The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
inatirial
ommerftH
VOL. 103
NOVEMBER 4 1916
Published every Saturday morning b y W IL L IA M B . D A N A CO M PA N Y *
Jacob Seibert Jr.. President and Treas.; George 8 . Dana and Arnold G .
Vice-Presidents; Arnold G . Dana. Sec. Addressee of all, Office o f the Com pany.
Dana.
NO.2680
CLEARINGS—FOR OCTOBER, SINCE JANUARY 1, AND FOR WEEK ENDING OCTOBER 28
Ten Months.
Clearings at—
New Y ork ___________
Philadelphia________
Pittsburgh___________
B a ltim ore___________
B u ff a lo _____________
W a sh in g ton ______ _
A lban y______________
R o ch es ter___________
S cran ton ____________
Syracu so____________
Reading_____________
W ilm ington__________
W llk es-lla rro_______
W heeling____________
H arrisbu rg__________
T renton_____________
Y o r k .............................
L a n caster___________
E r l o ...............................
G recnsburg__________
C h es ter_____ ________
B ingh am ton________
Altoona . ........... ..........
F ra n k lin ____________
Frederick......................
Beaver County, P a _.
N orrlstow n__________
M o n tc la ir ......... ..........
Oranges............. ..........
Total M id d le _____
B oston --------- -----------P rov id en ce__________
H a r tfo r d ____________
N ew H aven_________
S prin gfield--------------P o r tla n d -----------------W orcester_____ _____
Fall R iver___________
New B e d fo r d _______
L o w e ll______________
H o ly o k o .......................
Bangor______________
W a te rb u ry ................
T otal New England
Chicago_____________
Cincinnati___________
C levela n d ___________
D etroit______________
M ilw aukee.................Indianapolis-------------Colum bus___________
T o le d o _____________ Peoria...........................
Grand Rapids_______
D a y ton ______________
Evansville___________
Springfield, 111--------Y ou ngstow n................
Fort W ayno_________
Lexington___________
Akron_______________
R ock ford ------------------Canton______________
South Bend_________
Q uin cy..........................
Bloom ington________
Springfield, Ohio____
D ecatur___________
M a n s field ________
Jackson............. ......
Jacksonville, 111___
D anville___________
Lim a...................—
Lansing----------------Owensboro------------Flint— - ....................
G ary......... .................
Ann Arbor________
A drian-------- ---------Lorain................ —
New Albany_______
Paducah ..................
Total M iddle W est.
Details of Pacific and
Total Pacific--------Total Other W e s t..
St. Louis--------------New Orleans______
Louisville_________
H ouston___________
G alveston_________
Richm ond_________
A tla n ta ___________
M em phis____________
Savannah .............
Fort W orth_________
Nashville____________
N o r fo lk _________
Augusta_________
Birm ingham .........
Little Itock...........
Jacksonville-------Chattanooga.........
Charleston.............
Knoxville-----------------M o b ile ........................
O klahom a--------------M a co n ........................
C o lu m b ia ...----------Beaum ont------ -------A u s tin ......... - ............
Columbus, G a ..........
W ilmington, N . C —
V icksbu rg_________
Jackson ____________
T u ls a _____ _________
M u sk ogee....... ..........
El Paso____________
M eridian.................. ..
Total Southern____
Total a ll.............
Outside New Y ork .
Inc. or
Dec.
15,711,195,935 12,739,078,652
901,503,899
1,252,095,504
255,025,140
310,353,889
172,748,625
173,538,325
59,807,597
75,902,869
35,592,113
41,636,725
24,529,740
24,320,774
24,204,380
27,431,204
14,531,189
14,805,330
14,758,404
17,606,388
8,985,634
10,458,411
10,549,022
13,700,715
8,403,075
8,604,915
10,679,375
16,151,992
8,437,517
9,112,144
5,456,101
9,937,023
4,323,791
4,850,093
8,118,610
8,902,557
5,057,553
0,424,530
3,355,281
3,073,478
4,703,581
5,743,777
3,310,100
3,880,600
2.249.900
2,832,059
1,300,697
2,214,616
1,053,213
1,804,514
2,579,783
2,940,354
2,316,442
2,635,033
1,801,802
2,130,570
3 ,6 0 2.0 9 1
3,355,204
17,767,882,784 14,342,898,324
970,042,339
841,086,754
54,021,800
45,155,200
40,562,181
35,969,964
21.420.906
17,979,066
10,799,314
14,967,833
11,035,572
9,498,276
17,7/7,710
13,747,324
9.232.008
6,347,379
8,641,011
6,936,728
4,451,393
3,984,339
4,548,499
3,406,398
3,331,705
2,201,968
6.075.900
9.550.000
1,172,021,704 1,008,557,129
1,008,557,129 1,473,907,089
100,079,100
125,483,800
250,190,607
150,134,003
140,734,235
213,220,477
101,435,274
73.039.017
49,501,200
37,918.802
48.517.000
32,113,100
44,349,428
31,279,205
18,978,778
14,048,587
21,402,839
15,489,337
15,504,854
9,921,011
7,715,304
9,008,237
6,749,321
5,105,250
14,524,193
8,471,433
7,741,850
5,043,585
2,922,252
3.353.200
10.360.000
21.724.000
5,870,305
4,174,377
8,108,931
13,941,737
3,644,331
3,829,057
3,506,431
5,911,429
2,940,592
3,800,549
4,074,714
3,260,543
2,849,043
2,195,497
2,493,939
3,383,732
4,419,906
2,850,775
1,103,139
1,752,811
2,118,411
2,410,999
3,755,481
2,479,580
3.203.201
4,666,064
1,537,805
1,300,325
0,408,109
3,795,334
2,900,037
1,626,725
1,720,970
1,411,550
427,906
317,726
090,891
418,103
594,813
602,515
3.055.009
3,772,739
37)28,581,657 2,200,897,804
Other Western on page 1660.
805,314,941
587,475,583
1,251,884,785
943,739,638
538,073.128
379,070,429
155,285,131
87,197,981
81,017,770
08,680,253
71,131,345
48.030,329
27,981,808
23,075,717
98,830,058
52,541,102
131,301,142
84,593,152
64.220.000
39,000,482
30,740,590
45.071.907
56,000,000
35,328,747
• 42.270.804
32,250,210
25,813,348
20,205,093
12,240,252
17,681,821
12,004,721
12,035,748
12,057,372
21.605,385
11,922,550
15.920.300
12.169.940
10,392,164
12,154,910
11,028,306
8,351,824
9.594,959
5,205,995
4,923,338
29.485.000
12.983.000
30.278,119
20,852,110
0,371,434
5,157,683
3,879,311
3,305,733
12.281.300
8,174,230
3,108,152
2,273,181
3.108,352
2,638,288
1.689.000
1,402,458
2.500.000
1,818,818
18.104.000
0,411,500
7,901,245
4,470,502
14,697,223
10.708.018
2,633,600
1,557,000
1,580,280,207 1,007',259,207
25,012,506^38 20,152,206,054
0,001,370,203 7.412,528.002
1916.
Week ending October 28.
Inc. or
Dec.
$
+1&.3 125,991,000,695 80,403,382,584
+ 38.9 10,457,682,304
6,952,550,722
+ 2 1 .7
2,703,003,629
2,157,463,707
— 0.5
1,812,704,157
1,455,198,840
20.8
044,557,170
491,853,223
+ 10.7
388,800,847
332,019,327
— 0.9
212,093,148
232,005,408
+ 13.1
255.133.110
205,734,022
+ 1.9
134.283.110
130,375,043
+ 17.7
140,560,802
129,199,433
+ 16.4
96,019,081
77,024,920
+ 29.9
84,350,544
122,130,793
+ 3.1
70,827,234
75,724,184
+ 51.2
84.010.019
122,055,218
8.0
82.167.948
71,014,757
+ 17.5
79,409,971
94.735.000
12.2
43.920.000
39,142,325
83,105,682
+ 9.7
70,889,243
57,849,049
+ 27.0
43,109,376
+ 9.5
30,337,942
37,114,005
+ 22.1
50,467,714
31.493.099
+ 17.0
36,148,500
29.554.100
+ 26.0
25,807,697
22.639.309
+ 69.5
10,147,801
10,454,932
12.8
16,803,959
14,987,285
+ 14.2
27,390,649
22,990,821
+ 13.8
24,330,069
20,825,473
+ 18.3
18,027,938
17,798,624
+ 7.4
33,241,170
33,971,949
+ 23.9 143,871,742,209 99,354,083,012
+ 15.2
6,562,470,441
8,614,010,767
+ 21.0
419,154,200
335,203,700
12.8
348,749,928
288,484,372
+ 19.2
101,015,435
189,686,93/
12.2
125,027,970
171,498,024
+ 22.5
85,439,505
103,789,145
+ 29.3
114,089,494
159,050,470
+ 45.4
51,914,512
68,284,885
40,682,109
+ 24.6
60,197,313
34,805,075
+ 11.7
42,090,278
31,451,490
+ 33.5
41,196,895
17,921,798
28,411,012
+ 51.3
53,9 79 ,20 0
84,129,200
+ 43.1
7,909,086,021
+ 10.3 1+330,281,064
+ 32.5 10,549,403,447 13,139,840,887
1,4 2 3.4 75 ,85 0
1,103,901,100
+ 28.0
1,233,358,002
1,915,079,033
+ 70.0
+ 51.5
1,798,505,945
1,190,548,181
+ 43.0
837,080,981
078,588,537
+ 30.7
451.105.172
358,003,880
+ 51.1
404,510,100
281,299,900
+ 41.8
385,242,043
208,564,021
+ 29.6
162,151,987
128,923,503
+ 38.6
182,258,800
144,081,550
+ 50.9
136,957,890
92,022,209
+ 24.5
78,640,402
57,393,430
+ 30.7
63,921,838
49,753,435
+ 71.5
114,957,778
64,925,454
+ 37.2
03,942,597
55,098,425
— 12.9
32,421,523
32,508,510
+ 109./
167,252,000
85,878,000
+ 40.8
49,208,212
40,123,259
+ 71.9
111.343.172
78,423,029
+ 5.1
37,186.145
30.615.020
+ 65.7
41,701,547
33,951,448
+ 29.0
37,433,847
31,703,865
43,943,777
+ 4 3 .4
33.513,222
28.300.089
+ 29.8
20,774,783
29.098.851
+ 35.7
23,788,199
+ 55.0
38,190,236
25,207,038
15.139.852
+ 50.6
12.221.S00
25.816.090
+ 13.8
22.038.310
--51 .5
30.810.948
21,272,744
+ 4 5 .7
41,737,713
25,814,690
+ 17.7
10,228,422
14,835,052
+ 08.8
47,582,105
20,507,388
+ 78.7
24,052,003
13,064,573
+ 21.9
14,148,134
10,378,775
+ 34.6
3,303,187
2,586,013
+ 65.1
5,861,540
4,041,459
-*-1.3
5,602,493
5.901,388
-3 .1
38,525,906
3 4 ,2 0 .1 .0 3 9
+ 33 .1 25,453,1127333 19,470,528,056
+
+
+
+
+
+
+ 37.1
0,374,031,411
+ 32.7
9,493,881,744
+ 42.1
4,278,595,010
+ 78.1
1,041,370,877
+ 18.0
709,581,533
+ 40.3
451.086.000
--21 .3
182,990,056
- - 88.1
723,575,937
+ 55.2
759,381,782
+ 64.7
345,849,627
+ 46.6
200,017,504
+ 58.2
378,950,122
+ 31.1
324,309,134
+ 27.8
196.040.000
+ 43.6
88,030,988
+ 0.2
110,890,293
+ 78.4
114,794,078
+ 33.0
147,720,033
+ 17.1
117,225,377
+ 4.5
95,581,563
+ 14.9
92.660.109
+ 5.7
47.749.099
+ 127.1
170,124,834
+ 74.0
182,194,787
+ 23.5
43,794,333
+ 17.3
37,019,276
+ 50.2
140,302,325
+ 30.7
20,079,269
+ 17.8
21,855,910
+ 20.5
11.105.109
+ 37.5
24,517,107
+ 182.5
144,931,794
+ 78.1
54,700,943
+ 35.6
118,785,900
+ 62.7
17.822.100
+ 4 0
11,527.03+413
+ 27.1 207,050,008,224
+ 3 0 81.059.001,529
Clearings by Telegraph and Canadian Clearings on page 166).
1915.
+ 1 5 .8
+ 50.4
+ 28.1
+ 24.5
+ 31.0
+ 10.9
— 8.8
+ 24.0
— 1.5
+ 13.4
+ 24.5
+ 4 4 .8
+ 6.9
+ 4 4 .2
+ 14.8
+ 19.3
1916.
1915.
S
$
3,591,766.063 2,856,906,583
190,212,904
282,904,029
77,084,372
58,669,378
38,141,912
38,906,933
16,382,933
12,643,705
9,032,659
7,704,605
4,055,743
4,607,753
5,177,112
5,540,300
3,210,491
3,100,822
3,600,331
2,851,367
2,053,905
1,909,963
3,223,322
2,758,429
1,873,356
1,888,734
3,409,721
2,508,688
Inc. or
Dec.
1914.
1913.
$
$
+ 2°5.7 1,210,968,745 1,906,724,546
+ 48.7
120,758,163
101,477,908
+ 31.4
46,863,711
57,642,257
— 2.1
31,098,523
38,400,764
10,182,301
+ 29.6
12,748,105
+ 17.2
6,691,970
7,090,919
5,480,011
+ 1.0
5,781,754
+ 7.0
3,833,075
4,881,025
3,189,939
3,182,548
+ 3.5
+ 28.4
2,619,230
2,912,354
1,629,869
1,835,026
+ 7.5
1,319,858
2,037.935
+ 16.5
1,509,930
— 0.8
1,511,001
2,023,724
+ 32.7
2,827,820
1,655,734
2,001,703 + 16.0
1,684,012
2.321.987
970,002
1,012,892
971,569
872,847
+ 4 .2
+ 17.2
1,631,425
1,384,360
1,877,293
1,556,225 + 20.6
+ 34.2
1,201,368
881,810
1,315,045
993,146 + 32.4
+ 22.3
750,000
715,279
613,088
841,770
-27.1
+ 60.2
681,345
683,632
1,256,894
1,063,126 + 18.1
+ 22.3
585,300
618,000
801,800
040,700 + 25.1
+ 14.3
537,534
560,689
516,902 + 21.1
625,705
+ 54.4
+ 12.5
+ 19.2
+ 16.9
594,010
352,488
+ 4.7
+ 9.3
397,145
434,068
— 2,1
+ 4 4 .8 4,053,199,109 3,198,949,261 + 30.7 1,468,435,233 2,217,715,5^9
149,903,593+ 31.3
194,187,812
1-10 5 123,014,822
214,614,800
8,534,200'
7,250,000
+ 25.0
9,426,300 - -25.9
11,805,000
4,561,973
3,868,782
+ 20.9
8,133,280
7,722,580 + 55.8
2,888,298
2,779.609
+ 17.8
4,843,557
4,005,641 + 20.9
2,750,713
+ 37.2
2,434,562
3,807,120
2,396,991 + 61.4
+ 21.5
1,873,345
1,716,043
2,350,000
1,800,000 + 30.6
2,304,241
+ 38.7
4,083,724
2,758,272 + 48.0
2,197,807
+ 31.5
1,335,118
2,056,112
898,651
1,297,517 + 58.5
+ 28.9
1,580,901
1,413,604
2,120,230
2,084,984 + 17.3
+ 20.9
668,140
982,253
597,737
859,523 + 14.3
+ 31.0
619,811
082,382
1.084,943
743,127 + 4 5 .9
+ 58.5
700,000
394,558
495,910
441,129 + 5 8 .7
+ 55.9
1 -3 0 .0
250,701,025 227,723,8/6 + 12.7 147,’248,557
177,522,303
+ 25.9
450,212,336 326,844,732 + 38.1 272,557,048 304,037,156
+ 28.9
19,542,150
23,611,500
36,936,400
27,514,900 + 34.2
+ 55.3
18,976,920
23,945,007
55,860,049
30,848,714 + 81.1
+ 51.1
23,861,819
23,594,087
47,157,956
29,275,499 + 61.1
+ 23.4
14,231,115
14,917,507
23,291,524
15,602,879 + 81.3
+ 20.0
6,696,536
7,734,313
10,843,310
8,142,055 + 33.2
+ 43.8
5,472,200
6,326,309
10,049,200
7,216,800 + 4 7 .6
+ 43.4
4,805,168
4,753,904
0,295,549 + 54.0
9,695,417
+ 25.8
2,762,710
3,839,965
4,000,000
3,380,320 - -18.3
+ 20.5
2,771,175
3,157,460
4,774.535
3.344,301 - -42.8
+ 48.8
2,175,334
1,697,115
3,236,307
2,254,598 + 4 3 .6
+ 37.0
1,104,931
1,196,936
1,693,722
+
21.0
2,048,077
859,423
916,347
+ 28.5
1,369,417
1,051,413 + 30.2
+ 77.1
1,693,002
1,243,360
1,919,729 + 70.0
3,725,823
+ 10.1
1,234,151
1,228,477
1,749,222
1,277,042 + 37.0
571,412
— 0.3
—
4.1
538,130
607,164
582,790
1,498,000
1,591,000
+ 94.8
4,850,000
2,107,000 + 130.0
885,388
926,345
+ 22.8
1,017,565 + 33.6
1,359,595
+ 42.0
1,360,301
1,450,000
1,725,014 + 52.0
2,622,626
650,842
+ 21.5
584,334
794,782
— 1.0
786,741
719,094
+ 23.0
677,825
791,903 + 19.8
948,374
559,759
592,525
+ 17.8
610,931 + 23.8
750,310
681,641
728,181
+ 31.1
688,157 + 52.2
1,047,737
429,362
454,417
+ 36.5
455,124 + 2 9 .9
590,938
428,620
469,522
+ 22.3
503,446 + 49.7
753,280
530,000
+ 51.2
525,000
735,603 + 35.7
998,291
195,645
304,857
240,698 + 124.4
+ 23.7
540,087
358,810
371,013
473,362 + 85.4
+ 17.1
513,738
520,542
365,801
640,865 + 33.9
+ 44.8
858,174
475,000
419,088
+ 01.7
955,424
776.659 + 23.1
236,310
370,915
+ 9.4
340,000
292,737 + 14.3
+ 78.9
+ 84.1
176,193
160,524
+ 30.3
321,591
261,439 + 22.9
53,863
48,819
+ 27.7
138,871
73,108 + 90.6
+ 20.3
— 5.1
+ 12.4
388,041,022 4337860,392
+ 30.7
084,004,146 479,450,870 + 4 2 7
+ 12.2
___
+ 25.2
+ 20.1
+ 2 8 .7
+ 35.9
+ 29.8
+ 28.4
— 4.2
+ 79.0
+ 34.2
+ 29.9
+ 27.7
+ 12.7
+ 27.0
+ 18.4
+ 24.4
+ 12.5
+ 31.7
+ 28.6
+ 21.3
+ 17.5
+ 27.0
+ 3.5
+ 07.6
+ 47.2
+ 19.4
+ 25.8
+ 24.0
+ 17.8
+ 21.8
+ 1.3
+ 4 5 .8
+ 140.7
+ 00.8
177,954,785
280,221,636
123,773,142
40,361,557
18,150,275
15,909,727
6,592,751
22,915,748
28,933,331
14,337,005
9,901,489
12,771,583
9,145,504
5,628,112
4,001,791
3,010,755
4,252,283
3,300,000
3,478,584
2,898,000
2,183,418
1,130,361
0,540,605
8,008,123
___
119,837,708 + 48.5
218,575,725 + 28.2
1-43.7
86,135,354
-8 4 . 1
21.925.4S8
-24.5
14,578,901
-38.4
11,539,005
-32.4
4,978,841
-83.2
12,505,949
18,375,495
-57.5
10,170,422
-41.0
-47.8
6,698,745
-19.2
10,710,751
7,037,196
-30.0
4,775,623
-17.9
2,594,860 + 54.2
+ 2.2
2,945,909
2,880,470 + 47.6
2,537,920 + 30.1
2,251,959 + 54.5
2,530,104 + 14.5
1,750,567 + 24.7
1,041,091 + 85.5
2,745,000 + 138.2
4,865,818 + 64.6
105,200,312
182,703,325
62,608,972
14,137,719
8,865,289
7,230,345
4,502,187
8,075,000
11,858,127
6,585,648
3,493,176
8,621.562
5,627,440
4,325,894
1,553,489
2,378,109
1,847,761
2.269,978
2,044,781
1,479,178
1,651,599
880,000
2,570,460
3,287,148
125,403,018
170,901,245
79,700.083
16,301,181
12,392,826
10,950,034
4,656,000
8,500,000
17,810,440
10,072,343
8,812,343
10,103,347
7,267,625
4,649,470
3,361,829
3,570,727
2,627,329
2,520,768
2,540,643
2,663,428
1,725,552
1,470,998
2,356,354
5,474,777
2,800,000
2,338,054
+ 19.8
1,023,225
2,236,250
354,805
409,230
4,024,020
1,678,809
330,844
+ 7.2
343,482 + 30.9
1,452,108 + 177.1
1,341,274 + 25.1
247,538
263,108
1,198,751
1,042,500
310,20 0
345,973
1,449.190
1,181,488
___
___
+ 30.5
346,800
+ 5+ 1
327,100
350,944.174 241,734,150
+ 31-0
+ 39.8 5.809,084,875 "4,486,271,590
+ U O 2,217,3187512 1,629,365.007
— 5.7
169.674.99S 225,129,204
+ 4 7 .7
+ 2 9 .5 2,401.311.339 3,350,532,270
+ 36.1 1,249,341,594 1,443,807,730
THE CHRONICLE
1628
THE F IN A N C IA L SITU A TIO N .
The statement submitted on Tuesday of this week
by the U. S. Steel Corporation for the September
quarter attracts attention by reason of the magni
tude of the profits disclosed, and for the further
reason that the results for the Steel Corporation
must be accepted as typical of the results generally
in the steel trade. Some persons, to be sure, had
counted upon a still larger total of profits, but, as
it is, the amount is of such dimensions that every
one has abundant grounds for feeling satisfied, as
well as gratified.
Present conditions are unique and grow entirely
out of the great conflict in Europe. This has
created a special demand, which it is hard to meet,
even by availing of the prodigious capacity of the
country’s 'mills and furnaces. At the same time,
home consumers are in the market trying to fill
long deferred wants.
Thus we have the twin
advantages of a large output combined with extreme
ly high prices for all classes of iron and steel products,
finished and unfinished, and, in some instances, with
prices without a parallel in recent times.
This favorable conjuncture of events is reflected
in the return of the Steel Corporation, and its
experience in that regard is being duplicated by
other steel producers. The return shows net earn
ings— after allowing for expenses and for interest
on the bonds of subsidiary companies— of no less
than $85,817,067. This compares with net of $81,
126,048 in the June quarter of the present year and
with $38,710,644 in the September quarter of last
year and with $22,706,002 in the September quarter
of 1914.
Earnings for this single quarter are larger than
they were for the whole of the calendar year 1914,
when the aggregate of the net was no more than
$71,663,615. Moreover, profits still keep rising,
month by month, and for September at $30,420,158
were in excess of those of any preceding month.
As showing what a wonderful transformation has
occurred since the beginning of last year, we may
note that in January 1915 the net earnings were
no more than $1,687,150. From this figure to the
$30,420,158 net for September 1916 certainly marks
a marvelous advance. An extra dividend of 1%,
in addition to the regular
% for the quarter, has
again been declared on Steel common, making 234%
altogether for the quarter, or at the rate of 9% for
the year. After allowing for this dividend and
also the full 1^4% on the preferred shares, a surplus
of earnings remains for the quarter in the huge sum
of $51,859,450.
This is all well enough and extremely gratifying.
Many other classes of industrial concerns are also
making unprecedented profits. This will put them
in excellent shape, but full provision should be made
in these prosperous times against the contingency
of shrinking profits after the termination of the
European war.
It is to be remarked, furthermore, that the present
situation, where prices are advancing by leaps and
bounds, is one that cannot be viewed with entire
satisfaction, even though large profits are being
made by those so circumstanced as to take advantage
of the same.
With wheat in the vicinity of
$2 a bushel, corn close to a dollar a bushel, cotton
hovering in the neighborhood of twenty cents a
pound, run-of-mine coal even in the Pittsburgh
134
[Vol . 103.
district quoted at $5 a ton, and coke at the same
point at the unprecedented figure of $7 50 a ton,
and with the retail price for anthracite coal in this
city up to $13 a ton, by reason of a scare, it behooves
every one to proceed with caution and watch the
signs of the times with an earnestness such as un
usual phenomena of that kind beget and abundantly
justify.
The exhibit of bank clearings in the United States
for October 1916 is simply a further exemplification
of the extraordinary prosperity the country is ex
periencing mainl}'' as a result of conditions in Europe.
The making of new high records has become an old
story, so when we state that the outcome for October,
both for New York and for the outside cities as a
whole, is better than for any preceding monthly
period in our history, we are merely repeating a
remark that has almost become stereotyped. The
current year, moreover, establishes by a very con
siderable margin a high-water mark for the ten
months’ period, and, furthermore, the total for these
ten months for the whole country and the aggregates
for 75 individual cities as well, are in excess of the twelve
months’ figures for any earlier year. This is espe
cially true of such leading cities as New York, Phila
delphia, Chicago, Cincinnati, Cleveland, Detroit,
Columbus, Toledo, San Francisco, Kansas City,
Denver and Richmond, and of such other less promi
nent but very important centres of trade and in
dustry as Buffalo, Wilmington, Del., Springfield,
Worcester, Waterbury, Dayton, Akron, Youngs
town, Canton, Erie, Chester, Jackson, Lansing,
Gary, Flint, Joplin, Wichita, Oklahoma, Tulsa,
Muskogee, Austin and El Paso. Concurrent with
the activity in commercial and industrial lines specu
lation has been of comparatively full volume.
In all, our compilation for October on the first page
of this issue covers 162 cities, of which all but 8 re
port gains over a year ago, no less than 138 establish
new records for the particular period and 87 are the
heaviest ever recorded in a single month. The aggre
gate for all the cities is $25,612,566,138, against
$20,152,206,654 in 1915, or an increase of 27.1% ,
and contrasted with 1914 the augmentation reaches
118.2%. For the ten months of the calendar year
there is a gain of 39.8% over the high record set a
year ago, and of 57.4% compared with 1914. At
New York the exhibit is a very gratifying one, the
gain over the high October record set last year being
23.3% and the increase over two years ago reaching
180.4%. For the ten-month period the gains are
45.8% and 77.2% , respectively. With New York
excluded the October aggregate of clearings registers
an expansion of 33.6% as contrasted with last year
and overtops the 1914 total by 61.6% . Very notable
increases are to be found at Chicago, Philadelphia,
Wheeling, Fall River, Cleveland, Detroit, Mil
waukee, Columbus, San Francisco, Seattle, Salt Lake
City, Kansas City, Denver, St. Louis, New Orleans,
Richmond, Atlanta, Memphis and many smaller
towns, and it is to be borne in mind that last year’s
results were in turn very much more favorable than
those for 1914. For the period since Jan. 1 the gain
over 1915 is 31.3% , and compared with two years
ago reaches no less than 34.1% .
Operations on the New York Stock Exchange in
October were not only of greater volume than for
the like period last year but in excess of those for the
same month of any earlier year back to 1904, and in
Nov. 4 1916.)
THE CHRONICLE
most instances very much more so. The transactions
during the month this year aggregated 28,161,277
shares, against 26,678,953 shares in 1915, nil in 1914
and 7,403,029 shares in 1913. For the ten months
the dealings were 167,023,459 shares, against 141,
812,201 shares, 45,990,575 shares and 72,553,020
shares, respectively, in the like period of the three
previous years. Bonds, also, were in active de
mand during the month, the turnover caching 134
million dollars par value, with Anglo-French, Ameri
can-foreign, United Kingdom and Canadian issues
very prominent in the dealings, these and securities
of American States and cities making up about
33% of the grand aggregates. Bond sales for the
ten months at 931 million dollars par value contrast
with 710 millions in 1915 and 425 millions in 1914.
The high record of transactions for the period is
1,117 millions in 1909. Boston stock sales for the
month were 1,135,813 shares, against 1,393,623
shares a year ago, with the comparison for the ten
months between 9,875,539 shares and 9,986,784
shares.
Canadian bank clearing returns continue to reflect
a satisfactory situation in the business affairs of the
Dominion. Increases for the month are recorded at
all points from which comparative figures arc ob
tainable and in the aggregate of all (23 cities) the
improvement over a year ago reaches 27.2% . For
the ten months, too, the gain is strikingly large, being
39.6% as contrasted with 1915, while the increase
over 1914 is 22.1% .
The spectacular event of the week in the military
operations in Europe has been the evacuation of Fort
Vaux, on the Verdun front, by the army of the
German Crown Prince. This action was announced
officially on Thursday by the Berlin War Office,
which explained that the German military leaders
considered the sacrifices involved in the fort’s re
tention out of proportion to its value in present Ger
man strategic plans. Forts Douaumont and Vaux,
it was explained, formed such a material element in
the defense of Verdun that as long as they remained
with unimpaired armaments in French hands they
had to be put out of action in order to cripple the
fortress. Once this was accomplished, the ruins of
the forts with the armaments removed possessed no
such importance to the Germans and served chiefly
as targets for the French artillery. Fort Vaux was
one of the most important of the Verdun fortifica
tions. It was captuerd by the German Crown Prince
on June 6.
Its loss marks more than any other
specific incident the complete collapse of the German
drive against Verdun.
Otherwise the week’s operations have not been
particularly active. Torrential rains on the west
ern front have prevented actions of any great conse
quence. The Italians seem to have started a new
offensive and are making progress in the Gorizia
and Carso sectors, through which they arc trying
to reach Trieste. They have captured the eastern
slopes of Tivoli and San Marco and the heights east
of Sober, taking 4,700 Austrian prisoners and 6
guns and numerous machine guns. On the Tran
sylvanian front the Rumanians are keeping up
their drive against the Austro-Germans in the
Jiul Valley. According to Petrograd, the German
forces have occupied two villages south of the
Rothenhurm Pass. In the Predeal Pass sector the
Teutonic forces have penetrated Rumanian posi
1629
tions, capturing 10 cannon and 17 machine guns.
The Russians again appear to have assumd the
offensive in Galicia along the Narayuvka River
and in the Michissuv region. Berlin claims the
repulse of five heavy attacks in the former districts
and Petrograd admits that the Russians in the lat
ter zone have been presssed back by superior Teu
tonic forces. Severe weather is again hampering
operations on the Macedonian front. Neverthe
less the British in the Struma region have taken
Barakli-Azuma from the Bulgarians, while the
Serbs have made a slight advance on the left bank
of Ccrna River and also put down an attack by the
Teutonic Allies.
News that has attracted wide attention and caused
some nervousness on this side of the Atlantic was re
ceived by the American Embassy in London on M on
day from Wesley Frost, American Consul at Queens
town. It told of the loss of the British steamship
Marina of Glasgow, which had been torpedoed with
out warning. Latest statements show that 52 Amer
icans were on board, six of whom were lost. The dis
aster has become the source of special diplomatic
intercourse between Washington and Berlin. The
German Ambassador at Washington has assured the
State Department that there has been no change in
the German submarine policy and that the pledges
given by his Government to conduct “ cruiser war
fare” will be kept. The question that is now arising
is whether these pledges have meant what they were
interpreted to mean on our side of the Atlantic. The
Marina is reported to have carried a 4.7 inch gun
mounted aft for defensive purposes. It is conceded
that this gun was not used. It is suggested that
Germany’s pledges not to attack merchant ships
without warning were not meant by her to cover
ships armed for defense. The United States, ac
cording to Secretary Lansing, assumes that the
pledges were meant to cover ships of the latter class,
but it is considered possible that Germany may seize
upon the Marina case to reopen a discussion of this
question.
Field Marshall von Hindenburg, who was in Berlin
on Moiuhay last, gave a formal interview regarding
war conditions that has attracted active interest.
“ The Rumanians still retreat and their day of reckon
ing is coming,” he declared. “ I welcomed their en
trance into the war, for by it we got out of the
trenches.” The French, he declared, had shown
great tenacity, but were exterminating lives by their
present method of fighting. All their tenacity would
be of no avail, and finally there will be none of them
left. “ The French nation,” he said, “ owes this fate
above all to the English. If the English ask for an
other offensive of the same style this coming spring,
then they will rob France of the rest of her army and
of the rest of her national strength.” Further on he
declared that the Entente Powers would not break
through the western front in thirty years. These
extracts are representative of other statements in the
interview. Major-General F. B. Maurice, Chief
Director of Military Operations at the British War
Office, when asked what he thought of the statement
that the Allies could not break through the western
front, said: “ Our recent offensive was not designed to
break through. Its purpose was to relieve the press
ure on Verdun and kill as many Germans aspossible.”
“ I will not undertake to say,” he continued, “ whether
1630
THE CHRONICLE
it will take thirty years to get the Germans out of
France, but the Allies’ strength constantly is growing
and the German strength constantly is declining.
The effect of the Allies’ offensive is cumulative.
When the weather permits its resumption the results
will be greater than ever. It is no doubt true that
the Germans in recent fights have been short of am
munition. ‘ During the winter, with short days lim
iting the use of artillery, they will be able to replenish
their stores, but despite the bad weather we have no
intention of letting up on them. Our offensive will
continue throughout the winter whenever conditions
are at all favorable.”
The German first commercial submarine, the
Deutschland, arrived in the harbor of New Lon
don, Connecticut, at an early hour on Nov. 1, thus
completing its second voyage to this country.
Its
captain reported that his trip was rough but other
wise uneventful. The cargo is reported to consist
of 750 tons of dyestuffs, chemicals and medicines.
The newspapers have contained statements that
many millions of dollars worth of securities and gems
also were on board, which, however, is hardly proba
ble in view of the fact that the Bremen, in many re
spects a sister ship of the Deutschland, is believed to
have foundered after starting on her voyage to this
country, nothing whatever having been heard from
her for more than a month. Advices from Amster
dam report that the German submarine U-53, which
ravaged shipping off Nantucket early in October,
has returned to a German port.
Civil war seems to have broken out in Greece in
earnest. Press dispatches from London state that
after defeating the Royalist troops, Greek revolu
tionary forces, alleged to number 30,000 men, have
seized Katerina, a few miles northwest of Saloniki,
and are continuing their advance southward on the
mainland of Greece, aiming at the Royalist military
base at Larissa. King Constantine has ordered his
troops to resist the advance at all costs. The town
of Katerina has been occupied by an advance guard
of GOO Venizelist soldiers, armed with machine guns.
News of further heavy fighting is expected, for the
Royalist commander at Larissa has sent reinforce
ments of artillery and infantry to the Katerina dis
trict. Greek dispatches confirm the statement that
the Venizelist Government now has 30,000 well
armed and trained soldiers.
[V o l . 103.
Mexican delegates have demanded that Pershing’s
troops be withdrawn from Mexico at once.
The week abroad has been broken by a holiday, the
London Stock Exchange and general financial busi
ness at the British centre having been suspended on
Wednesday, All Saints Day. The Bourse in Paris
also was closed on that day and remained closed un
til Friday, Thursday being All Souls Day. Taken
as a whole the London market appears to have main
tained a fairly firm undertone during the week.
About £8,000,000 was disbursed in dividends on
Wednesday, some part of which, of course, became
available for reinvestment. Favoring forecasts of
the results of the French loan imparted strength to
the bonds of the Allied Governments. Anxiety is
being displayed by considerable unrest caused in
England over the high food prices. Trades Union
labor leaders are throwing the blame on the Govern
ment. The London “ Economist’s” index number,
4596, to be published to-day, is a new high level,
and indicates an advance of 173 points over the end
of September record, which in turn was 51 points
higher than that for August. The average of the
commodities on which the index number is based is
2200, and the advance now rcorded is thus more
than 108% above that average. Cereals and meat at
112434, were 10634 higher on the month; other foodstufs (tea, sugar, &c.) at 543are'634 points higher;
textiles at 99034 are 5334 points lower; minerals at
85034 are 8 points lower (this comparing with a P i n
point decline for the previous month), and heavy
goods, such as timber and leather, at 1087, are 14
points higher.
Announcement was made on Tuesday that approval
had been given by the British Treasury to the scheme
whereby the Alabama New Orleans Texas & Pacific
Junction Rys. C o., an English concern, entered into
a provisional arrangement for the sale to American
purchasers at a price of §12,000,000 of securities the
company holds in the New Orleans & Northeastern
R R . and Southwestern Construction Co. The pro
ceeds from the sale will be invested temporarily in
British Exchequer bonds.
The revenue of the United Kingdom last week
was £17,713,000 and the expenditure £25,596,000.
The amount of Exchequer bonds outstanding was
increased £14,231,000. Sales of Treasury bills
during the week were £2,921,000. Rubber shares
have recently been weak as a result of the decision
of the Board of Referees to advance the pre-war
percentage standard on which the excess profits
tax is based by 4 % only, making it 10%. The
Stock Exchange Committee has posted a notice
prohibiting brokers from sharing commissions with
former members who had applied for re-election
and had been refused. This action, obviously, is
aimed at suspended members of German birth.
There is continued agitation against the official
policy regarding German banks, financial interests
urging a speedy conclusion of the liquidation and
the definite and final dissolution of these insti
tutions. English Consols closed last night at 5634*
comparing with 5634 a week previous. Clearings
through the London banks for the week were £315,
080,000, against £273,423,000 in this week last year.
Villa once again [has been heard from, having
made good his threat, according to advices from El
Paso, that he would take Parral from Carranza’s
troops and re-establish himself in the town from which
he was driven when American troops were hot upon
his trail. Gen. Luis Herrera with a garrison of Car
ranza soldiers made an ineffectual attempt, it is re
ported, to hold Parral, but when his men refused to
fire upon the advancing bandits, Herrera, his officers
and a few loyal troops fled to the mountains, and the
remainder of the Herrera force joined Villa. Later
leports, however, cast^ doubt upon these statements
from El Paso. The Mexican Consul at the latter
city sends a denial that Parral has been captured,
Carranza’s troops remaining,[he says, infull control of
the place. The Mexican Joint Commission, which
The definite results regarding the subscription to
has been in session^at^AtlantiU City, adjourned on the new French national loan, books for which closed
Thursday until Nov. 10. It|_is^reported that the on Monday last, have not yet been announced.
Nov. 4 1916.]
THE CHRONICLE
The Bank of France, according to one correspondent
cabling from Paris, has received more than 156,000,
000 francs in gold in connection with this loan, and
since the beginning of the war has received in con
nection with loans more than 1,850,000,000 francs
in gold. Lists for the income tax are to be put out
Nov. 15, and instead of the usual method of spread
ing payments over a year the tax will have to be paic
immediately in a lump this year. The tax is ex
pected to produce 100,000,000 francs. It is reported
semi-officially that about 1,500 subscriptions were
received in New York for the French loan by Brown
Bros. & Co. and A. Iselin & Co.; the aggregate of
these subscriptions was approximately $10,000,000.
As already noted, the Bourse observed Wednesday
and Thursday as holidays in observance of All
Saints Day and All Souls Day, respectively. This
complete closing down of business not unnaturally
exercised a retarding influence on business during
the other days of the week. The French Govern
ment on Tuesday decided to intervene in the strike
of the suburban street railways’ employees which
began last week. The Cabinet announced a decree,
which must be ratified by Parliament, under which
the Government may take over any public service
concern whose continuance is necessary to national
safety. The measure is general in character and will
confer large powers on the Government. The strike
threatens to spread to other transport services and
meetings of unions have been called hastily to discuss
the situation. While admitting the justice of the
employees’ demand for an extra war allowance of
15 cents a day, which the Government has asked it
to concede, the company insists that it cannot afford
to pay the increase on account of the higher cost
of coal and other operating expenses. It asserts
that the expense should be borne by the local authori
ties or by the traveling public in the shape of increased
fares. This view the Government refuses to sus
tain.
1631
taining new capital with that used in Great Britain,
declaring that the discount rate of the Bank of Eng
land had been fixed at 6%, while the Reichsbank had
been able to maintain a 5% standard since December
1914. The Treasurer concluded with the presenta
tion of a synopsis of the war finance methods of the
various belligerent countries.
For the purpose of meeting conditions after the
war, virtually the entire German manufacturing in
dustry has been united in a single organization for the
first time through the formation of a German Indus
trial Council. The Central Association of German
Industrials, the League of Industrials and the So
ciety of Chemical Industries, which have been work
ing together since the outbreak of the war, resolved
to form an alliance on a permanent basis in order to
meet new conditions after the war and to co-operate
in the recovering of Germany’s lost foreign trade.
Official bank rates at the leading European centres
continue to be quoted at 5% in Paris, Vienna and
Copenhagen; 5 ^ % in Italy, Sweden and Portugal;
6% in London and Petrograd, and 4y2% in Switzer
land, Holland, Spain and Norway. In London the
private bank rate has remained at 5)/£@5^% for
sixty-day and ninety-day bills. Cables from Berlin
still give 4)^% as the nominal private bank rate at
that centre. No reports have been received by
cable of open market rates at other European centres,
as far as we have been able to learn. Money on call
in London was again quoted at 5%.
The Bank of England this week recorded a gain
in its gold item of £299,874, which contrasts with a
loss of nearly £400,000 last week. Note circulation
was expanded £538,000; hence the total reserve was
reduced £238,000. The proportion of reserve to
liabilities declined to 22.41%, against 22.97% last
week and 29.48% a year ago. Public deposits de
creased £1,436,000, although other deposits were
increased £4,450,000. Government securities con
tinue without change. Loans (other securities)
registered an increase of £3,271,000. The Bank’s
holdings of gold aggregate £56,363,340, compared
with £56,655,718 in 1915 and £69,474,113 the year
previous.
Reserves now stand at £37,590,000,
against £41,672,488 last year and £52,394,113 in
1914. Loans amount to £105,714,000. This com
pares with £98,540,391 and £104,904,925 one and two
years ago, respectively. The Bank reports as of
Oct. 28 the amount of currency notes outstanding
as £122,749,261, against £122,613,768 a week ago.
The gold held for the redemption of such notes re
mains at £28,500,000. Our special correspondent is
no longer able to give details by cable of the gold
movement into and out of the Bank for the Bank
week, inasmuch as the Bank has discontinued such
reports. We append a tabular statement of com
parisons:
Advices cabled from Berlin state that a new war
credit bill for 12,000,000,000 marks was submitted
to the Reichstag on Friday of last week by Count
von Roedern, Secretary of the Imperial Treasury,
who took occasion to review German war finances
and compare them with the practices followed by the
enemy. Count von Roedern stated that the total
war credits now amounted to 52,000,000,000 marks.
He estimated that the total expenditure of all the
belligerents has been 250,000,000,000 marks ($62,
500,000.000), exclusive of goods destroyed. Onethird of the total falls to the share of Germany and
her allies. The monthly German expenditure has
reached about 2,187,000,000 marks, owing to the
extension of the fronts to Transylvania and Dobrudja.
The subscriptions to the fifth war loan, the speaker
said, have amounted to 10,652,000,000 marks from
about 4,000,000 subscribers. The first installment
of the loan was due on Oct. 18 and the amount re
B A N K O F E N G L A N D ’S C O M P A R A T IV E S T A T E M E N T .
1915.
1914.
1916.
1913.
ceived up to last Friday had been 8,500,000,000
1912.
Nov. 3.
Nov. 1.
Nov. 4.
Nov. 5.
Nob. 6.
marks. Less than 3% of the amount paid in had
£
£
£
£
£
. . 37,224,000 33,433,230 35,530,000 28,739,935 28,637,050
been subscribed by loan institutions. Much credit Circulation______
7,131,899 10,204,260
Public deposits.. . . 51,107,000 45,537,438 16,450,904
deposits— ..116,622,000 95,774,304 140,293,123 42,396,998 45,300,254
for the success of the loans, he asserted, was due to GOther
o v ’t securities.. . . 42,188,000 18,895,068 17,204,087 11,788,105 13,037,909
Other securities.. . . 105,714,000 98,540,391 104.904,925 29,034,901 33,908,003
the increase of the saving capacity of the German Reserve notes & coin 37,589.000 41,672.488 52,394,113 26,482,186 26,362,830
and bullion. . . 56,363,340 56,655,718 69,474,113 36,772,121 36,549,880
people. During the first eight months of 1916 sav Coin
Proportion of reserve
29.48%
33.42%
to liabilities__ . .
53.43%
47.70%
ings banks showed increases of 1,710,000,000 marks Bank rate----------- - - 22.40%
5%
6%
5%
5%
%
(about $427,500,000) in deposits, exclusive of the
The Bank of France in its return this week, re
amounts^subscribed to the war loan. The Imperial
flecting
receipts from subscriptions to the new naTreasurer then compared Germany’s system of ob
THE CHRONICLE
1632
tional loan, records the further substantial increase
in its total gold holdings of 70,040,925 francs. A
cablegram from our special correspondent, however,
advises us that the gain is wholly in the total, and that
the amount of the metal in vault has been heavily
reduced. This results from the fact that the total
includes gold held abroad as well as at home, and that
during the week a further large amount has been
transferred to the former account. In other words,
the amount of gold standing to the credit of the Bank
abroad has been raised from 674,558,075 francs to
876,212,950 fransc, an increase of 201,654,875 francs,
while the gold held in the vaults of the institution it
self has fallen off from 4,247,421,250 francs to 4,115,
807,300 francs, or 131,613,950 francs. The aggre
gate holdings at home and abroad during the week
increased from 4,921,979,325 francs to 4,992,020,250
francs. Last year the total gold held (all in vault)
amounted to 4,754,704,812 francs, and in 1914 to
4,141,350,000 francs.
The gold holdings abroad, which, as has been ex
plained before, represent contributions by France to
the Allied gold pool held in the Bank of England for
the common use of all the Allies in the purchase of
munitions, have been increased from time to time
since June 8 1916, when the Bank of France first
began to show amounts so held, from 69.,182,975
francs to 876,212,950 francs, a gain of 807,129,975
francs.
The amount of gold held by the Bank itself has
been reduced since June 8 1916 from 4,676,061,938
francs to 4,115,807,300 francs, a decrease of 560,254,
638 francs. Combining the gold at home with the
gold abroad, there has been a net gain in the grand
•total for the period from June 8 1916 to Nov. 2 1916
of 246,775,337 francs, or from 4,745,244,913 francs
to 4,992,020,250 francs. In the following table we
show the changes week by week in the gold reserve
of the Bank from June 8 1916 to date:
G OLD RE SE RVE OF TH E B A N K OF FR AN CE .
Week ending—
In Bank.
Francs.
June
8 _________ 4,670,061,938
1 5 ..
...4,5 80,4 01,0 22
2 2 ..
...4 ,5 86,8 11,1 59
2 9 __________4,492,201,097
July
6 ............... .4,4 98,6 45,4 43
13.................4,5 0 4 ,4 8 7 ,3 5 5
2 0 . ...............4,509,222,283
27
__ 4,515,457,548
Aug. 3 _________ 4,522,135,934
10_________ 4,426,380,856
1 7 ..
....4,430,175,672
2 4 _________ 4,335,172,029
3 1 . ..............4 ,2 3 8 ,9 5 8 ,1 9 3
Sept. 7 _________ 4,243,545,828
1 4 ..
. .4,247,825,666
2 1 _________ 4,152,170,201
28
__4,158,198,210
Oct.
5 . . ............4,1 65,8 88,2 87
12_________ 4,181,975,850
19_________ 4,211,226,625
2 6 _________ 4,247,421,250
N o v . 2 ................4 ,1 1 5 ,8 0 7 ,3 0 0
Abroad.
Francs.
Total.
Francs.
69,182,975
170,107,636
170,107,636
271,055,668
271,055,068
271,055,608
271,055,668
271,055,068
271,055,668
371,965,271
371,905,271
472,885,788
573,773,871
573,773,871
573,773,871
674,553,075
674,553,075
674,558,075
674,558,075
674,558,075
674,558,075
876,212,950
4,745,244,913
4,750 508,658
4,756,918,795
4,763,256,765
4,769,701,111
4,775,543,023
4,780,277,951
4,786,513,216
4,793,191,602
4,798,346,127
4,802,140,943
4,808,057,817
4,812,732,004
4,817,319,699
4,821,599,537
4,826,723,276
4,832,751,285
4,840,446,362
4,856,533,925
4,885,784,700
4,921,979,325
4,992,020,250
The silver item during the past week decreased 1,
952,000 francs. The total of silver now on hand is
326,095,000 francs, against 362,375,952 francs last
year and 625,325,000 francs the year preceding.
Note circulation showed the large decrease of 460,
884,000 francs, while general deposits, as against
an expansion last week, registered the phenomenal
decline of 987,545,000 francs. Bills discounted in
creased 96,584,000 francs, although Treasury de
posits were reduced 20,089,000 francs and the Bank’s
[Vol. 103.
advances gained 194,949,000 francs. Note circula
tion is now 16,128,267,000 francs. At this date last
year the amount was 14,078,548,685 francs and in
1914, 6,683,175,000 francs. General deposits aggre
gate 1,743,293,000 francs, against 2,520,882,865
francs a year ago and 947,575,000 francs in 1914.
Bills discounted amount to 576,255,000 francs, which
compares with 324,517,223 francs in 1915 and
advances total 1,393,174,000 francs, against 566,
289,061 francs last year. In 1914 bills discounted
and advances combined aggregated 3,202,975,000
francs. Treasury deposits are 180,887,000 francs.
A year ago they totaled 52,024,323 francs and in 1914
382,575,000 francs. The figures here given for 1914
are those for the week ending July 30, the Bank
having discontinued the publication of weekly re
turns with the outbreak of the war.
The weekly statement of the Imperial Bank of
Germany as of Oct. 23 shows the following changes:Total coin and bullion increased 1,955,000 marks;
gold increased 2,179,000 marks; Treasury notes in
creased 20,544,000 marks; notes of other banks in
creased 2,357,000 marks; bills discounted increased
136,900,000 marks; advances increased 462,000
marks; investments increased 4,274,000 marks; other
securities increased 31,438,000 marks; notes in circu
lation decreased 92,892,000 marks; deposits were
expanded 29,643,000 marks, while other liabilities
declined 5,591,000 marks. The Bank’s total gold
holdings arc 2,503,401,000 marks, against 2,429,680,
000 marks in 1915 and 1,828,085,000 in 1914. Note
circulation now aggregates 7,033,961,000 marks,
against 5,675,017,000 one year ago and 3,967,
953,000 marks in 1914.
In local money there is no reaction to note from
the controlling ease that has been ruling for such a
protracted period. We referred last week to a state
ment made by J. P. Morgan & Co. in announcing the
offering of the 8300,000,000 British notes of “ the
prevailing case in money and difficulty which the
banks are having in profitably employing their funds,”
having led the bankers to “ indicate to the British
Government that the present is a favorable time for
it to establish additional credits in America even
though such credit may not be immediately re
quired.” The bankers also referred to the fact that
the continued influx of the metal has caused some
concern in the banking community and it was be
lieved that the issuance of the loan would tend to
cause a temporary cessation of the gold imports.
It is understood that the inward gold movement has
now been definitely checked, notwithstanding that
this week’s receipts of the precious metal have
amounted to §33,000,000.
That J. P. Morgan & Co. did not overestimate
the investment possibilities is indicated by the success
that has attended the current offering of $300,000,
000 in notes. The formal announcement published
on Monday morning, gave Nov. 8 as the date for the
closing of the books. Subscriptions have been re
ceived so freely, however, that J. P. Morgan & Co.,
as the syndicate managers, have decided to close the
subscription books at 10 o’clock this (Saturday)
morning.
The weekly statement of New York Clearing House
banks and trust companies, which was issued last
Saturday, showed an increase in the loan item of
$34,845,000. Net demand deposits this week were
Nov. 4 1916.]
THE CHRONICLE
expanded $48,016,000 and net time deposits $1,516,
000. Reserves in “ own vaults” increased $20,021,
000 to $453,904,000, of which $386,767,000 is specie.
A year ago the total in own vaults was $526,287,000,
including $465,503,000 in specie. Reserves in Fed
eral Reserve banks gained $285,000 to $174,445,000,
which compares with $164,621,000 last year. Re
serves in other depositories decreased $252,000 to
$53,422,000 against $46,554,000 in 1915. Note cir
culation is $31,374,000, a decline of $221,000. Ag
gregate reserves registered a gain of $20,054,000 to
$681,771,000 and compare with $737,462,000 the
preceding year. The reserve required also increased,
viz., $8,697,730, while surplus reserves were increased
$11,356,270, thus bringing the total of reserves above
requirements once more above the $100,000,000
mark, to $110,781,830, and which compares with
$196,215,170 at this date in 1915. The bank state
ment in fuller detail is given on a subsequent page of
this issue.
Referring to money rates in detail, loans on call
have ranged between 2 and 2%% this week, against
2@2% % a week ago. On Monday, Tuesday and
Wednesday 2% % represented the high and ruling
quotation, with 2%% the minimum, while on Thurs
day 2% @ 2% % was still the range, with renewals
at 2%%. Friday’s range was 2@ 2% % , with 2%%
the renewal basis. The time money market has
shown somewhat more activity, especially during the
closing days of the week, although the tone continues
as easy as ever and recessions were shown for some
periods. Sixty-day funds remained at 3%; ninety
days declined to 334% against 3%@334% ; four and
five months were still quoted at 3% @ 3% % , while six
months funds are 3% @ 3% % , against 334% a week
ago. Last year sixty days was quoted at 2%%,
ninety days at 2%%, four months at 2% @3% , five
months at 3% and six months at 3@3% % . Com
mercial paper rates continue to rule at 3% @3% % for
sixty and ninety days’ endorsed bills receivable.
Names less well known still require 3% @4% , with
only a moderate amount of business passing. Banks’
and bankers’ acceptances are quoted as follows:
1633
Trade Acceptances.— Bills with maturities ol 90 days or less, purchased In open
market without member bank endorsement, by New Orleans branch o f Atlanta
Federal Reserve Bank; 3J4 to 4 % .
Commercial Paper.— Bills purchased In open maiket by Dallas Federal Reserve
Bank; 3 to 5 % .
•
Bills of Exchange.— Bills purchased In open market b y Atlanta Federal Reserve
Bank; 3 ' A to 5 A % Bills With or Without Member Bank Endorsement.— Bills with maturities of 90 days
or less purchas d In open market by St. Louis Federal Reserve Bank; 2 to 4 % .
30
30
00
90
“
"
"
"
••
“
"
"
......... 3 A
4
......... 4
_____ 4
4
4
[Ace-Slock Paper—
91 days to 6 months maturity 5
5
Promissory Notes of Member
Banks—
■
1 to 15 (lays m aturity......... 3 A 3
4
4
4
3'A
4
4
4
4A
4A
4
4
4A 5
—
4A
4
4
4
3A
4
4
4A
5
5
-- ---
4
4
4'A
San Francisco.
Dallas.
Kansas City.
St. Louis.
3
4
4
4
4
Minneapolis.
Chicago.
j Atlanta.
Richmond.
Philadelphia.
3'A
11 to
15 to
31 to
61 to
| Cleveland.
j Nerc York.
j Boston.
The sterling exchange situation still remains in the
completely nominal and arbitrary position that has
characterized it for a year or more. Rates are being
maintained by importations of gold and the pur
chases of cable transfers by representatives of the
British Treasury, whenever such action is necessary
to prevent weakness. The week’s gold importations,
as already noted, hove amounted to $33,500,000, all
of which has arrived at New York. On the other
hand, arrangements were made for a shipment of $80,
000 in gold to England as a special transaction and
three shipments, aggregating $1,400,000, have been
arranged for South America. It is understood that
of the proposed $100,000,000 commercial credit to
France, which was but recently arranged, only $50,
000,000 will be availed of in the near future.
Compared with Friday of last week, sterling ex
change on Saturday was extremely dull, although the
tone was firm and demand did not go below 475 11-16,
which was also the high and closing quotation; cable
transfers were not changed from 4 76 7-16 and sixty
days from 4 7134- Monday’s market, notwithstand
ing fresh gold arrivals, was a dull affair and rates
remained at 4 75 11-16 for demand, 4 76 7-16 for
cable transfers and 4 7134 for sixty days; trading was
quiet and featureless. Business assumed only moder
ate proportions on Tuesday, with quotations ruling
the same as those of the preceding day. On Wednes
day demand bills were a shade easier, ranging at
4 75.65@4 75 11-16, although cable transfers and
sixty days were still quoted at 4 76 7-16 and 4 7134,
respectively; renewed buying of cables by the fiscal
agents of the British Treasury here constituted the
chief feature of the day’s dealings; additional im
portations of gold were reported, but failed to exercise
any appreciable effect upon the tone of the sterling
------------------- Spot Delivery------------------Delivery market.
Cable transfers were still pegged at
Ninety
Sixty
Thirty
within
4 76 7-16 on Thursday and sixty days at 4 7134;
Days.
Days.
Days.
30 Days.
2 H @ 2 7-I6 2A ® 2V » 2 A © 2 '4
3@ 2A
Eligible member banks........... ........
demand, however, ruled at 4 75 11-16 all day, against
Eligible non-member bills............. 2 H -1 6 @ 2 9-10 2% @ 2'A
2A © 2%
3% © 2%
Ineligible bills......... .........................
3 A ® 2 %
3 X @ 2X
3 A ® 2X
3 'A @ 3 X
a range of 4 75.65@4 75 11-16 on the day previous;
There have been no changes in the rates of any of the volume of transactions wras small. On Friday
the Federal Reserve banks, which continue as follows: the market ruled quiet but steady and without change.
Closing quotations were 4 7134 for sixty days,
D IS C O U N T H A T E S O F F E D E R A L R E S E R V E R A N K S .
4 75 11-16 for demand and 4 76 7-16 for cable trans
fers. Commercial sight finished at 4 75 7-16, sixty
CLASSES
OP
days at 4 70% ,ninety days at 4 68%,documents for
DISCOUNTS AND LOANS
payment (sixty days) at 4 70% and seven-day grain
bills at 4 74%. Cotton and grain for payment
Commercial Paper—
closed
at 4 75 7-16.
3
3
3A
4”
4A
4A
4
4
4A
5
5
—
5
4A
5%
3 A
3'A
3A
3A
3
4
4
3A
4
Trade Acceptances—
1 to 30 days m aturity......... 3 ' A 3 A 3 A 3
31 to 60
"
"
......... 3 ' A 3 ' A 3 A 3 A
01 to 90
"
“
------- 3 A 3 A 3 A 4
3A
3'A
3A
3'A
3A
3A
__
__
...
3
3
3A
3A 4
3A 4
3A 4
3A
3A
3A
3
__
__
__
3
3
3
3'A
3A
3A
3
3
3
3%
4
44
Commodity Paper—
1 to 30 days m aturity.........
31 to 60
"
“
.........
61 to 90
“
"
.........
01 (lays to 0 months maturity
O PEN
M ARKET
3A
3 A ___ 3 A
3 'A ___ 3 A
3A
...
__
3A
__
3A
3A
3 A
3
3
3
4
4
4
3
3A
5
D IS C O U N T A N D PU R C H A SE R A T E S O F F E D E R A L
R E SE R V E B A N K S.
Bankers Acceptances.— Authorized discount rate for all Federal Ueseivc banks;
minimum, 2 % ; maximum, 4 % .
In the Continental exchanges this week the most
noteworthy features have been a renewal of the weak
ness in Italian exchange, which broke at one time to
6 71% for sight bills—a new low record—and the re
cession in Austrian kronen. In the case of lire,
heavy selling by London, as well as the increase in the
volume of exports from the United States to Italy were
among the influences held to be responsible for the
present weakness, while the decline in kronen is said
to be due mainly to a lack of buying power, the mar
ket for this class of exchange being extremely narrow
and more or less nominal in character. The same
is true of reichsmarks, which have also ruled heavy.
THE CHRONICLE
1634
Francs were well maintained, showing slight va
riation. Rubles were again under pressure, and
showed further declines largely as a result of specula
tive operations. The sterling check rate on Paris
closed at 27.81% (unchanged). In New York sight
bills on the French centre finished at 5 84)4, against
5 84%; cables at 5 83%, against 5 83%; commercial
sight at 5 84% (unchanged), and commercial sixty
days at 5 89%, against 5 90 a week ago. Demand
bills on Berlin closed at70 3-16 and cablesat70 5-16,
which compares with 7034 and 70 5-16 on Friday
last. Kronen finished at 11.88, against 11.94, the
previous close. Rubles closed at 30.55,compared with
31.00 last week. Lire, following the initial weakness,
rallied to 6 66, then reacted and finished at
6 7134 for bankers’ sight and 6 69 for cables.
Aweek ago the lose was 6 5834 and 6 57%, respec
tively.
As to the neutral exchanges, dealings have been
almost at a complete standstill, with no definite trend
towards either higher or lower levels. Scandinavian
exchange, however, developed some irregularity, but
with no essential change, while guilders were steady
throughout. Bankers’ sight on Amsterdam closed at
41, against 41 1-16, cables at 41 1-16, against 41 %,
commercial sight at 40 13-16, against 40%, and com
mercial sixty days at 40 11-16, against 40% last week.
Greek exchange (which must still be regarded as
neutral) has remained at 5 14 for sight bills. Copen
hagen checks closed at 27.08 (against 27.08), after
having touched 27.15. Checks on Norway finished
at 27.70, compared with 27.68, and checks on
Sweden closed at 28.45, against 28.42 on Friday last.
Spanish pesetas finished at 20.22, which compared
with 20.28 the week preceding.
The New York Clearing House banks, in their
operations with interior banking institutions, have
lost 8532,000 net in cash as a result of the currency
movements for the week ending Nov. 3. Their
receipts from the interior have aggregated $8,400,
000, while the shipments have reached $8,932,000.
Adding the Sub-Treasury and Federal Reserve opera
tions and the gold imports, which together occasioned
a gain of $23,103,000, the combined result of the flow
of money into and out of the New York banks for the
week appears to have been a gain of $22,571,000,
as follows:
Week ending Nov. 3.
Out of
Banks.
Into
Banks.
Net Change in
Bank Holdings.
Sub-Tr. & F . R . oper. & gold Imports
*8.400,000
45,286,000
$8,932,000, Loss
§532,000
22,183,000|Galn 23,103,000
T o t a l ....................................................
§53,686,000
§31,115,OOOlGaln §22,571,000
The following table indicates the amount of bullion
in the principal European banks:
November 4 1915.
November 2 1916.
Banks of
E n gla n d ..
F r a n ce a ..
Germany .
Russia * . .
Aus-Uun.c
S p a in ____
Ita ly -------N etherl’ds
N at. B el. h
Switz'land
Sweden . .
D enm ark.
N orw a y. .
Cold.
£
56,363,340
164,632,292
125,165,550
155,419,000
51.578.000
47.396.000
37.440.000
48.638.000
15.380.000
11,481,400
9.494.000
8.647.000
6.282.000
Silver.
Total.
£
56,363,340
13,043,760 177,670.052
833,300 125,998,850
10.357.000 165,776,000
12.140.000 03.718.000
29.753.000 77.149.000
3,124,000 40.564.000
534,200 49,172,200
600,000 15.980.000
11,481,400
9.494.000
221,000 8 .868.000
6,282,000
£
Oold.
Silver.
Total.
£
£
£
56,655,718
56,655,718
190,188,200 14.495,040 204,683,240
121,440,450 1,901,600 123,342,050
1.939.000 161,503,000
159,564,000
51.578.000 12.140.000 63.718.000
31.812.000 29.562.000 61.374.000
45.977.000 4.429.000 50.406.000
202,000 32.995.000
32.793.000
600,000 15.980.000
15.380.000
9,768,600
9,768,600
0,300,000
6.300.000
281,000 6.209.000
5.928.000
3.674.000
3.674.000
T o t. week. 737,916,582 70,606,260 808,522,842 731,058,968 65,549,640 796,608,608
Prev.week 743,365,516 70,019,080 813,384,596 728,689,119 05,470,590 794,159.709
a G old holdings o f the Bank o f France this year are exclusive of £35,018.518
hold abroad.
•.The gold holdings of the Bank o f Russia for both years In the above statement
have been revised by eliminating tho so-called gold balanco held abroad,
c July 30 1914 In both years, h Aug. 0 1914 In both years.
[Vol. 103.
THE PRESIDENTIAL CAMPAIGN.
In some respects the electoral campaign now ending
has been one of the most curious in the memory of
living men. For one thing, we recall no precedent
in half a century past of a presidential contest in
which easy victory was conceded to one party, at the
opening of the campaign and until within a few weeks
of its termination, yet in which the judgment of
experts on both sides, in the closing month of the
canvass, recognized the struggle as extremely close
and the result as exceptionally doubtful. In the
really “ close elections” of the past—such as 1884
and 1876—doubt and uncertainty were as prevalent
at the start of the campaign as at its end. Much
more frequently, it has been the rule for a campaign
either to begin in uncertainty and end with all good
judges convinced as to which candidate would win—
as was the case in 1896 and 1880—or for the recog
nized balance of probability to lean overwhelmingly
to one side from first to last, as in 1912, 1908, 1904
and 1900.
Students of our older political history might, we
imagine, be tempted to draw analogies with the
famous presidential campaign of 1844, when the
Whig Party’s confidence in the election of its candi
date, Henry Clay, was unmeasured at the start and
up to the last weeks of the canvass, only to be changed
at the end to sudden misgiving, with a Democratic
victory and Polk’s election as the result. Yet even
in that celebrated fight, there was a third party in the
field on the slavery issue, and its votes unquestion
ably determined the November plurality. There
has been no such complicating influence this year.
One possible explanation for the Republican
Party’s absolute assurance at the beginning of this
campaign, and for its reaction of feeling in the later
weeks, is the question of the Progressive vote. We
were ourselves considerably puzzled to understand
the confidence with which Republican leaders
reckoned, in the earlier months, on receiving nearly
all of the votes which went to Mr. Roosevelt in 1912.
This we believed at the time, and still believe, to have
been an exceedingly rash calculation. Laying aside
the question whether the vote of a third party
could in any case be delivered in a mass to the party
it had originally fought (as Mr. Roosevelt under
took to deliver that of the Progressive Party this
year), the calculation ignored the very well known
political fact that any third party, with an aggressive
and popular candidate, draws its votes as an inde
pendent organization from both the other parties.
That was as true of the “ Free Soil Party” in the
fifties, as of the Populist Party in the nineties.
Many of this year’s early estimates by Republican
leaders were based on the tacit or explicit assumption
that practically all of the 4,168,564 Progressive vote
of 1912 was drawn from the Republican Party.
Yet the fact that Mr. Wilson’s vote of that year was
nearly 100,000 less than Bryan’s in 1908, despite the
increase in the country’s population and the far
greater individual strength of the candidate of 1912,
ought itself to have warned against this error. We
showed in September, when analyzing the Governor
ship vote in Maine, that although that vote was
claimed and conceded as foreshadowing Republican
success in November, nevertheless it appeared on its
face to indicate that nearly one-fourth of the State’s
Progressive vote of 1912 was cast for this year’s
Democratic candidate for Governor. When to these
Nov. 4 1916.]
THE CHRONICLE
1635
uncertainties regarding the Progressive vote was has it been so difficult for even a qualified political
added the strong automatic influence, always exerted expert to measure the forces which are at work below
in favor of a party in power by the existence of high the political surface. When both sides admit the
prosperity, the present unc ertainty will seem at least State of Ohio to be in doubt, yet when President
more logical than the overwhelming confidence Wilson’s own State of New Jersey is generally con
ceded by both sides to the opposition party, when
of July.
But the character of the campaign itself has been the women’s vote will cut a large figure in the result
most unusual. On general principles, it might have for the first time in our history, and when even the
been imagined in advance that a national campaign, Wall Street “ betting odds” have fluctuated within
conducted under such world conditions as now exist, a month from 2 to 1 on Hughes to even money and
would necessarily have had to pivot largely on our from that back again to 10 to 7 on Hughes, the un
relations to the great European conflict. Yet what certainties surrounding calculations must be evident.
has happened is that one party has for the most part Meantime, the closeness of the vote, and the anxiety
evaded the subject, while the other has laid stress on of political committees to leave no influence unused,
the purely negative consideration that President are picturesquely illustrated by the reversion, in
Wilson has kept the United States out of war. We this closing week of the campaign, to parades and
do not ignore the fact that Mr. Roosevelt has attacked torchlight processions such as have not been seen in
very violently the President’s foreign policy in re New York City for more than twenty years.
Of course, Mr. Hughes’s bold stand in opposition to
gard to the European belligerents, and that Mr.
Hughes telegraphed a blanket approval of the speech. President Wilson’s surrender on the railroad train
But Mr. Hughes himself began his public addresses by men’s eight-hour controversy, and his uncompro
laying chief stress on shortcomings of the Adminis mising attitude on some other important questions,
tration in matters like civil service appointments; will and should gain him many votes, and nothing
and when, later on, he touched more definitely that we have said in the foregoing or in our remarks
on the problems of the war, his utterances gave an a week ago concerning his acquiescence in the domi
impression of having been forced by public demand nance of Mr. Roosevelt is to be construed as indi
or the exigencies of the campaign.
cating that Mr. Hughes, notwithstanding the mis
It has been suggested that this was a policy takes of his campaign, is not entitled to unqualified
deliberately adopted with a view, first, to avoiding public support. We say this because some of our
the committing of Mr. Hughes to any given executive readers seem to have misinterpreted our observa
policy by pre-election utterances, and, second, to tions of last week.
avoiding the estrangement either of the so-calle
“ German-American faction” or the aggressively
“ anti-German faction,” but this is a suggestion THE HUMAN SACRIFICE IN THE WAR— THE
TRAGEDY OF AML TIME.
we have no hesitation in saying we cannot accept,
Great
guns
hurling projectiles weighing thousands
since it docs not accord with our estimate of Mr.
Hughes’s character. The inevitable effect, however, of pounds over fifteen to twenty miles of space, and
of the belief has been to weaken and narrow mowing down buildings, villages and towns as if
the scope of the candidate’s appeal to the people. they were blocks of cards, or honeycombing the earth
This, we suppose, is the basis for the very common with craters in which to heap the slain, are but one
expression of disappointment with the character of of the agencies of modern war. Reading daily of the
Mr. Hughes’s campaign.
movements of vast armies over mountains, rivers and
We shall not know until the vote of Nov. 7 is seas, of the terrific and long-continued bombardment
counted whether the Hughes campaign program of bursting shells upon entrenched positions, of the
was wise or futile. It may turn out to have kept in sweeping fogs of poisonous gases and the attacks of
line for Mr. Hughes a very heterogeneous support infantry in mass formation, of the undermining and
which might otherwise have been lost. Yet that blowing up of swarming trenches, of a war that, un
it also alienated other possible supporters and cre like any other, rains its terrors from the quiet skies
ated a doubtless wholly undeserved impression of a and hurls its horrors from beneath the silent seas, we
candidate without a definite policy, the recent change are prepared for an appalling loss of human life.
in the expert view of the electoral situation strongly Yet we feel and know that first accounts of losses,
indicates. In no respect could such a condition coming unofficially, and usually from enemy sources,
have been more surely brought about than by the tend to exaggeration, and we instinctively hope that
diametrical contrast between the public speeches of this war is less terrible than it has been pictured in the
Mr. Roosevelt and those of Mr. Hughes. The daily press.
Democratic Party met these campaign manoeuvres
But the inexorable facts of carefully assembled and
merely by standing on the general record of the Ad tabulated statistics, made up of averages and esti
ministration in the larger public questions, and by mates based on the most reliable information obtain
appealing to our great national prosperity and our able from available government and philanthropic
immunity from war. That these—or, at all events, sources, although they correct our understanding,
the general question of the European war—have afford us no relief. This world war is the tragedy of
been the dominant considerations in the people's all time. This calamity is the most stupendous mis
minds has been sufficiently proved by the fact that fortune that ever befell mankind. The use of modern
neither the Democratic Administration’s achieve machinery in war is the most diabolical agency of
ment in enacting the Federal Reserve law, nor its death and destruction ever conceived by man. And
palpable blunders in Mexican diplomacy, have been in proportion to the numbers engaged, as borne
able to hold the centre of the stage.
out by the comparative tables adduced, this war is
We have no purpose of predicting the outcome of the most destructive to human life in which any of the
this very singular campaign. We doubt if ever be battling nations have ever engaged. In its two years’
fore in our time (with the possible exception of 1884) duration, careful compilations and computations
1636
THE CHRONICLE
show that the dead number 4,031,500, the wounded
11,245,300 and the invalids 3,373,700.
It is as if, in two years, from causes outside the
natural laws of life and death, nearly one-fifth of the
population of the United States were either dead,
sick or maimed. It is as if, in two years, an implaca
ble pestilence should fall upon the City of Greater
New York and leave but one in ten of the population
living. It is as if, in two years, the entire population
of the Empire State, from enemies just over the bor
der, should receive a personal bodily harm; or that
half of its population should be killed; or that, in this
short space of time, one-third of the people of the
Commonwealth should be rendered incapable of
useful occupations. Day by day, relentlessly for
731 days, blot out of existence a fair and happy town
of six thousand inhabitants, and you have its human
cost. We do not appreciate the awfulness of it all;
we cannot. Well may it seem that civilization trem
bles in the balance. Well may it seem that only the
mythical drama of the Lost Atlantis can equal this
fateful play of the Titans of the death-dealing ma
chine in this twentieth century of light and leading.
But if, as the mystic, Maeterlinck, would have us
believe, the spirits of these millions of dead heroes,
who died for a cause, remain, to mingle and merge
with the spirits of the living on earth, surely there is
absolution in this conflict for all its wrong, and there is
justificationforthefaiththatitsrulinglessonwillbethat
no more forever shall man kill his brother in war.
And nothing is more important than, that we shall
try to understand the issues which are to grow out of
this colossal struggle. Statistics are often dry as dust
but they are instinct with even life and hope when
we apply them to the human relations. The figures
mentioned above contain the final summary of the
direct losses caused by the war, arrived at after care
ful investigation and analysis by the “ Society for the
Study of the Social Consequences of the W ar/’ lo
cated at Copenhagen, whose August 1st Bulletin,
delayed in the English translation, has just reached
us. And they are held to be the minimum figures;
and concern only the direct losses to the armies, which
arc but a part of the huge human losses entailed by
this unparalleled catastrophe.
This War Study Society of Copenhagen is a volun
tary and independent institution, working through
an elective board of administration composed out
of its scientific collaborators, with the objective of
“ (a) the foundation of a library of war literature; (6)
the collection and elaboration of materials connected
with the work f the Institution; (c) the publication
of a ; ulletin.” The labors of the.society have been
performed so far under the difficulties of interrupted
communications, “ unsafe postal communications,”
and “ the ordinances of censorships.”
In laying the foundation for a study of the farreaching consequences of the war, investigation has
been directed, first, toward ascertaining “ the total
balance of loss of men,” in the war by separate ex
aminations under the following heads: “ 1. Direct
losses of men suffered by the armies. 2. The great
mortality among prisoners of war. 3. Loss of hu
man life among the civil population on the battle
fields. 4. Mortality among refugees. 5. Mortality
among the civil population generally. 0. The great
reduction of the number of childbirths.” The chief
difficulty with which the society has had to contend
cs out of what may be termed a policy of war, the
policy of suppression and concealment, as, it is
[Vol. 103
stated, “ in almost all countries a secret is made of the
number of men lost.” Up to January 191G only, the
Bulletin declares, England alone “ published her
losses summarily,” and lists of losses published freely
in the papers and statements made by the Govern-,
ment in the House of Commons from time to time
have been available as a basis of computation. “ The
ten other belligerent countries of Europe declined to
give any information to that effect.”
Notwithstanding these formidable obstacles, cer
tain material, fairly reliable, partially, at least, of
ficial and uncolored by expediency, but inadequate
save as a basis of estimate, has been accumulated
and compiled into reasonably accurate estimated
totals. In Germany, published casualty lists only
were available. As an evidence of the research and
methods of the society in arriving at totals, we quote:
“ Up to the 1st of July 1916, 1,032 German casualty
lists had been issued. These cover a total number of
13,178 pages. It would take an enormous time to
add and classify in detail the millions of names
therein mentioned, but this would be quite superflu
ous, as after having worked through a certain num
ber of pages, an average is found which holds good
later on. Thus, for instance, counting the losses
given on every tenth list of casualties, we arrived at
an average number of 262.3 casualties per page.
This figure will probably also prove to be the average
of the remaining part. The law of large numbers
here manifests itself in a conspicuous way.”
With the estimates of totals thus arrived at, cer
tain allowances and corrections are made for repeti
tions and errors in the lists themselves, and for the
time which they cover and the time which has elapsed
after the occurrence, and the previous estimates re
vised. These arc then compared with English esti
mates of German casualties and a sort of comparative
proof ascertained. No two methods of computation,
it is found, arrive at the same results. But the gen
eral law of averages is invoked to reach approxima
tions. In Russia “ reports and reviews issued by the
Red Cross and the half-official Town and ZemstvoFederations” (Russia is divided into eight great dis
tricts for the care of the wounded) were available for
a basis of computation. In Austria-Hungary, Italy
and the Balkans, for a time only, lists of the losses of
officers were published. Given the officers killed
and an estimate of the men killed can be arrived at
under a law of averages which, though varying in
the hands of estimators, may be adduced to obtain
a fairly accurate result; and the same is true with
either the returns of the killed or the wounded. In
France no lists of losses have been published and the
society states that its estimates for that country have
been arrived at from foreign statements and by ap
plying the law of averages for other countries.
The totals, therefore, reached by the society are to
be regarded as approximate and reasonable rather
than exact and complete. No single method of esti
mate and research could be applied to any two of the
countries, but, as the Bulletin amply bears out, in
each case, after general estimates were arrived at,
corrective allowances for the effect of concealed
or unknown influences were made. The material
used covers mostly 12, 18 or 20 months, and this
was projected to cover the two-year period,allowing
for the stress of the various campaigns and their in
fluence on totals. The results obtained are con
fined in this publication to the “ direct losses of men
suffered by the armies.”
THE CHRONICLE
Nov. 4 1916.]
Lasting or permanent losses differ from direct
losses. Three important elements are to be consid
ered therein, the sick, the prisoners and the missing.
It is stated that rarely are lists of the sick among the
soldiers available. But some of the sick will die.
It is the belief of the compilers that the sick in this
war will probably nearly equal the wounded, a certain
percentage of whom will also die. It is believed that
conditions have improved in a hygienic sense in this
war, but when trench warfare is considered this may
well be doubted. Attempts have been made, where
possible, to include in the totals the percentages of
deaths and disabled from these categories. “ It is a
well-known fact,” says the Bulletin, “ that in previous
wars.the number of losses caused by diseases was
higher, in many cases much higher, than the direct
losses.”
Coming back now to the direct losses of men suf
fered by the armies, we introduce here the general
conclusions reached as to these, in this interesting
document, as tabulated:
IN T E R N A T IO N A L S U R V E Y .
I. Direct Losses of Human Life During 2 Years of War.
Dead and
Dead.
Wounded. Wounded. Invalids.
Austria-Hungary 718.000
50.000
B elgiu m -----------25.000
Bulgaria------------E n glan d------------ 205.000
France _________ 885.000
G erm a n y ---------- 885,500
105.000
Italy __
1,498,000
Russia.
110.000
Serbia.
150.000
Turkey
1,777,000 2,495,000
533,000
110,000
160,000
33,000
60,000
85,000
18,000
512,000
717,000
154,300
2,115,000 3,000,000
634,000
2,116,300 3,001,800
634,900
245,000
350,000
73,500
3,820,000 5,318,000 1,146,000
140,000
250,000
42,000
350,000
500,000
105,000
4,631,500
11,245,300 15,876,800 3,373,700
I I . Comparison with Earlier Wars.
Duration' Number of Dead per Proport’al
Day. Numbers.
Dead.
in Days.
1790-1815
1854-185G
1859 ____
1864 ____
1866 ____
1870-1871
1899-1902
1904-1905
1912-1913
1914-1916
9,000
730
41
135
40
210
995
548
238
731
2,100,000
785,000
45,000
3,500
45,000
184,000
9,800
160,000
462,000
4,631,500
235
1,075
1,100
26
1,125
875
3.7
17.0
17.0
0.4
17.8
13.9
10
0.2
292
1,950
6,336
4.6
30.9
100 .'0
These figures become more forcible by a direct
comparison of the losses of the principal countries in
recent wars with those in this war. Thus, according
to the comparative tables offered, England has lost
in killed and wounded in this war 700,929, with “ a
percentage of dead out of total losses (killed and
wounded)” of 27%; in the Crimean war, 22,885 in
killed and wounded, with a percentage of 20% of
dead; in the Boer war, 28,003 in killed and wounded,
with 20% of dead. France lost in the war of 1870
1871 a total of 138,871 killed and 137,620 wounded;
in this 1914-1910 war 885,000 killed and 2,115,000
wounded. Germany, against a loss of 28,000 dead
and 101,000 wounded in the war of 1870-1871, has
lost in the present conflict 885,500 dead and 2,110,300
wounded. Russia in the Russo-Japanese war, 1903
1905, lost in killed and dead of wounds 34,000, and
141,800 wounded, while in this war the stupendous
figures are recorded of 1,498,000 killed and dead of
wounds, and 3,820,000 wounded.
In the losses occasioned by prisoners taken, the
Bulletin makes the following estimates: Austria-Hun
gary’s loss, 1,150,000; England’s, 50,270; France,
360,000; Germany, 327,148; Russia, 2,000,000.
It will be observed, by reference to the table above,
that the losses of France and Germany in this war,
1637
both in killed and wounded, are very nearly equal, in
each case as high as 885,000 dead and more than
2,000,000 wounded, while the estimate of the total
incapacitated for work in each is as high as 634,000.
In the case of England the estimate is 205,000 dead
and 512,000 wounded. In regard to the losses in
dead and wounded for Austria-Hungary and Russia
and the large numbers of prisoners taken on both
sides, the great campaigns in the east are to be con
sidered, being carried on by large forces in the open
over wide stretches of territory. AYhile with refer
ence to England, it will be recalled that but a part of
the great drive on the west, with the English army
participating recruited to its full strength, is shown,
or included in this summary of two years ending
with Aug. 1. In direct losses, Austria-Hungary ap
proaches Germany and France, while the total of
dead for Russia numbers 612,500 more than that of
Germany.
Or, reversing the figures, as if such ghastly losses
could become by any process gains, the two Central
Powers have killed 2,588,000 of the enemy and
wounded 0,447,000; while the three Allies have killed
1,003,500 of their enemies and wounded 3,893,300.
Many important applications of these losses to
“ social consequences” at once suggest themselves.
Counting five to a family, and supposing one soldier
drawn from each, the equivalent of more than 18}/£
millions are mourning for the dead, and more than
3 1-3 million homes contain one disabled for work.
Taking the table compiled by German authorities
and elaborated by the Bulletin with reference to
German vocations represented, forty-eight in num
ber and covering skilled and unskilled labor, and ap
plying the totals of dead and invalids to capacity for
production, the life work of more than eight millions
of men, representing all degrees of wage earning
power, has been destroyed.
The potential value of a human life cannot be
measured. And yet it becomes necessary in the ad
justment of human affairs, that a fixed estimate of a
life’s worth be expressed in dollars, and it has been
placed, in some cases, by statute and courts, at ten
thousand dollars, though larger damages may be
recovered for partial disabilities. Upon such a basis,
the cost of the dead in this two-years’ world war is
$40,315,000,000. Again, a pension for total disa
bility in the United States is three hundred dollars
minimum per year. The expectancy of life of the
3,373,700 invalids (assuming average age of soldiers
at 25-30) may be placed at twenty-five years. This
would figure a loss in productive labor and a cost
to the future State of $25,302,750,000, to say nothing
of service pensions to more than twenty-five millions
of men in the field and injury pensions to more than
eleven millions of the wounded.
Three months have elapsed since the date at which
these compilations end. And the war continues.
One-eighth of these totals should now be added to its
various results. Great campaigns of offense and de
fense occur, and recur. The stage and the play are
so gigantic that only the great movements, the bril
liant strategies, the large losses and spectacular events
attract attention. A single human life, with all its
potentialities to help mankind, with all its power to
love and be loved, is no more than a burning grassblade in the sweep of a prairie fire. When will it
all end?
It is a melancholy task which this Danish society
has set for itself, though it is a very useful and benefi
1638
THE CHRONICLE
cent one. Andjyet—is it strange that one recalls the
words—“ Alas, poorTYorick! I knew him, Horatio;
a fellow of infinite jest, of most excellent fancy,, ?
DISAPPOINTMENT REGARDING THE RAIL
ROAD EIGHT-HOUR LAW.
The evidences, already mentioned, that the sup
posed beneficiaries of the Adamson Law are suspicious
of it, arc continuing as election draws near at hand.
As noted last week, even the leader of the engineers’
brotherhood (the same man who sardonically said, a
few years ago, that what happened to the roads did
not much concern the men because wages are always
a first lien and receivers’ cash is as good as any) has
been forced to reply, to inquiries which ho could not
venture to pass unnoticed, that ho cannot give any
definite information, because nobody knows yet just
what this law means. The law does not specify the
number of miles or the number of hours that shall
constitute a day’s work; it merely takes eight hours as
the “ basis” and establishes a wage of not less than
now paid, with pro rata overtime beyond eight
hours.
But those who now work less than eight hours for
a “ day” are wondering lest some change in schedules
may be ordered which will require eight hours’ work
and will cut them instead of increasing them. One
employees’ organization has put the question to
counsel, and has obtained the unpleasant opinion
that the man who has been doing his regular work in
five or six hours and has had that treated as a day
may be required, after this year, to work the full
time or accept the pro rata which was thought so de
lightful when it was to be for an “ over” but will be
otherwise if it becomes an “ under.” If he may
be thus required, then the next question is whether
he will be. This is what the chief of the engineers
cannot tell him; just what the law means nobody
knows, “ yet,” and the railway executives are keep
ing somewhat ominously quiet about it, while a very
few of them are quoted as on the whole favoring
Mr. Wilson for another term, a preference which
cannot lessen the uneasiness of the employees.
The seven-eighths of the men who were passed by,
and, as they say, were unable even to get a hearing,
continue dissatisfied. Whether the law applies only
to men actually running on trains or has a broader
cover is a part of what Mr. Stone does not know, but
it is reported that a protesting petition by 400,000
of the overlooked men will be presented to Congress
next month and that some three-fourths of that
number have already signed. The clerk who is
said to be heading this movement is quoted as de
claring that the law “ takes away thie opportunity of
collective bargaining” and that “ what we want is an
equitable scale of wages fixed for all classes or else
the repeal of the law altogether.”
As we must point out again, legislation based upon
the desire to secure the votes of one class by the
bribe of increased wages necessarily displeases all
who are not favored and is not certain to please
those who are. A law to raise prices for sellers must
displease buyers. To raise all prices equally would
leave things about as they are; a favor must be
partial or it is none.
This wretched and unprincipled attempt will some
what enter as a factor into the election to be made on
next Tuesday. If the result shows that few have been
greatly pleased and many have been much displeased,
the lesson of the rebuke may be worth its cost.
[Vol. 103.
THE AWAKENING OF RUSSIA.
At the opening of the war Russia was looked upon
as the least prepared of the combatants. We had
occasion soon after to call attention to the magnitude
of her material resources. A responsible patriotism
seemed to be wanting everywhere in Europe. In
1912 a leading German authority, in a book which
was sold by the ten thousands, charged the German
people with having an utter lack of genuine patriot
ism. In 1880 Dr. Jowett, the Master of Balliol,
writing to Sir Robert Morier, the English Ambassa
dor, had said: “ Some well-informed persons like
yourself tell me that the French do not want to fight,
and that the passion of money making has taken possion of them; others say the opposite; and I find it is
difficult for me to imagine how a vain people like the
French can sit down forever under defeat.” A prom
inent English General was moved to appeal through
the “ Times” to his fellow countrymen to recognize
that the issue of the war would turn upon the awak
ening of the nation’s soul! No one talks that way
now; the war has penetrated to the inmost soul of all
Europe. But of Russia we have known the least.
Prof. J. Y. Simpson, the accomplished Edinburgh
professor, in his book, “ The Self-Discovery of Rus
sia,” after a prolonged visit to Russia, now takes us
behind the lines and gives trustworthy information
as to the present attitude of the people. We are
glad to call attention to his testimony.
He believes that in a very real sense Russia has
discovered herself. She will gain more out of the
war than any other of the great Powers engaged;
she will have evolved in its few years through stages
that have taken other countries centuries to
pass.
The war with Japan and the revolution that fol
lowed it opened her eyes and stirred her soul. She
became conscious of her real condition and of her
slumbering powers. The war has carried her far
onward. Three great changes are now to be recog
nized. A new patriotism in the deep and tender
feeling for Russia; the strong and permanent place
the Duma has taken in the affections of the people;
and the effects of the prohibition of vodka. This
last was by decree of the Government, but a strong
movement of the people had arisen demanding it.
Since 1894, when the Government took over the
spirit trade, it had backed and filled with regard to
its repression. With the opening of the war the Czar
issued the prohibition decree which has changed every
aspect of the village life. The testimony is abund
ant. Prisons and hospitals, before overflowing, are
now in many cases almost empty. Hooliganism has
practically disappeared. The price of labor has
gone up because work is so much more satisfactory.
In whole districts pauperism and vagabondage have
disappeared.
A new spirit has arisen among the people. The
Zemstvos, their village councils, have been extended
to the counties, and these County Councils joined in
a national union in the course of the Japanese war
to care for the wounded. They have now joined with
unions in the larger towns and cities and are proving
so strong and efficient that the Government now
works mainly through them, not only in hospital
service, but in the production of munitions and army
supplies. This becomes the direct action of the peo
ple taking an entirely new position in the nation’s
life.
Nov. 4 1916.]
THE CHRONICLE
1(539
“ Boarding house capital” is the Russian term for and Poland to Moscow, who says: “ If you have
German money placed in Russian banks where it doubt about Russia, leave the rear of the army and
could bo quickly withdrawn at any time. This has go to the trenches. There are no doubters. There
been wiped out by the war. Its place will need to be are no generals, officers or soldiers. There is only an
taken by foreign capital in another form after the obscure crowd of mujiks, dressed alike, alike stead
war, for quick, permanent investment. This is in fast and sure, alike ready to die for what they con
line historically with what has occurred in all the sider holy.” He adds: “ In the face of death people
great States. Italians were the first great capitalists feel and understand much more deeply than we, that
in England. French industry started with Gorman for which we live and die. This great aim, which
capital; Dutch and Italian was of foreign origin; unites the whole of Russia, is more real there than
as was America’s. Germany has always been a here. The shrine which works these miracles of the
great borrower. Boarding house capital flees at war is that before which the Russian pilgrims say
first sight of danger, but it is a strong force to con their hymns as they pass through the Bosphorous.”
trol and restrict those international trade antago
The summons which these people now hear is to
nisms which are such promoters of antipathies anc have Russia make good her claim to Constantinople
strife. If the issue of the war is to be that Europe by showing herself the liberator of the smaller na
shall not lose all that makes her culture valuable, tions. She made her great mistake a century ago in
the important fact is that all the States will need out joining in the partition of Poland. She must re
side aid in money and supplies and that Russia is unite Poland and secure to the Balkan peoples their
fully alive to this, though she has to-day the greatest autonomy if she would justify her claim and respond
cover in gold for her paper, with the single exception to the heart of the nation. She must find in herself,
of Great Britain. Freed from what has been largely her people believe, a higher spiritual power than other
a German controlling influence, she will be in a new nations have. She must show herself a centre and
degree prepared for a helpful world intercourse.
protector of freed nations, if she is to realize her own
Bureaucracy, which has been the greatest incubus destiny and do her part in putting an end to war.
upon Russia, began with the reign of Peter the Great
The future, even to-morrow, is “ on the knees of the
and is really a German imposition. It is foreign to gods.” But it is a matter for courage and cheer when
the sentiment of the Russian people, and the ejection a great nation has such thoughts as these moving
of everything German as the immediate result of the among its people.
war is to help them get rid of it. This will come
about not so much by direct attack as by the kindling
T H E C H IC A G O B U R L IN G T O N & Q U I N C Y
of the national spirit. This finds its expression in
REPORT.
their feeling toward Constantinople. This will be
The Chicago Burlington & Quincy Railroad, as
new to many. The Russian people look upon Con we have many times in the past pointed out, stands
stantinople not as a valuable asset, political and in a class all by itself. Thereis no other big railroad
economical, but as the motherland of their national system that can show such a marvelous record of
faith. It is true that ninety per cent of her export prosperity and no other railroad system where the
of wheat and ninety-eight per cent of all goods trans policy responsible for that prosperity is so consist
ported in Russian ships between Russian and other ently and so persistently being adhered to, year in
ports goes through the Dardanelles, and that this and year out. From the first its large yearly sinking
will greatly increase with the opening of the new fund contributions have been a feature of its affairs
South Russian railways and the canal between the and this has been one element in keeping its in
Don and the Volga, and that the closing of the debtedness down and its total capitalization, rela
straits during the Balkan wars and the Italo-Turkish tive to mileage, small. Another equally note
war cost Russia a million dollars a day; nevertheless, worthy feature has been its large yearly appropria
it is also true that that occupies only a secondary tions out of earnings for the physical betterment of
place in the Russian mind.
the system. This also tends to keep capitalization
Prof. Simpson quotes in evidence a recent pam light and has held yearly fixed charges within mod
phlet of Prince Eugene Troubetzkoy, in which he says: erate limits, so that dividends have never been en
“ The thought of Constantinople is the ozone in the dangered even in bad times. These dividends in
spiritual atmosphere of our people. It has been in turn have been kept at an unchanged level, the temp
their minds all through their history. It is the cradle tations to increase them in years of flourishing con
of their Christianity. From there they got not only ditions having been firmly resisted, all earnings in
their religion, but much of their culture. Their his excess of the customary dividend being put back
tory, when you consider how important were the into the property for its physical and financial
various Tartar invasions, resolves itself in their minds betterment.
into one long warfare between the Crescent and the
The result is, that in a period such as was ex
Cross. To the restoration of the Cross to the dome perienced in the twelve months covered by the present
of St. Sophia the heart of the Russian people goes report the earnings per share reach almost phenomenal
out in deep devotion as a great symbolic act.”
figures, but obviously earnings per share are large
These words express the loftiest political point of for the very reasons stated,namely that capitaliza
view in Russia to-day. The material loss of the tion is small; another reason for the good results is
temple of St. Sophia is to the Russian the symbol of that notwithstanding the company’s abundant in
ideal spiritual loss. They would kindle again the come, so much so that it could be wasteful and ex
light extinguished by the Turks. The Russian with travagant to the last degree, operating economy is
his deep mystical spirit personifies his conceptions. being promoted and developed just as if there were
St. Sophia becomes to him the embodiment of the need for every dollar that could possibly be saved.
union of God with men, and at the same time the It is a case where a property is beingadministered to
symbol of the one humanity of all. Prince Troubetz the best advantage, and where careful, conservative
koy quotes a social worker recently come from Galicia management is bearing full fruit in all directions.
1640
THE CHRONICLE
[Vol . 103.
In the previous fiscal year, when gross earnings The balance sheet shows that the company June 30
were declining, expenses were cut to makegood the had $15,200,768 of actual cash and $12,301,342 of
loss. In the year under review, with a tremendous deposits. ’
The sums employed in the past out of earnings,
expansion in revenues, expenses were added to in
only a moderate way; consequently we have an im in the way we have outlined above, have been
provement in net results of the most pronounced of great magnitude and the balance sheet affords
character. In the fiscal year 1915 gross earnings testimony to the fact. Merely in the nine years
fell off from $93,687,141 to $91,125,060; in 1916, since 1907 when the Inter-State Commerce Com
on the other hand, the total of the gross at one bound mission imposed a new system of accounting upon
was raised from $91,125,060 to $102,358,893. In the railroads, the direct additions to property
the matter of expenses the total in 1915 was reduced through income have aggregated $35,102,227. In
from $63,224,853 to $60,441,367. In 1916 these the same period $15,177,229 of funded debt has been
same expenses, in face of the tremendous growth in retired through income. In addition there were
traffic and in revenues, moved up only from $60, on June 30 1916 $23,825,069 of sinking fund reserves
441,367 to $61,713,161. The effect on the net was and $9,556,893 of “ appropriated surplus not specifi
first to raise them from $30,462,288 in 1914 to $30, cally invested.” Besides this, there is no less than
683,693 in 1915 and then to $40,645,732 in 1916. $105,088,276 standing to the credit of profit and loss,
It will be seen the improvement the last year was making a grand total of what is called “ corporate
over 32% . The ratio of operating expenses to surplus” of $188,749,695. This ifc $78,000,000 in
earnings, which was 67.49% in 1914, and in 1915 excess of the entire amount of stock outstanding.
In view of this large accumulation of surplus and
was reduced to 66.33% , now for 1916 stands at no
more than 60.29% . This, however, does not in the enormous amounts earned in excess of charges
clude taxes, which are steadily rising and which for under present favorable trade and traffic conditions,
1916 amounted to $4,458,838, equal to over 4 % of the fact that dividends are kept down to 8% stands
as one of the marvels of the times. Probably if the
the gross revenues.
Train economy is being handled with especial skill. stock were widely distributed, in the hands of indi
In 1916, with an increase of roughly 18% in the num vidual owners instead of being concentrated in the
ber of tons of freight carried one mile, the addition control of the Great Northern and Northern Pacific,
to freight train mileage was but little more than 5 % . the pressure to increase the dividend rate would be
The result was that the average trainload of revenue come irresistible.
freight was raised in this single period of twelve
months from 491 tons to 558 tons and the trainload
INDEBTEDNESS OF BELLIGERENT NATIONS.
of all freight from 581 tons to 658 tons. The
Indebtedness of the seven principal nations engaged in
Burlington & Quincy, as is known,is under the joint
the European war has crossed $75,000,000,000, according
control of the Great Northern Railway and the to statistics prepared by the Mechanics & M etals National
Northern Pacific, and since that has been the case, Bank, and made public in a special booklet on the financial
to wit 1901, Great Northern methods have been in aspects of the war. In the middle of 1914 the indebtedness
vogue and have yielded gratifying results. During of these seven nations was, it is stated, $27,000,000,000.
the fifteen years from 1901 to 1916 the average train- Financing on an extensive scale, says the booklet, has taken
place abroad this fall. France has issued a second formal
load of revenue freight has been raised from 200 tons war loan, Germany a fifth loan and Russia a sixth loan.
to 558 tons. What a saving this means in train mile Great Britain has issued temporary securities in enormous
age and in train crews and other train accessories sums. All the nations have been compelled to borrow ex
will appear when we say that whereas in 1901 the tensively on account of the rising cost.
The war is now costing $105,000,000 every twenty-four
freight trains were obliged to run 19,314,987 miles in
hours, according to tho bank, expenditures of the Entente
order to move 3,871,337,916 tons of freight one Powers being fully double those of the Central Allies. Last
mile, in 1916 the trains (including mixed train mileage) April, when this bank undertook previously to make a finan
ran only 18,072,923 miles and moved no less than cial analysis of the war, its calculation of daily war cost was
$90,000,000. That Europe will have expondod $75,000,000,
10,087,483,894 tons of revenue freight one mile.
000 directly for military operations, and that its combined
As showing the plethora of income under the great
direct and indirect cost will have been above 100 billions if
improvement in net revenues, it should be noted that hostilities extend to tho middle of next year, is a statement
during the year under review the surplus above fixed made by the bank. In making its estimate of direct mili
charges on the operations of the twelve months was tary expenditure, the bank compares it with the cost of other
no less than $29,846,270, against only $19,041,919 great wars of history as follows:
Approximate Cost.
in 1915 and $18,807,202 in 1914. The 1916 surplus N a p o le o n ic W a r s , 1 7 9 3 -1 8 1 5 -.......................- ................ - ............... SO.2 5 0 .0 0 0 ,0 0 0
A m e rica n C iv il W a r , 1 86 1-1 864.......................
8 ,0 0 0 ,0 0 0 ,0 0 0
is the equivalent of 27% on the $110,839,100 of F ra n co -P ru ssia n W a r , 1 87 0-1 871..........................................
3 ,0 0 0 ,0 0 0 ,0 0 0
Burlington & Quincy stock outstanding. Only 8 % , South A frica n W a r , 1 90 0-1 902.............................................. - ........... 1 ,2 5 0 ,0 0 0 ,0 0 0
R u sso-Jap an ese W a r , 1 90 4-1 905---------------------------------------------- 2 ,5 0 0 ,0 0 0 ,0 0 0
however, was distributed in dividends, the same as E u ro p e a n W a r . 1914-1 917______________________________________ 7 5 ,0 0 0 ,0 0 0 ,0 0 0
in the past, calling for $8,867,128. The huge re
The statement is made that tho American Civil W ar,
mainder of the surplus was dealt with in characteristic hitherto the greatest conflict in world history, is being dupli
fashion. The sinking funds took $1,817,679, $4, cated in the present war with such intensity that a counter
431,360 was set aside to be applied towards additions part of every full year of that struggle is boing reproduced
and betterments, $2,400,000 was contributed to a each month. Pro-rated over the entire population, the di
rect cost of the present war means more to the peoplo of
fund for accrued taxes not yet due, and $6,000,000 England than of any other nation. France is only a little
was used for miscellaneous appropriations of income. behind on the list, Germany is third and Russia last.
Interest on debt will require tho payment of $3,800,000,000
This still left $6,330,103 of the year’s surplus, and
this was carried to the credit of profit and loss. yearly after 1917, if the war onds next year, according to the
Altogether it may be said that $29,846,270 was bank. In 1914 interest on debt was $1,070,000,000. In
the booklet presenting those figures the bank indicates that
earned for the stock, but only $8,867,128 of it used total government expondituro in Europe, for bond intorest
for paying dividends, the remainder going to improve and support of ’ the various branches of government, will
the physical and financial condition of the company. require 1 9 % of tho people’s income.
Nov. 4 1916.]
THE CHRONICLE
II. P. DAVISON ON FIN AN CIAL STRENGTH OF GREAT
BRITAIN A N D FRANCE.
II. P . Davison, member of tho banking firm of J. P
Morgan & C o ., arrived in New York on Sunday last on tho
steamer Philadelphia, following a two months’ trip abroad
M r . Davison and Arthur M . Anderson, head of the bond
department of tho firm, sailed about the same time, M r
Davison leaving on September 2, and M r. Anderson, who
returned two weeks ago, on Sept. 0. M r. Morgan, who is
still on the other side, left on Sept. 30. W ith his return
M r. Davison issued a statement announcing that his trip
had been mado for the purpose of discussing munitions and
finance with the authorities in London and Paris. So far
as tho financial strength of Great Britain and France are
concerned, M r. Davison makes the statement that “ it is
my unqualified opinion that tho unsecured Government
bond of Great Britain or of France, free from home income
tax and payable in dollars in tho United States, is just as
sure to bo paid as tho unsecured bond of the United States
Government, no matter how tho war terminates.” M r .
Davison also said “ I am perfectly clear that if wo regard
Great Britain and Franco as desirable customers and wish
to continue to sell thorn our products, we must treat thorn
as a producer usually treats a desirable customer, in which
event I am confident we will continue to supply them largely
not only during the war, but for the reconstruction period
which will follow.” Ilis statement in full follows:
1641
re q u ire d fo r su ch p r o d u c tio n fo r o th e r p u rp oses t o th e ir b e tte r a d v a n ta g e.
T h e p o in t is th a t t o -d a y th e ir p o s itio n is o n o o f in d e p e n d e n ce c o m p a red
w ith th a t o f t w o years a g o .
•
I a m p e r fe ctly clea r th a t i f w e regard G rea t B rita in an d F ra n ce as d esir
ab le cu sto m e rs an d w ish t o c o n tin u e t o sell th em o u r p r o d u c ts , w o m u s t
tre a t th em as a p ro d u ce r u sually tre a ts a desirable cu sto m e r, in w h ic h
e v e n t I am c o n fid e n t w o w ill c o n tin u e t o s u p p ly th em la rge ly, n o t on ly
d u rin g th o w a r , b u t fo r th e re co n stru ctio n p e rio d w h ich w ill fo llo w .
I h a v e been w on d erin g h o w we in th is co u n tr y w o u ld feel i f th e tables
w ere reversed. S u p p ose, fo r in stan ce, w e su d d e n ly fo u n d ourselves
p lu n g e d in to w ar, an d fin d in g ourselves w holly un p rep ared , so u g h t a t o n ce
$50 0,0 0 0 ,0 0 0 w o rth o f m aterials an d m u n itio n s. S a y w o p la ce d ou r
orders w itli G rea t B rita in and F ran ce, and w ere th en to ld b y th e m th a t
th e y w o u ld requ ire in p a y m e n t $ 1 0 0,00 0,0 00 in g o ld , th a t th e y w ou ld
a c c e p t $ 10 0,00 0,0 00 in U n ited States G o v e rn m e n t b o n d s, an d th a t th e
rem ain der m u st b e p a id in U n ited S tates G o v e rn m e n t b o n d s secured b y
b o n d s o f certa in S outh A m erican go v e rn m e n ts. I b e lie v e th a t th is is a
fa ir parallel t o ou r present a ttitu d e , an d I also belie v e th a t i f o u r cred itors
t o o k th a t p o s itio n w e w o u ld m e e t th eir requ irem en ts as t o p a y m e n t an d
a t o n c e set a b o u t t o p la ce ourselves in a p o s itio n o f in d ep en d en ce as fa r
as p ossible t o d o so.
I t natu rally w o u ld b e in co n ce iv a b le t o us th a t th e p e o p le o f G rea t B rita in
o r F ran co c o u ld qu estion th e o b lig a tio n o f th e U n ited States G o v e rn m en t
in p e a ce or in w ar. In th is co n n e ctio n it is m y u n q u alified op in io n th a t
th o unsecured go v e rn m e n t b o n d o f G rea t B ritain o r o f F ra n ce , free fro m
h o m e in co m e tax an d p a y a b le in dollars in th e U n ited S tates, is ju s t as sure
t o b o p aid as th o unsecured b o n d o f th e U n ited States G o v e rn m e n t, n o
m atter how th e w ar term in ates. In m ak in g th is statem en t I a m n o t
u n m in dfu l o f th e c o s t o f this w ar, an d th a t th a t c o s t m u st b o m e t a n d can
o n ly 1)0 m e t th rou gh ta x a tio n . I t is on th is v e r y qu estion o f a fter-w ar
taxation th a t w e m u st n o te th e great d iffe re n ce betw een external and
internal o b lig a tion s o f th e w arring co u n tries. W h e n I asked o n e o f th e
highest a u th orities in G rea t B ritain h o w ho w o u ld express th e d ifferen ce
betw een an external an d an internal o b lig a tio n h o replied th a t " a n internal
o b lig a tio n o f th e go v e rn m e n t is a d e b t ow e d b y th e g o v e rn m e n t t o its ow n
p eop le; an external o b lig a tio n o f th e g o v e rn m e n t is a d e b t o f all o f th e
p e o p lo th rou gh th e go v e rn m e n t t o h olders w ith o u t th o c o u n t r y .”
In
o th e r w ord s, an external b o n d o f a n y o f th e g o v e rn m e n ts is in e ffe c t an
o b lig a tio n o f all th o p e o p le c o n s titu tin g th e g o v e rn m e n t, fro m w h ich n o
d e d u ctio n s are t o b o m a d e an d fo r w hich th e assets o f all th e p e o p le are
liable.
M y trip t o E u ro p e , fro m w h ich I retu rn ed t o m y o ffic o th is m orn in g,
w as m a d e fo r th o p u rp ose o f discu ssin g m u n itio n s anti fin a n c e w itli th o
au th orities in L o n d o n an d P a ris. I also h o p e d th a t I m ig h t fo rm s o m e
th in g o f an o p in io n o f th o m ilita ry situ ation fro m personal o b s e rv a tio n ,
I f w o are t o m a k e assured o u r presen t p ro sp e rity a n d increase it, as w e
an d th is I w as g iv en a m p lo o p p o r tu n ity t o d o . A fte r sp e n d in g tlirco d a y s
p ro p e rly ca n , it seem s t o m e im p o rta n t th a t ou r p e o p le sh ou ld realize
in P a ris I w as in form ed th a t arrangem ents h ad been m a d o fo r m o t o v is it
these fa c ts an d m eet th is o p p o r tu n ity , th o lik e o f w h ich , let us fe rv e n tly
th o fr o n t, s o I s t a r te d at o n c e , g o in g firs t t o V o rd u n an d then a lon g tho
h o p o , w ill n ever again b e p resented. I f th is p ro s p e rity is t o b o shared b y
lin o t o th o F r o n c h and B ritish se ctio n s o f th o S om m e. B e in g u n d er th e
tho co u n tr y a t large ou r in ve sto rs, o u r ban kers an d th o p u b lic generally
d ir e ctio n o f th o m ilita r y a u th o ritie s I had th e p riv ile g e n o t o n ly o f th o ro u gh
m ust ta k e a b ro a d , in telligen t vie w o f th o o p p o rtu n itie s b e fo re us and
l y v iew in g th o o p e ra tio n s and stu d y in g th e orga n iza tio n o f b o th arm ies,
assure th e p eop les o f these fo re ign go v e rn m e n ts th a t w e desire their trad e
b u t also o f m eetin g t h o generals, th e ir sta ffs an d th o o th e r o ffice rs an d
and h a v e c o n fid e n ce as t o their fin a n cia l so u n d n e ss. I t is n o t a qu estion
m en d o w n th rou gh th o lin o . I t is fu tile t o a tte m p t t o d escrib e th o im
o f w ealth o r v a lu e , b u t p u re ly o n e o f e x ch an g e, th e so lu tio n o f w h ich lies
pression s gain ed fr o m such an experience. N o o n o can h a ve t h o slightest
w ith us n o w and w ill c o n tin u e t o fo r a lon g fu tu re i f w e stiow ourselves
co n c e p tio n o f th o m a g n itu d e o f th o o rgan ization an d u n d e rta k in g w ith o u t
co m p e te n t t o h an dle it. I t is sim p ly. S-ittattel* o f h o ld in g an d d e v e lo p in g '
p e r s o n a lly b e in g on th o g ro u n d , an d on o ca n n o t b u t b o p r o fo u n d ly im
ou r increasing fo re ign trad e and o f a cq u irin g in th is co u n tr y a se cu rity as
pressed w ith th o person n el o f b o th arm ies and th erefore b etter urulersf
sure to bo paid as a n y k n ow n in th o w o rld .
an d .appreciate th e reasons fo r th e m a rk ed ch an ge seen and fe lt th rou gh ou t
b o th E n g la n d and F ra n ce . W h e n I v is ite d these co u n trie s a b o u t a year
a g o , there w as n o qu estion in th o m in ds o f th e p e o p lo as t o their ultim ate
SUBSCRIPTION BOOKS FOR N E W §300,000,000 BRITISH
su ccess; n ow th eir a ttitu d o is n o t alon e on o o f co n fid e n ce , b u t also on o o f
■ GOVERNMENT LOAN CLOSED. .
u r .^ j
d eep sa tisfa ction in h a v in g at last fo u n d them selves as t o m u n ition s
orga n iza tion an d m en all sh ow in g th e fin e st s p irit im agin able th rou gh ou t
Subscription books*to the new $300,000,000 5 3 ^ % collat
th o en tire lin o . T h o b est p r o o fs o f th is are th eir ach ievem en ts sin ce the
eral gold loan, tho particulars of which were given in these
first o f J u ly .
I t is in terestin g t o n o te th a t h o w e ve r p e r fe ctly e q u ip p e d th e y m a y b o ,
columns last week, will be closed at 10 a. m . today (N ov. 4)
and h ow ev er su ccessfu l th e ir o ffe n s iv e has b e e n , there is e v e ry e v id e n ce
in accordance with tho announcement mado to that effect
th a t th o A llies, c o -o p e ra tin g an d h a rm on ized as on e n a tio n , a p p a ren tly
by J. P. Morgan & C o., syndicate managers.
liav o n o Idea o f a b a tin g in th o sligh test degree in th eir p u rp ose o f p r o v id in g
fo r all p ossib lo fu tu re needs.
W h e n in F ra n co I also a v a ile d o f th o o p p o r tu n ity a ffo rd e d t o a cq u a in t
REPUBLIC OF FRANCE N E W 5 % LOAN HEAVILY
m y s e lf w ith tho fin a n cia l and industrial situ a tion and v is it som e o f th e
SUBSCRIBED.
m u n ition plan ts, th o d ev elo p m e n t o f w h ic h in so b r ie f a p e r io d seem s little
sh ort o f m arvellou s. W h ile I h a ve fo r m a n y years a p p re cia te d th o fin a n cia l
Approximately 1,500 subscriptions have been received for
strength o f F ra n ce, perhap s n oth in g on m y tr ip im p ressed m o m ore than
tho new 5 % national loan of the Republic of Franco which
th e e v id en ces, u n d er theso circu m sta n ce s, o f th a t c o u n t r y ’s great ca p a c ity
an d w ealth . E v e n con sid erin g her w e a lth , her a r m y , th o w on d erfu l
was offered in this country by Brown Brothers & C o. and
a d a p ta b ility o f her p eop lo an d her n ation al s p irit, o n o m u s t m arvel at
A . Isclin & Co. and referred to by us in our issue of Oct. 7
w h a t slio has a ccom p lish ed sin ce A u gu st 1914, and b o w t o her a lm o s t in
page 12G0.
The bankers are more than pleased with
roveron co. G rea t B r ita in , w ith her “ c o n te m p tib lo little a r m y ” o f a b o u t
250 ,000 m en , as it w as sty le d t w o an d a qu a rter years a g o , b u t w ith a
tho response mado to tho new loan, especially in view of
force n ow num berin g betw een fo u r and fiv e m illio n m en e q u ip p e d an d
tho fact that it was not offered to institutions, but only to
tra in ed , also has spared n o e ffo r t d e v e lo p in g her m a n u fa ctu rin g resources.
C e r ta in ly , h istory record s n o parallel t o th o ach ie ve m e n ts o f G rea t B rita in
individuals. A large number of small subscriptions were
am i F ran co in this regard.
received from Frenchmen residing in this country.
E v en ts h a v e m o v e d so r a p id ly in th o last tw o years th at w o are a p t to
forg et th a t G rea t B ritain and F ran co lia v o fo r a long tim e been th o tw o
p rin cip a l in vestin g cou n tries o f th e w o rld . A n an a lysis o f th eir w ealth
PROPOSED FRENCH TRADE BANK.
show s th o m ost a m azin g results. T a k e G rea t B rita in , fo r in stan ce. I t is
An institution similar to the British Trade Bank is expected
estim a ted th a t Just prior to th o w ar the in ve stm e n t o f her p e o p lo in secu ri
ties representing p r o p e r ty o u tsid e o f E n gla n d w as $ 2 0 ,000 ,00 0,00 0__ tw e n ty
to bo formed in France. It is understood that tho French
thousand m illion d olla rs. T h is foreign in v e stm e n t is, o f cou rse, natural
plans call for a bank with a capital of betweon 25,000,000
b y reason o f th o lim ited area o f E n gla n d , thus co m p e llin g her p e o p le t o
and 50,000,000 francs; the interests in the institution, which
seek ou tsld o in vestm en ts.
I d o u b t if p rio r t o th o w ar th e aggregate o f the
in vestm en ts held in th o U n ited States in securities represen tin g p ro p e rty
will liavo for its object the assistance of French trado after
o u ts id o o f th e co u n tr y w ou ld exceed $ 2 5 0,00 0,0 00— tw o h u n d re d and fif t y
tho war, will have, it is said, the support of the French
m illion dollars.
Government.
In J u ly 1914 th e U n ited States w as in th o m id st o f an in du stria l depres
sion w h ich w as b egin n in g t o be seriou sly fe lt th ro u g h o u t the c o u n t r y . B u t
s u d d e n ly , a lm ost o v er n igh t, th o m on strou s tra ge d y in E u ro p e d e v e lo p e d ,
FOREIGN COMMERCE OF FRANCE DURING THE
an d as a resu lt, w o are t o -d a y p e rfo rco e xperien cin g u n p reced en ted p ro s
FIRST EIGHT MONTHS OF 1916.
p e r ity th r o u g h o u t the len gth and breadth o f th o la n d . Im m e d ia te ly after
[F rom “ L ’ E c o n o m is te F ra n ca is” S e p t. 23 an d S ep t. 30 1916.J
th o ou tb rea k o f th o w ar G rea t B rita in and F ra n co , as w ell as som e o f tho
First Eight
First Eight
Difference
oth er A llies, fin d in g th om sclvcs w h o lly u n p rep ared in th o w a y o f m u n ition s
Imports—
Months 1916. Months 1915.
in 1916.
fo r su ch an e m e rg e n cy , rushed t o th e U n ited S tates fo r e q u ip m e n t o f eve ry
A rticle s o f f o o d ......................... .1 ,8 3 8 ,0 5 7 ,0 0 0 1,5 2 6 ,9 2 7 ,0 0 0
+ 3 1 1 ,1 3 0 ,0 0 0
k in d , soekln g ea rly deliv erie s and p a y in g h igh p rice s. T h o v o lu m o o f
M a te ria l needed fo r m a n u fa c .2 ,6 73 ,349 ,00 0 1,9 9 2 ,8 5 8 ,0 0 0
+ 6 8 0 ,4 9 1 ,0 0 0
m aterial pu rch ased b y th em w as fa r b e y o n d th e ir e x p e cta tio n s or o u r ow n .
+ 4 2 7 ,7 3 6 .0 0 0
M a n u fa c tu r e d a rticle s________1 ,9 8 6,635,000 1 ,558,899,000
T h o se p u rchases w ere m a d e becau se a t th a t tim e th e y h ad t o h a ve the
6,498,0-11,000 5 ,0 7 8 .6 8 4 ,0 0 0 + 1 ,4 1 9,357,000
g o o d s . N o w th o situ a tion is m a te ria lly d iffe r e n t. D u rin g th e m ore than
tw o yea rs w h ich h a ve passed G rea t B ritain an d F ran co h a v e n o t o n ly
Exports—
ca rried on th o w a r on t h e w estern fr o n t, b u t, as s ta te d , h a ve at th e sam e
A rticles o f f o o d ............................ 2 8 3 ,9 5 8 ,0 0 0
3 6 8 ,3 4 2 ,0 0 0
— 8 4 ,3 8 4 ,0 0 0
tim e d e v elop ed th eir ow n m an u factu rin g re so u rce s in a w a y w h ich sur
M a te ria l needed fo r m fr s -------- 4 5 9 ,5 0 1 ,0 0 0
4 1 3 ,7 9 8 ,0 0 0
+ 4 5 ,7 0 3 ,0 0 0
passes b e lie f, so th at t o -d a y th ey f in d them selves w ell e q u ip p e d and in a
M a n u fa c tu r e d a rticle s............... 1 ,3 4 3,178,000 1,034.9 4 5 ,0 0 0
+ 3 0 8 ,2 3 3 ,0 0 0
p os ition t o p r o v id e n o t on ly fo r them selves, b u t in a large d egree t o assist
1’ arcels p o s t * ............................... 157 ,177 ,00 0
1 0 5 ,368 ,00 0
+ 5 1 ,8 0 9 ,0 0 0
th eir allies. In statin g this I d o n o t m ean t o im p ly th a t th e re are n o t
2 .2 4 3 ,8 1 4 ,0 0 0 1 ,9 2 2 ,4 5 3 ,0 00
+ 3 2 1 ,3 6 1 .0 0 0
m a n y th in gs th ey w ill req u ire fro m us, as th e y d id b efore th o w ar and w ill
arter. I d o m ean th a t there are v e r y m a n y su pplies w h ich th e y w ou ld
* O f w h ich 5 ,6 8 6 ,0 0 0 fra n cs w ere fo r parcels p o s t co n ta in in g silk fa b rics
ra th er p u rch a so fro m us th a n p ro d u ce a t h o m e , reserving th o resources
and silk flo ss. T h e corresp on d in g figu re fo r 1915 w as 4 ,3 1 3 ,0 0 0 fra n cs.
-
THE CHRONICLE
1643
T h e fo llo w in g ta b le g iv es th e fo ro lgn c o m m e r c e figu res fo r the fir s t s e v e n
m on th s o f 1916 m o n th b y m o n th :
I M P O R T S (in th ou san d s o f fra n c s ).
— Articles o f Food— —Raw Materials— M anufac’f i Articles
Difference
Difference
D iffer’ce
Year
% from
Year
% from
Year
% from
1916.
1915.
1916.
1915.
1916.
1915.
J a n u a r y ............. 168.931
+ 4 4 .9
28 9 .6 0 6 + 1 2 7 .3
152,456
+ 7 2 .0
+ 1 6 .0
3 0 4 ,7 0 9
+ 4 4 .8
2 0 6 ,5 5 7
+ 3 8 .9
F e b r u a r y ______ 186,717
M a r c h __________ 2 37 ,853
+ 2 1 .6
31 3 ,8 8 2
+ 1 8 .5
1 87 ,773
+ 2 .0
A p r i l . ...............
187 ,108
+ 1 6 .7
35 0 ,5 4 3
+ 2 0 .2
2 4 5 ,6 3 0
+ 2 .4
M a y . - ................ 21 5 ,7 0 6
+ 2 9 .9
36 6 ,5 8 4
+ 4 9 .5
2 72 ,701
+ 4 0 .8
J u n o - . - ............. 2 1 1 ,5 5 6
— 11.2
33 5 ,1 5 7
+ 1 0 .5
2 2 5 ,5 8 9
— 9.1
J u ly ____________ 3 0 0 ,1 2 5
+ 3 6 .4
348 ,141
+ 2 3 .8
3 0 4 ,9 8 7
+ 3 6 .6
1 ,5 07,996
J a n u a r y _______
F e b r u a r y ______
M a r c h ................
A p r il___________
M a y . . . .............
J u n e ----------------J u l y .....................
+ 2 0 .7
2 ,3 0 8 ,6 2 2
+ 3 3 .8
1,59 5 ,6 9 3
E X P O R T S (in th ou san d s o f fra n c s ).
2 9 ,6 8 4 — 12.1
4 9 ,7 4 8
+ 5 1 .3
106 ,109
3 9 ,4 8 0
— 8 .1
6 5 ,5 2 7
+ 2 2 .0
1 70 ,844
3 3 ,8 4 3 — 3 5 .2
6 1 ,1 0 2
+ 8 .6
185 ,832
3 8 ,1 3 7 — 32 .1
5 8 ,6 3 5
+ 9 .9
195,457
4 0 ,5 2 6 — 21.1
5 4 ,1 5 5
+ 6 .5
169 ,552
3 8 ,8 4 8 — 20 .3
5 8 ,5 8 5
+ 3 .3
2 0 3 ,6 8 9
3 2 ,9 5 2 — 2 5 .4
5 8 ,0 8 9
+ 1 2 .6
164,944
2 5 3 .4 7 0
— 23.1
4 05 ,841
+ 1 4 .2
+ 2 0 .3
+ 3 6 .7
+ 4 4 .0
+ 3 4 .6
+ 4 2 .0
+ 2 5 .0
+ 4 4 .4
+ 2 0 .4
1 ,1 9 6 ,4 2 7
+ 3 4 .0
COMPARATIVE FIGURES OF CONDITION OF
C A N A D IA N BANKS.
In the following we compare the condition of the Canadian
banks, under the last two monthly statements, with the re
turn for June 30 1914:
G o ld a n d su b s id ia r y c o in —
In C a n a d a .....................................
E l s e w h e r e ........................... .........
T o t a l ..........................................
D o m in io n n o t e s ................................
D e p o s it w ith M i n ’er o f F in a n ce
fo r s e c u r ity o f n o te c ircu la tio n
D e p o s it in cen tra l g o ld reserves
D u e fr o m b a n k s ..............................
L o a n s an d d is c o u n t s ......................
B o n d s , secu rities, & c ___________
C a ll an d s h o r t loans in C a n a d a .
C a ll a n d s h o r t loan s elsew here
th an in C a n a d a ...........................
O th er a ssets......................................
ASSETS.
Sept. 30 1916. A liy. 31 1916. June 30 1914.
$
$
S
4 5 ,0 9 6 ,2 5 2
4 5 ,6 7 9 ,2 1 8
2 8 ,948,841
19,929,893
2 0 ,2 8 2 ,8 5 6
17,160,111
6 5 .0 2 6 ,1 4 5
1 3 4 ,433 ,65 2
6 5 ,9 6 2 ,0 7 4
137 ,9 1 3 ,3 0 5
4 6 ,1 0 8 ,9 5 2
9 2 ,1 1 4 ,4 8 2
6 ,8 5 4 ,2 6 6
2 4 ,0 1 0 ,0 0 0
1 82 ,383 ,95 2
873 ,1 4 1 ,4 2 7
2 6 9 ,4 2 9 .3 2 6
8 8 ,1 4 5 ,8 5 1
6 ,S 49,627
2 0 ,8 6 0 ,0 0 0
167 ,147,991
8 5 5 ,8 0 4 ,4 2 5
253 ,657 ,06 1
,86,351,216
6 ,6 6 7 ,5 6 8
3 ,0 5 0 ,0 0 0
123 ,6 0 8 ,9 3 6
9 2 5 ,6 8 1 ,9 6 6
1 02 ,344 ,12 0
6 7 ,401,48-i
173 ,8 7 7 ,5 8 6
76 ,3 0 2 ,3 6 3
1 7 1 ,380 ,35 3
74 ,9 6 9 ,6 7 1
1 3 7 ,120 ,16 7
7 1 ,2 0 9 ,7 3 8
T o t a l ____ T- u ......... ......................1 ,8 9 3 ,6 0 4 .5 6 8
-
'
•
~~
1 ,8 4 0 ,8 9 5 ,7 2 3 1 ,5 7 5 ,3 0 7 .4 1 3
L I A B I L I T I E S . ________
5
C a p ita l a u th o r iz e d .........................
C a p ita l s u b s c r ib e d -....................C a p ita l p a id u p . ..........................
R e s e rv e f u n d . .................................
1 8 8 ,866 ,66 6
1 13 ,431 ,66 6
113,025 ,54 5
113,022,933
$
188 ,866 ,66 6
113 ,431 .66 6
113,018 ,93 7
113,022 ,93 3
s
1 92 ,866 ,66 6
1 15 ,434 ,66 6
114 .811 ,77 5
1 1 3 ,3 6 8 ,8 98
C ir c u la tio n ....................................... 135,285 ,03 1
1 2 2 ,6 5 6 ,0 8 3
9 9 ,1 3 8 ,0 2 9
G o v e rn m e n t d e p o s its ___________
48 ,0 4 5 ,8 1 3
36 ,0 1 8 ,7 6 2
4 4 ,4 5 3 ,7 3 8
D e m a n d d e p o s its _______________ 603 ,8 9 3 ,0 3 4
3 8 4 .1 0 6 ,3 7 5
4 5 8 ,0 6 7 ,8 3 2
T im e d e p o s its .................................. 81 6 ,3 7 4 .1 7 1
8 0 6 ,7 7 4 ,6 8 7
6 6 3 .6 5 0 ,2 3 0
D u e to b a n k s .................................. 2 5 ,5 4 0 ,2 3 9
2 9 ,7 4 8 ,7 3 5
3 2 .4 2 6 ,4 0 4
B ills p a y a b lo ...... ...............................
4 ,5 0 4 ,3 2 5
3 .5 5 3 ,3 1 3
2 0 ,0 9 b ,365
O th er lia b ilities................................
14,134,053
13,668,446
1 2 ,656,085
B a la n ces d u e t o Im p eria l G o v t .
____________
— ------------------------------T o t a l, n o t In clu d in g c a p ita l-------------------------------------------------------— ----— — o r reserv e f u n d ...................... 1 ,6 4 7 ,7 7 6 ,6 6 6 1,596 .5 2 6 .4 0 1 1 ,3 3 0 .4 8 8 ,6 8 3
N ote.— O w in g t o t h e om is s io n o f th e ce n ts in th o o ffic ia l r e p o r ts , the
fo o tin g s in th e a b o v e d o n o t e x a c tly agree w ith th e to ta ls g iv e n .
PRESIDENT WILSON'S VIEWS REGARDING WALL
STREET.
Three speeches were made by President Wilson in Now
York on Thursday; the day signalized his only public appear
ance in this city in the present campaign. The address
which attracted the most attention was delivered at a lunch
eon of tho Wilson Business M en ’s National League at the
Waldorf Astoria. In this address his remarks centred very
largely on “ W all Street,” his direct reference thereto being
preceded by the announcement that one of the things that
has been the matter with American business is that it has
been under the direction of too small a body of men, a short
hand expression designating it, he said, as “ W all Street.”
An aristocracy, he stated, is just as bad for business as it is
for Government, and he gave, that as his reason for being
so much interested in the Federal Reserve A ct, which, ho
added, “ has broken up the business of limited control.”
“ I believe in my heart,” he continued, “ that one of the main
objects of this campaign is to re-gather the threads of control
so that they shall not be distributed as they are now dis
tributed. And I believe that in fighting this with every drop
of force there is in me I am fighting the battle of life for the
very men who are trying to do it .” The speech was in much
tho samo" strain as the speeches made in his campaign four
years ago, and like tho utterances that came from him during
the early years of his Administration. In other Avords, he
has been renewing former assaults on W all Street. W e give
the speech in large part below:
W o aro liv in g in a v e r y seriou s p e rio d o f th o w o r ld ’s h is to ry , an d th e re fo re
it seem s t o m o esp ecia lly in cu m b e n t u p o n us th a t w o s h o u ld , s o fa r as
passib le, sea rch o v e r y q u e stio n t o th o h e a rt. A n d w hen I th in k o f sea rch
in g tho business q u estion t o th o heart it seem s t o m o th a t there aro som e
v e r y largo reck on in gs w h ic h h a v e t o o o fte n b een le ft o u t o f th o a c c o u n t.
B usiness is n e t a m a tte r o f org a n iz in g genius. Business is n o t w h o lly
a m a tter o f fin a n cia l In itia tive. B u siness d o e s n o t a lto g e th e r co n sist o f
seein g th e o p p o r tu n ity an d tr y in g t o avail y o u r s e lf o f it.
I t co n sists In
[Vol . 103.
h a v in g d e e p so u rce s o f s tre n g th t o draw fr o m , an d th e o n ly so u rce s o f
s tre n g th fo r business, as fo r g o v e r n m e n t, are t o b o fo u n d in th o general
b o d y o f th o p e o p le . T h o r o o ts o f bu sin ess, m y fe llo w citiz e n s, Ho d eop In
th e h earts an d th o u g h ts a n d d a lly lives o f th o p e o p le w h o c r o w d a b o u t us
e v e r y d a y o n th e stre e ts an d o n th e c o u n tr y s ld o .
T h o th in g th a t has d is tu rb e d th o t h o u g h t o f a great m a n y m on In recen t
yea rs In tills c o u n t r y Is th a t th o goneral b o d y o f th o p e o p le h a v e g o t th e
Im pression th a t th e y aro b e in g o x p lo ite d , th a t th e y aro b e in g u sed , th a t
th olr v it a lit y Is b e in g draw n o n In o rd e r th a t o th e rs m ig h t p ro s p e r, w h ile
th e y g e t th o cru m b s fro m th e ta b lo .
I f th a t im p ression e xists, it Is a m a tte r o f c o m p a r a tiv e In d lfferon ce
w h e th e r It rests u p o n th e tru th o r n o t . W h a t I am c o n s ta n tly re m in d in g
m y s e lf o f Is th a t o p in io n is ju st as m u ch a fa c t as a n y law o f p h y sica l n atu re.
I f It has been w ro n g ly cre a te d it ca n b o a lte re d , b u t u n til It Is altered it Is
s o m e th in g t o deal w ith .
It Is th o atm o sp h e re th a t e v e ry p o lic y o f G o v e rn
m e n t a n d o f business ju s t breath es.
M e n w e re n o t a c c u s to m e d , in o ld tim es In A m e r ic a , t o th in k th a t there
s lu m b e re d a v o lc a n o in A m e rica n a ffa irs, b u t n o w m en w h o g o a little
be n e a th th o su rfa ce aro c o n s ta n tly s a y in g t h a t th in gs are g o in g o n in
th is c o u n t r y .based u p o n a p r o fo u n d d issa tisfa ctio n w h ich w ill lia v o t o b o
d ea lt w ith in stren u ou s fa sh io n unless th o fe e lin g u p o n w h ich it rests Is
r e lie v e d o r alte re d . I a m n o t o n e o f th o s e w h o w o u ld b e co n sid e re d a
p r o p h e t o f d an ger in th is m a tte r b ecau se I b e lie v e th a t this is th o c o u n tr y
in th e w orld w h cro this s o rt o f th in g ca n and w ill b e relloved b y th o c o m m o n
sense o f ju s tic e an d th e c o n c e r t o f a c tio n t o seo th a t co n d itio n s th a t are
w ro n g shall b e m a d e r ig h t.
.
I s a y th is as a p re fa ce t o s a y in g th is o th e r th in g— It Is h ig h tim e th a t
w e d e fin e w h a t w e m ean w h en w o sa y ''p r o g r e s s iv e p o l ic y ." W o h a v o h ad
p ro g ra m s o f p rogressive a c tio n p u t fo r t h , a n d It Is a ve ry sig n ific a n t th in g
th a t a lm o st o v e ry item o f th o se p rogram s h a d s o m e th in g t o d o w ith th o
w elfare o f th e c o m m o n ranks o f m e n .
M e n h a v e d is c o v e re d th a t th eso th in gs u n d e rly p o litic s , theso fe e lin g s,
these c o n d itio n s o f d a lly llfo w ith w h ich o b s c u r e m e n aro s tru g g lin g , these
bu rd en s th a t o b s cu re w o m e n aro ca rry in g , th e so in to le ra b le b u rden s th a t
little ch ild re n are ca rry in g . W o h a v o d is c o v e re d th a t p o litic s re s ts, in
s h o r t, u p o n th e h um an so u l, an d th a t y o u h a v o t o sea rch th ero if y o u r
fo u n d a tio n s aro n o t t o b o la id o n q u ic k s a n d , a n d , th e re fo re , th e o n ly d e fin i
tio n I ca n th in k o f th a t c o v o rs th o general ch a ra cte r o f pro gre ssive a c tio n
is this: T h a t it is a c o n s ta n t a d ju stm e n t o f th e co n d itio n s o f G o v e rn m e n t
an d o f s o c ie t y t o th e w e lfa re o f m a n k in d .
I c o m e hero t o su ggest t o y o u a n d tho o th e r business m on o f th o c o u n t r y
th a t it is v a s tly b e tte r tiiat this a d ju s tm e n t s h o u ld g o c o n tin u o u s ly an d
e q u a lly a n d g ra d u a lly fo rw a rd th a n th a t it s h o u ld bo c h o ck e d an d theso
fo rce s b a n k e d u p again st s o m e u n sta b le d a m th a t presen tly w ill broak and
s o c ie t y b o o v e rru n an d d e s tr o y e d . Y o u hear m o n sp o a k o f th is b e in g an
ago o f tra n sitio n . E v e ry a go is an a go o f tra n sitio n . E v e ry th in g g row s
o ld an d has t o b o re n e w e d . E v e ry th in g gets o u t o f a d ju s tm e n t a n d has
t o b o a d ju s te d .
E v e ry th in g gets o u t o f a lig n m e n t a n d has t o b e
re a sso cia te d .
M y m oral is th a t business c a n n o t a ffo r d t o let a n y th in g a lo n o . E v e ry
business th a t I o v e r k new o f th a t w as le ft a lo n o d e c a y e d . E v e r y business
th a t w as le ft t o o lo n g in th o han ds o f tho sa m e m e n d e c a y e d . N o w , o n o o f
th e things th at has beon th o m a tte r w ith A m e r ic a n business has boon th is
— I am n o t s a y in g th is in a n y sp irit o f In d ictm e n t— th e real tro u b le Is th a t it
has been und er th o d ir e ctio n o f t o o sm all a b o d y o f m e n . W o h a v o a sh ort
h an d expression fo r th a t sm all b o d y ; w o ca ll It “ W all S t r e o t .”
N o w , th a t Isn’t fa ir , b e ca u so there are m o n in a n d a b o u t W a ll S treet
w h o h a v o a great deal o f v isio n a n d w is d o m an d p u b lic s p ir it, an d w h o d o n ’ t
in te n d t o d o a n y th in g b u t p u b lic s e rv lco in th o th in gs th e y aro u n d e rta k in g .
I t is n o t a fa ir te r m , b u t w o h a v o a d o p to d It an d w o w ill h a v o t o use it
b ecau so th e re aro o th e r m e n In W all Street w h o h a v e n o v is io n , w h o h a v o
n o th o u g h t e x ce p t o f th eir o w n in te re st, w h o h a v o n o care fo r a n y p a rt in
G o v e rn m e n t e x ce p t t o c o n tr o l it, w h o aro n o t in terested unless tlia y aro
co n su lte d , w h o d o n o t belie v e th a t it is sa fo t o d o a n y th in g w ith o u t c o n
su ltin g th e m , w h o d o n o t belie v e thuro is a n y b o d y o u ts id e th olr clr c lo w h o
k n ow s e n ou gh t o c o n d u c t a n y th in g th a t o xcood s th o llm itos o f a singlo
parish.
T h e w o rld lo n g a g o sa w , alth o u g h n o t all p a rts o f it h a v o a c te d u p o n
th o p e rce p tio n , th a t a G o v e rn m e n t th a t is c o n c e n tr a te d in th o han ds o f
t o o sm all a g r o u p o f m on is a b a d G o v e rn m e n t; n o t be ca u so th o m on are
alw a ys b a d , b u t becau so th o y g o b a d so o n e r o r lator, a n d b e ca u s e — m o r e
Im porta n t th an th a t th o y d o n ’ t k n o w en o u g h — th o y aro n o t in t o u c h w ith
e n ou gh p arts o f tho great a n d va rio u s b o d ie s th o y aro tr y in g t o d ir e ct. S o
m on arch ies h a v o p r o v e d failu res a n d a r is to cra cie s h a v e p r o v e d failu res.
A n a r is to c r a c y is ju s t as b a d fo r business as it is fo r go v e rn m e n t.
T h a t Is th e reason I w as s o m u c h in te re ste d in th o Eederal R e se rv e A c t .
T h a t has b ro k e n up th o business o f lim ite d c o n t r o l.
1 d o n o t w o n d e r a t tho
excite m e n t it cre a te d . I ,d o n o t w o n d e r a t th e o p p a sltlo n — c o v e r t o p p o s i
tio n — it has e x c ite d .
I b e lie v e in m y heart th a t o n e o f th o m a in o b jo c ts o f th is c a m p a ig n is
t o regathor th o th rea d s o f c o n tr o l s o th a t th o y s h a ll n o t b o d is trib u te d as
th e y are n ow d is trib u te d . A n d I b o lie v o th a t in fig h tin g this w ith o v e r y
d r o p o f fo rc o there is in m e I a m fig h tin g th o b a t t lo o f lifo fo r th o v e r y m on
w h o aro tr y in g t o d o it.
I f th o y h a d th o lr w a y th o v e ry businesses o u t o f
w h ich th e y are m ak in g m o n o y w o u ld b a b a d , b y tho la w o f lifo th a t I h a v o
boon tr y in g t o e x p o u n d t o y o u .
C h a n ge w ill co in o in s p ito o f y o u . T h o o n ly c h o ico y o u h a v o is w h eth er
it w ill c o m o g r a d u a lly , e a s ily , n o r m a lly o r w h oth or it w ill c o m o su d d en ly
an d d isa stro u sly . Y o u can d o la y it, y o u c a n d lv o r t it, y o u ca n c h o c k
it fo r a little w h ile , b u t w h en its fo rc o gathers it b o co m o s irresistlblo. A n d
I, fo r o n o , a m p a r ticu la r ly a m b itio u s th a t th o m o n o f business in th o U n ited
States s h o u ld sh ow th a t thoy k n o w th o A m e r ic a n p r in c ip lo o f eq u a l o p p o r
tu n ity fo r a ll o u g h t t o b o th o co d o o f business as w ell as th o c o d o o f p o litic s .
I w ant t o draw a v e r y p r a c tic a l m o ra l fr o m th is . T h is has boon g oin g
o n fo r a lo n g tim o in th is c o u n tr y , th a t th o lo a d in g business m e n an d th o
lead in g law yers w h o co u n so l th o le a d in g business m on h a v o re fu se d t o h avo
a n y th in g t o d o w ith th o g ra d u a l processes o f pro gre ssive le g is la tio n , w ith
th o re su lt th a t m en w h o u n d e rs to o d business less p e r fe c t ly than th o y d o
h a v o beon o b lig e d t o m ak o s h ift t o d o th o th in g w ith o u t th olr a d v ic o less
w e ll th a n th e y m ig h t h a v o d o n o it w ith th o lr a d v ic o . A n d s o th o y h a vo
d o u b ly lo st; th oy h a v o lost th o lr In flu o n co a n d th e y h a v o lost th o o p p o r
tu n ity t o d o a groat p u b lic so r v lc o .
I h a v e be o n t o ld again a n d a g a in th a t it w as a m ls ta k o fo r m o n o t t o
ca ll in to c o u n c il In p u b lic a ffa ir s th o m o n w h o c o n s titu te w h a t w o h a v o
agreed t o ca ll " W a i l S tr e e t.”
I h a v o again a n d again said this:
I f th o y w o u ld co m e In a sp irit o f c o -o p e ra tio n th o y w o u ld bo m o re th a n
w e lco m e . B u t th o y a lw a y s c o m o in a sp irit o f resistan ce, n o t o n ly , b u t
ad v isin g alte ra tio n s in th o p lan s w h ich w o u ld d e fe a t th o p la n s.
I am sp ea k
ing b y th o b o o k ; tills is n o t g e n e ra liza tio n . T h o y h a v o a s u b tlo genius
fo r p ro p o sin g seom ln gly Im m aterial changes w h ich w o u ld o v o n tu a lly lead
t o th o d e fe a t o f th o m ain o b jo c t s o f th o le g isla tio n p r o p o s e d .
D o you
w o n d e r th a t I d o n o t c a ll th e m in to c o n s u lt a t io n ? A n d y o t I to ll y o u again
th at th o y w ill b o w e lc o m e th o m o m o n t th o y c o m o t o co -o p e ra to , a n d th o y
w ill n o t b o w elco n io u n til th en .
Nov. 4 1916.]
THE CHRONICLE
1643
W h y , tlio a m o u n t o f gen iu s th a t is o x p o n d e d in th is c o u n t r y in resisting
h o p e fu l ch an ges is o n o o f th o gre a te st in d ictm e n ts o n th o s co re o f w a ste
th a t th is c o u n t r y has la id its e lf o p e n t o .
Brains h a v e bo o n w o rk e d o u t —
b u rn ed o u t— a c tin g as b rak es.
I s o le m n ly p r o te s t th a t th is is n o t th o
rig h t use fo r th o b est g ift s o f th e c o u n tr y .
I h a v o b o e n p rea ch in g this d o c tr in o e ver sin ce I w as a y o u n g ste r . T h o
c h ie f a d v a n ta g e I fin d in bein g P residen t o f th e U n ite d S tates is t h a t y o u ca n
g o t a h ea rin g fo r th in g s th a t y o u h a v o th o u g h t a ll y o u r life . T h e re o u g h t
n o t t o b o a n y th in g in a gre a t o f f i c o th a t m akes an o p in io n b e tte r w o rth
listen in g t o than it w as t o be g in w ith , b u t w o h a v o t o ta k e hum an a ffa ir s
as th e y aro. an d I a m v o r y g la d t o a v a il m y s e lf o f th a t a r tific ia l a d v a n ta g e .
P rogrossivism is g e ttin g a t th o r o o t o f th o m a tte r, th a t is a ll. N o w , i f
w o g j t a t th o r o o t o f th o m a tte r, if w o ca n m a k e a h a p p y , h e a lth y , c o n te n te d
p oo p lo In this c o u n tr y , w o ca n m a k e a c o n q u e s t o f th o w o rld in th e o n ly w a y
in w h ic h w e w a n t t o m ake a c o n q u e s t o f th o w o r ld — b y o b lig in g e v e r y b o d y
t o fo llo w ou r ex a m p le. A n d th o w a y t o d o it is fo r all m en w h o th in k
an d p u r p o s e th o sa m e th in g s t o ge t to g e th o r a n d s ta n d to g e th e r
an d
sw ear a lleg ia n ce t o o n e a n o th e r, a n d seo th a t n o b o d y breaks th e ranks
o r ch anges th o d ir e ctio n o f th o m o v e m e n t.
I b e lie v e in p arties.
I b o lie v o th a t partios aro th o o n ly in s tru m e n ta lity
b y w h ich w o c a n m a n a ge th o n ecessary co n c e r t o f u n ite d a c t io n , b u t I
d o n o t b e lie v e in partios used fo r partisan p u rp o se s. I lio p o th at e v e r y
tim e a p a r ty is used fo r its o w n sak e e v e r y t h o u g h tfu l m a n in th o U n ited
S tatos w ill v o t e a g ain st it.
B u t i f it is tr y in g t o s e rv o th o in terests o f tho
w h o lo p o o p lo , i f it r e a lly has a h e a rt th a t s y m p a th iz e s w ith th o w h olo p e o p le ,
w h y , th en it d eserves th o c o n fid e n c e o f th o n ation so lo n g as it is d o in g
th a t.
_______________
w ith po w e rs and a person n el w h ich w o u ld g u a ra n te e as n e a rly as p o s s ib le a
s c ie n tific and im p artial d e te r m in a tio n o f th e fa c ts . P r o v is io n h a s been
m a d o fo e su ch a c o m m is s io n .
I h a v o n o t y o t a p p o in te d it b e ca u se I d o n o t
w a n t t o ask th o t y p o o f m an I a m g o in g t o c h o o s e t o w a it t o o lo n g w ith an
in te rro g a tio n p o in t as t o w h eth er th o S on a to is g o in g t o c o n fir m th e n om in a
tio n o r n o t . Ju st as s o o n as I ca n p u t it u p t o tlio S e n a te , I w ill n o m in a te
these m en . I d o n o t lo o k fo rw a rd w ith a n y e x ce s s iv o d e gree o f c o n fid e n c e
t o b ein g a b lo t o fin d ju s t th e rig h t m e n , b e ca u s e I ask ed C o n gre ss t o a llo w
m e t o a p p o in t a n o n -p a rtis a n c o m m is s io n an d th e y c o m m a n d e d m o t o a p
p o in t a bi-p a rtisa n co m m is s io n . T h e re is a v e r y im p o rta n t d iffe r e n c e .
In a p p o in tin g a b i-p a rtisa n c o m m is s io n y o u h a v o g o t t o ask a m a n his
p a r t y a ffilia tio n s i f y o u d o n o t k n o w thorn a lr e a d y , a n d I tell y o u fra n k ly I
regard th a t, in these circu m sta n ce s— in th o circu m s ta n ce s o f th is c o m m is
s io n — as an im p e rtin e n t q u e s tio n . I t has n o th in g t o d o w ith it. I f y o u
aro an h o n e st m a n y o u ca n seo th o fa c ts th e sa m e w a y , w h e th e r y o u are a
D e m o c r a t o r a R e p u b lic a n .
PRESIDENT WILSON SEES SOME OCCUPATIONS TO
WHICH EIGIIT-IIOUR D A Y WOULD NOT APPLY.
T h e re aro q u e stio n s o f ju s tic o , th ere are q u e stio n s e v e n o f m o ra l h ea lth .
O n o o f th e th in g s th a t A m e r ic a is be g in n in g t o p e r c e iv e is th a t a c o u r t o f
la w , fo r e x a m p le , is n o t necessarily a c o u r t o f ju s tic o . I s a y th is w ith all
fo rm a l rosp ect fo r a p ro fe ssio n w h ic h I lo n g a g o le ft , th e p ro fe ssio n o f th e
law . W h a t I m ean is th is: L a w t o o se ld o m h as a n y h ea rt in it, t o o se ld o m
lias a n y b o w e ls o f co m p a s s io n , t o o se ld o m has a n y q u ic k s y m p a th ie s o f
p e r c e p tio n .
T h o o n ly w a y to p r e v e n t socia l r e v o lu tio n is t o b o b e fo re h a n d b y d o in g
s o cia l ju s tic e . T h o se aro seriou s m a tte rs o f p e r c e p tio n , o f s y m p a t h y , o f
k n o w le d g e , an d th e p a rticu la r th in g th a t sta n d s in th eir w a y is a n y t h in g
lik o th o fo rm a tio n o f classes.
I or e x a m p le , i f y o u g e t in to y o u r con sciou sn ess th o idea th a t y o u b e lo n
t o th o c a p ita lis tic cla ss, th e e m p lo y in g cla ss, y o u are a t th e sam e tim e g e tg
tin g in to y o u r m in d th a t th o e m p lo y e d cla ss, th e la b o rin g cla ss, is a d iffe r
e n t s o r t o f fo lk ; th a t y o u deal w ith th e m as i f y o u w oro th o re p re s e n ta tiv e
o f o n o n ation a l fo r c e , and they* th o rep resen ta tives o f a n o th e r n a tio n a l force,'
and th a t y o u h ad t o h a v e it o u t b y seein g w h ich o f y o u c o u ld g o t th o a d v a n
ta g e in regard to th o le g isla tiv e a rran gem en ts b y w h ich th e p e a ce w as t o
b o k e p t be tw e e n y o u .
K e e p in g th o p e a c e be tw e e n y o u an d y o u r fe llo w citizen s; k e e p in g y o u fr o m d o in g th e m in ju stic e , an d th em fr o m d o in g in
ju s tic e t o y o u !
T h o w h o le th in g rests u p o n a rad ical m isu n d ersta n d in g. T h e so m en m a y
n o t h a v o as m u c h m o n e y as y o u , th e y m a y n o t b e a b le to assem ble It in th e
sam e In flu en tial fo rm , b u t th e y are th o sam e s o r t o f fle sh an d b lo o d as y o u
aro. T h e y can g e t h ap pin ess th o sam e w a y th a t y o u d o ; th e y can g e t m isery
th o sa m e w a y th a t y o u d o ; th e y ca n bo h u n g ry as y o u c a n , th e y ca n b o fu ll
as y o u c a n , an d y o u h a v e g o t t o see t o it th a t y o u regard o v o r y m o t h e r ’s
s o n o f th e m as o f th o sa m e fle sh and b lo o d an d h e a rt an d s u b sta n ce i f ju s
tico is g o in g t o b o d o n e .
N o w w e h a v e g o t t o o rg a n iz e thoso rela tion sh ip s b e tw e e n classes. W e
h a v e g o t t o o rg a n iz e also th e re la tio n sh ip be tw e e n th o p r iv a te in itia tiv e
an d g o v e r n m e n ta l a c tio n .
W h e n th in gs aro n ecessary t o b e d o n e , th o G o v
e r n m e n t o u g h t n o t to h e sita te t o d o th em i f s o m e b o d y else d o e s n o t u n d er
ta k e it, an d th e re fo re so cia l rela tion sh ip s ca n b o g u id e d , th o re la tion s o f
classes t o each o th e r ca n b e org a n ize d b y G o v e rn m e n t in flu e n ce an d in itia
tiv e .
I h a v o n o re a d y -m a d e p ro g ra m fo r th is. T h is is a th in g in w h ic h o n e m u st
feel h is w a y . I use th o w ord " f e e l " a d v is e d ly , b e ca u se as I h a v o ju s t in ti
m a te d , it is a s y m p a th e tic m a tte r an d n o t a m a tte r o f c a lcu la tio n . Y o u
d o n o t d o it in c o ld b lo o d — y o u d o it in w arm b lo o d .
T h e re is a n o th e r s e t o f qu e stio n s w e h a v o g o t t o fa c o — all th o re la tion s o f
th is c o u n t r y t o th e rest o f th o w o rld . O u t o f a h e te ro g e n e o u s n a tion w e
h a v o g o t t o m a k e a u n it in w h ich n o sligh te st line o f d iv isio n is v is ib le b e y o n d
o u r b ord ers. V a rie ty o f o p in io n a m o n g ou rse lve s th ero m a y b o , discu ssion ,
fre o cou n sel as to w h a t w o o u g h t t o d o , b u t s o fa r as e v e r y o t h e r n a tion is
co n c e r n e d , w e m u st b o a b s o lu te ly a u n it.
A n d I w a n t t o register m y s o le m n p r o te s t h ere a gain st th o use o f o u r fo r
eign re la tio n sh ip s fo r p o litic a l a d v a n ta g e .
I c a n n o t, I w ill n o t , regard a n y
m a n as a p a tr io t w h o d o e s th a t— m en w h o in th o m id st o f th o m o s t critica l
re la tio n sh ip s, th e d e ta il o f w h ich th ey d o n o t k n o w , m a k o p la y w ith th o loss
o f th o lives o f A m e rica n citiz e n s e ven in o r d e r th a t th e y m a y cre a te a d o m e s
tic p o litic a l a d v a n ta g e .
In alluding to tho eight-hour law in his speech to a gather
ing of Democrats at Long Branch last Saturday, President
Wilson indicated that ho was in favor of an eight-hour day
for everybody for whom it is possible, adding that “ there are
some occupations in which you cannot divide the day up into
eight-hour periods.” These remarks were part of a lauda
tion of the Democratic Party, during which he said:
I h a v e never a t a n y tim e h a d t o ask w h a t th e p e o p lo o f th e U n ited States
w oro th in k in g .
I d id n o t k n o w an d I co u ld n o t p r o v e it, b u t 1 havo sim p ly
w a ited fo r tlioso w h o w ere b lin d t o seo w h a t w a s h a p p e n in g . A n d I d o n o t
ta k e a n y c r e d it t o th oso w h o h a v e been dire ctin g th o D e m o c r a tic P a rty .
W o h a v e b een d o in g w h a t a n y m e n w ith souls u n d er their ja c k e ts h a d t o d o]
in th e circu m sta n ces. W h y , m y frie n d s, th o c o m m o n p e o p le o f this c o u n
try w oro c r y in g o u t th a t th e y h a d n ever been represented in this G o v e rn
m en t so lon g as th o p a r t y o f th e o p p o s itio n w as in c o n tr o l. T h o a ttitu d o o f
th o p a rty o f th e op p o s itio n lias a lw a y s been this: G iv e a fe w o f us th e pow er
an d the p r o fits and w e w ill seo th a t so m e o f th o p r o fit s ge t d istribu ted t o th o
rest. T h e p eo p le o f th e U n ited States h a v o th is a ttitu d e : T h e y d o n o t w an t
a n y b o d y t o g iv e th em a n y th in g . T h e y w a n t m en w h o aro stan d in g b e
tw een th em an d th eir rights t o g e t o u t o f tho w a y an d let th e m realizo them
fo r th em selves; an d th o D e m o c r a tic P a rty lias u n ifo rm ly takon th at p o sitio n ,
th at it is n ot g oin g t o p u t th o d istrib u tio n o f ju s tice in th o han ds o f a n y sm all
circlo o f m e n , h o w ev er w ise, h o w e v e r enterprising, h o w e ve r a blo, b u t th at
it is g oin g t o listen an d h eed tho d e m a n d o f th o a ve ra ge m an in the U n ited
S tatos that lie b o given th e c h a n ce and th o v o ic e in tho G o v e rn m e n t t o w h ich
h o is en titled .
T h a t is w h a t m en h a v o been p e r c e iv in g , th a t th o b a c k d o o r s aro clo se d
a n d tho fr o n t d o o r s aro o p e n . T h e y h a v e been o b s e r v in g th at all w h o
w ish ed t o ta k e cou n sel w ere a d m itte d t o co n fe re n ce . T h e y h a v o seen th a t
there w as n o s p e c ia lly pre fe rre d g r o u p o f cou n sellors o r g u id e s. T h e y h a ve
fe lt , even w hen th ey h a v o n o t been ab le t o seo it in d e fin ite fo rm , th at so m e
h o w th e G o v e rn m e n t a t last w as theirs an d th e y h a d a c h a n ce t o m a k e use
o f it. T h o o n ly th in g th a t th o so o f us h a v o d o n e w h o h a v e tried to lead tliis
g reat th in g has been t o pu rgo o u r hearts an d u n d erstan d w h a t w o heard
b eca u so, m y frien d s, a m a n w h o tries t o serve a free n a tio n m u st try to h a ve
in h is ow n heart th o th o u gh ts o f a free n a tio n . H o m u st seo to it th a t h e,
so fa r as h is in telligen ce p e rm its, th in k s th o sam e th o u g h ts th a t the m an on
tho street th in k s and th o m a n in tho fa c to r y and th o m ail d o w n in th e m in o
an d th o m en ru n n in g th o trains.
I f h o b eliev es th a t m en o u g h t t o w o rk o n ly e ig h t h ou rs h o is e xp ected to
sa y so; and i f he is asked w h ether he m eans e v e r y b o d y , h o o u g h t to answ er:
" Y e s , e v e r y b o d y fo r w h o m it is p o s s ib le .”
T h e re aro som o occ u p a tio n s in w h ich y o u c a n n o t d iv id e tho d a y up in to
e ig h t-h o u r p e riod s , fo r th o sim p le reason th a t y o u h a v o g o t t o d o w h a t na
ture d eterm in es.
I d o n o t seo h o w , fo r exa m p lo, a fa rm er co u ld d iv id e th o
d a y up in to p eriod s o f eigh t h o u rs, becau se natu re d o c s n o t d iv id e it u p in to
period s o f eigh t hours; b u t in m o st o c c u p a tio n s th o seasons d o n o t d o m in a te
W here th o p lan s o f m en d o m in a te , it is p osslb lo t o h a v e e ig h t h ours and
m o re o v e r, e ig h t h ou rs are m ore p r o fita b le t o th o m en w h o m an age tho c a p i
tal o f th e c o u n tr y than th o lon ger d a y .
THE PRESIDENT'S REASON FOR DELAY I N N A M IN G
TARIFF COMMISSION.
That ho has not yot appointed tho members of tho pro
posed Tariff Commission becauso ho does not want tho type
of man lie is going to chooso “ to wait too long with an in
terrogation point as to whether tho Senate is going to con
firm tho nomination or n ot,” was the assertion made by
President Wilson in an address beforo tho Ellicott Club at
Buffalo on tho 1st inst. In calling attention to tho fact that
our economic questions can never again be what they havo
been in tho past, tho President stated that “ tho wholo ques
tion of economic development is a question of adjustment,
and now, for tho first timo, it is not primarily a question of
our adjustment to tho various economic elements within tho
nation, but a question of the adjustment of tho economic
forco of tlio nation as a wholo to tho circumstances of the
world which wo do not control.” Taking up tho subject of
tho tariff and tho Commission, ho continued:
T h a t is th o reason w h y s o m e o f us w h o h ad all o u r lives lo n g seen th o
q u estion o f th o ta r iff, fo r e x a m p lo , h a n d le d as a p a r ty question m a d e u p o u r
m in d s th a t it w as h ig h tim e to s to p h a n d lin g it as a p a r ty q u e s tio n . T h a t
is tho reason w o all g o t to g o th e r, m en o f b o th p a rtie s, o f b o th tlio g reat
p arties o f th o c o u n t r y , to seo to it th a t a T a r if f C o m m is s io n w as a p p o in te d
THE PRESIDENT'S IDEAS REGARDING SOCIAL
JUSTICE.
The President’s speech at Buffalo in reference to the
Tariff Commission also contained a remark to the effect that
“ there are a great many social questions now with which
legislation has to deal, very profound and radical ques
tions.” Dealing with this subject, he said in part:
PRESIDENT WILSON INDICATES REMAININ G PRO
GRAM OF DEMOCRATIC PARTY.
In a “ Wilson D ay ” address at Shadow Lawn, Long Branch,
on Saturday last, Oct. 29, President Wilson referred to the
accomplishments of the Democratic Party during the past
four years, and announced that the “ program remaining is
as great as the program accomplished.” Among other things
ho said, “ tho procedure of our courts is antiquated and a
hindrance, not an aid, in the just administration of the law.
W o must, he added, simplify and reform it as other en
lightened nations have done, and make courts of justice out
of our courts of law.” W o give the following from his re
marks:
F o u r ye a rs a g o th e re w ero t w o parties in th o fie ld w h o se p ro g ra m w as
c o n c e iv e d u n d e r th o in flu e n ce o f theso gre a t fo rce s o f p rogress a n d a d ju s t
m e n t, tlio D e m o c r a tic P a rty an d th e P rogressive P a r ty . T h is y e a r th ere is
b u t o n o , th o D e m o c r a tic P a r ty . In th e P residen tial e le ctio n o f fo u r years
a g o s o m e fifte e n m illio n v o te s w e re ca s t. O f th ese, n e a rly ten an d a h a lf
m illion s w ero ca st fo r th e ca n d id a te s o f th e t w o pro gre ssive p a rtio s, o n ly
th ree a n d a h a lf m illion s fo r th o ca n d id a te o f th e R e p u b lic a n P a r t y , th o
p a r ty w h ich lin gered in th o o ld w a ys an d fe lt n o n e o f th o now im p u lse o f a
new d a y .
M o r e th an tw o -th ird s o f tlio v o te rs o f th o U n ite d S tates fa v o r e d
th e n , an d fa v o r n o w , a pro g ra m w h o se o b je c t is to se rve th o ch a n g in g needs
o f h u m a n ity an d progress.
T lio D e m o c r a tic P a rty w as en tru sted w ith th o ta sk . T h e so p o w e r fu l
fo rce s o f th o n ew a go w ere p u t u nd er its d ir e ctio n . A n d u n d e r th a t d irec
tio n w h a t h a v o th e y a c c o m p lis h e d ? T h o y h a v o p u t b o t h th o business an d
th o life o f th o c o u n t r y u p o n a new fo o tin g . T h e y h a v o released th o fin a n
cia l c r e d it, u p o n w h ich c o m m e r c e and p r o d u c tio n alik e d e p e n d , fro m th e
1644
THE CHRONICLE
c o n t r o l o f sm all g rou p s o f fin a n ciers an d ban kers a t th o s p e c u la tiv e co n trcs .
T h e y h a v e released th o c o m m e r c o an d in d u s try o f th o c o u n t r y fr o m th o
d o m in a tio n o f th o s o w h o w oro b u ild in g up th eir p o w e r b y selfish an d u n fair
m e th o d s o f co m p e t it io n . T h e y h a v e su p p lie d th o so w h o w ish ed t o c o n d u c t
th eir business in c o n fo r m it y w ith th o sp irit o f th o law s w ith frie n d ly g u id a n c e
a n d d e liv ered th em fro m a n e rv o u s fear o f th e c o u r ts . T h e y h a v e released
o u r foroig n tra d e fro m th o sh ack les o f a t a r iff c o n tr iv e d in th o in terest o f
sp ecial g r o u p s o f fa v o r e d p ro d u ce rs , a n d h a v e cre a te d a T a r if f C o m m is s io n
In ten d ed t o s u b s titu te p u b lic fo r p r iv a te in flu e n ce s, fa c ts fo r th eories and
p reten sion s, in all fu tu r e legisla tion w ith regard t o du tie s an d re strictio n s
on im p o rts .
T h e y h a v e m a d o p r o v is io n fo r th e im m e d ia te an d s y s te m a tic
d e v e lo p m e n t o f o u r c a r r y in g tra d o o n th e soas. T h e y h a v e a t last su p p lie d
th o m eans b y w h ic h th e n a tio n m a y be b o u n d to g e th e r , m a te ria lly an d
s p ir itu a lly , b y a n e tw o rk o f g o o d ro a d s u p on w h ich b o th co m m o d itie s and
s y m p a th ie s m a y m o v e free ly fro m c o m m u n ity t o c o m m u n it y . T h e y h a v e
p u t th o fa rm er u p o n a fo o tin g o f p e r fe ct e q u a lity w ith business m e n and
m e n o f all o th e r callin gs in r e s p e ct o f his access t o co m m e r c ia l cr e d it; h a v o
p la c e d a g roa t B u rea u o f th e G o v e rn m e n t a t h is so r v ic o in seek in g an d fin d
in g h is b e s t m a rk ets; h a v o p r o te c te d h im b y th o e sta b lish m e n t o f d e fin ite
sta n d a rd s in th e sale o f his p r o d u c ts , and h a v o p u t th o s c ie n tific k n o w le d g e
o f th o w o rld a t h is d isp osa l b y p r a c tic a l d e m o n s tr a tio n a t th o expen se o f
th o G o v e rn m e n t u p o n th o fa rm s th em selves. T h o y h a v e e m a n cip a te d th o
lab orers o f th e c o u n t r y fro m th o u n ju s tifie d restra in ts w h ich th o co u rts
h a d p u t u p o n th em b y m ista k e n a p p lica tio n s o f o ld law t o new cir c u m
s ta n ces a n d c o n d itio n s . T h e y h a v o released th o ch ild re n o f th o co u n tr y in
la rg o p a r t fr o m h u r tfu l la b o r ; h a v o s o u g h t t o sa fegu a rd th o liv e s a n d th o
h ea lth o f ou r laborers in d an gerou s o c c u p a tio n s ; an d h a v e p u t a gen cies o f
th o G o v e rn m e n t its e lf a t th o s e r v ic e o f th ose w h o seek e m p lo y m e n t. A n d
m o s t o f these th in gs h a v o be e n d o n e w ith in th o b r io f lim its o f a sin glo
A d m in is tra tio n .
A n d still th e g rea t w ork is n o t fin is h e d . I t can n o v e r b o r o u n d e d o f f a nd
c o n c lu d e d so lo n g as c ircu m sta n ce s ch an ge an d th o fo rtu n e s an d rela tion s
o f m en sh ift a n d a lte r. T h o qu e stio n y o u h a v o to d e c id e o n o w eek fr o m n o xt
T u e s d a y Is w h eth er it shall b o pre m a tu re ly in te rru p te d , p erh ap s fo r a gen era
tio n t o c o m e , an d all th e ge n e ro u s fo rc e s o f th o a ge an d o f th o w o rld th ro w n
b a c k u p o n th em selves in d isco u ra g e m e n t an d c o n fu s io n .
T h o p ro g ra m rem a in in g is as g reat as th e p r o g r a m a c c o m p lis h e d . T h o
p r o c e d u r e o f o u r c o u r ts is a n tiq u a te d a n d a h in d ra n ce , n o t a n a id , in th e ju s t
a d m in is tr a tio n c f th o la w . W e m u st s im p lify an d re fo rm it as o th e r on ligh ten ed n a tio n s h a v e d o n e , an d m a k e co u rts o f j u s t i c e o u t o f o u r c o u r ts o f
la w . W o m u s t seek a n d fin d th e m ean s o f b rin g in g ca p ita l an d la b o r to
a clea r u n d ersta n d in g o f their c o m m o n in terests, w h ich aro n o o th e r th an tho
Interests o f th o n a tion its e lf as a c o m m u n it y . W o m u s t reloaso o u r g roat
u n d e v e lo p e d n atu ral resou rces u p o n so m e sen siblo p la n o f use an d c o n s e r v a
tio n . W e m u st r ecru it th e v o te s o f fo rw a rd lo o k in g m e n b y th e v o t e s o f
w om on so th a t w e m a y h a v e a fresh insigh t in all m a tte rs o f s o cia l re fo rm a n d
m o v e m o r o ce r ta in ly an d m o r o p r o m p t ly in th o so lu tio n o f th o m a n y new
p ro b le m s o f s o c ie t y w ith w h ich th o law m u s t h e n c e fo r th d e a l. W o m u st
u n ito th o A m e r ic a s , N o r t h an d S o u th , in a new s y m p a t h y a n d c o -o p e r a tio n .
W o m u st seek ju s tic e an d th o rig h t th ro u g h e v e r y ch a n n e l th a t o ffe rs ; and
w o m u s t p u t A m e r ic a in all its fo r c e , in all its w e a lth , alik o o f p h y sica l
p o w e r a n d sp iritu a l en th u siasm , a t th e serv ice o f th o o th e r n a tio n s o f tho
w orld w hen p e a c e c o m e s on th o o th e r side o f th o seas, t o m a k e th a t p e a co
p erm a n en t b y esta b lish in g it o n th e e v erlastin g fo u n d a tio n s o f r ig h t, c o
o p e r a tio n , e q u a lity a n d ju s tic e . T h e se things w o m u st d o an d all else th a t
m a y s erv e m a n k in d .
SECRETARY McADOO SEES NOTHING TO FEAR W ITH
RETURN TO PEACE.
That we havo nothing to fear from the return of peaco in
Europe, “ because our prosperity is based upon the strongest
financial system and the strongest economic fabric and tho
greatest natural resources of any nation in the civilized
world,” was the assertion mado by Secretary of the Treasury
William G . M cAdoo at South Bend, In d., on October 21.
M r . M cAdoo followed this assertion with the statement that
the Republican candidate for President “ solemnly warns us
that our prosperity is merely temporary.” As to tho con
ditions in America Secretary M cAdoo said:
T h o U n ited S tates is t o -d a y th o strongest fin a n cia l p o w e r in th o w orld .
W o a c tu a lly possess m o r o th an 5 2 ,6 3 0 ,0 0 0 ,0 0 0 o f g o ld , a b o u t on e -th ird o f
th o g o ld s to c k o f th o w o rld . I f th o w ar co n tin u e s a n oth er y e a r, w o m a y
h a v o o n e -h a lf th e en tire g o ld s to c k o f the w o rld , an d i f it k eep s u p lon ger,
there is n o tellin g h ow m u ch o f th o g o ld o f th o w o rld w o w ill ow n .
W o aro a t p e a c o , an d th o genius an d en ergy o f o u r p e o p lo h a v e fu ll p la y
u p o n in d u stry an d orga n iza tion .
W o h a vo n ever b e fo re re a ch e d su ch a
high p o in t in e ffic ie n cy an d p r o d u c tiv ity .
B u t M r . H u g h es says o u r p ro sp e rity is b ased o n w a r orders. T h is is
again m erely reckless assertion.
F o r three yea rs w o h a v e h ad th e greatest c ro p s in o u r h is to ry .
D id th e
E u rop ea n w ar increase th o p r o d u c tiv ity o f o u r s o il?
R a ilro a d earnings
h a v o ex ceed ed e v e r y p ro v io u s re c o rd . D id th o E u rop ean w ar increaso tho
v o lu m e o f tr a ffic , e x ce p t fo r th e re la tiv e ly sm all ton n age o f m u n itio n s?
T h e re aro n ow 2 5 ,0 0 0 ,0 0 0 m en under arm s in E u ro p o , slaughterin g and
crip p lin g ea ch o th e r b y th o th ou san d s e v e ry d a y .
E v e r y in d u stry an d
every en erg y o f th eir p e o p lo h a v e be e n reorgan ized a n d re d ire cte d fo r d e
s tru ctiv e p urposes.
T h e cla im th a t th e y aro a ccu m u la tin g great stores o f g o o d s t o d u m p in our
m ark ets o r a n y oth er m a rk e ts a fte r th e w ar has n o s u p p o rt in tru th o r fa c t.
T h o b elligeren t n a tion s h a v e neither tim o , raw m aterials, su pplies nor
surplus la b o r fo r su ch w o rk . M illio n s o f th eir skilled laborers h a v o been
k illed . M a n y m oro m illion s are in valid s fo r life. E a ch belligeren t is
p ilin g u p collossal d eb ts.
O ur stron g an d virile a n d rich a n d u n m aim ed an d org a n ize d an d h igh ly
d ev e lo p e d p eo p le h a v o n oth in g t o fe a r fro m th o c o m p e titio n o f stricken an d
b r o k o n E u ro p e . L e t us p it y an d h e lp i f w o can th o se n o b le p e o p le s, instead
o f m a k in g a new w ar o n th e m a fter th o horrors o f this w ar h a v o en d e d .
B u t if w o are rea lly enda n gered in th o fu tu re w o aro pre p a re d fo r it.
Wo
h a v o crea ted a n on p a rtisa n T a r iff B o a rd t o in fo rm C o n gre ss as th o basis
fo r in telligen t legislation , and w o h a v e e n a cte d a n ti-d u m p in g an d un fair
c o m p e titio n law s th a t w ill p r o te c t eve ry legitim ate intorest against h u rtfu l
_______________
com b in a tion s .
FRANK TRUMBULL ON ATTIT U D E OF R A IL W A Y S
CONCERNING N E W LANDS INQUIRY.
Frank T r u m b u l l , Chairman of the Railway Executives
Advisory Committee and Chairman of tho Chesapeake &
(Vol . 103.
Ohio R y ., in an address before the American Association of
Passenger Traffic Officers in Washington on Oct. 17, indi
cated tho attitude of the railways toward tho forthcoming
investigation of railway regulation and control by tho N ew lands Committee. M r . Trumbull said that tho railroads
will advocate a centralization of railroad regulation in the
hands of the Federal Government, which, in the opinion of
tho railroads, can best be accomplished by Federal incorpora
tion of inter-Stato railroads. They will also advocate a
reorganization of the Inter-Stato Commorce Commission
along regional lines, with subordinate district commissions
or branches, somewhat along the lines of tho organization of
tho Federal Reserve system. Thoy also feel that the regula
tion of the issuance of railroad securities should bo placed in
the hands of the Federal Government, but that it should not
be divided between the Federal Government and the States.
He is quoted as saying:
I t is th o h o p e o f tho railroad m an agers th a t o u t o f th is in v e s tig a tio n b y
C on gress w ill c o m e a p la n fo r c o -o r d in a tin g an d s im p lify in g o u r sy s te m o f
re g u la tin g tr a n s p o r ta tio n . P r o b a b ly 5 1 0 0 ,0 0 0 ,0 0 0 is g o in g o v e r th o d a m
e v e r y y e a r as a resu lt o f th o la ck o f c o -o r d in a t io n in presen t m e th o d s o f
h a n d lin g th is im p o rta n t m a tte r. C o n flic t in g r e g u la tio n b y t h o F ed eral
G o v e rn m e n t an d th e S tates is resp o n sib le fo r th o loss.
T r a n s p o rta tio n c a n n o lon ger b e re g u la te d b y S ta to lin es, a n d th o rail
ro a d s w ill p u t u p to th o C on gression a l C o m m lt tc o a p lan fo r ce n tra liz in g tho
c o n tr o l o f tra n s p o rta tio n in th e h a n d s o f th o F ed era l G o v e rn m e n t an d as a
ste p in th a t d ir e ctio n th o F ed era l in c o rp o ra tio n o f ra ilro a d s.
In referring last week in his Portland, M e ., speech to tho
possibilities opened up by the eight-hour law, M r. Trumbull,
as noted in these columns a week ago, page 1554, doclared
that it is becoming more and more evident that tho Federal
Government alone must control in somo way all tho affairs
of the railroads.
UNIFIED RAILROAD REGULATION URGED BY A. J.
COUNTY OF PENNSYLVANIA RAILROAD.
“ Railroad Credit and Regulation— Does tho Public In
terest Require Both to Be Maintained or Cripplod?” served
as tho subject of an address by A . J. County, Vico-Prosident
in Charge of Accounting of the Pennsylvania R R ., beforo
tho Philadelphia Credit M en ’s Association on Oct. 24.
Touching upon tho eight-hour railroad law, M r. County
stated that representatives of tho railroads and the labor
organizations and many statesmen are still so uncertain as
to what tho law really means, its ultimate cost and what em
ployees are affected, that no sound conclusion can be reached
as to its results. “ W hether,” he said, “ it is a law that re
quires men to work eight hours per day or a law granting
a pay increase of 2 5 % , without limiting hours, it will cer
tainly cost moro money to the railroads, and it is equally
certain that it must modify the wage basis and working con
ditions fixed by negotiation between the carriers and their
employees in the past twenty years.”
While these are important questions, M r . County pointed
out, the public interest in the effect of this law is oven
broader than economics. The public m u st, ho argued, in
self-defense ask these questions:
Shall th e s o -ca lle d E ig h t -I Io u r L a w b e c o m o e ffe c tiv e w ith o u t a n y safe
gu a rd p r o v id e d again st th e d isru p tio n o f th e en tire railro a d s e rv ico in tho
fu tu r e ?
Shall legislation b e o b ta in e d fro m th e C on gress o f th o U n ite d States b y
c o e r cio n , co m b in a tio n an d in tim id a tio n fro m a re la tiv e ly sm all n u m b er o f
orga n ized m e n , an d shall p u b lic in v e s tig a tio n , a rb itra tio n and ord e rly g o v
ernm ental p ro ce d u re b e a b o lis h e d ?
Shall r a ilro a d ch arters re q u irin g perm an en t p u b lic s e rv ice co n tin u e to
b e g ra n te d , w h ile th e co m p a n ie s an d th eir e m p loyees aro free w ith o u t pre
v io u s p u b lic ro v ie w , t o d isru p t th a t s e rv ice and in flic t loss and suffering
u p o n th o co u n tr y a t large b eca u se th e y ca n n o t agree as to w o rk in g c o n d i
tio n s ?
Shall u nions o f railroad m e n , e m p lo y e d in in te r-S ta to co m m e r c o , b o in
co r p o r a te d as t o m a k e th em eq u a lly as responsible b eforo th o law as rail
ro a d c o rp o ra tio n s ?
Returning to tho subject of railroad credit and regulation.
M r . County argued that “ railroad regulation must encourago sound credit, or regulation is a failuro.”
Somo of his
further remarks, in which he urged the institution of a uni
fied, responsible system of public regulation for tho protec
tion of railroad credit and operations, were as follows:
S ou n d cr e d it is ju s t as essential in th o railro a d business as in m erca n tile
a ffa irs. A railroad ca n n o t h a v e c r e d it w ith o u t th o earn in g p o w e r t o p r o
d u ce a c r e d it basis. R a ilro a d c r e d it w o u ld sca rce ly co n c e r n the p u b lic at
all if th e railroads were n o t a p a rt o f th o d a ily life o f tho c o u n tr y , an d i f
their ow nersh ip o f o v e r sixteen billio n s o f d olla rs w as n o t w id e ly h e ld b y all
classes o f c itiz e n s. I f w e d id n o t h a v o p u b lic o w n ersh ip o f th o railroad
lines, th rou gh m o n e y fu rn ish ed b y a great a rm y o f upw ard 5 0 ,000,000 p eo
p le , con sistin g o f in d iv id u a l in vestors in railro a d secu rities, sa vin gs b a n k d e
p o sito rs, b u ild in g an d loan asso cia tio n s, an d Insurance p o lic y h old ers, to
say n o th in g o f ch arita ble an d m a n y oth er in stitu tio n s, then railro a d cred it
w ou ld b e an a ca d e m ic d iscu ssion . I f tho fin a n cia l c o n d itio n o f th o rail
roads d id n o t m ean loss o r p r o fit to th o c o u n tr y , w o w o u ld n o t h a ve s o m an y
hearings a cco rd e d t o railroad m en .
I f these railroads d id n o t e m p lo y n early 2 ,0 0 0 ,0 0 0 m e n , w h o , w itli their
fam ilies, represent a b o u t 9 ,0 0 0 ,0 0 0 p e o p lo , and d id n o t p a y o v e r a hundred
and fift y m illion s o f d olla rs an n u ally as taxes in to th e p u b lic treasuries, an d
Nov. 4 1916.]
THE CHRONICLE
m a n y m ore m illion s’ for m aterials an d w ages, w e m ig h t c o n sid e r th e railro a d
tra n sp orta tion service as a sid e issue a n d n o t a g ig a n tic in d u stry t o b e fo s tored an d expan dod.
A s tran sporters, con su m ers, e m p lo y e rs, ta xp a ye rs, an d n a tio n a l in s t i
tu tion s in w h ich ou r G o v e rn m e n t, o u r c itiz o n s , o u r sa vin gs b a n k d e p o sito rs
a n d ou r insurance p o lic y holders are in terested, th e railroads re q u ire n a
tion a l a tten tion .
I t is unn ecessary t o argue th at those railroads can e x ist w ith o u t sou n d
c r e d it. W o h a ve ju s t tried such an experim en t an d it has fa ile d . L e t as
n o t forg et th a t exp erien ce b u t p r o fit b y it. In a b o u t e ig h t years, th eir
c r e d it g ra d u a lly w eak en ed an d fin a lly b e ca m e im p a ir e d . T h e kernel o f
th o railroa d q u e s tio n , an d th e grave r e s p o n s ib ility o f railroad m an agem en ts
fo r soveral years p a st, has been th o vanishing cr e d it m argin . T h o situ ation
rea ch ed a clim a x r efle cte d b y th o co n d itio n s In 1914 an d 1915, w hen less
now railroad m ileage w as co n stru cte d in th is co u n tr y th an in a n y y ear since
th e C iv il W a r, and w hen a p p ro x im a te ly o v e r o n o -six tli o f tho railroad m iloa go o f th o co u n tr y w as in th o han ds o f receivers, an d w hen reven u es an d e x
penses w ero seriou sly r e d u ce d , new w ork s to p p e d , an d th o u sa n d s o f u n e m
p lo y e d m en w ero e v id o n t In all o f th e largo c itie s , an d o u r industries w ere in
a seriou s p lig h t. F rom th a t d iscou ra gin g p o s itio n it re q u ire d an u n fo r tu
n a te w orld w id e w ar t o arouse us.
Signs are m u ltip ly in g th a t w o h a v e m ore p u b lic sy m p a th y n o w w ith us,
an d th at w o h a ve a b e tte r cr e d it basis a t ou r disposal than fo r m a n y years.
N o w y o u hear a great deal o f th o m a n y m illion s o f increased earnings the
railroads are m aking c o m p a re d w ith a year a g o . T h a t is ex ce e d in g ly gra ti
fy in g . R a ilroad earnings h ad fallen s o low th a t th ey co u ld n o t d o o th e r
w ise than show an increaso.
L o o k at a stron g ro a d liko th e P en n sylva n ia R a ilro a d . In 1914, it earned
6 .8 % u p on its capital s to c k , o r loss th an o n o per ce n t In excess o f its reason
a b le d iv id e n d p aym en ts.
In 1915, d esp ite th e increased tr a ffic resulting
fro m th o w ar, it earned 8 .5 % , o r o n ly 2 .5 % o v e r d iv id e n d requ irem en ts,
w h ich is n o t a high m argin o f s a fe ty . In 1916, w o ex p e ct t o earn 1 0 % on tho
s to c k , and w o w ill dou b tless spen d e v e ry c o n t earned a b o v e o u r d iv id e n d
requ irem en ts fo r b ette rm e n ts h ere to fo re p o s tp o n e d . Y o u business m en
h a v e been to ld th a t m a n y railroad s to ck s h a v e been w atered , a n d , w hile
th a t does n o t a p p ly t o P en n sylva n ia R a ilro a d s to c k , y o u w ill, nevertheless,
ask w h at is being earned b y tho P en n sylva n ia R a ilro a d C o . u p o n th e cash
sp en t fo r th o railroad and its ro llin g s to c k p ro v id e d fo r p u b lic use. Y o u
ask th a t qu estion con ce rn in g y o u r ow n a ffa irs.
In railroad a cco u n tin g w o
ca ll th is th o “ P rop erty In v e s tm e n t" a c c o u n t, an d th o answ er t o th o sam o
qu estion p u t t o th o P e n n sylva n ia R a ilro a d C o . is th a t in th is a c tiv e year
1916 w o w ill earn less than six per ce n t o n th o to ta l cash In vested in th o road
and eq u ip m en t fu rn ish ed fo r p u b lic tra n sp o rta tio n pu rposes. In 1915 th o
return w as 4 .8 1 % a n d in 1914 3 .7 8 % .
I a m n o t n o w m a k in g a n y plea fo r
greater reven u e, b u t is six per ce n t t o o m u ch t o earn in ord er t o p a y a fa ir
return o n ca p ita l and le a v o so m e th in g o v e r fo r im p ro v e m e n ts ?
I t is so
m u ch greater than 3 -7 8 % th a t it feels m u n ific e n t, b u t it c e rta in ly is n o t
oxcosslvo.
H ow can th o P en n sylva n ia R a ilro a d a ffo r d t o c o n tin u e in basiness w ith
these resu lts? T h o answ er is n o t d iffic u lt . T h o fin a n cia l p o lic y o f the
c o m p a n y fro m its fo u n d a tio n has been th a t its c a p ita l s to c k shall b o fu lly
p a id in ca s h ; th at fa ir b u t regular d iv id e n d s shall be p a id thereon , and that
th o rem ain in g surplus shall lie used fo r im p ro v e m e n ts t o its railroad and
e q u ip m e n t, instead o f p a y in g large d iv id e n d s an d selling s to c k an d b on d s to
p r o v id o su ch im p rov e m e n ts, a d d itio n s an d betterm en ts.
In 1854 th e b o o k c o s t o f th o c o m p a n y ’s road an d e q u ip m e n t w as p ra cti
c a lly th e sam e as in 1867— th irteen years later— n o tw ith sta n d in g a b o u t
8 7 ,0 0 0 ,0 0 0 h ad been sp e n t in those years lo r a d d itio n s an d botterm on ts paid
fo r fro m surplus earnings. A t th o end o f 1915, I am safe in sa yin g th at o v e r
$ 1 4 0,00 0,0 00 o f surplus earnings o r p ro fits h a v o been used in th is w a y , for
w h ich n o s to c k o r b on d s h a ve been issued, l l y adh eren ce t o th a t p o lic y ,
th o c o m p a n y has m ain tain ed a sou n d cre d it basis.
T h o im p rov ed c o n d itio n o f th o railroads is m o s t w e lco m e .
R a ilro a d
p rosp erity is reflected in all lines o f bu siness. In the railroads w o h a vo
c ffo c tiv o business instru m en ta lities, ch argin g the low est fre igh t rates in tho
w o rld and p a y in g th o high est w ages in th o w o rld .
W o w an t g o o d s c r v ic o
an d railroads charging reason able rates, possessed o f s o u n d c r o d it an d su f
fic ie n tly p repared fo r a n y e m ergen cy, w h ether it b e m o v in g an a b n o rm a lly
la rg o com m e r c e in tim e o f pe a ce , o r p erform in g th o m a n y indispen sable
tra n sp orta tion services necessary in tim e o f w ar.
Y o u r a ssocia tion w ill, I am sure, endorse th o vie w as to th o iTocossity fo r
m a in ta in in g sou n d cr e d it, b u t is it n o t equ a lly essential in th o p u b lic inter
est th a t railroad regulation b o m ain tain ed an d n o t cr ip p le d ?
W ith o u t a con stru ctiv e an d u n ifie d p o lic y , re gu la tio n w ill break d o w n
s ou n d railroad cred it instead o f p ro m o tin g it. W h e n tho fa c ts aro p resented
I am sure y o u r associa tion w ill also endorso th a t v ie w . T h e present system
is d is jo in te d , expen sive and in h arm on iou s F e d e ra l an d S tate regu lation ,
an d m ust b o revised an d e x clu sive F ed era l regu lation s u b stitu te d .
Y o u k n o w that a law w as passed k n ow n as th o “ N e w la n d s L a w ,” under
w h ich a Joint su b -e o m m ittc o o f th e S enate an d Ifo u s o has been a p p o in te d
t o in vestiga te th o su b je cts o f go ve rn m e n t co n tr o l an d regu lation o f in ter
s t a t e and foreign tran sp ortation ; th o e ffic ie n cy o f th o ex istin g system in
p r o te c tin g tho rights o f shippers and carriers an d in p ro m o tin g th o p u b lic
interest; th o in corp ora tio n o r co n tr o l o f th o in co rp o ra tio n o f carriers; g o v
ernm ent ow n ersh ip , & c. M a y I suggest th a t y o u co n sid e r jo in in g w ith th o
oth er organ ization s o f th is c it y in m ak in g th is in v e stig a tio n v e r y th o ro u gh
fo r reasons w h ich y o u w ill a p p re cia te ?
A b o u t nin eteen S tates aro tr y in g to re g u la te th o issu an ce o f se cu rities,
b u t b y d iffe r e n t m eth o d s.
W h a t is th o b e n e fit o f several d iffe r e n t S tates
regu la tin g th e secu rities o f o n o railroad c o m p a n y ?
S on io S tatos in a p p ro v
in g o f se c u r ity issues o f an in te r-S ta to railroad c o m p a n y req u ire th a t a ce r
ta in a m o u n t o f tho m o n o y w ill b o sp o n t in tiioir o w n S ta to , w h ile th o issue
o f secu rities m a y b o requ ired fo r im p ro v e m e n ts in a n o th e r S ta to h u n dreds
o f intlos a w a y .
In a n oth er S tate a h e a v y ta x is laid o n s e cu rity issues, w h ic h , i f lo v ie d to
th o sa m e ox ton t in th o rem ain in g States th rou gh w h ich th o ro a d w as c o n
s tru cte d w ou ld je o p a r d ize tho p rin cip a l o f th e issue.
T h e n th cro h a v e boon cases w h ere th o ord ers o f th e I n te r -S ta te C o m m e r c e
C om m is s ion a rc p r a c tic a lly n u llifie d b y th o S tatos in re fu sin g to a p p ro v e
o f th e m , so fa r as th e y a ffe c te d in tra -S ta to m a tto rs, o r b y d e la y in g so lo n g
in d o in g so th a t th o o rd e r o f th e F ed era l C o m m is s io n is p r a c tic a lly n e g a tiv e d
o r m o d ifie d .
W o h a v o tw on ty States regu la tin g th o h ou rs o f ra ilw a y s o rv ice , th o va ria
tio n ru n n in g fro m tw e iv o t o sixteen hou rs a d a y . T w e n ty -e ig h t Statos
s p e c ify h ea d ligh t requ irem en ts, w ith o u t an y c o -o p e r a tio n w ith o n o a n o th e r.
F ou rteen S tates h a v o d iffe r e n t s a fe ty a p p lia n c e A c t s . S o m o States h a v o
oxtra train crew law s and oth ers d o n o t . T h o S tates an d th o F ed eral G o v
ern m en t aro in v estig a tin g a c c id e n ts a n d aro d u p lic a tin g each o t h e r ’s e f
fo rts a t th o oxpense o f th e railroad s a n d th o p u b lic . T h e railroad s o f th o
c o u n t r y aro required to m a k e o v e r t w o m illion re p o rts a y e a r to v ariou s
F ed era l a n d S tato a u th o ritie s, a g roat m a n y o f w h ich m ig h t w oll bo a bo lish e d
an d m a n y oth ers cu rta ile d ; th o ro aro s o m a n y th o u sa n d s o f law s co v e r in g
railroads in th o S tates through w h ich th e P e n n s y lv a n ia S ystem passos th at
soveral thousands o f them c o u ld b e r e m o v e d fro m th o s ta tu to b o o k s w ith o u t
d e tr im e n t.
1645
Is it a n y w o n d e r th a t th e railroad s lo o k t o business m en t o g e t th e m a
u n ifie d sch em e o f re gu lation u n d e r a sin gle re g u la to r y b o d y , u p on w h o m
re sp o n sib ility sh o u ld b o p la c e d in stead o f th o p rosen t d iv id e d re s p o n s ib ility ?
T h e Federal G o v e rn m e n t, u n d er th e c o m m e r c e cla u se o f th o C o n s tit u t io n ’
has assum ed th e re gu la tio n o f th e in te r-S ta te carriers an d uses th e m t o p a y
a largo p a rt o f th o G o v e rn m e n t ta x e s, a n d w e ask it n o t t o le a v o its task
h a lf d o n e , b u t t o assu m e fu ll re s p o n s ib ility . W e ca ll o n th e business m en
an d th e p u b lic , w h o are p a y in g th e c o s t , in th e ir o w n in terest t o h elp the
G o v e rn m e n t in q u ir y in th is m a tte r. W o ask y o u t o g e t a t th e fa c ts an d ask
C o n gre ss to legislate th o p r o p e r s o lu tio n . W o c a n n o t b e lie v e th a t th e p u b
lic , w ith a k n o w le d g e o f th o fa c ts , w u o ld rem ain in d iffe r e n t, a n d co n tin u e
t o p a y th o c o s t o f th e needless d u p lic a tio n s , c o n flic t s an d c o m p le x itie s in
o u r presen t sy s te m o f railro a d re g u la tio n .
W e estim a te th a t sin ce 1906 it has c o s t th e P e n n s y lv a n ia R a ilr o a d lines
east o f P ittsb u rgh a lo n e a b o u t n in eteen m illio n s o f d o lla rs t o c o m p ly w ith
n ew legislative e n a ctm e n ts . T h a t su m is e q u a l t o 6 % o n o v e r $ 3 0 0 ,0 0 0 ,
000 . I d o n o t c la im th a t all o f th is w as w a s te d , b u t a g re a t p a r t o f it c o u ld
b e s a v e d and u tilized fo r p u b lic pu rp oses.
R a ilr o a d s re co g n ize th e m a n y
h e lp fu l featu res o f r e g u la tio n , b u t w o w a n t to see it raised a b o v e c r itic is m ,
co n fu s io n and w eakness. I b e lie v e re gu la tio n has p assed th ro u g h its w eak
est an d w o rst sta ge.
I d o n o t su g g e st th a t th e S tates s h o u ld b e d e p r iv e d o f th e usefulness o f
th eir C o m m issio n s. T h e C o m m issio n e rs h a v e tried t o fu lly d o th eir d u t y
in a c c o r d a n c e w ith th e law s o f th eir o w n S ta te . T h e y are h a rd -w ork in g
b o d ie s , n o t t o b e c riticis e d b eca u se th o F ed era l an d o th e r S ta to law s an d reg
u la tion s d o n o t h a rm o n iz e w ith their o w n . B u t i f e x clu siv e F ed eral regu
la tio n is a d o p te d , th e C o m m issio n s w o u ld still b e o c c u p ie d in reg u la tin g
th o S ta te p u b lic s e r v ic e a c tiv itie s an d c o r p o r a tio n s . T h e y w o u ld in th is
m a n n er b o train ed t o b e c o m e exce lle n t F ed eral re g u la to rs. T h e ir c o n tin u e d
regu lation o f s o m a n y e le ctr ic tra ctio n c o m p a n ie s an d tra n sit q u e s tio n s ,
w a te r, gas, e le ctr ic lig h t an d p o w e r c o m p a n ie s m ean s in a n y S ta te a v a s t
r e sp o n sib ility . In th o C it y o f N e w Y o r k a lo n e it requires a se p a ra te S tate
C o m m is s io n , o n e o f th o m o s t a c t iv e in th e c o u n t r y .
B u t so fa r as th e in te r-S ta te carriers are c o n c e r n e d , th o re s p o n s ib ility
o f th e n ation a l tra n sp o rta tio n q u e stio n s fa r tran scen ds th e in terests o f a n y
sin gle S tate an d sh o u ld b o c o n c e n tr a te d an d p la c e d u n d e r o n e n ation a l
c o n tr o l. R a ilro a d m en d o n o t be lie v e th a t, b e ca u se a c o n fu s e d s y s te m o f
regu lation needs a d ju s tm e n t, it m u s t b o c o n d e m n e d as u n su cce ssfu l, an d
b e ca u so it has n o t g iv e n u n iversal sa tisfa c tio n , w o m u st o v e r th r o w th o pres
e n t real p u b lic o w n e rsh ip u n d e r p u b lic re g u la tio n a n d f ly t o th e ex p erim en t
o f g o v e rn m e n ta l o w n e rsh ip an d c o n t r o l, s u b je c tin g ra ilro a d o p e r a tio n t o
th e ch an ges o f p a r ty p o litic s , an d le a v in g th e resu ltin g d e fic its t o b e c o v e r e d
in ann u al a p p ro p ria tio n s p a id b y th e ta x p a y e rs . Such su ggestion s aro il
lo g ic a l. L e t us fir s t in s titu te a u n ifie d , re sp o n sib le sy s te m o f p u b lic regu
la tio n an d p r o t e c t railro a d c r e d it an d o p e r a tio n s , an d th e n te s t its resu lts.
T h o re g u la tio n o f 2 5 0 ,0 0 0 m iles o f r a ilro a d s, p e r fo rm in g an an n u al s erv ice
o f ca rry in g
a b illio n passengers an d t w o b illio n to n s o f fre ig h t,
an d represen tin g an in v e s tm e n t o f o v e r sixteen billion o f d o lla rs , is
n o t a m a tte r o f in tu itio n , b u t o f k n o w le d g e , exp e rie n ce an d c o n
tin u ed a p p lic a tio n .
T h o business carried u n d er th e n ation a l fla g as in te r-S ta te c o m m e r c e so
g re a tly p re d o m in a te s th o in tra -S ta te t r a ffic th a t w e b e lie v e , in th e b est in
terests o f th e c o u n t r y , all o f th o in te r-S ta to carriers sh o u ld b e u n d e r th e n a
tio n a l fla g , th o n a tio n a l C o n s titu tio n , law s a n d r e g u la to ry po w e rs; an d th a t
it is n o t in th o p u b lic in terest also t o c o n tin u e th ese in te r-S ta te carriers u n
d e r 48 a d d itio n a l S tate flag s fo r re gu la tio n o r p r o te c tio n .
S o m e o f th e featu res o f a n y sch e m e o f e x clu siv e n a tio n a l re g u la tio n , w h ich
m a n y sta te sm e n , business m en a n d railroad m en are be g in n in g t o believ e
as essentia l, are th e c re a tio n o f a larger a n d stro n g e r F ed era l R a ilr o a d C o m
m issio n , a ctin g as a cen tral b o d y in W a s h in g to n , an d th ro u gh several R e
g io n a l C o m m issio n e rs, s o as t o b o c lo s e t o th e c o u n t r y 's needs an d fa c ilita te
th e hearings o n ra te and o th e r qu e stio n s.
T h o s c o p e o f re gu la tio n in clu d es ra tes, c a p ita liz a tio n , railro a d v a lu a tio n ,
u n ifo rm a c c o u n tin g , an d p r o b a b ly w a g e s, b eca u se o f th eir e ffe c t u p o n r ev e
nues; also s a fe ty a p p lia n ce la w s, h ou rs o f se r v ic e law s, a c c id e n ts , in s p ection
o f ra ilro a d s, th e ch a ra cte r o f s e rv ice , in v e s tig a tio n an d d e te c tio n o f a n y
in fr a c tio n s o f th e la w .
F r o m this it is clea r th a t i f th e p r o p o s e d F ed era l R a ilr o a d C o m m is s ion is
t o b o su ccessfu l in c a rry in g o u t its re g u la to ry p ow ers in c o n s tr u c tiv e fa s h io n ,
s o th a t th e railroad s m a y p r o p e r ly s e rv e th e c o u n tr y an d th eir c r o d it b e
p r o t e c te d , th e d u tie s o f d e te c tio n an d p ro s e cu tio n m u s t b e se p a ra ted fro m
its c o n s tr u c tiv e an d re g u la to ry a ctiv itie s .
I t is v e r y ap p a re n t th a t th e F ed era l R a ilr o a d C o m m is s io n sh o u ld n o t b e
requ ired on th e o n e h a n d t o c o n s tr u c tiv e ly regu la te railroads an d en cou ra g e
th eir expan sion and p r o t e c t their c r o d it , an d o n th o o th e r h an d b e th eir
a ccu s e r, p r o s e cu to r and ju d g e .
In all these m a tters th o several R e g ion a l
C o m m issio n s w o u ld b e e x ce e d in g ly h e lp fu l in d is p o s in g o f q u e stion s p er
ta in in g t o their ow n region s, an d o n ly in th o e v e n t o f an a p p e a l fr o m th eir
decLsion w o u ld it c o m e b e fo re th o n a tio n a l C o m m is s io n in W a s h in g to n ,
th is is m erely a su ggested o u tlin e o f th e fo rm th is new le gislation m ig h t
tak e t o fa cilita te railroad re g u la tio n . N o fin a l co n clu s io n s c a n b e rea ch ed
u n til a fte r all sides are heard a t th e p o n d in g G o v e rn m e n t in q u ir y .
W e need a re g u la to ry p o lic y th a t w ill p e r m it th e railroad s t o p ro sp er w ith
th o c o u n tr y w h en p rices are h igh an d p r o fits rise, rath er th a n a p o lic y w h ich
fo rc e s th o railroads t o a p p ly fo r ra te increases in tim e s o f d e p ression w hen
indu stries are b o u n d in s e lf d efen se t o a c t iv e ly o o p o s e s u ch a c tio n . T h e
C o m m issio n sh o u ld also h a v o th e rig h t t o fix m in im u m as w ell as m a xim u m
rates.
F in a lly , a n y sch e m e o f p a r a m o u n t n a tio n a l le g isla tio n t o re g u la te th e
n ation a l carriers, I th in k , m u s t in e v ita b ly lead t o F ed era l in c o rp o ra tio n o f
th o n ation al tru n k lines, in clu d in g th eir fe e d e rs. T h o p re se n t F ed era l law s
are largely p r o h ib itiv e rath er th an p e rm issive la w s. T h e y m u s t b o m o d ifie d
t o m e e t th o c o u n t r y ’s tra n sp o rta tio n necessities. In ra te h ea rin gs, w age
d is p u te s , car d is trib u tio n , an d in m a n y o th e r fea tu res a ffe c t in g t r a ffic
ch arges and s e rv ice , n o a tte n tio n is p a id t o th e in d iv id u a l c o m p a n ie s th a t
g o t o m ak e u p a railro a d s y s te m .
F o r in sta n ce , in th e P e n n s y lv a n ia S y s
te m to -d a y th ere are o v e r 100 co m p a n ie s ; o r ig in a lly th ere w ere a b o u t six
tim es th a t n u m b e r. M a n y o f th e m h a v e sp ecial ch a rte r rig h ts an d oth ers
aro u n d e r general law s. S o m o ca n c o n s tr u c t bra n ch e s an d o th e rs c a n n o t.
T h o in d iv id u a l interests an d fin a n ce s o f each o f these lines w h ich m a k e u p
th e largo s y s te m , an d their p a rticu la r S ta te la w s, aro n o t , an d c a n n o t b e ,
s p e cia lly con sid ered b y a Federal C o m m is s io n in a n y o f th o larger railroad
p ro b le m s . Y e t each o f those co m p a n ie s sta n d s as a sep arate e n t ity b e fo re
th o la w , w ith its o w n sep arate s to c k an d b o n d h o ld e rs w h o m u s t b e d ea lt
w ith b y th e p a re n t c o m p a n y . W ith th e G o v e rn m e n ta l c o n tr o l o f reven u es,
an d largely o f expenses, an d s o m a n y o p e ra tin g and t r a ffic fe a tu re s, it d oes
n o t se e m , th e re fo re , th a t a n y s ch e m e o f n ation a l re g u la tio n ca n b e c o m p le te
unless it p e rm its, u n d er F ed eral ch a rte r, th e fu ll d e v e lo p m e n t o f th e terri
t o r y served b y th o p a re n t o r sy s te m c o m p a n y , a n d th e a c q u is itio n an d m er
ger o f these va rio u s sm aller co m p a n ie s in to th o larger sy s te m o n s om e rea
s o n a b le basis. T h is is necessary t o secu re th o a d v a n ta g e s o f c o n ce n tra te d
c a p ita l, a d m in istra tio n a n d c o n t r o l, and elim in a te th o v e r y d e ta ile d features
o f a c c o u n tin g , t r a ffic and o p e ra tio n th a t m u st exist s o lo n g as th e c om p a n ies
rem ain as separate c o r p o r a te en tities. T h a t is ja s t o n e p h a se o f a b ig q u es
tio n .
1646
THE CHRONICLE
CALL FOR FOURTH INSTALLMENT OF RESERVES BY
FEDERAL RESERVE BANKS.
Members of the Federal Reserve Bank of New Y ork were
notified by Deputy-Governor Robert H . Treman on Oct. 26
that the next installment of reserves is due on the 16th inst.
The payment will increase the reserves maintained with the
Federal Reserve Bank by member banks located in Reserve
cities from 5-15ths to 6-15ths (the amount permanently
required), and in the case of banks located elsewhere than in
central reserve and reserve cities from 4-12ths to 5-12ths
(likewise the amount permanently required). In other
words, the reserves against demand deposits of banks out
side central reserve and reserve cities will be increased from
4 to 5 % , and of banks in reserve cities from 5 to 6 % . As we
have before indicated, under the Federal Reserve A ct, banks
in central reserve cities are required to maintain reserves of
1 8 % of their demand deposits, banks in ordinary reserve
cities are called upon to keep 1 5 % of demand deposits, and
the country banks 1 2 % ; on time deposits, 5 % is the amount
required for all banks. The law as originally enacted called
upon banks in the central reserve cities to maintain 6-18tlis
of their reserves in their own vaults, and 7-18ths in the Fed
eral Reserve banks, the balance to be held in their own vaults
or tho Federal Reserve Bank at their own option. Since
the 7-18ths was deposited in the Reserve banks at the time
of the inauguration of the system, the calls for further re
serves have applied only to member banks in reserve cities
and those outside of reserve or central reserve cities. The
recent amendment to the Federal Reserve Act permits mem
ber banks to carry in the Reserve banks of their respective
districts any portion of their reserves originally required to
be held in their own vaults. A . C . Miller of the Federal
Reserve Board, in an address at Indianapolis last week (part
of which was printed in these columns a week ago), stated
that in the forthcoming installment an estimated amount
of 860,000,000 in reserves would be deposited by member
banks. The circular of the New York Federal Reserve Bank
relative to the call for the next installment is printed here
with:
FEDERAL
RESERVE
BANK
OF N E W
YORK.
N ew York, Oct. 26 1916.
To the Cashier:
Sir— Y o u are r e s p e c tfu lly a d v is e d th a t th e n e x t in stallm en t o f reserves
w ill b e p a y a b le t o tho F ed era l R e s e rv e B a n k o f N e w Y o r k o n N o v . 16 1916.
T h e re a fte r m e m b e r b a n k s are re q u ire d b y law t o cai;ry reserves w ith this
b a n k as fo llo w s :
B a n k s lo ca te d elsew here th an in cen tra l reserve an d reserve citie s 5 %
o f th eir d em a n d d e p o s its , p lu s 5 -12th s o f 5 % o f th eir tim e d e p o sits as d e
fin e d b y th o F ed era l R e s e rv e B o a rd in R e g u la tio n D , Series o f 1916.
B a n k s lo ca te d in reserve citie s 6 % o f th eir d e m a n d d e p o s its p lu s 6-15ths
o f 5 % o f th eir tim e d ep os its as d e fin e d b y th o F ed era l R e s e rv o B o a rd in
R e g u la tio n D , Series o f 1916.
A ll reserves s h ou ld b e ca lcu la te d In c o n fo r m it y w ith th e m e th o d p re
s c r ib e d b y th e C o m p tr o lle r o f th e C u rre n cy .
R eserv es m a y b o esta b lish ed b y d e p o s its o f la w fu l m o n e y , F ed era l R e
serv e n otes o r ch eck s d ra w n u p o n m e m b e r ban k s.
T h is b a n k w ill a ls o r e c e iv e as reserves e lig ib le p a p e r as d e scrib ed in
R e g u la tio n A , Series o f 1916, o f th o F ed era l R e s e rv e B o a rd , an d o u r cir
c u la r letters N o s . 25 a n d 3 0 d a te d Ju n e 19 1915 an d J u ly 24 1915, re sp e c
t iv e ly , t o an a m o u n t n o t ex ce e d in g o n e -h a lf o f th e in sta llm en t.
M e m b e r b a n k s are req u este d t o assu m e th o expen se o f c o in o r cu rre n cy
sh ip m en ts.
F o r y o u r c o n v e n ie n c e in tra n sm ittin g y o u r in stallm en t o f reserves, w e
e n clo s e h erew ith fo r m letter an d bla n k s fo r d is c o u n t a p p lic a tio n .
R e s p e c t fu lly ,
R O B E R T H . T R E M A N , Deputy Governor.
BUSINESS CONDITIONS IN FEDERAL RESERVE DIS
TRICT OF N E W YORK.
The report for the month of the N ew York Federal Reserve
Bank, made to the Federal Reserve Board by Pierre Jay,
Federal Reserve Agent, states that in spite of tho existing
high prices remarkable activity continues in most lines of
business, with a general tendency toward further expansion.
“ Manufacturers,” the report says, “ are unable to keep pace
with their orders, being handicapped by labor shortage and
other deterrents.” The scarcity of freight cars in all
classes of equipment became more acute during September,
the report points out, the net shortage on the railroads of
the country having increased from 19,873 cars to 61,030 cars.
The report also states that “ statistics for September, com
pared with the corresponding month of last year, show large
increases in N ew York City bank clearings, postal receipts
and exports andifnports.”
N E W YORK RESERVE B A N K ’S REPORT OF OPERATION
OF COLLECTION SYSTEM.
An average of 35,574 items were handled by the New York
Federal Reserve Bank from Sept. 16 to Oct. 14. In our
issue of Sept. 23 we gave the results of its operation of the
[Vol . 103.
new collection system up to Sept. 15. The following is the
daily report of the transit department since that date;
REPORT
OF T R A N S IT D E P A R T M E N T OF T H E F E D E R A L R E
SERVE B A N K OF N E W Y O R K .
House Items. -O ut-of-Tow n Item sTotal------------Amount.
N o.
Amount.
N o.
Amount.
$ 1 3 ,2 2 1 ,4 3 4 2 8 ,3 5 6
$ 7 ,4 0 2 ,5 8 4 3 1 ,8 6 8 $ 2 0 ,6 2 4 ,0 1 8
16,733,082 3 0 ,377
7 ,3 9 7 ,1 8 8 3 4,649
2 4 ,1 3 0 ,2 7 0
9 .4 8 0 ,7 6 4 3 4 ,6 7 7
7 ,9 7 3 ,4 2 8 3 8 ,9 2 0
17,454,192
8 ,2 8 2 ,3 9 7 2 9 ,7 9 7
8,83 6 ,4 9 1
3 2,627
1 7 ,118,888
14,30 9 ,3 3 5 31,619
9 ,1 9 7 ,5 1 0 3 5 ,493
2 3 ,5 0 6 ,8 4 5
11,270,783 28,202
7 ,4 2 9 ,5 0 9 3 2 ,656
18,700,292
2 ,3 0 5 ,0 2 4 2 8 ,229
7 ,3 5 7 ,1 6 0 31,391
9 ,6 6 2 ,1 8 4
2 3 ,9 3 0 ,1 8 9 27,291
8 ,8 8 6 ,4 3 5 3 0 ,929
3 2 ,8 1 6 ,6 2 4
7 ,2 8 1 ,5 7 3 3 3 ,412
7 .4 9 0 ,6 3 5 3 6,644
14,772,208
13,40 7 ,4 4 8 3 0 .7 9 7
6 ,7 0 1 ,0 5 2
3 5,204
2 0 ,1 0 8 ,5 0 0
12,103,451
28,671
7 ,0 8 9 ,1 3 4 31,671
19 ,1 9 2 ,5 8 5
10,80 4 ,6 6 0 23,681
7 ,1 8 1 ,7 7 0 2 6 ,9 5 9
17,98 6 ,4 3 0
9 ,5 6 0 ,4 9 0 2 3 ,8 9 8
8 ,3 0 1 ,4 2 3 2 7 ,5 8 4
17,861,913
2 6 ,6 9 1 ,4 3 8 2 7 ,8 7 9
8 .5 0 8 ,6 4 0 3 1 ,6 6 5
3 5 ,2 0 0 ,0 7 8
7 .8 7 0 ,3 4 0 3 3 ,374
9 ,0 3 6 ,1 8 2 3 7 ,893
1 6 ,906,522
11,314,781 3 0 ,9 1 6
8 ,5 6 8 ,7 3 7 3 5 ,574
19 ,8 8 3 ,5 1 8
11,89 5 .3 3 8 3 1,677
8 ,7 1 3 ,2 5 4 3 6 ,5 0 4
20,6^ 8 ,5 9 2
12,74 3 ,9 1 0 31,551
8 ,5 7 7 ,2 8 2
3 4,962
2 1 ,3 2 1 ,1 9 2
15,521,452 3 1 ,5 8 5
/,2 1 5 ,5 3 4
3 4 ,569
2 2 ,7 3 6 .9 8 6
17 ,1 5 2 ,6 2 9 2 9 ,8 9 5
7 ,8 5 1 ,4 3 8 3 3 ,9 9 9
2 5 ,0 0 4 ,0 6 7
14,001,520 2 9 ,6 5 9
7 ,7 0 6 ,2 3 5 32,66v
2 1 ,7 0 7 ,7 6 5
10,478,440 3 6 ,460
9 ,6 3 2 ,6 5 9 4 2 ,2 4 6
2 0 ,1 1 1 ,0 9 1
1 6 ,095,986
50,983
12.77 0 ,7 1 7
5 5 ,058
2 8 ,8 6 6 ,7 0 3
2 3 ,5 7 9 ,2 5 5 4 8 ,1 8 8
1 2 ,648,030 5 2 ,050
3 6 ,2 2 7 ,2 8 5
Clearing
Date.
N o.
S e p t .1 6 . .3 ,5 1 2
18. .4 ,2 7 2
19. .4 ,2 4 3
2 0 . .2 ,8 3 0
2 1 . .3 ,8 7 4
2 2 . -4 ,4 5 4
2 3 . .3 ,1 6 2
2 5 . .3 ,6 3 8
2 6 . .3 ,2 3 2
2 7 . -4 ,4 0 7
2 8 . .3 ,0 0 0
2 9 . - 3 ,2 7 8
3 0 . .3 ,6 8 6
O c t . 2 . .3 ,7 8 6
3 . -4 ,5 1 9
4 . - 4 ,6 5 8
5 . .4 ,8 2 7
6 . .3 ,4 1 1
7 . .2 ,9 8 4
9 . .4 ,1 0 4
1 0 . .3 ,0 0 1
I l - 5 .7 8 6
l s . .4 ,0 7 5
1 4 . -3 ,8 6 2
T o t a l 92,601 $3 2 0 ,0 3 5 ,7 1 9 761,174 $ 2 0 2 ,4 7 3 ,0 3 2 8 5 3 ,7 7 5 $5 2 2 ,5 0 8 ,7 5 1
A v e ra g e 3 ,8 5 8 $ 13 ,334 ,82 1
3 1 ,716
$ 8 ,4 3 6 ,3 7 6 3 5 ,5 7 4 $ 2 1 ,7 7 1 ,1 9 7
NOMINATIONS FOR FEDERAL RESERVE B A N K OF
PHILADELPH IA.
W . H . Kohler, Cashier of the Union National Bank of
Mahanoy C ity, P a ., and Frank W ible, Vice-President of the
First National Bank of Three Springs, Huntington County,
P a ., have been nominated as Class A directors of the Federal
Reserve Bank of Philadelphia. As noted in our issue of
Oct. 28, M . J. M urphy, W . A . Wilbur and Thomas W .
Marshall have also been nominated as Class A directors of
the Federal Reserve Bank of Philadelphia.
REPORT OF BUSINESS CONDITIONS I N PHILADEL
PHIA RESERVE DISTRICT.
Business conditions in the Philadelphia Federal Reserve
District, according to the report of the Philadelphia Resorve
Bank presented to the Reserve Board at Washington on
Oct. 20, continue unprecedently good, “ tho only complaint
being the scarcity of some kinds of raw materials and the
shortage and high prices of both competent and ordinary
labor.” The report points out that the railroad car shortage
is becoming a serious feature; also that the chief factors in
the coal situation seem to be the great scarcity of labor and
shortage of cars, which conditions are tending to seriously
curtail production. There was, it states, a decrease of
7,554 eastbound cars on the Pennsylvania R R . at Lewiston
Junction, carrying bituminous coal, during September,
compared with the same month of 1915.
A . C. MILLER , OF RESERVE BOARD, ON PLANS FOR
MEETING FOREIGN GOLD DRAIN A T END OF WAR.
On account of its great length wo were obliged to omit last
week portions of the address of A . C . Miller, of the Federal
Reserve Board, before tho Indiana Bankers’ Association at
Indianapolis on Oct. 24. Some of the omitted remarks,
however, deal with important phases of tho subject, such as
the marshalling and handling of the gold supply and the
methods for meeting any gold export movemont. W e print
below such of the omitted parts as deal with this featuro of
his argument.
In E n g la n d , F ra n co an d G e rm a n y th o m arsh allin g an d h an d lin g o f th o
g o ld s u p p ly has lo n g been regarded as th o p r o b le m an d re sp o n sib ility o f tho
great ce n tra l ban k s, an d th o m e th o d s a p p ro v e d in their experience an d p ra c
tic e w ill b e o u r best g u id es In fin d in g th o s o lu tio n fo r o u r p ro b le m , if w o k n ow
h o w t o m a k e a d iscrim in a tin g a p p lic a tio n o f th eir experien ce t o mu’ c o n d i
tio n s. A n d becau se th o general ba n k in g h a b its o f o u r co u n tr y parallel
th ose o f E n g la n d m u ch m o ro clo s e ly th an th e y d o th ose o f C o n tin e n ta l
E u ro p e , it w o u ld seem th a t In d e v e lo p in g o u r ba n k in g m a ch in ery fo r the
p u rp o se o f m a n a g in g th o g o ld e x p o rt p r o b le m , th e a n a lo g y o f th o B a n k o f
E n g la n d rath er than th a t o f olth er th e R e lclisb a n k o f G e rm a n y o r th e B ank
o f F ra n ce w o u ld bei th e on e m o s t lik e ly t o suggest o r in d lca to th e m eth od s
t o be fo llo w e d b y us; a ll th o m o re , as E n g la n d ’s b a n k in g m e th o d s w ere
d e v e lo p e d in c o n n e c tio n w ith th e p o s itio n lo n g su ccessfu lly m ain tain ed b y
her as th o w o rld ’s o n o freo g o ld m arket— a p o sitio n an d resp o n sib ility w h ich
there are g o o d reasons fo r b e lie v in g m a y h e n ce fo rth b o ours.
T h o m a in d iffe re n ce betw een th e b a n k in g m e th o d s o f E n gla n d an d o f
C o n tin e n ta l E u ro p e co n cern s their h a b its w ith respect t o th e uso o f tho ban k
n o te an d th o ban k ch e c k . T h e cen tral ban ks o f F ran co and G e rm a n y aro
p r im a rily n o te -is s u in g ban k s, d e p o sit cre d its h o ld in g a v e r y u n im p orta n t,
a lm ost a n e g lig ib le , p la ce a m o n g th eir lia b ilities. T h o b a n k n o te is their
m o s t ch a ra cte ristic fo rm o f c r e d it, th e m eans b y w h ich th e y b u ild u p their
g o ld h o ld in g s , issuing th eir n otes in e xch an g e fo r g o ld an d then h o ld in g tho
g o ld a m o n g th eir w o rk in g assets. W ith o u t th o n o te th e y c o u ld n o t fu n c
tio n .
Eov. 4 1916.]
THE CHRONICLE
In England the situation.Is very different. There the bank note has a
very subordinate placo, and as a form o f currency is rapidly growing obso
lete. It was long sinco effectively superseded in the perference o f the Eng
lish banking com m unity by the deposit and checking account.
The Bank
o f England issues no credit currency. Its notes are practically bullion cer
tificates, and y et the Bank o f England sustains a more intimate, vital, re
sponsible and strategic relation— as a reserve holding bank— to tlio whole
banking and credit structure o f England than that o f any other of the great
central banks. The great joint stock banks o f England have long recognized
their dependence upon the Bank o f England, and maintain the larger part of
their banking reserves with the Bank o f England in tho form o f deposit credits.
H ow successfully this system has worked, is one o f the proudest chapters
In the history o f British banking, and it was this system which the framers
o f tho Reserve system had in m ind when they provided for tho establish
ment o f a similar relationship between the banks o f our country and the Fed
eral Reservo banks; with this difference, that the deposit o f a certain per
centage o f tho banking reserves o f tho member banks with tho Federal Re
serve banks was made a legal requirement instead o f being left to the vol
untary action o f the banks.
The Reserve A ct originally provided, after the shifting o f reserves inci
dent to the establishment o f the Federal Reserve system is com pleted, in
N ovem ber 1917, for the maintenance o f reserves b y tho banks o f central
reserve cities, reserve cities and so-called country banks, respectively, in
tho following percentages with their Federal Reserve banks: 7-18ths,
6-15ths and 5-12tbs o f their demand deposits. A certain percentage o f tho
balanco o f their reserves, after N ovem ber 1917, they were b y tho terms o f
tho original A ct to bo required to carry in their own vaults, as follows:
6-18ths for central reserve city banks, 5-15ths for reserve city banks and
4-12ths for country banks. The remainder could be carried at their option
either in vault or at Federal Reservo banks. I f the requirements I have
stated in m y reasons for believing the Federal Reserve system might bo
called upon to meet are reasonable, it would appear that tho disposition o f
tho reserves o f member banks originally made in tho A ct m ay not put tho
system in a sufficiently strong position in view o f the new circumstances in
which tho country is finding itself as a result o f tho war. Tho logical and
natural course to follow in meeting the situation would seem to bo a further
developm ent o f our scheme o f Reserve banking along the lines originally
laid down in the Federal Reserve A ct; that is, b y providing for a larger con
centration of tho cash holdings o f the national banks in the Federal Reserve
8yProvision to accom plish this purpose was, therefore, wisely made b y C on
gress in tho recent amendments made b y it to the Reserve A ct, in an amend
ment which relieves member banks henceforth o f tho necessity o f holding
any fixed percentage o f their legally required reserves in vault, and b y leavng them freo to carry such portion as they see fit with their Federal Reserve
banks, thus oponing a natural w ay o f adding to the cash holdings o f tho Re
serve banks. A sinilar result could, o f course, have been reached b y intro
ducing into tho Federal Reserve A ct a freer system o f note issue b y tho R e
serve banks, patterned after the m odel o f tho German or French systems,
but such a solution w ould, in m y judgm ent, be attended with such grave
dangers and be so ill adapted to American banking conditions and practices
and the fundam ental principles o f our system o f regional reserve banking,
that it could not but bo viewed with serious misgiving b y those who appreciate
that tho note issue system o f the Federal Reserve A ct makes every reasonable
provision for the issue o f an elastic bank note currency without inviting its
abuse. I therefore regard the recent amendment to tho Reserve A ct, al
lowing tho member banks to increase their reservo deposits with their R oservo banks, without lim itation or restriction except such as their own Judg
ment o f their interests and necessities m ay impose, as one o f tho most im
portant steps that could have been taken in tho further developm ent o f the
Federal Reserve system . It provides a sim ple, direct and natural way o f
strengthening tho Reservo banks as that becomes necessary, and forestalls
any occasion fo r resort to alternative methods o f doubtful expediency.
Tho situation in which we now happily find ourselves as a consequence
o f the opportunity thus given for tho developm ent o f a closer relationship
botweon tho Federal Reserve banks and their member banks, is that tho
American banking system, o f which tho Reserve banks are tho very heart
and centre (as managers o f tho cou ntry’s banking reserve), can bo made as
strong for handling tho problems and conditions which m ay confront us
as you member bankers are willing to make it. I repeat with all emphasis
that tho object o f this new provision o f the law, allowing, but not requiting,
the deposit o f member banks ’ vault reserve m oney In their Federal Reserve
banks, is to strengthen the gold position o f tho Reservo banks. I do not
doubt that It can be so used as to afford an effective solution o f any gold
problem which m ay confront us. W ithout any inconvenience or risk to
themselves, without unduly trenching upon their cash holdings in vault or
till, tho member banks o f tho Federal Reserve system can easily spare the
amount o f cash which will bo necessary to bring up tho free gold holdings
o f tho Federal Reserve banks at the present tim e to $500,000,000 or $600,
000,000.
Tho national banks to-d ay havo cash holdings o f over $750,000,000.
State banks and trust companies outside o f the Federal Rescrvo system aro
estimated to hold upwards o f $330,000,000 In gold- IIow much longer State
banks will delay in entering the Federal Reserve system can not bo foretold,
but they aro not likely to find their position on the outside o f tho Federal
Reserve system a very com fortable or reassuring one when the financial re
adjustments at tho close o f tho war aro under w ay. Accessions to the
Stato bank membership o f the system aro then likely to becom e tho order
o f tho day. Tho larger tho membership and the resources o f the banks com
posing tho Federal Reserve system, tho easier, o f courso, will it bo to pro
vide tho $400,000,000 m ore or loss which the Federal Rescrvo banks will
require in order to bring their free gold holdings to $600,000,000. But
oven supposing that the whole burden would havo to bo borne b y the pres
ent membership o f tho system, tho required addition to tho Reserve Banks’
gold could bo provided and yet leavo the banks with over $350,000,000 o f
till m oney. T he member banks in tho three central reserve cities alone hold
$340,000,000 o f cash which would enable them to part with $246,000,000
to their Federal Reserve banks, and yet hold in till an amount ($97,000,000)
equal to ZM % o f their deposits. When it is added that tho central reserve
cities and m any o f the reserve cities o f the country aro either Federal R e
serve cities or else near Federal Reservo cities, and aro therefore in close
contact with their Federal Reservo banks, it is evident that they would have
no d ifficulty in keeping themselves supplied with till m oney should their
requirements run beyond the estimated 3 to 5 per cent. English experi
ence has shown that in countries where the checking account is tho custo
m ary m ethod o f paym ent, banks can in all ordinary circumstances run along
safely with till m oney averaging about 2 % o f their demand liabilities. If
the shifting of cash would be promoted by a change in the form of your condition
statement which would show your cash in vault and in the Federal Reserve bank
as one item, l see no good reason why this should not be done and could not be
done.
T ho further solution o f tho problem Is, therefore, in you r hands. W e
havo a splondid pioco o f machinery in tho Reserve system , and you have
it in your hands to make it an engine o f gigantic power for handling, as an
orderly and well-controlled process, any gold export m ovem ent that m ay set
1647
in, b y bringing your spare cash to your Federal Reserve banks, as the law
contem plates you should and will do.
It is, o f course, conceivabie, though extrem ely im probable, that a gold
export m ovem ent after the war m ight develop which would call fo r a larger
provision than what I have thus far taken as the basis o f our calculations.
T o m any it will seem so Improbable as hardly to m erit attention, but I
have stated why we should be prepared to deal with possibilities. It should
n ot, therefore, be overlooked that there are m ethods o f tapping the com
m unity’s extensive holdings o f gold which' are outside o f the banks, and in
any event let us not lose sight o f the fa ct that gold lost b y the banks to meet
a foreign drain w ou ld, in the natural course, be replaced from the com m unity’s
holdings quite speedily. Only the first im pact o f a foreign dem and for gold
would bo felt b y the banks. T he ultimate incidence o f such a demand
would be the now superabundant gold stores o f the com m unity. G old
holdings in the hands o f the general com m unity are estim ated, at the present
tim e, to amount to the huge aggregate of$900,000,000, and dissatisfaction
is not infrequently expressed with the fact that our circulation should be so
substantially m ade up o f gold in tho pockets o f the people Instead o f being
replaced b y som e form o f credit currency. But the experience o f the
greatest trading and banking nations shows that a solid substratum o f gold
in tho general circulation o f a country is one o f the surest foundations o f a
secure banking and financial system . It is wrong to assume that gold
thus distributed in the channels o f circulation cannot be effectively m obil
ized when occasion arises, and be drawn into the banking reserves. The
European nations in recent months have given us som o impressive examples
o f such m obilization. I believe that the floating gold supply o f the United
States is a matter quite largely within the control o f the banks o f the coun
try, and that the banks will exercise that control in their own interest and
in the interest o f the country, as it becomes necessary.
Tho m oment that gold grows in demand for the purpose o f meeting foreign
shipments and replenishing reserves, banks which are now indifferent or
careless as to whether they p ay out over their counters in response to cur
rency demands, gold certificates, national bank notes or Federal Reserve
notes will begin to discriminate. T hey will segregate their gold certifi
cates, and as the withdrawal o f these from general circulation reduces the
volum e o f the com m unity’s necessary currency, the banks will find it to
their interest to meet counter demands for cash b y taking out Federal
Reserve notes. In other words, gold and gold certificates will be reserved
for such uses as cannot be m et b y the Federal Reserve note— to w it, meet
ing a foreign demand for gold or increased bank reserves— and the Federal
Reserve currency will be substituted to the extent that the circulating
m edium o f the country requires it. Because at the present m oment we
are the only considerable country that is on a gold basis and have acquired
on settlement o f the international trade balance a volume o f gold that has
m ade gold so redundant in this country that gold certificates are for the
m om ent a cheap medium o f circulation, we should not hastily assume that
changed conditions will not reverse the process and lead b y natural and
inevitable means to a substitution o f the Federal Reserve note in large
measure for the gold certificate. The whole question o f the attitude to be
adopted in tho matter o f the control o f our gold supply turns upon whether
wo shall continue to have faith in the natural and normal processes o f m oney
and trade, or whether we are going to allow ourselves to be frightened into
assuming that things have so changed that those processes are going to
fail, and that henceforth we shall have to resort to artificial shifts and
manipulations.
Y ou bankers know how rapidly currency circulates in this country— m ore
rapidly, in fa ct, than it does in any other country o f the world. It is a
fam iliar fa ct that the American bank check is a highly flexible m edium o f
credit, but the velocity o f m ovem ent o f ordinary bank or Governm ent
currency is not so highly appreciated. Tho fa ct is that these turn over
with marvellous frequency compared with such countries as France, or even
Germ any, where the m ovement o f the bank note is sluggish; in part because
largo quantities are carried idle in the pockets o f the people or are locked
away in the strong boxes o f shopkeepers. The turn-over o f the average
piece o f paper currency in the United States (outside o f banks and the
United States Treasury) has been estimated as high as tw enty-tw o times in
a year. Y ou bankers also know as a matter o f daily experience that the
channels through which the paper m oney o f the United States circulates,
lead into and out o f the banks, so that in the course o f a year, practically
the whole volume o f the country's paper currency passes through the hands
o f the banks m any tim es. It is therefore no unwarranted assumption to
conclude that the banks have it in their power easily to withdraw the gold
certificate from circulation and to substitute the Federal Reserve note,
when conditions Indicate such a course to be desirable or necessary. In
brief, in a country whose habits with respect to the circulation o f the bank
note aro what they are in the United States, the m obilization o f a very
considerable part o f the gold currency o f the country in a com paratively
short period o f tim e is a matter easily within the banks’ power. T his is a
fa ct o f such fundamental importance that it must not be neglected in esti
m ating just what could be done in developing and making effective a policy
to m obilize the gold supply o f the country.
N or should we overlook the extraordinary ability o f the country to pro
tect itself against any violent loss o f gold b y using for this purpose some
part o f tho extensive holdings o f European securities which wo have re
cently acquired. T o date we have purchased European securities to the
extent o f $1,227,000,000. These aro all o f short m aturity, the amounts
maturing in the years 1917 and 1918, which presumably will see the close
o f the war, amounting to no less than $360,000,000.
Maturities of European Obligations Held in the United Stales.
1916 ....................................... ................................................. - ..........
$30,000,000
1 9 1 7 ........... - ................................................................ .....................
103,000,000
1 9 1 8 ............................................................. .............. - .......... ..........
260,000,000
1 9 1 9 ______________________________________
1920 __________________________________________________________
500,000,000
1 9 2 1 ........
50.000.000
1923 .......................................................................... - ............ ............
5,000,000
U ncertain-------------------------------------------------------------------------------129,000,000
$1,227,000,000
Tho events o f the past tw o years have shown that American securities
o f undoubted solidity possess the quality o f International currency, and
are likely to figure to an im portant extent in the settlement o f international
accounts between this country and Europe. T he great extension o f the
international loan market which has been one accom panim ent o f the war
is certain to result In a greatly enlarged use o f acceptable securities as a
moans o f international paym ent and as a substitute for gold in m aking Inter
national settlements. There is every reason for believing that the recent
experience o f European countries in converting their American securities
into gold have given to these securities an enviable position as secondary
bank reserves, and that this will insure the reappearance o f som e dem and for
American securities after the war, thus broadening their market and facili
tating their continuing use as a m edium o f international paym ent.
B ut, finally, let us not overlook the powerful instrument o f control which
the Reserve banks possess in a m ovable discount rate for protecting their
ow n and the cou ntry’s gold supply, should it be threatened with too large
150,00
1648
THE CHRONICLE
or too sudden a foreign drain.
This is the m ethod em ployed by the groat
reserve and central banks in England and Europe. It is in particular the
m eth od , the use o f which has been m ost effectively developed and extensive
ly applied in England, whose m oney market has been m ore exposed than
that o f any other country to foreign demands for gold, bocauso o f her ex
tensive and intimate com m ercial relations with the w orld, and becauso o f
her position as the w orld’s principal gold market. W henever the Bank o f
England has found that gold is being drawn out o f tho London m arket too
rapidly, it lias raised tho bank rate so as to m ake tho process o f withdrawal
m ore expensive, and thus to temper it to what tho banking situation could
stand. This m ethod has been so frequently em ployed that a rise o f tho
bank rate is com m only regarded as tho m ost accurate barometer o f tho
English reserve situation. And it is also tho means b y which tho Bank o f
England exercises a strategic control over English banking at times when
such control is all-im portant.
In tho tw enty-five years between 1875 and 1900, tho English bank rate
was altered 167 times, which means an average duration o f tho same rato,
o f only 54 days. Indeed, not only were changes o f rato frequent, b u t their
range was also considerable— such as four or five per cent o f variation in
the course o f the year. This same instrument o f control, our Reserve banks
possess, and tho success o f our new banking system will in largo measuro
depend upon tho wisdom and skill its managers and tho Federal Reservo
Board develop in handling it.
It must be adm itted that frequent changes o f discount rates are in and
o f themselves n ot desirable. Stability o f rato is a great advantage to
industry and the internal banking situation, but too m uch stability o f
Reserve bank rates must not be expected in a country whoso m oney market
has attained tho international im portance which ours has, at least for tho
present, and which it will continuo to hold so long as its position in inter
national trado is that o f a creditor, and so long as It has a vast stock o f gold
to bo dispensed. A t any rato, whatever internal disadvantages m ay attach
to a changeable discount rato, thero it is, a powerful weapon for exercising
a control over tho reserve and gold situation b y the Federal Reserve banks
at critical times, and should not bo om itted from our calculation when
examining our protective capacity against an unduo drain o f gold. It
would bo an especially effective and necessary weapon against any attem pt
o f European markets to bid away gold from us m ore rapidly than woidd
bo consistent with our interests, b y raising their discount rates.
M ore than that, it w ou ld be an effective m ethod b y which tho Reservo
banks could throw upon tho many powerful banks o f tho country which have
largo holdings o f cash and foreign com m itm ents, their proper part o f tho
burden o f supplying gold for foreign shipment, should they bo unduly dis
posed to divert demands made upon them to tho Federal Reserve banks.
Indeed, demands for foreign gold remittances would m ake themselves felt
in the first instanco as a demand b y customers o f these banks. T o meet
such dem ands, they would have the alternative o f taking tho gold out o f
their own accumulations or o f drawing it out o f Federal Reserve banks by
rediscounting or open m arket sales. But it is not to bo expected that tho
Reserve bank managers would sit idly or carelessly b y and allow their gold
reserves to bo needlessly depleted, when they could stop such depletion
b y the sim plo device o f raising their rates, unless, or until, a situation had
arisen which was boyond the ability o f tho ordinary banks to handle with
their own resources and without d ifficulty.
W. P. G. HARDING ON PRESENT POSITION A N D
FUTURE DEVELOPMENT OF RESERVE S YSTEM .
A brief review of our banking history during tho past two
years, coupled with an analysis of present conditions out of
which reasonable deductions as to the^futuro may be based,
was presented by W . P. G. Harding, Governor of tho Federal
Reserve Board, under tho abovo caption before the Forum of
tho New York Chapter of the’ American Institute of Banking
on the 1st inst. In setting out what has been accomplished
through the Federal Reserve system, M r. Harding stated
that “ we can say with certainty that thero is to-day a co
ordinated and efficient system of£reserves available for the
ordinary requirements of member£banks, as well as for their
necessities in times of stress.” M r. Harding also declared
that credit must be given to tho Federal Reservo system for
/h aving taken tho first practical step toward bringing about
a reform long desired by financial students and practical
business men— tho standardizing of creditjmethods and com
mercial paper throughout tho United States.” Furthermore,
he set out, tho system has “ operated toward stability and
uniformity in rates of interest throughout all sections of tho
country, as is evident at a glanco at a table showing tho
official discount rates in all thoiFederal Reserve districts.”
Still another point brought out by M r. Harding is that “ three
distinct lines of busines are now open to national banks,
from which, before tho passago of tho Federal Reserve Act,
they wero absolutely barred. * * * National banks are
now permitted to do an acceptance business making their
acceptances either against transactions involving tho im
portation or exportation of goods, or against certain domestic
transactions. * * * Then again, wherever not contrary
to State law, national banks may, by conforming to certain
regulations, exercise fiduciary powers, which functions were
formerly forbidden them. Finally tho new law has onabled
a largo proportion of national banks to mako loans under safe
and conservative conditions, upon real estato, not only upon
farms, but also for periods not longer than twelvo months,
upon other kinds of improved property.” “ Without attempt
ing any specific enumeration,” said M r. Harding, “ I will
ask you to think of some of the sensational and gravo events
that have transpired at various times during the past two
years, which have threatened crises, not only in our relations
with foreign countries, but in our domestic affairs as well.
Through it all there has been no disturbance whatever in our
[Vol 103.
money markets; no abnormal fluctuations in discount rates,
and no panicky conditions. Do you think that beforo tho
establishment of tho Federal Reserve system it would have
been possible for our financial community to liavo remained
unruffled and serene in the facoofsuchtromendousshocks, or
to have undertaken tho vast crodit operations that have been
engaged in so successfully?” Somo important particulars
in which the Federal Reserve Act has not thus far been
applied at all were also enumerated by M r. Harding, whoso
remarks are printed in full below:
An intelligent treatment o f this subjoct seems to requiro a brief roviow o f
our banking history during tho past tw o yoars and an analysis o f present
conditions, out o f which reasonable deductions as to tho futuro m ay bo
based. T ho fundamental principle o f tho Federal Reserve A ct is tho m o
bilization, in a scientific and effective manner, o f tho banking rosorvos o f
tho country, not in ono central reservoir but in a number o f them , distrib
uted throughout tho various sections. This process has not yot been fully
accom plished, but is approaching com pletion. T he next installment o f
reserves, which is the last that will bo obligatory, and which will amount
to about $60,000,000, will be paid in on N o v . 16. A ccording to tho most
recent statem ent, O ct. 28 1916, tho twelve Federal Reserve banks hold
$407,955,000 in lawful m oney, while tho national banks o f tho rosorvo and
central reserve cities on Sept. 12 1916 held $515,690,000. These lastnamed institutions held $671,768,000 according to tho last statement issued
beforo tho organization o f tho Federal Rosorvo banks. Thero is, o f courso,
no basis for com parison between these figures and thoso applicable at tho
present tim e, owing to tho groat industrial and financial changes which have
taken place during tho past tw o yoars: and, as bank deposits aro subject
to the influence o f external changos o f various kinds, it is obvious that any
attem pt to isolate tho offect o f the establishment and operation o f tho Fed
eral Reserve system upon these holdings o f cash would bo usolcss. W o can,
how ever, say with certainty that thero is to-day a co-ordinated and efficient
system o f reserves available for the ordinary requirements o f member banks,
as well as for their necessities in times o f stress. Three years ago thero was
a very general fear on tho part o f bankers that the transfer o f reserves would
be accom panied with serious inconvenience and loss, and the manifestation
o f this apprehension Is responsible, no d ou b t, for the gradual rather than
imm ediate transfer o f reserves that was provided for in tho-Federal Reserve
A ct. T ho figures already given show, how ovor, that no Inconvenience or
hardship has been incurred, but that, on the contrary, tho strength o f tho
member banks and tho growth o f their deposits and banking power have ad
vanced step b y step with tho progress and developm ent o f the Federal Re
serve system . Y o u will noto that I have not said because o f tho Federal
Reserve system , although I m ight perhaps properly liavo done so. Even
the m ost prejudiced critic must admit tho co-ordinated growth o f tho mem
ber banks and o f tho Federal Reserve banks, and m ust concedo that tho
establishment o f a great system o f mobilized reserves, amounting at present
to $407,955,000, the actual and potential valuo o f which is no longer opon
to d oubt, has been effected without even a seeming setback to tho member
banks out o f whose resources lids groat reserve has been constructed. Tho
foundation o f this reserve, with its assurance o f safety to tho banks and to
tho public, is tho first and fundamental achievement o f tho Federal Reservo
system . It is the point o f tangcncy botweon our now banking system and
tho well-tried systems o f other countries, where it has becom e possible for
us to attain tho ob ject long ago found dosirablo and necessary by advanced
m odern nations— tho establishment o f an effectvio and properly controlled
system o f credit accom m odation, available for tho immediate conversion
into cash or credit o f short-tim e paper o f a com m ercial and liquid character
— in other words, tho creation in this country o f a broad and dependable
discount market.
Closely connected with the foregoing is tho provision for an elastic noto
currency. Through tho Federal Rcservo banks thero has been provided an
adequate m ethod for supplying a circulating m edium o f exchange based
upon com m ercial transactions in an am ount to bo determined b y tho
volum e o f business and b y the ability o f the banks to supply tho requisite
gold rcservo. Thero are outstanding $234,876,000 o f Federal Reserve
notes, to secure which tho Federal Reserve Agents hold $219,502,000 in
gold certificates and coin, and $15,817,000 in com m ercial paper. Tho
Federal Reserve banks themselves hold $407,955,000 in gold and lawful m on
ey and$107,216,000 o f com m ercial paper, including rediscounts for member
banks and purchases o f acceptances on tho open market, nearly all o f
which, under tho recent amendment to tho Federal Rosorvo A ct, aro
available for Federal Reserve noto issues. Tho free gold, that is, tho
amount in excess o f reserves against Federal Reserve notes outstanding
and against deposits held b y tho Federal Rcservo banks, amounts to
$231,377,000, so that tho potential note-issuing power o f all tho Federal
R cservo banks, based upon tho minimum reserves o f 35 and 4 0 % , respec
tively, is to-day about $578,442,000. T his, o f course, presupposes a
demand for tho notes which would first bo evidenced b y tho acquisition o f
com m ercial paper to a corresponding degree.
O f tho Federal Rosorvo
notes so far issued, all but $15,374,000 liavo a full 100% gold cover in tho
hands o f Federal Reserve Agents, so that tho com paratively small amount
actually outstanding as Federal Reserve notes m ay properly bo regarded as
merely an indication o f tho m ethod through which currency m ay be ob
tained whon desired from Federal Reserve banks and Is not to bo taken as
a measure o f the relief that m ay be supplied through this means when tho
machinery o f tho system is fully called into play. Experience thus far,
limited though it has been, has shown that tho m achinery for the issue o f
the notes provided for b y tho Federal Reserve banks, can work prom ptly
and effectively, and there is no reason to doubt that whenever it m ay bo
called upon to render extended servico in times o f stress or d ifficulty it will
bo able imm ediately to meet tho requirements o f thoso calling for assistance
through tho medium o f noto Issues.
Although not yet two years old , the Federal Reserve banks havo dono
much to standardize com m ercial paper in this country. T ho circulars
and regulations o f tlio Federal Rosorvo Board liavo supplied an authorita
tive definition o f com m ercial paper o f various kinds which has boon lacking
in our banking practico heretofore, while the efforts o f tho Federal Reservo
banks to bring about a larger uso o f credit statem ent forms b y tho member
banks, and to secure the co-operation o f banks and borrowers in putting
their paper into shape to conform to tho regulations o f tho B oard, constitute
tho first organized effort to bring about uniform ity o f action and practico
in tho direction desired. That the steps already taken are having an Im
portant influence in standardizing m ethods o f accounting and in bringing
about a uniform understanding o f tiio moaning o f various commercial
term s, is not, I think, open to question. Credit must therefore bo given
to tho Federal Rcservo System for having taken tho first practical step
toward bringing about a reform long desired b y financial students and by
practical business men— tho standardizing o f credit m ethods and com
mercial paper throughout the United States.
T he Federal Reserve system
has operated also toward stability and uniform ity in rates o f interest
throughout all sections o f tho cou ntry, as is evident at a glance at a table
tfov. 4 1916.]
THE CHRONICLE
1649
showing the official discount rates inwall Federal Reserve districts. T o
W e are no longer a debtor nation. Our current obligations to Europe
what extent tho reduction In discount and interest rates that has taken were liquidated m any m onths ago. W e have already absorbed the larger
place during the past two years is duo to the establishment o f the Federal part o f the American securities that were held in E urope when the war
Reservo banks, it is, o f course, difficult to determine, for the net inflow o f broko out, and our advances to other countries now exceed $1,900,000,000.
gold during that tim e has amounted to between $600,000,000 and $700, Furthermore, our exports to foreign nations are now in so vast a volum e as
000,000, and this largo addition to the basic m oney o f the country has, o f to render full and im m ediate settlement in gold impossible. W e are
course, had a powerful effect upon rates. W e have, how ever, seen low absorbing every m onth m ore than the w orld’s total new production o f gold
Interest rates in bygone yoars in certain sections and on certain classes and we aro receiving large sums from the hoarded stocks o f nations now
o f paper at times when other sections and other borrowers were not included debtors to us. B ut even with this, large credits are necessary to sustain our
In tho scopo o f tho interest reduction. It m ay be claimod with confidence exports. Through force o f circumstances the United States is now the
that the Federal Resorvo System has operated toward stabilizing interest w orld’s banker and m ust continue to act in that capacity for a long tim e
rates and toward m aking them m ore uniform . I t is pointed out b y econ o to com e, and if we m ake proper uso o f our opportunities, we can remain
mists that tho rate o f interest is m ade up o f three distinct elements: one perm anently, at least as one o f the bankers o f the w orld. W e m ust expect
providing a return for the labor and amount o f investigation involved in to be called upon abroad to render m uch o f tho service that has hitherto
analyzing and consum m ating any particular operation, or the overhead
been perform ed very largely b y England in extending those short term
cost: tho second is concerned with tho remuneration necessary to induce credits which the world requires in tho production and transportation o f all
the owners o f Capital to part with it, whilo the third is connected with the kinds o f goods. Tho nature o f the acceptance business is such that it can
risk involved and the Insurance against the risk. In general, reduction
best bo carried on b y those countries that have the lowest discount rates
o f interest rates through the operation o f Federal Reserve banks is in part and have the freest and m ost reliable gold markots. H itherto the country
a reduction o f this last element o f cost— a lowering o f the element o f risk, enjoying these facilities to the greatest degree has been England, and partly
as tho Federal Reserve system has provided a m ethod for the recognition for that reason and partly because o f her com m and o f the carrying trade,
o f unquestionably good paper and for the adjustment o f tho rate o f interest sho has been able practically to m onopolize the short credits which her
on such paper, so that it will m oro nearly correspond with the actual value bankers had handled through the m edium o f acceptances. W hile we have
o f tho funds em ployed. In other words, m ethods have been provided
an opportunity now to extend our business with all nations, including
whereby legitimate and conservative borrowers all over tho country can particularly those neutrals whose accustom ed credit facilities have been
obtain accom m odations at rates approxim ating a standard on the kind o f cut o ff or curtailed, the services we render must necessarily redound to our
paper that they have to offer and are relieved o f the necessity o f paying own benefit from a banking standpoint, not only because the oxtension o f
m ore in the proportion that thoy are able to dem onstrate their own respon proper credits is a sound and profitable business, but also because tho
sibility and solvency. Tho advantage o f this reduction has beon m ost establishment o f an acceptance m arket, m ade up o f traders and bankers
appreciated b y tho small business man, who in tho past m ay have beon from all over the world, will bring to us a new element o f great strength.
unablo to obtain the rato o f interest to which tho character o f Ills paper,
The proper financing o f our foreign trade ought to prove a m ost efficient
and his own personal standing, efficiency and general condition o f solvency
means o f protection for us, whenever the golden tide now flow ing so strongly
entitled him . Resides m eeting the needs o f tho general public and o f the
toward our shores begins to ebb and finally to turn the other w ay, running
business com m unity, the Federal Reserve system has rendered also a
out perhaps so fast as to reveal rocks and shoals whose existence we had
direct and im portant service to tho banks thomsolves, not only in m aking it
forgotten. Under such circumstances, b y the sim ple process o f raising our
safer for thorn to d o business, but in actually extending their field o f opera
discount rato we should be able to force foreign debtors to finance themsolves
tions and their avenues for p rofit. Three distinct lines o f business are
elsewhere and to pay us off. The m ore tho banks begin to participate in the
now opon to national banks, from which, beforo tho passago o f the Federal
Reserve A ct, they were absolutely barred. As you aro well awaro, national developm ent o f the acceptance m arket, the m ore they will understand it
and
the m ore will grow their habit o f purchasing these acceptances, recog
banks aro now perm itted to d o an acceptance business, m aking their
acceptances either against transactions involving the im portation or expor nizing in such paper tho m ost liquid investment for which a broad and
tation o f good s, or against certain dom estic transactions, as provided b y dependable market at minimum rates m ay always be expected, whether
tho Federal Reservo A ct and defined b y the regulations o f the Board. thoy expect to sell in tho open market or to the Federal Reserve banks.
But the m ost im portant feature in tho successful developm ent o f an a c
T hen again, wherever not contrary to Stato law, national banks m ay , by
conform ing to certain regulations, exercise fiduciary powers, which fun c ceptance m arket, in fa ct, a vital principle, must be the intrinsic liquidity
tions wero form erly forbidden them . Finally, tho now law has enabled a o f the paper dealt in. It should be plainly understood that an acceptance
large proportion o f the national banks to make loans Under safo and conserva transaction is essentially a loan of credit rather than of money, and it is of the
tive conditions, upon real ostato—not only upon farm s, but also for essence of an acceptance in its true sense that the drawer shall place the funds
in the hands of the acceptor on or before the due date of the acceptance, so that
periods not longer than twelve m onths, upon other kinds o f im proved
the acceptor will not be called upon to use his own fund in paying the maturing
property.
obligation. T hat is an eventuality which should arise on ly in the case o f
W hilo tlicro aro tw elve Federal Reserve banks, each governed b y its the drawer’s bankruptcy, and against which tho acceptor should be well
own board o f directors, and each an independent unit, thoy aro ail c o protected b y the security taken before the acceptance is m ade. In the free
ordinated through the Federal Roservo Board, to which b od y has been given and natural developm ent o f a discount market the drawer or endorser o f the
oxtonsivo powers o f supervision. T ho banks, though each is independent acceptance should be the one to rediscount the paper or to offer it on the
within its ow n district, in tho general conduct o f its business, aro the com m arket, and it should not bo the acceptor even though possibly there may
ponent parts o f a groat system and tho law has provided moans for an be exceptional conditions under which the acceptor would be justified in
effective m obilization o f the resources o f all for tho relief o f any; and, purchasing his own obligation in order to withdraw it from the market.
whilo it has nover yet beon necessary for one Federal Reserve bank to call It is not the custom abroad for acceptance houses in the usual course o f
upon another to rediscount paper for it, facilities have been provided and
business, to purchase their own acceptances and to offer them after having
aro ready, so that thostrength o f tho entirosystem is available for thesupport
once acquired them . In the regular course it is distinctly understood that
o f any particular district which m ay at any time experience a demand that
the accepting firm does not offer on the m arket for its own account its
would tax its own resources. The fact that no such action lias been neces
obligation created by its acceptance, and the practice is quite tho contrary ,
sary thus far is strong testimony as to tho sound workings and beneficial
The acceptor m ay reside in London and the holder by purchase m ay be in
influence o f tho system Itself, but it is worth whilo to note that machinery
for this kind o f relief is always available and in working order. W ithout F a ris, Berlin, Liverpool or New Y ork , retaining the bill in his possession
attem pting any specific enumeration, I will ask you to think o f som o o f tho until it matures. This process up to the present time has not been empha
sensational and grave events that havo transpired at various times during sized in this country, but it is essential for the proper developm ent o f the
tho past two years, which have threatened crises, not only in our relations discount market that the business should take this course. W e should be
with foreign countries, but in our dom estic affairs as well. Through it all careful not to confuse commercial banking with investment banking, nor
thoro has been no disturbance whatever in our money markets; no abnorm al should we perm it our discount market to becom e so saturated with offerings
fluctuations in discount rates, and no panicky conditions. D o you think intrinsically o f an investment character, as to influence discount rates and
that before tho establishment o f tho Federal Reserve system it would havo impede its free operation. The Federal Reserve A ct distinguishes clearly
boon possiblo for our financial com m unity to havo remained unruffled and between these tw o forms o f banking and specifically excludes from pur
serono in tho faco o f such tremendous shocks, or to havo undertaken tho vast chase or discount “ notes, drafts or bills covering merely investments or
issued or drawn for the purpose o f carrying or trading in stocks, bonds, or
crodlt operations that have been engaged in so successfully?
other investment securities, except bonds or notes o f the Governm ent o f
T ho Federal Reserve system is already an im portant factor in tho de
the United States.” The Federal Reserve A ct applies particularly to com
velopm ent o f our foreign trade, and is destined to play a m uch larger part
mercial
transactions, and lays stress upon the importance o f liquidity by
in this particular field. I havo already m ado a brief reference to the
accoi)tanco powors o f national banks. Tho acceptance has long been stipulating that Federal Reserve banks must not buy bankers’ acceptances
rocognized abroad as a m ost convenient as well as essential piece o f m achinery having m ore than ninety days to run, and in its original form it provided
in carrying on international transactions, but until recent years its uso in that acceptances should be given only in transactions involving the importa
this country was practically unknown. T ho national banks and Stato tion or exportation o f goods. The recent amendment to the A ct has ex
institutions in som o o f the States now havo tho power to accept, so that when tended the acceptance power so as to apply to transactions growing out o f
wo contom plato tho futuro developm ent o f tho Federal Reserve system , thero or involving “ the domestic shipment o f goods, provided shipping documents
is hardly any banking function that will play a m ore im portant part than conveying or securing title are attached at the tim e o f acceptance, or which
aro secured at the time o f acceptance b y a warehouse receipt or other such
tho acceptance business.
Figures recently com piled b y tho Board show that thoro aro now out docum ent conveying or securing title covering readily marketable staples.”
standing about $175,000,000 o f drafts accepted by American banks and It is clear that the intent o f the A ct is to safeguard the self-liquidating
bankers, o f which about $100,000,000 havo been accepted by New York character o f acceptances, as securities o f an investment nature are barred,
banks and bankers. These acceptances havo found a ready sale at low and provision is made that the transaction should be based upon either an
rates in tho open market and about $86,000,000 o f them aro now hold by actual sale o f goods or upon the conveyance o f legal title to goods which can
Fodoral Reserve banks, having been taken under regulations issued by tho bo readily marketed so as to protect the acceptor. Quito naturally, under
B oard, but it must bo remembered that tho regulations o f tho Board aro conditions now existing throughout the world, the Board was, soon after
nocossarily broad in their scopo and aro not intended to deal with specific tho establishment o f the Federal Reserve banks, called upon to consider
cases. Thoy aro intondod to bo permissive within tho limitations defined, the question o f renewals o f acceptance credits. In European countries
but tho oxtent to which Federal Reserve banks should invest in any class o f thero aro practically no legal restrictions governing the acceptance business,
“ eligible” paper is a question to bo determined as a m atter o f p olicy, in and in order to establish dollar acceptances in com petition with sterling
accordance with the changing position and requirements o f tho Federal bills, or with those drawn in francs or marks, tho Board ruled that certain
Reserve system as a wholo. W hilo tho Federal Resorvo banks havo beon and renewals o f acceptance credits which clearly grew out o f tho shipment of
doubtless expect to continuo to bo liberal purchasers o f acceptances, tho d i goods in the first instance, need not, as a matter o f principle, be excluded,
rectors o f those banks aro charged under tho law to “ administer tho affairs o f and Federal Reserve banks were advised that they might consider as
said banks fairly and impartially and without discrimination in favor o f or “ eligible” bills having not longer than three months to run and drawn under
against any m ember bank or banks, and shall, subject to tho provision o f such credit arrangements. The American acceptance is now quite well
law and tho orders o f tho Federal Roservo B oard, extend to each member established in the w orld’s markets, being well known ia almost all parts of
bank such discounts, advancements and accom m odations as m ay bo safely the globe; and even in those countries which three years ago had a m onopoly
and reasonably m ado, with duo regard for tho claims and demands o f other o f tho acceptance business, American credit facilities are now being used.
member banks.” They m ust, therefore, in viow o f possible calls upon them, Speaking, not so much front the standpoint of the Federal Reserve banks,
Jceej) in mind somo limitation o f their investments in paper which is not in but from that o f the American banker generally, it would seem proper to
tho highest sense self-liquidating or is not o f an intrinsically liquid character, extend acceptance credit in liberal amounts to facilitate commercial trans
liowover socuro and howover certain its ultimate paym ent; and whilo tho actions all over the world, and while we may expect to see this acceptance
member banks havo entire freedom o f discretion as to transactions in which business grow into very large figures, we must not permit either our ambi
thoy m ay lawfully engago and as to investments which thoy m ay legally tion, our desire to assist others, or consideration o f profit, to run away with
m ake, thoy should not forget that thero aro certain kinds o f paper which will us and to cause us to disregard long established and sound banking principles,
always bo preferred by Federal Roservo banks over other form s o f credit, tho observance o f which is so necessary for the safety o f our Federal Reserve
bank’ * - system.
and which can bo negotiated at lower rates,
1650
THE CHRONICLE
T here aro two rules In this connection which it m ay be well to emphasize.
One is'that acceptances should finance the drawer and not the accepting bank.
W hen a banker makes a cash advance at a given rate o f interest for a certain
length o f tim e, he should not ask his debtor to draw upon him for tho
purpose o f enabling tho banker to reimburse himself b y the sale o f his
acceptance for the advance which he has made to tho debtor. Such a
process w ould make it possible for a iong term borrowing to bo financed by
an accom m odation bill drawn for the benefit o f the banker. Such a draft
would not bo essentially self-liquidating. The real borrower m ay have
secured tho advance b y renewal agreements for eighteen months or two
years, at a fixed rate for the entire term and not subject to readjustment at
any renewal period. Ho is not concerned in the discount transaction, and
when tho first bill matures the advance will continue to run and attempts
will bo made to rediscount or sell the draft. A bill o f this kind is known as
a finance draft, and other bills, which also m ay be called finance drafts,
aro drawn b y brokers or individuals upon a banker and accepted against
tho deposit o f investment credits.
Drafts o f the description last men
tioned m ay be attractive where tho transactions offer handsome profits be
cause o f tho great difference in interest rates prevailing in two countries
and b y reason o f tempting fluctuations in foreign exchange rates. It is
clear that banking prudence requires abundant security in transactions
o f this kind if they aro to be engaged in at all, and that a bill so created
has no place in tho portfolio o f a Federal Reserve bank.
A foreign draft based originally upon importations of goods from this country
and drawn upon an American banker with a definite agreement on the part
of the domestic banker for several renewals at an interest rate fixed for the
entire period covered by the renewals, does not give the chief advantage which
should accrue to the banks of a country granting foreign acceptance credits, be
cause, no matter to what point tho Federal Reservo banks, if this country
be concerned, or the central banks, in case o f other nations, might raise tho
discount rate, it would havo no effect upon the foreign debtor, for, having
provided at a given rate for his requirements until tho expiration o f the
last renewal, no increase in rates woidd m ove him to cover his acceptance
and seek accom m odation in his own country, because during tho term o f tho
extended credit ho would have no interest in tho discount rate o f tho
country upon which ho has drawn. N ot tho original debtor, but the ac
ceptor would bo tho borrower in tho discount market, and as regards tho
original borrower, the acceptance woidd becom e merely an accom m odation
draft for tho benefit o f tho acceptor, who alone would bo subject to tho
changing vicissitudes o f tho discount market.
It is equally clear that drafts drawn in one country upon another against
long-term securities aro not self-liquidating, no matter how short a timo
the drafts themselves m ay have to run. Where acceptances are based
upon actual commercial transactions, tho sum total o f acceptances bears
a definite relation to and Is regulated b y tho volume o f international trade,
but if bills are accepted against securities this automatic regulation is lost,
and if financo drafts aro permitted to be drawn without discrimination
they would continuo to pile up just as long as thero is a substantial differ
ence in tho interest rates o f tho two countries involved. It is entirely
natural and proper that countries or sections where wealth has accumu
lated and which havo large holdings o f gold should afford credit facilities
to their neighbors. As between nations this can bo done through short
commercial credits b y means o f bankers’ acceptances, whero tho accep
tance is liquidated out o f funds com ing from the borrower before maturity;
or, as an Investment proposition, b y transactions outright in securities
issued or held by citizens o f the borrowing country. There is no reason
why both methods should not be perfectly sound, but tho lenders o f credit
should distinguish clearly between the tw o transactions.
T he discount market, which is intended to deal with short-term and
commercial borrowings, should not bo used or abused so as to serve as an
adjunct o f tho Investment market. It m ay not be possiblo, o f course,
always to apply these principles with absolute rigidity. W o are living
in abnormal times and there m ay bo abnormal conditions when temporary
exceptions to rules governing normal times may be expected, but such
exceptions, whenever permitted, should be kept within reasonable bounds,
nor should it be forgotten that they aro exceptions and d o not constitute
tho rule. However anxious we m ay be to continue as a world factor in
trado and finance, and however desirous we m ay be that tho wonderful
prosperity which wo are now enjoying should continue indefinitely, we
should remember still that if the timo should over com e when our debtors
can no longer offer us satisfactory settlements or when our own power o f
absorption may havo reached its limit that whenever that moment should
arrive it would be m ore satisfactory to contem plate somo slowing down
o f our enormous business than to buy its continuance at the expenso o f
undue hazard, and that tho loss o f interest on idle gold is better than the
loss o f principal.
In som o important particulars tho Federal Reservo A ct has not thus
far been applied at all. Tho law empowers the Federal Reservo banks,
with tho consont o f tho Federal Reserve B oard, to open and maintain
banking accounts in foreign countries and to appoint correspondents and
establish agoncies in such countries for tho purpose o f purchasing, selling
and collecting bills o f exchango, and to buy and sell with or without their
endorsement, through such correspondents or agoncies, bills o f exchango
arising out o f actual com m ercial transactions having not nioro than ninety
days to run, and which boar tho signature o f two or m ore responsible
parties. Undor conditions that have prevailed sinco tho establishment
o f tho Federal Resorvo banks, it has been thought best to disregard any
tomptation o f profit and to go slow ly In entering tho foreign field, so that,
up to this tim e tho Fedoral Resorvo banks havo no foreign accounts. Upon
tho close o f tho war, how over, with tho United States playing an increas
ingly important part in tho foreign trado and vested with tho responsibility
o f determining tho relationship between American and foreign institutions
under now and difficult conditions, thero will bo a large field o f important
work to be covered b y tho Fedoral Roservo system in this connection before
tho Federal Resorvo banks can bo rogardod as having fully discharged tho
duties and responsibilities Imposed upon thorn by tho A ct. IIow groat
tho Importance o f this phase o f their activity m ay be, can bo judged only
b y those who havo form ed an adequate conception o f tho part that is to
bo played b y this country in international trado after peace has been re
stored.
T ho business o f tho Federal Reservo banks as fiscal agonts for tho United
States Governm ent is not yot fully developed. So far they aro acting
in a limited way only as fiscal agonts, but in tho future financial operations
o f tho United States Governm ent tho Fodoral Reserve system will stand
ready to discharge tho duty o f providing for issues o f bonds, arranging
for tho retirement and refunding o f oxlsting Indebtedness, and such other
financial operations as m ay bo necessary from time to timo. Its functions
In tho handling o f routino business for tho United States Treasury and tho
sub-Troasuries will no doubt be oxtonded, as tho Federal Reserve banks
becom e bettor ablo to render this service.
T ho clearing o f country checks provided for under Section 16 o f tho
Fedoral Resorvo A ct, has been a problem o f peculiar difficulty and has
been com plicated by tho desiro o f many o f tho member banks In tho smaller
towns particularly, to retain their accustom ed profits, and further by tho
fact that a largo volum e o f tho chocks that must bo handled aro drawn upon
[Vol. 103
non-m em ber banks. Tho clearing o f checks was undertaken in a very
lim ited way imm ediately upon tho establishment o f tho Federal Reservo
banks, and after a great deal o f study and somo experim entation, tho
presont clearing system was put into effect on July 15tli last. Its operation
has demonstrated that it is based upon correct principles, and tho con
stantly expanding voium o o f business handled through it shows its effici
ency. Tho underlying principle o f the clearing plan is tho discontinuance
o f the practico o f carrying items in transit as reservo, and tho requirement
that each bank carry its own float. Ono important rosult o f tho clearing
system has been to bring tho m ember banks into m ore frequent and intlmato contact with their Federal Reservo banks, so that tho Reserve banks
aro now regarded m oro and m ore as active and potential factors in tho
banking field and not so much as storage reserviors for use only in emergen
cies. V ery largely, no d oubt, because o f tho abnorm ally low rates for
m oney that havo prevailed during tho past eighteen m onths, which havo
m ado it d ifficu lt for member banks to mako satisfactory earnings, there
has been a feeling in some quarters that the Federal Reserve banks are dangerous
competitors, actual or potential, of their own member banks, but with the
development of our foreign trade and with the constantly increasing activity
of our domestic business, this feeling is gradually passing. T ho managements
o f tho various Federal Reservo banks and tho members o f tho Federal
Reserve B oard, with an appreciation o f tho value o f thorough co-operation
and com plete understanding, havo kept in closo touch, both by corres
pondence and by frequont personal con tact, so that tho Board has been
kept inform ed o f local conditions and tho Federal Resorvo banks aro made
familiar with tho view point o f tho Board on mattors o f p olicy. Just as
this co-operation and understanding between tho Board and tho banks is
necessary for tho best developm ent o f the Federal Reserve system , so is it
essential that thero should bo tho same closo relationship between each
Federal Reserve bank and its own member bank. Tho scope o f tho Federal
Reserve banks and tho activities in which thoy m ay properly engage, and
tho functions which thoy were created to discharge, aro all being hotter
known as tim o passes. Some who, at tho beginning, wero its severest
critics, are now among tho strongest advocates o f tho system . Thero
aro few to-day who would wish to wipo it out or to reconstruct It radically,
and when again conditions throughout tho world approach tho norm al,
it will be the m ost powerful agoncy in assuring to tho United States a
sound financial position at hom e, and in securing for our country Its proper
placo in the realm o f world financo.
ADVANTAGES THROUGH FEDERAL RESERVE ACT
TO IM PL EM EN T DEALERS.
That thero is a new ora dawning for tho implement industry
in consequence of tho Federal Resorvo Act and its provisions
for tho rediscounting of notes and acceptances was pointed
out by G. A . Rannoy, Secretary and Treasurer of tho Inter
national Harvester Companies, in a recent speech at Atlantic
City. M r.Ranney, howover, emphasized tho fact that this
era will not dawn unless tho implomont dealers themselves
“ get behind it and push it along.” What ho had to say in
part follows:
E very manufacturer o f implements, in his dosiro to socuro prom pt pay
ment o f dealers’ accounts, offers a discount for cash. This cash discount
permits tho doaler to mako m oro nionoy on his sales to tho farmer. Ho
likes tho discount, but to get it ho must havo real m oney. B ut, whero is it
com ing from ? Ho has sold his farmer customers goods and has a lot o f
open accounts on his books to bo paid somo tim o after harvest, or at tho
farm ers’ convenience.
W hen tho discount dato rolls around theso accounts aro still unpaid and,
in his desiro to secure tho m anufacturer’s discount, tho dealer goes to his
banker, who says: "S orry, John; you havo reached tho limit with us—
can’t let you havo any m oro m oney right n o w .” Tho discount day goes by,
tho discount is lost to tho dealer and tho cash to tho m anufacturer.
This illustration does not apply to all dealers, but It does fit too largo a
percontago o f thorn. T ho missionary work that tho Implomont m anufac
turers havo to d o, through thoir respective organizations, Is to impress upon
tho dealer tho fact that ho should abandon tho uso o f open accounts and
at tho timo a salo Is mado to tho farmer Insist upon a bankable noto or
acceptance.
In an effort to mako banking in this country m oro elastic, tho Fedoral
Reserve Law provided for tho rediscounting o f notes, drafts and bills o f
exchange arising out o f actual com m ercial transactions. Tills law makes
notes, drafts and bills o f exchango issued or drawn for agricultural, indus
trial or com m ercial purposes reiliscountablo with Fedoral Resorvo banks
when endorsed by a m ember bank. It provides that this class o f paper
admitted to discount must havo a m aturity at tho timo o f discount o f not
m oro than 90 days.
Desiring particularly to assist tho farm ing com m unity, Congress wrote
into tho law a provision that notes, drafts and bills drawn or Issued for
agricultural purposes or based on live-stock and having a m aturity not
exceeding six m onths, m ay bo discounted. T ho Fodoral Reservo Board at
W ashington has ruled that tho notes o f farmers or consumers givon for tho
purchaso price o f farm tools, agricultural m achinery or other farm operating
equipment com o under tho classification o f instruments drawn for agricul
tural purposes. Thcreforo, this class o f paper m ay bo rediscounted with a
m aturity o f six m onths.
Tho Federal Iteservo Board has also ruled that tho member bank pur
chasing such paper, "w ill havo to satisfy itsolf In somo satisfactory way that
tho bill Is substantially o f an agricultural character. A sim ple memorandum
attached to tho bill, stating that tho bill was drawn in paym ent o f agricul
tural Implements signed either by tho accoptor or tho drawer would probably
bo considered sufficient ovidonco by tho m em ber bank and tho Federal
Reserve ban k.”
Theso provisions and rulings plainly open tho way for tho implomont
dealers o f this country to put thoir timo sales into a form o f indebtedness
upon which they m ay imm ediately securo cash. N o bankor is going to
advanco cash on an open account, but ho will buy tho noto or acceptance
o f a responsible farmer.
Tho wholo theory o f acceptances, or ovon opon book accounts, pre
supposes that tho credit risk is a good one; othorwiso wo d o not recommond
that a dealer extend credit in any form . Our first stop is to impress upon
tho doaler tho importance o f taking bankablo notes or acceptances at tho
timo the sale is mado and discontinuing his old practico o f carrying an opon
book account. The work is not finished when wo havo convinced the
dealer, for then it Is up to him to Insist upon tho farmor signing oither a
noto or an accoptanco.
T ho acceptance is a banking Instrument little known In tho largo com
mercial centres o f this country and practically unknown in tho agricultural
com m unities. I f a dealer told a farmor that ho wantod him to sign an
accoptanco, ho would have considerable d ifficulty in explaining It to his
Nov. 4 1916.]
THE CHRONICLE
c u s t o m e r ’s s a tisfa c tio n . I f h e tells th o fa rm e r th a t h e w an ts h im t o sign a
n o to , th o la tter k n ow s p e r fe c t ly w ell w h a t a n o te is. T h e re fo r e , u n til th is
s y s tem Is m o r e t h o r o u g h ly k n o w n a n d a p p re cia te d In th e ag ricu ltu ra l c o m
m u n itie s , I s tr o n g ly re co m m e n d th a t th e dealers ta k e n o te s fro m th e farm ors
a n d n o t a tte m p t t o ta k e a cce p ta n ce s.
A n o t e , w h en p r o p e r ly sign ed b y th o fa rm e r a n d e n d orsed b y th o de a le r,
b e c o m e s tw o -n a m o pap er an d t o all Intents a n d pu rp oses is id e n tica l w ith
an a c c e p ta n c e .
In their c o m p le te d fo rm b o th n o te an d a c c e p ta n c e s ig n ify ,
in a legal m a n n er, th a t s o m e b o d y h as agreed t o p a y a ce rta in s u m o f m o n o y
o n a s p e c ifie d d a to .
I h a v e p rep ared a fo rm o f n o to fo r use b y im p le m e n t
dealers w h ic h I a m r e lia b ly in fo rm e d m eets all th o re q u ire m e n ts o f th e
F ed era l R eserv o B o a rd , m a k in g it s u b je c t t o re d is co u n t as a gricu ltu ra l
p a p e r.
T h o m a c h in e r y is sim p lo , b u t it is g o in g t o tak e s o m e tlm o b e fo r e it is
fu lly a p p recia ted an d In s m o o th ru n n in g o rd e r. T h o m ere f a c t th a t this
law is o n th e sta tu te b o o k s a t W a s h in g to n d o e s n o t m ea n t h a t th e dealer
an d th o fa rm er aro g o in g t o c o n d u c t th eir a ffa irs in a c c o r d a n c e w ith its
p r o v is io n s .
T h e su ccessfu l w ork in g o u t o f th is system calls fo r th o h e a rty c o -o p e ra tio n
o f th o b a n k s an d I b e lie v e th a t w h en th e a d v a n ta g e t o th o agricu ltu ral
co m m u n ity is fu lly a p p re cia te d b y th e m , w o w ill h a v e th eir u n q u a lifie d
s u p p o r t. T h o c o u n tr y b a n k e r m u st realize th a t th e ave ra g e business m an
o r d ea ler In th o sm aller to w n d o e s n o t h a v e his assets in a liq u id c o n d it io n .
B y th is I m ea n th a t th o m a jo r it y o f his sales are o n his b o o k s as o p e n a c
c o u n ts .
I t is rea son a b le t o b e lie v e th a t th e av e ra g o c o u n tr y b a n k er w ill
lo o k w ith fa v o r o n th o d ealer w h o insists u p o n h is cu sto m e rs g iv in g h im
eith er cash o r a b a n k a b le n o to o r a c c o p ta n c o . I t is t o th e in terest o f e v e ry
b a n k in th e sm aller to w n s t o h a v e th e business o f th a t to w n o n a so u n d
basis, a n d sales m a d e fo r cash o r fo r b a n k a b lo n o te s o r a c c e p ta n c e s w ill g o a
lo n g w a y tow a rd brin g in g a b o u t th a t c o n d it io n .
I t rests w ith th e im p le m e n t in d u stry s o t o o d u ca to th o im p le m e n t dealer
th a t h o w ill roalizo th o n e ce ssity a n d im p o rta n ce o f in sistin g u p o n his
c u s tom ers g iv in g h im eith er cash o r p a p e r, th a t is, o r w ill b o a t s o m e fu tu re
d a to , s u b je c t t o r ed is co u n t. I t s h o u ld b o b o rn e in m in d th a t th o law In
ten d s th a t th o n otes o r a cce p ta n ce s shall b o Issued a t th o tim e th o sale is
m ade.
I t d oes n o t co n te m p la te th at renew als w ill b o su b je c t t o r e d is co u n t.
T h is loads u p t o a m o s t im p o rta n t ph a se o f th o s u b je c t, n a m e ly , m a tu r ity
d a tes.
In w ell regu lated business tran saction s th o m a tu r ity d a t o o f an
o b lig a tio n m oans th a t th o in debtedn ess is t o b o p a id o n th o d a t e s p e c ifie d .
U n fo r tu n a te ly , w ith s o m e farm ers an d im p le m e n t dealers a m a tu r ity d a to
s im p ly m oan s tho d a y u p o n w h ich th o m ak er o f th o n o te in ten d s t o n e g o tia te
fo r an o xton sion . M a n y A m e rica n ban k ers, w h o a ro th o r o u g h ly in sy m p a th y
w ith th o red iscou n tin g o f p a p e r, s a y th a t th e y fear th o fa rm e rs’ p a p e r w ill
n o t p r o v o v e r y a c c e p ta b le , fo r tho reason th a t o n ly a sm all p e rce n ta g e o f it
is a c tu a lly p a id a t tho d a te o f m a tu r ity .
T h is c o n d itio n c a n n o t b o ch an ged in a d a y , b u t i f w o c a n g o t th o farm ors
t o g iv o p a p e r, it w ill n o t b o lo n g b e fo r o th o y realizo th a t w h on th eir n o te
b ecom es d u o it m u st b o p a id ; oth e rw ise th o fu tu r e w ill n o t h o ld fo r th em
th o a b ilit y t o b u y g o o d s as th o y h a v o b o u g h t th e m in th o p a st.
T h o r e d is co u n tin g o f p a p e r b y th o F ed era l Iteservo b a n k s, o f w h ic h thero
aro tw o lv o in n u m b er, is lim ite d t o th o m e m b e r b a n k s. A ll n a tio n a l ban ks
aro o p e r a tin g u n d er th o F ed era l R e se rv e A c t an d w hon th eir fu n d s aro fu lly
loa n ed a n d th o y req u ire a d d itio n a l m o n o y to ta k o ca re o f th e tra d o n eeds o f
th oir cu s to m e rs , th o y h a v o re cou rse t o r e d is co u n tin g w ith th o F ed era l
R e s e r v e b an k s p a p er w h ich th e y o w n an d w h ich co m p lie s w ith th e re q u ire
m en ts o f th o F ed era l R e s e rv e A c t . T h o law fu rth e r p r o v id e s th a t S ta te
ban k s m a y jo in th o F ederal R e se rv e s y sto m . U p t o th o p resen t tim o
c o m p a r a tiv e ly fow S ta te b an k s h a v o jo in e d . T h e ro is a goneral im prosston
th r o u g h o u t th o c o u n t r y th a t this re d is co u n t p r iv ile g e Is ge n e ra l, b u t . as a
m a tto r o f f a c t. It Is so m e w h a t lim ite d .
I h a v o had a roviow m a d o o f th o
b a n k in g fa cilities o f s o m e o f th o a g ricu ltu ral States an d th o fo llo w in g
figu res w ill d em on s tra te th e p o in t I h a v o Just m e n tio n e d :
K an sas has 748 tow n s an d c itie s w ith o n e o r in o ro ban k s in oa cli. O f
th ese, o n ly 161 tow n s h a v o n a tio n a l ba n k s, th o o th e r to w n s b e in g se rv e d b y
S ta te o r p r iv a to ban k s. T h o re fo r o , thero aro a largo n u m b e r o f ba n k in g
tow n s In K an sas th a t c a n n o t re d isco u n t their p a p e r d ir e ct w ith th e F ed era l
R e s e rv e b a n k . N ob ra s k a , w ith 586 b a n k in g to w n s, has o n ly 136 to w n s w ith
n a tion a l ban k s. I o w a , w ith 984 b a n k in g to w n s, has o n ly 286 to w n s w ith
n a tion a l ban k s. Illin ois has 341 tow n s w ith n a tio n a l b an k s o u t o f 1,019
b a n k in g tow n s; an d W isc o n s in , w ith 553 to w n s th a t h a v e b a n k s , sh ow s
o n ly 99 o f th oso w ith n ation al ban k s.
P r a c tica lly all o f theso S ta te ba n k s, h o w e v e r , c a r r y a c c o u n ts in larger
cities a n d I th in k it is safe t o s a y th a t th o m a jo r it y o f theso a c c o u n ts aro
ca rried w ith n a tion a l ban ks. T h e re fo r e , th e S ta te b a n k is a c u s to m o r o f th o
n a tion a l b a n k and th e la tto r s h o u ld b e in a p o s itio n to tak o ca ro o f th o
rea son a b le requ irem en ts o f th o S ta te b a n k th ro u gh r e d is co u n tin g its ow n
p a p or.
I lo w o v o r , it is h o p e d , as tlm o go e s o n , th a t m o ro S ta to ban k s w ill
Join th o F ed era l Iteservo s y sto m an d thus enlargo th o d ir e ct r e d is co u n tin g
p r iv ile g o th a t It p r o v id e s .
T h is c o u n t r y Is fa r b e h in d th e tim es in m a tte rs o f th is k in d . T h o o ld e r
c o u n tr ie s In E u ro p o h a v o been u sin g a c c e p ta n c e s fo r ye a rs.
E. R. KENZEL ON RESERVE SYSTEM A N D ITS
RELATION TO FOREIGN TRADE.
The Federal Reserve System and its relation to foreign
trado, with especial reference to bankers’ acceptances and
tho discount market, was discussed by Edwin R . Kenzel,
Assistant Cashier of the Federal Reserve Bank of N ew York,
before tho American Exporters’ & Importers’ Association at
tho Whitehall Club, this city, on Oct. 26. In considering
the changes brought about by tho Federal Reserve A c t, M r.
Kenzel called attention to tho fact that though member
banks may rediscount only commercial or agricultural paper
with their district reservo banks, the law imposes no limit
as to the total amount of such paper that may bo rediscounted
for any member bank; “ these liboral provisions,” said M r.
Kenzel, “ for rediscount and currency issuo have remedied
two great defects that in tho past caused extreme fluctua
tions in discount rates, to the detriment of commerce, and
sometimes mado panic unavoidable.” M r . Kenzel also noted
that “ in addition to tho new facilities for rediscount by
member banks of promissory notes, that arose out of commer
cial transactions, national banks may now, for the first timo,
lond their credit by accepting time drafts or bills of exchango
drawn on thorn.” This privilege, he pointed out (at first
confined exclusively to bills growing out of transactions in
1651
volving the import or export of goods), was extended to in
clude also bills arising out of certain domestic transactions,
such as domestic shipments of goods and pledges of goods in
warehouse and bills drawn by banks or bankers in foreign
countries or dependencies or insular possessions of the
United States for the purpose of furnishing dollar exchange.
While acknowledging that the privilege of accepting time
bills has for a short time been enjoyed also by State banks
and trust companies in New York and some other States,
M r . Kenzel declared, “ it may truly be said that it is the
Federal Reserve A ct that is giving currency to the dollar
bill of exchange at homo and abroad by providing facilities
for their acceptance, in large volume, by our national banks
and by making them available for rediscount and purchase
by tho Federal Reserve banks in the open m arket.” W e
quote M r . Kenzel’s speech pretty nearly in full as follows:
F o r m a n y y e a r s w e en d u red fre q u e n t ly recu rrin g p e rio d s o f distu rb a n ce
In o u r business a n d fin a n c ia l w o rld , o fte n v ergin g o n — an d som etim es
reach in g— p a n ic d im e n s io n s. O u r re co v e rie s w ere m o r e o r less ra p id b u t
th e scars r e m a in e d . W e c o u ld n o t a v o id th o se tro u b le s, p r in c ip a lly because
o f d e fe c ts in o u r b a n k in g a n d cu rre n cy la w s. O ur n ation al ban ks c o u ld
n o t th e n g ra n t c r e d it b e y o n d th e ir a b ilit y t o loan m o n e y , a n d o n e b a n k
c o u ld n o t re a d ily o b ta in a d d itio n a l m o n e y t o loan t o Its cu stom ers w ith o u t
b o rro w in g fro m so m e o th e r ban k sim ila r ly situ a te d . T h e y c o u ld n o t use
th e ir c r e d it e v e n th o u g h It w as u n q u e s tio n e d , an d th e re fo re business
su ffered . T h e ir in fle x ib le reserve requ irem en ts in tim e s o f stress raised
an e ffe c tu a l barrier betw een th e c u s to m e r seeking c r e d it an d w h a t h e
desired, b u t w ere v u ln e ra b le t o th e assaults o f d e p o sito rs w h o c o u ld — an d
fre q u e n tly d id — requ ire c u rre n cy , th e w ith d ra w a l o f w h ich red u ced re
serves b e lo w th e legal req u ire m e n t. R e se rv e s o f n ation al ban k s in N e w
Y o r k , C h ic a g o an d S t. L o u is w ere k e p t in g o ld an d law ful m o n e y in th eir
ow n v a u lts , b u t th e reserves o f o th e r b a n k s co n siste d la rge ly o f b a n k
cre d its an d u n co lle cte d ch e ck s in tran sit b etw een ban k s k n ow n as “ f lo a t .”
T h a t ite m a lon e w as e stim ated v a r io u s ly t o am o u n t n o rm a lly t o fro m fou r
h u n d red m illio n s t o seven h u n d red m illio n s o f do lla rs. “ R eserve ’ seem s
rather an illu sive term t o a p p ly t o such resou rces t h a t co u ld n o t b e c o n
v e rte d in to cu rr e n c y , an d c o n ce rte d a tte m p ts t o c o n v e r t th e m led In
e v ita b ly t o tro u b le , i f n o t disaster.
O ur b an k in g m a ch in ery w as in a d e q u a te an d o u r ban kers k n ew it. T h e y
feared a b re a k -d o w n . P a rticu la rly In t h e in te rio r th e y w ere p ron e t o
q u ic k alarm an d t o tak e w h at seem ed t o th e m p ro p e r p re ca u tio n a ry m eas
ures t o strengthen th e ir p o s itio n s , b u t w h ich o n ly served t o brin g o n or
a ggra va te th e v e r y co n d itio n s th e y d re a d e d an d h a d sou gh t t o a v o id .
L e t us co n sid e r th e ch an ges b ro u g h t a b o u t b y th o F ederal R eserve
s y sto m . T h o A c t p r o v id e d , am o n g o th e r th in gs, th a t all n ational ban ks
sh ou ld c o n tr ib u te a sm all percen tage o f th e ir o w n ca p ita l an d surplus as
ca p ita l t o establish F ed era l R eserve ban k s, a n d transfer a p o rtio n o f their
reserves t o th e F ederal reserve ban k s, th e re t o b e m ain tain ed . T h o se
reserves n o w m o b iliz e d in Federal R e se rv e ban k s, a d d e d t o th e p a id -in
ca p ita l o f th e R e se rve ban ks an d increa sed b y th e ca p ita l and reserve
d ep osits c o n tr ib u te d b y S tate ban ks and tru st co m p a n ie s th a t h a v e jo in e d
th o sy s te m , n ow exceed $ 5 9 0,00 0,0 00, o f w h ich m ore th an $38 0,00 0,0 00
Is h eld b y th o R eserve ban k s in g o ld . T h e p o r tio n o f th a t g o ld o v e r and
a b o v e 3 5 % required t o b e m ain tain ed as reserve against d e p o sit lia b ility
is called fre o g o ld an d c o n stitu te s th e b a s e u p o n w h ich th e R eserve ban ks
c o u ld at this tim e , i f requ ired, exten d re d isco u n ts t o m e m b e r ban ks th rou gh
th o issuo o f F ederal R e se rve n o te s t o th e e xte n t o f a b o u t $ 5 0 0,00 0,0 00.
T h o law requires F ed era l R e se rve ban k s t o k e e p 4 0 % g o ld reserve against
n o to lia b ility , therefore th e lim it o f F ederal R eserve n o te issue is tw o and
o n e -h a lf tim e s th e a m o u n t o f fre e g o ld h e ld . O b v io u s ly , th erefore, th e
greater a m o u n t o f g o ld h e ld b y th o F ederal R e se rv e ban ks th e greater
th e ir a b ility t o exten d cre d it o r issue n o te s.
In a d d itio n t o 4 0 % g o ld reserve th e law requires 100 % o f re -d iscou n ted
com m e rcia l o r p urchased p a p e r t o b e p le d g e d as colla tera l se cu rity t o the
n o te issuo, and th e n o te s are th e d ir e ct o b lig a tio n o f th e U n ited S tates.
M e m b e r b an k s m a y re d isco u n t only co m m e rcia l o r agricu ltu ral p a p er w ith
th e ir d istrict R eserve ban k s, b u t th e law im p oses n o lim it as to th e to ta l
a m o u n t o f such p a p e r th a t m a y b e red iscou n ted fo r a n y m e m b e r ba n k .
T h e se liberal pro v isio n s fo r red iscou n t and cu rre n cy issue h a v e rem edied
t w o great d e fe cts th a t in th e p a s t cau sed extrem e flu ctu a tio n s in d iscou n t
rates, t o th o d e trim e n t o f c o m m e rce , an d som etim es m a d e p a n ic u n a v o id
a b le . U n d er th e new system n o w ell-m an aged so lve n t m e m b e r ban k need
fa il n o r c o m m e rce la ck b an k in g a c c o m m o d a tio n fo r its le gitim ate and
reasonable needs a t fa ir and stable rates o f interest o r d is co u n t.
T h e so b e n e fits a p p ly n o t t o a n y p a rticu la r section s o r cen tres, b u t ov e r
th o en tire c o u n tr y , as th e law also p r o v id e s fo r rediscou n ts betw een F ederal
R eserve banks: s o , i f th e n eeds o f on e d is tric t aro greater th an th e R eserve
b a n k o f th a t d is tric t can co n v e n ie n tly a c c o m m o d a te , th e o th er d istrict
ban k s ca n assist, a n d , In deed, m a y b e requ ired t o d o s o b y the F ederal
R eserve B o a rd a t rates t o b e a p p ro v e d b y th e B o a rd . S o th e p o w e r o f th e
system t o stabilize rediscou n t rates is a p p aren t.
In a d d itio n t o th e new fa cilitie s f o r re d isco u n t b y m e m b e r ban ks o f p rom
issory n o te s, th a t arose o u t o f a ctu a l c o m m e rcia l tra n sa ction s, n ational
ban ks m a y n o w , fo r th e fir s t tim e , lend th eir cr e d it b y a cce p tin g tim e
drafts o r bills o f exch an g e draw n on th e m . T h o se a cce p ta n ce s m a y either
b o d isco u n te d b y F ederal R eserve ban ks f o r m e m b e r b a n k s, o r p urchased
b y F ederal R e se rv e b an ks In th o o p en m a rk e t, a t rates a p p ro v e d b y th e F e d
eral R eserve B o a rd .
T h is priv ile g e t o a c c e p t tim e b ills w as a t first co n fin e d e x clu sively t o
b ills w h ich grew o u t o f tran saction s I n v o lv in g th e Im p ort o r e xp o rt o f g o o d s
t o o r fro m th o U n ited S tates, o r betw een fo re ig n cou n tries, b u t h a s, b y re
ce n t am en dm en ts t o th e la w , been e x te n d e d t o in clu d e also b ills arising ou t
o f c e r ta in d o m e s tic tra n sa ction s, such as d o m e s tic sh ipm en ts o f g o o d s an d
pledges o f g o o d s In w arehouse an d b ills draw n b y b an k s o r ban kers In fo r
eign co u n trie s o r d e pen den cies o r insular possession s o f th e U n ited S tates,
fo r th e p u rp o se o f furnish ing d olla r exch an g e.
T h o p rivilego o f a cce p tin g tim e bills h ad fo r a short w hile been e n jo y e d also
b y S tato ban ks an d tru st com p a n ies in N e w Y o r k a n d so m e o th er States,
and so m o o f o u r leadin g State Institutions w ere q u ic k t o exercise th eir p r iv
ilege and soon d e v e lo p e d large, e fficie n t a n d p r o fita b le d ep a rtm en ts th a t
h a v o h a n d led th is business in co n sid erable v o lu m e t o th e b e n e fit o f ou r trade
a t h o m o an d a b ro a d . B u t it m a y tru ly b e said th a t it is th e Federal R eserve
A c t th a t is g iv in g cu rre n cy t o th e do lla r b ill o f exch an g e a t h o m e a n d a b roa d ,
b y p ro v id in g fa cilitie s fo r th eir a cc e p ta n c e , in large vo lu m e , b y o u r national
ban ks an d b y m ak in g them ava ila b le fo r red iscou n t an d purchase b y th e
Federal R e se rve ban ks in th e open m ark et.
T h is a pp lies n o t o n ly t o th e a cce p ta n ce s o f m em b er ba n k s, b u t also to
a ccep tan ces o f n o n -m e m b e rs and p riv a te ba n k e rs, fo r F ederal R eserve b an ks
m a y and d o b u y in th e op en m ark et a cce p ta n ce s o f n o n -m em bers an d b a n k -
ir>52
THE CHRONICLE
ers th at h a v e c o m p lie d w ith reason able requ irem en ts as t o cre d it in fo rm a tio n
an d th eir a c c e p ta n c e bu sin ess. T h o s e b ills on n o n -m e m b e r b a n k s,h o w e v e r,
m u st n o t b e fin a n c e b ills , b u t o f th e o th e r k in d s (s o fa r as th e u n d erlyin g
tra n sa ction s are c o n c e r n e d ), th a t a n a tio n a l b a n k m ig h t a c c e p t: and b o th
m em b er a n d n o n -m e m b e r b a n k e r s ’ a c c e p ta n c e s , t o b o e lig ib le at F ed eral
R es erv e b a n k s , m u st h a v o a m a tu r ity a t tim e o f d is c o u n t o r p u rch ase o f
n o t m ore th an three m o n th s , e x clu siv e o f d a y s o f gra ce .
B y g iv in g t o n a tion a l ban k s th e p o w e r t o a c c e p t t im e b ills a risin g o u t o f
foreig n tra d e, and p r o v id in g a d isco u n t fo r th e m , th e A c t .advanced A m erican
co m m e rco an d fin a n ce t o a p o s itio n o f p o te n tia l in d e p e n d e n ce an d w ide in
flu e n ce in the m ark ets o f th e w o rld .
It re lie v e d y o u gen tlem en fro m th o
n ecessity o f tr a n s a c tin g m a n y o f y o u r c r e d it an d c o m m e rcia l o p e ra tio n s in
a foreign c u rren cy an d fro m th e c o n s e q u e n t n e ce ssity o f h a v in g t o co u p lo
w ith y o u r com m e r c ia l risk s th e h a za rd o f an a d verse e xch an g e m ark et w hen
settlem en t d a y ca m e a lo n g . M a n y o f y o u hero t o -d a y p r o b a b ly recall in
stan ces w h en y o u r c a refu l ca lcu la tio n s w ere u p se t an d e x p e cte d p r o fits
o n m erch an d ise w ere m a teria lly r e d u ce d o r e x tin g u is h e d , i f n o actual loss
w as in cu rred th rou gh settlem e n t a t exch a n g e rates u n foreseen o r n o t p r o
v id e d aga in st. T h e experien ces o f 1907 an d th e su m m er o f 1914 ca n n o t be
fo r g o tt e n . U n d er th o old sy ste m y o u w ere a lm o st o f n ecessity c o m p e lle d
t o sp ecu late in foreign ex ch an g e. Tf y o u c o u ld o r d id h e d g e y o u r c o m m it
m e n ts . it u su ally c o s t y o u m o n e y t o d o it. T h a t h a n d ica p is n o w largely
r e m o v e d a n d y o u ca n c o m p e t o on m o re equ a l term s w ith fo re ig n m erch an ts
In th a t regard .
O ur ban ks m a y n ow g ra n t y o u th o fa c ilitie s th a t fo r m e r ly y o u h a d t o seek
a b r o a d , an d th o p a y m en ts h e re to fo re m a d e a b ro a d fo r those im p o rte d ser
v ic e s m a y g o t o o u r ow n ban ks and b e s a v e d t o th is c o u n tr y . O u r ba n k s m a y
n o t o n ly p e rfo rm th is serv ice fo r y o u b u t m a y th em selves b e c o m e exporters,
exp orters o f c r e d it , b y gra n tin g c r e d its at h o m e o r a b ro a d t o fin a n c e th o
im p o rts o f o th e r c ou n tries ; in fa c t , t h e y are d o in g it t o -d a y . H o w great
th o b en efit w o m a y g ain fro m t h is a b ilit y fu lly d e v e lo p e d , m a y b e realized
w hen w o rem em b er th a t th e large n orm al v is ib le tra d e b alan ces against
E n g la n d fo r yea rs w ero o ffs e t an d ch a n ged in to a ctu a l ba la n ce s in her fa v o r ,
b y her e x p orts o f ba n k in g c r e d it and o th e r s e rv ice s t o a ll n a tion s. T ills w as
d em on stra ted b y her a b ility t o m a in ta in a fre e m a rk e t fo r g o ld a n d c o m
p a r a tiv e ly low an d s te a d y d is c o u n t ra tes. B u t m ore th an th o m ere a b ility
t o gran t a c c e p ta n c e c r e d it is re q u ire d in o rd e r th a t th o se cre d its m a y b o
u tiliz e d . W e m u st h a v e a d is co u n t m ark et a t h o m o th at w ill ta k e b ills and
a cce p ta n ce s a t all tim es in large v o lu m e , at fa ir ra te s, an d bill b u y e rs and
ban k ers a b roa d m u st k n ow th a t it e xists an d is h ero t o s ta y . T h e r e m ust
a lso be a volu m o o f d olla r bills a v a ila b le a t all tim e s in all th e p rin cip a l c o m
m ercia l cen tres o f th e w orld t o w h ich A m e rica n g o o d s a rc e x p o rte d and fro m
w h ich w o im p o rt g o o d s , su ffic ie n t t o p r o v id e re m itta n ce s fo r se ttle m e n t o f
d olla r c r e d its , w heth er ban k ers o r m erch an ts.
W h e n a foreign ex ch an g e h ouse is o ffe r e d a cr e d it in a fo re ig n cu rre n cy ,
it first considers tw o things. Is it in a c u r r e n c y th a t can su re ly b o c o v e r e d ,
a n d can th e n a m e bo r e a d ily d is c o u n te d at a g o o d r a te ?
L a cn in g eith er o f
th ose essentials th e c r e d it is o rd in a r ily d e c lin e d . F o r fo re ign use w e m ust
w eigh o u r ban kers’ cred its on th o se sca le s. T h e y w ill b e w eigh ed in th a t
ba la n ce a b r o a d .
W e h a v e m a d e a g o o d be g in n in g . W e h a v e a d is co u n t m ark et broad er
th a n is gen era lly realized. H e ro in N e w Y o r k , resp on sible bro k e rs, d is
c o u n t houses a n d d ealers in ban kers’ acce p ta n ce s are tra d in g in th em a c tiv e ly
an d in increasing volu m e.
T h e y are selling them n o t o n ly in N o w Y o r k b u t also o u t -o f-t o w n , fro m
N e w O rleans t o C a n a d a and w est t o th o P a cific , t o ban ks, co rp o ra tio n s and
oth er b u y ers seek in g liq u id , safo in ve stm e n ts, o f s h o rt, fix e d m atu rities,
y ie ld in g som eth in g b e tte r than th e o rd in a ry rates o f interest p a id b y ban ks
fo r d ep osits. T h o dem an d fo r th em n o w exceeds th o s u p p ly , an d th o d is
c o u n t rates are a c c o r d in g ly low c o m p a re d w ith o th er m o n e y ra te s, b u t , o f
cou rse, v a r y a c c o r d in g t o th e q u a lity an d ch a ra cte r o f th o p a rticu la r bills.
A s elig ib ility fo r red iscou n t o r pu rch ase b y F ed era l R e se rv e ban ks is an
im p orta n t con sid era tion , a cce p ta n ce s o f tho k in d s an d m atu rities th a t such
ban ks m a y purchase co m m a n d th e be st rates a n d h a v e c o m e t o be know n and
q u o te d as "e lig ib le b ills .”
O th ers o f th o sam e kin d s b u t o f longer m a tu r ity ,
an d th ose k in d s th a t c o u ld n o t b e pu rch ased b y F ed era l R e se rv e ban k s, are
c a lle d “ in elig ib ies,” an d take a som ew h a t h igh er ra te , a b o u t K — Vi a b o v e
eq u a lly prim e “ ellg ib les.”
T h e op en m ark et rates are established b y w h a t b u y e rs w ill p a y b y s u p p ly
a n d d em a n d . T h o F ederal R eserve ban k is a b u y e r in tho o p e n m arket
fro m tim e t o tim o as occasion s requ iro w ithin a lim it o f m in im u m and m axi
m u m rates establish ed b y th e ban k and a p p ro v e d b y th o F ed era l R eserve
B o a rd . T h o se lim its are at present fix e d at fro m 2 % t o 4 % b u t aro, o f
cou rso, s u b je c t t o ch a n ge. W ith in th ose lim its th e F ed era l R eserve B ank
o f N e w Y o r k b u y s accep ta n ce s at— o r slig h tly a b o v o — tho m ark et using
its discretion w ith resp ect t o rates p a id fo r d iffe re n t classes and character
o f b ills . Its present h o ld in g o f th em is a b o u t $24 ,0 0 0 ,0 0 0 an d o f all tho
F ed era l R eservo ba n k s a b o u t $ 8 0 ,0 0 0 ,0 0 0 . T h o lo w e st rate at w h ic h it
e v er b o u g h t them w as 2 % . T h o present rates aro slig h tly h igh er fo r the
b est n am es, say 2V%— 2 % .
P u rchases o f a ccep tan ces b y F ed eral R eserve ban ks h a vo in clu d ed several
m illion s o f d olla r b ills o f exchange draw n a b ro a d on — and a c c e p te d b y —
im p o rtin g m erch an ts in th is c o u n tr y . S uch a cce p ta n ce s are " e lig ib le ,”
w hen w ith in n in ety d a y s o f m a tu r ity , as fo re ign trade a cce p ta n ce s o r b ills
o f exch an g e, i f th ey are draw n b y so m e person o th e r than th e d raw ee against
actu al com m ercia l tran saction s s u ch as a ctu al sh ip m en ts o f g o o d s , p ro v id in g
s a tisfa cto ry statem en t has been furnish ed o f th o fin a n cia l c o n d itio n o f on o
o r m oro o f th o p arties to the b ill, b u t th ey d o n o t co m m a n d as low a rate as
a prim e ban kers’ bill.
T h o a m ou n t o f ban kers’ a cce p ta n ce s h e ld b y F ed eral R e se rv e ba n k s
c om p a red t o th o tota l am ou n ts o u tsta n d in g , (estim ated at a b o u t $ 2 0 0 ,0 0 0 ,
0 0 0 ) , in d ica tes th a t w h ile th e y aro Im porta n t b u yers there are oth ers. T h o
R eserve ban k d oes n o t co m p e to fo r bills, b u t c o m p e titio n fo r c h o ice b ills is
k een . Its p u rchases, h ow e v e r, aro p r o b a b ly su ffic ie n t t o h a v o an e ffe c t
on rates w h en ever th ey m ig h t la ck s ta b ility o r abn o rm a l co n d itio n s p re
v a il, a n d , as t o s ta b iliz e d is co u n t rates is a fu n ctio n o f the Federal R eserve
sy stem , th e use o f its pow er t o th at e n d , rather than fo r m ere p r o fit , w ou ld
n a tu rally follow .
O no o f tho things c o n trib u tin g t o th e lo w , o p e n m arket rates a nd retardin g
d e v elop m en t o f a w ider m ark et th rou gh tho s ca rcity o f b ills is th e p ra ctice
o f som e a ccep tors t o p urchase th eir ow n acce p ta n ce s fro m their cu stom ers
an d in th e op en m ark et an d retain th em fo r their ow n in vestm en t. T h is
is n o t in a c co rd a n ce w ith established p ra ctice a b ro a d , w here it is alw ays
u n d erstood th at a bankers’ acceptance is net a loan of money but of credit and
that the discount market will supply the money. M o r e o v e r , w hile an acce p to r
m ig h t also b o a b u y e r o f a cce p ta n ce s, h o w o u ld h a rd ly con sider his ow n
a ccep ta n ce in his ow n p o r tfo lio as a liq u id asset, nor even a c ce p ta b le c o l
lateral in a loan h e m ig h t gran t on bills. I t is p ro b a b lo that th e great ease
o f m on ey o v e r alm ost th e en tire p e rio d sin ce A m erican ban ks co u ld a c c e p t,
. an d the rela tiv e s ca rcity o f loan s, h a v o co m b in e d t o in d u ce th is pra ctice
an d th at ch an ged c o n d itio n s w ill m o d ify it, b u t th o p urchase or d iscou n t
b y an a c c e p to r o f his ow n a cce p ta n ce is an op e ra tio n w h ich m a n y bankers
nsider op en t o q u es tion , and it w o u ld seem w o rth y o f con sid era tion
I ether a ccep tors should n o t refrain fro m th is p r a c tic o d u rin g th o d o v e lo p t o f ou r op en m ark et.
[Vol. 103
N o w , as t o th e v o lu m e o f d o lla r exch an g e a b r o a d and its cu rre n cy : Y o u
can assist m a te ria lly in e stablish in g it b y a d v ic e t o y o u r foreign co rre
sp o n d e n ts regardin g it and en co u ra gin g them t o use it; b y assisting th em t o
o b ta in d o lla r cre d its, b y w o rk in g fo r be tte r m a il and steam ship sorvico
b etw een th o U n ite d S ta te s an d th o m o ro re m o te fo re ig n co u n trie s, and b y
sellin g th em m ore g o o d s f o r d o lla rs, an d to sell m ore ab ro a d y o u m u st b u y
m o r e a b r o a d . Y o u r increa sed purchases w ill causo b ills t o b e draw n on
N e w Y o r k , th e r e b y a v o id in g th e cre a tio n o f u n w ie ld y balan ces. B u t if
s u ffic ie n t c o m m e rcia l b ills are la ck in g fo r a tim o, o u r m e m b e r ba n k s can
s u p p ly cr e d it t o fu rn ish d o lla r re m itta n ce s, w herever th o usages o f trado
requ iro it. Y o u can establish th o se usages, and y o u w ill h a v e th e facilities
o f y o u r ban k s a t h o m e an d a b ro a d t o a id y o u .
N a tio n a l ban ks m a y establish fo re ign bran ch es an d b y recen t a m en d m en t
o f th o A c t , m a y n o w ow n s to c k in A m e rica n trad o ban k s w ith fo re ign
b ra n ch e s . T h e exp erien ce o f o th e r co u n trie s su rely in d ica tes th a t trad o
w ill fo llo w c r e d it, an d also th a t c r e d it sh ou ld n o t b e gra n ted to o fre e ly .
Y o u r F ed era l R e se rv e b a n k in g system n o w has fa cilitie s fo r a c c o m m o
d a tin g trad e b y th e m o s t e co n o m ica l and w o rld -a p p r o v e d cr e d it m eth od s.
L e t m o read y o u w h a t M r . H a r tle y W ith e rs, a w e ll-k n o w n E n glish
w riter on fin a n c e , has said in h is re ce n tly pu b lish ed v o lu m o , "In te rn a tio n a l
F in a n ce :”
“ B u t th o E u ro p e a n w ar has pushed fo rw a rd th o d a y on w h ich A m e rica
has taken its p la c e as lender in th o in te rn a tio n a l m o n o y m a rk e t, a n d its
ban k in g system h a d , in th e v e r y n ick o f tim o , been reorgan ized in such a
w a y th a t it is re a d y t o fa c e th e p ro b le m s o f in tern ation a l fin a n ce . U n dor
th e Federal R eserve S ystem A m erican b a n k in g is n o w gro u p e d an d c o
ord in a te d an d h a s b een furnish ed w ith p o w e rs o f a c c o p ta n e o an d re d isco u n t.
“ i f E n gla n d h ad a d v a n ta g e s in its s lo w ly e v o lv e d s y s te m , sh aped and
tested b y cen tu ries o f trial an d strain , A m o rica has been a b lo t o b e n e fit b y
th o exp erien ce and m istak es o f o ld e r n a tio n s an d t o fash ion a ba n k in g s y s
te m a fte r carefu l s t u d y o f all th a t w as b e st an d w o rs t a b r o a d .
“ T h o new sy s te m ca m o in to b e in g a t a tim e o f stress, an d so fa r has fa c e d
w ith a d m ira b le c o m p o s u re an d success a serios o f p ro b le m s fo r w h ich n o
exp erien ce co u ld h a v e prepared it. A m e rica is p o w o n o o f th o leadin g
P ow ers in in te rn a tio n a l fin a n ce , an d on th o w ise and skillfu l uso o f its
stre n g th t h e fu tu r e p ro s p e r ity o f th o civ iliz e d w o rld w ill, t o a g re a t e x te n t,
d e p e n d .”
A c c e p tin g th is estim a te b y a re co g n ize d foreign a u th o r ity o f th o g reat
o p p o r tu n ity o p e n e d t o th o U n ite d S tates b y th o abn o rm a l c o n d itio n s
cau sed b y th e fo re ig n w ar an d realizin g tho re sp o n sib ility w h ich th is o p p o r
tu n ity pla ce s u p o n all A m e rica n s engaged in b a n k in g an d co m m e rco , it is
cle a rly o u r d u t y t o c o m b in e o u r e ffo r ts t o d e v e lo p an d p e r fe ct th e o p e ra
tio n s o f th is n ow b a n k in g sy ste m . T o th is en d there Is a call t o service
an d w e m u st s triv e t o m ak e th o m o s t in telligen t use o r b o th fa cilitie s and
o p p o r t u n it y , a lw a ys ca r e fu l, a lw a ys prepared fo r to -m o r r o w , fo r tho big g er
ta sk , fo r th e increased b u n io n o f r e sp o n sib ility th a t m a y b o ours.
PROPOSED
,
REFERENDUM ON FEDERAL
COLLECTION PLAN.
RESERVE
In furtherance of tho proposal to conduct a roforendum
voto on the check collection plan of tho Federal Reserve
system, a series of questions has been proparod by Jeromo
Thralls, Secretary of the Clearing House and National
Bank sections of tho American Bankers’ Association and
Acting Secretary of the committee appointed under tho reso
lution adopted at the recent convention of tho American
Bankers’ Association to co-operate with tho Committee on
Federal Legislation of that body to bring about an amend
ment to Section 16 of tho Reserve Act which provides for tho
so-called par collection of checks. Theso questions have been
suggested for tho use of the secretaries of the Stato banking
associations throughout the country in conducting a canvass
to determine the attitude of all the banks, national and State,
in tho United States on the clearing and collection featuro.
It is stated that in addition to tho general referendum the
Vice-Presidents of the National Bank Section havo boon
asked to securo from six representative banks in each Stato
a statement setting out full information rolativo to the
clearing and collection of out-of-town checks, exchange
charges and oxpenses involved. W e printed in our issue of
Oct. 14 the names of those composing tho committeo of
twenty-five which has been delegated to assist in bringing
about the onactment of tho desired amondmont, and for
whom tho proposed referendum is to bo conducted. Tho
suggested form for tho use of tho State secretaries in taking
the referendum, and the questions proparod in tho matter
are annexed herewith:
B A N K E R S ’ A S S O C IA T IO N .
Oct. 28 1916.
To the Managing Officer of the Bank Addressed:
M y D e a r Sir— It is o f vita l interest t o o v o r y b a n k e r th a t th o q u e stio n o f
cle a rin g and c o lle c tio n o f ch e ck s b o s o lv e d in th o rig h t w a y .
A c o m m itte o o f t w e n ty -fiv o m e n , fifte e n co u n tr y ban kers an d ten rosorvo
c it y ba n k e rs, has been a p p o in te d th ro u g h a u th o r ity o f a re so lu tion
a d o p te d b y th o A m e rica n B a n k ers’ A s s o c ia tio n a t its re ce n t c o n v e n tio n .
T h is c o m m itte o is ch a rged w ith th o re sp o n sib ility o f w o rk in g o u t a p la n
th a t w ill bo fa ir and e q u ita b lo t o all ba n k s an d to th o gen eral business
in te re sts. T h o c o m m itte o n eed s, and is en title d t o re co iv o , th e c o -o p e r a
tio n an d assista n ce o f e v e r y b a n k er.
W o n ’ t y o u p loaso g o o v e r th o q u es
tio n s g iv e n b e lo w a n d fill in y o u r answ ers th e ro to , an d return th e m to m o ,
b y first m a il? T h e y w ill n o t b o m a d e p u b lic b u t w ill b o co m b in e d w ith
o th ers an d w ill b o fo rw a rd e d to th e S e cre ta ry o f th o c o m m itte o to b e used
as a basis in w o rk in g o u t a s a tisfa c to r y clea rin g an d c o lle c tio n p la n .
T h o in d ica tio n s fo r su ccess w ith th o p r o p o s itio n aro g o o d , b u t p r o m p t
a c tio n an d clo s e c o -o p e ra tio n aro necessary.
A w a itin g y o u r resp on so, fo r w h icli I th an k y o u in a d v a n c o , I a m ,
S in cerely y o u rs .
S e creta ry.
Q u estion N o . 1. Is th o p lan o f cloa rln g an d c h e ck c o lle c tio n n o w o p
erated b y th o F ederal R e s e rv e ban ks s a tisfa c to r y t o y o u ?
Q u ostion N o . 2 .
D o y o u th in k th o law sh o u ld b o a m o n d o d s o as to
e lim in ato th e clea rin g an d c o lle c tio n fe a tu ro ?
Q u estion N o . 3 .
D o y o u th in k th o Fedora] Rosejrvo ban k s sh o u ld u n d er
ta k e t o m ain ta in a co m p re h e n s iv e clea rin g o r c o lle c tio n s y s te m ?
NOW 4 1916.]
THE CHRONICLE
Q u estion N o . 4 . W o u ld th o e lim in ation o f th e clo a rin g an d c o lle c tio n
fea tu re fro m th e law h a v e a n y d e cid e d be a rin g u p o n S ta te b a n k s jo in in g th e
F ed era l R e s e r v e s y s te m ?
Q u estion N o . 5 . W h a t ra te o f e xch an g o p e r th o u sa n d d o lla rs d id y o u
ch a rge fo r d r a fts so ld o v e r y o u r c o u n te r p rio r t o th e in a u gu ra tio n o f th e
F ed era l R e s e r v e clea rin g s y s te m ?
Q uestion N o . 6. AVhat ra te o f e xch an g o p e r th ou sa n d d o lla rs d o y o u n o w
ch a rge fo r d r a fts sold o v e r th e c o u n te r ?
Q u estion N o . 7. W h a t ra te o f exch a n g e p e r th o u sa n d d o lla rs d id y o u
ch a r g o fo r r e m ittin g t o c o v e r ch e ck s r e ce iv e d th ro u g h th e m ails p r io r t o th e
in a u gu ra tion o f th o F ed era l R e se rv o clea rin g s y s te m ?
Q u estion N o . 8. W h a t r a to o f e xch a n g e per th o u sa n d d o lla rs d o y o u n o w
ch a rgo fo r r e m ittin g t o c o v e r ch e ck s re c e iv e d th ro u g h th o m ails fr o m
sou rces o th e r th an th e F ed era l R e s e rv e s y s te m ?
Q u estion N o . 9 . W h a t p e rce n ta g e o f y o u r item s are n o w c o m in g t o y o u
th rou g h th e F ed era l R e s e rv e b a n k ?
Q u estion N o . 10. W h a t a m o u n t o f n e t in c o m e o r r e v e n u e d o y o u fig u re
y o u r b a n k w ill lose p er a n n u m o n a c c o u n t o f th o in flu e n ce an d o p e ra tio n s
o f th o p resen t F ed era l R o s e rv o clea rin g s y s te m ?
Q u estion N o . 11. D o y o u th in k it w o u ld b e o f .advantage to th e ban k s
an d th o gen eral business in terests fo r th o F ed era l R e s e rv e b a n k s t o esta b
lish an d m a in ta in a clea rin g an d co lle c tio n s y s te m w h ich w ill b o v o lu n ta r y
a n d self-su sta in in g . T h a t is, a s y s te m : First— O pen fo r th e u so o f th o se
w h o desire t o u se it (n o b a n k b e in g o b lig e d t o use i t ) . S e co n d — T h o e x
p en se o f its m a in ten a n ce t o b e b o rn o b y th o s e w h o uso it o n a p r o ra ta b asis,
as is th e c u s to m w ith regu lar clea rin g h ou so s. T h ir d — A llo w in g b an k s t o
m a k e a rea son a b le ch a rge t o c o v e r exp en se o f r e m ittin g a n d s e rv ice an d
tim e c os ts. F o u rth — T h e s y s te m t o h a v e n o c o n n e c tio n w h a te v e r w ith the
reservo fea tu re an d t o b o o p e ra te d an d d e v e lo p e d o n m e rit o n ly — th a t is,
its a b ility t o ronder th e h igh e st ch a ra cte r o f s e r v ic e a lo n g e ffic ie n t and
ec o n o m ic a l lin e s ?
Q u estion N o . 12. I f y o u th in k a pla n as d e scrib e d a b o v e s h o u ld b e
in s titu ted , w h a t rate w o u ld fa ir ly c o v e r y o u r expen se o f re m ittin g an d y o u r
s e r v ic e an d tim e c o s ts ?
T h o q u e s tio n o f reserve requ irem en ts h as h e r e to fo r e h a d co n sid e ra b le
b oa rin g u p o n c o lle c tio n arran gem en ts and It is th o u g h t b y m a n y th a t i f th e
requ irem en ts rem ain as n o w fix e d b y la w . It w ill b e a b s o lu te ly n ocossary
fo r th o F ed era l R eserv e b a n k s t o b o p re p a re d t o ren d er c o lle c tio n an d
clea rin g s o r v ic o fo r their r e sp e ctiv e m em b ers.
Q u estion N o . 13. D o y o u th in k S e ctio n 19 o f th e F ed era l R e s e rv o A c t
s h ou ld b o a m en d ed so as t o re d u ce th o a m o u n t o f reserves re q u ire d fo r c o u n
tr y b a n k s ? I f s o , t o w h a t p e r c e n t s h o u ld th o re q u ire d reserves b e re
duced?
Q u estion N o . 14. I f th o re q u ire d reserves ro m a in as n o w fix e d , w o u ld
y o u fa v o r an a m en d m e n t p e r m ittin g c o u n t r y b a n k s t o c a r r y 3 % o f their
req u ired reserves w ith n a tio n a l b a n k s in citie s n o w d e sig n a te d as “ reserve
c itie s ” o r in a n y n ation al b a n k w ith in a ra d iu s o f 300 m iles fr o m th e h o m e
o f tho r e s p e c tiv e c o u n t r y b a n k s ?
E n te r b e lo w a n y s p e cia l su gge stio n s y o u m a y h a v e in m in d th a t w ill
b e h e lp fu l t o th e c o m m itte e .
FOREIGN
EXCHANGE— TO-DAY'S TOPIC,
OPPORTUNITY.
TO-DAY'S
This is the title of a brochure issued by A . B . Leach & C o.
of this city, written by A . Oppenhoim, Manager of the firm’s
foreign exchango department. This oxpert briefly and
clearly describes the operations of foreign exchange and
shows how rates all over the world have been affected by
the financial problems growing out of the great European
war. The explanations are intended to indicate to the
wide awake American investor tho investment opportunities
which lie in tho foreign exchange field. The author states
that “ it is time for the American investor to consider whether
he is willing, and whether he is justified to try and make
use of the present extraordinary investment opportunities.
Two modes for investing money present themselves to-day,
viz.: (a) buying foreign exchange; (b) buying foreign bonds.
In buying foreign exchange, v iz.: checks on foreign coun
tries, tho investor must consider that he loses interest on
the money invested until he sells his checks, that his profit
must result from a riso in exchango, and that the only chance
ho has for losing is a further fall in exchango. In buying
foreign bonds, ho must consider that both the bonds and
the currency can fall in price, but ho stands a double chance
of increasing his capital invested, as both the price of the
bond and tho currency may go up. And, where to-day he
invests in bonds which really havo fallon very considerably
(most of them aro selling on a 5 ^ % to 6 % basis, as com
pared to a 3 Yi% to 4 3 ^ % basis before the war), paying for
them in depreciated currency, he certainly stands an un
usual chance to do well.”
The brochure contains a detailed list of securities issued
by tho principal belligerent nations, with illustrations to
show the effects of the present crisis in foreign exchange and
tho opportunities arising therefrom. There aro also in
cluded a number of tables relating to the interest and par
valuo of some of these securities from which the investor
will bo able to see at a glance the valuo of his coupons and
the par valuo of his securities on the basis of the prevailing
rates of exchango.
In this monograph the writer has succeeded in reducing
the complicated explanations of foroign exchango to simple
terms for the benefit of the layman, so that the money
making possibilities of tho present unusual international
situation will be thoroughly understood and the most made
. of tho investment advantages in our favor. A compliment
ary copy of “ Foroign Exchange,” will, we believe, be supplied
on application.
1653
UNPARALLELED GROWTH I N B ANKING IN S TITU
TIONS OF THE COUNTRY SINCE PASSAGE OF
RESERVE ACT.
Statements of condition of all the banks and trust com
panies of the United States, including national banks and
banking institutions under State supervision, are compiled
only once a year, usually July 1, and are prepared under the
supervision of the Comptroller of the Currency. The results
for the current year, including returns from 27,513 reporting
banks and trust companies, were made public on Oct. 31
in a statement issued by the Comptroller in which he an
nounced that on July 31 1913, a few months before the pas
sage of the Federal Reserve Act, the resources of the 25,993
banks and trust companies were reported at 25,712 million
dollars; on July 1 1916 he states the aggregate resources
of the 27,513 banks and trust companies reporting amounted
to 32,271 million dollars— an increase of 6,559 million, or
2 5 .5 1 % . During these three years the deposits in all the
banks of the country, according to the statement, increased
6,242 million dollars, the increase in the national banks being
3 3 .5 6 % , and the increase in the State institutions, including
State banks, savings banks and trust companies, was 2 9 .2 6 % .
The growth in the three years, says Comptroller W illiam s,
is without a parallel in the financial history of this or any
other country. W e print his statement in full below: ____
T h e g ro w th a n d in crea se w h ich h a v e tak en p la c e sin ce th e p assage o f th e
F e d e ra l R e se rve A c t In th e d e p o sits an d to ta l resources o f th e b a n k in g in s ti
tu tio n s o f th e U n ite d S ta tes, in c lu d in g all n ation al ba n k s, State b a n k s,
s a v in g s b a n k s a n d tr u s t co m p a n ie s t h r o u g h o u t th e c o u n tr y , h a v e b rok en
all record s a n d -are w ith o u t a parallel in th e fin a n cia l h is to ry o f th is o r a n y
o th e r c o u n tr y .
T h is Increase in aggregate resources am ou n ts t o m o re th an six a n d a h a lf
b illio n d o lla rs, an d is greater than th o to ta l resources o f all th e n a tion al
b a n k s o f th e U n ite d S tates a t th e begin n in g o f th e y e a r 1904.
A distin gu ish in g and s ig n ifica n t fe a tu re o f th e returns w h ich h a v e Just
b e e n co m p ile d is th e w idespread a n d general d is trib u tio n o f th e m o n e y an d
a v a ila b le ca p ita l an d c r e d it o f th e p e o p le
T h o g r o w th an d in crea se in
ba n k in g resources are c o n fin e d t o n o p a rticu la r d is trict o r s e c tio n o f th e
c o u n tr y b u t h a v e been iniversal.
T h o resou rces o f th e 2 5 ,993 b an k s an d tru s t c o m p a n ie s in th e U n ited
S tates in J u ly 1913, a fe w m on th s b e fo r e th e passage o f th e F ederal R eserve
A c t , w ere r e p o rte d a t 25,712 m illio n d olla rs. O n J u ly 1 1916 there w ere
2 7 ,5 1 3 ban ks a n d tru st co m p a n ie s w h ose aggregate resources a m o u n ted t o
32,271 m illio n d olla rs. In crease, 6,5 5 9 m illio n d olla rs, o r 2 5 .5 1 % .
T h is stu pen dou s increase in ba n k in g assets an d ava ila b le c a p ita l has been
a cc o m p a n ie d b y an u n p reced en ted q u ick e n in g , w h ic h has a m o u n te d in m a n y
p la ce s t o an o u tb u rs t o f b usiness a c t iv it y in e v e r y S tate an d in p ra ctica lly
e v e r y p a r t o f e v e r y State. C o in c id e n ta lly there has been a m a rk e d re d u c
tio n o f interest c h a rg e s in e v e r y s e ctio n an d esp e cia lly in th e d is ta n t and
m o r e r e m o te region s w here th e Interest ch arges in th e p a st h a v e been
h e a v ie s t an d w here th e farm ers and sm all business m en e s p e cia lly exp eri
e n c e d th e greatest d iffic u lt y in o b ta in in g th e fu n d s re q u ire d fo r th e ir le g iti
m a te o p e ra tio n s an d a ctu a l needs.
T h e ban k s an d tru s t co m p a n ie s are n o w le n d in g t o th e p e o p le 3,243
m illio n dolla rs m o re m o n e y th an th e y w e re len d in g three years a g o before
th e in auguration o f th e new cu rre n cy syste m .
.
D u r in g these three y e a rs th e d ep osits in all th e b a n k s o f th e co u n tr y
increa sed 6.242 m illio n dolla rs; th e in cre a s e in th e n ation al ban ks w as
3 3 .5 6 % , an d th e increase in th e S tate ba n k in g in stitu tio n s, in c lu d in g S tate
b a n k s , savin gs ban ks and trust com p an ies, w as 2 9 .2 6 % .
T h e percen tage o f increase in th e resources o f a ll r e p o rtin g b a n k s in th is
th re e -y e a r p e rio d w as 2 5 .5 1 % . T h e N e w E n g la n d States increased 2 1 % ,
th e E a stern States 3 2 % , th e S ou thern States 1 2 % , th e M id d le States 3 2 % ,
th e W estern States 3 1 % .
T h e g ro w th o f th e d e p o sits o f all b a n k s an d tru st co m p a n ie s sin c e J u ly
1913 w as o n ly 318 m illio n dolla rs less than th e hu ge increase sh ow n in their
to ta l resou rces, an d am o u n te d t o 6,241 m illio n d olla rs, o r 3 1 % .
T h e in crea se in d e p o sits in th e N e w E n g la n d States w as 2 3 % , in th e
E a stern States 3 9 % . in th e Southern States 1 8 % , in th e M id d le States 2 6 % ,
in th e W estern States 3 7 % . an d in th e P a cific States 1 9 % .
A lth o u g h th e b a n k in g resources o f the E astern States in crea sed in these
th ree years 3,347 m illio n d o lla rs, o r 3 2 % , a n d a lth o u gh th e resources o f th e
b a n k s in th e N e w E n gla n d S tates increased 667 m illio n d o lla rs , o r 2 1 % ,
th e re has be e n a d is tin c t an d g ro w in g t e n d e n c y , esp e cia lly in re ce n t m o n th s ,
to w a rd s d ecen tralization and to w a rd th e d is trib u tio n th ro u g h o u t th e c o u n
t r y o f th e excessive reserves w h ic h h a v e he re to fo re been p ile d u p in E astern
cen tres.
In th e p a st fo u r and a h a lf m o n th s, o r fr o m M a y 1 1916 t o S e p t. 12 1916.
th o de p o sits o f th e ban k s in N e w Y o r k C it y sh o w e d an actu al r e d u ctio n o f
222 m illio n dolla rs an d the n a tio n a l b a n k s o f B o s to n a re d u ctio n o f 36
m illio n d o lla rs, an d in P h ila d e lp h ia a re d u ctio n o f 13 m illio n d olla rs, w h ile
in th e sam e p eriod in th o c o u n tr y ban k s a n d in t h e ban k s o f th e in terior
reserve c itie s , de p o sits increased h e a v ily .
O utside o f th e N e w E n gla n d an d E astern S tates, th e fo llo w in g States
sh o w th e m o st n o ta b le increases in to ta l resources in th e p e r io d fro m
J u ly 1913 to J u ly 1916: Illin o is, 363 m illio n , o r 2 0 % ; O h io , 317 m illio n , o r
2 7 % ; C a lifo rn ia , 245 m illio n , o r 2 0 % ; M ic h ig a n , 221 m illio n , o r 3 7 % ;
M in n e s o ta , 198 m illio n , o r 4 0 % ; M is s o u ri, 116 m illio n , o r 1 4 % ; I o w a , 107
m illio n , o r 1 7 % ; W isco n s in , 88 m illio n , o r 2 1 % ; N e b ra sk a , 78 m illio n .o r
2 8 % ; In d ia n a , 69 m illio n , o r 1 3 % ; O k la h o m a , 68 m illio n , o r 4 1 % ; K an sas,
63 m illio n , o r 2 4 % : T e x a s, 60 m illio n , o r 1 2 % ; V irg in ia , 52 m illio n , o r 2 1 % .
T h e increase in N o rth D a k o ta w as 47 m illio n , o r 4 2 % ; in C o lo r a d o , 42 m il
lio n , o r 2 3 % , w hile th e increase in S ou th D a k o ta an d M o n ta n a w as 37
m illio n e a ch , o r 33V $% T h e to ta l increase in the S ou thern States w as 302 m illio n , in t h e M id d le
S tates 1,481 m illio n , th e W estern S tates 395 m illio n , an d in th e P a c ific
States 325 m illio n . T h e b an k s in th e insular possessions increased 40
m illio n dollars.
In th e N e w E n g la n d States th e largest increase w as, o f co u rse , in M a s s a
ch u se tts, 429 m illio n d o lla rs, o r 2 3 % , fo llo w e d b y C o n n e c tic u t w ith 117
m illio n d o lla rs, o r 2 3 % , an d R h o d e Isla n d w ith 36 m illio n , o r 1 4 % .
In th e E a stern States th e largest in crea se w as in N e w Y o r k S ta te, 2.646
m illio n , o r 4 1 % , fo llo w e d b y P e n n sy lv a n ia , 467 m illio n , o r 1 7 % ; N e w Jer
s e y , 130 m illio n , o r 1 7 % , a n d M a r y la n d , 65 m illio n , o r 1 7 % .
1654
THE CHRONICLE
I t Is in terestin g t o n o te th a t e v e r y S ta te in th e U n io n sh ow s a m aterial
increase in th e d e p o s its o f its n a tio n a l ba n k s.
T h e o n ly S tates w h ic h sh o w a re d u c tio n in th e d e p o sits o f th e ir State
b a n k in g in s titu tio n s are A la b a m a , M ississip p i an d O regon .
In A la b a m a th e S ta te b a n k d e p o s its d e clin e d 1 1 % , w h ile th e d e p o sits o f
th e N a tio n a l b a n k s f o r th e sam e p e rio d increa sed 2 3 % . In M ississip p i
S ta te b a n k d e p o s its sh ow ed a re d u ctio n o f a b o u t 3 % , w h ile th e d e p o sits o f
th e N a tio n a l ban k s in th e sam e S tate increased o v e r 3 4 % . In O regon the
r e d u ctio n in d e p o s its o f th e S tate ban k s an d tru st co m p a n ie s w as 1 4 .7 0 % ,
w h ile th e n a tion a l b a n k s o f O regon fo r th e sam e p e r io d in crea sed th eir
d ep osits 1 1 .6 6 % .
T h e fo u r S tates s h o w in g th e h igh est p ercen ta ges o f increase in d ep osits
w ere O k la h om a , 5 4 % ; A r iz o n a , 5 3 % ; N o r t h D a k o ta , 5 2 % , a n d W y
o m in g , 4 9 % .
____________________________________
OPENING I N N E W YORK OF BRANCH OF LA BANQUE
SUISSE ET FRANCAISE.
Maurice Trem bly, representing La Banque Suisse et Francaise, recently arrived in New York for the purpose of
establishing a branch of the institution in the United States.
M r . Trem bly, who was formerly in charge of the New York
office of the Swiss Federal Railroad, has established himself
at 37 W all Street. In a statement to a representative of the
“ W all Street Journal” on Oct. 25, he pointed out that his
bank was the first to negotiate, through Brown Bros. & C o .,
the original French war loan of $20,000,000, negotiated in
Aug. 1915. A s to the purpose in view in establishing a New
York branch of his institution he is quoted by the paper
referred to as saying:
O n e o f th e c h ie f o b je c ts fo r esta b lish in g a b ra n ch o f o u r ban k in th is c it y
is t o fa c ilita te op e n in g cred its in th is c o u n tr y fo r E u ro p e a n co u n trie s t o b u y
w a r m a terials, an d t o co n tin u e business n e g o tia tio n s a fte r th e w ar. I h a v e
n o t ic e d th a t th ere is a d is p o s itio n o n th e p a rt o f som e F re n ch p e o p le t o
a d v a n c o th e id ea t h a t m a n u fa ctu re rs in th is c o u n t r y h a v e ta k e n a d v a n ta g e
o f th e F ren ch G o v e rn m e n t a n d p e o p le , n o t o n ly in g re a tly a d v a n ce d prices,
b u t also in fu rn ish in g g o o d s v e r y m u c h in fe rio r t o th o s o c o n tr a c te d fo r .
I
ta k e t h e s ta n d t h a t b y p ro p e r p r e ca u tio n s h e ro I ca n again establish a
feelin g o f c o n fid e n c e b e tw e e n t h e p e o p le s o f th e t w o great re p u b lics, and
th a t th e c o m m e r c ia l in terch a n g e w ill b e o f m aterial a d v a n ta g e t o b o t h .
T h e m eth od s o f d o in g busin ess in th is c o u n t r y are v e r y d iffe re n t th a n th ose
In E u rop ean c o u n tr ie s , an d it is m y in te n tio n t o establish an in form ation
bureau , so t o sp ea k , w here F ren ch purchasers can b o [properly in form ed as
t o g o o d s and t h e m eth od s o f business, and v ic e versa.
The Vice-President of La Banque Suisse et Francaise,
Albert Rossier, will personally participate in the arrange
ments incident to the opening of the branch.
BANKERS' CLEARING HOUSE MAP.
A Bankers’ Clearing House M ap Calendar for 1917, cover
ing the Federal Reserve banking system with the American
Bankers’ Association numerical system, has been issued by
the L . L . Poates Publishing Company of 22-24 North W ill
iam Street this city. The map calendar shows the prefix
numbers of cities and States under the A . B . A . numerical
system, the transit numbers of the Federal Reserve banks
and indicates the territory covered by each district. The
number of banks, national and State, which are members of
each of the Reserve banks is likewise shown; there is also a
table setting out the interest rates (legal and contract), days
of grace allowed, holidays, &c. in each district, and a time
saving chart for note computation. The map is in handy
form on a single sheet, and ought to prove of exceptional
value to banking interests. The price of the map is $25 per
100, or $200 per 1,000, including an advertisement of the
institution distributing it.
LODGE CHARGES CONCERNING ALLEGED LUSI
TA N IA POSTSCRIPT.
The statement by Henry Cabot Lodge, ranking Republican
member of the Senate Committee on Foreign Relations, in
a speech at Brockton, M a ss., on Oct. 26, that President W il
son added a postscript to the second Lusitania note of June 9
1915, in which he informed the German Government that
the strong phrases of the so-called “ strict accountability”
note of M a y 13 were “ not to be taken seriously,” has brought
a denial from various Administration officials. The Presi
dent himself has denied the Lodge assertion, and Senator
Lodge, in taking cognizance of the President’s utterances
in the matter, has taken occasion to state “ that we are all
bound of course to accept the President’s denial just as he
makes it .” Senator Lodge in his speech of the 26th ult. said
that the postscript disappeared after members of the Cabinet
had threatened to resign and to let the public know of the
postscript. The following are the declarations made by
Snator Lodge:
O n M a y 13 h o [th e Presiden t] sen t h is fa m o u s " s t r ic t a c c o u n ta b ility ” and
" o m i t n o w o rd o r a c t ” n o te t o G e rm a n y , sign ed b y S e creta ry o f S ta te B ry a n .
O n Jun e 9 1915 a s e c o n d n o to w as s e n t, m u ch m ild er th an th e fir s t, a nd it
w as sign ed b y L a n sin g , S e creta ry p r o t e m ., M r . B ry a n h a v in g resign ed
th e n igh t b e fo r o .
I t seem ed in cre d ib le th a t M r . B r y a n s h o u ld sign the
fir s t n o te a n d rofu so t o sign th e se c o n d .
A fte r th o n o to h a d been read t o th e C a b in e t a n d a greed t o b y all the
m e m b ers, M r . W ils o n a d d e d a p o s ts c rip t w h ich I h a v e n o t seen , be ca u se
[Vol. 103
it m y s te rio u s ly d isa p p e a re d . I n this p o s ts c rip t P re sid e n t W ils o n In form ed
th o Im p e ria l G erm an G o v e rn m e n t th a t th o w o rd s “ s tr ic t a c c o u n t a b ilit y ”
an d th o o th e r s tro n g phrasos in th e fir s t n o te w ero n o t t o b o tak en se rio u sly ,
a n d e n d e d b y a greein g t o refer th o w h o le m a tte r t o a r b itra tio n . T h is , o f
co u rse , p lea sed M r . B r y a n , b u t it d id n o t ploaso th o o th e r m em bers o f th e
C a b in e t, w h o th re a te n e d t o resign a n d e x p o se th e w h o le th in g . T h o p o s t
s c r ip t w as r e m o v e d , a n d M r . B ry a n resign ed.
Former Secretary of State W m . J. Bryan denied on Oct. 30
that there was any truth in the story that a postscript had
been written to the Lusitania note. He said further:
I ta k e it fo r gran ted th a t th o P resid en t w ill deal w ith th o m a tte r as h e
deem s w is e , i f in d e e d a n y a tte n tio n n eed b e p a id it a fter M r . B r e ck in rid g e’s
den ial.
As to the reference to M r. Breckenridge, it may be noted
that Senator Lodge had offered in support of his charge a
letter written by D r. Charles Hervey Bailey, a professor
in Tufts Medical School at Boston, setting forth a conversa
tion purported to have been had between Henry Brecken
ridge, former Assistant Secretary of State, and D r. Bailey
while both were on a train going to Omaha, N e b ., from San
Francisco, Cal. In this note M r . Breckenridge was credited
with admitting that Secretary Bryan had informed Ambas
sador Dumba that the Central Powers need not take the note
too seriously, as it was written for political effect and home
consumption only, M r . Bailey adding in the letter that both
the note and the postscript were signed by Secretary Bryan.
President Wilson’s denial was contained. in a telegram
sent to Jonas Lippmann of New York (addressed by mistake,
however, to Walter Lippmann, Editor of “ Tho New Re
public” ) in responso to a query from the first named as to
the correctness of the Lodge charge. The following is the
President’s reply:
In r e p ly t o y o u r tele g ra m , let m e s a y th a t th o sta te m e n t m a d e b y S en a tor
L o d g e Is un tru e. N o p o s ts c rip t o r a m e n d m e n t o f th o L u sitan ia n o to w as
-ever w ritte n o r c o n te m p la te d b y m o e x c e p t su ch ch an ges th a t I m y s e lf
Inserted w h ic h stren gth en ed an d om p h aslzod th e p r o te s t.
I t w as su ggested a fte r th e n o to w as re a d y fo r transm ission th a t an in ti
m a tio n b e c o n v e y e d t o th o G orm an G o v e rn m e n t th a t a p ro p o s a l fo r a rb i
tr a tio n w o u ld b e a cc e p ta b le an d o n e m e m b e r o f th o C a b in e t s p o k o t o m e
a b o u t It, b u t it w as n ever discu ssod in C a b in e t m e e tin g a n d n o th roat o f
a n y resign a tion w as e ver m a d o , fo r th o v e r y g o o d roason th a t I r e je c te d th e
su g g e stio n a fte r g iv in g It s u ch c o n s id e ra tio n as I th o u g h t e v e r y p ro p osa l
de se rv e d w h ich to u c h e d s o g r a v e a m a tte r.
I t w as in co n siste n t w ith th o p u rp o so o f th e n o to . T h o p u b lic is in p o s
session o f e v e r y th in g th a t w as sa id t o th o G erm an G o v e rn m e n t.
W O O D R O W W IL S O N .
Senator Lodge, in commenting upon President Wilson’s
denial, on Oct. 31 in part said:
T h e P re sid e n t o f th e U n ite d S tates has de n ie d th a t thoro w as a n y p o s t
s c r ip t t o th e L u sitan ia n o to , a n d w e are all b o u n d , o f co u rse , t o a c c e p t th e
P r e s id e n t's d enial ju s t as h e m ak es it.
I n eed h a r d ly s a y th a t I w o u ld n o t w illin g ly b rin g an u n fo u n d e d charge
against a n y o n e , h igh o r lo w , a n d , If m isled in to d o in g s o , I s h o u ld b o q u ic k
t o r e tra ct It.
T h e P re sid e n t m akes o n e m ista k e . T h o sta te m e n t w h ic h h o ch a ra cter
izes as u n tru e , th a t th ere w as su ch a p o s ts c rip t, w as n o t m in e , b u t w as
m a d e b y M r . B r e ck in rid g e , a fo rm e r A ssistan t S ecre ta ry o f W a r , a cc o r d in g
t o th o e v id e n ce o f tw o In depen den t w ltn ossos, b o th g on tlom on o f h ig h c h a r
a cte r, re s p o n s ib ility and v e r a c ity , an d M r , B re ck in rld go w as in a p o s itio n
t o k n o w , If, as h e Is r e p o rte d t o h a v e s a id , h o h a d seen th e p o s ts c rip t.
B e a rin g in m in d th e p u b lic a n d h ith e r to u n c o n tr o v o r to d f a c t th a t M r .
B ry a n h a d in fo rm e d th e A u s tro -H u n g a ria n A m b a s sa d o r th a t th o " s t r ic t
a c c o u n t a b ilit y ” n o te o f M a y 15 m o a n t n o th in g , w h ic h f a c t w as a t o n c e
c a b le d b y th e A m b a s sa d o r t o B e rlin , it soom od t o m e th a t M r . B re ck in
r id g e ’s sta te m e n t as te s tifie d t o b y tw o in d e p e n d e n t w itnesses o u g h t p r o p
e rly t o b o la id b e fo ro th o p u b lic .
T h o P re sid e n t, it w ill also b o o b s e r v e d , says th a t th o clauso p ro p o sin g
a r b itra tio n "w a s s u g g e s te d ,” a n d , a fte r co n s id e r a tio n , ho r o je c te d it. T h is
s u g g e s tio n , r o je c te d b y th o P re sid e n t, c o v e r e d th e e x a ct p r o p o s itio n said
b y M r . B re ck in rid g e t o lia v o be e n e m b o d ie d In th o p o s ts c rip t, an d m a y h a v e
beon w h a t M r . B re ck in rid g e h ad in m in d w h en ta lk in g t o D r . B a ile y an d
M r . J e ffrie s a b o u t th o p o s ts c rip t, w h ich w as r e jo c to d w ith o u t h a v in g boon
referred t o th e C a b in e t, an d it m a y also h a v o been th o roason fo r M r .
B r y a n ’s sta te m e n t t o th o A u s tro -H u n g a ria n A m b a s sa d o r th a t " t h e n o te
m ean t n o t h in g .”
A s I h a v e p r e v io u s ly p o in te d o u t , th o su gge stio n fo r a p r o p o s itio n o f ar
b itra tio n t o a c c o m p a n y th e “ s tr ic t a c c o u n t a b ilit y ” n o t o , w h eth er as a
p o s ts c rip t o r as a sep a ra te n o to , a n d th o m e th o d s o f Its su ggestion , co n s id a tlo n a n d r e je c tio n , aro o n ly o f in terest as th ro w in g lig h t o n th o m an n er
n w h ich o u r fo re ig n rela tion s h a v e boen d e a lt w ith b y this A d m in istra tion .
I T h is q u e s tio n o f th o arb itra tio n p r o p o s itio n d oes n o t in th o least alter
th e essential fa c t th a t th e “ s tr ic t a c c o u n t a b ilit y ” n o to m oan t n o th in g , as
M r . B r y a n d e cla re d t o th o A u s tro -H u n g a ria n A m b a ssa d o r a n d as events
sin ce th a t tim e h a v e p a in fu lly d e m o n stra te d . T h o u tter om ptln oss o f th e
n o te o f M a y 15, w ith Its th reat o f “ s tr ic t a c c o u n t a b ilit y ” an d “ o m it n o
w o rd o r a c t , ” has be e n s trik in g ly sh ow n o n c o m o ro w ith in fo rty -e ig h t
hou rs, i f press re p o rts are t o b e b e lle v o d , b y th o d e stru ctio n o f th o lives
o f A m e rica n s rig h tfu lly o n b o a r d th o ste a m sh ip M a r in a , w h ich w as b lo w n
u p b y su b m a rin e .
All the Cabinet officers questioned about
made by Lodge have emphatically denied it.
the
charge
INTERNATIONAL NEWS SERVICE DENIED USE OF
CABLES BY BRITISH GOVERNMENT.
The issuance of an official order denying to tho Inter
national News Service furthor uso of the British Offioial
Press Bureau and the use of cablos and other facilities for
transmission of news was announced in tho London papers
of October 11. The Press Bureau, in a statement announc
ing its reason therefor, said:
Nov. 4 1916.]
1655
THE CHRONICLE
In th e H ou se o f C o m m o n s on Ju n o 27 last th e S e cre ta ry o f S ta to fo r th e
H o m o D e p a r tm e n t said a tte n tio n had been draw n t o an a lleg ed telog ra m
rela tin g t o th e J u tla n d b a ttlo w h ich a p p e a re d in ce rta in A m e rica n new s
p a p ers as h a v in g been sen t fro m L o n d o n b y th e co r re s p o n d e n t o f th o
In tern a tion a l N ew s S e rv ice . N o su ch m essage w as in clu d e d in a n y
teleg ra m sen t fro m this c o u n tr y .
T h e H o m o S ecreta ry referred o n th o sam o o c c a s io n t o p r e v io u s cases in
w h ich m essages w h ich p u rp o rte d t o b o fro m th o L o n d o n co r re s p o n d e n t o f
th e In tern a tion a l N ow s S ervice b o ro n o liken ess t o th e ca b le g ra m s a c tu a lly
d is p a tc h e d .
T h e m anager o f th o In te rn a tio n a l N e w s S e rvice in N o w Y o r k g a v e c a te
g o r ica l assurance th a t such in cid en ts sh o u ld n o t h a p p e n a gain an d th a t
extra n eou s sta tem en ts sh o u ld n o t b e in serted in c a b le d isp a tch e s.
O n S ep t. 3 ca b legra m s w ero p u b lish e d in th o U n ite d S tates p u r p o r tin g
t o h a v e c o m e fro m L o n d o n ‘ ‘ b y In te rn a tio n a l N e w s S e r v ic e ,” g iv in g va rio u s
fa lse sta tem en ts a b o u t th e air raid o f th o p ro v io u s n ig h t. N o n e o f th o
sta tem en ts in q u estion w as in fa c t c o n ta in e d in a n y ca b le g ra m d is p a tch e d
b y th e L o n d o n c o rre s p o n d e n t o f tho In te rn a tio n a l N o w s S e rv ico .
In view o f this c o n tin u e d g a rb lin g o f m essages a n d b rea ch o f fa ith o n th o
p a rt o f th o In tern a tion a l N o w s S e rv ice , th o S e cre ta ry o f S ta to has d ire cte d
th a t n o rep resen ta tive o f th e In te rn a tio n a l N e w s S e rvice shall b o p e rm itte d
t o use th o O ffic ia l Press B u rea u an d th a t th o a g e n c y shall b e d e b a rre d fro m
th o use o f all o th e r fa cilitie s fo r the transm ission o f now s u n til fu rth e r
n o tice .
Tho “ Daily Express,” commenting on the suppression of
the news to the International News Service, had the follow
ing to say:
T h e " D a i l y E x p re ss ’ re p e a te d ly has ca lle d a tte n tio n to a n ti-B ritish lies
p rin te d in A m erica n n ew spapers c o n tr o lle d b y W illia m B . H earst— tho
N e w Y o r k “ A m e r ic a n ,” th o C h ic a g o “ E x a m in e r ,” a n d sim ilar jo u rn a ls.
T h is “ n ew s ” is su p p lied b y th o In te rn a tio n a l N o w s S e r v ico , w h ich is e n tire ly
a H earst o rg a n iz a tio n . T h e se pap ers w ill n o t h a v e a lino o f H earst *‘ n e w s”
t o -d a y . T h is a c tio n fo llo w s re p e a te d breach es o f fa it h b y th o H earst
o rg a n iz a tio n . O ne o f th e latest in stan ces w as a m essage in th o C h ic a g o
“ E x a m in e r ,1* h ead ed " L o n d o n in F la m e s ," an d “ p u r p o r tin g t o d e scrib e a
Z e p p e lin ra id . I t w as n ever so n t fr o m L o n d o n .
W h ile w e r e jo ic e th a t o u r G o v e rn m e n t has in flic te d p r o p e r p u n ish m e n t
u p o n an u n scru p u lou s now s a g e n c y , w o trust th a t th e m easures ta k en w ill
n o t bo regarded b y th o p e o p lo o f this c o u n t r y as in v o lv in g a n y slu r u p o n
th o ch a ra cter an d con scie n tio u sn e ss o f th o U n ite d S tates press as a w h o lo .
T h o rep u ta tion o f tho g roat m a jo r it y o f A m e rica n jo u rn a ls fo r fairn ess and
h o n e s ty sta n d s a b o v e re p r o a c h , an d it has again an d again boon v in d ic a te d
d u rin g tlio w a r. W o im a gin e , in d e e d , th a t th e A m e rica n press an d p u b lic
w ill b o g ra tefu l t o th e B ritish a u th o ritie s fo r h a v in g p u n ish ed w ro n g d o e rs
an d esp ecia lly fo r h a v in g m a d e p u b lic th o g ro u n d s fo r th o a c t io n ta k e n .
INDUSTRIA L COMMISSION CONCLUDES INVESTIGA
TION IN FRANCE.
Sent to France by the American Manufacturer’s Export
Association two months ago to undertake an investigation of
industrial conditions in France, with a view to determining
the most advantageous method whereby resources in this
country may be made to co-operate in the rehabilitation of
that country, the American Industrial Commission, headed
by William Wallace Nichols, Assistant Chairman of the
Allis Chalmers Manufacturing Company, In c., has completed
its tour. Ten of the thirteen members returned on the Phila
delphia which reached New York on Oct. 30. Upon his
return, M r . Nichols was credited in the “ Tribune” with the
following statement:
T h o C o m m is s io n 's fin d in g s w ere fa v o r a b le b o t h as regards th e te ch n ica l
c o n d itio n o f in d u stry a n d c o m m e r c e in F ra n ce a n d th e m o r a l a n d socia l
h e a lth o f th e c o u n tr y .
I t fo u n d F ren ch business m e n w illin g t o m e e t A m e r ic a n business m en in
an e ffo r t t o increase th e tra d e be tw e e n th e co u n trie s . I t fo u n d th em a liv e to
th o im p o rta n ce o f h ig h s ta n d a rd s o f e ffic ie n c y , an xio u s t o learn th e b est
in A m e rica n business m e th o d s and t o in tro d u c e A m e rica n la b o r -s a v in g
m a ch in e ry . T h e ir c o u n te r d e m a n d s u p o n us t o in crea se th eir e x p o r ts t o
A m e rica w ero m o d e s t, reaso n a b le an d m u tu a lly ben e ficia l in p r in cip le .
T h e C o m m is s io n w as im p ressed w ith th e large n u m b e r o f p la n ts o p e ra tin g
u n d er o u r latest sta n d a rd s o f e ffic ie n c y an d in general b y th e d e g ree o f
ta le n t, e n e rgy an d fo rtitu d e d is p la y e d b y th e in du stria l cla sses. T h e w ar
m u n itio n in d u stry is b e in g a b ly — in f a c t , b r illia n tly — c o n d u c t e d u n d er
e x tre m e ly tr y in g c o n d itio n s .
T h o ele m e n t o f w o m e n ’s la b o r , w h ich h as b e c o m e o f su c h im p o rta n ce
t o th e c o u n t r y ’s w h o le e c o n o m ic s tre n g th , e x c ito d th o C o m m is s io n ’s u n
q u a lifie d a d m ira tio n . T h e w o m e n o f F ra n co aro a t th e ir p o sts as lo y a lly as
aro th o m e n in th e trenches. T h e C o m m is s io n s p e n t six d a y s in an a u to
m o b ile to u r o f th e fr o n t, fo llo w in g th e linos fr o m b e lo w B e lfo r t t o R h o im s ,
im m e d ia te ly b e fo re r etu rn in g t o P aris t o pre p a re fo r sailin g h o m e .
E v e ry w h e r e th ere w ere m a n ife ste d feelin gs o f gre a t o p tim is m a n d c o n
fid e n ce . T h e in du stria l to u r in clu d e d B o r d e a u x , P a ris, R o u e n , L im o g e s ,
A u b u s s o n , L o P u y , L y o n s , M a rse ille s, G re n o b le , L o C re u s o t, B e sa n con an d
M o n tb e lia r d . T h e v is it t o th o fr o n t an d th ro u g h th o fo rm e r ly o c c u p ie d
ro gio n c o v e r e d B e lfo r t, N a n c y , B a r -le -D u c , C h a lo n s , E p e rn a y an d R h eim s.
M r. Nichols took occasion to speak on “ The Trade Oppor
tunities of France” at the annual convention of the American
E. II. GARY S A Y S JAPAN M A Y ADOPT A MONROE
Manufacturers Export Association in this city on Tuesday.
'
DOCTRINE.
Last week wo gave in detail the observations of Elbert H .
G ary, Chairman of the board of the United States Steel
Corporation, made at the semi-annual meeting of tho Ameri
can Iron & Steel Institute respecting his trip to tho Orient.
In its issue of Oct. 22 the “ Herald” printed an interview
with Judge Gary concerning his trip. W ith respect to China
he was quoted in this interview as saying:
W h a t C h in a n eeds fir s t o f all is m o n e y — an d a g o o d deal o f it. T h is ca n
b o and sh ou ld bo fu rn ish e d lib era lly b y th e ca p ita lists o f th o U n ite d S tates,
w h o h a v e an a b u n d a n ce o f fu n d s a t th o presen t tim e . T h e y w ill b o w illin g
t o p r o v id e largo su m s fo r th o G o v e rn m e n t o f C h in a i f th e y re ce iv e p ro p e r
en cou ra g em en t fro m o u r G o v e rn m e n t, an d th is, I th in k , is ce rta in t o fo l
low b eca u se p u b lic sen tim e n t w ill su stain it.
“ In the development of China,” Judge Gary was further
quoted as saying, “ and the fair distribution of her business,
which is bound to increase by leaps and bounds, the United
States and Japan can and should co-operate to the fullest
extent for tho benefit of both countries and for tho benefit
of China at the same time. There is a great future in China
— commercially and industrially— if advantage is taken of
the opportunities offered.” He also added that “ now is a
good time for the United States to secure a position in the
trado of tho Orient that will be permanent and of great
benefit.”
In discussing Japan’s leadership of the Oriental countries,
ho expressed tho belief that the timo was coming when Japan
would have a Monroe Doctrino of her own, and would live
up to it. On this point tho “ Herald” quotes him as follows:
I t is q u ite p o s s ib le th a t s o m e
a M o n r o o D o c tr in o o f her o w n .
w ith a n y Jap an ese. C e r ta in ly I
S tates t o s u ch a p o lic y .
* *
h a v e o p e n soas an d op e n p o r ts
terested .
tim e in th o near fu tu r e Jap an w ill a d o p t
H o w e v e r , I h a v e n o t ta lk e d o f th is m a tte r
seo n o reason fo r o b je c t io n b y th o U n ited
* J a p a n is Just as an x io u s as w o aro to
w h erever she o r w e m a y b e d ir e c t ly in
Discussing further this question of tho likelihood of Japan
declaring a Monroe Doctrine for tho Orient, Judge Gary,
according to tho New York “ Times” of Oct. 23 said that tho
oxtont of such assumed jurisdiction was not definite now,
but that it might bo assumed it would include adjacent terri
tory out of which Japan might seo a danger of being excluded.
“ Such a position, if taken by Japan,” ho was quoted in tho
“ Times” as saying, “ would not apply to any rights thereto
fore obtained or to any plans then consummated. I think
such a declaration by Japan would bo an assurance of the
open door in China.” To quote further from tho “ Times” :
fc&Judgo G a r y said h o b e h o v e d th a t such a p o lic y o f Jap an w o u ld bo a p p lie d
in m u ch th o sam o th eory as th a t o f th o A m e rica n M o n r o o D o c t r in e — th a t
n on e o f tho A s ia tic territo ry in clu d e d s h o u ld b o o p e n fo r c o lo n iz a tio n b y
o u ts id e P ow ers.
H o th o u g h t th a t th is p o lic y w o u ld h a v e an in terestin g
boa rin g u p on th o statu s o f th o P h ilip p in e Isla n ds if th o y w oro g iv e n their
fre e d o m b y tlio U n ited S tates.
A s fo r th e d ifferen ces th a t m ig h t arise b e tw e e n th is c o u n t r y an d Ja p a n ,
h o h o p e d th e “ jin g o is ts ” w o u ld let th em a lo n e , an d le a v o th o se ttle m e n t
t o p ru d e n ce an d fairness.
Cable advices from Paris on Oct. 12, stated that the in
vestigation of the Commission had disclosed a disposition
everywhere to increase French trade with the United States.
After explaining that the lack of knowledge about France,
and the hesitation of Americans to avail themselves of the
opportunities in France is the great obstacle to be overcome,
M r . Nichols, according to the cables, said:
Several th in gs are clea r: F irst. T h o e c o n o m ic h oalth an d sou n d n ess o f
F ra n ce . W o n eed h a v e n o a p p reh en sion s in d ealin g w ith th e c o u n t r y .
S e c o n d . A g reat an d p e rm a n e n t e xp an sion o f c o m m e r c e b e tw e e n F ra n ce
an d th e U n ite d S tates m u s t rest u p o n r e c ip r o c ity — a certa in e q u ilib riu m
b e tw e e n e x p o rts an d im p o rts .
T h ir d . W e shall n eed a re v isio n o f o u r co m m e r c ia l a greem en ts w ith
F r a n ce , s o th a t th ere shall b e real fa v o r e d -n a tio n tre a tm e n t o n b o t h s ides.
L a s tly . A n d I sh o u ld perh ap s h a v e p u t th is first— each p e o p le n eeds to
c u ltiv a te th e a p p re c ia tio n , r e s p e ct, frie n d sh ip an d p re cise u n d ersta n d in g
o f th e o th e r.
Reports received in the United States by E . Woodward
Duke, Acting-Secretary of the Association, stated that the
destruction of property in Northern France has caused a loss
in excess of $2,500,000,000; 753 farms have been destroyed
and 2,500 cities remain in the possession of the Germans.
SINKING
OF M ARIN A
AND
ROW A N MORE.
The sinking during the past week of two British vessels
carrying Americans once more brings the submarine issue
to the foreground. Six Americans were lost through the sink
ing of one of these vessels— the British horse transport Marina,
sunk on Oct. 28 one hundred miles west of Cape Clear.
The Marina, which had been engaged in transatlantic
service, was a vessel of 5,204 tons gross, built in 1900. She
was reported as having arrived at Glasgow, Oct. 10, after
having sailed from Newport News Sept. 21. The vessel
left Glasgow on her return trip to Newport News Oct. 25.
The State Department at Washington was advised of the
sinking of the Marina by U . S. Consul Wesley Frost at Queens
town on Oct. 30, his dispatch being summarized as follows:
T h o B ritish h orse tra n sp o rt M a r in a , w ith a m ix e d crew o f B ritish and
A m e rica n s, w as r e p o rte d sunk w ith o u t w a rn in g b y G erm an su bm arin e
g u n fire at 3 p . m . O ct. 28 100 m iles w est o f C a p o C le a r, in an o ffic ia l rep ort
re ce iv e d at th o S tate D e p a rtm e n t t o -d a y fr o m C o n su l F ro st a t Q u een stow n .
T h ir t y -fo u r o f th e cre w o f 101 h a v e been la n d e d a t C r o o k H a v e n , w h ile
70 o th e rs , p re s u m a b ly th o se in b o a ts 1 an d 3 , are m issin g. C o n su l F rost
says his in fo r m a tio n , s o fa r , is “ p u r e ly p r o v is io n a l."
The latest advices reported fifty-two Americans on board,
of whom six were lost. Twenty-eight American survivors
assert in an affidavit that the Marina received no warning
from the submarine before she was sunk. The following
is their statement:
T h o M a r in a , w ith a ca rg o o f w h isk e y , fr o m G la s g o w t o B a ltim o re , w as
stru ck b y a to r p e d o w ith o u t w arn in g o n th o s ta rb o a rd side o f f S kelligs R o c k
at 4:14 o ’ c lo c k S atu rd a y m o rn in g an d sank in a few m in u te s. A secon d
t o r p e d o s tru ck th o p o r t jd d e V if th e]vessel a b o u tlte n m in u te s.a fte r th o fir s t .
1656
A ll A m erica n s a b o a rd w ero m e m b e rs o f th e crow e x co p t o n o , a passen ger
n a m ed M id d le t o n o f F red e rick sb u rg , w h o w as d r o w n e d , a n d t w o s t o w
a w a y s , w h o a ls o w ere d ro w n e d .
T h o su bm arin e w a tch e d ou r b o a ts fo r h a lf an h o u r an d o ffe r e d n o assist
an ce.
The British steamer Rowanmore is the other vessel
having Americans on board which has suffered destruction
through a submarine. According to a report received at the
American Embassy at London from Consul Frost, and for
warded to the State Department at Washington, the Rowanmore was sunk by a German submarine on Oct. 20 140 miles
off Capo Clear, after being pursued by the submarine for
fifty minutes. All on board were saved, including tho Ameri
cans . The sailors of the Rowanmore insisted that the submarine
fired shells at the lifeboats 'not only while] they wero being
oleared from the Rowanmore but after. The two Americans who
were on board the Rowanmoro agreed in their affidavits, how
ever, that;,theyj8aWg.no shells fired at th ejife b o a ts^ fte rjh e
boats/were clearcdjfrom the R ow a n m o r o T h o Rowanmoro,
which engaged in the South Atlantic cotton-carrying,trade,
was last reported as having cleared from Baltimore for Liver
pool on Oct. 13.; Part of the cargo, it is stated, consisted of
O.bOOXbales^of cotton,'valued at about $780,000. Acting
under instructions from President Wilson, Secretary Lansing
has called upon the American Embassy at London for all
available information concerning the sinking of tho Marina,
and has directed the American Embassy at Berlin to make
informal inquiries of the German Government in tho matter.
The report that the Marina was armed with a 4.7-inch gun
has servedito complicate tho situation. Although survivors
say that the gun]),was not used, the German Government
has never relinquished the right to sink armed merchantmen.
There is^said^to^bo some question as to whether the Marina
wasiunder cliarteFtfrom the English Government, despito
denials
It is pointed out that if the ship was under English
military sorvico it might be decided that German submarines
were at liberty, as an act of war, to sink her without warning.
A statement indicating that a full investigation would bo
made was issued as follows by Secretary Lansing on tho
1st inst.
T h o fa c t th a t a p o litic a l ca m p a ig n Is In progress w ill In n o w a y a ffe c t
th o p r a c tic e o f th o D e p a rtm e n t in n e g o tia tin g a n d in m alting fu ll in v e sti
g a tio n o f casos o f this s o r t . W o sh all d o it, as w o a lw a y s h a v e , w ith as
m u ch c e le rity a s jp os s ib lo.
I w ish a ls o t o m a k e a n oth er sta te m e n t o n a m a tte r w h ich has been
b r o u g h t t o m y a tte n tio n . T h o q u e stio n has be o n raised as t o w h oth or th o
p o lic y o f th o P residen t or th o D e p a r tm e n t in regard t o s u b m a rin e w a rfa re
sin ce tho Sussex w as su n k has been c h a n g o d . I w ish t o sa y e m p h a tic a lly
th a t there has been n o ch a n g o in a n y p a r ticu la r .
Secretary Lansing is reported to have made a statement
on the 2d inst. explaining that tho State Department held
that Germany’s pledges not to sink merchant ships without
proper provision for the safety of persons on board applied
to merchantmen armed for defenso as well as to unariped
vessels.
Count von Bernstorff, tho German Ambassador, has
cabled his country that ho be furnished immediately all tho
details available. Asked why ho sent to his country for in
formation, Count von Bernstorff said:
I h a v o asked fo r in fo r m a tio n fro m m y G o v e rn m e n t b ocau so I h a v o c o n fclderod e v e r y rep ort u n til n o w a b s o lu te ly im p ro b a b le , o n a c c o u n t o f th e
G erm a n p ledges and a ls o on a c c o u n t o f th e fa c t th a t I d o n o t b e llo v o a n y
b o d y at 4 o 'c lo c k in th e m o rn in g c o u ld seo a to r p e d o lo o k in g lik o a w h ite
fis h . T h o G erm an G o v e rn m e n t has g iv e n its p r o m is o , an d th o G erm an
G o v e rn m e n t has alw a y s k e p t its p rom ises.
The reference made by Count von Bernstorff to a torpedo
looking liko a fish was to a statement made by one of the
sailors of the Marina.
^DEUTSCHLAND’ S SECOND TRIP TO THE U. S.
Bearing a cargo the value of which is estimated at $10,
000,000, the German merchant submarine Deutschland
slipped quietly into tho port of New London, Conn., on the
morning of N o v . 1. This is tho second visit made by tho
Deutschland to the United States. On her first arrival, on
July 9, she entered Chesapeako Bay and was convoyed by
the tug Thomas F . Timmins into Baltimore. Tho sub
marine left Baltimore for tho return trip to Germany on
Aug. 1 and reached tho mouth of the Weser River on Aug. 23,
her safo arrival in Germany boing marked by special festivi
ties in tho crow’s honor. Following tho Deutschland’s
arrival in tho United States in July her sister ship, tho
Bremen, was roported to havo left Bromerhaven, and was
duo to arrive in tho United States about the middlo of Sep
tember. The Bremen, according to a Washington dis
patch on Oct. 19, was conceded by ranking Toutonic diplo
mats to havo beon lost. Her loss was established this week
when Capt. Paul Koenig of tho Deutschland admitted that
she had been lost either in a storm or collision. H e is
[Vol. 103.
THE CHRONICLE
quoted as saying: “ That tho English havo captured her
I can tell you is absolutely untrue. Tho Bremen was lost at
sea, and that wo know. Sho wasn’t sunk by tho enomy.”
Tho Deutschland’s latest trip was made in twenty-one
days. A t tho time of the former visit of tho Doutschland
tho State Department formally ruled that she must be con
sidered as an unarmed merchant vessel and entitled to all
privileges as such. There is moro or less curiosity as to the
nature of the Deutschland’s cargo. It is believed that it
consists principally of dyes and drugs, as did its Baltimore
cargo. It is also said that many precious stones are included
in tho cargo. Tho manifest has already been filed, but has
not as yet been made public. Tho present cargo also in
cluded several packages of mail for Count von Bernstorff.
According to the Now York “ Times” of tho 2d inst., Capt.
Koenig repeated to its correspondent the charges made by
him upon his return to Germany that when ho left Balti
more on Aug. 2 American fishing steamers had tried to trap
him off tho Virginia capes. lie is quotod as saying:
I m a d o th o ch a rg e a n d I re p e a t it n o w . T h e ro w ere t w o fish in g s te a m
e rs, A m e rica n sh ip s, w h ich s ta tio n e d th em selves a t th o e n traco t o th o
c h a n n e l a n d sign alled fo r a lo n g w h ile w ith their w histles t o th o B ritish
ships w a itin g t o d e s tr o y m o . T h e y also p u t o u t nets. T iie so n ets w o u ld
n o t h a v e s to p p e d m e , b u t w o u ld h a v o revealed m y p re scn co if I had stru ck
th em .
He also said that he would protest to Ambassador von Bern
storff against this alleged violation of neutrality so as to
prevent its repetition. Questioned as to the length of time
he expected to remain here this timo, Captain Koonig said
that in all probability he would remain two weeks.
Tho Post Office Department at Washington mado known
this week that it was prepared to accept tho offer of tho
German Embassy for tho establishment of a submarine
lino service between tho United States and Germany. Ac
cording to tho proposed arrangement, the Deutschland, and
ships similarly built, will carry not more than 300 pounds of
first-class mail at regular transatlantic rates. It is hopod
by officials of tho German Embassy that an arrangement
may bo worked out before tho Doutschland sails, enabling it
to tako the first allotment of mail. Tho plan would provide
tho first uncensored mail servico to Germany since the
beginning of tho war. Claims that tho United States would
bo aiding Germany in ovading tho British “ blockade” by
sending mail on tho Deutschland is reported to have been
denied by Secretary of State Lansing on tho 22d inst. The
United States, it is said, has never admitted tho legality of
tho arbitrary order of tho English Government in seeking to
close the North Sea.
U- 53 REACHES GERMANY.
The German submavino U -5 3, whoso arrival at Nowport,
R . I ., on Oct. 7, was followed by tho destruction, off tho
United States coast, of five vessels, has returned safely to
a German port, according to an official announcement from
Berlin on tho 1st inst. As was roportod in our issue of
Oct. 14, the submersible left Nowport three hours after its
arrival. Since her departure various rumors concerning her
havo beon in circulation, including reports that sho had
been sunk. The fivo vessels which wero sunk through tho
submarine activity off tho Now England coast, and in which
the U -53 is supposed to have played a part, were tho Strathdone, the W est Point, and tho Stophano, British vessels;
tho Bloomersdijk, a Dutch freighter; and tho Christian
Knudsen, a Norwegian freighter.
.
GREAT BRITAIN GRANTS PERMISSION FOR GERMAN
D YE SHIPMENTS FOR USE OF U. S. GOVERNMENT.
Announcement that arrangements to purchase in Germany
and bring into tho United States for tho uso of tho Bureau of
Engraving & Printing 145,099 pounds of dry colors, ex
clusively blues and reds, had beon completed with Great
Britain by tho State Department, was made on Oct. 20. A t
the present timo tho Bureau has on hand, it is stated, suf
ficient dry colors to last four or fivo months longer. The
shipment permitted by tho British Government calls for tho
40.000 pounds of Red Lako, N o . 1 (printing red S. 225);
60.000 pounds of Prussian bluo (solid bluo); 25,000 pounds
of Chinese bluo, and 20,000 pounds of Rod Lako, N o . 6
(permanent rod S. 226). Tho dyos will cost a t the prices
prevailing in Germany approximately $60,000. Tho cost of
a similar supply brought over under a pormit from Groat
Britain last year was $45,000. According to tho “ Oil, Paint
& Drug Reporter,” Director Ralph, of tho Bureau of En
graving & Printing, has not yot heard from a committee
appointed by tho Amorican Chomical Socioty to confor with
manufacturers of dyos and with tho Bureau to ascertain the
Nov. 4 1916.]
THE CHRONICLE
practicability of American manufacturers supplying the
Bureau with satisfactory colors which would not be pro
hibitive. The same authority states that M r. Ralph had
offerings of some reds at $4 70 per pound, which were of the
same general nature as the reds now being imported from
Germany for 35 cents per pound, but M r. Ralph regarded the
price as prohibitive, especially in view of the fact that he still
entertained hopes of obtaining colors from abroad. In
addition to the high price, however, says the “ Reporter,”
these colors were not the same hue as thos8 used in the
Bureau, and it will bo necessary for dealers not only to supply
the colors, but to match the hue, which has practically
become standardized in the Bureau. He also stated that
there had been some further offerings of reds at S3 per pound,
but that the color did not meet the standard.
SINKING OF THE A L A U N I A .
The Cunard liner Alauna was sunk by a mine in the
English Channel, between Falmouth and London, according
to cable advices received from London, on October 10.
All were saved except a few men belonging to the crew, who
are still missing. The Alaunia left New York City on
Oct. 7 with 243 passengers and a full cargo for Falmouth
and London, landed its passengers at Falmouth and pro
ceeded on its journey through the English Channel. The
cable message as given out by the Cunard offices here read:
A la u n ia s tru ck m in e th is m o rn in g in E n glish C h a n n e l. S an k d u rin g
fo r e n o o n . B en ison an d m a jo r it y o f crew sa v e d . Several m issin g .
A t the time of the vessel’s departure from N ew York,
Commander Benison was aware that the U -5 3 , the German
submarine, was lurking in and about these waters, but
after conferring with Cunard officers, decided to keep the
time schedule for the ship’s sailing. It is said that thirty
passengers were Americans. N a v y officials at Washington
are mystified, it is stated, at the sinking of the vessel, since
the United States and Great Britain perfected an agreement
at the beginning of the war whereby the areas of mine fields
would be announced to mariners and other precautions taken
to protect shipping. A possible explanation is that a mine
may have been released from its anchorage and strayed in
the way of the Alaunia. The manifest of the Alaunia
shows as among its cargo the following:
175,965 bushels o f w h eat in b u lk , 566 p a ck a g e s o f steel angles, 247 p a c k
ages o f sh eet z in c , 585 b o x e s o f b a c o n , 12 barrels o f p ro v is io n s , 28 tierces
o f skins, 494 barrels o f o il, 307 barrels o f p h o s p h a te a m m o n ia , 1,100 barrels
o f zin c o x id e , 4,4 8 0 bags o f c o tto n s e e d m e a l, 2,483 bags o f b o r a te , 298 bags
o f a ceta te lim e, 200 b a gs o f w a x , 16,517 bags o f flo u r , 852 barrels o f app les,
8 ,732 b o x o s o f ap p les, 1,724 b o x e s o f p e a rs, 150 barrels o f p ears, 570 p a ck
ages o f c o t to n d u c k , 251 crates o f r o o fin g m a te ria l, 435 p a ck a ges o f co rd a g e ,
318 p a ck a ges o f ru b b er tire s, 179 cases o f ru b b e r b o o t s , 400 cases o f ca rb o n
b la c k , 43 p a ck a g es o f ele ctro d e s , 1,156 p a ck a g e s o f lu m b e r, 335 pa ck a g e s o f
w a te rp ro o fin g c o m p o u n d , 52 p a ck a ges o f m a ch in e ry , 1 a u to m o b ile , 29,843
cases o f ca n n e d g o o d s , 733 p a ck a g e s o f s u n d ry g o o d s , 12,246 s ta v e s , 465
p a ck a ges o f glassw are, 3 ,3 2 5 tu b s o f b u tte r , 3,4 1 1 b o x e s o f b u tte r , 2,812
b ox es o f eggs, 273 b o x o s o f b a c o n , 538 q u a rters o f b e e f, 138 dressed p ig s ,
3 ,6 0 0 b o x e s o f fresh m e a t.
1657
b o a ts w ere su n k , p a r tia lly o r t o t a lly , near h o stile p o r t s . S om e m em bers o f
th e cre w s w h o w ere s a v e d w ere c a p tu r e d .
Several o th e r gu a rd in g vessels a n d a t least t w o d e stro y e rs w e re h e a v ily
d a m a g e d b y to r p e d o e s a n d artille ry fir e . A ls o th e E n glish p o s t steam er
Q ueen w as su n k sou th o f F o lk s to n e , th e cr e w h a v in g tim e t o le a v e th e s h ip .
I n th e C h a n n e l, near th e F a m e L ig h ts h ip , there w as a strik in g ly a c tiv e
t r a ffic b y h o sp ita l ships.
O u r to r p e d o b o a ts s a fe ly retu rn ed t o G e rm a n w a ters w ith o u t a n y loss.
MEASURES I N ROME FOR FORCING ECONOMY.
A Government decree is reported to have been issued in
Rome Oct. 20, ordering all street lights and lighting in stores,
hotels and cafes dimmed at 10:30 o’clock in the evening.
This, it is stated, is another measure in- the movement to
force national economy. An earlier measure consisted in
the raising of the price of sugar to 25 cents a pound and pro
hibiting its sale for manufacture of candies. As an indication
of conditions in the Empire, it is stated that many articles
have doubled in price. Eggs are said to have disappeared
from the markets, though it is estimated that millions of
them are stored in Rome.
BRITISH GOVERNMENT REQUISITIONS LEATHER.
A cablegram from the American Consul-General at Lon
don, dated Sept. 30, concerning the requisitioning of leather
by the British Government, was published as follows in “ Com
merce Reports:”
N o tic e h as be e n g iv e n th a t th e W a r O ffic e in ten ds t o ta k e possession o f
all leathers, fin ish e d o r u n fin ish e d , o f t h e fo llo w in g classes: V e g eta b le
ta n n e d b e n d s o f 6 p o u n d s a n d u p w a rd s; b u t t s o f 12 po u n d s; hacks o f 8
p o u n d s ; v e g e ta b le ta n n e d sh ou lders; m e d iu m and h e a v y b u tts o f 1 H m illi
m eters s u b s ta n ce an d u p w a rd s; k ip sides, e x c e p t s em i-ch rom e; also veg eta b le
g rain ed u p p e r leathers, c h r o m e leather a n d u p p e r leathers o f a n y oth er
pro ce ss o f 1
m illim eters su b sta n ce . Sale o r re m o v a l o f a n y such leathers
s u b je c t t o perm ission fro m D ir e c to r o f A r m y C o n tra cts .
INTERNED GERMAN CRUISERS MOVED.
Tho German auxiliary cruisers Kronprinz Wilhelm and
Prinz Eitel Friedrich, which were interned at the Norfolk,
V a ., N av y Yard in April of last year, were moved from that
place on Sept. 29 to the Philadelphia N av y Yard, in order,
it is said, to make room for improvements at Norfolk au
thorized by the recently passed N aval Bill. The cruisers
were convoyed to Philadelphia by twelve United States *
battleships, the Eitel Friedrich proceeding under her own
steam, while the Kronprinz Wilhelm was under tow of five
navy tugs. The cruisers were met at the Virginia Capes by
the twelve battleships and immediately headed up the coast,
proceeding outside the three-mile limit. Ten of the battle
ships went only as far as the Delaware Capes, the Minnesota
and Vermont being left to escort the cruisers into Philadel
phia.
______________ _____________
HOLLAND'S STAND ON BELLIGERENT SUBMARINES.
Following tho sinking by a German submarine of the Hol
land steamer Bloomersdijk in American waters last month
a conference was had at The Hague on October 11
between the American Minister Henry Van Dyke and D r.
Loudon, the Minister of Foreign Affairs. Their conference,
NAVAL ENGAGEMENT I N THE ENGLISH CHANNEL. it is stated, had reference to Holland’s standpoint regarding
Announcement that Gorman warships attempted a raid tho admission of belligerent warships, which is clearly de
in tho English Channel under cover of darkness during the fined by Holland’s neutrality proclamation of August 1914.
night of Oct. 26 was made by tho English Admiralty on tho This prohibits access to Dutch ports or waters, to belligerent
27th ult. Tho text of the announcement follows:
warships or vessels acting as such, except under stress of
D u rin g last n igh t th o o n e m y a tte m p te d a r a id w ith te n d e s tr o y e r s o n
weather or because of damage, and also except in the case
o u r cross-C h a n n el tra n s p o rt s e rv ice . T h o a tte m p t fa ile d .
of the Dutch colonies, where, owing to the distance from
O n e e m p ty tra n s p o rt, th o Q u een , w as su n k . T h e w h o le o f her crew
w as sa v e d .
their bases, belligerent warships are permitted to take on
T w o o f th e en em y d e s tro y e rs w oro su n k an d th o rest w ore d riv e n o f f.
food supplies and fuel under the twenty-four-hour rule.
H.
M . t o r p e d o b o a t F lirt. L ie u t. R ic h a r d I*. K e lle tt, U .N ., is m issing,
Holland accordingly, on N o v . 4 1915, interned a German
an d it is fe a re d sh e m a y b o lo s t, b u t n in o o f th o crow h a v o b e e n s a v e d .
I I . M . ; o r p e d o b o a t d e s tro y e r N u b ia n , C o m m a n d e r M o n ta g u e B e rn a rd ,
submarine found in Dutch territorial waters near TerschelR . N ., w as d isa b led b y a to r p e d o a n d tak en in t o w , b u t o w in g t o th o bad
ling, and likewise, on Jan. 19 1916, interned a British sub
w eath er th e to w \arfced an d she has gro u n d e d .
marine stranded in the same neighborhood.
A.
J . Balfour, First Lord of the Admiralty, admitted in the
It is said that the loss of tho Alaunia’s cargo falls heavily
on American insurance companies, as the amount placed
with the British underwriters was small.
Houso of Commons Oct. 31 tho loss of six drift-net boats in
addition to the sinking of tho transport Queen, and the tor
pedo boat destroyer Flirt. M r. Balfour said that while the
Germans had all the advantages that raiders possess in choos
ing the moment for attack, ip this case tho attack was cer
tainly not successful. He beliovod that the Nubian could be
salvaged. Ho said: “ There is no ground for thinking that
two German torpedo boat destroyers, after being hit during
the action, struck mines and were blown up and probably
sunk.”
The German version of tho affair follows:
P a rts o f ou r to r p e d o fo rce s m o v e d fro m a G erm an b a se T h u r sd a y n igh t
th rou g h th o Straits o f D o v e r an d C a lais t o th e lino o f F o lk s to n e -B o u lo g n e
In th o E n glish C h an n el. A c c o r d in g t o th o r e p o r t o f C o m m a n d e r M ic h e ls o n , a tllca s t eleven o u tp o s t steam ers an d tw o o r three d estroyers o r t o r p e d o
CONSIGNMENTS ON VESSELS DESTROYED OFF
AM ERICAN COAST BY SUBMARINE.
Abstracts of the manifests of three of the vessels sunk off
the eastern coast of the United States by a German sub
marine on October 7th were made public by Collector of the
Port, Dudley Field Malone, on the 10th ult. The British
freighter Strathdone, which left N ew York for Bordeaux
on Oct. 7th had on board:
C a rtrid ge s (e m p t y ), 1,000 cases; shells (e m p t y ) , 250 cases: n a p h th a lin e,
3.7 1 2 barrels; p h e n o l, 1,0 2 9 dru m s; b e n z o l, 4 ,0 2 9 drum s; s p e lte r, 2 3 ,7 5 8
plates; c o p p e r , 10,800 b ille ts; c o p p e r , 1 0,976 In gots; ste e l, 4 ,1 8 9 p'eces."
s teel, 125 bun dle* r o d s ; brass, 1,0 0 8 cases r o d s ; brass, 240 cases sheetsb r a s ;, 65 cases discs; c o p r a , 18,395 b a g s; n a ils, 260 b o x e s , fo rg in g s , 2 5 0
cases; a u to p a rts, 150 cases.
1658
THE CHRONICLE
The Dutch freighter Bloomersdijk, which was bound from
New York for Rotterdam, carried:
H o s ie r y , d r y g o o d s , & c ., 11 cases; b ic y c lo s u p p lie s, 24 cases; m o t o r c y c le s
a n d a u to s , 135 cases; a u to p a rts , 3 cases; lath os, 4 cases; s p o o l c o t t o n , 8
cases; c a rb o ru n d u m w heels, 1 case; flo u r 500 ba gs; s ilica te o f s o d a , 3 cases;
m a c h in e r y , 6 cases; oil ca k e , 5,5 1 0 bags; w h e a t, 2 3 8 ,6 6 4 bu sh els; e m p ty
c a sk s, 100; c o ffe e sam ples, 2 cases; m a p s , 2 cases; p a p e r cu ttin g m a ch in e ry ,
4 cases; p a p er d iscs, 1 case; c a lcu la tin g m a ch in e ry , 1 case; cru sh ed ca rb o n
1 ca se.
The Christian Knudsen, the Norwegian freighter which
left New York for London on October 7th had 1,758,814
gallons of gas oil.
BANKING, LEGISLATIVE AND FINANCIAL NEWS.
The public sales of bank stocks this week aggregate 220
shares, of which 200 shares were sold at the Stock Exchange
and 20 shares at auction. Five shares of National City
Bank stock were sold at 541, an advance of 91 points over
the price paid at the last previous sale in September. A sale
of 100 shares of stock of the Chatham & Phenix National
Bank was made at 232. The last previous sale occurred in
M a y , the quotation then being 2193^. Extensive tables re
porting bid and asked quotations, deposits, surplus, & c., of
banks and trust companies in all important cities in the
United States are published monthly in the “ Bank and Quo
tation Section,” the November issue of which accompanies
to-day’s “ Chronicle.” Bid and asked quotations for all Now
York City bank and trust company stocks are also published
weekly in another department of this paper, and will bo
found to-day on page 1677.
Shares. B A N K S — New York.
Low. High. Close.
Last previous sale.
*100 C h a t. & P h e n . N a t . B a n k . .2 3 2
232
232
M a y 1916— 219 lA
*5 C it y B a n k , N a t io n a l- .............541
541
541
S o p t. 1916— 450
*95 C o m m e r c e , N a t . B a n k o f ___ 174
176
176
O ct. 1916— 174
B A N K — Brooklyn.
20 M e c h a n ic s B a n k ..................- - 1 2 7 H 1 2 7 ^ 127>* Ju n o 1916—
1 35 K
* S old at th e S to c k E x ch a n g e .
Two New York Stock Exchange memberships were posted
for transfer this week, the consideration in each case being
$73,500. The last previous sale was at $74,000.
B y calling attention to the efforts of Congress to secure a
sufficient number of American bottoms for this country’s
increasing foreign trade, the Guaranty Trust Company of
New York, in its recently published “ Digest of tho United
States Shipping A c t,” in effect Sept. 7, has contributed a
publication of timely interest to business men and the
general public. This booklet, which is issued for free dis
tribution, contains in addition to the digest, the full toxt of
the law with marginal headings and a complete index.
Among the features of the Act enumerated in the digest is
the establishment of the United States Shipping Board,
having general supervision of maritime matters, including
the power to build up an American merchant marine and to
augment the United States naval reserve.
Howard S. M o tt has been elected a Vice-President of tho
Irving National Bank of this city, in which capacity ho will
act as consultant on investment matters for the bank’s city
customers and out of town correspondents. M r. M o tt has
been for some time past acting as an analytical consultant
on important financial matters. Previous to his connection
with the Irving National he was in charge of tho investiga
tion of securities for the Bankers Trust Company and had
been a member of the firm of Carleton & M o tt and Malcolm
& Coombs.
|Vol. 103
Anglo-California Trust Co., with which ho has been connected
since its organization in 1909, first as Cashier and later as
Secretary.
B.
L . Gill, Vice-President of tho Soaboard National Bank
of this city, was elected a director of the institution on the
2nd inst. M r. Gill has been Vice-President of the Seaboard
National since July 1913 and was at ono timo Commissioner
of Banking of the State of Texas.
Cornelius Vanderbilt has been elected a trustee of the Union
Trust C o. of New York. M r. Vanderbilt’ s father, tho late
Cornelius Vanderbilt, was for many years a trustee of this
company.
Henry J. Dorgeloh, for eight years Assistant Cashier of the
Coal & Iron National Bank of this city, was arrested on Oct.
26 on a Federal warrant charging him with having appro
priated on Sopt. 10 1915 a check for $20,847 drawn to the
order of the bank by James E . Pope. Although a single
overt act is described, in the complaint, Assistant U . S. D is
trict Attorney J. C . Knox declared the bank had been robbed
of amounts totaling $92,000 since 1911. After waiving
examination, Dorgeloh was bound over for the grand jury
in $10,000 bail, which was furnished by Frank D . W ilsoy,
a member of the New York Board of Education and a direc
tor of the Coal & Iron National. The bank, it is said, has
been fully reimbursed for its losses and will liavo no part in
Dorgeloh’s prosecution. The accused has turned over to the
bank equities he hold in stocks which amounted to about $1 7,
000. Tho Fidelity & Deposit Co. of Maryland paid over the
amount of its bond, $20,000, and another surety company,
said to be tho Lloyd’s of London, hold a blanket bond covoring
the rest of the amount involved. Dorgeloh had full chargo of
tho foreign exchange department of tho Coal & Iron National
Bank, and his discrepancies, it is said, woro discovered in a
comparison of his books with statements of the accounts
carried by the bank in foreign banks which are its correspon
dents. Thomas W . Churchill, a former President of the
N ew York Board of Education, has been retained by Dorge
loh as counsel.
Because of a decision of tho Federal Reserve Board regard
ing interlocking bank directorates, throe well known banking
officials of Nowark, N . J ., have been forcod to resign from
governing boards. Joseph M . Byrne, a director of tho
Union National Bank, has given up his Vico-Prosidoncy in
the Federal Trust C o ., while Charles W . Foigonspan, Presi
dent of the Federal Trust, is to retire from the board of tho
Union National Bank. Julius S. Rippel has rosignod as
Vice-President of the Merchants National Bank in order to
remain as a director of the Federal Trust C o. Members
of tho board of tho FederalTrust, it is said, who aro also
directors in the Union National Bank, North Ward National
Bank, tho National Newark Banking C o. and othor institu
tions may retain their places as tho Federal Trust has been
decided not to bo a competitor of the others. William W .
Trimpi is allowed to retain his directorship in the Ironbound
Trust Co. and the Merchants National Bank, through a
decision reached by the Foderal Reserve Board.
The directors of the Hudson County National Bank of
Jersey City announce tho election on Oct. 20 of David R .
Daly as Vice-President. M r. D aly, who herotoforo held a
vice-presidency, takes the placo of Nelson J. H . Edge, who
prior to his election to the presidency on Oct. 20, had been
C.
E . Mitchell, heretofore Vice-President of the Nationalsenior Vice-President.
City Company of this city, has been elected to the Presidency
to succeed Charles V . Rich, resigned. M r. Mitchell’s rise
Joseph W . Ogden a banker of this city and a director of
to this influential executive position has been rapid. He tho Morristown Trust Company of M o n ’istown, N . J ., died
was formerly Assistant Genoral Manager of tho Western on Oct. 26. M r. Ogden had been a member of tho Now
Electric C o, then Assistant to tho President of the Trust York Stock Exchange since 1889, and was tho founder of the
Company of America; leaving tho latter institution, he or firm of J. W . Ogden & C o. of New York. M r. Ogdon had
ganized the investment bond firm of C . E . Mitchell & C o ., retired from active business, but retained his Stock Exchange
39 W all Street, of which ho was tho head until his present seat. He was a native of Chatham, N . Y . , and was in his
connection with tho National City Company. A t an early sixty-third year. M r. Ogden was formerly Vice-President
age in life M r.M itchell succeeded to tho direction of this and a director of tho Now York Susquehanna & Western R R .
important distributing investment concern, which is now ono and a director in the National Biscuit C o ., American Can C o .,
of tho largest bond selling organizations in the country.
American Cotton Oil C o. and tho American Writing Paper
C o.
The Mechanics & Metals National Bank of this city has
appointed M . P . Lilienthal, heretofore Secretary of tho AngloCalifornia Trust C o. of San Francisco, as its Pacific Coast
representative, with offices in the Holbrook Building, San
Francisco. M r. Lilienthal has resigned his position with the
The Manufacturers & Traders National Bank of Buffalo,
N . Y . , absorbed tho Third National Bank of that city on
Oct. 28.
The Manufacturers & Traders National has a
capital of $1,000,000 and surplus and profits of over $350,000,
Nov. 4 1916.]
THE CHRONICLE
and through the acquisition of the Third National will have
total resources in excess of $45,000,000. The entire estab
lishment of tho Third National has been moved into the quar
ters of the Manufacturers & Traders National. The capital
of the consolidated bank, it is said, will be increased to $ 2 ,
000,000. The passing of the Third National Bank brings to
a close a career of fifty-one years. The bank had for years
been under the management of John W . Robinson, whose
resignation was noted in our issue of last week. William A .
Morgan, who succeeded M r. Robinson in the presidency of
tho Third National, and who had always been prominently
identified with the bank, both as a stockholder and director,
has been elected to the board of the continuing bank. The
Third National recently increased its capital from $500,000
to $1,000,000. Its deposits were in the neighborhood of
73 /2 million dollars, while those of the Manufacturers &
Traders National before the consolidation were in excess of
$31,000,000.
Tho Manufacturers & Traders National was
known prior to 1902 as tho Manufacturers & Traders Bank
of Buffalo. It increased its capital in that year from $900,
000 to $1,000,000, its present amount. Harry T . Ramsdell
will continue as President of the enlarged bank, the direc
torate of which consists of John C . Bradley, Franklin D .
Locke, Thomas B . Lockwood, Charles II. McCullough Jr.,
Edward M c M . Mills, William A . Morgan, Robert W . Pome
roy, Harry T . Ramsdell, William C . Warren, Arnold B .
W atson, Theo. H . Wickwire, Jr., and Harry Yates.
An option on tho stock of the Robert Morris Trust Co. of
Philadelphia, capital $1,000,000, is being sought by the
brokerage house of O. B . Lansinger & C o. of Philadelphia,
in the interest of parties desirous of purchasing control of the
trust company at a reasonable figure. The price offered for
tho stock (par $100) is $65 a share, the figuro at which it is
quoted— and tho option is to run to Feb. 1 1917. Tho firm
says they are willing to divide profits with those giving
options on a resale of the stock.
Charles S. Calwell, President of tho Corn Exchange
National Bank, and Melville G . Baker, Cashier of the Penn
National Bank, have been chosen Chairman and Secrotary,
respectively, of Group I of tho Pennsylvania Bankers Associa
tion, which is composed of banking institutions of Phila
delphia. Tho Executive Committeo of Group I will com
prise the following: John II. Mason, Joseph W ayne, Jr.,
J. R . McAllister, Levi L . Rue, E . F . Shanbacker, William
A . Law, Howard W . Lewis, W . T . Elliott, Thomoas S. Gates,
Arthur V . Morton, Edward S. Page, James F . Sullivan and
J. C . N eff.
Ignatius J. Dolian, President of the Beneficial Saving
Fund Society of Philadelphia, has received permission from
the Federal Reserve Board to remain as a member on the
Boards of the Market Street National and the Union National
Banks of Philadelphia, tho two banks being considered noncompotitive.
S. E . Guggonheim, Manager of tho foreign exchange de
partment of tho Tradesmens National Bank in Philadelphia,
lias been appointed an Assistant-Cashier of tho institution;
ho will continuo in charge of the foreign exchango depart
ment.
A . D . Swift, heretofore Cashier of the Elk County N a
tional Bank of Ridgway, P a., has been chosen an Assistant
Cashier of tho Central National Bank of Philadelphia. M r.
Swift’s appointment follows the changes in tho Central
National officers made last June, when Assistant Cashier
William Y . Conrad was promoted to tho Cashiership suc
ceeding William Post, who had been made Vice-President
of tho Central National.
The Standard Life Insurance Co. of America has entered
into an agreement for the purchase of the Pittsburgh Bank
for Savings Building at Smithfield Street and Fourth Avenue,
Pittsburgh, for $530,000. The building was erected in 1901,
and is a steol frame, brick and stone 12-story structure. It
occupies a sito 60 x 60 foot and its ground floor was used as
tho quarters of tho Pittsburgh Bank for Savings, which
closed its doors on D ec. 22 1915. Before the sale of tho
property can bo definitely closed, the deal must have tho
approval of tho County Court, the Attorney-General and
tho State Banking Department. Tho sale of the property
will make available to tho defunct bank’s receiver, G . II.
Gotty, for distribution among the depositors, it is said, a
1659
little over $100,000, the property being encumbered to the
extent of approximately $425,000. The Standard Insurance
Co. of America now occupies a large suite in the Jenkins
Arcade Building, but it is said that it will make its home in the
Pittsburgh Bank for Savings Building after its present
lease expires. In April of this year depositors of the defunct
bank were paid a dividend of 5 0 % .
Frank R . Flood and Joseph W . W ard, heretofore Assistant
Cashiers of the Peoples National Bank of Pittsburgh, were
elected Vice-Presidents of the institution at a meeting of the
board on November 1. J. Howard Arthur, also formerly
Assistant Cashier, has been promoted to the Cashiership
of the Peoples National to succeed Hervey Schumacher,
who, as noted in our issue of Sept. 2, resigned to become
Treasurer of the Sun Shipbuilding C o. of Chester, Pa. John
De M . Wertis, heretofore Auditor of the bank, has been
made Assistant Cashier. A . C . Robinson, President of the
Safe Deposit & Trust Co. of Pittsburgh, P a ., has been elected
a director of tho Peoples National Bank, to succeed D . E .
Park, who has resigned, because of the requirements of the
Clayton A ct. The Peoples National is one of the largest
banks in Pittsburgh, having a capital of $1,000,000 and
deposits of almost twenty-four million dollars. It is headed
by Robert Wardrop, who is also a director of tho Federal
Reserve Bank at Cleveland.
Charles E . Clark, formerly Assistant Treasurer of the
Union Trust C o. of Detroit, M ich ., has been elected to the
office of Treasurer, taking the place left vacant by the resigna
tion, on account of ill health, of Walter T . Bradford. M r .
Clark has been in the employ of the Union Trust Co. for about
21 years. He began as the company’s first messenger in
1895, and has worked himself up through various departments
to his present office. M r. Bradford’s resignation brings to
a close an association with the Union Trust of twelve years
standing. He entered its employ in 1904 as bond officer,
being elected to the office of Treasurer three years ago. Prior
to 1904, M r. Bradford was Deputy Commissioner of Banking
for Michigan, serving under Geo. W . Moore of Port Huron.
II. S. Quiggle has resigned as Deputy State Superintendent
of Banks for Minnesota to become Cashier of the newly
organized Bankers Trust & Savings Bank of Minneapolis,
M inn. Bank Examiner, George H . Sivright has been pro
moted by Superintendent of Banks Turittin to the office of
Deputy, vacated by M r. Quiggle. The Bankers Trust &
Savings Bank of Minneapolis, as noted in our issue of Sept.
30, will have a capital of $1,000,000 and surplus of $300,000.
Its President will be Harry W . Parker, heretofore connected
with tho Merchants National Bank of St. Paul, M inn.
J. L. Johnston, heretofore Vice-President, was elected on
Oct. 28 to the Presidency of the German Savings Institution
of St. Louis, M o ., to succeed Nelson W . M cLeod, who has
resigned in order to give more time to the organization of a
largo tire and rubber company in New York in which he is
interested. Charles A . Lemp of St. Louis succeeds M r .
Johnston as Vice-President of the bank. M r . Johnston, the
new President, is less than 35 years of ago and is a son of D r.
J. T . M . Johnston, a stockholder and director in the bank.
Tho younger Johnston has had a wide experience in the
banking field. He came to St. Louis in 1915 to accept a
Vice-Presidency in the German Savings Institution after
serving as Cashier of the National Reserve Bank of Kansas
C ity, M o ., for five years. Before his connection with the
Kansas City bank ho had for several years officiated as first
Vice-President of the First National Bank of Muskogee,
Oklahoma. Tho German Savings Institution was organized
in 1853 and, it is said, ranks as the second oldest bank in
Missouri. It now has a capital of $1,500,000, having in
creased the capital from $500,000 to its present amount by the
declaration of a stock dividend of 1 0 0 % , amounting to $500,
000, and the sale of $500,000 of new stock in February 1915.
It has surplus and profits of more than $1,300,000 and de
posits of over thirteen million dollars. Its officers now are:
J. L. Johnston, President; II. Hunicke, Vice-President;
William C . Uhri, Vice-President; Louis Fusz, Vice-President;
C . A . Lemp, Vice-President; E . Barklage, Cashier; William
Roimann, Assistant Cashier, and C . H . Fischer, Assistant
Cashier.
A meeting of the stockholders of tho Mercantile Bank,
Inc., of Norfolk, V a ., has been called for N o v . 6 for the
1660
THE CHRONICLE
purpose of considering and passing upon amendments to the
charter of the corporation in the following particulars: “ to
change the name of the corporation, to increase its capital
stock from $100,000 to $250,000, to create the office of
Secretary, to confer upon the corporation the powers of a
trust company as provided by an Act of the General Assembly
of 1914, Chapter 310, and the amendments thereof, to es
tablish branches, to authorize the corporation to acquire or
guarantee stocks and securities of other companies.” The
directors of the Mercantile Bank as reported in our issue of
Oct. 21, have chosen John D . Abbitt of Franklin, V a ., as the
now President of the institution (effective Jan. 1) to succeed
J. G . M cN eil. W . F . H . Enos, heretofore Vice-President,
will serve as Cashier, and will retain his membership on
the Board.
T . W . Hawkes and Jesse B . Hart have been elected
directors of the Merchants & Mechanics Savings Bank of
M acon, G a ., to succeed E . W . Stetson and Emory Winship,
who recently sold their holdings in the bank to President
W . T . M organ and his associates. M r. Hawkes is Cashier
of the bank, the directorate of which now consists of W . T .
Morgan, J. F . Lackey, W . A . Taylor, J. Clay M urphy, T . W .
Hawkes and Jesse B . H art,
J. H . Edwards has resigned as Vice-President and Trust
Officer of the Dexter Horton Trust & Savings Bank of Seattle,
W a sh ., a position he had held since 1911.
O. M . Souden, heretofore Vice-President of the United
States National Bank of Los Angeles, C al., has been elected
to the Presidency to succeed Isaias W . Heilman who will
continue as President of tho Wells Fargo N evada National
Bank of San Francisco. I. W . Heilman, Jr., President of
the Union Trust Co. and a Vice-President of the Wells
Fargo N evada National of San Francisco has given up his
membership on the Board of tho United States National,
and has been succeeded on the Board by E . S. H ell
San Francisco.
with the Trent Trust C o ., L td ., of Honolulu, Hawaii.
On November 1st he removed his offices from 502 Stangonwald Building, to the offices of the Trent Trust C o ., L td .,
at 916-921 Fort Street, Honolulu. M r . Robinson will
tinue with his general practice of the law .
Pacific and O ther W estern Clearings brought forward
from first page.
October.
Ten Months.
Clearings at—
1916.
1015.
Week ending October 28.
Clearings at—
1916.
1,492,553251,
1,521,000 88,1
1,868,458
1,605,993
5,165,284
1,055,920
1,991,485
1,131,076
1.150.944
1,684,580
5,861,954
1,521,509
1,455,960
5,492,863
5,592,184
5,312,46-1
1.127.945
5,871,504
1,361,265
1,550,COO
> cum nnn
1,178,251,630
850,276,356
503,493,206
457,938,313
268,925,500
81,454,331
155,578,488
147,005,944
79,271,268
80,984,127
28,116,685
40,574,909
35,732,954
39,653,020
34,673,949
16,472,767
12,546,803
34,897,341
9,430,103
21,826,715
16,458,277
3,595,366 ,761,189
1.742 145 ,214,585
,352,313
3,393
3,372
,151,153
7,351
,174,225
,381,992
3,652
,458,700
3,099
3,724
,366,078
,882,747
3,905
,241,999
3,333
,253,794
3,675
,333,948
3,970
3,525
,782,530
,773,619
3,606
1,762
,090,665
,971,321
3,362
,611,000
3.000
3.000
,492,724
3,824
.221,043
3,601
,638,403
3,633
,375,070
7,082
,743,253
5,479
,026,671 •
1,141
,229,465
,930,729
1,327
, 001.000
1.000
1,332
937,870
.218,378
1,000
,900,504,845 ,059,195,518 + 2 7 .7
,158,582,9S2 .015,067,748 + 14.1
,029,264,534 799,925,600 + 28.7
635,443,959 510,597,171 + 24.5
540,989,395 402,158,483 + 34.5
412,269,224 313,185,617 + 31.6
274,625,517 232,455,823 + 18.1
228,676,149 186,785,551 + 22.4
207,608,684 156,551,261 + 32.6
183,987,839 140,083,797 + 31.3
128,730,583
97,275,822 + 32.3
80,863,852
63,043,563 + 2 8 .3
76,579,590
63,769,539 + 20.1
77,554,081
+ 3.5
74,967,628
56,441,084
43,8.9,618 + 28.6
89,792,496
70,207,184 + 2 7 .9
62,294,927
47,336,850 + 31.2
73,210,011
54,183.273 + 35.2
36,226,656
29,515,065 + 22.7
21,933,217
19,832,684 + 10.6
36,462,733
26,668,076 + 36.7
21,374,791
16,985,088 + 25.8
15,512,009
9,188,726 + 68.4
29,713,558
21,560,350 + 37.8
62,431,216
37,763,486 + 65.3
16,146.400 + 4 5 .2
23,449,500
10,313,264
8,308,610 + 24.1
13,015,048
11,635,022 + 11.9
T ot.oth .W c 8t 1251884785 943,739,6381 +32.79.493,881,74417,527,396,727 + 2 6 .1
1913.
San Francisco___
Loa Angeles_____
Seattle..................
P o rtla n d _______
Salt Lake C it y ..
T a com a ________
Spokane..... ..........
Oakland________
Sacramento.........
San D ie g o ...........
San Jose________
Fresno .................
Pasadena_______
Stockton _______
North Y a k im a..
R e n o ___________
Long B e a ch .____
%
+ 4 4 .3
+ 3 7 .7
+ 73.9
+ 54.6
+ 60.8
+ 48.5
+ 76.0
+ 36.2
+ 42.1
+ 17.5
+ 59.0
+ 50.3
+ 9.6
+ 59.3
+ 39.6
+ 42.8
+ 6.1
S
43,820,057
18,835,548
10,911,369
9,974,033
5,618,398
1,616,768
3,476,321
2,874,476
1,800,555
1,381,208
836,456
1,436,679
636,388
864,378
468,577
250,000
405,081
$
53,382,079
22,936,252
12,703,502
11,641,419
6,872,928
2,020,118
4,065,439
3,067,594
2,290,677
1,774,696
790,282
1,481,521
771,335
829,439
516,337
260,000
119,837,708
+ 4 8 .5
105,206,312
125,403,618
86,556,420 + 4 3 .4
34,867,298
+ 9.4
20,820,283 + 44.9
15,137,818 + 19.4
13,619,746 + 24.4
7,637,492 + 4 8 .0
6,136,647
— 3.8
10,563,948 — 21.4
3,863,893 + 42.8
3,586,337 + 3 3 .9
2,098,099 + 38.9
1,491,942 + 26.2
1,529,628 + 14.8
1,678,568
+ 3 .3
2,155,841
+ 3.2
1,538,628 + 23.9
2,036,214
+ 3.0
690,000 + 36.5
375,092 + 31.5
840,831 + 20.7
416,408 + 24.5
231,401 + 93.8
673,191 + 41.2
65,544,966
36,641,323
16,789,261
14,542,564
10,065,857
6,427,812
4,673,247
8,376,904
3,838,724
2,835,770
1,982,097
1,315,382
1,505,117
1,580,000
1,384,201
1,168,603
1,903,247
630,000
618,681
776,246
339,508
236,696
527,119
62,448,353
31,223,874
17,698,977
10,842,289
10,473,888
7,777,016
4,993,568
6,126,655
3,362,147
3,114,128
1,784,679
1,700,000
1,490,161
1,843,416
1,580,794
1,702,304
511,952
700,000
687,972
440,145
292,717
152,128
553,777
182,703,325
170,901,245
Total P a cific..
177,954,785
Kansas C ity____
M in neapolis____
Omaha..................
St. Paul................
D e n v e r ................
St. Joseph______
Des M oines_____
D u lu t h ..............
W ich ita ...............
Sioux C ity...........
L in c o ln ______
D a v e n p o r t_____
T o p e k a ________
Cedar R a p id s ...
W aterloo_______
Helena..................
Fargo_____ _____
Colorado Springs
P u oblo..................
Aberdeen_______
F r e m o n t.............
H astings..............
B illin g s................
124,152,523
38,147,045
30,163,591
18,078,619
16,976,228
11,301,942
5,902,630
8,303,779
5,515,447
4,800,000
2,914,815
1,882,160
1,755,960
1,734,900
2,223,000
1,905,309
2,097,041
941,801
493,042
1,014,787
518,557
448,460
950,000
Total oth.W est
280,221,636
218,575,725
+ 28.2
Clearings by T elegraph— Sales of Stocks, B onds, &c.
— The subjoined table, covering clearings for the current
week, usually appears on tho first page of each issue, but
on account of the length of the other tables is crowded out
once a month. The figures are received by telegraph from
other leading cities.
Clearings— Returns by Telegraph.
Week ending November 4.
1916.
1915.
Per
Cent.
New Y o rk ____________ ________________
B o s to n ............................................... ..........
P h iladelphia................................................
Baltim ore_____________________________
C h ic a g o ..................................... ............ ......
St. Louis ____________ _________________
New Orleans................................................
$3,132,571,765
248,117,476
245,951,877
38,874,149
392,846,832
103,631,330
30,436,798
$2,290,405,709
182,707,455
166,359,409
33,822,851
208,502,982
83,273,611
21,781,324
+ 36.8
+ 35.7
+ 4 7 .8
+ 14.9
+ 31.0
+ 24.4
+ 39.7
Seven cities, flvo days........... ..............
Other cities, five d a y s ...........................
$4,192,430,227
927,643,109
$3,076,943,341
680,143,418
+ 36.3
+ 36.4
Total all cities, five days......... ..........
AH cities, ono day.....................................
$5,120,073,336
990,404,243
$3,757,086,759
825,579,104
+ 36.3
+ 20.0
Total all cities for week......................
$6,110,477,579
$4,582,605,923
+ 33.3
Our usual monthly detailed statement of transactions on
the New York Stock Exchange is appended. The results
for the ten months of 1916 and 1915 are given below.
Ten Months 1916.
Actual
Value.
Ten Months 1915.
\Avcr.
Par Value
Price. or Quantity.
Actual
Value.
Aver.
Price.
167,023,459
I
141,812,201
14 466,282,730$13557 325,0711 93.7 $12211 879,520 510246736,178 83.9
675,525,000,
627,457,453 92.9
688.879,700
579,902,557 84.2
753,450;
781,562 103.7
I
245,063,272 95.9
443,461208.4
889,000
906,516 102.0
20,719,000
172,800
19,051,919 92.0
341,323 197.5
• T o ta l... $15398 126,280814431 070,819 93.7 $12922 540,020$10846 938,493 83.9
The volumo of transactions in share properties on the
New York Stock Exchange each month sinco Jan. 1 in 1916
and 1915 is indicated in the following.
SALES O F ST O C K S A T T IIE N E W Y O R K S T O C K E X C H A N G E .
1916.
T otal P aclflc805,314,941587,475,583 + 37.1 6,374,631,4115,093,558,686 + 2 5 .2
Kansas C it y ..
M inneapolis . .
O m aha.............
St. Paul...........
D e n v e r ______
St. Joseph____
D es M oin es-. .
D uluth..............
W ich ita ...........
Sioux C ity____
L in c o ln ...........
D a v e n p o r t __
T o p e k a ...........
Cedar Raplds.
Sloux Falls . . .
W aterloo_____
H elena_______
F a rgo________
Colorado Spgs.
P u eb lo_______
Aberdeen.........
F r e m o n t_____
H a stin g s.........
B illin g s ............
Joplin................
Grand F o rk s..
Lawrenco.........
Iow a C ity____
1914.
S
53,274,640
18,445,299
11,275,084
12,122,665
7,223,156
1,616,812
3,923,968
3,131,682
1,905,276
1,641,810
865,872
1,337,436
785,038
1,012,401
504,518
275,000
497,048
Descrip
tion.
San F ran cisco..'
Los Angeles__ 1
Seattle..............
P o r tla n d .........
Salt Lake City
T a co m a ...........
Spokane______
Oakland______
Sacram ento___
San D iego____
San Jose...........
F resn o_______
Pasadena.........
S to c k to n .........
B o is e ......... ......
N orth Yakima
R eno . . ...........
O g d e n ..............
Santa R o s a ...
Long Beach___
B akersfield___
Inc. or
Dec.
1915.
$
76,886,266
25,398,139
19,613,686
18,746,543
11,613,057
2,401,842
6,905,985
4,265,000
2,708,824
1,929,809
1,376,736
2,010,642
860,678
1,612,575
704,049
392,545
528,409
Inc. or
Dec.
1916.
[Vol . 103
Number I
of • --------------Shares.
Par.
1915.
Number
of
Shares.
Jan . 15,956,9441,427.403,335 1,301,244,816 6,076,210
F e b . 12,126,2051,025,902,910 962,417,409 4,383,449
M ar. 15,197,5851,331,870,900 1.264.214.208 7,862,308
Par.
435,534,900
380,032,785
681,471,315
302,481,298
262,372,421
635,476,914
latqr 43,280,734 3.785.177,145 3,527.878.433 17,321,9671,497,039,000 1,100,310,633
Apr. 12,523,50711,118,264,050 1,061,472,487 21,022,930 1,799,436,335 1,619,407,302
M ay 16,427,576 1,421,290,750 1,322,476,934 12,581,040 1,037,762,960 958,264,713
June 12,823,8331,071,814,645 1,014,902,417 11,004,042 912,619,430 832,467,913
2d qrr41,774,9163,611,369,445 3,398,851,838 44,608,012 3,749,818,725 3,410,139,928
6mos 85,055,650 7,396,546.590 6,926,728,271 61,929,979 5,246,857,725 4,510,450,561
July.
A u g .!
Sept.!
1,288,908.620 958,643,288
1.791,656,625 1,434,978,418
1,644,499,895 1,400,247,698
3d q r 53,806,532 4,569,963,915 4,277,648,353 53,203,269 4,725,065,140 3.793,869,404
9 ma. 138862182 11966,510,505 11204,376,624 115133 248 9,971,922,865 8,304,319,965
O c t -28,161,277 2.499,772,225 2,352.948,447 26,678,953 2,239,956,055 1,942,410,213
The following compilation covers tho clearings by months
since Jan. 1 1916 and 1915:
THE ENGLISH GOLD A N D SILVER MARKETS.
M O N T H L Y C L E A R IN G S .
I
Clearings, Total All.
Month.
1915.
1916.
%
S
$
Jan . . 20,070.094,925 13,483,433,873 + 48.8
Feb . . 18,230.249.765 11,912,182,657 + 53.1
M a r .. 20,679,675,539 13,848,400,164 + 49.3
1 st qr.
1
1
Clearings Outside New Y o r k .
1916.
1915.
J
%
J
6,195,741,340 + 25.0
5,430,346,110 + 31.3
6,283,286,462 + 29.4
7.743,292,698
7.129,512,488
8,131.801,038
58,986,020,229 39,244,016,694 + 5J.3 23,004,606,224 17,909,373,912 + 28.4
6,201.418.760 + 24.0
5.991,630,329 + 35.1
6,096,718.495 + 32.0
April . 19.315,241,747 15,013,083,834 + 28.6 7.692,625.092
M ay . 20,657.279,606 14,626,775,839 + 41.2 8,096,352,324
June. . 20,597,706,945 14,122,200,044 + 45.9 8,044,195.053
2d qr.
6 m os.
60,570,228,358 43,762,059,71/ + 38.4 23,833,172,469 18,289,767,584 + 30.3
119 556 248 587 83,006,076,411 + 4 4 .0 46,837,778,693 36,199,141,496 + 29.4
6,233,988,983 + 27.2
5,733,787,898 + 39.2
6,139,222,625 + 36.9
J u l y .. 19,366,856,923 14,929,402,551 + 29.7 7,928,114,051
Aug . . 19,752,395,063 14,271,230,069 + 38.4 7,985.078.254
S e p t.. 22,762,601,513 15,763,585,903 + 44.4 8,406,660.328
3d q r . 61,881,853,499 44,964,218,523 + 37.6 24,319.852,633 18,106,999,506 + 34.3
9 m os. 181438102,086 127970,294,934 + 4 1 .8 71,157,631,326 54,306,141,002 + 31.0
7,412,528,002 + 3 3 .6
9,901,370,203
O ct - - 25,612,566,138 20,152.206,654 + 27.1
B A N K ^C LE A R IN G S A T L E A D IN G C IT IE S.
----------------- October------------------------------- Jan. 1 to
1916.
1915.
1916. 1915. 1914. 1913.
3
t
$
S
S
$
15,711 12,740 5,609 8,693 125,992 86,404
1,953 1,474 1,261 1,454 16,549 13,140
746
8,614
602
6,562
842
970
642
783 10.458
6,953
901
Philadelphia........... 1,252
302
4,279
377
3,325
379
539
262
2,764
2,157
255
231
310
2,762
242
223
2,178
342
251
San Francisco____
1,813
173
177
1,455
174
173
114
1,423
1,104
99
125
161
3,907
285
3,059
306
541
367
1,233
1,916
115
150
103
256
1,041
765
89
67
87
155
1,159
146
1,015
170
145
162
770
61
593
69
47
81
120 1,799 1,191
141
112
213
D e tr o it ..................
72
837
679
73
73
104
102 1,037
94
850
113
88
41
46
419
335
45
55
84
91
98
1,029
800
132
52
68
845
492
76
60
B u ffa lo ..................
56
49
635
76
58
511
St. Paul..................
34
451
76
38
37
358
Indianapolis.........
54
46
541
72
48
402
D e n v e r ..................
99
39
724
404
53
37
R ic h m o n d ...........
64
39
30
346
47
266
Memphis .............
84
55
55
65
630
503
Seattle....................
20
41
36
349
288
H artford................
23
34
32
269
55
28
390
Salt Lake C i t y . . .
( 000,000s
Oct. 311914.
1913.
$
S
71,089 79,047
13,216 13,342
6,752
6,359
7,074
6,647
3,414
3,254
2,471
2,233
2,182
2,082
1,578
1,650
1,097
1,097
2,399
2,359
1,054
1,071
779
751
1,047
1,085
569
691
1,106
1,153
706
647
1,012
976
339
352
756
733
527
500
475
428
346
361
373
392
343
340
296
319
534
549
224
212
262
251
T o t a l................. .23,640 18,831 10,597 14,386 193,279 137,291 120,652 130,139
Other cities____ 1,772 1,321 1,138 1,334 13,772 10,832 10,869 11,080
Total all______ .25,612 20,152 11,735 15,720 207,051 148,123 131,521 141,219
Outside New York 9,901 7,412 6,126 7,027 81,059 61,719 60,434 62,172
Canadian Bank Clearings.— Tho clearings of the Cana
dian banks for the month of October. 1916 show an increase
over the same month of 1915 of 27.2% .
__________
Ten Months.
October.
Clearings at1916.
M ontreal___
T oron to ____
W in n ip eg ...
V ancouver-.
Ottawa.........
C a lga ry-----E d m on ton ..
V ictoria-----Q uebec.........
H am ilton__
Halifax.........
Regina.........
Saskatoon . .
St. John____
London -----M oose Jaw .
Lothbridgo .
B r a n d o n ___
Brantford . .
Fort William
Now W estm.
M cdlclnollat
Peterbor’gh .
Sherbrooke .
Kitchener . .
1915.
Inc. or
Dec.
1916.
3
%
$
1
s
355,590,527 253,982,655 + 40.0 2,962,138,079
244,508,737 176,073,958 + 3 8 .9 2,045,158,230
+ 0 .5 1,583,922,109
210,169,888 209,012,586
31,475,214 24,596,929 + 28.0 260,409,070
211,060,919
25,487,446 17,804,649 + 4 3 .2
174,481,649
22,599,898 17,185,475 + 31.5
89,843,538
9,978,544
7,630,775 + 3 0 .8
66,219,520
5,839,179 + 21.5
7,095,554
153,630,029
17,716,063 14,987,168 + 18.2
159,456,364
18,609,949 13,756,796 + 35.3
9,314,878 + 17.6 101,883,151
10.950.000
91,611,232
14.160.000 10,347,775 + 36.3
49,690,369
6,438,049 + 13.9
7,331,370
74,075,767
6,439,836 + 2 8 .2
8,262,856
81,189,141
7,575,277 + 19.5
9,051,682
39,725,014
4,828,924 + 17.9
5,691,044
22,689,877
3,694,572
2,196,971 + 68.2
22,657,117
2.481,602 + 11.6
2,729,126
27,138,140
2,597,398 + 3 5 .2
3,511,648
21,761,728
2,225,901 + 18.1
2.627.000
11,387,167
1,115,285 + 15.1
1,2S3,291
15,550,073
1,562,219 + 50.0
2,343,157
21,845,441
1,769,968 + 4 1 .3
2.500.000
18,046,907
2,399,942 N ot lncl. In total
15,299,325
2,325,392 N o tln o l.ln total
|
1915.
Inc. or
Dec.
S
%
2,046,523,855 + 44.8
1,489,206,440 + 37.3
1,023,151,883 + 54.8
229,517,562 + 13.4
170,920,615 + 23.5
124.279,297 + 40.4
83,139,501
+ 8.1
63,225,198
+ 4 .7
128.002.124 + 20.0
120.476.124 + 32.3
84,060,406 + 21.2
60,462,740 + 51.5
34,932.640 + 4 2 .3
64,515,429 + 14.8
73,067,238 + 11.1
29,580,397 + 34.3
13,919,444 + 63.0
19,166,982 + 18.2
21,187,904 + 2 8 .1
18,051,785 + 20.5
+ 1.0
l i ,207,088
9,400,838 + 65.4
16,584,619 + 31.7
N ot lncl. in t otal
N ot lncl. in t otal
Total Can 1017307566 799,764,2531 + 2 7 .2 8,287,523,724 5,934,613,109
+ 3 9 .6
Clearings for tho week ending Oct. 28:
Week ending October 28.
Clearings at—
1916.
• C a n ad a—
M o n t r e a l..... .....................
T o r o n t o ....... .....................
W in n ip eg ______________
Vancouver ........................
O tta w a .............................Calgary...................... ........
E d m o n to n ..................—
Victoria..............................
Q u e b e c ...............................
Hamilton — ....................
H a lifa x ...............................
R e g in a ...............................
Saskatoon..........................
St. John....... .....................
London-------------------------M oose Jaw ......... ..............
Lethbridge........................
B ran don ............................
Brantford---------------------Fort W illiam ....................
New Westminster............
M edicine H a t....................
Peterborough....................
Shorbrooko ......................
Kitchener ........................
S
78,290,519
59,078,355
53,781,166
7,692,0S0
5,522,422
5,693,421
2,257,420
1,768,965
4,025,415
4,571,661
2,356,857
3,422,199
1,950,525
1,758,298
1,921,014
1,394,261
1,023,913
575,847
709,639
040,010
286,903
624,615
549,731
600,435
436,290
1915.
Inc. or
Dec.
1914.
1913.
S
S
S
%
60,788,035 + 28.8 49,730,045 59,538,678
42,907,491 + 3 7 .7 34,800,000 44,112,336
50,802,207
+ 5.9 35,974,103 44,829,040
5,383,672 + 42.9
6,716,870 10,964,190
3,790,609 +.45.6
3,797,538
4,141,269
4,573,375 + 24.5
6,085,731
3,615,440
1,748,605 + 29.1
3,894,766
2,345,258
1,452,654 + 21.8
2,063,118
3,175,540
3,540,061 + 13.7
2,987,942
3,084,175
3,075,671 + 4 8 .6
2,331,782
3,258,389
2,198,208
+ 7.2
1,820,218
1,952,757
2,661,199 + 28.6
2,144,345
3,067,057
1,686,703 + 15.7
2,014,434
1,121,325
1,482,731 + 18.6
1,771,446
1,280,068
1,598,409 + 20.2
1,759,404
1,327,851
1,312,952
+ 6.2
1,034,587
1,277,372
567,576 + 80.4
295,096
717,303
619,850
— 7.1
742,249
709,932
603,945 + 17.5
418,699
652,996
564,164 + 13.5
969,269
675,747
2 01 ,56’ + 42.4
296,622
601,364
372,965 + 67.6
280,217
523,189
423,505 + 29.8
372,067
N ot lncl. in total,
N ot lncl. In total.
Total Canada............... 239,895,236 192,356,147
1661
THE CHRONICLE
Nov. 4 1916.]
+ 2 4 .7 156,171,087 199.000,643
W e reprint the following from the weekly circular of
Samuel Montagu & C o. of London, written under date of
Oct. 5 1916:
.
GOLD.
T he gold holding o f the Bank o f England against notes has increased
b y £1,039,790.
The mobilization b y the belligerent nations o f their gold resources threw
a heavy additional burden upon other m etallic currency. T he following
figures showing the contrasted holdings o f silver coin b y the State banks o f
France, Russia and Germany at similar periods in 1913, 1914 and 1916
are suggestive:
Silver in Bank of France.
A ug. 28 1913......... ............ .......... ....................... _________________ £25,323,000
July 30 1914-----------------------------------------------------------------------------25.013.000
A ug.
1914------------------------------- ------------------------------------------- not published
Sept. 28 1916............- ....................... ................. ..................................
13,473,600
Silver in Imperial Bank o f Russia.
A ug. 29 1913________________________ £7,4 63 ,000(Silver and subsidiary coin)
A ug. 29 1914........................ ................. 5 ,8 6 6 , 0 0 0 ( ....................................... * )
Sept. 5 1 9 1 6 ..- ..................................... 8 , 8 0 9 , 0 0 0 ( ........................................ )
Silver in Bank of Germany.
A ug. 30 1913......... ............ ............ ............................. ............ £14,000,000(Silver)
A ug. 31 1 9 1 4 .._____ __________________ __________ _____
4,114,000( “ )
A ug. 31 1916_______ ___________________________________
1,263,000( “
)
It is, o f course, well-known that no silver coin is held as security for
notes o f the Bank o f England.
T o ease the strain upon copper currency, coins have been issued com posed
o f base metals not com m only applied to such a purpose, such as iron, & c.
On the initiative o f the Chamber o f Comm erce o f Marseilles, aluminum
discs bearing the Arms o f Marseilles have been authorized recently for local
circulation. The issue comprises 75,000 pieces o f 10 centimes and 25.
000 o f 5 centimes.
S IL V E R .
The appearance o f the market has not been so robust as in preceding
weeks, but there seems no reason to doubt that the undertone continues
good.
Tho approximation o f the price to 33d. provoked some sales from China.
The effect o f selling from this quarter is felt, although the actual amount o f
silver that changes hands m ay not be very large, for there is always a
possibility o f the quantity increasing. T ho mere fa ct o f China assisting
with supplies influences other selling; speculators are disposed to take
profits, and the Indian Bazaars, whoso adverse views as to the future o f
silver are notorious, at once feel depressed. In these cricumstances a
certain retrogression in prices is a natural outcom e.
It will be noticed from the details below that for tho first tim e since July
31 last there has been a rise in the reserve o f silver held in the Indian Treasu
ries. The last three Indian currency returns received b y cable give details
__
. ,
in lacs o f rupees as follow :
„
_
„
Sept. 15. Sept. 22.
Sept. 30.
N otes in circulation_______________________ 71,58
71.24
71.53
Reserve in silver coin and bullion--------------- 25,23
25,06
25,56
Gold coin and bullion____________________
11,37
11.20
10’§ ?
G old in England__________________________
11,92
11.92
11.9_
The stock in B om bay consists o f 3,400 bars, as com pared with 3.600
bars last week.
Tho stock in Shanghai on Sept. 30 1916, consisted o f about 25,500,000
ounces in syceo and 16,400,000 dollars, as com pared with 25,000.000 ounces
in sycee and 15,700,000 dollars on Sept. 23 1916.
T he stock in London on O ct. 1 was rather under 7,000,000 standard
ounces.
.
Statistics for the m onth o f September are appended:
Highest price for cash--------------------------------------------------------------------32 15-16d.
Lowest rate for cash--------------------------------- - ....................... ................. 32 %
Average price for cash------------------------------------------------------------------ 32.584
Qutations for bar silver per ounce standard:
Bank rate_______________________ 6 %
No
Sept. 2 9 .-3 2 15-16 cash
quotation Bar gold per oz. standard.
77-9
Sept. 3 0 .-3 2 %
“
fixed
O ct.
2 .-3 2 %
for
O ct.
3 .-3 2 %
forward
O ct.
4 .- 3 2 9-16
O ct.
5 .-3 2 %
“ J delivery
A v . for week-32.687d
T he quotation to-day for cash is % d . below that fixed a week ago.
We have also received this week the circular written under
date of Oct. 12 1916:
T he holding o f gold b y the Bank o f England against notes has increased
b y £1,026,845.
Tho T ok y o correspondent o f the "T im es o f India” wrote under date o f
July 25 as follows:
" N o phase o f war influence on Japan is m ore remarkable than the abnor
mal increase o f specie reserve she has experienced. In July 1914, when the
war began, tho amount o f gold held b y Japan was no m ore than 353,000,000
yon, while to-day it stands at a little over 600,000,000 yen , although the
last interest paym ents on the national debt have reduced it somewhat below
that figure. As the matter stands, Japan since tho war has acquired 546,
000,000 yen and paid 308,000,000 yen, and if the sale o f munitions continues
as briskly as at present, she expects to receive at least 200,000,000 yen m ore
before the end o f tho year. Probably after all paym ents o f Interest are made
Japan will still hold gold to the extent o f 500,000,000 yen at the end o f the
year. B ut there are those who expect additional war orders to bring the
total up to about 700,000,000 yen at the year end. I f Russia floats further
loans in Japan, the specie m ay bo further decreased. A ccording to official
reports som e 170,000,000 yen o f this gold is owned b y the Imperial G overn
m ent and about 400,000,000 yen belongs to the Bank o f Japan. There is
about 280,000,000 yen in England, and over 120,000,000 yen in the United
States, though last week a gold shipment o f over 1,000,000 yen arrived from
America, with an outflow o f only 10,000 y e n ."
S IL V E R .
T he market undertone remains good , although prices have been erratic.
Tho movem ents have been somewhat remarkable, considering the even tenor
o f the China exchanges and the absence o f pressure to sell from that quarter.
T he reason is to.be found in the uneasiness which seems to haunt the Indian
Bazaars whenever an advance in price meets a tem porary check. Indian
operators are apt to.rush into tho market as sellers, apparently oblivious to
tho fa ct that though the coinage demand is as sound as ever buyers are not
willing to clim b to pick when ripe fruit is falling o f its own weight into the
basket. So long as supplies com e forward in a steady flow and not spas
m odically, the market is able to absorb considerably m ore than the pro
duction and at quite a good level o f prices. It will be observed from the
figures below that tho amount o f silver rupees held in the Indian Treasury
has again com m enced to decline. T he last three Indian currency returns
ecoived b y cable give details in lacs o f rupees as follows:
1663
THE CHRONICLE
Sept. 22. Sept. 30.
Oct. 7.
71,53
71,21
...............
71,24
2 5 ,0 6
25,3 6
...............
25 ,5 6
............. ..
11,20
10,99
10,87
...............
11,92
11,92
11,92
T h e s t o c k in B o m b a y con sists o f 3 ,3 0 0 bars, as c o m p a r e d w ith 3 ,4 0 0 bars
la s t w eek . T h e s to c k in Shanghai o n O c t . 7 1916 co n siste d o f a b o u t 23
6 0 0 .0 0 0 ou n ces in s y c e e an d 16,5 0 0 ,0 0 0 dolla rs, as c o m p a r e d w ith a b o u t
2 5 .5 0 0 .0 0 0 ozs. in s y cee an d 16,4 0 0 ,0 0 0 dolla rs o n S o p t. 30 1916.
Q u ota tion s fo r bar sllvor p e r o u n c e sta n d a rd :
N o te s in c ir c u la tio n __________________ .
R e s e rv e in silver c o in an d b u llio n _______
G o ld co in an d b u llio n ____________________
G o ld in E n g la n d .......... .................................
Oct.
"
“
“
cash
6— 32 K
7— 32 K
"
9— 32 K
“
10— 32 5-16
“
“
11— 32H
“
“
12— 3 2 5 -1 6
“
A v . fo r w eek 3 2 .3 5 4 cash
No
q u o ta tio n
fix e d
fo r
fo rw a rd
d e liv e ry
B a n k r a t e _________________________ 6 %
B a r g o ld p e r o z . s ta n d a r d ___ 77s. 9d
T h e q u o ta tio n t o -d a y fo r cash is 3 -1 6 d . a b o v e th a t fix e d a w eek a g o .
ENGLISH FIN AN C IA L MARKETS— PER CABLE.
The daily closing quotations for securities, & c., at London,
as reported by cable, have been as follows the past week
London.
Oct. 28.
Week ending Nov. 3.
Sat.
Silver, per oz___________ . . d . 32K
Consols, 2 K per c e n ts ...
British 4 K per cents___ ___n o n New French Loan, 5 % ..___ D A Y .
French Rentes (In Paris) fr._
French War Loan (old) 5%
(In Paris)........................ -fr.
Oct. 30.
Mon.
32 K
56 K
95K
61.10
Oct. 31. Nov. 1. Nov. 2. Nov. :
Tues.
Wed.
Thurs.
Fri.
32 7-16 32 K
32 K
32K
56
56 K
56 K
96
H O L I- c94K
c94K
DAY.
80 K
61.10
H oliday 61.10
90.00
90.00
Holiday C87.65
The price of silver in New York on the same days has been
Silver in N . Y ., per o z — cts. 67K
67K
68K
68K
68K
68K
c Ex-coupon.
©tfmmerctal au dlH is cel iait cons
D IV ID E N D S .
The following shows all the dividends announced for the
future by large or important corporations:
Dividends announced this week are printed in italics.
Name o f Company.
Per
When
Cent. Payable
Books Closed.
Days Inclusive.
Name of Company.
M iscella n eou s (C o n c lu d e d ).
Goodyear Tire A Rubber, common (quar.).
Great Northern Iron Ore Properties______
Greene Cananea Copper (q u a r .)...........
Gulf States Steel, common (N o. 1)_____
Hart, Schaffner & M arx, com . (q u a r .)..
111. A Power Securities, pf. (qu.) (N o. 17)
Indiana Pipe Line (quar.)__________
Inland Steel (quar.)________________
Int. Harvester of N . J., pf. (qu.) (No. 39)
Int. Harvester Corp., pf. (qu.) (No. 1 5 ) . ..
Kerr Lake Mining (quar.) (N o. 45)____
Kings C o. Eleo. Lt. & Pow. (qu.) (N o. 67)
Leo Rubber A Tire (quar.)......... ............ ..
E xtra............................................................
Lehigh Coal A Navigation (q u a r .)._____
Liggett A Myers T ob acco, com . (quar.).
Mauatl Sugar, com m on.......................... ..
Common (payable In common s t o c k )..
Massachusetts Gas Companies, preferred
Miami Copper Co. (quar.) (N o. 17)_____
M iddle West Utilities, pieferred (qu ar.).
M idwest Oil, preferred__________________
M itchell M otors (quar.) (N o . 1)_______
M obile Electric, preferred (quar.)______
Montreal Lt., H t. A Pow . (qu.) (N o. 6 2 ).
National Carbon, com mon (quar.)...........
Com m on (extra)______________________
National Carbon, preferred (q u a r.)..
National Lead, preferred (quar.)_____
National Rclinlng, com mon (q u a r.)..
Common (extra)..... ....................... ..
National Transit____________________
New Jersey Xlno (quar.).....................
E xtra__________________ _____________
Ohio Cities Gas com . (pay. In com . stk.)
Ontario Steel Produots, preferred (quar.)
Penmans, Limited, common (quar.)_____
Peoples Gas Light A Coke (qu ar.)______
Pittsburgh Steel, preferred (quar.)________
Pressed Steel Car, com . (quar.) (N o. 24)
Preferred (quar.) (N o. 71)....................
Prest-O-IAte Co., Inc. (quar.)____________
Prooter & Gamble, common (quar.)_____
Pullman C o. (quar.)____________________
Puro Oil, common (quar.)______________
Com m on (extra)....... ............ ............ ........
Pyrene M fg ., common (quar.) (N o. 1 6 )..
Quaker Oats, preferred (qu ar.)_______
Sears, Roebuck A C o ., common (q u a r .)..
Sinclair Oil A Refining (q u a r .)........... ..
South. Calif. Edison, com . (qu.) (N o. 27)
Southern Pipe Lino (quar.)........................
Standard Milling, com . (quar.) (N o. 6) .
Com m on (payable In common s t o c k )..
Preferred (quar.) (N o. 2 8 )............. ......
Standard Oil (California) (quar.).........
Standard Oil (Indiana) (quar.).........
Standard Oil of New York (quar.)_____
Standard Sanitary M fg., common (quar.).
Common (extra).....................................
Preferred (quar.)______________________
Stewart-Warner Speedometer, com . (qu.)
Swift A C o. (extra).......................................
Union American Cigar, pref. (quar.)_____
United Cigar Stores, common ( q u a r .)...
United Drug, second preferred (quar.)...
U . 8 . Cast I. PlpeAFdy., pf.(qu.) (N o.51)
Preferred (e x tra )............................ ..........
United States Steamship (extra)......... ........
U. S. Steel Corporation, common (quar.)..
Common (extra)_______________________
Preferred (quar.)_____ _________________
Warwick Iron * S t e e l .. . ........................ ..
W ayland Oil A Gas, preferred_________
Western States Gas A Elec., com. (quar.)..
Westlnghouse Air Brake (extra)..... ..........
White (J. G.) Co., Inc., pf. (qu.) (No. 54)
White (J. G.) Engineering, pf. (qu.) (No.15)
While (J.G.) Manage't, pf. (qu.) (No. 15).
W oolworth (F .W .) C o., com .(qu.)(N o,18)
Yale & Tow no M fg. (extra) (N o. 86) __
[Vol. 103
Per
When
Cent. Payable
Books Closed.
Days Inclusive.
3
Deo.
N ov. 21
to
N ov. 30
75c D ec. 21 D ec. 3
to
D ec. 20
2
N ov. 27 Holders of reo. N ov. 10a
2
Jan.
Holders of reo. Deo. 15a
1
Deo.
Holders of reo. N ov. 20a
IK N ov. 15 Holders of rec. O ct. 31
$2
N ov. 15 Holders o f rec. O ct. 23
2
D ec. 1 Holders of reo. N ov. 10
IK Dec. 1 Holders of roc. N ov. 10
IK Deo. 1 Holders of reo. N o v . 10
25o. Dec. 15 Holders of reo. Deo. la
2
Deo. 1 Holders of reo. N ov. 20a
50c Deo. 1 Holders of reo. N ov. 15a
25o Deo. 1 Holders of reo. N ov. 15a
SI
N ov. 29 Holders of reo. O ct. 31a
3
Deo. 1 Holders of reo. N ov. 15a
12 K Dec. 1 Holders of rec. N ov. 28
/20 N ov. 5 Holders of rec. O ct. 31
S2
D ec. 1 N ov. 16
to
N ov. 30
$1 5( N ov. 15 Holders of rec. Nov. la
I K D ec. 1 Holders of reo. N ov. 15
2c. N ov. 2C Holders o f rec. N ov. la
SI .SC Alov. 24 Holders of reo. N ov. 10
I K N ov. 15 Holders of rec. Oct. 31
2
N ov. 15 Holders of rec. Oot. 31
2
Jan. 15
2
Jan. 15
I K N ov. 15 Holders of rec. N ov. 4a
I K Dec. 15 Holders of rec. N ov. 24a
I K N ov. 15 Holders of rec. N ov. la
I K N ov. 15 Holders of rec. N ov. 1
50c. Deo. 15 Holders of reo. N ov. 30a
4
Alov. 13 Holders of rec. O ct. 31a
5
iNov. 10 Holders of reo. O ct. 31a
/5
D ec. 1 Holders of rec. N ov. 15
I K N o t . 15 Holders of reo. O ct. 31a
1
N ov. 15 Holders of reo. N ov. 6a
I K N ov. 25 Holders of rec. N ov. la
I K D ec. 1 Holders of rec. N ov. 11
I K D ec. 6 Holders of rcc. N ov. 15a
I K N ov. 22 Holders o f reo. N ov. la
S I.50 N ov. 1 Holders of rec. O ct. 24
5
N ov. 15 Holders of reo Oot. 31a
2
N ov. 15 Holders of rcc. O ct. 31a
30c. Deo. 1 N ov. 16
to
N ov. 30
20o. Deo. 1 N ov. 16 to N ov. 30
20c. N ov. 1 Oct. 26 to O ct. 31
IK N ov. 29 Holders of rec. N ov. la
IK N ov. 15 Holders of reo. O ct. 31a
$1.25 N ov. 15 Holders of rec. O ct. 31a
IK N ov. 15 Holders of rec. Oot. 31
6
Deo. 1 Holders of reo. N ov. 15
*1
N ov. 29 Holders of reo. N ov. 20a
*1
N ov. 29 Holders of ico. N ov. 20a
I K N ov. 29 Holders o f reo. N ov. 20n
2 K Deo. 15 Holders of reo. N ov. 20
3
N ov. 29 Nov. 7
to
N ov. 30
2
Deo. 15 Holders of reo. N ov. 24
Holders of reo. O ct. 19
IK
1
Holders of reo. Oot. 19
Holders of reo. Oot. 19
IK
Nov. 15 Jot. 31
to
N ov. 5
IK
33 1-3 N ov. 25 Holders ot reo. Oot. 16a
tfov. 15 Oct. 31
to
N ov. 15
IK
IK N ov. 15 Holders of reo. Oot. 27a
Dec. 1 Holders of rec. N ov. 15
IK
Nov. 15 Holders of rec. N o v . 3a
IK
2
N ov. 15 loldcrs of reo. N ov. 3a
5o. Dec. 1 Holders of reo. Nov. 16
I K Deo. 30 Jec. 2
to
D eo. 10
1
Jec. 30 Jec. 2
to
Deo. 10
IK Nov. 29 Vov. 7
to
N ov. 19
3
Nov. 15 Nov. 1 to
N ov. 15
15o. Nov. 15 lolders of rcc. N ov. la
K Nov. 15 folders of rcc. O ct. 31
$5
Nov. 21 lolders of rec. O ct. 31a
Jco. 1 folders of reo. N ov. 21
IK
Jec. 1 lolders of rec. N ov. 21
IK
Jec. 1 lolders of rec. N o v .-18
IK
2
Doc. 1 lolders of ree. N ov. 10a
5
Nov. 10 lolders o f rcc. N ov. 3
R a ilroad s (Steam ).
Atch Topeka A S. F., com . (qu.) (N o. 46)
I K Deo. 1 Holders of reo. N ov. 3a
Atlantic Coast Lino R R ., preferred.........
to
N ov. 9
2 K N ev. 1C Oot. 30
Cleveland A Pittsburgh., reg., guar, (qu.)
I K Deo. 1 Holders of reo. N ov. 10a
Special guaranteed (quar.)......................
1
Deo. 1 Holders of reo. N ov. 10a
Cripple Creek Central, com. (qu.) (N o. 2 8 ).
I K D ec. 1 Holders of reo. N ov. 15
Preferred (quar.) (N o. 44)....... .......... ......
1
Deo. 1 Holders of rec. N ov. 15
Ft. Dodge Des M oines A Southern, com ___
I K N ov. 1 Holders of reo. O ct. 20a
Preferred (q u a r .).. .................................. ........
I K N ov. 1 Holders of rec. O ct. 20a
Georgia Southern A Fla., 1st A 2d p r e f..
2K N ov. 8 Holders of reo. O ct. 30
Ullnols Central (quar.) (N o. 124)--------I K Deo. 1 Holders of rec. N ov. 9a
N orfolk A Western, adj. pref. (quar.)___
1
N ov. IS Holders of rec. O ct. 31a
Com m on (qu ar.)_____________________
I K Deo. 19 Holders of rec. N ov. 30a
Pennsylvania (quar.)................. ...................
I K N ov. 29 Holders of roc. N ov. la
Reading Com pany, common (quar.)____ $1
N ov. 9 Holders of rec. O ct. 24a
First preferred (quar.)......... ...................
50o. Deo. 14 Holders of rec. N ov. 28a
Street an d E lectric R ailw ays.
American Railways, preferred (qu ar.)__
I K N ov. 15 Holders o f reo. Oot. 31a
Boston Elevated Ry. (quar.)..... ........................
I K N ov. 15 Holders of reo. N ov. 8a
Brazilian Trao., Lt. A Pow ., ord’ y (quar.)
1
Deo. 1 Holders of rec. O ct. 31
Cities Service, com mon (m onthly)______
K Deo. 1 Holders o f rec. N ov. 15
Com m on (payable In common stook). . /4
Deo. 1 Holders of reo. N ov. 15
Preferred (m o n th ly ).................................
K Deo. 1 Holders of reo. N ov. 15
Connecticut R y . A Ltg.,com . A pf. (qu.)
1
N ov. 15 N ov. 1
to
N ov. 15
D etroit United R y . (quar.)........... ............
I K D ec. 1 Holders of rec.N ov. 16
Havana Elec. R y ., L. A Pow ., com . A pf.
3
N ov. 15 Oct. 26
to
N ov. 15
Illinois Traction, common (qu ar.)______
K N ov. 15 Holders of rec. <INcv. la
Lehigh Valley Transit, preferred (quar.).
IK N ov. 10 Holders of reo. Oot. 31a
a Transfer books not closed for this dividend, b Loss British incomo tax.
Pacific Gas A Elec., 1st pref. (qu.) (No. 9)
I K N ov. 15 Holders o f reo. O ct. 31
d Correction, e Payable In stock. /P a y a b le in com mon stock, g Payable In
Original preferred (quar.) (N o. 4 3 ).........
I K N ov. 15 Holders of rec. O ct. 31
scrip, h On account o f accumulated dividends. I Declared on com mon stook
Tampa Electric Co. (quar.) ______ ___________
2K N ov. 15 Holders of rec. N ov. 7a 2 K % , payable D ec. 1 to holders of record N ov. 28; 2 K % , payablo March 1 1917
Washtngton-Vlrgtnla Railway, preferred..
to holders of record Feb. 26 1917; 2 K % June 1 1917 to holders of record M ay 29
2K N ov. 1 Holders of rec. O ct. 27
Banks.
1917; 2 K % , payable Sept. 1 1917 to holders of reoord Aug. 29 1917. k Declared
Mechanics A Metals National (quar.) _____
3
N ov. 8 Holders o f reo. N ov. 4a
a dividend of 8% on the common stock, payable one-half In cash and one-half In
M iscellaneous
common stook at par, In quarterly Installments as follows: 1% cash and 1% com .
Acceptance Corporation (quar.) _____________
I K N ov. 15 Holders of rec. N ov. 14
stock on N ov. 29 to holders o f record N ov. 20: 1% cash and 1 % com . stock on
Acme Tea, first and second pref. (qu ar.)..
to
D ec. 1
I K Deo. 1 N ov. 21
Feb. 28 1917 to holders of record Feb. 19 1917; 1% cash and 1% com . stock on
American Bank N ote, common (q u a r .)..
50o. N ov. 15 Holders o f rec. N ov. la
M ay 31 1917 to holders of record M ay 21 1917: 1% oash and 1 % com . stock on
American Biass (quar.)________________
I K N ov. 15 Holders of reo. Oot. 31
Aug. 31 1917 to holders o f record Aug. 21 1917. I Declared 1% , payable one-half
Extra........................ ....................................
D ec. 20 and one-half March 20 1917.
3 K N ov. 15 Holders of rec. O ct. 31
5
American Brass (extra)................................
Deo. 20 Holders of rec. N ov. 30
6 Deo. 1 Holders of rec. Aug. 1
American Cyanamld, pref______________
A u c tio n Sales.— Among other securities, tko following,
Am er. Graphophone, pref. (qu.) (N o. 74)
I K N ov. 15 Holders of reo. N ov. la
1
Am . La France Fire E n g.,Inc..com . (qu.)
N ov. 15 Holders of rec. N ov. 10a
not usually dealt in at the Stock Exchange, were recontly sold
American Radiator, common (q u a r.). ...........
4
Deo. 30 Holders of reo. Deo. 21
at auction in New York, Boston and Philadelphia:
Preferred (quar.)________ _________________
I K N ov. 15 Holders of reo. N ov. 7
American Sewer P ipe_______ _____ ___ __
B y Messrs. Adrian H . Muller & Sons, New York:
IK
Amer. Smelting A Refining, com. (qu a r.)..
to
N ov. 26
I K D ec. 15 N ov. 25
Shares. Stocks.
Per cent. Shares. Slocks.
Per cent.
Preferred (quar.) __________ _______________
to
N ov. 19
I K Deo. 1 N ov. 11
80 Cons. M ica M . (N .J.),$5 eal
2 Bklyn. Academy of M u s ic.. 7
American Soda Fountain (q u a r .)...............
I K N ov. 15 Holders o f rec. N ov. 1
80 Security Mall Box, $10 cnchl
1,400 Federal Oil (M o .), $1 ea ..S 5 0 lot
American Tobacco, common (quar.' _______
5
Dec. 1 Holdeis of rec. N ov. 15
5 Pierson Typo-bar, pf. (M e.) |
500 Green Monarch M g. A Mill
American Utilities, preferred (quar.)____
IK N ov. 10 Holders of reo. O ct. 31a
10 Pierson Typo-bar, com ____|
(Idaho), SI each_______ SI lot
Anaconda Copper M ining (quar.).............. S2
N ov. 27 Holders of rec. O ct. 21a
10 O ’ Brien El. I,t.(A tlz.), 5101
30 Goldfield Cons. M lnes(W yo)
Bond A M ortgage Guarantee (quar.)____
4
N ov. 15 Holders of reo. N ov. 8
each.................................... I
S10 each— ............. 45o. per sh
Buckeye Pipe Line ( q u a r .).........................
S2
Dec. 15 Holders of rec. N ov. 24
20 The U .S.A.G old M lnc(Arlz) |
1,000 Dlamondfleld Blaok Butte
Burns Bros., com . (quar.) (N o. 12)_____
I K N ov. 15 Holders of rec. N ov. la
SI each........... ...................|
Iteorg. M g. (N ev.) SI ea.
Cambria Steel (quar.)
I K N ov. 15 Holders of reo. O ct. 31a
200 Rival Oil (C al.f.), SI e a c h .. I
2c. per sh.
Canada Cement, L td., preferred (quar.).
N
ov.
lO
N
ov.
1
to
N
o
v
.
10
IK
500 Goldfield M ay Queen M ln 'g }$ 2 l
45
Trout
Lake Ice of Penn___ 32
Canada Foundries & Forg., com . (quar.)
3
N ov. 15 Holders o f rec. O ct. 31
(So. D a x .), SI each.........
lot
166 Kensington Gold M . (M e.)
Common (bonus)___
3
N ov. 15H olders of reo. Oot. 31
20 Thom.is Brace Rail...............
$2 per sh.
Preferred (quar.)__
I K N ov. 15 Holders of reo. O ct. 31
100 M fg. Amal. & Sep.Co.(Ariz)
100 Cumberland Gold M ining,)
Caney River Gas (quar.)
2 K N ov. 20 Holders of rec. N ov. 9
SI each..............................
S250 each____________
I
Charcoal Iron of America, preferred_____
lOo N ov 2 9 'Holders of rec. N ov. 15
47 Tuck-M cinken, S10 each__
20 Ocean Nav. A Pier, ctf. dop. )$3
10c Dec. 30|Holders of rec. D ec. 15
Preferred
50 Flint Auto-Hydro-Airship,
$9,000
N.
J
.
So.
R
R
.
1st
cons,
7s’03
lot
Chic. Wllm. A Franklin Coal, pref. (quar.) S I.50 N ov. 1 Holders of reo. O ct. 26a
$10 each_________ ______
12 Richfield Spgs. Bath Ilousej
Civic Investment A Industrial (quar.)___
1
Nov
Holders of reo O ct. 31
10 Marino Merchants Terminal
4,500 Interstate Chom. Corp., pf
Colorado Power, Preferred (quar.)
I K Deo.
Holders of rec. N ov. 30
1,098 Wasach Utah M g. (N ev.),
(V a .)...............................$560
Consolidated Gas (quar.)_________
Holders of rec. N ov. 10a
I K Deo.
SI each________________
300 Intern. Tungsten Corp.SO per sh.
Continental Paper Bag, pf. (qu.) (N o. 65)
Holders o f rec. N ov. 8
I K Nov.
53 Geo. Wash. Cop. R ef., pref- 88
10
Marine
Nat. Bank (Ashta
Cosden A Co. (quar.)....................................
10c. N ov.
Holders of rec. N ov. 15
98 Geo. Wash. C o p . R e f.,co m . 35
bula) ------------- -------- ...$ 9 0 0 lot
Extra_____________________ ______ ____
25o. N ov.
Holders of rec. N ov. 15
100 Nev. Smelt. A M „ $5 c a ..$ 3 lot
50 Ashtabula Worsted M ills . . $8 lot
Cresson Consolidated Gold M . A M ______
10c. Nov.
Holders of rec. O ct. 31
20 Mechanics Bank...................127K
Crucible Steel, preferred (extra)________
h2
N ov.
Holders of reo. N ov. IS a
2 W hltney-by-thc-Sea, Inc.,
Ronds.
Diamond Match (quar.)............... ..............
Holders of rec. N ov. 29
I K Dec.
S25 each----------------------SI lot 81,500 Long Beach Est. 6s, 1920.)
Dominion Bridge, Ltd. (quar.)_________
2
N ov.
Holders of rec. O ct. 31
100
Pino
Lawn
Cemetery
land
$3,500
Laurclton Land C o. (is, 12)31,900
E x tra ............. ......................... .....................
3
Nov.
Holders of rec. O ct. 31
purchase fund------60o. per sh. I
75 Laurclton Land C o ______ I
Eastern Steel, first preferred (quar.)...........
Holders o f rec. Deo. 1
I K Deo.
First preferrea (accrued dividends to date) h28
D ec.
Holders of rec. D ec. 1
B y Messrs. R . L. D ay & C o ., Boston:
Eastman K odak, common (quar.)______
Holders of rec. N ov. 15a
2 K Jan.
Shares. Stocks.
S per sh. Shares. Stocks.
S per sh.
N ov.
Com m on (extra)..... .................................
5
Holders of rec. O ct. 25
1 National Union Bank______201M
20 Nashawena M ills________104-104K
Preferred (quar.)_____________________
Holders of rec. N ov. 15a
I K Jan.
5 N at.Shawm ut B a n k .. 191K -191K
50 Pepperell M fg .................. 190-190K
Gaston, Williams A W lgmore, Ino______
N ov.
SI
Holders of reo. N o v . 1
4 Mercln nta National Bank__ 290
50 Merrimack M fg ., pref........... 86
General Chemical, common (quar.)_____
Holders of rec. N ov. 2ua
I K Deo.
2 Edwards M fg ______________ 55
2 W est Point M fg ___________ 167K
Goodrich (B. F.) C o ., common (q u a r.)..
1
N ov.
Holders of rec. N ov. 3a
2 Lawrence M fg ..........................122K
K M ass. Bonding A Insurance.S61
Com m on (quar.).......................................
1
Feb.
Holders ot reo. Feb. 2a
15
Pacific
M
ills............................162
5 U. S. Envelope, pref.............. 115
Preferred (quar.)................................ ......
I K Jan. 2 : Holders ot rec. Deo. 21a
20 Esmond Mills, pref________ 95
1 Mcrrlmao C hem ical............... 130K
Nov. 4 1916.]
THE CHRONICLE
By Messrs. Francis Henshaw & C o., Boston:
S h ares.
S tock s
% p e r sh
14 O l d C o l o n y T r u s t C o _________ 2 1 0
2 A m e r ic a n T r u s t C o ...................... 3 5 0
60
5 E d w a r d s M f g .................
2 3 G r e a t F a lls M f g ........................... 2 0 0
R E D U C T IO N O F C A P IT A L A P P R O V E D .
The C addo N ational B ank, C addo, Okla.
Capital reduced from $50,000 to $25,000. R ed uction_________$25,000
L IQ U ID A T IO N S .
T he First N ational Bank o f M a ysville, K y . C apital____________ $105,000
Succeeded b y tho First-Standard Bank & Trust C o . Liquidating
agent : J. E . Threlkeld, M aysvillo.
The First N ational Bank o f L ittle Y o rk , 111. C apital..................... 25,000
Liquidating agent : M . B . Tem ple, L ittle Y o rk , 111.
\S h a r es.
S tock s.
$ p er sh .
4 C e n t r a l V e r m o n t R y ........... __
3
7 U . S . B o b b i n & S h u t t le , c o m . 5 7 J 4
1 0 U n it e d E l e c t r l o S e o u r s ., p r e f . 1 0 9
By Messrs. Barnes & Lofland, Philadelphia:
S h ares.
S to ck s.
$ p e r sh . Shares. Slocks.
$ per sh.
6 2 C e n t . G e o r g ia P o w . , c o m . . S 7 5 lo t
2 5 A m o r . P lp o & S e c u r ., p r e f ___ 9 4
3 7 5 K e n t u c k y P u b . S e r v ., c o m .
$ 1 ,0 0 0 l o t
Bonds.
per cent.
2 9 4 G a . L ig h t , P o w . & U y s . , c o m .
£ 2 ,4 0 0 P e n n . R R . c o n s . 3 ^ 8 , 1 9 4 5 . 8 2
$ 7 0 0 l o t $ 1 0 0 ,0 0 0 B o o n e C o . C o a l C o r p .,1
9 4 R o c k h il l I r o n & C o a l , p f . . . S 7 0 lo t
1 s t, 1 9 4 1 ----------------------------------------I $ 3 5 ,0 0 0
1 ,0 8 4 R o c k h il l I r o n & C o a l , c o m . $ 4 0 lo t * 1 2 ,0 0 0 B o o n o C o . C o a l C o r p . )
lo t
17 E . B r o a d T o p . M t . , R R . &
s c r i p ........... ...........
|
C o a l , p r e f -------------------------------- $1
5 0 0 s h . B o o n e C o . C o a l , c o m ___ j
205 E . B road T o p M t. R R . &
$ 1 0 ,0 0 0 B u f f . & L a k e E . T r a c . ls t \
C o a l , c o m m o n ...........................$1
& re t. 5 s, 3 0 sh . c o m . s tk . b o n u s J 2 1 K
15 P h ll a . B o u r s e , p r o f ., $ 2 5 e a c h 2 1 M $ 9 ,0 0 0 O w e g o W a t e r W k s . 1 s t 5 s ,
2 0 P h ll a . B o u r s e , c o m . , $ 5 0 e a c h
7
1 9 2 6 ...............
..5 3 -6 0
3 M i l l v i l l e E l e c t r i c L i g h t ........... 3 4
$ 2 0 ,0 0 0 R o c k h i l l I r o n & C o a l 1 s t 4 s ,
1 51 F lo r e n c e I r o n W o r k s . ........... $ 6 l o t
195 8 ------------------------------------------------------ 2 6
$ 2 9 ,9 2 4 R o c k h il l I . & C . 2 d I n c o m e s
5
5 N o r t h P h ll a . T r u s t C o . , $ 5 0
$ 1 3 ,0 0 0 E . B . T . R R . & C . 1 s t 4 s 5 8 5 0
e a c h ......................
210
$ 1 2 ,0 3 9 E . B . T . R R . & C . 2 d I n c . .
5
1 6 P e n n . C o . f o r I n s u r a n c e s , & 0 .7 2 5
$ 6 ,0 0 0 S h a d e G a p R R . 1 s t 4 s , 1 9 5 8 2 6
4 F a r m . & M c c h . N a t . B a n k . .1 3 7
$ 1 ,0 0 0 C a n t o n - A k r o n R y . 1 s t 5 s ’ 2 2 9 8 K
1 0 0 C a m d e n & S u b . R y . , $ 2 5 e a . 18
* 2 ,0 0 0 W a s h . A r l . & F a lls C h u r c h
2 0 C o r n E x c h a n g e N a t . B a n k . .3 6 7
R y . 1 st 5 s , 1 9 5 8 ________________ 7 7 H
1 0 G ir a r d T r u s t C o ----------------------- 9 0 0
$ 4 ,0 0 0 S p r in g fie ld C o n s . W a t e r 1 st
2 0 R o b t . M o r r i s T r u s t C o ...........70
5 s , 1 9 5 8 ----------------------------------------- 8 0
1 0 U n it e d S e c u r . L . I . & T ----------140
1 0 F ir e A s s o c , o f P h l l a ., 5 0 e a . 3 4 5
* 1 ,0 0 0 C h a p a r r o R R . & L u m b e r
3 0 P h lla . L if e I n s ., $ 1 0 e a c h . . 11-11 Vi
c o l l , t r u s t 6 s , 1 9 2 1 _____________ 4 0
3 G e r m a n t o w n P a s s e n g e r R y . . 106
$ 2 ,0 0 0 B r u s h E l e c . C o . 1 s t 5 s , 1 9 5 2 . 8 6 K
1663
T otal capital.......................................... ................... ................... $130,000
Im ports and Exports fo r the W eek.— The following are
the reported imports of merchandise at New York for the
week ending Oct. 28 and since the first week of January:
F O R E IG N
F or W eek .
IM P O R T S A T
1916.
T o ta l fo r th e w e e k .. .
P r e v io u s ly r e p o r t e d .
NEW
1915.
1914.
$ 1 7 ,4 7 5 ,6 0 4
7 8 ,7 3 8 ,0 2 0
S 1 6 .3 3 4 .7 4 7
7 9 8 ,8 8 6 ,8 1 3
$ 1 6 ,6 0 7 ,8 4 2
7 9 4 ,7 5 4 ,3 3 0
T o t a l 4 3 w e e k s ___ $ 1 ,0 5 3 ,8 0 5 ,6 9 1
$ 7 9 8 ,2 1 3 ,6 2 4
$ 8 1 5 ,2 2 1 ,5 6 0
$ 8 1 1 ,3 6 2 ,1 7 2
EXPORTS
F o r t h e w e e k ___
P r e v io u s ly r e p o r t e d .
FROM
NEW
YORK.
[
1916.
1915.
$ 8 6 ,4 6 0 ,8 3 4
2 ,2 9 9 ,3 0 0 ,8 3 2
$ 4 8 ,7 9 8 ,4 4 2
1 .3 7 2 ,7 1 6 ,1 2 5
1914.
T o t a l 4 3 w e e k s ___ i $ 2 ,3 8 5 ,7 6 1 ,6 6 6 $ 1 ,4 2 1 ,5 1 4 ,5 6 7
T otal capital................................................................................. $600,000
,
C H A R T E R S ISS U E D .
Original organizations :
The Southwest National Bank o f D odgo C ity , K an. C a p it a l.. $60,000
The First National Bank o f B aylor, M on t. C apital___________ 25,000
Farmers & Merchants N ational Bank o f N am pa, Ida. C a p it a l.. 50,000
T o succeed the Citizens N ational Bank o f Nampa.
Tho B oonvillo National Bank, B oonville, M o. C apital......... .. 75,000
T o succeed tho Central National Bank o f B oonvillo.
1913.
$ 2 4 ,2 7 6 ,3 0 0
1 ,0 2 9 ,5 2 9 ,3 9 1
-rn
N ational Banks.—-The
following information regarding
national banks is from the office of the Comptroller of the
Currency, Treasury Department:
A P P L IC A T IO N S FO R C H A R T E R S .
For organization o f national banks :
$200,000
T he B ibb National Bank o f M acon , G a. C ap ital......... ..........
The First National Bank o f Bloom ingdale, 111. Capital
_
25 000
Tho Tanners N ational Bank o f W oburn, M ass. C apital
100 000
Tho M alta National Bank o f M a lta , M on t. Capital .
.
50 000
Tho First National Bank o f Grass Range, M on t. C apital " 25 000
T
ho M
n m oouth
u th N
n aational
t i o n a l Bank
B a n k or
Tho
M oonm
o f D eal, N ,. J. C apital______
25!000
Tho First National Bank o f C arrizozo, N . M cx . C apital____ 50|000
Tho First National Bank o f Old Forgo, N . Y . C ap ita l---------- 25,000
Tho First National Bank
est Fork, M
Mon
o t. C apital_______ 25,000
.. . o f- W
----------------.
For conversion o f State Banks :
'
T he First N ational Bank o f Chowchilla, Cal
C apital................ 25,000
Conversion o f tho Bank o f Chowchilla, Cal.
T he Pipestone National Bank, Pipestone, M inn . C a p ita l.. . 50,000
Conversion o f tho Pipestone Stato Bank.
YORK.
EXPORTS
AND
IM P O R T S
O F S P E C IE
W e e k e n d in g O ct. 2 8 .
W eek .
G r e a t B r i t a i n ...... ......................... ...............
F r a n c e ...............................................................
G e r m a n y .........................................................
W e s t I n d i e s .....................................................
M e x l o o _________ _________________
S o u t h A m e r i c a . ................ ................. .......
A l l o t h e r c o u n t r i e s ______
$ 1 0 ,0 0 0
$ 1 4 ,2 2 2 ,1 4 6
7 1 0 ,7 0 1 ,0 3 4
* 7 0 6 ,6 1 8 ,7 70!
AT
NEW
E x p o r ts .
G o ld .
1913.
$ 2 3 ,3 2 1 ,6 5 2
6 8 3 ,2 9 7 ,1 1 8
$ 7 2 4 ,9 2 3 ,1 8 0
YORK.
Im p o rts.
S in ce
Jan . 1.
S in c e
J a n . 1.
W eek .
o tl,OU
Kf\7
$ 5 ,7 4 5 9 0 1 , tlO
<
OQ Q 17
9 ,1 3 1
$ 6 ,5 3 8 ,6 9 3
1
$ 500',6 5 6 2 7 ,6 6 2 ,9 4 1
2 ,0 0 0
7 1 5 ,5 0 0 1 "
4 5 3 ,0 6 9
1 0 ,5 4 3 ,2 8 2
7 4 7 7 . 14 9 8 8 ROt 1
’
1
------- »-------
9 ,7 8 8 , 3 3 6
O QQi 9 9 ft
9 8 ,8 4 1
8 0 ,9 6 5
8 8 ,6 6 8
8 ,2 2 2 , 4 0 5
2 ,2 8 0 , 2 6 5
T o t a l 1 9 1 6 ..................................................
* 9 7 2 ,5 4 6 $ 5 9 ,7 4 9 ,2 4 1 1 $ 2 8 3 ,3 5 0 $ 6 0 ,4 3 7 ,7 0 4
T o t a l 1 9 1 5 ..................................................
4 8 3 ,2 0 0 1 4 ,8 2 4 ,1 8 8 3 .1 2 4 ,7 4 4 5 9 ,0 5 3 ,4 5 8
T o t a l 1 9 1 4 ..................................................
4 9 .7 9 6 1 2 8 .1 7 7 ,4 4 5
1 3 4 ,3 1 5
7 ,5 6 2 ,2 6 7
S ilv e r .
i
i
G r e a t B r i t a i n . . . ....................................... $ 1 ,9 6 0 ,0 8 3 S 4 1 .0 9 6 .S 4 S
$ 2 6 ,2 0 1
$ 4 4 ,3 5 8
F r a n c e ___________________________________
7S1I
2 7 ,0 0 0 |
4 4 7 ,6 0 0
150
U ,iO
G e r m a n y ________________________________
W e s t I n d i e s .....................................................
700
8 5 5 ,9 1 1
2 0 4 ,7 0 3
M e x i c o _______ ___________________________
2 9 ,4 6 7
6 4 ,9 6 7
7 ,6 5 2 ,1 1 5
l)7fl 0*7*
1
OftQ
S o u t h A m e r i c a _____. . . . . .
1 tOO*,*UO
^ 7 0 ,5 7 4
0r ,6ofWl
0 9 , 44*70
73
A l l o t h e r c o u n t r i e s ________________ .
1 0 ,3 0 0
6 2 ,3 8 8
1 iOJd,uOO
Total capital____________________________________________ $210,000
......
SI 0 8 7 7 8 9 S I S 071 SOO
T o t a l 1 9 1 6 ........... ..............................
T o t a l 1 9 1 5 ..................................................
8 5 4 ,1 7 4 3 3 !7 5 0 ,’ 641
T o t a l 1 9 1 4 . ...............................................
6 U 8 .5 6 5 3 6 ,3 7 8 ,9 1 5
ki A Aao
$ 4 3 0 ,0 8 0 C
O 14
i l ,OiO,^OD
6 5 2 .7 5 1
8 ,8 2 8 ,1 9
8 2 5 ,9 7 8
8 ,2 7 6 , 4 9 2
O f t h e a b o v e e x p o r t s f o r t h e w e e k in 1 9 1 6 , $ 6 1 6 ,0 0 0 w e r e A m e r i c a n g o l d c o i n .
The Federal Reserve Banks.— Following is the weekly statement issued by the Federal Reserve Board on Oct. 28:
Gains o f over 13 millions in total reserves and in not m ember bank deposits and a large increase in the am ount o f acceptances held b y the
Federal Rcsorvo l)anks aro Indicatedl b y tho weekly statement as at close o f business on O ct. 27 1916. Gold reserves show an Increase foi- the
wook or 1.4.7 millions.
Aggregate Sold holdings o f tho systom . Including the amounts held b y tho Federal Reserve Agents against notes issued are
now f ^ l ^ 8 1 , 0 0 0 , ^ gain o f nearly 125 millions for tho last six m onths and o f over 192 millions for the past year.
i
A
1hi I.idelphia C h ica go,
Dallas and San Francisco report larger gold reserves than the week before. Boston reports an
™
0 result o f liquidation o f acceptances and warrants, also o f the reduction in tho balance due from
rv m f
h
gal“ o f gold for the week, 13.8 m illions, is duo chiefly to transfers to its account on the books o f the
balances duo from other fed era l Reserve banks and to a smaller extent to increased Governm ent and member bank
S L £ aIi1ST? C ,ty \bo .,ncreaf.® ° f gold by 3.3 millions Is due to increased deposits and the reduction o f its favorable balance
fo*n tT '
cm *
1 Reserve banks, whllo thei increaso o f gold reserve shown for the St. Louis Bank is due ch iefly to an increase in
deposits. T he reductions in gold reserve noted result ch iefly from transfers o f gold to other Federal Reserve banks through the G old Settlement
luind; and in the case o f Chicago from net withdrawals o f member bank deposits
Discounted paper on hand decreased $234,000, the largor aggregate decline reported b y the three Southern banks being offset in part b y in
creases shown for tho M inneapolis and N ew York banks. The total discounts include the am ount o f $1,099,000 advanced to eight member banks
against their own collateral notes.
.
Acceptances^ on hand total $86,085,000,^tho largest am ount ever shown In tho B oard’s weekly statements, and represent a gain o f 3.4 millions
Dallas and San Francisco banks. O f the
60 days.
000 in the am ount o f bonds a n l o f $262,000
, „
, - . , , ----------- — ------------ — - — --------------- ...--------- - . . . --------iy responsible for the decrease o f $2,653,000
in the total holdings o f municipal warrants. T otal earning assets aro given as slightly over 189 millions, which is 339% o f the total paid-in capital
o f tlio banks, as against 341% shown tho week beforo. O f tho total earning assets 45.5% is represented b y acceptances, 2 1.4% b y United States
bonds, 15.8% by warrants, 11.2% b y discounts, and 6 .1 % b y Treasury notes.
Governm ent deposits Increased $3,866,000, all tho banks except B oston reporting larger Governm ent funds on hand. A ll the banks except
Boston and Chicago report considerable gains in net member bank deposits.
iS o
a
e mul at i o n aro given as 81,031,000, a slight decrease for the week. Tho total o f Federal Reserve notes issued
S21 Qh 5nl? n(H) n /v n M £ ? h
c
76,000 not, or $4,073,000 in excess o f the total shown the week before. Against this total tho Agents hold
tion9
a
n
d
’
j
^
e
L
^
o
Habn1tlM5A
f1ai^0ofi«fonommerC.
a p,aper;,
, T hthem
? banks
a total o f *214,622,000 o f Federal Reserve notes In actual circula
tion anu aggregate uauiutics o f $11,966,000 on notes
issued to
b y r?P
the °rJ
Agents.
The figures of the consolidated statement for the system as a whole are given in the following table, and in addition
we present the results for each of the eight preceding weeks, thus furnishing a useful comparison. In the second table we
snow the resources and liabilities separately for each of tho twelve Federal Reserve banks. The statement of Federal Reserve
Agents Accounts -the third table Following) gives details regarding tho transactions in Federal Reserve notes between the
Comptroller ami nhe Reserve Agents and between the latter and the Federal Reserve banks.
C o m b i n e d R e . o i j h c e s a n d L i a b i l i t i e s o f t b e F e d e r a l R e s e r v e B a n k s a t t h e C l o s e o p B u s i n e s s O c t . 27 1916.
O ct. 2 7 1 9 1 o J o « . 2 0 1 9 1 6 . O ct. 13 1 9 1 6 . O ct.
6
1 9 1 6 . S ep t. 2 9 1 9 1 6 S ep t. 2 2 1 91 6 S ep t. 15 l O i e j s c p r . 8 1 9 1 6 . S ep t
1 1916.
RESOURCES.
G o l d c o i n a n d c e r t if i c a t e s In v a u l t .............................
$ 2 7 4 ,0 0 1 ,0 0 0 ^ * 2 6 1 ,5 1 5 ,0 0 0 * 2 6 7 ,4 0 0 ,0 0 0 $ 2 6 5 ,6 2 6 ,0 0 0 $ 2 6 0 ,8 4 5 ,0 0 0 * 2 5 8 ,7 1 1 .0 0 0 * 2 5 0 .3 0 8 .0 0 0 * 2 4 8 ,8 4 6 ,0 0 0 * 2 4 5 .3 5 8 .0 0 0
1 2 5 ,2 6 1 ,0 0 0
124 4 2 1 ,0 0 0 1 1 7 ,7 9 1 ,0 0 0 1 2 5 ,2 7 1 .0 0 0 - 1 1 8 .9 5 0 ,0 0 0
1 1 9 ,4 4 1 .0 0 0
1 0 4 ,6 0 1 .0 0 0
G o ld r e d e m p t i o n fu n d w ith U . S . T r e a s u r e r . .
1 ,3 0 1 ,0 0 0
1 ,4 1 8 ,0 0 0
1 ,6 8 7 ,0 0 0
1 ,9 2 9 ,0 0 0
1 .9 4 1 .0 0 0
1 .9 1 0 .0 0 0
1 .8 9 4 .0 0 0 ;
1 .8 8 4 .0 0 U
1 .8 1 2 .0 0 0
T o t a l g o ld r e s e r v e _________________________
L e g a l t e n d e r n o t e s , s l iv e r , A c _______ ____________
$ 3 9 7 ,9 7 9 ,0 0 0 $ 3 8 4 ,2 8 4 ,0 0 0 * 3 9 4 ,3 4 8 ,0 0 0 $ 3 8 6 ,9 7 7 ,0 0 0 * 3 8 7 .1 9 5 .0 0 0 * 3 7 8 .4 4 3 ,0 0 0 $ 3 7 7 .4 7 3 .0 0 0 * 3 6 9 ,6 8 0 .0 0 0 * 3 5 1 .7 7 1 .0 0 0
9 ,9 7 0 ,0 0 0 |
1 0 .5 6 1 ,0 0 0
1 1 ,3 7 7 ,0 0 0
7 .8 1 1 .0 0 0
7 .6 4 2 ,0 0 0
1 3 ,9 9 1 ,0 0 0
7 ,8 9 8 ,0 0 0 )
2 7 ,4 8 7 .0 0 0 j
1 3 .6 0 5 ,0 0 0
T o t a l r e s e r v e ........ ........................... ..........
$ 4 0 7 ,9 5 5 ,0 0 0 * 3 9 4 ,8 4 5 ,0 0 0 * 4 0 5 ,7 2 5 ,0 0 0 * 4 0 0 .9 6 8 ,0 0 0 * 3 9 5 ,0 0 6 .0 0 0 $ 3 8 6 .0 8 5 .0 0 0 * 3 8 5 .3 7 1 .0 0 0 * 3 9 7 , 16 7 .0 0 0 $ 3 6 5 ,3 7 6 uOO
5 % r e d e m p t i o n fu n d a g ’s t F . R . b k n o t e s
4 2 0 ,0 0 0
4 2 0 ,0 0 0
3 7 0 ,0 0 0
6 0 0 .0 0 0 ;
5 0 0 ,0 0 0
5 0 0 .0 0 0
6 0 0 ,0 0 0 :
1 4 8 4 .0 0 0
6 0 0 ,0 0 0
B ills d i s c o u n t e d
M a t u r i t ie s
M a t u r i t ie s
M a t u r i t ie s
M a t u r i t ie s
M a t u r i t ie s
and b ou g h t—
w it h in 10 d u y s __________________
fr o m 11 t o 3 0 d a y s ..............I
fr o m 31 t o 6 0 d a y s _____
fr o m 61 t o 9 0 d a y s _____________
o v e r 9 0 d a y s . . .....................
T o t a l -----------------------------------------------------------A c c e p t a n c e s ( in c lu d e d In a b o v e ) .............................
n v estm en ts*
U . H. b o n d * ..................... — ............ ..
O n e -y e a r U s T r e a s u r y n o t e s . .
M u n ic i p a l w a r r a n t * ___________. . .
T o t a l e a r n 1riv a s s e t s ________. . . . . . . . _______
$ 1 6 ,8 0 8 ,0 0 0
2 0 .5 1 3 .0 0 0
3 9 .0 6 2 .0 0 0
2 9 .6 2 0 .0 0 0
1 ,2 1 3 ,0 0 0
$ 1 4 ,3 1 1 ,0 0 0
2 4 ,4 6 1 ,0 0 0
3 5 ,9 2 8 ,0 0 0
2 8 ,1 4 7 ,0 0 0
. 1 ,2 1 0 ,0 0 0
$ 1 0 7 ,2 1 6 ,0 0 0 $ 1 0 4 ,0 5 7 ,0 0 0
* 1 3 ,5 4 3 ,0 0 0
2 7 .1 7 5 .0 0 0
3 3 .5 9 1 .0 0 0
2 3 .9 8 6 .0 0 0
1 ,1 9 1 ,0 0 0
$ 1 5 0 6 1 ,0 0 0
2 7 .8 1 0 .0 0 0
3 2 .1 1 2 .0 0 0
2 4 .9 4 7 .0 0 0
1 ,1 6 4 ,0 0 0
* 2 1 .4 0 8 ,0 0 0
2 3 .2 4 5 .0 0 0
3 6 .5 2 7 .0 0 0
2 3 .8 8 2 .0 0 0
1 ,5 1 6 .0 0 0
* 2 4 .3 7 8 .0 0 0
2 4 ,2 3 8 ,0 0 0
3 7 ,8 9 3 ,0 0 0
2 3 ,5 9 4 ,0 0 0
1 ,4 8 7 ,0 0 0
* 1 5 .6 8 5 .0 0 0
3 2 .5 2 1 .0 0 0 1
3 9 .7 8 8 .0 0 0
2 0 .6 9 7 .0 0 0 !
1 .6 3 1 .0 0 0
* 1 4 .3 1 8 .0 0 0
3 2 .2 3 6 .0 0 0
3 9 .6 2 5 ,0 0 0
1 9 .3 3 3 .0 0 0
1 .8 2 3 .0 0 0
* 1 5 ,7 3 3 ,0 0 0
2 3 .6 7 1 .0 0 0
4 2 .6 7 4 .0 0 0
2 1 .2 6 0 .0 0 0
2 ,3 4 2 .0 0 0
* 9 0 ,4 3 6 .0 0 0 $ 1 0 1 ,0 9 4 ,0 0 0 $ 1 0 6 , 5 7 8 ,0 0 0 * 1 1 1 .5 9 0 ,0 0 0 $ 1 1 0 .3 2 2 .0 0 0 * 1 0 7 .3 3 6 .0 0 0 * 1 0 5 .6 7 0 .0 0 0
$ S 6 ,0 8 5 .0 0 o J
$ 8 2 ,6 9 2 ,0 0 0
$ 7 7 ,3 8 7 ,0 0 0
$ 7 7 ,4 3 8 ,0 0 0
$ 8 0 ,6 2 5 ,0 0 0
$ 8 3 ,8 8 4 ,0 0 0
* 8 2 .6 0 9 .0 0 0
* 7 9 .8 0 8 .0 0 0
* 7 9 ,2 7 8 ,0 0 0
$ 4 0 ,4 6 9 ,0 0 0
1 1 .4 3 5 .0 0 0
2 9 .8 9 0 .0 0 0
$ 4 1 ,3 3 5 ,0 0 0
1 1 ,6 9 7 .0 0 0
3 2 ,5 4 3 ,0 0 0
$ 4 2 ,6 4 2 ,0 0 0
1 0 .4 4 4 .0 0 0
3 1 .5 4 2 .0 0 0
* 4 4 ,3 7 0 .0 0 0
8 ,7 6 3 ,0 0 0
2 9 .0 8 5 .0 0 0
* 4 6 ,5 4 4 ,0 0 0
0 .9 2 7 .0 0 0
2 4 ,0 2 8 ,0 0 0
* 4 7 ,5 5 3 ,0 0 0
8 ,0 3 9 ,0 0 0
2 4 .1 3 7 .0 0 0
$ 4 6 ,9 1 5 ,0 0 0 $ 4 5 ,9 5 4 ,0 0 0
9 .0 3 9 .0 0 0 )
9 .u 5 5 ,0 0 0
2 3 ,7 1 4 .0 0 0 ; 2 1 .1 6 6 .0 0 0
* 4 6 ,8 2 1 ,0 0 0
8 ,2 0 6 ,0 0 0
2 1 .3 0 2 ,0 0 0
* 1 8 4 ,1 1 4 ,0 0 0 $ 1 8 3 ,3 1 2 ,0 0 0 * 1 8 4 ,0 7 7 .0 0 0 * 1 9 1 ,3 1 9 .0 0 0 $ 1 8 9 ,9 9 0 .0 0 0 $ 1 8 3 ,5 1 0 ,0 0 0 $ 1 8 1 ,9 9 8 ,0 0 0
lVol. 103
THE CHRONICLE
1664
O cf. 13 1 9 1 6 . O ct. 6
O ct. 2 7 1 9 1 6 . O ct. 2 0 1 91
1 9 1 6 . S ep t. 2 9 1 9 1 6 S e p t. 2 2 1 91 6 S ep t. 15 1 9 1 6 S e p t. 8 1 9 1 6 . S ep t. 1 1 9 1 6 .
R E S O U R C E S (C o n d u c e d ).
$ 5 8 4 ,7 8 0 ,0 0 0 $ 5 7 9 ,5 8 3 ,0 0 0 $ 5 7 7 ,0 0 4 ,0 0 0 $ 5 7 5 ,8 6 1 ,0 0 0 $ 5 8 1 ,1 0 1 ,0 0 0 $ 5 4 7 ,8 7 4 ,0 0 0
B rou g h t fo r w a r d ( t o t a l r e s e r v e A e a r n ’ g a s s e ts ) $ 5 9 7 ,3 8 5 ,0 0 0 $ 5 8 4 ,8 9 7 ,0 0 0 $ 5 9 0 ,2 0 9 ,0 0 0
$ 1 4 ,8 9 4 ,0 0 0 $ 1 4 ,2 5 0 ,0 0 0 $ 1 6 ,0 8 0 ,0 0 0 $ 1 9 ,9 7 5 ,0 0 0 $ 1 9 ,3 2 4 ,0 0 0 $ 2 0 ,8 9 0 ,0 0 0
$
1
5
,2
8
0
,0
0
0
$ 1 5 ,1 8 1 ,0 0 0
$ 1 6 ,8 4 6 ,0 0 0
F e d e r a l R e s e r v e n o t e s — N e t ---------------------------------3 5 ,6 0 7 ,0 0 0
2 8 .7 0 6 ,0 0 0
2 8 ,9 3 7 ,0 0 0
2 9 .2 6 6 ,0 0 0
3 1 ,3 6 5 ,0 0 0
2 6 ,2 3 2 .0 0 0
3 0 ,0 8 9 ,0 0 0
3 0 ,6 0 1 ,0 0 0
3 3 ,1 9 7 ,0 0 0
D u e f r o m F e d e r a l R e s e r v e b a n k s — N e t -----------3 ,0 3 1 ,0 0 0
t 3 , 4 0 3 ,0 0 0
2 ,9 6 9 ,0 0 0
8 ,4 5 1 ,0 0 0
7 ,5 4 3 ,0 0 0
3 ,0 4 5 ,0 0 0
2 ,6 7 5 ,0 0 0
2
,6
3
0
,0
0
0
3
,7
0
8
,0
0
0
A l l o t h e r r e s o u r c e s -----------------------------------------------------$ 6 3 1 ,7 0 1 ,0 0 0 $ 6 2 7 ,7 4 2 ,0 0 0 $ 6 3 2 ,5 9 4 ,0 0 0 $ 6 0 7 ,4 0 2 ,0 0 0
$ 6 5 1 ,1 3 6 ,0 0 0 $ 6 3 3 ,3 1 2 ,0 0 0 $ 6 3 8 ,2 5 3 ,0 0 0 $ 6 2 8 ,9 5 1 ,0 0 0 $ 6 3 2 ,7 4 1 ,0 0 0
T otal re s o u r c e s L IA B IL IT IE S .
C a p i t a l p a id I n . . -------------------------------------------G o v e r n m e n t d e p o s i t s -----------------------------------M e m b e r b a n k d e p o s i t s — N e t ---------------------F e d e r a l R e s e r v e n o t e s — N e t ---------------------F e d e r a l R e s e r v e b a n k n o t e s In c i r c u l a t i o n -------A l l o t h e r li a b i li t ie s ------------------------------------------
$ 5 5 ,6 8 4 ,0 0 0
3 3 .9 7 1 .0 0 0
5 2 6 ,0 1 9 ,0 0 0
1 1 .7 8 2 .0 0 0
1 ,0 3 3 ,0 0 0
4 6 2 ,0 0 0
$ 5 5 ,4 2 3 ,0 0 0
3 9 .9 4 7 .0 0 0
5 1 8 ,4 5 6 .0 0 0
1 4 .6 0 5 .0 0 0
2 ,9 1 4 ,0 0 0
3 5 0 ,0 0 0
$ 5 5 ,3 9 3 ,0 0 0
3 8 .9 8 5 .0 0 0
5 2 1 ,7 4 0 ,0 0 0
1 3 .2 1 6 .0 0 0
3 ,0 3 3 ,0 0 0
3 7 4 ,0 0 0
$ 5 5 ,4 0 6 ,0 0 0
4 4 .2 3 6 .0 0 0
5 1 4 ,2 2 5 ,0 0 0
1 6 .0 7 6 .0 0 0
2 ,3 3 4 ,0 0 0
3 1 7 ,0 0 0
$ 5 5 ,4 1 6 ,0 0 0
4 0 .1 9 9 .0 0 0
5 1 4 .3 4 3 ,0 0 0
1 4 .2 2 3 .0 0 0
3 ,2 1 4 ,0 0 0
3 4 7 ,0 0 0
$ 5 5 ,3 9 0 ,0 0 0
5 0 .9 1 8 .0 0 0
4 8 4 ,6 9 7 ,0 0 0
1 4 .4 1 0 .0 0 0
1 ,6 9 0 ,0 0 0
2 9 1 ,0 0 0
$ 6 3 1 ,7 0 1 ,0 0 0 $ 6 2 7 ,7 4 2 ,0 0 0 $ 6 3 2 ,5 9 4 ,0 0 0 $ 6 0 7 ,4 0 2 ,0 0 0
$ 6 5 1 ,1 3 6 ,0 0 0 $ 6 3 3 ,3 1 2 ,0 0 0 $ 6 3 8 ,2 5 3 ,0 0 0 $ 6 2 8 ,9 5 1 ,0 0 0 $ 6 3 2 ,7 4 1 ,0 0 0
T o t a l lla b t l lt l e s G o l d r e s e r v e a g ’ s t n e t d e p . & n o t e li a b ilit ie s (a )
C a s h r e s e r v e a g 's t n e t d e p . & n o t e li a b ilit ie s (a )
C a s h r e s e r v e a g a in s t n e t d e p o s i t lia b ilit ie s a fte r
s e t t i n g a s id e 4 0 % g o ld r e s e r v e a g a in s t a g
g r e g a t e n e t li a b ilit ie s o n F . R . n o t e s In
c ir c u la t io n ( a ) --------------------------------------( a ) L e s s I t e m s In t r a n s it b e t w e e n F e d e r a l R e
s e r v e b a n k s , v i z . . -------------------------------F ed e ra l R eserv e H o le s —
I s s u e d t o t h e b a n k s ___________________________
In
$ 5 5 ,6 8 2 ,0 0 0 $ 5 5 ,6 8 2 ,0 0 0
2 6 ,1 1 6 ,0 0 0 + 2 6 ,5 1 5 ,0 0 0
5 3 8 ,1 0 2 ,0 0 0 + 5 4 2 2 4 3 0 0 0
1 2 ,3 1 6 ,0 0 0
1 1 ,8 9 6 ,0 0 0
1 ,0 3 3 ,0 0 0
1 ,0 3 2 ,0 0 0
4 6 4 ,0 0 0
4 8 4 ,0 0 0
$ 5 5 ,7 0 3 ,0 0 0
2 9 .9 8 2 .0 0 0
5 5 1 ,9 1 8 ,0 0 0
1 1 .9 6 6 .0 0 0
1 ,0 3 1 ,0 0 0
5 3 6 ,0 0 0
7 1 .0 %
7 2 .8 %
7 0 .4 %
7 2 .4 %
7 3 .5 %
7 3 .1 %
$ 3 0 ,6 0 4 ,0 0 0
$ 3 3 ,1 9 7 ,0 0 0
7 0 .9 %
7 3 .5 %
7 1 .4 %
7 2 .8 %
6 9 .6 %
7 1 .0 %
6 9 .9 %
7 1 .4 %
6 7 .7 %
7 2 .8 %
6 8 .4 %
7 1 .0 %
7 3 .4 %
7 4 .2 %
7 3 .6 %
7 1 .9 %
7 2 .2 %
7 3 .8 %
7 1 .9 %
$ 3 0 ,0 8 9 ,0 0 0
$ 2 6 ,2 3 2 ,0 0 0
7 1 .6 %
7 3 .6 %
$ 2 8 ,9 3 7 ,0 0 0
$ 2 9 ,2 6 6 ,0 0 0
$ 3 1 ,3 6 5 ,0 0 0
$ 2 8 ,7 0 6 ,0 0 0
$ 3 5 ,6 0 7 ,0 0 0
$ 2 0 2 ,5 3 0 ,0 0 0 $ 1 9 9 ,2 1 8 ,0 0 0 $ 1 9 4 ,6 4 5 ,0 0 0
$ 2 3 4 ,8 7 6 ,0 0 0 $ 2 3 0 ,8 0 3 ,0 0 0 $ 2 2 5 ,8 8 2 ,0 0 0 $ 2 2 0 ,4 9 0 ,0 0 0 $ 2 1 3 ,9 6 7 ,0 0 0 $ 2 0 9 ,7 7 8 ,0 0 0
2 4 ,0 8 4 ,0 0 0
2 1 ,4 3 7 ,0 0 0
2 3 ,1 2 1 ,0 0 0
1 8 ,1 4 3 .0 0 0
1 7 ,4 2 9 ,0 0 0
1 9 ,1 2 6 ,0 0 0
1 8 ,7 5 8 ,0 0 0
1 8 ,7 5 9 ,0 0 0
2 0 ,2 5 1 ,0 0 0
$ 1 9 1 ,6 3 5 ,0 0 0 $ 1 7 9 ,4 0 9 ,0 0 0 $ 1 7 7 ,7 8 1 ,0 0 0 $ 1 7 0 ,5 6 1 ,0 0 0
$ 2 1 4 ,6 2 2 ,0 0 0 $ 2 1 2 ,0 4 4 ,0 0 0 $ 2 0 7 ,1 2 4 ,0 0 0 $ 2 0 1 ,3 6 4 ,0 0 0 $ 1 9 6 ,5 3 8 ,0 0 0
C i r c u la t io n -
G o l d a n d la w fu l m o n e y w it h A g e n t ---------C a r r ie d t o n e t a s s e t s -------------------------------------C a r r ie d t o n e t li a b i li t ie s --------------------------------
$ 1 8 5 ,1 6 1 ,0 0 0 $ 1 8 1 ,0 2 9 ,0 0 0 $ 1 7 7 ,0 3 5 ,0 0 0
$ 2 1 9 ,5 0 2 ,0 0 0 $ 2 1 5 ,3 2 9 ,0 0 0 $ 2 1 0 ,0 8 8 ,0 0 0 $ 2 0 4 ,4 7 6 ,0 0 0 $ 1 9 7 ,5 7 2 ,0 0 0 $ 1 9 3 ,1 1 0 ,0 0 0
2 0 .8 9 0 .0 0 0
1 9 .3 2 4 .0 0 0
1 9 .9 7 5 .0 0 0
1 0 ,0 8 0 ,0 0 0
1 4 .2 5 0 .0 0 0
1 4 .8 9 1 .0 0 0
1 5 .2 8 0 .0 0 0
1 5 .1 8 1 .0 0 0
1 6 .8 4 6 .0 0 0
1 4 .4 1 6 .0 0 0
1 0 .0 7 6 .0 0 0
1 4 .2 2 3 .0 0 0
1
4
,6
0
5
,0
0
0
1 3 .2 1 6 .0 0 0
1 1 .7 8 2 .0 0 0
1 2 .3 1 6 .0 0 0
1 1 .8 9 6 .0 0 0
1 1 .9 6 6 .0 0 0
f e d e r a l R eserv e N o t e s ( A g e n ts ' A c c o u n t s ) R e c e i v e d f r o m t h e C o m p t r o l l e r ---------R e t u r n e d t o t h o C o m p t r o l l e r . . ...........
$ 3 5 2 ,9 0 0 ,0 0 0 $ 3 5 1 ,4 0 0 ,0 0 0 $ 3 4 9 ,9 0 0 ,0 0 0 $ 3 1 2 ,1 0 0 ,0 0 0
$ 3 7 8 ,7 6 0 ,0 0 0 $ 3 7 4 ,6 0 0 ,0 0 0 $ 3 6 3 ,1 0 0 ,0 0 0 $ 3 6 4 ,1 4 0 ,0 0 0 $ 3 5 4 ,1 6 0 ,0 0 0
6 7 ,0 9 7 ,0 0 0
6 8 ,5 8 2 ,0 0 0
6 9 ,8 2 9 ,0 0 0
7 0 ,8 9 1 ,0 0 0
7 2 ,0 4 2 ,0 0 0
7 7 ,5 8 8 ,0 0 0
7 8 ,7 1 6 ,0 0 0
7 9 ,8 3 8 ,0 0 0
8 1 ,1 9 4 ,0 0 0
$ 2 8 1 ,5 7 1 ,0 0 0 $ 2 8 1 ,3 1 8 ,0 0 0 $ 2 4 5 ,0 0 3 ,0 0 0
$ 2 9 7 ,5 6 6 ,0 0 0 $ 2 9 4 ,7 6 2 ,0 0 0 $ 2 8 9 ,3 8 4 ,0 0 0 $ 2 8 6 ,5 5 2 ,0 0 0 $ 2 8 2 ,1 1 8 ,0 0 0 $ 2 8 2 ,0 0 9 ,0 0 0
5 0 ,3 5 8 ,0 0 0
8 2 ,1 0 0 ,0 0 0
7 9 ,0 4 1 ,0 0 0
7 2 ,2 3 1 ,0 0 0
6 8 ,1 5 1 ,0 0 0
6 6 ,0 6 2 ,0 0 0
6 3 ,5 0 2 ,0 0 0
6 3 ,9 5 9 ,0 0 0
6 2 ,0 9 0 ,0 0 0
A m o u n t c h a r g e a b l e t o A g e n t ------In h a n d s o f A g e n t ------------------------------------
$ 1 9 4 ,0 4 5 ,0 0 0
$ 2 2 0 ,4 9 0 ,0 0 0 $ 2 1 3 ,9 6 7 ,0 0 0 $ 2 0 9 ,7 7 8 ,0 0 0 $ 2 0 2 ,5 3 0 ,0 0 0 $ 1 9 9 ,2 1 8 ,0 0 0
I s s u e d t o F e d o r a l R e s e r v e b a n k s ______ $ 2 3 4 ,8 7 6 ,0 0 0 S 2 3 0 ,8 0 3 ,0 0 0 $ 2 2 5 ,8 8 2 ,0 0 0
H ow
S ecu red —
$ 1 3 1 ,6 2 8 ,0 0 0 $ 1 3 1 ,5 3 5 ,0 0 0 $ 1 2 9 ,3 6 5 ,0 0 0 $ 1 2 7 ,6 7 5 ,0 0 0 $ 1 2 4 ,4 7 5 ,0 0 0
B y g o ld c o i n a n d c e r t i f i c a t e s ________________ $ 1 3 7 ,9 8 0 ,0 0 0 $ 1 3 4 ,8 5 0 ,0 0 0 $ 1 3 2 ,2 4 8 ,0 0 0 $ 1 3 0 ,1 2 8 ,0 0 0
B y la w fu l m o n e y _____________ ________________
1 7 .6 1 0 .0 0 0
1 8 .1 7 3 .0 0 0
1 7 .3 6 9 .0 0 0
1 6 ,6 6 8 .0 0 0
1 6 .3 9 5 .0 0 0
1 6 .0 1 4 .0 0 0
1 5 .7 9 1 .0 0 0
1 5 .4 7 4 .0 0 0
1 5 .3 7 4 .0 0 0
B y c o m m e r c ia l p a p e r ________________________
1 0 .8 6 0 .0 0 0
1 0 .9 6 4 .0 0 0
1 0 .3 0 6 .0 0 0
1 0 .3 4 5 .0 0 0
9 ,7 6 4 ,0 0 0
1 1 .9 1 8 .0 0 0
1 1 .8 8 0 .0 0 0
1 1 .2 8 9 .0 0 0
1 0 .3 9 2 .0 0 0
C r e d i t b a la n c e s In g o ld r e d e m p t i o n f u n d - .
4
1 ,7 0 0 ,0 0 0
4
2
.3
9
0
.0
0
0
4
5
.4
3
0
.0
0
0
5
1
.2
3
0
.0
0
0
5
6
.1
8
0
.0
0
0
6 2 .4 3 0 .0 0 0
6 5 ,9 6 0 ,0 0 0
6 9 .1 9 0 .0 0 0
7 1 .1 3 0 .0 0 0
C r e d i t b a la n c e s w it h F e d e r a l R e s e r v e B ’ d .
$ 2 0 9 ,7 7 8 ,0 0 0 $ 2 0 2 ,5 3 0 ,0 0 0 $ 1 9 9 ,2 0 2 ,0 0 0 $ 1 0 4 ,0 4 5 ,0 0 0
$
2
1
3
,9
6
7
,0
0
0
$
2
2
0
,4
9
0
,0
0
0
$
2
2
5
,8
8
2
,0
0
0
T o t a l ______________________________________ $ 2 3 4 ,8 7 6 ,0 0 0 $ 2 3 0 ,8 0 3 ,0 0 0
C o m m e r c ia l p a p e r d e l iv e r e d t o F . R . A g e n t . .
$ 1 5 ,8 1 7 ,0 0 0
$ 1 6 ,2 9 6 ,0 0 0
$ 1 6 ,3 3 8 ,0 0 0
'I n c l u d i n g b a n k e r s * a n d t r a d e a c c e p t a n c e s b o u g h t In t h e o p e D m a r k e t ,
W EEKLY
S 1 6 .2 2 0 .0 0 0
$ 1 7 ,0 5 4 ,0 0 0
$ 1 7 ,9 8 1 ,0 0 0
$ 1 8 ,4 5 2 ,0 0 0
$ 1 8 ,7 0 2 ,0 0 0
$ 1 7 ,8 4 2 ,0 0
0
t A m e n d e d fig u r e s
S T A T E M E N T O F R E S O U R C E S A N D L I A B I L I T I E S O F E A C H O F T H E 1 3 F E D E R A L R E S E R V E B A N K S A T C L O S E O F B U S I N E S S O C T . 2 7 1 91 t
B o s to n .
N e w Y o r k . P h ila d e V a . C lev ela n d .
R ic h m o n d .
A t la n t a .
C h ic a g o .
S I. L o u is .
$
5 .0 0 3 .0 0 0
6 .2 8 1 .0 0 0
7 0 ,0 0 0
M i n n e a p . K a n . CU y.
D a l la s .
San
F ra n .
T o t a l.
*
1
$
s
$
$
5 .9 3 7 .0 0 0 4 ,1 0 1 ,0 0 0 3 ,5 8 2 ,0 0 0 1 1 ,2 7 2 ,0 0 0 2 7 4 ,0 0 1 ,0 0 0
4 .9 5 4 .0 0 0 1 1 ,6 1 7 ,0 0 0 1 0 .3 4 4 ,0 0 0 2 ,8 3 6 ,0 0 0 1 2 2 .5 8 7 ,0 0 0
1 0 ,0 0 0
1 ,3 9 1 ,0 0 0
1 5 8 ,0 0 0
1 1 7 ,0 0 0
3 0 ,0 0 0
1
$
$
|
$
$
$
RESOURCES.
G o l d c o i n & c t f s . In v a u lt 9 ,7 6 4 ,0 0 0 1 6 4 ,1 8 9 ,0 0 0 1 9 ,4 4 3 ,0 0 0 1 5 ,7 3 6 ,0 0 0 4 ,3 9 5 ,0 0 0
G o l d s e t t l e m e n t f u n d ___ 1 5 ,2 2 5 ,0 0 0 1 3 ,7 5 8 ,0 0 0 1 ,8 9 1 ,0 0 0 1 1 ,9 5 3 ,0 0 0 1 8 ,6 1 5 ,0 0 0
5 0 ,0 0 0
6 9 ,0 0 0
2 1 2 ,0 0 0
2 5 0 ,0 0 0
5 ,0 0 0
G o ld r e d e m p tio n f u n d - .
S
$
4 .1 8 3 .0 0 0 2 6 .3 9 6 .0 0 0
2 .4 5 5 .0 0 0 2 2 .6 5 8 .0 0 0
2 0 0 ,0 0 0
2 2 0 ,0 0 0
T o t a l g o ld r e s e r v e ------- 2 4 , 9 9 4 ,0 0 0 1 7 8 ,1 9 7 ,0 0 0 2 1 ,3 8 4 ,0 0 0 2 7 ,7 5 8 ,0 0 0 2 3 ,2 2 2 ,0 0 0
7 0 2 ,0 0 9 '
5 ,2 3 1 ,0 0 0
4 4 4 ,0 0 0 1 ,1 1 8 ,0 0 0
7 7 ,0 0 0
L e g a l-t e n .n o t e s ,s l lv ..A c
1 4 ,0 8 4 ,0 0 0 1 4 ,1 1 8 ,0 0 0 3 9 7 ,9 7 9 ,0 0 0
6 ,8 5 8 ,0 0 0 4 9 ,2 5 4 ,0 0 0 1 1 ,3 5 4 ,0 0 0 1 0 , 9 2 1 ,0 0 0 1 5 ,8 3 5 ,0 0 0
9 ,9 7 6 ,0 0 0
170,000|
6 1 ,0 0 0
2 1 6 ,0 0 0
3 6 ,0 0 0
4 8 5 ,0 0 0 1 ,0 5 6 ,0 0 0
3 8 0 ,0 0 0
2 5 , 6 9 6 ,0 0 0 1 8 3 ,4 2 8 ,0 0 0 2 1 ,8 2 8 ,0 0 0 2 8 ,8 7 6 ,0 0 0 2 3 ,2 9 9 ,0 0 0
1 4 ,2 5 4 ,0 0 0 1 4 ,1 7 9 ,0 0 0 4 0 7 ,9 5 5 ,0 0 0
7 ,2 3 8 ,0 0 0 4 9 ,7 3 9 ,0 0 0 1 2 ,4 1 0 ,0 0 0 1 1 ,1 3 7 ,0 0 0 1 5 ,8 7 1 ,0 0 0
T o t a l re e r v e ................
6 % r e d e m p . fu n d — F .R .
B ills :
4 7 1 ,0 0 0
D is c o u n t e d —M e m b e r s
B o u g h t In o p e n m k t . . 1 0 ,4 1 0 ,0 0 0
3 5 7 ,0 0 0
1 ,0 9 2 ,0 0 0
2 4 ,5 4 5 ,0 0 0 1 2 ,4 1 7 ,0 0 0
3 55,000^ 3 ,7 5 8 ,0 0 0
6 ,8 1 2 ,0 0 0 1 ,8 2 6 ,0 0 0
3 .0 2 0 .0 0 0
3 .8 0 7 .0 0 0
T o t a l b ills o n h a n d ___ 1 0 ,8 8 1 ,0 0 0
2 5 , 6 3 7 , 0 0 0 1 2 ,7 7 4 ,0 0 0
7 ,1 6 7 ,0 0 0
6 ,8 2 7 ,0 0 0
9 ,4 0 2 ,0 0 0
7 ,8 4 1 ,0 0 0
1 ,2 1 0 ,0 0 0
8 2 4 .0 0 0
2 9 1 .0 0 0
7 .4 3 6 .0 0 0
1 .5 1 7 .0 0 0
3 .7 9 5 .0 0 0
2 ,3 1 8 ,0 0 0
8 9 1 ,0 0 0
1 ,4 2 9 ,0 0 0
In v e stm e n ts: U . S . b d s .
O n e -y r . U .S . T r . n otes
M u n ic i p a l w a r r a n t s . .
2 .1 3 2 .0 0 0
1 ,0 0 0 ,0 0 0
3 .7 3 8 . 0 0 0
T o t a l e a r n in g a s s e t s . . 1 7 ,7 5 1 ,0 0 0
F e d . R c s ’v o n otes— N e t
D u e fr o m o t h e r F e d e r a l
R eserv e B anks— N e tA ll o t h e r r e s o u r c e s ...........
1 ,4 0 7 ,0 0 0
1 ,1 3 7 ,0 0 9
1 2 5 ,0 0 0
1 ,4 1 3 ,0 0 0
1 ,2 0 5 ,0 0 0
7 ,6 3 0 ,0 0 0
2 ,1 7 ,0 0 0
1 .1 7 4 .0 0 0
3 .2 8 0 .0 0 0
5 ,7 3 7 ,0 0 0
7 1 8 ,0 0 0
4 ,6 1 1 ,0 0 0
5 ,5 8 4 ,0 0 0
5 2 3 ,0 0 0
1 ,0 7 0 ,0 0 0
6 1 ,0 0 0
3 5 ,8 9 1 ,0 0 0 1 9 ,4 0 1 ,0 0 0 1 8 ,2 3 3 ,0 0 0 ' 7 ,2 3 8 ,0 0 0
1 0 ,7 5 0 ,0 0 0
1 ,8 4 2 ,0 0 0
2 4 3 ,0 0 0
5 2 0 ,0 0 0
1 ,5 2 4 ,0 0 0
7 7 ,0 0 0
3 4 2 ,0 0 0
1 ,9 1 2,0 00 ^
2 4 7 ,0 0 0
2 .9 4 2 .0 0 0
6 .4 6 0 .0 0 0
2 .3 9 7 .0 0 0
5 .4 4 4 .0 0 0
5 0 ,0 0 0
7 9 8 .0 0 0
2 ,2 1 3 ,0 0 0
3 ,1 7 3 ,0 0 0
7 1 0 ,0 0 0
2 3 5 ,0 0 0
8 ,4 0 3 ,0 0 0
5 ,5 7 1 ,0 0 0
3 ,0 1 1 ,0 0 0
3 ,8 8 3 ,0 0 0
8 ,6 3 8 ,0 0 0 1 0 7 ,2 1 6 ,0 0 0
2 .8 7 0 .0 0 0
7 0 0 ,0 0 0
1 .6 0 9 .0 0 0
9 ,2 7 0 .0 0 0
9 6 3 .0 0 0
5 6 2 .0 0 0
2 ,7 2 0 ,0 0 0
7 0 5 ,0 0 0
2 5 ,0 0 0
2 .0 3 4 .0 0 0
0 0 8 ,0 0 0
2 .8 5 3 .0 0 0
9 ,1 5 2 ,0 0 0 2 2 ,1 5 0 ,0 0 0 1 2 ,5 0 9 ,0 0 0 1 0 ,7 5 0 ,0 0 0 1 3 ,8 0 6 ,0 0 0
...................
1 .2 9 9 .0 0 0
...................
8 1 7 ,0 0 0
3 7 2 ,0 0 0 3 ,7 9 8 ,0 0 0
5 3 ,0 0 0 ,
3 9 5 ,0 0 0
9 .5 6 9 .0 0 0
4 2 4 ,0 0 0
6 ,3 2 3 ,0 0 0
3 4 7 ,0 0 0
1 ,5 2 3 ,0 0 0
3 9 ,0 0 0
...................
4 2 0 ,0 0 0
3 7 0 .0 0 0
2 .5 3 3 .0 0 0
3 .0 3 8 .0 0 0
4 0 ,1 0 9 ,0 0 0
1 1 ,4 3 5 ,0 0 0
2 9 ,8 9 0 ,0 0 0
7 ,3 3 3 ,0 0 0 1 4 ,7 9 3 ,0 0 0 1 8 9 ,0 1 0 ,0 0 0
1 .7 1 1 .0 0 0
2 ,2 8 7 ,0 0 0
1 9 7 ,0 0 0
2 1 .1 3 1 .0 0 0
8 6 .0 8 5 .0 0 0
8 3 9 ,0 0 0
1 ,1 8 8 ,0 0 0
1 6 ,8 4 0 ,0 0 0
2 .0 7 1 .0 0 0 n 3 3 , 1 9 7 ,0 0 0
3 7 3 ,0 0 0 1 3 ,7 0 8 ,0 0 0
3 3 ,1 2 7 ,0 0 0 6 5 1 ,1 3 6 ,0 0 0
4 3 ,3 5 3 ,0 0 0 4 9 ,0 1 0 ,0 0 0 3 0 , 9 0 2 ,0 0 0 2 0 ,5 8 3 ,9 0 0 8 3 ,1 8 1 ,0 0 0 3 1 ,5 8 9 ,0 0 0 2 4 ,2 6 6 ,0 0 0 3 2 ,5 3 1 ,0 0 0 2 3 ,0 6 4 ,0 0 0
T o t a l r e s o u r c e s ............. 4 6 ,1 1 6 ,0 0 0 2 3 2 .1 5 4 .0 0 0
L IA B IL IT IE S .
C a p i t a l p a id i n ........... ....... 5 .0 2 4 .0 0 0 1 1 ,9 0 9 ,0 0 0 5 .2 2 4 .0 0 0 5 ,9 9 4 ,0 0 0 3 .3 4 0 .0 0 0
4 ,1 7 8 ,0 0 0 3 .9 1 9 .0 0 0 1 ,3 9 9 ,0 0 0 3 .9 0 4 .0 0 0
G o v e r n m e n t d e p o s i t s ___ 1 .0 6 8 .0 0 0
M e m b e r b k d e p o s l t s - N e t 3 9 ,2 5 7 ,0 0 0 2 1 6 .0 4 2 .0 0 0 3 4 ,0 7 4 ,0 0 0 4 2 ,2 1 7 ,0 0 0 1 9 ,0 4 9 ,0 0 0
3 ,9 2 4 ,0 0 0 ,
F e d . R e s 'v o n o t e s — N e t ...........
F .R . b a n k n o t e s In c l r o ’ n
D u e t o F .R .b a n k s — N e t
‘ 145I 6 6 0
” 136",666 I I I I I I I I
’ " 2 5 ,6 6 6
1 6 7 ,00C '
A ll o t h e r li a b i li t ie s ______
mum
3 .9 2 1 .0 0 0 5 5 .7 0 3 .0 0 0
2 ,4 7 9 ,0 0 0 6 .6 7 9 .0 0 0 2 .7 9 4 .0 0 0 2 ,6 0 5 ,0 0 0 3 .0 1 4 .0 0 0 2 .6 9 0 .0 0 0
8 2 6 ,0 0 0 1 .8 2 6 .0 0 0 2 .0 7 8 .0 0 0 2 9 .9 8 2 .0 0 0
9 9 8 ,0 0 0
3 ,4 8 7 ,0 0 0 2 .4 5 3 .0 0 0 2 .6 4 6 .0 0 0
2 0 ,5 0 2 ,0 0 0 5 5 1 ,9 1 8 ,0 0 0
1 2 ,2 2 8 ,0 0 0 7 4 ,0 4 9 ,0 0 0 2 3 ,6 9 3 ,0 0 0 2 0 ,6 6 3 ,0 0 0 2 6 ,5 9 9 ,0 0 0 1 6 ,9 4 5 ,0 0 0
1 1 .9 6 0 .0 0 0
1 .0 3 1 .0 0 0 2 ,2 0 3 ,0 0 0
2 .4 5 6 .0 0 0
2 ,3 5 2 ,0 0 0
1 ,0 3 1 ,0 0 0
1 .0 3 1 .0 0 0
”
"
37',6 6 6
26 ",6 6 6
5 3 6 ,0 0 0
2 4 ,2 6 0 ,0 0 0 3 2 ,5 3 1 ,0 0 0 2 3 ,0 6 4 ,0 0 0 3 3 ,1 2 7 ,0 0 0 6 5 1 ,1 3 0 ,0 0 0
T o t a l li a b i li t ie s .............. 4 0 . 1 1 6 . 0 0 0 2 3 2 .1 5 4 .0 0 0 4 3 ,3 5 3 ,0 0 0 4 9 ,6 1 0 ,0 0 0 3 0 ,9 6 2 ,0 0 0 2 0 ,5 8 3 ,0 0 0 8 3 ,1 8 1 ,0 0 0 3 1 ,5 8 9 ,0 0 0
f e d e r a l R e serv e N o t e s —
1 5 ,4 1 5 ,0 0 0 1 8 ,2 7 6 ,0 0 0 2 5 ,7 8 3 ,0 0 0 1 0 .3 6 8 ,0 0 0 2 3 4 ,8 7 6 ,0 0 0
8
,4
7
3
,0
0
0
8
,7
9
7
,0
0
0
1
5
,6
2
6
,0
0
.)
2
2
,0
9
5
,000|
3
,1
7
5
,0
0
0
1
3
,9
1
6
,0
0
0
8 1 ,8 3 1 ,0 0 0
I s s u e d t o b a n k s ------------ 1 1 .1 2 1 .0 0 0
5 0 9 ,0 0 0 :
5 4 3 ,0 0 0 1 ,7 1 1 ,0 0 0 2 0 ,2 5 4 ,0 0 0
8 1 7 ,0 0 0
5 2 0 ,0 0 0 ,
3 4 2 ,0 0 0 ,
2 9 6 ,0 0 0 1 ,1 6 9 ,0 0 0 , 1 ,2 9 9 ,0 0 0 ,
8 9 1 ,0 0 0
I n h a n d s o f b a n k s _____ 1 ,4 0 7 ,0 0 0 1 0 ,7 5 0 ,0 0 0
F . R . n o t e s In c ir c u la t io n 9 ,7 1 4 ,0 0 0
G o l d a n d la w fu l m o n e y
w it h a g e n t _____________ 1 1 ,1 2 1 ,0 0 0
C a r r ie d t o n e t a s s e t s ------- 1 ,4 0 7 ,0 0 0
C a r r ie d t o n e t li a b i li t ie s .
7 1 ,0 8 1 ,0 0 0
8 1 ,8 3 1 ,0 9 0
1 0 ,7 5 0 ,0 0 0
7 .9 5 3 ,0 0 0
8 ,4 7 3 ,0 0 0
5 2 0 ,0 0 0
8 ,6 5 7 ,0 0 0 2 1 4 ,6 2 2 ,0 0 0
8 ,4 5 5 ,0 0 0 1 5 ,3 3 0 ,0 0 9 2 0 ,9 2 6 ,0 0 0
1 ,8 7 6 ,0 0 0 1 3 ,0 2 5 ,0 0 0 1 4 ,5 9 8 .0 0 0 1 7 ,7 6 7 ,0 0 3 2 5 ,2 4 0 ,0 0 0
8 ,7 9 7 ,0 0 0 1 1 ,4 0 6 ,0 0 0 .1 8 ,5 7 4 ,0 0 0
3 42,000|
1 0 ,3 6 8 ,0 0 0 2 1 9 ,5 0 2 ,0 0 0
3 , 1 7 5 ,0 0 0 1 0 .5 6 9 ,0 0 0 1 5 ,4 1 5 ,0 9 0 1 6 ,7 3 6 ,0 0 0 2 3 ,0 3 7 ,0 0 0
1 ,7 1 1 ,0 0 0 1 0 ,8 4 0 ,0 0 0
8 1 7 .0 0 0
..............1 1 1 ,9 0 0 ,0 0 0
1 ,0 3 1 ,0 0 0 2 ",2 0 3 ,6 6 6
____
a I t e m s In t r a n s i t , 1. e . , t o t a l a m o u n t s d u e fr o m le s s t o t a l a m o u n t s d u e t o o t h e r F e d e r a l R e e e r v o b a n k s .
STATEM EN T O F FED ERAL R E SE RVE A G E N T S’ AC C O U N TS O C T . 27
N e w Y o 'k . P h ila d eV a
C lev ela n d .
C h ic a g o .
R ic h m o n d
F ederal R eserv e N otes—
R e c ’ d f r o m C o m p t r o l r 2 1 ,8 8 0 ,0 0 0 1 4 8 ,4 0 0 ,0 0 0 1 5 ,4 8 0 ,0 0 0 1 5 ,1 6 0 ,0 0 0 2 3 ,5 0 0 ,0 0 0 2 9 ,4 2 0 ,0 0 0
R e t u r n e d t o C o m p t r o l 5 ,7 3 9 ,0 0 0 4 7 ,0 0 9 ,0 0 0 5 ,3 2 7 ,0 0 0 3 ,0 6 3 ,0 0 0 5 ,7 2 4 ,0 0 0 3 .3 4 0 ,0 0 0
C h a r g e a b l e t o A g e n t ___ 1 9 ,1 4 1 ,0 0 0
In h a n d s o f F .R .A g e n t
8 ,0 2 0 , 0 0 0
,
I s s u e d t o F . R . b a n k . 11 121,000
B e ld b y F . R . A g e n t G o ld c o i n A c e r t f s ____ 1 0 ,5 0 0 ,0 0 0
C r e d it b a la n c e s6 2 1 ,0 0 0
I n g o ld r e d e m p t i o n f d
W i t h F . R . B o a r d ____
N o te s secu red b y co m
m e r c la l p a p e r -------------
11, 121,000
T o t a l ......................
A m ou n t o f co m m ’ l paper
d e liv e r e d t o F . R . A g ’ t
1 0 1 ,3 9 1 ,0 0 0 1 0 ,1 5 3 ,0 0 0 1 2 ,0 9 7 ,0 0 0 1 7 ,7 7 6 ,0 0 0 2 6 ,0 8 0 ,0 0 0
2 ,1 5 0 ,0 0 0
3 ,9 8 5 ,0 0 0
1 9 ,5 6 0 ,0 0 0
1 ,6 8 0 ,0 0 0
3 ,3 0 0 ,0 0 0
8 1 ,8 3 1 ,0 0 0
8 ,4 7 3 ,0 0 0
8 ,7 9 7 ,0 0 0 1 5 ,0 2 6 ,0 0 0 2 2 ,0 9 5 ,0 0 0
7 8 ,8 1 5 ,0 0 0
3 ,8 2 0 ,0 0 0
8 ,2 8 0 ,0 0 0
3 ,0 1 6 ,0 0 0
4 7 3 ,0 0 0
4 ,1 8 0 ,0 0 0
5 1 7 ,0 0 0
4 0 6 ,0 0 0
,
4 ,2 2 0 ,0 0 0
8 1 ,8 3 1 ,0 0 0
8 ,4 7 3 ,0 0 0
9 6 4 ,0 0 0
3 ,5 2 1 ,0 0 0
8 ,7 9 7 ,0 0 0 1 5 ,0 2 6 ,0 0 0 :2 2 ,0 9 5 ,0 0 0
4 .2 4 0 .0 0 0 ! 3 ,5 2 5 ,0 0 0
1916.
A fIn n eap.
K a n . C ity .
D a l la s .
San
F ra n
$
1 4 ,4 4 0 ,0 0 0 3 7 8 ,7 6 0 ,0 0 0
9 ,3 8 0 ,0 9 0 1 8 ,5 6 0 ,0 0 0 2 1 ,0 0 0 ,0 0 9 2 3 ,2 2 0 ,0 0 0 3 5 ,3 2 0 ,0 0 0
6 6 5 ,0 0 0 1 ,7 3 1 ,0 0 0 3 ,7 7 6 ,0 0 0 1 ,5 1 2 ,0 0 0 8 1 ,1 9 4 ,0 0 0
1 ,3 2 4 ,0 0 0 1 ,9 8 4 ,0 0 0
2 9 7 ,5 6 6 ,0 0 0
8 .0 5 6 .0 0 0 1 6 ,5 7 6 ,0 0 0 .2 0 ,3 3 5 ,0 0 0 2 1 ,4 8 9 ,0 0 0 3 1 ,5 4 4 ,0 0 0 1 2 ,9 2 8 ,0 0 0
4 .8 8 1 .0 0 0
2 ,6 6 0 ,0 0 0
4 ,9 2 0 ,0 0 0
3 ,2 1 3 ,0 0 0
,7 0 1 ,0 0 0
2 ,5 6 0 ,0 0 0
0 2 ,0 9 0 ,0 0 0
1 0 ,3 6 8 ,0 0 0 2 3 1 ,8 7 0 ,0 0 0
3 ,1 7 5 ,0 0 0 1 3 ,9 1 6 ,0 0 0 1 5 ,4 1 5 ,0 0 9 1 8 ,2 7 6 ,0 0 0 2 5 .7 8 3 .0 0 0
5 ,0 6 5 ,0 0 0 1 2 ,3 3 0 ,0 0 0
4 ,5 6 0 ,0 0 0
11 000,000 1 3 ,0 5 0 ,0 0 0
S t. L o u is .
2 2 5 ,0 0 0
2 ,9 5 0 ,0 0 0
9 6 6 ,0 0 0
7 3 5 ,0 0 0
2 ,3 5 0 ,0 0 0 1 1 ,5 0 0 ,0 0 0
,3 1 7 ,0 0 0
,3 8 0 ,0 0 0
3 ,3 4 7 ,0 0 0
1 .5 4 0 .0 0 0
2 ,7 1 6 ,0 0 0
3 ,1 7 5 ,0 0 0 1 3 .9 1 0 ,0 0 0 1 5 .4 1 5 ,0 0 0 1 8 ,2 7 6 ,0 0 0
3 ,3 4 8 ,0 0 0
1 3 7 ,9 8 0 ,0 0 0
4 .2 7 0 .0 0 0 1 0 .3 4 0 .0 0 0
6 9 1 ,0 0 0
4 ,8 1 0 ,0 0 0
1 ,6 4 3 ,0 0 0
4 5 8 ,0 0 0
9 ,9 1 0 ,0 0 0
1 0 .3 9 2 .0 0 0
7 1 .1 3 0 .0 0 0
1 5 ,3 7 1 ,0 0 0
,7 8 3 ,0 0 0 1 0 ,3 0 8 ,0 0 0 2 3 4 ,8 7 6 ,0 0 0
,0 6 1 ,0 0 0
1 5 ,8 1 7 .0 0 0
jSov.
4 1916.]
THE CHRONICLE
1665
Statem ent o f New Y ork City Clearing House Banks and T rust Com panies.— The following detailed statement
shows the condition of the New York City Clearing House members for the week ending Oct. 28. The figures for the sep
arate banks are the averages of the daily results, in the case of the totals, actual figures at end of the week are also given.
In order to furnish a comparison, we have insorted the fr-otals of actual condition for each of the three groups and also the
grand aggregates for the three preceding weeks.
NEW Y O R K W E EK LY CLEARING HOUSE R ETU R N .
W e e k E n d in g
O c t . 28 1916.
(0 0 s o m itt e d .)
C a p it a l.
N et
P r o fi t s .
/ N a t . B ’ k s S e p t . 121
\ s t a t e B 'k s S e p t . 2 0 /
M em b ers o f F ed eral
R eserve B an k.
B a n k o f N . Y ., N .B .A
M erch a n ts’ N a t. Bank
C h e m i c a l N a t . B a n k ___
A tla n tic N a tio n a l B ank
A m or. E x ch . N a t Bank
N a tio n a l B a n k o f C o m .
C h a t h a m & P h e n lx N a t
C lt lz o n s ’ C e n tr a l N a t . .
Im p orters' * T ra d ers’ . .
N a tio n a l P a rk B a n k . . .
S e co n d N a tio n a l B a n k .
I r v in g N a tio n a l B a n k ..
N . Y . C ou n ty N a t. B k .
C h a se N a tio n a l B a n k ..
L in c o ln N a tio n a l B a n k .
S ea boa rd N a t. B a n k ...
C o a l & Iro n N a t. B a n k .
U n io n E x c h a n g e N a t . .
N a s s a u N a t . B a n k ------B road w ay T ru st C o . . .
$
S
2 ,0 0 0 ,(
4 ,8 8 7 ,0
2 ,0 0 0 ,1
2 ,4 1 9 ,0
9 ,4 5 5 ,2
6 ,0 0 0 ,1
2 5 ,0 0 0 ,0 a 4 2 .6 5 0 ,9
8 .2 6 4 ,6
3 ,0 0 0 ,0
8 0 1 .6
1 ,0 0 0 ,(
9 3 ,(
300,1
5 ,0 0 0 ,0
5 ,3 7 8 ,9
1 8 ,4 0 8 ,2
2 5 ,0 0 0 ,0
2 ,0 0 9 ,:
3 ,5 0 0 ,(
1 5 ,9 1 0 ,(
3 ,0 0 0 , (
2 ,5 8 2 ,2
2 ,5 5 0 ,0
1,000,1
2 ,0 3 7 ,;
7 ,0 8 6 ,8
3 ,5 0 0 ,0
7 ,0 3 0 ,9
1 ,5 0 0 ,0
1 5 ,9 0 9 ,7
5 ,0 0 0 ,1
7 7 ,c
250, (
3 ,4 5 2 ,2
1 ,0 0 0 ,0
1 0 ,0 0 0 ,1
2 3 ,7 0 5 ,4
4 ,0 7 7 ,5
4 ,0 0 0 ,0
500,1
1 ,1 3 8 ,1
1 0 ,8 0 0 ,6
1 0 ,0 0 0 ,1
1 ,9 4 2 ,8
1 ,0 0 0 ,1
+ 2 9 2 ,C
1,0 0 0,1
4 2 5 ,7
2 5 0 ,0
2 ,9 8 3 ,9
1 ,0 0 0 ,0
3 ,5 1 8 ,5
1 ,0 0 0 ,1
7 4 9 ,2
1 ,0 0 0 ,0
1 ,1 2 3 ,0
1 ,0 0 0 ,0
1 ,1 3 1 ,9
1 ,0 0 0 ,1
9 5 7 ,8
1 ,5 0 0 ,0
L oan s,
D is c o u n t s ,
I n v e s t m 't s ,
& c.
C o ld .
a ctu a l
a ctu a l
a ctu a l
a ctu a l
c o n d it i o n
c o n d it i o n
c o n d it i o n
c o n d it i o n
S ta te B a n k s.
N ot M em bers o f
F e d e r a l R eserv e R a n k .
B a n k o f M a n h a tta n C o .
B a n k o f A m e r i c a _______
G r e o n w l c h B a n k _____
P a c i f i c B a n k _____________
O ct.
O ct.
O ct.
O ct.
28
21
14
7
------
2 ,0 8 9 ,7 2 4 ,0 .2 2 4 ,1 6 1 ,0
2 ,0 5 3 ,9 3 5 ,0 2 00 ,20 0,(1
________ 2 .0 9 8 ,1 8 1 ,0 1 8 0 ,5 1 0 ,0
.............. 2 ,1 0 1 ,0 5 3 ,0 2 0 9 ,2 9 2 ,0
- - - - - -
5 2 ,5 1 2 ,0
4 4 ,4 4 2 ,0
5 0 ,4 6 9 ,0
5 5 ,3 4 8 ,0
6 2 ,3 8 3 ,0
4 3 ,9 4 7 ,0
4 5 ,5 4 6 ,0
4 7 ,7 6 0 ,0
4 2 ,9 6 7 ,0
5 1 ,3 8 2 ,0 _
2 ,0 5 0 ,0
1 ,5 0 0 ,0
5 0 0 ,0
5 0 0 ,0
2 0 0 ,0
2 ,0 0 0 ,0
2 5 0 ,0
7 5 0 ,0
1 0 0 ,0
2 0 0 ,0
2 0 0 ,0
1 ,0 0 0 ,0
2 0 0 ,0
1 ,0 0 0 ,0
1 ,5 0 0 ,0
5 ,1 6 5 ,5
6 ,3 8 3 ,9
1 ,2 4 4 ,3
1 ,0 1 9 ,6
4 5 7 ,5
2 ,0 3 5 ,7
7 9 9 ,0
7 9 7 ,1
2 ,2 6 7 ,0
8 5 8 ,9
1 ,0 8 2 ,5
2 ,1 8 4 ,9
5 2 9 ,9
1 ,1 2 3 ,6
0 9 5 ,7
4 3 ,1 3 2 ,0
3 2 ,6 9 3 ,0
1 1 ,6 0 1 ,0
6 ,8 0 7 ,0
2 ,6 1 7 ,0
1 0 ,5 4 3 ,0
4 ,0 0 3 ,0
0 ,0 3 0 ,0
1 7 ,5 8 0 ,0
5 ,0 0 8 ,0
0 ,3 8 5 ,0
1 3 ,4 3 3 ,0
4 ,5 7 2 ,0
1 0 ,7 8 8 .0
2 3 ,8 3 1 ,0
5 ,8 4 7 ,0
4 ,4 5 7 ,0
9 9 5 ,0
4 9 1 ,0
2 1 9 ,0
1 ,0 5 6 ,0
3 3 2 ,0
8 2 3 ,0
2 ,3 0 8 ,0
4 0 1 ,0
0 4 1 ,0
8 0 1 ,0
2 9 1 ,0
1 ,5 3 1 ,0
2 ,1 0 8 ,0
2 ,0 1 1 ,0
1 ,3 9 9 ,0
2 3 0 ,0
4 8 4 ,0
9 5 ,0
1 ,0 7 4 ,0
4 6 ,0
1 2 9 ,0
7 0 4 ,0
9 1 ,0
7 4 ,0
5 1 3 ,0
2 1 5 ,0
4 0 1 ,0
7 2 1 ,0
T o ta ls , a v g e . fo r w e e k .
1 1 ,9 5 0 ,0
2 6 ,6 4 5 ,7
2 1 1 ,7 4 9 ,0
2 2 ,3 6 7 ,0
T o ta ls ,
T o ta ls,
T o ta ls ,
T o ta ls ,
O ct.
O ct.
O ct.
O ct.
________
28
-----------21
14
-----7 _ _ ..............
2 1 0 ,4 6 9 ,0
2 0 9 ,4 7 0 ,0
2 0 9 ,1 8 4 ,0
2 1 2 ,4 2 4 ,0
2 2 ,3 1 0 ,0
2 2 ,1 1 8 ,0
2 1 ,7 0 1 ,0
2 2 ,0 4 5 ,0
M e t r o p o l i t a n B a n k _____
B o w e r y B a n k .....................
G o r m a n - A m e r lc a n B a n k
G orm a n E xch a n ge B an k
B a n k o f M e t r o p o l i s _____
W e s t S ld o B a n k _________
N . Y . P rod u co E x . B k .
S t a t o B a n k _______________
a ctu a l
a ctu a l
a ctu a l
a ctu a l
c o n d it i o n
c o n d it i o n
c o n d it i o n
c o n d it i o n
T r u s t C o m p a n ie s .
N o t M em bers o f
F e d e r a l R eserve B a n k .
B r o o k l y n T r u s t C o _____
B a n k e r s ' T r u s t C o ______
U . S . M tg o. & T ru st C o.
A s t o r T r u s t C o _________
T it le G u a r . & T r u s t C o .
G u a r a n t y T r u s t C o _____
F id e li t y T r u s t C o ______
L a w y o rs’ T it le & T r u s t .
C o l u m b i a T r u s t C o _____
P o o p l o ’ a T r u s t C o ______
N o w Y o r k T r u s t C o ___
F r a n k lin T r u s t C o ______
L in c o ln T r u s t C o ______
M e t r o p o lit a n T r u s t C o .
S ilv e r .
N a t .B a n k N a t .B a n k
N o tes
N otes
[R eserv e
[N o t
f o r S tate
C o u n ted
In stitu
as
t i o n s ],
R e ser v e].
A vera ge.
A vera ge. A vera ge. A vera ge. A vera ge.
s
$
$
$
$
3 2 ,4 6 1 ,0
2 ,3 0 3 ,0
7 7 5 ,0
5 5 3 ,(
2 6 ,7 9 9 ,0
1 ,3 5 5 ,0
7 7 5 ,0
6 5 9 ,(
1 1 9 ,5 2 4 ,C 1 3 ,7 4 7 , (
4 , 3 1 0 ,C
5 ,0 0 2 ,C
3 9 0 ,4 9 2 ,0 6 0 ,3 6 7 ,0
9 ,4 5 7 ,0
4 ,1 8 9 ,0
1 ,7 0 9 ,0
3 7 ,6 1 4 ,0
9 1 0 ,0
1 ,3 0 2 ,0
1 .7 2 5 ,0
1 2 ,4 6 4 ,0
2 4 8 ,0
2 4 4 ,(
0 6 ,(
2 ,9 3 0,1
29,1
1 42 ,(
7 9 ,6 3 9 ,0
5 ,1 2 8 ,0
2 ,5 5 2 ,0
1 ,1 3 6 ,0
2 2 6 ,0 0 6 ,0 2 0 ,0 2 4 ,0
4 ,4 5 5 ,0
2 ,1 5 0 .(
4 ,1 4 8 ,0
1 ,2 7 2 ,(
6 3 ,7 4 8 ,(
1 ,4 8 8 ,(
1 ,7 7 4 ,(
2 2 ,1 4 4 ,(
1 2 1 ,6 4 2 ,f
2 ,3 7 7 ,1
1 ,0 2 7 ,0
1 0 6 ,0
2 7 ,7 6 0 ,0
1 ,3 0 9 ,0
1,018,1
5 6 5 ,(
1 0 ,7 2 5 ,1
6 9 8 ,(
4 ,0 7 8 ,0
9 1 ,6 5 4 ,0
1 ,5 6 4 ,0
5 ,2 9 5 ,0
2 ,1 5 7 ,0
2 5 9 ,0
3 3 ,6 7 4 ,0
1 ,1 0 0 ,0
2 ,3 2 5 ,0
1 4 3 ,7 0 5 ,(
8 ,5 1 0 .1
6 ,0 0 7 ,t
2 ,2 2 2 ,1
3 4 ,(
263, (
118,1
4 1 8 ,0
1 7 ,4 0 7 ,0
1 6 8 ,0
1 ,0 8 0 ,0
2 ,9 8 4,1
1 5 3 ,7 3 7 ,(
2 3 ,7 7 8 ,(
2 .4 2 8.C
________
3 ,0 3 5 ,0
7 2 ,5 2 1 ,0
1 ,9 8 7 ,0
5 ,9 4 7 ,0
4 1 1 ,C
7 1 1 ,0
1 0 ,8 0 3 ,0
1 1 9 ,0
________
2 ,7 1 1 ,0
2 0 7 ,1 2 2 ,0 2 3 ,7 0 7 ,1
0 ,1 5 7 ,0
________
1 9 ,4 1 8 ,0
2 ,0 4 9 ,0
6 7 0 ,0
3 7 2 ,0
9 ,2 1 9 ,C
1,020,1
6 0 1 ,0
140 ,0
5 ,7 1 0 ,0
1 27 ,0
3 4 3 ,0
130 ,0
.............
4 0 ,4 1 6 ,0
1 ,8 2 0 ,0
3 ,1 6 1 ,0
1 ,8 7 8 ,0
3 ,6 3 1 ,0
1 ,1 5 3 ,0
4 9 ,0 4 0 ,0
7 1 4 ,0
..............
9 ,7 6 3 ,0
7 6 1 ,0
1 5 3 ,0
2 4 1 ,0
1 1 ,5 5 1 ,0
2 8 7 ,0
2 2 5 ,0
5 7 3 ,0
_______
1 0 ,0 4 7 ,0
4 5 0 ,0
1 2 9 ,0
_______
5 0 9 ,0
1 ,9 0 7 ,0
2 1 ,8 6 5 .0
1 8 0 ,0
5 1 8 ,0
T o t a l s , a v g e . f o r w e o k 1 2 3 ,8 5 0 ,0 2 0 2 ,9 7 4 ,2 2 ,0 0 2 ,2 0 9 ,0 2 1 8 ,1 1 2 ,0
T o ta ls ,
T o ta ls ,
T o ta ls ,
T o ta ls ,
L eg a l
T en d ers.
F ed era l
R eserv e
N otes
[N o t
R e serv e].
A d d it ’ a
D e p o s its
w ith
L eg a l
D e p o s i
t a r ie s .
R e serv e
tcith
L eg a l
D e p o s i
t a r ie s .
A v e r a g e . A v e r a g e . A v e r a g e . A v e ra g e
$
$
$
$
2,C
4 ,0
2 ,1 6 8 ,0
3 3 ,C
3 9 ,0
1 ,8 1 0 ,0
7 9 ,C
9 0 ,0
9 ,1 7 4 ,0
1 3 ,0
9 1 5 ,0 3 2 ^ 5 8 2 'o
4 2 ,0
2 5 ,0
2 ,6 3 4 ,0
2 9 ,C
2 5 ,(
1 ,1 1 6 ,6
5,C
1 3 5 ,C
9 9 ,0
1 0 5 ,0
6 ,7 2 + 0
1 0 1 ,C
6 2 ,(
1 7 ,3 0 4 , C
3 7 8 ,C
1 8 3 ,(
5 ,0 9 0 ,6
1 8 ,C
4 8 , C 1 6 ,3 7 6 ,6
3 8 ,0
8 ,0
2 ,4 8 2 ,0
1 2 9 ,C
1 4 ,C
9 2 5 ,6
5 4 5 ,0
7 ,0 0 0 ,0
________
6 8 ,0
2 ,3 5 5 ,0
5 7 ,0
100,6
1 1 ,2 7 7 ,0
6 ,6
221 ,(J
4,C
3 6 ,0
3 7 ,0
1 ,0 4 7 )0
2 9 ,6
1 2 ,0 8 5 ,0
1 4 ,0
1 3 6 ,0
6 ,0 7 3 ,0
1 1 4 ,0
1 8,C
8 0 5 ,0
5 6 ,0
1 0 ,6 8 0 ,0
1 31 ,0
1 1 1 ,0
5 9 ,C
1 ,6 0 8 ,0
2 8 ,0
1 0 5 ,0
7 9 4 ,0
0 ,0
4 0 7 ,0
3 0 ,0
2 9 .0
4 ,2 1 5 ,0
1 6 ,0
4 ,3 7 1 0
6 ,0
3 7 ,0
8 7 3 ,0
1 5 ,0
7 ,0
9 2 0 ,0
2 5 ,0
7 ,0
6 8 9 ,0
7 2 ,0
3 2 ,0
1 ,7 5 0 ,0
N et
D em a n d
D e p o s its .
N et
T im e
D e p o s its
N a tio n a
Bank
C ircu la
tio n .
A vera ge.
$
2 9 ,5 5 4 ,0
2 5 ,0 4 5 ,0
A vera ge.
$
8 3 5 ,0
______
A vera ge,
%
7 8 3 ,0
1 ,7 9 9 ) 0
4 21 4 4 5 0
3 2 ,1 4 2 ,0
1 3 ,7 5 1 ,0
7 5 ,6 2 0 ,0
2 3 0 ,8 8 5 ,0
6 3 ,7 2 4 ,0
1 4 5 ,3 8 1 ,0
2 5 ,3 8 5 ,0
1 0 ,9 1 7 ,0
9 9 ,0 8 9 ,0
3 0 ,8 6 3 ,0
1 4 5 ,7 0 2 ,C
CO
£
O;
b 1
C L E A R IN G H O U SE
M EM BERS.
4 ,7 5 0 ,0
8 8 8 ,0
5 ,3 1 4 , 0
2 4 .8 2 4 .0
*
1 5 5 ,0
* 1 ,7 7 6 , 0
1 ,3 1 9 , 0
+ 0 1 9 )0
; k 14+0
v
+ 8 9 4 ,0
1 4 )3 9 6 )0
8 0 ,9 1 0 ,0
1 1 ,1 9 2 ,0
2 2 3 ,5 5 7 ,0
2 0 ,6 2 9 ,0
9 ,3 5 3 0
’4 5 6 )0
1 5 0 .0
S
1 5 1 .0
3 ,5 6 0 , 0
F f 6 9 9 ,0
3 5 9 )o
1 + 4 2 7 ,0
4+0
til* 6 4 0 .0
1 9 9 ,0
1 450 O
8 9 4 ,0
1 9 3 ,0
4 7 )5 5 + 0
7 0 ,0
1 0 ,0 5 5 ,0
1 0 ,8 5 7 ,0
9 ,7 2 9 ,0
2 3 ,3 6 3 ,0
....
2 4 3 ,0
2 8 ,0
1 8 ,0
4 0 2 ,0
4 1 2 ,0
3 95^0
5 0 ,0
..............
2 ,2 0 0 ,0
2 ,2 2 6 ,0 1 7 1 ,6 8 7 ,0
.............. 2 ,1 5 9 ,8 7 4 ,0
3 9 ,7 2 7 , 0
3 + 6 0 2 ,0
..............
2 ,0 7 9 ,0
2 ,0 5 1 ,0
1 ,9 6 3 ,0
1 ,6 3 5 ,0
2 ,0 9 0 ,0
1 .9 8 1 .0
1 .8 1 2 .0
1 ,9 2 3 ,0
1 7 4 ,4 4 5 ,0
1 7 4 .1 6 0 .0
1 7 1 .0 1 2 .0
1 7 9 ,1 2 2 ,0
1 ,7 3 1 ,0 2 ,1 9 3 ,2 7 9 ,0
2 ,1 4 5 .7 4 4 ,0
2 ,1 6 4 ,1 2 8 ,0
.............. 2 ,1 8 9 ,8 7 3 .0
4 0 ,1 6 6 , 0
3 8 ,9 4 9 ,0
3 9 ,0 0 5 , 0
3 7 ,6 9 4 , 0
3 1 ,3 7 4 ,0
3 1 ,5 9 5 ,0
3 + 4 8 4 ,0
3 + 0 8 2 )0
1 7 ,0
3 ,0 8 2 ,0
1 ,5 9 8 ,0
8 2 1 ,0
4 5 7 ,0
9 0 ,0
1 6 9 ,0
9 0 8 ,0
5 2 ,0
1 7 7 ,0
9 5 0 ,0
9 3 ,0
1 8 1 ,0
4 4 0 ,0
1 7 6 ,0
4 4 8 ,0
5 4 1 ,0
1 1 6 ,0
5 3 ,0
2 7 5 ,0
1 5 0 ,0
0 ,0
4 9 ,0
3 3 ,0
1 0 ,0
2 8 ,0
1 2 0 ,0
8 0 ,0
3 3 ,0
3 3 ,0
7 3 ,0
1 8 0 ,0
8 ,7 9 0 ,0
7 ,1 0 1 ,0
1 ,2 4 5 .0
0 ,7 3 0 ,0
7 ,2 1 2 ,0
0 ,9 2 7 ,0
9 ,1 8 2 ,0
.6 , 8 1 3 , 0
6 ,0 1 2 ,0
0 ,2 6 9 ,0
0 ,6 2 0 ,0
1 ,1 8 2 ,0
1 ,1 8 0 ,0
1 ,1 1 0 ,0
1 .1 0 4 ,0
1 ,0 6 2 ,0
4 9 ,3 1 2 ,0
3 1 ,5 2 0 ,0
1 ,0 0 0 ,0
6 5 2 ,0
+0
3 ,0
2 8 ,0
2 0 ,0
1 5 ,5 3 0 ,0
2 1 7 ,0
2 1 7 ,0
5 7 ,0
3 0 7 ,0
3 3 6 ,0
7 7 1 ,0
2 9 5 ,0
1 ,1 3 2 4 )
1 ,6 0 3 ,0
1 1 3 ,6
1 ,7 0 0 ,0
2 9 ,0
47+0
5 4 7 ,0
1 8 ,4 7 7 ,0
2 6 ,7 3 2 ,0
4 ,1 5 6 ,0
2 2 + 3 9 9 ,0
1 ,0 2 6 , 0
5 .1 9 3 ,0
2 1 7 .4 9 0 0
5 ,2 0 0 ,0
2 1 7 ,2 0 9 ,6
2 1 5 ’8 65 6
2 ,8 7 9 ) 0
4 ,0 8 5 ,0
2 2 + 0 5 6 ,0
-------------- - —
1 10 2 6 O
1 f0 2 6 O
..............
6 8 ,0
8 ,7 7 7 ,0
..............
9 9 ,0
4 7 ,0
7 1 ,0
4 8 ,0
8 ,3 9 8 ,0
8 ,6 7 7 ,0
8 ,4 4 0 ,0
8 ,6 9 8 ,0
6 ,6 7 7 ,0
1 8 ,9 3 9 0
4 ,9 7 6 ,0
-
1 2 ,8 5 + 0
'
..............
2 5 ,6
....
8 0 6 )0
= = = = =
1 ,9 2 6 ,0
1 8 ,3 2 3 ,0
4 ,0 8 2 ,0
2 ,0 4 3 ,0
2 ,3 7 5 ,0
2 8 ,7 4 3 ,0
0 4 0 ,0
1 ,5 5 1 ,0
5 ,2 6 0 ,0
1 ,6 6 9 ,0
5 ,6 8 8 ,0
1 ,1 8 7 ,0
8 9 0 ,0
4 ,9 9 1 ,0
3 2 9 ,0
3 5 0 ,0
1 7 ,0
1 2 ,0
1 9 8 ,0
1 ,3 0 1 ,0
4 9 ,0
3 0 0 ,0
1 9 3 ,0
9 7 ,0
2 5 8 ,0
1 7 6 ,0
1 1 0 ,0
5 1 4 ,0
7 9 ,9 7 7 ,0
3 ,9 1 0 .0
4 ,4 2 5 ,0
2 ,3 8 6 ,0
....
5 3 4 ,0
4 4 ,7 0 1 ,0 1 9 ,5 9 9 ,0
8 3 ,7 7 4 ,0
8 1 ,0 1 4 ,0
8 1 ,1 5 4 ,0
7 5 ,5 0 4 ,0
6 ,4 1 3 ,0
5 ,2 9 1,0
3 ,4 0 3 ,0
4 ,9 8 5 ,0
4 ,1 6 3 ,0
4 ,2 2 2 ,0
4 ,3 1 2 ,0
3 ,7 9 0 .0
2 ,3 4 3 ,0
2 ,3 2 3 ,0
2 ,2 0 9 ,0
1 ,8 8 6 ,0
....
5 7 4 ,0
4 9 5 ,0
4 6 7 ,0
5 1 5 ,0
4 5 ,0 2 4 ,0
4 4 .9 9 7 .0
4 4 .5 1 7 .0
4 5 .1 6 3 .0
9 0 2 ,4 8 4 ,0 1 2 o )5 9 8 ) 0
___
G r a n d A g g r e g a t e , a v g o . 1 9 0 ,5 5 0 ,0 3 3 0 ,5 1 1 ,1 3 ,3 0 4 ,5 6 0 ,0 3 2 0 ,4 5 0 ,0 0 5 ,2 1 2 ,0
5 5 ,9 0 8 ,0
C o m p a r is o n p r o v . w e e k
— 1 6 ,1 0 5 ,0 + 2 8 0 0 8 0 + 2 ,5 5 4 ,0 — 1 ,1 3 5 ,0
.............. __ " “ "
3 ,6 3 1 ,0
+ 1 2 9 ,0
2 ,2 0 0 ,0
+ 5 2 ,0
2 ,8 2 8 ,0 2 2 5 .1 6 5 .0 2 3.7 55 T o 3 ,2 7 5 , 1 9 + 0 1 6 5 .8 8 0 0
+ 3 0 2 ,0 + 2 ,3 3 4 ,6 : — 2 2 2 .7 0 + 1 4 ,4 1 2 ,0
+ 4 4 9 ,0
— 2 5 )0
G r a n d A g g r e g a t e , a c t u a l c o n d it i o n
C o m p a r is o n p r o v . w e o k
..............
O ct.
3 ,5 2 5 ,0
+ 2 2 ,0
2 ,0 7 9 ,0
+ 2 8 ,0
2 ,7 6 3 , 0 (2 2 7 ,S 6 7 .0 3 0 ,5 7 8 ,0 3 ,3 1 + 0 5 2 , 0 1 6 6 ,8 8 7 ,0
+ 240.0|
+ 3 3 ,0 | + 6 1 2 0 0 + 4 8 .0 1 6 ,0 + 1 ,5 1 6 ,0
— 22+0
G r a n d A g g r e g a t e a c t u a l c o n d it io n
G ra n d A g g re g a te a c t u a lc o n d it io n
G r a n d A g g r e g a t e a c t u a l.c o n d it i o n
O ct.
O ct.
3 ,5 0 3 ,0
3 ,3 2 5 ,0
2 ,9 9 0 ,0
2 ,0 5 1 ,0
• 1,9 63 ,0
1 ,6 3 5 ,0
2 ,5 2 3 , 0 i2 2 7 .8 3 4 ,0 2 4 ,4 5 8 ,0 3 ,2 6 3 ,0 3 6 ,0 1 6 5 ,3 7 1 ,0
2 ,3 5 0 ,0 ! 2 2 3 ,9 6 9 ,0 2 8 ,1 6 0 ,0 3 ,2 7 + 0 9 7 , 0 1 6 5 ,8 4 2 ,0
2 ,4 8 6 ,0 j 2 2 3 ,9 8 3 ,0 3 S ,9 5 9 ,0 j 3 ,3 1 3 ,4 1 3 ,0 1 6 8 ,0 9 8 ) 0
31 4 8 4 0
3 + 0 8 2 ,0
1 ,5 0 0 ,0
1 0 ,0 0 0 ,0
2 ,0 0 0 ,0
1 ,2 5 0 ,0
5 ,0 0 0 ,0
2 0 ,0 0 0 ,0
1 ,0 0 0 ,0
4 ,0 0 0 ,0
2 ,0 0 0 ,0
1 ,0 0 0 ,0
3 ,0 0 0 ,0
1 ,0 0 0 ,0
1 ,0 0 0 ,0
2 ,0 0 0 ,0
4 ,0 3 1 ,4
1 0 .4 0 3 ,0
4 ,5 4 7 ,1
1 ,6 9 2 ,9
1 2 ,5 4 2 ,4
3 2 .1 4 9 ,4
1 ,2 5 0 ,4
5 ,5 7 1 ,0
8 ,2 6 6 ,9
1 ,0 9 0 ,4
1 1 ,4 0 0 ,9
1 ,3 3 7 ,1
5 4 8 ,1
5 ,4 5 4 ,2
3 5 ,4 4 9 ,0
2 0 7 ,0 0 0 ,0
0 5 ,4 0 9 ,0
2 9 ,0 7 3 ,0
4 2 ,6 3 8 ,0
3 4 1 ,1 5 4 ,0
1 0 .0 1 3 ,0
2 7 ,3 5 8 ,0
8 0 ,3 6 1 ,0
2 2 ,3 8 1 ,0
7 4 ,4 6 6 ,0
1 9 ,1 5 0 ,0
1 3 ,5 3 6 ,0
6 2 ,5 4 8 ,0
T o t a ls , a v g e . fo r w e o k .
5 4 ,7 5 0 ,0 1 0 0 ,8 9 1 ,2 1 ,0 3 0 ,5 4 2 ,0
T o ta ls ,
T o ta ls ,
T o ta ls ,
T o ta ls ,
O ct.
O ct.
O ct.
O ct.
a ctu a l
a ctu a l
a ctu a l
a ctu a l
c o n d it i o n
c o n d it i o n
c o n d it i o n
c o n d it i o n
28
21
14
7
__ _
1 ,0 3 0 ,4 1 8 ,0
—
1 ,0 3 2 ,3 6 1 ,0
------ ------- 1 ,0 3 0 ,3 6 7 ,0
.............. 1 ,0 4 1 ,4 1 9 ,0
5 1 4 ,0
2 9 2 ,0
2 1 6 ,0
1 1 8 ,0
1 5 1 ,0
5 0 2 ,0
9 1 ,0
1 1 1,0
0 5 4 ,0
3 2 6 ,0
3 1 4 ,0
3 5 4 ,0
3 0 7 ,0
4 7 5 ,0
2 8 3 ,3 3 0 ,0 1 1 ,0 3 3 0 ,2 4 5 ,0 0 3 ,0 1 2 ,0
5 6 ,5 2 2 ,0
.............. + 3 4 ,8 4 5 ,0 + 2 0 3 1 3 0 — 4 ,2 4 2 ,0 — 2 ,0 7 2 ,0
21 3 ,2 9 5 ,7 6 0 .0 3 0 3 ,9 3 2 ,0
14 3 ,3 3 7 ,7 3 2 ,0 2 8 9 ,3 7 4 ,0
1 ,3 5 4 ,8 9 0 ,0 3 0 0 ,9 0 1 ,0
0 7 ,8 5 4 ,0
0 2 ,7 1 3 ,0
5 8 ,1 1 4 ,0
5 8 ,5 9 4 ,0
5 3 ,5 4 8 ,0
0 1 ,7 9 2 .0
1 9 9 ,0
1 9 ,0
1 7 4 ,0
2 7 ,0
1 3 6 ,0
9 4 0 ,0
3 4 ,0
1 8 ,0
1 4 1 ,0
1 3 5 ,0
4 4 ,0
5 9 ,0
7 1 ,0
3 8 3 ,0
2 7 ,0 '
1 8 ,0
1 5 ,0
3 1 .6
3 6 ,0
215 0
1 5 ,0
9 5 .0
1 5 ,0
8 ,0
5 6 ,0
1 ,4 9 5 ,0
9 ,3 3 6 ,0
2 ,5 3 4 ,0
1 ,1 3 6 ,0
1 ,4 0 8 ,0
1 5 ,5 6 0 ,0
3 9 4 ,0
1 ,0 0 8 ,0
3 ,1 4 1 ,0
1 ,0 9 5 ,0
3 ,0 9 4 ,0
8 4 6 ,0
6 7 2 ,0
2 ,9 8 2 ,0
2 ,0 0 1 ,0
3 ,3 3 6 ,0
3 ,3 6 3 ,0
1 ,2 0 9 ,0
1 ,0 2 2 ,0
6 5 0 ,0
5 8 3 ,0
2 5 7 ,0
2 ,2 0 5 ,0
7 9 3 ,0
2 ,0 1 2 ,0
6 9 9 ,0
5 8 8 ,0
8 8 1 ,0
2 3 ,7 4 4 ,0
1 9 .2 5 8 .0
2 5 .2 8 1 in
3 4 .8 9 4 .0
2 9 ,9 1 8 ,0
1 8 6 ,7 1 3 ) 0
5 0 ,6 7 6 ,0
2 8 ,1 5 + 0
3 1 + 2 0 0 ,0
7 ,9 0 1 ,0
2 0 ,1 6 0 ,0
6 2 ,8 1 0 )0
2 1 ,8 8 5 ,0
6 + 7 0 5 ,0
1 6 ,9 2 9 ,0
1 3 ,4 1 9 )0
5 9 ,6 3 6 ,0
4 r6 6 8 0
.’ 5 ,5 7 9 ,0
1 5 ,4 9 9 ,0
3 3 ,4 4 8 )o
1 9 ,3 7 3 0
7 ,8 7 2 ,0
2 ,5 5 6 0
6 3 9 ,0
4 ,7 7 8 , 0
8 9 3 ,9 1 8 ,0 1 2 5 ,1 2 7 ,0
—
a I n c l u d e s c a p i t a l s e t a s id e f o r F o r e i g n B r a n c h e s . $ 3 .0 0 0 .0 0 0 ,
STATEMENTS OF RESERVE
POSITION.
A vera ges.
C a sh R eserve R eserv e in
i n V a u lt. D e p o s ita r ie s
T o ta l
R e ser v e.
a R eserv e
R e q u ired .
$
$
M em b ers F ederal
$
S
R e s e r v e B a n k -------- 3 1 5 ,0 6 6 ,0 0 0 1 7 + 6 8 7 ,0 0 0 4 8 6 .7 5 3 .0 0 0 3 9 0 ,7 6 3 ,6 7 0
8 ,7 7 7 ,0 0 0 4 8 ,2 8 0 ,0 0 0 3 9 , 8 5 + 8 2 0
S t a t o B a n k s * ................ 3 9 .5 0 3 .0 0 0
T r u s t C o m p a n i e s * — 9 0 .6 9 8 .0 0 0 4 4 , 7 0 + 0 0 0 1 3 5 .3 9 9 .0 0 0 1 3 4 ,0 8 7 ,7 0 0
T ota l
T ota l
T ota l
T ota l
O ct.. 2 8 -------- 4 4 5 . 2 0 7 .0 0 0 2 2 5 .1 6 5 .0 0 0 6 7 0 .4 3 2 .0 0 0
O e t . 2 1 ........... 4 1 5 , 1 1 + 0 0 0 2 2 2 ,8 3 + 0 0 0 6 3 7 .9 4 2 .0 0 0
O c t . 1 4 ........... 4 1 6 ,2 6 9 ,0 0 0 ,2 2 2 ,0 1 0 ,0 0 0 6 3 8 .2 7 9 .0 0 0
26251+,36754+,00 0000
O c t . 7 ---------- 4 3 0 .2 7 7 .0 0 0
A c t u a l F ig u r e s .
S u r p lu s
R e ser v e.
In c. or D u .
fr o m
C a sh R eserv e R eserve' in
in V a u lt. D e p o s ita r ie s
P r e v io u s W e e k
T o ta l
R e ser v e.
b R eserv e
R e q u ired .
3,
*
X
$
$
*
9 5 ,9 8 9 ,3 3 0 + 3 2 ,1 6 5 ,1 1 0 3 2 0 ,1 7 6 ,0 0 0 1 7 4 ,4 4 5 ,0 0 0 4 9 4 , 6 2 + 0 0 0 3 9 6 ,7 9 8 ,5 2 0
8 ,4 2 8 ,1 5 0 + 1 ,2 0 0 ,0 1 0 3 7 .0 3 5 .0 0 0
8 ,3 9 8 ,0 0 0 4 5 ,4 3 3 ,0 0 0 3 9 ,1 4 8 ,2 0 0
+ 3 1 + 3 0 0 — 3 ,6 4 0 ,3 0 0 9 6 .6 9 3 .0 0 0 4 5 ,0 2 4 ,0 0 0 1 4 + 7 1 7 ,0 0 0 1 3 5 ,0 4 2 ,4 5 0
5 6 4 ,7 0 3 ,1 9 0 1 0 5 ,7 2 8 ,8 1 0 + 2 9 , 7 1 9 . 4 5 0
5 6 + 9 3 2 ,6 4 0 7 6 ,0 0 9 ,3 6 0 + 3 , 6 9 + 7 8 0
5 6 5 , 9 6 + 4 2 0 7 2 ,3 1 7 ,5 8 0 — 1 0 ,1 9 9 ,6 1 0
5 6 9 ,1 3 3 ,8 1 0 8 2 . 5 1 7 , 1 9 0 — 1 3 ,8 4 0 ,1 3 0
S u r p lu s
R e ser v e.
S
9 7 ,8 2 2 ,4 8 0
6 ,2 8 4 ,8 0 0
6 ,6 7 4 ,5 5 0
In c. or D ss.
fr o m
P rev io u sW eek
$
+ 8 ,5 3 5 , 8 5 0
— 4 1 6 ,5 8 0
+ 3 ,2 3 7 ,0 0 0
4 5 3 ,9 0 4 ,0 0 9 2 2 7 . 8 6 7 , 0 0 0 6 8 + 7 7 + 0 0 0 5 7 0 ,9 8 9 .1 7 0 1 1 0 7 81 8 3 0 + 1 + 3 5 6 , 2 7 0
4 3 3 , 8 8 3 , 0 0 0 2 2 7 , 8 3 4 ,0 0 0 6 8 + 7 1 7 , 0 0 0 5 6 2 , 2 9 + 4 4 0 9 9 4 2 5 5 6 0 + 3 0 , 5 1 + 1 5 0
4 0 8 , 9 6 0 ,0 0 0 2 2 3 ,9 0 9 ,0 0 0 6 3 2 .9 2 9 .0 0 0 5 0 4 ,0 1 4 5 9 0 6 8 9 1 4 ’ 4 1 0 — 1 3 .6 4 1 ,0 7 0
4 2 9 , 7 9 7 , 0 0 0 2 2 3 . 9 8 3 ,0 0 0 6 5 3 . 7 8 0 ,0 0 0 5 7 + 2 2 4 . 5 2 0 8 2 ’ 5 5 5 4 8 0 — 6 ,6 3 4 , 0 9 0
a T h i s Is t h e r e s e r v e r e q u ir e d o n N e t D e m a n d D e p o s i t s In t h e c a s e o f S t a t e B a n k s a n d T r u s t C o m p a n i e s , b u t In t h e e a s e o f M e m b e r s o f t h e F e d e r a l R e s e r v e B a n k R
I n o lu d e s a ls o t h e a m o u n t o f r e s e r v e r e q u ir e d o n N e t T i m e D e p o s i t s .w h i c h w a s a s f o l lo w s : O c t . 2 8 , $ 1 ,9 8 6 ,3 5 0 : O c t . 2 1 , $ 1 ,9 4 3 ,7 0 0 : O c t . 14. S I , 9 1 4 ,2 0 0 : O c t . 7 S I 8 2 9 8 5 0
b T h i s Is t h e r e s e r v e r e q u ir e d o n N o t D e m a n d D e p o s i t s In t h e c a s e o f S t a t e B a n k s a n d T r u s t C o m p a n i e s , b u t In t n e e a s e o f M e m b e r s o f t h e F e d e r a l R e s e r v e ’ B a n k s
I n o lu d c s a ls o t h e a m o u n t o f r e s e r v e r e q u ir e d o n N e t T i m o D e p o s i t s ,w h i c h w a s a s f o l l o w s : O c t . 2 8 , $ 2 ,0 0 8 ,3 0 0 ; O c t . 2 1 , $ 1 ,9 4 7 ,4 5 0 ; O c t . 1 4 , $1 9 5 0 2 5 0 - O c t 7 $1 8 8 4 7 0 0
The State Banking Department reports weekly figures
showing the condition of State banks and trust companies
in New York City
and these are
shown in the followingjtable:
not in the Clearing House,
SUMMARY OP STATE BANKS AND TRUST COMPANIES IN GREATER
NEW YORK, NOT INCLUDED IN CLEARING HOUSE STATEMENT.
( F ig u r e s F u r n i s h e d by Stale B a n k in g D e p a r t m e n t.)
O ct. 28.
Loans and Investments____________________________<733,848,100
G o ld ....................................- ............. .............. - ......... 60,517,700
Currency and bank notes_________________________
9,723,600
Total deposits...........................
918,452,700
Deposits, eliminating amounts due from reserve
depositaries and from other banks and trust com
panies In New York City, and exchanges-------------- 781,601,100
Reservo on deposits______________________________ 206,953,600
Percentage of reserve, 28.2%.
D iff e r e n c e s fr o m
p r e c io u s w ee k .
Ino. $2,569,300
Deo.
83,900
Ino.
66,300
Ino. 8,904,000
Jno.
Ino.
718,000
9,348,100
RESERVE.
---------- S ta le B a n k s ----------
------ T r u st C o m p a n ie s —
Cash In vaults..............................
813,158,300 10.73%
Deposits In banks and trust cos____ 19,255,900 15.70%
857,083,000 9.35%
117,456,400 19.25%
T o ta l............................................... $32,414,200 26.43%
$174,539,400 28.60%
In addition to the returns of “ State banks and trust com
panies in New York City
” furnished
by the State Banking Department, the Department also
presents a statement covering
the institutions of this class
in the whole State. The figures are compiled so as to distin
guish between the results for New York City (Greater New
York) and those for the rest of the State, as per the following:
For definitions and rules under which the various items
are made up, see “ Chronicle,” V. 98, p. 1661.
The provisions of the law governing the reserve require
ments of State banking institutions were published in the
“ Chronicle” March 28 1914 (V. 98, p. 968). The regula
tions relating to calculating the amount of deposits and what
deductions are permitted in the computation of the reserves
were given in the “ Chronicle” April 4 1914 (V. 98, p. 1045).
not in the Clearing House
all
STATE
The averages of the New York City Clearing House banks
and trust companies,
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
COMBINED RESULTS OP BANKS AND TRUST COMPANIES IN
GREATER NEW YORK.
W e o m it c i p h e r s i n
W eek en d ed —
A ug.
A ug.
A ug.
A ug.
S ept
S ep t.
8ept
S ept
S ep t.
O ot.
O ct.
O ot.
O ct.
5 ...........
1 2 ...........
1 9 ...........
2 6 ............
2 ...........
9 ...........
1 6 ...........
2 3 ...........
3 0 ...........
7 ...........
1 4 ...........
2 1 ...........
2 8 ...........
[Vol. 103
THE CHRONICLE
1666
a ll th e s e f i g u r e s .
L oans and
I n v e s t m e n ts
D em a n d
D e p o s its .
S p e c ie .
8
3 .9 2 6 , 6 3 4 , 6
3 .9 3 9 , 2 6 8 . 3
3 ,9 5 2 , 2 3 0 , 3
3 ,9 4 7 , 9 3 2 . 5
3 ,9 0 6 , 6 8 7 , 2
4 ,0 3 2 , 6 3 2 , 9
4 ,0 2 8 , 9 9 6 , 0
4 ,0 2 8 . 7 9 2 , 5
4 ,0 5 9 , 9 3 2 , 9
4 ,0 6 8 , 9 1 7 , 6
4 ,0 7 0 , 4 1 8 , 5
4 ,0 5 2 , 0 0 3 , 8
4 ,0 3 8 ,4 0 8 ,1
$
3 ,8 4 0 , 7 1 1 ,7
3 ,8 6 8 , 5 5 2 ,7
3 ,8 9 9 ,8 0 6 ,1
3 ,9 3 2 , 5 6 8 ,9
3 .9 7 3 , 0 3 3 ,4
4 , 0 9 6 . 6 2 1,1
4 ,0 0 5 ,1 3 9 ,9
4 ,0 3 8 . 2 7 4 ,9
4 ,0 6 7 , 1 0 9 ,0
4 ,0 6 8 , 9 6 9 ,4
4 ,0 5 5 , 4 4 1 ,7
4 ,0 1 1 ,6 6 2 ,1
4 ,0 5 6 ,7 9 2 ,1
$
4 1 7 ,3 9 4 .3
4 2 5 ,4 0 9 ,4
4 3 4 ,3 5 6 ,5
4 4 2 .2 8 0 ,4
4 4 1 .5 3 3 ,7
4 1 3 ,5 6 4 ,9
4 1 1 ,8 7 4 ,2
4 3 1 ,1 1 6 .6
4 3 3 ,8 2 0 ,9
4 2 6 ,4 6 6 ,6
4 1 4 ,5 6 0 ,1
4 0 9 ,5 5 2 ,6
4 3 6 ,9 4 1 ,7
O ther
M on ey.
T o ta l
E n t ir e
M on ey
R eserv e o n
H o l d i n g s . D e p o s it s .
8
7 7 ,3 3 7 ,1
7 5 ,3 4 7 ,5
7 4 .6 9 6 ,7
7 4 ,6 5 1 ,4
7 5 ,9 3 2 ,3
6 6 ,5 4 2 ,4
6 9 ,3 3 4 ,1
7 5 ,8 2 2 ,4
7 2 ,7 2 5 ,7
7 2 ,0 3 8 ,9
7 1 ,2 4 4 ,9
7 5 ,8 1 7 ,3
7 8 ,5 6 6 ,6
8
4 9 4 ,7 3 1 ,4
5 0 0 ,7 5 6 ,9
5 0 9 .0 5 3 ,2
5 1 6 ,9 3 1 ,8
5 1 7 ,4 6 6 ,0
4 8 0 ,1 0 7 ,3
4 8 1 ,2 0 8 ,3
5 0 6 ,9 3 9 ,0
5 0 6 ,5 4 6 ,6
4 9 8 ,5 0 5 ,5
4 8 5 ,8 0 5 ,0
4 8 5 ,3 6 9 ,9
5 1 5 ,5 0 8 ,3
8 2 8 .1 0 1 .3
8 4 2 ,5 3 8 .1
8 4 6 .6 4 6 .0
8 6 3 ,6 0 8 ,9
8 6 1 .2 4 9 .6
8 2 1 .0 1 8 .7
8 3 3 .7 3 0 .4
8 7 5 .5 7 0 .3
8 7 7 .4 4 5 .1
8 5 5 .8 6 5 .7
8 4 0 .2 6 3 .4
8 3 5 .5 4 7 .5
8 7 7 .3 8 5 .6
BANKS
AND
TRUST
C O M P A N IE S .
T ru st C os.
S ta te B a n ks
T ru st C os.
S ta te B a n ks
In
o u ts id e o f
o u ts id e o f
In
G re a te r N . Y . G re a te r N . Y .[ G r e a t e r N . Y . G re a te r N . Y .
W e e k en d ed O ct. 2 8 .
$
C a p i t a l a s o f J u n e 3 0 _____
2 3 ,4 5 0 ,0 0 0
7 5 .5 5 0 ,0 0 0
1 1 .7 8 3 .0 0 0
S u r p lu s a s o f J u n e 3 0 _____
4 0 ,0 6 8 ,5 0 0
1 7 3 ,2 3 9 ,3 0 0
1 4 .6 5 4 .0 0 0
L oan s a n d In v estm en ts. C h a n g e f r o m la s t w e e k .
4 0 5 ,0 6 8 ,1 0 0 1 ,6 5 7 ,7 7 7 ,4 0 0
+ 6 ,5 6 6 ,3 0 0 , — 1 ,4 3 6 ,0 0 0
G o l d ................... .........................
C h a n g e fr o m la s t w e e k .
4 2 ,3 7 2 ,1 0 0
+ 2 ,4 0 9 ,0 0 0 ,
1 3 5 ,9 0 3 ,0 0 0
— 1 ,5 7 3 ,7 0 0
C u rren cy an d b an k n o te s.
C h a n g e fr o m la s t w e e k .
2 1 ,7 7 1 ,2 0 0
— 2 6 8 ,8 0 0 ,
1 4 ,5 0 7 ,6 0 0
— 2 ,5 5 9 ,6 0 0
1 4 ,9 0 0 ,0 0 0
1 4 ,3 8 1 ,6 0 0
1 6 1 ,6 3 0 ,
+ 861,
2 5 4 ,9 8 0 ,1 0 0
+ 1 ,3 1 9 ,3 0 0
D e p o s l t s ................ .................
C h a n g e fr o m la s t w e e k .
5 5 9 ,4 7 6 ,1 0 0 1 ,9 6 8 ,6 3 7 ,3 0 0
+ 6 ,2 5 9 ,6 0 0 ,
+ 8 ,1 2 4 ,1 0 0
1 7 5 ,7 8 3
— 1 ,0 8 7
2 7 0 ,8 1 3 ,2 0 0
— 5 4 5 ,5 0 0
R e s e r v e o n d e p o s i t s ...........
C h a n g e fr o m la s t w e e k -
1 1 1 ,6 1 3 ,5 0 0
+ 5 4 2 ,6 0 0 ;
3 4 5 ,5 1 5 ,2 0 0
+ 3 ,3 5 5 ,5 0 0
3 2 ,0 7 0 , 7 0 0
— 1 ,3 5 8 , 6 0 0
3 9 ,0 9 1 ,6 0 0
— 1 ,5 4 7 ,0 0 0
P . c . o r reserv e to d c p o s lts
P e r c e n t a g e la s t w e e k . .
2 6 .0 %
2 6 .2 % I
2 2 .3 %
«N
+
I n c r e a s e o v e r la s t w e e k .
—
5% '
3% '
2 2 .2 %
1 8 .0 %
1 8 .7 %
D e c r e a s e fr o m la s t w e e k .
Non-Member Banks and Trust Companies.— Following is the report made to the Clearing House by clearing non
member institutions whioh are not included in the “ Clearing House return” on the preooding page:
R ETU RN OF NO N-M EM BER INSTITUTIONS OF NEW Y O R K CLEARING HOUSE.
C L E A R IN G
■ O N -M E M B E R S .
N et
P r o fi t s .
L oan s,
D is c o u n t s ,
N a t . b k s . S e p t . 121
I n v est
S t a t e b k s . S e p t . 20| m e n t s , A c .
C a p it a l.
W e e k E n d in g
O c t . 28 1916.
M em b ers o f
» e d ’l R e serv e B a n k
B a ttery P ark N a t. . .
F ir s t N a t . , B r o o k ly n
N a t . C i t y , B r o o k ly n
F ir s t N a t . , J e r s . C i t y
H u d son C o . N ..J .C .
F ir s t N a t . , H o b o k e n
S econ d N a t ., H o b o k
$
$
3 2 6 ,0 0 0
6 8 5 .4 0 0
5 9 9 ,1 0 0
,2 8 6 ,6 0 0
7 6 2 ,8 0 0
4 0 0 .0 0 0
3 0 0 .0 0 0
3 0 0 .0 0 0
4 0 0 .0 0 0
2 5 0 .0 0 0
220.000
1 2 5 ,0 0 0
S ta te H anks.
N o t M e m b e r s o f th e
F ed e ra l R eserve B a n k .
100,000
B ank o f W a sh . H ’ts.
4 0 0 .0 0 0
C o l o n la l B a n k .............
3 0 0 .0 0 0
C o l u m b i a B a n k _____
200.000
F id e li t y B a n k ______
5 0 0 .0 0 0
I n t e r n a t io n a l B a n k
200.000
M u t u a l B a n k ...........
200,000
N e w N e t h e r l a n d ____
100.000
Y o r k v ll le B a n k . .
M e c h a n i c s ', B k l y n . . 1 ,6 0 0 .0 0 0
200,000
N o r t h S id e , B k l y n . .
1 5 2 .0 0 0
5 6 8 .0 0 0
7 1 2 .0 0 0
1 0 9 .0 0 0
4 0 8 .0 0 0
6 2 0 .0 0 0
2 3 6 .0 0 0
4 3 1 .0 0 0
9 0 2 .0 0 0
2 7 1 .0 0 0
4 ,6 9 6 ,3 0 0 6 5 ,9 9 5 .0 0 0 4 ,4 0 9 ,0 0 0
A vera ge.
$
6 0 ,0 0 0
4 6 .0 0 0
7 4 .0 0 0
3 3 6 ,0 0 0
1 4 .0 0 0
1 6 .0 0 0
4 3 ,0 0 0
A vera ge.
S
A vera ge.
A vera ge.
$
$
7 7 .0 0 0
111,000
8.000
8,000
9 .0 0 0
3 .0 0 0
5 3 ,0 0 0
1 2 3 .0 0 0
20.000
11,000
3 ,0 0 0
3 .0 0 0
5 8 9 ,0 0 0
6 8 1 ,0 0 0
1 3 9 ,0 0 0
10.000
4 9 .0 0 0
4 7 7 .0 0 0
2 7 1 .0 0 0
3 0 .0 0 0
5 4 .0 0 0
1 7 9 .0 0 0
2 0 3 .0 0 0
2 6 3 .0 0 0
7 4 9 .0 0 0
1 1 4 .0 0 0
1 9 3 .0 0 0
2 8 ,0 0 0
11,000
20,000
66,000
3 5 .0 0 0
8 5 .0 0 0
1 4 1 .0 0 0
5 9 .0 0 0
21,000
5 6 .0 0 0
1 5 4 .0 0 0
7 0 .0 0 0
3 3 .0 0 0
9 3 .0 0 0
2 9 4 .0 0 0
7 5 7 ,0 0 0
5 2 5 ,0 0 0
9 3 ,0 0 0
6 2 ,0 0 0
6 1 ,0 0 0
1 8 ,0 0 0
9 3 ,0 0 0
5 1 .0 0 0
4 9 .0 0 0
7 0 0 ,0 0 0
1 ,4 1 4 ,8 0 0 1 3 ,4 6 8 ,0 0 0
6 1 8 ,0 0 0
1 2 3 ,0 0 0
111,000
100,000
P hiladelphia B anks.—Summary of weekly totals of
Clearing House banks and trust companies of Philadelphia:
$
O c t :. 2 8 .
N a t . b a n k s . 3 8 3 ,9 6 2 ,0
T r u s t i CO S-- 1 5 4 ,1 0 7 ,0
T ota l . . .
O ot. 2 1 - - .
1 4 ...
••
7 ...
S ep t. 3 0 .
2 3 ...
11 1 6 . . .
9 ...
2 ...
A ug. 2 0 . -
5 3 8 ,0 6 9 ,0
5 3 7 ,8 0 2 .0
5 3 2 ,2 3 0 ,0
5 2 6 ,8 1 8 ,0
5 2 2 ,7 9 9 .0
5 1 7 ,5 1 9 ,0
5 1 5 .3 2 0 .0
5 1 4 ,7 1 7 .0
5 1 5 .8 9 3 ,0
5 1 1 ,4 7 5 .0
D e p o s it s .
E x c ess
R e ser v e.
$
8 0 ,6 5 9 ,0
2 4 ,0 2 5 ,0
$
2 0 ,3 8 7 ,0
3 ,5 3 1 ,0
6 3 8 ,8 0 0 ,0 '1 0 4 ,6 8 4 ,0
6 5 2 ,6 8 4 ,0 1 0 9 ,7 2 0 ,0
6 5 8 ,3 8 4 ,0 1 2 0 ,0 1 9 ,0
0 4 3 ,1 4 0 ,0 1 1 9 .4 5 6 ,0
6 2 7 ,1 7 3 .0 1 1 1 ,6 8 4 ,0
6 1 9 ,4 3 9 ,0 11 0 8 .7 9 6 .0
6 1 2 .0 5 2 .0 ; 1 0 9 .5 8 8 .0
6 0 3 .9 3 3 .0 • 1 0 8 .5 0 4 .0
6 0 8 ,4 5 8 .0 1 0 5 ,8 5 5 .0
5 9 7 ,8 8 8 .0 1 0 8 ,3 7 3 ,0
2 3 ,9 1 8 ,0
2 8 ,4 8 2 ,0
3 7 ,9 7 8 ,0
3 8 ,4 6 5 ,0
3 2 ,5 6 6 ,0
3 0 ,9 7 8 ,0
3 2 ,0 4 7 .0
3 1 .1 4 0 .0
2 8 .3 5 3 .0
3 1 .3 1 0 .0
$
s
$
7 7 ,0 3 9 ,0 1 7 6 ,6 6 7 ,0 3 1 8 ,9 8 6 ,0 4 9 5 ,6 5 3 ,0
4 ,2 1 0 ,0 1 3 8 ,9 3 7 ,0 1 4 3 ,1 4 7 ,0
4 ,2 2 1 , 0
S
8 1 ,2 6 0 ,0
8 8 ,4 7 0 ,0
8 7 ,6 2 1 ,0
8 1 .2 7 0 ,0
7 9 ,2 5 2 ,0
8 1 ,5 2 4 ,0
7 7 .6 9 7 ,0
7 1 .3 1 2 .0
7 2 .4 3 4 .0
6 9 .9 7 1 ,0
1 8 0 ,8 7 7 ,0
1 8 8 ,2 1 1 ,0
1 8 8 ,9 0 4 ,0
1 8 3 ,1 1 8 ,0
1 7 5 ,5 2 7 ,0
1 7 5 ,7 2 4 .0
1 7 1 .7 8 4 .0
1 6 8 .9 4 0 ,0
; 1 6 9 .9 2 1 .0
1 6 8 ,2 0 9 .0
1 4 5 7 ,9 2 3 ,0
'4 6 4 ,4 7 3 ,0
4 6 9 ,4 8 0 ,0
4 6 0 ,0 2 2 ,0
4 5 1 ,6 4 6 ,0
4 1 3 ,7 1 5 .0
4 4 0 .2 0 8 .0
4 3 4 .9 9 3 ,0
4 3 8 .5 4 7 .0
4 2 9 .6 7 9 .0
N o t e .— N a t i o n a l b m k n o t e c i r c u la t io n O c t . 2 8 , $ 9 .1 6 > ,033: e x c h a n g e s f o r C le a r in g
H o u s e ( i n c l u d e d In " B a n k D o p o s t t s " ) , b a n k s , $ 1 6 ,8 0 0 ,0 0 0 : t r u s t c o m p a n i e s , $ 2 ,
2 9 8 ,0 0 0 ; t o t a l , $ 1 9 , 0 9 8 , 0 0 0 .
C a p i t a l a n d s u r p lu s a t la t e s t d a t e s : b a n k s , $ 6 4 ,1 7 5 ,
6 0 0 ; t r u s t c o m p a n i e s , $ 4 1 , 2 9 5 ,2 0 0 ; t o t a l , $ 1 0 5 ,4 7 0 ,8 0 0 .
A vera ge.
A vera ge.
$
8
4 7 0 .0 0 0
6 2 7 .0 0 0
7 2 4 .0 0 0
5 1 9 .0 0 0
4 9 6 .0 0 0
3 9 9 .0 0 0
3 1 1 .0 0 0
4 6 ,0 0 0 3 ,5 4 6 ,0 0 0
3 5 ,0 0 0
1 7 4 .0 0 0
+ 1,000
T7T0OO
2 7 4 .0 0 0
2 0 3 .0 0 0
1 8 5 .0 0 0
222.000
’
196*666
2 4 ,0 0 0
1 7 1 .0 0 0
5 3 1 .0 0 0
6 4 5 .0 0 0
4 3 6 .0 0 0
National
N et
D em a n d
D e p o s it s .
N et
T im e
D e p o s it s .
Bank
C ir c u
la t io n .
A vera ge.
A vera ge.
A vera ge.
s
$
5 .5 9 0 .0 0 0
5 .0 2 8 .0 0 0
6 .0 3 4 .0 0 0
4 .3 3 6 .0 0 0
4 .1 3 7 .0 0 0
2 .4 1 1 .0 0 0
2 .5 9 0 .0 0 0
2 3 8 .0 0 0
120.000
4 5 ,0 0 0
3 .2 8 4 .0 0 0
2 .1 8 9 .0 0 0
2 ,0 0 3 ,0 0 0 3 0 ,1 2 6 ,0 0 0
1 2 6 ,0 0 0
3 9 7 .0 0 0
3 8 9 .0 0 0
3 0 1 .0 0 0
3 0 0 .0 0 0
1 .7 8 4 .0 0 0
9 .6 2 7 .0 0 0
8 .9 3 8 .0 0 0
1 .2 7 2 .0 0 0
3 .7 7 1 .0 0 0
6 .5 6 4 .0 0 0
3 .9 9 0 .0 0 0
6 .8 2 3 .0 0 0
2 1 ,3 7 6 ,0 0 0
4 .7 1 2 .0 0 0
1 8 9 .0 0 0
6 0 1 .0 0 0
2 ,2 4 3 .0 0 0
4 4 8 ,0 0 0
21,000 4 ,1 5 1 ,0 0 0
5 ,7 2 0 ,0 0 0 6 8 ,8 5 7 ,0 0 0
1 ,2 1 8 ,0 0 0
666.000
*
1 9 7 .0 0 0
2 9 3 .0 0 0
1 1 9 .0 0 0
3 9 4 .0 0 0
1 9 3 .0 0 0
2 1 8 .0 0 0
9 9 ,0 0 0
5 ,8 7 6 ,0 0 0 1 ,5 1 3 ,0 0 0
1 0 6 ,0 0 0
5 5 8 .0 0 0
5 3 6 .0 0 0
7 6 ,0 0 0
2 2 6 .0 0 0
" 2,000
4 3 5 .0 0 0
2 3 9 .0 0 0
" '5 ,0 0 6
4 0 9 .0 0 0
1 ,2 8 3 ,0 0 0
2 8 3 .0 0 0
1 1 3 .0 0 0
3 8 0 .0 0 0
2 5 5 .0 0 0
”
70",666
4 0 0 .0 0 0
1 4 .0 0 0
3 2 4 .0 0 0
22.000
121.000
1 ,1 5 0 ,0 0 0
5 8 3 ,0 0 0
6 .4 8 0 .0 0 0
2 .4 1 6 .0 0 0
8 9 0 ,0 0 0
2 ,9 1 4 ,0 0 0
3 6 ,0 0 0
4 4 5 ,0 0 0
1 ,7 3 3 ,0 0 0
8 ,8 9 6 ,0 0 0
3 ,8 0 4 ,0 0 0
1 0 3 ,0 0 0 8 ,1 4 2 ,0 0 0 9 ,4 5 6 ,0 0 0 1 0 7 8 7 9 0 0 0 1 0 ,8 9 8 ,0 0 0 1 ,5 1 3 ,0 0 0
+ 1 5 ,0 0 0
— 6 ,0001 — 3 2 ,0 0 0 — 2 8 2 2 0 0 0 + 4 2 5 ,0 0 0
+ 3 ,0 0 0
1 0 9 .0 0 0 8 .1 7 4 ,0 0 0 1 2 ,2 7 8 ,0 0 0 1 0 7 4 5 4 0 3 0
1 1 4 .0 0 0 7 ,9 0 0 .0 0 0 :1 3 ,4 4 3 .0 0 0 1 0 4 2 7 7 0 0 0
9 0 ,0 0 0 ;7 ,9 6 3 .0 0 0 ! 1 5 ,5 7 9 ,0 0 0 1 0 4 6 6 6 0 0 0
6 8 , 0 0 0 ,7 ,8 7 4 ,0 0 0 ! 1 4 ,2 1 7 ,0 0 0 1 0 3 5 7 3 0 0 0
7 8 ,0 0 0 :7 ,7 9 4 .0 0 0 1 3 ,4 0 9 ,0 0 0 1 0 3 3 5 2 0 0 0
BOSTON
ReserveH e ld .
T o ta l.
A d d it io n a l
D e p o s it s
w ith L eg a l
D ep os
it a r i e s .
1 0 .8 8 3 .0 0 0 1 .5 1 0 ,0 0 0
1 0 .9 1 0 .0 0 0 1 .5 1 2 ,0 0 0
1 0 .8 6 1 .0 0 0 1 ,5 0 8 ,0 0 0
1 0 ,8 0 3 ,0 0 0 i l ,5 1 2 ,0 0 0
1 0 .7 0 5 .0 0 0 1 ,5 1 3 ,0 0 0
B oston Clearing House B anks.—We give below a
summary showing the totals for all the items in the Boston
Clearing House weekly statement for a series of weeks:
W e o m it tw o c i p h e r s (0 0 ) In a ll th e se f i g u r e s .
I n d lv ld l
3 5 ,0 0 0
2 2.000
6 4 8 ,0 0 0 2 ,3 8 9 ,0 0 0
R eserv e
w ith
L eg a l
D ep os
it a r i e s .
1 4 ,0 0 0
12.000
2,000
8 .0 2 3 .0 0 0
5 .4 4 5 .0 0 0
B a n k.
12,000
11,000
1 ,1 1 6 ,1 0 0
2 9 8 .7 0 0
Due
fro m
B a nks.
$
8 5 .0 0 0
6 , 4 9 5 , 0 0 0 1 0 ,6 9 1 .0 0 0 1 1 7 0 3 2 0 0 0 6 ,4 3 4 ,0 0 0 11 ,3 6 0 ,0 0 0
8 5 7 ,0 0 0
+ 9 3 6 ,0 0 0 ', + 1 6 ,0 0 0 1 — 4 1 ,0 0 0
— 68,000
8 1 9 6 ,6 4 0 d e c r e a s e
6 . 4 9 5 . 0 0 0 1 0 .6 9 1 0 0 0 1 1 6 0 9 6 0 0 0 6 ,4 1 8 ,0 0 0 1 ,4 0 1 ,0 0 0
9 2 5 .0 0 0
6 .4 9 5 .0 0 0 1 0 .6 9 1 .0 0 0 1 1 4 3 8 4 0 0 0 6 ,1 8 0 ,0 0 0 1 ,3 6 9 ,0 0 0
9 5 1 .0 0 0
6 .2 9 5 . 0 0 0 1 0 .3 1 7 ,5 0 0 .1 1 3 9 0 3 0 0 0 6 ,0 4 7 ,0 0 0 1 ,2 7 4 .0 0 0
8 7 8 .0 0 0
nni
6 .2 9 5 .0 0 0 1 0 .3 1 7 ,5 0 0 ! 1 1 3 4 0 1 0 0 0 6 .1 1 0 ,0 0 0 1 ,2 3 5 ,0 0 0
8 5 0 .0 0 0
6 .2 9 5 0 0 0 1 0 ,3 1 7 .5 0 0 1 1 1 2 7 7 1 0 0 0 8 .2 1 3 .0 0 0 1 ,2 4 6 ,O U O '2 .9 0 0 ,0 0 0
7 5 4 .0 0 0
L oans,
D ls c 'ts A
I n v e s t’ ts
A vera ge.
3 .0 0 0
9 .0 0 0
88.000
1 3 6 .0 0 0
9 3 .0 0 0
200.000
5 0 0 .0 0 0
T o ta l.
A v era ge.
8
4 8 9 .0 0 0
1 5 1 .0 0 0
1 6 9 .0 0 0
2 1 7 .0 0 0
1 6 9 .0 0 0
1 5 6 .0 0 0
5 6 ,0 0 0
4 2 0 ,6 0 0
2 0 3 .0 0 0
8 9 5 .0 0 0
9 1 8 .0 0 0
6 8 2 ,3 0 0
2 5 2 .0 0 0
1 9 1 .9 0 0
,3 6 2 ,0 0 0
1 2 6 .9 0 0
8 1 2 .0 0 0
4 8 7 ,1 0 0
,5 0 1 ,0 0 0
2 3 3 .9 0 0
,9 3 8 ,0 0 0
5 8 9 .4 0 0
,3 0 8 ,0 0 0
8 7 4 .0 0 0 19 ,9 0 9 ,0 0 0
1 9 5 .2 0 0 4 ,79 2 ,0 0 0|
T o t a l ........................... 3 ,8 0 0 . 0 0 0
G r a n d a g g r e g a t e ------C o m p a rlso n ,p r e v .w k
E x cess res erv e.
G r a n d a g g r 't e O c t . 21
G r a n d a g g r 't e O c t . 14
G r a n d a g g r 't e O c t . 7
G r a n d a g g r ’ t e S e p t .3 0
G r a n d a g g r 't e S e p t . 2 3
A vera ge.
$
5 .4 2 0 .0 0 0
5 .4 2 8 .0 0 0
5 .9 8 2 .0 0 0
4 .8 0 4 .0 0 0
5 .0 0 4 .0 0 0
6 .0 2 5 .0 0 0
4 .9 0 6 .0 0 0
4 .5 7 9 ,9 0 0 3 7 ,5 6 9 ,0 0 0 1 ,4 0 7 ,0 0 0
T o t a l _______________ 1 ,9 9 5 ,0 0 0
T r u s t C o m p a n ie s .
N o t M e m b e r s o f th e
F ed e ra l R eserv e B a n k
H a m ll t o n T r u s t .B k l n .
M e c h a n ic s ’ . B a y o n n e
G o ld .
N a t .B a n k N a t .B a n k
N o t e s [Re N o t e s [ N o t F e d e r a l
R eserv e
serv e f o r
C o u n ted
S ta te I n
N oteslN ot
as
R eser v e]
s t itu tio n s) R eserv e].
L eg a l
T en d ers.
C L E A R IN G
O ct. 28
1916.
HOU SE
C h a n g e fr o m
p r e v io u s w ee k .
C i r c u la t io n ----------------------- ----------- $ 6 ,4 7 5 ,0 0 0 I n o .
L o a n s , d ls o ’ t s & I n v e s t m e n t s . 4 5 1 .8 3 7 .0 0 0 I n o .
I n d i v l d u a l d e p o s i t s , l n c l .U .S . 3 5 5 .4 9 5 .0 0 0 D e o .
D u e t o b a n k s ___________________ 1 3 9 .0 9 1 .0 0 0 D e o .
T l m o d e p o s i t s - - .......................... 2 8 .2 6 4 .0 0 0 I n c .
1 6 .5 3 7 .0 0 0 D e o .
E x ch a n g e s fo r C le a r . H o u s e .
D u e f r o m o t h e r b a n k s .............. 4 2 .0 0 9 .0 0 0 D e c .
C a s h r e s e r v e ___________________ 2 6 .7 9 0 .0 0 0 D e c .
R e s e r v e In F e d . R e s ’ v e B a n k s 2 5 .2 5 9 .0 0 0 D e o .
3 7 .1 8 2 .0 0 0 D e c .
R e s e r v e w it h o t h e r b a n k s —
1 .2 3 5 .0 0 0 D e c .
R e s e r v e e x c e s s In b a n k ..............
E x c e s s w it h R e s e r v e A g e n t . .
2 0 .1 4 6 .0 0 0 D e c .
3 .9 6 4 .0 0 0 D e c .
E x c e s s w it h F e d . R e s ’ v e B ’ k -
1
M EM BERS.
$ 1 5 ,0 0 0
1 ,5 2 8 ,0 0 0
9 3 9 .0 0 0
9 ,7 0 4 ,0 0 0
4 4 ,0 0 0
3 ,8 0 1 ,0 0 0
6 .4 9 1 ,0 0 0
1 9 9 ,0 0 0
1 ,3 4 5 ,0 0 0
1 ,9 3 2 ,0 0 0
2 3 6 ,0 0 0
1 ,9 5 6 ,0 0 0
1 ,3 7 5 ,0 0 0
O ct 21
1916.
O ct. 14
1916.
$ 6 ,4 6 0 ,0 0 0 $ 0 ,4 9 7 ,0 0 0
4 5 0 .3 0 9 .0 0 0 4 4 6 .3 4 8 .0 0 0
3 5 6 .4 3 4 .0 0 0 3 5 3 .5 9 3 .0 0 0
1 4 9 .3 9 5 .0 0 0 1 5 0 .1 6 1 .0 0 0
2 8 8 ,2 0 ,0 0 0 , 2 8 .1 5 8 .0 0 0
j 2O,33S,O0Ol 1 1 9 ,5 3 1 ,0 0 0
4 7 .5 0 0 .0 0 0 4 5 .9 9 6 .0 0 0
2 0 .9 8 9 .0 0 0 2 5 .7 1 5 .0 0 0
2 6 .0 0 4 .0 0 0 2 4 ,0 0 0 .0 0 0
3 9 .1 1 4 .0 0 0 4 8 ,2 4 7 ,0 0 0
1 ,4 7 1 .0 0 0
7 5 5 ,0 0 0
; 2 2 . 1 0 2 ,0 0 0 3 1 .6 0 7 .0 0 0
! 5 ,3 3 9 ,0 0 0
3 ,8 0 6 ,0 0 0
Im ports and Exports fo r th e W eek.— See third page
preceding.
THE CHRONICLE
Nov. 4 1916.1
bankers' (Casetie,
Wall Street, Friday Night, Nov. 3
191G.
The Money Market and Financial Situation.— W ith
reports from abroad that merchant ships having American
citizens on board have been torpedoed without warning by
German submarines, with considerable anxiety on the part of
leaders and others especially interested in both political par
ties about the outcome of noxtTuesday’s election, and an ad
vance in a long list of commodity values to a height which
suggests disastrous consequences, it is small wonder that the
security markets have been erratic throughout the week.
The Steel Corporation’s report of earnings for the quarter
just ended was disappointing to those who had estimated
that these earnings would aggregate $90,000,000 or more,
but they were, at $85,600,000, so much larger than any for
mer showing and insure so large an addition to the company’s
surplus, that the shares advanced to a new high record.
The latter is, moreover, warranted by the current business
of the company, which is wholly without precedent, and per
haps by the possibility of revised tariff schedules under a dif
ferent party leadership.
Notwithstanding the satisfactory progress thus far made
by the now British bond offering of $300,000,000, gold has
continued to arrive here in large amounts for foreign credit
and oxebango on London is practically unchanged.
Almost every one is looking forward with a good deal of
interest to the result of next week’s election, because, as some
ono with a thorough knowledge of all that is involved has
said, “ no Presidential election since 1864 has been so impor
tant, or fraught with graver possibilities.”
Foreign Exchange.— Tho sterling exchange situation re
mains without important cliango. Gold has come forward
uite freoly during the week but the understanding towards
le close was that the movement had for tho immediate fu
ture reached its point of culmination. In the Continental
exchanges Italian lire were particularly weak, but otherwise
the exchanges wore featureless.
To-day’s (Friday’s) actual rates for sterling exchange were 4 71% for
sixty days, 4 75 11-16 for checks and 4 76 7-16 for cables. Commercial
on banks, sight, 4 75 7-16; sixty days, 4 70%; ninety days, 4 68%, and
documents for payment (sixty days), 4 70%. Cotton for payment,
4 75 7-16, and grain for payment, 4 75 7-16.
To-day’s (Friday’s) actual rates for Paris bankers’ francs wero 5 89% @
5 90 for long and 5 84% @5 85 for short. Germany bankers’ marks were
70 3-16 for sight, nominal for long and nominal for short. Amsterdam
bankers’ guilders were 40 13-16 for short.
Exchange at Paris on London, 27.81%; wook’s range, 27.81% for high
and also 27.81% for low.
The range for foreign exchange for tho week follows:
S
Sterling Actual—
Sixty Dags.
H ig h fo r th e w e e k ___
4 71%
L o w fo r th o w e e k ___
4 71%
Paris Bankers’ Francs—
H ig h fo r th e w e e k ----- 5 8 9 %
L o w fo r th o w e e k ___
5 90
Germany Bankers' Marks—
H ig h fo r tn e w e e k ___
_______
L o w fo r th o w e e k —
----------Amsterdam Bankers' Guilders—
H ig h fo r th e w e e k
40%
Checks.
4 75 11-16
4 7 56 5
5 84%
5 84%
70'
Cables.
4 76 /-1 6
4 76 7-16
„ ,
5 83%
5 83%
70 5-16
70%
41 1-16
Low for the week
40%
40 15-16
41 ^
Domestic Exchange.—Chicago, 5c. p e r $ 1 ,0 0 0 d is c o u n t. B o s to n , par.
St. Louis, 15c. per $1,000 discount bi
bid a n d 10c. d is c o u n t a sk e d . ___
San
Francisco, 10c. per $1,000 premium. Montreal, .3125c. per $1,000 dis
count. Minneapolis, 30c. per $1,000 premium. Cincinnati, par. Now
Orleans, sight, 50c. per $1,000 discount, and brokers, 50c. premium.
State and Railroad Bonds.— Sales of Stato bonds at the
Board this week are limited to $7,000 Virginia 6s tr. co. repts.
at 5 7 ^ to 58.
_
.
Transactions in railway and industrial bonds were slightly
smallor in volume than those of a week ago, whilo tho ad
vances and declines wore about evenly distributed. Ameri
can Smolters Securities 6s, roversing their movement of last
week, moved up from 11 0% to 1 1 2 ^ and American Writing
Paper 5s, in sympathy with tho shares and, and duo, no
doubt, to tho increased demand and higher prico of tho
product, advanced
points to 90. St. L .& San Fran.issues
provod very popular, tho inc. 6s w. i. advancing from 59%
to 6 4 ^ , closing at 64 and tho prior lien 4s, ser. A . w. i.
gaining 2 points to 7 2 % . From a list of 30 most active
issues, 9 declined, the movement in all cases being slight.
Great interest was shown in tho issuos of foreign Govern
ments, such as Anglo-French 5s, Amor. Foroign Secur. 5s,
Great Britain & Ireland 5 % notes and tho various Dominion
of Canada securities. Tho new $300,000,000 5 % % lo a n n e g o
tiated by the British Government promises to be more of a
success than the former smaller ono.
Sales on an s-20-f basis, have decreased this week, being
$27,000, as against $145,000 a week ago.
United States Bonds.— Sales of Government bonds at
tho Board include $1,000 Panama 3s reg. at 103.
For to
day’s prices of all the different issues arid for the week’s range
see third page following.
Railroad and Miscellaneous Stocks.— Tho market this
week reflected on one hand tho selling of large blocks of stock
as protection against a possiblo disappointing result of tho
coming election and on the other a very heavy demand from
investors in general, tho two forces having a tendency to bal
ance or offset each other. From a list of 15 most active rail
way issues, 5 declined, Canadian Pacific being tho only ono
where the loss was moro than fractional. Rock Island, continu
ing tho movement of last week, advanced from 3 2 % to 3 6 % ,
the final quotation being at 3 4 % . Reading is another issue
that was exceptionally strong. From 109 it moved up to
1 1 1 % , falling away at the close to 1 0 9 % . Among the in
dustrial issues, U . S. Steel advanced to 1 2 2 % , while other
1667
steel stocks, such as Crucible, Lackawanna and Republic
Iron & Steel, were strong. Duo no doubt to the marked in
crease in demand for the material and the consequent high
prices, the paper securities were perhaps the most spectacu
lar. International Paper gained 9 % points for the week,
the closing price being 62, while American Writing Paper
pref. fluctuated between 46% and 52% . American Zinc,
Lead & Smelting moved up from 48 to 56, but fell away at the
close to 53% . American Locomotive and Butte & Superior
were very active, values ranging between 81 and 92% and
64% -69% , respectively.
For daily volume of business see page 1676.
The following sales have occurred tnis week of shares not
represented in our detailed list on the pages which follow:
STO C K S.
Week ending Nov. 3.
Range for Week.
Highest.
Par. Shares
Acm e Tea tem c t fs .. 100 3,500
First pref ctfs____100]
200
Adams Express......... 100
Amer Bank N ote p L -5 0
Am Brake S A F p f . . loo!
Am Teleg & C a b le .. 100
Assoc D ry G o o d s ... 100;
m .
Associated Oil........... 100] 1,000
Barrett C o, pref____1
Batoptlas M ining____2
Brooklyn Union G as. 10
Brown Shoe................1
P referred............. .1
Brunswick Terminal. 1
Burns Brothers_____1
Preferred ............... 1
Canada Southern__ 1
Case (J I ) , pref_____ 1
Cent & So Am T eleg. 1
Chicago A Alton____1
Preferred________ 1
Cluett,Peabody & C o l
Preferred________ 1
Cons G ,E L A P (B a lt).l
Rights______ ______ . . . I 2,567
Cons Int-State C all'n.IO i 3,100j 22
Consolidation C o a l.. 100;
35]l00%
Crex Carpet................100
Deere * C o, pref____100!
D etroit E d is o n _____ 100
Diamond M atch ____100!
Duluth S S & A tl— 1
P referred........... .... 1
Elec Stor B a tt e r y ... 100
Gaston, W A W ig.no par; 3,
Interboro-M et v t c . l
Int Harv N J p r e f.. . 1
Xnt N ickel, pref_____ 1. _
Iowa Central.............. 10C
Jewel Tea, pref......... 100
K C F t S A M , p r e f.l
Kayscr (Jul) A C o . . 1
K elly-Springf, p r e f.. 1
Kings C o Elec L A P . 100
....
Laclede G a s ................100 1.100108%
Liggett A M yers, p f. 100
3 00 123
Loose-Wiles Biscuit. 100! 1,600 24%
First preferred___ 100
300 86
M ay D ept S t o r e s ... 1001 5.8001 67%
Preferred.................100
200,106
M inn & St L new____100( 5,600; 34
M inn A St L old____10O,
940] 7%
N V Ch A St L 2d p f. 10O' 200i 57%
Norfolk Southern...1 0 0
10“ ' °25%
' 1^
93%
Owens Bottle-M ach__25 4,0
P referred........... .... 1
118
Pabst Brewing, p r e f.l
87
Pacific Tel & T e l____1
37
Preferred.................1001 100 97
Peoria A E astern...ICO
700 13%
Pittsburgh C o a l ____100
900: 42%
200,110
P referred.................100
110158
Pitts Ft Wayne A C . 100
ICO 1C4%
Pittsb Steel, pref____100
Rutland, p r e f ........... 100
200! 28
100 126
Sears-Roebuck, pref. 100
700 98%
Sloss-Sheft 8 A I, p f. 100
100116
So Porto R ico Sug, pf 100
300105
Standard Milling ...1 0 0
160 94%
P referred......... . . . 1 0 )
350144
Tex Pac Land Trust. 100
Toledo St L A W est. 100, 1,400| 8
Trust receipts_______ :
700M 7
200 15
Preferred .................100
300 12
Pref trust receipts____
100 117
Underwood, pref___ 100
225! 47%
United Cigar M frs.-lO O
100 30
U S E x p re ss .............. 100
500! 30
U S Realty A Im p t.. 100!
560 2
U S R e d u c * Itfln ..1 0 0
100 1%
Preferred........... ....100!
Wells, Fargo Express 100
400136
Wheel A L E ctfs deposit
800 3
2d pref ctfs d e p o sit.. .
200 3%
White M otor, new____50! 7,000 54%
Oct 31 70%
N ov 11106%
N ov 3 36
Oct 30 8
Oct 30 57%
Oct 30 25%
O ct 30; 95
N ov 3,118
N ov 1 87
O ct 30 37%
N ov 3 97
N ov 3 15%
Oct 31 44
Oct 30 115
N ov 2 158
N ov 2 104%
N ov 3 30
N ov 3 126
N ov 1 100
N ov 3 116
N o v 3 106%
O ct 30 94%
N ov 2 150
8%
8
N ov 3 15
O ct 31 14%
O ct 31 117
N ov 1 47%
N ov 2 30
N ov 1 31%
O ct 28 2%
N ov 1 1%
Oct 30 137
N o v 3 3%
N ov 2 4
O ct 30 56
Range since Jan. 1.
Lowest.
| Highest.
share. $ per share. S per share.
N ov 3 1 51
Aug! 64% N ov
N o v 3 1 93% Sept; 98
N ov
O ct 30,132% Mar; 154% Jan
Oct 31 51% Oct 53
July
O ct 31 165
Febjl99
O ct
N ov 1 60% July 69% Apr
r w n il 21
Oct 21
O ct
62
Jan! 77
Jan
N ov 3|117% O ct'119% N ov
1% June 3% Jan
133% O ct
72% N ov
102
M ay
14
Jan
87
Jan
109
Jan
59
O ct
90
M ay
July 143
O ct
Feb 21
N ov
Sept 31
N ov
Jan
Apii 76
June, 112
Jan
O ct 2 8 1108% Mar, 126% Oct
Oct 2 8 1 1
O ct 2% O ct
N ov 2i| 18
Aug; 28% N ov
N ov 1 100% N ov 100% N ov
N o v 3; 41
Feb 50
M ay
N ov 2;l 89
May! 98% Feb
N o v 3 13 1
M ar1149
N ov
Oct 31 102% Mar! 122
Oct
4% M ar 6% M ay
N ov 2
N ov 2 10
Jan 14
Jan
N ov 2 58
Apr! 72
Sept
O ct 30 *42% N ov 51% Oct
O ct 31 16% Augj 20% Jan
Febil22
O ct
O ct 31 114
A u g 'lll % Feb
Oct 28 105
Julyj 7% N ov
N ov 1 2
July,113
Apr
N ov 3 104
N ov 3 60
Mar; 75% N ov
June
O ct 30; 80% M ar lOO
Sept
N ov 1! 95% July lOl
O ct 28 126% M ay 131
Feb
N ov 3; 103% M ar 109% N o v
N ov
M ar 124
N ov 1! 118
O ct 31 14
Sept 34
Oct
M ar 91% Jan
Oct 28 78
N ov 3 50% Jan 70% N ov
N ov 2! 102% Jan 109
M ay
O ct 28! 26
Oct| 36
O ct
Mar! 15% Jan
O ct 30! 4
N ov 2 50
June
Apr 67
Apr, 27
Jan
Oct 30 20
O ct 30 83
Sept 96
O ct
N ov 3 116
O ct 118
N ov
N ov
Jan! 87
N ov 1 83
Jan
N ov 2 32% Aprj 44
N ov 3 93% Jan; 98
Sept
Mar] 15% Oct
Oct 28J 8
Oct 31 22 % Apr; 44
O ct
N ov
N ov 1 100
M ar 115
Feb
N ov 2 155% July:158
N ov 2! 93% Feb'106
O ct
Feb 30
O ct
N ov 3 25
N ov 3 125
June 127% M ar
N ov 3 91% AprilOl
Jan
N ov 3 106
June
FebJ120
O ct 31 86
Mari 107% O ct
Aug! 94% O ct
O ct 30 85
N ov
N ov 3 115
M ay 150
Apr; 10% O ct
O ct 30! 5
M ay
8
N ov
N ov 3
5
Feb 15
N ov 3 10
N ov
Feb| 14% N ov
N ov 3i 8
Jan 118
Aug
Oct 31 110
Oct| 64
M ar
N ov 1 46
Sept 49% Apr
N ov 2;i 28
Feb
N ov 1 25
June] 49
June 3% Jan
O ct 30
1
Jan
N ov l!
4
% Aug!
Oct
O ct 28!! 123% M ay 138
O ct 28 ! 3
N ov
3% Oct
4
O ct 28! 3% N ov
Oct
N ov 2,1 54% Oct: 59% Oct
Outside Securities.— Tho volume of trading in securities
on the Broad Street “ curb” was considerably larger than
that of a week ago, while prices, with few exceptions, ad
vanced. Aetna Explosives moved up from 10% to 1 1 ^ ,
but closed at 11. Butterworth-Judson fell away from 75 %
to 75% , and California Shipbuilding, after gaining 1 % points,
closed at 15% , % above last week’s closing quotation.
Chevrolet Motors fluctuated between 186 and 193, while
General Motors w. i. fell from 168 to 161, the final figure
being 165. Guantanamo Sugar advanced from 77 to 70% ,
but closed at 77% . Haskell & Barker Car Co. gained
fractionally. The Standard Oil securities were inactive.
Ohio Oil covered a range of 25 points, closing at 367,
3 points below the high mark. Illinois Pipe Line fluc
tuated between 219 and 222 and Standard Oil of New
York between 238 and 293. The other oil issues were
active and advanced generally in value. Among the bonds
traded in on the “ curb” wero $89,000 Russian G ovt. 6% s
w. i. at 100 to 100 % , $750,000 Sinclair Oil 6s at 99% to
100%, $123,000 Midvale Steel 5sat 93% to 9 3 ^ and $84,000
Cosden & Co. new 6s at 103 to 104%.
A complete list of “ curb” market transactions for the week
will be found on page 1676.
166 8
New York Stock Exchange— Stock Record, Daily, Weekly and Yearly
O C C U P Y IN G T W O PA GE S.
For record of sales during the w eek of stocks usually Inactive, see preceding page.
HIGH A N D LOW SALE PRICES —PER SHARE, NOT PER CENT.
Oct. 28.
Oct. 30.
Oct. 31.
Nor. 1.
Nov. 2.
Nov
3.
Salesfor
STOCKS
Week
Shares
EXCHANGE
PER SHARE
Range Since Jan. 1
PER SHARE
Range for Previous
Lowest
Lowest
Highest
Highest
$ per share $ per share
R a ilro a d s
Par $ per share
$ per share
$ per share $ per share
18,000 Atch Topeka A Santa F e . .100 100% Apr 22 108% Oot 5
92*2 Fel 111% N o v
107% 108*8 zl06% 107
600
Do
pref_____ ________ .100
96
Jan 102% N o v
98% Aug 30 102 Feb 24
100% 100% 100% 100%
65(1
Atlantic
Coast
Line
I
t
R
.
.
122%
124%
.10(1
106*2
Apr
ID
98 M ar 110 N o v
124%
N
o
v
2
124*4 12434
8,200 Baltimore A O h io_______ .100
96
Deo
96 Jan 4
89
87% 88%
82% Apr 24
63% Feb
88
1,235
10(1
tSO Jan 15
79% N o v
72% Aug 30
67
Feb
75*4 75%
93
Apr
600 Brooklyn Rapid Transit. .100
88% Juno 6
84% 84%
83% Aug
841. 84%
83% Sept25
7,600 Canadian P acific_______ .10(1 *162% M a r 1 183% Jan 3 138 July 194 N o v
172*4 173*8 172% 173%
68*4 69% 68% 69% 22,900 Chesapeake A O hio_____ 10(1 58 Apr 24 71 O ct 19 35*8 July 64% N o v
17% N o v
7,900 Chicago Great W estern .. .100
155g Oot 27
14% 14*4
14% 14%
11% Apr 24
10% Jan
Do
prof_____________ .10(1
45
46%
33 Apr 24
4712 Oot 27 25% M ay 41% N o v
45% 46% 36,300
5,330 Chicago M llw A St Paul. .100
95
95%
95
91 Apr 22 102% Jan 3
77% July 101% Deo
95%
Deo
1,170
Do
pref.................. ...... .10(1 124% Septl3 136*8 Jan 5 120% Sep 135
127 127
126% 126%
500 Chicago A N orthwestern. .10(1 124 Sept 8 134% Jan 3 118% July 135% N o v
128*4 128*4 128% 128%
300
*170 180 *170 180
Do
pref........................ .100 5165 Apr 13 175 Jan 11 163 Ju ly {180 N o v
38*g Apr
34% 36
31
35% 233,500
.100
33% Oot 30
15*2 Apr 22
10% July
52
Oot
800 Clev Cln Chic A St Louis. .100
62% Oct 27 {21
38 Apr 27
Jan
59% 60% *58
61%
77
Oct
100
86 Junel4
*83
85
83% 83%
Do
prof........................ .10(1
70 Feb 2
53*8 Feb
38% N o v
900 Colorado A Southern____ .100
*35% 36
36
36
37 Oot 27
24 M ar
24% Apr 24
62
*61
10(1
46 Apr 1 62% Oot 18
*6D2 62
52 N o v
200
57% JunelO
54 *48 53
*48
D o 2d pref. _______
40 M a r l3
35
Sep
700 Delaware A H udson_____
153% 154
155 155
149% Apr 20 156 Oot 4 138*2 Aug 154% N o v
1,400 Delaware Lack A Western ..6 0 216 M a rl8 240 N ov 2 1 9 9 % Jan 238 N o v
238 210 ♦236 249
2,300 Denver A R io G rande__ .100
21% 23% *21
21%
16% N ov
23% Oot 25
8% M ar30
4
Jan
47
51
48% 50% 20,700
Do
p r e f....................... 100
52% Oot 25
15 M a r 8
6*2 Jan 29*8 N o v
45*% NOV
37,200 Erie....... ................................ too
43% Jan 3
38% 39%
38% 39
32 Apr 22
19% Feb
59*2 NOV
53*4 54%
53% 53*4 3,550
59*8 Jan 3
32% Feb
D o 1st pref_________ 100
48 Apr 22
*441. 46
400
*44% 46
5412 Jan 3 27 Feb 54% Deo
100
41 Apr 22
4,900 Great Northern pref_____ .100 116*8 Aug 30 127*2 Jan 4
112% Jan 128% NOV
118% 119% 118% 119
54
OOt
43% 44% 42% 43% 28,100
50% Jan 3
Iron Ore properties..N o par
25*4 Jan
33% June26
2,430 Illinois Central................ .100
Apr
107% 108% 103 108%
99 July 113
99% Apr 17 109% Oot 5
25% N o v
21% Jan 3
18% July
18*8 19%
18*4 18% 44,500 Interbor Con Corp, vtc No par
15% Feb 15
5,000
82 N o v
74% 76%
76
76
77% Jan 3
ion
70 July
71 Feb 15
35% N o v
3,100 Kansas C ity S o u th e rn ... .100
27% 28
32*4 Jan 4
27% 27%
20*8 Feb
23% Apr 28
700
65*2 N o v
64% Jan 3
100
61% 61*4
60*4 60%
54% Feb
58 Aug 18
3,000 Lake Erie A W estern____ 100
16*8 D eo
24% 25
26% Oot 26
5
Jan
24*4 24%
10 M ay 2
41*2 Deo
54% 54%
2,300
545g 55%
100
55% N o v 2
32 Apr 20
19 M ay
83% N o v
84
83% 84% 17,100
64*8 Fob
84*4
60
87% O ct 5
74% Jan 31
*33
35
*32
35
41% Juncl2
27*8 Oot
15
Jan
60
20 Jan 31
1,200 Louisville A Nashville___ .100 121% M ar 1 140 Oot 5 104*2 July 130% N ov
136%
136% 136*4 136% 136%
100 Manhattan Elevated____ .100 128 Apr 28 132 Oot 27 125 Juno 132 Deo
*129 132 *128 132
*130
200 M inn St Paul A S S M _ _ . 100 116% Apr 24 130 Oot 4 106
*124
*125 125% 125 125
Jan 126% N ov
130 Deo
♦133% 136 *133U 136
100 128% Sept26
15% Apr
7%
8%
8
8 % 16,300 Missouri Kansas A Texas 100
4
Sep
7%
7%
8% Oot 26
7%
3% Sept c
1,800
40
Apr
20
21
*20
20%
19% 20%
19%
100
24 Oot 26
10*8 Sep
10 Apr 3
9,900
18% Apr
9% 10%
9%
10% 10%
1% July
9*8 10
100
10% Oct 27
3% Sept 1
7% N ov
9% 10%
9*4 10%
10% 10% 13,500 Trust co ctfs of deposit
3
Dec
9%
10% N o v 3
3% S ept 1
27
26% 27%
26%
27% 30,100 Missouri Pacific (new) when Isa.
2678 27%
27*4 Oot 27
22% 8ept 6
57
3,000
571# 581.
56% 58%
58
58%
59 Oct 27
47*4 Sept 5
107% 108
108% 109% 108 108*2 25,600 N Y Central A Hud River 100 100% Apr 22 114% Oct 5
81% Mar 110% Deo
107*4
1,100 N Y Chic A St L ouis......... 100
4G*8 Deo
45 Jan 13
*3512
30 June
36
36
36
37
37% 37%
33 Apr 17
4,500 N Y N II A H artford____ 100
77% Jan 10
89
Oct
60% 60%
60%
57 Apr 26
43
Feb
00*4 61*8
60*4 60%
36,700 N Y Ontario A W estern .. .100
29
35
Apr
30% 30%
30% 32
29
32 N o v 3
21% Jan
28%
26 M ay 5
1415.
1421. 1431. 142% 143% 14,400
142 143
100 114 M at 1 147% Oot 16
99*2 Jan 122% Deo
100
90 June
*86
90
*85
89*8 M ay22
D o adjustment p r e f.. .100
84*8 Feb 25
80*2 Sep
8 6 % 86 %
5,300 Northern Pacific.............. .100 108*4 Sept 2 118% Jan 4
111% 112
111%
111% 112*8 112% 112%
99*a Feb 118*8 Deo
01% N ov
58% 58%
60 Oot 4 5 1 % Fob
58%
57% 58%
58
58*2 25,700 Pennsylvania.................... .. ..5 0
55 S optl2
200 Pitts Cln Chic A St Louis. .100
88 Juno 5
82
82
82
86 N ov
82
*81
82
*81
65 M ay
78 Feb 17
*
♦
08 *
9S
98% Jan 13
100
98 *
98*2 June
88 Jan 26
85*8 N ov
106% 108% 107%
110% i n % 109% 110*4 104,900 R ea d in g .............................. ..5 0
75% Jan 31 115% Sept27
69*8 M ay
*13
45 June
*43
46 Fob 29
44% *43
44% *43 44*2
60
41% Fob 19
40*8 Sep
300
45%
44
Apr
*46
46% 46%
52 M a y l9
46%
41% Feb 21
40
Feb
♦4534 46%
-50
22
21,800 8t Louis A San Fran new V l).
22%
24% 25
23 % 24
22%
25 N o v 3
15% M ay 18
23% 23 % *23
1,300 St Louis Southwestern__ .100
23 N ov
26
24% 26
26
26 N o v 2
11
Sep
16 M ay 4
2,500
46% 46%
45%
50
52
45*2 Deo
51% 52*2
Do
pref_____________ .100
29
Sep
37% Sept 7 52% N o v 3
1,200
20*4 N ov
16% 16*4
17
17% 17%
100
18%Jan 13
17% 17%
14 Apr 22
11% July
2,200
43% N ov
39
39% *38
39
38% 39%
39
Do
pref_____________ 100
42% O ct 10
30% July
34% Apr 24
20,630 Southern Pacific C o _____ 100
100% 100% 100%
81% Feb 104% Deo
100% 101% 100*4 101
94% Apr 22 104% Jan 4
26 N ov
28% 28%
30% Oot 10
12% July
28%
28% 29% 19,700.Southern Railway_______ .100
28% 29%
18 Apr 24
1,800
65 N ov
67% 68
68
67%
67% 68%
68
72 Oct 10
Do
pref........................ 100
42 July
56 Apr 24
14
19%
15%
16
18% 19% 55,300 1Texas A Pacific.................. .100
8*2 July 17% Apr
6*2 Feb 14 19% N o v 2
15*4
54
68*2 J**ne22 35 Jan 64*2 Oct
54%
54%
2,400;Thlrd Avenue (New York) 100
545s 55%
54*2 54*2
52*8 Oot 21
____
Apr
*95
96
*95
97
99 Juno 8
90 July 100
96
lOO.Twln City Rapid Transit. 100
94 M ar 24
149% 151
150%
151 152% 150*4 151% 62,450 Union Pacific.........
100 129% Apr 22 153*8 Oot 24 11554 Jan 141*2 N ov
600
83
84% N ov
82%
83% 83%
*83
83%
83%
Do
pref........................ 100 *80 Sept 1 81% Sopt29 x7d Mar
2,700 United Railways In v e s t.. 100
27*2 Oct
9% 10%
10
9%
21% Jan 4
9%
9*4 10%
8
Jan
7% M ay 9
1,700
47% Oct
22
22
21%
21% 21*4 21% 21%
39% Jan 3
Do
pref_____________ 100
21% Mar
17 Sept 16
15% 15% 11,225 W a b a s h .............................. .100
17% N ov
15% 15%
15% 16
15
17 Jan 3
13% S cp tl3
12*8 Oct
57
57% 20,500
49% Nov
66% 56%
56%
56% 58
D o pref A .................... .100
41% M ar 1 58% Oct 23
43% Oct
31
30% 31*8
31% 23,900
32*2 N ov
30% 30%
30%
100
32% Jan 15
25 Apr 22
25*2 Oct
8,000 Western M aryland______ .100
29% 29%
28
28%
28*2 28%
35*2 Oct
28%
34% Mar 27
21% Feb 28
9% Jan
*17
*46
50
*46
49
64
*48
50% Oot
100
55 Oot 10
40 M ar 7
25
Jan
3
3
3,700 Wheeling A Lake E r ie ... 100
3
6 July 10
6*4 N ov
3%
3%
3*4
3%
% July
2 Oot 19
500
8
19% N ov
*7
0% 6% *6
100
2 Aug
8%
8%
5 Oot 24
3% 3%
3%
800
8% N ov
♦3%
4
3%
7% July 5
*8 Aug
D o 2d preferred......... 100
3*4
2% Oot 25
54 54% 53% 54
3,200
51
56*2 July 20
45 N ov
54
54%
28 July
.100
33 Apr 19
In d u stria l & M iscella m o u s
16% 17
17
17%
17% 17%
17% 17*2
1,100
21% Apr 29
16% 16%
16% 16%
14 Aug 22
100
34% 35%
35% 35% ♦34
43 Apr 28
35 ‘
700
*31
34%
100
30*8 Oot 10
65
65% 66%
65%
77 N o v 3
63 July31
66*4 68*4 69% 71i. 72% 75% 73 77 21,000
12% 12%
26% Jan 7
12% 12%
12 % 12*, 12% 12*8 12% 12% 11% 12% 5,000 Alaska Gold M ines______
21% Dec
40*2 Apr
11*2 Aug 30
2,900 Alaska Juneau Gold M ln 'g. 10
7
7
7
7
7
6%
7
7
6%
6%
6%
10% Jan 7
13*2 N ov
6%
9% Dec
6% Oot 9
*25% 26
27% 28*2 39,400 Allls-Chalmcrs M fg v t 0. 100
25
25%
25% 25%
25% 27%
33% M ar 14
27*8 23%
49% Oot
19 July 19
7% Jan
*82
5,900
82%
82
83%
83% 84
85% Deo
81% 82
83*4 85
81% 81*4
D o preferred v t 0__ 100
85 N o v 3
33
Feb
70*2 July 18
12,400 Amor Agricultural Chem. 100
81% 82
82
85*4 86%
85
84% 86
83
82% 86
86
74*2 N ov
63 Apr 22
86% N ov 1
48
Jan
*100 102
102 102
102 *100 102 *100 101
250
102 102 *101
Do
pref............... ........ 100
90 Mar 101% N ov
96 M ar 23 102 Septl2
103 103% 102% 103
102 103% 12,100 American Beer Sugar____ 100
72% Deo
102*4 102% 102% 103% 102% 101
61% Feb 1 104*2 Oct 25
33% Jan
*99% 100% *99% 100% *99 100% *99% 100% *100 100% »99% 99%
10
95 N ov
Do
pref_____________ 100
93 Apr 24 102 Juno22
83
Feb
62% 03%
62
63
64
63% 64^8 31,000 American Can___________ 100
63
61*4 62%
61*4 63%
25
Feb
68% Sept29
68*2 Oct
50*4 June27
113% *113 113*4 113% 113% 113 113% 113 113*4 *112*4 114*2
1,000
*113
91*2 Jan 113% N ov
Do
pref........................ 100 108% July 13 115*8 Sept30
67% 68%
67% 69%
98
Oct
67% 68%
67
69% 70%
69
78 Jan 3
40
Feb
67%
71% 44,400 American Car A Foundry 100
52 July 8
*117 119 *117 119
200
118% 118% 118% 118% *118 119 *118 119
Do
pref........................ 100 115*g Aug 9 119*2 M ar 11 111*2 M ay 118 Aug
3,900 American Cotton Oil____ .100
55% 55%
*55% 50%
55% 56%
55
55
64
Oct
56% 57
55% 56
58% Oct 23
39
Ian
50*2 Apr 22
*100 102 *100 102 *100 102 *101
102 *101
102 ♦101 102
102% N ov
100
102 M ar 16
15
16
15% 16*4
15% 16%
16%
16
16%
16
16%
15% 14,600 American Hide A Leather 100
4*8 Feb
14% Oct
8% June 3
20% Oot 17
70
69% 70%
09
67
69
68% 10,900
71%
69%
69*4
68% 69%
Do
pref........................
59% Oot
19% Jan
45 M ar 1 79% Oot 23
28% 28%
7,200 American Ice Securities.. .100
28
28
28
28
28% 29%
35
Apr
28
28%
28% 29%
31% Feb 19
20% Jan
25 Jan 20
24% 25%
25% 26*. 48,450 American L in s e e d ........... .100
26
27%
25*4 27*8
24% 24%
31% Oot
24% 27%
17% July 14
27*8N o v 2
7% Jan
5734 57%
57% 58% 17,500
57
57%
57% 59%
58% 59*4
57% 59*4
60*2 Oot
Do
pref........................ .100
38% M ar 1 60*2 Oct 18
24
Jan
82% 83%
82 % 89
82
87
92*2 152,325 American Locom otive___ 100
74% Oot
83%
83%
87
81
00*8
58 July 14
92% N o v 3
19 Mar
*106% 107
1,700
108 108*2
106% 106% 106% 106% 106*4 107% 107% 108
75 Mar 105 N ov
Do
pref......... ............... 100
99*2 July 13 108(2 N o v 3
10% 10% *10
500 American M alt C orp ____ .100
13% Oct
12
*9% 10%
*9% 10
*9% 10%
9*4 10
3% Apr
5*2 June 3
12% Oct 19
*47
47
49
49
47
*47
48
48
400
47
47
47
47
Do
p r e f ...................... 100 /3 l% Jan 14
50 Oot 23
21% M ay
37*2 Deo
*92
95
95
*93
*921. 95
1,400 Amer Smelters Sec pref B to o
96
92% 95% *92
95
95
78
Jan
88*8 M ay
96 Oot 28
81*2 July 13
99% 100
*99 100
92
Deo
99% 99% *99 100
4,236
99% 100%
99% 100
86
Oct
D o pref Ser A stam ped..
91 % July 11 i 00% Oot 30
110% 111% 111% 113% 111 112% 111% 113
112% 113% 112 113% 152.670 Amer Smelting A Refining 100
88*2 Apr 22 117 Sopt25 56 Jan 108% Deo
110% 116% 117 117% 116% 117% *116% 117% 116% 116% 117 117%
1,550
100
Jan 113 N ov
100 109*4 Apr 22 118% Oot 21
*138 145 *138 145 *138 145 *138 143 *140 145 *140 145
Jan 165
Apr
100 130 M ar 23 149% Juno 8 144
*108 110 *109 110 *109 110 *109 110 *108 110 *108 110
103
Jan 110% N ov
100 106% M ar 22 110 Jan 27
62
62%
65
63% 66%
63
61% 62%
66%
24*8 Mar
61*4 64%
64*2 28,850 Am Steel Foundry........... 100
74*2 Oot
44 Apr 24
66*8 N o v 2
121
122
120% 120% 16,300 American Sugar Refining. 100 105*2 Apr 22 125% Oot 25
120 122% 120 121% 120 121% 120% 122
99*2 Feb 119% N ov
123 123 *121% 124 *121% 123 *121% 123
*121
121
100
Do
pref........................ 100 115% M ay 6 123*2 Oct 24 109
Fob 119*2 N ov
133% 133% 133 133% 133 133
133 133% 133% 133*8 133% 133%
2,450 Amer Telephone A Teleg. 100 126% Feb 1 *134*2 Sopt29
116
Jan 130% N ov
•225 226
2,400 American T o b a cco ______ 100 188 Feb 16 229% N ov 3 195*2 Dec 252*8 Apr
225 225
225 225 *224 227
226 229*4 229 229%
*107% 110 *108
108 108 *107% 110
100
110 *108 110 *108 110
Do pref (new )_______ 100 105% Apr 24 113 Sept23 103*4 Jan 111 N ov
52
51*4 53%
52*g 53%
52% 53
521.1
11,800 Am Woolen of M ass......... 100
51% 52%
55% Mar 14
51% 52
56
Oot
42 Jan It
46 N ov
100
98% 98% *98
98% *98
98% *98
98%
98% *97% 99% *98
92 Jan 10 102 Mar 10
100
95
Doc
98*4 N ov
46
47%
49% 51
47
51%, 50% 52%
55,600 Am Writing Paper pref. 100
15
Apr
47*4 48
52% N o v 1
44*2 49%
11 Jan 8
5 July
47
53% 55*2 59,600 Am Zinc Lead A S ........... .25
97% Apr 10
54% 56*8
47%
47% 52*4 50% 53% 52% 66
71*2 Deo
29% July 10
07*4 Dec
78
82
15,700
78%
83
85%
83
84
79% 81%
87
78% 80
?6
59% July 11
87 N o v 1
95% 96*4
94% 96%
93% 95%
91*4 95%
96% 97% 189,900 Anaconda C opper............. .60
95% 96%
91*s Nov
77 Apr 22 102 Scpt25 c24% Feb
103% 101% 101 107% 105 106% 101% n o
1071* 109% 106% 107% 35,450 Atl Hnlf A W I H fl rjnn off* 100
56 July 12 n o N o v l
67% 68
70% 72%
71% 71*2 15,450
63
69% 70%
71% 72
70%
61 July 12
100
72% N o v 1
83
73,300 Baldwin L ocom otive____ 100
85
83 ig 85%
84
87
85
84% 87
82% 85*4
88%
65*8 July 14 118% Jan 3
20% M ar 154*1 Oot
106% 106% ♦106 107
1,300
106 106
106*8 106*8 106% 106% *106 108%
92 M ar 114
8ep
Do
pref.......................... 100 104 June20 110 May21
1597g 159% 157% 160% 159 160
157% 158
1,700 Barrett C o ( T h e ) ________ 100 150% Sept25 165% Oot 0
159% 159% 157% 159
5655 655
tui 0 /8
645 645 *621 644
645 645
645 670
1,574 Bethlehem Steel................. 100 415 Jan 11 678 N o v 3
40% Jan 600
Oct
*150 155
150 150
150 150 *135 160 *140 155 *140 155
300
Oot
Do
pref.........
-----------------------................
------------ t 100
uu
n i/
t155
uu
vOot
/ v i i «25
u
e91
i
wJan
au
1 184
126 uJu)y21
• B'd and asked prices; no arles on this day. t Ex-rights, { Loss than 103 shares, a Ex-dlv. and rights, ft New stook. * Par $25 por share. « First Installment
nald. x Ex-dlvldon 1. s Fall paid.
$ per share.
10712 107%
1007* 1007.
*120 121
88%
83
75% 76
85%
*81
174% 174%
68% 69%
14% 15%
48
47%
94% 917g
126% 1267g
*128 129
*170 175
32
33%
59% 59%
*83
86
*35% 36%
62
*61
52
52
*151% 152%
*235 238
20
20%
40% 48
40
39
54
54%
45
45%
*118% 119
43% 44%
*108 108%
18% 19%
74% 76%
27% 28
61
61
25
25%
53
53%
3 3 % 84%
*33
35
136% 1367g
*129 132
*121 126
*133% 136
7%
8%
19
20
97g 10%
97g 10%
207g 27%
57% 58%
1073^ 108%
30
36%
60% 61%
28% 29%
142 143%
* 86
90
111% 111%
58
58%
*81
82
*
08
108% 109%
•43
44%
*45% 46%
21% 22
21
*23
*44
48
17
17%
39
39%
100% 101
28% 29%
67% 6/%
14%
14
54
54%
♦90
97
150% 151%
*82% 83
10
10
22
22
15% 15%
56% 57%
30% 31%
*29% 30%
*50
53%
3%
3%
8
8
*3%
4
*53
55
$ per share.
107 107%
100% 100%
121 121
87% 88
75% 75%
84% 85
173 174%
68% 69%
14%
14
45
46%
94% 95
126% 126%
*128 129
*170 175
32% 36%
*60
61%
*83
84%
35% 35%
*61
62
51
51
152 152
*235 238
21
21
46
47%
33% 39%
53% 53%
*43% 46
118% 118%
42% 43%
108 103%
18% 19%
751.1 76%
27% 28%
60% 60%
25
25%
53
53
83% 84
*33
35
*136% 137%
129% 129%
125 125
5 per share.
107 107%
*100*4 100%
5121% 121%
87*2 88%
*75% 76
*34
85%
172% 173%
68% 69%
14*4 15
45% 46*4
94% 95
126% 126%
*128 129
*170 175
34
357g
60% 60%
*83
84135
36
*61% 02
53
*48
*151
152
*235 238
21
21
46%
46
38% 39%
53% 53*4
*44% 46
118 118%
43
43%
108% 103%
19% 19*4
75% 75%
27% 28
61
61%
24% 25%
52*.| 53%
83*4 84%
$ per share.
107% 107*4
* 100*4 100%
*121 123
87*4 88
75% 76
*84
85
172% 173
68*4 69*8
14% 14%
45% 46%
94% 95*8
*126 127
*128 129
175 175
33% 35%
59*4 59*4
*83
85
*35% 36
*61% 62
53
*48
*151% 152%
235*4 237
*20% 22
47%
47
38% 39%
53% 54%
*4H? 40
118% 118%
43% 45
108 108%
18% 19%
75
75
27% 27*8
*61
61%
24% 25
54% 64%
84
84*4
*32
35
136% 136% 136%
132 *130 132
126 *124 125%
*135% 136
7%
7*8
7*4
19%
19*4 *17
9%
9%
9%
9%
9*4
9*8
26%
26% 26%
57*h 57
57
108% 107% 108%
36
36% *35
60% 01
61%
29
30%
29*1
143**i 1413a 1431?
*85
90
90
111*4 111%
112
58*4 *57% 57%
82
82
*81
*
OS
98
n o % 109% 111%
44% *43 45
46%
46% *46
23
23%
23%
23% 23%
25
47% 49%
46%
17
17
17
39
39%
39
100*4 100% 100%
29
28% 29
67% 67%
67%
15
16%
15*4
54% 54%
54%
*95
97
97
151*g 150** 151*s
82%
83
83
9% 10
101.1
21%
20% 21%
15
15%
15%
56% 56%
56%
30%
30% 30%
29%
28% 28*4
50
52
*16
3%
3%
3*4
9
6%
6%
3*4
54%
54
54%
1669
New Y ork Stock R ecord— Concluded— Page 2
For record o f sales during the week o f stocks usually Inactive, see second page preceding.
BIQH A ND LOW SALS PRICES — PER SHA RE, NOT PI: r c e n t .
Saturday.
Oct. 28.
Monday.
Oct. 30.
Oct. 31.
Wednesday
Nov. 1.
Thursday
Nov. 2.
Friday
Nov. 3.
Salesfor
the
Week
Shares
STO PgS
N E W Y O R K ST O C K
EXCHANGE
Lowest
In dustrlal& M Isc.C C on.) Par
$ per share $ per share
68% 6934 68% 69% 56.60C Butte & Superior C opper. ..10
64% 66% 65*2
63% 65%
233.1 23
23
23
1,800 California Petroleum, vtc .106
23% 23% *23
Do
pref_____________ .106
51
51
*51
52
500
51%
51% 51%
90% 973.1 96% 99% 182.900 Central L e a th e r.............. .106
94%
94% 97%
953.4 98
Do
pref........................ .106
700
115 115% *115 115%
115%
115 116
♦115 116
1,300
100 100 *103 106
10(1
105%
22% 23%
22% 22% loieoo Chile C opper____________ ..2 5
22%
23
23%
23%
23
62% 64% 135,195 Chino Copper___________ . . 5
61% 64%
61
60% 63%
59% 62%
53% 54
55%
17.300 Colorado Fuel & Iron____ .100
54
52%
52
53%
53%
63
393.1 40%
40% 42% 45,300 Columbia Gas <fc E l e c ___ .100
38%
3812 40
47% 48
1,100 Com putlng-Tab-Itecord . .100
*47
48
47
47 “ 47
47i» 47%
6,000 Coasolldated Gas (N Y ) . .100
138 139
138 138%
139 139% 138% 139% 138%
102% 104% 103% 106%
8,300 Continental C a n .. ......... .. .100
103% 103% 102%
102-1.1 103
*112 114 *112
114
*112
100
20 21% 19% 20% 83,550 C om Products R e fin in g.. .100
17%
17% 18%
18%
18
95% 98% 96% 97% 6,950 D o pref_____ _______ .100
90%
90% 91
92%
92
93 96% 92% 94 309,500 Crucible Steel o f America .100
87
86% 88%
871-> 88%
____ ___122% 122%
400
Do
pref........................ .100
122 122 *120
122 122
7H* 73 163,600
72% 74%
73*8
74% 76%
99% 99%
98% 99% 18,940
100
231 231 *220 240
2C0 Cuban-American S u g ar.. .100
237
*230 “ 235
*109 112
-100
*100 112
46
47%
45% 46% 15,100 Distillers’ Securities Corp .100
45
44
40
24% 25
25
25
2,100 D om e M ines, L td_______ ..1 0
*24%
25
25
86
98
95
98%
100
*85
3,350
87
21
*16
*16
22
Federal M ining & S m e lt.. .100
*10
*16
21
*42% 44
43% 44
40
800
Do
pref_____________ 100
40
40
*320 330 *320 330
175 General Chemical.............. .100
335 §330 335 *320
*115% 117 *115% 117
116
300
Do
pref_____________ .100
116 116
117
182
182% 184% 182% 14 334 16,400 General Electric________ .100
18234 181 182
815 818
814 814
300 General M otors__________ .100
K75 *820 900 *800
125%
125% 125% *125% 120
3,700
Do
p r e f .. ......... .......... .100
1260 1261-> 126 126
71%
721.1 73
i71
71% 22,130 Goodrich C o (B F )______ .100
72
72%
72*3 73
*111
114 *111 114
100
100
91
90
90%
92
91
92
93%
4,100 Granby Cons M S A P ___ .100
90% 90% *56
91% 91%
61% 52
*51
52
51% 52%
51% 52
3,500 Greene Cananea Copper. .100
51% 52
5H2 52
95% 95%
95
95
95% 96%
95% 96%
2,200
*94
96
.100
96
200
101 101 *99 101 *99 101 *100 101 101 101
100
*95
95% *95
95% 96
96
96
96
800
*94
96
D o 2d pref tr ctfs____ 100
96
*93
66% 67%
66 % 67
67
68%
67l.i 68% 172,450 Inspiration Cons C opper. .20
66% 68%
68%
07
24% 27%
26% 28%
24% 27%
23
24
19
23%
29,600 Internat Agrlcul C o r p . . . 100
♦1712 19
57% 593.1
58% 61
54
53
54
59
50% 50%
25,500
Do
pref........................ .100
48% 49%
117%
117%
*116%
118
118
*1163.1
119
*117
118%
118
300 Intern Harvester of N J . . .100
*11712 11812
39% 39%
39
40%
38% 41
40% 42%
40% 41% 69,000 Int M erc Marine ctfs of d e n ..
40'.i 40%
112% 114% 113% 116% 115% 120
116% 1183.1 146,600
D o pref ctfs of d e p . . .
11412 115% 111% 115
50% 50%
50% 51%
50% 51
50% 51%
501.1 51% 42,320 Intern Nickel (The) v t c . ..2 5
50% 51%
59% 64
62% 65-% 62% 64%
54% 00%
61% 63% 199,800 International Paper_____ .100
52% 54%
105 107% 105% 107
105 106% 104% 105
102% 103% 103 107
41,600
Do
pref........................ .100
*88
89
*87
89
*89
90
89
90
89
89
90
91%
1,300
100
76
74% 75
*74% 7512
75
771 1 77l*> 787*
25
0,800
75% 76% *75
5478 55%
53% 55%
53% 54
54
55 103r080
5358 55
89% 89%
88
89%
88
89%
88% 89%
87
89% 44,500 Lackawanna Steel_______ .T o o
88% 90%
11
41
4011 41
40
40?a
0,950
40*8
♦280 300 *280 300
*290 300
300 300
1,900 Liggett A M yers Tobacco .100
299 305
100 Lorlllard C o (P )................ .100
222% 222%
*222% 231 *222% 239 ♦222% 239" *222% 235 *222% 230
200 M ackay Companies......... .100
*86
86%
85% 85% *85% 87
*86
87
86% 80% *86
87
66% 66%
500
D o p r e f _____________ .100
♦06% 67
*60% 67
66% 66I.1 66% 67
*66% 67
843.1 8534 84% 85% 26,200 Maxwell M otor Inc tr ctfs .100
83% 86
83% 85%
85% 87%
84% 80
1,050
D o 1st pref stk tr ctfs .100
85% 86
*85% 86
*85% 86%
85*2 85*2
86
86% *85% 87
54 54
1,300
55
55
54
54%
D o 2d pref stk tr ctfs .100
54% 551.1
55
55
54% 55
109% 1113.1 1093.1 1113,! 26,150 M exican Petroleum_____ .100
109 109% 107% 109% 108 108% 108% 110
97*o *95
97
*96
97
100
*95
97*2 *96
39
39% 23,200 Miami Copper___________ . . . 5
38% 39
40
40% *3.3% 383i
39% 40%
39% 39%
99
800 M ontana Power________ .100
97% 97% 99
98%
*96
98% *96
9778 9773
97
97
*117
____
*117
*117
*117
100
125% 125%
500 National Biscuit. _____ .100
125*4 125*4 125% 125% 125% 125% *125 127 *122 127
100
Do
p r e f .. .................... .100
*126% 128% *126% 128% *127% 128% *127% 128% 128% 1281.1 *126% 130
84% 84%
84
84%
84
84%
84% 81%
1,630 N at Cloak A Suit_______ 100
84
84%
84% 84%
27% 28%
28% 301.1 29% 31% 14,100 N at Enam'g A Stamp’g . . .100
28
28%
28
28%
28% 28%
96%
96
*96
96
98
*96
98
*95
96% *95
110
Do
pref_____________ 100
§96
96
68% 69
68
69%
69
70
68% 09
6812 69%
4,100 National Lead.................... 100
68% 68%
114% 114% *113 115 *113% 115 *113% 115
113% 113% *112% 115
200
Do
pref......... ............... .100
23% 23%
23% 23%
23% 24%
23% 23%
24% 25
23
23%
45,600 Nevada Consol C o p p e r .. . . . 5
157 157
157% 159% 159 160
156 159
158 158
158 158%
4,600 New York Air Brake____ 100
*69% 71
70% 71
71
70% 71
*69% 71
71
*09% 71
1,650 North American C o ......... 100
83% 84%
83% 84
84
84%
83
83%
84
82
83
84
6,000 Ohio Cities Gas (The)
25
6
6%
5%
0
6%
6%
6%
6%
6
6
1,900 Ontario Silver M ining__ 100
*0
6%
25% 27%
25
26%
26
26%
26% 27%
28% 26% 12,500 Pacific M all........................ . . . 5
25% 25%
600 People’s G L A C (C h ic). .100
113 113% 111% 112% 112% 112% *110 112 *109% 111 *109 111
____ ____
40
40% 40%
700 Philadelphia C o (P lttsb). ..5 0
40% 40%
40
40% 40%
*40
41
40-3.4 4334 79,125
41% 44%
43% 45
423i 44%
41% 43%
39% 42%
100
1,600
109% 109% 109% 109% 1091* 1097s 108% 108%
100
*108 109
108 108
7334 75% 38,750 Pressed Steel C a r ......... .. 100
71% 72
72
731.1
73'.i 75
71% 72%
72
73
D o p r e f _____ ________ 100
104 104
200
106 106 *105% 106% *106 100% *104 105 *104 106
132% 132%
400 Public Serv Corp of N J . . 100
131% 132 *131
132
♦131 134 ♦132 135 *132 134
600 Pullman C om p a n y.......... 100
169% 170 *168
170
170% 170% 169% 170 *167 170 *167% 170
54
54% 56
18,560 Railway Steel Spring------ 100
52% 53%
55%
53
54
53% 55
53% 64%
101% 101%
100
Do
pref........................ 100
*100% 101% *100% 102 *100% 102 *100% 102 *100% 102
26% 26%
26% 26%
26% 29%
29
29*4 149,400 Ray Consolidated Copper .10
20% 20%
26%
28
77-1.1 79%
78-3.1 803i
77% 78%
77% 78%
78
79
69,850 Republic Iron A Steel------ 100
77% 79
114 114 *114 114% *114% 115
114 *113 114
1141* 114%
300
*113
Do
pref......... ............... 100
80
78
78
*77% 79
78
78% *77
*77% 78%
*79
SO
400
100
230 232% 230 231
222% 223% 223 224 *222% 222% 223 229
3,800 Sears. Roebuck A C o ____ 100
29% 29%
29% 29%
29% 30%
303|
30
29
30%
29% 32
21,450
.10
63
62
02
62% *62
62% 02%
64
64% 66
60
70-3.4 31,410 Sloss-Sheffield Steel A I r .. 100
220% 221% 221 221 §219% 219% *219 225
220% 220% *215 225
450 South Porto Rico S u g ar.. 100
127% 129% 127% 131
12934 131
130 133% 128% 131
128% 12934 50,300 Studebaker Corp (T h e )__ 100
111 * 111 112% *110% 112 *111
♦111 112*2 111
112 ♦111 112
200
Do
pref______________ 100
06
67
60
60*2
60% 67%
66
67%
67% 6734 66% 67
2,400
22% 23
22% 23%
22% 23%
22% 22%
22% 23%
22% 23%
7,900 Tennessee Copper________ .25
220 228% 224% 220% 224'Tj 225^4 223 224% 224 227
225 225
7, OIK) Texas Company (T h e )___ 100
53*8 53*4
53% 54*8
58*2 54
53%
54
8,800
100
*104 106 *104 106 ♦104 106 *103 106 *103
105
104 104
100
Do
pref______________ 100
109% 109% *102 10934 *102
*108% 109% *108 110
IO934 1093.4 110
400 Underwood Typewriter__ 100
14
15&8
14% 15%
148* 15
14% 15%
13-3.4 14-3.4 24,520 Union Bag A Paper______ 100
14% 143.1
72?8 74*2
72*2 73*2
73% 73%
73
7334 74%
73%
74% 74%
4,700
Do
pref.......................... 100
101% 100% 102% 101 1017# 101
101
101-3.4 10234 7,250
i o n * 101
102
100
100
%
100
%
100% 100% 100 100% 100 100% 993.4 100
100% 100%
2,100 United Cigar Stores______ 100
119 119 *118% 120 *119% 120 *119% 120 *119% 120
119% 119%
110
Do
pref.......................... 100
160*8
162
161*4
1613
4
164
162%
164%
162%
164
163 163
8,400 United Fruit_____ ________ 100
161%
25% 26%
25*4 25*4
25% 26%
26% 26%
25% 26%
25% 25%
2,500 U S Cast I Pipe A F d y___ 100
6234 (j3*4
63% 63%
62% 65%
653,i *62
65
65
4,800
63% 63%
Do
pref__________ ___ 100
138%
145%
140
143
141
146%
147
144%
142% 1 8 % 111
143% 55,400 U S Industrial Alcohol____ 100
*102 105 *102 105
106
♦101
*1)1
105
100
59 59% 59% 60
60*" __58% 60%
00
60% 61%
60% 61% 19,000 United States R u b b e r.. 100
*110 110% 110% 1 10% 110 110% 110% 111
110%
4,000
D o 1st preferred........... 100
71
71
71
71% 7**1
72
72% 73
73
75% 13.700 n a Smelting Bet A M ___ .60
51% 51%
50*8 51
51% 51% *51
*51
51-4
51% *51
400
51%
.50
117% 119% 118% 121
118 119% 117% 119
120% 122% 119-34 120% 1007500.United States Steel_______ 100
121% 121% 121% 121% 12 1s8 12 1
121% 121% 122 123
122% 122% 10,OIK)
Do
pref.......................... 100
106% 108% 104% 107% 105% 106% 105% 107% 107% 110
10813 113% 163,000 Utah C opper_____________ .10
18% 18%
18% *18% 19
18
18% 19%
19% 19%
19% 19%
100
45% 47%
46% 47%
46% 47%
45% 45%
45% 46%
45*2 46^8 14,500, Vlrglnla-Carollna Chem __ 100
*111%
112
112
112 112 *111% 112
200
♦111%
112 112
Do
pref__________ ___ 100
55% 57
56
54*2 56*2
56% 58
55
57% 58%
56
58
Virginia Iron C & C ........... 100
102 102% 102 10212 102 102% 102 102% 102 102% 6,100
102% 103
5,862,Western Union Telegraph. 100
03% 6 4% 63*2 6438
63% 05%
66% 67*4
63% 04%
66
67)2 183,650 Westlnghouse Elec A M fg . .50
*72
75
*72
75
*72
75
75
75
75
75% 75%
100
*72
D o 1st preferred........... .50
42
43
41% 44%
41% 43
42% 43
42% 42*4 72,400 Wlllys-Overland ( T h e ) ... .25
43% 44%
102% 103% 102% 102% *102% 103% 103 103
1,500
103% 104
103 103
139 139% *139
138% 139
139% 139 139
1,700 Woolworth (F W )________ 100
*139 140
125'3 125% 125% 1251| 125% 125% *125
____ ____ ____
300
Do
p r e f .. ...................... 100
*124
3134 32
31*2 31*2
*30
32%
*32
34
*32
34
300
34
*29
100
*95 100
♦95 100
*95 110
*95 100
*95 100
*95 100
100
*___
62
59
59 *____ 62
200
D o pref B v t c _______ 100
♦ 55 02 * __ 62 1 59 59
$ ver share.
66*4 66 69%
23% 23%
23%
51% *50% 52
96% 98%
9S
115% *115 116
104 104
22% 23
23
60% 62%
62
52% 54%
53%
38% 39%
39%
47
47
47
138% 138% 138%
102% 101% 102
114 *112 114
19
20%
19%
91% 93%
92%
89% 95
91%
122%
122 *121
73% 74%
75*8
99% 99%
237 *220 210
112
*10!)
45% 46%
45%
*24% 25
25
85
85
90
22 *16 21
41% 41%
42
329 329
335
116 *115% 117
183
181 182%
875 *800 875
126% 125% 125%
72%
71% 73
* Bid and asked prices; no sales on this day.
x Rx-dlvldend. n Par $100 per share.
g
Less than 100 shares.
§ Ex-rights.
PER SHARE
Range Since Jan. 1
On basis of 100-*6are lots
a E x »llv. and rights.
Highest
$ per share
$ per share
60% July 11 105% M ar 9
15 June27
42% Jan 3
40 June21
80% Jan 3
49 Apr 22
99% N o v 3
108% Jan J 116% O ct 25
88*2 Apr 24
25*8 Jan 5
19% July 14
46% July 11
64% N ov 2
38% Apr 22
63% Sept30
44 O ct 13
30% Sept28
40% July24
52% Jan 22
130)2 M ar 1 144% Jan 8
75% Jan 31 •till Sept20
13% Aug 8
85 June26
52% Jan 12
108%Jan 11
25% Jan 25
101)2 Jan 14
99% M ar 16
123 O ct 19
93 July 14
152 Jan 5 269% Sept26
10434 Feb 1
41 July 10
54% Apr 29
29% Feb 8
22% Aug 29
11934 S eptl8
12% Juiy 13
35 Jan 7
35% Apr 24
57% Jan 7
§265 Jan 5 350 M ar 18
§113 Jan 5 116 Jan 27
159 Apr 22 187% Oct 20
405 Apr 24 850 O ct 25
108 July 14 128% Sept 6
67% Jan 31
80 ADr 10
11034 Feb 1 11634 M ar 16
80 July 12 ' 99 ’ Feb 10
34 June26
53% M ar 9
72 M ay 5
42% Apr 22
11 Aug 30
38% July 14
IO8I2Jan 7
13% Feb 15
61% M ar 1
39% Aug 22
9% M ar 1
42i2 Feb 1
67 M ar 9
64
M ay 5
98% Septl5
69% Sept28
29% Jan 5
74 Jan 5
119%June 7
50% S eptl4
125%S e p t ll
5 6 % Jan 17
65% N o v 1
107% Oct 31
90% N o v 2
240 Apr 14 305 N ov 2
179% Jan 19 239% Aug 19
91 Feb 10
78 Apr 14
68% June 7
65)2 Jan 20
57% Mar 3
99 Sept25
93 Jan 3
78 Apr 22
42% M ar 2
60% June 6
88% June28 129% Jan 3
33 Aug 3
68% Mar 1
109 Jan 3
118 Sept 9
124 June30
71 M ay 9
19% Apr 22
92 Jan 19
60% Apr 22
112 Feb 9
15 Jan 31
118 July 14
65% Apr 26
5% N o v 2
11%Jan 3
100)8 M ay 5
38 Jun el5
25% July28
42% July 14
97 July 18
114
an 31
159% M ayll)
32 Apr 22
95>4 M ar 9
20 June23
42 June26
106% June26
77 Sept 15
168% M ar 1
24 July 11
37 July 14
140 Jan 29
119% Sept 1
108)4 Sept26
63% Oct 9
21% Oct 11
177% June27
48% Sept 7
99 July 14
86 Jan 12
4)4 M ay 9
, 28 Jan 27
87% Oot 16
69 Feb 9
611% Feb 10
136% Jan 31
15% Jan 31
48% Feb 5
97 July 13
99% July 11
47% M ar 1
106% Feb 5
PER SHAKE
Range for Previous
Year 1915
Lowest
23% Dec
32% Jan
21% Jan
26% N ov
57% N ov
66% Sep
4D2 N ov
113% Jan
40% Jan
49% Dee
150)2 O ct
127
Oct
8
Jan
65
Jan
18% M ay
84 M ay
21%
96%
109%
112%
Oct
D ec
Sep
Sep
38
Jan
93 Mar
5)2 M ar
{16 June
177
110
50%
30%
Deo
Sep
Oct
Deo
60 June
M ar
65 June
M ar
Oct
Jan 360
M ar 0116% N ov
M ar 185% O ct
Deo
Jan 558
Dec
Jan 136
80% Oct
Jan
114U Oct
91 June
79% Apr
52% Deo
37
Oct
8
20
165
106
138
82
90%
24)2
16% Jan
5)2 Mar
8 M ar
90 M ay
18 Dec
55*2 N ov
179% Dec
8
Jan
33
Feb
28
Jan
207
165%
72%
64%
15%
43%
18
51
Jan
Jan
Jan
Oct
Jan
Jan
Jan
Jan
41% Sept25
17% Jan
99 Oct 25
42
Jan
117 Sept2S
131%Oct 19 116
Apr
129% M ayl2
119 M ay
84% Sept 12
68 M ar
31% Sept29
9% Jan
97>2 Feb 18
79
Apr
74% Sept21
44
Jan
117% Oct 3 104% Jan
11% Feb
25 N o v 3
56)2 Feb
162% O ct 4
75 Jan 3
64
Jan
85^8 Oct 19
11%Jan 7
2
Feb
31 Aug 21
28)4 Dec
118 O ct 10 106% Dec
46 Jan 17
35% Apr
45 N ov 1
110% Oct 27
25 M ar
75j8 N ov 3
106 O ct 28
86 M ar
137 Sept27
100% Aug
150% Mar
177 Sept30
19 Mar
57% Oct 6
102% Oct 4
87 Mar
15)4 Jan
29% N o v 3
19
Feb
83% Sept29
116% S eptl4
72
Jan
84*h Sept 19
232% N o v 2 *131% Mar
40*4 Feb 14
24
Jan
70% N o v 3
240 JunelO
40
Feb
167 Jan 3
35% Jan
114 M ar 14
91
Jan
79i2Sept25
66%Jah 5
251* Feb
235%Jan 3 120 M ay
109)2 Mar 16
110 Oct 24
18% Oot 19
75% Oot 20
101%Oot 20
105% Aug 9
120 Aug 9
169% June 8
28 Oct 2
65% N o v 2
170l2 Apr 6
114 Jan 13
63% Sept29
115 SeptlS
80% Apr 4
Highest
$ per share $ per share
79%June
56% Aug
8 July 38% Deo
30 July
81
D ec
32% Feb
61% N ov
100% Jan 110% N ov
95 M ay
55
Feb
4% Jan
22% July
69
611%
139
8
32)2
15
Dec
Oct
N ov
Jan
Mar
Jan
44 July
101% Feb
47% Oct
2984 N ov
71 84 Deo
114 June
20)2 Deo
77% Deo
223% Oct
12% Deo
50*4 Deo
94% Sep
260
189
84
69*4
92
103*4
68%
124%
104%
36)8
Deo
N ov
N ov
Jan
Oct
Deo
Oct
Dee
Deo
D ec
79*4 Deo
120
Dec
132
Jan
127% D ec
90 Aug
36% Oct
97
Dec
7OS4M ay
115 N ov
17 Nov
164*4 Sep
81
Apr
12%
38
123%
49
D ec
Aug
Apr
Sep
78%
106
120
170
54
102
27%
57%
112%
Oct
Oct
Dec
Oct
Oct
N ov
N ov
Dec
Dec
209% Feb
66%
164
195
119%
Dec
Dec
Oct
Oct
70
237
Sep
Dec
103
97
9%
31%
N ov
Oct
Dec
Deo
6IOI2
Oct
N ov
Nov
Oct
N ov
D ec
N ov
Apr
Apr
612%
163
31%
55%
131*4
107
74%
110
89% Deo
z79% M ar 1 122% N o v 2
38
Feb
Oct
115 M ay 3 123 N o v 2 z l0 2
Feb 117
8I 84 Dec
71% July 14 113% N ov 3
48% Jan
20*4 Feb 3
52
Oct
36 Apr 24
51 Jan 17
15
Jan
108 Apr 22 113% Sept25
80
Jan 113% Deo
74
Oct
41 July27
36 June
90 N ov
87 M ar 1 105% O ct 18
57
Jan
74% Oct
52% July 14
71% M ar 15
32
Feb
85
Oct
70 Apr 19
79 Mar 15
58)2 Mar
41% N ov 1 »325 June 5 n87
Feb n268 N ov
102 M ar 2
118 Jan 5 141% Oct 5
90% Jan 120% Dee
123 June29 125% Oot 3 115
Jan 124 Aug
25 Julyl3
95 Julyl3
52% July 14
66% Septl4
6 New stock,
c Par $25 per share,
* Ex-stock dividend.
1670
New York Stock Exchange— Bond Record, Friday, Weekly and Yearly
U. S. G overn m en t.
O S 2 s oonsol registered--_dl930
U S 2s consol coupon......... dl930
U S 3s registered..................*1918
U S 3s c o u p o n ......................*1918
U 8 4s registered....................1925
U 8 4s coupon_____________ 1925
U S Pan Canal 10-30-yr2a *1936
Q- J
Q- J
y - f
Q- F
Q- F
Q- F
Q- F
Q-N
U 8 Panama Canal 3s g ____1961 Q -M
Q -F
F oreign G overn m en t.
Amer Foreign Secur 5s (w 1 ).’ 19
Anglo-French 5-yr 5s Exter loan. A - O
Argentine— Internal 5s of 190 9.. M - 8
J -D
Cuba— External debt 5s of 1904. M - 8
Exter dt 5s of '14 ser A --.1 9 4 9 F - A
External loan 4 V is ............ 1949 F - A
Dominion o f Canada g 5s w 1 1921 A O
Do
do
1926 A - O
Do
do
1931 A - O
Japanese G ovt— £ loan 4 Vis. 1925 F - A
Second series 4 Vis..............1925 J - J
D o do "Germ an stam p” . _ - Sterling loan 4s_________ 1931 J - J
M exico— Exter loan £ 5s of 1899 y - j
Gold debt 4s of 1904......... 1954 J - D
Paris, C ity of, 5-year 6s____1921 A - O
Prov of Alberta— deb 4Vis._1924 F - A
T o k yo City— 5s loan of 1912____ M - S
__
D K o f G t Brit & I 2-yr5s._1918
t These are prices on the basts of Sotol
W Y City— 4V4s Corp stock. 1960 M - 8
4 Vis Corporate stock......... 1964 M - S
4 Vis Corporate stock____1966 A - O
A- O
4 Vis Corporate stock......... 1965 J - D
4 Vi 8 Corporate stock......... 1963 M - S
4% Corporate stock......... 1959 M -N
4% Corporate stock......... 1958 M - N
4% Corporate stock ......... 1957 M -N
4% Corporate stock......... 1956 M -N
New 4 Vis............................ 1957 M N
M- N
4V i% Corporate s t o c k ... 1957 M -N
M -N
3V i% Corporate s t o c k ... 1954 M -N
M- S
Canal Improvement 4 s . . . 1961 j - j
Canal Improvement 4 s . . . 1962 j - j
J - J
Canal Improvement 4 Vis. 1964 j - j
Canal Improvement 4 Vis. 1965 j - j
Highway Im prov't 4V is.-1963 M - S
Highway Im prov't 4Vis._1965 M - 8
Virginia funded debt 2-3S...1991 J - J
Ann Arbor 1st g 4s............... 51995 Q - J
Atch T op & 8 Fe gen g 4s___1995 A - O
Registered
lnni A - O
Bid
Ask Low
99% 00
99%
9 9 % ____ 100%
100*4 IOD 4 100%
100*4____ 100%
no
110% 110%
110%
. 110%
99 >4 100
9S*t
99 U 100
97 '
102 ____ 103
100 ____ 100
98*2 Sale
94?s Sale
91
92
t 6913 Sale
99% Sale
96% 96<2
86l2 87
997g Sale
9978 Sale
99?s Sale
t 88U Sale
t 88 Sale
81 Sale
I 71
73
l 50
57
35
40
98% Sale
t ...................
t 78
79%
99 Sale
High No
Oct '16
Sept'16 ____
..
Aug '16
Oct '16
Oct '16
Oct '16
Oct ’ 15
July’ 15
Oot' '16
Feb ’ 15
98%
98% 648
94%
95 2423
91%
91%
5
69 %
70
7
99%
99%
5
96%
96%
2
86%
86%
6
99%
100% 131
99
99% 100
99%
1005s 115
13
88
88%
88
88
11
81
81%
33
72
72
2
50%
50%
9
39 A u g '16
98%
98% 522
95l2 Jan ’ 15
1
79%
7934
98%
<)9'A, 2012
Low
99
99%
9934
100
109%
no
98
93%
89%
69
96%
94%
81%
98%
97%
96%
82%
78%
73
63
45
27%
98%
ill
110
111
28 106%
109%
109%
3 105%
101
101%
71 97%
101%
101%
3 98
14 97%
101%
101%
97% Jan '16
97%
109%
109%
n 105%
100% Oct '16
100%
4 106
109%
109%
100% Juno'lt)
93% Oct '16 ____ 88%
105 July’ 16
105% O ct '16
102 “
1 0 2 Jan 16 ____ 102%
105D Oct '16
117 * Oot '16
113
109% Sept'16
106%
115% Oct '16
112%
109% July'16 ____ 107
85 Aug '16
843s
1 50
57%
58
109% n o
93%
105
105
105
96%
105%
.
.
------- 115
109% . .
115 115%
109% 110%
86% 88
67% 68
94% Sale
92% Sale
182
92%
92%
2
85*2
87
82 Oot '15
86
86'% 55
106%
107
35
106%
107% 106
14
101
101%
97 Oot '16 ____
86
86
1
15
91
91%
97%
97%
29
63
92%
Chic A Nor W estExt 4S1886-1926
93%
General gold 3 Vis............. 1987
105%
102%
General 4s.............................1987
Stamped 4s...................... 1987
117
109%
116
109%
88%
58%
Sinking fund 6s......... 1879-1929
Registered ............1879-1929
Sinking fund 5s......... 1879-1929
Registered ........... 1879-1929
Debenture 5s....................1 9 2 1
R eg iste re d ......... ............ 1921
Sinking fund deb 5s........... 1933
R e g is te re d ...................... 1933
Frem Elk A M o V 1st 6 s .. 1933
Man G B A N W 1st 3 Vis 1941
101
68%
95%
__
__
___
___
* No price Friday; la tfs t ib is week,
d Duo A p ril,
e Due May.
J - J
A- O
A- O
Price
Friday
Nov. 3.
Week's
Range or
Last Sale
A- 6
M- N
M- N
F- A
J - J
M- S
J - J
J - J
J - J
J - J
J - J
J -D
98'% 99
98%
98%
97 ____ 98
July'16
9 9 % ____ 99% June'15
93 % Sale
93%
93%
3 ) Sale
29%
30
29
31
28
28
1 0 3 % ____ 107% Aug '16
89% Sale
89%
90%
85 ____ 82 M ay'10
89
93
90 Oot '16
85
91%
9734 Fob '13
25 ____ 20 Sept'16
73 Salo
72%
73
114% 115 114% Oct '16
1 0 0 % ____ 100% Oct '16
85 ____ 85
85
70
75
70 Sept’ 16
8 9 % ____ 88 Sept'16
____ 96% 97% Apr '16
g Due June. ft Dae July.
* Due Aug. o Dae Oot.
94*4
30
28
107%
93
82
90
89%
20
74
115
101
85
70
91%
97*4
1073, 109
106 107%
107% 109
1 0 7 % ____
112 ____
111 % ____
92% 93
1 0 1 % ____
107 108%
J -D
J - J
F - A
M -N
F - A
M- S
M- S
20 92
8 21%
10 20
____ 104
37 75
—
82
75
74
—
—
21
117 69
—
111%
—
100
2 83
—
70
—
88
—
97 %
1073s Oot TO ___
106% Oct TO . . . .
111% Deo '15 —
13,
111%
111%
7
92 %
93
1073s M ay 14 . . . .
107 Oot '16 ---- 102% Dec 15 . . . .
1013s Oot '16 —
Sept'16
12
86%
87
83% O ct TO ___76%
77%' 345
64^4
66*»8 1179
96% Sept'16 . . . .
4
58
59
100% O ct TO . . . .
100% Mar 14 . . . .
____
....
99*4 Oot '16 . . . .
97% July'15 ____
18
62%
63
67 Aug 16 ____
10
118%
118%
8734 Feb 10 . . . .
1
101
101
117% M ay' 16 —
118
118
5
104% Oot TO - ___
104% Aug '16 —
85 Oot TO ____
107 Oot TO __ _
5
77
77
2
91
91
M- S
F- A
M- 3
J - J
M- S
M- S
J - J
J - D
J - J
J
J - J
J - J
A -O
J - J
M -N
M- 8
A- O
A- O
J -D
J - J
M -N
A- O
F- A
J -D
J -D
M- 8
M -N
J - J
A -O
M- 8
J D
Q -M
J - J
J - J
J •J
1st guaranteed 4s............... 1959 J - J
Cln D A I 1st gu g 5 8 ..
1941 M -N
C Find A Ft W 1st gu 48 g 1923 M - N
Cln T & W 1st j?u « 4s
1953 J - J
Day A Mich 1st cons 4Vis. 1931 J - J
Ind Dec A W 1st g 5s
1935 J - J
1st guar gold 5s............. 1935 J - J
Cleve Cln C A St L gen 4 s .. 1993 J - D
2 0 -y r d e b 4 V is .............
1931 J - J
Gen 58 Series B _____ .
1993 J -D
Cairo Dlv 1st gold 4s......... 1939 J - J
Cln W A M D lv 1st g 4 s .. 1991 J - J
St L Dlv 1 roll tr g 4s__ 1990 M N
Registered ________
199(1 M N
8pr A Col Dlv 1st. g 48____194(1 M - S
W W Val Dlv 1st g 4 s . . . 194(1 J - J
C I St L A C consol 6s____192(1 M -N
1st gold 4s......................*1936 y f
R e g is te r e d ............... *193(1 Q - f
J - J
C C C A I gen eon g 6 s __ 1934 j - j
Ind B A W 1st pref 4s____194C A - O
O Ind A W 1st pref 5 s ...< f 193V 0 - J
Peo A East 1st con 4s____1941 A - O
Income 4s............. .......... 1991 Apr
Cleve Short I. 1st gu 4 Vis__ 1961 A - O
Col Midland 1st g 4 s ........... 1947 J - J
F- A
M -N
J - D
A -O
J - J
97*4 100
98
96
89% 94
925s 925,
957,
92
91% 96%
105% 110
81%
78
100% 104
93%
90
100 103*4
103 10378
104% 1057,
102 104%
89% 92*4
106 107*8
... 102 102*4
102*4 105
106% 107%
101% 1017*
101 101*4
95% 97%
97
97
84
80
81 *4 81%
93»s 95%
93*8 90
112% 116*4
112% 112%
109% 109%
104 104*4
103% 104
101% 103%
102% 102%
103% 106
104% 104%
120% 121%
92 Sale
..
____
95% Salo
------- 95%
106^4 Sale
80 ____
____ 102
92*4 Sale
100% Salo
1 0 3 % ____
105% ____
103% dale
91% 92%
106 106%
110 ____
1 0 1 % ____
1 0 3 % ____
107 ____
101% . . . .
1 02 % ____
95% 98%
MU L S A West 1st g 6s. I _ 1921
Ext A Imp s f gold 5s__ 1929
Ashland Dlv 1st g 6s__ 1925
M ich Dlv 1st gold 6s__ 1924
Mil Spar A N W 1st gu 4s. 1947
Northw Union 1st 7s g __ 1917
St L Peo A N W 1st gu 5s. 1948
Winona A St P 1st ext 7s. 1916
Chicago Rock Isl A P a c 6 s ..l9 1 7
J Ry general gold 4s............. 1988
Registered ......................1988
Refunding gold 4s............. 1934
30-year debenture 5s......... 1932
Coll trust Scries P 4s_____1918
R I Ark A Louis 1st 4 H s .. 1934
Bur C R A N— 1st g 5s _. 1934
C R I F A N W 1st gu 5 s .. 1921
M A St L 1st gu g 7s_____ 1927
C hoc Okla A G gen g 5s. .01919
Consol gold 5s........... ..1 9 5 2
Keok A Des M oines 1st 5s 1923
St Paul A K C Sh L 1st 4 Vis '41
Chic St P M A O con 6s___ 1930
Cons 6s reduced to 3 V is.. 1930
Debenture 5s.................. 1930
Ch St P A Minn 1st g 6 s .. 1918
North Wisconsin 1st 6s__ 1930
8t P A S City 1st g 6s___ 1919
Superior Short L tst 5s g .gl9 30
Chic T II A So-east 1st 5 s .. . I960
Chic A West Ind g e n g 6 s .jl9 3 2
Consol 50-year 4s_........... 1952
Cln H A I) 2d gold 4 Vis____1937
1
—
High
96*8
103%
997*
5
92
92%
92% Feb '16 - - - 17
95%
95%
17
95*8
95'%
32
106%
107
7
81%
81%
4
102%
10234
12
9234
92*4
81
100%
101%
103 July'16 - - - 105*8 Oot '16 —
4
103%
103%
92*4 Oot '10 —
106 Oct '16 —
110 June'13 —
2
102%
102%
10
103%
103%
107 Sept'16 —
101% Oot '16 —
101*4 June’ 16
96 Aug '16
97 Apr 16
4
82% Sale
82%
82 (4
81% Oct 16
20
94
9434 94%
9434
94 ____ 94 Sept'16 —
114% 115 115% Oot '16
1 1 0 % ------- 112% Jan 16 —
109
____ 109% Apr '16 —
104% 10534 104% Oct '16 —
1 0 4 % ____ 103>2 Apr '16 —
103 103% 103'% Oot '10 —
102*2 Oot TO
1 0 3 % ____ 10334 Oot '16 ____
102 ____ 104% June' 16 —
1
121% Salo 12i%
121%
90% Sept'09
J - J
y- j
J -D
A- O
F- A
J - J
J - J
J - J
J -D
J - J
J - J
J - J
J - J
J - J
J •J
J - J
J - J
J - J
J -D
J -D
F - A
F - A
M- N
Q -F
M- N
M- N
M- N
A -O
A- O
A- O
A- O
A -O
A-O
M -N
M -N
A- O
J - J
Colorado A Sou 1st g 4s___ 1929
Refund A Ext 4 Vis........... 1935
Ft W A Den C 1st g 6 s .. .1921
Conn A Pas Rlvs 1st g 4s__ 1941
Cuba R R 1st 50-yr 5s g ____1952
Del Lack A Western—
M orris A Es 1st g u 3 V is..2 0 0 (
N Y Lack A W 1st 6s____1921
Construction 5s............. 192!
Term A Im prove 4s____192!
Warren 1st ref gu g 3 Vis. .2001
Del A Hud 1st Pa D lv 7 s ...1917
Rrel.qfprpfl
................. 191*7
Range
Since
Jan. 1
Bid
Ask Low
High No. Low
3 93%
95%
95%
9558 96
102%
102*8____ 102% Oct '16 —
1 993g
99%
9 9 % ____ 99*4
M -N
M -N
M- S
M- S
Chic & E 111 ref * Imp 4*s g . . 1955 J - J
IO934
84
85%
Nov
81
86%
86
86%
M -N
83% 88%
J - D 106% 107
100*4 108%
106%
107
J -D
IOD4 108%
J - D 101% Salo
100% 101*4
97
97%
M- S
95% 97
85% 8 >%
J - J
84
89
91% 91%
J - J
89
92
97% 98%
M- 8
98% 99
\1- S 104% 105%
93% Sale
93%
93%
8 91
94%
A tl Coast L 1st gold 4 s ..1*51952 M - 8
93 %
93% 173 89
93% Sale
94
Gen unified i V i s . . . . !
1964 J - D
107%
5 106% 107%
Ala M id 1st gu gold 5s____1928 M - N 106% 107% 107%
9 4 % ____ 93% Oct '16
93% 95
Bruns A W 1st gu gold 4s 1938 J - J
____
134%
.
.
.
129% Aug '15
Charles A Sav 1st gold 7s 1936 J - J
32 83% 88%
87% Sale
87
87%
L A N coll gold 4s............. ol952 M -N
Sav F A W 1st gold 6s____1934 A - O 120 ____ 119% J u ly '16 ____ 119% *122
1st gold 5 s ................
1934 A - O 1 0 7 % ____ 105 July 15 ____
99% 100% 99% Feb '16 __
99% 99%
SII Sp Oca A G gu g 4s____1918 J - J
22 92% 94%
94%
93% 93% 93%
Balt & Ohio prior 3 ^ s ____1925 J - J
. - 91% 923g
9 3 % ____ 92 June'16
Registered ...........
51925 Q - J
92% Sale
9134
92% 395 89% 92%
1st 50-year gold 4s.........51948 A - O
j •____ 91% 91% Oct '16 ____ 80% 91%
Registered ............... 51948 y
185 93% 98%
95% Sale
95%
96
10-yr conv 4 Vis.............
1933
101% 151 99% 101%
Refund
gen 5s Series A , 1995 j - D 101% Sale 101%
Pitts June 1st gold 6s
1922 J - J 108 109 112 Jan '12
92%
92%
i 91
92% Sale
92%
P June A M D lv 1st g 3 Vis 1925 M - N
10 85% 90
88 Sale
87%
88
M- N
43 89% 92%
92%
92% 92% 92
Southw Dlv 1st gold 3443.1925 J - J
Cent Ohio R i « e g 44*1 1930 M - S 100 101% 100 Apr '13 ____
Cl Lor A W con 1st g 5s
1933 A - O 1 0 7 % ____ 106% Oct '16 ___. 106% 107%
M onon River 1st gu g 5s .1919 F - A 1 0 0 % ____ 100% O ct '16 ____ 100% 101
Ohio River R R 1st g 5 s .. 1936 J - D 1 06 % ____ 107 July'16 ___ 106% 107%
General gold 5 s . . .
1937 A - O 1 0 4 % ____ 10534 Oot '16 ____ 105 105%
A - O 107 ____ 113% Feb 12
9 9 % ____ 99% Sept’ 16 ____ 09% 99%
Pitts A West 1st g 4s
1917 J - J
Buffalo R A P gen g 5 s ..
1937 M - S 110 ------- 110% Oot '16 ____ 107% 110%
Consol 444s.............
1957 M -N 102 ____ 101% Sept'16
101% 103
A -O
9 3 % ____
. . 103% Feb '16
103% 103 %
Clear A Mah 1st gu g 5 s .. 1943 j - j 106%
108%
1 107% 109%
Roch A Pitts 1st gold 6S..1921 F - A 106% 108 108%
. 109 Oot '16 - - - - 107% 110%
Consol 1st g 6s________ 1922 J - D 109
5 101% 104%
103%
Canada Sou cons gu A 5s
1962 A - O 102% 103% 103%
91
93% 94 Oot '16 ____ 92
95%
Car Clinch A Ohio 1st 30-yr 5s '38 J - D
Central of Ga 1st gold 5 s ...p l9 4 5 F - A 108 % ____ 107% Sept'16 - - . - 107% 108
102%
11 100 103
Consol gold 5s____
1945 M - N 102% 106 10134
82% 87% 84% M a y '10 ____ 83% 84%
Chatt D lv pur money g 4a 1951 J - D
M ac A Nor Dlv 1st g 5s 1946 J - .1 1 0 3 % ____ 103% Oot TO ____ 101% 103%
._ .
Mid Ga A Atl Dlv 5s
1947 J - J 1 03 % ____ 100% M a r'15
M obile Dlv 1st g 5s . .
1946 J - J 1 0 3 % ____ 104 Oct '16 ____ 102% 104
95% 97
5 94 97
Cen RR A B of Ga col g 5s. 1937 M -N
95^
95*2
117%
5 115% 118%
Cent of N J gen'l gold 5s . 1987 J - J 117 Sale 117
117%
1 115 117%
Registered ______ . 51987 y - j 117 ------- 117%
103%
1 103% 103%
Am Dock A Imp gu 5 s ..
1921 j - j 103% Sale 103%
J - J
100% Jau 13 . . .
90%
N Y A Long Br gen g 4s . 1911 M - S
81*4 Oct '16 ____ 79
83
Cent Vermont 1st gu g 4 s ..e l9 2 0 y - f . . . 81
94%
5 94% 98
95% 96% 94%
Chesa A O fund A frapt 5s 1929 j - j
12 104% 107%
107%
1st consol gold 5s_____
1939 M -N 107 107% 107
103 104%
Registered ...........
1939 M -N * ____ 105% 101% Oot 'l l
92 Sale
91%
92
62 89
93%
General gold 4 14s . .
1992 M - 8
88% 90% 91 Oot 'l l . . . .
90% 91
R e g is te re d .................. 1992 M - g
85%
85%
85 83% 89
F - A
96%
97% 1316 92% 98
97% Sale
30-year conv secured 5s. 1946 A - O
84
85
84 Oct 'l l
83% 85
Big Sandy 1st 4s.........
1944 J - D
9 82% 85%
84
85%
85% Sate
Coal River Ry 1st gu 4 s .. 1945 J - D
9 2 % ------- 9834 Feb It
Craig Valley 1st g 5s......... 194C J - J
96*4 96%
. . . . 84*4 Jan '13 ____
___
Potts Creek Br 1st 4s.
1946 J - J
87% 88
8758 Oct 'l l
84% 88
R A A Dlv 1st con g 4s__ 198S J - J
82% 82% 82%
82%
2d consol gold 4 s ____ 1989 J - J
1 81% 83%
88 ------- 88% S ept’ ll
88% 88%
Greenbrier R y 1st gu g 4s. 1940 M - N
92% - . 113% Feb '15
Warm Springs V 1st g 5 s .. 1941 M - S
60%
61
19 57
61
62
62*
Chic
Alton R R ref g 3 s . . .1949 A - 0
55 Bale
21 43
53
55
55
Railway 1st lien 3 44s......... 1950 J - J
99 100
99% 102% 99% Oct 'l l
Chic B A Q Denver Dlv 4 s .. 1922 F - A
TH'T,ni-ni. 3 u , _
..1 9 4 9 J - J
855
22 83% 87
8 6 % ------ 84%
R eg istered ..................51995
S tam ped......................51995
Conv gold 4s_______
1955
Conv 4s Issue of 1910
1960
10-year 5s......... ..
1917
E a stO k la D iv 1st g 4 s .. 1928
R ocky M tn Dlv 1st 4s.
1965
Trans Con Short L 1st 4s 1958
Cal-Arl- 1st & ref 4V is"A"1962
Chic Burl & Q (Con.)—
Illinois D lv 4s........... .......... 1949
Iowa Dlv sink fund 5s____1919
Sinking fund 4s_______ 1919
Joint bonds. See Great North
Nebraska Extension 4s___1927
R e g is te r e d ........... .......... 1927
U1
10934
101%
101%
10134
97%
10934
15 101 104%
20 101 104%
77 104% 104%
66I2 Oct ’ 16
94
95
BON DS
N . Y . ST O C K E X C H A N G E .
Week Ending N o v . 3.
let consol gold 6 s ...............1934
General consol 1st 5s_____ 1937
R e g is te re d ____________ 1937
U S M tg & T r C o ctfs of dep
Guar T r C o ctfs of dep_____
Pur money 1st coal 5s____1942
Chic A Ind C Ry 1st 5s. . . 1936
Chic Great West 1st 4s_____ 1959
Chic Ind A Loulsv— Ref 63.1947
Refunding gold 5 s ............ 1947
Refunding 4s Series C ____1917
Ind A Loulsv 1st gu 4s__ 1956
Chic Ind A Sou 50-yr 4s____1956
Chic L S A East 1st 4 Vis___ 1969
Chicago Milwaukee A St Paul—
Gen'l gold 4s Series A __ el989
R e g is te r e d ......... .......... «1989
Permanent 4s____________ 1925
Gen A ref Ser A 4 Vis____a2014
Gen ref conv ser B 5s____a2014
Gen’ l gold 3 Vis Ser B ____«1989
General 4 Vis Ser C ........... «1989
25-year deben 4s............. .1934
Convertible 4 V is ............. 1932
Chic A L Sup D lv g 5s____1921
Chic A M o Rlv D lv 5 s . . .1926
Chic A P W 1st g 5s
1921
C M A Puget Sd 1st gu 48.1949
Dubuque Dlv 1st 8 f 6s__ 1920
Fargo A Sou assum g 6 s .. 1924
La Crosse A D 1st 5s......... 1919
Wls A M inn D lv g 5s_____ 1921
WIs Vail Dlv 1st 6s........... 1920
M il A N o 1st ext 4 Vis____1934
99%
96%
95%
78%
100%
97
87
100%
101%
102%
88%
88%
84%
72%
60
50
99%
74
80%
98% 101
103%
103%
10434
Sale
High
99%
100%
102%
102%
111%
112%
101% 103%
103% Sale
104% 105
104% Sale
101% Sale
101% 101%
101% Sale
1 0 1 % ____
109% n o
103%
10434
104%
Range
Since
Jan. 1
Bonds
Sold
Week’s
Range or
Last Sale
Interest
Period
Price
Friday
Nov. 3.
Bonds
Sold
BON DS
N . Y . ST O C K E X C H A N G E
Week Ending N ov. 3.
Interest
Period
In Jan. 1809 the Exchange method of quoting bond* was changed, and prices are now all—'"and intereet"— except for income and defaulted bonds.
111
91
112%
91
105
109
____
101 1027*
101
101 102
86?s Sale
87
82
•____ 85
84%
83
77 % Sale
63*4 77%
66% Sale
41% 66*4
97% 97%
95
97*2
58 Salo
65%
54
101% 103
97*4 101%
100 ____
____
•
9 9 % ____
98% 99*4
9 1 % ____
63 Salo
65
55
71
68*2 72
05
118% 119
117% 1187*
91% . . .
87*4 87*4
101 101%
100 103
118 ____
117% 118%
118 Salo
118 118
104% 105%
104 106%
1 0 5 % ____
104% 1041*
83
83*4
85
08
107 ____
106 107%
77% 78
75*8 81%
91 ____
86% 91
60
70
77 ____ 78 Aug 16 ____ 78
78
40
..
25 July' 15 . . .
20 . . .
88
M a r 'll —
....
65 July'14
90 . . .
943s Deo 14 ___
- ...
------------65 July 14 ____
...
,. .
107% Dec 02 . . .
80% 81
80%
80%
5 77% 81
85% 87% 87% Oot TO ____ 83% 90%
100% 100% 100% Oot TO ____ 99% 101
87
85% 85% 85*4 Oot '16
82
78(4 79
70% Oot TO ____ 75% 77%
83% Sale
1 79 84%
83*4
8334
....
82% Mar 14 ____
86%
83 ____ 83 Sept'16 ___
83
84
84
2 84 84*4
83% 86
105% 105*4 105 June'16 —
105 105*4
9 3 % ____ 92*4 Oct TO ____ 91% 92*4
*91 l j ____ 88% M ay'15 —
1 0 2 % ____ 102 S e p t'll
102 102%
1161s____ 116% Junc’ 16 ____ 116% 116%
July 08 —
____
79 ____ 94
____ —
....
- - - ___ ____
72^
72
73% i'2&i
2 63 77
39
39
39 Sale
2 23 39
101% Sale 1015s
101%
9 99*4 101*4
13%
16% 103
16%
16*2 Sale
7
1634
1534 Sale 13
1534 149
6
93 %
93*8
93%
93*8 Salo
58 90
85% 85% 85
86
48 821, 87%
105% 105% 105%
105%
6 104*4 106%
____ 95 ___ _____ . . . . .
94
____ 95
94 Fob 'll
94
101
_
86% 87% 86*4
863
1
107%
1
107% Salo 107%
103*r Oot '1 6 '____
10811 .
08*4 99% 98*4 Oct T O ____
84
86 102 n Fob '0 3!____
103 ____ 103 Oot T O ____
_________.'1041* Foh *1H ____
v DU# Nov.
q Due Deo.
85*4
100%
102*4
98
87
109%
104
98*4
103 104%
104U 104%
<Option sale.
Week's
Range or
Last Sale
Ask Low
High No.
101% Oct ’ 16 ____
23
98%
99%
10GU 10634 10GU
25
107
2
87%
87%
87% 89
111
_ _ 11218 O ct ’ 16
80%
82% 135
82% Sale
24
88 Sale 86%
88
89
90
133
89% Sale
72
73 Sale
72%
73
87% 95
88 Oct ’ 16
3 4 % ____
3 4 % ____ 35 Juno'16 ___
10
78%
80
80 Sale
1
68 09 09
69
94 __
99 Sept’ 16 ____
90 Jan '16 ____
80
82
75 July’ 16 ____
80
85
6
93
93
91% 93
104% 105% 105% Oct T 6 ____
101% 102 101% Sept’ 16 —
106 M ar’08
9 6 % ____ 95 Oct ’ 16 ____
2
104%
103% 106 104%
10
108%
108-s 109 108%
90 ____ 95% Sept’ 10 ____
Bid
J - J
M -N
A- O
Alb A Susq eonv 3 H s ------ 1946 A - O
M -N
Denv & It Gr 1st con g 4 s ..1936 J - J
Consol gold 4 H s ________ 1930 J - J
Improvement gold 5s____1928 J - D
1st & refunding 5s............. 1955 F - A
J - D
J - J
G u aran teed___________1940 J - J
Rio Gr West 1st g 4s_____ 1939 J - J
A- O
A -O
Des M oines Un R y 1st g 58.1917 M - N
J -D
Gold 4s______ ___________ 1995 J - D
D et Rlv Tun— Ter Tun 4H sl961 M -N
J - J
A -O
A -O
J - J
M -N
M- S
M -N
M- S
M- S
A -O
J -D
N Y I, E & W 1st g fd 7s. . 1920 M - S
J - J
J - J
1st consol gen Hen g 4s__ 1990 J - J
J - J
F- A
50-year conv 4s Series A . .1953 A - O
A -O
Gen conv 4s Series D _____ 1952 A - O
Chic * Erie 1st gold 5s__ 1982 M -N
J - J
Long Dock consol g 6s__ 1935 A - O
Coal & ltR 1st cur gu 6s. .1922 M -N
D ock A Imp 1st ext 5s___1943 J - J
M -N
J - J
2d gold 4 H s ..
1937 F - A
F - A
Terminal 1st gold 5 s . . .
1943 M -N
M id of N J 1st ext 5s____1940 A - O
Wllk A Eas 1st gu g 5s_ . 1942 J - D
J - J
Evansv A T II 1st cons Os ~ 1921 J - J
A -O
M t Vernon 1st gold 6s
1923 A - O
Bull Co Branch 1st g 5s ' 1930 A - O
Florida E Coast 1st 4 Us
1959 J - D
J - J
Ft W A ltlo Or 1st g 4 s * . T " 1928 J - J
Great Northern—
C B A Q coll trust 4s
1921 J - J
Registered A. .
1921 Q - J
1st A ref 4 Ms Series A
1961 J - J
J - J
8t Paui M A Man 4s
1933 J - J
J - J
J - J
Reduced to gold 4>$s.l933 J - J
R eg istere d _______ 1933 J - J
M ont ext 1st gold 4 s . . . 1937 J - D
J -D
j - j
E M inn N or D lv 1st g 4s. 1948 A - O
Minn Union 1st g 6s_____ 1922 J - J
M ont C 1st gu g Cs_____ 1937 J “ J
J ~J
1st guar gold 5s_____ 1937 J - J
J ~ J
Will A S E 1st gold 5s 1938 J - D
Green Bay A W deb ctfs " A ” ____ Feb
Feb
D ebenture ctfs “ B "
Gulf A S I 1st ref A 1 g 5s. 61952 J - J
Hocking Val 1st cons g 4H s 1999 J - J
Registered _
lonn J - J
A -O
F -A
J - J
J “ J
J - J
1st gold 344s..................
1951 J - J
Registered __
1951 J - J
A -O
Registered _____
1951 A - O
1st gold 3 ssterlin g ..
1951 r.i- s
R eg istered ______
1951 M - 8
Coll trust gold 4 s . . .
1952 A - O
R eg istered ...........
1952 A - O
1st refunding 4s___
1955 M - N
Purchased lines 344s.
1952 J “ J
L N O A Texas gold 4 s . . . 1953 M - N
R eg istered ________
1953 M - N
Cairo Bridge gold 4s____1950 J - D
Litchfield D lv 1st g 3s
1951 i “ J
Loulsv D lv A Term g 344s 1953 J - J
R eg istered ......... .......... 1953 J - J
M iddle D lv reg 5s.........
1921 F - A
Omaha D lv 1st gold 3 s . . . 1951 F - A
St Louis Dlv A Term g 3s. 1951 J - J
Gold 344s........................ 1951 j - j
Registered ..................1951 j - j
Sprlngf D lv 1st g 344s___1951 j - j
Western lines 1st g 4s____1951 F - A
R eg istered ------------------ 1951 F - A
Bellov A Car 1st 6s______ 1923 J - D
Carb A Shaw 1st gold 4 s .. 1932 M - S
Chic St L A N O gold 5 s . . 1951 J - D
R eg istered ____________1951 J - D
Gold 344s........................ 1951 J - D
Registered ............. ..195 1 J - D
Joint 1st ref 5s Series A . 1963 J - D
Memph D lv 1st g 4s__ 1951 J - D
R eg istered ......... ........ 1951 J - D
St Louis Sou 1st gu g 4 s .. 1931 M - S
Ind 111 A Iowa 1st g 4s_____1950 J - J
Int A Great Nor 1st g 6s____1919 M -N
James Frank A Clear 1st 4s. 1969 J - D
Kansas City Sou 1st gold 3s. 1950 A - O
R eg istered .......................... 1950 A - O
J - J
Kansas City Term 1st 4 s . . . 1960 J - J
Lake Erie A West 1st g 5s. .1937 J “ J
2d gold 5s-------------------- 1941 J - J
N orth Ohio 1st guar g 5 s .. 1945 A - O
Leh Vail N Y 1st gu g 4 4 4 s ..1940 j - j
Registered ............... .......... 1940 j - j
Lehigh Vall( Pa) cons g 4s. .2003 M -N
M -N
Leh V 'Term R y 1st gu g 6 a .. 1941 A - O
Registered.
. . .........
1941 A - O
10118 102
99% Sale
100% 101%
101% 103
100% Aug ’ 16
IOD 4
10134
108% 109
84% 85
109% O ct ’ 16
84%
84%
74
Sale
89% 8alo
(58*2 Sale
73% 73%
87 Sale
107 108%
10414 .
12234 ____
101% 104
106 ____
97
97%
75% 76%
1 05 % ____
104% . . .
81% Sale
____ 40
98% 99%
563$
73%
72%
89%
68%
73%
86%
107%
101
12234
102
108
103%
97
100%
76
105%
104
81%
74
June’ 10
89%
69
74
87%
107%
Feb ’ 16
O ct ’ 16
M ar’ 16
Aug ’ 10
Aug '12
97
Deo '06
76%
Sopt’ 16
Sept’ 16
81%
__
1
35
73
61
35%
80
69
99
90
75
90-2
104
101%
99
90
85
94
105%
103%
92% 96
103 104%
108% 111 %
95% 96%
lftl 7$ 102 U
100 ’ 100
101% 102%
N Y & R B 1st gold 5s .7.1927
N or Sh B 1st con g gu 5s.ol932
Louisiana & Ark 1st g 5s____1927
Loulsv * Nashv gen 6s _____ 1930
G old 5s....... .......... .............. 1937
Unified gold 4 s . . . ..............1940
Registered_____________ 1940
Collateral trust gold 5s___1931
E H & Nash 1st g 6s_____ 1919
L Cln & Lex gold 4 H S ...1 9 3 1
N O & M 1st gold 6s _____ 1930
Paducah & M em D lv 4s. .1946
St Louis D lv 1st gold 6s . . 1921
71
77
72% 76%
21 88*4 90
72 68
72%
10 70
84
312 84
88%
1 10534 107%
Kentucky Central gold 4s. 1987
Lex & East 1st 50-yr 5s gu.1965
L <fe N & M & M 1st g 4H s 1945
L * N-South M Joint 4 s .. 1952
Registered__________ .51952
N Fla & S 1st gu g 5s____1937
N 4 C B d g e g e n g u g 4 .H s .1 9 4 5
29
____ 121% 123%
—
102 102
. . . . 102% 106
1
8 4 N Ala cons gu g*5s__ 1936 F - A
Gen cons gu 50-year 5s. 1963 A - O
L 4 Jeff Bdge C o gu g 4 s ...1 9 4 5 M - S
102%
97%
96%
____ 92% 93
____ 109% 109%
____ 120% 12 3 j
Texas 4 Okla 1st g u g 5 s ..l9 4 3 M - S
Missouri Pacific (reorg Co)
1st 4 refunding 5s wh lss 1923
____ 109% 110«4
Missouri Pac 1st cons g 6 s . . . 1920 M - N
90
63
94%
10
70
70%
70%
7
98%
98% 409
98% Salo
1
98
97% 98% 98
99% 100% 99’4 Oct '16 . . . .
102
63
91% 95*
61%
70%
97% 99
97% 9834
9834 10034
____
96
120%
11934
____ 101%
. . . . 102%
....
95%
96%
97%
1237*
121%
10334
10934 Aug TO
110 . .
10934 1107*
75 Jan TO ____ 74
70
78
75
141*
10 11
14
14% 14%
147*
84% 88%
87 ____ 87 Oct TO
3 90% 96
92
92
92% 95
07% Jan T4
S75g 881g
87
88
86
87
88 ____ 87 Aug TO
____ '9 7
85*4 86*2 85% Sept’ 10 ____
83 ____ 83 N ov'16
8 4 N ____ 84% Sept’ 10
8 3 % ____
80 J'ly '09
96%
97%
83
8534
1st collateral gold 5s____1920
40-year gold loan 4 s .......... 1945
1st 4 ref conv 5s_______ 1959
Cent Hr IT P 1st a 4s
Lcrov 4 C V A L 1st g 5s
1948
1926
2d extended gold 5s____1938
84% 86%
90% Sale
90
90%
40
83
91%
Rlv 4 O D lv 1st. g 4s
1933
Verdi V I 4 W 1st g 5 s . . . 1926
91 s4 Salo
91%
81%
86%
92
81%
87
28
15
11
8734 92%
8034 83
8434 87%
1st extension gold 6s____51927
General gold 4s....... ............ 1938
M ontgom ery D lv 1st g 5s. 1947
90
74
79
O ct '16
Feb T4
81%
92%
St L 4 Cairo guar g 4s____1931
12
78% 81*4
Jasper Branch 1st g 6s____1923
102
70
June’ 10
Aug TO
81% 87%
85
87
8 2 % ____
90 ____
* 7 2 % ____
81% Salo
100% ____
66% 72%
____ 77
80ig
79 ■ . .
79
80%
91 ____
____ 9212
-------108%
80 ____
1 07 % ____
M- S
Q- J
M- S
J -D
M -N
J - J
J - J
M- N
J - D
M- N
J - J
J - J
F -A
M- S
M- S
M -N
J - D
M- S
j - j
A -O
M- S
J - J
Q- J
F - A
J - J
M ex Internat 1st eons g i V 19771M - S
Starnned tmarAntPPrf
1Q77i\f- S
Midland Term— 1st s f g 5s 1925 J - D
M inn 4 St L 1st gold 7 s . . . 1927 J - D
Pacific Ext 1st gold 6s____1921 A - O
1st consol gold 5 s . . ......... 1934 M - N
m - a
R ef 4 ext 50-yr 5s Ser A . . 1962 Q - F
J - J
Iowa Central 1st gold 5s 1938 j - D
Refunding gold 4s____1951 M - S
M 8tP4SSM con g 4s lnt gu.1938 J - J
1st Chic Term s f 4s
1941 M - N
M S S 4 A 1st g 4s Int gu.1926 j - j
Mississippi Central 1st 5 s .. 1949 j - j
M o Kan 4 Tex 1st gold 4 s .. 1990 J - D
2d gold 4s......... .................gl990 F - A
1st ext gold 5 s . . .............. 1944 M- N
M S
Gen sinking fund 4 H s ...i 9 3 6 j - j
St Louis D lv 1st ref g 4 s . . 2001 A 4 0
M- N
Kan C ity 4 Pac 1st g 4 s .. 1990 F - A
M o K 4 E 1st gu g 5s____1942 A - O
M K 4 Okla 1st guar 5 s .. 1942 M -N
M- S
96% 99
2 72
81
____ 105% 105%
____ 104 104
3 81% 90
N o v ’ 11
O ct TO
Oct TO
Aug 10
Oct T6
M ay’ 10
O ct TO
M ar’ 10
N o v ’ 15
Aug TO
June’ 10
S ept’ 10
M ay'00
Aug '16
Leh Val Coal C o 1st gu g 5s. 1933 J - J
J - J
J - J
Leh & N Y 1st guar g 4s____1945 M - S
M- S
Long laid 1st cons gold 5s. .51931 0 - J
1st consol gold 4s_______ 51931 Q - J
General gold 4 s ..................1938 J - D
Ferry gold 4 H s . . . ........... 1922 M - S
G old 4 s . . .
1932 j - n
Unified gold 4s
1949 M - S
Debenture gold 5s_______ 1934 J - D
Guar refunding gold 4 s .. . 1949 M - S
M- S
Atl Knox <fe Cln D lv 4 s . . . 1955
Atl Knox & N or 1st g 5 s ..1946
94%
97
97% 97%
1 2 1 % ____ 1237*
11934
1 0 3 % ------- 103%
____ ____ 102%
96% 90% 96%
95%
86%
9 4 % ____ 92%
109 109% 109%
124 ____ 120%
130%
1 1 0 % ____ 109%
76
81%
83
88
7834 90
55% 73%
863* 88
BO N DS
N . Y . ST O C K E X C H A N G E .
Week Ending N o v . 3.
111
86%
94% 95
____
Low High
100% 102
96U 993*
105 " 108 ~
85% 88%
___ 108
87 83
97% O ct '16
108
Range
Since
Jan. 1
I Interest
j Period
Price
Friday
Nov. 3.
Bonds
Sold
BONDS
N . Y . ST O C K E X C H A N G E
Week Ending N ov. 3.
90
101% 102
70
71
T 4 P Branch 1st 6 s . . . . . 1917
N at ltys o f Mex pr Hen 4 H « - 1957
91
Oot TO
80
80
7834 79
89
91
Bid
105
92
89
—
Week’s
Range or
Last Sale
Price
Friday
Nov. 3.
Range
Since
Jan. 1
High No. Low High
Ask Low
____ 106 O ct T 6 . . . . 104 106%
105 O ct T3
....
89% July’ 16
89% 90
__
106%
106% O ct T 6 ____ 104%
94%
94% ____ 94% June’ 10 ___
3 85
89%
90
89% Sale
1 97
97
97
97
98
99% O ct '06
84%
84
85%
97
97 O ct T 6 ____ 96
96
____ 86%
89
90 O ct *16 ■
90
95 Jan ’ l l
. . . . IOH2
102%
102% Sept’ 16
103
98%
100 A u g ’ 16 ____ 99%
91
94
97% July’ 16
88
3 111%
113 Sale 112%
113
110
109 Aug '16 ____ 108%
1 G 92%
95 Sale
94%
95
93
93% S ept’ 16
93
105% 106*% 105% O ct T 6 ____ 103%
107% ____ 1075* D ec T 5 ____ . . .
101% _ _ _ _ 1015* Sept’ 16 . . . . 100%
114% ____ 114% O ct '16 . . . . 113%
107 109% 1097$ M a y ’ 15
89
88t* July'16 ____ 88*%
106% 108 108 Apr T 6 . . . . 107
62
63% 62
62
3 61
1 85%
88% 901* 89
89
108 ____ 107% O ct T 6 —
107%
106%
IO6I4 June* 16
105*4
88% S ept’ 16
87%
102*%
102%
102%
5 100
100%
99%
101 O ct '16
80% 81
15 77%
80%
805*
95 Feb ’ 05 ____
105%
105% Sept’ 16
105%
99
975* M a y ’ 16 - - - 97%
male
107% 108% 107% Scpt’ 16
105%
101% 103 102% Oct T 6 ____ 100
84% 81% Apr T 6 ___
80%
79
79
77 ~ M ar’ 10
1
79 N o v ’ 10
101 O ct '09
113
111%
113 O ct T 6
102% 103% 103% Oct '16 . . . . 102%
2 86
92 Sale
91
92
115 52%
64
60
64
64%
64%
62
5 50
60 Feb T 6 ____
11 86
90
90% 91% 89
91 51%
63% 64
63
63%
58 91%
93% 94
93%
93%
85
97
98% 99
98 O ct '16
2 90
93 Salo
93
93
26 70%
77% 78
77%
77%
121 40
49
50
50 Sale
41
46
44% Oct '16 ____ 37%
32 51
63
63
6312 63
42
36
45
45 O ct '16
45
40
37% O ct TO ____ 37
68
99% D ec T3
72 July’ 16 ____ 60
65%
85
88
84% O ct TG ____ 74
1 50
64
64
60
2 48
78
7212
72H
73
50
50U Oct *16
49
51
57% 57% Sept’ 16 . . . .
96
66-li
102%
98
67^4
103 '
82
M- S
F -A
99%
100 Sale
1*' - A *99%
M- S
57
57%
M- S
58 Sale
58
M- N
81
82
82
F -A
100
F -A
67
J -D
771*
J - J
110
F -A
92% 92%
90
J - J 101 ____ 100%
A - O 101% 103% 102%
A-O
102
j - j
81
84% 83%
j - j
80%
M -N
78% 78% 781?
r«i- s
82 '
87
11334
J - D 113%
Q- J
109% 109
M- S
77
7/
F - A 101
101
J - D
91
89
J - J
88
88%
A -O
107 108 107
J - J 107%
110%
J - J 1001$
113
J - J 100%
30%
J - J
30
A- O
35
O ct '15
100
A - O
J - J
New Orleans Term 1st 4s__ 1953 j - j
M -N
F -A
117% M ay TO
94% J'ly T2
Ref 4 imp 4 H s “ A ” ......... 2013 A - O
107% Oot T6
1003* 109
N Y Central 4 H R g 3H 8..1 9 9 7 J - J
114 Feh ’ ll
J - J
M -N
90 - Oot ’09
M -N
102% 102% 10134
102
64 100 103%
Lake Shore coll g 3 H S ...1 9 9 8 F - A
88% 89% 867* D ec T5
F -A
F -A
Registered........... . . .*___ 1998 F - A
------- 95% 98 Jnly’08
J - D
yo u
100 Sale
Beech Creek 1st gu g 4 s ..1936 j - j
99
100
13 95 100
92 ____ 92%
Registered_____________ 1936 j - j
92%
2 89% 92%
70 Salo
697^
70%
2d guar gold 5s................1936 j - j
55 663* 71
J - J
A -O
88% Salo
Cart 4 Ad l s t g u g 4 s _____ 1981 J - D
72 85*4 89%
88
88%
9934 100 99%
G ouv 4 Oswe 1st gu g 5 s .. 1942 J - D
99%
6 96% 10134
83
83% 8234 Oot TO
M oh 4 M ai 1st gu g 4 s . . . 1991 M - S
75
83%
F- A
-.
92% 98 M ar'14
1007* Sale 100%
100%
16 100% 103
N Y 4 Harlem g 3 H * ____2000 M -N
9934101% 100 Oot T6
N Y 4 Northern 1st g 5s. 1923 A - O
100 102
91 ____ 91
91
N Y 4 Pu 1st cons gu g 4s 1993 A - O
1 89% 92%
j - D
112% . . . . 113 Oct T 6
R W 4 O con 1st ext 5 s . . 51922 A - O
110 113
111% ____ 111% June'10 .
R W 4 O T R 1st gu g 5 s .. 1919 M -N
111% 111%
• No prloo Friday; latest bid and asked this week. a Due Jan. 6 Due Fob.
d Due April, e Due May. g Due Juno.
0 Due Nov. t Option sale.
1671
New York Bond Record— Continued— Page 2
Interest
Period
Nov. 4 1 9 1 6 .j
97% 99
07i> Sale
102% Sale
10312
50
73%
114
30
40
74
74
11334
114%
86 '
86%
95% Sale
95
95%
84 Sale
83%
84
82% 83% 83 Oct T 6
92%
92%
77%
76%
77%
75
63U
96 '
95%
102%
88
104%
93
87
81
106%
92
117
103%
102
78%
79
78%
Sale
12
78
78%
76% O ct T6
78%
78%
78 Oct T 6
97%
90%
105
103
102
97%
113
110%
96%
93%
105%
____
102
116%
90%
108%
64
90
107%
107
89%
102%
101
82
107%
97%
108%
103%
82%
115
103%
92
66
66
90%
63%
98%
99*%
93%
78%
50%
52%
63
48
46
72
89%
70
73
501*
63
83% 100*
57%
58
85
67
93
100%
103%
85
79
115
109
77%
102
88%
107%
110%
10034 lOU j
July’04 —
Aug '16
Aug '16
74
86
35 94
98
791 63% 68%
20 100 103
89% 101%
39%
Oct T 6
16 40
58
M a y ’ 16
82
Feb *13
Aug T6
50
D ec *13 ____
M ar *05
4 89
93
July’ 16 ___ 100
2 99%
102%
J’ly *14
2 74%
83%
Oct '12
5 68
781?
Sept’ 15
114
3 111*4
Feb T6
102
Oct T 6 ____1 75
O ct '16 ____ 99%
D ec ’ 15
10 88%
88%
9 103%
107
110%
M ar’ 16
Oct *16
M a y ’ 15
106%
96%
90
99%
10
638
76
126
35
32
17
2
30
35
30%
35
30
30
69
110%
81%
91%
81%
807*
89%
90
74
73%
75
74
74%
1177*
867*
95%
84%
83
93%
90
79%
78
80%
78
95 July’ 16
94% 90%
9584
9534
i 93% 95%
104 M ay’ 16 ___ 104 104
88
- - 94%
ju n e ’ 16 . . . .
88
88
___
_
_______
94
94
M ar'16
Feb '16
89% 89%
___ _
June’ 15 ____ _ _
Sept'16 . . . . 105% 106%
92
92
10 88
M ay’ 16
Oot* T 6
103% 104%
June’ 10
* Due Aug. o Due Oct.
94
89%
85
___ _ 106%
92
Sale
113
104% 103%
____ 104
A Due July.
11
BONDS
I f. Y . ST O C K E X C H A N G E
Week Ending N ov . 3.
N Y Cent A H R U R (Con.)—
Rutland 1st con g 4 % s___ 1941
Og A L Cham lat gu 4s gl948
Rut-Canada 1st gu g 4s. 1949
St Lawr A A dir 1st g 5 s .-.1 9 9 6
2d gold 6s________
1996
Utica & B lk R I v g u g 4 8 ._ .1 9 2 2
Lake Shore gold 3%s_____ 1997
R e g is te r e d ....................... 1997
Debenture gold 4s......... 1928
25-year gold 4s.................1931
R e g is te r e d ...................1931
K a A & G R 1st gu c 5 s . . . 1938
M ahon C ’l R R 1st 5s......... 1934
Pitts A L Erie 2d g 5s. . . a 1928
Pitts M cK A Y 1st gu 6 3 .. 1932
2d guaranteed 6s______ 1934
M cK ees & B V 1st g 6s. 1918
Michigan Central 5s_____ 1931
R e g is te r e d ....................... 1931
4s......................................... 1940
R e g is te r e d __________ 1940
J L A S 1st gold 3 H s . . . 1951
1st gold 3Ha..................... 1952
20-year debenture 4s___1929
N Y Chic * St L 1st g 4s. . 1937
1937
R e g is te r e d ..............
Debenture 4s..................1931
West Shore 1st 4s g u a r . .. 2361
R e g is te r e d ____________ 2361
N Y C Lines eq tr 6 s .. 1916-22
Equip trust 4 ^ s ..l9 1 7 -1 9 2 5
N Y Connect 1st gu 4 4 s A . .1953
N Y N H & Hartford—
N on-conv deben 4s______ 1947
[Vol. 103.
New York Bond Record— Continued— Page 3
1673
- j
- j
j - J
A- O
j - j
J -D
J -D
M- S
M -N
M -N
J - J
j - j
A -O
J - J
J - J
j - j
M- S
Q -w
J - J
j •j
M- S
M -N
A -O
A- O
A -O
M -N
J - J
J - J
M- N
J - J
F- A
j
j
M- 8
M- S
A -O
J - J
M -N
J - J
J - J
F- A
J - J
J - J
A -O
J - J
M -N
F- A
J - J
M- S
M -N
IY1-N
A -O
J - J
IVI-N
A -O
J - J
J - J
M -N
J - J
M- S
J - J
M- S
M- S
J -D
Norfolk Sou 1st A ref A 5sIIl961 F - A
M -N
1 1 vv 11 TOD 6C IJ j j u i u 03. . . . l l f d l M - A
Improvement A ext g 6 s .. 1934 F - A
New River 1st gold 6s____1932 A -O
N A W R y 1st cons g 4s___1996 A - O
A O
J - J
10-25-year conv 4s_____ 1932 J - D
10-20-year conv 4s......... 1932 M - S
10-25-year conv 4 M 8 ...1 9 3 8 M - S
Pocah C A C Joint 4 s .. . 1941 J D
C C A T 1st guar gold 5 s .. 1922 J - J
Sclo V A N E 1st gu g 4 s .. 1989 M - N
lor Pacific prior lien g 4 s .. . 1997 Q - J
R e g is te re d ....................... 1997 Q - J
Q- F
Prict
Friday
Nov. 3.
* Option sale.
Sa
is
Range
Since
Jan. 1
Bid
Ask Low
High No. Low
8 3 % ------- 8134 D ec T 5
68% 4 68%
68l2 70 68%
67 ____ 92 June’09 . . . . ’
1 97%
97%
97%
96
99
119% M ar’ 12
____ 111
9734 ____ 97% July’ 16 ____ 97%
1 83%
85% 86
85%
85%
84 ____ 83% July’16 . . . . 83
32 94%
95% Sale
95%
96
32 9334
95%
95%
95% Sale
36 94
95
95
High
70
____
97%
97%
86
8334
96
95%
95
D ec ’ 15 ____
July’ 16 —
162" 104
Jan ’09
M ar’ 12
....
106% 111 1 108% Aug" 16
ioo% 1*06%
106 ____ 105 July’ 16 —
105 105
9034 . . .
98 Apt '12
87 Feb ’ 14 ____
106 ____
103 ____
1 15 % ____
1 1 3 % ____
104%
103
130%
123%
82% Sept’ 10 ____
82% 86
25!
89
89
89% 88%
9434 9434 12
9434 95
91 ------- 90*4 Aug ’ 16 . . . .
78 Oot ’ 16 ____
79
80
39!
92
92%
92% Sale
40
89% Sale
8934
90
100*4 ____ 10034 Oct TO . . . .
99 * 4 ____ 9934 July’ 16 ____
41
99%
99%
99 % Sale
80
82
79% Sept’ 16
72
72 ____ 72
70
70
69% 72
77% 78% 7734 Oct ’ 16
77% 78% 77% Oct ’ 16
69
69% 77% Oot ’ 16
11234 ____ 11234
112*4
7 9 % ____
91% Jan ’ 12
____ 80
79% Apr ’ 16
____ 80
91%
90% 93
8 9 % ------- 99%
------- 82
82%
....... 107 ____ 105%
9 1 % ____ 87
9 0 % ____ 88
75%
75% 76
1 00 % ____ 107
108 ____
92
------- 70
86 ____
81% 83
77
79
83% 85
9934101
120 ____
12034 122
122 Sale
95 Sale
------- 9434
91% 92
140 ____
140 ____
140 ____
90 ____
1 02 % ____
93 Sale
9334 Sale
67 Sale
6 6 % ____
9 1 % ____
J - D
F - A 110 111
vC l UlU /ftLUo. . I p 5 i ) Q - A
St Paul A Duluth 1st 5S-.1931 F - F 107 ____
A - O 1 0 0 % ____
88 ____
J -D
Q -M
86
88%
111 112%
j - .1 86 Sale
J - D 100 Sale
98
99%
J - J
9 9 % ____
M -N
M - S 1 0 2 % ____
98% 99
M -N
99% 99%
M -N
F - A 10534 Sale
J - D 103 Salo
M- 8 9 7 % ____
95 ____
F - A
M- N
99% 100
J - J
j - J
93 „
99% ____
V
u IVXV oc VyUli
io
M- S
Pennsylvania C o
Guar 1st gold 4 H b..............1921 J - J 101% 10134
J - J 100% 101%
8 6 % ____
^ wH V*U3b IVti *A- Ido I M - S
Guar 3 4$s coll trust ser B.1941 F A
85*4 88
M- N
8434 ____
j - 0
V Jiiat 0 73 3 U U3b U tlS kJ _____ 1 U f
86
88
J ■E
Guar 15-25-year gold 4 s . . 193 A - O
96
96%
96 ____
M -M
91 ____
M- *
M -N
99% 100
J J 100 ____
A - C 104
A O
88 ____
M- N
8 8 % ____
F - A
88 ____
1J - J 8 8 % ____
1J - J
8 8 % ____
J - J 100 101
M - S 9 4 % ____
M - N 104 % ____
J - J 1 0 0 % ____
J - J 100% . . . .
M- S
9 3 % ____
10134 ____
A -O
A - O 101% 103%
M - N 10134 ____
96 ____
M- N
96 ____
F -A
96 . . . .
Series F guar 4s g old .
J - C
96 ____
M- N
F - A IOD 4 103
A - O 1 07 % ____
iVeek’v
Range or
Last Sate
8 e p t’ 16
iunti’ 12
Oot ’ 16
......
M ay’ 15
J’ ly ’ 14
Aug ’ 13
77
Aug ’09
99%
101%
100
88%
85
100%
86%
86%
96
92
91
99
103%
101
91%
90%
89%
88%
90%
99%
93
79%
71
69%
....
77%
____ 77%
....
6834
2 110
81%
73
72
81%
82
77%
118
79%
79%
3
...
....
—
....
91% 93
79% 83
.... ....
12
4
72
82
69% 70
77% 84
70
79
78
80
10 97 100%
1 118% 120
. . . . 120% 122
1 119 122
18 91% 95%
....
21 88*4 91%
1 113% 146%
. . . . 114 143
. . . . 115% 144
- - - - 88
90%
. . . . 103 103%
1 91% 94
114 91% 94%
90% 93%
39 65% 67
____
—
913g 91%
1 109% 113
- - - - 107
____ 100%
....
90
—
90
111
V 83%
6 93
____ 98
8 98%
. . . . 102%
____ 98%
47 98
62 104%
87 100%
....
96%
- - - - 94%
—
98%
2
99%
101%
Aug T6
Jan TO
Sept’ 16
Jan TO
July 10
Oct TC
96
Aug *ie
Oot T6
Aug T6
Oot T 6
D oc *16
Feb T 2
Oot ’ 12
Sept’ 16
Oot ’ 16
J’ lv T2
Aug ’ 16
M ay’ l l
109 M ay’ ll)
100%
100%
100% Oct ’ If
94 Apr ’ If
101% Oot TC
101% Oot TO
97% July’ 15
95% Oot TO
95% Oot ’ If
85
90%
95%
9334
8434
93
90
102
9934100%
97% 100%
____
5
____
99"% M ar’ 12
69% Sept’ 16 . . . .
99% Dec ’ 14
83% Feb ’ 14
81%
81%
92% June’ 12
79 Apr TO
78 Aug T6
99%
100%
120
120
121% July’ 16
122
122
94%
95
93% Deo T5
91%
91%
144
144
137% O ct T6
144 Oot TO
89*4 Oct 16
103 Sept’ 10
93
93
93%
9334
92% Oot TO
60%
67
65% June’ 16
91% Sept’ 16
110%
110%
109% Oct T6
107 Oot T6
10034 Sept’ 16
91% Sept’ 16
90% Fob T6
111% Sept’ 16
80
88
100
100
98% Oot T6
99%
99%
103 Oct T 6
98% Oot TO
99%
9934
105%
10534
1023;
103
97% Oot T8
94% Sept’ 18
98% Sept’ 16
102 Jan ’03
82%
86%
91
9034
77%
87%
86%
100%
107
101%
91%
90%
111%
88
101
98%
99%
103%
99%
100%
106%
103
97%
96
98%
99% 100
4 100% 102%
____ 100 101%
....
88% 86%
—
85
85%
9934 100%
____ 86% 86%
____ 85
80%
1 94% 96
____ 92
92
____ 90% 91
____ 99
9934
____ 103% 105%
____
____
89% 89%
88% 90
....
95% 99%
... _
2 100% 100%
____ 100% 100%
93% 94
____ 101 102%
—
101% 102%
____
____
_
94»4 95%
92
95%
_ 95% 95%
95% Oot T6
101 A u g ’ If
101 102%
107% Sept’ 10 —
107% 107%
Price
Friday
Nov. 3.
BO N DS
N . Y . ST O C K E X C H A N G E
Week Ending N o v. 3
Peoria & Pekin Un 1st g 6s - .1921
2d gold 4 H s ...................... 51921
Pere Marquette— Ref 4s___ .1955
Refunding guar 4s........... .1955
Chic & West M ich 5s____ .1921
Flint & P M gold 6s . . . .1920
1st consol gold 5s......... .1939
Pt Huron D lv 1st g 5s. .1939
Philippine R y 1st 30-yr s f 4s 1937
Pitts Sh & L E 1st g 5s____ .1940
Reading Co gen gold 4s____ .1997
R e g iste re d ___________ .1997
Jersey Central coll g 4 s .. .1951
Atlantic C ity guar 4s g - . .1951
St Jos A Gr Is! 1st g 4s____ .1947
St Louis San Fran (reorg C o j—
Prior Lien ser A 4s______ .1950
Prior Hen ser B 5s_______ .1950
Cum adjust ser A 6s ____
.1960
St Louis * San Fran gen 6s .1931
General gold 5s______ .1931
St L * S F R R cons g 4s. .1996
General 15-20-yr 5s__ .1927
Aik Low
102
87
14
____ 35
30
8 9 % ------- 89%
1 0 5 % ____ 105%
78 ____ 78
40 Salo
45
____ 49
50
106 % ____ 106%
113%
95%
95% Sale
95% 95% 95
95% 96% 95%
93 ____
80% Salo
80
Bid
Q- F
M -N
J - J
J - J
J D
A -O
M -N
A -O
J - J
A - O
J » J
J - J
J - J
A -O
J - J
J - J
Week’s
Range or
Last Sale
100 ____
87 ------22% ____
IS*5
High No.
N o v ’ 16
M ar’ 16 ____
Apr T 8 ____
10
30%
Oot TO
5
105%
2
78
4
46
Apr 16 .......
Aug T 6 —
N ov’ l l
95% 168
O ct TO ____
6
96
80%
5
Range
Since
Jan. 1
Low
High
87
14
■30*4
88%
101 105%
74
78
46
40
61
50
106% 106%
87
14
14
83
93% 96%
92*4 95
94% 97%
59
82
72% Sale
J
J
70%
72% 1861 67% 72%
J - J
90% Sale
89
90% 1076 83% 90%
89%
89 Sale
J - J
89
89% 419 74
65
64 Salo
59
65 1590 39
July
J - J 111 % ____ 111
7| 109 113
111 %
10 100% 103%
103
J - J 102% 103 10234
J - J
78 M a y ’ 16
68% 78
216 45*4 82
80 ____ 80
82
M -N
161 46
82
81% Salo
79
82
20 43% 79
79 Sale
77
79
93
9 2 % ____ 92% Sept’ 10 . . . .
89
Southw D lv 1st g 5s__ .1947 A - O
67% 83*4
83*4 O ct T 6
J - J
80*4 M a r’ l l
J - J
7 62% 85%
85 ____ 85%
85%
79
80
74% Sept’ 10
61% 75%
8 109% 110%
i io %
K C Ft S & M cons g 6s . .1928 M -N 110% Sale n o
44 75
78
77% Salo
77
78
K C Ft S A M Ry ref g 4s . 1936 A - O
90
90 ____ 90 Juno’ 10
90
K C A M R A B 1st gu 5s .1929 A - O
79% 80
79%
79% ' 22 75% 80%
St L S W 1st g 4s bond ctfs. . 1989 M - N
70
64% 68% 64 Oct TO —
62
2d g 4s Income bond ctfs.2)1989 J - J
77 60% 72
71% 72
69%
72
J -D
Consol gold 4s..................
50 60
72
70
70% 70
72
1st terml A unlf 5s........... .1952 J - J
J - o 100 ____ 98*4 Jan T4
68% 68% 6S%
68% • 3 62% 70*4
.1943 J - J
101% 101%
S P & N P 1st flk frt g'/Ss
1910 J - J
101% Oot T6
84%
82% 83% 80% Oct TO . . . .
74
Seaboard Air Line g 4s____ -1950 A - O
12 78% 83%
82 Salo
82
82i.i
Gold 4s stam ped_______ .1950 A - O
70
69% Salo
67%
69% 222 64
Adjustment 5s....... .......... 01949 F - A
68 65% 72
67% 69% 68%
70
.1959 A - O
25 82
87%
86%
86%
86% Sale
Atl Blrm 30-yr 1st g 4 s .. *1933 M - S
88
88% 88i.i 88 Juno’ lb —
88
Car Cent 1st con g 4s____ .1949 J - J
J - J 100 % ____ 99*4 Sep T5
Fla Cent & Pen 1st g 5 s ..
J - J 1 0 1 % ____ 101 Deo T 5
Consol gold 5s.............. .1943 J - J 10234____ 102*4 Oot T 6 ____ 102% 103%
Ga & Ala Ry 1st con 5 s .. (>1915 J - J 103 % ____ 102% Oct TO ____ 102% 103*4
Ga Car & N o 1st gu g 5s. .1929 J - J 10238 ____ 102% O ct TO . . . . 101% 103
—
Seab & Roan 1st 5s......... .1926 J - J 102 ____ 99% Aug T5
Southern Pacific C o—
93 83% 89
88 Salo
87%
88%
G old 4s (Cent Pac c o ll ) .. *1949 J - D
J - D
86
88
90 Feb ’ 14
88% Salo
88%
88% 181 86% 89%
20-year conv 4 s_________ 01929 M - S
105% 148 102% 107%
J - D 1C5% Salo 105%
20-year conv 5s________
47 87% 91
90% Salo
90
90%
Cent Pac 1st ref gu g 4s. .1949 F - A
87% S ept’ 10 ____ 8634 89
1949 F - A
89% 91% 91% Oct TO
84% 91%
M ort guar gold 3M s_. *1929 J - D
86*4
84
Through St L 1st gu 4s .1954 A - O ____ 85% 85% Oct TO - G H 4 S A M 4 P 1st 5s. .1931 M -N 10238 104% 101% Oct TO ____ 102 102
..
99% 100 100 O ct TO
99 100
2d ex ten 5s guar-------- .1931 J - J
____
100
%
100%
Gila V G A N 1st gu g 5s. .1924 M -N -------102% 100% Jau TO
102 M ay’ 16 __ _ 101 102%
H o u s e * W T l s t g 5 s . . .1933 M -N ____ 101
1st guar 5s red............. .1933 M -N 100% 102% 100 Oct T6 ____ 100 103%
4 106 106%
106
H & T C 1st g 5s lnt g u .. .1937 J - J 106 ____ 106
96 ____ 96 O ct TO —
94% 96
Gen gold Is lnt g u a r .. .1921 A - O
109% N o v ’ 15
M -N
1 0 2 % ____ 103 N o v ’ 16
j - i 1 0 5 % ____ 109 June‘ t4
M organ’s La & T 1st 7s. Il918 A - O 103% 103% 104% July’ 10 ____ 1041. 104*4
105 Jan T6
105 105
.1920 J - J
A - O 1 06 % ____ 105 Oct T6
Ore <&Cal 1st guar g 5 s .. .1927 j - j 101% 102% 102% Oot T 6 ____ ioo% 102%
107% 107%
1937 M - N 107% . . . 107% S cp t’ 16
95
96% 96 Oot TO
94% 97
So Pac Coast 1st gu Is g . .1937 J - J
30 82% 86
85% 86% 85%
85%
San Fran Term l 1st 4 s .. .1950 A - O
____
93
96% 96 Apr 14 ____
Tex * N O con gold 5 s .. .1943 J - J
92% Sale
91%
92% 146 89% 92%
So Pac R R 1st ref 4s____ .1955 J - J
66 100 103%
102
Southern— 1st cons g 5s___ .1994 J - J 102 102% 101*4
Registered .................... .1994 J - J ------ 102% 100% Aug T6 ____ 100% 100%
77%
77% Salo
70%
77% 576 69
D evelop A gen 4s Ser A . . .1956 A - O
6 75
78
77
78
78
78
M ob & Ohio coll tr g 4 s .. .1938 M - S
100 104
M em D lv 1st g 4H 8-5S-. .1996 J - J 10C% 101% 101% Oot TO
1 80
84%
82% 84% 84
84
St Louis dlv 1st g 4s____ .1951 J - J
Ala Cen 1st g 6s......... ...... .1918 J - J 102% 104 102% Sept’ 10 ____ 102% 103%
5
9934
____
99%
1
D
99%
99%
98%
.1913
Ala G t Sou 1st cons A 5s.
94% Oot TO ____ 94% 06
Atl * Char A L 1st A 44<s 1944 J - J ____ 95
12 100*4 103*4
J 102% Sale 102*4
103
1st 30-yr 5s ser B .._ .1944 J
_ _ 81% 85%
81% 83% 83% Oct T6
1948 J - J
1948 J - J ____ 82
81% M ar’ 10
2(1 4s
79% 81%
75 ____ 75*4 Deo T4 __
Atl A Yad 1st g guar 4 s .. .1949 A - O
1 103% 105
105
E T V a A G a D lv g 5 s . . . .1930 J - J 105 ____ 105
7 105% 107%
107%
Con 1st gold 5s............. .1956 M - N 107% Sale 107%
3 99% 101%
101%
E Ten reor Hen g 5s_____ .1938 M - S 100 101% 101%
60
57% 6.)
57
58 Oct T6 . . . .
Ga Midland 1st 3s........... .1946 A - O
1 106% 107%
106%
Ga Pac Ry 1st g 6s______ .1922 J - J 106% 107% 100%
K nox A Ohio 1st g 6s__ .1925 J - J 108 110 109% Aug TO ____ 108 110%
105% 108
M ob A Blr prior lien g 5s. 1945 J - J 103 % ____ 100 Sept’ 16 —
72 ____ 71*4 M ay’ 16 ____ <T», 71*4
M ortgage gold 4s_____ .1945 J - J
103% 104%
Rich A Dan deb 5s stmp< .1927 A - O 103% 104% 103% Scpt’ iO —
_
73 Sop T2
Rich A Meek 1st gu 4s. .1948 M- N ___ _
1 100% 102
101
So Car A Ga 1st g 5s___ .1919 M -N 101 101% 101
102 102%
Virginia Mid s e r D 4 - 5 s .. .1921 M - S 102% ____ 102% June’ 16
Scries E 5s___________ .1920 M - 8 1 0 3 % ____ 103% Aug TO ____ 102 103%
Series F 5s____________ .1931 M - 8 101% . . . 104 M a r l3 ____
2 102*4 107 %
107%
General 5s...................... .1936 M -N 107% Salo 107%
Va A So’ w’ n 1st gu 5s. .2003 J - J 103>2 ____ 105 M ay’ 10 ____ 102% 105
86% 91
89% 90*4
90 Sopt’ 10
1st cons 50-year 5s. . 1958 A - O
94%
92% 0234 91 Sept’ 10 ____ 91
W O A W 1st cy gu 4s. . .1924 F - A
92
....... 91»a Oot TO ___
01% 93
Spokane Internat 1st g 5 s .. .1955 J - J
____
100%
100%
102
98%
A
O
100%
Oot
T6
Ter A of St L 1st g 4 M s___ .1939
1st con gold 5s_____ 1894-1944 F - A 104% 105 105 Aug TO . . . . 103% 107%
85% 86
80 Oct TO ____ 84% 88
Gen refund s f g 4s........... . 1953 J -J
99% 101%
St L M Bridge Ter gu g 5s. 1930 A - O 100% 100% 100% Oct T6 ___
37 95 98%
98
98% 97%
98
Tex A Pac 1st gold 5s......... -200C J - D
25 35
52
55 ____ 41%
52
2d gold Inc 5s_________ 0200C M a r
90
1931 J - J ____ 89% 88 Oct TO
88
____ 05 106% N o v ’04
W M in W A N W 1st gu 5sl930 F - A
T ol A O C 1st g 5s............... .1935 J - J 103% 105 104 O ct ’ 16 . . . . 103 105%
Mestorn D lv 1st g 5s___ . 1935 A - O ____ 100% 101% M ay’ 16 ___ 101 102%
94
94 M ay’ lfl . . . .
93
General gold 5s............... .1935 J - D ------- 89
84%
82% 82% 82 Oot T6 ____ 82
Kan A M 1st gu g 4s___ -199C A - C
99
97% Sale
97%
97%
1 97
2d 20-year 5s________ .1927 J - J
61
53% 55
53% O ct ’ If ____ 50
T ol P A W 1st gold 4s____ .1917 J - J
84
85
78% 83
T ol St L A W pr Hen g 3 14s. 1925 J - J
81% Oct TC . . . .
62
6 54
60 Salo
59%
60
50-year gold 4s................ . 195C A - O
18% 18%
20
50
18% M ar’ lf ___
Coll tr 4s g Ser A ........... .1917 F - A
86
83
83% 83 Apr TO ____ 83
T o r Ham A Buff 1st g 4s. A194C J - D
09% 101%
____ 100% 100% S o p f l f
Ulster A Del 1st con g 5s. _192f J -E
1952 A - O
53 95% 98%
98%
98%
Union Paclflo 1st g 4s____ .1947 J - J 98% Salo
97%
96
07
90 Oot TO
95
R e g is te re d .................. . 1941 J - J
94%
94%
22 92% 96
94% Salo
20-year conv 4s.............. .1921 J - J
01%
91%
91% Salo
8C 89% 91*4
1st A ref 4s...................... .0200) M - t
92% Salo
92%
02*4
Ore R R A N av con g 4s .1916 J -D
2 91% 93
__
__
_
BONDS
N . Y . ST O C K E X C H A N G E
Week Ending N ov. 3.
S i
l i
Price
Friday
Nov. 3.
A
J
D
J
J
J -D
F - A
A- O
West N Y «& Pa 1st g 6s ____1937 J - J
A- O
Nov
Bk City 1st cod 53..I910-1ilH
Bklyn Q C o & S 1st 6s ___ 1911
Stamped guar 4-5a......... I960
Kings County E 1st g Is. 1919
Stamped guar 4s. . ._1949
Nassau Elec guar gold 4 s . 1951
Conu Hy A: List & ref g 4 ^ s 1951
Stamped guar 4 H a............1951
Det United 1st cons g 4 H 9 --1932
Havana Elec consol g 5s____1952
Hud A Manhat 5s Ser A ____1957
Adjust Income 5 s................1957
N Y A Jersey 1st 5 s........... 1932
Interboro-M etrop coll 4H 3-195S
Interboro Rap Tran 1st 5s. .1900
6
99
99
64
78*4
78*2
80 SeptTfl
88 Oct TO ____
87*2
88*4 53
88
89
ll
A - O 101 Sale
75
77*4
.1 - J
J - J 100*4 Sale
J - J 102 102*2
94*2 95*2
M -N
J - J ____ _
F - A 101*2 Sale
F A 100*2 101*4
F- A
83*2____
F - A
83*8 84*2
J - J
74
74*4
F - A
90*4 97
1 - J 101*4____
J - J 101*2____
J - J
84 Sale
9
75*2
70
100*4
1007a 27
102 Oct TO —
93*2 SeptTO
101 M ayT 3
10078 101*2 48
101*4 O ct TO ____
84
84
2
84*8 Oot TO
17
74
77*4
17
90*4
97
101*2 10U 2 2
101% s o n f ie ____
33
84
84*4
F- A
F- A
F- A
A -O
J - J
A -O
A -O
99
78
92
87
------- 95
71 Sale
26*8 Sale
100*4____
73 Sale
9378 Sale
92
92*2
93
93*2
100*4
101
89
71*4
30
26*2
100*2 July'lt) ____
72*4
73*4 170
98*4
9878 383
91*2 Oct TO ____
1
93*8
93*8
69*4
26*8
5
100
9978
997s
1
98
99*2 98
6
100
100*4 100
30
M ar’ l l
M llff Elec Hy A Lt consg 5s 1920 F - A 102*8____ 102*4 Oot TO ____
J - J
93*2 04*2 92*8 Fob T5
MInneap St 1st cons g 5s___1919 J - J 100*4____ 101 Aug TO ____
95
95
94
95
1
Montreal Tram 1st A ref 5s. 1941 J - J
New Orl R y A Lt gen 4 ^ 9. . 1935 J - J ------- 85*2 83*4 Aug TO ____
99 ____ 99 SeptTO ____
N Y Munlclp Ily 1st s f 5a A 1900 J - J
32
70
N Y Rys 1st R E A ref I s . . _ 1942 J - J
75*2 7578 74%
A -O
52 Sale
52
53*2 110
30
87
N Y State Rys 1st cons 4 ^ s . 1902 M - N 86*2 8678 80*2
86 92 8878 O ct TO
Portland R y 1st A ref 5 s___ 1930 M - N
78*8 JulyTO —
Portld R y Lt A P 1st ref 5s. 1912 F - A ____ 78
- J
100 M ay’ 15
9 5 * 4 ____ 90 M ay TO
St J03 Ily, I . . I I 4 P lat g 53-1937 M -N
102's •1
St Paul C ity Cab cons g 5 s .. 1937 J - J 100*2____ 102*8
81
8178 34
Third Ave 1st ref 4s..............1900 J - J
8178 Sale
58
70
76*.i
AdJ Inc 5s______________ a l 900 A -C
76 Sale
Third Avo R y lat g 5s........... 1937 J - J 107*2 108 108*a SeptTO ____
2
100*2
Trl-CIty R y A Lt 1st a I 5s. .1923 A - O 100*4 10078 100*4
69
80
09
Jan TO
M -N ------- 75*4 72*2
72*2
J - J 61
62
02
02
A - O
55 Apr T f
51*2 65
A -O
35*2 Sale 3 4*2
35*2
J - J
01
92*4
o o t ’ la
J -D
M -N
A- O
J - J
Q- F
J - J
F- A
J- J
M- 8
M- H
J -D
M -N
A-O
A -O
/V - O
M- 8
J - J
Q- F
Consol Gas conv deb 0s____1920
D etroit City Gas gold 5s__ 1923
D etroit Gas C o cons 1st g 5s 1918
D etroit Edison 1st coll tr 5s. 1933
1st A ref 5s ser A ......... __/»1940
Eq G L N Y 1st cons g 5 s .-1932
Gas A Elec Berg C o c g 5s - -10 49
Hudson C o Gas 1st g 5s------1949
Knn City (M o) Gas 1st g 58.1922
Kings C o El L A P g 5s------ 1937
Purchase money 6s ______ 1997
Convertible deb 6s . ......... 1926
Ed El III Ilkn 1st con j 4a. 1939
Lac Gas L of St L 1st g 5 s ..e l9 1 9
Ref and ext 1st g 5s........... 193 4
Milwaukee Gas L 1st 4s------1927 M -N
Newark C on Gas g 5s........... 1948
N Y G E L I I A P g 5s____1948 J - D
F-A
Ed El fl 1st cons g 5s____1995 J - J
N Y A Q El L A P 1st con g 5s 1930 F - A
N Y A Rich Gas 1st g 5 s___ 1921 M - N
Pacific G A El Co Cal G A E
Corp unifying A ref 5s__ 1937 M - N
Patfflo G A E gen A ref 5s. _ 1942 J - J
Pac Pow A Lt 1st A ref 20-yr
5s Internat Series................1930 l* ■ A
Pat A Passaic G A El 5 s ------1949 M - 8
Pcop Gas A C 1st cons g 6s . . 1943 A - O
Refunding gold 5s----------- 1917 M - S
R egistered.-......... .......... 1947 Jyl - 5
C hO -L.it Coke 1st BUK.5s. 1937 J - J
Con Q C o of Chi 1st BU B .58 193B J - D
I ml Nat Gas A Oil 30-yr 5s 1936 M - N
M u Fuel Gas 1st BUB 53. . 1947 M - N
Philadelphia C o conv 5s------ 1919 F - A
Conv deben gold 5s--------- 1922 M - N
Stand Gas * El conv 3 f Bs._ 1926 J - D
Syracuse Lighting 1st g 5S--1951 J - D
Syracuse Light A Power 5 s .-1954 J - J
104*4____ 103 HCDt’ 15
106*8____ 1011% Oot TC
19 ____
97 Feb T5
125*4 126*2 120*2
127
101*4 101*2 101*2
101l2
100 - . , 101 la O ct TO
10 4*8____ 1041a Oot TO
101*2____ 102*8 O ct TO
97
08
80
84*2
84
85
99*4 Salo
93
Sale
92*4
93
-------
90
92*8 SeptTO
100*2____ 99*2 O ct T 5
114 7 s ____ 115 SeptTO
102*8 102*2 102*8 O ct TO
------- 9978 99 Sept’ 13
10278 ____ 103 O ct TO
10078 IOH4 101% O ct 'lfl
------ 88
80 Oot TO
10078 ____ 100*4 M ar’ lO
99
99*4 99 14
99*4
937s 04
937s
94
100*2 102*2 101
101
101 ____ 101 Sopt'10
86 ____ H5*a June‘ 12
88*2
90*8
2
8
159
93*2 94*8
____
100 102
100*8 1021s
82*2 86*2
82 *a 86*2
73
V7U
95*4 98*4
99*2 102
101*8 10Ua
74*8 85*i
87
94*4
08*2 75*4
25*2 31*4
1001.102
72*2 76*2
97*2 99*2
93
93*4
89
88*2
93*4 100*4
98 100*8
99 101
101 102*2
100*4101
92
95
86
80
Sale
84
85
87
94
10
1
15
15
89
Cent Leather 20-year g 5 s ..1925
Consol T obacco g 4s..............1951
Corn Prod Ref a f g 5s......... 1931
1st 25-year s f 5s............. 1931
Cuban-Am Sugar coll tr 6 s -.1 9 1 8
Distil Sec Cor conv 1st g 5s. 1927
E I du Pont Powder 4 H a . . . 1930
General Baking 1st 25-yr Bs. 1936
Gen Electric deb g 3 H « ____1942
Debenture 5s____________ 1052
111 Steel deb 4 H s . ..................1940
Indiana Steel 1st 5s________ 1952
A-O
F- A
M -N
M -N
A-O
A-O
J -D
J -D
F- A
M- S
A-O
M -N
103*8 Sale
100=8 Sale
97
97%
10358 103*4
87*i 88
1123s Sale
99
99*8
1 1978 120
85 Salo
90 Sale
103*a 105
104 Sale
102*8 102*4
103 Sale
81*8____
98*4 99
98*8 Sale
102% 103
73*4 74
------- 102
------- 95
81% 82%
107*2____
93*8 Sale
10 4*8 Sale
Int Agrlcul Corp 1st 20-yr 5a 1932 M -N
Consol conv s f g 5s........... 1935
Laekaw Steel 1st g 5s........... 1923
1st cons 5s Series A _____1950
Liggett A Myers Tobnc 7s. .1944
5a......... ..................................1951
J - J
A -O
M- S
A- O
F- A
J
J
M -N
M -N
J - J
A O
09
Standard Milling 1st 5s____1930 M - N
74
62
597s
40*1
923i
Union Bag A Paper 1st 5 s ..1930
Stam ped...............................1930
U S Realty A I conv deb g 5s 1924
U S Red A Refg 1st g Os___ 1931
U S Rubber 10-yr col f 6 s . .1918
U S Smelt Ref A M conv Gs. 1926
U S Steel Corp—•1coup____d 1903
8 f 10-00-yr 5 a jr e g ......... dl903
10334
91
lo t 34
118**
123
88
86
84
85
85
93*4
lOO" loo’
93*2 96*4
A -O
F-A
M -N
M- S
A -O
F- A
J - J
A -O
F- A
J - J
M -N
J - J
07
59*2
55
30
87
102*4 104*2
85
J - J
J - J
J - J
J - J
J -D
F - A
M -N
M -N
West Electric 1st 5s D e c . . . 1922 J - J
Westlngh’se 12 A M conv 53.1931 J - J
10-year coll tr notes 5 s .-.19 17 A - O
C oal & Iron
80*8 Sale
High
10034 101*4
72*2 Sale
102l2 104*2
107*4 108*8
92*4____
93
93*2
------- 95
93 Sale
95*2 90*4
____ 100*2
08
107
10JU . . . 98 ’ Aug 15
105*2 106*4 105*2
105*2
84
85
85
94
Rangt
Since
Jan. 1
High No. Low
101*2____ 1 0 June’ 14
------- 101*8 100*4 JulyTO
89
Mar' 15
98
9978 100 O ct T 6
96 Sale
95*4
96
100*8____
F- A
J - J
A- O
M- N
F- A
M -N
A -O
M- N
J - J
Nat Starch 20-yr deb 5al_” l930
National Tu be 1st 59____ 1952
N Y Air Brake 1st conv 6s . . 1928
Railway Steel Spring—
Latrobe Plant 1st s f 5s. 1921
Interocean P 1st s f 5s__ 1931
83*s
84*4
10)1 108*8
98*4 1007a
®
N Y Dock 50-yr 1st g 4s__ 1951
Niagara Falla Power 1st 5s. 1932
Ref A gen Os------------------ a 1932
Nlag Lock A O Pow 1st 5 s . -1954
Ontario Power N F 1st 5 s .. 1943
Ontario Transmission 5s____1945
Pub Serv Corp N J gen 5 s .. 1959
Tennessee C op 1st conv O s.. 1925
Wasli Water Power 1st 5s..1 9 3 9
M a n u fa ctu rin g & In du strial
Am Ag Chem 1st c 5s............192.8
Conv deben 5s....................1924
Ain Cot Oil debenture 5a__ 1931
Am Hide A L l s t s f g 6s ____1919
Amer Ice Secur deb g Os___ 1925
Am Smelt Securities s f O s.. 1920
Am Thread 1st coll tr 4s____1919
Am T obacco 40-year g Os. - . 1944
Gold 4s.................................1951
Ain Writ Paper 1st a f 5 s . ..1 9 1 9
Baldw Loco Works 1st 5s__ 1940
Beth Steel 1st ext 8 f 5s____1920
96
81
76
Ask Low
'a 2
1
A- 6
F- A
J - J
J - J
J - J
A- O
J - J
M -N
J - J
M -N
M -N
M- N
A- O
95
102*8 102*8
Week’s
Range or
Last Sale
33
98
99
97*2 99
88 ____ 87*2 Oct TO
915s 93
91*£ Oct TO ____
2
89 Sale
89
89
100*2 Sale 100*8 1005s 28
12678 Sale 126*2
128*2 145
87 Sale
86*2 87*2 20
2
100 107 107
107
106 107 107
107
01
100*8 101 100*2 Oct T 6 - - - .
110 ____ 111 O ct TO ---- J
5
108*2 109*2 10934
109*4
97*2 Sale 97*8
97*8 421
110 ____ 110 O ct T 6 ------ 1
50
99*2 Sale 9878
99*2
92 *4 ____ 92*2 SeptTO
F -A
58......................................... .1951 F - A
M exican PetrolLtdcon 0s A 1921 A - O
1st Hen A ref 6s series C ..1 9 2 1 A - O
94*2
80
120 127
1 101 102*2
101*2 101*2
104*4 1055a
82
85
85
93
90
97*2
85*4
117
105
95
92*2
9912
86*2 ‘S9
8678 92 78
86 91
99*8 lOOTs
120*2 135*4
81
87*2
101=8 109*4
103 109
99*4 101*8
95 111
95*8 111
96U 99*2
9134 110
95*8 99i 2
92*4 93
1 71 75*2
72*2
72*2
3 100*4 102*2
102*2
105*2 Oot TO ____ 105*2 105*2
92 SeptTO ____ 92
92*8
3 92
95*2
93
93*2
86 SeptTO ----1 86 90*2
25 8934 93*8
93
93
2 88 125
96
90
103*2 Jan T4
102*2
103
100*8
103*2
100*8
97 Oct T 6
103*8
1035s
88
110*8
88
112 7s
99
99*8
11978
1197a
85
89*4
89*4
90*8
105 Oct TO
103*4
104
101*4
102*8
10278
103*8
84*4 O ct TO
98*8 Oct TO
9778
98%
102*4
102*8
7378
7378
101
101
85 M ar’ 16
S 1&8
81=8
106*4 O ct TO
93*8
93*4
104*4
104*2
78
13 1017s 103*4
156 96*4 101
9512 97*4
4 103*8 10412
9 85
88%
1200 106*4 118
0 977g 99*4
5 118 120
L! 82*2 89U
253 65*2 90*8
------ 1 104*2 105
46 102*2 10412
37 99 78 103i8
88 10034 103*8
____ 827g 84*4
98*4 100*8
14 9578 99*2
10 101*2 103
8 693a 78
24 101 10712
____ I 85
85
4 78
83*2
____ 103*8 106U
1211! 89*2 94
35 101*8 105
81*2 301
10
7473 81*2
49 81
99*4
99*2
79 97*2 1005s
100*4
97 78 447 90
9778
4 123*2 1271s
127
59 100*4 130
102
102
3 1221)) 127*2
12012 126*2
4 100U 102*4
1017s 102 101*4 102
113 116 113 O ct TO
106*8 128
112 116 1167g Oot TO ____ 105 125*2
96*2 102
85
92
85*2 Aug TO
85*i 88*2
71 99 78 102*2
102
102 Salo 1017s
48 101 105*2
105*8 1057s 104*8
105*4
99
Sale
100*4 Sale
97*4 Sale
127 Sale
102 Sale
99
100
97
126*4
101's 101
97*4 98*2 97*2
101
100
98% Sale
93% 94%
93
94*2
71 Sale
15
16*2
102*4 Sale
110*2 Salo
106*2 Hale
106 Sale
103
Sale
io d 7s
101
101
97*2
100*8
99*4
94*2
95*4
9578
18! 104
2I 801*
1 82*8
21 ; 68
101
98
100*8
96*2
90
92*4
74*8
96*2
96*4
98*2
82
3
6
1
60
100
98*4
98*4
106
105*2
105*4
94
94
94
94*2
94*2
94*2
73
70
71
15 O ct TO
10*2 16
10258 10234 55; ini7a 103*2
26 109 115*8
109*8
110*2
106*8
100*4 208 103*4 106*4
4 103=8 10678
106
10678
49 96*4 99=8
61 100 1031*
8 io i* j io3*a
103
103*4
124 O ct TO ___ 112 141*2
101 O ct T 0
100*4 101*8
96** JulyTO
2
91*4 93*2
103** 103*8
103 105*2
Col Indus 1st A coll 5s gu ___1934
Cons Ind Coal M e 1st 5 s . . . 1935
Cons Coal of M d IstAref 5s. 1950
Continental Coal 1st g 5 s .. . 1952
Or Itlv Coal A C 1st g 6s../»1919
Kan A H C & C 1st s ' g 5 s ..1951
Pocah Con Collier 1st a f 5s. 1957
St L Rock M t A P 5s stm pd. 1955
Teun Coal gen 5s....................1951
Blrm DIv 1st consol 6s __ 1917
T een DIv 1st g fis........... al917
108 109
I00*t 101'*
Victor Fuel 1st s r 5 s_______ 1953 J - J
Va Iron CoalACoke 1st g 5s. 1949 M - S
____ 80
83*2 85
Am Telep A Tel coll tr 4 s .. . 1929 J - J
M- S
20 yr convertible 4 H**____1933 M - S
Cent Dlst Tel 1st 30-yr 5 s ..1943 J - o
Commercial Cable 1st g 4s. .2397 O - J
R egistered______________ 2397 Q - J
Curnb T & T 1st 4 " « l 5 a . .. 1937 J - J
Keystone Telephone 1st 5s .1935 J - J
M etropol Tel & Tel 1st a f 5a 1913 M -N
M id i State Telep lat 5 s____1921 F - A
N Y A N J Telephone 5s g.1920 M -N
N Y T elep 1st & B e n a f 4H a . 1939 M - N
Pao Tel Ik Tel lat 5s..............1937 J - J
South Bell T el A T l a t s f 53.1941 J - J
W est Union coll tr cur 5s__ 193.8 J - J
Fd and real est a 4 Ha____1950 M -N
M ut Un Tel b u ext 5a____1941 M -N
Northwest Tel gu 4 H& 8- - 1934 J - J
47] 90*2 93*8
3 100 105*4
112*2 67 105=8 113*4
112*8 Sale 112
10278 103 10278 Oct T 6
101*2 103*8
73
77
73
73
73
5 73
71
71
____ 73
71 M ay' 16
100*4 Sale 1005s 10078 17 99*4 10078
08 Apr ' 16
98
98
____ 100
10078 1011*
1007s ____ 1007s 8e p t '10
99*j 101
100 1007g 1007s O ct T 6
2 100*4 101*8
101*2____ 101*8 101*8
99 Sale
157, 97*2 99*2
98*4
99
25 99*2 102
101*4 Sale 101*4 102
102
102 Sale 101*4
56; 99=8 102*4
2 100 102*8
102
101*4 103 101*8
97^ Sale
39 9 4 = g 9 7 = 8
9G78
97*8
102*4____ 101*4 Apr TO
IOU4 10 U 2
94*8____ 95 Mar* 10 ____ | 95
96
103
91
104
I l l ’s
126
83
4 100*8
1
1
88*4
105
2 100-8 102*2
41
S
S
S
I)
88*2
14
1
!Y! MMJ -
1673
Price
Friday
Nov. 3.
Bid
M- S
M- S
M -N
J - J
F- A
J - J
J - J
J - D
99
79
637g
105
5
i l
Sc
99
73*2
51*4
83
887s
78*2
100
_
100 Feb T3
103 103% 103% Oot TO
91 Jan TO
105 108% 105*a
105*8
116*2 118 118
118
130 130's 138 O ct TO
873.1 - 88*2 SeptTO
101 102 102's 102's
102*4 - 102'i 1021,1
95*8____ 03 '2
03'2
103*2
103*8 M ar TO
10458 104% 1045s
1015s
86*4 Salo
108*4____ 10.3'a Oct 'Hi
100*8____ 100% Aug TO
02lj July'Oil
99
80
80
83
20 100*8 10334
74*8 81
100 101>8
100*2 102*4
94*4 SeptTO
99
13wav A 7th Av 1st c g 53-1913 J - D
98
M- S
M - 8 100
United Rys Inv 5s Pitts Isa. 1920
United Rys St L 1st g 4s____1931
St Louis Transit gu 5s____1924
United HRs San F r s f 4s__ 1927
Va Ry A Pow 1st A ref 5 s. . 1934
G as and E lectric Light
Atlanta O L C o 1st g 53......... 1947
Bklyn Un Gas 1st co n s g 5s.1915
BO N DS
N . Y . ST O C K E X C H A N G E
Week Ending N o v . 3.
Lota
108
107
93*8
102
90
91*8
99*2
78*2
____
____
88*4 Sale
------- 88
F- A
M- S
J - J
Winston-Salem S B 1st 4s_- _ 1900 J - J
J - J
M -N
Rang*
Since
Jan. 1
High No. Low HiOh
Trenton G & El l s t g 5a____1949
Sept’ 16 ____ 107*2 109
4 106 10778 Union Elec Lt & P 1st g 5a. . 1932
i07*s
53 91
94
Refunding extension 5a. 1933
9378
M a r io
102 102
United Fuel Gas 1st a f 6a . 1930
Apr ' lfl . . . .
90
9538 Utah Power & Lt 1st 5a____1944
90*4 91
O ct ’ 16
91
01*2
42*2 Aug T 5 ____
Westchester Ltg gold 5a____1950
M iscella n eou s
99*8
99*2
«0 97*4 99*8
21 103 105*2 Adams Ex coll tr g 4a______ 1948
105*4
105*4
24 98 100
99*4
100
Alaska Gold M deb 6s A ____1925
105 Oot T 6
Conv deb 6s series B ......... 1920
105 105
100 M a y ’ 16
Armour A C o 1st real eat 4 H s ’ 39
96*8 100
92*s 9278
105 JulyTO ____ 103 105
Braden Cop M coil tr s f 6s . 1931
80 Aug T2
74
74
1 72 74
Consol 5s______ __________ 1955
86 June‘ 16 ____ 82 87
Bldgs 5s guar tax ex_____ 1960
1*2 Oct '16 —
4*4 Chic U nStat'n 1st gu 4 >£3 A 1963
%
1*2 5
1*2 2*8 1*2
>2 3*4 Chile Copper 10-yr conv 7s_1923
____
2 Oct TO
li3 3
'2 3*2 Computing T ab-R ec s f O s.. 1941
Granby Cons M S& P eon Os A ’2S
*2
112 2*2 1*2 O ct TO ____
*4 Aug TO —
Stam ped............................... 1928
'a
%
------>4
____
14 *4 JulyTO
*4 Great Falls Pow 1st s f 5 s . .1940
____1922
84*8------- 84*8 O ct TO ____ 83*2 8434 Int Mercan Marine 4
91*2 Aug T5
75»4
Now 1st & coll tr s f 6s-_1941
75 *2 8alo
74*2
75*4 199 71
105*2 105*8 105*8 O ct TO
103*4 106*8 Int Navigation 1st s f 5s____1929
84% 85% 8478 O ct TO
81*2 8478 Montana Power 1st 5s A __ 1°43
Morris & C o 1st s f 4 v$s------1939
37 ____ 37 Oct T 8
37
37
Bid
Ask
1073s____
107 Sale
933s Sale
101 ____
92*4 100
9U2
M- N
91*2 92
J - J ____ 87
99t2 Sale
M -N 105*2 106
9934 lOOU
2d gold 58........ . ...... ..
.1939 F - A
80 ____
J - J
M- s
96*4____
82
j - J 103*4____
8!) ____
73
76
A- O
86
T o I A Ch DIv 1st g 43____1941 M - 8 84
J -D
1*2 3«4
FJ J Utah & Nor gold 5s____1920 J J -
Week's
Range or
Last Sale
| Bonds
j Sold
New York Bond Record— Concluded— Page 4
Nov. 4 1916.]
92 “
93*2
92
93*2
114*8 115*2
100*8 102*8
1007* 103
101
101*2
87
80
100*8 100*4
5 i 96'4 99*4
9 88
94
0 98*2 1027a
99*4 101
F- A
79
79*2
18
J -D
J - D
94
96*2
F- A
A-O
91*2
J - J
J - J
93*4 94*2
J - J 84
87
J - J 101 102
J - J 100*8 Sale
A - O 100*8____
925s Sale
79
73
93*2
993g
94*4
99
94*2
85*2
101*8
100*8
100*8
80 ' “ i i
M ar'14
1 90
93*2
Feb 14
M ar -1 fi
94*4
July’ 15
J 89
94*2
O ct TO
8*
O ct T 6
100=8
100*8
100*8
73 Apr T 4
83*4
85
92*8
105U
93*2
94*4
94*2
SS*2
103*8
2 100*8 102
4 100*8 102
13
827g 90*2
92 78
105*4
•No price Friday; latest bid and asked, a Due Jan. 4 Duo April, e Due May. ffDueJun*. ti Due July, k Due Aug. o Due Oct. p Due Nov. q Due Dec. s Option sale.
1674
SHARK PRICES— NOT PER CENTUM PRICES.
Saturday
Oct. 28.
BONDS
S ee N ext P age
BOSTON STOCK EXCHANGE— Stock Record
Monday
Oct. 30.
Tuesday
Oct. 31.
Wednesday \ Thursday I
Nov. 1. I Nov. 2. ■
Friday
Nov. 3.
Sales
of the
Week
Shares
STOCKS
BO STON ST O C K
EXCHANGE
Range Since Jan. 1
R a ilro a d s
Atch Topeka & Santa F e .,1 0 0
*107*4 108 *107 107*4 *107 10734 *107*4 108
Do
pref_______________100
*100*4 101 *100*2 101 *100*2 101 *100*4 101
127 Boston & A lbany_________ 100
180
179
179
177
180 *178
177*2 *177
682 Boston Elevated__________ 100
82
83 1 82*2 33
82
82*2
82
82*?
30 Boston & Low ell__________ 100
25
125 *125
•125
129
125
125
925 Boston & M aine__________ 100
46*?
45
46
46
45*2 46*2
45*2 45*2
26 Boston & Providence......... 100
*212
*212
212 212 *212
*
Boston Suburban Eleo C os___
4 *
4
4 *
4 *
*
Do
pref.................................
40
40 $
40 *
40 *
Boston & Woro Eleotrlo C o s ..
5
5
5
*4*2
4*2
*4*2
4*2
*4*2
Do
pref__________________
*44*2 47
*41*2 47
*44*2 47
*44*2 47
Cblo Juno R y 4 0 8 Y ___ 100
154
154 *150
154 *150
*150
154 *150
D o p r e f ___________________
105
105
106
106
106
106 *105
106
Connecticut R iver________100
•150
*150
*150 157 *150
136 Fltobburg pref____________ 100
76*?
77
*75
76
76
76
3 Georgia R y & Eleo stampdlOO
Do
pref______________ 100
20
*91
♦91
*91
*91
174 Maine Central...................... 100
100 100
*99
100
100
100
100 100
1,.020 M ass Eleotrlo C os________ 100
5
5
5
5
*4*2
*4*2
47s
*4*2
D o pref stam ped________100
307
32*2 33*4
33
33
33*?
33
33
33
324 N Y N H & H artford.......... 100
60
60% 00%
60*2
60*2 60*?
60*4 607s
Northern New H am pshire. 100
•105 107 *105
107
107 *105
107 *105
Old C olony_______________ 100
*141*2
*141*2
•141*2
*141*2
420 Rutland, pref____________ 100
*27
28
•26
*27
28"
*26
28
5 Union P aclflo.........................100
151*4
151 151 ♦150*4 151 *150*4 151 *151
Do
pref...........................100
30 Vermont & M assachusetts. 100
•110*2 112 *110*4 112 *110*4 112 *110*4 112
186 W est End Street___________ 50
58% 58*2
58
58*2
58*2 58*2 *58*2 59
Do
pref_______________100
63
75
75
*73
*74
76
*73
76
76
M iscella n eou s
*84*4 8534
411 Amer Agrloul Chemloal___ 100
8234 85*2 85
82
86
85% *85
82
83
83
Do
pref______ ________100
375
102 102
101% 102
101*2 101*2 101 102
101*2 102
100*2 101
2*4
2%
2
2,,580 Amer Pneumatic S e rv ice .. 50
1*4
♦1*2
*1*2
1%
1%
1%
1*1
1*4
1*4
310
12
Do
pref________________50
12
•11
12
13*2
12
*11
12
*11
12
*11
11*2
234 Amer Sugar Refining_____ 100
121 121
12112 122% 120*4 120*4 120 120*2 121% 122*4 120% 120*2
Do
pref_____ _________ 100
77
121 121
121 121
120*2 121
•122 123 *121
121 121
123
1, S32 Am or Telep & Teleg_______100
133 133*4 133 133% 132% 133
132% 133*8 133 133% 133 133%
49 American W oolen of M ass.100
513., 531? *52% 53
53
53
52
*51*2 52*2 *51
51*2 51*2
9734 98
Do
pref......................... .100
350
98
98*2
98
98
98
98
97*2 98
97*2 98
383 Amoskeag Manufacturing . . .
77
77
77%
77
76
76
77
77
76
76
76*2 77
142
Do
pref_____ ____________
98
98
98
98
*98
98*2 98*2
98*2 98*2
98*2 *99
Atl Gulf & W I 8 S L in e s .. 100
107*4 109
14,
106 108
103 105
10434 n o
104 107
104*2 106
Do
pref_______________100
2,
71% 71%
70
•67
68
70
70
72*2
67*2 70
71*4 72
700 Cuban Port C e m e n t ...$15 pd
22% 22%
23
23
23
23
*22*2 23*2 22*4 23*2
22*2 23
____
____
East
Boston
Land________ 10
130
9
8*2
8*2
8*2
*8*2
8*2
*
8*2
8*2
8*2
8*2
232 232
277 Edison Eleetrlo Ilium_____ 100
232 233
230 232*8 231 231
231 231
230 232
68 General Eleotrlo__________ 100
183% 183%
18278 1827s *181*2 182*? 182 182 *182 183 *183*2 184
100 100
16 M oElwaln (W H) 1st pref. 100
*100 101 *100 101 *100 101
100 100 *100 101
3, 499 Massachusetts Gas C os___100
90
90
90
90
90*2
92*2 93*4
90
90*4 91*4
91*2 93
24
Do
pref_______ r,_____ 100
83
83
83
83
82
82
83
83
83*4
82% 82*2
____ ____
35 Mergenthaler L inotype— 100
164*2 164*2 *163 164*? 163 163 *164
*164*2 165
*34
Mexican Telephone......... - 10
Last Sale 1
O ct’ 16
U?
**4
**4
1*2
**4
1*2
•___
Mississippi River P o w e r.. 100
Last Sale 16 June’ 16
17
17
17
17
*
Do
pref_______________ 100
Last Sale 39
Aug’ 16
39 *
39 *
39 *
39
New Eng Cotton Yarn____100
Last Sale 27
*27
*27
*27
O ct’ 16
*27
D o pref_____ ______
100
Last Sale 56
O ct’ 16
*56
*56
*56
*56
221 Now England T ele p h o n o .. 100
128 128*4 128*2 129
128 128*2 129*4 129*1 128*2 129
128*2 129
715 Nlpe Bay C om pany______ 100
160 162
160% 160*2
156 157
157 157
157 158 *159 160
46 Pullman C om pany________100
167 167 ♦16SU 1701o 170 170*8
*166 171
Punta Allegro S u g a r _____ 50
58
59
57 57*2 5512 56
55*2 5634 55*2 55*2 2,
5778 58*4
Reece Button-H ole_______ 10
1534 16 *1534 16 *15*4 16 ____ ____
15
15*2
*15*8 16
2,
S w if t * C o ..............................100
151 153
152 154
155 157*2 157 157%
151 151*2 151 152
3,
Torrlngton..............
25
66*4 68*2 69 70
81
64
67
60*2 60*2
62*4
62*4 64
Do
pref________________25
*32
*32
Last Sale 32
O ct’ 16
*32
*31*8
162 164
162% 163
1,
United F ru it........................ 100
162*8 163
161 162*? 161U 162*4 162*4 164
2,
57*2
57
57%
United Shoe M ach C o r p .. 25
57
57
57*2 57*2
57*4 57*i
57*8 57*?
57*2
293, 30
*30
25
D o pref_________
30
30
30%
30*8 30*8
30*8
30*8 30%
4,
U S Steel Corporation____100
118 119*4 11834 120% 121% 122% 120% 121
118*8 119*4 117*2 119
122*4 122*4
Do
pref_______________100
121*8 121*8 121*2 121% *121*2 122 *121*2 122 *1221, 123
37,
Ventura Consol Oil Fields. 5
978 10*8
10
10
10*4
9% 10*8
10*4 11
11*4 ' 10% 11*4
M in ing
*334
4
195 Adventure C o n ____________ 25
*4
*3%
4
412
334
3*4
3%
3%
3%
3*4
413 A h m eek _____ ______________ 25
107 107
106
106 106
107 1 107 107
105*2 106*8 106*8 107
1,
12*4 12*4
Alaska G o ld ______________ 10
12
12% 12%
12
12*4
•12*4 12*8
12*8 121?
12*4
1,
1
1
Algomah M ining___________ 25
*.99
1
1
VA
1
1
1
1
1*4
1*4
Allouez..... ........................
25
70
70
71
71
69*? *69
70*4
6912 70
69
69*2 7 ()* i
47 *4 47*4
4734 52%
Amer Zlno, Lead & Sm elt. 25
52
5534
51
53*?
54*2 56%
54
55*8 18,
83
83%
3,
79
82
Do
p r e f .. .................... .. 25
80
81
80
84*2 86
78*s 78*8
86%
12*3 13*4
Arizona Com m ercial______ 5
14
14*2 14,
14
14
14% 14*2
13*2 14%
14*2
14*4
4,
2
2%
2%, 2*.,
Butte-Balaklava C o p p e r .. 10
*2*s
2*4
2*8
21?
2*8
2*8
2*8
2*4
4,
6534 66*?
69
69
69*4
Butte & Sup C op (L td )___10
66
65
64*4 65*8
6»*s
69*4
66*2
3,
78
78*4 79
Calumet & Arizona......... ....10
78
78*i
78*4
78*2 79
78*2 7834 78*2 79
245 Calumet & H cola__________25
585 590
572 572
580 580
5S0 587
575 580
580 580
25 Centennial______ __________ 25
21% 22
22
*21
2112 21*2
22
*21
22
2 112 21*2 *21
63*., 64
62
631?
3,
Chino Copper____________ 5
60
62%
62
63
61
61*8
61*8 62
8,610 Copper Range Cons C o . . . 25
8,
71*4 72%
70*t 71*i
70% 7U?
71
70*2 71
71»4
70*4 71*4
225 D aly-W est.......................
2%
2%
20
*2*i
3
3
2*,
*2*2
2*2
2*4 2*1 *2*2 3
4
East Butte Copper M in___10
1534 16*4 15*4 16
16
16%
16
15% 1534
15*4 15*4
16*4
1
Franklin.......................
25
9
9
91?
9
9
9*2 10*4
*8*2
*8*2
9*1
8*4 8*4
1
Granby Consolidated......... 100
90
92*2 933.,
91
90
90
90
91
90
89
90
92%
99 Greene Cananea........... .......100
52
52
51
51
51
52*2 521?
51
51
51
51*4 51*?
335 Hancock Consolidated------ 25
14
14
*13*2 13*4 *13*t 14
13% 13*4
13*4 13%
13*2 13*2
50 Indiana M ining------------------- 25
*3
*3
4
*3
*3
*3
3*2
3*2
3*2
3*?
3*2
3*?
62
64% 31 777 Island Creek C oal________
51
60
52
513s 52*52*8
63*2
57*4
57*2 60
92*4 93
♦92*2 93
483 D o pref..........................
92% 92*4
91% 91%
♦90*2 911?
91*2 92%
1 .579 Islo Royalo Copper_________25
32
34
341?
33
33*?
33
33
33',, 33*4
33*?
34*4
33*2
43.,
43,
820 Kerr Lake.......................
43,
4*4
*43,
*4*.i
5
4%
4%
4%
4%
4%
4%
875 Keweenaw Copper_________25
5*4
5*2
*5*2
6
5%
5% 5 %
5%
5*4
5*2
5%
6*4
115 Lake Copper C o ___________ 25
14
14
13*2 14
13*2 13%
13*2 13%
13*4 13*4
13% 13%
360 La Salle C opper____________ 25
43.,
4*.,
4%
4%
41?
5
5
4*2
4*2
*4*4
4*4
4*4
Mason Valley M ine______
5
5
8
5
5
*7
6%
7>s
5*8
6*2
5*8
5*8
7*4
2
Mass Consol_______________25
16*2 16*8
16*4 16% *15*4 15*4
15*4 15%
15*8 15*2 •15*4 15%
M a y flo w e r.._______________ 25
*3
*3
*3
3
3
3
3
*3%
3%
3*2
3<2
3*4
1
M lohlgan_________________ 25
4
4
4
4
4
4
4
4
4
*4*8
4*4
4*8
1
96
97
97
M ohaw k___________________ 25
96
96
95
96
96
97
97
96*2
96
1
23
24% 25
Nevada Consolidated____
5
23% 24%
23*4
23*4 23%
23% 23*8
23*2 23%
New Aroadlan Copper____ 25
7
6*?
6*2
6*2 6*?
6*2
6^8
678 3
6*8
6*2
6%
6*4
*13*8 15
225 New Idrla Quicksilver____ 5
*14
13
13
*14
14*2
15
13*4 13*2
825 Niptsslng M ines__________ 5
8*?
8*1
8*8
*8*4
8*?
8*4
8*2
8*2 8*?
8*4
8*4
8*4
21
21
2 D4 21*4 21*? 21*4 211? 21 21% 21*2 23*4 10',685 North Butte_____________ 15
21*4
550 North Lake............................. 25
2
2
1*4
2
2
2
*1%
*1%
*178
*178
1%
1%
13.,
1*.,
13.,
210 OJtbway M ining___________ 25
*1*4
1%
*1*4
l 7s
1*4
*1*4
1*4
1*4
*1*4
*134
520 Old C olony...................
*2
21?
25
2
2
2%
3*,
2*
*2
2*
2*|
2
72*4 7234 2
70
72
72
72
71*2 72%
72*.
Old Dominion C o __________ 25
72%
71*4 72
91
90
90
91
91
91
91
91*2
91
91
91
91*2 !
Osceola____________________ 25
Pond Creek C oal___________ 10
17% 19*4
19% 20*4 24
17*4 18*4
19*2 20%
19*4 21
17*4 18*4
91
92
92
92
92
92
Q uincy...................................... 25
92*7
92
92*2 93
92*4 92*
R ay Consolidated C op per. 10
26
29*?
26
29
29*2
26*4
26*2 26*2
26% 26%
26*2 26*
1
89
893
89
90
90
90
*88
St M ary's Mineral L a n d .. 25
88
90
90
88*?
90
2%
2
1
Santa Fe G old * C o p p e r .. 10
2*4
2
2%
2%
2*4
2*4
2*4
2*8
2*4
2*8
9
9
1
Shannon__________________ 10
91?
9
83,
9
9*8
9*2
9*4
9*4
9*8
8*4
*30
120 Shattuck-Arlzona_________ 10
2978 29%
30
*29
30
30*2
30
32% 32%
*29*2 30
*5*2
115 South Lake________________25
6
6
6
6*? ' *5*2
6*?
6
*5*2
*5*2
6*4
6
15
90 Superior.......................
•15*2 16
*15
*15
151
15
25
16
15% 15*2
*15*2 16
7
7% 39
7
8*4 7*2 8*Superior & Boston C opper. 10
6
7%
5%
6%
7*2
6*4
45
43*45*?
45
45%
42
43*2 44
43*2 44*2
T a m a ra ck_________________ 25
43*2 44*4
63.1
7
7
8
7*2
734' 2
T rin ity...................................... 25
6*4 7 1 634 7*4
6*4 7
.68 .68 | .65 .69
.67 .68
*.60
■6,‘
.66
.66! 5
.69 .69
Tuolumne C opper......... ......
*
72%
72% 75*2 1 7
71
72*2 73%
U S Smelt Refin * M i n . . . 60
71*4 72 1 71*| 721?
71*2 71%
50% 51
51
5078 51*8
51
51
51
51
50% 51*2 1 1
Do
pref________________50
51*4
3*4 3*4 4
3%
3%
3%
Utah-Apex M ining_______
5
3%
3*2
3*4 3 %
3*8
3*4
8
14% 15*,
14% 14%
14% 15
•14*4 15 1 1478 15
15% 16% 1 7
Utah Consolidated.............. 5
Utah Copper C o ..................... 10
105*8 105% *107 107*2 109 109*4 109 113*8' 1
*106*4 106*8 105*2 107
7%
7
6%
Utah M e ta l* T u n n e l_____
1
7*8
7%
7*41
7*8
7*4
7% 44
*7*4
7'sl
7
3
5*?
6
6
6
6*8
6
6
6*s
V ictoria____________________25
5*2
6*8
5*8
6's
*434 5
43,
434 4*4
5
405 W in o n a ____________________ 25
5
5
; *434
5
5
4*4
45
45
45
45
45 1
371 W olverine__________
45*2 45*?
40
*44
45 | 45
46
25
25 W y a n d o tt................................ 25
*1%
2 !
1% 1 *1%
1%;
1*2
*1*8
17S *1%
1% *1%
1%
a Ex-dlvldend and rights.
5 Ex-stock dividend,
c Assessment paid.
A;Ex-rtghts.
108
3
9
Feb 16
88*2 Jan 19
145 Feb 11
52 Feb 14
235*2 May29
5 Jan 8
40*2 Feb 29
5*2Jan 5
45*8 J u ly l 8
154 July26
110 J u ly l4
162 Feb 19
87 Feb 14
130*2 N o v 1
93 N o v 3
102 Jan 17
8*4 Aug 30
44 Aug 9
77*4 Jan 3
107 S optl4
157 Feb 26
30 Jan 3
152% Oot 24
84*s Oot 3
125 M a r 1
67** Jan 19
86 Feb 25
102 M a r 2
98*4 Aug 17
174*2 Sept25
65*2 Apr 24
122 S cp tl4
34 Aug 29
200 Aug 4
4i 2 Feb 29
39 M ayl9
4 M a r l8
42 Feb 28
150 O ct 25
102l2 Apr 26
123 Sept 1
69U Sept27
122 Jan 3
z 86 Jan 10
98 Septl9
47gOot 25
31 M ay 2
57 M ay 5
97 Jan 3
135 Sept21
20 M ay 1
130 Apr 26
81% M a r 1
100i2 Aug 29
z55 Sept21
69 J u ly l3
64 Apr 24
95% M ar23
1% J u ly 8
11 Oot 5
106 Apr 22
114i2 M a r 1
126*8 Jan 31
42 Aug 5
92 Jan 11
66 Jan 3
98 July24
27 Jan 14
42 Jan 15
u*8% Apr 28
8*2 Aug 16
230 Oot 31
159*4 Apr 22
95 June 8
79 Sept21
78 S optl4
155 M ay 4
.90 Aug 3
15 Jan 18
39 Apr 21
2312 J u ly l 8
50 Jan 24
126 Aug 16
102*8 Jan 11
158*2 Apr 28
51 Oot 10
15 Feb 3
125 Feb 5
35 Jan 14
28 Jan 14
136*2 Jan 31
50 June23
28*2 Jan 3
79*4 M a r 1
115*4 Feb 5
6% S c p t l 8
1*4Feb 17
Aug 1
11*4 Sept 2
*4M ay 3
91
58 J u ly l7
29*2 J u ly ll
60 J u ly ll
7*g July29
1*2 Aug 2
60*2 JulylO
66 June28
515 J u ly l4
14 J u ly l7
46 J u ly ll
54*2 J u ly ll
2 Ju ly l3
11*2 Ju lyl2
6 June23
79 J u lyl4
34*4June26
10*2 June28
2 JulylO
42 Sept27
88 Jan 29
25 J u ly l3
3*2 M ar 4
2*4Feb 11
9*4J u ly l4
3*4J u ly l5
1*2 Aug 3
10 J u ly l3
2 July 5
1*2Jan 5
77*2 J u ly ll
15 Jan 28
4*4July 14
9 JulylO
6 M ar 1
20 J u ly l3
.50 June 2
1*8 J u ly l5
1*4July 14
60 J u ly l4
70 J u ly l4
11 *2 M a r 7
81 J u ly l2
20*4June22
61*2 Jan 31
1*4July28
7 J u ly l3
24*4 J u ly ll
4 Aug 4
12*2J u ly l 5
1*2Jan 13
35 Aug 5
4*4July 12
.15 Jan 26
54*8 Jan 3
49 Feb
3 Mi Feb 11
12*2 Jan 15
75 June27
6*2July 18
2*4Jan 3
3*4 M ar27
45 Oot 9
1*8 Aug 12
* Ex-dlvldend.
Jan
101*4 M a r
198
103.
Range for Previous
Year 1915
Highest
Highest
1
Last Sale 107% O ct’ 16
Last Sale 100*4 O ct’ 16
180 180
177*2 178
813., 82
82
82
____ 125 125
*125
46
46
46%
46*2
____ ____
*212
Last Sale 4*2 M ay’ 16
Last Sale 39 M ay’ 16
____ ____
5
*4*2
Last Sale 45 Sept’ 16
Last Sale 150 O ct’ 16
105 105
105
105
Last Sale 150 O ct’ 16
77
77
*75
77
*130
*13012
*91
93 93
100 100
*99 IOO"
*4*2
5
*4*2
5
33
33
33
33
60*4 61
60*2 60*2
Last Sale 101 O ct’ 16
Last Sale 142% O ct’ 16
*27
28
30
28
15134 ____ ____
*151
84% O ct’ 16
112 112
58
58
58
58*2
75
76
....................
• Bid and asked price*,
[V o l .
92*4 Feb
109*8 N ov
101*2 N o v
97 Jan
170 M ar 198 Jan
96 Jan
73 June
138*2 Oct
109 Feb
20 Feb
37*2 Oct
240 June
225 Jan
10 M a r
5 Deo
40 Sep
56 M ar
5 N ov
9 Sep
47 July
39 Jan
157 Feb
160 Sep
101*2 July 110 Apr
140 Feb
165 Jan
51 Feb
76 N o v
114 Apr
120 Feb
84 Aug
88 M a r
92 M ar 103*2 N o v
4% June
10 Sep
56 Jan
33 July
43 Feb
87*4 Oot
98 Apr
89 Oct
157 Apr
140 Aug
30 N o v
15 M ar
116*2 Jan 141*8 N o v
79*4 M ar
8178 Oot
105 Feb
125 Apr
72*2 Jan
61 M ay
80 July
93*2 Feb
48 Jan
85*2 O ct 31
87*2 M ar
2
1*4 M ar
12
13 Deo
16 M ay 4
125*4 Oot 25 100 Feb
124 Oct 25 109 Feb
134*2 Sept30 116 Jan
16*2 Apr
55 M ar 14
77 Feb
101*8 M a r l4
77*2 N o v 3 59*8 Jan
101*4 Feb 10 9712 M ay
4 Feb
110 N o v 1
9% M ar
72*2 N o v 1
25% July20
13*8 Jan 19
8*2 Deo
250 M a r 7 230 M ay
186 Oot 20 138*4 Feb
102*2 S ep t 8 96*2 Aug
93*4 N o v 3 78 Apr
84 N o v
89 Feb 14
172 Jan 19 154 Feb
2*4Jan 15
*4Apr
10 June
19 Apr 10
44 Feb 8
35 Fob
30 Jan 7
20 Apr
58 Jau 7
25 July
140 M a r l7 *127*4 June
162 N o v 2
175 Oot 5 150 Feb
59 Oot 28
16l2May23
15 Sep
177 Oot 9 104*4 Jan
28 M a r
70 N o v 3
26 M ar
33 M ar 2
168*4 Aug 21 110 Feb
48 Aug
63*2 M ayl2
28 M a r
31 S e p tl 8
38 Feb
122*8 N o v 2
122*4 N o v 3 102*4 Jan
13 Jan 3
10*8 Deo
102*4 Oct
3*4 Apr
73*4 N o v
101*2 N o v
4*2 Oot
19*2 Jan
I I 9I2 N 0V
119 Deo
130*2 N o v
57*4 O ct .
99*2 Oot
67 Apr
101 Feb
36 N o v
49 N o v
13*4 Apr
260 Jan
18412 O ct
104 M a r
94 Aug
9212 Jan
200 Jan
3 Sop
16*8 Deo
46*2 Jan
30 N o v
55 Deo
143 Jan
170
Oct
18*4 Jan
128 N o v
36*2 Deo
30*4 Sep
163 N o v
65 M ay
30 Aug
89*2 Deo
117*4 Oct
14*8 N o v
4 Jan
5*8 Apr 11
478 Apr
103 Aug
108 Sopt25
92*2 Deo
2 U 2 Dec 40*4 Apr
2612 Jan 7
4*4Apr
.45 Feb
2 Apr 7
66 D eo
74*2 Feb 21 35*2 Jan
72*4 N o v
16*4 Jan
97*8 Apr 10
86*8 N o v 1
3*4Jan
14*2 N o v 1
9*2 Apr
2 Jan
5*2 Feb 5
4*4Apr
105*4 M ar 9
80 June
35*4Jan
79*2Oct 24 51*2 Feb
78*4 Apr
630 Apr
590 Sept25 350 Jan
25 Apr
24 Sept28
15 Jan
57 N o v
3278 Jan
64 N o v 3
65 Deo
30 Jan
73 Sept29
5*4Apr
178 Jan
3% M a r l7
16*2 Deo
8*2 Jan
17*4 Sept 8
14* t Apr
10*4Jan 8
412 Feb
94*2 Apr
58 Jan
98*4 Feb 10
23*4 Feb
52*2 M ar 9
52*8 Deo
24*2 Apr
11 Jan
19*2 Jan 4
2*4Jan
6 Jan 3
10*2 Apr
52 Aug
41 M ar
64*8N o v 3
91*3 Apr
85*2 Jan
93 N o v 1
34 Apr
17*2 Jan
37*4 Sept27
3 Aug
5*8 May 3
6*8 Apr
4*2 Apr
8 Apr 6
1*2 Aug
5*2 Jan
19*2 Feb 10
1978 Deo
9 Apr
5*4Jan 3
3t8 Jan
1 M ar
5 Deo
7*4 N o v 2
3 Jan
17 Apr
17*8 Oot 23
3 Aug
6 Feb 10
8 Apr
.60 M ar
3 Apr
4*s Oot 19
103*2 M arlO
46U Jan
98 Deo
11*8 Feb
25 N o v 3
17 Apr
14*4 June
4i 2 Feb
10*4 Jan 4
13is Aug
4 July
24*4 Jan 19
9 S eptl4
8 7s N O V
5*8 Aug
22*4 Jan
32 Jan 3
3878 Apr
1 Jan
4*8 Apr
412 Jan 3
.50 M ar
312 Apr
2 78Apr 6
2*4 N o v
7*8 Apr
4 Jan 3
73*4 M a r l 1 38*2 M ar 64 D oo
64 Jan
101*2 M a r l4
93*2 Apr
12 Jan
19*8 Aug
21 N o v 2
95 Apr
50 Jan
98*4 M a y l 6
15*4 Jan
29*2N o v 2
27*8 N o v
28 Jan
93*28ept22
65*2 Deo
1 M ar
5 Oot
3% Jan 8
4 Jan
12*8 Feb 14
11*2 Apr
18*4 Jan
40*8 Feb 14
38 N o v
7*4 July
5*4 N o v
8*s Jan 4
41*2 Apr
2212 Jan
28*2 Jan 3
4*2 Apr
1 M ar
8*4Oct 31
56*4 Jan 14
25 Jan
58*8 Aug
16*2 Oot
12*4Jan 3
2*8 Feb
.63 Apr
.74 O ct 13
.20Jan
54 Deo
80*8 June 9
20 Feb
53*4 Apr 11 28 Jan
60*2 Deo
5*8 June
2 Jan
5*8 Apr 10
16*8 June
9*4 Feb
10*2 N o v 3
81*4 Deo
48*4 Jan
113*8 N o v 3
11*2 M a r l3
1 Feb
4*2 Apr
6*g Oot 31
5*8 May
7*2 M ay3l
1*4 Jan
32 Jan
70 Apr
67*2 Feb 10
.50 M a r
2*4Feb 14
2*4 Apr
» Ex Tamaraok stock,
w Half-paid.
Outside Stock Exchanges_____
Boston Bond Record.— Transactions in bonds at Bos
ton Stock Exckango Oct. 28 to N ov . 3, both inclusive:
F r id a y
W e e k ’ s R a n ge
L a st
o f P r ic e s .
S a le.
H ig h .
P r ic e . L o w .
B on d s—
5s
......... .1924
Am T A T coll 4s......... 1929
Convertible 44*s— 1933
Atl G A W I SS 1, 5s . 1959
Chlo Jet & U 3 Y 5 s . - 1940
48 . ............... ........ 1940
Cumberland Tel 5s___1937
G t Nor— C B * Q 48-1921
Iteglstercd 4s______ 1921
K C M * B Income 5s. 1934
K C Ft S & M em 6s. .1928
New Eng Cot Yarn 53.1929
N E Telephone 5s___ 1932
New Ulver 5s________ 1934
Pond Creek Coal 6 s .. 1923
Punta Alegre Sugar 6s. 1931
Swift A C o 1st 5s___ 1944
United Fruit 44*s____1925
U S Smelt R A M conv 6s.
U S Steel s l 5 s . . _ 1963
Western Tel & Tel 5s. 1932
92 %
1124*
854*
1004*
9844
984*
i0244
81
102
1014*
1024*
103
1004*
924*
112
854*
1014*
•86
1004*
984*
984*
914*
109
984*
91
1024*
804*
994*
100
1004*
98
110
1064*
1024*
103
1004*
92 4*
1124*
86
1014*
86
1004*
98 4*
98 4*
914*
109
99
91
1024*
81
102
101
1014*
98
11044
106 4*
1024*
R ange sin ce J a n .
S a les
fo r
W eek .
S3,000
5,600
19,000
12,300
196,000
6,000
3,000
7,000
32,000
7,000
1,000
1,000
15,000
4,000
17,000
108,000
31,500
70,500
16,500
1,000
7,000
1,000
32,000
Low .
1004*
964*
904*
1054*
74
10044
85
99
974*
974*
6744
1014*
964*
75
1014*
75
87
994*
984*
97
1094*
1044*
99
1.
H ig h .
M ay
July
Jan
M ar
Jan
M ay
M ar
Jan
July
M ay
Feb
Oct
Mar
Jan
, Jan
Jan
Feb
Oct
Jan
i Jan
Apr
Apr
Jan
1034*
1014*
93
1134*
86
102
91
1004*
99
984*
92
110
994*
91
104
81
102
101
1024*
98
115
1064*
1024*
Oct
Oct
Apr
Oct
Oct
Aug
Jan
N ov
Feb
Feb
Sept
Apr
Jan
N ov
M ay
Oct
N ov
Oct
Oct
N ov
June
N ov
Oct
Chicago Stock Exchange.— Complete record of transac
tions at Chicago Stock Exchange from Oct. 28 to N ov . 3, both
inclusive, compiled from the official sales lists, is as follows:
S to ck s —
F r id a y
W e e k s R a n ge
L a st
o f P r ic e s .
H ig h .
P a r . P r ic e . L o w .
S a les
fo r
W eek .
S h a r es.
72
94
42
60 4*
88
55
64*
38
108
734*
22
14*
144
964*
127
74
89
118
924*
204*
104*
2904*
133
18
116
574*
113
1M44
102
328
113
2324*
126
113
1584*
14 4*
166
36 4*
76
116
244
5,123
452
378
1,511
1,120
494
3,032
9,899
53
207
180
25
105
195
4,276
225
157
10
460
432
50
1,496
10
4,303
488
15
95
145
10
47
90
3,631
4
3,213
5,187
1,714
863
11,168
282
160
50
33
754*
12
25
06
45
24*
15
108
63J*
13
1
1394*
89
102
72
86
1144*
764*
64*
94*
167
1204*
6
1144*
564*
110
107
100
309
107
1694*
124
824*
1264*
134*
a 155
134*
514*
1124*
14*
94
$6,000
994* 27,000
5,000
77
964* 49,000
3,000
89 4*
5,000
70
4,000
604*
3,000
40
5,000
1004*
97
4,000
1024*
8,000
102 4*
5,000
72
5,000
68
5,000
934* 27,000
3.000
994*
1.000
964*
96
42,000
4,000
1014*
103
4,000
924*
984*
094*
96
864*
054*
00
334*
100
97
1014*
1014*
71
68
894*
984*
954*
94
984*
1024*
Amer Straw Board. . . 100
72
9344
42
58
87
Cal A Chic Canal A D .100
ChloCIty A C Ity pt sh com
P referred------ -------------
54*
38
Am cr Shipbuilding------100
Chic Pneumatic T o o l ..100
Chic Kys part ctf "2 ” -----Chic Ilya part ctf " 4 " ____
Com m onw’ th-Edlson. . 100
Deere A C o p re f-......... 100
Diam ond M atch______ 100
Ilartm an Corporation____
H art,Schafl& M arx,com .. .
P referred....................100
Illinois Brick..................100
Lindsay Light......................
PagcW oven Wire Fence Co
Prest-o-LlteCo,Ino(no par)
Pacific Gas & Elec C o . 100
People’s G I. & C oko. 100
214*
1434*
964*
126
74
118
9244
204*
154*
1154*
111
114
102
Quaker Oats C o ______ 100 325
P referred _________ 100 112
Scars-Uocbuck com __ 100 22944
Preferred________
100 126
Stow Warn Speed c om . 100 1094*
Swift A C o...................... 100 1554*
Bights W I & A _______
134*
Union Carbldo C o ____100 166
United Pap Board com . 100
364*
76
Preferred....................100
W ord, M ontg, & C o, pref. 116
Western S ton e...............100
B on ds.
Armour A C o 44*8 ...1 9 3 9
Chicago City B y 5 s .. 1927
Chlo C ity & ConItys5sl927
96J*
Chicago Bys 5s........... 1927
Chlo Bys 5s, Scries "A ”.
70
Chlo Bys 4s Series “ B” . .
Ch B y pr m M g 4 s . 1927
Chic ity AdJ Ino 48.1927
Ch Un Sta 1st M g 4 4*s ’63
97
Cicero Gas Co ref g m . 1932
Com m onw-Edlson 5s. 1943 102J*
Cudahy Pack 1st M 5sl924
M ctr W Hide El 1st 4s. 1938
Extension gold 4 s .. 1938
M orris A C o 4 4*s____1939
934*
N o ShoreEl 1stA ref g 5s’ 10
Ogden Gas 5s________ 1945
Pub Serv Co 1st ref g 5s ’56
Swift A C o 1st g 5s___1944
Wilson & C o 1st 6s___1941
x
Ex-divldcnd.
a
604*
92
40
58
87
54
44*
324*
108
724*
214*
14*
143
96
118
74
8744
118
924*
204*
104*
268
133
74*
115
574*
11044
114
102
325
1114*
222144
126
1094*
151
134*
165
314*
75
1154*
24*
934*
994*
77
964*
894*
70
604*
40
1004*
97
1024*
1024*
7144
68
93
994*
9644
96
101
1024*
R ange
s in ce
L ow .
Ex-dlvIdend 2 % , stock dividend 4 0 % .
b
Jan
Jan
M ay
Jan
Jan
M ay
July
July
1
Jan.
H ig h .
72
95
50
62
88
55
54*
38
108
79
274*
14*
147
98
127
74
91
120
93
25
H i*
2904*
133
18
1194*
z664*
118
1184*
104
363
115
2324*
127
119.
175
154*
215
364*
76
1174*
•3
N ov
Sept
Oct
Sept
Oct
Oct
N ov
N ov
Sept
944*
Apr 100
Sept
80
M ay
984*
Aug
924*
July
75
Oct
70
June
41
June 1004*
N ov
984*
July 1024*
M ay 1024*
M ay
734*
Oct
084*
Jan
994*
Jan 1004*
Jan
974*
Jan
964*
Jan 1024*
Oot 103
Feb
Feb
Oct
F’eb
Feb
Jan
Jan
Oct
Feb
Mar
Jan
M ar
Jan
M ar
July
Juno
M ar
Sept
Oct
Oct
M ar
Apr
June
June
M ay
M ar
Sept
Aug
Jan
Jan
Jan
Mar
July
Feb
Oct
Oct
Oot
M ay
Jan
Apr
Jan
Jan
M ar
Aug
Apr
Jan
Oct
Sept
Juno
June
June
Oct
M ar
Oot
Oct
Sept
Feb
Oot
Oot
Sept
Sept
Oct
Aug
Aug
Oct
Oot
N ov
Oct
Apr
Oct
Sept
Feb
Jan
Oct
N ov
Feb
Aug
Oot
Oct
Se p
N ov
N ov
Oct
Oct
E x-dlv., ex-rights.
Baltimore Stock Exchange.— Complete record of the
transactions at the Baltimore Stock Exchange from Oct. 28
to N ov . 3 , both inclusive:
S tock s—
F r id a y
L ast
W e e k 's R a n g e
S a le.
o f P r ic e s .
P a r . P r ic e . L o w .
H ig h .
30
Alabama C o ___________ 100
First preferred.......... 100
Second preferred____100
39
Arundel Sand & G rav. .100
Baltimore Flee, prof____50
Baltimore Tu be.............. 100 1244*
P referred___________ 100
Chalmers Oil A G as_____ 5
Commercial Credit......... 25
Preferred "11” ________25
264*
Consol Gas. E I. A P ..1 0 0 125
Preferred___________ 100
Rights................................
Consolidation Coal------100 11)7
174*
Cosdcn & C o -------------------5
15
Cosdcn Gas--------..---------- 5
5
Preferred........................ 5
Cosdcn rights......................
53
Davison C h em ical..no par
Elkhorn Coal C orp......... 50
Elkhorn Fuel...................100 ‘ 26"
1X
G -ll-S Brewing v t c — 100
20 H
Houston Oil trust ctfs. - 100
03 4*
Preferred trust c t fs .. 100
1675
THE CHRONICLE
X o \ . 4 1916.]
30
80
42
38
47
1244*
100
04*
40
264*
1234*
1204*
IX
994*
17
13
44*
X
44
18
184*
lA
19
024*
304*
80
46
39 X
47
1254*
1004*
7
40
204*
1264*
1204*
2X
107
18
15
5
5-32
53
204*
21
IX
20X
04
S a les
fo r
W eek .
S h a r es.
237
100
65
1,986
265
150
491
100
30
200
4.742
133
4.998
2.253
14.303
11.799
2,585
1,993
5,924
373
1,065
75
1,410
560
R a n ge s in ce J a n .
L ow .
1.
H ig h .
15
Apr
304* N ov
50
Sept
80
Oct
30
Apr
46
Oct
35 4* Aug
42
Feb
41
July
47
Oct
63
Jan 1314* Aug
82 4* Jan 1064* Oct
34* Sept
8
Jan
46
Jan
50
Feb
264* Oct
30
Jan
107
Mar 1264* Oct
107
June 1204* Oct
1 1-16 Oct
24* Oct
96
Feb 107
N ov
134* Aug
264* Juno
6
Apr
184* June
44* Apr
04* June
l-K Oct
5-32 Oct
354* Aug
714* Jan
15
Aug
21
Sept
15
Aug
21
N ov
X July
14* N ov
13 4* Aug
234* Jan
57
July
08
Jan
S to c k s ( C o n c l .)—
F r id a y
L ast
W eek ’s R ange
o f P r ic e s .
S a le .
P a r . P r ic e . L ow .
H ig h .
S a les
fo r
W eek.
S h a r es.
14
144*
15
174*
624* 07
27
27
824* 84J*
1124* 113
9 /i 104*
17
17
29
334*
5
54*
87
964
471
25
3,634
185
300
25
12,948
1,320
M t V -W oodb M ills v t rlOO
Preferred v t r_____ 100
Norfolk B y & L ig h t.-.1 0 0
Penn Water A P o w e r .. 100
Poole Engln’g A M in .. 100
Sapulpa Beflning_______ 5
Seaboard Air Line_____ 100
United B y A E lec______ 50
Wayland OH & G as_____ 5
B onds.
17
67
84
94*
17
324*
54*
86
Alabama Co gen 6s. .1933
Anacostla A Potom 5s. 1949
1004*
Atl C I. B B conv 4s. .1939
94
Balt Country Club 5s .1931
924*
Balt Sparr P & C 44*s.1953
97
1004*
Carolina Central 4s. .1949
884*
Charles Con Ry,G A E 5s ’99
97
Chicago B y 1st 5s____1927
97 4*
974*
Coal A Coke 1st 5s___1919
904*
Consolidated Gas 5s. 1939
105
944*
924*
Cons G , E L A P 44*s. 1935
924*
Notes . . . ........... ............ 1034* 1034*
934*
Convertible 6s_____1923 1054* 1034*
Cosdcn A Co 6s when Iss’d . 1054* 1014*
Cosdcn Gas 6s...................... 1054* 102
Elkhorn Coal Corp 6s. 1925
974*
974*
Elkhorn Fuel 5s______ 1918 102J* 1004*
Fair A Clarks Trac 5s. 1938 1004* 1004*
Ga Caro A Nor 1st 5s. 1929
1024*
Georgia Pacific 1st 6s. 1922
107
Ga Sou & Florida 5 s .. 1945 1024* 102
G-B-S Brewing 1st 4s. 1951
30
2d Income 5s......... .1951
24*
34*
Hous OH dlv ctfs .1923-25
85
Jamison C A C— GC5S1930
944*
K irby Lumb Contr 6s. 1923
99 4*
994*
M aryl’d Elec B y 1st 5sl931
994*
994*
Merch & Miners Trans 6s. 1034* 1034*
M inn St & St P C Jt 5s 1928
102 X
M t V -W oodb notes 6s. 1918
1004*
Norfolk Ity A I.t 5 s .. 1949
99
Pennsylv W & P 5s. .1940
96
954*
United B y A Elec 4 s .. 1949
85
844*
Income 4s................. 1949
67
654*
89
Funding 5s............. .1936
894*
82
82
Wash B y A El cons 4s. 1951
R a n ge s in ce J a n .
1.
H ig h .
Low .
Aug
M ar
June
M ar
M ar
Sept
Aug
Sept
Jan
Aug
Apr
19
174* N ov
N ov
67
N ov
27
845* Oct
Jan
148
165* Feb
175* Jan
335* Oct
95* Feb
864* $3,000
764*
83 82 5,400
60
1,000
96
Jan
1004*
91
June
944* 55,000
1,000
924*
924* O ct
1,000
97
955* Jan
2,000
1004*
994* Apr
1,000
88
O ct
884*
5,000
Jan
93
974*
96
M ay
97 4* 13,000
1,000
Jan
85
904*
1,000 105
105
Oct
3,000
924* M ay
944*
865* Aug
924* 20,000
49,000 1025* O ct
104
15,000
94
91
July
46,500 1024* Sept
106
1054* 343,500 1014* Oct
Aug
1055* 217,000 100
964* Aug
97 4* 50,000
1025* 56,000
995* Aug
4,000
1004*
995* Jan
1,000 102
Aug
10244
107
3,000 1064* Sept
July
1024* 14,000 101
5,000
30
204* Apr
3 4* 133,000
4* Apr
4,000
85
79
Apr
91
Jan
95
14,500
994* 15,000
984* Jan
8,000
99 4*
965* Jan
6,000 101
Jan
1035*
102 4*
Aug
1,000 101
M ar
2,000
98
1004*
Feb
100
11,000
95
Jan
90
96 4* 70,000
82
July
854* 76,000
604* June
695* 347,000
42,100
90
844* Jan
82
Aug
82
3,000
864*
N ov
83 Jan
1005* O ct
944* C ct
924* Oct
984* M ar
1005* Sept
894* M ar
974* Oct
995* Feb
904* N ov
Feb
107
944*
925* O ct
101
Oct
1)4
N ov
106
1054* N ov
120
June
984* Jan
1025* N ov
1014* Feb
1034* Jan
1075* Apr
Jan
103
N ov
30
3 5* N ov
86
Oct
N ov
95
994* Jan
100
Oct
1035* N ov
1024* M ay
1024* Oct
N ov
100
964*1 O ct
854* 1 O ct
695*] Oct
90
t Oct
Aug
82
12
10
49
25
72
92
75*
15
254*
35*
Philadelphia Stock Exchange.— Record of transactions
at the Philadelphia Stock Exchange from Oct. 28 to Nov. 3 ,
both inclusive, compiled from the official sales lists:
S to ck s —
Sales
Friday
Last Week’s Range for
of Prices.
Week.
Sale.
Par. Price. Low.
High. Shares.
American Gas of N J ..1 0 0
American R a ilw a y s____50
P referred___________100
Baldwin L ocom otive-.100
B uff A Susq pref v t c.1 0 0
Cambria Steel....... ..........50
Consol Trac of N J ___ 100
Elec Storage B a ttery.. 100
General Asphalt______ 100
Hunt A Broad T o p _____50
Preferred____________ 50
Insurance Co of N A __ 10
J G Brill C o ................... 100
Kentucky Securities.. . 100
Keystone Telephone____50
Lake Superior C orp __ 100
Lehigh N avigation_____50
Lehigh Valley_________ 50
Lehigh Valley T r a n sit..50
P referred..................... 50
Mlnnhill
S IT
50
Pennsylv Salt M fg ......... 50
Pennsylvania__________ 50
Philadelphia Co(Pitts) .50
Pref (cumulative 6 % ).50
Philadelphia Electric.224*
Plilla Bapld Transit___ 50
Voting trust receipts. .50
Philadelphia Traction-.5 0
Tono-Belm ont D evel____1
Tonopah M ining________ 1
Union Traction________ 50
United Gas Im prov’t __ 50
U S Steel Corporation 100
Warwick Iron A S teel.. 10
Western N Y A P a......... 50
W Jersey A Sea S h o r e ..50
Westmoreland C oal___ 50
Wm Cramp A Sons__ 100
B onds.
Amer Gas & Elec 5s. _2007
119
284*
934*
69
104
54
44
704*
70
584*
274*
69
5
9
25
34
164*
124*
84*
74
74J*
18
38
56
85
97
554*
384*
394*
27
17
17
75
754*
424*
4
54*
414*
874*
794*
94*
10
484*
654*
70
$18,000
1,400
6,000
2,000
8,000
1,500
5,000
8,000
7,000
269,000
1,500
1,000
13,000
1,000
20,000
3,000
21,000
18,000
5,000
7,000
1,000
15,000
14,000
3,000
1,500
30,000
26,000
894*
894*
104
10144
7944
76
75
57
96
204*
274*
101
89
87
994*
104
1004*
10444
1004*
1004*
87
1034*
814*
934*
994*
70
674*
964*
Baldwin Locom 1st 5s. 1940
Cons Trac N J 1st 5s. 1932
Elec A Peop tr ctf 4s. .1945
82
Hunt A B T cons 5 s .. 1925
Inter-State Rys coll 4s 1943
K oystone Tel 1st 5 s .. 1935
Lake Superior Corp 5s 1924
50
Leh C A N cons 44*8.1954
Leh Val gen cons 4s. .2003
Gen consol 44*8____ 2003
Leh Vail Coal 1st 5 s .. 1933
Pennsylv R B gen 44*s 1965
Consol 44*a............. 1960
Pennsylvania Steel 5s. 1917
Philadelphia C o 1st 53.1949
Cons A coll tr 5s__ 1951
Plilla Elec tr ctfs 5 s .. 1948
Trust certlfs 4s------1950
Beading general 4s— 1997
Stand G A E 6s sm all. 1926
United Bys g tr ctf 4 s .1949
United Bys Invest 58.1926
Low.
47
120
1204*
89
35
35
56
974* 994*
300
87
87 4*
15
100
107
100
60
60
45
45
57
153
135 *140
140
40
734*
734* 734*
4,364
714*
68
704*
1,549
314*
294* 32
730
72
734*
1,163
14
54* 15
496
234*
114* 234*
288
27
27
274*
39
425
39
35
20
30
30
______
541
124* 124*
15
334* 191,580
284*
5,842
834* 1764* 844*
288
84
844*
»844*
21
325
204* 214*
182
42 J*
424* 43 4*
2
574* 574*
89
89
7
30
994* 994*
4,136
584* J-574* 584*
______
122
404* 41
32
40 4* 42
404*
29
2,693
294*
294*
21
50
21
194* 214* 22,910
214*
______
80
80
32
440
1074* 111
10
464* 464*
2,080
44*
44*
44*
1,450
64*
5 15-16 64*
46
643
454* 464*
3,927
924*
904* 924*
25,716
1204* 1174* 122
112
94*
94*
94*
40
184*
184* 184*
61
50
504*
504*
13
75
74
75
83
475
814* 83
974*
1004*
103
1054*
1004*
1014*
864*
73
964* 97
96
964*
1044* 1044*
1024* 1024*
82
82
814* 824*
75
75
57
57
974* 974*
384* 50
39
45
1024* 1024*
924* 924*
91
91
1004* 1004*
1054* 1054*
1024* 103
1054* 1054*
1004* 1004*
1014* 1014*
89
89
106
106
86
864*
954* 96
100
1004*
71
73
72
73
1
Range since Jan
High.
July
Jan
Feb
July
Sept
July
Jan
Mar
Apr
Aug
Aug
June
July
Jan
Apr
Feb
Oct
Jan
M ay
Jan
Jan
Jan
Feb
Sept
July
Aug
Sept
July
Mar
M ay
M ay
M ay
Jan
Mar
Aug
Jan
M ay
M ar
Aug
M ar
Sept
Apr
M ar
Jan
M ay
Jan
M ay
Apr
N ov
M ay
Jan
Jan
Feb
Aug
Sept1
Sept
Aug
Aug
Jan
July
N ov
Aug
Aug
Jan
M ay
M ay
Jan
Aug
Apr
123
36
100
1154*
1094*
624*
47
145
734*
724*
38
734*
15
23 J*
274*
484*
30
15
334*
8444
87
2344
444*
90
1024*
60
454*
45
294*
214*
214*
80
1154*
514*
Feb
Apr
M ar
Feb
Jan
Feb
O ct
N ov
Sept
Mar
N ov
N ov
Oct
Jan
Oct
M ar
N ov
N ov
Oct
M ar
Mar
Feb
Oct
Jan
Apr
June
Sept
Sept
Oct
Sept
M ay
5 7-11 3 M a y
7
464*
934*
122
114*
204*
51
75
87
97
964*
106
1024*
82
83
75
58
100
50
45
1034*
94
93
1034*
106
103
1064*
1004*
1014*
94
106
88
964*
1024*
754*
74
Jan
Sept
Oct
N ov
June
June
Jan
N ov
Jan
Oct
M ar
Apr
N ov
Jan
N ov
Jan
Feb
N ov
Feb
Feb
Feb
Feb
Jan
Feb
Feb
M ay
Feb
Feb
Oct
Oct
Jan
Apr
Jan
Apr
Pittsburgh Stock Exchange.— Following sales were re
ported Oct. 28 to N ov . 3, both inclusive. Like records
will be found in previous issues.
Sales
Friday
for
Last Week s Range
Week.
of Pi ices.
Sale.
High. Shares.
Par. Price. Low.
S to c k s —
American Sewer P ip e .. 100
Am Wind Glass M ach . 100
P referred....................100
Cable Consol M ining____1
IS 'A
62)4
117)4
6c
Colum bia Gas A E lec. 100
Consolidated Ice, c o m .. 50
Crucible Steel, prof . . 100
Independent B rew ing.. .50
41
La Belle Iron W orks . . 100
Lone Star G as......... ......100
M frs Light A H eat......... 50
National F ireproofin g..50
78)4
92
58)4
5)4
Ohio Fuel Oil..................__1
Ohio Fuel S u p p ly .......... 25
Oklahoma Natural G as.100
People’s Nat Gas A Pipe.25
PIttsb Brewing, co m ___ 50
49
30
Pittsburgh.Coal, com . 100
lie
PIttsb Cons M M A T . . . 1
P ittsburgh-Idaho............. 1
PIttsb Oil A G as______ 100
10 H
Pittsburgh Plato Glass. 100 126)4
Pure Oil, com m on ______5
21)4
Ross M ining A M illin g.. 1 20o
San T oy M ining_____
1 18o
Union Natural G as____100
40
U S G lass____________ 100
U S Steel Corp, co m _ _ .i0 0 120)4
W est'house Air Brake. .50 152
66)4
W esth'so Elec A M fg __ 50
Westlnghouse M a c h ln e .5 0 ______
25
West Penn T r A W P . . 100
P referred___________100
74)4
B on ds.
60
Indep Brewing 6 s ___ 1955
Pittsburgh Coal deb 5S1931 100
18 'A
61)4
116
5o
41
39)4
4
122
5
22)4
76
91
58)4
7)4
17)4
17)4
48)4
85
36
6
24)4
42
7c
1.15
10)4
126)4
20)4
20o
180
175
39)4
117)4
zl51
63)4
31
22)4
68)4
2,295
20)4
1,085
63)4
118
575
15,275
70
540
41)4
41
175
235
4)4
122
20
6
1,540
275
23
2,915
79
92
105
644
59)4
320
7H
190
17)4
240
17)4
785
49 >4
44
86
10
36
70
6)4
70
25
140
44 %
120
96,500
500
1.15
830
11)4
145
126)4
4,458
21)4
28o
8,100
18o
500
184
175
100
40
• 790
122
1,619
156)4
2,835
67)4
31
10
485
25
210
74)4
High.
Low.
15
31 'A
122)4
3c
36
14 %
3
109)4
2)4
15)4
49
87
49)4
6)4
15)4
14
38
70
34
4)4
16)4
23)4
5c
1.10
6)4
115
x\7Vs
5o
llo
141)4
25)4
80)4
133)4
53)4
30
17
44
59,000
19,500
60
60
99)4 100
1.
Range since Ja.
June
Juno
July
Apr
June
M ar
July
Jan
M ar
M ar
June
Aug
Apr
July
July
Aug
Feb
Jan
July
M ar
Feb
Apr
Sept
Sopt
M ar
Jan
M ay
Apr
June
Apr
Juno
Jan
Apr
July
M ar
Jan
Jan
20)4
66
155
13c
42)4
43)4
5
122
7
23
80)4
93
59)4
12
24)4
19
50
86
37
6)4
26
45
15o
1.25
13)4
128
21)4
45c
25c
175
46)4
122
160
71)4
35
24
74)4
Oct
Oct
Apr
Oct
Jan
Oct
M ar
Oct
Sept
Sept
Oct
Jan
Sept
Jan
Jan
Jan
Oct
N ov
Jan
Aug
Oct
Oct
Oct
Sept
Oct
Sept
Oct
Oct
Jan
Oct
Oct
N ov
Oct
M ar
Oct
Sept
N ov
62
100
Aug
N ov
49
M ar
96)4 M ay
x Ex-dividend.
Volume of Business at Stock Exchanges
T R A N S A C T IO N S A T T H E N E W Y O R K S T O C K E X C H A N G E
D A IL Y . W E E K L Y A N D Y E A R L Y .
Par Value.
Railroad,
Jkc.,
Ronds.
634,480
1,063,210
945,346
1,194,508
1,655,214
1,073,414
$48,452,000
90,340,500
84,719,100
105,199,550
133,113,400
84,333,875
$2,123,500
3.959.500
4.805.000
4.768.000
5.408.500
4.001.000
$645,500
1,498,000
843,500
729,500
1,602,000
2,017,500
6,566,172 $546,158,4251 $25,065,500
$7,336,000'
St ocks.
Saturday____________
M on day_____________
Tuesday_____________
W ednesday....... ..........
Thursday......................
F r id a y ______________
T o t a l ......... ..............
State, ilfun,
& Foreign
Bonds.
Shares.
Week ending
Nov. 3 1916.
1915.
1916.
U. S.
Bonds.
$1,000
$1,000
Jan. 1 to Nov. 3.
Week ending Nov. 3.
Sales at
New York Stock
Exchange.
1916.
|
1915.
146,069,637
168,753,471
6,566,172
4,959,316
Stocks— N o. shares__
Par value......... ........ $546,158,425 $420,094,600 $14,604,079,865 $12,573,802,620
$194,700
$219,100
$31,900
$10,000
Bank shares, par.........
Bonds.
$889,000
S500
$746,950
S I,000
Government bonds__
21,462,500
257.114.000
796,000
7,336,000
State, m un.,A c..bonds
715,387,700
690.559.000
29,483,500
25,065,500
R R . A mlsc. bonds__
$32,402,500
Total bonds.............
$30,280,000
Baltimore.
Philadelphia.
Boston.
Bond Sales.
Shares.
Saturday......... ......
M on day_________
T u esd ay.................
W ednesday______
Thursday................
Friday ....................
38,263
64,537
53.S09
78,761
63,491
94,587
579.000
102,200
89,500
147.000
132,300
53,900
T o t a l ..................
393,438'
$603,900'
Shares.
Shares. |Bond Sales.
12.3751
42,301 i
29,437'
67,772
84,483
45,901
282,269
12,140
21,349
7,817
6,863
12,348
10,884
$21,900
107,500
54,500
104,500
114,500
107,000
S509,90o!
Bond Sales.
$302,500
291.500
376,000
136.500
350.500
222,600
71,401 $1,679,600
New York “ Curb” Market.— Below we give a record of
the transactions in the outside security markot from Oct. 28
to N o v . 3, both inclusive. It covers all the sales for the
woek ending Friday afternoon.
Sales
Friday
Last Week's Range for
Week
of Prices
Sale
High. Shares.
Par. Price. Low.
Week ending Nov. 3.
S tock s—
Aetna E xplos.r — (no par)
Amer Sumatra T o b . . . .100
Am Writ Paper co m .r .100
Brit-Amer T ob ord’y . ..£ 1
Ordinary bearer__ ..£ 1
Butler C h e m lc a l.r ... . . . 5
Butterworth-J udson _r ( t ) .
Calif Packing C orp .r . ( t )
California Shipbldg.r ..1 0
Carbon Steel, com . r . . .100
2nd preferred-......... .100
Car Ltg A P o w e r .r .. - .2 5
Carwen Steel T o o l.r . ..1 0
Central Foundry com r 100
Preferred r ________ .100
Chalmers M ot Corp r w l ( t )
Charcoal Iron Co o f A m . 10
P referred.................. ..1 0
Chevrolet M otor......... .100
Emerson M otors, Ino r . 10
Emerson Phonograph- . . . 5
Enger M otor Car r __ ..1 0
Fisher Body Corp.r(no par)
Gen! Am Tank C a r.r -(t )
General M o to rs .r .w 1.100
Preferred .r .w 1___ .100
Great A A P Tea pf r. .100
Guantanamo S ugar.. ..5 0
Hall Switch A Slgnal.r .100
Preferred r _______ .100
11
25)3
7 )4
3%
75 H
36
15)3
117)3
4)3
13)3
17)3
32
8)3
7)3
190
12)3
7)3
165
77)3
9)3
24
7)3
19
19
3)3
74)3
36
14)3
115
80
4
11 )3
16)3
32
36
8
7)3
186
2
10)3
7)3
39)3
60
161
91)3
102)3
77
9
20
11)3
25 %
9)3
20
20
Range since Jan. 1.
Low.
7
48,500
3,800
19)3
2
21,300
16
400
600
15 ‘A
1,700
2)3
60
3,650
75)3
36
1,750
37)3
13
5,200
16)3
55
125
780
100
58
80
4,250
3)3
4)3
13 Vs 11,400 w7'A
1,775
11
18)3
20
1,800
35
36
500
36
5)3
813 13,900
5,300
7 Vs
5)3
193
6,000 115
2
4
3,250
3,940
8 >3
12)3
8
2,650
7 Vs
100
39)3
37 Vs
59
100
60
2,200 124
168
2,100
93
95)3
200 102)3
102)3
79
3,382 u56
350
5
10
21
1,950
20
S to c k s — (Concl.)
Sales
Friday
for
Last Week's Range
Week
Prices.
Sale ol
Par. Price. Low.
High. Shares.
Hart-Bell C o . r ...................5
4
3)3
4)3
41
Haskell A B ark oarfno Dari
42
41)3
Holly Sugar c o m ..(n o par)
56
61
P referred___________ 100
98
98)3
Hupp M otor Car C o r p .. 10
5)3
Hutchinson Sug Plant r 25
28
28
im p Carbon C h a s e r .r .. 1 7-16
Vs
)3
Intercontinental R u bb.100
15)3 *14)3 15)3
22)3 22)3
Int Arms A Fuze Sec___25
22 'A
47c
Joplin Ore A S p e lte r.r.o .5
42c
42o
Kathodion Bronze, p r e f..5
8)3 11
9)3
14)3 16)3
Keystone Tiro & R u b b -.IO
Lake Torpedo B o a t .r .. 10
11
10)3 14)3
1st preferred.r______ 10
11)3 13)3
107
107
Loft, I n c . . . ...................100 107
M anhattan Elec SupplylOO
39)3 40
39 'A
1
Manhattan Transit------20
Vs
Marconi Wlrel Tel of Ara.5
3A
3)3
3)3
59
75
Marlin Arms v t c (no par).
66
96
99
Preferred v t c ______ 100
98
Maxim M u nitions.r____10
6)3
7)3
7)3
44 H
44
M cC rory Stores______ 100
44)3
94
95
P referred___________ 100
95
Mexican Petrol Export r .
19)3 20
20
68 Vs 09)3
M idvale Steel A O r d .r ..5 0
68)3
64
65 'A
Mitchell M otors.r (no par)
64)3
44
42
Nat M o t Car A V e h .r .-( t )
43
16
16
N Y Transportation---------16
North Amer Pulp & Paper.
14 Vs
11)3 15
112
112
Poole Eng A M ach r . .100 112
Pugh Stores C o r p .r .w 1.10
10
9)3 10)3
PullmanVentilatorCorp.r.5
4
2)3
Preferred . r ----------------- 5
5)3
5)3
Rlker & Heg (Corp f o r ) . . 6
5)3
5)3
5)3
St Joseph L e a d .r--------- 10
19M 19 M
19)3
32
30
St L R ocky M t A Pac r 100
31
Seab’d St A Manganese (t)
29)3 29)3
29)3
42)3 45
Smith (AO) Corp r (no par)
43)3
96)3 98
Preferred r __________ 100
97)3
Smith ATerry Transp pf 10
10)3 10)3
10)3
Spicer M fg .r __________ 100
47)3 48
47)3
104
102
1st preferred.r......... 100 102
Springfield Body C orp. 100
93
99
101)3
135
138
P referred___________ 100 135
7)3
Standard M o t Constr r.1 0
7)3
3 Vs
2)3
Steel Alloys C o i p .r ......... 5
3)3
Submarine B o a t..(n o par)
41)3 45
43
Times Sa Auto Sup .to. ( t )
40)3 40)3
T odd Shipyards.r(no par)
81)3 *82
82)3
Transue & Williams Steel
44
Forging Corp r .(n o par)
46)3
44)3
2
Triangle Film Corp v t c .5
2)3
47
United Alloys Steel Corp rt
50)3
48)3
66
62
64)3
United M o to r s .r .(n o par)
1
United Profit Sharing------ 1 1-16
1)3
2)3
2 Vs
7)3
6)3
7)3
32
28
U S Tungsten, r ------ 1-------1
29
20)3 21
47
49
19
19)3
51
49
50
59
00
W ilson Pack'g r w i(no par)
60
I
1)3
1)3
W rlght-M artin A l r .r . .( t )
23)3 24)3
23)3
4
4H
R ig h ts —
N Y Central.............
S w if t * C o ......... .......
Tennessee Copper------------Form er S ta n d a rd Oil
Su b sidiaries
Illinois Pipe Line........... 100
Ohio Oil.......................... 25
July
Oot
Mar
Jan
M ay
Mar
Sept
Oct
Oct
Feb
Feb
Aug
Jan
Jan
Jan
N ov
Aug
June
Jan
N ov
Oct
N ov
An*
Oct
Sept
Oct
Oct
Sept
Aug
Sept
High.
25
20
11)3
20
20)3
7)3
76
38
16)3
125
80
7)3
13)3
18)3
35
36
8)3
7)3
278
5)3
14)3
8
42)3
61
172
98
102)3
86
21)3
43
Feb
Oct
Oot
Aug
Aug
Apr
Oct
Oct
Oct
N ov
N ov
Apr
N ov
Oct
Oct
N ov
M ay
Oct
June
Aug
Jan
Oct
Oot
Oct
Oct
Sept
Oct
Apr
Jan
Feb
1
3
222
367
805
602
240
430
$737,739,200
$948,419,950
D A IL Y T R A N S A C T IO N S A T T n E BO ST O N , P H IL A D E L P H IA A N D
B A L T IM O R E E X C H A N G E S .
Week ending
Nov. 3 1916.
[Vol. 103
THE CHRONICLE
1676
13-16
13)3
2)3
219
340
292
805
595
238
430
298
1
13)3
3
222
370
294
815
603
242
430
302
H
850
45o
46c
1)4
1 5-16
7 )4
1 1-16
76c
12^
1
" it c
80o
2H
2
4 4)4
2 13-16
2)
15-16
Vs
)4
84 o
86c
5-16 460
46c
39c
1)4
1)4
13-16
9J4c 10c
1 3-16 1 5-16
6)4
7)4
1-16
80o
llo
100
72c
81c
8)4 12)4
91o
1)4
5)4
51o
40o
80o
76o
1 15-16 2 5-16
1J4
2
50
5C
39)4 45)4
2 1-16
3
2)4
2 )4
)4 15-16
Low.
44
2
47
57
32,000
200
1,700
Vs Oct
13)4 N ov
Oct
1
143
622
50
80
193
139
1
17
155
189
205
487
495
200
S3 70
216
N ov
Jan
Oct
Oct
Juno
Oot
Sept
Sept
Jan
Aug
Jan
Oot
Oct
Jan
N ov
Oot
Jan
Jan
Oot
N ov
Jan
N ov
N ov
Oot
Jan
Sept
Oct
M ar
N ov
Jan
N ov
Oot
Aug
Feb
N ov
M ar
Sept
N ov
Oct
Sept
Oot
Oct
N ov
Oct
Feb
Oot
Oot
Oot
Oct
Oct
N ov
46 ‘A
June
6)4 Jan
N ov
51)4 Oct
94
Juno
Aug
M ay 2 1-16 Jan
July
4)4 Jan
Apr
8
Sopt
Oot
Sept
39
Sept
21)4 Oot
Oct
49
Sept
Sept
20)4 Sept
Oct
51
N ov
N ov
N ov
60
Jan
July
3
36
Sept
Oct
Aug
6)4 Apr
21,700
2,000
15,300
29,700
13,100
1,550
22,300
32,400
975
790
1,100
1,900
10,000
4,500
15,000
1,000
)4
2)4
4
27
12
36
19
49
59
Vs
22
3)4
1
High.
7,600
4)4
3 'A Oct
1,710
33)4 July
54)4
Apr
41
61
3,435
99
93)1 July
475
3,000
5)41 Oct
11)4
300
27 A Sept
29)4
53o
250
Aug
28,720
10
Juno *19
3,150
7
July
26)4
600
15,140 o35c Sept o61o
33
2,700
8)4 Oct
12
Sept
2,300
19)4
11)4
22,500
6)4 July
6,200
8 'A July
14)4
10 105
Sept 107
32
40
3,100
Oct
1,600
'A Oct
2)4
Apr
3
1,180
4)4
23
June
83
11,400
99
70
M ay
2,209
4
Mar
13
19,700
44
N ov
44)4
200
95
94
N ov
200
20
1,100
n vs Sept
Apr
39,000
57
77)4
3,000
63)4 Oct
73)4
9,600
42
Oct
44 J4
12)4 Feb
300
16)4
15
31,600
11)4 Oct
125
86)4 Sept 150
9,100 W0 Vi. Oot tel0)4
2
Sept
4,100
4)4
1,800
4 X Oot
6)4
2,500
4)4 M ar
6)4
July
5,300
14
19)4
Sopt
40900
30
30
24)4 Aug
1,500
45
42)4 Oct
2,200
90)4 N ov
98
2,515
9)4 Aug
960
11)4
48
2,600
47)4 Oct
1,800 100)4 Oct 104
Apr
925
61
101)4
Apr 139
112 101
100
5% Aug
K))4
4,825
3)4
2)4 Sept
45)4
36,000
31)4 July
41
Oot
39
400
83
327
73)4 July
O th er OH S tock s
800
67o
08o
Alberta P etrol.r (prosp’ct)
6So
3,675
Barnett OH & G a s .r ------ 1
2)4
3)4
2)4
16)4 18)4 13,910
Cosden & C o . r --------------- 5
17)4
27,450
15
13
Cosden Oil & G a s .r ......... 5
14)4
4)4
5
3,300
Preferred r ------------------- 5
2)4 1 3-16 101,600
Federal O il.r ____________ 5 15-16
H
)4 25,500
Gen Ref A P r o d .r ................
H
2,100
19
20)4
Houston Oil, c o m . r . . . 100
20)4
6,100
3-16
Kenova Oil (prospect). . . 1
h
4,500
11
13)4
Metropolitan Petroleum .5
11)4
21,000
13c
llo
42o
M idwest Oil c o m .r ........... 1
7,050
1
N Y-Oklahoma O il.r ------ 1
1
Vs
4,160
1
Oil * Exploration r ------10
)4
79,000
l ie
Oklahoma Oil c o m .r ------ 1 10)4o 9)4c
9-16 9-16 13,850
Preferred r ...................... 1 9-16
11
Oklahoma Prod A R e fg ..6
10Vs 11 ’A 25.700
15.600
68c
60c
Omar Oil A G as--------------1 68o
30
Pan-Am PctATran pi r 100
97)4 97)4
2,350
9)4 10
Sapuipa R efin in g......... r .5
9)4
1,400
12)4 13)4
Savoy Oil— ............
5
31,100
1)4
1)4 1 5-16
Sequoyah Oil A R e f--------1
15.700
53)4 55
54)4
Sinclair Oil A R ef r(no par)
8
8)4 16,735
Southern Oil A Transp’ t 10
8)4
100
)4
)4
Tex-M ex Petroleum i ------ 1
United Western O i l .r . . .1
1)4 20,800
1)4 1 1-16
38.600
48o
420
47c
Utah Petrol (prospect) . .1
Vacuum G asAO.Ltd r . i . l 1 1-16
)4 1 5-16 306.000
10
11)4 11,800
Ventura C ons’d O il.r ------5
2 Vs 113,700
Victoria O il.r ----------------- 1
1)4
2)4
1,100
4)4
W ay land Oil A Gas com . .5
30c
60c 213.000
60c
West End OH A Gas r . . . l
1,200
1
Vs
Preferred r ......... ........... 1
M ining S tock s
Alaska-Brlt Col M etals i 1
Alaska Mines C o r p ......... 1
Alaska W estover C o p .r . l
Arizona C h lorlde.r------10c
Arizona C o p p o rfle ld s .r.-l
Arkansas Arizona r . ......... 1
Atlanta M in es.r--------------1
Big Jim ........................... 10c
Big Ledge Copper C o ------1
Blsbee C op M A D e v ------1
Booth r ............................. -1
Boston A Montana D e v .. 5
Butte Copper A Zinc v r. c 5
Buttc-Detroit CopA Zinc. 1
Calaveras C o p p e r.r --------5
Caledonia M ining.............. 1
Callf-Treadwell Gold M t 1
Calumet A Jcromo C op r . l
Canada Copper.................. 5
Cash B o y ............... - .......... 1
Oerro do Pasco Coptno par)
Consol Arlz Smelt.............. 5
Consol Copper M ines------5
C o n so l-n o m e ste a d .. r . l
Range since Jan
June
Jan
Apr
Jan
Apr
M ar
July
Feb
1
N ov
13)4 N ov
3)4 Oct
235
392
305
815
601
244
560
302
Oct
Oct
Sept
N ov
Oct
Oot
Apr
N ov
60o June
69o
Oot
2 ) 4 Jan
4)4 M ay
27
June
13
Aug
18)4 Juno
6)4 Apr
3)
46)4
JulyFeb
4 'At N ov
)4 Feb
Aug 1 1-16 Sept
23
Jan
Aug
12
93o Juno
'At Sept
25
M ay
10
Aug
85o
Feb
38o
Aug
70c June
IN Aug
1
Oot
)4 Oct
21o June
7c Mar
1)4 M ay
)4 Aug
12
Oct
5)4 Aug
95o
Aug
48o
Oot
M ay
80
July 102
7 )4 Aug
16)4 Fob
9)4 Mar
14)4 M ay
1) 4 Oct
1)4 Sept
55
N ov
35)4 Aug
8
Oct
8)4 N ov
2 ) 4 Oct
)4 N ov
2)4 June
54 o M ar
48o N ov
35o Sept
28c Sept
l ‘A t N o v
7)4 Sept
13)4 Jan
2)4 Jan
1
M ar
9 ) 4 Feb
3)4 Aug
30c
Oot
60o N ov
1
N ov
)4 N ov
M ay
25o
Oct 1,02
11.400
86o
Oot
59o Sopt
49.200
70o July
)4 Oct
12.400
40o
Oot
30 o
Oot
33.700
35c July
3)4 Sopt
0,050
9.000 13-16 N ov
Vs N ov
00
Aug
7.000
23)4o Jan
1 )4 Feb
32.200
1 )4 Oct
1 7-16 Feb
8
Oct
29.400
80o Nov 1 1-16 N ov
110,000
44o
Jan
lOo N o v
2,500
60c Mar
54,000
2)4 Juno
4)4 Juno
45.500
12)4 N o v
22.200
1) 4 N ov
91o Oot
6)4 Sopt
1,100
2)4 Jan
1 5-32 Apr
13,9001 40o N ov
80o
Oct
76o N ov
15,200
2 ‘A t N o v
1 H Aug
78,685
2 ) 4 M ay
16.700 1 3-16 M ar
Feb 9)4o M ay
1.000 3)4o
45)4 N o v
32)4 July
17.500
3
N ov
1)4 July
187,500
3 ) 4 M ny
2,600
1)4 Feb
% N ov
37.500
)4 July
Nov. 4 1916.1
M ln ln S — {Concl.)
THE CHRONICLE
Sales
Friday
Last Week’s Range for
0/ Prices
Week.
Sale.
High. Shares.
Par. Price. Low.
Consol N cvada-U tah____3
Crcsson Con Gold M & M 1
Crystal C opper...................1
Darwin Lead-S M A D — 5
Dundee Arizona Copp-1-1
Emma Copper _r--------------1
First National C o p p e r ...5
Fortuna In d ep 'co.r___10c
Goldfield Cons’d . . ......... 10
G oldilcld Merger r ........... 1
Grand Canyon G old r . . . 1
Green M onster M in in g .r .l
Grizzly Flats Gold M ------1
Hecla M ining--------------- 25c
IIow o Sound------------------- 1
Hull C op p er.r-----------------Independence L e a d .r ___1
Inspiration N eedlesCoprf 1
International M in es.r . . . l
Iron B lossom .r ________10c
Jerome Verde C op p er.< .. l
Jerome Victor Ex ten. r . l 1
Jim B u tler.r ....... ............... 1
Jum bo Extension_____
K e w a n u s .r ......... ..........
Louisiana Consolidated 10c
M agm a Copper__________ 5
Marsh Mining r ______
M arysville Gold M ining. 1
M ason Valley___________ 5
M cK lnIey-D arragh-8av.. 1
M ines Co of Am erica— 10
M ojave T u n gsten .r--------2
M onitor 811 I, A Z M A M 1
M ontana Gold M in e s .r ..l
M other L o d e .r ....... ........... 1
Novada Utah Blngh’ m 2.50
Newray Mines, L td . r ____1
N.Y.AHonduras Rosarlo.10
Nlplsslng ...................
5
N om e Alaska D redge.........
Oatman G old K c y . l ------1
Ohio Copper.......................5
Old Emma L ea sin g.r..1 0 c
Oro r......................................1
Peerless Jenn ie.r.............. 1
Plttsb Jerome C o p p e r .r .fl
Portland Cons C o p p e r ... 1
Progress Mining A M111..1
Ray H ercules.r ........... . . . 5
Rox C onsolidated.r-------- 1
Rochester M ines--------------1
Sacramonto Val C o p . r . - l
St N icholas Zlno r ________1
Santa Rita D e v e l o p . r .. . l
San T o y M in in g ............... 1
Sliver Pick C o n s ol.r_____ 1
Standard Silver-Lead____1
Success M in in g .r________1
Superior & Boston r ____10
Superstition M in ing.< ...1
T om m y Burns Gold M Df 1
Tonopah B elm on t.r_____ 1
Tonopah Extension......... 1
Tonopah M ining................ 1
United Eastern......... ......... 1
U 8 Continental M ines, rl
United Vcrdo Exten.r.SOo
Unity Gold M ines_______ 5
West End C onsolidated-.1
W hlteCaps M ining. r . . l 0 o
W hite Cross Copper r ____1
W hite K nob Cop, pf r . . l 0
White Oaks Mines Cons r 5
Yerrlngton M t C op ......... 1
Yuscaran C on sol.r______ 6
B on d s—
Ccrro do Pasco Cop 6s 1925
Consol Arlz Smelt 5s. 1939
Cosden A Co new 6s--------Cosden Oil & Gas 6s______
M idvale St & Ord 5s.r.l936
Russian G ovt 6 X s ___w 1.
Sinclair Oil A Ref 6s.r.l926
Victoria Oil 6s......................
W est Pao R R new 6s.l046|
5-16
6X
14 x
2 'At
2)li
5X
56o
13o
5X
70o
7
67o
10X c
1 5-16
10c
1X
92c
32c
10X o
72c
51
9o
IX
7x
58o
______
______
IX
830
37o
1
95o
14)4
SX
___
38c
76o
2 1-16
_____
X
4
40c
59o
1 3-16
%
IX
21o
IX
35c
7X
67o
83c
5X
BX
5X
9c
39)4
3X
71o
41o
X
4X
21c
1 1-16
122 'A
105
105 X
98 X
100X
101
S7X
5-16 5-16
6
ox
1
1
10X 14X
*1% 2%
2%
2X
■IX
BX
22c
22c
55c
58c
7 X o 7X c
lOo
13o
4
OX
53c
70c
SX
7X
BX
BX
47c
73c
10c- 13C
1 1-16
10c
10c
1 11-16 I X
2
IX
I X *2X
95c
91c
32c
35c
lOo 11 Xo
40o
72o
41X 53
9c
10c
I X 2 1-16
7X
BX
54c
62c
2
2X
4
3X
2
IX
83o
90c
36C
39o
1
1
74o
95o
14 X 15
SX
8X
1
IX
15c
16c
5-16
X
37c
42o
3 X o 4o
77c
75o
2
2X
550
64c
X 11-16
4X
3X
20X o 45c
57c
60c
1 3-16 1 3-16
5-16 7-16
2
IX
17Xo 18o
18o
21o
1 7-16
IX
34o
36o
6
9
300
67c
7-lo
86c
4 5-16
4%
5 1-16
BX
0
SX
3X
BX
9c
lie
39
41X
3X
3X
69o
72o
38o 41)4o
1
X
2
3
4
4X
18c
22c
1 1-16
IX
ix
121
56
m x
102 x
98 X
100
99)4
106
SOX
124
70
105
105 X
98 X
100x
101
108
87 X
New York City Realty and Surety Companies
Range since Jan.
Low.
High
8,000
X Jan
X
22,050
6
Oot
ox
100
X July
1X 3
4,328
BX Sept
14X
11,325
3
Oct
I X June
13,745
1 7 X o Jan
3 X Oct
15,410
3
July
SX Jan
200
21o
Oct,
25c
Oct
55c
11,600
Oct
1 3-1; 1 Jan
7o
1.500
Aug
210
Jan
100
13o
33,300
Oot
Oct
Aug
145,000
1
6 X N ov
10,700
51o
68 0 N o v
Oot
11,740
3 X Jan
9 X Oot
100
Jan
8
4 X June
Aug
76,000
28o
73c N ov
40,800
10c
Oct
150
Oct
32,200
60c July
Oet
IX
1,500
10c M ar
31c
Apr
Jan
950
1
2 X Apr
36,000
I X July
2X
3,000
I X June
3X
810 July 1 3-16 Jan
4,225
32o Sept
Jan
9,000
IX
6,000
8 X 0 July
22o
Jan
12o M ay
99,300
72o N ov
13
July
58,300
53
Oot
9o
Oct
41o M ar
5,000
15,185
1
Aug
* 2 X Oct
17,500
2
July
7 X N ov
8,200
38o M ar
72c M ay
Jan
900
4
Oct
IX
M ay
1,500
8
2 X Aug
3,025
X
2 X M ay
Aug
3,100
64c June
1
77,000
20o
Jan
43C Apr.
600
1
Sept
5 X Jan
40,000
34o June
950 N ov
21,000
17H
14X Oct
4,700
6)X Feb
ox
600
1
Oct
Oct
IX
Apr
3,800
150
Oct
25c
10,000
3-16 Feb
5-16 N ov
12c
43,480
Aug
82c
Oct
3,000
Jan
3 X o Sept
Oo
4,000
75o
Oct
77o
Oct
48,000
85o July
2 X O ct
10,500
550
Oct
61c
Oct
38,500
X Oct 11-16 Oct
33,300
2X M ar
s x M ar
218,000
10c
Aug
N ov
50c Sept
31,300
78c M ay
3,800 1 1-16 Sept 1 3-16 Oct
5,700
X Sept
90o Sept
45,200
2
Oct
I X . Oct
2,000
Jan
13c
Aug
26o
18,320
3c
Feb
2 3 X c Sept
Jan
5,800
1
July
2
Feb
21,700
30c
950
Aug
Oct
18,900 3 15-16 Feb
9
71,200
670 N ov
22o
Oct
135,800
8O0 Oot
62o Sept
4
June
350
BX
7,200 3 15-U Jan
7H
675
7X
BX Aug
7,176
3 X July
BX
40
Aug
18o M ar
36,500
28,500
45
Sept
6 X Jan
5,200
I X Apr
3X
2,300
650 8ept
IX
33,200
22X oJuno
52o
Oot
38,000
1
X Oct
O ct
11,800
3
• IX M ay
Oct
845
3 X Aug
16X M ay
15,200
18c N ov
220 N ov
2,900
X July
IX
$80,000
45,000
165,000
200,000
198,000
109,000
895,000
12,400
371,000
110
25
100
99X
94
100
94 X
102
81
June
Sept
Aug
Jul V
July
Sept
June
Sept
123
70
105
125
100
102X
101
108
87X
Feb
N ov
N ov
June
Feb
Sept
Oct
N ov
•Odd lots, t N o par value. < Listed as a prospect. 1 Listed on the Stock Ex
change this week, where additional transactions will be found, m New stock, par
value (12 50. n Old stock, par valuo $25.
oNew stock, r Unlisted. zE x-100 %
stock dividend. 1(50 paid. u Ex-cash and stock dividends, c $10 paid, w When
Issued, x Ex-dividend, v Ex-rights, z Ex-stock dividend.
New York City Banks and Trust Companies
B a n k s -N .y .
A m o r lc a * ...
Amer Exch.
A tlantic-----Battery Park
Bowery * . . .
Bronx Boro*
Bronx N a t ..
BryantPark*
Butch A D rChase...........
Chat A Phen
Chelsea Ex*
Chem ical__
Citizens Cent
C it y ..............
Coal A Iron.
C olonial*__
Columbia* .
C om m erce..
Cbrn E xch*.
C osm opol’n*
East R iv e r ..
Fidelity * . . .
Fifth A v e * ..
F ifth ............
First..............
G arfield____
Germ-Amcr*
German Ex*
Germania *.
G oth am ____
Greenwich*.
Hanover —
Harrlman . .
Im p A TradIrvine
L ib erty____
L in coln ____
Bid
540
240
180
175
400
200
____
140
.100
372
f232
____
395
180
t541
185
450
310
tl7 4
335
85
75
150
4300
250
990
180
135
390
410
200
315
645
375
500
193
850
330
Exchange this week.
B anks.
Bid
M anhattan • 330
Mark A Fult 255
M ech A M ot 292
Merchants’ . 285
Metropolis*. 290
M etropol’n • 180
M u tu a l____ 325
New N oth *. 215
New YorkCo
New Y o r k .. 3*9*5**
Pacific *____ 270
Park_______ 510
People’s * __ 220
Prod E xch *.
Public •____ 23*0*'
Seaboard___ 420
Second_____ 395
Sherm an___ 120
State *......... 112
23d W ard*. 100
Union Exch. 150
Unit States* 600
1*6*5” Wash H ’ ts*. 275
Westch Av* 160
4800
West Side* .
275
Y orkvllle*.. 52*5'*
1010
Brooklyn
190
Coney Isl’d* 130
145
____ First.............. 255
____ Flathush___ 170
____ G reen poln t. 150
____1 Hillside « . . . 110
655 I Homestead •
390
M echanics*. tl2 7%
M o n ta u k * ..
615
00 1
Nassau_____ 200
Natlon'ICIty 205
North Side*. 170
340
People’s ____ 130 |
Ask
_ _
245
185
185
....
____
180
150
115
377
____
125
400
186
____
195
....
325
1476
340
100
I New stock.
Ask
340
265
290
____
1*87*
2*2*5”
725
400
235*'
198
4*3*5**
416
137
117
135
155
1*7*5**
365
140
270
165*
120
115
T r u s t C o ’s
New York
A sto r............
Bankers Tr.
B’ way Trust
CentralTrust
Columbia . .
Commercial.
E m pire____
Equitable Tr
Farm L 4 Tr
Fidelity____
Fu lton..........
Guaranty Tr
H u dson ____
Law T it A Tr
LlncoInTrust
Metropolitan
M u t’ l (W est
chester) . .
N Y Life Ins
A T r u s t..
N Y T rust. .
Title GuATr
Transatlan ’o
Union Trust
US M tgA T r
UmtedStatcs
Westchester.
Brooklyn
Brooklyn Tr
Franklin___
H a m ilto n ...
1*0*5*" Kings C o . . .
210
M anufact’ rs
275
People’s ____
180
Queens C o . .
140
1677
Bid
465
475
144
785
620
110
285
495
1600
200
285
450
140
139
105
420
470
480
148
500
1050
21 >
300
455
150
143
115
430
125
975
000
400
475”
415
1010
130
1000
405”
16ft
425
455
1025
140
COO
255
265
265
275
630
650
150 ' 155
285
70 j *8*0*
t Sale at auction or at Stock
y Ex-rights.
Alliance R 'ty
Amer Surety
Bond A M G
Casualty Co
City Invest’?
Preferred..
Bid
70
ISO
293
Ask
80
160
305
18
60
22
67
LawyersM tg
M tg B o n d ..
N at Surety.
N Y T itle A
M t g e ___
Bid
162
110
279
Ask
164
115
283
90
97
Realty Assoc
(Brooklyn)
U 8 Casualty
US TttleGAI
Wes A Bronx
T itle A M G
Bid
Ask
94
190
50
97
210
56
178
180
Quotations for Sundry Securities
All b o n d p rice s are “ and In te re st” e x c e p t w h ere m arked “ f*
S tan d ard O il S to c k s Pe rShare
Pat Bid. Ask
Anglo-Amer Oil new____£1
*15i2 16
Atlantic Refining_______ 100 850 865
390 410
R R . E q u ip m en ts— PerCt Basis
Bid. j A ft .
Baltimore 4 Ohio 4 X s ____
4.35 4.25
Buff Roch A Pittsburgh 4 X f
4.37! 4.25
Equipment 4s...............
4.37| 4.25
•100 102 Canadian Pacific 4 Ha......... . 4.45| 4.30
460 480
Caro Cilnchf A Ohio 5s____
4.65 4.40
50 '7 0
Central o f Georgia 5s............
4.15 3.90
Continental Oil_________ 100 1 550 560
Equipment 4 X s ________
4.60 4 45
Crescent Pipe Line C o ____50 *40
Chicago A Alton 4s......... ..
43
5.25 4.80
Cumberland Pipe L in e .. 100 110 115
Chicago 4 Eastern 111 5 X « - 5.50; 5.20
Eureka Pipe Line C o ____100 230 240 i Equipment 4 X s _________
5.50 5.20
Galena-Signal OH co m ___100 173 175
Chic Ind A Loulsv 4 X s ____
4.65! 4.45
Preferred_____________ 100 138 143
Chic St L A N O 5s................
4.45 4.25
Illinois Pipe Line.............. 100 220 222
Chicago A N W 4 X s . .........
4.25| 4.10
Indiana Pipe Line C o ____50 *100 105
Chicago R I 4 Pac 4 M s____
5.10! 4.75
Internet Petroleum______ £1 * 11 % 11 % Colorado A Southern 5s__
4.65 4.45
National Transit C o . . 12.50 •18
20 Erie 5s_________ __________
4.50! 4.35
New York Transit C o . . . 100 205 215 ! Equipment 4)48..... ..........
4.50 4.35
Northern Pipe Line C o.-lO O 105 108 j Equipment 4s___________
4.50[ 4.35
Ohio Oil C o ..............
25 •363 368
Hocking Valley 4s________
4.45 4.30
Penn-Mex Fuel C o ________25 *66
68 1 Equipment 6s___________
4.45 4.30
Pierce Oil C orp__________ .25 •16% 17
Illinois Central 5s__________
4.30 4.15
Prairie Oil A G as________100 495 500 i Equipment 4 H s......... .......
4.30; 4.15
Prairie Pipe Line________100 290 295
Kanawha A Michigan 4 X s .
4.50 4.35
Solar Refining__________ 100 370 390
Louisville A Nashville 5s___
4.30 4.15
Southern Pipe Line C o . . 100 217 222
Minn St P A S S M 4 X s . . .
4.45 4.30
South Penn Oil__________ 100 450 460
Mlssouri Kansas A Texas 5s
5.35 5.00
Southwest Pa Pipe Lines. 100 113 118
Missouri Pacific 5s........... ..
5.35 5.00
Standard OH (Callfornla)lOO 350 353
Mobile A Ohio 5s..................
4.55! 4.35
Standard OH (In d ia n a ).. 100 xSOB
x805 815
Equipment 4 X s ........... ..
4.55 4.35
Standard Oil (K an sa s)..100 640 550
New York Central Lines 5 s ..
4.45 4.30
Standard Oil (Kentucky) 100 61O 630
Equlpment 4 X s _________
4.45 4.30
Standard Oil (Nebraska). 100 540 550
N Y Ontario A West 4 X s ~
4.45 4.35
Standard Oil of New Jer.100 600 603
Norfolk 4 Western 4 X s ___
4.30 4.15
Standard Oil of New Y ’rklOO 239 241
Equipment 4s....................
4.30 4.15
Standard OH (O hio)..........100 425 435
Pennsylvania R R 4)48____
4.25; 4.10
8wan A Finch..................... 100 110 120
Equipment 4s.................... .
4.25 4.10
Union Tank Line C o ____100
St Louis Iron M t A Sou 5s.
94
96
5.20' 4 80
Vacuum OH_____________ 100 301 305
8t Louis A 8an Francisco 5s.
5.35 5.00
Washington O il__________ 10 *40
Seaboard Air Line 5s_______
4.55 4.40
45
B on d s.
Per tnl
Equipment 4 )4 s........... ..
4.55 4.40
Pierce Oil Corp conv 6s. 1924
Southern Pacific C o 4 ) 4 s ...
85
4.30 4.15
87
Southern Railway 4 )4 s____
4.55 4.35
O rd n a n ce S tock s— Per S hart
Toledo A Ohio Central 4 s . . .
4.75 4.50
Aetna Explosives pref___100
55
58
Amer A British M fg _____ 100
10 20
Preferred_____________ I00i 20
T o b a c c o S to ck s — Per Sha re.
40
175 180
Pat Bid. As*.
97 101
American Cigar commonlOC 112 117
Babcock A W ilcox______ 100 128 130
Preferred..................... ..1 0 0
98 100
Bliss (E W ) C o c o m m o n ..50 *740
.
Amer Machine A F d r y ..I 0 (
790
90
80
P re le r re d .._____ _______ 50 •
*75
Brltlsh-Amer T ob ac o r d ..£ l * 18*r 20
85
Canada Fdys A Forgings 100 180 190
Ordinary, bearer............£1 •19
20
Preferred......................... 100 90 100
Conley Foil_____________ 100 300 350
Canadian Car A F d r y ...l 0 0
Johnson Tin Foil 4 M e t. 100 100 150
30
40
Preferred......................... 100 65
MacAndrews
A
Forbes.
.100
75
200 210
Canadian Explosives com 100 380 460
Preferred....... ................. IOC 100 102
Preferred......................... 100 100 110
Porto Rican-Amer T o b --1 0 0 267 275
Reynolds
(R
J)
T
o
b
a
c
c
o
.100
115 118
810 640
1st preferred............. ..1
Preferred_____________ 100 122 124
100 105
2d preferred__________1
Young ( J S) C o .................100 160 160
74
77
C olt’s Patent Fire Arms
Prelerred......................... 100 105 110
860 880
Crocker-Wheeler C o co m .100 90
95
duPont (E I) de Nemours
S h o r t T erm N otes. Pet CentA C o, com m on______ 100
285 295
Am Cot Oil 5s 1917— .M A N 100% 1011*
101% 105
440 450
Amer Locom 5s. July ’ 17.J-J 100%U01
440 450
Am T A T 4)48 1918.............. 100% 1005*
355 365
Anaconda Copper 5s T 7 M-S 100% 1005*
Canadian Pac 6s 192 4.MAS2 103 jl03%
Preferred.......................1 0 0 114 119
24
Chic A West Ind 5s ’ 17.M A S lOO's’lOOS*
Hopkins A Allen A rm s .. 100
18
Preferred......................... 100 50
Erie R R 5)48 1917____A-O 1 0 0 % ;1 0 1
60
International Arms______ 25 *20
25
General Rubber 5s 1918 JAD 100%;101%
Lake Torpedo Boat c o m .. 10 10
12 Hocking Valley 5s 1917.M -N 1007* lOU*
Midvale Steel A Ordnance 50 *69
Int Harv 6s Feb 16 ’ 18.F-A 1018*101%
70
Nlles-Bement-Pond c o m . 100; 2l3 217
K C Rys 5H s 1918____JAJ: 100% 10 %
Preferred......................... 100 106 110
Morgan A Wright 5s D e c .1.18; 100% I00l2
760 1780
New Eng Nav 6s 1917.M -N t 100 ,100%
•44
N Y N U 4 H 4 M « M ay 1917! 100 ;100%
45
1200 1350 Penn C o 4 H s 1 9 2 1 ..J A D lt! 101 (101%
Pub Ser Corp N J 5s ’ 19 MAS 100% 101%
P u b lic U tilities—
Rem Ams U .M .C .5s’ 19FAA
S9i4 89%
Am Gas A Elec com ...........50 *164% 156% Southern R y 5s 1 9 1 7 ..M-S2 1008*1005*
P r e fe r r e d ....
........... 60 *49% 50% United Fruit 5s 191 8.. M-N| 1015*il013*
382 385
UtahSecurCorp 6s’22 M -S lf
97%: 98%
Preferred......................1 0 0 n o 112
Winches RepArms5e'18M&S
98% 983*
Amer Power A Lt co m . . . 100 75
New Y o rk C ity N otes—
76
84
Preferred................
100
86
6s Sept 1 1917.......................... 102% 102%
Amer Public UtiUtles com 100 41
44
C a n adian G o v t. N otes—
Preferred_____________ 100 74
76
68 Aug 1 1917..................FAA 1003*1005*
Cities Service C o c o m ...1 0 0 312 315
P referred ..
100 92% 93
In d u stria l
C om ’w’lth Pow R y A L ..1 0 0
61
62%
and M iscella n eou s
Preferred.................... .. 1 0 0
84
85
D ayton Pow 4 Lt pref___100
94
American Brass_________10C 374 ,377
97
Elec Bond A Share p r e f.. 100 99 101
American Chicle com ____100
76 j 79
Federal Light A TractlonlOO
Preferred.........................100 83
86
17
19
Preferred......................... 100 56
Am Grapbophone c o m .. 100, 180 485
58
Great West Pow 5s 1946.J4J
891 90l2
Preferred........................ lOOj 177 jl81
Indiana Lighting C o ____100
85
American Hardware____100| 137 ;139
4s 1958
__F-A
79l2' 81
Amer Typefounders c o m . 1001 42 i 43
Preferred_____ _____ _ _ 100,' 93 I 96
N orth’n States Pow co m . 100 104 106
Preferred........................ 100; 100 101
Borden’s Cond Milk com.100> 110 ! l l l i 2
1st A ref 5s 1941____AAO 97
99
Preferred_____________ 100! 106 !l07%
Pacific Oas A Elec c o m ..100 58 '5 9
Celluloid Com pany_____ 100 190 (195
1st preferred......... ........ 100
90 ; 91
Havana T obacco C o ____100
2% 3
Republic R y A Light____100
50
52
Preferred......................... IOO!
6
6%
Preferred........................ 100
78
80
1st g 58 June 1 1922—J-D; fbO | 58
Intercontlnen Rub c o m ..100
16%! 16
South Calif Edison c o m .. 100 90
92
Preferred........................ 100 106 109
Interoat Banking C o ____1001 160 j_____
Southwest Pow A L pref. 100 9712I100
International Salt........... 100; 46 | 48
Standard Gas A El (D e i). 66 »15 | 16
1st g 5s 1951..............A-O f7B I 77
Preferred................
60 *43 [ 44
International Silver pref. 100! 107 108
Tennessee R y L A P comlOO 12
13
Lehigh Valley Coal 8ales. 60 *97 100
Preferred......................... 100 52
53
Otis Elevator com _______ ICO! 68 70
United Gas A Elec C o rp . 100 10 ! 13
Preferred................... ,100j
94 j 96
1st preferred__________ 100 72
Remington Typewriter—
75
2d preferred__________ 100 12 : i6
C om m on........................... 100 18 | 18%
United Lt A Rys c o m .. . 100 49 i «
1st preferred.....................100 83 88
1st prelerred__________ 100; 79
2d preferred....... ...........10C;
49 ( 52
80
Western Power com m on . 100 18
Royal Baking Powd c o m . 10( ! 150 460
19
Preferred......................... 100 70 571
Preferred............. .......... 10(ii 103% 104%
I
I
* Per share. 6 Basis, d Purchaser also pays accrued dividend, e N ew stock,
/F l a t price. n Nominal, x Ex-dlvldend. y Ex-rlghta.
[Vol. 103.
THE CHRONICLE
1678
lu u e s tm m i m CL f l a i l w a tt fw M lip t x w .
R A I L R O A D
G R O S S
E A R N I N G S .
The following table shows the gross earnings of every S T E A M railroad from which regular weekly or monthly returns
oan be obtained. The first two columns of figures give the gross earnings for the latest week or month, and the> last two
oolumns the earnings for the period from July 1 to and including the latest week or month
W e add a supplementary
statement to show the fiscal year totals of those roads whose fiscal year does not begin with July, but covers some otUer
period. The returns of the electric railways are brought together separately on a subsequent page.___________
Latest Gross Earnings.
R O A D S.
Week or
M on th .
Current
Year.
J u l y 1 to Latest Date.
Previous
Year.
Current
Year.
Previous
Year.
$
A la N O & T e x P a c 8 7 8 .6 2 6
9 91 ,434
29 1 ,8 2 0
34 2 ,0 1 4
N O & N o r E a s t . S ep tem b er
38 7 ,3 2 8
4 32 ,039
135,784
141,278
A la & V ic k s b u r g . S ep tem b er
37 9 ,1 9 7
4 27 .637
139,191
152,350
V ick s S h rev & P . S ep tem b er
7 4 6 ,6 0 8
894,331
5 1 ,295
5 8 ,354
A n n A r b o r --------------- 3d w k O ct
3
2
,1
2 2 ,0 1 3
3
7
,7
1
2
.5
4
4
107
95294
A t c h T o p e k a & S Pc S ep tem b er 12768801
8 98 ,170
6 4 ,238 1,037,956
8 0 ,042
A tla n ta B irm & A tl 3 d w k O ct
198.053
220.447
101,268
114,706
A tla n ta & W e s t P t . A u g u s t ___
A tla n tic C o a s t L in e S ep tem b er 2 ,7 4 3 ,4 0 0 2 ,3 5 9 ,7 9 4 7 ,9 5 6 ,5 0 4 6 ,5 5 4 ,3 5 4
38 4 ,8 8 6
43 3 ,2 4 4
148,125
170,007
C h ariest & VV C a r S ep tem b er
373,301
4 36 ,459
135.553
149,335
L o u I le n d & S t L S ep tem b er
o B a ltim o r e & O h io . S ep tem b er 10515845 9 ,6 1 7 .8 1 9 3 1 ,2 1 9 ,9 8 7 2 7 ,6 3 7 ,4 2 9
4 0 5 ,0 7 5
46 2 ,6 4 6
142,310
155.871
B & O C h T e r UI1 S ep tem b er
4 6 7 ,6 3 7
4 68 .448
241 ,342
2 57 .396
B a n g o r Sc A r o o s to o k A u g u s t ___
B essem er & L E r ie . S ep tem b er 1,240.874 1 ,164,660 3,906,291 3 ,6 9 9 ,3 9 2
2 0 8 ,6 0 0
3 75 ,533
7 1 ,129
90,963
B irm in g h a m S o u th . S ep tem b er
B o s to n & M a in e ___ S ep tem b er 4 ,9 2 2 ,7 4 7 4,32 9 ,9 9 7 14,81 2 ,9 0 8 1 2 ,7 3 4 ,2 5 7
254,4291 1,309.229 3 ,6 8 7 ,6 1 7
2 42 ,092
B u f f K o ch & P it t s b . 3 d w k O ct
3 79 ,943
435 ,222
142,013
142,329
B u ffa lo & S usq U K . S ep tem b er
C a n a d ia n N o r S y s t . 1th w k O ct 1.172.000 1,271,400 14,423,800 10,38 0 ,8 0 0
O an a d ia n P a cific . . 3d w k O ct 2.93 2 .0 0 0 3 ,0 5 8 ,0 0 0 16,584 068 3 5 ,9 4 0 .9 9 2
C en tra l o f G e o r g ia . S ep tem ber 1,241,711 1,093,760 3 ,4 7 6 ,1 7 4 2 ,9 8 1 .5 8 4
C e n t o f N o w Jersey S ep tem b er 3 ,1 1 5 ,9 2 7 2 ,7 7 9 .8 0 2 9 ,0 8 7 ,2 7 9 8 ,2 0 4 ,8 2 2
37 6 ,2 7 0 1 ,468,415 I ,
466,521
C e n t N e w E n g la n d - S ep tem b er
66 1 ,8 1 2
763 .170
3 41 ,210
4 01 ,618
C en tra l V e r m o n t .. A u g u s t ___
886 ,290 15,188,981 4 ,2 1 5 ,8 1 8
953,801
G hes & O h io L in es . 3 d w k O ct
C h ic a g o & A lt o n ___ S ep tem b er 1,639,729 1,415,551 4 ,7 5 3 ,8 5 3 3 ,9 7 8 ,9 6 8
C h ic B u rl & Q u in cy S ep tem b er 10374092 8 ,9 0 6 ,9 8 8 2 8 ,8 6 8 ,7 9 6 2 4 ,4 2 8 ,6 3 8
b C h ic a g o & E a st III Septenxbor 1,419,498 1,410,216 4,19 8 ,1 7 6 3,87 1 ,4 2 1
3 34 ,639 5 ,2 6 2 ,3 7 3 4,56 7 ,1 8 1
40 0 ,0 8 8
c C h ic G rea t W e s t . . 3d w k O ct
153.250 2,686,121 2 ,3 3 6 ,8 5 0
170.502
C h ic In d & L o u is v . 3d w k O ct
C h ic M ilw & St P\ S ep tem b er 10147 279 9 ,2 6 1 ,4 3 8 29,40-1,862 2 5 ,7 6 5 ,8 9 8
C h ic M il & P u g S|
d C h lc & N o r t h W est S ep tem b er 9 ,2 9 0 ,0 8 7 8 ,4 0 3 ,6 8 9 2 7 ,1 2 7 ,8 0 7 2 3 ,6 0 5 ,7 3 6
43 2 ,6 0 7
4 64 ,575
161,384
158,928
C h ic P eoria & St L . S ep tem b er
C h lc K o ck Isl & P ac A u g u s t ___ 7 .2 3 0 .7 0 7 6 .1 3 7 .6 3 7 13,612,092 1 1 ,576.064
725 ,745
911,961
248 ,465
3 09 ,364
C h ic It I & G u l f . . S ep tem b er
d C h ic St P M & Om S ep tem b er 2 ,0 7 6 ,8 5 9 1,73 4 ,4 6 8 5,52 0 ,9 3 4 4 ,6 6 6 ,5 4 2
5 33 ,124
702,971
192,000
244
,622
S
ep
tem
b
er
C h ic T erre H & S E
947 ,393 1,058,631 2 ,9 2 5 ,8 1 5 2 ,9 7 3 ,4 6 8
C in H a m & D a y t o n S ep tem b er
424 ,833
49 5 ,1 2 0
165,736
178,300
C o lo r a d o M id la n d . S ep tem b er
3 42 ,718 5,168,101 4 ,6 5 1 ,1 4 9
371 ,396
e C o lo r a d o & South 3d w k O ct
2 1,438
46,687
10,329
A u g u s t ___
2 3 ,685
C o r n w a l l ____
112 ,295
146,142
3 5 ,994
4 5 ,1 8 0
C orn w a ll & L eb a n on S ep tem b er
41 1 ,9 2 3 1,652,262 1,248,647
522 ,444
C u b a R a il r o a d ____ S ep tem b er
D ela w a re & H u d son S ep tem b er 2,24 7 ,0 5 4 2 ,0 7 2 .9 8 3 6 ,8 8 8 ,5 2 7 0 ,2 4 8 ,4 3 5
D ela w L a ck & W ost S ep tem b er 4,412,131 4,048,748 13,269,266 I I ,
5 84 ,200 8 ,5 7 3 ,0 1 9 8 ,3 8 7 ,7 1 0
577 .600
D e n v & K io G ra n de 3d w k O ct
7 22 .592 1,579,759 1.425,043
8 06 ,657
W estorn P a c i f i c . . A u g u s t ___
61 7 .0 5 4
658,011
43,890
2d
w
k
O
ct
44,600
D e n v e r & S alt L a k e
2 97 ,232
398 ,683
164,129
2 12 ,478
D e tr o it T o l & Iron t A u g u s t ___
335 ,783
2 3,499
3 96 ,086
22,127
D e tr o it & M a c k in a c 3d w k O ct
2 07 ,132
247
,592
109,427
130.147
A
u
g
u
s
t
___
D o t Sc T o l S h ore L .
8 43 .459 2 .9 1 1 .2 3 3 2 ,6 2 3 .8 4 7
898 ,073
D u l & Ir o n R a n g e . . S ep tem b er
D u l M is s a b e & N o r S ep tem b er 2 ,1 5 9 ,6 0 7 1,567,640 6 ,1 4 1 ,2 2 9 4 ,5 6 6 ,3 7 5
66,973 1,276,496 1 ,1 4 2 ,5 9 0
8 0,037
D u l S ou S h ore & A tl 3d w k O ct
22 3 ,0 7 8
273,591
103,777
143.147
D u lu th W in n & P a c A u g u s t ___
9 93 ,467 2 ,2 8 2 ,4 7 7 1,87 5 .9 3 4
E lg in J o lie t & E a s t- A u g u s t ___ 1,169,411
8 20 .519 3 ,4 0 5 ,9 6 5 2 ,3 8 3 ,2 8 9
E l P a so & S ou W e s t S ep tem b er 1,17 7 ,5 2 5
E r i e ________________ S ep tem b er 6,395.011 6 ,2 5 3 ,6 6 5 1 9 ,3 9 8 ,9 5 2 ,1 7 ,8 7 2 ,5 5 8
3 26 ,658 1 .678,943 1,03 4 ,8 9 9
584 ,402
F lo r id a E a st C o a s t . S ep tem b er
2 76 ,954
246 ,149
7 9,929
87,003
F o n d a J oh n s & G lo v S ep tem b er
558.876!
4 2 4 ,9 6 5
2 19 ,188
2 77 ,888
G e o rg ia R a il r o a d .. A u g u st —
189,891 I , 2 28 ,710 1.13 5 .9 2 6
111,219
G ra n d T r u n k P a c . . 1st w k O ct
G ra n d T r u n k S y s t . 3d w k O ct 1,200,044 1,043,088 20,523,792 16,819,601
780 ,859 14,501.356 11,717,118
G ra n d T r u n k R y 1st w k O ct 1,066,712
176,293 2 ,6 0 0 ,9 4 3 2 ,1 5 4 ,2 6 9
186,499
G ra n d T r k W e s t . 1st w k O ct
8 36 ,198
920 ,129
6 2,227
6 5 ,428
D e t O r H & M ilw 1st w k O ct
G rea t N o r t h S ystem S ep tem b er 7 ,9 6 4 .4 0 9 7 ,8 6 2 ,0 3 6 23 ,5 9 7 .6 8 9 19,882.788
4 39 ,025
506 ,816
153.163
171,725
G u lf & Ship I s la n d . S ep tem ber
6 79 ,715 2 ,4 0 7 ,9 8 7 1 .8 72.926
8 11 ,730
H o ck in g V a lle y ____ S ep tem b er
Illin ois C o n tr a l____ S ep tem b er 6 ,4 6 1 ,0 0 4 5 .7 5 6 ,5 8 3 18,797,604 16,165,252
871 ,897 2 ,7 9 4 ,5 1 6 2 ,1 2 9 ,6 4 6
In tern a t & G rt N o r S ep tem b er 1,080,448
8 70 ,730 2 ,8 6 0 ,3 7 5 2 ,5 0 9 ,4 9 2
974,791
K an sas C it y S o u t h . S ep tem b er
4 76 ,376
599,991
160,884
189,526
S
ep
tem
b
er
L eh ig h & H u d R iv er
873,601
725,979
2 83 ,590
265 ,582
L eh ig h & N o w E n g . S ep tem ber
L eh igh V a lle y _____ S ep tem b er 4 .3 0 8 ,9 6 2 3 .9 4 3 .6 3 8 13,052,105 11,45 6 ,9 9 8
8 30 ,469 2 ,9 8 4 ,9 2 0 2 ,8 7 2 ,1 2 4
9 67 ,877
L o s A n geles & S L . . S ep tem b er
269.351
271,441
132.462
134.297
L ou isian a & A rkans A u g u s t ___
556 ,143
5 36 ,557
204 ,153
186,545
L ou isian a R y & N a v S ep tem b er
/ L ou isville Sc N a s h . 3d w k O ct 1,293,870 1,15 0 ,0 7 5 2 0 ,0 6 5 ,7 2 8 17,372,07-J
M a in e C e n tr a l______ S ep tem b er 1,187,049 1,033.439 3 ,456.811 3 ,0 8 0 ,9 2 0
124,515
129.850
47,508
53.092
M a r y la n d & P e n n .. S ep tem b er
270 .973
35 9 ,2 2 5
145,706
179.189
M id la n d V a lle y ____ A u g u s t ___
3 33 ,268
355 .373
20,842
2 4 ,224
M in e ra l R a n g e ____ 3d w k O ct
2 40 ,954 3 ,5 3 1 ,6 7 0 3 ,3 4 6 ,6 9 6
254 ,338
M ln n e a p & St L ou is 3d w k O ct
748 ,763 11,355.333 10.276.620
726,321
M in n St P & S S M 3d w k O ct
123,720
147,332
59,637
78,767
M ississip p i C e n tr a l. A u g u s t ___
653 ,212 12,300,297 9 ,7 2 2 ,0 2 4
877.601
g M o K an & T o x a s . 3 d w k O ct
.8,102
7 4 .6 5 8
8995
n M issou ri P a c i f i c . . A u g u s t ___ 6 ,3 2 4 ,4 2 8 5 ,1 1 1 ,3 5 9 I I ,
N a s h v C h a tt & St L S ep tem b er 1,146,541 1 ,034,628 3 ,4 1 2 ,8 4 7 2,92 2 ,6 9 1
j/N e w Y o r k C on tral S ep tem b er 17889110 15419907 5 3 ,0 9 4 ,4 3 5 4 3 ,8 9 9 .4 3 3
B o s to n & A lb a n y S ep tem b er 1,886,667 1,58 0 ,4 3 8 5 ,6 0 0 ,9 9 8 4 ,6 4 1 .4 8 5
6 16 ,508 1,983,667 1,681,059
6 78 ,663
n L a k o E rie & W . S ep tem b er
M ic h ig a n C en tra l S ep tem b er 4 ,0 9 6 ,8 6 8 3 ,3 4 2 ,3 1 8 12,027,532 9 ,6 3 5 ,5 8 8
C lo v e C C & S t L S ep tem b er 4 ,1 3 5 ,6 4 5 3 ,6 1 3 ,0 3 5 12,228,371 10,340,083
44 4 ,3 0 4
530 ,246
155,394
179,209
C in cin n a ti N o rth . S ep tem b er
P itts & L a k o E rie S ep tem b er 2,149,081 1.899,590 6 ,4 1 7 ,5 0 3 5 ,3 7 8 ,9 2 2
4 2 2 ,9 3 0 1,762,209 1,244,278
5 51 ,460
T o l & O h io C e n t . S ep tem b er
8 71 .638
91 2 ,6 7 9
3 03 ,332
2 91 ,972
K a n a w h a & M ic h S ep tem b er
T o t all lines a b o v e S ep tem b er 31858675 27353452 94 ,5 5 7 .6 4 1 7 8 ,1 3 6 ,7 9 5
J u l y 1 to Latest Date
Latest Gross Earnings.
ROADS.
Week or
M onth.
Current
Year.
Previous
Year.
Current
Year.
Previous
Year.
$
$
166,890
10,493
13,823
N e v a d a -C a l-O r e g o n 3 1 w k O ct
464,261
143,041
143.248
N e w O rl G re a t N o r . S ep tem ber
503 ,966
154.151
174,160
N O M o b ile & C h ic . S ep tem ber
N Y C h ic & St L ou is S ep tem ber 1 ,2 9 1,788 1,142,481 3 ,8 7 8 ,2 8 5
N Y N H & H a r tf. . Septem ber 7 ,1 0 5 ,6 3 5 6 ,313,161 21 ,2 2 2 ,7 1 3
72 7 ,5 1 0 2 ,7 2 8 ,4 0 4
77 0 ,8 5 0
N Y O n t & W e s te rn S e p te m b e r
886,381
2 84 ,137
3 56 ,255
N Y Susq & W e s t . . S eptem ber
808 .022
411,977
3 45 .465
N o rfo lk S o u t h e r n .. A u gu st —
15,31
0 ,3 1 6
5.12
2
,1
8
2
4
,7
8
9
,6
2
7
_______
N o r fo lk & W e s t e r n . S e p te m b e r
7 ,5 7 6 ,4 7 7 6 ,7 6 8 ,1 8 9 ,2 1 ,3 4 9 ,7 6 6
N o rth e rn P a c if ic ___ S ep tem ber
468 ,552 ; 4 1 6 ,0 6 3 1,502.423
N o rth w e ste rn P a c . S ep tem ber
744.4271 659,8971
744,427
P a c if ic C o a s t C o ___J u l y . . ____
p P e n n s y lv a n ia RR- S ep tem ber 1 99 69555 181 5 1 5 7 9 6 0 ,2 7 4 ,2 8 5 ,
137.521! 103,414
47 0 ,0 4 8
B a lt C hes & A t l . . Septem ber
32 6 ,0 2 7
2 9 9 ,6 7 9
9 05 ,082
C u m b e rla n d V a il. S e p te m b e r
1,458,491 1,32 0 ,1 4 2 4 ,7 4 6 ,0 6 7
L o n g I s la n d _____ S ep tem ber
95,093,
8 8 ,3 1 5
3 17 ,349
M a r y ’d D e l & V a S ep tem ber
4 2 3 .9 7 1 1 34 4 ,7 3 7 1.423,793
N Y Phila & N o rf S ep tem ber
Ph il B alt & W a sh S eptem ber 2 ,2 3 0 ,2 4 3 1,92 4 ,6 0 5 6 ,7 1 8 ,2 7 2
78 9 .7 7 0
7 41 ,177 2 ,8 9 2 .6 3 6
W J ersey & Seash S ep tem ber
6 .9 5 0 ,9 1 2 6 ,3 3 3 ,7 2 9 21 ,1 4 7 ,9 7 3
P e n n sy lv a n ia Co___ S eptem ber
5 50 ,277
500,361 1,635,954
G ra n d R a p & I n d 'S ep tem ber
09 8P,6itts
2 2 C C & St L . .S eptem ber 4 ,5 0 1 ,2 3 2 3 ,8 8 8 ,7 1 7 13,246,540
1 .1 5 5 ,0 9 8 ,1 ,0 5 8 ,310| 3 ,3 8 8 ,8 5 6
V a n d al i a ________ S ep tem ber
T o t a l lines—
E a s t P itts Sc E r ie ;S e p te m b e r 2 5 7 9 5 7 3 8 2 3 2 9 4 2 7 6 78,87 2 ,1 1 1
W e s t P itts & E rie S ep tem ber 1 33 17347 1 19 27129 39,89 5 ,3 6 1
A ll E a st & W e s t . S ep tem ber 3 9 1 1 3 0 8 5 3 5 2 2 1 4 0 5 118 767472
470.490! 40 0 ,1 8 2 6 .7 0 2 295
P o re M a r q u e t t e ___ 2d w k O ct
R e a d in g C o —
P h ila Sc R e a d in g - S ep tem ber 5 ,2 5 9 ,3 3 3 4 ,4 6 1,727 15,15 4 ,9 2 7
C o a l & Iro n C o . . S e p te m b e r 3 ,7 0 1 ,3 1 2 2 ,1 2 5 ,2 3 8 9 ,3 2 9 ,2 9 0
T o t a l b o th c o s . . . S ep tem ber 8 ,9 6 0 ,6 4 5 6 ,5 8 6 ,9 6 5 2 4 ,4 8 4 ,2 1 7
8 81 ,727
2 19 .160
2 72 ,768
R ic h F red & P o t o m S eptem ber
86.129
76,558
8 6 .129
R io G ra n d e J u n e . . . J u ly ..........
182,018
14,070
13,605
R io G ra n d e S o u t h . . 3d w k ' O ct
1,05
1 .3 1 7
3
44
,204
357
.802
S
ep
tem
ber
R u tla n d ____________
579 ,618
141,983
207 .333
St J o s & G ra n d I s l. S ep tem ber
28 9 ,5 6 4 1,420.021
4 96 .129
St L B ro w n s v & M . S ep tem ber
St L Ir o n M t n & So A u g u s t ___ 3 ,1 6 4 .2 0 7 2 ,6 9 8 ,5 1 8 6 ,0 1 8 ,7 2 9
St L o u is & S an Fran A u g u s t ___ 4 ,8 5 9 ,0 3 6 3 ,7 5 3 .0 8 3 9 .2 9 0 ,1 9 2
2 75 .000 4 ,5 1 3 ,1 9 8
3 4 6 ,0 0 0
St L o u is S o u th w e s t- 3d w k O ct
S e a b o a rd A ir L i n e . . Septem ber 2,03 9 ,4 5 2 1,777,087 5 ,7 0 0 ,1 5 3
S ou thern P a c i f ic ___ S ep tem ber 15187759 132 8t 718 4 4 ,6 9 7 .0 2 0
S o u th ern R a i l w a y .. 3d w k O ct 1,625.063 1 ,4 0 5 .7 6 4 2 3 .2 4 2 .9 6 2 :
2 38 ,632 3,626.291
234 ,072
M o b ilo & O h io _ . 3 d w k O ct
194,582
2 17 ,159 3 ,5 5 8 .6 9 2
2 30 ,855
O i n N O & T e x P 3d w k O ct
116.172 1,742.182
104,512
A la G re a t S o u t h . 3d w k O ct
79 7 ,9 6 9
4 9 ,3 8 5
58,918
G e o rg ia S o & F la 3d w k O ct
988 .823
46 6 ,7 8 5
508 ,234
S p o k P o rt Sc S eattle A u g u s t ___
3 6 ,8 6 5
1,256
2,0 6 3
T e n n A la Sc G e o rg ia 3 d w k O ct
44 7 ,3 4 7
148,578
152,031
T en n esseo C e n tr a l. S ep tem ber
4 13 ,275 6 ,5 6 4.085
557,991
T o x a s & P a c i f ic ____ 3 d w k O ct
30 5 .0 4 2
111,951
104,367
T o le d o P e o r Sc W est S ep tem ber
131,176 1,923,419
145,799
T o le d o St L & W e st 3d w k O ct
246 ,947
77,827;
110,607
T r in ity & B razos V . S ep tem ber
U n io n P a c ific S y s t . S e p te m b e r 10984591 9 ,1 5 2 ,4 6 4 31 ,0 0 6 .3 9 7
6 26 ,544 2 ,2 3 7 ,3 1 2
7 89 ,923
V ir g in ia n ___________ S ep tem ber
W a b a s h ____________ Septem ber 3 ,3 0 9 ,7 1 7 2 .8 7 5 ,7 9 7 9 ,5 8 4 .5 6 3
215 ,367 3 ,9 5 1 ,0 7 3
24 4 ,7 8 8
W e sto rn M a r y la n d . 3d w k O ct
318 ,822
I t 4,5 2 4
119,742
W e ste rn R y o f A la . Septem ber
749,501 2 ,8 5 0 ,6 6 7
9 3 2 ,6 2 5
W h eel & L a k e E r ie . S e p te m o e r
Y a z o o Sc M is s V a il. S e p te m b e r 1 ,3 33,439 1,100,166 3 ,6 3 5 .6 8 1
Various Fiscal Years.
Current
Year.
Period.
B u ffa lo & Susq u eh an n a R R ____ Jan 1
D o law are & H u d s o n ____________ Jan 1
Jan 1
N o w Y o r k C e n t r a l . ) . .................... Jan 1
B o s to n & A lb a n y _____________ Jan 1
L a k o E rlo & W e s te rn . n -------- Jan 1
M ic h ig a n C o n t r a l -------- --------- Jan l
C le v e C in e C h ic Sc S t L o u i s . . Jan 1
C in cin n a ti N o r t h e r n _________ Jan 1
P itts b u rg h & L ako E r lo -------- Jan 1
1
T o le d o & O h io C o n tr a l_____
K a n a w h a & M ic h ig a n ------------ Jan 1
1
T o t a l all lin e s ______________
N e w Y o r k C h ic a g o Sc St L o u ts . Jan 1
N Y Susq u eh an n a & W e s t e r n ., Jan 1
Jan 1
p P e n n sy lv a n ia Railroad—
B a ltim o re C h esap & A tla n tic Jan 1
Jan 1
C u m b e rla n d V a lle y _____
Jan I
L o n g Is la n d ________________
M a r y la n d D elaw Sc V ir g in la . Jan I
N Y P h ilad elp h ia & N o r f o lk . Jan 1
P h ila B a ltim o re & W ash in g'n Jan 1
W e s t Jo rso y Sc S eash ore______ Jan 1
P e n n s y lv a n ia Company--------------- Jan 1
G ra n d R a p id s & I n d ia n a ____ Jan 1
P ltts b C in e C h ic Sc St L o u ls . Jan 1
V a n d a lta ---------------------------------- Jan 1
T o t a l lines— E a st P itts & E rie Jan 1
:Jan 1
Jan 1
D ec I
1
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
S ep t
S ept
S opt
S ept
S ep t
Sopt
S ep t
S op t
S op t
S op t
S op t
S op t
S opt
S op t
S opt
S ept
S opt
S ept
S op t
S opt
S op t
S op t
S op t
S opt
S opt
S ep t
S opt
S ep t
S opt
S ep t
Ju ly
S ep t
Previous
Year.
30 $ 1 ,2 5 8 ,3 4 7 $ 1 ,0 5 4 ,4 6 8
30 19,859,130 17,029,732
30 5 5 ,5 1 2 ,5 0 2 4 7 .4 8 6 ,5 9 9
301 1 5 0 7 7 7 2 9 4 ,1 1 9 8 5 8 4 2 2
30 15 .9 6 3 ,9 0 0 12,760,992
30 5,45 1 ,5 1 4 ! 4 ,4 4 7 ,1 9 9
3 0 3 3 ,9 2 9 ,5 1 4 26 .1 9 3 ,6 4 2
3 0 :3 4 ,3 8 4 ,3 4 3 2 7 ,3 8 2 ,3 4 3
1,425,455 1,151,783
17,89 4 ,5 3 7 12.416,866
4 ,5 1 5 ,8 4 0 3 ,3 1 6 ,3 4 2
2 .7 3 5 ,7 9 2 2 ,1 9 7 ,4 5 6
267078393 209725045
11,402,223 8 ,8 4 2 ,0 6 0
3 ,0 7 5 ,2 9 1 2 ,9 9 4 ,8 2 5
1 71 918479 1 40 740994
897,381
93 0 ,3 1 0
..... 2 ,6 8 4 ,0 3 3 2 ,2 1 3 ,0 1 7
30 11 ,4 5 3 ,4 0 7 10,39 8 ,9 4 7
6 87 ,345
3 0 1 6 82 ,046
3 0 3 ,8 9 9 ,7 9 4 3,07 3 ,6 8 1
30 18,804,621 15,46 6 ,8 3 5
30 6 ,2 3 2 ,3 3 2 5 ,4 3 2 ,9 2 5
30 56,76 2 ,1 8 3 4 2 ,9 6 9 ,6 4 6
30 4,403,5611 3 ,9 2 5 ,6 1 8
3 0 3 7 ,6 0 9 ,6 1 4 2 9 ,4 6 6 ,2 5 8
30 9 ,606,227. 8 ,1 1 7 ,1 7 1
30 2 1 9 6 2 9 6 4 4 1 8 t3 0 6 4 4 9
30 109742879 8 5 ,0 4 2 ,5 3 3
3 0 ,3 2 9 3 7 2 5 2 3 ,2 6 6 9 4 8 9 8 2
31
61 0 .0 5 4
539 ,333
30' 3 .0 1 0 ,1 6 7 2 .6 1 8 ,5 0 2
AGGREGATES OF GROSS EARNINGS— Weekly and Monthly.
• Weekly Summaries.
2d
3d
dt.h
1st
‘>,1
3d
4 th
1st
2d
3d
w eek
w eek
w eek
w eek
Aug
A ug.
Auer
Sept
Qnnf
S ept
S ep t
O ct
O ct
O ct
tiTonlr
w eek
w eek
w eek
w eek
w eek
(33
(35
(35
(3 5
(30
(35
(3 5
(54
(33
r o a d s )____
r o a d s ) ------r o a d s )____
r o a d s )____
1
; ————
r o a d s )____
r o a d s ) ____
r o a d s ) ____
r o a d s )____
r o a d s ) ____
Utiua
Current
Year.
15,698,481
15,813.607
22 .6 3 2 .9 0 6
13,302,575
13 701 400
13 [523.400
19,509.961
14,736,262
15,149,575
14,681,626
Previous
Year
1 2 .415,730
12,792,433
18.169.117
11,719.000
1 2 ,081,028
12,145.079
17,444,023
13,401.187
13,697,795
1 3 .566.014
Increase or
Decrease.
$
+ 3 ,2 8 2 .7 5 1
+ 3 ,0 2 1 ,1 7 4
+ 4 .4 6 3 .7 8 9
+ 1,583,575
+ 1,620,372
+ 1,378.321
+ 2 ,0 6 5 .9 3 8
+ 1,335.075
+ 1,451.780
+ 1,115,612
%
26.44
23.6 2
24.65
13.51
13.41
11.34
11.27
9.96
10.60
8 .2 2
• Monthly Summaries.
Current
Year.
Previous
Year.
Mileage.
Cur. Yr. Prev. Yr_.
2 3 2 .7 6-3 .0 7 0
D e c e m b e r __ 24 8 .4 3 7 2 47 .673 2 9 5 .2 0 2 .0 1 8 ---------J a n u a r y _____24 7 .6 2 0 24 6 .8 3 8 2 6 7 .0 4 3 ,6 3 5 2 2 0 .2 0 3 .5 9 5
2 4 4 .8 0 9 2 6 7 .5 7 9 ,8 1 4 2 0 9 .5 7 3 .9 6 3
F e b r u a r y ___ 245,541
M a r c h ........... 2 47 .363 2 46 .548 2 9 6 .8 3 0 .4 0 6 2 3 8 .0 9 8 .8 4 3
A p r i l ..............2 4 8 ,6 1 5 2 45 ,773 2 8 8 ,4 5 3 ,7 0 0 23 7 .5 1 2 .6 4 8 ,
M a y ................24 8 .0 0 8 24 7 .1 8 9 3 0 8 .0 2 9 .0 9 8 2 4 4 ,5 8 0 ,6 8 5 '
J u n e ................ 2 26 .752 225 .803 2 8 5 ,1 4 9 .7 4 6 237,612,9671
J u l y ................24 4 .2 4 9 2 43 .563 308 .040 .79 1 26 3 .9 4 4 .6 4 9 ,
A u g u s t ______ 2 45 ,516 2 4 4 ,7 6 5 :3 3 3 .4 6 0 .4 5 7 278 ,7 8 7 ,0 2 1
8 4 ,3 4 1 1 7 8 ,061,427> 7 0 .3 5 4 .4 3 ll
S e p t e m b e r .. 8 6 ,1 8 2
Increase or
Decrease.
+ 6 2 ,4 3 8 .9 4 8
+ 4 6 .8 4 0 .0 4 0
+ 5 8 .0 0 5 .8 5 1
+ 58.731.583
+_____________
5 0 .9 4 1 .0 5 2
+ 6 3 ,4 4 8 .4 1 1
+ 4 7 .5 3 6 .7 7 9
+ 4 4 .0 9 6 .1 4 2
+ 5 4 .6 7 3 .4 3 6
+ 7 .7 0 6 ,9 9 6
2 6 .8 2
21.2 7
2 7.68
2 0.47
2 1 .4 5
25.94
20 01
16.70
19.61
10.9 5
Nov. 4 1016.]
THE CHRONICLE
Latest Gross Earnings by Weeks.— For the third week
of October our final statomont covers 33 roads and shows
8 .2 2 % increase in the aggregate ovor the same week last year
„
•C
cc
J,
1 6 79
ES
Oo
Third Week o f October.
1915.
T o t a l (33 r o a d s )______________
N e t Increase ( 8 .2 2 % ) __________
1 4 ,6 8 1 ,6 2 6 13,566,014 1,311,018!
1,115,612
194,971
8 5
I i
465
1.687,161
2 ,8 53,271
2,294,131
7,774,364
5,980,741
tO
WM
to
m
l-
00 ®
CO®
GS S £ S g
S S isG « 27>
mm m mm m n
pM
oo
II-»COO
« CES
c
!—>
Ct M S
COG
Li S
!+fc(>
3 oo®
"F IPr 38
“1 II Is
88 II
ss 3iII IS Is.
ai
IS £| I® 8'a sh ■'
Kl
O
-i
t*r
Z
H
p
<
CD
T3
COtO tOO MCO
^ 00
s ^
■“
M OM ®CO OM *
V| | | g-M V m 8 i. o g
CD
CD
to
col-*
cnci .
p>- * s S
p* s
-tc
00M
Cnto
». -.» Vo
fcv| |
COtc OCO
CO4* MCO coco
3 i.
W
p
C+O
#
P>
►T
5 ° .° 5 C
^ i-* M o > -
CO®
sM§*-*
®M
®M
to
M M o to o ®
O W M 00 woo
® t o ! •CO o p woo MW
W00 ®tO t-rfk
>-*M i—M ® hik
O. COCO ®M ® O I •tO G
CIO M >-* ® M
'
tow
pop £ ® H
M®
4k 4k
® O to o
fo M W ® 4* O 4k
w*.
poo CntO cots
M to
"® § O to ®
®
O®
w
poo
M®
tOM
®w
4kM
p M
cow
O 7>
00 4k
z
101 ,915
9 5 3 ,4 3 8
w
3 ,4 4 2 ,6 0 0
8 ,0 0 8 ,1 1 4
w
*
to *
to
o p 4kM 4k00
® w M®
4kcn oo <o 8 8
tO4k ® CO OO
11 H
-OCO
4* M
4kM
M tO 4kM MW o ® £ S
o w b o OM MO M4k
to o M to M CO
4*W
o ® MO 4k® 00®
o o O®
M
M tO
oo to
®M
W
OM
4* W WM o to M tO 4*
o ®
Mp ®
o p ® O ® w MO
o to O m MO
OM
C
i
to
o
o
OO
M®
W®
oo
oo
M to Mw ® CO M M 4* ® 4* M ®00
MO M tO o w OCO WM
o w
to
4* M ®
COw
tOCn ® m
4k® 4k 4k
® 00 MO
®M
® M M®
® 00 tow
®4
ok 00M
O
® oo
to 00 M®
4kM
oo to 4* tO oto to
O p MW ® o®
to 4k
o ® " s s tow
4*0
tOM W 4k ®
4*
WM
w® M *
00M
to ® to
to O O ® ® M tOm W
to o
oooo
bo CO® tOM MM
k s ®M ®
4k ® ® 00 W
o
to o M ® W® M M MO 00 4*
k
o
p
►
:0
COCD 5c,
4* M g
COs
Me
i g fee fee g § ; >o
to
I H-O.
o®
o®
M to
CCM
ooo
to
o o
®M
too ® W
to® ® ®
0
0o OO
WM
® M ® to to
oo
o p Mo 4*00
oo® WOO 4* O
cc
to to M
®o
4*00 ® M 4* 4*
MO O W
®M
® 4k
Mm
04k
4*M
359
670
T o t a l all c o s ____ S ep t ’ 16
’ 15
3 m o s ’ 16
’ 15
t
to m
CCCO
OM to r- , I S3
gs ss ss IS |g §s CCS
gg
00®
4* CO
*3
oot
.Mi.
mm
3 76 ,840
1 ,5 9 5 ,8 5 0
7 9 9 ,5 0 0
1,292,902
770 ,250
9 85 ,565
2 ,3 9 8 ,5 0 0 3 ,4 4 0 ,0 7 6
2 .3 1 0 ,7 5 0 2 ,2 1 1 ,7 9 2
9 .0 0 0
177,984
8 .000 d c f .il,9 5 9
27,000
191,091
2 4 ,0 0 0 d e /2 5 2 ,9 6 2
8 0 8 ,5 0 0
1,470,880
778,250
953 ,606
2 ,4 2 5 ,5 0 0 3 ,6 3 1 ,1 0 7
2 .3 3 4 .7 5 0
1,958,8.30
4 5 6 ,8 0 9
117,076
4 57 ,666
101,609
1 ,3 70,428
3 47 ,269
1,373,000
314,161
1,265,309 1.587,962
1.236,910 1.058,215
3 ,7 9 5 ,9 2 8 3 ,9 7 8 ,4 3 6
3 .7 0 7 .7 5 0 2,272,991
b j* .
T- * S ft H95 o22®
g w n o Vm V o . V o
m Soo & & 3 3 o o - E g 2 2
O h- Cl <0 O O M H CO®
®
WO ® E w ®
JO
O W ® C
to
-a S
k
s+stc OCO
s s C
cO-4. C
OM COCO 00 li o>
_®*-*
Cn®
o »— ® ® si—»K) b
oo
O 00 O CO Ct - pen
03^4.
O il
corf*
z
6 06 ,853
6 3 3 ,0 7 4
1,829,173
1,490,951
Balance,
Surplus.
$
)—
•
MM
3111 Si I" m Ig I'd §| IS §8 §g
ss
2 5 1 ,7 6 4
7 10 ,138
t
rf-tO
a
c o ® «
O MW
-Q . WOt
. . . .
B
339.01
397,57:
1,679.734
4 ,5 7 0 ,9 3 0
8 94 ,448
1 ,8 04,450
•373,957
1 ,0 4 6 ,1 9 0
141 ,053
7 70 ,479
1 ,1 9 4 ,3 4 0
3 ,5 1 9 ,8 4 2
429 ,834
1.156,321
1 .7 39,282
4 ,5 3 5 ,6 4 3
212 ,041
5 3 7 ,1 0 0
2 1 1 .5 7 3
5 9 6 ,0 9 6
104,183
3 25 ,591
4 7 ,0 2 8
0 8 ,5 1 7
302 ,271
8 6 8 .0 0 3
3 2 8 ,4 6 2
9 29 .953
Balance,
Surplus.
rfkM 0 0 ®
G£ ii£ S 3 g g
pi
p
p
Pi
in
c
cr
138
384
R e a d in g C o m p a n y —
P h lla Sc R e a d in g .S o p t ’ 16 5 ,2 59,333 2.092,402
’ 15 4 ,4 6 1 .7 2 7
1,755,815
3 m o s ’ 16 15,154,927 5.838,576
’ 15 12,775,178 4,522,642
C oa l & Ir o n C o . . S o p t ’ 16 3 ,7 0 1 ,3 1 2
186,984
’ 15 2 ,1 25.238 def23,959
3 m o s ’ 16 9 ,3 2 9 .2 9 0
’ 15 S’M a M def228!962
T o t a l b o th c o s ___ S ep t ’ 16
2,279,386
’ 15 0__________
,5 8 6 ,9 6 5
,731,856
3 m o s ’ 10 2 4 ,4 8 4 ,2 1 7 6,056,667
’ 15 18,691,028 4 ,2 9 3 ,5 8 0
R e a d in g C o ______S op t ’ 16
.............
573 ,885
’ 15
______
562 ,275
3 m o s ’ 16
.............
1,717,697
_
179
440
2 .4 2 1 ,6 1 5
12,980,751
£ Fg '
tO
11 Is SI II ii 11 n IS 13 Si 5'g Is IS
41,521
124,563
- - ^ - - S c p t 6, 395,011 6 ,2 5 3 ,6 6 5
1 ,5 57,448
Jan 1 t o S op t 3 0 ----------- 5 5 ,5 1 2 ,5 0 2 4 7 ,4 8 6 ,5 9 9 1 3 ,971,839
I n t e r n e t fir G t N nr l>__Sept 1 .0 8 0 ,4 4 8
8 7 1 ,“ 97
431 9T7
J u ly 1 t o S op t 3 0 _______ 2 ,7 9 4 ,5 1 6 2 ,1 2 9 ,6 4 5
885,361
L o u i s v i l l o * N o s h v .b .- S e p t 5 ,3 9 0 ,8 0 6 4 ,8 6 2 ,4 3 6
I ,788,122
J u ly 1 t o S op t 3 0 ----------- 16.143.249 13,976,649 5 .4 3 9 ,3 7 6
M in n St P & S S S M - a - S o p t 1 ,9 54,625 2 ,1 0 8 ,9 2 0
798 ,388
J u ly 1 t o S op t 3 0 . .......... 6 ,0 0 5 .5 6 3 5 ,1 2 8 ,1 1 0
2 ,5 6 8 ,6 9 2
C h ic a g o D i v i s i o n .a . . S e p t 1 ,0 91,822
9 91 ,166
4 2 8 ,3 0 0
J u ly 1 t o S op t 3 0 ---------- 3 ,3 7 1 ,6 0 1
2 ,8 9 9 ,1 9 6
1 ,4 03,978
N a s h v O h a tt & S t L . b - S e p t 1,146,541
1,034,628
3 24 ,190
J u ly 1 t o S opt .30............. 3 ,4 1 2 ,8 4 7 2 .9 2 2 ,6 9 1
956,88,3
N Y O h io fit S t L o u ls .a -S o p t 1 ,2 91,788
1,142,-181
M l ,222
Jan 1 t o S ep t 3 0 ---------- 11,402,223 8 ,8 4 2 ,0 6 0
2 .7 8 9 ,4 7 6
N Y Slisfi Sc W astern . a . S ep t
284,1.37
356 255
4 5 ,1 3 4
Jan 1 to S ept 3 0 ----------- 3 ,0 7 5 ,2 9 1 2 ,9 9 4 ,8 2 5
7 44 ,895
N orth ern P a c i f i c . !) ------ S o p t 7 ,5 7 6 ,4 7 7 6 ,7 6 8 ,1 8 9
3 ,8 6 2 ,2 9 3
J u ly 1 t o S op t 3 0 ---------- 21 .3 4 9 ,7 0 6 1 8 ,194,302
9 ,9 2 9 ,1 7 6
R u tla n d R R b ................. S ept
3 57 ,802
344 ,204
132,220
Jan 1 t o S opt 3 0 -----------,3.010.107 2 ,6 1 8 ,5 0 2
9 53 ,295
St L & San Fran R R b - .S o p t 4 ,4 7 7 .8 6 0 ,3,732 364
1,689,220
J u ly 1 to S op t 3 0 .............1 3 ,384,953 10,694!924
4 ,4 1 5 ,9 1 6
S e a b o a rd A ir L ine a - .- H e p t 2 ,0 3 9 ,4 5 2
1,777 087
4 96 ,243
J u ly I t o S ep t .30_______ 5 ,7 0 0 .1 5 3 5 ,0 8 3 ,6 8 9
1,230,556
S outhern R a ilw a y a - . . S o p t 6 ,5 2 7 ,9 0 4 5,731 609
1,915,297
J u ly 1 to S ep t 3 0 _______ 1 8 ,500,090 18,4281875
5 ,1 4 2 ,3 2 7
M o b ile Sc O h i o . a ....... S opt 1,009,135
963 988
176,1.30
J u ly 1 t o S ep t 3 0 ............ 2 ,9 4 1 ,0 2 5 2 .7 5 7 J 2 2
5 3 4 ,1 4 2
C h i N O * T o x P ao a S ep t
983 ,937
822,328
3
21 ,432
J u ly 1 t o S op t 30 ............. 2 ,8 6 5 .7 3 5
2,368,900
9 34 ,038
A la G roa t Southern a S op t
496 ,166
408,058
155,838
J u ly 1 t o S ept 3 0 _______ 1,438,923
1,208,002
4 51 ,148
G eorgia So Sc F l a . a .- S o p t
2 38 ,972
201,715
0 5,097
J u ly 1 t o S op t ,30.............
6 32 ,059
553,163
125 ,492
V i r g i n ia n .a -------------------- S opt
789 ,923
626,644
4 0 0 ,2 5 2
J u ly 1 t o S op t 3 0 ---------- 2 ,2 3 7 ,3 1 2
1,856,803 1 ,0 4 6 ,1 8 6
W estern M a r y la n d _ b
S e p t 1,150,480
930,244
4 05 .013
J u ly 1 t o S op t 3 0 _______ 3 ,1 9 2 ,2 5 4
2,070,095 1 ,2 8 1 ,9 4 7
Grass
N
et
Fixed
Chgs.
Ear mugs. Earnings.
A Taxes.
c® g Z
om om
o k
8 S 7>" S o j i s S i;
38,755
101,086
3 01 .718
880,919
$
pm om
s? 2S ssss
P?
0 4 1 .5 3 9
1,829,032
3 ,1 1 5 ,9 2 7
1.2.32,786
505 ,933
2 ,7 7 9 ,8 0 2 _• 157.842
524 ,768
9 ,0 8 7 .2 7 9 3,495,704
1.666,591
8 ,2 0 4 ,8 2 2 3.065,284
1,574,333
Gross
Profit in
Rent, In i.,
Receipts.
Opcrtuing. Taxes, A c.
I
ogp p g
►-
195,130
1,415,551
/i51 3,53 1
/i413 158
C h ic a g o & A l t o n . a -------- S e p t 1 ,6 39,729
J u ly 1 t o S ep t 3 0 ---------- 4 ,7 5 3 ,8 5 3 3 ,9 7 8 .9 6 8 h i ,449 ,7 9 9
-------"
'
h
998,564
C h ic B url Sc Q u in c y . b - . S c p t 10,374,092 8 .9 0 6 ,0 8 8 4 ,7 7 2 .2 2 2
3 .7 7 3 ,2 1 8
J u ly 1 t o S ep t 3 0 ---------- 2 8 ,8 6 8 ,7 9 6 2 4 ,4 2 8 ,6 3 8 1 2 ,172,047
9,1 16,044
C h ic & E astern 1 1 1 _ b ...S e p t 1,419,498
1,410,216
2 66 ,814
3 62 ,199
J u ly 1 t o S ep t 3 0 _______4 ,1 9 8 ,1 7 6
3 ,8 71,421
8 58 ,190
797 ,450
C h ic a g o Tiul & L o u is v b - S e p t
737,713
6 7 8 ,8 1 7
2 57 ,573
2 3 8 .0 0 7
J u ly 1 t o S ept 3 0 _______ 2 ,1 8 3 .3 3 5
1,878,001
8 0 3 ,5 7 5
6 3 1 ,8 9 2
_______ __
Mrw
C h ic M l h v & S t P aul b - .S o p t lO , 147 ,279
J -m -m
.3.822.067
J u ly 1 t o S ept 3 0 ---------- 2 9 .4 0 4 ,8 6 2 2 5 ,7 6 5 .8 9 8 1 1 ,0 9 1 ,3 4 3 l o ! 0 4 6 ’, 555
(T ile R o c k Isl & G u lf. b - S e p t
3 09 .364
243,46.')
121 ,557
68,43,
J u ly 1 t o S ep t 3 0 _______
O il ,9 6 1
72.5,745
324,221
162,139
C in H am & D a y t o n .b - . S s p t
9 47 ,393
1,0.58,631
3 2 4 ,2 0 5
3 0 0 ,7 3 7
J u ly 1 t o S op t 3 0 ---------- 2 ,9 2 5 ,8 1 5
2 ,9 7 3 ,4 6 8
1 .0 3 5 ,4 2 5
8 5 4 ,9 9 8
C o lo r a d o Sc Sou t h e m . b - S e p t 1 ,4 29,094
1,319,151
685 ,291
4 8 1 .2 2 4
J u ly 1 t o S o p t 3 0 _______ 4 ,1 3 2 ,5 8 2
3,685,113 1 ,592,386 1 ,1 3 5 ,7 9 7
D e la w a re & H u d s o n _ b .S e p t 2 ,2 4 7 ,0 5 4
2.072,93,3
7 32 ,488
8.83,295
Jan 1 t o S op t 3 0 . . - .1 9 ,8 5 9 ,1 3 0 17.029i7.32 6 ,4 1 6 ,8 1 8 6 .2 2 1 ,6 0
<-«, t-J v ?
=4
Oo m 8° i—3 m 3 H
*—
•
MM
------- Net Earnings
Current
Previous
Year.
Year
$
9
6 25 ,619
4 4 1 ,6 5 5
1 ,6 01,393
768 .193
732 ,600
9 09 ,900
3 ,0 0 2 ,0 0 0
1 .8 5 4 ,0 0 0
C an adian P a cific , a
. . S o p t l 2 , 134,160 10,273,165 5 ,1 2 9 ,7 5 9 4 ,7 4 5 ,3 0 0
J u ly 1 t o S ep t 3 0 -----------3 7 ,6 5 2 ,0 6 8 2 6 ,9 6 9 ,9 9 2 1 4 ,6 1 4 ,6 3 8 1 0 ,988,018
C en tra l o f N J -------S ept ’ 10
’ 15
3 m o s ’ 16
’ 15
S g
M M tUCs
prfk ® ©
®rfk
S3
-Gross Earnings
Current
Previous
Iloads.
Year.
Year.
S
9
A t la n t ic C oa s t L i n e . a . .S e p t 2 ,7 4 3 ,4 0 0 2 ,3 5 9 ,7 9 4
J u ly 1 t o S ept 3 0 _______ 7 ,9 5 6 ,5 0 4 6 ,5 5 4 ,3 5 4
C a n a d ia n N orth ern S y s .S e p t 3 ,1 8 7 .9 0 0 2 ,7 5 7 ,0 0 0
J u ly 1 t o S ep t 3 0 ______ 10,707,000 6 ,7 0 2 ,3 0 0
8 2 0 .6 1 9
2 ,3 8 3 ,2 8 9
5m p g
m
8 o
Net Earnings Monthly to Latest Dates.— The table
following shows tlio gross and net earnings with charges and
surplus of S T E A M railroads and industrial companies re
ported this week:
E I P j S v V t ° o Ua Z ? S8nb - STOt J 4 K - 5 1 5
J u ly I t o S ep t 3 0 ----------- 3 ,4 0 5 ,9 6 5
CO1
E2 £3
mmo
S | ss? S E S s S Z S Z s £ s £ S 4 Sa
££| Ss9 2» ££«
Is
“ £f j1££2
“ ££s
s £» ses
?? la
£g
£ ?
$
Er r £ S E g
►
“*Cfi m
O S“
Increase.1 Decrease.
s
s
S
P r e v io u s ly rep orted (24 r o a d s ). 12,593,945 11,741,709 1,047,117
A n n A r b o r ______________________
5 8 ,354
5 1 ,2 9 5
7 ,059
A tla n ta B irm in gh am & A tla n tic
SO, 042
6 4 ,2 3 8
15,804
C h ic a g o G rea t W este rn -----------4 0 0 ,0 8 8
334 .63!)
6 5 ,4 4 9
D u lu th South Sh ore & A tla n tic
8 0 ,037
6 6,973
13,064
L o u is v illo & N a s h v ille _________
1,21)3,870 1 ,1 5 0 ,0 7 5
143,795
N ev a d a -O a lifo rn ia -O re g o n _____
13,823
10,493
3 ,3 3 0
l t i o G ra n d e S ou th ern __________
13,605
14,070
T en n essee A la b a m a & G e o rg ia
2 ,063
1,256
807
T o le d o S t L ou is & W e s te rn ____
145,799
131,176
14,623
<-■2 n o ■_»
£2
w
® M o to
MW
OOM S o
SS 8S
00 4k t o o
to
to
® 00 o o
O Cn MO
Cn4* ® ®
®00 ® M
4kM
Mw
O®
to o
to fi
WO
to
o ®
WM
o®
MW
OM
MW
PS”
M tO
o w
cc®
to
®00
M 4k
M 4k
WM
►1
VJ
p to
8 O
h- O o
® M oow
m M MO
s 3
M ® ® oo
boo 4* CO
*o
M00 w to
p
00® M®
□
4- M
WM
wo g £
w® ® o i
®b
w
o 4k b® w
4*M co o
4kM
to
M®
MW .
S £ OM 1
o w ww
M ® coo
MW OM
3
»£», na
3CO ®
>•— oo c;
a gi
conoo '
gS s g § g g g gg b 5 g g S3 8 £ s s kg S3
« - 4.<0 wo
SS Sw g g 5 d o 2 S g PS
w 0 00
to
o M
l j
P O® ®W w
® M CO
MM S c
tow O O OW MM ®
w ®® ® o —•
ii sg ii is ii si II h & i§ b m m ■f
C h ic S t P M & O m .S e p t ’ 16
o
,’ 15
3 m o s 16
'15
M o K a n & T e x a s ..S e p t ’ 16
’ 15
3 m o s *16
’ 15
P o re M a r q u e t t e ___ S e p t *16
0
'1 5
3 m o s ’ 16
*15
Gross
Earnings.
$
2 .0 7 6 ,8 5 9
1,734,468
5 ,5 2 0 ,9 3 4
4 ,6 6 6 ,5 4 2
3 ,4 0 3 ,1 5 5
2 ,6 2 6 .8 9 9
9 ,7 7 5 .0 1 4
7 ,7 9 7 ,4 4 6
2 ,0 4 2 .3 0 3
1 .7 53,585
5 ,7 9 8 ,5 3 9
4 .9 3 5 ,6 0 7
Gross
Net, after
Earnings. Taxes, &c.
_
S
$
Boston & Maine—
S e p t ’ 16 4,922.747 1,386.172
'15 4,329,997 1,329,290
3 mos *16 14,812.908 4,512,674
’ 15 12,734,257 3,680,653
Cuba R R —
Sopt ’ 16
522,444
182,846
’ 15
411,923
169,001
3 mos *16 1,652,262
705,499
*15 1,248.647
576.481
St Louis Southwestern—
. S e p t '16 1,252,913
438,275
’ 15
969,133
305,177
3 mos ’ 16 3,477,198 1,060,753
'15 2,732,955
713,353
Gross
Earnings.
S
Net
Earnings.
S
Ches Sc Ohio—
S e p t ’ 16 4,196,930 1,509,400
’ 15 4,044,775 1,521,268
3 mos ’ 16 12,476.516 4,672,740
'15 11.660,951 4,254,583
Duluth South Shore Si Atlantic—
Sept ’ 16
336,379
98,137
'15
303,802
99,730
3 m o s ’ 16 1,043,519
344,383
'15
937,157
307.096
N et, after
Taxes.
$
7 1 2 ,7 1 4
4 7 8 ,8 8 8
1 .7 4 2 ,1 8 0
1 .2 1 5 ,7 0 6
7 5 7 ,6 1 0
5 8 4 ,7 5 5
2 .0 8 1 ,0 9 0
1 .734,351
5 5 2 ,0 8 9
5 0 1 ,2 0 2
1 ,5 5 7 ,4 2 2
1 ,1 8 7 ,5 8 7
Other
Income.
S
84,570
77.902
255,361
212,228
Fixed
Charges.
•S
2 49 ,036
2 46 ,374
721,201
7 30 ,598
5 57 ,396
585 ,943
1 .7 6 3 ,0 6 0
1 ,806,983
3 8 8 ,2 0 5
3 6 5 ,0 5 4
1 ,2 1 6 .1 0 2
1 ,0 9 3 ,1 8 0
Balance,
Surplus.
4 6 3 .6 7 8
2 32 ,514
1 ,020,979
4 85 ,108
200 ,214
d c f l,1 8 8
3 1 8 ,0 3 0
d e f7 2 ,6 3 2
163 ,884
136,148
3 4 1 ,3 2 0
9 4 ,4 0 7
Gross
Income.
S
Fixed
Charges.
S
Balance,
Surplus.
S
1,470,742
1.407,192
4,768,035
3.892,881
919,293
865,634
2,751,114
2,555,835
551,449
541,558
2,016,921
1,337,046
855
183,701
2,547
708,046
87,092
72,012
261,532
216,294
96,609
96,989
446,514
128,302
81,541
371,743
218,033
566,577
386,718
1,432,496
931,386
271,267
268,382
811,490
805,565
295,310
118,336
621,0C0
125,821
Other
Income.
S
Total
Income.
S
Charges
& Taxes.
S
62,251
2,851
185,383
42,200
1,571,651
1.524,119
4,858,123
4.296,783
829,822
783,801
2,492,596
2,354,174
ti
741,829
740,318
2,365,527
1,942,609
4,767
1,677
14,462
10,847
102,904
101,407
358.845
317,943
97,302
102,131
302,161
290.473
5,602
def 724
56,684
27,470
Balance,
Surplus.
Pennsylvania
Sept ’ 16
’ 15
9 mos ’ 16
15
Gross
Earnings.
S
RR—
19,969,555
18,151,579
171918479
140740994
Net, after
Taxes.
3
Other
Income.
3
. Gross
income.
3
Fixed
Charges.
Balance,
Surplus.
$
5,231,606 1,918.822 7.180,428 2,082,946 4,497,482
5,628,524 1,916,969 7,545,493 2,600,664 4,944,829
42,665,295 17,303,126 59,968,421 22,085,715 37,882,706
31,668,794 16,420,540 48,089,334 20,367,408 27,721,926
Balt Ches & Atl—
Sept ’ 16
137,521
’ 15
103,415
9 mos '16
930,310
•15
897,381
29,930
dotl,179
158,390
89,599
1,125
1,208
15,628.
17,55!)
31,055
29
174,018
107,153
Cumberland Valley—
S e p t ’ 16
326,027
'15
299,679
9 m o s ’ 16 2,084,033
’ 15 2,213,017
161,104
144,766
1,243,689
783,794
13,982
12,074
149,693
122,516
175,086
156,840
1,393,382
906,310
Bong Island—
Sept ’ 16 1,458,491
’ 15 1,320,142
9 mos ’ 16 11,453,407
’ 15 10,398,947
526,970
431,874
3,402,753
2,822,982
84,378
80,585
655,792
637,901
611,348
512,459
4,058,545
3,460,883
M aryl d Del & Va—
Sept ’ 16
95,033
’ 15
88,315
9 mos ’ 16
682,046
’ 15
687,345
8,188
12,515
66,239
65,430
595
405
3,419
5,692
8,783
12,920
69,658
71,122
13,921
13,830
127,170
129,207
def5,138
deffllO
def57,518
def58,145
N Y Phi la A N orf—
Sept 16
423,971
’ 15
344,737
9 mos '16 3,899,794
’ 15 3,073,681
124,382
75,925
1,216,972
640,720
16,086
13,547
85,828
74,280
140,468
89,472
1,302,800
715,000
42,189
29,909
340,011
278,600
98,279
59,503
962,789
436,400
Phila Balt & Wash—
' Sept ’ 16 2,230,243
• 5 1,924,605
9 mos 16 18,804,621
'15 15,466,835
547,684
525,038
4,546,034
2,761,305
126,992
123,594
1,167,523
1,106,028
074,676
648,632
5,713,557
3,867,333
301,602
297,803
2,757,168
2,674,537
373,074
350,769
2,956,389
1,192,790
42,071
38,174
345,914
294,044
6,094
5,420
52,089
45,431
48,165
43,594
393,003
339,475
1,184
1,219
12,004
12,319
46,981
42,375
385,999
327.156
15,442
16,020
132,410
138,062
222,859
261,586
1,588,606
1,287,099
68,464
67,630
586,175
588,649
154,395
193,950
1,002,431
698,450
1,231,212 3,287,341 1,713,346
1,220,371 3,629.198 1,068,833
8,588,885 25,092,903 15,498,823
7,440,782 18,404,858 13,789,239
1,573,995
1,960,365
9,594,080
4,615,619
144,053
158,050
904,785
766,314
74,690
82,818
663,504
611,912
69,303
75,232
241,281
154,402
66.701
77,379
495,826
558,443
1,281,452
1,162,923
9,437,575
6,610,550
581,748
528,376
5,253,360
4,583,936
699,704
634,547
4,184,215
2,026,614
2,690
3,585
57,971
95,783
296,743
301,518
1,940,110
1,555,567
159,273
156,291
1,393,590
1,318,952
137,470
145,227
546,520
236,615
Phila & Camden FerryS e p t ’ 16
83,508
’ 15
75,908
0 mos ’ 16
667,574
’ 15
616,328
West Jersey A Seashore—
207,417
Sept ’ 16
789,770
245,566
’ 15
741,177
9 mos ’ 1 ' 6,232,332 1 ,456,196
'15 5,432,925 1 ,149,037
Pennsylvania Company—
Sept ’ 16 6,950,912 2 ,056,129
'15 6,333,729 2 ,408,827
9 mos ’ 16 56,762,183 16 ,504,018
’ 15 42,969,646 10 ,958,076
/Grand R ap A Ind—
138,864
Sept ’ 16
550,277
153,359
'15
500,361
855,158
9 mos '16 4,403,561
721,852
’ 15 3,925,618
p c c & s t \j—
S e p t '16 4,501,232 1 ,214,751
’ 15 3,888,717 1,085,544
9 mos ’ 16 37,609,614 8 ,941,749
’ 15 29,466,258 6 ,052,107
Vandalla—
294,053
S e p t ’ 16 1,155,098
297,933
•15 1,058,310
9 mos ’ 16 9,606,227 1 ,882,139
’ 15 8,117,171 1 ,459,784
R R .System
$
Sept ’ 16 25,795,738
'15 23,294,276
5,189
4,691
49,627
44,462
— Total West P .A E .—
Net, after
Gross
Net, after
Earnings. Taxes, Ac.
S
S
13,317,347 3,730,277
11,927,129 3,970,358
109742,879 28,398,698
85,642,533 19,318,968
7,416
23,639
24,097 def24,068
208,950 def34,932
209,733 dot 102,575
27,884
29,802
227,787
162,540
147,202
127,038
1,165,595
743,770
189,241
422,107
404,746
107,713
328,938
3,729,607
3,566,084 d efl0 5,2 0l
-----Total All Lines----Net, after
Gross
Earnings. Taxes, Ac.
3
S
39,113,085 10,780,253
35,221,405 11,221,039
329372,523 84,996,068
266948,982 60,588.404
t for the system East A West was 7.00% for
against 4.68% for the same period in 1915.
Gross
Earnings.
S
New Y ork Central—
S e p t ’ 16 17,889,110
•15 15,419,907
[Vol . 103
THE CHRONICLE
1680
Net after
Taxes.
$
6,176.077
5.579,368
Other
Income.
S
Gross
Income.
S
Fixed
Charges.
3
Baalnce,
Surplus.
S
i , 331,671 7,507,748 3,413,981 4,093,767
1,340,085 6,919,453 3,332,960 3,580,487
16,985,573 6 6 ,011,100 31,337,626 33,673,474
12,627,830 45,750,853 30,354,911 15,395,942
Boston & Albany—
283,473
405,1-15
688,018
35,399
653,219
• S e p t '16 1,886,667
158,686
372,716
53,,402
39,359
492,013
’ 15 1,580,438
309,732 5,421,431 3,707,516 1,713,915
9 mos '16 15,963,900 5,111,099
296,800
203,403 3,684,994 3,388,194
•15 12,760,992 3,421,591
Lako Erlo & Western—
170,039
253,647
83,60S
9,924
243,723
Sept ’ 16
678,663
87,815
122,408
210,223
11,024
199,199
'15
016,508
732,119 1,133,919
101,675 1,866,038
9 mos '16 5,451.514 1,764,363
169,844
817,831
987,075
1 0 1 ,1 0 1
883,514
’ 15 4,447,199
M ichigan Central—■
775,945
645,007
83,329 1,421,552
Sept ’ 16 4,096,868 1,338,223
578,786
599,925
82,025 1,178,711
’ 15 3,342,318 1,090,686
829,726 11,152,206 6,170,023 4,982,178
9 mos ’ 16 33,929,514 10,322,480
707,260 7,092,684 5,468,303 1,624,381
'15 26,193,6-12 6,325,424
Cleve Clno Chic & St Louis—
752,757
693,433
120,627 1,446,190
A u g ’ 16 4,135,045 1,325,563
649,172
622,643
119,517 1,271,815
’ 15 3,013,035 1,152,298
9 mos ’ 16 34.384,547 9,995,492 1,081,043 11,076,535 5,356,650 5,719,885
978,643 6,786,856 5,535,330 1,251,526
’ 15 27,382,343 5,SOS,213
Cincinnati Northern—
42,494
15,307
57,801
2,305
55.496
' S e p t '16
179,209
12,134
37,677
49,811
— 1,195
51,006
•15
155,394
138,884
277,377
416,201
17,426
398,835
9 mos ’ 16 1,425,455
85,464
108,127
193,591
— 0,045
199,636
’ 15 1,151,783
Pittsburgh & Lake Erie—
929,788
228,858
1,159,640
124,544
S e p t ’ 16 2,149,081 1,035,102
920,906
198,057
73,288 1,119,503
•15 1,899,590 1,046,275
9 mos ’ 10 17,894,537 8.070,824 1,047,413 9,718,237 2,065,471 7,652,766
873,972 6,317,998 1,443,229 4,874,709
'15 12,416,866 5,444,026
Toledo & Ohio Central
124,864
85,508
210,372
57,797
152,575
Sept T 6
551,460
121,647
157,797
30,150
41,737
116,060
T5
422,930
489,850
707,466 1,608,200 1,118,350
900,734
9 mos ’ 16 4,515,840
901,395 1,131,683 dcf230,283
432,827
468,508
T 5 3,316,342
Kanawha A M ich—
28,091
90,625
118,716
42,760
75,956
Sept TO
291,972
90,834
126,873
30,039
25,293
101,580
T5
303,332
954,414
201,811
392,551 1,210,225
823,674
9 mos T 8 2,735,792
208,178
457,170
725,348
122,130
603,218
T 5 2,197,456
Total all Lines—
Sept TO 31,858,675 11,055,934 1,808,356 12,804,290 5,638,894 7,225,396
’ 15 27,353,452 9,834,515 1.731.133 11,565,648 5,378,542 6,187,106
9 mos TO 267,078,393 86,013,028 21.472.605 107486,233 50.8S8.455 56,597,778
’ 15 209,725,045 56,277,213 16,164,181 72,441,394 48,515,780 23,925,008
Per cent return on operating Investment for 12 months to Sept. 30 1916 has been:
N . Y . Central, 7.86% ; Boston A Albany, 8.66% ; M ich. Cent., 7.55% ; Cloy. Clno.
Chic. A St. I,., 6.96% ; Cine. Northern, 9.69% : T oledo A Ohio Cent., 4.99% ; Pitts.
A Lako Erie, 17.43% ; Lake Erie A W est., 5.16% ; and Kanawha A M ich., 8 .3 6 % .
Total
Income.
s
Other
Income.
3
Net
Gross
EEarnings. Earnings.
S
$
Genesee A W yom ing—
3 mos to
62,419
89,968
Sept 30 T6
44,887
71,307
T5
9 mos to
137,952
213,413
Sopt 30 TO
190,182
114,938
T5
Greenwich & Johnsonvillc—
3 mos to
14,755
Sopt 30 T 6
30,487
11,925
T5
25,103
9 mos to
53,786
100,950
Sept 30 TO
42,802
84,617
T5
Hocking Valley314,939
811,730
Sept TO
295,001
679,715
T5
923,142
9 mos T 6 2,407,987
833,183
T 5 1,872,926
Mineral Range—
19,604
Sept TO
97,172
27,745
'15
91,512
65,778
3 mos TO
285,222
83,601
T5
270,763
Norfolk & Western—Sept TO 5,122,182 2,241,455
T 5 4,789,027 2,004,500
3 mos TO 15,310,316 6,614,321
T 5 13,986,463 5,902,290
Charges
A Taxes.
S
Balance,
Surplus.
$
408
430
62,827
45,317
27,703
21,919
35,124
23,398
1,053
1,105
139,005
116,043
71,034
03,723
67,971
52,320
895
703
15,050
12,628
11,524
9,091
4,126
3,537
2,554
2 ,2 0 0
56,340
45,002
33,997
28,422
22,343
16,580
44,939
— 604
142,616
— 8,323
359,878
291,400
1,035,758
824,860
1-46,685
150,363
432,803
452,933
213,193
144,037
602,955
371,927
241
248
1,213
912
19,845
27,993
66,991
84,543
168,267
117,554
430,112
270,281
2,403,722
2,182,054
7,044,433
6,172,577
13,142
13,152
40,845
39,371 '
596,066
552,680
1,691,932
1,657,811
IN D U S T R IA L C O M P A N IE S .
Fixed
N et, after
Gross
Charges.
Taxes.
Earnings.
2 1 ,4 0 0
6 3 ,3 5 7
240 ,1 3 0
St L R M A P a c ___ S ep t T 6
2 3 ,8 0 4
71,961
T5
2 45 ,245
6 4 ,2 0 0
189,574
669 ,226
3 m os T 6
7 6 ,788
716 ,902
198,396
T5
6,703
14,841
26,146
45,172
1,813,656
1,629,374
5,352,501
4,514,706
Balance,
Surplus.
4 6 ,9 5 7
4 8 ,1 5 7
125 ,374
1 2 1 ,6 0 8 .
a N o t earnings hero g iv e n aro a fte r d e d u ctin g taxes,
b N e t earnings h ero g iv e n aro b o fo r o d e d u ctin g taxes.
h A fte r a llo w in g fo r m iscella n eou s charges t o in c o m o fo r th o m o n th o f
S o p t. 1916, to ta l n et earnings w ero 8 4 4 4 ,6 1 0 , again st $35 0,37 1 last y o a r ,
an d fo r th o p e rio d fr o m J u ly 1 t o S o p t. 30 w ere $ 1 ,2 4 5 ,8 4 7 tid s y o a r a g ain st
$ 7 8 9 ,7 4 5 .
E X P R E S S C O M P A N IE S .
Great Northern\Exp.Co. -W e lls , Fargo & C o .-M onth of July— •
-M onth of July1915.
1916.
1915.
1916.
3 ,4 7 7 ,4 6 2
313 ,8 4 8 4 ,2 3 9 ,2 1 9
3 46 ,418
Total fr o m tr a n s p o r ta tio n —
1,806,294
189,775 2 ,1 7 1 ,2 1 0
209 ,957
E x p re ss privileges'-1—D r -------R o v e n u o fro m tr a n s p ’ n —
O p er. o th er than t r a n s p o r t s .
130,360
6,3 5 2
124,073
4 ,9 6 0
2 ,0 6 8 ,0 0 9
94,6 1 2
1,671.167
92,6 3 3
T o t a l o p e r a tin g re v e n u e s .
O p e ra tin g e xp en ses-------—
112,813
9 6 ,9 2 6
129,033
91,221
2,162,621
1,808,650
1,763,801
1 ,5 7 6 ,2 6 5
N o t o p e ra tin g re v e n u e ____
U n c o lle c tib le r e v . fr o m trails.
E x p ress ta x e s ------------------------
4 5 ,8 8 7
2
14,253
37,812
19
4 ,2 8 4
353,971
1,592
37,969
187,536
881
34.711
O p e ra tin g In co m o _________
31,631
3 3 .5 0 9
Southern Express Co.
July 1916. July 1915.
3 1 4 .4 0 9
151,943
Western Express Co.
July 1916. July 1915.
s
$
149 ,776
122 ,266
7 2 ,3 6 0
56,191
T o t a l fro m t r a n s p o r t a t io n .. 1 ,199,169
6 0 3 ,7 2 5
E x press p riv ile g e s— D r —
1,053,495
537 ,623
R e v e n u e fro m t r a n s p o r t’n .
O per. o th e r than tr a n s p o r t’ll
595 ,443
2 0 ,594
515 ,871
22,104
7 7 ,416
3 ,7 2 8
6 6 ,0 7 4
3 ,4 2 6
T o t a l o p e ra tin g r e v e n u e s .
O p era tin g o xp en ses---------------
616 ,0 3 8
544 ,247
537 ,976
4 98 ,609
8 1 ,1 4 4
61,7 8 4
6 9 ,5 0 1
5 5 ,968
N e t o p e ra tin g r e v e n u e ------U n co lle e tib lo r e v . fr o m trans.
E x p ress ta x e s------------------------
7 1 ,7 9 0
53
14,322
3 9 ,367
71
13,792
19,359
9
1,066
13,532
12
925
O p eratin g In co m o ..................
57,414
25,503
18,283
12,594
ELECTRIC RAILWAY AND PUBLIC UTILITY COS.
Latest Gross Earnings.
Name of
Road or Company.
Week or
M onth.
A tla n tic Shoro I t y — S eptem ber
c A u r Elgin & C h ic lty A u gu st ___
B a n go r R y A E le ctric S e p tem ber
B a to n R o u g e E le c C o S eptem ber
B e lt L I t y C o r p ( N Y C ) A u g u s t ___
B erk sh ire S treet I t y . Septem ber
B razilian T r a c , L A P S eptem ber
B ro ck A P ly m St R y S eptem ber
B k ly n R a p T r a n Syst A u g u s t ___
( ’a p e B reton E lec C o S ep tem b er
C h a tta n o o g a R y A L t S eptem ber
C itie s Service C o ------ Septem ber
<lent M is s V El P r o p . Septem ber
C lo v e P a ln e sv A E ast A u gust . .
C le v o S o u th w A C o l . S eptem ber
C o lu m b ia G as & E lec S c p te m o e r
C o lu m b u s (G a ) E l C o S e p tem ber
C o lu m (O ) R y , P & L Septem ber
g C o m ’ w ’th P , R y A L lS e p te m b e r
C o n n e c tic u t C o ______Septem ber
C on su m Pow ( M i c h ) . Septem ber
C u m b C o (M e ) P & L S eptem ber
D allas E le c tr ic C o r p . A u gu st . . .
D a y t o n P ow & L ight Septem ber
(/D e tro it E d is o n ...........Septem ber
D e tr o it U nited L ines. S ep tem b er
D D E B & B a t t (R e c ) A u gust . . .
D u lu th -S u p e rio r T r a c S eptem ber
E ast St L o u is A S u b . Septem ber
It astern T e x a s E l e c . . |.September
(/El P a so E le ctric C o .iS e p t e m b e r
2d St M A St N A v o A u gust . . .
G a lv -H o u s E le c C o . _ S ep tem b er
g G e o rg ia R y & P o w . A u gu st . . .
G ra n d R a p id s R y C o S eptem ber
G rea t W est P o w S y s t . S eptem ber
H arrisbu rg R a ilw a y s A u g u s t __
H avan a El R y L A P . A u gu st . . .
H on olu lu It T A Laud A u g u s t ___
H o u g h to n C o T r C o . S eptem ber
b H udson A M a n h a t . Septem ber
Illinois T r a c t io n ------- S eptem ber
In te r b o r o R a p T r a n . A u g u s t ___
J a ck so n v ille T r a c C o . Septem ber
K e o k u k E l e c t r i c ____ S eptem ber
K o y W e s t E le c t r ic — S eptem ber
Lake Shoro E lec R y . A u gu st . . .
Leh igh V a lley T ran sit S e p tem ber
Lew 1st A u g A W a te rv S ep tem b er
L o n g islan d E le c tr ic . A u gu st .
L o u isv ille R a il w a y .. Septem ber
Current
Vear.
Previous
Year.
35,132
189,975
71.400
18,446
63,953
88.744
/64 9 4 0 0 0
12,040
246 4,77 4
3 3 .639
9 4 .5 8 8
3 49 ,456
24,681
45.047
109,293
510 ,312
61.827
2 6 6 ,4 3 5
1211,588
754 ,082
319 ,695
2 49 ,418
147,914
87,371
601 ,630
1196,491
4 1,087
95.6 4 0
200,888 206 ,405
68,914
72,388
78,367
92,265
123,356 157,78.3
159,845 163,019
570 .226 408 ,869
111,638 100,771
306 ,053 240,921
76,247
60,893
5 (3 ,3 7 6 465 ,554
53.869
4 7 .7 4 5
23,389
2 1,73)
4 75 .988 435 ,789
1032,567 953 ,079
273 1,98 4 2445,850
50.147
46,912
20,418
20,301
9,1X3
10,495
167,567 144.479
234,155 204 .423
73,130
78,549
29,855
28,623
226 ,330 251 .593
36,528
198.215
74,833
17,285
52,515
90,4 9 0
/69 2 0 0 0 0
12,497
2383,727
33,8 0 4
105,056
722 .055
21.761
46.303
117,313
606 .750
77,658
2S9.975
1431,201
817 ,872
383 ,138
270 ,012
149,870
127,369
781.994
1433,414
32,267
119,382
Jan. 1 lo latest date.
Current
Year.
Previous
Year.
%
$
279,041
281,071
354,077 1.262,686
584 ,204
605 ,7 7 5
137,026
154,298
516 ,6 2 2
505 ,432
698,780
747 ,3 0 6
219.000 /5 7 4 5 7 .1 10
8 9 ,774
9 5 ,354
523 ,280 18,184,603
353 ,782
282 .0 1 0
785 ,034
912 .304
088 ,223 3 ,0 4 5 ,4 7 7
217 ,279
206 ,338
2 81 ,139
307,896
994 .0 0 0
920 ,132
506 ,647 5 ,8 8 9 ,7 2 3
516 ,485
625 ,1 6 3
576 ,538 2,263,701
260 /2 8 2 10,414,249
186 ,359 6 ,1 2 5 .2 1 9
372.684 2 ,7 5 3 ,1 3 8
139.422 1,972,111
240 ,152 1 ,165,445
756 ,148
138,385
056 ,2 4 9 5,4 2 7 ,5 2 6
855 ,846 9 ,7 0 7 ,1 4 2
3 2 0 ,0 1 1
3 2 1 ,2 3 5
845,961
023 ,445
4 8 1 ,0 1 9 1,786.250
510.566
604,851
788,501
702 ,128
,2 )7 ,5 3 8 1,281,191
, 126,438 1,430,497
,548,368 4 ,1 7 0 ,5 2 2
868 ,2 9 5
971 ,822
,731.806 2,1 2 3 ,0 4 4
612 ,1 2 2
664 .8 4 8
.899,892 3 .6 6 5 ,4 3 3
384,464
427,358
203 ,8 9 4
244 ,575
,331,853 4,059,521
,799,780 7 ,9 9 1 ,3 5 2
,441,473 2 2 ,0 5 7 ,6 7 7
4 6 7 ,3 5 9
4 6 6 ,8 /0
171,174
178,138
83,575
86,8 4 6
9 0 0 .0 5 0
,054,483
,860,541 1 ,5 2 0 ,9 1 8
558.761
606 ,217
171.85!)
16 7,772
,297,435 2 ,1 9 2 .2 9 6
HTHE CHRONICLE
Nov. 4 1916.]
16 81
Gross
N et, after
Fixed
Balance,
Earnings.
Taxes.
Charges.
Surplus.
8
S
S
8
G a lv -I I o u s to n E l . . S e p t T 6
159 ,845
5 7 ,0 9 8
3 6 ,5 8 8
2 0 ,5 1 0
163,019
T5
7 2 ,6 2 6
36,042
36,5 8 4
9
m
o
s
T
6
1,4
2
6
,4
3
8
5 1 4 ,0 8 5
3 2 8 ,4 5 3
185,632
s
S
S
$
T 5 1,430,497
539 ,6 9 2
3 23 ,879
215 ,8 1 3
541 ,149 465 ,234 4 ,5 1 5 ,7 8 2 3 ,8 3 8 ,6 7 6
M ilw E l R y & L t C o . A u g u st —
H a ve rh ill G as L t ._ S e p t T 6
2 6 ,3 9 0
10,664
177,507 147,035 1,190.524
8
10,656
9 6 7 ,3 2 2
M llw L t , l i t & T r C o A u g u st —
T5
2 3 ,024
8,7 2 2
123,673
87,812 ! .100,121
9
8,713
7 08 ,792
M o n o n g a h e la Vail T r S ep tem b er
206,901 184,243 1,760,147 1 ,564.643
9 m os T 6
2 06 ,278
65,492
576
64,9 1 6
N a s h v ille R y & L igh t S eptem ber
T5
88,472
187,050
51,5 5 4
102,197
.5 8 5
780,825
5 0 ,9 6 9
N e w p N & H R y .G & E Septem ber
6 8 0 ,6 4 8
55,506
44,738
467 ,468
4 5 5 ,2 0 2
N Y C it y I n t e r b o r o - . A u gu st —
H o u g h to n C o T r a c .S e p t T 6
26,7 3 0
11,556
7 ,1 2 4
4 ,4 3 2
37,581
41,951
272,284
286,691
N Y & L o n g I s la n d . . A u g u s t ----T5
2 3 ,389
11,590
5,522
6 ,0 6 8
13,556
15,792
106.420
108,991
N Y & N o rth S lio r o .. A u g u s t ___
9 m os T 6
244 ,5 7 5
103,419
57,181
4 6 ,2 3 8
966,991
9 15 ,218
N Y & Q ueens C o — A u g u s t ___ 121,1 12 125,843
203 ,894
T5
84,410
4 9 ,9 5 0
3 4 ,4 6 0
N e w Y o r k H a llw a y s. A u g u s t ___ 1101,557 1136,931 9,0 3 3 ,9 8 8 8 ,8 5 2 ,3 2 9
H o u g h to n C o E l L t .S e p t T 6
3 1 ,850
15,268
6,012
9 ,2 5 6
31,411
3 7 ,310
285 ,407
N Y & S ta m fo rd K y . S ep tem b er
294 .626
2 8 ,0 8 4
12,958
T5
4 ,5 1 5
8,4 4 3
N Y S ta te H allw ays. A u g u s t ___ 688,446 011 ,985 5,5 2 0 ,7 3 7 4 ,7 7 5 .9 7 7
9
m
o
s
T
6
275,801
127,877
43,641
8
4
,2 3 6
50,689
41,653
402 ,9 4 9
N Y W estch es & B o s . S eptem ber
3 4 9 ,6 4 6
T5
2 3 5 ,8 9 6
103,360
3 4 ,5 2 0
6 8 ,8 4 0
17,119
16,296
132.248
N o rth a m p to n T r a c . . A u gu st —
116.290
J a ck so n v ille T r a c . .S e p t T 6
50.147
14,831
15,400
d e f 569
446,667 3 40 ,918 3 ,7 8 0 ,7 4 3 2 ,8 2 9 ,3 6 0
N o r O h io T r a c <Y L t . Septem ber
T5
46,942
15,641
14,686
161,045 142,738 1,378,543 1,229,066
955
N o r t h T e x a s E lectric S eptem ber
9 m os T 6
4 6 6 .8 7 0
151,637
137 ,408
33,090
32,225
114,583 • 114,993
14,229
O cea n E lectric (L I ) . A u g u st —
T5
4 57 ,359
137,047
133,702
3 ,3 4 5
i ’ a c ific G as & E le c — S eptem ber 1563,418 1558,689 13,791,628 13,723,761
292 ,1 4 8 254,276 2,4 3 2 ,6 3 0 2 ,1 6 1 ,1 3 5
K e o k u k E le c C o . . S e p t T 6
2 0 ,4 1 8
l ’ a c L t & L’ o w C o r p . . Septem ber
6,3 2 8
2,0 3 3
4 ,2 9 5
23,864
230,141
26,020
209 ,8 6 7
T5
20,301
p l’ a d u ca h T r & L t C o S eptem ber
8 ,2 5 8
1,859
6,3 9 9
210,665
22.013
188,204
23,920
9 m os T 6
178,136
P en sa cola E lectric C o S eptem ber
58,9 8 5
17,487
4 1 ,4 9 8
T5
171,174
57,1 5 2
P h ila R a p id T r a n s it . S eptem ber 222 6,06 0 2.009979 20,013,193 17,746.128
16,824
4 0 ,3 2 8
380
.284
42,316
47,652
3
38
,989
Septem
ber
P h ila & W estern H y .
K e y W e s t E le c C o . . S e p t T 6
10,495
3 ,5 6 4
2,5 2 4
1,0 4 0
453,731 454 ,856 4 ,0 3 1 ,4 2 8 4 ,1 2 0 ,0 1 8
P o r t (O r e ) I ly .L & P C o S eptem ber
T5
9,1 8 3
2 .7 8 9
2,5 6 0
229
g i ’ n get Sd T r , L & l’ _ A u g u s t ___ 671,861 606,229 5,1 8 0 ,5 5 2 4 ,9 6 4 .8 6 0
9 m os T 6
8 6 ,846
2 8 ,8 0 0
2 2 ,6 4 7
6,153
266
,302
2
,930.648
2
.234,921
334
,444
0 R e p u b lic R y & L t . . Septem ber
T5
8 3 .5 7 5
21,2 7 3
2
2
,9
1
5
d
e
f
l
,642
515,820 474 ,919 4,4 0 1 ,0 8 2 3 ,7 5 4 ,6 7 9
R h o d e Is la n d C o ____ S eptem ber
L o w e ll E l L t C o r p . . S e p t T 6
53,287
2 0 ,3 2 4
401
19,923
2 7 3 .2S6
45,839
269 ,700
39,0 0 2
R ic h m o n d L t & H R . A u g u s t ___
T5
4 1 ,5 1 8
12,590
1
1 2 ,589
109,213 105,440
997.556
9 33 ,760
S t J os R y , L , H & P . Septem ber
9 m os T 6
468 ,0 0 8
184,709
2 ,8 0 2
1 81 ,907
39,182
45,199
356,513
3 0 7 ,7 1 8
S an tiago E lec Lt & T r A u g u s t ___
T5
359 ,104
121,921
133
65,768
1 21 ,788
69,892
528,491
526 ,8 8 4
S av an n ah E lectric C o A u g u s t ___
M is s R iv e r P o w C o .S e p t T 6
151,339
582,609
118,997
83,523
80.2 9 9
5 78 ,070
106,882
S econ d A v e n u e (lte c ) A u g u s t ___
1 2 ,1 1 5
139,221
T5
20,590
141,613
112,372
13,567
151,198
106,761
S ou th ern B o u le v a r d . A u g u s t ___
5,611
9 m o s 16 1,2 8 6 ,4 3 5
1,0 2 2 ,6 5 3
411 ,482 422.332 3 ,699,852 3 ,5 6 9 ,9 6 9
9 6 0 ,2 8 7
Sou th ern C al E d is o n . S eptem ber
6 2 ,366
T
5
1,234,001
982
,922
35,0
2
0
44,138
225,802
234
,143
968,201
A
u
g
u
s
t
___
S ta ten I s l’d M id la n d .
14,721
79,286
78,756
712 ,405
7 26 ,779
T a m p a E le c tr ic C o . . S ep tem b er
N o r O h io T r & L t . . S e p t T 6
4 4 6 ,6 6 7
159,903
4 4 ,7 5 9
115 ,144
T h ir d A v e n u e ............. A u g u s t ___ 2 15,147 327 ,0 5 8 2,6 7 1 ,9 1 2 2 ,5 4 7 ,5 1 8
T5
3 4 0 ,9 1 8
128,094
53,081
7 5 ,013
T w in C it y R a p T r a n . 3 d w k O ct 193,100 177,889 8 ,1 6 4 ,1 6 3 7 ,5 5 2 ,0 6 5
9 m o s T 6 3 ,7 8 0 ,7 4 3
1,4 8 2 ,4 0 9
4 4 7 ,7 6 0
1
,0
3 4 ,6 4 9
U n ion R y C o o f N Y C A u g u s t ___ 207 ,322 251,422 1,912,140 1,854,357
T 5 2 ,8 2 9 ,3 6 0
1 ,080,628
4 6 6 ,6 7 0
6 1 3 ,9 5 8
481.231 4 5 2 ,0 0 5 4 ,3 2 6 ,5 2 6 3.8 2 0 ,4 7 7
V irgin ia R y & P ow er Septem ber
N o rth e r n T e x E le c .S e p t T 6
161,045
66,7 8 9
2 9 ,4 1 7
3 7 ,3 7 2
88,7 1 8
76,671
677 ,495
6 1 2 ,4 6 5
W ash B alt & A n tia p . S e p te m b e r
T5
142,837
56,387
2 7 ,6 7 5
2 8 ,7 1 2
39,660
57,293
356 ,690
3 91 ,793
W es tch e s te r E le c t r ic . A u g u s t ___
9 m os T 6 1 ,378,543
517 ,546
2 5 9 ,6 6 9
2 5 7 ,8 7 7
18,372
23,397
181,107
190.477
W o s tch o s te r St H R . . S e p tem ber
T 5 1,229,066
457 ,911
2 4 6 ,9 0 0
211 ,011
545,124 4 3 9 ,0 1 4 4 ,5 8 1 ,5 7 3 3 ,6 8 6 ,8 8 7
•a W est P enn T r a c C o S e p tem ber
P a cific L & P C o r p .S e p t T 6
2 9 2 ,1 4 8
196,016
488,708
99,767
47,724
61,127
£10 3,47 0
481 ,0 7 6
Y o n k e r s R a ilr o a d ___ A u g u s t ___
T5
254 ,276
167,158
106,562
£70 ,600
80,5 7 9
72,186
710 ,157
Y o r k R a ilw a y s_______ S eptem ber
597 .393
9 m o s T 6 2 ,4 3 2 ,6 3 0
1 ,614,977
9 19 ,226
3 0 ,239
25,963
£77 0,83 4
Y o u n g s to w n & O h io . S e p te m b e r
251,081
2 1 4 ,3 8 3
T 5 2 ,1 6 1 ,1 3 5
1 ,444,819
17,534
17.135
968 ,077
£570,062
Y o u n g s t o w n & S ou th A u g u st —
126,937
112,143
P a c ific G as & E le c .S e p t T 6 1,563,418
618 ,039
3 26 ,273
£30 2,94 0
l) R ep resen ts In com e fro m all so u rce s , c T h e se fig u re s are fo r c o n s o li
T 5 1 ,558,689
6 6 2 ,3 3 5
3 4 3 ,3 1 4
£345,133
d a te d co m p a n y . / E arn ings now g iv e n in m ilreis. g In clu d e s c o n s titu e n t
9 m o s 18 1 3,791,628 5 ,6 8 9 ,8 9 4 3 ,0 4 0 ,2 6 9 £ 2 .9 7 8 ,9 6 4
c o m p a n ie s .
T 5 13,723,761
5 ,8 4 9 ,5 9 9 3 ,1 2 6 ,4 9 / £ 2 ,9 8 1 ,9 1 4
P a d u ca h T r a c & L t .S e p t T 6
26,020
8,9 8 7
7,1 2 9
1,858
Electric Railway and Other Public Utility Net Earn
T5
23,8 6 4
9,7 3 3
7,4 7 5
2 ,2 5 8
9 m os T 6
230,141
74,476
63,6 1 5
10,861
ings.— The following table gives tho returns of E L E C T R IC
T5
2 09 ,867
76,2 8 9
67,9 3 7
8,352
railway and other public utility gross and net earnings with P en sa co la E le c t___ S e p t T 6
2 3 ,9 2 0
10,924
7,7 1 3
3,211
charges and surplus reported this weok:
T5
22,013
9,826
7,061
2 ,7 6 5
9 m os T 6
2 1 0 ,6 6 5
94,002
6 9 ,5 7 0
24,432
------- Gross Earnings------- -------Net Earnings------T5
188,204
79,8 2 4
6 4 ,687
Current
Previous
15,137
Current
Previous
Year.
Year.
Sierra P a c ific E le c .S e p t T 6
Year.
Year.
49,2 7 9
2 8 ,6 0 0
6 .2 9 3
2 2 ,3 0 7
$
S
$
42,803
28,829
11,1.59
£18 ,0 6 6
„
! 15
A m T el & Tel
9 m o s 16
418 ,315
829 ,1 6 0
6 3 ,779
165.381
B oll T e l S y s t l n U S . a . S e p t 2 2 , 709,221 19,939,.r>27 6 ,2 7 8 ,7 7 1 5 .5 4 3 ,7 0 5
3 59 ,266
T5
2 06 ,795
71,5 1 0
£ 1 3 8,63 9
Jan 1 t o S ep t 3 0 _______194.317.711 173424.223 5 3 ,8 6 4 ,4 3 7 4 6 ,9 8 4 ,0 4 2
T a m p a E le c t r ic ___ S ep t T 6
79,286
3 5 ,9 8 2
4 .2 5 4
3 1 .7 2 8
B razilian T r L t & P o w .S e p t c 6 ,9 20 ,000 c6 ,4 9 4 ,0 0 0 c 2 ,703 ,000 c 2 ,075 ,0 0 0
T5
78,756
39,491
4,371
3 5 ,1 2 0
Jan 1 t o S ep t 3 0 . ...........c6 1 ,2 4 9 ,0 0 0 c 5 7 ,4 5 7 ,1 1 0 c 3 4 ,3 7 3 ,0 0 0 c 3 3 ,3 5 5 .4 2 0
9 m os T 6
712 ,405
3 1 7 ,9 8 0
3 9 ,3 2 0
2 7 8 ,6 6 0
726 ,779
Illin ois T r a c tio n C o a . . S e p t 1,032,567
953 ,0 7 9
394 ,6 5 4
399 ,5 8 0
T5
355 .707
3 9 ,4 4 7
3 1 6 ,2 6 0
Jan 1 t o S ept 3 0 _______ 8 ,7 9 9 ,7 8 0 7 ,9 9 1 ,3 5 2 3 ,2 7 6 ,7 7 8
3 ,0 7 7 ,6 9 8
U n ite d S tates G as S ent T 6 1 ,271,069
5 6 5 ,3 7 8
257,181
308 ,2 1 7
& E le c t C o r p —
T 5 1.135,117
N o w Y o r k T e le p h o n e b .S o p t 4 ,7 6 3 ,4 0 6 4 ,0 0 8 ,2 7 6
1,897,352
1 ,429,576
5 3 3 ,1 7 2
2 8 1 ,3 4 4
2 5 1 ,8 2 8
J u ly 1 t o S ep t 3 0 ............. 4 0 ,1 8 9 ,5 1 3 3 5 ,5 1 9 ,5 1 5 1 5 ,1 3 9 ,1 6 9 11,9 9 0 ,4 8 6
S u b sid y C o s
12 m o s T 6 1 4 ,804,865 6 ,5 1 9 ,5 4 0 3 ,4 5 8 ,7 6 7
3 ,0 6 0 ,7 7 3
T 5 13.221,116 5 ,6 3 8 ,3 4 2 3 ,3 5 5 ,0 3 0 . 2 ,2 8 3 ,3 1 2
N o rth e r n States P o w e r— ■
O ct 1 t o S ep t 3 0 ____ __ 5 ,8 2 2 ,7 0 2 4 ,9 3 3 ,5 7 5 3 ,2 3 3 ,9 5 6 2 ,7 4 2 ,4 6 9
Gross
Net
Fixed Chgs.
Balance,
W e s t ’ n States G as & E l.S e p t
102,899
96,854
Earnings. Earnings.
49,926
& Taxes.
Surplus.
4 6 ,3 5 0
3
•
8
S
3
Gross
Net after
Fixed
Balance,
B a y S tato 3 m o s S ept 30 T 6 3 ,1 2 8 ,8 9 7
1 ,103,298
5 2 7 ,4 1 9
Taxes.
Earnings.
5 8 0 ,8 7 9
Charges.
Surplus.
S
treet
R
y
T
5
2
,8
7
4
,7
4
5
1
,017,593
5
19
,583
4
9
8 .0 1 0
S
S
$
A b in g to n & R o c k f S o p t ’ 16
D e tr o it U n ite d ____ S e p t T 6
7,134
18,449
171
1,4 3 3 ,4 1 4
4 3 3 ,1 0 6
193,299
6,9 6 3
£268,780
E l L & P o w e r ..
T 5 1,196,491
T5
15,587
5,143
192
3 6 9 ,1 5 2
180 ,834
4,951
£21 9,61 4
9 m o s 16 11,855,846 3 ,5 8 8 ,5 7 5
9 m o s 16
33,1 2 0
1,715
137,449
1,7 1 8 ,1 4 2 £ 2 ,1 2 2 ,1 3 9
3 1 ,4 0 5
114,429
15 9 ,7 0 7 ,1 4 2 2 ,8 6 5 ,2 5 2
T5
2 5 ,5 0 5
3,339
1 ,6 7 9 ,2 5 3 £ 1 ,3 9 6 ,9 5 7
2 2 ,1 6 6
K in g s to n 3 m o s S e p t 30 T 6
A u g T 6 2,835,231
44,923
A t l G u lf & W In d
1,044,750
161,665
2 0 ,9 2 8
11,291
8 8 3 ,0 8 5
9 ,6 3 7
C o n s o lid a te d
T5
45,227
SS L in es— S u b T 5 1,495,022
23,8 2 5
166,913
329 ,451
2 3 ,3 3 7
162 ,538
488
9 m o s S ept 3 0 T 6
sid ia ry c o s ____ 8 m os T 8 21,656,911
1,312,794
112,458
4 5 ,8 8 2
7 ,0 2 4 ,7 1 7
3 5 ,6 4 0
5 ,7 1 1 ,9 2 3
£ 1 0 ,7 6 7
110,071
T5
3 ,1 9 4 ,1 7 8
1,286,396
4 6 ,097
.
T 5 13,019.001
4 6 ,6 0 8
1 ,907,782
£ d ef2 8 3
144,253
L o u isv illo R a ilw a y .S e p t T 6
2 66 ,330
B la ck s ton o V a lley S ep t TO
59,821
129,655
20,3 1 6
7 6 ,813
£72,485
3 9 ,5 0 5
128,099
T5
G as & E le c . . .
’ 15
2 51 ,593
52,102
124,269
76,8 1 3
19,514
£ 65 ,973
3 2 ,5 8 8
9 m os TO 1,271,352
9 m o s T 6 2 ,2 9 7 ,4 3 5
523 ,854
1 ,122,857
691 ,3 1 3
184,151
£56 1 ,5 5 0
3 39 ,703
T 5 1,088,387
T 5 2 ,1 9 2 ,2 9 6
1 ,040,538
435 ,1 0 3
6 3 7 ,2 0 8
£51 3 ,5 1 5
173,557
2 6 1 ,5 4 6
17,285
B a ton R o u g e E le c . .S e p t TO
M u s k o g e e 3 m o s S e p t 30 T 6
50,0 2 6
8,9 3 4
2 3 ,308
9,5 2 0
3,5 2 8
13,788
5,4 0 6
T5
16,446
E l T r a c tio n
T5
7,761
3 4 ,314
12,253
9,5 8 7
2,193
2 ,6 8 6
5,5 6 8
9 m os ’ 16
154 ,298
77,371
3 1 ,376
S c h e n e c ta d y R y —•
4 5 ,9 9 5
137,026
T5
55,796
19,365
3 m o s S e p t 30 T 6
354 ,2 0 7
36,431
125,367
5 9 ,586
£ 66 ,229
B rock ton & P ly m . .S e p t TO
12,497
2,9 2 7
326 ,187
T5
1,102
127,918
4 9 ,6 7 3
£ 78 ,526
1,825 i
T5
12,040
3,5 0 3
9 m os S e p t 30 T 6
950,891
1,103
328 ,2 0 4
167 ,996
2 ,4 0 0
£ 1 6 1,18 0
9 m os T 6
95,354
14,502
9,920
921
,010
T
5
327 ,714
152,455
4,5 8 2
£ 1 7 6,41 6
T5
89,7 7 4
17,288
10,173
7,1 1 5
a N e t earn in gs here given are a fte r d e d u ctin g taxes,
■Capo B reton E l C o .S e p t 16
33,8 0 4
15,614
6,568
9 ,0 4 6
15
b N e t earnings here g iv e n are b e fo re d e d u ctin g taxes,
3 3 ,6 3 9
15,455
6,594
8,861
:
c M ilre is.
9 m os TO
282 ,010
110,380
58,7 2 4
5
1
,6
5
6
15
353,782
101,661
5 9 ,389
4 2 ,2 7 2 i
N e w Y o r k S t r e e t R a il w a y s .
24,761
C en tral M iss Vail S ep t TO
7,7 7 3
2 ,0 3 1
5,742
15
24,681
E le c P r o p s ____
--------Gross Earnings---------9,712
1,894
■Net Earnings
7 ,8 1 8 i
9 m os T 6
2 17 ,279
Current
Previous
Current
71,067
17,669
Previous
53.3 9 8 |
15
Roads.
2 06 ,338
Year.
Year.
Year.
65,023
Year.
16,767
4 8 ,2 5 6 !
S
8
S
117,313
$
■Cleve S W & C o l . .S e p t T 6
3 9 .8 2 0
27,631
£12
,292
1
H
u
d
so
n
&
M
a
n
h
a
tta
n
a
A
u
g
293
,982
279 ,0 5 9
c 1 4 1,465
15
109,293
c
140,027
38,191
27,458
£10 ,8 2 5 i
Jan 1 t o A u g 3 1 _______ 2 ,6 4 0 ,9 2 3
2 ,4 2 2 ,6 6 6
1,403,299
9 94 ,000
9 m os T 6
1.279,811
3 6 5 .6 2 9
249 ,317
£
1
1
7,21
5
1
920,132
I n te r b o r o I
.A u g 1.339,230
T5
1 ,239,424
713 ,9 0 8
3 00 ,577
6 8 5 ,3 7 0
247 ,460
£ 54 ,000 j
Jan 1
_______ 13,073,294 1 1,790,258
7 ,9 8 5 ,8 1 2
77,6 5 8
7 ,1 8 2 ,1 2 7
C o lu m b u s (G a ) E l.S e p t 16
4 7 ,167
28,6 3 0
18,537
In te r b o r o I
-A u g 1,392,754
15
61,827
1,208,425
33,3 4 9
5 8 8 ,5 1 4
503 ,1 1 1
2 8 r670
4,6
7
0
625 ,163
Jan 1 t o A u g 3 1 _____
—
11,363.176 10,2 6 7 ,4 1 5 5 ,0 9 2 ,2 9 0
9 m os TO
366 ,402
2 57 ,954
4 ,6 /9 ,8 7 8
108 ,448 I
516 ,485
T8
2 7 6 ,8 3 0
T o t a l I n te r b o r o R T aLAu:
A u g 2 ,7 3 1 ,9 8 4 2 .4 1 5 ,8 5 0
258|456
1 ,232,420
18,374 !
1 .1 8 3 ,4 8 2
Jan
1
t
o
A
u
g
3
1
.
.
70,051
24,411,473
2
2
,0
5
7
,6
7
/
3 3 ,646
C o n n e c tic u t P o w . .S e p t TO
1
3
,0
/8
,1
0
2
1 1 ,8 6 2 ,0 0 8
16,171
17,475 I
51.114
T5
25,1 6 6
B r o o k ly n R a p T ra n a . -A u g 2 ,6 8 3 ,7 2 7 2 ,4 6 4 ,7 7 4
11,431
1,030,831
13,735
j
9 2 9 ,1 7 8
696 ,929
12 m o s T 6
3 5 1 ,9 8 5
Jan 1 t o A u g 3 1 19,523,230 1 8 ,184,603 6 ,7 3 0 ,6 0 / 6 ,2 3 3 .6 0 7
156,530 I
533.945
T5
2 5 3 ,5 6 8
122,932
N c w Y o r k R a ilw a y s a . .A u g 1,101.557
130,656
1,136,931
3 3 2 ,7 7 5
3 6 3 ,3 0 5
7 2 ,388
E a stern T ox a s E lect .S e p t TO
3 4 ,610
Jan 1 t o A u g 3 1 . —
9 ,0 3 3 ,9 3 3 8 ,8 5 2 ,3 2 9 2 ,7 1 3 ,1 8 5 2 ,5 /1 ,3 4 5
8,753
25,857 !
68,914
T5
35,4 8 8
8,710
B elt L i n o . a _____________A u
2 6 ,7 7 8
52,5 4 5
63,9
5
3
dof
2,067
2 0 ,4 1 7
9 m os TO
604,851
276 ,363
79,691
Jan 1 t o A u g 3 1 - —
196,672
516 ,622
5 0 5 ,4 3 2
113 ,423
9 6 ,4 3 0
510,566
T5
228 ,5 0 9
78,960
149,549
S e co n d A v e n u e a ______ -A
.Aui
ug
80,2 9 9
8
3
,5
2
3
2
1
,3
9
3
3 0 ,9 8 5
E d ’ n E l 111 (B r o c k ) -S e p t T 6
5 1 ,295
17,997
1,396
Jan 1 t o Aui
—
5 8 2 ,6 0 9
16.601
5 7 8 ,0 7 0
1 2 0 ,7 9 /
150 ,335
4 4 ,475
T5
16,422
2,204
14,218
T h ir d A v e n u e a _______ A u g
265 ,147
3 27 ,058
6 3 ,482
9 m os 16
460,629
132 ,329
165,399
12,670
152,729
Jan 1 t o A u g 3 1 _______ 2 ,6 7 1 ,9 1 2
2 ,5 1 7 ,5 1 8
1 ,0 5 4 ,3 7 /
15
9 1 9 ,5 5 5
395 ,580
143,188
23,291
119,897
D r y D o c k E B & B a t a ..A
A uu g
32,287
41.0 8 7
4 ,7 5 7
92,265
10,223
E l P a so E le c t .......... -S e p t TO
31,3 1 6
5,120
26,1 9 6
Jan 1 t o ‘
' —
3 21 ,235
320,011
3 1 ,8 4 5
T5
78,3 6 7
3 8 ,5 9 3
36,3 2 3
4.1(17
3 2 ,1 2 6
9 m os TO
42 d St M a n & St N A v a- A u g
788,501
123,356
157,783
300 ,819
33,531
7 1 ,0 2 6
43,2 3 8
257,581
15
J an 1 t o A u g 3 1 .. —
702 ,128
1,2 6 7 ,5 3 8
1.281.191
3 1 5 ,5 1 8
5 3 3 ,1 8 9
5 2 2 ,5 8 4
37.798
277 ,7 2 0
N Y C it y I n te r b o r o a . -A u g
4 4 ,7 3 8
50,548
55,5 0 6
F all R iv G as W k s .S c p t 16
23,4 0 6
5,8 2 5
7
18,194
2 3 .399
Jan
1
t
o
A
u
g
3
1
_______
—
15
48,321
4
6
7
,4
6
8
455
,2
0
2
153,151
18,289
3
1 41 .256
18,286
9 m os TO
400 ,5 5 8
154,383
-A u g
Sou th ern B o u le v a rd
13.567
34
20.590
154,349
8 ,0 6 7
15
3 87 ,618
Jan 1 t o A u g 3 1 ----------—
135,747
141,613
151 ,198
11,094
3 3 ,0 0 3
124,653
4 9 ,1 5 /
ross Earnings.
Name of
Road or Company.
Week or
M onth.
Current
Year.
Previous
Year.
Jan. 1 to latest date.
Current
Year.
Previous
Year.
1682
THE CHRONICLE
--------Gross Earnings-----Current
Previous
Year.
Year.
$
$
U n ion a __________________A u g
2 07 ,322
25 1 ,4 2 2
Jan 1 t o A u g 3 1 _______ 1 ,9 1 2 ,1 4 0
1 ,8 5 4 ,3 5 7
W es tch es ter E le c t a ____
- - AAuu g
3 9 ,660
5 7,293
Jan 1 t o A u g 31
3 56 ,690
3 9 1 ,7 9 3
Y o n k e r s a ________ . . . _ _ A u g
4 7 ,7 2 1
6 1,127
Jan 1 t o A u g 31
48 8 ,7 0 8
48 1 ,0 7 6
L o n g Isla nd E lec a ______A
- - A uu g
2 8 ,623
2 9 ,8 5 5
Jan 1 t o A t
~
167,772
174 ,859
N Y & L o n g Isl T r a c al .. ._A u g
37,581
41,951
Jan 1 t o A u g 3 1 _______
2 7 2 ,2 8 4
286,691
N Y & N o r t h S hore a ___
- - AAuu g
13,556
15,792
Jan 1 t o A u g 3 1 _______
106 ,420
108,991
N Y & Q ueens C o a _____A
- - A uu g
121,112
125,843
Jan 1 t o A u g 31
966,991
9 15 ,218
O cea n E le c (L I ) a ______A
. . A uu g
3 2 ,2 2 5
3 3 ,0 9 0
Jan 1 t o A u g 3 1 _______
114,583
114,993
R ic h m o n d L t & U R a . . A u g
3 9 ,0 0 2
4 5 ,8 3 9
Jan 1 t o A u g 3 1 _______
2 73 ,286
26 9 ,7 0 0
S taten Isl M id la n d a ___
. . AAuu gg
3 5 ,0 2 0
4 4 ,1 3 8
Jan 1 t o A u g 31
225 ,802
2 34 ,143
Roads.
____
-------N et Earnings------Current
Previous
Year.
Year.
$
$
4 8 ,5 8 5
6 6 ,7 3 2
5 1 5 ,5 0 9
45 4 ,9 1 0
10,439
6,0 5 5
8 0 ,491
7 3 ,9 0 6
8 ,7 6 3
16,951
7 2 ,669
130,845
7,1 3 3
9 ,092
6,7 1 7
2 3 ,6 0 7
11,897
7,8 4 4
3 0 ,4 5 4
61,095
3 ,6 1 3
4 ,8 9 2
3 2 ,0 5 4
2 9 ,5 1 2
d e f 132
77
3,8 4 3 d e f 2 1,449
2 0 ,4 8 5
2 2 ,3 3 8
4 2 ,1 0 7
56,773
11,711
21,007
6 7 ,4 3 6
6 5 ,595
4 ,8 3 9
13,920
13,905
2 5 ,8 7 8
[Vol. 103
Seaboard Air Line Railway.
(R ep ort f o r F isca l Y ea r en d in g J u n e 30 1916.)
The remarks of President William J. Harahan are given
at length on a subsequent page.
F IS C A L R ESU L TS.
1915-16.
1914-15.
Tons carried......... 9,679,112 8,576,754
Tons oarr. 1 m ile .*1,694,457 1,350,391
A v. per ton p e r m . 1.002 cts. 1.087 cts.
A v. tons per tr. m .
335.67
278.87
Earn, per fgt. tr m. $3.36420 $3.03175
Earn. p .m . o f road
87,101
36,533
IN C O M E A C C O U N T FOR Y E A R S E N D IN G J U N E 30.
1915-16.
1914-15.
1915-16.
1914-15.
S
S
$
3
.16,982,313 14,681,060 Operating incom e. 6,983,151 5,393,915
. 5,032,431 4,686,885 Income from secur.
90,847
117,911
. 1,757,087 1,662,191 Rents received .. .
214,077
142,341
.
722,957
751,180 Inc. unfund, secur.
98,566
67,915
25,084
30,594
M iscellaneous____
24,494,789 21,781,316
Gross in co m e .. 7,411,725 5,752,676
. 2,924,292 2,493,957
, 3,496,061 3,207,117 Hire of equipment.
a N e t earnings here g iv e n aro a fte r d e d u tc in g taxes,
101,381 <77.28,344
825,213
776,468 R e n ta ls--------------c O th er Inc. a m ou n ted t o $ 8 3 ,9 7 9 in A u g . 1916, a g s t. $ 8 2 ,5 6 5 in 1915.
207,527
195,953
3,190,507 7,984,482 Int. on fund, debt 4,206,741 3,893,730
General, & c______
731,514 Int. on equip.trust
758,295
Miscellaneous____
138,179
114,014
obligations-------305,776
376,468
Miscellaneous____
70,322
49,824
16,332,546 15,287,552 Int. adjust.M .bds. 1,250,000 1,250,000
8,162,243 6,493,764 Discount on secur.
309,548
315,443
Annual Reports.-— The annual reports of substantially all
1,179,092 1,099,849
Total deduc’ns. 6,451,294 6,053,074
of the railroad and miscellaneous companies published from
6,983,151 5,393,915 B a la n ce ------------- sur.960,431 def.300,398
Sept. 30 to and including Oct. 21 will be found indexed under
G E N E R A L B A L A N C E SH E E T J U N E 30 1916 (See V 101 p. 1622 ).
the companies’ statement in our “ Railway & Industrial”
Assets (Total, $206,219,370)—
Liabilities (Total, $206,219,370)—
Section published last week.
Road and equipm ent______ $179,941,249 Com m on s t o o k .. . ...................$38,919,400
Sinking funds, A o __________
55,158 Preferred 4-2% stook______
23,894,100
M lsc. physical property____
509,919 Preferred 6% stock------------1,050,600
Chicago Burlington & Quincy RR.
Investments in affil’d cos.—
Equipment obligations_____
5,608,602
(62d A n n u a l R ep ort— Y e a r en d in g J u n e 30 1916.)
Stocks— pledged_________
1,743,289 M tgc. bonds proprietary cos 37,047,000
Stocks— unpledged--------113,536 First mortgage bonds--------12,775,000
The annual report is given on subsequent pages, embracing
Bonds— unpledged............
63,000 Refunding mortgage bonds. 22,310,000
306,621 1st & Consol M . bds., Ser. A 22,459,500
N otes............ ...........
the remarks of President Hale Holden, comparative income
Advances________________
324,795 Adjustment mortgago bonds 25,000,000
account, traffic and mileage statistics for two years, and Other
investments................
3,385,791 Loans and bills payable____
62,900
also the detailed balance sheet.
Cash----------------------3,452,034 Traffic, A c., balances...........
520,980
Special deposits_____ _______
912,192 Audited accounts & w ages..
1,483,278
T R A F F IC S T A T IS T IC S .
Loans and bills receiva ble..
31,953 M iscellaneous.......................
231,535
Traffic, A o., balances_____
405,930 Int., A c., matured u n p aid ..
■
191 5-1 6.
1914-15.
1913-14.
191213.
789,967
A v e ra g e m iles o p e r a t e d 9 ,3 6 8
9 ,3 3 9
9 ,1 4 0
Agents and conductors____
178,676 Dividends matured unpaid.
151,000
9,110
Operations—
Individuals A co m p a n ie s ...
811,386 Accrued Interest..............
1,824,035
R e v e n u e pass, c a r r ie d .. 2 3 ,0 0 8 .2 5 2 2 2 ,7 0 8 ,3 9 2 23,44 5 ,9 1 1
United States G overnm ent.
75,800 Tax accruals..............
386,813
2 3 ,1 0 0 ,5 3 9
R e v . pass. carr. 1 m ile . 1 117675,741 107 9264,875 115 2123,930 1139953,615
Materials and supplies.........
1,949,922 Operating reserves________
326,319
R a to p er pass, per m ile .
1.894 c ts .
1.870 c ts .
1.888 cts.
M iscellaneous_____________
284,145 Accrued depreciation______
2,924,968
1.921 c ts .
R e v e n u e freigh t ( t o n s ). 3 6 ,6 4 0 ,6 5 8 31 ,7 5 8 ,7 9 1
3 2 ,3 8 8 ,8 0 0 3 3 ,3 8 9 ,4 3 9
Deferred assets......... .............
31,984 Interchangeable mileage tick
Prepaid Insurance, A c .........
61,400
R e v . f r ’t (ton s) 1 m ._ 100 87483,894 852 7444,254 861 2629,607 879 1435,597
ets--------- ----------167,863
R a te per to n p er m ile ___
0 .7 1 0 cts .
0 .733 c ts .
0 .7 2 9 cts.
Discount on funded d e b t . ..
10,878,129 Other unadjusted cred its.. .
228,065
0 .7 2 9 c ts .
A v . N o . to n s p er train m .
5 5 8 .1 5
4 9 1 .6 6
4 78 .57
Suspense a c c o u n ts .-...........
288,477 Profit and loss-------------------8,057,446
4 8 3 .8 3
E a rn , p er pass, train m .
Other unadjusted d e b it s ...
383.979
$1.4 7
$ 1 .3 9
$1.4 7
$ 1 .5 2
E a rn , per f r ’t train m _ .
$ 3 .9 6
$ 3 .6 0
$ 3 .4 9
$ 3 .5 3
N ote.—-In a d d itio n t o th e lia b ilitie s in th o han ds o f tlio p u b lic , as sh ow n
O p er. reven u es p er m ile .
$ 10 ,926
$ 9 ,7 5 7
$10,251
$ 1 0 ,3 6 0
a b o v e , th o fo llo w in g a m o u n ts w ore o n Jun o 30 1916 o w n e d b y th o c o m p a n y
b u t p le d g e d as c o lla te ra l: $ 1 ,2 0 5 ,0 0 0 p r o f. 6 % s to c k (a lso $1 7 ,5 0 0 h o ld in
I N C O M E A C C O U N T FOR Y E A R S E N D E D J U N E 30.
tre a su ry ); $ 2 ,6 1 0 ,0 0 0 m o rtg a g o b o n d s p r o p r ie ta ry c o m p a n ie s , $ 2 7 ,0 0 0 ,0 0 0
Operating Revenues—
1915-16.
1914-15.
1 9 1 3 - 14.
1st M . b o n d s; $ 2 2 ,3 6 1 ,0 0 0 R e f. M . b o n d s, a n d $26 0 ,0 0 0 1st & c o n s o l. M .
$ 7 1 .5 92,578 $62 ,5 0 9 ,4 8 4 $62 ,7 9 0 ,1 8 8
Frei g h t .......... .................. ....................... ..
o n d s, Series “ A ” (also $ 2 ,9 2 4 ,5 0 0 h e ld in tr e a s u r y ).
In a d d itio n t o th o
P 's s e n g e r ----------------------------------------------- 2 1 ,1 6 8 ,0 5 2 20 ,1 8 5 ,5 6 4 2 1 ,7 4 3 ,5 0 7 b
a
b o v o s to ck s h e ld b y th e p u b lic as a b o v o , $ 1 ,1 2 1 ,6 0 0 c o m m o n s to c k an d
M a ll, express a n d m iscella n eou s____
7,51 9 ,8 3 2
6 ,5 3 4 ,5 7 6
7,141,030*
$ 1 ,1 0 5 ,9 0 0 p r e f. 4 -2 % s to c k aro h o ld in trea su ry.
O ch er than tra n sp orta tion r e v e n u e .. 2 .0 0 4 ,7 0 2
1 ,8 0 5 ,8 0 2
1 ,8 7 6 ,9 9 5
T h is c o m p a n y is lia b le as a g u a ra n to r o f th o A th e n s T e rm in a l C o . 1st M . ,
J o in t fa c ilitie s ----------------------73.729
8 9 ,6 3 5
126,421
$10 0,00 0; B irm in gh a m T e r m . C o . 1st M . (S e a b o a rd p r o p o r t io n , 1 -6 ),
1 ,9
0 ,0
k s o n v ille T e r m . C o . 1st M . (S oaboard p r o p o r tio n , 1 -3 ),
T o t a l o p e ra tin g re v e n u e ---------------- $ 1 0 2 ,3 5 8 ,8 9 3
$91 ,1 2 5 ,0 6 1 $ 9 3$
,6
74,1
40;
10 0 :M aJ caocn
$ 5080,00
D u b lin & Sav an n ah R R . 1st M ., $ 1 ,5 2 9 ,0 0 0 ; R a le igh &
Operating Expenses—
C
h
arleston
R
I
t
.
p rio r lion & c o n s o l, m tg e s ., $ 55 0,00 0; R ic h m o n d -W a s h in g
M a in te n a n c e o f w a y a n d str u c tu re s .-S 1 2 ,0 1 4 ,2 G 8 $1 1 ,3 6 0 210 $ 12,010 ,977
to n C o . c o ll, tru st M . (S eaboard p r o p o r tio n , 1 -6 ), $ 1 0 ,0 0 0 ,0 0 0 ; S avannah &
M a in te n a n c e o f e q u ip m e n t___________ 15,59 2 ,1 1 0 15,415 ,123 16,035 ,205
S ta te sb o ro R R . 1st M . , $18 5,00 0; T a m p a N o rth e rn R R . n o to s , $ 2 0 0 ,0 0 0 ;
T r a f f ic expen ses______________________
1,610,627
1,629 ,676
1,634 ,672
T a m p a & G u lf C o a s t R R . 1st M ., $75 0,00 0; an d W ilm in g to n R y . B rid g e
T r a n sp o rta tio n ex p en ses_____________ 29,95 6 ,7 8 1
2 9 ,1 1 7 ,164 30,224 ,524
C o . (S eaboard p r o p o r tio n , H ) , $ 2 1 7 ,0 0 0 .— V . 103, p . 490 , 62.
G eneral e x p e n s e s _____________________
2 ,0 1 7 ,6 8 7
2 ,087 041
2.3 9 7 ,888
M iscella n eou s o p e r a tio n s _____________
927 ,593
832 ,154
921 ,586
El Paso & So u th w estern Co.
T r a n sp o rta tio n fo r In v e s tm e n t________ Cr.4 05 ,845
____
____
ANNUAL
O PERATIO N S A N D
1915-16.
1914-15.
Avge. miles o p e r ..
3,449
3,334
Pass, oariled_____ 4,613,999
4,537,260
Pass. carr. 1 m ile. *233,528
*216,378
A v. per pass. p. m. 2.155 cts. 2.166 cts.
Earn. p. pass.tr.m . $1.04336 SI.00075
■Three ciphers (000) omitted.
REPORTS
T o t a l o p e ra tin g ex p en ses------------------ $61 ,7 1 3 ,1 6 1 $ 6 0 ,4 4 1 ,3 6 7 $ 6 3 ,2 2 4 ,8 5 3
P er ce n t o p e r . expenses t o r e v e n u e ..
(6 0 .2 9 )
(66.33)
(6 7 .4 9 )
N e t o p era tin g r e v e n u e --------------------------$ 4 0 ,6 4 5 ,7 3 2 $ 3 0 ,6 8 3 ,6 9 4 $ 3 0 ,4 6 2 ,2 8 8
T a x e s a c c r u e d ---------------------------------------- 4,44 9 ,2 9 1
4 ,0 8 1 ,5 0 8
4 ,0 1 6 ,6 5 8
U n collectib les _________
9 ,5 4 8
2 4 ,1 5 7
O p era tin g In c o m e ____________ -------- $ 3 6 ,1 8 6 ,8 9 3 $ 2 6 ,5 7 8 ,0 2 8 $ 26 ,445 ,63 1
R e n ts ________ ___ ______ ________ -------1,311,917
8 3 4 ,0 7 5
87 9 ,2 8 6
In c o m e fr o m in v e s t ., & c ______ -------1 ,0 8 2 ,2 3 5
3 8 9 ,9 9 5
4 15 ,072
( R eport f o r F isca l Y ea r en d in g J u n e 30 1916.)
Extracts from the remarks of President James Douglas,
together with the income account and balance sheets for
two years, will be found on a subsequent pago.
Average per M ile Charged to Oper. Expenses for M aint. o f Way A Structures.
1909-10.
1910-11.
1911-12.
1912-13.
191 3-1 4.
191 4-1 5.
1915-16
$ 1 ,115
$987
$ 1 ,0 0 6
$1,110
$ 1 ,2 8 5
$994
$ 1,280
Charges for Pepairs and Depreciation of Equipment (per U nit).
— Locomotives— — Pass. Cars— -Freight Cars1915-16 1914-15 1915-16 1914-15 1915-16 1914-15
R ep airs and r e n e w a l s . .. $ 2 ,842
$ 2 ,134
$910
$698 $80 13 $49 67
D e p r e c ia t io n ......................
831
792
402
385
57 06
55 59
G ross c o r p . i n c o m e . . .......... ................$ 3 8 ,5 8 1 ,0 4 5 $ 2 7 ,8 0 2 ,0 9 8 $ 2 7 ,7 3 9 ,9 8 9
Deduct—
R e n t s --------------------------------------------------- $ 1 ,6 2 7 ,1 9 9
$ 1 ,5 4 9 ,4 7 4 $ 1 ,7 6 5 ,6 7 0
In terest on fu n d e d d e b t _______________
7,038^491
7 ,1 1 8 ,8 9 8
6 ,9 8 1 ,6 5 0
M is c e lla n e o u s _________________________
6 9 ,0 8 5
9 1,807
185,467
Weight of Rail per Yard in M ain Line and Branches June 3 0 1916.
S in k in g fu n d s __________________________
1,817,679
1 ,7 5 3 ,0 0 7
1,692,795
Total. 00-lb. 85-lb. 80-lb. 75-lb. 70-lb. 65-lb. 6 0 . A c .
F u n d f o r a c c r u e d ta xes n o t y e t d u o . 2 ,4 0 0 ,0 0 0
M
a
i
n
li n e -------- 6 7 3 .6 6 9 7 .9 6 188.18 140.78 182 .79 6 1 .8 6 0 .4 7
1.62
M ls c . a p p ro p ria tio n s o f in c o m e _____
6 ,0 0 0 ,0 0 0
_______
B r a n ch e s ---------3 2 1 .3 5 --------11.22
.27 2 1 .4 6 134 .07 4 5 .4 8 108 .85
A p p r o p r ia tio n s fo r b e tte r m e n ts_____
4 ,4 3 1 ,3 6 0
3 ,3 4 0 ,6 6 9
5 ,7 1 5 ,8 7 5
Additions and Betterments.— T h e se a ggre ga te d $ 7 0 4 ,3 2 2 , in clu d in g p r in
D iv id e n d s ( 8 % ) . ..................................
8 ,8 6 7 ,1 2 8
8 ,8 6 7 ,1 2 8
8 ,8 6 7 ,1 2 8
c ip a lly e q u ip m e n t, $17 1,90 3; increa sed w eigh t o f ra il, $ 10 1,07 6; b rid g o s ,
T o t a l d e d u c t io n s ........................... : .. .$ 3 2 ,2 5 0 ,9 4 2 $ 2 2 ,7 2 0 ,9 8 3 $ 2 5 ,2 0 8 ,5 8 6
trestles an d c u lv e r ts , $ 5 6 ,8 0 2 : an d sidin gs an d sp u r tra ck s, $ 4 9 ,0 7 2 .
B a la n ce , s u rp lu s................
$ 6 ,3 3 0 ,1 0 3
$ 5 ,0 8 1 ,1 1 5 $ 2 ,5 3 1 ,4 0 *
O PE RA TIO N S A N D F IS C A L RESU LTS FOR Y E A R S E N D IN G J U N E 3 0 .
O perations o f Q uincy Omaha & Kansas C ity RR.
1915-16.
1914-15.
1913-14.
191 2-1 3.
June 3 0 .
Gross
Net (after
Other
Rents
Balance,
M ile s o p e r a te d ...............
1,027
1,027
1,029
982
. Year—
Earnings.
Taxes).
Income.
Paid.
Surplus.
376 ,591
3 1 5 ,5 1 8
33 5 ,5 3 6
3 3 9 ,5 2 2
Passongers c a r r ie d ..........
1 9 1 5 -1 6 ................$ 8 7 0 ,6 1 8
$ 80 ,329
$1 0 ,3 9 2
$ 37 ,643
$ 5 3 ,0 7 9
Pass, carried o n e m i l e . .
52 ,2 9 4 ,1 2 3 4 4 ,0 4 6 ,8 8 1 3 8 ,4 2 1 ,1 8 0 35 ,5 0 2 ,1 2 1
1914-15 .......... . . . 8 5 3 ,1 9 0
3 1 ,7 2 9
11,492
4 0 :i8 1
3 ,0 3 9
R a te per pass, p er m ile .
3 .1 4 c ts .
3.01 c ts . 3 .2 7 7 c ts .
3 .2 4 5 cts.
P a ss. tr. r e v . p er m i l o . .
$ 1 ,9 8 2
$ 1 ,6 7 7
$ 1 ,5 3 9
$ 1,485
G E N E R A L B A L A N C E S H E E T J U N E 30.
T o n s carried (r e v e n u e ).
5 ,3 7 9 ,7 4 6
3 ,6 0 4 ,5 9 9
4 ,5 4 0 .1 6 5
4 ,3 0 8 ,9 8 6
[F or fu rth e r d etails o f 1916 b a la n ce sh e e t, see a su b se q u e n t p age.]
T o n s c a r r i e d l m ile (r e v .)8 9 2 ,418 .833 6 1 8 .6 7 1 ,5 5 6 7 8 9 ,9 5 6 ,9 7 8 7 5 0 ,7 4 0 ,2 9 0
1916.
1915.
R a to nor to n p e r m i l e . . .
0 .9 5 c ts .
0 .9 5 c t s .
0 .9 4 c ts .
0 .9 5 c ts .
1916.
1915.
Assets—
S
$
Liabilities—
$
$
F reigh t train r o v . p e r m .
$ 8 ,2 1 6
$ 5 ,7 4 2
$ 7 ,3 9 3
$7,521
Road A equlp’ t.447,346,163 441,335,029 Capital stock ..110 ,83 9,10 0 110,839,100
A v e r , to n s p e r tr . m i l e . .
411
441
365
358
Invest, in affll. cos.—
Funded debt...1 7 9 ,8 5 8 ,5 0 0 181,690,000
Gross
Oper.
Rev.
(Excl.
other
Income)—
A
lso
per
M
ile
of
Road—
June
30
Years.
S to c k s ........... 27,552,292 27,574,645 Traffic,A c.,bals. 1,343,451
1,807,328
1911-12.
1912-13.
1913-14.
1914-15.
191 5-1 6.
B o n d s --------1,331,123
1,590,623 Accts. & wages. 6,609,154
0,047,293
M ile s o p e r .,a v _
9 0 1 .5 8
9 4 7 .5 0
1.00 0 .8 3
1 ,0 2 7 .3 9
1 ,0 2 7 .0 8
Advances------ 1,786,774
5,620,503 Matured inter
G ross r e v e n u e ..$ 7 ,6 1 3 .4 5 6 $ 8 ,6 5 7 ,7 1 6 $ 9 ,0 5 7 ,5 5 3 $ 7 ,7 8 8 ,7 3 6 $ 1 0 ,6 7 1 ,6 2 7
Other investm’ ts
343,461
289,788
est, dl vs., & c. 1,708,292
1,696,390
P e r m i le ---------------$ 8 ,4 4 4 .5 7 $ 9 ,1 3 7 .4 3 $ 9 ,0 5 0 .0 4 $ 7 ,5 8 1 .0 9 $ 1 0 ,3 9 0 .2 6
M isc.phys.prop. 1,463,711
1,449,557 M lsc. accounts.
452,390
751,845
D ep. mtg. prop,
Accr’d int., A c . 1,105,819
1,118,247
Freight Tonnage for Year Ending June 3 0 1916— Products of, A c .
s o l d ................
44,631 Accrued ta xe s.. 2,508,420
51,941
95,310
Agricul. Animals. Coal-Coke.
Ores.
Slone,Ac. Lumber. M frs. M iscell.
Cash........... ........ 15,200,768
7,123,451 Insur. reserves. 1,344,776
1,206,830
27
2
,2 1 7 105,749 1 ,1 8 8 ,8 2 8 2 ,5 2 4 ,3 6 5 3 3 2 ,6 3 0 20 9 ,1 3 0 6 10 ,635 1 36 ,162
Demand loans
Oper. reserves..
440,000
565,000
and deposits.
529,842
Acer, deprec’n . 34,045,923 30,583,346
Operating Revenues—
1915-16.
1914-15.
191 3-1 4.
Tim e deposits.. 11,771,500
10,000 Unadjusted, A c.,
P a ssen ger-------------------- ------------- ----------- $ 1 ,6 4 3 ,2 2 9
$1 ,3 2 7 ,3 5 2 $ 1 ,2 5 9 ,1 0 0
L o a n s * bills rcc. 4,270,708
4,084,421
a c c o u n ts ____ 1,560,835
F r e ig h t........................
8 ,4 3 8 ,9 2 5
1,325,964
5 ,8 9 8 ,8 2 6
7 ,3 9 9 ,3 0 9
Traffic, & c., bal.
747,888
809,841 Add’ns to prop. 35,102,227 30,486,905
M a il, ox press, A c .......... ............................
4 38 ,708
3 4 0 .5 1 2
4 28 ,700
2,501,598 Fund. dt. retired 15,177,229 14,642,465
Agts. * conduc. 3,013,530
O th er th an tra n s p o r ta tio n ____________
150,765
133,858
__ 8 4 ,1 3 9
M at’ls A supp._ 6,345,222
7,171,220 Sink.fd .reserves 23,825,069 22,108,871
M lsc. accounts. 2,457,073
2,537,892 Approp. surplus
T o t a l o p e ra tin g r e v e n u o ____________ $10 ,6 7 1 ,6 2 7
$ 7 ,7 8 8 ,7 3 6 $ 9 ,0 8 3 ,0 6 0
Sinking fu n d s..
164,463 Cr. 120,894
not specifically
M a in te n a n c e o f w ay a n d s t r u c t u r e s .. $1 ,3 1 4 ,3 7 3 $ 1 ,0 2 1 ,4 9 6 $1,28 3 ,2 4 7
Unexting. dlsct.
invested_____ 9,556,893
M a in te n a n ce o f e q u ip m e n t___________
1,337,981
1,075,214
3,740,856
1 ,2 4 1 ,7 2 0
on fund, debt 2,298,495
2,353,659 Profit and lo s s .. 105,088,276 97,879,054
T r a f f i c .......... ..................................................
221,241
2 25 ,199
204,892
Other unadjust.,
T r a n s p o r t a t i o n . . ....................................... 2 ,6 3 1 ,9 9 5
2 ,0 6 2 ,3 0 3
2 ,5 7 5 ,3 8 3
A c., accounts 3,891,400
2.215.43S
G e n e r a l ..........................................................
3 4 2 ,7 3 2
2 88 ,983
2 91 ,388
M is ce lla n e o u s o p e ra tio n s_____________
76,084
70,877
56,442
T o t a l . . ......... 530,566,354 506,585,403
T r a n sp o rta tio n fo r in v e s tm e n t_______
Cr. 138
T o t a l ..............530,560,354 506,685,403
Cr. 14,857
— V . 103, p . 1508, 758.
T otal operating expenses.....................$5,924,268 $ 4 ,7 2 9 ,2 2 5 $ 5 ,6 5 3 ,0 7 1
THE CHRONICLE
Sov. 4 1916.]
191&-16.
1914-15.
1913-14.
N et earnings. ....................................... $4,747,359 $3,059,511 $3,429,989
Outside operations (d eficit)__________
13,181
19,812
45,846
U n collectibles_______________________
313
15,376
---------$4,733,866
471,367
$3,024,323
400,743
$3,384,142
487,224
$4,262,499
a 1,937,441
$2,623,580
a l , 405,121
$2,896,918
1,399,765
$6,199,940
Lcaso o f roads, rents, & c------------------- $3,497,681
130,820
Interest charges------------------------------3,691
M iscella n eou s----------------------------------Dividends (5 % ) ----------- -------------------- 1.250,000
M iscellaneous appropriations.........- -
$4,028,701
$2,013,444
182,244
20,366
1.250,000
$4,296,684
$2,112,671
173,495
800
1,236,884
250,000
Taxes
Total d ed u ction s................... .............$4,882,191 $3,466,054 $3,773,849
Balance, surplus____________________ #1,317,749
$562,647
$522,835
a Other income includes in 1915-16 dividend from stock o f El Paso South
western H it., N acozari ItR . stock and Burro M ountain H R ., $1,470,000;
incom e from funded securities, $253,062; rent from equipm ent, $99,025,
and incom e from unfunded accounts, rents, & c., $115,354.
For the comparative balanco sheets as of June 30 1916 and
1915 see a subsequent pago. For capitalization of companies
controlled, comprising the E l Paso & Southwestern System,
and capital and ownership of subsidiary companies, rental
payable by El Paso Southwestern C o ., see V . 101, p. 2142 —
V . 101. p. 2151.
Atlanta Birmingham & Atlantic Railway Co.
(ls£ Annual Report— Year ended June 30 1916.)
Pres. E . T . Lamb, Atlanta, G a., Oct. 3. says in substance;
Traffic Conditions.— B oth freight and passenger traffic were adversely
affected by conditions growing out o f the European war, com pared to nor
mal tim es, but, on the whole, business improved over the previous year.
Shortage o f fertilizer materials reduced the production o f cotton , the prin
cipal m oney crop in our territory. C oal, lum per, iron and steel articles,
cotton factory products, fruits, vegetables and melons, building materials,
automobiles and miscellaneous merchandise all showed substantial increases
over tho urevious year, while cotton , cotton seed, fertilizer, hay, feed stuffs
and liquors showed decreases. [The new com pany took over tlio property
from tno receiver o f tho predecessor com pany on Jau. 1 1916.]
Business depression, resulting from tho war, is being rapidly dissipated,
and every indication points to a continued Improvement fn the volum e o f
traffic for the com ing year.
Equipment.— The equipment at an inventory value o f $2,413,884 as o f
Jan. 1 1916 consisted o f $8 freight and passenger locom otives, 3,158 freight
cars, 62 passenger and baggage cats and 39 work cars. Since Jan. 1 1916
100 steel coal cars have been purchased at a cost o f $73,534 and 27 freight
cars and 1 work car have been retired or destroyed, while 83 freight cars
have been converted to work cars. T h o m otive pow er, which includes 15
“ M ik a d o” locom otives, is maintained to a standard o f efficiency. T he
freight equipm ent, with the exception o f the 100 coal cars above referred to ,
is o f wooden construction. Depreciation charges o f about $130,000 per
annum arc being made to operating expenses on basis o f 4 % for locom otives,
4 % for passenger cars, 6 % for freight cars and work equipment and 3 %
for steel cars.
Transportation.— Notwithstanding tho fact that freight revenues show
an increase o f $388,865 and passenger revenues an increaso o f $23,356 for
tho year ended June 30 1916, transportation expenses show a decrease or
$8,175. Operating expenses were $2,454,349, against $2,374,111, an in
creaso o f $80,239, or 3 .4 % . Rovenue tons handled increased 297,518, or
2 0 .4 % ; revenue tons handled one mile increased 81,792,349, or 2 7 .3 % , and
the revenue passengers handled one mile Increased 1.719,468, or 7 .5 % .
T he average not rev enue tons per freight train mile w as398, against 316,
an increaso o f 82, or 2 5 .9 % . Tho average net reve.nuo tons per freight train
m ile for 1916 was 398, against 316 in 1915, 3t>7 in 1914 and 260 in 1913.
Financial.— T ho fixed charges amount to only $204,500. or an annual
fixed charge per mile o f road operated o f $321. Tho com pany has earned
and paid Us fixed cnarges as o f June 30 1916 and its interost o f 5% on the
$5,200,000 non-cum ulativo incom e bonds for tho 8 months to Juno 30 1916
as contem plated in the incom o bond mortgage.
[This latter interest,
howover, paid Sopt. 1 1916, does not figure in the following incom o account
for tho fu ll eight months in quostion, tho com pany having begun operation
on Jan. 1 1916 and the accrued interest for the two months prior to Jan. 1
having boon charged to capital account. T he balanco o f the bond interest
shown below is for the 12 months on the A tlantic & Birmingham R y. 1st M
bonds. C om pare V. 103, p. 664.— Kd.J
O f tho authorized issue o f $5,200,000 incom o bonds, the aggregate
amount in principal and scrip o f $34,213 is held in tnc Treasury Tor co rp o
rate purposes. Reserves nave been provided to retire $105,000 equipment
obligations witn accrued interest to maturity and to retire $25,000 receivers’
certificates. These obligations o f the receiver o f the Atlanta Birmingham
& A tlantic R R . and ils subsidiaries (in the hands o f tho public as o f Juuo 30
1916) will be retired when presented.
Cash in the treasury as o f June 30 1916 amounted to $1,276,993. In
addition thereto tho com pany had on special deposit $222,767 to retire
equipment obligations o f vhe receiver o f the Atlanta Birmingham & Atlantic
B it ., with accrued Interest to m aturity, and to pay other interest on funded
debt o f the railway com pany duo as o f June 30 1916.
STATISTICS FOR YEARS ENDING
1 9 1 5 -1 8 .
A v g e . m ile s o p e r
6 3 8 .2 8
P a s s , c a r r i e d ___
7 0 5 ,0 4 8
P a s s . e a r r . 1 m . 2 4 ,3 7 1 ,7 4 5
A v . re v . p er pass
p e r m il e ______
2 .1 5 8 c t s .
1 9 1 4 -1 5 .
0 4 2 .1 7
6 8 2 ,6 3 9
2 2 ,6 5 2 ,2 7 7
2 .2 1 9 c t s .
JUNE 30.
1 9 1 5 -1 6 .
1 9 1 4 -1 5 .
F g t . c a r r . (t o n s )
1 ,7 4 9 ,4 8 7
1 ,4 5 1 ,9 6 9
F g t . e a r r . 1 m _ . 3 8 0 ,0 0 0 , 4 8 0 2 9 8 ,2 1 4 ,1 3 1
A v . r e v . p er to n
p e r m il e ...........
0 .6 0 5 c t s .
0 .6 4 0 C ts.
H c v .p e r m . ro a d
$ 4 ,7 8 1
$ 4 ,1 3 6
INCOME ACCOUNT FOR YEARS ENDING JUNE 30.
1 9 1 5 -1 6 .
1 9 1 4 -1 5 .
1 9 1 5 -1 6 .
1914-15.
M i s c e l l a n e o u s -------
. $ 2 ,2 9 3 ,8 5 3 $ 1 ,9 0 9 ,9 8 8
5 2 6 ,0 0 6
5 0 2 ,6 1 0
2 2 7 ,0 1 8
2 4 3 ,8 8 5
S 3 ,0 5 1 ,8 7 7 $ 2 ,6 5 6 ,4 8 3
. $ 1 7 3 ,4 4 2
$ 4 2 1 ,8 4 7
5 5 5 ,6 8 9
5 1 7 .5 8 5
M a l n t . o f c q u l p ’ t ..
1 6 0 .8 4 3
1 4 6 ,1 4 9
T r a f f i c e x p e n s e s - -.
. 1 ,1 5 4 ,3 0 8
1 ,1 6 2 ,4 8 3
1 2 6 ,0 4 6
1 1 0 .0 6 7
G e n e r a l, & o . , e x p ..
.$ 2 ,4 5 4 ,3 4 9 $ 2 ,3 7 4 ,1 1 1
$ 2 8 2 ,3 7 2
. $ 5 9 7 ,5 2 8
1 4 8 ,5 6 9
1 5 8 ,4 3 6
O p e r a tin g I n c o m e .
I n c o m e fr o m le a s e
o f r o a d ........... .......
In co m o fro m u n
fu n d . s e c u r . , & c .
M l s c . I n o o m c _____
$ 4 3 9 ,0 9 1
$ 1 3 3 ,8 0 3
1 0 ,7 1 6
1 3 ,3 3 0
1 8 ,8 0 1
3 7 ,0 2 2
4 ,5 8 5
3 9 ,7 9 5
G r o s s in c o m o . .
H i r e o f e q u ip m e n t
B o n d , I n t e le s t _____
R e n t a ls , & c .
$ 5 0 5 ,6 9 0
5 3 2 ,7 0 8
2 9 4 ,8 3 2
1 8 ,3 8 4
$ 1 9 1 ,5 1 9
$ 1 1 6 ,8 2 6
2 0 4 ,5 0 0
1 5 ,9 7 6
T o t a l d e d u o ’ n s . $ 3 4 5 ,9 8 4
$ 3 3 7 ,3 0 2
B a l a n c o ............ .. . s u r .$ 1 5 9 ,7 0 6 d e f $ 1 4 5 ,7 8 3
Note.— T in fiscal year 1915-16 is a consolidation o f the Income account
o f the railroad co. for tho 6 mos. to D ec. 31 1915 cn basis o f fixed charges
o f the railway co. and o f tho incom e o f the railway co. for tho 6 m os to
June 30 1916. The year 1914-15 is shown for the railroad co . on basis
o f fixed charges o f the railway co.
GENERAL BALANCE SHEET JUNE 30 1916.
A s s e t s (.T otal, $ 4 0 , 3 0 7 ,7 8 4 ) —
R o a d a n d e q u i p m e n t ................ $ 3 7 ,9 8 6 ,0 0 5
M l s o . p h y s ic a l p r o p e r t y ---------8 0 ,2 2 2
S t o c k , n o t e s , & c ............. .............
2 4 ,4 2 5
C a s h ................ - ........................
8 2 8 ,9 9 3
4 5 0 ,0 0 0
T i m o d e p o s i t s .................
2 2 2 ,7 0 7
S p e c ia l d e p o s i t s ............. ...............
T r a f f i c , & c . , b a l a n c e s ..............
1 0 8 ,5 8 3
A g e n t s a n d c o n d u c t o r s ..............
3 6 ,7 6 2
M i s c e l l a n e o u s ................................
1 3 4 ,4 3 8
M a t e r i a l a n d s u p p l ie s ..............
3 0 7 ,7 2 7
D i s c o u n t o n f u n d e d d e b t ------1 2 ,0 5 0
O t h e r u n a d j u s t e d , & c . , it e m s
0 7 ,7 2 3
f - V . 103. p. 1508. 664, 405
L ia b ilitie s (T o t a l, S 4 0 , 3 0 7 ,7 8 4 ) —
C o m m o n s t o c k .............................$ 3 0 ,0 0 0 ,0 0 0
1 st M . 5 s , A . & B . R y . b o n d s
4 ,0 9 0 ,0 (1 0
5 % in c o m e m o r t g a g o b o n d s .
5 ,1 0 5 ,7 8 7
T r a f f i c , & o . , b a l a n c e s ..............
2 0 7 ,7 9 2
A cco u n ts & w ages p a y a b le ..
2 2 3 ,4 9 4
1 1 ,8 8 8
M i s o . a c c o u n t s p a y a b l e ...........
M a t u r e d in te r e s t u n p a i d _____
2 7 7 ,0 1 8
T a x l i a b i l i t y . ..............................
7 5 ,2 3 8
O p e r a t i n g r e s e r v e s ____________
1 1 ,8 5 5
A c c r u e d d e p r e c i a t i o n ................
6 1 ,8 2 8
R e s e r v e f o r r e t i r e m e n t fu n d e d
o b llg ’ ns a ssu m e d b y p u r c h .
1 4 2 ,4 4 2
S u s p e n s e i t e m s ________________
3 0 ,7 1 4
P r o f i t a n d l o s s _______ __________
9 ,7 2 7
1683
Chicago Rock Island & Pacific Ry.
(36</i Annual Report— Year ended June 30 1916.)
The report signed as of Oct. 25 by Jacob M . Dickinson
as receiver, says in substance:
Results.— The operations for the year show an Increase in total operating
revenue o f $4,399,077, or 6 .2 % , and an increase in operating expanses o f
$1,021,518, or 1 .9 % , so that the net operating revenue was $20,803,834,
being an increase o f $3,377,559, or 1 9.4 % . A fter deducting interest, rent
als and other deductions, the final result was a surplus o f $2,957,281. against
a deficit o f $734,677 for the year 1914-15. an increase o f $3,691,598.
[The Keokuk & Dcs M oines R y ., 162 miles in length, which was included
in tho rep ortfor 1914-15, is omitted from the statistics for 1915-16.]
Funded Debt.— During the year the funded debt o f the com pany decreased
$1,317,645 [gold bonds o f 1902, $1,494,000; elevator bonds, $24,000, a n d
L ittie R ock Bridge C o. bonds, $20,000, less an increase o f $220,355 in St.
Paul & K . C . Short Line 1st 5sj; equipment notes decreased $2,445,000,
or an aggregate decrease o f $3,762,645 In the funded liabilities o f the com
pany. The $7,500,000 two-year collateral trust gold notes, m aturing Aug.
16 1916 have been extended to Feb. 16 1917, the paym ent o f the principal
and interest being assumed b y the receiver. The receiver has also assumed
the paym ent o f principal and int. on $4,100,000 o f loans and bills payable.
T he $2,500,000 receiver’s certificates which matured July 3 1916 were
redeemed by the sale o f receiver’s certificates due Jan. 3 1917.
Receiver's Obligations Issued During Year 1915-16— (Insert by Ed.).
Date.
Due
Amount.
Interest.
dE quipm ’t n o te s ,..S e p t. 1 1915 T o Sept. 1 ’25 $2,753,136 5 % (M . & 8 .)
R eceiver’s c e r t f s . . . A p ril30 1916 x A p r.3 0 T 7 a l , 494,000 5 % (A-O 30)
do
do ...A p r i l 30 1916 yA pr. 29 T 7 al.4 94 ,0 0 0 5 % (A-O 30)
d o (see abovc)Jan.
31916 yJan. 3 1917 a 2 ,500.000 5 (A p r.-July 3)
d o Series B _ .Sept. 161915 yM ar. 16 T 7
b500,000 6 % (M ar. 16)
d o Series B . . April
11916 yA pr. 1 1917
b600,000 6 % (O ct. 1)
x Callable at 101 and int. y Callable at par and int. a Rank ahead o f
First & Ref. M . and Series B certfs. b Rank ahead o f the $20,000,000 de
bentures, but not the 1st & R ef. M tge. d D u e $144,973 semi-ann. (3 series.)
Property.— The Increase in the investment in road and equipment has been
$4,718,220. Terminals and other facilities have been com pleted, costing
$1,041,211. In addition to the above amount and exclusive o f tho charges
to operating expenses for maintenance, & c., largo sums have been expended
for additions and betterments to bridges, trestles and culverts, rails, other
track material and ballast. Track elevation in Chicago from 76th St.
south has been in progress since early in 1913. T ho bridges over streets and
ether railways are o f steel and concrete work, with walls o f concrete
and steel. T he elevation and bridges provide for five main-line tracks.
During the year there was expended on this work $715,626; tho total ex
penditures to June 30 aggregated $1,783,358. Such outlays are among the
many heavy expenditures which d o not increase the operating revenues, but
add to the interest to bo paid on capital invested.
New Equipment.— The 4,000 now steel underframe and steel superstruc
ture box cars o f 80,000 lbs. capacity each, mentioned last year, were placed
in service. The cost was $3,422,551, o f which $524,442 was paid in cash
and the remainder through receiver’s equipment notes.
Keokuk & Des Moines Ry.— Since this property could not be operated
profitably under the lease o f 1878, the authority o f the C ourt was obtained,
effective July 1 1915, to discontinue the paym ent o f rental and the road has
since been operated separately b y tho receiver. The result from such sepa
rate operations for the year is a deficit o f $77,659.
Unsuccessful Lease to Muscatine & Iowa City Ry.— On M arch 19 1916 the
lines o f yout company from Muscatine, Iowa, to M ontezum a, Iowa; Thorn
burg, Iowa, to What Cheer, Iowa, and Iowa C ity, Iowa, to Iowa Junction,
Iow a, 104.17 miles, were leased to the Muscatine & Iowa C ity R y. C o.
Tho venture did not prove successful, and on July 1 1916 that com pany
passed into receiver’s hands. E ffective Aug. 12 1916 we took back said
linos, operating the same as prior to the lease, as a part o f the Chicago R ock
Island & Pacific R y . C o.
Property Investment.— Tho property investment, including investments in
securities o f other companies, & c., but exclusive o f securities o f the com
pany’s own issue held in the treasury, aggregated on June 30 1916 $345,
873,972, having increased during the ten years ended June 30 1916 approxi
m ately $90,000,000, with practically no increase in tho net incom e applicable
to a return on the investment, such incom e applicable to interest on
funded debt, dividends and additions having ranged from 6 .2 7 % in 1907
down to 3.2 8 % in 1915, being 4 .32% in 1916 and 4.6 8 % for th3 average
o f the decade.
.
Because o f the small per cont o f return on tho investment, practically no
m oney was available from the net incom e with which to pay for the addi
tions, betterments and equipment covered b y tho increase in the property
investment, but nearly all o f the funds for that purpose were obtained
through borrowed m oney as will bo evidenced by the increase o f substan
tially a like amount o f the funded debt during tho same period.
Default.— In last year’s report mention was made o f the discontinuance
b y the receiver o f certain payments (V. 101, p. 1710). In addition to those,
tho receiver has since discontinued the following: Interest on 20-year gold
debentures, $1,000,000 per ann.; rent o f city offices in Boston and Portland,
(Ore.,) $9,900 p .a . The issues involved in these suspended paym ents have
not been finally determined, and therefore entries have been m ade upon the
books o f tho railway com pany charging against incom e account for the year
$1,606,618 to provido for the accrual o f said paym etns during the year, in
tho event the final determination shall require such paym ents to be made.
Tho ontire amount thus accrued to Juno 30 1916 aggregates $1,878,613.
Industrial Development.— Through the Industrial department 73 m anufac
turing and com m ercial establishments were located along tho lines o f the
com pany during the year. The approxim ate cost o f construction o f the
establishments will aggregate $5,688,790, and it is anticipated that they
will em ploy approxim ately 2,924 men and produce an additional annual
m ovem ent o f about 25,235 car loads o f freight.
_ .
Passenger Rate Litigation.— Tho Oklahoma case is being tn od in the Fed
eral Court in that State, and the final arguments will bo concluded late in
1916. Tho Kansas case before the P. U. Commission has been presented
and the caso closed, but no decision has been rendered. In M issouri a de
cision was rendered giving the railroads a small increase over the existing
two-cent local intra-State rate; how ever, that increaso was enjoined b y a
taxpayer, claim ing that tho Commission had no authority to grant such In
crease. This caso has not been decided. In Arkansas and Nebraska in
junctions were obtained in the Federal Court against the Railw ay Comm is
sion, restraining them from Interfering with the collection o f tho 3-cont fare.
In tho case or the Western Railways before the I . S. C . Comm ission, ask
ing for increases in passenger rates In Western territory, the Commission
D ec. 7 1915 Increased rates, which wore put Into effect Jan. 16 1916. W hile
tho increases were not all that the railroads asked for, still they have assisted
m aterially in the increaso in tho passenger rovenue.
Report of Expert J. IF. Kendrick— Economies.— The stockholders’ and de
benture com m ittees In M a y 1915 contracted with M r. J. W . Kendrick, an
ominent railroad expert, for an examination o f and report upon the R ock
Island properties. In this work M r. Kendrick and his sta ff o f specialists
spent some four months, his conclusions being em bodied in a report o f nearly
700 printed pages submitted on N o v . 1 1915. This report lias been m ost
helpful and stimulating in its effects over tho entire system. W ith the ap
proval o f tho Court, the receiver from April 1 1916 to July 31 1916 em ployed
M a jor Charles Hine, a well-known railway expert, to roviow the Kendrick
roport in connection with a com m ittee report o f R ock Island officials.
M r. Kendrick estimated that an annual saving o f $10,463,822 could be
m ado. M uch o f this was basod on a contem plated expenditure o f $32,847,
685 over a period o f three years. Tho receiver cou ld deal on ly with those
expenditures and economies which could bo m ade out o f the contem porane
ous earnings. Somo o f the results accomplished are as follows:
Freight loss and damage charge this year is $882,076, as against $1,285,
100 last year, a saving o f $403,024, or 3 1 .3 % , duo primarily to better equip
ment, better track, better freight-house operation, better loading, better
handling and better organization. N ot only have 4,000 now box cars been
addod, but the old cars have been maintained in better repair.
In tho freight claim department, tho total reduction was $403,024, o f
which $212,481 was m ado in tho last six m onths. T he purchaso o f 1,465
trucks at the various warehouses has been authorized, ono-third o f which
are now in service, and in spite o f increased wages, the cost o f handling less
than car load freight was 37.59 cents per ton as against 37.99 cents last year.
Passenger tra ffic expenses this year were $822,721, a decrease-of $105,596,
or 11.4% , as compared with an increaso o f 3 .9 % in passenger revenue.
Freight tra ffic expenses this year were $927,133, a decrease o f $21,701, or
2 . 3 '( , as com pared with an increase o f 7 .7 % in freight revenue. Freight
train mileage this year (exclusive o f mixed train mileage) increased on ly
1.3 8 % . to earn additional freight revenue o f $3,660,104, or 7 .6 9 % . A ver
age rovenuo tons per train this year, 424 tons; last year, 394 tons.
1684
THE CHRONICLE
On Juno 30 1915 the R ock Island had 6,633 bad-order freight cars, while
on June 30 1916 the number had been reduced to 3,993, a decrease o f 2,640
cars. During the late year there was oxpended $565,141 m ore for repairs
to freight cars than during the preceding year, in addition to which thero was
expended $331,883 for improvem ents to freight equipm ent. The foregoing
will necessarily result in substantial savings.
T he purcliaso o f 759 new m otor cars for section gangs, at an estimated
cost o f $129,000, with the consequent lengthening o f sections, has been
approved, and the cars will bo put into service as early as practicable.
T he purchase o f 95 m otor cars for bridge gangs, at an estimated cost o f
$31,950, has also been approved. It is estimated that the savings per an
num after these cars have been received and put into service will approxi
m ate $450,000, tho estim ate m ade b y M r. Kendrick.
T he incom e accounts show tho follow ing decreases as com pared with the
previous year in charges for fuel: Freight service, $178,529; passengor ser
vice, $100,125; yard servico, $26,090. These represent actual decreases in
charges, regardless o f the increased businoss. Tho total saving for tho year
In tho coal bill is estimated at over $658,852, based on this year’s price o f
coal and including stationary engines, &c.
For the late fiscal yoar tho hire o f freight cars debit balance amounted to
$319,697, a decreaso o f 7 4 .6 % .
As a rosult o f the foregoing and other economies instituted during tho fis
cal year, the incom e account shows an increase o f $4,399,077, or 6 .2 0 % ,
in operating revenues, against which there was a reduction o f $914,684, or
3 .2 5 % , in transportation expenses, resulting in a decreaso in ratio o f trans
portation expenses to total operating revenue from 39-66% during the proceding fiscal yoar to 36.13% during tho fiscal year ended Juno 30 1916, a
reduction o f 3.53 points, which is equivalent to 8 .8 % .
O f tho total increase o f $4,399,077 in operating revenues, $3,691,958 was
saved in tho balanco o f incom e notwithstanding an increaso o f $1,889,690
In the amount expended in maintenance o f way and structures and inaintonanco o f equipment.
[Touche, N ivon & C o ., accountants, whilo approving the financial state
m ent as a whole, say: ‘ ‘ W o are o f the opinion that tho provision made for
depreciation o f equipment is not fu lly adequato.” J
ROCK ISLA N D SYSTEM — M ILEAG E A N D TRAFFIC STATISTICS.
1915-16.
1914-15.
1913-14.
1912-13.
Averagu miles operated.
8,098
8,330
8,205
8,048
Equipment—
L ocom otiv es___________
1,613
1,674
1,678
1,608
Passenger cars_________
1,135
1,155
1,163
1,106
Freight cars____________
46,292
44,247
45,674
44,064
Servico cars____________
5,046
4,913
4,469
4,500
Operations—•
T ons m oved (rev.), N o . 24,433,071 22,521,285 21,488,826 21,101,989
T ons m oved (co .), N o . . 6,626,930
0.475.853
6,111,901
6,671,134
T ons m oved 1 m (rev.) .5856498 618 5462034 060 5123579107 5203973 087
T ons m oved 1 m . ( c o . ) . . 1057529 293 997,678,811 934,851,874 1038345 549
Passengers carried, N o . 19,229,629 19,812,630 20,279,537 19,505,284
Pass, carried 1 m .. N o . . 952,945,983 956,121,760 980,051,132 983,696,182
Earns, per ton per m ile.
$0.0087
$0.0087
$0.0087
$0.0089
Earnings per train m ile.
$2,991
$2,799
$2,649
$2,651
T on s per tr. p . m . (rev.)
344
321
306
297
T ons per tr. p. m . (c o .).
62.10
58.70
55.86
59.29
Earns, per pass, per mile
$0.0196
$0.0191
$0.0192
$0.0201
Earns, per tr. mile (incl.
mail, express, & c .)___
$1,250
$1,160
$1,189
$1,215
N o . o f pass, per train m .
52.68
51.00
50.38
51.32
T otal earns, p . m . o f r d .
$9,305
$8,517
$8,370
$8,867
INCOME ACCOUNT FOR YEARS ENDING JUNE 30.
Earnings—
1915-16.
1914-15.
1913-14.
F reight---------------------------- ------------...$ 5 0 ,9 2 1 ,9 3 2 $47,576,668 $44,333,447
Passenger------------------------------------------- 18.664,963 18,230,101 18,829,816
M ail and express-------------------------------- 3,729,706
3,304,390
3,636.336
2,030,366
1,836.725
1,876,243
M iscellan eou s----------------------------------T otal operating reyenues....... .......... $75,346,967 $70,947,890 $68,675,842
Operating expenses—
M aintenance o f way and s tr u ctu re s ..$10,518,065 $9,468,977 $8,945,682
M aintenance o f equipm ent__________ 12,648,260 11,807,657
9,951,590
T ra ffic exponses_____________________ 1,745,573
1.877,152
1,924,349
Transportation expenses____________ 27,224,033 28,139,317 28,400,530
1,941,877
General expen ses.________
1,763,925
1,827,244
Miscellaneous operations____________
548,045
502,326
586,425
Transportation for investm ent______
Cr.83,320
0 .3 7 ,7 4 0
T otal operating oxpenses.................. .$54,543,133 $53,521,615 51,635,820
$20,803,834 $17,426,275 17,040,022
N et earnings.......................
Taxes
--------------------------3,567,851
3,353,919
3,315,633
U n collectibles.....................
31,257
32,461
20,637
Operating i n c o m e .. ......................... $17,204,726 $14,039,895 $13,703,752
Other incom e...................... ..................... 1,406,342
1,367,916
1,836,209
T otal incom e............................... ........ $18,611,068 $15,407,811 $15,539,962
D e d u c t—
H ire o f equipment...............
Interest
---------Joint facility, & c., rents_____________
Rents leased roads__________________
M iscellaneou s..............................
$275,155
12,312,198
2,243,884
287,449
535,101
$1,256,477
12,136,425
2,075,470
332,106
342,009
$999,766
11,660,902
1,956,330
341,306
131,036
T otal deductions......... ........... ...............$ 1 5 , 6 5 3 , 7 8 6 $ 1 6 , 1 4 2 , 4 8 8 $ 1 5 , 0 8 9 , 3 4 1
Balance, surplus or d eficit___ --------s u r . $ 2 , 9 5 7 , 2 8 1 d e f . $ 7 3 4 , 6 7 7 s u r . $ 4 5 0 , 6 2 1
D ividends p a id ______________ .................................................................- - ( 2 ^ ) 1 . 8 7 1 , 7 6 3
BALANCE SHEET JUNE 3 0 .
1916
1915.
A s se ts—
S
$
R o a d & e q u i p . . 3 2 4 ,2 8 3 , 4 6 1 3 1 9 , 5 8 5 , 2 3 5
I m p . le a s e d p r o p .
221, 568
2 2 0 ,5 6 7
I n v .ln a f fll.c o s .:
S t o c k s _______
7 3 2 :,6 0 8
6 9 7 ,6 0 4
F unded d e b t.
4 ,5 1 1 ,8 1 6
4 ,4 6 3 ,4 9 5
A d v a n c e s _____1 1 ,6 9 4
545
1 1 ,4 2 7 ,5 1 5
O t h e r in v e s t ’ t s .
2 ,2 5 8 8 3 2
2 ,2 5 8 ,79 2
M I s o . p h y s .p r o p .
2 ,1 6 9 , 8 8 4
2 ,1 4 4 ,89 2
D e p o s i t e d in lie u
1 ,2 5 8
o l p rop . s o ld .
758
C a s h --------------------3 ,4 6 7 ,5 0 6
3 ,2 9 0 ,2 6 4
D e m a n d I’ n s .& c .
6 3 ,000
2 ,4 8 2 ,9 5 8
S p e c ia l d e p o s i t s
389
L o a n s & b ills r e o .
2 3 ,3 8 0
56
436 383
T r a ffic , A o .,b a ls .
357
A g ts. A co n d u o .
1,001 4 3 7
9 71
2 ,3 1 6 4 5 0
M is o . a ccts . re o .
2 ,5 4 5
M a te rla l A s u p .
6 ,7 6 9 ,686
5 ,7 3 2
O th . w o r k .a c c t s .
623 586
806
A c e r , in t ., d lv s .,
A c --------------------46, 966
65
W o r k 'g a d v . , & o .
5 0, 661
109
U n a d ju s t , d e b i t s
1 ,9 6 3 6 9 1
1 ,5 5 2
1916.
1915.
L ia b ilitie s —
$
$
C a p i t a l s t o o k . . 7 4 ,4 8 2 ,5 2 3
7 4 ,4 8 2 ,5 2 3
F u n d , d e b t (s e o
" R y . & I . S e o . ” )2 6 3 ,1 6 S ,1 4 4 2 6 7 ,1 4 2 ,7 8 9
R e c e iv e r ’s c t f s .
6 ,5 8 8 ,0 0 0
1 ,4 9 4 ,0 0 0
........... ..
d o e q u i p .n o t e s 2 ,7 5 3 ,1 3 6
D u e a f f l l . c o s .,
n o n -n o g . d e b t
9 5 ,8 4 1
9 5 ,8 4 1
L o a n s A b ll ls p a y . 4 ,1 0 0 ,0 0 0
4 ,1 0 0 ,0 0 0
T r a f f f o ,A o ., b a l s .
6 7 7 ,4 0 1
1 ,0 7 1 ,7 2 0
A ccts. & w a g es.
5 ,5 0 5 ,2 1 6
6 ,6 7 2 ,9 5 8
M i s o . a c c t s .p a y .
4 7 1 ,6 2 8
2 9 3 ,2 2 3
M a tu r e d ln t .,
2 ,3 1 8 ,2 4 4
d l v s . , A c _____
3 ,0 8 6 ,1 7 5
M a t 'd f u n d .d e b t
3 1 ,7 3 8
6 0 ,7 0 9
O th e r d e f. a c o ’ ts
6 1 1 ,0 1 3
5 1 1 ,6 5 1
A c o r .I n t .A r e n t s .
2 ,6 3 6 ,5 3 7
2 ,7 1 8 ,7 3 1
T a x e s a c c r u e d ..
1 ,7 0 7 ,7 7 51 ,6 8 6 ,0 1 8
O p er’g reserv es.
2 ,8 2 4 ,1 9 2
8 ,4 2 1 ,0 5 7
I n s . , A c . , re s ’ v e s
6 8 1 ,3 1 6 6 8 2 ,8 5 1
A ccru ed d c p r e c.
4 ,2 1 4 ,1 7 9
2 ,6 3 1 ,2 6 1
O th .u n a d J .a c c ts .
2 ,0 9 7 ,9 9 5
7 3 8 ,4 7 0
A d d ’ns to p r o p .
6 4 ,3 6 8
6 4 ,3 6 8
P r o f . A I 3 s s x d e b .l 0 ,7 0 7 ! 5 5 5 d e b l 2 5 3 0 9 6 3
T o ta l............ 365,119,657 356,655,457
T o ta l-----------365,119,657 356,655,457
Note.— In stating tho assets and liabilities o f tho com panies form ing tho
R ock Island Linos, tho holdings o f tho com pany in tho bonds and capital
stock o f tho auxiliary linos, together with loans between th o various com
panies, have been eliminated from tho liabilities, and a liko reduction m ade
in tho assets pertaining thereto; the figures shown, therefore, represent tho
book valuo o f tho assots and tho liabilities without duplication.
T ho above balanco sheet does not include in 1916 and in 1915 securities
issued or assumed pledged, $20,709,000, and unpledged in 1916, $730,053,
against $518,058 in 1915.
x Tho profit and loss deficit Juno 30 1916 was $10,707,555, after making
the follow ing adjustm ents:
D e l i c i t J u n e 3 0 1 9 1 5 ....................$ 1 2 ,5 3 0 ,9 6 3
D e d u c t— P r o f i t o n la n d , A c . ,
5 0 ,3 5 1
s o l d .............................................
I n t. o n a d v . fe r co n stru o ’n .
1 0 6 ,5 5 0
I n v e n t o r y a d j u s t m e n t _____
8 9 ,8 5 1
S u n d ry a d ju s tm e n ts , A c . .
8 1 ,5 5 0
A d d — P r o p e r t y a d ju s tm e n ts
( C . R . I. A E l. P a s o R y . ) . .
M i s c e l l a n e o u s .................
T r a c k s r e m o v e d ____________
S t r u c t u r e s s o l d , A o .................
E q u ip m e n t s o l d , A o ..............
$ 2 7 6 ,4 8 0
1 2 6 ,4 5 3
3 2 ,6 4 4
3 4 ,7 8 1
9 9 1 ,8 1 8
T o t a l m ts o . d e d u c t i o n s _____$ 1 ,4 6 2 ,1 7 7
B a l a n c e ................................ $ 1 2 , 2 0 2 , 6 6 0 B a la n c e 1 9 1 5 -1 6 , a s a b o v e . . . $ 2 ,9 5 7 ,2 8 1
T o t a l p r o f i t a n d lo s s d e f i c i t .as p e r b a l a n c e s h e e t J u n e 3 0 1 9 1 6 . ....................$ 1 0 ,7 0 7 ,5 5 6
— V. 103, p . 1592, 1508.
[Vol. 103
Florida East Coast Railway (Flagler System).
(Report for Fiscal Year ending June 30 1916.)
Pres. W . H . Beardsley, Sept. 30, wrote in substance:
Results.— T he gross revenue from the rail lines increased for tho yea r
$982,151, or 18.21% and the expenses increased $388,831, or 11.65% .
W ater line incom e amounted to $560,631 for the period, w h ich was the first
full fiscal year o f the ferry service between K ey West and Havana
A fter
deducting taxes, rentals and other fixed charges and 5 % , or $1,250,000, on
tho General M ortgage incom e 5 % bonds there remained a balance o f $882,
889 carried to surplus account. T he m ajor portion o f this surplus is due
to the remarkable business developed w ith Cuba. This is tho first year in
between N ew Smyrna and M aytow n form ing a direct connecting link be
tween the main line and the Okeechobee branch. This was found necessary
owing to the developm ent o f business in that territory. It shortens the haul
o f passengers and freight destined to or from the Okeechobee country by
m any miles.
Improvements.— A bout 50 miles o f rock ballast were placed, and there are
now less than 50 miles remaining to com plete the entire rock ballasting o f
the main line between Jacksonville and K ey W est. A very extensive im
provem ent in replacing both the north and south approaches to tho Jack
sonville Bridgo with steel structures was com pleted. On tho K ey W est
Extension the last large wooden trostlo was replaced with a concreto bridge.
Practically the entire work o f finishing this Extension has been com pleted.
The trial o f fuel oil in locom otives was found so satisfactory that this
service has been extended, and practically the entire m otive power is now
using oil as fuel. A gas-electric m otor car was installed on the M ayp ort
branch for the handling o f traffic during the seasons o f lighter travel.
T ho im m ediate popularity o f freight car ferry service to Cuba m ade us
contract for an additional b oat, th o r‘ Joseph R . P arrott,” which should bo
in service by N o v . 1, thus making it possible to double tho number o f cars
to bo handled to and from Cuba.
•
The steady growth o f the East Coast o f Florida has continued, at some
points a very remarkable increase in population being noted.
Pensions.— A pension system became operative July 1 1916,
RESULTS FOR YEARS E N D IN G JU N E 30.
* ,S tatistics~ ,
1915-16.
1914-15.
M iles o p e r a t e d .....................
745
745
Passengers c a r r ie d ...................... ........
1,236,529 1,284,869
Pass, carried one m ile.................
73,687,385
69,390,430
2.76 cts.
2.74 cts.
R ate per pass, per m ile ....... ...................
Num ber o f tons carried--------------------1,216,524
886,370
Tons carried ono m ile....... ......................281,387,457 163,704,548
R eceipts per ton m ile________________
1.22 cts.
1.67 cts.
Earnings—
F r e ig h t ................
$3,428,421 $2,736,598
Passenger......................................
2,032,689
1,904,928
M a il, express, & c...............
748,392
615,113
incidentals, & c— ...............
165,431
136,143
T otal operating r e v e n u e s ...............$6,374,933
Expenses—
T ra n s p o rta tio n .______ _______________ $1,765,796 $1,653,866
M aintenance o f w ay, & c ...........
805,011
697,683
M aintenance o f equipm ent__________
795,252
678,191
T r a f f i c ......... .............................................
112,075
103,826
General__________
234,676
201,433
42,316
M iscellaneous operations____________
39,044
Transportation for investm ent______
Cr2S,460
0 3 6 ,2 0 7
T otal operating expenses----------------- $3,726,667 $3,337,836
$3,337,836
$2,648,265 $2,054,946
$2,054,946
N et earnings. ..........
Transportation (water line)................ ..
560,631
-------40,001
Gross incom o.......................................... $3,208,896
$2,094,947
1913-14.
696
1,482,367
76,075,025
2.72 cts.
910,829
149,520,996
1.73 cts.
W
$2,593,683
2,075,542
577.073
151,348
$5,392,782 $5,397,646
$1,815,742
870,095
743,982
97,205
126,197
62,993
$3,716,214
$1,681,432
$1,681,432
D ed u c t—
T a x e s --------------------------$326,855
$236,090
$239,717
H ire o f equipm ent...........................
87,893
49,342
162,232
Rentals, &e..........................................
15,827
20,333
19.270
Interest on 1st M . bonds......................
540,000
540,000
502,500
Interest on gen. M . bonds------------(5 % )l,2 5 0 ,0 0 o (4)l,o00,000(2J4)625,000
105,433
35,862
16,499
Other interest, & c.....................
Total deductions_______
$2,326,007 $ 1 , 8 8 1 , 6 2 7
Balanco, surplus__________
$882,889
$ 2 1 3 ,3 1 9
GENERAL BALANCE SHEET JU N E 3 0 .
1916.
1915.
A s s e ts —
S
$
R o a d A e q u i p m e n t s , 2 0 7 ,8 5 9 4 7 ,4 7 6 ,8 5 3
I n v .a f f il .c o s .( s t k s ) .
6 2 ,2 9 9
6 3 ,3 1 9
do
do
n otes
3 4 ,2 3 5
do
d o advan ces
3 0 9 ,0 8 3
O th er In v estm en ts
9 0 1 ,5 7 4
5 6 3 ,2 4 7
M ls c . p h ys. p r o p .
6 2 ,7 0 8
1 5 6 ,2 3 3
C u s h ________________
8 2 9 ’ l2 4
2 3 9 ,1 9 1
C a sh fo r m a t’ d ln t .
9 ,2 4 8
6 ,5 7 0
L o a n s A b il ls r e c . . 1 ,0 3 4 ,0 9 9
9 3 9 ,1 6 5
T r a ffic b a l., A c . .
1 0 6 ,5 5 8
9 1 ,5 8 5
M i s c e ll . a c c o u n t s .
3 6 4 ,5 6 8
3 0 1 ,9 7 0
M a te ria ls A s u p p .
5 7 7 ,3 1 3
4 8 5 ,4 8 1
D e f . d e b i t I t e m s . . 2 ,0 7 1 ,6 7 2
1 ,3 9 3 ,4 2 5
U n a d ju s t e d a c c t s .
4 6 ,3 3 1
4 9 ,0 3 8
T o t a l ____________5 4 ,2 7 8 ,3 4 4 5 2 ,1 0 4 ,4 0 4
— V . 103, p. 1301, 1032.
$ 1 ,5 6 5 ,2 1 8
$ 1 1 6 ,2 1 4
1916.
1915.
L ia b ilitie s —
$
$
C a p i t a l s t o c k ____ 1 0 ,0 0 0 ,0 0 0 1 0 ,0 0 0 ,0 0 0 '
F ir s t m t g o . b o n d s . 1 2 ,0 0 0 ,0 0 0 1 2 ,0 0 0 ,0 0 0
G e n . M . in c . b o n d s 2 5 ,0 0 0 ,0 0 0 2 5 ,0 0 0 ,0 0 0 '
E q u ip , tru s t c t f s .
3 0 0 ,0 0 0
350,000
L o a n s A b il ls p a y . 2 ,9 4 0 ,3 8 1
2 ,0 4 0 ,3 8 1
T r a ffic , A c ., b a ls .
1 2 9 ,1 5 2
8 3 ,7 9 9
A ccou n ts A w ages
6 2 1 ,0 9 3
5 4 1 ,7 8 1
M is c e ll. a c c o u n ts 6 ,0 0 8
3 4 ,5 8 3
M a tu re d In te re st.
9 ,2 4 8
9 ,4 8 7
A c c r u e d t a x e s ____
1 3 6 ,4 4 2
1 1 1 ,1 6 1
1 ,0 4 5 ,0 0 0
U n m a t u r e d i n t . . . 1 ,2 9 7 ,5 0 0
6 1 0 ,8 8 7
A ccru ed d e p rcc’ n .
7 1 4 ,7 0 7
O th e r u n a d j.a c c ts .
5 9 ,7 7 2
5 5 ,4 2 6
A d d ’ ns to p r o p ’ t y .
1 3 ,9 9 3
2 2 1 ,9 0 0
P r o f i t a n d l o s s . . . 1 ,0 5 0 ,0 4 9
T o t a l ------------------ 5 4 ,2 7 8 ,3 4 4 5 2 ,1 0 4 ,4 0 4
St. Louis Rocky Mountain & Pacific Co.
(9th Annual Report— For Year ended June 30 1916.)
On a subsoquont page will be found the remarks of Presi
dent J. van lloiiten in addition to the incomo account for
the year ending June 30 1916 and the general balanco sheet
as of June 30 1916.
IN COM E ACCOUNT FOR YEARS ENDING JUNE 30.
1915-16.
1914-15.
1913-14.
1912-13.
.. 1,595,473
1,644,222
1,326,521
..
186,964
78,381
153,510
{8
..$2,486,271 $2,465,215 $2,276,868 $2,141,913
;. 1,928,966
1.815,208
1,633,661
1,621.999
..
..
Surplus
$557,305
177,365
$650,007
207,752
$643,207
180,310
$519,914
97,571
. . $734,670
.. $283,201
:.
118,342
,)
50,000
:2% )200.000
$S57,759
$414,004
111,564
50,000
(1)100,000
$823,517
$486,894
107,443
50,000
(1)100,000
$617,485
$385,956
113,294
50,000
..
$83,127
$182,191
$79,180
BALANCE SHEET JUNE 30.
$68,235
1916.
1915.
A s se ts—
S
i
P r o p ., g o o d - w . , A o . 16 ,6 9 6 ,1 3 2 1 6 ,5 9 6 ,0 0 1
In v e stm e n t in —
A . T . A S . F .R y .
1st M . 4 s, A o .
8 6 8 ,5 2 0
1 ,5 3 7 ,2 0 0
S u b s id ia r y c o ’ s .
2 9 0 ,3 4 1
2 9 0 .3 4 1
C a s h _______ ________
2 7 3 ,8 5 7
3 3 6 ,8 6 0
A c c o u n t s r e c e lv ’ le .
2 0 3 ,0 7 1
2 3 2 ,8 1 5
M a te r ia ls , A o ., o n
h a n d _____________
7 1 ,4 8 3
4 7 ,2 5 5
S u n d ry a c c o u n ts ..
1 5 ,2 0 8
1 9 ,6 0 3
S p e c .d e p .r e d .b d s .
407
* 1 0 ,2 4 0
T o t a l .......................1 8 ,5 1 1 ,7 6 5 1 8 ,9 7 7 ,5 6 8
L ia b ilitie s —
1910.
$
1915.
$
St.L.R.M.AP.Co.:
C o m m o n s t o c k . 1 0 ,0 0 0 ,0 0 0 1 0 ,0 0 0 ,0 0 0
P r e fe r r e d s t o o k . 1 ,0 0 0 ,0 0 0
1 ,0 0 0 ,0 0 0
F ir s t M . b o n d s . 5 ,1 6 2 ,0 0 0
5 ,7 8 6 ,0 0 0
A coou n ts A w ages
1 4 1 ,8 3 3
1 4 1 ,7 0 6
p a y a b l e -------------A c c r u e d ln t ., A o . .
1 3 1 ,8 5 0
1 4 4 ,7 2 5
P r e f. sto o k d l v s . .
1 2 ,6 4 4
1 2 ,5 5 2
S u n d r y > a c c o u n t s ..
2 0 ,5 1 0
2 7 ,7 3 5
R eserv ed fo r d o p r .
7 4 0 ,1 9 2
6 3 4 ,4 0 8
S u r p lu s ..................... 1 ,2 9 0 ,7 3 6
1 ,2 3 0 ,3 8 2
T o t a l ____________ 1 8 , 5 i l , 7 6 5
* B y non-assenting holders, & c.— V . 103, p . 1416.
1 8 ,9 7 7 ,5 0 8
American Malt Corporation, New York.
United States Steel Corporation.
(E a r n in g s f o r Q u a rter and N in e M o n th s en d in g S e p t . 30 1916.)
The following statement of the corporation and its sub
sidiaries for the quarter ending Sept. 30 was given out on
Tuesday after the regular monthly meeting of the directors.
The “ net earnings” as here shown were arrived at after
deducting the cost of “ ordinary repairs and maintenance of
plants and interest on bonds of the subsidiary companies.”
In addition to the regular quarterly dividend of 1 % % on
common stock, an extra dividend of 1 % was declared on
Oct. 31, being tlio same amounts as declared three months
ago. Both tlio dividends now ordered are payable Dec. 30
to holders of record Dec. 1, making a total of 2 * 4 % , payable
as shown below on the common shares out of the earnings
of the quarter ended Sept. 30 1916.
For unfilled orders on hand see “ Trade and Traffic M ove
ments,” Oct. 14 1916 (p. 1382).
RESULTS FOR QUARTERS ENDING SEPT. 30.
1914.
1915.
1916.
$
$
$
3 Mos. to Sept. 3 0 N et earnings----------------- 85,817,067 38,710,644 22,276,002
Deduct—
_
.
Sink, funds on bonds or
sub. cos., doprec. and
7,028,034
6,017,922
oxtraord. replace t fds 8,867,392
Int. on U. S. Steel Corp.
5,458,495
5,536,717
bonds-------- - — -------- 5,376,233
245,136
225,000
209,394
Preni. on bonds redeem .
Sinking funds on U . S.
1,636,819
1,576,058
1,747,267
SteoI Corp. bonds------
1913.
$
38,450,400
7,130,959
5,614,708
1,697,255
16,215,892
69,601,175
6,304,919
11,436,806
(2 M % )
14,368,484
24,342,160
6,304,919
13,340,091
8,935,911
6,304,919
2,541,513
(14%)
14,442,922
24,007,478
6,304,919
6,353,781
(1 M % )
Surplus for quarter. - - 51,859,450
18,037,241
89,479
11,348,778
D iv . on pf. stlc. (1 ;
N E T EARNINGS FOR N IN E MONTHS EN D IN G SEPT. 30
1915.
1916.
1914.
ff? ?I7.
1913.
January! [°.
! .
. * 18,794,912 * 1,687,150
F e b r u a r y ...................... *19,190,396 *3,638,578
M a r c h ............................ *22,722,316 *7,132,081
*4,941,337 *11,342,533
*5,655,611 *10,830,051
*7,397,433 *12,254,217
First quarter____ ____ 60,713,624 12,457,809
A p ril................... .. ____ *25,423,676 *7,286,409
M a y ..... ..................... ____ *27,554,899 *9,320,576
Juno........................... ____ *28,147,473 *11,343,070
17,994,381 34,426,801
*6,920,879 *13,072,710
*6,845,823 *14,554,566
*6,690,894 *13,592,537
Second quarter............ 81,126,048 27,950,055
J u l y . . . .................
*25,650,006 *12,048,218
A u g u s t .. ........................... *29,746,903 *12,809,099
Septem ber.......................... *30,420,158 *13,793,327
20,457,590
*7,475,993
*7,584,926
*7,215,083
Third quarter.............. 85,817,067
T ota l nine m onths_____ 227,656,739
22,276,002 38,450,400
60,727,979 114,097,014
38.710.644
79,118,508
* After deducting int. on subsidiary c
o
m
p
a
n
i
e
41,219,813
*12,936,658
*12,657.430
*12,856,312
s
;
H o n ’"
717.
$780,413. $778,535. $805,462,
w i n i turn’"
rru and *701 018 respectively, against $880,026, $872,480, $872,055, $8oo,frjfi *863445*859 4 4 1 378-1,672, $778,792 and $776,325 In 1915, $819,
372 $819 129’ $818 106, $820,036. $838,607, $840,175, $836,749, $836,778,
and $843,075 in 1914, and $838,497, $847,132 $842,298, $839,524, $831,
627, $830,669, $831,260, $828,074 and $823,797.
INCOME FOR N IN E MONTHS TO
1916.
1915.
9 Mos. to Sept. 30—
$
$
N ot ea rn in g s.................. 227,656,739 79,118,508
Deduct—•
For sinking funds, depre
ciation & ros’vo funds 29,855,550 22,076,560
Interest.........................
16,233,882 16,476,758
Prom , on bds. redeemed
747,000
735,408
SEPT. 30.
1914.
20,551,971
16,708,138
663,440
26,857,708
16,925,463
................
T otal deductions____ 46,836,432
B alance.............................180,820,307
Dividends—
Proferrod (5 > i% ) ............ 18,914,757
C om m on _______________ 29,227,393
Per con t_____________
(5)4.%)
39,288,726
39,829,782
37,923,549
22,804,430
43,783,171
70,313,843
18,914,757
---------------------------
18,914,757
15,249,075
(3 % )
18,914.757
19,061,343
(3 M % )
1913.
60,727,979 114,097,014
T otal dividends......... 48,142,150 18,914.757 34,163,832 37,976,100
U ndlv.oarns., 9 mos.sur. 132,678,157 sr20,915,0 2 5 d f l l ,359,402sr32,337,743
— V. 103, p . 1597, 1432.
Packard Motor Car Co., Detroit, Mich.
(Report for Fiscal Year ending Aug. 31 1916.)
Com pt. F . R . Robinson, Detroit Oct. 18, wrote in sub.:
Depreciation.— Plant valuos, amounting to $1,250,000, wore written o f f
in excess o f regular depreciation, thcroby bringing tlio total depreciation
written o ff the Dotroit plant for tho fiscal year to $2,847,649.
Inventories.— Tho Increaso in inventories, while largo, is not as great as
tho Increase in vohiclo production, which was 186% groater than tho p ro
duction o f the previous fiscal year.
Capital Slock.— Tho total issuo o f com m on stock has boon Increased
during tho year b y tho distribution o f stock dividends am ounting to $ 4 ,
591 630 (V. 102, p. 2259. 158). The total issuo o f prof, stock has boon
increased during tho year b y tho saio o f $3,000,000 o f stock, in order to
)rovi(lo a portion o f tho largely increased working capital m ade necessary
>y the expansion o f the com pany s business (V. 102, p. 21, 72).
Surplus.— The final surplus is, after deducting depreciation o f plant
assots and paying all oxpensos or tho business, including interest on deben
ture notes, and after paying tho regular preferred dividonds falling due
during tho year, and the com m on stock dividends as-doclarod.
t
CONSOL. INCOME ACCT. FOR YEAR END. A U G . 31 1916 (.Incl. Sub.Cos.)
N et incom e for d ividonds.$6,206,420|C om .divs.(lnstk.) (6 0 % ) .$ 4.591,630
Preferred dividonds (7 % ).
455,000 Balance, surplus_________ $764,188
C om . cash d Ivs. (7 % ) ____
395,6021 Total surp. A ug. 31 ’ 1 6 . . $5,381,486
Compare special report covering 9 - y o a r period (Sept. 1 1 9 0 9 to A ug. 31
1 9 1 6 ) In V. 103, p. 576.
CONSOL. DAL. SHEET AUG . 31 1916 (Incl. Detroit and Sub. Cos.)
Assets (.Total, $33,644,659)—
Liabilities (Total, $33,644,659)—
Beal est.. bldgs., equip.
Com m on stock ($1,343,
& c.,at cost,lass deprec.$12,251 ,124
070 unissued)_________ $11,656,930
1 7% cum . prof, stock ____ 8,000,000
Rights, privileges, & c . . .
R aw materials, & c . . . . - 16,518,265 5% debenture notos, duo
Stock option contracts
k e c- 1 1 9 1 6 .. ............. 3,000,000
138, 000 IJof. pay ts on real estato
with em ployees............
533 ,081
pureh. for retail selling
Stocks, bonds, & c...........
1,202, ,731
408,986
a gen cies.........................
Notes p a y a b le ................ 1,550,000
Vehicles’ h T transit, cov
527, ,327 Current invoices, accrued
ered by d r a fts .- . .........
pay-roll, & c __________ 3,182,079
A ccounts receivable------ 2,040 ,496
328 789 Reserves for gen. p u r p ..
465,178
Bills receivable--------------104 S 16 T otal surplus A ug. 31 ’ 16 5,381,486
Prepaid oxponses----------— V . 103. p . 676.
1685
THE CHRONICLE
Nov. 4 1916.]
(A n n u a l R ep ort— F isca l Y e a r en d in g A u g . 31 1916.)
Pres. William B . Franklin, Oct. 19, wrote in substance:
On A ug. 23 1916 tho American M alting C o . doclared a dividend, which
we elected to receivo in prof, stock o f American M a lt Corporation, at $40
per share, thus acquiring 2,853 shares. These shares have since been re
tired and canceled and the outstanding pref. stock o f your corporation re
duced to $8,559,000.
RECEIPTS A N D DISBURSEMENTS FISCAL YEAR E N D . AU G . 3 1 1 9 1 6 .
Receipts: Incom e during year ending A ug. 31 1916. cash d ivi
dend on American M alting C o. p ref., $208,269; interest on
bank balances, $520__________________________________________ $208,789
Disbursements: Expenses, $10,117; paym ent o f loan from Amer
ican M alting C o ., $19,133; purchase 5 shares American M alting
C o. com m on, $24............................. .................................. - ............ 20,274
Balance for dividends paid during the fiscal year_____________
Dividends paid N o v . 3 1915, F ob. 2, M a y 2 and A ug. 2 1916 0 4
o f 1 % — $44,198— each p a ym en t)____________________________
$179,515
Balance, surplus, fo r the year ending A ug. 31 1916---------------
$2,724
$176,791
BALANCE SHEET AU G . 31 1916 (Total each side, $14,610,236).
Securities owned: 85,590 shares o f American M alting C o. 1st
p ref., $8,559,000; 57,623.72 shares com m on. $5,762,372;
47.52 shares com m on (at cast), $449, and 2,853 shares o f
American M alting C orp. pref. stock, $285,300------------------- $14,607,121
A ccounts receivable, $310; cash on hand, $2,805----------------------3,115
Pref. stock (auth. $9,000,000) outstanding, $8,844,300; com m on
stock (auth. $6,000,000) outstanding. $5.762,372___________ $14,606,672
S u rp lu s ________________________________________________________
3,564
— V . 103, p. 1595, 495.
Massachusetts Gas Companies, Boston.
(13 th A n n u a l R eport — Y e a r en d in g J u n e 30 1916.)
Pres. C . M inot W eld, Boston, Oct. 10, wrotein substance:
Dividend.— During the year ending June 30 1916 the trustees set aside
$1,250,000 from tne accumulated earnings for the paym ent o f dividends
upon tho com m on shares in the year ending June 30 1917 [being at sam e
rate o f 5 % per annum as in 1913, 1914 and 1915].
Property Account.— T his account June 30 1916> included:
*Outstand.
Owned.
Owned.
*Outsland.
$
Co. Stocks—
$
Co. Slocks—
$
$ .
400.000
400,000
B
os.
T
o
w
Boat
N . E . G . & C_ 17,500,000 17,500,000
200.000
187,500
Bos.Con.G .Co.15,112,600 15,124,600 N .E . M fg .C o .
1st M . Bds.—
E .B os.G as C o.
x568,725 575,000
360.000
390,000
N e w to n * W at
560.000 560,000 Fed. C . & C _ .
C it’s’ o f Q uin.
743,000 743,000 J. B . B . C oal
133.000
141.000
C o ............ ..
N .E .C o a l& C .
1,498.900 1,500.000
* Supplied; not in report, x Par o f shares, $25; other snares, $100— E d.
N ew EnglandMfg■Co.— The 1,187'/> shares (par, $118,750) o fth e N e w E n
gland M fg . C o. stock represents 47
ownership in the out standing capital
o f the com pany, which was organized for the purpose o f handling and
distilling benzol and kindred products. In the design and construction or
its plant and in its subsequent operations, the N ew England M fg . C o.
encountered m any difficulties. T he cost o f construction o f the plant ex
ceeded the original estimate. On M arch 1 1916 tne plant liability stood at
$886,000; on A ug. 1 1916 this was reduced to $356,000. W ith the business
now in hand, on the current basis, it is expected that the plant investment
will be liquidated in th e near future, and tuercafter the com pany will have
as assets the salvage o f its plant and the profits from its*operation.
Rates.— During the year tne price o f gas to consumers was reduced by
the C itizens’ Gas Light C o. o f Quincy from $1 20 to $1 10. and b y the
N ew ton & W atertown Gas Light C o.from 90c. to 85c. per 1,000 cu . ft.
Boston Consolidated Gas Co.— A lthough gross earnings for the year
showed a gain, the increased manufacturing and distributing costs left net
earnings which were such that it seemed to the directors unwise to p ay a
larger dividend than 8>4%; thus, for the third successive year the com
pany lias not paid the 9 % dividend which it was legally entitled to pay
under the provisions o f the so-called Sliding Scale Bill. D espite this fa ct,
the com pany has not raised the price o f gas to consumers above 80c. per
1,000 cu. ft ., although it had the right to d o so by the paym ent o f a d iv idCTheUreport9o f the B oard o f Gas & Electric Light Commissioners on “ T he
Operation and E ffect o f the Sliding Scale System o f A djusting the P rice o f
Gas and Dividends, as applied to the Boston Consolidated Gas C o ., was
duly m ade to the Legislature o f 1916. A lthough this report com m ented
favorably upon the general administration o f the com pany s business and
o f its excellent service, certain legislation was therein recomm ended b y th e
B oard, the intent o f which was a radical amendment o f the provisions o f
the Sliding Scale A ct. In recognition o f the seriousness o f the question, the
Legislature, after long consideration, referred the whole m atter to the next
meeting o f the General Court for further investigation.
Newton & Watertown Cas Light Co.— During the year the price o f gas to
consumers was reduced from 90c. to 85c. per 1,000 cu . f t ., this reduction
taking effect A ug. 1 1915.
Citizens’ Gas Light Co. of Quincy.— T h e price o f gas to consumers was
reduced from $1 20 to $1 10 per 1,000 cu. f t ., talcing effect O ct. 1 1915.
New England Gas & Coke Co.— T ne general improvem ent in business con
ditions in New England in the past year appreciably strengthened the
market for the by-products o f this com pany, such as sulphate or amm onia
and benzol. In a like degree the market for coke im proved, with an in
creased demand for fuel and the difficulty in securing coal on account or
Interruptions to water and rail transportation. T he com pany was thus
able to dispose o f its coke and its by-products at prices somewhat b etter
than those o f the previous year, perm itting a dividend o f 4 H % as com
pared with 3 H % in 1914-15.
..
.
New England Coal & Coke Co.— During the year this com pany sold and
delivered about 4.063,000 gross tons o f coal, an increaso o f some 639.000
gross tons over tne previous year. During the year tho barge fleet was
reduced b y the loss o f tho barges D ora and Ivie. T he losses were covered
byiin su ra n cc or insurance reserve. ,r(
_ '* < *
OPERATIONS OF SUB-COMPANIES DURING IYEAR 1 9 1 5 -1 6 7 3
Meters,
Subsidiary
Add’ns to — Gas to Consumers—
Companies—
Street Mains. Total Cu. Ft. Increase. Net Gain.
5,993
B oston Consol. G as..............45,318 ft. 5,367.477,000 0 .34%
1,040
5091559.000 6 .62%
East Boston G as___________ 5,467 ft.1,285
603.692.000 8.45%
N ow ton & W ater’n Gas L t . .36,774 ft.
796
151.630.000
12.46%
Citizens' Gas Lt. ( Q u in c y )..22,028 ft.
MASSACHUSETTS GAS COMPANIES— YEAR ENDING JU N E 30.
1912-13.
1913-14.
1915-16.
1914-15.
$420,908
$449,335
In t. on bonds, notes, & c. $315,597
$426,201
2,386,318
2,368,025
Dividends received_____ 2,581,701
2,404,896
750
1,208
P rofit on sale o f securities
5,623
3,637
T otal incom e.................$2,902,921
Deduct—
General expenses-----------$95,085
B ond, & c., interest_____
419,487
D lvs. on pref. shares, 4 % 1,000,000
R es. for dopr. o f securities
5,623
$2,834,734
$2,818,567
$2,807,976
$93,215
454,927
1,000,000
3.637
$88,218
441,767
1,000,000
1,208
$66,389
440,018
1,000.000
T otal deductions_____ $1,520,194
Balance, surplus------------- $1,382,727
Surp. from previous years 1,400,996
A djustm ents------------------- --------------
$1,551,779
$1,282,955
1,368,041
$1,531,193
$1,287,374
1.338.403
deb .7.736
$1,506,407
$1,301,569
1,285,995
cred.839
T o t a l......................
$2,783,723
D lvs. on com . shs. ( 5 % ) . 1,250,000
$2,650,996
1,250.000
$2,618,041
1,250,000
$2,588,403
1,250,000
B a la n ce _______________$1 533,723 $1,400,996 $1,368,041 $1,338.403
T he not undivided earnings o f the constituent companies from the opera
tions o f 1915-16 (see the several statements below) show a surplus o f 8277 440, against $195,368 in 1914-15, $103,775 in 1913-14 and $216,384 in
1912-13.
1686
THE CHRONICLE
[Vol. 103.
BOSTON CONSOLIDATED OAS CO.— YEAR ENDING JUNE 30.
~
.
1915-16.
1914-15.
1913-14.
1912-13.
Gross Incom e....................S4.980.970 $4,889,783 S4.987.500 $4,733,110
E xpenses........................
3 ,4 0 5 .372
3,312,906
3,595,222
3,203,067
INCOME ACCOUNT— ALL COMPANIES FOR JU N E 30 YEARS.
_
,
1915-16.
1914-15.
1913-14.
1912-13.
Gross earnings__________$7,212,557
S6,284,493 $7,063,650 $7,945,931
Oper. expenses & ta x e s .. 6,234,090
5,604,073
6,237,965
6,763,819
N ^ i n c o m e -------------- $1,575,598
Miscellaneous in com e. _ .
24,438
N o t earnings--------------Othor in c o m e ___________
S I ,576,877
21,150
$1,392,278
22,507
$1,530,043
14,529
N et earnings........$1,600,036
$1,598,027
$1,414,785 $1,544,572
Interest .............. - - - - - - - $141,576
$166,257
$151,727
$121,290
D ivid en ds....................(8 )5)1,285,591 ( 8 H ) 1285591 18)1,209.968 (9)1,361,214
B alance, su rp lu s-.
$172,869 _ $146,179
$53,090 ’
$62,068
1 ho above docs not include in 1915-16 §56,896 loss on sale o f real estate
sold and charged to p rofit and loss.
N E W ENGLAND GAS A COKE C O .-Y E A R ENDING JUNE 30.
„
.
1915-16.
1914-15.
19)3-14.
1912-13.
Gross incom e.................... $4,318,817 $3,708,401 $3,734,814 $3,518,906
Operating expenses- 3,444,762
3,001,299
2,864,449 2,670,432
N et incom e from o p e r. $874,085
$707,102
$870,365 ™ $ 848 ,474
Interest
...........................
$80,780
$90,469
$72,611
$58,546
D ividen ds---------------- (4 )5 % )7 8 7 ,5 0 0 (3)5 )6 12 ,5 0 0 (4)5 ) 787,500 (4 )5 ) 787,500
$978,467
*74,926
$680,420
8.669
$825,685
9,248
$1,182,112
43.148
T otal net incom e......... $1,053,393
Deduct—
Interest on bonds_______ $250,000
Interest on n otes________
35,625
Im provem ents written o ff
______
Loss on steamships, & c ..
25,987
D ep r., & c., o f coal mines
. . .
B educ. bk. val.S .T .lands
. . . .
M iscellaneous___________
139,709
D iv . on first pref. ( 5 % ) . .
76,250
D iv . on second p r e f . . . (4 % ) 160,000
D ividend on c o m m o n ...
______
$689,089
$834,933
$1,225,260
$250,000
37,500
$250,000
9,375
$250,000
39,919
36,702
21,415
41.418
46,080
_
. '.6,250
76,250
(4) 160,'000(5)3)220BOQ
(3)210.000(5)3)385,000
5,734
72,088
24,935
50,000
19,484
76,250
(6)240,000
(6)420,000
$687,571
$815,087 81.044,822 $1,158,491
T ° t a l ................
Balance, sur. or def...su r.$365,822def..$125,998def.$209,889 sur.$66,769
_______
* Includes profit account sale o f SS. Eureka, $62,816, and m lsc., $12,111.
CONDENSED BALANCE SHEET JUNE 30— ALL COMPANIES.
Assets—
1916.
1915
1914
Property (including stocks and bonds
o f proprietary com panies)------------- $21,200,761 $20,984,838 $21,297,588
C ash .................................................
270,715
343,087
530,124
Agents, conductors, & c________________
120,550
110,342
65,160
Companies and individuals__________
402 500
280,626
N et from op er
$69,001
299,132
$91,568
$39,742
$436,809
$56,113
Land notes and con tracts______
173 358
M isc. incom e______
1,705
166.020
179,201
6,007
785
Coal and lumber inventories__________
256,328
339,548
420,075
Prepaid accounts___________________
53,863
65,245
140,196
N ot earnings---------$70,706
$97,575
$40,527
$436,809 $56,113
Claims against underwriters_________
60,300
Deduct—
28,067
27,397
Miscellaneous
accounts______
_________
370,316
I n t e r e s t ............. $10,912
$16,665
$3,881
273,600
344,061
$130,670
$4,344
326,426
244,370
D iv id e n d s-..............(10)57,500 (12)67,200 (5)37,150 (20)300.000 (12)48,000 M aterials and supplies_________________
272,472
T otal assets_______________________ $23 ,235,118 $22,835,743 $23,575,406
Balance, surplus. $2,264
$13,710
def.8504
$6,139
$3,769
Liabilities—
F ed . C oal
J. B. B.
Stock (seo “ B y . & Indus.” S e ctio n )..$12,525,000 $12,525,000 $12,525,000
ifc C o k e C o .
C oal C o.
First mortgage bonds-----------------------5,000,000
5,000,000
5,000,000
G ro ss e a r n in g s -. .
S 0 8 2 .5 2 0
$ 5 5 7 ,0 8 3
Serial 5% gold notes.............................
600,000
750.000
750.000
E x p e n s e s ....................
5 6 4 ,8 0 5
5 4 0 ,5 3 3
Vouchers and accounts________
341,856
269.028
448,599
W ages and salaries__ ______
100,211
107,347
141,694
N e t e a r n in g s ...
$ 1 1 7 ,6 5 5
S 1 1 , 1 5 0 1 B a l a n c e ................s u r .$ 7 3 ,3 8 7 d c f . $ 1 5 ,9 7 4
Dividend Aug. 1_____________________
59,063
129,063
59,063
20.833
England Coal & C oke C o.ow ns 2,009 shares, equal to approxi A ccrued interest on bon d s__________
20,833
20,833
Taxes accrued________________ .
54.061
m ately 6 0 % , o f the capital stock o f tho J. B . B . Coal C o.
50,300
40,196
Bills payablo------------------------------------52,500
130.000
100.000
BALANCE SHEET OF M ASSACHUSETTS GAS COMPANIES JUNE 30.
Exhaustion fund” for coal lands.....
...........
15,818
1916.
1915.
Im provem ent, replacement & reservo
21,856
1916.
1915.
21,207
480,558
L ia b il it ie s —
$
§
Collections for traffic not yet earned.
137.954
92,374
71,582
P r o p e r t y a c c o u n t . 5 5 . 4 8 1 , 4 6 7 5 5 ,4 8 0 ,4 5 5 C o m m o n s t o c k . . . 2 5 ,0 0 0 ,0 0 0 2 5 ,0 0 0 ,0 0 0
G lobe N avigation C o _____________ .
62,500
125,000
C a s h In b a n k s _____
4 9 8 ,8 5 3
4 2 2 ,4 0 1 P r e fe r r e d s t o c k . . . 2 5 , 0 0 0 , 0 0 0 2 5 ,0 0 0 ,0 0 0
Em ployees’ hospital fu n d___________
27",018
. 28,196
28,723
N o t e s r e c e i v a b l e . . 5 ,6 1 0 ,8 0 0
5 ,6 9 1 ,5 6 5 2 0 - y c a r b o n d s ------- 9 ,0 3 6 ,0 0 0
9 ,2 1 6 ,0 0 0
’..raffle balances and m iscellaneous..
701,822
492,772
339,219
A c c t s . r e c e iv a b le .
4 ,7 9 1
5 ,7 0 2 A c c o u n t s p a y a b l e .
4 ,1 8 0
P rofit and loss__________ jl .......... ........ 3,592,944
3 ,6 4 3
3,227.123
3,353,121
B o n d d is c o u n t su s
Balance, surplus---------$5,805
$4,133
$10,254
$2,428
SUBSIDIARIES FOR YEARS ENDING JUNE 30 1916.
East Bos. Newton & Citizens' N . E. C. & Bos. Toio.
„
,
Gas Co.
Wat.G.Lt. G.Lt.Co.
Coke Co.
Boat Co.
Gross incom e............$438,895 $518,922 $162,581 $2,253,055 $335,034
E x p e n s e s ................ - 369,894
427,354
122,839
1.816,246
278,921
p e n s e .............
M a ss a ch u setts G as
C o.
bond3
In
t r e a s u r y . ..............
3 8 8 ,5 9 3
4 2 0 ,1 8 0
6 3 ,0 8 5
7 3 ,4 0 2
Total................62,053,589 62,093,705
— V . 103, p . 1415, 1035.
A c e r . i n t . .fe t a x e s .
2 8 ,1 2 8
P r e f. d lv . a c c r u e d .
8 3 ,3 3 3
l i e s , f o r c o m . d l v . 1 ,2 5 0 ,0 0 0
li e s , fo r d e p .o f s e c .
1 1 8 ,2 2 4
S u r p l u s ........................ 1 ,5 3 3 ,7 2 3
2 7 ,1 3 2
8 3 ,3 3 3
1 ,2 5 0 ,0 0 0
1 1 2 ,6 0 0
1 ,4 0 0 ,9 9 6
T o t a l ......................6 2 ,0 5 3 ,5 8 9 6 2 ,0 9 3 ,7 0 5
The Pacific Coast Company.
(19th Annual Report— Year ending June 30 1916.)
Pres. William M . Barnum, N . Y . , Oct. 2, says in substance:
Results.— Gross earnings increased $928,064 and net earnings, $298,046.
T he net earnings o f the Pacific C oest Steamship C o. including charter
earning? o f tho Pacific Coast C o .. increased $226,344. The net earnings oi
the 1 acific Coast C oal C o ., including lumber sales, increased $70 030. The
net earnings ot the Pacific Coast R U ., formerly Colum bia & Puget Sound
B it ., increased $19,445. Payments b y the O.ilcago M ilw . St St. Paul B y.
for the use o f tracks o f the P acific Coast B B . amounted to $50,418. This
Item , however, for accounting reasons, appears under the heading o f rentals*
I h e net earnings o f tho Pacific Coast lty . decreased $14,384. Bentals',
dividends, grain warehouses and Port San I.uis W harf earnings decreased
$2,608. Coal business was somewhat better during the year, and, with tho
Increasing prico o f fuel oil, it is believed the demand for coal will increase.
Norm al conditions and operation o f mines to capacity can hardly bo
expected until the return o f steamship tonnage, now m ore profitably
engaged elsewhere, to the Pacific.
Ships Sold and Bouaht.— The steamship Eureka was sold during the year
and, since the ye^r closed, tho steamships M ontara and M eteor have also
beeri sold, all at substantial increases over their value upon tho com pany’s
books,
these ships and two others, which will probably be sold during
the current year, are old and o f doubtful value in tho business o f tho com
pany. Three steamships, c f smaller tonnage and better suited to our
needs, were added to the fleet.
Labor Troubles,— D ifficult labor problems have been m et and adjusted
during tho year, and it is believed that our relations with the immediate
employees are now m utually satisfactory. The longshoremen’s striko,
called in June, still continues, but the com pany’s ships are now being dispatened on tim e and w ith, for the m ost part, full cargoes. In reaching
tills last result the com pany has been com pelled to incur heavy expenses,
and these, in a measure, still continue at certain ports.
R e p o r t o f V .-P res. & G e n . M gr. J . C . F ord , S e a ttle , W a s h ., A u g. 31 '16.
Business.—-l he prosperity enjoyed in tno East and M iddle W est h;is not
extended to this coast. As a m atter o f fact, the great Improvement in tho
East and M iddle W est has adversely affected Pacific Coast industries in
that cost o f material has greatly Increased and labor demands have had to
be m et, corresponding to those o f the m ore prosperous sections. Our lum
ber business has shown some Improvement, but it is still far below normal.
Coal business has shown some im provem ent, duo principally to the steadily
Increasing cost o f fuel oil. Upon tho whole, business prospects on this
coast at the present time look somewhat m ore promising than tney did this
tlm o a year ago.
T he gross earnings o f tho Pacific Coast SS. C o. increased $887,552, and
tho net earnings increased $226,344. There was charged to operating
expenses $80,398 on account o f fuel oil installation on seven steamers.
H eavy general repairs were also m ade on the four steamers and charged to
operating.
Longshoremen’s Strike.— A strike o f union longshoremen was called at all
points on tho Pacific C oast, excepting Victoria and Vancouver, B . C . on
Juno 1 1916. This strike greatly reduced earnings o f steamers for Tune.
The strike is still in effect at all points other than San Francisco, but is not
now causing serious trouble or delay, although still causing increased
expense in operating.
T he total output o f the coal mines was 522,588 tons, an increase o f 32,154
tons. T h e amount o f coal sold from com pany's mines amounted to 493.361
ton*: othi'f dom estic coal, 5,442 tons, and foreign coal, 12,842 tons, a total
o f 511,745 tons and an increase o f 24,914 tons as against last year. During
' “ i * 44.868 tons o f briquets wero manufactured and 48.620 tons sold.
1 ho I acific (yoast Coal C o. shows ail im provem ent in earnings, partly
on account o f cold weather in tho Puget Sound district last winter and
partly on account o f tho steadily Increasing cost o f fuel oil.
Ihe Pacific Coast Co.— Im provem ents during the year were as follows:
Steamships bought amounting to $327,078; other additions. $13,010;
steamship Eureka sold, $160,000, or deductions, $8,605; net additions to
property, $171,482.
INCREASES IN GROSS A N D N ET EARNS. YEAR E N D . JUNE 30 1916.
Gross
Oper. Exp.
Net
Company—
Earnings.
& Taxes.
Earnings.
P acif c Coast C o ..........
+$928,064
+$630,018
+$298,011
P acif c Coast Steamship C o -------------- +887,552
+ 661,237
+ 226,34'
P acific Coast B ailroad...........................
+ 16 ,98 5
— 2.461
+ 19,441
P acific Coast Ball w a y_______________ — 25,349
— 10 965
— 14,98'
P acific Coast Coal C o. (coal d e p t .) ..
+ 45,417
— 26,678
+72,091
do
do
do
(lumber dept)
— 4,254
— 2,188
— 2,061
T otal l i a b i l i t i e s ...................... $23,235,118 $22,835,743 $23,575,406
— V. 103, p. 1416, 1215.
GENERAL INVESTMENT NEWS
RAILROADS, INCLUDING ELECTRIC ROADS.
Alabama Tennessee & Northern Ry. —
N e i v R e c e iv e r .—
T no Chancery Court at M obile, A la ., appointed Joseph F. M cG ow in
receiver to replace John T . Cochrane, appointed by the Federal Court In
N o v . 1915, and has ordered him to apply to tho Federal Court for authority
over the property. It is said John T . Cochrane and persons interested
in retaining him will take an appeal.— V. 102, p. 1058.
Alabama & Vicksburg Ry.— E a r n i n g s .—
June 30
Gross
Net, after Other
Interest,
Dies. Balance,
Year—
Earnings.
Tuxes. Income. Rents. Ac.
(5 % ).
Surplus.
1915-16----------$1,684,825 $299,251 $196,647 $125,381 $105,000 $265,517
1914-15 -------- 1 493,067
83,678 277,971 125,439 105,000 131,210
— V . 101, p. 1549.
B eau m on t (T ex.) T raction C o.— Stock Increase.—
„ This com pany recently filed a certificate increasing tho capital stock
from $600,000 to $1,000,000.— V . 96, p. 1627.
B irm ingham R y ., L igh t & Power Co .— Appeal.—
It is announced that tho city o f Birmingham will appoal to tho Supremo
Court at Georgia to stop tho proposed merger with tho Birmingham Ensloy
& Bessemer B y .— V. 103, p. 1592, 937.
B razilian T ra c tio n , L ig h t & Power C o., L td .
Notes Offered.— W m . A . Read & C o ., New York, Chicago,
& c., havo sold at 99 and interest, to net about 6 % % , $7,500,
000 (total issue) 3-year 6 % secured gold notes dated N ov. 1
1916, due N o v . 1 1919. Denom. S I,000 c. Seo also ad
vertisement for record purposes on another page.
Int. M . & N . in N . Y . and T oron to. Callable all or part by lot at 103 and
Intorest on any interest dato to and including N ov. 1 1918. or at 101 and
Interost on M a y 1 1919. Trusteo, Central Trust C o. o f N . Y.
Data from L e tte r o f Pres. A lex a n d er M a ck en zie, O c t. 26 1916.
Organization, A c.— Incorporated in Canada in 1912, and owns over 99%
o f tho capital stock o f both tho B io do Janeiro Tram way Light St Powor
C o. and tho Sao Paulo Tram way Light Sc Power Co. and through tho first
named com pany, will own tho entiro capital stock o f tho B io do Janeiro St
Sao Paulo Telephone C o. T he com pany, through its controlled operating
companies, does tho streot railway, electric light and powor, gas and tolophono business in B io do Janeiro and Sao Paulo, Brazil and adjacont
territory, serving a population estimated at 2,000.000.
Security for Notes.— Tho direct obligation o f tho com pany, constitute Its
only outstanding or authorized funded debt. Notes will be specifically
secured by doposit with tho trusteo in Now York o f $15,000,000 bonds o f
subsidiary companies, as follows;
(£1,028,000) B io do Janoiro Tram way, Light St Powor C o. Gonera lM . 5% bonds duo 1963, o f an auth. issue o f £2,0 00 ,0 0 0 ...$5 ,0 0 2 ,9 67
£514,000) Sao Paulo Tram way, Light & Power Co. General M .
5 % bonds duo 1963, o f an authorized issuo o f £1,000,000_____
2,501 483
B io do Janoiro & Sao Paulo Telophono C o. First M . Collateral
Trust 6% bonds duo 1946, boing tho total amount authorized. . 7,500,000
Tho notes aro followed b y $10,000,000 6% cumulative proforrod stock
upon which fu ll dividends havo been paid since issue, and $106,289,000
com m on stock, paying dividends at tho rato o f 4% since 1914 and 6 % in
earlier years. These stocks havo a present valuo in tho London markot
o f nearly ton times tho par o f tho notos.
Tho B io do Janoiro com pany has boon successfully operated since 1906,
and tho Sao Paulo com pany sinco 1900. These properties represent a cash
investment o f over $100,000,000 with only about $58,900,000 outstanding
bonds prior to tho General M tgo. bond issues to be pledged as security for
thoso notes. T ho Telephone com pany is to bo immediately organized as a
consolidation o f various local companies whoso net earnings in 1915 wero
m oro than sufficient to moot, the interest chargos on tho $7,500,000 bonds
to bo plodgod as part collateral for theso notes, which aro Issued in part
for tho dovolopm ont and extension o f tho Tolophono com pany’s system .
Theso plodgod bonds will comprise tho only outstanding funded debt
authorize l or outstanding o f tho Tolophono com pany except a small issuo
o f ono o f tho constituent companies, being rotirod through annual redem p
tions.
Nov. 4 1916.]
THE
Earnings for Years end. Dec. 31— •
1915.
G ross earn in gs ( M i l r o is ) .......... ................ 7 7 ,1 1 9 ,2 0 8
N o t earn in gs (M i l r c i s ) ________________ 4 4 ,1 7 6 ,8 6 6
T o t a l n o t rovon u es (C a n a d ia n C u r r . ) . $ 5 ,6 1 2 ,8 7 6
T o t a l o xpon sos, in c l. in t o r o s t _________
2 1 8 ,0 7 4
1914.
7 3 ,1 8 4 ,7 1 4
4 1 ,8 7 9 ,5 6 9
$ 8 ,0 5 8 ,8 1 3
3 9 2 ,2 8 1
1913.
7 1 ,9 1 1 ,9 7 4
3 9 ,3 1 2 ,7 2 9
$ 8 ,4 2 0 ,5 6 0
308 ,296
B a la n co a v a ila b le fo r d i v i d e n d s . .. $ 5 ,3 9 4 ,8 0 2 $ 7 ,6 6 6 ,5 3 2 $ 8 ,1 1 2 ,2 6 4
A n n u a l Intorost o n th e se $ 7 ,5 0 0 ,0 0 0 6 % n o te s a m o u n ts t o $ 4 5 0 ,0 0 0 .
T h o op era tin g reven u es h a v o sh ow n s u b s ta n tia l y o a r ly g a in s , b u t th o
d e c lin e in th o ex ch a n g e rates, d u o t o th o E u ro p o a n w a r, on th o tr a n s fe r o f
B razilian fu n d s in to d o lla rs has re d u ce d th o not in co m e .
N o tw ith s ta n d in g
these oxch an g o losses, a v a ila b le earnings fo r 1915 w ero th u s a b o u t 12 tim e s
th o ann ual in terest on th is Issue o f n o te s, an d in th o p ro v io u s y e a rs w ero in
oxcoss o f th o to t a l p ar v a lu o o f th o n o te s. O f th e rovon u es re ce iv e d fr o m
su b sid ia ry co m p a n ie s , p r a c t ic a lly 2-3 w ero f r o m th o R io d o Ja n e iro c o m p a n y
and 1-3 fr o m tlio S ao P a u lo c o m p a n y .
A ll th o com p a n ie s o p e ra to p r a c t ic a lly w ith o u t c o m p e t it io n an d u n d or
con cession s w h ich aro m a in ly e x c lu s iv e , an d are eith e r p o rp o tu a l o r fo r lo n g
p eriod s ex cep t w here lo ca l te le p h o n e fra n ch ises aro b e in g sta n d a r d iz e d .
T h o c o m p a n ie s ’ franchises f ix th e m a xim u m rates fo r s e r v ic e , an d aro s u b
je c t t o rovision o n ly at s ta te d in te rv a ls .— V . 103, p . 839 .
Bristol & Plainville Tramway Co.— S to c k .—
T h e s to ck h o ld e rs on O c t . 28 a u th o rize d th o in cre a se in o u ts ta n d in g
c a p ita l s t o c k from $56 2 ,5 0 0 t o $61 8 ,8 0 0 and w ero in turn o ffe r e d th e rig h t
t o s u b s crib e fo r th e new s t o c k at p ar o n o r b e fo r e N o v . 21 on a b asis o f
o n e sh are fo r e v e r y ten shares n o w h e ld . P a y m e n t t o b o m a d e b y D e c . 1.
— 'V . 9 8 , p . 1535.
Chicago Milwaukee & St. Paul Ry.— Electrification.—
T ills c o m p a n y has in crea sed its e le ctrica lly o p e ra te d m ilea ge in M o n t a n a
b y lit ) m iles, th o new s e c tio n ex te n d in g fro m D eer L o d g e t o A lb e r to u ,
an d b rin g in g th e to ta l le n gth o f e le ctr ifie d m ileage up t o 336 . W o r k o n tho
fo u r th an d last u n it, be tw e e n A lb e r to n an d A v e r y , Id a h o , is n o w b e in g
c o m p le te d an d w ill p r o b a b ly lie o p e n e d t o t r a ffic a b o u t Ja n . 1. W h e n
c o m p le t e d , th e tota l n u m b er o f m iles o p e ra te d b y e le ctr ic ity w ill b o 440 ,
e x ten d in g fro m H a r lo w to n , M o n t ., t o A v e r y , Id a h o . C o m p a re “ A n n u a l
R e p o r t ,” V . 103, p . 1114.
Chicago North Shore & Milwaukee RR.— Transfer.—
R e c e iv e r W . O . J o h n so n o f th e C h ic a g o Sc M ilw a u k e e E le c tr ic R R ., th o
pred ecessor c o m p a n y , h a s tran sferred a ll the assets o f th o c o m p a n y t o this
c o m p a n y , th o reorg a n ize d c o r p o r a t io n .— V . 103, p . 1031, 664.
Chicago Peoria & St. Louis RR.— Earnings.—
June 30—•
Gross
Years—
Earnings.
10 1 5 -1 6 .................$ 1 ,7 5 2 ,8 0 0
1 91 415.... 1,5 9 7 ,9 0 9
— V . 102, p . 1625.
N et, after
Other
Interest,
Taxes.
Income. Rents, A c .
$26 0 ,0 0 6 $11 ,6 5 3 $ 1 6 6,47 2
119 ,732
7,201
215 ,221
Balance,
Sur. or D ef.
su r $105,187
d c f.8 8 ,2 8 8
Chicago Railways Co.— New Directors.—
C h a u n c o y B . B orla n d and W a lla ce B e c k m a n h a v o been e le cte d d ir e c
to rs , s u c c e e d in g R . O . C h a n d le r an d A rth u r B . J o n e s, re sign e d .— V . 103 .
p . 238 .
Chicago Rock Island & Pacific Ry.— Committee— Report.
Seo R o c k Island A rkansas Sc L ou isiana R R .
"A n n u a l R e p o r t s " a b o v e .— V . 103, p . 1592, 1508.
b e lo w .
1687
C H R O N IC L E
A ls o
Seo
Chicago St. Paul Minneapolis & Omaha RR.— Director.
Sam uel L. L y n d o o f N . Y . , V i c e - ! ’ resident, o f this c o m p a n y , has been
ch osen a d ir e c t o r , su c c e e d in g th o la te W illia m A . G a rd n e r.— V . 103,
p . 112 6, 1113.
Cincinnati Hamilton & Dayton Ry.— Arrangements for
Adjustment of Guaranty.—
See reorg a n iz a tion plan o f P e ro M a r q u e t t e R R . u n d e r " R e p o r t s and
D o c u m e n ts ” o n su bsequ en t p a g e s .— V . 103, p . 1301. 665.
in g an d $ 4 ,7 5 0 ,0 0 0 c o m m o n s t o c k o u ts ta n d in g o u t o f $ 5 ,5 0 0 ,0 0 0 o f each
cla ss o f s to c k a u th o riz e d .
T h is a cq u is itio n m ak es W e stin g h o u se E l. & M fg . C o . an im p o rta n t fa c to r
in th e p u b lic u tility f ie ld . H e re to fo re its a c t iv it y in th a t d ire ction has been
lim ite d , a lth o u g h i t o w n s e n tire ly th e E le c tr ic P ro p e rtie s C o ., h a v in g w ithin
th e p a s t y e a r secu red th e in te re st o f S to n e & W e b s te r in th a t c o n c e r n .
Consol. Statement of Profit A Loss o f Federal Co. and ItsSubsids.(excl. Deprec.)
--------A u gu st----------- 8 M o s. to A u g. 31------Year end. A u g 31
1916.
1915.--------1916.
1915.--------- 1916.
1915.
S
S
S
S
S
$
G ro s s e a r n in g s .2 0 3 ,228 179 ,5 4 8 1,6 5 7 ,1 2 4 1 ,533,164 2 ,4 7 5 ,9 7 5 2 ,3 7 3 ,7 1 9
O p . e x p .,ta x .,& c .l2 9 ,2 6 1 120,996 1 ,116,855 1 ,0 1 6 ,8 9 9 1 ,6 4 5 ,6 7 2 1 ,510,014
T o t a l In co m e 7 3 ,967
In te re st c h a rg e s 4 8 ,296
58,552
4 8 ,5 5 0
540 ,269
3 8 9 ,2 2 8
516 ,265
394,811
B a l. o f in c o m e 25.671
10,002
151,041
121.454
C e n tra l A rk a n sas R y . & L t . C o r p o r a tio n d iv id e n d
o n $ 1 ,2 0 0 ,0 0 0 7 % p re f. s t o c k __________________ ______
S p rin g fie ld R y . & L t . C o . d iv . o n 7 % p re f. s t o c k _______
8 3 0 ,3 0 3
583 ,7 5 8
8 6 3 ,7 0 5
5 9 8 ,4 3 2
2 4 6 ,5 4 5
265 ,2 7 3
8 4 ,0 0 0
3 3 ,137
8 4 ,0 0 9
1 3 ,2 9 5
B a la n c e ........ ................ .......................................... .......................
129 ,408
167 ,978
In te r c o m p a n y earn in gs, expenses and in terest charges are n o t in clu d ed
in a b o v e . See also " E l e c t r i c R a ilw a y S e c tio n .” — V . 102. p . 2163.
Georgia Southern & Florida Ry . —
June 30 Year— 1915-16.
1914-15.
G ross ca rn in gs$ 2 ,4 4 5 ,4 0 8 $ 2 ,2 1 5 ,7 7 3
N e t, a ft . t a x .
4 7 1 ,0 5 5
253 ,405
O th er in c o m o .
103 ,696
108,158
E a rn in g s
June 30 Year— 1915-16.
1914-15.
I n t ., ren ts, & c. $ 3 5 4 ,9 6 4
$3.56,543
1st p r e f. d i v s . (5 )3 4 ,2 0 0 (2 )4 )1 7 ,1 0 0
2d p re f. d i v s . ( 5 )5 4 ,2 0 0 ( 2 ^ ) 2 7 ,1 0 0
G ross I n c . . $ 5 7 4,75 0
$361,5631
B a la n co _ .s u r .$ 1 3 l.386 d e f$ 3 9 ,941
T h o c o m p a n y a ls o d e d u cts in 1915-16 d iv id e n d reserves fo r 2 ) 4 % o n 1st
p re f. s to c k ($17,100) and 2 1 4 % on 2d p r o f, s t o c k ($ 2 7 ,1 0 0 ), "lea vin g a
su rplu s o f $87 ,186 — V . 101, p . 2 07 1, 1972.
Great Northern Ry. Co. — N e i v D i r e c t o r .—
A . B . H e p b u rn , C h a irm a n o f th e C h ase N a tio n a l B a n k , N . Y . , has b e e n
ch osen a d ir e c t o r , su c c e e d in g R . A . J a ck s o n , resign ed .— V . 103, p . 1592
1513.
Iowa & Omaha Short Line.— S o l d .—
T h is r o a d , ex te n d in g fro m Tre.vnor t o C o u n c il B lu ffs, I o w a , w as sold a t
r e c e iv e r ’s sale on O ct. 30 b y ord e r o f Ju d ge W o o d r u ff and w as b id in b y
H e rm a n S on k en fo r $ 2 1 ,2 5 0 .— V . 103, p . 1508: V . 102, p . 976.
Kentucky Securities Corporation.— E a r n i n g s .—
{Including Kentucky Trac. A
June 3 0 Years—
1915-16.
G ro ss e a rn in g s____ $85 0 ,6 9 5
N e t e a rn in g s _______$41 2,52 2
O th er in c o m o _______ $ 2 9 ,2 0 6
— V . 103, p . 1118.
Term, and Lex. Utilities Co. inter-co. chgs. excl.)
1914-15. June 30 Years—
1915-16. 1914-15.
$81 1,62 9 G ross in c o m e ____ $ 4 4 1,72 8 $40 7 ,5 1 5
$379,226 F ixed ch arges, & c .$24.5,576 $ 2 3 7 ,2 3 0
$28 ,289 B a l. fo r d iv id e n d s .$ 1 9 6,15 2 $ 1 7 0 ,2 8 5
L eh igh & H u d so n River R y .— Earnings.—
June 30
Gross N et, after
Other Interest,
Dividends Balance.
Years—
Earnings. Taxes.
Inc. Rents, A c .
Paid.
Surplus.
1 9 1 5 -1 6 -------- $2,109,8.57 $82.5,218 $5,493 $3 5 0 ,3 3 8 (1 2 )$ 1 0 0 ,8 0 0 $ 3 2 5 ,4 2 5
1 91 415 -------------- 1,8 1 6 ,5 8 5 571 .5 5 5 3 ,5 9 0 3 1 5 ,6 5 2 (8 )1 0 7 ,2 0 0 152,293
D iv id e n d s as a b o v e in 1915-16 in clu d o an ex tra d iv id e n d o f 4 % p a id in
J u n o .— V . 101, p . 1625.
L p u isia n a & A rkan sas R y .— Acquisition.—
T h is c o m p a n y has p e titio n e d th e L o u isian a R R . C o m m issio n for a p p ro v a
o f th e a cq u is itio n o f t h o B la c k R iv e r B ran ch o f th o S t. L o u is Iron M o u n ta in
Sc S outhern R y ., t o b e taken o v e r Jan . 1 n e x t. T h o lin o e xten d s 25 m iles
‘ ro P'\,yW alla t o B la c k R iv e r . L a ., and at presen t c o n n e c ts w ith th o L . & A .
a t W ild s v ille J u n ctio n , o n th e east side o f B la c k R iv e r .— V . 103, p . 666.
Louisville & N ashville R R .— Called Bonds. (See adv.)
O n e h u n d red an d f if t y ($1 5 0 ,0 0 0 ) E v a n s v ille H en derson Sc N a sh ville
D iv . b o n d s h a v e been ca lled fo r p a y m e n t at th o o f fi c e , 71 B r o a d w a y , at
110 an d in t . on D e c . 1.— V . 103, p . 1417, 1404.
Colorado & Southern Lines.— Earnings.—
June 30
Gross
N et {after
Other
Interest,
1st Pref.
Balance,
Year— Earnings.
Taxes.)
Income. Rentals,Ac. D ips. ( 2 % ) Surplus.
1915—
16$ 1 5 .7 0 7 ,311 $ 4 ,9 9 2 ,5 6 5 $ 5 9 7 ,0 2 8 $ 4 ,2 1 7 ,1 1 8 $ 1 7 0 ,0 0 0 $ 1 ,2 0 2 ,4 7 5M ain e C en tral R R .— New Directors.—
1 9 1 4 -1 5 1 4 ,172,978 3 ,4 4 5 ,5 6 6 6 5 5 .2 7 2 3,5 4 7 ,0 7 1 ------------5 53 ,767
T h o m a s I>. S h a w o f P o rtla n d and S. M . C a rter o f A u b u rn w ere re ce n tly
D e d u ctio n s (Int. re n ta ls , & c .) in c lu d e in 1915-16 interest. $ 2 ,8 6 9 ,2 0 3 ;
e le cte d d ir e cto r s o f (h is c o m p a n y , th e re b y in crea sin g tile b o a r d fro m 12 t o
ren ts, $ 35 2,87 3; m isce lla n e o u s, $ 1 4 4 ,5 2 3 : sin k in g fu n d , $70 ,2 9 8 : a d d itio n s
14 m e m b e r s .— V . 103, p . 1407.
and b ottorm on ts a p p ro p r ia tio n , $ 2 8 0 ,2 2 0 an d m isce lla n e o u s ap p ro p ria tio n s
o f In com o, $ 5 0 0 ,0 0 0 .— V . 103, p . 1117.
M issouri K a n sas & O klahom a R R .— Coupon Payment,
See M is s o u r i K an sas & T e x a s R y . b e lo w .— V . 103, p . 60.
Columbus Delaware & Marion Ry .— Committee.—
T h e fo llo w in g co m m itte e asks d e p o s its o f th o F irst C o n s o l. M t g o . 5 %
g o ld b o n d s o f 1904, w ith c o u p o n o f A u g . 1 1916 a tta c h e d , a t t h e G u a r a n ty
T r u s t C o ., 140 B r o a d w a y , N . Y . , as d e p o s ita r y , v iz .: W illia m C . C o x ,
C h a irm a n ; A q u illa Q . J o n e s, In d ia n a p o lis ; R o b e r t W . B in g h a m , G erh ard
M . D a h l a n d W illia m S. T h o m a s.
T h o 1st M . b on d s o f th e C o lu m b u s D e la w a re & M a r io n E le c t r ic R R . a r o ’
represen ted b y a co m m itte e w ith o ffic e s at 18 E . 4 th S t ., C in c in n a ti, an d
R o o m 1304. 60 B r o a d w a y , N . Y . , v iz .; R u d o lp h K lo y b o lt o , C h a irm a n ,
C in cin n a ti; W m . R . C r a v e n , D a y to n ; F ran k C . D e e rin g , S a co , M e .; A rth u r
B . W e lls , C h ic a g o : E d w a rd E . N e w m a n , C le v e la n d , an d J o h n J . T y le r ,
P h ila . C le v e la n d T r u s t C o ., d e p o s ita r y .
R e c e iv e r ’s ce r tific a te s o f $ 1 0 5 ,
000 h a v o b een a u th orized ahead o f theso b o n d s .— V . 102, p . 1718, 1675.
Commonwealth Power, Ry. & Light Co.— Earnings.—
1915-16. 1914-15.
1915-16.
1914-15.
Sept. 30 Year—
$
$
$
$
E arn s, ( s u b .c o s .)2 ,8 8 ! .370 2 .4 0 5 ,6 4 4 E x p ., ta x e s, Scc .
178,611
170,800
O th er i n c o m o . . . 544 ,9 2 3
636,294 In terest charge's. 615 ,922
618 ,530
P r e f. d lv s . ( 6 % ) 960 ,0 0 0
960 .000
T o ta l I n c o m o .3 ,4 2 0 ,2 9 3 3 ,0 4 1 ,9 3 8
B a l., s u r p lu s . 1,0 3 8 ,7 2 5 1.2 6 2 ,6 0 8
— V . 103, p . 490 .
Cripple Creek Central Ry.— Office Removed.—
T h is c o m p a n y ’s o f fi c e (n o t transfer o f fi c e ) w as re c e n tly re m o v e d to C o lo
ra d o S prin gs, C o lo . T h o L a w y e rs ’ T it lo & T r u s t C o ., N . Y . . aro transfer
a g en ts.— V . 103, p . 493 .
D etroit & M ackinac Ry.— Earnings.—
G ross
N e t, a ft.
O th er
I n t ., P f D ie s .
C om m on
B a la n c e .
June 30—
E a r n in g s .
T a xes.
I n c . R e n t ., A c ( 5 % )
D iv id e n d s . S u r p lu s .
Years—
8
$
$
.$
$
«
«
1 9 1 5 -1 6 . — l . 175,726 280 ,637 71 384 9 9 ,7 0 0 4 7 ,5 0 0 (5 % )’100,000 101,820
1 91 4-1 5. . .1 .0 / 7 , 3 1 7 201,091 0 3 ,3 1 9 9 8 .4 9 6 4 7 .5 0 0 (2 )^ )5 0 ,0 0 0
08,414
T h o b a la n c e , surplus as a b o v e In 1915-16, $ 1 0 4 ,8 2 0 , a fte r d istrib u tin g
fo r a d d itio n s an d b ette rm e n ts , 8 4 5 .3 1 0 , ap p lie d In p u rch ase A . 8 . & N . W .
I iy ., $ 3 7 ,3 7 3 . E m erson G ra v e l P it b e tte rm e n ts , $ 1 ,2 0 6 , a n d c o n tin g e n t
fu n d , $ 2 0 ,0 0 0 , th ere re m a in e d a b a la n co o f $931 fo r th e y e a r .— V . 101 ,p . 1623
Federal L igh t & T raction Co.— Substantial Purchase of
Stock, <fcc., by Weslinghousc-Insull Interests.— It was an
nounced lato last week that Wcstinghouse Electric & M fg .
Co. interests and Samuel Tnsull of Chicago had acquired
substantial holdings in the stock and other securities of tho
Federal Light & Traction C o ., Guy E . Tripp, Chairman of
tho Wcstinghouse El. & M fg . C o ., Celvert Townloy and
Samuel Insull having become members of tho board.
n ected w ith th e p u b li^ u iU ity ^ e n te rp rise s o f G en eral E le c tr ic
1st
Jam es
G erry , . . . . .
Icy (on o v a c a n c y ) .
T h e F ed era l L ig h t Sc T r a c tio n has a co n tr o llin g in terest in 20 lig h t, p o w e r ,
tr a c tio n an d w ater c o m p a n ie s. It has $ 2 ,5 0 0 ,0 0 0 6 % p re f. s t o c k o u ts ta n d
M issouri K an sas & Texas R y .— Overdue Coupons Paid.—
It was announced on Oct. 27 that the interest matured M a y 1
1916 on Dallas & Waco Ry. Co. and Missouri Kansas & Okla
homa RR. Co., First M tge. Guaranteed 5 % 40-year bonds
would be paid on presentation of coupons on and after Oct. 31
1916, but that payment of interest due on N o v . 1 1916 would
not bo made on that day.— V . 103, p. 1210, 1508.
M u scatin e & Iow a City R y ., M u sca tin e, l a .— Receiver.
S co C h ic a g o R o c k Isla n d & P a c ific R y . u n d er “ A n n u a l R e p o r t s " a b o v e .
— V . 101, p . 1714.
New O rleans M obile & Chicago R R .— Sale Confirmed.—
Tho U . S . Circuit Court of Appeals at M obile, A la., has con
firmed the foreclosure sale of this company’s property (see
V . 101, p. 615) to the bondholders’ committee, of which
John W . Platten is Chairman. The new company, the Gulf
Mobile & Northern R R ., is expected to take possession
shortly.
T h o app eal fro m th e sale w as taken b y ce rta in b o n d h o ld e rs .
U nless a
fu rth er app eal Is m a d e t o th o U . 8 . S up rem e C o u r t , th e d is trib u tio n o f
secu ritie s as per plan V . 100, p . 1078, w ill ta k e p la ce a b o u t Jail. 1.— .
V . 103, p . 1119.
New O rleans & N o rth E astern R R .— Earnings.—
June 30
Gross
N et, after
Other
Interest, D ir’ds. Balance,
Year—
Earnings.
Taxes.
Income. R mts, A c . ( 1 % ) .
Surplus.
1 91 5- 10............ $ 3 ,7 8 1 ,6 6 2 $1.06,5.919 $13 5 ,6 5 5 $ 5 1 8,22 0 $ 60 ,000 $ 6 2 3,35 4
191 4-1 5............ 3 .4 8 6 ,2 5 5
6 6 6 ,8 9 0
105,469 567 ,903 6 0 ,0 0 0 144,456
— V . 102, p . 1811.
P acific Electric R y . o f Los A n g eles.— Earnings.—
June. 30 Year. 1915-16.
1914-15. I
1915-16.
1914-15.
G ross e a r n s . . $ 8 ,8 5 6 ,7 9 7 $ 8 .8 7 4 .5 0 7 (G rass i n c o m o .$ 2 .383 ,9 3 0 $2,399,3.59
N e t ,a f t .t a x e s .$ 2 ,3 4 6 ,6 2 8 $ 2 ,3 5 1 ,2 2 8 1I n t . , r e n t s ,Sec. 3 .2 0 5 ,6 6 4 3 ,0 8 2 ,8 8 0
O th er in c o m e .
37.301
4 8 ,1 3 0 ! B a l.. d e f i c i t . . $82 1 ,7 3 4
$683,521
T h o to ta l d e fic it Jun e 30 1916. a fte r d e b itin g $ 1 )6 ,0 0 7 reserve and cr e d
itin g m iscella n eou s item s a ggregatin g (net) $ 2 2 8 ,7 9 5 .— -V. 102, p . 2.51. *
Pacific & Id ah o N orth ern R y.— President.— E dgarIM 7
Ileigho has been elected President of this newly reorganized
company. He was receiver of the road during its reorganiza
tion period. Tho company operates from Weiser, Idaho,
whoro it connects with the Oregon Short Line, to New
Meadows, a distance of 90 miles. Tho headquarters are^at
New Meadows.— V . 101, p. 846.
‘
Pere M arquette R R .— Plan of Reorganization.— A s an
nounced by advertisement on another page, the committees
named below havo prepared and adopted a plan of reorgani
zation dated Oct. 30J1916 (see “ Reports and Documents” on
a subsequent page) and J.*& W.$SeligrnauJ&JC o .,1fRobert
THE CHRONICLE
1688
Winthrop & Co. and Eugene V . R . Thayer have undertaken
to act as reorganization managers thereunder. The com
mittees say in substance:
f T h e three c o m m itte e s , a fte r p r o lo n g e d ex a m in a tio n o f th e a ffa irs o f the
sy stem an d th e rela tive va lu e an d earn in g c a p a c ity o f th o d iffe r e n t lines,
h a v e fo rm u la te d and a d o p te d a p lan o f re o rg a n iz a tio n . T h is p la n is based
o n ca refu l exp ert exam in ation s o f th o c o m p a n y ’s op e ra tio n s an d p h y s ica l
c o n d it io n , an d o f its fin a n cia l re q u ire m e n ts, b y L . F . L o r e e anu J . W .
K e n d r ic k an d is ex p ected t o a c co m p lis h :
(а) T h e p reserva tion o f th o sy s te m and such c o n tr o l fo r th o r e o rg a n iz e d
p r o p e r ty as sh all safegu ard th e rights o f se cu rity -h o ld e rs.
(б) R e d u c tio n o f the fix ed ch arges safely w ith in tho net earn in g c a p a c it y .
(c) A d e q u a te ca p ita l p r o v is io n fo r present an d fu tu r e re q u ire m e n ts.
(d) P a y m e n t o r ad ju stm en t o f all d e b ts an d p r o v is io n fo r e q u ip ’ t trusts.
Committees Co-operating in Preparation and Adoption of Plan.
C o m m itte e representin g d iv isio n a l b o n d s , d e p o site d u n d er ag re e m e n t
o f A p ril 6 1014, as a m en d ed , E . V. R . T h a y e r , C h a irm a n . D e p o s it a r y ,
O ld C o lo n y T r u s t C o ., B o s to n .
C o m m itte e representing P ero M a r q u e tte R R . C o n s o lid a te d M o r tg a g e
4 % g o ld b on d s d u o 1951, d ep o s ite d under agreem en t o f Ju n o 3 1912, E d w in
S . M a r s to n , C h airm an .
D e p o s ita r y , F a rm e rs’ L o a n & T r u s t C o .. N . Y .
C o m m itte e representin g P ore M a r q u e tte R R . R e fu n d in g M o r tg a g o
4 % g o ld b on d s d u o 1955, d e p o s ite d u nd er a g reem en t o f A p ril 8 1912,
F red erick S trauss, C h a irm a n .
D e p o s ita r y , B ankers T r u s t C o . , N . Y .
f? The following committees also recommend the holders of
securities represented by them respectively to accept the plan:
(а)
o th e r
(б)
u n d er
C o m m itte e representin g C olla te ra l T r u s t G o ld N o te s d u e 1916, and
secu rities, u nd er agreem en t o f Ju n e 21 1916, E . R . T in k e r , C h a irm a n .
C o m m itte e represen tin g 6 % 5 -y e a r G o ld D e b e n tu re s d u o 1912,
agreem en t o f A p ril 8 1912. A le x a n d e r J . H e m p h ill, C h a irm a n .
Voi, ioa
posits of tho First M tge. 4J ^ % gold bonds ($12,965,000 out
standing), guaranteed by the Chicago Rock Island & Pacific
R y ., carrying coupon of March 1 1917, with tho Title Guar
antee & Trust C o., N . Y . , as depositary.
C o m m itte e : H en ry R u h le n d o r, C h a irm a n ; A n d r e w J . 'M iller an d T im o t h y
S . W illia m s , w ith A lfr e d A . C o o k as cou n sel an d C . C . H a rm sta d , S ecre ta ry .
— V . 91, p . 1101.
St. Louis Iron Mountain & Southern Ry.—
See L ou isia n a & A rk a n sas R y . a b o v o .— V . 103, p . 216 7.
. St. Louis-San Francisco Ry.— In Possession— Officers.
— This company, having acquired the lines of railroad
formerly owned, controlled and operated by St. Louis &
San Francisco R R . C o., took possession of tho same at
12:01 a. m . N ov . 1.
Directors.— •Frederic W . A lle n , N . Y . ; W . B . B id d le , S t. L ou ts; E . N .
B r o w n , N . Y .; M u r r a y C a rie to n , Sam L azaru s and Jam es W . L u sk , S t.
L o u is; H e n ry R u h le n d o r a n d C . I I . S ab in , N . Y .; A . L . S h a p lolgh , S t. L ou is;
Jam es S pey er an d F re d e rick Strauss, N . Y .; E . V. R . T h a y e r , B o s to n ;
F estu s J . W a d e , M . L . W ilk in so n an d W . C . N ix o n , S t. L o u is .
Officers.— C h airm an , H e n ry R u h len dor; P ros.. VV. C . N ix o n ; 1st V .-P r o s .,
W m . B . Ilid d io ; 2d V .-P r o s ., E . D i L o v y ; 3d V .-P r e s ., N . M . R ico ; 4 th
V .-P r o s ., C . W . H illa r d ; S ec. & T r o a s ., F rank H . H a m ilto n ; A sst. Soc. in
N . Y . , C . W . M ich e l: A sst. T roa s. in N . Y ., \V. A . M c A u liffe ; C o n s u lt . A iu l.
in C h a rge o f V a lu a tio n A c c o u n tin g , A le x . D o u g la s .
Interest Earned in Year 1915-16 on Both Adjustment Bonds
and Incomes.— See St. Louis & San Francisco R R . abovo.
— V . 103, p. 1593, 1413.
Deposits under the plan will bo received at the respective
depositaries until and including Dec. 4. Said committees
representing the “ divisional bonds” and the Pere Marquette
Consol. Mortgage 4s and Refunding Mortgage 4s, respec
tively, having adopted the plan, the holders of deposited
bonds of these issues will be entitled to participate in the
plan without further action.
Upon consummation of the proposed reorganization, which
provides $6,000,000 cash for additions, improvements, new
equipment and working capital; as well as $10,000,000 with
which to take care of receiver’s obligations ($4,615,000),
equipment trusts ($1,056,000 as of Jan. 1 1917) and other
reorganization requirements, the capitalization of the suc
cessor company will be as follows:
T h e n o t In co m e o f th o re c e iv e r s o f th o railroads and p ro p e rty o f S t. L ou is
& San F ra n cis co R R . C o . Tor tho fisca l y ear en d in g Ju n o 30 1916, h a v in g
been s u ffic ie n t t o p a y in fu ll th e in terest fro m J u ly 1 1915 t o Ju n e 30 1916
o n b o t h th e A d ju s tm e n t M t g e . b o n d s an d th o In c o m e M t g o . b o n d s o f
S t. L o u is-S a n F ra n cis co R y . C o . t o bo Issued in th o r e o r g a n iz a tio n , b o n d s o f
sai l issues d e liv e ra b le u n d er th e a b o v e -m e n tio n e d plan a n d ag re e m e n t t o
h old ers o f ce r tific a te s o f d e p o s it fo r R e fu n d in g M t g e . b o n d s an d G eneral
L ion M t g o . b o n d s o f S t. L o u is & San F r a n cis c o R R . C o . , w ill ca rry c o u p o n s
fo r fix e d Interest fo r th o fis c a l y e a r en d ed Jun o 30 1916 a t th e rate o f 0 %
per a n n u m .— V . 103. p . 1503. 1413.
Am ount.
(1) Neiv Mortgage Bonds—
Interest.
$ 2 1 ,9 7 6 ,0 0 0 F irst M o r tg a g o B o n d s , Series A , 5 % ______________ $ 1 ,0 9 8 ,8 0 0
8 .4 7 9 .0 0 0 F irst M o r tg a g o B o n d s , Series B , 4 % ______________
3 3 9 ,1 6 0
(2) Undisturbed Securities (Canadian Lines)—
3 ,0 0 0 ,0 0 0 P ero M a r q u e tte R R . (L a k e E rie & D e tr o it R iv e r
R y . D iv .) C olla te ra l T ru s t \ M % b o n d s d u o
A u g . I 1932_______________________________________
135,000
2 .8 7 0 .0 0 0 P ere M a r q u e tte R R . C o lla te ra l T r u s t 4 % b o n d s
114,800
d u o Jan . 1 1923.......... ................................................... -
June 30
Total
Net
Bond
Other Miscell.
Balance,
Year—
Income. Revenue.
Int.
Int. Deduc’s. Surplus.
191 5-1 6........................$ 1 4 0 ,0 6 9
$ 6 6 ,3 5 0
$ 5 4 ,5 2 5 $ 3 ,8 9 9
$4,2 0 7
$ 3 ,7 1 9
1 9 1 4 - 15...... .............. 146,769
5 5 ,9 2 0 4 9 ,5 3 5
4,2 0 4
2,1 5 7
24
T o t a l p r o fit an d loss surplus Ju n e 30 1910. $ 4 ,9 0 0 .— V . 101. p . 924 .
$ 3 6 ,3 2 5 ,0 0 0 T o t a l b on d ed d e b t a nd fix e d in t. ch arges o f now c o _ $ l,6 8 7 ,7 6 0
[against $ 8 7 ,0 1 2 ,9 l9 d e b t a n d $ 4 ,1 2 7 ,3 1 0 in t .o fp r e s e n t c o .]
(3) N ew Capital Stock—
11.2 0 0 .0 0 0 5 % prior preferen ce s to c k — c u m u la t iv e ._ $ 5 6 0 ,000
12.4 2 9 .0 0 0 P ref. s to c k — cu m . a fte r Jan . 1 191 9____ 6 ‘2 i,4 5 0
T o t a l preferen tial d iv . requ irem en ts o f new c o ____ $ 1 ,1 8 1 ,4 5 0
4 5 .0 4 6 ,0 0 0 C o m m o n s t o c k ________________________________________ __________
$ 1 0 5 ,0 0 0 ,0 0 0
T o t a l ca p ita liz a tio n an d ch arges, in cl. p re f. d i v . $ 2 ,8 6 9 ,2 1 0
As against the charges of tho now company, aggre
gating $1,687,760 (or $2,869,210 if we include tho dividond
on the new preferred stock) the receivers report:
Earnings for Two Years ended June 30 and Three M o s . ended Sept. 30.
--------Year end. June 3 0 ------- Average - 3 M o s. end. Sept.3 0 1915.
1916.
2 Years.
1915.
1916.
*8
S
$
8
S
O p era tin g r o v o n u o . 17,736,738 2 0 ,8 2 6 ,1 6 0 1 9 '2 8 1 ,4 4 9 4 ,8 6 6 ,2 7 3 5,(373,392
R e v e n u e fro m o p e r.
oth er than tra n s.,
in cl. oth er in com e
4 8 6 ,0 1 0
540 ,505
5 1 3 ,2 5 7
8 9 ,7 4 7
164,055
T o t a l ...................... 18,222,747 2 1 ,3 6 6 .6 6 4 1 9 ,794,706 4 ,9 5 6 ,0 2 0 5 ,8 3 7 ,4 4 7
O p er. o x p ., incl.
ta x e s , r e n ta ls , h iro
o f e q u i p . ,& c ____ 15,334,468 16,580,071 1 5 ,957,270 3 ,7 6 8 ,4 3 3 4 ,2 8 0 ,0 2 5
T o t a l I n c o m e .. . 2 ,8 8 8 ,2 8 0 4 ,7 8 6 ,5 9 3 3 ,8 3 7 ,4 3 6 1 ,187,587 1 ,557,422
T h o receivers a d v is e th a t large expen d itu res h a v e beon m a d e d u rin g tho
last tw o fiscal years o f th o receiversh ip o n a c c o u n t o f m ain ten an ce o f w a y ,
m a in ten a n ce o f eq u ip m en t an d fo r a u d itio a s and b e tte rm e n ts in o rd e r to
im p ro v e th o p r o p e r ty gen era lly , an d h a v e fu rn ish ed tho fo llo w in g table
s h o w in g ch arges t o these a c c o u n ts d u rin g the last tw o fisca l years:
Y e a r en d ed Ju n e 30 1 9 1 6 .. 2 ,0 0 7 ,1 7 2
'4 ,2 6 8 ,0 5 8
'8 7 2 ,3 9 5
7 ,1 4 7 ,6 2 5
F . J. U s m a n & C o ., w h o iiav o sp e cia lize d in Pore M a r q u e t t e se cu ritie s,
re p o r t h e a v y sales In tho now s to c k s as fo llo w s : c o m m o n fro m 27 t o 29
and
p referred 55 to 6 1 , an d sales in th o P rio r s to c k at 72.
T h o now b o n d s
"‘w h en is s u e d " are s ta ted t o bo In co n sid e ra b le d e m a n d at 88 bid fo r th o 5s
a n d 70 b id fo r th o 4s, “ w ith n o o ffe r in g a n yw h ere near tlioso p r ic e s .”
Objection by Committee for Flint
Pere Marquette ls< M .
6s and 4s due 1920.— Tho committee representing this issue
only, Edward H . Ladd Jr., Chairman, announces:
R eferrin g t o ou r p reviou s n o tice o f O ct. 5 1916, (V . 103, p . 1302) w o are
o f th e op in ion that tho plan fo r th o re o rga n iza tio n o f th o P ere M a r q u e tte
R R . C o . d a te d O ct. 30 1916, ju s t p u b lis h e d , d oes n o t a c c o r d the a b o v e
n a m ed b on d s th e treatm en t t o w h ich th e y are ju s tly e n title d .
H olders o f
s u ch b on d s aro req u ested t o soiul th eir nam es a n d add resses t o H u n tin g to n
L a n m a n , S e c r e ta r y , 7 W all S t ., an d r e ce iv e co p ie s o f th e circu la r letter
s o ttin g fo r th th e p osition o f this c o m m itte e . C o p ie s o f th o p r o te c tiv e
agreem en t d a te d O c t . 27 1916 m a y be o b ta in e d fr o m th o S e cre ta ry o f the
c o m m itte e , H u n tin g ton L a n m a n , 7 W a ll S t ., o r at th e o f fi c e o f th o d e
p o s ita r y , T it le G u aran tee & T r u s t C o . , 176 B r o a d w a y , N . Y . C it y .—
V . 103, p . 1593, 1302.
Quebec Central Ry.— Earnings for Year end. June 30.—
191 4-1 5.
June 30 Yr.— 1915-16.
1914-15. June 3 0 Y r.— 1915-16.
$5 0 8 ,9 1 4 $ 4 2 6 ,0 9 8
G ross e a r n s . . $1,4 8 7 ,2 5 8 $ 1 ,3 4 3 ,7 2 9 G ross in c o m e .
$25 7,56 1 $257,561
N e t , a ft . taxes $49 2,27 4
$41 7,48 2 B o n d . ,& c .. int.
135,264
135,264
O th er in c o m e .
16,640
8,6 1 6 D iv s . ( 4 % ) . .
$ 1 1 6 ,0 8 9
$33 ,2 7 3
G ross in c o m e . $50 8,91 4
$42 6,09 8 B a l., su r p lu s .
B o n d , & c ., in terest in clu d o y e a rly $ 1 1 7,74 2 in terest o n 4 % d e b e n tu re
s to c k ; $57 ,573 interest o n 3 lA % d e b e n tu re s t o c k , an d $ 8 2 ,2 4 7 in te re st
o n 3d M . 5s.— V . 101, p . 1465.
Republic Ry. & Light Co.— Notes Called.—
F o u r h u n d red a n d e ig h ty -fo u r ($484,000) 3 -y e a r 5 % se cu re d g o ld n otes
h a v e been d ra w n fo r r ed em p tio n at p ar an d in terest o n D e c . 1 at F id e lity
T r u s t C o . , P h ila d elp h ia , P a .
U n d er th e trust a greem en t h old ers o f tlieso notes h a v e th o rig h t to c o n v e r t
th em a t p a r in to th o 7 % p re f. s to c k o f M a h o n in g & S h en an go R y . & L ig h t
C o ., th o o p e ra tin g su b sid ia ry o f th o R e p u b lic R y . & L ig h t C o .— V . 102,
p . 1343. 1061.
l- Rock Island Arkansas & Louisiana RR.— Committee.—
The committee named below (see adv. pages) requests de
St. Loui3 & San Francisco RR.— Interest Earned on
Income Bonds.— The reorganization managers announce:
St. Paul Union Depot C o .— Increased.—
T h e sh areh olders o n O ct. 19 v o te d t o increase tho a u th orized lim it o f i n "
d e b t e d n e s s t o $ 2 5 ,0 0 0 ,0 0 0 . A n e w b o n d issue is p r o p o s e d .— V . 1 0 0 ,p . 613 .
Sherbrooke (Que.) Ry. & Power Co.— Earnings.—
Spokane & Inland Empire RR.— Earnings.—
June 30 Yrs.— 1915-10.
1914-15. IJune 30 Yrs.— • 1915-16.
G ro ss e a r n s ..$ 1 ,1 9 3 ,8 3 5 $ 1 ,2 4 3 ,3 2 5 G ross in c o m e . $ 1 7 3,48 9
N e t, a ft . t a x . $16 9,01 1
$178,321 B o n d in t ., & c.
474 ,8 5 3
O th er in c o m e .
4 ,4 7 8
2 ,4 5 6 | B a i., d e f i c i t . . $30 1 ,3 6 4
— V . 101, p . 1366.
1914-15.
$1 8 0 ,7 7 7
4 6 8 ,5 7 2
$ 2 8 7 ,7 9 4
Stockton Terminal & Eastern Ry.— Stock.—
T h is c o m p a n y o n O c t . 23 a p p lie d t o th o C a lifo rn ia B i t . C om m ission for
a u t h o r it y t o red u ce th o p ar v a lu o o f its s to c k fro m $ 100 t o $ 1. I t Is assorted
tiia t w ith th o low er p a r v alu o th o d istrib u tio n o f th o s to c k w ill b e grea tly
fa c ilit a t e d .— V . 101. p . 1372.
Syracuse & South Bay Electric Ry.— Sold.—
A t foreclosu re sale on N o v . 1 tho reorg a n iza tion co m m itte e b id In tho
S yra cu se & S ou th B a y E lectric R y for $20 1 ,0 0 0 a n d th o S yra cu se W a ter
tow n & S t. L a w ren co R iv e r R R . for $ 3 5 ,0 0 0 . T h o p rop erties w ill n ow b o
reorga n ized per p lan in V . 103, p . 58 0 .— V . 103, p . 580 , 494 .
Texas & Pacific RR.— Receivership— Reorganization Plan.
— Judge R . E . Foster in the U . S. District Court at Shreve
port, L a., on Oct. 27 placed this company in tho hands of
its chief operating officer, J. L. Lancaster, and Pearl Wight
of New Orleans as receivers on application by B . F. Bush,
receiver of the St. Louis Iron Mountain & Southern R y,
$410,040 of tho judgment of $842,000 obtained by him last
December against the Tex. & Pac. remaining unpaid.
Kuhn, Loeb & Co. and Blair & Co. announced on Oct. 31
that they had been requested by the holders of a large amount
of the outstanding stock and incomo bonds of tho company
to prepare a plan of readjustment of its capital and debt.
Such a plan is in course of preparation and will bo submitted
to the security holders at an early date.
D ig e s t o f O f f i c i a l S t a t e m e n t Is s u e d O c t . 27.
I t has been recog n ized for years th at th e rig id fin a n cia l stru ctu re o f tho
c o m p a n y h as p reven ted It fro m raising m o n e y to on a b le it to reap the b en efit
o f its excellen t lo c a tio n , large gross earnings and lim ite d fix od Interest-bear
in g d e b t. T h o con tin u ed use o f its su bsta n tia l not earnings fo r a d d tlo n s
a n d b etterm en ts is Injurious t o th e In com o b on d h old ers an d an un n ecessary
bu r len o n th o sto c k h o ld e r s .
T h o su b je c t b eca m e im m in en t at th is tim o b eca u se s om o o f th o su its on
th o c o m p a n y ’s o v e rd u e n otes a ggrega tin g a b o u t $ 3 ,0 0 0 ,0 0 0 , w h ich tho
c o m p a n y is u n a b le to p a y , w ere on th o ev e o f trial.
F u rth erm ore, p ro ce e d
ings aro p en d in g o n b e h a lf o f th e in com e b on d h old ers to en fo rce their cla im s.
It seem ed in a d visa b le to en ter in to a p er io d o f e x p e n siv e 'litig a tio n sim p ly to
d efer a receiversh ip w h ic h , in all p r o b a b ilit y , w ou ld ov on tu a liy b o u n a v o id
a b le.
U nder these c ircu m sta n ces, an d p a rticu la rly w ith a view t o an early
rea d ju stm en t w h ich w ou ld stren gth en th o fin a n cial p osition o f th o c o m p a n y
an d enab le it t o o b ta in th o necessary fu n d s t o c a r r y on and c o m p le te tho
b etterm en ts and im p rov em en ts n ow u nd er w a y an d in co n te m p la tio n , it
seem ed t o th o Interest o f th o s e cu rity holders o f all classes th a t th e b o a r d o f
d ir e cto r s sh ou ld a cq u iesce in th o a p p o in tm e n t o f receivers.
Protective Committee.— In view of tho foregoing announce
ment, tho committee for the 2d Mortgago Incomes, M orti
mer N . Buckner, Chairman, urges further deposits of those
bonds with tho New York Trust Co. as depositary onor
before N ov . 8 (V . 102, p. 610).
T h e re aro $ 2 5 ,0 0 0 ,9 0 0 o f th o 2n d M o r tg a g o In com es o u tsta n d in g , all
e x c e p t $ 9 6 0,00 0 o f w h ich are ow n ed b y th o S t. L ou is Iron M t n . & S ou th ern
R y . (M issou ri P a cific R y .) . T h e plan in p r e p a r a tio n , it Is sa id , c o n te m
plates exch a n g in g the issue fo r a se c u r ity h a v in g n o lien on th e p r o p e r ty .
A s late as O ct. 30 n o d ecision had been r e a d ie d as t o assessing th o c a p i t a l
s t o c k .— V . 103, p . 1505, 240.
Vicksburg Shreveport & Pacific Ry.— E a r n i n g s .—
June 30
Gross
N et, after
Other
Interest, Pref .Divs. Balance,
Year—
Earnings.
Taxes.
Income. Rents, A c . ( 5 % ) .
Surplus.
1 9 1 5 - 1 6 ______ $ 1 ,6 3 1 ,1 8 0 $ 3 2 9,72 9 $15 5,70 4 $ 2 0 2,45 7
--------------$ 2 8 2,97 6
1 9 1 4 -1 5 .......... - 1 ,386,737
4 6 ,4 5 8 243 ,7 3 4
181,005 $10 7,14 0
2,047
T h e c o m p a n y resu m ed p a y in g Its preferred d lv h lo n d , h a v in g p aid an
annual d iv id e n d o f 5 % o n th e $ 2 ,1 4 2 ,8 0 0 s t o c k on S ep t. 8, th o firs t p a y
m e n t sin ce S e p t. 1914, w h en a lik e a m o u n t was p a id .— V . 103, p . 1211.
sow 4
Western Maryland Railway.— Financial Plan— To Be
Underwritten.— The shareholders will vote N o v . 17 on a
financial plan, which provides: (a) for tlio readjustment of
tho company’s financial structure so as to provide moneys for
tho discharge of its matured indebtedness and a capital
currency for its future needs; (b) for tho further concentra
tion in a single ownership of the principal railroad lines of tho
system and its terminal facilities, as well as a new disposition
of its coal properties so as to avoid any question which might
bo raised as to tho propriety of their present ownership.
The plan, which is published at length on a subsequent
page, contemplates:
(a) T h e fo rm a tio n o f a now ra ilw a y c o m p a n y th ro u g h co n s o lid a tio n o f
th o presen t c o m p a n y w ith co n s titu e n t lines an d its a c q u is itio n o f all th e
sy s te m 's term inal properties at B a ltim o re , Inclu din g grain e lo v a to r .
(b) T h e exchange) o f th e p resen t $ 5 0 ,0 0 0 ,0 0 0 c o m m o n an d $ 1 0 ,0 0 0 ,0 0 0
4 % n o n -c u m . prof, s to c k fo r a like a m o u n t o f n ow c o m m o n an d n ew 4 %
n o n -c u m . 2d p rof, s to c k , r e s p e c tiv e ly .
_____
(c) The, u n d erw ritin g an d o ffe r t o shareholders at p ar o f * 1 8 ,0 0 0 ,0 0 0 , %
1st p ref. s to c k (cu m . fro m J u ly 1 1018) In am ou n ts 3 0 % o f p resen t h o ld in g s,
th o su bscrib er w ith each .8 iOO o f 1st p ro f, t o re ce ive also * 2 2 s t o c k o f D a v is
C oa l & C o k e C o . and $25 s to c k o f M o n o n g a lia C o a l L a n d s C o .
(d) T h e lease t o the D a v is C o a l & C o k e C o . o f all the ra ilw a y s c o a l m in in g
p rop erties an d th o tran sfer o f th e reserve coa l lands t o th e M o n o n g a lia
C oa l L a n d s C o ., these m easures, w ith tljc d is trib u tio n o f all th eir s to c k
as s ta ted under “ c , ” re m o v in g dan ger o f legal co m p lic a tio n s o w in g t o ow n er
sh ip o f o f coal p r o p e r t k s b y th e ra ilw a y.
. . . . . .
,, . .
(r) T h e p a y m e n t o f th e $1 8 ,0 0 0 ,0 0 0 m a tu red n o te In debtedness (in clu d
in g $ 2 ,0 0 0 ,0 0 0 ov e r d u o interest) o u t o f p ro ce e d s o f th e f i r s t 1 r e f. s to c k .
( n •! i (T : ii< n ( f a %'5 0 ,0 0 0 .0 0 0 First & R e i . •• <>'•>••.;• :c u n d er w h ich
t h o pres t>t issue is to b e $7,5 0 0 ,0 0 0 o f 5 % b o n d s, $ 2 ,5 0 0 ,0 0 0 o f these to 1 o
p la c e d in tlio treasury and th e rem ain ing $5 000 .000 t o b e so ld fo rth w ith
fo r c o rp ora te p u rposes, in clu d in g the liq u id a tio n o f $ 3 ,2 5 0 ,0 0 0 loans
Tlio plan thus eliminates tho §18,000,000 of enforceable
(overdue) obligations, reduces the interest charge per mile
of road to §3,033 (as against $5,050 for the present com pany),
being, it is believed, well within tho minimum earnings
results during adverse periods, and affords amplo means
for future financing. Recent earnings make a very favorable
showing. See “ Reports and Documents” on subsequent
pages and the annual report in V . 103, p. 1611, 1012, 1588.
Wheeling & Lake Erie RR.— Sold— Plan Operative—
Deposits.— Kuhn, Loeb & Co. and Blair & C o ., as reorgani
zation managers, announce by adv. on another page that
thoy have (a) purchased tho properties at tho foreclosure
sale under the General Mortgage [on Oct. 30 for $12,000,
000, Ed.]— (b) declared operative tho plan of reorganization
(y . 103, p. 1211), (c) extended the time for the depositing
of stock, First Consol. 4s and unsecured claims thereunder
until N o v . 15. Depositary, Central Trust Co. N . Y .
I ho R e o rg a n iz a tio n M a n a g e rs h a v e arran ged th a t h olders o f certifica te s
o f d ep osit fo r s t o c k , in stead o f p a y in g th o assessm ent In fu ll, m a y p a y on
th o d esig n a ted d a te $12 fo r each sh are o f s to c k d e p o s ite d b y th e m and h a ve
t h o rem a in in g $15 fo r each su ch share a d v a n c e d to th e m , t o b o repaid o n or
b e fo r e six m on th s fro m sueli d a te , t o bear Interest at tlio ra to o f 0 % per aim .
T h o O h io P . U . C o m m is s io n has a u th o rize d th o p u rchases t o Issue th o
now s t o c k p ro p o s e d b y th o plan bu t p o s tp o n e d a ctio n o n th o p ro p o se d
Issuanco o f $1 1,097,060 b o n d s.— V . 103, p . 1504, 1413.
INDUSTRIAL AND MISCELLANEOUS.
American Light & Traction Co., Now York.— Earnings.
Year end.Earns.from
Ollier
Net
Pref. D iv. Common
Balance,
Sent. 3 0 . Sub. Cos.
Income.
Profits.
(0 % ).
Dividend.
Surplus.
1 9 1 5 -1 0 .$ 5 , 184,010 $57 3,07 6 $ 5 ,5 5 7 ,9 3 3 $8 5 4 ,1 7 2 $ 1 ,7 5 7 ,9 9 3 $ 2 ,9 4 5 ,7 6 8
1 9 1 4 -1 5 . 4 ,2 3 9 ,1 1 4 7 4 5 ,9 4 0 4 ,8 2 8 ,4 3 4 854 ,1 7 2
1,5 9 2 ,3 6 5 2 ,3 8 1 ,8 9 7
T liero w ere also d e d u cte d s to c k d iv id e n d s on t h o co m m o n s t o c k a m o u n tin g
t o $1,7 5 7 ,9 9 2 in th o y ear e n d in g S e p t. 30 1916, a gain st $ 1 ,5 9 2 ,3 6 5 in
1914-15, lea vin g a b a lan co o f $ 1 ,1 8 7 ,7 7 6 in 1915-16, a g ain st $78 9 ,5 3 2 in
1914-15.
Sub. Co. Dissolution.
S eo W estern G as C o . b e lo w .— V . 103, p . 495 .
American Malting Co.— Bonds Called.—
A ll th o u n exclian ged 6 % g o ld m o rtg a g o b o n d s h a v o b e e n called fo r p a y
m en t a t par and interest o n D e c . 1 a t trust d e p t .. G u a ra n ty T r u s t C o .,
N. Y.
H old ers o f these b o n d s a rc g iv e n th e o p tio n o f presen tin g th em fo r
ca s li or exch an g in g th e m , re ce ivin g in e xch an g e fo r ea ch b o n d held o n o Frist
K e f. 5 % g old b o n d w ith $25 in cash an d in terest.— V . 103, p . 1595.
American Smelters Securities Co.— Bond Call.—
A ll $ 1 0 ,8 9 0 000 o u ts ta n d in g 6 % 15-year S inking F u n d g o ld b o n d s h a v o
b e e n ca lled fo r p a y m e n t at 105 an d Interest on F o b . 1 1917. T h e se b on d s
are c o n v e r tib le at o p t io n o f h old er until th irty d a y s p rio r to F e b . I Into
A m erica n S m eltin g iV R e fin in g C o . c o m m o n s to c k at p a r , p r o v id e d th o m a r
k e t valu e o f th e b on d s shall th en ho a t least p a r.
R o g e r W . Straus has been e le cte d a d ir e cto r , su cce e d in g W . C . H otter
eslgn ed .— V . 102, p . 234 4, 1027.
American Smelting & Refining C o.—6% Div. Basis.—
A q u a rte rly d iv id e n d o f 1 jf, % has b e e n de cla re d o n th o $50 ,1 1 1 ,0 0 0
c o m m o n s t o c k , p a y a b le D e c . 15 t o h olders o f r e co rd N o v . 24. T h is c o m
pares w ith 1 % regular and y2 o f 1 % e xtra In Jun o an d S e p t. la st. T h o
regular \ %
A % o n th e p re f. w as also d e c la r e d , p a y a b le D e c . I t o h olders o f
record N o v . i 0 . K arl E llers has been e le cte d V .-P r e s .— V . 103,p . 1212, 1029.
American Steel Foundries, N. Y .— Earnings.—
Ollier
Income.
$ 87 ,473
49,212
Total
Income.
$ 2 ,3 5 3 ,0 8 7
179,045
Int.,Sk.Fd.,
Balance,
I)epr.,& c.
Sur. or Def.
$60 8,95 8 sur. $ 1 ,7 4 4 ,1 2 9
4 80 ,127
659 ,172 d e f.
Armsby & Co. of N. Y . — Sale.— A circular says:
T lio (J. K .) A r m s b y C o ., a ll o f th o c a p ita l s to c k o f w h ich is o w n e d b y
th is c o m p a n y , p roposes t o sell Us p r o p e r ty , fra n ch ises an d business to tho
(now ) C a liforn ia P a ck in g C o rn
1 ho A r m s b y C o . o f N . Y . is p repared to
redeem Its p ref. s to c k a t $115 an d d iv s ., b u t first o ffo rs t o th o h olders
th e r e o f o n o o f th o fo llo w in g o p tio n s :
1. T o redeem th e pref. s to c k in cash a t $115 p e r share p lu s d iv id e n d s .
2. T o exch an g e it share fo r share fo r p re f. s t o c k o f C a l. P a ck in g C o r p .
3. T o exch an g o each sharo t h e r e o f fo r three shares o f c o m m o n s to c k o f
C a liforn ia P a ck in g C o r p . C o m p a ro V . 103. p . 1595, 1212. S in ged b y
V ice-P res. G oorg o N . A r m s b y , N . Y . , O c t . 5 1916.
Bethlehem Steel Co.— Pennsylvania RR. Bond Holdings
Sold.— A syndicate headed by Brown Bros. & C o ., Clark,
Dodge & C o., together with E . W . Clark & Co. and E .
Lowthcr Stokes of Philadelphia, havo purehased from tlio
Pennsylvania R R . Co. $10,000,000 5 % Purchaso Money
& Improvement M tgo. gold bonds, duo in July 1930.
T h e se b o n d s are p a rt o f th o b lo c k o f $ 3 1 ,9 4 2 ,0 0 0 issu ed fo r th e p u rch aso
o f th e p rop erties o f th o P e n n sy lv a n ia Steel C o . C o m p a re V . 102, p . 802;
V . 103, p . 322.
By-Products Coke Corporation.— New Stock.—
Shareh olders o f re c o rd N o v . 29 will h a v o th e rig h t t o su b scrib e at par,
$ 10 0, in a r a tio o f o n e n e w sharo o f s t o c k fo r each share h e ld t o $ 1 ,3 0 8 ,8 2 5
n ew s t o c k , m a k in g th o to ta l a m o u n t o u ts ta n d in g $ 6 ,5 1 4 ,1 2 5 o f an a u th o r
iz e d a m o u n t o f $i 0 ,0 0 0 ,0 0 0 .— V . 102, p . 2165.
California Packing Corporation.— Subsidiary Co. Slock.
See A r m s b y & C o . o f N . Y . a b o v e .— V . 103, p . 1595, 1212.
Carbon Steel Co.— Earnings Year end. Sept. 30 1916.—
N e t p r o f it s ________________ $ 3 ,0 9 9 ,6 1 1 1D e p r e c . o f p la n t, & c --------- $476,361
1st p r e f. d iv s . ( 8 V
s.in non I R.es’ v e fnr F ed _ inn. taxes _
50.0 0 0
9 0 ,0 0 0 IB a la n ce , su rp lu s_________ $ 2 ,2 6 3 ,2 5 0
2 d p r e f. d iv s . ( 6 1 _________
1 8 0 ,0 0 0 1T o t a l su rp . S e p t. 30 1916 *$2,397,273
C o m m o n d iv s . (( V0) ...........
* A ft e r credit!] r su n d ry ad ju stm e n ts o f $ 1 ,3 3 6 .— V . 103, p . 1304.
Carwen Steel Tool Co.— Slock Offered.— Fanning, Buck
& C o ., New York C ity, are specializing in the stock of this
new company, now selling at §12 per share, on N . Y . Curb.
See advertisement on another page.
D a ta fro m P res. J o h n L . C a rlso n , P h ila d e lp h ia , O ct. 15 1916.
O rga n ized in D e la w a re t o take o v e r th e en tire ca p ita l s to c k o f th e C a rlson W e n stro m C o . , m a n u fa ctu re r o f h ig h -g r a d e steel to o ls , gauges, m illin g
cu tte rs , b ra id in g m a ch in e s, b a ll b e a rin g s, & c. P la n t, lo ca te d a t N o rth
P h ila d e lp h ia , P a ., n o w o p e ra tin g d a y a n d n ig h t t o c a p a c it y . A m o n g its
cu s to m e rs a r e ’ B e th le h e m Steel C o r p ., d u P o n t P o w d e r C o . , A m erica n
B ra k e S hoe & F o u n d r y C o . , R e m in g to n A rm s C o ., M id v a le Steel C o .,
B a ld w in L o c o m o t iv e C o . , & c.
C a p ita liz e d fo r $ 1 ,0 0 0 ,0 0 0 in shares o f $10 e a ch , all o f o n e cla ss, fu lly
p a id and n on -assessable; a b o u t 6 0 ,000 shares n o w o u ts ta n d in g , b a lan ce in
c o m p a n y ’ s treasu ry. N o b o n d s an d n o d e b ts e x c e p t cu rren t b ills (n on e
o v e r d u e ). N e t p r o fit fo r eigh t m o n th s en d in g A u g . 31 191 6 at ra te o f
a b o u t 2 3 % p er an n . on th e o u ts ta n d in g s to c k o f th e new c o m p a n y . O w in g
t o th e lim ite d c a p a c it y o f Its p la n t, th e c o m p a n y has been o b lig ed du rin g
th e past few m o n th s t o refu se a lm o st as m u ch business as it a c c e p te d .
It
is n o w p lan n ed la rg e ly t o Increase th e e q u ip m e n t. P re sid e n t, J oh n L .
C a rlso n ; V .-P r e s .. C h a s. H . Q u im b y ; S e e .-T r e a s ., W illia m R . W e n s tr o m ;
d ir e cto r s , J a c o b L u n d g ro n , M . E . , H a ro ld N lls o n , H u g o N o rm a n , F ran k
O . ITrle, all o f P h ila d e lp h ia , P a . T ra n sfe r a g e n t. S e cu rity T ra n sfer &
R e g istra r C o . o f N . Y . ; registrar, E q u ita b le T r u s t C o ., N . Y .
Central Foundry Co.— Control.—
Sea TJ. S . C a s t Ir o n P ip e & F o u n d r y C o . b e lo w .— V . 103, p . 581.
Chalm ers M otor C orp o ration .— Successor Company.—
This company was incorporated at Albany on N ov . 3 with
an authorized capital issuo of 600,000 shares without par
value, of which about 135,000 will remain in the treasury,
200.000 shares will bo exchanged fer the common stock of
tho present Chalmers M otor C o. of Michigan, and the
265.000 shares remaining will be offered for subscription
at §35 by J. S. Baclie & C o. and Charles D . Barney & Co.
T h o p re f. s t o c k n o w o u ts ta n d in g ($ 1 ,4 5 7 ,8 0 0 o n Ju n o 30 1916) w ill b o
re d e e m ' d at a r e d e m p tio n p r ice , b u t h old ers w ill h a v e th o p r iv ileg e o f ex
ch an ge fo r th e n ew s t o c k . T h e c o r p o r a tio n w ill h a v e n o liab ilities o th e r
th a n cu rren t a c c o u n ts .
I t m a n u fa ctu re s a b o u t 2 5 ,0 0 0 cars a y e a r and
plans t o in crea se th is t o 3 0 ,0 0 0 n e x t season . C o m p a ro V . 103, p . 581.
Clinchfield Navigation Co.— Bonds Called.—
F if t y ($ 5 0 ,0 0 0 ) F irst L ien E q u ip , g o ld b o n d s d u e Ja n . 1 1917 w ill b e
p a id a t p a r an d in terest on th a t d a te .
N in o h u n d red ($900,000) o f th e a b o v e b o n d s, co m p r is in g th e rem a in in g
o u ts ta n d in g am ou n t d u e a fte r Jan . 1 1917, h a v e been ca lle d fo r p a y m e n t
at !0 o and ln t. on Ja n . 1 1917, p a y a b le a t B lair & C o . , N . Y . — V . 102, p .6 1 1.
Commonwealth Edison Co., Chicago.— New Stock.—
The company has applied for permission to issue §4,583,900,
or 1 0 % , additional capital stock, which will be offered to
stockholders at par.— V . 102, p. 1440.
Connecticut Brass Co.— Sold.—
T h is p r o p e r ty has been
N . Y . , a c tin g in b e h a lf o f
p a n y , it is s ta te d , has o n
brass.
I t is e x p e cte d th a t
lic s u b s crip tio n .
a cq u ire d b y B o u g h to n & C o ., 120 B r o a d w a y ,
several ban kers and m an u factu rers. T h e c o m
h an d d o m e s tic orders fo r 7 ,0 0 0 ,0 0 0 p ou n d s o f
in th e near fu tu re s to c k w ill b e o ffe red for p u b
Consol. Gas Elec. Lt. & Pow. Co. of Balt.— Earnings.
American Hide & Leather Co.— Plan.—
S w a rtw ou t & A n n o n z d ia r h a v o s u b m itte d t o tlio s to ck h o ld e rs th o plan
o u tlin e d in th o " C h r o n ic lo ” o f O ct. 2 1 , p . 1509, 1594.
.
9 M o s. end.
Net
Sent. 30— Earninos.
1 9 1 0 ............... $ 2 ,2 6 5 ,6 0 4
191 5.......... ..
129,833
— V . 103. p . 495.
1689
THE CHRONICLE
1916.]
3 A fos .end. Sept .30. 1916.
1915.
3A fbs.cnrf.Sep.30.
1916.
1915.
G rass in c o m e .8 1 ,836,403 $ 1 ,6 2 6 ,4 5 9 F ixed c h a r g e s . $ 8 7 1,123
$41 3 ,2 5 3
T o t a l net a fte r
D iv id e n d s ____
3 13 ,534
262 ,3 2 2
823,421
750.641
t a x e s _______
Surplus fo r qu a rter a fter d e d u ctin g d iv id e n d s ____ $1 3 8 ,7 6 4
$ 75 ,065
T h o m p s o n , Shon nard & C o . , N o w Y o r k an d B a ltim o re , re p o rt: “ T h e
su bsta n tia l g ro w th sh ow n In th o la st ann ual re p o rt (Y . 103, p . 753 , 763) is
be in g m a in ta in e d . T h is progress ca n bast b o sh ow n b y th o fo llo w in g re
p o r ts o f c o n tr a c ts c lo s e d d u rin g th o fo u r m o n th s en ded O c t . 31 1916, v iz .:
(a) E le c tr ic p o w e r c o n tr a c te d fo r , 11,250 h .p .; in crea se o v e r sam e m on th s
o f 1915, 3 7 .5 % ; (6) industrial fu e l, gas p er h o u r c o n tr a c te d fo r , 6 4,0 0 0 c u . f t . ,
in crea se, 9 0 % : (c) increase in sales o f ap p lian ces c o n s u m in g e le ctr ic ity o r
ga s. 1 0 8 % .— V . 103, p . 1595. 1509.
Consolidated Gas Co. of New York.— Sub. Co. Rates.—
See N e w Y o r k E d iso n C o . b e lo w .— V . 102, p . 4 3 4 .
Corn Products Refining Co.— Dissolution Plans.—
F inal hearings w ero begu n N o v . 1 b e fo r e J u d g e L ea rn ed H an d in th e
U . 8 . D is trict C o u rt o v e r th e m anner In w h ich th e c o m p a n y shall b e d is
so lv e d . J u d ge H a n d d e c id e d t o le a v e t o th o F ed era l T r a d e C om m ission
th e qu estion as t o th e n u m b e r o f p arts in to w h ich th o enterprise sh ou ld bo
d iv id e d , in tim a tin g th a t t w o o r th ree u n its m ig h t b e fo rm e d as e ffe c t iv e
fo r c o m p e titiv e p u rposes as th e fo u r o r f iv e un its su ggested b y the G o v e rn
m en t a tto r n e y s ,
l i e also expressed h im s e lf as un w illin g t o fo rb id th e c o m
p a n y fro m d istrib u tin g t o th e p ro f, sh areh olders $ 5 ,0 0 0 ,0 0 0 o f a ccu m u la ted
d iv id e n d s .— V . 103, p . 1595, 1509.
Corporation for Riker & Hegeman Stock.— Dissolved.
T lio sh areholders o n O c t . 31 h a v in g v o te d t o d is s o lv o th o c o r p o r a tio n ,
w ill, it is s ta te d , re ce iv e $100 U n ited D ru g C o . c o m m o n s t o c k an d $44
se co n d p referred s to c k and a b o u t $1 In cash fo r e a ch $100 share o f th e
R . & I I . s to c k h e ld .— V . 103, p . 667.
Cosdon & Co.— Subscriptions to Bonds.—
A n n o u n ce m e n t is m a d e b y th e sy n d ic a te m an agers [Ilallgarten & C o .
an d E u gen e M e y e r & C o .l th a t th e sto ck h o ld e rs h a v e su bscrib ed fo r p r a c
t ic a lly the en tire $ 5 ,7 5 3 ,0 0 0 o f 1 0 -ye a r 6 % C o n v e r tib le F irst M t g e . b o n d s
re c e n tly o ffe r e d th em a t 99 an d interest. T h e p ro ce e d s w ill be used for
a d d itio n a l w ork in g ca p ita l a n d t o fin a n ce ce rta in p la n t e xten sion s. See
V . 103. p . 1213, 1121.
Curtiss Aeroplane & Motor Co.— Bonds to Replace Notes.
•— To insure the payment of the §3,000,000 serial notes and
any additional funds that may bo needed for extensions and
working capital, the company has made an issue of §4,0 00,
000 10-year 6 % Convertible Debenture bonds which has been
underwritten by a strong syndicate. N o announcement has
been made as to when the notes will be issued. The notes
mature in installments of §1,000,000 each on Jan. 1, April 1
and July 1 1917. Tho following is understood to be sub
stantially correct:
1690
THE CHRONICLE
T h e s e b o n d s h a v e been tak en b y th e sam e Interests th a t w ero p ro m in e n t
In th o org a n iz a tion o f the c o m p a n y , w ith the a d d itio n o f o th ers id e n tifie d
w ith th o M a r in o N a tion a l B a n k o f B u ffa lo an d th o E rio F in a n ce C o . o f
B u ffa lo .
G eorg e F . B a n d , P res, o f th o M a r in o B a nk, an d J o h n L . C la w
s o n , V ice -P re s . o f th a t in s titu tio n , h a v e g o n o o n th o C u rtiss b o a r d , as has
also W a lte r 1*. C o o k o , P res, o f th o B ankers T ru s t C o . o f B u ffa lo .
W ith th is fin a n cin g c o m p le te d the c o m p a n y w ill h a v e o u ts ta n d in g $ 4 ,
0 0 0 ,0 0 0 5 % d eb en tu res, § 6 ,0 0 0 ,0 0 0 7 % c u m u la tiv e p ro f, s to c k an d 160,000
shares o f c o m m o n s to c k o f n o p ar v a lu e .
T h e foreig n c o n tr a c ts h a v e been re a d ju ste d an d are n o w in s a tisfa cto ry
s h a p e. A p p r o x im a te ly 2 5 % o r 3 0 % o f th e largo fo re ign ord ers h a d beon
c o m p le te d w hen a d e la y oc c u r re d a t th e requ est o f th e foreign G o v e rn m e n t,
d u o to th o fa c t th a t th e a d v a n c e in th e art o f a v ia tio n has progressed so
fa s t th a t th e sp e c ific a tio n s laid d o w n w hen th e o r d e r w as g iv e n had been
o u td is ta n c e d .
T h o rem ain der o f th e fo re ign o rd e r has n o w been fin a lly
sp ec ifie d an d th o c o m p a n y is again g o in g ah ea d a c t iv e ly in th o m a n u fa ctu re
o f p lan es and m o to rs .
T h o fo re ig n G o v e rn m e n ts h a v e reim bu rsed th o
c o m p a n y fo r in v en tories, o v e rh e a d expenses w h ile th e su spen sion e xiste d ,
an d h a v o m a d e a s a tisfa c to r y a d ju s tm e n t o f p r o fits . T h e d e la y th erefore
m e a n t o n ly th a t th o c o m p le tio n o f th is c o n tr a c t w o u ld g o o v e r until 1917.
T h o c o m p a n y n o w has ord e rs fo r b etw een $ 6 ,0 0 0 ,0 0 0 an d $ 7 ,0 0 0 ,0 0 0
w o rth o f aeroplan es w h ich w ill be c o m p le te d b y th o la tter p a rt o f 1917.
T h e n ew foreig n s p e cifica tio n s gen era lly call fo r larger p lan es an d m o ro
p o w e r fu l engines, g en erally o f th e h y d ro -a e ro p la n e t y p e fo r co a s t d e fe so
p u rp oses, w ith 260 h .p . m o to rs .
O u t o f the last U . S. G o v e rn m e n t ord e r
fo r 50 m ach in es th e C u rtiss c o m p a n y secu red 39.
C u rtiss has d e v e lo p e d
a new fa s t s c o u t b ip lan e w h ich h as flo w n a t speeds ran gin g fr o m 50 to
120 m iles p e r h o u r .— V . 103. p . 66 7 . 147.
E a ste rn Steel C o.— Accumulated Dividends. —
A n ex tra d iv id e n d o f 2 8 % on a c c o u n t o f a ccu m u la te d d iv id e n d s lias been
d e c la r e d on th e 1st p r e f . s to c k a lo n g w ith th e regu lar qu a rte rly ! % % ,
b o t h p a y a b le D e c . 15 to h old ers o f r e co rd D e c . 1. T h is p a y m e n t, to ge th e r
w ith tin ' 2 1 % In S e p t, a n d 7 % In b o t h M a y an d J u ly la s t, disch arges all
a c c u m u la tio n s o n th is s t o c k .— V . 103, p . 416 .
Electric B on d & Share C o., N . Y . — Income Statement.—
The pref. shareholders are receiving with the warrants en
titling them to subscribe at par for 33 1 -3 % (or $2,000,000)
new pref. stock (V. 103, p. 1595), an income statement show
ing in brief (compare V . 102, p. 973):
Gross
Net
------Regular D ios.— —
Surplus
Income.
Income.
Preferred. Common.
Income.
Y r .e n d .J a n . 31 ’0 7 . . $ 4 8 3,24 3 $43 1,82 4 $ 1 0 0,00 0
_______ $33 1,82 4
Y r .e n d .D e c . 31 T 4 . . 1,558,521
1,137,042
298 ,392
4 0 0 ,0 0 0 438 ,6 5 0
Y r .e n d .D e c . 31 ’ 1 5 . . 1,8 2 0 ,3 3 7
1,4 0 1 ,0 8 5
3 4 4 ,6 4 7
4 3 3 ,7 7 8
622 ,660
9 m os . en d . S ep t 3 0 T 6 1,466,941
1,1 0 8 ,6 5 9
270 ,0 0 0
3 6 0 ,0 0 0
478 ,6 5 9
T o t a l 11 yrs. 6 H m o s .11,901,959 9,0 3 4 ,4 0 3 2,034,371 2 ,182,111 4 ,817,921
Surplus a n d u n d iv id ed p ro fits S ep t. 30 1916, a fte r a llow in g fo r re a p
p raisem en t o f secu rities, th e cre a tio n o f a reserve fu n d an d th e special d iv i
d e n d o f $ 1 ,5 0 0 ,0 0 0 paid in 1913 on c o m m o n s t o c k , $ 4 ,7 2 3 ,2 2 5 .
A n a d d ition a l special d iv id e n d o f $ 1 ,0 0 0 ,0 0 0 w as d e cla re d o n O ct. 24
1916, p a y a b lo o n c o m m o n s to c k o f re c o rd o n O ct. 31 1916.— V . 103, p . 1595.
Fi3her B ody
C orp o ration .— Acquisition.—
T h is c o m p a n y has pu rch ased at a p rice n o t m a d e p u b lic th o p la n t o f th o
R eg a l M o t o r C a r C o ., o p p o s ite th e c o m p a n y ’s p r o p e r ty in D e tr o it .
No
a d d itio n a l s to c k has been issued o r securitias gu a ra n te e d in c o n n e c tio n w ith
th o p u rch a so.— V . 103, p . 1510, 1414.
Fisk R u b b er C o.— Capital Increase.—
T h e S ecreta ry o f S tate fo r M a ssa ch u se tts has a p p ro v e d an increaso in
th o au th oriz ed c a p ita l s to c k fro m $1 4 ,4 0 0 ,0 0 0 t o $ 3 8 ,9 0 0 ,0 0 0 , an d also an
exten sion o f tim e fo r c on v ersio n o f S e co n d P referred in to c o m m o n o n e year
fr o m N o v . 1 1917.— V . 103, p . 1121.
G reat N orth ern Iron Ore Properties C o.— Dividend.—
A d iv id e n d o f 75 cen ts p er share has been d eclared o n th o 1,500,000 shares
o f tru st c e r tific a te s , p a y a b le D e c . 20 t o holders o f r e co rd D e c . 2. T h is
c om p a res w ith 50 cents in Ju n e la st.— V . 103. p . 58.
G ryph on R u b ber & Tire C orp.— Preferred Stock Offered.
— Boughton & C o ., New York, are offering $221,000 7 %
cumulative pref. stock on a basis of 10 shares (par $100) of
preferred with 2 shares of common (par $100) for $1,000.
A circular shows:
In c o r p o r a te d in N . Y . J u ly 9 1915. P referred as to assets and d iv id e n d s
an d p r o te c te d b y liberal sin k in g fu n d pro v isio n s; d iv id e n d s M . & S. R e d .
a t l l 4 and d iv id e n d s . C a p ita l s to c k a u th o riz e d , $65 0 ,0 0 0 c o m m o n anil
$ 3 5 0 ,0 0 0 preferred s to c k .
•
M a n u fa c tu r e s m ed iu m -p rice d stan dard h ig h -g ra d e autom obiles tires and
Inner tu b es, th e tires gu aran teed fo r 5,0 0 0 m iles. A n e w ly b u ilt f a c to r y ,
m od ern in eq u ip m en t and arran gem en ts, erected at a c o s t o f a b o u t $ 1 5 0 ,0 0 0 ,
Is lo ca te d at 192d St. and B a iley A v e ., N . Y . C it y .
E stim ated ann ual
earnings: G ross earnings, $ 1 ,8 5 6 ,2 8 0 ; su rp lu s, a fte r o p e r . e x p . and taxes,
a p p lic a b le t o d iv id e n d s , $54 4,00 0.
I t w ill b e n oted fr o m th o a b o v e sta te m e n ts th a t the c o m p a n y 's e stim ated
earnings aro e q u iv a len t t o a b o u t 22 tim es th o p re f. s t o c k d iv . re q u ire m e n t.
Directors and Officers (all o f N . Y . C i t y ) .— Sam uel A . C u n n in g h a m , Pres,
o f B a n k ers’ Safe D e p o s it C o . (T r e a s .); C h arles W . H u n t, S ec. A m erica n
S o c ie ty o f C iv il E ngineers; Josep h W . Jo n e s, P ros, o f th o J on es S p eed om eter
C o ., I n c . (P r e s .); P ercival S. Jo n e s, a tto r n e y ( V .-P r e s .); R a y m o n d M .
O w en , P res, o f R . M . O wen & C o .; N o rm a n W . P eters, R o b e r t YV. S ch u e tto ,
P a u l S tarrett, P res, o f G eorg e A . F u ller C o .; H icks A rn o ld YVeatherbee,
P res, o f A r n o ld , C on s ta b le & C o ., I n c ., an d J u n ior A . S traussm an, S e c .,
an d A lb e r t E . G o rd o n , G en . M g r .
In te r n a tio n a l M ercantile Marine C o.— New Officers.—
Harold A . Sanderson, formerly President, has been made
Chairman of tho Board, and P . A . S. Franklin has been
chosen President, succeeding M r . Sanderson.— V . 103, p.
14 1 5 ,1 3 0 5 .
In te r n a tio n a l Motor C o.— Plan Approved.—
T h e p la n o f reorgan ization d a te d O c t . 2 1916 has been a p p ro v e d and
a d o p te d b y b o th th o n o te h o ld e rs ’ and s to c k h o ld e r s ’ c o m m itte e s an d tho
im m ed ia te fo rm a tio n o f th e new co r p o r a tio n has been a u th o riz e d . S u b
scrip tion w arrants w ill bo sen t to d e p o sitin g s to ck h o ld e rs sh o r tly . See p la n ,
V . 103, p . 1414. 1595.
K an sas N atu ra l Gas C o .— Offer for Stock.— A
dispatch from Pittsburgh, P a ., on Oct. 31 said:
press
J oh n C . B a rtle tt, Secrotary o f th o s to c k h o ld e r s ’ p r o te c tiv e c o m m itte e ,
a n n ou n ced hero t o -d a y th at th o co m m itte e h a d en tered in to a c o n tr a c t w ith
H en ry L . D o h e r ty & C o . o f N e w Y o rk fo r th o p u rch ase o f a ll th o s to c k at
$40 a share, p r o v id e d th o co m m itte e w ill havo 4 0 ,0 0 0 shares d e p o s ite d in a
v o t in g tru st, and p rov id ed D o h e r ty & C o . can secu re fro m th e P u b lic
U tilities C om m ission o f K ansas p erm ission t o c a rry o u t tho pla n .
W h en
th e required nu m ber o f sharos has been d e p o s ite d w ith th e C o lo n ia l T r u s t
C o . o f P ittsb u rg h $15 a share w ill b o p aid to d e p o sito rs an d th o rem ain der
in 90 d a y s w ith in terest a t 6 % .
D o h e r ty & C o . a ls o are t o p a y th o expenses
o f th o c o m m itte e .
K ansas N a tu ra l shares aro n o w se llin g o n th e m arket
a t $3 7 . [H en ry L . D o h e r ty & C o . h a v o a lso beon r e p o rte d as n e g o tia tin g
fo r c o n tr o l o f th o Indian R e fin in g C o ., V . 103, p. 760 , 7 5 5 .J—Y . 103, p .
1034, 941.
(Vol. 103
th o a m o u n t on w h ic h th e now rates aro b a se d . T h e p rin cip a l d iffe r e n c e s
be tw e e n th o v a lu a tio n s are sta te d as fo llo w s : C laim s ch a rged again st o p e r
a tin g exp en ses, $ 4 ,0 3 3 ,0 0 0 ; s to c k Issued fo r license t o use T h o m a s A . E d i
s o n ’s p a te n ts , $ 9 4 5 ,0 0 0 , a n d c o s t o f u n ify in g th e s y s te n i, $ 3 ,5 8 7 ,0 0 0 ; e x
p en d itu res on a c c o u n t o f p r o p e r ty , o v e r h e a d c o n s tr u c tio n an d d e v e lo p m e n t,
o v e r $ 4 ,0 0 0 ,0 0 0 .
T ile o rd e r o f th e C o m m issio n w as t o g o in to e ffe c t o n D e c . 1 an d c o n tin u e
fo r o n o y e a r , w hen a h earin g c o u ld be re q u e ste d t o d is c o v e r w h eth er tho
n ew rato h a d w ork ed an in ju stice t o th e o e m p a n y o r w h eth er It w as still to o
h ig h . C o m p a re V. 103, p . 1596, 1510.
Lake of th e W o od s M illing C o .— Earnings.—
A ug. 31 Years—
1915-16. 1914-15. A ug. 31 Years—
1915-16. 1914-15.
N e t p r o fit s _______$525,141 $ 5 1 8,92 0 C o m . d iv . ( 8 % ) - - $ 1 0 8 ,0 0 0 $ 1 6 8 ,0 0 0
B o n d in te re s t____
9 9 ,0 0 0
99,0 0 0 W ritte n o f f _______ 100,000
100 ,000
P r e f. d iv s . ( 7 % ) - 105,000 105 ,000 B a la n ce , s u r p lu s . § 5 3 ,1 4 1 $ 4 6 ,9 2 0
— V . 103, p . 1122.
M agnolia Petroleum C o., D allas, T ex .— New Stock.—T h e c o m p a n y ’s a u th orized ca p ita l s to c k is $ 2 0 ,0 0 0 ,0 0 0 , o f w h ich $ 2 ,7 3 6 ,
000 is in th e tre a su ry.
T h is a m o u n t is o ffe re d fo r p ro rata s u b s c r ip tio n
a t p a r, $10 0 a sh are, a t o f fi c e o f T reasu rer YV. C . P r o c to r , I’ . O . B ox 1667,
D a lla s, o n o r b e fo r e D e c . 20. S u b scrip tio n s w ill b e p a y a b lo oith or (a) in
eight installm ents o f 1214% each o n A p ril 10, J u ly 10 and O ct. 10 1917;
Jan . 10, A p ril 10, J u ly 10 an d O ct. 10 1918, an d Jan . 10 1919; o r (b) a n y
su b scrib e r m a y a t a n y tim e p a y in a d v a n ce o f m a tu r ity fo r a n y fu ll n u m ber
o f shares fo r w h ich ho has su b s crib e d , an d th ereu pon h a v o issued to him
th o shares fo r w h ich h o has thus p a id . T h o T reasu rer w ill a d ju s t th o fr a c
tion al shares d u o th o several su bscrib ers b y sellin g o r b u y in g th e sam e a t
th o ra to o f $100 per share. T h is o ffe r , k n o w n as su b s c r ip tio n N o . 3 , Is
m a d o as o f O ct. 12.
M a n u fa ctu rers’ L ig h t & H eat C o.— Consol. Earnings.—
9 M o s . end.
Gross
N it (afterOther
Bond
Dividends Balance,
S'pt. 30- - Darnings.
Tares). Income, h it., A c .
(6 % ).
Surplus.
1 9 : 6 _________$ 5 ,3 7 5 ,i49 $ 2 ,2 4 3 ,6 3 3 $3 9 ,7 5 6 $ 6 1 ,5 2 8 $ 1 ,3 8 0 ,0 0 0 $841,861
1915 - ........... 4 ,5 5 5 ,8 4 2
1,9 2 6 ,2 3 9 4 2 ,173
71,0 4 8 1 .380,000
517 ,364
P r o fit a n d loss, su rplu s, S e p t. 30 1916. a fte r a d d in g $11 ,391 fo r su n d ry
a d ju s tm e n ts , w as $ 8 3 0 ,4 7 0 .— V . 103, p . 497 .
Midvale Steel & O rdnance C o.— Acquisition.—
Seo U n io n C o a l & C o k o C o . b e lo w .— V . 103, p . 1305. 761.
N ation a l C arbon C o .— Extra 2 % Dividend.—
L a st w eek w o s ta te d th a t an e xtra d iv id e n d o f 2 % h ad beon d e cla re d o n
th o co m m o n s to c k , p a y a b lo Jan . 15 1917, a lo n g w ith th e regular q u a rte rly
d iv id e n d o f 2 % .
YVe aro o f fic ia lly in form ed th a t these d iv id e n d s h a v o n o t
been d e cla re d , b u t th a t the b o a rd o f d ire cto rs a t a m e e tin g on O c t . 24
d e cid e d t o pay an e xtra d iv id e n d o f 2 % in a d d itio n t o th o regular q u a rte rly
p a y m e n t t o bo m a d e Ja n . 15 1917.— V . 103. p . 1596.
N ation a l M otor Car & V ehicle C orporation (“ N a tio n a l
C ars” ), New Y o r k .— Syndicate Over-Subscribed.— On another
page Yvill bo found tho advertisement of Pyne, Kondall &
Hollister and Leonard Snider & C o ., both of Now York,
who as managers of a syndicate purchased 53,000 shares of
this company, out of a total issue of 80,000 sharos. Tho
syndicate having been largely over-subscribed at $42 50,
the advertisement is published merely as a record of tho
transaction. Seo also V . 103, p. 1596, 1511.
C om m issio n ch e ck s fo r th o s to c k su b scrib e d fo r b y sy n d ic a te m em bers
w ero m ailed y e s te rd a y b y th e s y n d ica te m an agers. T h is s to c k w as largely
o v e r -su b s c rib e d last w eek a t 4 2 M an d is n o w q u o te d o n th e “ C u r b ” a t 43a
4 3 H — V . 103, p . 1596, 1511.
N ation a l Sugar M a n u fa ctu rin g C o.— Bonds Called.—
F ifty -s e v e n ($5 7 ,0 0 0 ) 1st M t g e . b o n d s h a v e been ca lled fo r p a y m e n t a t
105 a n d Interest o n D e c . 1 at B u ffa lo T r u s t C o . , B u ffa lo , N . Y ., tru stee.
— V . 9 9 , p . 410.
New Jersey Z in c Co .— Earnings for Three Quarters.—
Net (after
Bend Int.
Dividends
Balance,
Quarters ending—
I axes, A c .) . A Reserve.
Paid.
Surplus.
M a r . 31
1916...........$ 8 ,5 6 1 ,3 8 5
$ 1 1 5,00 0 (1 9 % )$ 6 ,6 5 0 ,0 0 0
$ 1 ,7 9 6 ,3 8 5
Ju n e 30
1916______ 8 ,8 5 0 ,2 9 2
115,000 (1 9 % ) 6 ,6 5 0 ,0 0 0
2 ,0 8 5 ,2 9 2
S e p t. 30
1916______ 8,3 0 4 ,5 1 1
115,000 ( 1 9 % ) 6 ,6 5 0 ,0 0 0
1 ,539,511
D u r in g th o 9 m o s . e n d in g S e p t. 30 1916 th o c o m p a n y d e cla re d 5 7 % In
d iv id e n d s , o r $ 1 9 ,9 5 0 ,0 0 0 in ca sh . A q u a rte rly d iv id e n d o f 4 % w as p aid
in F e b . a n d 10% extra In Ja n . o u t o f 1915 earnings, to ta lin g $ 2 4 ,8 5 0 ,0 0 0
(o r 7 1 % ) p a id in cash fo r th e y e a r .— V . 103, p. 1596, 1215.
New Y o rk E d ison C o.— Reduction in Rates.—
T h is c o m p a n y and also th o U n ited E le c tr ic L igh t & P o w e r C o . w ill m a k e
a re d u ctio n
in tho rates fo r e le ctr ic ity fro m a present m a x im u m rato o f 8
cen ts p er k. w . h o u r t o 7 Mj ce n ts, e ffe c t iv e Ja n . 1, an d co n tin u in g to J u ly 1
1917, w hen a fu rth e r re d u c tio n w ill be m a d o . T h is r e d u c tio n , it Is e s ti
m a te d , w ill sa vo con su m ers $ 1 ,7 5 0 ,0 0 0 p er a n n u m .— V . 100, p . 1353.
N orth A m erican Pulp & Paper C o.— Officers.—
G e o rg e H . Parks a n d A . E. W r ig h t, w h o w ere fo rm e rly V lc c-P re sd io n ts o f
th o In ternation al P a p e r C o ., h a v e been m a d o V ice-P resid en ts o f this c o m
p a n y .— V . 101, p . 850 .
Nova Scotia Steel & Coal C o.— Output.—
P re s. C o l. T h o s . C a n tle y is q u o te d as s a y in g : “ D e sp ite la b o r sh o rta g e
a n d o th e r d iffic u ltie s , o u r o u tp u t fo r tho first nine m o n th s o f the ye a r w as
a p p ro x im a te ly 4 0 % h igh er th an th o p re vio u s b e s t .” — V . 102, p . 1622.
Peerless T ru ck & Motor Corp. (In cl. S u b . C o s.).—
Earnings Nine Months to Sept. 30 1916:
N e t sa le s_________________ $ 1 0 ,1 4 9 ,3 >4 j D e p r e c i a t i o n ______________
N e t In co m e ______________ $ 2 ,1 5 3 ,8 9 4 E x tra o rd in a ry c h a r g e s____
5 0 ,9 9 8 1S p ocial r e s o rv o _________ _
O th er In co m e____________
T o t a l in c o m e ___________$ 2 ,2 0 4 ,8 9 2
In terest p a i d ____________
$4 4 ,0 3 3 ]
— V . 102, p . 1254.
$ 2 1 8,20 0
44,1 0 0
184,500
N e t p r o fit s _______ ______ $ 1 ,9 3 2 ,2 5 8
Poole Engineering & M achine Co. of M arylan d,
B altim ore.— Luke, Banks & Weeks announce tho dissolu
tion of tho syndicate which undenvToto tho $500,000 6 %
convertible bonds, all of Yvhich havo beon sold. Presidont
S. Proctor Brady recently approved tho folloYving:
Management Reorganized.— Sinco M a r c h 1 last o u r c o m p a n y h a s beon
e n tire ly reorgan ized as fa r as th o m an agem en t is co n c e r n e d . A t th a t tim e
an e x e cu tiv e co m m itte o w as a p p o in te d co n sistin g o f YV. 1). B a ld w in , P resi
d e n t O tis E le v a to r C o .; YV. II. M a rsh a ll, P resident A m e rica n L o c o m o t iv e
C o .; I I . D . G ib s o n , V .-P r e s . L ib e rty N a tio n a l B a n k ; J o h n R . M c G in io y ,
P residen t D u ff M fg . C o .; H en ry J. F u ller, P residen t C a n ad ian -F airban lcsM o r s e C o .; P h ilip P o e o f P o e & D a v is , an d m y s e lf. (V . 102, p. U 6 7 .)
R o ss A n d e rso n , fo rm e r ly o f A m e rica n L o c o m o tiv e C o ., w as m a d e p r o d u c
tio n m an ager. R . B . A llis o n , fo rm e r ly in ch arge o f the o rd n a n co w ork
o f H ep b u rn B ro s., L t d ., M o n t r e a l, was m a d o assistant p r o d u c tio n en gin eer.
K en n e c o tt Copper C orporation .— New Officers. —
O n S ep t. 1 D o u g la s S h oem ak er, fo rm e r ly o f A m e rica n Steel F o u n d ry C o .,
W illia m C . P o tte r lias been ele cte d a d ire cto r an d m e m b e r o f tho ex e cu tiv e
w as m a d o V ice -P re s id e n t.
(T h is re o rg a n iza tio n fo llo w e d th e e n try in to
c o m m itte e s u cce e d in g J oh n M . S teel, resign ed , an d II. F . G u ggen h eim
th o fin a n c ia l a ffa irs o f th o c o m p a n y o f E . C . C o n v e rse an d h is associa tes
an d E . A . G u g g en h eim , w ere also ele cte d d ir e cto r s to s u cce e d E lliot C .
on M a r c h 1 last, w h o pu rch ased a c o n tr o llin g interest o f th o s to c k an d
B a co n a n d S. YV. E ccle s , w h o resign ed .— V . 103, p . 1510, 582.
p la c e d it in a v o t in g trust.)
Munition Contracts.— T h is o rg a n iz a tio n has n o w beon o p e ra tin g tho c o m
K in gs C o u n ty Electric L igh t & Power C o.— Rates.— p a n y fo r a b o u t six m o n th s . YVhon th e y u n d e rto o k th o ta sk th o P o o lo c o m
p a n y h a d six o rd n a n co c o n tr a c ts , v iz ., 12-inch sh rap n el, tw o c o n tr a c ts fo r
T h o c o m p a n y , it Is s ta te d , has p r a c tic a lly d e c id e d t o app eal to th e co u rts
fro m the r ecen t decision o f th e 1’ . 8 . C o m m issio n re d u cin g rates fro m D e c . 1 3 -in ch h ig h -e x p lo s iv e sh ells, 6-in ch h ig h -e x p lo siv e sh ells, M c L e a n a u to
anil also cu ttin g the valuation ret in th e o r m e rtv o f the E d ison E le c tr ic ' m a tic o n e -p o u n d e r guns an d 5 ,0 0 0 ,0 0 0 o n o -lb . shells c o m p le te ly lo a d e d
re a d y fo r fir in g .
Illu m in a tin g C o .fr o m $ 3 8 ,0 0 0 ,0 0 0 t o $ 2 2 ,0 0 0 ,0 0 0 , th is latter fig u re being
Nov. 4 1916.]
THE CHRONICLE
W ith tho exception o f a few 12-inch shells no deliveries whatever had boon
m ado on M arch 1. Tho conditions to-day aro as follow s: Ono 12-inch
contract has boon com pleted and not a single shell was rejected. The
m achinery used in connection with this contract has boon sold fo r m ore
than wo paid for it.
. . .
Our two 3-inch contracts wo liavo canceled and have been released from
all liabilities in connection therewith by tho purchaser. W o found that
those could not bo executed excopt at a largo loss for countless reasons
that it would tako hours to oxplain.
,
,
,
T ho six-inch contract is going along nicely and will bo com pleted early
in 1917. Our M cLean gun work is now progressing satisfactorily. T he
latter contract will bo com pleted in Decomber'1 9 1 6 .
It is, how ever, tho contract for 5,000,000 1-lb. shells that gives us the
greatest encouragement. This contract was really divided into tw o con
tracts. ono for 500,000 and another for 4,500,000. T he first was com
pleted somo time ago. On the largo part o f tho ordor wo are considerably
ahead o f schedulo called for in the contract, or, to bo exact, 590,901 com
plete shells ahead on this date. Our maximum production called for,
although wo can anticipate deliveries, is 25,000 sholls a da y. W e aro now
producing about two-thirds o f what will in about 30 days bo our maximum
capacity, and on ono da y, which was not in any way abnorm al, wo pro
duced 24,400 com pleto sholls. [It is understood that tho com pany’s profits
on tho ono-pundor shells which aro being turned out at tho rate o f approxi
m ately 25,000 per day is $1 per shell.)
'
„
...............
A t tho present rate o f production, on N o v . 1 1916 wo shall bo 1,125,000
shells ahead o f our contract schedulo and tho entire contract will bo com
pleted somo throe or four months ahead o f contract requiromonts.
N ow that our ordnance problems aro, we fool, behind us wo aro dovoting
a groat deal o f our time and thought to the com pany’s business when our
ordnanco work is over. Tho Poolo com pany has becom e known in tho last
year or tw o so much as an ordnance com pany that few realize that it has
been in continuous business for 73 years prim arily as high-class gear and
m achine makers.
,
,
Recent Acquisitions.— Our regular businoss, which is now larger than
evor, has not been vigorously pushed for m any years. Vice-President
Shoomakor will devoto his ontiro time to tho regular business o f tho com
pany and to developing a sales organization. Ho will also bo in direct
charge o f tho N ow York & Hagerstown M etal Stam ping C o. and tho
M otslnger Dovices Corporation, tw o concorns tho control o f which has just
been takon over by the Poolo com pany, b y voto o f our executive com m ittee
at a recent meeting.
Thoso two companies havo boon identified witli our com pany since tho
first o f tho year, tho Hagerstown com pany having an order from us for
1,000,000 brass shell cases on which they aro producing 10,000 d aily and
tho M otsinger com pany for 1,000,000 shell bodies, on which contract thoy
aro working along satisfactorily. Tho Hagerstown C o .’s rogular business
is pressed stool products and tho M otsinger business is autom obilo parts.
W o expect that tho acquisition o f thoso two com panies and their opera
tion under our managomont will m aterially augment tho businoss o f the
P oolo C o. after our ordnance work is com pleted.
B onds. — Recently tho com pany sold $500,000 Convertible First R efund
ing M . 6% bonds, convertible into stock at tho option o f tho holder at any
tim e prior to M a y 1 1917 at 125 or oight sharos o f stdek for ono bond.
(V . 103, p . 669.)
[In connection with tho nowspaper extract as approved is the statement
b y an oxchango journal that on tho basis o f tho com p a n y’s operations to
date it is oxpoctod that tho property for the fiscal year will earn$ 3 ,500,000.
— V . 103, p . 669.
Peoples W a te r Co. of O a k la n d .— Final Plan.— 'T he Re
organization Committee, John S. Drum of San Francisco,
Chairman, announces as of Oct. 10 that the reorganization
plan of Dec. 17 1914, modified N o v . 1 1 9 1 5 (V. 101, p. 2076),
has been further modified and in its perfected form has been
accopted by all parties in interest and approved by the Cal.
R li . Commission. A decree of sale has been granted by
the court and the sale will tako place in Oakland on N ov . 2 1 .
Tho final plan makes no change in tho funded debt as pro
posed by modification of N o v . 1 1915, consisting of an
authorized $15,000,000 IstMortgago 30-year 5H>s, of which
$9,100,000 will be issued forthwith to retire all oxisting bonds,
purchaso money mortgages and secured notes. Tho share
capital of tho successor company, howover, is as follows:
Proposed Share Capital of The East Bay Water Company in $100 Shares.
Class A 6 % Cumulative Preferred Stock (1st pref. as to princ. and
divs.) cumulative from Jan. 1 1916, authorized (non-assoss.) -$6,000,000
(a) Issuablo in amount equal to 6 0% o f the (about)
$7,400,000 Peoples W ater C o. bonds held in owner
ship in part consideration therefor, s a y ..................... $4,440,000
(b) Balance to be held as treasury stock, issuablo for
developm ents, im provem ents, & c. on vote o f % o f
directors, say..................................... ............ ................... 1,560,000
Class B 6% Non-Cumulative Pref. Stock, non-assessablo. (W hile
this stock is described as non-cum ulativo, it is provided that
" n o dividond o f any description shall bo paid upon com m on
.
stock until dividends havo been paid to tho holders o f class B
prof, stock in amount equal to 6 % per annum from Jan. 11916
to tho time any such dividond on com m on stock is p a id .” )
T otal authorized abou t_______________________________________ $2,960,000
A ll issuablo in part consideration for (about) $7,400,000
Pooplos Wator C o. bonds hold in ownership on N o v . 1 1915,
in amounts equal to 4 0% thereof.
Common Stock, non-assessablo. Total authorized (or such other
am ount as tho Cal. R It. Commission shall ap p rovo)_____
$50 0 000
T o bo divided among tho present preferred and com m on stock’
holders as m ay bo determined by a m ajority o f tho prosont
preferred stockholders: tho stock o f F . C . Havens not voting.
A ll classes o f stock will be relieved o f all stockholders’ liability for nav
ment o f bonds to bo lssuod and interest thereon, or sinking fund and do
prcciatlon instalments or other indebtedness so far as this can bo done
In case o f a salo o f tho properties to tho C ity o f Oakland or a wator district
or othor municipal organization prior to Jan. 1 1917, and also it is under
stood in caso o f any othor liquidation or dissolution, after satisfying tho
bonds and both classes o f pref. stock, tho surplus shall go to tho com m on
stock.— V . 103, p. 1122, 1416.
Sears, R o eb u ck & C o.— Total Sales.—
1916— October— 1915.
Increase. I 1916— 10 M os.— 1915
Increase
$16,212,095 $11,251,484 $4,960.6111 $ 1 1 0 ,9 1 8 ,2 9 8 $ 8 6 .7 2 8 ,7 ^
— V . 103, p. 1305, 946.
Sh aw in igan W a te r & Power C o.— Notes.— Stone &
Webster, Curtis & Sanger and Chase & C o. of Boston have
sold at 9 9 % and int., to yield 5 % % , $2,500,000 2-year 5 %
Secured Gold Coupon Notes (closed issue) dated Oct. 2
1916, due Oct. 1 1918. See also adv. on another page, and
also descriptive statement in last week’s “ Chronicle ” __
V . 103, p. 1597, 1511.
'
S h aw m u t Steam ship Co .— Equipment Bonds Offered.__
Bond & Goodwin, New York, Boston, Chicago &c. aro
offering $1,200,000 serial Equipment M ortgago’ 6 % ’gold
coupon bonds at prices varying from 101.25 to 100: dated
N o v . 1 1916. Denom. $1,000. Callable at 103 and int.
A circular shows :
Intorost M . & N . at tho Stato Streot T rust C o ., trustee, B oston, without
deduction for taxes levied b y tho United States G overnm ent. Princinal
duo $60,000 semi-annually from M a y 1 1919 to N o v . 1 1927, both incl
A Massachusetts corporation owning and operating m erchant steamships
in goneral cargo business, and In foreign and dom estic com m erce. The
com pany is in very strong financial condition. Capitalization (1) Stock
authorized, $1,300,000 com m on and $1,200,000 7 % p rof.; outstanding
$1,100,000 com m on and $817,300 p rof.; (2) These $1,200,000 bonds!
A cash dividend o f 4 0% was paid on the com m on stock in Sopt. 1916.
1691
All marine property form erly owned having been disposed o f at high
prices, contracts have been made for tho construction o f fiv e m odern gen
eral cargo steamships for delivery in 1917 and early in 1918.
These bonds
are to bo secured b y tw o o f the new ships o f 10,000 tons d. w ., now building
at Philadelphia at a total cost o f $2,500,000. Additional cash capital to
the extent o f $550,000 is to bo obtained through tho sale o f stock which has
been underwritten. Full marine and fire insurance will protect bondholders.
There is no bonded debt other than those bonds, and under date o f Sept.
30 1916 a total indebtedness o f on ly $67,385 against which are assets
o f $2,959,000. T h e com pany has over $1,000,000 surplus. Estimated
annual net earnings o f the fu ll fleet— tonnage 44,500 d. w .— on the basis o f
rates existing imm ediately prior to the war, are as follows: net earnings,
after depreciation, & c., S798.725; annual bond interest and retirem ent,
$185,000: balance available for preferred and com m on stock, $613,725.
Harris Livermore is President. P roperty managed b y W in. H . Randall &
C o. o f B oston.— V. 103, p . 762, 423.
Sierra & San Francisco Power C o .— Bonds Offered.—
Harris, Forbes & C o. are offering $1,000,000 1st M tge. 5% gold bonds
at 92yi and int. This makes $7,500,000 o f these bonds outstanding.
— V. 103. p. 65.
(A. O .) Sm ith C orp., M ilw aukee, Pressed Steel
Sh apes.— Pref. Stock Offered.— A syndicate headed by
William P . Bonbright & Co. and W hite, W eld & C o ., each
of New York, and Elston & C o ., Chicago, are offering $ 3 ,
000,000 7 % cumulative pref. stock at 98 and divs., with the
privilege of purchasing 4 shares of common stock (no par
value) at $35 per share, with each 10 shares of preferred.
Pref. as to assets and dividends. Dividends quarterly. R ed. all or
part prior to M a y 1 1918 at 105 and dividends: thereafter to M a y 1 1920
at 107H and dividends: thereafter at 110 and dividends. Tho pref. stock
if redeemed, shall be called pro rata, shall havo full voting power, and no
new stock m ay be issued prior to this issue. Pref. stock sinking fund 20%
o f annual net earnings, after pref. dividends, i f such earnings are $1,500,000
or less: 25% if over $1,500,000 and less than $2,000,000; and 3 0% if earn
ings exceed $2,000,000. Fund must bo used semi-annually (A . & O .) to
retire and cancel pref. shares. Dividends on com m on stock are limited
to $6 a share per annum, until the pref. stock is reduced to $1,500,000.
D ata from L e tte r o f Pres. L. R . S m ith , A lilw auk ee, W is., O c t. 24 1916.
Organization.— T o be organized im m ediately, and will acquire free and
cloar tho entire plant, assets, & c., o f the A . O. Smith C o ., o f M ilwaukee,
W is. W ill have authorized and outstanding $3,000,000 7 % cum ulative
pref. stock, and 100,000 shares o f com . stock. There are to h e no bonds.
Business and Plant.— The A . O. Smith C o. was incorporated in 1904 and
succeeded the Federal M fg . C o . Has found its m ost profitable cus
tomers in the autom obile industry, for frames, axle housings and special
pressed steel shapes and drop-forgings. A m ong tho com pany’s customers
aro tho Studebaker, B uick, D odge B ros., R eo, Oakland, Jeffery, Stutz
and M itchell m otor car companies.
The plant, located on a plot o f 44 acres, has a main fram e pressing shop
over 1,000 feet long covering over seven acres and containing the largest
fram e press ever built, which does the work o f four ordinary presses. A
gas producer plant recently installed furnishes fuel for heating furnaces and
gas for tho engines in the 1,800 k. w . electric power plant. E m ploys
about 1,500 men.
Statement of Net Worth and Net Earnings as of July 31 1916.
Net Assets—
Net EarningsN et quick assets__________ $1,374,384 A v.for 5 yrs. end. July 3 1 . $474,540
N et tangible assets______ 3,417,962 A v.for 3 yrs. end. July 3 1 .
693,807
,
Year ended July 31............ 1,505,162
W ithin the past year the company' has expended over $440,000 in exten
sions and improvem ents and the full benefit therefrom will bo reflected in
the current year’s operations. Gross sales in tho current fiscal year are
estimated at $1,800,000.
Management.— The present management which has been theprincipal
owner, will continue in active charge and retain a large m ajority o f com . s tk .
S ta n d ard Sa n ita ry M fg. C o .— Extra Dividend.—
An extra dividend o f 1 % has been declared on the com m on stock along
with the regular 1 % % on the pref. and 1H % on the com m on stock , all
payable to holders o f record O ct. 19.— V . 98, p. 1396.
T ran su e & W illiam s Steel Forging C orp., N . Y . —
Stock Offered.— Hornblower & Weeks, Dominick & Dominick
and Kissel, Kinnicutt & C o ., eacli of New York, as syndicate
managers, recently offered for public subscription at $45 5 0 per
share 70,000 shares of capital stock of no par value, when, as
and if issued. See advertisement on another page. The com
pany was incorporated at Albany, N . Y . , on Oct. 26 1916,
succeeding to the property and business of the prosperous
Ohio corporation of similar name with extensive steel forg
ing and stamping plant at Alliance, O.
D ata fro m L e tte r o f O c t. 24 1916 fro m O . F. T ra n s u e , Pres, o f t h e N ew
C o m p a n y , (V ice-P res. a n d Q e n . M gr. o f th e O ld C o.)
(1) T ho new com pany has an annual capacity o f forging o f over
40,000 tons, and o f stamping o f ovor 4,000 tons. T he forging departm ent
consisting o f 4 buildings and 70 drop hammers, occupies 14 acres and tho
stam ping department, 2 buildings and 25 presses, occupies 10 acres. The
com pany also operates machine shops, &c. and has recently put in operation
a 5,000 h. p. power plant. P ractically all construction is new and all
is m odern. Present payroll totals 1,271 em ployees representing capacity
operation.
,
,
(2) A largo portion o f our forgings are in a lloy steel products. Our
operations will probably continue to bo largely o f alloy steels.
(3) As o f Sopt. 6 1916, unfilled orders on hand amounted to $3,212,068.
Our customers include tho American Steel & Iron C o ., B. & O . R R „ Birdsell M fg ., C o. B rown, Lipe, Chapin C o ., L ocom otive Super Heater C o .,
M axw ell M otor C o ., R epublic M otor Truck C o ., N ew Process Gear C orp .,
Studobakcr C o ., American Car & F oundry C o ., Pressod Steel Car C o .,
Pullm an C o ., Chicago Northwestern R y ., American L ocom otive C o ..
Baldwin L ocom otive C o ., Westiiigliou.se M fg . C o. and the Ford M otor C o.
(4) Present capital (old co .) is $700,000 (par $100) and for some years
past has paid dividends o f from 20% to 4 0 % .
Tho balance o f surplus
earnings has been utilized to develop the plants and excepting $100,000,
Invested prior to 1906, the growth o f the assets has been entirely the result
o f reinvestment o f earnings.
Earnings for Years. 1912.
1913.
1914.
1915.
(.7 M o s.)'16.
Sales....... .................$974,13S $1,467,798 $1,982,222 $3,841,321 $3,329,772
N et earnings_____ 105,767
162,610
194,155
671,251
*648.026
* A t rate o f $12 per share.
T h e B a n k ers R e p o rt in S u b sta n ce as F o llo w s.
Acquisition.— After an examination o f tho properties and business o f
Transue & W illiam s C o . o f Alliance, Ohio, (incorporated in Ohio in 1898)
and a report thereon b y Julian Kennedy, an appraisal b y T ho American
Appraisal C o ., and an audit by Arthur Young & C o ., the syndicate has
agreed to purchase both property and businoss as a going concern and to
vost the same in a N . Y . corporation, to bo named Transue & W illiam s
Steel Forging Corp. with an authorized capital o f 110,000 sharos with no
par value, o f which 100,000 sharos will be issued for said property and busi
ness plus $750,000 cash to be paid into the new com pany.
Based upon the cash purchaso price actually to be paid and including the
additional cash working capital to be provided, the assets o f the new com
pany will bo equivalent to about $37 50 per share, o f which $16 por share or
about $1,600,000 will bo represented b y net working capital. O f the stock
to bo outstanding, 30.000 shares have been purchased by interests con
nected with the old com pany, and the remaining 70,000 shares having been
purchased b y the syndicate.
The officers and directors are as follows: O. F . Transue, Pres.; Frank
Transue, V .-P res.; F . E . Dussel, Sec. & Treas.; W . H . Transue, H arry R .
Jones (Pres. United A lloy Steel C o .), G . E . Farnsworth (Cashier First N at
Bank, Cleveland) and John W . Prentiss (o f H ornblower & W eeks).
F o r o t h e r in v e stm e n t n ew s see p a ge 1709.
(Vol. 103.
THE CHRONICLE
1693
Reports m l Ehxcmimits,
PERE MARQUETTE RAILROAD COMPANY
P L A N OF R E O R G A N IZ A T IO N .
BONDS, NOTES
AND
C O U PO N S
W H IC H
D E P O S IT E D U N D E R T H E P L A N A N D
M A Y BE
AGREE
M E N T ON T H E T E R M S T H E R E IN ST A T E D :
Flint & Pere Marquette Railroad Company, First M ort
gage Six Per Cent Gold Bonds, with, coupons maturing April 1
1914 and subsequent coupons.
P’lint & Pore Marquetto Railroad Company, First M ort
gage Four Per Cent Gold Bonds, with coupons maturing
April 1 1914 and subsequent coupons.
Flint & Pere Marquetto Railroad Company (Toledo Divi
sion), First Mortgage Five Per Cent Gold Bonds, with cou
pons maturing July 1 1914 and subsequent coupons.
Chicago & W est Michigan Railway Company, First M ort
gage Five Per Cent Bonds, with coupons maturing June 1
1914 and subsequent coupons.
Chicago & North Michigan Railroad Company, First
Mortgage Five Per Cent Bonds, with coupons maturing
M a y 1 1914 and subsequent coupons.
Detroit Grand Rapids & Western Railroad Company,
First Consolidated Mortgage Four Per Cent Bonds, with
coupons maturing April 1 1914 and subsequent coupons.
Grand Rapids Belding & Saginaw Railroad Company,
First Mortgage Five Per Cent Gold Bonds, with coupons
maturing March 1 1914 and subsequent coupons.
Pere Marquetto Railroad Company of Indiana, First Mort~
gage Four Per Cent Gold Bonds, with coupons maturing
M a y 1 1914 and subsequent coupons.
Depositary: Old Colony Trust Company, Boston.
Flint & Pere Marquette Railroad Company (Port Huron
Division), First Mortgage Five Per Cent Gold Bonds, with
coupons maturing April 1 1914 and subsequent coupons.
Flint & Pere Marquette Railroad Company, First Con
solidated Mortgage Five Per Cent Gold Bonds, with coupons
maturing M a y 1 1914 and subsequent coupons.
Depositaries: Central Trust Company of New York;
Old Colony Trust Company, Boston.
Saginaw Tuscola & Huron Railroad Company, First M ort •
gage Four Per Cent Gold Bonds, with coupons maturing
August 1 1914 and subsequent coupons.
Depositaries: The New York Trust Company; Old Colony
Trust Company, Boston.
■
Pere Marquette Railroad Company, Consolidated M ort
gage Four Per Cent Gold Bonds, with coupons maturing
July 1 1914 and subsequent coupons.
Depositary: The Farmers Loan & Trust Company,
N ew York.
Pere Marquette Railroad Company, Refunding Mortgage
Four Per Cent Gold Bonds, with coupons maturing July 1
1914 and subsequent coupons.
Depositary: Bankers Trust Company, Now York.
Pere Marquette .Railroad Company, Short Term Six Per
Cent N otes, dated February 9 1912 and February 26 1912,
due October 8 1912, in favor of Old Colony Trust Company
(herein termed “ Old Colon j N otes” ).
Depositary : Old Colony Trust Company, Boston.
Detached Coupons, due April 1 1912, pertaining to Flint
& Pere Marquette Railroad Company First Mortgage Six
Per Cent Gold Bonds.
Detached Coupons, due April 1 1912, pertaining to Flint
& Pere Marquetto Railroad Company First Mortgage Four
Per Cent Gold Bonds.
Detached Coupons, due April 1 1912, pertaining to Detroit,
Grand Rapids & Western Railroad Company First Con
solidated Mortgage Four Per Cent Bonds.
Detached Coupons, due July 1 1912, January 1 1913,
July 1 1913 and January 1 1914, pertaining to Pero M ar
quette Railroad Company Refunding Mortgage Four Per
Cent Gold Bonds.
Depositary : Central Trust Company of New York.
N O T E S , D E B E N T U R E S A N D S T O C K W H IC H M U S T '
B E D E P O S IT E D IN CASE T H E H O L D E R S D E S IR E
TO A C C E P T
THE
OFFER
OF T H E
PU RCH ASE
S Y N D IC A T E H E R E I N A F T E R S T A T E D .
Pere Marquetto Railroad Company, Six Per Cent Col
lateral Trust Gold Notes (herein termed “ Collateral Trust
N otes” ), with coupons maturing September 1 1912, and
subsequent coupons.
Pero Marquetto Railroad Company, Six Por Cent Five
Year Gold Debentures (herein termed “ Debentures” ) with
coupons maturing July 1 1912.
Pere Marquette Railroad Company, First Preferred Stock.
Pero Marquette Railroad Company, Second Preferred
Stock.
■
Pere Marquette Railroad Company, Common Stock.
Depositary : Central Trust Company of New York.
S E C U R IT IE S
U N D IS T U R B E D IN
IZ A T IO N .
THE
REORGAN
(Canadian lines.)
Pere Marquette Railroad Company (Lake Erie & Detroit
River Railway Division) Collateral Trust Four and One-half
Per Cont Bonds, due August 1 1932.
Pere Marquette Railroad Company, Collateral Trust
Four Per Cent Bonds, due January 1 1923.
C O N D IT IO N S OF P A R T IC IP A T IO N .
The term “ Divisional Bonds” wbon used in tho Plan and
Agreement shall be deemed to refer to the following described
bonds with coupons as hereinbefore stated :
Flint & Pere Marquetto Railroad Company, First M ort
gage Six Per Cent Gold Bonds, due October 1 1920.
Flint & Pero Marquetto Railroad Company, First M ort
gage Four Per Cent Cold Bonds, due October 1 1920.
Flint & Pere Marquette Railroad Company (Toledo
Division), First Mortgage Five Per Cent Gold Bonds, due
July 1 1937.
Flint & Pere Marquetto Railroad Company (Port Huron
Division), First Mortgage Five Per Cent Gold Bonds, due
April 1 1939.
Flint & Pero Marquetto Railroad Company, First Con
solidated Mortgage Five Per Cent Gold Bonds, due M a y 1
1939.
Chicago & W est Michigan Railway Company, First M ort
gage Five Per Cent Bonds, duo December 1 1921.
Chicago & North Michigan Railroad Company, First
Mortgage Five Per Cent Bonds, due M a y 1 1931.
Dotroit Grand Rapids & Western Railroad Company,
First Consolidated Mortgage Four Per Cent Bonds, due
April 1 1946.
Saginaw Tuscola & Huron Railroad Company, First M ort
gage Four Per Cent Gold Bonds, due August 1 1931.
Grand Rapids Belding & Saginaw Railroad Company,
First Mortgage Five Por Cent Gold Bonds, duo March 1
1924.
Pere Marquette Railroad Company of Indiana, First
Mortgage Four Per Cent Gold Bonds, due M a y 1 1943.
This Plan and Agreement has been prepared and adopted
by the Committee constituted under tho agreement, dated
April 6 1914, as amended, of holders of Divisional Bmids,
and a copy of this Plan and Agreement has been or will be
filed with each of the Depositaries under said agreement
of April 6 1914, as amended at their respective offices.
Notice of such adoption and filing will bo given in accordance
with the provisions of said agreement as amended. Every
holder of a certificate of deposit issued under the said agree
ment of April 6 1914, as amended, who shall not exerciso
tho right of withdrawal conferred by said agreement as
amended within the period fixed in said notice by tho Com
mittee acting under said agreement as ainondod, shall bo
conclusively and finally deoined for all purposes to have
irrevocably waived tho right of withdrawal given by said
agreement as amended, and this Plan and Agreement shall
bo binding on all holders of such certificates of deposit who
shall not so withdraw their deposited bonds. The rights
of holders of such certificates of deposit, however, shall bo
such only as are conferred by this Plan and Agreement and
shall be subject to compliance with such torms and con
ditions as this Plan and Agreement may imposo as conditions
of participation in the benefits hereof. Holders of cer
tificates of deposit not so exercising such right of with
Nov. 4 1916.]
THE CHRONICLE
drawal will be entitled to the benefits of this Plan and
Agreement without the issue of new certificates of deposit.
Holders of Divisional Bonds not heretofore deposited
under the Agreement of April 0 1914, as amended, m ay,
on or beforo December 4 1916, deposit with the appropriate
Depositary under said agreement as amended, their said
bonds with coupons as stated above, and shall receive
therefor certificates of deposit of such Depositary issued
under that agreement as amended.
This Plan and Agreement has been prepared and adopted
by the Committee constituted under the agreement dated
June 3 1912 of holders of Consolidated Mortgage Four Per
Cent Gold Bonds of Pero Marquette Railroad Company
heroin termed “ Consolidated Mortgage Bonds” issued under
the Consolidated Mortgage, dated January 2 1901, and a copy
of this Plan and Agreement has been or will be filed with the
Depositary under said agreement of June 3 1912. Notice of
such preparation, adoption and filing will bo given in ac
cordance with the provisions of said agreement. All holders
of certificates of deposit under said agreement of June 3
1912 shall be conclusively and finally deemed, for all purposes
to have irrevocably assented to this Plan and Agreement and
the same shall be and becomo effective and binding on
all such holders, unless the holders of outstanding certifi
cates of deposit issued under said agreement for more than
one-third in amount of the bonds deposited under said agree
ment shall file notice of dissont from this Plan and Agree
ment in the manner and within tho period in said agreement
prescribed. If this Plan and Agreement shall become ef
fective and binding on holders of certificates of deposit
issued under said agreement of June 3 1912, the rights of
holders of certificates of deposit issued under said agreement,
shall be such only as are conferred by this Plan and Agree
ment, and shall bo subject to compliance with such terms
as this Plan and Agreement may impose as conditions of
participation in the benefits hereof and holders of such cer
tificates of deposit will bo entitled to the benefits of tins Plan
and Agreement without the issue of now certificates of de
posit.
Holders of Consolidated Mortgage Bonds not heretofore
deposited under the agreement of June 3 1912 m ay, on or
before December 4 1916 deposit with the Depositary under
said agreement of June 3 1912, their said bonds with the
coupons maturing July 1 1914, and all subsequent coupons,
and shall receive therefor certificates of deposit of such D e
positary issued under that agreement.
This Plan and Agreement has been prepared and adopted
by tho Committee constituted under tho agreement dated
April 8 1912, of holders of the Refunding Mortgage Four
Per Cent Gold Bonds of Pero Marquette Railroad Company,
herein termed “ Refunding Mortgage Bonds,” issued under
tho Refunding Mortgage dated January 2 1905, and a copy
of this Plan and Agreement has been or will be filed with tho
Depositary, under said agreement of April 8 1912, and with
the agent of said Depositary. Notice of such preparation,
adoption and filing will be given in accordance with tho pro
visions of said agreement. Every holder of a certificate of
deposit under said agreement of April 8 1912, who shall not
exercise tho right of withdrawal conferred by said agreement
within the period therein prescribed, shall be conclusively
and finally deemed for all purposes to have irrevocably waived
tho right of withdrawal given by said agreement, and this
Plan and Agreement shall bo binding on all holders of such
certificates of deposit who shall not so withdraw their de
posited bonds. The rights of holders of such certificates of
doposit, howover, shall bo such only as are conferred by this
Plan and Agreement, and shall bo subject to compliance
with such terms as this Plan and Agreement may impose
as conditions of participation in the benefits hereof. Hold
ers of certificates of deposit not so exercising such right of
withdrawal will bo entitled to the benefits of this Plan and
Agreement without tho issue of now certificates of doposit.
Holders of Refunding Mortgage Bonds not heretofore de
posited under the agreement dated April 8 1912 m ay, on or
beforo December 4 1916, doposit with the Depositary under
said agreement of Aprd 8 1912 their said bonds with the cou
pons maturing July 1 1914 and all subsequent coupons and
shall receive therefor certificat3s of deposit of such Depositary
issued under that agreement.
1693
Trust Company of N ew York, the Depositary for such pur
pose, and shall receive therefor certificates of deposit of said
Depositary.
Holders of Old Colony N otes, due October 8 1912, in order
to become entitled to the benefits of the Plan and Agree
ment, must, on or before December 4 1916, deposit their said
notes with Old Colony Trust Company, the Depositary for
that purpose, and shall receive therefor certificates of deposit
of said Depositary. Old Colony Notes must be accompanied
by the following securities, to the extent respectively acquired
by the holders of Old Colony Notes either at tho sale of
February 17 1915 of the collateral pledged as security for
said Notes or at the sale of December 6 1915 of certain
collateral pledged as security for said Notes or at the sale
of December 6 1915 of certain collateral held under the Im
provement and Refunding General Mortgage of Pere M ar
quette Railroad Company to Bankers Trust Company, as
Trustee, dated March 1 1911 (herein termed the “ Improve
ment Mortgage” ), viz.: Improvement and Refunding Gen
eral Mortgago Bonds (herein termed the “ Improvement
Mortgage Bonds” ) and Certificates of Interest of Bankers
Trust Company, Depositary, for interests in Refunding
Mortgage Bonds subject to prior lien of Equipment Trust
Agreements. (See N ote 1.)
The Purchase Syndicate hereinafter stated, having made
tho offer hereinafter set forth, holders of Collateral Trust
N otes, Debentures, First Preferred Stock, Second Preferred
Stock and Common Stock of Pere Marquette Railroad Com
pany, accepting said offer and complying with the terms and
conditions thereof as set forth in the Plan and Agreement,
m ay, to the extent and on the terms hereinafter stated, ac
quire from the Purchase Syndicate 5 % Prior Preference Stock
— Cumulative (trust certificates), and Common Stock (trust
certificates) at the price and on the terms hereinafter pre
scribed (see a subsequent page). Holders of said securities,
in order to obtain such rights of purchase, must deposit the
same with Central Trust Company of New York, the D e
positary for that purpose, on or before December 4 1916, and
shall receive therefor certificates of deposit of said Depositary.
A t the timo of deposit there must be paid for account of the
Purchaso Syndicate, in respect of each $1,000 principal or
par amount deposited, in the case of (a) Collateral Trust
N otes, the sum of $70; (6) Debentures, the sum of $66 50;
and (c) First Preferred Stock, Second Preferred Stock and
Common Stock, the sum of $17 50; and at the same rates for
other principal or par amounts. Collateral Trust Notes
must be accompanied by the coupons of September 1 1912,
and subsequent coupons and also the following securities to
the extent respectively received by the holders thereof in
the distribution of securities by the committee constituted
under the agreement dated M ay 3 1912, of holders of Col
lateral Trust Notes upon tho termination of the affairs of said
committee, viz.: Participation Certificates of Bankers Trust
Com pany, Depositary, for interests in Improvement M ort
gage Bonds and Certificates of Interest of Bankers Trust
Company, Depositary, for interests in Refunding Mortgage
Bonds subject to prior lien ot Equipment Trust Agreements.
(See N ote 2 .) Debentures must be accompanied by the
coupons of July 1 1912.
N o estimate, statement, explanation, or suggestion con
tained in the Plan, the annexed tables or the accompanying
Agreement, or in any circular issued or which may hereafter
be issued by the Reorganization Managers, or by any Com
mittee representing security holders, or by any of the Deposi
taries, or by anyone else, is intended or is to be accepted as a
warranty or as a condition of deposit payment, purchase or
assent under the Plan or the accompanying Agreement, and
no defect or error shall release any deposit under the Plan and
the accompanying Agreement or affect or release any assent
thereto, or affect or release any payment made or action
taken pursuant thereto, except by written consent of the
Reorganization Managers.
All securities deposited must bo in negotiable form and all
stock certificates and registered bonds, notes and debentures
deposited must be either endorsed in blank for transfer or
accompanied by proper transfers in blank duly executed.
All bonds, notes and debentures must bear coupons as stated
above. All references in the Plan and in the accompanying
Agreement to said bonds, notes and debentures shall, unless
the context otherwise requires, be deemed to include also
the respective coupons stated. All certificates of stock must
bear proper stamps for transfer in New York.
The securities and moneys deposited and paid under the
Plan, or becoming subject to the Plan, will be held by the
respective Depositaries subject to the order and control of
the Reorganization Managers as provided in the Agreement
of Reorganization.
Certificates of deposit for Divisional Bonds, Consolidated
Mortgage Bonds or Refunding Mortgago Bends, if presented
to any of the Depositaries under tho Plan for that purpose,
will bo stamped as assenting to the Plan and Agreement, and
any and all right of the holders of such stamped certificates
of deposit conferrred by tho Deposit Agreement, pursuant to
which tho same were issued, to withdraw tho bonds repre
sented thereby and |or to file notice of dissent from the
Note 1. A t the sale o f February 17 1915, holders o f $1,200,000 o f Old
Plan, will be conclusively deemed to have been irrevocably
C olony Notes acquired in substantially pro rati amounts §1,200,000 o f
waived and surrendered.
Im provem ent M ortgage Bonds v,uh coupons o f September 1 1912, and a ll
Holders of Detached Coupons duo April 1 1912, pertain subsequent coupons, and at the sale c f Decem ber 6 1915 holders o f the said
$1,200,000 o f Im provem ent M ortgage Bonds acquired in addition to other
ing to Flint & Pero Marquetto Railroad Company First securities, in substantially pro rata amounts, C ertificatis o f Interest o f
Mortgage Gold Bonds, of Detached Coupons due April 1 Bankers Trust Com pany, Depositary, for interests in $61,040 51 Refunding
1912, pertaining to Detroit Grand Rapids & Western Rail M ortgago Bonds subject to prior lien o f Equipm ent Trust Agreements.
Note 2. In tho distribution o f securities b y the Com m ittee constituted
road Company First Consolidated Mortgage Four Per Cent under
tho agreement dated M a y 3 1912, there were delivered, in respect o f
Bonds and of Detached Coupons due July 1 1912, January 1 $7,982,000 Collateral Trust N otes, in substantially pro rata am ounts, Par
ticipation
Certificates o f Bankers 'Trust Com pany, Depositary, for interests
1913, July 1 1913 and January 1 1914, pertaining to Re in $16,000,000
o f Im provem ent M ortgage Bonds acquired at the sale c f
funding Mortgage Bonds, in order to become entitled to the M arch 25 1913, and Certificates o f Interest o f Bankers Trust C om pany,
benefits of the Plan and Agreement must, on or before D epositary, for interests in $813,953 49 Refunding M ortgage Bonds subject
to prior lien o f Equipment .Trust Agreements acquired, in addition to
December 4 1916, deposit their said coupons with Central other securities, at the sale o f Decem ber 6 1915.
1694
THE CHRONICLE
All securities deposited under the Plan or otherwise be
coming subject to the Plan are to be kept alive so long as
deemed necessary by the Reorganization Managers for the
purposes of reorganization or the protection of the New Com
pany or its security holders or otherwise. Unless the context
shall otherwise require, the term securities wherever used in
this Plan and in the accompanying Agreement shall be
deemed to include stocks and trust certificates.
The form and terms of all new securities, of the new mort
gage, and of all agreements, certificates, warrants, charters,
by-laws and other documents shall, in all respects not ex
pressly defined by the Plan, be determined by the Reorganiza
tion Managers.
N E W R A IL R O A D C O M P A N Y .
It is contemplated that the various properties will be sold
under foreclosure of the Divisional Mortgages, the Consoli
dated Mortgage, the Refunding Mortgage, and the Improve
ment Mortgage, or any one or more of them, and or under
the general creditors’ bill, or otherwise dealt with, and a new
company or companies will be organized under the laws of
such State or States as the Reorganization Managers in
their discretion may determine.
The term “ New Com pany,” wherever used in this Plan
or in the accompanying Agreement, is intended to mean such
company or companies as the Reorganization Managers may
determine to utilize for the purposos of the Plan. It is
intended ultimately to vest in the New Company, free from
prior mortgage lien, the lines of railroad now covered by the
Divisional Mortgages, the Consolidated Mortgage, the
Refunding Mortgage and the Improvement Mortgage
(excluding such lines or parts thereof or branches as the
Reorganization Managers may determine that it is inex
pedient to vest in the New Com pany), and, subject to the
existing liens thereon (see below), all interests acquired in
the reorganization in securities representative of the Canadian
Lines. It is intended that as far as practicable the First
Mortgage shall be a direct lien on physical properties, but
in case delay should occur in acquiring any of the lines of
railroad or branches, or if for any other cause the Reorganiza
tion Managers should deem it advisable, the existing bonds
upon such lines deposited under tho Plan or other securities
representative of such lines, may be pledged under the First
Mortgage as security for the bonds issued thereunder.
It is contemplated that, as a consideration for the property
to be conveyed and delivered to the New Company, or which
it shall acquire pursuant to the Plan, the New Company shall
deliver its bonds and stock, excepting any final amounts
thereof as shall, in the discretion of the Reorganization
Managers, bo reserved for the future use of the Company.
N E W BO N D S A N D STO CKS.
The New Company is to authorize the following securities:
(1) First Mortgage Gold Bonds.
The First Mortgage Bonds will be limited to the total
authorized amount of $75,000,000 at any one time outstand
ing. They will bear interest, payable semi-annually, at
such rate not exceeding six per centum per annum, as may
from time to time be determined by the board of directors
at the time of authorization. They will be secured by mort
gage and deed of trust to Bankers Trust Company and some
individual or individuals as Trustees. It is intended that
the mortgage and deed of trust shall embrace all or substan
tially all the lines of railroad, franchises and equipment,
terminals, and other property acquired by the New Com
pany pursuant to the Plan (see above), and also all addi
tional property of every character (including stocks and
bonds) at any time thereafter acquired by the New Company.
The First Mortgage Bonds may be issued in separate series,
maturing on the same or different dates, and any series may
be redeemable in whole or in part, at times, on notice, and at
premiums, if any, as may be determined at the time of issue
and stated in the bonds of such series. Under the First
Mortgage the New Company will reserve the right to retire
any series in whole or in part, and to issue for such purposes
and under such restrictions as may be prescribed in said
mortgage, the like aggregate principal amount of bonds in
another series or in other series, bearing the same or different
rates of interest as the series retired and with such maturity
or maturities as the board of directors may determine.
The First Mortgage Bonds payable in the United States
will be payable, both as to principal and interest, in gold coin
of the United States of America without deduction for
Federal, State and Municipal taxes in the United States
(except Federal Income T a x ). Provision may be made that
the principal or interest or both of any of the bonds may be
made payable (1) in the City of New York only, or (2) in
said city and also in one or more American cities and or
foreign cities or countries, or (3) in one or more foreign cities
or countries only ; and also, in case any bonds of any series
shall be payable as to principal or interest, or both, in any
foreign country or countries, such bonds may bo made pay
able in the currency or the respective currencies there current,
at fixed rates of exchange, and may contain appropriate
provisions as may be requisite or expedient to conform to the
requirements of law or of commercial usage in the foreign
country or countries in which they may be made payable,
including provisions requiring the payment of the principal
[Vol. 103
or interest thereof without deduction for taxes; and the bonds
of any series may be expressed also in one or more foreign
language or languages, the English language, however, to
govern in the construction thereof.
The First Mortgage Bonds are to be issued, or aro to be
reserved for issue, under the First Mortgage, for the follow
ing purposes:
In exchange or partial exchange for existing securities__________$24,455,000
F or sale to Purchase Syndicate..................................... ..................... 6 ,000,000
Reserved to rotiro
$3,000,000 I’ero M arquette Railroad Com pany (Lake Erie &
D etroit R iver Railway Division) Collateral Trust Four and
One-half Per Cent. Bonds;
$2,870,000 Pero M arquette Railroad C om pany Collateral
Trust Four Per Cent. B onds______________________________ 5,870,000
Reserved for issue after July 1 1918, for acquisitions, through
construction or otherwise, o f lines o f railway, equipment (in
cluding floating equipm ent), terminals, stocks, bonds, evi
dences o f indebtedness and other property, and for additions,
betterments and improvem ents under restrictions to bo stated
in tho First M ortgago..................................... ............................... .. 38,675,000
$75,000,000
Of the First Mortgage Bonds there are to be presently
issued and delivered under the Plan:
$21,976,000 Series A , Five Per Cent, maturing July 1 1956,
redeemable at 105 and accrued interest.
$8,479,000 Series B , Four Per Cent, maturing July 1, 1956,
redeemable at par and accrued interest.
The Series A Bonds will bo applied as follows:
In exchange or partial exchange for existing securities_________$15,976,000
F or sale to Purchaso Syndicate........................................................... 6,000,000
The Series B Bonds will be applied in exchange or partial
exchange for existing securities.
_
The First Mortgage Bonds provided to be presently issued
and delivered under the Plan in exchange or partial exchange
for existing securities, so far as not used in such exchange,
may be reserved for such purpose under restrictions to be
fixed by the Reorganization Managers, but if in the judgment
of the Reorganization Managers it will facilitate the carrying
out of the Plan, they may sell such bonds not used in such
exchange in whole or in part and may cause any bonds so to
be sold to be issued either as Series A Bonds or as Series B
Bonds.
#
#
The Reorganization Managers intend to incorporate in
the First Mortgage special clauses to the following effect:
(a) That certified public accountants selected by the Cor
porate Trustee shall annually at the expense of tho New
Company audit the New Company’s annual income statement
and balance sheet and such other accounts of the New Com
pany as may be directed by the Corporate Trustee, and, in
such detail as the Corporate Trustee may request, shall re
port thereon and on the New Company’s financial condition;
the report of such accountants to be filed with tho Corporate
Trustee, and to be open to inspection by the holder of any
bond issued under the First Mortgage;
(b) That the Corporate Trustee may at any time appoint
an expert in railroading to examine at the expense of the New
Company tho physical condition of the Now Company’s lines
of railroad and equipment and to make such other investiga
tion as the Corporate Trustee may direct, and, in such detail
as the Corporate Trustee may require, to report thereon and
on the methods of operation; the report to be filed with the
Corporate Trusteo, and to be open to inspection by any holder
of any bond issued under the First Mortgage;
(c) That the New Company shall in every annual report
state in detail all of the stocks, bonds and other securities of
the New Company or of any subsidiary company of its Sys
tem pledged or sold by tho New Company or its respective
subsidiary companies during tho yoar covered by such re
port, and the amounts in each case realized from every such
pledge or sale;
(d) That equipment coming under the lien of said First
Mortgage shall always be maintained in proper condition
and that depreciation thereon shall bo fully provided for
through the purchase of new equipment or otherwise without
tho issue of additional First Mortgago Bonds under such mort
gage, in such manner that the value and aggregate capacity
of said equipment at all times shall not bo less than the
maximum value and aggregate capacity of said equipment
at any time under such mortgage, and that reports shall be
made annually to the Corporate Trustee under the First
Mortgage as to the value, capacity and condition of equip
ment, in such manner that there shall at all times bo on file
with the Corporate Trusteo a description by marks and num
bers of all equipment under tho lien of said mortgago, such
report to include particularly the marks and numbers of re
placements and of the equipment so replaced; and that all
new equipment as acquired, whether to replace old eqipment or otherwise, shall bo so marked as to identify it as
equipment specified in such reports.
(2) 5 % Prior Preference Stock— Cumulative.
Tho Prior Preference Stock shall be entitled to receive
cumulative preferential dividends at tho rate of five per
cent (5 % ) per annum in priority to any dividends upon any
other stock of the New Company, and no dividend shall be
paid in any fiscal year upon any other stock of the New
Company unless all accumulated dividends upon tho Prior
Preference Stock for all previous fiscal years shall have been
paid and full dividends thereon for the proportionate part
>To\. 4 1916.]
THE CHRONICLE
1695
of the current fiscal year shall have been paid or declared existing securities was calculated to July 1 1916 and it was
and sot aside for payment. The Prior Preference Stock shall intended that the new bonds should carry interest and the
not be entitled to any other or further dividends. The new Preferred Stock should rank for dividends from that date.
Prior Preference Stock shall be redeemable at par plus the As the exact time when the New Company will enter into
cumulative dividends accrued and unpaid thereon on such possession of the properties is necessarily uncertain, the Re
notice as the Board of Directors may determine at the time organization Managers, out of the cash provided by the Plan,
of issue. In the event of any liquidation, dissolution or or otherwise available, upon the consummation of the Plan,
winding up, whether voluntary or involuntary, of the New may distribute with each share of new Preferred Stock cash
Company the holders of the Prior Preference Stock shall be to such an amount, if any, as they shall determine to be a fair
entitled to be paid in full out of the assets of the New Com recognition of the interest represented by the Preferred Stock
pany the par amount of their shares and all accumulated in the earnings of the properties from July 1 1916 to the time
dividends unpaid thereon before any amount shall bo paid when the New Company shall enter into possession thereof,
out of said assets to the holders of any other stock of the New but not at a rate upon said Preferred Stock exceeding five
Company but they shall not be entitled to any other or fur per cent per annum.
ther distribution of assets.
Provision is to be made that the New Company shall not
The Prior Preference Stock will be applied as follows:
create any additional mortgage except after there shall have
For sale to Purchase Syndicate— total Issue................................ $11,200,000
been given, at a meeting of the stockholders called for that
purpose, the consent of the holders of a majority of the whole
(3) 5 % P referred Stock— C u m u la tive a fter J a n u a ry 1 1919.
amount of Prior Preference Stock outstanding, the consent
The Preferred Stock shall be entitled to receive preferen of the holders of a majority of the whole amount of Preferred
tial dividends at the rate of five per cent (5 % ) per annum in Stock outstanding, and the consent of the holders of a ma
priority to dividends upon the Common Stock of the New jority of such part of the Common Stock as shall be repre
Company. The Preferred Stock shall not be entitled to any sented at such meeting, the holders of each class of stock vot
other or further dividends. The dividends on the Preferred ing separately. During the existence of the Voting Trust,
Stock shall bo cumulative from and after January 1 1919. similar consent of holders .of like amounts of the respective
N o dividend shall be paid in any fiscal year upon the Common classes of trust certificates shall also be necessary for the pur
Stock unless all accumulated dividends upon the Preferred poses indicated.
Stock for all previous fiscal years or portions thereof subse
V O T IN G T R U S T .
quent to January 1 1919 shall have been paid and full divi
dends thereon for the proportionate part of the current fiscal
Prior Preference Stock, Preferred Stock and Common
year shall have been paid or declared and set aside for pay Stock of the New Company issued in the reorganization will
ment. The Preferred Stock shall be redeemable at par plus be assigned to James S. Alexander, Francis R . Hard, Fred
the cumulative dividends accrued and unpaid thereon on erick Strauss, Eugene V . R . Thayer, Robert Winsor and
such notice as the Board of Directors may determine at the Beekman Winthrop, and, if the Reorganization Managers
time of issue. In the event of any liquidation, dissolution shall so determine, an additional person or persons, to be
or winding up, whether voluntary or involuntary, of the New designated by them, to be jointly held by the persons named
Company, the holders of the Preferred Stock shall be entitled and those so designated and by their respective successors,
to bo paid in full out of the assets of the New Company the as Voting Trustees (under a Trust Agreement prescribing
par amount of their shares and all accumulated dividends their powers and duties, and the method of filling vacancies),
unpaid thereon before any amount shall bo paid out of said for not exceeding five years. The Voting Trustees will issue
assets to the holders of the Common Stock of the New Com trust certificates entitling the registered holders thereof to
pany, but they shall not be entitled to any other or further receive, at the time and on the terms and conditions stated in
distribution of assets.
the Voting Trust Agreement, stock certificates for shares of
The Preferred Stock will bo applied as follows:
the number and class specified in such trust certificates, and
in the meanwhile to receive payments equal to the dividends
T o bo Issued in exchango or partial exchango for existing securi
ties— total issue................ .................................................................. $12,429,000
received by the Voting Trustees upon shares of the number
and class therein specified. In the event of the death or
(4) C om m on Stock.
failure or refusal to serve of any person named or designated
The Common Stock will be applied as follows:
as a Voting Trustee prior to the creation of the Voting Trust,
In exchango or partial oxchange for existing securi
the vacancy shall bo filled by the Reorganization Managers.
ties
----------------- - - - - - - ...........- ............................ $19,370,600
All references in this Plan and in the accompanying Agree
For salo to Purchaso Syndicate___________________ 25,675,400
ment of Reorganization hereto attached, to the delivery of
T otal issue...................................................................... .................$45,046,000
stock of the New Company to depositors or otherwise, shall,
In fixing the amount of new securities distributable under unless the context shall otherwise require, be understood to
the Plan in exchange for existing securities, interest on the I mean trust certificates in respect of such stock.
D IS P O S IT IO N OF N E W S E C U R IT IE S .
F IR S T M O R T G A G E G O L D B O N D S , C A R R Y IN G IN T E R E S T F R O M J U L Y 1 1916.
A.
S eries A, Five P er C e n t, d u e 1956, red eem a ble a t 105 a n d a c c r u e d in te re s t.
Amount of Prin
cipal and Interest
outstanding
July 1 1916.
To Be Used in Exchange or Partial Exchange for—
Flint & Pere M arquotte R R . First M ortgage 6 % Bonds, duo O ct. 1 1920:
P rincipal_____________________
♦Unpaid intorest to July 1 1916................ 1 I I I I I I ..........
............................. "
Allow ance to com pensate for reduction in interest from 6 % To* 5 % I I I I I I I I I I I I I I
Flln PHne<inaIVrarqU0tt0 R R ‘ FlrSt M ortgago
B onds, due Oct. 1 1920:
♦Unpaid interest to July’ 1~19 1 6 lI I I I I I I I I I I I I I Z I I I I Z I I I I I
FllD Princirn°atIarqU° Ue R R ' Tole<l0 D lvlslon F|rst M o r t. 5 % B onds, due July 1 1937:
Unpaid interest "to July’ 11916111111111111111111
----------------------------------------FHn PH neTnafarquette R R ' First Consolldated M ortgage 5% Bonds ,’ due M a y 1 1939:’
Unpaid Interost t’o'yu’lV 1 1 9 I 6 I I I I I I I I I I I I I I I ..............................................- .............
$4,000,000
705,000
$4,705,000
$1,000,000
115,000
1,115,000
1,115,000
$400,000
52,500
452,500
452,800
$2,850,000
400,781
3,250.781
1.826,850
$5,758,000
782,728
6,540.728
6,541,088
$675,000
75.150
750,150
75,600
$5,379,000
618,585
5,997.585
618,585
$1,000,000
100,400
i . 100,400
101,000
115,470
29,445
144,915
144,915
19,840
3.373
23,213
23,213
107,580
18,289
125,869
125,869
Chlcago^& W est M ichigan R y . First M ortgage 5 % B onds, duo’ D WV l'"l9 2 l’:’
Unpaid interost to July l i S l o I I I I I I I I I I H ...........................” -------------------------------
Amount of First
Mortgage Bonds,
Series A 5 % ,
issued in ex
change or par
tial exchange.
$4,708,000P
240.000/
Pere Marc^uotto R R . o f Indiana First M ortgage 4 % Bonds, duo M a y 1 1943:
Unpaid intorest to July 1 i o i e l l l l l l l l " " ' ” " * " ” .................................................
D etroit Grand Rapids & Western R R . First Consolidated M ortgago 4% Bonds, duo
Principal_______________________ - _________
♦Unpaid interest to July 11916------------------- - I I I I I I I I I I I
Saginaw Tuscoia & Huron R R . First M ortgage
4% B onds, duo A ug.
1 1931:
Unpaid interest"to July 11516______ I I I I I I I I I I I
Dota^hed^Coupons duo April 1 1912, Flint & Pere M arquotte R R . 1st M ort’ ’6 % Bonds"
Interest___I I I I I I I I I I I I I I I I I I I I I I I I I H
Dctached^Coupons due A pril 11912. Flint & Pore Ma’ rquVtto RR.^First M o r t ’ 4’ % Bonds’ :
Interest____I I I I I I I I I I I I I I I I I I I I I I " ! ! ----------------------------------------------------------------
D^ 3 E s s r £ s £ g Z A ?
Principal_______ ________ - ________________
Interest------ -------------------------------------------I I I I I I I I I I I I I I -----------------------------------------Add to adjust small fractional differences____________
T otal to be used in exchango or partial oxchange
For sale to Purchase Syndicate_____________
T otal ..........................................................................................
* E xcluding Detached Coupons for which soparato provision Is m ade.
3.080
$15,976,000
6,000,000
$21,976,000
[Vol . 103.
THE CHRONICLE
1096
B. S eries B , F ou r P er C e n t, d u e 1956, re d e e m a b le a t par a n d a ccr u e d in te r e s t.
To be used in exchange or
partial exchange for:
Amount of
Principal and
Interest out
standing
July 1 1916.
Amount of
First Mortgage
Bonds, Scries
B 4 % . issued
in exchange
or partial
exchange.
$3,250,781
$1,425,000
Flint & Pero M arquette H R . First Consolidated M ortgage 5% Bonds, due M a y 1 1939:
,850,000
P rin cip a l......... .................................................................................. - - - ................................ ........................$2,850,000
400.781
Unpaid interest to July 1 1916-----------------------------------------------------------------------------------------------.
4
0 0 ,/Hi
Pero M arquette l i l l . o f Indiana First M ortgage 4 % Bonds, due M a y 1 1943:
$675,000
P r i n c ip a l ......................................................- .................................................................................................. $6rK’9?n
75,150
To,loo
Unpaid interest to July 1 1916______________________________________________________________
D etroit Grand ltapids & W estern K B . First Consolidated M ortgage 4 % B onds, due April 1 1946:
P r in c in a l
—
_
_ — —------ p ) / , UIJ >'$5,379,000
/
618,585
♦Unpaid interest to July 1 1916_____________________________________________________________ .
618,585
750,150
675,000
5,997,585
5,379,000
Saginaw Tuscola & Huron K it. First M ortgage 4 % Bonds, duo August 1 1931:
P rin cip a l................ ........ ................... - ..................... - .................................... - ...............- ---------- ------------.$1,000,000
31 ’Von
.So
100,400
Unpaid interest to July 1 1916----------------------------------- -------------------------- •'--------------------------------.
100,400
1,100,400
1,000,000
.$8,479,000
T o t a l ______________________________________________________________________________
5% P rior P re fe r e n ce S to c k — C u m u la tiv e .
.$11,200,000
F or sale to Purchase Syndicate— total issue.
P referred
S to c k — C u m u la tiv e
a fte r J a n u a ry
1
1919
Amount of
Preferred Stock
(.Trust Certifi
cates) issued in
exchange or par
tial exchange.
Amount of
Principal
and Interest
outstanding
July 1 1916.
To be used in exchange or
partial exchange for:
$3.325,000t
Flint & Pere M arquette R R . Port Huron D ivision First M ortgage 5 % Bonds, duo April 1 1939:
Principal ----------- -----------------------------------------------------------------------------------------------------------------------Unpaid interest to July 1 1916-----------------------------------------------------------------------------------------------C hicago & N orth M ichigan IIR . First M ortgage 5 % B onds, duo M a y 1 1931:
P r in c ip a l---------------------------- - - -----------------------------------------------------------------------------------------------Unpaid interest to July 1 1916-----------------------------------------------------------------------------------------------Pere M arquette R R . Consolidated M ortgage 4 % Bonds, due January 1 1951:
P r in c ip a l---------------------------- - - - ------------------------------------------------------------------------------------------------Unpaid interest to July 1 1916-----------------------------------------------------------------------------------------------A dd to adjust small fractional differences— ................................. - .............................. ..................
..$ 1 ,6 6 7 ,0 0 0
. . . $ 8 , 382.000
$3,808,164
$2,540,300
1.901.422
633,460
9,253,728
9,253,728
1,512
..........$12,429,000
Total Issue------------------- -----------------------------------------------------------------------------------------------------* E xcluding Detached Coupons for which separate provision is m ado.
t Excluding Port Huron Division B onds pledged under Pere M arquette R efunding M ortgage.
C om m on S to c k .
Amount of
Amount of
Principal and
Common Stock
Interest
(TrustCeriificates)
outstanding issued in exchange
July 1 1916. or partial exchange
To be used in exchange or
partial exchange for:
Flint & Pore M arquette R R ., P ort H uron D ivision, First M ortgago 5 % B onds, duo A pril 1 1939:
. . t $ 3 .325,000
P rtn c lp a l__________________ - - - ....................................................................................................................
s1? t n*
$3,808,164
. . tS<i
. ’a483,164
Unpaid interest to July 1 1916--------------------------------------------------------------- ------------------------------------------18.5,lo t
Chicago & N orth M ichigan R R . First M ortgage 5 % B onds, duo M a y 1 1931:
.-.$ 1 ,6 6 7 ,0 0 0
P r in c ip a l--------------------------------------------------------------------------------------------------------------------------------------------1.901,422
Unpaid interest to July 1 1916--------------------------------------------------------------------------------------------Grand Rapids Belding & Saginaw R R . First M ortgago 5% B onds, due M arch 1 1924:
. . . $260,000
299,000
Unpaid Interest to July 1 1916---------------------------------------------------------------------------------------------------------JJ.UUU
Pero M arquette R R . Refunding 4 % Bonds, due January 1 1955:
§.$13,914,000
P r i n c i p a l ----------------------------------- ---------------------------------------------------------------------------------------------------------------------------------------------------15.361,056
. . . 1,447,056
♦Unpaid
interest to July 1 1916.................... - ................................................- -------------- --------------------------♦Unp
Detached .Coupons pertaining to Pere M arquette R R . R efunding M ortgago 4 % Bonds:
Interest to
Face
July l 1916.
Amount.
$322,804
$44.524
COUPm e J u l y 1 .1912.................................................- ......................... - .......... - ................................ *278.280
86,822
10,662
311.673
33,393
306,108
27,828
“ Jan. 1 1914...................... - - - -------------------- ------------------------------------------- ............ ..
278,280
144.000
Old C olon y N otes, balance due----------------------------------------------------------------------------------------------------------------Add to adjust small fractional differences............................................- ..................... - .........................................
$1,270,150
1 ,2 68 ,587
299,000
15,361,056
322,804
86.822
311,673
306,108
144,000
400
.$19,370,600
. 25.675.400
T otal to be used in exchange or partial oxchango....................................................................- ................... ........
For sale to l ’ urchaso Syndicate--------------- ------------------ --------------------- ---------- .........................................- ..........
.$45,046,000
T otal issue__________________________________________________________________________________________
t Excluding P ort Huron D ivision Bonds pledged under Pero M arquette Refunding M ortgago.
j Excluding R efunding M ortgage Bonds pledged to securo Equipm ent Trust Obligations.
♦ Excluding Detached Coupons for which soparate provision is m ade.
T A B L E S H O W IN G D IS T R IB U T IO N OF S E C U R IT IE S O T H E R T H A N TH O SE O F F E R E D FO R SALE B Y T H E
P U R C H A SE S Y N D IC A T E .
Non-interest and non-dividend bearing scrip exchangeable in roiiud amounts will bo issued for fractional amounts
of new bonds and stocks (trust certificates).
Each $1,000 Principal Amount of Existing Securities to Receive—
E X IST IN G SECURITIES.
First Mortgage Bonds.
Series A
5%
Flint & Pero M arquette R R . 1st M tgo. 4 % B on d s. ------ -------------------------------------Flint & Pero M arquetto R R . (Toledo Division) 1st M tgo. 5% B o n d s .. .................. .
Flint & Pere M arquette IUt. (Port Huron Division) 1st M tge. 5% B onds-------------Flint & Pero M arquetto R R . 1st C onsol. M tge. 5 % Bonds----------------- ------------------ C hicago & West M ichigan B y. 1st M tgo. 5% B o n d s --------------------- -------------------------C hicago & North M ichigan B R . 1st M tgo. 5 % B o n d s .- - - - - - - - - ................ ..............
D etroit Grand Bapids & Western B R . 1st Consol. M tgo. 4 % B onds................ ...........
Saginaw Tuscola & Huron R R . 1st M tge. 4 % B o n d s .- - - - - .................. .......................
Grand Rapids Bolding & Saginaw R R . 1st M tgo. 5% B onds.................... ...... .............
Pere M arquette B R . o f Indiana 1st M tgo. 4% Bonds-------- ------------ ------------------------Pere M arquette Consolidated M tge. 4 % B onds-------------------------------------------------------Pere M arquette Refunding M tge. 4 % Bonds ♦.................. - - ........................................... Old C olony N otes__________________________ -- ----------------------------------------------------------Detached Coupons duo April 1 1912. pertaining to:
F.
& P. M . R R . 1st M tge. 6% B onds................................................................ S H 5.470
F. & P. M . B R . 1st M tgo. 4 % B onds................ - .................................................
19.840
D G . It. & W . R R . 1st Consol. M tgo. 4 % B onds............................................ - 107.580
Dotached Coupons pertaining to Refunding M tge. Bonds:
D uo July 1 1912..............- ................................................- .............- .............- ...............$2Z H § R
D uo Jan. 1 1913.......................................... - ..................................................- ............... 76,160
D uo July 1 191 3 .............................. - .................................................................- ........... 278.280
D uo Jan. 1 1914.......................................... .................................... - .............................. 278,280
♦ See
§ Por
t Por
t Per
Series B
4%
S I,237
1.115
1,132
641
1,136
$500
115
101
1,000
1,000
112
1,000
Preferred
Stock
(trust certifi
cates) .
$764
$382
380
761
1,150
1,104
37.65t
23.401
23.40J
also page below .
$1,000 face amount o f original notes, new stock allotted bolng tho substantial e q u iva len t, at par, o f balance unpaid,
$30 cou pon ,
$20 coupon.
Common
Stock
(trust certifi
cates.)
1,104
1205
Nov. 4 1916.]
THE CHBONICLE
T R E A T M E N T OF D E P O S IT E D S E C U R IT IE S U N D E R
THE PLAN.
(For Rights of Purchase from Purchase Sundicate, See Below)
Depositors of the following bonds and securities (with
coupons as stated), who shall havo complied with the con
ditions of tho Plan and Agreement and shall bo entitled to
the benefits thereof, will receive, on tho completion of the
reorganization and on surrender of their certificates of de
posit in negotiable form, at tho rate, for each S I,000 of prin
cipal, as follows:
F L I N T & P E R E M A R Q U E T T E R A IL R O A D C O M P A N Y .
First Mortgage Six Per Cent Gold Bonds (with coupons
maturing April 1 1914, and subsequent coupons).
S I,237 First Mortgage Bonds, Series A , Five Per Cent.
First Mortgage Four Per Cent Gold Bonds (with coupons
maturing April 1 1914, and subsequent coupons).
S I ,115 First Mortgage Bonds, Series A, Live Per Cont.
Toledo Division First Mortgage Five Per Cent Gold Bonds
(with coupons maturing July 1 1914, and subsequent cou
pons).
S I ,132 First Mortgage Bonds, Series A , Fivo Per Cont.
Port Huron Division First Mortgage Five Per Cent Gold
Bonds (with coupons maturing April 1 1914, and subsequent
coupons).
S7G4 Preferred Stock (trust certificates).
$382 Common Stock (trust certificates).
First Consolidated Mortgage Fivo Per Cent Gold Bonds
(with coupons maturing M a y 1 1914, and subsequent cou
pons).
S041 First Mortgage Bonds, Sories A , Fivo Per Cont.
500 First Mortgage Bonds, Series B , Four Per Cent.
C H IC A G O & W E S T M IC H IG A N R A IL W A Y C O M P A N Y .
First Mortgage Five Per Cont Bonds (with coupons ma
turing June 1 1914, and subseqeunt coupons).
$1,130 First Mortgage Bonds, Series A , Fivo Por Cent
C H IC A G O & N O R T H M IC H IG A N R A IL R O A D C O M P A N Y .
First Mortgage Five Per Cont Bonds (with coupons ma
turing M ay 1 1914, and aubsequentcoupons).
|380 Preferred Stock (trust certificates).
$761 Common Stock (trust certificates).
D E T R O IT G R A N D R A P ID S & W E S T E R N R A IL R O A D C O M P A N Y .
First Consolidated Mortgago Four Por Cent Bonds (with
coupons maturing April 1 1914, and subsequent coupons).
$115 First Mortgago Bonds, Series A , Fivo Por Cent.
1.000 First Mortgage Bonds, Sories B , Four Per Cent.
S A G IN A W
TU SC O LA
&
HURON
R A IL R O A D
COM PANY.
First Mortgage Four Per Cent Gold Bonds (with coupons
maturing August 1 1914, and subsequent coupons).
$101 First Mortgage Bonds, Series A , Fivo Per Cont
1.000 First Mortgage Bonds, Series B, Four Per Cent!
G R A N D R A P ID S
B E L D IN G & S A G IN A W R A IL R O A D C O M P A N Y
First Mortgage Five Per Cent Gold Bonds (with coupons
maturing March 1 1914, and subsequent coupons)
$1,150 Common Stock (trust certificates).
P E R L M A R Q U E T T E R A IL R O A D C O M P A N Y OF IN D IA N A
F ir s t M o r t g a g e F o u r P e r C e n t G o ld B o n d s (w ith c o u p o n s
m a t u r in g M a y 1 1914 a n d s u b s e q u e n t c o u p o n s .)
$112 First Mortgago Bonds, Sories A , Five Por Cent.
$1,000 First Mortgage Bonds, Series B , Four Per Cont.
P E R E M A R Q U E T T E R A IL R O A D C O M P A N Y .
Consolidated Mortgago Four Per Cent Gold Bonds (with
cou p op maturing July 1 1914 and subsequent coupons).
Si.H H Preferred Stock (trust certificates).
Refunding Mortgago Four Per Cont Gold Bonds (with
coupons maturing July 1 1914 and subsequent coupons).
S1-*0? Common Stock (trust certificates).
Notes
° ny lm s t Company Short Term Six Per Cent
f $120 Common Stock (trust certificates)
Depositors of the following detached coupons, who shal
have» complied with the conditions of the Plan kud Agree
merit and shall be entitled to the benefits thereof, will recoivi
on the completion of the reorganization and on surrender o
their certificates of deposit in negotiable form, as follows
Pertaining to—
’
F L IN T & P E R E M A R Q U E T T E R R . F IR S T M O R T G A G E B O N D S .
Coupons
$37 65
Coupons
$23 40
of Aprd 1 1912, $30 each
First Mortgage Bonds, Series A , Five Per Cent.
of Aprd 1 1912, $20 each
First Mortgage Bonds, Series A , Five Per Cent
D E T R O IT G R A N D R A P ID S & W E S T E R N RH
nnM um ,
D A T E D M O R T G A G E b o n d s ‘ I 1 I i S r CONSOL1-
Coupons of April 1 1912, $20 each
$23 40 in First Mortgage Bonds,’ Series A , Five Per Cent
PERE M A R Q U ETTE
EB
R E F U N D IN G M O R T G A G E B O N D S
Coupons of July 1 1912, $20 each
$23 20 Common Stock (trust certificates).
Coupons of January 1 1913. $20 each
.
$22 80 Common Stock (trust certificates).
Coupons of July 1 1913, $20 each,
$22 40 Common Stock (trust certificates)
Coupons of January 1 1914, $20 each,
’
__ S22 00 Common Stock (trust certificates).
s,oct
^
1697
G U A R A N T Y OF C E R T A IN P E R E M A R Q U E T T E R R . R E F U N D IN G
M O R TG A G E BON DS.
$9,207,000 face amount of tho Refunding Mortgage Bonds
bear a guaranty by The Cincinnati Hamilton & Dayton Rail
way Company of the payment of the principal and interest
thereof. The Reorganization Managers have entered into
arrangements under which it is expected, if a sufficient
amount of Refunding Mortgage Bonds bearing such guaranty
are deposited under tho Plan by March 1 1917, to immediately
cancel the said guaranty borne by Refunding Mortgage
Bonds at any time deposited under the Plan against a net
cash payment sufficient to provide for the distribution not
later than upon the consummation of the reorganization to
holders of certificates of deposit for Refunding Mortgage
Bonds bearing such guaranty, at the rate of $12 50 for each
$1,000 face amount of such bonds. Whether or not such
arrangement be carried out, any net amounts received by the
Reorganization Managers, or their successors in interest,
upon or in discharge and cancellation of such guaranty (which
may be discharged and canceled prior to the consummation
of the Plan), after defraying all costs and charges in connec
tion with the collection or receipt thereof, including counsel
fees, will bo distributed pro rata among the holders of cer
tificates of deposit for Refunding Mortgage Bonds guaranteed
as aforesaid (or tho registered holders of such other certifi| cates or receipts as may bo issued on the consummation of the
reorganization on tho surrender of such certificates of de
posit) , under such reasonable regulations as the Reorganiza
tion Managers may prescribe.
R IG H T S OF P U R C H A SE OF N E W S E C U R IT IE S F R O M
^
P U R C H A S E S Y N D IC A T E .
The Purchase Sundicate, on the terms and subject to the
conditions herein stated, offers to tho depositors of Divisional
j Bonds, Consolidated Mortgage Bonds, Refunding M ort
gage Bonds, Collateral Trust Notes, Debentures, First Pre
ferred Stock, Second Preferred Stock and Common Stock,
j tho opportunity to acquire $11,200,000 5 % Prior Preference
! Stock— Cumulative (trust certificates) and $22,400,000
Common Stock (trust certificates) at the following rate, viz.:
$1,000 par value Prior Preference Stock]
(trust certificates)-------------------------- f for the sum of
$2,000 par value Common Stock (trust cer-l $975 in cash.
_
tificates)___________________________ j
This offer may be availed of in the manner herein provided
by depositors of said securities up to any amount, but in
case applications be made to acquire Prior Preference Stock
(trust certificates) and Common Stock (trust certificates)
in excess of the amounts offered, an allotment will, if applied
for within the time limited and otherwise as provided in this
Plan and the acccmpanying agreement, bo made to the de
positors of the following securities, to the extent indicated in
the following table, and allotment will be made of any bal
ance substantially in proportion to the additional amounts
applied for.
T A B L E OF MINIMUM A M O U N T OF N E W S E C U R IT IE S W H IC H
M A Y b e A C Q U IR E D B Y D E P O S IT O R S OP E ACH §1.009 P R IN f o r t h ° R p a b a m o u n t of e x is t in g s e c u r it ie s
set
Prior Preference Common.
Existing Securities—
Stock.
Slock.
Refunding M ortgage Bonds.................. §250
§500
Collateral Trust Notes *_____________
400
800
Debentures________________________
3S0
760
First Preferred S tock_____________ I I
100
200
Second Preferred S tock___ . .
lo o
200
Ccm tnon Stock.
100
200
Cash
Payment.
§243 75
390 00
370 50
97 50
97 50
97 50
I’he aforesaid offer of the Purchase Syndicate, if not availed
of within the time limited er otherwise in accordance there
with as set forth in the Plan, is not open to acceptance by
depositors under tho Plan of securities of any class, and de
positors of Collateral Trust N otes, Debentures and Stock
acquire no rights under the Plan other than such opportunity
to a -quire such new securities as they may obtain through
tho acceptance of said offer of tho Purchase Syndiate, within
tho time limited, and upon compliance with the terms and
conditions thereof.
Holders of certificates of deposit for Refunding Mortgage
Bonds stamped as assenting to the Plan and Agreement,
upon presentation thereof to Central Trust Company of
New York before the close of business on December 4 1916,
for appropriate stamping, and upon payment for account of
the Purchase Syndicate at the rate of $43 75 for each S I ,000
principal amount of Refunding Mortgage Bonds represented
by their certificates of deposit (as a part of the required
payments set forth in the table above, of minimum
amounts in respect of the securities therein designated),
and depositors of Collateral Trust Notes, Debentures, First
Preferred Stock, Second Preferred Stock and Common
Stock who at the time of the deposit thereof shall have made
the payments required by the Plan (see a preceding page),
will bo entitled to receive Subscription Warrants specifying
the minimum amount of new certificates set forth in the fore
going table and shall also be entitled to receive Application
Certificates. The amounts paid at the time of deposit of
Collateral Trust Notes, Debentures, First Preferred Stock,
Second Preferred Stock and Common Stock, will be taken as
part of the required payments set forth in the foregoing table
of minimum amounts in respect of the securities therein
designated.
Holders of certificates of deposit for Divisional Bonds and
Consolidated Mortgage Bonds stamped as assenting to the
Plan and Agreement, upon presentation thereof to Central
* Per $1,000 face am ount o f original notes.
1698
THE CHRONICLE
Trust Company of New York before the close of business on
December 4 1916, for appropriate stamping, will bo entitled
to receive Application Certificates only.
#
Attached to Application Certificates will be forms of appli
cation for subscription to Prior Preference Stock (trust cer
tificates) and Common Stock (trust certificates), at the pre
scribed rate, which forms must bo properly filled out, signed,
detached and filed with Central Trust Company of Now
York before the close of business on December 18 1916, and
must bo accompanied by a payment in cash equal in amount
to $17 50 in respect of each share of Prior Preference Stock
applied for. Application Certificates in case of allotment,
and as soon as practicable thereafter, will be exchangeable
for Subscription Warrants. The cash accompanying appli
cations exceeding in amount $17 50 in respect of each share
of new Prior Preference Stock (trust certificates) allotted
will be returned (but without interest) to registered holders
of Application Certificates at the timo of the exchange
thereof for Subscription Warrants.
Subscription Warrants will bo issued in two series, Series A
and Series B , and will acknowledge the receipt of an amount
equal to $17 50 in respect of each share of new Prior Prefer
ence Stock therein specified.
On the consummation of the reorganization the registered
holders of Subscription Warrants, Series A , will bo entitled
to exchange the same for Purchase Warrants.
The registered holders of Subscription Warrants, Series B ,
on the consummation of the reorganization, will be entitled
to the delivery of the Prior Preference Stock (trust cerificates) and Common Stock (trust certificates) to the amount
therein specified upon making payment in cash of an amount
equal to $80 (being balance of cost) in respect of each share of
the new Prior Preference Stock specified in such Subscrip
tion Warrants, Series B . Failure to make such payment at
the time fixed by the Reorganization Managers will forfeit
all rights to purchase such stock trust certificates and all
rights of purchase under the Plan, and the Subscription W ar
rants, Series B , in respect of which such failure shall bo made,
will forthwith become void.
_
A t the time of making the required payments to obtain
Subscription Warrants, depositors must respectively elect
whether the Subscription Warrants shall bo of Series A or
Series B , and the registered holders of Application Certifi
cates must similarly elect at the timo of filing their applica
tion forms.
•
Purchase Warrants will be issued by Guaranty Trust Com
pany of Now York and will bo delivered on behalf of the
Purchase Syndicate. The Purchase Warrants will specify the
amounts of Prior Preference Stock and Common Stock speci
fied in the corresponding Subscription Warrants Series A
surrendered therefor, and will certify that on payment on the
date therein specified, which is to bo the date of maturity of
the loan to be made by the Loan Syndicate (see below)
of the sums specified in such Purchase Warrants, which
shall be at the rate of $80 in respect of each share of
Prior Preference Stock therein specified (being balanco of
cost) said Trust Company, on surrender of such Purchase
Warrants, will deliver to the registered holders thereof tho
Prior Preference Stock (trust certificates) and Common
Stock (trust certificates) thoroin specified, or will in lieu of
the delivery of any part or all of such Prior Preference Stock
(trust certificates) pay in cash at 70 per cent flat for Prior
Preference Stock (trust certificates) or fractional interests
not delivered.* Holders of Purchase Warrants will not bo
entitled to dividends received in respect of tho stock therein
specified.
. .
.
Failure to pay the sums payable as specified in the Pur
chase Warrants when due will forfeit all rights in respect
of stock (trust certificates) specified in the Purchase Warrants
and all rights under the Purchase Warrants, and the Purchase
Warrants in respect of which such failuro shall be mado, will
forthwith become void.
For fractional interests in stock (trust certificates) deliv
erable under Purchase Warrants or Subscription Warrants
Series B scrip may be delivered.
In case of tho abandonment of tho Poan, tho registered
holders of Subscription Warrants of both serios will bo en
titled, upon surrender thereof properly endorsod for transfer,
to repayment by the Reorganization Managers for account
of the Purchase Syndicate (but without interest) of all
amounts therein acknowledged to have boon received. In
case of the modification of the Plan in such manner as ma
terially to affect their interests, the registered holders of
Subscription Warrants will be entitled, upon surrender thereof,
properly endorsed for transfer, to repayment by the Reor
ganization Managers for account of the Purchase Syndicate
(but without interest) of all amounts theroin acknowledged
to have been received, provided their Subscription Warrants
shall be so surrendered to Central Trust Company of New
York within twenty days after tho first publication of notice
of such modification in the manner provided in tho annexed
agreement; otherwise they will bo finally and conclusively
bound by such modification, and their Subscription Warrants
will apply to tho Plan as so modifiod; but in case of any such
modification the Reorganization Managers may, in their dis
cretion, determine to terminate all outstanding Subscription
* T he Purchase Syndicate retains tho right from time to tim o beforo
delivery o f Prior Preference Stock (trust certificates) to holders o f Purchaso
Warrants to deliver In lieu o f all or any part o f Prior Preference Stock (trust
certificates) cash at 70 per cent flat for such Prior Preference Stock (trust
certificates) not delivered.
[VOL. 103.
Warrants, and notice having been so published of such de
termination all rights of the holders of Subscription Warrants
other than to the repayment by the Reorganization Managers
for account of the Purchase Syndicate (but without interest),
of the amounts in the Subscription Warrants acknowledged
to have been received shall forthwith cease and terminate.
E S T IM A T E D CASH R E Q U IR E M E N T S .
Receivers’ Certificates and N otes______________________________ $4,615,000
Equipm ent Trust Obligations as o f January 1 1917____________
1,056,000
Claims requiring settlement In reorganization not otherwise p ro
vided fo r_____________________________________________________
350,000
Commission to Purchase Syndicate, Including com pensation o f
Loan S yndicate______________________________________________
800,000
Organization, franchise and othor taxes, including stam ps_____
150,000
Expenses o f com m ittees, including their com pensation, and foes
o f their counsel, and engineering and accounting experts-------675,000
Reorganization expenses, including com pensation o f the R e
organization Managors, legal expenses and miscellaneous
expenses______________________________________________________ 1,054,000
Paym ents for interest on Now Bonds and in recognition o f inter
ests o f New Preferred Stock for period from July 1 1916, until
1,300,000
possession b y Now C om pany-------------------------------------------------A dditions, improvem ents, betterments, new construction, new
equipment, working capital, etc. e tc -------------------------------------6,000,000
T o t a l ..................................... — - ...............- .................— .......... ..$1 6 ,0 0 0,0 00
Tho Receivers estimato that on January 1 1917 tho cash
on hand, after providing funds for payment of interest on
Receivers’ Certificates and N otes, interest on securities paid
regularly during the receivership and all overdue and current
interest on Equipment Trust Obligations, will bo approxi
mately $2,500,000, which, after payment thorofrom of fore
closure and receivorship expenses, should bo available for the
corporate purposos of the Now Company.
•
P R O V IS IO N F O R C ASH R E Q U IR E M E N T S .
For the purpose of meeting tho estimated cash requirements
of the Plan, Messrs. J. & W . Seligman & C o ., Robert W inthrop & Co. and Kidder, Peabody & Co. have undertaken
to form a Purchase Syndicate, of which they will be the
Syndicate Managers. Tho Purchaso Syndicate, among
other things, will purchaso—
$ 6,000,000 First M ortgage Bonds, Series A . Five Per C ont.:
$11,200,000 5 % Prior Preference Stock— Cum ulative (trust certificates):
$25,675,400 Com m on Stock (trust certificates):
for the sum of $16,000,000 and accrued intorost on the bonds
(against which will bo creditod tho amounts paid as a condi
tion of deposit or of receiving Subscription Warrants), and
will offer Prior Preference Stock (trust certificates) and
Common Stock (trust certificates) so purchased to tho extent
and on the terms stated in the Plan to depositors of securities
under the Plan (see above). The Purchaso Syndicate shall
bo entitled as its compensation to a commission of fivo per
cont on the maximum syndicate obligation of $16,000,000,
which shall include the commission of tho Purchase Syndicate
Managers and from the compensation of tho Purchaso Syndi
cate shall be paid the compensation of tho Loan Syndicate
hereinafter mentioned, including tho commission of tho Loan
Syndicate Manager.
N o provision has been mado for underwriting the cash
required for payment to non-assenting lioldors of bonds of
any of the issues provided for in the Plan of their distributive
shares in the proceeds of any sale, as it is beliovod that tho
new securities offored under tho Plan to any such non
assenting holders can bo disposed of for an amount sufficient
to pay such distributive shares or, if tho Reorganization
Managers should deem it expedient, tho cash provided by the
Plan may be used to pay such distributive sharos in whole
or in part.
____________
Guaranty Trust Company of Now York has undertaken
to form a Loan Syndicate of which it will bo Syndicate
Manager. The Loan Syndicate among other things, will,
against tho plodgo by tho Purchase Syndicate of such Prior
Preference Stock (trust certificates) and Common Stock
(trust certificates) offerod for salo by tho Purchaso Syndicate
to Depositors undor tho Plan, as shall not be purchased and
paid for in full by depositing security holders, agree to
advance to tho Purchaso Syndicate up to eighty por cont of
the par amount of Prior Preference Stock (trust certificates)
so pledged. It is intendod that such advance shall bo ropayablo approximately from ton to twolvo months after the
date of tho first advance by the Loan Syndicate but not later
than January 1 1919. Tho Loan Syndicate will agree to
make, for account of tho Purchase Syndicate, deliveries in
accordance with the terms of the Purchaso Warrants to
holders thereof complying with the terms of such Purchaso
Warrants.
__ _________
The Reorganization Managors as compensation for their
services shall bo ontitlod to receive a sum equal to threequarters per cent upon the aggregate principal amount of the
new bonds provided to bo presently issuable undor the Plan
and one-half per cent upon tho aggregate par value of the
now stock of tho three classes.
Tho compensation to bo paid to the Reorganization
Managers and tho commissions to bo paid tho Purchaso
Syndicate are to be paid as part of tho oxponsos of the re
organization. Tho Reorganization Managors may bocomo
participants in tho syndicates or oither of them.
The Reorganization Managers may mako adjustments of
indebtedness. They may, in tlioir discretion, for that pur
pose or for any of tho purposos of tho Plan, use any of the
securities issuablo in the reorganization and not required
for other specified purposes.
Mov. 4 1916]
1699
THE CHRONICLE
C O M P A R A T IV E T A B L E S , S H O W IN G C A P IT A L IZ A T IO N , F I X E D A N D C O N T IN G E N T C H A R G E S , E A R N IN G S
A N D M IL E A G E .
Tho statements and figures in the accompanying tables as well as elsewhere throughout the Plan have been furnished
by tho Receivers or by Officers of tho Receivers.
C A P IT A L IZ A T IO N A N D
F IX E D
CH ARGES.
A . C a p i t a l i z a t i o n a n d I n t e r e s t C h a r g e s o f O ld C o m p a n y a s o f J u l y 1 1916.
Principal
Amount.
$ 4 ,6 1 5 ,0 0 0
4 0 0 .0 0 0
471 .0 0 0
1 .232.000
4 .0 0 0 .
1 .0 0 0 .
4 0 0 .0 0 0
3 .3 2 5 .0 0 0
2 .8 5 0 .0 0 0
5 .7 5 8 .0 0 0
1.667.000
5 .3 7 9 .0 0 0
1,000,000
2 60 .000
675 ,0 0 0
8 .3 8 2 .0 0 0
14,789,000
5 ,0 0 0 ,0 0 0
2 ,1 2 5 ,8 8 4
17,157,942
656,093
Annual Interest
Charge.
R e ce iv e rs ’ C e r tific a te s :
Issu o o f A p r il 23 1912, $ 5 1 5 ,0 0 0 ........................................................ .................. ........................................... ........................
“ “ Ju n o 1 1912, $ 3 , 5 0 0 , 0 0 0 - . .............................................. ......... ................ ....................... - ..........................- - “ “ A u g u s t 1 1914, $ 6 0 0 ,0 0 0 ............................................ ............................................................. ................................
R e c e iv e r s ' N o t e s ______________________________________
___________________________________
E q u ip m e n t O b lig a tio n s (P r in cip a l) M a tu r e d an d U n p a id as o f J u ly 1 1916_____ ______ ______________ _______
E q u ip m e n t O b lig a tio n s (P rin cip a l) M a t u r in g fr o m J u ly 1 1916 t o a n d in c lu d in g Ju n o 1 1 9 2 1 - - .......... j ___
F lin t & P ero M a r q u e tte R a ilr o a d , F irs t M o r tg a g o 6 % G o ld R o n d s .________ ______________ __________________
000
F lin t & P o re M a r q u o t t o R a ilr o a d , F irs t M o r tg a g o 4% _ G o ld R o n d s __________________________________________
000
F lin t & P e ro M a r q u o tto R a ilr o a d (T o le d o D iv is io n ), F irst M o r tg a g e 5 % G o ld R o n d s _____________________
F lin t & P ero M a r q u e t t e R a ilr o a d (P o r t H u ro n D iv is io n ), F irst M o r tg a g o 5 % G o ld R o n d s (See N o te A )
F lin t & P ero M a r q u o tto R a ilr o a d , F irst C o n s o lid a te d M o r tg a g e 5 % G o ld R o n d s ___________________________
C h ic a g o & W est M ic h ig a n R a ilw a y , F irst M o r tg a g o 5 % R o n d s ...................................... ........................................ ..
C h ic a g o & N o rth M ic h ig a n R a ilr o a d , F ir s t M o r tg a g e 5 % R o n d s ___________________________________________
D e tr o it G ra n d R a p id s & W estern R a ilr o a d , F irst C o n s o l. M o r tg a g o 4 % R o n d s ___________________________
S aginaw T u s c o la & H u ron R a ilr o a d , F irst M o r tg a g o 4 % G o ld R o n d s _______________________________________
G ra n d R a p id s H oldin g & Saginaw R a ilr o a d , F irst M o r tg a g o 5 % G o ld R o n d s __________________________________
P ero M a r q u o tto R a ilr o a d o f In d ia n a , F irst M o r tg a g o 4 % R o n d s . ............................................................ ....................
P ero M a r q u o tto R a ilr o a d , C o n s o lid a te d M o r tg a g o 4 % G o ld R o n d s .................................... - ______ _______________
P ero M a rq u o tto R a ilro a d , R o fu n d in g M o r tg a g o 4 % G o ld B o n d s (See N o t e B ) ______________________________
P ero M a rq u o tto R a ilr o a d , 6 % D o b o n tu ro s ------------------------------------------------------------------------------ --------------- ------------- I’ oro M a r q u o tto R a ilr o a d , 6 % C o lla te r a l T r u s t N o te s (See N o te C ) ___________________________________________
P ero M a r q u o tto R a ilr o a d Im p r o v e m e n t an d R e fu n d in g G e n e ra l M o r tg a g o 5 % B o n d s (See N o te D ) ---------O ld C o lo n y T r u s t C o . S h o rt T e r m 6 % N o te s (S ee N o t e E ) __________________________________________________
$23 ,1 7 5
175.000
3 0 .0 0 0
24;0 0 0
*2 3 ,5 5 0
*75,000
2 4 0 .0 0 0
4 0 .0 0 0
20.0 0 0
166,250
142,500
2 87 ,900
8 3 ,3 5 0
2 1 5 ,1 6 0
4 0 .0 0 0
13.000
2 7 .0 0 0
3 3 5 ,2 8 0
591 ,5 6 0
3 0 0 .0 0 0
127,553
8 5 7 ,8 9 7
3 9 ,3 6 5
$ 81 ,142 ,91 9
10.929,800
968 ,180
1 4 ,3 7 0 ,4 3 0
58,800
T o t a l B o n d s , N o ta s , E q u ip m e n t O b lig a tio n s an d R e c e iv e r s ’ C e r tific a te s an d R e c e iv e r s ’ N o te s as o f J u ly 1 1 91 6________________ $ 3 ,8 7 7 ,5 4 0
P ero M a r q u o tto R a ilr o a d , F irst P referred S t o c k _________________________________________________________________________________________
P ero M a r q u o tto R a ilr o a d , S e c o n d P referred S t o c k ______________________________________________________________________________________
P ero M a r q u o tto R a ilr o a d , C o m m o n S t o c k ________________________________________________________________________________________________
P ero M a r q u o tto R a ilr o a d , S to c k h o ld a g ain st o u ts ta n d in g co n v e rsio n p riv ile g e s ______________________________________________________
107 ,470 ,12 9
T ota l
$ 3 ,8 7 7 ,5 4 0
Undisturbed. Securities (Canadian Lines).
3 ,0 0 0 ,0 0 0
2 ,8 7 0 ,0 0 0
$ 11 3,34 0,1 29
P oro M a r q u o tto R a ilro a d (L a k e E rio & D o tr o lt R iv e r R a ilw a y D iv is io n ), C o lla te r a l T r u s t 4 lA % B o n d s , d u o A u g . 1 1932____
P ero M a r q u o tto R a ilr o a d C o lla te r a l T r u s t 4 % B o n d s d u o J a n u a ry 1 1 9 2 3 ............................................................................................. .........
135,000
114 ,S00
G ra n d T o t a l o f socu ritios o u ts ta n d in g in h a n d s o f th o p u b lic , as p er R e c e iv e r s ’ a n d “ O ld C o m p a n y ’s ” b o o k s .............................. $4,127 ,340
♦ A p p roxim a te.
Note A .— D o o s n o t in clu d e b o n d s o w n e d a m o u n tin g t o $ 1 7 5 ,0 0 0 d o p o s ite d w ith C e n tra l T r u s t C o m p a n y , T ru s te e u n d er th e P o ro M a r q u e t t e R a iio a d R o fu n d in g M o r tg a g o .
Note B .— In clu d e d in th o to t a l o f $ 1 4 ,7 8 9 ,0 0 0 R o fu n d in g M o r tg a g o B o n d s aro b o n d s a m o u n tin g t o $ 3 ,8 0 8 ,0 0 0 , w h ich w ere p le d g e d as c olla tera l
u n d er th o Im p r o v e m e n t M o r tg a g o , an d w h ic h u p o n d e fa u lt o f p rin cip a l an d in terest o f la tte r-n a m e d m o rtg a g o w oro s o ld b y th o T ru ste e s a t a u ctio n on
D o co m b o r 6 1915, a n d a ls o $ 8 7 5 ,0 0 0 o f R o fu n d in g M o r tg a g o B o n d s s u b je c t t o E q u ip m e n t T r u s t A g re e m e n ts th o e q u it y in w h ich w as s o ld a t said sale
o f D o co m b o r 6 1915.
Note C.— $ 8 ,0 0 0 ,0 0 0 F iv o -Y o a r 6 % C o lla te r a l T r u s t N o te s w ere secu red b y $ 1 6 ,0 0 0 ,0 0 0 Im p r o v e m e n t M o r tg a g e B o n d s , d e p o s ite d w ith G u a r
a n ty T r u s t C o . o f N o w Y o r k , T ru sto o .
T h e In te re st o n said C o lla te r a l T ru s t N o te s d u o S e p t. 1 1912 an d M a r c h 1 1913 w as n o t p a id , an d th e
T rustee sold a t a u c tio n o n M a r c h 25 1913 sa id $ 1 6 ,0 0 0 ,0 0 0 Im p r o v e m e n t M o r tg a g e B o n d s , an d th e n e t p ro ce e d s o f sale, w ere a p p lie d to w a rd th e
r o tirom on t o f th o C o lla te r a l T r u s t N o to s .
Note D .— T h o Im p r o v o m o n t M o r tg a g o B o n d s issuod o r ig in a lly a ggre ga te d $ 1 7 ,2 0 0 ,0 0 0 .
P u rsu a n t to an ord e r o f th o D is tr ic t C o u rt o f th o U n ited
S tates on D ecem b e r 6 1915 certa in co lla te r a l h o ld u n d er th o Im p r o v e m e n t M o r tg a g o w as so ld and th o n e t p ro ce e d s a p p lie d t o th o r e d u c tio n o f th e
I m p r o v o m o n t M o r tg a g o B o n d s .
Note K .— T h o O ld C o lo n y N o te s a ggre ga te d o r ig in a lly $ 1 ,2 0 0 ,0 0 0 an d
w ere
secu red
b y $ 1 ,2 0 0 ,0 0 0 Im p r o v e m e n t
M o r tg a g e B on d s
an d certa in C . H . & D . I iy . G on oral M o r tg a g o B o n d s . O n a c c o u n t o f d e fa u lt in p a y m e n t o f p rin cip a l and in terest o f theso n o te s th o said colla tera l
w as sold a t a u ction o n F e b ru a ry 17 1915 and th o n ot p ro ce e d s o f sale w ore a p p lie d to w a rd p a y m e n t o f th e n o te s.
B.
C a p i t a l i z a t i o n , I n t e r e s t C h a r g e s a n d P r e f e r e n t ia l
R e q u ir e m e n t s o f N e w C o m p a n y .
D iv id e n d
Upon rotiremont of tho securities dealt with under tho Plan,
there will have been issued in respect thereof, or in connection
with tho extinguishment of interest or other liability thereon
and for the cash requirements of the Plan ($16,000,000),
which includes provision for additions, improvements, bet
terments, & c., the following securities:
.
F I X E D C H A R G E O B L IG A T IO N S .
Annual
Principal
N ew Mortgage Bonds.
Interest
Amount.
Charge
$2 1 ,9 7 0 ,0 0 0 First M o r tg a g e B o n d s, Series A , F iv e P er C e n t ____ $ 1 ,0 9 8 ,8 0 0
8 ,4 7 9 ,0 0 0 F irst M o r tg a g o B o n d s , Series B , F ou r P er C e n t ---3 3 9 ,1 6 0
Undisturbed Securities (.Canadian Lines).
3 ,0 0 0 ,0 0 0 P ero M a r q u e tte R a ilro a d (L a k o E rie & D e tr o it
R iv e r R a ilw a y D iv is io n ) C olla te ra l T r u s t 4 'A %
B o n d s , d u o A u g . 1 1 9 3 2 _________________ ___ ______
2 ,8 7 0 ,0 0 0 P ero M a r q u e t t e R a ilro a d C olla te ra l T r u s t F o u r Per
C en t R o n d s d u o Ja n . 1 1 9 2 3 ______________________
13 5 ,0C0
114,800
STOCK.
$ 11 ,200 ,00 0 F iv e P er C e n t P rio r P re fe re n ce S t o c k —
C u m u la t iv e _____ ___________________
«5fi0 000
12,429,000 P referred S to c k — C u m u la tiv e a fte r J a n . 1
1919
621 ,450
$ 1 0 5 ,0 0 0 ,0 0 0
Year ended
Year ended
Average for
June 30 1915.
June 30 1916.
Two Years.
O p eratin g r e v e n u e _________ $ 1 7 ,7 3 6 ,7 3 7 75 $ 2 0 ,8 2 6 ,1 5 9 58 $ 1 9 ,2 8 1 ,4 4 8 67
R e v e n u e fr o m O p e ra tio n s
o th e r th an tr a n s p o r ta tio n ,
in clu d in g o th e r In co m e ___
4 8 6 ,0 0 9 68
5 4 0 ,5 0 4 71
513 ,2 5 7 19
T o t a l ...................... ................$1 8 ,2 2 2 ,7 4 7 43 $ 2 1 ,3 5 6 ,6 6 4 29 $ 1 9 ,7 9 4 ,7 0 5 86
O p e ra tin g exp en ses, in c lu d
in g taxes, ren ta ls, hire o f
e q u ip m e n t an d oth er
c h a r g e s ................................... 15,334.467 65 16.580,071 36
15.957,269 50
T o t a l In c o m e ...................... . $ 2 , 8 8 8 , 2 7 9 78
$36 ,3 2 5 ,0 0 0 T o t a l B o n d e d In d e b te d n e s s a n d F ix e d In te re st
C h arges o f N ow C o m p a n y _________________________ $ 1 ,6 8 7 ,7 6 0
T o t a l P referen tial D iv id e n d R e q u ire m e n ts
o f N o w C o m p a n y ________
_
4 5 ,0 4 6 ,0 0 0 C o m m o n S to c k .
E A R N IN G S .
The Receivers or officers of the Receivers of Pere M ar
quette Railroad Company have certified that the income ac
count for two years ended June 30 1916 was as follows:
$ 1 ,1 8 1 ,4 5 0
T o t a l C a p ita liz a tio n , In terest C h arges a n d P referentlal D iv id e n d R e q u ire m e n ts o f N ew C o m p a n y .$ 2 ,8 6 9 ,1 2 0
C a p ita liz a tio n o f Old C o m p a n y ............................................................ * $ 1 1 3 ,3 4 0 ,1 2 9
C a p ita liz a tio n o f New C o m p a n y __________
7 1 0 5 ,0 0 0 ,0 0 0
D e c r e a s e in C a p i t a l i z a t i o n --------------------------------------------------
$ 8 ,3 4 0 ,1 2 9
F ix ed In terest C h arges o f O ld C o m p a n y ............................................
1‘ ix od In terest C h arges o f N e w C o m p a n y _________ ____________
$ 4 ,1 2 7 ,3 4 0
1,687,760
D e c r e a s e in F ix e d I n t e r e s t C h a r g e s .........................................
$ 2 ,4 3 9 ,5 8 0
* D o e s n o t In clu de o v o r d u o Interest o n fu n d e d d e b t , a m o u n tin g t o a p
p ro x im a te ly $ 1 0 ,0 0 0 ,0 0 0 .
•
t 'T h e $ 1 0 5 ,0 0 0 ,0 0 0 ca p ita liz a tio n o f th o N e w C o m p a n y w ill re p re se n t
also th o now cash p r o v id e d b y th o P lan , fo r a d d itio n s , im p ro v e m e n ts , b e t
term en ts, now co n s tr u c tio n , new e q u ip m e n t, w o rk in g ca p ita l, & c.
$ 4 ,7 8 6 ,5 9 2 93
$ 3 ,8 3 7 ,4 3 6 36
M A IN T E N A N C E E X P E N D IT U R E S .
The Receivers advise that large expenditures have been
made during the last two fiscal years of the Receivership on
account of Maintenance of W a y , Maintenance of Equip
ment and for Additions and Betterments in order to improve
the property generally, and have furnished the following table
showing charges to these accounts during the last two fiscal
years:
Gross Charges to
Maintenance of Maintenance of Additions and
Y e a r en ded :
Way & Struc’s.
equipment.
Betterments.
Total.
Jun e 30 1 9 1 5 --.$ 2 .0 0 0 ,2 8 2
$ 3 ,4 9 2 ,9 7 3
$ 5 9 1 ,7 1 7
$ 6 ,0 8 4 ,9 7 2
June 30 1 9 1 6 . . . 2 ,0 6 7 ,1 7 2
4 ,2 6 8 ,0 5 8
8 7 2 .3 9 5
7 ,1 4 7 ,6 2 5
S T A T E M E N T OF IN C O M E A C C O U N T , P E R E
M A R Q U E T T E R A IL R O A D C O M P A N Y .
F O R T H R E E M O N T H S E N D E D S E P T . 30 1916, C O M P A R E D W I T H
T H R E E M O N T H S E N D E D S E P T . 30 1915, A S C E R T I F I E D B Y
T H E R E C E IV E R S O F P E R E M A R Q U E T T E R R . C O M P A N Y .
— Three Months
ended----Sept. 30 1915. Sept. 30 1916.
Increase.
O p eratin g R e v e n u e . . . ...............$ 4 ,8 6 6 ,2 7 2 66 $ 5 ,673,391 60 $80 7 ,1 1 8 94
R e v e n u e fro m O p eration s o th e r
than T r a n s p o rta tio n , in clu d in g
O th er I n c o m e . . . ...........................
8 9 ,747 41
164 ,055 26
74,3 0 7 85
T o t a l ...................................................$ 4 ,9 5 6 ,0 2 0 07 $ 5 ,8 3 7 ,4 4 6 86 $88 1 ,4 2 6 79
O p e ra tin g E x p en ses, in clu d in g
T a x e s , R e n ta ls, H ire o f E q u ip
m en t an d o th e r ch a r g e s ________ 3 ,7 6 8 ,4 3 3 41 4 ,2 8 0 ,0 2 5 11 511,591 70
T o ta l I n c o m e ........................... _ _ _ $ ! .187.5S 6 66 $1,5 5 7 ,4 2 1 75 $36 9 .8 3 5 09
M IL E A G E .
Upon tlio payment of tho outstanding equipment obligations for which cash is provided by the Plan, and tho retirement
of tho securities called for deposit under tho Plan, and upon tho acquisition by tho New Company of the lines of railroad
and branches covered by the mortgages securing the bonds and obligations called for deposit under the Plan, the new First
Mortgago Bonds will bo secured by a direct first mortgago upon the following lines of railroad and upon equipment.
1700
THE CHRONICLE
[VoL. 103
Mileage Owned.
A Iain
Line.
Branch
Lines.
P o r te r , I n d ., t o G ra n d R a p id s . M ic h ., in c lu d in g b r a n c h e s ________
G ra n d R a p id s , M ic h ., t o H ay V ie w , M ic h ., in clu d in g b r a n c h e s .
G ra n d R a p id s , M ic h ., t o P ly m o u t h , M ic h ., in c lu d in g b r a n c h e s .
.E lm dalo, M ic h ., t o P aines, M ic h _________________________________
F r e e p o r t, M ic h ., t o E lm d a ie , M i c h . . _____ _______________________
*A loxis. O h io , t o P ly m o u t h , M ic h __________________________________
R o m u lu s , M ic h ., to D e lr a y , M ic h __________________________________
P ly m o u t h , M ic h ., t o S ag in a w , M ic h ., in c lu d in g b r a n c h e s_______
P ly m o u t h , M ic h ., t o D e lr a y , M ic h .,
“
“
_______
S a g in a w , M ic h ., t o L u d in g to n , M ic h .,
“
“
_______
S ag in a w , M ic h ., t o H ay C it y , M ic h .,
“
“
_______
H a lf In terest in D . & M . B r id g e t r a c k _____________________________
S ag in a w , M ic h ., t o P o r t H u ron , M ic h ., in c lu d in g b r a n c h e s _____
130.17
2 27 .08
120 .08
102.84
2 2 0 .2 8
01.79
105.82
♦ T ota l M ile s o f R o a d O w ned in F e o _______________________________________________ _ _
_
_
_
T h e F irst M o r tg a g e B on d s w ill a ls o , in d ire c tly th ro u gh s t o c k o w n e rsh ip . h a v e a ' j u i V r lien s’u b je c t "t o " $ 5 ,8 7 b ',5 o 6
B on d s o n th o C a n a d ia n L in os, as fo llo w s :
W a lk e r v ille , O n t ., t o S t. T h o m a s , O n t___________________________________________
S arn ia, O n t ., t o R o n d E a u , O n t___________________________________________________ . . I
Total.
8 7 .9 2
4.3.64
8.40
8 4 .5 0
23.03
.20
221 .7 8
3 6 2 .4 5
3 1 0 .4 7
2 9 1 .0 0
102.84
0 .4 5
4 8 .5 4
.11
125 .82
2 8 .5 8
2 2 2 .1 4
38.01
.26
3 0 9 .7 0
9 83 .33
872 .9 4
1 ,856.27
72.03
126 .78
7 2 .0 3
4 8 .5 4
.11
82 .1 8
20 .0 0
137 .04
14.08
6 .4 5
120.78
T o t a l M ilo s o f R o a d C o n tr o lle d T h ro u g h S to c k O w n e r s h ip __________________
G ra n d T o t a l o f M ilo a g o O w n e d in F e o an d T h ro u g h S to c k O w n e r s h ip .
120.78
72.0 3
198.81
1,110.11
9 44 .97
2 ,0 5 5 .0 8
—
* A n agreem en t has been en tered in to b e tw e e n th e R e ce iv e rs o f P oro M a r q u e tte R a ilr o a d C o m p a n y an d th o P e n n sy lv a n ia C o m p a n y w h ich c o n
te m p la te s th o jo in t use o f th o r o a d be tw e e n A le x is , O h io , an d C a rlo to n , M ic h ig a n , 2.5.28 m iles (in clu d e d in th o fo re g o in g ta b le o f m iloago o w n e d ), and
of a n ow d o u b le -tra ck lino t o b e co n s tr u c te d b y th e P e n n s y lv a n ia C o m p a n y . T h e in terests a cq u ire d b y th o N e w C o m p a n y in said lin os, w h eth er re p re
s e n ted b y s e c u r it ie s , c o n tr a c ts o r o th e rw is e , it is in te n d e d t o s u b je c t t o th o lien o f t h e F irst M o r tg a g e .
The above mileage is based on the assumption that there tv ill bo vested in the New Company all the lines of railroad
and branches covered by the mortgages securing tho bonds and obligations called for deposit under the Plan. If, in pursu
ance of the authority vested in the lieorganization Managers, they shall determine to exclude any of said linos or branches
or parts thereof, the amount of mileage to be vested in tho New Company will necessarily be varied.
In addition to tho above, trackage is used over 230.21 miles of other roads under leases and trackago agreements.
THE WESTERN NARYLAND RAILWAY COMPANY
F IN A N C IA L P L A N .
Baltimore, Md., October 27 1916.
To the Stockholders of The Western Maryland Railway Company:
For some time past the management has had under con
sideration plans for the readjustment of the Company’s
financial structure so as to provide moneys for the discharge
of its matured indebtedness and a capital currency for its
future needs.
In the same connection it has seemed desirable to provide
for the further concentration in a single ownership of the
principal railroad linos of the system and its terminal facili
ties, as well as to arrange a disposition of its coal properties
so as to avoid any question which might bo raised as to the
propriety of their present ownership.
In the fiscal year recently closed both the gross and net
earnings of tho Company were tho largest in its history,
while the physical condition of the property was substantially
improved and many valuable additions were made, of whick
tho following are the most important:
A grain elevator at Port Covington, Baltimore, of the
most modern type, and with a storage capacity of 1,900,000
bushels, was completed and is in operation.
Tho construction of the branch lines to reach the limestone
quarries of tho United States Steel Corporation at Nessle,
W est Virginia, and tho coal mines of the Consolidation Coal
Company in Somerset County, Pennsylvania, was finished
and these branches are now being operated.
Work on the two branch lines to reach the coal properties
of the Consolidation Coal Company now being developed
near Fairmont, W est Virginia, is well advanced and these
lines will be completed during the present fiscal year.
The equipment of the Company was increased by the ac
quisition of 3,000 steel coal cars of the capacity of 55 tons
each and 15 Mullet Compound locomotives of tho most
modern type.
The installation of automatic signals and telephone dis
patching on the main line was completed, and considerable
work was done in tho construction of double track at various
congested points on the line.
A number of trackago arrangements or connections wero
also completed, giving the Company access upon favorable
conditions to many new important traffic producing indus
tries at Baltimore and at other points.
All of these improvements and betterments have tended
and will tend not only to produce additional revenue for tho
property, but also to increase its operating efficiency.
Additional expenditures in tho future for tho completion
of construction now in progress, the acquisition of more
equipment, both cars and locomotives, the expansion of
terminals and track facilities, grado reduction, double track
ing and the general development of the property are inevi
table in order to enable the Company to care for the in
creased volume of business already developed or practically
assured and to operate its property on such an efficient and
economical basis as will offset in somo measure tho additional
financial burdens placed upon the Company through increases
in taxes, tho cost of materials and supplies and the enforced
advances in wages.
Matured noto indebtedness of tho Company is outstand
ing in the principal amount of $16,000,000, upon which there
is approximately $2,000,000 of accrued interest, and tho
Company has also borrowed from the Western Maryland
Noteholders’ Committee further sums aggregating $3,250,
000, making a total indebtedness of approximately $21,
250,000 for which provision must bo made.
N o First Mortgago Bonds of tho Company remain which
are available for use either for the purpose of discharging
the noto indebtedness of tho Company or of providing~for
its future financial needs, and practically all of the unmort
gaged assets of the Company are now pledged as collateral
security for its present indebtedness.
1 |
In considering plans for financial readjustment it has
seemed indispensable to provide for a substantial reduction
of present fixed charges, which exceed per mile of road those
of any other railroad of a similar character or located in
competitive territory, and to accord full recognition to the
legal rights of the noteholders.
|
In consideration of all of these matters tho Board of
Directors of the Company has formulated tho following: . J
P L A N OF R E A D J U S T M E N T .
NEW
R A IL W A Y C O M P A N Y .
It is proposed to form a new Railway Company through
the consolidation of the present Tho Western Maryland
Railway Company with as many as practicable of tho fol
lowing constituent companies, viz.:
B a ltim o re & H a rrisb u rg R a ilw a y C o m p a n y ,
B a ltim o re & H arrisburg R a ilw a y C o m p a n y (E astern E x te n sio n ),
B a ltim ore & H arrisbu rg R a ilw a y C o m p a n y (W e ste rn E x te n sio n ),
B a ltim o re & C u m b e rla n d V a lle y R a ilw a y C o m p a n y ,
T h e B a ltim o re & C u m b e rla n d V a lley R a ilro a d C o m p a n y ,
G e o rg e ’s C re e k & C u m b e rla n d R a ilroad C o m p a n y ,
T h o C o n n e llsv illo & S ta te L in e R a ilw a y C o m p a n y .
The new Railway Company is also to acquiro all of tho
terminal facilities at Baltimore, some of which (including
the grain elevator) are now owned by the Western Maryland
Railroad Terminal Company, and also tho warehouse and
storago properties now owned by tho Baltimore Fidolity
Warehouse Company and the Hazard Wharf Company.
Upon tho completion of the consolidation the new Railway
Company will bo vested with the direct ownership of 615.43
miles of main lino of railroad, subject only to existing mort
gago liens amounting to $50,177,000, and, in addition, tho
necessity and expense of maintaining a number of separate
organizations will be obviated.
Tho now Railway Company is to assume all of tho present
bonded indebtedness and equipment trust obligations of
each of tho constituent Companies and in addition is to
create the following New Securities:
1. First and Refunding Mortgage Bonds:
Authorized Issue____________________________ $150,000,000
Secured by a direct first mortgage upon tho lino of railroad
extending from Cumberland, Maryland, to Connellsvillo,
Pennsylvania, together with branches, a distance of 118.04
miles, and by tho pledge of all securities representing owner
ship of the branch lines above mentioned, aggregating an
additional mileage of 17.82 miles. Also secured by mort
gago (subject to existing mortgago of $500,000) upon the
entire property of tho Western Maryland Railroad Terminal
Company and (subject to an existing mortgago of $115,000)
upon the properties of the Baltimore Fidelity Warohouso
Company and the Hazard Wharf Company.
Subject only to the First Mortgage of Tho Western M ary
land Railway Company and its underlying mortgages and
to existing mortgages of tho other constituent companies,
amounting, as above stated, to $50,177,000, tho First and
Refunding Mortgago of the now Railway Company will,
also cover as a direct lien all other railroad linos now owned
by Tho Western Maryland Railway Company and tho other
constituent Companies and to bo acquired by tho new Rail
way Company under the proposed consolidation as well as
all extensions, additions and improvements and all other
properties hereafter constructed or acquired by tho now Rail
way Company with the First and Refunding Bonds or tho
proceeds thereof.
N ov
THE CHRONICLE
4 1 9 1 6 .]
The First and Refunding Mortgage Bonds aro to bear
interest at a rate or rates not in any instance exceeding
G per cent per annum and are to bo appropriated as follows:
$7,500,000, face value, bearing interost at the rate of
5 per cent per annum, aro to be reserved, of which $5,000,000,
face value, are to be initially issued for general corporate
purposes, including tho liquidation of existing loans aggre
gating the principal amount of $3,250,000.
$50,000,000, face value, aro to bo reserved for the purpose
of funding tho present First Mortgage Bonds of The Western
Maryland Railway Company and underlying and divisional
bonds.
$25,000,000, face value, aro to bo reserved to bo issued
under carefully guarded restrictions to provide additional
terminals and terminal facilities.
$07,500,000 (tho balance of the issue) aro to bo reserved
under carefully guarded restrictions for new equipment,
permanent betterments and improvements and tho con
struction or acquisition of additional mileage.
2. First Preferred Seven Per Cent Stock____________$18,000,000
Tho First Preferred Stock shall be entitled to dividends,
cumulative from July 1 1918, at tho rate of, but not exceed
ing, 7 per cent per annum, payable quarterly, and shall be
ontitled to priority over the Second Preferred Stock and tho
Common Stock both as to dividends and in liquidation.
3. Second Preferred Non-cumulative Four Per
Cent Stock------------- ------------------------------------------ $10,000,000
Tho Second Preferred Stock shall bo entitled to non
cumulative dividends at the rate of 4 per cent per annum,
and shall bo preferred over tho Common Stock both as to
dividends anil in liquidation.
4. Common Stock_____________ _______ _____________ $50,000,000
1701
is to bo presently sold and disposed of as hereinafter stated
and the balance ($290,000) is to be reserved in the Treasury
for future needs.
M O N O N G A L IA C O A L L A N D S C O M P A N Y .
The W est Virginia Central & Pittsburgh Railway Com
pany is the owner of a coal reserve of 22,549 acres situated in
Marion and Monongalia Counties, W est Virginia. Expert
estimates place an investment value on this property of $250
per acre, or an aggregate present day value of $5,637,250.
This acreage is not necessary for tho fuel requirements of
Tho Western Maryland Railway Company, nor is it tribu
tary to its lines of railroad..
It is proposed to vest the ownership of this propertv free
and clear of encumbrances in a new corporation to be kiow n
as the Monongalia Coal Lands Company or by some other
suitable name, and also to transfer to that Company $400,000
face value of First Mortgage 5 % Bonds of the Four States
Coal & Coke Company which are now owned by The W est
ern Marvland Railway Company and the annual interest
upon which is more than sufficient to pay the taxes upon this
coal acreage.
The capital stock of the Monongalia Coal Lands Company
is to be $4,500,000 and this stock will be disposed of as here
inafter mentioned.
A L L O T M E N T OF N E W S E C U R IT IE S .
F irst and R e fu n lin g B o n d s ...................... ................................... ................ $ 7 ,5 9 0 ,0 0 0
The initial issue ($7,500,000) of these bonds will bear
interest at tho rate of five per cent per annum and $5,000,000
face value thereof will be sold for cash and the proceeds ap
plied in liquidating tho amount borrowed from the Notehold
ers’ Committee ($3,250,000) and in furnishing working capi
tal for the new Railway Com pany. The balance of the initial
issue ($2,500,000) will be reserved in the treasury of the new
Railway Company to be utilized from time to time for its
general corporate purposes.
Bond d Indebtedness and Interest Charges o f the N etv R ailw ay Com pany as
Com pared ivilh that o f The W estern M a ryla n d R ailway C om pany,
Inclu duig Secured and U nsecured N o tes, Overdue Interest
ana In itia l Issu e o f First and R efunding Bonds.
F irst P re fe rre d S t o c k .............................................................. •_.................... $ 1 8 ,0 0 0 ,0 0 0
N ew Ry. C>.
W . A t. Ry. Co.
D ecrease.
S ooon d P referred S t o c k . _____ ____________________________________ 10,00G ,000
B o n d e d In d eb ted n ess---------- $ 5 5 ,1 7 7 ,GOO 00 $ 7 1 ,1 3 2 ,0 0 0 00 $ 1 5 ,9 5 5 000 00
C o m m o n S t o c k _________ ____________________________ _______________ 5 0 .0 0 0 .0 0 0
B o n d e d In d eb ted n e ss p er
S to c k o f T h o D a v is C o a l & C o k e C o m p a n y _____________ _______
3 ,9 6 0 ,0 0 0
m llo
---------------------------8 7 ,1 3 3 00
112,328 00
2 5 ,1 9 5 00 S to c k o f th o M o n o n g a lia C o a l L ands C o m p a n y ________________
4 ,5 0 0 .0 0 0
In terest C h a r g e s — . . . —
2 ,3 0 0 ,7 8 8 00 3 ,1 9 8 ,0 8 8 0 0
897 ,300 00
to be distributed as follows:
In terest C h arges p er m i l e . .
3 ,6 3 3 30
5 ,0 5 0 28
1,416 98
Upon tho basis of the earnings for tho last fiscal year (ex
cluding income derived from coal properties) tho amount
applicable to dividends on tho stock of the now Railway
Company would bo as follows:
G ross In c >mo...................... ...................................................................... ......... $ 3 ,6 8 9 ,0 0 0
D e d u c tio n s fro m G ross I n c o m e _____________________________________ 2 ,6 4 2 ,1 4 4
Surplus a p p lica b le t o d iv id e n d s ____________________________________ 1 ,040,856
7 p er cen t d iv id e n d on First P referred S t o c k . _________ ___________ 1,200.000
Tho estimated Gross Earnings of tho property for the first
three months of tho present fiscal year were $3,129,660 84,
an increase over tho corresponding period of last year of
$459,565 68, or 17 per cent.
Tho Income Account for the first two months (July and
August) of tho present fiscal year, excluding incomo derived
from coal properties, as well as interest charges upon tho
note indebtedness to bo discharged under tlio Plan of Re
adjustment, is as follows:
Italh vay O p era tin g R e v e n u e s___
H allw ay O p era tin g E x p e n s e s ___
-$ 2 ,0 4 1 ,7 7 4 01
I n c .$30 1,92 2 53
. 1,224,839 85 (5 9 .9 9 % ) “
86,479 84
R a ilw a y N e t R e v e n u e .........................
T a x A c c r u a ls -------------------
$81 0 ,9 3 4 16
6 5 ,0 0 0 00
“
“
$215 4 4 ° 69
11,COO 00
Holders of stock, both preferred and common, of Tho
Western Maryland Railway Company will be asked to ex
change the same share for share for Second Preferred Stock
or Common Stock, as the case may be, of the new Railway
Company , and in addition will be affor led the opportunity
to subscribe at par in cash for their pro rata share of 818,
000,000 of the First Preferred Stock of the new Railway
Company, and against such subscription will also receive a
proportionate amount of the stock of The Davis Coal &
Coko Company and tho Monongalia Coal Lands Company.
For each $100 par value of stock (either preferred or com
mon) of The Western Maryland Railway Company, subscrip
tion may be made at par for 30 per cent ($30 par value) of
First Preferred Stock of tho new Railway Company.
For each $100 of subscription so made the subscribers
will bo entitled to receive:
F irst Preferred S to c k o f new H ulh vay C o m p a n y _____________________ $100 00
Stocic o f T h e D a v is C o a l & C o k e C o m p a n y _____________ ___________
22 00
S to c k o f M o n o n g a lia C o a l L a n d s C o m p a n y _________________________
25 00
This subscription will bo underwritten by a Syndicate
which will take such of the securities as may not bo pur
R a ilw a y O p era tin g I n c o m o ............... $75 1,93 4 16
“ $20 4,44 2 69
chased by the stockholders, and upon the same terms. The
O th er I n c o m o ______________________
9,1 2 0 91
amount received on such sale will be applied in payment of
G ross I n c o m o ........................................ $70 1,06 1 07
tho matured note indebtedness of The Western Maryland
D ed u ction s fro m G ross I n c o m e —
4 2 4 ,7 7 6 44
Railway Company.
S u rp lu s______________________________ $33 0,28 1 63
If for any reason it is found impracticable to issue the full
amounts above mentioned of First Preferred, Second Pre
T H E D A V IS C O A L & C O K E C O M P A N Y .
ferred and Common Stock of the new Railway Company,
Tho coal operations aro ow conducted by Tho Davis Coal tho necessary reduction will bo effected by diminishing the
& Coko Company. They consist of 31 mines, having a ca amount of common stock to be issued, and in such event the
pacity ot 2,500,000 tons of coal as an annual output, togothor amount of such common stock deliverable under the plan
with power plants, mining plants, etc., located on the W est will be proportionately reduced.
Virginia Division of the Western Maryland Railroad
The foregoing plan has been adopted as the result of care
Tho net profits of the Coal Company for the last fiscal ful consideration and negotiations with representatives of
year, including profits derived from its real estato and storo tho noteholders of tho Company, and it is believed that it
departments, wero approximately $206,000, and tho output should commend itself to the stockholders.
of tho mines for the same period was 2,004 000 tons
Through tho elimination of $18,000,000 of enforceable
Tho presont capital stock of Tho Davis Coal & Coko Com debt threatening the integrity of tho property, not only is
pany is $200,000.
Lno Company has no mortgage dobt
tho fixed charge capitalization of tho Company reduced to
It is proposed to leaso to Tho Davis Coal & Coko Com an amount believed to bo safely within its minimum earning
pany for a term of 9!) years all of tho coal lands, mines, results during adverse periods, but there is also preserved a
mining plants and other property now owned by tho West mortgage capacity well adapted fer use in connection with
Virginia Central & _ Pittsburgh Railway Company but the futuro expansion and development of the system.
operated by 1 ho^ Davis Coal & Coko Company. Tho mines
In order that the views of stockholders of the Company
and mining facilities, exclusive of tho land, represent a cost may bo expressed with reference to the foregoing plan, notice
of over $5,000,000. The consideration for the leaso will bo
is hereby given that a special meeting of the stockholders
(а) Payment of six cents per ton of 2,240 pounds on all has been called and will bo held at the office of the Company
coal mined.
in the Continental Building, Baltimore, Maryland, on Fri
(б) Assumption and payment of all taxes, both real and day tho 17th day of November 1916, at 10 o’clock a. m ., at
personal, on all property covered by the leaso.
which time the plan will be submitted to the stockholders
(c) Tho shipmont of all coal mined over tiio lines of the for their approval.
now Railway Company.
Form of proxy for use at the meeting is enclosed herewith
Tho Davis Coal & Coke Company is also to have tho right and tho co-operation and support of all stockholders is
to leaso on the samo terms such additional coal lands now
@FedFRASER