500,0 3,605,6
Brooklyn Trust Co____
10,000.0 13,594,2
Bankers Trust Co
2,000,0 4,201,8
U.S.?Mg.& Trust Co_
1,250,0 1,339,6
Astor Trust Co
Title Guar.& Trust Co_ 5,000,0 12,045,5
10,000,0 23,186,3
Guaranty Trust Co_ _
1,000,0 1,317,7
Fidelity Trust Co
Lawyers Title & Trust_ 4,000,0 5,090,2
2,000,0 7,568,0
Columbia Trust Co
1,000,0 1,438,0
People's Trust Co
3,000,0 11,119,2
New York Trust Co
1,000,0 1,105,9
Franklin Trust Co
541,4
1,000,0
Lincoln Trust Co
Metropolitan Trust Co_ 2,000,0 6,293,9
286,866,0
286,599,0
287,741.0
285,743,0
31,886,0 '1,355,0
204,630,0 18,208,0
53,466,0 3,022,0
1,954,0
27,877,0
38.481,0
1,966,0
295,890,0 41,604.0
593,0
8,821,0
23,306,0 1,250,0
71,879,0 4,589,0
1,197,0
17,764,0
61,228,0 4,906,0
1,209,0
17,774,0
11,527,0
630,0
49,307,0 4,620,0
2
Grand aggregate, actual condition Nov. 70 3,131,463,0 395,578,0
+8,752,0 -2,184,0
Comparison prey. week
Nov. 13 3,122,711,0 397,762,0
Grand Aggregate actual condition
Grand Aggregate actual condition Nov. 63,096,674,0 393,686,0
Grand Aggregate actual condition Oct. 30 3,044,229,0 399,114,0
I
a Includes capital set aside for Foreign Branches, $3,000,000.
105,0
141,0
286,0
173,0
34,0
47,0
1,409,0
51,0
15,0
98,0
91,0
100,0
87,0
35,0
127,0
432,0
9,199,0 12,167,0
286,602,0 36.011,0
Totals, actual condition
Totals, actual condition
Totals, actual condition
Totals, actual condition
1,157,0
756,0
553,0
105,0
143,0
741,0
4,731,0
64,0
76,0
1,176,0
128,0
179,0
921,0
98,0
617,0
722,0
1,102,0
2,059,0
202,0
628,0
56,0
341,0
2,161,0
29,0
163,0
450,0
113,0
110,0
702,0
215,0
579,0
289,0
49,241,0 10,225,0
37,712,0 5,258,0
1,037,0
10,743,0
256,0
5,292,0
165,0
2,335,0
12,293,0 1,149,0
79,572,0 9,214,0
290,0
3,665,0
788.0
5,753,0
1,611,0
16,198,0
530,0
3,926,0
575,0
6,175,0
929,0
14,888,0
271,0
4,575,0
13,311,0 2,269,0
1,444,0
20,923,0
2,050,0
1,500,0
500,0
500.0
200,0
2,000,0
3.500.0
250,0
750.0
100,0
200,0
200,0
1,000,0
200,0
1,000,0
1,500,0
143,0
8,0
464,0
21,0
245,0
4,076,0
52,0
430,0
158,0
76,0
522,0
86,0
93,0
1,050,0
455,0
148,0
101,0
7,417,0
198,0
203,0
3,0
10,0
35,0
236,0 1,302,0
249,0
25,0
269,0
117,0
1,388,0
38,0
23,0
110,0
29,0
8,0
271,0
42,0
157,0
4,0
10,0
5,0
82,0
31,0
29,0
39,0
5,432,0
-20,0
- - 3
2,522,0 - ,417,0 216,556,0 87,198,0 3.212,790,0 143,705,0 34,901,0
+7,0
+281,0 -109,0 -1,320,0 -809,0 +12,417,0 -766,0
53,161,0 82,953,0
+4,024,0 +2,361,0
5,446,0
-141,0
2,717,0
+351,0
3,534,0 213,772,0 82,254,0 3,224,685,0 145,521,0 35,051,0
+193,0 -3,800,0 -122800 +5,442,0 +723,0 +564,0
49,137,0 80,592,0
51,868,0 74,711,0
55,556,0 66,389.0
5,587,0
5,104,0
5,228,0
2,366,0
2.065,0
1,963,0
3,341,0 217,572,0 94,534,0 3,219.343,0 144,798,0 34,487,0
3,391,0 213,105,0 90,203,0 3,176.830,0 144,615,0 35,182,0
3,238,0 211,175,0 84,714,0 3,125,560,0 144,251,0 35,601,0
STATEMENTS OF RESERVE POSITION.
Actual Figures.
Averages.
Cash Reserve Reserve in I
in Vault. Depositaries
Total
Reserve.
a Reserve
Required.
Inc. or Dec.1
Cash Reserve Reserve In
from
Surplus
Reserve. 1FreviousiVeek in Vault. Depositaries
Total
Reserve.
b Reserve
Required.
Surplus
Reserve.
Inc. or Dec.
from
PreviousWeek
$
$
$
1
I
$
3
$
$
Members Federal
372,417,000 160,892,000 533.309,000 380,005,360 153,303,640 -8,500,350
Reserve Bank____ 368,561,000165,939,000534,500,000379,416.560 155.083,440 -3,431,880 58,725,000 12,520,000 71,245,000 56,176,380 15,068,620
+827,440
+984,060
60,608,000 10,680,000, 71,288,000 56,033,8201 15,254,186
State Banks •
105,996,000 40,360,000 146,356,000 121,053,300 25,302,700 +7,502,500
Trust Companies._ 104,538,006 39,937,006144,475,000119,867,850 24.607,156 +8,591,800
-170,410
537,138,000 213,772,000 750,910,000 557,235,040193,674,960
Total Nov. 20.... 533,707,000 216,556,000 750,263,000 555,318,230;194,944,776 +6,143,980
533,078,000 217,572,000 750,650,000556,804,630 193,845,370 +4,744,870
Total Nov. 13__ _ 524,368,000217,876,000,742,244,000 553,443,2101188,800,790' -2,695,050 525,369,000 213,105,000 738,474,000 549,373,500,189,100,500 +7,114,670
Total Nov. 6___ 526,148,000212,938,000379,086,000 547,590,160191,495,840' -2,208,690
+3,072,300 526,287,000211,175,000,737,462,000 541,246,830196,215,17, +3,415,120
Total Oct. 30... 524,109,000209,929,000734.038.000540,333.470193,704.530
• Not members of Federal Reserve Bank.
Companies, but In the case of Members of the Federal Reserve Banks.
a This is the reserve required on Net Demand Deposits in the ease of State Banks and Trust
Nov. 13, 8967.200: Nov. 6, $957,100: Oct. 30, 5971,150.
laeludes also the amount of reserve required on Net Time Deposits. which was as follows: Nov. 20, $989,600:
In the case of State Banks and Trust Companies. but In the case of Members of the Federal Reserve Banks
h This Is the reserve. required on Net Demand Depogits
Nov. 6, $915,700; Oct.30,$969,750,
ncludes also the amount of reserve required on Net Time Deposits, which was as follows: Nov. 20, $1,002,400; Nov,13, $975,250;
i
I 786
THE CHRONICLE
[VOL. 101.
The State Banking Department reports weekly figures
In addition to the returns of "State banks and trust corn
showing the condition of State banks and trust companies panies in New York
City not in the Clearing House" furnished
In New York City not in the Clearing House, and these are
by the State Banking Department, the Department also
shown in the following table:
presents a statement covering all the institutions of this class
SUMMARY OF STATE BANKS AND TRUST COMPANIES IN GREATER in
the whole State. The figures are compiled so as to distinNEW YORK, NOT INCLUDED IN CLEARING HOUSE STATEMENT.
(Figures Furnished by State Banking Department.) Differences from guish between the results for New York City (Greater New
November 20.
precious week.
$617,357,300 Inc. $4,527,800 York) and those for the rest of the State, as per the following
Loans and investments
Gold
52,341,300 Dec.
34,500
For definitions and rules under which the various items
Currency and bank notes
9,467,800 Inc.
59,100
Total deposits
820,045,600 Dec. 1,282,700 are made up, see "Chronicle," V. 98, p. 1661.
Deposits, eliminating amounts due from reserve deThe provisions of the law governing the reserve requirepositaries and from other banks and trust companies in New York City, and exchanges
645,345,400 Inc. 5,965,500 ments of
State banking institutions were published in the
Reserve on deposits
231,215,500 Dec. 6,928,100
Percentage of reserve, 34.3%.
"Chronicle" March 28 1914 (V. 98, p. 968). The regulaRESERVE.
tions relating to calculating the amount of deposits and what
Stale Banks
- -Trust Companies
Cash in vaults
$11,190,700 11.03%
$50,618,400
8.85% deductions are permitted in the computation of the reserves
Deposits in banks and trust cos
20,301,200 20.0%
149,105,200 26.08%
were given in the "Chronicle" April-4 1914 (V. 98, p. 1045).
Tot.al
S31,491,900
31.05%
$199,723,600
34.93%
The averages of the Now York City Clearing-House banks
and trust companies, combined with those for the State banks
and trust companies in Greater New York City outside of the
Clearing House, compare as follows for a series of weeks past:
COMBINED RESULTS OF BANKS AND TRUST COMPANIES IN
GREATER NEW YORK.
We omit ciphers in all these figures.
Week ended- Loans and
Investments
Aug. 28
Sept. 4
Sept. 11
Sept. 18
Sept. 25
Oct. 2
Oct. 9
Oct. 16
Oct. 23
Oct. 30
Nov. 6
Nov. 13
Nov. 20
8
3,239,060.6
3,244 100,9
3,255,146,3
3.285,207,2
3,317,767.9
3,358.896.0
3,388,651,3
3.467,524,0
3,608,520,3
3,642,474,6
3,691,886.2
3,725,985,5
3,735,448,3
Demand
Deposits.
Other
Money.
Specie.
$
3,256,872,5
3,280,386,0
3,281,909,7
3.356.088,0
3,396.150,6
3,443,128,2
3,474,185,0
3,554,422,3
3,709,084,9
3,749,805,7
3,803,046,8
3,839,752,9
3,858,135,4
Entire
Total
Money
Reserve on
Holdings. Deposits.
$
$
$
$
456,750,1 81,539,1 538,289,2 847.557,2
473,413,8 83,874,0 557,287,8 878,958,4
481,187,9 82.700,5 563.888,4 873,985,2
498,657,5 83,684,2 582,341,7 901,059,6
496.161.0 80,832.3 576,993,3 899,749,4
490,661,8 78,671,6 569,333,4 888,344,5
482,017,2 79,288,5 561,305.7 881,458,3
494,209,0 79,423,4 573,632,4 911,515,5
502,300,9 77,013,0 579,313,9 931.772,5
513,565,6 71,853,9 585,419,5 957.399.9
519.525,7 68,168.0 537,691,7 970,813,4
520,920,8 65,231,7 586,152,5 980,387,6
526,271.3 69,214,8 595,516,1 981,478,5
STATE BANKS AND TRUST COMPANIES.
Week ended Nov. 20
State Banks
Trust Cos.
State Banks
Trust Cos.
in
in
outside of
outside of
Greater N. Y. Greater N. F. Greater N. F. Greater N. F.
Capital as of Sept. 25..__
23,050,000
65,550,000
•10,863,000
*13,400,000
Surplus as of Sept. 25_ __ _
38,209,100
155,738,300
*13,863,600
*11,358,400
363,144,100 1,443,831,500
-201,300 +5,654,300
142,553,500
+686,500
209,294,500
+659,100
155,382,700
+1,117,100
222,601,400
-641,100
Loans and investments_
Change from last week.
Gold
Change from last week _
47,410,300
+163,300
136,606,000
+5,342,900
Currency and bank notes_
Change from last week _
24,390,700
-617,600
20,914,300
+4,495,500
Deposits
Change from last week_
505,471,500 1,823,895,200
-777,000 +12,901,600
Reserve on deposit
Change from last week.
114,602,900
+91,600
449,763,700
+3,015,600
30,307,800
+182,100
32,415,200
--1,281,900
P. c. of reserve to deposits
Percentage last week
28.6%
28.5%
30.4%
30.6%
22.7%
22.8%
17.8%
18.5%
+ Increase over last week. - Decrease from last week. * As of June 23.
Non-Member Banks and Trust Companies.
-Following is the report made to the Clearing-House by clearing nonmember Institutions which are not included in the "Clearing-House return" on the preceding page:
RETURN OF NON-MEMBER INSTITUTIONS OF NEW YORK CLEARING HOUSE.
CLEARING
NON-MEMBERS. Capital.
Loans,
Discounts.
Invest{Nat. b'ks Sept. 21
State b'ks Sept. 25 merits, &c.
Week Ending
Nov. 2) 1915.
Members of
Fedi Reserve Bank
Battery Park Nat_ _ _
First Nat., Brooklyn
National City,Bklyn
First Nat.,Jers. City
Hudson Co. N..J. C.
First Nat., Hoboken
Second Nat., Hobok.
Total
Total
Legal
Tenders.
Gold.
385,100 1,977,000
807,500 7,959,000
653,100 7,150,000
188,300 1,301,000
470,100 4,616,000
250,200 3,421,000
521,400 5,495,000
716,500 16.740,000
184,700 3,295.000
96,000
414,000
561,000
94,000
612,000
173,000
476,000
808,000
193,000
3,300,000 4,176,900 51,954,000 3,427,000
Trust Companies.
No, Members of the
Federal Reserve Bank.
HamiltonTrust,BkIn
Mechanics. Bayonne
Silver.
Nat.Bank
Notes(Reserve for
State Institutions]
Reserve
Nat.Bank Federal
Notes[Not Reserve
with
Counted
Legal
Bank
as
Notes[Not DeposiReserve]. Reserve].
Excess
Due from
Reserve
Depositaries.
Net
Demand
Deposits.
Net
Time
Deposits.
National
Bank
Circu!Wiwi.
Average. Average. Average. Average. Average. Average. Average. Average. Average. Average. Average.
Average.
$
$
$
47,000
91,000
51,000
200,000
150,500 2,465,000
5,000
5,000 285,000
190,000 2,376,000
45,000 196,000
28,000 142,000
300,000
679,400 5,045,000 119,000
13,000
4,000 576,000
113,000 4,684,000
295,000
55,000 131,000
300,000
614,500 5,157,000 168,000
14,000
14,000 637,000
191,000 5,120,000
120,000
88,000
400,000 1,279,900 4,791,000 199,000 250,000
23,000
2,000 489,000 3,563,000 4,080,000
395,000
12,000
61,000
250,000
776,300 3,882,000 117,000
75,000
4,000 340,000
651,000 2,914,000
195,000
55,000
21,000
220,000
654,300 5,440,000 126.000
14,000
6,000 346,000
645,000 2,112,000 2,777,000 218,000
125,000
44,000
45,000 112,000
295,100 4,214,000
6,000
257,000
706,000 2,119,000 1,893,000
99,000
1,795,000 4,450,000 30,994.000 864,000 458,000 640,000
150,000
35,000 2,930,000 6,059,000 23,405,000 .4,715,000 1,518,000
State Banks.
Not Members of the
Federal Reserve Bank.
Bank of Wash. IIgts. 100,000
Colonial Bank
400,000
Columbia Bank_ _ _ _ 300,000
Fidelity Bank
200,000
Mutual Bank
200,000
New Netherland_ _ _ 200,000
Yorkville Bank
100,000
Mechanics' Bklyn_ 1,600,000
North Side, Bklyn__ 200,000
Total
Net
Profits.
21,000
75,000
609,000
262,000
25,000
139,0110
181,000
222,000
729,000
144,000
96,000
11,000
63,000
40,000
83,000
226,000
22,000
597,0002,386,000
562,000
8,000
121,000
63,000
9,000
44,000
35,000
115,000
146,000
56,000
184,000
500,000 1,051,000 7,195,000
200,000
276,000 4,299,000
447,000
76,000
13,000
22,000
34,000
59,000
523,000
35,000
93,000
319,000
44,000
39,000
700,000 1,327,000 11,494,000
135,000
83,000
93,000
128,000 1,549,000
520,000
442,000 8,665,000
458,000
798,000 7,644,000
68,000
272,000 1,140,000
389,000 1,942,000 4,545,000
4,000 208,000
376,000 3,476,000
361,000
603,000 6,015,000
1,076,000 2,782,000 17,931,0110
215,000
310,000 3,585,000
426,000
100,000
77,000
12,000
4,000 3,388,000 7,653,000 54,550,000
615,000
2,000
13,000
15,000
Grand aggregate_ __ 5,795,000 9,953,900 94,442,000 4,814,000 1,090,0003,119.000 645,000 469,000
Comparison. prey wk
+450.000 +23,000 -110,000 +7,000 +11,000 -72,000
Excess reserve,
146,810 decrease
Grand aggete Nov13 5.795,000 9,953,900193,992,000 4,791,000 1,200,000 3,112,000 634,000 541,000
Grand aggr'te Nov. 6 5,795,000 9,953,0001 93,273,000 4,715,000 1,121,000 3,065,000 641,000 471.000
Grand aggete Oct 30 5,795,000 9,930,900 92,826,000 4.796,000 1,078,000 2,979,000 653,000 466.000
Grand aggete Oct 23;5,795,0001 9,930,700 i 92,345,000 4,735,000 1,121,000 2,823,000 630,000 546,000
Grand aggete Oct
16I5.795.000 9.930,70091,286,00014,757,000 1,088,000 2,907,000 732,000 538,000
265,000 1,686,000 5,310,030 1.099,000
91,000
470,000 1,829,000 2,281,000
356,000 2,156,000 7,139,000 3,380,000
54,000 6,674,000 15,868,000 85,094,000 8,710,000 1,518,000
--9,000 +48,000 -414,000 +746,000 -348,000 +3,000
63,000 6,626,000 16,282,000 84,348,000
54,000 6,544,000 17.442,000 83,167,000
48,000 6,478,000 14,742,000 82,739,000
46,000 6,489,000 14..515,003 82,800,000
50,000 6,677,000 13,702,000 82,471,000
9,058,000 1,515,000
9,131,000 1,514,000
9,045,000 1,523,000
8,672.000 1,516,000
8,503,000 1,512,000
Philadelphia Banks.
-Summary of weekly totals of
Boston Clearing-House Banks.
-We give below a
Clearing-House banks and trust companies of Philadelphia: summary showing the totals for all the items in the Boston
Clearing-House weekly statement for a series of weeks:
We omit two ciphers (00) in all these figures.
BOSTON CLEARING HOUSE MEMBERS.
Capital
and
Surplus.
Sept. 11
Sept. 18
Sept. 25
Oct. 2
Oct. 9
Oct. 16
Oct. 23
Oct. 30
Nov. 6
Nov.13
Nov.20
Loans.
-$
103,684,3 432,378.0
103.684.3 433.634,0
103,684.3 436,807.0
103,684.3 437.928.0
103,684,3 439,654,0
103,684,3 446,539,0
103,684.3 453,567,0
103,684,3 457,330,0
103,684,3 460,898,0
103,684,3 463,773,0
103,684,3 465,396,0
Reserve.
123,105,0
125.335.0
129,433,0
140,764,0
133.413,0
132,562,0
127,930.0
124,693,0
127,471.0
122,851,0
114,763,0
Deposits.
a
519,879,0
530,794,0
543,606,0
564,655.0
550,582,0
566,761,0
566,137.0
565,461,0
578,456,0
572,590,0
569,632,0
Circulion.
11,121,0
11,100.0
11,077,0
11,070,0
11,079.0
11,090,0
11,105,0
11,110,0
11,022,0
10,958,0
10,688,0
Clearings
$
126,690,4
161,603,8
176,084,0
245,187,9
207,012,0
199,283,3
204,798,1
190,212,9
204,079,7
198,336,5
218,995,4
a Includes Government deposits and the item 'due to other banks" (Nov. 20,
$162,835,000): also "Exchanges for Clearing House (Nov. 20, $18,232,000). Due
from banks Nov.20,$71,856,000.
Nov. 20
1915.
Change from
previous week.
Nov. 13
1915.
Nov. 6
1915.
Circulation
$8,399,000 Dec. $250,000 $8,649,000 $9,012,000
Loans, dIsc'ts lk investments_ 389,558,000 Inc. 2,478,000 387,080,000 382,387,000
Individual deposits, incl. U.S. 336,530,000 Dec. 1,959,000 338.489,000 339,484,000
Due to banks
130,320,000 Dec. 4,707,000 135,027,000 141,113,000
Time deposits
13,750,000 Dec. 1,032,000 14,782,000 15,254,000
Exchanges for Clearing House 18,165,000 Inc. 1,394,000 16,771,000 21,442,000
Due from other banks
38,865,000 Inc.
272,000 38,593,000 38,601,000
Cash reserve
26,400,000 Dec.
496,000 26,896,000 26,727,000
Reserve in Fed. Res've Bank 15,889,000 Inc. 2,451,000 13,438,000 13,409,000
Reserve with other banks_ _ _ 6.5,375,000 Dec. 14,560,000 70,935,000 87,406,000
Reserve excess in bank
871,000 4,993,000 5,138,000
4,122,000 Dec.
Excess with reserve agent_ _ _ 43,097,000 Dec. 14,935,000 58,032,000 65,817,000
Excess with Fed. Res've I3'k_
4,750,000 Inc. 2.263.000 2,487,000 2,614,000
Imports and Exports for the Week.
-See third page
preceding.
NOV. 27 1915.1
Vanittirs
azetteo
Wall Street, Friday Night, Nov. 26 1915.
-EviThe Money Market and Financial Situation.
dence tending to show that the 1915 boom has run its
course is not lacking this week. For this and perhaps other
reasons, business at the Stock Exchange has been greatly
reduced in volume. No doubt the holiday had a tendency
to restrict operations, but that is not all. The pendulum
has begun to swing the other way. This was, of course,
inevitable and came not too soon. Fortunately, conditions
are now favorable for such reaction. The volume of general
business throughout the country is almost, if not quite,
unprecedented and evidently will remain so for some time
to come. Iron and steel manufacturers have booked orders
so far in advance that the Government is reported to be
unable to secure promise of early delivery for needed material. The assurance that Great Britain is now in a
position to supply all munitions required by the Allies is
regarded with favor here, especially by those who see therein
hope of a more satisfactory supply of iron and steel products
for domestic needs, which are daily becoming more and
more urgent. It is, moreover, regarded in some quarters
practically certain that these needs will continue for some
time to come.
The export trade thus far in November is in keeping with
that of October and therefore on a scale which,if continued
for a year, would create a balance in our favor of two billions
of dollars. To this, among other causes, may be attributed
the current low rates of interest in this market which are
almost, if not entirely, unknown at this season. British
Consols have sold this week at 57, the lowest price recorded
in many years.
One of the important announcements of the week has
been that of the formation of a company with a capital of
$50,000,000 to promote and develop trade with other
countries. As is well known, the opportunity is now ripe
for such activity and the possibilities of the enterprise are
practically boundless.
-The market for sterling exchange
Foreign Exchange.
ruled irregular during the week. Formal announcement
came to-day that the American credit for $50,000,000 in
favor of London banks had been definitely completed. Sterling rates, however, showed an easy tendency at the close,
the event having been discounted.
To-day's(Friday's) actual rates for sterling exchange were 4 663404 66%
for sixty days, 4 6934@4 6934 for4cheques and 4 '7004 7034 for cables.
Commercial on banks (sixty days) 4 6904 6934 and documents for payment (sixty days) 4 64 Yi 04 65. Cotton for payment 4 6904 6934 and
grain for payment 4 6904 6934.
There were no posted rates for sterling by 'prominent bankers this week.
To-day's (Friday's) actual rates for Paris bankers' francs were nominal
for long and 5 9205 92% for short. Germany bankers' marks were
nominal. Amsterdam bankers guilders were 41% for short.
Exchange at Paris on London, 27.83 fr.; week's range, 27.8234 frs.
high and 27.87% frs. low.
Exchange at Berlin on London not quotable.
The range for foreign exchange for the week follows:
Sixty Days.
Cheques.
Cables,
Sterling Actual4 7034
4 71
High for Mthe week___ 4 67
4 68 13-16
4 65
4 69 9-16
Low for the week_ _ _
Paris Bankers' Francs
59
5 89%
034
High for the week___
5 93
_
5 92%
Low for the week_
Bankers' Marks
Germany
80%
High for the week___
804
8034
80 9-16
Low for the week _ _ _
Amsterdam Bankers' Guilders
42
High for the week___
4234
41%
Low for the week___
4134
-Chicago, 10c. per $1,000 discount. Boston, par.
Domestic Exchange,
St. Louis, 5c. per $1,000 discount. San Francisco, 30c. per Si'000 Premium. Montreal, 7834c, per $1,000 discount. Minneapolis, 10c. per
$1,000 premium. Cincinnati, par. New Orleans. sight, 50c. per $1,000
discount, and brokers 50c. premium.
-Sales of State bonds at the
State and Railroad Bonds.
Board include $6,000 New York 43's, at 112, to 1123(;
$5,000 Virginia fund. debt of 1991, at 90; and $49,000 Virg.
6s, deferred trust receipts, at 56 to 59.
The transactions in railway and industrial bonds have
averaged about $5,500,000 par value, which is nearly the
same as for several weeks past and the market has been
steady to firm, with few exceptional features. Among the
latter Insp. Copper 6s of 1922 have advanced 4 points and
%
New York Rye ref. 4s are 23 points higher than last week.
In the same class are Hudson & Man. adj. inc. 5s, which
have recovered 2% points of their recent decline. Several
issues are about a point higher and of a list of 25 prominently
active bonds 14 have gained more or less.
Sales for foreign account designated as "s. 20. f.," are
again smaller, amounting to $1,357,500 Par value, as against
$1,565,000 last week and $2,084,000 two weeks ago.
United States Bonds.-Sales of Government bonds at
the Board are limited to $2,000 3s, reg., at 1013 and $1,000,000 2s, reg., at 993. For to-day's prices of all the different issues and for weekly range see third page following.
-In the stock
Railroad and Miscellaneous Stocks.
market the volume of business this week is scarcely more than
normal and the movement of prices, except in a few unimportant cases, has been thina narrow range. To-day's
market was by far the most active of the week and also the
most irregular. Average prices were not materially changed,
however. Railway shares have continued strong but the
.
net advance of active issues is generally less than a point.
The most notable exceptions are Canadian Pacific, which
1787
THE CHRONICLE
recovered 23/i of the 4 points lost last week,andNew Haven,
which, for obvious reasons, lost 43/i points of its recent
advance. Current traffic on the New Haven is taxing its
equipment severely and when the litigation now in progress
has been disposed of, it seems not unreasonable to presume
that the securities of the company will, ere long, again be
classed among the best in the market.
The manufacturing stocks are fast losing the important
market position they have held for some time past. None
of those recently prominent have attracted attention this
week and a few comparatively new ones have been conspicuous. Bethlehem Steel has as a market leader practically dropped out of sight. Only a few shares have been
traded in this week, with the result that it is 14 points
lower. General Motors, on the other hand, has advanced
28 points and Texas Company 21. Other changes in this
list are unimportant.
For daily volume of business see page 1796.
The following sales have occurred this week of shares not
represented in our list on the pages which follow:
Sales
STOCKS.
Week ending Nov. 26. for
Week.
Range for Week.
Lowest.
I
Highest.
I Range since Jan. 1.
Lowest.
Highest,
Par. Shares $ per share. I $ per share. $ per share. per share.
100 42 Nov 26i 42 Nov 26 42
Amer Cities, pref. _ _100
Nov 60
Jan
Amer Coal Products pref
sub recta part paid__ _
50i16 Nov 23,116 Nov 23 116
Nov 116
Nov
American Express_ _ _100
50 125 Nov 23125 Nov 23 83
Feb 13334 Nov
Am Writ Paper, pref.100
300 13 Nov 24 13 Nov 24 5
Apr
July 15
Assets Realization_ _100 200 8 Nov 24 9 Nov 24 5
Oct
Jan 14
Associated Oil
Nov 6834 Nov
100 5,200 60 Nov 20 6834 Nov 22 59
% Feb 234 Nov
Batopilas Mining_ _ _ _20 11,800 134 Nov 20 234 Nov 26
Aug 93
Brown Shoe, pref_._100
400 92 Nov 20 93 Nov 24 64
Nov
Brunswick Terminal_100
500 1034 Nov 22 1034 Nov 22 434 Mar 1334 Nov
July 9334 Nov
Buff Roch & Pitts_ _ _100
5 9334 Nov 26 9334 Nov 26 80
Feb 3634 Oct
Butterick
100
200 3034 Nov 20 3034 Nov 24 27
Aug 60
130 5834 Nov 20 5834 Nov 24 54
Canada Southern_ _ _100
May
Case (J I), pref
200 8834 Nov 26 8934 Nov 20 7434 June 9034 Nov
100
Chile Copper
2522,092 2534 Nov 24 2634 Nov 24 2534 Nov 2634 Nov
Apr 793-i Oct
Cluett,Peabody&Co_100 1,470 6834 Nov 26 6934 Nov 26 .55
Nov
700 4134 Nov 23 4234 Nov 22 4134 Nov 48
Comput-Tab-Rec__ _100
20011334 Nov 2011334 Nov 20 1113 Nov 113% Nov
Cons G EL&P(Balt)_100
130 97 Nov 20 97 Nov 20 86
Deere & Co, pref._ _ _100
Sept
Apr 99
Detroit Edison
100 29013134 Nov 23 13134 Nov 26 11134 Feb13434 Oct
300 87 Nov 22 8734 Nov 24 71
Havana El Ry,L&P_100
Mar 8734 Nov
50 121% Nov 26 12134 Nov 26 114
Homestake Mining_ _100
Jan 121% Nov
200 2234 Nov 26 2234 Nov 26 1034 Jan 25
Nov
Interboro-Met v t c_100
lot Harvester Corp_ _100
Apr
100 6934 Nov 26 6934 Nov 26 55
Feb 80
Int Nickel pref v t c_100 • 170 108 Nov 23 108 Nov 23 1053-4 Oct 110
Oct
Apr
Aug 88
100 8434 Nov 22 8434 Nov 22 76
Kayser (Julius) & Co 100
Nov
Apr108
Manhattan Shirt, pf_100
11010734 Nov 24 10734 Nov 24 101
July 5974 Nov
May Dept Stores_..i00 7,600 5234 Nov 30 5934 Nov 26 35
Nov
Preferred
100
100 102 Nov 26 102 Nov 26 9434 Apr 102
May
Aug 90
Morris & Essex
12 8234 Nov 23 8234 Nov 23 80
50
Aug
Mar 90
110 7934 Nov 24 7934 Nov 24 68
Nat Cloak & Suit_..i00
Nov
100 25510834 Nov 24 10934 Nov 24 wow, Mar 111
Preferred
100 4334 Nov 26 4334 Nov 26 30 June 4534 Nov
NY Chic dr St Louis_100
Nov
Oct 63
100 63 Nov 22 63 Nov 221 50
NYC & St L 2d pf_100
Nov 1834 Nov
New York Dock.._ _100 1,551 15 Nov 22 1834 Nov 231 14
Nov
Nov 51
Nov 22; Si
10 51 Nov 22 51
Northwestern Tele8-50
Feb 634 Nov
Ontario Silver Min_ _100 14,425 434 Nov 20 634 Nov 261 2
Mar 84
Oct
100 59 Nov 26 59 Nov 261 15
Pettibone-Mulliken _100
Nov
May 101
700 100 Nov 24 101 Nov 26 74
Pittsb Steel pref_ _ _ _100
Nov
Sept 25
100 25 Nov 20 25 Nov 20 22
100
Rutland, pref
Nov
100 95 Nov 26 95 Nov 26 85 May 99
Sloss-Sheff S & I, pf_100
10011934 Nov 2611934 Nov 26 9434 Feb 119% Nov
Sou Pacific trust ctfs__ _
Nov
Texas Co full paid rects_ 2,100 191 Nov 20212 Nov 26 123 June 212
Nov
j
a
May 103
Tobacco Prod pref_ _100 40010134 Nov 26 102 Nov 24 95
Oct
200 6834 Nov 22 6834 Nov 22 4834 Jan 75
pf_100
Unit Dry Goods,
Jan
Sept0
100 40 Nov 26 40 Nov 26 25
U S Realty & Impt_ _100
U S Reduc & Refin_ _100 2,100 434 Nov 23 534 Nov 22 1X Ap 10K June
Ap 10% June
100 700 434 Nov 22 5 Nov 22 1
Preferred
Nov 4734 Nov
.100 350 4634 Nov 23 4734 Nov 23 45
Virginia Ry & Pow.
Nov
Jan 43
25 35 Nov 22 35 Nov 22 21
Vulcan Detinning, pf 100
100 132 Nov 20432 Nov 20 77% J 134% Nov
.100
Wells, Fargo dr Co.
-There was less activity on the "curb"
Outside Market.
this week, though the market broadened considerably.
Irregularity marked the movement of prices, but in the main
values were higher as the week closed. Marine issues figured to a considerable extent in the trading, the corn. ranging
between 21 and 193/i and the pref. between 67% and 713i.
To-day there was decided weakness, the corn. dropping to
17% and the pref. to 63%. The latter closed up to 641
4.
The appearance of several new issues added zest to the trading. Maxim Munitions, a newcomer,sold up from 12 to 143
4
and down finally to 133%. Penn. Mar.Ord.& Cast.,"w. i.,"
gained 5 points to 63 and closed to-day at 623/2. Jewel Tea,
a recent incorporation, corn. jumped from 60 to 65 at the
opening, but fell to 59 and finished to-day at 61. The pref.
was traded in between 983 and 99% and at high figure
finally. Motor stocks as a rule show losses. Chandler
Motor declined from 853 to 813i and was traded in finally
at 82%. Peerless Truck & Motor declined from 39 to 32
and closed to-day at 35. Can. Car & Fdy. coin. advanced
from 94% to 101 and reacted to 95. The pref. moved up
from 107 to 115% and down finally to 113. Kathodion
Bronze lost 2 points to 17, sold up to 30 and ends the week at
Midvale Steel & Ord. showed a loss of about 5 points
29
to 77 but recovered to 79. Oil stocks moderately active.
Illinois Pipe Line improved some 19 points to 181. Ohio Oil
was up 10 points to 180 but reacted to 175. Standard Oil
(Indiana) was traded in up from 486 to 510. Standard Oil
of N.J.fluctuated between 497 and 500 and to-day jumped to
506. Standard Oil of N. Y. advanced some 6 points to 225
and reacted finally to 220. There was fair activity in Coppers
with price changes irregular. Braden Copper gained over a
point to 16% and closed to-day at 163/2. Cerro de Pasco
weakened from 39 to 373 and ends the week at 38. Kenne3
cott Copper was off from 54% to 53, sold up to 57 and closed
4
to-day at 547 . In bonds Cerro de Pasco 6s lost some 234
points to 119 but recovered to 121. Kennecott Copper 6s
dropped from 209 to 201, ran up to 220 and reacted again,
resting finally at 205.
Outside quotations will be found on page 1796.
New York Stock Exchange-Stock Record, Daily, Weekly and Yearly
OCCUPYING
1788
TWO PAGES.
For record of sales during the week of stocks usually inactive, see preceding page.
-HIGHEST AND LOWEST SALE PRICES
STOCKS
Saturday
Nov. 20
Monday
Nov. 22
Tuesday
Nov. 23
Wednesday
Nov. 24
Thursday
Nov. 25
per share Ever share $ per share
$ Per share $per share
4
10718 1073 1073g 1073 10713 10712 10714 1073
4
4
10178 10178 102 102
8
10178 1017 1017 102
8
114 114 *113 117 *113 116 *113 116
943
9418 9412 94
4 9438 948 9412 95
7834 783
4 783 788
4
7814 7812 783 7914
9012 90
9038 90
4 90
893 893
9014
4
184 188
185 1853
4
182 1833 18312 184
8
*300 310 *301 310 *300 310 *300 320
6318 6414 6314 64% 6314 6334 6314 643
4
1512 1558
1512 153
8
155 157 *1514 1558
8
4
3912
3914 39
39% 39'8 3914 3912 39
9438 95
95
9412 9434 9458 95
9514
13234 13234 *13212 13314
1325 133
133 133
8
13434 135
1347 1347 13412 13412 *134 135
8
*170 190
17018 17018 *170 190 *171 190
2012 1958 203
19
195
19
1914 20
8
8
*121 125 *121 124 *121 124 *121 124
*130 140 *130 140 *133 140 *133 140
*49
*49
*49
50
50
50
498 50
.75
*75
*75
76
77
76
77
77
3718 *3634 3714 *3634 3714 *36
37
3714
*57
62
*58
*58
59
60
62
59
*48
*4712 53
52
49
52
49
52
15212 15212 15312 15312 *152 154
1537 1537
8
8
*225 240 *226 240
238 238
235 238
*15
17
16
1512 1512 *15
1514 1514
*27
2612 2614 2712
28
26
2612 25
433 4414 4312 4458 4358 4418 438 4412
8
578 5834 58
8 583 583
8
59
5814 585
4
5012 51
*50
5012 52
52
*5012 513
4
12614 1265 12618 1267 12618 12612 12612 1263
8
8
4
4812 4914 49
5038 5014 5138 503 5114
4
10834 1083 *10812 110
10858 1085 *10812 110
4
8
2158 22
2214 215 2218
2134 2258 22
8
79
79
7834 7938 *767 7912 *787 7912
3
8
*3214 333
4
8 3238 33
3212 3212 323 33
8
6312 6312 *63
638 6312 6312 *633 6438
*12
1414
1438 *13
14
8
137 *1212 14
31
*25
*26
31
*25
*25
32
31
8238
8114 8212 82
4
8214 813 8218 82
25
2434 2434 *24
*2312 25
24
24
12612 12612 12712 12712 12614 12612 *12618 128
*129 131 *12912 131 §131 131 *130 132
1614 1614
8
17
167 1678
*1612 1714
17
34
3812 34
•34
*34
38
38
*35
125 125 .124 125 *12312 12512 *12312 125
*130 133 *130 134 *130 133 *130 135
758
75
8 838
7
*7
714
63
4
718
1612 *15
16
173
17
4
4
*15
1512 163
73
8
7
'7
4 718
714
63
67
8
718
6
614
614
612 --------614
614
16218
8018
31
11814
*85
116
5914
*8212
1023
4
803
4
3114
119
92
1167
8
60
88
8214 83
*42
4412
43% 44
%
5
8
I
1
*612 634
3111
13
*9
912
*19
23
*42
19
19
*4012 47
102 10212
2358 23%
*6214 63
*1514 153
4
6118 613
4
8
8
*11
15
*95
98
8
1385 13958
8334 84
*2234 231 1
3137
40
1614 163
8
47
47
3018
30
33
33
*40
49
5
514
14
15
5 4 614
3
41
41
1025*
77
3012
118
*8512
11618
5912
*8212
103
81
3012
1183
4
92
1168
7
59
85
83171
*42
4412
438 438
8
12
8
1
1
612 63
4
*1012 13
*9
912
*19
23
42
42
19
19
4014 4014
10218 1025
8
2312 233
4
627 627
8
8
1512 153
4
6112 6212
*8
9
12
12
97
97
13918 14018
833 8418
4
2314 243
4
4012
40
1614 1612
4714 4712
3012
30
3212 3212
*45
49
55*
518
1512 173
4
618
73
8
40
4012
102 10212
763 7814
4
*3058 31
11814 11814
*8512 90
1165*
593 593
4
8218 8218
- 8212 8318
*4112 44
*4214 44
118
3
4
118
178
612 77
*11
13
8
83
4
*19
23
42
42
19
19
*40
41
1023 1023
8
4
2312 233
4
625 6258
8
1512 1512
6214
62
*8
83
4
*12
1412
*96
98
13914 14018
8
837 84
2434 253
4
4078 42
1612 165
8
4718 4712
3018 3014
3234 3314
*46
49
58 6
3
17
1914
7
818
40
40
10214 102 8
-7
753 773
4
8
31
31
11812 11914
8512 8512
11612 116%
595 59%
8
83
823 833
4
8
*4112 44
*4214 44,2
1
1
118
13
8
7
714
*11
13
9
9 14
2234 23
*42
50
*183 1914
4
4012 4012
10212 10318
2334 24
63
63
*1514 1512
6212
62
*8
83
4
*12
15
*96
98
13912 14018
*833 8412
4
24
243
4
4212 43
163 163
8
4
4658 47
2934 30
3212 3212
*46
49
514
534
183 193
4
4
712
7
*3912 42
Friday
Nov. 26
Salesfor
the
Week
Shares
STOCKS
NEW YORK STOCK
EXCHANGE
Lowest
Highest
S per share
10714 108
1 114 10218
*113 115
9438 9478
787 79
90
90
186 18612
*300 320
633 645
8
4
1534 1534
3912 40
9458 96
*13212 133
*13312 13412
*170 190
1912 20
*121 124
*133 140
49
49
77
*75
*36
3714
*58
60
*4712 52
115112 15112
*225 226
1614
16
2712 28
437 447
5838 587
8
*51
5218
12612 12658
507 5112
*108 110
2214
22
7914
79
323 33
8
6312 6312
14
*12
*26
3112
8218 823
4
§25
28
12614 12614
*130 132
16
16
*33
37
124 124
*130 134
814
8
1712 1814
7
712
6
63
4
--
Range for Previous
Year 1914
Lowest
Railroads
_Pao $ p1 k
m r 92er
9,200 Atch Topeka & Santa Fe_
8912 July
$ 1 er N a e
sh bre 4 1 119l4 shoc 4
Fea 2
2,029 Do pref
100 96 Jan 5 10218 Nov26 29612 Dec
0
100 Atlantic Coast Line RR__ _100 98 Mar 1 116 Nov 1 §9918 Dec
15,700 Baltimore & Ohio
101) 6334 Feb 25 957 Nov 4
8
67 Dec
2,835 Do
pref
100 67 Feb 23 7914 Nov22
69 Dec
1,610 Brooklyn Rapid Transit_ 100 8314 Aug 13 93 Apr 21
79 July
11,909 Canadian Pacific
100 138 July23 194 Nov 1 153 Dec
Central of New Jersey_ _ _ _100 §250 • Sep 1 325 Jan 22 300 July
19,900 Chesapeake & Ohio
100 3558 July 9 6134 Nov19
40 Dec
1,360 Chicago Great Western_ 100 1014Jan 4
1712 Nov 3
,
9 4 July
3,260 Do pref
100 2512 May14 4112 Nov 3
25 July
4,300 Chicago Milw & St Paul_ _100 7734 July28 9814 Apr 19
843 Dec
4
800 Do
pref
100 12078 Sep 2 133 Nov20 126 Dec
800 Chicago & Northwestern 100 11812 July10 13518 Nov16 122
Dec
100 Do
pref
100 163 July 9 1180 Nov11
10,673 Chicago Rock Isl & Pac_ _ _100 1012 July23 3838 Apr 15 170 Jan
33 June
Chic St Paul Minn & Om_100 1114 Apr 8 123 Nov11 125 May
pref
Do
100 124 Sep 17 131 July29 132 May
400 Clay Cin Chic & St Louis_ _100 1121 Jan 18 52 Oct 22
22 July
100 Do pref
100 5318 Feb 17 77 Oct 20
40 July
100 24 Mar15 3812 Nov 3
200 Colorado & Southern
20 Mar
100 Do 1st pref
100 45 Jan 18 60 Nov18
37% July
200 Do 2d pref
100 35 Sep 2 52 Nov20
29 Dec
400 Delaware & Hudson
100 13812 Aug 31 15418 Nov 4 13834 Dec
428 Delaware Lack & Western_ _50 199% Jan 6 238 Nov23 388 Jan
1,100 Denver & Rio Grande_ _ 100
4 Jan 12 1612 Nov16
4 July
3,600 Do
612 Jan 7 293 Nov17
100
pref
8 July
57,395 Erie
100 197 Feb 24 455 Nov19
8
20% July
8,600 Do 1st pref
100 3214 Feb 24 5912 Nov19
32 July
800 Do 2d pref
100 27 Feb 25 5214 Nov18
2614 July
5,200 Great Northern pref
4Jan 2 1283 Nov 5 1113 Dec
8
100 1123
2
47,170 Iron Ore properties
2514 Jan 2 54 Oct 22
2212 July
200 Illinois Central
100 99 July 7 113 Apr 19 10312 Dec
10,300 Interboro Cons Corp, vtc_ _ __
8
187 July10 2512 Nov 4
1,600 Do pref
100 70 July10 82 Nov 5
1,000 Kansas City Southern__ 100 205 Feb 24 3518 Nov 1
8
2014 July
400 Do pref
100 547 Feb 24 6512 Nov 5
49% Dec
300 Lake Erie & Western
100
5 Jan 5 143 Nov 3
4
8
5, July
Do pref
100 19 May27 33 Nov 1
17 Apr
5,900 Lehigh Valley
50 6458 Feb 24 8314 Nov19 118 July
350 Long Island
50 15 Jan 11
2753 Oct 11
28 Jan
800 Louisville & Nashville.._100 10412 July 8 13012 Nov 4 125 Dee
50 Manhattan Elevated
100 125 Junc25 13013 Nov19 128 Jan
470 Minneapolis & St Louis__ _100
8 Sep 15 193 Feb 15
0's July
800 Do pref
100 24 Sep 15 49 Feb 15,
2712 June
300 Minn St Paul & S S M_ _ _ _ 100 106 Jan 4 12612 Nov 1' 101 Dec
Do
pref
100 123 June 8 13218 Nov 3 130 June
11,300 Missouri Kansas & Texas_100
1514 Apr 19
4 Sep 28
818 Dec
4,050
Do pref
100 101* Sep 25 40 Apr 5
26 Dec
8.790 Missouri Pacific
100
13 July27 1814 Apr 19
4
7 Dec
3,310 Trust co eertifs of deposit_
6 Nov20
712 Nov11
Nat Rys of Mex, 1st pref_ _100 1412 Aug 31 2812 Oct 30
30 Jan
Do 2d pref
100
434 July28
93 Oct 21
4
5 Dee
1152i4 103 - 6,600 N Y Central & Hud RIver_100
8112 Mar 1 10112 Nov 4
77 July
7334 763 51,900 N Y N II & Hartford
4
100 43 Feb 25 89 Oct 11
49% July
3112 3112
800 N Y Ontario & Western_ _ _100 2134Jan 8 35 Apr 20
1834 Dec
11812 11912 5,110 Norfolk & Western
100 9913 Jan 4 122% Nov 3
9612 Dee
*8512 90
100
c
ent pref..
8012 Sep 2 90 June15
85 Jan
11634 11738 8,250 Nortbern d
po a Pacific
100 99% Feb 24 1173 Nov19
4
96% Dec
5912 593
4 8,130 Pennsylvania
50 51% Feb 24 6113 Nov 3 10212 Dec
.
80
83
100 Pitts Cin Chic & St Louis_ _100 65 May17 86 Nov 5
6418 July
Do
pref
100 90 Junel9 9812June 5
98 June
-62is - .
15,170 Reading
E33
50 693 May10 855 Nov 3 137 July
8
4334 433
4
100 1st preferred
50 403 Sep 20 45 Junel2
8
87 July
*4214 4312
600 2d preferred
50 40 Feb 23 44 Apr 29 x80 Dec
118 10,500 Rock Island Company__ _100
1
1% Apr 9
18 July15
% Dec
1% 18,200 Do pref
118
June21
100
212 Apr 9
14
1 Dee
7
7
13 Mar22
4,500 St Louts & San Francisco_ _100
8 Nov 1
2 Apr
4
11
11
200 Do 1st preferred
100
7 Aug 17 1412 Nov 8
8 May
9
9
1,400 Do 2d preferred
100
3 Jan 18 103 Nov 8
4
214 Dec
4119
23
400 St Louis Southwestern. _ _100 11 Sep 9 21 Nov17
..I00
17% July
*43
50
200
100 29 Sep 29 42 Nov11
Do pref
36 July
§19
19
1,125 Seaboard Air Line
1115 July31
2014 Nov 5
100
1014 Dee
*3912 4119
458 Jan
4
4
200 Do
100 3014 July24 433 Nov 4
pref
100 8114 Feb 5 1037 Nov10
10318 10312 23,600 Southern Pacific Co
8
81 Dec
2378 24
9,600 Southern Railway
100 1212 July23 26 Nov 1
14 Dec
63
63
800 Do pref
100 42 July23 65 Nov 3
54 Dec
1514 16
800 Texas & Pacific
1112 Dec
812 July23 17% Apr 19
100
625
62
3,900 Third Avenue(New York)
33 July
.100 35 Jan 2 6412 Oct 14
812 Nov16
8
8
200 Toledo St Louis & West_ _ _100
2 Dec
1 Jan 6
*12
15
100 Do prof
43 Dec
4
100
512 May25 12 Nov22
200 Twin City Rapld Transit _100 90 July 9 100 Apr 19
97
97
94% July
140% 141
41,150 Union Pacific
100 1153
4Jan 2 141 12 Nov18 112 July
84
84
2,530 Do pref
84'8 Nov22
7712 Dec
100 z79 Mar 1
2334 24
9,300 United Railways Invest_ 100
712 Dec
8 Jan 5 2712 Oct 1
4212 4234 4.800 Do
pref
4
100 21 14 Mar15 473 Oct 1
22 July
1612 1678 6,000 Wabash Co when issued
125 Oct 16 1712 Nov 1
8
4678 4714 4,400
Do pref A do
do
43% Oct 16 4914 Nov 1
_
2934 3014 6,500
Do pref II do
do
2512 Oct 16 3212 Nov 1
*3212 3314
900 Western Maryland
100
914 Jan 4 3512 Oct 11 -104 Dec
.
45
49
Do pref
100 25 Jan 5 505 Oct 11
8
30July
512 53
4 6,828 Wheeling & Lake Erie
100
12 July28
614 Nov 4
213 July
191s
19
5,100 Do 1st preferred
100
2 Aug 2 1934 Nov24
814 July
733
8 7,200 Do 2d preferred
73
100
58 Aug 10
818 Nov23
3 Dec
*3912 42
700 Wisconsin Central
100 28 July14 45 Nov 1
293 July
4
Industrial & Miscellaneous
26
21,850 Alaska Gold Mines
28
10 2512 Nov18 401g Apr 22 S1912July
101 Jan
1012 1118 22,000 Alaska Juneau Gold Mining_
Nov26 1312 Nov 4
- -327 35
16,500 Allis-Chalmers Mfg v t c__100
4912 Oct 4
6 July
733
4
7514 7834 17,200 Do preferred v t c____100 33 Feb 10 7834 Nov26
3213 July
473 Jan
4
7312 733
4
900 Amer Agricultural Chem_ _100 48 Jan 4 7412 Nov 8
100 100
100 Do pref
9014 Dec
100 90 l'Ilar27 10118Novl 9
6834 70
19 July
8,800 American Beet Sugar
100 3314 Jan 6 70% Nov17
*9412 9612
95 Nov24
66 May
50 Do pref
100 83 Feb 1
*101 103
400 Amer Brake Sh & F ctfs dep.
80 Apr
8714 Feb 25 10934 Aug 9
•192 199
13212 Mar25 21934 Oct 28 12912 Jan
Do pref ctfs deposit
62
6458 89,600 American Can
100 25 Feb 24 6812 Oct 4
1914 July
11034 112
2,500 Do pref
100 9112Jan 5 112 Nov26
80 July
8214 8318 13,300 American Car & Foundry_100 40 Feb 23 98 Oct 4
4214 Dec
11718 11718
200 Do pref
100 11112 May25 118 Aug 6 112 July
14112 14212
82 Jan 20 17012July 12 ;82 Jan
700 American Coal Products.
*116 119
200 Do
100 1105 Jan 7 120 Sep 11 1102 Jan
prof
5712 5712
600 American Cotton 011
100 39 Jan 4 64 Oct 23
32 July
*100 10112
200 Do pref
100 91 June25 10214 Nov 5
93% June
•1112 12
700 American Hide & Leather_100
433 Feb 19
1414 Oct 22
314 July
5312 5334 2,100 Do
100 1934 Jan 5 5912 Oct 22
pref
17 July
2712 28
4,100 American Ice Securities_ _100 203
8Jan 4 35 Apr 30
19% July
24
2438 2,900 American Linseed
100
7% Jan 2 3118 Oct 25
712July
4314 4312
600 Do
100 24 Jan 5 5019 Oct 25
pref
24 Dec
7212 33,700 American Locomotive._..100 19 Mar 2 743 Oct 23
71
4
2014 July
1031 104
1,600 Do
100 75 Mar 6 105 Nov22
pref
96 Jan
37 Apr 14
9
9
300 American Malt Corp
100
414 Dec
1318 Oct 28
*31
32
100 2112 May27 37 Oct 28
300 Do pref
30 1)ec
85
85 18
825 Amer Smelters Sec pref B_100 78 Jan 19 883 May 5
7914 July
8
9018 9012 2,245 Do pref Ser A stamped__
88 Oct 6 9134 Nov19
210012 10138 64,400 Amer Smelting & Refining.100 56 Jan 2 101% Nov12
5014 July
111 11112
9712 Apr
700 Do pref
100 100 Jan 4 113 Nov17
155100 144 Jan 18 165 Apr 22 148 Dec
•150
American Snuff
*106 11014
99% Jan
100 103 Jan 19 110 8 Nov 5
Do pref (new)
3
6112 3,000 Amer Steel Found (new)_ _100 2412 Mar 5 7412 Oct 19
61
27's July
1173 118
4
4,700 American Sugar Refining_ _100 9912 Feb 24 1197 Nov 5
97 Mar
2
*118 120
8
Do pref
8
100 109 Feb 5 1193 Nov17 1077 Mar
12838 12853 6,450 Amer Telephone & Teleg_ _100 118 Jan 4 13014 Nov 4 114 July
228 228
2,050 American Tobacco
100 s218 May14 25212 Apr 22 215 Apr
*109 111
600 Do
pref (new)
100 10314 Jan 4 111 Nov23 10134 Jan
51
81
400 American Woolen
12 July
1001 1534 Mar 6 5712 Oct 20
*97
99
1,000 Do
7212 Mar
pref
100' 7714 Feb 27 100 Oct 4
2714 2778
2712 2812 2778 28
27
2818
1158 12
1138 117
8
1114 1138
11
1 112
3118 3214
3158 325
8 32
3212 3212 33
7312 7312 7312 7312 7312 7414 74, 75
8
7119 72
7112 7158 72
7238 *72
7312
*10014 10112 *99 10114 *9912 10012 *100 10012
6712 68
675 68
8
68 14 6834 6818 6914
19312 9312 *94
95
•9412 95
95
55
*10012 103
10012 10012 101 101
101 10112
•190 202 *185 102 *190 19912 *190 19912
593 6018 5914 6012 5914 6012 60
8
6158
*108 109
109 109
109 110
110 111
813 823
4 815 83
8
8
8212 827
8 82
8338
*11612 118 *11612 1173 *11612 11734 117 117
4
*140 143
14018 14012 14012 14012 14012 14012
*115 119
119 119 *117 120 *117 120
*57
5814 58
58
5814 5812 95712 5814
*99 10614 9934 9934 100 100 *100 102
*1112 12
113 1134
4
113 113
4
4
115 117
8
8
5212 5212 51
5212 5114 5334 5212 53
2614 27
27
2714
2718 283
8 2712 2712
2212 23
23
23
233 233
4
4 233 2414
4
*41
*41
43
44
4312 4334 44
43
683 69% 693 7214 71
4
4
7212 715 727
8
10312 10312 104 105
104 1043
4
*9
10
10
*8
*8
10
*812 10
*32
34
32
*31
32
34
3112 3112
'84
'
1
85
85
.84
85
85
85
85
9112 9112 9114 9112 90
9012 91
91
9614 9738 965 9738 97
8
973
8 9714 1003
4
.111 112
11112 11112 1113 1117 11138 1115
*
4
8
*150 155 *150 155 *150 155 *150 155
*106 11014 *106 11014 *106 11014 *106 11014
6018 6114 61
6112 61
61
61
61 12
11534 11634 117 117
11614 1173 '11714 11733
8
•118 120 *11712 120 *118 120 *118 119
12778 12834 12838 12858 12814 1287 12818 1285
8
22814 22814 22812 22878 22712 228
227 2277
8
1097 1097 110 110
8
*
11012 111
11012 111
4918 4918 *48
52
497 497
8
8 50
50
.9714 98
973 94
8
9712 98
9714 98
* Bid and asked prices; no sales on thli day. S Ex-rights. S Less than 100 shares. a Ex-d1v. and rights.
per share. e First installment paid. x Ex-dividend. s Full-paid.
Range Since Jan. 1
On basis of 100-share lots
b New stock. c Par $25 per share.
Highest
100% Jan
10134 June
126 Jan
98% Jan
8338 Jan
9414 Mar
22012 Feb
310 Jan
68 Jan
1514 June
4112 June
10718 Feb
143 Feb
136% Feb
180 Jan
33 June
13114 July
132 May
40 Jan
70 Feb
2812 Jan
62 Jan
35 Mar
159% Feb
40634 June
1914 Jan
3118 Feb
3212 Jan
4934 Jan
4014 Jan
1343 Feb
4
3914 Jan
115 Jan
2812 July
62 Jan
9 Jan
2111 Jan
15614 Jan
36 Feb
1417 Jan
8
133 Feb
1614 Jan
3512 Jan
137 Feb
145 Feb
24 Jan
60 Jan
30 Jan
34 Feb
14 • Jan
96% Jan
78 Jan
3158 Jan
8
1057 July
90 Apr
118, Feb
2
115% Jan
91 Feb
101 Mar
17214 Jan
893 June
8
93 Jane
165 Jan
8
25 Jan
53 Jan
8
1712 Jan
934 Jan
2634 Jan
6518 Jan
2238 Feb
58 Feb
992 Jan
2814 Feb
8514 Feb
1734 Apr
4534 Jan
1214 Jan
23 Jan
10812 Jan
16438 Jan
86 Feb
233 Feb
4
4914 Mar
------35 Jun
58 Jan
638 Jan
21 Jan
11 Jan
48 Feb
8
$287 May
Feb14
49 Jan
5912 Mar
9712 Jan
3312 Des
80 Dec
9712 Feb
148% Feb
3518 Jan
96 Jan
5312 Feb
11878 July
;8612 Mar
107 July
4612 Feb
97% Mar
514 Feb
253 Feb
4
3234 Feb
113 Jan
2
4
313 Jan
3714 Jan
10212 Mar
914 Jan
5018 Jan
85 Jan
7118 Feb
105 Jan
172 Jan
1063 July
4
3712 Feb
1097 Jan
8
115 Dee
12414 Jan
256 Mar
109 June
20% Jan
83 Jan
q Quoted dollars
New York Stock Record-Concluded-Page 2
1789
inactive, see second page preceding.
For record of sales during the week of stocks usually
Rance for Prerious
Rance Since Jan. 1
STOCKS
Salesfor
Year 1914
-share lots
On basis of 100
NEW YORK STOCK
the
EXCHANGE
Week
Highest
Lowest
Hichest
Lowest
Shares.
$ per sh7re
(Con). Par $ per share
Industrial&Misc.
$ per share
per share $ per share
$ per share $ per share $ per share
46 Nov10 56 Oct 20
1,300 Am Woolen certifs of deposit_
5012 52
5012
50
50
50
49
49
50
50
96 Oct 22 9814 Nov24
900 Do pref certifs of deposit_
4
4
973 973
9814
4
9712 9712 973 9734 97
4
/
•9714 98
50 C2434 Feb 24 9014 Nov21 c $241 Dec C 33814 Feb
89
9014 49,500 Anaconda Copper
8812 8918
8818 89
1
/
524 Mar
8
3812 Jan
8 877 89
8712 883
8
100 265 Mar 3 15412 Oct 23
Baldwin Locomotive
115 11714 55,475
8
4
110 June
11214 11612 11614 1183 11412 1177
11112 115
pref
100 92 Mar 9 114 Sep 29 10213 Jan
500 Do
11012 11012
10912 110
*10912 110
4658 Dec
2912 Jan
110 110 *10912 111
100 4614 Jan 2 600 Oct 22
115 Bethlehem Steel
*450 475
474 *465 480 *472 472
9138 Dee
68 Jan
475 475 *
100 91 Jan 2 184 Oct 22
200 Do pref
16112 16112
16112 16112
4
*16112 165 *16112 165 .*16112 165
100 118 Jan 5 1383 Oct 14 118 Dec 130 Jan
100 Brooklyn Union Gas
*134 137
136 136 *134 137 *134 137
*134 137
8
100 82 Nov17 943 Oct 19
650 Burns Brothers
85
*84
8418 8418
84
§84
8412 8418 85
4
9,100 Butte & Superior Copper _10 5612 Aug 23 7978 June 4
7312 74
8
8 7214 7314 725 7314
3058 Feb
1518 Dec
7214 7238 7212 735
8 July26 2412 Nov22
2712 2812 25,000 California Petroleum, vtc_100
4 2712 2838
68 Mar
2412 2738 2714 2812 2714 273
50 July
100 30 July23 59 Nov22
pref
0,100 Do
5838 59
5712 5814 5712 5812
59
58
3814 Dee
57
257 Jan
8
55
100 3258 Feb 20 6114 Nov 1
5914 5934 11,900 Central Leather
4
8
5818 593* 583 593
5838
58
104 July
5778 58
947g Jan
100 100's Jan 7 11012 Nov18
370 Do pref
4
10934 1093
10918 10918 10918 10918 §11012 11012 *10912 11012
5 3234 Jan 6 5738 Nov17 $3112 Dec $44 Feb
Chino Copper
5578 14,050
55
5512
8
,
3412 Feb
4
533 5412 5412 5512 545 55 8 55
201y July
100 2134 Jan 5 6612 Sep 29
52114 5314 19,700 Colorado Fuel & Iron
521.
5112 5238 52
5112 53
5012 52
4
8,600 Consolidated Gas (N Y)100 1133 Jan4 15012 Oct 15 11212 Dec 13912 Jan
)4412 146
14418 1453 14412 14514
4
4
14214 1433 14312 144
3712 June 4514 July
100 4014 Jan 4 127 Oct 5
9012 9
4/2 8,000 Continental Can
8912
88
88
88
89
9134 July
8814 8814 88
84 July
100 8813 Jan 5 109 Oct 1
500 Do pref
*107 10814
107 10712 108 108
1318 Jan
8
8
7 July
1067 1067 *105 108
8 Jan 2 2112 Oct 25
1,810 Corn Products Refining_ _ _100
1834 19
*
1812 187 *185 1914
8
/
4
183 1873
72 Jan
1812 19
5818 July
100 65 Jan 5 91 Oct 25
1,800 Do pref
89
89
8812
8914 88
89
8
8
4
883 8914 893 893
4
/
41,250 Crucible Steel of America_100 181 May10 10978 Sep 29
76
74
763
4
75
7534 7514 77
7112 7412 73
100 84 May10 11212 Sep 29
4 5,500 Do pref
11012 1113
1077 1087 10938 11214
8
8
10818 109
10712 108
4 9,850 Cuban-American Sugar_ _ _100 38 Jan 25 15634 Nov26
150 1563
143 150
13712 142
90 Dec
134 137
134 134
90 Dec
100 93 Mar17 110 Sep 14
Do pref
*101 105
2012Mar
11 July
*102 110 *102 106 *101 110 *102 105
512 Mar 2 5012 Oct 22
41,100 Distillers' Securities Corp_100
4638 47
8
475
4914 47
4818 4.6
47
4412 48
10 216 June25 2810 Nov26
2812 22,850 Dome Mines, Ltd
27
8
4
8 253 265
8
247 2512 22412 257
2478 ' 25
Electric Storage Battery_ _100 63 Nov20 7834 Sep 25
900
4
4
643 643
4
4
6414 643 643
15 Jan
4
714 May
4
643 643 *64
63 63
8 Mar24 60 June12
Federal Mining & Smelt_ _ _100
3412
*26
35
*26
43 Jan
35
2858 Dec
*26
35
*26
100 20 Mar13 65 June12
750 Do pref
*5012 52
8
z5012 501. 5112 5112 503 53
*5012 54
100 165 Jan 26 360 Oct 8 160 Apr 180 Jan
General Chemical
20
*3281. 336
§330 337 *330 346 *32812 340 *32812 337
100 106 Mar 1 §11512 Nov26 10712 Feb 110 June
130 Do pref
§11458 11512
8
*114 117 §114 114 *114 116 *11412 116
100 138 Mar 3 18512 Oct 4 13712 Dec 1505 Feb
176 17758 5,050 General Electric
8
17578 1773
99 May
175 17512 175 175
3738 Jan
174 175
1,800 General Motors vot tr ctfs _100 82 Jan 2 449 Nov26
430 449
95 Feb
425 426 *415 430 *415 430
70 July
*408 430
300 Do pref vot tr ctfs__ _100 9058Jan 4 11512 Sep 13
113 113
115
2878 Apr
1958Jan
11518 11518 11412 11412 *11212 115 *11212
100 2413 Jan 7 8014 Oct 14
4
7112 713 13,100 Goodrich Co (B F)
8
4 7114 723
713
95 Dec
7038 7118 70
8
797 Jan
6912 7114
100 95 Jan 14 11414 Oct 27
100 Do pref
11214
*111 112 *111 11214 *111 113 *111 11214
9,960 Greene Cananea Copper .100 37 Oct 25 4738 Nov23
47
46
47
4618 4738 46
54013 July 55712 Apr
4312 4414 4312 46
7918 804 76,050 Guggenheim Exploration _25 45's Jan 7 8018 Nov26
4
4 79
791 2 7814 793
8
787 793
8
777 79
8Jan 2 4712 Oct 7 $1414 July $1914 July
4518 4638 50,190 Inspiration Cons Copper_ _ _20 165
8
,
4 447 45 2 4478 453
8
453
1013 July
4 Jan
4478 4538 45
2934 Nov 1
512 Mar31
10Q
300 Internat Agricul Corp
2512
*25
*2412
26
*2412 2612 2612 2612 26
13 May 36 Jan
8
8 Mar15 673 Nov 1
100
pref
1,600 Do
6178 62
6112 6012 61
*60
62
61
July 11313 Jan
62
62
10818 11138 3,900 Intern Harvester of N J__ _100 90 May10 114 June 4, 82 Jan
108
108
8
1187 July
108 10818 109 109 *108 109
100 110 July13 120 Nov 4' 11312
Do pref
4
*11514 1183
4
*11514 120 *11514 119 *11514 119 *11514 119
5512 NovIl 753 Nov16,
6338 6778 60,520 Int Mere Marine pref ctts dep_
6614 693
4
7014
8 6914 7114 69
693
68
1,585 Intern Nickel (The) v t c 100 180 Nov10 22312 Oct $'
188 189
18614 18712
185 186
1078 Feb
185 185
634July
185 185
125/3 Nov 5
8 Jan 6
100
1112 1134 2,050 International Paper
1114 1112 1112 12
11
41 Jan
1112 11
30 Dec
*11
100 33 Feb 24 48 Nov 5
*4612 4712 2,200 Do pref
4612 47
4614 47
47
46
40 Jan
46
2612 July
*45
100 28 Jan 7 9434 Sep 29
Lackawanna Steel
8314 85'4 38,150
84
82
8314 85
83
8112 SI
85 July 101 Feb
80
Laclede Gas (St Louls)_ _ _ _100 9278Jan 15 106 Apr 13
*103 10412
Mar
•10312 10512 .103 105 *103 105 *103 104
Liggett & Myers Tobacco_ 100 207 Jan 9 259 Nov13 20712 Dec 231
*245 260
11812July
*250 260 *242 260 *247 260 *245 260
100 11334 Jan 5 11978 Sep 9 11138Jan
100 Do pref
119 119
26 Dec
*118 11912.118 11912 *11812 11912 *11812 11912
38 Jan
300 Loose-Wiles Bisc tr co ctfs_100 16 Feb 17 31 Jan 11
26
26
26
*24
26
*24
26
*23
26
*23
100 86 Feb 20 1051* Jan 13 101 Apr 105 Mar
110 Do 1st preferred
9518 9518
98
*95
98
*93
98
*97
98
9514 June
•91
89 Jan
100 60 June15 67 Oct 18
10 Do 2d preferred
65
65
65
§65
65 *
Apr
65 •
100 16512 Jan 6 189 Novla 160 July 190
200 Lorillard Co (P)
*18212 18612
186
8
1177 July
184 184 *18212 186 *18212 190 *18212
100 112 Sep 14 118 Jan 19 110 Jan
pref
Do
*11318
*11318
*11318 ____ *11318
8738 Feb
•11318
61 July
Nov 5
84
8Jan 11
100 725
300 Mackay Companies
83
82
82
82
*78
81
82
*78
70 Tan
82
*78
651 Jan
4
100 643 Oct 28 6934Jan 19
pref
300 Do
6518 6512
6510
6512 *65
4
653 *65
*65
66
*65
v 1433131
1412 Dec
92 Oct 26,
1514
7538 7612 14,177 Maxwell Motor Inc tr ctfs_100 4314 Jan 6 103 Oct 261
76
75
76
7312 73
72
64 De
7134 74
4112 Dec
Jan 2
9912 2,722 Do 1st pref stk tr ctfs_100
99
8
9912 9912 995
17 2 Dee
100 10018 9912 9912 99
17 Dec
8th tr ctfs_100 18 Jan 6 6812 Oct 26
8
565 5718 3,100 Do 2d prof
5614 5612 563
55
4
1312 Feb
5512 5614
5614
55
4613 Jan
100 51 Jan 9 97 Apr 26
951. 55,550 Mexican Petroleum
94
8
9414 9312 947
4 93
8
935 953
67 May 87 Feb
9112 94
100 67 Jan 15 94 Apr 26
pref
600 Do
88
88
89
8812 8812 *87
89
89
89
4
*87
5 1714 Jan 6 353 Oct 30, $1612 Dec $245s Feb
7,500 Miami Copper
3412 35
8
5278 June
3478 3512 345 35
8
41 Dec
3414 3412 345 35
100 42 Jan 4 6712 Nov191
4
643 6614 5,100 Montana Power
6412 66
8
8
8 657 66
667
6512 66
65
100 99 Jan 29 114 Nov 8 101 Apr 1037 June
600 Do pref
11238 11212
•112 11212 112 11212 *112 113 *112 11212
100 116 Apr 3 132 Jan 22 120 July 139 Feb
3 1,237 National Biscuit
12634 1285
12514 12512 *125 127
128 June
*12518 127 *12514 127
100 119 May25 126 Feb 3 11914 Jan
Do prof
•122
8
•12114 1295 *122
14 Feb
9 July
4
/
912 Jan 4 361 Oct 25
2978 3012 3,500 Nat Enam'g dr Stamp'g_ _ _100
4
2814 293
29
8 2814 2812 *28
80 June 8678 Mar
2738 283
100 79 Apr 1 94 Nov26
110 Do pref
94
94
94
*9212 9412 §94
52 Jan
*9212 95
40 July
*9212 95
4
100 44 Jan 4 703 May 1
4 2,050 National Lead
6512 653
6512
4 6478 6538 65
109 Feb
6414 6412 6414 643
4Jan 4 115 Nov15 105 Jan
100 1043
320 Do pref
112 112
112 11214
*10912 11214 *10912 11214 §111 111
17 Nov17 51014 July §1613 Jan
5 1184 Feb 24
8 9,300 Nevada Consol Copper
4
163 167
8
1634 167
1658 1678
163 167
4
8
1658 1634
58 July 69 Jan
100 5612 Feb 26 16434 Sep 23
137 13812 2,200 New York Air Brake
13718 13734
136 13612 137 137
136 137
7914 Mar
4
/
641 July
4,300 North American Co (new)_100 64 Jan 19 81 Apr 21
7312 74
74
72
72
29 Jan
7112 7112 7112 7112 72
1714 July
100 18 Mar17 38 Aug 8
1,900 Pacific Mail
33
33
3312 3212 3212
3212 33
*32
31 Jan
20 July
4912 Oct 1
100 2618 Feb 11
44
400 Pacific Telep & Teleg
44
44
*4212 45
Jan
4312 4312 *4212 45
300 People's G L & C (Ch1c) 100 11212 May10 12312 Apr 3 106 July 125
11812 1185
*
118 118 *11712 119 *11712 119 *118 119
4512 4578 6,400 Philadelphia Co (Pittsb) _50 3512 Apr 7 49 Sep 30
4538 4618
4512 4512 4614
*4312 4414 44
2312 Feb
15 Dec
100 1514 Jan 4 4212 Oct 14
36
361. 5,250 Pittsburgh Coal
35
3518 36
3512 35
35
35
9312 Feb
35
79 Dec
100 8158Jan 4 114 Oct 14
8 2,200 Do
pref
109 1097
10712 10878
46 Feb
*105 110 *104 108 *104 108
2634 Jan
100 25 Mar 6 7814 Oct 4
6738 4,200 Pressed Steel Car
67
2
2 6714 67,
4
6612 6714 *663 67,
10514 Mar
4Jan
6614 67
973
86 Marl() 103 Oct 26
100
10514 10514
300 Do pref
10412 10412 105 105
114 Apr
•104 105 *104 105
695 Public Serv Corp of N J__ _100 10012 Aug 24 119 Nov17 107 Jan
115 11538
*110 117
4
115 115 *1143 116 *110 116
100 15018 Mar12 17014 Oct 23 150 Dec 159 Jan
2,400 Pullman Company
16712 16712
16714 168
278 Jan
166 16634 167 167 *166 167
8
7 June
4
53 Nov 1
14 Mar15
100
358 4
700 Quicksilver Mining
*312 4
*334 4
*312 4
4
4 Jan
*3
112 June
8
67 Nov 1
34 Mar29
100
5
*414
5
Do pref
*4
5
*4
5
*4
514
*3
8
343 Feb
1934 July
100 19 Mar 6 54 Oct 1
Spring
4512
4512 47
2,300 Railway Steel
4312 4312 4534 4534 4412 4412 *44
88 Dec 101 Feb
100 87 Mar 3 10014 Nov19
Do pref
•101 105
*100 105 *100 105 *100 105 •10I 105
$2212 Apr
2712
2614
2534 2618 20,910 Ray Consolidated Copper_ _10 1514 Jan 2 5612 Nov17 $15 Dec
2614 26
8 26
263
2614 26
26
27 Jan
Oct 19
18 Dec
100 19 Feb 1
5138
51
5114 52
6,800 Republic Iron & Steel
5112 5034 51
5012 5112 51
9114 Mar
8
75 Dec
100 72 Jan 30 1097 Nov19
109 109
900 Do prof
1093 1093
4
4
4
4
4
4
1083 1083 *1083 10912 1083 109
18 Jan
8
37 Dec
*312 431
8
7 Jan 22 14 Aug 13
100
Co (M)
100 Rumely
4
434
4 33
33
*314
4
41 Jan
4 412 *312 43
*33
2034 Apr
213 Jan 20 1814 Aug 12
1112
100
Do pref
1112
*7
_
2- - -*712 1112 •712
*712 111
312 Nov10 1114 Nov22
100 Rumely Co(M)ctfs of deposit
*14
1414 1414
16
*14
714 Oct 23 29 Nov24
29 29
300 Do pref certifs of deposit_
28
28
July
100 *13134 Mar17 20912 Feb 1 17014 July 19712
4
15712 1613
16334 172
6,550 Sears, Roebuck & Co
157
June
1612 15612 157157
100 12138Jan 4 12512 Feb 19 120 Dec 12434 Jan
*12434 _ _ _ _
*126
Do pref
35
•12434
1912 July
Jan 6 65 Sep 29
60
*58
600 Sloss-Sheffield Steel & Ir100 24
5912 60
60
8
8
593 593 *5812 5912 *57 130
134 13514
138 144
1,480 South Porto Rico Sugar_ _ _100 40 Feb 16 150 Oct 15
130
130 130 *120 130
100 8938 Feb 4 110 Oct 14
*106 110
Do pref
110
45 Dec
32 Jan
*106 110 *105 110 *105
100 4312 Feb 23 88 Nov26
88
84
4
1,500 Standard Milling
8118 8118 833 84
81
80
6712 Dec
80
5912 Dec
*79
4
100 66 Feb 17 833 Oct 21
8
813 8138
225 Do pref
8312
81
18312
3614 Mar
20 Jan
*8012 8112 *8012 8112 81
4
353 Jan 2 195 Oct 22
4
15314 15538 16,370 Studebaker Corp (The).. _100
15312 1553
15214 15514 15414 156
92 May
15012 155
70 Jan
100 91 Jan 2 11913 Oct 27
600 Do prof
113 11338
8
4
11014 1103 110 110 *110 114
•110 114
4
25 2512 Feb 24 70 Sep 30 $243 July $363 Feb
5834 5912
60
Tennessee Copper
5914
8,100
8
5812 5738 585
4 58
56
573
Nov24 112 July 14978 Mar
21312 219
40,650 Texas Company (The)_ 100 120 May14 220
198 220
201 20412 199 202
4
83 Feb
188 203
358 June
4
83 Nov 4
438 Jan 4
100
400 Union Bag & Paper
4
,
7 4 73
4
73
*7
*7
8
718 712
*7
3212 Feb
1814 July
8
100 227 July13 308 Apr 6
2712
600 Do pref
2734 273
4
2712 2712 2712 *26
5014 Feb
2638 2612 •27
39 Dec
4
663 Oct 27
100 42 Jan 25
450 United Cigar Mfrs
6278 62%
16112 6112
61
6118 6134 6134 *6012 63
99 June 10378 Feb
100 100 June19 110 Oct 1
*105 110
50 Do pref
*106 109 *106 109 §109 109 *104 110
912 Nov23 1012 Oct 20
10
912 982 11,900 United Cigar Stores
8
912 95
912 934
934
8
95
4
95s 93
10 1112 Oct 14 1218 Nov1(
*1114 12
400 Do pref
*1158 12
1218
1178 12
1112 1112 *11
100 139 Nov10 163 Nov17
1603 16212 12,290 United Fruit
4
150 16012 160 163
154 15714 15818 162
1313 Jan
734 June
8
8 Jan 2 317 Oct 29
2814 2614
900 U S Cast I Pipe & Fdy_ _ _ _100
8
2558 2634 2514 2538 *235 26
2638 27
49 Feb
30 July
100 3212 Mar 3 5512 Nov 8
54
100 Do pref
5312 5312
*52
54
54
*50
*50
54
*50
87 Mar
46 Jan
100 4312 Nov 1 7314 Mar 9
45
45
46
300 U S Express
46
*42
*42
46
4
4312 433 •42
20 Apr
15 Dec
100 15 Jan 27 128 Oct 23
115 11512 8,150 US Industrial Alcohol
4
115 11812 115 1183 115 116
110 114
8518 Jan
75 Dec
100 70 Jan 26 107 Nov 1
Do pref
4413 July
63 Mar
•100 105 *100 105 *100 105 •100 106
4
743 Apr 14
100 44 Jul y24
543
4 5414 547
4
-541 - 4 4,550 United States Rubber
543
8
8 54
8
8
5318 5334 537 537
9518 July 1045 Jan
100 10138 Feb 24 110 Apr 9
8
§1077 10778
20 Do 1st preferred
•107 108 *107 10814 *107 10814 *107 108
6714 Jan
48 Dec
8838 Nov 1
100 38 Feb 1
8738 8818 171,700 United States Steel
s
863 8678 8634 8738
4
861s 863
4 8614 87
Feb 1 117 Oct 30 10314 Dec 1123 Jan
100 z102
11534 116
pref
6,650 Do
11512 11614 11534 116
4
1155 1157 1153 116
8
8
8
8
10 4813 Jan 6 8118 Nov17 $453 Dec 5593 June
8014 8118 55,700 Utah Copper
8 7812 80
783
4
34% Mar
7714 7814 773 7812 78
17 Dec
Chem_100 15 Jan 4 52 Oct 26
4634 47
47
4778
2,000 Virginia-Carolina
4
4718 4714 463 47
47
48
96 May 10712 Mar
100 80 Jan 6 113 Nov26
113 113
pref
100 Do
11112 11112 *111 114
52 Mar
•110 114 *110 114
35 July
63
65
62
*61
500 Virginia Iron Coal & Coke_100 36 June 9 74 Oct 26
61
61
61
61
66% Feb
1
533 July
57 Jan 2 90 Nov 4
8 1,800 Western Union Telegraph_100
885
88
*8712 88
4
873 8734 8712 88
7912 July
7 Oct 26
88
88
64 Jan
6812 7018
6934 71
73,300 Westinghouse Elec & Mfg_ _50 32 Feb 24 74
,
12412 June
6712 6814 6612 6814 67 4 6838
50 5812 Mar12 85 Oct 21 11578 Jan
80
4
20 Do 1st preferred
*77
*763 80
80
*76
76
80
176
*76
Feb 23 268 Nov 1
234 234
233 233
1,400 Willys-Overland (The)____100 87
232 232
225 230
230 232
100 98 Feb 13 11418 Nov16
pref
4
1133 1133
1,900 Do
8
4
•112
113 11334 .113 11312 1133 11338
89 July 1 10314 Feb
100 9014 Jan 8 11512 Nov 1
11214 115
5,400 Woolworth (F W)
112 113
11114 112
11114 112 *11114 112
11878 Mar
100 115 Jan 8 124 Aug 14 11234 Jan
prof
123 124
1001 Do
•122 12312 12312 12312 *12312 124 .12312 124
share. q Quoted dollars
day. $ Less than 100 shares. S Ex-rights a Ex-div, and rights. b New stock. c Par $25 per
* Illd and asked prices: no sales on this
per share. 5 Ex-stock dividend. x Ex-dividend.
-HIGHEST AND LOWEST SALE PRICES
STOCKS
Thursday
Friday
Wednesday
Tuesday
Monday
Saturday
Nov. 26
Nov. 25
Nov. 24
Nov. 23
Nov. 22
Nor. 20
THANKSGIVING DAY
11414
-44
*12434
1-gi -
1790
New York Stock Exchange—Bond Record, Friday, Weekly and Yearly
Jan. 1909 the Exchange method of quotinj bonds was changed, and prices are now all—"and interest"—exceptfor income and
defauilcd bonds.
BONDS
N. Y. STDUK EXCHAvuE
Week Ending Nov. 26.
Price
Pride:if
Nov. 26.
Week's
Salsas Or
Last Sale
4 ?;
1
cote
Range
Since
Jan. 1,
U. S. Government.
High No. Low High
Ask Low
Bid
U 9 2e coned! registered__ _61930 Q- J 9914 ---- 9913
9912 1000' 904 99
'2
8 2a eonsol couP011
99 -- 9714 Oct '15
41930 Q - .1
9714 99
• Be registered
101.3
4
k1918 Q - F 10114
1013
4
2 98 1013
4
U S Be coupon
1011,3 Nov'15
.10114
k1918 Q - F
10012 102
U 8 4s registered
1925 Q F 10912 11014 10934 Nov'15
109 110
U 9 de coupon
1925 (4- F 110 -- 110 Sep '15
10912 11112
U H Pan Canal 10-30-yr 2s..k1936 Q F 98 ---- 9814 Oct '15
9712 9814
USPn Canal 10-30-yr 2s_1938 Q -N ---- - -- 97 July'15
8 Panama Canal 3e g
4
1961 Q -M 10112- 1013 Aug '15
i563- fed
4
foci 100 Feb '15
• P/1111P0ine Island 45_1914-34 Q - F
100 100
BONDS
N. Y. STOCK EXCHANGE
Week Eliding Nov. 26,
Price
Friday
Nov. 26,
Week's
Range or
Last Sale
E
CO
Range
Since
Jan, 1
Bid
Ohio Burl & Q (Cos.)—
Aak Low
High No, Low High
Joint bonds. See Great North
973 Sale 973
Nebraska Extension 412_1927 131-N
4
2 943 073
4
073
4
4
4
Registered
1927 M -N ---- _- 03 JIMO'IS
95
95
Southwestern Div as
1921 NI- 5 9912 _
9918 June'15
9918 9918
General 4s
.a
66 88
1958 al- 13 9414 §lo
9414
95
95
Ohio & E III ref & Imp 48 g_1955 J - J
2012 25
1 15
2312
2312
29
let gonsol gold tis
1937 A - 0 103 ___ 10118 Nov'15
9 4
_ 91 103
74 Sale 73
General coneol let Se
32 51% 75
NI- N
74
Registered
1937 NI- N
71 June'15
5212 71
Fur money lot coal 5s
1942 F - A
9734 O t ;13
17 Feb 5
Chi° & Ind C Ry let 5s
141
8_
1938 J - J
17
17
Foreign Government
Chic Great West let 4e
747 Sale
8
1959 M- S
125 64
7473
Anglo-French 5-year 5s(wh Ias)_
97% Sale 97%
98
323 977 9314 Chit md & Loulsy—Ref 09_ 19 7 3-i 11212
8
97
4
173' Nov'15
1214
2
747g
1
110 117
Argoatine—Internal 50 of 190a_ _ 81- es
9212 Sale 9212
9212
21 80
99.4
Refunding gold 5s
3-,
101 June'15
101 101
Chinese (Fluktiang Ity)-5s of '11 J -D 8----743 88 Jialy'14
4
Refunding 40 Series C_ _1917 3-3
- - ----- 86% Apr : 1
95 j uy2
1
Cuba—External debt b's of 1904_ M- P
97% 9812 9712 Nov'15
9318 9712
Ind & Louisy let gu 4s
1956 J - J ----Exter dt 58 of '14 ser A ___1949 F - A
9512 96% 96%
2 90
967
8
967
-year 4s 1956 J
8 Chia And & Sou 50
86 __ _ 8512 Nov'15
8513 8513
External loan4)4e
85
8612 8612 Nov'15
1949 F- A
80
8612 Chic r & East let 41-4s
1969 J -D 93 ____ 9412 Nov 15
'
923 9413
4
levaneee Govt— E loan 4149 1925 F - A
82
8214 817
8
19 73% 8412 Chicago Milwaukee A St Paul—
82
Second series 1'.s _
5379 Sale 783
4
3 7178 82
79
1925 Gen'l gold 48 Series A _ _.._e1989 3-3 9212 9314 927
8
9314 54 85
9314
Do do"
4
753 Sale 37534
German stamp"_
Registered
7614 146 70
79%
e1989 Q - J
9912 Apr '1o
81 2
,
538
8
912
Sterling loan
_ 69
__
7834 June'15
_ 1931
Gen A ref See A 43-e..
---9518
a2014 A - 0 94
--LL 87 8912
9558
Vexico--Exter loan .E 55 01 1899 _ 79
7914 Apr '14
Gen ref eons, ser B ,Se_ a2014 F - A 10718 Sale 10612
--- 10714 209 80618 10714
Gold debt 4.s. of 190;
65 July'14
Gen'l gold 334s Ser. B__e1989 3-3 82
1954 J - D ____ 85
3 70 382
382
382
Pray of Alberta—deb 4
951 -951 2
9512 Ian '15
General 4348 Set C
1023 Sale 10238
4
_ 1924 F - A
e1989 J 9 97 10312
10338
rokY0 C1 Y-5s loan of 1912_
7912 80 May'15
,
92)4 Sale 31902212
25
82
-year &ben Is
78
_ NI- 5 81934 J 8412 9318
:These are price, on 04 basil of I5tof
Convertible 43-413
1932 J -D 102 bale
9 4
10211 375 9314 10214
93
Chic & L Sup Div g 5e_ 1921 J - J 103,
3
1023 Aug '15
8
10238 10212
State and City Securities.
Chit,& Mo Itiv Div 5s
1928 J - J 10418
103 July'15
103 1043
4
N Y City 4st a.
Chic & P W 1st g 5e
10114 19 9714 10114
• S 101 10114 10012
8
1960
1921 J - J 10314 1035 1033
4
103%
10134 1033
4
101 Sale 10034
43(s Corporate stoek
10114 76 973 10114
91 Sale 91
O M & Puget Sd let gu 4s_1949 J - J
4
1961 111191% 48 8578 9178
434s Corporate neck
8
105% 134 1015 10534
8
Dak & Girt Sou gold 5s..1916 J - J 11111
1965 -D 1055 Sale 1.05%
100 Oct '15
100 10012
Corpori:e stock_1983 M- S 103% Sale 10514
10512 14 1015 1053
Dubuque Div 1st e f 68_1920 3-i 10678 10714 10634 Nov'15
8
4
106 1073
8
98 Sale 97%
6% Corporate stock
15 94
98
98
Fargo dc Sou assum g 89_1924'-3 10912 _ _ _ _ 110 June'13
1959 al-N
975 98
4% Corporate stock
8
977 Nov'15
8
9412 97%
La Crosse A D let bs
1013
4
1958 NI- N
1919 J - J
103 Nov'15
10218 103
9734 98
4% Corporate stock
9734
15 94
'J8
98
Wis A Minn Div g Ss
1957 al-N
1921 -1 - J 10338 - --- 10338 Nov'15
10158 1033
8
963 97% 965 Nov'15 -- 94
4
6% Corporate stock
8
9714
Who Vail Div let 6s
8
1956 M- N
1920 3-' 1067 ____ 106/2 July'15
10014 107
10512 24 1015 105%
New 4!
8
-Ss
Mil & No let ext 4348
1957 M- N 10518 10512 105
1934 -D 10012 10013
10012
99 101
101
New 44s
10012 10114
Cons extended 4548...1934
101 ____ 100 Oct '15
1917• N 101 Sale 101
100 10012
10418
2 1015 10518 Cole & Nor WC9f Ext 4.31986-1926 J -D 9818
63-4% Corporate stock_ 1957 M-N 10518 10512 10318
8
_ 94 Sep '15
F-A
9212 9414
101
101
44% Ansesement bonde_1917 M-N 101
3 10012 10118
Registered
91
_ 9412 Nov'15
1886-1926 F - A
9412 9413
84% Corporate stock__ _1954 61-N 8612 8712 8612 Noy'15 -- 84
89
General gold 33411
83 Sale 8212
25 78
1987 NI- N
83
83
101% -- 1013 Nov'15 -- 9.37 10134
8
N Y State
4
___ ___
1961 Ill Registered
'14
Q - F ---- 82
9812 Jan,64
76
1013 ---- 10112 Nov'15 ---- 9972 10112
4
Canal Improvement 4/1_1961 J - .1
General 43
96 Sale
919 7 NI- N
43 894 9614
19
8
Canal Improvement 4.9._ _1982 J - J ____ _ 101% Sep '15 -- 100 1013
s
Stamped 45
9212 ___
1987 NI- N
9514
9512 32 89
101% ---- 10134 Nov'15
95 2
,
Canal Improvement 4s
19110 J 99% 1013
4
General 5s stamped_ — .1987 NI- N 11312 1147 11012 Oct '15
8
8
109 11412
Canal Improvement 430_1984'-3 112 11214 III Nov'15 -- 1081, Ill
Sinking fund 6s.__1879-1929 A - 0 1093 ---- 10812 Oct '15
4
108 10913
Canal Improvement 4341_1985 J - J
105 Nov'15
104 1053
3
Registered _
1979-1929 A - 0 109
10512 Dec '13
Highway Improv't 434s_ _1983 NI- S 112 11214 112
11214
6 108 1121.1
Sinking fund 5e
1 l0278 16412
1879-1929 A - 0 10412 sale 10412
10412
Highway Improy't 4 Si 9_ _1965 M- S 10312
10512 Nov'15
10418 10512
Registered
1033 _ 102 Oct '13
8
1879-1929 A VIrginla funded debt 2-3a. _A991 J -J 88 _ _
386 Nov'15
86
81
Debenture 5s
104 Sale 104
119:131 A 92
104
10058 1(54
ba deferred Brown Bros ctfs.__
56
57
56
59
49 52
61'2
Registered
103 101 Dec '12
1921 A Sinking fund deb be
10312 Nov'15
M-N
101 104
.
Railroad
Registered
1933 M-N
101., May'15
99 10112
Ann Arbor Is: g 4s
6218 ____ 6112
62
5 53
a 1995 Q6612
Preto Elk dr Mo V let 8s 1933 A - 0 ift15
117 Aug '15
117 11%12
&Cob Top A S Fe gen 4s
.8
95
210 8912 953
1995 A- 0 3947 Sale 9112
4
Man GBANW 1st 3341_1941'-3
9012 Sep '09
Registered
A - 0 9318 Sale 9318
1 89
9318
9318
Mllw & 8 L let go 334s
1941 J - 3
Adjustment gold 4,
38714
11 8014 8712
A1995 Nov 38714 Sale 38714
MI1 L S A West 1st g 65
1921 ▪ S 10734 Sale 10734 -16734
105 los12
Registered
80 Mar'13
A1995 Nov
Ext & Imp s I gold 5s
1929 F - A
3021, Aug '15
39213 1045
87.8 Sale 8712
8
Stamped
8814 16 8012 8814
61995 NI- N
Aelstand Div let g ffs..._1925 ▪ 11112
- 11318 Feb '14
Cony gold 45
10712 18 9238 110
1955 J -D 10712 Sale 10712
Mich Div 1st gold 68
11058
1924 J - J
11112 Aug '15
11112
'J912 May'13
Cony 4s!Me o11909
1955 J
Mil Spar & N W let go 48_1947 M91% 9
.
:1
2 89t4 92
92
10734 Sale 1073
Cony 43 Issue of 1910
4
108
4 9233 11014
1960 J
.
Northw Utdon let 7s g
10313
2
1073 May'i4
92 8
1917 M10-year tie
8 10018 102
10112
1917 J - D 1013 10112 39114
St L Peo & N W let go 58_1948 J - J 103 1083 106 Nov'15
8
joist 106
96 ___- 9338 Nov'15
Eaet Okla DIY 1st g 4s
91
92
Winona A St P let ext 78_1916 J 1023 103 10312 May'15
1928
8
10312 10853
8712
Trans Con Short
8812
7 8412 SI)
lot 4s..1959 J - 1 8812 90
Chicago Rock 1s1 & Pao 85_ _1917 J - J 10212 102% 10212
10212
10138 10212
Cal-Arla 1et & ref 43-4s"A"1962 NI- S 9818 99 S943 Oct '15
4
93
90
Registered
1917 J - J 10212 ___- 1023 Oct '15
8
10114 l0238
8 Fe Free & Ph 1st a 5s1942 M- 5 10012-_ 10312 Sep '15
103 10.312
Ru general gold 45
853 8614 85
4
22 79
1988 .1 - J
86
86
933 Sale 9312
4
all Coast L let gold 4s___A1952 M44 85
94
94
Registered
73 _70e
1988 J - J 80 s ..- 8112 Nov'15
8213
80
50-year unified 4s
Refundh_g gold 45
1959 J -10
-184 61
1931 A - 0
717
8
_
Ala Mid let gu gold 51. _ _ _1928 NI- N
105 Nov'15
9214
2 -20
105 105
-year debenture Si
50 Sale 683
138 39
4 14
1932 J - J
' 59
70
67
9312 ____ 923
93I
BrunsA W 1st gu gold 48 1938 J - J
4
923
4
9312
89
Coll trust Serles P 4s
7918 988 9434 June'll
1918 61-N
_
129 1.3a 1297 Aug '15
Charles Jr Say 1st gold 7s_1938
8
1297 12913
R I Ark & Louis 1st 4 34s._1934 M 8
- 74
85 July'13
L & N coil gold 4s
88
8812 88
12 80
89
Bur C It & N 1st g
8814
10114 ---- 10114
01952
1934 A -69 10114
10114
."
118% _-__ 118 Oct '15
Say F & W Is: gold 9,...1934 A 118 11912
C RIF& N W
5,1_1991 A -0 99 ---- 10038 Mar'14
10412 ___- 105 July'15
let gold bs
105 105
M & St L lat gu g 7s
(511 So Oca
Vs,g
:
gu g 4s_
C
) 9812 __ 98 June'15
J
Choc Okla &
97 2 98
,
gen g bs_o1027
1919
8
9738 July'15
-6i5- 975
Bait A Ohio vrlor 334e
4
9312 72 883 93
1925 - J 92% Sale 923
Coneol gold 50
4
%
975 July'15
8
9712 9712
90 June'15
Registered
8812 90
41925 Q - 3
Keok & Des Moines let 58 192 fl
7
551
_ 6934 Se, 1
93 A
8
45 A l :1
2
f
4934 84
8
let 30-year gold Is.
913
4
119 85
92
A -0 3915 Sale
A1948
9214
St PaulA K Sh L 191 449'41 F -A
81
65
65
Regletered
89 Nov'15
41948 Q 90
85
Onle St P M & 0 con
_ _1930 J -D 11638 --__ 117 Nov'15
11434 1173
4
957 Sale 957
8
70-yr cony 434s _____ ____1933
8
98
502 8212 9618
Cons 9s reduced to 33-4/1_ _1930 J -D 87
90
90
Pitts June let gold (35 _
112 Jan '12
1922.7---i
-Debenture 53
1025 Salo 102 ja 1 0271
8
7 9912 10278
99
%
1
;
9034 91
P June & MDIV lets 33-6' 1925 M N
8712 Oct '15
8412 83
Ch St PA Minn 1st 61.._193 RI - N 1155
5
115 1153
9
1918 M 8
115% Oct '15
8
PLEA W Va Sys ref 4e1941 NI- N 87 Sale 87
8912 74 7753 8912
North Wisconsin let 0_1930 - J 115
- 12958 May'09
Southw Div lst gold 3149_1925 J
9212 Sale 917
J
8
9214
St P & S City let g 6s... 1910 A -0 1051.3 10558 10514 Nov'15
9214 147 86
154-5; 10E34
Cent 01110 It let o g 4 30_1930 NI- S
100 Apr '13
Superior Short L let 5ti g-1/1930
M- 8
ClLor& W eon let g 53__1933 A 10412 Apr '15
10312 10112 Chin T H dr So-eat 1st 5e
196038 - 0
-80 - 85 Jan '14
Monon River let go g 53_ _1919 F - A
_
10214 June'12
Chic & West Ind gen g 6s..../19321Q -M 1003 —_ 10012 Nov'15
4
1- 05 10612
Ohio River RR let g 5a___1936
- D 104 ____ 10212 Oct '15
Consol 50
10212 10212
-year 4s
8213 Sale 8212
19 74% 8314
1952'3 83
General gold bs_
983 Nov'15
4
1937 A - 0 10018
4 Cm H & D 26 gold 434e
9812 983
80 _ _
1937 J - J
96 NI a r'14
Pitts Clev & Tol let 568...1922 A - 0
11312 Feb '12
let A refunding Is
.
1959 .2 - J
.
—
Pitts & West 1st g 4s
9614 Mar'14
_1917 J - J
let guaranteed 4s
- -1959 3 - J
87
14 Juno 12
_
_
stst let Ity 1st gu g 440_1913
91 June'12
COI 1)& I 1st gu g 39
J D
1941 M -N
2712 ---- 25 July'15
25
25
&Livia Ry let 58
1927 J C Find & Ft %V let gu 4s g _ 1923 NI- N
---_ 88 Mar'll
_
Buffalo R & P gen g bs
7
10412 Sep; 15
1937 NI- S 1668
;
On I & W let gu g 4s___ _ 195:3 J - J
i1'iI; iii
---- 65 J'ly '14
Canso!4(43
997
2
100 Nov'15
991, 103
1957 NI- N
Day & Mich let cons 4348_1931 J - J
943 Doc '14
2
All & West let g 4/1 go .._ INS A- 0 913 ---- 92 Nov'15
4
Ind Dec & W 1st g 5s.
90
91%
1935 J •3 65 J'iy '19
Clear & Mall let go g 50._1943 1 - J 10315
112 Apr '14
1st guar gold 5s
1935 .1 - J
10712 Dee '02
Roch A Pitts let gold 61_1921 F - A 1007
8
1063 Oct '15
Cleve Cln C & St I. gen 4s_ _ _1993 J -D 81's 8214 8214
lo618
83
68
83
Consul let g 6u_
107 Sep '15
8
107 107
1922 1 - 0 1093
20-yr deb 1 148
1931 J - J
8713 8812 8713 Nov'15
7938 8712
Vanada Sou cons go A 55_ _1982 A - 0 10412 Sale 10112
105% 23 100 1053
Cairo Div 1st gold 4s _
4
1939 3- J 38512 Sale 28512 38512
80 31512
Registered__
.
1962 A -0 ---- -- 106-8 Apr '14
Cm W & NI Dtv let g 43_1991 J - J
_ _82
78 Nov'15
78
70
Car Clinch A Ohlo 1st 39-yr 55'38 - D
9714 98
973 Nov'15
4
St L Div lot coil tr g 4s
94
9734
1990 NI- N
7512 85
Central of Ga let gold 55_--01945
107
107
55
72
1 l0312 10712
Registered _____ ____1990 NI- N
8
8
0
5
8214 ivi av 5 1.1
79 N° r
:
A 10612
Consol gold 5s
4
1945 NI- N 101 ioTii 1013
8458 ____ 85
102
4 96 10212
Svr & Col Div 1st g 45.._1940 NI- S
85
77
. - -85
Chatt Div pur money a 4s 1951 J - D 83
84
86 Feb '15
82
84
S6
W W Val Div 1st g 4s.._ _1940 J - J
86
91 Apr '12
MacA Nor Div lets 5s_1948 J - J 10118 ---- 11113 Nov'15
4
I St L C consol Gs._ _ 1920 61-N 1o4 105 105 Nov'15
101 10114
- 10514
Mid Ga & AU Div 5s_
10018 _
1947 3 10014 Mar 15
92 __
let gold 4s
91 Nov'15
l0014 10014
1c1936 Q-F
91
90
Mobile Div let g bs
1013 11 5 1033 May'15
1946 J 4
4 ;
Registered
4
8812 May'15
1033 10384
*1936 Q-F
87
8812
an RR A B of Ga colg 55_1937 -N
9718 97 4 955
,
Cm S CI con lot g 5s_ _ k
8
9714
7 8612 971i
101 June'15
_1928 J - J
3
101 101
-Cent of NJ gen'l golrI 5s_ _ 1987 1 - 311514 Sale 11514
CCC &Igen cong Os_.J934 J - J
1155
1058s J'iy '14
8 22 11114 1155
8
itegIstered
_
.
114%
115
41937 Q - 3 115
_
Registered
4 11012 115
- J
Am Dock ,t Imp gu 5s...._1921 J - J 10314 10312 10312 Oct '15
Ind 0
10234 104
W lot pref. 48_1934 A 94
19-10
ly 08
Leh & Ilud Rly gen gu g 581920 J 100 ____ 100 June'11
ind & W let pref 5s
d1939
.
N Y & Long Br gen g 48_1941 NI- $ 943 100 10012 Jan '13
4
-ii 72 70 - Nov'15
Peo & East 1st con 4s____1940 A - 0
Cent Vermont let gus g 45__41920 Q - F 75 Sale 75
-E6- 70
75
35
11 68
Income 4s
75
40
35
Apr
5 20
35
C. hesa & 0 fund & !met 5s 1929 J .
38
95
9912 98
997
8 38 85
4
997
6
9
8 Cleve Short I. 1st gu 4 %48
19 9 A - 0 1003 Sale 100
91
10112 134 90% 10112
let consol gold be _
1939 MI-N 10534 Sale 1053
4
10612
1013 10612 Col Midland let g 4s_ _ _ _ _ _1047 J -1
10
8
1418 16 May'lo
17
15
Registered
1939 11 -N 101 105 101 Sep '15
4
101 101
Trust Co certfs of deposit_____
16
1112 Mar'15
1412 15
General gold 444s
_ 9318 9312
1992 11
419518 48 82
9518 Colorado & Sou 1st g 4s
9214 927 021 1
1929
8
2 85
9314
9314
Registered
gi 93
1992 fel- S
9014
9014
1 84
Refund A Text 4 tie_
1935
9014
8914 Salo 8914
N
44 78% 90
00
Convertible
1930 F - A 389 Sale 8838
90
187 70
90
10612 _ _ _ _ 10518
Ft W A Den C let g 69_1921
7 100 1051a
10518
Big Sandy let 4s____
1944 J -D 8312 Sale 8312
8312
2 80
83% Conn A Pas Rigs let g 4s
1943 A - 0
-Coal River Ry lot fp 45_1945 J D 8313
- 81% Nov'15
81 383
Cuba RR let 50 yr 5s g
1952 j - J
- 100 100 May'10
Craig Valley let ir he
9614 100
1940.7 98
98
2 95
Del Leek A Western—
98
Potts Creek Br let 4s
I946 3 - J
8434 Jan '13
_
Morris A Es let go 3Li s_ _2000 3-0 8512 8612 8612
8612 2 84 8613
R & A Div let con g 49_1989 J 84
86
84 Nov'15
8014 8458
1921 J - J 10712 ---- 108 Nov'15
N Y Lack & W let (3.1
107 109
'26 consol gold Is
1999 3 • J
82
80 Nov'15
77
80
Conetruction So
1923 - A 19112
1013 May'15
4
10112 10134
Greenbrier Po( let go g 41_1940 M- N ._
9) Apr '14
_
Term A Improve 4s_
1923 Pel-N
953,
9553 Sep 'lb
95% 96
Warm Springs V 1s7 g 5s 1941 M S
113% Feb '15 _
Warren tot ref gu g 31-4,_ _2000 F - A
(1511 10218 Feb '03
Chits & Alton RR ref g 31......1949 A - 0 60 ___ 59
60
-45 -ii- -66 - Del & Hurl let Pa Div 78_1917 Al- S 10414
,
7
1041- 1053
.4
8
Railway 15t lien 314s
— 10414 Aug '15
1950 .1 - .1 4512 Sale 4414
48
18 38
4712
Registered
149 Aug '01
NI- S
Oble 13 & Q f)enver Div 4s 1922 F - A
9912 Sale 9912
9912 10 983 100
8
10-yr cony deb 45
10012 86 99 10634
1919 J -D 10012 Sale 10013
Illinois Div 3 kin
8612 Sale 38612
1949 J - J
863
4 29 8114 8711
let lien equip g 434s
1922 J - J 10012 10112 998 Sep '15
99 1007
8
Illinois Div 4s
1949 J - J 9512 Sale 95
9312 21 917 9312
8
15t & ref -1f4
9612 Salo 396
96% 27 8913 9712
1943 111-N
Registered
1949.7 94 Nov'15
933 4
94
94
Cony Ss sub reels
10712 Sale 1071 s
108
165 10134 10812
Iowa Div sink fund 5a
1919 A - 0 1023
8
- 10214 Nov'15
10112 10212
Alb & Sus cony 3 15s
1946 A --. 80% _- 86
86% 31 8012 867
O
8
Sinking fund 43
1919IA 0 9918 Sale 9918
9912
2 98% 9913
Hens A Rararaga lot 7e_ 1021
8
11114 ---- 1133 Jan '15
1133 113%
8
.
No price Friday; latest this week. d Due April. e Due May. g Due June
h Due July. k Due Aug. o Due Oct. p Due Nov. q Due Dec. s Option sale.
Nov. 27 1915.]
N
Price
Friday
Nov. 26.
Week's
Range or
Last Sale
Range
Since
Jan. 1
BONDS
N. Y. STOCK EXCHANGE
Week Ending Nov. 26.
.
L-4
-a. Zi
41
.....
Price
Friday
Nov. 26.
Range
Since
Jan, 1
Week's
Range or
Last Sale
1
BONDS
Y. STOCK EXCHANGE
Week Ending Nov. 26.
1791
New York Bond Record—Continued—Page 2
,
00"
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13 .00 Z0-+-.zz.4.c.<0
0-,,mo
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Ask Low
Bid
High No. Low High
• High No. Low High
Ask Low
Bid
8812
84
8812 Nov'15
4
893 91
Leh ec N Y let guar g 4s____1945
82
101 68
82
Sale s804
Deny & R Or let con g 4s_ _ _1936 J - 2 S8112 Sale 85
1945
8
2 735 85
Registered
85
2
jai- 164119361.1 - J 85
10312 ____ 10312 Nov'15
Consol gold 4 tie
Long Isld 1st cons gold 5s__51931
82
6 66
82
8
815
94
394
19281.1 -D 8212 90
__ s94 (Jet 15
94
Improvement gold Is
51931
let consol gold 4s
63
44 38
63
8732
1955,F - A 6214 Sale 6012
85
86 Oct '15
8712 88
let & refunding 55
1938
General gold 4s
95 109 Dec '12 __-80
95 ____ 9514 May'14
Rio Gr June 1st gu g 5s_ .193912 - D
---1922
Ferry gold 4yis
'Ii - - - - - - _
194012 - 2 35 --__ 6112 Apr
1932- - _ - 9914 Oct '06
Rio Or So let gold 4s
Gold 4s
.
35 Nov'15 -7 -ii 10 821 8913
1940 2 - J
87
85
gi 87
Guaranteed
1
1949
Unified gold 4s
75
75
77
1939 J - J 75
951. 9818
8
983 100
984 Nov'15
Rio Or West let g 48_
1934
Debenture gold 58
58 777
69 60 8
8
6512 607 Nov'15
62
8234 8812
8812
8712 8818 8718
Mtge & col trust 4s A_1949 A -0
1949
gold 4s
Guar refunding
1
_ 90 A or' 1
_
let go g 4s_a1917 A - 0 --_- ____ 95 Jan '11
Utah Cent
1949
Registered
iti6- icici 6612 i(ki 100 Mar'15
- kicTi8
98 ____ 100 Feb '15
Des Mot tin Ry tat g Is.....1917 M- N
8
717 87
NYBAMBIstcong52_1935
90 s87 Nov'15
87
10012 102 100 Nov'15 _---100 100
Det & Mac_ let lien g 48—.1995 J -I) 80
N Y & It 11 let gold 5s_1927
85
78
_ . _ 80 Nov'15
1995 J -D
_ i i 01
i oo 8_ 1i5
10012 102 101 Aug '15
Gold 4s
8
23 897 95
Nor She B let con g go 5s_o1932
95 Sale
M-N
85
9112 914 Feb '14
Det Riv Tun-Ter Tun 4%0_1961
2
101, 10514 Louisiana & Ark 1st g 5s__ _ _1927
5
949
10314 105 105 Nov'15
11412
,
113 8 11378 11412
Dul Missabe & Nor gen 5s 1941 2 - 2
I! 984 10312 Louise & Nashv gen 135
1930
10312
9978 _-__ 10312
89 973
10678 ___ 107 Nov'15 _65 106182 104 4
Dui & Iron Range let Ss_ _ _1937 A - 0
1937
Gold Ss
106 Mar'08
1937 A - 0
Registered
9434 Sale 9418
4
943
Unified gold 4s
1940
'11
104 Feb
1916 J - J
2d 6s
_ ___ 94 June'14
0
9
: -- 1 : -- -- 10 -- -0
1940
94
Registered
1937 J - J 94 ____ 94
7
62 o
6 1g lj 718
-0 7 i i
10412 ____ 10478 Nov'15
Do So Shore A; At g 5s
1931
Collateral trust gold 5s
- 104 Nov'15 ----' 103 105
72
1c714
10712 Nov'15 ---- 1
Elgin Jol & East let g 5s_ __ _1941 M-N 104 -E H & Nash 1st g Os
12 10612 111
1919
111
1920 M- S 111 Sale 11014
Nov'15
let consol gold is
Erie
10018 ____ 101
L Cin & Lex gold 4%s_1931
9012 ---- 9712 June'14 --I -- -1947 MN
1 19 14 101 2
4 4 15
,
11512
___ 11512
115
N Y & Erie 1st ext g 4s
1930
NO & M let gold 6s
1014 May'15 -- -- 100 1024
1919 M S 10112 __—
5
0 ,8 6
158 10972
2d ext gold Is
10712 110 1094 Muy'15
1930
2d gold 6s
__-- 9814 9914
1923M S 9814 ____ 9312 June'15
3t1 eat gold 4 Li s
8614
8612 Oct '15
Paducah & Mem Div 4s 1946
102
3 100 10214
91102
10112 _1920 A 0
1063 ____ 10612 Oct '15
4
4th ext gold 58
St Louis 1)1v let gold 6s 1921
94
1928 J D 94 Sale
62
62 Sale 6134
5th ext gold 4s
26 gold 3s
_ 93 8
1980
0
7 - 109 Oct' 15 ___1 1087 1994
00
88 Sale 88
8812 17 83
8714
1955
NYLE&WIstgfd7S 1920 M 5 -. 1- Sale 855s
Atl Knox & Cin Div 4s
8714 114 77
6
1025,3 _ _ . 111 Jan '13
1996 2 - 2 8 2 . __ 81 Oct '15 ---- 797 80
Erie let con g 4s prior_
& Nor 1st g 5s 1946,
Atl Knox
s
5
8°
8677231996 J - J •30
5
80-8
10
18'6572 10718
_ _ . 105 June'15
105
Registered
'77
Render Bdge let s 1 g 6s_ _1931
125
77
4
763 Sale 7614
8712 Nov'15
--- 89
let consol gen lien g 4s__ _1996 2 - 2 _
7
Kentucky Central gold 4s_19871
77 Apr •12 ---75
1996 2 - 2
-9834 ____ 9812 Nov'15
Registered
L&N&M&M lstg 4%819451
86
4
_-67 __ _ 8634 8534 L -65- -8814
0
9
1951 F - A 8
80 ____ 8012 Nov'15 ---- N12 181.12
Penn coil tr g 45
L & N-South M joint 4s_19521
7334 122 59
4
733
4
1953 A - 0 7314 Sale 723
, Feu '05
__ _ __
o
50-yr cony 4s A
519521
.
Registered
8618 44E4 6312 863
8
851s
1953 A - 0 86 Sale 10234
•
10334 ___-'106 J'iy '14
B
Series
do
N Fla cic S let gu g 5s__1937
,
June'15 ----' 10212 103 s
101 10313
____ 97 Dec '14
2
1916 2 -1
Buff N Y & Erie let 7s
N & C 13dge gen gu g 4s 1945
1 10112 1051,
10518
105 ---- 10518
10713 kir
1091; _ 168 Oct '15
Chic & Erie 1st geld 59-1982'
MPens & Atl let go g 61921'
Feb '15 ---- 101 101
_1938 2 - J ---- ---- 101 Nov'15 -- -- 1193 12212
10378 10518
s
8
1037
_1034 6:7.1e 1037
Clev & Mahon Val g 5s_
8 & N Ala cons go g 5s_ _ _1936
4
12212 _--- 12212
41
4
10312 1037 103
8
10 4 14 9912 104,
Long Dock cousol g tis_ _1935 A - 0 997 103 1004 Oct 15,---- 1004100's
Gen cons gu 50-year 58..1963
8
8212
74
8112 ---- 8212 Nov'15
Coal & RR 1st cur go 6s 1922 1/1-N 10212 -- _ _ 103, A u4 :21-_-_-_-_ _10212 1_9314 L & Jeff Bdge Co gu g 4s_ __1945
.
8
0314 A
1943 J - J
- _
Dock & Imp 1st ext 5s
..... __-Manila RR—Sou lines 4s_ _ _1936
77 Mae'
N Y & Green L go g 5s...._1946 SI-N
99
Nies Internat let coos g 4s_ _1977
99 Nov'15 ---- 93
99 100
____ --_ 79 Nov•10,
N Y Sus & W let ref 5s__ _1937 J - J - _ ---_ 10014 Dee '06
1977
Stamped guaranteed
1937 F - A
-is
2d gold 43
i514 Midland Terrn—ist s f 5s g-1925- . _--_ 101 Oct '091
3 -6712 7514
74 ---- 7514
1940 F - A
105 11112
General gold 5s
11012 -___ 105 Sep '15
Minn & St L 1st gold 78._ 1927
____ __ _ _
1943 M-N 100 ---- 102 Jan •I4
8
1024
102 1027
10278 ____ 1024
Terminal 1st gold 5s
1921
Pacific Ext 1st gold 6s
1940 A - 0 10212 _ __ 11112 May'12
9214
81
NMI of N J 1st ext 5s
87
8812 8812 Nov'15
id"
1934
let consol gold Se
'1' __IV - - 7
90
—
80 Oct
1942 J -D 85
1
5512
WIlk & Ea 1st gu g 5s
60
40
5512 Sale 5512
let & refunding gold 48.._ _1949
1926 J -2 *35 -__- 103 May'12 _--60
60 Feb '151
60
____ 65
Ev & Ind 1st con go g 6s
Des M & let I) let gu 4o 1935
Nov'15
-if - -6i 4
9014
1921 2 - 2 873 --__ 8712
89
80
88 Sale 88
Evans & T II 1st cons tis
Iowa Central 1st gold 5s-1938
s
1942 A -0 47 ____ 993 Dec '13 ---3 35
66
53
5234 Sale 524
let genera, gold Is
1951
Refunding gold Is
108 Nov'll --- -_-_-_-_ -_-_-_-_
23 8612 93
933
Mt Vernon 1st gold fig___ _1923 A -0
9212 Sale 9212
M StPASSNI con g 49 lot go 1938
95 June'12
1930 A -0
974 iil ae* l'Z
____ 95
Bull Co Branch 1st g 5s
1041
1st Chic'Ferm a f 4s_ __
-731 8612
95 --„1- __- -95
95 Sale 9412
-3
98 39634 Nov'15
-9312 i06;
97
Florida E Coast 1st 4168_ _1959 .1 -D _ . ____ 92 Aug 10 ----I —
M 88 & A let g 4s int gu_1926
- -91 __ _ 91 J'iy '14,
Fort St u o Co 1st g 4%11-1941 2 - J..
Mississippi Central 1st 7s__ _1949
,
68 2
5 50
6812
68
6712 72
1928 J - .1
43
' ii 72¼ - 83 "
83 Sale 81
Ft W & Rio Or 1st g 4s
Mo Kan & Tex 1st gold 4s .A990
1
602 58 4918 63
Great Northern-6012 Sale 57
8
g1990
2d gold 4s
9812 278, 947 9812
9818 Sale 9Sis
1921J .J
0 B & Q colt trust 4s
65
6712 65 Nov'15 ---- 6712 89
1944
let ext gold 5s
5638
1921 Q - J ____ 98141 98 Nov'15 — 7-1 9458 98
89 40
Registered h
55
55 Sale 51
2004
1st & refund 48
10018 44 94 101
J 100 Sale 100
8
4 423 74
1st & refunding 4 lis ser A 19612 48
48
49
48
1936
Gen sinking fund 4%s
96 June'13 --604 601s
1961 J - J
,,, 18 Feb '15
Registered
-__- 60
St Louis Div Is ref g4* 2001
8
96 ---- 9378 Nov'15 L_..- 9314 957
1933 J - J
St Paul M & Man 49
•__— 9312 9934 Dec 'I:
Dal & Waco let go g Is__ _1940
I9331J - J 12014 ---- 119 Nov'15 ---- 11614 12014
let consol gold (3s
.
78 J'1)"11
___ _ 78
1990
4
Kan (1 & Pac 1st g 4s _
11824 Apr '15 ---- 118 1183
96l
19331J - J
82
Registered
9612 9712 95 Nov'15
1942
Mo K & E let go g 5s
---- 994 10212
_
_
8512 88
8513 Ntar1.5'
Reduced to gold 4%8_1933 J - J 103 ---- 10212 Nov'15
1942
K A Ok let guar 5s..
M
1093 apr '15 ---4
1933 J - .1
fO 5 70 Nov'15 ---- 6678 89
Registered
7
MR &T of l' let gu g 5;_1942
5 9112 9533
9538
8
953
s
96 may't31
_
-... 95
Mont ext 1st gold 4s_ _ _1937 i - 12 953 96
Sher She & So 1st gu g Is...1942
9214 9214
9214 Nov'15
68
5 68
6812'
1937 J -1) .92
12
68- Sale 6812
Registered
Texas AOkla let gu g 58_ _1943
8614 ---- 8512 Nov'15
10018 Sale 100
1004 48 9212 10112
Pacific ext guar 41 .C..... 1910J - J
181438 189:4 Missouri Pac, lot cons g(19_ _ _1920
5
18i 45
8 1 : 81
88 ____ YJ 14 J elle'Is
'
6 7812 9658
83
8712 Sale 8712
E Minn Nor Div 1st g 4s... 1948 A -0
Trust gold 5s stamped__ _a1917
109 109
8812
82 Oct '15
80
9
192 J - J 109 ---- 109 Nov'15
Minn Union 1st g 68
---- 86
a1917
Registered
9218
19371J - J 120 ---- 12J Oct '15
804 Sale 7634 Oct '15 ---- 72
Mont0 Ist gu g 6s
1920
1st collateral old 'is
61
____ 13 4 May'06
1937,J - J
Registered
Registered -----1920
-1
5
-s
-- 6
10514 i1
.
533
4
-4414 Sale- -i:1 12
1937J - .1 1061 --_- 1051/ July'15
44 4 —
, 13 29
let guar gold 5s
1945
40 year gold loan 4s
4
s
453 132, 29
497
1937 J - .1
4534 Sale 43
Registered
4 , 1st& ref cony Is
1959
joil- itiii.
4
SO
78
80 Nov'15
84
Will & S Fist gold Ss _ _ 1938 J -1) i'd: - -_;_-_-_ 1011- JilliJi:i
82
3d 75 extended at 4%____1938
. .13
77
70
794 75
75
tar B dr W deb ctfs "A"(3100 Par) Feb
--__ ____ luu t eo
B
Boone St L & S let ScSs gu_1951
13
13 Sale 13 Nov'15- 55, 1012 1412
85
60
Deben ctfs "11" (8100 par)-___ Feh
60 ---- 60
i -60- 88
Cent Br Ry let gu g 4s__ _1919
82 Nov'15 --..1 82
8318 85
Gulf & S I let ref & t g 5s_ _51952 J - J
--. -___ 7712 Dec '131
1948
Cent Br U P 1st g 4s
51952 J - J
Registered
--------110 Mar'05
Leroy& CV A L 1st g 59.._1926
9512 10 -6
-96'4
Hocking Val let eons g 4388.19 2 - 2 9334 9712 9512
18 84 90
99
90
90
0
14
_i1/_
Pac It of Mo list ext g 43_1938
--_
1999 J - J - - - - - -- 9734 Jan '
,
Registered
97 8
1 93
974
9718
97
99
8312 8512
2d extended gold 5s_ _1938
84 Nov'15
90
Col & H V let ext g 4s_ 1948 A -0 81
10114 26 93 10112
10114 Sale 101.
St L Ir M & S gen con g Is 1931
86 86
F - A 8314 ---- 86 Nov'15
1955
Col & Tol Ist ext 4s
____ ---- 102 fly '14
9312
93
Geo con stamp go g 5s 1931
Houston Belt & Term let Is.1937 J - J
78 —55 'di' 78
79
7712
76
4
313
1929
Unified & ref gold 4s
5 61 8 9 12 V"liv 1 5' s ____ 9112 9712
9
_
1
Illinois Central 1st gold 48._1951 . - 2 -;- - 3- 92 N o :
1929
Aug '13 -- -Registered
1951 J - J -----Registered
3 : 15
797s Ck 7*2 14 51 - 73
72 ._
-73 Sale 87 se31
78 4 82
Riv & G Div 1st g 4s__ _1933
8214 -....- 82 Nov'15 __-- 923 91
1951 J - J
let gold 3tis
87
87
e
1926
V rdi V I & W 1st g 5s
83
1951 .1 - J •82 ---- 83 Nov'15 ----, 82
4
105 1143
Registered
10912 112 111 Nov'15
1927
83
83
Mob & Ohio new gold 6s
7934 .--.
Extended 1st gold 34is1951 A - 0 *33 ____ 83 Oct '15 ---..
107 10812 107 Nov'15
106 114
1st extension gold 6s____51927
1951 A - 0
Registered
75
72
72 ---- 72 Mar'15
1938
General gold 4s
J'ly .64
IN- S
1951
let gold 3s sterling
100 10112
100 __ 100 Jone'15
1947
Montgom Div 1st g 5i
1951 M - S
8612
Registered
86
89 ---- 8612 Nov'15
1927
; i -867;
St Louis Div Is
89e --1952 A - 0 i67; Sale -848612 s8814
Coll trust gold 4s
8814 Sale s8814
38814
_ 9514 Sep '12 --- _
St L & Cairo guar g 4s__ _ _1931
1952 A - 0
Registered
10518
1([02s4 10631
10538 Sale 1054
92
20
3
Nashville Ch & St L 1st 58 1928
92
9178 Sale 9134
1955 NI- N
let refunding 4s
•100 ---- 111 Jan '13
1923
81
Jasper Branch let g 62
- 81 Nov'15 ----' 79
8112
1952 J - .1
Purchased lines 358s
---- .--- 10334 Jan '14
7978 8714
McNI M %V & Al let 68_1917
87141
84
8612 Sale s8638 may.1
1953 M- N
L N 0 & Tex gold 4s
--_- ---- 113 J'ly '04
1917
_ 85
T& P Branch 1st 6s
1953 M- N *_
Registered
5214 Nov'15 -_------ -523 -5734
4
____ 53
Nat Rye of Mex pr lien 4%8_1957
86 -gi
4
863 Oct '15 ---- D
1950 J
Cairo Bridge gold 48
68
.4.
0
___ ---- 68 Oct '15
_ _ _1977
74 Feb
Guaranteed general 4s_
_
--Litchfield 1)1v let g 39_ _1951 J - J _
8
---- 967 Feb '13
53
'147613 June'15--- 764 -7712 Nat of Mex prior lien 433s_ _1926
81
3%8,1953 J - J
Louise Div A Term g
30
____ ---- 30 Aug '15
1951
83 Aug
1st consol 4s
1953 J - J
Registered
43 - - 40 May'13 -_-_-_-_ 314 41
_ N 0 Mob & Chic 1st ref Is .A960
-_
123 May'99,__-Middle Div reg Is
____ fi 101 Juue'14
73
N 0 A N E prior lien g Os_ _p1915
4
703 -- -- 73 Mar'151-- 68
:
29 1 E?
. . -__ 7912 May'13
Omaha Div 1st gold 31_ _ _1 51 F A
6812 ____ 6812 Sep '15
6812 6812 New Orleans Term let 4s__ A953
2
11114 295 -991- 112
11114 Sale 11012
St Louts Div de Term g 3s 1951 J - .1
80
78
N Y Cen RR deb 65 wh iss 1935
SO Apr '15
83
9438
1951 J - J
9414 375 86
4
933 Sale 9334
Gold 34o
2013
81
81
Ref A imp 43s -A"
81
*____ 81
1 81
84
40 76
1951 J - J
83 Sale s3212
81
Registered
N Y Central & H R g 3%s 1997
733 Mar'14
8
_
,
8212 20 7512 82 2
—__ 8212
Springf Div 1st it 3%9
82
_
.-1951 i - j 8712 ---- 8812
1997
21
78 :8_ !
:! 1
8812
Registered
1951 F - A
,
93
93 4
59 84
9278 Sale 9278
Western lines let g 4s
1934
Debenture gold 48
1951 1. - A ___
Registered
--_ _ -- __ 8_978 June'14
1034
Registered
11712 m;yi6
8012
1923 J -I)
4 912
Bellev &Car 1st 68
804 78 71
7912 80
Lake Shore coil g 3 %s_ _ _ _1998
7812
7812
6 71
Cub & Shaw let gold 4s 1932 Al- S
7812 7914 7812
-9:
;6 -78
1998
Registered
9 O lY 2
10111 jct 18 ____
87
29 77
87
Chic St L& NO gold 5s 1951 1 -D fof
28612 Sale 8612
J P M & Co ctfs of dcp
114 Feb '11
10 67
1951 J - I)
78
78
Registered
s78 Sale 78
Mich Cent coll gold 3Sis.. _1998
'09 ---90 Oct
Gold 3 to
,
71 2
67
1951 J -D
4
763 71 Oct '15
75
1998
Registered
1951 J -D
Registered
Battle Cr & Stitt. 1st go 38_1939
6613162 4 17- 2 1d314
-14
162 4
5
Joint 1st ref 5s series A _ 1963 J - D 1021- 1028
2
-921- -96
—
- 78
"iE- -6i9578 -- -957s
1st gu g 4s__ _1936
8612
Beech Creek
86 Oct '15 ---- 86
Memph Div 1st g 48_1951 J - D 8718
•
_ _ _ _. 99 May'll
1.336
Registered
1951 J - D
Registered
9713
1936
2d guar gold 58
984 98 rly '08
St Louis Sou let gu g 40_1931 M- S --- -- - - --- - ---1936
Registered
6 -g2- -90 90
8714
1950 J - J
Ind III & Iowa 1st g 48
Beech Cr EU 1st g 3 qs__51951
3 96 100
97
9712 97
97
1919 NI- N
lot & Great Nor 1st g tis
-86 - .891 - i - Oct 'l;
1981
92
Cart & Ad 1st go g 49
88
92 Nov'15
9212 93
James Fran & Clear let 48_ _1959 J - D
---- - --------Gouv & Oswe lot gu g 5e 1942
25 6612 72
72
Kansas City Sou 1st gold 36_1950 A - 0 7114 Sale 704
4
873 ____ $89 Nov'15
87 389
1991
Mob & Mal 1st go g 4s
Oct '00
A -0
1950
63
Registered
6
8
86
_
---- Sd Jan 'la'
1936
N J June R guar 1st 4s
96
11 s6 9434 „„- 7 - - Apr 1950 J - j 9412 Sale 9412
5
8
Ref & !mot 58
85
794 ____ 85 June'15
N Y ‘t. Harlem g 3 sio.. —2000
16 8312 93
90
90 Sale 8912
8
10112 1017
Kansas City Term 1st 48__ _1960 J - J
10234 -_ - 10112 Mar'15
N Y & Northern 1st g Is_ _1927
97
97
7 s83
92
Lake Erie & West let g 5s__1937 a - .1
92
92 Sale 90
gu g 4s_1993
N I'& Pu let cons
1
4 714 911
82
83
83
gg
1941 J - J
83
2d gold Is
____ 99
1916
Nor & Mont 1st gu g Os
ar'14 --------j13 113
-1
'5
North Ohio let guar R 58.._1945 4 - 0 9J_ tts
_ .. _-_- 11:1 - l%1:1-e - Pine Creek reg guar 6s_ _ 1932
6112
5
10358
8
4
1013 1037
Leh Vail N I' 1st Cu g 4%.s 1940 J - J 101% Safe 10058
%V & 0 con let ext 5s__51922
R103---- 10338 Nov'15
4
99 1003,
109 Nov'15
1940 J - .1 .9912
10018 10018
Mar'15
Registered
Oswe & R 2d gu g 5s----eI915-_ -. 1004
4
913
4
2 863 913
4
8934 92
91
iTei,
104 June'10
Lehigh Vali (Pa) cons g 4s 2003 M-N
R W &0 T R let gu g 5s-1918
4
97, 10312
10012 Nov'15
2003 M-N 100
86 - -Si 80 Nov'15
General eons 4 tis
8212 84
Rutland 1st con g 4 %ti _ _ _1941
4
10612 Oct '15 --- 1053 108
,
70
67
Leh V Term Ry 1st gu g 58..1941 A -0 107 4
79
70 Nov'15
73
Og & L Cham let go 4s g1948
_ 1114 Dec '11 _1941 A -0
92 June•09
Registered
- --let gu g 16_1949
Rut-Canada
165
105 Nov'15
Leh Val Coal Co let gu g 58_1933 J - J 10458
10.1 Oct '15 ----100 jai100 -.. St Lawr & Adir let g 5s__ _1996
__
105 Oct '13
_
.1933 J - .7
Registered
____ ---- 11912 Mar'12
1996
2d gold 613
1933 .1 - J
_ let int reduced to 4s
o Due Oct.
it Due Aug
—
d Due April. e Due May. g Due June. h Due July.
• No price Friday; latest bid and asked this week. a Due Jan. b Due Feb.
p Due Nov. a Option sale.
-- -_
1792
N
BONDS
Y. STOCK EXCHANGE
Week Ending Nov. 26.
New
A
Price
Friday
Nov. 26
Y01-11
Boat Record—Continued—Page 3
ee.k'
Lange or
Last Salo
I,
Ote4
Range
Since
Jan, 1
BONDS
N. Y. STOCK EXCHANGE
Week Ending Nov. 26,
Price
Friday
Nov. 26.
[VOL. 101.
Week's
Ran or
LaRa Sate
caog
Rangs
Since
Jan. 1
N Y Cen & H RR (Con.)
Ask Low
High No, Low High Pere Marquette (Con.)
Bid
Bid
Ask Low
High No. Low High
Utica& Blk Riv gu g 49_ _ _1922 J -J
97 _--- 9514 Nov'15
97
98
lg010 5s 6s....920 A - 0 10014 ..-__ 10014 Nov'15 __-_ 90 10014
MgoId
_1
9 81
Lake Shore gold 330
8618 8612 8638
863
8
863
s
Flt oinctto
le
1997 J -D
P
72 ____ 73 Nov.15 ---- 6512 73
1939 M -N
Registered
82
81
Pt Huron Div 1st g 5s 1939 A-0 ---- 70
1997 J -D 8312 ---- 8134 Oct '15
68 July'15 ---- 65
68
15 90
9:5
Debenture gold 48
!Sag Tus & II 1st gu g 4s_ _1931 F - A ---9512
1928 M- S 95 Sale 95
_--_-.- _ ---8
8
943 Sale 943
25
9412 48 883 9412 Philippine Ity 1St 30-yr 8 f is 1937 J - J ____ ---- 65 May 14 ---- ---- --year gold 48
4
1931 M -N
65
Registered
91
91
Pitts 911 & L E 1st g 55
1931 M-N ___ 9472 91 Oct '15
1940 A - 0 104 _-___ 10512 Nov'15
199572 1 153 .508 -09 2
: :1
Ka A & G R 1st gu c 5s_1938 J -J
_
1st consul gold .58
11314 Nov'll --10774 Apr
Mahon C•I RR 1st 5s
Reading Co gen gold 4s
1934 J - J
- -1947 -1:j -6i1 E4111e $9412
993 J J
9534 --18 -131 - -iiE31-.
4
Pitts & L Erie 2d g 5s_ _ _a1928 A -0 19418 ---- 103 Jan '15
idi 703
Registered
1997 J - J --------94
3 90
94
94
Pitts McK & Y 1st gu 6s 1932 J -J 115 ---- 13013 Jan '09
Jersey Central coil g 49_1951 A - 0 95 ____ 95
1
95 _ ......i
11
12314 Mar'12
2d guaranteed 6s
1934 J -J ---Atlantic City guar is g
1951 I - .1
_ :7.
85 4 ---,
_....._
McKees & B V 1st g 6s_1918 J -J
St Jos & Gr Is! 1st g 49
1947 J - .1
55
61 - 01- J'Iy '6
2
-103 Nov'15
Michigan Central 58
1931 M St Louis & San Fran gen 6s_1931 I - J 108 Sale 108
t02-' 103
108
1697 10312
05
1 78
Registered
10312 May'14
1931 Q-M
General gold 5s1931 J - J 103 105 103 Nov'15
4s
98 Apt '12
1940 J - J
St LA 9 F RR cons R 4s 1996 J - J
79
75 J'ly '14 ---Registered
87 Feb '14
1940 J - J
General 15
-20-year 5s 1927 M-N
56
57
5512
5512
-7
3 -3 - - -5 -5
J Ldc S 1st gold 330_1951 M- S
97) June'08 __
Trust Co certifs of deposit_ _
553 Sale 553
4
5534
4
15 3212 563
4
81
1st gold 330
M-N
1 7958 835
8338 8358
835
1952
8
do
8
Stamped._ - -- s5312 Sale 5314
5334 7
6 3212 55
8818 Sale 88's
20
-year debenture 4s_ 1929 A 1 751 8118
8818
Southw Div let g 5s
.
-- 1947 A -0 90
. _ _ 90 Nov'15 ---- 90
90
N Y Chic & St L 1st g 49 1937 A 91
9512 9412 Nov'15
Refunding gold 4s
88
9112
1951 2 - I s73 Sale s73
s73
Registered
9234 s'iy '14
1937 A Registered
1951 J - J __ .
I:: ________ 803 Mar'll —3 6 _12373
4
_
_3
82
Debenture 4s
8312 8312 Nov'15
1931 M-N
Trust Co ctfs of depostt__ __ —
75
8312
72 Nov'15
"ools - .72
J - J
9214 Sale 92
West Shore 1st 48 guar
7 86
92,2
9214
2361
do
Stamped. _
70 Sale 6712
70 -lit-)
70
Registered
4
K C Ft S A: M cons g 6s1923 1M--2361 J -J 8812 893 90 Nov'15
85 8 90
,
TZI 1087 11112 1083 Nov.15
8
4
NY C Lines eq tr 5s. _ 1915-22 M- N 100 4 -- 100 Mar'15
3
K 0 Ft S & N1 Ity ref g 49.1938 A - 0 79
100 100
,
7912
8018
(3614 801s
Equip trust 430_ _1916-1925 J - J 10014 Sale 98 J'ly '11
K C & M R.& B 1st gu 53_1929 A -0 91 12 ----93 Mar•14 ---- --_
,
- - - .NY Connect 1st gu 43.68 A.1953 F - A
$9774
9714 Sale $9774
5 9112
St L S W 1st g 41 bond ctfs.., 1989 M- N
803 Sale 7912
8
81
77 6734 81
NYNH & Hartford—
2d g 4s income bond ctfs_p1989 1 - J 62
70
62 Nov'15 ---- 52
62
Non cony deben 4s
78 Oct '15
78
Consol gold is
78
1947 M- S 8158
1932 1 -D 68 Sale 67
517 68
8
Non-cony &ben 330
63 Feb '15
63
1947 M- 8 71
Gray's Pt Ter 1st gu g 59_ _1947 J - D 100 stil_ _ 9834 Jan '14 --63
72
e 72
684
Non-cony deben 334s.... _ _ 1954 A-0 72 ____ 72 Nov'15
72
S A & A Pass 1st gu g 4s__1043 J - J
64
73
8 -ji- "T"
;i
81
Non-cony deben 48
81)
80 Nov'15
SF & NP 1st sk fd g 5s
71
1955 J -J
1919 J - J 101 10138 10118 Nov'15 ---- 9113 10118
4
Non-cony deben 45
8112 84
815s Seaboard Air Line g 4s
81,
70
2
1956 M-N
81,
2
1950 A-0 8312 87
85 Nov'15
383
85
7112 Sale 71 12
Cony debenture 330
23 6112 73
72
.
Gold 4s stamped
1956
81
5
1950 A : 0 8414 85
1, 0 A 0
84
Cony debenture 6s_ _ ._
1163 Sale 116 14
5' 101 1173
4
1173
4
4
Registered
1948
----------Cons Ity non-cony 4519301F
76
__ _
-- _
Adjustment 5s
7034 Sale 7012
il3 --8 -ids4 -i- 2
-4
01949 F - A
- i1Non-cony deben 4s
-611- fan
2
---1954
Refunding 4s.
J
84 Sale 84
7
,
7
,
7414 46 68
76
84:8
76 3
Non- onv deben 4s
All 131rm 50 yr 1st g 4s_e1959 lsi-S90 19 61
1955 --- - -----Sale
3
1 9 3 A CI
90
Non-cony deben 4s____1955 A - 0
Car Cent 1st con g 48._ _1949 J - J 8412 ____ 8514 Mar'15 ---- 8412 8514
_- ------Non-cony deben 4s _ _ _1956 J - J
78,2
Fla Cent & Pen 1st g 58._1918 J - J 100 -- -- 993 Sep '15 ..... jo018 10014
9_, .
4
97d
Harlem R-Pt Ches 1st 4s_1954 M-N
-- 9914 ir----1st1st land gr ext g 5
_ 104 Nov '12 ---1930 J - J 101 _
B & N Y Air Line 1st 4s__1955 F - A
9912 June'12
Consol gold 5s
10114 .___ 101 July'15
Cent New Eng 1st go 48_ _1981 J - J
2 -if - -if
7534 81
81
81
Ga & Ala Rs 1st con 53_01915 1 J --------0238 Mar'15 -9
j 3 J:
100 2 1023
,
8
Hartford St Ry 1st 48.___1930 M- S
Ga Car & No 1st go g 53_1929 J - J 103 ---_ 10212
10212 50 10012 10212
Housatonic R cons g 5s-1931 M-N 10534 ____ 13512 May'15
Scab & Roa 1st Ss -- -- 1926 J - J
105 10512
9912 ___- 9914 Aug 'lb -- -- 9914 101,
2
Naugatuck ItR 1st 4s___1954 (41-N
91
87 rly '14
Southern Pacific Co—
N Y Prov & Boston 4s___1942 A -0 893
4 _ _ 88 Aug '13
Gold 4s (Cent Pao coll).k1949 J - D 8712 Sale 8712
873
18
3
3
8212 Sale 81 72
NYW•ches&B 1st ser I 44.68 46 J -J
6672 8212
8212
Registered
kl949 J -D
Feb
N H & Derby eons cy 5s__1918 M- N 10012
107 Aug '01)
20 year cony 4s
01929 M- S 9018 Sale 8914
7934
9074
Boston Terminal 1st 4s___1939 A-0
-----'20 year cony 5s
Sale 107
'14_ 0714 8 22
5
1073 529 9514 017;
New England cons 58_ ___1945 J Cent Pac 1st ref go g 4319 1 I -D 01 $ale 9012
_ 19-19 F - A
9114 186 83
518 0114
Consol 4s
9912 Mar'12
1945 J - J _
Registered
90
--- -5072 9612 Mar'15 __-- 8612 8612
80
58 ____ 58 Apr '15
Providence Secur deb 48_ _1957 M- N
5812
Mort guar gold 3149. _k19411 J:
55
A
1 2 F D
90
10 8438 90 2
,
Prov & Springfield 1st 53_1922 J - J
9978 Deo '14
Through St L 1st gu 49_1954 A-0 88 Sale 88
88
2 , 8218 88
Providence Term 1st 45_ _1956
S
8338 Feb '14
G 11 &SAM & P 1st 5s_ _193 I 11 -N 101 106 102 Oct '15 ---- 100 10212
---4
W & Con East 1st 4 34s
1943 J - J
Gila V G St N 1st gu g 58_1924 M- N
l02 Apr
X Y 0 & W ref 1st g 4s_ __0992 M8214 t i14
i
38212
7413 "5 -Z58
Hous E & W T 1st g 5s
1933 M-N i7E7O-- 62 - (
)
0
6 6
Registered $5.000 only _0992 M- 8
9413 Jime•12
1st guar 5s red
1933 M-N
___ 101 Nov'15 -_-_-_-- 9918 101
78
79
General 48
80 Nov'15
1955 J -D
70 -ijH & T C 1st g 58 int go...1937 J - I 100 1061- 106 Nov'15 --2
58 7
79
Norfolk Sou 1st & ref A 58_ _ 1961 F -A
83
9512
9512
9,1 96
Gen gold 4s Int guar_ 1921 A-0 9312
__ 94 Oct '15 -- 93
9512
95
97 101 July'15
Norf & Sou 1st gold 5s
1941 M-N
101 102
Waco& N W dlv lst g(Is 1930 M-N ---- Ill 10912 Nov'15 ---- 10912 10912
Nod & West gen gold 68_ _ _1931 M- A 11878 120 1171s Nov'15
115 118
A & N W 1st gu g 5s
100 ____ 103
103
I 100 10312
1163 Sep '15
Improvement & ext g 69._ 1931 F - A 118
4
11634 119
Louisiana West 1st 6s_ _ _ _1921 J -- j
4
19. 1j J
109 June'14
New River 1st gold Ga.__ _1932 A -0 11912 120 119 Apr '15
119 119
Morgan's La & T 1st 7s_ _1918 A-0
108 1015 July.
8
102 iOi10438
N & W Ity 1st cons g 4s_ _ 1996 A -0 9312 Sale 9312
9412
863 9112
4
1st gold 6s
4
1920 3 - I 1043- 106 10614 J'ly '14
15-94 May'14
Registered
1996 A-0
No of Cal guar g 5s_ _ ___ _1938 A -0 105 ____ 105 Oct '15
-91 Sale 91
91
DIVI 1st lien & gen g 4(4_1944 J -.1
852 92
Ore dr Cal 1st guar g 5s
102 __ __ 10112 Nov'15 - -- 195 - 111927 J - .1
-90 4
-3
12
10 25
-year cony 4s
1932 J -D 118 119 11712 Nov'15
981 12312
8
Bo Pac of Cal—Gii g 5s_ 1937 IVI- N 106 ____ 10112 Nov'13
10-20
-year cony 4s
1932 M- S 118 119 117 Oct '15
9934 117
91 __ _ 9112 Sep '12 __-So Pac Coast 1st gii 45 g 1937 J - J
-10
-25-year cony 4 34s
1933• S 118 119 118 Nov'15
101 1201s
857 Sale 857
San Fran Terml 1st 4s
8
1950 A-0
8
863
4 35
907 9118 90 4 Nov'15
8
Pocah C & C Joint 49_ _ _1941 J -D
3
8812 9112
Tex & N 0 con gold 5s
_ 96 Apr '14 - -1943 J - I
4_ 1053 Jan '13
CC dt T 1st guar gold 5s_ _ 1922 J - J 1011
4
9012 Sale s9014
So Pac ItR 1st ref 45
1955 1 - J
901 181 - 4 1iii 8
8
-8:3 - 6637:4
512
92-3 Sale 9218
8
Selo V & N E 1st gu g 4s1939 M- N
5 8434 9238 Southern—Ist -ions g
921994 J - J 10313 Sale 103,
5s_
10312 78 9612 10358
8
937 Sale s9312
Nor Pacific prior lien g 49_ _ _1997 Q - J
9414 170 883 943
4
8
Registered
98 June'15 --- 98
98
94 Sale 93
Registered
1997 Q 1 883 93
93
4
Develop & gen 48 Ser A 1956 'I -- 0 7212 Sale 713
1994 A I
7212 159 5814 721 2
4
General lien gold 3s
8
a2047 Q - F 8465 Sale 16638
6678 167 62
6678
Mob & Ohio coil In g 4s_1938 M- S 7712 80
68 Oct '15 ---- 88
76
Registered
a2047 Q- F 6312 6512 6512 Oct '15
6112 6512
10318 ____ 9884 Oct '15
Mem Div 1st g 44 5s
1996 J - J
n814 1854
8014 001
St Paul-Duluth F)ly g 48_ _1996 J D
9034 93
9318 Nov'15
841 8514 8514
St Louis div 1st g 4s
8
90's 903
4
1951J - J
8514
Dul Short Line 1st go 5s__1916
• S 10014 ____ 100 Oct '15
103 100
Ala Cen 1st g 6s.
3
1043 June'14
4
1918 J - I 100 s
St P & N P gen gold fls__1923 F - A 1097 1103 1093 Nov'15
8
8
8
10014 i
Ala at Sou 1st cons A 58 1943 J - 0 98
_ 9834 Oct '15
-94 99 .Registered certificate&_1923 Q- A
10912 Oct '15
10912 10912
Atl & Char A L 1st A 4 14s1944 J - 1 9614 $ale 9614
9614
1 9:4
9674
St Paul & Duluth 1st 58__1931 F - F 10472
102 Feb '15
102 104
Atl & Deny 1st g 4s
85
11)48J - I 84
83, Apr '15 ---- 8318 8534
8
2d 5s
1917 A - 0 10112 102 101 Aug '15
10014 101
2d 4s
1948J - I 7412 __- 7512 Aug '15 ---- 7512 7512
1st eonsol gold 48
90 _
_ 90
90
1968 J -D
All & Yad 1st g guar 4s_1949 A-0 7312 82
88
753 Dec '14 ---4
__
Wash Cent 1st gold 48_ _ _1918 Q -M 88
9112 9112 9113 5 88 90
9112
Col & Greenv 1st Os.
1003 J'ly '14
8
1916 1 - J
Nor Pac Term Co 1st R 6
8-1933 J - J 1104 ____ Ill N.:Wig
110 113
E T Va & Ga Div g 5s_ _1930 J - J 103 ____ 10234 Sep '15 10238 1021g
Oregon-Wash 1st & ref 4s_ _ _1961 J - J
8512 88
90
5 _--- 105 Nov'15 ---- 1003 105
90
Con 1st gold 5s
7912 90
1956 M- N 10
_--4
Pacific Coast Co 1st g 5s
11 94
945
8
95
1948 J -D 9434 96
100 Nov'15 ---- 9778 100
E Ten reor lien g 5s
9814
1933 M- S 100
Pennsylvania RR let g 4a
98
99
98 Nov'15
1923 M-N
60
6:3
98
98
60 Nov'15
Ga Midland 1st 38
60
60
Consol gold 5s
103 Oct '15
1919 M- S 103 _
s
102 1037
Ga Pac fly let g 6s
1 946 J:
1) 2 A J 0 10612 __ 1087 Oct '15
12
8
11)5 11)7
Consol gold 48
98
6C)12 98
10 95
98
1943 M-N
Knox & Ohio 1st g 6s. _ _ _1925 J - J
10512 July'15
9812
10512 10512
Convertible gold 330._ _o1915 J -D
100 Sep '15
.
9938 1007
Mob & Bir prior lien g 58_1945 J - J
1054 Nov'12
Consol gold 4s
9834 Sale 9834
1 9672 10) 8
984
1918 M-N
Mortgage gold 48
5
79 Mar'13
Consol 434s
4
1960 F - A 106 Sale 1053
10618 191 10134 10114
Rich & 1)an deb 5s stmpd _ 1945 j I O
2
9 7 A:
102 MaY•15
ioi 10254
General 430 when issued 1965 1- D 1007 Sale 1007
8
s
10118 '2611 97 101 18
Rich AZ Meek 1st g 4s
1948 M N
73 Sep '12
Alleg Val gen guar g 4s. _1942 M- S 9612 98
96 Nov'15
So Car & Ga ist g 5s
935s 93
1919 M-N
:::: tools Nov'15
D R RR &II'ge 1st gu 48g 1936 F - A
ill
Mar'14
Virginia Mid ser C 68_1916 M- S 1003 ..__ 10014 Mar'IS
4
i01
160
:4
994 ___ 99
Pblla Bait .3c W 1st g 4s_ _ 1943 M- N
6 96 4 .
99
-1- 99
Series I) 4-58
1921 M- S
1033 Nov•12
4
-Sodus Bay & Sou 1st g 58_2924 J - J
102 Jan '03
Series E 5s
1926 M- 8 i0138 ____ 102 Dec •I3
Sunbury & Lewis 1st g 48_1936 J -J
Series F is
1931 M- S 102 ____ 104 Mar•13
N J RR & Can gen 4s 1944 M- S 991
164"
100
General 55
9834 100
1936 M-N 1024 _10212 Oct '15
102 iOil;
Pennsylvania Co—
Vs & So'w'n 1st gu 58 2003 J - J 10234 Sale 1023
4
1023
4
9812 10234
Guar 1st gold 434s
1013
1921 J -J 10118 Sale 10118
8 14 9934 10212
-year 5s_ _1958 A-0 8512 ____ 8414 Oct '15
1st cons 50
81
8414
Registered
1921 J - J 10018 -- 100 July'15
9912 100
90 ____ 91 Nov'15
W 0& W 1st cy gu 48_
1924 F - A
91
91
Guar 31 i s coll trust reg A_1937• S 8112 ---- 8512 Nov'15
,
00
8512 8512 Spokane Internal 1st g 5s
95
1955 J - J
89 Nov'15
88
89
Guar 34tis coil trust ser B.1941 F - A ---86 July'15
84
86
Tor A of St L 1st g 430_ _ 1939 A - 0 9712 9912 98 Nov'15
935 9912
9
Trust Co etfs go g 344s_1916• N
4
99'4 ---- 993 Oct '15
let con gold 5s..._1894-1944 F - A 10312 104 103 Nov'15
99
9934
10012 103
Guar 334s trust nits C
1942 J -D 83 ____ 83 Feb '15
83
1953 J - J
Gen refund s 1 g 48
83
7914 86
Guar3
trust ctfs D1944 J -D 84 _
81 Aug '15
St L M Bridge Ter gu g 58 1930 A -0
81
81
3987 100
8
Guar 15 -year gold 48_ _1931 A-0 9412 Sale 9412
-25
9412 10 891 9412 Tex & Pac 1st gold 58
2000 J -D
:
9112 983
s
40 year guar 4s ctfs Ser E_1952 M- N
91 _ _ _ _ 923 May'14
8
5
38-4 C435
0
8: 86 N 98311 58
02000 Mar -86 :9'2 N Ovv •15
35
907
2d gold Inc 5s
v :5 17 29
3614
Cln T.cb & Nor gu Is g__ _1942 M-N
8912 9212 9312 Apr '14
1931 J - J ---- 92
90
La Div B L 1st g 5s
90
1
8912 90
9718 ____ 973 Aug '15
CI & Mar 1st gu g 43-4s_1935 M-N
4
- 95 10612 Nov.
W Min WA N W 1st go 58 1930 F - A
-9-i3-4 9724
04
-CIA P gen gu g 44-0 ser A _1942 10tP8
1013 Nov
8
03
.13
1935 J - I 101
10
1011
Tol & 0 C 1st g 58
9914 103
Series 13
1942 A -0 10358
10.134 J'ly '09
1935 A - 0
Western Div 1st e 55
11)412
100 101
Int reduced to 3 34s... 194? A - 0 843 - - - 9114 Feb '12
4
1935 J - D __- 100 101, Apr '14
General gold 5s
2
Series C 330
843
4
_
1948 M- N
9018 Oct '12
4
1990 A -0 833- 86
Kan & NI 1st gii g 4s
86 Mar'15
861k
80
Series D 330
843 _
4
1950 F - A
833 June'15
4
1927 J - J
Sale
2d 20-year 5s
833 8
4 331
02
98
Erie & Pitts gil g 348 B 1940 J - J
8534 89 2 8614 May'14
,
98
8655
1917 J - J
_ Tot PAW 1st gold 45
85 Nov'15
9
6
8
6212 68
Series C
8534 8912 9018 J'ly '12
1940 J -.1
Tol St L & W pr lien g 330_1925 J - .1
Sale
11 7212 87
87
Or R& I exist gu g 4 kis_ _1941 J 97
99
9712 Nov'15
95 100
1950 A-0 55 Sale 63
-year gold 45
50
24 4212 5514
Ohio Connect 1st gu 48_ _ _1943 • S
93 May'14
1917 F - A
Coll tr 4s g Ser A
43 June'14 _ 4
5
_
Pitts Y tic Ash 1st cons 5s 1927
109 May'10
N _
Tor Ham & Buff 1st a 4s_ _h1946 J - D 8312 ____ 873 Nov'15 __-- 8212 8734
4
rol W V & 0 gu 440 A_ _ 1931 J - J
983 -- - - 9812 Oct '15
4
-641- Ulster & Del 1st con g 58_1928 J -1) 102 --__ 1005 Aug '15
2
9812 151
8
Series B 434e
1933 J -J 99
98,4 June'15
9814 9814
1952 A - 0
1st refund g 4s
Ma
74
74
Series C 4s
1912 M- S 8612
9312 riv '14
1947 J - J
Union Pacific 1st g 4s
97 Sale 9774
fie - 116 9212 98
r
PC CA St L gu 434e A_ 1940 A 102 10218 1001s Nov'15
98 10112
Registered
1947 J - J
94 __ _ 943 Oct '15 _- s92
4
9512
Series 13 guar
102
1912 A 1004 Nov'15
9758 10112
1927 J - J
-year cony 4s
20
9314 Sale 9314
94
33 88
94
Series C guar
1942 M- N 10014
9714 July'15
9714 10112
02008 M- S 9114 Sale 9114
1st & ref 48
9124 84 8418 9214
Series D 48 guar
94
1945 M-N
9218 Sep '15
921s 933
4
Ore R.It & Nay con g 4s _1946 J -D
9278 Sale 927
9314 55 87
8
9314
Series E 3345 guar gold..1949 F - A
9012 ____ 91 Oct '15
90
915
191 F - J
8
4,
Ore Short Line 1st g 68___1922 J .A 10814 Sale 10814
10834
11 10712 10912
'cries F guar 4s gold__ _ 1953 J - D
9514 Jan '14
_
1st consol IC 5s
10512 Sale 10512
103
3 10012 106
Series CI Is guar
1957 M- N
9258 Aug '15
9212 9331
,9 -:li 93 Sale 93
1923 .1
11 3,1
u uah refN or 4o
.1
Gta r A und g sid 59
9414
31 8712 9412
C St I. & P Ist cons g 58_1932 A 104 _ _ _ _ 104
1 104 104
104
10214 103 10214 Nov'15
102 1034
Peoria & Pekin Un 1st g as 1921 Q - F 101 104 102 Nov'15
1013 102
8
let extended 4s
933 99
933 Oct '15 ____ 9338 9338
s
8
2d gold 4145
01921 M-N ____ 89
s9 Feb '14
Vendetta cons g 4s Ser A_ 1955 F - N 8718 Sale 93 Apr '13
, NI A
57
_
Pere Marquette—Ref 4s
1955 J - J ---- 197 1112 June'15
s
1112 1112
Consol 48 Series B
8718 Sale 86 Sep '15
88
88
Refunding guar 4s
J
1955 J
40 Dec '13
Vera Cruz de P 1st gu 4;48_1934 J - J
,4
'
8
11
887 4212 Aug 85 -io 4212 4212
Chic & West Mich 59
1921 J -D
72
72 Aug '15
72
72
Virginian let Sc Series A__ „ISM M N
984 Sale 98
92
— 997
—8
• No price Friday; latest bid and asked. a Due Jan. b Due Feb
e Due May. g Due June. h Due July. k Due Aug. o Due Oct. p Due Nov
q Due Dec.
a Option sale.
5102
—jai 10434 110
Nov. 27 1915.]
1793
New York Bond Record—Concluded—Page 4
"
t
Rasps
Week's
Pries
t3
BONDS
Macs
hangs or
,
'tidal
N. Y. STOCK EXCHANGE 1-, ti
Jai,. I
Last Sa's
. Nov. 26.
...1)
26.
Week Ending Nov.
——
—
High No. Low High
Bus
Ask Low
8 20 97 10458
1045
8
1939 M-N 1045 Sale 104
Wabash 1st gold 5s
87 86 100
100
1939 F - A 100 Sale 98
26 gold Is
1939 ,j - 3 -------90 June'12
Series 13
Debenture
3
;
81;
- . 7 897
s
9312 __-- 897 Oct '15
1921 M- S
1st lien equip s Id g 5s
65
65
1954 .1 - J 68 .___ 65 Mar'15
1st lien 50-yr g term 4s
34
12
1956 j _ j --------22 Oct '15
let ref and ext g 4s.
3
99 4 Oct '15
4
4
993 993
__
Cent Tr Ole asst paid
Do asst part paid _.. _ __ __
1021; 10212
-------------10212 Nov'15
.
Cent Tr stpd ctfs asst paid
__ __ Do asst part paid_
4
1043 227 9312 109
Sale 104
__
Equit Tr ctfs asst paid --------10112 46
50
34
4612 Nov'15
45
__ __
Do asst part paid
10212 15 91 106
103 10212
Equit Tr stpd ctfs asst paid -- -_ 102
4 3112 483
44
4112
4
43
4112
_ _
part paid ___
Do asst
99 101
101 Nov'15
Vet & Ch Ext let g Is.._ 1941 .1 - .i 10114 ---- 80 Aug '12
- .
Des Moin Div 1st g 4s__1939 J - J ---- 77
6014
55
6014 July'15
1941 A -0 74
Om Div ist g 334s
723
66
4
1941 M- S 6612.. -- 6612 July'15
Tol & Ch Div let g 4s
4
4
4
4
83
1
6
4
1954 J -D
term 1st g 4s
Wab Pitts
8 91,
3
3
3 4 428
4 314
33
3
__
Cent and Old Col Tr Co certs__ __
8 81,
3
1
314
3 314 314
23
Columbia Tr Co certfs _ _ ____ __ __
2
348
3
3
8 4
23
_
Col Tr ctfs for Cent 'Fr ate
112
58 Nov'15
14
78
12
197i :1--15
2d gold 4s
5
34
4
3
12
34
18 114
Trust Ce certfs
8
803 83
83 Nov'15
8312 85
F-A
Wash Terml 1st gu 3As_1945
9112 9112
9112 _ __ 9112 Aug '15
1945 F - A
1st 40-yr guar 4s
7518 51 64
7478
751s
1952 A - 0 7518 Sale
West Maryland let g 4s
4
10078 1023
- 3 10,312 105 10234 Nov'15
1937 J
West N Y & Pa 1st g 5s
79 Nov'15
7412 79
83
1943 A -0 80
Gen gold 49
1718 171g
8
. 17, May'15
20
61943 Nov
Income 5s
96 Oct '15
96 100
101
heeling & L E let g 5s_ ___1926 A -0 10014
99 ---- 9512 Nov'13
Wheel Div 1st gold 5s____1928 J - J
92
4
963
4
4
963
4
963 Sale 963
-A
Eaten & Impt gold 5s____1930 P
50 49
73
73
73
1949 M- S 7214 74
RR 1st consol 4s
Apr '14 „-1922 J - 3 --------90 Nov'15
equip s f 56
-year
20
89
89
82
89
88
1960 J - J
Winston-Salem S B 1st 4s
6 81
8718
8
877
8
877 Sale 875s
1949 J - J
Wis Cent 50-yr 1st gen 4s
8
4
4 55 827 8914
893
4
8914 893 893
'36 M - N
Sup & Dul div & term let 45
Railway
S
10212 11 10018 10334
Sale 10214
Brooklyn Rapid 'I'ran g 55._1945 A - 0 10212 81
3 793 8512
81
8014
4
80
let refund cony gold 4s___2002 J - J 1005 Sale 1095
10034 109 9878 101
3
8
-year secured notes 6s___1918 J - -1
6
10012 Oct '15
10014 102
3
Bk City 1st con 5s__1916-1941 J - J 100 4 102
Apr '14
--- Bk Q Co & S c,on gu g 5s1941 Itl-N --------98 Mag'13
_ 101
Bklyn Q Co & S 1st 5s1941 1 J - J ---,
31 9814 10112
101
4
Bklyn Un El let g 4-51_1950 F - A 1003 101 10012
1 98 10111
10114
1950 F - A *10114 --- 10114
Stamped guar 4-55
6 79
8312
8214
8212
Kings County El 1st g 4s_1949 F - A 8212 Sale 82 Nov'15
8212
79
8212 8434
1949 F- A
Stamped guar 45
78
73
3
75 4
4
4
Nassau Else guar gold 48_1951 1 - I 7412 753 753
4
9612 17 923 9718
0
9 511 ---- 9614
1927 F - A
Chicago Rys 1st 5s
- J ---- ---- 1017,s June'12
Conn Ry & List & ref g 44s 1951 J
9618 9312 9614 June'14
1951 J - J
Stamped guar 434s
-io 6534 79
77
7612 Sale 74
Vet United 1st cons g 4 jis_1932 J - J
4 Jan '14
M- S --------8
1936
Ft Smith Lt & Tr 1st g 5s
1916 J -D 100 ____ 100 June'14
Grand Rapids Ry lists 5s
92 Apr '14
- 87
1952 F - A
Havana Else consol g 5s
8
79,
4
8
7812 Sale 763
787 366 70
1957 F - A
Rua & Manhat 55 Sec A
3212 Sale 30
4
333 1490 241. 3314
1957
Adjust income bs
-:,..- 100
N Y & Jersey let bs
_1932 F-,i
77
- 12 159 7314 7912
lnterboro-Metrop coil 445_1956 A -0 17 Sale 77
8
98 14 197 9614 985
Interboro Rap Tran 1st 5s 1968 J - J S98 Sale 98
9212 67 82
9212
Sale 9134
Manhat Ry (N Y)cons g 46_1990 A -0 9212
38 85
93
92
9212
Stamped tax-exempt
1990 A - 0 9212 93
Metropolitan Street Ry—
9712 101
4
Bway & 7th Av 1st a g 58_1943 J - D 973 100 100 Nov'15
94 100
Col &Oth Av let gu g 5s 1993 M- $ ---- 100 100 Nov'15
— 1 9812 993
4
99
99
8
Lex Av & P F 1st gu g 58_1993 M- S 985 99
Met W El El (Chic) let g 4s1938 F - A --------80 Mar'14
10118 10118
A --------10118 Aug '15
Milw Else Ry & Lt cons g bs 1926 F 9258 Feb '15
925s 925s
Refunding & eaten 4346_1931 J - J ---- 91
10012 10012
Minneap St let cons g 5s
1919 J - J 100 ---- 10012 Nov'15
Montreal Tramways 1st & ref
941 1
9111 Nov'15 --- 86
95
1941 1 - J 91
30
-year bs Bar A
78
78 Feb '15 ---- 78
New On Ry & Lt gen 4,4s 1935 1 - J ., - 78
1
737
7378 297
4
7:33 Sale 71
J - .1
IT Y Rys 1st R E & ref 4s_ _1942
5214 224
555
8
30
al942 A -0 52 Sale 5012
-year ad)Inc 5s
86
86 Apr '15 ---- 84
86
N Y State Rys 1st cons 4 1, _1962 M- N 80
0
9918
9634 Nov'15
95
N ---- 97
Portland Ry let & ref 5s____ 1930 M80
80 Sep '15 ---- 80
Portld Ry Lt & P 1st ref 5s_1942 F - A ---- 80
Portland Gen Elec 1st 58_1935 J - J "---- 10034 100 May'15 ---- 100 100
--------98 No v'08
St Jos Ry, L,II & P 1st g 58_1937 M- N
_ i (;: 6
027,
8
6
1
St Paul City Cab cons g 58__1937 J - ---------100 Sep '15 44 ; :6 -,
85
8418
8
851s
78
1960 1 - J 845 85
Third Ave 1st ref 4s
7912 Sale 7914
7912 84
01960 A - 0
Ad., inc 5s
2
10714 13
1937 J - J 107 Sale 10612
Third Ave Ry 1st R 55
9812
9812
94.4 9812
Tr -City Ry & Lt let s f 5s 1923 A -0 9814 ____
9512 J'ly '14
1933 J - J ---- 94
Undergr of London 4 lis
8712 J'ly '14
_
1948 - -.., ---- 78
Income 66
Union Elev (Chic) let g 5s 1949 A - 0 --------84 Oct '08
United Rys Inv 5s Plus iss_1926 M-N --------74 Oct '15
6012 Nov'15
6312
6212 70
60
United Rys St L 1st g 4s_1934 ./ - J
5933 Mar'15 ---- 593 593
60
8
3
St Louis Transit gu 54__ _1924 A -0 58
227 40
49
8
555
United RRs San Fr s f 4s__ _1927 A -0 48 Sale 4412
1 82
86
4
863 8712 86
8912
Va Ry & Pow 1st & ref 5s_ 1934 ./ - J
Gas and Electric Light
Atlanta G L Co 1st g 5s_ _ 1947 1 -D 102 -___ 103 Sep '15 ---- 103 103
10414
2 103 10412
Bklyn Un Gas 1st cons g 513_1945 M-N 1041s 10114 10118
Buffalo City Gas 1st g 5s_ _ _ _1947 A -0 - -- ---- 54 June'13
98
97 Feb '15
90
1932 J - J
Columbus Gas 1st gold 5s
8
1197
11912
8
Consol Gas cony deb 6s _1920 Q - F 1197 Sale
6 161
5
:1: -0i
100 8 -155 -9
8
1923 3 - J 1005 103 10058
Detroit City Gas gold 5s
99 ____ 0812
812
9
Detroit Gas Co cons let g 5s_1918 F - A
51 7 008:
2 :0 4 1923
9 3
103
Detroit Edison 1st coll tr 58_1933 3 - J 1031s ___. 103
ECq G L N Y 1st cons g 5s_1932 M- S -------- 10012 May'15 ---- 10012 10012
_ _ 100 Feb '13
Gas & Elea Berg Co c g 56 1949 J -D 100
Nov'15
ioi- 10312
Hudson Co Gas 1st R 5s
1919 M -N 102 10212 102 Mar'14
92
- - - - 91
Kan City (Mo) Gas let g 5s_1922 A -0
102 Nov'15
Kings Co El L & P g 5s
1937 A - 0 102 ____
Nov'15 ---- 113 115
Purchase money 65
1997 A -0 11312 115 113
1922 M- S -------- 12212 Dec '12
Convertible deb 6s
115 126
Convertible deb Os
1925 M- S 125 126 120 Nov'15
__ 8614 Oct '15
Ed El Ill Ilkn 1st con g 48_1939 I - J
8614
10014 1012
Lac Gas L 01St L 1st g Ss_ ,.e1919 Q - F 10118 10112 10118 Nov'15
;
0 1
7
9
1 90 19172
Ref and ext 1st g 5s
10112
- 1934 A -0 101 Sale 101
8
917
9214 9178
1911watikee Gas L let 46_ _1927 M-N
s
917
5
10118 0 s
103 1033
Slewark Con Gas g 5s
10333 Aug '15
— 1948 J - D 10312
STYGELII&Pg Ss
10314
1948 J - D 10314 Sale 10314
8534
8534 23 80
Purchase money g 48
4
853 Sale 85
1949 F - A
Ed El III 1st cons g 58_1995 J - J 107 ____ 107 Oct '15 ---- 10614 10712
*IY&Q El L & P let con g 53_1930 F - A 101 ____ 101 Nov'15 ---- 99 101
_
921 J'1 '09
ST Y &Rich Gas 1st g 5s_ _ _1921 M-N
?acific G & El Co Cal 0&E
97
29 91
9634 Sale 9634
1937 M- N
97
Corp unifying de ref 5s
'a° Pow & Lt let & ref 20-yr
91
1930 F - A
8812 91
_ 91 Feb *15
55 Internat Series
1949 M. S 100 ____ 9012 Oct '15
'at & Passaic 0 & El 5s_
9912 9934
E'eop Gas & C 1st cons g 09_1943 A - 0 114114 Sep '15
110 1 15
3 9978 1025
8
1025
1947 M- S 10214 Sale 10214
8
Refunding gold 55
____ .._ -- 99 Sep '13
1947 M- S
Registered
7 101 iJi
101
Ch G-L & Cke 1st gu g 56_1937 J - J 10212 10258 101
8
Con G Co of Chl let gu g 5s1936 J - D 101 1011 C012 Nov'15
997 10112
Mar'12
Ind Nat Gas & 01130-yr 591936 M- N ---------93_
9912 100,8
Mu Fuel Gas let gu Is 56 1947 M- N 10014 -___ 10018 Nov'15
96 ____ 95 Oct '15
-A
1919 F
95 s96
'hiladelphia Co cons' bs
91
9634 June'14
1922 M- N 88
Cons' deben gold 5s
93 ____ 9334
94
6 8812 95
Iland Gas & El cony s f 66_1926 J - D
10012 9912 Nov'15 .
4
993
Yracuse LIghting let g 56_1951 J -D
Yracuse Light & Power As 1954 J - J 80 _-__ 8512 June'12
01 3
- 1- 9913
a
Pries
!Mat
Nov. 26,
BONDS
N. Y. STOCK EXCHANGE
Week Ending Nov. 26.
Week's
Range or
Last Sale
°2
Range
Since
Jan, 1
Ask Low
High No. Low High
Rid
Trenton 0 & El let g 5s1949
S 10014 ---- 10112 June'14
100 Sep '15
9711 101
Union Elec Lt & P let g 5s__1932 M- S ---90
89
89 M sr'15
Refunding & extension 56_1933 M - N
..
10214 M ar'15
98 10214
Utica 1?.lec Lt & P 1st g 5s_1950 J - J 1621;
94 Aug '15
99
_
98 98
Utica Gas & Elec ref 5s_ ___1957 J - J
3
1033 Nov'15
8
101 10312
Westchester Ltg gold 5s____1950 J - D i533miscall
811,
3 70
8113
8118
8118 82
Adams Ex coil tr g 4e
1948 M17 118 150
121
119 Sale 119
Alaska Gold M deb 6s A
1925
9338 36 9012 93'2
9314 Sale 93
Armour & Co 1st real eat 434s '39
881.
1 84
8812
8814 -_ 8812
Bush Terminal 1st 4s
87
8412 90
id 89 Nov'15
Consol 53
1952 1
955 A
13 83
83
8614 87
8612
88
5s guar tax ex
Bldgs
13812 284 111 141
Chile Copper 10
• N
923 :
-year cons'7s 196A M 0 138 Sale 137
7 98 111
10414
4
GranbyCons3.IS&P com 6s A '28 M - N 10414 1043 10414
18512 78 97
Inspir Cons Cop 1st cony 68_1922 M- S 18512 Sale 18018
0 ,
3 144 19
6
10 943 98612
18414
5
-year cony deb 6s
1919 J -'I 18414 Sale 18414
9512 33
lot hlercan Marine 418s
1922 A -0 9518 Sale 951s
,
8
925 Sale 92
9314 1522 3312 94 2
Certificates of deposit
9014
9014 Nov'15
8614 89
36
Int Navigation 1st s f 5s____1929 F - A
9514 Sale 9518
9612 168 883 957
5
4
Montana Power let 5s A__ _19434 - J
8812 Jan '14
Morris & Co 1st s f 4 .itt_1939,J - J ---- 90
83 Apr '14
Mtge Bond(NY)/seer 2___ 19661A -0
4
;
-i
9 7 943 100 J'ly '14
10-20-yr 5s series 3
75
74 Nov'15
71 -fi"
N Y Dock 50-yr 1st g 4s__ 1951 .1:
32
9 F
8
101 Nov'15
100 101
Niag Falls Pow let 5s
1932 J - J 1003
10414,
Ref & gen 6s
90 Nov'15
8911 9114
N
Niag Lock & 0 Pow let 5s__1954 M•A - O 8914
a 1 32
95
9412 9514 95
s
9212 955
Ontario Power N F 1st 5s _ _1943 F - A
8912 Nov'15
8018 90
Ontario Transmission 5s____1945 M-N 89
22 8614 91
91
Pub Serv Corp N J gen Ss _1959 A -0 9013 Sale 90
4
4
13014 24 103 137
Ray Cons Cop let cony 6s 1921 J - J 1283 Sale 1283
9214 Feb '14
90
Sierra & S F Power let 5s_ _ .1949,F - A
5 117 125
12212
Tennessee Cop 1st cony 6s19251 M-N 11812 12212 120
10312 Jan '14
Wash Water Pow let 5s__ _ _1939 J - J
Manufact-rIng & Industrial
8 992 10212
4
102
Am Ag Chem 1st c 5s
1928 A0 102 Sale 10138
9718
9613 9634 9612
9718 55 92
Cony deben 5s
100 Oct '15 ---- 997 10012
8
Am Cot Oil ext 4345
98
27 9118 98
-564 -972 9712
Debenture 5s
10418 105 1033
3 10012 1033
4
4
1033
4
Am Hide& L 1st s f g 6s
_1 9°9321 541 F
P 111919 QM
M
8912
89
Amer Ice Secur deb g 6s_ ___I925 A -0 89 Sale 89
2 80
1143 242 10358 11512
4
Am Smelt Securities s f 6s__1926 F - A 114 Sale 11114
4 9312 9712
9712
9712
8
923
Am Thread let coil tr 4s____1919 3 - J
11912 Nov'15
115 12118
Am Tobacco 40
-year g 6s__ _1944 A - 0
121.4 Al ay'14
-- - - Registered
94 Nov'15 ---- 94
94
9818
Go
1
3
12
4
3 FRldeg
19
98 June'14
- - -- 5
4is
s
Registered
3 517s 70
66
66
6618
Am Writ Paper 1st f 5s____19 9
4 WA 10614
4
106
10614
Baldw Loco Works let 5s__ _1940 M-N 1003
8
1027 Sale 1025
103
13 9812 103
8
Beth Steel let ext s f 56
1926 1005 Sale 10038
8
10138 182 8513 10218
lat & ref
ear A
5
,
8
8 49 967 1017
1007
8
-N
Cent Leath 20
-year 5s__ _ _ 1942M -O 100 8 Sale 100 8
925 A
4
9812 978 Jan '15
4
9734 973
Consol Tobacco R 4s
98 _ _
98 Nov'15
4
943 98
Corn Prod Ref s f g 56
963g
97
31 92
97
9618 97
1st 25-year s f Ss
10114 Sale 10114
4
1013
4 38 95 1013
Cuban-Am Sugar coil tr (1s 119;8 F
3 m
1 93411 T
228 4614 75
73
Distil Sec Con cony let g 5s 1927 A -0 7212 Sale 71
10112 64 84 1045,
E I du Pont Powder 434s
1936 3 -D 101 Sale 101
_
General Baking let 25-yr 6s_1936 J -D ---- 9612 8712 July'14
79
7814
8
783 823 7814
74
8
Gen Electric deb g
1942
s
47 10112 106
106
10512 Sale 105
1952
Debenture 5s
0218 93 8278 9218
8
O 917 Sale 9112
III Steel deb 440
0
19q852
4
8 24 99 10218
1017
MN 10178 Sale 1013
Indiana Steel let 59
100 ___ 100 Oct '13
Ingersoll-Rand let 55
10212 16 - 8- 10212
994
4
F - A 10218 1023 10212
Int Paper Co tat con g 6s
82
9 783 82
8212 82
4
9
93 14.1 .1
1,25 .1 S 82
Consul cony, I g 55
70_ 70 Nov'15
70
38
Int St Pump let s f 5s
7612 166 52
7612 Safe 6714
7612
Certfs of deposit
9812 17 89
981.;
0
92
1953 IN- s 1)812 Sale 9812
Lackaw Steel 1st g 5s
9412 243 65
9418 Sale 9214
97
let con56 Series A
124
107 1218 12413
4
Liggett & Myers Tobac 76_ _ 1944 A -0 124 sale 122
10112 11 9912 10212
1951 F - A 10112 Sale 10114
5s
12312 sale 1231.8 Nov'15
119 124
Lorillard Co (P) 75
101 Sale 10012
10114
6 955 102
8
5s
110
8
3 9512 110
Mexican Petrol Ltd con Os A 1A 0 108 110 1095
1314 E 41
.
1 A 1
10812
7 95 110
1st lien & ref 6s series C
1921 A -0 10813 Sale 10812
97
96
8
957 Nov'15
96
92
Nat Enam & Stpg 1st 5s
1929 J -D
8312 __ 83 June'15
85
Nat Starch 20-yr deb 5s
83
1930 J
8
10118 33 95 102
National Tube 1st 5s
1952 hil-N 1003 11i 101
10312 29 90 10312
s
N Y Alr Brake let cony 6s 1928 MN 10312 105 1027
Railway Steel Spring—
9918 Nov'15
9912 101
9514 9912
Latrobe Plant let 51 5s__ _1921 J - J
Si 90
95
95
Interocean P let s f 5s
1931 A -0 95 Sale 95
9712 97
4 71 9012 9734
973
Repub I & S 10-30-yr 5s s f 194 A:O 97
0
3 m N
9 8812 97
97 Sale 9612
97
Standard Milling let 5s
10518 149 9718 106
The Texas Co cony deb 6s_ _1931 2 - J 10518 Sale 105
78
80 Aug 'lb
80
75
Union Bag & Paper let 5s 1930 J - J
9114 Jan '13
Stamped
7713 -80- 7712
7712
1 65
7713
US Realty& I cony deb g Ss 192 j
3
99 J
4
_ 2534 2534 2534 6 20 30
USRed&RefglstgGslg3lJ
8 43" 10113 10358
1035
US Rubber 10-yr coil In 6s_ _1918 J - D 16i14 Sale 10314
8
105
283 997 105
8
U S Steel Corp—fcoup __61963 M-N 1045 Sale 10412
4
1043 Sale 1043
1043
8
8
3 9934 105
10-60-yr 5slreg
99
4
28 89
139
8
D 983 983 9812
Va-Car Chem 1st 15-yr 5s 61963 J:
1 923 M N
4
1033
4 28 9612 10334
Cony deb es
9
922 J:3
124 A0 1023 103 103
1025 Sale 10212
8
1023
4 17 10014 10211
West Electric 1st 5s Dec_
10518
2 897 1053
8
4
Westinghouse E & M s f581931 J - J 105 10514 105
1051s Sep '15
10314 10538
Cents of deposit
riO Sale 135
14012 47 10958 14912
Cony s f 55 (ice of 1915) _1931
9814 10138
-10
-year coil tr notes 5s____1917 A - 0 10114 ____ 10134 Nov'15
Coal & Iron
91
92 J'ly '19
Buff & Suse Iron 81 5s
88
85 Oct '15
88
75
Debenture 5s
1193 j D
6M
al922 1%S 85
95 Sale 95
95
5 87 95
Col F & 1 Co gen s f g 5s_ _ __1943 F - A
77 Sale 77
44 70
78
80
Col Indus 1st & coll Sc gu 1934 F - A
20
73 Mar'14
Cons Ind Coal Me let 53_ __1935 J -D
2
4
-8111- -661Cons Coal of Md Ist&ref 50_1950 J - D 9112 9218 9012 Nov'15
9918 Feb '14
Continental Coal let g 5s___ 1952 F - A
3
- 94.4 1025 Apr '06
Or lily Coal & C let g 6s_ _h 1919 A -0
_ 90 July'15
.-66- -66
Kan& HC.Ir C 1st s f g 5s_1951 J - J
1 854 8814
8814 8914 8814
8814
Pocah Con Collier let s f 5s_1957 J - J
75
82
St L Rock Mt dr P 1st 5s__1955 J -3 82 ____ 82 Apr '15
8212
82 Nov'15
75
Trust Co ctfs of deposit ______
-103l Sale 101
2 100 10134
1031s
Tenn Coal gen 5s
14 997 10214
102 Sale 102
102
8
B=
T
917
1951
t g Os
let consol 6s
1 10014 102
102 Sale 102
102
Div
---_ 106 101 Dec '14
_1922 A
Cah C M Co 1st gu 6s___ a 1917 J
- 75
73 Apr '14
19.531 J - J
Victor Fuel 1st s f 58
90 90
90
1 82 -6614
.
Va Iron Coalct:Coke 1st g 5s_ 19491 M- S g6
Telegraph & Telephon
91 Sale 91
9112 170 8613 9112
1929 J - ./
Am Telep & Tel coil tr 4s
10012
3100 Sale 100
7 913 101
4
Convertible 4s
1073 139 96 10914
4
33
96 M- S
193 141- S 107 Sale 107
20-yr convertible 446s_
10118
8
100 Nov'15
983 100
1993 J
Cent Dist Tel 1st 30-yr 58_2347 Q
8814 June'14
Commercis,1 Cable 1st g 4s 2397 Q - .1
79 Apr '14
- -Registered
9914
11 95
9918 Sale 99
,
99 4
Cumb T & T 1st & gen 5s__ _1937 1- J
95 Nov'15
95
95
Keystone Telephone 1st 5s 1935 J - J
_ 10112 Nov'15
100 10112
Metropol Tel & Tel 1st s f 58 1918 M-N 10114
993 Nov'15
99 100
9714 9934
4
Mich State Telep 1st 5s_ _.._1924 F - A
10112 10112
NY&NJ Telephone 5s g1920 M- N lows_ 10112 June'15
9878 Sale 9858 99 245 94 99
NY Telep 1st & gen s f 4jis_1939 M- N
9938 41 943 99's
4
9918 Sale 987
8
1937 J - J
Pac Tel & Tel 1st 5s
68 9614 99
99
8
987 Sale 9S78
South Bell Tel dr T Ist s f 58_1941 J - J
18 95 101
101 10112 10034
101
West Union coil tr cur Ss__ _1938 J 20 8818 95
9412
9512 96
95
1950 M - N
Fd and real est g 4 Ji s_
104 June'll
1941 M- N
Mut Un Tel gu ext 5s
9012 9012
Northwest Tel gu 4345 g 1034 J - J 90 __-_ 9012 Mar15
i
r
1
'
' No price Friday; latest bid and asked, a Due Jan d Due April. e Due May. g Due June, 11Due July. lc Due Aug. o Due Oct. p Due Nov. g Due Dec. s Option sale.
BOSTON STOCK EXCHANGE-Stock Record
1794
SHARE PRICES
-NOT PER CENTUM PRICES.
Saturday
Nov. 20
Monday
Nov. 22
Tuesday
Nov. 23
, Wednesday I Thursday
Nov 25
Nov. 24
Sales
of the
1Veek
Shares
Friday
Nov 26
Last Sale 10312Nov'15
108 *10712 10818 *10714 108 *10712 108
Last Sale 10112Nov'15
102 *10112 102 *10112 102 *10112 102
190
190 194 *____ 194 *185 191
8318212 8212 THANKS- -8312 - 2
82
8314 8212 8312 82
.
*____ 132
GIVING
133
133 133
DAY
-3413 35
-3412 3512 3434 33
3534 36
36
235 *____ 230
230 230 *230 240
712 *5
712
Last Sale 10 Mar'15
712 *5
712 *5
__ *40
*40
40
___- *40
*_ _
5
5
*:1*45
47
5
*45
*45
Last Sale 45 Nov'15
47
47
47
s____ 1573 • _ _ 1573 • _ _ 15734 *____ 15734
Last Sale 160 Sept'15
4
4
*10312 105 *10312 10
10312 10312
5 *10312 103
160 160 *160 165 *16012 16212
•160 165
74
*73
74
*73
74
*70
74
74
72
73
*117% --- *1173 - - - - *11738 ____ *1173 ---Last Sale 119 Oct'15
8
8
___ *853 87
*853 87
*853
4
*853 87
4
4
Last Sale 86 Nov'15
103 103 *102 4103 103
10212 102 102
I 102 102
*7
*7
*7
8
8
8
Last Sale 712 Nov'15
*7
8
*39
42
*39
39
42
*37
3912 3912
39
39
77
8014 81
803
4 7612 7814 7534 78
7334 7612
*9112 95
95
*91
*92
95
*92
95
95
95
•150 152 *150 152
150 150
150 150
*2412 27
*24
27
30
30
*28
3212
*139 13912 140 140 *13912 140 *140 14012
Last Sale 81 Nov'15
•
ficr *Hi 120 *117 120
Last Sale 115 Nov'15
63
63
6212 6234 6314 6314 6314 6312
63
63
84
*82
83
83
83
83
83
83
„-*10714
*10112
190
83
*____
36
*____
*5
40
-g
=iia- 1-276-
7118 7218 *7113 7218 7218 7218 *7118 7218
101 10112 100 1005 100 101
8
993 10012
4
212 212
212 234 *212 234
212 2%
*1512 16
*1558 16
•1512 16
*1558 16
116 11612 116 117
11634 117
116 117
118 11812 11812 11812 11812 11812 11812 11812
128 12912 12812 1283 12818 129
12818 1283
4
4
4912 4912
*48
50
50
50
50
*48
9758 98 4
97
98
98
,
98
9712 97
*64
66
65
64
64
*64
6412 65
*9912
__
*100 10012
*994
34
343
4
33
*3212 33
3314 3234 3112 *98- 46
47% 47% 48%
45
4512 46
46
4 914 *83
4 914
4 94 *83
*83
4 9 4 *83
,
240 24012
240 240
241 242
241 241
175 17712
175 175
175 175
175 175
98 4 *98
,
*98
9814 98
9814
98 4 Os
,
8712 8712 8714 8712 8712 8712
*8714 88
8512 8512 8512 8512 85
86
85
86
*171 180
•171
*169 174 .170
3 •
3
3 *_
*1112
*1119
*1112
•1112
*42
*42 *41
*41
30
*51
70 *51 70 '51 70 51 51
132 13212
132 13212 13214 133
132 133
166 16612
16612 167 • _ _ 16612 166 166
1612
*16
1612 *16
1612 *16
*16
125 12514 125 12512
125 12512 125 125
3412 3412 3112 3412 3412 3412
*3412 35
*2934 31
30
*2934 31
30
30
30
*1
112 *1
112
112 *1
114
15412 15712 157 1613 159 160 *i8OF2 163
4
4934 4978
4912 50
4934 5014 4934 50
29
29
29
29
2914 29 4 29
29
,
8
8
8614 863
8 865 8714
4 8612 863
4 863 867
•11512 116
11512 1153 11534 11578 *11534 11614
4
1358 14
135 13%
135 1418
8
1312 14
8
214
214
97
*96
2714 2778
112
*138
57
57
7014 7111
73
4 77
8
3
3
7212 7312
4
693 693
8
560 566
1712 1712
54
5418
6134 6212
*212 3
1512 16
1014 1014
8312 84
4
433 437
8
1712
17
*2912 ____
57
3 57,
4418
.43
90
90
2712 28
8 4
37
*27
8 3
1334 1334
*512 6
*112 214
1312
13
4
4
*3414 3134
214
214
86
8614
*1612 17
1014 1012
1114 1114
*7
718
3212
32
134
*15
8
•134
2
312 312
5912 60
*85
86
1478 15
8914 8912
26
26
5812 59
3 4 3%
3
*818 812
3514 3638
*512 6
27
27
234
25
8
5412 5412
1112
11
•.35 .40
4658 4712
4838
48
312 334
1378 1378
4
8
773 783
4 3
*23
*312 378
5912 5912
134
*112
214
*218
*9612 97
2714 2812
138
134
5712 5712
8
705 72
8
8
314
314
7212 7312
6914 693
4
567 570
1712 1712
5434 5514
6112 6212
212 258
1578 16
934 1018
84
8412
4314 46
17
17
*2912 ____
512 512
*4314 4418
*8912 90
283
4
28
3% 4
8
23
4 27
133 14
4
53
4 53
4
214
*158
13
13
434
*414
348 3473
*2
212
87
86
4
*163 17
1014 1034
1112
11
7
7
3212
32
*112
134
134
134
312 312
5912 6018
85
86
14
15
8914 92
26
2614
5912 5934
3
34 34
3
818 814
8
353 363
8
512 5 4
3
2712 28
*258
234
*5414 55
3
10 4 1138
.35 .35
463 4712
4
48
4814
338 35
8
1358
*13
8
783 7812
*23
4 318
3
37
8
5812 59
*138
13
4
*218
214
214
214
95
95
9612 95
27
28
273 28
4
112
158
13t
13
4
58
5812 5712 5712
7012 7158 71
713
4
77
754 78 *73
4
8
314
314
314
34
,
7212 734 7212 7314
6912 70
6912 70
569 569
567 567
*17
1712
1712 *17
55
55
55
5514
6238
62
6212 62
212
212 212
*214
1512 15713
1512 16
934 10
10
10
8314 84
84
84
4512 4712 46
463
4
17
17
*17
1714
*2912
*2912 _ _ _ _
512 -El;
534 53
4
*44
43
43
4418
*8912 90
89
89
2814 2812 2814 283
4
4
4
4
4
27
8 27
8
*27
8 3
14
15
8
133 1334
512 512 *512 6
*178 214 *112 214
8
133
13
13
13
4
418
414
438
4
3434 343 *3112 35
212
*2
212 *2
861 1 87
863 87
4
1612 1612
*165 17
8
1038 1012
*1012 11
*1012 11
*1012 11
7
7 14
*7
718
3212
32
3258 32
15
8
15
8
158
15
8
*13
*13
4
4 2
2
312 312
312 31
5914 59%
5912 60
8438 85
8
847 85
14
1438
1412
14
9012 903
91
90
4
2614 2638
2618 261g
593 60
57
60
4
378 4
3 4 3%
3
*818 812
814 812
8
347 3612 3512 3614
*512 5 4
53
3
4 6
2712 2712
2712 28
*212 23
4 *212 258
*5:3
55
*5414 55
*1012 103.
1012 11
.36
.36
.35 .35
47
4714
4614 47
48
4
4812 4812 483
338 3 8
3
338
312
135
8
*13
135 .13
8
4
s
8 783 797
7814 783
23
4 23
4
*23
4 3
37
8 3 8 *312 4
7
59
*59
5912 59
8
13
4
•15
13
8
4 *15
• Bld and asked price. a Ex-dividend and rights.
7218 73
100 10012
1558 -1558"
11712 118
11858 1183
4
12814 1283
4
-5714 -971-2
6413 6412
Last Sale 9913 Nov'15
--914
240
177
04
24012
17712
87
8714
85
85
Last Sale 175 Nov'15
Last Sale 214 Nov'15
Last Sale'12
Oct'15
Last Sale 40 Nov'15
30
30
132 132
167 168
16 4 1612
,
125 125
Last Sale 118
Oct'15
160 16212
4912 50
2834 29
8712 8818
116 116
1314 137
8
-oo2618
-66
.-
273
4
112
158
5712 5812
7114 7214
77
778
8
314
3%
73
7378
8
693 7018
570 570
?)F2 ig5
8
6214 6278
212 212
1558 1534
*034 10
83
84
46
4678
17
17
Last Sale 28 Nov'15
*512 6
44
45
*8912 90
2818 2812
44', 412
*278
314
1412 15
*512 6
Last Sale 134 Nov'15
*1313 1312
4
4
35
35
214
214
863 8714
4
165 1658
8
1014 1014
11
1118
71 1
712
3214 327
.3
112
11*
13
4
13
4
*314
4
5978 597
8
*85
86
14
1414
8714 8738
257 26 4
8
,
*59
593
4
3 4 37
3
8
812 812
8
357 37
512
512
2712 28
23
4 23
4
*54
55
1014 11
.36 .40
4714 48
483 487
4
8
33
8
312
13
1312
8012 8118
23
4 23
4
*312 4
*58
5912
Last Sale 134 Oct'15
13 Ex-stock dividend.
STOCKS
BOSTON STOCK
EXCHANGE
Railroads
Atch Topeka & Santa Fe_ _100
Do prof
100
22 Boston & Albany
100
196 Boston Elevated
100
5 Boston & Lowell
100
702 Boston & Maine
103
1 Boston & Providence
100
Boston Suburban nee Cos_ __
50
Do pref
50 Boston & Wore Electric Cos_ _
Do pref
Chic June fly & U 8 Y100
5 Do pref
6 Connecticut River
100
41 Fitchburg pref
100
Georgia Ry & Elee stampd100
Do pref
100
246 Maine Central
100
Mass Electric Cos
100
8 Do pref stamped
100
6,942 NYNH& Hartford
100
21 Northern New Hampshire _100
39 Old Colony
100
50 Rutland, pref
100
20 Union Pacific
100
Do prof
100
Vermont & Massachusetts _100
58 West End Street
50
62 Do prof
5)
[VOL 101.
Range Since Jan. 1.
Lowest.
9234 Feb 23
97 Jan 15
170 Mar 5
73 Junel6
109 Feb 26
20 Feb 13
225 Jan 5
10 Mar23
40 Sep 21
5 Nov24
39 Jan 20
157 Feb 13
10112 July 9
140 Feb 25
51 Feb 9
114 Apr 20
84 Aug 10
92 Mar 4
478 June 7
33 July21
43 Feb 25
89 Oct 1
140 Aug 3
15 Mar17
11612 Jan 4
793 Mani
4
105 Feb 9
61 May15
80 July 1
Miscellaneous
115 Amer Agricul Chemical_ _100 48 Jan 5
494
Do pref
100 8712 Mar25
495 Amer Pneumatic Service
50
134 Mar17
10 Do pref
50 1412 Oct 14
351 Amer Sugar Refining
100 100 Feb 24
234 Do pref
100 109 Feb 5
2,480 Amer Telep & Teleg
100 116 Jan 4
40 American Woolen
100 1612 Apr 6
297 Do pref
100 77 Feb 5
35 Amoskeag Manufacturing_ ___
5918 Jan 20
Do pref
9712 May25
6,329 Atl Gulf &WISS Lines _100
4 Feb 24
6,034
Do pref
100,
97 Mar12
8
100 East Boston Land
10
834 July27
188 Edison Electric Ilium
100 230 May10
180 General Electric
100 13814 Feb 26
46 McElwain (NV H) 1st pref_100 9612 Aug 25
106 Massachusetts Gas Cos_ 100 78 Apr 8
124 Do pref
100 81 Nov16
Mergenthaler Linotype_ _ _100 154 Feb S
Mexican Telephone
14 Apr 20
10
Mississippi River Power 100 10 June 4
Do pref
100 35 Feb 23
10 New Eng Cotton Yarn_ _ _ _100 20 Apr 15
20 Do prof
100 25 July 1
274 New England Telephone_ _100 312714 June16
230 Pullman Company
100 150 Feb 24
25 Reece Button-Hole
10 15 Sep 27
370 Swift & Co
100 10134 Jan 4
106 Torrington
25 28 Mar 8
11 Do prof
25 26 Mar25
Union Copper L & M
25
.95Jan 18
5,335 United Fruit
103 110 Feb 25
1,625 United Shoe Mach Corp
25 48 Aug 17
245 Do prof
25 28 Mar27
2,592 II S Steel Corporation_ _ _ _100 38 Feb 1
108 Do pref
100 102(4 Jan 27
18,510 Ventura Consol 011 Fields_ 5 107 Nov10
8
Highest.
Range for Previous
Year 1914.
Lowest.
8
1093 Nov 1
SSis Nov
10112 Nov19
978 Jan
198 Jan 12 175 Nov
90 Jan 13
77 May
13512 Oct 27 150 Dec
3712 Oct 11
3012 July
240 June26 225 May
10 Mar24
7 Mar
56 Mar23
50 July
9 Sep 1
47 July15
35 July
160 Sep 9 160 Mar
110 Apr 21 103 Dec
165 Jan 12 162 Nov
70 Nov 5
75 July
120 Feb 6 11512 Dec
88 Mar 3
83 Jan
907g Jan
10312 Nov16
10 Sep 24
9 Apr
56 Jan 6
54 Dec
873 Oct 11
4
4978 July
93 Apr 29 100 May
157 Apr 9 140 July
30 Nov23
19 May
1413 Nov19 1103 Nov
8
4
8178 Oct 26
82 Apr
125 Apr 20 115 Jan
7212 Jan 25
65 Nov
9312 Feb 4
82 Dec
.•
7334 Nov 8
4714 Jan
10112 Nov20
89 Dec
412 Oct 25
2 Dec
1912 Jan 9
17 Jan
11912 Nov 5
9714 Mar
11834 Nov26 108 Mar
13012 Nov 4 112 Nov
5714 Oct 20
14 Mar
9013 Oct 4
4
723 Mar
67 Apr 23
5712 Dec
101 Feb 6
9734 June
36 Nov 4
5 Feb
49 Nov 4
1313 May
1314 Apr 5
912 Dec
260 Jan 22 234 Nov
18412Oct 4 137 Dec
104 Mar29
9812 Nov
94 Aug 5
7614 Nov
9212Jan 28
85 Nov
200 Jan 4 200 Dec
3 Sep 10
214 May
1214 Feb 8
18 July
4(113 Jan 26
55 June
30 Nov26
20 Apr
51 Nov24
38 Dec
143 Jan 29 128 Nov
170 Oct 23 148 Dec
1814 Jan 2
16 Jan
128 Nov16 10112 Nov
3534 Oct 29
27 Feb
3014 Sep 8
27 Mar
134 Apr 21
.95 Dee
163 Nov17 x113 Dec
65 May24
5214 Dec
30 Aug 31
28 Jan
8812 Nov 1
48 Dee
11714 Oct 30 10314 Dec
143 Nov17
8
Highest.
100 July
8
1013 Feb
195 Jan
10114 July
179 Feb
55 Jan
255 Jan
712 Feb
60 Jan
40 Jan
163 Jan
107 June
200 Jan
93 Jan
121 May
887 Apr
8
99 Mar
14 Jan
6612 Jan
778 Jan
112 Feb
165 Jan
30 Jan
16334 Jan
85 Jan
130 Feb
75 Jan
95 Mat
5914 Mar
98 June
4 Jan
22 Jan
11014 Jan
115 Dec
124 Jan
15 Mar
83 Jan
67 Feb
10012 June
9 Jan
1634 Jan
1412 Feb
265 Mar
15012 Feb
102 Jan
9438 Feb
98 Mar
2163 Feb
4
3 Jan
38 Feb
70 Jan
30 Jan
69 Jan
141 Feb
159 Jan
2018 July
10734 Mar
31 May
2912 Jan
2 Feb
173 Feb
(3131 June
3018 July
6714 Jan
1123 Jan
8
Mining
160 Adventure Con
25
1 Jan 22
478 Apr 22
1 Apr
2 Jan
129 Ahmeek
25 93 Nov10 103 Aug 27 23934 Apr 300 Mar
12,849 Alaska Gold
10 255 Nov18 403 Apr 22
8
4
19 July
283 May
4
1,370 Algomah Alining
25
45 Feb 10
434 Apr 22
12 Dec
134 Jan
383 Allouez
25 3513 Jan 5 60 Nov16
3412 Jan
4334 Feb
29,535 Amer Zinc, Lead & Smelt_ 25 163 Jan4 7211 Nov26
3
1214 Nov
2 Jan
210 Arizona Commercial
3I Jan 4
5
212 Nov
912 Apr 22
,e
65 { Mar
1,520 Butte-Balaklava Copper
10
2 Jan 16
1 Nov
43 Apr 22
4
418 Feb
7,209 Butte & Sup Cop (Ltd)._ _ 10 3534Jan 4 80 June 4
24 Nov
403 May
4
2,458 Calumet & Arizona
10 5112 Feb 23 7834 Apr 26
53 Dec
7018 Mar
61 Calumet & Hecla
25 350 Jan 4 630 Apr 22 350 Dec 460 Feb
45 Centennial
25 15 Jan 12 25 Apr 22
14 Jan
19 Feb
325 Chino Copper
3014 Dec
5 327 Jan 6 57 Nov17
8
4312 Feb
2,545 Copper Range Cons Co__ _100 30 Jan 13 633 Nov17
29 Dec
4
4034 Feb
585 Daly-West
3 Feb
20
534 Apr 22
17 Jan 21
112 Nov
4,653 East Butte Copper Alin_ _ _ 10
812 Jan 5 16 Nov19
13 Dec
13 Jan
223 Franklin
412 Feb 6 1414 Apr 22
95
2 Nov
778 Apr
1,135 Granby Consolddated
100 58 Jan 7 9412 Apr 27
60 Dec
91 Feb
4,854 Greene Cananea
100 2314 Feb 1
4712 Nov23
2114 Apr
4238 Feb
157 Hancock Consolidated__ _ _ 25 11 Jan 18 2412 Apr 29
11 Dec
22 Feb
Hedley Gold
10 2612 Oct 27 ' 293
4Jan 19
23 JUIY
30 Mar
260 Indiana Mining
214 Jan 21
25
1012 Apr 22
812 Feb
3 Apr
80 Island Creek Coal
1 41 Mar18 52 Aug 17
4412 Dec
5014 June
11
Do prof
1
8512 Jan 5 9118 Apr 27
81 June 8912 June
1,217 Isle Royale Copper
25 1712 Jan 11
34 Apr 26
16 Dec
24 Feb
2,015 Kerr Lake
818 July
r
3 Aug 3
513 Apr 20
378 Ma
220 Keweenaw Copper
25
112 Aug 23
412 Apr 26
218 May
4%Feb
2,076 Lake Copper Co
25
512 Jan 27 18 Apr 22
434 Nov
1012 Jan
30 La Salle Copper
512 Feb
25
318 Jan 7
9 Apr 23
3%Mee
Mason Valley Aline
5
412 Apr 27
1 Marll
114 Dec
4 Jan
485 Mass Consol
25
17 Apr 22
3 Jan 11
2 Mar
e512 May
380 Mayflower
25
3 Aug 16
8 Apr 22
,
3 4 June
9 Jan
75 Miami Copper
5 16.14 Jan 2 353 Oct 30
4
163 Dec
4
2418 Feb
150 Michigan
25
.60 Mar 1
3 Apr 22
.50 July
114 Feb
793 Mohawk
25 4014 Jan 15 8814 Nov15
39 Apr
4912 Dec
130 Nevada Consolidated
5 1158 Feb 24
17 Apr 27
10 Dee
1658 Dec
1,295 New Areadlan Copper__
25
412 Feb 24 1414 June 7
17 Jan
713 Jan
895 New Idria Quicksilver
5
4 July10 1312 Aug 7
4 June
4 June
2,010 NipissIng Mines
5
518 Aug 9
758 Sep 27
818 Feb
5 July
2,218 North Butte
15 2214 Jan 25 3878 Apr 26
1934 Dec
3034 Feb
45 North Lake
25
1 Jan 28
418 Apr 23
.95 Apr
2% Jan
200 Olibway Mining..
25
.50 Mar 4
312 Apr 29
34 Apr
2 Jan
385 Old Colony
25
3 Aug 16
718 Apr 22
57f. Feb
,
258 Nov
3,540 Old Dominion Co
25 3812 Mar 8 6018 Nov22
44 Dee
54 Feb
25 64 Jan 28 9312 Apr 22
151 Osceola
64 Dec
84 Feb
2,798 Pond Creek Coal
10 12 Jan 7 1958 Aug 13
1234 Dec
2078 Jan
1,346 Quincy
25 50 Jan 16 95 Apr 22
5178 Dec
68 Feb
385 Ray Consolidated Copper_ 10 1534 Jan 7 275 Nov17
2212 Apr
8
15 Dec
1,091 St Mary's Mineral Land
25 28 Jan 4 65 Apr 23
40 Feb
28 Dec
1,010 Santa Fe Gold dr Copper
10
1 Mar17
214 Jan
5 Oct 22
1 Jan
435 Shannon
10
4 Jan 15
712 Feb
1114 Apr 26
4 Nov
27,739 Shattuck-Arizona
10 183 Jan 5 38 Nov17
4
2934 Feb
IS Dec
400 South Lake
25
514 Nov 3
73 July27
4
625 Superior
25 2212 Jan 6 4112 Apr 28
22 Nov
32 Feb
70 Superior & Boston Copper_ 10
1 Mar 3
2%Jan
114 Nov
412 Apr 29
50 Tamarack
25 25 Jan 4 585 Aug 18
2412 Dec
43 Feb
8
2,298 Trinity
512 Jan
25
23 Feb 11
234 Nov
8
1512 Oct 13
4,400 Tuolumne Copper
1
.23 Dee
.20Jan 2
.85 Mar
.63 Apr 14
2,444 U S Smelt, Refin & Min_ 50 20 Feb 25 4912 June15
2414 Dec
4312 Feb
1,246
Do pref
50 28 Jan 15 487 Nov26
4012 Apr
4878 Feb
s
2,630 Utah-Apex Mining
114 Nov
5
2 Jan 2
258 Feb
538 June16
60 Utah Consolidated
834 Jan
5
914 Feb 26 163 June14
8
14 Feb
1,040 Utah Copper Co
10 483 Jan 8 8118 Nov26
4518 Nov
59 June
4
60 Victoria
25
1 Mar c21X
1 Feb 26
412 Apr 22
8May
240 Winona
173 Dec
'5
134 Jan 18
478 Feb
518 May 1
128 Wolverine
30 Dee
25 32 Jan 6 70 Apr 26
4734 Feb
Wyandott
114 Jan
25
30 June
214 Apr 23
.50 Mar 3
e Assessment paid. 13 Ex-rights. e Unstamped. z 2s paid. to Half-paid.
THE CHRONICLE
Nov. 27 1915.]
1795
Outside Exchanges-Record Transactions
-The complete record of
Pittsburgh Stock Exchange.
-- transactions at the Pittsburgh Stock Exchange from Nov.20
-Transactions in bonds at Bos- to Nov.26, both inclusive, compiled from the official sales
Boston Bond Record.
ton Stock Exchange Nov. 20 to Nov. 26, both inclusive:
lists, is given below. Prices for stocks are all dollars per
Sales
Friday'
share, not per cent. For bonds the quotations are per cent
Range since Jan. 1.
Last Week's Range' for
Week.
of Prices.
Sale.
of par value.
Low.
High.
Price. Low. High. Shares.1
Bonds
-
Alaska Gold Mines 6s
Am Agric Chem 5s_ _ _1928
1924
5s
Amer Tel & Tel 45_..1929 91%
-is_ _ _1933
Convertible 43
AUG & W ISS L 55_1959 78%
Boston Elevated 4s_ A935 84%
Chic B & Q-Denv Ext 4s
Copper Range 5s
Gt Nor-C B & Q 4s_ _1921
1921
Registered
K C 1`.1em & B 4s_ _ _1934
1931 95
Mass Gas 4%s
1929
434s
N E Cotton Yarn 55_ _1929 74
NE Telephone 55_ _ _ _1932 101%
Old Colony 4s regis_ _1938
Pond Creek Coal 6s_ _1923
1944 98%
Swift & Co 5s
United Fruit 4%s_ _ _ _1923 97%
Western Tel & Tel 5s_1932 99%
118 118
1014 1014
97
97
9134
91
107 10734
78%
78
841( 84%
9911 99%
86
86
98% 98%
98
98%
82
82
95
95
97
97
74%
74
101% 102
92% 9234
92
92
984 98%
97% 97%
99%
09
$400
1,000
12,100
13,000
1,800
72,000
1,0001
4,000;
12,000,
6,000,
4,000,
500,
1,000
1,000,
12,000
9,000
1,000,
5,000,
20,000'
1,000,
18,000
118
99%
91
86%
95%
60
84%
98%
86
95
95%
82
91
95
70
99%
92%
92
944
93
94%
Nov
Jan
Jan
Jan
Jan
Jan
Nov
Jan
Nov
Jan
July
May
Aug
Jan
Apr
Jan
Nov
Nov
Feb
Feb
Mar
135%
102%
97
91%
108%
79
85
9934
86
98%
98%
82
95
974
76
102
92%
9834
9831
99
9935
July
Oct
Nov
Nov
Nov
Nov
Mar
Nov
Nov
Nov
Nov
May
Nov
Mar
Jan
Nov
Nov
Aug
Nov
May
Nov
-Record of transactions
Philadelphia Stock Exchange.
at the Philadelphia Stock Exchange from Nov.20 to Nov. 26.
both inclusive, compiled from the official sales lists:
Stocks-
Sales I
Friday
Last Week's Range for I
Week.
of Prices.
Sale.
Par. Price. Low. High. Shares.1
10
Alliance Insurance
American Gas of N J._100
10
American Milling
American Railways __ _ _50
100
Preferred
Baldwin Locomotive_ _100
100
Preferred
Buff & Susq Corp v t c_100
100
Preferred v t c
50
Cambria Iron
50
Cambria Steel
Elec Storage Battery_ _100
Elmira Sr W'msport pf _ _50
100
General Asphalt
Preferred
100
Insurance Co of N A__ _ _10
100
J G Brill Co, pref
Keystone Telephone_ _ _ _50
Preferred
50
Keystone Watch Case 100
Lake Superior Corp_..100
Lehigh Navigation
50
Lehigh Valley
50
Lehigh Valley Transit 50
Preferred
50
Minehill & S H
50
Norristown
50
Northern Central
50
North Pennsylvania
_50
Penn Salt Mfg
50
Pennsylvania
50
Penn Traffic
231
Pennsylvania Steel_ _ _100
Preferred
100
Philadelphia Co (Pitts)_50
.50
Pref (cumulative 6%)
Philadelphia Electric_2231
Phila Rapid Transit_
50
Voting trust receipts_ _50
Philadelphia Traction_.50
Reading
50
50
2d preferred
Tono-Belmont Devel_ _1
Tonopah Mining
Union Traction
50
United Cos of NJ
100
United Gas Improvt _50
U S Steel Corporation_100
Preferred
100
Warwick Iron & Steel_ _10
Welsbach Co
100
Western N Y & Penn _50
West Jersey & Sea Sh_ _50
Westmoreland Coal__ _ _50
Wm Cramp Sr Sons_ _..100
50
York Railways
50
Preferred
Scrip
Cambria Steel scrip. 1916
Feb 1917
Scrip
May1917
Scrip
Philadelphia Co scrip_1916
Scrip
1918
Bonds
Amer Gas & Elec 55_ _2007
do small
2007
Baldwin Locom 1st 58.1940
Cons Trac N J 1st 55_1932
Elec & Peop tr ctfs 4s_1945
Equit Ilium Gas Lt 55.1928
Hudson & Man income 5s_
Inter-State Rys coil 4s 1943
Keystone Teiep 1st 55.1935
Leh C & N consol 434s 1954
Lehigh Val cons 4348_1923
Consol registered 651923
General consol 4s_ _2003
General consol 4315.2003
Lehigh Val Coal 1st 5s 1933
Leh Val Transit 1st 55.1935
1935
First 4s
Pennsylvania cons 4s_1948
1960
Consol 431s
1965
General 4345
Pa & Md Steel cons 65.1925
People's Pass tr etfs 4s 1943
PhilaCo cons&coll tr5s1951
Phila Elec tr ctfs 5s_ _1948
1948
do small
Trust certificate 45_1950
Reading general 4s_ _ -1997
Span-Amer Iron 6s_..1927
Standard Gas & El 68_1926
Un Rys gold tr ctf 45_1949
United Rys Invest 5s_1926
United Trac (Pitts) 55.1997
Weisbach Co 5s
1930
West NY & Pa gen 45.1943
York Railways 1st 5s_1937
634
31
11634
110
55
69%
654
67%
36
73
24%
97
1434
931
824
99%
5911
4535
27%
17%
79
83%
43
5
734
444,
884
8734
10%
45
67%
34
105
18% 18%
197
118 119%
230
64 6%
1,087
30
33
95
96
96%
220
116% 117%
20
109 110
204
24% 25%
670
55
53
251
45
45
47,678
68% 70
558
66
64
26
67% 67%
235
35% 36
172
73
72
704
24% 24%
19
97
97
50
14% 14%
407
664 67
35
85
85
1,440
9% 10
338
784 794
336
81% 82%
100
183.1 18%
372
38
38%
61
56% 56%
12
138 138
110
86
86
40
92
92
142
99% 10034
1,103
59% 60
500
2
2
4
63
63
271
84
85
755
45
464
105
43
434
27% 28% 3,179
100
17% 17%
7,035
17% 1731
258
79
80
551
82% 83%
30
43
43
0/ 5% 20,790
6
1,800
64 7%
6
614
44% 45
50
225 225
1,174
88% 8831
86% 88% 13,382
19
115% 116
10
10% 10%
10
45
45
100
94 9%
283
48% 50%
34
67% 67%
70
87%
85
270
9%
9
175
33% 34
97
101
101
100
98%
974
101
101
100
98%
215
339
230
207
207
8834 $22,000
900
8734
107% 256,000
1,000
102
82% 12,000
82
1,000
105
33% 15,000
33
11,000
59
1,000
96%
101% 4,000
101% 4,000
1,000
92
31,000
91% 92
100% 101% 6,000
1054 1054 4,000
103 103
5,000
904 8934 soq
2,000
99
99
99
13,000
106 1064 51,000
101% 101 101% 125,000
102 102
1,000
82
824 6,000
1,000
8831 8734 88%
103% 104% 16,000
103 103%
1,200
103
81% 83
31,200
83
,
94% 953g 63,000
1,000
101% 101%
1,000
9331 93%
16,000
74% 75
75
41,000
74
74
1,000
7234 7235
12,000
94
94
04
6,000
82
81
82
6,000
92% 93
93
884
107
88
87%
106
102
82
105
33
59
96%
10134
101%
Rance since Jan. 1.
Low.
154
100
5
24
94
30
90
11
36
41
41
4731
67%
24
60
21
88
13
61
75
5
7131
65
1331
2631
5434
13631
82
90
80
5131
1%
34
4931
2931
32
2331
7
73-1
70
70
40
33-4
5
30
220
8031
38
103
9
35
9%
47
58
1831
6
284
95
95
95
90
80
85
85
100%
10031
73
105
33
57
90
974
1004
108
864,
97
103
102
8834
97
102%
97
98
7631
70
100%
101
77%
91
100%
884
7234
55
72%
89
7431
90
High.
Jan
Jan
Apr
Sept
Oct
Feb
Mar
May
July
May
Feb
Jan
Nov
Mar
Mar
Jan
June
Aug
Jan
July
Apr
May
Jan
June
Mar
July
Sept
Sept
Feb
Mar
Feb
Apr
Aug
May
Mar
Mar
Jan
May
May
July
May
Jan
July
July
May
Mar
Jan
Feb
Jan
July
Mar
Nov
Aug
Jan
Jan
July
July
Feb
Feb
Feb
Feb
Feb
Jan
Jan
Mar
Oct
Aug
Nov
Nov
July
Jan
Jan
Mar
Sept
Aug
Feb
Jan
Jan
June
Sept
Aug
May
Jan
Oct
Mar
Jan
Jan
Jan
Aug
Jan
Apr
Aug
Mar
Nov
Jan
Oct
Nov
Stocks-
Sales
Friday
Last Week's Range for
Week.
Sale
of Prices.
Par. Price. Low. High. Shares..
American Sewer Pipe_ _100
Am Window Glass M._100
Preferred
100
Amer Wind Glass, pref _100
Caney River Gas
25
Columbia Gas & Elec_ _100
Consolidated Ice, pref_ _50
Crucible Steel, pref _ _ _ _100
Harb-Walk Refrac corn 100
Preferred
100
Independent Brew.com.50
Preferred
50
La Belle Iron Works_..100
Preferred
100,
Lone Star Gas
100'
Mfrs Light & Heat
50
Nat Fireproofing corn_ _50
Preferred
50
Ohio Fuel Oil
1
Ohio Fuel Supply
25
Oklahoma Gas
100
Pittsburgh Brewing com.50
Preferred
50
Pittsburgh Coal corn_ _ _50
Pittsburgh Oil & Gas_ _100
Pittsburgh Plate Glass_100
5
Pure 011 common
San Toy Mining
1
Union Natural Gas
100
Union Switch & Signal_ _50
United States Glass_..100
S Steel Corp corn__ _100
West'house Air Brake_ _50
West'house Elec & Mfg_50
Preferred
50
..100
West Penn Rys pref.
W Penn Tr & W P com_100
Preferred
100
Range since Jan. 1.
Low.
17
120 1531
15% 17
1,885 1534
2731 27% 28
122
60 7534
120 124
9631 96% 97
85 8931
31
31%
760 23
29
84
1631 14% 16% 12,595
198 34
35
35
111
my, 111
90 75
69
69
90 45
20 9734
99
99
99
24
200
3
3y,
110 1334
18
18
54
295 27
53% 54%
122 124
80 103
93
93
93
30 91
5331 50% 53% 2,041 46
3,160
434
1231 11% 1234
265 16
2311 22% 23%
150 12
1534 1534
1531
212 38
40
39
40
110 57
70
70
70
5
5%
5
130
3
17
16% 17
170 12
36%
190 1631
3631 35
434
405
7%
7
731
815 104
118
11331 118
1834 17% 1834 3,629 1331
8c.
16c. 17c. 5,600
40 12831
136% 13634
362 92
12831 12834 129
285 13
20
19
600 38
873-4 8634 87%
13834 140
370 11631
139
674 704
845 323-4
70
10 58
78
78
10 70
75
75
19
20
100 10
11 28
42
42
Nov
July
May
Oct
July
Jan
Nov
Jan
Feb
Mar
Aug
Aug
Jan
June
Mar
May
Feb
Feb
May
Nov
Feb
Feb
July
Jan
Aug
Apr
May
Apr
Aug
Apr
Aug
Feb
Mar
Feb
Feb
Feb
Oct
Oct
High.
Apr
24
Oct
31
1303-4 Nov
Jan
123
3131 Nov
163--4f Nov
Feb
40
111
Sept
70
Nov
99
Jan
Apr
6
223-4 Jan
593-4 Nov
Nov
124
10831 Apr
5334 Nov
134 Oct
26
Nov
1531 Nov
May
45
Oct
71
831 Nov
2434 Jan
4231 Oct
734 Nov
Nov
118
1831 Oct
24c. June
13634 Nov
1303-4 Oct
28
Nov
8831 Nov
144
Sept
7431 Oct
Oct
85
Nov
75
20
Nov
Nov
42
1834 Nov
121% Nov
6% Feb
36
Jan
101
Jan
154
Oct
115
Sept
25% Nov
55
Oct
4534 Nov
75
Sept
78% Sept
Bonds.
67% Nov
Nov
Mari 76
$1,000 71
Columbia Gas & El 55_1927
76
76
37% Nov Monon Ely C C & Co 6s'49
Sept; 11434 Nov
114 114% 6,000 113
744 Nov Pitts All & Man Tr 5s_1930
Feb
Apr; 100
1,000 98
100 100
25% Nov Pitssburgh Brewing 6s 1949
Jan
1,000 504 Apr; 65
64
64
Apr
98
Oct Pittsb Coal deb 6s_ _ _ _1931
Jan 97
6,500 90
96
96
16
Apr
Apr
69
July
88
June
1331
80
Oct
-Complete record of the
82% Nov
Baltimore Stock Exchange.
19% Nov
39
Nov transactions at the Baltimore Stock Exchange from Nov. 20
57% May
Apr to Nov. 26, both inclusive, compiled from the official sales
145
Feb
86
below. Prices for stocks are all dollars per
9234 Feb lists, is given
Oct share, not per cent. For bonds the quotations are per cent
108
61% Nov
2
Nov of par value.
Oct
100
98
Oct
Sales
Friday
48% Oct
Rance since Jan. 1.
Last Week's Range for
46
Sept
Week.
Sale.
of Prices.
28% Nov
Low.
High.
StocksPar. Price. Low. High. Shares.
18
Nov
1831 Nov
Nov
Sept 12
5
100
934 9%
Alabama Co
100
80
Nov
Nov
Nov 35
10 35
35
35
35
First preferred
85% Nov
Nov
Nov 65
65
97 60
60
65
44
Nov Arundel Sand Sr Gravel_ _ _
Jan
Nov 81
80
100 80
80
Preferred
54 Mar
Apr
40
80 35% May 168
40
7% Jan Commercial Credit_ _100
40 25% May 102% Apr
28
28
Preferred
100
45
Nov
586 1024 Jan 114% Nov
225
Feb Cons Gas, E L& P_ _ _ _100 1144 1134 1144
Nov
235 106% Jan 116
1144 116
Preferred
100 115
8934 Nov
Nov
Jan 100
158 92
98
98
100
88% Nov Consolidation Coal
Jan
5
7% Nov
734
6% 734 10,926
116
Nov Cosden & Co
7% Nov
5% Mar
74 7%
700
Preferred
11% Aug
32 100% May 12234 Nov
120 122%
45
Oct Davison Chemical pref_100
May 22 June
100
977 16
17% 19
10 May Elkhorn Fuel
50 30
30
30
270 2334 Apr 304 Oct
50% Nov Fairmont Gas
Apr 51% Oct
4 42
Preferred
50
50
50
67% Nov
Nov
Mar 25
23% 24% 7,451 10
91
Sept Houston Oil trust ctfs_ _100 24
Jan 63% Nov
Preferred trust ctfs_ _100 63% 63% 63% 1,135 54
9% Nov
May 4734 Nov
20 24
4734 47%
34
Nov Merch & Miners Trans_100
Nov
Oct 18
9
25
Mt Vernon Mills v t
17% 17%
Oct
Oct 55
25 53
53%
Preferred v t
53
102% Oct
Nov
Aug 86
202 82
50 8531 85% 86
101
Oct Northern Central
130 634 Aug 74% Oct
72% 7334
10134 Oct Pennsylv Wat & Pow 100
Nov 101% Oct
10 101
101 101
109
Aug Pub Serv Bldg, Pre
July
2
4
44
20
43-4 Oct
98% Nov Sapulpa Refining
Oct
5
125
Preferred
,
”.4 5
411 Oct
Nov
Nov 65
65
44 35
60
88% Aug Symington T H
Nov
Sept 110
106 110
81 80
Preferred
884 Nov
Mar
2434 24%
205 2034 June 27
10734 Nov United Ry & Electric_ _50
4% Nov
2% May
4% 4%
1,471
4%
102% Feb Wayland Oil & Gas
5
Nov
83
Bonds.
10534 Oct
33% Nov Atl C L RR cony 4s_ _1939 924 91% 92% $18,000 82% Aug 92% Nov
Jan
Aug 97
95
Apr Balt Spar Pt & C 43-45.195.3
9534 6,000 93
60
Jan
96% 2,000 93 June 97
Nov Chicago Ry 1st 5s_ _ _ _1927 9634 96
97
Aug 95 June
1,000 92
9331 93
101% Nov Consol Gas gen 434s_ _1954
Apr
87% 87% 2,000 85% Sept 89
101% June Cons Gas E & P 43-4s.1935
Notes
100% 100%
1,000 98% Mar 100% Nov
Jan
110
Jan
91
91
4,000 86% Sept 91
Nov Consolid'n Coal ref 5s_1950
92
Convertible 6s
1923 103% 103% 103% 20,000 99% Jan 103% Nov
101% Nov
May 1123g Nov
112 112% 2,000 92
1054 Nov Cosden & Co 1st 6s _1923
Jan 10134 Nov
Sept Davison Chemical 65_1932 10134 101 10134 35,000 97
103
1918 99% 0934 9934 120,000 9234 Jan 99% Nov
904 Nov Elkhorn Fuel 55
6s, when issued
97% 97% 97% 32,000 97% Nov 97% Nov
Nov
99
994 994 8,000 9834 July 100 Feb
1064 Nov Fair & Clarks Trac 5s.1938
Jan 96% Jan
101% Nov Fairmont Coal 5s....1931 964 964 96% 3,000 94
Jan 102% Apr
Ga Car & Nor 1st 5s _1929
10234 10234 2,000 101
Nov
102
Nov
33,000 7231 Apr 82
80% 82
Jan Hous Oil div ctfs_1923-25 82
83
Apr 80% Nov
Small
80% 80%
800 73
Nov
89
8834 88% 2,000 79 June 8834 Nov
104% Nov Jamison C&C-GC 55_1930
July 9834 Jan
97
97
2,000 94
103% Nov Maryl'd Elec Ry 1st 551931
Jan
Sept 102
6,000 100
101 101
83
Nov Minn St&StPC it 5s_ _1928
Feb
Jan 97
95% Nov N News& Old Pt lst5s1938 96% 9634 96% 2,000 95
Aug 84% Jan
5,000 75
82
82
102% Aug Nor!& Ports Trac 5s_1936
Apr
Jan 92
19,000 88
95
May Pennsylv Wat & P 5s_1940 90% 90% 91
Nov
92% 9234 2,000 90% July 93
75
Nov United E L & P 4345_1929
82% 16,000 794 June 8234 Nov
75
Oct United Ry & Elec 4s_ _1949 82% 82
Jan
1949 624 62
62% 25,000 55 June 63
Income 4s
72% Nov
Jan
June 87
1,000 81
1936 85
85
8534
Funding 5s
94
Oct
400 80% July 87% Jan
86
1936
86
Small
82
Nov
16,000 73% Oct 81% Feb
79
79
93 May Wash Bait & Annap 551941
THE CHRONICLE
1796
[VOL. 101.
.=.*.
-Complete record of transaoChicago Stock Exchange.
tions at Chicago Stock Exchange from Nov.20 to Nov.26,both
Inclusive, compiled from the official sales lists, is as follows:
Stocks-
Sales
Friday
Last Week's Range for
Week
of Prices.
Sale
Par. Price. Low. High. Shares.
Range since Jan. 1.
Low.
High.
Tobacco Stocks
-Per Share.
Par Bid. Ask.
American Cigar common100 110 115
Preferred
100 98 100
Amer Machine & Fdry__100 90 100
British-Amer Tobac ord._ £1 *1314 1412
Ordinary, bearer
£1 *14 15
Conley Foil
Johnson Tin Foil & Met_i
MacAndrews & Forbes 100 140 150
Preferred
Porto Rican-Amer Tob_ _I
1S18 NO
)
Reynolds(R J) Tobacce.100 450 475
Preferred
ioo
Tobacco Products corn..
.i00 IN
United Cigar Stores com_100 96 102
Preferred
100 110 125
Young (J 13) Co
100 155 170
Preferred
1
105 112
4
2 1. 12
Railroads-.
Bid. Ask,
West Pee 1st 55 1933.--M-Sf 36 38
Street Railways- Par
Com'w'lth Pow Ry de L.. _100
Preferred
100
Federal Light & Traction 100
Preferred
100
Republic Ry & Light__ _100
Preferred
100
Tennessee Ry L dr P coin 100
Preferred
100
United Lt & Rya com
10
let preferred
1
Wash Ry & El Co
100
Preefrred
100
at 1951
J-D
55
82
57
84
11
48
22 2313
70 73
11
12
45 50
44 48
74 76
x81 83
58184 8214
81 8118
9
Jan
390
48% Aug
8234 Nov
Aug
81
Sept
51
93% Aug
93
Jan
3134 Jan
222
Nov
Elec. Gas & Power Cos
146% Nov
Am Gas & Elec corn
S0'135 137
99
Sept
-per s hare.
Ordnance Stocks
Preferred
50 *4912 51
109
Nov Aetna Explosives com___1 ii 149 155 Am Lt & Tmc
common_ _100 367 370
Nov
116
Preferred
lii 89 92
Preferred
100 109 111
Nov Amer & British Mfg
83
1 ii 25 35 Amer Power & Lt corn
111 64
_30% Sept
Preferred
Iii 75
Preferred
100 82 83
Nov Atlas Powder common.
6
.100 250 265 - Amer Public Utilities comb® 38 41
914 Nov
l
95 99
Preferred
Preferred
100
Oct Babcock & Wilcox.....lii 130 132 Cities Service Co corn_ _ _100 68 72
130
88 90
Feb
125
Bliss(E W)Co common _5 *370 3 0
4
6
5 '2 50
Preferred
111 7612 7812
165
Oct
Preferred
Consumers Power (Minn)
Sept Canada Fdys & Forgings100 185 195
125
1st & ref 5s 1929.._M&N 9212 96
61% Nov Canadian Car & Fdry_..100 95 100 Elec Bond & Share pref 100 100
1234 Apr
Preferred
100 110 115 Great West Pow 56 1946.J&J 8214 83
110
Nov
Canadian Explosives com100 380 415 Indiana Lighting Co_ _ _ _100 45
-10134 Nov
100 100 110
48 1958 optional__ F
Preferred
-A 70 72
Nov
330
Carbon Steel common__ _100 83 95 North'n States Pow com-100 3612 40
Oct
108
Preferred
1st preferred
100 8912 92
Jan
215
Pacific Gas & Elm)corn. 100 60 61
2d preferred
92% Nov Celt's Patent Fire Arms 12
1st preferred
100 86 89
16933 6938
Mfg8405 875
16
2d pref (old pref)_ _100 9012 92
127)i Nov
170 South Calif Edison com_100 76 79
166% Aug Driggs-Seabury Ord Corp1101
Oct duPont(E I) de Nemours
130
, Preferred
100 94 97
11434 Nov
Powder corn (new). 1001 435 450 Southwestern Power pref... 9712 100
..
100 104 Standard Gas & El(Del)_ 50 *9 1012
Preferred
1
Jan 9334 Nov Electric Boat
93k 93A 33,000 91
0
44
Preferred
100 00 42 0
00
50 •3012 3112
98k 98% 10,000 96 June 99
Feb
United Gas & Elec Corp_100 17 20
Preferred
96% 96 A 17,000 93 June 97
Feb Hercules Powder corn...1
405 20
1st preferred
100 58 60
culerred
refes
Sept 90% Nov
1,000 86
90% 90%
15112 116
100 18 21
2d preferred
Sept 77% Mar Hopkins & Allen Arms..
70
70% 3,000 69
61 65 Utah Securities Corp_ _ _ _ 100 20 21
_
1,000 35
Jan
35
July 44
35
100 92 95
Preferred
6% notes-See Short-Term Notes
ung 102g 1,000 99% Jan 10234 Nov Lake Torpedo Boat corn..10 *15 16 Western Power common_ 100 1812 19
Jan 102% Nov Midvale Steel& Ordnance __ *7812 7914
102% 102% 14,000 100
100 5212 5312
Preferred
103% 103)1 2,900 101% Feb 104
Nov Niprefeerednt-Pond com_100 185 100
les-i3r me
July 102% Nov
1,000 101
102% 102%
100 100 04
Industrial
41,000 70% Oct 77
74% 75
Feb Savage Arms
and Miscellaneous
) 45
00 412012; 235
100 4 ,4435
Jan Scold° Mfg
Oct 73
3,000 65
70
70
Adams Exp col tr g 48'47 -D f80 82
Nov 89
1,000 89
Nov Submarine Boat..
89' 89
Alliance Realty
100 75 85
6,000 92
Jan 9531 Nov Winchester erm Npeat.AzIze
95' 95k
erRe
T
12650 Amer Bank Note corn
17
50 *45
102% 102% 20,000 9951 Jan 102% Nov
Cent.
Preferred
50 *50 52
95A 9551 5,000 8734 Jan 95% Nov Amer Locom 58 July 1916 34 1001210114 American Brass
100 255 260
Apr
27,000 87
88
88
Oct 90
5s. July
10012'10114 American Chicle corn __ _100 75 79
98% 9831 6,000 94% Jan 98% Nov Am T& T19174 100 4 101
Sub Cos 55..1916
3
Preferred
.'
100 84 87
Anaconda Copper 58 '17 M-E1 10114 10112 Am Graphophone com....100 135 138
a Ex 50% stock dividend. x Ex-dividend.
Bait & Ohio 434s 1917-3&D 10034
Preferred
100 145 149
4%s, 1918
1003
4
American Hardware-100 123 127
Canadian Pac 63 1924_4 10278
American Surety
42
13
50 120 125
Ches & Ohio 5s 1919
8
J-D 985 9878 Amer Typefoundera com_100 40 4112
Chic Elev Ry 55 1918_ _ _ _J-J 95 9612
Preferred
100 89 91
Chic& West Ind 58'17_ M&S 997 10014 Bond & Mtge Guar
/)
lii 275 285
Consum Pow 6s 1917_ _M&N 994 10014 Borden's Cond Milk com.100 114 116
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
5
Erie RR 5s. April 1916_ A&O 100 8 1007
8
Preferred
100 105 107
DAILY, WEEKLY AND YEARLY.
534s April 1 1917_ _A-0 10112 10134 Braden Copper Mines
5 *1612 163
4
General Rubber 58 1918 JAB 100% 1007 Casualty Co of America_100 100 120
8
Railroad, State, Mun.
8
Hocking Valley 55 1917_M-N 1007 10114 Celluloid Company
Stocks.
Week ending
100 160 185
U.S.
Int Harv 53 Feb 15 '18_F-A 10138 10158 City Investing Co
& Foreign
14 20
Nov. 26 1915.
1
Bonds.
Bonds.
Lackawanna Steel 68'17 M-S 10118 101%
Bonds.
Par Value.
Preferred
Shares.
100 70 80
Lake Sh & M So 5s_Dec 1915 100 10014 Cramp Ship & E Bldg__ _100 80 88
$115,000
Minn Gen El fis 1917
J&D 101 10112 Emerson-Brantingham 100 16 19
324,640 $27,771,950 $4,569,000
Saturday
342,000 1,000,000 New Eng Nay 6s 1917 M-N 9912 9934
4,436,500
Preferred
419,744 35,865,150
Monday
111 50 52
*118 114
154,000
5,192,500
NYNH&H5s_May 1 1916 10 5 10078 Goldfield Consol Mines_ _ _1
03
Tuesday
328,009 30,074,300
2,000 Pub Ser Corp NJ 5s'16 M&S 1003 1003 Havana Tobacco Co_
8
4
281,000
4,785,000
Wednesday
575,830 49,017,750
1
3
100
4
Schwarz & Sulsb 6s'16.-J-D 1003 101
HOLIDAY
Thursday
Preferred
4
1 ii
Seaboard A L 5s 1916_ _M-S 1003 1003
47,500
4,473,500
Friday
8
4
1st g 5s June 1 1922 J-D 152 55
656,600 53,905,750
Southern Ry 5s 1916___F-A 10014 10012 Intercontinen Rub com 100 1212 1313
$939,500 1,002,000
55 Mar 2 1917
M-82 10014 10312 Internet Banking
Total
2,304,823 $196,634.900 $23,456,500
160 163
100 4 101
5
Sulz&SonsCo6sJ'ne 1 '16M
Internet Mere Marine.
...100 173 1814
4
UnTypew 5s Jan15'16 3415 9812 101
Jan. 1 to Nov. 26.
Sales a/
Preferred
Week ending Nov. 26,
100 64 6412
United Frult6sMay 1'17M-N 1021s 1023 International Moter
8
New York Stock
100 33 36
Gold notes 55 1918_ _M-N 100 8 101
1914.
1915.
5
Exchange.
1914.
1915.
35 40
International Salt
1
Utah Co 68 1917
A-0 1003 10112
4
A-0 /64 68
1st g 55 1951
45,990,575 UtahSecurCorp 6s'22 M-S15 91 92 International Silver pref_100 98 102
158,316,397
2,304,823
Stocks
-No.shares._ _
$13,587,317,745 $4,023,321,369
New York City Notes
$196,634,900
Par value
J-D 10812 10912
1st 65 1948
$225,700
$285,800 6s Sept 1916
$18,700 STOCK
Bank shares, par
Deb 6s 1933
.14
6s Sept 1 1917
EXCH'GE
Bonds.
Kelly-Springfield Tire__ _100 566 305
$1,904,000
$655,100
Canadian Govt. Notes- 19 112.1163°24:
Government bends
- 31.002.000 CLOSED.
1st preferred
100 97 98
1632
32,659,500 55 Aug 1 1916
24,370,000
939,500
State, mun.,&c.,bonds
New stock when Dui
75 7512
8
3
FAA 100 611005
391,771,500 (53 Aug 1 1917
802,503,700
RR.& misc. bonds... 23,456,500
er Of.B0313
i 1 012
*55 5514
F&A Pl0c4. Kennecott Copper
Lanston Monotype
100 75 78
3425.086.100
$828,777,700
Totalbonds
$25,398,000,
RR. Equipments
Bid. Ask. La Rose Consol Mines..._5
3
4
7
s
Baltimore & Ohio 430
4.42 4.30 Lawyers' Mortgage Co_ _100 177 182
Buff Rech & Pittsburgh 434s 4.5 4.30 Lehigh Valley Coal Sales _50 .80 83
DAILY TRANSACTIONS AT THE BOSTON, PHILADELPHIA AND
Equipment.4s
4.50 4.30 Marconi Wireless of Amer.5 *33
/ 4
BALTIMORE EXCHANGES.
Canadian Pacific 434s
4.60 4.40 Mortgage Bona CG
100 114 119
Caro ClInchf & Ohio 5s
4.88 4.70 National Surety
188 192
1
•
Central of Georgia 5s
4.75 4.50 N Y Mtge & Security-- _100 98 103
Baltimore.
Philadelphia.
Boston.
4.75 4.50 N Y Title Insurance Co-100 35 45
Equipment 41.0
Week ending
7.00 5.75 Nipissing Mines
a *712 75/1
Shares. Bond Sales. Shares. BondSales. Shares. BondSaks. Chicago & Alton 4s
Nov. 26 1915.
Chicago & Eastern Ill Se...... 6.50 5.00 Otis Elevator corn
100 70 72
Preferred
1 is 92 94
6.50 5.00
Equipment454s
$39,000
5,726
11,402
$10,000
$51,911
33,533
Saturday
4.85 4.55 Realty Assoc (Brooklyn).1
96 101
27,500 Chic Ind & Loulsv 434s
6,921
25,975
30,600
Monday
110,648
51,800
4.50 4.30 Remington Typewriter
61,800 Chic St L & N 058
5,350
118,139
55,600
Tuesday
39,548
13,965
4.38 4.20
Common
100 1512 1812
81,600 Chicago & NW 434s
Wednesday
39,224
23,776
3,850
364,200
68,600
6.50 5.50
Chicago R I & Pac 434s
1st preferred
1 ii
67
Thursday
HOLI DAY
2d preferred
41
7
100 " 43
186,000 Colorado & Southern 5s.... 4.90 4.50
38,762
21,000
36,464
3,476
168,800
Friday
4.75 4.50 Riker & liego'n(Corp for stk)
Erie55
S's
4.75 4.50 Royal Baking Powd com-100 ' 150
Equipment 434s
140
638
$395,900
202,867 $185,800 111,582 3813,698
Total
25,3231
4.75 4.50
Preferred
Equipment 48
100 101 102
4.65 4.50 Safety Car Heat & Light_100 12312 1353.4
Hocking Valley 4s
. _22
225
.8
4.65 4.50 Singer Mfg Co
Equipment 55
100 210 213
4.38 4.20 Standard Coupler corn. 100
Illinois Central 5s
4.38 4.20
Preferred
4%s
100 100
All bond prices are "and interest" except where marked "t."
4.65 4.40 Sterling Gum
Kanawha & Michigan 4
5
4.40 4.20 Texas & Pacific) Coal.- lii 130 160
Per sh are.
Louisville & Nashville 58_ _ _
4.50 4.30 Tonopah Extension Min---1 *414 43s
Standard Oil Stocks Pe rShare
Par Bid. Ask. Minn SIP &SEIM 434s
5.80 5.00 Triangle Film
Par Bid. Ask. Pierce 011 Corp
28 *1814 183
614
5 *6
4 Missouri Kansas & Texas 5s.
6.25 5.25 United Profit Sharing
1914 Prairie 011 & Gas
•19
100 439 442
Angle-Amer Oil new
MissouriPacific 55
4.80 4.50
Atlantic Refining
100 660 670 Prairie Pipe Line
100 219 222
S Casualty
*
0
100 191134 10
1%
Mobile & Ohio 5s
4.80 4.50 U S Envelope corn
Borne-Scrymser Co
100 280 290 Solar Refining
100 x305 315
Equipment 434s
100 125 185
Buckeye Pipe Line Co_ _ _ _50 •117 120 Southern Pipe Line Co-100 237 241
Iii
Preferred
New York Central Lines 58.. 4.55 4.45
4.55 4.45
.100 735 750 South Penn 011
Chesebrough Mfg Cons.
lii 164 166
100 372 375
10 15ii
S Finishing
Equipment 4345
100 170 180 Southwest Pa Pipe Llnes_100 135 I I()
Colonial 011
Iii 30 88
NY Ontario dr West 454s... 4.70 4.50
Preferred
100 275 280 Standard 011(California) 100 345 :;1•;
4.38 4.20
Continental 011
J4 90
Norfolk & Western 434s_
1st g 55 1919
54 Standard 011 (Indiana)--100 505 510
4.38 4.20
Crescent Pipe Line Co__..50 .51
J4 1663855
Equipment 48
Cons g 5s 1929
Cumberland Pipe Line_ _100 z65
4.30 4.15 US Title Cu & Indem- _ _100
68 Standard 011 (Kansas)..100 455 465
180S
Pennsylvania RR 434s
Eureka Pipe Line Co_ _ _100 265 270 Standard Oil of Kentucky100 355 360
4.30 4.15 Westchester & Bronx Title
Equipment 48
Galena-Signal 011 corn..
.l00 x168 171
100
Standard 011 of Nebraska100 355 365
St Louis Iron Mt & Sou Se.. 5.70 5.00
& Mortgage Guar
100 x133 138 Standard 011 of New Jer_100 501 506
Preferred
St Louis & San Francisco 56.. 7.00 5.50 Worthington al B) Com97
100 180 182 Standard Oil of New Y'rk100 x219 222
.258 278
Illinois Pine Line
100 97 102
Seaboard Air Line 55
4.70 4.50
pany pref
Indiana Pipe Line Cc...._50 *114 117 Standard 01101 Ohlo....100 540 550
5
Equipment 434s
4.70 4.50 Yukon Gold.
£1 •1334 1411 Swan & Finch
Internet Petroleum
Southern Pacific Co 454s.. 4.42 4.35
100 130 140
38 Union Tank Line Co
25 •x36
National Transit Co
Southern Railway 434s
-100 90 92
4.85 4.75
New York Transit Co_..100 238 242
Vacuum 011
Toledo & Ohio Central 4s
100 228 231
Northern Pipe Line Co_ _100 111 114
Washington 011
10 *46 50
25 *175 178
Ohio 011 Co
Bonds.
*Per share. b Baste. a Purchaser also pays accrued dividend. e New stock.
25 .64
68 Pterce Oil Corp cony 63.1924 86 88
Penn-Mex Fuel Co
I Flat price. n Nominal. x Ex-divldend. V Ex-righte.
American Radiator__ _ _100 372%
Amer Shipbuilding_ _ _ _100 38
100 79A
Preferred
Booth Fisheries. pref. 100
Cal dr Chic Canal & D_100 49
Chic Pneumatic Tool_ _100 83
Chic Rys part ctf "1"
Chic Rya part ctf "2".... 173
Chicago Title & Trust_100
Commonw'th-Edison_ 100
Deere & Co, preferred_100
Diamond Match
100
Hart Shaft & Marx, pf_100
Illinois Brick
100 79
Kan City Ry & Lt corn ctf
6
Lindsay Light
Preferred
93
National Biscuit
100
Preferred
100
National Carbon
100 155
Preferred
100
Pacific Gas & Elec Co_100
People's Gas Lt & Coke 100 118%
Pub Serv of N III, com_100 110
Preferred
100 101X
Quaker Oats Co
100 3094
Preferred
100
Sears-Roebuck corn__ _100 167%
Stew Warner Speed com100 90
Swift & Co
100 125%
Union Carbide Co_ _ _ _100 165
Union Switch cir Signal_ _50
Ward, Montg & Co, pref__ 113
Bonds.
Armour & Co 4%s_ _ _1939 933j
Chicago City Ry 5s_ _1927 98%
Chicago Railways 5a_.1927 96A
Chic Rys 5s series "A"__
Chic Rys 4sseries "B"...
Chic Ry Ad., Inc 48_1927
Chicago Telephone 53_1923
Commonw-Edlson 58_1943 1025
Dia Match con deb 6s_1920
Ini'd St'l ext & ref g 6s 1942
Met W Side El lit 40_1938 744
Extension gold 4s_ _1938
No West Elev 1st M 581941
Ogden Gas 5s
1945 95A
Peep0L & C ref g 58_1947
Pub Serv Co 1st ref g5s1956 95g
South Side Elev 43.5_1924 88
Swift & Co 1st g 5s_ _ _1944 98g
365 372%
39
36
79( 80
74
74
49
49
83
82
74
70
16% 18
215 222
143% 144%
95% 95%
106 107
1153 116
75% 83
25
25
6%
6
9% 9%
125 125
120% 120%
155 155
120% 120%
61% 61%
118 118%
109 110
99% 1013(
305 310
106% 106%
156% 171
90
92%
125 126%
164% 165%
129 130
113 114k
22 345 June
Apr
240 26
410 67% Apr
239 6851 Mar
3 49
Nov
330 45% Feb
Sept
392 70
963 16
Oct
55 204
Aug
1,223 13251 June
4 88
Jan
Mar
1,342 90
Jan
10 105
Feb
2,807 60
Apr
25 20
3)1 Feb
600
8% Apr
120
50 118
May
5 119% May
16 11934 Jan
3 11834 Mar
July
5 41
Mar
97 113
Jan
347 75
872 9351 May
Sept
50 225
Apr
23 103
5,525 a13134 Mar
9,457 48% Jan
817 10434 Jan
628 144% Jan
Mar
130 95
125 110% Jan
Volume of Business at Stock Exchanges
Inactive and Unlisted Securities
1g
1797
THE CHRONICLE
Nov. 27 1915.)
investment anti Sailraati Intelligente.
GROSS EARNINGS.
RAILROAD
railroad from which regular weekly or monthly returns
The following table shows the gross earnings of every STEAM
or month, and the last two
first two columns of figures give the gross earnings for the latest week We add a supplementary
can be obtained. The
s for the period from July 1 to and including the latest week or month.July,but covers some other
columns the earning
whose fiscal year does not begin with
statement to show the fiscal year totals of those roads
together separately on a subsequent page.
period. The returns,of the electric railways are brought
Latest Gross Earnings.
ROADS.
Week or
Month.
Current
Year.
July 1
Previous
Year.
Current
Year.
Previous
Year.
July 1 to Latest Date.
Latest Gross Earnings.
to Latest Date.
ROADS.
Week or
Month.
Current 1Previous
Year.
Year,
Current
Year.
Previous
Year.
ggsgsgssggggggggssgsgggggssgggs'
$
$
$
429.122
$
432.731
r
143,041 132.294
Ala N 0& Tex Pac1.255,998 1,230,117 New On Great Nor September
491.987
436.955
154.151 149,630
N 0 & Nor East_ October___ 377,372 287,705
550,896 N 0 Mobile & Chic_ Septembe
537.669
_ September 6,313.161 5.802.378 18,824,874 17.314.921
& Vicksburg_ October...... 150,341 140,403
Ala
527,704 NYNH& Hartf_
532,826
727.510 821.968 2,601.113 2,815,260
Vicks Shrev & Pac October___ 153,629 127,677
941,619 N Y Ont & Western September
932,740
43.966
928,705
55,365
991.795
2d wk Nov
r
356.255, 324.001
Ann Arbor
43,506,916 41,297,401 N Y Susq & West__ September
350,826 306,922 1,028.736 1,001.121
Atch Top & San Fe_ October __ 11384903 10882377
713,900 Norfolk Southern_ _ Septembe
715.750
265,670 209,494
13.986.464 11,849,054
Atlanta Birm & Atl September
306,085 Norfolk & Western.. September 4.789.627 4.102.751 18,194,302 18,601,840
309,739
99.262
111.686
Atlanta & West Pt_ September 2,359,794 2,186,558 6.554,354 6.938,463 Northern Pacific.... _ September 6,768,189 6.733.845
416.063 369.4571 1,335.397 1.202.701
Atlantic Coast Line September
425,234 Northwestern Pac__ September
384,886
148,124 136,150
669,008 671.598 1.987.798 1.910,860
Charlest & W Car September
390,191 Pacific Coast Co...... September
373.301
135,553 134,646
& St L September
vania RR.. September 181515801676840452.581,990 49,838.197
Lou Hend
7,955,694 37,641,860 33,585,090 pPennsyl
473.518
103,415 131,9941 410.623
Balt Ches & Atl_ _ September
aBaltimore & Ohio_ October_.._ 10004431 151,412
437.443
405,075
795.731
142,310
821.030
299.679 272,995
Cumberland Vail. September
B & 0 Ch Ter RR Septembr
763.642
731,148
268,353 288,452
r 1.320.142 1.299,929i 4,345.947 4.325.012
k September
Septembe
Long Island
Bangor & Aroostoo
1,179,904 3,699.392 3,448,975
331,379
97.7001 308,671
88,315
Maryl'd Del & Va September
Bessemer & L Erie_ September 1,164,660
252.221
208,600
77.525
71.129
344.737 300.960, 1,207.431 1,106.702
N Y Phila & Norf September
Birmingham South_ September 4,329,998 4.298,351 12,734.258 12,941,328
September
r 1,924.605 1.812,969 5.750.218 5,570.034
Phil Balt & Wash Septembe
Boston & Maine_....
174,953 4,724,747 4,157,483
741,177 664.678' 2.654.703 2,506.281
W Jersey & Seash September
Buff Roch & Pittsb_ 3d wk Nov 273,855 134,610
516,273
519.949
140,006
Buffalo & Susq RR_ October__ _ 768,900 511,500 10.488,300 9,221,200 Pennsylvania Co...... September 6,333.729 5,271,507 17.753,424 15.966.067
wk Nov
500.361 521.315 1.459.087 1.571.034
Grand Rap & Ind September
Canadian Northern. 3d
1,729,000 49.290,992 45,820,876
3d wk Nov 2,960,000 975.442 2,981.584 3,173,317
Canadian Pacific
Pitts 00& St L_ September 3.888,717 3.719.088 11.026.647 10.780.557
of Georgia_ September 1,093.760 2.935,246 8,700,316 8.538.240
September 1.058,310 1,030.6351 2,960.173 2,992.073
Central
Vandalia
Cent of New Jersey September 2,939,386 332.735 1,098,622
924,604 Total lines—
376,270
37
Cent New England. September
East Pitts & Erie September 23543479 21911 359 69.812,966 66,734.407
359,172 351,296 1,020.984 1,049.353
31.731.0
September
Central Vermont
West Pitts & Erie September 11927 130 10685636 33.624.555 98.465.446
683,181 17,993,710 15,703,522
wk Nov
Ches & Ohio Lines_ 3d wk Nov 879.602 283,792 6,077,449 5,754,709
All East & West_ September 35470609 32596995 103437521 4.747.397
319,827
September 1.753,585 1,743,780 4,935.607
Chicago & Alton.. 2d
8,579.305 24,428.638 25.183.260 Pere Marquette
Chic Burl & Quincy September 8,906.988 1,277,667 3,975,490 3,978,632 Reading Co—
7
b Chicago & East III September 1,449,766 287,292 5,540,174 5,600,924
Phila & Reading.. September 4,461.726 4.291,141 12.775,177(12,242.33
350.682
wk
c Chic Great West 2d wk Nov 153,815 111,930 3,022,003 2,789,435
Coal & Iron Co September 2.125,237 2,797,331' 5.916.450 7.097.676
Nov
012
Chic Ind & Louisv_ 3d
Total both cos...... September 6,586,963 7.088.472 18.691,627119,340.
7 25,254.395
9,240,208 25.765,89
684.042
683.813
219,160 218.213
Chic Milw & St PI September 9.261,439
Rich Fred & Potom September
161.732 " 176.281
97.776
_
Chic Mil & Pug Si
8,098,316 23,533,842 23,839,210 Rio Grande Junc'n_ AugustNov • 85.174
12,800 229,2731 226.665
12,380
dChic & North West September 8.406,434 159.791
474.288 Rio Grande South_ _ 2d wk
432,607
161,384
2 18,625.918 19,584.880
September
Chic Peoria & St L.. September
1.721,577 4,666,542 5,010,890 Rock Island Lines.... September 6.573,569 6,881.09
968.226
344,204 336.039, 985.160
dChic St P M & Om September 1,734.468 206,434
595,378 Rutland
533.124
192.000
r
477.398
141.983 141.119' 387.635
Chic Terre H & S E September 1,058,631 939,903 2,973.469 2,856,096 St Jos & Grand Isl. September
636.393
713.949
210.201
r
& Dayton Septembe
289.564
Cin Ham
542.178 St L Brownsv & M.. Septembe
924.833
165,735 205.467
7.555,860 8,040,720
Colorado Midland_ September
2 5,608,988 St L Iron Mtn & So September 2.515.293 2,570,190 11.203.230 11.336.308
5,793,20
e Colorado & South_ 2d wk Nov 346,778 344,594
35,015 St Louis & San Fran September 3.899.922 3.675.369
29,246
10,041
0
7,808
September
Cornwall
88,733 St Louis Southwest_ 3d wk Nov 267.000 215.000 4.797.9551 4.470.476
111,295
26,944
35,994
830.469 785.956 2.872.124 2.434.75
Cornwall & Lebanon September
San Pad L A & S L_ September
411,923 314,676 1,248.647 1,040.707 Seaboard Air Line September 1.694.974 1,575.036 4.899.2051 5,099.035
Railroad _ _ September
Cuba
6,248,4356,169.416
53.586,141 47.251,123
Delaware & Hudson September 2,072,983 2,068,596
2 11,324,747 Southern Pacific..... October.. _ _ 14133363 12005046
Del Lack & Western September 4,048.748 3,857,125 11.194.52 9 10,008,946 Southern Railway.... 2d wk Nov 1,365,809 1,195,823 24.884.036 24.852,796
191.252 4,252,314 4.330,683
3d wk Nov 522,200 428.200 10,782,14 1,712,031
Deny & Rio Grande
Mobile & Ohio_ _ _ 2d wk Nov 231,759 172.800 3,664.397 3.607.748
680,626 596,988 2,105.669
Western Pacific September
CinN O&TexP_ 2d wk Nov 208.325
766,350
859,761
33,732
40,200
84,136 1.893,282 1,798.837
Denver & Salt Lake 3d wk Noy
Ala Great South_ 2d wk Nov 107.149
533,065
488.933
886,191
191.701 199.823
r
858,158
42.801
47,859
Detroit To! & Iront Septembe
Georgia Sou & Fla 2d wk Nov
459,700
438,868
17,164
21,156
466.787 480.338 1,359.527 1.412.278
Detroit & Mackinac 3d wk Nov
& Seattle September
336.705 Spok Port
330,509
29,923
29.651
115.185 129,572
1,127
1,364
Shore L_ September
Det & To!
Tenn Ala Georgia 2d wk Nov
424.829
410.666
843,459 583,632 2.623,847 2.081,585 Tennessee&Central.. September
148.578 130.051
Dui& Iron Range September
5
46,485 1.350,186 1,204,586
61,016
Duluth So Sh & At! 2d wk Nov
_ _ _ 3d wk Nov 438,406 416,958 7,520,787 7.372.83
335,855 Texas & Pacific_
327,548
450.561
435.451
104,470 104,211
41.387
47,096
Duluth Winn & Pac September
2.495,563 Toledo Pen & West 4th wk Oct
96,492 1,985,220 1,781,016
Elgin Joliet & East_ September 1,030.971 863,643 2,906,904 2.019,172 Toledo St L & West 2d wk Nov 123,627
280.257
820.519 574,102 2.383.289
189.704
61.247
El Paso & Sou West September
77.827
& Brazos V.. September
September 6,253.666 5,506.358 17.872.560 16,414.706 TrinityPacific Syst_ October
Erie
10275488 9,201,934 35,720.881 34.392.196
905,565 Union
326.658 314,405 1,034.898
Florida East Coast_ September
626.544 597.213 1,856.803 1.639.328
September
Virginian
258,111
246.150
77,677
79.929
515.649
475.284
Fonda Johns & Gloy September
176.356 168.271
747,734 Virginia & So West_ September
703.912
278,947 241.082
Georgia Railroad.._ September
September 2.875.796 2.647.733 8,111.535 8.089.816
112,922 2.057,874 1,779,262 Wabash
Grand Trunk Pac 1st wk Nov 200,655 841,607 21,249.923 21,262.959 Western Maryland_ 3d wk Nov 195.671 151,508 4.184,474 3,379,773
935,884
:319.986
302.357
114.524 109.007
Grand Trunk Syst_ 3d wk Nov 723,108 716,369 15.250.537 15,896.670 Western Ry of Ala_ September
Grand Trunk Ry 1st wk Nov 196,095 135,897 2,955,050 2,678,380 Wheel & Lake Erie_ October.._ _ 862.813 532,265 2,841,912 2,149,627
63.041
61.056
25.178
30,693
Grand Trk West.. 1st wk Nov
& Tenn September
983.377 Wrightsville
54.647 1,131,623
67.528
5 3,763.598
Det Gr H & Milw 1st wk Nov
28,755,242 29,627.635 Yazoo & Miss Vail.. October__ 1,330,596 1,106,748 4,327.80
Great North System October -- 8,872,454 7,789.500
436,132
439,025
153.163 135,686
Previous
Current
Gulf & Ship Island_ September
679.716 750,945 1.872.926 1,913.394
Year.
Year.
September
Period.
Hocking Valley
Various Fiscal Years.
5 22,291,246
Illinois Central.._.._ October__.. 5,974,663 5.520,342 22,139,91 6 2,227.540
871.897 761,256 2.129.64
Oct 31 $1.194.474 $1,192,096
Grt or September
Jan
&
Inter
913.649 Buffalo & Susquehanna RR.__
871,638
303,332 308.767
Sept 30 17.029.735 16.917.460
Jan
Kanawha & Mich September
880,044 3,486,676 3,570,118 Delaware & Hudson
Sept 30 47.486.599 44,858.222
Jan
Kansas City South.. October.___ 977,184 4.110,503 16,096,355 15,378,758 Erie
October_ 4,639,358
Sept 30 119216086 113940032
Jan
Lehigh Valley
456.697 New York Central.)
476.376
160,884 160,217
Sept 30 12.760.992 12.499.555
Lehigh & Hud River September
Jan
Boston & Albany
705,037
873,601
283,590 246,431
Sept 30 4.447.199 4.297.654
Lehigh & New Eng.. September
Jan
Lake Erie & Western_n _
468.366
4'26.318
156.967 131,827
Sept 30 26.193.641 25.262.671
Louisiana & Ark...... September
Jan
Michigan Central
497.594
556.143
204,153 155,212
Sept 30 27,382.343 26.467.273
Louisiana Ry & Nay September
& St Louis.... Jan
Cleve Cinc Chic
Nashv 2d wk Nov 1,189,425 962,040 21,330,000 20,591,157
Sept 30 1.151.783 1.076.804
Jan
!Louisville &
Cincinnati Northern
40.314
34.192
13,454
13.129
Sept 30 12.416.866 12,376.563
Jan
Macon & Birm ham September
Pittsburgh & Lake Erie
September 1,033,439 1,056.375 3,080,920 3.137.868
Sept 30 8.842.061 8.379.503
Central
Louis Jan
Maine
New York Chicago & St
198,839
172,274
55,764
47,759
Sept 30 3.316.342 3.535.181
Jan
Maryland & Penns_ October __ 139.744 125,692
Toledo & Ohio Central
367,742
410,717
September
Sept 30 215727 313 207835237
Jan
Midland Valley
all lines
Total
305,706
403,009
14.699
20,573
Sept 30 2.994.825 2.914.771
2d wk Nov
Jan
Mineral Range....
9 4,013.810 N Y Susquehanna & Western Jan
Sept 30 140740994 141624 746
Minn & St Louis_ 1 2d wk Nov 228,981 218,461 4,021,69
pPennsylvania Railroad
974.860
897.380
Sept 30
_f
Chesap & Atlantic Jan
Iowa
Baltimore
Sept 30 2.201.231 2.504.193
Nov 879,503 580,742 14,165,213 12,775,72E
Jan
Central_Minn St P & S SM 3d wk
Cumberland Valley
160.193
132.003
80.754
64,447
Sept 30 10.398.947 10,342.860
Jan
Mississippi Central_ August ___
Long Island
717,692 12,762,616 13,370,198
723.755
687,346
Sept 30
g Mo Nan & Texas_ 3d wk Nov 730,572 1,157,000 24,710.000 25,023,000
Maryland Delaw & Virginia_ _ Jan
Sept 30 3.073.681 2.899.764
C Missouri Pacific_ 3d wk Nov 1,329,000 909.055 2.922,691 2,966.707
N Y Philadelphia & Norfolk Jan
Sept 30 15.466.835 15.388.960
Nashv Chatt & Sti September 1.034.628
Phila Baltimore & Washing'n Jan
189.533
188,938
6,858
9,104
Sept 30 5.432.924 5,222.611
Jan
Nevada-Cal-Oregon 2d wk Nov
West Jersey & Seashore
40,787.731
Sept 30 42.969.646 42.227.683
Jan
5 New York Central September 15342592 13883266 43,663,103 4,441.106 Pennsylvania Company
Sept 30 3.925.618 4,109.703
Boston & Albany. September 1,580,438 1,483,917 4.641.485 1.612,391
Rapids & Indiana__ Jan
Grand
r
616,508 537.832 1.681.059 9.000.383
Sept 30 29.466.258 29.947.538
n Lake Erie & W_ Septembe
Pitts Cinc Chic & St Louis.. Jan
Sept 30 8.117,171 8.190.385
Jan
Michigan Central September 3,342.318 3,140.684 9.635.587 9,883.427
Vandalia
Sept 30 182574697 183412222
Cleve 00 & St L September 3.613,034 3,369,280 10.340.082
st Pitts & Erie Jan
Total lines—Ea
439,209
444,304
155.394 151.582
Sept 30 85,642,533 85.685.438
Cincinnati North. September
—West Pitts& Erie Jan
4,380.986
Sept 30 268217230 269097659
Pitts & Lake Erie September 1.899,590 1.359.223 5,378,922 2.816.600
—All Lines E & W Jan
661.261
624.507
Aug 31
Dec
N Y Chic & St 1... September 1,142,481 928.828 3,160.355 1.479.232 Rio Grande Junction
422,930 617.893 1,244.278
Sept 30 2.618.504 2.648.277
Jan
To!& Ohio Cent_ September
74.841.056 Rutland
Tot all lines above September 28115 285 25472503 80.189.175
AGGREGATES OF GROSS EARNINGS—Weekly and Monthly.
*Weekly Summaries.
Current
Year.
Previous
Year.
Increase or
Decrease.
• Monthly Summaries.
Current
Year.
Previous
Year.
Increase or
Decrease.
3
Mileage. Cur. Yr. Prey. Yr.
551 7.01
—24.810 0.20 January.___246.959 243.559 220.282.196 236.880.747 —16.598. 86 0.61
6 12.057476
81 212.163.967 —1.303.2
week Sept (36 roads)—__ 12.012,767 13,384,850
—276,003 2.07 February ___246,186 242.837 210,860.681 253.352.099 —15.194.218 5.99
13,108,84
week Sept (37 roads)____ 13,332,571 13,349,783
246.848 243.598 238.157.8
—17,212 0.13 March
1.41
247,701 245,170 237,696.378 241,090.842 —3.394.464 0.54
week Sept (35 roads)_
+692.211 3.86 April
18,614,775 17,922,564
week Sept (37 roads)_ _
247.747 245.207 244.692.738 243.367.953 +1.324.785
8 +1.143,643 8.63 May
14,393,59
240,219 235.828 248.849.716 247.535.879 +1.313,837 0.53
week Oct (37 roads)._ _ _ _ 14,406,151 13,249,949 +1.532.386 11.98 June
5 12,873,76
week Oct (32 roads).......
243,042 241,796 262.948.115 260,624,000 +2.324,115 0.80
+2,146,247 17.49 July
0
279.891.224 274.618.381 +5.272.843 1 93
.
week Oct (32 roads)___ 14,372,121 12,225.873 +3.803.454 21.73 August
17,501,68
6.43
week Oct• (36 roads)_-- 21,305,141 12.010,577 +2,900.931 24.15 September 245.132 243.463 294,241,340 276.458.199 +17.783.141 14.95
0
14,911050
week Nov (36 roads)_-87.083 85.976 83,071.129 72.264.876 +10.806.253
39 25.07 October
week Nov (36 roads)---- 15.219.672 12.176,733 +3.042,9
City & Fort
Includes Mason
Evansville & Terre Haute and Evansville & Indiana RR. c not include earnings of Coloa Inchides Cleveland Lorain & Wheeling Ry. b Includes
operating revenue, but also all other receipts. e Does
Dodge and the Wisconsin Minnesota & Pacific. d Includes not only Atlantic and the Frankfort & Cincinnati. g Includes the Texas Central and the
Ry. f Includes Louisville &
of the New
rado Springs & Cripple Creek District
. 5 The comparisons here given are with the results of operation
Wichita Falls lines. h Includes the St. Louis Iron Mountain & Southern Chicago Indiana & Southern RR.and Dunkirk Allegheny Valley & Pittsburgh
Central. *We
Lake Shore & Michigan Southern Ry.,
Central & Hudson River RR.,
York
Includes the Northern Ohio RR. p Includes the Northern
RR., which have been combined for such comparative purposes only. n
http://fraser.stlouisfed.org/
he Mexican roads in any of our totals.
•
1st
2d
3d
4th
1st
2d
3d
4th
lst
2d
Federal Reserve Bank of St. Louis
1798
THE CHRONICLE
Latest Gross Earnings by Weeks.—In the table which
ollows we sum up separately the earnings for the second week
of November. The table covers 36 roads and shows
25.07%
increase in the aggregate over the same week last year.
Second week of November.
1915.
1914.
Increase. Decrease.
Alabama Great Southern
107,149
84.136
23,013
Ann Arbor
55,365
43,966
11,399
Buffalo Rochester & Pittsburgh
258,255
174,953
83,302
Canadian Northern
820,800
533.700 287,100
Canadian Pacific
3,035,000 1,878,000 1,157,000
Chesapeake & Ohio
861,807
706,890 154,917
Chicago & Alton
319,827
283,792
36,035
Chicago Great Western
350,682
287,292
63,390
Chicago Ind & Louisville
146,892
114.606
32,286
Cinc New On & Texas Pacific__
208,325
172,800
35,525
Colorado & Southern
346,778
344,594
2,184
Denver & Rio Grande
513,100
439.200
73,900
Denver & Salt Lake
43,500
38,906
4,594
Detroit 8: Mackinac
23,513
19,152
4,361
Duluth South Shore & Atlantic
61,016
46,485
14,531
Georgia Southern & Florida_ _ _ _
47,859
42,801
5,058
Grand Trunk of Canada •
Grand Trunk Western
971,715
860,676 111,039
Detroit Gr Hay & Milw_ _ _ _
Canada Atlantic
Louisville & Nashville
1,189,425
962.040 227,385
Mineral Range
20,573
14,699
5,874
Minneapolis & St Louis
228,981
218,461
10,520
Iowa Central
Minn St Paul & S S M
881,013
609,037 271,976
Missouri Kansas & Texas
695,080
740,076
Missouri Pacific
1,353,000 1,223,000 130,000
Mobile & Ohio
231.759
191,252
40,507
Nevada-California-Oregon
9,104
6.858
2,246
Rio Grande Southern
12,380
12,800
St Louis Southwestern
274,000
247,000
27,000
Southern Railway
1,365,809 1,195,823 169,986
Tennessee Alabama & Georgia_
1,364
1,127
237
Texas & Pacific
466,685
434,611
32,074
Toledo St Louis & Western____
123,627
96.492
27,135
Western Maryland
195,289
151,508
43,781
Total (36 roads)
15,219,672 12,176,733 3,088,355
Net increase (25.07%)
3,042,939
[vol.,. 101.
—Int.. Rentals, &c. —Bat. of Net Earns.—
Current
Previous
Current
Previous
Year.
Year.
Year.
Year.
$
$
Penn Central Lt & Pow__Oct
21,534
21,221
11,677
7,455
Nov 1 to Oct 31
256,174
241,115
128,298
108,767
Southern Cal Edison_ _ __Oct
85,565
79.120 x130,598 x147.107
Jan 1 to Oct 31
841,639
769,055 x1,411,497 x1,312,945
After allowing for other income
received.
Companies.
EXPRESS COMPANIES.
August
1915.
1914.
Wells, Fargo & Co.—
Total from transportation..
3,355,619 3,130.989
Express privileges—Dr
1.733,318 1,613,524
Revenue from transporta_
Oper. other than trahsporta_ 1,622,301 1,517,465
90,228
58,254
Total operating revenues._ 1,712,529
1,575,720
Operating expenses
1,556,328 1.506.358
Net operating revenue_ _
156,201
69,361
Uncollec. rev,from transport.
1,307
672
Express taxes
34,944
37,302
Operating income
119,949
31,386
July 1 to Aug. 311915.
1914.
$
$
6,833,082 6,384,455
3,539,612 3,282,573
3.293,469 3,101,881
182,862
120,059
3,476,331 3,221,940
3,132,594 3,025,925
343.737
196,015
2.189
716
69,655
74,847
271,892
120,452
ELECTRIC RAILWAY AND TRACTION COMP
ANIES.
Name of
Road.
44,996
Latest Gross Earnings.
Week or
Month.
Current , Previous
Year.
Year.
Jan. 1 to latest date.
Current
Year.
Previous
Year.
$
$
$
$
American Rys Co__ October__ 465,261
464,220 4.429.242 4,604,112
Atlantic Shore Ry__ _ October___
24.486
303.527
312,150
c Aur Elgin & ChicRy September 168.334 27.184
183.355 1,431.020 1,587.105
Bangor Ry & Electric September
71.401 69.099
584.206
578,251
Baton Rouge Elec Co Se tember
16.446 14.332
137.027
130,383
BeltLRyCorp(NYC). July
64.541 64,995
442,479
Berkshire Street Ry_ September
425,931
88,744 87.236
698.780
Brazilian Trac, L & P October
738.449
6793.000 6241,170 64,250,110 61,411.258
Brock & Plyrn St Ry_ September
12,040 13.08089.775
Bklyn Rap Tran Syst
95.801
2624.427,2579.109 15,819.829 15,775.328
45,416 Cape Breton Elec Co July
September
33.639, 27,773
253.782
Chattanooga Ry & Lt September
259.304
94,588 87.086
785 034
Cloy Painesv & East_ September
822.928
39.251 39,933
307.096
316.074
(301_ October
109,962 107,610 1,030.095 1,048.2
Net Earnings Monthly to Latest Dates.—Tho table Cleve Southw &El Co Septemb
Columbus(Ga)
00
er
61.827 59.676
516.485
Colum (0) Ry,P & L September
494.503
following shows the gross and net earnings of STEA
266.435 256.125 2.263.701 2,263.3
M g Com'w'th P Ry & L October
1245.866 1184.386 11,650,884 11,479,7 96
Connecticut Co
81
railroads and industrial companies reported this week:
September 754,082
Consum Pow (Mich). September 319.695 704,175 6,125.219 6.108.425
275,524
—Gross Earnings— —Net Earnings— Cumb Co(Me) P & L September 249.418 230.662 2.753,137 2.484.361
1.972.112 1,899,051
Dallas Electric Co.. September 148,154
Current
Previous
Current
Previous
Detroit United Lines September 1196.49 173.777 1.313.597 1,641.657
Roads.
Year.
1 1092.677 9,707,104
Year.
Year.
Year.
DDEB& Bat (Roe) July
9.268.192
40.508 44.257
$
278.924
Duluth-Superior Trac October_
$
300.976
101,900 109,474
Atch Top & Santa Fe_b_Oct11,384,903 10,882.377 54,268.945 54,133,
947,865
032 East St Louis & Sub.. September 206.405 216,514 1,786.250 1,085,240
July 1 to Oct 31
43,506,916 41,297,401516,316,052515,422,496 Eastern Texas.Elec„ September
1.985,315
68,914 59.970
510.566
504,216
El Paso Electric Co.... September
Baltimore & Ohio_ b._ _ _Oct10.004.431 7,955.694 3,160,5
78,367 87.041
42 1,958.030
702.128
772.717
July 1 to Oct 31
37,641,860 33,585,090 12,825,636 9,631.499 42d St M & St N Ave July
Galv-Hous Elec Co September 162,751 158.347 1,123.407 1.058.978
163.019 195,260 1.430.498
Buffalo Roch & Pitts_b_ _Oct 1,052,238
842,546
329,791
gGeorgia Ry & Power October
1.846.892
July 1 to Oct 31
3,976,564 3,632,624 1,169.366 1,029,608 Grand Rapids Ry Co Septemb... 566,685 551,688 5,260.142 5,215,736
er 100.771 108,327
868.295
Buffalo & Susq RR _a___Oct 140,006
Harrisburg Railways. October
959.482
134,610
32,726
76,356 83,955
23,655
777,532
Jan 1 to Oct 31
814.243
1,194,474 1,192,096
169,640
85,829 Havana El Ity, L & P September 443,562 443,550 4.108,935
Honolulu R T & Land August
4,013.204
Genesee & Wyoming—
47.745 49.967
384,465
402.662
Houghton Co Tr Co_ September
July 1 to Sept 30
23,389 21.298
71,367
55,095
203,894
44,887
30.443 b Hudson & Manhat_ September 435.789
214.332
Jan 1 to Sept 30
182,434
435.844
152.505
110,089
84.451 Illinois Traction
September 953.079 925.509 4,059,521 4,140.434
Kansas City South_ b__ _Oct 977,184
7.991.352 8,009,480
880,044
427,983
292,520 Interboro Rap Tran_ July
2448.7882511.171
July 1 to Oct 31
3,486.676 3,570,118 1,487,358 1,285,481 Jacksonville Trac Co September
46.942 53.567 19.611,82820.027.112
Lehigh Valley b
457.363
549.486
Oct 4.639,358 4,110,503 1,509,516 1,393.2
20.301 21.657
36 Keokuk Electric.... September
171,174
July 1 to Oct 31
185.687
16,096,355 15,378,758 5,196,162 4,983,450 Key West Electric
September
9,183 11.411
83.575
100.216
Lake Shore Elec Ry_ September 126.284 132,602
Southern Pacifica
Oct 14,133,363 12,005,046 5,282.704 4,082,402
1,032.334
July 1 to Oct 31
196.650 158.790 1,717,566 1,098.927
53,586,141 47,251,123 19,210,285 14.628,018 Lehigh Valley Transit October
1.562.875
Lewist Aug & Watery September
73.130 67.32e
Tidewater & Western_b_Sept
558.761
6,924
7,710
520.104
290
1.486 Long Island Electric_ July
32.437 29.813
July 1 to Sept 30
145.004
22,692
140.092
23,264
4,215
4,242 Louisville Railway September 251.593 272.245 2,192,2
Union Pacifica
Oct 10,275,488 9,201,934 4,669,190 3,885,758 Milw El Ry & Lt Co_ September 490.241 479.857 4,328.9 96 2,393.886
17
July 1 to Oct 31
35,720,881 34,392,196 14,849,499 13,941.954 Milw Lt,'it & Tr Co September 137.752 132.480 1,105.07 4.470.381
4 1.145.954
Nashville Ry & Light September 184,243
Wheeling & Lake Erie b Oct 862,813
196.155 1,577,375 1.677,178
532.265
367,965
221,572 N Y City Interboro July
July 1 to Oct 31
58,814 57.421
2,841,912 2,149,627 1,094,526
399,696
700,619 N Y & Long Island_ July
379.022
44.552 42.386
244,740
225,717
N Y & North Shore July
16,251 17.450
93,199
INDUSTRIAL COMPANIES.
N Y & Queens Co.__ July
94.190
134.381 131,808
789.375
781.471
New York Railways.. July
1127,0931134.472 7,715,398 7,820,1
—Gross Earnings— —Net Earnings— N Y & Stamford
54
lty_ September
37,310 37.175
Current
Previous
294.626
Current
N Y Westches & Bost September
Previous
300.562
Companies.
41,653 36,811
Year
Year.
349,637
Year.
Year..
Northampton Trac September
305.642
'n
16,859
133,149
140.658
Nor Ohio Trac & Lt_ September 340.918 17.074
$
311.656 2,829.360 2,728,559
Grt West Pow Co Sys.a.Oct 295,472
227,598
187,540
158,459 North Texas Electric September 142.737 164.778 1,229,065
Jan 1 to Oct 31
1,566.940
2,424,116 2,206,521 1,683,616 1.465,044 Northw Pennsyl Ry_ August
36.139 40,508
236,251
241,806
Ocean Electric (L I).
New England Co Syst a Oct 136,832
32.176 34,335
78,167
91,877
81.903
88,595
19,844 l'aducah Tr & Lt Co_ July
Jan 1 to Oct 31
September
1,165,738
23.864 23.805
801,804
743.758
209.867
223.116
443,936 Pensacola Electric Co September
22.013 20,510
Northern States Power_ _Oct 461,427
188.205
206,056
389,109
271,560
222,514 Phila Rapid Transit_ October.... 2219.105 2097.099 19.965.234 19.927.048
Jan 1 to Oct 31
4.073,600 3,603,191 2,257,398 1,924,531 Phila & Western..
October..._
44.922 34.861
383,912
Penn Central Lt & Pow a Oct
317.514
Port(Ore)Ry.L&P Co
77,535
67,293
33,211
28,677 Portland (Me) RR September 454.856 483,313 4.120.018 4,753.241
Nov 1 to Oct 31
September 102.069 95.122
841,234
831,479
384.472
805.901
349,883 Puget Sound Tr.L&P
800.621
September 609.782
Southern Cal Edison_ ___Oct 415,793
402,061
212,554
214,529 °Republic By & Lt October... 276,355 683,557 5.574.642 6,335.603
Jan 1 to Oct 31
251,893 2.511.276 2,500.0
3,985,762 3.959.232 2,150,523 2.005.781 Rhode Island Co_
September 474,919 467,400 3.154,679 4.084.202
73
Richmond Lt & RR_ July
48.331 47.475
a Net earnings here given are after deducting taxes.
223.861
221.132
St Jos Ity Lt If & P Co October_ _ _ 108,123 107,171 1,041,8
87 1,065,751
b Net earnings here given are before deducting taxes.
Santiago El Lt & Tr.. October... 41,744 38,539
388,644
386,476
Savannah Electric Co September
For October taxes and uncollectible railway
64.018 65.202
590.901
633.562
$513,832, against $477.463 in 1914; after deducting revenue amounted to Second Avenue (Bee) July
85.231 89.293
which net for Oct. 1915 Southern Boulevard_ July
494,547
626.535
was $3,755,113, against $3,655,568 last year. From
21,542 21.477
130.609
127.264
taxes, &c.. were $1,971,108 in 1915, against $1,863, July 1 to Oct. 31 Staten Isl Midland.... July
48,102 43.641
423 in 1914.
190.006
179.251
Tampa Electric Co September
78.756 80.755
726.779
731.568
Third Avenue
July
329.224 341.476 2.220.460 2.304.6
54
Toronto Street Hy September 489,573 525.254
Interest Charges and Surplus.
Twin City Rap Tran_ 2(1 wk Nov 183.538 173.206 4,173.872 4,583.869
8,159,913
6
Union RyCo of NYC July
272.043 268.515 1.602.935 R,075,816
—Int., Rentals, &c.— —Bal. of Net Earns.— Virginia Ity & Power_ October
1.585.95
473,073 446.705 4.293.546 4.298.627
Current
Previous
Current
Wash Bait & Annap_ October
Previous
71.696 77.937
Roads.
684.161
Year.
690.338
Year.
Year.
Westchester Electric.. July
Year.
62.426 66.109
334.502
$
343.378
$
$
Westchester St RR
$
September
23.397 25.705
190.477
195.81!1
Buffalo Roch & PittsbOct 199,270
197,671
x205,042 :114.996 Yonkers Railroad.— July
65.901 67.350
419.950
412.38g
July 1 to Oct 31
794,094
October _ _ _
792,154
x594,964 x495,059 York Railways
81,169 70.172
678,273
659.487
Youngstown & Ohio_ September
Buffalo & Susq RR
Oct
25,400
27,753
214.380
x45,893
204,254
x27.344 Villinectnyvn & South August --.. 25,963 27.175
Jan 1 to Oct 31
17.125 16.400
257,541
275,848 x234,662 x110,295
112.143
119.202
,
Genesee & Wyoming—
Represents income from all sources. c These figures are for
b
July 1 to Sept 30
consoli21,919
18,869
x23,398
:11,909 dated company. f Earnings now given in mitre's. g Includes constituent
Jan 1 to Sept 30
58,669
53,039
x52,446
:32,304 companies.
INDUSTRIAL COMPANIES.
—Int., Rentals, &c.— —Bat, of Net Earns.
—
Current
Previous
Current
Previous
Companies.
Year.
Year.
Year.
Year.
$
$
$
$
Grt West Pow Co Syst_ _Oct 115,981
102,251
:90,018
x70,002
Jan 1 to Oct 31
1,066,060
999.626 x790,060 x645,741
New England Co System Oct
46,496
29,322
45,381
def9,478
Jan 1 to Oct
409,857
31
299,322
333,900
144.614
420
Electric Railway Net Earnings.—Tho following
gives the return of ELECTRIC railway gross andtable
not
earnings reported this week:
—Gross Earnings— —Net Earnings—
Current
Previous
Current
Previous
Year.
Year.
Year.
Year.
$
$
$
$
Brazilian Trac, L & P___Octc6,793.000 c6,241.170 c3,907,
000 c3.561,610
Jan 1 to Oct 31
c64,250.110c61,411,258c37,262,420c35,235,738
Roads.
1799
THE CHRONICLE
Nov. 271915.]
-Gross Earnings--Net Earnings
Previous
Current
Previous
Current
Year.
Year.
Year.
Year.
Roads.
$
$
$
$_
Chautauqua Traction_ b
40,990
26.405
78,623
59,576
July 1 to Sept 30
41.760
37,783
107.610
Cleve Southw & Col_ b__ Oct 109,962 1,058,200
424,716
382,718
1,030,095
Jan 1 to Oct 31
Commonwealth Power, Ry
664.270
613,343
1,245,866 1,184,386
& Lt & its constit cos b Oct11,650,884 11,479,781 6.042.916 5,872.382
Jan 1 to Oct 31
35,952
35,270
109,474
a_Oct 101,900
Duluth-Superior Trac
407.689
255,448
947,865 1,085,240
Jan 1 to Oct 31
212,811
258.071
551,688
Georgia Ry & Power a__ Oct 566,685 5,215,736 2,205,970 2,109,098
5,260,142
Jan 1 to Oct 31
591.616
660,083
Pacific Gas & Elec a-_Oct 1.567,353 1,409,694 6,554,682 5,719,085
15,291,114 13,919,995
31
Jan 1 to Oct
Philadelphia Co.
137.523
260,535
443,027
Natural Gas & Oil_ _ __Oct 550.790
3,722,830 3,425,203 1,825,610 1,403,210
Apr 1 to Oct 31
def3.588
def888
10,595
10,520
Consol Gas Co of Pitts.Oct
def6.681 def15,455
72,112
63.505
Apr 1 to Oct 31
177,114
214,051
403,910
Oct 440,633
Duquesne Light
2,693,004 1,334,926 1,073,983
2,798,839
Apr 1 to Oct 31
6,346
5,098
16,585
15,063
Pennsylv Light & Pow.Oct
33,149
38,331
110.933
101,189
Apr 1 to Oct 31
283.752
425,594
1.031.988
Pittsburgh Railways__Oct 1,066,315
7.097,619 7.152,378 2,596,907 2,083,207
Apr 1 to Oct 31
12,751
8,771
29.291
30.017
Beaver Valley Trac__ _Oct
66.900
67,023
210.716
209.013
Apr 1 to Oct 31
16,785
23,621
34,861
44,922
Oct
Phila & Western b
144,482
199.474
317.514
383,912
Jan 1 to Oct 3
47,050
48,660
107,171
108,123
St Jos Ry Lt lit & Pow_a Oct
458,047
465.608
1,041,887 1,065.751
Jan 1 to Oct 31
40,513
44,328
70,172
81,169
Oct
York Railways b
343,796
361.585
731,098
748.863
Dec 1 to Oct 31
deducting taxes.
a Net earnings hero given are after
taxes.
b Not earnings hero given are before deducting
c Milrels.
-The operations of the M. K. & T. Ry. Co., 1,744.41 miles
Results.
the M. K. & T. Ry. Co. of Texas, 1,791.98 miles, and the Wichita Falls &
N. W. Ry. Co., 328.68 miles (total miles operated June 30 1915. 3.865.07
miles), compare as follows, the figures for the year 1913-14 having been ad-S. C. C. classification, effective July 1 1914:
justed to conform with I.
The total of S1.493,612 added to cost of road and structures during the
year includes chiefly: San Antonio & Belt Ry. Co., $607,278; land for transportation purposes, $165,075; ballast, $216,394; grading, $93,728; bridges,
trestles and culverts, $48,019; ties, $23,497; rails, $70,754; track laying
and surfacing, $121,304; stations and office buildings. $77,642.
OPERATIONS AND FISCAL RESULTS.
.
39
1911-12 8
3,
1912-13.
1913-14.
1914-15.
3.825
3.865
Miles operated, average
5,692,238
3
6,238:706497
7,334,836
6,555,716
Passengers carried
Pass. carried 1 mile_ _ _ _358,631,326 404.034,141 401.082.344 349,180,896
2.35 cts.
2.34 cts.
2.25 cts.
2.26 cts.
Rate per pass. per mile_
8,722.847
8,874,462
9.121,554
Tons freight carried..
10,135,040
Tons fr't car'd 1 mile_2,263,781.517 1850591,630 1830519,759 1675674.860
1.08 cts.
1.14 cts.
1.09 cts.
0.99 cts.
Rate per ton per mile_
$8,295
$8,512
$8.345
Gross earnings per mile_
EARNINGS, EXPENSES,
(Including Wichita Falls Lines from
1913-14.
1914-15.
$8,096,063 $9,105,242
Passenger
22,397,364 20.228,337
Freight
2,584,345
2,405,332
Mail, express, &c
&c.
9 12.)
$8,7 6
Nov.119
1911-12.
1912-13.
$9,402,967 $8.220.409
20,912.978 18,100,906
*2,030,313 *1,865,404
Gross open revenues_332,898.759 $31.917,924*$32,346.258*S28,186,719
$4,502,567 $4,574,726 *S4,637.748 *$4.129.256
Maint. of way. &c
3,934,119 *4.100,819 *3,745,233
Maint. of equipment_ _ _ 4,579,464
*738.928
*755,120
737,766
657,215
Traffic expenses
Transportation expenses 12,080,328 12,408,688 *12,255,845 *11,647.573
*944,859
1,037,434
1,217,0091 *1,058,880
General expenses
297,515
Miscell. operations
504,7131
Cr.186.931 CM50,188
Transport'n for invest
$22,967,592 $23.226,832*$22,808,412*321,205,849
Total
*(75.23)
*(70.51)
(72.77)
(69.81)
Per cent of exp. to earns.
Net operating revenues_ $9,931,167 $8,691,092 *59,537,846 *$6,980.870
69,437
411,307
Hire of equipment
159,170
128,490
92,064
91,282
Int. on investments, &c_
127,789
126,815
125,215
123,552
Sundry receipts
$10,146,001 $8,908,370*$10,204,457 *57,337.266
Gross income
$1,327,871 $1,499,521 31,287,903 $1.060.181
Taxes
$6,165.863 $6,124,370 $5.965.362 $5,570,078
Interest on bonds
12,832
75,465
195.502
314,602
Interest Charges and Surplus.
Other interest
18,544
186.498
- hire of equipment
-Int., Rentals, &c.- -Bat. of Net Earns.
579.048
565,749
523,807
643,556
Rentals r'd it. trks.,&c_
Previous
Current
Previous
Current
*35.326
*55,626
7,399
32,626
Other deductions
Year.
Year.
Year.
Year.
Roads.
Total deductions____ $8,671,016 $8,369,143 *$7,887,472 *$7,320,098
$17,168
$539,227 $2,316,985
$1,474,985
Net income
Chautauqua Traction
17,872 x Preferred dividends_
(2)260,000 (4)520,000 (4)520.000
10,387
23,119
16,018
July 1 to Sept 30
1,635
1,010
{1,407
9,296 x Texas Cent. divs
x5,319
32.464
32.546
Colum_ _ Oct
Clove Southw &
100,940 x Divs. on sub. cos. not
1 259.319
.
323,775
324,364
42
Jan 1 to Oct 31
21
1,013
owned
Commonwealth Pow Ry &
190,086
222,328
423,257
*Comparison with years 1914-15 and 1913-14 is slightly inaccurate.
Lt and its constit cos__Oct 441.942
4,301.369 1,141.951 1,741.547 1,730,430
x Deducted by co.from profit and loss acct., but shown here for simplicity
Jan 1 to Oct 31
x22,196
x23,262
14.267
14.172
_Oct
Duluth-Superior Trac__
CONDENSED GENERAL BALANCE SHEET JUNE 30.
x124.139 z270,774
147,813
144,426
Jan 1 to Oct 31
1914.
1915.
1914.
1915.
324,160 x357,143 x289,137
Oct 339,823
$
$
LiabilitiesPacific Gas & Elect
Assets
3,316,059 3,243,307 z3,539,024 x2,717,568
M.K.&T.com.stk 63,300,300 63,300,300
Jan 1 to Oct 31
Road & equip_a225,798,238 224,229,154
11.136
12,499
4,286 Secur. pledged51.K.&T.pfd.stk 13,000,000 13,000,000
12,485
Oct
Phila & Western
25,700
26,600
124,624
76.456
19,858
123.018
1,544,993 Stock of sub. cos
955,907
Jan 1 to Oct 31
Prop.,&c.,cos_
171,613,500
20,833
27,827
20,833
26,216
Issued or ass'd 30,292,000 28,217,000 Funded debt_ __173,341,500
St Joseph Ry Lt lit & P_Oct 208,333
3,281,386
959,028 Loans&bills pay. 2,809,948
953,006
206,634
257,274
251.410 Misc.Investm'ts
Jan 1 to Oct 31
571,095
559,114
Traffic, &c.. bals
23,041
22,199
24,862
Oct
19.646
18,314 Special deposits b1,039,161
4,391,095
York Railways
1,458,801 Vouch. & wages 3,793,844
256,798
103,109 Cash
240,687
104,787
663.175
672,887
Dec 1 to Oct 31
9,096 Matur. int.,&c_
11,842
bills rec
After allowing for other Inc )mo received.
ANNUAL REPORTS
-The following is an index to all annual
Annual Reports.
reports of steam railroads, street railways and miscellaneous
companies which have been published since Oct. 30.
p; This index, which is given monthly, does not include
reports in to-day's "Chronicle."
Page,:
Railroads154'
Alabama & Vicksburg Ry
1725, 170
Atlantic Coast Line RR
1720, 1709
Baltimore & Ohio RR
Carolina Clinchfield & Ohio fly ....1457
Central of Georgia Ry. Co__ _1547. 1464
Chicago Burl. & Quincy RR_ _1557, 1546
Chicago Rock Isl. & Pac. Ry_1713, 1710
1622
Chicago & Eastern Illinois RR
Cincinnati Hamilton & Dayton Ry_1548
1460
Coal & Coke fly. Co. (of W. Va.).1552
Colorado & Southern Lines
(Flagler Syst.)1711
FloridaEastCoast Ry.
Georgia Southern & Florida Ry_ _ _ _1459
1626
11110 RR
Kansas City Mexico & Orient RR1711
Lehigh & Hudson River Ry. Co__ _1625
Louisville Henderson & St. L. fly-.1459
1548
Mobile & Ohio RR
1458
Nashville Chatt. & St. Louis fly
1549
Nevada-California-Oregon fly
New Orleans Great Northern RR 1465
& North Eastern RR _1624
Now Orleans
N. Y. N. II. & Hartf. ItR__1474, 1456
1457
Northern Pacific Ry
1629
Pacific Great Eastern Ry
1553
Pere Marquette ItR
1465
Quebec Central Ry
1547
St. Louis & San Fran. RR. Co
San Antonio & Aransas Pass Ry _1625
1634, 1622
Seaboard Air Line fly
1468, 1456
Southern Pacific Ity
Toledo St. Louis & Western RR_ _ _1458
Tonopah & Goldfield RR_ __ _1546, 1465
Vicksburg Shreveport & Pacific fly 1623
1460
Virginia & Southwestern
1624
Virginian Ry. Co
Electric Railways
Trac. Co., N. Y_1554
American Light &
1464
Bay Street Ry. Co
1550
Boston Elevated Ry. Co
1461
California Ry. & Power Co
1623
Detroit & Mackinac Ry
Ry. & Lt. Co_ _1465
Milwaukee Electric
Elearic Railways (Concluded)- Page.
United Railways Investment Co__ _1460
Virginia Ry. & Power Co., Rich1550
mond, Va
Industrials
1552
Adams Express Co
Allis-Chalmers 511g. Co. (Sales for
1554
9 months)
......1636, IV()
American Cotton Oil Co.
American Linseed Co., N Y
1626
American Rolling Mills Co., Mid1462
dletown, 0
Amer. Ship Building Co., Cleveland -1462
American Steel Foundries Co., N. Y.
(Earns. 3 & 9 mos. end. Sept. 30).J554
American Type Founders Co., N. Y-1712
Boston Woven Hose & Rubber Co_ _1626
Brown Shoe Co., Inc., St. Louis,
1712, 1630
Mo
1463
Carbon Steel Co
1467
Corn Products Refining Co
1551
Crucible Steel Co. of America
Edison Elec. Ilium. Co. of Boston_ _1463
Manufacturing Co___1627, 1467
Hendee
1467
Hercules Powder Co
1555
Hupp Motor Car Co
1555
Independent Brewing Co
Internat. Agricultural Corp., N. Y_1462
1462
International Nickel Co
1626
Iron Steamboat Co. of N. J
Manufacturers' Light & Heat Co.
1631
30)
(9 mos. ending Sept.
1711
Mergenthaler Linotype Co
New England Cotton Yarn Co.,
1711
Boston
Pennsylvania Salt Mtg. Co., Phila_ _1627
1556
Pittsburgh Brewing Co
1719
Sapulpa Refining Co
South l'orto Rico Sugar Co. (incl.
1627
subsidiary companies)
1461
United States Steel Corporation
1463
Virginia Iron, Coal & Coke Co
1719
Vulcan Detinning Co., N Y
Missouri Kansas & Texas Railway.
(Report for Fiscal Year ending June 30 1915.)
On subsequent pages will be found the remarks of Chairman Frank Turnbull, the income account, .statement of
profit and loss, balance sheet and the accountants' certifi for the late fiscal year.
cate
Loans &
277,756
Traffic, &c., bals
1,677,735
NIiscellaneous
316,139
Agents,&c
Mater.& supplies 2,492,828
324,429
Securs. in treas_
Unmatured int.,
62,079
divs., &c_ _
2,844,147
Sinking funds
764,983
Oth.def.deb.accts
Total
136,236
Misc. accounts_
Unmat.int., &c. 1,219,468
401,627
Taxes accrued__
327,450
Oth.def.cr.accts.
Add'ns to prop'y 1,563,430
272,806
Skg., &c., funds
16,993 Profit and loss__ c6,408,081
1,002,507
556,502
461,498
2,020,805
298,868
2,987,136
846,299
267,833,290 265,508,680
Total
148,101
1,136,186
439,881
305,528
1,563,430
236,846
4,832,457
267,833,290 265,508,680
a After deducting accrued depreciation on existing equipment,S1.493.532.
b Includes cash in banks, &c., $542; and cash on deposit for interest,
$496,900.
c After deducting depreciation prior to July 1 1907 on equipment destroyed. $178,470; uncollectible accounts charged off and reset ve, $117.930;
side tracks, &c., property abandoned, $64,558, and miscall. (net), $333,
and crediting $462,943 adjustment of cost of $2,645,000 face of amount of
-V. 101,
General M.bonds purchased for sinking fund to bring them to par.
p. 1553, 1272.
Colorado & Southern Railway.
(16th Annual Report-Year ended June 30 1915.)
The text of the report, submitted by President Hale Holden
and signed by Vice-President A. D. Parker, will be found on
subsequent pages, together with the income account, general
balance sheet, &c., for the late fiscal year.
-The Colorado & Southern Lines embraced in the staLines Included.
tistics herewith are as follows: Colorado & Southern Ry. Co., Colorado
Railroad Co., Denver & Interurban RR.Co., Colo. Springs & Cripple Creek
Dist. Ry. Co., Fort Worth & Denver City RT. Co., Wichita Valley Ry. Co.,
Wichita Falls & Oklahoma Ry. Co., Wichita Valley RR. Co., Stamford &
Northwestern Ry. Co., Abilene & Northern fly. Co., Fort Worth & Denver
Terminal Ry. Co.
Securities Owned or Controlled by Col. & So. Ry. Co. (Par Value).
b Mortgage Bonds (Total $7,641,880).
a Capital Stock (Total $14,930,116).
$2,233,000
$2,233,100 Colorado RR
Colorado RR
100,800 Denver & Interurban RR_ _ _ 1,250,000
Denver & Interurban RR_ _ _ _
769,000
Wichita Valley Ry
Colorado Springs & Cripple
257,000
Wichita Falls & Okla. Ry
Creek District Ry.744.000
1,199,100 Wichita Valley RR
Common
516,000
800,000 Abilene & Northern Ry
Preferred
Pt. Worth & Deny. City Ry.• 9,361,016 Stamford & Northwestern_ _ _ 1,872,880
c Equipment Trust Obligations.
1,019,100
Wichita Valley Ry
22,100 Col.& So. equip, trust notes_ _$1.442.977
Wichita Falls & Okla. Ry_ _ _ _
60,100 d Certfs. of Indebtedness (Tot. $502,796).
Valley RR
Wichita
39,100 Col. Spgs.& Cr. Crk. Dist. Ry. $33,879
Abilene & Northern Ry
169,000
do
do
do
do
81,600
Stamford & Northwestern Ry299,917
Term,Ry_
14,100 Ft. Worth & Deny. City Ry
Ft. Worth & Deny.
* Including $2,539,992 "stamped.'
-COLORADO .5:. SOUTHERN LINES.
OPERATING STATISTICS
1911-12.
1912-13.
1913-14.
,
1914-15.
1,881
1,850
1,867
Average miles operate&
1,840
Operations
3,181.390
2.918,605
2,937,796
Revenue pass. carried__ 2,771.220
Rev, pass. carr. 1 nine_ _125.547.363 128,816,949 132,844.931 128,851,962
2.52 cts.
2.56 cts.
2.60 cts.
2.62 cts.
Rate per pass. per mile_
7.147,906
7.452,941
6,124,647
Revenue freight (tons)_ 6,449,670
Rev. freight (tons) 1 m_983,465,174 876,128,356 1148168,8191058055,319
0.931 cts.
0.944 cts.
1.033 cts.
Rate per ton per mile__ _ 1.013 cts.
314.08
321.78
291.80
308.04
Av.rev. train-load(tons)
$1.18
$1.32
$1.30
$1.39
Earns, per pass. Cr. mile
$2.92
$3.04
$3.02
S3.12
Earns, per fr't tr. mile__
$7.421
$8,152
$7,083
$7.657
Operating revs. per mile
1800
THE CHRONICLE
REVENUES,EXPENSES, &c.
-COLORADO & SOUTHERN LINES.
Operating Revenues1913-14.
1914-15.
1912-13.
1911-12.
Freight
$9,960,044 $9,053,885 $10,836,134 $9,850,049
Passenger
3,345,489
3.294,688
3,394,074 3,246,773
Mail, express and misc..
835,784
823,363
847.469
863,154
Total
$14,090,516 $13,222,737 $15,077,677 $13,959,976
Operating ExpensesMaint. of way & struc
$1,728,254 $1,818,146 $1,905,988 $1,637,316
Maint. of equipment _ _ _ 2,691.585
2,184,784
3.111,513 2,532,181
Transportation expenses 4,881,074
5,055,016 4,901.494 4,728,765
Traffic expenses
215.446
216,445
230,407
236,127
General expenses
494,489
471,611
473,560
482,065
Total
$10.010,848 $9,746,002 $10,622,962 $9,616,454
Net operating revenue
$4,079,668 $3,476,735 $4,454,715 $4,343,522
-Outside oper.,Dr..
Net
17,565
16,956
24,804
24,523
Taxes, &c
616.536
638,450
520,546
511,470
Operating income..___ $3,445,566 $2,821,328 $3,909,364 $3,807,529
Income from
Rents
285,064
262,4881
844,278
790,275
Miscellaneous interest
172,812
627,915J
Gross corporate Inc__ $3,903,442 $3,711,731 $4,753,642 $4,597,804
Deduct
Interest on bonds. &c__ $2,842,249 $2,853,001 $2,875,483 $2,877,742
Sinking funds
61,383
61,030
60,826
49,140
Rents
363,730
177,663
141,920
162,864
Miscellaneous
82,312
214,152
10,337
8,089
First pref. dividends _ _ _
(2%)170,00T/340.000 %i340,000
(4
Second pref. dividends..
(2%)170,000 4% 340,000(4% 340,000
Common dividends__
4% 310,000(2% 620,000
Total deductions__ __ $3,349,675 $3,645,846 $4,078,566 $4,397,835
Balance,surplus
$553,767
$65,885
$675,076
$199,969
Note.
-The company is also responsible for one-half of the deficit from
operations of the Trinity & Brazos Valley RY., amounting to $24,797 in
1914-15.
BALANCE SHEET JUNE 30
-COLORADO & SOUTHERN R1'.
1914.
Assets$
Road and equip_110,954,698109,835,563
Invest in affil. cos.
446 2281
Stocks
10,200,498 j11,027,378
Bonds
18,996J
Advances
Other investments 1,435,088 1,226,086
Physical prop.,dro.
4,710
18,158
662,852
1,561,711
Cash
121,622
Special deposits
85,813
7,850
124,061
Loans & bills reo_
228,932
Traffic, &c., bals_ 271,403
188,317
Agents & conduc'rs 165,804
Miscellaneous__
543,330
331,600
Mat'l & supplies._ 1,227,007 1,271,695
214,278
Disc. of fund. debt 299,381
87,984
Unadj.,&c.,accts. 104,364
1915.
Total
127,128,599125,536,809
1915.
Liabilities$
1st pref. stock..___ 8,500,000
2d pref. stock__ 8,500,000
Common stock..__31,021,484
Mortgage bonds_a61,490,900
Equip. tr. oblig__ 1,404,000
Traffic, &c., bats_ 334,186
Accts. and wages.. 1,048,844
Matured int., &o..
84,660
Misc. accounts___
32,617
Accrued int., &c__ 832,732
Accrued taxes..___ 463,169
Accrued depreo'n_ 3,919,527
UnadJ.,&c.,accts.
91,709
Add'ns to prop'ty
through inc.,&c. 6,208,571
Reserves from inc.
or surplus
1,433,627
Profit and loss__ _b1,962,574
Total
[VOL. En.
There were retired during the year $151,250 equipment notes, increasing
the total funded and fixed interest debt by $348,750 to $44,905.845. Deduct $2,117,472 Refunding and Extension 5% gold bonds held in treasury
as a free asset makes the funded and other fixed interest-bearing debt
outstanding June 30 1915, $42,788,373.
Capital Expenditures.
-These aggregated (net) $409.719.
Floating Debt.
-On June 30 1915 the serial note obligations
able amounted to $4,561,551. Against this indebtedness and bills paythe company
has available bonds, in par value, of $7,617,000. These obligations
will
be greatly reduced during the ensuing fiscal year.
Merger.
-The Des Moines & Fort Dodge RR.
has been operated under lease since Jan. 1 1905. (137.62 miles In length)
Since June 30 1915 the
stockholders have ratified toe transaction which will result in that road
becoming an integral part of your company on
terms set
of Feb. 10 last. Its earnings will cease to theseparatelyforth in circular
be
reported as of
July 1 1915. (V. 100, p. 642. 733, 1672; V. 101, p. 615,
1272.)
Outlook.
-The prospects for the current fiscal year are exceptionally good.
A very large grain crop has been harvested in the
Northwest, and the crops
of small grains in South Dakota, which are now assured,
since 1909. Likewise, also, oats, barley and rye will will be the largest
exceed
any previous year. The crops of small grains in the States the yield of
of Iowa and
Illinois are exceptionally good, and the prospects
corn crop in all four of the Statesin which toe lines ofare favorable for a fair
your system are located.
ROLLING STOCK OWNED-BRIDGES, BALLAST, RAILS,
JUNE 30,
Locomotives
- Pass.
-Freight Equipl- Work
No. Tractive Power. Equip.
No. Cap.(tons). Equip.
1914-15
223
6,112,470 lbs.
141
7,269
223,880
319
191344
213
5,484,329 lbs.
139
7,367
226,445
329
Bridges,&e.(ft.) -Ballast(miles)
Rails (miles)
Steel. Trestles .Gravel. Cind. Soil. 85-1b.80-lb.70-1b.66-1b.60-lb.&c.
'14-'15_14,588 85,956
1,091 59 380 103 322 701 33 250 139
'13-14_14,588
86,264
1,088 59 383 92 320 708 33 256 140
CLASSIFICATION OF FREIGHT
-PRODUCTS OF (TONS).
Agriculture. Animals. Mines.
Forests. ManTres. Misc.
1914-15
2.170,694 247,587 1,610,939 325,480 781,833 765,242
1913-14
1,866,698 218,009 1,610,059 329,665 692,606 865,530
OPERATIONS, REVENUES,EXPENSES, &C.
1914.
1914-15.
1913-14.
1912-13.
1911-12.
Average miles operated..
1,646
1,646
1,646
1,586
8,500,000 No. passengers carried_ - 2,574.797
2,479,602 2,418.388
2,366,727
8,500,000 Pass. carried one mile__ 93,386,570 92,125.649 87,713,142 84,129.559
31,021,484 Rate per pa.ss. per mile_ 2.058 cts.
2.084 cts.
2.127 cts.
2.032 cts.
61,548,900 Revenue freight tons ___ 5,901,775
5,582,567
5,631,954
4,747,163
557,226 Rev.frt. car. 1 m.,tons_957.544,100 850,221,217 905,720.718 755,890337
347,849 Rate per ton per mile__ 0.795 cts. 0.840 cts. 0.804 cts. 0.758 cts.
1,150,290 Earns, per pass. tr. mile.
$1.00
$1.03
31.00
$0.93
78,418 Earns, per frt. tr. mile__
$2.46
$2.45
$2.45
$2.07
145,276 Gross earns, per mile..__
$6,142
$5,843
$5,896
$5,016
625,688 Tons per train mile
357.08
337.67
345.31
307.34
427,982
Earnings
3,196,106 Passenger 1,921,654
1,920,273
1,865.958
1,709,109
47,462 Freight
7,615,044
7,142,498
7,283,061
5.732,103
Mail, express, &c
575,277
557,904
557,985
512.904
4,571,933
2,162,744
2,655,452
127,128,599125,536,809
a Includes in 1915 C.& S. 1st M.4s, $19,402,000, and Ref. & Extension
M. 434s. $30.803.900: C. S. & C. C. D. 1st M. 5s, $1,430,000, and let
Consol. M. 5s. $1,379,000; F. W. & D. C. 1st M. 6s, $8,176,000, and
Ft. W.& D. T. 1st M. 6s, $300,000.
b After adding $263,934 profit from sale of investment securities and
$135,692 rniseellaneous credits and deducting $1,391,652 appropriations
-V. 101, P. 1152.
of surplus and $254,617 miscellaneous debits.
Pere Marquette Railroad.
(Report for Fiscal Year ended June 30 1915.)
1914-15.
1913-14.
1912-13.
1911-12.
Operating revenues_$18.028,210 $16,915,197 $18,007,717 $17,160,481
Operating expenses____ 13,444,014 18,034.174 14,464,034 13,968,033
Net oper. revenues__ $4,584,196-$1,118,977 $3,543,683 83,192.448
Taxes
512,844
643,168
555,242
667.704
• Net open Income__ _ _ $4,071,352-$1,762,145 $2,988,441 $2,524,743
Other income
194,538
185,037
154,845
157,138
Total net income..___ $4,265,890-81,577,108 $3,143,286 $2,681,881
Interest charges
*$4,307,544 $4,062,907 $3,565,116 $3,334,087
Rentals
766,687
741.307
733,985
712,655
Hire of equipment
609,074
771.573
439,735
614,819
Uncollectibles
1,848
Total deductions ____ $5,685,154 $5,575,787 $4,738,836 $4,661,561
Balance, deficit
$1,419.264 $7,152,895 $1,595,550 $1.979,680
Total operating rev..- 10,111,975
ExpensesMaint. of way, &c
1,167,393
Maint. of equipment_ _ _ 1,383,529
Transportation expenses 3,886,942
Traffic expenses
214,057
General, &c
251,673
Taxes
465,178
9,620,675
9.707,004
7,954,116
1,309,623
1.428,358
3,722,588
214,126
218,431
440,521
1,249,821
1,208,865
3,784,633
215,797
248,635
382,242
987,086
1,165,079
3,552.400
217.292
252,578
336,379
Total expenses
7,368,772
Net operating revenue.._ 2,743,203
Interest on bonds
53,222
Dive on stocks owned
4,144
Net rent.,lease of rd.,&c.
37,068
7,333,647
2,287,028
53,132
14,144
38,116
7,089,993
2,617,011
64,172
42,150
49,376
6,510,814
1,443,302
57.201
4,160
47,160
Total net income
2,837.637
DeduetInt. on funded debt......2,139,649
Int., disc't & exchange_
80,509
Miscellaneous charges....
38,190
Hire of equip., bal
392,684
2,392,420
2,772,709
1,551,823
2,104,828
88,459
30,930
321,595
2,052,038
95,557
10,187
163,033
2,038,498
91,724
88,642
Total fixed, &c..chgs. 2,651,033
2,545,812
2.320,815 2 218.864
Balance, sur. or
sur186,604 def153,392 sur451,894 de1667,041
BALA NCE SHEET JUNE 30.
1915.
1914.
1915.
1914.
AssetsLiabilities
$
Road & equip't.. _a62,975,956 62,652,925 Common stock......15.205,790 15,205,620
Sec. of Mill., &c.,
Preferred stock.._.. 5,833,060 5,833,170
cos.
-Pledged.... 1,771,678 1,771,678 Bonds & notes (see
Unpledged
.117,600
127,600 'Ry.drInd."Sec)41,830,623 41,749,623
Other securities
629,336
629,336 Equip, trust notes 957,750
859,000
203,140
202,418 Bills payable
Cash
1,103,801
Agents dr conduc's 310,757
360,058 Vouchers & wages_ 1,167,798 1,027,025
1,461,354
Cos. dr individuals 474,755
492,487 Traffic, &e., bale_ 326,098
137,467
74,722
Loans & bills rec....
2,953 Agents' drafts
48,848
54,186
Material dr supp._ 378,193
358,652 Miseell. accounts_ 790,714
627,299
17,226
U. S. P.0. Dept_
16,716 Matured interest_
99,765
98,987
Unadj. fgt. claims. 111,149
133,777 Taxes accrued
325,539
294,204
Unexting. disc't on
Accrued interest_ 485,086
481,971
securities sold... 1,362,336 1,314,156 Oper., &c., reserve 304,348
47,352
Other deferred,&c ,
Misc. def. credits..
3,227
2,370
105,028
98,574 Profit and loss.. _ _
assets
b49,429
281,721
68,531,876 68,161,330 Total
Total
68,531,876 68,161,330
* The above interest charges represent accruals only. The receivers
actually paid $741,688 on interest account during the year ending June 30
1915, consisting of full interest on Pere Marquette RR. collat. trust bonds
of 1903, due Jan. 1 1923, $114,800; and on Lake Erie division collat. trust
bonds of 1903. due Aug. 1 1932, $135,000; P. & M. RR. Pullman Co.
equipment obligations, $163,096; misc. interest, $25,563; on receivers'
certificates, matured June 1 1915, $175,000; receivers' certificates, series
"B," 1914, matured June 1 1915, $64,621; series "0," 1914, matured
June 11915, $14.792: receivers' certificates matured April 23 1914, $4,050,
and on receivers' notes. $44,766. The 'nterest accrued during the year
a After deducting reserve for accrued deproc. of equipment, $654,757.
on equ pment obligations aggregated $99,363. The unpaid matured interb After adding $66,815 adjustment of discount on reacquired bonds sold
est on the equipment obligations on June 30 1915 aggregated $180,359.
in Jan. 1914 and deducting $62,147 loss on equipment vacated, $240,429
while the unpaid matured interest on the bonds of the company aggreadjustments recommended by auditors to be charged to this account, held
gated $5,400,270.-V. 101, p. 1553. 1189.
in abeyance pending approval of disposition (as required) by the I. 0. C.,
all of which pertain to transactions of prior years, and sundries, $35,589.
The Minneapolis & St. Louis Railroad.
101, P. 1714, 1629.
(Report for Fiscal Year ending June 30 1915.)
Pres.Newman Erb,New York, Oct.26,wrote in substance •
Results.
-Considering that business conditions throughout the country
during the fiscal year Just closed continued in a state of depression, it is
most gratifying to be able to present an income account showing a large
increase in both gross and net transportation revenues over those for the
preceding year. Both the total gross revenues and the total revenue freight
tonnage moved exceeded the earnings and tonnage for any year since the
company began operations. Of the $491,300, or 5.11%, Increase in the
gross operating revenues, $472,546, or 6.62%, was in receipts from freight
traffic. There was a slight increase in operating expenses of $10,468 and
of $24,657 in taxes. The net transportation revenues over expenses and
tares increased $456,175. or 19.95%,so that after the payments of all fixed
and other charges there remained a surplus for the year of$186,604 as against
a deficit of $153,392 for the preceding year.
There was a net increase of $34,821 in interest on funded debt resulting
from interest on treasury bonds sold during the year, $52,980; interest on
$2.500,000 2
-year 6% gold notes Issued Feb. 1 1914. $87,500; interest on
American Locomotive 6% notes issued Jan. 1 1915. $6,591; total, $147,071.
Less a decrease in interest on (a) one-year6% gold notes retired of $105,000,
and (b) on equipment trust notes retired of $7,250. The increase of $71,089
in payments for hire of equipment is due principally to an increase in the
movement of through tonnage. There is charged to the year's income
$33.080 for discount, &c., on securities sold.
Funded Debt.
-There were issued during the year (a) $250,000 Refunding
and Extension 5% gold bonds, for additions and betterments and to retirement of $126,000 equipment trust notes; (b) $250,000 American Locomotive Co.6%
notes for purchase of 15freight locomotives.(V. 100, p.556).
Ferrocarriles Nacionales de Mexico.
(National Railways of Mexico.)
(Report for Fiscal Year ending June 30 1914
-NOT 1915.)
This much belated report shows as below. The report for
1914-15, covering, we understand, only about six weeks'
actual operation, will be issued later on.
Issue of Bonds and Notes-Interest Account.
-The options granted to
bankers to purchase certain of the company's Prior Lien Bonds and Guaranteed General Mortgage Bonds were not exercised, owing to the disturbances in the Republic of Mexico,and for the same reason the bankers were
unable to purchase the unsold remainder of £500.000 Two-Year 6% Secured
Gold Notes, dated June 2 1913. As it was expected that within a short
time conditions in Mexico would materially improve, it was arranged that
from the proceeds of the sale of £5,500,000 Two-Year 6% Secured Gold
Notes, $1,700,000 should be applied towards the payment of the interest
due July 1 1913 on the Prior Lien Bonds. - INT. 100. p: 1918; V.97, p. 1739.1
As is well known, these expectations were not realized and in order to
meet the interest due Oct. 1 1913 on the Oen. Mtge. Bonds,it was necessary
to request the Mexican Govt. to furnish $1,014.952 U.S. currency, which it
did. The remainder due on that date for interest and on account of equipment obligations, amounting to $556.550, was supplied from funds in the
company's treasuty. Interest due Dec. 1 1913 on the Two-Year 6% Notes
dated June 2 1913, amounting to $801,000, was met by sale of $810,000 6%
gold notes(since reduced to $746,000)secured by $2.200,000Prior Lien bonds,
Nov. 27
1918.]
THE CHRONICLE
1 1917.
Interest Paid in Company's 6% Secured Notes(U.S.Curr.)Due Jan.
-year Federal Bonds advanced by Mexican Gov't.)
(Secured by pledge of 10
Notes in Pay. How Secured.
On Company's ObligationsInt. Due.
f Mex. Govt. 6s,
Jan. 1 1914'Prior lien 'bonds and various sub-1$2,460,341 5.580
1£59
bonds
1 company
1,509,7521 Do £365,470
April 1 1914 Gen. M.4s; Nat. RR. 1st Consols
813.090 Do £197.530
-3 months' notes
June 1 1914 Two-year notes
still out of the company's
[In June 1915 the operation of the company wasin strife. V. 100, p. 1078.
hands,and under the direction offactions engaged
maturing Oct. 1 1914 and
Owing to this, all inteyest and other obligations June 1 1915($27,476,000).
notes due
subsequently,including the principal ofplan to fund the July 1 to Sept. 30
and int. were defaulted, and the operative. V. 100, p. 2010. As to
&c.,
1914 maturities has not been declared
p. 74, 453, 1072, 1393, 1694,
the foregoing funding see also V. 98,-Ed.]
675, 1749.
1993, 1749; V. 99. p. 120, 407, of the $746,000 6% 3
-months notes dated
On June 1 1914 the principal
further extension of
Dec. 1 1913 became due. To enable us to secure a t advanced an adto June 1 1915 the Mexican Governmen
these notes
bonds of 1913 to be deposited
ditional £202,470 of its 6% 10-year treasury
noteholders would
as additional collateral, provided 85% in amount of the
consent, which they did.
Government of Mexico
-year Treasury bonds of the Federal
The 6% 10
mentioned are
of 1913 advanced to the company for the purposes above of the United
Congress
part of an issue of £20,000,000 authorized by law ofsecured by 38% of the
States of Mexico, promulgated May 30 1913. and duties of Mexico. Of
total receipts from the import and export customs
international bankers.
this issue £6,000,000 were sold to a syndicate of
was made of
-In the last report (V. 97, p. 1739) mention RR., which
Acquisition.
Pan-American
the pending acquisition of the property of the over on March 1 1914, but
ed [ownership being taken
later was consummat
The consideration therefor
for accounting purposes as of Jan. 1 1914]. the obligations of the Panwas the assumption by this company of all
S. currency,
which were $1,600,000, U.Oct. 1 1909, 6%
American RR. Co., among
due
Co., dated
collateral trust notes of the Pan-American in this company's treasury.
and of which $176,000 were issue of notes, there belonged
Oct. 1 1914,
for this
Of the collateral pledged as security stock (reduced to $96,000 by stockto your company $9,600,000 capital
general mortgage 5% bold bonds
holders on Jan. 7 1913) and $2,170,000
your company had expended
of the Pan-American RR. Co. Inasmuch as ts to this property and as
improvemen
large amounts for betterments and and susceptible of great development,
asset
it was considered a valuable loss of these securities and through them the
your board believing that the
, authorized the issuance of
control of the property, would be detrimental
like face amount of notes of
$1,403,000 notes with which to purchase aby this company were dated
the Pan-American Co. The notes issued secured by the deposit of $3,July 1 1914 mature July 1 1916 and are
508,000 prior lien bonds of this company. Mexico assumed the ownership
On Nov. 1 1913 the National Railways of property of the Vera Cruz al
and control of all railroad lines and other
the transfer was conIstmo Railway Co., but for accounting purposes
sidered as effective from July 1 1913. (V. 97, p. 1739.)
ed
-From July 1 1913 to June 30 1914 there were authenticat
Bonds, .Sec.
general Mtge. bonds.
$3,924,484 prior lien bonds and $4,085,739 guaranteed in Sept. 1913 $804,received
Of the guaranteed general mortgage bonds lien bonds as collateral for
of prior
000 were substituted for a like amount making the amounts now pledged
the two-year 6% secured gold notes, prior lien bonds, and $15,583,500
as security for said notes 322,733,500
guaranteed general mortgage bonds.
BALANCE SHEET JUNE 30 (MEXICAN CURRENCY).
1913.
1914.
1913.
1914.
$
Liabi2.(Con.)Assets
2d pref. stock__240,745,783 240,698,533
Road,equipml,
Nat. Rys. bds__271,105,380 271,099,830
land conces10
sions, &c_ _ _ _879,437,307 853, 08,341 Nat. RR. bds__b95,480,000 b95,480,000
Mex.I. RR.bds. 20,113,000 20,113,000
Const.new lines,
22,034,363 16,963,338 Vera Cruz to Sat.
&c
14,000,000
Bds.&stks.own_ 17,698,557 21,730,469 RR.bonds_
Mater. & supp_ 10,830,984 13,979,159 Pan.Am.RR.bds 6,974,000 c3,892,095
1,991,703 Secure. not held c3,833,495
Agts., cond.,&c. 1,529,735
902,000 1,100,000
236,262 M.C.Ry.eq.,&c.
308,960
Traffic balances
1,787,678
Indiv.,cos., &c_ 6,111,879 3,971,601 do car,&c.,note 1,324,913 9,515.786
Accr.bd.,&c.,int. d7,879,250
840,895
Bills collectable_ 1,357,587
43,426
4,219,558 Unclaimed diva &c 25,878
Notes receivable
Vouch.&pay-eLs 5,442,514 5,267,004
Purch.of subsidy
429,585
276,391
balances
Traffic
rights ofHidal27,935 Indiv.,cos.,&c__ 8,098,374 3,961,180
27,935
go&N.E.RR..
Notes payable__ 67,364,823 63,673,592
Accr. Interest on
55,552 Mich.& Pac.Ry
251,710
seems. owned
25,270
25,270
(special)
Cash
a2,212,867 16,680,861
132,582 Rental D. & L.
99,347
Insur. premiums
247,593
Int.,&c.,in susp. 1,859,687 4,105,712 & G. in susp_
71,753
66,405
Accrued taxes__
Profit and loss__ 28,736,661
385,234
Res. mat'l adj__ 2,911,699
Total
972,497,580 937,943,969 Res.repairs,&c. 12,997,993 7,618,221
Equip.,&c.,fund 4,920,400 4,920,400
493,486
493,486
Reserve fund...
1913.
1914.
98,963
Profit and loss_
$
$
Liabilities6,933 149,606,933
Common stock_149,60
972,497,580 937,943,969
Total
1st pref. stock__ 57,662,000 57,662,000
a Includes $454,246 cash deposits for payment of principal and interest
on bonds or as guaranty.
b Does not include $5,080,000 (112,540,000 U. S. curr.) bonds deposited
,
6
with Central Trust Co. as collateral under prior lien 43 % mortgage of
National Railways of Mexico.
of Mexican Central Ry., Ltd., and stocks of
c Denotes bonds and stocks
the National RR. of Mexico and the Mexican International RR. still in
hands of public.
d Includes in 1915 accrued bond interest payable July 1 1914.$5,574,801;
Sept. 1 1914, $287,673; Sept. 22 1914, $4,410; Oct. 1 1914, $1,563,742;
and Dec. 1 1914,$267,300; accrued interest on 3 months6% notes extended
to June 1 1915, $8,100; accrued interest on notes Series "B" and "C,"
payable Jan. 11917;$53,423,and coupons due but not presented, $119,801,
after deducting $4,770,784 for coupon reduction fund.
-The company guarantees jointly with the St. Louis Brownsville &
Note.
Mexico By., the $666,000 Brownsville & Matamoros Bridge Co. 1st M.58
-V. 101, p. 1553. 774.
and $200,000 2d M.4s.
TRAFFIC STATISTICS FOR YEAR ENDING JUNE 30.
lbs.
One kilometer equals .62138 mile; 1 metric ton equals 1.103 tons of2,000
1911-12.
1912-13.
1913-14.
9,668
9,800
5,695
Average kilometers
8,096,302
8,665,654
7,547,611
Passengers
Passengers carried 1 kilometer_ 577,705,786 747,511,071 757,470,142
$2.22
$2.39
$2.95
Receipts per train kilometer__ _
6,476,877
5,931.406
3,356,320
Tons revenue freight carried..
785,916,008 2,006,856,051 2,315,133,655
1 kilometer
Tons carried
$3.99
$3.96
$3.29
Receipts per train kilometer__ _
284.76
261.03
156.46
Av.tons per train, all fr't(p.tr.k.)
REVENUES AND EXPENSES (MEXICAN CURRENCY.)
1911-12. 1910-11.
1912-13.
1913-14.
$
3
$
$
21,095,415 40,368,772 43,859,607 45,197,748
Freight
12,941,051 13,548,387 12,657,110
10,014,442
Passenger
2,070,915 2,066,545
2,138,946
2,097,209
Express
2,013,018
1,968,882
1,921,513
1,066,275
Miscellaneous
Total gross earnings_ _ _34,273,341 57,370,282
Maintenance of way, &c_ 6,865,752 8,076,638
Maint. of equipment... _10,912,267 10,116,459
Conducting transport'n_ _12,147,057 16,102,980
1,947,870
1,968,490
General expenses
Total oper. expenses_ _31,893,565 36,243,947
2,379,776 21,126,335
Net earnings
910,060
390,603
Sundry interest
1,102,761
& divs. on securities_ 630,013
61,447,791 61,934,421
11,340,034 11,161,931
9,687,119 8,788,388
15,435,622 17,141,417
1,972,479 2,187,608
38,435,255 39,279,345
23,012,536 22,655,076
191.330
721,362
753,563
937.290
3,400,392 23,139,156 24,671,188 23,599,969
Total net income
413,545
478,607
422,722
510,590
Taxes
70,046
70,214
78,249
65,545
Rent of leased lines
464,421
834,334
668,781
229.167
Oper. deficit of sub. cos
value mat'l road,
Adjust.
56,135
purchased Gulf Ry.,..
567,657
4,465,964
Exchange
Term. for
To Vera Cruz
acct. Vera Cruz to Isth101,064
mus RR
Pending charges account
1,400,000 2,147,817
operating expenses__ _ _ 3,343,091
Int. on bonded debt on
equipment, &c., notes,
23,520,595 20,622,051 19,403,457 17,946,269
and -bills payable
(2)1,153,316(4)2,306,632(4)2,306,632
Preferred dividend
127,894
124,229
36,178
Reserve fund
23,476,624
32,236,016 23,605,089 24,617,473 sur.123,345
Total deductions
Balance, sur. or clef_ _ def.28,835.624 def.465,933 sur.53,715
DETAILS OF DEDUCTIONS FOR FISCAL YEAR (MEXICAN CURR.)
1913-14. 1912-13.
1913-14. 1912-13.
$
$
3,400,392 23,139,156 Int. on bonda(Con.)Net income
137,400
Mex.C.Ry.bds. 137,400
Deduct
59,867
49,992
do eq'&coll.bds.
422,722
510,590
Taxes
do ear & locom.
Rental leased lines
95,630
72,830
rental notes_
45,545
58,249
Pacific.
Mich.&
526,500
M.I.pr.lien 4l.s 526,500
20,000
20,000
Coahuila C. Ry.
336,520
do cons.M.4s__ 336,520
507,406
-A.
def.P. RR. 246,181
Op.
46,135
Adj.to bonds own. Cr.36,957
Op.def. Vera Cruz
Int. on notes pay.to Isthmus RR_ 101,064
1,008,333
161.375 2-yr.4% %notes
Cr.17,014
Op. def. T.-M.Ry.
60,320
567,657 3-mo. 6% note_
4,465,964
Exchange
8,100
56,135 do extended__
Adjust. mat'l accts 2,483,091
170,787
-A__ 170,787
5-yr.6% P.
Fed. Govt. reserve 660,000
585,000
1-yr. 5% notes_
Res. for bad, &c.,
1-yr. 6% notes_ 234,433 1,488,707
200,000
accounts
425,453
2-yr.6%sec.notes 5,212,350
Int.on bonds4c3-yr. 6% notes_ 147,619
N.Rys.pr.l'n4 yis 7,633,900 7,632,711
53,423
Notes "B & C"_
4,059,808
do gu. gen. 4s_ 4,059,828
N.RR.pr.l'n41is 2,070,000 2,070,000 Transferred to re36,178
do 1st cons. 4s 1,979,200 1,979,200 serve funds_
1,153,316
lat pref. div.(4%)
Vera Cruz & Pac.
RR. pr. lien4lis 630,000
Total deduc'ns_32,236,016 23,605,089
P.A.RR.pr.1.5s_ _ _ 100,150
465,933
Balance, deficit_ _28,835,624
do gen. M.5s..
74,200
1801.
Cincinnati New Orleans & Texas Pacific Ry. Co.
(Lessee of the Cincinnati Southern Ry.)
(33d Annual Report-Year ended June 30 1915.)
Pres. Fairfax Harrison, Nov. 16, wrote in substance:
-The effect upon traffic of the s'owing up of business
Income Account.
activities became marked in September and continued throughout the year,
with a resulting decrease of $1,539.848, or 14.05%, in total operating reve$116,737
nues. This depletion of revenues, aggravated by a decrease ofrental for
diem
in non-operating income, for which smaller receipts of per ng income were
cars and reductions in other items of non-operati
freight
the
responsible, was turned into a decrease of no more than $124.067 in
$1,000,000
cuts of
balance carried to the credit of profit and loss only bysum in overcharges for
the
and of more than half that
in operating expenses
permanent improvements.
as in the preDividend distributions were maintained at the same rates
6% and
ceding year, the pref. stock receiving 5% and the common stock loss acand
year
5% extra. The surplus income for thestock carried to profit
dividend disbursements.
exceeded by $14,143 the common
count
The preferred stock dividend of 5% annually has been paid without interruption since the issue of the stock in 1902. The holders of the common
an average
stock have not been so fortunate, having receivedwhich it has annual rate
been found
of only 2.92% during that period. The amount
necessary to put back into the property out of earnings exceeds five times
divided among the holders of the common stock.
the sum total of earnings
-Against the severe decrease already noted in total
Operating Results.
upkeep of
operating revenues, it was not found practicable, with proper 71.26% to
the property, to avoid an increase in the operating ratio from
or 9.03%• Ina72.25%. Transportation expenses decreased $295,541,necessary running
bility further to reduce this item was due largely to the the homewardand
of passenger trains to meet arbitrary requirements, Maintenance of way
bound movement of empty foreign line freight cars. substantial cut being
17.25%, this
and structures decreased $193,056, or
on this account in the past.
made possible by the liberal expenditures yds. of ballast, 204,098 crossThere were laid during the year 33,619 cu. Maintenance of equipment exties and 2,517 tons of new 85 lb. steel rail. in part to the reduced freight
penses decreased $465,224, or 16.77%, due
locomotive and car mileage and the relatively liberal appropriations of
the preceding year.
-Property investment accounts show a net increase of
Capital Accounts.
$294,000.
$113,440. Equipment trust obligations outstanding were reduced two track
-The necessity of providing a new
Additions and Betterments.
traffic bridge across the Ohio River at Cincinnati has been met in
heavy
the legislative grant of authority to the trustees of the Cincinnati Souththis purpose,
ern By. to issue bonds up to $2,500,000 to provide funds for accrues and a
upon condition that your company shall pay the interest as it
sinking fund of 1% annually. The early construction of this long needed
improvement is, therefore, assured (V. 100, p. 308). amounted to 124.64
Double track mileage in operation on June 30 1915
miles, or 37.16% of the length of the main line. Second main track between Robbins and Huffman, Tenn., a distrnce of 8.9 miles, has been completed since the close of the year. Side, yard and passing tracks total
of Oak256.01 miles, a net increase of 4.61 miles. Fifteen bridges south to carry
dale. Tenn., were improved, some of them being reconstructed concrete
heavier loads and others filled and made into solid roadbed over required
culverts. Two interlocking plants were installed. The viaductfrom the
to enable the company to switch cars with its own power to and the comVine St. terminal in Cincinnati was completed and turned over to
pany by the trustees of the Cincinnati Southern By. on Mar. 5 1915. A
new coach shop was constructed at Chattanooga, Tenn.
New equipment purchased included one Ma.let locomotive, three steel
passenger-train cars, 19 box cars and 66 coal cars. One combination baggage-mail-express car and 372 freight train cars were retired. Steel centersills have now been installed on 420 wooden freight cars.
-Extensions of the lines of the Tennessee Railway
Industrial Progress, &c.
and the Oneida & Western RR., which connect with your line at Oneida.
Tenn., and of the Morgan-Fentress Ry., which connects with your line at
Nemo, Tenn., are being constructed into heavily-timbered sections, from
which a substantial volume of new traffic is expected. The output of coal
from the mines along the Kentucky & Tennessee RR., which connects with
the line at Stearns, Ky., has been enlarged, and those mines now have an
extimated capacity of 650,000 tons annually. The strawberry traffic of
the past season amounted to 594 carloads, an increase of 30% over 1913-14.
Agricultural conditions in your company's territory are satisfactory, with
a normal wheat crop, a good corn crop and an increased acreage of hemp.
TRAFFIC STATISTICS FOR YEARS ENDING JUNE 30.
1911-12.
1912-13.
1913-14.
1914-15.
Operations335
335
335
335
Miles operated
1,451,010
1,495,728
1,512.997
1,318,582
No. passengers carried
Pass. carried one mile.- 82,875,938 96,885,503 86,619.647 82,784,199
2.11 cts.
2.13 cts.
2.11 cts.
2.04 cts.
Rev, per pass. per mile_
5,241,311
5.631,134
5,373,066
Tons rev, freight carried 4,742,748
Tons fght. carr. 1 mile_ _984,536,455 1102522,131 1072034,160 996,917,794
0.75 cts.
0.75 cts.
0.75 cts.
Rev, per ton per mile_ _ _
0.73 cts.
403
419
411
418
Av.train-load (rev.) tons
$1.36
$1.36
$1.37
$1.16
Earn, per pass. train m_
$3.03
$3.16
$3.10
$3.05
Earn, per fght. train m_
$29,083
$31,137
$32,678
$28,088
Gross earnings per mile_
THE CHRONICLE
1802
INCOME ACCOUNT FOR YEARS ENDING JUNE 30.
1912-13.
1911-12.
1914-15.
1913-14.
Freight revenues
$7,176,550 $8,303,851 $8,078,157 $7,503,581
Passenger revenues
2.043,306
1,848.423
1,746,678
1,689,010
Mail. express & miscell's_
456,3631
*518,589
421,358
*506,007
Incidental,&c
158,5801
135,334
Total oper. revenue
$9,422,252 $10,962.100 $10,445,169 $9,756,266
Maint. of way and struc_ $926,001 $1,119,056 *31,057,059 *31,006,493
2,773,805 *2,429,958 *2,165,571
Maint. of equipment_ _ 2,308,581
Transportation expenses_ 2,975,660
3,271,201 *3,030,545 *2,835,008
Traffic expenses
307,421
286,201
*281,571
*246,443
General expenses
241,007
258,3331
*237.349
*230,394
Miscellaneous operations.
74,614
81,294J
Transport'n for invest't
Cr. 4,617
Total oper. expenses_ _S6,807,448
Net operating revenue__ _$2,614,804
Outside oper.-net deficit
Total net revenue
Taxes accrued
Uncollectibles
$7,811,110 *S7,036,482 *$6,483,909
S3,150,990 *$3,408,687 *$3,272.357
*7,877
*6,493
$2,614,804 $3,150,990 *$3,400,810 *$3,265,864
372,109
368,000
345,600
271,600
1,006
Operating income
$2,241,689 $2,782,990 93,055,210 *$2,994,264
Hire of equip't balance_ - 249,372
325,638
*436,207
*218,170
Income from invest., &c_
117,031
157,501
118,228
95,821
Total gross income_ __ _S2,608,092 $3,266,129 S3,609,645 $3,308,255
Rental to Cincinnati_
$1,231,464 $1,231,431 $1,227,742 $1,228,775
Misc. interest & rentals.... 110,973
120,356
129,350
132,315
Permanent improvements 799,942
1,324,563
1,024,649
579,342
Divs. on pref. stk. (5%)a 122.670
122,670
122,670
122,670
Divs.on corn.stk.
(11%)_
328,900
328,900
328,900
328,900
Total deductions
Balance, surplus
$2,593,949 $3,127,920 $2,833,311 $2,392,002
$14,143
$138,209
$776,334
$916,253
a Deducted by co. from profit & loss acc't, but shown here for simplicity.
* Comparison with years 1914-15 and 1913-14 is slightly inaccurate.
BALANCE SHEET JUNE 30.
1915.
1914.
1915.
Assets$S
$
Road & equipm't_12,644,144 12,530,704 Common stock_ _ _ 3,000,000
Preferred stock___ 2,453,400
Lay. in Will. cos.:
335,001 Equip. obligations 792,000
Stocks
335,001
151,500 Accounts & wages. 915,355
Notes
133,650
1,030 Miscell. accounts..
1,030
Advances
69,403
764,617 Accrued taxes_ _ _ _ 351,539
Other investments 854,617
582,782 Rent,Int.,&c.,accr. 314,263
466,979
Material & supp
2,284,873 2,294,890 Traffic balances__ 293,006
Cash
&curs. In treasury
10,000 Operating reserves 356,801
10,000
151,124 Accrued deprec'n_ 2,934,400
Agents & conduc_ 118,152
32,233
140 Unadj. &c. acc'ts.
Bills receivable_ _ _
133,953
Traffic, &c., bals_ 235,040
328,813 Profit and loss_ __x6,106,060
Miscell. accounts_ 423,678
460,564
Unadj.,&c., accts. 180,782
312,403
Total
17,720,180 17,923,568
Total
1914.
3,000,000
2,453,400
1,086,000
904,352
88,000
313,069
315,269
293,156
533,171
2,738,383
123,513
6,075,255
17,720,180 17,923,568
x After crediting sundries, $16,663.-V. 100, p. 1672.
Ann Arbor Railroad.
(18th Annual Report-Year ended June 30 1915.)
Pres. Newman Erb, N. Y., Oct. 1, wrote in substance:
Funded Debt.
-There were retired during the year equipment trust notes
Series A and B,$126,000; American Locomotive notes,$15,000; other, $486;
total, $141,486. There were issued and sold Swift refrigerator car notes,
$17,500; 2
-year collateral gold notes (offset by reduction of loans for which
notes were originally pledged), $30,000; total, $47,500. Net decrease in
interest-bearing funded debt, $93,986.
Maintenance.
-There were placed in track during the year 106,346 crossties, an increase of 6,453 over previous year, and 54,606 tie-plates under the
80 and 85-1b. steel. 7.38 miles of new 85
-lb. rail were laid in main line,
releasing lighter rail, and 10.46 miles of 70
-lb. rail released from main lino
were laid in yards and passing tracks, releasing badly worn lighter rails.
No new ballasting was done. Expenditures for maintenance of equipment
were $314,401, or 19.04%, an increase of $1,303, against $313,098, or
18.93% of total operating expenses, previous year. Owing to changes
made by I. S. C. Commission regarding classification of accounts, maintenance of car ferries is included in maintenance of equipment accounts.
Taxes.
-During the past year we have received a reduction of $23,566 in
our Michigan State taxes, due entirely to reduction of the average rate
from $21.5585 to $18.3739 per $1,000 of value, secured through increased
valuation placed by the State on outside property (other than that used in
road operation). The company. however, is still bearing more than its
reasonable proportion of the public burden in Michigan.
Additions and Betterments.
-The items charged to this account during
the year were $54,927, and extraordinary repairs to the property charged
to operating expenses and paid out of current income were$6,866.
General Remarks.
-The general disposition toward the railroads in Michigan seems to have improved somewhat during the past year, largely duo to
the publicity given to their condition and needs during the legislative session last winter,at which time an effort was made to have the present 2-cent
passenger law modified so as to permit the railroads to charge 23-s cents per
mile, the same as they are permitted to charge in inter-State traffic. l'his
law was passed in the Senate but failed to pass in the house. Your company therefore instituted suit in the Federal Courts against the State and
Its Railroad Commission for confiscation of your property by reason of inadequate passenger and freight rates imposed upon your company,in which
a decision during the current fiscal year is expected (V. 100, p. 2008).
The so-called 5% freight increase granted in rates in Central Freight Association territory,effective Oct. 261914,and to Trunk Line territory,effective
Jan. 18 1915, did not apply on coal, coke and iron ore, which reduced the
percentage of increase to about 33.i% on our inter-State freight traffic, and
will increase our freight revenues $40,000 to $45,000 per annum.
During the year the following new industries have been located on your
line: Three warehouses, 6 pickling plants, 4 coal sheds, 1 building-material
plant and 1 steel casting plant, from which we should secure from $15,000
to $20,000 per annum additional revenue.
OPERATIONS AND FISCAL RESULTS.
1914-15.
1913-14.
1912-13.
1911-12.
Miles operated
292
292
292
292
Passengers carried
1,033,880
1,057,513
1,146,539
1,089.353
Pass. carried one mile
25,855,964 29,648,387 30339.644 31,367,512
Rate per pass. per mile_
2.04 cts.
1.81 cts.
1.82 cts.
1.72 cts.
Pass. earns, per tr. mile_ 84.29 cts.
90.98 cts.
82.25 cts.
77.02 cts.
Tons carried (revenue)_ 1.959,268
2,046,652
1,977,900
1,945,977
Tons card 1 m.(rev.)_ _272,741,102 277,916,663 279,587,372 274,971,595
Rate per ton per mile_ _ _ 0.530 cts.
0.507 cts.
0.405 cts.
0.526 cts.
Frt. earns, per tr. mile
$2.63
$2.53
$2.37
$2.35
Gross earns, per mile_
$7,252
$7,101
$7,181
$7.264
Aver, tons per train mile
496
501
480
447
New Basis
Ole Basis
Operating revenues1914-15.
1913-14.
1913-14.
1912-13.
Freight
$1,636,331 $1,597,157 $1,407,140 $1,381,716
Passenger
532,696
541,372
535,468
549,655
Mail, express, &c
141,875
155,937
153,561
141,326
Total
$2,310,902 $2,294,466 $2,096,169 $2,072,697
Operating expensesMaint. way & structures $245,682
$249,254
$246,509
$295,141
Maint. of equipment_ _ _
314,401
313,098
264,313
259,188
Traffic expenses
61,347
63,120
63,118
49,640
Transportation expenses
928.700
939.871
793,502
743,899
General expenses
91,116
82,8881
87,583
87,215
Miscell. operations
4,634
5,188f
Total
$1,645,879 $1,653,418 $1,455,025 $1,435,083
[VOL. 101.
1914-15.
(68.52)
$665,023
1913-14.
(69.41)
$641,048
1912-13.
(69.41)
$641,144
96
1911-12.
(69.24)
$637,614
8,944
Not revenue
Taxes
$665,023
144,900
$641,048
168,010
$641,048
168,010
$628,670
167,159
Operating income_ ___
Other income
$520,123
34,291
$473.038
26,723
$473,038
26,722
$461.511
62,138
Gross income
Deduct
Hire of equipment
Int. on 1st mtge. bonds_
Int. on equip. notes,&c_
$554,414
$499,761
$499,760
$523,649
$74,905
280.000
98,752
$31,034
280,000
107,732
$31,034
280,000
107,732
280,000
88,307
P. c. expenses to earns._
Net operating revenue_ _
Outside oper. (net), def.
Total deductions
$453.657
$418,766
$418,766
Balance,surplus
$100,757
$80,994
$80,994
GENERAL BALANCE SHEET JUNE 30.
1915.
1914.
1915.
Assets
S
Liabilities$
Road & equip't__a17,138,915 17,187,024 Preferred stock... _ 4,000,000
Impt.& ext. 30-yr.
Common stock__ 3,250,000
1,500,000 1,500,000 First mtge. bonds_ 7,000,000
5s pledged
2-year 6% collat.
Collat, trust notes. 750,000
notes pledged
32,000
115,000 Equipment notes_ 651,514
Collat. trust notes
Impt.& ext. bonds 1,500,000
105,000 ManIstique & L.S.
158,000
In treasury
33,566
31,960
Other securities
RR. loan & Int_
10,696
92,483
90,120 Bills payable
Cash
101,094
Remit.in transit
110,609 Vouchers & wages. 554,479
88,406
Materials & supp.. 135,045
145,772 Misc. liabilities_
68,760
Adv.(1).T.&I.Ry.)
1 Interest matured &
1
Jackson Ann Arbor
accrued
117,385
& Chicago bonds
7,000 Taxes accrued_ __ _
7,000
70,000
Miscellaneous_
153,251
173,337 Profit and loss_ _ _b1,340,653
Cash for purchase
of new equip't
759
759
Oth.deLdebitems.
76,766
62,616
$368,307
$155,342
1914.
$
4,000,000
3,250,000
7,000,000
750,000
775,500
1,500,000
161,219
551,844
95,065
92,334
77,774
1,277,068
‘
T,t
aotai
19,414,586 19,530,801
Total
19,414,586
After deducting reserve for accrued depreciation, $180,357. 19,530,804
b After making miscellaneous adjustments.
-V. 101, p. 1369.
St. Joseph & Grand Island Railway.
(19th Annual Report-Year ended June 30 1915.)
Pros. Graham G. Lacy, St. Joseph, Sept. 16, wrote in sub.:
Results.
-The traffic arrangement made with the Union Pacific RR. for
handling Union Pacific freight traffic between Marysville, Kan., and
Hastings, Nob., brought a revenue of $326,489, as against $186,713 for
the previous year. or an increase of 75%, which together with
tinuance of the service between St. Joseph and Kansas City, the disconthe surplus of $22.435 for this fiscal year, as against a deficitaccounts for
of $198,841
for the previous year.
Trackage.
-Effective Sept. 1 1914, the Kansas City Southern Ry. Co.
terminated, on account of default by this company in the payment
of
rental, the contract for trackage rights under which
we had theretofore
obtained entrance into Kansas City. This company thereupon
exorcised
its right to terminate its contracts with the Quincy Omaha
& Kansas City
Ry. Co. and the Chicago Milwaukee & St. Paul Ry. Co.
for
over their lines, which the loss of the Kansas City Southern trackage rights
trackage rights
had rendered valueless. These cancellations resulted in the
discontinuance, effective Sept. 11914, of the service previously operated by
this company between St. Joseph and Kansas City under said running rights.
The discontinuance of this service caused $26,174 of the decrease of
$76,573 in the expense for maintenance of way and structures, and also
the
decrease of $139,415 in transportation expenses.
Improvements.
-These during the year aggregated $11,059, of which
$3.452 was chargeable to operating expenses and $7,607 to investment.
Of contemplated improvements of roadbed, brid as, &c.,
to in
previous annual reports, some of which are becoming very referred there
urgent,
remain items aggregating $898,050, notably ballasting, $260,797; rectifying
grades, $61,440; raising tracks, &c., $86,683; 13 locomotives, $190,500;
replacing 58 miles 52 to 60-1b. steel rail with 75-1b. rail, $167,600, &c.
During the year 14 cars were dismantled. There are now
serviceable freight cars for commercial service. This will explain only 565
the large
pa,vment for hire of freight cars.
Decision.
-On July 9 1915 the U. S. Circuit Court of Appeals for the
Circuit, in the litigation started by certain stockholders, rendered 8th
a docision reversing the decree of the District Court. The Circuit
Court of
Appeals held (1) that the lower Court erred in decreeing that
the control of
this company by the Union Pacific RR. Co. through stock
In violation of the Sherman anti-trust law, and (2) that theownership was
Union Pacific
RR. Co. had not abused its power as
disclosing that the management, so farmajority stockholder, the evidence
as income results were
had improved after that company acquired It stockholding, concerned,
and it being
considered by the Court that
of certain portions of the road,the expenditure of income in improvements
which was criticized by plaintiffs, was justified and necessary for the proper handling of the traffic which it was
designed to accommodate, but (3) that this company should be enjoined
while controlled by the Union Pacific RR.Co.from purchasing the cut-off
between Hastings and Gibbon, Neb., a purchase not immediately contemplated, but which had been considered as a possibility in the future in the
event of an improved financial condition of the company. It cannot now
be stated whether this litigation will be continued by a
v.the69, p. 15h4 plaintiffs to the U. S. Supremo Court. further appeal on
. part of t9e.)
(V. 101, p. 213
OPERATIONS, EARNINGS, EXPENSES, &c.
1914-15.
1913-14.
1912-13.
Milos operated Juno 30264
319
319
Oper. revenue per mile_
$5.702
Freight (tons) carried__
825,898
853,333
$5,056$3: 45
76: 672
48
Fr't (tons) carried 1 mile 93,839,616 105,253,955 99.896,721
Av. rate per ton per mile
1.17 cts.
1.07 cts.
1.03 cts.
Aver. train-load (tons)237
233
217
Aver, earnings per mile
of each freight train_ _
Passengers carried
607,829
,0711
54127
$
71312,14273
Pass. carried 1 mile_ _ _ _ 13.789,882 16,362,057 17,764,916
52 5
'0
Rate per pass. per mile_
2.15 cts.
2.12 cts.
2.17 cts.
INCOME ACCOUNT.
1914-15.
1913-14.
1912-13.
Freight
$1,098.714 $1.129,679 $1,024,264
Passenger
296,705
347,504
385,686
111.895
Mail, express, &c
135,075
147,582
Total oper. revenues_ $1,507.314 $1,612,258 $1,557.532
$250,822
Maint. of way & struct_
$327.396
$353,567
247,677
Maint. of equipment _ _ _
263,505
232,204
56,167
Traffic expenses
60,187
58,537
556,999
Transportation
696,413
698,712
General, &c., expenses..
61,260
81,940
73,598
Total open expenses_ $1,172,925 $1,429,441 $1,416,618
(77.82)
P.c. of oper. exp. to rev.
(88.66)
(90.95)
$334,389
Net earnings
$140,914
$182,817
Other income
*43,323
41,395
42,725
Total income
Taxes
Int. on 1st M.4% bds_ _
Rents joint facilities, &c.
litre of equip. balance_ _
Interest on notes
$377,712
$95,263
160,000
38,165
46,444
15,404
$225,542
$86,482
160,000
77,753
90.516
9,632
$182,309
$73,987
160,000
76,869
95,113
2,631
1911-12.
310
$4,846
726,293
85,667,522
1.16 cts.
189
786,771
$2.20
19,764,772
2.05 cts.
1911-12.
$996,848
405,478
149,065
$1,551,391
$274,732
280.465
59,708
691,661
81,300
$1,387,956
(89.47)
$163,435
40,757
$204.192
$80.858
160,000
79,128
91,662
Total deductions__
$408,599
$424.383
$355,276
$411,649
Balance, sur, or deficit _ sur.$22,436(1(13198,841 def.$226290 def.$207,457
* Other income includes $41.917 rents received from joint facilities in
1914-15 and in 1913-14, $41,493; also miscoll. Income, $1,406 in 1914-15,
against $1,232.
THE CHRONICLE
Nov. 27 1915.;
BALANCE SHEET JUNE 30.
1915.
1914.
1915.
Liabilitiess
Assetss
$
Road & equipm't_18,311,234 18,374,576 First pref. stock__ 5,499,400
Second pref. stock. 3,500,000
Misc. phys. prop_
66,721
24,642 Common stock_ __ 4,600,000
Inv. in affil. cos_:
24,642
4 1st M. bonds out_ 4,000,000
-4
Other investments
36,023 Audited vouch.,&c 150,063
Cash
22,588
Traffic, &c., bals_
62,481
Spec. deposit agst.
83,110
82,490 Matured coupons_
matured interest
83,110
18,946 Loans & bills pay_ 334,055
Traffic, &c., bat..
33,829
22,910 Accr. in & taxes_
42,410
12,270
Due from agts.,&c.
26,872
200,005 Miscellaneous_ ___
Materials & supp_ 168,130
76,166
121,245 Accrued deprec'n_
56,592
Miscellaneous
35,395 Profit and loss_ _ __ x436,097
31,534
Unadj.,&c., accts.
Total
18,810,655 18,916,237
Total
1914.
$
5,499,400
3,500,000
4,600,000
4,000,000
324,469
80,443
82.490
274,900
39,074
55,057
38,705
421,699
18,810,655 18,916,237
x After debiting adjustments (net), $8,038.-V. 101, p. 213.
Mississippi Central Railroad.
(11th Annual Report-Year ended June 30 1915.)
Pres. F. L. Peck, Scranton, Pa., says in substance:
-The effect of tho European war on the chief commodities of
Results.
this section. lumber and cotton, is reflected in the earnings. A decrease
of $174,315 in gross operating revenues is offset to the extent of $107,222
by reductions in operating costs.
Maintenance of way expenses include, for abandoned property. $13,859
cost, less salvage, of abandoned main line at Epley; $14,899 cost less
salvage, of wooden trestles and open drains converted into concrete culverts and fills. Maintenance af equipment expenses include, in addition
to actual expenditures, an equipment depreciation charge of $33.691.
being 4% on the original cost of all locomotives and 3% on the original
cost of all cars in service. Cross tics to the number of 73,798 were used
for renewals.
-The property account was increased $9,566 through
Additions, &c.
additions and betterments; $49,200 was paid into the sinking fund July 1
1914. and used, together with accrued interest on securities already in
the fund, for the purchase of $59,000 bonds. Ten concrete culverts were
constructed and 4,052 lineal feet of trestling filled at a betterment expense
of $22,175. The main track was revised at Epley for approximately two
miles at a betterment expense of $35,986. The change eliminated 210
degrees of curvature and reduced the maximum gradient of 1.82% to .8%
and replaced several timber culverts and one timber trestle 275 feet long
with concrete structures.
STATISTICS FOR YEARS ENDING JUNE 30 (Operates 164 miles).
1914-15.
1913-14.
1912-13.
Statistics219,171
285,499
318,321
Passengers carried
6,255.866
6,776,853
Passengers card 1 mile_ 5,120.990
2.70 cts.
2.83 cts.
2.77 cts.
Receipt per pass. per m_
490,250
605,173
599,910
Tons carried
16.679,985 23,996,716 24,358,058
Tons carried 1 mile
$4.704
$5,767
$5,906
Gross earnings per mile_
INCOME ACCOUNT.
Revenue1914-15.
1913-14.
1912-13.
Freight
$535,198
$654,704
$656,355
Passenger
139,745
179,069
190,156
Mail, express, &c
96,484
111,969
122,025
1911-12.
288,295
6,348,993
2.65 cts.
510,396
18,979,520
$5,767
1911-12.
$558,537
170,083
94,142
1803
(The) Studebaker Corporation, South Bend, Ind.
(Statement for 9 Months ending Sept. 30 1915.)
9 Mos. end.
Years ending Dec. 31
1914.
Sept.30'15.
1913.
1912.
Net sales
$46,851,350 $43,444,223 $41,464,950 $35,440,327
Mfg., general, &c., exp_$38,857,339 $37,740,282 $38,697,492 $32,097,767
Officers' salaries
130,717
137,432
146,000
Reserve for depreciation
361,794
298,471
230,357
193.076
Net earnings on sales_ $7,695,539 $5,211,430 $2,399,669 $3.003,484
Income from investm'ts
220,824
63.343
35,850
7108,217
Other income
x21.187
x70,623
x47,615
14,175
Net earnings
$7,937,550 $5,345,396 $2.483,134 $3.125,876
Deduct-Interest chges_
*836,988
$414,941
$484,948
$444,527
Preferred dividends_(53 0)624,680 (7)869,050 (7)901,075 (7)930,825
Common dividends_(235 0)698,290
Extr. exp. charged off
610,000
402,698
131,939
284,429
Disc't & comm.propor'n
208,003
85,791
93,773
83,675
Total deductions_ __ _ $2,177,961 $1,772,480 $1,611,736 $1,743,456
Balance, surplus
$5,759,589 $3,572,916
$871,398 $1,382,420
* Includes interest on 5% serial gold notes and notes payable less interest
received. x Includes discount on preferred stock retired and dividends
thereon prior to cancellation. y Includes proportion of earnings of Studebaker Corporation of Canada, Ltd., added to thesurplus of that company.
CONSOLIDATED BALANCE SHEET.
Sept.30'15. Dec.31 '14.
Sept.30'15. Dec.31'14.
Assets
Liabilities-Real estate, buildPreferred stock __ _11 ,758,000 12,180.000
ings, &c
12,076,870 12,058,040 Common stock._27,931,600 27,931,600
Good-will, patent
Minority int. in
rights, &c
19,807,277 19,807,277
sub. cos.' shares
28,300
28,300
Investm'ts in other
Funded debt
2,308,500 5,550,000
companies
452,449
247,654 Notes payable_
1,850,000
Inventories
10,493,554 13,470,564 Deposits on sales..
284,325
Accounts & notes
Accounts payable_ 2,835,824 1,853,160
receivable
7,696,240 6,698,148 Sundry reserves 1,233,354
356,384
Cash in banks, &c. 7,416,396 3,539,164 Special snrp. acct_ 1,636,477 1,230,748
Def.chgs-ins.,&c. 408.948
709,489 Surplus
*10,619,679 5,265,819
Total
58,351,734 56,530,336
Total
58,351,734 56,530,336
a After deducting $405,729 transferred to special surplus account.
Dividends declared on common stock: No. 1. June 11915, 131%; No. 2.
Sept. 11915, 13%; Dec. 1,134% and 1% extra. See V. 101,p. 1556; also
news item on a subsequent page.
-V. 101, p. 1556, 1487.
Mergenthaler Linotype Co., New York.
(Report for Fiscal Year Ending Sept. 30 1915.)
President Philip T. Dodge,N.Y., Nov. 16, wrote in subst.:
Results.
-The net gain for the year from all sources, after making all
proper charges and deductions, was $1,467,015.
The European war has resulted in a substantial reduction of our profits
for the time being, and this fact confirms the wisdom of omitting the extra
Total operating revs._
$771,427
$945.742
$822,762 dividends. The legislative prohibition of trade between the different
$968,536
Expensescountries has prevented not only the foreign sales of machines made in the
MaInt. of way & struc
$127,856 American works, but also greatly reduced the sales of our foreign com$122,721
$137.973
$154,496
Maint. of equipment__ _
158,424 panies. The European complications are reflected in great business dis165,106
187,840
176,253
Traffic expenses
9,542
10,642 turbances in Australasia, South America and Canada, and in the inability
10,089
11,065
Transportation expenses
192,391 of the printers to purchase machines in the usual numbers. In Mexico
162,081
• 206,834
232,486
General expenses
52.082 internal disorders have prevented any business from being done.
42,574
49.987
52,620
Within the United States, through a largo part of the year. there has been
Total operat. expenses $502,024
$541,332 a serious depression in the printing industry, particularly in the newspaper
$609,246
$610,397
Not operating revenue
$269,403
$336,496
$281,430 field, in which the volume of advertising was greatly reduced. The ability
$358.139
Taxes
28,788
29,534
34,400
30.200 of the printers to purchase has, therefore, been affected, and many sales
which were in prospect failed to consummation.
Operating income
$240,615
$306,962
$323,739
$251,230
The average profits on machines have decreased because of the increasing
Other income
78,564
81,355
69,675 sale of the smaller and cheaper machines to small offices, and to some extent
86,030
by the allowances made for old machines taken in part payment for those
Gross corp. income__ _
$319,179
$388,317
$320,905 of later design.
$409,769
Bond, &c., Interest..
$205,000
$205,000
$205,000
$205.000
Improvements.
-The improvement in design and the development of
Sinking fund
49,200
49,200 now machines is being continued, and in the near future there will be placed
49,200
49.200
*Dividends paid
(2%)78,758
(2%)78,660
on the market special models designed to meet the increasing demands.
New Offices.
-a70 offices were added to the list of linotype users.
$332,860
Total deductions
$332,958
$254.200
$254,200
Competttion.-There has been some disturbance of the business in consedef$13,681 sur$55,359 sur$155,569 sur$66,705 quence of the methods of a rival company. which is now in the hands of a
Balance, sur. or def
receiver. Whether the law will permit newcomers to acquire the property
*Deducted by co. from profit and loss but shown hero for simplicity.
remains to be seen. In any event, your company will maintain its leading
position. See International Typesetting Machine Co. V.101. p. 1192.
BALANCE SHEET JUNE 30.
Oullook.-Our holdings in Europe in plants, manufactured stock and
credits to customers represent several million dollars. It is impossible to
1914.
1015.
1915.
1914.
determine with any certainty how far the value of these holdings has been
Liabilities$
Assets
3,940,000 3,940,000 impaired by the war.
Road & equipment_ _8,270,268 8,258,198 Capital stock
While there is no reason to anticipate a failure to pay the liberal regular
171.045 103,663 First mtge. bonds__ _4,100,000 4,100,000
Sinking fund
9,479 Traffic, &c., balance
9,479
4,027
Misc. phys. property
4,126 dividends, prudence makes it imperative that the resources and surplus
43,489 Accounts and wages_ 22,083
Cash with Treas.,&c. 39,713
29,394 should be guarded so that the unknown conditions which may arise during
Accrued interest_ _ _ _ 102,500 102,500 or after the war may be safely met. The shareholders should also keep
Cash for coupon due
102,500 102,500 Accrued taxes
July 1 1915
13,661
14,155 in mind the fact that "net gains" are not represented wholly by cash in
Miscellaneous
Cash for sinking fund
4,777
5,259 hand, and that the "surplus," while represented by property in successful
49,200 Accrued depreciation 263,351 235,010 operation, is not in the form of cash or holdings divisible among shareholders
duo July 1 1915_ _ _ 49,200
57,500 Unadjusted, &c., acThere is every reason to believe that with improving commercial con
Sec. issued(unpledg.) 69,500
counts
500,000 460,000
11,456
Demand loans
11,477 ditions in the United States the sale of your machines will again increase.
55,624 Sinking fund reserve 224,407 155,550 It is a gratifying fact that the domestic business within the year has been
Material & supplies_ 47,560
78,712 Profit and loss
68,065
x656,885 664,622 greater than in most linos of printing machinery.
Miscellaneous
43,728
Unadjus., &c., accts. 15,817
RESULTS FOR YEAR ENDING SEPT. 30.
Total
9,343,147 9,262,093
9,343.147 9,262,093
Total
1913-14.
1912-13.
1911-12.
1914-15.
Total net profits
$1,467,015 $2.547,849 $2,767,936 $2,738,522
x After crediting in 1915 adjustments (net), $5,944.-V. 99. p. 1052.
1,919.940
1,919,820
Dividends (about)
1,663,997
1,919.760
(15%)
Dividend rate
(15%)
(13%)
(15%)
Roo Motor Car Co., Lansing, Mich.
(Balance Sheet as of August 31 1915.)
Bal., sur. or deficit„de $196,982 sur$627,909 sur$848,116 surS818,762
Dividends as shown above in 1914-15 consist of 535% paid Dec. 1914
Avg. 31 '15.0G.31 14. (235% regular and 3% extra), and the regulat dividends of 234% each paid
LiabilitiesCapital stock ____$3,000,000 $3,000,000 March, Juno and Sept. 1915. In 1913-14, 1912-13 and 1911-12, 15% were
Accounts payable_ 653,637
368,407 paid, consisting of 6% paid Dec.(234% regular and 335% extra) and 2%%
25,056
Accrued pay-rolls.
45,293 regular and 34% extra each in March,Juno and Sept.(Compare V.99,p.1717
33,000
Reserve for taxes_
15,000
3,661,802 1,692,082
BALANCE SHEET OCT. 1.
Surplus
1915.
1914.
1913.
1912.
Assets$7,373,995 $5,120,782
Total
Total
$7,373,995 $5,120,782 Plant, real estate, &c__ _ $2,397,091 $2,473,049 $2,561,291 $2,782,782
46.980
56,375
255.430
497,150
Linotypos
Capital stk. auth.,$4,000,000; unissued, $1,000,000; outst'g, S3,000,000; par,$10. Office fixtures, &c
66,596
65,712
63,742
58,292
On Oct. 1 1915 an extra dividend of 1234 % was paid in addition to the regular Rights, priv., franch.,
quarterly payment of 234%. Among the previous extra dividends were 1234% in
patents & inventions_ 4,000,000
4,000,000
4,00 .000
4,031,987
July 1915, 1234% July 1914 and 234% in April 1914. Compare V. 101, P.850.
4,282.612
3,727,049
Stock and bond account 3,658,998
4,332.169
1,031,827
Cash
974,522
1,277,918
859.417
5,148,928
Bills receivable
4,077,454
4.973.029
3,418.618
Reo Motor Truck Co., Lansing, Mich.
1,526,990
1.315,775
Accounts receivable_ _ _ _ 1,230,673
1,332,304
Raw materials, &c...
1
. 1,936.235
2,320,683
2,256,573
2,216,229
(Balance Sheet as of August 31 1915.)
339,347
416.033
359,296
Canadian Linotype, Ltd.
329,367
1914.
1915.
1914.
1915.
Liabilities$
$
$
Assets$
Total assets
$19,856,675 S20,491,376 $20,528,314 S19,822.158
937,250 937,250
208,493 435,073 Capital stock
Property
200,000 Accounts payable__ 200,180 142,479
Liabilities
Certificate of depos_
9,652
66,242 Accrued pay roll..,.
Casts
6,950 Capital stock
656,616
$12,799,900 $12,799,600 $12,799.200 $12,798,400
73,027 Reserve for taxes,&c 11,488
Notes & accts reedy. 191,436
Creditors' open accts...
46,616
34,367
5,057
14.645
250,681
91,062 Bills payable
Inventories
349,912 399,364 Surplus
111,405
223.099
Prepaid exp., &c__ _
4,035
2,794
Dividends unpaid
628
602
856
811
Surplus
7.570.237
6.765,481
7,041,503
7,686,117
Total
1,409,251 1,177,741
Total
1,409,251 1,177,741
Total liabilities
Capital stock auth.,1 $1,000,000; unissued, $62,750; outstanding, $937,250;
$19,856,675 $20,491,376 $20,528,314 819,822158
1
-V. 101. p. 1717.
Par, $10.-V. 99, p. 677.
AssetsAug. 31 '15.0a. 31 '14.
Property
$2,427,592 $1,765,989
Investments
3,000
3,000
Cash
2,390,952
738,145
Notes& accts. rec. 582,176
684,185
Inventories
1,957,709 1,923,212
Prepaid exp., &c_
12,566
6,251
THE CHRONICLE
1804
Independent Brewing Co. of Pittsburgh.
(Report for Fiscal Year ending Oct. 16 1915.)
Breweries.
-(a) Allegheny County: Duquesne, American, Lutz, First
National and Hill Top at Pittsburgh,Pa.; Chartiers Valley at Carnegie,Pa.;
Home at Braddock, Pa_,. and Homestead at Homestead, Pa. (b) Beaver
County: Anderton at Beaver Falls, Pa. (c) Butler County: Butler at
Butler, Pa. (d) Washington County: Charleroi at Charleroi, Pa., and
Globe at Monongahela, Pa. (e) Westmoreland County: Monessen at
Monessen, Pa.• New Kensington at New Kensington, Pa., and Loyalhanna at Latrobe, Pa.
'
All repairs thereto have been charged against the operations of the year.
The sum of 8155,366 has been applied in reducing the value of the other
fixed assets. The contingent liability for bills under discount amounts to
8266,190: of this sum 833,840 is as endorsers only.
RESULTS OF OPERATIONS.
1914-15.
1913-14.
1912-13.
1911-12.
Sales (barrels)
525,488
563,922
486,016
574,425
Cost of sales
84,086,333 $3,991,5321 $4,281,996 83,519,202
Miscell. income, &c_ _ _ _
98,452
110,784f
Income (all sources)__ $4,184,785 $4,102,316 84,281,996 83,519,202
Cost of produc.& oper__ 3,234,487
2,704,964
2,896,715
2,796,857
Profit on sales
8814,238
$950,298 81,205,601 81,485,139
Disbursements
Interest on bonds
8270,000
8252,770
$248,930
$263.500
Preferred dividends_ (7%)315,000 (7)315,000 *(8)360,000 (13056,250
3,927
Int. on bonds constit.cos.
2,017
2,918
2,468
243,008
Depreciation, &c
287,212
262,744
281,961
Total disbursed
Balance,surplus
$832,532
$117,766
8848.359
$357,243
8913,630
$571,508
$573,185
8241,053
*Also paid a 253 % scrip div. on pref. stock in Oct. 1913. V.97, p. 1026.
BALANCE SHEET.
Oct.16'15. Oct.-17'14.
Oct.16'15. Oct. 17'14.
4
$ Liabilities-Assets$
Real estate, &c_ _ _12,330,103 12,264,010 Common stock___ 4,500,000 4,500,000
4,500,000 4,500,000
Cash
200,078 Preferred stock_
259,841
a Bills receivable_ 1,199,281 1,252,615 Bonds
556,743 Indep.Brew.Co. 4,500,000 4,500,000
Accts. receivable_ 680,547
Constituent cos.
30,500
38,000
385,331
Securities at par
b332,567
238,863
57,845 Accounts payable_ 360,818
Unexp.,&c.,insur.
68,061
116,237
379,995 Accr.bond int.,&c. 126,280.
436,516
Inventories
177,900 Undivided profits_ 1,499,183 1,381,417
Bond sinking fund. 229,874
Total
15,516,791 15,274,517
Total
15,516,791 15,274,517
a Bills receivable are secured by judgment notes and mortgages.
b Includes 8273,000 bonds in tresaury I. B. Co.and 859,567 investments
-V. 101, p. 1555.
In stocks and mortgages.
Pittsburgh Brewing Co.
(Report for Fiscal Year ending Oct. 23 1915.)
Pres. C. H.Ridal, Pittsburgh, Nov.3, wrote in substance:
[VOL. 101.
sugar therefrom. Nevertheless, by reason of high prices realized for the
output, the profit from the year's operations permitted a substantial addition to surplus account, after heavy depreciation charges ordered by your
directors on the factory and cane fields.
The area under cultivation is being steadily increased in order to provide
surplus tonnage of cane during normal years, and so insure against shortage
of cane, and the disproportionate loss resulting therefrom, in seasons
such as the last. The rainfall on the estate since June 30 1915 has been
considerably greater than for the same period of last year. With a continuance of favorable weather a good tonnage is assured. Conditions affecting
the sugar market are complicated and uncertain, but an average price
which will be fairly profitable is the general expectation.
INCOME ACCOUNT FOR YEARS ENDING JUNE 30.
1914-15.
1913-14.
1912-13.
1911-12.
Sugaroutput(lbs.net wt.) 19,554,080 26,473,708 25,441,526 20,274,475
Average price realized
$3.89
c. & f. (New York)__
$2.054
$2.07
$2.91
505,109
Molasses output (gals.)_
464,210
498,733
446,984
*$723,713
Gross earnings
$554,276
8531,252
$639,315
381,785
Oper. expenses, &c
381,213
386,974
406,272
Net earnings
$341,928
$173,063
$144,278
$233,043
Repairs, deprec'n, &c
147,816
69,711
62,539
91,980
Interest on bonds, &c
69,041
73,897
• 67,265
67,393
Balance,surplus
$125,071
$29.455
$14,474
873,670
Add'ns & betterments
$35,379
$16,643
$38,868
$29,913
* Includes at cost 7,294 bags of sugar unsold and in storage at Boqueron.
BALANCE SHEET JUNE 30.
1915.
1914.
1915.
1914.
Anal
Liabilities$
$
Real est. & impts _a2,451,762a2,455,022 Common stock
1,500,000 1,500,000
Manufacturing plant
Preferred stock
721,300 721,300
& field equipment._ 454,651 501,121 20-year 1st M. 6%
Buildings
95,623 102,554
bonds (int. payable
RR.& equipment_ _ 73,822
74,665
F.& A.)
1,500,000 1,500,000
Live stock
32,524
32,031 2
-year 6% coupon
Furniture & fixtures.
8,448
8,684
notes (1915)
25,000
25,000
Plantation sundries_ 76,694
63,912 5
-year ref. 6% notes
5,940
Cash
53,643
24,753 Bills payable
98,500 197,793
Accounts receivable- 18,398
25,292 Accounts payable__ _ 15,417
7,735
Sugar on hand
48,514
Accruey bonds, inTreasury pref. stock. b6,200
b6,200
terest,&c
18,925
19,607
Treasury bonds
753,000 753,000 Surplus
200,000
75,000
Deferred charges__
3,863
5,141
Total
4,077,142 4,052,375
Total
4,077,10 4,052,375
a Includes 10,614 acres (at purchase price and attending_exPeses, incl.
$1,500,000 common stock issued at par as part of purchase price);Improved
with 3,938 acres of cane, with roads, bridges, fire-guards and ditches; and
1,375 acres of "ado pastures, with fences, corrals and water supply.
b $191.00
On stock not valued.
-V. 101, p. 1374.
aIty Associates, Brooklyn, N. Y.
(Report for Fiscal Year ending Oct. 31 1915.)
The directors as of Nov. 22 report in substance:
The sales show a decrease of about 10% during the past year. A genera
recession in our business was the rule up until Sept. 1 last, since which time
Results.-Tlae net earnings for the year amount to $302,696, largely from
there has been a marked improvement.
stated profi
speculative profits have been less than usual. A diviEarnings of course show a corresponding decrease. All obligations, dend of 3 Ives paid in July, and the executive committee recommends
however, have been met promptly and the company and its plants are in paying
e ;regular semi-annual dividend of 3% in January next.
excellent financial condition.
Real state.
-The company has purchased for investment during the year
Acting under vote of the stockholders in Nov. 1912. $350,000 bonds in
dwellings, 2 vacant plots and I business property, at a total cost of
9. It.has taken in trade 8 flats costing $132,627. It has acquired
the sinking fund have been canceled and the mortgages satisfied. This
, to avoid foreclosure, one dwelling, one parcel of 10 flats and one
payment, with payments heretofore made, aggregate 81,000,000 of the
nass property (since resold at a profit), all totaling 8148,797. Miscelbonds of the company which have been paid, canceled and retired.
But one dividend was paid during the year-that of Nov. 30-1914. It laneous sales have•basin made of six flat properties and two store properties.
The coMpartYlnianontInueci to build and sell small dwellings, easy housewas deemed advisable to not pay others until business conditions should
justify the same. I am satisfied that as soon as business conditions justify keeping. homes.' Of those completed this year all but one have been sold.
and a safe policy dictate dividends will be again taken up. A company A grOup on Crown St. between Bedford and Rogers avenues, is nearing
of this size has large overhead charges and the volume of bilbiness must be completion, and an additional group has been started. We have thus far
such as to produce earnings that will justify not only the payment of one built and sold about 300 of these dwellings, more than one-half on monthly
dividend but also the continuance of the same for at least a reasonable time. installments, and not more than 1% of the purchasers have been unable
to hold their homes.
INCOME ACCOUNT FOR YEAR.
The active selling has been in building sites; 16 sales having been made,
1914-15.
mostly with building loans, and comprising 108 lots. The aggregate of
1913-14.
1912-13.
1911-12.
Sales (barrels)
600,869
669,912
751,616
700,293 all sales this year was $759,187.
Total net sales
84,744,864 $5,072,628 85,736,601 $5,206,524
The effort made during the past two years to market land and turn it
Oper. cost of sales
3,380,921
3,437,148 3,508,685 3,722,655 Into productive assets has materially strengthened the company, as well as
producing profits. The unproductive real estate accounts were reduced
Gross earnings
$1,363,943 $1,635,480 $2,227,916 81,483,869 by sales during this period aggregating $839,825.
General office expenses_
Mortgages.
-During the year mortgage investments of $35,000 and loans
397,947
367,695
321,989
386,859
gn collateral of 840,250 were made. No property has been acquired under
Net earnings
$965,996 $1,267,785 81,905,926 $1,097,010 foreclosure during the year, and there are no foreclosures pending. The
Other income
175,456
164,758
149,874
207,629 interest now in arrears on mortgage holdings of$1,525,087 is less than $1,000.
-There is a slight falling off in rental values and increase in
Rentals.
Total
$1,141,452 $1,432,543 $2,055,800 $1,304,639 vacancies. Rents are maintained, as a rule, however, at continually increasing expense, both in fixed charges and the cost of repairs, with a
Deduct
Interest
8379,140 corresponding decrease in the net return.
$346,640
$333,140
8340,140
Taxes.
-Many of our properties are still over-assessed, notwithstanding
Pref. dividends
(13 )106,750 (7)427,000 (7)427,000 (7)427,000
4
our claims for over-assessments paid in 1914 and 1915 were compromised.
Common divs(35 of 1%)29,811(4%)238,490
,
Depreciation, &c
487,048 The totals of all the assessed valuations continues to be more than the book
642,021
463,742
465,409
value. For 1916 the assessments on about 200 parcels have been protested.
The percentage which taxes bear to the net return on improved poroperty
Total
$933,443 81,471,039 $1,415,661 $1,293,188
Surplus or deficit
.$38,496sun8640,139 sur.811,450 has been steadily growing since 1909, and last year the taxes paid by this
sur$208.009 def
3,822,445 3,810,995 company on its improved property were 35% of the net return. Next year
Previous surplus
4,462,584
4,424,088
taxes will be up 20 points. The net return this year has, for the first time
-payer is not bearing any portion of
Total surplus
$4,632,097 $4,424,088 $4,462,584 83,822,445 since 1910. fallen below 5%. The rent
this increase in taxes,since rents in general have been stationary or declining
for the past six years.
BALANCE SHEET.
Orders from Bureaus of Real Estate Regulation.
-The Division of Factory
Oct.23'15. Oct. 24'14
Oct.23'15. Oct.24'14.
Inspection, State Department of Labor, during 1914 issued 199.845 orders
Liabilities
Assets
were for strucPlant & equipm1.18,007,341 18,149,032 Preferred stock__ 6,100,100 8,100,100 in New York City and Long Island, of which 27,044 of
be made only under the permit
tural changes
the Building
Cash
156,268 Common stock_ _ _ 5,982,250 5,962,250 Department. which can
186,496
The Tenement House Department, which costs for pay-roll
5,319,000 5,869,000
Investments
*956,162 1,038,232 Bonds
98,405 about $700,000 yearly, issued 174,407 orders in 1914, of which we received
4,879
Bills receivable__ _ 1,905,603 1,837,415 Due for mdse.,&c.
90,469 575 orders,the average cost of compliance being 88 per order. The Building
64,120
Accts. receivable_ 828,872
513,527 Reserved for taxes
113,380 Department has ordered but one change in our several hundred buildings.
Brewery and office
Accrued bond int_ 106,380
The Fire Prevention Bureau, with a pay-roll of over $300,000 a year, in3,200
inventories
477,051
560,598 Mortgage payable.
orders last year by
Bureau
Sinking fund acct_
30,501
202,620 Undivided profits.. 4,632,097 4,424,088 creased the number of itssidewalk repairs can 30%. Theagainst of Highbe assessed
ways has discovered that
the abutfact that the original
22,192,026 22,457,692 ting property, notwithstanding thehad been worn out by sidewalks were
Total
22,192,026 22,457,692
Total
paid for by similar assessment and
public use. Al*Includes as of Oct. 23 1915 mortgages receivable, 8162,294; real estate ready during 1915 over 10,000 orders to repair the sidewalks have been
on Brooklyn owners.
$369,537; and stocks and bonds, 8424,331, against $188,095, $348,292 and served Lockwood Bill, aimed to relieve real
The
estate to some extent from need$501,845, respectively, as of Oct. 24 1914.
inspection
Note.
-Unsold stocks and bonds in treasury: $181,000 bonds of the $6, less department to become and regulation, was passed by the last Legislaa law.
of the $6,- ture, but failed
500,000 auth.; 7,998 shares of pref. stock (par 850), or $399,900
STATEMENT FOR YEARS ENDING OCTOBER 31.
500,000 auth.; 10,755 shares common stock (par 850), or $537,750 of the
$6,500,000 authorized.
1914-15.
1912-13.
1911-12.
1913-14.
On Nov. 30 1914 a quarterly dividend of 34 of 1% was paid on the com- Receipts from rents
8635,807
8632,818
8634,559
$631,492
mon stock and the regular quarterly 13%% on the cum. pref. stock. No Int. on bonds & mortgages_ 89,537
79,096
87,214
83,977
-V. 101, p. 1556.
dividends have been paid since on either stock.
Profit on sales of real estate 64,765
132,960
483,363
144,031
133,904
77,007
Divs., commissions, &c_ _ _ 100,186
78,348
Santa Cecilia Sugar Co., New York.
(Report for Fiscal Year ending June 30 1915.)
Pres. M. H. Lewis, N. Y., Oct. 14, wrote in substance:
Total receipts
$931,741
8890,295
8937,848 $1,329,180
Real est. exp., less charged
$285,712
to capital for betterin'ts_$309,917
$302,225
$300,482
224,282
Int. on bonds & mortgages.. 204,493
206,375
224,403
67,115
63,848
75,524
65,389"
The gross revenue for the year was 8723,713. Operating charges of al General expenses
10,500
10,000
7,800
kinds, including repairs and depreciation, aggregated 3529,600, leaving net State & Federal taxes accr_
(6%)239,994 *(8)319,992 (6)239,994 (6)239.994
earnings of 8194,113. Interest on funded and other debt amounted to Dividends
200,000.
Depreciation
$69,041, leaving a net balance carried to surplus of $125,072.
12,253
60.560
10,404
As stated in the last preceding annual report, the local weather condi- Amt.res'd for profit-sharers
tions during the early part of the crop season were unfavorable. Subse$914,693 $1.088,163
Total deductions
$850,807
$827,592
quent scarcity of rain gave a bad set-back to the fields from which they
$23,155
$241,017
$80,934
did not recover; in consequence the cane tonnage was greatly curtailed. Balance,surplus,for year.... $62,703
Furthermore, unseasonable rains just before and during the grinding season,
*As to extra dividend of 2%,payable Jan. 15 1914, see V. 98, p. 71, and
which prevailed over the island generally, delayed grinding, reduced the
Juice purity and sucrose content of the cane and consequently the yield of V. 97, p. 1588.
THE CHRONICLE
Nov. 271915.1
1805
•
BALANCE SHEET OCTOBER 31.
1915.
1914.
1915.
Liabilities-$
$
Assets4,000,000
151,472 Capital stock
215,525
Cash
8,176,509 8,276,731 Mortgages payable 4,519,083
Real estate
30,000
7,630 Notes
101
Unfinished bldgs
77,411
1,525,088 1,444,380 Accrued exp.(est.)
Mortgages
41,833
721,538 Sundry account& _
&c_ 723,929
Stocks, bonds,
150,547 Reserved for profit
Real est. contracts 165,888
sharers
6,403
1,818
Due from tenants_
24,408 x Res"ves on mort29,168
Int. due & accrued
gage owned_ _ _ _ " 200,223
25,700
24,111
Prepaid taxes, &c:
172,946 Undivided profits_ 1,137,588
127,942
Notes
1,000,000
9,806 Surplus
16,059
Sundry accounts
11,006,138
Total
11,006,138 10,991,561
Total
1914.
Ogilvie Flour Mills Co., Ltd., Montreal.
(4th Report for Fiscal Year ended Aug. 31 1915.)
Pres. Chas. R. Hosmer says in substance:
4,000,000
4,569,833
4
,
'
The balance sheet shows the transfer to 1, 0pecia1 contingent account
30,000
74,087 of the sum of $1,250,000. The sum of about $28,000 was added to the
23,377 pension fund, which now amounts to $100,000.
The Ogilvie Grain Co., Ltd., was incorporated during the year as a sub12,253 sidiary company to facilitate the handling of the company's grain business.
A further addition to the company's terminal grain elevator at Fort
207,125 William has been constructed with a capacity of 750,000 bushels. The com1,074,886 pany now has a storage capacity of 7,250,000 bushels at Fort William and
1,000,000 west thereof, and of 1,800,000 bushels east of Fort William.
The usual dividends have been paid during the year of the pref. and com10,991,561 mon-stocks.
Statement by W. A. Black, Vice•President and Managing Director.
On Sept. 1 1914 new-crop wheat was quoted at $1 13% at Fort William.
not deemed to
x Reserve on mortgages owned includes all book profits
From this it gradually worked up to $1 65, then reacted to $1 17%, then
-V.99, p. 1906.
be realized.
back again to $1 40% and finally on June 30 it was down to 87N cents.
Towards April 30 the Canadian Government issued an order limiting the
export of flour to only two possible importing countries, viz., Great Britain
American Window Glass Co., Pittsburgh.
and France, in addition to which the British and French Governments
purchased large quantities of wheat which they re-sold to mills in those
(Report for Fiscal Year ended Aug. 27 1915.)
countries below current values, the effect being that we were practically
put out of the export flour business. Fortunately, the grain which we had
Pres. M. K. McMullin says in substance:
provided for our normal requirements, not being needed, was sold at a very
considerable falling off in the domestic demand large advance over its cost. As this profit is unusual, the amount has been
-There was a
Operations.
this would
from the regular trading profits.
for common window !Floss during the past year. Ordinarily, a portion shown separatelyflour milling, we operate oatmeal mills at Winnipeg and
but
In addition to
have brought about disastrous results in market conditions,
substantial increase in export corn and barley products mills at Montreal; buy and sell all classes of grain
of the decrease was compensated for by a
curtailment in production through our system of 147 elevators in the Canadian Northwest, and also
business, due to the war. There was also some
own and operate a large terminal elevator at Fort William of 2,000.000
by the manufacturers.
capacity, from which a very considerable portion of our profits are
glass was reduced about
The operation of our plants on common window production was slightly bushels
derived.
the year 1913-14, although the actual
6% from
Our country has this year been blessed with by far the largest crop in its
glass produced was as follows (compare
larger. The common window
723,258 boxes: history, and the general outlook for business is most encouraging. Our
tables): Single strength, 1,900.069 boxes; double strength, of specialties, Government has recently removed many of the restrictions regarding the
total, 2,623,327 boxes. We also produced a larger amount
the latter having-continued to grow in exportation of flour, wheat, &c., to foreign countries, thus affording much
such as photo glass and heavy glass,
to the production broader markets.
favor. -The Monongahela factory has been confined
INCOME ACCOUNT.
of photo glass with gratifying progress. our export trade, with the hop
up
We have spared no efforts to buildpart of it even after the European
1911-12.
1912-13.
1913-14.
1914-15.
being able to hold a considerable
of
business Trading profits (flour).- $600,780
$521,431
$576,735
$581,944
sources of supply shall again be available. While the total export
a very small
Deduct
placed in this country during the past year only representshave succeed$105,000
$105,000
$132,000
Interest on bonds
$141,000
percentage of the amount usually purchased from Europe. we
140,000
140,000
140,000
140,000
ed in securing a satisfactory portion of it.room has been installed at the Pref. divs.(7%)
200,000
200,000
200,000
200,000
Common divs. (8%)
A now batch storage plant and mixing
factory and has effected a considerable saving. We have also
Jeannette
$445,000
$445,000
the reserve funds
$472,000
$481,000
Total deductions_ _
charged into manufacturing costs increased amounts forpurposes.
$76.431
$131,735
$109,944
other
$119,780
Balance,surplus
for extraordinary repairs and replacements and continued the developing Other profits
1.059,813
Pennsylvania Natural Gas Co. has
The Western
in the
of its gas properties and is drilling a number of additional wells profit.
$76.431
$131,735
$109,944
$1,179,593
Total
Jeannette Gas Field. Its operations continue to show a satisfactory
The sum of $1,250,000 was transferred to contingent account, consuming
the above $1,179,593 and reducing the profit and loss surplus as per
PRODUCTION AND INCOME ACCOUNT.
ance sheet to $512,061.
Aug.27'15. Aug.28'14. Aug.30'13. Aug.30'12.
Year endingBALANCE SHEET AUG. 31.
Boxes com.window glass:
2,508,565
2,316,416
1,724,898
1,900,069
1914.
1915.
1914.
Single strength
1915.
956,381
942,877
851,252
723,258
strength
Liabtlitte.sDouble
$
Assets$
$437,346 Plant, real est., Ace_6,333,902 6,127,610 Preferred stock
$2,053,454 $1,864,101 $2,035,623
2,000,000 2,000,000
Net profits
55,355 Good-will,tr.mks.,&c.
19,746
34.039
2,500,000 2.500,000
114.133
1 Common stock
1
Other income
54,685 First mtge. bonds_ _2,350,000 2,350,000
Cash on hand, &c-- 667,820
$492,701 Bills receivable
863,886
$2,167,587 $1,898,140 $2,055,369
Total income
68,584 Bank of Montreal
335,286
233,304 Accts. roe. (less res.
718,130 823,368
237,615
187,714
Accounts payable_
193,971
Deductions
for contingencies)_1,179,603 1,549,830 Reserved for bond
$259,397 Materials & supplies 694,452 1,234,379
int. and dividends 120,250 120,250 .
$1.973,616 $1.710.426 $1,817,754
Net income
1,250,000
814,856 Furniture, &c
987,325
975,674
49,470 Contigent Acc't.
862,295
45,265
Royalties
67,231
100,000
224,025 197,050 Pension fund
Investments
512,061 582,466
25,592 Profit and loss
or def__ _sur.31,111,321 sur.S734,752sur.$830,429 def.3555,459
fund_ 70,086
13a1., sur.
do pension
9,550,440 9,307,201
Total
BALANCE SHEET.
9,550,440 9.307,201
Total
-There was also Aug. 31 1915 a liability for $93.605 customers'
Note.
Aug27'15. Aug.28'14.
Aug.27'15. A ug.28'14.
-V. 101, p. 1276.
paper under discount.
$
LiabilitiesAssets
Property & plants _17,489,634 17,465,710 Common stock_ _ _13,000,000 13,000,000
Materials & supp_ 1,522,613 1,745,434 Preferred stock_ _ _ 4,000,000 4,000,000
130,230
172,579 1st M.& coll. bds_ 1,664,000 1,664,000
Investments
187,924
A ccts.,notes pay.,&e. 147,897
21,196
Treasury stock_ _ _
Cash, accts. rec.,&c. 1,444.944 1,110,442 Royalty accounts_ 7,209,523 6,347,228
199,996
331,000 Res'y'd for repairs 341,831
Discount on bonds 283,550
85,226 Miscellaneous _ _ _ _
21,223
13,277
48,295
Repairs, &c
RAILROADS, INCLUDING ELECTRIC ROADS.
41,638
Prepaid insur.,&c_
--Receivership.
Profit and low_ _ _a5,402,374 4,502,034
Alabama Tennessee & Northern RR.
GENERAL INVESTMENT NEWS
26,384,474 25,412,425
Total
Total
26,384,474 25,412,425
a After deducting charges applicable to prior year's operations (net)
$54,111, and dividends on pref. stock, $1,957.550. See V. 101. p. 1715.
American Seeding-Maching Co., Springfield, 0.
(Report for Fiscal Year ending June 30 1915.)
Treas. B. J. Westcott, Oct. 15 1915, wrote in substance:
In measuring the year's operations it should be considered that during
a
the period covered the agricultural implement business as 50 whole has
to 60% of
suffered severe contraction, the average volume being only
normal. However, we have taken advantage of this opportunity for the
of design of our product and securing greater efficiency in
improvement
manufacture. There was expended for betterments and additions $61,634
depreciation reserve
and $68,642 for maintenance and repairs. Plant maximum capacity. has
at
been liberal, even upon the basis of operations to the figure of accounts
The reserve for receivables proportionate assets or working capital
receivable has been increased, and net current
incompared with a year ago with like percentage of reserve, are slightly
The
creased, after payment of full dividends and capital expenditures.
strong cash position, free of debt, and with no
company continues in a
upon
contingent liabilities of any character. The continuance of dividends
both classes of stock at the present established rates is fully assured. Trade
a year ago, and present orders, both
prospects are much brighter than
domestic and foreign, exclusive of the war sections of Europe,reflect greatly
improved conditions.
INCOME ACCOUNT FOR YEAR ENDING JUNE 30 1914.
-Years ending June 30- -Years ending Oct. 311911-12.
1912-13.
1913-4.
1914-15.
Gross earnings
$3,394,067 $3,975,110 $4,475,383 $4,731,041
3,795,943
3.564,141
Operating expenses
2.854,972
3,334,992
$539,095
Net earnings
$2.654
Interest
46,701
Taxes
177,826
Depreciation
150,000
Pref. dividends (6
Common divs. (4% ---- 200,000
Total deductions
Balance,sur. or def
p.
$911,242
$67,018
42,704
168.872
150,000
200,000
$935,098
$33,554
46,548
150,000
150,000
199,824
$577,181
$579,926
$628,594
$591.655
def.$38.086 sur.$48,463sur.3282,648sur.$355.172
BALANCE SHEET JUNE 30.
1914.
1915.
$
3
AssetsProperty account_ _ _4,815,918 4,888,610
852,168 377,843
Cash
Bills & accts. receiv_1,959,138 2,277,460
1,815,370 2,063,617
Inventories
32,369
100,356
Advances, &c
53,308
67,250
Deferred items
Total
-V. 101.
$640,118
$53,100
38.555
150,000
150,000
200,000
9,610,200 9,693,207
1372.
1914.
1915.
Liabilities-$
$
Preferred stock
2,500,000 2,500,000
Common stock
5,000,000 5,000,000
Accounts payable_ - _ 27,993
23,515
22,835
Accrued pay-rolls. _ _ 23,525
87,500
Divs. pay'le July 15.. 87,500
196,478 197,824
Reserves
1,774,704 1,861,533
Surplus
Total
9,610,200 9,693,207
On application of the Guaranty Trust Co., representing a
bondholders' committee, the United States District Court
at Mobile, Ala. Judge Toulmin on Nov. 22 appointed Pres.
John T. Cochrane of Mobile and M. W. Thompson of New
York receivers for this property.
Mr. Thompson is President of the Railway Development Corporation, a
holding company which has been organized to represent New York interests. The line of the road extends from Reform, Ala., southward 185 miles
to Calvert, Ala., 34 miles north of Mobile. The security holders plan to
extend the road northward from Reform to an intersection with the St.
Louis & San Francisco. The company, it is said, has outstanding in bonds
$3.882,000, in notes $1,235,000 and in car tr. ctfs, $180.00.-V.101,p.1271.,
-Proposed Holding
American Railways, Philadelphia.
-An authoritative statement received last Friday
Company.
too late for use in connection with the official offer of exchange made to the common stockholders of the American
Railways Co. says in substance:
A single holding company will take over the control of the American
Railways Co. and the National Properties Co. under a plan arranged by
Newburger, Henderson & Loeb of Philadelphia. Both these utilities companies are controlled by Philadelphia capital and operate electric railway,
lighting, power and gas properties in Penn.. Dal., N. J. and other States.
The consolidation will place the Wilmington & Philadelphia Traction
Co.. along with numerous other electric lines and utilities in Darby, Angora,
Eddystone, Media, Chester, Wilmington, Delaware City and surrounding
territory, under a new management financially equipped to make great
improvements. It is expected that improved service will result over the
44 miles of line operated. Much of the single track line will be doubletracked, according to the plans under consideration by the holding company. The army of men employed by Baldwin Locomotive Works and
the Remington Arms Co. at Eddystone alone will make necessary a general
development of the transit facilities and other utilities affected by the merger, including new rolling stock and additional power equipment.
From a financial standpoint the essential of the merger is the purchase
of American Railways common stock at par, payment to be made in col4%
lateral trust bonds of the National Properties Co. These will bear5%,
interest for two years, 4 % for the next two years, and thereafter
increasing up to 6% should the National Properties Co. pay that rate of
dividends on its common stock. Assenting holders of common stock of
the American Railways must deposit their stock with the Continental
Equitable Title & Trust Co. of Phila., trustee, prior to 3 p. m. Nov. 30.
The National Properties Co., moreover, agrees to buy at par $500,000
additional 7% preferred American Railways stock, to provide needed cash
to the treasuryof the latter concern, and will also turn over to the American
Railways Co. the $4,060,000 capital stock of the Wilmington & Philadelphia Traction Co., at present owned by the National Properties Co.,
receiving in exchange $1,500,000 of American Railways pref. stock and
$2,560,000 new common stock of that company. This new common stock
will be immediately deposited with the trustee as additional security for the
collateral trust bonds which the American Railways stockholders will receive. An arrangement made on this basis will provide more than $9,500.000 stock to secure the $7,000,000 collateral trust graded interest bonds
which carry the possibility of an increase of interest rate up to 6% per annum as well as increased equities and securities.
Although the National Properties Co. has its chief traction and other
-producing area near Philadelphia.;
public utilities in the munitions
1806
THE CHRONICLE
[voL. 101.
American Railways Co. owns 435 miles of electric railway lines in various the fiscal year ending Sept. 30
parts of the country and beat, light and power enterprises in Scranton, allowing for interest on funded 1914 and Sept. 30 1915, which shows, after
Tyrone, Altoona, Hollidaysburg and Johnstown, Pa.; Roanoke and Lynch- for this three months' period. debt, an actual net increase of about $8,000
The figures shown upon these
burg, Va. Bridgton and Millville, N. J., Chicago and Joliet, Ill., and take the place of all previous statements with respect to the statements'
operations of
Sprrngfield, 0. See also V. 101, p. 1712.
the road which the committee has sent to you.
The committee in its earlier letter stated that Mr. Erb and his assoclates
Atchison Topeka & Santa Fe Ry.-Sale of Pref. Stock.
- proposed to provide $250,000
Press dispatches from Topeka state that the company has debtedness of the company byof the amount necessary to care for the ina sale of two-year notes. The committee
has ascertained that $217,000 was raised by the sale of these notes, and that
applied to the P. U. Commission of Kansas for authority to an additional $50,000
of indebtedness was
issue an additional 100,000 shares ($10,000,000) of preferred by depositing as collateral for the paymentextended for a period of two years
of this indebtedness a like amount
of two-year notes,
stock,making the amount outstanding about $124,200,000. 000, and leaving making the total amount of two-year notes issued $267,a balance of
At the offices of J. P. Morgan & Co. it was explained yes- $300,000 in the treasury of the $33,000 out of a total authorized issue of
company.
The committee has also ascertained that holders of obligations of the
terday that the Atchison company had requested the firm company
held by Mr. Erb and his associates,
to act as the bankers in the disposition of the block of stock funded that amount of debt, taking bonds atamounting to $163,000, have
75.
Since the date of the last circular, Newman Erb has resigned as President
in question, and it was further stated that, subject to the
and
No successor
approval of the P. U. Commission, the entire 100,000 shares beendirector of the company. management to Mr. Erb as President has
elected, but the operating
of the road continues as hereof preferred stock had been sold privately to large investment tofore under the supervision of W. E. Morse, Vice-Pres., whom the committee believes to be capable and efficient.
interests.
-V.101, p. 1464, 1194.
Whether or not all the cash requirements of the railroad
be met out of surplus earnings, or will have to be provided for company can
Atlantic City Shore Railway Co.
-Receiver.
manner, it is impossible at the present time to state; but thein some other
Clarence L. Cole has been appointed receiver for the company. The clear that under
committee is
present
December interest, amounting to $32,000, is in default, due largely to for the bondholders to conditions and with present prospects it is advisable
fund their May and November 1915 coupons. The
losses caused by jitney buses.
-V. 90, p. 1424.
committee has therefore declared the funding plan effective as of this
date.
Coupons for more than 92% of all outstanding bonds have been
Atlantic Coast Line RR.
-Annual Report.
-Two of the
depages of last week's "Chronicle" devoted to the annual re- posited with the committee. coupons you will receive the new bonds from
If you have deposited your
the
port of the Atlantic Coast Line RR. were reversed in order. If Bankers Trust Co. upon the presentation of your deposit receipts.
you have not
the committee urges you to send the
In consulting the same,page 1725 should be read first, then same promptly deposited the coupons,Co., depositary, N. Y. City, which
to the Bankers Trust
page 1724 and finally page 1726.-V.101, p.1709, 1712, 1725. will at once issue bonds therefor.
Committee: Herman Waldeck, E. F. Shanbacker, Henry H. Weinthane
Baltimore & Ohio RR.
-Bonds Sold.
-Notes to Be Called. and George H.Burr, with B. W.Jones as Secretary,16 Wall St.,N.Y.City.
-Kuhn,Loeb & Co. and Speyer & Co. have purchased from
the company $60,000,000 5% Refunding and General Mortgage gold bonds, with part of the proceeds of which the company will redeem its $40,000,000 gold notes maturing in
1917 and 1918, which are subject to prior redemption. The
new bonds will be a legal investment for savings banks and
life insurance companies in New York State. Compare
annual report in V. 101, p. 1709, 1720.
Baton Rouge (La.) Electric Co.
-Initial Dividend.
An initial dividend
of $2 has been declared on the common stock, payable Dec. 1 to holders of record Nov. 22.-V. 100, p. 1508.
Boston & Worcester Street Ry.-Earnings.--
June 30.
Total
Net
Interest, Dividends Reserves, Balance,
YearIncome. Earnings.
&c.
Paid.
&c.
Surplus.
1914-15
$738,796 $295,670 $170,026 $79,519 $22,976 $23,149
1913-14
692,477
251,859
167,363
79,519
4,977
Reserves, &c., denote readjustment of accounts, reserve for unredeemed
tickets and damages.
-V. 99, p. 1299.
Central Railroad of New Jersey. Appeal.
-
See Reading Company below.
-V. 101, p. 1464.
Chicago & Milwaukee Electric RR.
-Receiver's Ctfs.-
Receiver W.0. Johnson confirms the report of a recent authorization by
Judge Landis of the U. S. District Court of an issue of
(5%%)receiver's certificates for the construction of a bridge to cost $40,000, making the total
amount of receiver's certificates outstanding $1,145.000. No date for
foreclosure sale has been set.
-V. 100, p. 893.
Chicago Rock Island & Pacific Ry.-Committee.-
Percy A. Rockefeller has become a member of the bondholders'committee
representing the First & Refunding 4% bonds, and John H. McClement
has also joined the committee to represent foreign holders.
Chief Executive Officer Succeeding Mr. Mudge.
-
James E. Gorman, for five years past First Vice-President in Charge of
Traffic,has been appointed Chief Executive Officer.
-V.101. p. 1710,1713.
Chicago St. Paul Minneapolis & Omaha Ry.-Listed.
The N. Y. Stock Exchange has listed $2,080,000
total authorized
Issue of $15,000,000) additional of its "stamped" 5% (of a
debenture gold bonds,
making the total "plain" bonds $9,200.000. "stamped" bonds $2,000,000.
These MO00,000 bonds are stamped: "Subject to payment by the holder
of Federal income tax, if any, imposed upon the holder, and subject to deductions therefor in accordance with law," and such statement is printed
on the face thereof, and upon the coupons attached thereto is printed the
statement, "Federal income tax not assumed by company. -V. 101.
p. 945, 919.1
4-.1.. w-s r•
-
Citizens' Traction Co., Oil City, Pa.
-Initial Dividend.
An initial dividend of 1% has been declared on the common stock, payable Dec. 1 to holders of record Nov. 22.-V. 100, p. 53.
Cleveland Akron & Canton Terminal Ry.-Franchise.-
At the city election on Nov. 4 the proposition to approve Ordinance No.
36,233-A,granting the company the right to construct and operate an underwound railroad for the transportation of freight along certain streets, notably East 55th St. from the lake front to Morgan Run, was passed by a vote
of 83,714 to 20,019. "Cleveland Finance" says: "The company will now
go forward with plans for a freight subway under East 55th St. from the
lake front to the flats south of Broadway, at an estimated cost for initial
construction of $10,000,000 and an additional $10,000,000 for buildings
and operating equipment. Plans now being prepared will be ready by the
opening of spring, when actual work will begin. Length of line, 4 miles,
with ore, coal and freight docks at the lake and transfer houses at t e New
York Central, Pennsylvania, Erie, Nickel Plate, Wheeling & Lake Erie
and Newburg & South Shore railroads." The company was incorporated
in Ohio Dec. 19 1914, nominal capital stock $10,000. 0. C. Barber is
President and E. F. Hutches,915 Rockefeller Building, Secretary.
Earnings.
-For fiscal year and the 3 mos. ending Sept. 30:
-Fiscal Year Ending June 30- 3 Mos.End.Sept.30*
1914-15.
% 1913-14.
%
1915.
1914.
Operating revenues_$1,639,455 100.0$1,207,517 100.0 $531,118
Operating expenses__1,119,929 68.3 919,586 76.2 320,374 $494,918
313,578
Net revenue
3519,526 31.7 $287,931 - 23:8 $210,744 $181,340
Tax accruals
94,889
5.7
69,728
5.8
24,066
23,722
Operating income__ $424,637 Wo $218,203 116 $186,678
$157,617
*Other income (net)__
25,253
1.5
48.210
4.0
x8,832
10,753
$449,890 W.8 $266,413 .
216 $195,510 $168,370
loftenle
erminals_
o
109,534
6.7 109,437
9.0
Interest on fund. debt 317,056 19.4 303,016 25.0 $27,378 $26,925
95,529
76,809
Net income
$23,300
1.4d1$146.040 12.0 $72,603 $64,636
*Includes hire of equipment, income from securities,
miscellaneous income less interest on unfunded debt and &c., owned and
amortization of
discount on funded debt, &c.
x Includes in 1915 hire of equipment, $13,417; miscellaneous interest,
$4,500. and securities owned, $1,374, less sundry interest, $6,342, and
amortization of discount. 34.114; balance,58,832.-V. 101. p. 1464,
1013.
Idaho Southern RR.
-Receivership.
-
Judge Bothwell of the Fourth Judicial District Court at Boise, Idaho, on
Nov. 13 placed this road, operating between Gooding and Jerome, 24 miles,
and the Milner & North Side RR., operating between Milner and Oakley,
22 miles, in the hands of Gon. Mgr. D. C. McWalkers of Milner as receiver
on application by E. S. Jackson, Superintendent of both lines. Formerly
controlled by American Water Works & Guarantee Co. of Pittsburgh.
-V.98, p. 1767. 235.
Inverness Railway & Coal Co.
-Circular.
-
The bondholders' committee, in circular dated at Totonto, Oct. 7. say:
A meeting of the bondholders was held at the company's office in Toronto,
on June 30 1915 at which W. E. Rundle, General Manager of National
Trust Co., Ltd., trustees, occupied the chair. Substantially more than
50% of the bonds outstanding were represented.
Representatives of the company pointed out that the company was and
had been unable to meet its obligations in respect of its bonds for the following reasons: (1) Insufficient market for coal of the quality produced:
(2) There is much slack in the coal, only a portion of which could be marketed at the time; (3) High boat freights, resulting from war conditions,
has restricted the present market for the output to Nova Scotia and New
Brunswick or to local consumption.
The company has been investigating processes whereby its slack coal
could be converted into saleable briquettes. but its efforts in that direction
have so far been unsuccessful. Investigations of this matter in Austria
and Great Britain had to be abandoned because of the war. Investigation
of the coal deposits controlled does not disclose coal of a higher quality
than that which the company is at present mining, and until a solution
of the difficulty of making saleable briquettes has been found further
expenditures in the development of other coal areas;would not be warranted.
In the absence, therefore, of a definite plan for a solution of the company's financial problems, it VIM not considered advisable to authorize
the creation of prior lien securities, or to pass any of the resolutions referred to in the notice convening the meeting, but in view of the disastrous
effect the closing down of the mine would have on the company's properties,
the trustees were instructed to apply in Nova Scotia for the appointment
of a receiver and manager to continue operations till further order, and a
committe of bondholders was appointed to advise with the trustees.
J. McGillivray, Inverness, N. S., was on July 6 appointed receiver and
manager by the Court of Nova Scotia. It is anticipated that the operations of the company will meet expenses during the continuance of operations. Bondholders' Committee: J. ii. Plummer, Z. A. Lash, and 1). B.
Hanna. -V. 101, p. 923.
Iowa Railway & Light Co. Cedar Rapids, &c.
-Stock
-Miller & George, Prc:vidence, are offering, at par
Offered.
and int., 7% cum. pref. stock (pref. p. & d.), callable at
Copper River & Northwestern Ry.-Control.and div. on any dividend date. Dividends payable
See Guggenheim Exploration Co. under "Industrials" below.
-V. 100, 1023/b
p. 1348, 53.
quarterly (March 31, &c.). Transfer agents, Company's
Denver & Salt Lake RR.
-Plan Operative-Earnings office in Cedar Rapids and State Street Trust Co., Boston.
Improve.
-The Denver Railway Securities Co. committee, A circular shows:
Owns and operates without competition, serving a population of over
named below, has declared operative the plan presented last
125,000: (a) The electric light and power
spring (V. 100, p. 732, 811) for funding the portion of the Marshalltown, Boone, Marion, Perry, Belle properties in Cedar Rapids.
Plaine,
May and November 1915 coupons for which no cash had been Chelsea, Tama and Toledo, and efficiently supplies Nevada, Blairstown,
more than 50 towns
deposited with the Bankers Trust Co. into 1st M. bonds to through its high-tension lines; (b) High-grade interurban electric railroad
between Cedar Rapids and Iowa City, and Cedar Rapids, Mt. Vernon and
be taken at 75%. More than 92% of all outstanding bonds Lisbon; (c) Local street railways in Marshalltown, Boone, Tama and
Toledo; (d) Gas plant in Marshalltown; (e) Heating properties in Cedar
has been deposited, and unanimous assent is desired.4
Rapids, Boone, Marion and Perry. On basis of investment by present
Committee's Circular Diiied at New York, Nov. 15 1915.
- 1 owners, there is an investment over the pref. stock of about $1,200.000.
The committee, under dates of Feb. 15 1915 and April 24 1915,communiThe high-tension transmission lines extend as follows: Cedar Rapids
cated with you with respect to a proposed plan for the funding of the cou- through Marion to Central City, through Springville to Stone
City and to
pons due May 1 and Nov. 1 1915 on the 1st M. bonds of the Denver & Lisbon;
to Oxford; Marshalltown through
Salt Lake RR., which were received by you upon the reorganizations of the LeGrand North LibertyToledo, through Gamin, Oladbrook Montour and
to Tama and
and Berlin to
Denver Northwestern & Pacific RR. (Moffat road). The plan, briefly Reinbeck and to Gilman; Nevada to Colo; Boone through
stated, was that for that portion of the coupons for which no cash deposit Slater, Sheldahl, Woodward, Bouton to Perry, thence toLuther, Madrid,
Rippey, Grand
had been 'made with the Bankers Trust Co., bondholders should receive Junction, to Jefferson and to Dana and Paton. In addition
to supplying
1st M.bonds at 75 in exchange for balance of amount due upon the coupons. these towns it furnishes current under long time and
remunerative conIn those communications the committee stated that it would not recom- tracts to Anamosa, Olin, Oxford Mills, Wyoming, and 50 other
towns. A
mend the plan for acceptance unless there was practical unanimity on the high-tension line is under construction from Tama and
Toledo to serve
part of the holders of the bonds, and until the completion of an audit of the Belle Plaine, Blairstown and Chelsea. Further extensions
will give light
books of the company by auditors selected or approved by the committee. and power service to other nearby towns along the
Chi.
There was some unavoidable delay in completing this audit, but the com- Ch. Milw. & St. Paul railways. This territory is about & N. W and the
200 miles in length
mittee deemed it important to have the audit brought down to date.
There is sent you herewith the following statements compiled by Barrow, and 50 miles in width.
Now has under construction a hydro-electric development on the Cedar
Wade, Guthrie & Co., auditors: (a) Comparative statement of income
River in the
the fiscal year ending June 30 1914 and the fiscal year ending June 30 for steam plants, city of Cedar Rapids, which, supplemented by up-to-date
should greatly decrease
1915,
which shows a change from a deficit of $146,040 to a net profit of 323,300. development should not be less than the cost of production. Its ultimate
20,000
(b) Comparative statement of the operations for the first three months of able power sites. At present is developing h. p. Also owns other availby steam stations 24,076 h. p.
Nov. 27 1915.1
THE CHRONICLE
The interurban railroad, 45X miles in length, connects Cedar Rapids
with Iowa City, Mt. Vernon and Lisbon. Modern steam railroad standards on private right-of-way, substantially 100 ft. in width, with facilities
for handling freight every 2.2 miles on the average and, through traffic
arrangements with the Chic. & N,W., Chic. Milw. & St. Paul, Ill. Central
and Chic. R. I. & Pac. railways, whereby freight in carloads is exchanged.
Ample terminals in Cedar Rapids and Iowa City for both passenger and
freight. Earnings over $7,000 per mile per ann. and steadily increasing.
Capitalization Aug. 31 1915.
Authorized. Outstand'g.
Authorized. Outstand'g.
First&ref 5s $10,000,000 $4,496,0001Pref stock_ _ _$3,000,000 $1.570,880
Underlying issues
239.000 Corn stock__ 3.000,000 1,700,000
Earnings for 12 Months ending Aug. 31.
1914-15. 1913-14.
1913-14. I
1914-15.
Gross
$1,325,838 $1,141,924IFixed charges_ _ _ _$226,406 $198,668
99,135
456,296 I Preferred dividend 102,470
Net,aft. taxes. 533,897
Balance after pref. div. (equal in 1914-15 to 200%)_ _ _$205,021 $158.492
Other, 34%)•
Gross for Last Five Calendar Years (Power and Light,
1914.
1913.
1912.
1911.
1910.
$1,205,144
$1,011,099
$615,931
$400,125
$447,511
Territory Served.—One of the finest agricultural sections in the U. S. and
Includes eight cities having a combined population estimated to exceed
125,000. Produces corn, oats, wheat, barley, rye, hogs, cattle and dairy
products and includes many well-developed maufacturing industries; also
at Boone, Perry and Marshalltown there are extensive railroad shops.
Franchises unusually satisfactory.
Directors.—Wm. G. Dows (Pres. & Gen. Mgr.). Isaac B. Smith (V.-Pres.
& Treas.). John A. Reed (V.-Pres.), R. S. Cook, Ed. H. Smith, E. E.
Pinney, M. W. Howser, W. F. Severa, R. I. Safebry, W. J. Morrison,
Sutherland C. Dows, all of Cedar Rapids, Iowa; Benjamin Thaw, Pittsburgh, Pa.—V. 100. p. 2167.
Kansas City Railway & Light Co.—Deposits.--
•
For the convenience of the creditors and of the stockholders, the following are named as depositaries to receive on behalf of the commissioners
claims and stock which may be deposited under or in acceptance of the plan
and supplemental plan:(1) In Kansas City, Mo., New England Nat. Bank,
First Nat. Bank, Fidelity Trust Co., Southwest Nat. Bank of Commerce,
City Center Bank, Commerce Trust Co., Gate City Nat. Bank, Pioneer
Trust Co.. National Reserve Bank, Commercial Nat. Bank and Western
Exchange Bank. (2) In Chicago at Continental & Commercial Trust &
Savings Bank. (3) In Louisville, Ky., National Bank of Kentucky,
Louisville. See plan, &c., V. 101, p. 614, 689, 1628.
Lehigh Valley RR.—Canal Taxable.—
See Morris Canal under "Industrials" below.
Government Appeals Coal Trust Suit.—
See Reading Company below.—V. 101. p. 442.
Mahoning & Shenango Ry. & Light Co.—Stock, &c.
See Republic Railway & Light Co. below.—V. 101, p. 1713.
Mail Pay.—Readjustments on Middle West Roads.—
See preceding editorial pages.—V. 99, p. 751, 674.
Missouri Pacific Ry.--Importance of Carrying Out Reorganization Plan.—The holders of the various classes of
bonds and stock dealt with in the plan of readjustment
(V. 101, p. 130, 1553) are asked to examine the statement
appearing in the advertising department as to the importance of putting the reorganization plan in effect. This
statement is signed by—
Alexander J. Hemphill, Chairman 5% First & Ref. M. bondholders' comm'
Frank N. B. Close, Chairman 40-year 4% Gold Loan bondholders'comm.
James N. Wallace, Chairman stockholders' committee.
Kuhn, Loeb & Co., readjustment managers.
Digest of Statement Pointing Out the Exigencies of the Situation.
In order to preserve the system from the evils and losses incident to a
prolonged receivership, the plan should be promptly consummated. The
property does not require the extensive physical rehabilitation or the elimination of burdensome entanglements. What is requires is (a) the cash
(about $41,000,000) for immediate needs; (b) reduction in fixed charges to
within a proper margin of the demonstrated earning capacity; (c) the creation of a new security to deal with the obligations maturing during the
next five years (about $79,600,000) in so far as they do not fall within the
cash provisions of the plan,and to provide for future corporate requirements.
Manifestly these results can be accomplished only by an early reorganization, and to this end the prompt co-operation of the security holders
affected is essential and they are accordingly urged to deposit their securities under the plan promptly, and in any event on or before Dec. 15.
There can be no doubt that radical changes in the financial structure as
called for in the plan are essential to secure the needed results. Although
the anticipated improvement in business should result in better earnings
than those of the last fiscal year, which failed to meet the interest charges
by about $1,250,000, the margin between earnings and fixed charges which
is absolutely essential for the restoration of the company's credit cannot be
assured without the reduction in interest payments sought to be accomplished by the conversion of the Convertible 5% bonds and the 4% Gold
Loan bonds into pref. stock (or Income bonds). Under the plan the stockholders provide the $41.000,000 of cash for immediate requirements without imposing any burden upon the holders of these bonds; for while the
stockholders receive a 4% bond equal in face amount (but not in market
value) to the 4% Gold Loan bonds their relation to earnings is not disturbed in any material degree because upon the consummation of the plan
the charges ahead of them upon the system taken as a whole will not have
been augmented, while the net earning capacity of the property should be
substantially increased.
The attention of holders of the 4% Gold Loan bonds is called to the fact
that default has been made in the payment of the interest on the Iron
Mountain Company's First & Ref. M. 6% bonds and that proceedings
have been instituted to foreclose the mortgage by which those bonds are
secured. Their attention is also called to the importance of preserving the
traffic relations between the Iron Mountain and Missouri Pacific companies.
The certificates of deposit for Convertible 5% First & Ref. bonds, for
4%, Gold Loan bonds,for Trust 5% bonds due 1917,for First Collateral M.
56 due 1920, and for stock, have,been listed upon the N. Y. Stock Exchange
About 40% of the Convertible 5% bonds and 40% of the 4% Gold Loan
bonds have already been deposited under the plan.
Independent Committee.—The committee of holders of
Trust 5% bonds, due Jan. 1 1917, and First Collateral M.
5% bonds, due Aug. 1 1920, Moreau Delano, Chairman,
gives notice by adv. on another page that the definitive certificates of deposit for these two issues have been listed on
the N. Y. Stock Exchange and that in order to comply with
the listing requirements the committee has extended the
time of deposit until Dec. 1 1915. The committee adds:
A considerable majority of the Trust 5s of 1917 and a very substantial
per centage of the First Collateral Mortgage 5s of 1920 have been deposited
or pledged. The committee, after careful investigation, believes the bonds
are entitled to receive substantially par at cash at maturity or the equivalent and that by concerted action of the bondholders this may be obtained.
We beg to point out that the "analysis" of the plan of readjustment
dated New York, Oct. 15, includes among "bonds secured upon branches
and scattered properties" two issues secured upon portions of the main line
between Omaha and Kansas City, two secured upon vitally essential terminals of the Iron Mountain at St. Louis and Memphis, three secured upon
lines connecting with the source of supply of coal, and other important
revenue-producing collateral. The threat conveyed in the "analysis" of
abandonment of portions of the main lino, or the valuable branches,in order
to force these bondholders to accept the terms offered under the general
plan could not, in our opinion, be carried out without disrupting the
system, destroying its earning power and invalidating the plan itself.
It is essentially urged upon the holders of the First Collateral Mortgage
5s of 1920 that they should support the protective movement and not wait
for an actual default before depositing their bonds. Compare V. 101, p•
773, 923, 1273. 1465.)—V. 101, p. 1714, 1629.
1807
Pennsylvania RR.—Offer for Sterling Bonds.—
Baring Bros. of London, it is stated, are offering to purchase at 95 the
Consol. Mtge. 4% sterling bonds, due May 1 1948,
The Chancellor of the Exchequer in the House of Commons in London
on Nov. 24 stated that the Engilsh Government had begun negotiations
with large holders of American securities for the purpose of obtaining control of these holdings:
Public Service Corporation of New Jersey.—Earnings.
—The monthly statement of earnings for October and the
10 months ending Oct. 31 compared with the same periods
in 1914, shows for the 10
-month period a gross increase in
business of $1,100,000 and an increase in surplus available
for dividends of $161,000.
Public Service System—
October. 10 Months.
Gross increase in total business
$159,129 $1,127.842
Percentage of increase
5%
3.83%
Balance available (after payment of operating expenses, fixed charges, sinking fund requirements.
&c.) for amortization, dividends and surplus
$488,742 $2.995,133
Increase in surplus available for dividends over
corresponding period in 1914
$32,697 $161,505
The gross figures include the corporation's railway, gas and electric
business.—V. 101, p. 1371, 1014. 371.
Reading Company.—Government Appeals.—
.
The U. S. Government on Nov. 17 was granted an appeal to the U. S.
Supreme Court in the case against this company and its allied companies
in the Coal Trust suit. Compare V. 101, p. 1465.
Republic Railway & Light Co., N. Y.—Gold Notes Offered.—Reilly, Brock & Co., Philadelphia, have sold at
97% and int., to net over 534%,
(see adv.on another page),
the unsold portion of the (closed) $3,000,0005%Three-Year
Secured Gold Nos,which they recently purchased. Dated
Dec. 1 1915,due Dec. 1 1918,but $500,000,unless converted,
to be called and paid at parand int.Dec.1 1916 and $500,000
Dec. 1 1917. Also callabld as a whole, but not in part, at
1003' and int. Denom. $1,000. Interest payable J. & D.
Trustee, Fidelity Trust Co. of Phila.
Digest of Letter from President Oren Root, Nov. 17 1915.
Organization.—Incorporated in New Jersey June 27 1911. It owns all
of the outstanding capital stock of the Mahoning & Shenango By. & Light
Co., which in turn owns, directly or through stock ownership, electric
railways, gas, electric light and power properties serving Youngstown, Ohio.
and Sharon and New Castle, Pa.,and surrounding territory(V.101,p,1713).
Capitalization of Republic Railway & Light Co.(No Bonds Out).
Authorized. Outstanding.
Three-year 5% Secured Notes
$3,000.000 $3,000,000
6% Cumulative preferred stock
10,000,000
5,191.400
Common stock
7,500.000
6.206.000
Description of Notes.—These $3,000,000 notes will be a closed issue, dated
Dec. 1 1915 and due Dec. 1 1918, but callable as a whole at 100 and int.
at any time on 30 days' notice. Also convertible at option of holder into
Mahoning & Shenango Railway & Light Co. 7% cumulative preferred
stock, par for par, with interest and dividend adjustment.
The company will agree in the deed of trust to call by lot, at 100 and int.,
$500,000 of this issue on Dec. 1 1916 and $500.000 on Dec. 1 1917, less
amounts equal to 50% of the face value of such of these notes as on those
dates shall have been converted into said preferred stock. The holders
or the notes so called may,at their option,convert their notes into preferred
stock of the Mahoning & Shenango Railway & Light Co. within any time
prior to ten days from the date when said notes are to be redeemed.
The proceeds of these notes will be applied in canceling the $3,000.000
notes of the Republic Railway & Light Co. due Jan. 1 1916, and also to
provide additional working capital.
Stocks Pledged to Secure These $3,000,000 Notes Dated Dec. 1 1915.
(1) $3.000,000 Mahoning & Shenango By. & Light Co. 7% cumulative
pref. stock, having full voting power, preferred as to assets and dividends.
and tax-exempt in hands of Penna. holders. This stock will be part of an
authorized issued of $10,000,000, redeemable at 110 and divs., and no additional shares of such stock may be issued (except those required for conversion as above stated) unless the net earnings after payment of all interest
charges are double the amount required for dividends on the preferred stock
outstanding and that proposed to be issued. During the life of this issue
of notes additional issues of this stock may be made only (a) to provide
for the payment of bonds retired by the sinking funds of the underlying
companies of the Mahoning & Shenango By.& Lt. Co.; and (b) to reimburse
that company for the difference between the cash cost of improvements
or betterments and the proceeds of the bonds issued against the same, as
provided for under the indenture securing the new Mahoning & Shenango
Ry. & Lt. Co. First & Consol. M. 5% gold bonds. As notes are called
from time to time, an equal amount of 7% pref. stock shall be released and
delivered to the company.
(2) Approximately $10,628,300 common stock of the Mahoning & Shenango Ry. & Lt. Co., being all of the outstanding common stock. If
there is any additional issue of this stock, it will be pledged hereunder.
Underlying Bonds of Mahoning & Shenango Ry. 8e. Light Co. and Subsidiaries.
The outstanding bonds of the operating companies will aggregate $12,361,000. $50,000 will be paid into sinking fund Nov. 30 1915 to retire
underlying bonds; in 1916 the sinking funds will be about $115,000, and will
Increase annually beyond the life of these notes. The deed of trust under
which these notes will be issued will provide that during the life of the notes
the Mahoning & Shenango Railway & Light Co. shall not create any indebtedness without the consent of the bankers, except for current operating
expenses in anticipation of income to be received within six months, or for
temporary loans (for 12 months or less) in anticipation of additional issues
of bonds and pref. stock, such loans and indebtedness not to exceed at any
time 20% of the annual gross earnings of the company and its subsidiaries.
Taxes.—The company will pay all taxes on this issue of notes, and also
the normal Federal income tax, in so far as this may be legally done, and
will refund the Pennsylvania State tax to holders.
Earnings for Cal. Year 1915 (2 Months Estimated by Stone 80 Webster)
Gross earnlonino
Mha ogs
Light Co. and Subsidiaries.
Shenango Ry.
$3,108.000 I Interest charge for 1916__-_$618,050
Net (after taxes)
$6:932500
$1,279,000 I Balance, surplus
45
1.
60
Operating expenses of Republic Railway & Light Co
Bal. applicable to int. ($150,000) on these $3,000,000 notes
$615.630
1909. Gross Earnings of Properties Owned Showing Steady Increase.
1912.
1913.
1914.
1910.
$1,966,066 $2,251,482 $2, 911.95 $2,655,601 $2,997,669 $3,001,460
1 01,9
4
Since the completion of the new power station at Lowellville there has
been a rapid growth in the electric light and power business. A vigorous
campaign is in progress to supersede the isolated steam plants owned by
consumers with power developed at out central station.
1912.
1913.
1914. 1915 Est.
Proportion y arnings from—
Earnings
63.3%
Electric railrailways
70.59% 69.49%
66.7%
Light and power
29.41% 30.51%
33.3%
36.7%
During 1912 to 1914 incl. about $3,000,000 was expended for improvements, extensions, &c.
Franchises.—Practically all the Pennsylvania franchises are unlimited
as to time. The railway franchises in Youngstown runs 25 years from Oct.
1908. The most important interurban franchises in Ohio expire from 1945
to 1950 and the Ohio lighting franchises from 1925 to 1934.
Territory Served.—This covers about 300 sq. miles, the largest cities being Youngstown, Ohio; Warren, Ohio; Sharon, Pa., and New Castle, Pa.
This district lies between Pittsburgh and Cleveland, and the steel industries
therein have shown a remarkable growth. The Youngstown district includes several works of the U. S. Steel Corporation, Youngstown Sheet &
Tube Co., Republic Iron & Steel Co., National Malleable Castings Co..
American Steel Foundries Co., American Sheet & Tin Plate Co., American
Steel & Wire Co.. Sharon Steel Hoop Co., General Fireproofing Co., lamp
works of the General Electric Co., Republic Rubber Co., Standard Oilcloth no., Bessemer Limestone Co., and General Fire Extinguisher Co.
1808
THE CHRONICLE
The existence of these plants predicates a large and steadily increasing consumption of electric power, which the company can now supply at low cost.
Total populaton of district served in 1900, 123,224; in 1910. 202,917;
in 1915, estimated 233,000.
Result of Examination and Estimate by Stone Ec Webster, Nov.151915.
The territory covered is a particularly active one. The opportunities
for selling large blocks of power at remunerative rates are unusually good.
and the cost of manufacturing energy at the company's plants is very low.
The management is aggressive and the organization seems to be well chosen.
Property generally in good condition. It is our opinion that the earnings
estimated below can be secured with comparatively small capital outlay.
To reproduce the property new would cost considerably over $15,000,000.
‘
119167
71
Estimate of Earns. Cal.Yrs. *1915.
$3,108,000 $3,625,100 $4,188,500 $44,729,900
Gross earnings
Operating expenses and taxes 1,829,000 2,025,700 2,274,000 2,502,000
• Balance (before fixed chgs.
$1,279,000 $1,599,400 $1,914,500 32,227,900
and depreciation)
* First ten months actual; last two months estimated.—V. 101, p. 1715.
St. Louis & San Francisco RR.—Plan.—Touching the
plan briefly outlined last week (p. 1715), the following
further particulars are now available.
The new company under the plan will take over all the mileage of the old
company (including the Kansas City Fort Scott & Memphis lease), with the
exception of the New Orleans, Texas & Mexico and the Chicago & Eastern
Illinois. The mileage of the new system, upon which the new bond issue
will be secured, is 3,865.94 miles of first track and 1,009.16 miles of second
and side track; total, 4,875.10 miles. To this may be added, in case of
acquisition, the Quanah Acme & Pacific mileage, 78.92 miles. The reorganization plan provides for:
Amount of Proposed Authorized Issues of New Stock and Bonds—Amount
of Old Liens Not Disturbed.
Prior liens undisturbed, 5s-6s, due 1931, $9,484,000; car trusts,
$5,306,000; total
$14,790,000
New issue of prior lien mortgage bonds
250,000,000
Cumulative adjustment mtge. bonds, maturing July4 1955_ _ _ 75,000,000
Income mortgage bonds, maturing July 1 1960
75,000,000
Pref. stock,6%,redeemable at 100
200,000,000
Common stock
250,000,000
Securities to be Presently Issued—Prior Lien Bonds.
Prior lien mortgage bonds. viz.:
• In partial exchange for existing securities embraced in plan
93,398,500
Sold to purchase syndicate
25,000,000
For corporate purposes of new company (not to be used now
but later if needed)
6,811,500
Total
$125,210,000
Balance reserved for future requirements under restrictions of
• mortgage
$124,790,000
The outstanding prior lien mortgage bonds shall be as follows: $93,398,500; series "A." 4%, maturing July 11950, redeemable at 100 and accrued
int.; $25,000.000, series "B," 5%, maturing July 1 1950, redeemable at
105 and accrued interest.
Cumulative Adjustment Gold Bonds.
Rate not to exceed 6%.as may be determined at time of issue:
In partial exchange for the existing securities embraced in plan
(to be designated as series "A," 6%, due July 1 1955,
callable at 100)
$40,547,818
Reserved for future use under restrictions of mortgage
34,452,182
Income Mortgage Gold Bands.
To be Issued in exchange for existing securities (designated as
series "A," 6% convertible, maturing July 1 1960, redeemable at 100
38,661,200
Reserved for future use under restrictions of mortgage
36,338,800
[vol.. ma.
The receivers have certified that the income account of the company for
four years ending June 30 1915, after eliminating items in connection with
the Chicago & Eastern Illinois, the New Orleans Texas & Mexico lines
and the New Orleans Terminal Co., which will not be included in the new
company, was as follows:
Total Income, including Revenue from Operations and Other Sources, but
after Deducting Taxes, for Years ending June 30:
1913-14.
1911-12.
1912-13.
1914-15.
$10,158,945
$14,171,296
$12,118,663
$11,667,767
an average for the four years of over $12,000,000, showing ample margin
over the fixed charge of $9,158,190 for the new company.
In considering the earnings it must be borne in mind that the amount
charged to operating expenses for maintenance of way and equipment during
the period of the receivership, as compared with the previous years, was:
Yearly avg. for 2 years end. June 30 1913 (prior to receivership) $11,242,000
Yearly avg.for 2 years end. June 30 1915 (during receivership)_ 14,252,000
These large expenditures were made to bring the property up to a better
standard for economical operation, and it is expected that when other improvements now under way are completed, the net earnings will reflect
these expenditures in a reduction in the cost of transportation.—V. 101.
p. 1715, 1629.
Seaboard Air Line Ry.—New Mortgage.—
The new mortgage for $300,000.000 is being filed for record, the Guaranty Trust Co. of N. Y. and Wm.0. Cox being trustees.
Officers of Consolidated Company—Committees.—
S. Davies Warfield was re-elected Chairman of the board and W. J.
Harahan President; Charles R. Capps was re-elected First V.-Pres.;
D.C.Porteous, who has been identified with the company as Secretary for
many Years, was re-elected. W. R. Bonsai, formerly President of the
Carolina Atlantic & Western Ry., has been elected a director and has also
been made a Vice-President. W. L. Seddon, recently assistant to President, has also been made a Vice-President. No changes were made in the
executive committee or in the finance committee. C. H. Lake was promoted from General Superintendent to General Manager. R. Bonsai
replaces N. S. Meldron on the board of directors.—V. 101, p. 1715, 1634.
Seattle Renton & Southern RR.—Sale.—
Judge Ralph Kauffman in the Superior Court, Seattle, Wash.,on Nov.12
ordered the receivers to sell this road for the benefit of the creditors. The
allegations of former President W. R. Crawford that an illegal attempt was
being made to deprive him and the other stockholders of their interest in the
property were held to be without merit, the company having been hopelessly
insolvent since May 12 1912. Estimated indebtedness said to be $1,600,000
including $100,000 due Puget Sound Traction, Light & Power Co.for power.
See page 117 of "Electric Railway Section."—V. 101, p. 846, 450.
Toledo St. Louis & Western RR.—Dep. Certs. Listed.—
The N. Y. Stock Exchange has listed $4,495,000 Union Trust Co. of
N. Y. certificates of deposit representing the 4% gold bonds of
series "A," with coupons of Aug. 1 1914 and since attached, deposited1917,
with
committee, Edwin G. Merrill, Chairman, under protective agreement
of Aug. 3 1914. with authority to add an additional $1,985,000 from time
to time on official notice of issuance, making the total 36,480,000.—V.
.
101, p. 1458, 132.
Washington Interurban Ry.—Sale Dec. 23.—
The property,includinftsingle-track electric railway from 15th and II Sts.,
Washington, D. C., to Berwyn Heights, Md.,8M miles, is advertised to be
sold under foreclosure at the last-named place on Dec. 23, as ordered by
The U. S. District Court for the Dist. of Md. and a decree of the Supreme
Court of the District of Columbia. Trustees, John W. Yerkes and Guy
T. Scott. The sale, it is understood,is made under foreclosure of the Washington Spa Springs & Gretta RR. 1st M. of 1909 (V. 88,
1063), under
which $232,000 20-year 5s are said to be outstanding.—V. 101, p. 1190.
p.
• Washington Spa Springs & Gretta RR.—Sale.—
See Washington Interurban Ry. above.—V. 88, p. 1063.
Total
$75,000,000
Washington Water Power Co.—Securities Sold.—
Reserve bonds may be issued with interest not to exceed 6% per annum,
The company has provided for the maturity of $3,336,000 6% notes, due
to be determined by board at time of issue.
Feb. 2
-year 5% notes, dated Feb. 21916,
is to be in the hands of the voting trus- largely 1916, by the sale of $1,700,000 2
The preferred and common stock
to holders of maturing notes, and $1,700,000 First Refunding mtge.
tees for five years. Reorganization managers. J. & W. Seligman & Co.
due 1939. White, Weld &
and Lee,
and Speyer & Co. The purchasing syndicate—Speyer & Co., J. & W. Selig- 5% bonds,bonds and have resold themCo.par and Higginson & Co. purat
int.—V. 100, p. 899.
man & Co., the Guaranty Trust Co., N. Y., and Lee, Higginson & Co.— chased the
is to receive a commission of 4% on the amount of the syndicate obligation
of $25,000,000.
Syndicate—Status after Reorganization.—The following, issued yesterday, is authoritative:
It became known yesterday that Speyer & Co., J. & W. Seligman & Co.,
the Guaranty Trust Co. and Lee, Higginson & Co. are forming a syndicate
for $25,000,000 to provide the cash requirements of the reorganization plan
of the St. Louis & San Francisco RR.
The plan contemplates a complete severance of the relations of the Frisco
from the Chicago & Eastern Illinois and the New Orleans Texas & Mexico
roads, which will not be included in the new company. Under the plan the
fixed charges of the new company will be $9.158,189. as against present
fixed charges of $14.886,324. The fixed charges will be followed by a
cumulative contingent charge of $2,432,869 per annum, being 6% interest
on $40,541,818 new 6% adjustment bonds, and further by a non-cumulative
charge of 5% on $38,661,200 5% income bonds, payable only if earned.
The total charges, fixed and contingent, ahead of the stock of the new
company will be $13,524,118 76.
Stockholders who wish to participate in the benefits of the plan must
contribute $50 per share of stock, in exchange for which they will receive
the same amount in par value of new prior lien mortgage 5% bonds.
Every stockholder when depositing his stock under the plan must pay $5
per share and declare whether he wishes to pay the remaining $45 upon
notice from the reorganization managers or prefers to postpone payment
thereof until Nov. 11917; in the latter.case a loan syndicate, formed by the
Guaranty Trust Co., advances until Nov. 1 1917, to the purchase syndicate, the $45 against the pledge to it of the old stock on account of which
the stockholder has paid $5 per share, and the bonds which the stockholder
has subscribed for.
Holders of certificates representing depositied stock who elect to and pay
the additional $45 when called for by the reorganization managers, will
receive fully paid subscription certificates showing that they have paid in
full the $50 per share of stock and are entitled to that amount of bonds
and the stock coming to them, as soon as the syndicates can be wound up.
Stockholders who pay $5 on depositing their stock and $45 when the plan
is declared operative, will receive the coupons on the bonds as they mature,
thus employing their money at 5% per annum, and in view of the easy
money market, it is expected that many of the stockholders will avail
themselves of the privilege of paying in full.
To such holders as pay only the $5 on depositing their stock, purchase
warrants will be given which will entitle them on Nov. 1 1917, upon payment of the remaining $45, to receive $50 in the new 5% prior lien bonds
for each share deposited, and the stock they are entitled to under the plan,
or, In case the syndicate managers sell the bonds in the meanwhile (as they
have the right to do under the plan), will receive the cash equivalent of the
bonds at 85%, viz., $42 50. Should all the bonds be sold, it follows that
the only payment in addition to the $5 made at the time of the deposit of
stock, which the shareholders would be called upon to make on Nov. 1
1917, would be $2 50 per share; that is to say, the difference between $50
in bonds, figured at 85, viz., $42 50, as an offset to the $45 due by the
stockholder. The amount of stock the purchase warrant holders and the
fully paid certificate holders will eventually receive under the terms of the
plan will be as follows: Present first pref. stock, 125% in new common;
present second pref. stock, 105% in new common; present common stock,
85% in new common.
All the stock issued under the plan of reorganization will be in the hands
of a voting trustee for five years. the voting trustees being Frederick W.
Allen, George W. Davison, Seward Prosser, Charles H. Sabin, James
Speyer, Frederick Strauss, of New York,and Festus J. Wade of St. Louis.
The Kansas City Fort Scott & Memphis securities are left undisturbed
under the plan, and ample provision is made to take care of $9,484,000 of
the old St. Louis & San Francisco Ry. General Mortgage 5% and 6% bonds
due 1931 and $5,306,000 Equipment Trust certificates which mature
after July 1 1917, an equal amount of new prior lien bonds being reserved
to take these up when they mature. Cash is provided for all the Equipment Trust certificates maturing prior to July 1 1917 as well as the other
cash requirements of the plan, including $3,000,000 receivers' certificates
due Jan. 2, and a substantial amount for betterments and improvements.
INDUSTRIAL, GAS AND MISCELLANEOUS.
American & British Mfg. Co.—Offer for Stock.—A circular letter signed by Asst. Sec. 0. B. Corbin says:
Upon the request of a large majority of the common stockholders of your
company, we desire you to make an offer to the company at what price you
will furnish to the company for the purpose of retirement the pref. stock,
standing in your name, your offer to remain effective until Dec. 1 1915.—
V. 101, p. 1372.
American Window Glass Machine Co.—Initial Div.—
The initial dividend published in "Chronicle" last week is payable
Nov. 26 to holders of record Nov. 19.—V. 101, p. 1715.
Arkansas Light & Power Co., Little Rock, Ark.—Stock.
The company has filed a certificate increasing its authorized capital
stock from $650,000 to $2,250.000.—V. 99, p. 1216.
Batopilas Mining Co.—Earnings.—Figures are given in
Mexican currency ($1 00 equal to $0.50 in U. S. currency).
Total Income, Net Earnings. Int., Taxes, &c. Bal., Sur.
Cal. Year—
1914
$293,677
$21,112
$105,838
384,726
531,269
1913
120,137
219,336
99,199
The balance sheet as of Dec. 31 1914 shows capital stock, $9,000,000,
consisting of 450,000 shares at $20 each, and also $366.500 1st mtge. 6%
gold bonds, due Dec. 1 1917 (stated in U. S. currency).—V. 96. P• 138.
Beacon Falls- (Conn.) Rubber Shoe Co.—Pref. Stock,
&c.—Blake Bros. & Co. in their circular offering at 105 and
div. the $650,000 7% cumulative preferred stock of this
Mass. corporation, gave a letter from Pres. Tracy S. Lewis,
written on Sept. 30, saying in substance:
Digest of Statement by Pres. Tracy S. Lewis. Beacon Falls, Sept. 30.
Organization.—Recently incorporated in Massachusetts as an independent manufacturer of rubber footwear, to succeed a Connecticut corporation
of similar name organized in March 1899 by the late George A. Lewis and
associates, with an authorized and full-paid capital of $200.000 and a surplus of $400,000 The business grew from the start and the capital was increased in 1902 to $250,000, with the addition of $100,000 to the surplus.
The entire assets, except the business of supplying electricity to the town of
Beacon Falls and the property necessary thereto, have been acquired.
Capitalization.—Orthe capital stock of the now company, $650,000 pref.
stock has now been issued, and $600,000 additional may be issued under
proper conditions. The authorized common stock is $1,200,000, of which
$1,000.000 has now been issued. The preferred stock is callable at $115 per
share and is entitled to $110 per share in liquidation, voluntary or involuntary, before distribution on tho common stock. It is also entitled to a 7%
cumulative preferred dividend (payable Q.
-M.) but this stock has no voting
,
power except under certain contingencies.
There is no bonded debt, and no mortgage can bo placed on the property
(except real estate not a part of the industrial plant) without the consent of
75% of the outstanding pref. stock. The total notassets, excluding valuable good-will, trade-marks and patents, exceed $2,000,000, or more than
$300 per share of the present issue of prof. stock, and the not quick assets
are approximately $150 per share thereof. No dividend can be paid on the
common stock unless the net quick assets are 75%, of the outstanding pref.
stock and unless the total net assets aro equal to 150% of same.
Earnings.—The annual net earnings for the past eight years have averaged more than four times the full dividend on this prof. stock, and during
the last fiscal year the net earnings wore more than five times such prof. dive.
Plant, &c.—Contains about 238,486 sq.' ft. of floor space, employing
1.300 operatives, and has a capacity of 17,000 pairs per day. Owns about
300 acres of land and 59 tenement houses, also valuable water power.
Products: A complete line of rubber footwear, rubber boots and shoes.
Nov. 27 1915.]
1809
THE CHRONICLE
golf and outing shoes, &c., also wool
arctics, hunbermen's boots, tennis,
Woolen Mfg. Co., a subsidiary
boots, which are produced by the Medford
corporation (entire capital stock owned).
but much the larger portion, which
Part of the product is sold to jobbers,sold direct to retailers through five
is
bears ourown name and trade-mark, by our company, their customers agbranch stores or agencies controlled
quality goods sells at a premium.
gregating over 15,000. Our line of extra the annual business.
of
and has now become a large percentage
Side $2,909,695).
Balance Sheet Feb. 27 1915 (Total Each
$
LiabilitiesAssets
($650,000 pref.)____1,650,000
Stock
675,000
Real est., plant & equip_ _ _ 912,835 Notes payable
, &c___ 860,912
23,098
Materials, supplies
743,894 Accounts payable
10,478
Receivables
taxes, &c
116,793 Accrued
510,6S2
Cash
40,000 Surplus
40,437
Securities
Reserve for sundry acc'ts
235,261
Other real estate
appraisals of machinery and equipThe above statement is based on and of real estate and buildings by
by George V. Rogers of Boston, audit by Haskins & Sells of New
ment
of Hartford, and an
Frederick J. Bliss
York.
Louis Bacon,Blake Bros. &
-Tracy S.Lewis, Pres. and Treas.;
Directors.
C. Warner
A. H. Dayton and Lewis been TreasCo.; H. H. Peck, Waterbury, Conn.;
t and Treasurer has
.
(Secretary) Naugatuck,Conn. The Presidensince 1899.-V.101,p. 1191.
on
surer and Mr. Warner in charge of producti
-No Merger.-Pres.
Bethlehem Steel Corporation. Nov. 24 in a special
quoted on
Charles M. Schwab was
dispatch to the New York "Times": ated with any other concontempl
As far as I am concerned, no merger is is no truth, either, in the story
There
cern, and none is even in prospect. with Bethlehem Steel. In fact, we are
Steel
of a consolidation of Cambria up the matter of consolidation with anybody.
orders to take
too busy filling
annual steel production would inIn 1900 I predicted that by 1920 our at which it stood at that time, to
crease from 10,000,000 tons, the figure
37,000,000. But war orders and ton40,000.000 tons, and it is now about cutting as large a figure as the world
nage going into these contracts are not
attributes to them.
Co. has charged off $1,500,000 as
is
The report that the Bethlehem Steel
absolutely correct. Out business p.
-V. 101.
a result of the fire the other day is a long time to come.
for
splendid and the outlook excellent
1'715, 1554.
-Control.
Braden Copper Mines Co.
-Status.
Brunswick-Balke-Collender Co. divs.7% cum.pref. stock,
in Virginia with $5,000,000
[Company was incorporated in March 1914
00 of6% convertible
ed
an
auth. cap. stock in $5 shares andthe authoriz $1,000,0
British Columbia Copper Co., of whose
in financing
debentures, to aid
some 444,952. See plan. V. 98, p. 526.
591,709 shares of $5 each it owns
$5 each; convertible debentures
915. Stock issued. 600,000 shares of
issued, $600,000.1
-Stock Listed.
Chile Copper Co.
(of the authorized issue
The N. Y. Stock Exchange has listed $95,000,000$25 each.
of $110.000,000) capital stock, par value of shares,
-The company reports as follows:
&c.
Balance Sheet,
only subsidiary) has
As the property of the Chile Exploration Co. (the and the operations
stage,
until the last few months been in the development acct. can be furnished.
brought to normal, no income
have not as yet been
Chtle Copper Co. and
Combined Statement of the Assets and Liabilities of the Oct. 31 1915, and
of
the Chile Exploration Co., New York, Accounts as 31 1915.
the Chile Exploration Co., Chile Office, Aug.
Liabilities ($116,364,859)
Assets (1116,364,859)$95,000,000
$97.488,855 Capital stock
Property
Capital stk$110,000,000
Construction & equip't_ 13,108,963
859.462 Lessforcon
Materials and suppl.,cost
version of
85,645
Accounts collectible_ _ _ _
bonds ___ 15,000,000
Copper on hand&in trans 1,191,393
15,000.000
25.402 Convertible bonds
Examination and surveys
4,700.000
Charges to future oper__ 2,046,270 Bills payable
550,136
s payable
1,150 Account
N. Y. furniture & fixt's_
561,262
90,761 Unpaid drafts
Suspense
525.000
715,560 Accrued bond interest
in trans.
Undistrib.items
28.461
751,398 Profit and loss
Cash
d.
Oct. 31 1915 was the date upon which these figures were compile
has been made for the Chile Copper Co. and for
Statement as of that date
a correct
Co.in order to
the N. Y. office accounts of Chile Explorationlatest availableshow
balance sheet
The
cash situation for the two companies. also V. 100, p. 1440, 2088. 2169.
of the Chile office is of Aug. 31. See
-Field,
-Bonds.
City Ice Delivery Co. (Cincinnati).
Richards & Co. Cincinnati and Cleveland, are placing at
par and int. $660,000 1st M.6% gold bonds dated June 1
1915 and due serially on Dec. 1 from 1917 to 1936, but
redeemable on any interest period at 102 and int. in numerical
inverse order on 60 days' notice. A circular shows:
Outstanding.
Authorised.
Capitalization$1.257,900
$1,500.000
Common stock
600,000
1,000,000
e bonds
First Mortgag
Remaining bonds can be issued on basis of 50% of cost of additions and
annual net earnings
& Co. have offered at 108 and outstanding, $5,750,000; extensions, when approved by the trustee, provided the about to be issued.
George H. Burr
-J. Auth. $6,000,000; 1845, the leading manu- are three times the interest charges, including bonds
par $100, dividends Q.
to 1919; 115,000 1920 and 1921; 120,000
reports: Founded in
retired, 1250,000. The firmtables, bowling alleys; also turns out refrigera- Maturities: $10,000 yearly 1917 1925; $30,000 1926 and 1927; $35,000
pool
and 1922 and 1923; $25,000 1924 and
facturer of billiard and
world-wide. Has no bonded debt ing 1928 and 1929; $40.000 1930 and 1931; $45,000 1932 and 1933; $50.000
Market
tors, office fixtures, &c. except with the consent of 75% of outstand
no power to incur same, Chicago, New York, Cincinnati, Salt Lake City, yearly 1934 to 1936.
pref. stock. Factories inInd., Muskogee, Bay City, Toronto. All or any
Digest of Letter from Pres. Ii. D. Norvell, Cincinnati, June 1 1915.
San Francisco, Elkhart, be redeemed a $120 per share on or after Jan. 1
Incorporation -Organized in Ohio and has acquired by purchase all o
of Cinpart of the pref. stock may purchase or redemption $1,500,000 as follows: the real estate, buildings, machinery, equipment and other assets Springs
Crystal
1921 and must be retired by 1300,000 each five years thereafter. For cinnati Ice Co.. M.B. Grosh Ice Co., Jefferson Ice Co. and and
Consumers'
before Jan. 1922,
stock Ice Co., all of Cincinnati; Crystal Ice Co., Newport, Ky.,
$600.000
applicable to dividends on the pref.
cal. year 1914 the not earnings1034; V. 100, p. 1830.-V. 101, p. 215.
Ice Co., Covington, Ky. Thus owns 17 plants, with a total daily cawere $587,692. See V. 92, p.
pacity of 1,175 tons.
interest payable J. & D. at
-Listing.
Y.
These
Bush Terminal Buildings Co., N. 0 additional guaranteed ClevelanBonds.-Denom. $1,000 and $500, at offices of Field, Richards
d Trust Co., Cleveland, trustee, or
e has listed $550,00
The N. Y. Stock Exchang making the total amount listed $6,950,000, & Co., Cincinnati and Cleveland. From the proceeds of these bonds, all
"stamped" 1st M. 5s of 1910,
this issue a first mortgage)
000.
underlying bonds have been retired (making .
of an authorized issue of 112,000,
been obtained
31 1915:
-For 8 months ended Aug.loft buildings. and ample,working capital has by the American Appraisal Co. places the
Statement.
l
Income
-An appraisa
Property &c.
; operation of
times this issue of
Gross rentals from loft buildings, $656,908ng other earnings), $515,588. total value of the property at $1,668,602, or over 2A of 216.000 tons, or
net (includi
$173,458; net. $483,449. Total 1667; taxes, $83,136; interest on loans, bonds. Last year the combined sales were in excess
tax,
by the City Ice Delivery Co. in Clevetons of the amount sold
Deduct: Internal revenue
; sinking fund, $50,875: balance, within 4,000the same period. For the year 1914 the total net earnings of
$7,532; interest on 5% bonds, 1231,4721675.
land during
or about four times the interest
net surplus, $141,906. See V. 100, p.
the constituent companies was $141,944,
-On Nov.24 J. Leon- charges on this bond issue. 15 municipalities on the Ohio side, within a
-New Directors.
Cambria Steel Co.
-There are
Served.
Territory
Co. and
of from 1,000 to 20,000, and six
ard Replogle and Arthur E. Newbold of Drexel &board, to radius of 12 miles, having a populationof the heart of Cincinnati, having
on the Kentucky side, within 10 miles commercially speaking, a _part of
Herbert F. Black of Pittsburgh were elected to the
population, all,
Childs from 1,000 to 60,000 proper in 1910 had a population of 381.61g. while
Cincinnati. Cincinnati
succeed Theodore N. Ely, Samuel T. Bodine and
ng the Cincinnati rethe present Post Office population of the zone, comprisi
.
Frick.
ted the Pennsylvania tail district, is almost 600,000, and the co. operates over entire territory
estate, plant and equipEffingham B. Morris, who with Mr. Ely represen
-'--Assets: Real
ily. The retirement of
Financial Statement Sept. 30 1915.
RR., remains as a director, it is supposed temporar Henry C. Frick hold- ment,11,693,382; ice, coal and supplies. $8,746; accounts receivable, 1106,the
14.
Childs Frick, it is understood, follows the sale of
652; bills receivable, $17,573; cash in banks, 1162.930; total, 11,989,2
ings. See Bethlehem Steel Corporation above.
Accounts payable,
-V.101, Offsets: reserve for deprecia$48,321: bonds. $600,000; capital stock, $1.-See New York State Steel Co. below.
tion, &c., $20,122; surplus, $62.941.
Purchase.
257,900;
-V. 101, p. 1715.
below.
See Guggenheim Exploration Co.
-"Cleveland
-Bonds.
p. 1715, 1630.
Cleveland-Cliffs Iron Co.
-Offer Dealer" reports:
Canada Copper Corporation, Ltd., N.Y. City.
l trust
turesDeThe company contemplates an authorized $3,500,000 collatera
to Give $250 in Full Paid Stock for Each $100 ofDeben Heck- 6% bond issue to reduce floating debt and to make permanent provision for
-Colgate Hoyt, August
1 1915 and will map9sited on or Before Dec. 15.
future requirements. The bonds will be dated Nov. 1917 to May 1 1927
rs, in ture serially in semi-ann
ents from Nov. 1
scher and Lucius W.Mayer,a committee of the directo trust Inclusive. They will beual installm prior to maturity on any interest date
redeemable
MO , and denominations will be
a circular of Nov. 16 addressed to holders of collateral
to Nov. 1 1920 at 101 and thereafter at
31.000. $500 and $100.
convertible debentures, say in substance:
00 are to be issued at this time and offered
ing satisfactorily.
Of the total authorized,$1,050.0 they will mature Nov. 1 1917 to May 1
Development of the properties controlled is progress Mt. of 8,900,000
at Copper
Our engineers report the development to date and 2,000,000 tons of "par- to shareholders at par and interest; subscribe until Dec. 1 this year. If
tons of "proven' ore averaging 1.75% copperor a total of 10.900,000 tons 1920 inclusive. Shareholders can subscribed for, allotments will be made
tially" proven ore averaging 1.75% copper, estimated recoverable value more than the amount to be issued is
company's
to the holdings of all subscribing shareholders. The
with an average value of 1.75% copper and an
of a plant of 2,000 pro rata
of 20c. per ton of ore in gold and silver. The erectionbeen recommended. balance sheet shows:
Sept. 30'15. Dec. 31 '14.
Sept. 30'15. Dec. 31 '14.
daily capacity to treat these ores has, therefore, operation. Up to
tons
$
$
Liabilitiesyears'
$
$
AssetsThe above rate of extraction will permit of 15 drilling and 30,000 ft. of
4.910,000 4,910,000
ft. of diamond
18,581,197 17,795,753 Stock
Nov. 1 1915 a total of 78,000d. The area owned or under option on Property
289,000
,294,437 10,588,561 Bds.(G.I.SS.Co.)249,000 1,001,412
been complete
nts.._11
trenching have
2,001,236
Notes
and fractions, covering in all about 735 Investme
Copper Mt. comprises 59 claims acres of timber lands. Three diamond
2.865,912
29,875,634 28,384,314 Other liabires 2,657.194 19,317,990
Total
acres of mineral ground and 707
20,058,204
Surplus
n and it appears certain that additional ore will be
V. 101, p. 1373, 1630.
Compare
drills are in operatio Pacific Ify. Co. engineers have assured themselves
-New Plant.
developed. Canadian
Cohoes Company, Cohoes, N. Y.
a spur to the mines from Princeton, 12 miles
the
of the advisability of running
This company expects to place in operation on or about May 1 1916
is now under negotiation. Work at the
by air line. The matter of ratesB. C., was resumed last August after a Initial installation of 30,000 h. p. of its proposed ultimate 50,000 h. p. hydroes near Greenwood, being realized. The Greenwood ores are electric development at Cohoes Falls, on the Mohawk River, near its enold properti
e about
year's idleness and a fair profit is
Mt. ores are of the disseminated por- trance into the Hudson. The company, which has been in existenc
mile above the
smelted direct, whereas the Copper ation by flotation.
90 years, already owned a masonry damc 1,443 feet long anumber of manconcentr
to a large
place
phyry type and will require
m of $2,000,000 will be required topower power house, a canal furnishing hydrauli power
known as
It is estimated that a maximu
ufactories in Cohoes, and also a small water-power station
This will include concentrator,
the property on a 2,000-ton basis.and also complete payments on claims the Champlain dam station. The new modern plant is expected to supply
separate
plant, general development work
d by means of tunnels, approxi- each of the various industries that have heretofore owned their
under option. All ores will be extracte
method. It is estimated that
mately 50% thereof by open cast glory-hole not exceed 8.5 cts. per pound power plants. -volt transmission lines, two are to run to Troy and two to
Of the 12,000
during this stage will
other
the cost of 'production
values and the cost of Albany, the transmission lines for which will be erected later, and theare at
of copper after crediting recoverable gold and silver cts. per pound.
the numerous mills and factories in Cohoes. There
10.5
production from the deeper ores will not exceedquestion of new financing two will feed 36 mills that it is expected will be connected to the system,
present some
bankers the
The company has taken up with
of over 6,000 k. w. Of this amount over one-half will
present outstanding
and as a result thereof deems it advisable to retire the nt to the Equitable taking a total load Harmony Mills.
be delivered to the
c
collateral trust debentures issued under the trust agreeme
The stock of the company
The entire engineering work of the installation, including the hydrauli
Trust Co. of N. Y., bearing date April 1 1914.
of N. Y. City.
said agreeme debentures are con- and electrical work, has been done by Sanderson & Porter
is of the par value of $5. Pursuant to the plan nownt
proposed it offers to L. Semple is President of the Cohoes Company.
vertible into stock at par, but under
to convert their debentures into stock
-Decision.
allow debenture holders immediately instead of receiving only one share of
Cream of Wheat Company.
basis of $2 per share; that is,
on the
will now deliver
See "Chronicle" of Nov. 20, p. 1677.-V. 101. p. 372.
es, the
stock for each $5 par value of debenturfor each company
debenture deposited.
$100
In other
Crucible Steel Co.-Pref. Divs. Resumed.
23i shares of its stock. receive 50words, of full-paid non-assessable capital
payshares
1
A quarterly dividend of 1 X% has been declared on the pref. stock,since
debenture holders will
for debenture scrip, but
stock of the par value of $250, and similar terms the exchange.
able Dec. 31 to holders of record Dec. 10. This is the first payment
are issuable in
the extent that full shares on Dec. 15 1915 and may be withdrawn June 1914. The accumulated unpaid dividends to Sept. 30 1915 amount
only to
-V, 101, p. 1716, 1551.
The right to convert will expire out the plan. Interest to Jan. 1 1916 to 24i%.
if it is found inexpedient to carry deposit of the debentures, but no inter-Dividend.
E. I. du Pont de Nemours & Co., Del. new stock in addiwill be paid immediately upon the percentage of debentures have already
large
An extra dividend of 28%% has been declared on the
est on scrip. Owners of a
ity of converting. tion to the regular quarterly dividends of 1M % on both old and new comes of the opportun
signified their desire to avail themselv
es (or debenture scrip) mon,payable Dec. 15 to holders of record Nov 30; also 13% on the new
Holders are requested to deposit their debentur
101, p.
covering coupon.
in negotiable form, together with income tax certificate Wall St., N. Y. debenture stock payable Jan. 25 tos holders of record Jan. 10-V.
due Jan. 1 1916, with the Equitable Trust Co. of N. Y., 37
1716. 1373.
City, on or before Dec. 15 1915.
1810
THE CHRONICLE
Eagle River Electric Power Co., Baker, Ore.
-
The Baker Loan & Trust Co., as mortgage
ruptcy proceedings. interest being in default trustee, has instituted bankon some $87,000 1st M. 6s
of 1909. Began operations in Oct. 1913.
Eastern Shore Gas & Electric Co. of Del.
-Dividend.
An initial dividend of 156% has been declared
,
Dec. 1 to holders of record Nov. 22. Compare on the pref. stock, payable
V. 101, p. 290.
Elk Natural Gas Co., Pittsburgh, Pa.
-Divi
A dividend of 1% was paid July 26 on stock of record July dend, &c.
22. Balance
sheet, March 20 1915, showed:
Pipe lines, real estate, wells,
Bills payab!e, &c
$6,811
leases, &c
•
$353.849 Bonds outstanding
30.000
Due from customers_ _ _
23 Capital stock
300.000
Cash
13.832 Surplus
30,893
Total dividends of 10% were paid from Dec. 1 1914 to March
Statement of Earnings Oct 1 1914 to March 1 1915. 31 1915.
Receipts from sale of gas
$179,497
Oper. expenses. $117,101 interest, $955; deprec., $6,548
124,604
Dividends paid
24,000
Balance. surplus
$30,893
Secretary John Read Miner, Benedum-Trees
Bldg., Pittsburgh, Apr. 13
wrote: "The stock was listed upon the Pittsburgh
Stock Exchange during
the past week. The authorized bond issue is
$100,000 were subscribed for upon the original $200.000; approximately
are still outstanding only $33,0 0. Our stock, public offering; but there
9
furthermore, is not upon
any fixed annual dividend basis.
Pres., H.
-P., H. Prentiss
Taylor; Treas., W. W. Ramsay. Pittsburgh,S. Glenn; V.
Pa.
-V. 100, p. 1675.
Florence (Ala.) Water CO.
-Proposed Purchase by City.
See item under Florence. Ala., in our "State and
City" Department.
Ford Motor Co. of Canada.
-Dividends-Status.
-
[VOL.
nil.
(5) Compensation to underwriting syndica
te,in consideration of the
services rendered by it to the
to meet the cash requirements of Kennecott Copper Corporation
tive offers of cash to the holders the plan which involves alternaof the securities mentioned above
under (1)(2) and (4)
(6) Remaining shares (and any
above specified not used for the 65,000
purposes indicated) will be availab
le for general corporate purp_ _208,244
The Messrs. Guggen
bonds and debentures heim are the owners of large holdings of the stock,
of the Braden Copper Mines Co. and of the
and bonds of the Kennec
stock
ott
the Alaska Syndicate. J. Copper Corporation,and are also members of
P. Morgan & Co. likewise hold large amount
of the bonds of the
s
Kennecott Copper Corporation, and are member
the Alaska Syndicate.
s of
Upon the consummation
of
Copper Co.. it is the present this proposed sale of the shares of the Utah
purpose of your directors, while retaining in
the corporate treasury
your company [5320.8 property exceeding in value the capital stock of
-par $251, to make a distribution of a portion
of its assets among its43.300
stockholders, amounting on each share of your
stock.
Proposed Distribution to
Shareholders of Gug. Exp. Co. (per Share
Owned).
(a) The proceeds of the Utah
Per Share.
Copper Co. stock, by paying
to such stockholders as shall
(1) either their proportionate severally elect to take
(2) or in stock in Kennecott share in cash
$36.387 in cash
Copper Corporation.
(b) 97,750 shares of stock Chino
72.77% of share
Copper Co. in said stock.1
(r) 69,500 shares of common stock
of American Smelting & 1.72% of share
Refining Co. in said stock
(d) 154,300 shares of capital stock of Ray
8.33% of share
Consol. Copper Co.
in said stock
Unless each shareholder of Guggenheim
18.50% of share
Exploration Co.
election as regards the distribution of the
proceeds of the Utahsignifies his
sale prior to Nov.29 1915, it will be assume
Copper Co.
instead of shares of stock of the Kennec d that he prefers to receive cash
ott Copper Corpora
proportionate share of the proceeds
of the stock of the Utah tion for his
now owned by the Guggenheim Explora
tion Co., and in the Copper Co.
failure so to elect he will be paid in
cash, upon the distribution event of his
ceeds. Compare V. 100, p. 472; V.
of such pro101, p. 1717, 530.
The stockholders at ameeting in Walkerville,
the disbursement of a 600% stock dividend Ont., on Oct. 25 sanctioned
in connection with an increase in the capitalto be paid for from surplus
stock from $1,000,000 to
Hupp Motor Car Corp.-Pref. Stock
$10,000,000. A cash dividend of 50% was declare
d on Oct. 18 to holders
Offered.
-Subof record Oct. 13. There are about 200 shareho
lders, Henry Ford owning ject to a satisfactory verification and audit of
26% of the total stock. John F. Dodge and Horace
the condition
E. Dodge on or about of the business, La,den
Sept. 30 sold their 510 shares in the compan
burg, Thalmann & Co. and A. G.
y to H. W. Noble & Co. and
A. W. Wallace & Co., Detroit, at a price
understood to be $1,500 a share. Becker & Co. have jointly contracted to purcha
Par $100. "Michigan Investor" of Detroit
se and are
on Oct. 30 said: "Of the new offering at 102 and divs.
stock, $6,000,000 will be distributed
$1,500,000 of the 7% Cumulative
shares for one, capital account to be to present stockholders pro rata six Convertible pref.
stock, if, as and when issued, of Hupp
reimbursed from the surplus fund.
Detroit brokers report offers of $300 a share
for the new capital stock, which Motor Car Corporation,
would make the value of present shares
just incorporated
$2,100 each. The stock dividend, to take
when distributed, will be the second 600% distrib
over the business of the Hupp Motor in Virginia
ution of stock made by
the company, to its shareholders, the earlier
Car Co.
payment in 1912 having atDigest
tended the operation of increasing capital
Capitalization Hupp Motorof Bankers' Circulars.
stock of
Car Corp.000 to 81.0(10,000.") Besides the cash dividen the company from $125,- 7% cumulat
Authorized. To be Issued.
ive convertible preferred stock
d of 50%, amounting to
$500,000, paid to its stockholders Oct. 13
$1,500,000
$1,500.000
its stockholders cash dividends earlier thisthis year, the company has given Common stock
* Of
5,000,000
below), or in all, $1,000,000 in cash for year aggregating 50% (see table version the authorized common stock $1,500,000 *6,500,000
is reserved for the conof the preferred stock.
the first ten months of 1915.
Approx. Number of Motor Cars Reported Produce
The pref. stock is convertible into an
d (Business Started in 1904). the option
equal
1910.
1911.
of the holder at any time prior to amount of common stock at
1912.
1913.
1914.
1915. 1916 (Est.)
Jan. 1 1919, and is thereafter
1,200
redeemable by the corporation at 120%
2,400
6,500
11,000
16,000
of
24,000
40,000
debentures or stock ranking prior to or pan par and divs. No bonded debt.
Through agreement with Henry Ford,
i passu with this pref. stock
the company has the sole sale of be issued except with the consent
Ford products in Canada and the British colonie
may
of the holders of
India, British South Africa and New Zealand s, which includes Australia and 75% of the common stock outstanding. The 75% of the pref. stock
. It does not, however, sell year after 1918 devote $100,00
corpora
in the British Isles.
0 of its annual surplus ortion must each
net profits to
retiring pref. stock which may not have been
converted into common stock
Surplus Account for Year ending
at that time.
Profits for year, $3,202,458; surplus, balance Sept. 30 1915.
It is understood from the statement of the present
, Sept. 30 1914,
$3.827,342
Hupp Motor Car Co.
$7,029,800 that the new issue of pref. stock after the completion of the sale
Dividend paid April 5, $150,000; May 1, $150,00
above and the incorporation of the new company,
referred to
will be secured by assets
and paid. June 8, $100,000; Sept. 1, $100,000; total0; declared
500,000 aggregating nearly twice the amount of the pref. stock.
Statements Summarizedfrom Letter Oy J.Walter Drake,
Sept 30 1915 net balance to credit of surplus account
Pres.Hupp Motor Car Co.
All of the buildings are modern and
$6,529,800
BALANCE SHEET SEPT. 30 1915.
the most improved labor-saving type. all manufacturing equipment is of
Assets
-Cash, $2,609,998, and accounts receivable, $1,027,
plant of the American Gear & Mfg. Co. The acquisition of the Jackson
(whose capital stock was
573: total
acquire
$3,637,571 completd under contract of purchase) will enable the company torecently
Prepaid expenses. &c., $178,168; stores accounts (home
control
ely its axle manufacturing facilities.
office),
$1,178,676 (branches), $470,402; total
1,827,246
Annual Net Earnings of the Two Compani
Plant accounts (a) Home office in Ford City, Ont.,
es.
increase for
year, $867,998, real estate being now $188,544;
1914.
1913.
1912.
Hupp Motor Car Co
1911.
fixtures, $1,075,743; machinery. $732.014; powerbuildings and
$444,384 $739.019 $297,513 $418,42
Am. Gear & Mfg. Co
7
968; remainder electrical and factory equipment. plant, $230,For the last six months, in spite of 100,728 129,715 -$175,3402,743,112
the rapidly expanding manufac
(b) Branches Toronto, Montreal, London and &c
Winnipeg, &c.. 974,479 facilities, pressing orders for immediate
turing
snipme
60 days ahead of production. A conservative nt have been at all times
Total assets
estimat
$9,182,408 year 1916 is 20,000 cars, which can be sold without e of the sales for the
Liabilities
-Accounts payable, accrued pay-roll, dealers
substantially increashig the sales expense. The combined
' contract, contract rebates, &c
earnings of the two companies for
1915 are estimated at not less than
$1,213,318
Reserves (bad debts, $1,946; depreciation
$550,000. The net earnings for the
of plant, $273,939;
year 1916 conservatively estimated after
unearned profits, $163,404), total
the application
439.289 and with the increased production and other facilities, of the new capital
Capital stock, $1,000,000, and surplus,
should be $800,000
$6,529,800; total
7,529,800 to $1,000,000.-V. 101, p. 1717, 1631.
Total liabilities
Insurance Exchange Building Corp.
$9,182,408
, Chicago.-Pref.
-John Burnham & Co., Babcock, Rusht
Guggenheim Exploration Co., N. Ir.-Liquidation Stock Offered.
on &
- Co. and King, Farnum &
Deal 1Vith Kennecott Copper Corporation.
-Secretary C. K. 103 and div.,$1,250,000Co., all of Chicago, have placed, at
Lipman in circular of Nov. 22 says in substance:
7% cum. pref.(p.
value $100. Redeemable in whole but not & d.) stock, par
For some time your directors have had
in part prior to
bility of liquidating the business and of under consideration the advisa- Nov. 1 1925 at 110, and therea
distributing the assets among the
fter in whole or part at 110.
stockholders. The most valuable single
investment consists
Dividends
Q.
-M. Central Trust Co. of Illinois, transfe
of 404,504
shares (84.045,040
-par $10 a share)
r agent; First
per Co. [total amount outstanding of the capital stock of the Utah Cop- Trust & Savings Bank, registrar.
$16,244,9001. Your directors deem
Capitalizationimpracticable to'dispose of this large
it
Authorized. Outstand'g.
block in the open market at its fair 1st M. 5% bonds of 1910, due $75,000
value, and unwise to distribute
yearly on
Nov. 1 1915 to 1924 and $3,250,000 Nov. 1
likely to result in a substantial it among the stockholders under conditions
1925;
shrinkage
interest M.& N. at Chicago
per Corporation now proposes to purchasin values. The Kennecott Cop$4,000,000 $4,000,000
e this entire block, giving in ex- 7% cumulative preferred stock
change therefor 136 shares of its own
,
2,000,000
1,250,000
stock (no par value) for each ($10) Common stock
share of the Utah Copper Co. stock
2,000,000
2,000,000
owned by your company. The Kennecott Copper Corporation is perfecting
Digest of Letter from V.
-P. & Treas. Ernest R. Graham, Sept. 14 1915.
which will purchase from your compan arrangements with a syndicate
Property.
y the requisite number of shares of recent law -Previously operated under a trust, but now organized under a
the Kennecott Copper Corporation
of the Illinois Legislature. Owns
stockholders will be enabled to elect received by it, whereby our several 800,000, and the modern fire-pro buildin both the site, valued at $2,g
proportions of the proceeds of the salewhether they desire their respective ance Exchange Building, located of Jackson thereon, known as the Insurin the shares of the Kennec
Boulevard, Sherman St. and
at
per Corporation, or in cash
ott Cop- 5th Ave., Chicago, frontage
Utah Copper Co. so sold. at the rate of $75 per share for the stock of the pleted in 1912, is 21 stories inabout 200 ft. on each street. Building, comheight, housing a large number of the importThe Kennecott Copper Corporation was
ant fire, accident and liability insurance compan
the laws of N. Y. State. It has issued organized on April 29 1915 under Chicago, being the recognized headquarters of ies and agencies located in
these companies. In most
nominal or par value. Its present capital720,000 shares of stock, without cases holds 30
-year leases with them divided into 10
-year
is fixed at $6,000,000. On May value of properl
27 1915 it acquired the mining claims and
y, estimated at 87,500.000; allowing for periods. Total
property in Alaska known as 1st M. bonds,gives
the
the Kennecott Mines, and shortly thereaf
to the $1,250,000 pref. stock an equity of $4,000.000
ter there was conveyed to it the
$3,500,000.
mining property in Alaska formerly
Earnings Based on 'Capitalization of New Corporation
belonging to the I3eatson Copper
These constitute copper producing
Averaging over 2%
Co.
Times the Preferred Dividend.
uable mineral deposits have been properties, upon which extensive valYears ending April 301912-13. 1913-14. 1914-15.
been in progress on these propert developed. The extraction of ore has
ies
several years past. The Kennecott in constantly increasing volume for Gross income
$648.613 $721,664 $739,442
395.735
ing an issue of $10,060,060 1st M. Copper Corporation has now outstand- Net income
427,191
447,915
6% 10
-year gold bonds, convertible into Int. on 1st M. bonds and coupon expense
200,000
stock in the ratio of 40 shares
200,000
200,618
floating debt except for currentof stock for each $1,000 bond. It has no Pref. diva., 7% on 31,250,000
87,500
87,500
87,500
liabiliti
copper already sold (V. 100, p. 1922, es, and for advances made against 1% for pref. stock sinking & reserve fund
12,500
12,500
12,500
The Kennecott Copper Corporation 2013)•
Balance, surplus income
proposes (see that co.
it can do so on fair terms, to
$95,735 $127,191
acquire additional properties andbelow), if
For the current year the earnings are estimated at over three $147,297
rights, and to that end contemplates
property
times the
an
which are to be issued without nomina increase of the number of its shares, preferred dividend requirements, a number of new leases having been made
l or par value,from 720,000 to
with others
1
000 shares, and of its capital from
3,000,- since May of 1915,Stock Issue.under negotiation.
$6,000,000 to $15,000,000.
Purpose
Pref.
-Tho 81,0100.000 2d M.6% bonds of 1910.
Intended Application of the 2,280.0
due Dec. 11915, are now to be
(1) To purchase the 404,504 shares00 New Shares of Kennecott Copper Corp. and an additional $250,000 is replaced with $1,000,000 of this pref. stock,
issued as
by Guggenheim Exploration Co of Utah Copper Co.stock owned
property. The balance. $750,000, of thepart of the purchase price of the
authorized pref. stock is issuable
(2) To purchase from the owners thereof
the stock,convertible bonds606,756 solely to retire a like amount of the 1st M. bonds which are due annually,
and convertible debentures
$75.000 each, Nov. 1 from 1915 to 1924, both inclusive.
(3) To purchase from Alaskaof Braden Copper Mines Co.
800,000
Pref. Stock Sinking and Reserve Fund.
Syndica
-The
$100,000 must be destanding capital stock of Copper te (a) Entire $4,817,400 outposited with the Central Trust Co. of Illinois sum of, before any
trustee
dividends
(b) all of its $23,020,000 5% 50 River & N. W. Ry. Co.. and
can be paid on the common stock, and to this,must be added annuall
-year
y
capital stock of the Alaska S. S. Co. gold bonds: (c) $1,300,000
earnings an amount equal to 1% of the outstanding pref. stock until from
(par $100 a share) out of a
such
total authorized outstanding stock
sinking and reserve
of
(4) To retire the 810,000.000 convert $3,000,000 (V. 100 p. 1348)200,000 commencing Nov. 1 fund shall have reached $250,000. For 15 years.
1926, there shall also be added to said fund from
ible bonds of Kennecott Copper Corporation
earnings an additional $50,000
in all $750,000, for
400,000 of retiring and canceling pref.yearly,or bonds. At the the solo purpose
stock
end of 25 years
NOT. 27 1915.]
THE CHRONICLE
there should, therefore, be outstanding of mortgage debt and pref. stock
only $4,250,000, against a present valuation of $7,500,000.
Dividends on Common Stock.—None can be paid unless annual net earnings are twice the pref. dividend requirements nor until the sinking and
reserve fund requirements have been met.
General.—There is no floating debt beyond current accounts and no new
mortgage debt may be created nor can the pref. stock be increased above
$2,000,000, except with the consent of 75% of the preferred stock.
The pref. stock has no voting power, but in case of default on two quarterly dividends on the pref. stock, said stock will have sole power to elect
directors until such default is made good.
-P. & Treas. Ernest R. Graham, Sec.
Directors.—Pres. Max Pam, V.
Harry B. Hurd; and Charles G. Dawes.
International Mercantile Marine Co.—Deposit of Common Stock.—The committee of holders of common stock
announced last week (p. 1717), John W.Platten, Chairman,
invites the holders of said stock to unite for the proper determination of their rights and the protection of their interests by depositing their certificates, duly stamped and endorsed, with the U. S. Mtge. & Trust Co., 55 Cedar St.,
N. Y. City, as depositary. See adv. on another page.
Chauncey H. Murphey, 55 Cedar St., N. Y., is Secretary
to the committee.—V. 101, p. 1717, 1631.
Janesville (Wis.) Electric Co.—New Mortgage.—
1811
(3) All the stock and bonds of the Copper River RR.,located in Alaska.
and 13,000 shares of the capital stock of the Alaska Steamship Co.
(4) To retire the $10,000,000 convertible bonds of the Kennecott Copper Corporation.
Of the new shares of stock to be issued, 606,756 shares will go to the
Guggenheim Exploration Co. (see that company above) for the Utah stock
now owned by it, 800,000 shares will go to the present holders of securities
of the Braden Mines Co.if all of those shares are taken in; 400,000 will be
required to retire the Kennecott convertible bonds, and 200,000 shares
will be applied to the purchase of the Copper River RR. and the Alaska
Steamship Co. See Guggenheim Exploration Co. above.
The holders of Kennecott bonds, Utah stock and Braden
bonds and stock as above stated are offered either cash or
Kennecott stock. To provide the cash, in the event of its
being needed, the Kennecott corporation has arranged for
the organization of a $65,000,000 underwriting syndicate,
with A. B. Hepburn and W. B. Thompson as managers.
The earnings have been large, approximating, it is stated, about $1,000,000 a month, and the ore reserves have been increasing steadily. It Ls
understood, however, that the directors feel that, as the property largely
consists of vein mines at Kennecott, an even greater stability can be assured
by the acquisition of shares of mining companies whose proved ore bodies
will assure earnings to the Kennecott company for the long future. It is
also thought that the purchase of the transportation facilities is wise at this
time, because these facilities are essential to the marketing of the company's
output, while the earnings of the two properties are such as to give promise
of a handsome return upon the proposed investment.—V. 101, p. 1717.
A new mortgage has recently been made to J. G. Rexford and W. S.
First & Refunding
5%
Jeffris, as trustee, to secure not exceeding $1,000,0001915, and due serially
Louisville (Ky.) Gas 85 Electric Co.—Div. Increased.—
gold bonds of $500. each dated July I
Mortgage
A quarterly dividend of 134% has been declared on the S10,803,000
mortto 1945, but subject to prior redemption at 102 and int. Under the
6%'pref. stock, payable Dec. 20. With 2% due from last year, 3 % reby
certifdbn
100, p. 1835. 1441.
gage30,02 bind 1g
with
placed in
theVstOf the bi182ju/aresnd First mains unpaid.—V.
$150,000 5%
Maxim Munitions Corporation, N. Y.—Prospectus.—
Bank oJansville to retire at or before maturity placed locally
been
Pres. Maxim announced on Nov. 20 the sale of $2,000,000 treasury stock
bonds issued in 1902, due Oct. 1922, and $150,000 have
Edgerton Electric Light
at par and int. The merger of the property of thethat property under the to a New York syndicate.
Co. is in process and will be completed, bringing
Digest of Prospectus Dated Nov. 1 1915.
as follows:
new mrotgage. There is no sinking fund. Bonds mature serially
1920, both incl.; $6,000
Organization.—Incorporated in Delaware on Aug. 24 1915 with a capital
$3,000 each year for 5 years, July 1 1916 to July 1both incl.; $3,000 July 1 stock of 1,000,000 shares, par $10 each, full paid and non-assessable.
each July 1 for the next 22 years, i. e., 1921-1942,
bonds now in escrow
Acquisitions.—Formed to take over the important inventions of Hudson
1943 (making a total of $150,000). The $150,000
Maxim in aerial torpedoes, bomb-throwing devices, aeroplane guns, immature July 1 1945.
stock $300,000, in $100 shares, all outstanding. Tres., M. G. provements in range-finding guns, position indicators to show constantly
Capital
the geographical position of submarines and other vessels, improvements
Jeffris; Sec. & Treas., P. H. Korst, both of Janesville, Wis.— .100,p.58.
in periscopes, also the rights to all Mr. Maxim's future inventions in ordJewel Tea Co., Inc.—Pref. Stock.—Lehman Bros. and nance. Is now manufacturing the automatic machine gun, a weapon in
Goldman, Sachs & Co., . Y., announced on Nov. 22 that the greatest demand. Has also acquired title to the superior "Brown AirCooled Shoulder Machine Rifle," a weapon which will fire approximately
advance subscriptions for the block of 7% cum. pref. stock 200 shots a minute from the shoulder, and which weighs, when equipped
which they offered privately at 983/ and divs. had largely with bayonet and gun-sling, no more than the ordinary rifle.
Technical Organization.—Headed by President Hudson Maxim; Edward
exceeded the amount available. A block of the common of- H. Heckert, General Manager, who has an organization embracing over 400
fully experienced in the manufacture of machine guns
fered by the same bankers at 55% was also largely over- first-class mechanics,Angel, Assistant General Manager, recently Captain,
and rifles; Lawrence
subscribed.
U. S. A., and particularly qualified as to machine guns; John Hamilton
under Brown, consulting engineer, who has made a life study of ordnance of all
Capitalization of Proposed New Co., Probably with Above Name,
New York or Other Laws.
descriptions, and is the inventor cf the Brown air-cooled shoulder machine
rifle, the Brown wire-wound gun, &c.; Edwin B. Hotchkiss, Chief Engineer.
Preferred stock (par value $100), 7% cum. pref., dividends
$4,000,000 who has had many years' experience in the general business and techincal
-J.
payable Q. (No. 1 payable April 1 1916)
12,000.000 management of concerns prominent in furnishing equipment of machines
stock (par value $100)
Common
Data from F. V. Skiff, Pres. Jewel Tea Co.(Ill. Corp.), Chic. Nov. 22. and special tools for well-known arms companies in Europe. J. S. Conradi.
History.—Business started about Jan. 1899 with about $70() capital. Supervising Engineer, an expert in mass production and for the past 28
Early in 1900 Mr. Ross, our present Secretary and Treasurer, bought into years, has been actively engaged in the manufacturing of ordnance on a
the business. In 1904 we incorporated under present name, authorized very large scale; Hiram Percy Maxim, Consulting and Supervising Engineer,
capital 825,000. In 1906 and 1910 stock dividends of $75,000 and $400,- the inventor and manufacturer of the Maxim silencer.; Louis W. Jordan,
000, respectively, wore declared, increasing the capitalization to the Master Mechanic, who formerly held this position with the Birmingham
present S500.000. The present net assets of about $3,500,000 therefore Small Arms Co., Birmingham, Eng., is an expert gunsmith with 30 years'
represent accumulated profits and to these there is to be added through experience; George H. Graham, in charge of the mechanical drafting dethis sale of pref. shares an additional $1,000,000 cash capital, making total partment, is a patent expert, thoroughly familiar with the construction
tangible net assets about $4,500,000. Main office and plant in Chicago, and operation of machine guns for many years, and particularly with the
but within the year we have extended our business to the Eastern States, Maxim automatic. The company has also secured the services of an adand therefore plan to lease a 12-story building in or near Greater New visory board of eminent experts.
York, as our main distributing station.
Has purchased a large manufacturing plant (with 6 acres of land) at
The company's business is selling coffee, tea, baking-powder, soap and New Haven, Conn., located on the main line of the N. Y. N. H.& H. RR.,
certain like articles, of the highest grade,direct to the consumer from wagons. and well adapted to the work at hand. [Property heretofore owned by
From our headquarters we ship directly to about 400 "branches"(some 70 of Fuller Mfg. Co.,] with a large amount of machinery already installed.
Officers.—President, Hudson Maxim; V.-Pres. and Gen. Mgr., Edward
these being stores), from which our wagons, in turn, sell and deliver goods
to the customer. At present, we cover over 10,000 different routes, and do H. Heckert; V.-Pres. and Treas.. Robert Sweeny; V.-Pres. and Asst. Gen.
business in nearly all the principal cities from the Pacific Coast to and Mgr., Laurance Angel; Secretary, Esmond P. O'Brien; Transfer Agent
including the Eastern States, excepting New England. Within the last and Registrar, U. S. Corporation Co. Office of company, 120 B'way, N.Y.
six months we have started business in Eastern Pennsylvania and Eastern
[Mr. Maxim was quoted on Nov.20 as saying that an order for 30,000,000
New York and expect shortly to serve the New England States. We sell cartridges had been signed and an order for Maxim automatic guns was to be
directly to over 1,000,000 customers own brands, being, I believe, the closed shortly. The company has no connection with Sir Hiram Maxim
largest retail distributor of coffee and teas in the world. We import, of London, the original inventor of Maxim guns.]
blend,roast and pack all our coffee. Coffee and teas make up about 80% of
souices are less than
Minneapolis (Minn.) Gas Light Co.—Bonds, &c.—
our business; 60% of it is cash. Losses from allcapital will be
of 1%. Part of the $1,000.000 additional cash New England used to E.H.Rollins & Sons are placing an additional block of 1st M.
the
States.
cover closely New Jersey, Eastern New York andin any city
entered. The 5% gold bonds of 1903, due Feb. 1 1930, but all red. at 105
We have never yet failed to operate profitabley
present managers, who have developed the business, will retain a majority and int. on any interest date. A circular shows:
of the common stock, and continue as active managers and directors.
Total authorized $10,000,000, of which $6,418.000 are outstanding. Of
The employees number 2,425.
The new company will have net tangible assets, including the additional the $7,554,009 bonds issued. $717,000 have been retired by sinking fund and
working capital above all obligations, of over $4,500,000, of which about $419,000 are held in the treasury. The remaining $2,446,000 may only be
$4,000,000 are quick assets. There is no mortgage or funded debt except Issued under supplemental indenture, up to 90% of cost of additions and
Jan. 1919.
times the annual
a real estate mortgage of $5,500, dueand letters of No current indebtedness improvements, provided the annual net earnings are 1
credit, for importations. interest, including bonds proposed. For bonds 1001 to 3868 (which do
except its monthly merchandise bills
not include the bonds now offered) a supplemental indenture requires the
Results for Calendar Years (Nov. and Dec. 1915 Estimated),
1909.
1914.
payment of $147,000 yearly 1911 to 1930 to a sinking fund, to retire bonds
1915.
and int. Including the bonds already can$1,737,000 $6,313,287 $7,750,000 in numerical order at 102
Gross sales
celled, this sinking fund should retire $2,868,000 of the bonds before the
Net earns, after allowing for the savfinal maturity.
due to $1,000,000 new
ing of int.
[Not stated]
958,700
1,100,000 Earnings for 12 Months ended Sept. 30 1915 (Net Over 2% Times Bond Int.).
capital
$318,150
$2.084.293 hilt, on 1st M. bonds
Charter Provisions.—(a) Without consent of at least 75% of each class Gross earnings
the company cannot mortgage nor increase the Net (after taxes)
$830.8651 Surplus for sk. fd. and divs_S512,715
of stock given separately,
stock. (b) All, or any
pref. stock nor issue any prior pref. at option of board, onpart, of the pref.
features, extending to
Has an exclusive franchise, with no burdensome
90 days' notice,
time,
stock may bo redeemed at anybeginning on or before July 1 1917 the com- Feb. 24 1930, at which time the city has the right to purchase the property
at 125 and divs. (c) Yearly
at not over $125 per share at its fair value as a going concern. Exclusive character sustained by the
shall, out of surplus profits, call or purchase,
pany
amount of pref. stock at any time out- courts of Minnesota. Property includes a coal and water-gas manufacturand diva., at least 37 of the largest
on the common stock until ing plant, with a daily capacity of 10,000,000 Cu. ft., holders' capacity
As of Oct. 11915, 75,055 cusstanding. (d) No dvidend shall be declared dividends, current and
all pref.
ac- 9,000,000 cu. ft., and 532 miles of mains.
(1) provision shall have been made for
acquisition of pref. stock; (3) a surplus of tomers were being served, compared with 53,165 on Nov. 11910. Business
cumulated; (2) all arreats for paying in excess of 6% per annum for any 440,480,000 cu. ft. in 1900, 2,Z45,000,000 Cu. ft. in 1915. Gross earnings
$500,000 and $1,000,000 before will have no voting power as to the elec- $541,802 in 1900, $2,084,293 in 1915, notwithstanding reductions in rates
one year. The preferred stock
in 1900 to 85 cts. in 1910 and 80 cts. in 1915. Capital stock,
tion of directors or amending tho by-laws unless and until two quarterly from $1 30 and issued, $800,000.—V. 98, p. 1248.
dividends thereon shall be in default; in which case said voting power shall authorized
stock until all defaults have been made good.
vest exclusively in the pref.
Power Co.—Common Div. Increased.—
%
A dividend of j has been declared on the $27,133,330 common stock.
Kansas Electric Utilities Co.—New Company.—
to holders of record Dec. 15 1915, comparing with M %
This company, recently incorporated under the laws of Kansas, has payable Jan. 3 1916 Oct. 1915.—V. 101, p. 1631, 1016.
$1,750,000 and an equal amount from April 1913 to
authorized capital stock (all common) of
of 5% 10-year 1st M. bonds have been authorized. On Nov. 9 1915 the
Morris Canal Co.—Property Held Taxable.--:-issuing of $400,000
P. U. Commission of Kansas has authorized the is proposed that theof the
The U. S. Supreme Court on Nov. 15 unanimously sustained the decision
coincommon stock and $1,150,000 of its bonds. It
Jersey
favor of the
the Parsons Rail- of the Court of Errors and Appeals of New Jersey in the canal onNewground
the
pany shall take over in fee the properties now owned by& Light
Tax Board, upholding the right of the State to tax
Railway
way & Light Co., Parsons, Kan.; the Emporia Lawrence, Ran. Co., Em- that the tax-exemption clause contained in the charter lapsed when the
The conporia, Ran.; Lawrence Railway & Light Co.
canal ceased to be used for navigation purposes and was leased to the railhas been secured.
sent of the Kansas P. U. Commission of these transfers
The case, it is said, involved taxes amounting to about $900,000
Principal officers: Albert Emanuel, Dayton, O.; President; Irving Hill, road. the company to the State under protest.—V. 93, p. 1195.
to paid by
[Up
A. Pettit, Dayton, 0.,
Lawrence, Kan., V.-Pres.; L. actually begun business. Treas.
Newspaper adcompany had not
Nov. 15 the
New York State Steel Co.—Plant Sold.—
vices speak of the Cont. & Comm. Trust Co. of Chicago as prospective
James S. Thompson, Chairman of the bondholders' committee, anWilliam H.
trustee.]
mortgage
nounces that the plant of the company had been purchased byrepresenting
Donner of Philadelphia. President of the Cambria Steel Co.,
Kennecott Copper Corporation.—New Stock, &c
Cambria Steel Co. interests. Press reports say that the price paid has not
It is understood that a special meeting of the stockholders been officially stated, but it is understood to be $2,750,000, of which
$2,500,000 will be in 5%
is being called to increase the capital stock from 720,000 shares itself.—V. 98, p. 1697. bonds, secured by first mortgage on the plant
.
value,to 3,000,000 shares of no par
National
&Montana
of stock,having no par
of stock is
value. The purpose of the increaseBraden Copperto acqiure:
Mines Co.
of the
(1) The stock and convertible bonds
(2) 404,504 shares of the capital stock of the Utah Copper Co.
Old Dominion Co. of Maine.—Extra Dividend.—
A quarterly dividend (No. 32) of $1 50 a share (6%) with 50c. extra
has been declared on the $7,500,000 stock, payable Dec. 31 to holders of
1812
THE CHRONICLE
record Dec. 15. In Sept. 1915 $1 50 (6%) was paid. (See V.101,p.850.)
The Old Dominion Copper Mining & Smelting Co. has declared
dend of $2 per share on the $4,050,000 stock (par $25), payable a diviat
same time, comparing with $1 50 3 months and $1 6 months ago. the
The United Globe Mines, all of whose 23,000 outstanding
owned by the Old Dominion, has declared a dividend of $12 shares are
per share.
comparing with $6 3 months ago.
-V. 101, p. 1096, 850.
Pacific Light & Power Corporation.
-City's Plans.
-
See Los Angeles in "State and City" Dept. on a subsequent page, and in
V. 100, p. 2025,and V.99, p. 1766.-V. 100. p. 2172, 1597.
Pennsylvania Salt Mfg. Co., Phila.-Status.--
President Joseph Moore Jr. on Oct. 5 was quoted as saying:
"Our offices will be moved to the Widener Building late this month.
Dr. George Pales Baker has been elected a director, representing large
interests. The business has been excellent since early summer, in all our
products generally and not in any special line.
"I regret to see a statement that an increase of the dividend is expected
at the next period. In my judgment such action would be very unwise in
view of our present financial position, its problems and needs,.as well as
the fact that we have $1,500,000 notes outstanding which should be paid.
It is my conviction that the stock is selling high enough for the present.
What it may be worth two or three years from now will depend upon the
intervening time. I think its future will be bright, if the finances are conservatively handled. The prevailing temper of the stock markets of the
country is dangerous."
-V. 100, p. 2014.
Pierce Oil Corporation.
-Notes Sold.
-
In view of the company's increasing business the directors have authorized the making of certain improvements which will be paid for in part
out of earnings and in part from the proceeds of an issue of $2,000,000 5
-year
67 convertible notes, which has been sold to Ladenburg, Thalmann & Co.
°
and Hayden, Stone & Co. Compare annual report in V. 101, p. 45.
Remington Typewriter Co., N. Y.
-Financial Plan.
The plan briefly referred to last week is outlined in circular
of Oct. 29, signed by Secretary George K. Gilluly, substantially as below shown. The holders of a majority of the
common stock and of more than 75% of each class of preferred, we are informed, have agreed to participate.
Purpose.
-On Jan. 15 1916 $4,300,000 outstanding notes will fall due.
To retire these maturing obligations and provide such additional working
capital as an increased business may require, the directors have considered
it wise to place bonds in such an amount as shall enable the company to
meet its present requirements as well as provide for future needs.
Convertible Bonds.
-It is proposed to create an issue of $7,500,000 serial
bonds, the present issue to be limited to $5,500,000. The bonds aro to
bear interest at the rate of not exceeding 6% per annum, payable semi-annually, the entire amount to become due and payable not later than 10
years from their issue, but issuable if desired in several series due in different years, but all equally secured by a first mortgage or deed of trust covering the real property, patents and corporate franchises of the corporation.
The company is to have the right at any time before conversion into pref.
stock, as hereinafter stated, to call in and retire said bonds, in wholeor in
part, at a premium of 24%.on notice. The reserved bonds may be
issued under restrictions. (See also V. 101, p. 1718).
Each holder of bonds is to have the right to convert the same into 7%
first pref. cum.stock at par, on 90 days' notice before their maturity, in the
manner provided by the mortgage. The company, however, is to have the
right to call in and retire such stock, or any part thereof, at $110 per share
and accumulated dividends, on giving 90 days' notice.
Surrenaer of Common Stock.
-It is proposed to underwrite said bonds and
to bring strong financial interests into the company, and for that purpose
stockholders will be required to contribute common stock to an amount
of at least $1,000,000.
Voting Trust.
-In order that the future management may be fixed, it is
proposed to form a voting trust of five members, two selected by the company, two by the underwriters and one by the persons so named. The voting trust will continue for five years and for such further period (while any
bonds are out) as may be legal.
Security for Bonds.
-The bonds will be a first lien on real property, buildings, equipment, &c., owned by the corporation, valued at more than
$4,700,000. and will be protected also by current assets, comprising merchandise on hand, accounts receivable and cash, as shown by the consolidated balance sheet June 30 1915, of more than $10,025,000; total, $14,725,000. The amount realized from the sale of said bonds should enable
the company to pay its entire indebtedness, provide working capital and
leave only said $5,500,000 bonds outstanding.
Average Annual Income Available for Interest Before and After Readjustment
of Inventory-Results for Half
-Year 1915.
Before.
After Readj.
Average annual earnings for the four years 1910 to
1913 inclusive, available for interest payments, •
after providing for depreciation of plant, equipment, &c., amounted to
$1.429,806 $1,260,562
Average annual earnings as aforesaid for 5
-year
period 1910 to 1914
1,200.256
1,050.103
Net earnings for the six months ending June 30 1915 (notwithstanding the disorganized industrial conditions in this country
and abroad) available for interest payments, after providing
for depreciation of plant, equipment, &c., amounted to
359,128
In the balance sheet as of Dec. 31 1914 (V. 100, p. 1254), a readjustment
of inventories was made in the aggregate amount of $1,639,816. If the
proper proportion of this amount be charged to the years 1910 to 1914, the
average earnings would be as above shown "after readjustment."
Since Dec. 31 1914(V. 100,p. 1254) conditions have so far improved that
,
the company is at the present time far behind its orders, and the present
earnings show a large surplus after the payment of interest on the indebtedness proposed to be funded.
Company's Cash Statement on Sept. 30 1915.
In home offices and banks
$266,322
On deposit in foreign banks at normal rate of exchange, and covered by certificates of deposit heretofore issued, bearing int_
477,607
In New York banks, ctfs. of deposit on account of insurance fund
26,000
In domestic branch office banks
28,981
In foreign branch office banks, at normal rate of exchange
302,502
Total of cash and cash items, amounting to
$1,101,412
On Nov. 1 the company will receive in final payment on account of sale
of a portion of its real estate not required in connection with its business the
sum of $162,000,which,added to the cash items, will make that figure $1,263,412. The real estate and plant will be reduced accordingly by $162,000.
Management.-Since the death of Mr. Seamans the chairmanship a the
board has remained vacant. Lorenzo Benedict, President of the Worcester
Salt Co. and one of our largest stockholders, has been elected Chairman.
John W.Earle, owing to serious illness, tendered his resignation as President
and has been succeeded by Gen. Mgr. Frank N. Kondolf, who the directors
consider the ideal man for President. (V. 101, p. 1276.)
Essentials to Success of Plan.
-These are:(1) That stockholders shall subscribe and take at par approximately $1,800,000 of the proposed bonds,
payment therefor to be made 25% Dec. 1, 25% Dec. 15 and 50% Jan. 3
1916. (2) That stockholders shall surrender as a contribution to the fund
mentioned in the plan at least $1,000,000 of their common stock. (3) That
stockholders shall place their stock in a five-year voting trust, to assure the
future management. (4) That stockholders shall consent to the execution
of a mortgage to secure said bonds.
The plan has been approved by large stockholding interests and the directors already have subscribed personally for over $600,000 of the bonds.
-V. 101. p. 1718.
Sacramento (Cal.) Gas Co.
-Bonds Offered.
-E.H. Rollins & Sons are placing at par and int. the initial issue of
$400,000 1st M.6% serial gold bonds dated Oct. 1 1915 and
due serially on Oct. 1 from 1917 to 1940, both incl.
Due $5,000 yearly 1917 to 1921, $10,000 yearly 1922 to 1924, $15,000
yearly 1925 to 1939 and $120,000 in 1940, but subject to call all or part
on any interest date at 103 and int. Interest payable A.& 0.In San Fran.
and N. Y. Denom. $100. $500 and $1,000 (c5). The $100 and $500
bonds mature in 1940. Company has declared its intention to pay the
coupons without deduction for the normal Federal income tax. Trustee,
Anglo-California Trust Co.. San Francisco.
[vol.. 101.
Digest of Letter from Pres. George W. Peltier Sacramento Nov.
1.
Organization.
-A California corporation, in successful operation since
1897, generating and distributing gas for domestic and industrial
purposes,
particularly for cooking and heating, in city of Sacramento and town of
Lodi. Population of communities served estimated to exceed 80,000.
CapitalizationAuth.
Outst'd'a.
Capital stock (par value $50)
$500,000
These First M.6%,a first lien on entire property__ _1,500,000 $429,100
400,000
Earningsfor 12 Mos.ended Aug.31 1915(Net 2.6 Times Present Int. Charge).
Gross earnings
$130,079 Interest on these 1st 6s_ _ _ $24,000
Net, after taxes
$62,505 Balance, surplus
$38,505 Bond Issue.
-The proceeds of these $400,000 1st M. 6s will be used
retire the present bonded and floating debt, totalling about $300,000, to
and
for permanent additions. The $1,100,000 escrow bonds may be
not to exceed 75% of the cash cost of permanent extensions and issued for
additions
made after Aug. 1 1915, provided the annual net earnings are 12% of
the
amount of all bonds outstanding and those proposed.
In addition to retiring $280,000 bonds serially, 1917 to 1939, the
company, beginning May 1 1916, must pay to
trustee
fund in cash, or bonds at par, equal to 13 theof the an annual sinking
,
6%
bonds issued
$400,000; said cash payments to be used in purchasing or calling any above
of the
bonds other than those due serially prior to
set aside 10% of its gross earnings each year 1940. The company will also
as
ment fund, any unused balance to be annually a maintenance and replaceexpended on new construction for which no bonds are issuable.
Franchises construed as without time limit in both
Sacramento and Lodi
under constitutional rights; company also owns
City extending to 1947, Sacramento Co. to 1959franchises in Sacramento
Property.
-Up-to-date generating plants for the and in Lodi to 1956.
gas in Sacramento and Lodi and eight natural gasmanufacture of artificial
wells
territory, together with over 60 miles of distributing in the Sacramento
mains
cities, serving over 6,500 customers. Considerable additional in the two
business will
result from extensions to be built from the proceeds of
Sacramento has three modern oil gas generator sets withthese bonds. In
a daily capacity
of 5C0,000 cu. ft. and holder capacity of 585,000 cu. ft. The
average sales
for the past year have been about 340,000 Cu. ft. per day,
supplemented by
eight natural gas wells, which average daily 240,000 Cu. ft., the
mixed gas
affording a high heat unit value. At Lodi has a daily gas-manufacturing
capacity of 200,000 Cu. ft.
-five times the present demand.
Physical property as appraised has a reproduction value of over
$800,000,
excluding going concern value, and after deductions for depreciation
to
date, a net value exceeding $700,000.
Territory.
-Sacramento, the fourth largest city and capital of California,
is on the Sacramento River at the head of navigation for large
steamers,
about 90 miles from San Francisco. It is the business and distributing
center of Sacramento Valley, which is about 250 miles by 50 miles.
Leading business of city fruit canning and packing, flour milling,
agricultural
implements, brick making, pottery, harness making, c. City's
Census
population, 29,282 in 1900, 44,696 in 1910; at present
eluding territory
annexed since 1910, is estimated to be 76,000. Lo
as a population
estimated as 4,400, is located about 40 miles south
5lacramento. In
Lodi the company manufactures and sells artificial ga
ithout competition, but Sacramento is also served by Sacramento Electric,
Gas & Ry. Co.
Management.
-Principal owners and the
mento and instrumental in the growth of managers are residents of Sacrathe enterprise.
Saxon Motor Car Corporation.-Reincorporation.
-Merrill, Lynch & Co. of New York and Detroit, as syndicate
managers, in circular dated Nov. 22, say in substance:
A new $6,000,000 company (the Saxon Motor Car
Corporation, incorporated at Albany, N. Y., Nov.24 1915 with $6,000,000
of authorized capital stock) will acquire the Saxon Motor Co., and will issue
$6,000,000
common stock immediately. There will be no bonds, no
pref. stock, and
no liabilities except those incidental to current operations.
We
ing the above stock for public subscriptions at $75 per share, are offersubject to
allotment "when, as and if issued," a first $5 per share to
subscriptions. (The subscription lists closed Nov. 24 overaccompany all
The company ranks as the tenth largest manufacturer of subscribed.]
automobiles in
the world. Net earnings for the current year are estimated at
$850,000
on a production of 17,000 cars. It is stated that the company is
covered
both as to orders and parts for the production of at least 30,000 cars in
1916,
on which output profits are officially estimated in excess of
$1,500,000.
The capacity of the plant will be doubled immediately.
The company occupies a unique position, manufacturing a 15-h. p.4
-cylinder roadster which sells at $395, and a 30-35-h. p. 6
-cylinder touring car
priced at $785, both the lowest priced cars in their respective fields, while
the cost of operating a Saxon Four,it is claimed,is only ,ti of a cent per mile
per passenger. Since its inception the company has never been able to
ufacture enough cars to meet the demand. This financing provides a manlarge
amount of cash working capital for the new company. The control and
management will remain in the hands of the men responsible for its success.
Harry W. Ford will be President; Lee Counselman, Vice-President, and
Lincoln Scafe, Treasurer. Principal office and plants in Detroit. (Pres.
Ford, it is stated, is not related to Henry Ford.)
Southern California Edison Co.
-City Plant.
-
See Los Angeles in "State & City" Department on subsequent pages,
and also in V. 100, p. 2005; V. 99, p. 1266.-V. 100, p. 1758.
(The) Studebaker Corp., South Bend, Ind.
-Listing.
The N.Y. Stock Exchange has authorized the listing on and after
of $2,068,000 new common stock, of which $1,955,200 was offered Dec.6
at 110
to common shareholders of record Nov. 20, the remaining 1,131.88 shares
to be sold at the best price obtainable. The proceeds will be applied to the
payment of the $2.308,500 outstanding 5% serial gold notes which will be
called for redemption March 11916. This will make the entire
$30,000,000
common listed. See V. 101, p. 1482.
Earnings and Bal. Sheet.
-See "Annual Reports" above.
-V. 101, p. 1556, 1482.
United Drug Co. New York.
-Extra Dividend.
An extra dividend of 1 has been declared on the common stock
in
tion to the regular quarterly 2%. both payable Dec. 1 to holders of addirecord
Nov. 15. This will be the last disbursement on the old common, which is
now being exchanged for shares of the new company to absorb Riker &
Hegeman Co.
-V. 101, p. 1633, 1482.
Utah Copper Co.
-Sale of Stock.- •
See Guggenheim Exploration Co. above.
-V.101, p. 1633, 452.
Utah Securities Corporation, N. Y.
-Purchase.
--
Hayden, Stone & Co. and the Electric Bond & Share Co. have purchased
the entire holdings of the James Campbell estate of St. Louis, amounting
to 41,800 shares of stock.
Retirement of Notes-Amount Outstanding.
Last week's "Chronicle" contained an adv. asking for tenders of an additional $1,000,000 worth of the 10-year 6% notes of 1912 to the Guaranty
Trust Co. on or before Dec. 9. On Nov. 19, when a like amount was available for this purpose, all tenders up to 89.99 were accepted. On Nov. 15,
there remained outstanding $16,183,500 of the notes and at that time
$9,315,500 had been retired. Compare "Securities in hands of public" in
.
V. 100, p.1829.
Earnzngs.-Of the operating companies in 1915:
January.
March.
May.
July. September. October.
$386,943 $364,943 $387,314 $413,674 $412,436 $432,601
199,167
184,115
188,912
206,329
221,012
237,687
Dec. 2% Inc. 1% Inc. 4% Inc. 187 Inc. 25% Inc. 22%
For 10 months ending Oct. 31. gross, $3,934°282; net,
,
against gross, $3,831,102; net, $1,863,254, in 1914.-V. 101. p.$2,050,224.
1372. 1556.
Gross
Net
Waltham Watch Co., Boston.
-Dividend Reduced.
-
A semi-annual dividend of 2% has been declared on the pref. stock, payable Dec. 1 to holders of record Nov. 21, comparing with 3% semi-annually since 1906.
A director is quoted as saying: "The reduction in the preferred dividend
reflects the very poor business of the company up to Sept. 1 since which date
conditions have changed decidedly for the better. At the present time the
plant is running full time and some of the departments are working overtime as the result of improved business conditions in general. Retailers'
shelves were pretty bare, which, coupled with a discontinuance of imports
of Swiss watches, has caused an excellent demand for Waltham watches
at the present time."
-V. 100. v. 1759.
For other Investment News see Page 1817.
Nor. 27
191o.
THE CHRONICLE
1813
Seports and Documents.
THE COLORADO & SOUTHERN RAILWAY COMPANY
SIXTEENTH ANNUAL REPORT-FOR THE FISCAL YEAR ENDED JUNE 30 1915.
Credits to Other Income on account of Miscellaneous
interest show a decrease of $455,103 24. This is due to the
fact that this Company received no interest during the year
on their investment in securities of the Trinity & Brazos
Valley Railway Company.
As reflected by the balance sheet there was appropriated
from surplus $1,000,000 to establish a reserve to provide for
possible losses arising out of the depreciation in value of the
securities of certain railroads owned by The Colorado &
Southern Railway Company.
Mr. Hale Holden, President, Chicago, Ill.
During the fiscal year the following securities have been
-I herewith submit the report for the fiscal year issued and added to the Long Term Debt of these ComDear Sir.
ended June 30 1915, which report combines the operations panies:
and affairs of the lines operated by the companies named Fort Worth & Denver City Railway Company Equipment
Trust, Series C
$1,120,000 00
above, and which are herein designated as the
and the following Long Term Debt obligations have been
retired :
"COLORADO & SOUTHERN LINES"
To the Stockholders 91 the Colorado & Southern Railway Co.:
Herewith is submitted the Sixteenth Annual Report of
this Company, for the year ended June 30 1915.
There are included the reports of A. D. Parker, VicePresident, and J. H. Bradbury, General Auditor.
By order of the Board of Directors,
HALE HOLDEN,
President.
Per
OPERATING
Per
1914.
Cent.
REVENUES.
Cent.
1915.
$9,053,885 00 68.47
Freight Revenue
70.69 $9,960,043 59
3,345,489 44 25.30
3,294,688 32 Passenger Revenue
23.38
226,844 16
1.72
234,206 23 Mail Revenue
1.66
260,598 66
1.97
230,757 01 Express Revenue
1.64
Miscellaneous Transporta269,503 51
1.91
tion Revenue
252,452 15
1.91
85,159 65 Revenue from Operations
.61
.58
other than Transportation.
76,933 03
6,534 92
.05
16,157 47 Joint Facilities
.11
100.00 $14,090,515 78 Total Operating Revenue___$13,222,737 36 100.00
OPERATING EXPENSES
12.26 $1,728,253 99 Maintenance of Way and
Structures
$1,818,146 33 13.75
2,691,585 14 Maintenance of Equipment_ 2,184,784 04 16.52
19.10
1.64
215,445 89 Traffic Expenses
216,445 43
1.53
5,055,015 62 38.23
34.64
4,881,074 01 Transportation Expenses
471,611 16
3.57
494.489 13 General Expenses
3.52
71.05 $10,010,848 16 Total Operating Expenses__ $9,746,002 58 73.71
28.95 $4,079,667 62 Net Operating Revenue___.. $3,476,734 78 26.29
17.565 12 Net Deficit from Outside
Operations
16,956 19
$4,062,102 50 Total Net Revenue
$3,459,778 59
_-__
$638,450 24
____
$616,053 40 Taxes Accrued
483 02 Uncollectible Railway Revenue
$638,450 24
$616,536 42
$3,445,566 08 Operating Income
$2,821,328 35
OTHER INCOME
$285,063 62 Rents
172,811 84 Miscellaneous Interest
$457,875 46 Total Other Income
$890,402 87
DEDUCTIONS FROM GROSS
CORPORATE INCOME
$177,662 85
$363,730 30 Rents
817 01
5,631 02 Miscellaneous Interest
2,842,249 47 Interest Accrued on Funded
2,853,001 18
Debt
14,143 27 Extinguishment of Discount
10,300 80
on Securities Sold
61,029 76
61,382 56 Sinking Funds
Deductions
202,768 49
62,538 37 Miscellaneous
$553,766 55 Net Corporate Income
Dividends
$553,766 55 Surplus
$3,305,580 09
$406,151 13
340,265 84
__
$65,885 29
Compared with the preceding year, the total operating
revenues show an increase of $867,778 42, or 6.56%. The
operating expenses show an increase of $264,845 58, or
2.71%. The net operating revenue shows an increase of
$602,932 84, or 17.34%.
Adjustment in tax accruals makes the taxes show a decrease of $22,396 84, or 3.50%. The taxes as assessed and
paid, however, differed little from the previous year.
Operating Income shows an increase of $624,237 73, or
22.12%. The percentage of operating revenues required
for operating expenses was 71.05%, as compared with
73.71% in the previous year. It required 72.81% of the
Gross Corporate Income to meet interest on funded debt
this year, as compared with 76.86% in the previous year.
Making net Increase in Long Term Debt of
$58,000 00
273,226 18
$788,773 82
There were charges to capital account aggregating $1,110,895 63 for Additions and Betterments to property.
Of this amount there was expended for:
Structures and Machinery
Substituting permanent bridges for wooden ones
Laying tie plates, main line
Additional Equipment
Various other Additions and Betterments
$16,380 41
40,302 26
59.700 55
954,555 37
39,957 04
New equipment purchased and placed in service during
the year included:
Five Santa Fe Type automatic stoking and superheated locomotives of
73,440 pounds tractive power each.
Ten Mikado Type oil-burning, superheated locomotives of 52.300 pounds
tractive power each.
1,200 40-foot steel center-sill box cars, forty-ton capacity.
-foot steel center-sill stock cars, forty-ton capacity.
300 40
200 steel gondola coal cars, fifty-ton capacity.
During the year a number of spur tracks and industry
tracks were abandoned as they were of no further service
to the Company, and credits equal to the original cost of
the property were passed to the various Additions and
Betterments accounts.
The following equipment was condemned and credited to
Property Account:
Sixteen steam locomotives, five passenger train cars, six hundred fiftynine freight train cars and seventeen work cars.
$262,487 79
627,915 08
$3,903,441 54 Gross Corporate Income____ $3,711,731 22
$3,349,674 99 Total Deductions
First Mortgage Bonds of C. S. & C. C. D. Ry. Co. through
Sinking Fund
Deferred Rentals under Equipment Leases
During the fiscal year there was credited to Property
Account the Discount on Securities of this Company sold
between July 1 1909 and June 30 1910.
During the year the movement of Products of Agriculture
has shown a substantial gain, both in respect to the tonnage
moved and the revenue received.
Products of Animals show a slight decrease.
The tonnage and revenue from Products of Mines have
not returned to the normal capacity, and still show a considerable decrease from what this Company was accustomed
to handle in previous years. The total tonnage handled
and the total freight revenue received show a substantial
increase over the previous year. Present prospects would
indicate an increased tonnage of both Products of Mines
and Products of Agriculture over the lines of this Company's
property during the next year.
It was noted last year that the property of The Trinity
& Brazos Valley Railway Company was placed in the hands
of a Receiver on June 16 1914 and was operated during the
year by such Receiver. His operating results show a net
operating revenue of $49,594 24, against which net revenue,
taxes and miscellaneous items were charged, creating a net
deficit to Income for the twelve months of $42,626 96.
A recent contract has been made by the Receiver whereby
he will be able to operate freight trains between Fort Worth
and Waxahachie over the Houston & Texas Central Railway,
making a direct connection at Fort Worth with the Colorado
& Southern Lines. This, it is believed, will increase the
earnings of the Receiver.
The following statistical tables have been compiled in the
form required for the annual report of carriers to the InterState Commerce Commission:
1814
THE CHRONICLE
LIABILITIES.
CAPITALIZATION
CAPITAL STOCK.
Number
of Shares.
Designation.
C. & S. Ry. Common
$310,000
C.
, & S. Ry. First Preferred
85,000
C.& S. Ry. Second Preferred
85,000
Colorado RR
5
Denver & Interurban RR
7
C. S. & C. C. D. Ry. Common
9
F. W.& D. C. By.,including $13,084 "stamped"
139
W. V. Ry
9
W.F.& 0 Ry
9
W. V. RR
9
A.& N Ry
9
9
S. & N. AV Ry
F. W.& D. T. Ry
9
Total Par Value
Outstanding.
$31,000,000 00
8,500,000 00
8.500,000 00
500 00
700 00
900 00
13,984 00
900 00
900 00
900 00
900 00
900 00
900 00
Total
$480,214
$48,021,484 00
FUNDED DEBT.
Total Par Value
In Treasury
Interest
or Pledged
In Hands of Accrued Dur.
ingYear
Designation.
Outstanding. as Collateral.
Public.
$
Mortgage Bonds.
$
$
$
C.& S. First 4%.._19,402,000 00
19,402,000 00 776,080 00
C. & S. Refunding
& Exten. 43
35,594.346 55 4,790,446 55 30,803,900 00 1,386.175 50
C. S. & 0.0. D.
First 5%
1.430,000 00
C. S. & 0.0. D.
First Cons. 5% _ 1,379,000 00
P. W. & D. C.
First6%
8,176,000 00
F. W. & D. T.
First6%
728,000 00
Equipment Lease
Deferred Rentals.
C.& S., Series"A" 208,000 00
C. & S., Series
Paid
"Pullman"
F. W. & D. C.
76,000 00
Series "B"
F. W. & D. C.,
Paid
Series"Pullman'
F. W. Sr. D. C.,
1,120,000 00
Series "C"
1,430,000 00
72,482 64
1,379,000 00
68,950 00
8,176,000 00
490,560 00
300,000 00
18,000 00
208,000 00
12,999 98
Paid
887 06
76,000 00
4,750 00
428,000 00
Paid
1,120,000 00
8,400 00
EXPENDITURES FOR NEW LINES AND EXTENLSIONS AND EQUIPMENT, AND FOR ADDITIONS
AND BETTERMENTS,DURING THE YEAR.
New Lines it
AccountExtensions.
-ROAD
I.
Engineering
Land for Transportation Purposes
Grading
Bridges, Trestles and Culverts
Ties
Rails
Other Track Material
Ballast
Track Laying and Surfacing
Right of Way Fences
Snow and Sand Fences and Snow
Sheds
Crossings and Signs
Station and Office Buildings
Roadway Buildings
Water Stations
Fuel Stations
Shops and Engine Houses
Power Transmission Systems
Power Distribution Systems
Power Line Poles and Fixtures
Miscellaneous Structures
Paving
Assessments for Public Improvements
Other Expenditures Road
Shop Machinery
Total
-EQUIPMENT.
H.
Steam Locomotives
Freight Train Cars
Passenger Train Cars
Work Equipment
Total
-GENERAL EXPENDITURES.
III.
Interest
•Other Expenditures General
Total
Grand Total
Additions it
Total
Betterments. Expenditures
8,145 00
8.145 00
1,409 21
1,409 21
Cr.2,153 41 Cr.2,153 41
38,094 92
38,094 92
Cr.44 21
Cr.44 21
Cr.1,337 32 Cr.1,337 32
65,009 34
65,009 34
327 83
327 83
5,974 07
5,974 07
3,186 15
3,186 15
3,366 16
3,366 16
81,258 29
81,258 29
6,485 92
6,485 92
323 53
323 53
Cr.1,108 10 Cr.1,108 10
6,482 98
6,482 98
2,778 30
2,778 30
10,935 00
10,935 00
Cr.5,594 32 Cr.5.594 32
Cr.722 20
Cr.722 20
1,883 17
1,883 17
508 70
508 70
12,914 41
12,914 41
722 08
722 08
3,16832
3,16832
242,013 82 242,013 82
207,093 13 207,093 13
764,914 53 764,914 53
Cr. 12,661 35Cr.12,661 35
Cr.4,790 94 Cr.4,790 94
954,555 37 954,555 37
643 70
643 70
Cr.86,3I7 26 Cr.86.317 26
Cr. 85,673 56Cr.85,673 56
1,110,895 63 1,110,895 63
GENERAL BALANCE SHEET JUNE 30 1915.
ASSETS.
Investments
$110,954,697 89
Investment in Road and Equipment
.
412 57
Sinking Funds
13,035 40
Deposits in lieu of Mortgage Property Sold
4,710 00
Miscellaneous sPhysical Property
Investmentsin:Affiliated Companies
$446,228 21
Stocks
10,200,498 05
Bonds
18,995 88
Advances
10,665,722 14
Other Investments
$1,021,610 30
Stocks
413,477 44
Advances
1,435,087 74
Total Investments
Current Assets
Cash
Special Deposits
Loans and Bills Receivable
Traffic and Car Service Balances Receivable
Net Balance Receivable from Agents and Conductors
Miscellaneous Accounts Receivable
Material and Supplies
Rents Receivable
Other Current Assets
$123,073,665 74
$3,651.187 74
12
Total Deferred Assets
-I
Unadjusted Debits
Rents and Insurance Premiums Paid in Advance
Discount on Funded Debt
Other Unadjusted Debits
Securities Issued or Assumed-Unpledged.$5,218,446 55
Grand Total
$31,021,484 00
17,000,000 00
Total Stock
$48,021,484 00
Long Term Debt
Funded Debt Unmatured$68.113,346 55
Total Book Liability
5,218,446 55
Held by Carrier
Actually Outstanding
$62,894,900 00
Current Liabilities
Traffic and Car Service Balances Payable
334,186 49
Audited Accounts and Wages Payable
1,048,843 52
Miscellaneous Accounts Payable
1,752 95
Interest Matured Unpaid
84,445 00
Dividends Matured Unpaid
214 60
Unmatured Interest Accrued
627,988 39
Unmatured Rents Accrued
4,743 30
Other Current Liabilities
30,863 81
Total Current Liabilities
Deferred Liabilities
Other Deferred Liabilities
Unadjusted Credits
Tax Liability
Accrued Depreciation-Equipment
Other Unadjusted Credits
$2,133,038 06
$10,853 98
$463.168 56
3,919,526 77
80,855 11
Total Unadjusted Credits
$4.463,550 44
Corporate Surplus
Additions to Property through Income or
Surplus
$6,208.571 39
Funded Debt Retired through Income or
Surplus
402.000 00
Sinking Fund Reserves
31,626 55
Appropriated Surplus Not Specifically
Invested
1,000,000 00
Total Appropriated Surplus
Profit and Loss Balance
$7,642,197 94
1,962.574 18
Total Corporate Surplus
$9,604,772 12
Grand Total
$127,128,598 60
INCOME STATEMENT.
JUNE 30 1915
Operating Revenues
Transportation:
Freight
Passenger
Excess Baggage
Mail
Express
Other Passenger Train
Switching
Special Service Train
Other Freight Train
$9,960,043 59
3,294,688 32
29,021 09
234.206 23
230,757 01
1,504 79
231,924 38
6.862 16
191 09
$13,989,198 66
Incidental
Dining and Buffet
Hotel and Restaurant
Station and Train Privileges_
Parcel Room
Storage Freight
Storage Baggage
Demurrage
Rent of Buildings and Other
Property
Miscellaneous
Joint Facilities
Joint Facilities-Cr
-Dr
Joint Facilities
$79,640 70
2,821 35
18,408 60
1,141 56
2,383 68
4,244 19
45,857 17
5,557 71
7,566 74
$167,621 70
$16,179 70
22 23
$16,15747
Total Operating Revenues
•
$14,172,977 83
Operating Expenses
Maintenance of Way and Struc$1,741,313 17
tures
2,723,291 50
Maintenance of Equipment
215,497 05
Traffic Expenses
4,908,457 99
Transportation Expenses
81,225 01
Miscellaneous Operations
441,090 61
General Expenses
$10,110,875 33
Net Operating Revenue
Railway Tax Accruals
Uncollectible Railway Revenue
Operating Income
Other Income
Income from Lease of Road
Joint Facility Rent Income
Miscellaneous Rent Income
Separately Operated Properties Profit
Dividend Income
Income from Funded Securities
Income from Other Securities and Accounts..
Miscellaneous Income
$4,062,102 50
$616,053 40
483 02
$616,536 42
$3,445,566 08
$239,702 82
24,550 20
20,810 60
1,233 24
8,133 00
113 87
39,192 45
124,139 28
$457,875 46
$3,903,441 54
Gross Income
Deductions From Gross Income
-Balance
Hire of Equipment
Joint Facility Rent Deductions
Miscellaneous Rent Deductions
Interest Deductions for Funded Debt
Other Interest Deductions
Amortization of Discount on Funded Debt_ _
-Loss
Separately Operated Properties
Miscellaneous Deductions
$303,856 48
45,253 91
14.619 91
2,842,249 47
5,631 02
14,143 27
29,125 06
33,413 31
$3.288,292 43
$1,561.710 79
85,812 73
7,850 00
271,403 21
165,803 67
304,340 96
1,227,006 98
20,871 42
6,387 98
Total Current Assets
Deferred Assets
Working Fund Advances
Other Deferred Assets
Total Unadjusted Debits
Capital Stock
Common Stock
Preferred Stock
2.964 29
68,113,346 55 5,218,446 55 62,894,900 00 2,842,249 47
Total
[Vol,. 101.
$31.141 88
$17,786 55
299,380 94
55,435 75
361,382 56
$553,76655
Income Balance Transferred to Profit and Loss
PROFIT AND LOSS STATEMENT.
Credit
$2,655.451 65
Balance June 30 1914
Balance for Year brought forward from In$553,766 55
come Account
263,9:34 00
Profit from Sale of Investment Securities_
135,691 51
Miscellaneous Credits
Debit
Appropriations of Surplus
Miscellaneous Debits
$372,603 24
$127,128,598 60
$615,149 11
Net Income
Disposition of Net Income
Appropriations of Income to Sinking Funds
Balance Credit June 30 1915
$3,608,843 71
$1,391,652 06
254,617 47
1,646,269 53
$1,962,574 18
1815
THE CHRONICLE
Nov. 27 19151
MISSOURI, KANSAS & TEXAS RAILWAY COMPANY
ANNUAL REPORT-FOR THE YEAR ENDED JUNE 30 1915.
Increase.
St. Louis, Missouri, September 15 1915.
M. K.& T. Ry. Co. Consolidated Mortgage 5% Bonds_ __ _$1,432,000 00
To the Stockholders:
which were issued for the following purposes:
The directors and officers of your Company submit here-. In reimbursement of expenditures made for additions and
with their report for the fiscal year ended June 30 1915.
$503,000 00
betterments
Against M. K. & T. Ry. Co. General Mortgage Bonds reThe operations of the Lines named
Missouri Kansas & Texas Railway Company
The Missouri Kansas & Texas Railway Company of Texas
The Wichita Falls & Northwestern Railway Company
Total miles operated June 30 1915
1,744.41
1,791.98
328.68
3,865.07
were as follows:
tired by Sinking Fund
Against Boonville Railroad Bridge Company First Mortgage
Bonds retired by Sinking Fund
Against the pledge of First and Refunding Mortgage Bonds
of the Wichita Falls & Northwestern Railway Company
acquired during the year
Against M.K.& T.Ry.Co.Equipment Notes of 1913,retired
8,000 00
38,000 00
208,000 00
$1.432,000 00
Total
RESULTS FOR THE YEAR.
Intercorporate items are excluded.
Operating Revenues were
(Increase, $980,834 54, or 3%)
Operating Expenses were
(Decrease, $259,240 60, or 1%)
Net °Operating Revenue was
(Increase, $1,240,075 14, or 14%)
Taxes were
(Decrease, $171,649 92, or 11%)
Operating Income, Taxes Deducted, was
(Increase, $1,411,725 06, or 20%)
Miscellaneous Income was
(Decrease, $2,444 18, or 1%)
Rentals and Other Payments were
(Increase, $312,929 04, or 57%)
Income for the Year Available for Interest was
(Increase, $1,096,351 84, or 16%)
Interest (81% of Amount Available) was
(Increase, $160,593 50, or 3%)
Net Income for the Year Amounted to
(Increase, $935,758 34, or 174%)
Dividends declared during the year:
Subsidiary Companies' Stock Outstanding
675,000 00
All of the above mentioned Consolidated Mortgage Bonds
$32,898,758 59
were pledged as collateral for loans.
22,967,591 84
An equipment trust for $680,000, dated July 15 1914,
$9,931,166 75 covering thirty Mikado type freight locomotives and 200
1,327,870 97 convertible ballast cars costing $900,610 75 was created
by The Missouri Kansas & Texas Railway Company of
$8,603,295 78 Texas. The equipment trust notes bear 5% interest, and
214,834 37 mature $34,000 semi-annually, on January 15th and July
1924.
$8,818,130 15 15th until
$19,000,000 Two-Year 5% Secured Gold Notes of the
862,679 88
Missouri Kansas & Texas Railway Company matured
$7,955,450 27
May 1 1915. Conditions did not, at the time, permit of
6,480,465 19 a sale of long-time bonds or other securities of your Com$1,474,985 08 pany in sufficient amount to pay off the maturing notes,
and your Directors accordingly requested the note holders
1,012 52 to extend their notes for one year at 6% per annum instead
of 5%. Holders of about 95% of the notes responded to
conform with I. C.
Comparisons include re-statement of 1914 figures to
this request and deposited their notes with the Trustee for
1 1914.
C. Classification effective July
extension. Your Company also arranged at the same time
.
to extend for one year, at 6% interest, payment of $2,MILEAGE.
had matured. In
was no change in mileage owned or operated. 733,250 short-time bank loans whichmaturing notes and
There
the
pages 15 and 16 [of pamphlet report] shows the mile- connection with the extension of
Table 1,
loans, your Directors announced that a Committee of Direcage in detail.
tors of the Company have under consideration plans for the
OPE RATIONS.
Table 2, on next page, contains the classified income ac- readjustment of its financial position.
count.
ROLLING STOCK.
Revenue from freight traffic increased $2,169,026 95, or
The equipment inventory as of June 30 1915, was as
11 %,.chiefly from grain, cotton, oil and miscellaneous freight. follows :
This increase would have been considerably greater if the Locomotives
668
Increase 12
4
Decrease
507
European situation had not so seriously affected business Passenger Train Cars
in the Southwest, particularly in Texas and Okla- Freight Train and Miscellaneous Cars owned and26,280
conditions
Decrease 518
leased
homa, by depressing the price of cotton and seriously imThirty new Mikado freight locomotives and 200 conpairing the purchasing power of the country. This condition,
and the interruption of international commerce, stagnated vertible ballast cars were received and placed in service
during July 1914.
trade.
The average amounts expended for repairs to equipment
Passenger traffic suffered severely from the adverse business conditions, the loss in passenger earnings amounting in service were:
Increase. Decrease %
to $1,009,178 83, or 11%, while the service rendered was Locomotives
____ 17.81
$2,508 16 $379 21
5.27
$36 65
658 18
Passenger Train Cars
prastically the same as in the preceding year.
6.52
___3 69
The decrease of $101,032 62, or 11.7%,in express revenues Freight Train and Miscellaneous Cars_ 60 22
Satisfactory progress has been made in reducing deferred
resulted almost wholly from the reductions m express rates
maintenance of equipment, particularly locomotives, 530
made by the Inter-State Commerce Commission.
.
Floods and washouts were again pr•?valent during the having been rebuilt or given general repairs. 129 locospring months, interrupting traffic and increasing expenses motives, or 19.3% of the number owned, and 1,667 freight
of operation, but the operating results for the year show oi cars, or 6.73% of the number owned, were undergoing or
satisfactory decrease in the expenses, as a whole, particu- awaiting repairs at the close of the year.
larly in the transportation expenses, and a reduction in the
The average tractive power of locomotives in service inoperating ratio from 72.77% to 69.81%. The acquisition of creased 1,413 pounds, or 5%. The average capacity of
thirty new Mikado type freight engines, which were placed freight cars in service increased 810 pounds, or 1.3%.
in service during July 1914,enabled the movement of heavier
Locomotives and cars are being equipped with safety
tonnage trains and contributed to the results obtained.
appliances and mail cars are being changed according to
Under the decision of a board of arbitrators, increased requirements of the Federal Government.
18 locomotives; 5 passenger cars; 1,049 freight' cars, inwages were awarded engineers and firemen of the Western
railways, involving an additional expense to your Com- cluding cabooses; and 29 work cars were retired from service
pany, ranging from $40,000 to $60,000 per annum, effective during the year.
There was expended during the year for the purchase and
May 11 1915.
FINANCIAL.
construstion of new equipment $1,061,821 11. The value
The changes in outstanding capital stock during the year, of equipment retired during the year was $712,706 50,
leaving a net increase of $349,114 61 in the value of equipas shown by the balance sheet, were as follows:
Increase. Decrease. ment owned.
777X:00
$100
Wichita Falls & Southern Ry. Co
The value of equipment to be replaced as of June 30 1915
800 00
San Antonio Belt & Terminal Ry. Co
was $843,000 59, which value will be replaced as rapidly
$900 00
Pr Net increase
as practicable.
The annual rate of depreciation on equipment was fixed
The changes in funded debt in hands of the public during
at 2% on February 1 1915, and the amount charged to operthe year, were as follows:
Decrease.
Increase.
ating expenses for depreciation during the year was $341,$190,000 00
10 over the preceding year.
M.K.& T. By. Co.5% Equipment Notes
11,000 00 637 43, an increase of $238,673
RR.Bridge Co. lst Mortgage 4% Bonds
Boonville
The amount of accumulated depreciation on June 30 1915
Southwestern Coal & Improvement Co. 1st Mort90,000 00 was $1,493,531 97, an increase of $273,643 73. This charge
gage 6% Bonds
-Year Equipment
M. K.& T. By. Co. of Texas 10
$646,000 00
for depreciation was in addition to the amount charged to
Notes, Series A.5% Serial of 1914
34,000 00 operating expenses on account of retirements during the
W.F.& N. W. By. Co. 1st Mortgage 5% Bonds
Collateral Trust
W.F. & N. W. Ry. Co. 1st Lien
13,000 00 year.
Mortgage 5% Bonds
.
W.F.& Southern By.Co. 1st Mortgage 5% Bonds
M.K.& T. General Mortgage 4M % Sinking Fund
Gold Bonds purchased for Sinking Fund (held
alive by Trustee of the Mortgage)
12,000 00
ROADWAY AND STRUCTURES
Heavy rains which continued over practically the entire
675,000 00 line during the last four months of the year resulted in
roadway to the extent of $142,500.
8379.000 00 damage to
Net Decrease
During the year $1,493,612 16 was spent for permanent
Other changes in Funded Debt as shown by condensed additions and betterments to the property, exclusive of
balance sheet of June 30 1915, published on a subsequent equipment. The more important items of improvement
were as follows:
page were:
1816
THE CHRONICLE
-pound rail was laid, reTwenty-eight miles of new 85
placing 66
-pound rail on main line of the San Antonio and
-pound rail released was used
Houston Divisions. The 66
on lighter traffic lines of the Greenville and Stamford Divisions, releasing 56
-pound rail requiring renewal.
Fifty-nine miles of new ballast was applied and 254 miles
of track was reballasted.
Tie renewals were heavy during the year, 1,665,156 cross
ties and.748 sets of switch ties having been used.
There were 19 miles of yard and industrial tracks construeted.
Eighteen miles of embankments were widened and 43 miles
of ditching was done.
Eight miles of new right-of-way fence was constructed and
255 miles of old fence rebuilt.
A number of bridges have been replaced with heavier structures, and many wooden structures have been renewed with
concrete, reducing fire hazard and maintenance cost.
New passenger station at Cushing was finished June 7
1915. New depots were also provided at Burleson,Como and
Calera; also a number of miscellaneous small buildings for
Company service at different points. Various other depots,
Company buildings and station platforms were remodeled or
extended to meet growing traffic requirements.
Interlocking plants have been installed jointly with the
St. Louis Southwestern Railway at Whitewright, Texas, and
with the Atchison Topeka & Santa Fe Railway at Erie,
Kansas.
Stock pens, with scales, where required for development
of traffic, have been provided at a number of points.
Considerable reconstruction and general repairs of telegraphic lines on the property have been done.
SAN ANTONIO BELT AND TERMINAL RAILWAY COMPANY.
Since its entrance into San Antonio, The Missouri Kansas
& Texas Railway Company of Texas has used the terminals
of the Galveston Harrisburg & San Antonio Railway Company (Southern Pacific). They are inadequate to the needs
of both companies and your management has long faced the
necessity of providing separate and independent terminals
at San Antonio. With this in view, the San Antonio Belt
& Terminal Railway Company was organized May 2 1912
with a capital stock of $175,000, all of which is owned by
your Company. This Terminal Company has acquired land
for freight and passenger stations, industries and outside
yards at convenient and accessible points. The site for the
freight and passenger stations is in the center of the city and
more conveniently located than the stations of any other
railway entering San Antonio. A franchise has recently been
obtained from the city of San Antonio, and the work of constructing the terminal will be prosecuted with such expedition
as your Company's finances will permit. The estimated
cost of the project is $1,300,000, of which $774,906 38 has
already been expended.
San Antonio is an important city of 96,614 people (Census
of 1910), growing rapidly, and its location with respect to
Southwest .
Texas and Mexico insures its future commercial
expansion. Your Company expects that its San Antonio
earnings will be largely increased by providing its own terminals.
GENERAL REMARKS.
[VOL. 101.
In the suit pending in the Federal Court involving the twocent passenger rate established by the State of Oklahoma,
the taking of testimony has been under way for some time,
and it is hoped that the trial will be concluded this autumn.
In the Western advanced freight rate case, decided by the
Inter-State Commerce Commission Aug. 10 1915, increased.
rates were granted on certain freight traffic which will add
probably $133,000 a year to your Company's net revenue.
On Aug. 16 1915 the Texas Gulf Coast was visited by a
severe storm, causing considerable loss of life and enormous
property damage in the City of Galveston, as well as at
Texas City and other Gulf points. The Galveston causeway
was partially destroyed and railroad communication with
the island was cut off for a period of seventeen days, during
which :time export traffic was seriously impeded.
During the year Messrs. Henry E. Huntington, Alfred
J. Poor, E. B. Stevens and Frank A. Vanderlip retired from
the Board. The following were elected Directors to fill
vacancies:
Messrs. W. W. Brown of Parsons, Kansas; Edward A.
Faust, of Saint Louis, Missouri; Lewis B. Franklin and A. J.
Miller of New York City; D. W. Mulvane of Topeka, Kansas; George W. Simmons of Saint Louis, Missouri; Edward
R. Tinker of New York City.
Messrs. Harry S. Black and Frank H. Davis were elected
members of the Executive Committee.
Mr. W. A. Webb, formerly General Manager, was appointed Vice-President on February 1 1915.
Statements and tables of accounts and operations are appended to this report.
By order of the Board of Directors.
C. E. SCHAFF, President.
FRANK TRUMBULL, Chairman.
New York, October 15 1915.
Since the preparation of the foregoing report, Mr. Charles
E. Schaff has been appointed Receiver of the Missouri Kansas & Texas Railway Company by .the United States District Court at St. Louis, Mo., and Receiver of The Missouri
Kansas & Texas Railway Company of Texas by the United
States District Court at Dallas, Texas, effective at midnight,
September 26 1915.
The Board made the following announcement to the public
on September 27 1915:
"The Directors reluctantly acquiesce in the receivership,
but as several suits have been brought against the Company
by holders of unextended Notes aided in several cases by attachment proceedings, and other suits have been threatened,
it was decided that the interests of all would be best served
by assenting to the taking charge of the property by the
Court.
"The Directors and officers were hopeful last spring—when
they asked for an extension of these Notes for one year—
that they would be able to work out a plan of re-financing
that would enable the Company to pay them off, and they
have been continuously, since then, endeavoring to accomplish this, but, owing to apathy of investors towards railroads
and to the heavy losses in the Galveston storm and continued
floods in the Southwest, which have impaired the earnings
Of the Company and increased its expenses, it has been impossible to accomplish what the Directors set out to do.
They are, however, still proceeding in co-operation with
bankers, with the preparation of a plan for readjusting the
finances of the Company and providing for its future requirements.
"The Board is gratified that the Court has appointed Mr.
Schaff as sole Receiver. He enjoys and deserves the confidence of all interests."
FRANK TRUMBULL, Chairman.
The new Union Station at Kansas City was completed and
opened for service November 1 1914. The new terminal
has greatly facilitated the movement of traffic through this
gateway.
The construstion of the new union passenger station and
facilities at Dallas is progressing satisfactorily and it is expected the new terminal will be ready for use early in 1916.
A new three-story General Office Building at Parsons was
completed May 20 1915.
The suit of your Company to recover from the United
States a grant of land through the old Indian Territory, now
Oklahoma, of a probable value of $60,000,000, which has
been prosecuted in various United States Courts for the past
eleven years, was finally decided against your Company by
CERTIFICATE OF AUDITORS.
the United States Supreme Court. In effect, the Court held
DELOITTE, PLENDER, GRIFFITHS & CO.,
that the land covered by the terms of the grant never became
Accountants and Auditors,
"public land" of the United States within the meaning of the
49 Wall Street.
Act, and for that reason the Company acquired no rights
New York, November 11915.
therein or thereto.
The Supreme Court of Missouri has decided in favor of the To the Missouri Kansas de Texas Railway Company:
We have made an examination of the books at New York
railroads the suits brought by the Attorney-General of the
State against the railroads of Missouri for refunds growing City; St. Louis, Missouri; Parsons, Kansas; Denison, Texas;
out of the old Missouri rate case. The effect of this decision Dallas, Texas, and Wichita Falls, Texas, of the Missouri
is that the Attorney-General cannot prosecute suits on behalf Kansas & Texas Railway Company and allied Companies
forming the Missouri Kansas & Texas Lines.
of shippers and passengers.
The Securities on hand at the tarminating dates have been
A suit brought by the State of Kansas, on account of alleged violation of the Kansas laws pertaining to general examined and those pledged have been confirmed by certifioffices, was compromised and a final judgment pursuant cates obtained from the respective depositories. The Cash
thereto entered of record. This compromise agreement and at Banks has been verified by letters from the respective
decree have been carried out by the construction of a general bankers.
All Capital Expenditures have been examined by us and
office building at Parsons, and by the establishment therein
found to be proper, and we have verified that all equipment
of the offices and office forces required.
Determined efforts are being made by the railways of the , dismantled in the period has been written off.
We hereby CERTIFY that the attached Condensed GenSouthwest to procure increased passenger and freight rates.
Applications are now pending before the Inter-State Com- eral Balance Sheet and accompanying Income and Profit
merce Commission, the Public Service Commission of Mis- and Loss Accounts, in our opinion, correctly set forth, resouri, the Public Utilities Commission of Kansas, and the spectively, the financial position of the Company at June 30
Railroad Commission of Texas. The railroads have submit- 1915 and its earnings for the twelve months ended that date.
DELOITTE, PLENDER, GRIFFITHS & CO.
ted their evidence and decisions are expected this fall.
MISSOURI KANSAS & TEXAS LINES.
GENERAL INCOME ACCOUNT-FISCAL YEAR ENDED JUNE 30
1915, COMPARED WITH YEAR ENDED JUNE 30 1914.
Increase(+)or
Table 2.
Decrease (-).
1914.
1915.
+40.25
3.824.82
3,865.07
Average Mileage Operated_ _ _
$
$
$
Operating Revenues22,397,364 15 20,228,337 20 +2,169.026 95
From Freight Traffic
8,096,063 03 9,105.241 86 -1,009,178 83
From Passenger Traffic
+99.912 51
667,532 42
of Mails 767,444 93
From Transportation
960,026 83 -101,032 62
858,994 21
From Transport. of Express
956,785 74 -177,893 47
778,892 27
From Miscellaneous
+980,834 54
Total Operating Revenues_ _32,898.758 59 31,917,924 05
Operating Expenses
For Maintenance of Way and
4,502.566 60
Structures
For Maintenance of Equipm't 4,579,463 75
657,215 40
For Traffic
12,080,328 28
For Transportation
For Miscellaneous Operations_ 297,515 34
1,037,434 09
For General
-72,159 77
+645,345 00
-80,550 62
-328,359 44
-207.197 85
-179,574 58
4,574,726 37
3,934,118 75
737,766 02
12,408,687 72
504,713 20
1,217,008 67
23,154,523 46 23.377,020 73 -222,497 27
For Transportation for Inv.
-36,743 33
150.188 29
186,931 62
Credit
Total Operating Expenses_ _22,967.591 84 23,226,832 44 -259,240 60
-(2.96%)
(72.77%)
(69.81%)
Operating Ratio
9,931,166 75 8,691,091 61 +1,240.075 14
Net Operating Revenue
Income from Other Sources
Interest from Investments_ _ _ _
__ _
Interest, General Account_
Sundry Items
Total
Gross Income
1817
THE CHRONICLE
Nov. 27 1915.1
71,693 97
19.588 16
123,552 24
+47,420 22
-48,201 37
--1.663 03
24,273 75
67,789 53
125,215 27
-2,444 18
217,08 55
214,834 37
10,146,001 12 8,908,370 16 +1,237,630 96
Increase (+) or
Decrease (-).
1914.
Table 2 (Concluded)1915.
$
$
$
Deductions from Income+41,492 64
6,165,862 76 6,124,370 12
Interest on Funded Debt
+102,816 14
103,668 24
206.484 38
Other Interest
+167,953 26
18,544 29
186,497 55
Hire of Equipment
+16,284 72
91.833 33
108,118 05
Interest on Equipment Trust_
Taxes
1,327,870 97 1,499,520 89 -171,649 92
Rentals, Leased Roads, Joint
+119,748 83
523,807 31
Tracks, &c
643,556 14
+25,226 95
7.399 24
Other Deductions
32,626 19
Total Deductions
8,671,016 04 8,369,143 42 +301,872 62
+935,758 34
539,226 74
Net Income
1,474,985 08
Comparisons include re-statement of 1914 figures to conform with
I. C. C.Classification, effective July 1 1914.
Table 3.
PROFIT AND LOSS ACCOUNT.
$4,832,457 30
Balance to Credit of Profit and Loss, June 30 1914
Additions
1,474,985 08
Balance for Year Brought Forward from Income Account_ _
Adjustment of Cost of $2,645,000. face amount of General
Mortgage Bonds purchased for Sinking Fund to bring them
462,942 50
to par
Adjustment of Cost of other Bonds purchased for Sinking
5,61125
Funds to bring them to par
12,531 .45
Donations Received for Construction Industry Tracks
65,547 74
Miscellaneous Credits
Total
$6,854,075 32
Deductions
$178,470 49
Depreciation Prior to July 1 1907 on Equipment Destroyed
64,558 58
Side Tracks and Other Property Abandoned
117.930 25
Uncollectible Accounts Charged Off and Reserve
50,866 32
Expenses of Security Issues
1,012 52
Dividends on Capital Stock
Southwestern Coal & Improvement Co. Sinking Fund
33,156 60
Transferred to "Appropriated Surplus"
$445,994 76
$6,408,080 56
Total
Balance to Credit of Profit and Loss, June 30 1915
CONDENSED GENERAL BALANCE SHEET JUNE 30 1915.
ASSETS.
Table 4.
Property Investment
$227,291,769 49
Road and Equipment
Cost of
Less Accrued Depreciation on existing
1,493,531 97
Equipment (Credit)
$225,798,237 52
Securities of Proprietary, Affiliated and
$955,90730
-Pledged
Controlled Companies
Miscellaneous Investments
$212,286 95
Physical Property
Securities Pledged under Bills
738,466 67
Payable
Other Miscellaneous Invest2,252 17
ments
953,005 79
1,908,913 09
Securities Issued or Assumed, Pledged
Consolidated Mortgage Bonds(under Two$25,825,000 00
Year Notes)
Consolidated Mortgage Bonds (under Bills
4,467,000 00
Payable)
30,292,000 00
2,844,146 80
Cash and Securities in Sinking and Redemption Funds_ _ _ _
$260,843,297 41
Working Assets
*$1,039,161 02
Cash
11,842 31
Loans and Bills Receivable__
Traffic and Car Service Balances Receivable
277,756 29
Net Balance Receivable from
316.138 73
Agents and Conductors__ _
Miscellaneous Accounts Re1,476,805 19
ceivable
2,492.827 76
Material and Supplies
200,930 68
Other Working Assets
23,040 60
Special Deposits
Securities in Treasury, UnpledgedSecurities of and Advances to
Proprietary, Affiliated and
Controlled Companies.._ _ _ $307,385 79
17,043 00
Securities Issued or Assumed
Total
* Includes Cash
Cash on Deposit for Interest
Funded Debt
Bonds and Notes
140,404,500 00
$216,731,400 00
$30,292,000 00
Consolidated Mortgage Bonds
2.645,000 00
General Mortgage Bonds in Sinking Fund_
32,937,000 00
$249,668,400 00
Working Liabilities
$2.809,948 34
Loans and Bills Payable
559.114 10
Traffic and Car Service Balances Payable..
2,705,281 77
Vouchers Unpaid
1,088.561 82
Wages Unpaid
95,033 83
Miscellaneous Accounts Payable
669,887 06
Matured Interest and Dividends Unpaid
3,000,00
Funded Debt Matured, Unpaid
41,201 87
Other Current Liabilities
Deferred LiabilitiesUnmatured Interest. Dividends and Rents $1,219,468 46
401.626 52
Taxes Accrued
327,450 56
Other Deferred Credit Items
$5,838,502 58
Appropriated Surplus
Additions to Property since
June 30 1907, through In$1,563,429 84
come
Reserves Invested in Sinking
272,805 71
and Redemption Funds_ _ _
324,428 79
6,162,931 37
Deferred Assets
Interest and Dividends Receivable
-Advanced
Working Funds
Rents and Insurance Paid in Advance
Other Deferred Debit Items
LIABILITIES.
Capital Stock
Common Stock, M. K. & T.
Ry. Co., held by public_ _$63,283,257 00
Preferred Stock, M. K. & T.
Ry. Co., held by public.._13,000,000 00
Common Stock, M. K. & T.
17,043 00
Ry. Co., held by Company
26,600 00
Stock, Subsidiary Companies
$76,326,900 00
$62.07862
1,962 12
49,492 08
713,52884
Profit and Loss Balance
$1,836,235 55
6,408,080 56
7,972,028 79
1,948,545 54
8.244,316 11
827,061 66
$267,833,290 44
Total
$267,833,290 44
$542,261 27
496,899 75
The Company is also guarantor
other Rialway Companies)
Of Kansas City Terminal Railway Company First Mortgage Bonds due 1960 (jointly with eleven
(jointly with seven other Railway Companies)
Of Union Terminal Co. (of Dallas, Texas), First Mortgage Bonds due 1942 with three other Railway Companies)
Depot Company First Mortgage Bonds due 1940 (jointly
Of Joplin Union
Of Houston & Brazos Valley Railway Company First Mortgage Bonds due 1937
-There exists a possible liability in connection with State rate cases under appeal.
NOTE.
$41,761,000 00
2,193,000 00
650,000 00
210,000 00
-Mr.E.G.Connette,President of International Railways Co.of Buffalo
has been electea Vice-President of United Gas & Electric Corporation and
President of the United Gas & Electric Engineering Corporation. Mr.
It should be noted that the proposed issue of convertible preferred stock.
T. Homer of Bertrom, Griscom & Co.. has been elected Vice-Presitotal authorized issue $25,000,000 (present issue of $15,000,000 offered Francis
at 102i to shareholders of record Dec. 21 1914), is to be entitled to 7% dent of the United Gas & Electric Corporation.
cumulative dividends, payable quarterly from Jan. 1 1916. For other
-Messrs. It. M. Grant & Co. are offering by advertisement on another
provisions see V. 101, p. 1633.
page city of Buffalo, N. Y., 43i% Reg. bonds at prices according to maturity to yield 3.80 to 3.95%. These bonds are tax-exempt in N. Y. State
and are a legal investment for New York and all New England savings banks.
CURRENT NOTICE.
-The attention of investors is called to the offering by Dick, Gregory &
-Reilly, Brock & Co.. bankers,306 Chestnut St., Philadelphia, announce Co. on another page of Borough of Greenwich (Conn.) 4 % funding bonds,
$3,000,000 Republic Railway & Light Co. 5% 3
-year se" yielding 4.05%. Full particulars may be had upon application at the
that all of the
cured notes, due Dec. 1 1918 have been sold. The advertisement is pub- firm's offices, 25 Broad St., New York, and 36 Pearl St., Hartford.
lished in to-day's issue of the "Chronicle" opposite our weekly statement
-Rutter & Ream, 60 Broadway, New York, announce that Willard C.
of clearings only as a permanent matter of record. The notes were of- Fitch, formerly of the firm of Martin Fitch & Co., New Haven, and reinterest, to net over 5.75%. See the advertisement
fered at 97Y, and
cently associated with Livingston & Co., New York, has entered their
and our General Investment News Department to-day for full particulars
bond department.
of this offering.
-George P. Bissell of Philadelphia, member of the New York Stock
War," issued this week, Wm.P. Bon-In a circular entitled "After the
Exchange, announces the removal of his offices to the du Pont Building,
& Co., Inc., 14 Wall St., this city, discuss the probable course of Wilmington, Del.
bright
the investment market. The reasons for the prospective conditions as
-William A. C. Ewen, 74 Broadway, this city, advertises a list of railoutlined by the firm are worth the serious attention of every investor. A
road bonds elsewhere in to-day's issue which he wants and will buy
copy will be mailed to inquirers asking for "After the War" circular.
Willys-Overland Co. (Automobile Mfrs.), Toledo.
New Convertible Pref. Stock to be 7% Cumulative.
.
1818
he
THE CIIRONICLE
Touxutercial Times.
COMMERCIAL EPITOME
Friday Night, Nov. 26 1915.
There is a further rise in the tide of business activity.
Cooler weather has stimulated retail trade. It looks like a
good holiday business. Jobbing sales are distinctly encouraging. Most of the great industries have waked up. In
some the production is close up to capacity, or has actually
reached it. The result is that skilled labor is none too plentiful. In fact, in some parts of the country it is reported
scarce. Meanwhile money continues easy, and great business interests are engaged in vast projects to forward the
foreign trade of the United States with a skill and thoroughness never before attempted. Collections are better and
failures show a gratifying decrease. Railroad tonnage increases, and business men note with pleasure the increased
investment demand for stocks and bonds as an encouraging
sign of the times. Also, sterling exchange has become
steadier, and silver has recently advanced in London-a fact
that tends to increase the purchases of goods by the Far
East. Prices of commodities have generally advanced.
Iron and steel have been in good demand and higher, despite
the fact that the current relatively high prices have caused
some curtailment of purchases by railroads. Shipyards,
usually quiet at this time of the year, are active. So are
car factories. Sales of munitions are still large. Builders'
hardware is in brisk demand. Mining is active; copper has
risen. Exports of wheat are liberal, and those of corn are
far ahead those of last year. Lumber sales have increased
both for home and foreign consumption. Flour mills are
busy. So are woolen mills. The toy business is developing to an unaccustomed size owing to the war. On the other
hand,some drawbacks there are, such as the scarcity of dyes
for the textile industries, the scarcity of potash for fertilizing
Southern cotton lands in the coming season, the scarcity
and dearness of ocean tonnage and the smallness of the cotton
exports. In parts of the West the quality of the corn is
rather disappointing. Yet in the main the situation is
encouraging.
LARD steady; prime Western 9%c.; refined to the Continent 10.30c.; South America 10.50c., Brazil 11.50c.
Futures advanced on good buying; one Chicago house last
Tuesday bought 2,000,000 pounds. The poor quality of
the hogs arriving and stock yards buying orders also strengthened prices. To-day prices advanced in spite of a decline
of 5 cents in hogs in Chicago.
[VOL. 101.
mercial product. In Arizona prices are now 15 M @20c.;
in New Mexico, 123/2@143'c.
Closing quotations were as follows::
Pennsylvania dark $2 00
Cabell
1 55
Mercer black
1 50
New Castle
1 50
Corning
1 50
Wooster
1 40
$1 23 Illinois, above 30
North Lima
_ _ _$1 37
degrees
1 23
South Lima
1 08 Kansas and OklaIndiana
homa
1 32
Princeton
1 0(1
Somerset,32 deg__ 1 32 Caddo, 38 deg. and
above
Ragland
70c
90c.
TOBACCO has been in fair demand and firm. Good
binder is in rather small supply, and this naturally has a
tendency to make holders confident. Wisconsin in particular
will be comparatively scarce, so that the demand for old
tobacco is likely to be all the greater. Cuban leaf has been
in fair demand and steady. Sumatra is rather quiet, so far
as new transactions are concerned, but fair quantities are
beingiwithdrawn for consumption.
COPPER in good demand and higher; Lake 20c., electrolytic 20c. London advanced sharply. Tin quiet and declined on the spot to 393/2c. London declined. It fell £3
in one day. Spelter advanced to 19c. here; later 18.90c.,
with less demand. London advanced. Lead on the spot
here firm at 5.25c., but quiet. London has been higher.
Pig iron in good demand and higher. No. 2 Eastern $17 25
@$17 50; No. 2 Southern $13 50@$14, Birmingham. Steel
is in brisk demand and higher. Yet some of the railroad
companies begin to hesitate to follow the rise. The Pennsylvania has withdrawn an inquiry for 11,000 cars. France
also is beginning to restrict its purchases in the U. S. because
of high prices. A London dispatch said that the Allies are
so well supplied with munition that further orders need not
be placed here. But the Allies have not been able to increase their production of steel. Meanwhile home orders
have been placed for 10,000 tons of fabricated material by
Eastern companies for open-hearth and other extensions.
Prices have risen $1 to $2 on billets and sheet bars, $2 on
skelp, $1 to $2 contract plates, sheets and bars, $2 to $3
on black sheets and $3 to $5 on galvanized, $1 to $2 on wire
rods, $2 on bands, $2 on bar iron, $3 on spikes, $3 on shafting and about 10% on nuts and bolts, besides $1 advances
in several Northern pig-iron markets.
COTTON
Friday Night, Nov. 26 1915.
THE MOVEMENT OF THE CROP,as indicated by our
telegrams from the South to-night, is given below. For the
week ending this evening the total receipts have reached
DAILY CLOSING PRICES OF LARD FUTURES IN CHICAGO.
171,948 bales, against 186,346 bales last week and 200,421
Fri.
Wed. Thurs.
Mon. Tues.
Sat.
9.4234 9.423 HOLI- 9.42
January delivery_ _cts_ 9.1234 9.20
bales the previous week, making the total receipts since
9.72
9.67M 9.72% DAY
9.45
May delivery
9.35
PORK dull; mess $20@$21, clear $20@$22. Beef, Aug. 1 1915 2,903,394 bales, against 2,690,158 bales for the
mess, $16@$17; extra India mess $27@$28. Cut meats same period of 1914, showing an increase since Aug. 1 1915
steady; pickled hams, 10 to 20 lbs., 147 @l5c.; pickled of 213,236 bales.
4
bellies 12@,13 Mc. Butter, creamery, 23@34c. Cheese,
State, 123/@163 c. Eggs, fresh, 23@45c.
4
Sat.
Mon. Tues. Wed. Thurs. Fri.
Total.
COFFEE dull; Rio No. 7, 7Ygc.; No. 4 Santos, 9@93c.; Galveston
8,753 6,685 19,816 11,992 7,919 8,845 64,010
fair to good Cucuta, 11 @,11 Mc. Futures declined, owing to Texas City
9'
9,575
December liquidation, weaker Brazilian quotations, good re- Port Arthur ---- -------------------- 2,369 2,369
AransasPass,&c.
------------ - ----------924
___
____
924
__
ceipts and dulness of the spot trade. Later, buying here by New Orleans
3,935 5.195 10,820 7,352 11,585 3,365 42,220
Mobile
229
299
302
378
58 1,439
173
Europe gave the futures market a steadier tone. To-day Pensacola
futures declined 3 to 9 points, with sales of 71,750 bags. Jacksonville,&c_
:-..:
:.- -_
_7.
-_-_-_-_
-_-_-_-_ 3,I§8 3,188
Savannah
Closing prices were as follows:
3,397 4,021 3,'718 2,317
____ 3,275 16,728
Brunswick
1,000 1,000
November cts6.52®6.53 March __cts_6.60 ®6.61 July ____cts_6.74 ©6.75 Charleston
1:igr -8i5 -ggg -oil -gii
799 4,502
6.79@6.8()
December _6.52@6.53 April
6.64©6.65 August
_
6.69@6.70 September _ _6.85®6.86 Georgetown
January ----6.5406.55 May
--- Wilmington
rgg Lai
158
ggg 968 4,924
6.90©6.91 Norfolk
February --6.5706.59 June
6.72©6.73 October
2,590 4,677 2.132 3.673
____ 4,345 17,417
SUGAR firmer; centrifugal, 96-degrees test, 4.83c.; moNew York
lc
----H8 -66 -5ig ".--- "SI 1.2SI
lasses, 89-degrees test, 4.06c.; granulated, 6c. Futures ad- Boston
235
ig8 ____
25
vanced, though later reacting a little on hedging sales. Re- Baltimore
1,103 1,103
127
11
16
75
25
fined has been quiet. Yet prices of futures did advance on Philadelphia_ _
the delay in marketing the Cuban crop, the scarcity of ocean Totals this week_ 20.912 22.975 38.005 36.990 21,195 31,871 171,948
tonnage and higher freights. Exporters' limits have, however, been too low. To-day futures were irregular, closing
The following shows the week's total receips, the total
2 points lower to 4 points higher, with sales of 1,050 tons. since Aug. 1 1915 and the stocks to-night, compared with
Closing prices were as follows:
last year :
November cts3.78 ®3.78 March __cts_3.18 3.20 July
cts.3.34 3.36
December.._..3.7O(43.72 April
January ___ _3.40 ®3.42 May
February __..3.18®3.20 June
3.22@3.23 August
3.25@3.26 September
3.26@3.28 October
3.39 3.40
3.41(}2_
3.43@13.44
1915.
Receipts to
1914.
Stock.
This SinceAug This Since Aug
November 26.
-Linseed in fair demand; city, raw, American
OILS.
Week. 1 1915. Week. 1 1914.
1914.
1914.
seed, 61@65c.; city boiled, American seed, 62@,66c.; Cal-cutta, 80c. Lard, prime, 92@96c. Cocoanut, Cochin, Ga veston
64,010 993,770 175,216 1,285,036 299,635 448,633
9,575 144.589 11,023 117,707
28,769
27,708
15c.; Ceylon, 12@l2Mc. Corn 7.65@,7.70c. Palm, Lagos, Texas City
8,543
2.369
Arthur
_400
/
8M @83 0. Cod, domestic, 58@59e. Cottonseed, winter, Port Pass,&c_
53,010
924
550
Aransas
7,035
6,126
9,720
42,220 513,204 61,722 345,695 318,565 . 196,956
nominal: summer white, nominal. Spirits of turpentine, New Orleans
43,146 4,834
1,439
37.029
Mobile
21,288
56,108
57/@58c.; strained rosin, common to good, $5 90.
22,650
Pensacola
4,066
22,330 1,517
Jacksonville, &c_ 3.185
1,324
2.841
19,002
PETROLEUM in good demand and higher; refined in Savannah
16,728 537,000 47,013 450,638 205.235 183,328
barrels, $8 15@$9 15; bulk $4 50@$5 50, cases $10 25@ Brunswick
1,000
8,500
10.745
28,308
39,000 5,000
4,502 161,694 17,224 129,336
94,325
85.807
$11 25. Naphtha, 73 to 76-degrees, in 106 gallon drums, Charleston
45
26Mc.; drums $8 50 extra. Gasoline, 86-degrees, 320.; Georgetown
39,625
4,924 121,507 5,922
61,016
Wilmington
41,591
17,417 212,764 16,687 124,224
85,766
48,934
73 to 76 degrees, 27@29c.;68 to 70 degrees, 24@26c. Tulsa, Norfolk
36,247
N'port News,
9,846 11,216
Okla., advices say that the recent advance in the price of New York &c_ 1,602
744 304,566
71,555
200
588
2,781
4,214
7,880
petroleum will mean great activity during the winter months, Boston
235
4,082
340
3,889
17,295
5,213
3,471
Baltimore
1,103
12,946 2.108
as there is considerable inside territory to be drilled. A Philadelphia
402
3,217
6.676
680
127
67
shortage of oil since the decline in the Cushing pool has been
Totals
171 948 2.903.394 360.439 2,690,158 1,430,400 1.173.935
noticeable, and with the increased demands for refined products, producers will, no doubt, endeavor to open some new
In order that comparison may be made with other years,
territory. Petroleum in Arizona and New Mexico has
advanced lc. a gallon for the second grade the usual com- we give the totals at leading ports for six seasons:
Nov. 27
1915.)
THE CHRONICLE
1819
before April. Some shortage of labor is complained of in
Lancashire and there are fears that it may become more
acute as the results of recruiting for the army. On this side
of the water cotton goods have been more active at stronger
prices. On the other hand,cotton futures have not advanced
very much, and in fact at times have shown irregularity, if
not weakness. The Balkan situation has been something of
a damper. What is more to the point, however, stocks at
home and abroad are large, spinners' takings have been disappointing and spot markets as a rule rather quiet, so much
Total this wk. 171,948 360,439 423,795 454,342 458,293 432,629 so that the
situation has looked more or less like a deadlock.
Since Aug. 1_ 2,903,394 2,690,158 5,545,070 5,612,217 5,618,882 4,687,570 Yet the short interest has become rather large, and in fact
Liverpool's short account here is believed to be very large.
The exports for the week ending this evening reach a total Also peace talk has
cheered the believers in better prices.
of 63,689 bales, of which 30,532 were to Great Britain, To-day prices advanced
very sharply, owing to strong Liver4,631 to France and 28,526 to the rest of the Continent. pool and Southern
spot advices, a crop estimate by a local
Exports for the week and since Aug. 1 1915 are as follows:
bureau of 11,190,000 bales, spot sales in Liverpool of 14,000
bales, a better export demand at the South, and heavy buyFrom Aug. 1 1915 to Nov. 26 1915.
Week ending Nov. 26 1915.
ing by shorts, in and out of Wall Street, as well as by spot
Exported to
Exported to
Exports
houses and Liverpool. Middling uplands on the spot here
ContiGreat
Contifrom
- Great
closed at 12.30c., showing an advance for the week of 55
Britain.France. nent,ckc Total. Britain. France. nent.Atc. Total.
points.
296,474 93,523 201,045 591,042
Galveston
The following averages of the differences between grades,
6,322 124,491
15,009 96,466 21,703
Texas City_ 15,009
163 as figured from the Nov. 24 quotations of the eleven markets,
163
Pt. Arthur..
9,722 23,595
13,873
Ar.Pass,&c.
NewOrleans 13,409 3,557 3,150 20,110 137,373 34,131 117,692 289,196 designated by the Secretary of Agriculture, are the differ5,419
5,419 ences established for deliveries in the New York market on
Mobile
1,338 23,326
7,000
14,988
Pensacola
33.098 46,581 70,885 150,564 December 1.
Savannah
Receipts at-
1914.
1915.
Galveston ___
Texas City,&c
New Orleans_
Mobile
Savannah
Brunswick..
Charleston,&c
Wilmington.._
Norfolk
N'port N.,&c.
All others..
64.010
12,868
42,220
1.439
16,728
1,000
4,502
4,924
17,417
1,602
5,238
1913.
1912.
1911.
1910.
175,216
11,373
61,722
4,834
47,013
5,000
17,224
5,922
16,687
11,216
4,232
146,538
35,887
80,914
11,945
46,987
5,500
19,070
14,252
26,371
3,516
32,815
184,164
38,303
94,420
9,472
48,088
12,800
11,814
17,389
24,950
2,461
10,481
130,580
57,103
73,631
13,585
71,510
10.950
19,495
20,494
32.379
2,014
26,552
108,565
15,461
101,132
18,261
71,843
16,250
18,630
20,216
35,431
487
26,353
17,620
22,400
Brunswick _
Charleston..
Wilm'ton
Norfolk
New York..
Boston _ _
Baltimore_ _
Philadel _
San Fran
Seattle
Tacoma
Pembina
183
1,000
931
Total.. _
30,532
13,066 13,066
1,074
5,000 6,257
55 1,055
931
1,550
14,401
2,167
29,528
5,000
3,107 3,107
4,148
4,800
22,420
17,050 39,450
67,912 108,113
1,550
30,221 148,998 193,620
1,991
4,158
11,400
500 41,428
700
5,700
29,382 29,382
49,744 49,744
31,595 31,595
1,761
1,761
40,201
4,148
4,631 28,526 63.689 676,647 303,433 756,637 1,736.717
Total 1914..131,291 16,093 102,517 249,901 590,752 64,647 601,8811,257,280
Total 1913.. 137,847 53,181 194,777 385,805 1,466,158 616,342 1,923,070 4,005,570
Note.-New York exports since Aug. 1 include 1,048 bales Peruvian and 285
West Indian to Liverpool and 1,010 bales Peruvian to Genoa.
In addition to above exports, our telegrams to-night also
give us the following amounts of cotton on shipboard, not
cleared, at the ports named. We add similar figures for
New York.
On Shipboard, Not Cleared for
Other
GerGreat I
Nov. 26 at
- Britain. France. many. Cont.
Coastwise.
Total.
Leaving
Stock.
New Orleans_ _
1,273 2,182
Galveston _
36,190
Savannah ____ 6,000.
Charleston_ _ _ _
Mobile
_
Norfolk
New York
I 2.000
ports..
2,000.
Other
Middling fair
1.05 on
Strict good middling
0.76 on
Good middling
0.51 on
Strict middling
0.25 on
Strict low middling
0.46 off
Low middling
0.99 off
Strict good ordinary
1.56 off
Good ordinary
2.12 off
Strict good mic. "yellow" tinged.0.29 on
The official quotation for middling upland cotton in the
New York market each day for the past week has been:
Nov. 20 to Nov. 26Middling uplands
12,30
7.75
13.30
13.00
9.40
15.15
14.75
9.45
1907_c
1906
1905
1904
1903
1902
1901
1900
11.40
11.40
11.75
9.70
11.30
8.55
8.00
10.12
1899_c
1898
1897
1896
1895
1894
1893
1892
7.75
5.50
5.81
7.62
8.62
6.00
8.12
10.00
1891_c
1890
1889
1888
1887
1886
1885
1884
8.38
9.44
10.25
9.88
10.50
9.19
9.44
10.44
MARKET AND SALES AT NEW YORK.
The total sales of cotton on the spot each day during the
week at New York are indicated in the following statement.
For the convenience of the reader we also add columns which
show at a glance how the market for spot and futures closed
on same days.
Spot Market
Closed.•
50,
Sat. Mon. Tues. Wed. Thurs. Fri.
11.75 11.75 11.70 11.85
H. 12.30
NEW YORK QUOTATIONS FOR 32 YEARS.
1915_c
1914
1913
1912
1911
1910
1909
1908
21,709
469 25,633 292,932
20,589 18,654 75,433 224,202
2,500 1,200 9,100 195,535
3,000
91,325
3,000
100
-150
20,988
300
1,142 1,142 84.624
3,500
5,500 299,066
4,000
95,110 Saturday___
6.000
Monday
Total 1915_ 45.513 4,182
100 55,298 21,615 126,708 1,303,782 Tuesday ___
Total 1914 123,801 11,944 4,021 108.591 29,7351278.092 895,843 Wednesday_
Total 1913._ 85,431' 55,785 94,502 84,054 23,560.343,382 683,730 Thursday
Friday
Speculation in cotton for future delivery has not been
active, but latterly prices have advanced, owing to covering
of shorts coincident with a stronger spot situation, rumors
of better export inquiry in some parts of the South and the
readiness with which December notices for 20,000 bales were
stopped on Wednesday by large spot houses. These houses
not only stopped the notices, but bought December and
January on a very liberal scale. Prominent German houses
were also good buyers, taking January and March and May
as well as other months. Even August and October have
been in better demand. December showed unexpected
strength, and the difference between December and January,
which at one time was 21 points, narrowed to 16 points.
Then again the ginning report last Monday was on the
whole considered bullish. It stated the total ginned up to
Nov. 14 at 8,777,000 bales, against 11,668,240 bales in the
same time last year and, what is more interesting, 8,780,433
bales in 1910 and 8,112,199 in 1909. The bulls expressed
the opinion that this represented about 80% of the crop this
year. That would make the total, exclusive of linters,
about 11,000,000 bales. The trouble is that nobody really
.
knows just what proportion of the crop has been ginned.
Naturally that is merely a matter of opinion. Bears figure
out a erg') of 12,000,000 bales, or more from the same total
of the ginning. In 1910-11 the crop was 12,075,000 bales
in a season when the ginning up to Nov. 14 was practically
the same as in the present year. Oklahoma ginning is far
behind, however, the total being only 331,245 bales, against
.
874,672 in the same time last year and 666,736 two years ago.
Meantime, reports from some parts of the South insist that
the ginning is practically over for the season. Also, the
Government crop estimate on Dec. 10 is very generally exppcted to be bullish. Exports liFtve been small, but bulls insist that they are likely to materially increase later on, under
the stimulus of better rates of foreign exchange, possibly lower
.
ocean freights, some widening of the differences between
New York and Liverpool prices and a rise in silver, which
may conceivably give a fillip to England's exports of cotton
goods to the Orient. Liverpool's spot sales in the meantime
have been large. Manchester has been firm. Canadian
firmsinquiring for goods from Manchester have in some cases,
it is said, been informed that deliveries could not be made
Good middling "yellow" tinged_0.01 on
Strict middling "yellow" tinged_0.22 off
Middling "yellow" tinged
0.50 off
Strict low mid. "yellow" tInged_1.02 off
Low middling "yellow" tinged__1.63 off
Middling "blue" tinged
0.84 off
Strict low mid."blue * tinged__ _1.26 off
.
Low middling "blue" tinged____1.81 off
Middling "stained"
1.09 off
SALES,
Futures
Market
Closed.
Spot. Contec,t Total.
Quiet
Steady
Quiet
Steady
Quiet, 5 pts. decline Steady
Steady, 15 pts. adv.. Steady
HOLIDAY1
Steady 45 pts. adv.. Firm
-TOO
166
1,000
1,000
100
100
Total___
1,200
____
1,200
NEW ORLEANS CONTRACT MARKET.
-The highest, lowest and closing quotations for leading contracts in the
New Orleans cotton market for the past week have been as
follows:
Saturday. Monday, Tuesday, Wed'day, Thursd'y, Friday,
Nov. 20. Nov. 22. Nov. 23. Nov. 24. Nov. 25. Nov.26.
December
Range
1e
arufn
osg
Closing
January
Range
Closing
MarchRange
Closing
MayRange
Closing
JulyRange
Closing
OctoberRange
nfne
Tone
Spot
Options
I
1.42-.47 11.37-.48 11.32-.40 11.38-.57
11.45-.47 11.40-.41,11.35-.36 11.57-.58
11.73-.02
11.99-.00
11.61-.66 11.55-.661 11.49-.58 11.55-.74
11.87-.17
11.64-.65 11.57-.5811.54-.56 11.73-.74
12.15-.16
I
11.87-.94 11.83..9411.77-.87 11.84-.03 HOLT- 12.16-.46
11.92-.94 11.85-.86 11.82-.83 12.02-.03 DAY. 12.44-.45
I
12.07-.12 12.01-.10 11.96-.06 12.03-.23
12.38-.67
12.10-.11 12.04-.05 12.02-.03 12.22-.23
12.64-.65
I
12.19-.22 12.13-.21 12.11-.16 12.21-.35
12.50-.76
12.21-.23 12.16-.1812.14-.16 12.34-.35
12.75-.76
I 11.89-.90 12.02
12.5 11.75-.00 11.84-.00 11.89 -12.05 -.-12.50 Steady
Steady
Steady I Quiet
Steady Steady
Steady
Firm
Firm
Steady
QUOTATIONS FOR MIDDLING COTTON AT OTHER
-Below are the closing quotations of middling
MARKETS.
cotton at Southern and other principal cotton markets for
each day of the week.
Week ending
November 26.
Closing Quotations for Middling CoUon on
Saturday. Monday. Tuesday. Wed'day. Thursd'y. Friday.
11.50
Galveston
New Orleans...... 1.38
11.13
Mobile
Savannah
1135
Charleston
11,
Wilmington_ _ 1134
Norfolk
11.31
Baltimore
11%
Philadelphia
12.00
Augusta
11.38
Memphis
11.38
St. Louis
1135
,
Houston
11.60
Little Rock.... 11.50
11.50
11.38
11.13
11
11
1135
11.25
1135
12.00
11.32
11.38
1135
11.60
11.50
11.50
11.38
11.13
11
11
11
11.25
11%
11.95
11.32
11.38
1135
11.60
11.50
11.65
11.50
11.19
11
11
1134
11.38
1135
12.10
11.32
11.38
11%
11.70
11.50
12.00
11.69
11.50
11%
11%
11M
HOLI- 11.63
DAY. 1135
12.55
11.75
11.50
1135
12.10
11.50
[VOL. 101.
THE CHRONICLE
1820
-The highest, lowest and closing prices at
FUTURES.
THE VISIBLE SUPPLY OF COTTON to-night, as made
been as follows:
up by cable and telegraph, is as follows. Foreign stocks, New York for the past week have
afloat, are this week's returns, and consequently
as well as the
Saturday, Monday, Tuesday, 1Ved'day, Thursd'y, Friday,
Nov. 20. Nov. 22. Nov. 23. Nov. 24. Nov. 25. Nov. 26. Week.
all foreign figures are brought down to Thursday evening.
But to make the total the complete figures for to-night November
(Friday), we add the item of exports from the United States, Range
Closing
11.53-.57 11.45-.50
December
including in it the exports of Friday only.
11.83-.12 11.43-.12
Range
11.55-.60 11.48-.65 11.44-.49 11.43-.70
12.10-.11- --Closing_ __ _ 11.59-.60 11.50-.51 11.47-.48 11.66-.69
January
11.96-.26 11.62-.26
Range
11.71-.76 11.65-.80 11.62-.68 11.64-.83
12.25-.26-- Closing
11.75-.76,11.67-.68 11.67 -11.82-.83
February
Range
1,031,000 768,000 824,000 979,000
Britain
Total Great
12.38 -- Closing
1.186 --;11.79 -11.80 -11.9512,000
13,000
*1,000 *10,000
Stock at Hamburg
I
*1,000 *85.000 315,000 361,000 MarchStock at Bremen
12.25-.55 11.89-.55
Range
11.97-.04 11.91-.05 11.89-.97 11.92-.12
256,000 188,000 325,000 288.000
Stock at Havre
12.54-55- Closing__
12.02-.03 11.95-.96 11.95-.96 11.10-.12
2,000
2,600
3.000
3,000
Stock at Marseilles
15,000 April
12,000
20,000
32,000
I
Stock at Barcelona
Range
12.04 - - HOLI- 12.49 -12.04-.49
11,000
18,000
25,000
171,000
Stock at Genoa
Closing_
12.08 -'12.02 -12.04 -12.19 - DAY. 12.63 - -7.000
9,000
*7,000
*1,000
Stock at Trieste
MayI
12.12-.17 12.07-.17 12.06-.14 12.11-.30
Range
12.44-.75 12.06-.75
696,000
465,000 338,000 694,000
Total Continental stocks
Closing
12.16-.17 12.11-.12 12.12-.13 12.29-.30
12.74-.75--I
1,496,000 1,106,000 1,518.000 1,675,000 JuneTotal European stocks
Range
25,000
43,000 101,000 111,000
India cotton afloat for Europe..
12.75 ----Closing__ _ 12.17 -,12.12 -12.13 -12.30 Amer. cotton afloat for Europe.._ 375,717 493,218 989,860 1,161,689 JulyI
76,000 101,000
56,000
62,000
EgYpt,Brazil,&c..afloatforEur'pe
12.48-.82 12.13-.82
12.20-.26 12.14-.24 12.13-.21 12.17-.35
Range
230,000 *126.000 341,600 279,000
Stock in Alexandria, Egypt
- 12.80-.8212.25-.26 12.18-.19 12.18-.19 12.34-.35
Closing
417,000 451,000 433,000 299,000 AugustStock in Bombay, India
I
1,127,112 1,312,116
1.430.490 1,173,935
Stock in U. S. ports
12.50 -12.04-.50
- - 12.10 -12.04-.10 12.12 Range
Stock in U. S. interior towns_ __ _ 1,226,965 1,165,390 831,839 734,723
12.69-.70- 12.12-.14 12.05-07 12.07-.09 12.23-.24
Closing
62,782
52,095
27,061
13,193
U. S. exports to-day
SeptemberI
12.46 -12.46 Range
5,294,365 4,699,604 5,379,906 5,650,310
visible supply
Total
12.60-.63- - Closing
11.94-.96 11.89-.91 11.95-.98 12.10-.13
Of the above, totals of American and other descriptions are as follows: October1
12.20-.64 11.90-.64
Range
11.91 -11.90-.92 11.92-94,11.94-96
American
November 26Stock at Liverpool
Stock at London
Stock at Manchester
1915.
bales. 885,000
67,000
79,000
1914.
694,000
22,000
52.000
1913.
746,000
5,000
73,000
1912.
927,000
3,000
49.000
bales.. 663,000 427,000 541,000 784,000
Liverpool stock
46,000
30,000
37,000
69,000
Manchester stock
*377,000 *247,000 658,000 659,000
Continental stock
375.717 493,218 989,860 1,161,689
American afloat for Europe
1,430,490 1,173,935 1,027,112 1,312,116
U. S. port stocks
1,226,965 1.165,390 831.839 734,723
U.S.interior stocks
62,782
52,095
27,916
13,193
U. S. exports to-day
4,155.365 3,570,604 4,145,906 4,744,310
Total American
East Indian, Brazil, &c.
Liverpool stock
London stock
Manchester stock
Continental stock
India afloat for Europe
Egypt, Brazil, &c., afloat
Stock in Alexandria, Egypt
Stock in Bombay, India
Total East India, &c
Total American
222,000 267,000
22,000
67,000
15,000
10,000
*88,000 *91,000
43,000 101.000
56,000
62,000
230,000 *126,000
417,000 451,000
205,000
5,000
27,000
36,000
111,000
76.000
341,000
433,000
143,000
3,000
19,000
37,000
25,000
101,000
279,000
299,000
1339,600 1,129,000 1,234,000 906,000
4,155,365 3,570.604 4,145,906 4,744,310
5,294,365 4,699.604 5,379.906 5,650,310
Total visible supply
7.69d.
7.22d.
4.46d.
7.28d.
Middling Upland, Liverpool_ _ _
13.40c.
13.10c.
7.75c.
Middling Upland. New York_ _ _ _ 12.30c.
7.65d. 10.60d. 10.60d.
Egypt, Good Brown, Liverpool__ 10.204.
9.25d. 10.25d.
8.75d.
Peruvian. Rough Good,Liverpool 11.00d.
6%d.
6 NA.
4.15d.
6.904.
Broach, Fine, Liverpool
4.00d. 6 15-16d. 6 9-16d.
7.02d.
Tinnevelly, Good, Liverpool_ _ _ _
* Estimated.
Cimino'
11 OA -(111 1150.. On 11 OA- 4111119 11.12
12 ftl.(14-
OVERLAND MOVEMENT FOR THE WEEK AND
SINCE AUG. 1.
-We give below a statement showing the
overland movement for the week and since Aug. 1, as made
up from telegraphic reports Friday night. The results forthe
week and since Aug. 1 in the last two years are as follows:
-----1915----Novemb6r26-Since
-----1914----Since
Aug. 1.
148.371
82,902
1,151
33,125
4,628
18,981
2,313
39,474
9,084
10,976 109,261
Shipped
-Week. Aug.!.
Via St. Louis
21,496 154,891
Via Cairo
19,341 129,888
Via Rock Island
46
479
Via Louisville
5,957
40,137
Via Cincinnati
3,000
38,173
Via Virginia points
3,248
25,199
Via other routes, &c
9,103 111,644
Week.
18,429
12.801
Total gross overland
62,191
Deduct Shipments
2,053
Overland to N. Y., Boston, &c
3,104
Between interior towns
2,063
Inland, &c., from South
500,411
58,231
433,281
20,296
22,482
51,590
2.715
11,325
1,468
22,655
37,922
51,050
7,220
Total to be deducted
Leaving total net overland*
94,368
15,508
111,627
54,971
406,043
42,723
321.654
* Including movement by rail to Canada.
The foregoing shows the week's net overland movement
Continental imports for past week have been 80,000 bales.
against 42,723 bales for the
• The above figures for 1915 show an increase over last week has been 54,971 bales,season to date the aggregate week last
net over1914, a decrease year, and that for the
of 61,284 bales, a gain of 594,761 bales over
land exhibits an increase over a year ago of 84,389 bales.
of 85,541 bales from 1913 and a loss of 355,945 bales from
1914
1915Since
Since
In Sight and Spinners'
1912.
Aug. 1.
Week.
Aug. 1.
Week.
Takings.
-that is,
AT THE INTERIOR TOWNS the movement
the receipts for the week since Aug. 1, the shipments for
the week and the stocks to-night, and the same items for the
corresponding period of the previous year-is set out in detail below.
Movement to Nov. 26 1915.
Towns.
Ala., Eufaula_ _
Montgomery Selma
Ark., Helena
Little Rock
Ga., Albany__ _
Athens
Atlanta
Augusta
Columbus
Macon
Rome
La.,Shreveport
Miss.,Columbus
_
Greenville
Greenwood _ _
Meridian
Natchez
_
Vicksburg
Yazoo City_
Mo.,St. Louis_
N.C., Raleigh_
0., Cincinnati_
Okla., Hugo__ _
S.C., Greenw'd
Tenn.,Memphis
Nashville _ _
Tex., Brenham
Clarksville_ _
Daum
Honey Grove_
Houston
Paris
Movement to Nog. 27 1914.
Ship- Stocks
Receipts.
Ship- Stocks
Receipts.
ments. Nov.
ments. Nog. ,
26. 1 Week. I Season. Week. 27.
Week. , Season. I Week.
900 10,296
6811 15,129
365' 12,271!
336
12,544
77,354 2,067, 81,102; 6,7821 116,333 3,377 78,505
3,085
42,409 1,473 34,039' 7,279, 77,734 4,782 47,312
1,675
35,973 3,694 22,069
3,262
32,246 2,038 20,2011 3,486
72,629 3,889, 36,913i 7,468, 77,285 5,230 42,948
7,990
540 19,131
717i 24,467
121; 10,4681
134
17,386
57,717 1,050 29,042
64,879 4,200 39,415 3,914
5,790
66,336 8,142 16,204
65,832 3,500 27,259 7,825
4,500
8,839 243,942 5,599184,845 13,090 236,953 7,854 150,546
53,641 1,135 40,496
900 48,674 5,255
36,651
1,978
660 23,085
28,589
531 16,103, 1,092
33,046
854
31,869 2,816 9,327
35,423 2,087 13,245 3,626
3,693
90,972 3,151 73,925
7,622
80,395 2,236 48,988
5,228
896 9,712
13,939
217 7,292 2,400
7,270
765
48,334 2,432 30,730
4,000, 46,706 2,000 27,608 5,115
70,249 3,000 39,809
5,351! 64,916 2,764 30,249 8,000
700 10,011
11,856
1,548' 16,390 1,713 10,966 1,300
400 10,200
13,180
600
100, 12,700
19,090
800
17,546
759 13,093
5511 11,057i 2,824
1,277, 17,476
24,871
922 20,864
900, 14,9971 2,803
20,018'
1,500
21,310' 150,134 21,496; 13,0871 19,617 162,067 18,429 30,805
254
2,619
475
467
459,
550,1
6,094
601!
48,285 5,564 4,329
6,092, 63,6971 6,532, 10,239, 5,252
8,910
823 2,955
36
6,112, 1,4311 2,3711
1,644
6,967
7,917
662
554' 11,462'
992, 12,668
43,223 437,015, 21,929279,083 45,238 443,735 31,569241,062
1,280
1,347
572
3881 1,743
3,774
4411
398 4,225
10,328
402
419 4,366
645, 11,965
22,759 1,670 5,368
1,649, 15,886' 1,204 7,223 1,541
54,690 3,012 4,522
2,510' 43,300, 3,677 5,292 1,732
615 6,297
16,145
906
17,2011 1,964 2,930
1,722
63,9691,055,436' 62,974 193,626 117,4891,201,881 102,321 154,829
46,976 3,626 5,192
46,616 4,266 6,692 3,321
3,438
Total, 33 towns210,8412,876,500164,6351226965 289,0963,140,632 220,9421165390
The above totals show that the interior stocks have increased during the week 46,206 bales and are to-night 61,575
bales more than at the same time last year. Thereceipts at
all towns have been 78,255 bales less than the same week
last year.
171,948 2,903,394 360.439 2,690,158
Receipts at ports to Nov. 26
321,654
42,723
406,043
54,971
Net overland to Nov. 26
990,000
Southern consumption to Nov. 26 69.000 1,111,000 60,000
295,919 4,420,437 463,162 4,001,812
Total marketed
781,003 68,154 1,045,251
46,206
Interior stocks in excess
531,316
Came into sight during week ..342,125
5,047,063
5.201,440
Total in sight Nov. 26
Nor, spinners' takings to Nov. 26_ 92.228
913,480
96,398
843.814
Movement into sight in previous years:
Week1913
-Nov. 28
-Nov. 29
1912
1911-Dec. 1
Since Aug. 1Bales.
-Nov. 28
633.011 1913
-Nov. 29
621,817 1912
602,940 1911-Dac. 1
Bales.
7,712,966
7,615,676
7,481,148
-Our reWEATHER REPORTS BY TELEGRAPH.
ports from the South this evening by telegraph indicate that
the weather has been favorable on the whole during the week,
facilitating the picking of cotton and the movement of the
crop.
-We have had rain on one day of the past
Galveston, Tex.
week, the rainfall being thirty-nine hundredths of an inch.
The thermometer has averaged 64, the highest being 76 and
the lowest 52.
-Dry all the week. The thermometer has
IIbilene, Tex.
averaged 56, ranging from 32 to 80.
-No rain during the week. Minimum therDallas, Tex.
mometer 36.
-Rain has fallen on one day of the week,
Fort Worth, Tex.
the rainfall being six hundredths of an inch. Average thermometer 56, highest 78, lowest 34.
Palestine, Tex.
-There has been rain on one day during
the week, to the extent of eighty hundredths of an inch.
Average thermometer 57, highest 74, lowest 40.
-Dry all the week. The thermometer
San Antonio, Tex.
has averaged 60, the highest being 80 and the lowest 40.
-We have had no rain during the week.
Taylor, Tex.
Minimum thermometer 42.
.
-We have had rain on one day during
New Orleans, La.
the week, the precipitation reaching one inch and sixteen
hundredths. Average thermometer 65.
-There has been rain,on three days of the
Vicksburg, Miss.
week, the rainfall being one inch and nineteen hundredths.
The thermometer has averaged 57.
-There has been rain on three days during
Mobile, Ala.
een hunthe week,the precipitation being one inch and sevent
lowest 47.
dredths. Average thermometer 60, highest 76 andone day of
-There has been a trace of rain on
Selma, Ala.
72, averthe week. The thermometer has ranged from 34 to
aging 51.
-There has been no rain during the week.
Madison, Fla.
45.
Minimum thermometer 60, maximum 74, mean during the
day
Savannah, _Ga.-Rain has fallen on one
meter has
week to an inappreciable extent. The thermo
ranged from 44 to 72, averaging 58. on one day the past
-We have had rain
Charleston, S. C.
dths of inch. The therweek, the rainfall being six hundrehighest an
being 71 and the
mometer has averaged 58, the
lowest 45.
-Dry all the week. Average thermometer
Charlotte, N. C.
50, highest 64, lowest 36.
-We have had rain on one day of the
Memphis, Tenn.
of an inch. The
week, the rainfall being three hundredthsaveraging 57.
thermometer has ranged from 38 to 74, received by teleThe following statement we have also
points named
graph, showing the height of the rivers at the
dates given:
at 8 a. m. of the
Nov. 261915. Nov. 27 1914.
New Orleans
Memphis
Nashville
Shreveport
Vicksburg
1821
THE CHRONICLE
Nov. 27 1915.)
Above zero of gauge_
Above zero of gauge_
Above zero of gauge_
Above zero of gauge..
Above zero of gauge_
Feet.
6.0
24.1
18.0
4.7
20.3
CENSUS BUREAU'S REPORT ON COTTON GIN-The Division of Manufactures in the Census
NING.
the
Bureau completed and issued on Nov. 22 its report on
,
amount of cotton ginned up to Nov. 14 the present season
below, comparison being made with the
and we give it
returns for the like period of the two preceding years.
Alabama
Arkansas
Florida
Georgia
Louisiana
Mississippi
North Carolina
Oklahoma
South Carolina
Tennessee
Texas
All Other States
Feet.
4.0
3.5
7.3
4.2
1.5
-The followS.
RECEIPTS FROM THE PLANTATION
movement each week from the
ing table indicates the actual
nd receipts
plantations. The figures do not include overla
they are simply a statement of
nor Southern consumption;
part of the
the weekly movement from the plantations of that
the market through the outports.
crop which finally reaches
-Counting Round as Half
1914.
1915.
1,270,450
855,368
738,853
573.687
65.903
46.464
2,062,875
1,640,803
341,251
299,675
838,349
708,437
556.175
523,851
870.672
331,245
1,091,320
922,178
238,451
204,439
3,511,762
2,614.521
82,179
57,126
Bales
1913.
1,181,232
606,388
53,217
1,823,789
276,271
734,988
493,360
666.736
965,398
233,663
3,313,443
66,044
10,444,529
11,668,240
8,777,794
United States
compared with
The number of round bales included for 1915 is 82,582, number of Sea
the
31,904 bales in 1914 and 74.176 bales in 1913. and bales in 1914 and
Island bales for 1915 is 69,477, compared with 54,197
51.950 bales in 1913.
is: Florida
The distribution of Sea Island cotton for 1915 by States
bales.
22,443 bales; Georgia 44,791 bales; South Carolina 2,243
ns;
s of this report for 1915 are subject to slight correctio
The statistic
being transwhen checked against the individual returns of the ginners
by mail.
mitted
WORLDS SUPPLY AND TAKINGS OF COTTON.
The following brief but comprehensive statement indicates
at a glance the world's supply of cotton for the week and
since Aug. 1 for the last two seasons, from all aources from
which statistics are obtainable ; also the takings, or amounts
gone out of sight, for the like period. .
Stock as Interior Towns- Receiptsfrom Plantation
Week -Receipts at Ports
1915. 1914. 1913. 1915. 1914. 1913.
ending. 1915. 1914. 1913. 698,808 459,576 360,911 364,169 276,745 479,003
408,848
Oct. 8_282,775 162,032
577,653 440,472 362,577 317,474 564,653
" 15_275,396 199,397 485,092 785,989 696,772 522,301 352,760 359,186 570,451
" 22_277,910 240,067 488,622 860,839 820,382 564,003 312,016 396,337 602,094
927,297
" 29_245,558 272,727 560,392
926,724 604,442 320,450 423,975 565,908
Nov. 5_231,002 317.633 521,469 1016.745 1024495 669,860 287,545 435,826 549,687
" 12_200,421 338,055 485,269 1103469 097236 743,397 263,236 431,957 507,689
" 19_186,346 359,216 434,152 11807591
218,154 428,593 512,237
" 26_171,948 360,439 423,79512269651165390 831,839
-That the total receipts
The above statement shows: 1.
ions since Aug. 1 1915 are 3,684,397 bales; in
from the plantat
1914 were 3,735,409 bales, and in 1913 were 6,233,451 bales.
-That although the receipts at the outports the past week
2.
ions
were 171,948 bales, the actual movement from plantat
balance going to increase stocks at
was 218,154 bales, the
for
interior towns. Last year receipts from the plantations
3 bales and for 1913 they were 512,237
the week were 428,59
bales.
Cotton Takings.
Week and Season.
1914.
1915.
Week.
Season. I
Season.
Week.
4,526.783
5.233,081
Visible supply Nov. 19
4,633,210
Visible supply Aug. 1
American in sight to Nov. 26_.. 342,125 5,201,440 531,316
18,000
523,000
Bombay receipts to Nov. 25_ _ - 620,000
2,000
69,00.
b5,000
Other India shipm'ts to Nov. 25
303.000' 43,000
b40.000
Alexandria receipts to Nov. 24_
2.000
34,000
63,000
y to Nov. 24*
Other supp
5,643,206 10,763,650 5,123,099
Total supply
Deduct
5,294,365 5,294,365 4,699.604
Visible supply Nov. 26
Total takings to Nov. 26_a_ _ _ _
Of which American
Of which other
348.841 5,469,285
312,841 4,269,285
36,000 1,200,000
3,176,816
5,047,063
86,000
47,000
190,000
61,030
8,607.879
4,699,604
423,495 3,908,275
361,495 3,156.275
752,000
62,000
Brazil, Smyrna, West Indies, &c.
* Embraces receipts in Europe from
d consumption by Southern mills,
a This total embrace the total estimate
-takings not being availbales in 1914
1,111,000 bales in 1915 and 990,000
n and foreign spinners,
-and aggregate amounts taken by Norther
able
in 1914, of which 3,158,285
4,358,285 bales in 1915 and 2,918,275 bales
bales and 2.166.275 bales American.
DOMESTIC EXPORTS OF COTTON MANUFAC-The receipts of India
INDIA COTTON MOVEMENT.
-We give below a statement showing the exports cotton at Bombay and the shipments for the week ending
TURES.
ber and for the
of domestic cotton manufactures for Septem
ber 4 and for the season from Aug. 1 for three years
com- Novem
nine months ended Sept. 30 1915, and, for purposes of
have been as follows:
of the
parison, like figures for the corresponding periods
1913.
1914.
previous year are also presented:
1915.
Nov. 4.
Receipts at
Month ending Sept. 3O.9 Months ending Sept. 30.
Week.
Manufactures
of
1914.
1915.
1915. I
44,0001
Cotton Exported.1914.
Bombay
yards 40,568,340 23,794,762 387,712,8081249,101,726
Piece goods
value $3,253,696 $1,719,728 $28,245,708 $17,589,083
For the Week.
Piege goods
378,821 12,181,384 1,927,619
Clothing-Knit goods __ __ _value 1,482,198
Exports
592,963 15,731,774 6,371,358
value 1,092,283
Great Conti- Japan
from-Clothing-All other
322,042 2,279,280 2,733,853
440,262
value
Britain nent. &China
Waate cotton, &c
569,130
59,568 2,436,355
423,977
value
Yarn
587,571 10,192,566 4,898,065
value 1,878,569
Bombay
All other
8,000 22,000
19i5....
value $8,570,985 $3,660,703 $71,067,067 $34,089,108
1914 _ _ -- - 2;666 14,000
Total manufactures of
1913 _ _ _ _ ------ 28,000
Calcutta
1915 _ _ -- 2,000 1,000
EXPORTS OF COTTON GOODS FROM GREAT
1914
1913....... ------ 1,000
-Below we give the exports of cotton yarn,
BRITAIN.
r Madras_ _ _ 1,000 1,000
1915
goods, &c., from Great Britain for the month of Octobe
1914
in 1915 and 1914, as compiled by us from
1913
and since Aug. 1
All others
the British Board of Trade returns. It will be noticed that
1915
1,000 1,000
1914 _ _ _ _
d the movements all to pounds.
we,have reduce
1913 ____ ------ 2,000
Yarn Thread.
0003
omitted. 1915. 1914.
Total of All.
Cloth.
1915.
1914.
Yds.
Yds.
Lbs.
Lbs.
313,075
August _ 15,318 9,064 418,794 374,358
10,942 409,809
Sept'ber 17,765
370,711
October 15,294 9,363 367,322
29,3691.195,9251.058,144
1st qr.. 48,377
1915.
1914. I 1915.
1914.
Lbs.
78,279
76,600
67,911
Lbs. I
58,519,
69,973
69,105
Lbs.
67,583
80,915
78,468
Lbs.
93,597
94,365
83,205
Since
Aug. 1.
404,000
Week.
2,000
Since
Aug. 1.
Week.
58,000 38,000
Since
Aug. 1.
757,000
Since August 1.
Great
Total. Britain.
Japan
Contineat. & China.
Total
2,000
6,000 60,000 262,000 328,000
71,000 115,000
38,000
6,000
3.000 215,000 135,000 353,000
7,000
,1000
4,000
2,000
1,000
1,000
12,000
1,000
9,000
2,000
3,000
2.000
1,000
2,000
2,000
7.000
8,000
5,000
30,000
16,000
28,000
3,000
1.000
13,000
13,000
Total all
1915 ____ 3,000 10,000 22,000 35,000
18,000
1914 ____ 3,000 15,000
31,000
------ 31,000
1913
12,000
26,000
38,000
30,000
2,000
12,000
49,000
36,000
55,000
16,000 78,000 293,000 387,000
14,000 65,000 73,000 152,000
10,000 275,000 143,000 433,000
show an inAccording to the foregoing,Bombay appears to
in the week's receipts of
crease, compared with last year,
222,790 197,597 271,167 226,966 42,000 bales. Exports from all India ports record a gain of
in276 17,000 bales during the week and since Aug. 1 show an
479
---------------------Stockings and socks---------------7144
7,783
--------------------------------Sundry articles
235,000 bales.
crease of
I 279,429 234,386
Total exports of cotton manufactures
S OF
ALEXANDRIA RECEIPTS AND SHIPMENT
for
The foregoing shows that there have been exported from
-The following are the receipts and shipments
ON.
COTT
the United Kingdom during the three months 279,429,000
and for the corresponding week
the week ending November 3
pounds of manufactured cotton, against 234,386,000 pounds
of the two previous years:
e of 45,043,000 pounds.
4 ast year, or an increas
-
1822
Alexandria, Egypt.
November 3.
Receipts (c.antars)This week
Since Aug 1
THE CHRONICLE
1915.
242,803
1,461,969
1914.
152,830
592,335
1913.
490,000
3,085,133
This Since
This Since
This Since
Exports (bales)
Week. Aug. 1. Week. Aug. 1. Week.lAug.
1.
To Liverpool
8,347 45,626 3,723 1 2,379 10,750
65,340
To Manchester
9,537
____
To Continent and India.. 1,786 29,234 3,202 9,266 8,750 51,426
36.298
19,309
To America
9,078 35,282 2,000 11,984 16,250: 99,573
1,250 5,274
I
Total exports
28.748 146.440' 8.925 52.1138 :17_nnn 201 R12
Note.
-A cantar is 99 lbs. Egyptian bales weigh
about 750 lbs.
MANCHESTER MARKET.
-Our report received by
cable to-night from Manchester states that
India and China is disappointing. Printsthe demand from
bleached goods and miscellaneous special are wanted and
ties are active for
home trade and export. We give prices
for to-day below
and leave those for previous weeks of
this and last year for
comparison.
[VOL. 101.
The prices of futures at Liverpool for each day
are given
below. Prices are on the basis of upland, good
ordinary
clause, unless otherwise stated.
The prices are given in pence and 100ths.
Thus: 6 85 means 6 85-100d.
Nov. 20 Saturday. Monday. Tuesday. Wed'day. Thursda
y. Friday.
to
Nov. 26. 1234 1234 1234 4 12% 4 12;1 4 12%
4 112% 4
p.m. P.m. P.m. P.m. pan. P.m.P.m.
p.m
P.m. P.m. p.m.
d.
d.
d. d. d. d. I d. d. d. d.
Novemb'r
6 85 88 83 81 83% 86. 91 - 0534 d. d.
09% 18
Jan.
-Feb..
6 84 87 82 80 82% 84%
Mar.
-Apr
6 82% 85 80% 78 80% 82 89% 00% 02 05% 14
87 97
May-June
6 82 84 80 77% 80 i82% 85 94 98% 02% 11
95% 99% 08
July-Aug_
6 78% 79% 76 74 76%1763.5
Oct.
-Nov
6 56% 57 54% 52 54% r 5334 80 89% 90 94 02
57 62% 63% 67% 74%
BREADSTUFFS
Friday Night, Nov. 26 1915.
Flour has been in the main quiet but firm.
There is some
danger of scarcity at New York, owing to freight
1915.
1914.
congestion.
The matter has got to a point where the newspapers
851 lbs. Shirt- Corn
are dis84 lbs. Skirt- Cot'n
328 Cop
ings, common Mid.
32s Cop
ings, common Mid. cussing it. The trade here is on a hand-to-mout
Twist.
to finest.
h basis,
Upl's
Twist.
to finest.
UP1's depending on the daily
arrivals. This is certainly an extraOct. d.
s. d.
s. d. d. d.
d. s. d.
a. d. d.
8 10%
ordinary state of affairs at New York, and it is to
7 534(48 1
7.24
No quo tattoos
be hoped
5.30
15 10%
7 3 @)8 6
7.23
No quo tations
6.30 will not last much longer. Large bakeries here
22 10% (4
7 3 sg8 9
have at times
7.12
No quo tattoos
5.05 found
29 10%
7 6 @8 734 7.02
it no easy matter to get all the flour that
No QUO tattoos
4.85
Nov
they re5 10%
quired. The mills, it is said, are in some cases shippi
73 0238 3
6.91
No quo tattoos
4.64
12 10!6
ng high,
83 et.8 3
7.01
No quo tattoos
4.68 priced flour ordered recently, rather
19 10%
63 (48 3
than low-priced grades
7.06
No quo tattoos
3.44
26 1034
63 68 4% 7.28
No quo tattoos
4.46 contracted for at the opening of the season.
This is a source
SHIPPING NEWS.
-As shown on a previous page, the of complaint in some quarters. Northwestern mills are
exports of cotton"from the United States the past week have offering to take new contracts after Jan. 1,
but in some cases
reached 63,689 bales. The shipments in detail, as made are trying to get a carrying charge
of five cents a month.
up from mail and telegraphic returns, are as follows:
From present appearances there is not likely
to be any great
Total bales. accumulation of flour here this
NEW YORK
-To Liverpool
-Nov. 20-Boniface, 63 West
season. Free storage has
63
To Manchester
-Nov.24-Canova,75; Melford Hall,45Indian_
Sea Isl. 120 been reduced from ten days to five; storag
To Havre
-Nov. 18-Penistone, 658___Nov. 20-Athestone,
e rates for flour
259___Nov. 23
-Strathspey, 157
1,074 held on the piers after the expiration of free time has
To Genoa
-Nov.20
-Calabria, 1,000___Nov. 24-Aurania,800 1,800
been
To Leghorn-Nov. 20
doubled.
-Calabria, 200
200
To Vladivostock-Nov. 20-Cheniston,3,000
3,000
Wheat declined early in the week, but
TEXAS CITY
-To Liverpool
-Nov. 20
-Median, 15.009
became firmer
15,009
NEW ORLEANS
-To Liverpool
-Nov. 24
-Mechanician, 12,159.._12,159 later on. The receipts at the Northwest have
To Belfast
-Nov. 19-Howth Head, 1,250
been large.
1,250 At times December has been quite weak
To Havre
-Nov. 19
-Conde, 3,557
and this affected
3,557 May. Also, the news
To Gothenburg-Nov. 22-Noruega, 3,000
from Europe early in the week
3,000
To Christiania-Nov. 22-Noruega, 150
was
150 less bullish. Cash premiums at the West
WILMINGTON-To Genoa-Nov. 19-Alcana, 13.066
were reduced.
13,066 The crop movement in
BOSTON-To Liverpool
-Nov.22- Cheltonian, 1,000
the Southwest has been large, re1.000
To Yarmouth
-Nov. 20
-Prince George, 55
55 ceipts in one day reaching 1,200,000 bushels, agains
BALTIMORE-To Liverpool
-Nov. 19-Quernmore, 931
t 950,931 000 bushels on the same day
SAN FRANCISCO
-To Japan-Nov. 23-Shinyo Marts, 3,107..
last year. On a single day
3,107
TACOMA-To Japan
-Nov. 19
-Tacoma Maru,4,148
4.148 Wichita, Kansas, received 200 cars. The country has
been
.
selling more freely at the Northwest. The
Total
63,689
The particulars of the foregoing shipments for the week, is estimated at 336,000,000 bushels. ThatCanadian crop
is 28,000,000
bushels larger than any previous estimate.
arranged in our usual form, are as follows:
Also, for the
first time this season world's stocks are larger
Great French 1101- -Oth.Europe-- Vlad.
than at the
Britain. Ports. land. North. South.
Itc. Japan. Total corresponding date last year. In other
New York
words, the total is
183 1,074
2.000 3,000 ___
6,257 now 199,971,000 bushels,
Texas City _ _15,009 ___ or practically 200,000,000 bushels,
15,009
New Orleans...._13,409 3,557
3,150__- 20,116 against 195,550,000 bushels last
Wilmington_
year. And two years ago,
13,066
___ 13,066 the total was only
Boston
207,400,000 bushels. So that the effect
1,000 --- 55 --1,055
Baltimore
931 ---931 of the big crop is beginning to make itself felt in
San Francisco
no un--- 3,107 3,107 certain way. The
Tacoma
world's supply increased
4,148
4,148 8,175,
000 bushels, against 2,000,000 in the samelast week
Total
week last
30,532 4,631
____ 3,150 15,066 3.055 7,255 63,689
year.
The exports to Japan since Aug. 1 have been 95,029 bales agains The supply in Canada increased 3,300,000 bushels,
t an actual decrease in the same week last year of
from Pacific ports.
2,765,000 bushels. The total American supply increased
COTTON FREIGHTS.
-Current rates for cotton from 9,375,000 bushels, against a net decrease in the same week
New York are as follows, quotations being in cents per
last year of 395,000 bushels.' Canada has a supply
pound: 73,264
of
Liverpool. 1.25c. asked; Manchester, 1.25c.
,000 bushels, against 37,825,000 bushels a year ago,
terdam, 2.25c.; Genoa, 1.50c.; Naples, 1.50c.; asked; Havre, 2.50c.; RotLeghorn, 1.50c.; Marseilles. and 48,352,000 bushels at this time in 1913.
2.50c.; Piraeus, 3.50c.; Japan. 2.00c. asked;
And in LiverShanghai, 2.00c. asked; pool there has
Bombay, 2.00c.; Vladivostock, 2c.
been some realizing on rumor
blockade. Liverpool talks more hopefully of s of a Greek
LIVERPOOL.
lower prices,
-By cable from Liverpool we have
owing to
following statement of the week's sales, stocks, &c.,the crop both continued large American shipments, the large
at
in the United States and Canada, the likelihood
that port :
of free exports from this side, and finally becaus
Nov. 5. Nov. 12. Nov. 19. Nov. 26.
Sales of the week
crop is beginning to move more freely. It e the English
52.000
55,000
56,000
is
Of which speculators took
English stocks have continued to decrease, but it true that
2,000
2,000
3,000
Of which exporters took
is argued
1,000
2,000
7,000
in Liverpool this will soon be offset by freer native arrivals.
Sales, American
41,000
44,000
46,000
Actual export
4,000
7,000
9,000
1,000 Liverpool at one time was weaker, owing to large receipts.
Forwarded
96,000
66,000
89,000
90,000 It offset firmness in prices at Winnipeg. Englis
Total stock
h country
916,000 871,000 892,000 885,000
Of which American
689,000 661,000 686,000 663,000 markets also declined under the effects of an increased
Total imports of the week
crop
106,000
28,000 119,000
83,000 movement. It is believed that as seeding is now
Of which American
91,000
about
27,000 104,000
48,000 finished in England deliveries
Amount afloat
256,000 267,000 212,000
will increase. The weather
Of which American
204,000 194,000 135,000
has been cold and farmers are more
The tone of the Liverpool market for spots and future crops. Liverpool has also felt the disposed to market their
each day of the past week and the daily closing prices s receipts and the increase in the effects of large American
of
visible supply. In Argenspot cotton have been as follows:
tina the weather has been fine and in the Southern portion
of that country crop prospects are very favorable. At
Spot.
Saturday. Monday. Tuesday. Wednesday. Thursday.
Friday.
Buenos Aires prices have been weak, owing to improved
Market,
crop accounts and the difficulty of getting ocean tonnage.
12:15 I Quiet.
Good
Good
Good
Good
Good
In Russia the reserves of wheat and other grain are said to
P. M.
demand, demand, demand. demand. demand.
be enormous. India has fair reserves and supplies in HolMld.Upl'ds
7.03
7.06
6.99
7.01
7.20
land are also fair.
7.28
On the other hand, it is true that the
Sales
6,000
supply in the United States east and west of the Rockies
10,000
10,000
10,000
10,000
14,000
Spec.&exp.
500
1,000
2,500
1,000
1,000
is only 49,607,000 bushels, against 87,227,000 a year ago,
4,000
Futures. Steady at Steady at
and 72,945,000 bushels at this time in 1913. Of late, there
Quiet at St'dy,unch. Steady,
Steady,
Market i 534(46
134(42
M(41 pt.
has been good and persistent buying of May at
opened f pts. dec. pts. adv. decline. toyipt.adv 734(4834 2(43 Dts.
pts. adv. advance.
December at Minneapolis has been noticeablyChicago.
US
strong.
Market,
Steady at Quiet at St'dy,unch. Very st'dy, Firm
There has been a good demand for choice cash wheat in all
at
Firm,
4
1 pt. dee.to 2@234
to % Pt.
markets. In Russia the weather has been very cold,
ri P. M.
at. adv. ots. dec. advance. 2340734 634(41434 11(41234
ots. adv. ots. adv. ots. adv.
Northern ports are icebound and even with the help of ice
Nov. 27 1915.J
1823
THE CHRONICLE
are
breakers, shipping is slow. In Italy stocks of wheat and
moment
very moderate. Imports there are light at the to look as if
native offerings are disappointing. It begins The Italian
the crop in Italy had been overestimated.
the
Minister of Agriculture has issued a decree authorizing
winter
making of cheaper bread with 20% meal. Hardba is in
wheat is not available in Italy and No. 1 Manito
e
urgent request. The Holland Government will continu
In Queens.
to purchase whenever the price is favorable.nsion. Rain
land, Australia, dry weather is causing apprehe and cultiIndia; seeding
is much needed in the Punjab of le. To-day prices were
vation are not altogether favorab
later. At Chicago
irregular, declining early and rallying purchases at Minnethere was much selling of May against
apolis.
The statement of the movement of breadstuffs to market
indicated below are prepared by us from figures collected by
n
the New York Produce Exchange. The receipts at Wester
lake and river ports for the week ending last Saturday and
since Aug. 1 for each of the last three years have been:
Receipts at-
Flour.
Wheat.
Corn.
Oats.
Barley.
Rye.
. bu. 56Ibs.
bbls.1961bs. bush.60 lbs. bush. 56 lbs. bush. 32 lbs. bush.481bs
932,000 272,000
202,000 1,795,000 2,003,000 3,410,000
Chicago_ _
78,000 1,393,000 1,159,000 256,000
4,295,000
_Minneapolis
962,000 243,000
96,000
5,846,000
Duluth
528,000 149,000
828,000
106,000
364,000
143,000
Milwaukee__
159,000
66,000
459,000
Toledo
125,000
41,000
19,000
6,000
Detroit
1,000
143,000
11,000
23,000
1,000
Cleveland
7,000
473,000 . 50,000
253,000
St. Louts
100,000 1,450,000
10,000
59,000
164.000
653,000
119,000
35,000
Peoria
104,000
384,000
2,476,000
Kansas City.
210,000
225,000
711,000
S IN NEW YORK. Omaha
DAILY CLOSING PRICES OF WHEAT FUTURE Wed. Thurs. Fri.
Sat. Mon. Tues.
'15
487,000 17,557,000 3,820,000 7,105,000 3,690,000 938,000
Total wk.
cts_nom. nom. nom. nom. BOLL- 121
418,000 13,200,000 5,696,000 4,621,000 2,673,000 713.000
No. 2 red
DAY 11034 Same wk.'14
382,000 9,555,000 3,587,000 4,065,000 2,859,000 306,000
Same wk.'13
r delivery in elevator_ __ _110% 11034 11034 11034
Decembe
FUTURES IN CHICAGO
DAILY CLOSING PRICES OF WHEAT
Sat. Mon. Tues. Wed. Thurs. Fri.
10334 HOLI- 103%
in elevator _cts_103% 103% 103% 106
December delivery
DAY 10634
10534 10b% 10634
May delivery in elevator
Since Aug. 1
6,381,000 215,598,000 54,132,000 105,083,000 42,809,000 11518000
1915
10583000
7,090,000 213,726,000 56,896,000 123,320,000 40,892,000 7_0751100
1914
6.447.000 145.626.000 .17.659000 92.346_000 43 542M00
1913
ed later
Indian corn declined at one time, but recover reflected in
Total receipts of flour and grain at the seaboard ports for
was
Early in the week some depression in wheat was then a fea- the week ended November 20 1915 follow:
liquidation in May
corn. Also considerable
Oats, Barley,
Rye.
Corn,
Wheal,
Flour,
supply is slowly
bush
bush.
bush.
bush.
bush.
ture. It told on the price. The visible
bits,
Receipts at191,000 33,000
be sure, the total is still comparatively New York
799,000
53,000
289,000 3,915,000
gaining, though, to
49,000
as against a Boston
59,000
5,000
906,000
36,000
small. Last week it increased 357,000 bushels
306,000 119,000
190,000
28,000
week last year of 263,000 bushels. The Portland, Me_
93.000
160,000
27,000
decrease in the same
64,000 1,639,000
Philadelphia
now available Baltimore
970,000 367,000 361,000
81,000
45,000 1,065,000
result is that the total supply in this country
411,000
303,000
12,000
a year ago, and
is 4,684,000 bushels against 3,368,000words, the compari- Newport News.._
33,000
4,000
4,000
Mobile
66,000
4,000,000 at this time in 1913. . In other t look, inasmuch as New Orleans•_ _ _ 145,000 587,000 404,000
157,000
777,000
Galveston
s years have a differen
sons with previou
1,068,000 93,000
996,000
59,000
were Montreal
152,000
they show increases instead of the old decreases which have St. John
later on, as we
so long a feature of the statistics. Butthe movement of the Total week 1915_ 654,000 10,534,000 960,000 3,839,000 863,000 471,000
became firmer. For
0 47,528,000 133491,000 12523000 13093000
seen, the market
trade had Since Jan. 1 1915_23,885,000 174836,00 1,194,000 2,259,000 529,000 563,000
597,000 8.820,000
Week 1914
new crop was, after all, not so large as most of the has been Since Jan.1 1914_21,135,000 220619,000 24,612,000 66,176,000 13582000 6545,000
expected, even if the Southern section of the belt
Car shortporta on
* Receipts do not include grain passing through New Orleans for foreign
offering more freely than it was a short time ago. ng scarcer.
lading.
becomi
age is threatened. Certainly cars are disappointing qual- through bills of
The exports from the several seaboard ports for the week
Also there is considerable talk about the
secity of the crop in the northern part of the belt. In thatpoor ending November 20 are shown in the annexed statement:Peas
Rye, Barley,
Oats,
Corn, Flour,
Wheat,
tion farmers are selling live stock, it is said, owing to the in
bush.
bush.
bush, bush.
bbls,
bush,
bush.
Exports
quality of the corn in some cases. Exporters are buying . New Yorkfrom- 3,304,125
3,087
4,107 134,706 113,165 135,614 171,029
119,000
has been buying May freely in Chicago Portland, Me_ _ _ _ 190,000
306,000
Oklahoma. Iowa
200 16,354
200,606
Most of the time offerings have been readily taken. Kansas Boston ia ___ A,563,000
110,000 60,000
28,000
been conspicuously firm. Iowa and Philadelph
City cash prices have
60,327 16,051 1,207,589 185,994 372,468
1,045,704
trying to buy corn in Northern Baltimore
Norfolk
Minnesota houses have been
12,000 411,000
shipKansas. Kentucky wants to buy corn in Chicago forprices Newport News 303,000 33,000 4,000
4,000
Mobile
4,000
63,000 44,000
er. Liverpool reports
Orleans..___ 440,000
.
Tent in the last half of Decemb
509,000
Cold New
firm with a good demand and decreasing stocks. Plate Galveston
41,000
1,000,000
Montreal
St. John, N.B___ 152,000
weather increases the English consumption. River
3,087
offerings have decreased with ocean freights very strong. Total week____8,711,435 160,634 296,111 2,041,754 431,608 722,495 3.389
5,201,338 120,234 292,359 2,184,093 553,071 168,790
At Buenos Aires prices have been firm with a good export Week 1914
week and since
advanced early and then declined.
demand. To-day prices
The destination of these exports for the
Foreign advices were bullish. Argentina shipments fell off July 1 1915 is as below:
the week.
sharply for
-CornWheal
Flour
Since
Since
CORN IN NEW YORK.
Since
DAILY CLOSING PRICES OF NO.2 MIXED Tues. Wed. Thurs. Fri.
July 1
Week.
July 1
Week.
Sat. Mon.
July 1
Week.
1915.
76 HOLI'Y 7934 Exportsfor week and Nov.20.
1915. Nov. 20.
76
76
cts 76
1915. Nov. 20.
No. 2 yellow
bush.
bush.
bush.
bush.
bits.
bits.
since July 1 to-316,917
43,000
CORN FUTURES IN CHICAGO.
44,311,879
DAILY CLOSING PRICES OFSat. Mon. Tues. Wed. Thurs. Fri.
United Kingdom_ __139,751 2,036,232 4,044,438 68,268,349
60,327 1,804,142
4,200,300
62,753 1,065,144
6334 6434 HOLI- 6431 Continent
8,754 1,426,083
December delivery in elevator_ _ _ _ 6134 6134 6734 %
Sou. dir Cent. Amer_ 58,254 982,425 462,550 2,076,797
46,652 1,113,208
38,147
531 6534
4,147
6 6834 DAY 68
33,964 569,544
May delivery in elevator
West Indies
6,075
200
y Brit. Nor. Am.Cols. 1,270 27,263
11,734
1,701
497,131
Oats declined at one time and then rallied. Countr Other Countries__.... 119 130,557
offerings have been of only fair size; certainly they have not
296,111 4,811,165 8,711,435115192,303 160,634 4,678,159
TOW
been burdensome. Houses at Chicago which usually act Total 1914
292,359 5,269,391 5,201,338 130172,935 120,234 3,021,583
good buyers of December. Some
for the seaboard have been
- -l
The world's shipment of wheat and corn for the w ie
eat.
.
done, thou nothing very great.
export business has been
and 1914
are increasing more rapidly ending November 20 1915 and since July 1 1915
It is a fact that visible supplies
in the following:
they
than they were a year ago. Last week, for instance,same are shown
increase in the
increased 1,887,000 bushels, against an .
Corn.
Wheat.
time last year of only 526,000 bushels Still, the total is
1914.
1915.
smaller than at this time last
1914.
1915.
Exports.
even now an important item
at this
Since
Since
Week
Since
year. It is 30,208,000 bushels against 42,800,000
Since
Week
July 1.
ago. Oats have folJuly 1. Nov. 20. July 1.
Nov. 20. July 1.
time in 1914, and 46,660,000 two years
They have
Bushels.
Bushels.
Bushels.
lowed the fluctuations of corn rather closely.
Bushels.
Bushels.
Bushels.
own. To-day
shown few, if any, striking features of theirtion. Receipts North Amer. 10404000 169,732,000 170,690,000 143,000 4,100.000 2,353,000
4,813,000
280,000 4,058,000 12,074,000
Russia
9,431,000
prices were higher. Some increase in specula
2,347,000
Danube
00 65,001,000
were not excessive.
64,000 8,266,0001 3,930,000 4,421,000 100,849,0
__
Argentina
8,800,000
Australia.....
NEW YORK.
11,652,000 14,632,000
DAILY CLOSING PRICES OF OATS IN
Fri.
India
Sat. Mon. Tues. Wed. Thurs. nom. 0th.
4,720,000 3,801,000 117,000 1,980,000
countr's 276,000
cts nom. nom nom. nom. HOLI- nom
Standards
00 81,598,000
nom. nom. nom. nom DAY
No. 2 white
11024000 198,428.00012i5,274,000 4,681,000 106,929,0
Total
S IN CHICAGO.
DAILY CLOSING PRICES OF OATS FUTURE Wed.Thurs. Fri.
prohibited the
Sat. Mon. Tues.
-The Canadian Government has officially
• North America.
3931 HOLI- 3934 Issuance of both manifests and exports until after ten days. This is effective
December delivery in elevator_cts_ 3834 3834 39
4034 4034 4134 4134 DAY 4234 during the continuance of the war.
May delivery in elevator
The following are closing quotations:
GRAIN.
Corn, per bushel
-f. o. b.
Wheat, per bushel
No.2 mixed
N. Spring, No. 1, new-- _ _$1 1534
t.01..
No. 2 yellow
No.2
N.Spring.
No. 3 yellow
1
Red winter, No. 2. new.._ _ 1 24
Argentina in bags
24
Hard winter, No.2
cts. Rye, per bushel
Oats, per bushel, new
$1 04
New York
Nom.
Standard
Western, No. 2, new
Nom.
white
No.2,
73©76c.
Malt
42@42
No. 3, white
FLOUR.
50 Kansas straights,sacks_$5 i5@$5 40
Winter, low grades__ _ _$4 30@$4 00 Kansas clears, sacks_ _ _ 4 750 5 00
5 800 6
Winter patents
5 50 City patents
5 30
Winter straights
5 35® 6 05
5 25 Rye flour
5 00
Winter clears
5 65 Buckwheat flour
5 40
Spring patents
4 35© 4 75
i5Ii 5 40 Graham flour
5
Spring straights
5 O0® 535
Spring clears
The quantity of wheat and corn afloat for Europe on dates
mentioned was as follows:
nom.
Corn.
Wheat.
United
Kingdom. Continent.
Total.
United
Kingdom. Continent.
Total.
Bushels. Bushels.
Bushels.
Bushels.
24,039,000
39,944,000
Nov.20 1915__
26,011,000
41,640,000
13 1915
Nov.
23,002,000
32,952.000
Nov.21 1914
7,650,000 14,076,000
Nov.22 1913.._ 12,592,000 20,440,000 33,032,000 6,426,000
Bushels.
Bushels,
The visible supply of grain, comprising the stocks in
granary at principal points of accumulation at lake and
seaboard ports November 20 1915 was as follows:
1824
THE CHRONICLE
(vol.. 101.
GRAIN STOCKS.
Wheat.
Corn.
Oats.
Rye.
Barley.
bush.
bush.
bush,
bush.
bush.
2,331,000
359,000 1,317,000
27,000 315,00)
75,000
11,000
98,000
51,000
791,000
48,000
553,000
70,000
2,000
1,060,000
171,000 1,152,000 766,000 289,000
169,000
570,000
5,000
2,251,000
284,000
133,000
925,000
52,000
2,358,000
78,000 1,583,000 128,000 622,000
1,194,000
88,000
375,000
9,000
349,000
321,000
70,000 - 303,000
48,000
3,585,000 1,877,000 5,982,000
87,000 105,000
70,000
83,000
654,000
80,000 117,000
12,022,000
645,000
80,000 1,807,000
3,831,000
13,000 3,067,000 237,000 379,000
1,573,000
147,000
443,000
10,000
36,000
2,870,000
30,000
459,000
10,000
14,000
99,000
631,000
276,000
143,000
591,000
812,000
177,000
852,000
82,000
28,000
3,445,000
33,000
207,000 239,000 1,099,000
315,000
228,000
Staple cotton goods are fairly active and firm.
tions of standard goods show no change from lastQuotaweek,
although sellers are taking a firmer attitude. Buyers are
bidding for goods but at prices a shade under mill quotations;
but selling agents are more interested in making deliveries
than in securing new business as the former are running
behind. Jobbing stocks throughout the country are light
and mills are being urged to make prompt delivery of.
all
goods under order. In many cases shipments are being
requested which are not due until the first of the year.
This is particularly true in the South and Middle
where jobbers are badly in need of staple goods to West
meet
their immediate requirements. Many jobbers
figure on.very much improvement in business indid not
their requirements early in the year and they are now placing
short of supplies. Print cloths are quiet and steady.caught
Buyers are bidding spot prices for forward delivery,
are refused by mills. The soft spots noticeable inbut these
the gray
Total Nov. 20 1915
40,647,000 3,752,000 19,756,000 1,976,000 4,850,000
Total Nov. 13 1915
34,593,000 3,423,000 18,505,000 1,804,000 4,654,000 goods markets a week ago have almost entirely disappeared
Total Nov. 21 1914
75,387,000 2,487,000 32,304,000 1,659,000 5,152,000 and quotations are up an eighth of a cent
over last week.
Total Nov. 22 1913
59,732,000 2,335,000 30,626,000 2,307,000 5,644.000 A good business
is reported in sheetings and brown goods
Note.
-Bonded grain not included above: Wheat,4,951,000 bushels at New York,
and mills making these are well covered with business
715,000 Baltimore,424,000 Philadelphia,567,000 Boston, 162,000 Duluth,3,680,000
Buffalo, 180,000 Toledo; total, 10,679,000 bushels, against 2,644,000 bushels in through the first quarter. Gray
goods, 38-inch standard,
1914. Oats: 265,000 bushels at Buffalo, 12,000 New York, 105,000 Duluth; total,
4
382,000 bushels, against 346,000 in 1914; and barley, 49,000 bushels at Philadelphia, are quoted 43 c.
92,000 Baltimore, 19,000 Duluth; total, 260,000, against 340,000 in 1914.
WOOLEN GOODS.
-Interest now centers almost entirely
Canada
in spring fabrics with some inquiry concerning opening
Montreal
1,824,000
10,000 1,044,000
15,000
79,000
" afloat
prices for fall. Advances have been made on nearly all
17,932,000
3,903,000
Other Canadian
7,711,000
2,061,000
lines of spring fabrics since the opening, and mill agents
Total Nov. 20 1915
27,467,000
10,000 7,008,000
15.000
79,000 are talking of higher prices before the close. Wool serges
Total Nov. 13 1915
27,823,000
19,000 6,189,000
17,000
8,000 are held from one to three cents higher and manufactu
Total Nov. 21 1914
rers
16,489,000
3,000 4,865,000
146,000
Total Nov. 22 1913
20,369,000
52,000 9,841,000
18,000 546,000 are booking conservatively, even at these advances. The
Summary
-high cost of finishing and dyeing added to the increased cost
American
40,647,000 3,752,000 19,756,000 1,976.000 4,850,000 of wool
yarns, is given as the reason. Qwing to the shortCanadian
.
27,467,000
10,000 7,008,000
15,000
79,000
age of dyestuffs it is now very difficult to get certain lines
Total Nov. 20 915
68,114,000 3,762,000 26,764,000 1,991,000 4,929,000 of goods which
were easily obtainable last season. ManuTotal Nov. 13 1915
62,416,000 3,442,000 24,694,000 1,821,000 4,662,000
Total Nov. 21 1914
91,876,000 2,490,000 37,169.000 1,659,000 5,298,000 facturers are not guaranteeing colors, except on the best
Total Nov. 22 1913
80,101,000 2,387,000 40,467,000 2,345,000 6,190,000 grades of goods in which
imported dyes have been used.
In other cases they are advising clothiers and garment
makers to stick to one lot of goods in making up any Imp
.
THE DRY GOODS TRADE
of garments as it will be difficult to match shades on duplicate orders. While there is a marked improvement in the
New York, Friday Night, Nov. 26 1915.
demand for worsteds, woolens are still leading in sales.
During the past week dry goods markets were active right
FOREIGN DRY GOODS.
-Distributers
up to the holiday. Demand continues to broaden and an active demand for all classes of goods of linens report
but more parnearly every line of goods is being called for in increasing ticularly holiday lines. Supplies are scarce in primary
volume. Primary cotton goods markets are firm and while quarters and advices received from foreign manufacfurers
give little encouragement of any improvement in importanew business has quieted down somewhat there is an urgent tions.
Stock goods of all
ns are wanted for imcall for prompt delivery of goods which are overdue. Mills mediate delivery and after descriptioand
retailers
jobbers have rehave been running behind for some time and are now en- plenished their stocks there will be a limited supply of goods
deavoring to catch up. Owing to the steady advance in to take care of future demand unless thereisan increase in arprices during the past year there has been no cancellation rivals from abroad. Handkerchiefs and handkerchief linens,
embroider
of contracts as is often the case, even when business is good. called for ed goods, fine towelling and table linens are being
and buyers are taking
The reason for this lies in the fact that all orders on mill wherever available. Many linesup spot lots of such goods
of cotton imitations and
books were placed at prices considerably lower than those part linen goods are.
being heavily sold, owing to the high
now prevailing and whether the goods are badly needed or prices ruling on all linen fabrics. There is a good inquiry
not buyers are insisting upon delivery when due. The for dress goods for next spring and summer, but importers
action of the cotton market has ceased to be a factor and and selhng agents are able to accept only a limited amount
of business. It is reported that a large quantity of dress
has had no influence upon the finished goods trade beyond goods which was being
carried in stock and had
making buyers a little more conservative in placing business well has been re-dyed and dosposed of without not sold
difficulty.
ahead. Commission houses and jobbers are in receipt of While burlaps were very active during the early part
a steady call for goods for prompt delivery as well as mer- of the week they became quieter during the latter part.
chandise for next spring. Retail and jobbing stocks through- Scarcity of supplies is restricting business. Prices, however,
remain steady with
out the country were in such poor condition that consider- and heavyweights lightweights quoted 5.60c. to 5.65c.
at 8.25c.
able buying was necessary to place them in shape for the
Importations & Warehouse Withdrawals of Dry Goods.
holiday trade. Jobbers report a good demand for manuThe importations and warehouse withdrawals of dr goods
factured drygoods such as cotton and wool underwear,
at this port for the week ending Nov. 20 1915 and since
hosiery and knit goods, while an active business is being
Jan. 11915, and for the correpsonding periods of last year,
done on fine and fancy lines. Retailers in most sections were as follows:
of the country report improvement in consumption, al- Imports Entered for Consumption for the Week and Since Jan. 1.
Week Ending
though they complain of a backward season on heavyweight
Since Jan. 11915.
Nov. 20 1915.
Pkgs.
Value.
Pkgs.
Value.
lines. Active preparation is being made for the holiday Manufactures of
Wool
season and in view of the industrial prosperity on all sides
29,307
181120
605
7,744,481
Cotton
532,489
96,954 25,756,938
1,956
a good volume of sales is counted upon. Export business
Silk
285,923
916
49,693 22,503,313
Flax
1,313
190,526
47,726 10,702,399
shows little change so far as trade with the Far East is
Miscellaneous
1,018
500,128
94,992 14,784,319
concerned. No inquiry is received from China and advices
Total 1915
5,808 1,690,186 318,672 81,491,450
from that market state that the demand for American cotton
Total 1914
7,842 1,692.155 463,221 114,663,423
goods is declining rapidly. Little new business has come
Warehouse Withdrawals Thrown Upon the Market.
to hand from India or Red Sea ports, but shipments are Manufactures of
230
Wool
94,096
16,485
5,146,571
being made to these markets against old orders as fast as
Cotton
450
187,528
24,282
7,608,350
397
Silk
124,128
ocean freight room can be secured. India and Red Sea
16,151
6,008,238
Flax
4,026
122,856
29,491
5,059,210
markets are reported to be well stocked and it is feared
Miscellaneous
340
153,782
56,696
5,248,514
prices quoted by American mills are too high to attract
5,443
Total
682,390 143,105 29,070,883
buying from that quarter. There is a steady increase in Entered for withdrawals
consumption
5,808 1,690,186 318,672 81,491,450
the volume of exports to South America, the Philippines,
Total marketed 1915
11,251 2,372,576 461,777 110,562,333
the West Indies, the British East Indies, Canada and
Total marketed 1914
10,281 2,285,255 635,589 146,291,828
the United Kingdom. The increased business with these
Imports Entered for Warehouse During Same Period.
markets is more than compensating for the loss of old trade Manufactures of
Wool
68
30,903
10,889
3,562,113
as shown by the figures covering exports of cotton goods
Cotton
469
217,866
18,645
5,990,176
for the nine months ending September. These disclose
Silk
300
107,046
13,043
4,881,540
Flax
305
59,444
24,790
4,495,373
an increase of 138,611,082 square yards in exports of cotton
Miscellaneous
198,867
392
53,759
4,789,517
goods over the same period of 1914.
Total
614,126 121,126 23,718,719
1,534
DOMESTIC COTTON GOODS.
-The compilation of Entered for consumption
5,808 1,690,186 318,672 81,491,450
the weekly returns of exports of cotton goods has been temTotal imports 1915
7,342 2,304,312 439,798 105,210,169
porarily discontinued by the New York Customs House.
imports
Untied StalesNew York
Boston
Philadelphia
Baltimore
Newport News
New Orleans
Galveston
Buffalo
Toledo
" afloat
Detroit
Chicago
Milwaukee
Duluth
Minneapolis
St. Louis
Kansas City
Peoria
Indianapolis
Omaha
On Lakes
On Canal and River
Total
1914
12,356
2,554,351
614,241 151,148,519
Nov. 27 1915.]
STATE
THE CHRONICLE
MO CITY DErMITIVIENT.
STATE AND CITY SECTION.
A new number of our "State and City Section,"
revised to date, is issued to-day, and all readers of the
paper who are subscribers should receive a copy of it.
News Items.
1825
In the St. Louis "Globe-Democrat" of Nov. 18 Judge
Bond is quoted as follows:
The cases cited above from other jurisdictions and the terms of the Act
under review and those of a similar Act passed in 1913 and applicable to
cities of the second class demonstrate that the State of Missouri was only
following the trend of those measures of reform previously enacted in the
leading States of the Middle West and in other portions of the country for
the eradication of inefficiency in the working of their governmental agencies.
The object of this and similar legislation is to give the cities of the State
an opportunity to adopt what is termed the commission form of government,
the chief excellence of which is the concentration of municipal power in
the hands of a few men, or responsible agents, who are usually put at the
head of the several departments necessary to the conduct of the business
of cities.
The general plan was first put into operation at Galvseton.
the storm of 1900, and has spread over the country with Tex., after
remarkable
rapidity. Up to the present time the agents have not exceeded five and
are termed commissioners. They are selected by means of a short
ballot
and are usually subject to a recall.
The union in their hands of quasi judicial as well as administrative authority does not violate the constitutions of the various States, since it has
been uniformly held that the municipalities so governed are not in
sovereignties and hence do not fall within the provisions of the any sense
constitutions which apportion the powers of sovereign States. The salutary measures enacted by the Legislature of this State on this subject reflect
credit
on that body and result in the protection of urban life and the
promotion
of civic betterment.
The Act under review was devised and in our opinion will
contribute to
these ends and was enacted under full constitutional warrant.
Canada (Dominion of).—Loan.—Reference was made in
these columns last week to the new $50,000,000 5% Canadian Government domestic loan. The following definite
particulars are now available:
The proceeds of the loan will be used for war purposes
only. Subscription lists will close on or before Nov. 30.
Issue price 973, payable as follows: 10% on application,
7% Jan. 3 1916, and 20% on each of the following dates:
Feb. 1, March 1, April 1 and May 1 1916. Installments
Joplin, West Plains and Kirksville are among the Missouri
may be paid in full on and after Jan. 3 1916 under discount
municipalities
at the rate of 4% per annum. Applications must be for- government. which have adopted the commission form of
warded through the medium of a chartered bank, which
1925. Rewill issue a provisional receipt. Maturity Dec. 1.
New Jersey.—Total Vote on Bond Issue for Wharton
payable at par at the office of the Minister of Finance and Water Supply Tract.—As finally canvassed Nov. 23, the reReceiver-General at Ottawa, or at the office of the Assistant sult of the election Nov. 2 shows that the question of issuing
Receiver-General at Halifax, St. John, Charlottetown, Mon- $1,000,000 bonds for the purchase of the Wharton tract in
treal, Toronto, Winnipeg, Regina, Calgary 'or Victoria. South Jersey for a water supply was defeated by a majority
Interest payable semi-annually, June 1 and Dec. 1, free of of 20,539, there being 103,456 votes "for" and 123,995
exchange, at any branch of any chartered bank in Canada. "against."
A full half-year's interest will be paid on June 1 1916. In
Texas.—Condition of State Funds.—On Sept. 1 1915 the
the event of future issues—other than issues made abroad— State Permanent
School Fund of Texas contained $15,571 72,
by the Government, for the purpose of carrying on the war, in cash and
$19,648,218 28 of various investments. The
bonds of this issue will be accepted at the same price, 9732, value of
land
plus accrued interest, as the equivalent of cash, for the pur- its largest and land notes owned by the fund, which forms
asset,
pose of subscriptions to such issues. The loan is authorized land accounts is not obtainable for Sept. 1 1915. These
under Act of the Parliament of Canada and both principal Commissioner, are kept exclusively by the General Land
and that officer makes no report this year.
and interest will be a charge upon the Consolidated Revenue On Sept. 1
1914 the fund owned land valued at $1,847,445
Fund. Forms of application may be obtained from any and land
notes amounting to $47,067,427 58. The number of
branch of any chartered bank in Canada and at the office
of any Assistant Receiver-General in Canada. Subscrip- acres of this land leased is notavailable for Sept. 1 1915. On
tions must be for even hundreds of dollars. Bonds with Sept. 1 1912, which is the latest date for which figures are
coupons will be issued in den minations of $100, $500 and obtainable,403,997 acres were leased for $16,360 41 per year.
$1,000. Fully registered bonds without coupons will be In the following table we give the details of the investments
issued in denominations of $1,000,$5,000, or any authorized held Sept. 1 1915 and the details of land notes and land
multiple of $5,000. Holders of fully registered bonds owned Sept. 1 1914:
on hand
$15,571 72
without coupons will have the right to convert into bonds By Cash bonds
" City
$1,248,477 66
with coupons, payable to bearer or registered, without pay- " Independent school district bonds
5,060.111 00
" County common school district bonds_
2,654,312 62
ment of any fee, and holders of bonds with coupons will " County bonds
6,210,000 00
have the right to convert, without fee, into fully registered
$15,172,901 28
" Penitentiary railroad bonds
$100,000 00
bonds without coupons at any time on application in writing " State of Texas bonds
2,772.000 00
to the Minister of Finance. The issue will be exempt from " H. & T. C. Ry. bonds
432,000 00
"
Ry.
408.000 00
taxes—including any income tax—imposed in pursuance of " G. H.& Sa. Co. bonds
Washington
Ry. bonds
37,017 00
legislation enacted by the Parliament of Canada. Appli- " H. T. & B. V. Ry. bonds
295.800 00
cation will be made for the listing of the issue on the Mon- " T. & No. Ry. bonds
430,500 00
4,475.317 00
treal and Toronto stock exchanges. Recognized bond and
Total cash and bonds owned Sept. 1 1915
$19,663,790 00
stock brokers will be allowed a commission of % of 1% on
Land Account (Sept. 1 1914).
$45,016,515 00
allotments made in respect of applications which bear their Land notes bearing 3% interest
"
4'
i06,85200
stamp.
"
5%
1,836,513 26
"
102,791 14
East Baton Rouge Parish (P. 0. Baton Rouge), La.—
4,75560
Election on Commission Plan of Government.—A special elec47.067,427 58
1.847,445 00
tion has been called for Dec. 21 to decide the question of Unsold land, 1.847.455 acres 0 $1 per acre
adopting a commission form of government for the parish. Total Sept. 1 1914
$68.327,081 54
If the proposition carries at the polls, East Baton Rouge
In addition to the Permanent School Fund, which is the
will be the first parish to take advantage of Act 190 of 1914, largest and most important fund carried by the State of
known as the Powell Act, which authorizes the parishes to Texas, there are a number of other funds. The condition
adopt the commission form.
of these funds (exclusive of land and land leases) on Sept. 1
Escanaba, Delta County, Mich.—City Charter Amend- 1915 is reported as follows:
Permanent University Fund.
—By a vote of 356 to 44, cast at the special
ment Carried.
Permanent Lunatic Asylum Fund.
election held Nov. 22,. a proposed amendment to the city By fltate Texas bonds_ _183188 88 By Cash of Texas bonds_129188 17
ash
h
e
17 10
issuance of bonds for the purchase or Permanent Blind Asylum Fund.
charter permitting the
Permanent Orphan Asylum Funf
Cash
BV
construction of a water-works system carried.—V. 101, p.
e of Texas bonds.139,900
i
aate of Texas bonds_ 1?.175t 3
ash
08
Permanent Deaf & Dumb Asylum Fd. Agricultural & Mechanical College Fd.
1646.
Cash
Millville, Cumberland County, N. J.:-Proposed Acqui- By
h of Texas bonds_ ln,380
e
13.Tash of Texas bonds_202,808 80
tate
0
sition of Water Plants.—Ordinances providing for the acThe figures for the fiscal year to Sept. 1 1914 were pubquisition by purchase or condemnation of the plants of the lished in the "Chronicle," Nov. 14 1914, page 1472.
Millville Water Co. and the People's Water Co. and for a
bond issue of $256,000 to defray the cost, were introduced,
it is stated, at a meeting of the City Commission Nov. 19.
Bond Proposals and Negotiations this week
A public hearing on the proposition will be held Dec. 3.
Laws Empowering Com- have been as follows:
Missouri.—Supreme Court Upholds
ADAMS COUNTY (P. 0. Council), Idaho.—BOND OFFERING.—
mission Form of Government.—In deciding the case of C. W.
Reports state
County Auditor, will receive sealed bids
Barnes vs. the City of Kirksville, the Missouri Supreme until 1 p. m. that C. W. Holmes,6% semi-annual 5 -year (opt.) courtDec. 20 for $15,000
-20
Court on Nov. 17 upheld the constitutionality of laws passed house-erection bonds. Interest semi-annual.
AKRON SCHOOL DISTRICT (P. 0. Akron), Summit County,
by the Legislature empowering cities of the second and third Ohio.—BOND OFFERING.—Proposals
be
until 4
class to adopt the commission form of government. The Dec. 6 by J. F. Barnhart, Clerk of Bd.will Ed.,received $400,000 p. %
of
for the
4%
opinion was written by Judge Henry Bond and concurred in 124-yr. average school bonds voted Nov. 2.—V. 101, p. 1644. Denom.
payable
by every member of the Court except Judge A. M. Wood- $1,000. Date Dec. 20 1915. Prin. and semi-ann. in,J. & D., 20 from
at First-Second Nat. Bank, Akron. Due $20,000 yearly on Sept.
opnuoi:!. The plaintiff was 1918 to 1937, incl.
son, who dissented, but filed no.
ALLIANCE SCHOOL DISTRICT (P. 0. Alliance), Stark County,
elected Marshal of Kirksville just prior to the adoption Ohio.—BONDS VOTED.—By a
vote of 2,061 to
the election
of the commission form of government by that city. The held Nov. 2 the proposition to issue the $100,000 1,095, cast atcarried, it is
school bonds
commissioners terminated his job by resolution and ap- stated.—V. 101, p. 1301.
ANDERSON COUNTY
pointed another as Marshal. Barnes sued for the salary BOND OFFERING.—J. E.COMMON SCHOOL DISTRICTS, Texas.—
Palestine, is offering for
for the two years for which he was elected. His petition the following 5% 10-20-yr. Rose, lawyer at bonds: $1,800 Dist. No.sale
(opt.) building
40;
assailed the validity'of the commission form of government $1,000 Dist. No. 3 and $1,000 Dist. No. 11. Int. annually.
ARCADE, Wyoming County, N. Y.—BOND SALE.—On Nov. 21 the
statutes on the ground that they violated Section 53 of Article
1434-year average reg. pavement
4 and Section 7 of Article 6 of the constitution, prohibiting $23,000 5%Co. of Poughkeepsie at 106.27 and bonds were awarded to Isaac
W. Sherrill
int., a basis of about 4.41%.
V. 101, p. 1645. Other bids were:
the enactment of special and local laws.
46
66
41
46
64
8%
16
AI
66
6$
10%
II
88
87)
1826
THE CHRONICLE
[VoL. 101.
$400.000 $200,000 1150,000 $46,000
$24,380 00
Geo. B. Gibbons & Co., New York
Issue.
Issue.
Issue.
Issue.
24,269 60
H. A. Kehler & Co., New York
24,205 00 *J. S. Bache & Co. and Farson Son
Co., New York
W. R. Compton
104.1795 104.1795 102.1795 111.1795
& Co., New York
23,900 00
Farson, Son & Co., New York
104.15
104.15
J104.15
104.15
-The *Bank of Buffalo
.-BONDS AUTHORIZED.
102.28
1104.12
ATHENS, Athens County, Ohio
City Council passed an ordinance on Nov. 15 providing for the issuance *Hornblower & Weeks and H. A.
Premium of $27,226 32
of $64,000 water-works-system-impt. bonds, it is stated. Denom. $1,000.
Kehler & Co., New York
Due beginning 1920.
*Estabrook & Co. and Harris, Forbes
103.921 103.921 103.921 103.921
-BOND OFFERING.
County, N. J.
& Co., New York
ATLANTIC CITY, Atlantic
103.841 103.841 103.841 103.841
*Buffalo Trust Co
Bids will be received until 12 m. Dec. 15 by Miss B. M. Townsend, City *A. B. Leach & Co., New York, and
Compt., for the following 43 % gold coupon (with priv. of reg.) tax-free
Equitable Trust Co. of N. Y_ _ _Premium of $26,725
103.713 103.713 103.713 103.713
bonds, aggregating $449,000:
*Kissel, Kinnicutt & Co N. Y._
103.698 103.698 103.698 103.698
*Redmond & Co., New York
$25,000 paving bonds. Date July 1 1914. Due July 1 1933.
Bankers Trust Co. of Buffalo and
50,000 city park bonds. Date July 1 1914. Due July 1 1944.
102.03
108.53
103.27
Central National Bank,Buffalo_103.27
N
N..
45,000 city park bonds. Date July 1 1908. Due July 1 1943.
iln
*WaiiaEmaslitm.
.
Y
Y 2103.31
103.31
103.31
103.31
Eastman, Dillon
30,000 Ventnor Ave.impt. bonds. Date Jan. 1 1914. Due Jan. 1 1944.
N.
109.71
101.67
103.13
George B. Gibbons & Co. N. Y__ _103.13
64,000 water bonds. Date July 1 1914. Due July 1 1944.
102.85
105.17
102.85
101.57
*Fidelity Trust Co., Buffalo
100,000 drainage bonds. Date Jan. 1 1915. Due Jan. 1 1945.
102.79
102.79
102.79
102.79
*Kountze Bros., New York
Premium of $21,011
135,000 school bonds. Date Jan. 1 1915. Due Jan. 11945.
& Goodwin, New York
*Bond
102.3298
Bernhard, Scholle & Co., N. Y
Denom. $1,000. Int. J. & J. at Hanover Nat. Bank, N. Y. A cert.
101.473
Cropley,McGaragle & Co.,Boston _ _ _ _ _
check (or cash) for $10,000, payable to "City of Atlantic City," required
Citizens' Nat. Bk.,Frostburg, Md_Prernium of $225 on $50,000 issue and
with bids for all the issues and a deposit of 2% of bid is required with bids
$462 30 on $46,000 issue
*All or more.
for part of the bonds. Delivery of bonds to be made on or about Dec. 22.
BURLEY HIGHWAY DISTRICT (P. 0. Burley), Cassia County,
-The $75,000 road-construction bonds voted Sept.7
-BOND SALE.
Bids must be made on forms furnished by the City Compt. These bonds Idaho.
-V.101, p. 1115.
their have been disposed of.
will be certified as to genuineness by the U.S. Mtge. & Trust Co. and
-BOND OFFERING.-Proposals
CALEDONIA,Marion County, Ohio.
approved by Dillon, Thompson & Clay of N. Y., whose opinion will
legality
until 12 m. Dec. 22 by W.0. Gist, Village Clerk. for $3,000
will
accompany the bonds when delivered, without charge to the purchaser. 6% be received
5 -year average refunding bonds. Auth. Sec. 3916, Gen. Code.
Official circular states that there is no litigation affecting these bonds or the Denom. $150. Date Oct. 1 1915. Int. A. & 0. Due $150 each six
statutes under which they are issued and that this city has never defaulted months from Mar. 1 1916 to Sept. 11925, incl. certified check on a Marion
County bank for $100. payable to Village Treasurer, required. Bonds to
in interest or principal on its bonds.
be delivered and paid for within 10 days from time of award. Purchaser
The official notice of this bond offering will be found among the advertise- to pay accrued interest.
ments elsewhere in this Department.
-On Nov.24
-BOND SALE.
CAMBRIDGE, Middlesex County, Mass.
AUBREY INDEPENDENT SCHOOL DISTRICT (P. 0. Aubrey), E. M. Farnsworth & Co. of Boston were awarded at 101.72 the following
-The Pres. of the Board el 4% coup. street-improvement bonds: $17,000 maturing from 1916 to 1920
NOT SOLD.
-BONDS
Denton County, Tex.
Trustees advises us under date of Oct. 30 that no sale has yet been made and $72,500 maturing from 1916 to 1925.
of the $3,000 5% 10-40-yr. optional coupon building-impt. bonds which
-BONDS OFFERED BY
CAPE VINCENT, Jefferson County, N. Y.
-V.101, p. 710.
this district has been offering for sale.
-Wm. R. Compton Co. of New York is offering to investors
BANKERS.
-The $5,000 fire- 85,500 4 y% registered street-impt. bonds. Denom. $500. Date Sept. 1
-BONDS VOTED.
k
AUBURN, Placer County, Calif.
truck-purchase, $2,000 fire-alarm-system and $15,000 sewerage-system- 1915. Prin. and semi-ann. int. (J. & J.) payable in N. Y. exchange. Due
extension bonds (V. 101, p. 1395) were authorized, it is stated, at the $500 yearly July 1 from 1916 to 1926 incl. Bonded debt, including this
Issue, $15,500. Assess. val., $533,805. Legality approved by Dillon,
election held recently, by a 5 to 1 vote.
AUDUBON INDEPENDENT SCHOOL DISTRICT (P.O. Audubon), Thomson & Clay of New York.
-On
-Local papers state that
-BOND SALE.
-BOND ELECTION.
CARROLL COUNTY (P. 0. Delphi), Ind.
Audubon County, Iowa.
0
an election will be held Dec. 21 to decide whether or not this district shall Nov. 17 the three issues of di. 61iyear average highway-impt. bonds
3:e
a tillFA
.ir for)gt£1 45
. 2! . . Indianapolis.
0
i2 O
rtd in were awardediller.%Co
aggregatingi
issue $55,000 high-school-building and equipment bonds.
V.
t , basis of al%out
-BOND OFFERING'
BARTLESVILLE, Washington County, Okla.
-Further details are at hand relative to offering on Dec. 15 (not Dec. 14 were seven other bidders.
as first reported) of the 835,900 park-improvement; $7,600 park-siteCARTHAGE SCHOOL DISTRICT (P.O. Carthage), Jasper County,
-year opt. Mo.-BOND ELECTION VOID.
-Local papers state that the election held
purchase and $6,500 garbage-incinerator-erection 54% 10-25
-year
-V. 101, p. 1733. Proposals for these bonds will be received until Nov. 6 which resulted in favor of the issuance of the $7,000 4% 10-20
bonds.
9 a. m. on that day by John Johnstone, City Clerk. Denom.!$1.000. opt. building and equipment bonds (V. 101, p. 1645), has been found to
Date Sept. 15 1915. Int. M. & S.
have been illegal. It is stated that failure to comply with a technicality
-BOND OFFERING.
-Bids of the school law made thd election void.
BEDFORD, Cuyahoga County, Ohio.
-On Oct. 26
-BOND SALE.
will be received until 12 m. Dec. 22 by H. T. Hubbell, Village Clerk, for
CASS COUNTY (P. 0. Walker), Minn.
-improvement (assess.) bonds:
following 5% coupon street
the
$20,000 5%% funding bonds were awarded to the Commercial Investment
$1,313 81 Ennis Ave. sewer-constr. bonds. Denom. 1 for $313 81, 2 for Co.of Duluth at par and int. Date Oct. 1 1915; Duo $4,000 yearly Oct. 1
$500. Due $313 81 Nov. 1 1918 and $500 on Nov. 1 1922 from 1926 to 1930 incl.
and 1925.
CENTRAL SCHOOL DISTRICT, San Bernardino County, Calif.1,817 73 Ennis Ave. water-main-constr. bonds. Denom. 1 for $317 73 BOND OFFERING.
-The Board of County Supervisors (P. 0. Redlands)
maturing Nov. 1 1917 and 3 for $500 maturing on Nov. 1 1920. will offer for sale $20.000 bonds of this district, it is stated.
1923 and 1925.
-An election
-WATER BOND ELECTION.
CHARLESTON, So. Caro.
458 33 Jefferson St. sewer-constr. bond. Date Nov. 1 1915 and matur- has been ordered for Dec. 14, according to a local newspaper,to vote on the
ing Nov. 1 1925.
bond. Date Nov. 1 1915 and following questions:
574 91 Jefferson St. water-main-constr.
1. Shall the city of Charleston purchase the water-works system of the
maturing Nov. 1 1925.
Co., Bedford. Charleston Light & Water Co. at the price of $1,500,000, payable in city
Prin. and semi-ann. int. payable at Cleveland Trustfor, payable to of Charleston 4%% bonds.
of bonds bid
Certified check on a solvent bank for 10%delivered and paid for within
2. Shall the city of Chalrton issue 1,500 coupon bonds of the city of
Village Treasurer, required. Bonds to be
Charleston, each in the denomination of $1,000, payable each and all of
10 days from time of award. Purchaser to pay accrued interest.
40 years after their date, with the pPrivi ego of redemption after 20
INDEPENDENT SCHOOL DISTRICT NO. 1 them and bearing interest at the rate of 4% %.•payable semi-annually,
BELLE FOURCHE
- years,
-BONDS NOT SOLD.
(P.0. Belle Fourche), Butte County, So. flak.
be used in the purchase of the water works of the Charleston Light &
to
The Clerk Bd. of Ed. advises us under date of Nov. 15 that no sale had yet Water Co. at the price of $1,500,000, payable in said bonds; and
been made of the $25,000 5% funding bonds offered in August(V. 101, p.
3. Shall the city of Charleston issue 100 additional coupon bonds of the
710. He further states that this issue is under advisement of several bond denomination and character above described and aggregating $100,000, to
firms.
be used in repairing and extending the said works.
BERINO SCHOOL DISTRICT, Dona Ana County, N. Mex.-BOND SALE.
CHARLOTTE, Mecklenburg County, No. Caro.
-Keeler Bros. of Denver have been awarded the $9,340 On Nov. 22 $10,000 to $20,000 6% street-impt. (assess.) bonds were
BOND SALE.
building bonds voted Aug. 23.-V. 101, p. 1033.
awarded to the Independence Trust Co., Charlotte, at 105. Other bid- ers were.
BEVIER, Macon County, Mo.-BONDS OFFERED BY BANKERS.
Wm. R. Compton Co. of St. I.ouis is offering to investors $11,500 6% elec- Seasongood & Mayer, Cinc_*105.31 Breed, Elliott & Harrison,103.39
semi-ann.
Cincinnati
tric-light bonds. Denom.$500. Date Oct. 16 1915. Prin, and St. Louis. Geo. B. Gibbons & Co.,N.Y_104.75 Terry, Briggs & Slayton, To1.103.07
Prov. S. B.& T. Co., Cinc_ _104.61
int. (A. & 0.) payable at the Merchants' Laclede Nat. Bank of
yearly
Due $500 yearly Oct. 16 from 1920 to 1924 incl. and $1,500 issue, Oct. 16 J. C. Mayer & Co., Cincin_ _104.52 Spitzer, Rorick & Co., Tol_ _102.882
$21,000. Field, Richards & Co., Cinc_104.35 American Tr. Co., Charlotte 102.50
from 1925 to 1930 incl. Total bonded debt, including this
103.773 A.J. Hood & Co., Detroit_ _ _101.30
Assessed val. 1914, $327,465: actual val. (est.), $1,500,600. Legality Stacy & Braun, Toledo
* his bid appears to be higher than that of the purchaser's, but is so given
approved by Chas. B. Wood of Chicago.
DISTRICT NO.3(P. 0. Billings), Yellowstone by the City Clerk and Treasurer.
BILLINGS SCHOOL
Denom. $500 or more. Date Dec. 1 1915. Int. J. & D. Duo one-An issue of $18,000 5% 10 -year opt.
-20
-BOND SALE.
County, Mont.
Jefferson school impt. and equipment bonds was awarded on May 15 to tenth yearly for 10 years.
-On Nov. 23 the $100,000
Wells & Dickey Co. of Minneapolis for $18,200 (101.111) and int. De-BOND SALE.
CHATTANOOGA, Tenn.
nom. $1,000. Date June 1 1915. Int. J. & D.
-year wharf bonds were awarded, it is stated, to the Harris Trust &
4%% 30
-On Nov. 16 the Say. Bank of Chicago for $100,099 38.-V. 101, p. 1491.
-BOND SALE.
BOISE CITY, Ada County, Idaho.
-BONDS DEFEATED.two issues of 5%-year aver, sewer bonds were awarded to James N. Wright
CHEROKEE COUNTY (P. 0. Rusk), Tex.
& Co. of Denver as follows:
The proposition submitted to the voters on Nov. 16 providing for the
.
Local Lateral Sewerage Impt. Dist. No. 113 bonds for $51,- issuance of the $150.000 road-impt. bonds (V. 101, p. 1395) was defeated,
$51,203 76
bonds furnished free.
A two-thirds majority
773 01 (101.111) and int. for 6s. Blank 3 bonds
it is stated, by a vote of 577 "for" to 305 "against.
26,192 65 Local Main Sewerage Impt. Dist. No. furnishedfor $26,488 20 was necessary to authorize.
free.
and int. for 6s. Blank bonds
(101.127)
-On Nov. 8
-BONDS VOTED.
CHINOOK, Blaine County, Mont.
Other bids were:
this place, it is reported, voted $10,000 bonds for the completion of the
Provident Savings Bank & Trust Co., Cincinnati:5s, blank bondsfurnished filtration plant.
21 and int. for
For Dist. No. 113 bonds,$51,393
-On Nov. 22
CLAY COUNTY (P. 0. Brazil), Ind -BOND SALE.
free; bonds to be full and direct obligations of city.
634-year average .1. Riley McCullough et al. highwayFor Dist. No. 3 bonds, $26,289 56 and int. for 55, blank bonds furnished the $4.300 4%%
of city.
impt. bonds on line between Cass and Jackson Twps. (V. 101, p. 1734),
free; bonds to be full and direct obligations
were awarded to J. F. Wild & Co. of Indianapolis for $4,365 (101.511) and
Lumbermen's Trust Co., Portland:
seven other bidders.
For both issues of bonds, 100.523 and int. for 6s, blank bonds furnished interest. There were
free.
CLEARCREEK TOWNSHIP SCHOOL DISTRICT(P.O.Savannah),
-BOND OFFERING.
-Bids will be received
Ohio.
New First National Bank, Columbus, Ohio:
Ashland County,
For both issues of bonds, $77,999 51 and int. for 6s.
until 12 m. Dec. 27 by L. 0. Hartman, Clerk of Board of Education, for
22 $2,200 5%% 3%-year average high-school-impt. bonds. Auth. Secs.
-On Nov.
-BOND SALE.
BOONE COUNTY(P.O.Lebanon),Ind.
7625, Gen. Code. Denom.$100. Date Dec. 11915. Int. M.&
the $6,000 Lon Robinson and $7,200 Anderson F. Smith 4%% 63 -year 7669 and $200 each six months from Mar. 1 1917 to Sept. 11020 incl. and
average coupon road bonds (V. 101, p. 1733) were awarded to the S. Due Mar. 1 and Sept. 1 1921. Certified check for $200. payable to
Fletcher-American Nat. Bank of Indianapolis, the former issue for $300 on
required. Bonds to be delivered and paid for within 10 days
$6,095 35 (101.589) and accrued int., and the latter for 37,316 35 (101.615) above Clerk,notice of acceptance of bid. Purchaser to pay accrued int.
from date of
and accrued interest. Other bids were:
$13,406
F. Wild & Co., Indianapolis
J.
CLIO SCHOOL DISTRICT (P. 0. Clio), Genesee County, Mich.13,370
Breed, Elliott & Harrison, -Indianapolis
-On Nov. 8 the $15,000 5% impt. bonds were awarded to
13,347 BOND SALE. & Co. of Detroit for $15,350, equal to 102.333. V. 101,
E. M. Campbell's Sons & Co., Indianapolis
John F. McLean
-Bids will p. 1208. Denom. $1,000. Int. ann. in Feb.
-BOND OFFERING.
BRISTOL, Sullivan County, Tenn.
-year high-school-bldg.
-ELECTION TO BE
be received until Jan. 18 1916 for the $60,000 5% 30
COCONINO COUNTY (P. 0. Flagstaff), Ariz. that an
election will
and equipment bonds authorized by vote of 403 to 92,at the election held HELD IN SPRING.
-The County Clerk advises us
$350,000 highway101, p. 1395.
Nov. 23.-V.
likely be held in the spring to vote on the issuance of the
-On Nov. 26 a temporary construction bonds mentioned in V. 101, p. 1034.
LOAN.
-TEMPORARY
BROCKTON, Mass.
-Proloan of $250.000, maturing $150,000 April 27 1916 and $100,000 June 27
CORSICANA, Navarro CountyTex.-BOND OFFERING.
2.29% discount,
1916, was awarded to Blake Bros. & Co. of Boston atdiscount. plus $2 posals will be received until Nov. 30 b'y J. A. Harper, City Secretary, it is
plus $1 20 premium for the April maturity and 2.47%
for the $80,000 street-impt., $25,000 school-impt. and $20,000
stated,
premium, for Mid June maturity, it is stated.
sewer-impt. 5% bonds voted Oct. 12.-V. 101,-p. 1395.
-year
-On Nov. 23 the $400,000 1-20
-BOND SALE.
-BOND SALE.
-An
BUFFALO, N. Y.
CORVALLIS, Benton County, Ore. -purchase bonds was issue of
-year serial
1-10
-year serial school, $50,000
purchased
serial school, $200,000 1-20
and county-fair-grounds
-year public-trunk-sewer reg. tax-free 86,000 5% city-park "City of Corvallis" at par. Denom. $1,000. Int.
municipal-building and $46,000 50
on Oct. 18 by the
% bonds were awarded to R.M.Grant& Co.of New York at 104.5942- J. & J. Due 1955.
V. 101, p. 1733. Other bids were:
Nov. 27 1915.]
THE CHRONICLE
1827
CUMBERLAND COUNTY (P. 0. Crossville), Tenn.
-BOND SALE.
- W. Halsey & Co. of Chicago have been awarded at par and int. the posed issue of $210,000 for issuance ten years hence to take up this mortN.
$100,000 5% 20 -year opt. road bonds which were offered on July 12. gage. The $85,000 bonds, definitely sold at this time, is to complete the
-40
V. 101, p. 61. Denom. $500 or multiples. Date Dec. 1 1915. Int. purchase price and instill a filtration plant.
J.& J.
The official notice of this bond offering will be found
among the advertiseCUSTER, Custer County, Okla.
-BONDS NOT YET ISSUED.
-We ments elsewhere in this Department.
are advised that the $10,000 municipal-ice-plant-installation bonds menFORT LAUDERDALE, Broward County, Fla.
tioned in V. 101, p. 467, have not yet been issued.
-BOND SALE.
Nov. 20 the six issues of 6% 20
-year gold coup. tax-free impt. bonds, -On
DALLAS, Gregory County, So. Dak.-BOND ELECTION.
-An elec- gating $35,000, were awarded to the Fort Lauderdale State Bank ag_greof Fort
tion will be held Dec. 1 to vote on the question of issuing not more than $4,- Lauderdale for $36,200 (103.428) and
int., a basis of about 5.71%.
000 20-year bonds to purchase the poles, wires and other material owned by 101,p. 1571. Other bids were:
V
the Dallas Light, Heat & Power Co. Int. (rate not to exceed 6%)payable C.W.McNear & Co., Chic_ _$36,1761S
idney Spitzer & Co.,Tol _$35,700 00
semi-annually.
0. H. Coffin, Chicago
36,001 Terry, Briggs & Slayton,
DAVID CITY SCHOOL DISTRICT (P. 0. David City), Butler Broward County Bank
35,725
Toledo
35,408 75
County, Neb.-BONDS VOTED.
-An election held Nov. 13 resulted, it
FREMONT, Sandusky County, Ohio.
-BOND OFFERING.
-Bids
is stated, in favor of the question of issuing $60,000 high-school-building will be received until 2 p. m.Nov.29
by F. J. Fischer, City Aud.,for $2,000
bonds.
5% 3M-year average Buchanon St. sewer impt.
(assess. and city's
DECATUR COUNTY (P. 0. Greensburg), Ind.
-BOND OFFERING. bonds. Denom. $200. Date Oct. 1 1915. Int. A.& 0. at office portion)
of SinkAlbert Boling, County Treas., will receive bids until 2 p. in. Dec. 1 for ing Fund Trustees. Due $200 each six months from Apr. 1
1917 to Oct. 1
1921 incl. Cert. check for $100. payable to City
the following 4 % 636-year average highway-impt. bonds:
,
Treas., required. Bonds
$8,160 Isaac L. Doles et al. road bonds on line between Washington and to be delivered and paid for within 10 days from time of award.
Purchaser
to pay accrued interest.
Salt Creek Twps. Denom. $408. Date Oct. 15 1915.
5,120 C. Curtis Hamilton et al. road bonds in Washington Twp. De
GALLATIN COUNTY (P. 0. Bozeman),
Mont.
-BOND SALE.
nom. $256. Date Nov. 15 1915.
bids were received for the $210,000 436%
-No
10 -year (opt.) coupon funding
-20
Int. payable M.& N. Due one bond of each issue each six month:- from bonds offered on Nov. 10
(V. 101,
May 15 1917 to Nov. 15 1926 incl.
Board of County Commissioners. p. 1492) that could be considered by the
Thereupon the Board resolved, on acDELAWARE COUNTY (P. 0. Delaware), Ohio.
-BOND OFFERING. count of so many bidders being present, to receive bids for
$225,000 5%
-year (opt.) funding bonds, in exchange for
-Proposals will be received until 1 p. m.Dec.7 by V. V. Aldrich. Co. Aud.. 18-20
registered county warfor $52,400 5% 53(1-yr. average road bonds. Auth. Sec. 6949, Gen. Code. rants. The following bids were received:
Denom. 20 for $620 and 40 for $1,000. Date Sept. 1 1915. Prin. and Wells & Dickey Co., Minneapolis
$235,260 00
semi-ann. int.(M.& S.) payable at office of Co. Treas. Due $2.620 each N. W. Halsey & Co., Chicago
233,505 00
six months from Mar. 1 1916 to Sept. 1 1925 incl. Cert. check on a Dela- Lumbermen's Trust Co., Portland
234,087 50
ware County bank, or cash, for $1,000. payable to Co. Aud., required. First National Bank, Butte
233,198 00
Bonds to be delivered and paid for within 5 days from day of sale. Pur- International Trust Co., Denver
232,875 00
Harris Trust & Savings Bank, Chicago
chaser to pay accrued interest.
R. M.Grant & Co., Chicago
232,727 00
DENISON, Grayson County, Tex.
-BOND SALE.
-On Nov. 12 the Sidney Spitzer & Co., Cincinnati
232,650 00
$50,_000 5% 103.6-year (aver.) viaduct construction bonds were awarded to Sweet, Causey, Foster &
231.367 50
Co., Denver
N. W Halsey & Co. of Chicago at 102.116 and int.-a basis of about
Wells & Dickey Co., who agreed to substitute
4.743%. Other bids were:
43,1% bonds and give a
premium of
Denison Bank & Trust Co.._*$51,390 Powell, Garard & Co., Chic_ _$50,385 accepted the$2,900 25, was awarded the bonds. The Board by resolution
bid
Detroit Trust Co., Detroit__ 51,000 National Bank of Denison_ _ _ 50,381 County funding of Wells & Dickey Co. and made an order to issue Gallatin
bonds to the amount of $225,000,
Cont. & Comm'l Trust &
First State Bank, Denison__ 50,325 dated Dec.
bearing 4 W,% int..
1915, for
Savings Bank, Chicago--- 51,950 Seasongood & Mayer, Cinc__ 50,310 J. & J. 1, in1exchange 20 years, optional after 18 years, int. payable
for registered Gallatin County
John B. Oldham, Dallas__ 50,795 Hoehler, Cummings & Prudwarrants.
GARY SCHOOL CITY (P. 0. Gary), Lake
den, Toledo
A. B. Leach & Co., Chicago_ 50,765
50,308
County, Ind.
-BOND
-On Nov. 23 the $50.000 4% 20
State Nat. Bank, Denison__ _ 50,760 R. M.Grant & Co., Chicago_ 50,306 SALE.
-year school-impt. bonds were
awarded to E. M.Campbell's Sons & Co. of
Wm. R. Compton Co., St.L_ 50,705 U. S. Bond & Mtg. Co., Dal_ 50,260
Indianapolis at 101.61 and fur0.W.McNear & Co., Chic.._ 50,635 Hanchett Bond Co., Chicagoa50.257 nishing of blank bonds, a basis of about 3.88%. V. 101, p.
1735. Other
bidders were:
Harris Tr. & Say. Bk., Chic._ 50.515 Prov. S. B.& T. Co., Cinc
50,235
Smith, Moore & Co., St. L.__ 50,515 Whitaker & Co., St. Louis_ _ _ 50,111 Fletcher-American National Bank, Indianapolis
$50.811 50
Bolger, Mosser & Willaman,
H. T. Holtz & Co., Chicago_ 50.103 Breed, Elliott & Harrison, Indianapolis
50,811 50
50,501 Blanton-Wise Co., Houston_a50,057 J. P. Wild & Co., Indianapolis
Chicago
50.507 50
Denom. $500. Date Dec. 1 1915. Int. J. &
Mercantile Tr. Co., St. Louis c50,433 A.E. Aub & Co.. Cincin____ 50.025
D. Due Dec. 1 1935.
E. H. Rollins & Sons, Chicago 50,430 A.J. Hood & Co.. Detroit_ _ _a50,000
GASTONIA, Gaston County, No. Caro.
-BOND OFFERING.
50,400 I J.R.Sutherlin & Co.,K.C.Mo*50,000 Ratchford, City Clerk, will receive
Miss. Valley Tr. Co., St. L
-T.
proposals until 7:30 p. m. Dec. 14 A
* Conditional. a These bids rece ved by telegram were read, but not $100,000 5% 30-year site-pur
for
considered on account of not complying with requirements. c All but this Cert. check on some nationalchase and building bonds. Int. semi-ann.
bank for 2% of amount of bid
bid provided for payment of accrued interest.
required.
Bonded debt, including this issue, $449,000.
Assessed val. 1915, $4,239.Denom. $500. Date July 1 1915. Int. J. & J. Due $2,500 yearly 459.
July 1 from 1916 to 1935 inch
GLEN RIDGE, Essex County, N. J.
-BOND ELECTION.
DE SOTO COUNTY (P. 0. Arcadia), Fla.
-The
question of issuing $15,000
-BOND ELECTIO
POSED.
-Reports state that an election will probably be called inN PRO- upon Dec. 23, according tobonds for a garbage-disposal-plant will be voted
newspaper reports.
Punta
Gorda Spec. Road Dist. to vote on the question of issuing $20,000 bridgeGREENE COUNTY (P. 0. Bloomfield
construction and $26,000 road-construction bonds.
-BOND SALE.
-On
Nov. 18 the $8,000 Neal Road and $9,900), Ind.
Baker Road 436% highway
DE SOTO COUNTY (P. 0. Arcadia), Fla.
-BOND SALE.
-On improvement bonds were awarded, reports state, to John A. Phillips Nov. 15 the $350,000 6% 30
-year coupon Road and Bridge District No. 5 Bloomfield and the Fletcher American Nat.
of
Bank of Indianapolis, rebonds (V. 101, p. 1396) were sold, according to reports.
spectively.
-V. 101. p. 1646.
DETROIT, Mich.
-BOND OFFERING.
GREENWICH (Borough), Fairfield County, Conn.
-Bids will be received until
-BOND SALE.
11 a. m. Nov. 29 by Geo. Engel, City Comptroller, for the following 4% -The following bids were received for the
$215,000 43
-3
-year coup. or reg. (to suit purchaser) tax-free bonds:
30
coup.(with priv. of reg.)funding bonds offered on Nov.% 12 2 -year aver.
22(V.101. p.1646):
$500,000 public-school bonds. Denom. 400 for $1,000, 180 for $500 and Dick GregoryiSr Co., New York
*$222 389 33
100 for $100.
Kissell, K[nnlcutt & Co., New York
222,052 00
200,000 public-sewer bonds. Denom. $1,000.
Harris, Forbes & Co.. New York
221,946 00
Date Dec. 1 1915. Prin. and semi-ann. int., payable at office of City Robert Winthrop & Co., New York
Treasurer, or at current official bank of City of Detroit in N.
221,000 00
Y. City. Merrill, Oldham & Co., Boston
Certified check or cash on a Detroit State bank or upon any national A. B. Leach & Co., New York
220,525 50
bank, for 2% of bonds bid for, required. Bonds can only be delivered Spitzer, Rorick & Co., New
220,500 00
at the office of the City Treasurer in Detroit and accrued interest, if any, Erstabrook & Co., Boston York
220,282 55
will be charged on delivery. Proposals will be entertained for the whole or R M. Grant & Co., New York
220,138 50
any portion of the issues, but not for less than $100 of the school or $1,000 Sidney Spitzer & Co., New York
219,897 70
of the sewer bonds.
219,451 50
*This bid was succesiful.
EAST FORK IRRIGATION DISTRICT (P. 0. Hood River), Ore.
GREENWOOD, Leflore County, Miss.
-DESCRI
-On Nov. 16 the $25,000 6% 11-20
BOND SALE.
-year ser. irrigation-sys- -We are advised that the $23,500 5% funding and PTION OF BONDS.
paving bonds awarded
tem bonds were awarded to First Nat. gank of Hood River at 92.61. to J. C. Mayer & Co. of Cincinnati
at 99.40 and hit, and blank bonds on
V. 101, p. 1491. Denom. $1,000. Date Jan. 11916. Int. J.& J.
Nov.3, are in the denom. of $500 and bear date
of Nov. 1 1915. Int. ann.
on Nov. 1. Due Nov. 1 1935.
EAST HAMBURG SCHOOL DISTRICT (P. 0. Orchard Park)
Erie County, N. Y.
-BOND OFFERING.
-Reports state that bids will
GREGORY COUNTY (P. 0. Fairfax),
be received until 8 p. m. Nov. 29 by C. H. Coates, Clerk of Board of Edu- -It is reported that a vote will be taken So. Dak.-BOND ELECTION.
on Dec.
cation, for $50,000 5% 1-25
-year ser, school bonds. Interest annual. issue about $75,000 or $80,000 refunding bonds. 16 on the proposition to
Certified check for 2% required.
GRIMES COUNTY (P. 0. Anderson), Tex.
EAST YOUNGSTOWN SCHOOL DISTRICT (P. 0. East Youngs- BANKERS.
-The German-American Trust Co.-BONDS OFFERED BY
of Denver is offering to
-BOND ELECTION.
town), Mahoning County, Ohio.
-An election Investors $25,000
-40
will bo held Dec. 4, it is stated, to vote on the question of issuing $60,000 No. 2 road-impt.(of an issue of $50,000) 57, 10 -year (opt.) Road Dist.
bonds. Denom. $500. Date Jan. 1 1915.
school-bldg. bonds.
Prin. and
semi-ann. int. (J. & J.) payable at the County or
State Treas, office at the
EDGEWATER, Bergen County, N. J.
-BOND SALE.
-On Nov. 16 First Nat. Bank, Chicago, or at the above bank,at option of holder. Total
$40,000 5% 19 5
debt, this issue, $50,000. Assess. val. of Dist.,
-6-year aver, fire bonds were awarded to J. S.
the
$610.914; actual value;
RipPel $1,000,000.
of Newark at 103.69.-V. 101. p. 1491.
ELYRIA, Lorain County, Ohio.
-BOND ELECTION PROPOSED.HARDIN COUNTY (P. 0. Kenton), Ohio.
-BOND
-The
This city is contemplating calling an election, it is stated, to vote on the Provident Savings Dank & Trust Co. of Cincinnati was SALE.
awarded, it is
proposition to issue $200,000 municipal
-electric-light-plant
-construction stated, $7,800 bonds for $7,875 66 (100.97) and interest.
bonds.
HARRIS COUNTY COMMON SCHOOL DISTRICT
NO. 20 (P. 0.
ESSEX COUNTY (P. 0. Salem) Mass.-LOAN OFFERING.-Reports Harrisburg), Tex.
-BONDS VOTED.
-On Nov. 19 the voters of
state that the County Treasurer will receive bids until 10 a. m. Nov. 29 district, according to reports, authorized the issuance of the $50,000 this
buildhighway loan of $40,600. Date Dec. 10, 1915 and due ing bonds mentioned in V. 101, p. 1571. The vote was
for a four months'
106 to 15.
April 10, 1916.
HELENA, Lewis & Clark County, Mont.
-BOND OFFERING.
EVANSTON TOWNSHIP HIGH SCHOOL DISTRICT (P.O. Evans- This city is offering for sale $120,000 5%
refunding bonds, according to
-NOTE. We are advised that the vote
ton), Cook County, Ills.
cast at reports. Martin Doty is City Clerk.
the Nov. 6 election which resulted in favor of the issuance of the $500,000
HENRY COUNTY (P. 0. Newcastle), Ind.
site-purchase and constr. bonds was 2,549 to 1,571.-V. 101. p. 1646.
-BOND SALE.
-On
Nov. 22 the $4,920 436% 6 1-3-yr.
-BOND ELECTION PRO- Oct. 15 1915, were awarded to J. F. aver, coup. highway impt. bonds, dated
FALLS COUNTY (P. 0. Marlin), Tex.
Wild & Co.
POSED.
-There is some talk in this county, according to Dallas_ papers, (101.549) and int.-V. 101, p. 1735. Other of Indianapolis for $4,996 25
bids were:
of holding an election to vote on the question of issuing $200,000 highway Miller & Co., Indianapolis
bonds.
$4,993 00
Fletcher American Nat. Bank, Indianapolis
4,992 50
FLANDREAU, Moody County, So. Dak.-BOND SALE.
-The $4,000 Citizens' State Bank. Newcastle
4,984 00
Breed, Elliott & Harrison, Indianapolis
6% 10-year storm-sewer bonds authorized by the City Council on May
4,975 00
were awarded during June to the Moody County Bank of Blandreau 12 Merchants' Nat. Bank, Muncie
at E. M. Campbell Sons & Co.,
4,971 35
par and int. V. 100, p. 1852. Denom. $500. Date May 15 1915.
Int. First Nat. Bank, Newcastle Indianapolis
4,959 00
annually in May.
4,926 00
FLINT SCHOOL DISTRICT (P. 0. Flint), Genesee County,
NOTE SALE.
-Reports state that E. M. Campbell's Sons &
Mich.
-BONDS VOTED.
-The proposition to issue $90,000 school
Co. o
bonds car- Indianapolis were recently awarded an issue of $20,000 short-term road
ried, reports state, at the election held Nov. 17.
and bridge notes at 100.065 for 43te.
FLORENCE, Lauderdale County, Ala.
-BOND OFFERING.
• HETH SCHOOL DISTRICT (P. 0. Mauckport) Harrison
-Bids
County,
will be received until 12 in. Dec. 7 by the Bd. of City Commrs., C. E. Jor- Ind.
-BOND OFFERING.
-Bids will be received until 2 p. m. Dec. 18 by
dan, Commr. of Public Property, for $210,000 5% 20-year first mortgage Lee F. Sherman, Twp. Trustee. for $1,200
431% coup. school bonds. Denom.$100. Date Nov. 15 1915. Int. M.
water-works bonds. Int. semi-ann. Cert. check for $2,000, payable
to from Nov. 15 1916 to May 15 1922 incl. & N. Due $100 each six months
II. C. Gilbert, City Treas., required. Purchaser to complete contract
of
HILLSBOROUGH, San Mateo County Calif.
purchase by Dec. 31. The approving opinion of Storey, Thorndike, Palmer
The following are the bids received for the $40:000 5% -BOND SALE.& Dodge of Boston will be furnished the purchaser when bonds are
municipal-improvedelivered ment bonds offered on Nov. 16.-V. 101, p. 14n2:
and all bids must be without condition as to the legality of the issue.
E. H. Rollins & Sons,
The Anglo & London Paris Nat.
city reserves the right to sell only $85,000 of the proposed issue.
Bank, San Fran
*$41,273 00
San Fran
$40,936
The plant of the Florence Water Co. was recently appraised by W. H. N. W.Halsey & Co.,San F. 41,230 00 Blyth, Witter & Co., San Fr. 40.888
Bond
Weiss and H.P.Gillette of New York at $181,000. The City of Florence Bank & Goodwin,Boston_ 41,203 50 Perrin,Drake & Riley,Los Ag. 40.818
of Italy. San Fran__ 41,201 00 E. N. Pearson Jr
40,743
under the franchise has the right to purchase at this appraisal. The
Girvin
plant Byrne & Miller, San Fr__ 41.112 00 Say.trn.Bk.& Tr.Co., San Fr, 40.668
& Mc Don% San F.
now has a mortgage of $125,000 maturing in 1926, and it is probable
G.G.Blymy
that Wm.R.Staats Co., Los Ang. 41,101 00 Torrance, er & Co., San Fr. 40,401
40,940 00
this mortgage will be assumed. It is planned to hold $125,000 of the
Marsh.& Co.,SanF. 40,192
pro*This bid, it is stated, was accepted.
1828
THE CHRONICLE
[VOL. 101.
to the City Compt., required.
-BOND OFFERING. City, Mo., for 2% of bonds bid for, payable
Ohio.
HIGHLAND COUNTY (P. 0. Hillsboro), m. Dec. 13 for an Issue of Bids must be made on a blank form furnished upon application to the City
Auditor will receive bids until 12
-The County
& Clay. New York. The legality of
Denom. 3 for $900, 3 for $600, 2 for $700
$75,000 6% road-impt. bonds. 1915. Int. J. & D. Due on Mar. 1 as Comptroller or to Dillon, Thomson
or dupliand 2 for 8800. Date Dec. 1
the bonds will be approved by the above attorneys, whose opinion,
1917, 1918 and 1919; $700, 1920 and 1921; $800, cate thereof, will be delivered to the purchaser. These bonds are part of
follows: $900. 1916, $600
Cert. check for $250 required.
1922 and 1923 and $900 in 1924 and 1925.
p. 1948.
-On Nov. 16 the $4,560,000 bonds voted June 1. V. 100,
-BOND SALE.
HOLSTEIN, Ida County, Iowa. aggragating 818,000, were awarded
The official notice of this bond offering will be found among the advertise-year coupon bonds
three issues of 5% 20
& Co. of Chicago for $18,195 (101.083) and int.-V. 101, ments elsewhere in this Department.
to Chas. S. Kidder
-An election
-BOND ELECTION.
p. 1492. Other bids were:
KASSON Dodge County, Minn.
Tol_ _$18,025 00
Chas.S.Coffin,Chicago__*$18,201 00 Sid .Spitzer & Co., Chic. 17,737 00 will be held bee. 7 to vote on the question of issuing to the State of MinneHanchett Bond Co.,
N.W.Halsey & Co., Chic. 18.108 00 Duke M.Farson&Co.,Chic. 17.650 00 sota $20,000 funding and $15,000 city-hall-building 4% bonds.
40
ls
G.
Elston Clifford & Co.,Chic. 18.104 00 Bolger, Mosser & WilKENOVA, Wayne County, W. Va.-BOND OFFERIN -Proposa
Schanke & Co., Mason C'y 18,059
17,640 00 will be received until 1 p. m. Dec. 20 by J. W. Collins, City Recorder for
laman, Chicago
Geo.M.Bechtel&Co.,Davt. 18,055 00
(opt.) coupon sewerage bonds. Denom. $500
-30
$55,000 5% 10 -year
was not accompanied by Date Dec. 1 1915. Int. annually. Cert. check for 2% of the bid, payable
* This bid was rejected for the reason that it
to A. W. Ferguson, City Sergeant, required. All bids must be net to the
required certified check.
city, clear of all attorney's fees and expenses.
-A loca
-BONDS PROPOSED.
HORNELL, Steuben County, N. Y.
,
ion the issuance of city-jailKERT CREEK DRAINAGE DISTRICT (P. 0. Grand Rapids)
paper states that this city has under considerat
-On Nov. 3 the 85,518 14 6% 415'
Wood County, Wis.-BOND SALE.
construction bonds.
at par.
S. year serial bonds were awarded to Percival Brooks Coffin, Chicago,
-B.
-BOND OFFERING.
Int. J. & J.
HUDSON, Summit County, Ohio.
Dec. 13 for $2,500 454% -V. 101, p. 63. Denom. $500. Date July 1 1915.
Sanford, Vii. Clerk, will receive bids until 12 in. Sec. 3939, Gen. Code.
-On
-BOND SALE.
KNOX COUNTY (P. 0. Vincennes), Ind.
-year average water-works-impt. bonds. Auth. Due $500 Dec. 1 1917 Nov. 23 the two issues of 43j% highway-improvement bonds, aggregating
4
Denom. $500. Date Dec. 1 1915. Int. J. & D. 5% of bonds bid for, $10,350, were awarded to the Fletcher-American Nat. Bank of Indianapolis
. Cert. check for
and $1,000 Dec. 1 1919 and 1921
delivered and paid for for $10,514 60, equal to 101.578--V. 101, p. 1647. Other bids were:
payable to Vil. Treas., required. Bonds to be pay accrued interest.
$10,490 25
J. F. Wild & Co., Indianapolis.
within 10 days from time of award. Purchaser to
10,488 97
-No R. L. Dollings & Co., Indianapolis
10,471 00
, Fremont County, Wyo.-BONDS NOT YET SOLD.
Indianapolis
HUDSON
Elliott & Harrison,
15-30-yr. opt. coupon water Breed,Campbell's Sons & Co., Indianapolis
10,452 00
sale has yet been made of the $20,000 5% Bizzell is City Treasurer.
E. M.
bonds mentioned in V. 101. p. 1116. H. G.
-The $6,000
-BOND SALE.
LAHOMA, Garfield County, Okla.
-BOND SALE.
on), Ind.
HUNTINGTON COUNTY (P. 0. Huntingt bonds were awarded to electric-light-plant-erection bonds voted Oct. 8 have been purchased by
Enid.
-On Nov. 20 the 35.060 455% highway-impt.
(101.501) and int.- Kennedy Bros. of
0. LangGavin L. Payne & Co. of Indianapolis for $5,136Int. M.& N.
LANGHORNE TOWNSHIP SCHOOL DISTRICT (P.$13,400 4%
-An issue of
1647. Denom.$253. Date Sept. 201915.
V. 101, p.
-BOND SALE.
County, Pa.
on), Huntington horne), Bucks building bonds were awarded on June 9 to local investors
10-30-yr. (opt.)
HUNTINGTON SCHOOL CITY (P. 0. Hungtint
-On Nov. 20 the 8115.000 454% coupon at prices ranging from par to 100.25. Denom. $100. Date May 1
-BOND SALE.
County, Ind.
the First Nat. Bank of
site-purchase and bldg. bonds were awarded to
There were 1915. Int. M.& N.
101, p.
-.-BOND OFFERING.
n for $120,452 (104.74) and int.-V.A. & 0.1647.
Huntingto
LA PORTE COUNTY (P. 0. La Porte), Ind.
1915. Int.
Treas.,
Jos.
eight other bidders. Date Oct. 22
Bids will be received until 10 a. in. Nov. 29 by at al.Johanni, Co.
-BONDS TO BE OFFERED NEXT for $13,000
road-impt. bonds in
Iowa.
H. H. Jones
IDAGROVE, Ida County,
434% 555-yr. average
paving bonds voted
N. Due
-The City Clerk advises us that the $15,000 101, p. 546.
YEAR.
Dewey Twp. Denom. $650. Date Nov. 15 1915. Int. M. &
-V.
incl.
Aug. 3 will not be offered for sale until next spring.
$650 each six months from May 15 1916 to Nov. 15 1925
-On Nov. 20 an issue of 350,000
-BOND SALE.
INDIANAPOLIS,Ind.
LA PORTE INDEPENDENT SCHOOL DISTRICT (P. 0. La Porte),
Amer. Nat. Bank
-On Nov. 6 the 830,000 5%
-BOND SALE.
4% coup. bridge-ext. bonds was awarded to the Fletcher
Date Nov. 15 Harris County, Texas.
to the
of Indianapolis at 101.862 and int. Denom. $1.000.
10-40-yr. optional building bonds voted Sept. 1 were awarded to the
-payable at Indiana Tr. Co., Blanton-Wise Co. of Houston at 99.15, a basis of about 5.11%,
and semi-ann. Int.-J. &J.
1915. Prin.
bids were:
101, p. 867.
-V.
Indianapolis. Due July1 1925. Other L. Payne & Co., Ind'lls_ _850.441 optional date and about 5.05% to the full maturity
$1,000.
Indiana Tr. Co., Ind'ILs_ _$50.656 251G.
R. Fuller of San Antonio bid $29,600, equal to 98.66. Denom.
50,616 00 Miller & Co., Indianapolis__ 50,307 Int. M. & N.
J. F. Wild & Co.,
E.M.Campbell'sSons&Co. 50,454 00
SCHOOL DISTRICT NO. 2 (P. 0. Loveland),
LARIMER COUNTY
-BONDS AUTHORIZED.
IOWA CITY, Johnson County, Iowa.
-On Nov. 18 the $90,000 5% 10-20-yr. optional
-BOND SALE.
Col.
City Council on Nov. 12 authorized the issuance of 825,947 51 paving bonds, coupon or reg. high-school-building bonds dated Dec. 11915, were awarded
and int.,
papers.
according to local
to Sweet, Causey, Foster & Co. of Denver for $92,828 (103.142)
-On Nov. 24 the a basis of about 4.602% to the optional date and about 4.76% to the full
-BOND SALE.
JACKSON, Jackson County, Ohio.
to Hayden, Miller & Co. maturity.
p. 1647:
-V. 101,
$31,000 5% coup. refunding bonds were awarded
Oswald F. Benwell and
of Cleveland for $32,095 (103.596) and int. V. 101, p. 1571. Other bids: Emerson & Buckingham Bk.
Henry Wilcox & Sons, Den.101.28
& Tr. Co. and Farm. Nat.
Fifth-Third Nat. Bk.,Cin.$32,039 00 Stacy & Braun, Toledo_ _ _$31,814 05
Cin. 31,80200
*102.75 Boettcher, Porter & Co., Den.100.585
Bank, Longmont
Prov. S. B. & T. Co., Cin. 31,991 20 Seasongood & Mayer,
N.W. Halsey & Co., Chic_ _*100.59
-Bertram Co., Cin_ 31,937 001Tillotson & Wolcott Co__ 31,784 30 J. N. Wright & Co., Denver_ 102.21 Spitzer, Rorick & Co., Tol__100.57
Davies
31.676 25
R. L. Dollings Co., Ham._ 31,907 05 Sec. S. B.& T. Co., Tol__ 31,508 00 E. H. Rollins & Sons, Deny_ 102.14 Bolger, Mosser & Wil'n, Chic.100.50
Chic.
Cent. S. B.& Tr. Co., Deny_ 102.03
Ohio Nat. Bank,Columbus 31,833 85 Hanchett Bond Co.,
101.84 John Nuveen & Co., Chic_ _ _100.38
-BOND OFFERING. Internat. Tr. Co., Denver
wn), Ind.
JACKSON COUNTY (P. 0. BrownstoLuedtke, County Treasurer, will C. W.McNear & Co., Chic
101.82 Germ. Amer. Tr. Co., Denv.*100.27
is stated that bids addressed to Albert an issue of $15,000 434% bonds. Sid. Spitzer & Co., Toledo
-It
101.63 Newbold, Taylor & Gauss,
m.Jan. 10 1916 for
100.16
Colo. Springs
be considered until 10 a.
Wilson, Cranmer & Co., Den. 101.51
SCHOOL DISTRICT NO. 7 (P. 0. Brooklyn), Woodmen of World, Denver_ 101.45 Inter-State Tr. Co., Denver_ 98.07
JACKSON COUNTY
Terry, Briggs & Slayton, Tol. 97.70
-At a recent election this district voted in favor
-BONDS VOTED.
Mich.
reports state.
of the issuance of $25,000 building bonds,
-The
* Received too late for consideration.
-BOND OFFERING.
R. I.
JAMESTOWN, Newport
434%
County'
bids until 10 a. m. Nov. 29 for $48,000 yearly
LARIMER COUNTY SCHOOL DISTRICT NO. 34 (P. 0. WellingCity Treasurer will receive
Dec. 11915. Due 81,000
-In V. 100, p. 2184 we stated from news-CORRECTION.
ton), Col.
coup. refunding bonds, it is stated. Date
1928 to 1945 incl.
paper reports, that the $20,000 building bonds had carried at the election
from 1916 to 1927 incl. and $2,000 yearly from
-On held June 12. We have !just been advised that this issue was defeated.
SALE.
-BOND
Ind.
JASPER COUNTY (P. 0. Rensselaer),
-Rebonds were awarded to
-BONDS DEFEATED.
LEE COUNTY (P. 0. Fort Myers), Fla.
Nov. 23 the $2,800 454% 63 -year average road for 82,836 35 (101.298)
is
ports state that the election held Nov.9 resulted in the defeat of the formathe Fletcher American Nat. Bank of Indianapol
Other bidders were:
of aobut 4.25%-V. 101. p. 1735. Co., Indpls_$2,815 00 tion of Special Road District No. 2 and the Issuance of $323,500 roadand int., a basis
construction bonds. V. 101, p. 1397.
Ed. O'Gara, La Fayette. _ _$2.833 65 R. L. Dollings
s Sons &
-BONDS OFFERED BY BANKJ. F. Wild & Co., Indpls__ 2,832 75 E. M. Campbell' is
LEE COUNTY (P. 0. Tupelo), Miss.
2,805 00
Co., Indianapol
-Wm. R. Compton Co. of St. Louis is offering to investors $28.500
- ERS.
-BOND SALE.
-year highway bonds. Denom. $500.
ON COUNTY P. 0. Pine Bluff), Ark. ent Dist. No. 10 (oaf an issue of $105,000) 534% 25
JEFFERS
-year ser. Road Improvem
May 6 1915. Prin, and semi-ann. int.(M.& N.) payable at the Co.
On Oct. 25 $13,000 6% 1-12
(100.961) and int. Date
New York. Gross bonded debt,
bonds were awarded to James A. Gould for $13,125 and $500. Date Treas. office or at the Hanover Nat. Bank,
legal expenses. Denom. $100
$355,000. Sinking fund. $18.000. Assess. val., $7,139,366; est. actual
Purchaser to pay all
approved by Chas. B. Wood of Chicago.
val., 830,000.000. Legality
Nov. 1 1915. Int. semi-annual.
-On Nov. 18 an
-BOND SALE.
DISTRICT NO.5, Ark.
LE ROY, Genesee County, N. Y.
JEFFERSON COUNTY DRAINAGE R. Compton Co. of St. Louis
-Wm.
-year average coup. or reg. (option of purchaser) water
BONDS OFFERED BY BANKERS. issue of 835.000)6% bonds. Denom. issue of $15,000 12 to Geo. B. Gibbons & Co. of N. Y. at 100.03 and int.
(of an
was awarded
bonds
is offering to investors $13,500
andsemi-annual int. (M. & S.)
bidders were:
$500. Date Sept. 1 1915. Principal Co.. St. Louis. Due on Sept. 1 for 4.35s. Other Co., Poughkeepsie
4.40%
100.27
payable at the Mississippi Valley Trust 1932, 83,000 1933, $3,500 1934 Isaac W. Sherrill
4.40%
100.257
1931, $3,000
Farson, Son & Co., New York
as follows: $1,000 1929. 8500
4.40 0
100.123
Hornblower & Weeks, New York
and 32,500 1935.
100.49
434
-On H. A. Kahler & Co., New York
-BOND SALE.
JOHNSON COUNTY (P. 0. Franklin), Ind.
434%
100.083
ment H.B. Ward
Nov. 23 the two issues of 454% 6h -year average highway-improve
VII. Treas.
Denom.$1,000. Date Dec. 11915. Int. J. & D. at office of
p. 1735:
-V. 101,
bonds were awarded as follows
is for or elsewhere, as may suit purchaser. Duo $1,000 yearly on Dec. 1 from
$6,000 road bonds to Fletcher American Nat. Bank of Indianapol
1920 to 1934 incl. These bonds were voted on July 12.
86.096 75 (101.612) and interest.
and interest.
, Wash.
2,700 road bonds to the Citizens' Nat. Bank at 101.68
LEWIS COUNTY SCHOOL DISTRICT (P. 0. Chehalis) optional
-10
bidders were:
Other
-On Nov. 13 an issue of 313.000 6% 2 -year
B.M.Campbell'sSons& Co.$8,786 00 BOND SALE. awarded to Coffman, Dobson & Co. of Chehalis for 53js.
R.L.Dollings& Co.,Indpls.$8,815 79
8,782 00 school bonds was
J. F. Wild & Co. Indpls__ 8,813 75 Breed, Elliott & Harrison
$13,150
8,758 00 Other bids, were:
8,799 00 First National Bank
Miller & Co., Inals
Farmers' & Merchants' Bank,Centralia
13,117
0.
KALIDA VILLAGE SCHOOL DISTRICT (P. will Kalida), Putnam Chehalis National Bank, Chehalis
13,011
be received until J.E.
-Proposals
G.
coCo., Seattle
-BOND OFFERIN
County, Ohio.
13,000
coupon J. N. Casady & Co., Council Bluffs
Dec.6 by W.C. Dye, Clerk Bd. of Ed.,for $2,00067 11-14-yr. ser.
State of Washington bid
at
The above bids were all for 6% bonds. The considered.
refunding bonds. Denom. $500. Date Nov. 1 1915. Int. payablethe
not
to
for 53s but we are advised that their bid was
the People's Bank Co. of Kalida. Cert. check for 8200. payable
DISTRICT, Nom Perce
Clerk Bd. of Ed., required. Bonded debt, exclusive of this issue, $12,000.
LEWISTON ORCHARDS HIGHWAY
-The Union SavFloating debt, none.
-BONDS OFFERED BY BANKERS.
-During the month of County, Idaho. of Seattle are offering to investors at par and interest
PURCHASED BY STATE.
-BONDS
KANSAS.
ings & Trust Co.
bonds, aggregating $80,427, were 3100,000 57 bonds of this district. Date Feb. 1 1915. Int.-J. & J.
October the following eleven issues of
on July 1 from 1926 to 1935
purchased by the State of Kansas at par:
payable in Chicago. Due $10,000 yearly
Due.
Date.
Purpose.
this issue. Assessed valuation 1914, 81,700,000.
Place. Int.Rate.
Amount.
Inclusive. Bonded debt,
Heating plant July 1 1915 July 1 1920
value (estimated), $4,000,000.
21,000 Caney Bd.of Educ.5
Heating plant Sept. 15 1915 July 1 1920 Real
1,000 Caney Bd.of Educ.5
-The election
light Sept. 1 1915 Sept. 1 '22-'35
LEXINGTON, Fayette County, Ky.-BONDS VOTED.
Electric
7,000 Haviland,KlowaCo5
-year bonds:
Building ____ Oct. 1 1915 Jan. 1'17-'22 held Nov. 2 resulted in favor of the following 40
1,200 Lyon Co. S. D.21_5
and ext.
$350,000 434% storm-water and sanitary-sewage-system-impt.
d• 4,000 Neosho Falls,Woo
bonds. The vote was 2,895 to 838. Due $50,000 in
534 Refunding __ July 1 1915 July 1 1935
son County
. Jas. J. O'Brien is
5 years and $10,000 yearly thereafter
Oct. 1 1915 Jan. 1 '16-'25
13,127 Olathe, JohnsonCo.534 Sewer
City Clerk.
Sept. 15 1915 July 1 1935
Building
15,000 Olathe, Dd. of Ed_ 5
school-building bonds. The vote was
July 1 1915 Jan. 1 '17-'27
100,000 5% site-purchase and Date Dec. 15 1915. Duo $20,000 in
1,700 OsborneCo.S.D.111 6 Building
5,324 to 1,157.
Sept. 1 1915 July 1 '16-'22
Building
Co. S. D.75_5
1,400 Rush
5 years and $4,000 yearly !thereafter. J. 0. H. Simrall is
light. Sept. 1 1915 Sept. 1 '16-'35
Electric
10,000 Robinson,BrownCo5
Secy. Board of Education.
Water-works. Sept. 1 1915 Mar. 1 '17-'40
25,000 Spearville.FordCo_5
Interest semi-annually.
-Proposals will be received
CITY, Mo.-BOND OFFERING.
KANSAS
-An
D ELECTION.
L. Jost,
LINCOLN COUNTY (P. 0. Stanford), Ky.-BON question of issuing
until 10 a. m. Dec. 13 (date changed from Nov. 29) by Henry
to vote on the
park, election will be held Dec. 11, it is stated,
Mayor. and M. A. Flynn, Comptroller, for $100.000 4% station
-construction bonds.
n (third issue) road
-BOND ELECTION.J.
3125,000 4% general hospital, $125.000 455% fire-protectio
LINDEN TOWNSHIP, Union County, N. to vote on the question of
-year gold
court 20
and $125,000 455% police department and municipal
will be held Dec. 6, reports state,
which An election
$20,000 fire-department bonds.
conpon bonds. Denom. $1,000, except $25,000 of police issue,
issuing
and semi annua
Tenn.
-BOND SALE,
is in denom. of $100. Date July 1 1915. Principal
LONSDALE (P. 0. Knoxville), Knox County, voted Oct. 30(V. 101.
at the Chase
school-impt. bonds
interest (J. & J.) payable at the City Treas. office or
-The $30,000 funding street and stated, to Cutter, May & Co. of Chicago
at the option of the holder. Delivery of bonds D. 1647) have been awarded, it is
Nat. Bank of New York,
issue, $15,000 will not be
r's office. for $30,500, equal to 101.666. Of the total
will be made at 10 a. m. Dec. 20 1915 at the City Comptrolle
in Kansas taken up until May 1916.
Cert. check on a solvent bank or trust company doing business
Nov. 271915.]
THE CHRONICLE
-BONDS DEFEATED.
-At the
LORAIN, Lorain County, Ohio.
election Nov. 2 the question of Issuing $350,000 electric-light-plant bonds
failed to carry, it is stated. The vote is reported as 1193 "for'7 to 2224
"against."
LORAIN CITY SCHOOL DISTRICT (P. 0.Lorain), Lorain County,
-year average coup•
-On Nov. 22 the $30,000 5% 3
-BOND SALE.
Ohio.
school bonds wore awarded to the Central Bank Co. of Lorain for $30.473
101.576) and int., a basis of about 4.44%-V. 101, p. 1572. Other bids:
J. 0. Mayer & Co., Cinc_$25,424 50 Breed, Elliott & Harrison,
Cincinnati
$25,345 00
R. M.Grant & Co., Chic_ 25,410 00
Atlas Nat. Bank, Chic_ _ _ 25,408 25 Hoehler, Cummings &
Prudden, Toledo
25,342 00
Seasongood&Mayer,Cinc. 25,402 00
Field,Richards& Co.,Cin. 25,401 00 Spitzer, Rorick & Co.,Tol. 25.330 00
Davies
-Bertram Co., Cin_ 25,383 00 Wm.R.ComptonCo-St.L. 25,312 00
Prov. S. B.& Tr. Co., Cin. 25,381 00 Otis & Co., Cleveland_ _ 25,303 00
Stacy & Braun, Toledo__ 25,368 00 Sidney Spitzer & Co., Tol. 25,291 00
25,287 50
Well, Roth & Co., Cinc__ 25,356 25 A. E. Aub & Co., Cinc
E.II. Rollins& Sons,Chic. 25,351 00 Tillotson & Wolcott Co_ 25.225 00
-BONDS A WARDED IN PART.
-Of the
LOS ANGELES, Calif.
$6,500,000 436% electric-light and power plant bonds mentioned in V.
100, p. 2025, $4,446,000 have been disposed of ($1,026,000 in Oct. and
$3,420,000 on Nov. 10) at par and int. as follows: $1,014,000 Class "A"
and $792.000 Class"B"to the Chase Nat. Bank of New York,and $2,640.000 Class "B" to Torrance, Marshall & Co. of Los Angeles Denom.
$1,000. Date Aug. 1 1914. Int. F. & A. Due one-twenty-sixth yearly
Aug. 1 from 1917 to 1942 Inc.
The remaining portion of these bonds ($2,054,000) when issued will be
called Class"0" and mature part yearly Aug. 1 from 1943 to 1954 incl.
The resolution passed by City Council on Nov. 10 closing the sale of the
above bonds declared "its policy respecting the use of said money to be
that in case the city in its efforts to acquire an electrical distributing system
already constructed, is unreasonably delayed by opposition of the owner
thereof, the city will, with the funds in question, promptly begin construction of its own distributing system."
An amendment to the resolution was offered to provide that if the valuation on the Southern California Edison Co. plant is not satisfactory, work
shall be started on a new plant, but, on the advice of Special Counsel
Mathews, the amendment was voted down, and the resolution was passed
unanimously as offered by Councilman Conwell.
-On Nov. 16
-BOND SALE.
LOUISVILLE, Winston County, Miss.
-year ser. coupon funding bonds were awarded to Well,
the $12,000 6% 1-12
Roth & Co. of Cincinnati for $12,311, equal to 102.591.-V. 101, p. 1647.•
MANSFIELD SPECIAL ROAD DISTRICT (P.O. Mansfield), Wright
-Wm. R. Compton
County, Mo.-BONDS OFFERED BY BANKERS.
Co. of St. Louis is offering to investors $18,500 (of an issue of $20,000) 6%
road-impt. bonds. Denom. $500. Date Sept. 1 1915. Principal and
semi-annual int., M. & S., payable at the Merchants-Laclede Nat. Bank
of St. Louis. Due on Sept. 1 as follows: $500, 1917; 51,000. 1918, 1919,
1920; $500, 1921;$1,500, 1922, 1923, 1924; $1,000, 1925,51,500. 1926, 1927;
2 000, 1928, 1929 and 1930. Total bonded debt, $20,000. Assess. val.
,
V4,476. Est, actual val. $1,500,000. Legality approved by Chas. B.
Wood of Chicago.
-BOND SALE.
MATAGORDA COUNTY (P. 0. Bay City), Tex.
Drainage District No. 2 of this county awarded on Nov. 19, it is stated,
-year bonds to the J. B. Arpin Dredging Co. at par and int.
$39,900 5% 40
Date of bonds Juno 1913.
-BOND SALE.
-On Nov.
MEIGS COUNTY (P. 0. Decatur), Tenn.
17 $100,000 5% 20-year coupon road-improvement bonds were awarded
to the Mercantile-Union Trust Co. of Jackson at 100.25. Denom. $1,000.
Date Nov. 1 1915. Int. M. & N. Using newspaper reports, we stated
In last week's "Chronicle," page 1736, that these were to have been offered
on Nov. 22.
-Proposals will be
-BOND OFFERING.
MIAMI, Dade County, Fla.
received until 7:30 p. m. Dec. 16 by W. B. Moore, City Clerk, for the folbonds voted Sept. 21-V. 101, p. 1398.
lowing 5%% gold
$40,000 municipal-railway-construction bonds. Due in equal installments
11 and 12 years from date.
360.000 municipal-ship-canal-construction bonds. Duo $5,000 in 13 and
14 years, $10,000 in 15 and 16 years, $20,000 yearly from 17 to 20
years incl. and $25,000 yearly from 21 to 30 years from date incl.
50,000 sanitary-sower-construction (city's portion) bonds. Due $5,000
In 28 and 29 years and $40,000 30 years from date.
Denom. $1,000. Date Jan. 1 1916. Principal and semi-annual int.
J. & J., payable at the United States Mtge. & Trust Co., New York City.
Certified chock on a solvent bank or trust company for 2% of amount bid
for, payable to the City Treasurer, required. The United States Mtge. &
Trust Co. of New York will certify as to the genuineness of the signatures
of the city officials signing the bonds and the seal impressed thereon, and
the legality of the bonds will be approved by Caldwell & Masslich of N. Y.,
whose opinion will be furnished to the purchaser. Purchaser to pay accrued
Interest. Bids must be made on printed forms furnished by the abovementioned trust company or the City Clerk. Bonds will be delivered at
the above trust company on Jan. 3 1916 at 11 a. m., unless another time
and place shall be mutually agreed upon.
The official notice of this bond offering will be found among the advertisements elsewhere in this Department.
-On
-BOND SALE.
MICHIGAN CITY, La Porte County, Ind.
Nov. 18 the $75,000 15-year aver, water and general impt. bonds were
awarded to the Harris Tr. & Says. Bank of Chicago at 100.85 for 4s, a basis
of about 3.925%. V. 101,p. 1572. Denom.$500. Int. semi-ann. Due
$3,000 yearly from 3 to 27 years incl.
MIDDLESEX SCHOOL DISTRICT (P. 0. Bound Brook), Somerset
-BOND SALE.
-On Nov. 22 the $31,000 5% 11%-year
County, N. J.
average coupon school bonds, dated Jan. 1 1916, were awarded to the
Bound Brook National Bank at 102.625 and int., a basis of about
V. 101, p. 1736. Other bids were:
102.04 Plainfield Trust Co., Plainf_ _101.35
J. S. Rippel, Newark
R. M. Grant & Co., N. Y_101.67 First Nat. Bank, Bound Brk_101
Outwater & Wells, Jer. City_101.541 Nat'l State Bank, Elizabeth_l)0.125
G. B. Gibbons & Co., N.Y_ _101.478 First Nat. Bank, Somerville_100
-On Nov. 17
-BOND SALES.
MIDDLETOWN,Butler County, Ohio.
an issue of $25,000 5% street-impt. bonds was awarded to the Fifth-Third
Nat. Bank of Cincin. at 102.63 and int. Other bidders were:
Spitzer, Rorick & Co., T0l.$25,517 00
Breed, Elliott & Harrison,
Cincinnati
$25,617 50 Stacy & Braun, Toledo_ _ _ 25,469 95
Prov. S. B.&.T. Co., Cin. 25,617 50 Well, Roth & Co., Cinc__ 25,460 00
Seasongood & Mayer,Cin. 25,608 00 Atlas Nat. Bank, Cinc_ _ _ 25,444 50
Wm.R.Compton Co.,Cin. 25,605 00 Hoehler, Cummings &
Field, Richards & Co.,Cin. 25,577 00
25,403 00
Prudden, Toledo
Davies-Bertram Co., Chi_ 25,563 00 Oglesby & Barnitz Co.,
Tillotson & Wolcott Co
25,252 50
Middletown
25,557 50
R. Kleybolte & Co., Cin
25,551 00 Security S. B. & Tr. Co.,
Sidney Spitzer & Co.,Tol_ 25.542 50
25,206 57
Toledo
A.E. Au & Co., Cincin__ 25,530 00 First Nat. Bank, Midt'n _ 25,120 00
According to reports the Sinking Fund Trustees recently purchased an
Issue of $1,947 60 Webster Street impt. assessment bonds.
MONTCLAIR, Essex County, N. J.
-BOND SALE.
-On Nov. 22 the
$10,000 4%% 20-year gold park bonds were awarded to J. S. Rippel of
Newark at 103.42 and int., a basis of about 4.245%.-V. 101, p. 1648.
Other bids were:
H. L. Crawford & Co., N. Y_103.13 Montclair Trust Co
102.17
M. M. Freeman & Co.,Phila.103.08 John D. Everitt & Co., N.Y_102.16
R. M. Grant & Co., N. Y___103.078 Montclair Say. Bank
102.03
Sid. Spitzer & Co., N. Y
_102.73 First Nat. Bk., Montclair_ _101.7
Geo. B. Gibbons & Co. N.Y.102.38 Bank of Montclair
101
Hoboken Bank for Savings.._102.179
-BOND OFFERING.
MONTVALE, Bergen County, N. J.
-Proposals
will be received until 8 p. m. Dec. 10 by W. B. Lawson, Boro. Clerk, for
$14.500 5% 30
-year coup., with privilege of reg., funding bonds. Date
Dec. 1 1915. Prin. and semi-ann. int.-J. & D.
-payable at U. S. Mtge.
& Tr. Co., N. Y. Due Dec. 1 1945. Certified check on an incorporated
bank or trust company for 5% of bonds bid for, payable to the "Boro. of
Montvale," required, Purchaser to pay accrued interest. These bonds
1829
will be prepared under the supervision of the above trust company, who will
certify as to the genuineness of the signatures of the Borough officials and
the seal impressed thereon. The legality of this issue will be approved by
Hawkins, Delafield & Longfellow of N. Y., whose opinion or a duplicate
thereof will be furnished purchaser.
The official notice of this bond offering will be found among the advertisements elsewhere in this Department.
MOREHEAD CITY, Carteret County, No. Caro.
-BOND OFFERING.
-Proposals will be received until 8 p. m. Dec. 9 by M. L. Willis,
Sec.-Treas., for $16,000 53 % 30
-year coupon refunding bonds. Denom.
$1.000. Date Jan. 1 1916. Principal and semi-annual int.-J. & J.
payable at the Hanover Nat. Bank of N. Y. Certified check for 2% of
Issue, payable to the Sec.-Treas., required. These bonds were offered
without success on July 6.-V. 101, p. 1398.
MORGAN COUNTY (P. 0. McConnellsville), Ohio.
-BOND OFFERING.
-Bids will be received until 1 p. m. to-day (Nov. 27) by John Whitney, Co. Aud., for $3,500, $1,500 and $3,000 inter-county highway-impt.
coup. bonds. Auth. Sec. 1178 et seq., Gen. Code. Denom. $500.
5%
Date Dec. 1 1915. Prin. and semi-ann. int.(J. & D.) payable at office of
Co. Treas. Due $1,000 each six months from June 1 1917 to Dec. 1 1920
incl. Cert. check for 2% of bonds bid or, payable to Co. Treas., required.
Bonds to be delivered on Dec. 1. Purchaser to pay accrued interest. Bids
must be unconditional. Bonded debt, incl. these bonds, $238.400; no
floating debt. Assess. val. 1914, $15,489,547.
MOUNTAIN LAKE, Cottonwood County, Minn.
-BOND ELECTION.
-An election will he held Nov. 30 to vote on the question of issuing
to the State of Minnesota $20,000 4% sewerage-system bonds.
NEOSHA SCHOOL DISTRICT (P. 0. Neosha), Newton County,
Mo..-BONDS VOTED.
-This district on Nov. 15, according to reports,
authorized the issuance of $48,000 high school building bonds by a vote of
521 to 110.
NEWARK, N. J.
-BOND SALE.
-On Nov. 22 the $250,000 436% 45yr. coup. tax-free dock bonds were awarded to Sidney Spitzer & Co. of
Toledo at 108.31-a basis of about 4.09%. V. 101, p. 1648. Other bidders were:
Curtis & Sanger, N. Y
108.06 H. Lee Anstey, N Y
106.59
Harris, Forbes & Co., N.Y_ _107.794 Fidelity Trust Co. and
1106.252
Remick, Hodges & Co., N.Y.107.693 Clark, Dodge & Co., N. Y_ I
R. M. Grant & Co., N.Y._107.27 Kountze Bros., N. Y
106.07
Geo. B. Gibbons & Co., N.Y.107.25 Robt. Winthrop & Co., N.Y. 106.04
Hornblower & Weeks,N.Y_ _107.20 J. S. Rippel, Newark
105.80
Kissell, Kinnicutt &Co.,N.Y.106.93 Bond & Goodwin, N. Y
105.415
Brown Bros., N. Y
106.75 Parson, Son & Co., N. Y..___105.377
Estabrook & Co., N. Y
106.73 Guaranty Trust Co
105.291
A. B. Leach & Co., N.Y_106.697 Rhoades &Co.,N. Y
105.183
H.L. Crawford & Co., N.Y.1106.631
M.M Freeman&Co., Phil_ f
NEW BOSTON (P. 0. Portsmouth), Scioto County, Ohio.
-BOND
SALE.
-On Nov. 17 the $4,000 5% 15
-year coupon sewer-system-impt.
bonds were awarded to Stacy & Braun of Toledo at 101.36 and int., a basis
of about 4.87%.-V. 101, p. 1572. Other bids were:
Otis & Co., Cleveland, 84,075. received too late.
Portsmouth Banking Co., Portsmouth, $4,000.
NEW BRIGHTON SCHOOL DISTRICT (P. 0. New Brighton),
Beaver County, Pa.
-BOND OFFERING.
-Bids will be received until
8 p. m. Dec. 2 by Harry Calhoon, Solicitor, for $150,000 4% tax-free school
bonds. Denom. $1,000. Date Jan. 1 1916. Due yearly on Oct. 1 as
follows : $2,000, 1916, 1918, 1919, 1920, 1922, 1923 and 1924; $3,000 1917,
1921, 1925 to 1931, incl.; $4,000, 1932, 1933 and 1934; $7,000, 1935, and
$9,000 from 1936 to 1945, incl. Cert. check for $1,000 required.
NEW LOTHROP SCHOOL DISTRICT (P. 0. New Lothrop),
Shiawasee County, Mich.
-BOND SALE.
-The $7,535 building bonds
voted in August (V. 101, p. 637) have been sold, we are advised.
NEW ROCHELLE, Westchester County, N. Y.
-BOND OFFERING.
-Proposals will be received until 11 a. m. Dec. 7 by Harry A. Archibald,
City Comptroller, for the following 4;6% registered bonds:
$111.000 municipal-impt. bonds, series "A." Due $14,000 yearly on
May 1 from 1918 to 1924 incl. and $13,000 May 11925.
35,000 city-yard bonds. Due $2,000 yearly on May 1 from 1924 to
1940 incl. and $1,000 May 1 1941.
11,000 park bonds. Due $1.000 yearly on May 1 from 1924 to 1934 incl.
Date Dec. 1 1915. Prin. and semi-ann. int.-J.& D.
-payable at office
of City Treasurer, or upon request will be remitted by mail in N. Y. exchange. Delivery is to be made at the office of the United States Mtge.
& Trust Co. of N. Y. on Dec. 14. A deposit of cash or certified check on
a solvent banking corporation of New York State or upon any national
bank for 2% of bonds bid for, payable to the City of New Rochelle, required. The bonds will be prepared under the supervision of the above
trust company, who will certify as to the genuineness of the signatures of
the city officials signing the bonds and the seal impressed thereon. Said
bonds will be examined as to legality by Caldwell, Masslich & Reed of
New York, whose favorable opinion, or duplicate thereof, will be delivered
to the purchaser. All proposals must be upon the printed form furnished
by the City Comptroller. Purchaser to pay accrued interest.
NORFOLK, Madison County, Neb.-BOND OFFERING.
-Proposals
will be received until 5 p. m. Dec. 6 by P. F. Stafford, City Clerk, for the
315.000 6% storm-sewer and $10,000 5% water-extension 5 -year. opt.
-20
coupon bonds voted Aug. 2-V. 101. p. 547. Denom. $1,000. Date
Sept. 1 1915. Principal and ann. int. payable at the State Treasurer's
office, Lincoln. Certified check on some bank of Norfolk for $50, payable
to the city, required. Bonded debt (exclusive of these bonds), $114.000.
Floating debt $1,852 70. Assess. val. (1-5 actual value) 1914, $845,615;
actual value, $4,228,075.
NORWOOD SCHOOL DISTRICT (P. 0. Norwood), Hamilton
County, Ohio.
-BOND OFFERING.
-Bids will be received until 12 m.
Dec. 13 by Harold Ryland, Clerk Board of Education, for the $45.000
4;6% 14
-year average coupon school bonds voted Nov. 2. V. 101, p. 1648.
Auth. Secs. 7625 and 7626, Gen. Code. Denom. $500. Date Dec. 13
1915. Principal and semi-annual interest
-J. & D.
-payable at First
National Bank, Norwood. Due on Dec .13 as follows: 52,000 1927, $6,000
1928, 1929. 1930 and 1931, $8.000 1932 and $11,000 in 1933. Certified
check for 5% of bid, payable to above Clerk, required. Bonds to be
delivered and paid for within 15 days from time of award. Purchaser to
pay accrued interest.
OHIO COUNTY (P. 0. Rising Sun), Ind.
-BOND OFFERING.
W. D. Ricketts, County Treasurer, will receive bids until 12
it is reported, for $7,500 43.6% highway-improvement bonds. m. Dec. I.
OKMULGEE COUNTY (P. 0. Okmulgee), Okla.
-BOND ELECTION
PROPOSED.
-This county proposes to hold an election about Dec. 28 to
submit to the voters the question of issuing $150.000 5% court
-house
and jail-constr. and equipment bonds.
OLEAN, Cattaraugus County, N. Y.
-BOND OFFERING.
-Bids will
be received until 8 p. m. Dec. 6 by Frank J. Consodine, City Clerk, for
the following 4;6% reg. street-improvement bonds:
$59,400 bonds. Denom. $6,600. Date Nov. 11915. Duo $6.600 yearly
on Nov. 1 from 1916 to 1924 inclusive.
9,600 bonds. Denom. $1.200. Date Dec. 1 1915. Due $1,200 yearly
on Dec. 1 from 1916 to 1923 inclusive.
3,600 bonds. Denom. $400. Date Nov. 1 1915. Due $400 yearly on
Nov. 1 from 1916 to 1924 inclusive.
Interest payable semi-ann. at the First Nat. Bank, Olean. Purchaser
to pay accrued interest. Official circular states that there is no controversy or litigation pending or threatened concerning the validity of these
bonds, the corporate existence or boundaries of the municipality, or the
title of the present officers to their respective offices, and that the city has
never defaulted in the prompt payment of principal or interest on its indebtedness. Total indebtedness, incl. this issue, $558,290. Assess. *al.
real, $9,310,013; personal, $227,900; special franchise, $407,715; total
actual, estimated, $13,000.000.
OUTAGAMIE COUNTY(P.O. Appleton), Wisc.-BOND ELECTION
PROPOSED.
-Reports state that the proposition to issue $500,000 highwayimprovement bonds will be submitted to a vote in April 1916.
1830
THE CHRONICLE
IV0L. un.
RUNNELS COUNTY COMMON SCHOOL DISTRICT (P. 0. Bal.
-No bids were received for the
-BONDS NOT SOLD.
lingger), Tex.
-40-year opt. building bonds offered on Nov. 8.-V. 101,
$4,800 5% 10
p. 1494.
RUTHERFORD SCHOOL DISTRICT (P. 0. Rutherford), Bergen
-An election to decide whether or
County, N. J.
-BOND ELECTION.
not this district shall issue $69,000 bonds for school improvements will be
held Nov. 29.
SACRAMENTO CITY SCHOOL DISTRICT (P. 0. Sacramento),
Calif.
-BOND SALE.
-On Nov. 12 the $206,000 (unsold portion of $700,000) 437 elementary-school-bldg. bonds were awarded, it is stated, to
N. W. Halsey & Co. of San Francisco at par (V. 101, p. 1737). Denom.
$1,000. Date July 15 1911. Int. J. & J. The purchaser is now offering
to investors $200,000 of these bonds, maturing $20,000 yearly. July 15
from 1942 to 1951 inc. Total bonded debt, $700,000. Assess. val.
non-operative property, $59,530,470.
ST. ANDREWS, Bay County, Fla.
-Proposals
-BOND OFFERING.
will be received until 12 m. Dec. 15 by John W. Brown, Town Clerk, for
the $24,000 5% public-impt. bonds voted Sept. 21.-V. 101, p. 1212.
Int. payable annually. Due $8,000 on Dec. 1 1925. 1935 and 1945. Cert.
check for $500 required.
ST. JOSEPH COUNTY (P. 0. So. Bend), Ind.
-BOND OFFERING.
-Proposals will be received until 10 a. m. Dec. 14 by Fred. W. Martin,
Co. Treas., for the following 43 %6 1-6-year average highway-impt. bonds
of Madison Twp.:
$23,000 Alexander Gros et al road bonds. Denom. $575.
13.000 J. H. Easterly et al road bonds. Denom. $650.
20,000 Louis Swann et al road bonds. Denom. $500.
Date Dec. 1 1915. Int. M.& N. Due one-twentieth of each issue each
six months from May 15 1917 to Nov. 15 1926, incl.
-BOND OFFERING.
ST. PAUL, Minn.
-Proposals will be received
until 12 m. Dec. 1 by W.C. Handy, City Comptroller, for $400.000 434%
30-year coupon water-works bonds. Denom. 1,000. Date Dec. 1 1915.
)for 2% of bid required.
Interest semi-annual. Certified check (or
Official circular states that the city has never defaulted on any of its obligations and its principal and interest on its bonds previously issued have
always been paid promptly at maturity. These bonds can be exchanged
for registered bonds and are exempt from taxation. Principal and interest
payable at St. Paul's financial agency in N. Y. City. Bonded debt (exclusive of water bonds) Oct. 30, $10,012,000; water debt, $1,857.000.
Floating debt. $4,565,586. Assess. val. 1915, $116,222,826; money and
credits assessed for specific purposes, $43,587,718. Tax rate (per $1,000)
1915, $3278.
-BOND ELECTION
ST. PETERSBURG, Pinellas County, Fla.
-Local papers state that this city proposes to call an election
PROPOSED.
to submit to a vote the question of issuing sewer and waterfront improvement bonds.
SCIOTO TOWNSHIP RURAL SCHOOL DISTRICT, Pickaway
-Proposals will be received until
-BOND OFFERING.
,County, Ohio.
12m. Dec. 13 by John W.Lane. Dist. Clerk,(P.O. Orient, R.F. D. No.3),
for $45,000 5% comp bldg. and equip. bonds. Auth. election held Oct. 4
'
and Secs. 7625 to 7627 incl.. Gen. Code. Denom. $500. Date Dec. 13
-payable at office of above Clerk.
1915. Prin. and semi-ann. int.-J.& D.
-On Nov. 4 three issues of 6% Due $1,000 each six months from Mar. 1 1917 to Sept. 1 1937 incl. and
-BOND SALE.
PORTLAND, ORE.
10
-year street-improvement bonds, aggregating $25,867 13, were awarded $1,500 on Mar. 1 and Sept. 1 1938. Cert. check for 1% of bonds bid for,
Tilton Bank of Portland at 105.78 and int.
to Ladd &
payable to above Clerk, required. Bonds to be delivered and paid for withOn Nov. 16 $148,027 44 6% 10-yr. street-improvement bonds were in 10 days from time of award.
awarded. It is stated, as follows: $3,000 to the Security Say. & Treat
SCOTT COUNTY (P. 0. Georgetown), Ky.-BOND ELECTION.
Francis W. Relf at 106 and $144,527 44
Co.. Portland, at 106: $500 to
An election will be held Jan. 15 1916, reports state, to submit to a vote the
to the Lumbermen's Trust Co., Portland, at 105.86.
proposition to issue $100,000 road-constr. bonds.
-BOND OFFERING.
PORT OF BANDON (P. 0. Bandon), Ore.
-On
-BOND SALE.
SHARONVILLE, Hamilton County, Ohio.
According to Portland, Ore., papers of Nov. 18, the Board of Commis-year serial coup. public-hall
1-10
sioners intend offering for sale at once $25,000 of a recently authorized Nov. 22 the $3,200 6% is stated, to Seasongood & Mayerbonds (V. 101,P.
of Cincinnati for
1494) were awarded, it
Issuance of $50,000 bonds.
equal to 107.
- $3.424,
-BOND OFFERING.
PUTNAM COUNTY(P.O. Greencastle), Ind.
SHEBOYGAN, Sheboygan County, Wis.-BOND OFFERING.
Bids will be received until 2 p. m. Dec. 6 by H. H. Runyan, Co. Treas., Proposals will be received until 4 p. m. Nov. 30 by John M.Steimle,City
-year average Ford Lucas et al road bonds in Greenfor $13.580 43 % 6 1-6
C
% city-hall-erection bonds. Denom. (50) $500,
lerk, for S75,000
castle Twp. Denom. S679. Date Dec. 6 1915. Int. M. & N. Due (50) $1,000. Date Dec. 11915. Int. J. & D. Due serially June 1 from
$679 each six months from May 15 1917 to Nov. 15 1926, incl.
1918 to 1934, incl. A deposit in cash certified check or bond with amities
-On Nov. 12 the for 3% of amount of bid, payable to the City Treas., required. Bids will
RATON, Colfax County, N. Mex.-BOND SALE.
-year (opt.) water-works bonds were awarded to Oswald be received on any one or more or all bonds, bids are also desired separately
$25,000 5% 10-30
Benwell of Denver for par and int., less $500.-V. 101, p. 1494. Other on the first, second and third $25.000 of the bonds.
bids were:
-BOND SALE.
SHELBY COUNTY (P. 0. Shelbyville), Ind.
-On
Hanchett Bond Co., Chic.$24.513 001 R. L. Dollings Co.,
$23,850 Nov. 20 the $3,600 41% 63i-year aver. C. M. Burns et al. Washington
Hamilton, Ohio
C.H.Coffin, Chicago.... 24,500 00
23,755 Twp. highway impt. bonds were awarded to the Fletcher-American Nat.
Keeler Bros., Denver
Sid. Spitzer & Co., Tol___ 24,312 50
for $3,651 75 (101.437) and int. V. 101, p. 1738.
Bank
23.750 Other of Indianapolis
A. J. Hood & Co., Det___ 24,013 00 J. C. Mayer & Co., Cincin
bids were.
-On Nov. 22 J. F. Wild & Co., Ind'Ils_ _$3.650 50 S. P. McCrea, Shelbeyville__ _$3,636
-BOND SALE.
READING, Hamilton County, Ohio.
the $1,600 5% coup. 5%-year average concrete-culvert-constr. bonds Gavin L.Payne & Co.,Ind. 3,643 00 Henry Oltman, Shelbyville...... 3,627
(V. 101, p. 1573) were awarded to the Reading Bank for $1,605 and Miller & Co.,Indianapolis_ 3,637 50 E. M. Campbell & Sons Co.,
3,625
Indianapolis
hit., equal to 100.312. There were no other bidders.
SIDNEY, Shelby County, 01110.
-The queetions
-BONDS VOTED.
RED BLUFF UNION HIGH SCHOOL DISTRICT, Tehama County,
-Proposals will be received until 10 a. m. of issuing $57,000 Court St. impt. and $14,500 No. Main Ave. impt.
-BOND OFFERING.
Calif.
Dec. 7 by H. G. Kuhn, Clerk of Board of Supervisors (P. 0. Red Bluff), bonds carried at the election held Nov. 2 by a vote of 1,354 to 361 and
-V. 101. p. 1737. Denom. $1,000. Date 1.230 to 353 respectively. These bonds will be offered for sale about
for $90,000 5% building bonds
Nov. 3 1915. Int. M. & N. Due $3,000 yearly Nov. 3 from 1920 to April 1916.
1949 incl. Certified check for 10% of amount of bid required.
-Local
SPRINGFIELD, Greene County, Mo.-BOND ELECTION.
-NO ACTION YET TAKEN. papers state that an election will be held Jan. 11 1916 to vote on the quesRiczynaLE, Mitchell County, Iowa.
calling tion of issuing $400.000 20
-year municipal-lighting-plant-erection bonds
-The Clerk advises us that no action has yet been taken towards the 715.
-V. 101. p.
at not exceeding 5% int. Denom.$1,000. Date Mar. 1 1916.
of the election to vote on the issuance of sewer bonds.
-Bids
-BOND OFFERING.
RICHFIELD TOWNSHIP SCHOOL DISTRICT (P. 0. West RichCounty, Ohio.
SPRINGFIELD,
-At a recent election will be received until Clark Dec. 13 by W. J. Barrett, City Aud., for the
-BONDS VOTED.
field) Summit County, Ohio.
12 m.
this district voted in favor of the issuance of $40,000 building bonds, it is following 5% coupon bonds:
reported.
$7,000 East High St. hunt. bonds. Denom. $500. Int. M. & S. Due
$1,000 yearly on Sept. 1 from 1916 to 1922, incl.
RICHLAND SCHOOL DISTRICT (P. 0. Wheeling), Ohio County,
4,340 consisting of $1,112 Lowry Ave., $414 Lowry Ave. and $2,814
be held Nov. 30 to vote
-An election will
W. Va.-BOND ELECTION.
Columbia St. paving assess. bonds. Int. annually. Due in
on the question of issuing $85,000 5% coupon building and equipment
10 equal annual installments on Sept. 1 from 1916 to 1925, incl.
bonds. Denom. $500. Date Jan. 1 1916. Principal and annual int.
Date Sept. 11915. Cert. check for 5% of bonds offered required. Pur(Jan. 1), payable at the Bank of Warwood, Warwood.
for each
- chaser to pay accrued interest. Separate bids must be made
REJECTED.
-BID
RIVERSIDE COUNTY (P. 0. Riverside), Cal.
of issue.
The bid of 100.018 and interest made by the Lumbermen's Trust Co.diSUFFOLK, Nansemond County, Va.-BIDS REJECTED-BONDS
-year average coup. Indio road
San Francisco for the $65,000 6% 12
-All bids received on Nov. 18 for the $70,000 43. %
TO
vision bonds offered on Nov. 3(V. 101. p. 1649) was, according to reports, 30 BE RE-OFFERED.
-year coupon or registered munIcipal-impt, bonds (V. 101, p. 1573) were
rejected by the County Commissioners.
rejected, it is stated. Reports further state that the bonds will be re-On Nov. 24 the $33,200 park- offered as 5s.
-NOTE SALE.
ROCHESTER, N. Y.
impt. 4 months notes were awarded to H. Lee Anstey, on his bid, interest
-BONDS AUTHORSULLIVAN COUNTY (P. 0. Sullivan), Ind.
2.40. premium $10. Other bidders were:
-Reports state that the Board of Co. Commrs., recently ordered
Int. Premium IZED.
the issuance of $30,000 4%% hospital bonds. Due in 20 years subject to
2.565
Salomon Bros. & Hutzler. New York
$1 50 call at option of county.
2.53
Goldman. Sachs & Co., New York
____
2.70
-On Nov. 16 the
Bond & Goodwin, New York
SUTTON, Clay County, Neb.-BOND SALE.
_ _ $15,000 5-20-yr. optional electric-light bonds were awarded to the Hanchett
4.00
Bankers' Trust Co. of Buffalo
__
4.00
-V. 101, p. 1573. Denom. $500. Date
Hibbard. Kalbfleisch & Palmer, Rochester
Bond Co. of Chicago at par.
-It is Nov. 1 1915. Int. payable annually.
ROCK FALLS, Whiteside County, nis.-130NDS VOTED.
-BONDS VOTED.-Thls
MANVILLE, Morrison County, Minn.
stated that the question of issuing the $5,500 electric-light-system-const
bonds (V. 101. p. 1649) carried at the election held Nov. 16 by a vote of village on Nov. 11 voted (44 to 27) in favor of issuing $9,000 bonds to install
144 to 27.
a water-works-system. It is expected that the issue will be sold to the State.
-BOND OFFERING.
-Bids will
ROCKFORD, Mercer County, Ohio.
-The
SWEETWATER, Monroe County, Tenn.
-BIDS REJECTED.
be received until 3:30 p. m. Dec. 21 by John W. Lloyd, VII. Clerk, for the following bids received for the $10,000 school-bldg. and $5,000 streetfollowing 5% street-impt. assessment bonds:
-V. 101, p. 1305;
impt. 5% bonds offered on Nov. 15 were rejected.
less.
$1,406 64 East St. impt. bonds. Denom. $141 or
I Sid. Spitzer & Co., Toledo_ _96
IIanchett Bond Co., Chicago_98
-y.94 7-10
6,562 00 Second St. impt. bonds. Denom.$567 or less.
Tol _ __96 2-3 I J.R.Sutherlin & Co., Kan.Cit
Rorick & Co.,Spitzer
5.874 00 Franklin St. impt. bonds. Denom. $587 40 or less.
Mercantile Tr. Co.. St. Louis_96 4-5IShapker, Walter & Co., 0hic_92 2-3
9,120 00 First St. impt. bonds. Denom. $915 or less.
Denom. to suit purchaser. Date Dec. 1 1915. Int. J. & D. Due
Date Sept. 1 1915. Int. M.& S. Due in annual installments from 4 to Dec. 1 1930 and 1935.
13 yrs. incl. Cert. check for 5% of bonds bid for, payable to VII. Treas.,
-BOND OFFERING.
TATE COUNTY (P. 0. Senatobia), Miss.
required. Bonds to be delivered and paid for within 10 days from time of
will receive proposals
award. Purchaser to pay accrued interest. If the owners of the property 3. A. Wootin. Clerk a Board of County Supervisors,
until 2p. m. Dec.6 for the $12,000 5% coupon (tax-free) agricultural- highassessed shall pay their total assessments in cash prior to the sale of the bonds,
Sec. 1, Chap. 150, Laws of
then each bond shall be reduced to one-tenth of the aggregate sum,in bonds school laonds-V. 101. p. 1039. Auth.Hanover Nat. Bank, N. Y. 1912.
Due
Denom. $500. Int. annual in Jan. at
to be issued after deducting such payments.
1941, subject to call after 5 years. Bonded debt, including this
- Jan. 1 $32,000. Assessed valuation 1915, $4,087,185 55. State and
-BONDS VOTED.
'ROGERS COUNTY (P. 0. Claremore), Okla.
issue,
Recent elections in the following townships resulted, it is stated, in favor county tax rate (per $1,000), $18 50•
of issuing road-impt. bonds: Catoosa Township. $18,000: Inola Township,
TENNANT SCHOOL DISTRICT (P. 0. Tennant), Shelby County,
$30,000; Collinsville Township, $50,000: Chelsea Township, $50,000:
-Reports state.that J. W. Boardman, Dist.
-BOND OFFERING.
Foyil Township, $25.000. and Verdigris Township, $50,000. In the fol- Iowa.
p. m. Dec. 1 for $10,000 school
lowing townships highway bonds were defeated: Oolagati, $20,000; Talalo, Secretary, will receive sealed bids until 8
bonds. Certified check for $300 required.
$20,000. and Oowala, $30,000.
-BOND SALES.
PARK CITY(P.O. Knoxville), Knox County, Tenn.
-The following 6% bonds have been awarded to J. C. Mayer & Co. of
Cincinnati at par and int.:
$18,000 school bonds awarded on June 29. Denom. $500. Date July 1
1915. Int. J. & J. Due July 1 1925.
105,000 Magnolia Ave.-impt. bonds awarded on Sept. 7. Denom. $500.
Date Oct. 1 1915. Int. A. & 0. Due $35,000 in 20 years and
$70,000 serially. Using newspaper reports, we erroneously stated
In V. 101,p. 1494,that the amount of this issue was $10,500. The
$105,000 issue takes the place of the $90,000 bonds reported sold
to J. C. Mayer & Co. on Sept. 7.-V. 101, p. 960.
-Further
-BOND OFFERING.
PATASKALA, Licking County, Ohio.
details are at hand relative to the,offering on Nov. 29 of the $20,000 5%
-V.101, p. 1649.
1-20-yr. serial town-hall-site-purchase and constr. bonds.
Bids for these bonds will be received until 12 m. on said day by Elias
Williams, VII. Clerk. Auth. Secs. 3939 to 3953, incl., Gen. Code. Denom.
$1,000. Date Nov. 29 1915. Int. M. & N. Cert. check for 5% of
bonds bid for. required. Purchaser to pay accrued interest.
PEORIA COUNTY SCHOOL DISTRICT NO.150 (P. 0. Peoria), Ill.
-The question of issuing $175,000 school bonds
-BONDS DEFEATED.
failed to carry at the election held Nov. 16. The vote is reported in local
1,313 "for" to 1,537 "against."
papers as
-BOND OFFERING.
PERRYSVILLE, Ashland County, Ohio.
Proposals will be received until 12 m. Dec. 27 by L. W.Truman, Vii. Clerk,
%
% 63 -yr. average Perrysville Elec. Light Co.'s plant-purfor $6,000 53
chase and impt. bonds. Auth. Sec. 3939, Gen. Code. Denom. $500.
Date Dec. 1 1915. Int. M.& S. Due $500 each six months from Mar. 1
1917 to Mar. 1 1928 incl. Cert. check for $200. payable to above Clerk,
required. Bonds to be delivered and paid for within 10 days from date of
acceptance of bid. Purchaser to pay accrued interest.
-BOND ELECTION
PINELLAS COUNTY (P. 0. Clearwater), Fla.
-According to reports an election will be called in December
PROPOSED.
the propositions Ito issue $150,000 court-house-erection and
to vote on
$25,000 childrens'-home-build ng bonds.
-The
-BOND OFFERING.
PITTSFIELD, Berkshire County, Mass.
City Treasurer, according to reports, will receive proposals until 11 a. m.
-year sidewalk bonds dated Dec. 1 1915.
Nov. 29 for $20,000 4% 1 to 5
POCAHONTAS COUNTY DRAINAGE DISTRICTS (P. 0. Poca-On Nov. 17 the eight issues of 5%
-BOND SALE.
hontas), Iowa.
drainage bonds, aggregating $162,500, were awarded to the Merchnats'
Loan & Trust Co. of Chicago and Hoehler, Cummings & Prudden of Toledo
-V. 101, p. 1649. Interest J. & J.
-BONDS NOT SOLD.
POCATELLO, Bannock County, Idaho.
-20
No sale has yet been made of the $400,000 10 -year opt. coupon watersystem-purchase bonds offered on Oct. 14 at not exceeding 5% Int.-V. 101,
p. 1038. These bonds may be re-advertised.
-DESCRIPTION
PONTOTOC COUNTY (P. 0. Pontotoc), Miss.
-year court-house-erection bonds
-The $75.000 53% 20
OF BONDS.
awarded on Nov. 6 to Bolger. Mosser & Willaman of Chicago at 105.75
are in the denomination of $1,000 and dated Jan. 1 1915.-V. 101, p. 1737.
Nov. 27 1915.]
1831
THE CHRONICLE
Bynum),
TETON COUNTY SCHOOL DISTRICT NO. 27 (P. 0. m. Dec. 3
-Bids will be received until 2 po.
-BOND OFFERING.
Mont.
opt. school bonds voted
by IL II. Collins, Dist. Clerk, for $1,500 5-10-yr.Int. (rate not to exceed
Aug. 18. Denom. $500. Date Aug. 18 1915.
6%) semi-ann. at the Co. Treas. office. Buyers will satisfy themselves
as to the legality of bonds in advance.
-The following bonds have been
-BONDS REGISTERED.
TEXAS.
registered at the State Comptroller's office:Date Interest
Maturity.
Place and Purpose of Issue- Amount. Registered. Rate.
(opt.)
Palestine, City of(school house)- $100,000 Sept. 27 5% 10-40-yr. (opt.)
2-20-yr800 Sept. 27 5%
Scurry County Corn. S. D. 12-1,600 Sept. 27 57 20 years
Corn. S. D.9_
Collingsworth Co.
1,000 Sept. 27 507 20 years
Eastland Co. Corn. S. D. No. 21
10 years
500 Sept.27
Eastland Co. Corn. S. D. No. 52
2-10-yr. (opt.)
1,300 Sept. 27 5%
51Shelby Co. Corn. S. D. No.
5-20-yr. (opt.)
1,000 Sept.27 5%
13osque Co. Corn. S. D.No.28-5-20-yr. (opt.)
900 Sept. 29 5%
Co. Corn. S. D. No. 2_ Wheeler
5-10-yr. (opt.)
1,000 Sept.30 5%
Gonad Co. Corn. S. D. No. 19_ _
5,000 Sept.30 6% 10-40-yr. (opt.)
San Benito (school house)
5(
((oopptt..))
4,200 Sept. 30
Co. Corn. S. D. 27..
Henderson
55--440°--yrYr:
800 Sept.30 5 o
Henderson Co. Corn. S. D. 60_ _
600 Oct. 1 5% 10-20-yr. (opt.)
Limestone Co. Corn. S. D. 29
b1gin Oyear1;
35,000 Oct. 1 53';% 5e,O Oning n2
Brazoria Co. Road Dist. No. 5_ _
$2,000 yly. beg.
1916 to 1932
.
5
Brazoria Co. Road Dist. No. 2__ 103,000 Oct. 1 53 % incl. and $3,000
yly. thereafter
$6,000 yearly to
and $7,000
Co. Drain. Dist. No. 2... 158,429 Oct. 1 5% 1931 thereafter
Nueces
yly.
8,500 Oct. 4 5% 40 years
McLennan Co. Corn. S. D.No.5
5-20-yr. (opt.)
1,000 Oct. 4 5%
Fannin Co. Corn. S. D. No. 25_ 700 Oct. 5 5% 10-20-yr. (opt.)
Rusk County Corn. S. D. No. 35
50,000 Oct. 8 5% $2,000 yearly
Austin, City of (sanitary sewer)_
$10,000 yly. to
1920 incl. and
Austin, City of(bridge & sower)_ 425,000 Oct. 8 5% $15,000 yearly
thereafter
$5,000 yly. to
1925 & $10,000
Austin, City of (school building) 250,000 Oct. 8 5% yly. thereafter
35,000 Oct. 5 5% 20-40-yr. (opt.)
Diamond Hill Ind. Sch. Dist_ __
20-40-yr. (opt.)
Oct. 11
De Witt Co. Road Dist. No. 1.. 50,000 Oct. 11 5
5% 20-40-yr. (opt.)
1.000
Lyle Ind. Sch. Dist
5-40-yr. (opt.)
45,000 Oct. 11 5%
Nacogdoches Ind. Sch. Dist_ _ .._
5-40-yr. (opt.)
1,500 Oct. 11 5%
Hunt County Corn. S. D. No.8_
1-20-yr. (opt.)
1,500 Oct. 13 5%
Grimes Co. Corn. S. D. No.30_ _
1,700 Oct. 13 5% 10-35-yr. (opt.)
(bridge repair)
Bell County
Oct. 13 5% $6,000 yearly
Bell County (Road Dist. No. 10) 250,000
20-40-yr. (opt.)
5,000 Oct. 13 5
El Paso Co. Corn. S. D. No. 1_ _
2,500 Oct. 13 5(7 20-40-yr. (opt.)
El Paso Co. Corn. S. D. No. 10
1,800 Oct. 13 5% 10-40-yr. (opt.)
Anderson Co. Corn. S. D. No.40
1,000 Oct. 13 57 10-40-yr. (opt.)
Anderson Co. Corn. S. D. No.3
$2,000 yly. for
5 yrs. with Si,Jackson Co. Drain. Dist. No. 5 105,000 Oct. 14
000 inc.every yr
4,800 Oct. 14 5% 10-40-yr. (opt.)
Runnels Co. Corn. S. D.No. 15
5% {
Date Interest
Maturity.
Place and Purpose of Issue- Amount. Registered. Rate.
2,000 Oct. 15 5% 10-40-yr. (opt.)
Collin Co. Corn. S. D. No. 132_ {$2,000 Y1Y. to
90,000 Oct. 15 5% 1944 & $3,000
Collin Co. Road Dist. No. 9_ ___
yly. thereafter
3,500 Oct. 18 5% 10-40-yr. (opt.)
San Marcos (incinerator)
3,500 Oct. 18 5% 10-40-yr. (opt.)
San Marcos (street and alley)
13.792 Oct. 18 5% $1,000 yearly
Victoria Co. Drain. Dist. No. 1
100,000 Oct. 20 5% 10-30-yr. (opt.)
El Paso Co.(poor-house farm)
{$1911,0900&
$2,00%
Y137
47,500 Oct. 20 5%
Matagorda Co. Drain. Dist. 7
yly. thereafter
5-20-yr. (opt.)
2,500 Oct. 21 .5%
Kaufman Co. Corn. S. D.No.82
Beeville, City of (sewer extens'n) 15,000 Oct. 21 57 10-30-yr. (opt.)
$1,000 yearly
20,000 Oct. 22 5
Brazoria Co. Drain Dist. No.7_ _
r
1,400 Oct. 23 a 0 $1,000 yearly
Scurry Co. Corn. S. D. No..22_ _
02,200 Oct. 25 57 120-yr. (opt.)
Camp County Com.S. D.No.5_
,
1,000 Oct. 25 5q 10-20-yr. (opt.)
Camp County Com.S. D.No.15
1,000 Oct. 25 5% 10-20-yr. (opt.)
Lisbon Ind. School District
17.500 Oct: 26 5% 10-40-yr. (opt.)
Collin Co. Corn. S. D. No. 5_ _ _ _
3,000 Oct. 26 5% 10-20-yr. (opt.)
Lamar Co. Corn. S. D. No. 47_ _
5-20-yr. (opt.)
30,000 Oct. 26 5%
Oldham Co. (courthouse & jail)_
$90.00 yearly
hunt Co. Corn. S. D. No. 17_
1,800 Oct. 26 5%
2,500 Oct. 26 57 10-20-yr. (opt.)
Lamar Co. Corn. S. D. No.94_
(
Bell Co. Corn. S. D. No. 115._ __ _
3,000 Oct. 26 5 g 10-20-yr. (opt.)
Reeves Co. Irrigation District
266,000 Oct. 27 6% $7,500 yearly,
after 3 Years.
5-40-yr. (opt.)
San Jacinto Co. Road D.No. 1_ _
15,000 Oct. 27 534
San Jacinto Co. Road D.No. 2_ _
40,000 Oct. 27 53i% 5-40-yr. (opt.)
2-20-yr. (opt.)
Shelby Co. Cora. S. D. No. 58_
2,000 Oct. 29 5%
2-20-yr. (opt.)
Cattle Co. Corn. S. D. No. 22_ _ _
2,000 Oct. 29 5%
1-20-yr. (opt.)
Titus Co. Corn. S. D. No. 9_ __ _
1,000 Oct. 30 5%
1-20-yr. (opt.)
Titus Co.Com.S. D.No. 14_ __ _
1,800 Oct. 30 5%
1-20-yr. (opt.)
Titus Co.Com.S. D.No. 15......_
3,000 Oct. 30 5%
1-20-yr. (opt.)
Titus Co.Com.S. D.No.25_ ..
700 Oct. 30 5%
1-10-yr. (opt.)
2,000 Oct. 30 5%
Navaro Co.Com.S. D.No. 7.......
3.000 Oct. 30 5% 10-30-yr. (opt.)
Travis Co. Corn. S. D. No.44...
Riley Ind. School District
3,000 Nov. 1 5% 10-20-yr. (opt.)
2,000 Nov. 1 5% 10 years
Greenville (street improvement)_
4,000 Nov. 1 5% 10 years
Greenville (refund sch. bldg.)
Dallas County (viaduct & bridge) 135,000 Nov. 2 5% 10-40-yr. (opt.)
Rockwall Co. Road Dist. No. 1
25.000 Nov. 2 53i% 10-20-yr. (opt.)
5-20-yr. (opt.)
1,000 Nov. 2 5%
Llano Co. Corn. S. D. No 3_ - _ 5-20-yr. (opt.)
1,300 Nov. 2 5%
Llano Co. Corn. S. D. No. 19_ _ _
1,000 Nov. 2 5% 10-20-yr. (opt.)
Anderson Co. Corn. S. D. No. 11
2,600 Nov. 5 5% 10-40-yr. (opt.)
Dallas Co. Corn. S. D.No. 54....
500 Nov. 5 5% 10-20-yr. (opt.)
Eastland Co. Corn. S. D. No.31_
500 Nov. 6 5% 20 years
Hale Co. Cora. S. D. No. 15
(*)
71,000 Nov. 6 5%
Jackson County Drain. District_
2,500 Nov. 8 5% 20 years
Tarrant Co. Corn. S. D. No. 20_
10,000 Nov. 8 5% 10-20-yr. (opt.)
Mercides Ind. Sch. Dist
12,000 Nov. 9 5% 10-40-yr. (opt.)
Reagan Co. Corn. S. D. No. 5_
5-20-yr. (opt.)
1,500 Nov. 13 5%
Tayette Co. Corn. S. D. No. 69_
50,000 Nov. 13 5% $2.500 yearly
Denison (viaduct)
* $2.000 yearly up to 1925,$3,000from 1925 to 1934,$4,000 thereafter.
-The
THURSTON COUNTY (P. 0. Pender), Neb.-BOND SALE.
Harris Trust & Say. Bank of Chicago was awarded on Sept. 15 $60,000 5%
-equal to 101.043.
funding bonds for 560.626
NEW LOANS.
$475,000
$449,000
KANSAS CITY, MISSOURI, BONDS
NEW LOANS.
NEW LOANS
ATLANTIC CITY N. J.
NOTICE OF SALE
Sealed proposals will be received by the undersigned, the Mayor and the City Comptroller of
Kansas City, Missouri, until DECEMBER 13.
1915. at 10 o'clock A. M., for the purchase of
all or any part of the following named bonds
of the city of Kansas City, Missouri, in the
following named amounts:
Station Park Grading bonds.S100.000
General Hospital Bonds____ 125,000
Fire Protection Bonds, Third
125,000
Issue
Police Department and Mun125.000
Court Bonds
icipal
The Station Park Grading Bonds and the General Hospital Bonds boar interest at the rate of Four
Per Cent per annum; the Fire Protection Bonds
and Police Department and Municipal Court
bonds bear interest at the rate of four and onehalf per cent per annum.
Station Park Grading Bonds, General Hospital
Bonds, Fire Protection Bonds, and Police Department and Municipal Court Bonds, numbered from
1 to 100, inclusive, are in denominations of one
thousand dollars each; Police Department and
Municipal Court Bonds, numbered from 101 to
350, inclusive, are in denomination of one hundred dollars each. All said bonds are dated
July 1, 1915, and mature July 1, 1935. Interest
Treasurer
is payable at the office of the CityChase Naat
of -Kansas City, Missouri, or the the and State
City
tional Bank of New York, in
of the holder.
of New York, at the optionwhich is in whole or
No bid will be received
in part less than par. The legality of the bonds
will be approved by the firm of Dillon, Thomson
& Clay of New York City, whose opinion, or
duplicate thereof, as to the legality of said bonds,
will be delivered to the purchaser or purchasers
of said bonds.
Each bid must be made on a blank form furnished by the city, and must be accompanied
by a duly certified check on a solvent bank or
trust company doing business in Kansas City,
Missouri, payable to the order of the City Comptroller of Kansas City, Missouri, for Two l'er
Cent of the par value of the bonds bid for. The
right is reserved to reject any and all bids.
Bids will be received at the office of the Mayor,
City Hall, Kansas City, Missouri, but no bid
will be entitled to consideration unless so received by or before the hour above specified for
receiving bids.
Delivery of the bonds will be made December
20. 1915, at 10 o'clock A. M., at the office of
the City Comptroller, City hall, Kansas City,
Missouri.
Printed circulars containing more definite
and detailed information with reference to said
bonds, and blank forms for bids, can be had on
application to the City Comptroller, Kansas
City, Missouri, or to Messrs. Dillon, Thomson
& Clay, Equitable Building, 120 Broadway,
Now York City.
HENRY L. JOST,
Mayor of Kansas City, Missouri.
M. A. FLYNN.
Comptroller of Kansas City, Missouri.
I
$14,500
Borough of Montvale, New Jersey
BONDS FOR SALE
FUNDING BONDS
EXEMPT FROM TAXATION
INCLUDING FEDERAL INCOME TAX
Sealed proposals will be received by the Borough
Council of the Borough of Montvale, Bergen
County, New Jersey, at Public School Number 2
in said Borough until DECEMBER 10TH, 1915,
at 8 o'clock P. M., when they will be publicly
opened, for the purchase of $14,500 Funding
Bonds of the Borough of Montvale. The bonds
will be dated December 1, 1915, and mature
December 1. 1945; they will bear interest at the
rate of five per centum per annum, payable semiannually on the first days of June and December,
both principal and interest being payable in
lawful money of the United States of America
at the United States Mortgage & Trust Company,
New York City. The bonds will be coupon
bonds, registerable as to principal only, or as to
both principal and interest.
Proposals will be received for all or any part
of said bonds. All proposals must provide for
the payment of accrued interest by the purchaser
from the date of such bonds to the date of delivery and must be accompanied by a certified
check on an incorporated bank or trust company.
payable to the order of the Borough of Montvale
for two per centum of the face value of the bonds
bid for. The amount of said check to be credited
on the bid if accepted and to be returned forthwith if not accepted. Proposals should be enclosed in a sealed envelope marked "Proposal for
Borough of Montvale bonds" and addressed to
Borough Clerk, Montvale, New Jersey.
The right is reserved to reject any or all bids.
The bonds will be approved as to legality by
Messrs. Hawkins, Delafield & Longfellow. attorneys of New York City, whose opinion, or a
duplicate thereof, will be delivered to the successful bidder or bidders. The bonds will be prepared under the supervision of the United States
Mortgage & Trust Company of New York City
who will certify as to the genuineness of the signatures of the Borough officials and the seal impressed thereon.
By order of the Borough Council.
November 19, 1915.
W. B. LAWSON.
Borough Clerk.
years; 8114,000
$25,000 maturing in 171
maturing in 281 years; $45.000 maturing in
275; years; 830,000 maturing in 28 years;
$235,000 maturing in 29 years, all bearing
interest at the rate of 4% per cent per
annum.
The City Comptroller will receive bids for
these bonds until 12 o'clock noon, of
WEDNESDAY, DECEMBER 15, 1915,
reserving, however, the right to reject any or
all bids, and subject to the approval of the Board
of Commissioners.
Interest and principal payable at the Hanover
National Bank, New York. Legality of bonds
will be approved by Dillon, Thomson & Clay
before delivery, at expense of the city. The
bonds will be engraved by the United States
Mortgage & Trust Company and Columbia Trust
Company of New York.
Circular letter containing blank form of proposal will be forwarded on application; said
circular giving full particulars as to these bonds
and the financial conditions of Atlantic City.
No proposal will be received except on the
official form, and bids must be accompanied by
cash or certified check in the sum of $10,000.
13. M. TOWNSEND, Comptroller.
$210,000
City of Florence; Alabama
WATER WORKS BONDS.
Sealed bids will be received by the Board of
Commissioners of the City of Florence, Alabama,
until 12 o'clock noon DECEMBER 7TH, 1915,
and then publicly opened for the purchase of
$210.000 00 first mortgage 5% semi-annual
Twenty-year Water Works bonds of the City of
Florence, Alabama.
Said bonds will be sold to the highest responsible bidder, but the City of Florence reserves the
right to reject any and all bids, and also reserves
the right to sell only $85,000 00 of the proposed
issue of bonds.
A certified check for $2,000 00 will be required
of all bidders, said check payable to II. C. Gilbert, City Treasurer, and to be forfeited to the
City of Florence as liquidated damages, if the
purchaser fails to complete his contract of purchase by December 31st, 1915.
The approving opinion of Storey, Thorndike,
Palmer & Dodge, of Boston, will be furnished
the purchaser when bonds are delivered, and all
bids must be without condition as to the legality
of the issue.
C. E. JORDAN,
Commissioner of Public Property of
the City of Florence, Alabama.
$325,000
School District of St. Joseph, Mo.
4% BUILDING BONDS
Bids for $325,000 434% building bonds of the
School District of St. Joseph, Mo., serial 10. 15,
20 years, will be received at 2 p. m. December 10,
1915.
Also $25,000
Library issue of the same, 43i %, 15-year. $100
denomination.
Certified prospectus on application.
A. L. LOVING, Secretary,
St. Joseph, Mo
1832
THE CHRONICLE
TULSA, Tulsa County, Okla.
-BOND ELECTION POSTPONED.
Reports state that the election which was to have been held Nov. 23 to vote
on the question of issuing tha $600.000 water bonds (V. 101. p. 1573) has
been postponed to Jan. 2.
VERMILLION COUNTY (P. 0. Newport), Ind.
-BOND SAGE.
-On
bighway-impt. bonds, aggregating $9,840,
Nov. 22 the two issues of 4%
were awarded to J. F. Wild & Co. of Indianapolis for $9,990 50 (101.529)
and bit. V. 101, p. 1650. Other bids were:
Fletcher-American National Bank, Indianapolis
$145 10 premium
E. M. Campbell & Sons Co., Indianapolis
75 00 premium
Breed, Elliott & Harrison, Indianapolis
55 00 premium
Perrysville Bank, Perrysville
25 00 premium
VICTOR, Teller County, Col.
-REFUNDING PLANS.
-Sweet,
Causey, Foster & Co. and Henry Wilcox & Son of Denver have been appointed fiscal agents of the city of Victor to work out a plan of exchanging
new bonds maturing serially at the same rate of interest for the $350,000
bonds falling due Feb. 1 1916.
-BOND SALE.
VOLUSIA COUNTY(P.O. Deland), Fla.
-On Nov.22
the $400,000 6% 30
-year coupon Halifax Spec. Road and Bridge Dist.
-were awarded to Gunter & Sawyers of Jacksonbonds
-V. 101, p. 1495
ville and C. W. McNear & Co. of Chicago, jointly, at 99 and accrued int.
The following bidswere also received:
U.S. Tr.& Say. Bk., Jacksonv.99.051Sidney Spitzer & Co., Toledo_ _97.15
Spitzer, Rorick & Co., Toledo_98.70 J. C. Mayer & Co., Cincinnati_97.33
Hoehler, Cum.& Prudden, To1.98.01
With the exception of the first bidder, all offered accrued interest in addition to their bids.
-BONDS OFFERED
WABASH COUNTY ROAD DISTRICTS, 111.
-Little & Hays Investment Co. of St. Louis are offering
BY BANKERS.
to investors the following 5% bonds:
$31.600 of an issue of $32,000 District No. 5 bonds. Denom. $500 and
$400. Due $6,000 Sept. 1 1916 and $6,400 yearly on Sept. 1
from 1917 to 1920, ine.l. Total bonded debt, this issue. Assess.
val. 1914 $732,825.
29,000 District No. 3 bonds. Denom. $500 and $300. Due $5,800
yearly on Sept. 1 from 1916 to 1920, incl. Total bonded debt,
this issue. Assess. val. 1914 $675,782.
Date Sept. 1 1915. Prin. and ann. int., Sept. 1, payable at American
Nat. Bank, Mt. Carmel, or collected through the above investment company, free of charge. Legality has been approved by Theo S. Chapman
of Chicago.
WAXONDA, Clay County, So. Dak.-BONDS VOTED.
-By a vote
-20
of 29 to 4 the proposition to issue $8,000 15 -year optional water-impt.
bonds at not exceeding 6% int., carried at the election held Nov. 18.
These bonds will be offered for sale about Dec. 15.
WALTON COUNTY SPECIAL TAX SCHOOL DISTRICT NO. 16
-BOND OFFERING.-Blds will be received until
(Santa Rosa), Fla.
12 m. Nov. 29 by the county Bd. of Public Instr., D. N. Pro tman, Supt.
(P.0. De Funiak Springs), for $10,0006% 20
-year coupon taxable building
[vol.. 101.
bonds. Denom. $500. Date Sept. 16 1915. Int: J. & J. at place
suit purchaser. Cert. check for $250, payable to above Board required. to
WARREN COUNTY (P. 0. Williamsport), Ind.
-BOND OFFERINGS
-Proposals will be received until 1 p. m. Dec. 7 by Ernest Grey. Co.
Treas., for the following 4%% 6% yr. average coupon tax-free highway'
impt. bonds:
$7,900 Clarence M. Bowlus road bonds in Pike Twp. Denom. $395.
4,900 Henry Lohmeyer road bonds in Jordan Twp. Denom. $245.
2,960 Thos. K. Lucas road bonds on line between Mound & Kent Twps.
Denom. $148.
Date Nov. 1 1915. Int. M.& N. Due one bond of each issue each six
months from May 15 1917 to Nov. 15 1926, incl.
WASHINGTON, Daviess County, Ind.
-BOND OFFERING.
-Bids
will be received until 7.30 p. m. Dec. 13 by Willis Hoddinott, City Clerk,
for $35,000 4% municipal-building bonds. Denom. $500. Date Oct. 19
1915. Int. semi-annually. Due $2,000 yearly beginning 1 year after
date, subject to call after 5 years. Purchaser to pay accrued interest.
WASHINGTON C. H., Fayette County, Ohio.
-BOND OFFERING.
Bids will be received by John N. McFadden, City Aud., until 12 m.
Dec. 20 for $20,000 5% 10%-yr. average st.-impt. city's portion bonds.
Auth. Sec. 3939, Gen. Code. Denom. $500. Date Sept. 1 1915. Int.
M.& S. Due $1,000 yrly. on Sept. 1 from 1916 to 1935 incl. Cert. check
for $200, payable to City Treas., required. Bonds to be delivered
and
for within 10 days from time of award. Purchaser to pay accrued paid
int.
WAUKESHA, Waukesha County, Wis.-BOND ELECTION.
-An
election will be held Dec.6 to vote on the question of issuing the
$150,000
434% coupon site-purchase and school-building bonds authorized by
the
Common Council on Oct. 5 (V. 101, p. 1306). Denom. $1,000.
Feb. 1 1916. Principal and semi-annual int.(F. & A.) payable at theDate
City
Treasurer's office. Due $7,000 yearly Feb. 1 from 1917 to
1926. Inclusive.
and $8,000 yearly Feb. 1 from 1927 to 1936. inclusive.
WEEDSPORT, Cayuga County, N. Y.
-BOND OFFERING.-Blds
will be received until Nov. 30 by C. B. Van Alstine, Village Clerk,
for
$15,600 83 -year average paving bonds at not exceeding 5% int., it is stated.
WEIGOR (T.) (P. 0. Raddison), Sawyer County, Wis.-BOND
SALE.
-On Nov. 1 the $5,000 5% road-improvement bonds were awarded
to the First State Bank of Exeland at par. Denom. $1,000. Date July
1915. Int. ann. in July. Due $1,000 yearly from 1916 to 1920, incl. 1
WELD COUNTY SCHOOL DISTRICT NO.67(P. 0. Munn), Col.
BONDS DEFEATED.
-The question of issuing the 35,500 funding bonds
failed to carry at the election Oct. 29.-V. 101, p. 1306.
WENATCHEE RECLAMATION DISTRICT (P. 0. Wenatchee),
Wash.
-BONDS VOTED.
-The proposition submitted to the
Nov. 20 providing for the issuance of $350,000 6% 20-year voters on
HighlineCanal-imyrovemelat(V. 101,_p. 1650) received a favorable vote of 324 "for"
to none against.
Date of offering not yet determined.
WHEATON, Dupage County, Ill.-BONDS VOTED.
-At an
Nov. 12 the proposition to issue $35,000 water-plant-impt. bonds election
carried
1t is stated.
NEW LOANS
NEW LOANS.
$1,334,000.00
$625,000
City of Watervliet, N. Y.
CITY OF NEW ORLEANS, LA.,
REGISTERED 432% BONDS
/
Sealed bids will be received by the Common
Council of the City of Watervliet, N. Y., until
DECEMBER 1ST, 1915, at 8 o'clock p. m., when
said bids will be opened at the CommonlCouncil
Chamber for the purchase of Registered Water
Bonds of said City in the amount of $625,000.
issued under Chapter 428 of the Laws of 1914
as amended by Chapter 131 of the Laws of 1915,
DEPARTMENT OF PUBLIC FINANCES, ACCOUNTING DIVISION.
for the purpose of paying the cost and expenses
NEW ORLEANS, LA.
of the construction of a waterworks system in
and for said City of Watervliet. Said bonds
City Hall, November 14th, 1915.
will be dated December 1st, 1915, and will bear
interest at the rate of 434% per annum, payable
semi-annually, principal and interest payable
PUBLIC NOTICE.
in lawful money of the United States of America
The City of New Orleans will sell by alternate sealed proposals at 11 o'clock a. m., WEDNESDAY. at the Hanover National Bank in the City of
of the Deputy Commissioner of Public Finances. Accounting New York. Said bonds will be divided into two
DECEMBER 15TH, 1915, in the office
Division, in the city of New Orleans, one million three hundred and thirty-four thousand (31334,- series known as "Series A" in the amount of
000 00) dollars of Paving Certificates, issued by the City of New Orleans, under and by authority of $125,000, and "Series B" in the amount of
Act No. 23 of the General Assembly of the State of Louisiana, Session of 1914, and ordinances Nos. $500.000. The bonds of Series A shall mature
1800 and 2895, Commission Council Series of said City of New Orleans. No proposals shall be con- as follows: $25,000 on the 1st day of December,
sidered for a price less than Ninety five per cent (.95 per cent) of its value (par value as used herein 1936, and $25,000 thereof on the 1st day of
December in each and every year thereafter to
meaning principal and interest accrued from date of issue to date of delivery).
Said Paving Certificates are of the denominations of One Thousand Five Hundred and One and including the year 1940. The bonds of
Hundred Dollars each, and bearing interest at the rate of five (5 per cent) per annum, evidenced by Series B shall mature as follows: $25,000 on the
Interest coupons attached, payable semi-annually on the first day of January and July each year, 1st day of December. 1916, and $25,000 thereof
respectively. Said certificates are by law exempt from taxation, State, parish and municipal, and on the 1st day of December in each and every
are acceptable for deposit with the Treasurer of the State of Louisiana under Act No. 71 of the General year thereafter to and including the year 1935.
Subject to the foregoing maturities, the bonds
Assembly of the State of Louisiana. Session of 1904.
will be issued in denominations of $1,000 each,
Said certificates shall mature and be made payable in annual installments as follows, to wit:
or multiples thereof, as the purchaser may elect,
$133,400 on the first day of January, 1918.
1133,400 on the first day of January, 1923.
to be specified in his proposal and if no such
$133.400 on the first day of January, 1919.
133,400 on the first day of January, 1924.
election is made, in such denominations as the
$133,400 on the first day of January, 1920.
133,400 on the first day of January, 1925.
Common Council shall decide. Each series will
$133,400 on the first day of January, 1921.
133.400 on the first day of January, 1926.
be consecutively numbered commencing with
$133,400 on the first day of January, 1922.
133,400 on the first day of January. 1927.
number 1.
But the City of New Orleans may on said dates redeem a greater amount of said certificates,
A sinking fund has been provided for the
provided notice of its intention so to do shall have been published in the official journal of the City ment of the principal and interest of the paysaid
twice a week for two (2) weeks during the month of the preceding November,in which event, the addi- bonds in accordance with law.
tional certificates shall be redeemed in the order of the date or dates of the succeeding maturity or
No bids for less than par and accrued interest
maturities.
will be accepted. All bids must be unconditional,
And said certificates will oe issued under and subject to the laws aforementioned. All of which upon blanks provided by the City which may be
are hereby referred to and made part of this advertisement for greater certainty and particularity.
had on application to the undersigned and must
Said alternate proposals shall be received as follows:
be accompanied by certified check upon a solvent
)For the entire issue of 31,334,000 00 to be delivered to the purchaser on February 1, 1916.
incorporated bank or trust company, payable
b) For the delivery of said issue of $1,334,000 00 to be as follows:
to the order of the undersigned, for 2% of the
Three hundred and thirty-three thousand five hundred ($333.500 00) Dollars,on February 1, 1916. par value of the bonds bid for, which check will
Three hundred and thirty-three thousand five hundred ($333.500 00) Dollars, on May 1, 1916. be returned to the bidder if unsuccessful, otherThree hundred and thirty-three thousand five hundred ($333,500 00) Dollars, on August 1, 1916; wise applied on the payment of the sum bid, and
retained by the City as and for liquidated damand
Three hundred and thirty-three thousand five hundred ($333,500 00) Dollars, on November 1. ages in case the bidder falls to comply with the
1916; bids, however,for these several deliveries will be considered separately, but no adjudication shall terms of his bid. The right is reserved to reject
be made for a lot deliverable on any of the hereinbefore prescribed dates unless adjudication at the any or all of the bids.
same time be made for all of the several bids. If a bidder will bid for one lot or more than one lot,
The legality of the bonds will be examined by
but not all the lots, he shall state in his bid the date of the maturities he wishes to be fixed for the Messrs. Caldwell, Masslich & Reed of New
certificates of the lot or lots for which he bids; should a bidder fall so to do and the Commission Council York City, whose favorable opinion will be furdecides to adjudicate the sale of the several lots to the various bidders, then the dates of the maturities nished to the purchaser.
for the certificates of each lot shall be governed by and fixed in the order of the date of delivery hereinSaid bonds will be delivered to the purchaser
before prescribed.
on the 10th day of December, 1915, at the
That no bid will be eligible for consideration and acceptance by the Commission Council which Chamberlain's Office.
is not accompanied by a certified check on some chartered bank in the City of New Orleans in an amount
By order of the Common Council,
equal to three (3 per cent) of the amount of the bid, which check shall be made payable to the order
CHARLES F. POLK,
of the Commissioner of Public Finances; the check or checks of unsuccessful bidders shall be immediCity Chamberlain.
ately returned to them and the checks of the successful bidder shall be cashed by the Commissioner
of Public Finances and by him deposited with the Fiscal Agents of the City of New Orleans in a special
account so designated, and whatever interest the said deposit shall earn from the time of so being
deposited to the time of release shall accrue to the successful bidder. The amount so deposited shall
be for the purpose of guaranteeing that the bidder will in all respects comply with the provisions
governing the sale of the Paving Certificates herein described, and the Commissioner of Public
Finances shall retain the said deposit and not return the same to the purchaser of these certificates
Certificates of Indebtedness
until all of the said certificates have been delivered to and accepted by the purchaser. Should the successful bidder fail to comply with the provisions of this ordinance, the amount deposited by him, as
The Town of Mamaroneck, New York, offers
described herein, shall ipso facto, be forfeited to the City of New Orleans, not as a penalty but as for sale to the highest bidder fifteen Certificates
acknowledged liquidated damages and without recourse to judicial proceedings.
of Indebtedness, fourteen at 31,000 each,
The Commission Council shall have the right and reserves the right to reject any and all bids. one at $163 28, interest 5%, due December and
1st,
The approving opinion of Messrs. Wood & Oakley, bond attorneys, of Chicago, as to the validity of 1916, issued pursuant to Westchester County
these certificates will be furnished the successful bidder.
Tax Law, against unpaid school taxes imposed
Further particulars and information will be furnished upon application to A. G. Ricks, Com- in 1914.
lssioner of Public Finances, Room No. 1, City Hall, New Orleans, La.
For particulars apply to
A. G. RICKS.
McARDLE, Supervisor.
Commissioner of Public Finances.
JOHN.
Tows of Mamaroneck. 131
PAVING CERTIFICATES
$14,163.28
Town of Mamaroneck. N. Y.
Nov. 271915.j
THE CHRONICLE
-BOND ELECTION
WHITEHALL, Muskegon County, Mich.
PROPOSED.
-According to reports an election will be held in March 1916
to submit to the voters the question of issuing $5,000 park site bonds.
-BOND SALE.
WILDWOOD, Cape May County, N. J.
-On Nov. 22
the $560,000 5% 30
-year water bonds were awarded to Drexel & Co. and
Brown Bros. & Co. of Philadelphia at par and int. V. 101, p. 1740. A. B.
Leach & Co. of Philadelphia bid par and int. on $100,000 with option on
taking remainder at $100,000 each 90 days. Denom. $1,000. Date Nov.
15 1915. Int. M. & N.
-On Nov. 10
-BOND SALE.
WILSON, Wilson County, No. Car.
an issue of $80,000 54 street-impt. bonds was disposed of.
%
-BOND OFFERING.
-ProWINN PARISH (P. 0. Winnfield), La.
posals will be received until 12 m. Dec. 18 by J. B. Fick, Sec. Bd. of Road
Supers. of Dist. No. 1, his stated,for $50,000 5% road bonds. Int. annual.
Certified check for 24% required.
-BONDS VOTED.
-The $7,000 joint
WINTERS, Yolo County, Calif.
city-hall and county building bonds mentioned in V. 101, p. 1039, were
authorized at a recent election, it is stated, by a vote of 235 to 28.
Canada, its Provinces and Municipalities.
BIDDULPH TOWNSHIP (P. 0 Granton), Ont.-DEBENTURE
ELECTION.
-An election will be held Nov. 29, reports state, to vote on
the question of issuing $3,500 electric-power-distributing debentures.1,4•10.1
t
-The Calgary City Council has voted-o
CALGARY, Alta.
-LOAN.
accept the offer of Spitzer, Rorick & Co., Toledo and New York. to loan
the city $2,000,000 on 6% treasury notes secured by $2,800,000 taxes in
arrears.
According to the "Monetary Times" of Toronto the sale was made at
97, which nets the city $1,940,000, the purchasers standing all the expenses of printing the notes, paying for legal scrutiny, war taxes, &c.
The usual charge for legal approval and other expenses of such an issue
is ono-tenth of 1%, which in this case would have amounted to $19,400.
The loan is to be repaid on the following terms: $600,000 next June,
•
$700,000 the June following, and $700,000 a year thereafter.
On these terms, the city is paving actually 8.066% for the money.
There are some 31,300.000 of Calgary treasury notes maturing December
1 next, in London, and it was principally to retire these that the present
loan was negotiated. It was a condition of Spitzer, Rorick & Co. that in
making the loan to he city of Calgary, they were to retire the outstanding
treasury notes in London and get the benefit of the exchange. As the
difference in exchange between London and New York amounts to from
14 to 16 cents on the pound sterling, the profit on exchange, our contemporary says, was variously estimated from $55,000 to $60,000, dependng on the rate at the time the notes are actually retired.
-LOAN.
-For full particulars of the new
pw CANADA (Dominion of).
$50.000,000 government loan see "News Item" on a preceding page.
NEW LOANS.
$450,000
MIAMI, FLORIDA
53% Municipal Improvement
Gold Bonds
Sealed bids will be received by the City Council
in care of the undersigned until 7:30 o'clock p. m.
DECEMBER 16, 1915, for the purchase of all
or any part of the above bonds dated January 1,
1916, principal and semi-annual interest payable
at the United States Mortgage & Trust Company, Now York City, in gold coin of the United
States of the present standard of weight and fineness, denomination 31,000. purposes and maturities as follows:
$40,000 for a municipal railway, maturing in
equal installments 11 and 12 years
from date,
$360,000 for a municipal ship channel, maturing $5,000 annually 13 and 14 years,
$10,000 annually 15 and 16 years,
$20,000 annually 17 to 20 years, and
$25,000 annually 21 to 30 years,
from date.
$50,000 to pay the city's share of the cost of
constructing sanitary sowers, maturing $5.000 annually 28 and 29
years from date, and $40,000 30
years from date.
A certified check on a solvent bank or trust
company, payable to the order of the City Treasurer, for 2% of the par value of bonds bid for.
must accompany each bid. The bonds will be
prepared under the supervision of the United
States Mortgage & Trust Company, who will
certify as to genuineness of the signatures of the
city officials and the seal impressed thereon.
The bonds will be examined as to legality by
Messrs. Caldwell & Masslich of New York City,
whose favorable opinion as to legality will be
delivered to the purchaser. All proposals must
be made upon a printed form which will be furhishod by the undersigned or said trust company,
and must be enclosed in sealed envelopes marked
"Bids for Bonds." Bonds will be delivered at the
office of the United States Mortgage & Trust
Company, 55 Cedar Street, Now York City, on
January 3, 1916, at 11 o'clock a. m., unless
another time and place shall be mutually agreed
ar
u lotidsThe right is reserved to reject any or
W. B. MOORE, City Clerk.
Miami, Florida, November 26, 1915.
SefilvilDT &GALLATINi
1833
DUNCAN, B. C.
-DEBENTURE SALE.
-It is stated that an issue o
$3,100 6% 10-year debentures has been purchased by local investors.
EDMONTON, Alta.
-DEBENTURE ELECTION.
-Reports state that
the questions of issuing $274,966 68 sewerage disposal plant, 8310,980 01
C. P. R. entrance and subway damages and $131,933 street railway debt
debentures will be submitted to a vote on Dec. 13.
1*ESTERHAZY, Sask.-DEBENTURE SALE.
-It is stated thatjihe
$1,000 7% 15-year street-impt. and fire-equip, debentures authorized on
Aug. 16 (V. 101, p. 870) were sold on Nov. 12.
MONTREAL, Que.-BONDS OFFERED BY BANKERS.
-Wood,
Gundy & Co. of Toronto, N. W. Harris & Co. and C. Meredith & Co. of
Montreal, are offering to investors at 97 and int. (yielding about 5.30%)
$1,000,000 5% coupon bonds due Nov. 1 1930. Denom. $1.000. Prin.
and int.(May 1 and Nov. 1) payable in gold at Bank of Montreal in Montreal and New York.
The loan was purchased by the firms mentioned above through the Bank
of Montreal, acting as fiscal agents for the city. The price received by the
city is reported as 93.72. a basis of about 514%.-See V. 101, p. 1734
MITNDARE SCHOOL DISTRICT NO. 1603, Alta.
-DEBENTURE
SALE.
-On Nov. 18 an issue of $5,500 7% school debentures was awarded
to W.L. McKinnon & Co. of Toronto at 100.09. Date Dec. 1 1915. Int.
annual on Dec. 1. Due serially.
•
ORILLIA, Ont.-DEBENTURES DEFEATED.
-The question of
issuing the $50,000 6% municipal-bldg. debentures was defeated on Nov. 17
by a vote of 233 "for" to 385 "against."
-V. 101, p. 1496.
OUTLOOK,Sask.-DEBENTURE SALE.
-On Nov. 12 the 88,0006%
15-installment debentures offered without success on Sept. 13 (V. 101, p.
640) were disposed of, it is reported.
4
PALMERTON, Ont.-DEBENTURES AUTHORIZED.
-The Town
Council passed a by-law on Nov.8,it is stated, providing for the issuance of
$12.000 electric-light and water-works-plant impt. debentures.
PEACE RIVER CROSSING SCHOOL DISTRICT NO. 2526, Alta.
DEBENTURE SALE.
-On Nov. 18 an issue of $7,500 7% serial school
debentures was awarded to C. H. Burgess & Co. of Toronto at 96.79.
Date Dec. 1 1915. Int. ann. on Dec. 1.
PENETANGUISHENE, Ont.-DEBENTURES DEFEATED.
-At the
election held Nov. 8 the proposition to issue the $3,500 water-main debentures was defeated, reports state.
-V. 101, p. 1496.
ROSTHERN, Sask.-DEBENTURE SALE.
-On Nov. 15 the $7,000
7% 10-yr. installment fire-protection debentures were awarded to W.
Rowsome of Rosthern at 96.40.-V. 101, p. 1651. W. L. McKinnon t&
Co. of Toronto bid 95.25. Date Oct. 1 1915. Int. yearly in October.
STERLING, Ont.-DEBENTURE ELECTION.
-It is stated that the
proposition to issue $1,500 bonus debentures will be submitted to the voters
on Dec. 13.
WENTWORTH COUNTY (P. 0. Hamilton), Ont.-DEBENTURES
AUTHORIZED.
-According to reports by-laws have been adopted providing for the issuance of debentures aggregating $81,000.
MISCELLANEOUS.
LLFIL:';.. A. .
04
_
LPd Id 1TE - .
fill
NEAD OFFICE : 71, LOMBARD STREET, LONDON, E.C.
Capita! Subscribed
Capital paid up
Reserve Furici
Deposits, sac.
Advances, ecc.
-
-
-
-
($5= £1.)
- 6156,521,000
25,0435SCO
_
113,000,C100
- 590369,295
- 297,193235
THIS BANK HAS OVER 880 OFFICF.S IN ENGLAND AND IT-TLES.
Colonial and Foreign Department: 17, Camila!, London, E.C.
French Auxiliary: LLOYDS BANK (FRANCE) LIMITED,
with Offices at PARIS, BORDEAUX, BIARRITZ and HAVRE.
illinoisTrutst&Sairings 1.ank
CHICAGO
Capital, Surplus and Undivided Profits
•
$15,700,000
Pays bitterest on Time
Has on hand at all times a variety of expel/mks). Current and Reserve
oellent Securities. Buys and sells
ssents. Deals In Foreign ExGovernment, Municipal and
cbsaCe. Transacts a General Trust Business.
Corporation Bonds
Menaheas,Ief the
Nen Yogic Seam& Exchange
111 Slosselway
law York
IMPORTANT EVENTS
every Saturday we publish a
letter reviewing events of the week
and their bearing on the market.
Sent on request
Acts as
Executor,
Trustee,
Administrator,
Guardian,
Receiver,
Registrar and
Transfer Agent.
CAPITAL and SURPLUS,$10,000,000
interest allowed
on deposits.
E. B. Morris, President.
Girard Trust Company
PHILADELPHIA
Chartered 1836
[VOL. 101.
THE CHRONICLE
1834
engineer
iittantial
ATLANTIC MUTUAL INSURANCE COMPANY
H. M. Byllesby & Co.
New York, January 26th, 1915.
Company.
The Trustees,in confortnit•I with the Charter of the December, submit the following statement of its affairs on tla
1914.
31st of
The Company's business has been confined to marine and In/and transportation insurance
5,026,461 19
Premiums on such risks from the 1st January, 1914, to the 31st December, 1914
654,783 26
Premiums on Policies not marked off 1st January, 1914
5,681,244 45
Total Premiums
Premiums marked off from January 1st. 1914, to December 31st, 1914
Interest on the investments of the Company received during the year 330,262 43
42,065 85
Interest on Deposits in Banks and Trust Companies,etc
141,088,74
Rent received less Taxes and Expenses
Loesel paid during the year
4,687,279 32
513,417 02
2,253,324 69
t.css: Salvages
Re-insurances
242,315 69
372,200 31
614.516 00
1,638,808 69
Returns of Premiums
Expenses, including officers' salaries and clerks' compensation, stationery, adVertiseMents,etc
138,873 43
562,724 57
A dividend of interest of Six per cent on the outstanding certificates of profits will be paid to the
next.
holders thereof, or their legal representatives, on and after Tuesday the second of Februarythereof, or
the holders
The outstanding certificates of the issue of 1909 will be redeemed and paid to from which date all
next,
of
their legal representatives, on and after Tuesday the second theFebruary
and canceled.
time of payment,
Interest thereon will cease. The certificates to be produced at
the year ending
A dividend of Forty per cent is declared on the earned premiums of the Company for
application, certificates
31st December. 1914, which are entitled to participate in dividend, for which, upon
the fourth of May next.
will be issued on and after Tuesday
FLOYD-JONES, Secretary.
G. STANTON
By order of the Board,
TRUSTEES.
CHARLES M.PRATT,
ANSON W. HARD,
EDMUND L. BAYLIES,
DALLAS B. PRATT,
SAMUEL T. HUBBARD.
JOHN N BEACH,
ANTON A. RAVEN,
THOMAS H. HUBBARD,
NICHOLAS BIDDLE,,
JOHN J. RIKER,
LEWIS CASS LEDYARD.
ERNEST C. BLISS,
DOUGLAS ROBINSON,
WILLIAM H. LEFFERTS,
BROWN,
JAMES
WILLIAM JAY SCHIEFFEL1N,,
CHARLES D. LEVERICH.
JOHN CLAFLIN,
SAMUEL SLOAN,
GEORGE H. MACY,
GEORGE C. CLARK,
WILLIAM SLOANE. .
NICHOLAS F. PALMER,
,
CLEVELAND H.DODGE
LOUIS STERN,
P RISH
CORNELIUS ELDERT. '
WILLIAM A.STREET,
ADOLF PAVENSiCEDT,
RICHARD H. EWART,
GEORGE E.TURNURE,
CHARLES A.PEABODY,
PHILIP A S. FRANKLIN,
RICHARD H. WILLIAMS.
JAMES IL. POST,
HERBERI L. GRIGGS,
A. A. RAVEN. President.
CORNELIUS ELDERT, Vice-President.
WALTER WOOD PARSONS, 2d Vice-Presiclest,
CHARLES E. FAY,3d Vice-President.
•
LIABILITIES.
ASSETS.
Estimated Losses, and Losses UnsetUnited States and State of New York
2,162,711 06
ss of Adjustment
tled in
670.000 00
Bonds
993,965 13
Premiums on Unterminated Risks_ ..
New York City, New York Trust
1,783,700 00 Certificates of Profits and Interest
Companies and Bank Stocks
277,510 45
Unpaid
2,723,912 00
Stocks and Bonds of Railroads
104,976 64
357,095 00 Return Premiums Unpaid
Other Securities
47,993 70
Reserve for Taxes
Special Deposits in Banks and Trust
209,323 59
500,000 00 Re-insurance Premiums
Companies
Claims not Settled, including ComReal Estate cor. Wall and William
,etc122.81307
pensation
Streets and Exchange Place, con4,299.426 04 Certificates of Profits Ordered Retaining offices
deemed, Withheld for Unpaid PreReal Estate on Staten Island (held
22,556 64
—
miums
under provisions of Chapter 481,
1,264 40
75,000 00 Income Tax Withheld at the Source_
Laws of 1887)
941,068 28 Certificates of Profits Outstanding.— 6.986.620 90
Premium Notes
775,688 06
Bills Receivable
Cash in hands of European Bankers
to pay losses under policies payable
149,249 82
in foreign countries
1.756,535 26
Cash in Bank
70,000 00
Loans
10,929.734 62
14,101,674 46
3,171,939 84
Thus leaving a balance of
36,725 45
Accrued Interest on the 31st day of December, 1914, amounted to
28,122 35
due and accrued on the 31st day of December, 1914, amounted to
Rents
authorized in New York, on the 31st day of
P.e-insurance due or accrued, in companies
158,649 70
December, 1914, amounted to
33,421 71
Unexpired re-insurance premiums on the 31st day of December, 1914, amounted to Wall and
Note: The Insurance Department has estimated the value of the Real Estate corner
William Streets and Exchange Place in excess of the Book Value given above at... 450,573 96
63.700 00
Value, at
And the property at Staten Island in excess of the Book
The Insurance Department's valuation of Stocks, Bonds and other Securities exceeds the 1,439,1/52 10
Company's valuation by
5,333,085 11
On the basis of these increased valuations the balance would be
The Union Trust Company of New York will act as Trustee of
permanent charitable, educational or religious trusts, created either under a will or a trust indenture, and gives special
attention to trusts of this character. The Company also acts in
the capacity of Treasurer, Assistant Treasurer, Financial Agent or
Depositary for such institutions, and is qualified and equipped to
render expert and attentive service in all such relations.
The Union Trust Company's record of fifty years in the continuous administration of all the usual forms of trusts invites confidence in the permanent maintenance of a high standard of ability
as trustee.
UNION TRUST CO., 80 Broadway
CAPITAL AND SURPLUS - $7,800,000
Incorporated
TACOMA
CHICAGO
NEW YORK
Trinity Bldg. Cont.- & Comm. Washington
Bldg.
Bank
Purchase, Finance, Construct and
Operate Electric Light, Gas, Street
Railway and Water Power Properties.
Examinations and Reports
Utility Securities Bought and Sold
THE
IGWHI1E COMPANIES
Purchasers
Contractors
Managers
' Financiers
Engin eers
Operators
of Public Utility and Industrial
Properties
REPORTS—VALUATIONS—ESTIMATES
43 EXCHANGE PLACE, NEW YORK
SAN FRANCISCO
LONDON
W
0
:
gall:kV CST
MC0
0•
411
•
PORATED
•
CONSULTING and
CONSTRUCTION ENC:NEERS
PUBLIC SERVICE PROPERTIES
FINANCED and MANAGED
New York
50 Pine Street
41.\.
1
WILLIAM E. WILLIAMS
CONSULTING ENGINEER
EXPERT IN PATENT CAUSES
28 EAST JACKSON BLVD.,
PITTSBURGH, PA.
STATEMENT OF CONDITION AT THE CLOSE OF BUSINESS NOV. 10, 1915
RESOURCES
Loans and Investment Securities
Overdrafts
Due from Banks
Cash
a
Charles D. Robison
Alfred E. Forstall
FORSTALL AND ROBISON
ENGINEERS
Investigations and Appraisals of Oils and
Electric Properties for Owners or Financial
Institutions.
84 William St.,
NEW YORK CITY
Alex. C. Humphreys
Alten S. Miller
HUMPHREYS& MILLER,Inc.
ENGINEERS
Power—Light--Gas
NEW YORK
ninhlIensineerS
H. M. CHANCE & CO.
Mining Engineers and Geologists
COAL AND MINERAL PROPERTIES
Examined, Managed, Appraised
PHILADELPHIA
Drexel Bldg.
LIABILITIES
C pital
Surplus and Undivided Profits
Reserved for Depreciation, &c
Circulating Notes
Deposits
$53,012,014 32
11 23
14,183,494 38
5,656,637 56
$72,852,157 94
CHICAGO.
Development work in machinery, methods of
manufacture, inventions and patents.
Reports on commercial values of inventions, patents and investments founded thereon.
Term service in watching and reporting development of certain lines of manufacturing.
165 BROADWAY
MELLON NATIONAL BANK
CHICAGO
$6,000,000 00
3,116,327 03
120,921 69
3,426,397 50
60,188,511 27
$72,852,157 49
FOR SALE
CHRONICLE VOLUMES
Second hand volumes in good condition
for years prior to 1912
I COMMERCIAL & FINANCIAL CHRONICLE
New York
138 Front St.,
@FedFRASER