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financial
INCLUDING

bretude

Railway & Industrial Section
Bankers' Convention Section

Bank & Quotation Section
Railway Earnings Section

SATURDAY, OCTOBER 16 1915

VOL. 101

The (StymieTe.

Week ending October 9.
1915.

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Published every Saturday morning by WILLIAM B. DANA COMPANY,
Jacob Seibert Jr., President and Treasurer: George S. Dana and Arnold 0. Dana.
Vice-Presidents: Arnold 0. Dana, Sec. Addresses of all. Office of the CompanY•

CLEARING-HOUSE RETURNS.
The following table, made up by telegraph. &e., indicates that the total
bank clearings of all the clearing houses of the United States for the week
ending to-day have been $4,225,777,320, against $4,471,4C6,684 last week
and $2,520,880,260 the corresponding week last year.

Clearings-Returns by Telegraph.
Week ending October 16.

Per
Cent.

1914.

1915.

New York
Boston
Philadelphia
Baltimore
Chicago
St. Louis
New Orleans

$2,046,841,985
136,949.323
152,736,485
30,488,599
276,827,010
76,641,165
19,995,812

Seven cities, 5 days
Other cities, 5 days

$2,740,483,379
650,217,694

$1,487,547,067
570,142,691

+84.2
+14.0

I $3,390,701,073
835,076,247

$2,057,689,758
463,190,502

+04.8
+80.3

$4,225,777,320

82,520,880,260

+67.6

Total all cities, 5 days
All cities, 1 day
Total all cities for week

$937,762,489 +118.3
10 ,285,400 +31.3
113,965,059 +34.0
27,474,735
+11.0
229,689,040 +20.5
59,551,313 +28.7
+34.9
14,819,031

Tho full details for the week covered by the above will be given next
Saturday. We cannot furnish them to-day, clearings being made up by the
clearing houses at noon on Saturday, an a hence in the above the last day
of the week has to be In all casei estimated, as we go to jaress Friday nigh),
We present below detailed figures for the week ending with Saturday
noon, October 9, for four years:
iVeek ending October 9.
Clearings at1914.

1915.

.or-ocoetmIcIrlevaccicl.tac4mmr.l000

•

.45V.=.03.Ta&;MF,18

coq
C•1

eqt,
:cie7M.cim,cmmncqcicq

New York
Philadelphia ___
Pittsburgh
Baltimore
Buffalo
Albany*
Washington
Rochester
Scranton
Syracuse
Reading
Wilmington
Wilkes-Barre _ _ _
Wheeling
York
Trenton
Erie
Chester
Binghamton-Greensburg
Altoona
Lancaster
Montclair

Inc. or
Dec.

1913.

1912.

$
%
$
$
1,218,361,585 +130.0 1,827,477,634 1,710,864,757
143,371,278 +44.4 164,668,872 142,057,607
54,039,638
52,189,571 +14.0
47,142,671
37,844,003
34,259,696 +17.9
32,196,119
15,265,247
12,886,004 +30.0
11.062,001
6,773,217
5,784,851 -1.8
6,266,315
7,864,836
7,963,436 +6.9
7,908,455
4,978,058
4,448,851 +22.7
3,958,143
2,900,000
3,027,420 -5.2
2,600,000
3,014,881
3,162,186 +14.1
2,339,667
1,908,292
1,934,763 +13.9
1,621,006
2,365,635
1,392,015
1,788,549 +61.3
1,831,566
1,594,062
1,908,060 +6.7
2,291,916
1,722,283
1,867,142 +35.1
1,007,497
855,862
932,025 +5.0
1,838,771
2,036,354
1,665,050 +23.3
1,107,947
989,772
1,063,771 +20.0
915,013
538,411
789,606 +52.3
793,300
693,300
709,400 +21.7
650,000
550,000
644,682 +20.9
611,201
575,000
561,113 -12.5
1,822.763
1,309,451
1,956,277 +5.9
445,935
340,266
367,504 +26.9

Total Middle_ 3,172,849,397 1,502,542,820 +111.2 2,142,477,122 1,980,675,017
Boston
Providence
Hartford
New Haven
Springfield
Portland
Worcester
Fall River
New Bedford _
Lowell
Holyoke
Bangor
Total New EngI

173,626,456
8,324,800
11,023,901
4,308,259
3,299,399
2,150,000
2,846,276
1,437,039
1,234,501
906,058
757,186
512,057

124,433,169
7,397,300
4,434,629
3,526,993
2,527,694
1,950,000
2,289,492
1,131,723
1.035,818
753,822
783,867
533,716

+39.5
+12.5
+148.6
+22.2
+30.5
+10.3
+24.3
+27.0
+19.2
+20.3
-3.3
-4.1

158,748,727
8.576,200
5,330,058
3,322,126
2,828,180
2,131,013
2,783,196
1,715,215
1,335,494
555,411
625,707
586,858

144,244,752
7,315,400
3,963,762
2,474,516
2,428,179
2,267,153
2,200,933
1,273,289
884,515
422,890
750,000
575,133

gin .mnx

1A11 723 223 .4-33 a

IRA q'me lAki

111R Ron con

use

Note.-For Canadian clearings sea 'Commercial and Miscellaneous News.",




NO. 2625

Clearings at-

PUBLISHED WEEKLY.

•,.

Electric Railway Section
State and City Section

1914.

Inc.or
Dec.

$
Chicago
333,478,838
Cincinnati
29,401,550
Cleveland
37,667,907
Detroit
31,391,127
Milwaukee
16,894,062
Indianapolis _
8,736,976
Columbus
7,400,000
Toledo
8,060,992
Peoria
3,730,063
Grand Rapids_ _ _
3,905,444
Dayton
2,581,619
1,850,047
Evansville
625,854
Kalamazoo
1,461,178
Springfield, Ill_ _
Fort Wayne _ _ _
1,408,855
Akron
2,488,000
Lexington
861.158
843,775
Roc ord
2,180,441
Youngstown ---2,098,339
Canton
Bloomington_ _ _ _
747,613
882,482
South Bend
556,318
Decatur
708,227
Springfield, Ohio.
823,895
Quincy
Mansfield
601,131
Jacksonville, Ill_
292,396
Jackson
550,000
Danville
573,758
Lima
576,618
Lansing
1,029,931
Ann Arbor
428,736
Adrian
67,667
Owensboro
308,661
Tot.Mid.West• 505,163,658

278,108,293
22,243,500
23,608,507
23,047,470
16,840,252
7,557,656
6,383,400
6,569,790
2,573,069
3,074,656
2,233,344
1,143,002
614,364
1,331,772
1,464,578
1,794,000
709,194
916,166
1,806,180
1,747,584
698,268
796,475
405,799
771,137
847,899
539,523
266,611
480,000
566,070
499,771
518,042
287,255
60,657
279.663
410,500,810

+19.9
+32.2
+59.6
+36.2
+0.3
+15.6
+15.9
+22.7
+45.0
+27.0
+15.6
+57.5
+18.7
+9.8
-3.8
+38.7
+21.4
-8.0
+20.7
+20.1
+7.0
+10.8
+37.2
-8.2
---2.8
+11.5
+9.7
+12.5
+1.4
+15.4
+98.6
+49.1
+11.6
+10.4
+23.0

San Francisco
Los Angeles
Seattle
Portland
Salt Lake City
Tacoma
Spokane
Oakland
Sacramento
San Diego
San Jose
Fresno
Stockton
Pasadena
North Yakima_ _
Reno
Long Beach
Total Pacific__

47,389,882
20,439,807
12,307,830
13,588,437
6,319,753
2,097,936
3,951,647
3,519,307
2,569,161
1,714,770
952,305
1,485,618
1,120,685
796,521
563,230
350,254
517,770
119,684,913

+22.6
+0.3
+1.8
+8.7
+18.7
+0.2
+22.2
+14.0
+3.4
+20.9
--5.1
-11.0
+5.0
+7.5
+5.4
-3.2
-6.6
+12.6

58,086,334
20,495,061)
12,532,065
14,770,896
7,500,000
2,102,091
4,830,138
4,011,485
2,657,313
2,072,155
903,305
1,322,341
1,176,567
856,280
593,730
338,951
483,664
134,732,315

1913.

1912.

315,257,329 269,742,092
24,614,250
20,245,250
24,347,850
23,057,428
24,466,916
23,449,094
16,730,674
15,099,599
8,415,070
7,864.980
5,094,900
6,680,000
5,742,024
4,807,687.
3,500,000
4,246,005
3,199,231
3,281,852
2,383,459
2,869,845
1,389,393
1,457,164
752,896
711,812
1,110,473
1,266,107
1,159,451
1,410,680
1,522,000
1,693,000
692,501
704,101
998,472
1,033,324
1,757,993
2,088,565
1,058,216
1,300,000
732,103
619,421
700,000
650,374
496,489
454,567
649,852
708,894
833,154
858,008
443,028
523,470
258,647
291,382
532,242
510,786
422,922
441,566
440,285
543,798
473,466
468,043
225,107
264,576
81,397
48,936
416.343
434.193
455,134,672 395,590.150
53,974,863
22,210,158
14,269,093
15,026,117
7,548,481
2,487,414
5,371,625
3,889,112
2,634,446
2,506,222
1,103,252
1,414,719
987,317
861,864
580,958
275,000

46,578,069
20,480,477
11,840,346
12;162,248
6,835,171
3,240,788
4,758,174
3,231,938
2,250,802
2,396,225
792,165
1,102,050
1,076,135.
739,571
470,000
312,460

135,140,641

118,267,619

63,329,369
63,227,514
Kansas City_ _ _ _
70.575,437 +18.3
83,453,737
32.176,996
33,446,512
38,430.026
Minneapolis _ _
35,086,169
16,816,179
19,408,824
Omaha
23,516,198
19,677,321 +19.6
12,525,484
10,583,509
11,901,765 -0.6
11,826,196
St. Paul
10,823,438
9,913,558
10,658,645
9,571,958 +11.4
Denver
7,640,322
8,287,532
6,733,058 +18.
7,968,449
St. Joseph
6,264,572
7,596,339
8,863,906 +17.4
10,409,766
Duluth
5,048,122
5,428,395
5,510,099 +13.3
6,242,665
Des Moines
3,599,658
4,079,678
3,701,970 +10.3
4,083,106
Sioux City
3,490,204
3,511,278
4,071,919
3,552,658 +14.6
Wichita
1,630,359
1.886,186
2,516,931
2,339.539 +7.6
Lincoln
1,348,862
1 887,825
1.805,164 -11.0
1,607,090
Topeka
1,881,266
1,893,470
1,894,930 -1.4
1,867,718
Davenport
1,462,259
2,108,521
2,100,00
1,762,781 +19.1
Cedar Rapids....
687,811
548,408
1,766,657 +9.9
1,910,716
Fargo
685,653
668,664
581,769 +31.3
763,701
Colorado Springs
653,188
750,008
688,803 -43.0
392,348
Pueblo
380,084
353,632
419,429
516,999 -18.8
Fremont
1,543,864
1,680,779
1,695,720 +17.6
1,993,716
Waterloo
986,369
1,288,472
+0.7
1,535,764
1,524,947
Helena
500,427
468,280
946,450 -26.0
700,000
Aberdeen
242,457
217,002
254,851
256,332 -0.6
Hastings
447.229
673,120
787,825
584,030 +34.9
Billings
Tot.Oth.West_ 214,196,939 194,882,319 +9.9 179,949,230 174,002,769
81,689,941
84,046,947
69,027,359 +23.8
St. Louis
85,476,841
21,457,556
19,883,002
14,562,187 +28.0
New Orleans__ -18,640,835
10,709,991
7,252,061 +41.9
10,290,749
Houston
11,989,433
13,579,420
11,526,526 +39.1
16,030,909
Louisville
4,307,500
5,212,000
2,948,582 +103.5
6,000,000
Galveston
7,962,663
8,183,851
8,043,547 +35.7
10,917,443
Richmond
16,831,846
20,488,630
12,862,665 +46.8
18,886.395
Atlanta
9,607,103
10,401,398
7,000,872 -1.7
8,880,525
Memphis
8,042,503
9,669,951
3,820.206 +101.1
7,682,251
Savannah
10,500,631
9,573,484
8,211,536 +13.2
9,295,683
Fort Worth
7,998,257
8,879,797
7,119,852 +5.2
7,488,766
Nashville
4,106,491
4,150,912
4,574,076
4,353,308 +5.1
Norfolk
2,130,076
2,807,963
2,766,570
1,669,043 +65.7
Augusta
3,073,950
3,372,845
2,674,246
2,621,776 +2.0
Birmingham _-2,922,880
2,441,088
2,237,245 +16.0
2,595,600
Little Rock
3,262,909
3,030,000
2,776,254 -7.5
2,569,738
Jacksonville ___ 3,458,413
2,673,158
1,777,943 +65.5
2,941,478
Charleston
2,080,664
1,880,371
2,093,283 -4.5
2,000,000
Knoxville
2,487,983
2,567,064
2,368,695 +0.1
2,370,622
Chattanooga1,300,000
1,550,000
1,100,000 -0.4
1,095,341
Mobile
2,628,147
2,297,582
2,675,707 +9.9
2,942,700
Oklahoma
5,034,796
6,520,198
3,068,175 +52.0
4,663,512
Macon
1,509,221
1,802,799
1,622,520 +33.1
2,259,575
Austin
377,197
309,946
282,282 +30.1
367,346
Vicksburg
507,413
438,704
398,780 +7.8
429,698
Jackson
1,375,455
1,097,602
1,010.113 --26.6'
741,530
Muskogee
1,057,063
1,375,998
+4.5
1,456,014
Tulsa
Total Southern 234,038,443' 183,823,518 +27.3 240,722,510 215.820,288
i3 3,341,962,360 3,053;155;765
4;471,406,684 2,562,233,600 +fTotal all
Outside N. Y_ 1-669,048,334 C31-3,872,015 +24.2 1,511,484,726 1,342,291,608

1216

THE CHRONICLE

THE FINANCIAL SITUATION.
So far as speculative interest in the stock market
has during the last two weeks been transferred from
the stocks of manufacturing companies supposed
to be flooded with war orders to the shares of railroad companies, the change is distinctly for the
better. The gravest objection to the prodigious
advances in the so-called war stocks is that whatever measure of justification there may be for these
advances, they are not based on an enduring condition.
The ostensible reason for the advances is the large
profits to be derived from the execution of war
orders. But war is not a continuing condition and
except in the case of a few companies whose activities are exclusively or almost entirely devoted to the
building of engines of destruction, like Bethlehem
Steel perhaps, these war orders will cease the
moment the war terminates and then this supposed
lucrative line of business will disappear.
No one of course knows when the conflict will
end, or would even, if he is in his right senses, hazard
a guess on that point. The end may come this year
or it may come next year, or it may be deferred even
longer. But this much is certain: it cannot last
forever. The war represents an abnormal, not a
normal, situation, and the duration of the war
measures the duration of the war contracts (except
in isolated instances) upon which the present gambling mania is based.
The extent of these war orders has quite generally
been wildly exaggerated, and the profits to be derived
therefrom still more so. That in itself is a source of
menace, since thereby it is made impossible that expectations shall be realized, even during the brief
period thatthe war contracts may play an active partin
affairs. As from time to time authentic statements
are being received from one company or another
bearing upon the war business, it is becoming more
and more apparent that this business is being made
overmuch of—purposely so to help in boosting prices.
The American Locomotive Co. is again credited
with holding large ammunition contracts, but it
should not be forgotten that the shares were sent
bounding upward as early as last April on reports of
war orders of fabulous extent, and which were to
yield equally fabulous profits. The company's annual report for the fiscal year ending June 30 1915
was published by us in our issue of Sept. 18, and from
this it appears that in that period of twelve months
the company did not even earn simple operating expenses.
The American Car & Foundry Co. has been credited with having received unlimited amounts of war
orders. On Oct. 4 President F. N. Eaton announced that the aggregate of this business held by
the company was a modest $7,361,000 instead of
ten or a hundred times that amount. The statement
said: "Munition contracts amount to $7,361,000
gross. No other negotiations pending. Delivery
eight to nine months." Westinghouse Air Brake
shares have been enjoying a sharp rise in Pittsburgh
on the strength of the war orders received. Now
comes the annual report of the company and speaks
in a very cautious and guarded way regarding the
prospects of profits and points out that considerable
outlays have had to be incurred in providing special
machinery and buildings, and that the net result will
represent "a substantial but not an unusual manu


[Vol,. 101.

facturing profit." Here are the remarks in the report concerning the matter:
During the month of April 1915 your Company
accepted orders for 18-pound shrapnel, complete,
except propellant powder, and additional cartridge
cases amounting in total to $17,930,000. While
the terms are favorable, with ample guarantees
against contingencies, these orders have necessitated
a heavy expenditure for special machinery and for
its installation in temporary, though substantial,
buildings, to the end that the maximum output of
the company's regular product might not be affected
in case of a sudden revival of the railway supply
business. It is expected that when the value of this
special machinery and the buildings not available for
future use shall have been charged off, the net result
will represent a substantial but not an unusual
manufacturing profit on the amount involved.
Thus it seems certain that in the great majority
of instances expectations will be sadly disappointed
as to the gains to accrue even while the war business
shall continue an active factor. And when in addition we consider the perforce limited duration of the
business the foolhardiness of the frenzy which has
taken hold of the public mind becomes palpably
manifest.
In lacking altogether underlying permanency,
the present excited upward movement differs sharply
from noteworthy movements of the same kind in
the past. These have rested on broad, legitimate
foundations. The greatest bull speculation in American history was undoubtedly that which followed the
resumption of specie payments on Jan. 1 1879. That
marked the inauguration of a new industrial era in
the United States, and the resulting expansion and
development of the country converted many railroad
properties previously without value into prosperous
dividend-paying concerns. On that occasion therefore there was legitimate ground for the many advances in prices from the neighborhood of zero to
par and above.
Similarly the great upward swing of prices which
occurred following the West Shore settlement was
based on legitimate considerations which every one
could see would yield enduring results of a broad
character. A trunk line war during which railroad
rates had been cut to a basis inviting bankruptcy
was now to be replaced by a condition of peace in
the railway world. It was plain that it would take
many months before the full benefits would appear
in net earnings, but in the meantime the Stock Exchange discounted the coming improvement.
Even on occasions when there is a substantial basis
for confidence in higher values, the movement may
be carried too far, but at least the buoyancy developed rests on legitimate grounds and possesses
ample justification. Thus far nothing has transpired with reference to the present sensational advances to indicate that in substantial underlying
causes they may be likened to these earlier speculative eras. The existing movement is the result
almost entirely of clique and pool manipulation and
it has had for its support chiefly vague reports of
war orders and Munchausen tales of huge profits
to result therefrom. The phenomenal advances thus
brought about have dazzled the public mind and excited its credulity and cupidity.
In the case of stocks like Bethlehem Steel, there
may be special considerations of a non-meretricious
nature to account for the exceptional advances.
But by the public all other manufacturing stocks are

OCT. 161915.]

THE CHRONICLE

1217

placed in the same category and war orders looked breaking out of the war LjflEurope. In fact,;the
upon as the magic influence that will transform number of insolvencies reported for the:month was
moribund concerns into money-making properties. noticeably smaller than for the like period of the
Out of this belief a gambling mania has developed previous year, with the aggregate of liabilities apwhose limits have not yet in all probability been preciably less than in either 1914 or 1913. The exreached.
hibit for the third quarter is also much more satisThat the bubble in the war stocks will inevitably factory than a year ago,and a number of earlier years,
collapse when its insecure foundation becomes appar- as regards volume of indebtedness, but for the nine
ent seems beyond question. Should the country, months the number of defaults greatly exceeds any
however, be blessed by a genuine trade revival—at former like interval and the liabilities fall below only
present trade is active only where stimulated by war 1893 and 1914. Thus is epitomized the failures sitorders—and should the ultimate downward plunge uation in the United States for the elapsed portion
of the inflated manufacturing stocks be unattended of 1915, and it is gratifying to note that the latest
by disaster of a widespread nature, it is by no means figures are the most satisfactory, a reflection of the
certain that it will not be possible to build a real quite general improvement in commercial conditions.
bull movement of broad and enduring character
According to Messrs. R. G. Dun & Co.'s compilaupon the ruins of the present one. To that end tion, the number of defaults in September was 1,414
nothing will be more helpful than a sustained revival for $16,208,070, against 1,654 for $22,973,027 last
of interest in the railroad shares. If these shares year and 1,235 for $22,662,694 in 1913. In each
shall be kept on an improved level of values, it will grand division the exhibit is more favorable than a
eventually become easier for the railroads to float year ago, manufacturing debts of only $4,739,110
new loans, even if at higher rates of interest. The contrasting with $8,975,273; trading liabilities of
railroads would then be in condition to enter once $9,631,735 with $11,273,469, and indebtedness of
more upon a broad period of development work. brokers, agents, &c., of $1,837,225 with $2,724,285.
That, in turn, could not fail to start other industries Furthermore, while there were in the month of 1915
at work and in a way and to a degree that war some 12 failures for amounts over $100,000, there was
orders alone can never do.
no single disaster of relatively great importance.
It remains as true to-day as at any time during
The exhibit for the third quarter of the current
the last forty years that there can be no general year (July-September inclusive) is the poorest for
prosperity so long as our great carrying industry the period on record, as regards number, but the
shall remain in the dumps. It is to be hoped, there- aggregate indebtedness—$52,876,525—has been exfore, that the interest that has been enlisted on the ceeded on a number of occasions, notably in 1914
Stock Exchange in the railroad properties will be ($86,818,291), in 1896 ($73,284,649), in 1893 ($82 continued and the resulting benefits, as here outlined, 469,821), and in 1887 ($73,022,556). )t Heie also a
follow in due course.
decrease from a year ago is shown in the debts in all
the various divisions into which the failures are
Gold mining in Africa continues to make satisfac- segregated. Manufacturing insolvencies this year
tory and encouraging progress, according to the lat- stand for $19,454,101, against $33,218,333; trading
est reports from all the fields that furnish returns at for $26,322,788 against $28,055,160, and brokers,
stated monthly periods. In the Transvaal—the &c., for but $7,099,656 against $25,544,798, this
world's premier field—the average daily yield of the last total covering the failure in August of S. H. P.
metal shows a further augmentation in September, Pell & Co. and five other brokerage concerns for over
according to cable advices, standing at 25,891 fine 17 million dollars. Banks also were much less adounces and establishing a new high mark for the par- versely affected in the third quarter of the
year, the
ticular period. Furthermore, it is in excess of the list of suspensions totaling 20 and
representing obligaresult for any previous month since April 1913. The tions of $3,257,000,
against 68 and $20,864,916 in
per diem product for the month as given compares 1914.
with 23,406 fine ounces in 1914 and 24,930 fine ounces
The failures for the nine months of 1915, as already
in 1912, while the actual yield for the period at 776,- intimated, exceeded largely all previous
similar pe750 fine ounces contrasts with 702,170 fine ounces riods as regards number,but the volume of
indebtedand 747,893 fine ounces. The nine months' yield of ness was smaller than for 1914 and 1893.
Defaults
1915 stands at 6,733,916 fine ounces, or 500,497 fine for the period this year were 17,288 against
12,841 in
ounces greater than for the like interval of 1914 and 1914 and 11,712 in 1913, and the liabilities
involved
but 87,959 fine ounces less than the record production were $241,464,060 against $271,918,021
and $196,of 1912. This latter decline, however, is much more 746,376, respectively. Manufacturing
liabilities tothan offset by gains elsewhere in Africa, indicating taled $89,698,009 against
$94,195,478 in 1914, and
that, barring some unforeseen adverse development trading debts at $123,691,220 compare
with $130,in the last quarter of the current year, the production 283,368, which includes the 40 million dollar
Claflin
of gold in the whole country for the full twelve months insolvency. The failed indebtedness of
brokers,
of 1915 will set a new high record. Specifically, com- agents, &c., was $23,095,245, against
$47,439,175.
bining the yields of the Transvaal, Rhodesia and West Suspensions of banks,
&c., in the nine-month period
Africa for the elapsed portion of 1915, we have an numbered 106 for
$23,095,245, as contrasted with
excess of close to 600,000 fine ounces over 1914, a gain 161 for $49,486,228 in the
preceding year.
of some 175,000 fine ounces over 1913 and an increase
Canadian failures returns for the nine months,
of about 150,000 fine ounces over the 1912 mark.
needless to say, make a very unfavorable comparison
with earlier years, especially as regards the aggregate
The commercial failures statement for the United of liabilities. The number of defaults in the period
States for September 1915 furnishes evidence of a this year was not very materially greater than in
much more favorable commercial and industrial sit- 1914-2,050 contrasting with 1,942—but the volume
uation than has been experienced here since the of debts at $30,413,515 shows an augmentation of



1218

THE CHRONICLE

101.

to give an undertaking that the troops would continue in the Dardanelles operations or would be withdrawn from them. It would be unpatriotie and
improper, he said, to force the Government to make
a fuller disclosure of the operations in which the country was engaged. The present situation, he declared,
was a grave and critical one. There were new developments and new factors in addition to the entrance of Bulgaria into the struggle. The new
Premier of Greece, in a letter received in London
yesterday (Friday), announced definitely that his
Government had decided not to enter the war on
behalf of Servia at the present time. The note
The policy of the Allies in connection with the declared that Greece is firmly of the opinion that
campaign against the Dardanelles, as also the Bal- the Greco-Servian treaty does not call for intervenkan policy, has been subjected to severe criticism tion by Greece under the circumstances now- existin London this week. There have been well-defined ing.
There has been some doubt as to the course of Italy
reports of important changes in the British Cabinet.
It was reported persistently that Sir Edward Carson, in the Dardanelles campaign, as Italy has not as
Attorney General in the Cabinet, had resigned, and yet declared formal war on Germany. Latest rethat Premier Asquith refused to accept his resigna- ports from Rome, however, state that Italy is now
tion. These reports were based on Sir Edward's choosing the troops to send to help the Allies in the
absence from Wednesday's Cabinet meeting, dur- Balkans. Servia declared war on Bulgaria yestering which he sat chatting with friends at a nearby day. Meanwhile the Austro-German and Bulgarian
residence. Sir Edward denies that he resigned, but attacks on Servia are meeting with strong resistance,
it is known that immediately after the conclusion of the Servians giving ground only foot by foot. The
the Cabinet meeting he received a message from the extent of the Bulgarian invasion, according to a disPremier, and it is reported that this note contained patch from Nish, consists of an advance over the
Mr. Asquith's refusal to accept the Attorney Gen- frontier not exceeding a mile at any point. With this
eral's resignation. There has, too, been a crisis exception, says the report, the fighting line remains
in the French Cabinet. The resignation of M.Theo- intact and the railways have not yet been reached.
phile Delcasse, the French Foreign Minister, was The Russians are continuing their attacks in Galicia
announced by Premier Viviani in the Chamber of in an effort to clear the Austrians from the RuDeputies on Wednesday. The resignation had been manian frontier and prevent them from sending any
sanctioned at a Cabinet conference held earlier in further reinforcements against Servia. The British
the day. For the present the Premier will himself and French, according to Berlin, have attacked again
take the portfolio of Foreign Affairs. The specific in Flanders and Champagne, while the German officause of the rupture has not been published, the cial reports of the campaign in Russia are a record of
Premier having refused to read the letter of resigna- counter attacks against the Russians who are ention when requested by members of the Chamber. deavoring to regain the initiative. On the Belgian
In the evening a vote of confidence of 371 to 9 was coast British warships have again been bombarding
given the Government. The Premier announced German positions. British submarines in the Baltic
that there has been no discord between M. Delcasse are said to have thus far sunk a number of German
and the Government upon the nation's foreign ore-carrying steamers and paralyzed the ore trade
between Sweden and Germany. This has caused
policy.
In the House of Commons on Thursday Sir Ed- some dissatisfaction in Sweden. It is charged that
ward Grey, the British Secretary for Foreign Af- two steamers were sunk within Swedish territorial
fairs, explained the Balkan situation. He declared waters.
The French Premier announced in the French Senthat Greece and Servia must stand or fall together.
The principle at issue concerned all the Allies. Re- ate on Thursday that, in his opinion, "the Allies can
garding the attitude of Greece, Sir Edward referred count on Italian co-operation in the Balkans." It is
to the statement made by former Premier Venizelos reported from Rome that Petrograd has asked Ruand the new Grecian Premier, M. Zaimis, and said mania to allow Russian troops to pass through her
it must be obvious that the interests of Greece and territory on the way to Bulgaria. The AustroServia were now one. Through Greek territory German troops are in full possession of Belgrade and
alone could assistance be sent to Servia. That this of the heights surrounding the city. The German
assistance was welcome was sufficiently proved by the campaign in Russia appears to have spent its force,
reception accorded the Allied troops. Great Britain since there have been no additional material progress
was giving Servia all the help in her power and uncon- this week. The Western drives by the English and
ditionally. "In view of the treaty between Greece French have also slowed down, though the Germans
and Servia," continued the Foreign Secretary, "how have, by their counter attacks, regained very little
can there be any other attitude on the part of Greece of the territory they lost. On Wednesday night
toward Servia? In the steps taken we acted in clos- another Zeppelin raid on London was made by
est co-operation with France and the co-operation of German Zeppelins and resulted in the death of 55
Russian troops is promised as soon as they can be persons and wounded 115. Fourteen of the killed
made available." During the discussion which fol- and 13 of the wounded are said to have been military
lowed, Viscount Milner suggested the withclrawal casualties.
of troops from Gallipoli and their transfer to some other
The United States and the Latin-American repubtheatre of war. Lord Lansdowne in reply said it
was impossible for any member of the Government lics will, it is expected in Washington, very soon

practically 13 million dollars, and is even more
largely in excess of 1913 and 1912 when the totals
were 12% millions and 7% millions, respectively.
Trading indebtedness at $15,460,390 make up over
half of this year's total and compares with $11,411,336, a year ago; in the manufacturing division a
total -of $10,802,914 contrasts with $5,139,386, and
among brokers, &c., the current year's debts
are $4,150,211 against $870,967. One small banking failure (in British Columbia) is reported in
the Dominion in the nine months—the first since
1910.




OCT. 16 1915.]

THE CHRONICLE

recognize General Carranza as the head of the only
faction in Mexico possessing the essentials for recognition as the de facto government in Mexico. American bankers, according to press accounts, will be
called upon to supply the funds for establishing the
Carranza government upon a sound foundation.
Secretary Lansing, on behalf of the various republics,
on Saturday last made public, after a session of the
Pan-American conference in Washington, a statement announcing the proposed recognition. When
Villa had been informed of the decision, he declared
that it would never bring peace into Mexico and
that it would mean a harder warfare than ever. He
contended that it would be better for his own faction
because Carranza and Obregon would split and the
world would soon see whether Carranza can control
Mexico or not. He added: "I shall fight Carranza
and his despotic principles which are threatening
the freedom of the poor people of Mexico." It is
expected that there will be another conference of the
Latin-American representatives with Secretary Lansing before positive action is actually taken.
The British House of Commons on Tuesday
passed a bill confirming the action of the Government
in negotiating the $500,000,000 Anglo-French loan
in America. On Wednesday the House of Lords
approved the measure, which immediately thereafter received the Royal assent. The loan was
formally signed at the office of J. P. Morgan & Co.
on Friday and was publicly offered for subscription
on Friday morning. The response in the form of
subscriptions was stated to be satisfactory, which
was to be expected, in view of the fact that the
entire issue had been underwritten by a syndicate
composed to a considerable extent of investors of
moderate means, who were desirous of themselves
taking the full amount of their underwriting subscriptions. In view of the conceded success of the
loan, as indicated by the preliminary underwriting,
the fact that sterling exchange during most of the
week has shown no appreciable reflection of the
improved loan situation, has been a source of disappointment. There is reason to believe that the
proceeds of the Government loan will be used As
sparingly as possible and that the plan of procedure
from now on will be to send securities and gold to
this country in large volume to aid in the work of
maintaining the exchanges. There is, too, a report
that negotiations between London and New York
financiers entirely irrespective of the British and
French Governments, are in progress for the establishment in this country of a separate credit. No
official information regarding the amount involved
in this credit has as yet become available.
Great Britain has declared raw cotton, cotton
waste and cotton yarn all contraband. Sir Edward
Grey, Secretary for Foreign Affairs, made this
announcement in response to a question in the House
of Commons on Tuesday. It was intended, the
Foreign Secretary added, that every possible step
should be taken to prevent the supplies of these
articles from reaching Germany. It was intended
also to declare contraband cotton piece goods and
other cotton products and to prohibit the exports
to neutral countries contiguous to Germany and
Austria of goods susceptible of being used in the
manufacture of explosives.




1219

An incident that has produced some degree of depression on the London Stock Exchange was mentioned by the Financial Secretary to the Treasury
Edwin Samuel Montagu, in replying in the House
of Commons on Wednesday to criticisms of the new
taxes imposed by the budget of Reginald McKenna,
Chancellor of the Exchequer. "The man who was
not prepared to have if necessary half his income
available for the State was not doing his duty,"
said Mr. Montagu. In his speech he dwelt upon the
magnitude of the burden cast upon the country by
the war. "We have had to keep and must continue to keep," he said, "an impregnable navy. We
have paid and must continue to pay for an army
which has increased from a few thousands of men to
an army that runs into millions. We are financing
by loans to our great dominions part of their expenditures on the contingents which are helping us
to fight. We are paying as regards India the whole
cost of the Indian contingent except their normal
peace expenditure. We have advanced to our Allies
such a sum as it was estimated would equip and maintain in the field 3,000,000 of their soldiers. We have
a right to be proud of our share and we ought to be
proud of the way in which the proposals for meeting
the war expenditures have been received by all
classes." Mr. Montagu said further that the country had not yet bent itself to the task of meetin e, the
obligations,imposed by the burdens which involved
an • expenditure amounting to not less than twothirds of the entire estimated national yearly income.
Therefore, it followed that every citizen ought to be
prepared to put no less than half his current income
at the disposal of the State either by tax or loan.
To do this the civil population must stint.itself and
rearrange its whole life with regard to the consumption of luxuries and foreign-purchased goods. There
would, however, be still more money left in the
pockets of the people which would have to be secured
later by loan taxation. This fact had caused a feeling
of relief and given an assurance that the country
could continue to finance the war. Mr. Montagu
said in conclusion that the Chancellor of the Exchequer intended with all possible speed to prepare a
compulsory taxation system for the country, but that
this in itself would not be adequate to the case and
voluntary savings were essential to an ultimate
victory.
The French Senate on Friday of last week gave
final sanction to the Anglo-French loan by unanimously passing the bill authorizing the loan, the
bonds of which are exempt from the income tax,
the Chamber of Deputies having passed a measure
the day preceding. There has been very little life
on the Paris Bourse this week. French railway shares have ruled weak, owing to their reduced earning power. Rentes closed at 66.50
francs, which is without change from the price a
week ago.
Official bank rates at the leading foreign centers
remain at 5% in London, Paris, Berlin, Vienna and
Copenhagen; 532% in Italy, Norway, Sweden and
Portugal; 6% in Russia and 43/2% in Switzerland
and Amsterdam. Open market rates in London
are fractionally lower, closing at 4% for short bills,
against 4%@4Y
1 a week ago and 45% @4 11-16 for
three months' bills, against 49@4% last week.
Day-to-day funds at the British center also are

1220

THE CHRONICLE

[VoL. 101.

Silver totals 353,223,000 francs, against 625,325,000
francs and 632,775,000 francs one and two years
ago respectively. Note circulation aggregates 13,752,142,000 francs, against 6,683,184,785 francs in
1914 and 5,780,651,860 francs in 1913. General
deposits aggregate 2,611,888,000 francs. One year
ago they were only 947,571,861 francs and in 1913
462,210,214 francs. Discounts are 2,332,532,000
francs, comparing with 2,454,280,425 francs in 1914
and 1,463,710,883 francs in 1913. Immediately
after the war began the Bank of France suspended
publication of its weekly statement and did not
resume until February 4 1915; hence no closer
The Bank of England again reported a decrease comparison with 1914 is available than of July 30.
in its gold item this week, this time of £1,294,336. These are the figures that are used in the foregoing
Note circulation decreased £316,000, so the decrease comparison.
in the total reserve was £978,000; public deposits
The local money situation remains remarkably
indicated a contraction of £10,515,000, other denotwithstanding that the $500,000,000 Angloeasy
securities
posits were reduced £395,000; Government
external loan has been definitely offered for
French
securities)
(other
loans
and
were £5,326,000 lower
this week. This loan has been successsubscription
of
holdings
gold
The
£4,560,000.
were reduced
Threadneedle Street are almost identical with last fully underwritten and will require a concentration of
year's report, amounting to £59,955,457, against funds to meet payments by the subscribers. The
£59,235,390, while in 1913 they were £35,987,528. payments by the underwriters were called yesterday.
The reserve stands at £45,845,000, against £43,018,- Nevertheless money rates at New York are virtually
105 and £25,591,933 one and two years ago, re- without change from the figures of Friday of last
spectively. The proportion of reserve to liabilities week. There has been no important demand upon
is 27.16%, against 26.05% last week and 26.46% the, capital market, with the exception of that conat this date last year. The Bank reports the nected with the Anglo-French loan. Commercial
amount of currency notes outstanding as of Oct. 9 paper remains in moderate supply and rates of disat £73,076,887, against £70,012,325 the preceding count, while not changed from thefigures of a week
week. The amount of gold held for the redemption ago, are nevertheless easy at those figures and apof these notes remains at £28,500,000. Our special parently are the subject of negotiation in the case of
correspondent furnishes the following details by cable well-known names. Saturday's bank statement inof the gold movement into and out of the Bank for dicated an increase of $43,797,000 in loans, which
the Bank week: Inflow, £2,123,000 (of which £1,- quite probably represent preparations for the Anglo147,000 bar gold bought in the open market, £600,- French loan, as it accompanied an increase of
000 imported and £376,000 net received from the $38,772,000 in net demand deposits and of $11,774,
interior of Great Britain); outflow, £3,417,000 (of 000 in time deposits. There was a decrease of $689,which £1,092,000 bars sold in the open market, 000 in note circulation, an increase of $4,614,000 in
£960,000 exported to America, £50,000 to Portugal, reserves in own vaults to $507,986,000, including
£500,000 to Spain, £200,000 to other Continental $438,354,000 specie, an increase of $725,000 to $147,points and £615,000 ear-marked Egypt). We add a 430,000 in the reserve in Federal Reserve banks, and
tabular statement comparing for the last five a decrease of $5,801,000 to $32,077,000 in reserve in
years the different items in the Bank of England other depositaries. Thus there was a net decrease of
$462,000 to $687,493,000 in the aggregate reserve.
return:
Meanwhile, the increased deposits called for an exSTATEMENT.
COMPARATIVE
ENGLAND'S
OF
BANK
1912.
1911.
1913.
1914.
1915.
pansion of $6,535,410 in the reserve required, so that
Oct. 16.
Oct. 18.
Oct. 15.
Oct. 14.
Oct. 13.
the surplus reserve was reduced $6,997,410 to $189,32,560,000 34,667,285 28,845,595 28,628,130 28,669,215
Circulation
374,720, which compares with a deficit of $7,791,350
70,859,000 23,732,448 5,340,826 9,359,011 6,714,979
Public deposits__
97,007,000 138,828,702 41,762,000 46,795,927 45,052,664 at the corresponding date a year ago under the old
Other deposits
Government secur's 25,959,000 27,571,087 14,488,105 13,037,909 14,096,084 form of bank statement.
114,700,000 109,715,402 24,773,127 33,505,912 28,242,725
Other securities
Referring to money rates in detail, demand loans
Reserve notes dc coin 45,845,000 43,018,105 25,591,933 27,387,666 27,141,706
59,955,457 59,235,390 35,987,528 37,565,706 37,360,921 have'once more covered a range of 1M@2% this
Coin and bullion
Proportion of reserve
week. The higher figure has been current each day
54.30%
48.74%
26.46%
52.38%
27.16%
to liabilities
5%
5%
5%
4% of the week, while the low on Monday was 13/2%.
5%
Bank rate
Tuesday was a holiday. The lowest figure on Wednesto
pile
continues
still
up
gold, day, Thursday and Friday was 19%. The ruling
The Bank of France
its
to
francs
preceding
46,027,000
high rate on Monday. was 1%%, on Wednesday 2% on
having added
metal,
the
which
precious
of
was Thursday and on Friday 2%. Commercial paper
holdings
level
reported last week. Silver holdings decreased 356,- remains at 3@332% for sixty and ninety days en000 francs, there was a further expansion of 88,- dorsed bills receivable, and for six months single
058,000 francs in note circulation. General de- names of choice character. Names not so well
posits decreased 15,225,000 francs and treasury known require as high as 4%. Bankers' acceptances
deposits decreased 9,842,000 francs, while discounts are quoted at 2@23%. Discount rates at the Federal
increased 67,714,000 francs. The Bank's advances Reserve banks have not been changed. The Federal
indicated a contraction of 7,702,000 francs. The Reserve Board at Washington approved the rate of
French Bank now holds 4,647,284,000 francs in 33/2% for trade acceptances running to ninety
gold, which compares with 4,141,350,000 francs days for the Atlanta Reserve district, effective
one year ago and 3,463,700,000 francs in 1913. Oct. 15.

easier at 331@4%, against 43'% last week. The
payment of the last but one installment of the
British war loan on Tuesday did not affect rates.
It is expected that some of the banks which a short
time ago agreed to charge 43/2% on loans as a minimum will withdraw from the agreement because of
large balances that cannot be profitably employed.
It is, however, the belief that the Government will
raise the rate on Treasury bills to 5% next month.
There appear to be no definite private bank rates
at the Continental centers, negotiations being on
the basis of the official Bank rates.




(J(IT. 16 1915.)

THE CHRONICLE
San Francisco.

Minneapolis.

'4

Commercial Paper1 to 10 days maturity
11 to 30 '
64
31 to 60 "
.
31 to 90 "
Agricultural and
Live-Stock Paper31 days to 6 months maturity

3
4
4
4

3
4
4
4

3
4
4
4

33
4
4
434

4
4
4
434

4
4
4
4

4
4
4
434
.

3
4
4
4

4
4
4
434

4
4
4
4

4 •
4
4
434

3
334
4
4H

5

5

5

5

5

5

5

5

5

5

5

8

Trade Acceptances1 to 10 days maturity
1 to 60
46
31 to 90 "

334 334 3
334 334 3
334 33 3

334 334 33.__- 335 --- 334 334 3
334 3H 334 — 335 --- 334 334 3
4 4 334 — 335 -- 334 4 334

Commodity Paper1 to 30 days maturity
31 to 60
.,
31 to 90 "

334 __ 3
334 ___ 3
___ 3
3

___ 3
___ 3
...3

1

.?,

lidnva tn A mnnthq nualirltv

--

..i
.!..;
1

.4..a‘

a it.):

3
3
4

St. Louis.

Cleveland.

4
4
c..)

Richmond.

CLASS
OF
REDISCOUNTS.

New York.

FEDERAL RESERVE BANK DISCOUNT RATES.

--- 3
— 3
_..3

3
3
3

a A•
4

3
3
3

3
3
3

334
4
434

---------------------------A

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

1221

ing quotations were 4 C5% for sixty days, 4 683 for
demand and 4 68h for cable transfers. Commercial
on banks closed at 4 613, documents for payment
finished at 4 633 and seven-day grain bills at
4 67®4 673'. Cotton for payment closed at4 633;
grain for payment at 4 67%.
The Continental exchanges have followed quite
closely the trend of the sterling figures. Paris
exchange on London closed at 27.55 francs,
which compares with 27.43 francs a week ago. In
New York Paris checks finished at 5 86 and cables
at 5 85, against 5 813/i and 5 803/i respectively
a week ago and 5 77 and 5 76 a fortnight ago.
Exchange on Berlin closed at 82% and 829 for
sight and cables respectively, comparing with 82%
and 82% last week. Swiss exchange is 5 32 for
bankers sight and 5 31 for cables. The corresponding figures a week ago were 5 31 and 5 30. Bankers
sight on Amsterdam finished at 403/b and cables
at 403, against 40% and 40%. Commercial sight
on Amsterdam is 40, which represents no net change
this week. Italian lire are 6 42 and 6 41 respectively
for sight and cables, a week ago the corresponding
figures were 6 32 and 6 31. Greek exchange remains at 5 27 and 5 26 for sight and cables. Copenhagen checks at 26:05 unchanged for the week and
Norway and Sweden sight bills remain at 26.10.
Russian rubles closed at 343, against 35 for sight
a week ago.

As we already have noted in a preceding paragraph the action of the sterling exchange market
this week has been disappointing. It has failed
to respond to the satisfactory underwriting of the
Anglo-French loan. Instead of, as was quite generally
expected, displaying a firmer undertone, the trend
has been toward a still easier condition, a feature
all the more remarkable since sales of securities on
foreign account have shown increased pressure.
Meanwhile exports have continued active and have
resulted in larger offerings of bills without corresponding improvement in the buying power. Some
slight improvement was evident during the closing
days of the week, but the market still continued to
lack strength and confidence. The exports last
The New York Clearing House banks, in their
week, according to the usual statement by the operations with interior banking institutions,
have
Department of Commerce, exceeded the imports gained $936,000 net in cash
as a result of the currency
through the leading customs districts by $35,380,- movements for the week ending Oct. 15.
Their re297. The week preceding the export balance was ceipts from the interior have aggregated
$7,284,000,
$35,469,722. In fact, for the past month the while the shipments have reached
$6,348,000. AddDepartment's figures have shown that the export ing the Sub-Treasury operations
and the gold immovement, as is usual at this season, is rapidly ports, which together occasioned a gain of
$4,562,000,
increasing. The Government's crop report was the combined result of the flow of money
into and
accepted in foreign exchange circles as suggesting out of the New York banks for the week
appears to
a large export movement this year in grain products have been a gain of $5,498,000, as follows:
and a consequent large supply of grain bills. The
.
Week ending October 15.
Into
Out of
Net Change in
supply of cotton bills, too, is increasing.
Banks.
Banks.
Bank Holdings.
Compared with Friday of last week, sterling ex- Banks' interior movement
17.284,000
$6,348,000 Gain
3936,000
31,107,000
26,545,000 Gain 4,562,000
change on Saturday was heavy and weak, declining Sub-Treas. oper. and gold imports
338,391.000 132,893.000 Gain 35.498.000
to 4 683@4 693/i for demand, 4 68%@4 70 for Total
cable transfers and 4 65@4 653' for sixty days.
The following table indicates the amount of bullion
On Monday increased weakness became evident in the principal European banks:
and rates receded about 1 cent in the pound, largely
October 14 1915.
October 15 1914.
in consequence of the usual week-end accumulation Banks of Gold.
Silver.
Total.
Gold.
Silver.
Total.
of bills together with an extremely limited inquiry,
59,955,457
59,955,457 59,235,390
before the close the market steadied somewhat, with England__
59,235,390
France___ 185,894,68 14,530.720200,425,4'1164.880,000 13,160,000 178,040,000
Germany _ 121,148,61
2,100.000123.248,61' 90,085,900 1,152,100 91,238,000
the range for demand 4 67%@4 68, cable transfers Russia
_ 162,713,000 2,489,000 165,202,110 182,900,000 5,100,000 188,000,000
Aus.-Hunc 51,578,000 12,140,00 63,718,110 51,578,000 12,140,000 63,718,000
2@4 65. Tuesday was Spain
4 67% and sixty days 4 643/
__
30,415,000 29,316,000 59,731,600 21,989,001) 27,399,000 49,388,000
45,915,0 I 4,561,000 50.476,000 46,250,000 3,000,000 49,250,000
a holiday. Excessive offerings again caused weak- Italy
Netherl'd 32,554,0
152,700 32,706,700 12,949,000
128,100 13,075,100
Nat.Belgh 15,380,0 11
600,000 15,980,011 15,380,000
600,000 15,980,000
ness at the opening on Wednesday, but later active Switeland
9,719,411 9,049,400
9,719,400
9,049,400
_ _ 6,300,000
6,300,011 5,737,00
5,737,000
buying by several international banking concerns Sweden
309,00(6,255,001 3,800,000
Denmark_ 5,946,000
243,000 4,043,000
2,960,000 2,749,0
2,749,000
brought about a rally; demand bills ranged at 4 673 Norway.. 2,960,111
Tot. iveek 730,479,137 66,198,420796,677,557 666,582,690 62,920,200729.502,890
@4 683/8, cable transfers at 4 679@4 68% and Prey.week 729,399,093 66,503,810.795.902,903657,620,212 62,748,500,720,368,712
sixty days at 4 65@4 653/2. On Thursday sterling c July 30 1914 in both years. h Aug. 8 1914 in both years.
rates showed little actual change; trading was dull
and featureless, an easy opening being followed by
THE INVASION OF SER VIA.
a slightly firmer tone in the later dealings; quotaObscure and conflicting as the news from the new
tions were 4 679@4 683' for demand 4 683@4 68% war front in the Balkans has become, the conviction
for cable transfers and 4 653 for sixty days. On has this week deepened that the new developments
Friday the market ruled firmer, chiefly as a result brought by it into the European war are a matter
of a renewal of foreign selling of American securities, of profound importance. To the Allies the course
2, cable transfers at of events, even as thus far uncertainly reported,
with demand at 4 683@4 683/
4 683/@4 69 and sixty days 4 653'@4 653's. Clos- could not fail to bring a sense of apprehension, if not



1222

THE CHRONICLE

[VOL. 101.

that the
of discouragement. Sir Edward Grey's statement thing like a belief in Southwestern Europe
of the situation to the House of Commons, on Thurs- German arms are invincible.
That conclusion—as to inevitable German success
day, was most reserved and non-committal. Lord
in
the campaign—does not necessarily follow. The
Lansdowne, speaking in the House of Lords, was
has only begun, and the difficult part of
campaign
situation
more expjicit, declaring that "the present
is still ahead. It is not clear how many
invasion
the
are
"there
that
and
is a grave and critical one,"
actually been spared for the Servian
have
troops
to
addition
in
factors,
new
new developments and
the Teutonic allies. But, on the other
by
operations
struggle."
the
into
Bulgaria
of
the entrance
This attitude towards the week's developments hand, it is evident that the Quadruple Entente is
is plainly a result, not of the simple fact of Bul- not finding it easy to place a large army of resistance
algaria's declaration on the side of the Teutonic Allies, in the Balkan field. In France, legislators are
eastern
the
of
weakening
policy
any
criticising
ready
Balkan
the
but of accumulating evidence that
campaign was, in all respects, planned at Berlin as battlefront of France. Italy's willingness or uncarefully as was the invasion of Belgium and France willingness to spare troops for the Balkans is not
unat the opening of the war. But the London attitude clear; dispatches from Italy have indicated her
statement
Premier's
French
the
so;
expresses also the very natural misgiving as to willingness to do
whether the Allies were not caught off their guard to the Deputies suggested the contrary. Rumania
equally on the later occasion as in the advance on seems to be at least reluctant to engage in the conadBelgium. The parallel is certainly not exact in flict; though the somewhat menacing language
appear
least
at
would
Berlin
from
her
to
dressed
Belgium,
entered
all respects; for when the Germans
no preparation at all had been made for resistance to indicate that Rumania's strong leanings to the
by the Belgians, the French or the English, beyond Allies are recognized.
Russia has promised aid, but it is not at all evident
hasty mobilization during two or three successive
days, whereas in the present instance, both muni- what troops she can spare from her own defensive
tions and reinforcements have already been sent by lines. There is no plain information as to what
the Allies to Servia, as has been shown even by England is able to do or what preparations she has
at
some of the German captures. But the swiftness made. Back of all this is the manifest feeling,
a
made
ts
diplomatis
the
that
London,
and
Paris
of
timing
careful
.
the
and
of the German invasion,
week's
This
s.
Bulgaria's attack on Servia so as to be most effective mess of the Balkan negotiation
in catching the Servians on the flank when already resignation from the French Cabinet of the veteran
ostensibly
pressed in front by the Germans, is creating a situa- Foreign Minister Delcasse, though
to his
either
due
plainly
was
ill-health,
to
ascribed
if
tion which to military judgment seems difficult,
s,
or to
at
those
negotiation
tion
dissatisfac
own
the
of
not immediately critical—this regardless
The
policy.
of
own
his
of
criticism
on
apprehensi
unare
which
current dispatches from Servia,
of
that
ent
public
his
in
announcem
Premier,
French
censor.
the
by
doubtedly restricted
Balkan
Not less impressive is the attitude of Greece, in resignation, hinted rather plainly that the
endorsed
been
not
had
Cabinet
French
the
which country the present week's developments policy of
strongly indicate that the King, possibly with the by the other Allied foreign officers.
The outcome of this remarkable situation is very
approval of the General Staff of his army, has
The world cannot yet measure even the
obscure.
neuof
t
control of the situation in his enforcemen
possibilities of the invasion of Servia
strategical
though
Cabinet
the
of
trality. Venizelos, now out
toward the English lines north of
advance
the
and
apparently
Chamber
Greek
the
with a majority in
progressed
behind him, merely warns his adherents to maintain Constantinople until the campaign has
, in
to
Parliament
declared
Milner
Lord
a "tolerant attitude," lest they provoke dissolution further.
forces
the
British
that
Thursday,
of
debate
of the Legislature and a turbulent election. This the
es—"an
certainly suggests that the great War Minister him- ought to be withdrawn from the Dardanell
of
completion
successful
"the
said,
"
he
enterprise,
apself does not fully trust in the Greek people's
be
may,
perhaps,
This
hopeless."
now
is
which
campaign
the
joining
proval of his own policy of
but the
against Bulgaria, Austria and Germany. The new qualified as only one man's judgment;
the enterprise
that
to
say
engage
not
would
Ministry
to
publicly
as
far
so
gone
has
Zaimis,
Premier,
is
proclaim, on what appear to be most technical and would not be abandoned. Whatever decision
what
to
as
still
remain
would
doubt
the
reached,
superficial grounds, that Greece will not hold herself
were
bound to observe the treaty whereby she had new situation would be created, even if Servia
carried
campaign
the
and
crushed
absolutely
be
to
attacked
pledged assistance to Servia, if Servia were
is• unmistakably indicated,
by Bulgaria. That treaty, Zaimis argues, was further south. What
of the war, on which the
phase
new
a
is
however,
dispute—
Balkan
purely
drawn with a view to a
the coming winter will
of
which this is not. This attitude may or may not probable developments
whole situation is a
the
respects
some
inspire a feeling of contempt for the seeming coward- center. In
of 1805, the second
events
the
of
reminder
ice or bad faith. The best that even Sir Edward curious
campaigns—when
Napoleonic
great
the
of
year
in
Grey could say of it was that Greece and Servia,
had
been
crushed by the
Austria,
ally
England's
and
the nature of things, must stand or fall together,
been forced
when
had
Austria
Austerlitz,
at
French
transport
the
permit
that Greece cannot refuse to
fearing
Prussia,
and
when
peace,
separate
a
to
into
territory
her
through
of troops and munitions
by
a
treaty
conflict
in
Servia. "In view of the treaty between Greece and Napoleon, first took sides the
Servia," the English Foreign Minister concluded, with the invader.
Thus, even in the Napoleonic wars, the world
"how can there be any other attitude on the part
a period of gloom and despondency
witnessed
of Greece"? But the fact that the Greek Premier's
Allies, due to causes similar to those now
the
among
of
treaty
refusal to observe the• full terms of the
the Balkans. Eventually, even Russia
in
operating
the
is
out,
carried
y
alliance has been successfull
of England and Napoleon
important matter. It would seem to indicate some- was:detached from the side



ocT. 16 1915.1

THE CHRONICLE

1223

large and continuing expense, and in a few years
the vessels would go to ruin and the whole investment would be lost." Then comes the next non
sequitur : that foreign trade (that is, export trade)
is dependent upon American ships. South America
and the Orient are especially mentioned, and the
speaker dilated upon the natural preference which
foreign ships would give to foreign shippers over
our own. His illustrations were not happy, however.
Suppose, he said, two grocers were working competitively in Indianapolis,and one,-7,having no service
of his own, had to use the automobile of his rival
to get his goods delivered, the one who owned the
motor would quickly put the other out of business.
Very likely so; the trader who had no vehicle would
raise a few hundreds and get one, and if he did not
his effacement would have no public interest.
Sentimental considerations aside, it is an open
question whether it is not more profitable for us
Americans to hire foreigners to carry our goods than
to carry them ourselves; there could be no question
about that, in view of the observed fact that we do
not carry them, provided the carrying field were
left wide open to competition without artificial interferences; but to assume, in face of the restrictions
already existing and the further ones proposed or
possible and also the Government intervention which
is now renewedly urged, that there cannot be privately-owned American ships is the non sequitur
again. On the contrary, it is as certain as anything
can be that when goods come forward to be carried
they will find means for the carrying; as soon and
as fast as the carrying promises profit it will be
undertaken by private capital, provided such capital
is assured of liberty and is not to be opposed by
Government, a concern which does not have to be
solvent but, through unlimited tax powers, can draw
checks against the entire bank deposits in the country. The slogan that "trade follows the flag" is
preposterously wrong, and even turns the truth
exactly in reverse; the correct reading is "the flag
follows trade."
Here are old restrictions for which nobody living
is responsible (except for their retention) for they
REVIVING THE SHIPPING BILL.
date back to the early years of the Republic; but
Secretary McAdoo has delivered to business men here is the pestilent La Follette-Furuseth Act which
in Indianapolis a speech of great length in advocacy takes effect next month and has already nearly
of the shipping bill, which was with such difficulty expelled our flag from the Pacific; and now comes
defeated in the last Congress. In this mass of the Government proposition again. Mr. La Follette,
words there is very little substance, but much non several months ago, denounced the "vicious and
sequitur. Two of the six newspaper columns through menacing conspiracy" of shipping interests to diswhich it stretches enlarge upon the indispensableness credit this law of his by withdrawing their ships, and
of naval auxiliaries in war time. Admitting this now Mr. McAdoo denounces the Pacific Mail
indispensableness, the first non sequitur is the particularly for so doing, asserting that the Seaassumption that the only way of having such men's Law is not the real cause. Here he uses
auxiliary merchant marine vessels is for the Govern- another unfortunate illustration: "suppose" the
ment to buy or build them in time of peace. The Union Pacific Railway should decide that it could
business men probably listened without open-expres- make more money for stockholders "by tearing up
sions of impatience, but this plea upon a false the rails of their tracks and selling them and their
assumption is like setting forth conclusions upon an locomotives and cars to some belligerent governassertion that twice two are five.
ment" in great need, what would the people along
Having procured these ships, said Mr. McAdoo, the line do about it? If one is to resort to such
they will not be needed for active service until war desperately far-fetched suppositions, why not supbreaks out, and there are two methods of handling pose the Union Pacific should decide the way of
them : "first, tie them up in our harbors and allow comparative profit lay in ceasing operation and
them to rot there, and, second, operate them under letting the rails go to rust? Or suppose Governsome intelligent plan for the protection and expan- ment should construct a parallel line, to be operated
sion of our foreign commerce." Of course, no without strict regard to business methods?
This scheme is the same old one, and Mr. McAdoo
rational person would advocate holding the ships in
idleness, "for the interest charge alone would be a held it aloft in a letter of last August, in which

became apparently invincible on the Continent.
We know from history what followed; that the
arrogance of the conqueror, combined with increasing power over the seas by England, gradually broke
the spell of Napoleon's ascendency, provoked new
coalitions, and in the end turned the fortunes of
war, though only after the conflict had lasted nine
successive years.
It is not easy to draw analogies between that
famous conflict and the war now in progress. It
remains, for instance, to see whether a victory such
as Germany is endeavoring to win in the Balkans
would be more complete or less so than the victories
of a century ago. Certainly, up to the present
date the only instance of thorough military success
has been the capture of Belgium and northeastern
France by the German invaders. The fighting
capacity of a hostile Power has not been annihilated by defeat, as it frequently was in the Napoleonic
wars, when armies were repeatedly surrounded and
captured. There has been so such event this year.
On the other hand, the prodigious expense of the
present war is a factor not present in anything like
the same degree during the Napoleonic conflict.
This argument, to be sure, cuts both ways; yet in
some respects it points to larger possibilities that
some one will somehow ask for terms, than could be
ascribed to the same influence in the wars of a century ago. The problem of raising funds to conduct
this war will certainly not diminish in magnitude
as time goes on. As a matter of fact, the daily
expenditure is rapidly increasing. England, whose
average outlay was recently $15,000,000 per day,
has admitted that $25,000,000 was soon to be the
average. The Continental Governments are drifting to a paper money basis. Experience, it is true,
teaches that belligerent nations are seldom, if ever,
forced to surrender merely because of what is commonly called economic exhaustion. Nevertheless,
it must be admitted that both sides are now confronted with peculiar financial considerations, created
by the complex economic mechanism of these times
and, therefore, new in the history of wars.




1224

THE CHRONICLE

he made an appeal to Southern opinion particularly.
Now, he says, "the direct earnings may show
a handsome return on the investment, and even if
a loss is incurred it will be a small price to pay for
preparedness and the national safety." This is
an attempt to attach the scheme to the present
movement for better national defense; moreover,
in the same breath private capital, brushed aside
as too sluggish or too timid to go into shipping, is
again warned away by declaring that "the time has
come when Congress should consider the creation of
some instrumentality for the regulation of merchant
marine companies; as it stands to-day no ocean transportation company is subject to the least regulation
or control by the Government." And, while Great
Britain, under inexorable necessity, is proposing
what may be deemed an almost frightful rate of
taxation and suggestions are made here of a lower
exemption and a higher tax rate on incomes, of an
inheritance tax, and of other possible means of
swelling receipts, comes this renewed proposition for
a fresh down grade of outlay, and behind this lurk
the old schemes of Government assumption of the
telegraph and telephone.
The worst is that Mr. McAdoo must be supposed
to be spokesman for the Administration and that the
President is still unable to abandon a notion which
has once possessed him. The same resistance which
he once so boldly denounced in his Indianapolis
speech of last January should now begin preparations to rally itself.
THE ILLINOIS CENTRAL REPORT.
In the fiscal year ending June 30 1915 the Illinois
Central Railroad Co. had trying conditions to meet,
and that fact is reflected in the company's annual
report now at band. In reviewing the report for the
previous fiscal year, we pointed out that the company
had kept adding to the volume of its traffic from year
to year and was slowly but surely recovering from the
effects of the shopreen's strike of 1911-12. We also
noted that the gross earnings for that year had been
far and away the best on record,indicating steady development of the traffic of the system. In the year
now under review, however, the company again experienced a setback, due mainly to the outbreak of the
European war and the exceptional depression caused
thereby in the South,in which so large a portion of the
mileage of the system is located. The company suffered an appreciable loss in traffic and in revenue as a
result, and yet the falling off is less than might have
been expected under the circumstances.
In his remarks in the report, President Markham
observes that the road suffered from the depression
in business prevalent throughout the country,and that
this was most pronounced on the lines south of the
Ohio River---in other words, on that portion of the
system located in the Southern States. The crops
in the territory served by the company's lines, he
says, were generally good, but the practical discontinuance of lumber exports and the general prostration of the building trades seriously affected the lumber business. This, together with the low price received by the Southern cotton growers for their product, not only affected the revenue received from the
transportation of lumber, but also, in connection with
both commodities, had a severe adverse effect on the
revenues from the transportation of general merchandise and on passenger travel. The passenger earnings as compared with the preceding year fell off



woL. 101.

$1,075,381, or 7.84%. The report states that there
was a substantial decrease in the passenger revenue
north of the Ohio River, but that the greatest falling
off was in the territory served by the Southern lines.
In the freight revenue the decrease reached $2,659,001, or 6.06%. Here, again, the principal portion
of the decrease was on the Southern lines, the Northern lines showing a relatively small loss and the socalled Western lines (or the lines running through
Iowa) actually a gain. The bituminous coal traffic,
in which such a large measure of growth was established in preceding years, made a further substantial
advance in both tonnage and revenue, and there was
likewise a heavy increase in the movement of grain
through the Port of New Orleans, thereby adding
materially to the year's revenue. These gains, however, it is pointed out, were not sufficient to offset
the loss in revenue due to the falling off in lumber
traffic and the heavy shrinkage in merchandise traffic
and in miscellaneous freight. Turning to the traffic
statistics, we find that the total freight movement
fell off roughly 1,000,000 tons, but that in the agricultural tonnage there was an increase from 5,543,361
tons to 5,948,878 tons; in the tonnage of animal products a slight decrease, the total falling from 688,570 tons to 673,652 tons, and in the mineral tonnage
an increase from 13,843,421 tons to 14,136,311 tons.
Under all the other leading heads, there was a sharp
decrease, particularly in the lumber tonnage, which
fell from 4,804,433 tons to 3,906,472 tons. The tonnage in manufactures declined from 2,639,817 tons
to 2,592,516 tons; in merchandise from 1,994,727
to'1,620,715 tons, and in miscellaneous from 2,828,380 to 2,430,807 tons.
In total gross earnings there was a falling off of
$4,173,327, or 6.34%. Fortunately, however, •a
further advance in operating efficiency and the fact
that outlays in previous years had been exceptionally
liberal enabled the management to effect a reduction
in expenses which wiped out the greater portion of
the loss in gross, leaving a decrease in net of only
$968,147.
The decrease in expenses extended to all the different heads or groups, but was largest in the transportation expenditures, where efficiency of operation
always finds ready reflection. Maintenance outlays were reduced roughly $1,000,000. Of this
$366,474 is found in the outlays upon maintenance
of way and structures, the decrease following in part
from the smaller quantity of new rail laid, but in
part also from the fact that in the previous year some
unusual items of charges on account of the construction of the new passenger terminal at Memphis were
included. In the outlays for maintenance of equipment there was a decrease of $617,635, or 4.26%.
This decrease is accounted for by a reduction, it is
stated, in repairs to freight equipment, both locomotives and cars. The assertion is made that, considering the volume of business handled, the equipment
was well maintained during the year.
Transportation expenses were reduced no less than
$1,850,224, or 7.66%. Of course the reduction in
the volume of traffic was in part responsible for this,
but the report tells us that an important saving was
occasioned by the substitution on portions of the main
lines of superheater locomotives of greater tractive
power, resulting in the movement of heavier trains
with but slight increase in the expense. It is also
pointed out that a special campaign was carried on in
connection with fuel economy, resulting in a decrease

OCT. 16 1915.1

THE CHRONICLE

of 10.16% in the cost of fuel for locomotives, notwithstanding the larger locomotives in service on some
parts of the line and a decrease of only 6.01% in engine miles. Special attention was also given to the
elimination, as far as possible, of the causes for loss
and damage and other claims, the result being that
there was a decrease of 27.48% in the amounts paid
for loss and damage to freight, and of 20.69% in the
sums paid for all claims and damages during the year
as compared with the previous year.
The most important feature in the smaller transportation expense is that it furnishes new evidence of
advance in operating efficiency. On top of the previous achievement in the way of increasing the trainload, there was during 1915 a further increase in the
average tons moved per train mile (including company freight) of 7.16%. In other words, the average train-load was again added to, raising it from 417
tons to 445 tons. This is without including freight
carried for the company's own use. Adding the
latter, the average train-load now stands at 523 tons.
What has been accomplished in this direction in the
last few years will appear when we say that only six
years ago, or in 1909, the average was no more than
419 tons.
This expansion in the train-load was very helpful,
too, in overcoming the loss arising out of a decline
in rates. As the tonnage of the Illinois Central consists so largely of coal and of agricultural products,
both bearing very low rates, the road is obliged to
move its traffic at a low minimum of rate. This has
always been the case and the striking feature now is
that this average continues to tend downward. For
instance, in the late year the average realized was
only 5.48 mills per ton per mile, against 5.63 mills in
1914, 5.77 mills in 1913 and 6.10 mills in 1912. Under the expansion in the train-load, however, the
company has been able to increase the earnings of
the trains per mile run, notwithstanding the steady
shrinkage in rates,from which one perceives the benefits derived from the advance in operating efficiency.
For 1915 the freight revenue per revenue freight-train
mile was $2 43 against $2 34 roughly in 1914 and
1913 and $2 17 and $2 18, respectively, in 1912 and
1911.
Because of the achievement in operating efficiency,
the income statement for the twelve months is far
better than would otherwise be the case, and a particularly gratifying feature is that the 5% dividend
now being paid on the shares is shown to have been
fully earned, with a substantial surplus left over.
After providing for fixed charges, a balance of net
income remained on the year's operations of $6,859,161, this comparing with a corresponding balance in
the year preceding of $8,138,824. After applying
$107,875 to sinking fund and appropriating $46,027
for additions and betterments, the final balance for
the late year was $6,705,259. The call for the 5%
dividend was only $5,464,800.
MR. ROCKEFELLER SEEKS TO PROMOTE
INDUSTRIAL PEACE.
The prolonged visit of the younger Rockefeller to
Colorado was entirely creditable to him. While
studying conditions in the mining districts, he
avoided the two extremes of aloofness and patronizing
nearness, and he also kept in view of the men he met
that his power, like that of other men, is bounded
by circumstances and conditions and not always
exactly what he might wish it were. He told the



1225

largest crowd of miners that he is firmly resolved to
make no discrimination between union and nonunion— that is, to maintain the open shop in principle and practice—but that the company is honestly
trying to bring employer and employee nearer
together and keep them so, and that, as a part of
this, the latter can get prompt action on any grievance he may have.
The details of the plan have already been sufficiently printed. An interesting, though not very
profitable, question, is whether altruism is ever
anything else than an enlightened selfishness..
Capital, especially in corporations, is accused of
lacking soul, but never accused of lacking worldly
wisdom. Let it be said that the underlying motive
is only good policy, if anybody insists on having it
so; the fact is that organized capital.is trying more
and more, and conceding more and of that which is
not fundamental, in order to come into touch with
labor and to work amicably and heartily with it.
So, in this case which has been made subject of such
prolonged shrieking and has been held up as evidence of an irrepressible conflict between money and
men, we see no just cause to doubt that the mining
companies sincerely desire a permanent peace and
are ready to make the utmost concessitons consistent
with a living business policy in order to get it. The
reason for thinking so is that while owners of accumulated capital may be one thing or another in personal
qualities, they do care for their own interests; tthey
want peace, because anything else is friction and
loss, and they are willing to deal fairly, because
they realize that a permanent industrial peace (like
any other sort of peace) must be founded on justice.
What Mr. Rockefeller said to business men at the
Chamber of Commerce in Denver concerning his
father, and his emphatic assurance that his father
has been much misunderstood and maligned,is filial
and natural and may or may not be the view taken
by outsiders who know the man. We do not have
to discuss this, for it is not closely relevant to the
matter in hand. What is relevant, however, is the
son's declaration that his father is entirely with
him in the position he takes, and that the father
has always held and inculcated that "labor and
capital are partners, not enemies," therefore, that
he has always welcomed workers as stockholders
and has tried to give them representation "on the
boards of directors of the business, in which he
regarded all hands as partners." It is entirely
probable that this has been true in the past, and if
the common workers with muscles have not hitherito
been included in the same estimation it is entirely
credible that capital as owned or influenced by the
Rockefelleps, is.now ready to so include it. If the
teachings of experience have brought this position,
that does not affect or concern the fact that it is
reached through self-interest.
The Rockefeller plan has been approved by the
mining companies, and by the men by a vote of about
five to one. Organized capital wants industrial
peace; organized labor still clings to the aim of
peace through domination by a few leaders. A
committee from the United Mine Workers objected
that "the plan fails to provide for meetings or conventions of the miners, exeept locally," and therein
they disclosed their real ground of hostility. This
disclosure appears again in the cry of other leaders
that "it does not include recognition of the union"
and in Mr.Gompers's declaration that the miners have

1226

THE CHRONICLE

been "whipped back into the mines" and have been
"forced into a union." Mr.Gompers's objections to
industrial peace grow (possibly without his realizing
it himself) out of the certainty that when such peace
comes his occupation is gone. He is consistently
opposed to profit-sharing, to ownership of corporate
stock by employees of the corporation, to collective
bargaining within separate establishments, to all
means of holding organized labor to its own agreements after repudiating them becomes immediately
convenient, to all "local" arrangements, and to
everything other than control by a solidified national
body. Peace is good, provided a few leaders control
everything.
Despite his sneers and sarcasms at the idea of a
rich man's coming upon a common ground with
workers in mines, and despite his triumphant boast
that Mr. Rockefeller "has missed his mark," it
may be himself who is missing that. Such a consummation as he decries is rational and is entirely
possible, inasmuch as it is the only way out of industrial wars. No thoughtful man can controvert
the opinion expressed by Mr. Rockefeller to the
Denver Chamber that "capital will never invest in
this State until it is demonstrated that attacks upon
life and property will not be tolerated," nor can
anything be more clear than what he told the miners,
that their labor would not earn them a living without
capital to provide a working place and a market
place and that capital could not get the product for
selling without the service of labor; we are in effect
partners, he said, and we must work together or we
shall both suffer.
This is the necessity of the situation always. It
is in line with the trend of events, and it is the only
road to settlement, although the needed capital
may be co-operatively owned and used. The proposed arrangement, in at least the principles underneath it, is more valuable than anything Mr.
Gompers has ever offered. He may impede and
retard it awhile yet, but he is not strong enough to
defeat it.
THE LOUISVILLE & NASHVILLE IN A YEAR
OF DEPRESSION.
All the Southern roads were hard hit in the fiscal
year ending June 30 1915 by the business depression
which the South has suffered as a result of the war
in Europe. The war struck a blow at the South's
main staple, cotton, the like of which has not been
witnessed since our own Civil War of half a century
ago. The United States had raised the very largest
crop of cotton on record and the war threatened to
cut off, for the time being, the bigger part of our
European market for the staple. As a consequence
a tremendous slump in the market price of the staple
occurred. The loss of market did not in the end
prove as serious as at first it was supposed it would
be, and a considerable recovery in price ensued, but
the German market was not open to us and cotton
prices ruled at quite low levels throughout the year,
making it necessary for the planter and all those in
any way dependent upon him to practice extreme
economy in their daily affairs. For the railroads
all this meant a heavily reduced traffic, not so much
in the transportation of the staple itself, as in general
merchandise and miscellaneous articles, the volume
of which rises or falls accordingly as the purchasing
power of the communities served is increased or
decreased.



[vol.,. 101.

As a direct outcome of the depression, the Louisville & Nashville reduced the annual dividend payments on its shares from 7% per annum to 5%. The
Southern Railway, on its part, suspended altogether
dividend payments on its preferred shares. These
were • wise measures, and prudent. The present
Louisville & Nashville report enables one to see to
what extent that important property was affected by
the adverse conditions referred to. Gross earnings
were reduced in amount of over $8,000,000, falling
from $59,906,467 in 1913-14 to $51,606,015 in
1914-15. Expenses were severely curtailed, being
cut from $45,012,305 to $39,431,789, but this, nevertheless, left a heavy shrinkage in net, which fell from
$14,894,162 to $12,174,226. The report, in referring
to the large shrinkage in revenue, and noting that it
was due, as stated above, to the effect produced by
the war in Europe "upon the price and consumption
of the products and manufactures of the territory
served and to the consequent decrease in passenger
traffic," gives some figures to show the magnitude
of the loss in traffic under all the various leading
heads.
In the products of agriculture the falling off was
lightest, being only 6.57%; in animal products the
shrinkage was 13.94%; in mineral products 12.56%;
in forest products 20.25%; in manufactures 15.09%;
in general merchandise 20.54%, and in miscellaneous
freights no less than 41.78%. As further illustrating
the great shrinkage in business throughout the whole
territory served,figures are given indicating the decreases in the revenue from freight forwarded from
the principal stations as compared with the year,preceding. At Cincinnati the shrinkage was 23.93%;
at Louisville 23.98%; at Owensboro 16.86%; at
Evansville 25.05%; at Henderson 19.32%; at St.
Louis and East St. Louis 30.35%; at New Orleans
6.01%; at Mobile 21.04%; at Pensacola 16.34%; at
Selma 25%; at Montgomery 21.71%; at Birmingham
24.66%; at Nashville 10.56%, and at Knoxville
17.56%.
The earnings from the passenger trains were reduced from $15,776,434 to $13,330,910, and as in
this branch of the service it is not possible to effect
much reduction in expenses, the net earnings from
the passenger trains were decreased over $2,000,000,
being for the latest year no more than $2,327,126
as against $4,359,973 in the previous year, the
decline thus being over 46%. The gross revenues
from the freight trains diminished almost $6,000,000,
being $36,978,074 for 1915 against $42,906,418 for
1914, but here all except about a million dollars was
offset by a reduction in expenses, leaving the loss in
net from the freight trains not quite a million dollars,
the amount for 1915 being $8,550,069 against $9,540,171 for the preceding year.
It appears that the company suffered not alone
from a falling off in tonnage, but also from a decline
in the rate received. The average rate realized per
ton per mile in 1915 was only 7.19 mills against 7.78
mills in 1914, the decline thus being over 73%.
Doubtless this decline is in no small measure to be
attributed to the fact that the shrinkage in traffic
was in the classes of freight bearing the highest rates,
but that does not make the decline any the less real.
In connection with the noteworthy curtailment of
the expenses, it should be observed that while the
expenses were reduced under all the leading heads,
as is natural in view of the great shrinkage in traffic,
the most noteworthy reduction ocourred in the

00T. 16

1915.]

THE CHRONICLE

transportation expenditures, where economies in
operation are most effective in producing results.
Vigorous efforts in advancing operating efficiency
must certainly have been put forth. In the case
of the Louisville & Nashville, as previously pointed
out by us there is far less chance for the making
of operating records than on some leading systems
in other parts of the country, owing to the character
of the traffic of the system and the nature of the
mileage. In other words, it is not possible to bring
operating results to the same high standards as on
roads more favorably situated in that regard. The
Louisville & Nashville has many branches and a
scattered mileage and its traffic is not of such a
character as to admit of a very heavy train-load.
Nevertheless, the average is being steadily raised,
year by year, and what is particularly noteworthy
on this occasion—especially because of the disorganization of traffic movements by the great
shrinkage in the volume of freight transported—
the further addition to the train-load in the late
period of twelve months was most striking. In
brief, over 50 tons were added to the average lading
of the trains, bringing it up to 347 tons for 1915,
against 296 tons for 1914. In 1913 the average was
294 tons, in 1912 285 tons, in 1911 275 tons, in 1910
278 tons, in 1909 263 tons and in 1908 only 234
tons, showing very marked progress in this particular. The increase in train-load made it possible
for the trains to earn more per mile run, notwithstanding the decline in rates, the earnings per
revenue train-mile for 1915 having been $2 49,
against $2 30 in 1914, $2 29 in 1913; $2 23 in 1912
and $2 11 in 1911.
All this made it possible to hold down expenses
and to restrict the loss in net. We have already
indicated that the net from railway operations for
1915 was $12,174,226, as against $14,894,161 for
1914. After providing for fixed and other charges
appertaining to the year, the amount left over for
1915 was $4,951,763, as against $7,050,138 for
1914. With allowance for two other small appropriations, aggregating $91,621, the final amount
of income remaining on the operations of 1915 was
$4,860,142. The call for the 5% dividends on the
shares was only $3,600,000, leaving an ample margin
above the requirements for that purpose—and this
in an exceptionally poor year.
During the twelve months the company disposed
of $7,500,000 Lexington & Eastern Railway 1st
mortgage 50-year 5s, yielding $7,125,000. As $1,610,000 of bonds were either retired or canceled,
or purchased for the sinking funds during the year,
the net addition to the outstanding funded debt of
the company in the hands of the public during the
year was only $5,890,000. The new capital expenditures were on an exceptionally small scale. It will
be recalled that when the war broke out and it
became apparent what a serious disturbing event
it would be, the management, as a matter of policy,
determined to limit these outlays as far as possible.
The previous annual report contained an illusion
to this policy, it being pointed out that a situation
had arisen where improvement and development
work not already provided for must be postponed for
the time being. In these circumstances, it is not
surprising to find that the total cash expenditures
during the year for additions and betterments, new
construction, additional equipment, and advances
to subsidiary companies for similar purposes (includ


1227

ing $1,557,071 expended in connection therewith
and charged to operating expenses) amounted to
only $9,731,803. In the previous year, the aggregate of expenditures of this kind (including $1,211,147
charged to operating expenses) was no less than
$20,240,093.
THE SOUTHERN RAILWAY REPORT.
President Fairfax Harrison opens the annual report
of this company with the terse and accurately descriptive statement, "It has been a difficult year."
He then explains at length, and with great force and
cogency, why it was a difficult year. After a period
of unexampled prosperity throughout the South, attended by growth and expansion in all forms of industry, business had begun to slow up during the
early months of 1914. Then "the flame of war
burst forth all over Europe," and "had a sudden
and withering effect upon industry in the South."
The Southern people had been preparing to market
the largest crop in the history of cotton-growing in
the United States and had been looking forward to
realizing large profits from this favorable agricultural
situation, when, "overnight they were apparently
shut out by the war from the European market" and
"thrown back upon their own resources with a disturbingly large proportion of their chief money crop
on their hands and an inadequate market price in
prospect. Despite several futile plans of assistance
from without, the South practically suspended for a
time its industrial activity." The effect upon the
Southern Railway was to reduce gross revenues
$8,551,487, or over 12%, the total dropping from
$70,750,996 to $62,199,509.
A policy of retrenchment and economy had to be
adopted to meet this critical situation in the company's affairs. How efficaciously the work was done
will appear when it is stated that expenses were
reduced in amount of $5,585,938 to offset this heavy
shrinkage in the gross. That, nevertheless, left
a loss of nearly three million dollars in net, the
amount of the latter before the deduction of the
taxes dropping from $18,990,347 to $16,024,798,
and, after taking out the taxes, from $16,310,957
to $13,400,054. President Harrison likens the task
confronting the management to that with which the
company had to grapple after the panic of 1907,
only it was infinitely more difficult on the present
occasion. The average rate per ton per mile for 1915
was 1.74% less than in 1908, the average receipts per
passenger mile 7.35% less, and the mail revenue
9.33% less per mile of road. Altogether the 1915
revenues were $2,145,093 smaller than they would
have been had the 1908 averages been maintained on
the revenue side of the account. On the other hand,
the operating expenses for 1915 carried an increase
of approximately $3,881,418 more than those for
1908, due to higher wage schedules. Therefore, the
operations for 1915 were burdened with unavoidable
decreases in revenues and increases in expenses approximating together the large sum of $6,026,511.
It must be admitted that, on the whole, the management met this trying situation well and with
surprising readiness and skill. As Mr. Harrison well
says, the obvious and easy method of retrenchment
of a railroad, in an emergency, is to reduce unduly
the appropriations for upkeep of the property. The
Southern Railway steadfastly sought to avoid
this temptation. Public announcement was early
made that retrenchment was necessary and that it

1228

TIIE CHRONICLE

was the policy of the company to reduce its expenses
at the cost of the temporary convenience of the people
of the South before reducing maintenance of the railroad to the point of endangering their safety. The
public accepted this announcement in good part, and
thus the task of the management was facilitated.
Mr. Harrison makes no reference in the present report to the direct contributions made by the officials
themselves in furthering the retrenchment movement. The report for the previous year, however,
contained detailed reference to the matter. It was
there pointed out that a strict policy of retrenchment
is always a disagreeable duty. The consequent
reduction of service of employees means, it was declared, a decrease in the opportunity of many men
to earn the livelihood to which they have been accustomed,and it accordingly seemed fair to the officers
that they, too, should share the sacrifice, and, as a
temporary measure, the salaries of all officers earning
in excess of $2,500 per annum were voluntarily and
loyally reduced in fair proportions. The preferred
shareholders, as is known, also had to share in the
necessities of the situation. The first step was to
reduce the semi-annual dividend based on the earnings of the six months ended June 30 1914 from
to 2%, and to make payment in five-year scrip instead of in cash, and the next step was to suspend
dividends altogether.
With these aids the company passed through the
year successfully and creditably. The income statement shows that, despite the very considerable loss
of net income which the company suffered notwithstanding its policy of retrenchment, fixed charges
were earned in full for the twelve months with a
balance of $1,523,369 left over. On the same basis
the balance remaining on the operations of the preceding year was no less than $4,747,776.
In carrying out its retrenchment policy, expenses
were reduced in all directions, but the success of the
effort followed in the main as a result of the company's achievements in operating efficiency, the
experience of other roads in this respect being repeated. Owing to the great decrease in tonnage
the full measure of efficiency counted upon could
not be attained in the late year. Nevertheless,
further great improvement in the lading of the train
was effected. In other words, the average trainload, which between 1908 and 1914 had been increased 50%, and been raised from 228 tons to
339 tons, was now increased to 382 tons. The
freight train mileage in 1915 was only a trifle more
than it had been 13 years before in 1902, the comparison being between 13,807,448 miles run in 1915
and, 13,713,086 miles in 1902. But, while in the
earlier year the freight trains on this mileage moved
only 3,098,011,083 tons of freight one mile, in the
later year on substantially the same mileage, they
moved no less than 5,279,028,334 ton miles. In
1902 the average train-load, including company
freight, was only 226 tons, for 1915 it was, as already
stated, 382 tons.
In face of the rigid curtailment of expenses President Harrison finds it possible to say "that the
physical condition of the roadway and structures is
better than ever it has been; that the motive power
and passenger equipment are in good condition and
fully up to normal and that the only deferred maintenance has been in the freight car equipment where
upkeep could economically be deferred because without traffic freight cars must stand idle in any event."



[voL. 101.

The company's finances are also in satisfactory
shape. During the twelve months there was actually a decrease in the long-term debt from $244,133,500 to $242,035,500. There was an increase
of $1,551,000 in mortgage and collateral trust bonds
and miscellaneous obligations and a decrea e of
$3,193,000 in equipment trust obligations. It is
pointed out that in the matter of additions and
betterments, the policy of the company is "better"
railroad, not "more" railroad. All suggestions of
buying or building new 'railroads into new territory,
it is stated, have been laid aside. In justice to the
urgent demand of the existing property and in the
interest of economy of operation they cannot be
entertained at this time. During the year the
investment in road and equipment increased $11,021,684 and it is noted that the company has been
fortunate in its ability to continue and to push
forward, during a year of depression, the additions
to its plant which will be necessary, before they can
be completed, to handle the industrial traffic of the
growing South. The capital for this work, Mr.
Harrison states, was provided during 1914 and its
disbursement during the current year, when most
other construction work had been suspended in the
South, not only enabled the company to gdt more
for a dollar invested than ever before but "contributed substantially to the welfare of many Southern communities, which were refreshed, when they
most needed refreshment, by the flow of our money
through all the arteries of the commercial body."
The report also notes that since the close of the
fiscal year there has been made available for the
prolision of double track and other improvements
on the main line between Charlotte, N.C.,and Atlanta,
Ga., the sum of $3,500,000 through the sale of first
mortgage 30-year 5% (series B) gold bonds of the
Atlanta 4k Charlotte Air Line Ry. Co.
RAILROAD GROSS EARNINGS FOR SEPTEMBER.
Our early statement of the gross earnings of
United States railroads for the month of September
(comprising the roads which make it a practice to
furnish preliminary estimates of their revenues in
advance of the appearance of the regular audited
returns of both gross and net earnings) contains an
encouraging feature in that for the first time in a
very long while the total records an increase in place
of the decreases Which marked the returns of preceding months. The increase is not large, amounting
to only $708,959, or less than 1%, but at any rate,
it is gratifying to find that a turn in the downward
movement has, at length, been reached. A few
of the roads still record decreases, but the greater
number are able to show better earnings than a year
ago, and the general result is as stated.
Of course, we are now comparing with a period
last year when revenues had already begun to shrink
in very considerable degree and it is important that
that fact should not be overlooked, as otherwise
undue significance may be given to the small improvement now shown. The loss last year by our
early statement reached $5,747,837, or 7.05%, and
it occurred in face of a large gain in the grain movement at that time—a circumstance of some importance since there is always a good representation of
Western grain carriers in our early statement—
though, on the other hand, there was a heavy shrinkage in the cotton movement and Southern cottoncarrying roads are also largely represented in our

THE CHRONICLE

OcT. 16 1915.J

early statement. This year the Western grain
movement did not keep up to the level of the exceptional total of 1914, but the Southern cotton movement increased over the diminutive figures of last
year. Prior to 1914 our early September compilations showed moderate increases for a considerable
number of years back, In September 1913 the
increase was $3,617,644, or 4.64%; in September
1912 it was $4,988,471, or 7.09%; in 1911 $2,302,158,
or 3.63%; and in 1910 $2,487,898, or 3.81%. In
September 1909 the improvement was of larger
proportions, the gain amounting to $6,613,195, or
11.91%. But that followed a loss in 1908, the falling off then by our early statement having been
$3,986,202, or 5.78%. Up to 1908 the September
record of earnings was one of continuous improvement, as will appear from the statement we now
annex giving September comparisons for all the
years back to 1896.
Gross Earnings.

Mileage.
September.

Year Yr.Pre- In- ,
Given. ceding. cr'se.

Year
Given.

Year
Preceding.

Increase (+)
or Decrease (-).

Miles.
89,696
94,422
90,818
94,503
92,902
99,240
88,083
88,703
81,623
79,023
90,527
72,668
81,908
76,330
82,163
82,099
84,356
88,450
89,503
88,918

0.85
1.52
0.77
1.26
3.51
1.98
1.82
1.67
2.41
2.32
2.55
1.12
1.52
1.48
3.43
2.06
1.83
1.87
1.81
1.32

41,561,327
49,720,753
47,105,094
58,682,534
58,270,588
66,491,460
61,654,626
68,192,919
61,589,566
61,549,676
79,890,683
56,317,229
64,925,965
62,138,040
67,702,377
67,190,814
75,580,043
81,504,881
75,704,844
76,783,163

42,056,682
43,333,198
44,379,196
53,004,336
57,173,545
59,962,628
56,278,213
63,748,368
59,124,478
58,045,752
73,290,417
52,172,480
68,912,167
55,524,845
65,214,479
64,888,656
70,591,572
77,887,237
81,452,681
76,074,201

$
-495,355 1.18
+6,387,555 14.74
+2,725,898 6.14
+5,678,198 10.71
+1,097,043 1.92
+6,528,832 10.88
+5,376,413 9.55
+4,444,551 6.97
+2,465,088 4.16
+3,503,924 6.03
+6,600,266 9.01
+4,144,749 7.95
-3,986,202 5.78
+6,613,195 11.91
+2,487,898 3.81
+2,302,158 3.63
+4,988,471 7.09
+3,617,644 4.64
-5.747,837 7.05
+708,959 0.93

87,464
93,807
90,776
94,026
92,902
98,531
88,083
88,703
81,623
79,023
90,527
72,668
81,251
76,069
81,503
82,099
84,356
88,450
89,503
88,918

0.86 326,903,450 312,929,980 +13,973,470 4.46
1.54 356,545,809 343,560,268 +12,985,541 3.78
0.77 356,283,597 319,888,352 +36,395,245 11.37
1.23 435,131,215 399,525,997 +35,605,218 8.91
3.51 470,582,605 423,590,726 +46,991,879 11.09
1.99 525,841,522 475,815,865 +50,025,657 10.51
1.82 489,256,535 451,747,108 +37,509,337 8.33
1.67 561,854,388 500,075,914 +61,778,474 12.33
2.41 481,650,242 483,274,172 -1,623,930 0.33
2.32 484,597,911 452,258,707 +32,339,204 7.15
2.55 657,972,747 574,286,788 +83,685,959 14.57
1.12 474,839,846 429,640,386 +45,199,460 10.52
1.53 486,667,961 575,319,572 -88,651,611 15.41
1.42 466,976,509 417,976,108 +49,000,401 11.72
3.37 555,870,669 487,758,708 +68,111,961 13.96
2.06 532,990,363 524,245,530 +8,744,833 1.74
1.83 609,914,375 566,204,203 +43,710,172 7.73
1.87 668,840,523 619,410,858 +49,429,665 8.00
1.81 623,763,606 664,407,415 -40,643,809 6.12
1.32 579,961,399 620,736,377 -.40,774,978 6.57

Year. Roads Miles.
1896._ 117 90,456
1897....... 128 95,865
1898....... 123 91,517
1899....... 111 95,700
1900 __ 101 96,165
1901_.... 96 101,165
1902...... 72 89,680
1903....... 73 90,183
MA__ 66 83,592
55 80,859
1905 __
1906 ____ 68 92,839
55 73,482
1907
1908....... 53 83,157
1909.... 49 77,460
50 84,994
1010
1911....... 49 83,889
1912.... 46 85,901
1913____
44 90,097
1914.... 43 91,124
47 90,087
1915._
Jan. 1 to Sep 1. 301896 .... _ _ Ill 88,223
1897
124 95,250
122 91,475
1898
108 95,181
1899
101 96,165
1900
93 100,492
1901._
1902....... 72 89,680
1903 ___. 73 90,183
66 83,592
1904 __
1905.... 55 80,859
1906 __ 68 92,839
55 73,482
1907 ____
1908
51 82,500
1909....... 47 77,147
1910...... 49 84,254
1911....... 49 83,889
46 85,901
1912
1913...... 44 90,097
1914....... 43 91,124
1915....... 47 90,087

Note.-Neither the earnings of the Mexican roads nor the m ning operations of
the anthracite coal roads are included in this table.

A point of no little interest is that the three
Canadian systems which we always make it a
practice to include in our early statements, also
give indications of improved returns; they still show
losses, but these losses are now relatively small where
before they were very large. The Canadian Northern this time falls only $95,300 behind, the Grand
Trunk $66,520, and the Canadian Pacific $594,000.
To be sure, in the last two instances, and particularly
in the case of the Canadian Pacific, this year's loss
follows a very considerable loss last year, but the
diminution in the amount of the further losses
encourages the idea that in current periods the
shrinkage will soon disappear altogether, and as a
matter of fact, for the first week of October, each
of these three Canadian roads actually registers
increase over the corresponding period in 1914.
Among United States roads the Great Northern
Railway for September shows $211,415 decrease,
after $753,422 decrease last year, and the Chicago
Great Western loses $102,278, following $29,534
loss last year. Some of the Southwestern roads also
continue to do poorly and the Missouri Pacific falls
$221,000 behind,though this follows $116,000 gain
in the previous year. The Missouri Kansas & Texas,
also, has a decrease ($162,209) and this succeeds



1229

decreases both last year and the year before. On
the other hand, there are many roads with increases
and some of these are for considerable amounts,
some of the Southern roads being prominent in this
respect. As a rule, these increases are simply a
recovery of part of the previous year's loss. For
instance, the Louisville & Nashville's gain of $198,513 follows no less than $719,279 loss last year.
The same remark, however, does not apply to the
increase of $355,469 for the Chesapeake & Ohio, this
road having continued to forge ahead for several
years. The Southern Railway has a very small
decrease this time ($21,248) which follows $500,797
decrease in September 1914. In the following we
show all changes for the separate roads for amounts
in excess of $30,000, whether increases or decreases.
PRINCIPAL CHANGES IN GROSS EARNINGS IN SEPTEMBER.
Increases.
Increases.
Chesapeake & Ohio
$355,469 Mineral Range
$33,052
Yazoo & Miss Valley___
232,114
Wabash
Representing 17 roads
217,168
Louisville & Nashville
in our compilation__ $2,225,043
198,513
Decreases.
Denver & Rio Grande.._
180,700
$594,000
Wheeling & Lake Eris_ _
179.774 Canadian Pacific
221,000
Western Maryland
159,010 Missouri Pacific
211,416
Buffalo Roch & Pittsb__
134,724 Great Northern
162,209
St Louis Southwestern__
106,000 Missouri Kan & Texas
102,278
Chicago & Alton
99,402 Chicago Great Western..
a96,678
Minneap St P & S S M.._
83,869 Grand Trunk Pacific_..._
95,300
Chicago Ind & Louisv
67,184 Canadian Northern
Texas & Pacific
66,520
55,176 Grand Trunk
Colorado & Southern__ _
43,579
Representing 8 roads
Illinois Central
41,020
in our compilation__ $1,549,400
Minneapolis & St Louis_
38.289
a These figures are for three weeks only.

We have stated that the Western grain movement
for September this year had not been maintained at
the exceptionally high level of 1914. For the five
weeks ending October 2 the receipts of wheat at the
principal Western primary markets was 70,219,000
bushels, against 79,341,000 bushels in the corresponding five weeks of last year, the receipts of oats 38,428,000 bushels against 38,794,000 bushels and the
receipts of barley 14,954,000 bushels, against 17,041,000 bushels. The receipts of corn ran a little
heavier at 18,826,000 bushels, against 16,301,000
bushels. Adding rye, the receipts for the five cereals
combined are found to aggregate 146,527,000 bushels
against 155,478,000 bushels in the corresponding
five weeks of last year. In the table we now insert
we show the details of the Western grain movement
in our usual form.
WESTERN FLOUR AND GRAIN RECEIPTS.
Corn.
Oats.
Barley.
Rye.
Wheat.
Five weeks
Flour.
(bush.)
(bush.)
(bush.)
end.0ct.2.
(bbls.)
(bush.)
(bush.)
Chicago739,000
1915___
860,000 11,340,000 10,425,000 21,445,000 2,025,000
401,000
1,071,000 15,055,000 9,273,000 19,284,000 3,605,000
1914
Milwaukee526,000
931,000 2,830,000 1,888,000
298,000
788,000
1915___
912,000
1,776,000 4,427,000 2,779,000
1914..__
407,000
2,097,000
St. Louis94,000
56,000
1,525,000
2,034,000
420,000 4,889,000
1915___
96,000
1,106,000 2,851,000
311,000
1914___ 440,000
3,655,000
Toledo1,391,000
174,000
916,000
1915427,000
1,090,000
185,000
2,000
16,000
1914..
Detroit291,000
30,000
313,000
792,000
1915___
552,000
414,000
177,000
1914___
43,000
Cleveland173,000
189,000
684,000
4,000
11,000
66,000
1915___
476,000
2,000
6,000
268,000
160,000
1914___
107,000
Peoria1,938,000
252,000
32,000
504,000
1,913,000
1915_..... 232,000
1,328,000
1,363,000
316,000
133,000
244,000
1914._
297,000
Duluth1,480,000 4,089.000 1,873,000
23,000
19,484,000
1915.
1,538,000 3,022,000 1,102,000
17,334,000
1914..
Minneapolis508,000 4,520,000 6,602,000
21,248,000
863,000
1915..
549,000
4,403,000 7,004,000 1,335,000
24,028,000
1914_
Kansas City8,177,000
788.000
647,000
1915_
12,896,000
645,000
998,000
1914..
Omaha1,934,000 2,037,000
1,142,000
1915_
2,256,000
1,067,000
2,510,000
1914..
Total of
1,906,000
1914___ 2,365,000
Jan. 1 to Oct.2Chicago1915._ 6,149,000
1914...... 7,040,000
Milwaukee1915___ 1,653,000
1914_.... 2,313,000
St.Louis1915.... 2,689,000
1914___ 2,570,000
Toledo1915_
1014_

70,219,000 18,826,000 38,428,000 14,954,000 4.100,000
79,341,000 16,301,000 38,794,000 17,041,000 4,001,000
51,551,000 70,408,000 95,283,000 13,792,000 2,842,000
69,148,000 62,069,000 96,503,000 15,845,000 2,200,000
3,281,000 11,984,000 17,993,000 8,910,000 1,989,000
6,343,000 10,942.000 18,064,000 11,399,000 2,238,000
728.000
20,129,000 15,247,000 14,291,000
22,908,000 13,225,000 19,154,000 1,305.000

250,000
283,000

7,000
30,000

55,000
50,000

4,663,000
4,816,000.

3,199,000
3,172,000

4,015,000
2,742,000

1230

THE CHRONICLE

Jan. 1 to Flour.
Oct. 2. (bbls.)
Detroit1915___
272,000
1914___
330,000
Cleveland1915_ _ _ 657,000
1914___
562,000
Peoria1915___ 1,924,000
1914___ 1,666,000
Duluth1915__
1914___
Minneapolis1915_
1914_
Kansas City1915_
1914_
Omaha19151914__

Wheat.
(bush.)

Corn.
(bush.)

1,634,000
1,682,000
877,000
956,000

Barley.
(bush.)

Oats.
(bush.)

2,428,000
2,030,000

Rye.
(bush.)

3,300,000
3,448,000

21,000
25,000

37,000
38,000

3,606,000 12,089,000 8,862,000 1,418,000
1,892,000 11,582,000 10,497,000 1,995,000

194,000
303,000

29,961,000
29,164,000

1,962,000
724,000

5,214,000 6,278,000 2,302,000
3,074,000 4,961,000 1,668,000

66,243,000 10,372,000 13,251.000 17,802,000 2,375,000
73,216,000 6,980,000 13,632,000 17,830,000 3,570,000
31,545,000 14,047,000
40,136,000 29,779,000

4,483,000
7,879,000

1,000

7,514,000 17,887,000 6,151,000
11,446,000 23,455,000 11,634,000

Total of All1915__ _13,344,000 221,004,000 162,600,000 176,066,000 49,046,000 10,044,000
1914_14,461,000 261,517,000 156,536,000 189,711,000 53,390,000 10,351,000

In the case of the Southern cotton movement, the
figures last year were exceedingly small because of
the outbreak of the war, the derangement of shipping
facilities and the complete collapse in the price of
the staple. At the Southern outports the receipts
in September 1914, notwithstanding the magnitude
of the crop, amounted to only 346,171 bales, against
1,240,734 bales for September 1913. The present
year the receipts have been about midway between
these two extremes, reaching 838,780 bales. The
shipments overland in September 1915 were 50,684
bales, against 29,232 bales in September 1914 and
38,133 bales in September 1913.
RECEIPTS OF COTTON AT SOUTHERN PORTS IN SEPTEMBER AND
FROM JANUARY 1 TO SEPTEMBER 30 1915, 1914 AND 1913.
September.

Since January 1.

Ports.
Galveston
bales
Texas City, &c
New Orleans
Mobile
Pensacola, &c
Savannah
Brunswick
Charleston
Georgetown
Wilmington
Norfolk
Newport News,&c
Total

1915.

1914.

1913.

309,822
46,686
92,614
16,839
2,637
219,881
14,850
63,671
45
42,714
28,415
606

189,947
5,373
23,525
11,170
2,839
72,671
1,548
16,735

550,83912,412,399 1,481,584 1,728,659
58,3381 449,454 223,980 351,953
65,090 1,318,693 876,293 554,158
43,698
95,827 142,230 118,179
91,053
10,268
52,186
60,635
300,003 1,185,266 508,875 625,716
52,100 170,100
69,448 106,984
86,753 249,628
59,356 141,143
1,902
110
54,383 215,329
79,882 102,648
17,986 440,967 227,782 248,232
82,413 114,705
1,276
64,524

9,224
8,619
4,520

1915.

1914.

1913.

838,7801 346,171 1,240,734 6,713,031 3,844,770 4,094,492

To complete our analysis we subjoin the following
six-year comparisons of the earnings of leading roads,
arranged in groups.
EARNINGS OF SOUTHERN GROUP.
September.
Alabama Gt So
Ala N 0 & T P
N 0 & N E.
Ala ar Vicks_
Vicks Sh &P
Ches & Ohlo_c
CinNO&TP
Lou & Nash_ b _
Mobile dr Ohio
Southern Ry_ _
Yazoo & M V_
Total

1915.

1914.

$
376,583

$
1
397,5341

I

1913.

1912.

1911.

1910.

$
440,538

$
412,440

$
398,461

$
377,790

291,820
291,5311
327,776
293,346
288,664
285,935
145,680
135,784
155,334
137,6511
139,703
151,873
134,438
139,191
145,669
128,653
116,973
126,558
3,869,613 3,514,144 3,189,320 2,932,430 2,950,357 2,961,332
803,923
923,277
775,157
837,968
849,055
806,652
4,800,540 4,602,027 5,321,306 4,932,818 4,750,658 4,610,171
929,945
923,904 1,054,339
074,456
910,330
878,481
5,488,484 5,609,732; 6,010,529 5,548,087 5,424,254 5,036,012
1,110,662
878,548, 1,007,828
848,514
781,778
791,358
17.046.545 17.1514.66118.575.916 17.060.177 16.610.233116.026.162

b Includes the Louisville & Atlantic and the Frankfort & Cincinnati.
c Includes Chesapeake & Ohio of Indiana.
EARNINGS OF NORTHWESTERN AND NORTH PACIFIC GROUP.
September.

• • 1915.

1914.

1913.

1912.

1911.

$
$
$
$
$
Canadian Pac_ 9,985,000 10,579,000 12,157,082 11,579,734 10,049,085
Chic Gt West. 1,244,479 1,346,757 1,376,291 1,260,590 1,207,118
Dui So Sh & A
285,205
306,779
319,643
289,360
311,280
Great North__ 7,869,616 8,081,031 8,834,453 7,557,936 6,549,356
Minn dr St L..a 1,013,297
975,008
926,409
906,054
721,400
M St P & SS M 3,036,936 2,953,067 2,916,658 2,778,060 2,497,743
Total

1910.
$
9,315,214
1,147,610
299,155
6,294,922
863,744
2,053,514

23.456.107 24.220.068 26.510.181 24.392.089 21.335.982 19.974.159

Includes Mason City & Fort Dodge and the Wisconsin Minnesota & Pacific.
a Includes Iowa Central.
EARNINGS OF MIDDLE AND MIDDLE WESTERN GROUP.
September.

1915.

1914.

$
$
Buff Roch & P 1,064,752
930,028
Chic & Alton__ 1,407,257 1,307,855
Chic Ind tic Lou
609,006
676,190
Grand Trunkl
Grd Trk W } 4,605,041 4,671,561
D GE & Ml
Canada Atli
Illinois Cent_c 5,570,452 5,529,432
Tol Peo & Wes
111,256
108,517
Tel St L & W_
411,487
383,185
Wabash
2,864,901 2,647,733
Western Md..
883,700
724,690
Total

1013.

1912.

1911.

1910.

$
$
$
8
1,049,744
847,253
026,167
832,575
1,398,476 1,353,148 1,338,728 1,314,818
635,345
599,149
634,868
576,803
4,870,641 4,759,282 4,400,559 4,107,955
5,855,044 5,556,680 5,222,386 5,318,924
138,669
123,401
111,025
122,521
378,250
325,651
345,094
326,008
2,785,177 2,962,655 2,582,576 2,738,835
731,032
681,634
667,823
665,658

17.595.036 16.912.007 17.842.378 17.342.029 16.104.150 16.004.097

Includes earnings of Indianapolis Southern.




EARNINGS OF SOUTHWESTERN GROUP.
September.

3,223,000
3,184,000

2,977,000
2,577,000

I

[Vol,. 101.

Colo & South_
Deny & R G__
Mo Kan & T_a
Mo Pacific_ _ _
St L So West
Texas & Pao_ _

1915.

1914.

1913.

1912.

$
1,262,117
2,431,700
2,530,531
5,207,000
987,000
1,488,483

$
1,218,538
2,251,000
2,692,740
5,428,000
881,000
1,433,307

$
1,334,854
2,388,191
2,908,104
5,311,988
1,127,344
1,533,195

$
1,295,944
2,441,241
2,943,529
5,333,445
1,118,963
1,505,068

I

1911.

1910.

$
1,288,599
2,306,546
2,694,294
4,752,983
1,006,447
1,419,655

$
1,537,102
2,257,611
2,654,054
4,739,757
1,033,480
1,390,561

Total ______ 13,906,831113,904.585 14.603.676 14.638.190 13.468.524 13.612.565
a Includes Texas Central In all the years and Wichita Falls line from Nov. 1 1912.

We now add our detailed statement for the month
of September, comprising all the roads from which it
has been possible to procure returns for that period
up to the present time. We also give the comparative earnings for same roads for period from Jan. 1.
GROSS EARNINGS AND MILEAGE IN SEPTEMBER.
Gross Earnings.

Mileage.

Name of Road.

1915.
Ala Great Southern..
Ala N 0 & Tex PacNew On & N E.. _ _ _
Ala & Vicksburg_ _ _
Vicks Shrov & Pac_
Ann Arbor
Bellefonte Central_._
Buffalo Roch & Pitts_
Canadian Northern.._
Canadian Pacific_ _ _ _
Chesapeake & Ohio..
Chicago & Alton
Chicago Great West..
Chicago Ind & Louisv
Cinc New On & Tex P
Colorado & Southern_
Denver & Rio Grande
Denver & Salt Lake..
Detroit & Mackinac..
Duluth So Sh & Atl_ _
Georgia South & Fla_
Grand Trunk of Gaul
Grand Trunk West}
Det Gr H & Milw_i
Canada Atlantic....1
Grand Trunk Pacific_
Great Northern
Illinois Central
Louisville & Nashville
Mineral Range
Minneap & St Louis..l
Iowa Central
Minnoap St P&SSM
Missouri Kan & Tex_a
Missouri Pacific
Mobile & Ohio
Nevada-Cal-Oregon..
Rio Grande Southern_
St Louis Southwestern
Southern Railway_
Tenn Ala & Georgia.._
Texas & Pacific
Toledo Peoria & West
Toledo St Louis & W.
Wabash
Western Maryland...
Wheeling & Lake Erie
Yazoo & Miss Valley_

376,583

1914.

Inc.(+)or
Dec.(-).

397,534

291,820
291,531
135,784
137,651
139,191
128,653
200,243
216,064
6,589
9,012
1,064,752
930,028
2,014,600 2,109,900
9,985,000 10,579,000
3,869,613 3,514,144
1,407,257 1,307,855
1,244,479 1,346,757
676,190
609,006
803,923
775,157
1,262,117 1,218,538
2,431,700 2,251,000
183,100
166,783
84,788
97,853
306,779
285,205
187,677
197,215

1915. 1914.

---20,951

309

309

A-289
203
203
--1,867
142
142
A-10,538
171
171
--15,821
293
293
-2,423
27
27
4-134,724
586
586
---95,300 4,965 4,670
---594,000 12,921 12,319
A-355,469 2,374 2,367
A-99,402 1,052 1,046
--102,278 1,427 1,427
A-67,184
622
617
1-28,766
336
336
1-43,579 1,828 1,867
A-180,700 2,576 2,585
4-16,317
255
255
400
--13,065
400
A-21,574
626
626
---9,538
395
395

4,605,041

4,671,561

9251,500
7,869,616
5,570,452
4,800,540
02,204
1,013,297

y348,178
8,081,031
5,529,432
4,602,027
59,152
975,008

-96,678
-211,415
+41,020
+198,513
+33,052
+38,289

016
8,102
4,768
5,037
110,
1,646

916
7,993
4,769
5,034
119
1,646

3,036,936
2,530,531
5,207,000
929,945
50,472
51,821
987,000
5,488,484
6,149
1,488,483
111,256
411,487
2,864,901
883,700
749,501
1,110,662

2,953,067
2,692,740
5,428,000
923,904
47,893
50,480
881,000
5,509,732
6,406
1,433,307
108,517
383,185
2,647,733
724,690
569,727
878,548

+83,869
-162,209
-221,000
+6,041
+2,579
+1,341
+106,000
--21,248
-257
+55,176
+2,739
+28,302
+217,168
+159,010
+179,774
+232,114

4,190
3,865
7,292
1.122
272
180
1,753
7,022
97
1,044
247
451
2,518
664
459
1.382

4,101
3,865
7,284
1,122
238
180
1,753
7,036
97
1,886
247
451
2.515
661
459
1,372

--66,520 4,533 4,533

Total (47 roads)_ _ _ 76,783,163 76,074,204
+708,959 90,087 88,918
Net increase (0.93%)a Includes Texas Central in both years.
y These figures are for three weeks only.
GROSS EARNINGS FROM JANUARY 1 TO SEPTEMBER 30.
Name of Road.
Alabama Great Southern__
Ala N 0 & Texas PacificNew On & Northeastern
Alabama & Vicksburg....
Vicks Shreve & Pacific_ _
Ann Arbor
Bellefonte Central
Buffalo Roch & Pittsburgh
Canadian Northern
Canadian Pacific
Chesapeake & Ohio
Chicago & Alton
Chicago Great Western_ _ _
Chicago Indianap & Loulsv
Cinc New Orb & Texas Pac
Colorado & Southern
Denver & Rio Grande
Denver & Salt Lake
Detroit & Mackinac
Duluth South Shore & Atl_
Georgia Southern & Florida
Grand Trunk of Canada__
Grand Trunk Western_
Det Gr Haven & Milw_
Canada Atlantic
Grand Trunk Pacific
Great Northern
Illinois Central
Louisville & Nashville
Mineral Range
Minneapolis & St Louis_ _ _
Iowa Central
Minneap St Paul & S S M
Missouri Kans & Texas_a_
Missouri Pacific
Mobile & Ohio
Nevada-California-Oregon..
Rio Grande Southern
St Louis Southwestern_ _
Southern Railway
Tenn Alabama & Georgia.._
Texas & Pacific
Toledo Peoria & Western..
Toledo St Louis & Western
Wabash
Western Maryland
Wheeling & Lake Erie_ _ _ _
Yazoo & Mississippi Valley

1915.
3,507,358
2,647,241
1,104,022
1,034,498
1,486,278
59,159
7,394,711
11,672,700
69,608,919
31,430,340
10,669,678
10,129,643
5,027,623
7,010,110
10,039,677
16,149,648
1,230,401
789,767
2,376,976
1,562,692

1914.
3,851,341

Increase.

Decrease.

$
343,983

2,883,234
235,993
1,279,736
175,714
1,260,542
226.044
1,441,213
45,065
67,839
8,680
7,473,032
78,321
14,407,600
2,734,900
85,507,396
15,898,477
28,760,821 2,669,519
10,205,375
464,303
10,506,072
376,429
5,100,785
73,162
7,895,382
885.272
9,443,517
596,160
16,325,859
176,211
1,036,724
193,677
893,378
103,611
2,494,257
117,281
1,852,233
289,541

36,863,614 39,213,401

2,349,787

y2,432,954
46,743,595
45,466,839
38.676,492
722,103
7,423,719

93,535,455
52,749,885
48,486,890
42,283,027
554,077
7,260,451

1,102,501
6,006,290
3,020,051
3,606,535

19,784,791
23,397,621
41,802,922
8,064,764
281,241
400,264
7,745,063
45,445,944
53,480
12,926,976
855,376
3,596,608
21,907,086
7,106,813
4,539,336
8,792,357

20,452,147
22,546,123
43,901,149
9,372,774
275.770
423,028
8,606,367
50,671,852
64,377
13,102,779
919,192
3,349,990
21,889,496
6,157,439
3,778,729
8,455,643

168.026
163,268
667,356
851,498
2,098,227
1,308,010
5,471
22,764
861,304
5,225,908
10,897
175,803
63,816
246,618
17,590
949.374
760,607
336,714

Total (47 roads)
579,961,309 620,736,377 7,467,890 48,242,868
Net decrease (6.57%)40.774.978
a Includes the Texas Central in both years.
the
third
week only.
y These figures are down to the end of

OcT. 161915.]

THE CHRONICLE

PRESIDENT WILSON ON CITIZENS' STAND FOR
AMERICA.
Those of the country's citizens who allow themselves to
be swayed to the extent of giving America second place in
their sympathies, were taken to task in an address delivered
by President Wilson in Washington on the 11th inst. upon the
occasion of the twenty-fifth anniversary of the founding of
the Daughters of the American Revolution. While declaring that he would not be afraid upon the test of "America
first" to take a census of all the foreign-born citizens of the
United States, since he is not deceived as to the balance
of opinion among them, he expressed himself "in a hurry
to have an opportunity to have aline-up and let the menwho
are thinking first of other countries stand on one side—biblically it should be the left—and all those that are for America
first, last and all the time on the other side." In asserting
that we are not trying to keep out of trouble, but are trying
to preserve the foundations upon which peace can be rebuilt,
the President contended that"peace can be rebuilt only upon
the ancient and accepted principles of international law, only
upon those things which remind nations of their duties to
each other,and deeper than that, of their duty to mankind
and to humanity." The President's remarks were as follows:
There is a very great thrill to be had from the memories of the American
Revolution, but the American Revolution was a beginning, not a consummation, and the duty laid upon us by that beginning is the duty of
bringing the things then begun to a noble triumph of completion, for it
seems to me that the peculiarity of patriotism in America is that it is not
a mere sentiment. It is an active principle of conduct. It is something
that was born into the world not to leave it, but to regenerate it. It is
something that was born into the world to replace systems that had preceded it, to bring them out upon a new plane of privilege.
The American Revolution was the birth of a nation, It was the creation
of a great free republic based upon traditions of personal liberty which
heretofore had been confined to a single little island, but which it was
purposed should spread to all mankind. And the singular fascination of
American history is that it has been a process of constant re-creation, of
making over again in each generation the thing which was conceived at
first. You know how peculiarly necessary that has been in our case,
because America has not grown by the mere multiplication of the original
stock. It is easy to preserve tradition with continuity of blood; it is
easy in a single family to remember the origins of the race and the purposes
of its organization, but it is not so easy when that race is constantly being
renewed and augmented from other sources, from stocks that did not carry
or originate the same principles.
So from generation to generation strangers have had to be indoctrinated
with the principles of the American family, and the wonder and the beauty
of it all has been that the infection has been so generously easy, for the
principles of liberty are united with the principles of hope. Every individual, as well as every nation, wishes to realize the best thing that is in
him, the best thing that can be conceived out of the materials of which his
spirit is constructed. It has happened in a way that I think fascinates
the imagination that we have not only been augmented by additions from
outside, but that we have been greatly stimulated by those additions
Living in the easy prosperity of a free people, knowing that the sun
had always been free to shine upon us and prosper our undertakings, we
did not realize how hard the task of liberty is and how rare the privilege
of liberty is, and men were drawn out of every climate and out of every
race because of an irresistible attraction of their spirits to the American
ideal. They thought of America as lifting, like that great statue in the
harbor of New York, a torch to light the pathway of men to the things
that they desire, and men of all sorts and conditions straggled toward
that light and came to our shores with an eager desire to realize it and a
hunger for it,such as some of us no longer felt, for we were as if we were
satiated and sated and were indulging ourselves after a fashion that did
not belong to the ascetic devotion of the early devotees of those great
principles. So they came to remind us of what we had promised ourselves
and through ourselves bad promised mankind. All men came to us and
said, "Where is the bread of life with which you promised to feed us, and
have you partaken of it yourselves"?
For my part, I believe that the constant renewal of this people out of
foreign stocks has been a constant source of reminder to this people of
what the inducement was that was offered to men who would come and be
of our number. Now we have come to a time of special stress and test.
There never was a time when we needed more clearly to conserve the principles of our own patriotism than this present time. The rest of the world
from which our politics were drawn seems for the time in the crucible, and
no man can predict what will come out of that crucible. We stand apart unembroiled, conscious of our own principles, conscious of what we hope and
purpose so far as our powers permit for the world at large, andi t is necessary that we should consolidate the American principle. Every political action, every social action, should have for its object in America at this time
to challenge the spirit of America; to ask that every man and woman who
thinks first of America should rally to the standards of our life. There have
been some among us who have not thought first of America, who have
sought to use the might of America in some matter not of America's originative, and they have forgotten that the first duty of a nation is to express
its principles in the action of the family of nations and not to seek to aid
and abet any rival or contrary ideal.
Neutrality is a negative word. It is a word that does not express what
America ought to feel. America has a heart,and that heart throbs with all
sorts of intense sympathies, but America has schooled its heart to love the
things that America believes in, and it ought to devote itself only to the
things that America believes in, and, believing that America stands apart in
its ideals, it ought not to allow itself to be drawn so far as its heart is concerned, into anybody's quarrel. Not because it does not understand the
quarrel, not because it does not in its head assess the merits of the controversy, but because America has promised the world to stand apart and maintain certain principles of action, which are grounded in law and injustice.
We are not trying to keep out of trouble, we are trying to preserve the
foundations upon which peace can be rebuilt. Peace can be rebuilt only
upon the ancient and accepted principles of international law, only upon
those things which remind nations of their duties to each other and, deeper
than that, of their duties to mankind and to humanity.
America has a great cause which is not confined to the American Continent. It is the cause of humanity itself. I do not mean that in anything




1231

I say to imply a judgment upon any nation or upon any policy,for my object
here this afternoon is not to sit in judgment upon anybody but ourselves
and to challenge you to assist all of us who are trying to make America conscious of nothing so much as her own principles and her own duty. I look
forward to the necessity in every political agitation in the years which are
immediately at hand of calling upon every man to declare himself, where
he stands. Is it America first or is it not? We ought to be very careful
about some of the impressions that we are forming just now. There is too
general an impression, I fear, that very large numbers of our fellow-citizens
born in other lands have not entertained with sufficient intensity and affection the American ideal, but their numbers are not large. Those who
would seek to represent them are very vocal, but they are not very influential. Some of the best stuff of America has come out of foreign lands, and
some of the best stuff in America is in the men who are naturalized citizens
of the United States. •
I would not be afraid upon the test of "America first" to take s census of
all the foreign-born citizens of the United States, for I know the vast majority of them came here because they believed in America and their belief
in America has made them better citizens than some people who were born
in America. They can say that they have bought this privilege with a great
price. They have left their homes, they have left their kindred, they have
broken all the nearest and dearest ties of human life in order to come to a
new land, take a new rootage, begin a new life, and so by self-sacrifice express their confidence in a new principle; whereas, it costs us nothing of
these things. We were born into this privilege; we were rocked and cradled
in it; we did nothing to create it, and it is, therefore, the greater duty on our
part to do a great deal to enhance it and preserve it. I am not deceived
as to the balance of opinion among the foreign-born citizens of the United
States, but I am in a hurry to have an opportunity to have a line-up and
let the men who are thinking first of other countries stand on one side—
biblically, it should be the left—and all those that are for America first;
last and all the time on the other side.
Now, you can do a great deal in this direction. When I was a college
officer, I used to be very much opposed to hazing, not because hazing is not
wholesome, but because sophomores are poor judges. I remember a very
dear friend of mine, a professor of ethics on the other side of the water,
was asked if he thought it was ever justifiable to tell a lie. He said yes, he
thought it was sometimes justifiable to lie, "but," he said, "it is so difficult
to judge of the justification that I usually tell the truth." I think that
to
ought to be the motto of the sophomore. There are freshmen who need
be hazed, but the need is to be judged by such nice tests that a sophomore
is hardly old enough to determine. But the world can determine them.
a
We are not freshmen at college, but we are constantly hazed. I would
great deal rather be obliged to draw pepper up my nose than to observe the
hostile glances of my neighbors. I would a great deal rather be beaten
than ostracized. Iswould a great deal rather endure any sort of physical
hardship if I might have the affection of my fellow-men. We constantly
is
discipline our fellow-citizens by having an opinion about them. That
the sort of discipline we ought now to administer to everybody who is
about
not to the very core of his heart an American. Just have an opinion
And
him and let him experience the atmospheric effects of that opinion.
an
creating
for
ladies
of
body
a
to
I know of no body of persons comparable
atmosphere of opinion. I have myself in part yielded to the influences of
to
that atmosphere, for it took me a long time to observe how I was going
vote in New Jersey.
merely
not
was
rnoon
this-afte
So it has seemed to me that my privilege
a privilege of courtesy, but the real privilege of reminding you, for I am
sure I am doing nothing more, of the great principles which we stand associated to promote. And I, for my part, rejoice that we belong to a country
in which the whole business of government is so difficult. We do not take
orders from anybody; it is a universal communication of conviction, the
single inmost subtle, delicate and difficult of processes. There is not a
grand
dividual's opinion that is not of some consequence in making up the
stimulating
most
the
is
effort
co-operative
total. And to be in this groat
own judgthing in the world. A man standing alone may well misdoubt his
even wonment. He may mistrust his own intellectual processes; he may
but if he
conduct;
der if his own heart leads him right in matters of public
doubt
finds his heart part of the great throb of a national life, there can be no
he is
about it. If that is his happy circumstance, then be may know that
part of one of the great forces of the world.
feel
not
I would not feel any exhileration in belonging to America if I did
that she was something more than a rich and powerful nation. I should
if I
not feel proud to be in some respects and for a little while her spokesman
behind
did not believe that there was something else than physical force
conher. I believe that the glory of America is that she is a great spiritual
ception and that in the spirit of her institutions dwells not only her distinction, but her power, and that the one thing that the world cannot permanently resist is the moral force of great and triumphant convictions.

COTTON FUTURES ACT HELD UNCONSTITUTIONAL.
The Cotton Futures Act, regulating dealings in cotton futures and compelling the use of Government standards of
grades, was declared unconstitutional in an opinion handed
down by Judge Charles M. Hough of the United States
District Court in this city on the 13th inst. The measure
became a law on Aug. 18 1914 and went into effect on Feb. 18
of this year. Judge Hough's decision was given in a test
case brought by Samuel T. Hubbard, of the cotton brokerage
house of Hubbard Bros. & Co., against John Z. Lowe Jr.,
Collector of Internal Revenue. The case involved the sale
last May to Stephen M. Weld & Co. of 100 bales of cotton
for delivery in October; for the purpose of testing the Act
the contract failed to conform to the standard forms required
thereunder; a tax of $1,000 thereupon imposed was paid
under protest and suit against Collector Lowe for its recovery was instituted. The constitutionality of the Act was
attacked on the ground that it originated in the Senate,
whereas the Constitution expressly provides that all measures
for increasing or raising revenue shall have their origin in
the House. It was also contended that the Act was unconstitutional, since it taxed the nature of the transaction rather
than the transaction itself. The action, which is one of two
test suits instituted, was heard on the Government's demurrer to Mr. Hubbard's complaint. The other suit, filed
by Weld & Neville, has not yet been argued, no demurrer to

1232

THE CHRONICLE

the complaint having been entered by the Government.
In declaring the Act unconstitutional this week Judge Hough
said:
I am perhaps saved from inquiry whether the Cotton Futures Act is a
"bill for raising revenue" by the agreement of counsel on this point. They
have all assorted that though every one who has studied the investigations,
reports and discussions preceding and producing the passage of the Act,
knowsthat nothing was further from the intent or desire of the lawmakers
than the production of revenue; nevertheless, the result of their efforts is a
revenue bill within the Constitutional meaning.
In this instance a bill had passed the Senate; if the House had in form
rejected that bill, returned it whence it came and then sent to the Senate
their own bill on the same subject, it would have required nearly as much
effort, time and attention to get to a conference committee as if the Senate
had done nothing in the premises.
It is not seen how this Court can disregard the information furnished by
the Congress itself. The Cotton Futures Act is not and never was a law
of the United States. It is one of those legislative projects which, to be
a law, must originate in the Lower House.
For this reason alone the plaintiffs may take judgment.
It is most unsatisfactory to feel compelled to ground decision upon so
technical a point, but such as it is this finding disposes of the case, and I
must leave undiscussed the argument equally able and interesting upon the
other and permanently important branch of litigation.

Ex-Judge A. W. Graham, U. S. Cotton Futures Attorney,
referring to the decision of Judge Hough, said many
inquiries had been made of him as to what would be the
course of the Treasury Department and the Department of
Agriculture, since Judge Hough's decision, to which he
replied both the Departments had announced their intention
to appeal to the Supreme Court of the United States and that
he had received the following unofficial communication:
Pending an appeal to the Supremo Court of the United States, the
Treasury Department and the Department of Agriculture will enforce
strictly the provisions of the United States Cotton Futures Act. Should
the Supreme Court sustain the constitutionality of the measure, violators
thereof would be subject to prosecution and to the tax prescribed thereunder. Interested persons are reminded that the law is still in force and
that the statute of limitations would not afford violators any protection
for a period of three years; hence the only safe course of procedure for
every one to follow is to obey the law pending a decision by the Supremo
Court.

He did not know whether a motion would be made before
the United States Supreme Court to advance the case for
hearing owing to its great public importance, but he supposed such course would be taken.
Mr. Hubbard, in commenting upon the decision, said:
I want the Government to appeal, for I want the Supreme Court of the
United States to pass upon the validity of the Act. So far as I can see the
decision will have no influence whatever on the market, as the contracts
now traded in are in accordance with the revised by-laws and rules of the
Exchange and they cannot be altered until the end of the cotton season.
I understand the Government has sixty days in which to appeal from the day
the judgment is entered and made a matter of record. I believe that the
appeal will act in the nature of a stay of judgment until the case is decide
by the Supreme Court.

An announcement was made by the Board of Managers
of the Cotton Exchange on Thursday to the effect that no
change is contemplated in the by-laws or rules of the Exchange affecting contracts.
FINANCIAL AND COMMERCIAL CONDITIONS
IN ITALY.
(From "L'Economiste Francais," Sept. 4 1915.)
Florence, August, 1915.
The year of war has brought about important changes in Italy. The
effects upon foreign commerce, the situation of the banks, the prices of
provisions and the finances of State were immediate. In the month of
August, 1914, there was the run upon the banks, the moratorium on deposits and the increase in circulation. This increase in circulation was con-siderable, for we find at the end of 1914 almost 3,000,000,000 lires (2,936,000,000), while the preceding year there was 2,284,000,000 and at the end
of 1912 2,212,000,000. There was also an increase in the State circulation.
Adding that to the notes issued by the banks, we have the figure of 3,593,000,000 on Dec. 311914. with an increase of 830,000,000 lires as compared
with Dec. 311913. This inflation of the circulation was caused first by the
needs of State and second by those of commerce. But at the same time,
the metallic reserves were increased and proportioned to the bank notes
and deposits at sight, as is shown by the following figures:
Dec. 311914. Dec. 311913. Dec. 311912.
Bank of Italy
1,343,700,000 1,291,200,000 1,235.600,000
Bank of Naples
319,500,000
296,000,000
295,400,000
Bank of Sicily
75,400,000
74,200,000
73,500,000
Total
1,738,600,000 1,661,400,000 1,602,400,000
The total reserve was made up of 1,396,800,000 lires in gold. Only
114,900,000 was in silver coin. There was also 148,000,000 lires in Treasury bonds. The relation between the reserve (deductions made for 40%
of the debts at sight) and the total circulation was 54.86%, as compared
with 68.72 at the end of 1913.
The operations of banks of issue have also increased considerably, because
of the war. Here is a comparison of the principal elements of the situation
at the end of the two years 1913 and 1914:
-Bank of Italy- -Bank of Naples- -Bank of Sicily(00s omitted.)
1914.
1913.
1914.
1913.
1914.
1913.
DIM
705,800,0 506,000,0 220,000,0 124,400,0 69,200,0 63,100,0
Advances
151,200,0 126,100,0 47,000,0 30,900,0 10,700,0 6,700,0
Obligations
201,600,0 218,700,0 91,000,0 88,900,0 26,100,0 21,400,0
Credits at home
40,000,0 35,500,0 16,800,0 33,300,0 7,400,0 4,800,0
Credits abroad (bills of
exchange, treasury
bonds, drc
129,500,0 119,300,0 61,100,0 56,200,0 21,400,0 21,800,0
The total transactions in discounts (bills of exchange, coupons, &c.) in
1914 is represented by 4,276,600,000 lires, as against 3,898,200,000 in 1913.




[voL. 101.

-The five largest ordinary banks (the Commerciale,Ii Credit°, the Provincial°, the Bancaria, Il Banco di Roma) have seen their deposits lessen
from July 31 to Dec. 31 1914 in the measure shown by this little table:
(00s omitted.)
July 31. Aug.31. Sept. 30. Oct. 31. Nos.30. Dcc. 31.
Deposits and bonds
B at interest
729,200,0 627,000,6 601,700,0 563,300,0 577,400,0 545,500,0
Cash
134,100,0 105,200,0 127,100,0 131,100,0 135,900,0 162,100.0
Bills
1,068,200,0 947,900,0 962,000,0 931,500,0 939,500,0 936,000,0
Amount brought
forward
159,500,0 155,300,0 153,900,0 151,300,0 151,400,0 159,200,0
Obligations of credit 181,500,0 183,900,0 186,500,0 182,300,0 189,100,0 172,900,0
The deposits in five months decreased184,000,000 lires. With the closing of the exchanges, the amounts brought forward and the obligations show
slight variations in the same period.
But the most notable and characteristic event of the year in banking
affairs was the publication of the balance sheet of the Banco di Roma, with
a loss of more than 53,000,000 lires. We read, in the excellent publication
of M. P. Bachi ("L'ItallaEconomica nel 1914") the following information
on this matter, which is of real interest:
"This institution was established at Rome in 1886 and for many years
had an essentially local character. It was given over to small credit in
the city and to agrarian credit in a series of modest branch banks in several
agricultural centers of Latium; it administered the funds of Saint-Siege and
the clergy, was managed according to the wishes of the Catholic party, and
had a very small social capital, which,up to 1899, amounted to 3,000,000
lires. About 1901-1902 this institution began to undertake a more extensive program. It developed it in a few years with a truly marvelous
rapidity, transforming itself almost immediately from a modest Latitun
bank of small credit into a great national institution, venturing boldly
outside of Italy and employing a capital which had been rapidly increased
to 200,000,000 lires. The largo size of the capital as compared with the
other Italian institutions, and with the amount of business transacted, has
met with the approval of some; but this great size, however, seems rather
odd when one considers that it has exorcised less personal credit than that
of the other institutions. This great capital did not protect the bank from
the run at the time of crisis, nor did it give It greater power of resistance.
The successive increases in capital have probably presented actually a decrease in productiveness, for they have not been accompanied by a more
rapid or equally rapid extension in the amount of business. However, the
management of the bank has for several years constantly maintained a very
high figure for its capital shares." And M. Bachi, after having described
to the reader the expansion of the bank, abroad, continues as follows:
"Another cause of loss was the action of the bank in Libya. It was, no
doubt, looked upon by the Government as economic preparation for political conquest; the work carried on by the bank during the periods of business has probably facilitated military operations. But the war has caused
serious disturbances in the activity of the bank in Libya and in Turkey,
and has done perceptible injury, if the vicissitudes of the colony have furnished the bank with the considerable sources of profit which were counted
upon at the outset."
The losses in Libya and those caused by the war there aro not, however,
the chief factors of the deficit in the 1914 balance sheet. This deficit proceeds from reductions shown in several items of the assets, as that of almost
11 million in bills, of 8 1-3 million in advances, of 19 million on account of
correspondents and various debtors, of 3 million in industrial and commercial enterprises in Libya, of 5 million in credits dishonored, and almost 4
million in amounts brought forward.
The Banco di Roma carries on its operations very largely among the lower
middle class, and one can only hope that by a cautious but fruitful activity
it may regain a good standing among our institutions of credit.
The part which these institutions played in the crisis produced by the
war was recently discussed by the Italian statesman who is most competent
to judge in this matter. M. Luigi Luzzatti declared that the organization
of the Italian banks has been shown, by severe test, to have the greatest
strength. The banks of issue, he says, merit our praise. Standing together, they are giving aid to the Minister of the Treasury and the Minister
of Agriculture. Industry and Commerce; without seeking a return for their
pains, they have established institutions and machinery for credit which
will outlive the consortium, indeed, for advances upon industrial obligations. Therefore, certain operations which tho Government wisely imposed upon the banks of issuo-that,for example, of helping savings banks,
pawn brokers, co-operative banks and rural loan banks in the loans made to
local managements and consortiums-will be transferred, when calmer days
return (as they are bound to return), to the bank of deposits and loans.
In that way, these institutions of foresight, which in their patriotism
launched upon these operations, will be released from them. M. Luzzatti
praises the savings banks also.
And we think that the eminent financier is perfectly right in bestowing
this praise; indeed, aside from a few exceptions which always occur, our
institutions of credit in each category have performed their duty.
Our foreign commerce has suffered also. The imports and exports in
1914 amounted together to 5,100,000,00011ms-a decrease of 1,057,000,000
lires as compared with 1913. The imports were 2,882,000,000 lires-763,600,00011res less than in 1913; the exports were 2,217,900,000-293,700,000
lires less than in 1913. The excess of imports over exports, which in. 1913
amounted to 1,134,000,000. was reduced in 1914 to 664,000,000. These
figures, it is true, are provisional, being computed upon the prices of 1913.
The two periods into which the past year may be divided-before and after
the war-naturally show different results. Up to the end of July, imports
were 42,700,000 lires behind 1913 (because of the decrease in pruchases of
cereals); exports, on the other hand, presented an increase of 72,300,000
lires. During the last five months, commerce underwent a noticeable
change. While during the first seven months it remained almost equal to
that of 1913, afterwards it was greatly reduced. The figures for the twelve
months are as follows:

Imports
Exports
1914.
1913.
1914.
1913.
Raw materials
1,166.900,000 1,391,500,000 332,400,000 360,700,000
Half-finished products
576,200,000 699,600,000 500,200,000 590,400,000
Manufactured articles
680,600,000 851,900,000 669,600,000 798,100,000
Food products and live-stock 458,300,000 702,600,000 715,800,000 762,400,000
The greatest reductions are shown in manufactured articles and food
products.
But it is interesting also to see our commerce with the leading countries:
Imports-Exports
1914.
1914.
1913.
1913.
Austria-Hungary
228,000,000 264,500,000 192,800,000 221,700,000
France
202,000,000 283,300,000 179,400,000 231,400,000
Germany
497,900,000 612,600,000 316,100,000 343,400,000
Great Britain
506,700,000 591,700,000 311,300,000 260,500,000
Switzerland
75,800,000 86,800,000 230,500,000 249,100,000
United States
418,200,000 522,700,000 266,800,000 267,800,000
Argentina
35,700,000 166,600,000 115,100,-00 185,500,000

OCT. 161915.]

1233

THE CHRONICLE

The commerce with Austria-Hungary increased up to the month of July,
during the following two months a reduction was perceptible; then there
was a recovery, especially in exports. But it must be remembered that the
statistics for commerce cannot be complete; surely there was secret exportation of certain products (articles of food, metals and other merchandise).
From France, the importation of luxuries naturally decreased. Germany
lost more than 100,000,000 on importations into Italy, while our exportation to Germany presents a difference of only 27,000,000. The other
most important changes are found in the imports from the United States
and Great Britain. But the changes caused in our foreign commerce by
the war will be better judged when we can examine the statistics for the
current year.
The financial market in Italy also has been considerably disturbed, as is
shown by the course of rentes and obligations. The exchanges being
closed since Aug. 1,itislnot possible to give an exact idea of the fall in prices.
The principal obligations of State fell about 20 points. The monetary market was characterized by an increase in the rate of discount, which from
4 % rose to 6 and 6%%. But exchanges on the foreign markets have
fluctuated, especially, and have been almost continually on the increase.
Even now they are high; there is a loss of about 10% on a note, and we can
only hope, for the moment, that they will soon be considerably lower. At
a time when our note issue is much increased and the sums spent by foreigners in Italy and the savings sent by emigrants are greatly reduced, we
cannot have sufficient credit to face the payments owed to other countries.
It must be noted also that the war has interfered with our business to an
important extent. In several cities the unemployed were numerous during the past year, either because certain industries have had to diminish
their production, or because emigrants had returned from other European
countries. Naturally, the industries connected with arts and luxuries
suffered more than the others, and certain cities—Venice and Florence, for
instance—because of this fact experienced special depression. Moreover,
we must not neglect to mention the losses of innkeepers, caused by the decrease in the number of travelers. This also reduced the receipts of the
railroads. The disturbances brought about by the war in the economic
life of Italy cannot, however, be completely recorded here, for it would be
necessary to give too many figures and make too many comparisons. But
the "Annual" of M. Bach!, which appeared recently, furnishes the most
complete information which can be obtained at the present moment on
the economic situation in Italy in 1914,and we take pleasure in pointing it
out to those who are interested in the history of a year so exceptionally
important.
For the financial needs of State, brought about by the war, we have
had two loan issues. The first, of Jan. 1 last, was for the sum of 1,000,000,000 lires. The price of issue was 97 lires and the interest 43 %;the actual
interest, then, was 4.64%. The subscription reached 1,300,000,000 lines.
The consortium of the institutions of credit, having pledged 500,000,000,
had to give over only 200,000,000. This, with 800,000,000 subscribed by
private individuals, made up the billion required by the State. This loan,
then, was successful, although it followed close upon the issue of Treasury
bonds put forth for almost 1A billion.
The loan issued in January was to pay the expenses necessary for military
preparation; but the declaration of war upon Austria-Hungary, occasioning
fresh expenses to an amount which cannot be determined (since it depends
upon the length of the war), made necessary another loan—this time for an
indefinite sum. The second loan, issued in July at the price of 95 tires
(for those who subscribed for the preceding loan the price was reduced to
93 tires), is also at 4%%. The subscriptions amounted to more than 1,100,000,000 liras, and like the first it is a success. The two loans are payable in 25 years, starting from Jan. 11915, and cannot be converted in the
first 10 years. This is, then,from all accounts, an excellent investment for
capitalists, especially as, in the case of new issues, the advantages which
shall be granted to new subscribers will have to apply also to those who have
subscribed to the last loan. Italy at present is engaged in a struggle which
will probably call for further sacrifices, and we may be certain that to the
heroism of her soldiers will be joined the devotion of her citizens.
R. DALLA VOLTA.

allowance to cover depreciation must be that in the long run the owner
will be reimbursed for the money which he must spend in making replaces
ments, which in the very nature of his business he must make from time
to time. The fact that the amount he has received from the public at any
time is either greater or less than the amount which he has expended for
replacements, if the allowance for depreciation is correctly computed, does
not affect the returns to which he is justly entitled on his original investment. He is entitled to a fair return on his investment and to hold the
undeprociated property, or its equivalent in value, which he has employed
for public use.
The fact that in an investigation of the petitioner's property, undertaken
at this particular time for the purpose of fixing rates, it is found that the
market value of his physical property employed for public use has depreciated $77,189 39, does not, in my judgment, justify the Commission in its
determination of a fair value for rate purposes, to deduct the amount of
depreciation from the present estimated cost of reproducing the property
now,and thereby reduce the earning power of his property. The petitioner
has undoubtedly in the past twenty years made such replacements from
time to time as the public service demanded, and must at all times be prepared to make such replacements as the public service justly demands.
The depreciation which we now find in the physical value of the property is
somewhat in the nature of incumbrance which must be taken care of sooner
or later and without increase in rates by reason thereof; in fact, a large
portion of the improvements which, under the order of the Commission,
he is required to make within the year is really replacement, and I cannot
see how we can justly decrease the earning power of his property by decreasing the investment on which he may earn a fair return. Whenever
the time comes when any great amount of replacement is necessary, and
that may be at any time, he may be required to expend all that he has ever
received to cover depreciation and a good portion of his earnings.

In handing down its decision, the Supreme Court said:
So far as the question of depreciation is concerned, we think deduction
should be made only for actual, tangible depreciation, and not for theoretical depreciation, sometimes called "accrued depreciation." In other
words, if it be demonstrated that the plant is in good operating condition
and giving as good service as a new plant,then the question of depreciation
may be entirely disregarded.

ANALYSIS OF OUR FOREIGN COMMERCE FOR AUGUST
AND THE EIGHT MONTHS.
The compilation by the Bureau of Foreign and Domestic
Commerce, Department of Commerce, of the regular monthly statement showing the foreign trade of the United States,
was completed on the 14th inst. The imports and exports
by great groups during the month of August 1915 and the
eight months ending with August are presented in the following statement:
—Month of August— —8 Months ended August—
Groups-1914.
1914.
1915.
1915.
Imports—
$
$
Crude materials for use in
manufacturing
53,464,950 40,751,223 435,468,749 438,234,340
Foodstuffs in crude condition
and food animals
18,192,354 16,813,363 147,181,187 159,110,350
Foodstuffs partly or wholly
21,755,114 23,121,406 205,467,437 181,199,630
manufactured
Manufactures for further use
in manufacturing
23,069,889 19,030,326 163,817,164 198,584,411
Manufactures ready for con24,668,236 28,635,305 191,086,827 284,496,559
sumption
7,863,398
10,735,973
Miscellaneous
679,659 1,416,267
Total Imports

141,830,202 129,767,890 1,150,884,760 1,270,361,263

Exports—
Crude materials for use In
manufacturing
23,890,904
Foodstuffs In crude condition
and food animals
25,878,273
Foodstuffs partly or wholly
42,181,916
manufactured
Manufactures for further use
40,712,783
In manufacturing
Manufactures ready for con113,189,014
sumption
11,213,031
Miscellaneous

FINDINGS ON DEPRECIATION OF PUBLIC UTILITY
PROPERTIES.
12,237,695 375,085,937 340,514,771
What is said to be the first legal definition of allolvances
28,610,358 289,317,657 108,805,767
to be made for depreciation is embodied in a recent decision
18,596,504 405,012,262 170,685,495
of
Supreme
Court
Idaho
in
the case of Murray vs. the
of the
Public Utilities Commission of that State. The opinion
16,208,545 285,737,732 240,692,256
reverses an order of the Commilsion involving a deduction
32,357,363
753,352,281 421,912,525
"accrued
depreciation" from the value
by it of so-called
187,797
86,060,899
4,263,733
of the property of a water company. The case concerned
Total
domestic
exports__
257,065,921
108,198,262
2,194,566,768
1,286,874,547
Commission
to
the
fix
the reasonable rates Foreign merchandise exported 3,935,694 2,169,232 37,187,962 24,475,109
an application to
to be charged by Murray, doing business as the Pocatello
Total exports
260,971,615 110,367,494 2,231,754,730 1,311,349,656
Water Co. The Commission held that the company was
The Increase In the exports for August 1915 in the item Miscellaneous to a total
rates
as
would
yield a reasonable of $11,213,031 arises from the exportation of horses In that month to the value of
entitled to charge such
return upon the value of its property employed in its business, $8,592,855, of mules to the value of $2,528,765, and of seeds valued at $74,791.
but, in ascertaining the value of the company's property, it
deducted over $77,189 for so-called "accrued depreciation."
DECREASE IN NUMBER OF IDLE CARS.
A dissenting opinion, written by Public Utilities CommisA substantial decrease in the number of idle cars on the
sioner Ramstedt, was practically sustained by the Court in
railroads of the United States occurred during the month
its findings, Mr. Ramstedt's opinion saying in part:
Physical depreciation, resulting from use, decay and the action of the of September. The report of the American Railway Assoelements, is a constant factor commencing simultaneously with construction
ciation which was issued on October 11, places the number
and ending with replacement. A person, having invested his money in a
continuou3 busines3 enterprise for the benefit of others, as in the case of idle cars on October 1 at 88,061, this total comparing
of the petitioner herein, and in so doing having subjected his property to with 191,309 on September 1 and 133,382 on October 1 1914.
the control of the State, from which control it cannot be withdrawn, must We print below the statement of the Association:
always be ready and able to meet

the public demand and to replace the
constructive portions of his plant from time to time as they wear out and
decay. A person having embarked on such an enterprise, is justly entitled
to compensation to cover this depreciation in addition to a fair return, over
and above expenses, upon the reasonable value of the property which he
has employed for public use, for the same reason that a laborer using his
tools is entitled to wages which will not only compensate him for his
services, but enable him to replace his tools as they wear out. Allowance
for depreciation cannot, in my judgment, be considered as profit or an
earning factor in the business. The expenditure necessary to make replacements at any time may exceed the amount received up to that time
to cover the cost of such replacements; on the other hand, the cost of
making replacements at a certain time may be very much lass than the
amount received up to that time to cover depreciation. The theory of




THE AMERICAN RAILWAY ASSOCIATION.
New York, October 111915.
The Committee presents herewith Statistical Statement No. 9, giving
a summary of freight car surpluses and shortages for October 1st 1915,
with comparisons.
Oct. 1 1915
88,061
Total Surplus Sept. 1 1915
191,309
Oct. 1 1914
133,°2
The surplus for September 1st 1915, shown above, includes figures
reported since the issue of Statistical Statement No. 8.
There is a general decrease in surplus under September 1st 1915, chiefly
in Groups 2 and 4 (East), Group 5 (Southeast), Group 6 (Central North).
Group 8 (Central), Group 10 (West), and Group 11 (Canada). in box cars:
there being a considerable decrease in Groups 8 and 11. There is also a

1234

THE CHRONICLE

decrease in the surplus of coal cars, chiefly in Groups 2 (East) and 3 (Central North).
9,762
Oct. 1 1915
6,300
Total Shortage Sept. 1 1915
2,355
Oct. 1 1914
The shortage for September 1st 1915, shown above, includes figures
reported since the issue of Statistical Statement No. 8.
There is a general increase in shortage over September 1st 1915, exceptng inGroup 2 (East) and Group 3 (Central North) where there are -slight
decreases in the shortage of box cars; and in Group 4 (East) where there is
a decrease in the shortage of coal cars.
The figures by classes of cars follow :
Shortage.
Surplus.
Classes—
5,368
41,622
Box
325
6,993
Flat
3,251
16,563
Coal and Gondola
818
22,883
Other
9,762
88,061
ARTHUR HALE, Chairman,
Committee on Relations Between Railroads.

ADOPTION OF STOCK EXCHANGE NEW COMMISSION
RULES AFFECTING $50 SHARES.
The so-called "half stocks"—those having a par value of
$50 a share—were dealt in, beginning Wednesday last, on
the new basis announced last week by the Stock Exchange.
The amendment to the commission rules providing for the
change was adopted by the members of the Exchange early
in the week. Under the new arrangement the stocks in
question are quoted on the dollar basis instead of the percentage basis; thus, Reading, which was quoted on Wednesday at 79, under the old plan would have been quoted at
158%. As indicated last week, it has heretofore been
customary, in the purchase or sale by members of stocks
having a par value of $100 to charge a commission of $12 50
per 100 shares, and in transactions involving stocks having a
par of $50 to charge $6 25 per 100 shares. With the adoption
of the new rules a minimum commission of 123/b cents a
share is fixed in the case of stocks selling at $10 per share
and over, and 614cents per share for stocks selling under $10.
A similar change in commission charges on certain $50
stocks is to be made by the Philadelphia Stock Exchange,
the Governing Committee having adopted the following
resolution on Wednesday:
Resolved, That the resolution fixing a special minimum commission of
6% cents per share on Delaware Lackawanna & Western RR. Co. capital
stock; Penn RR. capital stock; Reading Co, common, first and second
preferred stocks; and Lehigh Valley RR. Co. capital stock, be and the
same are hereby rescinded by this action of the Governing Committee.
The minimum commission on all stocks selling at or over $10 per share is
now 12% cents per share, excepting on the shares of banks and trust
ompanies, and all insurance stocks selling at or over $100, on which the
commission is 25 cents per share.

The Governing Committee of the Chicago Stock Exchange
likewise approved changes in its commission rules on the
11th inst. These changes provide that:
On stocks selling below $10 per share commission charged non-members
a 64 cents a share.
Minimum commission to non-members on stocks selling below $10 per
share is $1, instead of old charge of $2.
Minimum between members on stocks selling below $10 is 50 cents instead of $1.

EXTRA CHARGE ON ODD-LOT TRANSACTIONS
DROPPED.
The extra charge imposed last week upon odd-lot brokers
by Stock Exchange specialists in odd lots was rescinded this
week, and transactions were again conducted on the old basis
beginning on Wednesday. The specialists last week raised
the commission on purchases of odd lots to Yt of 1%above the
last previous quotation; the previous charge which is now
restored was of 1%. It is stated that the additional charge
was intended only as a temporary measure,and was resorted
to in order that dealings might be restricted long enough to
reduce the pressure incident to the voluminous transactions
in odd lots.
THE ANGLO-FRENCH CREDIT.
The public offering of the Anglo-French loan was made
yesterday morning, the day also witnessing the signing of
the agreement at the offices of J.P.Morgan & Co. Preliminary to the signing of the contract both Great Britain and
France took official action toward authorizing the loan. All
of the Anglo-French Commissioners annexed their signatures
to the agreement, Baron Reading, Lord Chief Justice of
England, Sir Edward H. Holden, Chairman of the London
City & Midland Bank, Ltd., Sir Edward Babington Smith
and Basil P. Blackett, signing on behalf of Great Britain,
and Octave Homberg, of the Ministry of Foreign Affairs



[voL. 101.

of France, and Ernest Mallett, Regent of the Bank
of France, representing the French Government. The
United States signatories to the agreement are J. P.
Morgan & Co. and the managers of the various syndicates.
All but two of the Commission are expected to sail for home
on the American Line steamer St. Louis to-day. The exceptions are Basil P. Blackett of the English Commission
and Octave Homberg of the French. The Commissioners
signed in all sixty-one contracts, identical in terms. These
will be distributed to-day to the managers of the various
syndicates for signature. The members of the Commission
will take back with them two complete contracts signed by
themselves on the one hand and by "J. P. Morgan & Co.,
Agents for Syndicate Managers," on the other hand. After
the contracts had thus been signed all the members of the
Commission made short addresses expressing their appreciation of the courtesies that had been extended to them
during their visit here. Lord Reading stated that a further
credit would probably be sought here in the near future.
He was, he said, unable to speak of its form until after he
had returned home and conferred with his colleagues. In
banking circles here it is expected that the form will be a
pure banking transaction and will not contemplate public
subscriptions.
The $500,000,000 issue has been underwritten by a country-wide syndicate composed of banks, trust companies and
bond houses located in sixty-nine cities of twenty-eight
States. About $250,000,000 of the bonds have been withdrawn by the syndicate, the unsold balance being offered to
the public at 98 and interest. The price at which the syndicate contracted for the loan was 96. The details regarding
the public offering will be found in this issue in our State and
City Department. We give below the list of the underwriters:
MASSACHUSETTS.
ALABAMA.
Attleboro, Attleboro Trust Co.
Birmingham, First National Bank.
Boston, Blake Bros.
Otto Marx & Co.
Blodget & Co.
CALIFORNIA.
Brown Brothers & Co.
Curtis & Sanger.
Los Angeles, E. H. Rollins & Sons.
R. L. Day & Co.
San Francisco, E. H. Rollins & Sons.
Estabrook & Co.
COLORADO.
Hayden, Stone & Co.
N. W. Harris & Co.
Denver, Boettcher, Porter & Co.
Hornblower & Weeks.
CONNECTICUT.
Jackson & Curtis.
Kidder, Peabody & Co.
Bridgeport, Connecticut Nat. Bank.
Leo, Iligginson & Co.
First Bridgeport Nat. Bank.
Merrill, Oldham & Co.
Bridgeport Trust Co.
F. S. Moseley & Co.
Hincks Bros. & Co.
Millett, Roe & Hagen.
Hartford, First National Bank.
Moors & Cabot.
Hartford-Aetna National Bank.
Parkinson & Burr.
Phoenix National Bank.
Wm. A. Read & Co.
Connecticut Trust & Safe Dep. Co.
E. IT. Rollins & Sons.
State Bank & Trust Co.
Tucker, Anthony & Co.
New Haven, First National Bank.
Townsend. Anthony & Tyson.
New Haven Bank, N. B. A.
II. C. Wainwright & Co.
Second National Bank.
Fall River, Massasoit Pocasset NaThe Chas. W.Scranton Co.
tional Bank.
DISTRICT OF COLUMBIA.
Metacomet National Bank.
Washington, W.B. Hibbs & Co.
Chace & Stafford.
GEORGIA.
Fitchburg, Safety Fund Nat. Bank.
Haverhill, Haverhill Nat. Bank.
Atlanta, Trust Co. of Georgia.
Robinson-Humphrey-Wardlaw Co. Lowell, Old Lowell National Bank.
James M. Abbott & Co., Inc.
ILLINOIS.
Lynn, Essex Trust Co.
New Bedford, First National Bank.
Chicago, Central Trust Co. of Ill.
Mechanics National I3ank.
Alierton, Greene & King.
Merchants National Bank.
Breed, Elliott & Harrison.
Nowburyport, First National Bank.
C. F. Childs & Co.
Merchants National Bank.
Curtis & Sanger.
Ocean National Bank.
N. W. Halsey & Co.
Pittsfield, Agricultural Nat. Bank.
Kean, Taylor & Co.
Pittsfield National Bank.
Kissel, Kinnicutt & Co.
F. C. I'each.
Lee, Higginson & Co.
Salem, Naumkoag Trust Co.
Peabody, Houghtoling & Co.
Springfield, Union Trust Co.
Wm. A. Read & Co.
W. C. Simons.
William Salomon & Co.
II. H. Skinner.
Spencer Trask & Co.
Taunton, Machinists Nat. Dank.
White, Weld & Co.
Taunton National Bank.
KENTUCKY.
Worcester, Mechanics Nat. Bank.
Merchants National Bank.
Louisville, United States Trust Co.
Bonney & Moore.
Henning, Chambers & Co.
Kinsley & Adams.
James C. Wilson & Co.
LOUISIANA.
MICIIIGAN.
Orleans, Hibernia Bank & Detroit, First & Old Detroit Nat.
Trust Co.
Bank.
Interstate Trust & Banking Co.
Grand Rapids, Old National Bank.
Michigan Trust Co.
MARYLAND.
Baltimore, Citizens Nat. Bank.
MISSOURI.
Merchants-Mechanics Nat. Bank.
St. Louis, A. G. Edwards & Sons.
National Bank of Commerce.
Francis
Bros.
& Co.
Baltimore Trust Co.
Mercantile Trust & Deposit Co.
NEBRASKA.
Alexander Brown & Sons.
Robert Garrott & Sons.
Omaha, Burns, Brinker & Co.
Townsend Scott & Son.
NEW HAMPSHIRE.
MAINE.
Concord, Mechanics National Bank.
Augusta, Granite National Bank.
Dover,
Strafford National Bank.
Augusta Trust Co.
Bangor, First National Bank.
Kenduskeag Trust Co.
NEW JERSEY.
Merrill Trust Co.
Newark, J. S. Rippel.
Lewiston, Rumford Nat. Bank.
Portland, Canal National Bank.
NEW YORK.
Casco National Bank.
Albany, First National Bank.
First National Bank.
National
Commercial Bank.
Portland National Bank.
New York State Nat. Bank.
Fidelity Trust Co.
Union Trust Company.
Forrest City Trust Co.
Binghamton, People's Trust Co.
Mercantile Trust Co.
Union Safe Deposit & Trust Co. Buffalo, Bank of Buffalo.
Ford & Enos.
United States Ti•ust Co.
Elmira, Sawyer, Noble & Co.
Maynard S. Bird & Co.
Middletown, Merchants Nat. Bank.
H. M. Payson & Co.
New

00T. 16

1915.]

THE CHRONICLE

1235

PENNSYLVANIA (Concluded).
gued, Great Britain was merely paying % of 1% more than
NEW YORK (Concluded).
New York City, J. P. Morgan & Co. Philadelphia (con.)—
the market rate. During the course of his remarks on the
Bank.
.National
First
Bank.
Nat.
Exchange
American
Fourth Street National Bank.
Bank of America.
transaction Mr. McKenna said:
Franklin National Bank.
Bank of Now York.
The loan is for the purpose of paying our trade debt and maintaining our
Philadelphia National Bank.
Chemical National Bank.
Commercial Trust Co.
exchange in the United States. Our imports from North America have
Chase National Bank.
Fidelity Trust Co.
First National Bank.
largely increased since the beginning of the war, and our exports have
Girard Trust Co.
Hanover National Bank.
Pennsylvania Co. for Insurance on diminished. The increase in imports for the first six months of 1915.
Importers & Traders Nat. Bank.
excluding Government supplies not included in the customs returns,
Lives & Granting Annuities.
Irving National Bank.
Charles D. Barney & Co.
Liberty National Bank.
amounted to 158.500,000 ($292.500,000), and the reduction in exports
Thomas A. Biddle & Co.
Manhattan Company.
the same period was £12,000,000, thus making the adverse balance
during
William P. Bonbright & Co., Inc.
Mechanics & Metals Nat. Bank.
£70,000,000 ($350,000,000)•
Butcher, Sherrerd & Hansel!.
Merchants National Bank. .
Some relief for this balance against us may be obtained by the sale in
Cassatt & Co.
National Bank of Commerce.
E. W.Clark & Co.
National City Bank.
America of securities held in this country. Every effort has been made
Elkins, Morris & Co.
National Park Bank.
obtain relief from this source, but of itself this will be insufficient.
to
Ervin & Co.
Seaboard National Bank.
We should not be doing our duty if we neglected to take other means of
Charles Fearon & Co.
Bankers Trust Company.
Frazier & Co.
maintaining the normal level of exchange. I am sure the House will desire
Central Trust Company.
Robt. Glendinning & Co.
Columbia Trust Company.
to express its thanks to the Commission. Its members accomplished
Graham & Co.
Equitable Trust Company.
task with skill and success.
their
N. W. Halsey & Co.
Farmers Loan & Trust Co.
The American people are not accustomed to large external loans, and I
Harper & Turner.
Guaranty Trust Company.
Harris, Forbes & Co.
Metropolitan Trust Company.
believe this is the first of any magnitude in the whole history of the United
Chas. C. Harrison Jr. & Co.
Now York Trust Company.
States. We must not overlook the fact that there are many cross-currents
Henry & West.
Title Guarantee & Trust Co.
of opinion in that country.
A. B. Leach & Co.
Union Trust Company.
Mellor & Petry.
Although the transaction was purely for the purpose of meeting liabilities
United States Mtge. & Trust Co.
&
Clothier
Tyler.
Montgomery,
United States Trust Co.
already incurred, no little opposition was raised by some parties whose
W. H. New old's Son & Co.
August Belmont & Co.
sympathies were not on the side of the Allies. I hope the existence of these
Wm. A. Read & Co.
Chas. D. Barney & Co.
parties will not be overlooked during the debate, and that care will be
Reilly, Brock & Co.
Blair & Co.
E. B. Smith & Co.
William P. Bonbright & Co., Inc.
taken to avoid the use of any language that might be twisted by a hostile
E. Lowber Stokes,
Brown Brothers & Co.
to its advantage and to the detriment of the Allies.
element
Townsend, Whelen & Co.
Clark, Dodge & Co.
The loan is a trade transaction, its terms are fair and reasonable, and I
Pittsburgh., Bank of Pittsburgh,N.A.
Harvey Fisk & Sons.
Bank.
National
Diamond
confidently recommend its acceptance by the House.
Heidelbach, Ickelheimer & Co.
Farmers Deposit National Bank.
Hallgarten & Co.
Mr. McKenna pointed out that when the fact is conFirst-Second. National Bank.
N. W. lialsoy & Co.
Bank.
National
Mellon
Harris, Forbes & Co.
sidered that higher interest is generally paid in America, the
People's National Bank.
A. Iselin & Co.
Union National Bank.
Kean, Taylor & Co.
terms of the loan are not more onerous than could reasonably
Western National Bank.
Kidder, Peabody & Co.
Colonial Trust Co.
have been expected, for when a country is at war it cannot
Kissel, Kinnicutt & Co.
Pittsburgh
Trust
Co.
Kountze Bros.
hope to borrow in a neutral country on as easy terms as at
Safe Deposit & Trust Co.
Lazard Freres.
Union Trust Co.
A. B. Leach & Co.
home. He also pointed out that the argument that the freeHolmes, Wardrop & Co.
Lee, Higginson & Co.
Scranton, Brooks & Co.
Ladenburg, Thalmann & Co.
dom of the loan from the income tax was equivalent to payCo.
&
CoppeII
Maitland,
RHODE ISLAND.
ing an additional 1% is fallacious. Putting the sum that
Montgomery, Clothier & Tyler.
Newport, Aquidneck Nat. Bank.
Potter, Choate & Prentice.
Great Britain owes the United States to-day for trade enCo.
Pawtucket,
Slater Trust Co.
Wm, A. Read &
Providence, Columbus Exchange Na- gagements at $250,000,000, the amount could only be paid
Redmond & Co.
tional Bank.
Remick, Hodges & Co.
Merchants National Bank.
Rhoades & Company.
by the export of capital, presumably American securities.
William Salomon & Co.
National Exchange Bank.
"But," he added,"we said to our American creditors,'Allow
Providence National Bank.
J. & W. Seligman & Co.
Spencer Trask & Co.
Industrial Trust Co.
White, Weld & Co.
Rhode Island Hospital Trust Co. us to defer payment, upon such terms as can be arranged.'
Rochester, Alliance Bank.
I3odell & Co.
They agreed, and we were thereby enabled to retain L50,Traders Bank of Rochester.
Richardson & Clark.
Security Trust Co.
Wilson, Slade & Co.
000,000 of capital which we must otherwise have exported,
Ford & Enos.
Westerly, Washington Trust Co.
and when we retain that capital we get the income tax on
Syracuse, Ford & Enos.
SOUTII CAROLINA.
Troy, Troy Trust Co.
the dividends from it."
Charleston,
First
National
Bank.
OHIO.
TENNESSEE.
Cincinnati, Citizens Nat. Bank.
First National Bank.
Nashville, Fourth-First Nat. Bank.
A conference between Sir Edward H. Holden and local
Cleveland, 13onbright, Herrick & Co.
bankers was held on Monday in the directors' room of the
VERMONT.
Hayden, Miller & Co.
Otis & Co.
Brattleboro, Brattleboro Trust Co. National City Bank for the consideration of proposals for
The Tillotson & Wolcott Co.
Burlington, Howard Nat. Bank.
Columbus, Huntington Nat. Bank. Montpelier, Montpelier Nat. Bank. the establishment of dollar credits to supplement the present
Dayton, City National Bank.
Rutland, Clement National Bank.
method of drawing sterling bills direct on London. The
Toledo, Second National Bank.
VIRGINIA.
Secor & Bell.
conference, it was said, was designed in order that Sir EdThomas Branch & Co.
Richmond,
OREGON.
Davenport & Co.
ward "might get a picture of the foreign exchange situation
Portland, Hall & Lewis.
Scott & Stringfellow.
as it is seen in this country for presentation to English bankers
John L. Williams & Sons.
PENNSYLVANIA.
on his return." The fact is said to have been brought home
WASHINGTON.
Philadelphia, Drexel & Co.
Spokane, Richards Bros,
Brown Brothers & Co.
to him, that the temporary substitution of the American
Bank of North America.
WISCONSIN.
dollar for pounds sterling, as a basis of credit transactions
Central National Bank.
Milwaukee, Edgar, Ricker & Co.
Corn Exchange National Bank.

between the two countries, is about the only solution which
could be suggested. The "Times" quotes one of the bankers
With regard to the borrowing power of the participation present at the conference as saying:
receipts in the loan, J. P. Morgan & Co. issued the following
It is now proposed that London banks guarantee their customers for definite amounts with American banks, and that exporters draw their drafts
statement yesterday:
on these banks in dollars. The bills run for ninety days, and the London
banks would have that length of time in which to settle their obligations,
or, if necessary, to purchase gold for shipment. It is believed that under
such an arrangement there would be in the American banks from $250,000,000 to $300,000,000 of bills awaiting maturity at all times, so that the exchange market would be relieved of this amount.
Sir Edward Holden objected to this on the ground that it meant a transfer
the risks of exchange from the exporter in the United States to the haThe loan agreement is a document of about 6,000 words, of
porter in Great Britain. This fact was admitted by his American colleagues,
made up of fifteen articles. Under Article 5, conferring but they offered in reply a suggestion that in making contracts the importers
upon J. P. Morgan & Co. full power to arrange the details, figure on a basis that would allow them to purchase gold at the end of the
ninety-day period in the event that the exchange market has not been
it is provided:
favorable to a purchase of dollar exchange. Sir Edward then objected that
Either before or after final distribution under this agreement, the man"
plan might drain England of too much of her store of gold.
afters in behalf of the syndicate may make any and all arrangements and such a
The suggestion, it is stated, will be laid before the London joint stock
may perform any and all acts, even not herein provided for, that in the
on the return of the Anglo-French Commission, and it is considered
bankers
exercise of their unrestricted discretion they shall deem to be expedient in
of an understanding can be reached in the matter.
order to consummate the purposes of this agreement or promote or to probable that some kind
The conference was attended by James S. Alexander,
protect the interests of the syndicate.

It is understood that an impression is current that it is impossible to
borrow on participation receipts in the Anglo-French loan. This is absoutely erroneous. The receipts are not transferable without the consen t
of the syndicate managers, but upon request, J. P. Morgan & Co. will give
a letter to any bank recognizing an assignment for the purposes of a loan.

The bill authorizing the loan so far as Great Britain is
concerned passed all stages of the House of Commons on
the 12th inst. and on the following day was passed by the
House of Lords, receiving the Royal assent immediately.
The Paris Chamber of Deputies ratified a similar bill on
the 7th inst., the French Senate giving its final sanction to
the loan on the 8th.
In introducing the bill in the House of Commons on the
12th inst. Reginald McKenna, Chancellor of the Exchequer,
defended as fair and reasonable the terms of the loan arranged by the Commission. Deducting accrued interest, he
remarked, the British 43/2% loan now stands at 963.
As the American underwriters took the loan at 96, he ar_



President of the National Bank of Commerce; William H.
Porter, of J. P. Morgan & Co.; Max May, Vice-President
and Manager of the foreign exchange department of the
Guaranty Trust Co.; Charles H. Sabin, President of the
Guaranty Trust Co.; James Brown, of Brown Bros. & Co.;
Benjamin Strong Jr., Governor of the Federal Reserve Bank,
and Frank A. Vanderlip, President of the National City
Bank; James H. Perkins, Vice-President of the National
City and J. E. Gardin, Vice-President and Manager of the
foreign exchange department of the National City Bank.
Baron Reading visited the White House on Wednesday
and had a brief conference with the President. The British
representative also sat with the Justices of the Supreme Court

1236

THE CHRONICLE

that day; this honor, it is stated, has been accorded a
foreign jurist on only two previous occasions—in 1883 to
Lord Coleridge, Lord Chief Justice of England, and in 1899
to Lord Herschel, British Lord High Chancellor.
A reception in Lord Reading's honor was given by the
Bar Association on Thursday.
J. P. MORGAN DEFINES THE LOAN AS
"PRO-AMERICAN."
Emphasis was laid upon the fact that the proposed AngloFrench loan is "neither a pro-Ally nor an anti-German loan,"
but instead represents a "pro-American loan to aid American
trade and commerce" during J. P. Morgan's talk to representatives of investment and banking houses on the 7th,
arranged for the purpose of acquainting them with the
technical features of the proposed credit. Mr. Morgan
prefaced the above remarks with the declaration that "this is
not a war loan." In adding that it is designed to aid American trade and commerce, he observed that "it is merely
giving our customers time—the best customers America
ever had." "The loan," he said, "is being made to the two
greatest and most resourceful nations the world has produced. They have been buying heavily and have been
selling less. We must give them time to pay. If we aspire
to become a world power in trade we must learn to do this,
to give credit as a bank gives credit." Mr. Morgan further
said:
Now, as to the safety of the bond. The taxation revenues of Great
Britain and Franco aro, roughly $2,000.000,000 and 31.000,000,000, respectively. This issue constitutes the only external obligation of these
countries. It is the first charge on those nations. A country's external
debt must be paid even if it is necessary to sacrifice internal obligations.
These countries can't fail to pay their external debt because they may need
to come to us again.
The interest charge is only $25,000,000 a year. But it is absurd to talk
about the earning power of a great Government.
As to the price. The Commissioners began with us by stating a few
things they could not do. One was that they could not pay more than
5%. After two weeks of discussion we told them that we could supply
them with,$300,000,000, taking 5% bonds at 96, to be sold publicly at 98.
They understood that sentiment would not sell the bonds, but that they
must meet market conditions.
No Government bond since the Civil War in this country has equaled
this, except the £10,000,000 issue by France in 1871, which was used to
enable the new Government to start in. This investment will return
nearly 5%%. It was necessary to put tho interest at that figure, for the
American public is accustomed to 5% bonds, railroads and the like, and
we had to make these a little more attractive.
Before many months the investing public is going to wake up to the
attractiveness of this offering. One of the best features about this bond
has not received much attention. That is, the conversion privilege,
permitting them to be converted into 4%% bonds. In five years this
war will be over—well over, please God. And I want to say that nobody is going to extinguish any great nation by this war. However, it
ends, the borrowers' credit will be good! And if interest rates for Government loans are back to 3%% when these notes mature, it is not unlikely
that the two countries will be willing to pay a handsome premium to
retire them.
Is the country ready for a foreign loan? I answer, "Yes." We have
a large amount of cash in the banks, business is picking up, and there are
everywhere signs of greater activity. People should now be ready to add
to the variety of their investments by mixing some foraign Government
bonds with their corporation and municipal issues.

LIFE INSURANCE COMPANIES OF NEW YORK MAY
INVEST IN ANGLO-FRENCH LOAN.
As bearing on the authority of life insurance companies
of this State to invest in the Anglo-French loan, a statement
was issued on Wednesday by State Superintendent of Insurance Jesse S. Phillips, in which he said that New York
insurance corporations "which transact business abroad,
may within the limits prescribed by th,e law, invest in the
bonds of foreign.governments within whose jurisdiction they
operate." Mr. Phillips stated that "the prevalence of war
does not, in my judgment make unlawful the otherwise lawful investments of insurance corporations in the bonds of
the belligerent Powers." He adds however, that it is to
be distinctly understood that he takes no position as to the
advisability or wisdom of insurance companies investing in
the Anglo-French loan. His statement is as follows:
During my absence in attendanoe at the National Convention of Insurance Commissioners, the question of the legality of the so-called "AngloFrench war loan" as an investment for insurance corporations was presented
to this Department by various interested companies, and bankers. While
the question,as it affects individual companies, depends upon the facts with
reference to the organization of each company and the field of its operations,
a brief general statement of the law applicable to the situation seems appropriate at this time. In making such statement, however, I desire it to be
distinctly understood that I take no position as to the advisability or wisdom of insurance corporations investing in this loan. That policy is not
for me to determine,but subject to the limitations of the statute,is left to
the good judgment and reasonable discretion of the officers and directors
of the insurance companies, who should at all times be guided solely by a
d esire to subserve and protect those interests of the companies which afford
e largest possible protection and security to their policy-holders.
The character of the securities in which the funds of insurance corpora.
us may be invested is prescribed in detail by the Insurance Law (Sec-




[voL. 101.

t ions 13, 16 and 100). The law provides, in general, that insurance corporations organized under the laws of this State are limited to the investment of their assets in domestic securities, including Federal, State and
municipal bonds and the bonds of solvent corporations organized under the
laws of any of the States of the United States. Such insurance corporations are not permitted by law to invest in foreign securities unless actually
engaged in the transaction of the business of insurance in a foreign country.
Now York insurance corporations, however, which transact business abroad
may, within the limits prescribed by the law, invest in the bonds of
a foleign government within whose jurisdiction they operate.
The investments of insurance corporations organized under the laws of
other States are regulated primarily by the laws of their home States.
Where such investments are of the general character of investments prescribed for domestic corporations, they are acceptable for such corporations
of other States of the United States as are authorized to transact the business. of insurance in this State. Insurance corporations organized under
the laws of foreign countries, which have established United States branches
in New York State, may invest in and deposit with the Superintendent o
Insurance or trustees created by deed of trust, Government bonds of the
home country to the extent of the minimum depositcapital required of such
companies.
So long as the investments of insurance corporations conform with the
requirements of the statute, the Superintendent of Insurance has no jurisdiction as to their character. The law nowhere confers upon him any power
to exercise discretion in this matter, or to impose his judgment or view as
to the propriety or good business policy of the investment in particular
securities upon the duly constituted officers and directors of insurance
corporations. On the contrary, within the limits prescribed by the statute,
the responsibility for all investments made, rests wholly upon such officerand directors. So long as the securities in which investments have been
properly made are of value and continue to yield interest, the law requires
that companies receive credit therefor in their statements of assets at the
actual market or amortized values of such securities.
The prevalence of war does not,In my judgment, make unlawful the others
wise lawful investments of insurance corporations in the bonds of the belligerent Powers, and does not impose any further or other power or responsibility with respect to investments upon the Superintendent of' Insurance,
except Insofar as the value of particular securities may be thereby affected.
The question of the value, stability and the ultimate realization thereon
of the securities thus taken, within the restrictions of the statute, is now of
vital importance because of its certainty to recur with the valuation, by
this Department, in each annual statement of the companies investing and,
thereby places upon the officers and directors a grave responsibility which
believe they will recognize.

SUIT BROUGHT TO PREVENT INVESTMENT BY INSURANCE COMPANY IN ANGLO-FRENCH LOAN.
A suit to restrain the Mutual Life Insurance Co. of New
York from investing any of its trust funds in the AngloFrench loan was filed on the 11th inst. in the United State§
District Court in Chicago. The complaint, which was filed
by Olga H. S. Walsh, who holds a $2,000 insurance policy
in the company, charges that the insurance company contemplates investing $10,000,000 of its trust funds in the
loan. The defendants named are the insurance company;
Charles A. Peabody, its President; the directors; members of
the Anglo-French Commission; J. P. Morgan, individually,
and J. P. Morgan & Co. The petition sets forth that
among the policy holders in the Mutual Life Insurance Co.
are many persons of various nationalities and that the investment of the trust funds of these policy holders in the
Anglo-French loan would tend to produce antagonisms
among the policy holders which might lead to disrupting the
company and thereby depreciate the value of Mrs. Walsh's
interest in the company. The complaint states that "the
solvency of the company and the conservation of the reserve
fund depend on the good-will of the policyholders, and no
part of the assets of the company should be loaned or invested in the securities of any of the warring nations or used
for the purpose of abetting existing wars." The petition
asks that the officers of the company be restrained from
directly or indirectly investing its trust funds in the loan or
from investing its trust funds or allowing any of its assets
to be used for the purpose of aiding the manufacture of
munitions of war, aeroplanes, submarines or any naval
appliance to be used by the English or French nations for
belligerent purposes. It is also urged that J. P. Morgan and
J. P. Morgan & Co. be restrained from soliciting or conniving
with the officers and directors of the insurance company for
the purpose of procuring any of its funds to be invested in the
Anglo-French loan. The Court is asked for a similar ruling
against the members of the Anglo-French Commission. It
is contended that the investment in the loan is contrary to
the statutes of Illinois and New York which govern the investment of insurance company funds, although it is asserted that the company has already invested largo sums
in British Consols, Cape of Good Hope stock and various
Australian Governmental securities. Tho complaint is said
to charge that President Peabody and George F. Baker,
one of the company's directors, met secretly on many occasions "at one of the selected rendezvous of J. P. Morgan
and the Anglo-French Commission," pledging the support
of the company to the loan. Frank S. Monnett, former
Attorney-General of Ohio, is attorney for the plaintiff.
President Peabody of the Mutual Life, when informed of
the filing of the suit, is quoted as saying:

OCT. 16 1915.)

THE CHRONICLE

We have never thought of investing any sum like $10,000,000 in AngloFrench bonds. In fact, we have not yet invested a penny in them. The
matter is under consideration, however, and it might be that we would
decide to take $2,000,000 or $3,000,000 of the bonds, as they are doubtless
a good investment.
However, it would be entirely lawful for us to invest $10,000,000 or any
other sum in the bonds within reason, if we saw fit to do so. There is
nothing in the law to prevent our doing so without limit, as our company
does business both in France and England. New York insurance companies doing business in these countries are permitted by law to buy their
Government bonds.

PROPOSALS FOR NEW SOURCES OF STATE REVENUE.
As a substitute for the State personalty tax, Mortimer L.
Schiff, of the banking firm of Kuhn, Loeb & Co., has suggested the imposition of a stamp tax, and an income tax as
well, if the former should fail to provide sufficient revenue
for the State's needs. Mr. Schiff's proposal was outlined to
the Mills Legislative Committee at a hearing in the rooms
of the Merchants' Association in the Woolworth Building
on the 8th inst. The Committee, which was created at the
last session of the Legislature, is conducting public hearings
in furtherance of its purpose "to examine the laws of this
State and of other States of this country relating to taxation; to investigate generally in respect to systems and
methods of taxation, particularly with regard to the best
methods of equitably and effectively reaching all property
which should be subjected to taxation and avoiding conflict
and duplication of taxation on the same property; and to
prepare the needed legislation to carry such methods into
effect in this State." Senator Ogden L. Mills is Chairman
of the Committee. The hearings which were scheduled to
cover a period of two weeks, were opened on Oct. 4. In
setting out his proposal Mr. Schiff said in part:

1237

New York City's share was imposed is unfair and inequitable. We are
paying more than our fair share because in other counties of the State real
estate is not assessed at full value. New York City assesses at full value.
My own view would be that instead of two or three or four taxes, it would
be better to find one form of taxation to meet all requiremenst, and put
your effort and interest on that. I realize the field for such action is limited. When you go outside the real estate, personal property, occupancy
and business taxes; you really have only one left, the income tax.
After all, I think the income tax is the fairest. I won't say it's easy to
make people confess just what they have, but still, if the principle of the
income tax would be accepted by the people it would be easier to enforce
than any other tax. It is a fair tax, for you actually tax ability. A man
ofinferior ability is not taxed as heavily as is the man better equipped. And
I wouldn't exempt public officials either.

Stewart Browne, President of the United Real Estate
Owners' Association, testified before the Committee on the
7th inst. Mr. Browne informed the Committee that Manhattan real estate yields net income, not allowing for depreciation, of not more than 332%, and that outlying property
yields about 43'%. He gave it as his opinion that the taxation of capital values was false in theory and dangerous in
practice, its operation being confined largely to the United
States. Mr. Browne said that improved property should
be taxed on its producing value. In submitting his views,
Mr. Browne stated:
If we must tax principal value, it should be on income value of improved
property, with special taxes on vacant land, depending on location.
We should have the following taxes: Occupancy tax, business tax,
gainful occupation tax, vehicle and horse tax. non-resident New York City
employees' tax, corporation franchise tax without offsets, income tax
without minimum limit.
Taxing mortgages, stocks and bonds, bank deposits and other paper
evidences of indebtedness is robbery, because it is double taxation, the
tangible property represented by them is already taxed.

Victor Morawetz, in presenting on Thursday his ideas on
the taxation problem, suggested in lieu of the present personal property tax a plan for imposing a habitation tax. He
proposed that every one be taxed according to the dwelling
he occupied—a private residence, apartment or hotel—the
tax to be levied whether the individual owned or rented his
living quarters. In the case of a separate dwelling, he suggested, according to the "Sun," that the amount of the tax
be levied according to the assessed valuation of the property.
In the case of an apartment house, the proportion of tax to
be paid by each tenant would depend upon the amount of
rent he paid and the amount of tax would be according to
the assessed valuation of the property.'
Mr. Morawetz said that he would make exemptions progressive on the basis of the number of a man's dependents.
He would not apply the habitation tax in the case of those
whose dwelling places and the amount of rent paid for them
indicate that payment of taxes would work an injustice.
Mr. Morawetz said that he would impose a tax upon the profits of all corporations doing business in this State, and that
he thought a tax on salaries might be imposed, but he would
refrain from taxing business to the extent of hampering its
Another prominent banker appeared before the Committee development or driving it from the State. He was entirely
on the 13th inst. in the person of Isaac W. Seligman, a opposed, he said, to a State income tax.
member of J.& W.Seligman & Co. Mr.Seligman suggested
John J. Pulleyn, Comptroller of the Emigrant Industrial
an income tax for the State and the city as a means of furnishing new sources of revenue. His remarks were in part Savings Bank, as a representative of the State Association
of Savings Banks, voiced his disapproval on Thursday of an
as follows:
One element which I consider most important is the abolition of the income tax, particularly if it affected savings deposits. In
personal property tax, which, in my opinion, is making good citizens of indicating what increased taxes would mean to the savings
this city liars. This is strong language, but it is the truth. The proper
banks, Mr. Pulleyn said:
enforcement of the personal property tax law is impossible.
I would suggest a stamp tax. Such a tax is easy to collect. Every
country in the world has such a tax except the United States. We had a
Federal stamp tax in 1898, and I consider it a success. The stamps would
be required on checks,say, one or two cents on each check, and on receipted
bills above a certain amount. Five or ten cent stamps might be required
on recelpted bills over a few dollars.
Such stamp taxes might not yield sufficient revenue, and I would suggest
also an income tax with a very low exemption. It should reach those who
do business in this city, but who have their legal domiciles beyond its
borders. There is a very large body of clerks employed in this city who
receive handsome salaries, and who live in New Jersey. Also the professional classes—an income tax is the only way to roach that class. I would
have the income tax collected from the recipients, not at the source. This
could be done if adequate penalties were provided for attempts at evasion.
A variation of the income tax is the expenditure tax. Hamburg, for instance, allows the option of paying on income or upon expenditures. There
Is a very rich class which maintains country houses as their legal residences,
and also town houses. They escape personal taxes largely, and an expenditure tax or an income tax, one that included non-residents, would reach
them.
Income from real estate ought to be exempted from an income tax,
because real estate is taxed by itself. The property tax is one that hits
everybody, therefore the income tax exemption should be very low. The
Federal income tax probably pleases 99
of the people in the country
because it misses them. It might be said that an income tax would encourage extravagance, because it would be easy to slap on a half per cent
every time revenue ran low. But a low exemption feature would prompt
the taxpaper to watch money-spending officials.

I think a step in the right direction would be the imposing of an income
tax for the State and the city. There is nothing radical in such a measure.
It should be based like the assessment under the Federal law, not necessarily at the same figure, but under the same plan. The tax should be
divided between the State and the city in the same proportion, perhaps
three-fourths to the city and one-fourth to the State.
Our tax system as a• whole is antiquated. It should be readjusted. I
know friends who have summer homes at Middletown and Tuxedo who have
expressed their intention to make their summer homes their permanent
residences and move away from New York entirely, all on account of our
tax system.
Sonic) of your witnesses have declared in favor of stamp duties, habitation
tax, theatre ticket tax, &c. There is no special objection to these proposals, except that this reaches special classes. The amount produced
would not be sufficient, and it would be preferable to have a uniform tax
reaching every one,except bread-winners earning less than $1,200 or $1,500.
The swearing-off process in connection with the personal property tax is
90 universal that it is farcical. The personalty system tends to bring into
disrepute the entire tax problem. Perhaps the application of the law as now
instituted by the city Tax Board, and clearly showing the folly of its
enforcement, will give it a death blow.

The increased assessed valuations and taxes on real estate are already
hurting us very, very seriously. With taxes and competition, it is diffict.lt
for banks to maintain the interest rates of to-day. If more burdens are to
be added, the banks that pay 4% will be obliged to cut to 33. % and thcee
;,,% will reduce to 3%. The mutual savings bank systcm
that now pay 3y
is in jeopardy from taxation.

The basis on which the State.direct tax is made is unfair to the city. I
don't object to the direct State tax, nor to its gross amount, but the way

and satisfactory service has been established by American companies operating ships under American registry.

SECRETARY IlIcADOO OUTLINES NEW SHIPPING
PLAN.
In a speech delivered in Indianapolis on the 13th inst.,
Secretary of the Treasury McAdoo outlined a plan for a new
shipping bill. He advocated the creation of a shipping
board which should be given power "to organize a corporation or corporations and to subscribe to the capital thereof
in whole or in part." This board should have also authority
to vote the stock belonging to the United States for the election of directors. Mr. McAdoo suggested that "Congress
appropriate and put into the hands of this board a fund of
William A. Prendergast, City Comptroller, who appeared $50,000,000." Mr. McAdoo spoke in part as follows:
before the Committee on the 6th inst., denounced the
We are paying to foreign steamship lines more than $300,000,000 per year
method by which Now York City is made to bear an unfair when, by having our own ships, we could pay them for this service, build up
marine which will profit our people in time of peace, and serve
share of the State direct tax. According to the New York a merchant
our country in time of war.
'Times," ho said:
We should not, however, establish regular steamship lines where sufficient




1238

THE CHRONICLE

The ordinary cargo ships could be used in any and all parts of the world,
and in such manner as will be most beneficial to the commerce of the country.
To bring about these results, a shipping board should be created, consisting of the Secretary of the Navy and the Secretary of Commerce as members
ex-officio, and three members to be selected by the President and confirmed
by the Senate. I suggest that the Secretary of the Navy be a member of
the board instead of the Secretary of the Treasury, as proposed in the shipping bill introduced in the last Congress, because at that time the necessity
for naval preparedness was not so apparent as it is now.
Congress should appropriate and put into the hands of this board a fund
of $50,000,000. This would be sufficient to create a naval auxiliary of
suitable merchant ships of from 400,000 to 500,000 gross tons. This board
should have authority to establish as quickly as possible steamship lines to
the east and west coasts of South America and to the Orient.
In order to make this service most satisfactory, the shipping board
should have authority to organize a corporation or corporations, and to
subscribe to the capital stock thereof in whole or in part as the board may
determine will most effectively carry out the objects in view. The board
should have authority to vote the stock belonging to the United States for
the election of directors. These directors will in turn choose the officers
and employees of the corporation. By this means they will be removed
from political influences, just as the Panama Railroad Company & Steamship Line, in which the Government is the sold stockholder, is unaffected
by political influences.
As to the distinctively cargo ships, to which I have referred, and which
would constitute a large and important part of the proposed naval auxiliary,
I think that a different form of treatment could be adopted with great advantage to our commerce. The shipping board should have the power to
lease these ships to responsible individuals, firms or corporations, under
such conditions as the board may deem best, but in no event at less than
3% on the cost of construction and 4% for depreciation.
The shipping board should have power to reform our navigation rules and
regulations, to study shipping problems and recommend to the Congress
the necessary legislation to encourage and develop a great merchant marine
under the American flag.
The time has come when the Congress should consider the creation of
some instrumentality for the regulation of merchant marine companies.
As it stands to-day, no ocean transportation company is subject to the
least regulation or control by the Government. Marine companies operate their ships, change their sailings, or discontinue the operations of their
ships when and as they please and regardless of the rights of shippers.
They fix rates and change rates without notice, arbitrarily and in total disregard of the rights of shippers. They determine what cargo they will or
will not carry and discriminate in favor of one shipper against another.
What could argue more strongly in favor of Governmental regulation of
ocean carriers, than the recent action of the Pacific Mail Steamship Co.?
Here is a company which has operated a service between San Francisco and
the Orient for many years. Our business men, manufacturers and producers have built up great trade interests with the Orient upon the faith
of this service.
All of a sudden, and without adequate notice, and with utter indifference
to the injuries that might be done to shippers and the interests of this country, the Pacific Mail Steamship Co. sells its ships and announces that it
will discontinue its service. Suppose that the directors of the Union Pacific RR. Co. should decide that they could make more money for their
stockholders by tearing up the rails of their tracks and selling them and their
locomotives and cars to some belligerent government, because that government is willing in time of war to pay fabulous prices therefor, what do you
suppose the Indignant people along the line of this railroad would do to the
officers and directors of that company? No common carrier on land would
be permitted to do such an arbitrary and injurious thing as our common
carriers on the high seas may at any time do with impunity.
The Pacific Mail people claim that the passage of the Seamen's Bill forced
them to discontinue business. I am told that the Seamen's Bill was not the
mainspring for the transfer of the Pacific Mail vessels. The Panama Canal
Act, which denied railroads owning competitive steamship lines the right
to operate them through the canal, and the fact that present abnormal
rates for cargo space on the Atlantic, which made it possible for the Pacific
Mail to sell its ships at more than their real value, was, I understand, the
true cause of their sale.
The shipping board should also have the power, acting in conjunction
with the Inter-State Commerce Commission to arrange for the issuance of
through bills of lading between our railroad lines and steamship lines,operating under the American flag in the foreign trade, and to provide the
means whereby special through rates can be made between our railroads and
steamship lines to enable them to meet the competition of foreign carriers
In the open markets of the world. I am sure that plans and regulations
of this character, if properly worked out, would give our shippers and business men the opportunity of largely increasing their business in foreign
markets by putting them in better position to meet competition.
The Shipping Bill introduced in the last Congress is different in some details from the plan here suggested. American business has paid dearly for
the defeat of that measure. I am sure that the Increased and extortionate
ocean freight rates paid by our defenceless producers and shippers in the
last twelve months have exceeded several times the $40,000,000 which the
Shipping Bill authorized the Government to expend on merchant vessels.
But this is only a small part ofthe injury. Grave losses have been sustained
by our business men because they could not ship at all.

PRESIDENT WILSON CONSIDERS TARIFF COMMISSION NEEDLESS.
That "the full powers of a tariff commission are already
lodged in existing organs of the Government" and that "the
machinery exists for a thoroughly scientific treatment of
tariff questions" are the conclusions expressed in a letter
addressed by President Wilson to Governor Cox of Ohio, and
made public on Sept. 25. The President said:
My Dear Governor:
I sincerely appreciate your letter of Aug. 24.
The matter of which it speaks has been very much in my mind and my
thought is this: The full powers of a tariff commission are already lodged In
existing organs of the Government; most of them, and really more than the
former commission had, in the Bureau of Foreign and Domestic Commerce
of the Department of Commerce and others (powers of investigation
chiefly) in the hands of the new Federal Trade Commission. Perhaps it
would be better if these various powers were assembled in the hands of one
bureau or department, but aside from that, I think the machinery exists
for a thoroughly scientific treatment of tariff questions. If anything is
lacking to give these powers efficiency, I am, of course, heartily in favor
of doing it.




[VoL. 101.

Please accept my warmest regards and my sincere appreciation of your
interesting letter.
Cordially and sincerely yours,
WOODROW WILSON.

APPEAL FOR A NATIONAL BUDGET AND PERMANENT TARIFF COMMISSION.
A campaign to show the need of a national budget and
the establishment of a permanent tariff commission was
launched by the Chamber of Commerce of the United Sta,tes,
on the 13th inst. The Chamber feels that the sentiment
among commercial organizations of the country is practically
unanimous in favor of action upon these subjects at the coming session of Congress and bases this belief on the results
obtained by the first two referendums taken after the formation of the Chamber. To assist in ascertaining the attitude
of the National Chamber on the permanent tariff commission
and to determine the industrial and commercial facts necessary for accurate tariff legislation, the directors have authorized John H. Fahey of Boston, President of the Chamber,
to appoint a special committee of men to represent all parts
of the country. Every commercial organization affiliated
with the National Chamber is to be requested by Secretary
Elliot H. Goodwin to appoint a small committee of three to
five business men to co-operate with the special committee.
Mr. Fahey in his appeal to the commercial organizations
says:
I am confident that, with the many changes now taking place as a result
of the present war, which are bound to affect the commerce of the United
States, and with the changes that are inevitable at the close of the conflict,
you will agree that the time has surely come when we should take the tariff
out of politics so far as it is possible to do so and provide for its consideration in the future from an economic standpoint. It is apparent that the
subject will be an important one in the forthcoming Congress and surely
the business men of the United States are much concerned in its proper solution.
The kind of a tariff commission for which the organizations in the membership of the National Chamber voted is very concrete. Its members are
to be nominated by the President and confirmed by the Senate. In order
that it may be an efficient administrative body the number of commissioners is to be limited,preferably to five,and for the sake ofcontinuity in
effort and results, the commissioners are to serve sufficiently long to guarantee a degree of stability, preferably about six years. That political bias
may be eliminated to the greatest extent possible no more than a mere majority of the commissioners may belong to the same party. Such a tariff
commission is not intended to be a body which will encroach upon the powers
of Congress,but it would have authority to ascertain facts,reporting thorn
to the Execuitve and Congress as a basis for any proposed new legislation.

SECRETARY OF FEDERAL TRADE COMMISSION
CHOSEN.
The selection of Leonidas L. Bracken of Muncie, Ind.,
as Secretary of the Federal Trade Commission, was an nounced on the 12th inst.. This position has been vacant
since the organization of the Commission. Mr. Bracken
has practiced law in Muncie since 1903. The salary of the
office to which he has just been chosen is $5,000 a year.
CHANGES IN RESERVE ACT PROPOSED BY
C. H. BOSWORTH.
A substantial reduction in the paid-in capital of the Federal
Reserve banks was one of several changes in the Reserve Act
recommended by C. H. Bosworth, Chairman of the Federal
Reserve Bank of Chicago at the annual meeting of the
Indiana Bankers' Association, held at Indianapolis on the
13th inst. In making his suggestions Mr. Bosworth said:

There are a number of changes in the Act that, in my opinion, are
necessary and that must be covered by amendments. The principal ones
are:
First. A substantial reduction of the paid-in capital. I would leave the
subscribed capital and the double liability thereon stand as it is, but
very largely reduce the paid-in capital.
Present paid-in capital of the Federal Reserve Bank of Chicago $6.600,000
6,600,000
Uncalled subscription
Total
Double liability
Total capital protection
Reserve deposits
Present paid-in capital of the twelve Federal Reserve banks_ _
Uncalled subscription
Double liability

$13,200,000
13,200,000
26,400,000
52,000.000
55.000,000
55,000,000
110,000,000
110,000,000

220,000.000
Total capital protection
$325,000,000
Reserve deposits
The objection to this excessive paid-in capitalization is that it forces
the Reserve banks into open-market operations in times of depression in
order to earn dividends.
Second. The office of the Comptroller of the Currency must be abolished
and the functions of that office be absorbed by the Federal Reserve Board
and the Federal Reserve banks.
I say this with all respect for the present Comptroller, and it is intended in
no way or form as a criticism on him. But the present arrangement gives
one member of the Board additional powers and control over the member
banks which can easily result in his working at cross purposes with the
Board,

OCT. 16 1915.1

THE CHRONICLE

Furthermore, I am satisfied that no considerable number of important
State banks will join the system until the number of "controls" is reduced
to two, namely the State Banking Department and the Federal Reserve
Board.
And this leads up to the third change in the law, and that involves the
right of the Secretary of the Treasury to deposit the General Fund and the
revenues of the Government in the Federal Reserve banks at his solo and
unlimited discretion.
This is the most difficult of the problems above enumerated to solve—
and perhaps the most important. The law should be amended so that the
Secretary of the Treasury can only deposit these funds on the invitation
of.the Federal Reserve Board, and in the amounts and in the banks designated by the Board and the management of such deposited funds to be
under their supervision.
In conclusion, I wish to state my own theory as to the Federal Reserve
bank—and I am willing to stand or fall on this statement. It is a bank for
banks. It has a number of functions which it can exercise with propriety
—but with caution—in times such as these, but it must always be borne in
mind that its main resources are reserve deposits by its members. This is
a trust fund for that purpose. The credits which control the whole commercial and business structure of the country are based on those reserve
deposits and the additional cash reserves carried in the vaults of the
member banks.
In this period of money plethora and slack business, the Federal Reserve
Bank of Chicago, with only about $1,500,000 of rediscounts from member
banks, is functioning properly and this is the best evidence thereof.
To worry about the showing of earnings of the Federal Reserve Bank of
Chicago at this time is about as senseless as for the people of this beautiful
city to got sore at its fire department because it has been lying idle for the
past week.
I don't know how efficient the Indianapolis Fire Department is, but I
do know that in the Federal Reserve Banking System you have an organization that—when the alarm comes—will get to the fire quick enough and
throw a big enough stream to put it out before it gets to be a conflagration.

1239

The committee report expressed the view that Federal Reserve banks—
being the custodians of the reserve money of the member banks—should
not be permitted to do pioneer work in Latin-American countries, granting
credit facilities which would lead to a lockup of reserve money in loans
which, in most of the cases, would be subject to wide fluctuations of foreign
exchange, and Secretary McAdoo stated that his recommendations about
joint agencies for Federal Reserve banks did not contemplate this character
of operations.
The report reminded the Board of the policy pursued for generations
by the large Government banks of Europe which do not go into foreign
fields except that they hold, as secondary reserves, foreign bills on the
most important European countries where large discount markets exist,
and where the gold standard is established beyond question. In those
countries these Government banks maintain• correspondents, and the
committee believes that, when normal conditions shall have been restored
in Europe,joint agencies or correspondents could be used to good advantage
there. The committee also called attention to the fact that England, Germany and France have established independent banks or branch banks of
deposit banks in Latin-American countries to do pioneer work, and that
the United States should pursue the same course, inasmuch as it is necessary
for banks going into this field to have the widest possible range of activity
in order to be able to compete with the local banks and the branches of
the foreign banks already established in these fields. Federal Reserve
banks being properly restricted to certain transactions, and such as may
not interfere with the absolute liquidity of their condition, could not compete successfully in this respect, whereas it should be their function to do
all in their power to assist American banks which enter the Latin-American
fields.
The committee favored, and the Board and Secretary McAdoo concurred
in, suggesting an amendment of the Federal Reserve Act which would
enable American member banks to co-operate for the purpose of jointly
owning and operating foreign banks. The contribution of the Federal
Reserve banks in this development in Latin America would primarily
consist in providing conditions so favorable for American acceptances
that the American banks willing to offer credit facilities there will be
materially as.sisted in meeting the European rates which, at the present
time and probably for some time to come, will compare unfavorably with
the American discount rate.
Wherever the Federal Reserve banks can help in the development of
American banking by establishing direct connections in Latin-American
countries for the purpose of facilitating discount operations of this kind, it
will be, in the opinion of the committee, the proper function of Federal
Reserve banks to do so.
The committee took the position that American banks entering this field
ought to be permitted to develop the opportunities first, but that, in trade
centers, where American banks are not established, it might be proper for
the Federal Reserve banks to appoint just correspondents or agents in
order to facilitate the development of American acceptances in such places.
The Board expressed itself as in entire agreement with these views, with
which the Secretary of the Treasury, who was present at the meeting,
announced himself as also in full accord. The Secretary stated that he
agreed with the Board that the resources of the Federal Reserve banks
should not be invested in non-liquid loans in Latin-American countries and
that he was in hearty accord with any measure that the Board might ultimately evolve which would have a result in the development of American
banking in Latin-American countries.
The committee hopes to make its final report early in November after
recommendations shall have been received from the conference of Governors
of Federal Reserve banks which is to take place at Minneapolis on Oct. 20,
and the conference of Federal Reserve agents which is to take place in
Washington on Nov. 4.

CLEARING HOUSE FOR COMMERCIAL ORGANIZATIONS.
Stops have been taken by the Chamber of Commerce of
the United States looking to the establishment of a central
bureau through which information regarding the best
structural standards and effective methods of commercial
and trade organization could be cleared. By way of inaugurating the new work, Colvin B. Brown of San Francisco, it is announced, has resigned the position of head of
Domestic Exploitation of the Panama-Pacific Exposition to
become Chief of the Organization Service Bureau of the
Chamber. It is proposed to appoint a special advisory
committee to work with the new bureau. It is suggested
that such a committee should be made up of commercial
secretaries and business men. All the information collected
is for the use and guidance of the organization members
of the Chamber. There will be a bulletin service which
will go to commercial secretaries only and will contain such
information as may be considered of special interest to them
in their work. In short, the Organization Service Bureau
We give herewith President Wilson's letter endorsing
will study the various forms of organization of commercial
bodies throughout the United States, the methods of elect- Mr. McAdoo's suggestion:
The White House,
ing officers, the powers, duties and terms of office, and how
Washington, October 5.
members are recruited, held together, and what qualifications
My Deer Mr. Secretary.—I have read with a great deal of interest the
report
on
the
financial
Pan-American
will
be
conference,
and your suggestions
Attention
given
to the committees,
are necessary.
about the establishment by the Federal Reserve Banks of joint agencies
their power and duties, and how they are appointed. Special in
the leading cities of Central and South America. These suggestions
consideration will be given to the financing of commercial meet with my entire approval and I sincerely hope that it will be possible
to
carry
out so promising a plan. It ought to be fruitful of most desirable
exactly
how
and
organizations
appropriations are apporresults. May I suggest that you bring the question to the attention of the
tioned and handled.
Federal Reserve Board and enlist if possible their
co-operation?

Cordially and sincerely yours,

RESERVE BOARD DISAPPROVES LATIN-AMERICAN
AGENCIES OF RESERVE BANKS.
The Federal Reserve Board decided on the 12th inst.
against the proposal for the establishment of joint agencies
of the Federal Reserve banks in Central and South America.
The plan was advocated by Secretary of the Treasury
McAdoo in his report on the Pan-American Financial Conference submitted to President Wilson on Sept. 5, and was
referred to in our issue of Sept. 11. In a letter to Secretary
McAdoo on the 5th inst., President Wilson approved the
proposal and suggested that Mr. McAdoo bring the matter
to the attention of the Reserve Board. It was submitted
to the latter for consideration on the 6th. According to a
statement issued by the Board, a committee to whom the
recommendation was referred (consisting of Messrs. Delano,
Warburg and Harding), expressed the view that the Federal
Reserve banks should not be permitted to do pioneer work in
Latin-American countries. The committee, however, favored, and the Board and Secretary McAdoo concurred in,
suggesting an amendment to the Federal Reserve Act which
would enable member banks to co-operate for the purpose
of jointly owning and operating foreign banks. The following is the statement issued by the Board with regard to its
conclusions:
At the meeting of the Federal Reserve Board this morning there came up
for consideration and discussion the report of a committee of the board
to whom had been referred the subject of banking relations with the South
American and Central American countries, as recommended by the Secretary of the Treasury iu correspondence transmitted to the Board Oct. 6.




WOODROW WILSON.
Hon. William G. McAdoo. Secretary of the Treasury.

We likewise annex the Secretary's letter to the Reserve
Board:
Washington, D. C., October 6.
The Federal Reserve Board—
Gentlemen.—Permit me to submit for your consideration the enclosed copy
of a letter from the President, addressed to me under date of October 5
1915, in which he expresses his approval of the suggestion made in my
report to him on the Pan-American Financial Conference that the Federal Reserve Banks establish joint agencies in the leading cities of Central
and South America. You will observe that the President suggests that
I bring the matter to the attention of the Federal Reserve Board and enlist,
if possible, its co-operation. I hand you herewith copy of my report to
the President on the Pan-American Financial Conference. dated Sept. 6.
1915 and shall be very happy indeed if you will give the President's letter
and the report in question such consideration as you deem the subjec •
merits. Faithfully yours,
W. G. McADOO.

CHICAGO CONFERENCE ON RESERVE BANK COLLECTION SYSTEM.
A conference of the managers of the transit departments
of the twelve Federal Reserve banks was held in Chicago on
the 6th inst. The meeting was devoted to a discussion of
the extension of the check collection system now in operation
in the twelve districts. No information has been given out
concerning the deliberations; it is stated that the conclusions
reached at the conference are to be submitted to the Governors of the Reserve banks at a meeting to be held at Minneapolis on the 20th inst. It is pointed outIthat up to the present time the check collection activities of the Reserve banks
have been limited to intra-district business. In addition,

1240

THE CHRONICLE

the reserve banks are receiving for collection, in accordance
with a fixed schedule of days, checks drawn on other Reserve
banks. There still remains to be perfected the extension
of the check collection facilities which will provide for the
clearing or collecting of items deposited by a member bank
in one district which are drawn on a member bank of another
district.
RESERVE BOARD INTERVENES IN TEST CASE INVOLVING TRUST POWERS OF NATIONAL BANKS.
Permission has been granted to the Federal Reserve Board
to intervene and file a brief in the quo warrant° proceedings
brought by the Michigan trust companies against the First
National Bank of Bay City to test the constitutionality of
the provision in the Federal Reserve Act granting trust
powers to national banks. The authority of the Board to
become intervenor was accorded it by the Supreme Court
of Michigan on the 8th inst. The suit in question was instituted in the Supreme Court at Lansing on June 22, in the
name of State Attorney General Grant Fellows, and was
brought on behalf of the Union Trust Co., the Security
Trust Co. and the Detroit Trust Co., all of Detroit, and the
Michigan Trust Co. and the Grand Rapids Trust Co. of
Grand Rapids, these constituting all the trust companies
in operation in the State. The case was to have been argued
at the present term of the Supreme Court but has been continued until the January term. The Federal Reserve
Board sought permission to file its own brief because of its
desire to give its side of the case and explain upon what
grounds it is believed that the delegation of trust company
powers to national banks is proper. Henry M. Campbell
of Detroit and John G. Johnson of Philadelphia represent
the trust companies in the proceedings.
The First National Bank of Bay City filed its answer to
the quo warrant° proceedings on Aug. 2. The bank stated
that its application for membership in the Federal Reserve
system was granted on April 13 1915 and said that "by
virtue of such permit the bank is now acting for bondholders and is named as mortgagee and trustee in a certain
real estate mortgage given to secure to said bondholders the
payment of their debt." The answer stated that this action, the bank has been advised, "is not in contravention
of any State or local law in the State of Michigan." The
answer concluded:
Respondent is advised and therefore avers that there is no public grievance to be remedied by this proceeding, but the writ is prosecuted solely
for the private benefit of the relators and any other trust companies that
may be hereafter organized in Michigan.

John H. Mason, President of the Trust Company Section
of the American Bankers' Association and Chairman of a
legislative committee appointed by the Section to oppose the
granting of trust powers to national banks, is quoted in the
Philadelphia "Ledger" as saying:
All the trust companies of the State are watching the progress of the
Michigan case to see whether the courts will sustain the national banks in
their fight to be allowed to do trust business.
It is unconstitutional for such powers to be delegated to national banks
In contravention of State laws. The laws of Pennsylvania prohibit national
banks from engaging in trust business, and so far no national bank has attempted to avail itself of the cloak of Federal bank protection. Even should
the case go against Michigan trust companies, Pennsylvania institutions
would still be protected by constitutional rights.
However. an adverse decision would open an opportunity for the Legisature to amend the present prohibitory law. An attempt undoubtedly
will be made at the coming session of the Pennsylvania Legislature to amend
the present law; whether it will be successful or not is a question for the
future.

REQUIREMENTS AS TO APPLICATIONS TO RESERVE
BOARD OF TRUSTEE POWERS.
Instructions bearing on applications of national banks for
•trust powers are set out in an informal ruling of the Federal
Reserve Board published in its "Bulletin" for the current
month. We quote the same herewith:
By direction of the Board this letter is sent for your guidance in passing
upon the applications of national banks for the privilege of exercising the
powers of trustee, registrar, executor, and administrator.
All applications from applying banks must be transmitted first to the
Federal Reserve agent of the district in which the bank is located who
will forward the applications with his recommendations to the Federal
Reserve Board. The Federal Reserve agent in making his recommendations is expected to take Into consideration the general standing of the
bank, character of its management and its fitness to exercise the fiduciary
powers applied for, as well as the benefits that the community in which
the bank is located will be apt to receive from the exercise of such powers
by the bank. Special weight will be given by the Federal Reserve Board
to the approval or disapproval of the Federal Reserve agent. Applications
that are recommended by him for approval will be referred by the Board
to a committee which, after a careful examination of the records on file in
the office of the Comptroller of the Currency relating to the business and
tho management of the bank, will report to the Board favorably or adversely, as the case may be, upon the application.
In addition to the points above outlined, the Board's committee considers
the strength of the bank as shown by its statements and by the examiner's
reports, and especial weight is attached to the observance on the part of




[VOL. 101.

the bank of the requirements of law and of the regulations and admonitions
which are sent out from time to time by the Comptroller's office.
It is not, as a rule, deemed advisable to grant permits for the exercise
of fiduciary powers to a national bank.
(1) Where its surplus does not amount to at least 20% of its capital stock.
(2) Where reports show that it is carrying an excessive amount of past.
due or doubtful paper.
(3).Where it is carrying real estate loans not authorized by law.
(4) Where it is shown that the bank is in the habit of granting excessive
overdrafts continuously.
(5) Where the loans of the bank are not well distributed, by reason of an
excessive proportion of the total loans having been granted to a few interests
or where loans made to officers and directors are too largo in proportion to
the total amount of loans, or are not well secured.
(6) Where the examiners have reported that the directors do not direct
or are lax or negligent in their attendance at board meetings or in giving
attention to the bank's management and direction.
Federal Reserve agents, in maldng their recommendations, are expected
to pay particular attention to the strength of the management of the bank
from a moral standpoint, and should decline to recommend any application
where they feel that the officers of the bank, as individuals, would not be
worthy of being entrusted with the management of trust funds or the
administration of estates.
September 10 1915.

CO-OPERATION OF BANKING ORGANIZATIONS
ESSENTIAL.
Fred E. Farnsworth, Secretary of the American Bankers'
Association, dwelt on the advantages of co-operation of
national and State banking organizations in an address. delivered at Joliet, Ill., before the convention of the Illinois
Bankers' Association on the 14th inst. We quote from his
remarks on the subject as follows:
In extending "greetings from the American Bankers' Association," it
seems pertinent to me to say that this organization now has over 15,000
members. That mark was crossed in August last.
So far as the efficiency of the Association is concerned, it is probably not
important whether the membership is 15,000 or some smaller or larger
number. The service rendered is the same, regardless of the quantity.
What the numbers indicate is the growth of the spirit of co-operation and
the increase in the general desire for it. Evidence of this is found not only
in the growth of the membership of the American Bankers' Association,
but in the growth and activity of the State associations also. There are
now 49 State associations, if we include the District of Columbia. There
are few banking institutions which aro not affiliated with some association
of bankers; if we exclude those whose business is not primarily or principally banking, there are very few unaffiliated banks.
The advantages of co-operative organization are beyond question. Cooperation (as a term) has taken on new significance in business and in polltics—using the word politics in the proper sense, as marking the operations
of government. By force of economic circumstance, business has passed
from the stage of individual control to that of corporate control, with combination as its feature. Combination has brought abuses as well as benefits. If it increased efficiency, simplified distribution and lowered prices,
It also permitted tyrannical control, limited competition and gave power
over prices. It therefore fell naturally into disfavor. It invited injunction and regulation, and its progress has been stayed because of abuses, real
and potential.
But progress is never wholly destructive. If it is not also constructive.
it is not progress. It must substitute something as good and as efficient
for that which is eliminated as undesirable or worse. So, we find that cooperation is coming as a substitute for combination—co-operation among
business men and business concerns and co-operation between government
and its agencies and business concerns. It is too early to predict success
for the latter, or oven to speak with assurance of the probable outcome of
efforts to promote and secure co-operation between government and business. There are no government agencies thatInvite contrast as much as the
Inter-State Commerce Commission and the Federal Trade Commission.
The work of the former has been almost entirely destructive. Probably
there was destructive work to do, but,when it had been done,this Commission seemed to be incapable of realizing it. Only recently has it shown a
faint appreciation of the change that has taken place in public sentiment
and in business conditions.
The Federal Trade Commission, on the other hand, has shown only constructive impulses. Its apparent desire is to co-operate with business and
to advance co-operation in business, to the presumable end that the offi.cioncy and benefit borne of combination may be realized without attendant
manifestations of tyranny and abuses of power. I do not say that there will
be success for this Commission; I merely call attention to the drift of events.
In such circumstances it is not surprising that the American Bankers'
Association (organized for mutual benefit) has grown to new proportions.
Its progress is a complete demonstration of the advantage and necessity for
co-operative effort. It is built up on the secure foundation of service to its
members. This service will be extended as the demand for it increases and
as the opportunities for usefulness increase.
It is not surprising that the State bankers' associations have grown in
strength. Each with its own particular problems, is happily linked up
with the American Bankers' Association, to the marked benefit of all banks
and members.
The greater the development of co-operation, the greater the efficiency
co-operation will produce, until the bankers of the country, acting as a unit
through their organizations, will be able to accomplish anything—provided only that what they seek to accomplish is right.

Mr. Farnsworth addressed the Indiana Bankers' Association in similar strain at its convention in Indianapolis on the
12th inst.
CHANGE IN METHOD OF PAYMENT FOR FOREIGN
GOLD COINS AT ASSAY OFFICES.
A new regulation authorizing the superintendents of the
New York Assay Office and the San Francisco Mint to issue
checks for 99% of the value of foreign gold coin deposits
when presented in sums of not less than $1,000,000, was
issued by Secretary of the Treasury McAdoo on the 7th inst.
The remaining 1% is to be paid upon the completion of the
melting and assaying of the coins. Heretofore only 90%

OCT. 16 1915.)

THE CHRONICLE

of the value has been paid on receipt of the coins; 8% was
paid a few days later and the final 2% when the assay had
been finished. A considerable saving in interest will accrue
to the depositing bankers as a result of the new ruling.
••••••

CURRENCY AND REGISTERED MAIL STOLEN FROM
EXPRESS TRAIN.
A Baltimore & Ohio express train was held up on the 8th
inst. near Parkersburg, W. Va., by two masked men. The
robbers looted the mail car and secured packages of unsigned
bank notes as well as registered mail packages. Governor
Hatfield of West Virginia offered the services of the State
militia to surround the territory where the robbers were believed to be in hiding. The Comptroller of the Currency
gave out the following statement on the 9th inst. regarding
the robbery:
This office is advised by the Post Office Department that the shipments
made by the Comptroller's office to national banks in different sections of
the country, which are reported to have been upon the train which was held
up near Parkersburg, W. Va., yesterday morning consisted of new national
bank notes,not signed by the officials of the banks and amounted in the
aggregate to $57,900, consigned to banks in the States of Ohio, Indiana
and Illinois. The largest shipment to any one bank was $4,300 and the
smallest $300. How many, if any, of these packages were secured by the
train robbers has not yet been ascertained.

1241

savings-and-loan associations had these statutory safeguards; but in 1914
the safeguards were utterly abolished to make way for the "Land Bank."
The New York Associations may now encumber themselves with debts
to more than double the amount of their resources, they may pledge the
bulk of their mortgages as a security for bonds that may be sold at a discount, and involve their entire assets in subscriptions to the double-liability shares of the "Land Bank". This institution, that may thus exhaust
the credit of the associations and cover them with obligations to outside
parties, has been entirely exempted from taxation, although it is neither
a thrift nor a co-operative society; it is a monopolistic company placed in
connection with government by a clause that requires the State Comptroller to serve as trustee for its bonds and endowed with special privileges
by a special Act; and yet the New York constitution says that the Legislature shall pass no private or local bill granting to any person, association,
firm, or corporation, either exemption from taxation or any privilege,
immunity, or franchise whatsoever.
So, in New York the surplus of wealth may now be brought in competition with the savings of thrift; and the rich by buying bonds of the
"Land Bank", may avail themselves of the tax exemption which was
formerly allowed only in a restricted amount for the poor. Massachusetts,
by an amendment to its credit-union law, also permits tax exemptions
without limit; and now in that State rich people who do not wish to help
support the government, may join credit unions and protect their funds
up to any amount from taxes. The savings banks and the savings or
building-and-loan association officers and the public must have been
asleep when these New York and Massachusetts laws were passed. Illinois.
has fortunately weathered the storm of objectionable legislation that has
recently laid waste the country. Her statute books remain clean; and she
is in an excellent position for reorganizing land credit, because of heradoption already of the Torrens system.
Moreover, Illinois has another law which points a way for obtaining
long-term loans at fair interest for farmers. I refer to the Act of 1885s
for creating drainage districts for agricultural, mining, or sanitary purposes. This law contsins every basic principle of the landschafts that
are the oldest and best institutions for farm mortgaging.
I have described them in my book on "Rural Credits" (New York: D. Appleton &
Co.) An Illinois drainage district is created and officered by vote of the
landowners; so is a landschaft. The officers of a drainage district may
assess benefits proportionately against the farms, and these assessments
are an indefeasible claim that is collected like taxes under the revenue laws;
just so with a landschaft. The district officers may issue bonds up to
near the amount of the assessments payable by the landowners; a landschaft
also issues bonds up to the amounts owing by borrowers. The main
difference is that the drainage district negotiates its bonds and uses the
money in drainage works, while a landschaft turns its bonds over to the
borrowers to be used by them in raising money for individual loans.
So, Illinois does not have to copy any foreign model to put land credit
on a proper base. By a slight modification of her drainage Act, or by a
new law patterned after it, Illinois could enable her farmers to find all the
long-term money they need. She does not have to provide for tax-exemptions, government aid, special privilege, or class legislation. And no
State should make such unnecessary and unjust provisions. All that is
required is legislation to enforce the observance of proper methods and to
safeguard borrowers from oppression and investors from fraud and recklessness.

SOME BAD RURAL CREDIT LAWS.
•
In an address delivered on the 14th inst. before the Illinois
Bankers' Association, Myron J. Herrick criticized some of
the rural credit laws which have been enacted in this country. According to Mr. Herrick, the rural credits movement
was started by the American Bankers' Association, which
adopted, in November 1911, at New Orleans, a resolution
directing attention to long-term mortgaging and co-operative
banking. "But the Association," said Mr. Herrick, "intrusted the movement to its agricultural commission, which
assumed an unsympathetic attitude and regrettably left the
problems to be solved without its expert advice, and as a
result the movement has gone wild." The subject was
discussed by Mr. Herrick at Portland, Ore., on Sept. 28, and
his remarks at that time were quoted in part in our issue of
Oct. 2. In his discourse this week, Mr. Herrick furnished a
list of the States in which rural credit legislation has thus
far been enacted, as follows:
BRITISH COLUMBIA ENACTS RURAL CREDIT
California.—'A law on mortgage insurance companies; also a resolution
LEGISLATION.
to amend the Constitution to enable the State to use its cash and credit
for farmers.
has
enacted legislation providing for a
British
Columbia
Indiana.—A law on rural loan-and-savings associations,
Kansas.—A law authorizing building and loan associations to issue system of rural credits. The administration of the law is
privileged rural-credit shares; also a law permitting a holder of a farm mort- placed in the hands of a commission of five men who may
gage (deposited with the State Treasurer) to issue debentures certified by accept as security for loans, first mortgages on agricultural
that official to the effect that the security is ample and the title perfect.
Louisiana.—A Constitutional amendment authorizing the exemption lands in the Province that is free from incumbrances. Loans
from taxation of lands improved for homesteads by or for immigrants.
may be made for the following purposes:
Massachusetts.—A law on credit unions; also an amendment authorizing
these thrift societies to issue bonds and make forty-year farm mortgage
loans; also a law on farm land banks.
Missouri.—A special act creating a public land credit bank to be managed by the Governor and other State officials and to issue bonds guaranteed by the State.
Now York.—A law on credit unions; also a special act creating "The
Land Bank of the State of New York."
North Carolina.—A law on credit unions; also a law on land-and-loan
associations.
North Dakota.—A resolution to amend Constitution to permit use of
State's funds and credit in forming agricultural credit associations.
Oregon.—A law on credit unions; also a law on co-operative banks.
South Dakota.—A resolution to amend Constitution to enable the State
or contiguous counties to maintain system for rural credits and farm
land loans.
Texas.—A law on rural credit unions.
Utah.—A law on co-operative banks for personal credit; also a law on cooperative land credit banks.
Wisconsin.—A law on co-operative credit associations; also a law on land
mortgage associations.
Philippines.—A special act on the Government "Agricultural Bank";
also a law on agricultural credit co-operative associations.
Porto Rico—A special act creating the semi-public "Insular Bank of
Porto Rico"for extending credit on farm land and to agricultural enterprises.

Incidentally, Mr. Herrick referred to the Federal Reserve
Act, pointing out that it contains "a clause authorizing Reserve banks to discount six-month live-stock paper; also a
clause authorizing any national bank (not situated in a
Reserve city) to invest one-fourth of capital and surplus
or one-third of its time deposits in five-year farm-mortgage
loans." "The first provision in the Federal Reserve Act,"
he observed, "is doing good; the second has upset an established practice in the national banks, and its advisability
remains to be seen." In his comments with regard to the
various State laws, Mr. Herrick said:
A building-and-loan association is a thrift society for investing among
members tho cash received from members. Financed, managed and used
entirely by members, it is perfectly co-operative. In its purity it cannot operate on credit; it two basic principles are that it cannot contract
liabilities with outside parties, nor incur any expense in excess of a small
Percentage of annual income. Wherever these principles are observed
the building-and-loan association is automatically safe. The Now York




(a) Acquiring land for agricultural purposes and satisfaction of incumbrances on land used for such purposes.
(b) Clearing of land,draining, diking, water storage and irrigation works.
(c) erection of farm buildings.
(d) The purchase of live and dead stock, machinery and fertilizers.
(e) Discharging liabilities incurred for the improvement of land used
for agricultural purposes and any purpose intended to increase productiveness of land.
(f) Any purpose which, in the opinion of the Commission, will increase
land productiveness.
(g) Carrying out the objects of any association, subject to approval by
order in council.
(h) Taking over, in whole or in part, and with the approval of the
Lieutenant-Governor, any existing loan by the Crown in right of the
Province of British Columbia to any association or any debentures issued
by any association.

The law stipulates that no loan can be granted for less
than $250 nor for more than $10,000 to any borrower other
than an association. If the sum required is in excess of the
latter amount, sanction of an order in council must be obtained. L6ans are limited to 60% of the assessed value
of the land or security offered and no loans can be made
to members of the commission.
DISCUSSIONS AT FARM MORTGAGE BANKERS'
CONVENTION.
Criticism of the rural credits bill which passed one branch
of Congress at the last session, was voiced by F. W. Thompson of Chicago in his address as President of the Farm
Mortgage Bankers' Association at the annual convention of
the organization in St. Louis on the 7th inst. Mr. Thompson expressed himself in favor of the National supervision
of private banks authorized to invest in mortgage loansIn
any State. He is quoted in the St. Louis "Republic" as
saying:
The proposition of limiting the Federal Reserve Board as regards farm
loans, to the district in which it was located and placing a limit of 5%
above which no bonds could be issued, would make subscription to the
capital stock of the Federal land banks doubtful.

1242

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[VOL. 101.

One of the cardinal points which reformers of rural credit have entirely
overlooked is that a borrower with cash and credit to pay for one-half of
the farm has always had ample credit facilities for taking care of the balance
needed to finance his purchase. I believe he would be extremely loath to
try the new experiment proposed In new legislation now under discussion.
The prime purpose for which the present bill is conceived seems to be
to make credit easier than it is now. This would create even more of a
qpeculative value to land than now obtains, which is not very comforting
to us who are fighting to keep down values consistent with the income
value of farm property.
Rural credit prospers only upon the same fundamentals as all credit. A
farmer, because he is such, is not entitled to any more consideration than
the merchant or manufacturer.
We should urge upon the national Congress to refrain from attempting
to build a wall around districts in which loans can be considered, and to
give the borrowers of remote sections a chance of submitting their security
to the various districts in which great accumulations of capital are lodged.
With rates rarely exceeding 6% in the better sections of the United
States, and more frequently 534% or lower, I cannot see from the superstructure of the bill now being considered by Congress whore the farmer is
to get any benefit.
Mortgage banks and lenders in States where the contract rate exceeds
the legal rate by 1 to 5% would make exceedingly hard competition for
Federal banks. Inasmuch as theyeicould offer mortgages at much more
attractive rates and make their loans upon more attractive terms than could
the Federal banks, because of their rigid constitution. I doubt whether
sufficient volume of business could be secured by the Federal land banks
to make them at all profitable.

stituted in good faith and upon evidence sufficiently convincing to the
Attorney-General, grand juries and the different district attorneys to
warrant bringing these defendants to trial.

bond of union was an element of danger rather than strength. The local
banks, uncertain of help from other banks, charged as high interest rates
as they could get.
Now, member banks of the Federal Reserve System, being certain that
they can rediscount all good loans and knowing the published rediscount
rate, can afford to, and will, lend money to farmers at lower rates. Unquestionably, the Federal Reserve Act will put farm credit, and, in fact,
all credit, on a higher plane than it has ever been before.

My attention has been called to a statement appearing in the morning
papers, purporting to have been given out by counsel for the Riggs National
Bank, in which it is intimated that the indictments for perjury recently returned by the Grand Jury of the District of Columbia against certain officials of the banks were inspired by malice, and the charge is made that
the Department of Justice was induced to obtain these indictments by the
Secretary of the Treasury and the Comptroller of the Currency.
I know of no fact which would justify the intimation that the Grand Jury
bore malice toward the indicted officials, or had in mind anything except
the discharge of its official duty, nor do I believe that any such fact exists.
The statement that this Department was induced by any one to obtain
these indictments is, of course without the slightest foundation. The
facts on which the indictments are predicated were developed in open
court and in the presence of the District Attorney, and several months
thereafter were presented to the Grand Jury for consideration along with
other matters of a like character and in the usual manner.
These cases will not be tried in the columns of the press, but by the duly
constituted legal tribunals and in the proper way.

The Governor added that "considerations ofso-called peace,
mercy and business have been urged as a justification for the
action which it was hoped I would take." He stated that
he could not put an end to the prosecutions on those grounds.

CHARGE OF MALICE AGAINST OFFICIALS OF RIGGS
NATIONAL BANK DENIED.
Attorney-General Gregory issued an answer on the 2nd
inst. to a statement made by Frank J. Hogan, Counsel for
the Riggs National Bank of Washington, D. C., in which
Mr. Hogan intimated that the indictments for perjury
which were returned on the 1st inst. against certain officials
of the bank were inspired by malice, and charged that the
Department of Justice was induced to obtain these indictments by the Secretary of the Treasury and the Comptroller
of the Currency. As stated in these columns Oct. 2, indict-.
ments charging perjury in connection with the proceedings
brought by the Riggs bank against the Treasury officials
William McChesney Martin, Chairman of the Board of were returned by the Grand Jury at Washington against
the Federal Reserve Bank of St. Louis, in speaking of the Charles C. Glover, President of the institution; William J.
-President, and H. H. Flather, Cashier. Mr.
Flather, Vice
effect of the new banking system on rural credits, said:
The fact that the Federal Reserve banks have sot rediscount rates which Hogan, Counsel for the bank, issued his statement on the 1st
are almost uniform throughout the country, will have a decided effect on inst. following the return of the indictments.
Mr. Gregory
farm credits. Under the old banking system each bank really stood alone,
being linked to other banks about the country only In such a way that the in answer gave out the following:

C. W. Thompson, expert in charge of rural organization,
United States Department of Agriculture, another speaker
at the convention, asserted that interest rates on farm mortgage loans in this country are "needlessly and unreasonably
high in many localities." According to Mr. Thompson, the
average combined interest and commission in the different
States ranges from 51A% in New York to 10% in Montana.
Mr. Hogan's statement, to which the above was a reply,
F. W. Thompson has been re-elected President of the Assoquoted below:
is
ciation.
The Indictments returned to-day, in my opinion, furnish conclusive proof
COLORADO STRIKE LEADER RELEASED ON BAIL.
John R. Lawson, the Colorado strike leader who was convieted of murder in connection with the Colorado coal
strikes, was admitted to bail in the sum of $35,000 by the
State Supreme Court at Denver on the 7th inst. Lawson
was found guilty on May 3 of murder,in the first degree and
WAS sentenced to life imprisonment at hard labor in the
Colorado Penitentiary, charged with the death of John
Nimmo, a deputy sheriff, who was shot down on Oct. 25
1913, during a battle between deputies and striking coal
miners near Ludlow, Colo. The State Supreme Court issued on Aug. 17 a writ of supersedeas staying the execution
of Lawson's sentence. Briefs arguing for and against his
release on bail were filed with the Court on Sept. 13. As
heretofore stated, the Colorado Supreme Court issued a writ
on Aug. 17 prohibiting Judge Grandby Hillyer of the District
Court at Trinidad from acting in the coal strikers' oases. It
was alleged that Judge Hillyer was prejudiced against the
strikers, having formerly been an attorney for Colorado coal
mine owners. A motion for a new trial on behalf of Lawson
had been:denied by Judge Hillyer on July 12.
Governor Carlson of Colorado issued a statement on the
7th inst. in which he announced that he would take no action
toward ending the prosecutions arising out of the coal strike
and which are now pending in the courts. The Governor's
statement said in part:
For a number of days certain citizens have conferred with me with a
view of having stopped the prosecution of all pending strike cases.
Premature publication was given those conferences and hence I feel it
fair to those directly interested and to the people of the State to declare
the policy of this office in regard to the matter and to set at rest any controversy or speculation which may have been caused by this premature
publication.
On my advent to office I found that Governor Ammons had issued an
executive order to the Attorney-General ordering the investigation and
prosecution of all violations of the law growing out of the coal strike then
In progress.
Following that order, the Attorney-General, the grand juries of four
different counties and several district attorneys made investigations, heard
complaints of all who had complaints to make and would appear before
them, and as a result the indictments in question were presented.
I know of no reason for disregarding or belittling the judgment of those
officials and grand juries and continued the order made by Governor
Ammons.
Events since that time have not changed my opinion and I do not feel
that I can now order the annulment of these prosecutions. They were in-




of that malicious persecution which the Riggs National Bank charged in its
suit against Messrs. McAdoo and Williams. I doubt whether in the history of American jurisprudence, men have ever heretofore been indicted in
either Federal or State courts because of a difference in opinion respecting
the legal Interpretation of a written instrument.
On a purely technical construction of the wording of an affidavit, by
which nobody was or could have been deceived, with no question of moral
culpability involved, and while the civil suit of the bank against two Government officials is still pending, this action is taken. It looks dangerously
like an attempt to invoke the operation of the criminal courts to punish
the officers of this splendid bank for their "temerity" in appealing to the
courts of the community in which they live for protection against official
persecution. In inducing the Department of Justice to obtain these indictments, Messrs. McAdoo and Williams proved that malice against
which the bank sought protection in court.
The indictments are not surprising, because we have long expected that
all the power of the Administration would be invoked to punish men who
refused to remain silent under persecution. The indictments are not
alarming, because conscious innocence cannot be alarmed at any attack
that must result in giving public opportunity for complete vindication.
The officers of the bank who have been subjected to this new form of attack are prepared to meet the issue with the same vigor, manliness and
determination which inspired them when they and their associates appealed
to the courts of the land for protection against the gross abuse of official
power to which their bank and themselves had been subjected by the
Treasury officials.

As has already been indicated, a statement was also issued
at the same time on behalf of the bank to the effect that the
indictments were entirely personal to the officials concerned
and grew out of the controversy regarding the technical construction of an affidavit filed in the course of an argument
bearing on the business relations between the bank and the
stock brokerage firm of Lewis Johnson & Co. We quote
from the bank's statement as follows:
To facilitate its depositors and customers in making their investments, it
was the habit of the Riggs National Bank to attend to the execution of
orders when received through one of its officers, acting in his individual
capacity as a member of the Washington Stock Exchange, or otherwise.
These orders were upon a cash basis and not upon margin. As the transaction was conducted upon the order and for the account of a particular
depositor, customer or other individual, in the current course of business,
the execution of those orders was reported by the brokers directly to the
bank, but no order or transaction was ever made by the bank for its own
behalf or profit, but Invariably for and in behalf of others.
The fact that the bank cleared orders of this nature for depositors and
customers was open and well known to the investing community, and to
every Comptroller of the Currency, and to every bank examiner passing
upon the affairs of the bank. Since the now Federal Reserve Law came
into effect the bank has not accepted ny orders of this nature and the
practice referred to then ceased and Is no longer in operation. Those facts
are stated to make it clear that there never has boon the least dispute or
question that the officers of the Riggs National Bank aided its depositors
and customers in the making of their investments in the manner referred

OCT. 16 1915.1

THE CHRONICLE

1243

to, and also to make it manifest that in the affidavit it could by no possibility have been intended to deny that orders of this nature were made
through Lewis Johnson & Co., but to deny that they were made for the
account of the bank.
During the preliminary hearing last May, in the trial of the suit of the
bank against the Treasury officials, counsel for the Government sought
to create the impression that the bank itself had been a trader in stocks by
speculating in its own name and for its own profit, with the moneys of the
bank, and that the bank had sold stocks short. To correct that false impression it was deemed advisable by the bank's counsel in the course of the
argument to submit an affidavit specifically denying that this was the
case, and the affidavit in question was prepared by counsel to deny the
erroneous inference that the bank had cleared such orders for its own
account or that it over made short sales.
When it appeared that this affidavit was being misinterpreted, counsel
for the bank immediately arose and explained to the court the meaning
and intent of the affidavit, namely that it was drawn solely to meet the
charge, whether directly or impliedly made, that the bank had speculated
with its funds for its own account, or had made short sales on stocks, and
pointed out that only by a forced consteuction of the wording of the affidavit was it possible to contend that it was misleading, rendering it impossible that the affidavit could have been misunderstood or anyone
deceived.
As soon as the question of the meaning of affidavit arose, the bank's
board of directors took measures to ascertain the facts for its own benefit
and within a few days thereafter, at a meeting of the board appointed a
special committee, consisting of H. Rosier Duiany, Charles I. Corby and
Joseph Paul, with directions to investigate all matters involved in the
affidavit with authority to employ expert accountants and special counsel.
This committee promptly employed the American Audit Co. of New York,
accountants having no connection with the bank or its officers, to make a
complete examination of the records of the bank and of Lewis Johnson & Co.
The Audit Co. and the committee pursued their investigation daily
during the last four months. One by one the items referred to in the
affidavit of W. Morris Lammond, filed by Government counsel, were
traced and identified, and all but a relatively small number have been
actually Identified as being for the account of particular individuals, and it
has been established that no one of the transactions was made for or in
any way on account of the Riggs National Bank. Also, each and every
so-called short sale was traced and identified as being that of an individual
and not in a single instance as that of the bank.

several South American governments have received instruotions to take the same action as the United States. Neither
the time when recognition will be extended nor the form in
which it will be made has been announced. Official advices
have been received in Washington that Argentina, Brazil
and Chili have sanctioned the work of the conference.
As indicated in our issue of the 2nd inst. General Carranza was the one Mexican chief who had declined to
acquiesce in the invitation of the envoys that he join the
leaders of the various factions in Mexico in an endeavor to
bring about peace. In expressing his pleasure on the 10th
inst. at the news of the decision to accord his party recognition as the de facto government, he said:

Mr. Flather's resignation was tendered and accepted several days ago.
The resignation had absolutely no connection with the perjury indictments; in fact it had been tendered and accepted before the indictments
were returned.

struggle against "ciontlfico" rule.
Our opinion is that it is very doubtful whether the conferrees have acted
wisely in declaring that the Carranzista faction is the only one with the
essentials of recognition as the de facto government, inasmuch as that
decision is based on recent military successes which cannot be regarded as
conclusive or permanent. The Conventionist faction has yet at its disposal
powerful elements, and has the advantage of possessing territory within the
boundaries of which there are no Carranza, forces.
Surely the Conventionist party will continue the struggle. Sooner or later
It will demonstrate to the world that the Mexican people wish the establishment of a legal government and will not tolerate a dictatorship of indefinite
tenure and inefficient administration such as has been shown by Carranza's
failure or unwillingness to organize a Cabinet and suppress the armed
movements against his authority.

This news put an end to all efforts of our enemies to bring about foreign
intervention. They continue their intrigues and their attacks in tffe
newspapers, but recognition of the Constitutionalist Government naturally
will rob them of the fruit of their efforts.
When peace is absolutely restored and tranquility really established
throughout the republic amnesty will be granted to all these persons, but
not now. To permit them to return at this time would be to endure their
machinations within the republic. The immediate effect will be a great
moral strengthening of the cause of Constitutionalism, and a corresponding
disheartening of opposing factions. There will be no more formal battles.
Fighting of that sort already has ended, but naturally the struggle to put
down minor outbreaks and lawlessness must be continued for a greater
or lessor time in a country such as this, where there are extensive open
areas.
Already these bands are disintegrating rapidly and their chiefs are surrendering. This development will bring the surrender of the leaders of
the opposition, since the news of recognition will remove from them further
hope of success. This applies not only to those who are actually fighting
in the field, but to those enemies of the cause who are intriguing, both within
the country and abroad.
News of the coming recognition is pleasing, since it will renew and
strengthen the friendly relations between Mexico and other nations.

General Villa in commenting on the decision of the PanIt is announced that Henry H. Flather has resigned as American conferrees on the 10th inst.,is quoted to the followCashier of the Riggs National. It is understood that Mr ing effect:
The decision reached by the Pan-American conferrees means that the
Flather's resignation was accepted on Sept. 30. With reAmerican nations recognize the triumph of the revolution begun and led
gard thereto Vice-President Ailes was quoted on the 2d by
President Madero and continued by Carranza and Villa. This fact Is a
inst. as saying:
source of satisfaction to all who have contributed their efforts in the

President Glover and Vice-President Flather have furnished bonds of $5,000 each in the District Supreme Court
for their appearance on the perjury charge. It is reported
that Mr. Hogan arranged with the Court to accept a similar
bond for H. H. Flather when he returns from a vacation.
LATIN-AMERICAN ENVOYS AGREE ON RECOGNITION
OF CARRANZA IN MEXICO.
A unanimous decision that the Carranza faction be
recognized as the de facto Government of Mexico was reached
at a conference of Latin-American envoys heldat Washington
on the 9th inst. As heretofore stated, two previous conferences between Secretary of State Lansing and the diplomatic representatives of Argentina, Brazil, Chili, Bolivia,
Uruguay and Guatemala were held with a view to working
out a solution of the Mexican problem. At the second
conference held in New York on September 18, it was agreed
that the provisional government in Mexico "with the
material and moral capacity necessary to protect the lives
and property of nationals and foreigners" should be recognized. The delegates investigated the Mexican situation
to determine which party fulfilled the above-mentioned
qualifications and all agreed that the Carranzista party
possessed the essentials for recognition. After the adjournment of the conference on the 9th, Secretary Lansing gave
out the following formal announcement:
The conferrees, after careful consideration of the facts, have found that
the Carranzista party is the only party possessing the essentials for recognition as the do facto government of Mexico, and they have so reported to
their respective governments.

Mr. Lansing stated that he had received informal assurances that a general amnesty would be offered in Mexico
which, however, would not include opposition leaders, and
that members of religious organizations could return to
Mexico with full protection to both life and property, provided they had not and would not participate in politics.
The Secretary of State also pointed out that such matters
as the payment of the claims against Mexico and the holding
of fair elections had not been considered at the conference
as they were matters which must be discussed with the
established government,or were subjects of internal concern,
in which outsiders could not interfere.
Secretary Lansing made a report to President Wilson as
to the conclusions reached at the conference, and it was
stated on the 11th inst. that the President had given formal
sanction to the plan for the recognition of Carranza. It is
said that the diplomatic representatives in Washington of



Some of the problems which General Carranza will have
to face were indicated on the 11th inst., by Theodore
Frezieries, Mexican Consul, ex-chief of the secret service
under the General. In an interview at Philadelphia. Mr.
Frezieries, according to the New York "Sun," said:
Financial affairs in Mexico will be the first big problem for the Government. During the revolution there was issued 250,000,000 pesos in Oarranzista currency, and this will have to be redeemed.
First of all there will be established a system of export duties. The
import duty will be 20%, to apply to articles other than food and clothing
necessities. The export duty will be on copper, silver, other minerals.
cotton and oil. This will be one means of absorbing the revolutionary
currency. That done we will be able to proceed conservatively.

TO KEEP UNITED STATES MAILS NEUTRAL.
An order excluding from the United States mails, postcards and envelopes which might be regarded as of an unneutral character or as likely to reflect on certain classes
of people, was issued by Postmaster General Burleson on
the 11th inst. The order is as follows :
Postmasters are directed to treat as non-mailable, under Section 212 of
the Penal Code (Section 481, Postal Laws and Regulations), envelopes.
postcards, &c., bearing stickers containing the words or having printed
thereon the words "Gott Strafe England", or a picture of the German
escutcheon with a red blot labeled "Lusitania", inscribed "The Blot that
Won't Come Off", as being not only unneutral, but calculated to reflect
upon certain classes of persons.

SUPREME COURT HEARINGS ON ACTIONS IN
INCOME TAX LAW.
Arguments in five eases involving the constitutionality of
the income tax law were heard in the United States Supreme
Court this week. The hearings were begun on the 13th inst.
and were concluded yesterday. The tax is defended by the
Government in a brief filed with the Court on the 12th by
Attorney General Gregory, Solicitor General Davies and
Assistant Attorney General William Wallace Jr. In reply
to a charge of discrimination in the imposition of the additions/
or surtax on incomes over $20,000, the brief says:
The ordinary system of indirect taxation upon consumption places upon
the poor person a disproportionate share of the burden of Government sup-,
port. Income taxation tends to shift the burden upward. It is undeniable
that the greater the income the greater the ease with which the payment of

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THE CHRONICLE

taxes is mot. Even allowing for the normal inevitable increase in the "scale
of living," he who has the larger income can the more easily shoulder the
burden of increasing, as the amount of income increases, not merely the
total tax, but also the rato of taxation. At least, Congress has in its discretion determined that the heavier burden can be carried more easily by
the larger income, and it is not for the courts to say that such classsification
13 outrageous.

Answering a contention that despite the Sixteenth Amendment, the Constitution still requires income taxes to be
uniform, the brief urges that the uniformity rule is limited
to excise taxes and does not reach direct taxes.
As to alleged discriminations, the Government contends
Congress has the recognized power to make classifications,
so long as they are not unnatural and are based on real distinction. Exemption of persons from taxation on the first
$3,000 income, and taxation of corporations on all income, is
justified on the ground that corporations have no personal
or family expense, while loss of means to support a family
by an individual results in more public charges. Complaints
of discrimination against holding companies by requiring
corporations and not individuals to pay a tax on corporate
dividends,are met with the statement that there is a greater
difference between individuals and holding companies than
between individuals and active corporations, and that the
Court has upheld a distinction in the latter instance in the
corporation tax cases. Collection of the additional tax from
individuals and not from corporations is defended as avoiding
double taxation. The argument that there is an unlawful
discrimination in the tax upon husband and wife living together in that they are entitled only to one exemption of
$4,000 is answered with the point that Congress was justified
in making a distinction between the separate maintenance
of two persons on the one hand and their combined main tenance at lesser cost on the other.
The corporation tax decisions are referred to in the brief
as authority for any interference of the tax with the formation
of holding companies, and objections to requiring corporations to collect at the source is met with the contention that
there is a very real difference between a corporation with an
• interest-paying indebtedness and one not so organized.
W. R. Guthrie, who appeared before the Court on behalf
of Dodge Bros. of Detroit, attacked the law as discriminatory
and unconstitutional in that it taxes the accumulated profits
of a partnership or of the individual taxpayers higher than
those of the corporations engaged in the same line of business
and under the same circumstances He asserted that his
clients had paid a tax of $56,000 under the income tax Act
on an income that represented accumulated surplus turned
back into the business while a corporation engaged in the
same line of business paid. $13,000 through the exemptions
. allowed to corporations but not given to individuals.
Julien T. Davies of New York also argued against the law,
and referred particularly to the withholding clause, under
which the Government appears to be taking private property
for public use without just compensation.
BRIEF FILED ATTACKING INCOME TAX LAW.
A brief attacking the constitutionality of the Federal
Income Tax Law has been filed with the United States
Supreme Court at Washington in the case- of Frank R.
Brushaber, a stockholder, against the Union Pacific RR.
As heretofore stated, the action, which seeks to enjoin the
company from complying with the provisions of the Act,
reached the United States Supreme Court on May 7 1914,
following the refusal of the United States District Court of
Southern New York to grant the desired injunction. The
suit was filed in the lower court on March 13 1914. The
principal contention contained in the brief is that the Income
Tax Law is unjustly discriminatory between individuals and
corporations. It is asserted that the law aims at the seizure
of property without due process of law and that it attempts
retroactive operation in requiring the payment of the tax on
incomes derived prior to Oct. 3 1913, the date when the Act
became effective. The brief sets out to show that the Union
Pacific is required to pay tax three times on the earnings
of a single subsidiary. It states that the railroad pays tax
on its entire earnings, including the income derived from the
stock of the Oregon Short Line RR.; that the latter pays
on its earnings including dividends from the stock of the
Oregon-Washington Railroad & Navigation Co., which in
turn pays the income tax on its own earnings. The brief
says in part:
Dividends upon stock owned by an individual, are taxed once when the
earnings of the corporations are taxed and they are not taxed again. The
same dividends when tho stock is held by a corporation are taxed twice,
once when the earnings of the corporations issuing the stock are taxed and
a second time when the earnings of the corporation owning the stock are
taxed.




[VOL. 101.

A certain class of owners is singled out for special burden for no other
reason than the disapproval of Congress in respect to the method used in
holding title to their property.
It is obvious that this process of taxing the same amount of money over
and over again would be repeated as often as the original dividend of the
first corporation issuing stock passed along through different holding companies and was represented in the earnings of those companies, and the
process of taxing it would not cease until the amount of the first dividend
reached the hands of the individual owners of the capital stock of the last
holding company.

The brief also contends that to require corporations to
collect the income tax at the source without compensation
for the service amounts virtually to confiscation without due
process of law, considering the amount of additional bookkeeping and auditing expenses involved.
BANKING, LEGISLATIVE AND FINANCIAL NEWS.
Fifteen shares of bank stocks were sold at the Stock Exchange this week. No bank or trust company stocks were
sold at auction.
Shares. BANKS—New York.
2 National City Bank
13 Nat. Bank of Commerce

Low. High. Close.
390
390
390
158
160
160

Last previous sale.
Oct. 1915— 392
Sept. 1915— 159

Two New York Stock Exchange memberships were sold
this week, one for $68,500 and one for $70,000. This last
is an advance of $5,000 over the last previously reported
transaction.
"Government Bonds—England and France," is the title
of a book of some fifty-six pages just published by Harvey
Fisk & Sons, who have for so many years been identified with
the market for United States Government bonds. In the
case of each nation, the book first treats of the financial history. A chapter is then devoted to the financing of the
present war. This chapter also contains interesting data
and comment thereon as to the resources of these nations
and their ability to meet the financial burdens entailed by the
war. The book also presents a description of the bonded debt
of each country and valuable statistical data, and is probably
the only publication in which the data on the subjects has
been brought together in one volume. It should prove to be
of great interest to investors and to students of the financial
problems developed by the war, just as this time when the
Anglo-French loan is being floated. Copies may be had
upon request.
In recognition of his services as Chairman of the Clearing
House Committee, which have just terminated, a dinner was
tendered last Monday evening at Sherry's to Albert H. Wiggin by his associates on the committee, Messrs. William
Woodward, James S. Alexander, Francis L. Hine, Clarence
H. Kelsey and Stephen Baker. The presidents of all the
banks and trust companies, members of the Clearing House,
were invited to meet Mr. Wiggin. Upwards of fifty of the
leading bankers of the city, including Benjamin Strong, Jr.
Governor of the Federal Reserve Bank, and Pierre Jay,
Chairman of its board, were present. The dinner was an informal one, with a few impromptu speeches of congratulation and felicitation to the guest of the evening. In consequence of the outbreak of the European war, unusual duties
and responsibilities were thrust upon the Clearing House
Committee, and particularly upon the Chairman. When
the war broke out, Mr. Wiggin was in Europe, and his duties
devolved upon William Woodward, as acting Chairman, but
early in August, 1914, Mr. Wiggin returned to New York,
and from that time for many weeks was actively and almost
exclusively engaged in Clearing House affairs, and in service
on the Loan Committee, the Emergency Currency Committee, the Gold Fund Committee, the Cotton Pool Committee,
and all the important work of those strenuous times. So
critical was the situation in October 1914, when the time came
for the annual election of the Clearing Rouse Association,
that by common consent it was decided not to make the
customary change in the Clearing House committees, or
hold any election at all, but to continue for another year unchanged the then President of the Association, Francis L.
Hine, and all the standing committees, lest confusion might
arise in the administration of the momentous interests that
were at stake. In consequence, Mr. Wiggin continued for
another year in active charge of Clearing House affairs,
and the successful completion of the important work of the
various committees called into existence by the war was
due in no small measure to his wisdom, tact and executive
ability. With the election at the annual meeting on the 5th
inst., of James S.Alexander as his successor as Chairman of
the Clearing House Committee, Mr. Wiggin's associates

OCT. 16 1915.)

THE CHRONICLE

planned the dinner as an opportunity for the members of
the Clearing House to express their appreciation of his double
measure of service to the Association, and to congratulate
him on its successful termination and his release from the
burden and responsibility. Mr. Wiggin is President of
the Chase National Bank.

1245

Mr. Parker, who founded the bank, has now served it and its stockholders for thirty-two years. During that period the value of each share
of the stock has steadily increased from $100, the amount at which it was
originally subscribed, until now he has the satisfaction of presenting them
with an offer of over double the original subscription, to wit, $205 per share.
Mr. Parker, after these years of service, desires to be relieved of his responsibilities. The officers and directors consider this offer so advantageous
that they, have agreed to soil their holdings on the above terms and they
strongly advise the other stockholders to do the seine.
The purchasers require two-thirds of the stock so that they will be in a
position to take such action as they shalt desire.
If it will be a service to any stockholder the bank, on receiving the stock
certificate duly endorsed, will make the deposit of stock and will get the
deposit certificate for the stockholder.

In commemoration of its fortieth anniversary the Fifth
Avenue Bank of New York has issued a handsome booklet
devoted principally to an historical sketch of Fifth Avenue.
The booklet is illustrated in photogravure and contains many
modern photographs as well as reproductions of rare old
George Whitney, formerly a member of the New York
prints. Regarding the history of the Fifth Avenue Bank, Stock Exchange firm of Markoe, Morgan & Whitney, has
which dates from October 13 1875, the booklet says:
become associated with J. P. Morgan & Co. Mr. Whitney
It was in the basement of the old Sherwood House at No. 531, that the is identified with the bond business of the Morgan firm.
Fifth Avenue Bank of New York first obened for business. The bank
was founded by John II. Sherwood, William H. Lee, Philip Van Volkonburgh and others, to furnish a place of deposit for those who resided or
did business in this part of the city. There was no other bank in the
vicinity, and it was estimated that there were at least fifty thousand
people in the neighborhood without banking facilities. The bank was
organized October 7, and commenced doing business October 13 1875.
Philip Van Volkenburgh was President, John H. Sherwood, Vice-President
of directors were the
and A. S. Frissell, Cashier; comprising the board
officers and James Buell, John B. Cornell, Jonathan Thorne, Gardner
Webster
Wagner, Joseph S.
Sage,
Russell
Wetherbee, William H. Lee,
of whom were
Lowery, Charles S. Smith and Joseph Thompson, many
of the bank furnishes
Fifth Avenue residents. The original minute book
bank's
an interesting record of early Fifth Avenue rental values. The
rental
offices in the basement of the Sherwood House were secured "at a
of
gas
tho
and
the
used
heating
include
to
rental
of $2,600 per year. said
northwest corner of Fifth Avenue
the rooms." The bank moved to the
of John B. Cornell, which had
and 44th Street in April 1890, to the house
the adjoining residence of Manton
been built in 1866. Later, it bought
In
those quarters it has been ever
"World".
the
of
editor
Marble, former
since. From the day in 1626 when Peter Minuit bought Manhattan Island
from the Indians for about $24 In cheap trinkets to the present, there have
been but four transfers of the corner on which the bank stands. It became
the property of the city under the liberal Dongan Charter on April 27 1686,
which granted to the corporation all the vacant, waste and unappropriated
lands of the island. The plot, fifty by one hundred feet, on the northwest
corner of 44th Street, was sold by the city in 1848 to Samuel White for
$3,850. White sold it to Amos R. Eno in 1862 for $15,000. Eno sold it
to John B. Cornell in 1865 for $40,000 and on April 22 1889, the executors
of John B. Cornell sold to the bank for $232,066, the corner lot, No. 530,
with a frontage of thirty feet on the Avenue, togothor with No. 1 West
44th Street. 'rho adjoining avenue lot, No. 532, twenty feet wide, was
sold by Cornell in January 1867 to Matthew Byrnes,a builder, for $21,540.
Byrnes sold the property November 6 1868 to Manton Marble for $85,000.
The bank acquired the property on March 5 1897 for $125,000. From the
time of its organization the bank has givcn especial attention to personal
and family accounts, of which it has a great number. So many prominent
bank officials have received their training in its employ that it is often
referred to as the "Kindergarten of Bankers".

The Fifth Avenue Bank has a capital stock of $100,000
and on September 25 showed surplus and earnings of $2,254,018 and deposits of $16,768,433. The officers of the
institution are A. S. Frissell, President; B. H. Fancher and
Theodore Hetzler, Vice-Presidents; William G. Gaston,
Cashier and William C. Murphy and Ernest Foley, Assistant
Cashiers.
In connection with its recent removal into new quarters
in the Equitable Bldg., the Liberty National Bank of this
city has issued a booklet giving a brief sketch of its history
from its inception in 1891 up to the present time. The booklet contains three engravings showing the quarters successivoly occupied by the institution, the first at Liberty and
West Sts., then at 139 Broadway, and at present at the
Broadway and Cedar St. corner of the Equitable Bldg.
Since the Liberty National Bank commenced business, in
1891, its growth has been continuous and steady, under the
presidency of Messrs. Henry C. Tinker, Henry P. Davison,
Edmund C. Converse, Frederick B. Schenck, Seward Prosser
and Thomas Cochran, the present holder of the office. Its
deposits are over $40,000,000, and this stage of its development has been reached without consolidation of any kind.

The new capital issued by the Chatham & Phenix National
Bank of this city was admitted to the New York Stock Exchange list on the 13th inst. As is known, a merger was
recently effected of the Chatham & Phenix and the Century
National Bank (formerly the Century Bank), the arrangements providing for a change in the name of the Century
National to the Chatham & Phenix National of the City
of New York. At the time of the consolidation, the Chat.ham & Phenix had an issued and authorized capital
of $2,250,000 in shares of $25. The consolidated
bank has an authorized capital of $3,500,000 in $100
shlr3i; of this am3unt $2,551,303 was admitted to the
list on the 13th with authority to add the remaining $948,700 on official notice of its issuance in exchange for outstanding certificates of stock of the Chatham & Phenix National
Bank,consisting of 29,632 shares of a par of $25,and for outstanding certificates of stock of the Century consisting of
2,079 shares of the par value of $100. The basis on which the
consolidation was effected was: For each four shares of
Chatham & Phenix stock of the par value of $25 each, one
share of stock of the Chatham & Phenix National Bank of
the City of New York of the par value of $100, and for each
share of Century stock of the par value of $100, one share of
stock of the Chatham & Phenix National Bank of the City
of New York of the par value of $100. Upon this basis the
90,000 shares (par value $25) of the Chatham & Phenix National Bank of New York are exchanged for 22,500 shares
of the stock of the consolidated bank, and 12,500 shares of
Century stock (par value $100) are exchanged for 12,500
shares of stock of the consolidated bank, making a total of
35,000 shares par value $100 of the Chatham & Phenix National Bank.
Alexander D. Cambell, Assistant Cashier of the Hanover
National Bank of this city, died on the 12th inst. Mr. Cambell had been connected with the Hanover National for
more than thirty years, and was widely known in banking
circles, having made it a custom to attend the bankers' conventions, both State and national, as a delegate of his bank.

Thomas Powell Fowler, formerly President of the New
York Ontario & Western Ry., died in Warwick, N. Y., on
the 12th inst. Mr. Fowler retired as head of the above-mentioned railroad in 1912. He was formerly a director of the
Mechanics & Metals National Bank of this city and the
New York Life Insurance Co. At the time of his death he
was a director in the Atchison Topeka & Santa Fe Ry.,
the Gulf Colorado & Santa Fe Ry., the Lehigh & Hudson
River Ry., the Randsburg Railway Co., the Santa Fe Prescott & Phoenix Ry. Co., the Sonora Ry. Co., the Temple
Iron Co., the Ontario Carbondale & Scranton Ry. and many
other railroads.
The New York Produce Exchange Bank of this city has
made public the terms under which that institution.is to be
The Broadway Trust Co., main offices Woolworth Buildabsorbed • by the Mechanics & Metals National Bank. ing, this city, continues its expansion in business, deposits
Reference to the matter appeared in these columns last week. having increased to $20,896,139 on September 2. In adThe following letter regarding the proposed merger was sent dition to a capital of $1,500,000, surplus and profits were
to the stockholders of the Produce Exchange Bank under $912,199 on the same date and aggregate resources $23,date of Oct. 8:
525,154. The institution is a member of the Federal Reserve
Your officers and directors announce that the following very favorable
Bank of New York. Frederic G. Lee is President.
the
of
the
stockholders
among
boon made by people prominent
offer has
Mechanics ec Metals National Bank for the stock of this bank at $205
por share. It Ivas decided, however, that the stockholders would prefer
not to be delayed in receiving their usual October dividend, and that dividend of $4 per share was accordingly declared, payable Oct. 15: Such
dividend being paid by the bank to the stockholders, the net amount
to be received from the depositary, as hereinafter stated, is $201.
The terms of this offer are as follows: It is conditioned on two-thirds of
the stock being offered on or before Nov. 15 1915. Tho stock certificates
are to be deposited with the Guaranty Trust Co., 140 Broadway, for which
is
deposit certificates will be issued. As soon as two-thirds of the stock
deposited holders of certificates of deposit will be notified at once and may
per
at
stock
their
$201
share.
caltfor
the
get
present their certificates and




Application has been made to the Comptroller of the
Currency for permission to organize the Progress National
Bank of New York City with a capital of $250,000. The
applicants are Julius Silberseweig, L. S. Moisseff, A. Gerstenzan, John Drescher and I. Silberberg. It is reported
that if the application is granted the new bank will be
located in the Jewish quarter of the East Side.

1246

THE CHRONICLE

The stock brokerage firm of J. L. Holland & Co. of Buffalo, N. Y., which has a large number of branches situated
in different cities throughout the country, made an assignment on the 14th inst. for the benefit of creditors. The
firm's liabilities are estimated at from $200,000 to $500,000.
Assignment was made to Myer Nussbaum of New York.
The failed concern, which is composed of James L. Holland
and Edward Lewis, is one of the Buffalo brokerage houses
which recently secured a temporary injunction against the
Western UnioniTelegraph Co. and the Gold & Stock Telegraph Co. restraining the companies from shutting off their
ticker service from the New York Stock Exchange. The
proceedings:against the telegraph companies were instituted
with the refusal ofithe Exchange to approve the applications
of the plaintiffs for ticker service. On June 23 the injunction was:continued by order of Justice Pooley in the Supreme
Court at Buffalo, pending the determination of the proceedings.
Following the receipt of the news of the firm's failure, the
New York Stock Exchange issued on the 14th inst. the following warning against the employment of former employees of bucket shops.
The failure of a largo so-called independent wire house in Buffalo and the
rumored impending failure of others will throw out of employment a large
number of correspondents, branch office managers and telegraph operators
who have been:closely associated for many years with bucket shops all over
the United States. A number of those persons have already applied to
our members for positions.
With a view to preventing wire tapping and other misuse of Stock Exchange quotations, the Committee on Quotations calls the attention of all
members operating leased wire"systems to the Inadvisability of taking into
their employ,former members of bucket shops, and it is suggested that all
branch office managers be cautioned with respect thereto.

The number of companies which are being established
throughout the country to operate the Morris Plan of industrial loans and investments continues to increase. The
Fort Wayne Morris Plan Co. of Fort Wayne, Ind., began
operations on Oct. 4 with a fully subscribed capital of
$100,000. It is said to be the second institution of its kind
in that State. The officers are: Theodore F. Thieme,
President; Theodore Wentz and Isa,dor Lehman, VicePresidents; Clinton R. Willson, Treasurer, and Edward J.
Lindman, Secretary-Manager. The Fort Wayne institution is the twenty-sixth company operating this plan of loans
and investments, the twenty-fifth having been in operation
at Waterbury, Conn., since Aug. 24.
Steps are being taken in San Francisco and Holyoke, Mass.,
for the organization of Morris Plan companies. It is planned
to capitalize the proposed Holyoke institution at $100,000
and to commence business when half of that amount has been
subscribed. Frank B. Towne, Treasurer of the National
Blank Book Co., is Chairman of the organization committee.
The Morris Plan Co. of San Francisco is to have a capital of
$500,000, of which $250,000 will be offered for sale at the
outset. As heretofore stated, a movement is under way for
the establishment of the Morris Plan Co. of Rhode Island.
Application has been made to the State Board of Bank Incorporation for a certificate to establish the company in
Providence, with branches at Pawtucket and Woonsocket.
The capital stock is to be $250,000.
E. 0. McNair, President of the failed Bank of Warsaw
(N. Y.) committed suicide on the 11th inst. by shooting
himself. Mr. McNair had also formerly been President of
the Commonwealth Trust Co. of Buffalo, but retired last
April on account of ill-health. Following his retirement
the controlling interest in the trust company was acquired
by the Bank of Buffalo. The Bank of Warsaw closed its
doors on April 29 as a result of the pressing demands of a
number of its creditors. Mr. McNair was indicted by the
Wyoming County Grand Jury in connection with the failure
of the Bank of Warsaw. It is believed that worry over his
financial difficulties caused him to take his life.
Elmer I. Emerson, who was Cashier of the National Bank
of Montgomery at Montgomery, N. Y., pleaded guilty on
the 12th inst. in the Federal District Court to misapplication of the funds of the bank, and was sentenced to six years'
imprisonment in the Federal penitentiary at Atlanta. Emerson was indicted by the Federal grand jury on the 7th inst.
fo using $26,000 of the funds of the bank to finance the
Security Reliner Company, an automobile tire concern of
which he was President. The indictment also charged him
with making false entries in the books of the bank and transmitting a false report to the Comptroller of the Currency.
has been reimbursed for the $26,000 misapplied by
no bank
•



[VOL. 101.

Emerson by his bond of $10,000 and contributions from the
directors.
The Commercial Trust Co., which was recently organized
in New Britain, Conn., opened for business on the 11th inst.
at 274 Main Street. As previously noted, James N.Curtin
is President of the new trust company; Dugald McMillan,
Vice-President; John C. Loomis, Treasurer; Hanford L.
Curtis, Assistant Treasurer; George A. Cadwell, Secretary,
and Judge B. F. Gaffney, legal adviser. As a preliminary
to the opening of the instituion, the directors gave a banquet
on the 6th inst. to the stockholders of the company.
Joseph Shattuck, President of the Third National Bank
of Springfield, Mass., has resigned. Mr. Shattuck's resignation becomes effective on December 1, when he will join
the firm of Aldred & Co. of New York. He will be connected with the banking department of the firm, which acts
as fiscal agents for public service and hydro-electric corporations. Mr. Shattuck was chosen President of the Third
National in June 1912 and prior to that time had been
Treasurer of the Springfield Institution for Savings. According to an announcement made by Frederick Harris, VicePresident and Chairman of the Board of the Third National,
a successor to Mr.Shattuck will not be chosen for some time.
George C. Averill, who resigned as President of the Vermont National Bank of Brattleboro, Vt., last May, was arrested on the 11th inst. on an indictment charging the making
of false entries in the books of the bank. According to
District Attorney Victor A. Bullard, the indictment against
Mr. Averill resulted from an investigation by the bank examiner, who discovered that the entries in the books were not
in conformity with the law. It is reported that the assets
of the bank were found to be intact.
William H. Barnes has been elected a director of the Commercial Trust Co. of Philadelphia to fill the vacancy caused
by the death of Rudulph Ellis. As heretofore stated Mr.
Ellis died on September 21. Mr. Barnes is a director of the
Pennsylvania RR.
W. M. Bell has been elected an Assistant Cashier of the
Bank of Pittsburgh, National Association, of Pittsburgh.
Mr. Bell was transit manager of the institution prior to his
promotion.
The Baltimore Commercial Bank of Baltimore, which will
open for business next Monday, Oct. 18, on the ground floor
of the Coca Cola Building, will, it is claimed, have one of
the most attractive banking rooms in the South. All modern facilities for the conduct of an up-to-date banking business have been provided. The architect and builders who
have been in charge of the decorations and equipment of the
banking room claim that it is the only bank south of New
York which is completely "metal" equipped throughout.
The windows of the bank, which are unusually high, opening on Market Place and Pratt Street, are not obstructed by
bars of any kind, and by fronting on two streets, anexceedingly well-lighted interior is obtained. Tho opening of the
Baltimore Commercial Bank (the stock of which has been
oversubscribed) at a time when the mammoth Coca Cola
Building is about ready for the manufacturing plants which
will occupy space in it as tenants, marks another forward
step in Baltimore's progress. The action of Am G. Candler of Atlanta, a man of great wealth, in putting $1,600,000
in a building of this kind, is an evidence of the faith that outsiders have come to have in Baltimore's assured future as
a manufacturing and financial center. Mr. Candler was
one of the prime movers in the organization of the Baltimore Commercial Bank, and will, it is stated, be an active
factor in its management. The bank has a capital of $500,000 and surplus of $100,000. It will be under the direction
of W. M. McCormick, President; Robert S. Mooney, VicePresident; R. A. Welsh, Cashier, and Gwynn Crowther,
Assistant Cashier.

The Liberty Bank of Baltimore County, which was
recently organized, opened for business on the 6th inst. at
Liberty Road and Gwynn Oak Avenue. The institution
has a capital stock of $25,000 and a surplus of $5,000. In
addition to its savings and commercial departments, the institution will operate a system of rural credits whereby
money will be loaned to farmers on their crops. The bank
will also issue monthly circular letters on the general crop
outlook, fertilization and tilling of the soil. The officers of

Ocil. 16 1915.]

1247

THE CHRONICLE

the institution are: A. C. Smink, President; H. L. Smith,
Vice-President, and Harry M.Ramey,Cashier.
William Burke Conklin, Vice-President of the North West
State Bank of Chicago, died suddenly on the 11th inst. He
was born at Grand Gulf, Miss., in 1849. He was engaged
in business in Omaha, Neb., until 1872, when he moved to
North Platte, Neb., where. he was Cashier of the First
National Bank until 1892. In that year he located in
Chicago, and for eighteen years was identified with the
Prairie National and the Prairie State banks of that city,
during the greater part of which time he was Credit Officer
and later Cashier. In 1912 he became Vice-President of the
North West State Bank.
The German-American State Bank of Topeka, Kan., is
now located in a new home at the corner of Kansas Avenue
and Fifth Street. Theo. C. Mueller is President of the institution and is assisted in its management by J. S. Corley
and T. R. Paxton, Vice-Presidents; G. P. Benson, Cashier,
and D. E. McIntosh and R. F. Poynter, Assistant Cashiers.

Sept. 2E—£262,000 in bar gold.
" 25— 26,000 in foreign gold coin.
6,000 in sovereigns for Canada.
" 25—
" 28— 380.000 in sovereigns for U. S. A.
" 28— 50,000 in sovereigns set aside for account of Switzerland.
" 29— 270,000 in sovereigns set aside for account of Egypt.
During the week the net reduction amounted to £1,187,000.
The total output of gold in the Yukon mining district now reaches $185.000,000. This sum has come chiefly from places within fifty miles of Dawson. Since 1910 $5,000,000 worth of gold have been dispatched from Dawson annually. The output of gold in the Province of Ontario for the six
months ended June 30 1915 amounted to $3,570,072, as compared with
$2,014,069. an increase of 50% over the period of 1914.
SILVER.
The general position of the market at the present time is not unfavorable.
It is true that the continuity of purchases for the U. S. Treasury, now that
a total verging upon 4,000,000 ozs. has been secured, seems to have been
arrested for the moment. A temporary cessation may create a dullish
feeling, and encourage more freedom in selling, but the knowledge that the
purchases will be resumed in due course cannot fail to maintain a good undertone. The withdrawal of gold from circulation, not only here but also
In other countries, is good for silver, as there exists among some people an
undoubted preference for silver coin over notes of low denomination.
Notes of high value are not unwelcome to those who hold and handle fairly
large sums, but wage earners in this country, who spend quickly and are
accustomed to carry money loose in the pocket—not in a purse do not
take so kindly to a currency of paper. Support, more or less continuous.
may be expected from a demand for coinage throughout the period of
war, and when substantial and constant orders come into the market from
an important quarter like the U. S. Treasury for instance, an advance may
be recorded, even though China may be able to release a portion of its
stock at the higher level. This has been the case recently, and the market
is the healthier for a reduction of the Chinese holdings. Purchases in London for account of the Indian Bazaars do not represent the total absorption
for that quarter, as supplies have filtered through other channels than Lonfigdon. The price rose to 23Ud. on the 24th inst.. and remained at that
ure on the 25th and 27th. On the 28th there was a setback to 23%d. but
the quotation recovered to 23Ud. to-day.
An Indian currency return for the 22d inst. gave details in lacs of rupees
as follows:
63,13
Notes in circulation
37,08
Reserve in silver coin
5,90
Gold coin and bullion
6,15
Gold in England
with 6.000 last
compared
as
bars,
The stock in Bombay consists of 6,800
Hongkong durto
Francisco
San
from
made
been
has
week. No shipment
ing the week. Statistics for September are appended:
23%,c1
Highest quotation for cash delivery
23 3-16
Lowest quotation for cash delivery
23.591
delivery
cash
for
quotation
Average
Quotations for bar silver per ounce standard:
59'
Bank rate
No
cash
Sept. 24-23%
778 9d
" I quotation Bar gold per oz. standard
" 25-23k
_Nominal
_
_
oz_
per
coin
gold
French
fixed
"
A
" 27-23,
U.S. A.gold coin per oz_ __ _Nominal
for
"
" 28-23%
forward
" 29-23 11-16 "
" I delivery.
" 30-23
Av. for week 23.718 cash
The quotation to-day for cash delivery is %d.above that fixed a week ago.

Frank Knox, President of the National Bank of the
Republic, of Salt Lake City, died on Sept. 25. Mr. Knox
was born in 1857 and began his banking career as a messenger
in the old First National Bank of Washington, Iowa. He
became Assistant Cashier, and later Cashier, of this institution, from which he resigned to organize the First National
Bank of Osborne, Kan. Mr. Knox sold his interest in that
bank and in 1890 organized the National Bank of the
Republic, becoming its President. Mr. Knox was formerly
a Vice-President of the American Bankers' Association, and
at the time of his death was a member of the Executive
Council of the Association. He was President of the Salt
Lake Clearing-House Association, a former President of the
Utah State Bankers' Association, and resident Vice-President of the American Surety Co.
At a meeting of the directors of the National Bank of the
Republic on the 5th inst., J. C. Lynch, heretofore VicePresident of the institution, was chosen President to fill the
vacancy caused by the death of Mr. Knox. Mr. Lynch
was Vice-President of the bank for the past three years and
for twelve years prior to his election as Vice-President had
been a 'director of the institution. It is reported that the
ENGLISH FINANCIAL MARKET—PER CABLE.
election of a new Vice-President and of an additional director
daily quotations for securities, &c., at London as
The
to take the place of the late Mr. Knox will be deferred until reported by cable, have been as follows the past week:
January.
Oct. 9. Oct. 11. Oct. 12. Oct. 13. Oct. 14. Oct. 15.
London,
Fri.
Thurs.
The Central State Bank of Cedar Rapids, Iowa, has made
application to the Comptroller of the Currency to convert
into the Central National Bank, capital $100,000.

Sat.
Week ending Oct. 15.
d.2334
Silver, per oz
RollConsols, 214 per cents
day.
British 434 per cents
French Rentes tin Parls)__fr.66.50

Mond. Tues.
23 15-16 24
65
65
973(
97(
66.50
66.50

Wed.
24
65
973‘
66.50

24
65
973(
66.51

24
65
974
66.50

TRADE AND TRAFFIC MOVEMENTS.
UNFILLED ORDERS OF STEEL CORPORATION.—
The United States Steel Corporation on Saturday, Oct. 9,
issued its regular monthly statement showing the unfilled
orders on the books of the subsidiary corporations at the
close of September. From this statement it appears that the
aggregate of unfilled orders on Sept. 30 was 5,317,618 tons,
recording an increase of 409,163 tons over last month, when
the amount of outstanding orders was 4,908,455 tons. These
are the highest figures since July 31 1913, when the amount
of outstanding orders was 5,399,356 tons. In the following
s with previous months:
The City Trust Co. of St. Louis announced on the 5th we give the comparison
Tons.
Tons.
Tons.
Mar. 31 1912_5,304,841
inst. that its capital has been increased from $50,000 to Sept. 30 1915___5,317,618 Dec. 31 1913_4,282.108 Feb.
29 1912_5.454.201
47
1913_4.496,3
30
Nov.
55
1915___4,908,4
31
and
Aug.
of
close
surplus
profits
has
Jan. 31 1912...5,379,721
$100,000. The institution
July 31 1915—.4,928.540 Oct. 31 1913_4.513.767
31 1911...5,084,765
June 30 1915_4.678,196 Sept. 80 1913.-5,003,785 Dec.
to $2,000 and deposits of approximately $350,000.
68 Nov. 30 1911._4,141,958

Charles H. Bailey, one of the founders of the Mississippi
Valley Trust Co. of St. Louis, died on the 3rd inst. Mr.
Bailey was one of the oldest real estate operators in St. Louis.
Ho was a stockholder in the Mississippi Valley Trust, the
Mercantile Trust Co., the State National Bank, the St. Louis
Union Bank, the Mechanics-American National Bank and
the National Bank of Commerce.

William Gray, senior agent in New York of the Canadian
Bank of Commerce (head office Toronto), has retired on
pension. J. P. Bell, formerly manager of the Mexico City
branch of the bank, has been appointed to succeed Mr. Gray.
THE ENGLISH GOLD AND SILVER MARKETS.
We reprint the following from the weekly circular of
Samuel Montagu & Co. of London, written under date of
September 30 1915:
GOLD.
The movement has been adverse to the Bank of England. The following amounts were received by the Bank:
Sept. 23—L38,000 in bar gold.
" 27— 70,000 in bar gold.
" 29-725,000 in bar gold.
Withdrawals wore made as under:
Sept. 23—.C208,000 in U. S. A. gold coin.
" 23— 43,000 in bar gold.
" 23— 400,000 in sovereigns for America.
" 23— 275,000 in sovereigns for Spain.
" 23— 50,000 in sovereigns for Portugal.
" 24— 50,000 in sovereigns for U. S. A.




May 31 1915_4.264,598
Apr. 30 1915_4,162,244
Mar. 31 1915_4,255,749
Feb. 28 1915_4,345,371
Jan. 31 1915_4,248,571
Dec. 31 1914_i,836,643
Nov. 30 1914_3,324,592
Oct. 31 1914_3,461,097
Sept. 30 1914_3,787.667
Aug. 31 t914_4,213,331
July 41 1914.-4.158,589
June 30 1914_4,032,857
May 31 1914_3,998,160
Apr. 30 1014_4.277.068
Mar. 31 1014_4,653,825
Feb. 28 1914___5,026,440
Jan. 31 1914_4,613,630

Aug. 31 1913_5,223,4
July 31 1913-5,399,356 Oct. 31 1911...3,694,327
June 30 1913_5,807,317 Sept. 30 1911...3,611,315
May 31 1913-6,324,322 Aug. 31 1911-3,695,985
Apr. 30 1913_6.978,762 July 31 1911-3,584,088
Mar. 31 1913-7,468.956 June 30 1911_3.361,057
Feb. 28 1913_7,656,714 May 31 1911-3,113,1.;4
Jan. 31 1913...7,827,368 April 30 1911_3,218,700
Dec. 31 1912...7,932,164 Mar. 31 1911_3,447,301
Nov. 30 1912...7,852,883 Feb. 28 1911...3,400,543
Oct. 31 1912_7,594,381 Jan. 31 1911_3,110,919
Sept. 30 1912_6,551,107 Dec. 31 1910...2,674,750
Aug. 31 1912_6,163,375 Nov. 30 1910___2,760v413
July 31 1912_5,957,079 Oct. 31 1910_2,871,949
June 30 1912__5,807,346 Sept. 30 1910_3,158.106
May 31 1912___5,750,983 Aug. 31 1910_3,537,128
Apr. 30 1912-5,664,885 July 31 1910_3.970.931

The figures prior to July 31 1910 were issued quarterly
only. These, extending back to 1901, were given in the
"Chronicle" of March 13 1915, page 876.

gommercial andMisccitanconsBolTs
Breadstuffs Figures brought from page 1299.—Thc
statements below are prepared by us from figures collected by
the New York Produce Exchange. The receipts at Western
lake and river ports for the week ending last Saturday and
since Aug. 1 for each of the last three years have been:

1248
Receipts at-

THE CHRONICLE
Flour.

Wheat.

Corn.

Oats.

Barley.

Rye.

bbls.1961bs. bush.60 lbs. bush. 56 lbs. bush. 32 lbs. bush.48lbs. ha. 561bs.
Chicago__
173,000 1,079,000 3,285,000 2,515,000
515,000 114,000
Minneapolis.
3,495,000
71,000
855,000
895,000 203,000
Duluth
5,646,000
278,000
972,000 350,000
Milwaukee _
81,000
243,000
245,000
702,000
510,000 329,000
Toledo
459,000
52,000
105,000
Detroit
16,000
61,000
148,000
173,000
Cleveland
21,000
45,000
32,000
102,000
St. Louis
88,000
887,000
323,000
420,000
29,000
4,000
Peoria
50,000
125,000
421,000
204,000
83,000
22,000
Kansas City
1,212,000
158,000
161,000
Omaha
382,000
219,000
192,000

Name of Company.

[VOL. 101.
Per I When
Cent. Payable.

Books Closed.
Days Inclusive.

Railroads (Steam) Concluded.
Great Northern (guar.)
13‘ Nov. 'Bent. 25 to Oct. 14
New York Central RR.(quar.)
'Holders of roe. Oct. 7a
Norfolk & 1Vestern, corn. (guar.)
134 Dec. 18 Holders of rec. Nov. 30a
Norfolk & Western, adj. pref. (guar.).
1
Nov. 19:Holders of rec. Oct. 30a
Northern Pacific (quar.)
134 Nov. I'Holders of rec. Oct. lb
Reading Company,corn.(quar.)
2
Nov. II Holders of rec. Oct. 26a
St. L. Rocky Mt.& P. Co.,coca.(No.6)-34 Nov. 1 Oct. 21 to Oct. 31
Street and Ele.trie Railways.
American Railways, pref. (guar.)
1 X Nov. 15 Holders of rec. Oct. 30a
Columbus Ry., P. & Lt., corn. (qu.) (No.7) 114 Nov. 1 Holders of.rec. Oct. 15
Preferred B (guar.) (No. 7)
134
Nov. 1 Holders of rec. Oct. 15
Tot. wk.'15
429,006 13,634,000 4,954,000 5,707,000 3,004,000 1,022,000 Commonw. Pow., Ry.
& Lt., cont. (qu.)
Nov. 1 Holders of rec. Oct. 18a
Same wk.'14
468,000 13,617,000 2,573,000 9,884,000 3,330,000 791,000
Preferred (guar.)
154 Nov. 1 Holders of rec. Oct. 18a
Same wk.'13
315,000 9,179,000 2,781,000 4,994,000 3,509,000 389,000 Cumberland Co. Pow. &
Lt., pref. (qu.).._ _
Nov. 1 Holders of rec. Oct. 16a
I)trquesne
Light
Co.,
pref.
(qtr.)
(No. 3). 13( Nov. I Holders of rec. Oct. 1
Since Aug. 1
Grand Rap.
pf. (qu.) (No. 60)
15‘ Nov. 1 Holders of rec. Oct. 20
1915
3,446,000 112,839,000 35,768,000 66,836,000 20,339,000 6,000,000 Havana Elec.Ry.,
Ry., Lt. & Power, common_ _
3
Nov. 13 Oct. 24 to Nov. 13
1914
4,475,000 137,268,000 36,524,000 86,015,000 24,333,000 6,126,000
Preferred
3
Nov. 13 Oct. 24 to Nov. 13
1913
4.016.000 99.163.000 40.080.000 65.828.000 25.165.000 4.616.000 Jacksonville Traction,
pref.(gear.)(Afo.19) 750. Nov. 1 Holders of rec. Oct. 180
El. Ry. & Lt., pf. (qu.)(No.64) 134 Nov. 1 Holders of rec. Oct.(20a
Total receipts of flour and grain at the seaboard ports for Milwaukee
Philadelphia Co., corn. ((pr.) (No. 136)- 134 Nov. 1 Holders of rec. Oct. la
6% cumulative pref.(No.6)
Nov. 1 Holders of rec. Oct. la
3
the week ended October 9 1915 follow:
Public Service Inv., pref. (qu.)(No. 26)- 41.50 Nov. 1 Holders of rec. Oct. 15a
Flour,
Third Avenue Ry.(New Tort City) (guar.) 1
Wheat,
Corn,
Oats, Barley,
Jan. 1 Holders of rec. Dec. 15
Rye,
Receipts atbbls.
bush.
bush.
bush.
bush.
bush. Virginia 12.v. & Power, common (guar.)._
13.4 Oct. 20 Holders of rec. Oct. 6a
New York
263,000 2,304,000
213,000 1,445,000 168,500 135,000 West Penn Railways, pref. (quar.)
lg Nov. 1 Oct. 23 to Nov. 1
Boston
44,000
305,000
Banks.
87,000
1,000
28,000
Philadelphia
79,000 1,207,000
25,000
471,000
4
14,000
Nov. 1 Holders of rec. Oct. 31
33,000 Corn Exchange (guar.)
Baltimore
30,000 1,221,000
25,000
659,000 136,000 442,000 Pacific (guar.)
2
Nov. 1 Oct. 13 to Oct. 31
Newport News...
1,258,000
'Trust Companies.
270,000
New Orleans_*___
94,000
Broadway (guar.)
323,000
46,000
32,000
1% Nov.' 1 Oct. 22 to Oct. 31
Galveston
591.000
Miscellaneous.
Montreal
29,000 2,128,000
2.000
140,000
13. Oct. 25 Holders of rec. Oct. 20
57,000 Aetna Explosives, Inc., pref. (quar.)._
American Cigar, common (quar.)
154 Nov. 1 Holders of rec. Oct. 15a
Total week 1915 539,000 9,337,000
311,000 2,834,000 319,000 965,000 American Coal Products,common (quar.) 13-( Jan. 1 Dee. 25 to Jan. 1
Since Jan. 1 1915A9,965,000 105179,000 43,367,000 117010,000 8941,000
Common (payable in common stock)._
51 Nov. 1 Oct. 19 to Oct. 22
9819,000
Week 1914
658,000 8,329,000
Preferred (quar.)
531,000 4,048,000 949,000
Jan. 15 Jan. 11 to Jan. 14
Since Jan.1 1914_17,417,000 181121,000 21,162,000 49,100,000 10291000 220,000 Amer. Dist. Teleg. of N. J. (guar.)
Oct. 29 Oct. 17 to Oct. 28
1
4096,000
American Gas (guar.)
Dec. 1 Holders of roe. Nov. 17
2
* Receipts do not include grain passing through New Orleans for foreign
Amer.
Gas & El., pref. (quar.) (No. 35).
Nov. 1 Holders of rec. Oct. 20a
134
ports
on through bills of lading.
American Light & Trac., corn. (quar.)_ - 234 Nov. 1 Oct. 10 to Oct. 31
Common (payable In common stook)
2%1 Nov. 1 Oct. 16 to Oct. 31
The exports from the several seaboard ports for the week
Preferred (quar.)
114 Nov. 1 Oct. 10 to Oct. 31
Amer. Locomotive, pref.(guar.)
1,
4 Oct. 21 Sept.22 to Oct. 21
ending October 9 are shown in the annexed statement:
Amer. Malt Corp., pref. (quar.) (No. 15) 50c. Nov. 2 Holders of rec. Oct. 15
Wheat,
Corn, Flour,
American Malting, preferred
Oats,
Rye, Barley,
Nov. 1 Holders of roe. Oct. 15
70e.
Peas,
Exports frombush.
bush.
bbls.
bush.
bush.
bush.
Nov.29 Holders of rec. Oct. 23a
bush. Anaconda Copper Alining
$1
New York
3,037,754
Atlas Powder, preferred (quar.)
2,454 157,767
26,418 160,674 392,682
Nov.
1 Oct. 22 to Nov. 1
4,221
134
Boston
478,963
Bellows Falls Power, preferred
16,559
254 Nov. 1 Holdora of roc. Oct. 23
Philadelphia ____ 524,000
Brill (J.(7.) Co., pref. (guar.)
8,000
1,000
Nov. 1 Holders of rec. Oct. 23
Baltimore
891.109
Brown Shoe, Inc., preferred (quar.)
1,071 695,125 373,644 83,333
Holder's of rec. Oct. 23a
Newport News_ _1,258,000
Burns Bros., common (guar.)
270,000
I 34 Nov. 16 Holders of rec. Nov. 1
New Orleans.._-- 493,000
Preferred (guar.) (No. 11)
18,000 18,000
20,000
1 X Nov. 1 Holders of rec. Oct. 15
Galveston
898,000
Canadian Explosives, pref. (guar.)
lg Oct. 15 Holders of roe. Sept. 30a
Montreal
1,702,000
Caney River Gas (quar.)
34,000
2
Nov. 20 Nov. 10d to Nov. 21
St. John, N.B__
24,000
Extra
1
Nov.20 Nov. 10d to Nov. 21
Carriage Factories, Ltd., pref. (guar.)._ _
1
Oct. 31 Holders of rec. Oct. 23
Total week_ _9,306.826
Chicago
20,454 235,397 742,543 804,318 476,015
Pneumatic
Tool
(row.)
1
Oct. 25 Oct. 16 to Oct. 25
4,221
Week 1915
6,035,270 278,831 350,699 2,456,108 298,489 156,443
Nov. 1 Holders of roe. Oct. 210
2,418 Cluett,Peabody&Co.,Inc.,com.(qu.)(No.8) 1
Commonwealth Edison (quar.)
Nov. 1 Holders of roe. Oct. 15
2
The destination of these exports for the week and since Consolidated
Ice, Pittsburgh, pre/. (guar.). 134 Oct. 20 Oct. 10 to Oct. 19
Consolidation Coal (guar.)
July 1 1915 is as below:
134 Oct. 30 Holders of rec. Oct. 23a
Cuba Company. common
Nov. 11Holdera of rec. Sept. 30
10
Flour
Wheat
Diamond Match (quar.)
CornDec. 15,Holders of roe. Nov. 300
Since
Since
Since Distilling Co. of America, pref. (mpiar.)- Oct. 30'Holders of rec. Sept.29a
34
Week.
July 1
Week.
July 1
Week.
July 1 duPont(E.I.)deNernours Powd.,pf.(qtI.) 13.4 Oct. 2510et. 16 to Oct. 25
Exportsfor tveek and Oct. 9.
1915.
Oa. 9.
1915.
Oa. 9.
1915. Eastman Kodak, common (extra)
10
Nov. 1 Holders of rec. Oct. 18
since July 1 to
-bush,
bush,
bush.
bush. Edison Elec. III., Boston (qu.) (No. 106) 3
Nov. 1 Holders of rec. Oct. 15
United Kingdom__ 70,716 1,206,779 2,744,466 20,089,040
144,917 Edison Elec. III.. Brockton (No. 56)
$4
Nov. 1 Holders of rec. Oct. 14a
Continent
71,226 667,329 6,418,881 37,656,475
1,718,101 Electrical Securities Corp., pref. (quar.). 13.4 Nov. 1 Holders of rec. Oct. 27a
Sou. & Cent. Amer_ 78,057 540,534
23,790 1,308,243
4,592 1,297,048 Electric Bond & Share. corn.(qu.)(No. 26) 2
Oct. 15 Holders of rec. Oct. 14a
West Indies
15,171 330,034
30,000 146,424
705,079
Preferred (guar.) (No. 42)
134 Nov. 1 Holders of rec. Oct. 20a
Brit. Nor. Am.Cols.
125
9,872
1,100 Eureka Pipe Line (guar.)
6
Nov. 1 Holders of rec. Oct. 15
Other Countries
99
96,333 119,689
408,875
1,168
5,311 Federal Sugar Refining. pref.(quar.)
- 13.4 Nov. 1 Holders of rec. Oct. 29a
Ft. Worth Pow. & Light pref.(No. 17).
114 Nov. 1 ROlders of rec. Oct. 20
Total
235,397 2,862,333 9,306,826 59,492,633
20,451 3,871,556 General Motors, preferred
33.4 Nov. 1 Holders of roe. Sept.30
Total 1915
350,699 3,658,246 6,035,270 97,820,204 278.881 2,144,332 Goldfield Consolidated
Mines(quar.)._ 10e. Oct. 30 Holders of rec. Sept. 300
Cons. Min., Smelt. dr Pow., Ltd- 154 Nov. 1 Holders of rec. Oct. 15a
The world's shipments of wheat and corn for the week Granby
Harbison-Walker Refrac., pref. (quar.)_
13-i Oct. 20 Holders of rec. Oct. 9
ending October 9 1915 and since July 1 1915 and 1914 are Hercules Powder, preferred (guar.)
Nov. 15 Nov. 6 to Nov. 14
Homestake Mining (monthly)(No. 492). 65e. Oct. 25 IIolders of roe. Oct. 20a
shown in the following:
Illinois Northern Utilities, pref. (quar.)- _
134 Nov. 1 Oct. 21 to Oct. 31 ,
Indiana Pipe Line (guar.)
$2 Nov. 15 Holders of roe. Oct. 23
International Banking Corporation
3
Nov. 1 Oct. 16 to Oct. 81
Wheat.
Corn.
Int. Nickel, corn. (payable in corn. stock) 10
Nov. 1 Holders of rec. Oct. 150
Preferred (quar.)
Nov. 1 Holders of rec. Oct. 16a
Erports.
1915.
1914.
1915.
1914 .
Intorocean Oil, first preferred
334 Nov. 1 Holders of rec. Oct .20
Island Creek Coal, common (guar.)
50c. Nov. 1 Holders of rec. Oct. 23
Week
Since
Since
Week
Since
Since
Kayser (Julius)& Co. 1st & 2d pref.(quar.) 1
Nov. 1 Holders of rec. Oct. 20a
Oct. 9.
July 1.
July 1.
Oct. 9.
July I.
July 1.
Kelly-Springfield Tire,(common)(quar.) 3
Nov. 1 Holders of rec. Oct. 15
Kerr Lake Mining (guar.) (No. 41)
25c.
Dec.
15 Holders of rec. Dee. la
Bushels. I Bushels.
Bushels.
Bushels.
Bushels. . Bushels.
Keystone Telephone, preferred
$1.50 Nov. 1 Holders of rec. Oct. 20a
North Amer* 12532000 95,469,000 124,264,000
34,000 3,482,000 1,371,000 La Rose Consolidated Mines (quar.)
Oct. 20 Oct. 1 to Oct. 19
1
Russia
336,0001 1,870,000 11,922,000
1,531,000 Lehigh Valley Coal Sales (quar.)
Danube_
234 Oct. 16 Holders of rec. Oct. 7
2,317,000
1
Argentina _ _ 304,000 7,554,000 3,514,000 0,120,000 74,157,000 9,431,000 Massachusetts Gas Cos., corn (orrar.).__
134 Nov. 1 Holders of rec. Oct. 15
44,184,000 Miami Copper Co.(quar.)(No. 13)
$1 Nov. 15 Holders of rec. Nov. la
Australia _
7,152,000
Midwest Refining ((Mar.)
Nov. 1 Holders of rec. Oct. 15
India
11,292,000 10,376,000
Municipal Service, common (guar.)
Oct. 21 Holders of rec. Oct. 15
0th. countr's 400,000 3,116,000 2,248,000
34,000
604,000
Preferred (guar.)
Nov. 1 Holders of rec. Oct. 25
15,
1 Nov. 15 Nov. 6 to Nov. Ill
Total ___- 13572000.119,301,000 161,823,000 6,188,000 78,143,000 56,517,000 National Carbon, preferred (guar.)
New England Company, 1st preferred
234 Nov. 1 Holders of rec. Oct. 23
N11)1391111 Alines (guar.)
5
Oct. 20 Oct. 1 to Oct. 17
* North America.-The Canadian Government has officially prohibited
the
Oklahoma Natural Gas (quar.)
Issuance of both manifests and exports until after ten days. This is
13-( Oct. 20 Oct. 12 to Oot. 20
effective Pacific Coast Co., 1st pref. (guar.)
Nov. 1 Oct. 24 to Nov. 2
during the continuance of the war.
Second preferred (guar.)
1 Nov. 1 Oct. 24 to Nov. 2
The quantity of wheat and corn afloat for Europe on dates Pepnrmeflenrrspid.in4tieadr,.)common (guar.)
1
Nov. 15 Holders of roe. Nov. 5
1% Nov. 1 Holders of rec. Oct. 21
mentioned was as follows:
Peoples Gas Light & Coke (guar.)
2
Nov. 25 Holders of rec. Nov. 2a
Peoples Natural Gas & Pipeage (guar.)
2
Oct. 25 Holders of rec. Oct. 20a
Pittsburgh Coal, preferred (quar.)
1)1 Oct. 25 Holders of rec. Oct. 15a
Wheat.
Corn.
Public Serv. Corp. of No. III., corn.(qu.) 134 Nov. 1 Holders of rec. Oct. 15
Preferred
(quar.)
13.4 Nov. 1 Holders of rec. Oct. 15
United
United
Quaker Oats, preferred (quar.)
134 Nov. 30 Holders of roe. Nov. la
Kingdom. Continent. Total.
Kingdom. Continent.1 Total.
Riker & Hegeman Co., common
154 Doe. 1 Nov. 16 to Dec. 1
Savoy
011 (monthly)
1
Oct. 25 Holders of rec. Oct. 15
Bushels. Bushels.
Bushels.
Bushels.
Bushels. i Bushels.
Extra
1
Oct. 25 Holders of ree. Oct. 15
Oct. 9 1915..
29,176,000
29,384,000 Sears, Roebuck & Co., corn. (guar.)
Nov. 15 Holders.) f rec. Oct. 300
Oct. 2 1915_
24,960,000
26,121,000 Sierra Pacific Elec. Co., pf. (qu.)(No. 25). $1
Nov. 1 Holders of rec. Oct. 18a
Oct. 10 1914_
35,052,000
18,351,000 Standard Milling. preferred (No. 25)._
234 Oct. 30 Oct. 26 to Oct. 31
Oct. 11 1913_ 14,288,000 20,464,000 34,752,000 13,608,000 13,821,000 27,429,000
Steel Co. of Canada.Ltd.,pf (on.)(No.17) 154 Nov. 1 Holders of rec. Oct. 16
k Thompson-Starrett Co. preferred
Nov. 15 Holders of rec. Nov. 8
4
Tonopah Mining of Nevada (quar.)
Oct. 21 Oct
15
1
to Oct. 7
DIVIDENDS.
United Cigar Mfrs., cont. (guar.)
Nov. 1 Holders of rec. Oct. 25a
1
Preferred (guar.)
131 Dee. 1 Holders of rec. Nov. 24a
The following shows all the dividends announced for the United
Cigar Stores of Amer., corn. (qu.)
134 Nov. 15 Holders of rec. Oct. 29a
United Eiectric Securities, pref.
future by large or important corporations.
Nov. 1 Holders of rec. Oct. 13a
United States Rubber, first pref. (guar.). $3
2.50 Oct. 30 Holders of rec. Oct. 15a
Dividends announced this week are printed in italics.
Second preferred (quar.)
134 Oct. 30 Holders of roe. Oct. 15a
Vacuum 011
3 Oct. 30 Holders of roe. Oct. 14
Warner(Chas.)Goof Del..Ist&VI pt.(qu.)
13.4 Oct. 28 Holders of recs. Sept. 300
Per
When
Books Closed.
Wayland Oil & Gas. pref.(No. 1)
3
Nov. 15 Holders of roe. Nov. la
Name of Company.
Cent. Payable.
Days Inclusive.
Westinghouse Air Brake (guar.)
$2 Oct. 30 Holders of roe. Oct. 8
westingrionse
Elec.
Mfg..
Sc
corn. (quar.)
Railroads (Steam).
134 Oct. 30 'Holders of reo. Sept.300
Willys-Overland, common (guar.)
Atoh. Top. dr S. Fe, corn. (qu.)(No. 42)- 134 Dec. 1 Holders of
154 Nov. 1 Holders of rec. Oct. 21a
rec. Nov. 5a Woolworth (F. W.),common (guar.)
Central RR.of New Jersey (guar.)
134 Dec. 1 Holders of rec. Nov. 10a
2
Nov. 1 Holders of rec. Oct. 22s
Cripple Creek Cont., corn. (qu.)(No. 24) 1
Dec. 1 Holders of rec. Nov. 20a
Preferred (guar.) (No. 40)
1
a Transfer books not closed for this dividend. b Less British income tax. d CorDec. 1 Holders of rec. Nov. 20s
Cuba RR., common
3
Nov. 1 Holders of rec. June 30a rection. e Payable in stock. f Payable in common stock. g Payable In scrip.
Delaware Lackawanna & Western (guar.) 2% Oct. 20 Holders of rec.
Oct. 4a h On account of accumulated dividends. I Transfers received in London on or beGrand Trunk Ry., guaranteed
1A
fore Sept. 8 will be In time to be passed for payment of dividend to transferees.
k Erroneously reported in previous issues as on common stock.




114 Nov. 1

134

134 Nov. 1
X

131

114

134
X

134

134

National Banks.-The following information regarding
national banks is from the office of the Comptroller of the
Currency, Treasury Department:
APPLICATIONS TO CONVERT APPROVED, SEPT. 23 TO 27.
The Greenleaf State Bank, Greenleaf, Kan., into "The Greenleaf National Bank." Capital, $25,000.
The Marshall Bank, Marshall, Ark., Into "The First National Bank of
Marshall." Capital, $50,000.

Canadian Bank Clearings.-The clearings for the week
ending October 9 at Canadian cities, in comparison with the
same week of 1914, shows an increase in the aggregate of
1.6%.
Week ending Oveber 9.
Clearings at1915.
CanadaMontreal
Toronto
Winnipeg
Vancouver
Ottawa
Quebec
Halifax
Hamilton
St. John
Calgary
London
Victoria
Edmonton
Regina
Brandon
Lethbridge
Saskatoon
Moose Jaw
Brantford
Fort William
New Westminster
Medicine Hat
Peterborough
Total canana

1249

THE CHRONICLE

Om. 16 19154

Inc.or
Dec. ' 1913.

1914.

$
%
$
56,574,033 55,000,664 +3.2
39,376,420 38,656,187 +1.9
44,064,167 40,244,232 +9.5
6,638,472 8,086,677 -17.9
4,509,669 4,334,300 +4.0
3,713,036 4,151,068 -10.5
2,405,197 1,768,341 +36.0
3,360,279 3,501,637 -4.0
1,597,329 1,743,830 -8.4
3,510,663 8,858,750 -1.2
2,054,149 1,009,203 +7.6
1,458,390 2,008,313 -27.4
1,837,778 2,559,845 -28.2
2,391,373 2,280,363 +4.9
683,853 -7.6
631,572
386,682 +31.8
509,392
1,388,172 1,312,722 +5.8
1,035,464 1,032,264 +0.3
735,818 -15.5
621,315
531,072 1,099,150 -51.7
386,396 -14.0
332,616
415,043 +12.4
466,708
431,123 -0.7
427,992
179.435,258 176,586,450

$
64,002,547
46,644,615
42,869,571
11,969,840
4,519,472
3,412,072
2,440,047
3,446,909
1,696,543
8,119,033
1,831,665
3,531 828
4,034,656
3,273,634
753,004
618,838
1,772,859
1,174,667
753,197
1,139,722
633,786
571,024

By Messrs. R. L. Day & Co., Boston:
Shares. Stock.
7 Nat. Shawmut Bank
10 Boylston Nat. Bank
6 Warnsutta Mills
27 Fremont & Suffolk Mills

By Messrs. Francis Henshaw & Co., Boston:
$ per sh.
$ perch. Shares.
Shares.
1 Boston Athenaeum,$300 par_ _331
121
100 Pacific Mills
1 Heywood Bros. & Wakefield,
1 Naumkeag S. Cotton,rights on 216%
common
1134
6 Merrimack Chem. Co., $50 ea _135

Imports and Exports for the Week.-The following are
the reported imports at Now York for the week ending
October 9 and since the first week of January:

1912.
$
60,745,808
42,972,946
31,230,895
13,468,603
4,428,783
3,584,576
2,673,289
3,311,434
1,825,459
5,676,647
1,808,364
4,169,210
4,434,958
2,831,482
056,759
536,148
2,640,280
1,325,409
684,394
823,579

$ per sh. Shares. Stock.
$ per sh.
39 No. Boston Ltg. Properties
198
105
130
rights
117
9 Plymouth Cordage Co., ex-div_193
105

FOREIGN IMPORTS AT NEW YORK.
For Week Ending OCI. 9.
Dry Goods
General Merchandise

1914.

1915.
42,889,807
14,982,010

I

$3,622,6311
15,019,438

1913.
64,224,508
15,385,446

1912.
42,962,492
15,002,054

$17,871,8171 $18,642,069. $19,609,954 $17,984,546
1
$91,531,2531134,618,108 $117,483,501 4113.971,292
654,265,4841 630,721,597, 635,765,232 656,591,477

Total
Since Jan. 1.
Dry Goods
General Merchandise

$745.856,737 $765,339,705 $753,248,733 $770,582,769

Total 40 weeks

EXPORTS FROM NEW YORK.
Week Ending Oct. 9.
For the week
Previously reported

1914.

1915.

1913.

I

1912.

$29,405,122 $17,512,914 413,121,933 416,682.718
.1217072.238 629,222,020 663,671,454 618,199,947
1246477,330 $646 734,934 $676,793,3874633;782,365

Total 40 weeks

* Adjusted to -conform to monthly figures.

+1.6207.200,529 180.729.023

The gold and silver exports end imports for the week and
Auction Sales.-Among other securities, the following, since January 1 have been as follows:
EXPORTS AND IMPORTS OF SPECIE AT NEW YORK.
not usually dealt in at the Stock Exchange, were recently sold
at auction in New York, Boston and Philadelphia:
Imports.
Exports.
Week ending Oct. 9
By Messrs. Adrian H. Muller & Sons, New York:
Per cent. Bonds.
Per cent.
Shares. Stocks.
$4,000 Chic. It. I. & Pac. RR. 4s,
14 Stock Quotation Teleg. Co...J30
2002, May 1914, coupons
1 Chic. City az Conn. Rys. corn.
lot
$2
on -$98 .5 Paid on acct. $4 lot
tr. ctf
6,000 Arkansas (State) RR. aid
6 Chic. City & Conn. Rys., pref.
$30 lot
bonds, Ark. Cent'. Ry.,
tr. ctf
150
tr. certfs
47 Pacific Fire Ins. Co
$53i per bond
Per cent. 56,500 Arkansas State Levee bonds
Bonds.
Jan. 1873, coupons on
$1,000 Chamber of Corn., N. Y.,
75e. per $1,000
Bldg. Fund sub.Incomes. 11'34

By Messrs. Barnes & Lofland, Philadelphia:

$ per sh.
Shares. Stock.
50 George M. Moss Co.,$50 each. 5
350
1 Gloucester Land Co
250
15 Third National Bank
3i
_108
prof_
1st
Pa.,
of
Co.
Finance
4
6 Finance Co. of Pa., 2d pref___102%
ii The Antlers Hotel Co., Colo.,
10
common
50 Guardian Tr. Co., K. C.,
8
Mo. tr. at.
2 Broad Street Bank,$50 each... 60
415
10 Central National Bank
1303i
20 Aldine Trust Co
10 Continental-Eqult. Tr. Co., 8914
$50 each
5 Commonwealth T. I. & T. Co_22534
5 Guarantee Tr., Atlan. City.. 200
10 Market St. Title & Tr.,$50 ea. 65

Shares. Stock.
$ per sh.
2 Philadelphia Trust Co
721
17 Phil. G.& Norris RR.,$50 ea-1403i
1 John B. Stetson Co., corn__ _ ..36134
132 Amer. Pipe & Construe
25
65 Phila. & Camden Ferry, $50
each
12 H.K. Mulford Co.,$50 eaelh°6
-In
1 Pa. Academy of Fine Arts__ _. 33
14 Phila. Bourse, corn. $50 each
6
30 Elmira & Wmsport RR
4735
Bonds.
Per cent.
$1,000 Pottstown & Phoenixv. fly.
1st & ref. 5s, 1942
9034
8,000 Washington Gas Lt.gen. 5s,
1960
105
2,000 Camden & Sub. fly. 1st 5s,
1946
102

Since
Jan. 1.

Gold.
Week.

Week.

Since
Jan. 1.

$3,072,303 $8,672,906
11,519,880

Great Britain
raance
Germany
West Indies
Mexico
South America
All other countries

$2,000 $11,496,338 1,659,850 4,171,146
12,007 1,434,135
22,010
185,013 11;613,862
719,140
65,367 5,287,869
61,500
12,000 612;298,988 $4,994,540 $42;699,798
111,537 7,321,989
448,220 128;047,168
653,694 17,461,036
68,778,546

Total 1915
Total 1914
Total 1913
Silver.
Great Britain
France
Germany
West Indies
Mexico
South America
All other countries

$870,164 26,851,849
2,129,075

80.02
94,099

1.702,377
3.700
209,079
42,575

5994,288 830,098,655
703,093 34,069,159
1,010,702 39,379,641

Total 1915
Total 1914
Total 1913

415,868
13,598

$990

93,859
95,152
5,261

817,419
2,956,704
2,943,879
976,661

$195,262 $7,223,119
114,560 7,198,203
148,132 8,041,875

Of the above imports for the week in 1915. $1,050 were American gold
coin. Of the exports during the same time 82,000 were American gold coin.

The Federal Reserve Banks.-Following is the weekly statement issued by the Federal Reserve Board on Oct. 9:
The comparative statement for Oct. 1 was revised, so as to include the New Orleans figures for that date which were not available last Saturday'
million
The statement indicates a gain of 1.2 million dollars in gold reserve and a gain of 6.0 millions in total reserve. Those totals are exclusive of 7.3amount
The
dollars not of gold transferred during tho week to Federal Reserve Agents to reduce the banks' liabTtles On outatanding reserve notes.
340.5millions
Sept.
on
and
10
milltens
the
381.3
agents
compared
with
and
millions,
roaches
banks
now
tho
the
both
415.5
by
total
about
of
hold
of gold
about three months ago. The New York bank reports a gain in total reserve of 3.1 millions, Boston a gain of 1.5 millions and*Dallasa gain of 1 million
dollars.
An increase of about ono-half million in blIls•discounted and bought is reported,largely as the result of increased holdings.of commaraial paler at
tho Atlanta and Kansas CitY banks. Thoaanonnt of bank acceptances thicroased slightly.during tho week,though Now York reports a gain of about 290.000 in the amount of bank Pailor on hand. This class of paper constitutes now 32.8% of the total amount of bills on hand, as against 29.9 a mon ago.
with 11% for the correand 26.2% at tho end of tho corresPonding week in July. About 13% of all the paper hold matures within IC days, compared
sponding week in September, while 30.4% as against 27.9% matures aor 10 but within 30 clays.
of municipal wartotal
The
Minneapolls•banks.
States
bonds
United
and
are
Philadelphia
of
City,
purchases
reported
by
Kansas
the
Additional
of earning funds
rants held decreased about $350,000, all the three Eastern banks reporting smaller fignrOe than the week boforo. The aggregate amount
millions on thecorro58.5
and
before,
month
stands
now
at
the
millions
investments,
about
75.3
81.9
against
-s
a
million
dollars.
and
bills
comprising
wook.Momber
past
of
end
the
the
at
earning
150%
of
funds
ratio
about
to
to
July
increased
from
in
capital has
108%
snonaina(late in July. Tho
underthis
bank deposits increased about 1.9 million dollars during the weak, the New York, Boston and St. Louis banks showing considerable increases
head.
net addithe
banks,
represents
the
of
millions
7.6
which
to
of
total
issued
148.6
notes
a
million dollars of Federal Reserve
Federal Reserve Agents report
total note circution for the past week. Against the above total, the agents bold 130.6 millions of gold and 18.3 millions of paper. The hanks report a
total
liability
thereon
a
of
and
15.2
dollars.
million
dollars
lation of 130.3 million

The figures of the consolidated statement for the system as a whole are given in the following table, and in addition
we present the results for each of the eight preceding weeks, thus furnishing a useful comparison. In the second table we
show the resources and liabilities separately for each of the twelve Federal Reserve hanks. The statement of Federal Reserve
Agents' Accounts (the third table following) gives details regarding the transactions in Federal Reserve notes between the
Comptroller and the Reserve Agents and between the latter and the Federal Reserve banks.
COMBINED RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BANKS AT THE CLOSE OF BUSINESS OCTOBER 8 1915.
Oct. 8 1915. tOct. 1 1915.. Sept. 24 1915,Sept. 17 1915 Sept.10 1915 Sept. 3 1915.IAug. 27 1915!Aug. 20 1915 Aug.131915
RESOURcles.
Gold coin and certificates in vault
Cold settlement fund
Gold redemption fund with U. S. Treasurer
Total gold reserve
Legal tender notes, sliver, &c
Total reserve
Bills distounted and boughtMaturities within 10 days
Maturities within 30 days
Maturities within 60 days
Maturities within 90 days
Maturities over 90 days
Total
Bank acceptances (included in above)




$227,769,000 $227,274 000 $220,972,0091$224,402,000 $212,130.0 5209,369,000 5211.145,000 5205.951.000 5209,697.000
55,830,000 55,180,000 59,050,0031 63,040,000 68.600,000 57.880.000 55,930,000 54,930,000 53,490,000
1.162.000 1,104,000 1,104,000 1,084.000
1.197.000
1,232,0391
1,212,000
1,202,000
1.187.0001
4268.179.000 $261,985,000 1264.271.000
5268.411,000
$232.007,000
4288,1139,000
$284,831,000 5233,656,000 8290,221,03e
21,302,000. 16,493,000 22,920,031 16,001.000 20.235.0001 19.274,000 19.878,000 27,117.000 20.949,000
5306,133,000 $300,149,000 $313,144,003 $304,640,000 4302.242.0
$5,893,000
13,806,000
15,102,000
9,154,000
1,320,000

$5,765,000
12,267,000
15,790,030
9,606,000
1,452,000

57,437,000 *34.784,000
11,997,030 .12,997,000
15,581,000 .17,452,000
7,293,000
8,173,000
1,213,000
1,135.000

5287.685.000 5288.057,000 $289.102.000 5285.220.000

$4,734,000 *44938000
12.085,000 •11,348,000
16,532,000 •16,785,000
8,652,000 .8,490,000
1,255,000
1,395,000

54,445.000
10,658.000
17,209.000
8,582,000
1,945.000

44,475.000
10,264,000
16,168,000
0,156,000
1,688.000

53.441,000
10.215,000
14,968.000
10,170,000
2.024,000

$45,365,000 544,880,000 $44,431,000 $43,661,000 443.258,000 142,956,0001 542,839.000 541.751,000 540.813,000
8,740,000 12,209.000
12,985,000 12.918,000 13.039.0001 13.564.000

$14,804,000 $14,846,000 $13,058,000

1250

THE CHRONICLE

[VOL. 101.

Oct. 8 1915. Oct. 1 1915.* Sept. 24 1915 Sept. 17 1915 Sept. 10 1915 Sept. 3 1915 Aug.27 19151 Aug. 20 1915 Aug. 13 1916
1
,
RESOURCES (Concluded).
Brouphtforward (total reserve & bills cllsc'ted) $351,498,000 $345,029,000 $357,575,000 $348.301.0001$345,500,000 $330.641.000
$330,396.000 $330,853.000 $326.038.000
Investments: U. S. bonds
Municipal warrants
Federal Reserve notes-Net
Due from Federal Reserve banks-Net
All other resources

$9,483,000
27,029,000
15,523,000
7,723,000
3,124,000

Total Resources

$9,329,000
27,381,000
15,378,000
11,194,000
3,326,000

$9,323,000
24,943,000
14,866,000
7,409,000
3,577,000

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

8,852,000
23,710,000
13,375.000
8,142,000
3,841,000

8,843,000
24,013,000
12,911,000
7,761,000
4,075,000

8,836,000
25,808,000
12,491.000
6.990.000
4.962,000

8,740,000
18.553,000
12,740,000
6.805.000
4,777,000

8,607.000
18,558,000
11.266.000
4.028,000
5,623,000

$414,380,000 $411,637,000 $417,700,000 $406,188.000 $403,420.000 5388,274,000 $389,983,000 $382,468,000 $374,120,000

LIABILITIES.
Capital paid in
Government deposits
Reserve deposits-Net
Federal Reserve notes-Net
All other liabilities

$54,781,000 $54,728,000 $54,748,000 $54,749,000 $54,772,000 $54,762,000 $54,689.000 $54,329.000 $54,331,000
15,000,000 15,000,000 15,000,000 15,000,000 15,000.000
326,787,000 324,884,000 329,941,000 316,953,000 313,053,000 312,316.000 316,989,000 310,0P5,000 301,926,000
15,225,000 14,359,000 15,344,000 16,562.000 17,527,000 17,670,000 16,738,000 15,847,000
15,723,000
2,587,OQO
2,666,000
2,663,000
2,924,000
3.068,000
3,526,000
1,567,000
2,197,000
2,140,000

Total liabilities

$414,380,000 $411,637,000 5417,700,000 $406,188,000 $403,420,000 $388,274,000 $389,983,000 5382.468.000 $374,120,000

Gold:reserve against net liabilities (a)
Cash reserve against net liabilities (a)
•
Cash reserve against liabilities after settinq
aside 40% gold reserve against net,
,
i•r"
,
amount of Federal Reserve notes in
11. oiroulation
(a)After deduction of items in transit bekg tweeia Federal Reserve banks, via
Federal Reserve NotesDe Issued to the banks
Ii hands of banks
Ii circulation

82.2%
88.7%

84.9%
89.6%

83.6%
89.6%

83.3%
89.3%

82.1%
88.2%

82.1%
90.6%

84.3%
90.9%

89.8%

89.6%

91.0%

92.1%

92.3%

92.1%

90.3%

93.2%

93.6%

$7,723,000 $11,194,000

$7,409,000

$8,533,000

$8,142,000

$7,761,000

$6,990,000

$6,805,000

$4,028,000

$130,322,000 $122,218,000 $115,662,C00 $108,622,000 $103,508,000 $99,495,000 $95,233,000 $92,833,000 $90,263,000
$130,623,000 $123,301,000 $115,180,000 $104,541,000 $99,356.000 $94,766,000 $90,986,000 $89,726,000 $85,806,000
15,225,000 14,295,000 15,313,000 16,562,000 17,527,000 17.670,000 16,738,000 15,847,000 15.723,000
15,523,000 15,378 001
14,866,000 12,481,000 13,375.000 12,941,000 12,491.000 12,740,000 11,266,000

Amount ehargeable to Agent
9 In hands of Agent

1

82.7%
87.5%

$148,590,000 $141,000,000 5133,060,000 $124,000.000 $119,851,000 $114,531,000 8109,901,000 $107,691,000 5102,571,000
18 268,000 18,782,000 17,398,000 15,378,000 16,343,000 15,036,000 14,668,000 14,858,000 12,308,000

Gold"and lawful money with Agent
Carried to net liabilities
Carried to net assets
WIN
"'moral Reserve Notes (Agents' Accounts)'0, Received from the Comptroller
roi Returned to the Comptroller

0

81.5%
87.6%

$190,880,000 $175,820,000 $171,860,000 6165,400,000 $160,160,000 $157,160,000 $155,860.000 $148,460,000 $143,260,000
745,000
745,000
605,000
505,000
455,000
455,000
435,000
395,000
395,000
$190,135,000 $175,075,000 $171,255,000 8164.895.000 $159,705,000 8156,705.000 $155,425,000 $148,065,000 $142,865,000
41,545,000 34,075,000 33,105,000 40,895.000 39,854,000 42.174,000 45.524,000 40,374,000 40,291,000

Issued to Federal Reserve banks._ $148,593,000 $141,000,000 8133,060,000 $124,000,000 8119,851,000 $114,531.000 3109,901.000 $107,691,000 $102,571,000

Hato SecuredBy gold coin and certificates
$116,630,030 $110,451,000 $105,235,000 $96,826,000 $98,956,000 $94,386,000 $90,606,000 $89,361,000 $85,446,000
By lawful money
5,000
5,000
By commercial paper
17,970,001
17,699,000 17,880,000 19,447.000 20,495.000 91.765,000 18,915 000 17,965.000 16,765,000
Gold redemption fund held by U.S. Trel
490,000
450,000
440,000
410,000
400,000
380,000
380,000
365,000
360,000
13,501,000
Gold settlement fund held by U. S. Tre'
12,400,000
9,500,000
7,300,000
Total

$148,591,000 $141,000,000 $133,060,000 b$123988000 $119,851,000 $114,531,000 3109,901,000 5107,691,000 $102,571,000

CoMatersial paper turned over to Agent

$18.267.000 818.093.000 318.113.000 319.476.000 $20,546,000 320.070.000 319.350.000 318.852.000 $17.602.000

• Asteaded figures. b Deficiency of $12,000 offset by funds In the Gold Redemption Fund.
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF EACH OF THE 12 FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS OCT. 8 1915
Boston.

New York. Philadel'a I. Cleveland. Richmond. Atlanta.

RESOURCES.
Gold coin & ctfs. In vault 14,717,00 133,952,00
Gold settlement fund__ 3,257,000 1,954,00
Gold redemption fund__
55,00
6,00

$
8,938,00 11.377,00
3,497,00 3,850,00
37,00

Chicago. St. Louis. Minneap. Kan. CUy. Dallas. San Fran.

Total.

$
$
3
$
5,917,000 6,074,000 26,727,000 2,811,000 2,984,000 4,410,000 3,997,000 5,865,000 227,769,000
6,517,000 2,548,000 14,111,000 5,032,000 3,733,000 2,711,000 5,789,000 2,851,000 55,850,000
225,00
375,000
35,000
30,000
87,000
341,000
21,000 1,212,000

Total gold reserve__ 17,980,000 135,561,00012,472,000 15,227,00012,809,000 8,847,000,40,838,000 7,878,000, 6,747,006 7,208,000 10,127,00 8,737,000234,831,000
Legal-ten.notes,silv.,&c
47,00 15,368,0 11 2,490,00 1,001,00
194,000
148,000 1,097,000
90,000
8,000
430,000
424,000
7,000 21,302,000
Total reserve

18,027,000 151,329,0

Bills discounted&bough
Commercial paper.._ _
154,0
Bank acceptances_ ___ 4,038,00
Total

4,192,00

Investments: U. S. bds_
491,00
Municipal warrants_ _ 3,735,000
349,00,
Fed. Res've notes-Net.
Due from other Federal
512,00
Reserve banks-Net_
All other resources
401,00
Total resources

14,962,00 16,228,000 12,899,000, 8,995,00041,935,000 8,072,0

417,0
5,128,0

333,00
1,441,00

5,546,00

1,774.000 1,168,00

9,231,00
9,089,00

887,00
344,000
3,017,000 3,691,00
320,00
307,000

382,00

2,539,000
692,000

586,000 7,573,0001 6,587,000 1,667,000 1,441,0 , 1,590,000 2,339,000 6,672,000 1,202,000 30,561,000
582,000
100,000,
1,562,000 504,000 325,00
493,000
631,000 14,804,000

745,00
120,000i

Total liabilities

7,673,000,

6.587.0001

3,229,0001 1,945,000 1,915,000 2,832,000 6,672,0001 1,833,000 45,365,000

3,986,000
242.000 1,032,000 1,501,000
4,0001 2,970,000 1,153,000, 770,000
821,000
2,170,000 1,072,000 558,000
967,000
208,000

289,0001 2,336,000, 1,628,000
224.000j 152,0001 212,000,

493,000
64,000

1,000,000 9,483,000
1,637,000 27,029,000
1,658,000 15,523,000
1,087,000 1,608,000 07,723,000
123,000
79,000 3,124,000

467,00

27,707.000175,576,0I' 23,635,00023,159,000 21,747,000 16,099,00056,778,000,14,324,00611,585,000 13,259,000 18,433,000 16,559,000'414,380,000

LIABILITIES.
Capital paid in
5,181,00 10,987,000 5,267,000 5,944,000
Government deposits..
Reserve deposits--Net__ 22,526,000157,806,00018,368,000 17,215,000
.Fed. Res've notes-Net_
Due to F.R.banks-Net
4,401,0001
All other liabilities
2,379,000

Federal Reserve NotesIssued to banks
In hands of banks__

6,753,000 7,638,000 10,551,000 8,744,000306,133,000

2,418,000 6,633,000, 2,782,000 2,491,00011 3,023,000 2,705,000 3,932,000 54,781,000
5.000,000
5,000,00
15,000,000
5,515,00050,145,00011,542,000 9,094,0001 9,000,000 5,519,000 12,627,000326,787,000
3,097,000,
1
1,159,000 5,140,00
15,225,000
77,000
139,000
69,000
2,587,000

3,358,000
5,000,000
7,430,000
5,820,0001

27,707,000 175,576,000 23,635,000 23,159,000 21,747,000 16,009,00 56,778,000 14,324,000 11,585,000 13,259,00018,433,000 16,559,000414,380,000
5,320,000 64,020,00eJ 5,390,000 7,400,000 12,100,00011,450,000 4,380,000 4,825,000 7,500,000 7,080,000 15,125,000 4.000,000148,590,000
349,000 9,359,000 307,0001 320,000
280,000 853,000 2,170,000 1,572,000 558,000
406,000
436,000 1,658,000 18,268,000

F. R. notes in circulation 4,971,000 54,661,000 5,083,000 7,080,000 11,820,000 10,597,000 2,210,000 3,253,000 6,942,000 6,674,000 14,689,000 2,342,000 130,322,000
Gold and lawful money
with agents
5,320,000 63,750,00
Carried to net liabilities..
Carried to net assets_ _ __
349,000 9,089,00

I

I

1
5,390,000 7,400,000 6,000,000 7,500,000 4,380,000 4,325,000 7,500,000 5,515,000, 9,540,000 4,000,000 130,620,000
5,820,000 3,097,0001
1,159,000 5,149,000;
15,225.000
320.000
307,000
2,170,000 1,072,000 558,000
I 1,654,000 15,523,000

(a) Items in transit, I. e., total amounts due from less total amounts due to other Federal Reserve banks.
STATEMENT OF FEDERAL RESERVE AGENTS ACCOUNTS
Boston.

New York. Philadel'a Cleveland. Richmond. Atlanta.

OCT. 8 1915.

Chicago. I St. Louis. Minneap. Kan. City. Dallas. 1San Fran.

Total.

Federal Reserve Notes$
$
$
$
$
$
$
$
I
$
s
$
$
I
I
s
Rec'd from Comptroir 11,800,000 67,560,000 9,280,001 8,000,001 12,800,000 15,200,0 0 0 9,380,000 6,600,000 13,000,000 9,000,000 18,260,000 10,000,000 190,880,000
Returned to Comptr'r
300,001
310,000
120,000
15,000
1
745,000
Chargeable to Agent__ 11,500,011 67,560,000 8,970,001 8,000,000 12,800,000 15,200,001 9,260,000 6,600,00613,000,000 9,000,000 18,245,00610,000,0001 190,135,000
In hands of agent,close
1
of business Oct. 8_ .. 6,180,001 3,540,000 3,580,010
600,001
700,0001 3,750,011 4,880,000 1,775,000 5,500,000 1,920,000, 3,120,000,1 6,000,000 41,545,000
Issued to F.R.bank__ 5,320,001 64,020,0001 5,390,001 7,400,00012,100,000'11,450,001 4,380,000 4,825,000 7,500,000 7,080,000,15,125,006, 4,000,000 148,590,000
Held by F. K. agentGold coin & certfs....__ 5,320,001 63,750,000 5,390,001 7,030,001
4,260,000 4,325,001 7,500,000 5,515,006 9,540,000 4,000,000 116,630,000
Lawful money
Notts secured by commercial paper
270,000
6,100,000 3,950,0001
500,000
1,565,000 5,585,000
17,970,000
F.R.Agents' credit bals.:
Gold redemp. fund
I
370,00
120,0
490,000
With F.It. Board_
6,000,000_7,500,0013,500,000
Total
5,320,001 64,020,000 5,390,001 7,400,000 12,100,000 11,450,00 4,380,000 4,825,001 7,500,000 7,080,000 15,125,000 4,000,000 148,590,000
Amount comm'l paper
turned Aver tn P• Ft aszt
270()an
R Ice non 4 (155 non
nnn non
1 MR ono 5 745 nnn
IR 2e7 000




THE CHRONICLE

(Jcrr. 16 1915.)

1251

Statement of New York City Clearing-House Banks and Trust Companies.-Thefollowing detailed statement shows
the condition of the New York City Clearing-House members for the week ending October 9. The figures for the separate
banks are the averages of the daily results. In the case of the totals, actual figures at the end of the week are also given.
In order to furnish a comparison, we have inserted the totals of actual condition for each of the three groups and
also the grand aggregates, for the four preceding weeks.
NEW YORK WEEKLY CLEARING-HOUSE RETURN.
CLEARING HOUSE
Capital.
MEMBERS.
Week Ending
October 9 1915
(005 omitted.)

Net
Profits.

Loans,
Discounts,
Investm'ts,
(Nat. D'ks Sept. 2}
&c.
'State B'ksSept.25

Members of Federal
Reserve Bank.
Bank of N. Y., N.B.A.
Merchants' Nat. Bank_
Mech.& Metals Nat.._
National City Bank__
Chemical Nat. Bank__
Atlantic National Bank
Nat. Butchers'& Drov_
Amer. Exch. Nat. Bank
National Bank of Corn.
Chatham & Phenix Nat
Hanover National Bank
Citizens' Central Nat..
Market & Fulton Nat__
Importers' & Traders'._
National Park Bank__
EastRiver Nat.Bank__
Second National Bank
First National Bank__
Irving National Bank__
N. Y. County Nat. Bk.
Chase National Bank__
Lincoln National Bank_
Garfield National Bank
Fifth National Bank__
Seaboard Nat. Bank...
Liberty National Bank_
Coal & Iron Nat. Bank.
Union Exchange Nat__
Nassau Nat. Bank__
Broadway Trust Co...

$
2,000,0
2,000,0
6,000,0
28,000,0
3,000,0
1,000,0
300,0
5,000,0
25,000,0
3,500,0
3,000,0
2,550,0
1,000,0
1,500,0
5,000,0
250,0
1,000,0
10,000,0
4,000,0
500,0
5,000,0
1,000,0
1,000,0
250,0
1,000,0
1,000,0
1,000,0
1,000,0
1,000,0
1,500,0

$
4,673,6
2,180,9
9,155,8
34,942,3
8,020,4
783,8
76,6
5,089,9
18,053,4
1,703,9
15,583,2
2,604,6
1,980,9
7,698,8
15,590,1
71,6
3,248,3
23,164,9
3,907,6
1,225,3
9,750,7
1,905,4
1,278,7
401,0
2,871,2
3,095,7
686,9
1,002,9
1,119,3
903,7

Average.
$
38,319,0
30,138,0
108,688.0
306,282,0
31,683,0
10,424,0
1,964,0
82,607,0
213,554,0
49,025,0
102,063,0
26,761,0
9,028,0
32,775,0
134,098,0
2,256,0
16,028,0
156,384,0
56,128,0
9,580,0
152,617,0
17,034,0
8,894,0
4,588,0
34,740,0
48,524,0
7,918,0
9,972,0
9,051,0
16,366,0

Gold.

Legal
Tenders.

Silver.

Nal.Bank Nat.Bank Federa
Notes
Notes
Reserve
[Reserve
[Not
Bank
for State Counted
Notes
Instittsas
[Not
lions]. Reserve]. Reserve].

Average. Average. Average. Average. Average. Average.
$
$
$
$
$
$
2,916,0
5,0
876,0 1,081,0
1,328,0
474,0 1,828,0
10,0
44,0
18,166,0 0,533,0 4,358,0
135,0
50.0
78,851,0 4,093,0 7,013,0
173,0
846,0
4,897,0 2,511,0 2,843,0
40,0
973,0
317,0
113,0
18,0
100,0
101,0
27,0
3,0
6,329,0 1,577,0 1,796,0
121,0
32,0
18,445,0 5,325,0 2,391,0
133,0
120,0
3,281,0
623,0 1,202,0
424,0
179,0
24,387,0 2,353,0 3,827,0
20,0
95,0
1,618,0
207,0
973,0
72,0
43,0
1,175,0
624,0
582,0
98,0
36,0
1,787,0 1,202,0 1,693,0
55,0
10,860,0 1,734,0 3,638,0
151,0
87,0
52,0
170,0
9,0
811,0
229,0
621,0
50,0
54,0
24.828,0 1,353,0 1,826,0
68,0
7,972,0 2,781,0 5,181,0
17,0
415,0
441,0
94,0
680,0
175,0
18,0
37,417,0 5,315,0 4,002,0
121,0
142,0
1,153,0
919,0
304,0
81,0
97,0
699,0
265,0
562,0
46,0
85,0
150,0
106,0
190,0
7,0
2,929,0 1,312,0 3,322,0
29,0
20.0
3,099,0
485,0 1,288,0
21,0
124,0
940,0
177,0
216,0
24,0
9,0
182,0
250,0
578,0
17,0
7,0
255,0
185,0
449,0
35,0
9,0
1,447,0
148,0
453,0
169,0
127,0

Totals, avge.for week 118,350,0 182,771,2 1,725,445,0 255,503,0 44,881,0 53,303,0
Totals, actual condition
Totals, actual condition
Totals, actual condition
Totals, actual condition

Oct.
Oct.
Sept
Sept.

9
2
25
18

State Banks.
Not Members of
Federal Reserve Bank.
Bank of Manhattan Co_ 2,050,0 4,939,0
1,500,0 6,118,7
Bank of America
600,0 1,193,9
Greenwich Bank
500,0 1,000,5
Pacific Bank
438,3
200,0
People's Bank
Metropolitan Bank.... 2,000,0 1,935,1
Corn Exchange Bank._ 3,500,0 6,736,7
765,7
250,0
Bowery Bank
703,7
750,0
German-A inerIcan Bank
100,0 2,240,2
Fifth Avenue Bank _ _ _ _
795,4
200,0
German Exchange Bank
999,7
200,0
Germania Bank
Bank of Metropolis-. 1,000,0 2,134,0
683,4
200.0
West Side Bank
958,9
N. Y. Produce Exch.Bk 1,000,0
505,6
1,500,0
State Bank
Totals, am.for week_ 15,450,0 32,148,8
Totals, actual condition
Totals, actual condition
Totals, actual condition
Totals,actual condition

Oct.
Oct.
Sept.
Sept.

9
2
25
18

Reserve
with
Legal
DeposiCaries.

Excels
Due
from
Reserve
Deposifortes.

Average. Average
$
3
2,608,0
2,139,0
9,057,0
30,343,0
2,748,0
1,072,0
130,0
6,967,0
15,958,0
3,639,0
9,104.0
2,113,0
932,0
2,256,0
9,900.0
180,0
979,0
12,091,0
4,832,0
673,0
15,696,0
1,230,0
724,0
315,0
3,342,0
4,438,0
864,0
742,0
588,0
1,299,0

Net
Demand
Deposits.

National
Net
Bank
Time
MenloDeposits. lion.

Average. Average. Average.
$
S
$
35,969,0 1,558,0
798.0
29,811,0
1,951,0
124.473,0 3,750,0 4,962.0
356,129,0 1,097,0 2,122.0
33,228,0
25,0
450.0
10,797,0
17,0
381.0
1,646,0
61,0
50.0
83,825,0
935,0 4,813,0
210,897,0
125,0 3,343,0
46,252,0 5,495,0 1,150,0
123,083,0
305,0
23,905,0 1,234,0 1,639,0
9,481,0
80,0
30,540,0
50.0
135,802,0
589,0 3,630,0
2,063,0
50,0
13,062,0
673,0
158,996,0
125,0 4,706.0
68,672,0
127,0
740,0
9,694,0
199.0
198,888,0 1,352,0
450,0
17,198,0
32,0
880,0
8,751,0
349,0
4,485,0
86,0
248,0
41,828,0
100,0
405,0
51,228,0 2,301,0
500,0
8,340,0
398.0
9,352,0
47,0
400,0
8,300,0
9,0
267,0
17,364,0
134,0

2,327,0

2,350,0 146,759,0

1,874,057,0 19,199,0 35,998,0

2,322,0
2,116,0
2,546,0
2,980,0

2,614,0 147,430,0
2,202,0 146,705,0
2,604,0 144,246,0
1,724,0 143.190,0

1,881,880,0
1,863,748,0
1,841,388.0
1,807.122,0

1.735,213,0 254,844,0
1,708,226,0 258,471,0
1,685,454.0 270,445,0
1,837,225,0 279,697,0

42,134,0
45,571,0
37,983,0
41,248,0

54,150,0
57,019,0
58,355,0
52,759.0

41,800,0 10,065,0
34,739,0 4,668,0
10,545,0 1,015,0
5,138,0
425,0
2,430,0
143.0
12,358,0 1,264,0
80,273,0 11,528,0
3,291,0
305,0
4,948,0
844,0
15,433,0 2,240,0
3,815,0
453,0
5,947,0
628,0
13,378,0
890,0
4,521,0
274,0
12,244,0 1,937,0
19,450,0 1,569,0

2,922,0
2,392,0
238,0
480,0
48,0
1,107,0
4,141,0
34,0
220,0
925,0
46,0
94,0
551,0
205,0
783,0
286,0

2,136,0
753,0
439,0
97,0
127,0
840,0
4,351,0
62,0
70,0
1.108,0
91,0
198,0
1,012,0
94,0
582,0
571,0

106,0
54,0
288,0
133,0
13,0
44.0
1,308,0
51,0
12,0
48,0
68,0
100,0
75.0
35,0
123,0
428,0

159,0

51,000,0
34,876,0
11,292,0
4,737,0
2,715,0
11,628,0
97,875,0
2,937,0
5,203,0
17,096,0
3,597,0
5,957,0
12,522,0
4,351,0
13.779,0
21,572,0

270,314,0 38,048,0 14,472,0 12,530,0

2,888,0

34,0

7,511,0 1,422,0

301,137,0

144,0

272,188,0
265.886,0
270,572,0
288,963,0

3,079,0
2,583,0
2,880,0
3,044,0

116,0
7,0
9,0
59,0

8,316,0 1,440,0
7,287,0 1,403,0
6,916,0
991,0
7,082,0 1,120,0

299,906.0
291,456,0
287.258,0
301.430,0

141,0
68,0
68,0
4,844,0

138,0
15,0
130,0
61,0
133,0
499,0
31,0
29,0
179,0
256,0
24,0
56,0
52,0
347,0

13,0
19,0

1,031,0 2,858,0
8,674,0 9,585,0
1,935,0 9,072,0
907.0 1,292,0
1,099,0 5,385,0
3,539,0 23,979,0
379,0
509,
733.0 1,321.0
2,496,0 4,878.0
868.0 1,573,0
1,987.0 6,498,0
888.0
578.0
476.0
833.0
2,061,0 1,582.0

20,633,0 6,596.0
173,480,0 25,220,0
38,706,0 9,484,0
19,172,0 5,748,0
21,981,0
616,0
215,269,0 26,517,0
7,588,0
116,0
14.653,0
519,0
49,913,0 13,529,0
17,354,0
620,0
39,701,0 7,176,0
13,758,0 3,755,0
9.527.0 1,001,0
41,212,0 6,171,0

38,321,0 11,425,0 11,332,0
34,175,0 13,809,0 13.998,0
33,617,0 9,479,0 10,570,0
36,411,0 10,948,0 11,608,0

544,0
2,0
15,0

169,0

514,0

4,333,0
176,0
200,0

108,0

216,0
241,0

641,0

17,0
337,0
1,295.0

18,841,0
20,398,0
20,972,0
18,498,0

75,0
37,0

•

32,0

Trust Companies
Not Members of
Federal Reserve Bank.
Brooklyn Trust Co.- 1,500,0 3,605,6
10.000,0 13,594,2
Bankers Trust Co
U.S. Mtg.& Trust Co_ 2,000,0 4,201,8
1,250,0 1,339,6
Astor Trust Co
Title Guar.& Trust Co_ 5,000,0 12,045.5
10,000,0 23,186,3
Guaranty Trust Co
1,000,0 1,317,7
Fidelity Trust Co
Lawyers Title & Trust_ 4,000,0 5,090,2
Columbia Trust Co.... 2,000,0 7,568,0
1,000,0 1,438,0
People's Trust Co
3,000,0 11,119,2
New York Trust Co
1,000,0 1,105,9
Franklin Trust Co
1,000,0
541,4
Lincoln Trust Co
Metropolitan Trust Co_ 2,000,0 6,293,9

29,178,0 1,649,0
195,132,0 17,111,0
48.499,0 3,365,0
24,619,0 1,726,0
35,787,0 1.799,0
233.761,0 24,682,0
8,878,0
590,0
21,651,0 1,223,0
85,010,0 4,254,0
17,885,0 1,158,0
53,689,0 3,591,0
17,396,0
972,0
10,562,0
678,0
47,097,0 3,524,0

218,0
6,0
78,0
28,0
191,0
1,578,0
64,0
376,0
131,0
86,0
1,453,0
435,0
74,0
1,517,0

211,0
261,0
347,0
169,0
152,0
1,948,0
101,0
211,0
416,0
250,0
114,0
135,0
176,0
777,0

Totals. avge. for week_ 44,750,0 92,447,5

809.120,0 68,320,0

6,235,0

5,268,0

1,950,0

327,0 26,873,0 69,923,0

882,945,0 107,068,0

70,394,0 10,094,0 9,313,0
66,097,0 8,581,0 3,299,0
65,041,0 19,735,0 4,885,0
60,254,0 17,257,0 11,453.0

2,000,0
1,781,0
2,077,0
2,084,0

482,0
250,0
258,0
232,0

696,365,0 133,973,0
884,175.0 100,715,0
698,332,0 103,732,0
656,985,0 116,269,0

Totals, actual condition
Totals,actual cond[don
Totals,actual condition
Totals, actual condition

Oct. 0
Oct. 2
Sept. 25
Sept. 18

816,846,0
806,338,0
810,314,0
784.573,0

Grand Aggregate,avge_ 178,550,0 307,365,5 2,804,879,0 359,871,0 85,588,0
Comparison prey. week
+26,888,0-0,012,0 +804,0
9 2,824,247,0 363,559,0 64,553,0
Grand aggregate, actual condition Oct.
+43,797,0 +4,816,0 -1,388,0
Comparison prey. week
2 2,780,450,0 358,743,0 85,94170
Grand Aggregate actual condition Oct.
Grand Aggregate actual condition Sept. 25 2,786,340,0 369,103,0 87,197,0
Grand Aggregate actual condition Sept. 18 2,708,761.0 376,362,0 69,453,0
I
x Capital set aside for foreign branches 83.090.000

25,0
21
136,0
28.0
63.0
6,0
9.0
7,0

23,761,0 74,094,0
30.591,0 67,027.(
22,996,0 81,307,0
22,250,0 88,423,0

35,690,0
36,379,0
38,585,0
36.684.0

71,101,0
-116,0

4,838,0
-54,0

2,327,0
+20,0

2,711,0
, . 71.345.0 2.858,139,0 126,411,0 35,998,0
+14.01+7,907,0 -100520 +21,105,0 +3,745,0 -494,0

74,795,0
+451,0

5,079,0
+735,0

2,322,0
+206,0

3,212,0 179,507.0 75,534.0 2,878,151,0 132,955,0 35,690,0
+753,0-5,076,0 +71040 +38,772.0 +117740 -689.0

74,344,0
71,610,0
75,820,0

4,344,0
4,957,0
5,128.0

2,17670 -2,459,0 184,583,0 68,430,0 2,839,379,0 121,181.0 38,379.0
2,546,0 2,871,0 174,158,0 82,298,0 2,826,958,0 124,772,0 38,585,9
2,960,0 2,015,0 172,522,0 89,543,0 2,765,537,0 137,609,0 36,684,C

STATEMENTS OF RESERVE POSITION.
Averages,

Actual Figures.

Inc. or Dee)
I
Inc. or Dec.I
Cash Reserve Reserve in
Total
a Reserve
Surplus
from
1Cash Reserve( Reserve in
Total
b Reserve
Surplus
from
in Vault. Depositaries Reserve.
Required,
Reserve. PreviousiVeeki in Vault. IDeposita
Reserve.
Required.
Reserve. PreviousWeek
$
8
Members Federal
$
0
I
1
$
$
$
$
$
353,687,000 146,759,000500,448,000338,290,210162,155,790-11,030,320
Reserve Bank
147,430,000498,558,
339,680.45 158,877,55
12,423,910
67,936,000 7,511.000 75,447,000 54,204,680 21,242,340 +6,737,020 351,128,000
State Banks *
64,147,000 8,316,0001 72,473.000 53,983,08 18.489,92
-878.000
79,773,000,
26.873,000:
Trust Companies
106,646,000 102,441,750, 4,204,250
-5,000 92,701,000 23,761,000118,482,
104,454,75 12,007,25 +8,304.500
501,396,000181,143,000682,539,000494,938,620 187,802,380 -4,298,300 507,988,000179,507,000687,493,000
Total Oct. 9
509,774,000 173,236,000 683,010,000 491,109,320 191,900,880-16,860,580 503,272,000 184,583,000,887,955,000 498,118,28 189,374,72 - 6,997,410
Total Oct. 2
491,582,870196,372,13 -1,701,790
518,363,000 173,420,000 691,783,000483,021,740208,781,280 -8,239,080 512,867,000
Total Sept. 25
174,158,000,687,025,000 488,951,08 198,073.920-22,299 170
Total Sept. 18_ _ _ 523,818,000 169,244,000693,060,000476,059,680217,000,320 +7,113,480 526,763,000 172,522,000 699,285,000 478,911,910220,373,090
-3,749,900
* Not members of Federal Reserve Bank.
a This is the reserve required on Net Demand Deposits in the case of State Banks and Trust Companies, but In the ease of Members of the Federal
Includes also the amount of reserve required on Net Time Deposits, which Was as follows: Oct.9,$959,950; Oct. 2,$1,033,550: Sept. 25, $1,042,550; Sept. Reserve Banks.
18, $824,850.
b This Is the reserve required on Net Demand Deposits In the case of State Banks and Trust Companies. but in the case of Members of the
Federal Reserve Banks.
it Includes also the amount of reserve required on Net Time Deposits, which was as follows: Oct.9,$942,050; Oct. 2,$1,019,900; Sept. 25,$1,048,600;
Sept. 18,$824,800.




1252

THE CHRONICLE

[VOL. 101.

The State Banking Department reports weekly figures
In addition to the returns of "State banks and trust comshowing the condition of State banks and trust companies panies in New York City not in the Clearing House" furnished
in Now York City not in the Clearing House, and these are by the State Banking Department, the Department also
shown in the following table:
presents a statement covering all the institutions of this class
SUMMARY r3F ST‘TE BANKS AND TRUST COMPANIES IN GREATER in the whole State. The figures are compiled so as to distinNEW YORK, NOT INCLUDED IN CLEARING HOUSE STATEMENT.
(Figures Furnished by Slate Banking Department.) Differences from guish between the results for New York City (Greater New
October 9.
previous week. York)and those for the rest of the State, as per the following:
Loans and investments
$533,772,300 Inc. $3,067,300
Gold
51,015,000 Inc. 1,433,400
For definitions and rules under which the various items
Currency and bank notes
8,881,500 Dec.
133,100
Total deposits
753,418,590 Dec.
393,303 are made up, see "Chronicle," V. 98, p. 1661.
Deposits, elimlnatln; amounts due from reserve deThe provisions of the law governing the reserve requirepositaries and from other banks and trust companies in Nev York City, and exchanges
616,048,000 Inc. 9,951,800 ments of State banking institutions were published in the
Reserve on deposits
198,919,300 Dee. 5,415,200
Percentage of reserve, 32.3%.
"Chronicle" March 28 1914 (V. 98, p. 968). The regulaRESERVE.
tions relating to calculating the amount of deposits and what
Slate Banks
- -Trust CompaniesCash la vaults
210,621,800 11.21%
S19,237,993 9.45% deductions are permitted in the computation of the reserves
Deposits in banks and trust cos_ _
16,303,600 17.22%
122,701,000 23.54%
were given in the "Chronicle" April 4 1914 (V. 98, p. 1045).
Total

226,930,400 23.43%

5171,933,900 32.99%

The averages of the New York City Clearing-House banks
and trust companies, combined with those for the State banks
and trust companies in Greater New York City outside of the
Clearing House, compare as follows for a series of weeks past:
COMBINED RESULTS OF BANKS AND TRUST COMPANIES IN
CiREATER, NEW YORK.
We omit ciphers in all these figures.

Week ended- Loans and
Investments
July 17
July 24
July 31
Aug. 7
Aug. 14
Aug. 21
Aug. 28
'Sept. 4
Sept. 11
Sept.18
Sept.25
Oct. 2
,Oct. 9

$
r 3,145,394,3
3,158,507,4
3,153,863,0
3,184,089,5
3,192,566,3
3,227,324,2
3,239,060,6
3,244,100,9
3,255,146,3
3,285.207,2
3,317,767,9
3,358,398,0
3,338,651,3

Demand
Deposits.
3,124,117,8
3,138,535,5
3,147,063,8
3,161.053,4
3,172,513,5
3,227,946,4
3.256,872,5
3,280,386,0
3,231,909,7
3,356.088,0
3,396,150,6
3,443,128,2
3,474,185,0

Specie.

Other
Mousy.

Total
Entire
Money Reserve on
Holdings. Deposits.

407,474,4 84,165,2 491,639,8 777,173,8
414,895,2 84,463,7 499,358,9 789,583,3
419,001,4 84,187,0 503,188,4 806.293,6
419,238,5 83,077,0 502,313,5 799,090.0
434,942,9 83,119,3 518,092,2 812,298,7
449,279.3 83,967,5 533,247,3 828,407,2
456,750,1 81,539,1 538,289,2 847,557,2
473,413.8 83,874,0 557,287.8 878,958,4
431,187,9 82,700,5 563,888,4 873,985,2
498.657,5 83,684,2 542,341,7 901,059,6
498,161,0 80,832,3 378,993,3 899,749,4
490,681,8
888,344,5
482,017,2 79,288,5 561,305,7 881,458,3

STATE BANKS AND TRUST COMPANIES.
Stale Banks
Trust Cos.
State Banks
Trust Cm.
in
in
outside of
outside of
;Greater N. Y. Greater N. Y. Greater N. Y. Greater N. Y.

Week ended Oct. 9.

Capital as of Dec. 24..___

24,550,000;

67,300,000

10,913,000

Surplus as of Dec.2L

39,289,500

151,327,000

13,749,700

11,225,000

Loans and investments_
Change from last week _

344,508,200 1,306,432,300
+1,174,700 +7,643,300

139,585,600
+120,000

202,433,900
--51,800

Gold
Change from last week,

52,904,500 115,825,700
+8.294,900,
+224,400

Currency and bank notes_
Change from last week

25,851,800, 15,842,800
+281,200, -2,995,000

Deposits
491,905,100 1,623,188,000
Change from last week _ +13,289,700.-15,046,600

151,003,900
+1,190,800

218,267,800
+1,757,900

Reserve on deposit
111,893,000 367,025,600
Change from last week_ +11,457,800 -16,107,600

29,788,500
+1,289,900

34,107,600
+1,630,100

28.6%
29.7%

22.8%
22.1%

19.2%
18.5%

_

P.c. of reserve to deposits'
Percentage last week__

23.7%
27.5%

13,100,000

-1- Increase over last week. - Decrease from last week.

Non-Member Banks and Trust Companies.-Following is the report made to the Clearing-House by clearing nonmember institutions which are not included in the "Clearing-House return" on the preceding page:
RETURN OF NON-MEMBER INSTITUTIONS OF NEW YORK CLEARING HOUSE.
Net
CLEARING
NON-MEMBERS. Capital.' Profits.

Loans,
Discounts,
rat. b'ks Sept.
InvestState b'ks Sept. 25) mails, (4c.

Week Ending
Oct. 9 1915.
Members of
Fedi Reserve Bank
Battery Park Nat_ _ _
First Nat., Brooklyn
National City, Bkiyn
First Nat.,Jers. City
Hudson Co. N.,J.C.
First Nat., Hoboken
Second Nat.,Hobok.

Legal
Tenders.

Gold.

Reserve
Federal
with
Reserve
Legal
Bank
Notesf.Vot DeposiReserve), taries.

Excess
Due from
Reserve
Depositaries.

Average. Average. Average. Average. Average. Average. Average. Average. Average.
$
$
$
$
$
$
$
$
$
$
$
8,000
34,000
482,000
29,000
200,000
150,500 2,293,000 112,000
12,000
3,000 550,000
38,000 118,000
140,000
679,409 4,855,000 115,000
300,000
16,000
12,000 620,000
230,000
58,000 121,000
300,000
614,500 4,950,000 183,000
21,000
2,000, 522,000 4,020,000
80,000
400,000 1,279,900 4,823,000 208,000 345,000
80,000
4,000 339,000
697,000
63,000
776,300 3,840,000 103,000
12,000
250,000
19,000
9,000 328,000
752,000
62,000
654,3)) 5,287,000 110,000
23,000
220,000
6,000
253,000
533,000
48,000
46,000 106,000
125,000
295,100 4,219,000

1,795,000 4,450.000 30,277,000
=
-State Banks.
Not Members of the
Federal Reserve Bank.
385,100 1,924,000
Bank of Wash. lIgts. 100,000
400,000
807,500 7,454,000
Colonial Bank
653,100 6,806,000
Columbia Bank____ 300,000
200,000
188,300 1,140,000
Fide:ity Bank
Mutual Bank
200,000
470,100 4,529,000
New Netherland____ 200,000
250,200 3,377,000
Yorkville Bank
100,000
521,400 5,534,000
Mechanics' Bklyn__ 1,600,000
716,500 16,436,000
North Side, Bklyn__ 200,000
184,700 3,119,000
Total

879,000

551,000

584,000

86,000
370,000
522,000
97,000
569,000
197,000
432,000
827,000
190,000

8,000
143,000
68,000
8,000
29,000
34,000
85,000
119,000
42,000

60,000
479,000
211,000
29,000
157,000
134,000
208,000
681,000
117,000

26,000
34,000
179,000
9,000
52,000
50,000
98,000
265,000
29,000

536,000 2,076,000

742,000

3,300,000 4,176,900 50,319,000 3,290,000
-

Total

Silver.

Nat Bank Nal.Bank
Notes(Re- Notes[Not
serve for Counted
as
State Instilutions] Reserve].

162,000

158,000

75,000
233,000

Net
Demand
Deposits.

Net
Time
Deposits.

National
Bank
Circulotion.

Average. Average, Average.
$
$
$
2,349,000
70,003 101,000
4,449,000
297,000
4,930,000
120,000
4,357,000
394,000
2,828,000
198,000
1,985,000 2,783,000 215,000
2,112,000 1,873,000
99,000

30,000 3,094,000 6,378,000 22,990,000 4,720,000 1,514,000

88,000
76,000 1,438,000
480,000
605,000 7,992,000
434,000
290,000 7,248,000
62,000
347,000 1,025,000
345,000 1,263,000 4,502,000
4,000 199,000
100,000 3,337,000
359,000
829,000 5,976,000
1,058,000 2,593,000 17,839,000
200,000
364,000 3,341,000
4,000 3,223,000 6,287,000 52,496,000

304,000
188,000
80,000
572,000

Trust Companies.
Not Members of the
Federal Reserve Bank.
HamlitionTrust,ilkIn
Mechanics, Bayonne

500,000 1,051,030 0,548,000
200,000
276,000 4,050,003

438,000
82,0i i

7,000
24,000

19,000
62,000

39,000
33,000

2,000
13,000

233,000 1,481,000 4,780,000
958,000
757,000 1,616,000 2,239,000
81,000

'Total

700,000 1,327,000 10,596,000

520,000

31,000

81,000

72,000

15,000

319,000 2.218,000 0,396,000 3,197,000

49,000 6,636,000 14,863,000 81,882,000
Grand aggregate_ ___ 5,795,000 9,953,900 91,192,000 4,689,000 1,118,000 2,741,000 814,000 395,000
Comparison, prey wk
+83,000 +86,000 +133000 +2,000 +72,000 -37,000 -2,000 +78,000 +1250000 +498,000
=
.e Excess reserve, $276,130 increase
51,1)00 6,558,000 13,613,000 81,384,000
Grand aggete Oct 2 5,795,000 9,930,700.91,104.0(M) 4,603,000 985,009 2,739,000 742,000 432,000
44,000 6,544,000 13,671,000 81.103,000
Grand aggete Sep 25-5,795,000 9,930,700 90,825,0004,822,000 1,055,000 2,852,000 605,000 488,000
42,0008,5.89,000 12,084,000 81,254,000
Grand aggete Sep 18 5,795,000 10,067,500 90,947,000 4,573,000 1,022,000 2,654,000 691,000 385,000
41,000 6,560,000 12,671,00081,113,000
Grand aggr'te Sep 11 5,795,000 10,087,500 90,755,000 4,528,000 1,073,000 2,724,000 725,000 402,000
40,000 6,516,000 11,403,000 81,370,000
Grand aggr'te Sep 4 6,395,000 10,067,500 90,895,000 4,623,000 994,000 2,519,000 791,000 313,000

8,495,000 1,514,000
+106,000 -17,000
8,389,000 1,497,o00
8.431,000 1,504,000
8,338,000 1,499,000
8,339,000 1,506,000
8,106,000 1,552,000

Boston Clearing-House Banks.-We give below a
Philadelphia Banks.-Summary of weekly totals of
Clearing-House banks and trust companies of Philadelphia: summary showing the totals for all the items in the Boston
Clearing-House weekly statement for a series of weeks:
We omit two ciphers (1)0) In all these figures.

BOSTON CLEARING HOUSE MEMBERS.
Capital
and
Surplus,

Loans.

Reserve.

8
103,684,3
103,884,3
103,884,3
103,684,3
103,684,3
103.684,3
103,634,3
103,684,3
103,684.3
103,684,3
103.684.3

i
425,398,0
428,702,0
429,948,0
431,769,0
432,268,0
431,900,0
432,378,0
433.634,0
436,807,0
437,928,0
439.654.0

$
114.109,0
115,946,0
117,853,0
119,090,0
116,789,0
119,932,0
123.105,0
125,335,0
129,433,0
140,764,0
133.413.0

Oct. 9
1915.

Change from
previous week.

Oct. 2
1915.

Sept. 25
1915.

Circulion.

Clearingt

$
11,230,0
11,224,0
11,261,0
11,255,0
11,145,0
11,136.0
11,121,0
11,100,0
11,077,0
11,070,0
11.070.0

$
148,913,1
157,813,9
152,237,5
151,546,2
147,975,4
173,932,0
128,690,4
161,603,8
176,084,0
245,187,9
207.012.1

Circulation
$9,048,000 Inc.
$23,000 $9,025,000 $9,056,000
Loans,disc'ts & investments_ 351.763,000 Inc. 1,590,000 350,173,000 348,748.000
Individual deposits, incl.U.S. 300,698,000 Inc. 1,532,000 299,166,000 285,585,000
Due to banks
135,231,000 Inc. 10,092,000 125,139,000 121.191,000
Time deposits
16,055,000 Dec.
711,000 16,766,000 17,252,000
Exchanges for Clearing House 13,319,000 Dec. 1,991,000 15,310,000 9,703,000
Due from other banks
38,573,000 Inc. 2,813,000 35,760,000 34,738,000
Cash reserve
28,072,000 Dec.
257,000 26,329,000 28,560,000
Reserve in Fed. Res've Bank 13,629,000 Inc.
681,000 12,948,000 12,255,000
Reserve with other banks_ _ 83,588,000 Inc. 7,183,000 76,405,000 68,026,000
473,000 7,026,000 7,407,000
Reserve excess in bank
6,553,000 Dec.
Excess with reserve agent--- 64,069,000 Inc. 8,967,000 57,102,000 48,873,000
573,000 3,297,000 2,878,000
Excess with Fed. Res've Bk.. 3,870,000 Inc.

a Includes Government deposits and the item "due to other banks' (Oct. 9,
$184,598,000); also "Exchanges for Clearing House" (Oct. 9, $18,056,000). Due
from banks Oct. 9, $60,600,000.

Imports and Exports for the Week.-See third page
preceding.

July 31
Aug. 7
Aug 14
Aug. 21
Aug 128
Sept. 4
Sept. 11
Sept. 18
Sept. 25
Oct. 2
Oct. 9




Deposits.
a
$
503,280.0
505,092,0
511,867,0
512,880,0
510,436,0
518,368,0
519.879,0
530,794,0
543.606,0
584,655,0
550.582.0

THE CHRONICLE

OCT. 16 1915.]

Varthtrs' Gazette.
Wall Street, Friday Night, Oct. 15 1915.
The Money Market and Financial Situation.-The security markets have this week been under the influence of
developments chiefly of a previous date. In other words,
there is nothing in current news to change the tone or stimulate activity in the market. Members of the great AngloFrench bond syndicate have been busy with plans for distributing the new bonds and have done little else. Also,
apparently, investors are waiting for their appearance and
effect, as prominent bond houses report an absence of demand
for outstanding securities of all kinds.
The domestic news of the week has been meagre and attracted little attention in Wall Street. Such information as
has come to hand from the war zones of Europe is not pleasing to those who desire and are looking for signs of peace.
It will be readily recalled that predictions were freely made
last spring, in a few cases by those whose opinions are highly
regarded, as to the probable duration of the war, but at present every one is absolutely silent on that topic. The
situation in Southeastern Europe becomes more and more
complicated as armies from all the belligerent countries are
centering there. A belief is more or less generally held that
on that battle ground of the ages will the issues of the present
conflict be determined. If that should prove true the end
may come sooner than a few weeks ago seemed possible.
A good illustration of the present state of general business
throughout the country is seen in the American Railway Association's report of 88,061 idle cars on Oct. 1. This is a
substantially smaller surplus than was shown on Sept. 1,
but the reduction is reported to be almost wholly in the
wheat-growing sections, where the movement to market is
now very heavy. It is well known, moreover, that we are
now well into the season when a shortage of cars • has frequently in the past been a serious matter with both shippers
and railway traffic managers. The situation as thus outlined confirms the statements from many sources that business in many lines is disappointing. On the other hand, it is
reported that many steel plants are operating at full capacity
and the total output for September was the largest in the
history of that industry.
Foreign Exchange.-Notwithstanding the success of the
underwriting of the Anglo-French loan, the market for sterling exchange was easy in tone during the greater part of the
week, but it closed firm.
To-day's (Friday's) actual rates for sterling exchange were
4 653(4)4 653/2 for sixty days, 4 6834@4 683/2 for checks
and 4 68%@4 69 for cables. Commercial on banks sixty
days), 4 633, and documents for payment (sixty days)
4 633. Cotton for payment (sixty days),4 633,and grain
for payment 4 67%.
There were no rates posted for sterling exchange by prominent bankers this week.
To-day's (Friday's) actual rates for Paris bankers' francs
were nominal for long and 5 86for short. Germany bankers'
marks were nominal for long and nominal for short. Amsterdam bankers' guilders were 40 for short.
Exchange at Paris on London, 27.55 fr.; week's range,
27.423/2 high and 27.55 low.
Exchange at Berlin on London, not quotable.
The range for foreign exchange for the week follows:
Sixty Days.
Sterling, ActualHigh for the week__ _4 65%
Low for the week_ _ _4 64
Paris Bankers' FrancsHigh for the week__ _
_
Low for the week__
Germany Bankers' Marks_
High for the week_
_
Low for the week_ __ _
Amsterdam Bankers' GuildersHigh for the week_ _ _
-_
Low for tho week_ _ _

Checks.
4 693
4 67g

Cables.
4 70
4 673I

5 83
5 86

5 82
5 85

82%
82%

82
823.

40n
40%

40%
40

Domestic Exchange.-Chicago, par. Boston, par. St.
Louis, par. San Francisco, 35c. per $1,000 premium.
Montreal, 623/2c. per $1,000 premium. Minneapolis, par.
Cincinnati, par. New Orleans, sight, 50c. per $1,000 discount and brokers 50c. premium.
State and Railroad Bonds.-Sales of State bonds at
the Board are limited to $4,000 New York 43s, 1095,-i to
110, and $20,000 Va. 6s, def. trust receipts, at 53 to 54.
The transactions in railway and industrial bonds have
diminished day by day, but the average is fully up to late
records. Prices have held relatively firm and in a few cases
substantial advances are noticed.
Westinghouse 5s are conspicuous for an advance of 6
points. Chili Copper 7s are 4% higher, Erie cony. 4s,
A. & B., Baltimore & Ohio cony. 4/2s, So. Pacific cony. 4s,
Chesapeake & Ohio cony. 43/2s and Third Ave. adj. 5s are
from 2 to 3 points higher than last week.
On the other hand, the Inspiration Coppers have lost
about half the advance recorded last week, Consolidated
Gas 6s are 13/2 lower and a few other issues are fractionally
down. Of a list of 30 most active issues 23 are, however,
higher and only 5 lower than when we last reported them.
Sales reported "s 30 f" aggregate only $773,500 par value
for the week, the smallest total in several months.
United States Bonds.-No sales of Government bonds
have been reported at the Board this week. For to-day's
prices of all the different issues and for weekly range see third
page following.



1253

Railroad and Miscellaneous Stocks.-On a steadily
diminishing volume of business, the stock market has been
irregular and at times spasmodic. From an average of
nearly 1,500,000 shares per day for several weeks past, the
transactions this week averaged barely 1,100,000.
On Monday the market's chief characteristics, activity
and buoyancy, were much the same as for some time past.
Since Tuesday's holiday, however, there has been less eagerness to acquire stocks, especially those of a flamboyant type.
This is due in part to the attitude of lenders toward inflated
prices, but more particularly to what appears to be withdrawal of the outside public from the arena of speculation.
This movement was accompanied by a steady declining of
railway and other standard issues. The transactions to-clay
aggregated a smaller total than for several weeks past. The
market was generally firm until near the close, when decided
weakness prevailed.
Among the exceptional features of the railway list are New
Haven and Long Island, which early in the week sold over
10 points above last week's closing prices. Much of thisadvance has subsequently been lost, however, and Reading and
Lehigh Valley have declined 8 and 6 points respectively.
Of the miscellaneous list, Consolidated Gas made an unusual advance of 10 points on rumors of a special distribution
of accrued profits. Bethlehem Steel has covered a range of
37 points, Studebaker 22 and others of the same class have
fluctuated from 5 to 10 points.
For daily volume of business see page 1262.
The following sales have occurred this week of shares not
represented in our detailed Est on the pages which follow:
STOCKS.
Week ending Oct. 15.

Sales
for
Week.

Range for Week.

Range since Jan. 1.

Lowest.

Highest.

Lowest.

Highest.

S

$

$

5

1,000 95 Oct
Adams Express
Am Coal Prod rights_
800 1% Oct
American Express
900 105 Oct
Am Smelters Sec pref A_
500 863j Oct
5,000 50 Oct
Am Woolen ctfs dep
300 963 Oct
Preferred ctfs dep
Assets Realization
300 6 Oct
Brown Shoe
200 40% Oct
300 63 Oct
Brunswick Terminal_.
Buff Roth & Pittsburg
40 85 Oct
9,250 90 Oct
Burns Bros
1,000 32% Oct
Butterick
1,000 14% Oct
Chicago (Sr Alton
200 20 Oct
Preferred
Cluett, Peabody & Co
100 72 Oct
400 Ile. Oct
Comstock Tunnel
81 124 Oct
Detroit Edison
110 62 Oct
Detroit United
400 6 Oct
Dul S S dr Atlantic
100 11% Oct
Preferred
1,800 41 Oct
Greene Cananea Cop
188 100% Oct
Havana Elec R L & P pf
25 121 Oct
Homestake Mining
Kings Co Elec L& P
110127)4 Oct
N Y Chic & St Louis_ 1,100 37% Oct
100 80 Oct
First preferred
200 19% Oct
Norfolk Southern
1,200 9 Oct
Peoria & Eastern
200 80 Oct
Pettibone-Mulliken
200 98 Oct
Pittsburgh Steel pref
400 5% Oct
Rumely ctfs Sep
So Porto Rico Sugar_ _ _ _ 4,297 120 Oct
200105 Oct
Preferred
Tobacco Products pref
200 99 Oct
200 5% Oct
Tol St L & W tr rec_ _ _ _
500, 11 Oct
Preferred tr roe
United Cigar Stores_ _ _ _ 18,300 94 Oct
40( 1134 Oct
Preferred
1001 20 Oct
United Dry Goods
696 60 Oct
Preferred
124! 30 Oct
US Realty dr Impt
200, 434 Oct
US Reduc dr Ref pref
% Oct
1,700
Wabash (old) We
1,800 112 Oct
Wells, Fargo dr Co
2,200 4874 Oct
West Maryland pref
100 143 Oct
Westinghouse Air Brak

11 103 Oct
14 I% Oct
9111 Oct
14 87 Oct
11 53% Oct
11 97 Oct
13 6% Oct
9 41 Oct
14 7% Oct
15 85 Oct
14 92% Oct
9 34 Oct
9 15 Oct
11 21 Oct
13 72 Oct
15 14c. Oct
13 125% Oct
11 62 Oct
9 7 Oct
11 117 Oct
15 423 Oct
9100% Oct
15 121 Oct
13127)4 Oct
9 42 Oct
9 80 Oct
11 20 Oct
9 12 Oct
13 84 Oct
14 98% Oct
14 5% Oct
9150 Oct
13110 Oct
13 100 Oct
13 5% Oct
14 1234 Oct
14 10% Oct
14 1134 Oct
13 20 Oct
11 67 Oct
14 30 Oct
11 5 Oct
% Oct
11
11 118 Oct
15 5034 Oct
131143 Oct

14 80
14 1%
13 83
11 86
1 49
13 963
13 5
13 23
13 43
15 80
14 90
1 27
11 8
lf• 11%
13 55
15 7c.
15 111%
11 52g
11 2
11 4
14 41
9 95
15114
13 i20g
11 30
9 75
11, 15
11 4
It 15
13 74
15 5%
15 40
14 89%
15 95
13 5)4
11 6
15 974
14 1134
13 20
15, 4834
14 ' 25
11' 1
34
13 ,
13 7734
25
ii!
13 140

Oct
Jan 103
Oct 13( Oct
Feb 111
Oct
Sept
Sep 87
Oc 55% Sept
Oc 97
Oct
9
Ja
Apr
Ma 41
Oct
Oct
M
73
Apr
Jul 90
Oct 92% Oct
Feb 363( Oct
Au i5g Aug
Aug
Feb 22
Sept
Ap 75
Ma 21c. June
Feb i27
Sept
Apr 62
Aug
Oct
July 7
July 123 Sept
Oct 42% Oct
Apr 101
Sept
Jan121
Oct
Mar 127% Oct
Oct
June 42
Oct
Aug! 80
Feb
Sept 25
Jan 12
Oct
Marj 84
Oct
Mayl 984 Oct
Oct5% Oct
Feb 150
Oct
Oct
Feb 110
May102)4 Apr
Oct 55i Oct
July 1234 Oct
Oct 103i Oct
Oct 1154 Oct
Oct
Oct 20
Oct
Jan 67
Jan
Sept 50
Apr 1034 Awe
May 24 Apr
Jan 118
Oct
Jan 5034 Oct
Sept
Aug143

Outside Market.-The "curb" market was active this
week and subject to alternate periods of reaction, followed
by recoveries, the result being an indefinite trend to pr:ces.
Motor stocks were conspicuous in the trading, Chevrolet
Motor Car, "w. i.," advancing from 112 to 145, with the
close to-day at 133. Chalmers Motor sold up from 171 to
172 and down to 162. Internat. Motors com. at first lost
about a point to 27 but moved upward thereafter, reaching
353/2 to-day. The close was at 333/2. Standard Motor
Construction gained 43/2 points to 13 and ends the week at
12. Midvale Steel & Ord., "w. i.," was active and strong,
advancing from 733/2 to 793/2 and reacting finally to 75%.
Central Foundry pref. went up from 28 to 353/2 and down
finally to 333/2. Cramp Shipbldg., after a gain of 2 points to
92, reacted to 86. Intercontinental Rubber,after a period of
inactivity, was traded - n up from 83/2 to 14 and down to
133/2. Int. Mercantile Marine com. improved from 7% to
8% but reacted subsequently to 7%. The pref. after fluctuating between 34% and 36,dropped to 32 and finished today at 333/2. Submarine Boat advanced from 46% to 473/2,
broke to 41% and ends the week at 423j. Tobacco Products
com. lost some 23/2 points to 40%. Oil stocks very dull.
Standard Oil of N. J. rose from 484 to 490 and dropped to
480. Standard Oil of N. Y. lost 5 points to 203. Prairie
Oil & Gas sold up about 6 points to 422 and reacted to 412.
Bonds were neglected. Among mining shares copper stocks
were prominent. A revival of interest in First National advanced the price some 4 points to 8%, with a reaction to 4.
Chili Copper gained almost 3 points to 22% and closed to-day
3 and
at 22. Kennecott Copper improved from 55 to 55%
declined to 53.
Outside quotations will be found on page 1262.

1254

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

STOCKS-HIGHEST AND LOWEST SALE PRICES
Saturday
Oct 9

Monday
Oct 11

Tuesday
Oct 12

COLUMBUS DAY

%
% %
10678 10712 10712 108 Beginning
*9934 1004 100 10014
112 1124 112 114
Oct. 11
9134 9314 9234 9358
75
75
7538 prices are
75
8714 88
8614 87
16312 16411 166 16778 all dollars
*260 370 1300 300
5634 5934 58
6012 per share.
1338 1418 1378 1412
3412 3612 35
3634
NOT
9012 9334 9278 9414
12514 126
126 12612 per centum
13112 132
13018 13178
•168 190 *166 180
of
2218 2234 2212 2438
118 118 *118 120
par value
•131 140 *130 140
40
40
42
42
72
72
*68
75
32
35
35
36
52
54
54
56
45 .40
*37
45
14512 146
148 1401
•40912 425 *418 425
10
1012 10
1078
16
1712 1714 194
3438 3514 35
3512
5458 5412 554
54
4412 4478 4538 46
12234 12334 12312 124
4958 5038 4914 5058
10884 1091 109 1097g
2214 2278 2212 2314
7834 7918 7812 7912
2214 2234 2238 2318
83
83
8334 8334
2834 2914 2858 2978
61
61
6178 62
12
10
12
13
2412 2812 2612 30
15212 154
154 156
47
49
50
5514
123 125
12612 129
12778 12878
1438 1434
-1-31-4
•25
35
30
28
12012 12134 12078 12134
•125 130
127 127
718
6
5% 518
1434 157
1534 1614
414 458
434 534
*15
19
67
678
712 8
10014 10134 10034 10218
79
8312 84
89
3014 3178 31
32
11712 118
117 118
*8311 9312
.
93
83
114 11514 211312 11412
1164 117
11634 118
764 77
80
78
*90
95
95
95
16138 16358 1597 16312
*83
87
84
8412
85
8512 8512 8612
38
•18
•I8
38
*38
58
*3s
58
418 418
9
*7
*5
6
534 534
*1212 15
1612 1612
32
32
34
1612 1734 1778 1814
3912 4134 4012 42
9638 9712 9712 987
1978 2012 2058 21
5912 60
60
6114
13
1314 1314 1412
6012 6178 61
62
5
*3
;4
4
1012 1012 114 1118
*95
9612 196
96
13638 13718 13558 13734
8112 8134 82
8212
2512 2618 25
26
4334 45
43
45

"Ws 3484
212 338
978 12
3
338
3512 37

3414 3512
314 338
1134 12
413 518
37
3712

Wednesday
Oct 13

Thursday
Oct 14

Friday
Oct 15

Sales/or
the
Week
Shares

STOCKS
NEW YORK STOCK
EXCHANGE

Range Since Jan. 1
On basis of 100-share lots
Lowest

Highest

Range for Previous
Year 1914
Lowest

Highest

Dollars per share, NO T per cent
Railroads
Par
10818 10778 106 10658 10534 10612 30,100 Atch Topeka & Santa Fe_ A00 9212 Feb 24 108 Oct 11
8912 July 100$8 Jan
9934 10014 9958 9958 *9934 10012 1,800 Do pref
100 96 Jan 5 10138 June17 x9612 Dec 10134 June
11414 11414 113 113 *109 114
1,600 Atlantic Coast Line RR_ _ -100 98 Mar 1 11414 Oct 13 *9918 Dec 126 Jan
9218 93
9113 9238 914 92
40,910 Baltimore & Ohio
100 6334 Feb 25 9358 Oct 11
9838 Jan
07 Dec
7434 7514 7412 7458 7458 7458 2,150 Do pref
100 67 Feb 23 75% Oct 11
8338 Jan
69 Dec
8714 8778 8714 8758 8714 8812 14,000 Brooklyn Rapid Transit_ _100 8314 Aug 13 93 Apr 21
79 July 9414 Mar
16512 16712 16312 16512 164 16512 20,900 Canadian Pacific
100 138 July23 174 Apr 19 153 Dec 22012 Feb
*285 370 *275 370 *270 370
100 Central of New Jersey_ _..100 §250 Sep 1 325 Jan 22 300 July 310 Jan
58
5918 5612 5734 5614 5714 32,200 Chesapeake & Ohio
100 3538 July 9 6012 Oct 11
68 Jan
40 Dec
1318 1414 1334 1334 1312 1312 7,770 Chicago Great Western__ A00 1014 Jan 4 1412 Oct 11
014 July 1514 June
3414 3512 3412 3538 3414 35
20,000 Do pref
100 2512 May14 3634 Oct 11
25 July 4111 June
9212 9358 9034 9238 9014 9114 25,575 Chicago Milw & St Paul_ A00 7734 July26 9814 Apr 19
8434 Dec 10718 Feb
12618 12612 12618 12614 12614 12614 5,086 Do pref
100 12078 Sep 2 130 Jan 22 126 Dec 143 Feb
130 13014 130 130
3,112 Chicago dr Northwestern..100 11812 July10 132 Apr 15 122 Dec 136% Feb
129 129
*168 180 *168 180 *168 180
Do pref
100 163 July 9 1175 Jan 30 170 Jan 180 Jan
2212 2334 2212 2358 1934 2314 87,700 Chicago Rock Isl & Pao_ _ _100 1012 July23 3838 Apr 15
33 June 33 June
1120 120 *116 120 *116 120
150 Chic St Paul Minn & Om_ A00 11114 Apr 8 118 Oct 9 125 May 13114 July
*130 140 *130 140 *125 140
Do pref
100 124 Sep 17 131 July29 132 May 132 May
44
44
43
44
43
45
900 Clev Cin Chic & St Louis_ _100 121 Jan 18 45 Oct 15
22 July 40 Jan
72
73
72
72
500 Do pref
*70
7334
100 534 Feb 17 73 Oct 13
40 July 70 Feb
35
36
*34
35
100 24 Mar15 36 Oct 11
3513 3512 3,300 Colorado & Southern
20 Mar 2812 Jan
55
55
53
5334 *53
54
1,900 Do 1st pref
100 45 Jan 18 56 Oct 11
377k July 62 Jan
45
45 .40
45
*40
45
100 Do 2d pref
100 35 Sep 2 4912 Apr 3
35 Mar
29 Dec
14938 14912 148 148 *14312 147
2,100 Delaware tic Hudson
100 13812 Aug 31 153 Apr 19 13834 Dec 15912 Feb
212 212 *210 21212 *210 21212
100 Delaware Lack & Western_ _ 50 199% Jan 6 21478 Apr 10 388 Jan 40634 June
*10
11
*8
10
1,450 Denver & Rio Grande__ 100
§8
8
4 Jan 12 1078 Oct 11
1914 Jan
4 July
1734 184 18
18
1714 1734 5,300 Do pref
100
612Jan 7 1914 Oct 11
8 July 314 Feb
3412 3514 3334 3434 3334 3434 89,300 Erie
100 1978 Feb 24 3512 Oct 11
2018 July 3212 Jan
5334 5478 5314 5438 5314 5418 32,450 Do 1st pref
100 3214 Feb 24 5518 Oct 11
32 July 4934 Jan
*44
4538 438 44
*4312 44
2,300 Do 2d prof
100 27 Feb 25 46 Oct 11
2614 July 40% Jan
12214 12314 12114 12212 121 123
15,200 Great Northern pref
100 11234 Jan 2 124 Oct 11 11158 Dec 13434 Feb
4938 5038 4818 4934 48
2514 Jan 2 5034 Oct 8
488 51,900 Iron Ore properties
2212 July 3914 Jan
109 10978 108 110
107 10812 3,800 Illinois Central
100 99 July 7 113 Apr 19 10312 Dec 115 Jan
2212 2418 2314 2414 2314 2334 80,374 Interboro Cons Corp, vtc_ _ _ _
1878 July10 2414 Oct 14
788 80
7958 8038 7918 8034 22,450 Do pref
100 70 July10 8034 Oct 15
2212 24
2314 24
2314 2378 15,100 Interboro-Metrop v t ctf._ 100 1058Jan 16 2434 Apr 29
1638Jan
1014 July
8234 83
83
100 49 Jan 19 8334 Oct 11
500 Do pref
83
6538 June
50 Dec
i2 -283-8 2712 2734 14,800 Kansas City Southern__ _100 2058 Feb 24 29% Oct 11
2812 29
2014 July 2812 July
62
63
62
6234 6218 6218 3,000 Do pref
100 54% Feb 24 63 Oct 13
62 Jan
4918 Dec
1238 1238 11
11
*9
1112 1,800 Lake Erie & Western
5 Jan 5 13 Oct 11
100
9 Jan
58 July
*23
28
*23
28
*23
1,500 Do pref
27
100 19 May27 30 Oct 11
2112 Jan
17 Apr
7634 7712 75
7612 75
38,500 Lehigh Valley
76
50 64% Feb 24 78 Oct 11 118 July 15614 Jan
2612 2714 26
2612 26
50 15 Jan 11 27% Oct 11
2638 5,500 Long Island
36 Feb
28 Jan
*123 128
125 125 *12234 125
2,300 Louisville & Nashville_ _ _ _100 1041 July 8 129 Oct 11 125 Dec 14178 Jan
12712 12778 *127 128 *127 12713 1,400 Manhattan Elevated
100 125 June25 129 Apr 23 128 Jan 133 Feb
1378 1412 14
1438 *13
1412 4,000 Minneapolis & St Louis-100
8 Sep 15 1938 Feb 15
1614 Jan
918 July
2978 301 *28
31
600 Do pref
2934 2934
100 24 Sep 15 49 Feb 15
274 June 352 Jan
12014 12014 12012 12058 *119 12034 1,950 Minn St Paul & 58 M_ _ _100 106 Jan 4 124 Aug 11 101 Dec 137 Feb
*123 129 *125 132 *125 132
100 123 June 8 132 Apr 1
100 Do pref
130 June 145 Feb
6
612 7
6
4;700 Missouri Kansas & Texas 100
4 Sep 28 1514 Apr 19
6
6
813 Dec
24 Jan
16
1658 *15
1612 1578 1578 2,100 Do pref
100 1018 Sep 25 40 Apr
26 Dec
60 Jan
458 518
73,900 Missouri Pacific
4
412
134 July27 1814 Apr 1
100
378 5
30 Jan
7 Dec
.17
2234 17
17
*15
100 Nat Rys of Mex, 1st pref _ _ 100 1412 Aug 31 23 Jan 5
18
34 Feb
30 Jan
77
8
8
8% Oct 13
1,820 Do 2d pref
838
434 July28
100
8
8
14 Jan
5 Dee
100 10158 994 10014 99 100 44,650 NY Central & IIud River_ 100 8112 Mar 1 10218 Oct 11
77 July 9658 Jan
8312 8712 82
84
8134 835 93,150 N Y N LI & Hartford
100 43 Feb 25 89 Oct 11
49% July 78 Jan
3034 3178 2978 3058 29
3038 22,700 N Y Ontario & Western_ 100 2134Jan 6 35 Apr 20
3138 Jan
1834 Dec
116 117
11514 116
11512 11578 9,400 Norfolk & Western
100 9913 Jan 4 118 Oct 9
9612 Dec 105% July
*834 9312 8312 8312 *82
90
90 Apr
100 Do adjustment pref_ _100 8012 Sep 2 90 Junel5
85 Jan
11212 11312 11158 11234 11034 11138 24,530 Northern Pacific
100 9918 Feb 24 115% Oct 0
96% Deo 11813 Feb
5734 5834 5712 5818 5738 5734 35,200 Pennsylvania
50 51% Feb 24 59 Oct 11 10212 Dec 11512 Jan
80
80
7958 80
78
78
2,000 Pitts Cin Chic dr St Louis_.100 65 May17 80 Oct 11
6418 July 91 Feb
96
96
99
*91
*91
99
200 Do pref
100 90 Junel9 9812 Juno 5
95 Juno 101 Mar
79
8034 7712 7918 7734 7873 157,500 Reading
50 6938 May10 81% Oct 9 137 July 17214 Jan
*4112 4312 *4112 4218 *4112 4218
200 1st preferred
50 4038 Sep 20 45 Junel2
87 July 893s June
4314 4314 *4212 4312 *4212 4234 1,300 2d preferred
50 40 Feb 23 431,1 Apr 19 x80 Dec
93 Jan
*18
38
*88
*18
s8
38
118 Apr 9
Rock Island Company_ _ _ _100
Is July15
58 Dec
1658Jan
900 Do pref
12
212 Apr 9
38
100
12
14 June21
38
38
38
1 Dec
25 Jan
*414 412
412 618
5
5
3,800 St Louis & San Francisco_ _100
134 Mar22
714 June26
538 Jan
2 Apr
*718 10
9
9
*712 918
7 Aug 17 1212 June28
100
100 Do 1st preferred
8 May 1712 Jan
6
614
6
3 Jan 18
614 1,100 Do 2d preferred
*512 6
100
8 Mar31
2% Deo
4 Jan,
93
1612 1612 16
1618 164
16
600 St Louis Southwestern_ _ _ _ 100 11 Sep 9 19 Apr 23
1778 July 2634 Jan
*29
35
35
33
33
100 29 Sep 29 37 Jan 21
400 Do pref
30 July 6518 Jan
1712 18
1738 1734 17
17
6,600 Seaboard Air Line
100 1118 July31
2238 Feb
1814 Oct 11
1914 Dec
4078 4078 40
40
3714 3714 3.675 Do pref
100 3014 July24 42 Apr 10
58 Feb
4534 Jan
97
9814 9658 98
9913 Jan
9658 9738 88,510 Southern Pacific Co
100 8114 Feb 5 98% Oct 11
81 Dec
2058 2114 2018 2078 20
2038 31,827 Southern Railway
100 1212 July23 2114 Oct 13
2814 Feb
14 Dec
6112 60
60
6034 59
6012 5,500 Do pref
100 42 July23 63 Jan 26
8514 Feb
58 Dec
1312 14
1278 1318 1278 13
4,600 Texas & Pacific
812 July23 1778 Apr 19
100
1734 Apr
1112 Deo
62
62
63
6412 6212 637$ 38,300 Third Avenue(New York).100 35 Jan 2 6412 Oct 14
33 July 4534 Jan
*4
434 5
6
335 roledo St Louis & West_ ...100
*412 512
5 Oct 14
1 Jan 6
1214 Jan
2 Dec
1118 1118 *11
12
*11
12
100
600 Do pref
54 May25 1118 Oct 11
23 Jan
434 Dec
9578 06
96
96
*94
330 Twin City Rapid Transit.. _ 100 90 July 9 100 Apr 19
9612
9478 July 10812 Jan
13514 13634 13412 13534 13438 13512 95,450 Union Pacific
100 11534 Jan 2 13734 Oct 11 112 July 1643e Jan
8212 8212 8218 8218 1,500 Do prof
8234 83
100 279 Mar 1 83 Oct 13
86 Feb
7712 Dec
25
2434 2578 6,250 United Railways Invest_ _ _100
2512 2414 25
8 Jan 5 2712 Oct 1
2334 Feb
712 Dec
43
44
4234 43
4258 4234 5,735 Do pref
100 2114 Mar15 4734 Oct 1
4914 Mar
22 July
1334 1458 1234 1312 1212 13
123400t 15 14% Oct 13
9,200 Wabash Co when issued
_
3614 4712 4514 4634 4412 4614 15,500, Do pref A do
do
4412 Oct 15 4712 Oct 13
- --2612 2778 26
2714 26
do
2678 16,200, Do pref B do
26 Oct 14 2778 Oct 13
____ _
3358 3412 3234 3334 3278 3378 13,000 Western Maryland
100
35 Jan
1034 Dec
914 Jan 4 354 Oct 11
312 312 *212 312
312 312 2,700 Wheeling & Lake Erie_ _ _ _100
334 Jan 18
638 Jan
212 July
12 July28
1134 1134 *8
*8
12
12
1,600 Do 1st preferred
2 Aug 2 16 Jan 18
21 Jan
100
814 July
4
434 *4
5
378 412 4,400 Do 2d preferred
11 Jan
6 Jan 18
100
3 Dec
18 Aug 10
3612 3634 35
35
34
34
2,700 Wisconsin Central
2934 July 48 Feb
100 28 July14 3978 Jan 21

Industrial 8c Miscellaneous
3418 3414
34
3334 3212 3314 12,100 Alaska Gold Mines
3412 33
10 2618 Jan 7 404 Apr 22 $1912 July 82878 May
4218 44
44
4512 4212 4134 4218 4358 41,950 Allis-Chalmers Mfg v t o_ _100
1414 Feb
6 July
734Jan 12 4(312 Oct 4
7212 7334
7378 75
7434 7212 7312 9,600 Do preferred v t c__ _ _100 33 Feb 10 7712 Sep 28
73
32i3 July 49 Jan
68
684
69
68
6814 (3812 67
68
5912 Mar
4,300 Amer Agricultural Chem_ _100 48 Jan 4 72 Oct 1
Jan
473
4
*95
96
96
90
*95
06
100 90 Mar27 9714 Sep 25
200 Do pref
*9512 9912
9712 Jan
9014 Dec
664 8812
6712 6858 6612 6734 6634 68
23,000 American Beet Sugar
3312 Dee
100 3314 Jan 6 6878 Oct 1
19 July
*87
8934
00
*88
8912 90
90
9012
100 83 Feb 1 91 Aug 18
600 Do pref
66 May 80 Dec
104 105
105 105
105 108 *100 105
6712 Feb
798 Amer Brake Sh & F ctfs dep_ _
8714 Feb 25 10934 Aug 9
80 Apr
180 18934
200 205
200 203
202 203
5.200 Do pref ars deposit
13213 Mar25 205 Oct 13 129'2 Jan 14678 Feb
6212 64%
63
6434 6134 6434 64
66 102,900 American Can
100 25 Feb 24 (3813 Oct 4
3518 Jan
1914 July
10534 10612
10612 10658 10618 1061 10612 16634 1,953 Do pref
100 9112Jan 5 10834 Sep 30
80 July 96 Jan
82
864
851
8412 8712 82
83
534 Feb
8618 63,250 American Car & Foundry_100 40 Feb 23 98 Oct 4
4214 Dec
115 11512
*11512 117
11658 11658 11658 11655
100 11112 May25 118 Aug 6 112 July 11878 July
700 Do pref
161 165
164 16'7
164 168
164 16678 15,300 American Coal Products.._ 100 82 Jan 20 170l July 12 §82 Jan 18612 Mar
114 114
*11312
100 *105 Jan 7 120 Sep 11 1102 Jan 107 July
100 Do prof
-a- "6'6; 5934 6114
4 -59- 16( 5858 60
59 -661
5,900 American Cotton 011
100 39 Jan 4 6112 Oct 8
32 July 4612 Feb
19612 9612 *95 100
*96
991
9712 *96
97
97
440 Do pref
100 91 June25 994 Sep 2
9358 June 9738 Mar
1058 1138 1012 1034
1012 1078 104 101
1012 1034 3,000 American Hide & Leather 100
4% Feb 19 1234 Sep 28
314 July
514 Feb
4814 49
4812 4912
49
4934 4734 48
4812 4914 3,200 Do pref
100 1934 Jan 5 5258 Sep 29
17 July 2534 Feb
*2314 2334 2334 2414
2314 2378 2338 23% *2312 2412 1,400 American Ice Securities_ _.100 2058 Jan 4 35 Apr 30
1978 July 3234 Feb
2112 21
21
2134
2114 2134 21
21
2112 21
5,400 American Linseed
11% Jan
100
712 July
714 Jan 2 244 Aug 30
3838 3838 *37
38
*37
3812 3712 38
36% 37
800 Do pref
24 Dec
3134 Jan
100 24 Jan 5 41% Aug 30
6512 6612 6512 6812
6712 6912 6612 6834 6612 6712 23,820 American Locomotive- _ _ _100 19 Mar 2 74 Oct 4
2014 July 37% Jan
9912
9912
9934 9934
9913 9978 9914 9912 98% 9878 1,100 Do pref
100 75 Mar 6 10012 Sep 27
96 Jan 10212 Mar
612 634
634 634
634 634
612 634
634 7
1,200 American Malt Corp
8 Aug 31
378 Apr 14
100
414 Deo
914 Jan
2712 2712 2734 28
2812 2812 2834 29
*274 2912
Do pref
100 2112 May27 3212 Mar31
5018 Jan
800
30 Dec
*8012 8112 814 8112
8112 8112 81
81
*8012 8112
600 Amer Smelters Sec prof B.10() 78 Jan 19 8838 May 5
7914 July 85 Jan
8758 8934 9012 9314
90
9212 8912 92
9112 9514 150,600 Amer Smelting & Refining.100 56 Jan 2 051 1 Oct 15
7118 Feb
5014 July
10712 10712 108 10938
*10812 10912 10878 109
109 109
1,150 Do pref
100 100 Jan 4 10938 Oct 11
9712 Apr 105 Jan
1153 153
153 15718
*156 160 *154 (157
155 '155
100 144 Jan 16 165 Apr 22 148 Dec 172 Jan
518 American Snuff
*10612 10912 10612 10612
*106 10912 *10812 10912 *10812 10912
100 103 Jan 19 1064 Apr 26
100 Do pref (new)
99% Jan 10634 July
6512 6734 6338 66
6614 621.4 6438 6213 6511 26,000 Amer Steel Found (new)_ _100 2118 Mar 5 6734Oct 9
64
3712 Feb
2782 July
112 11234 11112 114
112 11478 1121§' 112
112 11358 14,360 American Sugar Refining.. _100 9912 Feb 24 11478 Oct 13
97 Mar 10978 Jan
116 116
116 116
11568116
11512" 11578 *11538 11534
100 109 Feb 5 116 Sep 21 10778 Mar 115 Dec
920 Do pref
12334 12418 12418 12534
12438 125
12438 12434 124% 125" 22,000 Amer Telephone dc Teleg..100 116 Jan 4 126 Sep 29 114 July 12414 Jan
22714 22812 230 23134
23214 23434 23212 234
230 23214 5,750 American Tobacco
100 2218 May14 25212 Apr 22 215 Apr 256 Mar
*109 110
109% 11014
10914 10914 11038,11038 10914 109%
725 Do pref (now)
109 June
100 10314 Jan 4 11012 Sep 25 10134 Jan
4934 5014 4934 51
5058t 54
5212 54
5214 5334 21,400 American Woolen
100 1564 Mar 6 57 Sep 23
12 July 2078 Jan
97
96
97
9634
96141, 971s 9618 9634 97
97
1,800 Do pref
7212 Mar 83 Jan
100 7714 Feb 27 10)) Oct 4
876
77
$7613 77
76% 7734 754' 77 • 744 7614 86.900 c Anaconda Copper
50 c2434 Feb 24 c39 Apr 2 82414 Dec $3814 Feb
• Bid and asked prices; no sales ou this
day. I Ex-rights. I Less Mau 100 abates. a EI-dlY. and rights. b Now stook. c Par $25 per share. 6 Quoted dollars
Per shire. I First installment Dahl. x Ex-dividend. a Full paid.
3418 3412
4058 434
7212 7312
68
68
96
96
6612 6634
*88
8912
102 104
177 180
6218 6234
10534 10534
8112 8338
*114 115
160 16212




New York Stock Record-Concluded-Page 2

1255

For record of sales during the week of stocks usually inactive, see second Page preceding.
STOCKS-HIGHEST AND LOWEST SALE PRICES
Saturday
Oct 9

Monday
Oct 11

Tuesday
Oct 12

Wednesday 1 Thursday I
Oa 13
Oct. 14.

Friday
Oct. 15.

Sakai°,
the
Weat
Shares

STOCKS
NEW YORK STOCK
EXCHANGE

Range Since Jan. 1
On bast* of 100-share lots
Lowest
Highest

Range for Previous
Year 1914
Lowest

Dollars perl share, NOT per cent
Industrial&Misc.(Con). Par
%
%
100 2658 Mar 3 15018 Sep 28
11414 127% Beginning 13014 13412 12334, 13112 12212 126 108,400 Baldwin Locomotive
38's Jan
10714 109
____ ____ *10734 10912
107 107
600 Do pref
100 92 Mar 9 114 Sep 29 102i Jan
112
13
Pt Oct. 13
114 3,300 Batopilas Mining
*S1
118
20
114
132
12 Feb 5
2 Apr 17
$12 Apr
449 465
444 449
4,850 Bethlehem Steel
467 467
100 4614Jan 2 477 Oct 15
2912Jan
4598 477
165 165 prices are *161 170
1,200 Do pref
105 165 *162 170
100 91 Jan 2 183 Sep 24
68 Jan
138
134
135 1351k 135 138% 13714 137% 1,900 Brooklyn Union Gas
100 118 Jan 5 13834 Oct 14 llg Dec
6114 621! 6112 62
16078 62 all dollars
60% 6114 7,900 Butte & Superior Copper--10 5612 Aug 23 797 June 4
2014 203
1934 20
1918 1934 1918 1914 2,400 California Petroleum, vto_100
8 July26 2134 Sep 22
1518 Dec
4578 461g per share, 4578 4578 45
1,000 Do pref
45
100 30 July23 5484 Feb 8
4518 45
50 July
53
5334
53
5414 5234 5312 53
100 325 Feb 20 5414 Oct 7
5418 21,900 Central Leather
257 Jan
107 107
NOT
pref
Do
700
107% 10712 108 108
100
4
1073 108
10038Jan 7 108 Sep 29
9478Jan
$4878 50 per centum 5012 52
4912 51% 49
5014 65,850 Chino Copper
5 3234Jan 6 52 Oct 13 $3112 Dec
573 59's
58
100 2184 Jan 5 6612 Sep 29
2012 July
598 5638 58% 5514 5734 56,300 Colorado Fuel .1: Iron
14218 14484
Consolidated
108,200
of
14184 14414 14134 1498 14612 15012
Gas.(N Y)_100 11314 Jan 4 15012 Oct 15 11212 Dec
99 115
33,125 Continental Can
111 11878 106 11214 105 113
100 4014Jan 4 127 Oct 5
3712 June
10714 10714 par value --__
700 Do pref
10512 10512 10512 1055
_
100 881k Jan 5 109 Oct 1
84 July
1812 18711
1812 8,500 Corn Products Refining _100
8 Jan 2 2088 Sep 29
1332 187-8 18% 181; 18
7 July
400 Do pref
*8514 861a
*8514 8684
86
86
86
86
100 65 Jan 5 8714 Sep 30
58'8 July
9014 95
901 9412 73,660 Crucible Steel of America_100 1814 May10 1097 Sep 29
98
92
07
94
10712 10912
109 1091* 109 10918 2,420 Do pref
10918 110
100 84 May10 11212 Sep 29
118 118
1,300 Cuban-American Sugar___100 38 Jan 25 125 July 22
119 1191 119 12078 *115 121
*95 105
25 Do prof
100 93 Mar17 110 Sep 14
*95 100 - --------1100 100
90 Dec
3412 3578
3634 3512 3612 3514 3618 31,700 Distillers' Securities Corp_100
36
5% Mar 2 3734 Oct 13
11 July
$2211 221k
22% 2278 2288 2278 2288 2238 3,500 Dome Mines, Ltd
10 816 June25 2414 July15
721
71
74
2,100 Electric Storage Battery_ _100 69 Sep 1 7834 Sep 25
704 721
7418
73
72
- _
33 - -------- 2814_ 2814
*27
100 Federal Mining & Smelt_ _100
8 Mar24 60 June12
714 May
ii -bili
5012 502 3,800 Do pref
5012 51
52
100 20 Mar13 65 June12
53
2858 Dec
350 350
neral Chemical
100 165 Jan 26 360 Oct 8 160 Apr
350
350 359 1345 346
55
_
.111 -----------Do pref
_ ____
100 106 Mar 1 ;113 Sep 10 10712 Feb
fiii2 iii in
iii iii 17612 fii 177 11612 5,17.5 General Electric
100 138 Mar 3 18512 Oct 4 13712 Dec
342 343
320 325
343 350
340 344% 330 336
1,850 General Motors vot tr cas_100 82 Jan 2 375 Sep 28
3738Jan
11212 113
*111 113
11212 11234 2,650 Do pref vet tr ctfs
11212 11272
11238 113
100 9058Jan 4 11512 Sep 13
70 July
7512 7778 7712 8014 76
741e 7534 74
76
788 99,850 Goodrich Co(B F)
100 2412 Jan 7 8014 Oct 14
1958Jan
*109 10912 1109 109
10988 10988 10912 10012 110 110
450 Do pref
100 95 Jan 14 110 Oct 2
7978Jan
6812 6988 6712 69
6712 69
21,200 Guggenheim Exploratlon_25 4518Jan 7 6988 Oct 13 $4012 July
$6714 6734 $6884 69
4514 4614 4334 45
$4512 4612 $4512 4831
4312 4414 103,430 Inspiration Cons Copper_ __20 1658Jan 2 4712 Oct 7 $1414 July
2414 25
2434 26
25
2578 3,800 Internet Agricul Corp..- _ _100
2414 2484 2434 2434
512 Mar31 26 Oct 14
4 Jan
5214 5414 5314 5514 53
54
5334 53
54
53
4,300 Do pref
100
8 Mar15 5818 Oct 4
13 May
11014 11312 1081 112
109 11134 22,200 Intern Harvester of N J---100 90 May10 114 June 4
10812 11214
108 108
82 July
•____ 117
117 1117 117
10 Do pref
• _ 117 ... .. 117
100 110 July13 117 Jan 20 11312Jan
*67
7434 70
70
70
'715
200 Internet Harvester Corp_ _100 55 Feb 20 80 Apr 10
*65
71
71
'
-Vili
82 Dec
*
_ 116 .0____ 116
1100 100 *____ 116 *____ 116
50 Do pref
100 90% Mar 6 114 Jan 14 114% May
220 22113 220 222 z196 20312 6,675 Intern Nickel(The) v t 0_100 20812 Sep 30 2231 Oct 5
iiits 21812 220 2214
1034 103 *1014 11
*1018 11
2,800 International Paper
100
1088 1034 1012 11
8 Jan 6 12 Apr 19
634July
4018 40% *39
40
39
39
2,500 Do pref
100 33 Feb 24 43 Apr 19
3911 4014 2912 4084
30 Dec
86
*83
83
134 Kayser & Co (Julius)
183
100 76 Aug 24 88 Apr 26
80 Jan
*106 112
- --- - - -- -- - -- *106 112
Do 1st pref
100 107 Jan 13 109 Apr 19 106 Mar
199 1-96.
% *180 21-0
*185 200
*115 19
198 198
300 Kresge Co (5 5)
100 99 Jan 18 200 Oct 5
81 Jan
111 111 *110 112 *110 112 *110 112 *111 112
100 Do prof
100 10514 Feb 15 112 Sep 15
99 Jan
8314 8912 8412 8814 8314 86
8014 8112 8112 84%
50,000 Lackawanna Steel
100 28 Jan 7 9434 Sep 29
2612July
10418 10412 10434 10518 105 10584
*103 105 *103 105
Louls)_
(St
_
Laclede
Gas
_100
800
9278Jan 15 106 Apr 13
85 July
240 241 *241 245 *235 245
2294 22934 230 23414
800 Liggett & Myers Tobacco_100 207 Jan 9 241 Oct 13 20713 Dec
• ___ *115 120 *116 120
-- 119 119 *117 11914
100 Do pref
100 11334Jan 5 1197s Seri 9 11138Jan
25
*23
23
*23
23
24
25
2412 29
24
2,300 Loose-Wiles Disc tr co ctfs_100 16 Feb 17 31 Jan 11
26 Dec
98
93 *95
.95
98
95
4191
96
95
95
200 Do 1st preferred
100 86 Feb 20 10518 Jan 13 101 Apr
58
4155
*---- 65
6512 651k
65
*55
100 Do 2d preferred
100 60 June15 6512 Oct 15
89 Jan
1721 17012
• _ 175
175 1771 *____ 175 *17078 175
1,050 Lorillard Co (P)
100 16512 Jan 6 184 Mar 8 160 July
115 115
*112 115
11234 11234 *112 115 *114 116
100 Do pref
100 112 Sep 14 118 Jan 19 110 Jan
777 777
78
78
78
78
78
78
78
7
78
100 7258Jan 11 82 May 6
800 Mackay Companies
61 July
66
*65
66
65
65
66
65
65
400 Do pref
100 65 Feb 25 6934 Jan 19
651 Jan
5614 5712 5634 -61-14
0434 61
6234 6478 61
63
40,850 Maxwell Motor Inc tr ctfs_100 1514Jan 6 647s Oct 13
1412 Dec
9478 9512
95
94
96
9834 9634 9914 9634 9712 18,925 Do 1st pref stk tr ctfs..100 4314Jan 2 9914 Oct 13
4112 Dec
7g
4712
4612
4712 49
511 5313 5112 55
51
5212 40,300 Do 2d pref stk tr ctfs_100 18 Jan 8 55 Oct 14
17
Dec
50
*40
50
*40
4145
51 *-- 51
*45
52
May Department Stores_ _100 35 July12 56 Mar 2
5112 June
99
*95
99
*95
*94
99
---- --- *94
99
D
100 9478 Apr 27 19812 Mar15
f
9712 June
9172 9314 943* 97
90 -93
9112 95
9114 9312 78,800 Mexican Petroleum
100 51 Jan 9 07 Apr 26
4612Jan
8634 87
86
*85
*86
88
87
88
87
87
600 Do pref
100 67 Jan 15 94 Apr 26
67 May
3341
; 3518 33458 35
3334 343* 41,600 Miami Copper
3414 3588 343* 347
5 1714 Jan 6 3512 Oct 8 $1612 Dec
*5714 59
.57
58
58
59
5812 5812 57
57
800 Montana Power
100 42 Jan 4 6012 Sep 23
41 Dec
106 107
*104 107
107 107
10612 10612'107---435 Do pref
100 99 Jan 29 10758 Sep 3 101 Apr
125 127
•12318 125
12512 12612 125 12514 128% 13112 3,030 National Biscuit
100 116 Apr 3 132 Jan 22 120 July
•125
___ *120 12418
›,
121 121
- --- *12112 ___
100 Do pref
100 119 May25 126 Feb 3 11914 Jan
85 -85
86
*83
85 -85
86
*83
83 -83
450 National Cloak & Suit-100 68 Mar25 90 Aug 27
1
*108 111 *108 111
*108 111 *110 112 *110 112
100 100% Mar25 10912 Sep 29
Do pref
2038 2934 2912 30
2912 3018 29 4 293
2934 3034 5,400 Nat Enam'g & Stamp'g._100
9 July
on
912Jan 4 3212 Oct 2
•89
4189
92
92
92
*89
92
*89
*89
9112
Izt
100 79 Apr 1 92 Oct 1
Do prof
80 June
66% 6714 6612 678,
al
6,000 National Lead
663* 6714 6618 6714 6612 67
100 44 Jan 4 7034 May 1
40 July
11012 11012 11018 1104
111 111 *11014 114 *11014 115
450 Do pref
100 10434Jan 4 11214 Sep 10 105 Jan
$1512 1534 8153* 1572
1558 158 153* 157
1514 1558 8,400 Nevada Consol Copper
g
5 118, Feb 24 1678 Apr 27 $1014 July
14911 14912 14414 14812
a
14812 15014 149 15012 146 14834 4,850 New York Air Brake
100 5612 Feb 26 16434 Sep 23
58 July
o
7312
7312
14
*7212
75
75
72
73
*7311
72
74
1,600 North American Co (new)_100 64 Jan 19 81 Apr 21
6418 July
1.)
*32
34
3312 3384
3234 3312 3014 31 303* 307 2,200 Pacific Mall
100 18 Mar17 38 Aug 3
171 July
45% 4412 44'2
44
4612 45
46
47
46
47
1,700 Pacific Telep & Teleg
100 261g Feb 11 4912 Oct 1
20 July
119 120
120 1204
119 12014 119 121% 119 12012 9,000 People's G L & C (Chic)_100 11212 May10 12312 Apr 3 106 July
9518 9412 95
94
4718 46
47
4812 12,200 Philadelphia Co (Pitteb)_ _ _50 3512 Apr 7 49 Sep 30
4714 47
3814 39
3884 4114 4012 4212 4034 42
383* 3914
70,350 Pittsburgh Coal
100 1514 Jan 4 4212 Oct 14
15 Dec
110 11012 110 110'i
111 11312 11234 114 z112 11334 10,650 Do pref
100 8158Jan 4 114 Oct 14
79 Dec
70
7218
70
71
7012 7214 7012 7184 7012 713 13,000 Pressed Steel Car
100 25 Mar 6 7814 Oct 4
2684Jan
*102 106 *10312 105
*104 105 1104 104 *104 105
24 Do pref
100 86 Mar10 10412 Oct 6
9734Jan
4.104 10512 *103 105
10412 1041 *104 10512 106 106
600 Public Serv Corp of N J
100 10012 Aug 24 11084 Apr 22 107 Jan
16572 1663k
16584 166
164 16584 165 16714 16358 164
3,400 Pullman Company
100 150% Mar12 16714 Oct 14 150 Dec
212 213
212 21
*212 3
278 278
300 Quicksilver Mining
100
14 Mar15
4% Aug 7
%June
_
*212 312
_
_
*212 312 *212 312
-- -Do pref
100
84 Mar29
112 June
618 June15
47
4714 48 4934
ii 16 47 48 4712 4812 8,900 Railway
Steel Spring
100 19 Mar 6 54 Oct 1
1934 July
___
____
*93
96
*93
---- 96
*93
9658
100 87 Mar 3 95 Apr 19
Do pref
88 Dee326% 2634 $2614 2714
--4 253* 26% 73,000 Ray Consolidated Copper- _10 15',Jan 2 2714 Oct 8 $15 Dec
26 -263
263* 27
5112 5278 5234 5312
6332 6552 5312 5434 53
5414 46,520 Republic Iron & Steel__100 19 Feb 1 5578 Sep 29
18 Dec
10314 10312 10312 104
104 104
10414 10478 10378 104
2,600 Do prof
100 72 Jan 30 10478 Oct 13
75 Dec
514 514 .
434 512 2,100 Rumely Co (M)
512 558
512 558
514 8
37 Dec
100
% Jan 22 14 Aug 13
.104 12
10
10
984 10
12
.10
9
03*
700 Do pref
100
212Jan 20 1814 Aug 12
203 Apr
154 155%
154 154
15518 1553 155 1551 15338 15434 2,000 Sears, Roebuck & Co
100 213134 Mar17 20912 Feb 1 17014 July
4._
_
125
*,_
125 - --------_ 12413 1241
100 Do pref
100 121%DecJan 4 12512 Feb 19 120 D
50
5'74
ii.
4 16%
60
601460146212 5912 61
59
5,100 Sloss-Sheffield Steel & Ir 100 24 Jan 6 65 Sep 29
1912 July
73
73
73
*69
73
77
78
797k 81's 2,450 Standard Milling
80
100 4312 Feb 23 8112001 15
32 Jan
81
8014 80% 80
82
82
817 8178
8034 81
820 Do pref
100 66 Feb 17 82 Oct 14
5912Dec
14334
14218
145
14278
159 16312 99,185 Studebaker Corp (The)
159 187
147 164
20 Jan
100 3534 Jan 2 167 Oct 14
10912 109% *10912 112
110 11012 10912 111
*10912 115
1,300 Do pref
100 91 Jan 2 111 Oct 15
70 Jan
36358 6434
564% 65
6514 6614 6912 66
6814 48,600 Tennessee Copper
64
25 2512 Feb 24 70 Sep 30 $2434 July
168 168
168 1681*
167 1681 168 17112 167 170
3,200 Texas Company(The)__100 120 May14 17358 Sep 27 112 July
80
80 .65
*65
80
*70
80
200 Underwood Typewriter_ _ _100 55 Feb 18 81 Aug 31
79
*70
80
73% June
•100 107 *100 107
104 104
*100 106 *100 100
100 Do pref
100 9814 May22 105 July26 103 Dec
714
rass 714 .684
7
7
612 658
612 612
800 Union Bag & Paper
359 June
888 Aug 13
100
43* Jan 4
271k 25
*22
251k
2612 2512 2534 .25
28
27
900 Do pref
100 2278 July13 3078 Apr 6
1814July
6018 61
60
59
--- - ---_ *55
61
5812 60
0,100 United Cigar Mfrs
100 42 Jan 25 66 Oct 4
39 Dec
*105 112 *105 110
*105 109
*105 110
Do pref
100 100 June19 110 Oct 1
99 June
2514 26
25
25
2612 2614 2614 2518 25% 1,600 U S Cast I Pipe & Fdy_
26
734 June
100
8 Jan 2 3012 Oct 4
48
*41
48
*42
4618 4618 46
4678 46
4612
650 Do pref
100 3212 Mar 3 4984 Oct 4
30 July
65
65
66
*64
643 *63
64
66
6578 657
800 U S Express
100 60 July27 73% Mar 9
46 Jan
7
*
101 10112 10018 101
10012 103
100 10134 99 10078 7,900 US Industrial Alcohol_ _._100 15 Jan 27 10612 Oct 5
15 Dec
10314 104
*100 106
106 106 *102 108 *102 106
600 Do pref
100 70 Jan 26 106 Oct 13
75 Dec
537 5512 5334 5412 14,100 United States Rubber_ _ _ _100 44 July24 743 Apr 14
537 55
5312 5412 533* 3513
441 July
108 10818
*10712 108
10838 10812 10812 10834 210612 10612 1,340 Do 1st preferred
100 10138 Feb 24 110 Apr 9
9518July
8078 8134 8214 83
823* 844 8234 84% 8212 8334 613,200 United States Steel
100 38 Feb 1 8484 Oct 13
48 Dec
11458 115
1144 11414 1143* 11518
1143* 1148 114% 11478 11,269 Do pref
100 z102 Feb 1 11518 Oct 11 10314 Dec
71% 7278 7012 717
70
71
$6914 701 $7012 7134
70,700 Utah Copper
10 4812 Jan 6 73 Apr 26 3453 Dec
4114 42
4134 4214 42
4114 42
4312 4214 443 23,100 Virginia-Carolina Chem_100 15 Jan 4 4434 Oct 15
17 Dec
10834 10834 *108 10834 108 108
*108 1091 *10812 1091*
400 Do pref
98 May
100 80 Jan 8 110 Sep 25
66
*65
*65
66
65
87
65
*63
65
500 Virginla Iron Coal & Coke _100 36 June 9 69 Oct 4
65
35 July
7812
79
7812
7914
78
7812
78
7814 8,620 Western Union Telegraph _100 57 Jan 2 7914 Oct 11
77% 781
5338July
6814 7018 6612 6812 67
7114 335,800 Westinghouse Elec & M fg_ _50 32 Feb 24 7114 Oct 15
13178 13414 13314 1383*
64 Jan
*73
75
75
75
150 150 41147 151
75
75
500 Do 1st preferred
50 5812 Mar12 751s Oct 8 11578Jan
242
245
240
248 253
241 24712 8,700 Willys-Overland (The)_ _ _ _100 87 Feb 23 253 Oct 14
237
232 236
10812 1081 10912 110 *10812 10912 1,100 Do pre
'10712 108
108% 108%
100 98 Feb 13 110 Oct 14
11118 11214 11012 11034 11012 11114 5,500 Woolworth (F W)
110 lin
*109 110
100 9014 Jan 6 11278 Oct 11
89 July
•t.mat. 101 *Ion 124
120 124 *120 124 1 4'120 124
Do nref
100 115 Jan 8 124 Aug 14 11234Jan
•Bid and asked prices; no sales on this day. 1 Lees than 100 share& I Ex-rights. S Ex-div. and rights. 8 New stock. 81 Quoted dollars Per share.
dividend. z Ex-dividend.
%
%
11418 11612
*10414 110
114
441
445 445
*165 175
132 133
62
162
2012
20
4584 4584
538 54
*106 10712
34812 48%
5614 5814
138 141
107 11014
-18% 187
86
86
89% 92
106% 10678
11618 1161
*96 100
3478 3588
22
$22
4,72
74
35
*28
51
51
359 359




'_-,_

Highest
5218 Mar
110 June
$114 Feb
4688 Dec
!O'Dea
130 Jan
3088 Feb
68 Mar
3814 Dec
1114 July
$44 Feb
34% Feb
1391* Jan
4514 July
918g July
131 Jan
72 Jan

90 Dec
2012Mar
15 Jan
43 Jan
180 Jan
110 June
15058 Feb
99 May
95 Feb
2878 Apr
95 Dec
$5712 Apr
$1914 July
i01 July
36 Jan
11312Jan
11878 July
11134 Jan
118 July
UM Feb
41 Jan
94 June
10834 May
105 Feb
115 Mal
40 Jan
101 Feb
231 Mal
11812 J1113
38 Jan
165 Mal
9514 June
190 Apr
11778 JulY
8714 Feb
70 Jan
1514 Dee
44 Dec
17% Dec
6914 Jan
1013* Feb
7312 Feb
87 Feb
$2438 Feb
5278 JU111
10372 June
139 Feb
128 JODI
14 Feb
8678 Miu
52 Jan
109 Feb
$1612Jan
69 Jan
7914 Ma:
29 Jan
31 Jan
125 Jan
2312 Feb
9312Feb
48 Feb
10514 Ma
114 Apr
159 Jan
273 Jan
4 Jan
3438Feb
101 Feb
$2212 Apr
27 Jan
914 Ma
18 Jan
41 Jan
19712 Jul]
12434Jun
35 Jan
45 Dec
67% Dec
3614 Ma
92 Ma:
$363 Feb
14978 Ma
88 Jan
113 Alm
8,Feb
3212Feb
50% Feb
10378 Feb
1312Jan
49 Feb
87 Ma
20 Apt
85's Jan
63 Ma
10458Jan
674 Jan
11234Jan
$5938 Jun
3472 Ma
10712 Ma
52 Ma
667s Fel
79'2 Jut:
12412Jun
10314 Fat
11872 Mg
8Ex-stock

1256

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

Jan.1909 the azchange method of emoting °ands woe changed. and prices its now all-"and invreat---except for thcarhe and defaulted eases.
BONDS
N. Y. STOCK EXCHANGE
Week Ending Oct. 15.

Price
Friday
OcJ. 15

Weeks
Range or
Last Sale

i4

Range
Since
Jan. 1.

BONDS
N. Y. STOCK EXCHANGE
Week Ending Oct. 15.

t r.
P-4

Price
Friday
Oct. 15.

Week's
Range or
Last Sale

Rang.
nce
JSai

RIO
Ask Low
High No. Low High
Chic Burl & Q (Gas.)Joint bonds See Great North
2 9434 97
9578 9614 9638
964
Nebraska Extenelon 48
1927 -N
Registered
4
- 95 Juno'15
1927 #3-N 93,
-- 9
99 -- 9918 June'15 ---99
51s 95
91s
Southwestern Div 4s
1921 M
55 88
91
9214
General 48_
_1958 - 8 9958 Sale 9012
3
15
15
Sale
15
29
Chic & E
ref A Imp
g 195r
,J - 3
97 ' 1 91 103
lot consol gold fie
11.34 A - 0 97 Sale 97
3 5113 75
6034
General consul 1st lift
1937 M- N 6013 ---- 6012
71 Jime'15
524 71
Reglt.tered
1937 M- N 51
---- 9734 Feb '13
Pur money 1st coal 50._1942 F - A
17
2712 July 14
Chic & Ind C Sty 1st 5e
1W3F1-2
7334
6912 Sale 69
(10 64
70
Chic Great West 1st 45
1959
S ---Foreign Government
__. 112 114 July'15
113 li
9778 Sale 9778
9314 231 9778 9314 ebb, Ind & Loutsv--Ref Si 1947 I Angio-FrenCh 5-year 53(wh les) _ j____ 92
143 June la
ho
ve;.,
Refunding gold ae1947 J - J ---- 101 101 June'15 --- 101 101
Argeitine--- interuat 58 of
9558 Apr '11
_
Refunding Is Series C._ _ _1917 3 - .1
-- 7434 48 July'14
Outnese ;Hukuang Ry)-5e of
J -D
-_
94
86 July'12
25 9318 9712
Ind & Loolev 1st go 48_195ts J - 3
iba- External debt 59 of 191)4
S 9312 Sale 9312
9314 Atilt '12
Chic Ind ‘k Sou 50-year 4a 1956 J - 2
90 94
Eater 01 5soo '11 eer A__ _1940 F - A ____ 92 92 Oct '15
104 Dec '11
- 80 8333 Ohio' 6k East 1st 4348... 1969 -0 External ioani Lis
1949 F- A 7412 80 80 Aug '15
81
31 Sale 81
734 8412 CitIcagm Nillwankee & :31 Patti -Japantse Clovt-.5 loan 4 iia 1925 F - A
8 85
88
92
774 10 7178 82
7718 Sale 7718
Gen'l gold 4s Series A., e1981) J - J 83 Sale 8713
Seeen0 aeries 4 e
1925
7512 23 70 7934
8913 8912
8912 Apr '15
Registered
e1989 Q .1
I 7312 Sale 7318
Do do "German stamp".
21
-87187
4
3814
8814
9238
8818
j__June'15
6834
7834
Gen
&
ref
Ser
r2014
AG
A
41•0
Sterlingloan 41
Is431 3-3
283 1.0018 105
105
7914 Apr '14
G<,Il ref cony ser B 5a__ -02014 F - A 105 Sale 104
hilexico--Exter loan .0 55 01 1399 A- .1 2-- 80
47 76
80
65 July'14
---- 54
8014
Gen'l gold 314e Ser B___e1989 J - 2 7812 Sale 7812
Gold debt 4e of 1004
1954
76 97 10112
9512 Jan '15
100
9612 9512
General 4 JO Ser C
e1989 J - J 9912 Sale 9814
Prov of A Iherta-aleb 414s 1924 F - A I-- 96
18
24
u 8
93
411 : 0
88
90
911
82
78
25-year deben 4.
7912 80 May'15
1934 J - J 88 Sale 8713
Tokyo Olt -5H loan of 1912_ ___ M- $
9734
Convertible 41-4s1932 J -D 9714 Sale 9634
Mese are prices 64 the basis of SlitoL
Chic L Sup Div g 5e. _ 1921 J - 2 102 10212 10238 Aug '15 ---- 1024 10212
103 10134
Chic & Mo My Div 5s_ _ _ 1926 J - 2 10234 --- 103 July'15
Stet* and City ascurIttes.
6 9714 10012
9358
1 10184 10338
4 10278
1027s
Chic & P W let g 54.
1921 2 - J 1024 1023N
_ . ._ 1960 N- S 9858 9878 984
9834 28 9734 10053
884 Sale 8612
8678 11 8558 91
CM de Puget Sd let gu 49_1940 J
1961 At- S 9312 9834 9358
41:19 Corporate stoek
100 10012
100 Oct '15
10178 221 1015s 102
Oak & (Srt Sou gold 50_1916 3 - J 100
4s Corporate Flock
1965 .1 -D 10178 Sale 10134
102
106 10738
21 10158 10534
10612 Oct '15
Dubuque Div 1st s f 6s-1920 J - J 1064
44s Corporate stock___ _1963
S 102 Sale 10134
9578 58 91
9738
Fargo A Sou aseuta g 65-1924 J - J 108 _ _ _ _ 110 June'13
4% Corporate stock
1959 At- N 9513 Sale 9512
1 9413 97
10218 1e1218
9514
La Croam & I) let 51
1919 J - J 10114 -- 10218 June'15
4% Corporate stock.
1058 M- N 9514 Sale 9514
10213
2 94
10158 10213
9512
elle& Minn Div g 5a
97
1921 - J 10212 --- 10212
4% Corporate stock
1967 14- N 8514 • 9513 9512
94 Sep '15
94
Wis Vail Div 1st As
1920 J J 10578 ____ 10612 July'la --- 10614 107
9714
4% Corporate stock
1956 M- N 0114 95
0014
---99 10078
May'15
102
102
10178
10
09
10218
10534
Milk
1015
No
8
let
_1934
-D
est
4
JO__
_
I
MNew 41'54
N
1957
_ 10038 NI no' 1:% ----1004 10f:12
10958
10012 10114
Cone extended 4;Ie.__ 1934 J -D 9718
New 445
1947 M- N (008 101 10058
_ 94 Sep '15 ---- 924 9414
102
10158 10518 Chic & Nor West EU 4s1886-192fi F - A 9434
% Corporate atoek_-_1957 194--N 102 Sale 102
_ I Our Oct. '15
9438 July'14
10011 10118
Registered
1886-1926 F - A
N 10012
Assessment bonde_ _1917
634
5 "fi" 62
8514
794
84
815
General gold 31.4s
1987 M- N 7918 gide- 7918
N 8514 8512 S478
84% Corporate stock_.1964
_ 78'e Jan '14
Registered
9978 10134
01987 Q - P
N Y State-4e
1961 MI- S 101 1C3 10078 Sep '15
"9434
0338 27
10118 Aug '15
General is
9978 10112
1987 M- N --- 9338 0332
Canal Improvement 4s..__1961 J - J 10112
94
Si) 044
91 Sep '15
Stamped 45
100 10138
1987 AI- N
Canal Improvement O.__ 1962 2-3 10138 ... 1014 Sep '15
1 104 1144
---- 11038 11038
10138
11038
General 158 stamped
9958 10012
1987 NI- N 10913
- 10012 Apr '15
Canal Improvement 48_1900 J 108 10912
11014 Sep '15
10814 11013
Sinking fund 6e----1879-1929 A - 0 --- 109 108 Jutte•lo
J ---..
(;anal IMPrOVOMOVIS 4 43.1964 J
10512 Dee '13
105 Oct '15
104 10538
• Registered
1879-1929 A -0
J
Canal Improvement 4l
1965 J
_-_-_-:
104
Sep
'15
110
10958
110
11012
1034
150
-12
10334
Sinking
108
fund
Se
1879-1929
A
0
MS
Highway Improv't 414,4_1963
Registered
10418 10412
1879-1929 A -0 10312 108 102 Oct '13
Highway Improv't 4,49..1065
S 104 10538 1044 Sep '15
1664 1613-4
10134 Oct '15
81
81
Debenture be
1921 A -0 10134
Virginia funded debt 2-3s. _ _1991 J J 8334 _ _ 81 Aug '15
6112
20 52
54
101 Use '12
54 Sale 53
Registered
1921 A - 0
fie deferred Brown Bros etfe...._
idi 104
30158 Oct '15
Sinking fund deb Si
1933 111-N
99 10112
101,2 tty'15
Registered
1933 M-N
Railroad
2 53 6612
57
57
117 11914
117 Aug '15
5912 57
Frem Elk de Mo V let 60_1933 A -0 11713
Ann Arbor 1st g 4e
1 1996 Q39258 Sale
3178
93
157 8912 9534
_
•Man CI B & N W let 3%8_1941 - J
9013 Set/ '09
Ateh Top A S Fe gene 4s...1995 A 90
9213
89
Milw & S L 1st gu 3lis
1941 J -J
934 9012 Oct '15
Registered
1995 A83 Sale 83
107 Oct '15
83
10
(12
1i i0
611i
Mil L S & West let g Os__ 1921 itS 8014 8634
Adjustment gold 4e
41906 Nov
80213
30212 Aug '15
86 Mar'13
31
Ext & trap e f gold 5a_1929 F - A 104
454
1045g
Registered
41995 Nov
8312 33 8018 87
Ashland Div lit g 09_1925 #1 - S 11011 --. 1134 Feb '14
Stamped
11995 M- N 83 Sale 34212
110
11113 Aug '15
11113
Mich Div let gold 6a_1924 J
10534 sl 9238 83534
Oonv gold 4s
1985 J -D 10512 1051. 30534
Mil Spar & N W let gu 46.1947 #1- 13 8934 -- 8934 Sep'15 - 8914 92
9912 May'13
Cony 4s Issue of 1909
1985 -1)
10738 May 14
10714 243 923, 1071,
Northw Union let 7s g. _1917 M- 8 10414
Cony 4s Issue of 1910
1960 J -D 100" Sale 30578
10412 20 10284 icid"
102
16 tools 102
St L Peo & N W 1st gu 5;9_1918 J • J 10412 Sale 10412
10-year Si
1917 J -D 102 Sale 10178
__. 10312 May'15
9338 9412 934 Oct '15
10312 10358
D 103
94
Winona & St P 1st ext 78_1916
92
East Okla Div let g 45._ _ _1928 11110 8419, 89
8634
87
10212 10 10138 10212
Chicago Rock Iel & Pen lie 1917 J - 2 10238 Sale 10238
Trans Con Short I. lot 45_1958 J - J 8614 89
2 93 96
10114 10233
10238 Oct '15
9478 94
94
Registered
1917 J - J 102311
Cal-Arts let & ref 4 Jie A1962
S 94
8214 26
8234 8112
Ry general gold 43
10012
103 10312
1988 J J 82
S Fe Fret; 4 Ph lot g Is__ 1942 M
- 10312 Sep '15
8834 Sale 8712
8834 23 85
93
Registered1988 J - J .79 ____ 8014 June'15
•ti Coast I. 1s1 gold 4a_ _ ...41952 M6538
9214 July'14
Refundit.g gold 4e
1934 A -0 6538 Sale 6434
50-year unit's() 4s
1959 J 6879
9
4
1
8
6
782;83
8
7
1
10513 June'14
20-yeAr debenture be
47 -Hi 3
1932
. J • 3 46 Sale 4512
--- Ala Mid lot gli gold 5s __ .1928 M- N 10112
5612 80 Sep '15
Coll trust Series P45
89
1918 N. N 79 _ _ 9414 June'll
9312
Bruns & W 1st gu gold 45 1938 J - J oo
85 .Itily'13
12978 12978
R 1 Ark & Louis 1st 4%3.-1934 #1 - S
Charles & Say 1st gold 75_1935 3-3 1287s 135 12978 Aug '15
84
14 80 8712
99 100
Bur C R & N-let g 58_1934 A ---- 9914 99 Sep '15
L & N coil gold 419
n1952 M-N 8312 Sale 8312
116 11712 11913 June'15
11913 11912
CRIF&NWletguEs.--1921 A - 0 ---- 99 10078 Mar'14
Say F & W let gold 6a__1934 A _
10312
M
105
July'15
&
St
105
L
let
19273-0
105
gu
g
7s
A
1st gold
1934
9738
98 June'15 - 9713 98
-574 -575-2
Choc Okla & G gen g 58_01919 J - J 973s ____ 9735 July'15
all Sp Oca &0 gu g 46..._1918 9712 Apr '15
Consul gold 55
9712 9713
9112 103 8834 9212
1052 14/ -N
Balt & Ohio prior 334s
J 39114 Safe 39034
1925 J
4934 Sep '15 __._ 4934 84
Keok & Des Moines in 58 1923 A -0 50 60
90 June'15
8812 90
Registered
41925 Q- J
81
65 Apr '1,, ___- 65 (15
(
4 side- 38714 8734 "hi 85 9112 St Paul & K C Sh I. lot 434e'41 F - A
1st 50-year gold 0....
41948 A Ohio St P M & 0con 6s
1930 1 - D ii538 11613 11514 Oct '15 __-- 11434 11734
8578 90 Apr '16
371$ 93
Registered
41948 Q- J _ _
90 Jan
9238 Sale 0014
9258 880 3211 9258
90
90
Cone (le reduced to 330_1930 I - D
20-yr cony 44s
1933
19
.6 19012 9934 Oct .!15 __-- 994 102
112 Jan '12
Debenture 5e
1930 NI Pitts Juno let gold (is
1922 J 2 8413 83
11538 Oct '15
115 11588
Ch St PA Minn let g 691_1918 611-N 11412
8712
P Juno & M 1)1v let g 33-4e 1925 M- N -8712 Sale 8712
North Wisconsin let 619_1930 3 - J 11414
12958 May'09
811. 8013 Oct '15
7758 84
PLEA W Va Sya ref 43_1941 M- N 80
10514
_ _ 105 Oct '15
10458 10534
St P & S City 1st g 08_1919 A 91
83,;, 27 86
Southw Div 1st gold 350_1925 3-3 8812 Sale 8814
100 Apr '13
Superior Short L let be g-01930 MCent Ohio R 1st c g 4 lie_ _1930 M- S
1044 Apr '15
811
R5 Jan 14
11541i Chic T Fl & So-eaet let 55_1960 J CI Lor & W con 1st g 5;9_1933 A - 0
10214 Juue'12
108 106
- Ohio & West Ind gen g 68_51932 Q-M idits 106 106 '-Aug '15
Morton River 1st go g 58_1919 F - A
Consul 518-year 45
_ 10534 June'14
7478 8013
784 76 Oct '15
1952 .1 - J 76
Ohio River RR let g
_ _1936 -D
1 9812 9812 CinU & D 2d gold 434e
.9314
_ _ 9312
9312
96 Mar'14
1937 J - J 60
General gold 5e_
1937 A 11312 Feb '12
1st & refunding 46
_
1959 J - J
Pitts Clay & Tol 1st g 65 1922 A - 0
-- 87 8614 June 12
let guaranteed is
9634 Mar'14
1959 J - J
Pitts & West let g 45
1917 J - J
_
---- 25 July'15
Cin D de I 1st gu g 5s
121 Junte12
25
25
1941 M-N
. -- - Stfit 181 Ry let go g 44s...1943 J D
to) Mar'll
C Find de Ft W lot gu 4s g_ 1923 M- N --.
Bolivia fly 1st 5,
1927 3- J
"
65 J'iy '14
Cin I & W 1st gu g 4s._1953 J - J
Set;-'15
Eldfalo H & P gen 54
1937 M- S
9934 Sep '15
.-- 9433 Dec '14
Day de Mich lot cons 4Jia..1931 993i 103
Consol 4 Jia
1957 111-N
9.138 9438
65 J'ly '14
Intl Deck W ist g 5s
1935 J - J ---Al)& West let g 4,9511. _ _1998 A-0 86 02 914 Feb '15
_ 112 AD,
let guar gold 5e
10713 Dee '02
1935 J - J
Clear & Mah lot gu g Ss_.1943 J-2
'
14
8
10638
10638
foot;
73
Cleve Cin C & St L gen 4s_ _ _ 19932 -D 7218 Sale 71114
"di 74
Roch A Pitts 1st gold 68_1921 F - A 1-56.3- 7934 82 .June'14
107 Set) '15
20-yr deb 454s
107 107
1931 J - J
Comm! lot g 644
1922 3-0 107
16 100 10412
8312
83
101
80
Cairo Div 1st gold 4s
80
1939 J - J 82
80
tlanada SOU COM gu A 158_...1962 A- 0 101 Sale 1(1058
Cin W & M Div lat g 46..1991 J - J --- 75
_ 10678 Apr 14
70
70 Sep '15
70
1982 A - 0
•
Registered
St L Div 1st cell trg 4s_1990 M- N 753-4 Sale 7534
94 June'15
"ii- * 9
.63;
7534
Car Clinch & Ohlo 1st 30-yr 55'38 J -D
7534 85
- 8214 M fir'14
Registere
1990 M- N
10312 10713
Central of Ga 1st gold 5s._ _p1945 F - A foil; 107 105 Oct '15
Sin & Col:
973a 13 96 10213
77
77
w
_....1940 M- S 77 ---- 77 Sep '15
Como' gold 5ft
1945 M- N 9738 Sale 397
. 91 Apr '12
W W Val; • ee. g 4s.......1940 J - J _
- 82
86 Feb '15
86
86
Cbatt Div pur money g 4e 1951 J -D
101
101
1115T14 10514
C I St I.
101 10414
,eassol 68.._ _1920 111-N 10314 10413 10514 June'15
Mack Nor Div 1st g 5e__1946 .1 -J i5i:
89
____
10018
Feb
'15
90
10014 Mar'15
90
90
1st ge,
11038 Q-F
10011 1001i
Mid (4u & All Div 5e
1947 J
88
_ _ _ 881s May'15
87 8811
11936 (3-F
Itm-ele)red
Mobile I)lv let g 55
1946 - J 1004 105 10334 May'15
10334 10334
101 Juno'15
92
89 Oct '15
101 101
Cin
_1923 J - J
8012 9258
,A con 1st g
Can RR fe 13 of Ga col g 5e. _1937 el- N 89
5 11114 11512
112 Sale 112
112
10554 J'iy '14
Cr
2 gen con g 6s _1934 J - J
Cent of N J gen'i goiri 58___ _1987
--_
111 112 111 Oct '15
1934 J - J
11012 115
_
Registered
11987 In B & W let pref. 45_ _1940 A -0 -94 3'1;
10234 104
Am Dock & hap gu 55...1921 - J 103 10312 103 Oct '15
100
100 June'13
(. Ind & W 1st pref 5s._ _d1938 Q-J
_
Leh & Hurl Riv gen gu 5e1920 J
60
6212
5 'Ed" "di"
- 10012 Jan '13
70 6212
Peo & East 1st con 49_ _ _ _1940 A N VA Long Br gen g 4a_1941 M- S 9434-.
2113
7212 Sep '15
1990 Apr
21 Oct '15
73
20
Income 4s
65
7212
214
Cent Vermont 1st gu g 45._e1920 Q - F 71
15 9034 9E34
s3
91i
Cleve Short 1, let go 4 JO_ 1961 A - 0 9258 9313 93
93
Mesa & 0 fund & !nun 5e__1929 J - J 83 90 85 Oct '15
24 10138 105
12
101
15
1414 16 May'1 b
1939 51- N 10378 Sale 3103
17
Col Midland 1st g 45_ ._1947 J -J
let consol gold 55
101 Sep '15
10
1412 M a r'15
101 101
Trust Co certfs of deposit--------1412 16
1939 51- N
Registered
3 85
Colorado .4 Sou 1st g 4s_ _ 1929 F - A 8813 Sale 8712
8312
1992 Fa- 8 88 Sale 8534
92
General gold 440
804 57 82 91
9312 Feb '14
Refund At Ext 4 Iia_‘
1992 All- S
_
1935 N • N 8034 Sale 8018
8034 41 7878 88
Registered
101 10313 10314 Sep '15
Ft W & Den C 1st g 6a
1921 J Convertible 43.4s
8312 "ilia 70 8312
1930 F - A 8338 Sale 8012
100 10314
80 834 Conn & Pas Rive 1st g 4._ ,,1943 A - 0
Big Sandy 1st 4s____
1944 I -D 81 - - 80 Oct '15
-- 100 ioo Ma-y-'10
824 May'15
Coal River Ry 1st gu 46..1945 J -D
8212 8212 Cuba RR 1st 50 yr 5a g_ _ _1952 J J
Del Lack & WesternCraig Valley 1st g be
1940 J -J ---- 95 964 Dec '13
- 5 84
8134 Jan '13
Me
Morris & Es let gu 3JO_ _2000 J -0 3434 Sale 8434
8434
Potts Creek Br 1st 4s.._ _ 1946 3-, .- 82 Sep '15
- 01-4 8458
107 109
10714 . _ 10712 Sep '15
R & A Div let con g 4s_ _1989 - J 8013 82
N Y Lack & W 1st (Ss__ _1921 J 1923 F - A
8178 77 Apr '15
10134 10134
2d consol gold 4s
77
.- 10134 May'15
1989 J - J
77
Construction 5,9
9514 96
9558 Sep '1)
Term & Improve 49_ _ _1923 M-N 9558 Greenbrier Ity let gu g 4a_ 194(1 M- N
90 Apr '14
_
10218 Feb '0
11314 Feb '05
Warm Springs V lstg6s.. 1911 M. S
Warren let ref go g 314a_ _2000 F - A
-10414 Aug '15
5438 52 Oct '15
S 10433
53
164.14 itilEAS
Oh10 & Alton RR ref g 3s
1949 A " "dd
Del & Hud 1st Pa Div 73_1917
149 Aug '01
4418 44
41
_
IaUway 1st lien 334s
4713
1917 M- S
38
Registered
1950 J -J 44
1001z 32 "tid • idA
1 9838 100
Ghle B & Q Denver Div Cs__1922 F - A 99 _
99
1003,9 Sale 10038
19162 -D 100.
99
10-yr cony deb 48
5 8114 8413
Illinois Thy 31.48
1949 J - J
8212 83
83
1922 .3 - J 100 10134 9978 Sep '15
99 10078
1st ilen equip g 41.4e
9412 44 8912 96
Illinois Div 411
14
93 Oct '15
1943 111-N 9418 Sale 9312
1949 3-3 93
9178 9458
lat & ref 4s
10212 723 10134 10213
10213 Sale 10134
93 June'13
Registered
1949 J J
Cony 55 subr ects
Iowa Div tank fund 6a
10212 Oct '15
8013 86
1919 A-0 10214
1946 A -() 8113 8234 8112 Sep '15
10112 10212
Alb de Sus cony 384e
11338 11338
Sinking fund 49,
1921 141-N 111 -11331Jan '15
1919 A - 0 9914 ---- 9834 Oct '15
9634 99
Rena & Saratoga let Te
*No price Friday; latest this week. 4 Due April. .Due May. g Due June. 4 Due July. 1 Due Aug. 0 Due Oct. p Due Nov. e Due Dec. e Option sale.
Ask
Bid
U. S. Government,
98
U 8 2e cotaol registered.. .41930 Q 2 97
a1930 Q J 97
U S 2e consol coupon
10034 _
k1918 Q U S 3e registered
41918 Q - F 10034
S 3e coupon
1925 Q- F 109 110
8 45 regletered
1925 Q- F 10912
S de coupon
U S Pan Canal 10-30-yr 2,9-11936 Q - F 96 ____
USPn Canal I0-30-yr 2s 193, Q -N
2
_
U S Panama Canal 319 g__ _ _1961 Q -M 1561U S Philippine Island 43_1914-34 Q • F




Low
High No. Low High
98 Oct '15
9644 9914
9714 99
9714 Oct '15
98 1015s
93 Sep '15
101 Sep '15
10012 192
101) 110
10914 Oct '15
10913 11112
110 Sep '15
9712 9314
9314 Oct '15
97 July'15
inV34- 102
10134 Aug '15
100 Feb 'la
too 100

New York Bond Record-Continued-Page 2

OCT. 16 1915.)
NT

BONDS
Y. STOCK EXCHANGE
Week Ending Oct. 15.

st .2
ib
..-• .
3

Price
Friday
Oct. 15.

Week's
Range or
Last Sale

'i
174
'"

Range
Since
J tn. 1

BONDS
N. Y. STOCK EXCHANGE
Week Ending Oct. 15.

1.'
4S
Ili'

Price
radar,
Oct. 15.

1257
Week's
Range or
Last Sale

i'
3
"3 0,,AI

Range
Since
Jan. 1

Bid
Ask Low
High No, Low High
Bid
Ask Low
Hign No. LOW High
78
4 68
7112
85
Leh & N Y let guar g 4s____1945 NI- S 8512 ____ 85 July'15 -_. 84
71
74 27014
Dens & R Or 1st con g 4.3..._1936 J - J
Registered
1936 J - J 7758 82 7618 Oct '16 ---- 7358 83
Consol gold 414s
.1 10-2-11 :_----- 1-15212
16212
- ---2 1-62- - 1.0412
Long Isid 1st cone gold 5s__h1194
1 Q
M- S
935
Improvement gold 5s_ __ _ 1928 J -D 74 - 7112 Oct '15 --„ 55 80
9614 Marl,
h1931 Q - J 90
94
1st consol gold 45
1955 F - A 55 Safe 5318
5512 2438 5512
let & refunding 55
85
8634 May'15 ::::
General gold 45
1938 J -D 84
-- ii: -ifsi
Rio Or Julie let go g 5s._1939 J - D ---- 95 109 Dec '12 -.. _ _. .,
_ - _ __
1922 al - S -- - - 9212 9514 May'14 ___
Ferry gold -U45
77
6113 Apr '11
1940 J - J
Rio Or So 1st gold 48
.
. _
9914 Oct '06 Gold 48
- . 85 Mar'OS --,,
1940 J - J
Guaranteed
1 .-gil-3 -8.634
8212
8212
S 8212 87
-1 -- D
93
42
9 51
19
'Unified gold 45
75
1939 J - 1 70 Sale 70
7018 18 69
Rlo Or West let g 48
95
95, 9518
9.518 Jan • lo -1934 .1 -D . .
59
Debenture gold 5s
5
1
Mtge & col trust 45 A.._1949 A -0 59 Sale 59
'2 8234 8612
l
83
8412
_
__
GuR
ae
rgrie
sIttaling
l gold 40__ _1949 MI - S 8
Utah Cent 1st go g 4s_a1917 A - 0 ....- - --- 90 Apr '14 -----------93 Jan '11 .--- .1949 IR - S --------.
1917 M- N -,... - - - -- 100 Mar'15 .- -- 100 100
Des Mel Un Ry lot g 58_
N Y 13& 3513 lot con g 55-1936 A -0 95 __. _ 100 Feb '15 ---- 100 10018
90
85 Sep '15 ---- 7178 87
Det & Mao_ 1st lien g 4o..,1995 J -D 85
N Y & R. B 1st gold 5s___1927 NI- S ..--- -___ 1(1212 Jan '14 ---85
1995 J -D 80 - - -- 85 Aug '15 ---- 78
Gold 45
101 Aug '15
11;673 101
1 8978 9)12 LoN
woeriaSnha B
8978
Lit lot con g go 58_0932 Q - i
Oct Iliv Tun-Ter Tun 410_1961 61-N 8712 90 8978
-- -6172 9112 Feb '14 ..
-_ . _ _
Ark it g 5s____1927 M- S ..7.
Dul Missabe dr Nor gets 55_1911 .1 - J 101 102 10114 May 1., ---- 10112 10458
1117
8
113
-1)
11258
11258
Lo
cu
1 110 - 115
ul
on
sc
dfid
e
9812
101
c
d
Os
N
w
as
m
hy
J
May'15
---4s
gen
1930
8
100
(Is
997
Dui & Iron Range let 55_1937 A - 0 ..--16518 107
4
10558
___
10612 Mar'08 --19:17 M- N 10578 ____ 10558
Registered
1937 A - 0
2134 88 8918 9454
1940 J - J 9234 Sale 9
104 Feb '11 ---84
112
2d (3s
1016 J - J
____
Jun9
e
Registered
Du So Shore (It At g 5s
1937 J - J 90 9514 96 May'15 -- 96 100
2 -9978 1(-):334
8 AWE,- 10278 103
104 10378 Apr '15 --„, 103 105
M-- Ni i617Collateral trust gold 5s
11 j
19,11 hi-N
193
klgin Jol & East 1st g 55
E H & Nash let g Cs
10914 18 10612 11012
4 Sale 10914
1919 J - D 105 109 10858 May'14 ..._ ... _ _ --- Hrie let consol gold 7s
1920 M- S 109110258 J'iy '14 7_7_
1931 M- N 9734
9../113 - - -- 9712 June'14 --I,an & Lex gold 411 a
N Y & Erie 1st ext g 48_1947 11.1-N
4 11478 July'15
11i5
;11512
__ 10114 May'15 -- idd 102i4
NO & M 1st gold 65
1930 ./ - J ---- 11332d ext gold 58
1919 M s 10012
9812 June'15 --, 9814 9014
2d gold Os_
19303 - J -- -- 109 1097s M ay'15 ---. 1nm 10938
3d ext gold 411s
1923 IN S 9814 ___
101
1 100 10214
8612
Paducah & Mem Dist 4s _ _1946 F - A 8614 ____ 8612 Oct '15 ---- 86
4th ext gold 5s
1920 A 0 1001 ____ 101
_
St Louis
6 g)
i8Div
3s 1st gold 68_1921 Si - 8 106 107 10813 Oct '13 ____ 10578 10712
5th eat gold 45
1928 J D ---- ----- -935s May'14 -_ ____
7 5858 65
61
109 109
_1950 Put- S 61 Sale 35334
N V L E & W let g f1(178_1920 M 5 109 10912 09 June'15 -8418
9 83 881s.
847g
8278 68 77
Ad Knox & Cin Div 4s
1955 M - N 8473 Sale ,83
Erie let con g 48 prior..,..,limo J - .T 82 8212 8212
7974 7978
70,8 June'15 -All Knox & Nor let g 58_1946 J - D 102 ._ Ill Jan '13 ---Registered
1996 I - .1 Si) 82
71
83 65
73
Render Bdge let s f g 138_ _1931 NI- 5 105 .„.„ 105 June'15 -- idi" 16i"
1st consol gets lien g 48_1996 J - J 7234 Sale 71
1996 j _ J • ..... 72
77 Apr '12 -- .. _ _
Kentucky Central gold 48_1987 J - J -„-- 8634 8813 July'15 ____ 86 8784
Registered
9912 June'13 ---- 9912 101
98
L & N& M &M Istg 45181915 M- S 95
8812
Penn coil tr g 4s
1951 F - A 8018 „--- 8618 Oct '15 -,„,. 86
125 59 69
69
1953 A.0 68 saw 6512
Ms
Xto
cruetdb M Joint 4.3_.A952 .1 - J 7312 801s 8012 July'15 ---- 78
50-yr cony 4s A
7812 203 6312 7818
95 Feb '05 ---- ---LI
ReN
g
do
Series B
1953 A -0 7712 Sale 75
j 161 - :::: 106 J'ly '14 ------ -N Fla & S 1st gu g 58.. __ h_ 19
F -- A
1)5
32
7Q
Buff N Y & Erie 1st 7s
1916 J -D ---- 10318 10234 June'lo ...-- 10212 103.2
97 Dec '14 -N Jr C Bdge gee go g 4315_1945 J - J
1982 6I-N 103 -_-_ 10238 Sep '15 ---- 10112 10454
Chic & Erie 1st gold 5s
Pens & Atl let gu g Os__ _ _1921 F - A idi- L.:: 108 Oct '15 ---- jail; idi Clay dr Mahon Val g 58_1938 J - J -- . __ 101 Feb '15 ---- 101 101
S & N Ala cons go g 5s__ _1936 F - A 10234 -- 105111 Feb '15 ---- 10518 10515
Long Dock consol g 68-.1935 A - 0 ---- 123 11934 Aug '15 ---- 11934 1-21
824
012
10014
5 9
74
913 10
Gen cons gu 50-year 56_1963 A - 0 10014 1001; 10014
Coal & RR 1st cur gu 68_1922 51-N 90 104 10312 Oct '15 --- 10018.10012
11
80
Dock dr Imp 1st ext 5s.„1943 J - .1 103 ---- 10314 Aug '15 -- 10213 10314 L dt Jeff Bdge Co gu g 4.3.__1945 NI - S 80 Sale 80
Manila RR-Sou lines 45...1936 61-N --------------------------N Y & Green L go g 5s.....1940 11I-N - - - - - - - - 10318 Aug '12
91
1937 1 - j 9412 100
1 id ii
MexInternagtulasrtan
cone
teedg 45_ _1977 M- S --------77 Mar'10 -----------94
N Y Sus & W tat ref 55
Stamped
1937 F - A --------10014 Dec '06 ..-_ ____ ___
1977 M- S --------79 Nov'10 ____ ____ _ ___
2d gold 431s
Midland Term-lst s f 55 g_19251 -D --------101 Oct '09 -------.1940 F - A 05 --_- 6712 Aug '15 -- 8712 75
General gold 5s
7
1943 111-N - - - - ---- 102 Jan '14 --- ---- ..-- M1p
cidt
rieStEL
.t1182ttgg
oo
ldld76
%2:11927 i -D --------105 Sep '15 ____ 10,5 111-1;
Terminal 1st gold 5s
10
.11e 18
12
01s Aug '11 -i- 6
1940 A -0 10212 --- 11112 May'12 -O
N -6
19
93
241 A
NriMid of NJ let ext 58
82 ' 1
-5 -t-s1- -9
-2-1;
let consol gold .5s
1942 J -D 70 ___ 79
-E "fd""W.
79
Wilk & Ea 1st gu g 5s
33 -- - 100 May'12 --- _ _ __
let Jr refunding gold 4s_ _ .1949 61- 5 50 Sale 48
60
5012
6 4(/
ay & led 1st con gu g 138__1926 J -- JJ 81
Des it,4 & Ft D 1st go 4s 1935 j .. j 48 ____ 60 Feb '15 ....,- 130 (A,
8712 81 Aug '15 -- 81
97
Evens & T II 1st eons 68_ -1921 J
8
94
963
0
7;2: sjeuD.4
8
e:
0
7;
:
15222 :
3
:
0
3 8
36
0 6
96
014
1942 A -0 47 --- 9958 Dec '13 --- -- --- 'Iowa Central let gold 5s 1938 1 -D
let genera/ gold 55
011 Sale 451
1923 A -0 --- --- - 108 No v'11 -87
Refunding gold 48
1951 M- S 4
Mt Vernon 1st gold 68
88778 81 8812 93
M StP&SSM con g 4e int go 1935 .1 • 1 8778 8838 38778
Hull Co Branch 1st g 58-.1930 A -0 - - - - -.-- 95 June'12 -- ____
1959 J -D 8978 00 898s Oct '15 --- 8612 ii67i
let Chic Term s f 48_ _ ._1941 35-N
Florida E Coast 1st 431s
-9-311 -eil;
M SS& A 1st g 4s Int gu_19211 J - .1 -94- - ::::
Fort St U D Co 1st g 43181941 J - J --------92 Ate;'10 -- -- ..
85
54 Aug '15 -.... 56 - -iiiii Mississippi Central 1st f.s__ _1949 J - J
14 --..
__
In J.13/'
1928 J - J 54
Fs W & Rio Or 1st g 48
76
i %lit; "i1
Mo Kan St Tex 1st gold 48_ _199(1 1 -1) -76 - gale- 75
Great Northern97
205 9478 9.;1
5113 21 4918 133
5113 Sale 50
1921 J - J 07 Sale 9658
24 gold 4s
C 13 & Q colt trust 48
c1990 F - A
9614
9614
89
6 9458 068
70 Sep '15 ---- 70
665:3 68
1921 Q - J 9638 97
Regisrered h
let ext gold 58
1914 35-N
96
9912
3
963
4254
46
4134
42
21 40
5638
J
1961.1
94
101
&
refunding
448
ser
A
9612
38
let
&
1st
refund 48.
1 43
74
• 43
1961 J - 2 - -------90 Junel3 --Gen sinking fund 41,18
M- 5
2 43 Salta 43
Registered
2 .; ..1_1911
1;
1933 J - J 9312 .,,, 9314 Sep '15- i.1,
St Louis Div Is ref g 4s _2001 A&0 ---- 63) 6018 Feb '15 --- UN 601s
St Paul M St Man 48
1933 J .. j 11734 1i1358 11744
11734
i 11614 1201,
Dal & Waco 1st gu g 5s..._194n N1- N ---- 9312 9934 Dec '13 ...--- __. ____
18t consol gold 68
78 J'ly '14 1933 J - J ---- - - - - 118'4 Apr 'I,
. --- 118 1183,
Kau C dt Pact ist g 4s
1990 F - A
Registered
89
i "id" 'WI;
a8
le 89
Mo K St E Ist gu g 5s...... i 942 A - 0 "gi" S7
Reduced to gold 420_1933 .1 - .1 '10014 101 10012 Oct '15 ---- 9914 1018
1933 J - J --------10934 Aim 'ia ____ .
M IC & Ok 1st guar 5a942 61-N M- - 8714 8512 Mar'15 --- 8512 88
Registered
6658
6658
5 6658 89
1937 .1 -D 9212 __-_ 92 Sep '15 ..... 911; "(43;
M K & T of T let go g 5s 1912 NI- S 6633 68
Mont ext 1st gold 4s
.
1937 .1 -D 94 ---- 9412 Apr '14 ---- .--- ---.
96 May'13 -__
Sher Sh &So let go g 5s_ _1942 J - D - - 95
Registered
68
5 68
68
Texas & Okla 1st gu g 5s.._1943 Nf• S 68 Sale 68
Pacific tut guar 4s I_ _ _ _ 1940 J - / 86 ....- 9258 Mar'll ---. ._ _ .
44 9212 10112
94
E Won Nor Div 1st g 43 1948 A -0 86 --.. 8914 June'15 ---. 5914 itp, Missouri Pac let cons g Os__ _1920 M- N 9314 Sale 9318
1922 J - J 10758 --- _ 11012 San '14 -__ _
33 7812 9638
87
3 87 Sale 8012
Trust gold 5s stamped__ _a1917 M- 5..
Minn Union 1st g (is
1937 J - J 119 12(;1 11858 Sep '15 ---- 118-51 1.- 2i'
al917 M- S2.,..,...2.gz,..- 8812 June'15 ---, 8812 8812
Mont C 1st gu Et Os
Registered
- 13614 Nlay'06 --9218
8 72
1937 J - J -------7512
le 75
Registered
1920 F - A 751
let collateral gold 58
1937 J - .1 10538 -..- 10512 Juiy,15 ___ 10514 1055
s
r:
e A
1920 F
Registered
1st guar gold 58
__ ____
-36
- -14
- 14
- 1-e- ii"idli
-5344
1937 J - J -„.. -___ ____
Registered
1945
40 year gold loan 45
4978
3612 03 29
3612 Sale, 3412
Will & S Fist gold Os 1938 J -D 104 -- 10714 June'15 ---_ [0714 1071,
1st& ref cony 5s
7018 80
72 May'15 -,,- 70
78 Jan 'lo ---- 78 . '78
72
3d 78 extended at 4%
119
95
39
8M
Or B & W deb ctfs"A"($100 par) Feb
M- N
S ---- 82
1034 1258 1234
13
130 1012 135
Deben ctfs "Ii"(5100 par)____ Feb
Boonv St L & S ist 58 gu-1951 F - A --------100 Feb '13 -82 Aug '15 ---- 82 88
60
i "dr "ii"
Gull & s 1 1st ref & t g 55__b1952 J - .1 82 85
1919 F - A 80 -__. 60
Cent Br Ry 1st gu g 4s
_._.
D1952 J 1948 J -D --------7758 Dec '13 --__ ____ ......
Registered
Cent Br U P 1st g 4.1
„.„...-1i6/14 8814
J 88
-8-814 ---1 874 65
- 80 110 Mar'05 ____
Hocking Val 1st cons g 4)48_1999 .1 - .1Leroy & C VA L 1st g 55 1920 2 - J
1999 J - 1 -.- --- 9734 Jan '14 -- _
85 Sep '15 ---- -84 - -8f12
Registered
_...
Pac R of Mo 1st ext g 4s. _ 1938 F - A -8i 89
93
9711 .rly '14 --_, „__
Col & H V 1st ext 5 411_1948 A - 0 83 ___ 8311 Sep '15 -- 83-13 851:
1938 J - J 90
2d extended gold 58_
st L Zr A,/ & s gen eon g 5s 1931 A -0 9613 Sale 9512
1955 F - A - - - - -- - - 9012 June'14
9612
9 113 - 10142
Col Jr Tol 1st ext 43
-iiiI,
___
'15
58.1937
J
J
--.„..
9312
Feb
Houston Belt & Term let
93
Gen con stamp go g 58.._ 1931 A - 0 - - 10114 102 J'ly '14 ....97 Oct '15 ---- 96
65
1 -if - 71 Illinois Central lst gold 45_1951 J - J 94 WU
Unified & ref gold 48_1929 J - J i5- Sale 65
971:
_
1951 .1 - J - - -. -...... 92 Aug 15 ---- 92 02
Registered
1929 J - J - - - . - - -- 8078 Oct '12 --__ _
Registered
1951
j
.
J
82
____
SI July'15 --.... 7834 833:
5514
5 -51-- 69 let gold 3340
Illy & G Div 1st g 46)._ 1933 M-N 5514 Sale 54
1951 J - J 80 82
8812 Feb '13 --- ....... -__.
Registered
Verdi V 1 &W 1st g 58__1926 al- fil ____ 89 87 Sep '15 ---- 87 87
1951 A -0 83 -- -. 7814 Dec '14 --- _ --- ---, Mob & Ohio new gold 6s......_1927 .1
Extended 1st gold 3318
08
(3 10753 Oct '15 ---_ 105 11454
J iiii_ 12
Q-D
1951 A - 0 80 83 ._
106 Oct '15 ---- 106 114
Reglstered
::-__- __
1st extension gold 69____A1927
1951 M- 8 -------- -80 - Xi; .56
75
1938 Nf- 5 65 - - - 72 Mar'15 --- 72
let gold 3s sterling
General gold 4s
1951 61- 8-..:.- - ,-_ - - -,Registered
1947 F - A ___ 99 100 June'15 --- 100 10115
--Montgotn Div 1st g 5s
1954 A -0 8418 Sale 84
84.; --------' 21
A.
95 Dec '13 -_
Coll trust gold 4.3
1027.1 - D ., - 88
St Louis Div 5s
1952 A - 0 -------.1014 Sep •12 ..__
87 Jan '15 -___
Register d
e
St L & Cairo guar g 4s_
1931 .1 - J 8612
195& m_ N 85 Sal
85
8518 31 -gi- -itiii Nashville Ch & St L 1st 51_ _1025 A -0 10414 10412
--- 103 Oct '15 --__ 10
j114 i
li2
66
i5s
.
let refunding 40
7712 84
79 Sep '15 ---- 79
1952 J - J
Purchased lines nis
79
Jasper Branch 1st a (3s
1923 J - J -------- 111 Jan '12 -1953 AI- N 8212 83
80 Sep '15 ---- 7978 8631
---- 10354 Jan '14 -- ___ ._ .
L N 0 dr Tex gold 4s
MOM M NV & Al let 5s
1917 J - J ---- lige.
1953 - N --. 9512 84 slily II __
113 .Fly '04 --_1317 J - J
Registered
T& P Branch let 68
8(
'31
55
Ed
..-57
..3:4
2 :5_-5.-..- .
1950 - D -- - - 93
5734
8634
Cairo Bridge gold 4s
i 86
89
Nat Rye of Mex pr lien 4318_1937 J - J ""
1951 J - J -------74 Feb '14 ....-- _ _ _ _ ___.
Guaranteed general 48_ _ _. 1977 A -0 - - - ---- /1 Feb 'la ---Litchfield Div 1st g 3s
LOWEIV Div & Term g 3548 1953 - J --------7611 June'15 --- 7612 7711 Net of Met prior lien 4 yis__1928 J - J --- ---- 9678 Feb '13 ---_
1953 - J --------83 Aug '12 -1951 A - 0 ---...---- 30 Aug '15 --- Id""E.
let consol 48
Registered
1
1921 N - A -----123 May'99 -_ .
Middle Div reg 58
NO Mob A Chic let ref 55._ 1960 J - J --------40 May'15
. 678312 SepNl
73
14 ::.......
____
Mar'15
6 -_____
__
6
111Omaha Div let gold 3s
1951 F - A 66
2 --/6 1: N 0& N E prior lien g Bs__ p1915 A -0 ---- 104 101 June'll -----------7911 MaY'13 ---St Louis Div Jr Term g 38_1951 J - J
New Orleans Term let 4s_ _1953 J - J - - --80
80 Apr '15 ---- '78
10812 1747 -991;
10812
Gold 3318
19,51 J - J 78
8('
Y Cen RR deb Os wh Ise_ _1935 6I-N 10714 Sale- 10714
:-N
89
90 88
7512 8
79
83
14
5
1951 2 - J -- -- ---- 1011s Oct '99 -------2013 A -0 8834 Sale 8858
Registered
Ref dr imp 411s "A"
7858 56 76
8134
HprIngf I)Iv 1st g 31,1s
1951 1 - -------- 7858 Mar'14 --_ _ - - N Y Central & H R g 3;0_1997 J - 1 7838 Sale 78
77
6
77
Western lines 1st g 4s_
1111Y.15 ---- ii -81 1951 F - A 8412 ---- 85 .
1997 J - J 76 ,.
Registered
89
8812 43 84
Registered
1931 61- N 881 Sal-e- 8754
Debenture gold 48
__
. ----89o, June'l's -___ __
Beller,& Car let 6s
,
199
38
.1 NI- N --1923 .1 -I) -------- 11712 May'lo --__
Registered g 3 ,.68
23 -71 - -75
7312 Sale 7234
74
9412 J'iy '12 -_
Carl) de Shaw 1st gold 48_1932 M- S -----F-A
Lake Shore colt
14
71
7212
___
7212
iti.j1..
2 icili7;
7134
7212
Chic St I.& N 0 gold 58_1951 1 -D 105 10513 10412 Oct '15 -_._
Registered
____ ...
81 77
SO
8)
Registered
J PM & Co etfs of dep 1_9Y2 F - A 7878 791; 7013
1951 J -1) ----__ 114 Feb 'II
7312
7313 22 67
71 --_. 7278
Gold 3345
Mich Cent coil gold 3!is_ _ 1995 F---A
1951 J -I) -------- 90 Oct '03 -__ __-_-_-_ .
-_-_
___
__
_
.
712! ....
Sale__ 7114
7113 21 67
7112
Registered
199S F - A .
Registered
1951 J -D ..„ .
---. ------ --Joint 1st ref 58 series A_1963 J - D 9858 99'2 9018
9912
2 9812 1005,,
Battle Cr & Stur 1st go 38_1989 J -0
3 -tili - .
Memph Div 1st g 48_1951 J - D -- - --- 8612 Mar'15 --_ 8612 861;
Beech Creek let go g 4s__ _1936 J - J 92 ---_ 96 June Id --_ -9;1Registered
1936 J - J ---- - - -. 99 May'll __ .___ __
Registered
St Louis Sou let gu g 4s 1931 M- S .„. 954 98 J'iy 'Os ........
1936 J - J ...-- 1021: ___
24 guar gold 58
Ir.d III & Iowa 1st g 48
1950 J - .1 8313 8434 82 Sep '15 .-__ -ii- -if;.;
, Registered
97
Int & Great Nor 1st g 6s
18 96 100
--- - ---- ::::::::
- GI ::::::--- - --1j
A1919 NI- N ---- 98
19
95
36.
Beech Cr Ext 1st g 331s_b1
96
7_2 ___.. __--i-S-- Oct
James Fran & Clear let 48_1959 J -D 8714 90 8438 July'15 --_, sA
1981 J -D --Cart & Ad 1st gu g 48
9011
__
70
Kansas City Sou let gold 38_1950 A -0 6912 Sale 6712
9 6612 69
Gouv & Oswe 1st gu g 5s 1942 J -D •____ 10458 ___ .
Reglstered
_ _ 63 Oct '00 -1950 A -0
Mob & Mal 1st gu g 48....._1991 M- S 8753 ---- 8758 Sep '15 -__ -87 - -874
be
91
Ref & impt 58
Apr 1950 J - J __52 587- - -sii
N J June R guar let 4s._ _ 1986 F - A ___ . ... 86 Jan '15 -__ 86
91 Sale 8912
86
85 June'15 ---. 85
85
Kansas City Term 1st 48.....1900 J - J 8514 Sale 8514
15 8313 93
N Y & Harlem g 3 ,itt__ _2000 157-N --.
90
6 8ga4 98t,
91
90
Lake Erie & West let g 5s-1937 J - J 85
N Y dr Northern 1st g .A 1927 A -o 1021; :L_.. 10112 Mar'15 ---- 10112 10158
88 June'15 ---- 88
88
1941 .1 - .1 60
7478 9434 May'14 _
2d gold 55
N Y & I'u 1st cons gu g 48_1993 A -0 801s 85
__
North Ohio ist guar g 58_1945 A - 0 _ ... __
98 Mar'14 ----------Nor & Mont 1st gu g 5s__ _ 191(3 A -0 - - - - --iii- mi;iii :::: iii" ill'
4 9018 Oct '15 --- 08 - 1015
1,511 Vail N Y let gu g 4;0_1940 J - .3 9812 -991Pine Creek reg guar (3s__ _2932 J -0
19-10 J - J ..___ _
99 Aug '15 ---- 09 1005
Registered
R W & 0 con let ext 58....h1922 A - 0 1611: ioi-1-8 10218 Aug '15 __-- 10184 10354
Lehigh Vail (Pa) cons g 48..2003 MN 8812 89
8354 Sep '15 -- 8654 873
08we & R 2d gu g 53_ -81915 F - A ...-- _ _ 10018 M ar 15 ___ 10018 10018
2003 III-N 9313 99
9812 Sep '15 ---- 9714 995
General cons 4315
R W & OT R 1st gug 58_1918 151-N 100 __.104 Junel0
Leh V Term Ry let gu g 58._ 1041 A - 0 10012 10713 10612 Oct '15 --- 10534 IC18
Rutland 1st con g 41,8__ _1941 J - J ---- 8485 Sep '15 ---- -85- "nti 70
1941 A -0 .-_-... 107 111,8 Dee '11 .--._ 70
70 Feb '15 ---_ 70
Registered
Og de L ClIton 1st gu 48 g1948 J -2
Lab Vol Coal Co lst gu g 58_1933 J - J 103 ..___ 10313 810312 811 toil, 1041;
Rut-Canada 181 gu g 48_1949 1 - J --------92 June'09 --_
1933 J - J ---- -- 105 Oct '13
St Lawr & Adir 1st g 58-1996 J - J --. 100 101 Mar'15 --__ Mil" iiii"
Registered
_
..,..:__ ____
lit inc reduced to 48 . _103:1 J - J
1996 A - 0 --__ 102 11912 Marl2
2d gold 68
• No price Friday: latest bid and asked this week. a Due Jan. 5 Due Feb. 4 Due AMR, a Due May. 0 Due June. k Due July. k Due Aug o Due. Oct.
g Due Nov. a Option gale.




-------

--a -ii-

BONDS
N. Y. STOCK EXCHANGE
Week Ending Oet. 15.

3

.-.
b
.4 .
2

Price
Friday
Org. 15.

Week's
Range or
Last Sale

ess'o

go

002

Range
Since
Jan. 1

N Y Gen & H RR (Con.)
Bid
Ask Low
High No. Low High
Utica& 1.31k lily gu g 4a__-1922 J - .1 95 ___- 97 Feb '15
96
97
1997 J -D 8212
823
Lake Shore gold 3A 8
8238
81
8414
2 81
Registered
1997 J -D ___ 82
8134
82
8134
1928 M- S 9358 Sale 9338
Debenture gold 45
9358 19 90 94
14 8834 03
1931 111-N 93 Sale 9212
25-year gold 46
93
1931 NI-N
91 Oct '15
Registered
91
91
Ka A &0 It 1st gu c 5s
1938 J - J - - -- ---- - - - - -- -- - _
Mahon C'l RR 1st 56
1934 J - J 104 -_ 10714 Apr '14
film & L Erie 2d g 55.., _a1928 A -0 10418 ---- 103 Jan '15
i6i- 103
Pitts MeK & Y 1st gu 6s_1932 J - J 115 ____ 13018 Jan '09
2d guaranteed fle
1934 J - J ---- 116 12314 Mar'12
McKees & B V 1st g (38_1918 J - .3
-----Michigan Central 55
---- ---- 10212 Sep '15
1931 M- S -------10253 idi13
Registered
10312 May'14
1931 Q-M
4s
1940 J - J __----. 98 Apt '12
- -- 87 Feb '14
Registered
1940 J - J
J L & S 1st gold 33-03_1951 M- S --------- 90 June'08
- ---let gold 3s
---1952 111-N --------7953
7958 814
Aug '15
1 7814 85
29-year debenture 4s. 1929 A - 0 84 ____ 84
84
le 90
N Y Chic & St L let g 4s 1937 A - 0 9
9258 11 88
9334
Registered
1937 A - 0 ----- -----9234 J'ly '14
Debenture 46
1931 M-N 76
7712 77 Oct '15
7914
75
4 86
91
West Shore 1st 4s guar.,,.2361 J - J 99
90
9034
9212
2 85% 8934
2361 J - J 86
Registered
8712 87
8734
N Y C Lines eq tr 56_1915-22 M- N 10012 --- 100 Mar'15
100 100
Equip trust 4Ms__1916-1925 J - J 9753 - - - - 98 J'ly '14
- - - -- - N Y Connect 1st gu 4 Ms A.1953 F - A --- - 97
97 Oct '15
9412 97
NYNH& HartfordNon cony deben 4s
1947 MI- S 78 ---- 77 J'ly '14
Non-cony cieben 3 Ms
1947 IN- S 70 ---- 63 Feb '15
-di- "di
Non-cony deben 3Ms
1954 A -0 6912 ---- 70 Oct '15
70
64
10 71
Nen-cony deben 48
80
80
1955 J - J 77
80
80
79
Non-cony deben 4s
1956 Itl-N 77
78 Oct '15
78
- - 70
34 6112 72
7112 7058
Cony debenture 3s
1956 J - J 71
72
37 101 11458
Cony debenture Os
1948.1 - J 11434 116 11312
1145
Cone Ry non-eonv 4s
1930 F - A 70
Non-cony &ben 4s
1954 .1 - J ---- 9112 Jan '12
Non-, onv deben 4s
1955 1 - J ---- 7612 --_ ______
Non-cony deben 4s__1955 A -0 --- --- ---- ______
--Non-cony deben 4s
1956 J - J
- ----Harlem It-Pt Ches 1st 4s_1954 NI-N -------- -9914 Noy'12
B & N Y Air Line 1st 4s 1955 F - A ---- --- ---991 June'12
2 -if 79
Cent New Eng let gu 4s 1961 J - J 73 Sale 73
73
Hartford St Ity let 4s_
1930 M- S -- -. -- ____ ______
Housatonic It cons g 5s
I21 ---- 054 May'15
193; M-N
105 10513
---- -87 J'ly '14
Naugatuck RR 1st 4s
-1954 NI- N ---NY Prov & Boston 4s
1942 A -0 894 - - - - 88 Aug '13
801 7912
NYW'ehes&B 1st ser I 43-is '46 J - J 79
8178 61 -661-2 -iff
s
N H & Derby cons cY 55 1918 41" N --------107
Aug '09
Boston Terminal 1st 4s
1939 A - 0
New England cons 5s
1945 J - J --- --- ___ __ _
Coneol 43
-- 994 Mar'12
1945 J - J
Providence Secur deb 4s 1957 NI- N ---- ----56 Apr '15
55
5812
Prov & Springfield 1st 58_1922 J - J
--- 99% Deo '14
Providence Term let 4s 1956 NI- S ------ ----8353 Feb '14
W & Con East 1st 43-s.,,1943 J - J .
- --- .
N Y 0& W ref 1st g 4s__g1992 M- 5 '61 78
7413 8253
7612 Oct '15
Registered $5,000 only_g1992 M- S ---- ----9213 June'12
General 4s
76 J1ine'15,
1955 J -D __-- 74
7512 80
Norfolk Sou 1st & ref A 6s 1961 F - A _ _ 83
94 June'14
Norf & Sou let gold 5s
1941 111-N 90 98 101 July'15
101 102
5 115 118
Norf dc West gen gold 6s
1931 IN- A 611718 Sale 11713 8117181
Improvement & ext g 6s_ A934 F - A 117 -- -- 11634 Sep '15
11634 119
New River 1st gold 6s
1932 A -0 11618 117 119 Apr '15
119 119
91121 --13 804 94
N & W Ry 1st cons g 48..1996 A -O 911 Sale 9058
Registered
. ----94 May'1 I
1996 A -0 ---Div'l 1st lien & gen g 49_1914 J - J 88
8812 88 Oct '151
8512 8812
10-25-year cony 4s
1932 J -D ____ 119 11634 Oct '151
9878 11634
10-20-year cony 4s
1932 M- S --------31534 Oct '15
9934 11534
2 101 117
11434
1938 M- S 114 11612 11434
10-25-Sear cony 4 Ms
Pocah C & C Joint 4s__ _1941 J - D 87 ---- 87
87
864 9014
CC & T 1st guar gold 5s 1922 J - J 10012 ---- 10534 Jan '13
Selo V & N E 1st gu g 4s 1989 M- N 87
88
86 Oct '15
-64.4 91
Nor Pacific prior lien g 4s__ _1997 Q - J 9114 Bale 91
9112 145 88% 9318
1997 Q - J 89 ---- 89 Sep '151
Registered
8834 92
633
41
034
Sale
6312
General lien gold 3s
134 82
a2047 Q - F
66
Registered
0047 Q - F --- ---- 6312 June'15
6112 6312
St Paul-Duluth Div g 4s__ 1996 J - D 803 ---- 9053 Sep '15
9058 9034
Dul Sbort.I.Ine 1st gu 5s__1916 M- S ---- ----10013 Sep '13
St P & N P gen gold 6s_ __1923 F - A 10958 113 10958 Aug '15
10
.'014 hhhis
Registered certificates..1923 Q - A 10812 1097 11538 Aug '11
St Paul dc Duluth 1st 5s__1931 V - F 104 ---- 102 Feb '15
109 ioi
2d 6s
1917 A - 0 10058 102 101 Aug '15
10014 101
let consol gold 4s
88 Juno'15
1968 1 -ll ____ 90
88
88
Wash Cent 1st gold 4s
1948()-M __ _ -- - - 8112 Dec '13
Nor Pac Term Co 1st g 6s 1933 1 - J 11038 11012 11038 Oct '15
ii5
113
8312 --13 7912 88
OregouWash 1st & ref 4s
1961 J - J 8312 Sale 8314
Pacific Coast Co 1st g 5s
1916 1 -D -___ 9458 95 Aug '15
94
9814
Pennsylvania RR let g 4s__ _1923 9-N 9512 ---- 97 Aug '15
96 98
Consol gold 5s
1919 M- S 103 ---- 10212 Sep '15
102 10318
2 95
Como! gold 4s
97
951 97
97
1943 M-N
9812
Convertible gold 3Ms_o1915 J -D ---- ----100 Sep '15
9938 10072
9812
5 9612 9812
Canso! gold 4s
9812 Sale 9812
1948 IN-N
10312 117 10134 10472
Consol 4 Ms
_1900 F - A 10312 :law 10314
General 4s when Issued 1965 .1 - D 9818 Sale 9778
9818 321 97
9814
Alleg Val gen guar g 4s_ __1942 al- 5
4 ---- 9378 Oct '15
93% 94
D It RR All 'ge 1st gu 4s g 1930 F - A ------ 91 Mar'14
51 961 9634 Sep '15
Phila Balt & W let g 48_ _1943 M- N
9614 97
Sodus Bay & Sou 1st g 5s_2924 J - J ---- ---- 102Jan '03
-Sunbury & Lewis 1st g 43_1936 J - J - - - - - - - - - - - ---U NJ RR & Can gen 48..1941 M- 5 ---- 99
99 Aug '15
984 66 Pennsylvania CoGuar 1st gold 430
8 9934 10212
1921 J - J 1003 ---- 10058
10034
Registered
' 1921 J - J ---- ----100 July'15
9912 100
Guar 33s coil trust reg A_1937 M- S 8312 851 8412 Apr '14
-Guar 31-s coil trust ser 13_1941 F - A ------- 86 July'15
84
86
Trust Co ctfs gu g 33-s
9012 Sep '15
1916 M- N 9934 100
99
9912
Guar 33-is trust(Ms C
8578 83 Feb '15
1942 J - D 83
83 83
Guar330s trust etls D. 1944 J - 0 8212 8314 81 Aug '15
81
81
Guar 15-25-year gold 4s 1931 A - 0 9234 ---- 92 Sep '15
8912 9412
40 year guar 4s ctfs Ser E.1952 M- N 8812 8912 9232 May'14
Cin Leb & Nor gu 4s g__ _1942 M- N 89 --- - 9312 Apr '14
Cl & Mar 1st gu g 4Ms__ _1935 IN-N 914 ---- 974 Aug '15
9734 0754
Ci & P gen gu g 4Ms ser A_ 1942 J - J 10078 10218 10138 Nov'13
Series B
1942 A - 0 10078 ---- 10934 J'ly '09
Int reduced to 30_194? A - 0 8438 __ 9114 Feb '12
Series C 3s
1948 M- N 8438 ---- 9018 Oct '12
Series D 3s
1950 F - A 8438 ---- 834 June'15
8334 83%
Erie & Pitts gu g 33is 13 1940 J - J 82 --- 8614 May'14
-Series C
1940 J - J 82 - - -- 904 J'ly '12
Grit & 1 exist gu g 4 s 3941 J - J 14
99
95 July'15
-66 - 100
Ohio Connect 1st gu 4s_1943 M- S --------03 May'14
Pitts Y & Ash 1st cons 5s 1927 M- N 10214 - - - - 109 May'10
_
Tol W V & 0 gu 43e A....1931 J - J 96
9712 9634 Aug '15
9634 9712
Series B 45s
1933 J - J 90---- 9814 June'15
9814 9814
Series C 4s
1942 M- S
'14
J'IY
934
P C C & St I. gu 43is A 1940 A - 0 9938100
99 Sep '15
98 1014
Series B guar
1912 A - 0 83958 Sale 89958
89958
9758 10112
Series C guar
1942 M- N 987 ---- 9714 July'15
9714 10112
Series D 4s guar
1915 NI- N 9214 94
9213 Sep '15
9218 9334
Series E 3 Ms guar gold_1949 F- A 90
91
91
91
90
9158
'cries F guar 4s gold
1953 J -0 9213 __-_ 9514 Jan '14
Series 0 4s guar
1957 M- N 9214 --- 9258 Aug '15
9212 9334
C St L & P 1st cons g 5s. _ 1932 A - 0 10113 __ 10612 May'14
!aorta & Pekin tin let g 65..1921 Q - F 10158 -- -- 10138 May'15
10138 ION
28 gold 4s
51921 M-N __.- 89
89 Feb '14
-_
Pere Marquette-Ref 4s____1955 J - J ____ 20
1112 June'15
1112 1113
Refunding guar 44
1955 J - J ___ 19
40 Dec '13
Mc & West Mich 5e
1921 J -0 72 --__ 72 Aug '15
• No price Friday; latest bid and asked. a Due Jan. 5 Due Feb. •Due May,
S ODt1en sale.




ivoL. 101.

New York Bond Record-Continued-Page 3

1258

-

.---

-...

--1
-

Price
Friday
Oct. 15.

BONDS
N. Y. STOCK EXCHANGE
Week Ending Oct. 15.

Week's
Range or
Last Sale

Range
V.

Sines

Jan. 1

Pere Marquette (Con.)
Bld
Ask Low
High No, Low High
Flint & P M gold 63_1920 A - 0 98 ____ 98 Sep '15 ---- 90
98
72 _ _ __ 72 Sop '15 --- 6512 72
let consol gold 5s
1930 M -N
Pt Huron D
Div let g 5e1
68
68 July'15 ---- 65
-10339
0 A - 0 _--- 60
_
__
Sag Tus & H 1st gu g 4s 1931 F - A
- -- :-..:: ---- ---40
Philippine Ry 1st 30-yr e f 46 1937 J - .1
55 -65 - May'14
Pitts Sh & L E 1st g 58
1949 A - 0 10314 1(10 10812 Mar 14 ---- - - - --- 11314 Noy'll ---- ---1st consol gold 5s
1943 J -2
--9318 102 91 - -1 i8
Reading Co gen gold 49
1997 1 - J 93 Sale 9234
9012
0014 Aug '15 ---- 110
1997 J - J
93
Registered
I
92
1 901 935
921
Jersey Central roll g 4s__ _1951 A - 0 921
_
Atlantic City guar Is g
_
. _
1951 J - J ---------------------------11;
0012 J'ly 15
St Jos & Or Is! lot g 4s
1947 J .1 ---- 59
4 10578 10812
St Louis & San Fran gen 63_1931 J - J 107 10714 10714 . 10714
9912 12 9812 10114
General gold 5s
1931 J - J 9912 Sale 9912
St
RR consg 4s-1
199
36
1 .1 - .1 68 ___ 75 J'ly '14
68 -3-5- - Eli
49
49 Sale 47
General 15-20-year 5s 1927 NI - N
49 ____ 44 Sep '15 ---- 3212 51
Trust Co certifs of deposit__ __ __
47
1)4'
30
4458
1 41)
l
do
Stamped_ _
----- ---__ -83 Dec '13 -----------Southw Div let g 5s..1947 -A---____ 68 Oct '15 - --- 0312 7112
Refunding gold 4s
1951 2 - J
- --803 Siert!
Registered
51 J - .1 --195
,
, _=
6
00
914 --13
Trust Co ctfs of deposit__ -- -- 6914 Sale 6914
5 5
00;
18 -1
64
do
Stamped__
13
0i
12
41(
7
10
0
(
5
04 17
6
16
512
K C Ft S & M cons g 8s_ _1928 Fr -ii
--11
615
2 Oct '15
108-313i8
70
6934
70
K C Ft S & NI Ry ref g 40.1930 A - 0 69
KC&MR&Blstgu 53_1929 A - 0 .. __ ___. 95 Mar 14
4 -657312 Sale 7234
St L SW let g 4s bond ctfs 1989 M- N
7334 54 -6.-7-32 52
60
2d g 4s income bond otte_p1989 J - 2 55 ____ 54
54
21 5178 6234
J -D 57 Sale 55
59
Consol gold 45
Gray's Pt Ter 1st gu g 5s 1947
32 J -0 100 ____ 9812 Jan '14 __
.
.
3 7238 25 -66- - -)
S A dc A Pass 1st gu g 4s
1943 .1 - J 714 Sale 70
SF&NP Istsk fd g 5s
1919 J - J 10034 ---- 10034 Oct '15 _--- 9934 1007s
75 i /en '14
82
Seaboard Air Line g 4s
1950 A -0 78
79 Oct '15 ---- 78
Gold 4s stamped
8312
1950 A -0 7912 80
---- -------Registered
1950 A - 0 -- _ _ _ . - - - 69
95
8
05
4
,
9 F - A 66 Sale 65
14
Adjustment 5s
019
7112
6912 27 60
A - 0 6912 Sale 68
Refunding 4s
84
Atl Ilirm 30 yr 1st g 4s__e1033 M- S 84 Sale 84
- i6
Car Cent 1st con g 4s_
8:::: ii8:5...
1949 J _ j 8212 ___. 8514 Mar'15 ....-5
Fla Cent & Pen 1st g 5s 1018 J - J 99 __-- 9934 Sep '15 __-_ 9934 10014
1st land gr ext g 5s
1930 J - j 100 ____ 104 Nov '12 ______._
Consol gold 5s
1943 J - J 101 ____ 101 July'15
Ga & Ala Ry 1st con 50_01945 J - 2 --- ---- 10258 Mar'15 _.- 10012 10238
Ga Car & No 1st gu g 5s 1929 J _ j ____ ____ 10114 .July'15 ____ 10012 10214
Scab & RO3 1st 59
1926 J - _I 9834 -___ 9914 Aug .15 ---- 0014 1014
Southern Pacific Co11 7934 804
84
8 Sale 83
Gold 4e (Cent Pao coll)..1c1941) J - D ..8_3_3..
90 Feb '14
41949 J - D
Registered
844 855 -79:14 -841;
20 year cony 4s
01929 M- S 84 Sale 28312
10412 1243 9514 10412
20 year cony 5s
1934 J -D 10378 Sale 1015
Cent Pao 1st ref gu g 4a 194
8714 244 8358 90
39
4 F - A 8634 Sale 86
1949 F - A - -- ---- 8612 Mar'15 -. 8612 8618
863 853 Oct '15 ---- 8438 89
Mort guar gold 335e_k1
1929
9 .1 - D 86
85
10 8218 87
Through St L 1st gu 48_1954 A - 0 85 Sale 85
6 100 10212
10018
GH&SA
&P lst 5s1931 M-N 1004 102 10012
Gila V GA N 1st gu g 5s 1024 IN N --- _--- 102% Apr '14 __9912 10012 100 July'15
i(l()- ilia- flous E & W T 1st g 5s_1933 IVI-N
09 101
9918 June'15 -..------ 9918 091a
1933 M- N
1st guar 15e red
Ft dr T C lat g 5s int gu-1937 J - J 10234---- 10234 Sep '15 _-- 10252 107
9512
1 93
04
Gen gold 4e lot guar_ 102I A -0 9312 ---- 94
Waco & N W div Ist g 6s 1930 M-N 108 111 108 Mar'14
A Sc N W 1st gu g 5s
1941 J - 1 100 10012 100 June'15 ---- ilki- 10-2-4
Louisiana West 1st 6s_
1921
.:: -_ --_ -_ -_ 11)41958 j
1 L
A -- 6
.lit'
lillye:114
5 --_ _-- --- --- 102 iI545-s
Morgan's La & '1' let 7s 1918 j
_-_ - ___
1st gold Os
1920 J - .1 - -- 106 10614 J'ly '14
No of Cal guar g 5s
1938 A - 0 10414 -_-. 112 Feb '07 __-10012 85
6 ..
-9
i9
i511-4
4_ 1
..i
0f
i4
Ore & Cal 1st guar g 5s
12
11)27 J _ j 310012 Sale 10012
00
612 __ .._._ 10
J .. N
j 18
09
12
8s
Noopv'11:21 __ __:... _ _ _-- So Pac of Cal-Gu g 55._1937 .51So Pac Coast 1st gu 4s g 1937
3
San Fran Terml 1st 4s
1950 A - 0 80 Sal-e 79
8014
.5
.
4 i3
. %)_.0_ 90 Apr '14
Tex & N 0 con gold 5s
1943 J - J 8
So Pac RR 1st ref 4s
-9
8514
- -65-C
8 "di 8612 -1-6
1955 J - J
9912 185 0612 101
Southern-lst eons g 5s
1094 J - J 9912 Sale 9734
1994 J - J
Registered
98
'15 "i5i 98
Develop & gen 4s Ser A 10
98
034"668
956
4 A - 0 6714 sale 6
5 6
53
57
814 6
6,41
12 _70 _ 68
68
79
6
MobSc
D0
(vhilostco
g14
1tr g54
!
8
1100
:3
185
8 NI- S 16
1 - J 98 _ 9
88
43
748 8
98
1 89814 100
3%
9834
St Louis div 1st g 48
83
3 8014 8334
1951 J - .1
_______ --J - J
Ala Cen 1st g Os
4 .1
411:°y:1144 _ _ _ _
-8
- 19%1334
Ala Gt Sou 1st cons A hs 1943 J -D -- 9
9278 93 July'15 ..... 03- -6;73
Atl & Char A L 1st A 4 1-s1944 J - J 90
82
8318 Apr '15 .... 834 851a
Atl & Danv 1st g 48
1048 J - J _
2d 4s
1948 J - J iiii ____ 754 Aug '15 .--- 7512 7512
Atl & Yad 1st g guar 4s
1919 A - 0 7218 -- 7534 Dee '14 _-- __ --.8 J'1 '14
- - - -.. .... 1(
0
)1)34
Col de Greenv 1st Os
1910 J - 2
10i5-8 l(F1234
.
1 2 Sop
So '15
ET
T Va & Ga Div g 5s
193
1:11 J - J il-ji __
Con 1st gold 55
26 10034 10453
19511
104
1109381 M- N 10212 105 1027s
IN- S 97
E Ten reor lien g 5s
09
98
99 Sep '15
00
Ga Midland 1st 3s
(1412 May'13
__ ---1940 A -0 ___- 60
Ga Pac RY 1st g Os
J - J 106 ---- 10678
1 105 107
10078
Knox & Ohlo 1st g 6s__ 102
10512 10512
925
2 J - J ---- ____ 10512 July'15
Mob de Bir prior lien g 58_1945 J - .1 --------l0512 Nov'12
- - -- --Mortgage gold 4s
1945 J - J ---- 704 79 Mar'1:3
Rich & Dan deb 53stmpd _1927 A -O --------102 May'15
Rich & Meek 1st g 4e
73 Sep '12 - - -i 47.1-6 101- 1948 NI N
101
So Car & Ga ist g 5s
1919 al- N 161- - 6:d-c- 101
10
60:14-4
Virginia Slid ser C 6s
i14i
il6
00
1916 IN- S 10034 ---- 10014 Mar'15
-___ -_Series D 4-55
1021 IN- 8 101 -_ 10334 1•Tov'12
_ __ _ _.
Series E 5s
1926 M- S 1013 --- - 102 Dec '13
Series F 5s
1931 M - 1-1 1(12 --- 104 Mar'13
10212
111-N 10218 -___ 10212
2 102 - 1-03.1-2
General 5s
9812 101
Va So'w'n let gu 5s 2
36 J - J 102 ---- 100 Aug '15
10
903
8414
1st cons 50-year 5s 1958 A -0 8412 ---- 8414 Oct '15
81
W 0& IV 1st cy gu 4s_1924 F - A - --- - -. 92 J ane'13
-___ - --Spokane Internal 1st g 5s
1955 J - J . _ __ 8812 9012 June'14
0558 9358 Sep '15
Ter A of St L 1st g 4 Ms._ 1939 A - 0 94
0
86
4
223
0
701;
1 2 -16
I6
1st con gold 55_1894-1044 F - A 10012 -- _ 10012 Oct '15
8
a4
8012
Gen refund s f g 4s
1953 2 - 2 8012 Sale 80
0878 82 3987 100
A -0 99 -_-- 39872
TeSx1dcLP
I‘a
lcillreid
2
10
t ggeolT
0
90
30
1)J -1) 93 --- 92
de5
rego g 55G2
3
93
328
34
Mar 30
33
3
1 0
2d gold Inc 5s
29
111 3
96
614
La Div B L 1st g 5s
1931 J - .1 - - - - 8912 95 May'14
-6-i--.
W Min W & N W 1st gu 5s 10
6
-.0
.
-1
:
4. i
93
35
0 F- A __ _ 95 10012 Nov'04 --- :
J - .1 101-12 Sale 10112
10112
Tol & 0 C 1st g 5a
2
Western Div 1st g 58
1935 A - 0 ____ 101 101 Aug '13
J - D ____ 9812 10112 Apr '14
General gold 55
1st gu g 46
Kan &
199
30
5 A - 0 ____ --__ 80 Mar'15
28 20-year 5s
1027 J - J ____ 9434 93 Augl.I
2 624 08
04
Tol P dr W 1st gold 48
04
64
1917 J - J 03
78
662
7414
Tol St L W pr lien g 330.1925 J - J 75
80
91'12
261-2 -i0
7414
1 -7
5312
55
50-year gold 4s
26 4212 55
1950 A - 0 5434 56
43 June'1-1 _ I:
Coll tr 4s g Ser A
1917 F - A ____ 50
8212
Tor Ham & Buff 1st g 4s_ _h1946 J - D
Msel;_:i18i1;
------05 1008 Aug
Ulster & Del 1st con g 5s_.1028 J -D --_10
9£1 101
'15 ____ .2--_- 74 Mar'15 --- 74
let refund g 4s
74
1052 A -0
9458 95
9432
9434 74 9212 974
Union Pacific 1st g 40
1047 J - J
9512
Registered
1 94
47
7 J - J -_ ---_ 892 Oet '15 __- 892
9214
20-year cony 4s
1927 J - J 92 Sale 9112
9214 1-13 88
8612 112 8418 9214
1st &ref 4s
g2008 5$- S 8618 Sale 88512
9112
1940 J -D 8812 89
8812
Ore RR & Nay con g 4s
8812
3 87
10818
5 1074 10912
Ore Short Line 1st g 68_1922 F - A 1(18 -___ 108
10012 106
1st consol g 5s
1946 J - J 103 -- _ 10012 Oct '15 .
90
Guar refund 4s
131 8712 917
1029 J - D 90 Sale 8912
Utah & Nor gold 5s
1920 J - J 1(121,1 10314 102 Sep '15 ____ 102 103,11
let extended 45
19:33 J - J 933899
-, ---- --- ----80 _ _ _ -93 - A p-r -'13
Vendetta cons g 4s Ser A....1955 F - A
fiti - -*W
Consol 45 Series B
1957 M N 86 __ _ _ 86 Sep '15
Vera ems & P let gu 4 Ms_1934 J - J ____ 90
4212 Aug '15
4212 4218
29 92 91)78
94
Virginian 1st 5s Series A._ _1902 IVI-N
9312
94 Salo
-

Due June, S Due July. k Due Aug.

o Due Oct. go Due No,. g Dee Dec.

Ask Lew
Bid
High No. Low High
102
13 97 10212
1939 11/1-N 102 Sale 1014
Wabash lit gold 53
9258 20 86
954
1939 F - A 931 -..-- 91
2d gold 50
1939 J - J ---- ---90 June'12 --- ..... _- Debenture Seriee 13
- 897
;
; 8918 Mar'15 ---- 8978
1st lien equip a fd g 58-1921 111- S ---- 897
65
1954 J - J 85 --__ 65 Mar'15 - 65
let lien 50-yr g term 4s
34
22 Oct '15 --- 12
let ref and ext g 4s._ _ 1956 J - J --__ 23
___ __-- ____ _-_Cent 'I'r ate asst iatcf -_ --------93 95 __
3612 -__-____ ____ __- -._ _ __ 35
Do asst part paid
-91
93
Sent Tr stpd ars. east paid _ __
3312 3412 ____ __ ____ ____ ---Do asst part paid
73 94 95
_____
11qult Tr ctfs asst paid -------____ _ __ 94 Sale 94
36
150 35
36
36 Sale 35
Do asst part paid
95
95
90 94
Aqua Tr stpd ctfs asst- pald _ -- --------94
3434
3434 76 33
344 Sal
33
Do asst part paid
Aug
15
---99
100
100
---Det & Ch Ext 1st g 54
101
J
1941 J
Des Motu Div lat g 4s
1939 1 - J --------80 Aug '12 ___ _ _ __
60,4
70 6014 July'15 __-- 55
Om Div let g 3;is
1941 A -0 58
7234
Tol & Ch Div let g 4s
1941 M- S 864 - .- 664 JulY'15 --77 66
412 35
1
-414 114
834
3
1954 J -D
Wab Pitts term 1st g 4s
38 912
278 181
112 258 2
Cent and Old Col Tr Co costs__ _
212
112 212 212
5
3a 812
Columbia Tr Co certfs _ ____ 233 125
38 8
112 2
14
Col Tr ctfs for Cent Tr ctfe _
-4 112
it Sep '15 -_-14
2d gold 4s
1.3
1954 J -D
78
18
18 Juty'15 ____
4
---Trust Ce cents
Wash Terml let gu 3343____1945 F - A -------8034 Aug '15 ___ 8038 82
9112
914
'15
__
Aug
9112
_
_
9112
_
_
let 40-Yr guar 4s
1945 F - A
35 54
72
72
West Maryland let g 4s
1952 A -0 72 Sale 72
102
4 10078 10212
West N Y & Pa let g 58
1937 J - J 10218 --- 102
7413
7412
;
747
3
744 7812
Gen gold 4s
1943 A -0 744
20 -....._ 174 Mar 16 .-- - 1718 174
Income Sc
41943 Nov
9812 June'15 ...-- 9812 100
96
i heeling & L E 1st g 5s___1926 A -0 91
91
94
954
Nov'13
Wheel Div let gold 5s......_1923 J - J
.---_----92
Exten & Impt gold 5s____1930.
1 - A 904 --- 92 Apr '15 __ .. 92
60
11 49
; 80
6534
RR let conaol 48
1949 M- S 80 601
_ .
__
90
Apr
'14
20-year equip a f 5e
1922 J - J 70 85
87
gi
2 -gi
---- 2
82
81
Winston-Salem S B let 4s_ _1960 J - ----8
9
824
Wls Cent 50-yr let gen 48_1949 J - ,j8218 Sale 82
8278 Oct '15 ____ 82e 8512
Sup & Dul div & term let 48'30 M -N 83 87
Street Railway
Brooklyn Rapid Tran g 54_1945 A - 0 102 10212 10114 Oct '15 --- 10018 1033s
.83 80 Aug'
15 -- ,-, 7934 854
2002 J - J
let refund eons,gold 44
1918 - j 100 Sale 99%
8,) 98% 101
8-year secured notes Se...J
100
Bk City let con 56_1916-1941 J - J 10012 10112 10012 Oct '15 _-- 10014 102
98 Apr '14 __ __ _ _ __ _ _
Bk Q Co & Soon gu g 58_1941 111-N ---- 95
May'13
Bklyn Q Co & S lst 56._1941 J - J -------101
1
99
100
13 9
.1i14 idit2
Bklyn Un El lot g 4-50-1950 F - A 99 4 100
99 Oct '15 _--- 98 10012
1950 F - A ---- 101
Stamped guar 4-55
8312
8312 80 Sep '15 ___ 79
Kings County El let g 40_1949 F - A 80
824
1949 F - A ---- 8434 79 Sep '15 ___ 79
Stamped guar 46
78
73 Aug 15 __., 73
Nassau Else guar gold 46_1951 J - J ---- 77
1927 F - A 9518 Sale 9478
9518
4 9234 974
Chicago Rya let 56
Conn Ry & L lat & ref g 430 1951 J - J ---- 97 10178 June 12
1951 p - 3 934 ...,:... 9614 June'14 ___
- -Stamped guar 434s
7212 Oct '15 -- 6534 70
74
Get United let cons g 430_1932 J - J 73
At Smith Lt & Tr 1st it 56_1936 MI- El --------84 Jan '14
1916 1 -D 100 ---- 100 June'14 ___ __- - -Grand Rapt& Ry latg 5s
92 Apr '14 ----_ _Havana Elec consol g 56..-1952 F - A --__ 90
- -- -_ -7112 16 70 - 7978
Hud & Manhat be Sas A1957 F - A 7112 Sale 71
1957254 Sale 2412
2512 95 244 2918
Adjust income 56
„.
1932 it---A- -------N Y & Jersey lat 58
7614 363 7314 7911
74-18
Interboro-Metrop coil 4446_1956 A -0 7578 na
Ma 80 9614 9852
Interboro Rap Tran let 51 _1966 J - J 9612 Sale 9633
88
2 82
91
alanhat Ry (N Y) cone g 40_1990 A -0 87 ---- 88
8812 10 85 911/
1990 A -0 8812 ---- 8814
Stamped tax-exempt
Metropolitan Street RY'15 ___ 9712 101
Bway & 7th Av let o g 56_1943 .1 - D ---- 974 0734 Sep .15
___ 94 99
984 9712 Sep
Col &Oth Av let gts g 55-1993 M- S 96
Lex Av & P le 1st gu g 53_1993 M- S ---- 99 101 Apr '14 ____ _ _
--------80
-- -- _
A
Mar'14
F
46_1938
let
g
(Chic)
Met W S El
Milw Elea Ry & Lt eons g 56 1926 F - A ---- ---- 10118 Aug '15 __ i(1118 10111
9258 Feb '15 _- 9258 9251
Refunding & eaten 430_1931 J - J ---- 90
_1919 J - J 99,2 ---- 102 Nov'12
Minneap St let cons g
-let & ref
Montreal Tramway] Oa-9414
1941 J - J ---- 9112 90 Oct '15 ____ 86
20-year 56 Set A
.
85
J
78
78
Feb
78
'15
_
New On Ry & Lt gen 430_1935 J
70
20 68
731,
N Y Rye let R E & ref 4s....1942 J - J 70 Sale 69
4712
Sale
0
47
A
a1942
4734
195
47
Inc
5e
5551
30-year adl
86 Apr '15 -- 84
86
NY State Rye let cone 430_1962 M- N 82 88
Portland Ry let & ref 5s____1930 M- N 94 --__ 9918 Feb '15 __ 994 994
-80
A
-80
Sep
513_1942
F
'15
___
let
ref
80
80
Portid Ry Lt & P
Portland Gen Elec let 56_1935 J - J ...-_ 10014 100 May'15 ___ 100 100
St Jos Ry, L,H & P 1st g 56_1037 M- N ---- 9512 98 No v'08 ____ • _ _ _
165- 10(
St Paul City Cab cons g 5s__1937 i - J -,- -_,,- 100 See '15
8138
82
1060.3 - J 6112 152
33 78
Third Ave let ref 46
8252
7958 397 75
a1960 A -0 79 Sale 7714
Ad) Inc 56
82
1054
10612
J
10412 Oct '15 1937 J Third Ave Ry let g 513
10512 107
Tri-City fly & Lt lets i 5s 1023 A -0 9614 9612 96
9812 15 9434 9714
9812 J'iy '14
Undergr of London 43is_......1933 J - J --- 94
8712 J'iy '14
1948 - _ ---_ 88
Income es
__
---- - - - -0 --------84__
Oct '08 -Union Elev (Chic) let g 581949 A-__
-- (15_
M-N 73 --- 74
75
_1
11
United Rye In
Inv 55 Pitts les026
75
61 Sep '15 __-_ 60 631;
1934 J - J ---- 70
United Rye St L 1st g 43
5938 Mar 15 _.
5938 591;
St Louis Transit gu 53_1921 A -0 ---- 60
46
Sale
4534
4812 61 40
5551
United Ras San Fr s f 4s._ _1927 A -0
Vs RY dr Pow let & ref 5s_ _ _1934 J - J 824 ---- 82 Sep '15 ____ 88 891,
Gas and Electric Light
1947 .1 -D 10158 ---_ 103 Sep '15 -- 103 103
Atlanta 0 L Co let g 5s
10312
3 103 1041;
111-N 1031 ---- 10312
Bklyn Un Gas let eons g 56_1945 ,
- ---- -54 June'13 ..... _
Buffalo City Gas lst g 53_ _ _ _ 1947 A - 0 ---97
Columbus Gas 1st gold 58_,_ _1932 J - .1 -- - - -- 97 Feb '15 ._ 97
Consol Gas cony Sob 6e _1920 Q - F 1184 Sale 11812 1204 419 10058 1204
1003s 1(11 Aug '15 ___ 994 101
1923 I Detroit City Gas gold 5s
J9914_
_ _ _ _ 9558 Sep '08 ____
.
Detroit Gas Co cons let g 58-1918 F - A
10214
._4
7 1011 103
J 102 Sale 102
Detroit Edison let coil tr 5s..1933 J Eq CI L N Y let cons g 5s__ _1932 NI- /3 1001 --_- 10012 May'15 -_10033 1001:
. -----100 Feb '13
Gas & Elm Berg Coo g 5s_ _1949 J -D ---Hudson co 0a8 let g 58_ _1949 51-N 101 10234 10112 Oct '15 __ iji 1i031;
92 Mar'14
Kan City (Mo) Gas Ist g 56-1922 A - O ;--91
104 Juno'15 ---- 1013; iiiii
Kings Co El L & P g 5s
1037 A - 0 .02
11412 11312 Sep '15 ---- 113 115
Purchase money Os
1997 A - 0 113 --_Convertible deb es
1922 M- S 124 - - - - 122,2 Dec '12
122
1 115 - 122
Convertible deb Cs
1925 M- 8 12114 ---- 122
Ed El Ill Bkn let con g 48_1939 J - J 8614 ---- 8614 Oct '15 ---- 8614 88
101
Lao Gas L of St L let g 58_e1919 Q - y 101 Sale 100711
9 10014 10111
Ref and ext let g 5s
1 97 101
9934
1934 A -0 9934 Sale 9931
9058 Oct '15 __-_ 90
Milwaukee Gas L let 4s
913
1927 M-N 9034 91
Newark Con Gas g 58
1948 ,7 - D 10338 --10338 Aug '15 -- 103 10331
4 102
10212 14 10118 1031:
NYGELII&Pg58
1948 .1 - D 10218 102382
8214
Purchase money g 48
6 80
1949 F - A 8212 84
8,51,
Ed El III let cons g 5e____1995 J - J 10712 --_ 10712 10712
1 10014 1071;
4 10034 Oct '15 __
NY&Q El L& P 1st con g 513_1930 F - A 100 1(3039914 101
N Y & Rich Gas 1st g 5s__ _1921 51-N -.. --- 024 J'1Y '09 .__. -__-__.
Pacific CI & El Co Cal 0 *CFI
95
9412 15 91
Corp unifying & ref 5ai937 M- N 9412 Sale 9418
Pac Pow & Lt 1st & ref 20-yr
53 Internat Series
1930 P - A ___ ____ 91 Feb '15 ____ 8812 91
Pat & Pa3sale G & El 5s_
1949 M- El 991
9934 993.
;• . 9934 July'15 ___
tieop Ga.33c C let cons g 6;-1943 A -0 -___ 114 ill Sep '15 _..-- 110 115
1947 M- S 10038 1(12 1004 10078 21 9978 1011;
Refunding gold 5s
_ 99 Sep '13 ____ .
1947 M- S
Registered
101 Sep '15 ---- toi- 103 .
Ch G-L & Clre let gu g 56.1937 J - J 10112
3 9978 1011
1014
Con 0 Coot Chi let gug 5e1936 J - D 101 Sale 101
_
93 Mar'12 ____ _
Ind Nat Gas & Oil 30-yr 5e1936 M- N
Mu Fuel Gas let gu g 5s_ J947 M- N 9912 10013 9934 Sep '15 ---, 991;100
1919 F - A 9514 _--- 95
95
Philadelphia Co cony 5s
1922 M- N 85
90
9634 June'14 ------------ .
Cony deben gold 56
93
92 Oct '15 __ 8812 95
Stand Gas & El cony s f 68_1926 J - D 90
9912 100 Mar'14 _ _ ___
Syracuse Lighting let g 5s-1951 I -D 98
RM. jiine.19
80 _
Flyrnolign i1'11 A. Pottrwr Au 19(54.7 - J
----

-- --

--

BONDS
N. Y. STOCK EXCHANGE
Week Ending Oct. 15.

iv
t
e
.2;
1

f

Pries
Friday
Oct. 15.

Week's
Range or
Last Sate

T.5.4
a t‘,.;
144

Range
Since
Jan. 1

High No. Lets High
Bid
Ask Low
_ „....
9914 --__ 10112 June'14 -___
Trenton 0 dr El let g 5s__1949
____
100 Sep '15 ---- 9712 101
Union Elec Lt & P 1st g 5E1_1932
90
---- --- 89 Mar'15 ---- 89
, Reunding & extension 56_1933
10214 ____ 10214 Mar'15 ---_ 96 1024
Utica Rico Lt & P 1st g 5s_1950
---98 Aug '15 -..
98 98
Utica Gas & Elec ref 5s____1957
10112 102 10134
10134 10 101 103
Westchester Ltg gold 5s____1950
Miscellaneous
77
78
7714
7714
2 70 80
Adams Ex coil tr g 4s
1943
134 Sale 134
137
22 118 150
Alaska Gold M deb 63 A__ 1925
92 Sale 9178
38 9012 93
92
Armour dr Co let real eat 434s'39
87 88
87 Oct '15 ---- 84
87
Bush Terminal 1st 4s
1952
86
90
85 July 15 . ___ 844 90
Consol 5s
1955
8312 85
84 Aug '15
83 87•
Bidgs 5s guar tax ex
1960
13934 Sale 12614
135 1017 111 135
Chile Copper 10-Year cony 781923
10412 Sale 104
52 98 111
105
GranbyConsMS&P corn 6s A '28
175
Sale 174
18614 285 97 190
Inspir Cons Cop let cony 68_1922
175 Sale 175
186
123 9434 186
5-year cony deb 66
1919
77 Sale 3704
7758 40 3014 79
lot Mercan Marine 4 Jis
1922
7738 185 3312 784
765:3 Sale 764
Certificates of deposit
6918 70 694
70
691a
5 36
lot Navigation lets f 5s____192.1
91
9114 914
9134 19 8884 92t2
Montana Power 1st 5s A__ _1943
8714 90
8812 Jan '14 .__ ____ ____
Morris & Co 1st s f 430____1939
Mtge Bond(NY)4s set 2_1966
------- -83 Apr '14 ___ ___ __
9378 ____ 00 J'iy '14 ___
10-20-yr 5s series 3
1932
75
7214 75
7214 Sep '15 ---- 71
N Y Dock 50-yr let g 4s_1951
10038 10134 1130 Sep '15 __-_ 100 101
Niag Falls Pow 1st 55
1932
Ref 3c gen 6s
01932
88 _ _ _
55 Oct- '1.6 ---- -Eidis -9114
Niag Lock & 0 Pow let 56_1954
91
9212 9212 Oct '15 ---- 9234 95311
Ontario Power N F 1st 5s -1943
---- 904 86% May'15
864 90
Ontario Transmission 5s____1945
88
39 8614 894
88 Sale 8712
Pub Serv Corp NJ gen 5s_._.1959
130 Sale 130
136
101 103 137
Ray Cons Cop 1st cony 6s_1921
---- 88
9214 Feb '14 .-___ _ _ __
Sierra & S F Power let 5s _1949
---- - _ _ 1034 Jan '14 ____ ___ ____
Wash Water Pow let 5s_ __1939
Manufactiring & Industrial
102 Sale 102
102
3 9934 10234
1928
Am Ag Chem 1st c 5s
954 Sale 954
9514 13 92 9514
Cony deben 5s
1924
2 9978 10012
100 10038 100
100
Am Cot Oil ext 430
p1915
9314 60 914 9411
93
9334 93
1931
Debenture Sc
103
103
10314
103
3 10012 1034
Am Hide & L let sf g 6s
1919
82
8911
85
83 Sep '15 _-- 80
Amer Ice Secur deb g 6s
1925
11012 Sale 106
111
135 10358 111
Am Smelt Securities s f 6s....1926
9612
__ 9534 Sep '15 _--- 9312 9534
Am Thread let coil tr 4s
1919
11912 ____ 11912 Oct '15 --- 115 1214
Am Tobacco 40-year g 6s...-1944
-- ____ 12134 May'14 _-- __ __ _ _ _
1944
Registered
94
95
97 Apr '15 -- 9'7
9818
Gold 4s
1951
_
-98 June'l __ _
Registered
1951
61
a fa
i ili
tif Elite 60
Am Writ Paper lsts f 5s
1919
103 -_- 103 May'15 ---- 10034 103
Baldw Loco Works 1st 56.-1940
10234 17 984 103
10234 Sale 102
Beth Steel 1st ext s f 58
1926
100 Sale 100
10018 67 8518 1024
let & ref 5s -uar A
1942
100 Sale 9978
101
65 9678 101
Cent Leath 20-year g 5s__ _ _1925
9734 Jan '15 ...... 9734 9784
---- 98
Consol Tobacco g 4s
1951
9633 -- 9658
965a
3 9434 9714
Corn Prod Rote f g 59
1931
9534
3 92 9534
9534 Sale 9534
1st 25-year s f 5s
1934
10034
95 10078
28
Sale
100
3
4
10034
Cuban-Am Sugar coil tr 6s...1918
68 Sale 68
69
61 464 69
Distil See Cor cony 1st g 5a._1927
10112 102 102
103
20 84 10458
E I du Pont Powder 434s
1936
---- 9612 8712 July'14 -___ _ _ __
General 13akIng let 25-yr 68.1936
77
7612 Oct '15 ---- 74
79
79
Gen Electric deb g 3348
1942
104 sale s0258
104
95 10112 105
Debenture 55
1952
8 Sep '15 ---- 100 10112
----1O0'
Gen'l Motors 1st lien 6s
1915
8714
e 87
$714 65 8278 88
III Steel deb 430
1940
10114 25 99 1014
101 Sale 101
Indiana Steel 1st 5s
1952
100 ____ 100 Oct '13 ---, _
Ingersoll-Rand let 5s
p1935
10012 _ - 100
100
- 10111
8 9934
Int Paper Co lot con g 6s...._1918
80 Sale 7912
80
8 7834 82
Consol cony s f g 5s
1935
63 ____ 6212
6212
4 38 691j
int St Pump let s f 5s
1929
63
65
6212
64
28 52 88
Certfs of deposit
94
9434 9434
95
74 89 9578
Lackaw Steel 1st g 56
1923
93 Sale 9234
98
402 65 97
let con5s Series A
1950
12134
123
1217
8
1217
4
10 12134 12412
Liggett & Myers Tobao 76_ _1944
101
9978 100 10078
15 994 10215
55
1951
12134 123 12112 122
-5 119 124
Lorillard Co (P) 7s
1944
9978
Sale
9978
100
19 9558 102
5s
1951
10834
107 Oct '15 --, 9513 110
Mexican Petrol Ltd con as A 1921
104 10712
1074
___- 10712
2 95 110
Ist lien & ref 6sseries C
1921
95
95 Sale 95
2 92 95
Nat Enam & Stpg let 5
1929
8312 ____ 83 June'l --_ 83
85
Nat Starch 20-yr deb 5s
1930
99 Sale 99
100
19 95 100
National Tube 1st 5s
1952
10134 102 10212
10212 11 90 103
N Y Air Brake 1st cony 6s._1928
Railway Steel Spring9712
9712 9812 974
1 954 0924
Latrobe Plant lets f 5s_ _ _192T
914 92
9118
9118
1 90 93
Interocean P let a f 5s __ _1931
9412 57 9012 9534
9412 Sale 9438
Repub I & S 10-30-yr 53 a f_ _1940
9334 94
93
9312 15 8812 9312
Standard Milling let 51
1930
16 974 10312
103
10234 Sale 10234
The Texas Co cony deb 63..1931
7618 ___- 80 Aug '15 --__ '75
80
Union Bag & Paper let 5s_1930
76 _ _. 9114 Jan '1
---- -- -Stamped
1930
6512 70 65 Oct '15 ---- 65
78
US Realty& I eon.
, deb g 55 1924
26 Oct '15 ---- 20
---- 26
30
U S Red & Refg let g es_ _ _ _1931
103 Sale 10212
103
53 10118 10314
US Rubber 10-yr coil tr 6s_ _1918
10212 Salo 10214
10258 547 9978 10258
US Steel Corp-fcoup ____d1963
1023
3 9934 10284
10234 Sale 102
S f 10-60-yr 5slreg
51963
9512
96
9538 96
59 89
9711
Va-Car Chem let 15-yr 53..1923
9878 9914 99
9912 53 9612 9914
Cony deb 6s
e1924
10112 Sale 10112 10114 12 10014 102
West Electric 1st 56 Dec_ _ _ _1922
10538 Sale 10533 10512 38 8978 10534
Westinghouse E& Ms f5s_ _1931
Corti ofdeposit--- __ - 10518 Sep '15 ---. 10314 10533
1401-4 Sale 13312
142 652 10938 142
Cony s f 54 (12s of 1915) _1931
10/12
10078 _-_- 10118
2 9814 10111
10-year coil tr notes 5s._ _ 1917
Coal & Iron
92 J'Iy '14 -__ __ ___.
90 ___
Buff & Sum Iron e f Is
1932
85 863; 85 Oct '15 --- 75
86
Debenture 53
a1926
95
3 87 95
97'Z 95
95
Col F & I Co gen e f g 5a____1943
75
79
78
7912 20 70 80
Col Indus 1st & coil 5s 811-1931
---- ---- 73 Mar'l
Cons Ind Coal Me let 5s_ _1935
8814 Apr '1 ---4 884 881-4
---- 88
Cons Coal of MS Istarref 58.1950
---- 99
9918 Feb '1 ____, ____
Continental Coal let g 513___1952
.
---- 9434 10238 Apr '0 ___41 _ _
Or Illy Coal & C let 8 6s h1919
------ 1)0 July'l ___, 90 -(16
Kan & It C & C lets f g 58_1951
84 871 8514 July'l ___-. 8514 88
Poeah Con Collier lets f 53_1957
78 82
82 Apr '1 --_,I 75
82
St L Rock Mt& P let 56_ 1955,
8241
___, 75
Trust Co Ors of deposit.. - 794 Aug '1
1.0634 101- 10058 Sep
100 10111
1951
Tenn Coal gen 5s
10158 Sale 10158
101..
'15--ii 9978 10134
Birm Div 1st consol 6s
1917
10158 102 10158 Sep '1 --- 10014 1017i
a1917
Tenn Div let g as
_ _ _ 106 101 Dec'14 -Cab C M Co let gu 6s__1922
- - - - 75
73 Apr '14 _-_ ____ ___.
1953
Victor Fuel lets f 51
83
86 84 Oct '15 --82
MI
Va Iron Coal&Coke let g 56_1949
Telegraph & Telephon
8874 Sale
17' 8612 8914
8814
89
Am Tclep & Tel coil tr 4s__ _ 1929
9534 100
97 Sep '15 -- _4 9134 9811
1936
Convertible 4s
10418 Sale 10334
10434 13.42196 1043,
193:3
20-yr convertible 41is
991 ---- 9918 May'l - - 983a 991i
Cent Dist Tel 1st 30-yr 51. _1943
---- ----884 June'14 -Commercial Cable let g 48..2397
--------79 Apr '1 _
2397
--- ---•
Registered
14 97
97
95
9711
Cumb T & T let & gen 5s__ _1937
itif_
8918 Dec '1
.
Keystone Telephone let 5s_ _1935_
iiale_tot
1011.,
3 iii(i- 101-11
Metropol Tel & Tel Islet Se 1918
99
9934 9812
99
4 974 991,
Mich State Telep let 5s _ _1924
10012 ---- 10112 June'l _
10112 1011:
N Y & N J Telephone 58 g__ 1920
8
97 Bale s9658
97
94
9751
N Y Telep Ist & gen s f 4;46_1939
9738 Sale 9738
9733 17 9434 98
Pac Tel & Tel let Is
1937
9712 Sale 97
9712 46 9614 99
South Bell Tel & T 1st a f 58_1941
95
98
9878 --__ 98 Oct '15 ___
West Union coil tr our 5s_ _1938
921z 40 884 93A
924
93
92
Fd and real cat g 434s....._1950
_
--------104 June'll ____ -------.
Mut Un Tel gu ext 5s__1941
--------9033 Mar'15 __ _
901, 901!
'Vnrtharnat TM an 4‘44 a 1034
04,-.XUson

Range
Since
Jae. 1

3

i4
oi4
144

04—coZ20c..00:

Week's
Range or
Last Sa4

y.c..333304.30.:

Pried
Friday
Oct. 15.

zoo... ZZI.0003.031.0ci10: P.O.c...Z003)710=00ZZ>OZ.-,Z6.1.3.00c.4.0cD›0

t
bI
II_
,-,"•

0: :

BONDS
EXCHANOE
Week Ending Oet. 15.

tic y. STOCK

1259

New York Bond Record-Concluded-Page 4

Our. 16 1915.]

• No Klee Friday;latest bid and asked. a Due Jan. 4 Due April. s Due May. g Due Juno. It Due July. k Due Aug. o Due Oct. 17 Due Nov. q Due Dee. s Option sale.




BOSTON STOCK EXCHANGE-Stock Record s.:NTA.•

1260

SHARE PRICES-NOT PER CENTUM PRICES.
Saturday
Oct. 9
I

Monday
Oct. 11

i
I

Tuesday
Oct. 12

*-_-_-_-_
.4612
.46
48
*--__ 15734
- - 15734
*103 104 .103 104
*153
*153 _ _
71
7114 7114 7234
41112 119 .113 119
.8312 86
86
80
O99 10013 9912 9912
9
*8
40
40
40
.
33
78
8314 84
8734
9312 9312 0312 9312
150 150
150 150
25
25
.23
25
136 13678 136 1368
65
.83

fE" 115
65 .64
84 .83

1-1E65
84

68
68;
9512 96
2
213
*--__ 16
113; 11412
11512 116
12412 12518
5212 5312
96
97
66
100
*1-5.1-3 16
3314 34
10
.0
242 243
180 1804
98
99
8812 8812
87
87
*---- 185
•
_
3

*6712 6812 6812 6812
9512 96
9514 96
218 .2
2
214
15
15 • __ 16
11112 11234 11212 11334
115; 116
115 116
124 1253s
12334 124
*4912 50
4934 5012
97
96
97
97
64
64
64
6412
*99 100
15% 15% 1512 16
3334 34
3312 3414
94
94
.9
10
242 242
242 242
179 180
176 176
*97
9734 *9712 _ _ _ _
8814 8814 88
8834
86
87
87
8612
185 • _ _ 185

4.10
.41

a

_ .10
.40

.31
_
133 133
16578 16612
1514 1514
11812 119
*3413 35
.28
29
.1
113
134 13412
4914 4914
20
29
8113 83
11434 11434
12% 13

•112 241
98
99
3418 3434
2
2
558 5612
6013 6184
814 813
*312 334
6234
62
6458 65
552 555
*1812 19
48; 4918
5712 5814
213 234
1314
13
914 94
88
8634
407 417
1614 1612
27
6
6
.4512 4713
.86
88
2878 2934
358 358
234 234
1434 1434
*514 6
*134 213
12
12
434 434
35
35
212 212
7612 79
1578 1578
11
1114
10
10
7
7
31; 3134
134 134
.
112 2
313 414
5334 54
85
85
1714 17;
8378 84
2612 2634
55
551
3; 358
7
7
*2714 28
7
.6
2834 2914
2; 3
5612 5634
84 834
.45 .45
43
434
47
4714
3; 313
1234 13
6934 7013
*314 312
312 312
60
61

2
214
08
812
3418 3458
214 213
56
5612
6034 62
84 834
35s 358
6078 62
65
6513
560 560
19
19
49
50
58
5812
2
3
1318 13;
934 1013
87
86
4334
42
17
17
27
614 613
.4512 4613
*8612 87
2913 3012
358 338
.234 314
1413 15
534 6
218 24
12
1212
412 5
3478 3518
2; 258
78
7912
1534 16
1034 12
934 934
*634
714
3118 3238
134 134

*138

112

.
41

___

70.51 -13212 13212
165 16513
1514 1514
11813 11834
*3434 35
29
29
113
.
1
133 134
49
4938
2812 29
8158
81
*114 11434
12; 13

4
54
8612
1734
8412
2658
5614
312
7
28
6
2913
27
56
9
.50
4312
47
34
1234
7058
314
312
61

-412
3512
88
18
8512
2714
57
4
718
28
6
30
313
5734
1418
.55
4414
4712
312
13
717g
312
312
62.2'

112

112

•Bid and asked price.

Thursday
Oct. 14.

Friday
Oct. 15.

107; 107;.106 106121 ,--*9913 100
Last Sale 101 Sept'15
184 184
184 184
18412 186
8412 85
8413 85
8412 85
•131
__-- *131
____ 133 133
35
3613 3313 35
33
3412
*____ 231
Last Sale 235 Sept'15
Last Sale 10 Mar'15
.40
Last Sale 40 Sept'15
*46
Last_S_a_lf 834 Sept'15
46
46
• _ _ 15734
Last Sale 185.103 105
104 104
10438 10438
.153 ---- *155 ____ 155 155
71
7214 .6812 70
70
70
.113 119
Last Sale 117 Sept'15
.
84
86
86
86
10013
9912 9512 991, 9933
.99
Last Sale 9
Sept'15
40
40 .40
44
84
87
82
8412 -82
8312
.91
93; .91
9312
*149 150
150 150
25
25
*24
28
---- --- *13514 136 *13414 13478
Last Sale 85
*Ha- 116- *113 115
64
64
65
-6413 -64:78
65
•__
83
84
84
84
83

.
107 10712 10738 108
*100 101 .100 10012
.
18212 185
185 185
83
83
85
84
133 133 *131 135
34
3612 3512 3712
.
230 235 *230 235
• ___
8

▪

Wednesday
Oct. 13.

_

133 133
__- 105
1514 1514
118 11914
*3412 35
.28
29
•1
113
13313 13412
4912 51;
2813 29
8213 84;
11412 115
1234 134

Sales
of the
Week
Shares

STOCKS'
BOSTON STOCK
EXCHANGE

Railroads
130 Atch Topeka & Santa Fe 100
Do prof
100
100
209 Boston & Albany
100
339 Boston Elevated
100
36 Boston & Lowell
10)
4,900 Boston dr Maine
Boston dr Providence
100
Boston Suburban Elec Cos-_
Do pref
Boston & Wore Electric Cos
12 Do prof
Chic June Ry & U S Y.._100
35 Do pref
100
1 Connecticut River
100
340 Fitchburg Pre(
Georgia Ry & Elec stampd100
100
34 Do pref
100
23 Maine Central
Mass Electric Cos
100
100
160 Do pref stamped
100
8,004 NYNH& Hartford
20 Northern New Hampshire _100
64 Old Colony
100
100
90 Rutland, pref
100
221 Union Pacific
Do prof
100
10 Vermont & Massachu3etts_100
5)
42 West End Street
5)
15 Do Prof

Range Since Jan. 1.

[VoL 101.
Range for Previous
Year 1914.

Lowest.

Highest.

Lowest.

Highest.

9234 Feb 23
97 Jan 15
170 Mar 5
73 Junel6
100 Feb 26
20 Feb 13
225 Jan 5
10 Mar23
40 Sep 21
834 Sep 13
39 Jan 20
157 Feb 13
10113 July 9
140 Feb 25
51 Feb 9
114 Apr 20
84 Aug 10
92 Mar 4
4% June 7
33 July21
43 Feb 25
39 Oct 1
140 Aug 3
15 Mar17
11612Jan 4
7931 Marll
105 Feb 11
61 May15
80 July 1

103 Oct 11
101 Sep 30
198 Jan 12
96 Jan 5
133 Oct 9
37;Oct 11
240 June26
10 Mar24
56 Mar23
9 Sep 1
47 July15
160 Sep 9
110 Apr 21
165 Jan 12
75 Jan 5
120 Feb 6
88 Mar 3
9912 Aug 18
10 Sep 24
56 Jan 6
8734 Oct 11
98 Apr 29
157 Apr 9
25 Oct 11
13678 Oct 0
80% Feb 11
125 Apr 20
7212Jan 25
9312 Feb 4

8814 Nov
97;Jan
175 Nov
77 May
150 Dec
3013 July
225 May
7 Mar
50 July

100 July
101; Feb
195 Jan
10114 July
179 Feb
55 Jan
255 Jan
712 Feb
60 Jan

35 July
160 Mar
103 Dec
162 Nov
75 July
11513 Dec
83 Jan
90% Jan
0 Apr
54 Dec
49% July
100 May
140 July
10 May
110; Nov
82 Apr
115 Jan
65 Nov
82 Dec

40 Jan
163 Jan
107 June
200 Jan
93 Jan
124 May
88% Apr
99 Mar
14 Jan
6613 Jan
77% Jan
112 Feb
165 Jan
30 Jan
16334 Jan
85 Jan
130 Feb
75 Jan
95 Mar

71 Oct,4
4714 Jan
9612 Sep 9
89 Dec
3 Apr 14
2 Dec
1912Jan 9
17 Jan
11412 Oct 13
9714 Mar
117 Aug 28 108 Mar
12578 Sep 29 112 Nov
56 Sep 23
14 Mar
0912 Oct 4
7234 Mar
67 Apr 23
5712 Dec
101 Feb 6
9734 June
1712 Ser. 7
5 Feb
34% Sep 27
1313 May
1314 Apr 5
9;Dec
260 Jan 22 234 Nov
18412 Oct 4 137 Dec
104 M ar29
0812 Nov
94 Aug 5
764 Nov
9212 Jan 28
85 Nov
200 Jan 4 200 Dec
3 Sep 10
24 May
124 Feb 8
18 July
4612Jan 26
55 Juno
20 Apr 15
20 Apr
40 Oct 15
38 Dee
143 Jan 29 128 Nov
167 Oct 14 148 Dec
16 Jan
l84 Jan 2
121 Aug 30 10112 Nov
354 Sep 10
27 Feb
3014 Sep 8
27 Mar
134 Apr 21
.95 Dec
14134 May 3 3113 Dec
65 May24
5214 Dec
30 Aug 31
28 Jan
48 Dec
8434 Oct 14
115 Oct 1 10314 Dec
14 Aug 3

594 Mar
98 June
4 Jan
22 Jan
11014 Jan
115 Dec
124 Jan
15 Mar
83 Jan
67 Feb
20012 June
O Jan
1634 Jan
1413 Feb
265 Mar
15012 Feb
102 Jan
9438 Feb
96 Mar
21634 Feb
3 Jan
38 Feb
70 Jan
30 Jan
69 Jan
141 Feb
159 Jan
2018 July
10734 Mar
31 May
2913 Jan
2 Feb
173 Feb
6134 June
3018 July
6714 Jan
112;Jan

Miscellaneous
67
.6712 68
229 Amer Agricul Chemical_ _100 48 Jan 5
6814
9534 96
100 8712 Mar25
9534 96
382 Do pref
214
217 Amer Pneumatic Service.- 50
2
214 214
134 Mar17
1413 1518
50 1412 Oct 14
35 Do prof
11113 112
823 Amer Sugar Refining
100 100 Feb 24
115 115
115 ff61-2
100 100 Feb 5
257 Do pref
100 116 Jan 4
5,083 Amer Telep & Teleg
12414 12473 12412 125
100 1612 Apr 6
5234 5312 53
5334 3.710 American Woolen
100 77 Feb 5
9534 9612 96
97
614 Do prof
59l Jan 20
6514 6514 6412 6412
58 Amoakeag Manufacturing_ _ __
Do prof
Last Sale 100 Oct'15
9712 May25
15; 1512 16
1634 2,072 AU Gulf & NV 258 Lines_100
4 Feb 24
100
3334 33; 3312 2,573 Do pref
33
98 Mar12
10
.9
10
834 July27
50 East Boston Land
100 230 May10
239 239
242 244
214 Edison Electric Ilium
100 1384 Feb 26
17712 17834 179 180
488 General Electric
9913 100
09
99
18 McElwain (NV II) 1st pref_100 9612 Aug 25
10078 Apr 8
8812 8834 86; 8634
235 Massachusetts Gas Cos
100 85 May24
8613 8718 86
86
77 Do. pref
182 182
185 185
45 Mergenthaler Linotype-100 154 Feb 8
Mexican Telephone
10
Sept'15
Last Sale 2
14 Apr 20
Mississippi River Power _100 10 June 4
Last Sale 10 June'15
100 35 Feb 23
Do pre
Last Sale 40 July'15
New Eng Cotton Yarn_ _ _100 20 Apr 15
Last Sale 20 Apr'16
100 25 July 1
.31
40
40
8 Do pref
132 132
13213 133
145 New England Telephone_ _100,312714 June16
1003 150 Feb 24
164 164
165 167
248 Pullman Company
10 15 Sep 27
15
15
15
15
160 Reece Button-Hole
100 10434 Jan 4
119 11914 11914
370 Swift & Co
25 28 Mar 8
35
35
100 Torrington
25 26 Mar25
.28
29
192 29
24 Do prof
25
.95 Jan 18
.1
100 Union Copper L & M
112
114
114
101 110 Feb 25
134 135
13412 13612 3,051 United Fruit
5012 5113 50; 5012 3,952 United Shoe Mach Corp.._ 25 48 Aug 17
25 28 Mar27
29
412 Do pref
2913 2834 2878
83
8434 8212 8358 14,147 U S Steel Corporation_ __ _100 38 Feb 1
569 Do pref
100 1024 Jan 27
11438 11434 11453115
12121 12; 9,156 Ventura Consol Oil Fields_ 5 11 Aug 20
12; 13

Mining
47 Apr 22
02
25
212 .2
475 Adventure Con
1 Jan 22
212
1 Apr
2 Jan
282 Ahmeek
25 94 July26 103 Aug 27 23934 Apr 300 Mar
*98
09 .97
9718
Alaska
337
Gold
668
10
2614Jan
6 4034 Apr 22
3213 3338 6,
10 July
33
2834 May
12 Dec
2
25
.45 Feb 10
17
2
178 3,625 Algomah Mining
434 Apr 22
134 Jan
883 Allouez
3412 Jan
56
25 3512Jan 5 5814 Apr 26
5613 5612 56;
4334 Feb
6134 6313 6113 624 38,234 Amer Zinc. Lead & Smelt_ 25 1034 Jan 4 6458 Oct 13
1214 Nov
2 Jan
84 8t2
814 814 2,928 Arizona.Commercial
91. Apr 22
5
34 Jan , 4
213 Nov • ,Mar
431 Apr 22
501 Butte-Balaklava Copper
10
2 Jan 16
1 • Nov
.34 312
314 3Xe
418 Feb
6112 6214 6012 6114 4,669 Butte & Sup Cop (Ltd)_ 10 3534 Jan 4 80 June 4
24 Nov 4034 May
10 5113 Feb 23 7834 Apr 26
53 Dec
6414 6514 64
7018 Mar
0414 3,166 Calumet & Arizona
137 Calumet & 'recta
25 350 Jan 4 030 Apr 22 350 Dec 460 Feb
555 560 550 560
220 Centennial
• 25 15 Jan 12 25 Apr 22
*1814 19
18
14 Jan
18
10 Feb
5 327 Jan 6 5134 Oct 13
5012 5113 4912 5038 5,123 Chino Copper
3014 Dec
4312 Feb
5613 5734 5812 5734 4,182 Copper Range Cons Co_ _ _100 30 Jan 13 634 Apr 26
29 Dec
4034 Feb
Daly-West
3
20
534 Apr 22
1% Jan 21
313
112 Nov
234 234
3 Feb
Copper Min.__ 10
812Jan 5 1538 Apr 23
35 aly
13
1313 1234 13
3,2
80
8 Dec
13 Jan
4;Feb 5 1414 Apr 22
25
912 10
2 Nov
918 934 1,915 Franklin
7% Apr
1,876 Granby Consolidated
8512 87
85
84
100 58 Jan 7 9412 Apr 27
60 Deo
01 Feb
11
4078 4112 10,631 Greene Cananea
42
100 2314 Feb 1 44 July15
214 Apr
4238 Feb
17
18
514 Hancock Consolidated_ _ _ 25 11 Jan 18 2412 Apr 29
1734 1734
22 Feb
11 Dec
Hedley Gold
Last Sale 27 Sept'15
28 July
10 2658 Apr 9 2934 Jan 19
30 Mar
445 Indiana Mining
612 Feb
3 Apr
612 612
1013 Apr 22
214 Jan 21
25
5%, 55
4
56 Island Creek Coal
4512 4513 45
45
4413 Dee
1 41 Mar18 52 Aug 17
5014 June
8812 8713 .8612 8712
41 Do pref
81 June 8912 June
1 3512Jan 5 0118 Apr 27
2913 3012 29
16 Dec
25 17;Jan 11 34 Apr 26
24 Feb
2912 3,125 Isle Royale Copper
Lnaakw
e Copper
5
518 Apr 20
3 Aug 3
5 Kerwree
5
10
80
3% Mar
358 334
338 3%
6's July
723
113 Aug 23
218 May
413 Apr 26
.244 314
4%Feb
1418 14
5I Jan 27 18 Apr 22
2i
1.430 Lake Copper Co
14
434 Nov
1012 Jan
6
335 La Salle Copper
3I Jan 7
25
6
9 Apr 23
512 Feb
6
6
31ADec
24 24 *2
5
1 Marll
412 Apr 27
114 Dec
214 1,475 Mason Valley Mine
4 Jan
1412 1.823 Mass Consol
1112 1213 11
25
3 Jan 11
17 Apr 22
2 Mar
3512 May
5
5
1,380 Mayflower
3 Aug 16
5
25
8 Apr 22
5
9 Jan
334 June
34
5 1634Jan 2 35;Oct 8
3434 347
3413 1,280 Miami Copper
1634 Dec
2418 Feb
.213 2;
2; 213
.60 Mar 1
25
3 Apr 22
440 Michigan
.50 July
114 Feb
78; 79; 78
25 4614 Jan 15 82 Apr 26
79
5,860 Mohawk
39 Apr
4912 Dec
*1513 1578 1514 1534
5 .11; Feb 24 17 Apr 27
814 Nevada Consolidated
10 Dec
16;Dec
25
1034 1112 1013 1034 3,830 New Arcadian Copper
412 Feb 24
1414 Juno 7
178 Jan
7'2 Jan
913 913
4 July10 1313 Aug 7
4 June
9
914 1,133 New Idria Quicksilver....5
4 June
518 Aug 0
425 Nipissing Mines
758 Sep 27
634 712 .
5 July
638 634
818 Feb
3114 3213 3012 31
15 2214 Jan 25 381 Apr 26
4,925 North Butte •
3034 Feb
1934 Dec
25
134
1 Jan 28
701 North Lake
134
418 Apr 23
1
25 Jan
.95 Apr
112
134
.50 Mar 4
23
134 *178 2
313 Apr 29
10 Oilbway Mining
34 Apr
2 Jan
25
413
4
3 Aug 16
4
1.280 Old Colony
4
2;Nov 5 X.Feb
718 Apr 22
5413 5513 55
25 3812 Mar 8 5812 Apr 21
55; 1,292 Old Dominion Co
44 Dec
54 Feb
87
25 64 Jan 28 93112 Apr 22
8712 84
405 Osceola
86
64 Dee
84 Feb
17
1713 17
10 12 Jan 7 19;Aug 13
174 4,463 Pond Creek Coal
1234 Dec
20% Jan
86
432 Quincy
85
084
86
5178 Dee
25 50 Jan 16 95 Apr 22
68 Feb
26; 2678 2578 2814 2,270 Ray Consolidated Copper_ 10 1534 Jan 7 2714 Oct
15 Dec
2212 Apr
5612 5713 56
322 St Mary's Mineral Land
5613
Apr
23
28 Dec
25 28 Jan 4 65
40 Feb
334 4
312 37 21,516 Santa Fe Gold dz ()Upper_ 10
412 Oct 13
1 Mar17
1 Jan
214 Jan
77
814
778 8
2,235 Shannon
4 Jan 15 1114 Apr 26
4 Nov
10
71z Feb
2713 27
27
27
333 Shattuck-Arizona
10 1834 Jan 5 33 Apr 26
2934 Feb
18 Dec
400 South Lake
512 6
6
6
513 Aug 23
25
734 July27
2834 2914 2813 29
2.794 Superior
25 2213Jan 6 4113 Apr 26
22 Nov 32 Feb
3
318
3
31,{4 2,545 Superior.
& Boston Copper- 10
29(aan
1 Mar 3
412 Apr 29
114 Nov
5414 5513 53
•
5534 2,690 Tamarack
2412 Dee
25 25 Jan 4 5858 Aug 18
43 Feb
513 Jan
913 12
234 Nov
834 101 39,548 Trinity
25
2;Feb 11
1512 Oct 13
.50 .51
.45 .5
.23 Dec
.85 Mar
3,675 Tuolumne Copper
.20Jan 2
1
.63 Apr 14
43
4334 4314 41; 7,682 U S Smelt, Refin & Min
2414 Dec
50 20 Feb 25 4912 June15
4313 Feb
4714 47; 47
471
1,207 Do pref
48% Feb
4012 Apr
50 28 Jan 15 4812 Junelti
318 33,
2;Feb
3
3; 5,948 Utah-Apex Mining
114 Nov
538 June16
2 Jan 2
5
012
13
13
550 Utah Consolidated
13
14 Feb
014 Feb 26 1638 Junc14
834 Jan
5
7034 72
708 3,129 Utah Copper Co
70
10 4834 Jan 6 73 Apr 26
4518 Nov 59 June
3
3
314 314
500 Victoria
1 Mar c2%MaY
413 Apr 22
1 Feb 26
25
13 Jan 18
4
3
*312 4
370 Winona
178 Dec
4% Feb
25
5;May 1
60,4 6112 5914 61
1,530 Wolverine
30 Dec
25 32 Jan 6 70 Apr 28
4734 Fob
*134 2
211 Apr 23
800 Wyandott
30 June
1;
.50 Mar 3
34
25
114 Jan
a Ex-dividend and eghts. S Ex-stock dividend. e Assessment paid A Ex-righta. I Unstamped. x 28 paid. to ILif pald.




214 214
98
9013
34
3412
2
212
5612 57
6118 64;
8; 8;
358 334
6114 6212
65
6534
560 508
18
1878
50
5134
573s 5812
234 3
1338 1338
10
10;
86
8714
4112 4214
17
18
27
6
612
*4512 47
8634 87
308 3114
.312 378
.234 314
14
15
0
618
218 214
12
12;
5
514
35
35;
258 2;
7913 8012
16
10
1134 12
912 11
634 7
3113 32;
114
134
*134 2
413 413
55
58
8712 8312
1712
17
85
86
26; 2718
57
57
4
412
714 8
'2734 28
614 64
2913 30
314
3
54
58
1234 1513
.50 .55
4312 4438
47
47;
318 3;
1313 1313
7112 7234
314 313
314 4
62
6212
134
134

iv-,

OCT. 16 1915.1

THE CHRONICLE

1261

Outside Exchanges-Record Transactions
Boston Bond Record.-Transactions in bonds at Boston Stock Exchange Oct. 9 to Oct. 15, both inclusive:
Salesfor
Week's
Friday
Week.
Range
Sales. Low. High. Shares.

Bonds.

Amer Tel & Tel 4s_ _ _1029
88% 89 $34,000
Convertible 4%s_ _ _1933
103% 104
30,400
AUG & W I•SS L 5s_ _1959 73% 73% 75
77,500
Cent Vermont 1st 4s_ _1920 71% 71% 71% 4,000
Chic June & U S Yds 4s'40 83% 83% 83% 3,000
Nor-C B & Q 48_1921
96% 90% 24,000
Mass Gas 4)is
1931 91% 91% 02
3,000
4%s
1929 96% 96% 96% 3,000
Miss River Power 5s 1951
74% 74% 3,000
New Eng Telep 58_ _ _ _1932 100n 100% 100% 17,000
New River 5s
1934
8,000
77
77
Pond Creek Coal 613. _1923 94
3,500
95
95
Swift & Co 5s
1944 96% 96% 97% 33,000
United Fruit 43.s_ _1923
96% oox 6,000
Western Tel & Tel 5s..1932 97%
974 gm 21,000

Range since Jan. 1.
Low.
86%
95%
60
68
82
95
91
95
70
99%
65
94
94%
93
94%

High.

Jan 89%
Jan 104
Jan 75
June 72
Jan 85
Jan 97
Aug 94
Jan 97
July 75%
Jan 101%
Mar 78
May 98%
Feb 97%
Feb 99
Mar 97%

Apr
Oct
Oct
Sept
Sept
Sept
Jan
Mar
Sept
Feb
Aug
Aug
Oct
May
Oct

Chicago Stock Exchange.-Complete record of transactions at Chicago Stock Exchange from Oct.9 to Oct.15, both
inclusive, compiled from the official sales lists, is as follows:
Stocks.

Salesfor
Week's
Week.
Friday
Range.
Par Sales. Low. High. Shares.

American Can
100
Amer Shipbuilding_ _ _ _100
Preferred
100
Booth Fisheries, pref....100
Cal & Chic Canal dr D_I00
Chic Pneumatic Tool--100
Chic Rys part ctf "2"
Chic Rys part ctf "3"
Chicago Title & Tnist_100
Commonwealth-Edison 100
100
Deere & Co prof
100
Diamond Match
Goodrich (B F)corn. _100
100
Illinois Brick
100
Inland Steel
IntHarve,ster Co of NJ 100
_
Kan City Ry & Lt pr
Lindsay Light
100
National Biscuit
100
Nat Carbon prof
People's Gas Lt & Coke 100
Pub Fiery of No Ill, corn 100
Preferred
100
Quaker Oats Co
100
Preferred
100
Sears-Roebuck com__100
Preferred
100
Stewart War Speed corn 100
Swift & Co
100
Union Carbide Co
100
U 5 Steel, common_ _..100
Ward, Montg & Co, pref.
BondsArmour & Co 430-1939
Chicago City Ry 58_ A927
Chic Pneu Tool 1st 59_1921
1927
Chicago Rys 5s
Chic Rys 58. Series"A"
.Chic Rys 4s series"B"Chic Ry ad Inc 48_1927
Chicago Telephone 5s.1923
Commonw-Edison 5s_1943
Dia Match con deb 6.3.1920
Metr W Side El 1st 43_1938
Morris & Co 4%s......1939
1915
Ogden Gas 58
Peo Gas L & C ref g 58-1947
Pub Serv Co lstrefg5s _ 1956
Swift & Co 1st g 5s__ _1944

- 653

84%
3
137
103
69
279%
4
130
1193
99%
260
155
124%
76
11934
159X
III%
92
97
940
69%
101%
87%
93%
90%
97

65% 65%
36% 38
74% 74%
78
77
51
51
84% 88
17% 18%
3
3
210 212
136% 139
95% 95%
101% 103%
75
75
67
69
279% 279%
109 112
55
55
4
4
129 130
120 120
119% 121
94% 96
98% 100
255 260
107 107%
153% 155
124% 124%
'75
773
118% 119%
159 161
82% 84%
111% 112
92
92
97%
97
94% 95
94% 94%
86% 86%
69% 70
36 .36
100% 100%
101 101%
102% 102%
70% 70A
87% 87%
93% 91
100% 100%
90
904
96% 97

Range since Jan. 1.
Low.

100 26% Jan
563 26
Apr
125 67% Apr
110 683 Mar
33 49% Sept
4,684 45% Feb
27 16
Oct
10
3
Oct
27 204
Aug
288 132% June
5 88
Jan
539 90
Mar
10 24% Jan
413 60
Feb
45 159% Jan
250 96
Feb
4 40
July
200
3% Feb
50 118
May
35 118% Mar
1,010 113
Mar
617 75
Jan
220 93% May
48 225
Sept
• 15 103
Apr
1,116 a131% Mar
5 121
Jan
1,844 48% Jan
1,107 104% Jan
441 144% Jan
30 38% Feb
128 110% Jan
$2,000 01
8,000 96
12,000 94
10,000 93
10,000 86
3,000 69
1,000 35
3,000 99%
8,000 100
2,500 101%
4,000 70%
7,000 86%
.4,000 92
7,000 994
21,000 873
48,000 94%

High.
65%
48%
79%
81
51
93%
31%

99
103
77%
67%
279%
112
57
4%
130
125
1234
96
100
270
107%
215
126
78%
120%
166%
84%
114

Oct
Aug
Aug
Aug
Sept
Aug
Jan
Feb
Mar
Aug
Sept
Sept
Sept
Juno
Oct
Oct
Feb
Apr
Oct
Sept
Apr
Oct
Mar
May
Oct
Jan
Mar
Sept
Sept
Aug
Oct
Mar

Jan 92%
June 99
Feb 98
June 97
Sept 90
Sept 77%
July 44
Jan 101
Jan 102
Feb 103
Oct 77
Jan 88%
Jan 94%
Jan 101%
Jan 91
Jan 97

Feb
Feb
Mar
Feb
Jan
Mar
Jan
Jan
Jan
May
Feb
Apr
May
Mar
Apr
Oct

213

1404

a Ex 50% stock dividend. z Ex-dividend.

Philadelphia Stock Exchange.-Recerd of transactions
at the Philadelphia Stock Exchange from Oct.9 to Oct. 15,
both inclusive, compiled from the official sales lists:
Stocks

Week's
Salesfor
Friday
Range.
Week.
Par. Sales. Low. High. Shares.

10
Alliance Insurance
American Gas of N J_ -100
10
American Milling
American Railways_ -50
100
Preferred
Baldwin Locomotive_ _100
100
Buff & Burg! v t c
Preferred v t c
100
50
Cambria Iron
50
Cambria Steel
Consol Trac of N J__ _ _100
Elec Storage Battery_ _100
General Asphalt pref....100
Insurance Co of N A _10
J G Brill Co
100
Keystone Telephone
_50
Preferred
50
Lake Superior Corp._ _100
Lehigh Navigation
50
Lehigh Valley
50
Lehigh Val Transit_
50
Preferred
50
Lit Brothers
10
Northern Central
50
North Penmylvania_ _ _ _50
Penn Salt Mfg
50
Pennsylvania
5()
Pennsylvania Steel_ _ _100
Preferred
100
(Pitts)_50
Philadelphia Co
50
Preferred (5%)
Pref (cumulative 6%)50
Philadelphia Electric-22%
Phila Rapid Transit.._ _50
Voting trust mots_ _ _ _50
Philadelphia Traction_ _50
50
Reading
Tono-Belmont Devel.---1
Tonopah Mining
1
50
Union Traction
50
United Gas Impt
U S Steel Corporation_100
Preferred
100
Warwick Iron & Steel_ _10
Welsbach Co
100
West Jersey & Sea Sh_50




117
6
25%
12$
42
67%
71
68
143(
61
9%
77%
75
18%
37%
83%
91%
103%
57%
90
93%
48
38
26
14
13%
77%
3%
42
86%
82%
10%
48%

17% 17%
115 119
24
25%
94
95
123 134%
12% 12%
42
42
43
43%
67
70%
70% 70%
71
74
70
71%
23% 23%
61
70
14%
14
66
66
9
78%
77
78%
75
18% 19
37% 38
19
19
83% 83%
91% 92
100% 104
57% 59
90
90
90
01%
48
47
38
38
43% 44
25% 26%
13% 14%
13% 14%
77
76
77% 81%
4
5% 5%
41% 43%
87
86
84%
81
115% 115%
10% 10%
42
42
48% 4854

Range since Jan. 1.
Low.

•

High.

15 15% Jan 18
354 100
Jan 119
220
Apr
5
6%
238 24 • Sept 36
34 94
Oct 101
280 30
Feb 144%
41
11
May 13%
48 36
July 43
105 41
May 45
60,893 41
Feb 75
32 70
July 74
1,361 47% Jan 78%
174 60
Mar 72%
226 21
Jan 24
3,565 29
July 72%
110 13
Aug 16
47 61
Jan 69
222
5
Apr 13%
1,823 71% May 78%
1,411 65
Jan 78%
395 13% Jan .19
1,117 26% Mar 38
450 19
May 19%
330 82
Sept 86
16 90
Feb 92%
1,006 80
Mar 108
3,935 51% Feb 59
93 34
Aug 90
1,018 49% May 98
855 29% Mar 48%
10 31
Mar 40
70 32
Mar 46
5,205 23%• Jan 26%
320
7 May 14%
8,845
7% May 144
155 70
July 79%
2,558 70
May 81%
845
3% July
5%
201
5
July
7%
2,963 30
May 43%
4,007 80% Jan 87%
31,831 38
Feb 84%
1 103
Jan 115%
590
% July 11%
60 35
Ma
42
211 47
Aug 50

Sept
Oct
Feb
Jan
Jan
Sept
May
Sept
Sept
Sept
Apr
Sept
Juno
Oct
Oct
Apr
Apr
June
Oct
Oct
Sept
Oct
Feb
Feb
Feb
Oct
Oct
Oct
Oct
Oct
Aug
Sept
Oct
Oct
Oct
Jan
Oct
Mar
Jan
Oct
Mar
Oct
Oct
Aug
Oct
Jan

Week's
Salesfor
Range.
Friday
Week.
Sales. Low. High. Shares.

Stocks--(Con.)
Westmoreland Coal_ _ _ _50
Wm Cramp & Sons.._ _100
York Railways pref. _50
Scrip-Cambria Steel scrip_ _1916
Scrip
Feb 1917
Scrip
May 1917
BondsAmer Gas & Elec 58_ _2007
Small
2007
Baldwin Locorn 1st 58.1940
Bethlehem Steel p m 6s '98
1st & refunding 5s _ _1942
Elec & Peo tr ctfs 4n..1945
Small
1945
Equit I Gas L 5s
1928
Inter-State Rys coll 4s 1943
Keystone Telep 1st 5s.1935
Leh C & N cons 4%8_1954
Lehigh Vail annuity 6s..
Gen consol 48
2003
Registered 48_ _ _ _2003
Gen consol 4%a._ _2003
Registered 4%n._2003
Lehigh Val Coal 181 58 1933
Market St Elev 1st 48.1955
Penna RR consol 430 1960
General 434s
1965
Phila Co 1st 58
1949
Cons & coil trust 58_1951
Phila Elec tr ctfs 5s....1948
Trust certfs 4s
1950
Phila & Read cons ext 4837
Reading gen 4s
1997
J-C collat 48
1951
Spanish-Am Iron 6s_ _1927
United Rys g tr ctf 49_1949
United Rys Invest 5s_1926
West N Y & Pa 1st 5s_ 1937
General 45
1943

66

66
66%
89% 91
29% 29%
99
99
99

88

100%
75%

94

87

91
103%
93%
100
86
102
81
93

1,940
1,782
1,767

$26,000
3,500
21,000
119 119
1,000
100% 100%
1,000
75
75% 15,500
75
76
800
105% 105% 5,000
59
59
7,000
94
94
1,000
99% 100
9,000
134 134
1,000
so% 88% 24,000
87
87
1,000
99% 100
3,000
100 100
1,000
104% 104% 22,000
91
91
1,000
103% 103% 27,000
97% 98% 154,000
100 100% 20,000
86
86
1,000
101% 102
9,000
81
79
6,200
95
95
3,000
93
93% 27,000
92% 92%
1,000
101 101% 4,000
72% 73
3,000
73
74% 9,000
102% 102% 21,000
74% 74% 3,000
87
87

103%

101
101
101

115
110
100

88
88

1034 103%

Range till14 Jan. 1.
Low.

High. -

58
Jan
18% Jan
28% July
95
95
95

66% Oct
91
Sept
33
Feb

Feb 101
Feb 101
Feb 101

85
85
100%
115%
87%
73
73
105%
57
90
97%
133%
86%
86%
97
100
103
91
102%
97
95
70
100%
77%
95
91
90%
100%
72%
55
101%
74%

Jan
Jan
Mar
Jan
Feb
Aug
July
Mar
July
Jan
Jan
Jan
Aug
Sept
Feb
Mar
Jan
Aug
Aug
May
Mar
Mar
Jan
Jan
Oct
Aug
Jan
Jan
Aug
Mar
Mar
Oct

Oct
Oct
Oct

88%
88
103%
119
100%
79
82
105%
60
96
100
136
90%
88%
100
100
104%
93%
105
98%
100%
87%
102%
• 81
95
95
93%
102%
74%
75
102%
77

Aug
Aug
Apr
May
Aug
Feb
Apr
Oct
Apr
Aug
Apr
Apr
May
May
Apr
Mar
Jan
Jan
Feb
June
Oct
Oct
Jan
Oct
Oct
Feb
Feb
Aug
Apr
Oct
Jan
Feb

Pittsburgh Stock Exchange.-Transactions at the Pittsburgh Stock Exchange Oct. 9 to Oct. 15, both inclusive:
Stocks-

Pa,'.

Am Wind Glass Mach_100
Preferred
100
Amer'Wind Glass, pref _100
Columbia Gas & Elec_ _100
Crucible Steel, pref. _ _100
Herb-Walk Refrac, pff._100
Independent Brew,com 50
La Belle Iron Wks_ _ _ _100'
Preferred
100
Lone Star Gas
100
Mfrs Light & Heat
so
Nat Fireproofing, corn_ _50
Preferred
50
Ohio Fuel Oil
1
Ohio Fuel Supply
25
Oklahoma Nat Gas__ _ _100
Pittsb Brewing, corn_ 50
Preferred
50
Pittsburgh Coal, corn._100
Preferred
100
Pitts & Lake.Erie RR_ _50
Pittsb PlatelGlass
100
Pure 011 corhmon
_ _5
San Toy Mining
1
Union Natural Gas_ _ _ _100
Union Storage Co
25
Union Switch & Signal _ _50
Preferred
so
u S Glass
100
U S Steel, common_
100
West'house Air Brake._50
W'house El&Mfg, com_50
Preferred
50
West Penn Rys, pref_ 100
West Penn Tr & W P..100
Preferred
100
Bontis.
Columbia Gas & El 5s 1927
Independ Brew Os__ _ _1955
Monon Riv C C & C 6s'49
Pittsb Brewing fis_ _ _1949
Pitts Coal deb 5s
1931
West Penn Rys 5s_ _ _ _1931

Week's
Salesfor'
Friday
IVeek.
Range.
Sales. Low. High. Shares.
20
105
90
14

92,1
10%
22%
39%
70
41

17%
12c.
133%
130

142%
69

Range since Jan. 1.
Low.

High.

19% 20
920 15% July 22% Sept
100% 105
1,355 75% May 105
Oct
90
92
300 z90 • Oct 123
Jan
13% 14% 1,485
Jan 15% Aug
108 108
100 75
Jan 111
Sept
45 97% Mar 99
98
98
Jan
3
3
75
Aug
Apr
6
44% 45
456 27
Jan 46% Sept
115 115
10 103 June 115
Aug
92% 93
124 91
Mar 108% Apr
48% 48%
May 50
830 46
Aug
10% 11% 3,770
Feb 11% Oct
22
23
750 16
Feb 25
Aug
14% 14%
145 12
May 15% Jan
39% 40
300 39
Oct 45
May
210 57
z70
71
Feb 71
Oct
4
44
316
Feb
3
Apr
15% 15%
July 24% Jan
250 12
38% 42% 3,521
16% Jan 42% Oct
110% 112%
65 82% Jan 112% Oct
200 200
20 200
Oct 200
Oct
107 108
20 104
Apr 110
July
17% 18
5,060 13% May 18% Oct
11c. 13c. 27,600
8c. Apr 20c. June
132% 133%
235 128% Aug 133% Oct
19
19
20 19
Oct 19
Oct
120 130% 4,405 92
Apr 130% Oct
127 127
50 95
Mar 127
Oct
16% 16%
10 13
Aug 18% Sept
844
81
545 38
Feb 84% Oct
2% 1,015 116% Mar 144
40
16
40
6% 17
Sept
1,083 32% Feb 70% Oct
74%
74
80 58
Feb 75
Oct
73
73
25 70
Feb 73
Oct
13
13
Oct 13
35 10
Oct
28
100 28
28
Oct 28
Oct

73%
52
113
60
96% 96%
98
97%
73%

73% $2,000 71
52
1,000 49
113
1,000 113
60
1,000 50%
500 90
96%
3,500 96%
98

Mar 75
Aug 61
Sept 113
Apr 65
Jan 97
July 99%

June
Jan
Sept
Jan
Apr
Jan

z Ex-dividend.

Baltimore Stock Exchange.-Transactions at the Baltimore Stock Exchange Oct. 9 to Oct. 15, both inclusive:
Stocks.

Week's
Salesfor
Friday
Range.
Week.
Par. Sales. Low. High. Shares.

Atl Coast Line (Conn).100
Consol Gas,E L & Pow.100 107
Preferred
100
Consolidation Coal_ _100 93
Cosden & Co
6%
Preferred
7
Elkhorn Fuel
100 19
Fairmont Gas
50
Preferred
50
Houston 011 trust ctfs_100 19%
Preferred trust etfs_ _100 61%
Mer & Miners Trans_ _100 45
Norfolk Ry & Light_..100
Northern Central
50 83%
Penn Water & Power_ _100 72%
Sapulpa Refining
Seaboard Air Line
100
United Ry & Electric_ _50
•
Wayland 011 & Gas
5
BondsAla Coal .4 Iron 55
Anacostia & Potom 531949
Atl C I, RR 4%s
1964
Convertible deb 48_1939 89
Bait Elec stamped 5s_1947
Balt Spar Pt& C 4%5.1953
Chicago Ry 1st 55_ _ _1927
City&Sub(Wash)lst551948
Consolidated Gm 55_ _1939
General 4345
1954
Cons G,E & P 4%s_ _1935
Notes,.small
Consol Coal ref 5s_ _ _1950
Davison Chemical 58_1932
Elkhorn Fuel 58
1918 97%
Fair & Clarks Trao 5s _1038 99
Fairmont efull As

1031

Range since Jan. 1.
Low.

High.

115
108%
110%
95%
6%
674
1834
25
4454
18%
61%
37
24
8334
70%
33,4

Sept 115% Apr
Jan 107% Jan
Jan 115
Mar
Jan 96 June
Jan
73,
1 May
Mar
7 May
May 22 June
Apr 29
Apr
Apr 48
Feb
Mar 19% Oct
Jan 6134 Oct
May 45
Oct
Feb 25
Jan
Aug 85% Jan
Aug 7234 Oct
July
Oct
4
Mar 1834 Oct
June 27
Mar
May
434 'Jan

733,4 733.4 $12,000 70
98
9$
1,000 973,4
8554 85% 6,000 85%
89
89
1,000 82%
9734 97% 6,000 96%
94% 95
7,000 93
94% 94% 5,000 93
101% 101% 1,000 100
104 104
1,000 103
933,4 934 1,000 92
87
87
6,000 8.5%
l00% wog
800 98%
8854 8854 1,000 86%
100 100
2,000 97
97
97% 61,000 92%
99
993.1 2,000 98%
9534 9534 1.000 94

Sept
Oct
Oct
Aug
Jan
Aug
June
Jan
Aug
Aug
Sept
Mar
Sept
Jan
Jan
July
Jan

115
50 107
319 1024
107
60 106%
110%
395 92
06
6% 4,248
6
275
5%
7
19
600 16
25
12 23%
44% ' 5 42
19% 3.085 10
61%
110 54
78 24
45
24
310 24
136 82
83%
72% 2,163 63%
4
1,575
2
Is% log
50 1254
214 2036
2334 24%
3% 4
1,415
2%

7834
10034
8554
89
9934
97
97
101%
105
95
89
100%
91
100
973,4
100
96%

Oct
Apr
Oct
Oct
June
Jan
Jan
Apr
Jan
June
Apr
Sept
Jan
Aug
Oct
Feb
Jan

THE CHRONICLE

1262

Range since Jan. 1.

Salesjor
Week's
Week.
Friday
Range
Sales. Low. High. Shares.

114snds- (Con.)

High.

Low.

Ga Caro & Nor 1st 55_1929 10144 101 10134 34,000 101
bus 011 div ctfs_ _1923-25 76
7534 7634 22,000 7234
3,000 103
103% 104
Lake Roland El gu 5s. 1942
1,000 94
9634 9634
Maryl'd Elec Ry 1st 581931
4044 13,000 35
40
MtV-Wood C Dk 58.. _1949 40
1,000 4844
4844 4844
New On Gr North 5E3_1955
4044 4044 2,000 33
NO Mob & Chic 1st 581960
1,000 105
105 105
Norf & Caro 1st 5s_ _ _1939
2,000 75
80
80
Nod & Ports Trac 5s_1936
2,000 104
104 104
1942
Nor Bait Trac 5s
1,000 88
89
89
Penn Wat & Pow 55_ _1940
10834 10834 3,000 10844
Raleigh & Augusta 68
United Ry & Elec 4s_ _1949
8134 8134 21,000 79%
22,000 55
60
60
1949 60
Income 45
84
1936
8434 2,000 81
Funding 55
600 8044
small_1936 8434 84
do
do
8434
1,500 100
100 100
1918 100
Notes 58
7244 7234_2,000 7234
Wash Alex dr Mt V 58

Jan
Apr
Aug
July
Jan
Oct
Feb
June
Aug
Jan
Jan
Oct
June
June
June
July
Jan
Oct

102% Apr
Apr
77
10444 Apr
98% Jan
45
Aug
524‘ Apr
41% Apr
106 May
8434 Jan
10544 Apr
Apr
92
10944 May
Jan
82
Jan
63
Jan
87
8734 Jan
1004‘ Apr
7244 Oct

Volume of Business at Stock Exchanges
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
DAILY. WEEKLY AND YEARLY.
Stocks.
Week ending
Oct. 15 1915.

Par Value.

Shares.

633,449 $54,165,150
1,288,118 107,204,100
HOLIDAY
1,192,218 99,994,300
1,014,237 87,294,300
846,911 71,470,900

Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
Sales at
New York Stock
Exchange.

Railroad,
&c.,
Bonds.

State, Man.
U. S.
& Foreign
Bonds.
Bonds.

$2,842,500
5,354,000

$58,000
186,000

5,036,000
4,871,500
3,603,000

64,000
150,500
200,000

$656,500
4,954,931 $420,128,750 $21,707,000
Jan. 1 to Oct. 15.
Week ending Oct. 15.
1914.

1915.

1914.

1915.

45,990,575
129,120,780
4,954,931
Stocks-No. shares_ _ _
$11,106,171,640 $4,023,321.369
$420,128,750
Par value
$265,800
$141,000
$700 STOCK
Bank shares, par
EXCH'GE
Bonds.
$655,100
$847,000
CLOSED
Government bends
32,659,500
19,306,500
$656,500
State, mun.,&o.,bonds
391,771,500
636,230,700
21,707,000
RR.& raise. bonds
3425.086.100
S656,384,200
$22,383,500
Total beads
DAILY TRANSACTIONS AT THE Li08TON, PHILADELPHIA AND
BALTIMORE EXCHANGES.
Philadelphia.

Boston.
Week ending
Oct. 15 1315.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total

Baltimore.

Shares, Bond Sales. Shares, BondSales. Shares. BondSales.
39,015
92 385

$40,900
61,500

95,933
53,477
39,738

63,400
55,000
49,000

320,548

3289,800

.1

$20,385
33,063
84,090
39,000
HOLI DAY
67,972
31,084
192,142
28,593
74,900
21,882

1,608
3,402

$41,200
50,500

5,338
2,752
2,642

79,800
48,400
48,100

$439,489

15,742

3268,000

153,822

New York City Banks and Trust Companies
Ask
Bid
Banks.
New York
535
545
America*__
215
Amer Exck_ 205
185
175
Atlantic__
165
145
Battery Par
400
Bowery •__
260
Bronx Bore 225
175
161)
Bronx Nat_
145
BryantPark 135
115
Butch & Dr_ 100
550
520
Chase
200
195
Chat & Phe
135
124
Cheslsea Ex
410
400
Chemical__
174
CitizenaCen 166
t390
City
167
Coal & Iron 180
430
Colonial*
325
Columbia'. 300
Commerce.._ t158 t160
305
Corn Exch* 300
100
85
Cosmopor n
82
75
East River
140
155
Fidelity *
Fifth Ave._ _ 4200 4600
300
250
Fifth
870 885
First
185
195
Garfield _ _ _
145
135
Germ-Amer
410
German Ex 390
475
Germania •- 425
190
Gotham
280
Greenwich*. 205
620 635
Hanover
335
320
Harriman
510
Imp & Trad_ 500
175
165
Irving
Liberty ____ 625
330
_ 310
Lincoln

Banks.
Manhattan *
Mark & Fult
Meals & Met
Merchants' _
Metropolis'.
Metropol'n *
Mutual
New Neth._
New York Co
New York _ _
__
Pacific
Park
People's*_
Prod Exch.
___
Public
Seaboard -_
Second
Sherman __ _
State *
23d Ward*.
Union Exch_
Unit States*
Wash H'ta*_
%Veatch Ay*
West Side._
Yorkville*_ _

Bid
300
238
245
175
300
175
325
210
725
365
200
390
220
105

Ask
310
245
250
185
315
185

416134

430
425
135
130
135
140

500
275
180
400
475

175
450
550

395
125

166'-

iii"
825
380
220
400
235

175

Trust Co's.
Ask
Bid
New York
355
340
Astor
435
Bankers Tr_ 425
150
B'way Trust 144
CentralTrust 995 1005
495
Columbia_
505
Commercial. 100
285
Empire
i66415
Equitable Tr 400
Farm L & Tr 1120 1135
197
Fidelity _
203
270
285
Fulton
625
Guaranty Tr 615
130
Hudson_ _ 120
106
Law Tit &-Tr 100
105
LincolnTrust 100
410
Metropolitan 395
Mut'l(Westchester) _
130
135
N Y Life Ins
& Trust_ _ 985 1010
N Y Trust_ _ 580
600
Title0u & Tr 370
385
155
Transatian'c
340
Union Trust 330
385
USMtg&Tr 375
UnttedStates 1025 1050
Westchester 140

Brooklyn
140
Coney lard*
Brooklyn
iig 265
First
142
_ 134
Flatbush
135 BrooklynTr. 475 490
120
Greenpoint
250
240
120 Franklin
Hillside *.- _ 105
275
90 Hamilton.... 265
Homestead *
135 Kings Co..... 830 650
Mechanics*. 125
110 Manufact'rs
85
Montauk
140
Citizens _ _ 135
2(45
195
Nassau
287
280 People's _ _ 280
Nation'l City 270
go
185 Queens Co__
North Side*_ 170
140
People's- _ _ 130
*Banks marked with a (*) are State banks, tSale at auction or at Stock Exchange this week.

Inactive and Unlisted Securities
All bond price, are "and interest" except where marked "if."
Per share.
Par Bid, Ask,
Standard 011 Stocks Pe rShare
25 *1234 1314
Par Bid. Ask. Pierce MCorp
100 410 415
*1834 1714 Prairie Oil dc Gas
Anglo-Amer 011 new
100 202 205
100 650 660 Prairie Pipe Line
Atlantic Refining
100 285 295
100 265 275 Solar Refining
Borne-Scrymser Co
Buckeye Pipe Line Co____50 *110 113 Southern Pipe Line Co 100 230 235
100 335 340
Chesebrough Mfg Cons.._100 720 735 South Penn 011
100 135 145 Southwest Pa Pipe Lines_100 125 130
Colonial 011
100 255 260 Standard Oil (California) 100 310 313
Continental 011
49 Standard 011 (Indiana)_ _100 462 468
Crescent Pipe Line Co_ _ _ _ 50 *46
68 Standard Oil (Kansas)..100 440 450
Cumberland Pipe Line..100 64
Eureka Pipe Line Co_ _ _ _100 255 260 Standard 011 of Keptucky100 330 340
Galena-Signal 011 cow_ _100 158 160 Standard 011 of Nebmaka100 350 360
100 135 140 Standard Oil of New Jer_100 480 483
Preferred
100 148 152 Standard 011 of New Y'rk100 203 205
Illinois Pipe Line
Indiana Pipe Line Co--_50 *112 115 Standard Oil of Ohio_ _ _ _100 510 520
100 125 135
£1 *934 10 Swan & Finch
Internat Petroleum
34 Union Tank Line Co_ _ _ _100 82 84
25 *32
National Transit Co
100 217 220
New York Transit Co_ _ _100 222 226 Vacuum 011
10 *43 46
Northern Pipe Line Co__100 106 109 Washington Oil
Bonds.
25 *157 160
Ohio 011 Co
80 Pierce 011 Coro cony 65_1924 79 81
25 *57
Penn-Mex Fuel Co




Tobacco Stocks-Per Sh re.
Par Bid. Ask.
American Cigar common100 111 115
100 98 100
Preferred
Amer Machine & Fdry_ _100 85 95
British-Amer Tobac ord_ _ £1 *14 15
£1 *1414 1514
Ordinary, bearer
100 350 380
Conley Foil
Johnson Tin Foil & Met_100 125 150
MacAndrews & Forbes-100 145 155
100 99 101
Preferred
Porto Rican-Amer Tob_100 188 198
Reynolds(R J)Tobacco_100 400 425
100 119 122
Preferred
Tobacco Products corn..100 4012 4112
United Cigar Stores com_100 98 105
100 110 125
Preferred
100 155 170
Young (J 13) Co.
100 105 109
Preferred

[VOL. 101.
Bid. Ask.
RailroadsWest Pac 1st 58 1933._ _M-S /27 30
Street Railways- Par
Com'w'ith Pow Ry & L--100
Preferred
Federal Light & Traction 12
Preferred
Republic Ry & Light-- _100
100
Preferred
Tennessee Ry L & P com 100
Preferred Rys sm._ _ 100
United Lt &
10
1st preferred
00
100
Wash Ry & El Co
Preferred
J-D
48 1951

56
84
15
5212
3 15
1812
4
57 60
8
7
4 26
27
3
40
67 69
1 86
84
8
8112
811g 82
54

2
10
8

Elec. Gas & Power Cos501'103 105
Am Gas & Elec coin
5 *48 50
Preferred
Ordnance Stocks-Per Share
345
_100,X340
common_
154
Trac
&
157
Lt
Am
.100
corn..
Aetna Explosives
100x107 109
Preferred
100 84 87
Preferred
Amer & British M fg- _ _ _100 23 25 Amer Power & Lt corn_ -100 6012 81
100 7812 80
Preferred
100 41 45
Preferred
Atlas Powder common_ _100 250 258 Amer Public Utilities com100 27 31
100 63 66
Preferred
100 95 99
Preferred
Bliss(E W)Co common-_ 50.240 250 Cities Service Co corn.....100 49 52
100 58 60
PreferredPreferred
103 Consumers Power (Minn)
7
0
5 ;
Canadian Can & Fdry_..100
1st & ref 58 1929_ _M&N 9034 9134
100 121 123
Preferred
Canadian Explosives com100 390 415 Elec Bond dr Share pref._100 9812
100 100 110 Great West Pow 5s 1948.J&J 8112 83
Preferred
Carbon Steel common__ _100 89 72 Indiana Lighting Co_ __ _100 45
48 1958 optional_ ---F-A 67 69
100 74 78
1st preferred
2d preferred
1001 64 68 North'n States Pow com_100 2912 3013
100 8412 8712
Preferred
Colt's Patent Fire Arms
I
1001 820 850 Pacific Gas & Elea com.._10Q 5212 5312
Mfg
100 88 88
1st preferred
Driggs-Sea,bury Ord CorplOOj 106 110
2d pref (old pref)_ __ A00 8712 89
duPont(E I) de Nemours
I
4 78
71
) 9
010
10
Powder corn (new)...10t 385 392 South Calif Edison com_1
94
Preferred
100 102 104
Preferred
420 440 Standard Gas& El(Del). 5Q •613 613
1
Electric Boat
28
*27
5Q
100
40
420
Preferred
Preferred
7 20
17
100 5
Hercules Powder corn. 100 430 435 United Gas & Elea Corp_10
60
100 114 118
1st preferred
Preferred
100 18 21
2d preferred
Hopkins dc Allen Arms_1001 43 47
100 90 96 ,Utah Securities Corp_ _ _ _100 13 15
Preferred
8% notes-See Short-Ter .. Notes
Lake Torpedo Boat corn_ _101 .19 20
14 15
100 350 450 Western Power common_10
Midvale Steel
100 4734 40
Preferred
Midvale Steel& Ordnance w I 87514 7534
152
147
com_100
Niles-Bement-Pond
Industrial
0
05
19
1 3
70
10
00 3
100,
Preferred
and Miscellaneous
Savage Arms
24
76
112 8
75
D .17
-t0
1001 390 410 Adams Exp col In g 4s'47 1)
Scovill Mfg
*4218 4212 Alliance Realty
Submarine Boat w I
Winchester Repeat Arms 1002400 2600 Amer Bank Note corn... 50 .41 43
50 •49 50
Preferred
100 242 247
American Brass
Short Term Notes. Per Cent.
97 102
...100
corn
Chicle
1001
10114
American
J-J
July
5s
1916
Amer Locom
100 84 87
Preferred
J4 10012 10114
5s, July 1917
Am T dc T Sub Cos 5s_ _1916 1007a 10118 Am Graphophone corn_ _100 104 106
100 108 112
Preferred
Anaconda Copper 5s '17 M-S 10078 10118
Bait & Ohio 440 1917..J&D 100 10014 American Hardware_ - _ _100 120 125
50 118 123
J&D 998 99% American Surety
4348, 1918
100 9
45
1 9
40
Canadian Pac 68 1924..M&S2 10212 10278 Amer Typefounders com_1
Preferred
Ches & Ohio 55 1919_ _ -J-D 95 9514
12 1
Chic Elev Ry 5s 1916_ _ _ _J-J 9112 9312 American Writing Paper_100
100 265 272
Chic & West Ind 58'17_ M&S 984 9012 ,Bond & Mtge Guar
Consum Pow 6s 1917_ _M&N 99 100 'Borden's Cond Milk com.100 10912 111
104 106
100
8
Preferred
100%1005
Erie RR 5s, April 1916. A&O
5 *912 958
54.4s April 1 1917_ - _A-0 10014 10012 Braden Copper Mines
General Rubber 58 1918 J&D 100 10014 Casualty Co of America_100 110
100 147 EiHocking Valley 58 1917_ M-N 997 10018 'Celluloid Company
25 .22 2214
Int "Lary 5s Feb 15 'VLF-A 10078 10118 Chill Copper
100 14 20
Lackawanna Steel 68'17 M-43 10014 10034 City Investing Co
70 80
100
Preferred
s
1003
Lake Sh & M So 58_Dec 1915 10018
Minn Gen El 68 1917... _J&D 10012 10114 Cramp Ship & E Bldg__ _100 85 88
1
20
9 5
17
100 4
New Eng Nay 6s 1917_M-N 97 974 Emerson-Brantingham -1
Preferred
N Y N H & H 58_ May 1 1916 10058 100%
0 *4
00
_1
114 6
1%
Pub Ser Corp NJ 5s'16 M&S 10038 10034 Goldfield Consol Minea.._ 1
112 213
Schwarz & Suliblis '16._J-D 100% 10118 Havana Tobacco Co..._100
Preferred
Seaboard A L 5s 1916._ M-S 10012 1001
1st g 58 Juno 11922._J-D /52 58
Southern Ry 58 191&._F-A 10018 10038
81-132 98% 9918 Intercontinen Rub corn....100 12 13
58 Mar 2 1917
Sulz&SonsCo6arne 118M-13 10078 10118 Internat Banking Co_ .. _100 107 114
8
71
: 33
7:
UnTypew 58 Jan15.16 J415 9312 95 Internat Mere Marine_ 100 33
Preferred
United Frult6sMay 1'17M-N 10112 10134
4
36
212 6
33
100 6
Gold notes 5s 1918__M-N 9912 9934 International Motor_ ......1
Preferred
U S Public Serv Os 1918_A-0 9812 99
100 35 40
A-0 10014 1003 International Salt
Utah Co (is 1917
A-0 /69 72
1st g 5,8 1951
UtahSecurCorp 88'22 M-S15 8212 84
D 106
00
1
.
j
pre_
5
Silver
International
New York City Notesjar
10238 10258
1st (3s 1948
(3s Sept 1916
J-J
Deb 6s 1933
10312 10334
63 Sept 1 1917
Kelly-Springfield Tire_ _100 215 220 Canadian Govt. Notes100 90
1st preferred
F&A 100 10014
5s Aug 11016
100
2d preferred
F&A 100 10014
5s Aug 1 1917
;Ei--Eili
Per Ct. Basis Kennecott Copper
11 80 Si
Bid. Ask. Lanston Monotype
RR. Equipments12
*38
_
Mines...
_
Min
Conaol
Rose
La
4.40
4.55
Ohio
4448
Baltimore &
Buff Roch & Pittsburgh 434s 4.60 4.40 Lawyers' Mortgage Co_ ..10 173 178
50 *8212 8584
4.60 4.40 Lehigh Valley Coal Salea_2
Equipment 48
4.90 4.75 Manhattan Transit
Canadian Pacific 440
5.25 5.00 Marconi Wireless of Amer...9 *44 413
Caro Clinchf & Ohio 55
100 116 121
5.0.5 4.80 Mortgage Bond Co
Central of Georgia 55
100 207 215
5.03 4.80 National Surety
Equipment 4445
N Y Mtge & Security--100 98 103
6
Chicago & Alton 4s
3
7014
.118 4
70
8.00 8
N Y Title Insurance Co-110010 3
Chicago & Eastern III 55
8.00 6
Nipissing Mines
5 *6% Vs
Equipment 4445
5.25 4.75 Ohio Copper Co
Chic Ind & Loutsv 434s
440 4.45 Otis Elevator corn
Chic St L & N 055
4.50 4.30
Preferred
Chicago & N W 4348
4
89
94 9
7.50 5.50 Realty Assoc (Brooklyn).101 83
Chicago R I & Pao 434s
Colorado & Southern.5s--_ 5.10 4.80 Remington Typewriter100 11
12
Common
4.95 4.75
Erie 58
100 49 53
1st preferred
4.95 4.75
Equipment 444s
100 30 33
2d preferred
4.95 4.75
Equipment 4s
4.85 4.60 Riker & Hege'n(Corp for stk) *6,11 634
Hocking Valley 48
4.85 4.60 Royal Baking Powd ccrm_100 150 155
Equipment 58
100 103 105
Preferred
4.55 4.40
Illinois Central 58
12
2
5
1
27
11
3 2
10
4.55 4.40 Safety Car Heat dr Light_1
4%5
Co
Mfg
Singer
4.65
4.90
Kanawha & Michigan 4448._
00 125
00 35
Louisville de Nashville 58_ _ _ _ 4.50 4.30 Standard Coupler corn...100
Preferred
4.75 4.50
NIinn St P&SSM 4%a
Missouri Kansas & Texas 5s. 6.50 5.50 Sterling Gum
2-1;
2'8;5
150
5'
7.50 5.50 Texas & Pacific Coal--100
MissouriPacific 5s
5.00 4.70 Tonopah Extension Min- _ _1 *24. 2'4',
Mobile de Ohio 58
5.00 4.70 Triangle Film
•78 712
Equipment 4348
*214 2%
New York Central Lines 55.. 4.83 4.70 United Profit Sharing
190 210
1
4.85 4.70 U S Casualty
Equipment444s
100 129 134
4.85 4.65 Li S Envelope corn
N Y Ontario & West 4348
512
16
1 10
13
10
1
Preferred
4.50 4.30
Norfolk & Western 4445
4.50 4.30 U S Finishing
Equipment 45
33 381s
1
Preferred
4.35 4.20
Pennsylvania RR 434s
J-J 90
4.35 4.20, 1st g 5s 1919
Equipment 4s
J-J 68 -iiCons g 55 1929
St Louis Iron Mt & Sou 58_ 6.50 5.00
US Title Go & Indem_ _ -100 30 50
6
St Louis & San Francisco 58.
1.56 4.80, Westchester & Bronx Tltie
SeaboardAir Line 58
100 165 180
& Mortgage Guar
4.90 4.60
Equipment 434s
Southern Pacific Co 434s.... 4.55 4.40 Worthington (H 11.) Corn100 94 97
pref
pany
4.65
4.85
SouthernRailway 4348
5 *238 25s
Toledo de Ohio Central 48... 4.90 4.70 Yukon Gold
*Per share. 8 Basis. d Purchaser also pays accrued dividend. e New stock.
/Flat price. is Nominal. z Ex-dividend. y Ex-rights.

THE CHRONICLE

00T. 16 19154

1263

poestutent anti Sailtaati lacing:me.
A.1LH(IAD GROSS EARNINGS
The following table shows the gross earnings of every STEAM railroad from which regular weekly or monthly returns
can be obtained. The first two columns of figures give the gross earnings for the latest week or month, and the last two
columns the earnings for the period from July 1 to and including the latest week or month. We add a supplementary
statement to show the fiscal year totals of those roads whose fiscal year does not begin with July, butcovers some ether
period. The returns of the electric railways are brought together separately on a subsequent page
Latest Gross Earnings.
ROADS.

Week or
Month.

Current
Year.

Previous
Year.

July 1

to Latest Date.

Current
Year.

Previous
Year.

Ala N 0& Tox Pac291,820 291,531
N 0 & Nor East_ September
942,412
878,626
135,784 137,651
Ala & Vicksburg_ September
410,493
337,328
Vicks Shrov&Pac September
139,191 128,653
379,197
400,027
59,357
4thwk Sept
66,979
Ann Arbor
590,946
624,857
A tch Top & San Fe_ August _-- 10904377 10166489 21,326,719 19.775,732
Atlanta 13irm & All August _-- 219,227 243,735
450,081
504,406
Atlanta & West Pt_ August __- 101,268 107,251
198,052
206,823
Atlantic Coast Line August ___ 2,017,173 2,213,766 4,194,560 4,751,905
Chariest & W Car August ___ 120,169 146,022
236,762
289,084
Lou Hand k St L August ___ 126,720 130,836
237,748
255,545
glialtimore & Ohio_ August -_- 9,343,857 8,700,376 18,019.610 16,847,064
B &0 Oh Ter RR August--.. 134,559 147,371
262,765
286,032
462,793
Bangor & Aroostook August ___ 238,611 232,846
475,190
Bessemer & L Erie_ August _-- 1,263,925 1,150,608 2,534,732 2,269,071
63,971
84.038
Birmingham South_ August ___
137,470
174,695
August ___ 4,305,024 4,400,884 8,404,260 8,612,927
Boston & "Maino
Buff Roch& Pittsb_ 1st wk Oct 234,445 207,270 3,207,135 3,059,431
Buffalo & Susq RR_ August ___ 121,549 143,936
237,614
259,521
Canadian Northern 1st wk Oct 847,500 718,400 5,261.100 5,790,300
Canadian Pacific 1st wk Oct 2,915,000 2,273,000 29,596,827 33,251,736
1,031,504
1.887,824 2,197,875
Central of Georgia_ August -- 899,996
Cent of New Jersey August __- 2,978,315 2,878,392 5,760,930 5,602.994
722,352
591,870
Cent New England_ August ___ 358,211 314,877
661,812
Central Vermont_.. August ___ 341,210 361,957
698,057
Ches & Ohio Lines_ 1st wk Oct 779,009 705,968 12,204.797 11,003,265
Chicago & Alton... 4thwk Sept 424,787 431,632 3,970,672 3,915,855
Chic Burl & Quincy August --- 8,147,525 8,742,382 15,521,650 16,603.955
f Chicago & East Ill August ___ 1,334,129 1,385,512 2,525,724 2,700,965
p Chic Great West_ 4thwk Sept 299,996 298,270 3,594,374 3,738,623
Chic Ind & Louisv_ 1st wk Oct 156,732 139,788 2,032.107 1,980,963
Chic Milw & St P..1 August ___ 8,285,177 8.189,202 16,504,458 16,014,188
Chic Mil & Pug SI
7,937,061 8,378,083 15,127,409 15,740,894
:Chic & North West August
143,810 160.126
271,224
Chic Peoria & St L. August
314,497
1,498,741 1,708,324 2,932,074 3,289,313
:Chic St P M & Om August
177.854 198,631
341,124
Chic Terre Ft 8z S E August
388,944
994,086 977,456 1,914,837 1,916,194
Gin IIam & Dayton August
Colorado Midland_ August -137,181 201.686
259,098
336,710
b Colorado & South 1st wk o-ci 286,496 276,830 3,914,574 3,822,251
August
12,519
10,329
Cornwall
21,438
24,974
34,673
35,299
Cornwall & Lebanon August
75,301
61.789
August
416,634 343,487
Cuba Railroad
836,724
726,031
July
2,015,150 1.997.294 2,045,150 1,997,294
Delaware & Hudson
3,758,762 3,715,617 7,145,834 7.467,622
Del Lack & Western August
Deny & Rio Grande 1st wk Oct 548,400 503,300 7,208,800 6,836,330
722.592 553,804 1.425,043 1,115,043
Western Pacific__ August
38,400
38,387
Denver & Salt Lake 1st wk Oct
569,578
533,305
161,129 181,652
297,231
Detroit Tol & front August
333,242
18,879
22,604
290,846
Detroit & Mackinac 1st wk Oct
326,173
109.427 115,158
215,324
Det & Tel Shore L. August
207,132
917,989 685,698 1,780.389 1,497,952
Dul & Iron Range__ August
96,422
91,530
940,133
Duluth So Sh & Atl 4thwk Sept
8/9.649
993,467 831,572 1,875,934 1,631,920
Elgin Joliet & East_ August 813,928 704.910 1,562,771 1,445,069
El Paso & Sou West August
August ___ 5,945,766 5,488,767 11,618,894 10,908.34%
Erie
708,240
Florida East Coast_ August ___ 345,453 299.293
591,159
80.:347
90.198
166,220
Fonda Johns& Glov August --180,434
219,188 251,226
Georgia Railroad August _
424,965
506,652
Sept
wk
3d
107.953
Pao_
110,479
Grand Trunk
732,241 1,054,728
Grand Trunk Syst_ 1st wk Oct 1,019,826 1,008,265 14,708,694 15,257,583
Grand Trunk Ry. 3d wk Sept 830,911 875.707 9,806,228 10,511,766
Grand Trk West.. 3d wk Sept 159,996 152,691 1,769,076 1,720,839
860:6
636
54,363
Det Gr H & Milw 3d wk Sept 7,6916
693,107
612,344
8,081.031 19.890,367 21,838,132
Great North System September
Gulf & Ship Island_ August ___ 145,841 150,765
285,862
300,445
August ___ 650,074 711,035 1,103,210 1,162.449
Hocking Valley
September 4,570,452 5,529,432 15,979,121 16,770,905
Illinois Central
598,049 727,346 1,257,748 1,466,284
Internal & Grt Nor August
August ___ 290,760 325,488
Kanawha & Mich
568,306
604,882
Kansas City South_ August -__ 807,407 895.613 1.638.763 1,830,903
August -_- 3,779,593 3.770,347 7,513,360 7,352,428
Lehigh Valley_
Lehigh & Hod River August ___ 161,397 157,878
315,492
296,480
Lehigh & New Eng.. August ___ 270,009 225,263
590,011
458,605
August __- 132,462 180,762
Louisiana & Ark
269,351
336,539
Louisiana Ry & Nay August ___ 182,751 174,491
351,990
312,382
:Louisville & Ns:thy 1st wk Oct 1,077,755 1.050,810 14,992,509 15,161,725
10,034
Macon & Birm'ham August --12,366
21,063
26,861
August --- 1,050,516 1,066,623 2,047,430 2,081,491
Maine Central
40,525
Maryland & Penile.. August -__
48.067
77,007
88,410
August _..- 145,706 125,783
Midland Valley..
270,973
242,049
29,174
Mineral Range......4th wk Sept
18,225
271,455
212,241
Minn & St Louis_ _1 1st wk Oct 215,031 218,205 2,843,667 2,882,628
Iowa Central.._ _1
Minn St P&SSM_ 1st wk Oct 822,434 763,253 8,786,590 8,662,377
64,447
80.7.54
Mississippi Central.. August ___
132.003
160,193
u Mo Kan & Texas_ 1st wk Oct 596,493 683,164 8,297,570 8,774.933
Missouri Pacific 1st wk Oct 1,237,000 1,233,000 16,319,000 17,272,000
Nashy Chau & St L August ___ 945,760 985,872 1,833.063 2,057,652
17,718
19,000
Nevada-Cal-Oregon 4th wk Sep
125,696
122,725
e New York Central August ___ 14458039 13874967 28,320,511 26,901,465
Boston & Albany. August ___ 1,525,749 1,487.009 3,061,047 2,957,189
n Lake Erie & W_ August ___ 575,173 566,603 1.064,551 1,074,558
Michigan Central August ___ 3.243,727 3,021,357 6,293,269 5,859,609
Cleve 00 & St L August ___ 3,563.590 3,367.000 6,727,048 6,514,147
Cincinnati North. August ___ 149.892 157.402
288,910
237,622
Pitts & Lake Erie August ___ 1,823,899 1,518,102 3,479,332 3,021,763
N Y Chic & St L_ August ___ 1,053,086 967,114 2,017.874 1,887,772
Tel & Ohio Cent_ August ___ 418,381
821,348
861,339
Tot all lines above August _ __ 26811536 25504486 52,073,890 49,368,553
New On Great Nor_ August _ _ _ 148,720 141,759
289,690
296.828

' Latest Gross Earnings.
ROADS.

Week or
Month.

Current Previous
Year. I Year.

July 1 to Latest Date.
Current
Year.

Previpus
Year.

$
$
$
NO Mobile & Chic_ August ___ 143,208 160.765
342.357
282,804
NYNH & Hartf__ August _-- 6,264,0535.756.909 12,511,713 11,512.543
N Y Ont & Western August ___ 912.0301,000,730 1.873.602 1.993.291
N Y Susq & West__ August __- 317,7501 315,072
635,540
604,704
Norfolk Southern.._ August _ 345,465 328.471
677,910
694,200
Norfolk & Western_ August __- 4,729,49213,996,567 9,196,836 7,746,302
Northern Pacific_ __ August ___ 6.076.329 6,075.933 11,426.113 11.867.995
Northwestern Pac _ August _- 456,831 404,445
919,333
833,244
Pacific Coast Co.. _ _ July
• 5
609,596
589.470
:Pennsylvania RR__ August_ _ _ _ 17674'765 17001.206 34,430,410 33,069,793
Balt Ches & Atl_ _ August_
153,448 166,760
307,208
341.523
Cumberland Vail. August
276,764 282,482
522,736
521,351
Long Island
1,472,452 1,505,277 3,025,805 3.025,083
Maryl'd Del & Va August„.... 114,236 121,574
233,679
220,356
N Y Plaila & Norf August__ 381,230 363,123
862,694
805,742
Phil Bait & Wash August____ 1,920,926 1,905,048 3,825.613 3,757,065
W Jersey & Seash August_
1,018,421 1,010,298 1,913,526 1,841.603
Pennsylvania Co _ _ _ August_ ___ 5,779,671 5,496.066 11,419,695 10,694,560
Grand Rap & Ind August_ ___
958,726 1,049,719
Pitts C C & St L. August_
3,747,744 3,585,259 7,137,930 7,061,469
Vandalla
August_ ___ 980,608 1,604,976 1,901,863 1.961,438
Total linesEast Pitts & Erie August____ 23616954 23011 495 46,269,487 44,823,078
West Pitts & Erie August____ 11152942 10792320 21,697,425 21,045.371
All East & West_ August..___ 34769896 33803817 67,966,912 65,868.451
Pere Marquette.. August _
1,629,418 1,624.690 3.182,022 3,003,617
Reading CoPhila & Reading_ August
4,230,252 4329,396 8,313.451 7,951,195
Coal & Iron Co August ___ 1,973,932 2.477,393 3.791,212 4,300,345
Total both cos
August ___ 6,204,184 6,606,789 12,104,663 12,251.540
Rich Fred & Potom August _-- 211,727 207.916
465,829
464,653
Rio Grande Junc...._ July
78,505
78.505
76,558
76.558
Rio Grande South__ 1st wk Oct
157,682
157,350
Rock Island Lines__ August _ _ _ 6,385,862 6,668,030 12,052,348 12,703,786
Rutland
August ___ 327,193 325,279
632,187
640,955
St Jos & Grand Isl_ August
336,279
129,496 140,171
245,653
St I., Brownsv & M.. August
424,385
426,192
241,079 226,616
St L Iron Mt & Sou August _
2,608,518 2,735,464 5,040,567 5,470,530
St Louis & San Fran August _
3,753,033 3,844,985 7,303,306 7,660,938
St Louis Southw_
1st wk Oct 257,000 223,000 3,007,822 2,989,309
San Pod L A & S L. August
958.193 770.009 2,041,655 1.648,800
Seaboard Air Line August __- 1.576,580 1,690.828 3,204,225 3,523,999
Southern Pacific
August ___ 13207856 11672157 26.171.060 23.305,077
Southern Railway 1st wk Oct 1,333,316 1,295,279 17,345,327 18,198,174
Mobile & Ohio 1st wk Oct 198,094 192,108 2,921,462 3,249,060
Cin N 0& Tex P_ 1st wk Oct 187,743 177,142 2,538,298 2,612,588
Ala Great South_ 1st wk Oct
78,331 1.259,405 1,333,562
82,879
Georgia So & Fla_ 1st wk Oct
683,740
617.922
45,273
44,615
Spok Port & Seattle August _ _ _ 466,785 461,246
892,740
937,940
Tenn Ala & Georgia 4thwk Sept
1,956
21,422
20,816
1,796
294,778
Tennessee Central_ August ___ 132,214 140,625
262.088
Texas & Pacific__ _ _ 1st wk Oct 371,247 361,561 4,754.970 4,716,610
Tidewater & West.. August
8.012
6,982
15.768
15,553
Toledo Poor & West 1st wk Oct
19,350
337,523
359,415
23,623
Toledo St L & West 1st wk Oct 102,252
91,707 1.354.773 1,288,449
Trinity & Brazos V_ August ___
83.193
59.042
219,010
111,877
Union Pacific Syst_ August
8,446.063 8.468.027 16,292,929 16,027,264
Virginian
August
641,644 572,604 1,230.260 1.042,115
Virginia & So West_!August
152,719 178,076
298.92
347,378
Wabash
1September 2,861,901 2,647,733 8.100,640 8,089,816
Western Maryland_ilst wk Oct 209,309 166,731 2,832,86 2,366,979
Wheel & Lake Erie_ iSeptember
749,501 569,727 1,979,09 1,617.362
Wrightsville & Tenn!August
19.244
30,363
37,863
16,821
Yazoo & Miss Vail_!September 1,110,662 878,548 3,007,706 2.656,851
Period.

Varbui Fiscal Years.
Buffalo & Susquehanna RR____ Jan
Jan
Delaware & Iludson
Erie
Jan
Now York Central _e
Jan
Boston & Albany
Jan
Lake Erie & Western_n
Jan
Michigan Central
Jan
Cleve Cinc Chic & St Louis.... Jan
-Cincinnati Northern
Jan
Jan
Pittsburgh & Lake Erie
New York Chicago & St Louis Jan
Jan
Toledo & Ohlo Central
Jan
Total all lines
Jan
N Y Susquehanna & Western
:Pennsylvania Railroad
Jan
Baltimore Chtwap & Atlantic Jan
Jan
Cumberland Valley
Long Island
Jan
Maryland Delaw & Virginia_ Jan
N Y Philadelphia dr Norfolk_ Jan
Phila Baltimore & Washing'n Jan
West Jersey & Seashore
Jan
Pennsylvania Company
Jan
Grand Rapids & Indiana
Jan
Pitts Cinc Chic & St Louis
Jan
Vandalla
Jan
Total lines-East Pitts & Erie Jan
-WestPitts & Erie Jan
•
-Ail Lines E & W_ Jan
Rio Grande Junction
Dec
Rutland
Jan

1
1
1
1
1

1
1

1
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

Current
Year.

Previous
Year.

Aug 31 $912,139 6935,344
July 31 12,826.449 12.745,338
Aug 31 41,232.933 39.351.864
Aug 31 103873494 100056767
Aug 31 11,180.554 11.015.638
Aug 31
Aug' 31 22,851,323 22,121.986
Aug 31 23,769,308 23.097,992
925.222
996,389
Aug 31
Aug 31 10,517.276 11,017,340
Aug 31 7,699,581 7,450,674
Aug 81 2,893,412 2,917.289
Aug 31 187612028 182362719
Aug 31 2.638.571 2,590.770
Aug 31 122589414 124856342
Aug 31
793,966
842.866
Aug 31 1.991.552 2,231.197
Aug 31 9,078.805 9,042,931
Aug 31
599,031
626.054
Aug 31 2.728,944 2.598.804
Aug 31 13.542.230 13.575.991
Aug 31
Aug 31 36,635,916 36,956.178
Aug 31 3,425,257 3,588.388
Aug 31 25,577,541 26,228.450
Aug 31 7,053,861 7,159.750
Aug 31 159031 218 161503863
Aug 31 73,715,403 74,999,801
Aug 31 232746620 236500663
July 31
539,3331 563.48'5
Aug 31 2.274.300 2.312.23
8
1

9

0

0

AGGREGATES OF GROSS EARNINGS-Weekly and Monthly.
*Weekly Summaries.

Current
Year.

Previous
Year.

Increase or
Decrease.

%

*Weekly Summaries.

Current
Year.

Previous
Year.

Increase or
Decrease.

%

$
Mileage. Cur. Yr. Prey. Yr.
$
$
$
$
4th week July r7 roads)..__.. 17,0/2,024 18.470,398 -1,398,374 7.61 December __246.807 243.242 232.598.369 258,285,270 -25,686.901 9.94
1st week Aug 36 roads)..,. 11,601.061 12.567,332
-966,271 7.90 January ____246.959 243.559 220.282.196 236.880,747 -16.698.551 7.01
2d week Aug 37 roads)...._ 11.965.891 12.618.877
-652.986 5.17 February _246.186 242.837 210,860.681 212.163.967 -1,303.286 0.61
-557,539 4.62 March
3d week Aug (36 roads - -__ 12.220.564 12,778,103
246.848 243.598 238.157.881 253.352.099 -15,194.218 5.99
4th week Aug (33 roads)____ 16.778.185 17.122,595
-344,410 2.01 April
247,701 215,170 237.696,378 241.090.842-3.391.464 1.41
1st week Sept (36 roads)--- 12,032,766 12,057,576
-24,810 0.20 May
247.747 245.207 244.692.738 243.367.953 $1.324.785 0.54
-276,003 2.07 June
240.219 235.828 248.849.716 247,535.879
1,313.837 0.53
2d week Sept (37 roads)____ 13,108.847 13,384,850
-17.212 0.13 July
213,012 241.796 262.948.115 260,624.000
2.324.115 0.89
3d week Sept (35 roads)____ 13.332.571 13,349,783
4th week Sept (37 roads)____ 18,614.775 17,922,564
+692,211 3.86 August __
89,582 88.017 69,231,248 73,122,210 -3,890,962 5.32
i.r. wnni,(-1,.t. tan rnadsl____ 13.613.1164 12 gen 9AS .1.1 117 win ens SInntnmluw
on (157
RR 0151 751 7512 1112 751 1175 ant
-1.7051 CM (102
b Does not Include earnings of Colorado Springs & Cripple Creek District Ay. e Includes the Lake Shore & Mich. 80., the Chicago Ind. &
the Dunkirk Allegheny Valley & Pitts.. the New York & Ottawa. the St. Lawrence & Adirondack and the Ottawa & New York Ry., the latter of
which, being a Canadian road, does not make returns to the Inter-State Commerce Commission. f Includes Evansville & Terre Haute and Evansvilla & Indiana RR. g Includes Cleveland Lorain & Wheeling Ry. In both years. n Includes the Northern Ohio RR. p Includes earnings of Mason
City & Fort Dodge and Wisconsin Minnesota 86 Pacific. s Includes Louisville de Atlantic and the Frankfort & Cincinnati. u Includes the Texas
Central and the Wichita Falls Lines o Includes not only operating revenues, but also all other receipts. x Includes St. Louis Iron Mountain &
Southern. s Includes the Northern Central beginning July 1 1914 • We no longer include the Mexican roads in sal,of our totals.




•

•

•

[VoL. 101.

THE CHRONICLE

1264

INDUSTRIAL COMPANIES.
-Int., Rentals, &c.- -Bat. of Net Eatns.Previous
Current
Current
Previous
Year.
Year.
Year.
Year.
Companies.
$
$
$
Amer Tel & Tel (Holding) Co- $
5,049,384 6,242,562 25,538,531 24,248,868
Jan 1 to Sept 30
Amer Tel & Tel (Associated) Cos12,381,386 12,547,139 30,413,156 26,356,815
Jan 1 to Aug 31
454
1,218
Aug
2,353
2,431
Austin Gas Light
23,903
31,372
26,023
26,009
Sept 1 to Aug 31
30,653
31.297
26,119
26,907
Keystone Telephone__ _Sept
269,610
270,786
233,972
230,380
Jan 1 to Sept 30
def2,813
31,247
47,125
29,257
New England Co Syst__Sept
159,093
288,519
264,999
363,361
Jan 1 to Sept 30
Aug
12,176
12,960
13,856
12,508
U S Public Serv
163,060
215,057
136,199
152,239
Sept 1 to Aug 31
z After allowing for other income received.
EXPRESS COMPANIES.
-Month of June- -July 1 to June 301914.
1915.
1914.
1915.
$
$
$
3
Adams Express Co.3,188.138 2,732,545 34,631,485 33,242,622
Total from transportation..
1,496,811 1,520,820 17,167,040 17,532,431
Express privileges-Dr

Latest Gross Earnings by Weeks.-In the table which
follows we sum up separately the earnings for the first week
of October. The table covers 30 roads and shows 8.94%
increase in the aggregate over the same week last year.
First Week of October.

1915.

1914.

Increase. Decrease.

$
3
$
4,548
78,331
82,879
Alabama.Great Southern
27,175
234,445
207,270
Buffalo Rochester & Pittsburgh
847,500
718,400 129,100
Canadian Northern
2,915,000 2,273,000 642,000
Canadian Pacific
73,041
779,009
705,968
Chesapeake & Ohio
16,944
156,732
139,788
Chicago Ind & Louisville
187,743
177,142
10,601
Cinc New On & Texas Pacific_
9,666
276,830
286,496
Colorado & Southern
45,100
548,400
503,300
Denver & Rio Grande
13
33,400
38,387
Denver & Salt Lake
22,604
18,879
Detroit & Mackinac
45,273
44,615
Georgia Southern & Florida_
Grand Trunk of Canada
11,561
Grand Trunk Western
1,019,826 1,008,265
Detroit Grand Hay & MIlw_
Canada Atlantic
26,915
Louisville & Nashville
1,077,755 1,050,840
215,031
218,205
}
Minneapolis & St Louis
Iowa Central
59,181
822,434
763,253
Minneapolis Si Paul .4r S S M__
666,164
596,493
Missouri Kansas & Texas
1,237,000 1,238,000
Missouri Pacific
5,976
198,084
192,108
Mobile & Ohio
94
14,502
Rio Grande Southern
14,596
29,000
257,001
228,000
St Louis Southwestern
38,037
1,333,316 1,295,279
Southern Railway
9,686
361,561
371,247
Texas & Pacific
19,350
4,273
23,623
Toledo Peoria & Western
10,545
91,707
102,252
Toledo St Louis & Western_ _ __
42,578
166,731
209,309
Western Maryland
Total(30 roads)
7.4•,:.t. int...ranee. /A 04.07_1

13,618,064 12,500,258 1,196,034
1 ili sula

$

3,725
658

Revenue from transport'n_ 1,691.327 1,211,724 17,464,444 15,710,190
370,819
35,204
508,497
49,495
Oper'ns other than transp'n_
3,174

Total operating revenues_ 1,740,822
1,529,943
Operating expenses

69,671
1,000

Net operating revenUe____
Uncollectible rev,from trans.
Express taxds
. Operating income
American Express Co.Totalfrom transportation..
Express privileges-Dr

78,228

For the fourth week of September our final statement
covers 37 roads and shows 3.86% increase in the aggregate
over the same week last year.
Fourth Week of September.

1915.

1914.

Increase. Decrease.

Previously reported (32 roads)_ 17,767,161 17,082,048
424,787
434,632
Chicago & Alton
51,000
60,060
Denver & Salt Lake
60,055
54,194
Georgia Southern & Florida
275,829
290,915
Mobile & Ohio
17,718
19,000
Nevada-California-Oregon

814,038

Total (37 roads)
Net increase (3.86%)

838,124
692,211

18.614,775 17,922,564

128,925
9,845

9,000
5,861
15,086
1,282
145,913

1,246,928 17,972,942 16,081,010
1,483,296 18,088,934 16,842,652

210,878 -236,368 -115,992 -761,642
6,074
516
203,742
194,930
22,916
12,407
197,954 -259,284 -316,997 -965,385
$
$
$
$
4,262,444 3,555,967 46,735,415 41,644,555
2,131,540 1.747,330 23,458,860 20,836,894

Revenue from transport'n_ 2,130,903 1,808,636 23,276.555 20,807,660
160,182 2,387,912 2,143,482
Oper'ns other than transp'n_ 299,237
Total operating revenues.. 2.430,140 1,968,819 25,664,467 22,951,142
2.120,712 1,982,375 24,660,305 23,214,574
Operating expenses
Net operating revenue____
Uncollectible rev.from trans.
Express taxes

309,428
534
39,392

-13,556 1,004,162 -263,431
207
3,149
381,337
417,934
37,103

Operating income
Great Northern Exp. Co.Total from transportation....
Express privileges--Dr

269,502
$
299,022
172,362

583,078 -644,977
-50,659
$
.
8
$
303,617 3,138,116 3,245,470
171,760 1,903,533 1,970,918

Revenue from transport'nOper'ns other than transp'n_

126,659
4,839

131,857 1,234,582
52,688
4,503

1,274,552
50,594

Total operating revenues..
Operating expenses
Net operating revenue •
Uncollectible rev.from trans.
Express taxes

131,499
86,099

136,360 1,287,271
101,051 1,058,575

1,325,146
1,086,304

45,400
20
3,708

35,309
3,908

228,696
123
45,155

238,842
45,659

Net Earnings Monthly to Latest Dates.-In our "Rail193,182
183,417
31,400
41,671
Operating income
way Earnings" Section or Supplement, which accompanies
TRACTION
COMPANIES.
AND
RAILWAY
of
figures
give
ELECTRIC
we
August
"Chronicle",
issue
the
of
to-day's
earnings of all steam railroads which make it a practice to issue
Jan. 1 to latest date.
Latest Gross Earnings.
or are required to do so by the Inter-State
returns
monthly
Name of
Commerce Commission. The reader is referred to that SuppleWeek or Current Previous Current - Previous
Road.
Year.Year.
Year.
Year.
Month.
ment for full details regarding the August results for all the
separate companies.
$
Rys Co..__ September 467,622 474,478 3,963,981 4,139,892
In the following we give all statements that have come in American
248,785
243,909
Atlantic Shore Ry ___ August -- 51.883 53.357
from
period
different
a
a
or
later
covering
the present week
C Aur Elgin & ChicRy August ___ 189,975 211,108 1,262,686 1,403,750
512,805
509,152
73,221
72,661
___
August
Electric
&
Ry
Bangor
Section
Earnings"
the
of
"Railway
issue
the
that to which
120,581
116,051
Baton Rouge Elec Co August __- 15,284 14,158
is devoted. We also add the returns of the industrial com- BeltLRyCorp(NY0).
314,057
296,740
.37 67.092
66,7
May
651,213
100,431
610,036
)
,
.
August
By..
Street
Berkshire
week.
this
panies received
16166100150963,110149073,148
--Net Earnings
-Gtoss Earnings
Cut rent
Previous
Current
Previous
Year.
Year.
Year.
Year.
$
$
$
3,015
1,517
9,012
6,589
Bellefonte Central_b_ __Sept
13,434
8,041
67,839
59,159
Jan 1 to Sept 30
374,067
285,157
Chic Great Wostern_a _ _Aug 1,221,097 1,309,308
538,538
479,754
2,349,895 2,391,866
July 1 to Aug 31
def462
def478
2,826
2,139
Fairchild & Northeast_b.Aug
def2,191
5,718 def3,171
July 1 to Aug 31
4,654
Grand Trunk of CanadaGrand Trunk Ry_ __ _Aug 3,645,982 3,941,379 1,210,299 1,147,034
25,751.571 28,168,275 7,336,492 7,311,916
Jan 1 to Aug 31
125,069
193,200
681,793
Grand Trunk Western.Aug 672,063
105,846
412,679
4,784,256 4,742,161
Jan 1 to Aug 31
17,460
69,591
229,525
Dot Or liar & Milw__Aug 267,657
190,464
32,665
1,719,091 1,628,574
Jan 1 to Aug 31
14,678
24,980
108,517
Toledo Peoria &West_ b _ Sept 111,256
43,684
58,335
July 1 to Sept 30
340,065
313,900
186,292
298,637
569,727
Wheeling & Lake Erie. b.Sept 749,501
479,047
726,561
1,979,098 1,617,362
July 1 to Sept 30
INDUSTRIAL COMPANIES.
-Gross Eat nings----Net Earnings
Previous
Current
Current
Previous
Year..
Year.
Year.
Year
Companies.
$
$
$
••$
Amer Tel & Tel (Holding) Co34,769,036 34,602,915 30,587,915 30,490,430
Jan 1 to Sept 30
Amer Tel & Tel (Associated) Cos156,750,415 149669,237 42,794,542 38,903,954
Jan 1 to Aug 31
2,808
3,649
7,567
8,617
Austin Gas Light_a_ _ _ _Aug
49,926
57,381
119,438
127,014
Sept 1 to Aug 31
56,772
58,204
111,135
Keystone Telephone_a_Sept 114,993
603,582
510,166
991,397
1,014,147
Jan 1 to Sept 30
26,445
78,372
74,829
New England Co Syst.a.Sept 118,0..98
424,092
651,880
723,636
1,028.006
Jan 1 to Sept 30
24,684
26,816
66,120
68,734
Aug
U S Pub Serv_a
299,259
367,296
805,446
885,700
Sept 1 to Aug 31
176,136
221,012
380,926
Utah Securities Corp_ _ _Sept 412,436
3,501,681 3,432,012 1,812,537 1,668,818
Jan 1 to Sept 30
Roads.

a Net earnings here given are after deducting taxes.
b Net earnings here given are before deudcting taxes.

Interest Charges and Surplus.
-Int., Rentals, &c.- -Bat, of Net Earns.- Previous
Current
Previous
Current
Year.
Year.
Year.
Year.
$
$
3
$
2,780
235
1,248
269
Sept
Bellefonte Central
11,319
5,620
2,115
2,421
Jan 1 to Sept 30
209,630
103,966
164,437
Chicago Great Western_Aug 181,191
216,866
118,492
321.672
361,262
July 1 to Aug 31
z507 zdef9,765
25,090
26,473
Toledo Peoria dr West.. Sept
75,406 zdef26,354 zdef13,356
77,609
July 1 to Sept 30
Roads.




f6576000
Brazilian Trac, L & P August
82,721
77.735
14,395 16,237
Brock & Pipit St Ry_ August
2343,921 2482,243 10,811,364 10,734,655
Bklyn Rap Tran Syst May
231,531
220,143
33,226 32,742
Cape Breton floc Co August
735,842
690,446
91,213 91,032
Chattanooga By & Lt August
267,845
276,141
43,453 43,789
Cloy Painesv & East_ August
810,839
837,571
114,658 123,058
Cleve Southw & Col.. August
434,827
454,658
56,000 54,600
Columbus(Ga)El Co August
242,299 243,564 1,997,266 2,007,271
Colum (0) By,P & L August
1181,948 1166,345 9,202,661 9,120,364
gCom'w'th P Ry & L August
August ___ 796,221 802,418 5,371,137 5,404,250
Connecticut Co
Consum Pow (Mich)_ August __ 307,373 269,856 2,433,441 2,208,837
Cumb Co(Me)P & L September 249,418 230,662 1,972,112 1,899,051
Dallas Electric Co.._ _ August _-- 147,944 174,775 1,165,443 1,467,880
Detroit United Lines August ___ 1228,043 1130,742 8,510,613 8,175,515
212.260
197,376
41,201 44,205
DDEB& Bat(Bee) May
867,770
750,318
98,055 115,900
Duluth-Superior Trac August
205,259 219,250 1,579,845 1,768,801
East St Louis & Sub_ August
383,162
386,587
65.067 61,065
Eastern Texas Elec_ July
623,761
685,676
75,111 86,432
El Paso Electric Co__ August
737,674
798,115
172,795 170,715
42d St M & St N Ave May
174,093 226,664 1,131,722 1,422,899
Galv-Hous Elec Co__ July
498,869 527,949 4,170,522 4,140,887
°Georgia Ry & Power August
851,155
767,524
101,207 114,380
Grand Rapids By Co August
626,928
051,301
76,247 89.959
Harrisburg Railways August
Havana El Ry,L& P
Wk Oct 10 50,336 53,934 2,085,118 2,178,175
(Railway Dept)_
384,465
402,669
47,745 49,967
Honolulu R T & Land August
180,505
193,034
25.511 24,573
Houghton Co Tr Co_ August
427,195 424,659 3,623,732 3,704,590
b Hudson & Manhat_ August
884,788 885,681 7,038,273 7,083,971
August
Illinois Traction
2689,444 2714,667 17,163,038 17,515,940
Interboro Rap Tran .June
495,919
410,421
47,613 55,798
Jacksonville Trac Co August
164,031
19,170 21,529
150,873
Keokuk Electric___ August
88,805
74,392
9,000 11,388
Key West Electric...... August
966,324
006,050
144,480 156,220
Lake Shore Eiec By.. August
198,668 182,931 1,316,494 1,226,769
Lehigh Valley Transit August
452,778
485.631
79,359 76,293
Lowist Aug & Watery August
86,974
85,065
22,839 23;452
Long Island Electric._ May
238,733 261,034 1,940,703 2,121,641
Louisville Railway __ August
465,232 479,262 3,838.676 3,990,523
fly & Lt Co_ August
Mllw
967,322 1,013,475
147,035 151,649
Milw Lt, lit & Tr Co August
166,467 180.508 1,393,1:32 1,481,023
Nashville By & Light August
262,984
282,011
62,244 61.662
N Y City Interboro__ May
145,822
39.643 38,658
160.918
N Y & Long Island__ May
60,941
62,138
15.413 16.707
N Y & North Shore May
523,732
127,162 133.647
529.704
N Y & Queens Co.__ May
1138.652 1199,850 5,454.164 5.509,712
New York Railways._ May
263,387
257,316
46,258 52,391
N Y & Stamford ity_ !August
268.831
307,984
40,621 :36.139
N Y Westches & Bost August
105,799
99,171
17,512 17,526
Northampton Trac'n July
360,055 343,543 2,488,442 2,416,902
Nor Ohio Trac & Lt_ August
147,066 174,662 1,086,328 1,402,161
North Texas Electric August
200,112
201,298
36,006 38.898
Northw Pennsyl ity_ July
35.592
33,868
10,752 12,217
Ocean Electric (L I).. May
199,311
186,003
23,551 24,801
Paducah Tr & Lt Co.. August
185,546
22,669
186,192
Co
22,075
August
Electric
Pensacola
1897,764 1912.971 15,736,150 15,880.510
Phi's Rapid Transit_ August
246,001
296,674
41,267 37.051
Phila & Western........August
Port(Ore)R v.L& P Co August _ _ _ 460,861 487,264 3,665,162 4,269,928
705,499
703,832
Portland (Me) BR.... August _ _ _ 121,917 121,027
684,564 7211.373 4.359.(130 4,963.018
Puget Sound Tr.LittP July

OCT. 16

THE CHRONICLE

1915.;

Week or
Month.

Louisville & Nashville Railroad Co.
(64th Annual Report-Year ended June 30 1915.)
The annual report of the board of directors (Mr. H. Walters, Chairman, and Mr. Milton H. Smith, President), is
given at length on subsequent pages; also the income account and balance sheet.
The usual comparative tables were given in the "Chronicle"
last week.-V. 101, p. 1180, 846.

Jan. 1 to latest date.

Latest Gross Earnings.
Name of
Road.

Current Previous
Year.
Year.

Current
Year.

1265

Previous
Year.
-$
2,248,108
3,616,873
135,405
856,984
306,059
568,360
349.646
85,423
102.843
650,813
1.619.115
3.550.684
6,929,144
1,061,739
3,426,937
527,567
277.268
170,110
345,039
525,917
177,079
119,320

$
$
$
gRepublic RV & Lt.... September 266,302 244,649 2,234,021
Rhode Island Co__ August ___ 511,492 535,817 3,279,760
32,963 36,345
138,736
Richmond Lt & RR_ May
104,195 113,454
828,324
St Jos Ry Lt H & P Co August
39,182 38,457
307,718
Santiago El Lt & Tr_ August
Savannah Electric Co August
65,768 71,339
526,883
76.617 86.127
329,565
Second Avenue (Rec) May
20,233 20,778
Southern Boulevard_ May
88.709
108.770
28.766 29.868
Staten Is! Midland__ May
78,924 82,810
648.023
Tampa Electric Co.._ August
May
Third Avenue
325.135 351.298 1.555.073
Toronto Street Ry... July
449.108 515.883 3.238.351
Twin City Rap Tran_ 4thwk Sept 228,707 228,615 6,989,463
Union RyCo of NYC May
247.902 261.552 1.079,814
Virginia Ity & Power_ August
442,698 446,197 3,368.468
Wash Bait & Annap_ August
535,794
71,767 74,839
272.076
Westchester Electric_ June
51,367 56.780
Westchester St RR__ August
167,080
24.718 27,734
354.049
Yonkers Railroad___ June
60,753 64,585
524,918
York Railways
August ___ 71.771 68,151
188,417
Youngstown & Ohio_ August ___ 25,077 25,461
112,143
Youngstown & South August ___
17,135 16,490
b Represents income from all sources. c These figures are for consolidated company. f Earnings now given in mlireis. g Includes constituent
companies.

Southern Railway.
_ _s(Report for Fiscal Year ending June 30 1915.)
al7 7=soll7tOle-tfier with
The'rem'aWiiif
the detailed comparative balance sheets for two years and
the profit and loss account, are published on subsequent
pages. Below are given comparative statistics and income
account for several years.

TRAFFIC STATISTICS, &c.
1912-13.
1911-12.
1913-14.
1914-15.
Aver. miles operated...
7,088
7,031
7,033
x EquipmentLocomotives
1,611
1,632
1.666
1,663
Passenger equipment..
1.132
1,157
1,159
1.114
Freight equipment
51,741
48,039
49.512
47.992
Road service equipment
1,342
1,335
1,438
1,360
Electric Railway Net Earnings.-The following table Marine equipment
22
22
22
22
Operationsgives the returns of ELECTRIC railway gross and net Passengers
carried
16,644,097 19,634,498 19,032,397 18,119,253
earnings reported this week:
Pass. carried 1 mil&__ _758,899,016 888,312,962 844,801,198 786,621,787
- Av.rev, per pass. p. mile 2.131 cts. 2.141 cts. 2.157 cts. 2.153 cts.
-Gross Earnings--Net Earnings
No. tons car. (rev. fr't)_ 25,896,412 29,650,456 29,449,589 27,214,751
Previous
Cur,
cut
Previous
Current
Tons car. 1 m.(rev.fr't)4205792,203 4584338,858 4577486,801 4206785.057
Year.
Year.
Year.
Year.
Roads.
Av. rev. per ton p. mile_ 0.962 cts. 0.995 cts. 0.982 cts. 0.987 cts.
259.52
250.04
275.45
304.60
674,812
19,734
162,634 Av. rev. tr. load (tons)_
British Col El Ry
Aug 507,126
81.15510
$1.18319
$1.19335
$1.11471
46,576
325,656 Rev. per pass. tr. mile
1,017,849 1,364,835
July 1 to Aug 31
Rev,
per
32.54811
$2.46716
fr't
train
mile.
$2.93022
$2.74185
230,662
107,992
116,011
Cumberld Co(Me)P&LaSept 249,418
$8,972
$9,740
$10,060
$8,846
1,972,112 1,899,051
866,005
811,915 Operating rev, per mile_
Jan 1 to Sept 30
x Includes narrow-gauge equipment.
Republic R & Light and
244,649
112,369
89,826
Subsidiary Cos_a_ _ __Sept 266,302
2,234,921 2,248,108
861,379
862,406
Jan 1 to Sept 30
INCOME ACCOUNT.
-Old Basis
a Net earnings here given are after deducting taxes.
New Basis
1912-13.
1913-14.
1913-14.
b Net earnings here given are before deducting taxes.
1914-15.
RevenuesInterest Charges and Surplus.
Freight
40,458,858 45,612,207 45,077,048 44,943,748
16,175,674 19,016,099 19,412.343 18,551.037
-Int., Rentals, &c.- -Bal. of Net Earns.- Passenger
Mail,express & miscel
5,034,705
5,817,1071 5,044,306
5,318.359
Current
Previous
Current
Previous
Incidental
246,619
285,584J
Year.
Year.
Year.
Year.
Roads.
$
$
Total oper. revenues_ 62,199.510 70,750,997 69,533,697 68,529,490
65,433'
6:3,7T2
Cumberld Co(Me)P&L.Sept
50,578
44,280
Expenses571,002
595,03T
Jan 1 to Sept 30
270,968
240,013 Maint.
of way & struct_ 8,452,119 9.283,239 9,098,912
9,275.553
Republic Ry & Light and
Maintenance
of equip
10.691,267 12.133,829 11,974,089 11,290.337
58,483
57,250
Sept
Subsidiary Cos
x53.999
x32,997 Traffic expenses
2,094,010
2,243.557
2,244,351
2,110,467
513,131
507.361
Jan 1 to Sept 30
x345,459 x355,675 Transportation expenses 22,757,598 25.713,747 25,051,780 23,605.046
2,008,977
received.
General
income
2,019,621
1,987,8791
2,202,836
expenses
other
allowing
for
After
z
Miscel. operations
388,229
463.5981
Cr.65,993
Transport'n for invest.._ Cr.244,590

ANNUAL REPORTS
Annual Reports.-An index to annual reports of steam
railroads, street railways and miscellaneous companies which
have been published during the preceding month will be
given on the last Saturday of each month. This index will
not include reports in the issue of the "Chronicle" in which
it is published. The latest index will be found in the issue
of Sept. 25. The next will appear in that of Oct. 30.
Illinois Central Railroad.
(Report for Fiscal Year ending June 30 1915.)
The full text of the remarks of President Markham is given
on subsequent pages; also the detailed operating revenues and
expense and income account for three years, comparative
balance sheet for two years and numerous tables, in3luding
comparative traffic and operating results, &c. Below we
give comparative operating revenues and expenses and income account for four years.
OPERATING REVENUE AND EXPENSES FOR FOUR YEARS.
1914-15.
1913-14.
1912-13.
1911-12.
4,770
4,769
Average miles operated_
4,763
4,763
Revenues$
41,212,271 43,871,272 42,589,299 37.881,766
Freight
12,640,597 13,715,979 13,455,884 13,337,562
• Passenger
7,805,326 7,702,449
Mail, express & miscelL 7,325.499
7.065,838
Revenue other than from
522,006
481,123
transportation
533,271
442,106
Total oper. revenues.. 61,700,373 65.873,700 64,280,903 58,727,272
Expenses9.205,946
Maint. of way & struct_ 8,839,472
8,519,025 7,691,214
13.892,444 14,510,079 13,952,654 13,857,549
Maint. of equipment
1,238,440
1,290,778
Traffic expenses
1,400.942
1,320,583
Transportation expenses 22,299,815 24,150,040 24,743,324 23,653,249
1,603,256
General expenses
1,618,484
1,513,325
1,518,512
Transports. for invest.._ Cr.303,279

Total oper. expenses_ 46.174.711 51,760,649 50.571,174 48,273,923
Net operating revenue
16.024,799 18,990,348 18,962,523 20,255,567
sur.27,825 sur.80,536
Outside operations (net)

Operating Income....,. 13,400,055 16,310,958 16,310,958 17,855.716
383,791
387.404
387,404
Rents
474,798
5,073
Hire of equipment
: Div. & intr. received
2,656,548 2,843,834 2,843,834 2,923,160
53,946
36,168
Miscellaneous income.._
36,168
107,571
Total gross income
DeductOther road rentals
Hire of equipment
Rent of track, yards,&c.
, Separately oper. prop's_
Discount on securs. sold
Int. on funded debt..___
Int. on equip. oblig'ns__
, Int. on div.certif
Divs. on M. & 0. stock
trust certificates
Preferred dividends_
Per cent
Additions & betterments
Miscellaneous

Total oper. expenses.. 47,570,148 50,775,327 50.048.911 48,121.466
Net operating revenues_ 14,130,225 15,098.373 14,231,992 10,605,806
Outside operations, net_ sur.6,131 def.17,651 def.77,592 def.107,357
14,136,356 15,080,722 14,154,399 10,498,449
Total net revenue..
3,233,839
Taxes accrued
3.341,247 2,903,551
2,685,730
24,044
Uncollectibles
Operating income
10,878.473 11,739.475 11,250,848 7,812,719
130,990
Hire of equipment
110,530
Joint facil. rents, &e.._ _ 1,435,605
1,519,699
1,392,769
1,359,269
Interest, divs., &c_
6,092.833
5,690,371
4,606,583 3,011,490
income...
18,537,901 19,060,075 17,250,200 12,183,478
Gross corp.
DeductionsLease of other roads..... 5.227,180
3,995,150 3,669,241
3,139,789
Hire of equipment
531,413
154,894
653,285
Joint tacit. rents, &c_
664,010
657,714
602,584
5,487,883
6.094,528
Interest on bonds
4,813.092
5,653,217
295,529
159,089
Other interest
2,715
159,861
14,862
8,473
Miscellaneous
3,641
3,956
(5)5,464,800(5)5,464,800(6)6,557,760(7)7,650,720
*Dividends
107,875
Sinking fund &c reserves
46,028
41,643
Add'ns & betterments
61,482 I
Total deductions...... 17,297,442 16,427,693
sr.1,240,459 sr.2,632,382
Balance for year

17,232,847 16,420,232
sur.17.353 df.4,245,754

* Deducted by the company from profit and loss,but hero shown for the
sake of simplicity.-V.100, p. 2085.




16,024,799 18,990,348 18,990.348 20,336,103
2,595,828 2,679,390 2,679,390 2,480,387
28,916

Net revenue
Taxes
Uncollectibles

19,578,364 21,221,686

16,638,972

19,578,364

1,621,040
837,616
1,087,359
183,609

1,790,637
601,714
1,090.339
189,216

1,790,637
601,714
1,090,339
189,216

f:obi,iziO

226,008

226,008
2,700,000
*43i%
91,929
127,156

226.008
2,700;000
*4%%
91,929
127,156

226,808
3,000.000
5%
48,660
135,968

1,783,328

167.633
12.017
10,156,022 10,053,023 10,053,023 10,105.357
706,810
660,565
660.565
737,785
32,000

77,188
156,976

Total deductions........ 15,115,603 17,530,587 17.530,587 17,191,721
4,029,965
2,047,777
Balance,surplus
1,523.369 2,047.777
* Includes 2% paid in scrip Oct. 1914.-V. 101. p. 1190, 443.

Chicago Lake Shore & Eastern Ry.
(Report for Fiscal Year ending June 30 1915.) •
The property of this company is operated under lease
by the Elgin Joliet & Eastern Ry. Co., which see below.
INCOME ACCOUNT FOR YEARS ENDING JUNE 30.
1914-15. 1913-14.
1914-15. 1913-14.
$
$
Inc. lease of road. 462,031 1,337,143 Balance,surplus__ 208,370 1,119,826
x160,0001 160,158 Previous surplus__ 4,119,644 2,050,158
Dividend
Interest income
5,3701
4,328,014 3,169,984
Total
Total Income__ 627,951 1,547,301 Dividends ....(15)i,350,000 (7)630,000
AdJustm'ts (net) deb116,156crl,579,660
13,8691
Tax accruals
Bond Interest...... 405,000) 427,475
7121
Mb3cellaneous
1,466,156 cr949,660
Total
Balance,surplus 208,370 1,119,826 Total secure. sue.. 2,861,858 4,119,644
x Being 4% received as dividend on the $4,000,000 stock held in Elgin
Joliet & Eastern Ry.
BALANCE SHEET JUNE 30.
1914.
1915.
1914.
1915.
LiabilUtesAssets$
$
Road & equipm1.20,978,030 20,771,171 Capital stock____ 9.000,000 0,000,000
1st M. 4s, due
Invest. in E. J. &
June 1 1969_ _ __ 9,000,000 9,000,000
E.Ry.stk.at par 4,000,000 4,000,000
74,538
14,715
6,433 Current accounts_
115,971
Cash
34,989
33,525
1,323,932 Accr.int.,taxes,&c.
0th. current accts.
27,119
27,119
54,464
48,050 Oper. reserves_ ___
Ihunat. int., &c__
Special deposits__ 1,233,9031 1,506,255 Leasehold gu. dep. 4.000,000 4,000,000
Approp. surplus... 1,460,938 1,460,888
27,119f
&c., fds__
Profit and loss_._ 2,861,858 4,119,644
Total

26,459,492 27,655,891

Total

26,459,492 27,655,891

* After deducting depreciation reserve, $1,611,807..-V. 91, p. 1446.

1266

Great Northern Railway.
(Report for Fiscal Year ending June 30 1914.)
The remarks of Chairman and President L. W. Hill will
be cited fully next week.
RESULTS OF LINES OPERATED AS GREAT NORTHE'RN RY. AND
THOSE INDEPENDENTLY OPERATED: MINNEAPOLIS
WESTERN RY. AND DULUTH TERMINAL.
Statistics1911-12.
1914-15.
1913-14.
1912-13.
Average miles operated..
8,061
7,781
7,686
7,369
OperationsPassengers carried (No.) 8,468,317
9,199,259
8,595,073
8,168,364
Pass. carried one mile_ _575,020,556 651.649,633 605,639,343 547,843,549
Av.rev. per pass. per m. 2.289 cts.
2.336 cts.
2.503 cts.
2.487 cts.
* Freight (tons)
23,453.059 30,857,598 33,626,638 27,543,172
* Freight one mile
5773779,488 6930295,709 7634056,449 6227714,227
*Av. rev, per ton per m_ 0.8166 cts. 0.7948 cts. 0.7653 cts. 0.7688 cts.
*Aver. train-load (tons)
650
663
635
601
Earn, per pass.-train m_
$1.435
$1.490
$1.516
$1.406
Earn, per fgt. train mile
$5.31
$4.62
$5.27
$4.86
Gross earnings per mile_
$8,332
$8,983
$9,877
$10,238
* Company's freight excluded.
New Basis
Old Basis
Earnings1914-15.
1913-14.
1913-14.
1912-13.
Passenger
$13,164,857 $15,224,463 $15,224,463 $15,158,588
Freight
47,147,314 55,084.925 55,025,016 58,426,236
Mail, express, &c
5,484,271
5,635.800
4,841,421
4,749,897
Other than transport'n_ 1,214,887
1,061,279
382,969
358,046
Gross operat'g revs_ _$67,162,858 $76,854,938 $75,473,869 $78,692,767
ExpensesMaint. of way & struc
$8,270,354 $12,831,671 $12,712,420 $12,328,651
Maint. of equipment__ _ 7,152,302 10,322,198
9,828,355
9,364,639
Traffic expenses
1,167,536
1,360,564
1,360,564
1,242,553
Transportation expenses 18,261,030 21,454,754 21,214,123 21,492,812
General expenses
1,127,4401 1,432,494
1,258,756
1,430,600
Misc. operations
815,184
673,147 J
Transp'ii for investment Cr.96,886
Total expenses
$36,828,275 $47,769,774 $46,547,956 $45,859,255
Per cent of exp. to rev
(55.84)
(63.03)
(61.67)
(58.28)
Net operating revenue_ _$30,334,583 $29,085,164 $28,925,913 $32,833,512
Outside operations, net..
121,523
159,251
Total net revenue_ _ _$30,334,583 $29,085,164 $29,085,164 $32,955,035
Taxes accrued
4,629,668
4,792,478
4,792,478
4,278,777
Operating income_ __..325,704,915 $24,292,686 $24,292,686 $28,676,258
General interest
720,152
676,836
720,152
1,367,406
Divs.& int.on securities_
649,481
1,824.567
1,824,567
1,170,557
Hire of equip.-balance_
80,958
80,958
Rents rec'd and miscell_
983,883
858,089
858,089
670,196
Gross corp.income.. $28,015,114 $27,776,452 $27,776,452 $31,884,417
DeductRentals paid
$849,078
$860,510
$860,510
$772,043
Hire of equipt.-balance
71,933
85,555
Bond interest accrued
6,447,504
6,451,521
6,451,521
6,458,506
Miscellaneous
28,329
10,869
10,869
Int. on new stk. subscr_
193,319
572,600
572,600
209,320
Renewal All B.0. d'ks_
256,332
256,332
256,332
128,166
Refunds Minn. Rate case
______
250,000
250,000
750,000
Miscel. appropriations
275,000
Impts. & bett
,
rments
1,000,000
1,030,000
1,000,000
4,250,000
Approp. for de,prec. of
steamship property_ _
250,000
Divs.on stock (7%)_ _ _ 16,796,857 15,063,048 15,063,048 14,698,659
Total deductions_ _ _ _$25,918,352 $24,464,880 $24,464,880 $27,602,249
Balance,surplus_
_
$2,096,762 $3,311,572 $3,311,572 $4,282,168
-V.100,p.2035.

Norfolk Southern Railroad Co.
(5th Annual Report-Year ended June 30 1915.)
President & Gen. Mgr.J. H.Young,Norfolk,says in subst:
Income (Steam Lines).-As was the case with nearly all lines, especially
n the Southeast, the gross earnings of your company for the past fiscal
year were greatly impaired on account of' conditions brought about by the
war abroad. The lines in this section suffered more keenly, perhaps, than
those elsewhere, because of the inability of the farmers to profitably market their cotton. Our freight revenue shows a decrease of $230,037, or
8.4%; passenger revenue shows a decrease of $91,438, or 9.6%, and express
revenue a decrease of $15,422, or 1.37%. The total operating revenue
shows a decrease of $364,358, or 9.2%. This loss in revenue was offset
in a way by a reduction in operating expenses of $172,874, and the cost of
hire of equipment, $192,218, or a total of $365,091.
Maintenance of way expenses decreased 3123,678. Expenses for the
year 1914, however, were more than they would ordinarily have been, as
considerable damage was done to bridges and other structures in Sept. 1913
by a severe storm and tidal wave. Maintenance of equipment expenses
decreased $6,701. The motive power was especially well maintained, and
to-day is in better condition than at any previous time.
Transportation expenses decreased $64,253, yet the loss in freight and
passenger revenue was so great that the ratio of these expenses to gross
earnings increased from 36.75% in 1914 to 38.66% in 1915. Further reductions could only have been made at the sacrifice of service. Hire of
equipment decreased 3192,217, due partly to decrease in the volume of
traffic handled, partly to increase in the average number of cars owned during the year, but very largely to increased efficiency in the handling of
freight equipment.
Interest on funded debt increased 8173,767. The operation of the lines
south and west of Raleigh as a part of the system was not begun until Jan. 1
1914, and the income account for the fiscal year of 1913-14 included only
six months'interest on the bonds sold to provide funds for the purchase and
construction of those lines, while the income account for the year just ended
includes interest on those bonds for the 12 months.
Gross Operating Revenues per Mile (Steam Lines) by Fiscal Year.
1911.
1913.
1912.
1914
1015.
1910.
$5,424
$4,909
35,859
$4,214
$4,732
84,497
The figures for the years 1914 and 1915 'nclude 291.01 miles of new lines
west of Raleigh, which yielded much lower gross revenues per mile of road
than the old line east of.that point.
Maintenance, Avg. Cost. 1915. 1914. Maintenance, Avg. Cost. 1915. 1914.
$56
Per locomotive
52,025 $1,967 Per freight car
$55
436 Per mile of road
418
569
Per passenger ear
727
Number of cross-ties used in renewals, 312,143 against 292,339 in 1914;
5.248 miles of new steel rail laid in main track, replacing 60-1b. rail [contrasting with 1.787 miles of new 80-1b. rail and 4.86( miles of new 70-1b.
rail laid in 1914); 85,189 cubic yards of sand ballast were placed in the track.
Industrial Spur Tracks.-Notw thstanding the industrial depression,
there were placed in operation on all lines 4.845 miles of new industrial
tracks, to reach the following industries: 4 guano and storage warehouses.
4 sand-shipping plants, 3 new logging operations, 3 new lumber-manufacturing plants, 2fish and seafood warehouses, 2 brick plants,2 rock quarries,
1 tobacco storage warehouse, 1 electric-light and power plant and 3 cotton
gin, wood yard and fair ground.
Agricultural Development.-Agricultural development of the territory
tributary to your lines was retarded during the year on account of the general depression in business conditions, although remarkable improvement
was shown in what is known as the "Drainage Districts" in the vicinity of
Belhaven, where, for instance, the 1913 crop of corn, which was shipped
during the year 1914, amounted to approximately 20,000 bushels, while
the 1914 crop, which moved during 1915, exceeded 50,000 bushels, and the
present indications are that the crop now growing, to move next year, will
exceed 100,000 bushels.
The territory between Star and Aberdeen,commonly known as the North
Carolina Sand Hill Section, is also showing a marked development in agriculture. These lands a short while ago were regarded as having little value
and were allowed to run to waste after the timber was removed. Recent




[vol.,. 101.

THE CHRONICLE

developments show that they will grow the best grade of cotton, with a fair
yield to the acre, good grain crops, as well as the finest kind of peaches and
berries. While the development of this section is still in its infancy, it
bids fair to soon reach large proportions.
CLASSIFICATION OF TONNAGE-STEAM DIVISION-Products ofMines.
Forests. Manufactures. Misc.
Year- Agriculture. Animals.
1914-15
872,755
145,143
386,900
240,870
8,366
236,121
1913-14
212,433
1,053,765
254,278
267,468
288,180
23,408
TRAFFIC STATISTICS-STEAM DIVISION.
1912-13.
1914-15.
1913-14.
Average miles
788
860
860
*Equipment62
Locomotives
88
89
Passenger cars
88
114
116
Freight cars
2,889
3,329
3,277
32
Work,&c.,cars
51
49
Traffic1,541.956
Passengers carried
1,357,233
1,532,061
Passengers carried 1 mile
38,045,779 41,932,048 42,338,417
Receipts per passenger per mile
2.161 cts.
2.263 cts.
2.272 cts.
Number tons carried
2,007,126
1,890,155
2,099,532
Tons carried 1 mile
165,043,131 179,773,601 155,275,142
1.711 cts.
Receipts per ton per mile
1.514 cts.
1.518 cts.
Average tons per train mile
154.09
193.01
196.73.
$4,913
Gross revenue per mile
$4,732
$4,215
* Equipment as above on June 30 1915 includes 15 locomotives leased
and 341 cars in passenger, freight and company's service. The company
also owned 9 barges, 5 car floats and 1 tug. Equipment on hand June 30
1915 (electric line): Cars owned or leased in passenger service, 39: others
in freight service, 6; company's service (caboose cars), 1.
INCOME ACCOUNTS (a) Norfolk Southern RR. Steam Division.
1914-15.
1913-14.
1912-13.
RevenuesFreight
32,499,206 $2,729,272 $2,657,435
Passenger
861,072
952,510
914,760
255,510
239,985
Mail, express and miscellaneous
226,162
39,222
52,728
58,284
Other revenue from operations
Total operating revenues
$3,625,662 $3,990,020 $3,870,464
Expenses$613,372
$517,421
Maintenance of way & structures___.- $489,693
Maintenance of equipment
554,995
561,696
481,135
82,011
70,938
64,429
Traffic expenses
1,229,432
Transportation expenses
1,401,892
1,466,146
225,441
196,235
General expenses
214,754
$2,754,032 *2,926,906 $2,488,652
Total operating expenses
(75.96)
Percentage of expenses to earnings......
(73.36)
(64.30)
Net operating revenue
$871,630 $1,063,114 $1,381,812
def.3,697 def.11,426
Outside operations, net
Net revenue
Taxes accrued,&c

$871,630 $1,059,417 $1,370,386
125,810
112,901
123,707

Operating income
Hire ofequipment
Other income

$747,923
256,342
52,955

Gross corporate income
DeductRents lease of road
Interest on bonds, &c
Hire of equipment
Miscellaneous
Dividends

$933,607 $1,257,485
332,182
312,344
350,055
31,189

$1,057,220 $1,296,978
$77,956
869,041
259,941
56,320

$1,919,884

$78,016
$83,730
695,274
520,792
528,009
384,429
50,244
61,917
(1)160,000 (2)320,000

Total deductions
$1,263,258 $1,523,216 $1,359,195
Balance, surplus or deficit
def.$206,038def.$226,238sur .$560,689,
(b) Norfolk & Southern Electric Division (Miles operated, 47).
Operating Net (after
Other
Interest,
Dividends
Balance,
Fiscal
Year- Revenue. Taxes). Income. • Rents, &c.
Paid.
Sur. or Def.
1914-15- $250,213 $21,749 deb.2,131
$3,070
sur.$16,548
1913-14___ 266,160 12,382 cred.8,218
7,751
sur.12,849
(c) Combined Steam and Electric Divisions (Miles operated, 900).
1914-15......$3,875,875 $769,671 $307,166 $1,266,328
def.$189,491
371,588 1,370,967 (1%)$160,000 def.213,389
1913-14_ 4,256,180 945,990
(d) John L. Roper Lumber Co.
1914-15...._$1,486,509det$41080
$36,720 $102,513
det.$106,873
43,806
12,731
1913-14...._ 1,729,429 82,608
sur.113,683
BALANCE SHEET JUNE 30.
1914.
1914.
1915.
1915.
LiabilitiesAssetsRoad & equIpl__e28,150,394 27,952,931 Capital stock_ -__16,000,000 16,000,000
Funded debt (see
Impr.leased prop_
96,026
"Ry. & Indus."
Real eat. not used
Section,
125,763
in operation_ _ __ 152,443
19,707,571 19,832,143
52,413 Traffic, &c., balm_
50,164
82,615
Leased rail, eze___ 110,172
Vouchers & wages 196,059
302,936
Adv. to proprie145,098 Matured interest
tary, &c., cos_
Securs. of underlYand dividends..
108,550
Ing & other cos_ 6,544,499 6,671,849 Miscell. accounts
12,233
Inv. in MM.cos__ 220,353
payable
40,103
Cash
163,097
436,580 Coupons due and
Depos. with Mts..
23,071
49,506
unpaid
70,520
330,358 Accrued Interest,
Materials & supp_ 186,036
rents, &c
288,898
293,523
2,931
241,358
Loans& notes rec.
509,821 Taxes accrued,&c.
34,460
Misc. accts. rec._ 297,338
31,000
Unexting. disc
1,087,069 1,122,834 Deferred and unadjusted accts._ 114,537
70,520
153,653
Special deposits
224,438 Surplus
Oth.def.,&c.,ltems 244,124
873,632 1,018,426
Total

37,348,074 37,862,949

Total

37,348,074 37,862,949

ft Includes road,$24,305,891,and equipment. $3,638,236 less depreciation reserve, $279.742; balance, $3,358,493, and $486,009 general expenditures.
with the Virginia By., guarantees the authorNote.-The N. & S.
1st M. 50-yr. 4s of the Norfolk Terminal Ry., due
ized issue of $2,000,000RR.,
May 11061. The company also guarantees $73,190 Carolina RR. bonds.
-V. 99, p. 1593.

Alabama Great Southern Railroad.
(38th Annual Report-Year ended June 30 1915.)
President Fairfax Harrison Oct. 6 wrote in substance:
Results.-The reason for the reduction of $619,545 (11.97%) In the tota I
operating revenues is found in the loss of traffic, both freight and passenger, caused by the slowing up of business in tho territory served, and the
economies made necessary by the disturbance of markets and prices for
important commodities following the commencement of the European war.
Operating expenses, by retrenchment in every department, were reduced
by $615,677 (14.42%), leaving a loss of only $33.868 (2.93%) in net operating revenue, although the amount available for fixed charges shows a decrease of $141,819, because of smaller receipts of per diem rental for freight
cars and reductions In other items of non-operating income. The balance
of income over fixed charges is $626,174, or $131,013, less than in 1913-14.
The usual 6% was paid on the preferred stock and 5% was again paid on
the ordinary stock, leaving a balance for the year of $31,853.
Operating Expenses.-Transportation expenses decreased $149,534 (or
8.11%). Two particular causes operated to prevent a much greater reduction, viz., the unusual movement of empty freight cars due to business
depression, and the derailment of a passenger train by trainwreckers on
Sept. 18 1914 at Klondyke, Ala. With a decrease of 3.98% in freight ton
mileage, the freight train mileage was reduced 10.13%.
Maintenance of way and structures expenses decreased $138,319 (or
19.99%), the good physical condition of the property having made it pos-

Bible for the time being to reduce materially the appropriations for this
purpose. New cross-ties laid, 150,274, or 517 per main-line mile; new 85-lb.
steel rail laid, 3,744 tons, equal to 28 miles. Ballast requirements were
much lower, the main line being fully ballasted. Maintenance of equipment expenses decreased $269,520 (or 18.99%), largely duo to unusually
liberal appropriations in 1913-14; a comparison with the throe years 1911
to 1913 shows an annual average less by $63,584 than last year. While
there has been an increase of freight cars awaiting repairs, the equipment
required for service was kept in good condition.
Capital Accounts.-The increase of $914,518 in road investment mainly
results from provision for second main track and automatic signals.
The decrease of $385,403 in long-term debt represents the equipment
trust obligations paid.
Additions.-Double-track mileage in service at the close of the year totaled 22.9 miles. The Wauhatchie Extension By., being the extension of
our main line from Wauhatchie, Tenn., 2.97 miles to a connection with the
Lookout Mtn. line of Southern By. Co., leading to the terminal facilities
in Chattanooga, is nearing completion. Automatic electric block signals
now protect our line between Chattanooga and Meridian.
Outlook.-While the loss of traffic available for transportation during the
past year has been heavy, and the restricted markets and unsatistactory
prices for important products which have recently hindered business activities and travel, still exist, we look confidently forward to the early return of
normal business. Already the iron and steel makers in the Birmingham
territory seem to be sharing in the prosperity which has come to that industry in the United States.
OPERATIONS, EARNINGS, EXPENSES, CHARGES, &c.
1911-12.
1912-13.
Operations1913-14.
1914-15.
309
309
309
Average miles operated_
309
906,475
1,008,807
1,018,229
785,786
Passengers carried
47,018,019 60,630,774 60,882,050 55,176,048
Pass. carried 1 mile__
2.10 cts.
2.12 cts.
2.14 cts.
Rate per pass. per mile_
2.20 cts.
3,207,761
3,742,414
3,689,683
Tons of rev. frgt. carried 3,584,083
No. of tons carried 1 na_ 552,136,962 575,047,141 538,501,736 489,372,180
0.661cts.
0.65 cts.
0.64 cts.
Rate per ton per mile
0.60 cts.
Tons of freight in each
421.67
408.39
418.15
450.51
train (revenue)
$17,537
$15,435
$10,910
$15,438
Gross earnings pee mils_
INCOME ACCOUNT.
Old Basis
Now Basis
1913.14.
1913-14.
1912-13.
Operating Beeman- 1914-15.
$3,336,119 $3,662.745 $3,662,745 $3,488,041
Freight
1,298,781
1,033,538
1,298,781
1,291,317
Passenger
381,873
330,218
381,873
407,821
Mail, express & mix.-82,776
.76,755
41,908
44,806
Incidentals, &c
Total oper. revenues_ $4,776,630 $5,426,175 $5,385,307
Operating Expenses$691,948
$688,650
Maint. of way & struct.. $553,628
1,149,707
1,419,227
1,406,891
Maint. of equipment_
156,042
162,213
162,171
Traffic expenses
1,844,193
Transportation expenses 1,694,659
1,832,894
109,044
115,5631
136,858
General expenses
35,381
36,266f
Miscell. operations
Cr.44,727
Transp. for invest

$5,231,985
$627,364
1,177,997
154,663
1,736,409
119,471

Total oper. expenses_ $3,653,734 $4,269,411 $4,227,464 $3,815,904
$1,122,896 $1,156,764 $1,157,843 $1,416,081
Net operating revenue
Outside oper.-net deficit
6,607
7,376
Net revenue
Taxes accrued, &c
Operating income_ Hire of equip.-balance_
Inc. from investm'ts, &c

1267

THE CHRONICLE

4 )crr. 16 1915.J

$1,122,896 $1,156,764 $1,151,236 $1,408,705
178,633
189,857
189,856
176,041
$944,263
104,108
135,360

$966,908
180,676
191,298

$961,380 $1,232,664
186,204
321,369
191,298
165,065

Total gross income.. _ - $1,183,730 $1,338,882 $1,338,882 $1,719,098
Deductions$217,031
$230,363
Miscellaneous, rents, &c
$230,363
$219,562
303,828
300,221
300,221
Interest on bonds
300,221
36,698
51,112
51,112
Int. on equip. obligat'ns
64,695
391,500
391,500
391,500
Divs. on common(5%)
391,500
202,821
202,821
202,821
Divs. on pref. stk.(6%)
202,821
$1,151,877 $1,176,016 $1,176,016 $1.178,799
Total deductions
$31,853
$162;866
Balance,surplus
$162,866
$540,299
The company deducts the common stock dividends from the profit and
loss surplus; they are deducted here for the sake of simplicity.
GENERAL BALANCE SHEET JUNE 30,
1914.
1918.
1915.
LiabilitiesAssets$
Road & equip't..„20,963,198 20,056,218 Common stock__ 7,830,000
127,993 Preferred stock- __ 3,380,350
186,743
Impr.leased prop_
324,000
324,000
Mortgage
bonds__ 8,186,600
Leasehold estates_
Equip, trust oblig. 603,104
Inv. in Mill. cos.358,085 Leasehold estates
350,285
Stooks
324,000
53,591
54,031
Traffic,
&c., bats_
Notes
98,290
15,878 Vouchers & wages 862,067
350,878
Advances
Other investments 1,532,089 1,532,089 Matured int., &e. 127,433
21,843 Miseel. accounts_
21,843
Misc. phys. prop_
100,673
325,696 Accrued interest,
308,070
Cash
dividends, &a_
Special deposits_ 1,272,984 2,463,768
139,632
331,743 Accrued taxes_ _
Traffic, &a., bals_ 311,008
79,047
45,516 Accrued deprec'n. 1,640,255
76,892
Agents & conduct_
317,630
Unad1.,
&c.,accts. 216,827
Materials & supp. 214,920
235,869 Profit and loss_ _ 2,930,705
Misc. accounts_- 247,983
278,228
295,051
UnadJust. items
26,518,984 26,488,147
Total
-V.101, p. 1188.

Total

1914.
$
7,830,000
3,380,350
8,186,600
988,507
324,000
120,310
592,635
120,144
117,477
142,197
81,228
1,523,470
187,514
2,893,714

26,518,984 26,488,147

Detroit Toledo & Ironton Railroad Co.
(First Annual Report-Year ended June 30 1915.)
President J. M.Kurn, Detroit, says in substance:

Steps were promptly taken to cancel all divisions of rates or rates on
coal which earned the D.T.& I. less than definitely ascertainable operating
expenses; rates and divisions which should never have been made or allowed to continuo in existence. The cancellation of most of these rates
took effect in December or January, and since then none of the low-ratio
coal shown above has been carried. The immediate effects were the increase of the average ton-mile rate for all tonnage from four mills or less
to over 6 mills per ton mile, at which point it has remained, and the decrease
in the proportionate cost of transportation from about 60% of the gross
revenues to 45% in Juno 1915, the best record ever made by the road.
The policy henceforth is to carry only tonnage on which there is a margin
of profit, and to substitute new profitable tonnage for the unprofitable coal
on which the rates were canceled. The new policy has been in successfuloperation long enough to gitiO assurance that: (1) A margin between operating expenses and revenues of at least 20% can be maintained throughout
the year. (2) Enough new profitable business can be found to make up for
the greater part of the loss in coal revenues in the fall months. (3) The summer and fall months which have always done the largest gross business will
hereafter show a proportionate net revenue, without seasonal congestion.
Result of New Policy.-For the four months ending June 30 1915, the
surplus in corporate income above all charges was $43,796 for the fourmonth period, as compared with the deficit in corporate income of $175,929
in the previous eight-month period. This result has been brought about
by discarding unprofitable coal tonnage, reducing the proportion of coal
carried to 15.77% of all revenues in the four-month period from 40.82%
of all revenues in the previous eight-month period. With a decrease of
coal tonnage carried one mile to 24% of the whole tonnage in the fourmonth period, as compared with 68% in the previous eight-month period
and an increase of the miscellaneous freight carried to 76%, as compared
with 32%,the average rate per ton mile on all freight carried increased 2.54
mills in the 4-month period over the average in the preceding 8 mos.,or 67%.
Reconstruction of Physical Property.-During a period of several years,
prior to March 1914, the property had been permitted to deteriorate to
such an extent that safe and economical operation was not possible. It was
therefore necessary to reconstruct in all departments so that the property
could be operated with safety and on a more economical basis.
All of the bridges, trestles and culverts were repaired and 59 were rebuilt.
There were 410,700 cross-ties purchased and inserted, 340,099 were put
in main track, averaging 858 ties to the mile, or 27%;the renewal on passing,
side and mine tracks was 483 to the mile, or 15%. About 13.85 miles new
85-lb. rail and .18 miles 70-lb. rail was purchased and laid in main track.
New passing tracks, industrial tracks and side and miscellaneous tracks,
aggregated 56.789 ft. 130.2 miles of ballast was inserted, of which 108.8
miles was cinders, slag and dirt, and 21.4 miles was gravel. 20.43 miles of
additional ditches and drainage was provided with drain pipe and tile.
On account of bad condition it was necessary to overhaul and repair all
of the locomotives. The cars, both passenger and freight, were also repaired or overhaulred. [On June 30 1915 the equipment included 64 locomotives, 28 passenger cars. 3,459 freight cars (decrease 69) and 101 miscellaneous equipment (decrease 14).)
New Terminal at Ashland, Ky.-During the year your line has been extended to a terminal at Ashland, Ky., under a working agreement with the
Ashland Coal & Iron RR. Our Ashland station was opened in Dec. 1914
and since that time the earnings both in and outbound have been satisfactory.
Outtook.-While the results for the year are not satisfactory, they can not
be held to forecast the results in the future. In the first place, for several
months of the past year the road carried an extra burden of transportation and operating expense which was due to the lack of facilities described
above and with which we are now equipped. But far more important was
the loss entailed in the fall months by carrying in great quantities-over 50%
of our tons hauled one mile-a tonnage which paid in gross revenues less
than the bare cost to the road for handling, and caused a hire of equipment
charge from September to December of $129,276, as against a charge of
$17,566 for the other eight months of the year.
Taking into consideration therefore the positive elimination of unprofitable business which has been effected, we feel confident of attaining
in the coining year an operating ratio of between 75% and 80%, and of
showing a maximum charge for the year to hire of equipment of about
$50,000. Under these conditions our income account for the year ending
June 30 1916 must show a favorable balance; a balance which will be in
size proportionate to the gross business we are able to attain.
INCOME ACCOUNT FOR YEARS ENDING JUNE 30.
(The property was operated by receiver until Feb. 28 1914.)
4 Mos. end. 8 Mos. end. Year ending Year ending
June 30'15. Feb. 28 '15. June 30'15. June 30'14.
Statistics169,159
891,345 1,060,504
Coal and ceke (tons)
1,170,821
476,352
Other freight (tons)
912,053
1,388,405
1,198,872
Total tons
645,511
1,803,398 2,448,909
2,369,693
Coal and coke (tons-1 mile)_ 15,937,663 195,771,348 211,709,011 180,815,321
Other freight (tons-1 mile)
49,379,949 90,286,268 139,666,217 127,230,905
Total ton miles
Coal and coke (rate)
Other freight (rate)

65,317,612 286,057,616 351,375,228 308,046,226
4.84 mills 2.67 mills
2.83 mills 2.99 mills
6.81 mills 6.21 milts 6.42 mills 5.49 mills

Average rate per ton mile__ 6.33 mills 3.79 mills 4.28 mills 4.02 mills
Operating Revenues$
Coal and coke
77,059
522,157
599,216
541,270
Other freight
336,435
560,594
897,030
698,660
Passenger
40,034
121,353
161,386
136,006
34,912
Incidentals, eic
75,036
109,948
138,017
Total
Maintenance of way & structures)
Maintenance of equipment
Traffic expenses
Transportation
General expenses
Total operating expenses
Net operating revenue
DeductionHire of equipment
Taxes, rentals, interest, &c
Total deductions
Balance, surplus or deficit

488,440

1,279,140

399,537

1,767,580
231,830
I 275,477
1,231,907
45,407
11,009,288
( 69,443

1,513,953
720,986
512,289
31,698
952,244
73,098

399,537
88,903

1,231,907
47,233

1,631,444 2,290,315
136,136 def.776,362

522
44,585

146,320
76,842

146,842
121,423

45,107
223,162
268,270
sur.43,796 def.175,929 de1132,136

BALANCE SHEET JUNE 30 1915.
• Liabilities (Total $22,244,671)Assets (Total $22,244,671)$20,278,882 Common stock
6,500,000
Reorganization.-On March 1 1914 all of the physical property of the old Road and equipment
866,129 Preferred stock
6,000,000
railway was formally turned over by the reorganization committee to your Reconstruction of road
207,900 Mortgage bonds
8,950,000
company. As a result of the reorganization the capitalization of the road Miscellaneous property
Equipment notes
249,000
was reduced from $43,104,400 for the D. T. & I. Ry. (old road), including Securlties--unpledged10,002 Loans and bills payable
Stock in treasury
50,000
$25,000,000 capital stock (common, 1st pref. and 2d pref.) and $18,104,400
371,132 Traffic &c., balances
Bonds in treasury
28,579
bonds (Detroit Southern, General Lien and Consolidated bonds). to $20,115,954 Audited vouchers & wages_
285,212
500,000 for the present company, this last amount including $6,500,000 Cash in treasury, &c
51,058 Miscellaneous
19,547
common stock, $6,000,000 preferred stock and $8,000.000, adjustment Agents and conductors
103,289 Accrued interest
26,802
mortgage bonds, interest payable at option of directors, cumulative after Miscellaneous
127,770 Deferred credit accounts.._ _
Material and supplies
12,293
Jan. 11919,
5,588 Accrued taxes
40,631
New Bonds.-Authority was given for the issue of $1,000,000 1st M. Suspense accounts
5,588 Accrued depreciation
36,865
bonds, the proceeds to be applied against outstanding equipment obliga- Prepaid insurance, &c
101,380 Operating reserves, &c
16,756
tions and the reconstruction of the road in order that the property might be Unextinguished disc. on bds.
Profit and loss
28,986
placed in a proper operating condition; $950,000 of these bonds have by now
been sold and of the money so received $520,249 was spent on the recon- --06r. 101, p. 1188.
struction of the road between March 1 and June 30 1914, chiefly $256,031
Elgin Joliet & Eastern Ry.
for repairing rolling stock, $210,000 for ties, $153,583 for laying ties and
rails and $109,480 for repairs to bridges.
(Report for Fiscal Year ending June 30 1915.)
New Policy.-Your present management was unable to prevent the occurrence of a congestion on the line last fall due to the unprecedented
This company is owned by the Federal Steel Co. and thus
tonnago which, following the custom of previous years, it attempted to
handle, but by Nov. 30 an analysis of the freight carried had been made, by the United States Steel Corporation.
that
the
trouble lay not with the normal increase in our
and it was found
The company itself owns 194.96 miles of road and 40.79 miles of tracks
profitable tonnage, but with the abnormal increase in a coal tonnage yieldmines and industries; leases 18.73 miles of road and 290.1 miles of track
ing so low a revenue that under no circumstances could it be profitable. to
to industries, and operates under trackage rights 235.97 miles, a total of
-OctoberNovember
780.70 miles. Adding 56.52 miles of second track and 312.11 miles of yard
Coal &Coke- Total. Unprorble. Profitable. Total. Unprorble. Profitable. track and sidings, makes the grand total of all track 1,149.33 miles. The
64,015
150,568
86,553
Tons
144,272
75,442
68,830 mileage leased includes the Chicago Lake Shore & Eastern Ry. ,with 16.14
34,728,851 22,302,052 12,420,799 37,321,960 26,735,990 10,585,970 miles of road, 29034 miles of track to mines and industries (38.71 held under
Ton miles
$45,535
$90,620
Revenues
845,085
$90,474
$54,099
$36,374 lease), 14.87 miles of 2d track, 150.68 miles of yard track and sidings; total
Rate p. ton mile 2.01 mills 2.04 mills 3.6 mills 2.42 mills 2.03 mills 3.43 mills 471.94 miles.




1268

woL. lin.

TIIE CHRONICLE

INCOME ACCOUNT FOR YEARS ENDING JUNE 30.
BALANCE SHEET JULY 31.
1914-15. 1913-14.
1914-15. 1913-14.
1915.
1914.
1914.
1915.
Operating Revs.$
Assets$
$
$
Liabilities-$
$
$
$
Freight
8,039,189 10,510,790 Other income____ 131,600
135,278 *Cars, real est.,
Capital stock_ _120,000,000 120,000,000
Passenger
59
57
91,745,780 96,636,007 Acc ts payable.. 6,488,271
7,939,816
Other tran.spor'n_ 431,981
575,125
Gross income_ 2,939,651 3,205,569 Cash
15,758,367 8,077,917 Accrued diva_
2,399,936
Incidental,&c_ _ _ _
70,126
166,420
Deductions5,514,813 8,369,184 Other reserves_
Securities
330,096
306,111
Hire of equipment 600,680
771,423 Mfg. dept
20,136,408 20,136,408 Surplus July 31_ 6,618,469 6,671,336
Total oper. rev_ 8,541,355 11,252,392 Joint facility
235,191
363,942 Acc'ts recely'le_ 1,681,404 1,697,746
Rent leased roads_ *478,012 1,422,823
Operating Expenses-- '
Bond interest
500,000
Total
134,836,772 133,917,262
500,000
Total
134,836,772 133,917,262
Maint. of way,&c_ 934,311 1,700,599 Miscellaneous.....
5,954
4,008
Maint. of equip't_ 1,523,706 2,427,473
* Includes opiva,tinr, supplies, &c.-V. 99, p. 1372.
Traffic expenses__
68,943
71,135
Total deductions 1,817,891 3,064,142
Transportation__ 2,537,110 3,333,351 Balance,surplus 1,121,760
141,427
Massachusetts Gas Companies, Boston.
General expenses_ 234,898
222,681 Previous surplus 1,746,752 3,891,931
Trans.for inv.-Cr.
363
(12th Annual Report-Year ending June 30 1915.)
Total
2,868,512 4,033,358
Total oper. exp.. 5,298,604 7,755,239 Dividends (4%)_.. 400,000
Pre. C. Minot Weld, Boston, Oct. 13, wrote in substance:
400,000
Net oper. revenue 3,242,751 3,497,153 Adjustments (net)Cr.108,880deb1886608
Dividend.-During the year ending June 30 1915 the trustees sot aside
Tax accruals
434,700
426,862
Total
291,120 2,286,606 $1,250,000 from the accumulated earnings for the payment of dividends
Operat'g income 2,808,051 3,070,291 Total accum. sur_ 2,577,392 1,746,752 upon the common shares in the year ending June 30 1916 [being at same
rate, 5% per annum, as in 1914 and 19151.
* Credit in 1914-15 for cancellation account, revision of lease, of rental
charged out in previous year.
Property Account.-This account June 30 1915 included:
Owned.
*Outstand.
Owned. *Outstand.
BALANCE SHEET JUNE 30.
Co. StocksCo. Stocks$
$
N.E. G.& C_17,500,000 17,500,000 Bos.Tow Boat 400,000
1916.
1914.
400,000
Bos.Con.0.Co.15,112,600 15,124,600 N. E. Mfg. Co 100,000
1914.
1915.
Liabilities200,000
$
Assetslst M.Eds.575,000
Capital stock_ _.._10,000,000 10,000,000 E.Bos.GasCo. x568,725
560,000 Fed. C.& 0_ _
Road & equipm1_17,835,402 17,811,949 Funded debt
390,000
10,000,000 10,000,000 Newton& Vat 560,000
390,000
Oil's' of Quin_
743,000
Leasehold Invest_ 4,000,000 4,000,000 Traffic, &c., bal.. 1,281,0701
743,000 J.B.B.CoalCo. 141,000
141,000
4,704,950 4,525,274 Vouchers & wages 400,284) 3,649,985 N.E.Coal&C. 1,498,900 1,500,000
Cash
Loans & bills rec..
26,630
32,215 Miscellaneous
250,7001
Traffic, &c., bal. 209,9891
Accr. int.,tax.,&c. 360,549
340,838
* Supplied, not in report. x Par of shares, $25; other shares, 3100.-Ed.
Agents & conduc- 314,333) 1,217,045 Oper. reserves_
135,1111 2,196,622
During the year the capital stock of the Citizens' Gas Light Co. of
Miscellaneous..... 330,017)
Depr.leased equip. 2,441,7101
Quincy
increased by 3,600 shares from 3,830 shares to 7,430 shares,
Material & supp
530,724
861,111 Approp. surplus
618,760
618,760 and the was
capital stock of the New England Coal & Coke Co. by 10,000
&c.,funds.. 113,530
102,361 Profit and loss_ _ _ 2,577,392 1,746,752 shares
from 5,000 shares to 15,000 shares. The additional stock in both
was purchased by the Massachusetts Gas Companies.
28,065,576 28,552,955
Total
Total
28,065,576 23,552,955 cases
The 1,000 shares par value $100,000 of New England Mfg. Co. stock
-V. 89, p. 1410.
represents a 50% ownership in a company organized during the year to
handle and distill Wurzel and kindred products. Uncorp. in Mass. in July
Atlantic Coast Line Co. of Connecticut.
1915, with $250,000 with. cap. stock. Plant on leased ground at Wobu'n.
Pres. Win. E. McKay. In July 1915 had three contracts with two foreign
(Balance Sheet of June 30 1915.)
Governments and on these contracts initial payments of 25% had been
amounting to several thousand dollars.)
This company owns $18,590,600 of the $68,558,000 com- received
Rates.-During the year
East Boston Gas Co. reduced the price of
mon stock of the Atlantic Coast Lino Railroad Co. and sun- gas to consumers from 85c. the
to 80c. per 1,000 au. ft., effective Aug. 11914.
Scale Bill-Boston Consol. Gas Co.-An increase in net earnings
dry other securities (see list below.) It will be noted that the forSliding
the year ending June 30 1915, duo to a lower cost of certain manufaccompany now has a profit and loss surplus of $13,232,326.- ssi turing materials,
enabled the Boston Consol. Gas Co. to pay a dividend of
0 on its capital stock as against 8% paid in the previous year. It
We have been favored with the balance sheet of June 30 8%7
should be noted that for a second year said company has not paid the 9%
1915, which we compare with those of June 30 1914 and 1913: dividend which it was legally entitled to pay under the Sliding Scale Bill,
nor has it raised the price of gas to consumers as it has the right to do by
the payment of a dividend under 9%.
1915.
1914.
Several bills were introduced seeking to repeal the Sliding Scale Act, but
1913.
Assetsnone of these bills were enacted into laws. In a special message, however,
$
$
$
Securities deposited with Safe Deposit
the Governor recommended an investigation of the operation and effect of
& Trust Co.of Baltimore
5,502,360
a5,136,960
5.562,360 the sliding scale system of adjusting the price of gas and dividends, as
Railroad bonds
999,631
b964,500
999.631 applied to the Gas Co., and such an investigation is now being made by
Other bonds
c2,368,970
3,098,365
3,160,005 the Gas & Electric Light Commission, which board is to report to the
Railroad stocks
d21,074,283 d20,025,533 33,943,151 Legislature on or before Feb. 1 1916. The sliding scale principle was apOther stooks
e35,063
e35,063
185,063 plied voluntarily by the company to its employees. Any change from the
Other assets
£22,563
73,347
73,297 present basis, therefore, will undoubtedly affect the public, the employees
Bills receivable and advances
209,705
165,000
145,000 and the shareholders.
Deposits for Interests and dividends_
63,893
65,144
East Boston Gas Co.-In April 1915 construction was started on a 2,000.
2,807
34,210
Cash
29,816
20,034 000 Cu.ft. holder, which will be completed in time for use this coming winter.
Dividends accrued
650,671
464,765
Dividends of Sub. Gas Cos. in Year 1914-15.-The Boston Consol. Gas
1,268,071
Atl. Coast Line RR.corn. stock
75,900
Co. paid a dividend of 8J% as against 8% in 1913-14; East Boston Gas
TS 47n
1.14n
Income tax retained from int. on cent
Co. 11% [no change]. Newton & Watertown Gas Light Co. paid 10%
Total
ou,ato,vo9 '-'611,4bo,..i/..1 0U,404,420 [against 9% in 1913-14]. Citizens' Gas Light Co. of Quincy, 5X,%
[against 59' in 1913-141.
LiabilitiesNew England Gas & Coke Co.-Mild weather and poor general business so
Capital stock
8,820,000
8,820,000 17,640,000 affected
the market for coke that sales of coke and the profits therefrom
Certificates of indebtedness, 5% _ _ _ _ 5,000,000
5,000,000
5.000.000 fell off materially.
As a result the company paid a dividend of only 3%%
Certificates of indebtedness, 47,_ _ _ _
61,800
61,800
61,800
the year as against a dividend of 4%% in 1913-14. The now coalDebenture corte. of indebtedness, 4% 3,000,000
3,000,000
3,000,000 for
crushing
completed
plant
was
and put in operation. There was also put
Bills and accounts payable
800,000 In operation a new modern coke-crusher.
Div. on stock & int. on costs. unpaid_
63,893
165,144
64.044
New England Coal & Coke .Co.-During the year the company sold and
Reserve acct. Prairie Pebble Phos.Co. g192,500
262,000
262,000 delivered
approximately 3,424,000 gross tons of coal, an increase ofsome
Profit and loss,surplus
13,232,326 13,500.389 23,536,576 651,000 gross
tons over the previous year. The Coke Co. paid during the
Atlantic Coast Line RR. coin. stock_
75,900
year a dividend of 10% and an extra dividend of 10% on its capital stock.
Income tax from int. on certificates
470
I's 1,140
[In 1913-14 paid 10% and 30% extra.] The usual liberal allowances were
Total
30,370,989 30,786,373 50,364.420 made for depreciation.
The New England coal market in the year ending Juno 30 1915 was far
Securities owned June 30 1915.
from satisfactory, due to the continuation of poor conditions of general
a Securities deposited with Safe Deposit & Trust Co. of Baltimore as business. Water freights, however, since Aug. 1 1915, coastwise and parsecurity for $5,061,800 certificates of indebtedness of 1897-1900:
ticularly off shore, have shown considerable advance due to the war. The
Par. Book Value.
company has been able to charter one of its steamers constantly and another
Atl. Coast Line Cons. 4% bonds..___ $1,250,000 $1,125,000
steamer intermittently since Jan. 1915, thus securing a share of the high
Atl. Coast Line RR.of S.C.4% bonds 1,550,000
1,395,000
off-shore freights.
Atl. Coast Line RR.4%% unified bds 3,008,000
2,616,960 $5,136,960
During the year the company purchased the ocean-going fleet of the
b Railroad -bondsCommercial Tow Boat Co., consisting of 2 tugs and 9 barges. It also
Colum. Newb.& Laur. RR. Co.3%.
190,80()
318,000
purchased the steamers Arlington and Brandon, eaeh of 3,000 gross tons
North Western RR. Co.4%
285,000
228,000
cargo capacity, and has had them altered for the coastwise coal trade.
Northwestern RR.Co.5%
75,600
67,500
They are now in service between HaMpton Roads and New England ports.
Atlantic Coast Lino RR.consol 4% _ _
4,000
3,600
During the year arrangements were consummated with the New River
Charlestown & West. Carol. By.
Coal Co., whereby this company is assured for a term of years a large supply
1st cons. M. 2;3s
474,600
791,000
$964,500 of high-grade New River coal for shipment to the New England market.
c Other bondsFederal Coal & Coke Co.-For the year ending Juno 30 1915, this company,
$104.000
Dutton Phosphate Co. 07
$416,000
whose entire capital stock is owned by New England Coal & Coke Co.,
International AgriculturaeCorp.57o _ h2,167,500
1,517,250
shows net surplus available for divideinds of $109,336(out of which a diviAmalgamated Phosp. Co. 1st M.5%.
727,720
791,000
dend of 15% was paid, compared with $69,094 the previous year. During
Sisal(temp & Development Co.6% _ _
20,000 $2,368,970 the year the company mined 761,770 gross tons; increase 193,250 tons.
60.000
d Railroad Stocks-J. B. B. Coal Co.-For the year the output of this company (60% of
Northwestern RR Co
$50,000
$50,000
whose capital stock is owned by New England Coal & Coke Co.) was
Atlantic & North Carolina RR_ _ _
1,100
414,345 gross tons, an increase of 68,039 tons. Recent tests and increased
1,100
Atlantic Coast Lino RR.Co.class"A".
162,100
162,100
sales of J. B. B. Pocahontas coal give proof of its merits as a high-grade
do
do common 18,428,500 19.768,727
do
do
smokeless coal. For the year the company shows net surplus available for
So. Caro. Pacific By. preferred
104,600
88,751
dividends of $36,001, a decrease of $18,548.
Charleston & West. Caro. By
960,600
1,200.000
Boston Tow Boat Co.-Although harbor towing was affected by the loss
Nashville Chattanooga & St. L. By...
48,000
43,605 $21,074,283 of certain foreign tonnage duo to the war, the business showed a fair ine Other stockscrease over 1914-15 and enabled the company to pay a dividend of 12%
Westinghouse Air Brake Co
35,083
70,000
$35,063 [against 10% in 1913-141.
f Other assetsOPERATIONS OF SUB-COMPANIES DURING YEAR 1914-15.
1,272
Colum. Nowb. & Laur. 5% certif.__
127,200
Sundry securities
21,291
$22,563
compan
Add'ns to -Gas to Consumers
g Reserve against stockholders' liability for claim to certain lands of Subsidiary
Street Mains. TotalCubie Ft. Inc. or Dec. Net Gain.
.
Prairie Pebble Phosphate Co. represented by $275,000 International
Boston
_52,113
Consol.
ft.
Gas_
5,349,453,000
-1.06%
6,008
Agricultural Corp. 5% bonds, held in escrow by the Bankers Trust Co.,
East Boston Gas+2.24%
13,792 ft.
477,910,000
694
N. Y., which are carried among the assets of this company at 70%.
+5.407
556,667,000
1,137
h Includes $275,000 International Agricultural Corp. 5% bonds held in Nowt. & 'Vat. Gas Lt_56,637 ft.
134,835,000
+11.337
°
0
865
escrow by Bankers Trust Co., N. Y., pending settlement of litigation in Citizens'G.L.(Quincy) 40,864 ft.
respect to Bone Valley lands of Prairie Pebble Phosphate Co.-V.99,p.1127. OPERATIONS OF BOSTON CONSOLIDATED GAS CO. FOR YEARS
ENDING JUNE 30.
Pullman Company.
Reported by Public Accountants as Required by Sliding Scale Act.

(Report for Fiscal Year ending July 311915.)
RESULTS FOR FISCAL YEAR.
1914-15.
1913-14.
1912-13.
1911-12.
$41,512,884 $44,725,515 $42,860,891 $40,219,748

Total revenue
DisbursementsOperating expenses, &c_820,932,715 $23,047,338 $22,633,919 $22,608,178
Deprec'n of cars,&c__
8,231,373
7,552,546
5,729,099
4,859,098
Reserve for further depreciation of cars, &c_ 1,500,000
3,000,000
3,000,000
2,000,000
Paid other sleeping-car
associations
280,714
301.947
356,766
324.014
9,509,506 9,599,460
8% div. on capital stock 9.590,716
9,599,564
Total disbursements_$40,565,751 $43,460,162 $41,319,290 $39.390,750
Surplus
$947,133 $1,245,353 $1,541,601
$828,998




1914-15.
1912-13.
1913-14.
Gas purchased (cubic fect) _ _ _ _3,319,745.000 3,152,533,000 2,996,000,01)0
Gas manufactured (cubic feet)_ 2,957,483,000 3,140,170,000 3,094,000,000
Total
6,277,228,000 6,292,703,000 6,090,000,000
Gas sold during year (cu. ft.). _6,151,673,794 6,085,570,255 5,891,000,000
Cost of gas in holder (P. 1,000)29.89 cts.
Gas purchased
29.95 cts.
29.97 cts.
Gas manufactured
24.95 cts.
30.04 cts.
26.31 cts.
Gas sold
28.31 cts.
31.06 cts.
28.83 cts.
Cost of distribution, man21.46 cts.
20.56 cts.
agement, &c
20.33 cts.
Total cost of gas sold (excluding int., dopre. & reserve).

49.16 cts.

52.52 cts.

48.87 cts.

Ori'. 16 1915.1

THE CHRONICLE

1269

The total output of the mine of the Pacific Coast Coal Co. was 490,434 .
tons, a decrease of 191.295 tons, as compared with last year. The amount
of coal sold at ail depots was as follows :from company's mines, tons, 458,537; other domestic coal, tons, $12,026; foreign coal, tons, 16,218; total,.
tons, 486.831; a decrease of 213,901 tons, as against last year. During
the year 30.873 tons of briquets were manufactured and 19,739 tons sold.
The coal business on this coast during the past year was the poorest it
$2,522,930
$2,807,976
$2,834,734
$2,818,567
income
Total
has been for many years. The war in Europe has demoralized offshore
Deductshipping
to such an extent that bunkering of ships has decreased to a
$66,198
$66,389
$88,218
$93,215
General expenses
A number of mines have boon closed down. Our company
370,568 minimum.
440,018
441,767
454,927
Bond, &c. interest
has
been
to maintain a moderate profit because its mines are favorably
able
1,000,000
1,000,000
1,000,000
Divs.on prOf.shares,4% 1,000,000
and
it has been able to obtain and hold a considerable portion of
situated
1,208
3,637
Res.for deprec. of secur.
the house trade in Seattle, Tacoma, Portland and other Puget Sound and
River cities and towns. Sales in Alaska increased slightly but
Total deductions_ _ _ _ $1,551,779 $1,531,193 $1,506,407 $1,436,766 Columbia
profits were meager,on account of the keen competition by British Columbia
$1,282,955 $1,287,374 $1,301,569 $1,086,164 coals,
Balance,surplus
on
which
there is now no duty.
1,199,831
1,285,995
1,338,403
Surp.from previous years 1,368,041
cred.839
deb.7,736
Adjustments
INCOME ACCOUNT-ALL COMPANIES.
1911-12.
1912-13.
1913-14.
1914-15.
Total
$2,650,996 $2,618,041 82,588,403 $2,285,995 Gross earnings
$6,284,493 $7,063,650 $7,945,931 $7,496,912
Divs. on corn. shares_(5%)1,250,000(5)1,250.000(5)1,250,000(4)1,000,000 Oper.
expenses and taxes 5,604,073 6,237,965 6,763,819 6,410.401
Balance
$1,400,996 $1,368,041 81,338,403 81,285,995
Net earnings
$825,635 $1,182,112 $1,036,511
$680,420
The net undivided earnings of the constituent companies from the opera28,579
43,143
9.243
8,669
tions of 1914-15 (see the several statements below) show a surplus of $195,- Other income
368. against $103,775 in 1913-14,$216,384in 1912-13 and $65,230 in 1911-12.
Total net income..
$834,933 $1,225,260 $1,115,090
$689,089
DeductBOSTON CONSOLIDATED GAS CO.-YEAR ENDING JUNE 30.
$253,090
Interest on bonds
$250.000
$250,000
$250,000
1911-12.
1912-13.
1913-14.
1914-15.
on notes
Interest
9,375
37,500
$4,339,829
84,733,110
Gross income
$4,889,783 $4.987,500
5,734
written off
2,906,968 Improv'ts
Expenses
3,312,906 3,595.222 3,203,067
63,284
72,038
Loss on steamships...... _
39,919 fin 36,702
coal mines
20,550
24,935
21,415
Net income
$1,576,877 $1,392,278 $1,530,043 81,432,861 Depr.,&c.,of
50,000
22,507
9,978 Reduc.bk.val.S.T.lands
14,529
Miscellaneous income__
21,150
14,596
19,434
41,418
46,080
Miscellaneous
76,250
76,250
76,250
on first pref.(5%)..
76,250
Net earnings
$1,598,027 $1,414,785 $1,544,572 81,442,839 Div.
(4)160,000(550220.000 (6)240,000 (6)240,000
8151.727
$96,292 Div. on 2d pref
$121,290
Interest
$166,257
(3)210,000(53 )385,000 (6)420,009 (6)420,000
Dividends
(8%)1,285,591 (8)1,209,968(9)1,361,214(9)1,361,214 Div. on common
Total
$815,087 $1.044,822 $1,158,491 $1,039,680
$1,451,848 $1,361,695 81,482,504 81,457,506
Total
*da.$125,998def.8209,889 sur.$66,769 sur.$25,410
sur$146,179 sur$53,090 sur$62,068 def$14,667 Balance, surplus
Balance
The above does not include in 1914-15 $556 profit on sale of real estate
* This amount was met by $125,998 transferred from profit and loss for
sold and credited to profit and loss.
dividends on common stock.
NEW ENGLAND GAS & COKE CO.-YEAR ENDING JUNE 30.
EARNINGS FOR YEARS ENDING JUNE 30.
1913-14.
1914-15.
1912-13.
1911-12.
1913 14
1914-15---$3,708.401 83.734,814 33.518,906 $3,062,736
Gross Income
Gross Earns. Net Earns: GrossEarns. Net Earns.
Department2,864,449
3,001,299
2,670,432
_
_
_
2,409.330
expenses_
Operating
$167,505
8354,109 $3;779,753
Pacific Coast SS. Co.._ _ $3,670,034
146,022
674,173
104,178
588,004
$870,365
$848,474
$653,406 Pacific Coast By. Co..-1
Net inc. from oper___ $707,102
j
Co_
RR.
Sd.
P.
&
Col.
income..
54,460
Miscellaneous
512,158
222,133 2,609,724
Coal,lumber,taxes, &c_ 2,026,035
$707,102
$870,365
$848,474
8707,866
Total income
$825,685
$680,420 $7,063,650
$6,284,073
Total
$72,611
$90,469
$58,546
$52,129
Interest
(3%)612,500(4%)787,500(4%)787,500(434)612.500
Dividends
CONDENSED BALANCE SHEET JUNE 30-ALL COMPANIES.
1914.
1913:
1915.
Assets$860,111
$846,046
$664,629
Total deductions..___ $702,969
$4,133
$10,254
Balance,surplus
$2,428
$43,237 Property (including stocks and bonds
$20,984,838 $21,297,588 $20,336,433
proprietary companies)
of
SUBSIDIARIES FOR YEARS ENDING JUNE 30 1915.
685.357
530,124
343,081
Cash
78,459
65,160
110,342
EastBos. Newton& Citizens' N. E. C. &
Agents, conductors, &c
Boston
443,147
299.132
2$0,626
individuals
Gas Co. Wat.G.Lt. G.Lt.Co.
nad
Companies
Coke Co. Tow. B.Co.
168.272
179,201
166,020
$424,255 $500,736 $150,503 $1,766,537 $352,732 Land notes and contracts
Gross income
342,098
420,075
339,548
348,100 427.084
104,062
Expenses
1,382,582 297,945 Coal and lumber inventories
159,451
140.196
65,245
Prepaid accounts
56,204
27,397
28,067
$46,441
Net from oper___ $76,155 $73,652
$383,955 $54,787 Claims against underwriters
133,982
344,061
273-600
accounts
1,417
5,641
Miscellaneous
669
Miscellaneous Inc__
75,000
284,071
272,472
244,370
Materials and supplies
879.293 $47,110
Net earnings_ -_- 377,572
$458,955 $54,787
$22,835,743 $23.575,496 $22,667,474
Total assets
Deduct$11.159
$19,131
Liabilities$4,512
$157,502
Interest
$6,579
Dividends __--(11%)63,250 (10)56,000(5%)40,865
a300.000 (12)48,000 Stock (see "Ry.& Indus." Section)._ _$12,525,000 $12.525,000 $12,525,000
5;000,000 5,000.000
5,000,000
First mortgage bonds
440,000
750,000
$74,409
$75,131
$45,377
Total
$457,502 $54,579 Serial 5% gold notes_
271,089
448.599
269,028
accounts
$4,162
and
$3,163
$1,733
Vouchers
$1,453
Balance, surplus
$208
183,751
141,694
107,347
Wages and salaries
Fed. Coal J. B. B.
Fed. Coal J. B. B. Dividend Aug. 1
184,063
129,063
59,063
& C. Co. Coal Co.
& C. Co. Coal Co. Accrued interest on bonds
20,833
20.833
20,833
$714,814 $630,421 Net earnings
Gross earnings
3154,196 864,915 Taxes accrued
38,813
40,196
50,300
560,618 565,506 Interest
Expenses
$44,859 $28,914 Bills payable
100,000
130,000
Dividends
116.058
(15)75,000 ()
15,818
"Exhaustion fund" for coal lands__ _ _
125.000
Special reserve fund
$154,196 $64,915
Bal., surplus
Net earnings
260,411
534,336 536,001 Impet, replacement and reserve..
486,553
21.207
71,582
70,766
92,374
a Dividend of 20%,incl. a regular city. of 10% and an extra div. of 10%. Collections for traffic not yet earned..
187,500
125.000
62,500
The New England Coal & Coke Co. owns 2,000 shares, equal to approxi- Globe Navigation Co
28,723
31,424
28.196
mately 60% of the capital stock of the J. B. B. Coal CI.
Employees' hospital fund
214,762
339.219
492,772
Traffic balances and miscellaneous.._
BALANCE SHEET OF MASSACHUSETTS GAS COMPANIES JUNE 30
3.438,010
3,227,123 3,353,121
Profit and loss
1915.
1914.
1915.
1914.
$22,835,743 $23,575,406 $22,667,474
AssetsTotal liabilities
Liabilities$
Property account_55,480,455 54,035,691 Common stock__ _25,000,000 25,000,000
101, p. 1193, 291.
455,702 Preferred stock__ _25,000,000 25,000,000
Cash in banks.___ 422,401
Notes receivable__ 5,691,565 7,280,080 20-year bonds____ 9 216,009 9,306,000
The Westinghouse Air Brake Co., Pittsburgh, Pa.
5,702
3,296 Accounts payable_
Accts. receivable..
3,643
3,661
453,044 Accr. int. & taxes_
Bond disc. susp'se 420,180
26,815
(Report for Fiscal Year ending July 31 1915.)
27,132
Mass. Gas. Co.
Pref. div. accrued_
83,333
83,333
73,402
Pres. H. H. Westinghouse, Wilmerding, Pa., Oct. 6,said:
Res. for coin. city_ 1,250,000 1,250,000
bonds in treas'y
Res. for depot sec. 112,600
108,963
New Depreciation Charges, &c.-As recommended by our General AudiSurplus
1,400,996 1,368,041 tors, depreciation charges on account of buildings and machinery have been
monthly as a part of the cost of production. Thete charges aggregate
made
62,093,705 62,236,813 Total
Total
62,093,705 62,236,813 8207,768 for the late year, and any comparison with the net earnings
-V. 101, p. 452, 374.
of previous years should be made with this fact in mind. Other elements
of increased cost are the charges against production, based on pay-rools, to
Pacific Coast Company.
cover the regular monthly assessmeuts now made for workmen's compenfund and pension fund requirements.
sation
(18th Annual Report-Year ended June 30 1915.)
Results.-Our apprehension as to the prospects of the steam railway
business in the United States, by reason of its seriously crippled financial
Pres. William M. Barnum, N. Y., Oct. 1, says in subst.: condition,
appears to have beers well founded. Tho net sales of our WilAs compared with last year the earnings of the company and its subwere about 33 1-3% less than for the previous year, and
sidiaries decreased as follows: gross earnings, $779,156; not earnings, $145,- merding plant
the average net sales per annum during the past five fiscal
of
62%
only
the
Pacific Coast SS. Co., including charter
265. The net earnings of
other hand, income from outside sources closely approxithe
On
years.
earnings of the Pacific Coast Co., increased $186.604. The net earnings
orders Aug. 1 1915 exceed unfilled
of the Pacific Coast Coal Co., including lumber sales, decreased $264.034. mates the five-year average. Unfilled
by $800,000. outside of the ammunition orders.
1914
1
Aug.
orders
The not earnings of the Columbia & Puget Sound RR. Co. decreased $71.The subsidiary companies at St. Louis and Milwaukee both made con771. The net earnings of the Pacific Coast Railway Co. increased $29,927.
Rentals, dividends, grain warehouses and Port San Luis Wharf earnings siderable losses, due to almost absolute stagnation in the lines of product
decreased $11,285. General expenses and taxes decreased 33,698, and manufactured at those points. Fortunately, the prospect is now much
more favorable.
depreciation charged against ships was increased $18,405.
In addition to the operating losses above mentioned, the surplus accounts
It will be noted that decrease in earnings is confined principally to the
and the National Brake & Electric Co. have
coal department and the railroad, which depends upon that department of the American Brake Co.
adjustments to cover deprociatisn.
for its prosperity. The coal business continued greatly below normal been charged with sundry
the other hand, the figure at which the
-On
Sheet.
Balance
in
Changes
throughout the year. The steamship department shows increased net
has been increased
earnings for the year, although gross earnings decreased, and this increase stock of the American Brake Co. is carried on our books,
In order more nearly to represent its actual value. The net result of these
has continued during the first two months of the company's now year.
sheet,
is a decrease in
balance
consolidated
the
on
shown
as
adjustments,
Dividends upon the common stock were suspended at the quarterly
meeting in July. It is hoped that reasonably soon such a change will take contingent surphts, representing par value of the capital stock of subsidiary
the Westinghouse Air Brake Co..
place in conditions as to justify their resumption. Pending such change, companies over value shown on books of
this year. The increase of $1,203,your director; believe that sound business policy requires them to conserve from $1,750.000 last year to $1,500,000
last year is duo to the large accumulation of material
the company's resources, in order that its credit and the efficiency of its 804 in inventory over
contracts.
out
special
carry
to
hand
on
be
may
properties
maintained unimpaired.
Our Auditors have concluded that a large percentage of the amount
Statetnent by Vice-Prest. 5: Gen. Man. J. C. Ford, Seattle, Sent.1 1915.
sheet as "contingent liability on account
The widespread depression in business, mentioned in last annual report, previously carried on the balance
sales" represented earnings of past years that should bo segregated and
of
is still seriously affecting all lines of business on this coast. Lumbering,
We have, therefore, authorized a reduction in this
the principal industry of the Pacific Northwest, has been, and still is. designated as such.
reserve of like amount to
badly demoralized, and this affects all classes of business. Shipments of item of 3500,000 and the creation of a special
on account of development, &c.'
lumber to European countries have been interrupted by the war, and provide for "extraordinary expenditures
of completed development work usually extends over a
domestic trade has boon greatly curtailed by the general business depres- Since the benefit expenditures
on this account will be hereafter charged
sion. Foreign trade will be an uncertain factor for some time to come. period of years,
Reserve" rather than against the earnings of any
It is hoped the revival of business in the Eastern States and the favorable against this "Special
of exceptional prosperity appropriations
periods
During
year.
particular
abundant
crops
the
of
of
this
disposing
country
may soon be
outlook for
for the purpose of maintaining this reserve.
reflected in the business of this territory. The contemplated expendi- can be made
Foreign Companies.-During the year the electrical and brake business
tures in Alaska the coming year by the United States Government should
carried on in France by the Societe Anonym° Westinghouse was
help general business In the Puget Sound country and so increase the de- formerlyand
the brake business, with the manufacturing plant at Freinmand for our steam coal, which the past year was less than 50% of normal. divided
over by a new company,the Compagnio des Freins WestingThe Seamen's Bill, passed by the last Congress, will take effect Nov. 4 ville, was taken
of which is vested in your company and the Westingownership
the
house,
next. This will increase steamship expenses to a considerable extent.

MASSACHUSETTS GAS COMPANIES-YEAR
1913-14.
1914-15.
•
$449,335
Int. on bonds, notes,&c. $426,201
2,368,025
Dividends received_ ___ 2,404,896
1,208
3,637
Profit on sale of securities




ENDING JUNE 30.
1911-12.
1912-13.
$324,331
$420,908
2,198,049
2,386,318
550
750

1270

THE CHRONICLE

house Brake Co., Ltd., of London. This ownership was acquired by
transferring to the British Westinghouse Electric & Mfg. Co., Ltd., holdings of stock and other securities of the Societe Anonyme Westinghouse, in
which your company is therefore no longer interested.
Since its inception the Compagnie des Freins Westinghouse has made
satisfactory progress with good prospects of a prosperous business in the
future. In spite of difficulties inherent in the situation, the English,
Russian and Italian brake companies are doing well, although the London
Company thought it advisable to reduce its rate of dividend from 20% to
10% per annum, and the revenue your company usually receives from that
source will probably be reduced to that extent during the continuance of
the war. The business of the Canadian Westinghouse Co., Ltd., is much
improved as compared with last year.
War Orders.-During April 1915 your company accepted orders for 18-1b.
shrapnel, complete, except propellant powder, and additional cartridge
cases amounting in total to $17,930,000. While the terms are favorable,
with ample guarantees against contingencies, these orders have necessitated
a heavy expenditure for special machinery and for its installation in temporary, though substantial, buildings, to the end that the maximum output
of the company's regular product might not be affected in case of a sudden
revival of the railway supply business. It is expected that when the value
of this special machinery and the buildings not available for future use shall
have been charged off, the net result will represent a substantial but not
an unusual manufacturing profit on the amount involved.
To meet the strenuous conditions incident to the manufacture of modern
munitions of war as regards both accuracy and output, has required continued and devoted effort on the part of your company's able staff for
several months past, with gratifying results. Deliveries will be commenced on time and It is hoped that they may be completed during the
autumn of 1916.
The factor that chiefly led us to undertake this special lino of work
was tho unfavorable outlook for the railway supply business in general, but
the conviction also arises from a study of the conflict now raging in Europe
that the time has come for some of our larger manufacturing concerns to
prepare themselves by equipment and technical and mechanical experience
to assist the U. S. Government in the defense of our own country, should
such a contingency arise.
Dividends.-In view of the general business situation and the company's
cash surplus, your directors thought it both equitable and advisable to
continue the payment of the usual dividends throughout the year. The
ammunition order referred to above, with orders for regular product booked
during June end July, appear to have confirmed the wisdom of this course,
and a dividend of $2 (40
/) per share (par $50) has been declared payable
Oct. 30 to stockholders of record Oct. 9. Hereafter, owing to the increase
in the number of stockholders, at least three weeks will be required between
closing the books for dividend purposes and mailing checks to cover. In
order to prevent a double closing during October, the stock books will
close 10 or 12 days before the date of the annual meeting, which falls on the
third Thursday. In other months an effort will be made not to postpone
dividend payments beyond the 21st of the month.
CONSOL. PROFIT AND LOSS ACCOUNT YEARS ENDNIG JULY 31.
1914-15.
1913-14.
1912-13.
Balance beginning of year
$5,648,865 $5,503,059 $4,406,421
5% stock dividend. paid April 15 1913922,700
Stock issued to pension board
250,000
Sundry adjust'ts applying to former yrs
197,304
Remainder
$5,648,865 $5,305,755 $3,233,721
Net earnings, all sources
$1.575,839 $3,482,994 $6,064,778
Special chges. for depr. & pat's purch_
309,519
Revaluation Am. Brake Co. stock
xcr250,000
Sundry profits prior years, &c
yer56,298
Appropriations for capital expenditures
500,000
Not profits from operations
Total
Cash dividends paid
Balance, end of year

$1,882,137 $3,482,994 $5,255,260
$7,531,002 $8,788,749 $8,488,981
3,140,660
3,139,884
2,985,922
$4,390,342 $5,648,865 $5,503,059

x "Revaluation of American Brake Co. stock" denotes transfer from
contingent surplus on revaluation of Amer. Brake Co. Stock.
y "Sundry profits prior years, &c.," embraces sundry profits belonging
to prior periods and adjustment of valuation of plants based on appraisals.
CONSOLIDATED BALANCE SHEET JULY 31.
1914.
1915.
1914.
1915.
LiabilitiesAssetsCapital stock _19,638,467 19,638,467
a Factories, bldgs.,
427,376
and equipment_ 6,572,036 6,069,862 Curr. mthly. bills_ 692,495
800,000 Adv.on contracts.. 2,073,050
West's° Bidg.,Pitt 800,000
200,000 Renew.,&c.ges've_g1,850,165 g1,850,165
b Allegheny plant.. 200,000
f Contingent liabilProperty at Wility acc't sales_
163,810
797,615
870,000
892,000
merding, Pa.c
Inventory at cost.. 6,729,346 5,625,024 Undivided surplus 4,390,342 5,648,865
2,067,761 2,479,096 Res've for expend.
Cash on hand
acc't of dev.,&c. 500,000
Accts. & bills rec.d2,551,607 d3,132,723
e8,294,905 e8,126,329 Contingent surplus 1,500,000 1,750,000
Investments
33,339
Pat'ts & good will.. 2,790,515 2,785,896 Accrued liabilities. 141,180
56,897
51,339
Deferred assets

[Vol,. 101.

Wells Fargo & Company, New York.
(Report for Fiscal Year ended June 30 1915.)
Pres. B. D. Caldwell, N. Y., Oct. 14, wrote in substance:
Mileage, &c.-The increase in railroad mileage [from 66.537 to 81,678
miles-V. 100, p. 14421 is largely the result of the extension of service over
various linos formerly operated by the United States Express Co. 'rho only
other important contract made during the year was with the Denver & Rio
Grande System, comprising 2,303 miles in the States of Colorado and Utah.
[The mileage operated other than rail increased during the year from 32,4813
to 33,013, the total agencies from 7,271 to 9,108, and the employees, exclusive and joint, from 22,269 to 26,658.1
Results.-The large increase in gross earnings from express operations is
due principally to the additional lines acquired July 1 19(4. The reduction in operating expense ratio Is the result, In part, of enlarged business,
but more especially of economies in operation by increased efficiency.
Rates.-Application was made to the I. S. C. Commission in March last
for relieffrom the reduced rate schedule made offectiVo by its order on Feb. 1
1914. the adverse effect of which on the earnings of the express cos. for
the first year of its operation was conclusively shown. The express companies estimated that if their request were granted it would yield to them
an increase of between 3% and 4% on their gross revenue. The request
for the advance was confined to package business below 100 lbs. in weight.
In order to obviate the necessity for any change in the scientific system of
constructing and stating rates established by the Commission in its original
order. The petition was promptly granted by the Commission, effective
Sept. 1 1915. A similar increase has been made effective for intra-State
business in about one-half of the States in which your company operates,
and applications for corresponding action are before the Commissions of the
remaining States. In the hearing before the I. S. C. Commission, as well
as in its decision, marked encouragement was to be found in the good-will
shown both by the public and the Commission toward the express companies. The shipping public did not oppose the advance, while the Commission strongly commended the express companies for the manner in which
they had met the situation (V. 101, p• 367)•
Investment.-The decrease in income from investments is the result of the
discontinuance of payment of dividends upon the stock of the Mexican Express Co. and of interest upon Mexican Government and railroad securities
owned by your company. It has been considered advisable to charge to
profit and loss account a considerable amount representing depreciation in
the value of these securities.
Additions, c.*,c.-A largo sum,chargeable to capital account, was expended
in acquiring additional equipment, buildings and facilities on new lines secured during the year, as indicated in the balance sheet under the head of
real property and equipment investments. The standardization of our 146
refrigerator and ventilator cars was completed. On account of the growing movement of perishable shipments, especially upon the new lines acquired last year, a contract was let for 35 additional refrigerator cars, which
will be ready for service Jan. 1 next.
Dividend.-Your directors deemed it advisable to continue the dividend
payment at the rate of 6% per annum. On July 7 the stockholders numbered 5,290.
RESULTS FOR YEARS ENDING JUNE 30.
Statistics1914-15.
1913-14.
1912-13.
1911-12.
Mileage oper. June 30__
114,691
09,017
96,847
81,995
P. C. total net incomo on
capital stock outst ___
9.759'
9.78%
12.717
14.367
9,108
7,271
Total agencies
7,213
7,145
26,658
22,269
Employees(excl. & joint)
22,661
23,045
Income Account(Not
separately)
Transportation
$38,544,786 $31,353,229
shown
(Now divided as shown) $31,862,932 $34,934,814
Gross receipts
Express privileges (Dr.) 19,724,414 15,816,159 15,816,159 16,908,590'
Rev,from transport'n $18,820,372 $15,537,070 $16,046,773 $18,026,224 •
668,785 (Incl. in gr. rcts. above)
734,633
Other than transpor ta'n
Total oper. revenue...119,555,005 $16,205,855 $16,046,773 $18,026,224
17,860,839 14,732,253 14,600,090 16,010,198
Operating expenses..
Net oper. revenue.... _ $1,694,166
Outside operations (net)

$1,473,603

$1,446,683 $2,016,026
9,926
27,905

Total net revenue_ _ _ _ $1,694,166
413,294
Taxes accrued

$1,473,603
402,426

$1.474,588 $2,025,952
357,202
402,426

Operating income..
$1,280,872 $1,071,177
Other express income_ _ _
25.986
38,168

$1,072.162
37,183

$1,668,750
31,783

Gross (incl. express)... 31.306,858
Income (other sources). 1,031,820

31,109,345
1,235,250

$1,700,533
1,344,893

$1,109,345
1,235,250

Gross corp. income__ _ $2,338,678 $2,344,595 $2,344,595 $3.045.426
*Dividends paid__ -(6%)1,438,044(8)1,917,392(8)1,917,392(10)2396,740
Balance, surplus

$900,634

$427,203

$427,203

$648,686

* Dividends inserted by editor.

BALANCE SHEET JUNE 30.
1914.
1914.
1915.
1015.
Liabilities.Assets$
a Includes factories at Wilmerding, St. Louis, Milwaukee and Emeryville, Real prop. Sr eq.. 8,043,785 7,072,468 Stock outstanding 23,967,400 23,967,400
112,035
10,000 Traffic bals. due__
66,125
10,000
less depreciation. b Allegheny plant leased to Westinghouse Elec. & Mfg. Inv. in affil. cos_
Co. c Largely improved by houses for workmen and sundry other small Physical property_ 1,999,264 2,261,741 Audited acc'ts (lc
2,295,889 1,733,807
wages
tracts. d Considered good. a Investments in 1915 consist of 22,874 Cash on hand,&e.1 7,488,978 13,738,770
18,206
20,057
12,218,354 Matint.gents,&o.
shares Westinghouse Brake Co., Ltd. of London (par £10); 17,270 shares Cash in transit_ j
Canadian Westinghouse Co., Ltd. (par $100), and sundry other items. Stocks other cos__ 4,758,801 4,764,801 Unpaid money orders,checks,&c. 3,446,753 2,974,996
I Contingent liabilities on account of sales, subject to future settlements. Bonds other cos_13,796,860 13,515,328
1,844,447 2,340,117 Express privileges 1,670,642 1,473,885
g Includes reserve for extraordinary repairs and replacements, inventory Notes &c
136,445
52,884
279,000 Miscellaneous........
195,000
Loans & bills rec.._
adjustments and extraordinary losses.-V. 101, P. 1193.
78,488 Unmet. int., rents
58,253
Traffic hal& due.._
1,409,522
and
dividends__
719,022
719,022
1,433,117
Agts.
&
mess'gers.
Standard Milling Company.
460,848
340,287 Taxes accrued_ ___ 262,955
186.880
Miscellaneous_
104,826
199,451 Operating reserves 178,019
174,451
Material & supp_
(Report for Fiscal Year ending Aug. 311915.)
Accrued deprec'n_ 1,924,178 1,577,679
Unmet. Int., rents
347,202 Other def'd credit
and dividends... 305,889
The consolidated results for the year compare as follows:
68,373
29,092
items
Advance pay'ts 11,286,867 1,366,666
1912-13.
1913-14.
1911-12.
1914-15.
94,425 Profit and loss
7,478,401 6,961,216
0th. unadj. accts.. K253,811
x$835,151
$826,283
Ix$1,168,069 x$1.053,637
Net profits
143,300
Interest on bonds
Total
42,110,171 40,036,621
42,110,171 40,036,621
Total
-V. 101, P. 375, 292.
$835,151
$682,983
$1,168,069 $1,053,637
Balance
$67,935
$66,815
$65,815
Retirem't pref.stk.(1%)
Spanish River Pulp & Paper Mills Ltd.
339,450
334,370
329,128
344,737
Div. on pref. stk.(5%)_
(2)91,870
(2)91,858
Div.on common stock.._ (3)137,856 (3)137,817
Year ending
Total

30,949,509 30,145,827

Balance,surplus

$635,270

Total

$514,635

30,949,509 30,145,827

$335,896

$ 246,388

x Net profits in 1914-15, 1913-14 and 1912-13 are stated after deducting
bond interest and amounts added to reserves.
CONSOLIDATED BALANCE SHEET (INCI. SUBSIDIARY COS.).
Aug. 31'15.Aug. 29'14.
Aug.31 '15. Aug.29'14.
Liabilities$
AssetsPreferred stock__ 6,488,000 6,591,500
Land, bldgs., maCommon stock__ 4,600,000 4,600,000
chinery, trade5,081,000 5,075,000
Bonded debt
mks., good-will,
975,000 1,206,107
22,395,578 18,264,401 Bills payable
acc
281,487
422,491
1,522,257
742,661 Amets payable
Cash
280,447
Actets receivable.. 1,481,649 1,453,362 Accr.int., tax.,&c. 235,853
686,724
568,863
2,171,007 2,827,010 Depr'n, &c., res
Inventories
122,670 Special reserve a.._ 4,000,000
Prep'd insur., &c_ 106,274
203,750
Retire't pref. stk.. 269,565
1st M.bds. Stand.
b5,115,832 4,480,562
Profit and loss
46,905
MI11. Co.(cost)..
18,616
9,791
Miscellaneous_
Total

27,733,461 23,428,720

Total

27,733,461 23,428,723

a Denotes special reserve resulting from reduction of capital stock of the
Hecker-Jones-Jewell Milling Co. from $5,000,000 to $1,000.000.
b Includes Aug. 31 1915 working capital reserve, $3,000,000, and unappropriated surplus, 32,115,832.-V. 100, p. 2014.




June 30 1915.)
(Report for Fiscal
Pres. W. E. Stavert, Sault Ste. Marie, Ontario, Aug. 21
wrote in substance:

Results.-Having regard to the drought which existed during the greater
part of the year under review, by which we were unfavorably affected, both
as to power and log driving, and to conditions generally in the United States,
where the great bulk of our market is, the net profits shown cannot be regarded otherwise than as satisfactory.
Plan.-An arrangement was arrived at by which the sinking funds were
canceled for not exceeding five years and interest for two years on bonds and
notes was funded and payable in 1922, with interest on the amounts so
funded added, conditions being that bondholders are to be entitled to
one-tenth of such profits as may be divided in the way of dividends during
the life of such bonds. Pour directors, of a board limited to seven, viz.:
two representing Lake Superior Paper Co. boldholders and one representing
Spanish River Pulp & Paper Mills and Ontario Pulp & Paper Co. bondholders, respectively, are to be elected to the board. Noteholders are to
receive 10-year 6% debentures in exchange for their notes for an amount
10% in excess of the notes, and one director to represent the debenture
holders is to be elected to the board. The arrangement will be submitted
for the confirmation of the shareholders at the meeting. (V.100,p.59,313,
1173; V. 101, p. 452.)
Improvements.-Attention has been given during the year to effecting
betterments of a permanent nature, a portion of which only has been capitalized, the balance having been charged to operation. The results have

THE CHRONICLE

OCT. 16 19154

for power
been increased efficiency of plants and the conservation of water
are contemplated.
and log driving. Further betterments in both directions
of the
results
the
reflect
not
do
sheets
balance
-The
Wood.
Purchases of
the
relief obtained by the funding of interest on the bonds and notes andhave
temporary cancellation of the sinking funds,to the extent which might
drought
owing
to
that,
is
the
however,
explanation,
been expected. The
of logs in streams and
above referred to, and the consequnt hanging up
the
rivers, we wore compelled to purchase railed wood at high cost incomthe direction of profits, but
open market. This not only affected us in
proportion to
pelled us to Increase our stock of wood to an extent out of
of
output. • This wood had to be paid for in cash; hence the continuation
large borrowing liabilities on the one side and correspondingly large supplies
shall be able to
on the other. The wood, however, is good value and we
reduce our liabilities in proportion as the wood is used up and to modify
the woods operations of the coming season.
Outlook.-All departments are operating in a satisfactory manner. The
quality of paper and cost of production compare favorably with those of our
competitors. Continued economies, which your directors are effecting, will
result in further increased profits. Demand,,however, continues to be
unfavorably affected by present world-wide conditions, consumption being
less than before the outbreak of the war. It is, however, pleasing to note
that during the last few weeks consumption, having regard to the season
of the year. is holding its own,and that there is every evidence of a gratifying Increase during the coming autumn and winter. Prices are very low at
the moment, but the confidently expected Licreased demand can have but
one result In that direction.
INCOME ACCOUNT FOR YEARS ENDING JUNE 30.
Total.
Span.Riv.P.&P.Co. LakeSup.Paper Co.
1914-15. 1913-14. 1914-15. 1913-14. 1914-15. 1913-14.
$879,285
$408,289
$1,019,577
$540,933
$470,996
Net revenue_ _S478.644
770,639 722,013
Int.on bds.,&c 369,479 345,303 401,160 376,710
104,129
40,973
Depreciation__ 63,156

1271

Laurentide Company, Ltd., Grand Mere, Que.
(Report for Fiscal Year ending June 30 1915.)
Vice-President George Chahoon Jr. says in substance:
The work on the new power development, which was suspended last
August on account of the uncertain general business conditions, was resumed
in May, and is satisfactorily nearing completion, and within estimated cost.
The bond issue of $4,000,000, referral to in the last annual report, has
been created, but, in view of a possible rearrangement of this financial feature, your board deemed it wise for the present to withheld the bends from
sale, a portion of them, however, being in the meantime used as collateral
for advances by the bank.
INCOME ACCOUNT YEAR ENDING JUNE 30.
1911-12.
1912-13.
1913-14.
1914-15.
Mill nets from ground
wood, sulphite pulp,
3910,846
$829,904
$911,998
$943,272
paper,&c
98,706
104,760
115,055
91,334
Profits from lumber,&c
$944,959 $1,016,758 $1,009,552
$1,034,606
Total
$152,099
3129,973
3156,818
$165,614
Deduct-Bond int., &c
103,880
128,701
57,367
61,800
Betterments to plant.._
(8%)768,000 (8)576,000 (8)576,000(734)540.000
Dividends
20.000
20,000
20,000
20,000
Depreciation reserve__

$815,979
3854,674
3810,185
31,015.415
$193,573
3162,084
$134,774
$19,192
BALANCE SHEET JUNE 30.
1914.
1915.
1914.
1915.
LiabilitiesAssets9,600,000
9,600,000
Stock
5,033,914
Mills.bldgs.,pl't,&c.5,203,902
Surplus---- 346,009 $125,693 $98,800 $31,579 $144,809 $157,272 Timber lands
b753,807 798,192
2,152,058 2,152,058 Bonds
36,000
Bond int.(due July) 36,000
SPANISH RIVER PULP ee PAPER CO. BALANCE SHEET JUNE 30. Real estate (workInt.
and
div.
Corn.
437,307
495,030
1914.
1915.
&c.)
men's
houses,
1914.
1915.
192,000 175,567
50,000 (due July)
Liabilities$
Sidings & rolling stk. 50,000
Assets14,652
54,328
Wages
9,223,745 9,185,298 Common stock - 8,000,000 8,000,000 Power development_3,553,582 2,117,028 Bank
Property
2,037,437 304,266
loans
IntinL.Sup.Papera8,185,767 8,161,433 Preferred stock_ b_ 5,699,100 5,699,100 Logs, mdse., &c_a1,682,110 1,405,631
8,965
Accounts receivable_ 912,590 640,668 Bills payable
2,400 1st M.6% bonds2,400
Seo.inItiv.Imp.Co.
18,896 Accounts payable.._ 370,468 269,984
730,259 Sp.Riv.P.&P.mill 2,327,014 2,327,014 Cash in hand, &c_ _ _ 44,351
950,052
, Pulpwood
16,528
106.332 153,632 Contingent account_ 25,535
Ont. P.& P. Co_ 1,399,100 1,451,600 Intrestments
Woods operation,
65,940 Depreciation reserve 310,000 290,000
32,280
119,408 2d M.6% notes.- 1,606,000 1,460,000 Miscellaneous
equipment, &c. 170,136
114,479
res've
bett't
&
Impt.
notes_
Short-term
78,000
200,627
Stores and supplies 239,358
79,453
29,592
Sundry reserves_ _
116,825 Bank advances... c400,000 c500,000
Paper mills prod_ _ 146,484
c701.624 490,432
Surplus
160,353
317,971 Bills payable
131,310
Accts. & bills roe_ 265,371
23,126
416,530
Accounts
payable_
252,262
28,355
Paper sold unclad
14,232,23512,075,074
14,232,23512,075,074 Total
Total
54,810 Accr'd bond, &c.,
35,064
Cash
interest
142,558
346,806
Additions, &c., to
L
.
Sup
.
P.cur.acct. 369,429
a Includes in 1915 logs and supplies, 3988.997; merchandise, $349,146;
25,366
property
14,446 Depreo'n reserve_
and mill supplies, $271.987. b After deducting sinking fund investment,
2,562
63,157
Security for sk.Id_
23,293 Other reserves
4,350
28,982
$446,193. c After crediting $192,000 interest charged to power developPrepaid insur.,&o.
2,045 ment during construction.-V. 101, p. 927.
77,598 Outst'g coup., &c_
2,570
Disc.of2d M.notes 184,567
125,693
d222,510
Deficiency acct.- 1,335,399 1,335,399 Net profits
20,823,608 20,362,893 Total
20,823,608 20,362,893
Total
a Int. in Lake Superior Paper Co., Ltd., includes securities owned at
cost, viz.: Prof. stock, $2.699,100; coin. stock, $5,000,000; and mortgage
notes, $486,667.
b Dividends on $3,000,000 of pref. stock are cumulative from July 1 1913
and on balance from July 11914.
c Secured by lien on forest products and accounts receivable.
d After crediting miscellaneous adjustments aggregating $50,808.
Note.-The company also has contingent liabilities of $15,400. The
company also guarantees the principal and interest of $5,000,000 Lake
Superior Paper Co., Ltd., 6% first mortgage 30-year bonds.
-Under the proposed arrangements for postponements of bond interest,
the bondholders of the Spanish River P. & P., Lake Superior Paper Co.
and the Ontario P. & P. Co. are entitled pro rata to 10% of the profits
from time to time available for dividends.
LAKE SUPERIOR PAPER CO., LTD., BALANCE SHEET JUNE 30.
1915.
1915.
1914.
1914.
Liabilities$4
AssetsReal est.,prop.,&e.12,341,984 12,349,295 Common stock_ _ _ 5,000,000 5,000,000
Preferred stock__ _ 3,000,000 3,000,000
Woods operations,
160,093 1st M.bonds
6,000,000 :,5,000,000
equipment, &c._ 137,045
198,227 2d M.6% notes- 535,333 , 486,667
Stores & supplies- 208,361
1,065,197
735,700 Bank advances_y_ 340,000 3 50,000
Pulpwood
445,000
301,600 Loans payable_ z_ 445,000
99,040
Sawmill,lumb.,&c.
32,299
26,415 Accts. payable.- 187,441
488,471
Paper mill prod's.
6,604 ,• 37,564
306,663 Bills payable
Paper&lumb.soldx 277,979
72,830 Accrued bond int_ 450,455
111,569
59,951
Cash on hand,&c_
2,752 j
2,250
462,691 Accrued taxes, &e.
Bills & accts. ree'le 391,326
•
40,973
32,736 Deprec'n reserve_
Repairs, &.3
Miscellaneous
28,369 ! 35,974
Ina. prem.unexp'd
18,249 Profit and loss-- - *45,821
36,347
24,005
and returnable_
Disct., &c., on 2d
29,343
76,132
M. notes
Sp. Riv. P. & P.
current account 369,429

Total deductions
Balance, surplus

GENERAL INVESTMENT NEWS
RAILROADS, INCLUDING ELECTRIC ROADS.
Alabama Tennessee & Northern Ry.-Receiver Askedfor

A press dispatch from Mobile on Oct. 11 stated that D. II. Tolman, of
New York, a bondholder, had brought suit for a receiver on the ground that
the operations for the year ended June 30 1915 showed a deficit of $88,000,
after deducting fixed charges,and that, therefore, while there had previously
been no default,it would be necessary to withhold maturing interest,including, presumably, the interest due Nov. 1 on the $1,000,000 6% notes of
1913. Pres. John T. Cochrane is quoted as saying that there was no
reason for a receivership.-V.94, p. 1184.

Atlanta & Charlotte Air Line Ry.-Bonds Offered.-

Graham & Co. and Chas. C.Ilarrison Jr.& Co., Philadelphia, are offering
on another page $300.000 1st M. 5s, Series "B," dated July 1 1914, due
July 1 1944, to net 5%. The lease of this road to the Southern Ry. provides
for bond int. and divs. of 9% upon its stock. See V. 101, 13. 368, 286.

Boston & Maine RR.-New Director.-

Norman L. Bassett has been elected a director in place of D. G. Eastman.-V. 101, p. 1182. 845.

Brooklyn Rapid Transit Co.-Bonds to Be Used as Collateral for Notes Sold Last Week.-The P. S. Commission
will on Oct. 19 hold a public hearing on the application of the
New York Municipal Railway Co. for authority to issue
$20,000,000 1st M. 5s of 1912. These bonds will form part
of the collateral for the issue of $60,000,000 B. R. T.6-year
5% Secured Gold Notes of which the final $20,000,000 was
sold last week (V. 101, p. 1188).

15,082,748 14,693,842 Total
Total
15,082,748 14,693,842
The proceeds of these $20,000,000 bonds are to be applied as follows:
x Sold on contracts but undelivered. y Secured by lien on forest prodalready incurred under dual system of
ucts and accounts receivable. z Secured by deposit of .C116,500 2d M. In the discharge of obligations
subways, $3,457.520; cost of equipment of rapid transit systems, $7,680,notes. *After deducting sundry adjustments aggregating $89,327.
of railroads of the New York
extension
and
reconstruction
of
cost
000;
Note.-There Is also a contingent liability of $25,456.-v. 101.P.851,452.
Consolidated Ry. Co., $4.030,620: toward the cost of plant construction
equipment of elevated tracks, $2,620,000; for the extension of present
and
Intercontinental Rubber Co. (of N. J.), New York.
railroad lines, 31,611.860; for discount, $600,000 (to be amortized out of
earnings).
(Report for Year ending July 31 1915.)

Sec. Willard P. Smith, N. Y., Oct. 4, wrote in substance:

Although conditions in Mexico have not improved during the past year,
we have operated the factory, under difficulties and at part capacity,
from Oct. 16 1914. The prevailing prices for rubber have been low, but
a reasonable profit has been realized from sales. Conditions on the Cedros
ranch still prevent rounding up the stock and the making of inventories.
Gathering of the guayule shrub, from which the rubber Is extracted, has,
however, been carried on with many difficulties. It has also been impossible to hold a meeting of the directors of the Companla Ganadera y
Textil do Cedros, S. A., which owns the ranch, and therefore none of the
earnings of that company since 1912 has been transferred to the income
of the Intercontinental Rubber Co.
Investment securities shown on the balance sheet represents bonds and
short time notes purchased in the market, and taken at market quotations as of July 31 1915.
INCOME ACCOUNT YEARS ENDING JULY 31.
1914-15.
1913-14.
1912-13.
1911-12.
income
Gross
*3274,421
386,671
$260,324 $1,190,095
Adminis.& gen. capons_
34,185
35,682
54,954
81,136
Net profits
Preferred dividends_ __ _

$240,236

$50,989
36,458

$205,370 $1,108,959
87,500
87,500

Balance,surplus
13240,236
$14,531
$117,870 $1,021,459
•Includes $94,281 net income from securities,interest, &c.(after adjustment of investment securities to current market values.)
BALANCE SHEET JULY 31.
1914.
1915.
1915.
1914.
$
$
LiabilitiesAssetsS
$
30,313,897
30,513,897
Common stock29,031,000 20,031,000
Investments
15,142 • 15,142 Accounts payable,
Patents
661,252 neer. taxes, &c. 269,065
Adv.to sub.cos.,ho 455,194
109,103
16,274 Gen. reserve acct. 764,666 1,124,104
153,202
Sundry
x Invest securities. 1,114,494 1,065,000 Surplus
y2,427,077 2,195,841
388,573
239,789
Cash
W4
32,401,808 32,460,138 Total
Total
32,491,808 32,460,138
.x Market value. y After deducting $9,000 for reserve against loans to
subsidiary companies.-V. 99, p. 1296.




Favorable Decision.-The following is pronounced correct:

Under a decision handed down [on Oct. 2] by Supreme Court Justice
Erlanger the city loses a suit started in 1907 against the Brooklyn Queens
County & Suburban RR., by which it expected to collect $829,578 for the
operation of the defendant's trolley lines in Brooklyn and over the Brooklyn
and Queensboro bridges. From 1901 to 1907 the company earned $7,235,062, of which the city demanded $361,753, and also asked a penalty of
$467,825. Justice Erlanger dismissed the complaint on the ground that
the city is not entitled to more than its franchise revenues and bridge tolls.
-V.101, p. 1188,845.

Canadian Northern Ry.-New Line.-The company this
week sent a special passenger train of 14 cars with officers
of the company and invited guests over its new line to Vancouver. Although the line is new and not open to traffic
generally the party is reported to have traveled comfortably 40 miles an hour. The line has exceptionally low
grades. See map on page 20 of "Railway & Industrial"
Section.-V. 101, p. 772, 527.
Canadian Pacific Ry.-New Director.-Mortgage.Gen. Frank S. Meighen has succeeded as a director Sir William Van
Horne,deceased. There is still a vacancy on the board.
See Toronto Terminals Ry. below.-V. 101, p. 699.688.

Central Branch Union Pacific Railway.-Committee
for 1st M. 48.-The committee named below requests the
holders of 1st M.4s, due 1948, to communicate with the committee at once, stating the amount of bonds held. An advt,
on another page says:
The property covered by your bonds has been placed in the hands of a
receiver, together with that of the whole Missouri Pacific System, and a
plan for the exchange of your bonds for bonds of inferior lien and stock
(half each) has been proposed (see V. 101, P. 130). The committee is of
opinion that the property covered by the mortgage is of value sufficient to
protect the interests of those bondholders who actively co-operate to Joretect themselves and that a sacrifice on their part is unnecessary, but those

(VOL. 101.

THE CHRONICLE

1272

who do not act for their own protection are likely to suffer. The members River. The Fort Dodge line has many coal mines on its railroad anti power
of the committee have agreed to act without charge for their services and lines, while four of the five gypsum mills at Fort Dodge are served by its
tracks, the two largest being on these tracks exclusively.
it is thought that the general expenses will be slight.
Committee: Francis Ralston Welsh, Chairman, 109 South 4th St.,
Earnings (a) For Fiscal Year ended June 30 1915.
Phila.; John W. Hamer, 3d Vice-Pros. Penn. Mutual Life Ins. Co.; Rob- Gross (incl. rent of equip.)$1,285,96211nt. on $5,500,000 bonds___$275,000
ert W. Huntington Jr., Pres. Conn. General Life Ins. Co., and Charles G. Net income (after taxes)__ 8621,3111Bal. for depr., divs.,&c___ _$346,311
Woodward, Secretary of Committee and Financial Secretary Conn. Gen1914-15.
1913-14.
(b) For Last Three Fiscal Years1921-13.
eral Life Ins. Co., Hartford, Conn.-V. 101, p. 287.
3762,059 $1,026,870 $1,285,962
Gross revenue
Central Vermont Ry.-Earnings.--June 30 year:
The company has agreed to pay, or cause to be paid, interest on these
Interest, Balance, bonds without deduction of the normal Federal Income Tax of 1%. CornOther
Net (after
Gross
June 30
Income. Rents. &c. Surplus. pare V. 101, p. 1189.
Taxes).
Income.
Year$3,899,659 $665,749 $512,627 $1,162.959 $15,417
1914-15
Fort Smith & Western RR -Receiver.-Jude Frank
903,692
606,039
297,653
4,185.297
1913-14
-V. 99,p. 1745.
A. Youmans,in the U.S. District Court at Fort Smith, Ark.,

Chesapeake & Ohio Railway.-Acquisition.--

on Oct. 9, appointed Gen. Manager Arthur L. Mills as
Receiver of the property on petition by the Superior Savings
Trust Co., Cleveland, the mortgage trustee. Interest on
Chicago Rock Island & Pacific Ry.-Directors.-The the $6,240,000 bonds being in default since Oct. 1 1907.following directors proposed jointly by the Hayden and V. 93, p. 1786.
Amster committees were elected at the annualmeetingOct.14:
Grand Trunk Railway of Canada.-Mortgage.John G. Shedd,
The stockholders will vote Oct. 19 on authorizing the acquisition of all
the properties of tho Logan & Southern Ry.,Co. See V. 101,p. 1101,1188,

Chicago;
Edmund D. Hulbert, Charles G. Dawes and
John R. Morron and William B. Thompson, New York; Nathaniel French,
Davenport, Iowa; and Joel W. Burdick, Pittsburgh. Compare V. 101, p.
1092, 1013.

Report of Accountants for Fiscal Years.-The following published statement was taken, it is stated, from a report submitted to the receivers by Touche, Niven & Co., showing the
company'sfigures before and after adjustment by said firm:
1913-14.
1914-15.
Years ending June 30: Unadjusted. Adjusted. Unadjusted. Adjusted.
$70,942,889 $70,942,889 $68,675,842 $68,675,842
Operating revenue
$14,029,747 813,169,878 $13,703,752 $10,782,283
Net after taxes
1,847,686
1,836,209
1,367,9 6
1,469,178
Other income
Net income
Charges

815,498,926 $14,527,794 815,539,961 $12,629,970
16,142,487 16,142.487 15,089,340 15,089,340

def.$643,561df$1,604,693 sur.$450,621df$2,459,370
Balance
The balance sheet as revised by the accountants, it is reported, shows a
profit and loss deficit as of June 30 1915 of $15,685,431, compared with the
company's surplus to profit and lass as of June 30 1913 of $13,669,218, due
chiefly to tho accountants' readjustment of depreciation accounts to what
they consider an adequate basis, and after reduction in book value of investments to what they believe to be a fair value.-V.101, p. 1092, 1013.

Choctaw Ry. & Lighting Co., Okla.-Foreclosure.-

The Guaranty Trust Co., New York, as mortgage trustee, filed in the
Federal Court at Muskogee a suit to foreclose the mortgage of 1908, under
which $925,000 bonds are outstanding. Last coupon paid Sept. 1 1914.
So far as known, no receiver has been appointed.-V.97, p. 175.

Delaware & Hudson Co.-Listing.--

The N. Y. Stock Exchange has admitted to list the company's subscription receipts for ($14,451,000) 5% 20-year convertible bonds, due 1935,
full and part xiald.-V. 101, p. 1092, 773.

See Toronto Terminals

Ry.

below.-V. 101. p. 1189. 288.

. Harrisburg (Pa.) Railways.-Dividend Reduction.-

Touching the payment on Oct. 1 of a semi-annual dividend of 1% on
the $2,000,000 cum. prof. stock, contrasting with 2% last April, Supt.
F. M. Davis said: "Whenever we arranged for something big at Paxtang,
the rain interfered and prevented a large attendance. But the largest
cutting in on receipts was by the jitneys. Then formerly it was the custom of a man to take his entire family for a trolley ride in the summer
evenings, but now he owns an auto and takes the family out for a ride in
that. The bicycle, too, had its day."-V. 101. p. 1013.

Havana Electric Ry., Lt. & Power Co.-Div. Inc.A semi-annual dividend of 3% has been declared on the $15,000,000
common stock, payable Nov. 13 to holders of record Oct. 23, comparing
with 2)4% in May last and 5% during entire cal. year 1914.-V. 100,
p. 1667.

Indianapolis Union Railway.-Bonds Listed.-

The Now York Stock Exchange has listed the 34,000,001) 5% Gen. &
Refunding M. guaranteed bonds, Series "A," duo 1965. Soo offering in
V. 100, p. 1257, 555.

Earnings.-For seven months ended July 31 1915:

Railway operating revenues, $329,431, and contributions from
tenant cos.: For (a) net expenses, union station and tracks,
$108.545;(b) taxes,$64,216;(c) fixed rental,$111,767; total Inc...8613,959
502,192
Railway operating expenses and taxes
$111,767
Net
Contributions from tenant co's for additions and betterments, hire
14,879
of equipment, &c., $12,845; miscellaneous, $2,034
8126,646
Total net income
Deduct: Interest on bonds, $21,919; rental of belt railroad, $28,920;
additions and betterments, $11,701; sinking fund, $9,2021
74,920
miscellaneous, $3,178

851.726
Net income for seven months
Duluth & Iron Range RR.-Earnings.284,398
Amount to credit of income Dec. 31 1914
Balance,
Interest, Skg. Fd.,
Other
Net (after
Gross
June 30.
$336,124
Income. Rent.,&c. &c.,Res'ves. Surplus.
Taxes).
Total
Year- Earnings.
223,514
1914-15_34.824,605 $1,814,339 8330,809 $773,120 $178,015 81,194,013 Apportionment of income among proprietary companies
1913-14_ _ _ 6,518,526 2,702,626 436,022 798,350 240,727 2,099,571
$112,616
Balance to credit of income account July 31 1915
Dividends at the rate of 20%, calling for $600,000, were paid out of the
earnings for the year ending June 30 1915, against 75% ($2,250,000) for -V. 100, p. 1257, 555.
the previous year, leaving a balance surplus $594,013 in 1914-15, against
Kansas City Railway & Light Co.-Time Extended.a deficit of $150,429 in 1913-14. The total undivided surplus June 30 1915
was $2,606,502, against $2,007,753 as of Juno 30 1914.-V. 93. P. 1190.
The reorganization managers announce that Judge Hook has

Duluth Missabe & Northern Ry.-Earnings.--

Balance,
Interest, Skg. Pd.,
Other
Net (after
Gross
June 30.
Surplus.
Income. Rent.,&c. &c.,Res.
Taxes).
Year- Earnings.
1914-15_86,292,072 $2,974,930 $112,259 $675,319 $502,556 $1,909,314
1913-14_ _ _ 7,311,844 2,885,287 111,085 666,101 483,790 1,847,381
Dividends at the rate of 10%, calling for 3411,250, were paid out of the
earnings for the year ending June 30 1'915, against 75% (83.084,375) for
the previous year, leaving a balance surplus of $1,498,064 in 1914-15,
against a deficit of 81,236,994 in 1913-14. The total undivided surplus
June 30 1915 was $4,600,281, against $3,098,046 as of June 30 1914.V. 100, p. 308.

Fort Dodge Des Moines & Southern RR.-Bonds Offered Covering Electrified Steam Road.-N. W. Halsey & Co.,
are offering by adv. on another page the $5,500,000 1st M.
5% gold bonds described last week, p. 1189.
Digest of Statement by Pres. Homer Loring, Des Moines, Sept. 30 1915.
Property.-Incorporated In Maine as a consolidation of railroads constructed prior to 1907, and now owns and operates electrically, under the
General Railroad Law, 128.75 miles of standard main-line railroad extending from Des Moines, the capital and chief city of the State, northwesterly
to Boone, Ames, Rockwell City and Fort Dodge. Strategically situated
for handling through freight and passenger traffic, connecting with all of
the eight important trunk lines crossing the State, and thus rendering a
service which no other road is in a position to furnish. Owns in fee oter
passenger termi99% of its right-of-way from Des Moines, where it uses the
nals of the Rock Island road and has leased for 40 years commodioas freight
terminals, to its own terminals at the business centers of all other cities
and towns served; is therefore non-dependent upon franchises.
Earnings almost equally from passengers and from freight. Frequent
service rind observation parlor cars have developed a steadily growing passenger business. The freight business, which has doubled in the last four
years, is handled in trains up to 50 cars, and is interchanged on throughrate basis with all connecting trunk lines. The road is unique in originating 70% of the through business interchanged. Traffic well diversified,
including grain, live stock, coal, building materials, sower pipe, gypsum
products and general merchandise. ••
Capitalization.-Stock, $1,500,000 pref. and $1,500,000 common; 1st
M. 5s. $5,500,000.
The proceeds of the bonds have been expended in acquiring and developing the property. Additional bonds may be issued for 80% of cash cost
of new cqnstruction, or of the replacement value of acquisitions, but in no
case unless annual net earnings are 134 times the interest charges, including
the bonds proposed.
Security of Bonds.-A first lien on (a) 128.75 miles of standard main-line
track and 27.60 miles of sidings owned in fee. 2,640 ties to the mile, 70-1b.
steel rails, ballasted with gravel; interlocking signals at important grade
crossings; automatic block signals are being installed. Generally easy
grades and curves;handles the heaviest freight equipment. (b)Power plant at
Fraser,on the Des Moines River(51 m.from Des M.),installed capac. about
lighting
20,000 h. p. in steam turbines, modern and efficient. (c) Electricthat
are
properties i n seven cities and towns, operating under franchises
sells
also
1939;
to
1934
from
expire
and
restrictions
burdensome
free from
large quantities of electricity to communities and other corporations.
and 30
(d) 2,288 freight cars, 32 miscellaneous cars, 11 electric locomotives
passenger CM'S. The electric locomotives weigh from 42 to 62 tons, and
are equipped with 900 h. p. motors. The equipment cost about $2,000,000.
The bonds, 83,500,000, axe only 62% of the replacement value of the
physical property (exclusive of good-will and intangibles), as appraised in
July 1915 by an independent engineer, and the equity will be constantly
increased by the serial payments. Beginning in 1916, a supplemental
mortgage requires that not loss than 25% of the gross earnings from transportation shall be applied to maintenance and additions; also that before
paying dividends,3% of the annual grass earnings must go into an insurance
fund, which must be raised to and maintained at $100,000.
Territory.-The road serves one of the most populous and fertile portions
of the Union as
of the State of Iowa. whish ranks (a) first among the Statesmules,
hogs.and
to the production of corn and oats, the raising of horses,
poultry the manufacture of farm implements and the value of farm lands
and buildings, and (b) second in coal production west of the Alississipp




extended the time for the deposit of the Kansas City Elevated Ry. Co. Gen. Mtge. 6% and 4% bonds and Kansas
City & Westport Belt Ry. Co. 1st M.5% bonds to Nov. 10
1915. Judge Hook has reserved decision as to whether further deposits of bonds and notes embraced in the plan other
than those above mentioned shall be accepted. Compare
V. 101, p. 1189, 1014.
Lewisburg & Northern RR.-Merger.See Louisville & Nashville R.R. below.-V. 101, p. 846.

Lexington & Eastern Ry.-Merger.Soo Louisville & Nashville RR. below.-V. 100, P. 1510.

Louisville & Nashville RR.-Acquisition-Director.-

The stockholders on Oct. 6 voted to take over by dead the proterties
of the following subsidiary companies: Lexington & Eastern Railway),
Lewisburg & Northern (V. 101, p. 846), Kentucky & Virginia and the Kentucky Highlands ItIts. The acquisition of the Birmineliam & Tuscaloosa
RR. was authorized. The Lexington & Eastern is taken over subject to
its outstanding bonds guarantood. but not, we understand, to be assumed
by the L. & N.(V. 100, p. 1510.) See report.
George C. Jenkins has been elected a director, succeeding his brother,
the late Michael Jenkins.-

Report.-See "Annual Reports" above and in V. 101,
p. 1180, 846.
Minneapolis & St. Louis RR.-New Stock Listed.-

The Now York Stock Exchange has authorized that $381,700 pref. stock
and $2,141,500 common stock be added to the list, on official notice of
issuance,in exchange on a 50% basis for outstanding capital stock,$763,500
lard. and $4,283,100 common, respectively, of the Des Moines & Fort
Dodge RR. Co. making the total amounts listed of prof. $6.299,200 and of
common stock 817.511,700. (Soo plan V. 100, p. 642, 733; V. 100, P• 6154

:d
ix,
b0
Earnings.-For fiscal year ending June 3
Other
Balanee,
Net (agter
Gross
Charges. Sur. or Def
Tares).
Earnings.
Income. $2,532,333 sur$186,604
$10,111,945 $2.743,167 def$24,230
9,620.884 2.288.013 sur109,147 2,550,552 dol153,392
o results include Des M.& Fort Dodge.-V. 101, p. 615.
19These

June 30.
Year1914-15

Missouri Kansas & Texas Ry.-Notice to Shareholders.The stockholders' protective committee (37 Wall St.), now
constituted as below, in circular of Oct. 13, says in subs.:

In view of the receivership, we, representing a substantial amount both
of the pref. and common stock, have, at the request of a large number of ,
shareholders, formed a committee for the protection of the interests of
both stocks.
We believe that the road has groat value. Including substantial equities
for the stock, and that a healthy reorganization can be devised which will
insure these values to the shareholders and place the property, physically
and financially, on a par with the best railroads in its great territory, and
in a position for the reasonable expansion so necessary to real vitality.
The working out of such a plan is already engaging our attention. Meanwhile, the largest possible deposit of stock should be made with our depositary, the Equitable Trust Co. of N. Y. Unless a plan prepared or approved by the committee shall be accepted by our depositors, the committee
will make no charge for its services against deposited stock sought to be
withdrawn.
Committee: Alvin W. Krech, Chairman; Frank II. Davis, Charles
Hayden, Joseph J. Slocum, Samuel A. Mitchell and Alfred W. Smithers.

Sherman Shreveport tt; Southern Committee.-See that co.
Committee for First Extension Mortgage 5s of 1894.-

This committee consists of John W. Platten, Chairman, Pree. U. S.
Mtge. & Trust Co.; Frederick H. Eckeri Treas. of the Metropolitan Lite

Om.16 1915.1

THE CHRONICLE

1273

the statute of limitations for the period of six years, provided the plan
becomes operative, and in any event for one year. Leon Sloss and Louis
Sloss also agree not to plead the statute for one year in any event.
Cash Funa ft orn Sloss interests, &c.—Sloss Corporation and Sloss Securis
ties Co. will transfer $500,000 in cash or securities to the new corporation.
This will constitute a fund to be used during the first five years to pay to
the holders of promissory notes made or endorsed by Leon Sloss or Louis
and secured, under the plan, by General Mortgage bonds, interest
Missouri Pacific Ry.—Cash Payment Made on Wabash Sloss
upon such bonds to the extent of the deficiency, if any, between the interBonds:—See Wabash RR.below.—V. 101, p. 1183, 1089.
est which the new corporation may pay out of its income and the full 5%
interest provided for by the bonds; also to pay the interest upon said promisCommittee for Central Branch Union Pacific Ry. 1st 48.—
sory notes due and unpaid on July 1 1915. At the end of five years any
See that caption above.
remainder of this fund will be used for the retirement of outstanding 1st
M. bonds and the balance, if any, will be distributed pro rata to the other
Majority of Trust 5s, due Jan. 1 1917 Deposited.—Time creditors
holding notes made or endorsed by Leon Sloss or Louis Sloss.
Extendcd.—The bondholders' committee, Moreau Delano
Sloss Securities Co. will cancel and discharge promissory notes and other
and demands which that company holds against the railroad comChairman, representing the trust 5% bonds, due Jan. 1 claims
panies which are set forth in a schedule filed with the depositaries and
1917 and the first Collateral Mortgage 5% bonds, due which aggregate about $1,700,000.
In consideration of the $500,000 to be so paid over to the new corporation
Aug. 1 1920, announce by advertisement on another page, and
the cancellation of such claims and demands, all of the railroad creditors
that a majority of the outstanding ($14,375,000) trust bonds will release
the Sloss interests from further liability to thorn, except that the
unsecured floating debt creditors will retain their rights against the
of 1917 and a substantial percentage of the ($9,636,000) present as
Slosses
stockholders of the present companies. W. P. Hammon. E. J.
First Collateral Bonds of 1920 have been deposited or do Sabla Jr.
and E. R. Lilienthal will each be given the privilege, for a permay extend for another year.
pledged with the committee. The committee has extended iod of three years, which the new corporationupon
notes made, endorsed or
of being likewise released from all liability
the time of deposit until Nov. 1 1915, after which date guaranteed
by them, upon the payment of 8500,000. and in the event of
the purpose of
bonds will be received only upon such terms and conditions such payment one-half of the amount so paid will be used forwill
be divided
any outstanding 1st M. bonds and the other half
as the committee may determine. Compare V. 101, redeeming
among creditors other than underlying bond holders as security for claims.
Voting Trust.—All of the stock of the new corporation will be placed in
p. 923, 1183.
trust with the Union Trust Co. of San Francisco for five years, with the
such
New Orleans Texas .& Mexico RR.—Plan Operative.— power of selling the same for not leas than $2,000,000, and in case of than
sale
money will be distributed pro rata among the creditors other
The reorganization committee, Willard V. King, Chairman, thosethe
underlying bonds.
the
by
whose
secured
claims
are
announces that the plan of reorganization has been deDirectors.—The new corporation will have a board of 14 directors, 4 of
whom will be selected by the owners of the Gen. Mort. bonds, 4 by the
clared effective. See plan, &c., V. 101, p. 774, 768, 1093. pledgees
of Gen. Mort. bonds. 4 by owners and pledgees of income bonds,
1 by the unsecured creditors, and the remaining one by the four endorsers.
RR.—Trial.
New York New Haven & Hartford
While
the
stock is so held in trust, the trust company will vote the same in
on
company
violation
charges
the
of
of
directors
The trial of the former
Oct. 11 before Judge Bunt in the accordance with the instructions of the bondholders and creditors, who shall
of the Sherman anti-trust law began
a
are: William Rockefeller, have voice as to how said stock will be voted in the same proportion as
Federal Court at New York. The defendants
Robert W. Taft, A. Heaton they may have said stock voted for directors.
Lewis Cass Ledyard, D. Newton Barney,
If the stock shall not be sold during the pert& of five years, it shall then
Hemingway, Charles F. Brooker,
Robertson, Edward I). Robbins,James S.
Frederick. F. Brewster and George be sold at public auction at the Stock & Bond Exchange of San Francisco,
Charles M. Pratt, Henry K. McIlarg,370.
the net proceeds distributed among the creditors, or it shall be otherwise
and
1089,
MacCulloch Miller.—V. 101, P.
disposed of, as a majority of the creditors may then determine. If no sale
or other distribution is made, the stock itself will be distributed among the
Co.,
Railway
.
California.—Reorgan
Electric
Northern
creditors, other than those holding underlying bonds as security, and the
Plan.—The committee named below in circular dated creditors will then own and overate the road in such manner as may appear
announce that they have consented to act as a com- to them best under the conditions then existing.—V. 101, p. 1014. 131.

Ins. Co., and John H. Mason, V.-Pres. Commercial Trust Co. of Philadelphia. Deposits will not be requested until, in the judgment of the
committee, it is necessary, but bondholders are requested forthwith to file
with the Secretary, Chauncey II. Murphey,55 Cedar St., N. Y. City, their
names, addresses and the amounts of their holdings. For other committee
see V. 101, p. 1189, 1092.

Oct. 5
mittee for the carrying out of a plan for the reorganization
of the Northern Electric Ry. Co., Northern Electric Co.,
Sacramento & Woodland RR. Co., Northern Electric Ry.
Co.-Marysville & Colusa Branch, Nor. Calif. Securities
Co. and Vallejo & Northern RR. Co. They therefore urge
the deposit of securities, &c. thereunder on or before Nov.
'
15. The circular says in substance:

attorneys representing the various interThe plan has been prepared by
have been approved by all of the protective
ests involved and its provisions
and creditors of the railway combondholders
the
representing
. committees
it has been assented to by many of the
panies and by the Sloss trustees and the
Bank of California, N. A., Wells
banks of San Francisco, including
San Fr., First Nat. Bank of San Fran., Anglo
Fargo Nevada Nat. Bank ofof
San Fran. and Mercantile Nat. Bank of San
& London Paris Nat. Bank
banks throughout the State. It will now
the
of
many
by
also
and
Fran.,
Commission for,its approval.
be submitted to the Railroad
The main features of the plan are that the principal rights of the bondholders and creditors of the railway companies are substantially preserved
July 1 1915, during which.
in effect for a period of at least five years front
and improved business conditime it is hoped that increase in population
tions throughout the territory covered by the railroads, together with better
financial times, will result in materially increasing the revenues of the properties and give the roads a chance to work out the payment of all claims.
without the creditors being called upon to
This extension of time is securedThe
only alternative, we believe, is hostile
make any advances of money.
expense.
and
litigation
foreclosure,
creditors may till Nov. 15 become parties
Owners or pledgees of bonds orOwners
of bonds of Northern Electric Co:',
to the agreement as follows: (1)
& Woodland RR. Co. Northern
Northern Electric fly. Co., Sacramento
Branch, Chico El. Ry. CO. and ownElectric fly. Co.-Marysville & Colusa,
Co.
should
deposit their bonds or gold
Ry.
El.
Northern
of
notes
ers of gold
Fr. or First Federal Trust Co.,
notes with either Union Trust Co. of San
certificates. (2) Creditors holding
San Francisco, in exchange for deposit
should present such bonds,
notes, etc., secured by any of saidtobonds,
notes etc., with copies of the latter, either of said depositaries. Deposit
certificates will be issued for the bonds and the notes or obligations will be
marked to show the owners assent and returned to him. (3) Unsecured
notes or other obligations will be treated in the same way as the notes, etc.
referred to above. (4) A detailed statement of open heel( accounts or
claims not evidenced by a writing should be presented to the Secretary of
approved statement, with a copy
the committee, to be approved, and the
thereof, should thou be presented to either depositary for treatment as in
the case of promissory notes above. (5) Creditors of the railway companies
holding certificates of deposit issued by Union Trust Co. of San Fran. under
Slosss Trust & Security Agreement of Jan. 31 1914, should surrender their
deposit certificates to that trust company and their notes and bonds will
then be treated as above provided. (6) Creditors of Sloss Bros., Louis
Sloss & Co. and creditors other than those above mentioned, who hold such
deposit certificates, should present their certificates to said Union Trust
Co. to be marked as assenting to the agreement.
Committee: Prank 13. Anderson, Chairman; John S. Drum, Vanderiynn Stow, I. W. Hellman, Jr., vred W. Klesel, John D. McKee, A. F.
Jones, James IC. Moffitt, M. H. Hyland, Miles Standish, A. L. Reed and
Phillip I. Manson, with George F. Detrick as Secretary, 808 Alaska Commercial Bldg., San Francisco.
Digest of Official Memorandum of Reorganization Plan.
Capitalization of New Corporation.
(a) Capital stock [corporation to take over, after foreclosure
of the various mortgages, all of the properties of the Northern
El. fly. (Jo., Northern El. Co., Sacramento & Woodland Co.
$2,000,000
and Marysville & Colusa Co.]
1)1st 51. 5% 20-year bonds, which will be used only for the
purpose of discharging prior or superior liens, repairs to or reconstruction of the roadbed, purchase of rolling stock and
other equipment, compensation of receiver and his attorneys,
expenses of reorganization. &c. An issue a
500,000
An issue of $5,300.000 General Mortgage 5, Thirty-Year
bonds, interest for first 5 years payable annually and only
front the net earnings, and to the extent of such net earnings,
' not exceeding 5% per annum non-cumulative. These bonds
will be exchanged, bond for bond,for bonds held by the owners
or pledgees of the bonds of the Northern El, Co., Sacramento
& Woodland Co., Marysville & Colusa Co. and Chico El. fly. 5,300,000
(d) An issue of $7,000,000 5% Thirty-Year Income bonds, interest payable annually only from the net earnings and after the
payment of interest on the outstanding prior bonds. These
bonds will be exchanged, bond for bond, for First Cense!.
Mortgage 5% 40-year Gold bonds of the Northern Electric
fly. Co. About $150,030 of these bonds will be pledged to
7,000,000
secure the debts of the unsecured floating debt creditors
Assumption of Certain Dcbts.—The now corporation will assume and agree
debts of the Northern Electric Itv. Co.
to pay each and all of the admitted
in a schedule of indeiv
•.8 °nes
and its affiliated corepanies, set forth if
they wish, after the nOW 00111p my
with the depositaries. Creditors may, notes
for new notes 01 the
coris incorporated, exchange their present
poration. W. P. Hammon, E. J. de Sabla Jr. and F,. It. Liee.,thal will
agree to be bound the same as they now are and will waive the right to plead




Pennsylvania RR.—New Director.—

Geo. H. McFadden. head of the firm of Geo. H. McFadden Sr Bro., has
been elected a director to succeed Rudulph Ellis, deceased.—V. 101, p.
924, 744.

Philadelphia Co.—New Director.—

Charles Hayden of Hayden, Stone & Co., has been elected a director of
this company and of the Duquesne Light Co. of Pittsburgh.—V. 101, 13•
1093, 846.
•

St. Louis Iron Mountain & Southern Ry.—Foredosure.

The Union Trust Co.. N. Y., and Benjamin F. Edwards, trustees for the
bondholders, have brought suit in the Federal District Court at St. Louis
to foreclose the $200,000,000 1st and Ref. Mtge. See plan of reorganization
under caption "Missouri Pacific Ry." in V. 101, p. 130, 773; also Wabash
RR. below.—V. 101, p. 1014, 616.

Seaboard Air Line Ry.—Consolidation—New Mortgage,
&c.—The stockholders will vote Nov. 15 on:

(1) Ratifying the agreement of consolidation dated Oct. 11 1915 between
Seaboard Air Line By. and Carolina Atlantic & Western Ry.
(2) Approving a mortgage to be executed by Carolina Atlantic & Western
By.[name to be changed to "Seaboard Air Line Railway Co."—Ed. to secure an authorized issue of $300,000,000 of bonds, issuable in series, which
bonds and mortgage are to be assumed by the consolidated company.
(3) Approving the issue of $25.614,000 of said bonds, of whicn $2,750,000
are to be held for the benefit of the treasury of the consolidated company.
approximately $5,725,000 are to be issued in connection with the retirement of an equal amount of various issues of underlying 1st M.6% bonds
of Carolina Atlantic & Western By. and $17.168.500 have been sold to a
syndicate headed by Guaranty Trust Co. of N. Y. and the National City
Bank of N. Y.,and upon the approval of the agreement with said syndicate.
Digest of Official Circular to Shareholders Dated Oct. 15 1915.
Plan to Facilitate Financing, Open Valuable New Territory, Afford a New
Low-Grade Line to Charleston and Savannah and Obviate
Necessity for Second-Tracking.
The necessity of devising a broad plan for the future financing of the
system has for some time been evident. The Refunding Mortgage is limited to 4%,and it does not provide sufficient bonds for betterments and improvements and for necessary extensions and acquisitions, and it contains
no reservation of bonds for the refunding of some $10,728,000 of divisional
and underlying bonds which mature prior to its date of maturity. The company cannot economically be financed with bonds issued under its terms.
The Refunding Mortgage is followed by the Adjustment Mortgage, a closed
mortgage, and by the preferred and common stock. The present 6
Pref. stock is for present purposes a 4% stock, since dividends above 4%
cannot be declared thereon until after 47 dividends have been declared on
the common stock. Under such conditions this preferred stock could
hardly be used for financing our requirements.
By the proposed consolidation a valuable new territory will be opened up
to your new company, and a new low-grade line, of low curvature, will be
secured, thus giving the consolidated company the advantage of practically
a double track from Hamlet, N.C., to Savannah, Ga. This will obviate
the necessity of double-tracking the existing line from Hamlet via Columbia
to Savannah, where traffic is becoming congested, besides which considerable saving in operation will be realized partly because of this low-grade line,
as compared with the present high-grade line between the points mentioned.
An issue of First & Consolidated Mortgage bonds will also be made available, ample in authorized amount ($300.000,000) and secured by a mortgage
containing modern provisions for the issue of bonds in series, thus insuring
the best results under changing financial conditions. In addition, in normal times further needs may be met by the sale of new 6% or 5% pref.
stock of the class hereinafter mentioned.
Car. Att.& West. Ry.:Now Reaching Charleston, to lie Estended to Savannah.
This company, a consolidated corporation, owns a railway extending
from a connection with the Seaboard at Hamlet. N. C., via Andrews, S. C.,
to the port of Charleston, S. C., and from Lanes, S. C., via Andrews to the
port of Georgetown, S. C.. and also from a connection with the Seaboard at
McBee, S. C., through Hartsville. Darlington and Florence to a connection
with the first-mentioned line at Poston. S. C., with branches extending
to Sumter and Tinunonsville. In addition, this company has begun the
construction of a line with a maximum grade of 3-10 of 1%,from Charleston to the Seaboard's terminals at Savannah, whim is expected to be completed within about one year from date. The lines aforesaid aggregate
approximately 416 miles. are of low grade, maximum 3i of 1%, and are
of low curvature, permitting the increase of the full-train load 1273i% as
compared with the line via Columbia. By consolidation with this company,
two important South Atlantic ports, Charleston and Georgetown, will thus
be added to the Seaborad system.
Consolidation Agreement—New Mortgage—Application of Bonds.
The Carolina Atlantic & Western Railway proposes to change its name to
Seaboard Air Line Railway Co., and to execute a mortgage, which is to be
made a first lien upon the mileage aforesaid, securing an authorized issue
of $300,000,000 of First & Consolidated Mortgage gold bonds, issuable in
series which may vary in maturity, interest nad redemption rates and in
other respects. The new consolidated company will assume the said bonds
and mortgage.
Approximately $25,644,000 of said bonds are to be forthwith issued, of
which bonds $2,750,000 are to be placed in the treasury of the consolidated
company,$5,725,000 are to be issued in connection with the retirement o
an equalamount of various issues of underlying 1st M.6% bonds of Caro

1274

lina Atlantic & Western Ry. now constituting liens on portions of the mileage above mentioned ($4,225,000 whereof are now guaranteed, principal
and interest, by the Seaboard), and $17,168,500 have been sold.
Of the remaining bonds approximately $75.453,000 are to be reserved
for refunding an equal amount of Seaboard Refunding bonds and various
issues of underlying bonds of the Seaboard Air Line Ry., which upon consolidation will become underlying bonds of the consolidated company,
and the rest of said Issue are to be reserved for betterments, improvements,
additions, acquisitions and extensions, refunding or payment of liens on
after-acquired property and retirement of equipment obligations, all under
proper restrictions. The $17,168,500 of bonds referred to have by agreement been sold to a syndicate which is under the direction of the Guaranty
Trust Co. of New York and the National City Bank of New York, and the
agreement with said syndicate will be submitted to the stockholders'.
The proceeds of said sale of bonds will be available to the consolidated
company for the purposes of the consolidation, for the construction of the
Charleston-Savannah line, for the payment of floating debt, for the retirement of the $6,000,000 Seaboard Air Line Ry. 5% notes maturing Mar. 1
1916, for expenditures for betterments, improvements and the acquisition
of property, and for other proper purposes of the consolidated company.
Obligations to Be Assumed-Security for New Bonds-To Include All Additional Refunding Bonds.
The new company,the "Seaboard Air Line Railway Co.," will assume all
the obligations of the consolidating companies, including the $300,000,000
First & Consol. Mtge. gold bonds and mortgage above mentioned. It is
not proposed that at this time the said mortgage shall be a lien on any of the
existing Seaboard Air Line Ry.'s lines of railway and physical property
but there will be pledged under it approximately $22,361,000 Seaboard
Refunding bonds now in the treasury of the Seaboard or pledged to secure
notes which will be retired out of the proceeds of the sale of bonds above
mentioned, or acquired out of such proceeds, and also all the shares of
stock of Raleigh dc Charleston RR. Co. and Tampa Northern RR. Co.,
and one-third of the outstanding stock of Tampa Union Station Co., and
the mortgage contains covenants whereby all Refunding bonds hereafter
issued will be pledged thereunder; also the stocks of certain other companies
which the Seaboard now has under option if acquired. It is contemplated
that all new mileage and acquisitions of the consolidated company will be
provided for from the said mortgage and that the mortgage will become a
prior lien as therein provided upon all such now acquisitions. All property
acquired with the proceeds of the new bonds is to become subject to said
mortgage, excepting only betterments and improvements appurtenant to
the Seaboard Air Line Ry. existing mileage and property required to be subject to the lien of the Seaboard Refunding Mortgage and Adjustment Mtge.
Capital Stock of New Seaboard Air Line Railway Company.
The consolidated company is to have an authorized capital stock of the
same amount as the present Seaboard Air Line Ry., viz., $100,000,000,
divided into 1,000,000 shares of $100 each. Of this authorized amount
there is to be issued in exchange for securities of the consolidating companies
272,800 shares of pref. stock and 400,410 shares of common stock. The
common stock is to be exchanged par for par for an equal amount of existing common stock of SeaboardAir Line Ry.and Carolina Atlantic & W. Ry.
Of the 272,800 shares of pref. stock, 22,800 shares are to be entitled to
non-cumulative dividends at and up to the rate of 6% per annum before
any dividends are declared on the common stock, and 250,000 shares are
to be entitled to substantially the same rights to dividends prior to the
common stock as is provided with respect to existing Seaboard Air Line
By. preferred stock, namely, non-cumulative dividends at and up to the
rate of 4% per annum before any dividend is declared on the common stock,
and after 4% shall have been declared on the common stock, in any year, to
additional non-cumulative dividends at the rate of 2% in such year, making
6% in all, said stock being called for convenience "4% preferred stock."
e
Each share of "4% preferred stock" is to be convertible at the option
of the holder,on or.after July 1 1916 and prior to July 1 1921,into preferred
stock at par entitled to non-cumulative dividends at and up to the rate of
5% per annum before any dividend is declared on the common stock, or.
at the option of the holder, into 2-3 of a share of6% preferred stock and 1-3
of a share of common stock. The said 22,800 shares of 6% preferred stock
is to be exchanged for an equal amount of Carolina Atlantic & Western Ry.
Refunding 5% gold bonds, Series A, and said 250,000 shares of "4% pref.
stock" is to be exchanged for an equal par amount of the existing Seaboard
Air Line Ry. preferred stock.
All outstanding shares of the pref. stock will be entitled to dividends in
any year without preference or priority in time or order of declaration or
payment between any of the shares thereof, but in the ratio of $6 for each
share of 6% pref. stock outstanding to $4 for each share of 5% pref. stock
outstanding and $4 for each share of "4% preferred stock' outstanding
until the 6% preferred stock shall have received dividends at the rate of
full 6% and the other preferred shares shall have received dividends at the
rate of full 4%, whereafter the 5% preferred stock, if any, may receive an
additional amount up to the amount necessary to provide its full 5%
dividend in such year. For such Seaboard Air Line Ry. stock and Carolina
Atlantic & Western Ry. stock and Refunding bonds as are owned by the
Seaboard Air Line Ry., new stock is to be issued which will be placed in the
reasury of the consolidated company. See also V. 101, p. 528, 1189.

Sherman Shreveport & Southern Ry.-Committee.-In
view of the receivership of the M. K. & T., the following
committee, by adv. on another page, invites holders of the
1st M. 5s to notify the Secretary of the committee, Jos. S.
Dale, 52 William St., N. Y., of the amount of their respective holdings: R. Walter Leigh, Chairman; H. F. Whitcomb
and F.X.Quinn,with Alfred A.Cook,counsel.-V.71,p.1115.
• Spokane & Inland Empire RR.-Earnings.Gross Oper.
June 30
Revenue.
Year$1,243,325
1914-15
1.404,469
1913-14
-V. 99, p. 1292.

Net after •
Taxes.
$178,321
318,946

Other
Income.
$2,456
3,840

Bond Interest, &c.
$468,571
453,365

Balance,
Deficit.
$287,794
130,579

Third Avenue Ry., N. Y.-Dividend.--The directors
yesterday declared an initial quarterly dividend of 1% on.
the $16,590,000 stock, payable Jan. 1 to holders of record Dec. 15. Compare annual report in V. 101, p.842,1190.
Toronto Terminals Railway.-Mortgage.There has been filed with the Secretary of State of Canada a mortgage
dated May 31 1915 between this company, as mortgagor, and the Grand
Trunk Railway Co. of Canada and the Canadian Pacific Ry. Co., mortgagees, indemnifying the mortgagees, as recited therein. Henry Phillips
of Montreal is Secretary.-V. 100, p. 399.

Virginia Railway & Power Co.-Correction.The recently published notice on gas reduction in Richmond was inadvertently placed under the caption of this company, whereas as a matter
of fact the company does not distribute gas in Richmond. the statement in
question applying merely to a reduction in the rates for the municipally
owned plant.-V.101, p. 1093.

Wabash-Pittsburgh Terminal Ry.-Postponement.Judge Orr of the U. S. District Court, Pittsburgh, on Oct. 9
granted the petition of the reorganization committee for the
postponement of the foreclosure sale under the provisions of
receivers' certificates, until six weeks from Nov. 1, during
which time the sale will be advertised.

The Ely committee has submitted to the Wallace committee a plan to sell
$4,000,000 1st M. bonds and $5,000,000 preferred stock, thereby doing
away with the bond assessment under the proposed reorganization plan.
V. 101, p. 1093. 919.

Wabash RR.-St. Louis Iron Mt. & Southern Makes Cash
Payment.-The St. Louis Iron Mt. & Southern By. (Missouri Pacific System), who owns $2,900,000 Refunding 4s,
paid on Oct. 12 an installment of 10% of the cash payment
of $654 82 per bond required as the result of the underwriting by the assenting holders of these bonds of the stock assessment levied under the plan of reorganization. Neither



[VoL. 101.

THE CHRONICLE

company has paid any part of the assessment placed on the
capital stock under the reorganization plan.
We understand that about $40,000,000 of the $40,602,000 First Ref. &
Extension 5s have been deposited under the plan, but the statement published on Oct. 14 that "out of $39,498,928 deposited bonds which agreed
to underwrite the cash assessment, 98.5% has paid initial installment of
10%,or have paid their obligation in full,- is neither confirmed nor denied.
-V. 101, p. 1190, 1093.

INDUSTRIAL, GAS AND MISCELLANEOUS.
American Shipbuilding Co.-Earnings.June 30
Net
Depreciation,
Preprred
YearEarnings. Mahal., &c.
Ditndends.
1914-15
$175,770
$170,364
1913-14
712,061
432,757
(334%) 276,500
-V. 100, p. 1512.

Balance,
Surplus.
$5,406
2,804

American Zinc, Lead & Smelting Co.-New Director.
Charles W.Baker N. Y.was recently elected a director.-V.100,p. 1169.

Assets Realization Co.-Preferred Stock.See Simms Magneto Co. below.-V. 101, p. 450, 445.

Burns Brothers, Wholesale & Retail Coal, N. Y.The N. Y. Stock Exchange has listed the $1,813,900 7% cum. pref.
stock and $5,500,000 common stock.

Earnings.-The company reports as follows:
Results for Years ending March 31 1914 and 1915: 3 Months ending
June 30 1915 and July1915.
Year '13-14. Year '14-15. 3 Mos.'15. July 1915
Sales of coal
$11,463,232 $11,844,723 $2,683,418 $596,343
Cost of coal
8,793,223 1,997,459
8,660,295
441,350
Gross profit
$2,802,937 $3,051,500
Oper.,&c.,exp.& deprec'n 2,241,326
2,264,923

$685,959
566,393

$154,993
152,336

Balance
Other income (divs., &c.)..
Interest

$119,566
25,785

$2,657
4,620

$561,611
1,120
3,670

$786,577
610
12,484

Net profit
$799,671 $145,351
$566,401
$7,277
Combined Balance Sheet of Burns Bros. of N. J. and of N. Y.
AssetsJuly31 '15. Mar.31'14.
MobilitiesJuly31 '15. Mar.31'14.
Coal pockets, real
Preferred stock__ _$1,813,900 $1,949,500
est., trucks,&c.$1,676,725 $1,401,616 Common stock__ 5,600,000 6,500,000
Good-will, leases,
Pur. money obllg_ 202,976
173,261
&c.*
4,887,470 4,887,470 Accts. pay'le and
Int. in other cos
70,499
77,048
accrued taxes__ 701,498 1,349,889
Coal &supp.(cost) 434,573
616,946 Deprec'n reserve_ 204,0631 138,116
Cash
34,026f
298,504
384,614 Miscel. reserve_ __
Accts.& bills rec.- 1,794,480 2,011,907 Surplus
334,179
162,206
Deferred items_
274,536
299,816 Unapprop. surplus 646,145
406,345
Total

$9,436,786 $9,679,317

Total

$9,436,786 $9,679,317

* Includes difference between appraised and salvage value of equipment.
Compare V. 96, p. 367, 1023; V. 97, p. 1026.

Canadian Car & Foundry Co.-Sale of Securities.The "Montreal Gazette" on Oct. 11 said: "According to an official statement made to 'The Gazette' yesterday, the company has sold 2,500 com.
and 2,500 pref. shares, realizing better than par in both cases, while a
subsidiary concern, Canada Steel Foundries, has sold $1,000,000 6% ono
year debentures. The Royal Securities Corporation, which has acted for
some years as the issuing house for the company, is the purchaser of both
stocks and notes, presumably acting in association with American bankers.
With the sale now completed, the outstanding common stock will be
$4,225,000 out of $5,000,000 authorized and the outstanding preferred
$7,250,000 out of $7,500,000 authorized."-V. 100, p. 1675, 1439.

Chalmers Motor Co., Detroit.-Status.--Chandler Bros.
& Co., in a special circular, say in substance:

Application is now being made to place the company's stock on the N. Y.
Curb and the Phila. Stock Exchange. (Listed on curb Thursday of this
week. Application pending in Philadelphia.) The stock in the past has
been dealt in only on the Detroit Stock Exchange and has suffered from
having only a narrow market. The company is free of bonded debt.
The [$5,000,0001 common stock, par $100, pays dividends at the rate
of 10% a year 1.-J.) and has been doing so for four years. In Aug.
less than 2 year after organization, a stock dividend of 900% was
1910,les
declared. the $30 .000 common stock being increased to $3,000,000 by
raising the par value of the shares from $10 to $100 each. On Oct. 1 190
a stock dividend of 33 1-3%, and in June 1913 another dividend of 25% In
stock, were presented to these shareholders. The company is sharing in
the increased prosperity of the motor industry, and it is only a matter of
time until the stock will get an increased return.
The pref. stock is being retired at the rate of $175,000 or more a year,
and on June 30 last was reduced to $1,186,500. being all the capitalization
ahead of the common stock. The company at the end of its fiscal year had
cash on hand, $1,173,135, and its other quick assets afforded ample working capital to swing the large volume of business being done.
The management does not issue statements of earnings; but It is known
that the results were substantially better than those for the year 1913-14,
when the surplus, after paying the 7% dividend on the pref., was equal to
about Hqi% on the corn. stock. The present fiscal year has started in
most favorably, and the 12 mos. ending June 30 next will undoubtedly far
surpass every past year, with probable earnings of 30% on the com, stock
after all improvements and betterments are made.
After making allowance for paying off all liabilities and the pref. stock at
par, the assets, without considering good will, would equal over $120 per
share on the $5,000,000 corn. stock. The present assets are the result of
but 8 years' business operations, plus the original capital of $150,000 and
the sum realized from the sale of $1,500,000 pref. stock. Tae company
carries good will in its balance sheet at the nominal figure of $1, although
it is an intangible asset of great value.
The thoroughly up-to-date plant makes one of the very best mediumpriced cars for the price in the market. The company has not sought war
business, but is developing its domestic trade. Hugh Chalmers, the
President, is still a young man, but he has had a remarkable experience in
the management of large corporations, and is especially strong on selling
and advertising. Mr. Chalmers believes in organization and "team play"
rather than one-man management. Most of the officials are stockholders,
Mr. Chalmers himself being one of the larger stockholders. The results of
the company's policy are shown by the business this season, which has
so far practically quadrupled last year's business.
The company manufactures practically all its parts in its own plant,
thus saving the part maker's profits. The company employs between 4,000
and 5,000 men. Its buildings are all of concrete and steel construction.
It has 16 acres of floor space, and a total of 30 acres of land. The plant
at present is being enlarged to take care of the increased business. It is
one of the best-arranged and best-looking plants in this country. The
machinery is surrounded with safety devices and there is a welfare department, with a man at the bead whose business it is to promote efficiency and
good feeling on the part of the employees.
Balance Sheet June 30 1915 (Total Each Side, $8,194,264).
Buildings, machinery,land,
Prof. stock, 7% cum., is&c., $2,907,942; less resued, $1,500.000; held
serve, $692,111
32,215,831
for cancell'n, $313,500-$1,186,500
Cash
1,173,135 Common stock issued-- 5,000,000
250,000
Notes & accts. receivable.
Notes payable
Current mdse. accounts... 437,283
$1,061,017; less reserve,
90,326
$12,012
1,049,005 Deposits-dealers' contr's
51,398
Mdse.. $3,441,478; less
Accrued accounts
reserve, $114,177
3,327,301 Reserves22,571
Deferred exp. & taxes....
Prepaid expense
27,863
145,764
Stocks of other companies 280,165
Corn. and pref. divs
1,010,422
Sales branches
120,962 Surplus
Good will, sales contracts_
1
-V. 101, p. 775.

OCT. 16 1915.]

1275

THE CHRONICLE

Cudahy & Co., Chicago.-Incorporation in Maine.An official statement says in part:
Under the will of the late Michael Cudahy a number of trusts are provided
many of
for his daughters and other heirs, who are widely scattered, and
the
whom are not in active business. These trusts must be settled during
stock
present month. E. A. Cudahy has been persuaded to rearrange theto
the
stock
a
pref.
will
give
which
basis
a
on
holdings of the company
interests of his brother, while he retains his interest in the common stock
company.
the
of
control
resume
will
and
In order to work out the legal details, a new corporation under the laws
the
of Maine was found necessary. Upon this corporation's being formed,
stocks will be reissued to the present shareholders on the basis of $8,550,500
pref. and the balance corn. stock. The directors of the now companybewill
no
be E. A. Cudahy, J. M. Cudahy and E. A. Cudahy Jr. There willcapital
other change in the business organization. [The tetal authorized
stock, it is understood, will be increased from $12,000,000 to $14,000,000.
Edward A. Cudahy again becomes President.]-V. 101, p. 1191.

Dayton (0.) Power & Light Co.-Listing.--

The N. Y. Stock Exchange has authorized the listing of the $2,306,500
6% cum. pref. stock and the $3,053,000 common stock whenever official
notice is received of the issuance of permanent engraved interchangeable
certificates, and will list a further $656,000 of pref. stock on payment in
full, making the total amounts to be listed pref. stock $2,962,500 and common stock 63,053,000. See V. 100, p. 1351, 1921.

E. I. du Pont de Nemours & Co., Wilmington, Del.Offering.-Dominick & Dominick, N. Y., and Laird & Co.,
Wilmington, Del., are offering at 103, to yield 5.80%,
$1,700,000 6% cumulative non-voting debenture stock,
present issue $60,000,000. Div.Q.-J.15. The bankers say:
This debenture stock carries the fundamental provisions of debenture
bonds and also gives opportunity to the holders to come into the management of the property before the assets are so dissipated as to make rehabilitation very costly or impossible.
fiscal year will amount to
We estimate that the earnings for the present
or 15 times the annual dividend
no less than 90% of the debenture stock,
even
be
In December 1914
better.
will
showing
this
required, and for 1916
since which time many millions have
assets amounted to over $82,000,000,
the old ones, which improvebeen expended in new plants and in enlarging
well
ments are being rapidly amortized out of earnings. Present assets are
manufactures all kinds of exin excess of $120,000,000. The company
owns
It
military
purposes.
and
and
controls
commercial
for
both
plosives,
South America, and manufactures
nitrate of soda properties in Chile,
which they use gun cotton as a base.
Fabrikold and artificial leather, for
men, and enjoys the enviable
45,000
of
upwards
employs
Tile company
reputation of never having labor troublw with its employees. Compare
V. 101, p. 616, 696, 848, 1016.

Eastman Kodak Co. of New Jersey.-Extra Dividend.-

declared on the $19,532,800 common
An extra dividend of 10% has been
of record Oct. 18, making, witn previous
stock, payable Nov. 1 to holders
234% in April,5% in June, 23. %
extra distributions, viz.. 10% in March,a
in July, 5% in Sept. and 2ei% in Oct., total of 37s/% in "extras" thus
far declared or paid in 1915, along with the regular 10% per annum. Compare V. 101, p. 530. 696.

The stock sales department, which has been justly criticised, has been
closed up, and the company will not now purchase or sell its own stock or
that of any other company.
Examining the statement of assets from the books as of May 311915. we
find that some of them are carried at far above their value, notably:
(1) Agency Establislunents.-This item amounts to $2,579,046 (gross).
including $620,284 expended last year in establishing approximately 300
new routes. Deducting the reserve, $929,838, held against this item, the
net is $1,649,208. The field organization is essential to the business, but
its first cost is not a tangible asset and should not be used to swell surplus.
(2) Scholarship Accounts Receivable.-These appear at $4,137,623, less
a reserve for instruction and bound volumes of $600.000; net. $3,537,623.
In our opinion, inasmuch as the company has a liability to students in the
form of undelivered instruction, a reserve should be deposited with a trust
company to insure fulfillment of all obligations to students.
(3) Other Accounts Receivable.-This includes the sums due from the
I. E. P. Co., the Victor Typewriter Co. and the Technical Supply, together
aggregating $1,438,826. This item we believe is subject to a very large
shrinkage, for it is doubtful if under present business conditions the accounts against the I. E. P. Co., the I. C. S., Ltd., of London, and the Victor Typewriter Co. can be collected.
(4) Investments.-These include a considerable block of stock of the
I. E. P. Co., which was received in exchange for rights sold to the company
operating abroad; also the stock of the Victor Typewriter Co., listed at
$1,000,000 (10,000 shares, par $100). Inasmuch as the I. E. P. Co. cannot operate profitably under existing conditions, we feel that the value at
which this is carried is excessive. We are informed that the directors have
just agreed to sell the Victor Typewriter Co., and if the agreement is carried out, the company will receive a substantial amount in cash, and securities in a new corporation to be formed, which the purchasers agree
shall have ample working capital. [See a subsequent page.-Ed.]
After making deductions for excessive valuations as listed above, we
find that the assets are much in excess of the liabilities, and if economy is
practiced, and an aggressive sales policy is pursued, the company should
operate at a substantial profit.
Our recommendations for retrenchments, which we estimated should save
$400,000 of $500,000 per year in operating cost, have practically all been
put into effect, or will be as early as is possible. We feel confident that
as a result of the changes which have been recently inaugurated, the November operating expenses will be at least $40,000 or $50,000 less than
they were for Nov. 1914, and we believe that the efficiency of the business
will not be impaired by the changes.
outWhile the officers and directors still own less than one-tenth of the were
who
standing stock, more than a majority of the present board are men
desire
their
of
because
Scranton
of
institutions
selected by the financial
to assist in establishing the enterprise on a sound financial footing. In our
opinion it would be well to increase the board from 11 to 15.
Notwithstanding the unfavorable publicity to which the company has
rebeen subjected during the past few months, the enrollments and cashand
ceipts, as shown by the following figures, have been very satisfactory,
business:
the
of
present a strong testimonial to the value and vitality
Juno 1 to July 311915, enrollments. 12,722; cash receipts, $603,767, showing an increase in enrollments of 423 and a decrease in cash receipts of $34,Sept.22 1915, en659 as compared with the same 'period in 1914; Aug. 1 toincrease
in enrollrollments, 9,269; cash receipts, $383,241, showing an
of
$9,400.
ments of 783 and an increase in cash receipts
Contrary to the opinion prevalent in some quarters, we believe the stock
holders have a valuable property.
Shareholders' Committee: W.C.Johnson,J. N. Ritchie and T.D.Jones.
-V.101, P. 291, 216.

Empire District Electric Co.-Dividends Resumed.-

The directors on Oct. 9 1915 declared a dividend of Y, of 1% on the
$1,003,900 6% cumulative pref. shares, payable Nov. 1 to holders of record
Oct. 9 wrote: "Toe policy of your board
Oct. 15. Pres. Henry L. Doherty
dividend on the preferred stock monthly
Is to continue payment of a similar
paid, an to then disburse the regular
until all accumulated dividends are
of 1% each month thereafter."-V.99,P.676.
dividend of

Mining, Smelting & Power'Co.
The Granby Consol.
Exchange has listed

$1,007,100 convertible 1st M.
The New York Stock
stamped, with authority to add $992,900 of said
6% bonds, Series "A,"exchange
for
temporary
bonds, making the total
in
issuance
bonds on
Of the $1.500,000 Series A,
amount authorized to be listed $2,000,000. been
have
$60,000
listed,
retired by sinking fund.
heretofore
bonds
plain
issue under first mortgage, $5.000,000.
Total authorizedbonds
bear the following: "This bond is subject to redempThe stamped
sinking fund provided in the
tion not only through the operation of theof
the additional sinking fund
mortgage but also through the operation
indenture between the company and
provided in a certain supplementalUpon
call
for
1915.
15
redemption accordingly,
April
dated
the trustee,
bond shall cease. To the foregoing proviall right of conversion of this
said
supplemental
of
provisions
indenture the holder ,.of
all
to
and
sions
assents. [Signed by Treas.] Compare
this bond by acceptance thereof
V. 100, p: 1513, 1596; V. 101, p. 1192, 849.

l. Earnings.Keystone Telephone Co., Phila.-Conso
Balance,
Inlet est
Net

Op. Exp.
Gross
Earnings. & Taxes. Earnings. Charges. Surplus.
$1,014,147 $503,981 $510,166 $239,380 $270,786
1915
269,610
233,972
503,582
487,815
991,397
1914
-V. 101, p. nu. 1095.
o.
ending
.3
9 Mos.

Lackawanna Steel Co.-Combined Results.Three
Months19

Earnings for 3 and 9 Months ending Sept. 30.
Balance.
Int. on Bds., S.F.&Ex- DepreciaTotal
Sur. or Def.
& Notes. hatistion. tion, &c.
Income.
$402,500 $100,322 $365,811 sur. $910,724
$1,779,357
217.547 def. 457,210
106,073
437,425
303,835

1914
Nine Mos.$2,925,478 $1,230,783 $207,483 $873,862 sur. $613,350
1915
660,372 def.1,240,890
188,260
1,312.275
920.017
1914
tons, against
The unfilled orders on Sept. 30 1915 were 393,084 gross
166,344 in 1914. See "Trade and Traffic Movements" on a previous page.
-V. 101, p. 216, 134.

Lake Superior Corp.-New Officers.-

Great Eastern Telephone Co.-Franchise.-

W. E. Stavert has been elected President, succeeding Thomas Gibson,
a Vicewho continues as General Counsel, and James Rawson was made
and A. H.
President to succeed J. Frater Taylor. Harvey T. Underhill B.
Gordon
Chas.
respectively,
succeed,
to
Chitty were elected directors
and J. Prater Taylor.-V. 101, p. 1192, 926.

Greene Cananea Copper Co.-Listed.-

1915-September1914.
$380,102
$419,120
-V. 101. p. 850, 532.

This company, D. A. Reynolds, Pres., has applied for a franchise in
New York City on the basis of residence telephones at $1 per month.
Tile New York Stock Exchange has listed $47,441,100 capital stock, with
authority to add $2,558,900 of said stock on issuance in exchange for 31,108,650 capital stock of Greene Consol. Copper Co., $1,339,420 capital
stock of Greene Cananea Copper Co. of the par value of $20 per share and
320,830 outstanding scrip, making the total authorized to be listed $50,000,000. Compare V. 100, p. 1914.

International Mercantile Marine Co.-To Proceed with
Plan-Deposits.- announced Oct. 14 that

$51,201,000 of the 43 %
The Bannard committee
bonds had been deposited, leaving only
bonds and $16,323,000 of the 5%
these
issues
of
respectively
undeposited.
$1,309,000
and
$1.393,000
Notwithstanding the opposition of the Wallace prof. stock committee,
says: "We will go ahead to obtain
a member of the I3annard committee
two defaulted bond issues, and we
foreclosure decrees on the company's
have been advised by counsel to stick to the center of the road." Compare V. 101, p. 1095. 1016.

McCrory Stores Corporation.-Salesfor September.ineraese.
Increase.] 1915-9 Mos.-1914.
$3,354,392 $400,053
$39,018[$3,754,445

Massachusetts Lighting Cos., Boston.-Consol. Earns.

Dividends. Del,,Sur.
Net Income. Interest.
J'ne 30 Yr.- Income.
$1,787
*$330,458
$135,411
$482.358
$1,406,637
1914-15
27.534
315,020
130,259
473.402
1,472.869
1913-14
old
on
$10,586
include
($330,458)
* Dividends as above in 1914-15
on new
common shares, $?75.215 on new preferred sharse and $44,657
had been
common shares paid by the trustees. If all the common sharesdividends,
exchanged for new preferred and common shares, the preferred
would have been $284,289 and the common $46,169.-T. 101.
los9
t
a.ed,
ipt.is
t5

Maxwell Motor Co., Inc., New York.-Proposed Payment of 143% Accumulated Dividends on First Pref. Stock
in Convertible Dividend Warrants-The 5% New First Pref.
Stock to be First Offered for Subscription.-The company
announced its plan for paying off the 14I% of
has
Co.,
-The
Scranton.
Textbook
-Report.
International
dividends, aggregating $1,749,805, on its first
accumulated
the
meeting
stockholders'
annual
at
committee appointed
directors propose on Dec. 14 to declare a
The
shares.
pref.
substance:
in
June 28 1915 reports
said amount, and issue Dec. 31 dividend warfor
dividend
an
possicomplete
as
as
made
examination
have
Our expert accountants
shareholders of record Dec. 29.
ble, considering the limited time and the mass of details to be examined. rants therefor to first pref.
We find that the company's troubles are duo mainly to:
will be payable in cash at such time or times
warrants
These
all
of
purchased
of
the
stock
capital
(1) Some years ago the company
determine and will be convertible from
the Victor Typewriter Co. for about $462,000, although at that time said as the directors shall
company had practically no domestic business, nearly all of its machines Jan. 3 to June 30 1916 at option of holders into first pref.
were
Typesums
to
the
advanced
being sold in foreign countries. Large
extent, pro rata, as the stock appropriated
writer Co. for additional machinery, also several hundred thousand dol- stock to such
purpose shall not be subscribed by shareholders of all
said
for
lars to develop its sales department. This investment was a mistake.
(2) Largo sums were advanced to the International Educational Publishclasses as below stated.
ing Co. and its subsidiaries, in which the Textbook Co. is a largo share- three
As a part of the plan the holders of stock trust certificates
holder, and to which it has furnished supplies. On May 31 1915 the I. E.
P. Co. owed the Textbook Co. $809,815. The company, which operated will vote Nov. 1 1915 on increasing the amount of the auin foreign lands, has been very seriously affected by the Enropean war,
of $1,050,000, the
and is therefore unable to pay this indebtedness. All advances to these thorized First Pref. stock to the extent
companies have been discontinued.
trust certificates representing the same, or rather
voting
its
of
the
increased
number
ago
Co.
years
the
1
About
Textbook
(3)
with a further $720,668 of such certifisales routes from about 900 to 1,200, at a cost of about $2,000 a route, or $1,029,137 thereof,
about $600,000for the 300 new routes. No more business was produced from
now in the treasury, are to be offered to all shareholders
cates
inwas
greatly
cost
operating
from
than
900,
while
the
the 1,200 routes
Nov. 15 for subscription at par in amounts equal to
creased thereby. The desirable routes have now been merged with others. of record
(4) In most sections of the country business has been below normal for 5% of their respective holdings.
the past two years. While the number of enrollments secured during the
la.st year compared favorably with previous years, fewer scholarships were
sold for cash and the average collection per scholarship was below normal.
This affected cash receipts.
Last spring the management found their funds exhausted and they were
facing summer, tho dull season. As it was imperative that new capital
should be supplied, the stockholders on June 28 1915 authorized a $1,000,000 bond issue, and as the bonds could not be readily disposed of, they were
deposited to secure a note issue of $500,000. These notes were purchased
by the financial institutions of Scranton and the investing public.




Oct. 14'15.
Digest of Circular Signed by Treas. Cull Tucker, Detroit,
The amount of authorized first pref, stock is $13,000,000,all issued and
deposited under the voting trust agreement, but $720,668 first.preferred
$12.2i 9,332.
stock trust ctfs. are held in the treasury, leaving outstanding
1 1913
The dividends upon the first pref. stock are cumulative from Jan.
have been
at rate of 7% per annum, and dividends to a total of 5%
the
for
payable
still
14j.4%
of
amount
the
to
paid, leaving accumulations
period from Jan. 1 1913 to Oct. 1 1915. To pay the same on the outstanding first pref. stock' trust certificates requires $1,749,805.

TIIE CHRONICLE

1276

Our net income for fiscal year end. July.31 1914 was $1,505,467
and for year 1914-15 $2,303,314, a total for the two years of..-$3,808,781
The amount disbursed in payment of the dividends already paid
on the first preferred was
(5%)613,484
Leaving a balance of
$3,195,297
The volume of the company's business for the three months from July 1
to Sept. 30 1915 has been more than double that of the same period of 1914,
and it is believed that this increase will continue, requiring a corresponding
Increase in the cash working capital. While present cash resources are
adequate, it is not deemed advisable to diminish them at this time through
payment in cash of the 143i% accumulated dividends on tho first pref.
Your directors have therefore determined, subject to the approval of
the stockholders, to declare, on Dec. 14 1915, in favor of holders of first
preferred stock of record Dec. 29, a dividend of 143j%, to be represented
by dividend warrants, such warrants to be issued on Dec. 31 1915, payable without interest at such time or times and in such installment or
Installments as may from time to time thereafter be fixed by the board,
with the right on the part of first pref. stockholders to take at their option
In payment thereof, at any time on and after Jan. 3 1916 and up to and
including Juno 30 1916, first pref. stock at par.
In order to comply with legal requirements it is contemplated that the
new pref. stock which is to be set aside to provide for the conversion of
dividend warrants shall first be offered for subscription at par to holders
of stock, first preferred, second preferred and common, of record Nov. 15
1915, in amounts equal to 5% of their holdings, subscriptions to be payable
25% on Dec. 8 1915 and 75% on Jan. 3 1916.
In case the amount of now first pref. stock so taken by stockholders
should be such as to reduce the remainder thereof below the amount
necessary for the conversion in full of dividend warrants, the right is reserved to issue said warrants convertible into first pref. stock only to the
extent of the stock which will be available for such purpose.
It is not contemplated that any part of the new first pref. stock will be
issued except to the extent necessary for the conversion of dividend warrants
and for any subscriptions which may be received. Compare V.101,p.1025,
1111.

Midvale Steel & Ordnance Co.-Payment.The syndicate which formed the company made payment in full at the
Guaranty Trust Co. Thursday for the properties taken in. "New York
Times" says: "The three payments amounted to $60,500,000, of which
$22,000,000 was for the original Midvale Steel Co.. $20,000,000 for the
Remington Arms Co. of Delaware, and $18,500,000 for Worth Bros. & Co.
and the Coatesville Rolling Mills Co. together. The cash paid into the
Trust company was $40,500,000. Owners of the stock of one concern
(understood to have been Midvale Steel Co.) took as part payment in place
of cash $20,000,000 in stock of the new company."-'V. 101, p. 1192, 1095.

Ogilvie Flour Mills Co.-Earnings for Fiscal Year.Aug. 31
Year-

Trad'g
Profs.

Other
Profits.

Bond
Int.

Other PIDies.Com.Divs. Balance,
Int. (7%) (7
0).
Surplus.

1914-15_ _ _ _600,780 1,059,813 105,C00 36,000 140,000 200,000 1,179,594
_ _ _ 581,944
105,000 27.000 140,000 200,C00 109,944
Total profit and loss surplus Aug. 311915, $512.060.-V. 100, p. 640.
1913-14-

Pacific Mail Steamship Co.-Stock Reduced.A certificate has been filed reducing the capital stock from $20,000,000
to $1,000,000, by change of par value of shares from $100 to $5, as authorized by the shareholders' meeting on Oct. 13. Of the $6,000,000 available
for distribution, it was suggested at the meeting by some shareholders
present that $5,000,000 be distributed pro rata to the stockholders and
$1,000,000 be retained as working capital. This $6,000,000 includes the
$5,200,000 realized from the sale of five Pacific steamers to the International Mercantile Marine Co., which was ratified with a dissenting vote of
only 1,700 shares out of 151,181 represented. The remaining assets may
yield $5 a share in complete liquidation. Some of the stockholders asked
what the future policy of the company would be. They were told that the
company would continue to operate its 7 ships in the coast trade on the
Pacific, but that the ships would be sold as soon as a buyer could be found.
The company, it was stated, would probably do little better than break
even in the coastwise trade to Panama and South America. Compare
V. 101, p. 618, 927, 1017.

Remington Typewriter Co.-New Officers.Lorenzo Benedict, President of the Worcester Salt Co., has been elected
Chairman of the Board to succeed the late Clarence W. Seamons. Frank
N.Kondolf was also elected President, succeeding J. Walter Earle, who resigned on account of ill-health.-V. 100, p. 1254, 1172.

Riker-Hegeman Co.-Dividends Resumed.'-'-A quarterly
dividend of 13/2% has been declared on the ,469,620 common stock, payable Dec. 1 to holders of record Nov. 15.
This is the first payment since Aug. 1914, when a 10% stock
dividend was paid.
Merger.-Press reports say that the deal for uniting the
interests of the Riker-Hegeman Drug Co. and United Drug
Co. has been practically closed. The "Boston News
Bureau" quoted a director of the Riker concern as saying:
Riker stockholders will go into the combination on a far more satisfactory
basis than was indicated at the start of the negotiations. In fact Riker
stockholders will be entitled to an interest equal to that of United Drug.
This latter statement applies, no matter what the actual wording of the
official statement may be. In other words, the two companies will be
treated as fundamentally equal.
Whether or not a new company will be formed has not been definitely
decided as yet. Riker and United Drug stockholders probably will receive
bonds or preferred stock or both. Anything else they may receive will be
proportionate to their earning power. The consolidation of these two
companies will moan an increase of $1,000.000 in net earnings the first year
after actual consolidation is effected. The shares of tho operating Riker
Company will have an equal valuation with stock of the Corporation for
Riker & Hegeman stock.
[Early in the month it was said that the shareholders of the Riker &
Hegeman Co., or at least the majority interest, would bo admitted on a
valuation basis of $125 for each $100 of their stock, while the stockholders
of the United Drug Co. and Louis K. Liggett Co. would come into the
merger on a basis of $187 per share.-Ed.(-V. 100, p. 985.

[VOL. 101.

Simms Magneto Co., N. Y.-Stock Increase.-The stockholders voted Oct. 13:
(1) To increase the preferred stock from $500,000 to $605,000 (par
$100). the common stock to remain $1,250,000 (par $100).
(2) To authorize that all or any part of tile pref. stock, new or all old,
may be made subject to redemption any time at par and divs.
(3) To increase the number of directors from 7 to 8. Richard C. Anderson, Pres., Arthur A. Fisher, Sec. Compare V. 99, p. 1303.

Steamship Pool.-Government Appeals.Attorney-General Gregory on Oct. 15 appealed to the Supreme Court of
the United States from the decision of the lower court against the Government in its suit against the Hamburg-American and other steamship lines,
alleged to be members of a trans-Atlantic shipping pool. See V. 100,p. 507.

Thomas Iron Co.-Sale.The stockholders will vote Oct. 27 on selling the company, It is said, on
a basis that will yield the stockholders $40 per sharo.-V. 101. P. 691.

United Cigar Stores Co. of America, N. Y.-Listed.The N. Y. Stock Exchange has listed $2,116,900 7% cum. pref. stock and
$15,405,500 common stock, both in shares of $10 each, with authority
to add $2,410,100 pref. stock and $11,756,500 common stock when exchanged for outstanding pref. or common stock respedtively of the par
value of $100, making the total authorized to be listed: Preferred,
$4,527,000; common,$27,162,000.
The company reports that as successor in 1912 of Corporation of United
Cigar Stores (V. 95, P. 241), it owns all of the issued stock and bonds of
the United Cigar Stores Co. of N. J., consisting of $750,000 pref. stock,
$900,000 common stock and $2,850,000 6% gold bonds due Dec. 311959.
The United Cigar Stores Co. carries on the business of retail tobacconists
and conducts retail cigar and drug stores in various cities of the United
States. "It sells at retail goods, wares and merchandise of almost every
kind, nature and description which can be conveniently marketed and sold
as a part of or in connection with retail tobacco stores or drug stores. It
now operates and maintains directly and through subsidiary companies.
all of whose stock it owns, about 850 stores in tho United States.'
Consolidated Balance Sheet Jan. 1 1915 (Total Each Side 840,496,607j.
[United Cigar Stores Co. of America and United Cigar Stores Co. of N.
Leaseholds, mortgages, &c.*_ _$4,095,341 Capital stock outstandingTrade-mks., good-w., brands*21,400,000 Preferred ($5,000,000 auInvestmentsthorized)
$1,527,000
Stocks In subsidiary cos__ 795,217
Common ($30,000,000 auBonds in subsidiary cos_ ___
27,000
thorized)
27,162,000
Bonds United C.S. of N.J. 2,850,000 Bonds United Cigar Stores Co.
Other investments
159,781
of N.J.(all owned by United
Cash & demand loans (secured) 2,842,852
Cigar Stores Co.of America) 2,850,000
Advances to subsidiary cos_ 1,584,822 Accounts payable (liquidated
647,428
Bills and accounts receivable
2,303,560
monthly)
9,309 Advance payments received...
Interest receivable
7,554
167,872
Mdse. and supplies (at cost)_ _ 4,417,207 Reserved for taxes, dic
Furniture, fixtures and equip.. 1,514,203 Surplus
2,083,709
103,485 Reserve, provisional surplus... 1,394,912
Impt. to leasehold estates
Unexpired insurance, Sic
49,963

J.I

* The United Cigar Stores Co. of America at organization, in purchasing
the entire capital stock of the Corporation of United Cigar Stores, valued
the trade-marks, trade names, good-will, brands, &c., of tho United Uigar
Stores Co. and its subsidiaries at $21,400,000, and the leasehold interests,
mortgages, &c., of said United Cigar Stores Co. and its subsidiaries at
$4,095,341, the amounts hero shown. Compare annuli statement in
V. 100, p. 1345.

Washington-Oregon Utilities Co., Wash.-Succesor Co.
This company on Oct. 0 filed articles of incorporation at Vancouver with
$1.750,000 capital stock, $1,200,000 prof. and $550,000 common. It will
bid for assets of the Washington-Oregon Corp. when offered for sale on
Oct. 30. See reorg. plan. &c.-V. 101, p. 1017, 1106, 1193.

Western Canada Flour Mills Co.-Earnings.Aug. 31Profits.
1914-15
$340,063
1913-14
315,246
-V. 100, p. 640.

Bond Int. Dies. (8%). Bal., Sur.
$96,865
$169,976
$73,222
100,470
157,482
57,294

Total Sur.
$575.484
502.262

Western Union Telegraph Co.-Earnings.-For 3 and 9
months ending Sept. 30 (Sept. 1915 estimated):
-3 Mos. ending Sept. 30- -9 Mos. ending Sept. 301914.
1915.
1914.
1915.
Total revenues
$13,634,162 $13,020,081 $37,653,422 $35,486,659
Deduct-Maint., rep.,&c. $2,214,044 $2,537,489 $6,092,182 $6,049,060
Other exp., taxes, &c_ 8,449,983
8,313,429 23,931,590 24,499,985
Bond interest
1,002,037
333,236
1,001,836
334,312
Net income
$2,636,899 $2,834.851
-V. 101. p. 851, 218.

$6,627,814 $3,934,677

(F. W.) Woolworth & Co., New York.-Total Sales.1915-September--1914.
35,924,354
35.557,273
-V. 101, p. 851, 456.

Increase.
Increase.' 1915-9 Mos.-1914.
$367,0811349,879.641 346.717,913 33,161,728

Wright Aeroplane Co., Dayton, 0.-Control-Directors.
A syndicate headed by Win. II. Thompson of N. Y. has obtained control
of the company through the purchase front Orville Wright of his entire
holdings, consisting of 97% of the $1,1,00,000 outstanding capital stock.
The new officers and directors are: Pres., T. Frank Manville of the 11. W.
Johns-.Manville Co.: Vice-Pros., C. S. Jennison; Tress., Ilarvey D. Gibson,
Vice-Pros. Liberty National Bank of N. Y. Directors, Messrs. Manville.
Jennison and Gibson and Henry It. Sutphen. Other directors will be added
later. Orville Wright will nct in an advisory capacity.
CURRENT NOTICE.

-By advertisement on another page, the Transatlantic Trust Co.,
67-69 William St.. this city, announces that it will receive subscriptions for
the Imperial German Government 5% bonds, Third War Loan, at the rate
of $210 for each 1,000 marks. Six months' interest ($5 25) payable in
advance, reduces the not price to $204 75. Those bonds are not callable
(M.) Rumely Co.-Plan Operative-Time Extended-As- before 1924. Full particulars upon application.
sessment Called-Certs. of Dep. Listed.-The Joint Reorgani- -H. L. Crawford & Co., 25 Broad St., this city, and Industrial Trust
zation Committee, John W.Platten, Chairman, gives notice Co. Building, Providence, Is to-day advertising for investment the first
by adv. on another page that over 95% of the notes of the mortgage (closed) 6% bonds of an established corporation whose profits
several issues and a substantial majority of both the pref. on war contracts alone are estimated at double the entire amount of this
and common stock, as well as substantial amount of general issue of bends. Price to yield 7%; bonds mature in one to fivo years and
claims, have assented to the plan of reorganization dated are the corporation's only mortgage obligation.
-We have been favored with a copy of "Barton's Pocket Manual of
Aug. 26 1915, which has therefore been declared operative. Cleveland
Securities," a booklet of about 200 pages, briefly describing
The committee has extended the time within which deposits of notes, corporations,
the securities of which are bought and sold in the Cleveland
stocks or claims may be made until the close of business, Nov. 10. After
that date the committee will not accept further deposits of stock and other market, and giving reference data concerning these securities. This
deposits will be accepted after such date, only in the entire discretion of the "Manual" is prepared and published by Barton & Dorton, Cleveland.
committee and under such conditions as the committee may see fit to impose.
Depositing stockholders are notified that payments due from them
-William R. Compton Co., Pine St. cor. William, this city, St. Louis
under the plan, namely $17 per share of prof. stock and $9 per share of and Chicago, own and offer, subject to prior sale. $700,000 City of El Paso.
common stock, must be made in N. Y. funds not later than Nov. 10 1915
Tex.,
direct obligation 5% school bonds. Price and particulars upon reat the Now York Trust Co.. N. Y. City.
The New York Stock Exchange has listed certificates of deposit of quest. See to-day's advertisement elsewhere in the "Chronicle" for deN. Y. Trust Co. for $4,831,300 pref. stock and for $6,280,100 common tails.
stock, with authority to add certificates of deposit for the remaining $4.-George Westcott Boyer, Henry G. Boyer Jr. and Ilarold S. Small
918.700 pref. stock and $5,719,900 common stock on issuance in exchange
therefor, making the total authorized to be listed: For pref. stock. $9.750,- announce the organization of the firm of Beyer & Small, dealers in invest000: for common stock, $12,000,000. See plan, &c., V.101, p. 851, 1096, ment securities, with offices at 84 Exchange St., Portland, Mo.
1193.
-Theodore Prince, 20 Broad St., has brought out a now edition of his
Sears, Roebuck & Co.-Total Sales.pamphlet on the "International Mercantile Marine" situation.
1915-Sept.-1914.
Decrease
1915-9 Mos.-1914.
Increase.
-Seasongood & Haas, 7 Wall St., this city, will deal in New York City
$8.150,067 • $8,757,287
6.93%1375,477,300 $69,136,820
9.17%
Serial 43s. 1916-1930. Enquiries invited.
-V. 101, p. 1193. 777.




THE CHRONICLE

OcT. 16 1915.1

1277

Atewarts and Documents.
ILLINOIS CENTRAL RAILROAD COMPANY
SIXTY-FIFTH ANNUAL REPORT-FOR THE YEAR ENDED JUNE 30 1915.
To the Stockholders of the Illinois Central Railroad Company :The Board of Directors submit herewith the following report of the operations and affairs of your Company for the
year ended June 30 1915:
The number of miles of road operated on Juno 30 1914, was
Additions for yearJanuary 9 1915-Fredonia & Reeds Railroad-Reeds Junction, Ill., to Fredonia, Ill
Mileage added account of trackage rights, revision of line, and remeasurements

4,769.27
1.77
3.16

Less,
January 9 1915-Recla.s.sification of first main track, Carbondale Junction, Ill., to Fredonia, Ill., as other main track, due to
construction of Fredonia & Reeds RR
May 26 1915-Reduction due to construction of cut-off between Kuttawa, Ky., and Cumberland, Ky

4,774.20
6.64
.42
7.06

The number of miles operated on June 30 1915 was
The average number of miles of road operated during the year was

4.767.14
4.770.03

INCOME.
The following is a statement of the Company's income for the year, compared with the previous year:
•
1915.
Average miles operated during year
Railway operating revenuesFreight.._
Bridge tolls and miscellaneous freight
Passenger
Bridge tolls and miscellaneous passenger
Mail
Express
Other passenger train
Other transportation
Revenue from operations other than transportation
Total railway operating revenues
Railway operating expensesMaintenance of way and structures
Maintenance of equipment
Traffic expenses
Transportation expenses
General expenses
Transportation for investment-Cr
Total railway operating expenses
Net revenuo-rail operations
)utsido operationsRevenues
Expenses
Net revenue-outside operations

1914.

Increase(±),
Decrease (-).

4,770 03

4,768 51

+1 52

$41,212,270 70
3,263,246 00
12,640,597 28
211,080 10
1.050,706 59
1,589,501 31
457,177 96
753.786 52
522,006 02

$43,871,271 70
3.464,624 56
13,715,979 06
247.762 37
1,042,042 96
1,770,646 75
475,668 53
804,580 88
481,123 21

-$2.659,001 00
-201,378 56
-1.075,381 78
-36.682 27
+8,663 63
-181.145 44
-18,490 57
-50,794 36
+40,882 81

61,700,372 48

65,873,700 02

-4,173,327 54

8,839,472 06
13,892,443 73
1,238.439 64
22,299,815 12
1,603,255 98
Cr. 303,278 88

9,205,946 38
14,510,079 49
1,290,777 98
24,150,039 98
1,618,483 63

-366,474 32
-617.635 76
-52.338 34
-1.850,224 86
-15,227 65
-303,278 88

47,570,147 65

50.775,327 46

-3.205,179 81

$14,130,224 83

$15,098,372 56

-4968.147 73

3411,179 77
405,049 10

$499,802 el
517,453 45

-388.622 84
-112,904 35

$6.130 67

*$17,650 84

+$23,781 51

Not railway operating revenue
lailway tax accruals
Incollectible railway revenues

$14.136,355 50
3,233,838 38
24,044 24

$15,080,721 72
3,341,247 07

-$944.366 22
-107,408 69
+24.014 24

Railway operating Income
)ther income

$10.878.472 88
7,659,428 03

$11,739,474 65
7,320,600 33

-$861.001 77
+338.827 70

Gross income
3eductions from gross income

$18,537,900 91
11,678,739 25

$19,060,074 98
10,921,250 55

-$522,174 07
+757.488 70

36.859.161 66

$8,138,824 43

-31,279.662 77

Not income
)isposition of net income
-•
Applied to sinking and other re-serve funds
Appropriated for additions and betterments
Balanni transferred tn credit nf nrofit and Ins

$107,875 00
46,027 77

R 7RR 9RR RA

41,642 66

a 007 151 '77

+$107.8i5 00
+4,385 11

-1 '101 099 RR

* Deficit.

REVENUES.
For the current year the operating revenues amounted to $61,700,372 48, as compared with $65,873,700.02 in the
previous year, a decrease of $4,173,327 54, or 6.34 per cent.
Freight revenue amounted to $41,212,270 70, a decrease of $2,659,001, or 6.06 per cent. The principal portion of the
decrease was on the southern lines, the northern lines showing a comparatively small decrease and the western lines an
increase. The bituminous coal traffic showed a substantial increase both in tonnage and revenue over last year and there
was also a heavy increase in the movement of grain through the port of New Orleans which added materially to the revenue
for the year. These gains, however, were not sufficient to offset the loss in revenue due to the falling off in lumber traffic
and the heavy shrinkage in merchandise and miscellaneous freight business.
The revenue from the transportation of passengers was $12,640,597 28,a decrease, as compared with last year, of $1,075,381 78, or 7.84 per cent. There was a substantial decrease in the revenue north of the Ohio River; but the greatest
falling off in business was in the territory served 137 the southern lines.
Statistics as to freight and passenger traffic will be found by reference to Table No. 12 (Pamphlet Report.)
EXPENSES.
The operating expenses were $47,570,147 65 this year, as compared with $50,775,327 46 last year, a decrease of $3,205,179 81, or 6.31 per cent.
• MAINTENANCE OF WAY AND STRUCTURES.
Maintenance of way and structures expenditures amounted to ,839,472 06, being a decrease of $366,474 32, or 3.98
per cent, as compared with the previous year. This decrease was due in part to the smaller quantity of new rail laid in
renewals and partially by the fact that the previous year's expenses were increased by substantial charges on account of the
construction of the new passenger terminal at Memphis and other additions and betterments work, while the operating
expense portion of additions and betterments work was not so large this year.
Included in the renewals, the cost of which was charged to operating expenses, were the following:
2,087,531 cross ties were renewed, this being equivalent to 672.92 miles of continuous track, or 8.99% of all ties in
track, including sidings.
10.21 miles of track were relaid with new steel rail and 5.65 miles with second-hand steel rail, replacing rail of the same
weight.
7,428 lineal feet of timber and pile bridges were replaced by embankments.
1,504 lineal feet of iron and 4,136 lineal feet of concrete pipe culverts were put in.
486 miles of ballasted track were repaired or renewed to restore the track to its original standard.
As to work, the cost of which was charged wholly or in part to "Road and Equipment," comments will be found on
a following page under "Physical Changes.



1278

101.

THE CHRONICLE

MAINTENANCE OF EQUIPMENT.
The expenditures for maintenance of equipment were $13,892,443 73, a decrease of $617,635 76, or 4.26 per cent,
as compared with last year. The decrease is accounted for by a reduction in repairs to freight equipment, both locomotives
and cars. Considering the volume of business handled the equipment was well maintained during the year.
Depreciation charges amounted to $2,076,094 24, being an increase over the preceding year of $376,478 28.
246 locomotives received general repairs this year as against 306 in the preceding year, and 404 were given thorough
repairs this year as compared with 398 last year.
561 passenger-train cars received medium repairs this year, as compared with 459 last year, and 148 were given heavy
repairs this year as against 165 last year.
The average mileage per serviceable locomotive for the year was 27,802.
The average age of locomotives was 12.27 years this year and 12.63 years last year, of revenue freight-train cars 8.93
and 9.49 years for the respective years, and passenger-train cars 14.67 years this year and 15.62 years last year.
TRAFFIC EXPENSES.
Traffic expenses amounted to $1,238,439 64 this year, a decrease of $52,338 34, or 4.05 per cent, as compared with
last year.
TRANSPORTATION EXPENSES.
Transportation expenses were $22,299,815 12 for the year, a decrease as compared with the previous year of $1,850,224 86, or 7.66 per cent. The reduction in the volume of traffic was, in part, responsible for this decrease; but an important saving was occasioned by the substitution on portions of the main lines of superheater locomotives of greater tractive
power, resulting in the movement of heavier trains with but slight increase in the expense. In the freight service the increase in the average tons moved per train mile, including Company's freight, was 7.16 per cent.
A special campaign was carried on in connection with fuel economy, resulting in a decrease of 10.16 per cent in the cost
of fuel for locomotives, notwithstanding the larger locomotives in service on some parts of the line and a decrease of only
6.01 per cent in engine miles. Special attention was also given to the elimination, as far as possible, of the causes for loss
and damage and other claims, the result being that there was a decrease of 27.48 per cent in the amounts paid for loss and
damage to freight, and of 20.69 per cent in the sums paid for all claims and damages during the year as compared with last
year.
GENERAL EXPENSES.
General expenses amounted to $1,603,255 98, a decrease of $15,227 65, or .94 per cont.
TAXES.
. The amount of taxes for the year was $3,233,838 38, a decrease of $107,408 69, or 3.21 per cent less than the previous
year.
There was a substantial decrease in the amount accruing to the State of Illinois on account of the charter tax owing to
the decrease in the revenues on the charter lines during the year as compared with last year. There was also a material
decrease in the amount of taxes paid on the non-charter lines in Illinois and on the lines in several of the other States due
to reductions in the rates of taxation.
•
FINANCIAL.
The financial condition of the Company at the close of the year as compared with the previous year is set forth in the
general balance sheet, Table No. 4, which table, together with Table No. 7, "Long Term Debt and Interest," has been
stated in somewhat different form from the previous year. These changes were made in accordance with the form of balance sheet prescribed by the Inter-State Commerce Commission to take effect July 1 1914.
CAPITAL STOCK AND FUNDED DEBT.
There were no changes in the Capital Stock during the year.
$1,980,000 of Illinois Central Equipment Trust Certificates, Series "C", were issued and sold in April 1915.
Illinois Central Railroad Company Four and One-Half Per Cent Secured Gold Notes, amounting to $10,780,000,
matured July 1 1914 and were retired.
Under the terms of the mortgage $2,000,000 Illinois Central Railroad Company First Lien Equipment Bonds were
delivered to the Trustee and canceled. An additional $881,000 of the same issue of bonds were also turned over to the
Trustee for cancelation in connection with the sale to The Yazoo & Mississippi Valley Railroad Company of 105 locomotives
released under the mortgage and which were a part of a total of 134 locomotives sold to that Company.
There were retired and canceled under the terms of the respective Trust Agreements 00,000 of Illinois Central Equipment Trust Certificates, Series "A", and $350,000 of Illinois Central Equipment Trust Certificates, Series "B".
SECURITIES OWNED.
In December 1914 the Chicago St. Louis & New Orleans Railroad Company issued under the terms of the Trust Agreement $5,700,000 of its Equipment Trust Certificates, Series "A". The Illinois Central Railroad Company purchased
$700,000 of this issue. Of the latter amount $35,000 matured and were redeemed in May 1915.
$2,586,000 of The Yazoo & Mississippi Valley Railroad Company Fiver Per Cent Gold Improvement Bonds were
acquired as follows: In July 1914 from the Trustees of the Western Lines, Omaha Division and Chicago St. Louis & Now
Orleans Railroad Sinking Funds, 52,000; in September 1914 from The Yazoo & Mississippi Valley Railroad Company for
the purchase price of one hundred and thirty-four locomotives sold to that Company,$912,000; and in the same month that
Company also issued and turned over to the Illinois Central Railroad Company in liquidation of indebtedness for improvements made to its property $822,000.
$2,500 par value of the Dubuque & Sioux City Railroad Company capital stock was purchased in November 1914.
$10,000 par value of the Central Elevator & Warehouse Company stock was purchased in October 1914.
In addition to the above the Company also acquired $3,600 par value of miscellaneous stocks.
The Company sold during the year Illinois Central Railroad Company and Chicago St. Louis & New Orleans Railroad
Company Joint First Refunding Mortgage Bonds as follows: $5,000,000 in February 1915, $1,750,000 in March 1915 and
$3,250,000 in April 1915.
There were delivered to the Trustees of the several sinking funds in exchange for The Yazoo & Mississippi Valley Railroad Company Fiver Per Cent Gold Improvement Bonds as above mentioned, $944,000 of the Louisville Division and
Terminal Three and One-Half Per Cent Bonds of 1953.
The Peoria & Pekin Union Railway Company redeemed $12,500 par value of its Five Per Cent Debenture Bonds,
maturing August 1 1914.
6,000 par value of The Yazoo & Mississippi Valley Railroad Company Five Per Cent Gold Bonds Improvement
Bonds were transferred to the Insurance Fund, and $30,000 par value were sold.
$100,800 par value Cuban American Sugar Company preferred stock was sold during the year.
INSURANCE AND OTHER FUNDS.
The changes in the Insurance Fund during the year and the condition of the fund at the close of the year are shown in
the following table:
Year ending
Year ending
Amount at credit of fund July 1
Added through monthly charges to operating expenses
Collected from lessees account of insurance
Interest received on investments of the fund
Fire losses collected

Losses by fire
Premiums paid for reinsurance

Amount at credit of fund June 30

r

June 301915.
$2,129,835 52
60,000 00
1,099 92
107,875 00
12,604 82

June 30 1914.
$2,089,844 54
60,000 00
2,106 68
09,630 00
6,941 30

$2,311,415 26

$2,253,522 52

$50,714 86
45,327 84

$80,479 61
43,207 39

596,092 70

$123,687 00

$2,215,372 56

$2,120,835 52

The balances in the sinking funds as of June 30 1915 and the increases during the year were as follows:
The Farmers' Loan & Trust Company, Trustee-Cairo Bridge Contingent Fund, $504,180.
The Farmers' Loan & Trust Company, Trustee-Cairo Bridge Sinking Fund,$344,580 24, an increase of $32,412 97.



OCT. 16 1915

1279

THE CHRONICLE

United States Trust Company of New York, Trustee-Sinking Fund for Western Lines Bonds, $1,417,887 73, an
increase of $100,294 21. •
United States Trust Company of New York, Trustee Sinking Fund for Omaha Division Bonds, $192,921 50, an increase of $17,076 65.
ROAD AND EQUIPMENT.
There was expended during the year for Road and Equipment (including improvements on subsidiary properties),
$10,323,622.76. The following is a classified statement of these expenditures:
and
for
Additions
Betterments on
Owned Lines.
Road:
$32,033 80
Engineering
112,241 70
Land for transportation purposes
395,845 74
Grading
356 93
Tunnels and subways
434,984 44
Bridges, trestles and culverts
36.002 33
Ties
174,526 95
Rails
243,346 17
Other track material ___________________________________________________________________________
19,326 48
Ballast
120,492 58
Track-laying and surfacing ______________________________________________________________________
2,763 47
Right-of-way fences ____________________________________________________________________________
112,596 08
__ _ _______________________________________________
Crossings and signs_
97,414 43
Station and office building's ______________________________________________________________________
2,314 39
Roadway buildings _____________________________________________________________________________
5,613 72
Water stations ________________________________________________________________________________
14,854 20
_________________________________________________________________________
Fuel stations
66,152 72
______________________
Shops and enginehouses ____________________ - ____________________________
828 18
__________________________________________________________________________
Grain elevators
Storage warehouses___________ _ ___
69 13
Wharves and docks __________________________________________________________________________
Coal and ore wharves
29,676 73
Telegraph and telephone lines
91,828 96
Signals and interlockers-----------------------------------------------------------------------2,714 30
Power plant buildings-----------------------------------------------------7-------------------Power transmission systems
fixtures
and
Power line poles
5,084 25
Miscellaneous structures
69,866 11
Paving --------------------------------------------------------------------------------------879 47
-------------------------------------------------------------------------Roadway machines
25 23
Roadway small tools
32,988 77
Assessments for public improvements
1,500 00
Cost of road purchased
154,126 43
Other expenditures-Road
33,384 13
Shop machinery
23,761 86
Power plant machinery
Covered by Equipment
Trust Series "C."
Equipment:
Cr.260,280 44
$1,256,065 82
Steam locomotives
Cr. 39,316 03
1,078,535 52
Freight-train cars
Cr.123,997 17
168,250 14
Passenger-train cars
452,213 15
Work equipment
General:
Organization expenses
Taxes
4,619 82
Interest during construction
Other expenditures-General
$2,502,851 48
Less amount transferred to "Miscellaneous physical property," due to change in
classification

$2,350,839 01

$2,502,851 48

$1,726,869 48

Additions
Advances
and Betterments to Lines
of Subsidiary Comples.
$72,392 91 '
43,987 82
773,502 14
819,451 44
148,473 05
347,765 16
348,520 74
149,360 12
335,814 21
11,949 17
20,200 14
488,890 75
5,212 32
56,602 84
10,431 65
148,289 48
11,890 31
46 31
8,416 57
26,275 88
18,717 18
188,489 05
5,543 24
1,909 17
1,336 00
812 74
44,542 41
1,934 99
6,394 02
18,148 93
193,016 35
23,765 48
458 86
}*1,749,341 90

291 04
1,053 62
10.618 81
55 00
$6,093,901 80

623,969 53
$6,093,901 80

* Balance covered by outstanding C. St. L.& N.0. RR.Equipment Trust Series "A."

The following shows the amount advanced during the year to each of the subsidiary Companies, these amounts being
report.
included in total advances shown in Table No.6 of this---------------------

---------Chicago St. Louis & Now Orleans RR
------------------------------4
1*
22
567
8,8
70
--------------------------------------------------------------------------------------------------------------3545
Canton Aberdeen & Nashville RR
Cr. 1,964 8a
South Chicago RR
1,898
5
6
RR
Island
Blue
----------188,747 38
Dubuque & Sioux City RR -------------------------._
12,323 99
Kensington & Eastern RR___,.
R,R
1,121 59
Southwestern
Batesville
Bloomington Southern RR
5
90
89 8
57
1,6
48
Johnston City Southern RR
72,500 33
Benton Southern RR
Herrin Northern RR
78
6 83
18
35
1,2
40
Fredonia & Reeds RR
$6,093,901 80
Total

PHYSICAL CHANGES.
Substantial improvements were made iii the physical condition of the Company's road and equipment during the year.
Below is a statement as to the more important improvements, the cost of which was charged either wholly or in part
to Road and Equipment.
ROADWAY AND STRUCTURES

During the year 90-pound new steel rail was laid on 262.23 miles of track, and second-hand steel rail was relaid on
62.74 miles, all of which replaced rail of lighter pattern.
Ninety-nine now industrial tracks were built or extended, making a net addition of 7.46 miles, after allowing for industrial tracks taken up.
Four hundred and one new Company sidings were built or extended; allowing for tracks taken up there was a net addition for the year of 69.54 miles.
The second main track between Fulton, Ky., and Memphis, Tenn., which was referred to as being in the course of
construction in last year's report, was completed.
In order to facilitate the handling of coal traffic a double track connection was installed between the junction of the
Carbondale and Johnston City Districts, near Cambria, Ill., the length of track constructed being 1.34 miles.
A cut-off was built from Fredonia, Ill., on the Carbondale District to Reeds Junction, Ill., on the Johnston City Branch,
a distance of 1.77 miles. This involved tie abandonment as first main track of 6.64 miles of line between Fredonia, Ill.,
and Carbondale Junction, Ill.
The second main track at Parkway, Ill., was entended to Broadview, Ill., a distance of 2.46 miles, and additional sides
tracks were constructed for the purpose of handling passenger traffic to and from Speedway, Ill., the site of the new automobile race course a short distance east of Broadview, Ill.
At Paducah, Ky., the freight yard was added to by the construction of 6.28 miles of sidings. The freight yard at
Fulton, Ky., was increased 6.59 miles.
The reduction of grades between Paducah, Ky., and Princeton, Ky., and the enlargement of yard facilities at the
latter point were continued and were practically completed at the close of the year.
The elevation of the tracks at Memphis, Tenn. as also the construction of the new passenger facilities at that place,
referred to in previous reports, were completed. The raising of tracks and relocating of main line in connection with levee
improvements being made by the city authorities in North Memphis, Tenn., were undertaken during the year and are about
half completed.
The grade crossing elimination work at Grand Crossing, Chicago, Ill. track elevation work between 79th Street and
Mattoon, Ill., were still in progress at the close
116th Street, Chicago, Ill., and through Cicero, Ill., also grade revision at'
of the year.
The work of strengthening the Cairo Bridge so as to be able to operate heavy locomotives over it was performed during
the year.
An interlocking plant was installed at Aulon, Tenn.
Wis. I
over
at
an
Monticello,
and
bridge
overhead
Nicholas
constructed
Nob.,
Street, Omaha,
A viaduct was completed
Work was undertaken and is still in progress on subways at Prairie Avenue, Decatur, Ill., and Phinney Park Boulevard,
Ft. Dodge, Ia.



1280

THE CHRONICLE

[VOL. 101.

New station buildings were erected at Grand Crossing, Chicago, Ill., Marion, Ill., Buckner, Ill., Toone, Tenn., and
Masonville, Ia. and others are in course of construction at Storm Lake, Ia., and Millwood, Ky. A new freight house was
rected at Starkville, Miss.
The freight and passenger station at Winona, Miss., was enlarged and improvements made to the station building at
La Salle, Ill.
New water plants were installed at Obion, Tenn. and Dyersburg, Tenn. Water stations were improved at Storm Lake,
Ia., Rock Rapids, Ia., Sioux City, Ia. De Koven,gy., Cecilia, Ky., Fulton, Ky., McComb, Miss., and Crystal Springs,
Miss. New steel water tanks of 100,000 gallon capacity, replacing wooden tanks, were installed at Dubuque, Ia., Central
City, Ky., and Jackson, Miss.
New mechanical coaling plants were erected at Amboy, Ill., and Jackson, Miss. At Harahan, La., now coal handling
facilities were installed for transferring coal from cars to barges.
New mechanical buildings, consisting of car repair shed, sand house, six stall roundhouse, power house, oil and store
house, were erected at Princeton, Ky., and a five stall roundhouse and machine shop, store and oil house, sand house and
car repair shop and shelter were built at Jackson, Miss. The plant within the city limits at the latter place was abandoned.
New 85-ft. steel turntables were installed at Princeton, Ky., Dyersburg, Tenn., Nonconnah Yard, Memphis, Tenn.,
and Jackson, Miss. A second-hand 66-ft. turntable was put in at Kenner, La.
One hundred and sixty-two miles of electric automatic block signals were constructed at 'various points and placed in
operation. There were 1,262.4 miles of protected track at the close of the year.
Electric block signals are being installed between Branch Junction and Centralia, Ill., 4 miles; Marine to Glen Carbon,
Ill., 13.7 miles; Coleman to Plato Center, Ill., 11.5 miles; and Mona to Benson, Ia., 10.7 miles; a total of 39.9 miles.
6,063 lineal feet of permanent bridges and trestles were constructed replacing timber and pile bridges, trestles, and
embankments.
1,501 lineal feet of permanent bridges and trestles were rebuilt or replaced by embankments.
29,402 lineal feet of timber and pile bridges or trestles were rebuilt or replaced by embankments.
EQUIPMENT

Fifty Mikado type freight locomotives and twenty-five switching locomotives were added during the year, and sixtyeight locomotives were disposed of, resulting in an increase of seven locomotives, and an increase in tractive power of all
locomotives, as compared with the previous year, of 1,181.65 tons.
One hundred and one passenger-train cars were acquired and thirteen were sold, destroyed or transferred to other
service, making a net increase of eighty-eight cars.
Nine thousand three hundred and thirty-two freight-train cars were added during the year; six thousand four hundred and nineteen were new cars and two thousand nine hundred and thirteen were cars purchased from the Central Fruit
Despatch; four thousand nine hundred and sixteen cars were sold, destroyed or transferred to work service, leaving a net
increase of four thousand four hundred and sixteen cars. The average capacity of cars owned at the close of the year was
41.46 tons, as compared with 41.52 tons last year. The total capacity of cars was 2,647,730 tons this year and 2,467,995
tons last year.
GENERAL REMARKS.
Your Company during the past year has suffered from the depression in business prevalent throughout the country,
and this has been most pronounced on the lines south of the Ohio River.
The crops in the territory served by your Company's lines were generally good; but the practical discontinuance of
lumber exports and the general depression in the building trades seriously affected the lumber business; this, together with
the low price received by cotton growers for their product, not only affected the revenue your Company received from the
transportation of lumber, but also, in connection with both commodities, had a depressing effect on the revenues from the
transportation of general merchandise and on passenger travel.
The substantial amounts expended by your Company during the past few years in additional facilities, as well as in the
up keep of existing tracks and structures, together with the acquisition of a large number of new locomotives of increased
tractive power and cars of greater capacity than those formerly in service, enabled your Company to curtail its expenses in
line with the decrease in revenue. As a result, while the total railway operating revenues decreased 6.34 per cent, the
ratio of railway operating expenses to railway operating revenues was 77.10 per cent this year, as against 77.08 per cent the
previous year.
Under date of December 1 1914, an equipment trust, known as the "Chicago St. Louis & New Orleans Equipment
Trust,Series 'A'",was made in the amount of $5,700,000 with which to provide funds,in part, for the acquisition of 72
locomotives and 6,500 freight cars. The Illinois Central Railroad Company guaranteed the payment of the trust certificates and entered into an agreement with the Chicago St. Louis & New Orleans Railroad Company under which your Company became the sub-lessee of the equipment covered by the lease. Under date of April 1 1915, the Illinois Central Railroad Company, issued $1,980,000 of equipment trust certificates known as "Illinois Central Equipment Trust, Series 'C',"
for the purpose of paying, in part, for 75 locomotives and 1,000 refrigerator cars. The equipment covered by both of these
trusts was received and placed in service during the year.
The Company had 10,963 stockholders of record as of June 30 1915, as compared with 10,840 on the same date last
year.
There were 489 pensioners on the pay rolls at the close of the year. The amount of pensions paid during the year was
$129,269 33, an increase of $9,843 42 over the previous year.
The Board takes this opportunity of expressing its appreciation to the officers and employees for their loyal and efficient
services during the past year.
By order of the Board of Directors.
C. H. MARKHAM,
President.

TABLE 2-INCOME STATEMENT FOR THE YEARS ENDING JUNE 30 1915 AND 1914.
1915.
Average Miles Operated
Revenue from TransportationFreight
Bridge tolls and miscellaneous freight
Passenger
Bridge tolls and miscellaneous passenger
Excess baggage
Parlor and chair car
Mail
Express
Milk (on passenger trains)
Other passenger train
Switching
Special service train
Other miscellaneous transportation
Total revenue from transportation
Revenue from Operations Other than TransportationStation and train privileges
Parcel room receipts
Storage-freight
Storage-baggage
Car Service
Rents of buildings and other property
Miscellaneous
Joint facilities revenue-Cr
Joint facilities revenue-Dr
Total revenue from operations other than transp'n_
Thtal railway Ant-Intl:Inv rpvnnilepa




Per Cent of
TotalOperating
Revenues.

1914.

Per Cent of
TotalOperating
Revenues.

4.768.51

4,770.03

Decrease.

1.52

$41,212,270 70
3,263,246 00
12,640,597 28
211,080 10
138.678 09
24,209 00
1,050,706 59
1,589,501 31
227,850 77
66,440 10
711,076 97
23,959 55
18,750 00

66.79
5.29
20.49
0.34
0.22
0.04
1.70
2.58
0.37
0.11
1.15
0.04
0.03

$43,871,271 70
3,464,624 56
13,715,979 06
247,762 37
169,993 90
23,895 90
1,042,042 96
1,770,646 75
216,648 73
65,130 00
739,190 67
33;928 21
31,462 00

66.60
5.26
20.82
0.38
0.26
0.03
1.58
2.69
0.33
0.10
1.12
0.05
0.05

$61,178,366 46

99.15

$65,392,576 81

99.27

$74,974 15
28,921 70
99,574 28
12,865 29
219,505 22
52,298 57
66,091 56
6,071 70
Dr.37,596 45

0.12
0.05
0.16
0.02
0.36
0.08
0.11
0.01
Dr.0.06

$85.142 90
27,504 00
61,599 07
13,011 68
217,166 66
67,806 95
35,238 83
7.963 29
Dr.34,310 17

0.13
0.04
0.10
0.02
0.33
0.10
0.05
0.01
Dr.0.05

$522.006 02
700 272 AM

0.85
10000

3481,123 21

0.73

ARA R72 7nn 02

10000

1101

Increase.

$2,659,001 00
201,378 56
1,075,381 78
36,682 27
31,315 81
313 10
8,663 63
11,202 04
1,310 10

181,145 44
28,113 70
9,968 60
12.712 00
$4,214,210 35
$10,168 75

$717 70
37,975 21
146 39
2,338 56
15,508 38
30,852 73
1.891 59
3,286 28
$40,882 81
24_172 227 RA

1281

THE CHRONICLE

OM 16 1915.]

1915.
Railway Operating Expenses•
Maintenance of way and structures
Maintenance of equipment
Traffic expenses
Transportation expenses
General expenses
Transportation for investment-Cr
Total railway operating expenses
Not revenue-rail operations
Outside operations-revenues
Outside operations-expenses

Railway tax accruals
Uncollectible railway revenues
Railway operating income
Other IncomeHire of equipment-credit balance
Joint facility rent income
Miscellaneous rent income
Net profit from miscellaneous physical property
Separately operated properties-profit
Dividend income
Income from funded securities
Income from unfunded securities and accounts
Income from sinking and other reserve funds
Miscellaneous income
Total other income
Gross income
Deductions from Gross IncomeDeductions for lease of other roads
Joint facility rent deductions
Miscellaneous rent deductions
Miscellaneous tax accruals
Separately operated properties-loss
Interest deductions for funded debt
Interest deductions for unfunded debt
Maintenance of investment organization
Miscellaneous deductions

1914.

Per Cent of
TotalOperating
Revenues.
13.97
22.03
1.96
36.66
2.46

$366,474 32
617,635 76
52,338 34
1,850,224 86
15,227 65
303,278 88

Decrease.

Increase.

$8,839,472 06
• 13,892,443 73
1,238,439 64
22,299,815 12
1,603,255 98
Cr.303,278 88

14.33
22.51
2.01
36.14
2.60
Cr.0.49

$9,205,946 38
14,510,079 49
1.290.777 98
24,150,039 98
1,618,483 63

$47,570,147 65

77.10

$50,775,327 46

77.08

$3,205,179 81

22.90

$15,098,372 56

22.92

$968,147 73

$14,130,224 83

$499,802 61
517,453 45

$411,179 77
405,049 10

$23,781 51

$6,130 67

*817,650 84
$15,080,721 72

• $10,878,472 88

811,739,474 65

$130.990 40
• 1,212.570 88
223,033 77
•
36,239 06
96,302 22
1,833,409 52
•
3,345,770 55
646,126 89
120,375 00
14,609 74
-$7,659,428 03

$110,530 11
1,341,074 48
178.624 45
23,515 73

$7,320,600 33

818,537,900 91

--819,060,074 98

$5,227,180 36
644,604 06
8,680 73
5,944 56

$3,995,150 55
655,203 79
8,80111
2,816 55
494 78
6,094,523 06
159,038 74

8914,366 22
$107,408 69

$3,341,247 07

$24,044 24
3861,001 77
820,460 29

3338,827 70
8522.174 07
$1,232,029 81
3,128 01

5.161 97

Total deductions

$11,678,739 25

$10,921,250 55

$757,488 70

Net income

$6,859,161 66
-

$8,138,824 43

$107,875 00
46,027 77
inn 9AR RO

$10,604 73
120 38
494 78
606,644 72

$1,279,662 77
•
$107,875 00
4.385 11

$41,642 66
2n07 12111

A

40,506 10

13.119 10
109,125 00
3,457 36

136,440 16
364 35
' 3.390 98

Disposed of as followsApplied to sinking and other reserve funds
Appropriated for additions and betterments
Balance transferred to credit of profit and loss

_
-128:503 60

44,409 32
12,723 33
96.302 22
208,240 78

1,625.168 74
3,386,276 65
633,037 79
11,250 00
11,152 38

5,487,883 34
295,528 90
364 35
8,552 95

$88,622 84
112.404 35

-

• $14,136,355 50
--$3,233,838 38
$24,041 24

Not revenue-outside operations
Not railway operating revenue

Per Cent of
TotalOperating
Revenues.

•1 ql11 1719,-/ t CI

TABLE 3-PROFIT AND LOSS.
$4,053,574 33
Balance June 30 1914
Dividend appropriations of surplus:
6.705,258 89
Balance transferred from income
$2,732,400 00
Dividend payable March 1 1915
2,068 63
1915
1
Sept.
sold
and
on
road
equipment
Profit
payable
2,732,400 00
Dividend
873 15
-5,464,800 00 Ulm...fundable overcharges
25
in
8,568
investment
for
physical
property__
Donations
appropriated
25
8,568
Surplus
129,146 63 Miscellaneous credits:
Debt discount extinguished through surplus
Unclaimed vouchers, wages and miscellane15,024 96
Loss on retired road and equipment
$36,478 78
ous drafts
Miscellaneous debits:
N. 0. Joint
Profit on sale of Cuban American Sugar Co.'s
Discount on I. C. and C. St. L. &L.
& N. O.
13,360 68
.. Stock
Refunding Bonds and C. St.
107,573 12
Other miscellaneous items
$464,886 68
Equipment Trust Certificates sold
157,412 58
31,066 14
•
Other niiscellaneous debits
495,95282
-------------------------------4,814,263 17
Balance Juno 30 1915
$10,927,755 83
$10,927,755 83

TABLE 4-CONDENSED GENERAL BALANCE SHEET JUNE 30 1915, AND COMPARISON WITH
PREVIOUS YEAR.
ASSET SIDE.

Decrease.

Increase.

1915.

1914.

$95,198,329 47

$95,198,329 47

86,570 54
13,718,070 67
46,060,814 39

86,570 54
13,718.070 67
41,831,093 43

$4,229,720 96

$155,063,785 07
8,920,511 21

$150,834,064 11
7,266,263 21

$4,229.720 96
1,654,248 00

8146,143,273 86

8143.567.800 90

82,575,472 96

$1,328,029 33

$625,.550 95

$702,478 38

$40,634,143 57
4,976,200 00
-13,946,000 00
1,340,603 82
16,292,150 70

$40,748,237 49
15,267.700 00
13,946,000 00
1,340,603 82
11,265,781 73

$5,026,368 97

$77,189,098 09

$82,568,323 04

•

$5,519 10
8,234,650 00
27,305,679 38
3,078.777 15

$82,559 10
5,765,344 03
27,305,679 38
3,583,004 49

82,469,305 97

$38,624,625 63

836.736,587 00

81.888.038 63

Total investments------------------------------------------- $263.285,026 91
Current Assets$2,585,515 08
Cash
195,154 46
Special deposits
3,689,770 08
Loans and bills receivable
2,226,329 68
Net balance receivable from agents and conductors
4,341,676 02
Miscellaneous accounts receivable
Materials and supplies
5,348,241 73
2,028,008 89
Interest and dividends receivable

8263,498.261 89

Investments:
Road and equipment to Juno 30 1907-Investment in road-securities:
Stocks-unpledged
Funded debt-pledged
Road and equipment since Juno 30 1907
Less-Reserve for accrued depreciation
Net total, road and equipment
Miscellaneous physical property
Investments in affiliated companies:
Stocks-unpledged
Bonds-unpledged
Bonds-pledged _______________________
Notes -Advances
Other investments:
Stocks-unpledged ---------------------------------------------Bonds-unpledged----------------------------------------------Bonds-pledged ------------------------------------------------Notes, advances, &c---------------------------------------------

Total current assets
Deferred AssetsWorking fund advances- -- -Insurance and other funds
Other deferred assets---Total deferred assets
Unadjusted DebitsOther unadjusted debits

Grand total-




$10,596,048 33
290,992 31
3,564,587 88
2,388.428 40
4,975,150 54
4,810,900 53
2,209,086 40

$114,093 92
10,291,500 00

$77,040 00
504,227 34

$213,234 98
83,010.533 25
95,837 85
$125,182 20

162,098 72
633,474 52

537,341 20

181.077 51
88,420.498 45

$20,414,695 94

828,835,194 39

$12,762 89
2,465,372 56
219,396 84

812,015 36
2,379,835 52
150,260 00

$74753
85,537 04
69,136 84

$2,697,532 29

$2,542,110 88

$155,421 41

$845,738 76
owl nn

8806.030 25

839,708 51

490C AR1 KG7 Al

119R7 9,11

$5.379,224 95

1

cl
04 A142•11112 •
•

THE CHRONICLE

1282
LIABILITY SIDE.

[VOL. 101.

1915.

1914.

StockCommon stock
Less-Common stock held in treasury

$109,296,000 00
4,283 33

$109,296,000 00
9,883 33

Total stock outstanding

$109,291,716 67

$109,286,116 67

$170,886,700 00
17,675,000 00

$172,937,700 00
20,556,000 00

$153,211,700 00
600,000 00

$152,381,700 00
725,000 00

$830,000 00

$153,811,700 00

$153,106,700 00

$705,000 00

$1,000,000 00
321,200 40
6,003,344 73
2,466,686 88
784,882 50
31,764 05
6,353 64
2,732,400 00
897,200 84
359,554 78
700.660 14

$420,859 34
6,718,660 57
1,652,718 29
996,091 25
33,183 55
10,788,691 97
2,732,400 00
894,134 17
298,096 45
752.648 26

$15.304,047 96

$25,287,483 85

Deferred LiabilitiesLiability for provident funds
Other deferred liabilities

$250,000 00
21,429 54

$250,000 00
5,037 75

$16,391 79

Total deferred liabilities

$271,429 54

$255,037 75

$16,391 79

$419,757 20
2,215,372 56
127,696 48
396,760 89

$478,456 78
2,129,835 52
360,065 45
188,673 65

$85,53'7 04
208,087 24

$3.159,587 13

$3,157,031 40

$2,555 73

$590,249 43
4.814,263 17

$535,653 41
4,053,574 33

$54,596 02
760,688 84
$815,284 86

Long-Term DebtFunded debt
Less-Funded debt held in treasury
Total funded debt outstanding
Non-negotiable debt to affiliated companies
Total long-term debt
Current LiabilitiesLoans and bills payable
Traffic and car-service balances payable
Audited accounts and wages payable
Miscellaneous accounts payable
Interest matured unpaid
Dividends matured unpaid
Funded debt matured unpaid
Unmatured dividends declared
Umnatured interest accrued
Unmatured rents accrued
Other current liabilities

•

Total current liabilities

Unadjusted Credits'Tax liability
Insurance reserve
Operating reserves
Other unadjusted credits
Total unadjusted credits
Corporate SurplusAdditions to property thorugh income and surplus
Profit and loss
Total corporate surplus
Grand total

:

Contingent Liabilities-

Increase.

Decrease.

$5,600 00
$5,600 00
$2,051,000 00
2,881,000 00
125,000 00

$1,000,000 00

$5,404,512 60

$4,589,227 74

3287,242,993 90

$295,681,597 41

867.692.100 00

367.692.100 00

$99.658 94
715,315 84
813,968 59
211,208 75
1,419 50
10,782,338 33
3,066 67
61,458 33
51,988 12
$9,983,435 89

$58,699 58
232,368 97

$8,438,603 51

TABLE 5-INVESTMENT SECURITIES OWNED-PAR VALUE.
KIND.

Pledged.

Stocks:
Illinois Central RR. Co. stock and scrip
Central of Georgia Ry. Co.-Preferred
Central of Georgia By. Co.-Common
Chicago St. Louis & New Orleans RR. Co
Dubuque & Sioux City RR Co
Dunleith & Dubuque Bridge Co_
Chicago Memphis & Gulf RR. Co.-Preferred
Chicago Memphis & Gulf RR. Co.-Common
Belt Railway Company of Chicago
Miscellaneous
Total Stocks

Dividends
and Interest
Received.

Total.

34,283 33
15,000,000,00
4,998,500 00
10,200 00
11,756,000 00
1,000,000 00
150,000 00
520,000 00
240,000 00
2,388,928 00

$4,283 33
15,000,000 00
4,998.500 00
10,200 00
11,756,000 00
1,000,000 00
150,000 00
520,000 00
240,000 00
2,388,928 00

$900,000 00
249,925 00
408 00
521,996 40
142,130 12
14,400 00
4,580 00

$36,067,911 33 $36,067,911 33 $1,833,409 52

Bonds:
Illinois Central Gold 4s of 1953
Illinois Central Interim Certificates, 4s, First Lien Equipment
I. C. RR. Co. and C. St. L.& N.0. RR. Co. Joint First Refunding 5s of 1963
Louisville Division and Terminal 3s of 1953
Cedar Rapids & Chicago RR. Co. First,Mortgage Gold 5s of 1935
a$830,00000
Cherokee & Dakota RR. Co., First Mortgage Gold 5s of 1935
a3,100,000 00
Chicago St. Louis & New Orleans RR. Co. Gold 5s of 1951
b5,266,000 00
Chicago St. Louis & New Orleans RR. Co. Gold Bridge 5s of 1950
c3,000.000 00
Chicago St. Louis & New Orleans It R. Co., Equin. Trust Offs., Series"A,"5s of 1924
Louisville New Orleans & Texas By. Co. First Mortgage 4s of 1934
d16,832,000 00
Louisville New Orleans & Texas By. Co., Second Mortgage Income 5s of 1034..__
d9,104,000 00
LouisvilleNew Orleans & Texas Ry. Co., Land Grant Non-Cum.Inc. 6s of 1934_ d6,553,276 90
Peoria & Pekin Union By. Co., Debenture 5s
Southern Illinois & Missouri Bridge Co., 4s of 1951
Tennessee Central RR. Co., Prior Lien 4s of 1934
Yazoo & Mississippi Valley RR.Co., First Mortgage Gold 5s of 1952
a2,800,000 00
Yazoo & Mississippi Valley RR. Co., Gold Improvement 5s of 1934
Miscellaneous
Total Bonds

Unpledged.

$71,000 00
17,604,000 00
3,348,100 00
156,000 00

665,000 00

206,500 00
600,000 00
1,338,000 00
6,766,000 00
151,000 00

871,000 00 e
17,604,000 00 e
3,348,100 00 e
156,000 00 e
341,500 00
830,000 00
3,100,000 00
155,000 00
5,266,000 00
263,300 00
3,000,000 00
150,000 00
665.000 00 e____ __ ----673,280 00
16,832,000 00
9,104,000 00 1,429,399 85
6,553,276 90
206,500 00
10,377 09
600,000 00
24,000 00
1,338,000 00
53,520 00
2,800,000 00
140,000 00
6,766,000 00
342,400 00
151,000 00
9,060 00

$47,485,276 90 $30,905,600 00 $78,390,876 90 $3,291,836 94

Other Securities

353,933 61
81,113,595 36 $1,113,595 3i
Grand Total
347.485.276 00 368.087.106 69 3115.572.383 59 35.179.180 07
_
----The book value of the securities listed above is $101,033,132 16, and on the balance sheet is included in the items:
Investments in Affiliated Companies-Stocks Unpledged
$40,634,143 57
Investments in Affiliated CompaniN-Bonds Unpledged
4,976.900 00
Investments in Afftlated Companies,-Bonds Pledged
13,946,0)0 00
Other Investments-Stocks Unpledged
5,519 10
Other Investments-Bonds Unpledged
8,234,650 00
Other Investments-Bonds Pledged
27,305,679 38
Other Investments-Notes, Advances, &c
3,078,777 15
As deductions from Liabilities:
Under Common Stock
4,283 33
Under Funded Debt
17,675,000 00
a-Pledgea to secure in part Illinois Central 4% Bonds of 1952.
d-Pledged to secure Illinois Central 4% Bonds of 1953.
b-Pledged to secure Illinois Central 3;4% Sterling Bonds of 1950.
e-Excludes interest on Company's bonds and issues of Subsidiary
c-Pledged to secure Illinois Central Cairo Bridge Bonds of 1950.
Companies guaranteed

TABLE 6-CAPITAL ADVANCES TO OTHER COMPANIES.
KindCapital Advances to Other Companies:
Batesville Southwestern Railroad Company
Benton Southern RR. Co
Bloomington Southern Railroad Company
Blue Island Railroad Company
Canton Aberdeen & Nashville Railroad Company
Chicago Memphis & Gulf Railroad Company
Chicago St. Louis & New Orleans RR. Co
Chicago St. Louis & New Orleans RR. Co., account C. St. L.& N.0. RR. Co. Equipment Trust, Series "A"
Dubuque & Sioux City Railroad Company
Fredonia & Reeds RR. Co
Herrin Northern RR. Co
Johnston City Southern RR. Co
Kensington & Eastern Railroad Company
Kensington & Eastern Railroad Company of Indiana
Memphis Railroad Terminal Company
Omaha Bridge & Terminal Railway Company
South Chicago Railroad Company
,
Madison Coal Corporation
Mississippi Valley Company
Mississippi Valley Corporation
Southern Property Company
The Yazoo & Mississippi Valley Railroad Company
Total Capital Advances to Other Companies




Total.
$100,704 42
72,500 33
304,667 45
63,785 97
93,149 78
92,966 12
6,131,779 73
1,749,341 90
2,038,227 59
40,216 83
1,358 76
48,679 80
1,219,503 17
280 79
113,147 22
1,750.000 00
249,170 87
1,650,000 00
40.990 90
526,505 18
5,173 89
$16,292,150 70
2,968,050 79
119,260,201 49'

Interest received
During Year.

373,979 20

35,992 51
87,500 00
88,985 26
26,180 41
$312,637 38
67,560 18
8380,197 56

THE CHRONICLE

Our. 16 1915.1

1283

TABLE 11-GENERAL OPERATING RESULTS FOR THE YEARS ENDING JUNE 30 1915 AND 1914.
Train and Locomotive MileageRevenue freight train miles
Revenue passenger train miles
Revenue mixed train miles
Revenue special train miles
Total revenue service train miles
Helping and light freight locomotives miles
Helping and light passenger locomotive miles
Helping and light mixed locomotive miles
Helping and light special locomotive miles
Total revenue service locomotive miles, excluding switching
Switching locomotive miles
Total revenue service locomotive miles
Non-revenue service locomotive miles
Per cent of helping and light mileage to revenue train mileage
Car MileageFreight car miles-loadod
Freight car miles-empty
Freight car miles-caboose
Total freight car miles
Average number of loaded freight cars per train mile
Average number of empty freight cars per train mile
Average number of all freight cars per train mile
Per cent of loaded car mileage to total car mileage
Per cent of empty car mileage to total car mileage
Per cent of caboose car mileage to total car mileage
Passenger car miles
Average number of passenger cars per train mile
Special revenue service car miles
Non-revenue service car miles

1915.

1914.

16,628,875
13,089,503
290,731
12,658
30,021.767
455,162
352,937
1,69
134
30,831,695
7,125,792
37,957.487
958,491
2.70

18,395,176
13,180,317
287.415
7,732
31,870,640
686,518
393.356
3,335
95
32,953,944
7,430,437
40,384,381
881,704
3.40

Increase.

367,261,612387,428,046
184.169,197186,568,256
16,729,601 18,554,119
568,160,41C 592,550,421
21.71
20.74
10.8'
9.99
33.5'
31.72
65.38
64.64
32.42
31.49
2.94
3.13
74,505,756 75,471,287
5.57
5.60
177,279
96,151
6,322.187 6.027.964

3;316
4,926

39

76,787

Decrease.
1.766.301 9.60
90.814 0.69
1.15
63.71
1;84-8;87 5.80
231.356 33.70
40,419 10.28
1.640 49.18
41.05
2,-1-2-21 6.44
304,64 4.10
2,426.894 6.01
8.71
.70 20.59
20,166,434
2.399,059
1,824,518
24,390,011

81,128
294,923

5.21
1.29
9.83
4.12
4.68
8.91
5.86
.74 1.13
2.95
.19 6.07
965.531 1.28
.03 0.54
84.38
4.88

1912.

1911.

.97
.89
1.86
.93

TABLE 12-GENERAL TRAFFIC RESULTS.
Years ending June 30th.

1915.

1914.

1913.

Average miles of road operated
4,770.03
4,768.51
4,762.70
4,762.70
4,749.64
Freight Traffic-Tons of revenue freight carried
31,309,351
32,342,709
27,966,035
26,339,149
30,447.165
Tons of company freight carried
7,570.619
6,844,266
6,113,998
6,445,783
6,444,889
carried
freight
Tons of all
38,879,970
39,186,975
36,892,054
34.411.818
32.453,14
Tons of revenue freight carried one mile
7.522,111,963 7,789,173,596 7,385,261.210 6,210,461,853 6,817,235,728
Tons of company freight carried one mile
1,323,981,742 1,325.961,521 1,381,335,080 1,239.346,673 1,372,533,328
mile
one
carried
Tons of all freight
8,846,093.70:3 9,115,135,117 8,766,596,290 7.449.808.526 8,189,769,056
Tons of revenue freight carried one mile per mile of road
1,576,953
1,633.461
1.303,979
1,550.646
1,435,316
Average distance revenue freight carried-in miles
240.25
240.83
242.56
243.77
235.79
Revenue from freight
$41,212,270 70 $43,871,271 70 $42,589,298 68 $37,881,765 94 $41.503,985 23
Average revenue per ton carried
$1.31-629
81.35-645
31.43-82
$1.39-879
81.48-409
Average revenue per ton per mile-in cents
.548
.614
.563
.577
.609
Freight revenue per mile of road operated
$8,639 83
$9,200 21
17.953:..
$8,942 26
$8,738 34
Freight revenue per revenue freight train mile
$2.43-577
$2.34-824
$2.34-734
$2.17-201
$2.18-068
Tons of revenue freight carried per revenue freight train mile
444.58
416.92
356.0!
407.04
358.19
Tons of all freight carried per revenue freight train mile
522.83
487.89
427.1 i'
430.30
483.18
Tons of all freight carried per revenue service locomotive mile, excluding switching miles
414.4;
470.52
509.08
416.22
467.39
Average number of tons of all freight in each loaded car
24.09
22.87
23.53
21.91
21.5
Passenger Traffic-Revenue passengers carried
26,019,820
27,522.774
27.537,947
27,005.95
27.437,911
Revenue passengers carried one mile
718,962,391
660,870.298
711,368,242
709,596,363
712,353,402
Revenue passengers carried one mile per mile of road
138,546
150.773
148,990
149,362
149.981
Average distance carried-in miles
25.40
26.12
26.28
25.83
25.96
Revenue from passengers
$12.640,597 28 $13,715,979 06 $13,455,884 45 $13,337,562 40 $13.168,862 89
Average revenue per passenger-in cents
48.581
49.387
48.863
49.835
47.995
Average revenue per passenger per mile-in cents
1.913
1.908
1.892
1.849
1.880
Average revenue from passengers per passenger train mile
$0.94-472
$1.01-843
$0.95-807
$0.96-588
$0.97-791
Passenger service train revenue
$15,737,983 14 $17,004,337 30 $16,760,538 49 $16,570,743 10 $16,091,528 56
Passenger service train revenue per mile of road
$3.299 35
$3.519 13
$3,565 96
$3,479 28
33.387 95
Passenger service train revenue per train mile
$1.17-621
81.26-260
81.20-309
81.19-495
81.19-032
Average revenue passengers per car mile
13
14
14
1
14
Average revenue passengers per train mile
49
53
51
51
53
Revenue and Expenses-Freight and passenger revenue
$53.852.867 98 $57,587,250 76 856,045,183 13 $51,219,328 34 854.672,848 12
Freight and passenger revenue per mile of road
$12,076 57
$11,289 84
$11,767 52
810.754 26
$11,510 95
Total operating revenues
$61,700.372 48 865.873,700 02 $64,280,903 02 $58,727,272 17 862.088,736 52
Total operating revenues per mile of road
$13,814 32
$12,935 01
$13,496 74
$13,072 30
$12,330 67
Total operating revenues per train mile
..
$2.02-130
82.06-691
$2.05-519
$1.93-192
$1.88-874
Operating expenses
$47,570,147 65 850,775,327 46 350.048,911 57 $48,121,466 54 *44,757,856 70
Operating expenses per mile of road
$9.972 72
$10,648 05
$10,103 82
$10.508 52
$9,423 42
Operating expenses per train mile
$1.59-317
81.58-452
$1.57-378
$1.54-765
*1.39-266
Net operating revenue
$14,130,224 83 $15.098,372 56 314.231,991 45 $10,605,805 63 817.330,879 82
Net operating revenue per mile of road
$2,988 22
$2,962 29
$3,166 27
$2,226 85
$3,648 88
Net operating revenue per train mile
80.47-067
80.47-374 .
80.44-752
80.34-109
80.53-926

TABLE 13-CLASSIFICATION OF REVENUE FREIGHT YEARS ENDING JUNE 30 1915 AND 1914.
Products of AgricultureGrain
Flour
Other mill products
Hay
Tobacco
Cotton
Fruit and vegetables
Total
Products of AnimalsLive stock
Packing-house products
Poultry, game and fish
Wool
Hides and loather

1915
Tons. PerCent

1914
Tons. PerCent

3,647,309 11.65
284,642 0.91
278.929 0.89
270,205 0.86
54,230 0.17
290,074
0.93
1,123,489
3.59

3,290.781 10.17
0.99
318,721
278,575 0.86
199,645 0.62
0.24
76,350
303,837 0.94
3.32
1,075,452

5,948,878

19.00

5.543,361

17.14

441,719
171,137
35,507
8,976
16,313

1.41
0.55
0.11
0.03
0.05

430.942
194,151
35,486
12,006
15,085

1.33
0.60
0.11
0.04
0.05

Total
673,652
2.15
2.13
688,570
Products of MinesAnthracite coal
94,452 0.30
68.450 0.21
Bituminous coal
12,388,969 39.57 12,145,945 37.55
Coke
100,797 0.32
126,028 0.39
Ores
186,990 0.60
0.59
189,893
Stone, sand and other like articles
1,365,103 4.36
1,313,105 4.06
Total
14,136,311 45.15 13,843,421 42.80
CURRENT NOTICE.
-Under title "Some Low-Priced Railroad Bonds," Jackson & Curtis
members of Now York and Boston Stock Exchanges, have brought together
n connection with various statistics relating to the same, fifteen wellknown bond issues of the Atchison, B. & O., C. B. & Q., St. Paul, Hocking Valley, Illinois Central, &c., &c., which are now selling at relatively
low prices, the yield on the investment being therefore correspondingly
high, ranging from 4.67 for C. B. & Q.-Great Northern Joint 4s up to
5.17% for N. Y. Central Ref. & Impt. M.430.
-In an advertisement on a preceding page the Union Trust Co. of
‘
, % coupon bonds of the Chicago
Chicago is offering for sale an issue of 4;
Northwest Park District, Ill. Total bonded debt, including this issue,
taxation,
for
valuation
813,667.556; actual valuation
$350,000. Assessed
of taxable property, estimated, $41,002,653.




Products of ForestsLumber

• 1915-----Tons. PerCent

1914
Tons. PerCent.

3,906,472

12.48

4.804,433

14.85

ManufacturesPetroleum and other oils
364,582
Sugar
277,675
Naval stores
24.878
Iron, pig and bloom
193,927
Iron and steel rails
57,169
Other castings and machinery
178,488
Bar and sheet metal
77,549
Cement, brick and lime
1,100,799
Agricultural implements
70,362
Wagons carriages, tools, etc
42,992
Wines, liquors and beers
143,258
Household goods and furniture____
60,837

1.16
0.89
0.08
0.62
0.18
0.57
0.25
3.52
0.22
0.14
0.46
0.19

328,991
296.878
32,288
186.469
106,020
214,847
79,671
1,040,846
85,221
45,203
165,918
57,465

1.02
0.92
0.10
0.57
0.33
0.66
0.25
3.22
0.26
0.14
0.51
0.18

2,592,516

8.28

2,639,817

8.16

1,620.715

5.18

1,994.727

6.17

MiscellaneousOther commodities not mentioned
above
2.430,807

7.76

2,828,380

8.75

Total
Merchandise

Total tonnage

31,309,351 100.00 32,342.709 100.00

-E. B. Blanton has severed his connection with the Commonwealth
Trust Co. of Houston, as Vice-President, director, and Manager of its
bond department. Per the past two years the bond department had been
entirely under his management, during which time it handled some two
million dollars of municipal and other Texas bonds. Mr. Blanton takes
charge, as the senior partner of the Blanton-Wise Co., Kress Building, of
Houston, exclusive dealers in bonds, in wholesale quantities, to dealers
only.
-Chas. H. Jones & Co., dealers in investment securities at 20 Broad
St., this city, have prepared a special circular on Gulf States Steel Co.
which they will mail in answer to inquiries for "Circular 03." The bankers
consider the Gulf States Steel Co. to be one of the best independent steel
companies in the Southern field, manufacturing barbed wire, wire fencing
and steel billets. The firm believes the steel company's prospects are very
bright. See advertisement in to-day's issue.

tvoL.

THE CHRONICLE

1284

101.

LOUISVILLE & NASHVILLE RAILROAD COMPANY
SIXTY-FOURTH ANNUAL REPORT-FOR THE FISCAL YEAR ENDED JUNE 30 1915.
Louisville, Ky., October 6 1915.
To the Stockholders of the Louisville & Nashville Railroad
Company:
The Doard of Directors of your Company respectfully
submits the following report for the fiscal year ended June
30 1915:
MILEAGE.
I. Lines Owned and Operated.
Miles.
3,806.32
(1) Owned-Property deeded
(2) Operated but not owneda) Operated as owner of entire Capital Stock..___830.49
133.46
b) Operated under lease
38.92
C) Operated under contract
216.01
d) Operated under trackage arrangements
1,218.88
(3) Owned, leased to N. C. & St. L. Ry.-operated
5.46
under trackage arrangements
(4) Owner of entire Capital Stock, property operated
separately-operated by this Company under trackage
6.46
arrangements

1

5,037.12

Total operated
Average mileage operated during the year, 5,036.98.

II. Lines Operated Under Their Separate Organizations
in which this Company Owns a Majority of the Capital Stock
or is Interested as Joint Owner or Lessee.
Nashville Chattanooga & St. Louis Railway (a majority
of the Capital Stock owned)
Central Transfer Railway & Storage Co., Louisville (onehalf of the Capital Stock owned)
Georgia Railroad and Dependencies (interested as joint
lessee)
Chicago Indianapolis & Louisville Railway (a majority of
the Capital Stock owned jointly with the Southern
Railway Co.)
Louisville Henderson & St. Louis Railway, leas mileage
of Louisville & Nashville Railroad operated under trackage arrangements (a majority of the Capital Stock
owned)
Woodstock & Blooton Railway (one-half of the Capital
Stock owned)

.67
571.00
622.41

Total Outstanding Bonded Debt in hands of public,
174,231,000 00
Juno 30 1915
Total Outstanding Bonded Debt in hands of public,
168,341,000 00
June 30 1914

181.70
7.73

III. Lines Owned by this Company but Operated by other
Companies.

Clarksville & Princeton Branch-Gracey, Ky., to Princeton, Ky. (leased to Ohio Valley Railway Co. at $12,039 70 per annum)

20.71
269.45

79.17
14.41
7.08
100.66

BONDED DEBT.
$184,441,339 94
Bonded Debt June 30 1914, total Issue
Bonds Issued$ 1,196,000 00
Unified Fifty-year 4 per cent Gold
Lexington & Eastern Railway Co. First
Mortgage Fifty-year 5 per cent Gold._.. _ 0,823,000 00
11,019,000 00
Bonds Drawn for Sinking Funds-RedeemedEvansville Henderson & Nashville Division
$105,000
Gold
General Mortgage
545,000
Gold
Pensacola & Atlantic Railroad
First Mortgage
101,000
Gold
Pensacola Division First Mort25,000
gage Gold_
Newport & Cincinnati Bridge
General
Co.
13,000
Mortgage
$789,000 00

5,890,000 00

1,615,000 00

100.66

•
Increase
Accounted for as followsAdditionsLewisbnrg & Northern Railroad
Nashville & Decatur Railroad
Sundry net additions

Increase in Bonds outstanding in hands of public__
Accounted for as follows-Bonds SoldLexington & Eastern Ry. Co. First
Mortgage Fifty-year 5 per cent Gold.. 7,500,000 00
Deduct650,000 00
Bonds matured
Cash deposited to retire
10,000 00
bonds
Bonds purchased and
22,000 00
canceled
Bonds drawn for Sinking
Funds, including Redeemed and Unre868,000 00
deemed Bonds
Bonds purchased for
65,000 00
Sinking Funds

248.74

7,607.32
7,506.66

Total mileage
Total mileage June 30 1914

$868,000 00
Bonds Redeemed and CanceledLexington & Eastern fly. Co.
General Mort22,000
gage
Yellow River RailFirst
road
140,000- 162,000 00
Mortgage
Bonds MaturedRedeemedEquipment,
Series "A" 5
per cent Gold_ 650.000
Cash Deposited with
Trustee to Retire
BondsLexington & Eastern fly. General Mortgage. 10,000- 660,000 00-1,690.000 009,329,000 00
Net increase over last year
Bonded Debt, Juno 30 1915, total issue. (See Balance
193,770,339 94
Sheet, Table III.)
L038Bonds Owned (see following page)14,018,339 94
In Treasury
3,929,000 00
Deposited in Trust as Collateral
Deposited account of Georgia Rail500,000 00
road Lease
1,092,000 00
Held in Sinking Funds
19,539,330 94

976.56

2,360.07
Less-Mileage used by this Company under trackage
arrangements:
7.73
Woodstock & Blocton Railway
51.33
Nashville Chattanooga & St. Louis Railway
.26
Louisville Henderson & St. Louis Railway
59.32
2,300.75

Paducah & Memphis Division (leased to Nashville Chattanooga & St. Louis Railway at 5 per cent on cost of
254.20
Road)
Less-Mileage operated by this Company under
5.46
trackage arrangements

$789,000 00 $11,019,000 00
Brought forward
Unredeemed (Not Presented for Payment)Evansville Henderson & Nashville Division
5,000
Gold
General Mortgage Gold_ _
73,000
Henderson
Bridge Co. 1st
Mortgage Gold 1,000- 79,000 00

LESSBonds withdrawn from
Treasury and canceled
for Sinking Funds____

6,000 00
1,610,000 00

$5,890,000 ea
GENERAL RESULTS.
The General Results, as given in detail in Table No. 1,
are here summarized.
Increase as shown above

$51,606,015 39
Operating Revenues
Less Operating Expenses,76.41 per cent_ _ _ 39,431,789 01
Net Operating Revenues,23.59 per cent
Taxes
Uncollectible Railway Revenues

$12,174,226 38
2,136,712 78
6,065 19
2,142,777 97

$10,031,448 41
Other Income$1,507,501 33
From Rents
129,909 16
From Separately Operated Properties
1,040,052 37
From Investments
678,429 79
From Interest
From Securities hold under Georgia Railroad
73,703 00
Lease
3,429,595 65
Total Income
$13,461,044 06
Deductions From Income$7,475,562 39
Interest on Bonded Debt
41,434 24
Other Interest
879,262 86
Rents
146,484 31
Sinking Funds
22,037 32
Reserve for Doubtful Accounts
36,120 71
Taxes on Miscellaneous Physical Property,&c.
8,600,901 83
Net Income carried to Profit and Loss Account
$4,860,142 23
The balance to credit of Profit and Loss Account amounts to $40,998,116 89.

GROWTH OF TRAFFIC.
The growth of traffic for the past ten years is shown by the following table :
YEARS.

Average
Miles
Operated.

Operating
Revenues.

Operating
Expellees.

Net
Operating
Revenues.

Operating
Revenues
Per Mile.

$10,411 50
512,075,532 52
130,933,463 71
4,130.91
143,008,996 23
1905-1906
11,207 67
12,482,642 66
35,781,302 54
48,263,945 20
4,306.33
1906-1907
10.262 72
11,025.990 11
*33,594,291 05
44,620,281 16
4,347.80
1907-1908
10.340 26
15,798,391 97
*29,627,499 48
45,425 891 45
4,393.11
1908-1909
11,512 94
17.447.803 16
*34,985,578 78
52,433.381 94
4,554.30
1909-1910
11.741 88
15,513,918 17
*38,479,822 61
53,998,740 78
4,598.39
1910-1911
11,934 74
16,585,460 86
*39,626,327 44
56.211,788 30
1911-1912
4,709.93
12,337 64
14,654,818 73
59,465,699 14
*44.810.88041
4,819.86
1912-1913
12,089 54
14,900,069 50
*44,782,708 27
59.682,777 77
4,936.73
1913-191410.245 43
12.174.226 38
*39.431.789 01
51.606.015 39
5.036.98
1914-19)5
* Does not include Additions arid Betterments heretofore included in Operating Expenses.




Operating
Expenses
Per Mile.
17.488 29
8,309 00
7,726 73
6,744 08
7,681 88
8,368 11
8,413 36
9,297 13
9,071 33
7.528 46

Net Operating P. C. of Expenses to OperRevenues
Per Mile. ating Revenues.
$2,923 21
2,898 67
2,635 99
3,596 18
3,831 06
3,373 77
3,521 38
3,0 51
3,01 A 21
2.416 97

71.92
74.14
75.29
65.22
66.72
71.27
70.49
75.36
75.03
76.41

Om 16 1915.1

THE CHRONICLE

RAILS.
The rails in main track operated, except trackage rights,
are shown below: .
Steel Rails•
Under 58M pounds per yard
583.1 pounds per yard
60 to 65 pounds per yard
68 pounds per yard
70 pounds per yard
80 pounds per yard
85 pounds per yard
90 pounds per yard
141 pounds per yard

--Miles
76.14
319.80
276.74
56.21
1,238.62
1,764.08
24.87
1,050.80
1.32
4,808.58
.61

Iron Rails
Total
To which addOperated under trackage arrangements

4,809.19
227.93

Total mileage owned and operated (sed following page.)

5,037.12

The rails in main track owned, operated by other companies, are shown below:
Steel
56
58
60
68
75
80
85
90

Railspounds per
pounds per
pounds per
pounds per
pounds per
pounds per
pounds per
pounds per

yard
yard
yard
yard
yard
yard
yard
yard

1.40
22.35
54.04
.71
.04
172.96
23.21
.20
274.91

Less-Portion of Paducah & Memphis Division used by
L. & N. Railroad under trackage arrangements

5.46

Total mileage operated by other companies (see following page) 269.45

ADDITIONS AND BETTERMENTS-ROAD.
During the year there were charged to Investment, Road,
expenditures for additions and betterments as follows:
Engineering ------------------------------------------'
Land for transportation purposes
Grading ---------------------------------------------Tunnels and subways----------------------------------Bridges, trestles and culverts
Ties
Rails
Other track material
Ballast ---------------------------------------------Track laying and surfacing
Right-of-way fences
Crossings and signs
Station and office buildings
Roadway buildings
Water stations
Fuel stations
Shops and enginehouses
Wharves and docks
Telegraph and telephone linos
Signals and interlockers
Power distribution systems
Miscellaneous structures
Paving
Roadway machines
Roadway small tools
Assessments for public improvements
Revenues and operating expcn >es during construction
Other expenditures-Road
Shop machinery
Taxes

533 599 86
225'604 46
04,103 61
49:541 52
Cr.26,075 91
37,782 90
330 196 12
i390'436 51
99'889 01
109,070 58
7,369 21
145,698 91
391,645 05
32,087 96
34,058 63
22,058 36
132,103 23
37,439 58
105.592 16
331,176 03
951 99
2,968 48
Cr.10,124 74
45,333 88
525 68
Cr.15,718 18
Cr.6,878 32
562 35
102,067 51
2,664 08

1285

Brought forward
Passenger Train CarsForty-five (45) bought or built
Expenditures on new cars not completed
Equipping with steam heat and changing
safety appliances

$649,490 41
614,112 62
17,312 84

1,434 01
5632.859 47
Freight Train CarsTwo thousand one hundred and seventy-five
(2,175) bought or built
1,819,493 49
Seven (7) rebuilt
5,611 33
Applying Farlow draft gears and changing
safety appliances
84,374 12
$1,909,478 99
Work EquipmentOne (1) standard spreader car bought
1,00000
Eighty-six (86) released from construction
work
106,524 32
Improvements on derrick car No. 41220
1,00681
Applying Farlow draft gears and changing
safety appliances
806 36
Twenty-three (23) freight train cars
changed to work equipment
5,199 45
Thirty (30) passenger train cars changed
to work equipment
14,020 22
$128,557 16
$3,320,386 03
CreditsLocomotivesThirteen (13) destroyed or sold
5118:895 82
Passenger Train CarsTen (10) destroyed or sold
$34,766 25
Thirty (30) changed to work equipment_ _ _
121,511 46
166,277 71
Freight Train CarsOne thousand eight hundred and forty-two
(1,842) destroyed or sold
923,353 66
Twenty-three (23) changed to work equipment
10,902 01
934,260 70
Work equipmentTwo hundred and sixty-four (264) destroyed
or weld
92.056 53
1,301,500 76
Total charges for the year, Table VI, on following page_ _$2,018,885 27

RESERVE FOR ACCRUED DEPRECIATIONEQUIPMENT.

CreditsDepreciation*Locomotives
5376,570 72
Passenger Train Cars
103,919 92
*Freight Train Cars
1,598,625 40
*Dining Cars
6,157 52
*Work Equipment
73,827 63
Total
52,159,101 19
ChargesAccrued DepreciationOn Equipment destroyed or soldThirteen (13) Locomotives___590,983 11
Ten (10) Passenger Train Cars 19,268 15
One thousand, nine hundred
and twenty-seven (1,927)
Freight Train Oars
641,479 15
Two hundred and sixty-seven
(267) units of Work Equipment
50,878 48
802,608 89
On Equipment changed to another classThirty (30) Passenger Train
Cars
103,265 50
Twenty-five(25) Freight Train
Total for the year ended June 30 1915 (see Table VI, on
Cars
8,241 98
following page)
2,705,820 51
111,507 48
Total for tho year ended June 30 1914
7,098,190 01
Total
_914,11637
----Decrease
1.244,9840
$4,392,369 50 Net credit for fiscal year ended June 30 1915
Balance to credit of Reserve for Accrued DepreciationEquipment June 30 1914
ADDITIONS AND BETTERMENTS-EQUIPMI1NT.
17,439,335 40
$18,684,320 22
The following expenditures for additions and betterments, Balance • to credit of Reserve for Accrued Depreciationequipment, were charged to Investment, Equipment, during
Equipment June 30 1915For Locomotives
4,940,935 61
the year:
Passenger Train Cars
1,349,263 30
ChargesFreight Train Cars
11,824,774 39
LocomotivesDining Cars
50,509 80
Thirty-five (35) bought or built
Work Equipment
$609,683 36
518,837 12
Equipping twenty-one (21) with smoke
18.684,320 22
(Nashville
abatement devices
Terminals)
821 44
Equipping with glass water gauges, Chicago
The above balance, 518,634,320 22, includes depreciation on equipment
flange oilers, automatic fire-box doors,
of the Lexington & Eastern Railway Company since December 31 1912.
superheaters, electric headlights, steam
-heating apparatus and changing safety
* The difference between these credits and the charges to Operating
appliances
Expenses for depreciation shown in Table No. IX, is caused by charges to
38,982 61
Investment in Road accounts for equipment used in construction and
5649,490 41 addition and betterment work and to lessees of equipment of this Company.

MAINTENANCE OF EQUIPMENT.
The average cost per mile for repairs to equipment for the past ten years has been as follows:
1905-1906. 1906-1907. 1907-1908. 1908-1909. 1909-1910. 1910-1911. 1911-1912. 1912-1913. 1913-1914. 1914-1911.
Cents.
Cele:8.
Cents.
Cents.
Cents.
Cents.
Cents.
Cents.
Cents.
Ceuta.
9.102
1.646
.865

Locomotive repairs, per mile
Passenger Car repairs, per mile
Freight Car repairs, per mile

7.771
1.546
1.049

• 9.090
1.542
.918

8.092
1.190
.745

7.884
1.292
.739

8.492
1.591
.835

8.770
1.581
.914

8.802
1.401
1.113

8.957
1.413
1.154

8.812
1.165
1.070

All equipment of the system in revenue service is provided with both air brakes and automatic couplers.
EQUIPMENT OWNED.
Locomolives.

Passenger
Cars.

Freight
Cars.

Work
Equipment

Louisville & Nashville RR.:
On hand July 1 1914_ _ _ _ 1.055
46,174
653
2,594
Change in classification,
effective July 1 1914.. _
13
Floating pile driver built
in 1909-1910, transferred to Work Eqiupment
1
35
Bought and built45
2,182
1
Released from construction work
86
Changed
53
-1,090
699
48,356
Changed
23
13
10
Destroyed or sold
1,842
264
Change in classification,
1
13
effective July 1 1914- ---- 14 --53 - - 1,865 = 261

-5-5

On hand




1,076

46,491

2,484

Locomotires.
Lexington & Eastern Ry.On hand July 1 1914_ _ _ _
14
. Change in classification,
effective July 1 191,1_ _ ____
Changed
---Changed
____
Destroyed or sold --- _
Change in classification.
effective Juiv 1 1914

Freight
Cars.

14

306

____
_ _
14---_ ___
__- -

142
85

Work
Equipment.

50
2
306

53
__ _ _
3

1
---1 ---87 ---3
--14
13
219
50
_

On hand
,

Passenger
Cars.

[VOL. 101.

THE CHRONICLE

1286

The following table shows the equipment on hand at the close of each of the past ten fiscal years :
LOUISVILLE & NASHVILLE RAILROAD AND OPERATED LINES.

Locomotives
Passenger Cars
Freight Cars
Work Equipment

1905-1906. 1906-1907. 1907-1908. 1908-1909. 1909-1910. 1910-1911. 1911-1912. 1912-1913. 1913-1914. 1914-1915.
1,090
1,069
1,035
998
971
928
899
896
865
745
659
667
620
655
611
590
573
572
559
535
46,710
46,480
44,727
45,269
44,564
43,019
41,720
40,589
39,528
36.633
2,534
2,644
2,495
1.884
1,648
1.429
1,421
1,503
1.452
1,289

of the depot buildings, the work is practically comPAYMENTS TO BE MADE ON ACCOUNT OF SINKING tion
pleted. It is expected that all of the facilities will be
FUNDS 1915-1916.
ready for operation by the middle of Septem$8,400 00 finished and
August 1 1915_-_
Henderson Bridge Co
26,250 00 ber 1915.
September 11915.
Pensacola Division
Evansville Henderson & Nashville Division.December 1 1915_
February 1 1916....
Pensacola & Atlantic Railroad
June 1 1916
General Mortgage
July 1 1916
Newport & Cincinnati Bridge Co

165,000 00
118,800 00
713,300 00
13,740 00

$1,050,490 00

Total

GUARANTIES.
The Company has guaranteed, by endorsement or by
agreement, the following obligations:
Issued. Annual Charge.
Louisville & Nashville Terminal Company First
Mortgage 4 per cent Gold BondsEndorsement,made jointly and severally with
Nashville Chattanooga & St. Louis Railway, covers principal and interest of bonds
$2,535,000 00 $101,400 00
Issued
Louisville & Nashville-Southern, Monon Coitalteral, Joint 4 per cent Gold BondsThis Company and the Southern Railway
Company are each liable for one-half of the
principal and interest of bonds issued. $11,827,000 00. One year's interest, $473,080 00; this Company's liability ono-half.
Should either company default in its olbigations to the other, in respect of the bonds of
this issue, the pledged shares of stock belonging to such company so in default shall
become and be the property of the company
not in default, which thenceforth shall be
liable in severalty upon all covenants con5,913.500 00 236,540 00
tained in the bonds
Nashville & Decatur Railroad, Rent DividendUnder lease of this property the payment of
734 per cent annual dividend to stockholders is guaranteed as rent. Amount
266,531 25
of Capital Stock, $3,553,750 00
Terminal Railroad Association of St. Louis00
on
$23,212.000
One-fifteenth of interest
General Mortgage 4% Gold Bonds now
outstanding-one year's interest, $923,480 00 L. & N. RR. Co.'s proportion,
61.898 67
one-fifteenth..
Georgia Railroad LeaseThis Company is liable jointly with the Atlantic Coast Line Railroad Company for the
yearly rent under the lease of the Georgia
Railroad, amounting to $600,000 00. This
300,000 00
Company's liability, per annum
Memphis Union Station Company Fitst Mortgage
5 per cent Gold BondsEndorsement,made jointly and severally with
Nashville Chattanooga & St. Louis Railway,
Southern Railway Company, St. Louis
Iron Mountain & Southern Railway Company, and St. Louis Southwestern Railway
Company, covers principal and interest of
2,500,000 00 125.000 00
the bonds issued
FINANCIAL SITUATION.

INCREASED TERMINAL FACILITIES AT LEXINGTON, KY.

Since the operations of the Lexington & Eastern Railway
were merged with those of the Louisville & Nashville Railroad, it has become necessary to provide more adequate
terminal facilities at Lexington. This work was commenced in the spring of 1914 and is now nearing completion.
AUTOMATIC BLOCK SIGNALS.

The installation of automatic block signals, commenced
in the summer of 1912, is well under way. This work on
the Cincinnati Division, Lagrange to the north end of the
Newport & Cincinnati Bridge, 83 miles, and on the Knoxville Division between La Follette and Corbin, 53.2 miles,
has been completed and is in operation. This work on the
Kentucky Division, undertaken between Covington and
Corbin, has been completed between Corbin and Cynthiana,
120.7 miles, and is in operation. It is expected that the
remainder will be completed and placed in operation by
November 1 1915.
When the installation authorized at the writing of this
report has been completed, there will be in operation on the
system automatic electric block signals protecting 386.9
miles of single track and 164.7 miles of double track, making
a total of 551.6 miles.
LEWISBURG & NORTHERN RAILROAD.

This line between Brontwood, Tenn., and the Alabama
State Line, 79.17 miles, was placed in operation on July 15
1914, although the work of placing concrete lining in the
double track tunnel at Diana is still in progress. The main
tracks on the lino between Maplewood and Mayton, Tenn.,
on which the yard at Radnor is located, were completed in
the fall of 1914.
NASHVILLE & DECATUR DIVISION.

The new line, Athens, Ala., to the Tennessee State Line,
mentioned in last year's report, was placed in operation
on July 15 1914. During the year a second track was constructed on this division between Vine Hill and Mayton,
and the new second track between Mayton and Brentwood
was completed, and the whole put in operation during the
spring of this year.
SOUTH & NORTH ALABAMA RAILROAD.

The now double track line on revised location between
Bangor and Now Castle, Ala., including the Haydon MounThe Decrease in Operating Revenues, compared with tain Tunnel, was completed and put in operatioR during
previous year, was $8,300,451 48, equal to 13.85 per cent.
November 1914.
SALE OF SECURITIES.
This great shrinkage was due largely to the effect proconsumption
and
price
the
upon
Europe
in
war
the
The following securities have been sold during this fiscal
duced by
of the products and manufactures of the territory served by year:
& Eastern Railway First Mortgage
the Louisville & Nashville Railroad Company and to the $7,500,000 00 Lexington
Fifty-year 5 per cent Gold Bonds, yielding_ -$7,125,000 00
consequent decrease in passenger travel.
AND BETTERMENTS.
ADDITIONS
An analysis of the tons moved in the two years shows
the year for additions and
during
expenditures
Cash
:
follows
as
decreases
additional equipment, and
construction,
new
betterments,
cent
per
6.57
Agriculture
In Products of
13.94
advances to subsidiary companies for similar purposes,
Animals
12.56
Mines
including $1,557,071 35 expended in connection therewith
20.25
Forests
15.09
and charged to Operating Expenses, amounted to $9,In Manufactures
20.54
In General Merchandise
731,803 20.
41.78
Freight

1

In Miscellaneous

13.92 per cent
Average
Attention is called to the report of the Comptroller for
As a further illustration of the great shrinkage in business the results of the year's business.
throughout the whole territory served by the Louisville &
The Board acknowledges the fidelity and efficiency with
Nashville Railroad Company, freight "forwarded" revenue
from principal stations shows by comparison with the pre- which the officers and employees of the Company have
served its interests.
vious year the following decreases in per cent:
23.93 per cent
For the Board of Directors,
Cincinnati
23.98
H. WALTERS, Chairman.
Louisville
16.86
Owensboro
M. H. SMITH, President.
25.05
Evansville
61

16

66

Henderson
St. Louis and East St. Louis
New Orleans
Mobile
Pensacola
Selma
Montgomery
Birmingham
Nashville
Knoxville

19.32
30.35
6.01
21.04
16.34
25.00
21.71
24.66
10.56
17.56

61

64
46

14
44
66

46

14

6.

11

Birmingham is now showing some revival, largely due to
orders for Europe.
NEW LINE, WINCHESTER TO IRVINE.

Owing to conditions upon this line the construction work
has been very badly delayed. While the line has been
practically completed, it is not expected that it will be in
shape to turn over to the Operating Department until about
the middle of September 1915.
For the purpose of handling the coal traffic from Eastern
Kentucky for Cincinnati and Louisville through Irvine and
Winchester, now moving via Beattyville Junction and the
old line of the Lexington & Eastern Railway, it was necessary to construct yard facilities at Irvine. With the except


HASKINS & SELLS.
CERTIFIED PUBLIC ACCOUNTANTS,
30 BROAD STREET, NEW YORK.

New York, September 28 1915.
Henry Walters, Esq., Chairman of the Board, Louisville de.
Nashville Railroad Company, 71 Broadway, New York.
We have examined the books and accounts of the Louisville & Nashville Railroad Company for the fiscal year
ended June 30 1915, have verified all cash and security
balances by count or by comparison with receipts and
certificates of deposit, and have examined carefully all
details of revenues and expenses and all charges to capital
accounts, and
We hereby certify that the accompanying General Balance
Sheet and statements of Income and Profit and Loss are
correct, and truthfully set forth, respectively, the financial
condition June 30 1915 and the results from the operation
for the period shown.
SELLS,
IIASKINS &

Certified Public Accountants.

OCT. 16 19154

1287

THEICHRONICLE
TABLE NO. 1.-INCOME ACCOUNT.

June 30 1914. Railway Operating Income
Railway Operating Revenues
$59,906,466 87
Railway Operating Expenses, 76.41 per cent
45,012,304 96
Net Revenue from Railway Operations, 23.59 per cent
$14,894,161 91
Railway Tax Accruals
2,600,288 42
Uncollectible Railway Revenues
5,718 64

$51,606,015 39
39,431,789 01
$12,174,226 38
$2,136,712 78
6,065 19
2,142,777 97

$2,606,007 06

$10,031,448 41

Total Operating Income
Non-Operating IncomeHire of Freight Cars-Credit Balance
•
Rent from Locomotives
Rent from Passenger Train Cars
Rent from Work Equipment
Joint Facility Rent Income
Income from Lease of RoadClarksville & Princeton Branch
Paducah & Memphis Division

$12,288,154 85
318,797 88
41,539 52
65,131 24
68,050 46
259,555 56
12,039 70
206,506 20
$218,545 90
28,450 79
81,962 58
*25,291 00

764,862 60
16,146 79
69,399 90
21,808 86
285,995 70
$12,039 70
206.506 20
218,54590
26,636 19
104,10539
129,909 16

Miscellaneous Rent Income
Property
Miscellaneous Non-operating Physical
Separately Operated Properties-Profit
Dividend IncomeChicago Indianapolis & Louisville Railway Stock
Stock
. Nashville Chattanooga & St. Louis Railway
Sundry stocks
Lease
Railroad
Georgia
under
held
From stocks

157,149 C6
653,159 50
35,672 33
69,333 00

$77.468 00
689,046 00
33,847 00
73,083 00
873,444 00

$915,313 89

SecuritiesIncome from Funded and
notes maturing more than one year after date
Sundry,bonds
From bonds held under Georgia Railroad Lease

$224,160 40
620.00
$224.780 40
691,101 21
48 61

8239,691 37
620 00
240.311 37
678,093 01
336 78

Securities and Accounts
Income from Unfunded
Income from Sinking Funds
Total Non-Operating Income

$2,887,987 04

Gross Income
Deductions from Gross IncomeRent for Locomotives
Rent for Passenger Train Cars
Rent for Work Equipment
Joint Facility Rents
Rent for Leased RoadsGuaranteed dividend on Nashville & Decatur Railroad Stock
Rents of other roads

$15,176,141 89
$24,416 87
72,810 64
351 80
588,267 00
8118,709 68
44,666 59
$163,376 27
47,51026

Miscellaneous Rents
Miscellaneous Tax Accruals
Interest on Funded Debt
Interest on Unfunded Debt
Miscellaneous Income ChargesFunds
Accrued premiums on bonds drawn for Sinking
U. S. Income Tax paid on Tax Exempt Bonds

7,123,932 90
13,605 88
83,50000
8,231 76

$201,023 17
204,252 08

10,270 48
65,162 38
1,982 29
612,636 92
$119,617 49
38,286 84
157,904 33
31,306 46
22,836 42
7,475,56239
41,434 24
876,900 00
13.284 29
90,184 29

•
$8,126,003 38
$7,050,138 51

3,429,595 65
$13,461,044 06

8,509,280 20

Total Deductions from Gross Income
Not Income
Disposition of Net IncomeIncome applied to Sinking Funds
Miscellaneous Appropriations of Income

405,275 25
$6,644,863 26

$4,951,763 86
$69,584 31
22,037 32

Total Appropriations
Income Balance Transferred to Credit of Profit and Loss

91,621 63
$4,860.142 23

*Loss.
y with the Clasprevious fiscal year, for comparative purposes, has been revised in conformit
Note.-Income Account forInter-Stat
e Commerce Commission, effective July 1 1914, in accordance with which it is
sification prescribed by the
.
as
items
certain
heretofore
include
to
e
not permissibl

TABLE NO. IL-PROFIT AND LOSS ACCOUNT.
CREDITS.
$39.597,434 00 '
Juno 30 1914
4,860.142 23
Balance to credit of this account
Account
Income
from
Credit Balance Transferred
108 40
Donationstion purposes
for
transporta
donated
land
of
value
Estimated
Miscellaneous Credits-Accounts for Accrued Depreciation on Material Property of the Company in Private
Adjustment of Reserve
$238,211 58
Sidings to Juno 30 1914
for Accrued Depreciation on Ballast, Ties, Rails and certain items of
Adjustment of Reserve Accounts
78,342 76
June 30 1913
Other Track Material tothis
account in June 1904 and crediting "Reserve for Company's Proportion of
Amount of entry chargingcanceled
80
203,323
Unadjusted Claims,"
18,915 33
and Vouchers prior to July 11910,closed off
Unpaid amounts on Audited Pay-rolls
18,908 96
557,702 43
Sundry amounts
$45,015,387 06
DEBITS.
Surplus- ,
$1,800,000 00
Dividend Appropriations of
cent, payable k ebruary 10 1915
1,800,000 00
Cash Dividend, 2M per cent,
payable August 10 1915
83,600,000 00
Cash Dividend, 23 per
Surplus
through
Debt Discount Extinguishedbonds issued and sold during the year394,212 39
Discount and expense onRailway Company k ire, Mortgage Fifty-year 5 per cent Gold Bonds
Lexington & }astern
ton
and
depreciati
Loss on Retired Road and Equipmen
recovered
salvage
less
replaced,
d
not
and
of removal of facilities abandone
11,940 54
Original cost and expense
--accrued--------------------------11,117 24
Miscellaneous Debits40,998,116 89
Sundry amounts
345,015,387 06
Balance Credit

TABLE NO, M.-GENERAL BALANC.E SHEET.
ASSETS.
INVESTMENTSJune 30 1914.
tInvestment in Road and Equipmen
------'-------$191,497,680 13
Road-----------------------------------------------------54,421,916 79
$188,257,308 65
Equipment
52,403,031 52
$245,919,596 92
$240,660,340 17
1,704,977 51
Improvements on Leased Railway Property
1,157,887 82
Sinking Funds16
1,187.893
Total Book Assets
1,106,629 86
1,092,000 00
Bonds, this Company's Issue
1,027,000 00
$95,893 16
$70,629 86
$3.508,477 99
Miscellaneous Physical Property
$3,220,078 08
Investments in Affiliated Companies(a) Stocks$6,391,023 44
In Treasury
52
6,385,403
14,913,200 85
I'llxIged
14,913,200 85
321,304,224 29
2,273,675 15
$21,298,604 37
(b) Bonds
1,371.429 60
3.445,742 74
(c) Notes
22,960,513 15
1,400,698 41
Advances
(d)
19,840,125 77
47,909,842 19
L $45,9::!5,171 29




1288

THE CHRONICLE

[VOL. 101.

ASSETS-(Concluded.)
$45,965,191 29 Brought forward
Other Investments933,942 21
(a) Stocks
4,787,320 89
(b) Bonds
463,244 10
(c) Notes

$47,909,842 19
1,012,967 37
4,472,827 35
596,754 54

36,184,507 20

6,082,549 26

3297,287,614 42
313,710,12660
3603,700 00
500,000 00
$500
103,695 00
$103,700 00
169,144 73
425,385 34
988,523 58
2,83E550 22
7,086,383 22
184,406 90
23,228 70

$305,221,337 03

GURRENT ASSETSCash
Tine Drafts and Deposits
Special DepositsTotal Book Assets
Bonds, this Company's Issue
Stock
Cash

39.804,13351
4,155,767 27
$605,514 25
500,000 00
35 00
105,509 25
105,514 25
253,949 59
355,206 23
955,217 25
2,775,771 19
5,879,961 94
147,147 39
74,855 25

Loans and Bills Receivable
Traffic and Car Service Balances Receivable
Net Balance Receivable from Agents and Conductors
Miscellaneous Accounts Receivable
Material and Supplies
Interest and Dividends Receivable
Rents Receivable

$25,522,449 29
$191,417 27
5,913,500 00
284,019 24

DEFERRED ASSETSWorking Fund Advances
Other Deferred AssetsSouthern Railway Company's Proportion of Bonds Issued Jointly
Other Accounts

$24,597,523 87
$45,007 55
5,913,500 00
235,688 54

$6,197,519 24

6,149,188 54

$6,388,936 51

$10,644,339 94
3,929,000 00

$2,500,000 00
2,500,000 00

6,194,196 09

UNADJUSTED DEBITSOther Unadjusted Debits

$1,229,886 57

Securities Issued or Assumed-Unpledged
Securities Issued or Assumed-Pledged

$1,408,666 06
$14,018,339 94
3,929,000 00

CONTINGENT ASSETSL. & N. Terminal Co. Fifty-year 4 per cent Gold Bonds outstanding, endorsed
by Louisville
& Nashville Railroad Co. and Nashville Chatt. & St. Louis Ry
$2,500,000 00
Memphis Union Station Co. First Mortgage 5 per cent Gold
Bonds guaranteed by the Louisville & Nashville RR. Co. and other interested Railroad Companies
2,500,000 00

$5,000,000 00
$5,000,000 00

$335,428,886 79

Grand Total

$342,421,723 05

Note.-General Balance Sheet Accounts for previous fiscal year, for comparatiye purposes,
have been revised in conformity
tion prescribed by the Inter-State Commerce Commission, effective
the ClassificaJuly 1 1914. In making this revision the Southern Railway with
Company's proportion of bonds issued jointly with this Company, amounting to $5,913,500,
has been included. All other changes in the accounts and total
by reclassification.
are occasioned

June 30 1914.
$71,917,200 00
720 00
82,080 00
$72,000,000 00
12,116 76

STOCKSLIABILITIES.
Capital StockFull shares outstanding
Fractional shares outstanding
Original stock and subsequent stock dividends unissued

$71.917,200 00
720 00
82,080 00
$72,000,000 00
12,116 76

Premium on Capital Stock

$72,012,116 76

$184,441,339 94
310,644,339 94
1,027,000 00
3,929,000 00
500,000 00

LONG TERM DEBTBook LiabilityFunded Debt-Unmatured
Held by or for this CompanyIn Treasury
In Sinking Funds
Deposited as Collateral
Special Deposit

$72,012,116 76

$193,770,330 94
$14,018,339 94
1,092,000 00
3,929,000 00
500,000 00

$16,100,339 04

19,539,339 94

$168,341,000 00
5,913,500 00
$174,254,500 00
192,061 73

Actually outstanding
Liability of Southern Railway Company for Bonds Issued Jointly with this Company
Non-Negotiable Debt to Affiliated Companies-Open Accounts

$174,231,000 00
5,913,500 00
$180,144,500 00
541,159 90

$174,446,561 73
220,657 14
4,849,735 11
298,952 84
1,815,689 50
88,859 00
95,000 00
2,520,000 00
951,112 49
4,619 39
8,700 00

CURRENT LIABILITIESTraffic and Car Service Balances Payable
Audited Accounts and Wages Payable
Miscellaneous Accounts Payable
Interest Matured, Unpaid
Dividends Matured, Unpaid
Funded Debt Matured, Unpaid
Unmatured Dividends Declared
Unmatured Interest Accrued
Unmatured Rents Accrued
Other Current Liabilities

$180,685,659 90
221,160 92
3,428,684 20
219,885 22
1,848,784 50
94,052 50
105,000 00
1,800,000 00
1,033,785 82
4,444 75
8,550 00

$10,853,325 47
485,467 28
1,163,167 50
37,287 38
9,974,264 55
17,439,335 40
1,302,121 05

DEFERRED LIABILITIESOther Deferred Liabilities
UNADJUSTED CREDITSTax Liability
Operating Reserves
Accrued Depreciation-Road
Accrued Depreciation-Equipment
Accrued Depreciation-Miscellaneous Physical Property
Other Unadjusted Credits

8,764,347 91
190,730 15
1,152,436 46
7,859 46
10,718,123 67
18,684,320 22
256,513 17
852,957 70

$29,916,175 88
32,356,039 41
471,312 18
290,454 08
$3,117,805 67
39,597,434 00

CORPORATE SURPLUSAdditions to Property through Income and Surplus
Sinking Fund Reserves
Appropriated Surplus not Specifically Invested
Total Appropriated Surplus
Profit and Loss-Balance

31,672,210 68
2,356,039 41
540,896 40
201,604 86
$3,098,540 76
40,998,116 89

$42,715,239 67
CONTINGENT LIABILITIESL. & N. Terminal Co. Fifty-year 4 per cent Gold Bonds outstanding, endorsed
by Louisville &
Nashville Railroad Co. and Nashville Chattanooga & St. Louis Railway
2,500,000 00
Memphis Union Station Company First Mortgage 5 per Cent
Gold Bonds guaranteed by the
Louisville & Nashville Railroad Company and other interested
Railroad Companies
$5,000,000 00

44,096,657 65

$2,500,000 00

3335,428,886 79




2,500,000 00
2,500,000 00
5,000,000 00

Grand Total

5342,421,723 05

OCT. 16 1915.1

THE CHRONICLE

1289

SOUTHERN RAILWAY COMPANY
TWENTY-FIRST ANNUAL REPORT-FOR THE YEAR ENDED JUNE 30 1915.
report for 1908 to what was then done. What is, perhaps,as
Richmond, Va., October 12 1915.
significant an illustration as can be made of the contempor:
Company
of
Railway
Southern
Stockholders
To the
as well as of the
The Board of Directors submits the following report of Fy tendency of the railway industry,
as compared
to-day,
of
the
Company
strength
increased
1915:
30
June
ended
year
for
Company
the
the
of
affairs
the
to be done
had
of
a
what
is
in
found
1908,
with
comparison
unexamof
period
a
After
a
year.
difficult
been
has
It
these
considering
In
this
and
year.
then
done
was
and
growth
by
attended
South,
the
throughout
prosperity
pled
of debecause
be
that
it
should
remembered
begun
comparisons
had
business
industry,
all
in
of
forms
expansion
and
credses of 1.74 per cent in the average receipts per ton mile,
to slow up during the early months of 1914. Although for
six
per cent in the average receipts per passenger mile and
7.35
first
the
during
less
were
railway
revenues
reason
this
per mile of road, the 1915
months of 1914 than they had been during the peak load 9.33 per cent in mail revenues
they would have been
than
less
$2,145,093
neverare
revenues
year,
previous
the
of
g
six
months
correspondin
of the
on the revenue
theless, the Company entered upon the fiscal year now had the 1908 averages been maintained
operating
hand,
other
the
on
large
of
side
while
the
a
account,
and
traffic
large
actually
with
an
review
under
expenses for 1915 carry an increase of approximately $3,turnover of revenue. The flame of war which burst forth
due to increased wage
all over Europe at the beginning of August 1914 had a 881,418 more than those for 1908,
scales; therefore, the operations for 1915 were burdened
sudden and withering effect upon industry in the South.
in revenues and increases in
Preparing to market the largest crop in the history of cotton with unavoidable decreases
the large sum of $6,026,511.
growing in the United States, the Southern people were expenses approximating together
in the two years, 1915 has
looking forward to the profits from the sale of this their In a comparison of actual results
to the extent of over six million
chief staple as a stimulus to their purchasing power and so thus been handicapped overcome
before increased efficiency
of every form of industry in which they were engaged. dollars, which had to be
conditions, the causes of
When over night they were apparently shut out by the could be observed. Under these
students of contemporary
war from the European market, which has always consumed which are too well known to all
economics in the United States to require explanation here,
a large part of the American cotton crop, the people of the
is that aggregate revenues
South were thrown back upon their own resources with a the hope of the railway industry
ratio than aggregate
disturbingly large proportion of their chief money crop may increase progressively in greaterthe
conditions making
costs. Fortunately for this Company
on their hands and an inadequate market price in prospect.
the for a continued rapid development of the South, despite
Despite several futile plans of assistance from without,
and in 1908, have realized
South practically suspended for a time its industrial activi- temporary setbacks as in this year
intelligent expendities. The result was a fall, as vertiginous as that of the as well as promise such a result; while the
plant in the inprice of cotton, in the revenues of the railways at the South, ture of new capital for improvement of the
of operation must
and this lean diet was protracted, with the condition which terest of facility, and so of economy,
if it cannot
caused it, throughout the year now under review. For this in the future, as in the past, be made to check,
Company the suddenly changed industrial situation of the altogether control, an abnormal increment of operating
South meant a loss in revenues for the fiscal year of- costs. A few statistics of 1915, compared with those of
551,487 22, or 12.09 per cent. The development of the 1908, will serve to make the point, viz.:
loss was precipitous. July showed a small increase in
SOME OPERATING COMPARISONS, 1915-1908.
Per Mile PerTrain
revenue, August a decrease of 1.20 per cent, September
of Road. Mile.
in
November,
October,
a decrease of 8.33 per cent, while
Increased 23.06% 24.54%
Gross Revenues
in
were,
decreases
revenue
Increased 29.58 • 31.33%
Net Revenues
December and January the
Decreased 1.31 10
Revenue Train Miles
respectively, 18.47 per cent, 20.06 per cent, 19.97 per cent Maintenance
of Way and Structures Expenses_ Increased 26.44% 27.48%
Increased 25.05% 26.00%
and 18.93 per cent, with gradually improving conditions Maintenance of Equipment Expenses
Increased 14.51% 16.03
Transportation Expenses
during the remainder of the fiscal year, as the South again Ton
Increased 35.73% 67.59 0
Freight
Miles-All
Increased 28.35% 57.90%
caught its breath.
Ton Miles-Revenue Freight
Decreased 18.98%
Freight Train Miles
It was a situation which demanded radical action on the Freight
Increased 26.10% 55.85%
Train Revenue
part of management. When the first symptoms of the Passenger
Increased 16.15%
Train Miles
.78
Increased 17.09
loss of revenue were felt plans of retrenchment were made Passenger Train Revenue
3.59
Increased 20.34
Revenue from Passengers
and were thereafter applied progressively. This action Taxes
Increased 35.83 0
could not be brought into full effect for several months,
Transportation costs per dollar of revenue were 36.59
but the effort became both evident and effective in March
in 1908. Freight engine1915. The result for the year was a reduction of expenses cents, or 6.97 per cent less than
amounting to $5,585,938 68, and a balance of income over men, trainmen and fuel costs per 100 ton miles decreased
enginemen, trainmen and fuel
all charges of $1,523,369 32, as compared with the similar 27.29 per cent. Passenger
7.76 per cent.
balance (but in that case after provision for a dividend) costs per 100 passenger miles increased
Freight locomotive fuel costs per 100 ton miles decreased
of $2,047,776 69 carried to the credit of profit and loss at
the end of the previous fiscal year. These results and the 37.19 per cent, and pounds of coal consumed per 100 ton
financial condition of the Company at the close of the year miles were 36.93 per cent less in 1915 than in 1908. While
will appear in greater detail by reference to the Income the average cost of coal at coaling stations was the same for
Statement and the General Balance Sheet (given on subse- both years, the average handling cost at stations was 35.71
quent pages), as well as the other tables which are part of per cent less in 1915 than it was in 1908.
Overtime per dollar of wages was 5.20 cents in 1908; in
this report.
DIVIDENDS. •
1915 it was 1.64 cents, an improvement of 68.46 per cent.
•
Adjusting the 1915 revenues and expenses to the average
One of the unhappy results of the year has been the receipts
per ton and per passenger mile, and mail revenue
necessity, once again, of suspending dividends on the pre- and
wage costs to the averages and scales which prevailed in
ferred stock. The regular dividend was amply earned for 1908, the following comparisons are found:
the six months ended June 30 1914, but consideration of it,
1908. Inc. or Dec.
1915.
coming before the Board in September, was postponed Cost to earn $1 00 of Gross Revenue
65.73c. 75.53c. Dec. 12.97
until it should be apparent what was the tendency of the Transportation Costs per $1 00of Revenue_31.60c. 39.33c. Dec. 19.65
66.28c. 63.93c. Inc. 3.67
financial condition of the Company in the crisis which had Transportation Costs per Train Mile
then developed. Later the Board, being confident that
costs
n
transportatio
higher
The
the Company's affairs were well in hand, declared a reduced per train mile this year are due to
dividend of 2 per cent (making 4 per cent for the year increased train loading,as illustrated
ended June 30 1914), but conservatively made it payable by the following figures:
in five-year scrip bearing interest at 'the rate of 4 per cent Enginemen, Trainmen and Fuel Costsper annum. No dividend for the current fiscal year was
Freight30.12c. 33.37c. Dec. 9.74%
Per Train Mile
declared, or could be justified during a period of convales7.88c. 14.62c. Dec. 46.10%
Per 100 Ton Miles
cence.
OPERATING CONDITIONS.
MAINTENANCE..
The obvious and easy method of retrenchment on a railThe characteristic of operating conditions during the year
in an emergency, is to reduce unduly the appropriations
road,
,
reducing
both
retrenchment
by
been
has
under review
of property. During the past year the manageupkeep
for
of
greater
What
practice
efficiency.
the
by
service and
sought to avoid this temptation. Pubsteadfastly
has
ment
these
both
appear
will
in
respects
accomplished
has been
made that retrenchment was neceswas
t
announcemen
lic
of
pages
this
will
subsequent
report.
It
the
in detail in
policy of the Company to reduce its
the
was
it
that
and
sary
the
parallel
out
between
the
conditions
point
suffice here to
of the temporary convenience of the
cost
the
at
expenses
the
year
of
30
1908.
ended
June
those
with
of this year
people of the South before reducing mainetnance of the railThat was the year of the financial panic of 1907. The road
to the point of endangering their safety. The public
at
history
the
of
high
its
were
tide
Company
revenues of the
this announcement in good part and it has been due
accepted
rapidly
when
1907,
fell
they
October
until
up to that time
of the State Railroad Commissions and
co-operation
the
to
of
fiscal
that
the
remainder
throughout
and dangerously
citizens everywhere that the
enlightened
and
responsible
of
of
the
year,
manageproblem
this
year. Then, as during
to reduce its passenger service more
enabled
was
Company
,
and
sustained
retrenchment
severe
,
ment was retrenchment
requirements of current passenger traffic than
during several months. Attention was called in the annual nearly to the



1290

THE CHRONICLE

it had been for several years past. This large item of retrenchment made it possible to spend on upkeep all that was
necessary for the preservation of the integrity of the property. When to this policy was added the splendid response
to the emergency by the officers and men charged with maintenance, it resulted that it was possible to say at the close
of the year, as it is to-day, that the physical condition of the
roadway and structures is better than ever it has been; that
the motive power and passenger equipment are in good condition and fully up to normal and that the only deferred
maintenance has been in freight car equipment, where upkeep could economically be deferred because without traffic
freight cars must stand idle in any event.
An evidence of the justice of this claim as to the physical
condition of the property,as well as of the skillful and careful service of the officers and men immediately charged with
the movement of trains, is found in the marked reduction
of the number of persona injuries during the year, and the
interesting fact that the Company carried this year more than
sixteen and a half million passengers, a number equal to the
population of the territory served,without fatality in a train
accident to more than a single passenger, and he would not
have suffered had he not been riding on a car platform in
contravention of the rules made for the protection of passengers.
There was, of course, a substantial reduction in maintenance costs, as in other costs, as part of the policy of retrenchment, but, considering only those items of such costs
as are included in operating expenses,the total decrease of
maintenance costs was 10.61 per cent, compared with a decrease of 12.09 per cent in revenues. For each dollar of revenue earned there was spent in maintenance 30.78 cents in
1915 compared with 30.27 cents in 1914.
GENERAL EXPENSES.

There were substantial reductions during the year in all
the normal items of general expenses, but by reason of a
charge to this account during the year of $98,191 32, representing the cost to this Company of the preparation prescribed to it for the pending Federal valuation of its property, the total of general expenses is greater this year than
last. This statement is made not in criticism of the valuation expense, but in justice to the loyal officers, who, by
their sacrifice, made possible the reduction of one of the
principal normal items of the account known as General
Expenses.

[Vol,. 101.

condition of dependence upon the grain fields of the West.
Coincident with this economic change, the South is increasing other classes of agricultural products which find market largely outside the territory of production. Comparing
the same years (1906-1907 with 1914-1915) the Company's
tonnage of melons, fruits and vegetables increased more
than 100 per cent. .So that, while rapidly approaching the
time when the South will produce grain sufficient to feed
itself, and probably have some to sell, the South is now
producing fruits and vegetables to feed many of its neighbors as well as itself.
The cotton crop was the largest on record but there was
a decrease in exports in excess of 800,000 bales, yet the Company's tonnage of cotton was not appreciably less than during the previous year, the difference being approximately
5,000 bales, and this was more than compensated for by an
increase in tonnage of cotton seed and its products of 168,282
tons, due to a large crop and to a strengthened position with
relation to the seed-crushing industry. It is interesting to
note that, compared with 1906-1907, the tonnage of cotton
seed and its products for the year just closed represents an
increase of 168 per cent.
The South has had but a small part in the business of
supplying munitions of war for the armies in Europe, but
in the latter months of the year the Company handled a,
substantial movement of horses from the West and Southwest destined to the battlefields. In all some 20,000 horses
were so transported for export. Special arrangements were
made for the prompt and comfortable movement of these
unfortunate animals, and, by preventing loss and damage in
transit, this business was profitable to the Company.
The South enters the new year with a much more hopeful
outlook, which, it is fairly expected, will be reflected in
freight revenues.
PASSENGER.

For the past twenty years, up to the third week in July,
1914, the passenger revenues of the Company have shown
increases, month after month, over corresponding periods
of the previous years, except during the period December
1907 to April 1909, when decreased passenger revenues
resulted from a passenger fare reduction in the States of
Virginia, North Carolina, Georgia and Alabama, along with
a general depression in business during the latter part of the
year 1907 and the first part of the year 1908.
Since the third week in July 1914, passenger revenues
have shown decreases ranging from 2.05 per cent to 34.02
CHARACTERISTICS OF TRAFFIC DURING A YEAR per cent, the greatest decrease occurring during the second
week in May 1915, since when the passenger revenues have
OF DEPRESSION.
improved.
FREIGHT.
The increased use of automobiles, especially for short
The effect on the Company's freight business of the con- distance travel, is the only permanent cause contributing
ditions which have obtained during the year is expressed in to a reduction of railway passenger travel in the South.
a decrease of 3,754,044 tons of commercial freight.
The use of automobiles has largely increased owing to the
This decrease was chiefly in manufactures and in raw ma- great reduction in the cost of the automobile and the material
terials, the principal items being:
improvement of the highways throughout the Southern
Bituminous coal and coke
1.463.489 tons territory. The short distance travel is principally affected
Manufactures and miscellaneous
1,134,422 tons by the automobile competition, and while it costs more to
Forest products
939,687 tons
travel by automobile than it does by train, the automobile
These decreases reflect curtailment of industrial and build- affords a convenience of time to which no local railway
ing operations and economies practiced by the people of the schedules can be adjusted.
South during a period of business depression.
The travel on the Southern Railway is of two kinds,
The decrease in manufactures and miscellaneous includes local and competitive. Approximately 70 per cent is local,
approximately 500,000 tons of fertilizer and fertilizer ma- short distance travel between non-competitive stations, and
terial, and this decrease is directly attributable to the war.
30 per cent long distance travel between points where other
The war in Europe, by narrowing the market for cotton lines compete.
while broadening the demand for many other farm products,
The local travel, approximately 70 per cent of the total,
• has given great impetus to the movement which was already will increase with the agricultural and manufacturing deunder way for the broader diversification of Southern agri- velopment of the country, but during times of business deculture. With relatively a small reduction in cotton acre- pression this short.distance local travel is more affected than
age, the South is now producing a much larger proportion is the through travel. The farm laborer, as well as the
of the grains, forage crops and meat and dairy products that factory employee, travels for the most part for pleasure and
it consumes. While one of the effects of this is to reduce the as soon as his wages are affected he quits traveling. The
tonnage of agricultural products carried into the South, it farmer, particularly in the cotton sections, has discontinued
is adding to the economic strength of the section, and the con- during the past year his old established custom of advancing
sequent increased purchasing power of its rural population money to laborers above their actual requirements for living
may be expected, under normal business conditions, to re- necessities.
suit in the increased carriage of all classes of commodities
The long distance competitive travel in the Southern terexcept agricultural products; while the reduced movement of ritory is susceptible of great development,and as train service
agricultural products into the South will be, in a measure, improves, as the result of double track and other physical
compensated for by an increased movement of these products facilities, revenues from long distance passenger travel may
between Southern points and from the South to outside mar- be expected materially to increase. While the travel from
kets. This change in the character of the Company's traf- the North and the East to Southern resorts during the winter
fic is already noticeable. Thus during the year there was seasons increases each year, the travel of the Southern
no decrease in the tonnage of agricultural products as a whole, people to the mountain resorts of the Carolinas and Virginia
viz.:
and to the resorts in the Northern States increases to a
1915.
1914.
greater extent and will continue to increase with the prosTons.
Tons.
Grain
655,513
756,215 perity of the Southern people. The mountain sections of
Hay
165,902 Western North Carolina grow more popular and each year
150,662
Leaf Tobacco
169,126
158.919
Cotton
734,539
735,869 attract a larger number of people for their summer vacaCotton Seed
359,734
316.599 tions. The importance of this is shown by the fact that
Melons
65,664
59,368
Citrus Fruits
60,557
53,686 the months of July, August and September yield the ComOther Fruits and Vegetables
291,358
236,552 pany's largest passenger revenues. But the principal develPeanuts
20.659
24,179 opment
and improvement in through long distance travel
2,507,812
2.507,289 may be expected to come from increased travel of business
men between the Southern business communities and the
The maximum grain tonnage handled by the Company in Eastern and Northern commercial and banking centers.
any one year was in 1906-1907, namely 1,012,692 tons. The people of the South are given to much traveling and as
The tonnage for the year just closed represents a shrinkage their incomes, both from manufacturing industries and from
from this maximum of 35 per cent and reflects the effort farming developments, improve, that much more will they
of the Southern farmer to feed himself and emerge from a travel for business and for pleasure.



OCT. 16 1915.1

THE CHRONICLE

1291

Company has at all times co-operated with the Office of
INDUSTRIAL AND AGRICULTURAL DEVELOPMENT Public
Roads in the United States Department of Agricul.
SERVED
ORY
TERRIT
THE
OF
ture and other organizations engaged in the promotion of the
MANUFACTURING.
good roads movement. The latest figures for road construcAlthough industrial development was restricted by the
tion are those for the calendar year 1914, which show that
the
of
svVell
ground
the
n,
prevailing business depressio
during that year there were approximately 5,400 miles of
Europe
in
war
the
to
prior
prosperity prevailing in the South
roads built in counties traversed by Southern
improved
manuthe
to
addition
al
carried over into this yeara substanti
that in the same year those counties issued
lines,and
Railway
While
lines.
s
Company'
this
facturing plants established on
ion aggregating $5,000,000. The
construct
for
road
bonds
may
what
of
earnest
an
is
less than in former years, the record
country highways in those counties
improved
of
total
length
the
on
plants
industrial
new
be expected in the future. The
at the end of the calendar year was approximately 50,000
Company's liner completed during the year numbered 519 miles.
and may be classified as follows:
LATIN-AMERICAN TRADE.
19
Brick, Tile, &c
47
One of the interesting developments of the public service
Cotton Seed Products
on which looks forward, as does this
Fertilizer
54 • of a private corporati
been
Flour and Feed
12 Company, is its educational activities. Attention has
Furniture
17
to the notable work of this kind in behalf of better
Iron Products
57 called
e,
Lumber
38 agriculture. Another work, germane to that in agricultur
Stone (mineral)
24 has been the stimulation of the people of the South to take
Textile
47
for a mutually profitable
Woodworking
197 advantage of current opportunities
Miscellaneous
trade with Latin America. While this Company's South
519
American Agency has been in operation only a short time, it
Total
has already laid the foundation of a foreign trade which is
50.
is
$17,492,8
industries
new
these
in
involved
The capital
entirely new to many manufacturers in the South, and,
manuto
made
219
additions
were
there
year
the
During the
cost of ,162,047. while the beginnings are necessarily small, theyincontain
facturing establishments at a reportedJune
the indusgerm of what can become an important factor
57
were
30
1915
ion
construct
under
reported
s
Industrie
activities of the South and so in the revenues of this
in number with a capital of $15,456,250. New buildings trial
. One interesting result of this movement is that
Company
other
ring)
and
in
manufactu
used
those
(except
of all kinds
thousand school children are now studying Spanish in
fifteen
re
$66,of
an
expenditu
ed
represent
ents
improvem
general
the schools of the South as a direct result of recommenda422,856.
AGRICULTURE.
tions to educational authorities by the South American
Agency.
The September 1 1915 estimates of the United States
L ACCOUNT AND TO
Department of Agriculture show increases this year over THE ADDITIONS TO CAPITA
PROPERTY INVESTMENT.
the 1914 yields of sundry crops, other than cotton, in the
In the matter of additions and betterments the policy of
Southern States as follows:
bushels the Company is better railroad, not more railroad. All sugCorn-------------------------------------------100.341,000
terri6,162,000 "
gestions of buying or building new railroads into newurgent
-------------------------------------- 14,253,000 "
13,344,000 "
tory have been laid aside and, in justibe to the
Irish Potatoes
6,705,000 "
Sweet Potatoes
demands of the existing property in the interest of economy
1,227,000 tons
Hay
pounds of operation and convenience of the public served, cannot be
00
3,0
,92
o97
acc
Tob
d at this time.
The South may, this year, well quote Virgil's verse: properly considere
been fortunate in its ability to continue
has
Company
The
own
d
at
her
fertility."
astonishe
is
"Gargara
during this year of depression, the addiforward,
push
to
and
cattle
as
well
the
as
of
in
ent
the
figures,
developm
In these
will be necessary, before they can be
which
plant
its
to
tions
enduring,
of
an
a
lies
to,
promise
referred
hereafter
industry,
traffic of the industrial South.
the
handle
to
,
completed
indithey
in
the
y
ined,
South;
prospertit
self-conta
because a
was provided during 1914, and its
work
this
for
capital
The
may
,
that
section
our
been
suggested
already
has
cate, as
during the current year, when most other conexpect in the future to provide the bulk of its own food disbursement
had been suspended in the South, has not
work
struction
sale,
of
for
ies
such
surplus
commodit
some
with
supplies,
Company to get more for a dollar invested
the
enabled
only
of
source
as
leading
its
position
the
maintain
will
it
while
but has contributed substantially to the
before,
ever
than
deupon
which
man
staples
civilized
principal
the
of
one
communities,which were refreshed,
Southern
many
of
welfare
himself.
clothe
to
pends
refreshment, by the flow of our
needed
most
they
when
the
.active
with
ion
continued
has
co-operat
Company
The
arteries of the commercial body. In
the
all
through
money
nts,
and
al
Governme
colleges
agricultur
Federal
and
State
special attention is called to the table (page
Southern farmers for the advancement of Southern agricul- this connectionreport),
included for the first time in this repamphlet
45,
of
Division
of
ral
the
report
ry
Agricultu
prelimina
A
ture.
forth the use and application of all the bonclz
sets
which
port,
and
nt
al
Departme
Industrial
Agricultur
s
Company'
the
by the Company since its organization.
shows a total of 18,172 acres being cultivated in accordance issued
the year the investment in Road and Equipment
During
acres
Field
g
7,882
Agents,
our
embracin
of
advice
the
with
$11,021,684 56, of which $9,004,934 79 was in
increased
and
in
cotton
miscellane
acres
6,720
in
acres
3,570
corn,
in
Structures, and $2,016,749 77 was in Equipand
Roadway
not
the
by
do
any
means
measure
figures
These
crops.
ous
increase represents net additions made during
work being done, as they embrace only those fields or parts ment. This
(See pages 36 and 37, pamphlet report.)
of fields in which farmers agree to follow the advice ofour the year.was
an increase of $1,551,000 in Mortgage and
There
agricultural field agents. Much larger areas are cultivated
and Miscellaneous Obligations, and
substantially in accordance with this advice, and the good Collateral Trust Bonds 0.
in Equipment Trust Obligations.
results of the agricultural uplift work being done by the Com- a decrease of $3,193,00
pamphlet report.)
pany, and, of course, by the State and Federal Govern- (See pages 42 and 43,
First Consolidated Mortgage Five Per Cent Bonds in the
ments, as well as by other intelligent agencies, public and
0 were sold and the proceeds apprivate, are noticeable in almost every agricultural commun- total amount of $7,136,00
On July 1 1914, $2,414,000 to redeem a like
ity on the Company's lines. In 1914 the average yields of plied as follows:
North Carolina 6 per cent
both cotton and corn per acre on fields in which the advice of amount of matured Western
$4,722,000 to redeem a like
the Company's agents was followed were more than double bonds; in December &1914,
Danville 6 per cent bonds. These
the average yields obtained on similar lands in the same amount of Richmond
no increase in the funded debt,
localities where this advice was not followed, and as good transactions resultedininthe
rates borne by the old
results may be expected in 1915,when thefiguresare available. while the difference means interest
a reduction of $71,360 in the
new
The Agricultural Agent reports 313,000 fruit and nut trees bonds and the charges.
annual interest
planted during the year.
There were drawn and taken into the treasury $456,000
The live stock industry is making rapid progress in all of
ent and General Mortgage Four Per Cent Bonds,
the territory contiguous to the Southern Railway. The Developming
in part the equipment trust obligations paid
numbers of beef and dairy cattle and hogs are rapidly in- represent
and charged to Property Investment Account.
creasing and their quality is being improved through the during the year
The total amount of Development and General Mortgage
introduction of pure-bred animals. The Live Stock Agent
Cent Bonds available for disposition on June 30
of the Company reports the location of 1,468 pure-bred Four Per $32,579,0
00, of which $16,667,000 are pledged as
cattle along the Company's lines during the year, the con- 1915 was under Southern Railway Three-Year Five Per
struction of 1,475 silos, and the organization of thirty live collateral
, dated March 2 1914,leaving
stock associations. The climate of the South and the large Cent Collateral Trust Indenture
in the treasury.
range of forage crops that can be produced are exceptionally $15,912,000 of such bonds
DOUBLE TRACK.
favorable to all kinds of live stock and the United States
he double track construction work on the main line north
Department of Agriculture has demonstrated that beef and
it improved alignment and
pork can be produced cheaper in the South than in other of Charlotte, N. C., carrying with
has gone forward rapidly on
parts of the United States. The only obstacle to the devel- elimination of heavy grades,main
line between Washington
opment of the beef and dairy industries has been the cattle 100 miles of the 142 miles of track
at the beginning of the
single
tick which carries the germ of Texas fever. The agricultural and Charlotte operated asmileage,
miles, between Pelham
agents of the Company are co-operating with State and past fiscal year. Of this were in27
operation as double track
Federal agencies in the eradication of this insect. Large and Brown Summit, N. C.,
and it is expected that all of the
areas along the Company's lines have already been released at the close of the year, which
work is now under way will
from the cattle tick quarantine and large additional areas remaining 73 miles upon 1916.
There were 434.03 miles
be completed before April
will be released in the autumn of this year.
of double track in operation at the close of the year.
GOOD ROADS.
Since the close of the fiscal year there has been made
Recognizing the importance of good country highways to
for:the provision_of.double.track and other improvethe development of the territory traversed by its lines, the available



1292

THE CHRONICLE

[VoL. 101.

ments on the main line between Charlotte, N. C., and Atlanta, Ga., the sum of $3,500,000 through the sale of First
Mortgage Thirty-Year Five Per Cent (Series B) Gold Bonds
of The Atlanta & Charlotte Air Line Railway Company.
The work in immediate contemplation consists of the fiftysix miles between Spartanburg and Central, S. C., and the
twenty-three miles between New Holland and Cornelia, Ga.

including a new yard at Denverside (near East St. Louis),
Ill., new facilities for both passenger and freight traffic at
Spartanburg, S. C., and the separation of busy grade crossings in several cities. Since the close of the year the modern
export coal terminal at Charleston, S. C., has been put into
operation. Arrangements have been made to provide a
union passenger station at Macon, Ga., to meet the longSEPARATION OF GRADE CROSSINGS.
continued and insistent demand for improved passenger
One of the difficulties of modern railroading is the exist- traffic facilities in that city. New passing, side and spur
ence of grade crossings of highways with railroads. These tracks aggregating 89.27 miles, were constructed.
crossings, which in some instances were actually required
AUTOMATIC ELECTRIC BLOCK SIGNALS.
by the early charters, have become, with the growth of
signals were placed in operation on the 190.3 miles
population,a menace to the public, and cause, in deplorable of These
double track between Amherst and Whittle, Va., Danaccidents for which those in charge of railroad trains are not ville,
Va., and Pelham, N. C., Atlanta and New Holland,
always responsible but are usually held responsible, a drain Ga.,
Austell and Howell, Ga., Knoxville and Morristown,
on the revenues of the Company. The increased use of Tenn.,
and Ooltewah and Citico, Tenn. It is the policy
automobiles in the South has accentuated this risk and this to so equip
all new double track as constructed. A total of
drain, and this Company is alive to the advantage of separ- 365.6
ating such grades wherever reasonably practicable. As, and year. miles of such signals was in operation at the close of the
when, the community recognizes its share in the responsiSERVICE OF EMPLOYEES.
bility and evinces a willingness to participate in the expense,
There has never been a year of the Company's history in
much can be done, has been done and will continue to be
done on our lines. Moreover, on all revision of line under- which the stockholders have had as much reason for pride in
taken in connection with the policy of constructing double and appreciation of.the officers and employees, their work,
track, this Company has separated important and busy grade their spirit, their loyal self-sacrifice. The manner in which
crossings wherever physically practicable,and not prevented a grave emergency was met and dealt with illustrates at its
by selfish local interests. Thus, during the past year, on best that discipline which distinguishes a true organization
100 miles of the main line on which double track has been from a mere co-operative society. Our organization, which
under construction, 54 out of 73 dangerous grade crossings has in recent years been built and cemented by a strict adwere eliminated, and this policy will be continued. The herence to the principle of promotion for merit and reliance
enormous investment required for perfection in this respect upon men made on the road, who have faithfully stood by
is, however, an unfortunate assurance that for many years during all our vicissitudes, has proven in this year of need
more reliance must be placed, for the prevention of accidents the greatest of the Company's assets, for it has fought a
at grade crossings, upon human care than upon physical losing fight and won.
elimination of risk. This is one of the most serious probACCOUNTS AND STATISTICS.
lems in the South, as in other parts of the United States.
Statements of the accounts and statistics of the Company
YARDS AND TERMINALS.
in detail will be found in the tables hereto annexed.
In addition to the terminal yards at Richmond, Va., at
The accounts have been examined, as usual, by independSpencer and Winston-Salem, N. C., at Mobile and at ent auditors and accountants, Messrs. Patterson, Teele &
Finley (near Birmingham), Ala., and at Forrest (near Mem- Dennis, and their certificate is made a part of this report.
phis), Tenn., mentioned last year, work upon other important
Respectfully submitted, by order of the Board,
terminal improvements progressed during the past year,
FAIRFAX HARRISON, President.
TABLE 1.-INCOME STATEMENT FOR YEAR ENDED JUNE 30 1915 COMPAR
ED WITH YEAR ENDED
JUNE 30 1914.
1914.

1915
OPERATING REVENUES:
$45,632,207 12
Freight
$40,458,857 85
19,016,098 50
Passenger
16,175,673 75
414,638 31
Miscellaneous Passenger-Train
353,842 55
1,443,151 58
Mall
47
1,902,563251,
Express
688,471,459,883
1
19
988,389 26
Other Transportation
931,630 35
1,068,364 41
Incidental
884,531
81
285,584 32
•
Joint Facility
246,618 56
$70.750,996 75
TOTAL OPERATING REVENUES
$62,199,509 53
OPERATING EXPENSES:
$9,283,238 66
Maintenance of Way and Structures
$8,452,119 17
12,133,828 71
Maintenance of Equipment
10,691,267 40
2,244,350 52
Traffic
2,110,466 58
25,713,747 03
Transportation
22,757,597 47
463,598 19
Miscellaneous Operations
388,228 83
1,987,879 39
General
2,019,621 01
65,993 23
Transportation for Investment-Credit
....
244,589 87
51,760,649 27
TOTAL OPERATING EXPENSES
46,174,710 59
$18,990,347 48NET REVENUE FROM RAILWAY OPERATIONS
$16,024,798 94
2.679,38967 RAILWAY TAX ACCRUALS
$2,595,828 27
UNCOLLECTIBLE RAILWAY REVENUE
28,916 09
2,624,744 36
$16,310,957 81 TOTAL OPERATING INCOME
$13,400,054 58
NON-OPERATING INCOME:
$212,112 35
Joint Facility Rent Income
$284,477 24
65,000 00
Income from Lease of Road
65,880 00
110,291 69
Miscellaneous Rent Income
124,440 58
26,123 51
Net Income from Rail Leased
23,280 85
1,331,794 24
Dividend Income
1,080,243 89
1,380,317 26
Income from Funded Securities
1,071,544 35
131,722 78
Income from Unfunded Securities and Accounts
504,761 05
10,044 53
Miscellaneous Income
84,289 79
3,267,406 36
TOTAL NON-OPERATING INCOME
3,238,917 75
$19,578,364 17TOTAL GROSS INCOME
$16,638,972 33
DEDUCTIONS FROM TOTAL GROSS INCOME:
$601,713 96
Hire of Equipment-Balance
$837,616 06
1,052,062 51
Joint Facility Rents
1,046,522 17
1,790,637 01
Rent for Leased Roads
1,621,040 59
38,276 45
Miscellaneous Rents
40,837 36
189,215 84
Separately Operated Properties
183,608 84
37 93
Interest on Unfunded Debt
2,294 52
127,118 50
Miscellaneous Income Charges
98,556 26
3,799,062 21
TOTAL DEDUCTIONS
3,830,475 80
$15,779,301 97TOTAL AVAILABLE INCOME
$10,053,022 78
$12,808,496 53
INTEREST ACCRUED ON LONG TERM DEBT
$10,156,021 65
660,565 59
INTEREST ACCRUED ON EQUIPMENT OBLIGATIONS
737,784 54
•
INTEREST ACCRUED ON DIVIDEND CERTIFICATES
32,000 00
DIVIDENDS ACCRUED ON SOUTHERN RAILWAY-MOBILE & OHIO STOCK
226,008 00
TRUST CERTIFICATES
226,008 00
10,939,596 37
11,151,814 19
$4,839,705 60BALANCE OF INCOME OVER CHARGES
$1,656,682 34
FROM WHICH DEDUCT DIVIDENDS ON PREFERRED STOCK:
$1,500,000 00
No. 27 (2 %)_paid in April 1914
1,200,000 00
No. 28 (Scrip Dividend-2%)
2,700,000 01
TOTAL DIVIDENDS
$91,928 91

$2,139,705 61 BALANCE OVER DIVIDENDS ON PREFERRED STOCK
APPROPRIATION OF INCOME:
For Additions and Betterments
For Miscellaneous
91,928 91
62.047.776 69BALANCE CARRIED TO CREDIT OF PROFIT AND LOSS




$1,656,682 34
$77,187 72
56,125 30
133,313 02
3.1.523.369 32

1293

THE CHRONICLE

OCT. 16 1915.]

TABLE 3.-PROFIT AND LOSS YEAR ENDED JUNE 30 1915.
$18,676,904 51
1.523,369 32
72,916 09
$20,273,189 92
$425,293 47
45,210 79
50,923 93
521,428 19

Balance at Credit of this Account Juno 30 1914
Add-Credit Balance of Income for the Year
Net Miscellaneous Credits
Deduct-Discount on Securities charged off during the year
Property Abandoned and not Replaced
Advances to Proprietary Companies written down

$19,751,761 73

Credit Balance June 30 1915

TABLE 4.-GENERAL BALANCE SHEET JUNE 30 1915 AND JUNE 30 1914.
June 30 1915.

ASSETS.

June 30 1914.
INVESTMENTSInvestment in Road
Investment in Equipment

$310,963,668 27
66,639,385 49

$319,968,603 06
68,656,135 26
$388,624,738 32
2,112,590 04
503,161 93

Total Investment in Road and Equipment
Cash Deposited in Lieu of Mortgaged Property Sold
Physical -Property-Rails and Fixtures leased to others
Investments in Affiliated CompaniesStocks
Bonds
Notes
Advances
Miscellaneous (Matured interest coupons)

$377,603%053 76
3,67640
498,359 17
$27,395,280 11
31,580,577 04
1,726,831 46
1,807,044 50
51,455 00

$27,453,480 11
31,582,577 04
2,115,080 94
2,163,429 30
51,455 00
63,366,022 39

Total Investments in Affiliated Companies
Other InvestmentsStocks
Bonds
Notes

62,561,188 11
$297,473 00
10,658,913 45
26,500 00

$297,50600
5,158,913 45
52,625 82
5,509.045 27

Total Other Investments

10,982,886 45

$460,115,557 95

Total Investments

$451,649,163 89

CURRENT ASSETSCash
Time Deposit
Special Deposits
Loans and Bills Receivable
Traffic and Car Service Balances Receivable
Balances due from Agents and Conductors
Miscellaneous Accounts Receivable
Material and Supplies (Table 22, pamphlet report)
Interest and Dividends Receivable
Other Current Assets

$2,955,208 63
0,649,421 23
7,583,393 45
671,292 30
785,793 91
300,384 25
3,384,911 95
5,080,699 04
926,711 34
237,576 13

$3,075,178 83
2,126,700 63
2,932.371 45
1,517,048 80
884,055 85
191,527 39
3,207,412 32
4,530,946 24
612,433 51
170,327 67
19,248,002 69

Total Current Assets

31,575,392 23

DEFERRED ASSETSWorking Funds Advanced to Agents and Officers
Cash and Securities in Insurance Fund
Other Deferred Assets

$232,377 94
920,208 73
229,40202

$146,360 90
954,979 63
235,228 19
1,336,563 72

Total Deferred Assets

1,381,988 69

UNADJUSTED DEBITSInsurance Premiums and Rents paid in advance
Unextinguished Discount on Funded Debt (Proportion chargeable to Additions
and Betterments to be made)
Additions and Betterments Expenditures in Suspense; Freight Claims in Suspense;
Foreign Mileage Suspense and Sundry Items
Securities of the Company owned by it:
1915.
1914.
$16,108,200 00
$15,652,200 00 Unpledged
18,667,000 00
18,667,000 00 Pledged

$7,217 60
190,166 84
1,871,598 56

162,047 57
2,283,665 64

$34,775,200 00

$34,319,200 00 Totals
2,068,983 00

$11,809 10

2,457,522 31

Total Unadjusted Debits

$483,157.651 67

Grand Totals

$486,675.527 81

LIABILITIES.
CAPITAL STOCKCommon
Preferred

$120,000,000 00
60,000,000 00

Total Southern Railway Company Stock
Southern Ry.-M. & 0. Stock Trust Certificates
Less: Owned by the Company

$180,000,000 00

$120,000,000 00
60,000,000 00
$180,000,000 00
$5,670,200 00
20,000 00

5,650,200 00
$185,650.200 00

$185,650,200 00

Total Stock
LONG TERM DEBTFunded Debt Unmatured (Table 5, pamphlet report)
Less: Owned by the Company

$260,048,700 00
34,299,200 00
$225,749,500 00
18,384,000 00

5,650,200 00

Equipment Trust Obligations (Table 6, pamphlet report)

$261,599,700 00
34,755,200 00
*226,844,500 00
15,191,000 00
242,035,500 00

Total Long Term Debt

244,133,500 00

GOVERNMENTAL GRANTSGrants in aid of Construction
$429,783,700 00

CURRENT LIABILITIESLoans and Bills Payable
Traffic and Car Service Balances
Audited Accounts and Wages
Miscellaneous Accounts
Interest Matured, including Interest due July 1
Funded Debt Matured-Unpaid
Dividends Accrued-Unmatured
Interest Accrued-Unmatured
. Rents Accrued-Unmatured
Other Current Liabilities

$455,000 00
1,189,414 73
6,798,237 51
891,729 90
2,788,430 65
4,673 80
56,502 00
1,605,437 13
203,576 64
711,159 81
14,704,162 17

13,378 25
$427,699,078 25

Total Capital Liabilities
$455,000 00
1.156,56752
5,415,499 79
633,395 38
2,740,952 65
22,673 80
56,502 00
1,578,496 72
249,266 09
376,357 87

12,684,711 82

Total Current Liabilities

DEFERRED LIABILITIESEquipment of Leased Lines Retired' Deferred Payments Account Reconstruction
Rogersville Branch; Contractors' Per Cents Retained and Sundry Items
1,371,789 37
UNADJUSTED CREDITSTaxes
Insurance Reserve
Operating Reserves
Accrued Depreciation on Equipment Owned by the Company
Accrued Depreciation on Physical Property
Reserve for Accrued Depreciation on Leased Line Equipment; Expenses Accrued
not Vouchered; Mileage Ticket Suspense and Sundry Items

$1,013,124 51
920,208 73
1,197,071 73
14,995,466 18
67,339 53
1,695,429 12
19,888,639 80

2,250,331 96
18,676,904 51
*486,675,527 81




$1,011,687 22
954,979 63
1.898,431 28
15,333,948 50
74,151 18
1,521,825 57
20,795,023 38

Total Unadjusted Credits
CORPORATE SURPLUSAdditions to Property, since June 30 1907, Through Income
Appropriated Surplus not Specifically Invested

$500,331 96
1,750,000 00

1,385,586 66

Total Appropriated Surplus
Profit and Loss-Balance
Grand Totals

$577,51968
263,970 15
841,489 83
19.751.761 73
$483.157,651 67

1294

The Tranutertial

THE CHRONICLE

Times.

[VOL. 101.

erally believed to have been injured by bad weather. Holders of the better sort of leaf are therefore disposed to await
better prices. Sumatra is moving rather rapidly into consumption, manufacturers being busy. Cuban leaf has been
steady but quiet.
COPPER quiet and easier; Lake 18c., electrolytic 17%c.
London prices declined sharply. Tin advanced on the spot
to 329'c., rallying to 32% later. Rumors, however, of a
coming British tax on tin exports are considered baseless.
London prices have advanced. The demand here has increased. Spelter fell to 13%c. here, with little demand.
Lead on the spot here 4.50c., with trade quiet. Pig iron
firm and in steady demand. No. 2 Eastern $16 25@$16 50;
No. 2 Southern $11 50@$12 50, Birmingham. New sales
of steel for 1916 delivery are not as large as expected but mills
are well supplied with orders and it is surmised that European
Governments will ere long wake up to this fact. It is not so
easy as formerly to get protective options from mills. Meanwhile the buying by railroads is increasing to a very gratifying degree. The steel industry is producing at practically full capacity. Owing to the big consumption of
steel, the iron markets are confident. It looks as though
important sales of basic and Bessemer would soon be consummated.

COMMERCIAL EPITOME
Friday Night, October 15 1915.
Business steadily expands. Bank clearings show not
merely a large increase over those of the same week last
year, which would be nothing surprising, but a marked
increase over those for the same week in 1913, which is
something to the point. Phenomenal crops' of grain, good
prices, vast resources of money such as the country never
knew before, and a growing confidence among business
men signalize what looks to many like the opening up of a
new epoch in American trade. The iron and steel industry
is hard put to it to keep up with the recent big influx of
orders, largely, no doubt, for war materials, but partly
and in fact, increasingly from other interests. Southern
lumber sells better. Exports of wheat are large, I. e.,
10,638,000 bushels for the week, or 20,550,000 in two weeks.
Cotton prices are, on the whole, well maintained. Cotton
seed is reported to be selling in Texas at the highest prices
on record. The boot and shoe industry is unexpectedly
active. The dry goods trade shows more life. Idle freight
cars are fewer. The building industry in the United States
is broadening. Automobile manufacturers, it is stated,
find it difficult to keep up with the orders. In parts of
COTTON
Texas general trade is reported better, owing to prospects
of a more stable government in Mexico. Flour mills are
Friday Night, October 15 1915.
working hard to make deliveries on old contracts. Finally,
THE MOVEMENT OF THE CROP,as indicated by our
general trade in New England, the Middle States, the telegrams from the South to-night, is given below.
For the
Central West and the South is apparently better than for
some time past. The upshot is that the feeling in this week ending this evening the total receipts have reached
225,396 bales, against 282,775 bales last week and 306,456
country is increasingly hopeful.
LARD firmer; prime Western 10.25c.; refilled to the Conti- bales the previous week, making the total receipts since
nent 10.90c.; South America 11c.; Brazil 12c. Futures ad- Aug. 1 1915 1,590,209 bales, against 802,021 bales for the
vanced on reports of large buying of provisions generally for same period of 1914;showing an increase since Aug. 1 1915
the Allies. The Belgian Relief Committee, it is said, has of 788,188 bales.
recently bought 3,000,000 lbs. of lard, 2,000,000 lbs.. of beef
and 10,000,000 lbs. of other meats. Italy is also said to have
Mon. Tues.
Sat.
Wed. Thu?s. Fri.
Total.
bought heavily. Western stocks of hog products are being
Galveston
26,441 18,5'7'7 12,03'7 8,1.90 100,735
15,160
20,420
reduced to a degree that encourages believers in higher Texas City
5,315 -_-- 7,059
12,374
prices. To-day prices declined.
Port•Arthur_ _ _ _ ----- ---- ---- ---- 12-,414 12-,416
Aransas Pass, &c
DAILY CLOSING PRICES OF LARD FUTURES IN CHICAGO.
New Orleans_ _ _ _ 7-,992 5-,i8O 9-.812 8.469 9-,§ii 7,842 49,215
Sat.
Mon.
Tues.
Wed. Thurs.
Fn.
Mobile
444
743
567
264
109
182 2,309
October delivery__cts- 9.2734 9.37X Holt- 9.60
9.62X 9.45
Pensacola
November delivery_ 9.273 9.40
day. 9.6234 9.65
9.45
Jacksonville,
c
1,791
1,791
January delivery
9.5234 9.6234
9.673 9.70 9.42
Savannah
9-,610 7-,047 7-,170.1 7,86,1 6,891 6,363 44,876
PORK steady; mess $20@$21; clear $20@$22. Beef, Brunswick
3:846 2:884 4-,(5 . 1-,86 37,8Ti VISR 11:28!?
mess, $17 50@$18; packet $17@$18; extra India mess Charleston
Georgetown __
$27@$28. Cut meats steady; pickled hams, 10 to 20 lbs., Wilmington _ _ _ _ -§i§ 1-,940 1-,651 1-,06. 1-,-4-6 1-, 6
- .4 7-,581;
Norfolk
2,337 4,138 2,918 1,998 3,225 3,187 17,803
123®12c.;pickled bellies, 12@14/c. Butter,creamery, Newp'tNews,&c.
New York
28
28
23@293/
2c. Cheese, State, 12@153.o. Eggs, fresh, 20@ Boston
--,-t -jai --_ --- --88
319
126
350.
Baltimore
928928
COFFEE dull; Rio No. 7, 73/8c.; No. 4 Santos, 83
%@9c.; Philadelphia_ _ _ _
-iii
10
fair to good Cucuta, 9M@l0c. Futures declined and then Totals this week_ 45.6231 42.335 59.4121 39.705 36.764 51.557 275.396
advanced, though the quantity brought into sight is more
than half a million bags larger than a year ago. Receipts
The following shows the week's total receipts, the total
are full, but some consider coffee cheap. Cotton houses since Aug. 1 1915 and the stocks to-night, compared with
have been buying. To-day futures advanced slightly, with last year:
sales of 49,000 bags. Closing prices were as follows:
October__cts 6.32(46.35 February cts 6.43(46.44 June
cts 6.62q6.63
1915.
1914.
Stock.
November__ _6.32@6.35 March
6.4606.47 July
6.680669
Receipts to
December ___6.3606.37 April
6.5106.52 Xugust
6.7206.73
October 15.
This SinceAug This SinceAug
January ___6.4006.41 May
6.56(46.57 September_ 6.'1,706.78
Week. 11915. Week. 11914.
1915.
1914.
SUGAR higher; centrifugal, 96-degrees test, 4.01c.; mo- Galveston
557,153
100,735
89,002
401,540
280,12.1
138,452
lasses, 80-degrees test, 3.24c.; granulated 4.90@5c. Fu- Texas City
12,374 64,385 16,741 21,203 20,813 10,236
163
tures reacted under profit taking and short selling. Michi- Port,Arthur
400
Aransas
Pa.ss,
&c_
12,416
31,913
362
5,870
4,715
5,491
gan beet-root sugar has been, it is stated, offered east of Buf- New Orleans_ _ _ _ 49,215 215,124
22,529 71.612 186,248 82,710
falo at a differential of 20 points under cane sugar granulated. Mobilo
2,309 23,025 5,033 22,579 15,872 19,270
Pensacola
9,817
141
The demand for granulated has been rather poor. Domestic Jacksonville,
&c_ 1,791
7,864 1,958
8,392
870
453
beet was quoted at 4.80c. east of Buffalo and Pittsburgh, and Savannah
44,876 362,573 34,995 153,981 179,712 09.236
Brunswick
7,000 28,400
623
8,000
4,008
800
4.70c. in Central territory. There is some speculative buy- Charleston
18,201 104,634 11,677 44,843 85.593 37.369
ing of raw sugar. To-day prices for futures closed unchanged Georgetown
45
Wilmington
7,388 73,094 3,075 18,986 36,580 15,870
to 7 points higher, with sales of 6,400 tons. Closing prices Norfolk
17,803
1C11,739
12,180 34.912 45,416 23.949
follows:
as
were
N'port News,&c_
1,142 ____
8,533
New York
28
1,433
October-cts 3.10(43.13 February ct33.00 3.011June --cts3
294
394 279.164 70,471
3..11%0:119
4
Boston
319
1,576 ____
November -3.15(43.17 March
1,537
4,423
2,609
3.01 3.03.July_
3.1503.17
928
Baltimore
6,088
December__3.1203.15 April
928
5,397
3,000
4,983
3.05 3.071Ainieust
10
41 ____
January --3.0103.02 May
1.018
00
4,508
3.11€3.11 September -3.2003.22 Philadelphia
OILS.-Linseed quiet; city, raw, American seed, 60@61e.;
Totals
275,396 1,590,209 109.397 802.021 1.153.945 436.407
city boiled, American seed, 61(362c.; Calcutta, 59@60c.
Lard, prime, 85@88c. Cocoanut, Cochin, 10%@1140.;
In order that comparison may be made with other years,
Ceylon, 9Yi@9 . Corn 7.50@8c. Palm Lagos 63
%@7c. we give below the totals at leading ports for six seasons:
Cod, domestic, 44@45e. Cotton-seed, winter, nominal;
summer white, nominal. Spirits of turpentine 423/
2@43c. Receipts at- 1 1915.
1914.
1913.
1912.
1911.
1910.
Strained rosin, common to good, $3 90.
Galveston ___100,735 89,002 133,033 182,064 141,155 166.263
PETROLEUM in good demand; refined, in barrels, $7 50 TexasCity,&c.1 24,790 17,103 29,387 62,278 43,028 35,215
Orleans_l 49,215 22,529 55,388 55,:312 44.065 51,333
@ 50; bulk, $4@$5; cases,• $9 75(010 75. Naphtha, New
Mobile
5,033 18,267 12,974 18,766 15,046
2,309
73 to 76-degrees, in 106-gallon drums, 25 Mc.; drums
50 Savannah __ _ 44,876 34,995 128,580 81,361 119,260 80,953
__
7,000
623 23,700 16.500 23;200
extra. Gasoline, 86-degrees, 28c.; 74 to 76-degrees, 25@ Brunswick
8,153
18,204 11.677 32,001 25.484 19,063 21,891
27c.; 68 to 70-degrees, 22@24c. Tulsa, Okla., advices state Charleston,&c
Wilmington
7,388
3,075 26,402 25,991 20,250 26,007
17,803 12,130 22,852 33,628 30,392 37,576
that another large well has been developed in the Boynton Norfolk
Wport N.,&c.1
146
1,349
328
1,863
pool, in Western Muskogee County. This area is now at- All
others_ _ _ _3,076
3,18C 14,083
5.207
3,487
9,187
tracting a good deal of attention.
Pennsylvania dark $1 75 Wooster$1 25 Ragland
65c. Tot. this week 275,396 199,307 485,092 500,942 473.532 451,952
Tlona
1 70 North Lima
Illinois, a.bove 30
1
08
Since Aug. I_ 1,590,209 802,021 2,628,371 2,554,032 2,813,657 2,300.982
Cabell
1 30 South Lima
1 08 degrees
1 17
Mercer black
1 26 Indiana
93c. Kansas and OklaNew Castle
/ 26 Princeton
The exports for the week ending this evening reach a total
117 homa
80e.
Corning
I 25 Somerset. 32 deg__ 112
of 162,760 bales, of which 69,626 were to Great Britain,
TOBACCO has been in fair demand and steady. The 31,689 to France and 61,445 to the rest of the Continent.
supply of the better grades of leaf is not at all burdensome; Exports for the week and since Aug. 1 1915 are as folquite the contrary. The quality of the crop this year is gen- lows:



Week ending Oct. 15 1915.
Exported toExports
from-

From Aug. 1 1915 to Oct. 15 1915.
Exported to-

ContiGreat
ContiGreat
Main.France.kent&c. Total. Britain. France. nerd &c.

5,050
Galveston._ 18,257
Texas City_ 18,947
Port Arthur
A ran.Pass _ NewOrlea
Mobile _ _
Pensacola_ _
13,273
Savannah_ _
4,800
Brunswick _
Charleston _
Wilmington
Norfolk_ _ _ _
1,113
New York_
Boston -- _ _
Baltimore..
Philadel'a_ _
San Fran_
Seattle
Tacoma _
10,924
Pembina_

1295

THE CHRONICLE

(JC1T. 16 1915

23,307 161,854
31,450 39,621
163

46,178
12,503

32,355

13,873
11,090

257,5:15
4,800
5,400
12,697

10-.656

44
4,650
1,700

59,010
4,386
10,493
21,555
11,580
22,400
1,550
13,784
338
19,261
2,800

10,924

25,581
4,800
22,625
17,305

Total.

The following averages of the differences between grades,
as figured from the Oct. 14 quotations of the eleven markets,
designated by the Secretary of Agriculture, are the differences established for deliveries in the New York market on
October 21.

98,045 306,077
2,602 54,726
163 Middling fair
1.00 on Good middling "yellow" tinged...0.01 on
13,873 Strict good middling
0.73 on Strict middling "yellow" tinged.0.22 off
78,942 149,042 Good middling
0.50 off
0.48 on Middling "yellow" tinged
4,386 Strict middling
0.24 on Strict low mid. "yellow" tinged_1.02 off
10,493 Strict low middling
0.46 off Low middling "yellow** Unged...1.64 off
44,144 91,280 Low middling
0.84 off
0.99 off Middling "blue" tinged'
16,380 Strict good ordinary
1.58 off Strict low mid."blue" tinged__ _ _1.26 off
3,300 25,700 Good ordinary
2.17 off Low middling "blue" tinged____1.81 off
43,260 65,885 Strict good mic. "yellow" tinged_0.29 on Middling "stained"
1.12 oft
1,550
The official quotation for middling upland cotton in the
92,971 124,060
1,039 New York market each day for the past week has been:
701
19,261
Oct. 9 to Oct. 15-Sat. Mon. Tues. Wed, Thurs. Fri.
3,300
500
12.30 12.5)
II. 12.50 12.40 12.45
14,592 14,592 Middling uplands
18,418 18,418
19,073 19,073
NEW YORK QUOTATIONS FOR 32 YEARS.
1,000
1,000

69,62631,689 61,445 162,761 368,795 153,955 417,548 940,298
3,810 166,368 313,399
Total 1914_ 42,113
400 45,316, 87,829 143,221
Total 1913_ 155,122 46,178 177,830 379,130 699,701 239,503 830,404 1,769.608
Total_ _ _

Note.-New York exports since Aug. 1 include 1,048 bales Peruvian and 21 West
Indian to Liverpool and 1,010 bales Peruvian to Genoa.

The quotations for middling upland at New York on
Oct. 15 for each of the past 32 years have been as follows:
1915_ c
1914
1913
1912
1911
1910
1909
1908

12.45 1907_c
1906
13.50 1905
10.75 1904
9.40 1903
14.90 1902
13.90 1901
9.20 1900

11.75
11.40
10.10
16.35
9.80
8.75
8.56
10.25

1899_c
1898
1897
1896
1895
1894
1893
1892

7.25
5.38
6.31
7.94
9.38
6.00
8.44
8.00

1891_c
1890
1889
1888
1887
1886
1885
1884

8.50
10.31
10.56
9.69
9.50
9.31
9.81
9.44

.In addition to above exports, our telegrams to-night also
give us the following amounts of cotton on chipboard, not
cleared, at the ports named. We add similar figures for
THE VISIBLE SUPPLY OF COTTON to-night, as made
New York.
up by cable and telegraph, is as follows. Foreign stocks,
is well as the afloat, are this week's returns, and consequently
On Shipboard, Not Cleared forall foreign figures are brought down to Thursday evening.
Other CaostGerLeaving
Great
to make the total the complete figures for to-night
Foreign
wise,
But
many.
Total,
France.
Stock.
Oct. 15 at- Britain.
from the United States,
7,470
810 19,130 1.67,118 (Friday), we add the item of exports
New Orleans.. 8,222 2,628
32,250 3,500 102,250 177,874 including in it the exports of Friday only.
52,000 14.500
Galveston
4,000 19,000 160.712
10,000 5,000
Savannah
1912.
1913.
1914.
1915.
October 153-,66E
3,000
82,593
Charleston_ _ _ _
bales. 932,000 769,000 482,000 519,000
at Liverpool
ìöö
-666 1,032 14,840 Stock
332
Mobile
11,000
19,000
5,000
71,000
London
1,680 1,680
43,736 Stock at
Ncirfol k
46,000
40,000
53,000
51,000
4-A66
,500 1:656
6,300 272,864 Stock at Manchester
• New York_
Other porta__ _

7,000

9,000

16,000

65,816

100 56,520 10,590 168,392
Total 1915.. '28,054 23,128
Total 1914.. 20,964 4,523 4,343 43,214 19,203 92,247
Total 1013.. 64,254 48,759 98,409 23,823 17,019 252,284

985,553
394,160
398,065

Speculation in cotton for future delivery has been less
active at irregular prices. Advancing sharply at one time
in response to higher prices in Liverpool and New Orleans
over the holiday-Columbus Day, Tuesday, Oct. 12-an
abrupt setback took place when it was found that no killing
frost had occurred and that the U. S. District Court had declared the Lever Act a revenue measure and therefore unconstitutional because it had originated in the U. S. Senate
and not in the House of Representatives. This was in
accordance with Section VII., Article I., of the Constitution
of the United States, which provides that "All bills for raising revenue shall originate in the House of Representatives,
but the Senate may propose or concur with amendments as
on other bills." The weather latterly on the whole has
been rather better. The October and November crop
movement, it is argued, may prove a rather stern
test for prices especially as the foreign field for
sales of American cotton has been so much restricted.
Germany and Austria are barred; also Belgium, to all intents and purposes, through the havoc of war in that country. And in France, it is estimated, two-thirds of the
cotton mills are in a part of the country held by the Germans. So that not a few scout the idea of a world's consumption of 15,000,000 bales, which some have been prophesying and think a recent estimate by Ellison of 12,500,000
bales will prove in the end more nearly correct. Of late,
too, bullish speculation has shown less snap. The market
has now and then acted tired. Some maintain that the
Government crop estimate of 10,950,000 bales will be exceeded by a million bales or more and that the world's
consumption. will be 12,000,000 bales, or probably less.
Stocks are still large at home and abroad. Europe's buying
power is impaired by the war and its frightful cost. American spinners, though.having a better trade, do not appear
to be overburdened wit.h businese and certainly they are not,
to all appearances,buying cotton 'very freely. Yet, there are
numerous bulls who look for much higher prices. Killing
frost occurred over last Sunday (Oct. 10)in parts of Georgia
and Arkansas (30 degrees), and heavy frost (33 to 35 degrees)
in Mississippi, Oklahoma and South Carolina. Light frost
prevailed very generally over the belt. The assumption of
the bulls is that it put the quietus on the top crop. Wall
Street and Uptown interests have announced themselves as
bullish. New Orleans and the South have bought at times
and nervous shorts have been driven to eover. Cotton seed
is said to be selling ip Alabama at $45 a ton. But speculation has latterly hesitated. To many the price looks high.
Then if on appeal the U. S. Supreme Court should also put
the stamp of illegality,on the Lever Act, it will open the way
for practically unrestricted selling here. That was prevented
by the very strict provisions of the Act. To-day prices advanced, owing to a forecast of cold rains in Texas, Oklahoma
and Arkansas, firmness and spot activity in Liverpool,
reports of a better demand for export in Texas and Arkansas
and light offerings of futures here.. Later came a reaction,
partly in sympathy with a recession in the stock market.
Middling uplands closed at 12.45c., a decline for the week
of 5 points.



Total Great Britain
StoCk at Hamburg
Stock at Bremen
Stock at Havre
Stock at Marseilles
Stock at Barcelona
Stock at Genoa
Stock at Trieste

1,054,000 841,000
*1,000 *29,000
*2,000 *160,000
201,000 216,000
3,000
3,000
27,000
39,000
27,000
99,000
*1,000 *20,000

527,000
17,000
121,000
88,000
2,000
9,000
6,000
11,000

576,000
8,000
150,000
95,000
2,000
12.000
3,000
5,000

482,000

254,000

275,000

1,400.000 1,323,000
Total European stocks
79,000
India cotton afloat for Europe... 56,000
534,392 191,273
Amer. cotton afloat for Europe
20,000
Egypt,Brazil.&c..afloatforEur'pe 30,000
170,000 *105,000
Stock in Alexandria, Egypt
473,000 518,000
Stock in Bombay, India
1,153,945 486,407
Stock in U. S. ports
Stock in U. S. interior towns_ _ _ _ 78.5,989 577,653
18,822
17,259
U. S. exports to-day

781,000
94,000
854,768
58,000
191,000
426,000
650,329
440,472
69.150

851,000
54.000
878,939
44,000
139,000
298,000
954,151
445,118
75,596

Total Continental stocks.

346.000

4.622.148 3.317,592 3.564,719 3,739,804
Total visible supply
Of the above, totals of American and other descriptions ara as follows:
Americanbales_ 682,000 417,000 303,000 376,000
Liverpool stock
33,000
23,000
35,000
39,000
Manchester stock
*269,000 *365,000 213,000 250,000
Continental stock
534,394. 191,273 854,768 878.939
American afloat for Europe
1,153,945 486,407 650,329 954.151
U. S. port stocks
785,989 577,653 440,472 445.118
U. S. interior stocks
75,596
69,150
17,259
,18.822
U.S. exports to-day
Total American
East Indian, Brazil, &c.Liverpool stock
London stock
Manchester stock
Continental stock
India afloat for Europe
Egypt. Brazil, &c., afloat
Stoek in Alexandria, Egypt
Stork it Bombay, India
Taal East India, &c
Total American

3,483,148 2,143,592 2.553,719 3,012,804
250,000 298,000
19,000
71,000
18,000
12,000
*77,000 *117,000
79,000
56,000
30,000
20,000
170.000 *105,000
473,000 518,000

179,000
5,000
17,000
41,000
94.000
58.000
191,000
426,000

134,000
11,000
13,000
25,000
54.000
44,000
139,000
298,00

1,139,000 1,174,000 1,011,000 727,000
3,483,148 2,143,592 2,553,719 3,012,804

4,622,148 3,317,592 3,564.719 3,739.804
Total visible supply
7.09 .
7.66d.
5.30d.
7.23d
Middling Upland, Liverpool_
10.95c.
13.80c.
_
Middling Upland, New York.... 12.45c.
7.80d. 10.754. 10.00d.
10.40d.
Egypt, Good Brown, Liverpool
9.254. 10.00d.
8.75d.
Peruvian. Rough Good,Liverpool 10.10d.
4.50d. 6 5-16d. 6 1-16d.
6.85d.
13roach, Fine, Liverpool
6.00d.
7.00d.
4.65d.
6.97d.
Tinnevelly, GOod, Liverpool_ _ _ _
*Estimated.

Continental imports for past week have been 70,000 bales.
The above figures for 1915 show an increase over last week
of 195,970 bales, a gain of 1,304,556 bales over 1914, an excess of 1,057,429 bales over 1913 and a gain of 882,314
bales over 1912.
QUOTATIONS FOR MIDDLING COTTON AT OTHER
MARKETS.-Below are the closing quotations of middling
cotton at Southern and other principal cotton markets for
each day of the week.
Closing Quotations for Middling Cotton on1Veek ending
Saturday. Monday. Tuesday. 1Ved'day. Thursd'y. Friday.
October 15.
--12.25
12.15
12.35
12.25
12.25
Galveston
12.00
12.00
12.13
12.13
12.00
New Orleans__.. 12.00
12.12
12.00
12.12
12.00
12.00
12.00
Mobile
12%
12%
12
12%
12
12
Savannah
12
12
12
11%
11%
Charleston _
11%
11%
11U
11%
Wilmington_ _ -- 11%
12.06
12.00
12.00
11.81
11.88
Norfolk
12M
1234
12
12X
12
Baltimore
12.70
12.65
12.75
12.75
12.55
Philadelphia
12.13
12.13
12.06
12.06
11.88
11.75
Augusta
12.25
12.25
12.25
12.13
12.25
12.13
Memphis
12%
12%
1234
12%
12%
12.V,
St. Louis
12.15
12.15
12.05
12.20
12.20
Houston
12.50
12.50
12.50
12.50
12.25
Little Rock_ - _ _ 12.50

1296

THE CHRONICLE

[VoL. 101.

FUTURES.-The highest, lowest and closing prices at
New York for the past week have been as follows:

-19151914
October 15Since
Since
ShippedWeek. Aug. 1.
Week. Aug. 1.
Via
St.
Louis
8,749
40,014
31,016
5,992
i
Via Cairo
6,499
28,104
12,894
4,692
Saturday, Monday, Tuesday, Wed'day, Thursd'y, Friday,
Via
Rock
Island
303
303
Oct. 9. Oct. 11. Oct. 12. Oct. 13. Oct. 14. Oct. 15.
Week.
Vi Louisville
2,803
8,709
7,407
2,487
Via Cincinnati
3,401
287
10,676
2,200
October1
Via Virginia points
1,513
11,154
1,986
7,778
Range
12.07-.26 11.97-.35
12.42-.60 12.25-.37 12.24-45 11.97-.60
Via other routes
8,012
31,469
52,775
7,461
Closing_
12.05-.07 12.27-.30
12.27-.30 12.24-.26 12.33-.35--NovemberI
Total gross overland
30,977
151,432
23,208
93,067
Range
Closing..._ 12.16 -12.40 12.40 -12.38 -12.45 ---- Deduct ShipmentsY.,
Overland
Boston,
&c
to
N.
1,285
9,138
1,222
5,021
DecemberI
Between interior towns
1,499
9,128
9,849
284
Range
12.39-.55 12.34-.70
12.60-.90 12.50-.71 12.50-.70 12.34-.90
Inland, &c., from South
4,214
28,791
4,306
36,932
Closing
12.39-.40 12.60-.61
12.61-.63 12.51-.52 12.59-.80--JanuaryI
Total to be deducted
6,998
47,057
5,812
51,802
Range
12.52-.66 12.44-.84 HOLI- 12.76-.08 12.68-.89 12.67-.87 12.44-.08
Closing
12.53-.55 12.75-.78 DAY. 12.78-.79 12.68-.69 12.77 ---Leaving total net overland*
23,979
104,375
17,396
41,265
FebruaryI
Range
* Including movement by rail to Canada.
Closing
12.65 -12.87 12.88 -12.78 -12.87 ---March1
The foregoing shows the week's net overland movement
Range
12.75-.87 12.69-.09
13.00-.29 12.89-.09 12.95-.12 12.69-.29
Closing
12.75-.76 13.00-.01
13.00-.01 12.89-.90 13.00-.01--- has been 22,979 bales, against 17,396 bales for the week last
Aprttyear, and that for the season to date the aggregate net over1
Range
Closing
12.82 -13.08 13.07 -12.96 -13.07 ---- land exhibits an increase from a year ago of 63,110 bales.
MayI
1915----1914
Range
12.88-.04 12.85-.24
13.16-.47 13.04-.26 13.11-.2512.85-.47
In Sight and Spinners'
Since
Since
Closing
12.88-.90 13.16-.18
13.16-.18 13.04-.05 13.13-.14--Takings.
Week.
Week.
Aug. 1.
Aug. 1.
June275,396 1,590,209 199,397
Receipts at ports to Oct. 15
802,021
I
Range
104.375
23,979
Net overland to Oct. 15
41,26
17,396
Closing_ _ _ _ 12.88 -13.16-.18
13.16 -13.04 -13.13 ---- Southern consumption to Oct. 15_ 66,000
706,000
60,000
630,000
July1
Range
12.90-.07 12.87-.24
13.18-.49 13.06-.28 13.15-.28 12.87-.49
365,375 2,400,584 276,793 1,473,286
Total marketed
Closing_ _
12.90-.92 13.19-.21
13.18-.19 13.06-.07 13.16-.17--- Interior stocks in excess
87,181
340,027 118,077
457,514
AugustI
Range
12.85
12.77-.08
Came into sight during week..452,556
12.77-.08
394,870
CloRInz
12 54- RA 12 117- 11O
12 OR -19 OR. OR 12 na - Total in sight Oct. 15
2,740,611
1,030,800
Nor.spinners' takings to Oct. 15_ 75,452

NEW ORLEANS CONTRACT MARKET.-The highest, lowest and closing quotations for leading contracts in the
New Orleans cotton market for the past week have been as
follows:
Saturday, Monday, Tuesday, Wed'day, Thursd'y, Friday,
Oct. 9. Oct. 11. Oct. 12. Oct. 13. Oct. 14. Oct. 15.
,
11.97-.08 11.90-.20 12.31-.39 12.30-.35 12.19-.26 12.21-.30
11.96-.98 12.17-.20 12.41 -12.17-.20 12.13-.15 12.19-.21

OctoberRange
Closing
DecemberRange
Closing
JanuaryRange
Closing
MarchRange
Closing
MayRange
Closing
JulyRange
Closing
ToneSpot
Options

12.21-.37 12.14-.54 12.57-.70 12.34-.74 12.38-.63 12.39-.59
12.21-.22 12.43-.44 12.68 - 12.44-.45 12.39-.40 12.43-.50
12.40-.54 12.36-.71 12.75-.89 12.51-.94 12.56-.80 12.65-.77
12.40-.41 12.61-.62 12.88 -12.63-.64 12.58-.59 12.66-.67
12.65-.78 12.60-.96 13.01-.14 12.77-.17 12.80-.05 12.89-.02
12.65-.66 12.87-.88 13.12 - 12.88-.89 12.82-.83 12.90-.91
12.80-.90 12.76-.08 13.18-.21 13.00-.34 12.98-.19 13.09-.17
12.80-.81 13.01-.03 13.30 -13.03-.08 12.98-.99 13.06-.08
12.84-.13
13.16 -13.17-.23
12.90-.92 13.11-.13---13.13-.15 13.07-.09 13.14-.16
Quiet
Steady

Steady
Steady

Steady
Steady

Quiet
Steady

Steady
Steady

Quiet
Steady

AT THE INTERIOR TOWNS the movement-that is,
the receipts for the week since Aug. 1, the shipments for
the week and the stocks to-night, and the same items for the
corresponding periof of the previous year-is set out in detail below.

I
Towns.

Movement to October 15 1915. I
Receipts.

Ship- Stocks
men's. Oct.
Week. Season. Week.
15.

Movement to October 16 1914.
Receipts.
Week. I Season.

Ship- Stocks
men's. Oct.
Week.
16.

Ala.,Eufaula__
8,49170
6341 9,450 1,525
9,012
368! 6,360
Montgomery. 5,447
j 49,934 3,730 68,649 13,325
64,991 3,7871 51,468
Selma
3,443
23,700 2,159 29,664 8,709 41,169 2,676, 31,215
Ark., Helena
3,559
9,312 1,418 7,802 4,040
11,120 1,5711 9,725
Little Rock
6,38
17,824 3,908 12,836 8,741
21,809 5,086 17,103
Ga.,Albany
791
13,995
424 10,039 2,697
14,002
____ 14,269
Athens
7,009
29,101 5,350 19,013 6,246
17,043 2,565 12,893
Atlanta
4,026
31,372 4,769 14,938 7,681
15,486 4,036 7,573
Augusta
18,333 140,052 10,235140,226 25,554 106,944 3,355 77,239
Columbus -._ 1,872
14,564
825 32,1873,637
21,061
950 15,396
Macon
2,721
21,478 1,470 11,976 2,550
13,943 3,514 12,411
Rome
3,431
12,924 2,476 6,509 2,875
8,573 2,186 2,863
La.,Shreveport 9,315
40,497 8,487 36,079 9,338
34,128 1,048 33,817
Miss.,Columbus
692
2,811
206 4,360 1,267
3,595
531 2,668
Greenville -_ 6,256
21,3 i i 1,432 18,824 5,189
18,373 1,521 15,464
Greenwood
7,570
34,658 4,403 19,108 7,713
20,283 3,843 19,431
Meridian
1,324
6,776
458 9,351
184 4,453
840
3,775
Natchez
1,500
12,088
500 9,000 1,800
6,295
900 6,000
Vicksburg ___ 2,336
8,327
311 8,759 1,291
4,591
491 4,031
Yazoo City__ 2,050 .. 8,796
___ 11,249 2,000
8,292
500 8,611
Mo.,St. Louts_ 8,077
28,502 8,749 6,332 7,096
20,378 5,902 14,487
N.C.,Raleigh_
846
3,094
700
509
138
485
75
95
0., Cincinnati_ 7,207
19,207 7,207 11,499 1,812
10,424 2,148 4,081
Okla., Hugo__ 381
709
44
665
719
1,459 1,700 1,019
S.C., Greenw'd 1,024
3,868
524 5,769
676
2,522
213 2,338
Tenn.,Memphis 46,402' 113,595 20,097104,331 45,533 121,621 15,446 95,131
Nashville ____
33
2,479
285
532
50
.....1 1,898
482
Tex., Brenham
967
8,682
720
528 3,48
7,062
116 5,434
Clarksville__ _ 2,887
6,709 2,148 3,23
1,153
8,753 1,428 4,625
Dallas
6,528
27,060 5,5141 8,247 5,811
20,652 6,060 4,666
Honey Grove_ 1,84
5,670
8211 2,472844
7,544
659 4,085
Houston
106,615 618,316 89,236 151,165 93,080 427,841 77,712 83,308
Paris
4,533
19,796 2,553 7,362 1,088
16,478 10,181 4,907
Total, 33 towns 276,4771,365,687189,296785,989275,973 1,090,235157,896577,653

The above totals show that the interior stocks have increased during the week87,181 bales and are to-night 208,336
bales more than at the same time last year. The receipts at
all towns have been 504 bales more than the same week
last year.
OVERLAND MOVEMENT FOR THE WEEK AND
SINCE AUG. 1.-We give below a statement showing the
overland movement for the week and since Aug. 1, as made
up from telegraphic reports Friday night. The results for the
week and since Aug. 1 in the last two years are as follows:



374,331

49,971

309,245

Movement into sight in previous years:
Week1913-Oct. 17
1912-Oct. 18
1911-Oct. 20

Bales.
Since Aug. 1660,525 1913-Oct. 17
678,862 1912-Oct. 18
626,030 1911-Oct. 20

Bales.
3,699,465
3,608,105
3,702,478

WEATHER REPORTS BY TELEGRAPH.-Our telegraphic advices from the South this evening indicate that
rain has been quite general the past week, with the precipitation heavy at a few points. Temperature has been higher
as the week closes. Picking has made good progress and the
movement has been fairly free.
Galveston, Tex.-No weather reports from Texas to-night,
owing to fire in Galveston Cotton Exchange Bldg.
Mangum, Okla.-There has been rain on three days during the week, the precipitation being three inches and fortyseven hundredths. The thermometer has averaged 62, s
ranging from 40 to 84.
Tulsa, Okla.-We have had rain on two days during the
week, the rainfall being sixty-seven hundredths of an inch.
The thermometer has ranged from 38 to 79, averaging 58.
Eldorado, Ark.-Rain has fallen on one day during the
week, the rainfall reaching eleven hundredths of an inch.
Average thermometer 60, highest 84,lowest 37.
Little Rock, Ark.-We have had rain on two days of the
week,the rainfall being one inch and thirty-seven hundredths.
The thermometer has averaged 61, the highest being 80 and
the lowest 41.
New Orleans, La.-There has been rain on two days during the week, the precipitation being seven inches and eightyseven hundredths. The thermometer has averaged 68,
ranging from 52 to 80.
Shreveport, La.-We have had rain on two days.of the
week, the rainfall being thirty-four hundredths of an inch.
The thermometer has ranged from 45 to 81, averaging 63.
Columbus, Miss.-There has been rain on one day of the
week, the rainfall being eighteen hundredths of an inch.
Average thermometer 58, highest 79 and lowest 37.
Vicksburg, Miss.-We have had rain on one day of the
week, the rainfall being thirteen hundredths of an inch.
The thermometer has averaged 62, the highest being 78
and the lowest 43.
Mobile, Ala.-We have had rain on two days of the week,
the rainfall being one inch and seventy-nine hundredths;
The thermometer has ranged from 47 to 81, averaging 61.
Selma, Ala.-Rain has fallen on three days during the
week, the rainfall reaching fifty-five hundredths of an inch.
Average thermometer 60, highest 78,lowest 40.
Albany, Ga.-Dry all the week. The thermometer has
averaged 67, the highest being 90 and the lowest 44.
Savannah, Ga.-There has been rain on one day during
the week, to the extent of two hundredths of an inch. The
thermometer has averaged 65, ranging from 43 to 83.
Madison, Fla.-We have had no rain during the week.
The thermometer has ranged from 49 to 89, averaging 69.
Charleston, S. C.-There has been rain on one clay of the
week, the rainfall being three hundredths of an inch. Average thermometer 63, highest 80, and lowest 46.
Spartanburg, S. C.-It has rained on one day during the
week, to the extent of twenty-two hundredths of an inch.
The thermometer has averaged 56, the highest being 79,
and the lowest 33.
Charlotte, N. C.-We have had rain on two days of the
week, to the extent of thirty hundredths of an inch. The
thermometer averaged 59, ranging from 37 to 81.
Goldsboro, N. C.-It has rained, on two days during the
week, the rainfall being sixteen hundredths of an inch. The
thermometer has ranged from 36 to 85, averaging 60.
Memphis, Tenn.-Rain has fallen on two days of the week.
The rainfall reached one inch and twenty-three hundredths.
Average thermometer 60, highest 75, lowest 38. Picking

THE CHRONICLE

OCT. 161915.]

interrupted by rain, but marketing active. Heavy frost
on Oct. 9,four days ahead of the average date and, reported
killing in some sections.
Dyersburg, Tenn.-We have had rain on two days of the
week, the rainfall being two inches and twenty hundredths.
The thermometer has averaged 54, the highest being 76
and the lowest 32.
The following statement we have also received by telegraph, showing the height of the rivers at the points named
at 8 a. m. of the dates given:
Oct. 15 1915. Oct. 16 1914.
.
New Orleans
Memphis
Nashville
Shreveport
Vicksburg
* Below.

Above zero of gauge_
Above zero of gauge..
Above zero of gauge_
Below zero of gauge..
Above zero of gauge..

Feet.
10.3
22.6
9.7
0.1
29.2

Feet.
4.5
9.2
10.0
*3.6
5.0

NEW YORK COTTON EXCHANGE.-No Change in
Form of Contract Contemplated.-Fro the purpose of assuring
the members of the New York Cotton Exchange that the
decision of Judge Hough of the U.S. District Court, declaring
the Cotton Futures Act to be unconstitutional, does not alter
the status of contracts traded in, the following announcement was made yesterday: "The Board of Managers contemplates no changes in the by-laws or rules of the Exchange
affecting contracts."
Non-Citizens Not to Have Vote.-A meeting of the members
of the New York Cotton Exchange has been called for Monday, Oct. 25, to consider certain proposed amendments to
the by-laws which the Board has approved.
It is proposed that no member elected after Nov. 1 1915
shall, while an alien, be entitled to vote at any meeting of the
Exchange either in person or by proxy. Nor shall such person be eligible to serve or act as an officer or on any committee. Furthermore, no member of the Exchange elected
after Nov. 1 shall, while an alien, either make or sign any
contract on the Exchange nor permit any contract made on
the Exchange to be signed by a firm of which he is a partner
unless at least one other partner of the firm is either a member of the Exchange elected prior to Nov. 1 1915, or a
member of the Exchange who is a citizen of the United States.
All applicants for membership must in the future present a
statement in writing as to their citizenship. The proposed
restrictions do not affect the present membership.
Mr. H. H. Royce, President of the Exchange, explained
that the object of the amendment is to avoid complications
that may arise in the event that the United States should
ever become involved in a war with a foreign nation. Many
of the cotton brokers have felt for a long time that the New
York Cotton Exchange is an American institution and that
its affairs should be managed by American citizens.
CENSUS BUREAU REPORT ON COTTON GINNING
TO SEPT. 25.-The Census Bureau issued on Oct. 4 its
report on the amount of cotton ginned up to Sept. 25 from
the growth of 1915 as follows, round bales counted as half
bales, and excluding linters, comparison being made with
the returns for the like period of 1914 and 1913:
Alabama
Arkansas
Florida
Georgia
Louisiana
Mississippi
North Carolina
Oklahoma
South Carolina
Tennessee
Texas
All other States

1015.
309,672
60,957
19,000
715,927
114,356
170,666
82,918
2,130
259,070
9,143
1,143,486
3,362

1914.
392,217
99,347
25,579
768,095
94,119
163,298
84,517
104,154
303,794
16,032
1,334,342
8,258

1913.
325,735
70,086
16,367
491,511
77,865
120,593
49,952
148,979
193,318
18,359
1,727,639
6,251

United States
2,900,007
3,393,752
3,246,655
The statistics in this report include 32,263 round bales for 1915, compared
with 3,394 bales in 1914 and 26 983 bales in 1913, and the number of Sea
Island bales included is 19,094 in 1915, against 13,927 bales in 1914 and
10,570 bales in 1913. The distribution of the Sea Island cotton in 1915
by States follows: Florida, 5,408 bales; Georgia, 13,637 bales, and South
Carolina, 49 bales. The statistics of this report for 1915 are subject to
slight corrections when checked against the individual returns of the
ginners being transmitted by mail.

COTTON CONSUMPTION AND OVERLAND MOVEMENT TO OCT. 1.-Below we present a synopsis of the
crop movement for the month of September and the two
months ended Sept. 30 for three years:
1915.

1914.

1913.

Gross overland for September
bales_
29,232
38,133
50,684
Gross overland for two months
51,457
66,665
95,709
Net overland for September
17,402
22,749
28,291
Net overland for two months
64,142
13,375
38,644
Port receipts in September
337,582 1,247,249
842,378
in
two
months
Port receipts
975,220
387,395 1,550,401
Exports in September
435,710
112,138
815,835
Exports in two months
594,522
124,879
964,258
Port stocks on Sept. 30
343,827
986,275
502,530
Northern spinners' takings to Oct. 1_ _
224,669
180,300
280,914
1
Oct.
to
consumption
Southern
565,000
490,000
516,000
Overland for Canada for two months (included in net overland)
9,399
13,062
8,198
Burnt North and South in two months.._
292
Stock at Northern interior markets Oct. 1
12,068
5,016
17,400
Came in sight during September
1,350,669
803,352 1,668,998
Amount of crop in sight Oct. 1
1,764,362 1,090,770 2,205,050
Camo in sight balance of season
13,976,477 12,404,918
Total crop
15,067,247 14,609,968
Average gross weight of bales
509.87
614.00
521.15
4•_4".87
Average net weight of bales
489.00
496.15




1297

THE EGYPTIAN COTTON BOLL-WORM.-The following interesting account of the Egyptian cotton bollworm (Earias Insulana-Order: Lepidoptera) has been furnished to us by the Alexandria Cotton Co., Ltd., of Alexandria, Liverpool and Boston:
General Remarks.-This insect is certainly the most dangerous enemy
of our cotton crop, not only because the damage it causes is always serious
and sometimes very important, but up to the present no satisfactory means
have been found for checking it after it has invaded a field of cotton.
All we can do is to adopt preventive measures, and even the most important
of these are of such a nature that they can be efficacious only when applied
by all the cotton growers without exception.
As in the case of all serious insect pests, the boll-worm is more numerous
and does more harm in some years than others. The causes which govern
this variation in the destructiveness of the species are not yet clearly
understood, but it Is beyond doubt that long periods of cool and damp
weather prevailing during the latter summer and early autumn months
favor its development, whereas dry, hot weather seems to retard it. More
careful observations extending over a long period will have to be made.
The pest exists all over Egypt, but the northern provinces, especially
Behera (nearest the desert) suffer less.
Taking an average boll-worm year, it is generally believed that the loss
of yield due to the boll-worm amounts to about one million pounds sterling.
I personally believe the loss is much greater, and should put it down to
double that amount; but, as is well known, statistical work is so far,very
backward in Egypt.
Opinion is still divided as to the form in which the insect passes through
the winter months. It was believed that the usual form was that of pupa,
but the larva form has also been found. The more probable is that the
Insect passes through all the four stages mentioned above, but that each
of these stages lasts a much longer period during the winter months; thus,
for the four winter months we probably have only one generation. During
the winter months a great many insects are destroyed by severe atmospheric
conditions, as well as by other insects, the work of plougns and other
agricultural implements, and only those escape destruction which have
chosen safe shelters, such as waste lands bearing weed gardens where the
hibiscus is grown on the banks of the irrigation canals. 'Until recently
the dried cotton woods also afforded a good shelter.
The insects appearing in the cotton plantations in very small numbers
at the end of spring multiply very rapidly during the subsequent generations, and during August and early autumn attain their greatest numbers,
more especially when conditions are favorable.
Prevention and Cure.-In dealing with all injurious insects, two kinds of
measures are adopted:
1. Destructive measures, I. e., attacking the insect which has invaded
the fields before it has time to do harm to the crop.
2. Preventive measures, i. e., trying to avoid an attack.
In adopting the first-named measure, we choose the moment when the
Insect is in its weakest form and cannot escape our attack, and at the same
time is found in great numbers,so that its wholesale destruction is possible.
This we can do in the case of the leaf-eating worm (prodenis Littoralls)
when we collect the cotton leaves on which the eggs have been deposited in
clusters. But, unfortunately, in the life of the boll-worm, such opportunities favoring the work of destruction are totally absent, and this is the
reason why, when an attack is made, we have no control over it. It remains to apply the second kind of remedy, viz.: the preventive one, as
follows:
1. All the cotton growers, big and small, from the first to the last, while
picking the cotton, ought to cut off from the cotton trees all the attacked
bolls and destroy them, thus killing all the boll-worms found inside the boll.
The additional work involved in this operation is insignificant, and the
attacked bolls thus destroyed are of very little value. This work, if carried
out conscientiously and with zeal, while not destroying the boll-worm
altogether, will, no doubt, diminish its numbers very greatly, because at
the season of picking of cotton nearly all the inseots are found in the form
of larvae inside the bolls. The ministry of agriculture seems to have
realized last year the necessity and utility of such a general measure, and
have issued for the first time a circular explaining the whole case and
giving very useful instructions to the cultivators, in the sense stated above.
These instructions have not been acted upon at all, and this is the reason
why the Government proceeded later, during the months of December and
January, In the burning of all the dry cottonwood bearing attacked dry
bolls. It must be noted, however, that this step cannot replace the cutting
off from the cotton plants of the bolls and destroying them while still green.
because leaving the attacked bolls on the trees gives the boll-worms time to
go away and continue their life elsewhere. This burning of the cottonwood may be effective in so far as it will probably induce the cultivators
to remove the attacked bolls from the trees this year in the hope of saving
their cottonwood.
So far this year no Government circular concerning the work against the
boll-worm has appeared.
2. It is now an established fact that an early sown crop will, to a great
extent, escape the attacks of the boll-worm, because during the months of
August and September the early crop will carry nature bolls which are not
attacked easily by the worm. This question of producing a cotton plantation as precocious as possible has not yet been realized by the bulk of
cotton growers.
3. The custom of giving to the cotton plantations, during the months of
August and September, heavy and frequent waterings prevailed until quite
recently,on a very large scale, and even now is practiced by many.
Nothing favors the abundant development of the boll-worm so much as
these heavy irrigations, both directly by creating a moist environment,
which is the most favorable condition for the worm, whereas dry, hot
weather keeps it in check; and indirectly by encouraging a new vegetative
period for the cotton plants, and thus retarding considerably the maturity
of the bolls, which then fall an easy prey to the attacks of the worm. After
the first week of August the cotton plantation ought not to receive another
watering until the end of the month, and these waterings should be exceedingly light, much lighter than those given during the months of June and
July. A heavy irrigation can only be given after the second picking is
taken.
4. In the rich soils the ridges ought to be made a distance of 90 centimeters apart at least. This distance will favor the coming to early maturity
of the bolls, and, on the other hand, by allowing more sun to penetrate
between the plants, will keep the atmosphere around the plants comparatively dry.
5. The judicial use of chemical fertilizers will not only help the plant to
pass quickly over the period when the boll-worm pest is most dangerous,but
will give us vigorous and early maturing plants.
It is easily understood that the best results will be obtained when all the
above preventive measures are used in conjunction with each other.

DOMESTIC EXPORTS OF COTTON MANUFACTURES.-We give below a statement showing the exports
of domestic cotton manufactures for July and for the seven
months ended July 31 1915, and, for purposes of comparison, like figures for the corresponding periods of the previous
year are also presented:
Manufactures
of
Cotton Exported.

Month ending July 31. 7 Mos. ending July 31*
1915.

1914.

1915.

1914.

Piece goods
Piece goods
Clothing, &c.-Knit goods..
Clothing, &c. All other
Waste cotton
Yarn
All other

yards 50,100,966 28,253,298 304,934,910 212,620,926
value $3,725,679 $2,031,623 $21,691,169 $14,950,197
value 1,534,156
272,933 9,312,596 1,394,643
value 1,235,008
703,829 13,848,932 5,169,074
value
367,765
273,350 1,493,501 2,278,120
65,937 1,736,066
437,877
value
407,584
value 1,609,686
488,889 7,000,895 3,929,427

Total manufactures of

value $8,879,878 $3.836.561 $55.083.159 $28,159,338

THE CHRONICLE

1298

MARKET AND SALES AT NEW YORK.
The total sales of cotton on the spot each day during the
week at New York are indicated in the following statement
For the convenience of the reader we also add columns which
show at a glance how the market for spot and futures closed
on same days.
Spot Mirket
Closed.

I
I

Spot. Corded! Total.
1,700

1,700

500
600

700
600
133

2,8601

3,133

200

-155
3331

Total

RECEIPTS FROM THE PLANTATIONS.-The following table indicates the actual movement each week from the
plantations. The figures do not include overland receipts
nor Southern consumption; they are simply a statement of
the weekly movement from the plantations of that part of the
crop which finally reaches the market through the outports.
Week _Receipts at Ports-- -Stock at Interior Towns- Receives from Plantation
1915. 1914. 1913.
ending. 1915. 1914. 1913. 1915. 1914. 1913.
Aug. 27_ 24,070 14,338 141,281 410,109 116,469 109,328 20,914 17,388 134,217
408,713
33,430
Sept.
10-_1700,g
2511f00
" 17-176,839 67,936 329,018 473,806 191,548 192,635 217,946 115,648 363,416
" 24_281.999 97,716 367,522 551.331 255,150 223,469 361,576 161,318 398,656
Oct. 1_306.456 158,124 416,299 617.414 344,863 290,756 373,486 247,847 483,286
" 8_282,775 162,032 408,848 698,803 459,576 360,911 364,169 276,745 479,003
" 15_275,396 199,397 485.092 785,989 577,653 440,472 362,577 317,474 564,653

125.619
113:119,ItU937 164:2'17,:1,T41121Z

The above statement shows: 1.-That the total receipts
from the plantations since Aug. 1 1915 are 1,930,236 bales; in
1914 were 1,259,535 bales,and in 1913 were 2,925,385 bales.
2.-That although the receipts at the outports the past week
were 275,396 bales, the actual movement from plantations
was 362,577 bales, the balance going to increase stocks at
interior towns. Last year receipts from the plantations for
the week were 317,474 bales and for 1913 they were 564,653
bales.
WORLD'S SUPPLY AND TAKINGS OF COTTON.-The following brief but comprehensive statement indicates
at a glance the world's supply of cotton for the week and
since Aug. 1 for the last two seasons, from all sources from
which statistics are obtainable; also the takings, or amounts
gone out of sight, for the like period.
1914.

1915.
Week.

Week.

Season.

I

Season.

3,099,297
4.426,178
Visible supply Oct. 8
.1,-65-5-.5i6
3.176,816
Visible supply Aug. 1
American in sight to Oct. 15.... 452,556 2,740,611 394,870 1,930.800
545.000
310,000
2,000
52.030
Bombay receipts to Oct. 14_ _
46,000
1,003
56,000
30,000
Other India shipm'ts to Oct. 14_
53.000
10,700
18.000
Alexandria receipts to Oct. 13_ - 525,000
21.000
61,000
39,000
1,000
Other supply to Oct. 13 *
4,955,734 7,803,8213,508,867 5,246,616

Total supply
DeductVisible supply Oct. 15

4,622,148 4,622,148 3,317,592 3,317,592
333,586 3.181,673
240,586 2,480.673
701,000
93,000

Total takings to Oct. 15_a
Of which American
Of which other

191,275 1,929,024
167.575 1,467,024
23,700
462.000

* Embraces receipts in Europe from Brazil, Smyrna, West Indies, dr.c.
a This total embraces since Aug. 1 ithe total estimated consumption by
Southern mills, 706.000 balks in 1915 and 630,000 bales in 1914-takings
not being available-and the aggregate amounts taken by Northern and
foreing spinners. 2,475,673 bales in 1915 and 1,299,024 bales in 1914,
of which 1,774.673 bales and 837,024 bales American.
b Estimated.

ALEXANDRIA RECEIPTS AND SHIPMENTS OF
COTTON.-The following are the receipts and shipments for
the week ending Sept. 22 and for the corresponding week
of the two previous years:
Alexandria, Egypt.
September 22.

1914.

1915.

Receipts (cantars)This week
Since Atm. 1

106,430
203.324

1915.
Sept. 23.
Receipts at-

1914.

I

36,0001 185,000

Bombay

3,330 18,340
To Liverpool
3.587 8,941
To Manchester
To Continent and India_ 2,840 18,248
1,139 13,888
To America
Total exports

10.896 59.417

Note.-A canter is 99 lbs.

Since
Aug. 1.
72,000

Since August 1.
Japan
Contineat. & China.

Great
Great Conti- Japan
Britain nent. &China Total. Britain.

5,324
8.724

•

1913.

1
I

210,000
415.000

Bombay1915____ 2,000 2,000 18,000
6,000 1,000
1914_
1913____
11,000 14,000
Calcutta1015
1914
1913____
Madras1,000
'1915____
1914
1913_
2,000
All others4,000 1,000
1915._
1,000
1914._
3,000 1-,666
1913._
Total all1915-1914._1913.-

2,000

22,0001.
7,000
25,0

Total

23,000 158,000 185,000
19,000 31,000 50,000
1,000 117,000 86,000. 204,000

4,000

1,000

This Since
This Since
Week. Aug. 1. Week. Aug. 1.
____
____
____
__--

4,695 6,000 18,000
__- 7,000
4,622
4,391 3,500 37,500
200 2,900
5,250

____ 18.958 9.700 65.400

Egyptian bales weigh about 750 lbs.

1,000

2,000
1,000
8,000

1,000

3,000
1,000
10,000

1,000

1,000

1,000

2,000

11,000

11.000

2,000
2,000
3,000

5,00
1,000
4,000

21,000
21,000
26,00

14,000
1,000
11,000

37,000
24,000
40,000

6,000 47,000 173,000 226,000
2,000 41,000 32,000 75,000
5,000 162,000 98,000 265,000

7,000 19,000 28,00
7,000 1,000 8,000
16,000 15,000 31,000

According to the foregoing, Bombay appears to show an increase, compared with last year, in the week's receipts of
32,000 bales. Exports from all India ports record a gain of
20,000 bales during the week and since Aug. 1 show an increase of 151,000 bales.
MANCHESTER MARKET.-Our report received by
cable to-night from Manchester states that an increased
business in lightweight goods has been transacted. India
and China are quiet. The demand for American yarns is
moderate. We give prices for to-day below and leave those
for previous weeks of this and last year for comparison:
1914.

1915.
32s Cop
Twist.

Sq lbs. Shirt- Corn
tags, common Mid.
Upl's
to finest.

s. d.
d. a. (1.
Aug. d.
27 8% @ 9 6 6 07 9
Sept
3 8% eu9% 69 08 0
10934
is 9% 6 10 68 1%
1794 Q 1034 73 08 0
240h
is 1034 73 67 10%
Oct.
1 1034 0 1134 7 4%08 0
8 10% is 11 7 5%08 1
15 1034 is 11% 7 3 08 6

323 Cop

834 lbs. Shirt- Corn
lags, common Mid.
to finest.
Upl's

5.63

d. s. d.
No quo tations

s. d. d.
6.20

5.78
6.12
6.44
6.59

No quo tations
No quo tations
No quo tations
No quo MMus

6.00
6.00
5.80
5.55

6.97
7.24
7.23

No quo tations
No quo rations
No quo tatlons

5.30
8.30
5.30

d.

SHIPPING NEWS.-As shown on a previous page, the
exports of cotton from the United States the past week have
reached 162,760 bales. The shipments in detail, as made
up from mail and telegraphic returns, are as follows:
Total bales.
NEW YORK-To Liverpool-Oct. 9-Norseman, 50 upland, 9
1,559
Oct. 11-Saxonla, 1,500
Peruvian
1,11
To Havre Oct. 9-Rochambeau, 1,113
To Rotterdam-Oct. 12-Noordam, 800.,. Oct. 13-Noor
2.972
der Dijk,2.172
4,346
To Genoa-Oct. 9-Mania,4,346
100
To Piraeus-Oct. 12-Vasilefs Constantinus, 100
GALVESTON-To Manchester-Oct. 9-Minnie do Larrinaga,
18,257
18.257
5,050
To Rotterdam-Oct. 11-Solstdijk, 5.050
18,947
TEXAS CITY-To Liverpool-Oct. 11-Monarch, 18,947
12.503
To Havre-Oct.8-Clifton, 12,503
NEW ORLEANS-To Liverpool-Oct. 8-Nicosoan, 5,534
16.956
Oct. 11-Craftsman, 11.422
48
To Rotterdam-Oct. 11-Zulderdijk. 48
To Genoa-Oct. 9-Mont Viso, 5,253._ _Oct. 149-Soperga,
14,701
9.448
To Mexico-Oct. 9-Bella, 100; City of Tampico, 200;
650
Mary Olsen, 350
2,157
SAVANNAH-To Liverpool-Oct. 8-Myrtle Branch, 2,157
13,273
To Havre-Oct. 12-Cape Breton, 13.273
3.788
To Rotterdam-Oct. 12-Zyldijk, 3.788
To Barcelona-Oct. 14-Ereaga,2.225
To Oporto-Oct. 14-Ereaga, 3,900
4,800
BRUNSWICK-To Havre-Oct. 13-Georgians. 4,800
CHARLESTON-To Liverpool-Oct. 12-Myrtle Branch, 5,400- 5.400
12,697
WILMINGTON-To Genoa-Oct. 14-Southgate, 12,697
44
BOSTON-To Yarmouth-Oct. 9-Prince George, 44
4,650
BALTIMORE-To Liverpool-Oct. 9-Quernmore, 4.650
PHILADELPFIIA-To Manchester-Sept. 27-Cheltonlan, 1.700 1,700
TACOMA-To Japan-Oct. 8-Mexico IVIarti, 5,143......Oct. 1210,724
Chicago Marts, 5,581
200
To China-Oct.8-Mexico Marts, 200

Ii43

162,760

Total
This Since
Week. Aug. 1.

Exports (bales)-

Week.

46,000 17,000

4,000

For the 1Veek.
Exports
from--

1913.

Since
Since
Week. I Aug. 1.' Week. Aug. 1.

SALES.

Futures
Market
Closed.

Saturday- __ Quiet, 20 pts. dec__ Steady
Steady, 20 pts. adv_ Steady
Monday
HOLI DAY
Tuesday
Barely steady
Wednesday.. Quiet
Thursday _ _ Quiet, 10 pts. dec.._ Barely steady__
Steady
Quiet, 5 pts. adv_
Friday

Cotton Takings.
Week and Season.

[VOL. 101.

The particulars of the foregoing shipments for the week,
arranged in our usual form, are as follows:
hot--Oth.Europe- Wad.
Great French
&c. Japan. Total
Britain. Ports. land. North. South.
____ 10.090
New York
1,559 1,113 2,972 -_-- 4,446
____ ---- ---- 23.307
____ Loris) ____
Galveston
18,25
31.450
Texas City
18,947 12,503
32.355
New Orleans.....16.956 ---- --48 -_-_-_-_ 14;161 -486
65.343
Savannah
2,157 13.273 3
4,800 -----------------4,800
Brunswich
5,400
..--5,400 ____
Charleston
-_-_-_-_ 12,4012,697
Wilmington_
---- ---44
-ii
Boston
4,p5o
---4,650 ____
Baltimore
------------1,700
1
Philadel
10,924
1,
Tacoma----------------

The statement shows that the receipts for the week ending Sept. 22 were 106,430 cantars and the foreign shipments were 10,896 bales.
INDIA COTTON MOVEMENT.-The receipts of
69,626 31,689 11,858 ___ 37,969 89410,724 162,760
Total
India cotton at Bombay and the shipments for the week
The exports to Japan since Aug. 1 have been 49,471 bales
ending Sept. 23 and for the season from Aug. 1 for three
from Pacific ports.
years have been as follows:



-

THE CHRONICLE

OCT. 16 1915.]

. 1299

officially
from purchases of American wheat, as it was given outIt
is now
COTTON FREIGHTS.-Current rates for cotton
needs would be small.
import
that
ago
month
a
pound:
per
in
cents
being
ns
New York are as follows, quotatio
ians, however, that Italy's crop
statistic
private
by
insisted
1.75c.;
m,
Rotterda
2.00c.;
Havre,
Liverpool, 1.25c.; Manchester, 1.25c.;
badly overestimated, and that imports will exceed those
Leghorn. 1.55c.; Barcelona, direct,
Genoa, 1.50c.•, Naples, 1.50c. nom.; 1.75c.; Syra,• 1.75c.• Japan, 1.25c. was
year, as military needs are large. In France, officials
last
of
2.00c.; Marseilles. 2.00c.; Piraeus,
1.23c.;
ok,
Vladivost
1.25c.:
asked; Shanghai, 1.25c. asked; Bombay,
stated that there would be little need for imported
in
August
nom.
2.25c.
Archangel,
Govt. action, but the admixture measure was reunder
wheat
the
LIVERPOOL.-By cable from Liverpool we have
ent,and therefore 50,000,000 bushels will be
Parliam
by
jected
at
&c.,
following statement of the week's sales, stocks,
needed. In Australia the general outlook is good, but parts
e and some anxiety is expressed. There has
that port:
Oct. 8. Oct. 15. are not favorabl
Oct. 1.
Sept. 24.
The general yield will not be as large
rain.
much
too
50,000
been
61,000
71.000
week
the
Sales of
3,400
7,200
10,000
ed, and a fair estimate of the surplus
intimat
time
one
at
as
Of which speculators took
•
900
2,000
2,000
Of which exporters took
72,000,000 bushels. It looks as though
be
would
export
for
37,000
45,000.
57,000
Sales, American
4,000
15,000
19,000
will sell sparingly, holding large reserves,
11,000
Actual export
85,000 Australian farmers
71,000
70,000
70,000
Forwarded
small supply of ocean freight room. Also despite the
a
with
932.000
934,000
983,000
1,034,000
,000
Total stock
798,000 743,000 696.000 682,000 liberal shipments last week from North America-12,532
Of which American
86,000
36,000
38,000
28,000
ocks in Europe remain small. They are stated
Total Imports of the week
bushels-st
63,000
23,000
20.000
17,000
Of which American
at 63,600,000 bushels, against 68,100,000 a week ago and
145,000 221,000 258,000
Amount afloat
107,000 194,000 222,000
77,800,000 at this time last year. The world's stock is
Of which American
futures
000 bushels
The tone of the Liverpool market for spots andprices of put at only 114,100,000 bushels, or 61,000,
Jess than a year ago and 64,800,000 less than at this time
each day of the past week and the daily closing
in 1913. It indeed looks as though Europe would have to
spot cotton have been as follows:
buy freely on this side of the water. It has bought
' Friday.
such
Saturday. Monday. Tuesday. Wednesday. Thursday.
Spot.
considerable Manitoba during the past week. atInAmeriGood
circumstances the recent smallness of the receipts
Market,
has
business
Good
Moderate Moderate Moderate
Quiet.
can markets both of winter and spring wheat
12:15
doing.
demand. demand. demand.
Liverdemand.
1'. M.
caused strong cash markets and pushed up futures.
Meantime
7.23
7.27
7.33
7.19
7.04
7.18
pool reports the Continent an urgent buyer.over
Mid.Upi'd
a billion
fact is not forgotten that we have a crop of
the
16,000
8,000
12,000
7,000
8,000
4,000
Sales
3,000
500
1,000
500
500
bushels and that a large foreign outlet is imperatively neces300
Spee.&exp
to
sary to the maintenance of anything like present prices,
Quiet,
at Steady at Quiet at
East at Barely st'y Steady
Futures.
1&2 pts.
3•34%
of higher prices. The crop in the Northern
708 pts. 4%66%
nothing
say
Market } 609 pta. 153101731
decline.
decline. pts. dec. advance. pts. adv. pts. dec.
opened
hemisphere is estimated by the International Institute of
at Barely st'y Barely st'y Very st'dY. Agriculture at Rome as 552,000,000 bushels larger than last
Market, Barely st'y Steady at Steady
1@2 pts. 10 2pts. 534&03 1318.
14017
11012
40014
4
year. Receipts at Winnipeg are beginning to increaseofvery
advance.
decline.
the
pts. dec. DM dec. pts. adv. advance,
P. M.
noticeably. To-day prices advanced , partly becausen of the
cessatio
The prices of futures at Liverpool for each day are given Dardanelles situation, i. e., hints of an early
Also the exportable
below. Prices are on the basis of upland, good ordinary Allies' attempts to force the Straits.
firm
surplus of the United States was estimated by a Chicagoacreclause, unless otherwise stated.
03-100d.
at only 125,000,000 bushels and the next winter-wheat
The prices are given in pence and 1001hs. Thus: 7 03 means 7
reported at
age at 20% less than the last. Export sales were winter
and
Saturday. Monday. Tuesday. Wcd'day. Thursday. Friday.
1,200,000 bushels, including Manitoba, hard
Oct. 9
to
macaroni.
Oct. 15. 1231 1231 12% 4 1234 4 1234 4 12%1 4 12% 4
p.m. p.m. p.m. p.m. p.m. P.m. p.m. p.m. p.m. p.m. p.m P•rn•
d. d. d.
cl.
d. d. d. d.
d.
d.
88 9134 ---- 08% 17 10% 10% 09
October__ __ 7
---- 08% 17 10 10% 09
Oct.-Nov. ---- 7 0331 88
11% 10 C8 15%
89 93 ____ 09% 18 11
Jan.-Feb_
92 96 ____ 12% 20 13% 14 12% 10% 18
Mar.-Apr.
1431 23 16% 16% 15 13% 20%
May-Juno ____7 1031 95 99%
12% 12% 1034 (38% 16
92 9631 ____
July-Aug.'- - - -

0331
7 0431
____ 7 0734
7 0734

07 15
07 15

0131

1034 1,831

BREADSTUFFS
Friday Night, October 15 1915.
Flour has been in rather better demand and firmer. This
was partly in sympathy with the rise in wheat and not a,
l‘ttle also in response to a better demand for cash wheat.
That, evidently, made some flour buyers a trifle nervous
Certainly the buying has been better, at least for early
delivery, whether the purchasing for distant delivery has
greatly increased or not. Also, delivery on flour already
contracted for is being insistently urged end as sharply
pushed. Chicago reports state that in the past tso weeks
Northwestern mills have sold about half a million barrels
for export; that one Northwestern mill bought 125,030
barrels of Canadian flour and will ship it East in bond fo
export. Liverpool advices state that the demand forr
imported wheat continues and shipments from America
exceed last year and flour prices remain very firm. The
total output last week at Minneapolis, Duluth and Milwaukee was 579,120 barrels, against 541,820 barrels in the
previous week and 395,010 barrels last year.
Wheat advanced sharply. That fact was duo largely to a,
rise at Winnipeg and also at American markets at the Northwest. Back of it all was the smallness of the receipts, also
a good export inquiry and reports of big recent sales of flour
by Northwestern mills. It seems that one Northwestern
mill, so urgent was the foreign demand and so backward the
deliveries, actually bought.125,000 barrels of Canadian flour
to be shipped to the Atlantic seaboard in bond for export..
Also the European news has been considered bullish. Advices from Russia state that the weather has not been favor-.
able for late harvesting; rain and snow, with extreme cold
in parts, have caused damage. Experts insist that the yields
of wheat and oats in Russia are much under earlier expectations. It is true that in Russia there is practically
no interest shown in Frain, as officials arc not buying
and speculation is impossible under present monetary conditions. As storage facilities are inadequate,
notwithstanding recent enlargements, much of the gram will.
be wasted. The Dardanelles outlook is considered gloomy,
i. e., prospects do not seem to point to an early forcing of the
Straits by the Allies. The crop in Greece is very disappointing. Exports from Rumania and Bulgaria, as near as can be
ascertained, have been forbidden, and export purchases there
of over 35,000,000 bushels have been canceled. In Italy
much surprise is expressed over the recent continued heavy



FUTURES IN NEW YORK.
DAILY CLOSING PRICES OF WHEAT
Sal. Mon. Tues. Wed. Thurs. Fri.
Holt- 130 Nom. 12934
12734
cts_125%
No. 2 red
11534
114
day. 115
December delivery in elevator ......1iO3- 112
S IN CHICAGO.
FUTURE
DAILY CLOSING PRICES OF WHEAT
Fri.
Thurs.
Sal. Mon. Tess. Wed.
s Holt- 10831 10631 108
10431
December delivery In elevator_cts_102
10831
10744
day. 10934
10231 106
May delivery in elevator

'of
Indian corn advanced under the stimulus of reports
belt and also
damage from the more northerly sections of thelatterly
risen,
the rise in wheat. In Liverpool prices have destruction
of
with a good demand for River Plate. Thefor Europe had
another River Plate steamer laden with corn
demand has been
some effect. On the other hand, the cashdespite
reports of
slow and nearly everybody believes that
with one exinjury to the crop the yield will be the largestincrease
d last
ception ever known. The available supply
with a deweek 1,680,000 bushels, in rather sharp contrast
Still,.
crease in the same week last year of 680,000 bushels.aking on
the actual visible supply remains small, and profit-t
in
the rise has been readily absorbed. Rains have occurred
ay prices
some sections where frost has not done harm. To-dIowa
and
were higher,owing partly to reports of damage from Higher
Nebraska. They also sympathized with wheat.
.
cables helped. Receipts of old corn are much smaller.

CORN IN NEW YORK.
DAILY CLOSING PRICES OF NO.2 MIXED
Sot. Mon. Tues. Wei. Thurs. Fri.
763.1
Hol. 7431 76
eta_
7334
7334
No. 2 yellow
CORN FUTURES IN CHICAGO.
DAILY CLOSING PRICES OF Sal.
Fri.
Thurs.
Wed.
Tues.
Mon.
6234
6034 Holt- 62
October delivery in elevator_ _ _cts_ 60
day. 5934 5834 5931
December delivery in elevator__ 5634 5734
6,13(
60
61
5931
583-4
elevator
in
delivery
May

e of other
Oats have advanced, partly under the influenc
been small and
grain. Besides country offerings have Liverpoo
l advices
rumors have been rife of export buying.
only fair;
state that prices are maintained with supplies
little purthat the consumption is large and there has been
dearer
are
n
Canadia
and
n
America
.
reserves
chased for
English offerand River Plates is. 3d. higher for the week.
nt is slow.
ings are light and in France the crop moveme
on this
buyers
good
been
have
houses
ion
Leading commiss
perby
es
purchas
d
increase
to
spurred
water,
side of the
is
crop
the
But
.
business
export
large
a
of
sistent reports
lower
for
looking
are
many
and
known
ever
the largest
buying
prices ultimately. Yet seaboard houses have beene supply
December freely at Chicago. Also, the availabl
an increase
increased last week only 540,000 bushels, against
The
in the same week last year of 2,C40,000 bushels.
and
supply, too, is 20,000 bushels smaller than a year ago
To-day
28,000,000 bushels less than the same time in 1913.g 500,000
reachin
prices rose on export buying, reported as Also,
shorts were
bushels and 1 500,000 bushels recently.
covering. On the rise hedge selling increased.

IN NEW YORK.
DAILY CLOSING PRICES OF OATS
Sal. Mon. Turs. 1Vcd. Thurs. Fri.
Nom. Holt- Nom. Nom. Nom.
cts_Nom.
Standards
Nom. Nom. day. Nom. Nom. Nom.
No. 2 white
OATS FUTURES IN CHICAGO.
DAILY CLOSING PRICES OF.at.
Mon. Tu,s. IVid. Thurs. Fri.
3714 Hell- 3831 3834 3934
3614
ts_
December delivery in elevator_c
3831 3931 day. 3934 3934 40
May delivery in elevator

1300

THE CHRONICLE

The following are closing quotations:
GRAIN.
Wheat, per bushel-f. o. b.
Corn, per bushelCts.
N. Spring, No. 1, new____$1 213
No.2 mixed
f. o. b. nom.
N.Spring, No.2
No. 2 yellow..
C. 1. f. 76%
Red winter, No. 2. new___ 1 29%
No. 3 yellow
Hard winter, No.2
1 293i
Argentina in bags
Oats, per bushel, newCts. Rye, per bushelStandard
Nom.
New York
$1 07
No.2. white
Nom.
Western, No.2,new
No. 3, White
41@42 Barley-Malting
58@04c
FLOUR.
Winter, low grades___ _$4 450464 70 Kansas straights,sacks_35
30@$5 60
Winter patents
5 95@ 6 10 Kansas clears, sacks...... 5 10© 5 30
Winter straights
5 45© 5 70 City patents
Winter clears
5 20© 5 40 Rye flour
4 85® 5 60
Spring patents
5 70
6 10 Buckwheat flour
Spring straights
5 55@ 5 85 Graham flour
4 45© 4 85
Spring clears
5 00® 5 30
For other tables usually given here, see page 1247.

[VOL. 101.

DOMESTIC COTTON GOODS.-The exports of cotton
goods from this port for the week ending Oct. 9 were 12,477
packages, valued at $1,025,116, their destination being to the
points specified in the table below:
New York to Oct. 9Great Britain
Other Europe
China
India
Arabia
Africa
West Indies
Mexico
Central America
South America
Other countries
Total

-1915Week. Jan. 1.
3,731
74,746
687
18,604
42
5,046
97
20,087
256
1,613
122
435
1,006
4,488
12,477

-1914Week. Jan. 1.
654
3,977
38
2,045
_
49,645
1,541
17,188
9,412
43,416
15,904
-44
6,040
42,939
1,385
36,496
1,778
44
524
14,836
370
16,970
38,364
2,046
43,117
69,859
2,095
51,190

345,579

8,217

236,604

The value of these New York exports since Jan. 1 has
The visible supply of grain, comprising the stocks in
granary at principal points of accumulation at lake and been $21,658,841 in 1915, against $16,918,954 in 1914.
Staple cotton goods continue active and firm. Demand
seaboard ports October 9 1915 was as follows:
is broadening though first hands are becoming conservative
GRAIN STOCKS.
Wheat.
Corn.
Oats.
Rye.
Barley. in booking forward business at prevailing prices despite the
United Statesbush,
bush,
bush,
bush.
bush. fact that sharp advances have taken
New York
place. Standard
465,000
131,000 1,096,000 232,000 186,000
Boston
5,000
1,000
33,000
81,000
11,000 28-inch print cloths have been marked up Mc., gray goods,
Philadelphia
1,014,000
56,000
640,000 229,000
1,000
39-inch,
Mc.,
sheetings
,
Southern
standard,
Baltimore
and 3-yard,
728.000
100,000 2,013,000 295,000
48,000 48-48,
Newport News
Yic., and fine dress ginghams Mo. per yard. Print
230,000
80,000
40,000
New Orleans
668,000
70,000
145,000
cloths
are
active
and
firm
with
the
finer
qualities being in
Galveston
792,000
11,000
Buffalo
1,994,000
428,000 1,611,000
96,000 434,000 greatest demand. Spot supplies of print cloths are limited
Toledo
629,000
43,000
and
453,000
mills
are
8,000
very
firm
on
all
forward
business. Bleached
Detroit
161,000
137,000
281,000
23,000
cottons and wide sheetings are on a firmer basis and where
Chicago
1,125,000 3,323,000 4,267,000
23,000
60,000
Milwaukee
23,000
advances
110,000
have
180,000
not
been
23,000
named
92,000
they
are
held "at value."
Duluth
4,250,000
434,000 144,000 1,846,000 A heavy demand is noted
for coarse cotton shootings, both
Minneapolis
1,257,000
19,000 1,259,000
12,000 378,000
St. Louis
for domestic and export account, to be used for bag manu546,000
183,000
297,000
2,000
2,000
Kansas City
581,000
84,000
175,000
25,000
facturing. There is also a steady call for all kinds of duck,
Peoria
5,000
85,000
682,000
1,000
Indianapolis
colored and plain, with the result that discounts in many
213,000
139,000
471,000
Omaha
202,000
106,000
340,000
17,000
14,000 instances have been shortened
: Fine dress ginghams are
On Lakes
3,114,000
157,000 153,000 271,000
more active as buyers are beginning to realize that prices
On canal and river
244,000
139,000
9,000
for these goods are low as compared with values for other
Total Oct. 9 1915
18,246,000 5,026,000 14,753,000 1,413,000 3,343,000
Total Oct. 2 1915
15,900,000 3,444,000 14,381,000 1,235,000 2,946,000 cotton goods. Gray goods,38-inch standard,are quoted 4Mc.
Total Oct. 10 1914
57,121,000 4,727,000 29,226,000 1,924,000 4,176,000
WOOLEN GOODS.-In the woolen and worsted trade,
Total Oct. 11 1913
54,494,000 8,311,000 32,361,000 1,685,000 4,772,000
Note.-Bonded grain not Included above: Wheat,$379,000 busbies at New York, interest is largely centered in spring lines. Manufacturers
77,000 Boston, 408,000 Buffalo, 225,000 Duluth; total, 1,109,000 bushels, against of ready-to-wear doting are in the market for additiona
l
1,208,000 bushels in 1914. Oats, 32,000 bushels at Duluth, against 47,000 bushels supplies of piece goods
and there is an improving demand
in 1914: and barley, 35,000 bushels at Boston, 69,000 Buffalo, 62,000
Duluth; from retailers for dress goods
total, 166,000, against 20,000 bushels in 1914.
in the piece. There is a tendCanadaency toward higher prices on certain shades of goods such
Montreal
1,468,000
296,000
7,000 147,000 as navy blues, as the dye materials necessary to
Ft. William & Pt. Arthur 11,606,000
produce
906,000
these shades are becomingscarce. Buyers have little
Other Canadian
1,235,000
141,000
difficulty
securing
goods
in
in
the
shades
shown
on the
Total Oct. 9 1915
14,309,000
1,343,000
7,000 147,000 sample cards, but where they
Total Oct. 2 1915
desire special shades which
10,336,000
3,000
893,000
3,000 129,000
Total Oct. 10 1914
23,087,000
71,000 4,359,000
221,000 were heretofore easy to obtain they are compelled to pay
Total Oct. 11 1913
12,758,000
66,000 7,104,000
18,000 482,000 premiums of from 1 to 2 cents per
yard. It is reported that
SummaryAmerican
18,246,000 5,026,000 14,753,000 1,413,000 3,343,000 some mills have been compelled to revise contracts which
Canadian
14,309,000
1,343,000
7,000 147,000 they booked earlier in the season, owing to the shortage
of
Total Oct. 9 1915
32,555,000 5,026,000 16,096,000 1,420,000 3,490,000 dye-stuffs. Late call for fall and winter goods has eased
Total Oct. 2 1915
26,236,000 3,447,000 15,274,000 1,238,000 3,075,0..0 up considerably during the past week, owing
to
the
mild
Total Oct. 10 1914
80,208,000 4,798,000 33,685,000 1,924,000 4,397,000
Total Oct. 11 1913
67,252,000 8.377.000 39.465,000 1,703,000 5,254,000 weather.
FOREIGN DRY GOODS.-An active demand is reported
for linens regardless of the high prices which importers and
THE DRY GOODS TRADE
distributers are compelled to ask. Stocks of imported linens
New York, Friday Night, Oct. 15 1915.
Dry goods markets continue active with demand holding are decreasing rapidly, while cables from foreign primary
up well regardless of the recent sharp advances in prices. markets are anything but encouraging. Importers received
In the primary cotton goods market most staple lines have advices from both Scotch and Irish manufacturers to the
been advanced to new high levels without causing much com- effect that prices on all flax goods would be advanced to
ment. Buyers are becoming aware of the underlying con- higher levels in the near future, owing to the pronounced
ditions of the market and are more willing to cover their shortage and high price of raw material. A good business
future requirements. selling agents and commission houses is being done in cotton substitutes such as cotton damasks,
are booking orders steadily for deliveries running well through cotton towellings and table goods. Irregularity prevails in
the first quarter, and the outlook from the manufacturer's the market for burlaps with a good demand reported for
standpoint is very satisfactory. In most quarters prices heavy weights, while light weights are quiet. Light weights
are expected to move higher in view of the firm raw material are quoted 5.450. to 5.500. and heavy weights 7.75c.
situation. Weaving yarns for forward delivery are held at Importations & Warehouse Withdrawals of Dry Goods.
The importations and warehouse withdrawals of dry goods
levels considerably higher than those ruling on current
business with the result that manufacturers of finished at this port for the week ending Oct. 9 1915 and since
goods are compelled to figure on much higher costs when Jan. 1 1915, and for the corresponding periods of last year,
quoting against forward contracts. In some cases, where were as follows:
the deliveries are very distant, orders are accepted upon at Imports Entered for Consumption for the Week and Since Jan. 1
Week Ending
"at value" basis only. The failure of the cotton market to
Oct. 9 1915.
Since Jan. 11915.
react to any extent after its recent advance and the belief
Plcgs.
Value.
Pkgs.
Value.
Manufactur
of
es
that the staple will reach much higher values as the crop is
Wool
670
199,701
26,126
6,84,958
marketed, is strengthening the confidence of buyers in the
Cotton
3,030
770,751
83,890 22,415,390
Silk
1,231
414,809
present price lists for manufactured goods. Jobbers re44,837 20,670,976
Flax
2,213
202,790
38,030
9,054,929
ported an active business during the week although trade
Miscellaneous
1,511
786,849
86.792 11.647,243
was broken up a little by the holiday. There was a good
Total 1915
8,655
2,374,900
279,675 70,666,496
accumulation of orders on hand Wednesday morning, howTotal 1914
8,901 . 2,529,309 422,665 104,024,248
ever,and the movement is expected to continue for some time,
Warehouse Withdrawals Thrown Upon the Market.
or at least until retailers and out-of-town jobbers get their Manufactures ofWool
290
94,913
14,924
4,647,454
stocks in better shape. The call for piece goods from the
Cotton
595
218,735
21,731
6,688.592
Silk
South and Southwest is very encouraging, as it was in these
449
133,409
14,074
5,301.575
Flax
1,029
125,402
20,064
4,306,298
sections of the country that depression was most pronounced
Miscellaneous
368
153,484
52,871
4,413,067
this time last year. Local retailers reported an active
Total
withdrawals
2,731
725,943 123,664 25,356,986
store trade during the week, although there was some Entered for consumption
8,655 2,374,900 279,675 70,666.496
complaint that the weather was too mild to move winter
Total
marketed
1915
11,386 3,100,843 403,339 96,023,482
merchandise. A week or two of cold weather is needed to
Total marketed 1914
10,872 3,120,127 581,189 132.139,006
get the winter season fully started. Export business
Imports Entered for Warehouse During Same Period.
through regular channels is quiet, the higher prices serving Manufactures ofWool
105
42,010
9,811
to check business. Heavy shipments of duck and military
3,351,670
Cotton
231
119,111
17,015
5,313,426
goods are going forward to Europe with talk of other large
Silk
130,000
364
11,426
4,293,803
Flax
1,442
89,701
contracts about to be placed. Little is heard from China,
19,186
4,061,171
Miscellaneous
134,085
332
50,466
3,904,687
but buying from that quarter is expected in the near future
Total
as stocks of American goods are being rapidly depleted. Entered
2,474
514,907 107,904 20.924,757
for consumption
8,655 2,374,900 279,675 70,666,496
The advance in sheetings and drills has prevented any addiTotal imports 1915
tional business with Red Sea and India buyers.
11,129 2,889,807 387,579 91,591,253
Total imports 1914
12,789 3,622,631



552,752 134.618,108

THE CHRONICLE

OM 16 1915.]

CITY irist- viimivrt-NT.
News Items.

1301

Porto Rico.-Bond Sale.-On Oct. 14 the $300,000 insular
loans refunding and $400,000 irrigation refunding 4% gold
reg. tax-free bonds (V. 101, p. 1115) were awarded, it is
stated, as follows:
$200,000 of irrigation bonds to the Seaboard Nat. Bank of N.Y.at 98.626.

of irrigation and the insular bonds to C. P. Childs &
Anglo-French Loan.-Public Offering.-In our adver- 500,000 remainder
Co. of Chicago, bidding for a syndicate, at 98.53.
public
of
the
the
notice
be
found
will
tising columns to-day
Shreveport, La.-Municipal Water Plant Election.-On
7,0
offering of the $500,000,000 Anglo-French Five-Year 51al4a vote will be taken on a proposal to build a municipal
Nov.
having
these
bonds
of
amount
large
A
External Loan.
water works and sewer system with the proceeds of the $1,whose
bankers
t,
the
investmen
for
n
withdraw
ready been
of a 200,000 bonds voted Aug. 20 1914. At the first election the
names appear in the advertisement, offer, on behalf
bonds were authorized for the purpose of either building a
unsold
the
bankers,
and
ns
of
institutio
group
country-wide
plant or acquiring the one owned by the Shreveport Water
subject
5
nearly
(yielding
interest
and
balance at 98
Works Co. The city and the company failed to reach an
and
is
joint
the
loan
The
price.
in
change
to prior sale and
t as to price.-V.100, p. 2099.
agreemen
KingThe
United
of
nts
Governme
the
of
several obligation
Republic.
French
The
and
Ireland
and
Britain
dom of Great
The proceeds of the present loan will be utilized entirely
Bond Calls and Redemptions.
in America by Great Britain and France. The essential
, Wash.-Bond Call.-The following special imthis
Spokane
in
credits
additional
providing
by
is,
loan
the
of
object
t
bonds have been called for payment at the City
foreign
provemen
rate
of
the
in
stability
greater
produce
to
country
office on Nov. 1:
's
export
Treasurer
the
American
assist
to
means
this
by
and
exchange
Dist. Bonds Called
Name.
Dist. Bonds Called
Name.
trade.
No. up to 4; incl.
Grade-Concl.
No. up to & incl.
Paving$1,000,
$509
and
$100,
of
ions
denominat
and
South
Nora
in
bonds
108
Coupon
Broadway Avenue 544
27
672
Crescent
bonds
d
2
Registere
principal.
1079
St
Hilliard
to
as
registered
be
may
which
17
697
Ninth Ave
77
730
Manito Blvd
34
327
Tekoa St
in denominations of $1,000, $10,000 and $50,000, and auth- Mission Ave
1030
gebonds
Walkinterchan
registered
12
and
881
Street
Wall
Coupon
orized multiples.
8
880 Heroy Ave
1920. Both princiWater Mainable. Dated Oct. 15 1915, due Oct. 15payable
GradeYork
in
New
15)
(Wall
Oct.
Ave.
Dean
and
14
535
15
Ash
Street
(April
pal and interest
2
W105
St.)
5
477
any present or Gallspell St
3
City in U. S. gold coin, without deduction,for
39
33rd Avenue._ _ _ _W106
177
Eighth Ave
option
at
the
le,
Convertib
taxes.
Sewer
French
16
668
Ave_
Frederick
or
future British
17
330
Bernard St
than April 15 1920, or Gordon Ave
5
691
of the holder, on any date not laterlater
15
Division St. Eat__ 688
19
692
Haven St
1920)
l
15
thai?.Apri
not
given
10
706
be
Avenue
14th
notice
17
that
718
Hackson Ave_
(provided
12
629
Several
Lincoln St
Joint
and
-Year
20
15-25
465
(York)
Marietta
into
par,
for
par
at maturity,
27
584
Avenue
17th
St
39
670
Marshall
of
2
1078
16th Avenue
23
43% Bonds of the Governments of the United Kingdom
671
18
Republic. Such Nora Ave
Washington St - 715
Great Britain and Ireland and the French
U. S.
432% bonds will be payable, principal and interest, in
from deduction for any
gold coin, in Now York City, freetaxes,
Bond Proposals and Nedotiations this week
will mature Oct. 15
present or future British or French
in
interest,
and
par
been as follows:
at
have
e
accrued
redeemabl
be
will
but
1940,
ALLIANCE SCHOOL DISTRICT (P. 0. Alliance), Stark County,
whole or in part, on any interest date not earlier than Ohio.
ELECTION.-On Nov. 2, it is stated, the proposition to
-BOND
Oct. 15 1930, upon three months' notice.
Issue $100,000 building bonds will be submitted to a vote.
Payment may be made either in full on Oct. 29 or at the
HEIGHTS (P. 0. Cincinnati), Hamilton County,
ON
ARLINGT
SALE.-On Oct. 12 the $3,657 33 6% 1-5-year street-impt.
option of the purchaser, 50% on Oct. 29 and the balance on Ohio.-BOND
were awarded to the First Nat. Bank of Lockland for
bonds
assessment
or
on
Dec. 3. Temporary bonds will be ready for delivery
$3,681 63 (100.664) and int., a basis of about 5.75%.-V. 101, p .1033.
about Oct. 29, exchangeable for the definitive bonds when
Minn.-BOND OFFERING.-Proposals will be
County,
ARNA, Pine
30 by W. S. Martin. Town Clerk (P. 0. Markprepared. Application will be made to list these bonds on received until 1 p. m. Oct. bonds.
Due $1,000 yearly from 1925 to 1934.
coupon
for
$10,000
\dile),
the New York Stock Exchange.
inclusive.
The full list of the underwriters is given in our editorial
No. Car.-BOND ELECTION
County,
Buncombe
E,
ASHEVILL
PROPOSED.-Local papers state that an election will be called to vote on
columns on a preceding page.
school-building bonds.
$200,000
of
question
issuing
the
Argentina.-Tenders of Bonds Requested.-J. P. Morgan
N. J.-BOND
ATLANTIC HIGHLANDS, Monmouth County,
Borough Clerk, will receive bids until
& Co. of New York will receive tenders until 12 m. Nov. 24 OFFERING.-Wm. T. Franklin,
5% 13-year average coupon (with priv. of reg.)
of
$25,000
for
par
26
nt
Oct.
under
m.
p.
Governme
8
Argentine
the
to
sale
for the
Sept. 1915. Principal
sewer-extension bonds. Denom. $1,000. Date
at Atlantic Highlands Nat.
328,000 gold pesos, say $319,144 U. S. gold, nominal, of the and semi-annual interest-M.& S.-payable
yearly from 1916 to 1940,inclusive.
$1,000
Due
will
be
also
Highlands.
Tenders
received
Atlantic
1909.
of
Bank.
loan
gold
5% internal
will be furnished
Certified check for 10% of bonds required. Purchaser
& Reed of New York as
in Paris by the Banque de Paris et des Pays-Bas; in London with the favorable opinion of Caldwell, Masslich
debt, not including this issue,
in
bonded
the
by
Total
Ltd.;
Berlin
bonds.
Co.,
these
of
&
legality
Brothers
the
to
Baring
by Messrs.
sinking fund, $12,152; net bonded debt, $139,848. Assessed
erroneously reported
Direction der Disconto-Gesellschaft, and in Buenos .Aires $152.000*.
value 1915, $2,375,671. This bond offering was
on
be
made
Tenders
must
Nacional.
of Atlantic City, N.J.,in last week's "Chronicle," page 1208.
head
the
under
Publico
by the Credito
-BOND OFFERING.
ATTALA COUNTY (P. 0. Kosciusko), Miss.
a form obtainable on application.
Board of Supervisors, J. H.
Proposals will be received until Nov. 1 by the
at
by
bonds
of
Subject
Be
1
Study
road
No.
to
ess
District
serial
Oliver, Clerk, for $50,000 1-25-year
Kentucky.-State Indebtedn
Date Nov. 1 1915. Interest
not exceeding 6% interest. Denom. $500.
last
is
the
issue
This
Committee of Bankers.-A resolution authorizing the appointrequired.
$2,000
for
check
semi-annual. Certified
ment of a committee of seven to confer with the State offi- installment of $150,000 worth of bonds of District No. 1.
% 30-year
AUGUSTA, Ga.-BOND SALE.-On Oct.6 the $250.000 4%
cials with regard to the indebtedness of the State of Kentax-free flood-protection bonds were awarded jointly to John W.
13
tucky, was adopted at the annual meeting of the Kentucky coupon
$248,276
for
Atlanta,
Co.,
&
Hilsman
H.
J.
Augusta, and
bids were
Bankers' Association at Frankfort on Oct. 6. The text of Dickey,
99.31)and int., a basis ofabout 4.568%. V.101,p.958. Other
00
5
6
2
0
5
6:5
6
4
2
$2
Journal"
Boston
the
"CourierCo.,
in
Louisville
&
lodget
the resolution is indicated
I
Robinson-Humphrey-Wardlaw Co., Atlanta
as follows:
Cincinnati
by issuing Field, Richards & Co.,
of the
00
State
The present manner of mooting current expenses
warrants without limit as to amount, presents elements of danger, is an
encouragement to extravagance, is forcing the State to pay more money
and involunthan it otherwise would pay, and is unfair both to voluntarythe
resources
believes that
tary creditors of the State. This associationare
such as to entitle her to
of Kentucky and the character of her people of those
invest in
who
might
hands
the
at
on
favorable
considerati
the most
her securities:
appoint
Be it resolved, therefore, that the President of this AssociationCommitthe "State Finances
a special committee of seven, to be known as
to make a study of
tee," and the resolution provides for the committee
and to recomthe causes of the present growing deficit in the State treasury
mend a remedy therefor, to confer with the outgoing officers and place the
good offices of the Association to co-operate with the incoming officers.

New Jersey.-:Population in 1915.-Secretary of State
Thomas F. Martin announced on Oct. 9 that complete returns from the State census taken several months ago show
the total population in New Jersey to be 2,844,342, an increase of 307,175 over the Federal census of 1910. The
enumeration by counties follows:
Increase.
Atlantic
Bergen
Burlington
Camden
Cape May
Cumberland
Essex
Gloucester
Hudson
Hunterdon
Mercer
Middlesex
Monmouth
Morris
Ocean
Passaic
Salem
Somerset
Sussex
Union
Warren
Totals
* Decrease.




1910.
71,894
138.002
66,565
, 142,029
19,745
55,153
512,886
37,368
537,231
33,569
125.657
114,426
94,734
74,704
21,318
215.902
26,999
38,820
26.781
140,197
43,187

1915.
82,840
178,596
74,737
163,221
24,407
59.481
566,324
43,587
571.371
34,697
139,812
144,716
107.636
81,514
23.011
236.364
30,292
44,123
25,977
167,322
44,314

10,946
40,594
8,172
21,192
4,662
4,328
53,438
6,219
34,140
1,128
14,155
30,290
12,902
6,810
1,693
20,462
3,293
5,303
*804
27.125
1.127

2,537.167 2,844,342 307,175

245,325
Geo. B. Gibbons & Co., New York
244,530 00
Stacy & Braun, Toledo
244,175 00
Flfth-Third National Bank, Cincinnati
William R. Compton Co., St. Louis
244,050 00
It. M.Grant & Co., New York
242.952 50
Harris, Forbes & Co., New Yckgk
00
240.425
Cincinnati
Co..
Provident Savings Bank & Trust
-Proposals
.
OFFERING
Ga.-BOND
County,
Mitchell
BACONTON,
Treasurer,
Village
B.
Mullins,
E.
will be received until 6 p. m. Nov. 1 by
t and water-works 6%
for $6,500 school-building and $5,500 electric-ligh
Date Nov. 1 1915. Principal and semi30-year bonds. Denom.$1,000. York
City. Certified check for 2% of
annual interest payable in New
bonds bid for required.
-The
BARBERTON, Summit County, Ohio.-BOND ELECTION.will be
proposition to issue $67,500 municpal building site-purchase bonds
submitted to a vote on Nov. 2.
OFFERING.-M. LaBEACON, Dutchess County, N. Y.-BOND
proposals until 12m. Oct. 18,
mont. Commissioner of Accounts, will receive
bonds. Certified
paving
serial
r
1-12-yea
%
it is stated, for $12,000 43
bonds was sold to H. A.Kehler
check for 2% required. A similar issue of
790.
p.
101.
1.-V.
Sept.
on
York
New
& Co. of
SALE.-On Oct. 5
BEAUMONT, Jefferson County, Tex.-BOND
(opt.) bonds, aggregating $215.000,
the throe issues of 5% 20-40-year
& Trust Co. of Beaumont
were awarded, it is stated, to the Texas Bank
for $215.162 25 (100.075) and int.-V. 101, p. 790.
ELECTION.
BELLEVUE (P. 0. Cincinnati, Ohio), Ky.-BONDn bonds will be
The question of issuing $22,000 Taylor Ave. constructio
submitted to a vote on Nov. 2.
-BONDS REFUSED.
BELTRAN! COUNTY (P. 0. Bemidji), Minn.
refused to accept the $424,000
-John Nuveen & Co. of Chicago have awarded
them on March 17
to
bonds
n
-constructio
53 % rural highway
and dated
at par and interest. The bonds are in the denom. of $1,000
S.
&
M.
Int.
1915.
March 1
.
OFFERING
N. J.-BOND
BERGEN COUNTY (P. 0. Hackensack),
of Board of Chosen Freeholders,
-Dispatches state that ii.A.Shuart. Clerkthe
provement
road-im
$353,000
will receive bids until 12 m. Oct. 18 for
bonds authorized on Oct. 4.-V. 101. p. 1208.
Wis.-BONDS DEFEATED.
BIRCHWO OD, Washburn County,
failed to carry at the election held
The question of issuing the road bonds
"against."
40
and
Oct. 11. V. 101, p. 1208. The vote was 12 "for"
65 (P. 0. Bowman), Orange
BOWMAN SCHOOL DISTRICT NO.
.-Further details are at hand
County, So. Car.-BOND OFFERING
6% 20-year coupon refunding
$5,000
the
of
1
Dec.
relative to the offering on
will be received by
cronds.-V. 101, p. 1208. Proposals for these bonds

1302

THE CHRONICLE

S. A. Fair, Secy. Denom. $500. Date Jan. 1 1916. Int. J. & J. at the
Co. Treas. office and Hanover Nat. Bank, N. Y. These bonds are exempt
from State and county taxes. No deposit required. Bonded
this
Issue, $5,000. No floating debt. No sinking fund. Assess. debt,
val. 1914,
$152,300.
BROOK-PARK VILLAGE SCHOOL DISTRICT, Cuyahoga County,
Ohio.-BOND ELECTION.-The question of issuing $35,000 site-purchas
e
and construction bonds will be submitted to a vote on Nov. 2.
BUHL, St. Louis County, Minn.-BONDS OFFERED BY BANKS.
Cooper, Myers & Co. of St. Paul are offering to investors the $70,000
6% 6.4-year average tax-free refunding bonds offered
by the city on
Sept. 20.-V. 101, p. 958.
CABOOL SPECIAL ROAD DISTRICT (P. 0. Cabool), Texas
County, Mo.-BONDS DEFEATED-NEW ELECTION.-The
of issuing $22,500 road-construction bonds failed to carry at an question
held Sept. 25. The vote was 251 to 149, a two-thirds majorityelection
necessary to carry. Another election will be held the latter part ofbeing
this
month.

[VOL. 101.

DAVID CITY, Butler County, Neb.-BONDS DEFEATED.-The
question of issuing $9,000 bonds failed to carry at an election
held Oct. 8.
The vote was 77 "for" and 188 "against."
DURHAM, Durham County, No. Car.-BOND ELECTION PROPOSED.-Reports state that this city proposes to call an election in the
near future to submit to a vote the questions of issuing $300,000 street
and $75,000 school bonds.
EAST CLEVELAND (P. 0. Cleveland), Cuyahoga County, Ohio.BOND SALE.-On Oct. 11 the $10,000 5% 3-yr. average (assess.)
were awarded to Seasongoocl & Mayer of Cincin. at 100.75 and int.-abonds
basis
of about 4.73%.-V. 101. le• 1035. Other bids were:
A-E. Aub Se Co., Cincin__ _ _100.70 C. E. Dennison & Co., Clev_100.428
Prey. S. 13. & Tr.
Cin 100.o7 Hayden,'Miller & Co., CleveOtis & Co., Cleveland
Co.'
100.55
land
Stacy & Braun. Toledo
100.533 Tillotson & Wolcott Co.,100'41
Hoehler, Cummings & PrudCleveland
100.34
den, Toledo 100.51
CANTON, Stark County, Ohio.-BOND SALE.-On Oct. 4 the fourEAST ST. LOUIS, St. Clair County, Ill.-TEMPORARY LOAN.
teen Issues of bonds, aggregating $221,300, were awarded as follows (V. Reports state that arrangements have been made for the Southern Illinois
101, p. 1034):
Nat. Bank, Illinois State Bank and Union Trust & Savings Bank to lend
$168.000 to Otis & Co. of Cleveland for $172,610 50. equal to 102.744.
the city $50,000 until taxes are paid in January. The money will be used
53,300 to the Dime Say. Bank of Canton for $54,485 21, equal to in paying city employees.
102.223.
EL CENTRO, Imperial County, Cal.-BONDS NOT SOLD.-No sale
CATO, Cayuga County N. Y.-BOND SALE.-The Auburn Trust was made
of the $259,0006% 1-40-year serial sewerage-system bonds offered
Co. of Auburn was awarded'
during Dec. 1914 an issue of 310,500 5% road on Sept. 8.-V. 101, p. 791.
bonds. Denom. $500. Interest payable annually on April 1.
ELLENDALE,
Dickey County, No. Dak.-BOND ELECTION.-An
CHATTANOOGA, Tenn.-BONDS PROPOSED -Local papers state
election will be held Oct. 30 to determine whether or not this city shall
that this city contemplates issuing in the near future $100,000
wharf- issue $9,000 53;% 20-yr. water-system-hnpt
. bonds.
improvement bonds.
ELMORE COUNTY SCHOOL DISTRICT NO. 16 (P. 0. Bennett),
CHINOOK, Blaine County, Mont.-BOND SALE.-On Oct. 2 the
Idaho.
-BOND SALE.-On Sept. 28 a $1,009 6% 3-5-year (opt.) building
$8.200 6% 10-20-year (opt.) water bonds were awarded at public auction
bond was awarded to the State of Idaho at par. Theee wom no other bids.
to Keeler Bros. of Denver at par and Interest.-V. 101, p. 790.
CIENEGA SCHOOL DISTRICT, Los Angeles County, Cal.- Date Sept. 28 1915. Int. J. & J.
BOND OFFERING.-Proposals will be received until 2 p. m. Oct. 25 by
EL PASO, El Paso County, Texas.---roND SALE.-On Sept. 30 the
J. H. Lelande, ex-officio Clerk Board of Supervisors (P. 0. Los
Angeles). $500,000 5% 20-40-year opt. gold site-purchase and school-building bonds
for $40,000 5e6% 20e5-year (average) construction and equipment
were
awarded, it Is stated, to Sweet, Causey, Foster & Co. of Denver at
voted Sept. 4. V. 101, p. 790. Denom. $1,000. Date Oct. 1 bonds,
1915. 100.002 and interest.-V. 101, p. 958.
Interest semi-annually at County Treasury. Duo $1,000 yearly
Oct.
1
EVANSTON TOWNSHIP HIGH SCHOOL DISTRICT (P. 0. Evansfrom 1916 to 1955, inclusive. Certified or cashier's check for 3% of bonds
bid for, payable to Chairman Board of Supervisors, required. Purchaser to ton), Cook County, Ill.-BOND ELECTION.-An election will be held
Nov. 6, it Is stated, to submit to a vote the question of issuing $500,000
pay accrued interest. No bonded debt. Assessed value 1915, $1,989,825.
CINCINNATI SCHOOL DISTRICT (P. 0. Cincinnati), Ohio.- site-purchase and construction bonds.
BOND SALE.-On Oct. 11 the 3500,000 4 le % 20-year coupon school bonds
EUSTIS, Lake County,utia.-LONDS VOTED.
a vote of 106 10 21.
were awarded, it is stated, to the Fifth-Third Nat. Bank and Well, Roth the question of issuing $60,000 sewerage-system -By
and street-improvement
& Co. of Cin. at 102.14, a basis of about 4.339%.-V. 101, p.1034.
bonds carried, it Is stated, at an election held Oct. 5.
CITRONELLE, Mobile County, Ala.-BONDS VOTED.-The quesFAIRFAX SCHOOL DISTRICT (P. 0. Fairfax), Mann County,
tion of issuing $15,000 water-works and $10,000 sewerage-system bonds
Calif.-BOND ELEC7'ION PROPOSED.-This district has under considercarried, it is stated, at an election held Oct. 4.
ation the calling of an election to vote on the question of issuing $17,000
CLEVELAND, Ohio.-BONDS AU THORIZED.-The City Council building bonds.
passed an ordipance on Oct. 4 providing for the issuance of $75,000 43e %
FARMINGTON SCHOOL DISTRICT (P. 0. Farmington), Oakland
14-year average coupon electric light plant site purchase and construction
bonds. Denom. $1.000. Date Oct. 1 1915. Principal and semi-annual County, Mich.-BOND SALE.-On Oct. 7 an issue or 312,000 4ee %
interest-A. & 0.-payable at American Exchange Nat. Bank in N. Y. 734-yr. average school bonds was awarded to Burnous & Co. of Detroit
at 100.625 and lot.-a basis of about 4.40%. Purchaser to pay for printCity. Due $3.000 yearly on Oct. 1 from 1917 to 1941, inclusive.
and issuing bonds. Bids were also received front the Detroit Tr. Co.
CLEVELAND CITY SCHOOL DISTRICT (P. 0. Cleveland), Cuya- ing
and J. E. McLain & Co. of Detroit. Denom. $1,000. Int. semi-ann.
hoga County, Ohio.-BOND ELECTION -An election will be
held Due $1,000 yrly. on Mar. 1 from 1917 to 1928 incl. Bonded debt, this
Nov. 2 to submit to a vote the question of issuing $1,000,000 site-purchase, issue. Assess.
val., $875,000.
construction and equipment bonds.
FINDLAY, Hancock County, Ohio.-BOND OFFERING.-Bids will
CLINTON, De Witt County, Ill.-BONDS VOTED.-DIspatehes state
that at the election held Oct. 5 the question of issuing the $15,500 improve- be received until 12 in. Nov. 1 by R. 0. Mungen, City Aud., for the following 5% 534-yr. average bonds:
ment bonds carried.-V. 101. p. 1116.
East Sandusky St. sewer (west) bonds. Denom. 3110. Date
COLUMBIA, Richland County, So. Car.-BONDS VOTED.-The $1,100 Dec.
1 1915. Due S110 yrly. on Dec. 1 from 1916 to 1925 incl.
questions of issuing the $300,000 water-works-ext. and $200,000 sewerage1,250 Crystal Ave. sewer-ext. bonds. Denom. $125. Date Dec. 1 1915.
ext. bonds carried at the election held Oct. 5 by a vote of 114 to
75 and
Due 3125 yrly. on Dec. 1 from 1916 to 1925 incl.
118 to 74, respectively.-V. 101, p. 1116.
6,600 East Hardin St. paving bonds. Denom. $660. Date Dec. 11915.
CORINNE DRAINAGE DISTRICT (P. 0. Corinne), Boxalder
Due $660 yrly. on Dec. 1 from 1916
192.5 fncl.
County, Utah.-BOND OFFERING.-Proposals will be received until 12,000 East Sandusky St. paving bonds. toDerwin. $600. Date Dec. 1
12 m.0,t. 25 by C. 0. Adney, Clerk, for not exceeling $35.0:)0 of an
1915. Due $1,200 yrly. on Aug. 25 from 1916 to 1925 incl.
of $175.00)6% land-drainage bonds authorized by vote of 18 to 0 at134'13
Anth. Sec. 3914, Municipal Code. lot. payable semi-annually. Cert
the
election held July 23. V. 101, p. 228. Denom. 31,019. Interest semicheek for 3% of bonds bid for, payable to City Treas., required. Bonds to
annually. Due $75,000 in 10 years and $10,000 yearly from 11 to 20 years,
be delivered and paid for within 10 days from time of award. Purchasrr
inclusive. These bonds were offered without SUCC833 on Aug. 23. V.
101, to pay accrued int. The city reserves the right to withhold any of the bonds
p. 467
not needed for the improvements.
COSHOCTON, Coshocton County, Ohio.-BOND OFFERING.
FLINT UNION SCHOOL DISTRICT (P. 0. Flint), Genesee County,
Proposals will be received until 12 m. Nov. 10 by Hugh Gamble, City
Auditor, for $7,500 5% 634-year average East Main St. improvement Mich.-BOND ELECTION.-According to reports an election to decide
assessment bonds. Auth. Sec. 3914, Gen. Code. Denom. $500. Date whether or not this district shall issue building bonds, will be held Oct. 20.
Sept. 1 1915. Int. M. & S. Due yearly on March 1 as follows: 3500
FLORENCE, Lauderdale County, Ala.-BOND ELECTION FRO1917 to 1921 inclusive, and $1,000 from 1922 to 1926. inclusive. Certified
s state that an election will probably be held early in
check on a Coshocton County bank for not less than 10% of bonds bid for, POSF,'D.-Report
November
to vote on the question of issuing $200,0e0 bonds to purchase
required. Bonds to be delivered and paid for within ten days from time the Florence
Water Works.
of award. Purchaser to pay accrued interest.
FORT THOMAS, Campbell County, Ky.-PRICE PAID FOR
CRAWFORD COUNTY (P. 0. Bucyrus), Ohio.-BOND OFFERING.
-Bids will be received until 10 a. m. Oct. 26 by H. A. BiebIghauser. Co. BONDS.-Seasongood & Mayer of Cincinnati advise us that the price
Aud., for an issue of 310,000 67 3 1-3-yr. average agricultural society's paid for the $22,000 5% serial fire and police-dept. equipment and cityproperty impt. bonds. Denom.$°250. Date Oct. 11915. Prin. and ann. bldg. bonds awarded to them on Sept. 21 was 102.88 and not 102.759 as
int. (Oct. 1) payable at the Co. Treasury. Due $1,000 April 1 1917 and first reported.-V. 101, p. 1116. Date July 1 1915. Denom. $500.
April 11918, 31.250 Oct. 1 1917 and 31.250 each six months from Oct. 1
FORTUNA HIGH SCHOOL DISTRICT, Humboldt County, Ca,1.1918 to Oct. 1 1920 incl. and $250 on April 1 and Oct. 11921. Cert. check
REFUSED.-Reports state Gin,in & Miller of San Francisco have
on a Crawford County bank for $500, payable to Co. Aud., required. BONDS
refused
to accept the $24.000 5% 10-year gold coupon tax-free building
Bonds to be delivered and paid for within 10 days from time of award. bonds awarded
to them on Sept. 14, because of an error found In the aciverPurchaser to pay accrued interest.
tisoment.-V. 101, p. 1035.
CRITTENDEN, Grant County, Ky.-BONDS DEFEATED.-The
FRANKLIN
COUNTY (P. 0. Russellville), Ala.-BOND SALE.
question of issuing $2,000 street-improvement bonds was defeated, reports
Reports state that 8145,000 road bonds have been sold to Steiner Bros.
state, at an election hold Sept. 30.
of Birmingham.
CYGNET, Wood County, Ohio.-BONDS VOTED.-The question
of issuing $8.000 5% electric-light-plant bands carried at the election held
FULTON COUNTY (P. 0. Rochestar), Ind.-BOND OFFERING.
Oct. 2 by a vote of 135 to 20. Int. semi-annually. Due 1940. These Bids will be received until 3 p. m. Oct. 20 by Layman E. Downey, County
Treasurer, for the following 4347e 634-year average highway improvement
bonds will be offered for sale in about two weeks.
bonds
in
Henry
Township:
DALLAS COUNTY (P.' 0. Dallas), Texas.-BOND OFFERING.
Further details are at hand relative to tho offering on Oct.30 of the $135,000 $16,100 Harm W. Bliss et at road bonds. Denom. 8305.
10.500 Theo. Johnson et al 'road bonds. Denotn. 3.525.
5% 10-40-year (opt.) Trinity River viaduct and bridge bonds. V. 101, p.
28,500 Robert G. Burns ce, at road bonds. Denom. 31.425.
1116. Proposals for these bonds will be received until 10 a. m. on that
10.800 Chas. F,. Smith et al road bends. Denom. $et0.
day by Chas. E. Gross, County Auditor. Authe Art. 612 to 655. Rev.
Date Oct. 1 1915. Int. M. & N. Due one bond of each ISM() each six
Stat. 1911: also vote of 2,755 to 1,217 at an election held July 21. Denom.
$1,000. Date Aug. 9 1915. Interest annually on April 10 at the County months from May 15 1917 to Nov. 15 1926, inclusive.
Treasurer's office, at the State Treasurer's office or at the Chase National
FULTON COUNTY (P. 0. Johnstown), N. Y.-BOND SALE.
Bank, New York, at option of holder. These bonds have been approved Harris. Forbes & Co. of New
York were recently awarded an issue of
by the State Attorney-General, registered by the State Ceinptroller and $50,000 15 1-6-year average highway-construction
bonds at par for
the opinion of Dillon, Thompson & Clay, of New York, as to the legality 4.35s. These bonds were offered ae 4s on Sept. 30.--V.
101, p. 1035.
of the bonds will be furnished to the purchaser of these bonds. This issue
GARDEN CITY, Finney County, Kan.-BONDS V07'ED.-Reports
of bonds is engraved under the supervision of and certified as to genuinestate
that
the election held Oct. 6 resulted in the defeat of the nuestion of
ness by the United States Mortgage & Trust Co. of New York. Cashier's
check for 37.000, payable to Quentin D. Corley, County Judge, required. issuing the $60,000 bonds to purchase the telephone and electric-light-plant
Official circular states that there is no controversy or litigation pending or and works of the Garden City Telephone. Light & Manufacturing Co.threatened affecting these bonds, and that no previous issues of bonds have V. 101, p. 1116. The vote was 116 "for" and 522 "against."
been contested, also that this county has never defaulted in payment of
GENOA, Ottawa County, Ohlo.-BOND SALE.-On Oct. 9 the
principal or interest on any of its bonds. Bonded debt, including this
Issue, $1,099.650. No floating debt. Warrant debt, $326,500. Aesessed 33.503 75 5 te ee 7-year refunding bonds were awarded to the Chagrin
Fails Banking Co. of Chagrin Falls for e3.599 75 (102.739) and int. V.
valuation 1915 (est.), $100,000,000.
101, p. 1116. Other bids were:
DARDANELLE, Yell County, Ark.-BOND OFFERING -Seald.
Genoa Bank Co., Genoa_ _33,5e570 Seasongooe & Mayer, Cin_$3.553 75
bids will be received until 7
m. Oct. 21 by I. A. Huckaby, Recorder, for Scher. Say. & Tr. Co.. Tot_ 3.551 75 Bud. Kleybolte
Co., Cin_ _ 3,531 03
330,000 Improvement Diatrict
p' No. 3 bonds at not exceeding 6% interest. Tillotson & Wolcott Co_ __ 3.561 71 Belleville N. 13k.,
Belleville 3,515 75
Interest semi-annual. Due $1,000 yearly. Certified check for 81,500
GILLESPIE COUNTY (P. 0. Fredericksburg). Tex.-BOND ELECrequired.
DULUTH, Minn.-BONDS AUTHORIZED.-Local papers state that TION.-Reports state that an election will be held Nov. 7 to determine
on Oct. 9 the City Commissioners authorized the issuance of $50,000 whether or not this county shall issue $300,000 road bonds.
Incinerator-plant-improvement bonds.
GLASGOW, Valley County, Mont.-BONDS VOTED.-By a vote of
DAYTON, Ohio.-BOND SALE.-On Oct. 11 the two issues of coupon 121 to 92 the question of issuing $18,000 municipal electric-light-plant
bonds, aggregating $378,000, were awarded as follows, it is stated.- bonds at not exceeding 6% int., carried at an election held Oct. 4.
V. 101, p. 1116 •
GRANT PARISH (P. 0. Colfax), La.-EOND SALE.-On Oct. 4
3333,000 434% 21-year average coupon flood-emergency bonds to Otis
5-year road bonds were
& Co. of Cleveland for $340,180, equal to 102.420, a 813.000 Ward No. 1 and 316,500 Ward No. 5
awarded to Sidney Spitzer & Co. of Toledo, it is stated, at par and Int.
basis of about 4.33%.
40,000 5% 534-year average Saniatry Sewer Dist. No. 6 bonds to Denont. $500.
Harris, Forbes & Co. of N. Y. at 102.702, a basis of about
GRANT SCHOOL IIISTDI.ICT, Selene County, Cal.-BOND SALE.
4.43%.
-On Sept. 7 34,000 6% 1-10-year serial building bonds were awarded to




OCT. 16 1915.1

THE CHRONICLE

1303

in & Co.,Kan.C.100.395
Wm. R. Compton Co. St.L.101.29 J. R. Sutherl
Francisco at 102.60. Denom. $400. Date Spitzer, Rorick & Co., Tol__101.151 Lyon Invest. Co., Joplin___100.375
Blyth, Witter & Co. of San
Emert &
Smith,
an,
Kauffm
01.118
A.
Seasongood & Mayer, Cin__1
Aug. 2 1915. Int. F. &
100.31
Co., St. Louis
11 Miners Bank, Joplin
101.007
y, Ohio.-BOND SALE.-On Oct.
St. L 100.185
Co..
&
Moore
Smith,
792
were
GRANVILLE, Licking Count
C_100.
bonds
Kan.
Co.,
ay improvement
Commerce Tr.
e
Broadw
averag
0.111
-year
Chic.10
&
Will'n,
11A
Mosser
Bolger,
the $16,000 5%
Co. of Cleveland for $16,259 (101.618) and Whitaker & Co., St. Louis...d00.76 Hanchett Bond Co., Chic.._ 98.559
awarded to Hayden, Miller & V. 101, p. 1035.
int., a basis of about 4.815%.
D OFFERING.-Bids will
rdKENNETT, Shasta County, Calif.-BON
for
, Ills.-BONDS PROPOSED.-Accoe
GRAYVILLE, White County
issuanc of be received until 8 p. ni. Nov. 8 by the Board of Trustees, it is stated,
the
g
platin
is
contem
city
this
reports
ing to local newspaper
$5,000 6% bridge bonds.
bonds.
ng
funding and power-plant-impt.
followi
D SALE.-The
PROKENTON, Hardin County, Ohio.-BON
County, Miss.-BOND ELECTION
$8,500 assessment 5%
GREENWOOD, Letlore an
to vote on bids were received for the $4,250 city's portion and1210:
called
be
ly
probab
will
n
electio
that
.
. 101
POSED.-Reports stateCarrollton Ave. paving and funding bonds.
street-impt. bonds offered on Oct. 11.-V
Wolcott Co..$12.886 58
on
the question of issuing
Field, Rich's & Co.. Cin_a$13,011 37 Tillots
ngs &
RIPTION OF BONDS.-The
liar,, Cin__ 12,996 08 Hoehler, n,Cummi
&
El't
Breed,
in
12,821 50
GRETNA, Jefferson Parish, La.-DESC
Sutherl
R.
Prudde Toledo
J.
to
50
22
12.937
Sept.
on
d
Cin.
&
awarde
Mayer,
bonds
good
orks
Season
1
v. 12,816 00
&
r
Aug.
Co.,Cle
,Mille
$50,000 5% water-w
dated
Hayden
and
$500
83
of
12,906
are in the denom.
S. B.& Tr. Co.,Cin.
Prov.
10
to
*8.553
,Tol.
1916
Say.&
Tr.Co.
& Co. of Kansas City at 100.25
from
serially Feb. 1
Stacy & Braun, Toledo..__ 12.889 38 Secur.
1915-V. 101, p. 1116. Int. F. & A. Duo
1925 inclusive.
* For the $8.500 issue only.
ICT (P. 0. Crown City)
GUYAN TOWNSHIP SCHOOL DISTR
a Report; state that this was the successful bid.
ING.-Blds will be received until
Gallia County, Ohio.-BOND OFFER
6%
burg), Wash.-BOND SALE.
$1,000
for
Ed.,
of
Bd.
of
Clerk
d,
Gothar
KITTITAS COUNTY (P. 0. Ellens
the Union Bay. &
10 a. m. Oct. 30 by L. J.
0 funding bonds were awarded to
Sec. 5656 et seq. Gen. Code.
4
the
$60,00
Auth.
Oct.
On
bonds.
school
e
averag
were:
bids
-year
Cert.
Other
5s.
2A
Sept. 24 1917 and 1918.
Trust Co. of Seattle for 360.323 50 (100.539) as
Denom. $500. Int. annually. Due $500required.
For 57 Bonds.
check for $1.00, payable to above Clerk,
SED.
PROPO
$60,305 Hoehler, Cummings & Prud-360,026
DS
-BON
Lumbermen's Trust Co
rt), Miss.
den,Toledo
of
HARRISON COUNTY (P. 0. Gulfpois
e
60,252
issuanc
Sidney Spitzer & Co., Tol
contemplating the
Bolger, Mosser dr Willaman.
-Local papers state that this county
Western Bond & Mtg. Co.,
on bonds.
60,025
Chicago
60,217
$600,000 road-building and seawall-erecti
nd
Portla
60,018
Ing to newspaper reports N. W.Halsey & Co., San Fr_ 60.167 Prov. S. B.& Tr. Co.,
e
60,000
HARTFORD, Conn.-BOND SALE.-Accord
been
Spokan
ove,
has
60,136 Ferris & Hardgr
water bonds which this city
Seasongood & Mayer, Cinc
60,000
dated Oct. 9, the $2.000,000 4% all
s Loan & Trust Co
been sold.-V. 101, p. 959.
International Tr. Co., Deny_ 60,112 Farmer
o
59.710
Chicag
Co.,
selling in lots since February, have
Bond
tt
Hanche
60,108
Eyman & Co., Seattle
(P. 0. Hiawatha)
Nuveen & Co., Chicago 59,555
John
60,076
.
Seattle.
l,
issue
&
HIAWATHA SCHOOL DISTRICT
Paschal
Smith
an
'
of
0
d_ 59,500
the $60,00 (part
Portlan
4
Bros.,
son
Oct.
McPher
-On
60,061
SALE.
D
Paul
St.
-BON
,
Kan.
Co.,
County
were awarded C.0.Kalman &
high-school-building bonds 01)
and int.- Chas. S. Kidder & Co., Chic_ 60,078
of $75,000) 44% 15-year aver.Hiawat
ha for $60,241 (100.4
54s.
Farson, Son & Co., Chicago, bid par for
to the Morrill & Janes Bank of
Education the option to
of
Board
the
gives
bank
$5,000.
V. 101, p. 1036. The
Bonds
than
less
not
of
For 55
sums
in
1916
hicago_$60,110
Leach &
deliver the bonds on or before July 1
B.
A.
425
Son & Co., Chicago_$60,
Chic__ 60,102
&
McNear Co.,do.,
_560,201 Farson,tt
Other bids were:
Bond Co., Chicago 60,367 C. W.
626 First Nat. Bk., Hiawatha_
& Co.. Seattle 60.078
60,168 Hanche
Tilden
D.E. Dunne & Co., Wichita_$60,
H.
Mo..
St.
Geo.
Jos.
Porter,
&
60,324
.
Ford
Seattle.
John E. Price & Co.,
60,567
Ole. 60,075
t
Co.,
Wolcot
&
60,075
on
Fidelity Tr. Co., Kan. City_ 60,531
,
Tillots
Chic.._
I Yard, Otis & Taylor
McPherson Bros., Portland_ 60,310 Wm.P. Bonbright Co
60,060
Prescott & Snyder, Kan.City 60,351
Co.,St.P.60,300
Guar.Title& Tr.Co., Wichita. , $60,246 (100.41) and int., allowing the Gold-Stabach &Cre.
6% Bonds.
For
attortheir
Spitzer, Rorick & Co., Toledo
& Co.,Chic_$60,463 20
0 upon approval of transcript by
Spitzer, Rorick & Co.,Tol.$61.080 50 E.H.Rollins
option of delivering $25,00
thereafter, and the remainder sixty days after J. N. Wright & Co., Denver60,846 00 Wm. D. Perkins & Co.,
ney, $20,000 thirty days their attorney.
60,100 00
Seattle
W.Mc/sTear & Co.,Chic 60,786 00
approval of transcript by
City, Mo., stipulated for an attorney's fee, C.The
State of Washington bid par for 44s (20-year bonds)•
Commerce Trust Co., Kansas
Ind.-BOND OFFERING.
$445.
Hutchinson, stipulated for an attorney's fee
KNOX COUNTY (P. 0. Vincennes),
Treas., it is stated,for three issues
Fontron Loan & Trust Co..
Bids will be received by E.P.Diann, Co.
0.
.
$16,80
$750.
$1,100
y's
ting
fee,
an
for
attorne
ted
aggrega
bonds,
.
stipula
Chicago,
of 4A % highway-impt
C. W. McNear & Co.,
1 1915. Int. J. & J. Due $4,000 yearly
Mo.-BONDS VOTED.
Denom. $500. Date Oct.
LAFAYETTE COUNTY (P. 0. Lexington),
incl.
on Oct. 8, resulted, it is stated,
July 1 from 1921 to 1935,
The election held in Wellington Road Dist.
-V. 101, p. 1117.
bonds.
the
5
road
0
Oct.
D
$55,00
-On
SALE.
--BON
issuing
of
n
Minn.
y
questio
the
In favor of
HILL CITY, Aitkin Count
fundng bonds were awarded to F. L. Fuller & The vote was 537 to 117.
$10,000 6% 4-13-year serial
s incurred). V. 101, p. 1036. Commercial
Point), Ind.-BOND SALE.-On
bid
Co. at par and int. (no expense
each
&
of
LAKE COUNTY (P. 0. Crown ar
Co.
Toledo
Rorick
,
and Spitzer
average highway-impt. bonds, agInvestment Co. of Duluth
Oct. 6 the four issues of 43 % 54-ye
d.)
incurre
es
, it is stated (V. 101, p. 1117):
(expens
follows
t
as
par and interes
gregating $57,200, were awarded the First at. Bank of Crown Point for
to
will
bonds
D
road
-Bids
n
ING.
-BON
J.
0
Austge
OFFER
N.
$21,20
,
.
HOBOKEN, Hudson County
100.585
for
to
321,325-equal
m. Oct. 20 by Dan. A. Haggerty, City Clerk,
First Nat.Bank:of Crown Point for
vebe received until 10 a.coup.
16,000 Johannsen road bonds to the
(with privilege of registration) street-impro
$120,000 4 % 30-yr..
316,110-equal to 100.585.
Date Oct. 1 1915. Principal and semi$1,000.
s State Bank of Crown Point
Denom
People'
the
to
bonds.
check
ment
10,000 Marcek road bonds
le at office of City Treasurer. Certified
annual int.-A. & 0.-payab
for 2% of bonds bid for, payable
at 100.80.
Bank of Crown Point at
bank or trust companyd.
State
s
People'
the
d
to
prepare
bonds
will
be
bonds
road
on an incorporated
These
10,000 Young
Treasurer, require
and their validity will be
Co.
to Gustav Bach, City
Trust
&
100.70.
Mtge.
S.
U.
d until 10 a. m. Oct. 28 by
low of N. Y., whose opinion
and certified to by the
s, Delafield & Longfelbonds
BOND OFFERING.-Bids will be receive
e bridge and $16,000 girder
approved by Hawkinthe
were to have been sold Ed.
purchaser. These
Simon, Co. Aud., for $100.000 Bascul
to
and $800 respectively.
d, see V. 101, p. 1036.
will be furnishedthat
$1,000
.
deferre
rily
Denom
tempora
bonds.
-year
was
10
sale
%
bridge 4A
Co. Treas. Cert. check on a
of
on Sept. 22, but
office
at
e
Int. payabl
1915.
1
Sept.
Date
d
receive
Commrs., required.
sals
be
will
D OFFERING.-Propo
for 3% of bonds payable to Bd. of Co.Audito
HOUSTON, Tex.-BON
r.
40-year harbor, Lake Co. bank
County
by Ben Campbell, Mayor,for $212,500
necessary blanks will be furnished by the
All
until 12 in. Nov. 1 drainag
y-sewage-disposal,
sanitar
40-year
00
$487,5
10 a. m. Oct. 28
$487,500 40-year park ande,$192,000 25-year School 5% serial gold bonds.
-Proposals will also be received until Denom
ING.
OFFER
NOTE
. $1,000.
-year
notes.
current revenue
$243,750 40
Interest semi-annually at the Union Trust Co.,N.Y.
the Co. Aud. for $25,000 6%
will be delivered and cash
Date March 101915. d for the above issues as an entirety or separately. by
Oct. 28 1915. Due Jan. 2 1916. ngNotes
Date
receive
bid.
be
of
will
) must be paid immediately upon awardi
Bids
Houston bank for $10,000 (if bid for entire amount
Certified check on aof
the issue or issues bid on (if bid for one or more
(P. 0. Lancaster), Fairfield
t
LANCASTER SCHOOL DISTRICT
and 1% of amoun
the Mayor, required. Bonds to be delivered
to
-An election will be held Nov. 2
e
payabl
,
issues)
separate
which regu- County, Ohio.-BOND ELECTION.
by
furnish
record
will
city
The
n.
$100,000 site-purchase and
issue
Housto
to
and money paid in of bonds can be ascertained. On March 20 $1,950,000 to submit to a vote the proposition
larity and legality without success.-V. 100, P. 920.
construction bonds.
offered
bonds were
FREE SCHOOL DISTRICT NO. 8LANCASTER (TOWN) UNION
ING.-Bids will
Cresco), Iowa.-BOND SALE.-The (P.
Erie County, N. Y.-BOND OFFER
ter),
Lancas
0.
HOWARD1C0UNTY (P. 0.
for $7,000
to
d
Oct. 20 by P. J. Knapp, District Clerk.
g bonds offered on Sept. 30 have been awarde
of purchaser)
. be received until 8 p. m.averag
Denom
(option
$39,000 coupon fundin
2
red
5s.
as
35)
for
$39,87
registe
ort
or
(102.2
Davenp
coupon
e
of
ng) 12-year
exceedi
(not
11915.
Nov.
and
Geo. M.Bechtel & Co.
Date
1
1920
.
S.
$1,600.
&
Due
$9,000 Sept.
Int. M.
20. Denom
improvement bonds voted July
1
$500. Date Sept. 11915. 1921 to 1926 incl.
M.& S. Due $1,000 yearly on Nov.or
Interest (rate to be named in bid)
bank
rated
$5,000 yearly Sept. 1 from
an
incorpo
on
check
ed
Certifi
- from 1924 to 1930, inclusive.
SALE.
So.
y,
BOND
t
Count
Dak.Distric
to
haha
e
Minne
ons,
payabl
and without conditi
HUMBOLDT,
0 water-works-system bonds recently voted, trust company for 2% of bid d value 1915, $1.966,550.
Reports state that the $10,00
er, required. Assesse
Treasur
have been sold.
na), Ark.-BONDS OFFERED gBY
LEE COUNTY (P. 0. Marian
0. Huntington), Ind.-BOND SALE.
is offerin to
HUNTINGTON COUNTY (P.
man, Smith, Emert & Co. of St. Louis,
44% 5A-year average highway-impt. bonds. BANKERS.-Kauf5%
g bonds. Date Aug. 16 1915. Int.
fundin
-con Oct. 9 the two issues of
20-year
nts Nat. Bank of Mun- investors $35,000
the
to
Mercha
d
awarde
Assess. val.
0.
were
$35,00
this
issue,
2,
debt,
aggregating $22,66
F. & A. In New York. Bonded
101, p. 1116):
$12,500,000.
cie as follows (V.
7 35 (100.794) and int.
1914 35,867,689. Est. actual value
811,08
for
bonds
road
611.000 Phebus road bonds for $11,754 85 (100.796) and int.
Madison), Iowa.-BOND OFFERING.
.LEE COUNTY (P. 0. Fort 2
County Treasurer
11,662 Huffman
received until p. m. Oct. 20 by the
be
al
will
),
El
ls
Imperi
0.
(P.
Centro
Proposa
ICT
Int.
1915.
DISTR
15
Date Nov.
ATION
IMPERIAL IRRIG
the $3.500,000 5% for $91,000 10-year average funding bonds.
purchase. Principal payable at
DS AWARDED IN PART.-Of
on Oct. 12, practically M.& N. at Chicago or at banking house 0of
County, Cal.-BON
1921 to 1928
-system-purchase bonds offered
office. Due $10,00 yearly Nov. 15 from
er's
Treasur
116.
at
par.
101,p.1
Co.
gold tax-free water
County
-V.
Pacific
rn
Southe
to the
Payment of bonds on Nov. 15 1915.
inclusive and $11,000 Nov. 15 1929.
$3,000,000 were awarded
Treasurer,
County
the
to
e
e
payabl
,
Green
$1,000
for
urg),
0.
(P.
check
Owensb
TOWNSHIP
Unconditional certified
JACKSON SCHOOL
Oct. 9 the $8,280 4A % 5-year average required.
D SALE.-Onstated,
Nat.
r
can
the
to
County, Ind.-BON
Fletche
-Ameri
.-The
BONDS
is
OF
d, it
RIPTION
LESLIE, Searcy County, Ark.-DESC
school bonds were awarde
$8,395 75, equal to 101.397, a basis of about
ement District No. 1 bonds awarded on
$28,800 6% Water-Works Improv
of
Dank of Indianapolis for
denom.
the
in
are
97.75
at
20 to Cravens & Pierce of Little Rock
4.19%.-V. 101, p. 1117.
Due serially from 1 to 25
- Sept.and
dated Oct. 1 1915. V. 101. p. 1117.
0. Carthage), MO.-BOND OFFERING.
$500
bonds
um
JASPER COUNTY (P.
on
$100,000 tuberculosis-sanitari -erecti
years.
Reports state that the
Nov. 11.-V. 101, p. 1036.
ICT NO. 208 (P. 0. Chehalis),
voted Sept. 14, will be sold
LEWIS COUNTY SCHOOL DISTR
OND
2 the State of Washington purchased
ash.-B
NO.
ICT
20,11W
DISTR
OL
SCHO
Wash.-BOND SALE.-On Oct.
the
JEFFERSON COUNTY
5s.
to
g
was
d
for
bonds
awarde
$1,800 buildin
refunding bonds at par
SALE.-On Oct. 2 an issue of5)s. The Merchants Bank of Port Town- $9,500
(P. 0. Brownsburg), Hendricks
for
LINCOLN SCHOOL TOWNSHIP
State of Washington at par
. $300. Date Oct. 2 1915. Int. ann. in
Denom
-Proposals will be received until
6s.
for
$11
y, Ind.-BOND OFFERING.
interest-paying period.
send bid
Count
any
at
call
to
Trustee, for $3,000 43% 124Twp.
subject
Brown,
2 1025,
Oct. Due Oct.O
p. m. Oct. 30 by Horatio
1915.
- 2
bonds. Denom. $500. Date Oct. 1 Bank,
0. Franklin), Ind.-BOND OFFERING.
year average coupon building &
e at Brownsburg State
payabl
J.,
JOHNSON COUNTY (P.
County
Harry
by
J.
,
20
int.,
Oct.
Bridges
m.
nn.
semi-a
10 a.
and
until
Prin.
d
check
Cert.
receive
1928.
be
1
Jan.
will
and
ls
1927
1
al.
Proposa
Brownsburg. Due $1,500 on July
% 63-Yr. aver. H. H. Wheatcraft et
Treas.. for an issue of $5.400 4A
Denom. $270. Date Oct. 15 1915. Int. for $100 required.
road bonds in Pleasant Twp.
monthsfrom May 15 1917 to Nov. 15 1026 incl.
six
y, No. Caro.-BOND OFFERING.
each
$270
Due
N.
&
LINCOLNTON, Lincoln Count
M.
until 8 p. m.
that Mayor E. Love, will receive sealed bids
Babystate
6,
of
ches
NO.
Towns
ICT
Dispat
DISTR
OL
SCHO
bonds.
JOINT UNION FREE
11 for $20,000 5% semi-annual street-impt.
,and Oyster.Bay, Nassau County, N. Y.-BOND Nov.
-BOND OFFERING.-Bids will be
lon, Suffolk Cnunty
LORAIN, Lorain County, Ohio.
called to the official advertisement elsewhere
is
Auditor,for $10,000
tion
City
,
-Atten
Damon
N.
Geo.
OFFERING.
received until 12 m. Nov. 9 by
improvement bonds. Auth. Sec.
the offering on Oct. 21 of the $11,120 5% 6 A-yr. 5%
11-year average coup. Reid Ave.
In this Department of
Int. M. & S.
1915.
details
15
For
Sept.
bonds.
impt.
Date
er)
.
school.
purchas
111,000
Denom
of
3939, Gen. Code.
aver. coup, or reg. (option week's "Chronicle," page 1210.
s. Due $2.000 yearly on Sept. 15 from
at office of Sinking Fund Trustee
last
on a Lorain bank or any national bank
check
ed
Certifi
incl.
and terms of offering see
1928
to
1924
Bonds to be delivered and
DISTRICT (P. 0. Joplin), Jasper County Mo.payable to City Treasurer, required. Purcha
ser to pay accrued
JOPLIN SCHOOL
election will for $500,within
10 days from time of award.
PROPOSED.-Local papers state that an
00 high-school- paid forcomple
be furnished purchaser.
BOND ELECTION
will
$350,0
bonds
issuing
of
n
above
of
questio
ipt
the
transcr
te
vote
int. A
be called to submit to a
IRRIGATION DISTRICT NO. 3, Calif.building bonds.
LOS ANGELES COUNTY
on Oct. 4 granted
9 the $13,500
ED ISSUED.-The State Supreme Court
y, Mo.-BOND SALE.-On Oct.
JOPLIN, Jasper CountNorth
were awarded to BONDS ORDER
bonds
for a writ of mandate to compel the Board
viaduct
St.
Bliss
Main
E.
Lewis
of
n
petitio
the
101,
.
the
issuance of $2,for
and
ry
int.-V
44)
5% 5-20-year opt. coupon
necessa
is
as
(101.4
5
action
City for $13,69
of Supervisors to take such
Prescott & Snider of Kansas
p. 1117. Other bids were:




1304

THE CHRONICLE

606,000 bonds for the organization of
Irrigation District No. 3. The
sale of bonds and organization of District
No. 3 has been held up by the
Supervisors since November 16
1914. In so doing, the Board
the people had not properly acquire
stated
d
jurisdic
tion over the subject
and that there had been defects in the
proceedings. The ruling matter
of the
Court overcomes all defects and validate
s all actions it is declared.
LUCAS COUNTY (P. 0. Toledo), Ohio.
-BOND OFFERING.-Bids
will be received until 10 a.
m. Nov. 3 by Chas. J. Sanzenb
acher, County
Auditor, for $60,700 5% 5%-yr. average
Main Sewer Dist. No. 13 bonds.
Auth. Secs. 6602-5 to
6602-6, Gen. Code. Denom. 1 for $1,070
for $1,000. Date Nov. 12 1915.
and 59
Prin.
office of County Treasurer. Due $6,070 and semi-ann. int. payable at
in 1 year and $6,000 yearly from
2 to 10 years, incl., after date.
Cash
or
cert.
check
drawn on a Toledo
bank for $500 required. Bonds to be delivere
d on Sept. 10. A complet
certified transcript of all proceedings
ing the regularity and validitye
of the issuance of these bonds will beevidenc
furnish
ed purchaser. Bids must be
unconditional.
McDOWELL COUNTY (P. 0. Welch)
,
W.
Va.-BOND ELECTION
PROPOSED.-According to reports, the
County Court has been petition
to call an election in Sandy
ed
issue $290,000 road bonds. River District to vote on the proposition to
MADISON COUNTY (P. 0. Canton),
Miss.-BOND OFFERING.
Sealed.bids will be received until
11 a. m. Nov. 1 by the Board
of Supervisors, D.C. McCool,Clerk,for $135.00
0
25
-year
First Supervisors District
road bonds at not exceeding 6% interest.
Date Nov. 1 1915. Principal
and semi-annual interest payable at the
County Treasurer's office, or at
some bank in New York City.
to be delivered Dec. 11915. Certified check for $1,000, payable to Bonds
the Clerk Board of Supervisors,
required.
MANHATTAN BEACH (P. 0. Manhat
tan), Loa Angeles County,
Calif.-BONDS VOTED.-Repor
ts
state
that
at
a
recent
election the
question of issuing the $10,000 city-hall
and fire-house-erection bonds
received a favorable vote.
MARION, Williamson County, Ills.-BON
D SALE.-N. W. Halsey
& Co. of Chicago were awarded at private
13-year average coupon sewer bonds whichsale on Oct. 1 the $30,000 4%
were
offered but not sold on
Sept. 27.-V. 101, p. 1117.
on deferred payment plan. The price paid was par and int., less $1,200,

[VOL. 101.

bonds at not exceeding 6% int. had been
postponed from Oct. 4 to Oct. 14
See V. 101, p. 1118.
BOND ELECTION PROPOSED.-It
is stated that an election will
probably be called to vote on the proposit
ion to issue $100,000 road and
bridge bonds.

NORTH BEND, Coos County, Ore.
-BOND SALE.
Construction Co. of Portlan
Warren
d has purchased $18,913 61-The
6% 1-10-year
Opt.) paving bonds. Denom.
$500
and
$1,000. Date Sept. 1 1915.
Interest M. & S.
ONSLOW COUNTY (P. 0. Jackson
ville), No. Caro.-BOND SALE.
-On Oct. 4 the $10,000 6%
r average coupon jail-construction
bonds, dated Oct. 1 1915, were5%-yea
d to Sidney Spitzer & Co. of New
York at 102.27, int. and blank awarde
bonds free to county-V. 101,
There were twenty-two other bids.
p. 1037.
OSWEGO (Town), Oswego County
,
N. Y.-BOND SALE.-On
Oct. 11 the $23,000 4%% 3-year average
Nat. Bank of Oswego at 100.10, a basis bonds were awarded to the First
of about 4.45%. V. 101,p. 1211.
Other bids were:
J. S.Bache & Co., N.Y
100.091H. A. Kahler & Co , N Y
Geo. B. Gibbons & Co., N. Y-100.0
100
11
OSWEGO COUNTY (P. 0. Oswego),
11 the $20,000 434% 4-year average reg.N. Y.-BOND SALE.-On Oct.
bridge-construction bonds were
awarded to Farson, Son & Co.
N. Y. at 100.148 and int., a basis
about 4.46%-V. 101, p. 1211. ofOther
of
II. A. Kahler & Co. N. Y_$2.027 60 J. bids were:
S. Bache & Co., N. Y...$2.019 14
Hornblower & Wee s,N.Y. 2,025 00 Wm.
R
.
Compto
n Co..N.Y. 2,012 00
W. N. Color & Co., N. Y__ 2,02000 A.
B. Leach & Co., N. Y__ 2,0097
First Nat. Bank, Oswego_ 2,020
5
00 Geo.B.Gibbons&Co.,N.Y, 2,004
00
OWENSBORO,Daviess County, Ky.-B
OND
ELECTION PROPOSED.
-Local papers state that on Oct. 4 first
by the Council authorizing the submiss passage was given an ordinance
ion to the voters of the question
of issuing $25,000 sewer-system-constr
uction bonds.
PARSONS, Labette County Kan.-BON
D SALE.-The Fidelity
Trust Co. of Kansas City, Mo. ,was
awarde
d on Aug.
$70,000 5%
30-year refunding bonds at par
'and pay all expenses.23Denom.
Date Sept. 1 1915. Interest M.
$500.
MARLBOROUGH, Middlesex County, Mass.
& S.
-BOND OFFERING.Bids will be received until 12 m. Oct.
19
PASO
by
Chas.
ROBLES SCHOOL DISTRICT, San Luis
F. Robinson, City
Treas., for $17,000 4% 5-year average
Obispo
County,
coupon tax-free paving bonds. Calif.-BOND SALE.-On Oct. 5 the $40,000
Denom. 31,000. Date July 1 1915. Prin.
and semi-ann. Int. J. & J., site-purchase, building and equipment bonds 6% 1034-year average gold
payable at Merchants Nat. Bank,
were awarded, it is stated.
Boston, Due $2,000 yearly'
on July 1 to Blyth, Witter & Co. of San Francisco for $43,181
from 1916 to 1923, inel., and $1,000
, equal to 107.952.
1 1924. These bonds will be V. 101, P. 1118.
certified as to genuineness by the OldJuly
Colony Tr. Co., who will further
certify that the legality of these
PAYNE,Paulding County, Ohio.-BOND
bonds has been approved by Storey,
SALE.
Thorndike. Palmer & Dodge of Boston,
-Repor
a copy of whose opinion will accom- an issue of 33,000 5% sewer bonds has been awarded to ts state that
pany the bonds when delivered, without
Seasongood
Mayer of Cincinnati at 100.10.
charge to the purchaser.
MARSHALL COUNTY (P.
PENN SCHOOL TOWNSHIP (P. 0.
Plymouth), Ind.-BOND OFFERING.
Mishaw
-Gee. A. Maxey. Co. Treas., 0.
aka),
St. Joseph
County, Ind.-BOND OFFERING.-James
receive bids until 2 p. m. Oct.
L. Kennedy, Twp. Trustee,
reported, for $7,000 and $8,000will
43 % highway-impt. bonds. ' 30, It is will consider bids until 2 p. m. Nov. 1 for $11,000
%
434
6
-year
average
funding
bonds.
Denom. $1,000. Int. M. & N. Due
MAYFIELD, Graves County, Ky.-BOND
$1,000 yearly on
ELECTION.-It is reported Nov. 1 from 1916 to 1926 incl.
that the question of issuing bonds
to
buy
the
Mayfiel
d
Water
&
Light
plant
will be submitted to a vote on November 2.
PEORIA SCHOOL DISTR
(P.0.Peoria), Peoria County, Ills.BOND ELECTION.-On Oct.ICT
MIDDLEBURG SPECIAL TAX SCHOO
23 the proposition to issue $175,00
L DISTRICT (P. 0. Middle- school-completion bonds will
0 highburg), Vance County, No. Caro.
be submitted to a vote, it is stated.
-BOND
S
VOTED
.
-An
election
held
Oct. 11 resulted, it is stated, in favor of the
PETERSBURG, Dinwiddie County,
issuance of school-building bds.
Va.-B
ONDS
PROPOS
Local
papers
state that an
MIDLAND, Clinton County, Pa.-BON
ce has been referred to the FinanceED.
D SALE.-On Oct. 11 the mittee providing for the ordinan
Comissuance of $200,000 sewer
$30,000 5% 13%-year average coupon
and
water-m
or
register
$100,00
ain
ed
0
tax-free
.
public-s
chool
bonds
and
were
awarded to Lyon, Singer & Co. of Pittsburgh for
$50,000 fire and police-station-impt.
$30,926(103.086)and int.,
equal to 4.68%. V. 101, p. 1210. Other
PICKETT COUNTY (P. 0. Byrdstown),
bids were:
Tenn.
Geo. G. Applegate
-BOND
S
NOT SOLD.
-No satisfactory bids were received for the
Mellon Nat. Bank,Pittsb_
$18,000 5% 10-40-year (opt.)
C.E.Denison & Co., Cleve $30,775
65 coupon road bonds
30,755 Holmes, Wardrop & Co.,Pit--$30,5
offered on Oct. 1.-V. 101,
t. 30,537
p. 1038.
Hanchett Bond Co., Chicago 30.687 Otis
Co., Cleveland
PITTSBURGH, Pa.-BOND SALE.-On Oct.
30.400
Beaver Trust Co. bid par, interest and &
bonds.
30-year serial funding bonds were awarded to 14 the $2,668,000 43 Vo
the Mellon Nat. Bank,
Union Trust Co. of Pittsburgh and Harris,
MILLERSBURG, Holmes County, Ohio.
-BOND OFFERING.
Forbes & Co. of N. Y. at
- 101.183-V. 101, p. 1212. As
Bids will be received until 12 m. Nov. 1 by
stated in last week's "Chronicle,"
Franks Jr., Village Clerk, maturity of $92,000
the first
for the following 5% coupon street-improSam.
, which becomes due Nov. 1 1915, was purchas
vement assessment bonds:
ed by
$1,133 26 W. Jackson St. improvement bonds.
the city for Sinking Fund investment.
Denom. $112. Due part
yearly beginning Sept. 1 1916.
The other bids were:
2,811 02 No. Grant St. improvement bonds.
Guarant
ee
Trust
Co.,
Denom.
N. Y.; Reilly, Brock & Co., Phila.: Lyon,
$280. Due part
yearly beginning Sept.
Singer & Co., Pittsburgh, and Holmes
, Wardrop & Co., i'ittsb_ _100.68
Date Sept. 1 1915. Principal 1 1916.
W. Halsey & Co., N. Y.; Colonial Trust
semi-ann. Interest-M. & S.
7
- N.Kinnicu
Co., Pittsb.; Kissel,
payable at office of Village Treasurand
er.
tt
&
Certifie
Co.
and
bid for, payable to Village Treasurer, require d check for 10% of bonds Pittsburgh Trust Co., Kountze Bros. & Co., New York
100.531
Pittsb.; Equitable Trust Co., N. Y.,
this issue. $96,028; assess. val. 32,000,000. d. Bonded debt not incl.
and
A. B. Leach & Co., N.Y
These bonds were offered
without ITUCCess as 4%s on Sept. 20, V. 101,
100.01
p. 1039.
PITT COUNTY (P. 0. Greenville), No. Caro.
-BON
D
OFFERI
MINNEAPOLIS, Minn.-BOND SALE.-On
Proposa
ls
will
be
receive
d
12 m. Nov. 1 by the Board of CountyNG.
coupon tax-free appraisal bonds were awarded toOct. 8 the $15,000 4% missioners, Brascoo Bell, until
ComClerk, for $50.000 Falkland Twp. and
Wells & Dickey Co. of Farmville
Minneapolis for 314,860 (99.066) and int.-V.
$50,000
Twp.
157
0
30
-year
road
bonds.
101, p. 1037.
for $500 required. Bidders are not required toInt. semi-ann. Cert. check
NEBRASKA.-BONDS PURCHASED BY STATE
bid on bonds of both twps.
.-During the month
PLAINFIELD, Union County, N. J.-BON
of September the following nine issues of bonds,
aggrega
ting
$68,045, were be received until 8 p. m. Nov. 1, it is stated, D OFFER1N0.-Blds will
purchased by the State of Nebraska:
by J. T. McMurray, City
Clerk,for the $145,000 434% 301
$13,500 5% building bonds of Antelope County Sch.
%-year aver,sewer bonds
Dist. No. 6 at par. Finance Committee on
zed by the
Aug. 30. V. 101, p. 868. Int. authori
Date Aug. 25 1915. Due Aug. 20 1920,
semi-ann. Cert.
and 1935, optional after Aug. 25 1920. 1923, 1927, 1931 check for 2% required.
2,000 4%% building bonds of Boone County
POINT SCHOOL TOWNSHIP (P. 0. Mt.
Sch. Dist. No. 31 on a 5%,
basis. Date July 30 1915. Due serially
), Posey County,
Oct. 1 from 1916 Ind.-BOND SALE.-On Oct. 9 the $5,422Vernon
to 1925 inclusive.
school
bonds were awarded to the Mt. Vernon 50 5% 7%-year average
800 5% building bonds of Boyd County Sch. Dist.
Nat.
Bank
of Mt. Vernon
for
35,599
25
(103.25
No.
55 at par.
9) and int., a basis of about 4.50%-V.
Date Aug. 24 1915. Due
101, p. 1038.
Other bids were:
1 1923.
7,000 5% light-extension bonds of Sept.
City of Franklin at par. Date People's Bank & Trust Co., Mt. Vernon
Aug. 14 1915. Due Aug. 14 1935, opt. after
$5,570 25
J.
W.
Spencer
, Evansville
745 5% building bonds of Knox County Sch. Dist. Aug. 14 1920.
5,500 10
No. 144 at par.
Date Aug. 11915. Due Aug. 11925,opt. after
POLK COUNTY (P. 0. Bolivar), Mo.-BOND
Aug.
11920.
ELECTION PRO9,000 5% water bonds of Village of Pleasanton at
.-It is stated that an election will probably be
par. Date Sept. 1 POSED
held Nov. 2 in
Humansville Special Eight Mile Road District
1915. Due Sept. 11935, opt. after Sept.
to vote on the proposition
30,000 5% building bonds of Sherman County Sch. 11920.
Dist. No. 1 at par. to issue $30,000 road-improvement bonds.
Date Aug.20 1915. Due
20 1935, opt. after Aug.20'18.
POLSON, Flathead County, Mont.-BON
3,500 6% lighting bonds of Village Aug.
D SALE.
of Steele City on a 5% basis. Date 6% water bonds offered on
$26.000
Sept. 13 have been awarded to -The
July 11915. Due July 11935. opt.
Keeler Bros. of
after July 11920.
Denver at par.-V. 101, p. 627.
1,500 5% building bonds of Webster
County Sch. Dist. No. 27 at par.
Date Aug. 11915. Due serially Aug. 1 from
PORT LAVACA, Calhoun County, Texas.-BOND
1916 to 1920 No sale was
S NOT SOLD.
Inclusive.
made of the 317,000 5%
r (opt.) street-improvement
bonds offered on Sept. 22-V. 101, p.5-40-yea
868. Bids will be receive
NEW ORLEANS, La.-BOND OFFERING.-Propo
d at any
until 11 a. m.Oct.30 by T. Wolfe Jr., Sec. Board of sals will be received time for these bonds. A. A. Ames is City Secretary.
Liquidation, City Debt,
for $100,000 5% coupon, with privilege of registra
POWELL COUNTY (P. 0. Stanton), Ky.-B
tion as to principal,
OND ELECTION PROAudubon Park bonds. V. 100, p. 1190.
Denom. $500. Date Jan. 1 POSED.-Reports state that this county proposes to hold an election
1915. Int. J. & J. payable in New
vote on the proposition to issue $25,000 turnpike
to
Orleans
.
Due
on
Jan.
as
1
bonds.
follows:
$1.000 yearly from '
1918 to 1923 incl.; $1,500 yearly from 1924
to 1929 incl.;
RANDOLPH SCHOOL TOWNSHIP (P. 0.
$2,000 yearly from 1930 to 1934 incl.; $2,500 yearly
Romney), Tippecanoe
from 1935 to 1939 incl.,• County, Ind.-BOND SALE.
$3,000 1940, 1941 and 1942,• $3,500 1943,
-On Oct. 6 the $25,000
1944 and 1945; $4,000 1946 and were awarded to J. F. Wild &
% school bonds
1947; $4,500 1948, 1949 and 1950; 35,000 1951
and 1952; $5,500 1953 and Purchaser to furnish the bonds.Co. of Indianapolis at 100.712 and int.
$6,000 1954. These bonds are subject
Denom. $2,500. Int.J. & D.
to
redempt
ion
at
105
and
int.
on
days' notice. These bonds are
60
RAVENNA, Portage County, Ohio.-BOND SALE.
mpt. Certified check on some
chartered bank in New Orleans tax-exe
-On Oct. 11 the
1% of bid, payable to the Board
70 5% 5-year average street-improvement assess,
Liquidation. City Debt, required.forBids
of $4,179
bonds were
will
awarded
be
to Field, Richards & Co. of Cincinnati for $4,218
received
for
all
or
any part
of said bonds in multiples of $500. Bonded
90 (100.937) and
int.,
a
basis
debt, excluding this issue.
of about 4.82%-V. 101,sp
.103
ta
cy &8.Bra
$37,244,920. Assessed value 1915, $243,224,481.
Other
utn, bids
O
do._
95
City tax rate, 22 mills. Breed, Elliott & Harrison,
Legality of these bonds will be approved by
Cincinnati
Dillon, Thomson & Clay of
$4,200 06 Second National Bank,
N. Y. These bonds were offered without
success on Sept. 13.-V. 101, p. Prov. S. B.& Tr. Co., Cin_ 4,194 75
Ravenn
960.
a
4,184 70
Seasongood & Mayer, Chi_ 4,188 05 Otis & Co.,
Cleveland
TEMPORARY LOAN.-Local papers state
4,179 70
All bids provided for payment of accrued
that a loan of $600,000 has
interest.
been negotiated with Chicago bankers
at 4% interest.
RICHLAND SCHOOL DISTRICT (P. 0. Wheeli
ng),
W. Va.-BOND
NEW PHILADELPHIA SCHOOL DISTRICT
(P. 0. New Phila- ELECTION PROPOSED.-Local papers state that an election will be
delphia), Tuscarawas County, Ohio.
-BOND SALE.-On Oct. 1 an shortly to vote on the question of issuing $50,000 building bonds.called
issue of $15,000 heating-system-constru
ction
and
school
RICHMOND COUNTY
-improvement
bonds was awarded, dispatches state, to the Provide
0. Rockingham), No. Caro.-BOND OFnt Says. Bank & Trust FERING.-This county will(P.
Co. of Cincinnati at 102.15.
offer
sale on Nov. 1 an issue of 325,000 road
bonds. B. F. Reynolds is Registefor
r of Deeds.
NILES, Trumbull County, Ohio.-BOND
SALE.-On Oct. 11 the -RIVER ROUGE, Wayne County
two issues of 5% street-improvement bonds, aggrega
Mich.-BOND ELECTION.-The
ting 17,221 89, were questions of issuing $45,000 municipal-build
awarded, it is stated, to Breed, Elliott & Harriso
ing and $5,000 boiler and pump
n of Cincinnati.-V. 101. unit bonds will be submitt
p. 1037.
ed to a vote on Oct. 25, it is reported.
ROCHESTER, N. Y.-NOTE OFFERING.
NODAWAY COUNTY (P. 0. Maryville),
-Sealed bids will be reMo.-BOND OFFERING ceived by E. S. Osborne City Comptro
POSTPONED.-The offering of the $35,000
ller, until 2 p. m. Oct. 20 for $100,Nodaway Twp. road-impt. 000 sewage-disposal and,$9,000
park-impt. notes, payable 6 months
from




OCT. 16 1915.1

THE CHRONICLE

1305

and the coupon bonds will be certified as to their
ely, at the Union Trust Co.of New York. dike, Palmer & Dodge
Oct. 22 and Oct. 25 1915, respectivand
Trust genuineness by the. Old Colony Trust Co. of Boston. Official circular
Union
the
at
le
be
deliverab
will
interest,
with
Notes will be drawn
Y. City, on Oct. 22 and Oct. 25, re- states that no bonds issued by the city have ever been contested and that
Co. of New York, 80 Broadway, N. interest
and designate to whom (not the interest on the debt has always been promptly paid at maturity.
spectively. Bids must state rate ofand
denominations desired.
advertisepayable
bearer) notes shall be made
The official notice of this bond offering will be found among the
CT (P. 0. Rochester), Oakland ments elsewhere in this Department.
ROCHESTER SCHOOL DISTRI
district, according to reports
OFFERING.-Henry
County, Mich.-BONDS VOTED.-Thisof $25,000 bldg. bonds on Oct.8.
STARKE COUNTY (P. 0. Knox), Ind.-BOND
28 for an issue of $3,200
voted unanimously in favor of the issuance
Luken, County Treas., will receive bids until Oct.Twp.
Int. M.& N.
Center
in
bonds
CT (P. 0. Rosedale), Wyandotte 4%% J. B. Prettyman et al. road
ROSEDALE SCHOOL DISTRI
SALE.-An issue of $24,000 5%,20-year site0. Angola),‘Ind.-BOND OFFRIN(P.
N
COUNTY
STMTBE
County, Kans.-BONDbonds
has been sold at 101.40. Denom. $500. Dispatches state that the County Treasurer will receive bids until 1 p. m.
purchase and building
bonds.
Nov. 1 for $8,800 and $8,400 434% highway improvement
Date May 15 1915. Int. M. & N.
County, Calif.0. Sullivan), Ind.-BOND OFFERING.
(P.
Merced
AN
COUNTY
T,
SULLIV
DISTRIC
SCHOOL
DAM
ROTTER
12 m. Oct. 20
serial bldg. bonds were awarded to Robert Gambill, County Treasurer, will receive bids until
Allen
P.
J.
BOND SALE.-On Oct. 7 $1,500 6%Date
average
ar
0.
&
5%-ye
A.
%
Int.
4%
Oct. 15 1915.
(and thereafter until sold) for $11,084
J. B. Olcese at par. Denom. $500.
bonds in Hamilton Township. Denom.$554 20. Date Sept. 15
- et al road
Covington), La.-BONDS VOTED.
Int. M. & N. Due $554 20 each six months from May 15 1916
1915.
ST. TAMMANY PARISH (P.O.
favor
in
Ward on Oct. 5 resulted, it is stated,
to Nov 15 1925, inclusive.
An election held in the First
ol building bonds.
ED.-Local
of the question of issuing $6,000 high-scho
SUPERIOR, Douglas County, Wis.-BONDS PROPOS
on on Oct. 9 an
the
11
Oct.
SALE.-On
papers state that at the meeting of the City Commissi
-paving
street
-year
SALEM, Columbiana County, Ohio.-BOND
20
5%
bonds were awarded to A. E. Aub ordinance providing for the issuance of $33,000
reading. Int. semi-annual.
$12,000 5% 105 -year average refunding
equal to 104.458, a basis of about 4.47%. (city's portion) bonds was passed to its first
& Co. of Cincinnati for $12,535,
(P. 0. Culver), Jefferson
SUTTLE LAKE IRRIGATION DISTRICT of
-V. 101, p. 961. Other bids were: I Davies-Bertram Co., Cin_$12.404 00
64 to 2 the question of
S VOTED.-By a vote
Hoehler, Cummings &
Co.,Clev. 12,381 89 County, Ore.-BOND
ompletion bonds carried, it is
-system-c
$12,512 5010.E.Dennison&
irrigation
6%
Prudden, Toledo
$600,000
Issuing
Harrison,
&
Elliott
Breed,
I
80
12,484
Cin.
Bk.,
2.
Nat.
Fifth-Third
12,380 40 stated, at an election held Oct.
12,482 40 Cincinnati
Weil, Roth & Co., Cinc
G.-Bids will
& Co., Cleveland_ _ - _ 12,365 00
N, Fulton County, Ohio.-BOND OFFERIN
Stacy & Braun, Toledo_ _ _ 12,474 00 Otis
12,300 00 beSWANTO
Village Clerk, for $4,700
Cin.
,
Co.
&
Richards
Field,
00
received until 12 in. Oct. 25 by W. B. Elwell,$200.
12,414
Hayden,M iller&Co.,Clev.
Oct. 1 1915.
40
Date
12,212
Tol_
Co.,
for
&
1
itzer
9
$500.
for
Sidney•Sp
Denom.
% paving bonds.
Seasongood & Mayer,Cin, 12,411 00
Roric.k & Co.,Tol. 12,20100 5%
Due April 1 1925.
Prov. S. B.& Tr. Co.,Cin. 12,410 40 Spitzer,
OFFERING.
S AUTHORIZED.-On Oct. 5
SWEETWATER, Monroe County, Tenn.-BOND
until 1 p. m.
SALINA, Saline County, Kan.-BOND
for the issuance of $26,000 J. M. Jones, Town Recorder, will receive bids, it is stated,
providing
e
ordinanc
an
voted
bonds
passed
Council
5%
the
Nov. 15 for $10,000 school-bldg. and $5,000 street-impt.
street-paving bonds.
Sept. 30. Int. semi-ann. Cert. check for 1% required.
Mo.-BOND ELECTION PRO),
Marshall
month of September
0.
(P.
COUNTY
SALINE
TACOMA, Wash.-BOND SALES.-During the
election will be held shortly to vote on
aggregating $6,836 65,
POSED.-According to reports, an00
the following 6% special improvement bonds,
road bonds.
$1,000,0
issue
on
to
propositi
city:
the
were issued by this
Due.
Date.
Purpose.
DISTRICT (P. 0. San Luis Obispo), Amount. Loc.Imp.D.
Sept. 1 1920
Sept. 1 1915
SAN LUIS OBISPO SCHOOL
Grading
947
$550 00
Cal.-BONDS DEFEATED-NEW ELEC1 1925
Sept.
1
1915
Sept.
San Luis Obispo County,at
Paving
4000
1.58040
a recent election the question of issuing
Sept. 1 1920
Sept. 1 1915
TION.-Reports state that
Paving
4027
764 30
carry. Another election will be called.
Sept. 1 1925
1915
1
Sept.
Paving
$100.000 building bonds failed to
4028
569 90
Sept. 11 1920
Sept. 11 1915
Sidewalks
945
909 00
SCHOOL DISTRICT, San Luis County,
Sept. 15 1920
Sept. 15 1915
SANTA MARGARITA Oct.
Sidewalks
943
824 35
5 $20,000 6%, 1-20-year serial sito-purch.
21 1920
Sept.
1915
21
Sept.
s
Calif.-BOND SALE.-Onawarded,
Sidewalk
Co.
&
944
it is stated, to Myth, Witter
1,638 70
in September.
and building bonds were
All the above bonds are subject to call part yearly
of San Francisco at 107.555.
S
-BOND
Cal.
TAFT HIGH SCHOOL DISTRICT, Kern County,
0. Huntsville), Tenn.-BONDS NOT SOLD.
advise us that they
SCOTT COUNTY (P.sale
made of the $300,000 4% 18 5-6-year REFUSED.-Byrne & McDonnell of San Francisco
was
-No
G.
hase,
OFFERIN
site-purc
serial
year
NEW
6% 10-14nstruction bonds offered on Oct. 1-V. 101, p. have refused to accept the $60,000
to them on Aug. 4, because of
aver, coupon pike-road-co
until•Nov. 11. Delivery of bonds willbe building and equipment bonds awarded
1039. New bids are asked for
and $100,000 in 12 defects found in the proceedings in issuance. V. 101, p. 549.
mos.
6
in
ely,
$100,000
immediat
$100,000
as follows:
W.H.Potter,
BOARD OF EDUCATION".
mos,from the date of sale and confirmation of said bonds.
TEXAELBONDS PURCHASED BY STATE
n purchased 5% bonds amounting
County Judge.
-On Sept. 10 the State Board of Educatio
new issues and $28,050 on
on
paid
was
, Adams to $30,050. Of this sum, $2,000
below a
SEAMAN VILLAGE SCHOOL DISTRICT (P. 0. Seaman)%
school- Issues contracted for at previous meetings of the Board. We print
$5,500
County, Ohio.-BOND SALE.-On Oct. 11 thel&
each case the total issue
in
showing
d,
purchase
for
bonds
Toledo
Co. of
description of the
completion bonds were awarded to Sidney SpitzerA bid
r.
Septembe
in
was also received and amount of same taken by the State
Amount
$5,782 75 (103.140) and int.-V. 101, P. 1212.
Total Purchased
from Hoehler, Cummings & Prudden of Toledo.
Common
County
in Sept.
r
Issue.
Septembe
Option.
of
Due.
Date.
SEATTLE, Wash.-BOND SALE.-During the month
School Districts$600
aggregating
Dec. 14 1914 20 yrs. 8 yrs. $2,500
Bastrop No. 29
this city sold the following 6% special improvement bonds,
1,500
12.000
5
yrs.
yrs.
40
Aug. 10 1914
Borden No. 1
$66,821 42, at par:
1,000
10,000
Due.
Date.
April 10 1915 30 yrs. 10 yrs.
4
Amount.Imp.Dist. Purpose.
No.
Cameron
1,200
11,000
4 1915 Sept. 4 1925
April 10 1913 30 yrs. 20 yrs.
No. 7
$8,238 69 2834 Sewers and water main__ _Sept.
800
2,000
Sept. 4 1915 Sept. 4 1920 Carson
Aug. 1 1914 20 yrs. 10 yrs.
No. 26
146 44 2846 Planking
1,500
3,000
yrs.
Sept. 13 1925 Concho
10
1915
13
Sept.
yrs.
40
1915
20
Sewers
April
2820
61
67
No.
Dallas
29,254
800
13
1925
5,000
yrs.
Sept.
5
13
1915
Sept.
yrs.
20
mains
1915
Water
10
April
23,914 18 2822
Hidalgo No. 10
900
12,000
Sept. 13 191,5 Sept. 13 1925 Irion
Jan. 1 1915 40 yrs. 10 yrs.
No. 1
528 07 2838 Walks
1,000
1925
13
3,000
yrs.
Sept
1915
13
6
Sept.
yrs.
15
1914
Walks
9
Nov.
2838
22
Newton No.
1,469 47
750
1925
14
10,000
Sept.
10
yrs.
14
1915
Sept.
yrs.
40
May 1 1914
Refugio No. 5
3,269 96 2830 Walks
750
ing date.
10,000
April 1 1914 40 yrs. 10 yrs.
All the above bonds are subject to call at any Interest-pay
Refugio No. 10
Districts
Dulependent School
-BOND
Cal.
County,
Costa
Contra
T,
DISTRIC
$2,000
$2.500
SCHOOL
1 yr.
SELBY
July 10 1915 20 yrs.
be received until .10 a. m. Oct. 18 by J. R. Anderson
800
9,600
OFFERING.-Proposals will
July 1 1914 40 yrs. 10 yrs.
(P. 0. Martinez), it is stated, for the 311,000 Bronson
*6,500
Baker, County TreasurerAug.
May 1 1915 40 yrs. 10 yrs. 25.000
These
Celina
$500.
869.
p.
Denom.
V.
101,
16.
2,000
2,000
voted
May 25 1915 20 yrs. 10 yrs.
5% building bonds sold on Sept 20 to Mrs. M. W. Wells of Concord. Covington
1,250
3,250
bonds were reported
June 10 1914 40 yrs. 20 yrs.
Fairfield
1,500
4,000
July 1 1914 40 yrs. 10 yrs.
-V. 101, p. 1119.
Joaquin
1,000
7,500
10 yrs.
yrs.
40
-On
1915
1
BALE.
)
Y.
Mar.
N.
-BOND
Waterloo
0.
(P.
lizv
o
Lo
1,000
SENECA COUNTY
7,500
Sept. 1 1914 20 yrs. 10 yrs.
average county highway No. 1211 improvement
1,500
Oct.9 the $14,070 83 -year
12.000
to Isaac W. Sherrill Co. of Pough- Somerville
April 1 1915 40 yrs. 30 yrs.
1,000
(county's share) bonds were awarded
10,000
1119. Other Three Rivers
Mar. 22 1915 20 yrs. 10 yrs.
keepsie for $14,085 (100.106) and int. for 4.40s-V. 101, P.
County Bondsbids were:
Price.
Rate.
Bell County (bridge rep
$700
May 15 1915 35 yrs. 10 yrs. $1,900
4.40% $14,077 00
pair)
H. A. Kahler & Co., New York
14,122 05
4.50%
York
* This payment was made on Sept. 24.
Geo. B. Gibbons & Co., New
00
14.085
4.60%
York
New
Co.,
OFFERING.
W. N. Color &
THREE FORKS, Gallatin County, Mont.-BOIVD
0. Shef
will offer for sale at public auction at 8 p. m.
Clerk,
City
SHEFFIELD INDEPENDENT SCHOOL DISTRICT (P.
.
Menapall
C.
J.
ELECTION.-An election will be
gold water-works bonds. Denom.
field), Franklin County,Iowa.-BOND
of issuing $5,500 site-purchase and Nov. 22 $45,000 5% 10-20-year opt.
check for $1,000, payheld Oct. 21 to vote on the question
$500. Date July 1 1914. Int. J. & J. Certified
building bonds.
required.
-On able to Ralph L. Robertson. Mayor,
SALE.
-BOND
le),
Ind.
0.
Shelbyvil
(P.
COUNTY
among the advertisefound
be
will
SHELBY
The official notice of this bond offering
4%% 6%-year average highway-improvement bonds
Oct. 9 the $3,400the
Starr Piano Co. of Richmond. for $3,420, equal to ments elsewhere in this Department.
were awarded to about
4.39%-V. 101, p. 1119. Other bids were:
e), Ind.-BOND SALE.
100.588, a basis of
TIPPECANOE COUNTY (P. 0. Lafayettimprovem
$3,417 35
e Co., Indianapolis
ent bonds, aggro% highway
American Mortgage & Guarante
3,416 80 On Oct. 8 the twelve issues of 4%
lis
1039):
p.
101.
is
(V.
it
stated
follows,
as
awarded
Fletcher American National Bank, Indianapo
3,409 00 gating $61,700, were
Breed, Elliott & Harrison, Indianapolis
(eight issues) road bonds to the Merchants Nat. Bank of Lafayette
be received until 10 a. m.Oct. 20 by W.A. $33,200 at a total premium of $227.
BOND OFFERING.-Bids will
average
6%-year
4%%
the
for
following
,
the Fletcher-American Nat. Bank.
McDonald, County Treasurer
13,800 (two issues) road bonds topremium
of $113.
of Indianapolis at a total
highway-improvement bonds:
$410.
Denom.
Twp.
in
Shelby
bonds
Bank of Lafayette for $6,050, equal
road
Nat.
al.
City
et
the
to
bonds
6,000 road
$8,200 Chas. McCarty
road bonds in Shelby Twp. Denom. $477.
100.833.
to
9,540 John Scheffler et al.
lis for $8,771 25,
et al. road bonds in Shelby Twp. Denom. $300.six
8,700 road bonds to J. F. Wild & Co. of Indianapo
6,000 Tobias WorlandInt.
M.& N. Due one bond of each issue each
equal to 100.818.
Date Oct. 15 1915.
1926 incl.
15
Nov.
to
1917
15
G.-Proposals
May
OFFERIN
ND
from
months
TOCCOA, Stephens County, Ga.-BO
0. Everett), Wash.-BOND ELECTION will be received until 12 m. Oct. 20 by H. J. Cox, City Clerk, for $30,000
SNOHOMISH COUNTY (P.
voters
bonds voted
ight
to
the
submit
to
electric-l
l
election
an
municipa
calling
coupon
of an issue of $35,000 5%
PROPOSED.-There is talk of 00 road bonds.
$1,000. Dated Jan. 11916. Prin.
May 25. V. 100. p. 1951. Denom.
the proposition to Issue $1,900,0
e. N.Y.
of
Commerc
Bank
National
the
at
payable
1)
(Jan.
int.
- and annual
), Ind.-BOND OFFERING.
Jan. 1 from 1918 to 1936 incl., and $2,000 yearly Jan. 1
SPENCER COUNTY (P. 0. Rockport
bids until Oct. 26 (between 10 a. m. Due $1,000 yearly
executed and delivered by Jan. 1
be
to
are
Bonds
incl.
Joseph Haug, Co. Treas., will receive
1944
al.
et
to
1937
from
Richards
Wesley
aver. coup.
at that time. Cert. check for $1,000 required.
and 4 p. m.) for $13,120 4%% 63. -year
M. & N. Due $656 each six 1916 and money received
of the issue, and if bid is submitted
road-impt. bonds. Denom. $328. Int.
Bids will be received for all or any portion
of
said issue, the accompanying check may be remonths from May 15 1917 to Nov. 15 1926 incl.
whole
the
than
less
for
offered without success on July
G.
were
OFFERIN
bonds
-BOND
These
duced proportionately.
SPRINGFIELD, Hampden County, Mass.
railg111111i
City Treas- 15. V. 101, P. 314.
Bids will be received until 12 m. Oct.20 by Eliphalet T. Tifft,
ELECTION PROPOSED.=
TULSA, Tulsa County, Okla.-BOND
urer, for the following 4% gold bonds:
will
bonds
$600,000
Issuing
of
Due
question
the
$1.000.
According to local papers
$350,000 coup. High School of Commerce bonds. Denom.
and probably be submitted to a vote on Nov. 2.
yearly on Nov. 1 as follows: $18,000 from 1916 to 1925 incl.
CT (P. 0. Ishpeming),
TURIN TOWNSHIP SCHOOL DISTRI
317,000 from 1926 to 1935 incl.
ON PROPOSED.-Dispatches
s bonds. Denom. Marquette County, Mich.-BOND ELECTI
tion the question of calling an
200,000 coup. Dwight and Water Sts. railroad underpas
considera
under
has
district
this
that
state
incl.
$1,000. Due $10,000 yearly on Nov. 1 from 1916 to 1935
election to Vote on the issuance of $3,000 building bonds.
bonds. Denom.$1,000
Daviess County, Ind.
70,000 reg. Dwight-Willow and Hillman Sts. ext.
VEALE TOWNSHIP (P. 0. Washington),
to
1916
from
1
Nov.
on
yearly
$7,000
Due
until 10 a. m.Oct. 25 by Stanton
or multiple thereof.
BOND OFFERING.-Bids will be received
bonds.
township
5%
$2,400
for
stated,
is
it
Trustee,
1925 incl.
Barber, Township
and semi-ann. int.-M.& N.
Ban Buenaventura), Cal.-BIDS.
Denom.$1,000. Date Nov. 11915. Prin.
VENTURA COUNTY (P. 0. received
on first two issues and at City
for the $500,000 5% 17-year
-payable at First Nat. Bank, Boston,
The following are the other bids
to
27
Sept.
on
awarded
bonds
Certified
Mass.
ion
in
tax-free
construct
aro
highway
Bonds
average main public
Treasurer's office of last issue.
Francisco at 103.211
to the "City of Springfield," re- E. H. Rollins & Sons and Win. R. Staats Co. of San
1213:
p.
check for 1% of bonds bid for, payable
101.
V.
4.723%.
about
of
basis
a
approved by Storey, Thorn- and interest,
quired. The legality of these bonds will be




1306

THE CHRONICLE

[VoL. 101.

Girvin & Miller, San Fran_
Byrne & McDonnell, S. Fr.._8515,457 N.W.Halsey & Co.,San Fr.$510,877
WATERVLIET, Berrien County, Mich.
-BOND ELECTION
Torrance, Marshall & Co., 514,281 Perrin, Drake & Riley, S.Fr. 508,053 POSED.-Thls city is contemplating
calling an election to submit to aPROG.G.Blymyer & Co., S. Fr. 505,557 the
vote
San Francisco
question of issuing water-system-impt. bonds,
513,450
Anglo
&
London Paris Nat.
it is said.
Capital N. Bk., Sacramento 512,450
Bank, San Francisco ____ 505,126
Blythe. Witter & Co., S. Fr. 511,763
WAUKESHA, Waukesha County, Wis.BONDS
AUTHO
RIZED.
An ordinance was passed by the Commo
n Council on Oct. 5 providing for
VERMILION, Erie County, Ohio.
issuance of $150,000
coupon site-purchase and school-buildin
-BOND OFFERING.-Reports the
state that L. Blattner, Village Clerk,
g
bonds. Denom. $1,000. 4}6%
Date
.will
Feb.
receive
1
1916.
bids
Princip
until
al
and semi-annual
12 m. Nov. 8 int. (F. & A.) payable at
for $22,000 114,-year aver. sewer and
the City Treasurer's office. Duo $7,000
$17,500 5k-yr. aver. special assessment 5% semi-ann. bonds.
yearly
Feb. 1 from 1917 to 1926, inclusi
ve, and $8,000 yearly Feb. 1 from 1927 to
1936, inclusive.
VOLNEY (Town), Oswego County
N. Y.-BOND SALE.-On Oct. 11
the $23,000 4 % bonds were awarded ,
WAUW
ATOS
A, Milwaukee County, Wisc.-BOND
S PROPOSED.
daga at Syracuse at 100.108, a basis to the Trust & Deposit Co. of Onon- The City Clerk advises us under
date of Sept. 25 that $14,000 streetof about 4.48%. V. 101, p. 1213. bonds
Other bids were:
impt.
will probably be issued within the
next month.
Geo. B. Gibbons & Co., N. Y., 100.01, less
cost
of
prepari
ng
bonds.
H. A. Kahler & Co., N. Y., 99.36.
WAYCROSS, Ware County, Ga.-B
ONDS DEFEATED.-The
question of issuing the $35,000
school-building bonds failed to carry at
WACO, McLennan County, Tex.-BON
the election held Sept. 11.-V.5%
101, p. 794. The vote was 242 "for" and
D
ELECT
ION.
-An
will be held Oct. 19 to determine whethe
election 411 "against."
r
or
not
sewage-disposal plant, $15,000 sanitary-sew this city shall issue $75,000
er-construction and $10,000
WA'YNE TOWNSHIP SCHOOL DISTRICT
bridge and culvert construction
(P. 0. Wooster), Wayne
repair 5% 30-year bonds. Denom
$1,000. Date July 1 1915. Int.and
. County, Ohio.-BOND ELECTION.-According to reports the
J. & J.
question
of issuing $40,000 building bonds will be submitt
ed to a vote at the November election.
WADSWORTH, Medina County, Ohio.
were received for the $5,000 5% 5k-year -BIDS.-The following bids
WELD
COUNTY SCHOOL DISTRICT NO.67(P. 0.
improvement assessment bonds offered on average coupon Highland, Ave. BOND ELECT
Oct. 9.-V. 101, p. 869:
ION.-A vote will be taken on Oct. 29, itMunn), Colo.
Davies-Bertram Co., Cin_
is reported, on
00 Hoehler,Cummings &Prudthe question of issuing $5,500 funding
Hayden, Miller & Co., Cloy.85,053
bonds.
5,016
den, Toledo$5,004 00
Wadsw'th S.&Tr.Co.,Wads 5,015 00
WESTE
RVILLE, Frankl
County, Ohio.-BOND OFFERING.
Prov. S. B.& Tr. Co., Cin.. 5,009 00 Otis & Co., Cleveland
5,004 00 Bids will be received until 12 in
m. Oct. 17 (this date falls on a Sunday
Seem*. S. B.& Tr. Co.,Tol_ 5,006 50 Tillotson & Wolcott Co...... 5,003 00 Is so given in the official adverti
, but
Mansfield S.Bk., Mansf'd_ 5,001 50 the
sement) by R. D. Bennett, Vit. Clerk,
Seasongood & Mayer, Cin.. 5,006 00
for
following 5% street-impt. assess. bonds:
00
Hanche
tt
Bond
Co.,
Chic-*5,000 00 $7,500 Vine St. bonds. Due
* Wants an allowance of $93 for expense
on Oct. 1 as follows: $500 in even years and
s.
$1,000 in odd years from 1916 to 1925, incl.
WASHINGTON, STATE OF.-BONDS
12,500 West Home St. bonds. Due on
PROPO
Oct. 1 as follows: $1,000 in even
SED.
-The Secretary
of Land Commissioner advises us that
years and $1,500 in odd years from 1916
the State Capitol Commis
to 1925, incl.
Sept. 27 took steps towards issuing
sion on
3,000 Winter St. bonds. Due $500 on Oct.
$4,000,000 bonds.
1 1016, 1018, 1920, 1022,
1924 and 1925.
WASHOE COUNTY (P. 0. Reno), Nev.Auth.
BOND
Sec.
3914,
Gen.
SALE.-Thls
Code.
disposed of $15,000 5% bridge bonds during
. $500. Date July 1 1915. Int.
A. & 0. Cert. check for 5% ofDenom
the month of July.county
bonds bid
Jan. 1927.
Due require
payable to Vil. Treas.,
d. Bonds to be delivered and paid forfor,
within 10 days from time of
award. Purchaser to pay accrued interest
WATERTOWN, Middlesex
.
Mass.
County
,
-TEM
PORARY LOAN.
On Oct. 14 a loan of $50,000 maturing
Apr. 14 1916, was negotiated with
WEST HOBOKEN, Hudson County, N.
Parkinson & Burr of Boston, at 2.30%
D OFFERING.
discount plus 60 cents premium
Aug. L. Wachlin, Town Clerk, will receive bidsJ.-BON
Other bids were:
8 p. m. Oct. 20 for
the $3,000 5% 15-year coupon (with priv. ofreg.)until
judgme
nt bond, authorDiscount.
ized by the Town Cannel, on July 28. V. 101 p. 473.
Lee,Higginson & Co., Boston_ 2.38
Discoun
t.
Date July 11915.
Commonwealth Trust Co.._ _ _2.70% Prin. and semi-ann. int. (J. & J.) payable at office
Bond & Goodwin, Boston.._ _2.42
of Town Treasurer.
Due July 1 1930.
H.C. Grafton Jr., Boston.._ _ _2.55 0 Cropley, McGaragle & Co.,
Boston
Loring, To man & Tupper_ _ _ _2.59
2.93%
WETHERSFIELD, Hartford County, Conn.
% C. D. Parker & Co., Boston_
-BOND OFFERING._3.08% Bids will be received until 12 m. Nov. 1 by
Alfred W. Hammer, First So-

NEW LOANS.

$620.000
City of Springfield, Mass.
4% Coupon and Registered
Gold Serial Bonds

NEW LOANS.

NEW LOANS.

$11,120
$45,000
Joint Union Free School Dist. No.6,
Town of Babylon,Suffolk County & City of Three Forks, Montana
WATERWORKS BONDS
Oyster Bay, Nassau County, N.Y.
Notice is hereby given

City Treasurer's Office, October 11th,
1915.
In pursuance of orders of the City
Council,
approved by the Mayor, the undersi
that
City of Three
gned, Treas5% BONDS
Forks, State of Montana, will,the
urer of the City of Springfield, will receive
on the 22D DAY
OF NOVEMBER, 1915, at Eight o'clock
TWELVE O'CLOCK M., WEDNESDAY,until
The
p. m.,
Board
of
Education of JOINT UNION sell at public auction at the
TOBER 20, 1915, sealed proposals for OC- FREE SCHOOL DISTR
Council Chambers
the
ICT NO. SIX IN THE in the office of the City Clerk
following described bonds:
of said City of
TOWNS OF BABYLON,
SUFFO
Three
LK COUNTY
Forks, to the bidder offering the highest
AND OYSTER BAY, NASSAU
$350,000 High School of Commerce
COUNTY, price for them, $45,000 of gold bonds
Loan. NEW YORK,
The bonds for this loan will be dated Novembearing
hereby give notice that sealed 5 per cent interest
, payable semi-annually
bids
ber 1, 1915, and be payable $18,000
for
the
purchas
e
of
eleven bonds
thereof on thousan
One each first day of January and the first day on
the first of November in each of the years
d (1,000) Dollars and one bond of
of
July,
1916
in
to
of
each
year.
One
Said
bonds to
hundred and twenty (120) Dollars
1925, inclusive, and $17,000 thereof on
known and
the first trict, aggrega
of said dis- designated as "Waterworks Bonds,be
of November in each of the years
" the money
ting Eleven thousand one hundre
1926 to 1935, and
derived
from
the
sale
d
of
said
bonds
inclusive:
to
be used
twenty (11,120) Dollars, bearing interest
at exclusively "for the purpose of constructing a
Said bonds will bear interest at
per cent per annum, payable
rate of four five
nually, supply line of Waterworks running along the South
per cent (4%) per annum, payablethe
duly authorized by the qualified semi-an
semi-an
Bounda
nually
voters
ry
line
of
of
said
said
City
of
Three
Forks, from
on thefirst days of May and November ofeach
district, at a Special District
g held in the reservoirs to be located near pole
This loan will be issued in coupon bonds ofyear. and for said District on the 4thMeetin
1115
day of October, on the Electric Transmission Line to No.
One 1915, will
thousand dollars ($1,000) each, with
Trident,
be received by the Board of Educati
Montan
interest
a,
to
Fifth
Avenue
on
West,
in said City.
warrants attached, both principal and interest of said District until 6:00 P. M.,
and
the
purchas
OCTOBER 21.
e of the pumps, the site for the
1915, and sold to the person or persons
being made payable at the First National
Bank, pay the
who will wells, pumping station and reservoirs, and the
Boston, Massachusetts.
highest sum therefo
construction of said wells, pumping station
These bonds shall bear r.
$200,000 Dwight and Water Streets
reservoi
date
rs to be used and constituting a partand
January 2nd,
of
Underpass Loan, Act of 1913. Railroad 1916, and interest thereon shall be payable from said supply line, to be owned and
operate by
that date semi-annually on the 2nd
The bonds for this loan will
said
City
of Three Forks, State of Montana,dand
days
of
be dated Novem- and January in
July
ber 1, 1915, and be payable $10,000
each
year
thereafter until the the revenues derived therefrom to be applied
thereof on entire issue shall be
upon
the first of November in each of tho years
paid.
the indebtedness incurred therefor."
1916 to
The first of said bonds shall mature
1935, inclusive.
Said bonds will be of the denomination
and be
payable
of
on
the
2nd
Said bonds will bear interest at the rate of four
day of
y, 1917, and Hundred Dollars each, dated July 1st, 1914,Five
one on the 2nd day of JanuarJanuar
and
per cent (4%) per annum, payable
y in each succeeding shall be redeemable and payable as follows
semi-annually year until all are
, to wit:
on thefirst days of May and November
paid.
Said Waterworks Bonds shall be payable
ofeach year.
Both principal and interest shall be
in
This loan will be issued in coupon bonds
TWEN
TY
(20)
paid
years,
at
and
redeema
of
One
ble
at the
The Bank of Amityville, in the village
thousand dollars ($1,000) each, with interest
of Amity- option of said City of Three Forks, State of Monwar- ville, Suffolk County, New
rants attached, both principal and
York, in New York tana, at any time after TEN (10) years from
interest being City exchange
the
made payable at the First National Bank,
par.
date of issue of said bonds.
Boston,
Those bonds at
Massachusetts.
are issued for the purpose of makAll parties desiring to bid will be required to
ing changes, alterati
ons and improvements
$70,000 Dwight-Willow and Hillman
the deposit with the City Clerk of said City, before
Street school building of said district, and will bein
made the time set for the sale of bonds, a certified
Extension, 1915
in either registered or coupon form.
check in the amount of One Thousand ($1,000
The bonds for this loan willLoan.
be dated NovemEach
00)
proposa
l must be sealed and plainly Dollars, payable to the order
ber 1. 1915, and be payable $7,000 thereof
of Ralph
Roberton the marked "Bid for Bonds" on the envelop
son, as Mayor, as a guarantee of goodL.
first of November in each of the years
e
and
faith, and
deliver
ed
to
1916
Frank
to
no
T.
bids
Wells,
will
Clerk of said Board,
be entertained at less than
1925, inclusive.
Amityville, N. Y., on or before
The City reserves the right to reject par.
the date menSaid bonds will bear interest at
any or all
rate of four tioned.
bids.
per cent (4%) per annum, payablethe
semi-an
The
nually
Board
of
Education reserves the right to
on thefirst clays ofMay and November ofeach
By
order
of
the
City
Council
reject
any and all bids.
,
year.
This loan will be issued in register bonds
Dated, Amityville, N. Y.,
of
J. C. MENAPACE, City Clerk.
One thousand dollars ($1,000) each ored
7th, 1915.
By order Board of EducatiOctober
any multiDated October 4th, 1915.
on.
ple thereof, both the principal
and interest being
WILLISIB. INGLEE, President,
A certified copy of the transcript of proceedings
made payable at the City Treasur
er's Office.
FRANK-T. WELLS, Clerk.
will be furnished on request.
Both the principal and interest on all
of the
above loans will be payable in Gold
Coin of the
United States of America of
present standard
of weight and fineness or its the
equivalent.
WE OWN AND OFFER. SUBJECT
The City Treasurer now transmi
TO PRIOR SALE
ts by mail
interest on all registered bonds.
These bonds are exempt from taxation in Massachusetts.
The legality of all the bond issues will
be approved by Messrs. Storey, Thornd
Palmer &
Dodge of Boston, and the couponiko,
will be
certified as to their genuineness bonds
•
5% BONDS
Colony Trust Company of Boston. by the Old
Proposals must include accrued interest to
FINANCIAL STATEMENT.
date
of delivery of bonds, and must be accomp
Estimated true value
anied by
a certified check for one per cent (1%)
•
$40,000,000 00
Assessed Value Lands in District 1914
of the
amount of loan bid for, made payable
Total Bonded Debt, including this
10,299,600 00
to the City
issue
of Springfield.
750,000 00
Acreag
e
(estima
ted), 648.626
All proposals will be opened
Population, 65,000
the Treasurer's
Office, Wednesday, October in
20, 1915, at 12
Price Upon Application.
o'clock M. The right is reserved
to reject any
and all bids.
BOND DEPARTMENT
Address proposals to the undersigned, indorse
d
"Proposals for Municipal Loans, 1915."
ELIPHALET T. TIFFT,
City Treasurer, Springfield, Mass.
Descriptive circular on application.




$250,000

Red River, Atchafalaya and Bayou Boeuf Levee District

HIE3ERNIA BANK & TRUST CO.
NEW
ORLEANS

1307

THE CHRONICLE

Om. 16 1915.]

lectman, care of Travelers Bank & Trust Co., Hartford, for $70,000 4%%
124-year average coupon bonds. Denom. $1,000. Date Nov. 1 1915.
Prin. and semi-ann. int.-M.& N.-payable at Phoenix Nat. Bank, Hart$3,000
ford. Due yearly on Nov. 1 as follows: $2,000 1916 to 1935 incl. and
genuinefrom 1936 to 1945 incl. These bonds will be certified as to theirapproved
ness by the Traveler's Bank & Trust Co. and their legality will be
by Gross, Hyde & Shipman of Hartford, a copy of whose opinion will be
furnished purchaser. Bonds will be delivered on or about Nov. 5 at the
latter bank.
WHITE COUNTY (P. 0. Monticello), Ind.-BOND OFFERING.-It
Is stated that 0. C. Middlestadt, Co. Treas., will receive bids until 10 a. m.
Oct. 30 for $7,200 4 % highway-impt. bonds.
WILKINSBURG, Allegheny County, Pa.-BOND OFFERING.
Proposals will be received until 7:30 p. m. Oct. 25 by F. L. Graf, Chairman
Ross
608
Secy.,
Boro.
Baker,
of
(care
N.
Wm.
of Finance Committee
Ave.), for the $125,000 43 % tax-free grade-crossing elimination bonds
voted Aug. 3. V. 101, p. 1.120. Denom. $1,000. Date Oct. 1 1915
Principal and semi-annual interest-A.& 0.-payable at Wilkinsburg Real
Estate & Trust Co., Wilkinsburg. Due on various dates from Oct. 1 1921
to Oct. 1 1945, inclusive. Certified check for $1,000 required. Total
indebtedness, $367.628. Assessed value, $20,748,420.
WILLIAMS SPECIAL SCHOOL DISTRICT NO.2, Delhi Township,
Hamilton County, Ohio.-BOND SALE.-On Oct. 7 the $1,250 5%
6-year average school bonds were awarded reports state to the German
National Bank of Cincinnati at 100.24 and interest.-V. 101 p. 1120.
YANKTON COUNTY (P. 0. Yankton), So. Dak.-BOND ELECTION PROPOSED.-The proposition to issue $300,000 bridge bonds will
probably be submitted to a vote in November, reports state.

COBALT,',Ont.-DEBENTURES NOT SOLD.-It is stated that no sale
was made on Sept. 14 of the $30,000 6% 1-3-yr. serial general impt. debentures offered on that day.-V. 101, p. 795.
COQUITLAM DISTRICT ,MUNICIPALITY (P. 0. Maillardville),
B. C.-OPTION GRANTED TOPURCHASE DEBENTURES.-Newspaper
reports state that the Canadian Bond Corp. of Toronto has been given a
30-day option to purchase at 90 the $10,000 6% 10-year water debentures
mentioned in V. 101, p. 795.
DUNDAS, Ont.-DEBENTURES AUTHORIZED.-Dispatehes state
that the Town Council recently passed a by-law authorizing the issuance of
$25,000 water-works system extension debentures.
HURON TOWNSHIP, Ont.-DEBENTURE SALE.-Reports state
that a local investor has been awarded at 101.26 $4,121 65 10-installment
and $1,031 65 5-installment 6% debentures.
PEEL TOWNSHIP (P. 0. Arthur), Ont.-DEBENTURES AUTHORIZED.-The Twp. Council passed a by-law on Sept. 20, it is stated, provid- •
ing for the issuance of $5,000 drain-construction debentures.
SASKATOON, Sask.-DEBENTURES OFFERED BY BANKERS.
Wood,Gundy & Co.of Toronto are offering to investors an issue of $600,000
5% gold debentures. Denom.$1,000. Principal and semi-annual interest
payable in gold at Bank of Montreal in Toronto, Montreal or New York.
Due $68,000 April 1 1925, $93.000 July 1 1943. $145,000 July 1 1944
and $294.000 July 1 1945. Legal opinion of Alexander Bruce, K. C. and
Malone, Malone & Long.

TORONTO, Ont.-DEBENTURES AUTHORIZED.-It is stated that
the Industrial School Board has passed a by-law providing for the issuance
of debentures not to exceed $40.000.
YAVAPAI COUNTY SCHOOL DISTRICT NO.29 (P. 0. Clarkdale),
TORONTO TOWNSHIP (P. 0. Crooksville), Ont.-DEBENTURES
Ariz.-BOND SALE.-The $45,000 10-20-year (opt.) gold coupon tax-free AUTHORIZED.-It is reported that the Twp. Council on Oct. 4 passed a
building bonds offered on Sept. 21 have been awarded to Sidney Spitzer & by-law providing for the issuance of $12,000 hydro-electric deficiency debs.
870.
p.
101,
Co. of Toledo for $45,700, equal to 101.555.-V.
VICTORIA, B. C.-DEBENTURES OFFERED BY BANKERS.-The
ZAVALLA COUNTY (P. 0. Batesville), Tex.-BOND ELECTION.
Dominion Securities Corp.. Ltd., of Toronto are offering to investors an
An election will be held Nov. 2 in Road Precinct No.3 to vote on the ques- issue of $578,000
% 10-year coupon debentures. Denom. $1,000. or
tion of issuing $40,000 road bonds.
£205 9s. 7d. Date July 21 1915. Principal and semi-annual interestJ.& J.-payable at the Bank of British North America, Toronto. Montreal,
New York,or London,Eng. Net debenture debt,$5,507,595; city's assets,
$9,071,168. Assessed value for taxation, 1915, $80,751,035.
WESTON, Ont.-DEBENTURE SALE.-It is reported that Brent,
& Co. of Toronto have been awarded at 95.32 and issue of $4,661
BEAUSEJOUR, Man.-DEBENTURES VOTED.-At an election held Noxon
15-yr. installment debentures.
Sept. 27 the proposition to issue $15,000 lighting-system debentures car- 53 %
ried, it is stated.
WINGHAM, Ont.-DEBENTURE SALE.-On Oct. 9 the $21,600 6%,
& Co. of
of local-impt. paving debentures were awarded to R. C. Matthews
BERLIN, Ont.-DEBENTURE SALE.-W. A.atMackenzie & Co.
96.83 $65,000 20-in- Toronto for $21,350, equal to 98.84. V. 101, p. 1121. Date Oct. 1 1915.
Toronto have, according to reports, been awarded
Oct. 1. Due in 1935.
on
ann.
Int.
debentures.
%
5%
-installment
3
stallment and $13,000

Canada, its Provinces and Municipalities.

MISCELLANEOUS.

MISCELLANEOUS.

STONE & WEBSTER

THE

LONDON CITY & MIDLAND BANK LIMITED

SECURITIES Or
PUBLIC SERVICE CORPORATIONS

HEAD OFFICE:

5, THREADNEEDLE STREET, LONDON, E.C.

PAID-UP CAPITAL, $23,903,960.

RESERVE FUND, $20,000,000.

The London City and Midland Executor and Trustee Company
Limited, with a capital of $2,500,000, undertakes the Executorship
and Trusteeship of Wills and Marriage Settlements, and acts as
Trustee for Debenture Holders.
FOREIGN BRANCH: 8, FINCH LANE, LONDON, E.C.

STONE & WEBSTER
ENGINEERING CORPORATION
CONSTRUCTING ENGINEERS

STONE & WEBSTER
MANAGEMENT ASSOCIATION
GENERAL MANAGERS Or
PUBLIC SERVICE CORPORATIONS
BOSTON
147 MILK STRUT

MEW VORIS

Union Trust Company of New York will act as Trustee of
permanent charitable, educational or religious trusts, created either under a will or a trust indenture, and gives special
attention to trusts of this character. The Company also acts in
the capacity of Treasurer, Assistant Treasurer, Financial Agent or
Depositary for such institutions, and is qualified and equipped to
render expert and attentive service in all such relations.
The Union Trust Company's record of fifty years in the continuous administration of all the usual forms of trusts invites confidence in the permanent maintenance of a high standard of ability
as trustee.
UNION TRUST CO. OF NEW YORK, 80 Broadway, N. Y.
- $7,800,000
CAPITAL AND SURPLUS
Acts as
Executor,

Trustee,
Administrator,
Guardian,
Receiver,
Registrar and
Transfer Agent.
-Interest allowed

on deposits.




Girard Trust Company
PHILADELPHIA

CHICAGO

t, NASSAU ST. FIRST NAT.DANK BLDG.

Brandell Kenmore & Co.

OUNTANTS
U
ALYSTS
KNDITORS
We especially invite correspondence from private or
corporate financial interests
contemplating t