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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. Terms of Subscription-Payable in Advance$10 For One Year. For Six Months European Subscription (including postage) European Subscription six months (including postage) Annual Subscription in London (including postage) Six Months Sn'.,scription in London (including postage) Canadian Subscription (including postage) Subscription includes following Supplements. 00 0 00 13 00 ' 71 £2 0s. 54 Li lie. $11 50 INDUSTRIAL(3 times yearly) B‘NK AND QUOTATION (monthly) I RAILWAY AND ELECTRIC RAILWAY(3 times yearly) RAILWAY EA ItxDos(monthly) STATE AND CITY (semi.anuually) BAAKERS' CONVENTION (yearly) Terms of Advertising-Per Inch Space Transient matter per inch space(14 agate lines) (S times) Two Months 8 o1 me rxrIsiiATIlisths 8g gm Standing Business Cards Twelve Months(52 times) Cuiciao OFFICE-39 South LaSalle Street, Telephone Randolph 7396 Losnom OFFICE-Edwards 85 Smith,1 Drapers' Gardens, E. C. • $4 20 22 00 29 00 50 00 87 00 WILLIAM IL DANA COMPANY,Publishers, Front, Pine and Depeyster Ste., New York. 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 THE CHRONICLE [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 1 244 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