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financial
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ontmetriH
IN C L U D IN G
Railway Sc Industrial Section
Bankers’ Convention Section
Bank & Quotation Section
Railway Earnings Section
N O . 2623
S A T U R D A Y , O C T O B E R 2 19 15
V O L. 10 1
3
Electric Railway Section
State and City Section
V
W e e k e n d in g S ep tem b er
C t o w it le .
C le a r in g s
25.
a t—
PUBLISHED WEEKLY.
T e r m s o f S u b s c r ip t io n — P a y a b le in A d v a n c e
F or One Year ..........
..............................................................................
0 00
F or Six M onths...................... ..................- — -............................................ 1 3 o o
European Subscription (Including postage)............................................. 7 5 0
European Subscription six months (including postagei........................
Annual Subscription in London (including postag
......................
^ lia
Six Months Subscription in London (including postage).................
Canadian Subscription (including postage 1
•
..............................
S u b s c r ip tio n in c lu d e s fo llo w in g
S u p p lem en ts—
■n . vrr Avn n r n r \tion (monthly) I R a ilw ay AND I ndustrial (3 tim es yearly)
D
HLECTUIO R ailw ay (3 times yearly)
S t a t e and c it y (seini-annually) |B ankers ’ Convention (yearly)
T e r m s o f A d v e r tis in g — P e r I n c h S p a c e
Transient matter per inch spaco (14 agate lines) ..................................... |4 20
( T w o Months
(< tim es)............................ f f ou
,
„
•
) Three Montlis (13 tim es)............................. ^ ” 0
Standing Business Cards < s ix Months
(2(5 tim es)............................. £0 00
(. T w elve Months (52 tim es)............................
CHICAGO O ffice —39 South La Salle Street, Telephono Randolph7396.
L ondon O ffice —E dwards <&Smith, 1 Drapers’ Gardens, E>. C.
W I L L I A M U . D A N A C O M P A N Y , P u b lis h e r s ,
F r o n t , F i n e a n d D c p c y s t o r S t a .. N e w \ o r l i . ______________
Published every Saturday morning by VVILHAM H. DAN
Jacob Seibert Jr., President and Treasurer; George S. Dao f » n^ Arnold G. IJana.
Vice-Presidents Arnold O. Dana. Sec. Addresses of all. Office ol the Company.
C LE A R IN G -H O U SE RETURN S.
, T k ec
SSdtag'SSiSFhhvfboen
& £S£
$4.23/442,370. against $3 660.425.505 last week
C le a r in g s — R e tu r n s b y T e le g r a p h .
W e e k e n d in g O ctob er 2.
C e n t.
C e n t.
1915.
1914.
New Y o r k ...
B oston--------Philadelphia .
Baltimore----Chicago------St. Louis-----New Orleans.
52,370,832,430
123,019,698
182,380,978
28,238,054
272,528,980
65,176,542
*10,000,000
$1,274,938,929
104,331,963
124,170,603
31,904,663
232,414,148
50,059,399
13,279,728
+ 80.0
+ 17.9
+ 40.9
— 11.0
+ 17.3
+ 16.3
— 24.7
Soven cities, live days.
Other cities, five d a y s ...
$3,052,183,294
570,210,698
$1,837,159,433
520,417,947
+ 66.1
+ 9.5
Total all cities, fire days--------------All cities, ono day...................... .
$3,022,399,992
012,042,378
$2,357,577,380
481,250,901
+ 53.7
+ 27.2
$4,234,442,370
$2,838,828,281
+ 49.2
Total all cities for week.
Chicago________
Cincinnati______
Cleveland_____
D e tro it________
Milwaukee------Indianapolis-----Columbus--------Toledo...............
P eoria............ .
Grand Rapids—
D a y ton -----------Evansville--------Kalamazoo------Springfield, 111-Youngstown----Fort Wayne-----A k ro n ........ .......
Rockford_______
Lexington--------Quincy_________
Bloomington----C an ton -----------Springfield. O—
South Bend------Decatur-----------Mansfeld---------D anville_______
Jackson -----------Jacksonville, 111L im a __________
Ann Arbor--------Adrian_________
Lansing-----------Owensboro------Tot.Mld.West.
San Francisco__
Los Angeles___
Seattlo________
Portland______
Spokane........ .
Salt Lake C lty..
Tacoma------Oakland........
Sacramento..
San D iego...
Fresno_____
Stockton ----San Jose------Pasadena___
North Yakima..
R e n o ______
Long Beach..
Total Pacific..
Kansas City-----Minneapolis-----Tho full details for tho week covered by the abovo will be given next Omaha____
Saturday. Wo cannot furnish thorn to-day. clearings being made up by tho St. Paul___
clearing houses at noon on Saturday, and henco in tho above tho last day D en ver___
of the week has to bo in all cases estimated, as we go to press Friday night. St. Joseph..
Wo present below detailed figures for tho week ending with Saturday Des Molnes.
noon. Sept. 25. for four years:
__________________________________ . Sloux City--------Wichita .
Duluth..
W e e k e n d in g S ep te m b er 25.
Lincoln ________
C le a r in g s at —
T
op ek a ________
I n c . or
D avenport------D ec.
1914.
Cedar Rapids—
Fargo...
%
1,010,871,986 Colorado Springs
New York---------2 ,251.892.477 1,028,750,772 + 118.8 1,710,242,545
Pueblo...
158,782,017
153,865,042
Philadelphia------ 170,083,987 124,945.414 + 40.9
00,298,401 Fremont .
59,778.901
+ 9.2
51,914,087
50.705,010
Pittsburgh...........
35,203,018 Hastings
31,577,205
33.402.009 — 10.1
30,087.515
Baltimore--------11,957.155 Aberdeen_______
12,838.041
+ 7.2
10,159,727
10,888.850
Buffalo-------------0,231.189 Helena_________
7,308,141
0.108.842 — 20.0
4,885.522
Albany_________
6,271.929 Waterloo_______
0,758,950
+
9.5
0.482,425
7,101,205
Washington........
4.101,793
Billings
4,095,200
3,408.042 + 15.9
4,018.584
Rochester--------2,500,000
3,523.877
Tot. oth. West
2,640,335 + 10.0
2,901,102
Scranton_______
3,025,124
2.986,280
+
10.0
2,728.752
3,100.295
Syracuso_______
1,555,987 St. Louis---------1,790.737
1,721,385 — 7.3
1,595,990
Reading........ —
New
Orleans___
1,610,131
1,943.778
1,828,172 + 10.9
2,130,927
Wilmington------1,543,698 Louisville______
1,540,842
1,410,065 + 13.4
1,599,500
Wilkes-Barre----H
ouston_______
2,051,202
2,104,958
1,787,170 — 1.4
1,701.075
Wheeling.............
1,559.401 Galveston--------1,824,334
1,435,517 + 17.7
1,089,891
Trenton-----------998,023 Richmond--------842.513
824,123
+ 3.0
853.000
York....................
901,415 Savannah --------1,090,694
1,015,099 — 1.0
1,004.515
E rie ....................
562,524 Fort Worth------623,260
795,850 — 33.1
532,907
Grcensburg------524,200 Atlanta________
720.000
549,200 + 25.9
091.800
Binghamton-----044,884 Memphis_______
687.431
000,905 + 44.0
955,803
Chester-----------523,207 Nashville_______
588,335
560,545
—
0.8
522,044
Altoona-----------N orfolk________
1,378,225
1,548,599
1,618,407 — 12.2
1,421,973
Lancaster . .
333.504 Birmingham----431,013
344,021 — 0.8
320,787
Montclair . .
Augusta..
Knoxville
Total Middle. 2,502,818,097 1,285,231,590 + 99.0 2,011,783,945 2,319,500,993 Jacksonville-----Chattanooga----101,014,138
+
27.5
132,498.431
102,039,731
130,833,153
Boston------------6.780,000 Mobile____
6,942,000 — 5.1
7,098,700
0,590,500
Providence-----Little Rock.
3,941,790
+
52.0
4,313.691
4,475,5.80
0,000,579
Hartford---------2,508,021 Charleston .
2,5.37,565
2,919,484 + 15.9
3,418.903
New Haven-----Oklahoma
..
2,503,159
2,051,103
+ 8.7
1,753.517
1,905.005
Portland---------2,420.914 Macon_________
2,337,150
2,250.480 + 28.1
2,891.133
Springfield,-----Austin___
2,402,355
2,434.558
+
8.1
2,235.560
2,410.835
Worcester-------1,027.986 Vicksburg .
1,109.738
980,900 + 16.6
1,150,540
Fall River-------851.604 Jackson . . .
903,846
793,696 + 17.0
033,008
Now Bedford..
475,820 Tulsa____
445,750
651.059 + 19.7
779,851
Lowell________
703,238 Muskogee .
753,871
652,020 —0.8
047,011
Ilolyoko_______
448,400
Total Southern
302,570
+
2.5
358,552'
307,382
Bangor..............
Total all------126,503,308
+25.3
157,038,802
180,038,025
158,535.190
Tot. New Eng.
Outsldo N. Y .
N o t e . __For Canadian eloarlngs seo "Commercial and Miscellaneous Nows."
56,097,195
31.440.842
17.556.212
11,908,806
8,058.222
7,101,100
4,761.534
3,505.575
3.402.859
8,830.625
1,720.968
1,550.241
1,689.712
1,766.967
516.522
553.838
563.126
311.101
173.802
380.578
1,235.525
1,358,929
402.387
165,612.072
73,157,640
18,652,825
12.989.118
11,256.573
4.540,500
4,351,500
7.035.748
8.077.128
6,276.919
7.792.253
9,667.603
9,312.263
10.895,385
12,381,829
5.024,904
6.390.748
5.476.541
0.483.478
3,364,335
3.482.137
2,570.115
3,159.764
2,579.496
2,302.730
1.809.066
1,898.130
2.697.418
2,740,536
2,119,853
2,196.7871
1.100.000
1.251.859
1,047.926
. 1,905,039
2.163.512
2,379.789,
1.301.248
1,700.317!
3,591.510
3,895.517
1,996.588
1,665.521
196.088
231.425
3S7.227
332.061
701.993
1,156.412
686.829
_ _ 1,141.109
203,257,494 174,307,392
3,089,052,138 3.360,570,759
1,214,248.029 — 16.0 1,378.812.593 1.343.098.773
1 0 42
THE CHRONICLE
[Vol . 101.
this week against $25% last February. And in
THE F INANCI AL SITUATION.
stances like these might be multiplied indefinitely.
ig Some of the shares so prominent for a rise may be
The speculation on the Stock Exchange is passing
iy worth what they are selling for, but it is obvious that
all bounds and the market is assuming a runaway
a- there has been no discrimination in the buying and
character. To say that the mania furnishes occa
3e that not all can have experienced such a change in
sion for grave solicitude is to state what must be
is prospects and condition as to justify the inflated
perfectly obvious to every one not bereft of his
es level of values that now prevails,
senses. The truth is, the skyrocket performances
In most cases the only reason advanced for the
now being witnessed on the Exchange are of such a
io prodigious rise is the presence of war orders promising
meretricious nature that it is surely inaccurate to
i. large profits. Granting that these profits will be
use the word “ speculative” in connection with them.
> realized, their tenure must necessarily be brief,
They are of a type that is best described as “ gamb
id A sudden ending of the war in Europe would termiling.” These operations, too, are being conducted
se nate them abruptly. What is in prospect in numcrwith .the frenzy characteristic of gambling. Those
3S ous instances may be judged from the experience of
engaged in them are staking their all on the success
)r the American Locomotive Co. Last spring, when
of their moves. Any kind of a story, or rumor, or
is the gambling in the “ war brides” began, the coinsuggestion, is sufficient to set the participants
tumbling over one another in a wild scramble too mon shares of this company were whirled up in a
y period of six weeks from 19 to 68. Then a collapse
obtain some of the things that in their delirium they
occurred and the high point was not again reached
imagine are going to turn out veritable bonanzas.
Let it be pointed out that there is absolutely no0 until the present week, when it was passed and the
basis for the rumors or suggestions and the crowdd stock went to 72% . The only explanation given
becomes all the more eager to get a share in thee for the spring rise in this instance was that the com
supposed treasure. An advance of 25 or 50 points,, pany expected to make large profits in the execution
and which ordinarily would produce dizziness, iss of war orders. It happens that two weeks ago the
accepted as confirmation of the wild imaginings and:1 company’s annual report was made public, and this
as evidence that prospects arc such as to justifyv showed that the company for the year ending June 30
any advance in prices. Consequently, after thee 1915 had failed even to earn operating expenses in
value of a stock has doubled or trebled the prospectt the sum of $1,142,602, and the statement was made
of a further rise is considered as good as before, and1 in the report that at no time during the fourteen
the zest to secure the coveted prize becomes all the3 years of its existence had the company suffered so
severe a depression in its business, gross earnings
keener.
Nor is it any longer necessary to make a plausible3 having amounted to only $9,303,298 against $29,
showing of war profits; and the nature of the business3 987,438 in 1913-14 and $54,868,175 in 1912-13.
in which a concern may be engaged does not matter.. Even supposing a very marked revival now, it is a
Pyramiding operations are being conducted on ai long Avay to the prosperous condition of two years
colossal scale and the mad crowd simply turns5 ago, when the shares commanded no such figures as
from one thing to another. Be it never so obvious3 those to which they have now been pushed— the exthat price inflation has already reached dangerous3 treme high point then being 44% . And we may be
there will be similar disillusionment in many
limits, confidence in further profits continues un-. sure
!
cases where prices have been carried to absurdly
impaired, so dazzling are the prospects considered. other
(
figures. The collapse in values, howWhither all this will lead no one can tell, but that; extravagant
{
will occur long before the revelation comes, and
a day of reckoning must come is as certain as thei ever,
<
what is to be feared is that in the general tumble
rising and setting of the sun. Newspaper reports, 1
innocent outsiders will suffer, and more or less
this week have been to the effect that the banks many
1
havoc
be created throughout the whole financial
are demanding larger margins on their loans. We 1
A curb on the movement ought to be sharply
did not suppose they were loaning at all on the kind world.
A
now, lessening the extent of the possible dis
of things that are engaging the attention of the applied
1
aster. Banks and brokers have it within their power
giddy crowd.
£
Those who are not participants in the frenzied *to apply brakes, and in that way prevent a headlong
to destruction.
performances doubtless have no idea of- the length rush
1
to which the movement has proceeded. At one day’s
session this week Baldwin Locomotive common
From present appearances the $500,000,000 Anglorose from 119 to 150%, and buying was conducted French
I
loan promises to hold a place in history,
with such feverish anxiety as to suggest a state of not
n
only for its magnitude, but for the rousing
hallucination. During the full month of September p
popular success achieved. There seems to be
the same stock was run up from 78% to 150%, and general
g
appreciation of the fact that the loan offers
since the first of the year the stock has advanced an
a unusually attractive opportunity for safe invest
from 26% to its present figure. Similarly Crucible ment
n
at a rate of return much better than anything
Steel common during September advanced from 73% of
0 the kind witnessed by the present generation.
to 109%, while back last M ay the shares sold at Subscriptions
S
have been so numerous and so large
only 1 8 % . Continental Can common suddenly be- that
tl
all the indications point to a speedy closing of
came the object of attention this week, and was run the
tl
syndicate. Some of the English newspapers
up to 120% as against 82 Sept. 7 and 4034 Jan. 4. h
have criticized the terms as being too liberal. Wc
Studebaker Corporation common touched 145% this do
d< not think they are any more liberal than was
week. On Sept. 1 it sold at 100 and on Jan. 2 there n
<
necessary
to ensure the success of the undertaking
were sales at 35% . Lackawanna Steel has this week beyond
bi
peradventure. The British and French
gone to 94% against 67% Sept. 11 and 28 Jan. 7. Commissioners,
C
indeed, are to be commended for
Tennessee Copper sold as high as $70 for $25 shares not
n< having made any mistake in that respect and
Oct. 2 1915.]
THE CHRONICLE
it is likewise to the credit of the American bankers
that they insisted that this was a vital point which
must be properly safeguarded.
Bearing 5% interest and being offered at 98, the
bonds will, for the five-year period for which they are
to run, net the investor nearly 5Yz% , and there will
be, in addition, the privilege to convert into a 4Y i%
issue having a term of 15 to 25 years. Many inves
tors, indeed, will net an even higher return, since
J. P. Morgan & Co. invited practically every one
to syndicate participation, thus allowing sub
scribers to come in at bed-rock prices that is, the
figure at which the bonds go to the underwriters,
namely 9G plus a small fraction for expenses, or, say,
963^t, giving a rate of return of over 5jkt%.
The 5^2% return is attracting investors who other
wise would not have thought of taking part in a foreign
Government loan. English critics should bear this
point in mind. They should also remember that
English financing thus far has erred in not making
the terms of new loans attractive enough. 1 his
has afforded a chance to the Germans of making com
parisons to the disadvantage of Great Britain,
that
is precisely what Dr. Karl Ilelfferich, Secretary of the
German Imperial Treasury, did in a statement issued
at the close of last week, in which he contrasted the
German policy with the British. There was a good
deal of the boastful in what Dr. Ilelfferich said, and
yet, there was a substratum of truth in his contention
that Germany, starting at the outset with a
5% obligation has been able to put its three great
war loans out at rising prices, the first at 97}^, the
second at 98)^2 and the latest at 99, whereas England
in beginning with 33^2% has had to advance to 43^2
and yet has seen its loans go to a discount.
I hat was
an error the Anglo-French Commissioners could not
afford to repeat. With the overwhelming success
that now seems assured, important benefits will
necessarily accrue in any future financing either at
home or abroad that the English Government may
have to undertake. The United btates can justly
take pride for its part in the movement, since the
placing of a $500,000,000 loan is a huge undertaking
in any event, and with its successful accomplishment
the country will have a better claim to being con
sidered a “ world power” than through any feat of
military prowess on land or on sea.
1043
Referring to the fact that most of the cotton is
now open, which will allow an unusually early
picking, the Department advises the uprooting and
burying the plants or burning them so that the
fall broods of the weevil can be destroyed, but
strongly urges burying, wherever it can be done
promptly, as the humus thereby placed in the soil
is of very great importance as a fertilizer. The
damage being done by the weevil in Texas this
season is another feature of the problem given
attention in the bulletin, the conclusion reached
being that climatic conditions, which this year have
been extremely favorable to the pest, have been
responsible. The lesson drawn is that planters in
all sections that have been invaded must make a
strenuous fight by adjusting their farming systems
to boll-weevil conditions, without delay. Later
planting is the remedy suggested by many as the
real solution. In fact, one of our most valued
correspondents, reporting to us in July 1914 (in
connection with our annual Acreage Report) upon
the situation in Louisiana, stated “ it is incontro
vertible that very early seeding— if such produces
very early squares— is ruinous. The weevils can
not breed in anything but a cotton square; they
come out of hibernation 9% in March, 33% in
April, 53% in May and 5% in June, and their
average life is 11 days. The earlier they come out
the longer they live, and vice versa. It follows,
then, if squares are produced on May 10, breeding
places are furnished for part of the weevils emerging
in April, all of those of May and of June. On the
other hand, if squares are not furnished until June 10,
the planters would have to contend with only the
5% coming out in June. Planting should not begin
before April 20. This is early enough anywhere,
even if there are no weevils.”
On Tuesday evening the details of the plan as
agreed upon for the Anglo-French war credit were
given out simultaneously in New York and Chicago
in a statement authorized by Lord Reading, the
Chairman of the Commission, and which we print on
a subsequent page. During the remaining days of
the week chief interest in the loan centered in the
work of organizing the underwriting syndicate which
is to handle the distribution of the proposed bond.
Requests for participation have been on such a large
The “ Unusual Spread of the Boll Weevil” is the scale that it is expected the syndicate will shortly
subject of a bulletin issued by the Department of be closed.
Agriculture this week in which the especial rapidity
The week has witnessed what is apparently the
of the advance of the insect this season is com
beginning
of the long-awaited “ drive” by the French
mented upon and the stops taken by the Depart
and
British
to break through the German lines on
ment to assist farmers in infected territory arc
outlined. Stating that under normal conditions the Western war front. A spectacular degree of
the weevil advances into new territory at the rate success has attended the effort, although toward the
of 50 miles per annum, it is pointed out that in a close of the week there seemed indications of a
period of only about two weeks (August 15 to 31) slowing down in the attack. The Anglo-French
the present season the advance lias been practically troops in Artois apparently are now engaged in con
100 miles, carrying the insect into 25 counties of solidating the ground won and opposing the German
Georgia, besides which additional districts of counter-attacks. But the battle for the German
Alabama and Florida have become infected. The second line of defense in Champagne, whose collapse
principal cause of this unusual dispersion is stated would seriously menace the greater part of the
by the official entomologists to have been the high German position in the West, is proceeding with the
winds blowing toward the northeast ' that were greatest stubbornness. A t several points the French
continuous for several days subsequent to the middle troops are reported to have gained a footing in the
of August, but the drought in Alabama and Missis second line. Some of them forced their way right
sippi is also cited as having been effective in the through, but, encountering German reserves, were
same direction through depriving the weevils of the unable to maintain their progress. According to the
German account, these latter troops were captured
squares upon which they prefer to feed.
1044
THE CHRONICLE
[VOL. 101.
or exterminated. The Germans admit the loss of the successful negotiation of the Anglo-French credit
Hill 192 to the north of Massites, where the French in America. Press correspondents in London declare
are closely approaching the railway triangle the pos that the very boldness of the budget guaranteed its
session of which has been one of the greatest advan success, and that it will assist further flotations of
tages to the Germans in furnishing supplies to its war loans, since it shows the willingness of the British
Argonne army. Besides the gain of ground in both people as a whole to make the necessary sacrifices.
Artois and Champagne and the improved position of Cable accounts last week were somewhat obscure on
the Allies generally, the recent successful operations a number of points concerning the actual taxes that
are expected to relieve the pressure on Russia and persons with smaller classes of incomes would be called
perhaps prevent the Austro-Germans from sending upon to pay. The London correspondent of the
any large force against Servia. The German Field “ Evening Post” clears up the uncertainty in this
Marshal von Hindenburg, while claiming to have respect. The income tax as it now stands, he shows,
made progress in his operations against Dvinsk, is is 3s. 6d. on every pound sterling of unearned in
still a considerable distance from that city. His come— a percentage rate of 1734%. This applies
troops to the southeast of Vilna, however, are re to all receipts and dividends of every character that
ported to have broken through the Russian position are not earned in the year. As a whole the tax on
and captured a thousand prisoners. South of the incomes earned and unearned ranges from 2d. in
Pripet Marshes in which Field Marshal von Macken- the pound to 3s. 6d. The “ supertax” on incomes
sen and his troops are checked, the Russians have above a specified sum brings the total assessed tax
been driven back across the Styr River, but along much higher. Thus, on incomes over £3,000 a year
the Galician border they are still hammering heavily it ranges from 3s. 7d. in the pound to 6s. 10d., the
at the Austro-German armies.
higher representing a percentage tax rate a fraction
Press advices from London say that the opinion is over 34% . Earned incomes of £500 will ultimately
general in military circles there that Bulgaria has pay £42, or 8^g% annually; unearned incomes of the
now abandoned any aggressive action it may have same amount £65, or 13%. Incomes of £10,000
intended against Servia. An Athens dispatch, how earned or unearned will pay, including a supertax,
ever, says the situation is still considered serious and £2,529 annually, or about 2534%. Incomes of
that Greece is proceeding with her preparations for £100,000 will pay £34,029, or slightl/ over 34% .
eventualities. German and Austrian officers have The new budget apparently has brought up the free
been sent to direct the Bulgarian army, Sir Edward trade issue once more. Certain of the uncompro
Grey, the British Foreign Minister announced yes-, mising free traders in the House of Commons are
terday afternoon, a fact which he said the Allied organizing a fight against the new import duty pro
Governments regarded as of “ utmost gravity.” The posed by Chancellor McKenna, basing their oppo
Cabinet crisis at Sofia, which might have resulted in sition on “ the violation of the principles of free
the formation of a Cabinet with Russian sympathies, trade,” and “ the infinitesimal returns which the taxes
is reported to have been averted, the King having will bring into the Exchequer.” Sir Alfred Mond,
refused to accept the resignation of M . Toncheff, Chairman of the Free Trade Union, the head of the
the Minister of Finance, who has pro-German ten movement, has called a meeting of Radical members
dencies. The Chamber of Deputies at Athens has of the House to take action against “ protection.”
ratified the call for a general mobilization and has
Notwithstanding the firmness of the stock market
authorized a loan of $30,000,000. Greece stands in New York, American securities have been under
ready, according to Premier Venizelos, to oppose some pressure in London. The strength in the Amer
efforts of any other nation to obtain a predominating ican market has made possible the liquidation of the
role in the Balkans. He expressed the hope that remnant of the speculative account in Southern
Greece and Bulgaria might promptly reach an agree railway stocks which was under way before the
ment by which demobilization could be effected in war, the quotations for these stocks having passed
both countries simultaneously. Greece, it is re the July 1914 level. This, it is believed, clears
ported, will establish a moratorium. Sir Edward up the entire American speculative account in
G re y , the British Foreign Secretary, announced in London with the possible exception of that of
the House of Commons on Tuesday that the Entente Louisville & Nashville; this is insignificant in
Powers will support the Balkan Allies without re amount. It is argued that the higher income tax
serve if Bulgaria goes to war against Servia. The will reduce still further the capital available for highBalkan Allies are Servia, Greece and Montenegro. class British securities and encourage investors to
“ If Bulgaria supports our enemies, the Allies will give seek more speculative stocks and foreign treasury
the Balkan Allies every support in the manner that bills giving high yields. The securities of the In
would be most welcome to them and without re ternational Mercantile Marine have advanced sharply
serve,” said Sir Edward. Some military writers in on the English market, following the modification
London argue that the Allies should welcome the of the reorganization plan of the company, and also
Balkan complications, since it would open up a new as a result of the continued movement on the part
avenue for an advance on Vienna and Berlin, which of stockholders to have the plan itself totally aban
would not be as strongly fortified as a direct route doned, on the ground that the company is benefiting
from either the west or east.
so greatly from the war that reorganization on the
lines proposed is not equitable. The majority of
Taken altogether, the London Stock Exchange British holders cannot take full advantage of the rise
seems to have taken the new budget very favorably. in price of these securities, having deposited their
It has, however, been aided by additional influences holdings with the reorganization committee. These
in favor of strength. These have included the ad naturally are much dissatisfied. The Indian Gov
vances made by the Allied troops on the Western war ernment’s twelve-months’ bills, to which we referred
frontier, as well as the recoveries of lost positions I last week, were allotted at an average of slightly
by the Russians in the East. Helpful, too, has been ' under 5 3-16%, changing hands later at 5 1-16%.
Oct. 2 1915.]
THE CHRONICLE
On Tuesday call money in London touched as high
as 434% as a result of the payment of the regular
war loan installment. All requirements were fully
met, however. Two installments of 10% of the last
flotation are still to be made. Less feverishness was
evident in Balkan securities, accompanying a calmer
view of Bulgaria’s mobilization. About £3,000,000
was disbursed in dividends in London on Thursday
and £12,000,000 on Friday.
Clearings of the Lon
don joint-stock banks now exceed the normal figures
that were current before the war, owing to the huge
war expenditures. For the month ending Sept. 20
the aggregate value of 387 representative securities
traded in on the London Stock Exchange, according
to the usual compilation by the “ Bankers’ Maga
zine,” of that city, decreased £1,059,000, or 0.4% ,
following a decline of 0.9% the month preceding.
Owing to the maintenance of minimum prices, the
comparisons necessarily have not the same value as
would be the case in an extirely unrestricted market.
The heaviest decline noted in the month was sus
tained by British railroads, which fell off £2,385,000,
or 1.1% . American railroads, of which 17 are used
in the comparison, were an exception to the general
market, showing an appreciation of £3,365,000, or
1% , while African mines advanced £421,000, or
1.1% . The capital applications on the English
market for the third quarter of the year showed a
total of £586,772,000, including £585,000,000 repre
sented by war loans. This suggests how completely
the British capital market is tied up. For the preced
ing quarter the applications were £25,692,500, and for
the corresponding quarter in 1914 were £20,265,200.
The French Bourse has ruled very quiet during the
week and has not responded in a large sense to the
favorable progress of the Western war campaign.
French operators are seemingly taking a more serious
view of the Balkan situation than is taken in London.
Another influence of depression was the arrange
ment for the completion of the pre-war settlement on
Sept. 30. Active agitation was conducted for the
further postponement of the settlement, but Finance.
Minister ltibot refused any further delay on the
ground that it was undesirable in view of the necessity
for arranging the forthcoming loan. A conference
of French bankers was recently held to consider the
advisability of terminating before the end of the year
the general moratorium which had been extended to
Nov. 1. It was decided that such a termination was
desirable. The French Senate on Tuesday passed
the bill already approved by the Chamber of Depu
ties, providing the sum of 6,240,000,000 francs
($1,248,000,000) for national defence for the last
three months of this year. Gaston Thomson, French
Minister of Commerce, introduced in the Chamber of
Deputies on Wednesday a bill creating a Consulting
Committee on Exports. Explaining the purposes of
the measure, he declared it was designed to facilitate
French exports to markets previously supplied by
Germany and Austria. The British market espe
cially, said he, “ comprises customers well disposed
toward us and whose business ways are similar to
ours. Germany sold the United Kingdom nearly
2,000,000,000 francs worth of goods in 1913, while
we sold 1,000,000,000.” The Minister mentioned
particularly Canada, India and Australia as desirable
markets. French Rentes closed at 66.50 francs,
against 67.25 francs a week ago.
1045
The Russian Government proposes, in addition to
the war tax imposed on persons who are exempt from
military service, to levy a new general war tax of 2%
on all persons whose income exceeds 500 rubles ($250).
The Government has granted a moratorium for six
months to the inhabitants of the provinces of Vilna,
Grodno, Kovno, Courland, Livonia and Minsk.
A semi-official Russian news agency announces that
it is authorized to deny categorically “ the ridiculous
assertion of a Berlin newspaper that the Bank of
Russia and the Minister of Finance have delivered an
ultimatum to London on the subject of financial aid
for Russia.”
Official bank rates in Europe remain at 5% in
London, Paris, Berlin, Vienna and Copenhagen,
534% in Italy, Norway, Sweden and Portugal, 6%
in Russia and 434% *n Switzerland and Amsterdam.
Open market rates in London are 4 % @ 4 % % for
short bills and 424% for long bills, the figures for
the short bills being without net change for the week;
the quotation for long bills last week was 4 11-16@
4 / 4 % * Day-to-day funds at the British center are
quoted at 334@ 4% . In Berlin the private discount
rate has been advanced to 3 % % from 3 ^ % ; other
wise the open market rates on the Continent are the
subject of private treaty based on official bank rates.
A further decrease of £891,285 gold is reported
by the Bank of England in its current weekly state
ment. Note circulation showed an expansion of
£1,177,000, bringing the total reserve down £2,
068,000. Notes reserved decreased £1,899,000, pub
lic deposits increased £7,478,000, and other deposits
were reduced £12,956,000. Other securities (loans)
decreased £3,362,000. The proportion of reserve to
liabilities is 24.70% against 25.06% a week ago,
22.75% a year ago and 53.25% in 1913. The Bank’s
gold aggregates £62,008,891 against £52,916,604 in
1914 and £37,597,823 the year preceding. Loans are
£132,314,000 against £116,819,799 and £28,200,855
one and two years ago, respectively. The Bank
reports the amount of currency outstanding as
£58,427,572 as of Saturday last as against £66,551,
454 the week preceding. The amount of gold held
for the redemption of such notes remains at £28,
500,000. Our special correspondent furnishes the
following details of the gold movement into and out
of the Bank for the Bank week: Inflow, £1,129,000
(of which £833,000 bar gold bought in the open mar
ket and £296,000 net received from the interior of
Great Britain); outflow, £2,020,000 (of which.
£305,000 bars, £208,000 U. S. coin and £26,000
foreign gold coin sold in the open market, £830,000
to America, £50,000 to Portugal, £275,000 to Spain,
£6,000 to Canada, £270,000 ear-marked Egypt and
£50,000 ear-marked Switzerland). We add a tabu
lar statement comparing for the last five years the
different items in the Bank of England return:
BANK OF ENGLAND'S COMPARATIVE STATEMENT.
1911.
1912.
1914.
1913.
1915.
Oct. 4.
Oct. 2.
Oct. 1.
Sept. 30.
Sept. 29.
£
£
£
£
£
32,799,000 34,974,625 29,635,445 29,585,215 29,620,550
Circulation_____
11,322,405
Public deposits.. ..116,216,000 22,243,798 9,742,860 13,946,646
Other deposits— . . 76,688,000 137.287,173 39,829,825 43,075,062 42,867,736
Gov’t securities-- .- 31,286,000 24,732,087 13,288,105 13,338,084 18,596,084
Other securities-- -.132,314,000 116,819,799 28,200,855 34,202,525 28,357,286
Reserve notes A coin 47,658,000 36,391,979 26,412,378 27,802,505 27,893,681
Coin and bullion- . . 62,008,891 52,916,604 37,597,823 38,937,720 39,064,231
Proportion of reserve
51.50%
48.74%
53.25%
22.75%
24.70%
to liabilities__ . .
4%
4%
5%
5%
Bank rate........... -5%
The Bank of France continues to report large in
creases in its gold holdings, this week’s expansion
1046
THE CHRONICLE
[Vol. 101.
amounting to 50,068,000 francs. The silver stock represent an extraordinary, concentrated, demand
decreased 2,010,000 francs. Note circulation is that can hardly fail to be felt, even though the funds
148.708.000 francs higher, general deposits increased will be almost completely disbursed in the form of
108.370.000 francs and bills discounted increased bank checks. However, there is no indication, as we
30.152.000 francs. Treasury deposits increased 53, already have noted, of firmer views being held by
921,000 francs and the Bank's advances were cur lenders. The period of greatest money strain, so far
tailed 1,692,000 francs. The Bank of France now as crop financing is concerned, may now be con
holds 4,550,059,000 francs in gold against 4,141,350, sidered to have passed. Some improvement is being
000 francs one year ago and 3,458,550,000 francs in shown in trade and industry but not in sufficient
1913.
The total of its silver is 354,101,000 francs volume to become a factor in the form of increased
against 625,325,000 francs one year ago and 634, demands for working capital by our merchants and
775,000 francs in 1913. Note circulation, once again manufacturers. Commercial paper is offering very
at a new high level, stands at 13,457,220,000 francs, sparingly and discount rates have not been changed
which compares with 6,683,184,785 francs and 5,740, during the week.
Last Saturday's bank statement indicated a de
085,025 francs one and two years ago, respectively.
General deposits aggregate 2,695,907,000 francs, crease in the surplus reserve above requirements of
which compares with only 947,571,861 francs in 1914 $22,299,170, bringing the total down to $198,073,920,
and 615,826,803 francs the year preceding. Dis which compares with a deficit of $38,384,000 under
counts are 2,386,089,000 francs. One year ago they the old form of bank statement a year ago. The
were 2,454,280,025 francs and two years ago 1,651, aggregate reserve was decreased only $12,260,000, as
817,552 francs. A year ago the Bank of France requirements had been increased $10,039,170 as a
suspended publication of its weekly statement and result of the expansion of $61,421,000 in net demand
did not resume it until Feb. 4 1915; hence no closer deposits. Loans increased $57,579,000. Reserves
comparison with 1914 is available than of July 30. “ in own vaults" decreased $13,896,000, to $512,
These are the figures that are used in the foregoing 867,000, of which $440,713,000 was specie. Re
serves in Federal Reserve banks increased $1,056,000
comparisons.
to $144,246,000 and reserves in other depositaries in
The weekly statement of the Imperial Bank of creased $580,000 to $29,912,000.
Germany, as published on Saturday, shows increases
Referring to money rates in detail, demand loans
of 706,000 marks in the gold stock, of 174,425,000 have this week covered a range of 13^ @ 2% , compar
marks in discounts and Treasury paper, 2,187,000 ing with l % @ 2 % a week ago. On Monday and
marks in securities and of 239,917,000 marks in Tuesday 2% was the highest and ruling rate, while
deposits. On the other hand, the following decreases 1% % was the lowest. On Wednesday, Thursday
were shown: metal stock and paper currency, and Friday 2 % continued the high figure, with 1
16,978,000 marks; loans, 1,417,000 marks; and note the lowest. The renewal basis on Wednesday and
circulation, 32,013,000 marks. Detailed figures of Thursday was l % % , but was advanced to 2 % on Fri
totals have not been forwarded by cable and there day. Time money rates are without change from the
has been a break in the weekly statement of changes figures of a week ago, remaining at 234@ 2^ % for
so that the totals cannot be figured from the state sixty days, 2 % % for ninety days, 2 % @ 3 % for four
ment received by latest mail. The latter is dated months and 3 % for five and six months. Commercial
Sept. 7 and follows:
paper remains at 3@ 33^% for sixty and ninety days'
1915.
1914.
endorsed
bills receivable and six months’ single names
M arks.
M a rk s.
Total coin and bullion...........................................2,456,335.000
1,619,888,000 of choice character.
Names that are not so well
Of which gold________ ....................................... 2,413,833,000
1.580.148.000
Bankers’ acceptances
Treasury notes...... .......... ........................................ 249,582,000
160.335.000 known require as high as 4% .
Notes of other banks___
11,011,000
14,122,000
are quoted at 23^@23^%. Discount rates at the
Bills discounted________ ....................................... 5,067,401,000
4.679.769.000
Advances.........................
108.812.000 Federal Reserve banks have not been changed from
Investments........... ........ .......................................
26,982,000
116.705.000
Other securities ............. ......................................... 222,101,000
209.570.000 the following figures:
4.136.066.000
2.418.942.000
97,714,000
5
5
3A
4
4
4
4
4
4
4
4
4
3
s
1
1
8
54
4
4
|
&
o
8
4
D allas.
91 days to 6 months maturity 5
A aricultural nn/f
Live-Stock Paper —
3
| St. Louis.
4
4
4
3
Atlanta.
4
4
4
| Chicago.
10 days maturity........ 3
30 “
“
........ 4
60 ••
“
........ 4
90 ’’
”
........ 4
Commercial Paper —
1 to
11 to
31 to
61 to
£
Richmond.
<
ft,
1 Cleveland
CLASS
OF
R E D IS C O U N T S .
N e w Yort
Thus far the arrangements for the Anglo-French
credit have not exerted any important influence in
local money circles. It is recognized that the funds
are not to leave the country and that as a broad
proposition the banks that have subscribed will retain
as deposits the amount of their subscriptions. They
are to pay according to the arrangement, 2% on
these deposits, and the understanding is that as
funds are needed the withdrawals of these deposits
will be taken proportionately, in a broad sense, from
the various parts of the country and not be confined
to specific sections. In this way, even though the
transaction is such a monumental one, it is likely
to be carried through with a minimum of friction.
It would be expecting much, however, to assume that
when the bonds have been publicly offered, that there
will be no temporary strengthening of money rates,
since the accumulation of funds that represent first
deposits to accompany subscriptions must neces
sarily mount to many millions of dollars, which will
FEDERAL RESERVE B AN K DISCOUNT R ATES.
Boston.
Notes In circulation.................................................5,559,885,000
Deposits..................... . ....................................... 1,968,023,000
Other liabilities............ .
4
4
!4
3
4
4
4A 4A 4
4
4
4A 4
4A
4
5
5
5
5
5
5
...
3A
3A
3A
3)A 3
3>A
5
5
4
4
3A
4
4A 4A
6
Trade Acceptances —
1 to 60 days maturity........ 3 A n x 3
61 to 90 "
"
........ 3 A 3 A 3
Commodity Paper —
1 to 30 days maturity____
31 to 60
61 to 90
“
“
“
“
3A
........ 2 A
____ 3 A
91 days to 6 months maturity
_
3
3
3
3'A 3 A
3A
—- 4
3
3
3
3
3
3
4
3
3
3A 4
3
3
3
3A
4
4A
5
Authorized rate for discount of bankers’ acceptances, 2 to 4 % .
/Maturities less than 10 days, 3 % .
The definite announcement of the terms o f the
Anglo-French credit loan and the indications that
its distribution will be entirely successful, have not
unnaturally exercised a strengthening influence on
the market for sterling exchange this week. De
mand bills, which closed at 4 71 on Friday of
,
Oct. 2 1915.1
THE CHRONICLE
1047
last week, reached 4 72% on Friday, while cable 4 72 for on,hi ft transfers and 4 69@ 4 69% for sixty
transfers advanced from 4 71% to 4 73. The main days. Closing quotations were 4 69% for sixty days,
object of the credit arrangement is to stabilize ex 4 72% for demand and 4 72% for cable transfers.
change. How the proceeds of the bonds will be Commercial on banks closed at 4 67% , documents for
utilized for this purpose is a matter on which keen in payment finished at 4 6 7 % @ 4 67% and seven-day
terest is being displayed.
It is not known for in grain bills at 4 71% . Cotton for payment closed at
stance whether the British and French Governments, 4 67% ; grain for payment at 4 72.
The Continental exchanges have ruled somewhat
through their banking representatives in London and
irregular.
Sterling exchange in Paris closed at
Paris, will attempt to sell exchange on New York to
27.33
frs.
against 27.70% frs. a week ago. In
business interests who wish to remit to this country.
New
York
Paris
checks finished at 5 76% and cables
A member of the commission who was questioned on
at
5
75%
,
against
5 77 and 5 76 respectively a week
this point stated that that matter had not been dis
ago
and
5
80
and
5 79 a fortnight ago. Exchange
cussed, but that as a general proposition it might be
taken for granted that anything that was deemed on Berlin is considerably stronger, as a result o f
necessary to stabilize the exchanges would be done. remittances on account of the offering of the German
Details, however, were something that could be de loan in this country. Checks closed at 84% , against
cided upon as occasion required. The volume of 83% last week and cables at 84% against 84% . Swiss
sterling exchange business has not been large this exchange is 5 26 and 5 25 for sight and cables,
week, though there is understood to have been a con respectively, against 5 30 and 5 29. Bankers sight
siderable covering of short commitments by the on Amsterdam finished at 40% and cables at 40% ,
smaller class of dealers. The large banks, however, against 40% and 40% a week ago. Commercial
having been fully in touch with the loan negotiations, sight on Amsterdam was 39 15-16, unchanged for
have not entered recently into these commitments on the week. Italian lires are quoted at 6 22 and 6 21
an important scale. The Department of Commerce for sight and cables, against 6 33 and 6 32. Greek
in its report of imports and exports of merchandise exchange remains at 5 27 and 5 26, respectively,
through the leading customs districts, gives the excess for sight and cables, Copenhagen checks are 25 95,
of the latter for the week ending Sept. 27 at $27,500, against 25.85 and sight exchange on Norway and
000. This compares with $35,423,734 for the week Sweden is 26.00, against 25.90. Russian roubles
preceding and $6,672,241 for the week preceding that. closed at 35% for sight, against 35% last week.
With the financial arrangements assured by the new
loan, the expectation prevails in foreign exchange
The New York Clearing House banks, in their
circles that exports from now on will continue to in operations with interior banking institutions, have
crease. Had the loan negotiations failed, there would gained $2,663,000 net in cash as a result of the cur
have been a severe handicap placed upon exportations rency movements for the week ending Oct. 1. Their
of American products in the form of the large dis receipts from the interior have aggregated $7,556,
counts at which British and French funds would con 000, while the shipments have reached $4,893,000.
tinue in the New York market.
Adding the Sub-Treasury operations and the gold
Compared with Saturday of last week, sterling imports, which together occasioned a loss of $1,260,
exchange on Saturday showed but little change, 000, the combined result of the flow of money into
demand being quoted at 4 7 0 % @ 4 71, cable trans and out of the New York banks for the week appears
fers at 4 71@ 4 71% and sixty days at 4 6 7 % @ to have been a gain of $1,403,000, as follows:
4 68. On Monday dealings in exchange were at
N et Change in
Out o f
Into
Week ending Oct. 1 .
a low ebb, it being, in fact, the dullest day experi m
Bank H oldings.
Banks.
Banks.
enced for some time; rates were steady, at 4 70% Banks' Interior movement. - _____ - $7,556,000 $4,893,000 Gain $2,663,000
18,049,000 | 19,309,000 Loss 1,260,000
@ 4 70% for demand, 4 7 1 % @ 4 71% for cable Sub-Treas. opcr'ns and gold Imports.
$25,605,000 1 524,202,000 Gain $1,403,000
Total..................................
.......
transfers and 4 6 8 % @ 4 68% for sixty days. Dull
The following table indicates the amount of bullion
ness continued the feature in sterling on Tuesday;
the undertone was firm with demand at 4 7 0 % @ in the principal European banks:
4 70% , cable transfers at 4 71 @ 4 71% and sixty
Oct. 1 1914.
Sept. 30 1915.
days at 4 6 7 % @ 4 68; generally speaking, the dis Batiks o f
Total.
Silver.
Gold.
Gold.
i SUrer. I Total.
position seemed to be to await definite news of de
£
£
£
£
1
£
£
52,916,604
62,008,891 _______ 62,008,891 52,916,604
tails of the forthcoming Anglo-French loan. On England.. 182,005,680
14,565,840190,571,520 163.680.000 127760,666 176.440.000
Frances..
- 120,710,150 2,150,250122.860,400 85.803.000 1,068,700 86,871,700
Wednesday a sharp advance was recorded, quota Germany
Russia — 163,802,000 3.189.000166.991.000 172.700.000 5,700,000 178.400.000
12,140,0001 63,718,000 51.578.000 12.140.000 63.718.000
Aus.-Hunc
tions showing a gain of about 2c. in the pound, as Spain----- 51.578.000
29.675.000 29,602,000 59,277,000 21.888.000 27.164.000 49.052.000
46.637.000 3,000,000 49.637.000
50,481,000
•45,811,000 4.670.000
a consequence of formal announcement of the Italy-----207,900 13,318.900
189,400 32,291,400 13.111.000
Nethcrl’ds 32.102.000
600,000 15.980.000
600.000 15,980,000i 15,380,000
Nat.Belgh
15.380.000
successful negotiation of the credit for British and Swltz’Iand 9,070,800 ............. 9,670,800l 8,966,700
8,968,700
5.736.000
Sweden . . 0,299,000 _______ 6,299,0001 5,736,000
French interests; active buying with a limited supply Denmark. 5.940.000 309.000 6,255,0001 3,780,000 ” 233,666 4.013.000
3.059.000
Norway.. 3.440.000 ............. 3,446,0001 3,059,000
of offerings was also a factor; demand went as high
708,108,904
62,873,600
67,415,490795,850,011|645,235,304
week 728,434,521
as 4 7 1 % @ 4 72% , cable transfers 4 7 1 % @ 4 73, Tot.
Prcv .week1720,823,580 67,439,740 794,263.326,643,671,939 76,433,3S0 720,105,319
and 4 6 8 % @ 4 69 for sixty days. Following the
a July 20 1915. c July 30 1914 In both years, h Aug. 0 1914 In both years.
sudden spurt of activity on Wednesday, sterling
exchange relapsed into dullness on Thursday, the
volume of business transacted being small, though T H E A D V A N C E ON T H E W E ST ER N B A T T L E
FRONT.
the tone throughout was firm, with demand bills
This
week’s
resumption
of a vigorous, persistent
quoted at 4 72@ 4 72% . cable transfers at 4 72%
and
concerted
offensive
by
the French and English
@ 4 72% and sixty days at 4 6 8 % @ 4 69; the atti
armies
on
the
western
European
battle front neces
tude of market operators appeared to be to wait
for the results of the subscriptions to the new foreign sarily marks an important turning point of the war.
loan. On Friday the market ruled firm and higher It is the fourth operation on the grand scale which
but still dull at 4 7 2 % @ 4 72% for demand, 4 7 2 % @ has occurred since this war began; the invasion of
1048
THE CHRONICLE
(Vol. 101.
Belgium and. the advance on Paris by the Germans
Such cases of political necessity arose frequently
being the first; General Joffre’s successful counter in our own Civil War, when armies were ordered
attack at the Marne and the resulting driving of forward because foreign intervention was feared
the Germans out of central France, the second, as a result of continued inactivity, or because an
and the invasion of Russia by the Germans and election was impending in the North. The con
Austrians the third. Like all of the three preceding sequences of peremptory orders by the Government
major operations, this week’s attack upon the in those days, to give battle for such reasons, were
whole German line on the West front has been long frequently disastrous. There is less reason to
prepared for. On its outcome, some of the most apprehend precisely this result in the present in
important issues of the campaign are staked. More stance, because, unlike the circumstances in our
perhaps than any other previous military demon War of Secession, the civil governments are not inter
stration (except the advance on Paris), its result fering in the conduct of this war. Joffre and
contains large possibilities bearing on the actua Kitchener have been left free in an exceptional
outcome of the war.
degree to act according to military considerations
It is impossible at the moment to say just how as they see them. Furthermore, the firmness,
much of immediate tangible result either has been self-restraint and sound judgment with which
or can be achieved. News of the larger military General Joffre imposed the policy of retreat
results becomes public slowly in these days. The before the advancing Germans in August of last
Manchurian War introduced to the world the new year, until his own forces were consolidated in a
tradition of battles which are not fought and won manner which seemed to him to warrant resump
in a single day, according to older war traditions, tion of offensive, give ground for believing that
but which continue unremittingly and with increas the present general attack was no rash or desperate
ing violence for a series of days, before it is possible venture.
even to determine which way the actual fortunes
I he German armies on the western front un
of war are moving. This was the case with the doubtedly have a great advantage in the long
Battle of the Marne; with the numerous Russian opportunity enjoyed by them of constructing succes
engagements in Galicia; it has been true even of the sive lines of entrenchments which, taken as a whole,
German advance into Russia. It must necessarily have come to be regarded by many military critics
be even more true of a fight against strongly en as impregnable against assault. But the Allies
trenched positions.
also have particular advantages. Their active and
It is not, indeed, possible as yet even to say reserved supplies of artillery and ammunition have,
precisely how extensive is the immediate strategic presumably, been brought up to the magnitude
objective of the Allied armies. As their purpose considered essential by commanders now thoroughly
presents itself to most people’s minds, it is to drive familiar with the problems involved in fighting on
the Germans from their entrenchments and expel the scale of the present war. Kitchener’s new army
them from France and Belgium. Undoubtedly of two million Englishmen, or thereabouts, may
this is the ultimate objective. Yet circumstances have been quietly transferred to France, at the
are such that the French and English commanders very time when military critics were complaining
may easily have hazarded this costly general assault that it was still delayed in England after the period
even when much smaller immediate results were of necessary training must have been completed.
considered probable. The time had obviously Furthermore, the fighting strength of the Germans
arrived when some powerful demonstration of on the western front has certainly been much re
military activity by the Allies was a peremptory duced by the requirements of the Russian campaign.
necessity. Russia was defeated. The German From that country, with the existing situation of
armies were moving on Petrograd and Kieff. The the rival armies on Russian territory, it is
effort to force the Dardanelles and capture Constan not now so easy to transfer troops in bulk for
tinople had been a failure up to date. The moral the relief or strengthening of the western German
effect of all this was strikingly indicated in Bul lines. The tangible results of the western attack
garia’s preparations for war, apparently with the by the Allies, so far as yet recorded, indicate that
view of joining Germany and Austria. An impend all these considerations have been operating in
ing invasion of Servia by the Germans, and a possible their favor.
German advance through Bulgaria against the
We shall presently know how far even victory in
English, French and Italian positions in the Gallipoli the first scries of lines of German trenches will insure
peninsula, had been rumored.
larger and more permanent military results. Pre
In fact, not only the Balkan States, but the out diction on this point is difficult, from the fact that
side world in general, were beginning to ask whether the outside world does not even now know definitely
Germany was not perfectly secure in assuming that what kind of preparation, in the way of fortifica
the strong Allied armies in the West were reduced tions and entrenchment, the German armies have
to permanent hannlessness and inactivity, leaving made still further back of their first lines of defense.
Germany’s reserve armies free to strike in any other However this may be, the conflict now raging may,
direction against weaker antagonists, with the perhaps, turn out to have been the critical action
possible ending of the war through victories in east of the war. Decisive success on the part of the
ern and southeastern Europe. To go into another Allies would almost surely settle the question as to
winter season with the deadlock on the western the attitude of the Balkan States; it might hasten
frontier unbroken would have been confession of Germany’s indirect overtures for peace. Defeat,
weakness in a military sense, and would have or even another military stalemate, would be a
opened grave political dangers to the Allies. In ieavy blow to the reviving hopes of the Allies.
other words, the question is reasonable whether the In either case it is certain that we are on the verge
present demonstration on the western front was not of events with the largest significance, in relation
both a military and a political necessity.
to the actual outcome of this war.
Oct. 2 1915.]
THE CHRONICLE
1049
Mare Island in California, and the return speech
TELEPHONING ACROSS THE CONTINENT AN D was over the land wires, but this was due only to
PRIVATE IN IT IA T IV E .
the present lack of instruments at the terminal
Accomplishment of wireless telephoning across the points; essentially, Dey Street in New York talked
continent recalls a suggestion some fifty years ago wirelessly with San Francisco, San Diego and
by the “ Autocrat of the Breakfast T a b le /’ Dr. Oliver Panama, and this only adds 400 miles to the length
Wendell Holmes. In a magazine talk on the Morse of gap previously bridged experimentally between
dot-and-line alphabet, he imagined some examples Arlington and the Isthmus.
of its use, for it then seemed far more wonderful
And upon the heels of this— so quickly that the
than it seems now. In one, a little boy, quizzed story of the first exploit was in the morning journals
in school on his favorite study, is attacked by of Thursday, and the story of the second was in the
failure of memory on one question, but suddenly evening journals of the same day— came the wider
a little girl in the same geography class is seized by bound of wireless speech, 4,600 miles, from Arlington
a painful spasm of coughing. One visitor feels to Hawaii, nearly twice as far as to California. The
relieved by noticing a certain regularity in the studied and unnoticed preparation extended through
coughs, and as those cease the boy answers modestly, months; the achievement is consummated in an
“ Rio is the capital of Brazil,” and when school is hour. Amazement is exhausted by the first dis
dismissed the two children go off together in unusually closure; the second cannot increase it.
close companionship. Again, a mishap is imminent
Self-restrained forecast now claims only extending
on a single-track railroad, because there is no way and supplementing wire systems, yet there is no
of reaching a train between stations; but suppose an reason for doubting that wireless talking will, ere
engine at the station which has discovered the long, be done between continents; news already
exigency could scream out “ Stop Comet” in the comes from Europe without wires, and what remains
alternate short-and-long of the Morse code, the is only to push farther principles already ascer
message of warning could be carried to the engineer tained, to aid them by discovering some still un
of the endangered train.
known, and to overcome the incidental difficulties
This was long ago in time, and longer yet in pro of interference and disturbance.
gress, and how marvellously have we advanced
The same men have carried this wireless telephony
since! The telegraph and the ocean cable were in to its present stage, and they are with the same
use then, but the telephone was not. It is hardly company, the company which probably enters more
four years since the wonder which thrills one with closely into commercial and private life than any
awe when calmly thought of, but has become an other single one. Is there any intelligent person
everyday matter under its terse name of “ wireless” , (not excluding the few that talk of Governmental
began to prove its services on the ocean. Tele ownership of all means of communication) who could
phoning in the ordinary manner over a strung wire think seriously a few moments and then profess
has gradually lengthened its reach until it takes the desire to exchange the railroad and the telegraph and
continent at one bound. It does not seem long telephone as we have them for any Governmentsince wireless communication between stations and handled scheme?
moving trains and necessarily between the trains
The lesson of these wonders, following one another
themselves became experimentally successful, which so rapidly as to lose some of their immediate sig
means that ordinary use follows soon; so there are nificance, is that individual enterprise and initiative
more effective modes of averting accidents and are better than any in government; indeed, it is
giving necessary orders than the scream of a whistle that alone which supports government, and to talk
over a few miles, or the device of a locomotive otherwise is to put effect before cause. Y et the
searchlight playing up to the sky at night. And lesson goes still farther: it illustrates the real small
now comes the last achievement, beyond which ness of the globe and the essential unity of man
nothing in that direction seems conceivable, for kind, which in the stretch of a century or two more
when man can talk with man without any insur is possibly to be hastened and confirmed by the
mountable barrier of distance communication has madness of a few persons in decaying dynasties,
reached its climax. The African savage, by using who cannot see that there is enough “ place in the
a drum of his own devising, can carry communication sun” for all and that real and lasting conquest comes
very readily over several miles, but by relay and through peace and industry, not by hatreds and
repeat; civilization discovers and utilizes some of slaughter.
______________________
the mysterious qualities of the atmosphere (if it is
indeed the atmosphere which is used) and thereby THE PROPOSED N EW STATE CONSTITUTION.
The Constitutional Convention has submitted to
pushes to the ultimate (unless we are to imagine
the
people of this State a document of great length
some future conversation with the Martians, if there
and
detail, and the claim of the public address ac
are such beings) the “ far-talk” which is the ety
companying it that the members were sincerely de
mological meaning of “ telephoning.”
It is only a few days since the newspapers told sirous of remedying admitted evils and defects may
a talc, somewhat scanty in its particulars, of a be conceded without question. To criticise the
claimed invention by which men had experimentally proposition seriatim or in many instances would be
conversed across wide gaps of open field, without fruitless, for the studious and reflective voter will
other material instruments than what small things ! examine the document for himself, and the careless
they carried on their persons, and straightway i and least competent (still, unhappily, a very large
imagination looked forward to communication on f if not the major part of the whole) will probably vote
the lines of battle and in all sorts of situations. The under instructions or not at all. Yet there are two
successful speech on Wednesday between this city topics of the highest importance upon which the con
and San Francisco was not entirely without wire, vention has signally failed, and it should not be use
for the “ jump” was only from Arlington, Va., to less to speak of these, since they are continuing
1050
THE CHRONICLE
[Vol. 101.
wrongs that need no verdict of further experience, thinking voter will not disapprove in some parts.
and still stand as to be remedied.
T o compel him to either accept what he would reject
The first of these is the failure to alter the existing or to reject the whole partakes of the vice of the
wrong which denies to this city its due representation “ rider,” and might be avoided by submitting the
in the Legislature. “ We have proposed (says the proposals to him separately, perhaps also allowing
address) as large a measure of home rule for the cities him to accept the whole in a single answer. The
of the State as is consistent with the recognition and only objection to this is the somewhat increased
retention of the sovereignty of the State.” The sub length of the ballot, but if the voter is to really ex
stantiality of the limitation suggested is not demon amine and consider he should have liberty of action
strable. The State and its sovereignty are identical accordingly.
with the voters and no sophistry can ever conceal or
In this instance, one article concerning taxation
gloze over the fundamental wrong of making voters and the four clauses providing for the composition
unequal under one common jurisdiction and depriv of the Legislature are submitted separately; other
ing those collected in one part of the territory of wise the draft is to be accepted or rejected as a whole.
their relative share in lawmaking power. Under the Yet there is one more exception; a section couched
general declaration that “ every city shall have ex in general terms, though obviously of only temporary
clusive power to manage, regulate and control” application, makes separate questions of two amend
itself, some provisions not without merit are embodied ments previously pending. One relates to a bond
in the new draft, but these are merely subordinate issue for the canal, and the other to the appeal of the
and are almost a mockery, for the old denial of just suffragists. The section provides that if an amend
and equal power in the Legislature is retained.
ment proposed by a convention and another already
If this city is sufficiently attentive and wrought offered by the Legislature relate to the same subject,
up over this if, for example, it chooses to agree and come before the people together, the former
with the suffragists in denouncing taxation without (if approved) shall supersede the latter; but, as a
representation there are two courses open: it can concession to the suffragists, if the people ratify in
vote down this portion of the document, which is next November their amendment “ to Section 1 of
submitted to separate action, leaving the case as it Article 2 of the constitution then in force,” that
now stands, or it can accept the new matter because article “ of this constitution shall be deemed thereby
of the modifications possibly for the better contained amended so as to embody the new matter.” The
in it, and then, in either case, a demand too emphatic fate of the suffrage amendment is therefore not de
for denial can be made for an amendment to offer pendent upon that of the new draft or any part of
what the convention should have offered.
that.
The other marked failure of the convention— and
There is an attempt to promote a more serious
for neither of these two failures is there any tolerable action by having the document printed and obtain
excuse— is in retaining the present vicious and able by voters who desire it. But its length will be
abominable mode of procuring amendments. The repellant, its subject is not attractive reading, the
new draft, either as a whole or by separate questions, politicians will take their usual course of turning
may be ratified “ by a majority of the electors voting their great influence as they think will best serve their
thereon” ; this is according to the present constitu own ends, and all special interests (emphatically
tion, and the convention had no power to change it, organized labor) will do the same; therefore we should
but could have proposed a change as to amendments not indulge great hope for a wise treatment. Yet the
hereafter. Yet propositions to require consent of a cure for the evils of democracy is more democracy, or
majority and even of smaller fractions of the whole rather a chastening experience by democracy. This
number voting were rejected. The present manner is the only alternative to such despotism as sets the
of ratifying is such a solecism, such a satire on popu globe in flames to attain its own dreams of more
lar government, that it is hard to assign a reason for power. Democracy must heal itself, for there is no
this failure in manifest duty; if the delegates supposed other healer.
the people have such a fancy for exposure to their
own indifference as to endanger the whole work if
THE CHESAPEAKE & OHIO REPORT.
reform of this vice were included in it, this section
The Chesapeake & Ohio Railway Co. suspended
could have been submitted as a separate question.
dividend payments on its shares during the fiscal
Therefore this document, and all subsequent year covered by the report now at hand— the only
changes, remain under the old exposure of legal dividend being the 1% paid December 31 1914, as
ratification by a single vote or by any handful “ voting against four quarterly payments of 1% each in the
thereon.” This defect is the “ rift within the lute,” preceding fiscal year— but as far as operating results
for the best constitution which the wisest man on are concerned the dividends might have been con
earth could frame would have no warrant of security tinued at the regular rate. The report shows net
against sudden faction or secret attack by selfish income above charges equal to 4.24% on the capital
interests, so long as a majority in Legislatures and stock outstanding, which is only one-half of 1%
any small fraction of the voters could distort it. less than what was earned in the preceding fiscal
The pending draft need not, however, be made to year and it is apparent that the discontinuance of
turn upon this wholly needless failure; for when the dividends was a step dictated by prudence and
people of this State come to take a sufficiently seri conservatism in the interest of the financial and
ous view of the importance of a sound fundamental physical welfare of the property and in compliance
law, and have a sufficient desire to maintain its with the terms of the Note Agreement of March 16
integrity, they can follow the example of several 1914.
other States in requiring a majority (or more) of the
In a period of generally unfavorable conditions—
whole vote for ratification of any changes.
both from the standpoint of the railroads and from
N o body of men can ever frame a constitution that of general industry— the system was able to
equally meritorious throughout, nor one which the add very materially to both its gross and net revenues
Oct. 2 1915.]
THE CHRONICLE
and if it had not been for a very considerable loss in
the income from other sources, the amount remain
ing for the stock on the year’s income account would
actually have been larger than for the preceding
year. In having been able to enlarge its traffic
and revenues the road in any event holds a unique
position for the period under review, since the com
mon experience of the railroads of the United States
for the twelve months in question was a loss in
traffic and in revenues alike. The Norfolk &
Western, for instance, a system in contiguous
territory with the same characteristics, sustained
a falling off in both the passenger and the freight
traffic as also in the revenue from both departments
of the service. The Chesapeake & Ohio did suffer
a decrease in the passenger traffic and revenues,
but, its freight traffic and revenues and total trans
portation revenue record further expansion to new
high record totals. In the freight revenues the
increase reached the substantial figure of $2,422,020,
or 8.4% , while in total transportation revenues
the further addition of $2,004,173, or 5.4% ,
occurred.
It is noteworthy that the gains have been con
tinuous year by year without any exception for
the whole of the last decade, that in the interval
from 1905 to 1915 the revenues have nearly doubled,
the total rising from $20,724,370 in the fiscal year
1904-05 to $39,464,037 in the fiscal year 1914-15.
The property is getting the benefits of enormous
sums of money that have been spent upon it in
recent years and the development of mechanical and
other facilities for the expeditious and economical
handling of traffic. From a table in the report it
appears that during the last six years there has
been a net addition to capital obligations in the
sum of $53,763,974, the money being applied in
the building and acquisition of new branches and
extensions, and in providing the necessary facilities
for handling a growing volume of traffic through the
purchase of additional equipment and the con
struction of second track, &c. As an illustration
of the new devices and facilities that have been
provided for the special purpose of rendering in
creased transportation services and of reducing
cost to the lowest basis per unit of work, we referred
last year to the steel dumping pier that has been
constructed at Newport News, the Atlantic tide
water terminus, and which had then just been
(namely on June 1 1914) put partially into opera
tion. This pier is electrically operated, and equipped
with every modern appliance for the expeditious
loading o f coal into cargo vessels and bunkers. It
has a rated capacity of 5,000 tons per hour when
both sides are in operation (only one side has yet
been completed), the road’s cars being dumped into
conveyor cars which are lifted to the top of the
pier by electric elevators. The service which the
company can furnish under such conditions, it was
calculated, would make a record for it in the fast
transferring of coal from railway cars to vessels.
It was this advantage, no doubt, which enabled
the company to increase (or further increase) its
coal and coke traffic from 19,251,488 tons in 1914
to 21,325,742 tons in 1915, being an addition of no
less than 2,074,254 tons, or 10.8%, on top of 2,
888,310 tons increase, or 17.7% , in the year preced
ing. The Norfolk & Western in the same period
of twelve months suffered a slight reduction in its
coal and coke tonnage, the loss, however, being
1051
entirely in the transportation of coke. The Chesa
peake & Ohio was able also to increase its agri
cultural tonnage heavily, where the Norfolk &
Western made only slight gains. In forest products
and manufactures, both roads sustained decreases,
this reflecting the business depression prevailing.
Through the gain in the coal and the agricultural
tonnage the Chesapeake & Ohio succeeded in raising
its total revenue tonnage, as compared with the
preceding year, from 27,722,015 tons to 30,048,454
tons, and the number of tons revenue freight moved
one mile from 7,064,650,082 to 8,138,347,516.
The addition in the latter case is over 15% and this
in a single period of twelve months.
In reviewing last week the annual report of the
Norfolk & Western, we alluded to the enormous
volume of traffic that that little system had built
up on a relatively small railroad mileage. Under
the great increase in its traffic the Chesapeake &
Ohio is becoming distinguished in the same way.
It has not yet attained the same high record as the
other road, but its achievement is nevertheless
noteworthy. The Norfolk & Western operated in
the year under review an average of 2,042 miles
of road and transported 8,918,549,288 tons of
revenue freight one mile. The Chesapeake & Ohio
operated an average of 2,369 miles of road and
moved 8,138,347,516 tons of revenue freight one
mile. In other words, the Chesapeake & Ohio
now has 3,435,061 tons of revenue freight one mile
per mile of road, as against 4,367,663 on the Norfolk
& Western. These are both very striking results
and we may repeat the illustration we gave last
week in showing what an exceedingly dense traffic
they indicate— that is to say, while the Chesapeake
& Ohio, comprising only 2,369 miles of road, shows
a revenue freight movement one mile of 8,138,347,516,
the Chicago Burlington & Quincy in the fiscal year
ending June 30 1914 (the figures of this company for
1915 are not yet available) with over 9,000 miles of
road or more than four times the 2,369 miles operated
by the Chesapeake & Ohio, had a total freight traffic
only very little higher, or 8,612,629,607 ton miles.
* The Chesapeake & Ohio has even harder conditions
to contend against than the Norfolk & Western.
While the latter’s traffic has to be transported at
exceedingly low rates, the averages on the Chesa
peake & Ohio are yet smaller, and it may be said
that in the case of both systems, very low rates are
an indispensable condition to getting the traffic
at all. With a further great addition in the late
year to the coal traffic, on which rates are lowest,
and the very substantial addition to the agricultural
tonnage on which rates also rule low, the average
realized per ton per mile was pulled down still fur
ther, so that the Chesapeake & Ohio on its entire
freight tonnage realized an average of only 3.84
mills per ton per mile, this comparing with 4.09
mills per ton per mile in the preceding year, the
further decline in average thus having been over
6 % . The Norfolk & Western, which has a larger
manufacturing tonnage, realized 4.10 mills per ton
mile in the latest year and 4.15 mills in the previous
year.
To emphasize what such an achievement means,
we noted in our discussion of the Norfolk & Western
report that it imposed upon the company the neces
sity of moving (in the Norfolk & Western case)
nearly 2)^ tons of freight one mile to earn a single
cent gross. In the Chesapeake & Ohio case, with
1052
THE CHRONICLE
[Vol. 101.
the average but 3.84 mills, it is obviously necessary capital stock of the Kanawha & Michigan Railway
to move considerably more than
tons of freight Co., in accordance with a decree of the United States
one mile to earn a single cent gross. We may de Supreme Court, handed down last year.
velop the thought a step further. On its coal and
Since the close of the fiscal year, that is on Septem
coke tonnage the Chesapeake & Ohio actually ber 4, the company has suffered the destruction by
realized only 3.06 mills per ton mile, this comparing fire of one of its grain elevators at Newport News,
with 3.12 mills per ton mile in the previous year. the grain elevator “ A ” — one of the largest structures
.Therefore, in this coal traffic a single cent gross is of the kind in the United States, with a capacity of
only realized when 3 1-3 tons are moved one mile.
1,500,000 bushels. There will, however, be no
Where such requirements are imposed by com interruption of the grain business. Elevator “ B”
petition and the character of the tonnage, it is with a capacity of 1,000,000 bushels, is being worked
obviously necessary to make new records in operating
night and day and one of the coal piers is being used
efficiency with each succeeding year, and both the for handling grain, the grain being transferred di
Chesapeake & Ohio and the Norfolk & Western
rect fiom the cars to the ships through specially con
are proving equal to the test. The Chesapeake & structed chutes.
Ohio added another 36 tons to its average train
load during 1915, bringing it up to the huge total
FORMAL PETITION F IL E D FOR RE-OPENING OF
of 906 tons. This is better even than the record
WESTERN FREIGHT R A T E IN CREASES.
of the Norfolk & Western for the same year, the
A formal petition for a re-hearing of the W estern freight
average on the latter for 1915 having been 841 rate advance case was filed with the Inter-S tate Com m erce
tons. Including freight moved for the company’s Com m ission on S ep t. 2 9 . On the 21 st u lt. the Com m ission
own use, the train-load for the Chesapeake & Ohio grantod the request m ade b y tho railroads for tim e in which
to proparo the formal petition for tho re-opening and re-argu
for the latest year was 962 tons. Notwithstanding m ent o f tho case, so far as rates on packing-house products,
the further increase in train-load in the latest year, live stock, fresh m eats, grain and grain products, aro con
the gain here was not quite sufficient to overcome cerned. 1 ho rates were to have becom e effective on Sep t. 3 0 ;
the elfect of the great decline in average rate real under the C om m ission’s order of S ep t. 21 the railroads wore
given ninety days longor, or until D e c . 3 1 , to com p ly w ith tho
ized by the Chesapeake & Ohio in the late year, as
original order, so far as it affects tho ratos in question.
In
we have already seen. Consequently, the freight tho potition tiled this w eek, the roads baso their contention
revenue per freight-train mile was reduced from for a re-hearing on the ground that tho Com m ission failed to
$3 55 to $3 48. Both figures, on account of the pass upon tho fundam ental issuo involved— tho need of tho
somewhat higher lading of the trains, are a little carriers for additional rovenuo. T h o potition recites:
There aro some things in tho opinion of tho Commission in this case
better than those for the Norfolk & Western, which which aro so vital, not only as affecting tho advanco proposed, but also
affecting tho ultimate wolfaro of the railroads and of tho public, that
had an average revenue per freight-train mile in as
wo do not hositato to aslc this Commission to rc-opcn tho caso that thoy
may bo moro fully presented.
1915 of $3 45 and in 1914 of S3 33.
Wo dosiro to speak plainly as to tho offects of this opinion, both upon
Notwithstanding the somewhat lower rate than in tho transportation problem of this country and upon tho futuro of this
Commission. Tho almost unlimited power of this Commission makes it
the preceding year obtained by the Chesapeake & imperative
that it shall most carefully consider and weigh tho effect of its
Ohio per freight-train mile, the freight earnings, as opinions upon so important questions as theso horo raised. In viow of
tho fact that thero is no adequate review of the Commission’s opinion, it is
already pointed out, were $2,422,020 more than in tho moro proper that re-argumont of tho quostion bo grantod.
the preceding year by reason of the increase in the
volume of traffic and the greater number of train- PLACING TIIE RESPON SIBILITY FOR THE MISSOURI
K A N S A S & T E X A S RECEIVERSHIP.
miles run. The economy obtained through the
Tho following editorial article from tho S t. Louis “ T im os”
increase in the train load is shown by the fact that
transportation expenses increased over those of the of Sept. 28 is interesting as showing a proper appreciation,
on the part of an influential organ of public opinion in the
twelve months preceding only $363,749, or not W e st of tho true causos of tho numerous rocoivorships in
quite 3 % , whereas in the tonnage movement one the Southw est:
mile, the addition, as already shown, was over
Anothor great Missouri railroad system— tho Missouri Kansas & Toxas
Railway, commonly known as the M . K. & T .—has suffered the fate of tho
15% .
I he total increase in operating expenses Wabash,
Rock Island, Frisco and Missouri Pacific, and has landed in tho
lor the twelve months was $1,142,514, as against court with a recoiver now in chargo. It is tho last of tho great Missouri
railroads to fall victim to adverso railroad legislation by incompetent
$2,004,173 increase in gross transportation revenues, assomblymen coupled with unjust and unfair rulings by commcrco com
missions.
leaving a gain in net earnings from transportation
For three yoars and moro tho St. Louis “ Timos” has ropoatcdly and con
of $861,658, but $960,576 of the augmentation in sistently callod attention to tho fact that tho railroads in this Stato could
not oxist, but woro doomed to. bankruptcy and rocoivorship, if tho reduced
expenses was in increased maintenance outlays. passenger and froight ratos wero permitted to continuo in force.
In the case of the equipment the amount expended
Repeatedly has tho St. Louis "Tim es" called attention of tho Legisla
ture to tho fact that tho railroads neodod roliof, if rocoivorships wero to bo
for repairs per locomotive operated was $3,013, avoided.
Attention was callod to the increase in wagos, ineroaso in tho
per passenger train car $921 and per freight train price of materials, increaso in intorost rates, increased taxation and roduced
income. Efforts were made to have ttio former froight ratos restored, but
car $82.
without avail, and month after month, quarter after quartor and year aftor
year, thero has been an augmentation of tho operating and gonoral oxponsos
As stated at the beginning of this article, the final of
tho railroads with a reduction of not rovonuo. Added to the burdens
net income remaining for the stock would have imposed by adverso legislation and reduced froight and passonger rates,
come tho additional burden of tho parcol post, with its attending lossos to
been fully equal to that of the preceding year, and tho railroads. Transportation oxponsos wero roducod in ovory direction
and
wherevor possiblo by tho officials of all Missouri railroads, but notwith
even better, if it had not been for the falling off in standing
this retrenchment and tho economies that woro introduced in
income from other sources. The figures just given ovory department, ono road aftor tho other was forced into tho hands of
receivers.
bear out that statement. We may add that in this
No Stato in the Union has suffered so generally and so decidodly as has
income from other sources there was a falling off of Missouri. Every railroad of magnitude operated from St. Louis, excepting
thoso affiliated with tho Eastern railroads, has mot tho samo fato. IIow
$1,126,431, of which $607,201 was due to diminished long tho roads with tho Eastern connections can continuo under thoso same
adverso conditions is a mattor which time alono can determine. Tho fact
return from hire of equipment and $532,682 fol is
that tho peoplo of Missouri have suffered at tho hands of tho Democratic
lowed from diminished return from investments and Republican politicians, who promoted and advanced their privato
by inciting and creating a hatred and prejudice against tho rail
and accounts. The loss in equipment hire was ambitions
roads, which prejudice resulted in irreparable harm and injury to tho Stato
and
tho
bond
and stockholders interostod in tho socurltlos of tho rospoctivo
due to a change in the character and direction of
railroads. In othor words, wo havo had too much Hadloyism, too much
the traffic, while the loss from investments is ex Majorism and too much Barkerism. Political ambitions havo boon ad
vanced and partially satisfied, but how about tho loss sufforod by tho
plained by the company’s sale of its holdings of the goneral
public?
Oct. 2 1915.]
THE CHRONICLE
IIow many more receiverships will wo have to cxpcricnco boforo tho
cclobritios who composo our State Legislature will awaken to tho necessity
o f extending to tho railroads substantial and permanent reliof?
Thoro is only ono sido to tho quostion o f whothor tho railroad rates bo
restored.
Tho St. Louis “ Times" has takon but ono stand on all mattors regarding
tho railroads, and has frequently called upon tho pross throughout tho Stato
to join in advocating moasuros which might avoid tho recoivorships now
upon us. Let tho pross and tho public now insist upon a fair and squaro
deal for tho railroads. Tho pooplo havo learned, through the prossuro of
hard timos, that thoy suffer when tho railroads suffer. The time for action
has corao, and tho sooner tho goneral public lets tho members of the LogisIaturo understand that tho former passonger and freight rates must bo re
stored, tho sooner tho railroads will omorgo from tho stato o f bankruptcy
and insolvency in which thoy now find thcmsolvos.
Tho M . K. & T. roceivorship is another monument to our blundoring
busybodies at Jefferson City.
D E T A IL S OF THE ANGLO-FRENCH CREDIT.
O f param ount im portance have been tho announcem ents
this week w ith regard to tho results o f tho negotiations for
tho A nglo-F rench credit.
T h o details of tho issuo woro
m ado public on T u esd ay night in N e w Y o rk and C hicago,
tho latter city having been tho center this week of confer
ences between W estern bankers and somo of tho m em bers
of tho An glo-F ren ch Financial C om m ission , which cam e to
this country on Septem ber 10 and has succeeded so speedily
n arranging this largo credit for tho purpose o f adjusting
tho foreign oxchango situation. A $ 5 0 0 ,0 0 0 ,0 0 0 issuo of
5 % fivo yoar bonds is to bo m ado, tho bonds to constitute
a direct join t and sevoral obligation of tho British and
French G overn m en ts.
N o other external loan, it is an
nounced, has been issued b y either of those G overnm ents,
apart from a limited am ou n t o f French T reasury notes
m aturing in tho noxt six m on th s. T h e bonds will bo re
payable at tho ond of fivo years, or convortiblo into 4 J ^ %
bonds of tho two G overn m en ts, repayable n ot oarlior than
fifteen years, nor later than tw onty-fivo years.
T ho $ 5 0 0 ,
0 0 0 ,0 0 0 issuo will be underwritten by a syndicate of A m erica
bankers, which will contract to purchaso tho loan from tho
two G overnm ents at 9 0 . T h o bonds will bo issued to tho
public a t 9 8 , thus yiolding approxim ately 5 j ^ % to tho in
v estor. T h o arrangem ent included a provision for lotting
tho public com e in, within a limited tim e, a t tho syndicate
prico, and it is understood th at somo largo individual in
vestors have availed of tho opportunity thus afforded. Sub
scriptions, howovor, havo been on such a volum inous scalo
that it is expectod th at syndicate participation will very
shortly bo definitely closed. According to tho C om m ission’ s
statem en t, “ tho proceeds of the loan will bo em ployed exclu
sively in Am erica for tho purpose of m aking the rate of ex
change more stable, thereby helping to m aintain tho voluino
o f Am erican o xp orts.” T h is statem en t, given out in Chicago
b y tho Chairm an o f tho C om m ission, Lord R eading, and in
N ow Y o rk by Sir H enry B abin gton Sm ith , formerly President
o f tho B an k of T u rk oy, and one of tho British representatives
on tho Com m ission, was as follows :
I am now in a position to make an announcement as to our proceedings:
The discussions between tho Anglo-['’reach financial mission and tho
American hankers havo resulted in tho formation of a definite plan for a loan
to tho British and French Governments to be issued in tills country on a
broad and popular basis. Tho proceeds of the loan will be employed ex
clusively In America, for tho purpose of making the rato of exchange more
stable, thereby helping to maintain tho volume of American exports.
The plan contemplates tho Issuo of $500,000,000 five-year 5% bonds,
constituting a direct joint and several obligation o f tho British and French
Governments, as regards both capital and interest. No other external loan
has been Issued by cither of these Governments apart from notes of tho
French Treasury to a limited amount, maturing in tho noxt six months.
The bonds will be repayable at tho end of fivo years or convertible, at tho
option of tho holder, into 4 H % bonds of tho two Governments, repayable
not earlier than fifteen years and not later than twenty-fivo years from tho
presont time by tho two Governments, Jointly and severally.
Tho bonds will bo Issued to tho public at 98, yiolding approximately 5 \ 4 %
to the investor. The work o f offering this loan will bo carried out by a syn
dicate which Messrs. J. I’ . Morgan & Co. and a large group of American
bankers and financial houses will at once set about to form. Such group
will Include representatives throughout the country and all members of tho
syndicate will bo on precisely the same footing. This syndicate, whoso
business it will bo to arrango that every Investor shall iiave an opportunity
to subscribe to tho issuo, will contract to purchaso tho loan from tho two
Governments at 90.
A t tho same tim e a statom ont on behalf of J . P . M o rgan &
C o . was issued b y Ilonry P . D avison of that firm .
In this
it is pointed out that tho proceeds o f the loan will bo handled
so as to in no w ay disturb our m oney m arkots, and to that
end tho goneral plan will bo to leave tho cash realized from
the bonds on doposit with tho institutions which becomo
mombers of tho syndicate. T h o follow ing is tho statom ont
issued on behalf of tho firm :
The commission has mado plain, by its statomont, that it has determined
at tho outset to recognizo investment conditions in America. It proposes
to moot these conditions by issuing an obligation which is without precedent,
namely, tho joint and several promise to pay of Great Britain and France.
To this It has attached terms which mean a yield to tho investor of almost
!) 'A % per annum and carry witli them a conversion privilege calculated,
upon tho return of normal conditions, to provo of distinct valuo to tho holder
1053
of this bond. The interests of tho small investor are also consulted in the
decision which tho commissioners have arrived at to issuo the bonds in de
nominations as low as $100 and to allow subscribers to make installment
payments for tho loan. It Is to be noted that, as the commission has stated,
this is an external loan free from all present or future English and French
taxes.
It is proposed by tho commission that tho proceeds of tho loan be handled
so as in no way to disturb our own money markets and to that end the gen
eral plan will bo to leavo tho cash realized from the bonds on deposit with
banking institutions which become members of the syndicate throughout
tho United States. This proposed loan may, in fact, bo considered as an
arrangement mado by American commercial and agricultural interests with
their regular customers to accept deferred payments covering commodites
purchased.
International commerce necessarily involves at times the extension of
credit by the selling nation to the buying nation. Tho agricultural, manu
facturing and financial interests of this country should welcome the oppor
tunity to extend credit to any solvent customer where the extension of
such credit furthers American trade. The normal export trade of this coun
try to Great Britain and France runs into many hundreds o f millions o
dollars annually. To preserve such trade under the existing abnormal
conditions, we believe the proposed arrangement to be imperative and
accordingly wo and the many banking institutions and financial houses
that will be associated with us will act as managers without compensation.
M r . D avison further stated that all the syndicate houses,
in and out o f N ow Y o rk C ity , will participate alike in hand
ling tho bond s.
W h ile this c ity , he said, w ould be the center
o f tho syndicate’ s operations, other centers will be designated
in B o sto n ,P h ilad e lp h ia ,C h ica go , P ittsburgh, S t. Louis, M in
neapolis, N e w Orleans and San Francisco. Subscribing banks
will bo allowed to retain the am ount of their subscriptions as
deposits, tho understanding being th at the depositaries will
p ay tho Allied G overn m en ts 2 % until the m oney is with
drawn for use.
It is stated that tho bonds will bo payable
in sevoral installm ents, the first 2 5 % .
T h e principal and
interest will bo payable in N e w Y o r k .
A meeting o f representatives of the principal bond houses
o f tho city was held a t the offices o f J . P . M o rgan & C o . on
W edn esd ay to consider arrangem ents for the handling of
tho credit. A com m ittee of eight banking houses was nam ed
to work out the details, this com m ittee consisting of Harris,
Forbes & C o ., Brow n B ros. & C o ., J . & W . Seligm an & C o .,
Leo, H igginson & C o ., W illiam A . R ead & C o ., W h ite , W o ld
& C o ., Kissel, K innicutt & C o . and the G uaranty T rust C o .
A . B . Forbes o f Harris, Forbes & C o . is C hairm an. T h e
syndicate which will handle tho bonds will be the largest
over formed; up to yesterday the num ber of local institu
tions participating w ith J . P . M o rga n & C o . aggregated
sixty, and included tho following:
Importers & Traders,
B a n ks—
Irving,
American Exchange,
Liberty,
Bank of America,
Mechanics & Metals,
Bank of .Manhattan Co.,
Merchants.
Bank of Now York,
Bank of Commerce,
Chemical,
City Bank,
Chase,
Park Bank.
First,
Hanover,
Metropolitan,
T ru st C o m p a n ie s —
New York,
Bankers,
Title Guarantee & Trust C o.,
Contral,
Union Trust,
Colum bia,
U. S. Mortgage & Trust Co.,
Equitablo,
U. S. Trust Co.
Farmers’ Loan,
Guaranty,
Kountze Brothers,
B a n k in g H o u s e s —
Lazard Freres,
C. 1). Barney & C o.,
A. B. Leach & Co.,
A. Belmont & Co.,
Lee, Higginson & Co.,
Blair & Co.,
Ladonburg, Thallman & C o.,
W . P. Bonbright & Co.,
Maitland, Coppell & Co.,
Brown Bros. & Co.,
Montgomery, Clothier & Tyler,
Clark, Dodge & Co.,
Potter, Choate & Prentice,
Harvey Fisk & Sons,
W. A. Road & Co.,
iioidolbach, Ickolhoimer & C o.,
Redmond & Co.,
llallgarten & Co.,
Remick, Hodges & Co.,
N. W. Halsey & Co.,
Rhoades & Co.,
Harris, Forbes & Co.,
W . Salomon & Co.,
A. Iselln & Co.,
J. & W. Seligman,
Kean, Taylor & Co.,
Spencer Trask & C o.,
Kidder, Peabody & Co.,
White, Weld & C o.,
Kissel, Kinnicutt & Co.,
Conferences were hold this week w ith m em bers o f the
Listing C om m itteo of the N e w Y ork Stock Exchange w ith
regard to tho listing of the bon d s. W h ile a fee of $ 5 0 per
million is ordinarily charged, it is stated that tho courtesy
of listing U nited States G overnm ent and N e w Y o rk C ity
bonds free will bo extended to cover the present case.
At a
special m eeting of tho Governors of tho Exchange on W ednes
day tho quostion of the com m issions for trading in tho bonds
was discussed, and it was decided to leavo the m atter for
settlem ent between the brokers and their custom ers.
A s indicated a b o ve , the announcem ent regarding the de
tails of tho credit cam e out while some of tho m em bers were
in Chicago, whero thoy had gone last M o n d a y for a threedays’ conference w ith W estern bankers.
T h e intention to
visit that city was m ade known last Sunday night, after a
tentative agreem ent w ith regard to tho loan had been reached
in this c ity .
From tho com m ission’s hoadquarters a t the
B iltm ore H otel tho following stateinont concerning tho Chi
cago trip w as issued:
1054
THE CHRONICLE
We have spent much o f our time since arrival in studying conditions
n this country and have conferred with many bankers and business men.
We are now desirous o f meeting some of the leading men o f affairs from other
groat centers, and for that purpose the Chairman and some other members
of the mission will start to-morrow for Chicago. We have beon greatly
pleased with the active and cordial desire for co-oparation shown by diverse
interests throughout the country, and we feel confident that an arrange
ment will be effected for the attainment o f the common ends sought,
namely, to preserve and maintain international trade between the United
States o f America on the one hand and Great Britain and France upon tho
other by tho removal o f the impediments which arise from instability in
tho rate o f exchange.
F ou r o f the six m em bers o f the com m ission w ent to C hi
cago, n am ely B aron R eadin g, Sir E dw ard H . H o ld e n , Basil
B . B lack ett and Ernest M a lle t. T h e y were accom panied
b y T h o m a s W . L am on t of J . P . M o rg a n & C o . T h e y re
turned to N e w Y o r k on T h u rsd ay . E xcept for the Cen
tral T ru st C om p an y o f Illinois, the larger banks of C hi
cago h ave n ot y e t definitely com m itted them selves to
participation, b u t the prevailing impression is th a t if tho
institutions them selves do n ot subscribe, those identified
w ith them will purchase liberally in their capacity as indi
viduals.
George M . R eyn old s, President o f the C on tin en tal
& Com m ercial N ation a l B an k o f C hicago, when approached
as to his b an k ’s a ttitu d e, w as quoted on W e d n esd ay as say
ing: “ There is nothing definite. I t is up to our board of
directors. I do n ot believe there is a banker in the c ity who
knows w h at his ban k will do as to participation in the lo a n .”
In tho case of the Central T ru st C o m p a n y , President
Charles G . D aw es m ade known on T h u rsday his intention
to recom m end to the directors th at the institution subscribe
for its “ proportionate and reasonable sh are.”
A statem en t to the effect th at English holders o f the
A n glo-F ren ch loan would be subject to the B ritish income
tax wherever th ey hold the bonds, either in E n gland or the
U n ited S ta te s, was m ade b y R eginald M c K e n n a , Chancellor
o f the E xchequer, in the H ou se of C om m on s on S e p t. 3 0 .
T h e opposition of G erm an -A m erican depositors to the use
o f their deposits toward the A n glo-F ren ch credit has resulted
in the issuance o f a request b y the G erm an Savings B an k
o f this city for a statem en t from the banks and trust com
panies w ith which its funds are deposited as to their attitu de
tow ard the loan . T h e statem en t, issued under date o f Sep
tem ber 2 3 , is as follow s:
Tho finance committee o f the German Savings Bank o f the City o f Now
York authorizes you to say that they are communicating with all tho banks
and trust companies who have any o f thoir monoy on deposit, asking them
for their positive answer as to thoir position with reference to tho proposed
loan to the Allies, and, furthermore, beg to state that in caso of an unsatisactory answer the deposit will be immediately withdrawn.
T h e G erm an Savings B a n k is one of the largest savings
institutions in the c ity ; its deposits on Ju ly 1 were reported
as $ 9 2 ,7 5 4 ,4 8 9 .
T h e possibility o f the organization o f a G erm an-A m erican
N ation a l B a n k which w ould take care o f the deposits of
those w ho look w ith disfavor upon the Anglo-F ron ch credit
has been talked o f. Bernhard H . R idd er, son of H erm an
R idder o f the “ N e w Y ork er S ta a ts-Z eitu n g ,” spoke in favor
of such a m ovem en t a t a m eeting o f the Am erican T ru th
Society last T u esd ay , a t which protest w as voiced against
the pending credit.
A t a convention o f the Illinois D ivision o f the G erm anA m erican Alliance in Peru, 111., on S ep t. 2 6 plans were for
m ulated for Illinois m em bers o f the organization to inform
banks in which th ey have deposits th at any participation
b y them in the proposed credit to England and France would
result in the w ithdraw al of the m em bers’ accou n ts. T h e
c o n v e n tio n . also adopted resolutions dem anding a special
session o f Congress to provide legislation which will prevent
the shipm ent o f war m unitions from the U n ited States and
condem ning tho actions of Am erican m anufacturers who are
selling w ar m unitions to E u rop e.
K U H N , LOEB & CO. NOT TO P A RTIC IPA TE I N W A N .
K u h n , L oeb & C o .’s attitu de toward tho loan, which has
been tho subject o f conjecture b y tho newspapers during the
past few weeks, was definitely m ade know n yesterday in
tho follow ing statem ent given out b y Jacob I I . Sch iff,
senior m em ber of tho firm :
With differing sympathies on the part o f tho individual mombors of our
firm, we decided at tho outbreak o f the war to rofrain from financing public
loans for any of the Govornmonts o f tho bolligerent nations. Concerning
tho present Anglo-Fronch dollar loan, wo havo felt that as American
bankers we should assist in what wo believe will rosult in promoting the
nterest o f the country’s commerce and industries, but it not having boon
‘ ound practicable to give any actual assurancos that the Government of
-ussia— against whose inhumanity tho membors o f our firm have over
[Vol. 101
raised thoir voices— is not to derive benefit from the funds that aro to bo
raisod through tho Anglo-French loan, I havo felt constrained to advise
m y firm to refrain from becom ing participants in the loan.
JOSEPH
CHOATE AND W RD READING
P IW R IM 'S D INNER.
AT
A dinner was tendered to the m em bers o f the A n g lo French F inancial Com m ission b y the Pilgrim s of the U n ited
States a t Sherry’s on T h u rsd ay night.
Sir E dw ard I I .
H old en , w ho was indisposed after the Chicago trip, was the
only m em ber of the C om m ission n ot in attendance. B aron
R eading, Lord C hief Justice of E ngland and Chairm an of
the C om m ission , M . O ctave H om berg o f the M in istry of France
(also a m em ber o f the C om m ission ), Joseph H . C hoate,
President of the Pilgrim s, ex-Senator Chauncey M . D opew
and Francis Patrick M u rp h y were the speakers of the
occasion.
Lord Reading spoke feelingly of the reception
accorded him and his colleagues, his rem arks being set out
in the “ T im e s ,” as follows :
I have not tho accom plishm ent which you r eloquent and distinguished
Chairman possesses, that is, I am not a neutral, and I cannot, therefore,
say to you what I would like to say. I havo felt during his speech that
tho bonds o f restraint which I should have to put upon m yself when I
speak to you were very near bursting.
It was worth coming to tho United States to hoar from one of your most
distinguished citizens tho words that havo fallen from him from tho very
depths o f his heart. It was wortli far more than that, for my colleagues
both from Great Britain and from France linked together as wo aro in one
common interest and in ono groat affection, to come hero and meet you at
this banquet, to recognizo your sympathy for our countries, and, beliovo
mo, if I say no moro about it, it is not becauso I do not feel much; it is
rather because in the capacity which I fill at this momont and as your
guest at this assembly, I could not trust myself to say evon part of my
thoughts.
W hon I return to England and when m y colleagues from England go back
with m e, and when m y colleagues from gallant France return, they will bo
ablo to say what they saw to-night; they will be ablo to tell what they heard,
and, above all, it m ay bo given to them to bo ablo to reproduce tho sym
pathetic atm osphore w hich, perhaps no words will over bo ablo to give to
our ow n people.
*
*
*
You havo spoken to-night to mo during the course of tho dinner, M r.
Chairman, of the visit of my predecessors in the office which I now hold
to this country— two distinguished men. Lord Coleridgo, and then, later.
Lord Russell. Both o f them, when holding their appointment as Lord
Chief Justice of England, visited your country upon your invitation.
It is a strngo irony o f fate and yet a strango turn o f tho wheel o f fortune
that I should find m yself addressing you horo to-night, Because, blit for tho
war, in all probability I should havo been visiting tho United States this
year as the guest o f one o f your law associations to which I had m ade a
promise I would attend in 1915 and deliver an address, but at that tim e no
one foretold tho war. E vidently tho engagement was not to bo fulfilled.
I am hero now in another capacity.
You may not know what I have como for; at least I think it would bo
indelicate of me to mention it to you after dinner. It is a most curious
thing that so many of the things which I thought and said to myself, “ you
must not say,” your Chairman, with that extraordinary genius which ho
possesses, seemed to think of as exactly tho kind of thing that ho might
say, and I will pass from it with only this observation, that I am here,
it is true, as tho Lord Chief Justice o f England, but not in that capacity.
I am hero as tho Chairman of tho mission of tho Government of Great
Britain and of France, sent to this country for a purpose whicli is well
known to you.
It has not beon a holiday task; it is ono full of responsibilities. Had it
been a holiday task none of us would havo been hero. These aro not times
for holidays for us. But proud as wo aro, privileged as wo think ourselves,
honored boyond our merits in being selected by our countries to como hero
to this great country as missionaries, wo feel that wo owo you a debt of
great gratitude for tho reception that you havo given us.
Your generous and oven enthusiastic opening of your arms and your
hearts to us lias touched us deeply. W o fcol to-night that wo are among
friends— that wo are at homo among you. W o came as strangers, and
wo havo been received as relatives. Wo aro hero to-night in a society
which exists for tho purpose o f promoting good relations between the
United States and Great Britian, to which you havo felicitously joined
for this evening the great Republic o f Franco.
W o thank you and wo thank your people and do believe mo that I speak
in all earnestness and from tho bottom of a heart which is fuller, perhaps,
than you can gauge who have not had to go through tho thirteen months
which wo in England and Franco havo had to endure. I say to you, you
havo done much to help us by your sympathy and wo never, under any
circumstances—-and I speak for all of us, and Mr. Homberg will spoak for
the Republic of Franco himself— never under any conditions can wo forget
that on this occasion, on this September 30 of tho year 1915, after our
thirteen months of war, when we came hero to you, as we havo done, that
you of this Pilgrim’s Society havo clasped us to your hearts and mado us
feel warmly and more deeply than over what a great bond humanity is.
M r . C hoate’ s remarks espousing the cause of tho A llies,
elicited unstinted applause. A cknow ledging that wo are
a neutral n ation, M r . Choato pointed out that tho units
o f the nation are guaranteed b y the constitution the right
to freedom o f speech, freedom of thought and freedom of
the press; speaking only for him self ho said, “ whenever
I see m en fighting for liberty, justice and civilization m y
heart is alw ays with th em .
On the other hand , when I
seo m en com m itting the grossest brutality and cruelty m y
heart is all against th e m .”
M r . C hoate furthor said :
M y friends from England and Franco havo boon steadily laboring with
financiers, and they havo reached a conclusion after two weeks which, if
they had appealed to tho people o f this cou n try, tlioy would have reached
in tw enty-four hours; I thank them for giving Americans tho clianco to
help matters along.
Fourteen m onths tho war has beon waged and now I hope that every
man, wom en and child o f the United States who has got a hundred dollars
will invest it in this loan, and w hat’s m oro, I hopo that this Is only tho
THE CHRONICLE
Oot. 2 1915.
first installment. It's a groat thing for us to have tlio opportunity to help
and I think that the people hero aro grateful for it.
I am speaking for myself and constantly daily and nightly I am sym
pathizing with the Allies. I verily believe this is the sentiment of ninety
millions of tlio,pno hundred millions of my countrymen. How can it end?
I know I can't say when or whero it will end, but I do know that io will end
the right way. The peoplo o f this country understand just what this
contest is— a contest between liberty and slavery and law and order against
militarism seeking to dominato all Europe.
Our country is on the right side and our President is trying to the best
of his ability and utmost sincerity and with success to keep us within the
rights of a neutral nation and out of this war. Tie is sustained by ninetecntwonticths o f the population o f the United States.
GERM ANS AD VISED
TO H O L D A M E R I C A N
SECURI
TIES.
-
According to a news itom given out by the Overseas
News Agoncy in Berlin on September 17, the Central Asso
ciation of German Banking Interests has warned German
owners of American securities deposited in London banks
against authorizing the sales of their holdings,as advised by
London banking interests in order to profit from the rato
of exchango on New York. Tho dispatch says :
The Contral Association of German Hanking Interests informs its
members that owners of American securities deposited in London banks
havo been advised by London banking interests to sell these securities,
profiting from the rato o f exchange on New 1 or e.
Tho roal purpose, however,' is to mako useful German-owned American
securities deposited in England, tho marketing of which would improve tho
exchange rate. Therefore, the members of tho association aro warned
against authorizing such sales.
C O M P A R A T I V E F I G U R E S OF C O N D I T I O N
C AN AD IAN BANKS.
OF
In tho following wo comparo tho condition of the Canadian
banks, undor tho last two monthly statements, with tho return
for Juno 30 1914.
ASSETS.
A u g . 311915. J u l y 3 1 1915. J u n e 30 1914
Elsewhere - ........... ..................
30.f50.988
21,903,516
39,688,514
22,785,943
2S.l48.84i
17,160,111
02,434,457
46.108.952
61,554,504
T o t a l ___________________
92,114,482
129,793,677
Dominion notes.......................... 129,715,955
Deposit with Min or of Finance
6,762,749
6.667,568
0,762,749
for security of note circulation
6,350,000
3,050,000
6,550.000
Deposit in central gold reserves
111,230,683
123,608.936
Duo from banks-------------------- 127.275,565 858,240,175
925,681,966
Loans and discounts---------------- 859,008,478
119,710,645
102,344,120
Bonds, securities, &c...........- - 125,209,429
67,401,484
71,168,233
71,855,565
Call and short loans in Canada.
Call and short loans elsowhcre
117,821,174
137,120,167
than in Canada------------------- 120,607,677
75,358,305
71,209,738
76,738,137
Other assets--------------------------T o t a l .................................. 1,585,338,059 1,558,870,098 1,575,307.413
“ These twelve billion marks pay the cost of warfare for the next six
months, as our war expenses average something under two billion marks
monthly. We won’t need tho new war loan before next March— it ’s
become systematized now.
“ The result of tho third German war loan beats the record of the second
English loan, which has been hailed throughout tho world as an unbeatable
performance. The third loan thereby is tho greatest financial operation in
the world’s history.”
“ Germany,” he said, “ can hold out financially and make war indefi
nitely.”
lie is particularly convinced that Germany’s financial position is infi
nitely stronger than England’s, and suggested humorously:
“ Wall Street seems on the point of putting its money on the wrong
horse. That may hurt Wall Street more than Germany in the course o f
the war, for the man who loses a bot is worse o ff than tho horse that wins
the race. England has Italy and France to look after. Germany is better
o ff in this rospect, for Turkey makes war very cheaply and Austria has held
herself very well financially. Thus far she has raised over seven billion
kronen.”
. . .
Herr Ilellforich was discreetly reticent on tho subject of the Allies’ loan in
America except to say:
“ Of course everybody who helps our enemies makes warfare moro
difficult for us, and thereby lengthens tho war. I believe if America
would loan no money to the Allies it would measurably shorten the war.”
Tho Secretary suggested, howover, that by trying to borrow of its rich
American cousins, England sooner or later would suffer the fate of poor
relations. Ho continued:
“ I am nevertheless confident that, despite tlicMorgan-IIolden interlude,
that the success of our loan, which shows anew that we stand firmly on
our own feet, will contribute to good relations between Germany and
America. For independence is the first word of American history, and the
first pledge of real friendship.”
The Financial Minister, who is not only thoroughly posted regarding
Wall Street nows, but also has tho figures of England’s war finances at
his tongue’s tip, made the following interesting comparison:
“ In long-time loans England, up to the present has raised $1,062,000,000
and Germany $6,250,000,000. In this connection you must bear in mind
that England's war expenses havo been little less than Germany’s thus far
and soon will bo bigger, since to-day England pays out for war, nearly
$25,000,000 daily, and Germany not much moro than $15,000,000. That
makes the daily per capita cost of war twenty-five cents in Germany and in
England fifty-five cents.
“ I doubt very much if the English financiers to-day still are confident
that they’ll havo tho longer wind. Germany has put out her three war
loans at tho same rate of interest, at rising pricas, namely 97 14, 98 'A and
99 for tho third loan, whereas England has had to raise the rato of interest
from 3 'A to 4 H , and in all probability wili now be compelled to mako it 5%
for tho now Avar loan, whether floated in England or America.
" Gormany placed her war loans splendidly, as is indicated by the fact that
they invariably stand at a higher figure than tho original prico. England
placod her war loans poorly, since they sell several points under the issuing
figure. England, in order to achieve great success for the second war loan,
had to equip tho new bonds with ‘conversion rights and other inducements.
“ Germany has achieved even greater success without any artificial stimu
lants. All reports spread abroad about pressure and compulsion horo aro
puro fiction. Wo have simply appealed to the financial strength and pa
triotism of our fellow-citizens. Our success must open the world’s eyes
and show how groat is Germany’s financial strength, how strong her will
to win. Gormany finds tho sinews of war at homo and neods no outside
L IA B IL IT IE S .
authorized---------------- 188,866,666
subscribed-------- -------- 114,422,;>66
paid up.............................” 3,984,747
fund_________________ 113,060,988
188,866,666
114,422,566
113,984,488
113,060,988
8
192.866.666
115.434.666
114,811,775
113,368,898
99,610,962
40,074,343
462.132,170
692.580,626
25,996,399
6,192,024
13,515,010
100,412,424
37,013,339
439,712,441
691,731,719
29,601,786
4,789,361
13,050,350
99,138,029
44.453,738
458.067.832
663.650,230
32,426,404
20.096,365
12,656,085
$
Capital
Capital
Capital
Reserve
C irculation---------------------Government deposits-------Demand deposits-------------Time deposits------------------Due to banks-------------------Bills payablo------------------------
Other liabilities___________
Total, not including capital
__ _
,
. . . . 00
or reserve fund__________ 1,340,101,534 1,316,311,420 1,330,488,683
N o t e .— Owing to the omission of the cents in tho official reports, tho
footings in the above do not exactly agree with tho totals given.
S U C C E S S OF T I I E N E W
GERMAN
W AR LOAN.
Describing tho new German war loan as “ the greatest
financial operation in tho world’s history,” D r. Karl Ilolfferich, Secretary of tho Imperial Treasury, assorted on
Sept. 24 that it had exceeded Great Britain’s last loan, which
had boon “ hailed throughout tho world as an unbeatable
performance.” Tho subscriptions to the Gorman loan,
known as tho third war loan, were officially announced on
Sept. 24 , through tho Overseas Nows Agency, as totaling
12,030,000,000 marks, or $3,007,500,000. It was stated
moreover, that these figures would bo still further increased,
as additional returns were received from various parts of tho
Nation. Commenting on tho results of the offering, D r.
Helfferich declared that “ Germany can hold out financially
and mako war indefinitely,” and at tho same time took
occasion to make comparisons between tho loans of his
country and England. Tho New York “ Times” furnishes
tho following interview in the matter had with him by ono
of its staff:
,
“ It [the loan] will boat 12,000,000,000 marks,” ho said. “ Tho result
exceeds popular expectation.”
"N o, it didn’t exceed my expectations, he said. “ I’m not ono ol tho
modest ones. I'd expected a big result all along, and my expectations
are fully realized. This moans that with the first and second war loans
tho German pooplo liavo furnished $6,250,000,000 in tho form of a con
solidated loan for carrying on tho war. Thereby all our expenses till now
are fully covered and over and above that, there aro now funds available to
swell our short-time credit for continuing tho war. Wo have not only now
armies, as tho Chancellor has said, but now billions, free for fresh blows, and
tho financing o f tho winter campaign woil into tho spring is assured.
1055
Answering a question, the Secretary said that tho Reichsbanlc had 2,500,
000,000 marks gold on hand, twice as much as tho Bank of England, and
this although* ‘not inconsiderable, gold shipments had been sent abroad by
Germany.” IIo smilingly concluded:
“ Gormany can no more bo beaten by silver bullets than by say cotton.
As for cotton, wo will simply wear our clothes longer. It won't kill if you
aren’ t in tho latest fashion. After that we can wear shoddy. No wc won’t
havo to wear paper clothes for some time yet.”
To illustrate the heavy participation in the loan by small
subscribers, it was stated that nearly 45,000 depositors of
tho Berlin Savings Bank had subscribed to it, as compared
with 35,000 in March. Dresden and vicinity subscribed
255.000. 000 marks ($63,750,000), as compared with 211,
000,000 marks for the March loan; Cassel subscribed 100,
000,000 marks, as compared with 77,000,000 in March; tho
Dusseldorf branch of the Reichsbanlc 408,000,000, as against
280.000. 000; tho Dortmund branch, with four adjacent
offices, 77,000,000 as against 32,000,000, and tho Berlin
Municipal Savings Bank 48,000,000, against 36,000,000.
Emperor William, in felicitating D r. Helfferich on the
success of tho loan, sent him tho following message:
I thank you for this great success of tho financial warfare with which
you have been intrusted. The German nation full of confidence in its
own strength, has shown its enemies and the whole world that in the future
it is unanimously united as one man, is unshakablo, and will continue to a
glorious end this war, obtruded upon us by criminal surprise, and make
ovary necessary offer of blood for tho security and liberty of the Fatherland.
Tho new loan was also the subject of comment by Rudolf
Ilavonstoin, President of the Imperial Bank of Germany,
in reviewing tho financial and economic position of the coun
try at a meeting of the executive committee of the bank on
Sept. 27. lie is quoted to tho following effect by tho Over
seas News Agency:
_ .
The gold influx has again increased, after a short period of relaxation. In
tho last three weeks the gold reserve has increased 8,000,000 marks ($2,000,
000), notwithstanding gold shipments in considerable amounts to foreign
countries, for reasons well known.
Loaning institutions hold securities to the value of only 262,000,000
marks for monoy borrowed for the second war loan. Thoro is a gold cover
of 43 1-3 per cent for circulating Treasury notes.
The increase in note circulation is duo to lack of sufficient currency for
uso in Belgium and the occupied territories in tho east. The civil popula
tion and tho troops need currency of small denominations for their daily
needs. The gold which was in circulation formerly in those territories
disappeared before they were evacuated.
1056
THE CHRONICLE
[Vol. 101.
Tho third war loan, according to reports now at hand, amounts to 12,066,
000,000 marks. Some subscriptions, including those from tho army for
which the time was oxtended, are still outstanding.
Economic conditions havo been adapted ontirely to tho changed condi
tions. Iron and steel production havo reached 70% o f tho amount in times
o f peace. Tho figuro for coal and coko production aro still higher.
In
sPito o f tho call to arms o f a majority o f railway workors, traffic has in
creased steadily. Tho figures for July established a record surpassing that
o f peaco times.
Deposits o f saving institutions havo increased to such an extent that not
only were tho unusual demands o f tho third war loan satisfied oasily, but
thoro is available cash still to bo disposed of. All classos of tho population
utilized their savings for tho war loan, which was thus a people's loan in tho
truo sonso o f tho word.
with our association, this committeo has worked with us to prepare a model
biuo sky Act. This proposed Act with their roport upon it was pre
sented to tho 1915 convention of that association hold at Oakland, Cal. I
present it to you with this report in order that with your approval it may
appear in tho printed records o f this convention. This is a fraud Act,
based on tho hederai postal laws, with effective provisions for its enforce
ment. Its purpose is to provent fraud by making its detection and punish
ment simplo and effective.
I he now Acts adopted during tho current year havo boon published in
tho Bulletin, together with our comments upon those adopted in Michigan,
Kansas and Iowa. Tho Nortii Dakota law Is practically tho samo as that
adopted in Kansas. Tho South Dakota and Arkansas laws aro practically
tho samo as that adopted in Michigan.
I he new Michigan Act is largely a re-enactment o f the former Act
which was declared unconstitutional. It has already been attacked in a
James J. Hill has approved the recommendation made by suit brought by the parties to the former suit, a temporary restraining
the Finance Committee of his bank, the First National of order has been entered, and it is expected that a motion for a continuing
injunction will be argued before three Federal Judges within tho next two
St. Paul, that the institution shall subscribe to the German months. This Act is apparently a "test A c t." It seems to be the purpose
loan. M r. Hill has been one of the principal advocates of the Attorney-General if he is again defeated to carry the decision to tho
of the Anglo-French credit; it is stated as likely that the bank United States Supreme Court, where we shall, I hope, in time get a decision
establishing finally the important principle for which wo contend
Only
will participate in each loan to the extent of $200,000.
| with such a decision by our highest court may we feel secure against tho
Kansas type of law and be able to co-operate effectively with the State
officials toward obtaining more or less uniform and effective legislation
N A T I O N A L B A N K S N O T S U B J E C T TO T E N PE R C E N T
against the get-rich quick concerns whose activities are tho real object
. of “ blue sky” legislation.
L I M I T I N G O V E RN M E N T LOANS.
A ruling to the effect that a Government would not bo | I do not wish you to think that aside from this Michigan suit tho “ blue
sky” situation is all plain sailing. Opportunism and radicalism die hard.
construed as a person, company, firm or corporation within There is a good deal of potential politics in “ biuo s k j" legislation and It
the meaning of tho National Bank A ct, and that therefore can only be met on our part by a frank appeal to public sentiment. A
year and a half ago. in answer to some criticism of our work, we made it
the limitation on tho amount of loans to 1 0 % of a bank’s Publicly quite clear that we were unequivocably in favor of effective legisla
capital and surplus does not apply in connection with loans tion. The result was prompt and satisfactory. Wo obtained the frank
to a Government, was announced by Comptroller of tho co-operation of tho State officials’ association to which I havo referred, and
we aro now able to endorse the law proposed on behalf of that association.
Currency John Skelton Williams on Wednesday. Tho ruling >Ve havo not, however, been able to continuo what may bo called the
is said to havo been given in answer to inquiries from na publicity side of this work. New opposition and criticism is coming from
tional banks interested in tho $500,000,000 credit. It is Michigan and Kansas, new misunderstandings of our position and desiro.
I hope that the individual members of the association will do what they
pointed out that tho Comptroller is without authority to can, and wherever they can. to correct any such misunderstandings, and
control national banks in such matters and that tho question where necessary will write us for information and material for this purpose.
of participation in loans is entirely a matter for tho officers I hope they will give publicity wherever necessary to the position of tho
association which has been repeatedly voiced by its officers, notably by
and directors of a bank to pass upon. The statement issued the former President, George B. Caldwell, and hero at this convention by its
by tho Comptroller says:
i retiring President. A. B. Leach. We all know M r. Franklin’s position,
In response to inquiries which havo been received at tho Comptroller's that the Association from its inception has favored, and now favors con
Offico as to whether national banks will bo limited in taking Government structive “ blue sky” legislation.
We have been told on every occasion that this legislation was not directed
, , aw,owy the I)rovisions of Section 5200 U.S.K.S., which restrict tho total
liabilities to any national bank o f "any person or any company, corporation against the investment banker. We ask simply that it bo so drawn that
ho
is not mistakenly included In its provisions with tho “ biuo sky" fakir
or firm for money borrowed” (not including discount of commercial paper,
&c., actually owned, and bills o f exchange against oxisting values) to ono- and got-rich-quick concerns. We ask also that the law lie a continuing
° / t’h0 capltal and surplus o f tho bank, but in no ovent to exceed and effective instrument Tor tho detection and punishment of fraud and
•10% o f the capital stock o f tho bank, tho Comptroller o f tho Currency not a regulating or a license statute under which a successful fraud may
poso as an investment bonanza and reap a dishonest harvest under tho
said to-day:
This Office has boon advised by counsel that governments aro not ‘cor sanction o f tho State. We ask business freedom for the investment dealer
porations' or 'persons’ within tho meaning o f Section 5200, and that in and a rocky road to the county jail for tho gefr-ricb-quick promoter.
In answer to a number of inquiries, and at tho instance of Mr. Iioyt, wo
vestments mado by national banking associations in Government securi
ties, such as Government bonds, in excess o f 10% o f tho unimpaired capital recently made a very complete examination of the question of tho right to
do business by mail in the "blue sky” States. Our opinion on this was
and surplus o f the association, would not bo in violation o f that section.”
published in a recent Issue of the “ Bulletin.” Our conclusion was that as
to practically all the existing "blue sky” laws, and having In mind par
ticularly thoso with which we are familiar, dealers might, as a matter
RO BER T R. R E E D O N B L U E S K Y L E G I S L A T I O N A N D
of law. treat the regulative or license features of these laws as unconstitu
M U N IC IP A L F IN A N C IN G .
tional when applied to strictly inter-Stato transactions. In reaching this
Dealing with the subject of “ blue sky” legislation, Robert conclusion we were giving special weight to the so-called “ blue sky” deci
sions in the Michigan, Iowa and West Virginia cases, and wore assuming
R . Reed, in his report as General Counsel of tho Investment that these decisions would be upheld if tho question finally came to tho
Bankers’ Association of America, presented at last weok’s United States Supreme Court: in other words, wo wero of tho opinion that
convention in Denver, pointed out that tho effect of tho these decisions aro correct, but wo could not say that they finally settled
tho question. •
decisions holding unconstitutional several of these laws has
We stated that our general advico to dealers would bo that in handling
been to check the spread of legislation of this character. inter-Stato business by mail they endeavor, as far as possible, as a matter
both
of precaution and of good policy, to moot tho views o f tho adminis
This, ho stated, is clearly shown by the records of tho 1915
trative officials of tho States: that wherever tho volume o f such business
legislatures, eight States revised their oxisting laws and no was large enough to justify It. they endeavor to conform to tho statutes
State adopted any now law, although in practically all tho as they stand: but, on the other hand, whero it'was not possible to meet
forty legislatures in session “ blue sky” bills wero intro the views of the State officials without serious injury to the business, and
especially where to do so would be prohibitive of tho business, as in tho
duced. M r. Reed’s remarks on this subject wore as follows: case of dealers having only a small business in a particular Stato, that thoy
As in prior years, the most important part of our work lias been connected should feel practically safe In ignoring tho laws, at least for tho purpose
with the .blue sky” situation. Our victories in Michigan and Iowa havo of making offerings by mail: and that, as a further precaution, it would bo
boon followed by a third Federal Court dccreo holding tho West Virginia well to endeavor, so far as possible, to close transactions in the homo
b uo sky law unconstitutional. This decision by two judges, with ono State, and to do the business, so far as possiblo, outside tho “ biuo skv'
'
dissenting, was based squarely on tho former decisions. But for thoso Stato.
decisions it might conceivably havo been two to ono tho other way. Tho
In conclusion, wo gave it as our opinion that, acting along those general
majority opinion concludes with tho gratifying statement, "Tho opinions lines, and asserting the right of freedom in their business only insofar as
In the Iowa and Michigan cases aro so clear, sound and convincing as to necessary to protect such business from destruction, legitimate doalers in
not only command our admiration, but to lead us to tho conclusion that investment securities should have nothing wliatovor to fear from any o f
nothing moro comploto and effective can now bo added to them.”
tho blue sky laws with which wo are familiar.
Wo havo now tho unanimous opinion o f eight Federal Judges holding tho
I think it can bo fairly said that our "biuo sky” work has had tho im
Kansas type of law unconstitutional as applied to ordinary business cor portant offect of pointing tho distinction between quasi-public business
porations and partnerships raising money on their own securities for their and privato business, and of drawing a line beyond which executive control
own business purposes and to the dealers in securities of such corporations of business cannot legally and should not wisely go.
and partnerships. To this view thoro has boon no dissent. Tho minority
M r. Reed also took occasion to refer to tlio examination,
jopimon in the West Virginia decision construed tho Act to apply only to or
ganizations making a business, so to speak, of promoting its own securities. of tho Federal Trade Commission A ct, mado by him with a
Tho decisions upholding the Arkansas, Florida and Montana statutes also view to determining its effect on business and its constitu
apply to strictly promotion and got-rich-quick concerns. They do not apply
rI ho so-called “ unfair competition” provisions,
to the ordinary business of the investment dealer. This is mado clear in tionality.
the discussions of tho West Virginia and Arkansas cases, which was published M r. Reed says, seem to him of very doubtful constitution
in the 'Commercial & Financial Chronicle” of Dec. 19 1914.
ality; “ their principle,” he adds, “ is tho samo as that which
The effect of these decisions in checking tho spread of “ biuo sky" logisation is very clearly shown by the records of tho 1915 legislatures. Eight wo havo so far successfully opposed in our biuo sky legisla
States, including West Virginia. Iowa and Michigan, rovised thoir existing tion— executive control of privato business.
It is un-Ameri
laws and no new State adopted any new law, although in practically all of can and I believe, unconstitutional. It means a Govern
tho forty legislatures in session "biuo sky” bills wero introduced and in
ment of men, and not of laws.”
some cases, strongly urged. Our work in connection with tills legislation
consisting in furnishing material and in correspondence, was fairly con
M r. Reed, likewise, had something to say on tho question
tinuous during the legislative sessions.
of municipal financing, in Now Jorsoy, which formed tho
Ono important result of our work in this matter has been tho co-operation
given to us by the so-called “ biuo sky committee” appointed by tho 1914 theme of an address by him before tho Now Jorsoy Savings
convention of tho National Association o f Supervisors o f Stato Banks
Bank Association last M a y .
IIo statod that sinco that
hollowing tho instructions given them by that association, to co-operato
time ho has beon in active consultation with tho Chairman
OCT. 2 1915.]
THE CHRONICLE
of a commission appointed by the Governor to investigate
municipal financing. Continuing, ho said :
The recommendations I have mado to this State commission and whereover possible in New Jersey, New York and elsewhere, embody, I believe,
the views which experience has brought to nearly all of us who have studied
this subject. They may be summarized as follows :
1. One general municipal bond law in each State, with uniformity, so
far as possible, in the essential provisions, in the different States.
2. Adcquato debt limits, based on assossod values, with soparato but
real limits applicable to water debt and possibly to other debt for rovenuoproducing utilities, based on a proved existing revenuo, not upon a pros
pective rovenuo.
3. A prohibition against tax limits applicable to the payment of muni
cipal dobts. Limit tho power to borrow not the power to pay.
4. A prohibition against funding of maintenance charges, except by
rovonuo bonds running not moro than five years.
5. An effective system to compel tho liquidation of all debt within the
period o f usefulness o f tho improvement for which it is incurred. Per
sonally I feol that a sorial bond with a limited maximun maturity is essential
for this purpose. I beliovo tho requirement should bo that the installments
of principal shall be so related in amount that tho sum o f the principal and
interest in any year shall not oxceed tho sum of tho principal and interest
in tho preceding year; also, that all bonds shall mature within a period
certified or declared in advance to bo tho period of tho probable useful
noss o f tho improvement, or within a period fixed by a gonoral law, pro
scribing a maximum period for tho different classes of improvements. If
long term or sinking fund bonds bo authorized, and as to all such bonds
now outstanding wo should have a mandatory tax provision making it tho
absoluto duty each year of a designated official to colloct a sum, which
with tho funds in hand and with equal annual levies for tho ensuing years,
duly amortized in tho sinking fund, will equal the principal at maturity.
Whoro refunding becomes necessary it should bo required to bo by serial
bonds maturing and to bo paid in tho shortest possible period out of a
substantial annual tax, say o f one-eighth o f one per cent. Tho rule of
payinont out o f rovenuo, of actual liquidation of debt, should bo emphasized
and permanently established as the keystone of municipal security.
6. An optional taxpayer’s referendum (as distinguished from a man
datory oloction) on all bond Issues, certainly as to those of tho smaller
municipalities.
7. Somo pormissivc and expeditious judicial proceeding to dotermino
conclusively any question effective the validity of municlapl bonds in
advance of their issuance.
TRA D E OUTLOOK— T H E O P POR TUN ITIES A N D
DANGERS.
THE
That “ considering the sizo of our country, its almost
inoxhaustiblo resources and its growth in wealth and popu
lation, tho growth of our foreign commerco, while encour
aging, is not impressive,” was tho assertion mado by W . S.
K ies,of tho National City Bank of Now York, in an address
dolivored on Sept. 24 beforo the studonts of tho Northwestern
University School of Commerco in Chicago at tho opening
of tho school year. M r . Kies stated that one of tho reasons
for our failure to develop our foreign commerco moro rapidly
was tho fact that “ wo have had no well defined export
policy.” As an illustration of what ho meant by an export
policy, M r. Kies outlined tho steps taken by Germany in
tho past twenty-five years in developing her foreign trado,
saying in part:
Contrast tho definito, cloan-cut export policy of Germany and that of tho
United Statos. Wo have no merchant marine worthy of namo, but instead of
passing laws to oncourago its growth, our legislators increase tho burdens of
operation. No effort is made to place tho groat manufacturing cltios in
tho interior of tho Unitod Statos on an equal competitive basis with tho
manufacturing centers of tho soaboard. Until recently thoro wero no pro
visions in our national banking laws encouraging, or, as a matter of fact,
oven permitting tho financing of export business, and no provision wliatovcr
for tho establishment of branches of American banks abroad. Forced to
tho koonost kind of competition in foreign markets, and up against organi
zation of tho most effective kind, our manufacturers have boon forbidden
by law to combine for tho purposo o f handling export business. Com
pelled by law to compoto against each other, and prohibited from making
agreements in regard to prices or credit terms, thoy have boon forced to
duplicate selling forces in foreign fields, with the result that foreign business
is dono at groat oxponso and small profits to those in tho field. There
has boon no conscious attempt until recently to oducato tho American pub
lic to tho value of oxport businoss to tills nation.
Foreign markets are created by foroign investments. England and Ger
many liavo togother invostod nearly five billions of dollars in South America,
and many of these loans have had in them tho provision that tho proceeds,
where nooded for materials, wero to bo expended in tho country making tho
loan. On tho oilier hand, there has boon no substantial intorest in this
country in regard to foreign loans. Wo liavo heretofore needed so much
money for tho development of ourown resources that wo ourselves have been
obliged to borrow in Europe for this purposo. Tho invostor in this country
has generally avoided foreign loans, first, because of his want of knowledge
of other countries, and, socond, bocauso he has felt a lack of confidence
owing to tho fact that wo have had no definite govornmontal policy in oncouragomont of such loans. Thoro is now afforded an opportunity for
this country to change Its position from a debtor into a creditor nation. We
to-day liavo tho greatost bank roservos and tho largost gold holdings in
our history. By wisoly loaning to Europo, to South America and to tho
Orient, wo shall croato a now relationship o f iminoasurablo valuo in pro
moting future profitable commercial Intercourse.
Tho fact that wo have had no definito oxport policy Is responsible, to a
argo degroo, for tho gonoral attitude of tho American manufacturer toward
foreign businoss. Too often ho has boon a moro opportunist. Foresight
Is lacking, and tho immodiato future is only considered. * * *
South America is a vcritablo storehouso of wealth, tho keys to which aro
immigration and capital. As tho resources o f tho countrios aro dovolopod
their importanco as world markets will incroaso moro than proportionately.
Tho United Statos, by forco o f circumstance, has now tho opportunity to
bind tlicso South American countries to it by financial and commercial ties
which will insuro us a permanent and satisfactory position in thoir markots,
but to do so will require careful, scientific study. Intensive effort and con
structive leadership.
1057
To tako the fullest advantage of tho opportunities which are now ours
requires the education not only of our masses but of our business men,
our bankers and our leaders themselves. The people of this country must
bo taught that a largo foreign commerce means permanent prosperity. A
public opinion must bo created that will compel our legislators to inaugurate
a definite policy of helpfulnoss on the part of the Government. Such a
policy would contemplate tho passago of measures removing tho handicaps
under which our merchant marine is now operating and providing for its
rehabilitation; laws permitting combinations of American manufacturers
in export trade so as to bo able to moot on equal terms foroign competition
in foreign markets; tho scientific readjustment of our tariff so as to prevent
tho dumping in our markets of tho products o f foreign corporations; the
adjustment o f railroad rates so as to permit tho manufacturer in the interior
to bring his goods to a shipping port at such a price as will enable him to
compoto successfully in a foreign market, and tho formulation of a definite
policy for tho encouragement and protection of American investments in
foroign lands.
Tho Amorican manufacturer on his part must undertake a scientific
study of market possibilities tho world over. lie must inform himself of
tho demands of foreign markets, the style and character of goods wanted,
and ho must be prepared to meet the demands of his foreign customers.
Ho can not compete in price until ho knows exactly what it costs him to
produce. Confronted as he is by increasing labor costs, ho must meet the
situation by moro efficient organization and greater economies in manufac
ture. Co-operation in sales campaigns for tho development of foreign
markots will be found necessary to keep down tho cost of developing these
markets. But most of all tho development of our foroign commerce will
depend upon tho character and training of tho men who aro carrying on
tho work.
Referring to the trade balance in our favor, amounting to
over a billion dollars for the fiscal year recently ended, M r.
Kies pointed out that, “ with this favorable balance in sight,
giving us an unprecedented call upon tho gold supply of
Europo; with the largest gold holdings in the banks in this
country in our history, and with orders for over three quar
ters of a billion dollars’ worth of munitions of war to bo man
ufactured in this country during tho next two years, it would
seem that we are entering upon an era of unexampled
prosperity.” He portrayed, however, a reverse side to the
picturo and drew attention to tho fact that the huge war
orders placed in this country, and tho exaggerated reports
of profits spread through the newspapers have encouraged
labor to demand its share in these great profits. As a
result, ho said, hours of work have decreased and wages have
gono up. Laborers in other lines, envious of tho wages of
tho munition workers, are making similar demands, with the
result that gradually but surely tho wage standards through
out the country are being lifted. If wages increase, cost of
production must necessarily increase. M r . Kies added:
Easy and quick profits aro always demoralizing. Tlioro aro many manu
facturing concerns to-day sacrificing permanent and substantial markots
for tho prosent quick gains. Tho public, oxcitod by talos of hugo profits,
is speculating as never beforo. A period of inflation is threatened and it
might bo well to count tho cost in advance. If wages keep on increasing,
if speculation becomes rife, if extravaganco, induced by oasy money, per
meates our national life, we shall, after the war is ovor, face a groat com
mercial and industrial crisis.
It is reasonable to assume that production in Europo for somo period
after tho war closes will proceed at a disadvantage, and at an actual higher
cost. If it wore possible to maintain wages in this country at anywhere
noar tho former level, the margin which has kept us out of many of the
markots of the world heretofore would bo changod in our favor.
The nations of Europe, when this bloody nightmaro shall liavo been dis
sipated, will bo compelled;to pay an enormous bill. Evory man, woman and
child will bo compelled to produce. Those products will bo offered for sale
in tho markots of tho world in order to rostoro shattered credits. Pro
duction will go on at a disadvantage and at a greater cost than heretofore,
but those products will bo sold at any price because their salo will bo a neces
sity. Tho most rigid economy will provail and standards of living reduced
to tho minimum. Not only tho foreign markets which we now have but
our domostic markets as well may bo in danger. Realizing tho compe
tition in storo for us, ought wo not to begin immediately to propare for this
commercial warfaro?
M E E T I N G OF N A T I O N A L F O R E IG N T R A D E C O U N C I L .
That tho United States must preparo to meet tho Euro
pean competition which is expected to be active and power
ful at tho end of tho war, was the dominant fact emphasized
at tho second annual meeting of tho National Foreign Trade
Council, hold in this city on Sept. 23. The session was given
over to a great extent to the discussion of plans which would
enable our commerce and industry to meet tho conditions
expected after tho war. A report of the committee on the
tariff question, presented by M . A . Oudin, manager of the
foreign department of the General Electric Company, was
ono of tho chief features of the meeting. The report ex
pressed tho opinion that the tariff system should bo flexible,
so that tho Government might be in a position to negotiate
trade agreements which would secure tariff advantages to
American producers. The committee adopted tho follow
ing resolution, urging tho President to use his powers to
bring about reciprocal tariff concessions:
W h e rea s, Tho prosent Tariff Act for the encouragement of American ex
port trado authorizes tho President to negotiate trado agreements,subject
to tho approval of Congress; and,
W h erea s, No agreements have been negotiated thereunder, largely be
cause tho chlof commodities of those countries which could afford to mako
reciprocal tariff concessions to American manufacturers are already upon
ho freo list; and,
1058
THE CHRONICLE
W h e rea s, Existing foreign tariff and administrative discriminations against
products o f the United States impedo the full dovelopmont o f our export
trade and possible tariff agreements among European nations, following
tho war, may vitally affect our foreign cominorce; it Is therefore
R eso lv e d , That it is tho sense o f tho National Foreign Trado Council that
tho highest interests of tho United States requiro that tho authority con
ferred upon tho President to negotiate commercial agreements should be
so exercised as to assure American exports reciprocal and equivalent for
eign tariff treatment in return for tho valuable market hero given to for
eign products, and to obtain tho removal o f unduo discriminations against
tho products o f the soil and industry of tho United States. Sinco adapta
tion of this phaso o f the tariff to tho necessities of tho changing international
commercial relationships peculiarly requires export and national, rather
than political and sectional, consideration.
F u r t h e r reso lved . That to contribute to public knowledge on this question,
and to seek to establish the principle that future tariff revisions, by what
ever party undertaken, shall proceed with effective economic regard to
tho interests o f export trade, the National Foreign Trado Council hereby
recommends tho establishment o f a tariff committee o f seven members,
appointed by the Chairman. to include at least five active business men and
one tariff expert, who may or may not bo members of the Council, and whoso
duty it shall bo to investigate and report to tho Council upon tho efficacy
of tho present United States tariff system for the promotion o f export trado
and its protection from unduo discriminations by foreign governments, the
necessary expenses to bo borno from the funds of tho Council.
On tho shipping question, the merchant marine committee,
composed of James A . Farrell, P . A .S . Franklin and Capt,
Robert Dollar, reported that tho development of a sound
policy for broadening the American merchant marine was
mado difficult by tho lack of knowledge on tho part of tho
public of tho fundamentals of marino transportation. This
committee presented a monograph which it has had com
piled by exports on the shipping industry. This work
which dea's with tho fundamental phases of tho question,
will bo printed and distributed to tho public. M r . Farrell,
Chairman of tho Council, announce l that a member of tho
committeo had contributed $1,500 to bo distributed in ten
prizes of $150 each for tho best essays upon shipping ques
tions by students of colleges and universities. M r . Farrell
presided at the meeting, which was attended by 35 business
men from different parts of tho country. John D . Ryan
President of tho Anaconda Coppor Mining C o ., presented a
report on co-operation in foreign trado, and W .D .S im m o n s,
President of tho Simmons Hardware C o. of St. Louis, sub
mitted a report for tho committeo on commercial education
for foreign trado, of which ho is Chairman.
Tho Council has decided to hold tho third National For
eign Trado Convention in New Orleans. Tho date of tho
meeting is to bo late in January or in Fobruary.
D E B T C O N D IT IO N S I N COTTON -G RO W IN G
D ISTRICTS.
A pamphlet dealing with the subject of debt conditions in
tho cotton-growing districts has been prepared in tho offico
of tho Secretary-Treasurer of tho National Association of
Credit M on. The leaflet takes up those features in connec
tion with tho financing of tho cotton crop in which tho credit
department is particularly concerned, “ namely, tho probablo
extent of indebtedness, financial and mercantile, dependent
for liquidation upon tho present crop; what may result if the
price of tho staple should fall below tho average cost of
production, or if conditions abroad should affect oven moro
than during tho past year tho movement of that portion
of tho crop which is customarily taken for foroign consump
tion.” Tho pamphlet in part says:
It would bo expected, naturally, that under tho conditions which pre
vailed twolvo months ago, a portion of tho largo indebtedness dopendont
upon tho crop of 1914 for liquidation would bo extended to tho fall of 1915.
A most thorough investigation rovoals that tho indebtedness thus oxtondod
is smaller than anticipated, and Should avorago not moro than 30% of tho
unliquidated indebtedness o f twolvo months ago. This Is explained by
tho fact that when tho disturbance bogan, promptly wholesalers and retail
ors strovo diligontly to defend this indebtedness, and thereafter, for tho
remainder of tho fall soason, thoir credit allowances wore below normal and
risks generally wero scanned moro closely than usual.
Our information is that tho indebtedness depondont for paymont upon
tho crop of this year is no larger than tho avorago indebtedness of tho
cotton-growing district at this period in recent years.
Concerning tho crop upon which tho paymont of tills old and now indobtodnoss is largely dopendont and which is relied upon to restore tho
buying and soiling o f merchandise in tho cotton-growing district to a moro
normal condition, it would appear that economic disturbances and financia1
losses in tho fall and winter o f 1914 encouragod very desirable economic8
which, if persoverod in, should largely correct tho unfavorable balance in
tho cotton district.
First, thoro has been a decreased cost o f production which is found
mainly in two items—a decreased uso of fertilizer so that tho indebtedness
of this year for that item will not bo moro than 60% of tho indebtedness in
curred in 1914, and again a decreased cost in labor, tho planter having
arranged with his farm hands and emergency help on a much lower basis
than that which prevailed for the previous season. Those and other
economies liavo decreased tho avorago cost o f production at least ono-fifth
as compared with 1914— wo might safely venture one-fourth.
In consequonco o f tho economies and policies cited, tho oxpected crop
of tho staplo is not moro than three-quarters of tho crop of 1914, but if this
expectation is fulfilled and tho crop can bo marketed ovon gradually at a
profitable price, thero should bo mado possiblo a liquidation of all, or noarly
all, of tho indebtedness for merchandise and monoy credit that oxists at
presont in tho cotton-growing dsitrict.
[Vol. 101.
Great caution and prudence is urged “ in credit granting
until tho situation has fully developed and it is known what
will occur in tho production and marketing of tho crop.”
O F F I C I A L S OF RIGGS N A T I O N A L
BANK
IN D IC T ED .
Indictments charging perjury in connection with tho
proceedings brought by tho Riggs National Bank of Washing
ton, D . C ., against tho Treasury officials wero roturned
by tho Grand Jury in Washington on tho 1st inst. against
Charles C . Glover, President of tho bank; William J. Flather,
Vice-President and II. II. Flather, Cashier. Four indict
ments wero returned against each of the officials named.
They are charged, it is stated, with perjury in making an
affidavit setting forth that tho bank had nover engaged in
stock market transactions and had no dealings with tho
stock brokerage firm of Lewis Johnson & C o ., which failod
in November 1914. During tho trial of the bank’s suit
against the Treasury officials attorneys for tho latter con
tended that the books of tho failed brokerago firm showed
many transactions in tho names of tho bank officials men
tioned. This aspect of tho case was placed before a Grand
Jury and Milton E . Ailes, Vice-Prcsidont of tho Riggs Bank
and Joshua Evans Jr., Assistant Cashier, wero called to
testify. They aro not named in tho indictments roturned
on tho 1st inst. Frank J. Hogan, counsel fqr tho bank,
issued a statement following the return of tho indictments,
in which ho declared that they did not in any way concern
tho money or other property of tho bank. M r. Hogan
stated that tho indictments wero ontiroly personal to the
officials mentioned and resulted from a technical construc
tion of an affidavit filed in connection with tho business
relations between tho failed brokorago firm and tho officials
of tho bank. Tho statement adds :
On a purely technical construction of tho wording of tho affidavit by
which neither the court nor any one else was deceived, and without 'any
charge involving loss, or injury to tho property or business of tho bank
this long-threatened action is taken at tho instanco of tiie Government and’
contrary to what is understood to bo tho usual course in such casos while
tho suit of tho bank against tho Government officials is pending. ’
M r . Hogan said that a special committeo of tho board of
directors of tho bank had employed oxport accountants,
who wero able to traco overy one of tho transactions. The
statoment concluded :
All but a relatively small number have boon actually identified as being
for tho account of particular individuals and it lias been established that
no ono of tho transactions was mado for, or in any way on account, of tho
Kiggs National Bank.
GREAT
B R ITAIN
UR G ED
TO S T A B I L I Z E C O T T O N
M A R K E T A T T E N -C E N T M I N I M U M .
A letter suggesting that tho British Government make
ten cents tho minimum at which they shall enter tho cotton
market to such an extent as to stabilize it, has boon ad
dressed to that Government by E . J. W atson, President of
tho Southern Cotton Congross. W o quote tho concluding
portion of tho letter, as follows:
If tho British Government or tho British spinners want to do something
that would be sound and yet would not even approach the cost of tho propo
sition Lord Milner properly discards, thoy should arrange through responsible
agents to watch tho cotton both in Now York and Liverpool witli a view to
insuring tho grower at least a margin of profit on his cotton: in other words,
determine that when tho prico falls below 10— or better, 10.5 cents a pound
— making that a minimum beyond which tho prico would not bo allowed
to fall, thoy shall enter tho market to such an extent as may bo necessary
to stabilize it and carry it back to tho minimum suggestion.
GEORGIA
FARMERS'
U N I O N TO H O L D C O T T O N
1 2 'A C E N T S .
FOR
A t a meeting of tho Georgia Farmers’ Union hold at A t
lanta on Sept. 21, for tho purposo of discussing tho gradual
markoting and financing of tho cotton crop, it was decided
that 12 Yi conts is tho minimum prico at which cotton should
bo sold. It was urged that tho farmers should carry thoir
cotton at this figure, and got moro if thoy cou d hold out
for it. A resolution was adopted plodging tho farmers of
tho Stato to take stops to put into oporation a systom for
markoting tho crop whereby tho growor will liavo a voico in
fixing tho prico. Another resolution calls upon tho Federal
Government to establish a bureau of banks which would lond
monoy direct to tho farmers. Tho dologatos also wont on
record as favoring tho enactinont of a Stato warehouse bill.
In an address at tho meeting, Congressman William Schloy
Howard asserted that tho banks had no ground for doclaring
that tho British blockado of tho Gorman ports was responsi
ble for tho low prico of cotton. Ho said that it was a fact
that only 12 A
l % of tho foroign port that receivo cotton had
boon closed on account of tho war. Congressman Adamson
is quoted as saying that Germany was to-day buying as
much cotton from tho United States as was bought in times
of peaco.jj
G R E A T B R I T A I N ' S P L A N S TO A C Q U I R E G E R M A N Y ' S
F O R E IG N T R A D E .
The plans which have been adopted by Great Britain to
aid her merchants in acquiring the foreign 'trade formerly
held by German and Austrian firms were outlined in an an
nouncement by the British Board of Trade, which was re
ceived at the Bureau of Foreign and Domestic Commerce at
Washington on Sept. 22. The announcement states that
the commercial diplomatic representatives of Great Britain
would furnish to British merchants all available information
as to the best means of securing this trade. The Board of
Trade also announced the organization of a “ confidential
information” service through its Commercial Intelligence
Bureau, to supply firms desiring to enter the foreign trado
with “ confidential information as to opportunities for the
extension abroad of those branches of trade in which they
are especially interested.” The announcement says:
The importance that German manufacturers have placed upon the pro
duction o f catalogues printed in the language and currency of tho countries
to which their goods wore exported is well known. In order that British
manufacturers may have an opportunity o f inspecting catalogues of Ger
man origin, tho Board o f Trado has collected ovor 3,000 specimens, illus
trating a great varioty o f industries, and these may bo inspected at the
foreign-samples section o f tho Commercial Intelligence Bureau.
It was also stated that a collection of samples of German
and Austrian products gathered from foreign markets, which
has been exhibited in London, will be shown at various in
dustrial centers in tho provinces.
G R E A T B R I T A I N O FFE RS TO E X P O R T W O O L .
The Department of Commerce has been advised by ConsulGeneral Skinner at London that a consignment of wool is
now available for American purchasers and that applica
tions for licenses to export crossbred and similar wools to
this country will bo considered. The message from the
Consul-Goneral, which was received on Sept. 21, said :
Notlco Is given by tho British War Trade Department that 125,000 bales,
including 50,000 bales o f English wool, can bo spared. Applications for
licenses to export crossbred and similar wools to tho United States will bo
considered. Understanding is that all wools for American use must bo
consigned to United States Textile Alliance.
Advices from Melbourne, Australia, on the same date
stated that the Commonwealth had granted permission on
that day for the exportation of crossbred wools to tho United
States, Canada and Allied countries.
NEUTRAL
M A R K I N G S ON SHIPS M U S T
CONSPICUOUS.
BE
The German Government has instructed Count von Bernstorff, the German Ambassador, to advise shipping interests
in this country that when neutral markings are painted on
tho sides of vessels they should be sufficiently conspicuous
to be seen from a distance. It is stated that many neutral
vessels now bear markings which are too small. In accord
ance with a request from tho German Ambassador, the State
Department has notified American ship-owners of .the
German Government’s advice.
TRADE
EXPERT
TO
AID
AM ER ICA N
EXPORTERS.
W ith a view to aiding American manufacturers in the ex
tension of their export trade, Stanley II. Rose, Special Agent
of the Bureau of Foreign and Domestic Commerce, will
make a tour of tho country, giving at first hand, information
as to the best means of entering tho export field and explain
ing the free information service which the Government is roady
to extend to all American manufacturers. M r . Rose was
selected for this work by D r. E . E . Pratt, Chief of the Bureau.
Because of the interest which is being displayed at the pres
ent time in trado with Latin-American countries, M r . Rose
will make a specialty of furnishing information with regard
to Central and South American markots, pointing out
openings for American goods in tlioso markots. He will also
emphasize the opportunities for American manufacturers
in other markots, such as Australia, New Zealand, China
and Russia. The special agent will carry with him an ex
hibit showing the various publications of the Bureau of For
eign and Domestic Commerco as well as sample copies of
tho principal text-books useful to exporters and those inter
ested in export trade. He will advocate among the manu
facturers a more general study of modern languages, espe
cially Spanish. M r . Rose is considered well qualified for
his now duties. Ho has been for several months acting as
commercial agent in charge of the branch office of the
Bureau of Foreign and Domestic Commerce in New York
and was formerly oxport manager of a custom and forwarding
houso of New York.
1059
THE CHRONICLE
Oct . 2 1915.]
AMSTERDAM
MERCHANTS
TO
TOUR
AM ER ICA.
Representatives of the American-Export Chamber of
Commerce in Amsterdam will make a tour of the United
States, according to an announcement made by the Bureau
of Foreign and Domestic Commerce, Department of Com
merce. It is stated that the visitors will arrive in this
country some time this month and will remain about three
months. The purpose of the visit is both to extend the
membership of the organization in this country and to call
attention to the opportunities that Netherlands presents
as an export center, especially with reference to the new
requirements resulting from the war. The Bureau will
give active assistance to the respresentatives in arranging
their itinerary and in making provisions for meetings and
appointments in the various cities which they desire to
visit. It is stated that the visitors intend to visit the
principal cities of the East, the Central W est as far as Chicago
and the South as far as N ew Orleans. They will attempt
to show the business men in these cities, by means of slides
and films, the facilities which Amsterdam possesses for
handling foreign trade. The American-Export Chamber of
Commerce purposes to maintain headquarters at Amsterdam
where commercial travelers, firms and corporations can
obtain information as to business openings, the best routes
of travel and anything that will be of benefit to them in their'
trade abroad. The details of the work which the organiza
tion hopes to carry on will be presented during the numerous
conferences in this country. The Bureau of Foreign and'
Domestic Commerce has offered to put the committee in
touch with business men and organizations desiring to confer
with them.
P A R C E L -P O S T
BETWEEN
U N ITED
AR G E N T IN A .
STATES
AND
The President of the Argentine Republic ratified on
September 22 the parcel-post convention between the
United States and Argentina.
A R G E N T IN E
SENATE
R A TIF IE S
TREATY.
A.
B.
C.
PEACE
The Argentine Senate approved on September 22 the
arbitration treaty signed last M a y by Argentina, Brazil
and Chile. The treaty provides that in the future, differ
ences between the three countries which cannot be settled
diplomatically or be submitted to arbitration shall be
placed before a permanent international commission for
inquiry and report. This commission, it is provided, shall
act at the request of any one of the Governments. The
republics agree not to begin hostilities before the commission
draws up its report or before the lapse of one year.
TRUST
C O M P A N Y P O W E RS CONFERRED
TIO N AL B A N K I N SEATTLE.
ON
NA
Tho Federal Reserve Board has conferred trust company
powers on the National Bank of Commerce of Seattle, W ash.
In view of this fact, M . F . Backus, President of the institu
tion, announced on Sept. 18, that a fully equipped trust
department would be organized by the bank at once. It is
reported that so far as has been announced to the public, the
National Bank of Commerce is the first national institution
in the Pacific Northwest to receive trust company powers.
E L E C T I O N OF D I R E C T O R S FOR N E W
BANK.
YO R K RESERVE
The Federal Reserve Bank of New York announces that
the election of two new directors to take the place of those
whose terms expire on Dec. 31 will occur N o v . 16. A circular
issued on Thursday in the matter by Pierre Jay, Federal
Reserve Agent, and Chairman of the Board of the New York
Reserve Bank-, says:
On Doc. 31 tho terms o f Messrs. Franklin D. Locke, Class A director;
and Leslie H. Palmer, Class B director, of the Federal Reserve Bank of
Now York, will oxpiro.
Tho Fcdoral Reserve Board has designated Nov. 16 as the day for the
election of their successors, who will serve for terms o f three years each.
Both of tho retiring directors were chosed by Group 3, and therefore this
will bo tho only group which will vote at the coming election.
Tho law providos that the directors of each member bank may nominate
ono candidate for director of Class A and one candidate for director of
Class B, and shall elect " a district reserve elector” who shall cast votes in
behalf of his bank for the directors to bo elected. Blanks are enclosed
herewith to all banks in Group 3, upon which tho board of directors of each
such bank should, by resolution in tho form printed on the blanks, certify
its nominations for directors and its choice of elector, and forward them
to mo as soon as possiblo after it has taken action. The period within
which those certifications of electors and nominations of directors may b «
made will terminate on Oct. 29. Electors whoso names are received after
10()0
THE CHRONICLE
3 o ’clock In tho afternoon o f that day will not be entitlod to vote, nor will
nominations receiver thereafter belistod. With practically the entire month
o f October in which to chooso electors and make nominations, it will not
bo necessary for membor banks to call special meetings of boards of directors
for the purposo.
On Nov. 1 a list o f the electors representing each bank in Group 3 will be
mailed to each such elector, and on the samo day thore will bo mailed to
all member banks In the district, for their information, a list of all those
nominated for Class A and Class B directors, with tho namos o f tho banks
nominating them.
On Nov. 15 the formal list o f candidates nominated will bo mailed to each
elector, togother with a preferential ballot providing for tho recording of
first, second and othor choices for each o f the directors to be elected.
Within fifteon days from tho receipt o f said list and ballot every elector
must record his votes.
The announcement o f the results o f the election will be made on or
about Dec. 1.
Whilo only banks in Group 3 will nominate and elect directors, this cir
cular Is. sent to all banks in tho district for their information.
NO
B A S I S FO R I N F E R E N C E T H A T M I N N E A P O L I S
RESERVE B A N K M IG H T BE A B A N D O N E D .
Inferences, contained in a letter written by United States
Treasurer John Burke, that the Minneapolis Federal Reserve
Bank might bo abolished if it was found that there was no
necessity for it, resulted in the issuance of a statement by the
Federal Reserve Board on Tuesday, declaring that there was
not the slightest basis for any such suggestion. An appeal
on behalf of the farmers of the Northwest is understood to
have been made to Mr. Burke, who was formorly Governor
of North Dakota, to the end that the Minneapolis Reserve
Bank might supply them with funds for the storing of their
grain under the samo arrangements as prevails in the cotton
States. Tho St. Paul “Pioneer Press,” in its issue of Sept. 26,
stated that “serious hints of favoritism and abuse of its
privileges have been made against the bank in Minneapolis,
one of the gravest charges being that the institution is working
in the interests of tho Minneapolis grain market by demand
ing terminal warehouse receipts as collateral for loans, when
the regulations specify that any warehouse receipts are ac
ceptable.”
In setting out the views of Treasurer Burke concerning the
Minneapolis bank, the paper in question added:
Although ono o f tho chief purposes o f tho Foderal Reserve banks Is to
aid farmers in moving thoir crops by granting loans at reasonablo rates
o f interest on sufficient collateral, this purposo evidently Is not understood
by officials o f tho Minneapolis bank, according to tho view taken by
Troasurer Burke In a lettor to J. F. Richards, editor o f a Harvoy, N. D .,
newspaper.
After decrying tho “ red tape” used by the Minneapolis bank in Its
dealings, tho Treasurer writos:
“ The facts are, that tho Reserve bank in Minneapolis does not appear
to bo trying to do any business. It is not making any money and It may
be possible that tho Resorve Board mado a mistake in establishing tho
bank at Minneapolis. It certainly was a mistake if we do not need a
Reserve bank In the Northwest.
“ You understand that, under tho law, tho Reserve Board had tho power
to create not loss than eight nor moro than twolvo Reserve banks, and tho
power o f the location o f those banks was loft to tho Reserve Board. One
o f the Reserve banks was locatod in Minneapolis. It was located there for
tho benefit o f tho people o f tho Northwest.
" I f there is no necessity for it thoro, the Roservo Board will bo glad to
know this, and if we do not nood It, It can bo abolished and tho territory
o f tho Northwest mado tributary to Chicago.”
The fact that the Minneapolis bank has boon making loans to farmers
only when terminal warehouse receipts wore suppliod as collateral, was
called to the attention o f tho Troasurer.
Ho writes that terminal warehouse receipts aro not necessary; that the
proffer o f local warehouse receipts is sufficient to obtain loans from the
bank under the regulations. Through an error o f tho stenographer who
copied the regulations mailed to tho Resorve banks tho word “ or” was loft
out after "warehouse,” so that tho regulation is mado to read "warehouse
terminal receipts” when it should bo “ warehouse or terminal receipts.”
Tho Treasurer says that the Minneapolis bank is tho only ono o f tho
Roservo banks that has placed such a narrow construction on the language,
and that tho Federal Roserve Board has promised to inform tho bank that
there has been a misconstruction o f the regulations.
Under Section 97 of tho Federal Roservo Act there Is this clause: “ Pro
vided, That notes, drafts and bills drawn or issued for agricultural purposes
or based on live stock, and having a maturity not exceeding six months,
may bo discounted in an amount to be limited to a percentage of the capital
of tho Fedoral Roservo bank to be ascertained and fixed by tho Fedoral
Reserve Board.” ’
Discussing tho operation o f tho Minneapolis bank under this section of
tho Act, Treasurer Burke writes:
“ Under this provision tho Reservo bank in Minneapolis has only asked
tho privilege of lending 25% o f Its capacity, but consulting with tho Rosorvo
Board only this morning, I learn that tho Reserve banks under this provi
sion are entitled to lend up to 100% o f thoir capital stock, which, in Minne
apolis, is more than $2,000,000. and which bank, according to tho state
ment which I am enclosing, has a lending capacity o f $14,000,000.
“ Under this latter provision tho farmers could borrow monoy and keop
tho grain in their own granarios. This is not commodity paper, and, ac
cording to the information which I got from tho Roservo Board, tho banks
would have to pay probably 4% to tho Roservo bank, but oven then they
could afford to loan it at a low rato.”
Continuing, Mr. Burko says that it is tho intention o f tho Roservo Board
to mako loans just as simple as it is possible to mako thorn, and to give
all tho relief that can be given wherever reliof is necessary.
North Dakota farmers havo complained sinco tho throshing soason began
that tho Minneapolis bank has not been making loans In accordance with
tho letter or the spirit o f tho law under which It was creatod.
In stating that the question of removing tho Minneapolis
bank had not been considered in any way, the Reserve Board
on Tuesday said:
[Vol. 101
“ Tho Fedoral Reservo Board to-day authorized tho statoment that no
question of removing or in any way altering tho status of tho Federal
Reserve Bank of Minneapolis, or of the Fedoral Rosorvo district in which
tho bank is situated, has been before tho Board or has boon considered by it
in any way whatsoever.”
A reply to Treasurer Burke’s criticisms of the Minneapolis
Reserve Bank has been made by John II. Rich, Chairman and
Federal Reserve Agent at Minneapolis. The reply is embodied
in a statement in which Mr. Rich says:
United States Treasurer Burke’s criticisms of the Ninth Federal Re
serve Bank are without foundation of fact and convey entiroly unwarranted
impressions. They ariso from an imperfect knowledgo of tho regulations
of tho Federal Reserve Board and of the course taken by this bank to make
such regulations of practical effect in serving the member banks of tho
Ninth District.
His complaints aro that rates have not been established for the re-discount
of farmers’ paper with elevator receipts as collateral; that this bank has
lacked aggressiveness in serving its district; that its methods aro involved
and subject to too much red tape and that this bank has shown favoritism
to the great grain interosts at terminal markets. Of these criticisms the
first and last alone are worthy o f reply.
The unfairness of these criticisms was callod to M r. Burko’s attention
by letter after his first exploitation of tho subject early in tho month. In
reply, he voiced no specific complaint and cited no specific instances of fail
ure to adequately serve North Dakota membor banks.
The commodity paper regulation of the Federal Reserve Board of Sept. 3
specifically excluded from re-discount all such paper made in the North
west with the exception of “ torminal grain paper,” mado exclusively by
strong terminal elevator concerns at Minneapolis, St. Paul and Duluth. Mr.
Burko’s criticism is that under this regulation this bank has not accepted
North Dakota farmers’ paper with elevator receipts attached.
North Dakota farmors’ paper with elevator receipts aro not torminal
receipts. To correct this difficulty, the executive committee of this bank
lowered the rato on 90-day paper from 5% to 4 H % and admitted North
Dakota elevator receipts as collateral. This rato has been in effect for
nearly two weeks, but so far not a dollar o f such paper has been presented
for re-discount. Rocent reports show In addition, that practically no such
paper has yet boon presented locally at North Dakota banks.
Coincident with this situation, the re-discounts o f the Ninth Bank fell off
$340,000 in tho first twenty days of September, following tho courso of
bank borrowing in St. Paul and Minneapolis, which have been notlcoably
slack. If such an emergency as Mr. Burke intimates does actually confront
the farmers of North Dakota, it has not yet been revealed by tho usual in
dications of hoavier borrowings or increased demand for re-discounts.
This bank received notlco in tho morning mail of yostorday that the
Fedoral Resorve Board has amended its original commodity papor regula
tion to includo either warehouse or terminal recolpts. Boforo noon yester
day tho Executive Committee had mado tho amondod regulation effective
by announcing a 3% re-discount rato. It could hardly bo criticized for
not making such a rate effective In advance of any official notification from
Washington.
It is a sufficient answer to any.charges of favoritism toward tho im
portant terminal grain interests to remind M r. Burke that no torminal grain
paper will bo mado in this market or at Duluth for three weeks yot, and to
add that this bank has so far discounted no grain papor for terminal concerns
or favored or assisted such concerns in any way whatover, either directly
or indirectly.
Tho resources of the Ninth Reservo Bank aro sufficient to meet any
emergency that may arise in the Ninth District, and it will immediately
support member banks in North Dakota, to tho fullest oxtont, when their
applications for re-discounts show evidence that thoro is an emergency to
bo met. In advance of such an emergency it cannot bo oxpocted to act.
Sinco tho middle of the year its servlco to its district, moasurod in torms
of re-discounts for members, has been greator than that of any other Reserve
bank with the exception of those locatod in the South. Its presont earn
ings aro sufficient to more than meot expenses, and havo shown a growth
that is entirely satisfactory.
Mr. Burke’s criticisms, coming from ono who occupios high official posi
tion, aro unfortunato. Tho impressions created are detrimental, and espe
cially rogrettablo in viow of tho fact that his intimate connection with
official affairs in Washington would easily havo permitted a thorough and
accurate knowledge of tho operations of this bank, and the situation In the
Northwest which has beon noticoably lacking In his letters to North Dakota
nowspapors and articles in tho press.
IN V E S T I G A T I O N OF T H E T R E A S U R Y S E R V IC E .
The appointment of a Committee on Improvement in the
Treasury Department for the purposo of investigating the
Treasury Service, with a view to making recommendations
for tho placing of the Department on a moro efficient,
economical and modern business basis, has been announced
by Secretary of the Treasury McAdoo. Mr. McAdoo’s
letter making known his action and tho personnel of tho
Committee is printed in the weekly bulletin “Treasury
Decisions” of the 9th inst. as follows :
(T. D . 35694.)
IMPROVEMENT OF BUSINESS METHODS IN THE TR E ASU R Y
DEPARTMENT.
[Circular N o. 51.]
T r e a s u r y D e p a r tm e n t, S e p te m b er
3 1915.
T o H e a d s o f B u r e a u s , C h ie fs o f D iv is io n s a n d F ie ld O ffic e r s . T r e a s u r y D e p a r t
m en t :
I
have to-day appointed the following commlttoe on Improvement in
the Treasury Department: Hon. W . P. Malburn, Assistant Secretary of
tho Treasury, Chairman; Hon. W . W . Warwick, Comptroller of the
Treasury; Mr. J. L. Wilmoth, Chief Clerk, Treasury Department; Mr
F. M . Halstead, Chief, Division of Customs; and M r. S. II. Boyd, Chief
Income Tax Division.
Inclosed herewith you will find copy o f my lottor of instructions to the
committee.
This investigation will bo a sweeping and thorough study o f the Treasury
Department and its methods. It is necessary and important to the
success of the undertaking that tho committee should have your most
cordial co-operation and support. Every official and omployee o f tho
Treasury Department Is Invited to make suggestions to this committee
for the improvement o f tho service. All such recommendations should
10(51
THE CHRONICLE
Oct. 2 1915.]
PURCHASE
be placed in writing and addressed to the Chairman o f the Investigating
Committee.
I feel sure of your hearty co-operation.
W . G. McADOO,
OF BONDS U N D E R FE D E R A L
A C T POSTPONED U N T IL
RESERVE
1916.
With regard to the provision in tho Federal Reserve Act
which provides that a member bank, two years after the pas
The following is the accompanying letter of instructions sage of the Act may file with the Treasurer of the United
to the Committee :
States an application to sell United States bonds securing
3 1915.
circulation to be retired, the- Reserve banks being required
H on. W . P . M alburn,
to purchase such of the bonds as the Federal Reserve Board
Hon. W . W. Warwick,
may direct, the Board has issued an announcement stating
that it will not undertake to require banks to purchase any
M r. J. L. Wilmeth.
bonds for the retirement of circulation prior to the quarter
M r. F. M . Halstead,
ending March 31 1916. The following is the announcement:
S e c reta r y o f th e
T rea su ry.
T re a su ry D e p a r tm e n t, S ep tem b er
A s s i s t a n t S e c r e t a r y o f th e T r e a s u r y , C h a ir m a n -,
C o m p t r o lle r o f th e T r e a s u r y ,
C h ie f C lerk , T r e a s u r y D e p a r tm e n t.
C h ie f, D iv is io n o f C u sto m s.
M r. S. II. Boyd,
C h ief, In c o m e
G e n t l e m e n . — ; Y ou are
Tax
D iv is io n .
hereby appointed a committee on Improvement in
the Treasury Department, with instructions to mako a thorough investi
gation o f the entire Treasury service, both in Washington and In the field,
with a viow to making recoinmonlations to mo for placing the Treasury
Department on a more efficient, economical and modern business basis.
M y experience as Secretary of the Treasury has impressed me with tho
fact that there is room for many improvements and economies in the
Government service. Tho growth of the Treasury Department has been
a process o f years, and as tho structure has roached its present great pro
portions thcro has crept in much duplication of endeavor, useless work
and cumbersome methods entwined with “ red tape .
S ' o to see
ness and cause needless expenditure o f money. It is my desire to see
useless offices abolished, duplication o f work eliminated and archaic
methods replaced with the up-to-date methods that
v ar tl 0
business enterprise. I may require legislation to effect many o f the
improvements. Please givo your best efforts to this task and let me have
a rennrt at as early a dato as is consistent with a thorough investigation.
In the prosecution o f this inquiry you are authorized to appoint, with
m y approval, sub-committees to make a detail study of the various branches
o f the service. Subcommittees should bo appointed for each o f the
following services: Customs, Internal Revenue, Coast Guard, Public
Health Public Buildings, Auditing and fiscal bureaus and divisions,
Treasurer’s Office and sub-Treasuries, mints and assay offices and Bureau
of Engraving and Printing.
Respectfully.
w> G . M cADOO,
S ec reta r y o f th e
Tho Federal Reservo Board has rcceivod letters from banks desirous o f
disposing through tho Treasury o f the United States o f United States 2%
bonds belonging to them.
Section 18 of the Federal Reserve Act provides:
"After two years from tho passage of this Act * * * any member
bank desiring to retire the whole or any part of its circulating notes, may
filo with the Treasurer of the United States an application to sell for its
account, at par and accrued interest, United States bonds securing circula
tion to bo retired.
“ Tho Treasurer shall at tho end of each quarterly period furnish tho Fod
oral Reserve Board with a list of such applications, and tho Federal Reservo
Board may, in its discretion, require tho Federal Roserve banks to purchase
such bonds from the banks whoso applications havo been filed with the
Treasurer at least ten days before the end of any quarterly period at which
tho Fcdoral Roservo Board may diroct the purchase to bo made.”
This provision will not become effective until Dec. 23 1915. Tne end o f
tho first quarterly period following that date is Dec. 31 1915. In order to
comply with tho terms of the statuto, applications would have to be filed
with tho Treasurer ton days beforo this time, or by Dec. 21 1915. In other
words, tho application would havo to bo filed at a time when this particular
provision of tho Act is not in operation.
Tho Board has now determined that it will not undertake to require banks
to purchase any bonds for the retirement of circulation prior to tho end of the
quarterly period closing March 31 1910. It will howover permit banks
to begin filing application as soon as thoy see fit, notwithstanding that
assignments will not bo made until the date already indicated.
T rea su ry.
A U S T R I A R E I T E R A T E S P O S I T I O N A S TO M U N I T I O N
EXPORTS.
N E W R EQ U IR EM EN TS UNDER TH E L A T E N A T IO N A L
B A N K CALL.
Under the recent call of the Comptroller of the Currency
the national banks were asked to present data for a number
of new items, the Comptroller, preliminary to the calling
of tho report, issuing the following circular indicating the
new requirements:
31 1915.
W a s h in g to n , A u g u s t
„ .
T o th e C a s h i e r :
,
There are enclosed tliroo blank reports of condition, two publishers
certificates, and two condensed statements to bo used at tho time of tho
next call for a statement o f tho condition of your bank.
Y o u r a tte n tio n i s c a lle d to th e f o l l o w i n g n e w ite m s o n th e f a c e o f th e r e p o r t .
RESOURCES.
The Austro-Hungarian Government has replied to the
United States note of Aug. 12 regarding the exports of war
supplies from this country to England, according to a dis
patch from Amsterdam on Sept. 26. It is reported that the
reply reiterates the position taken by the Austro-IIungarian
Government in its note of June 29 protesting against muni
tion exports. The communication affirms, according to the
Amsterdam dispatch, that Austria-Hungary never intended
to imply that it expected theUnitediStates to forbid American
citizens from carrying on a normal traffic in Avar material
with tho enemies of the Dual Monarchy, but merely protested
against the economic life of the United States being made
subservient to the production of war material on the greatest
possible scale, whereby the United States became “militar
ized.” According to the dispatch the note says:
1. 11. Loans and discounts, acceptances of other banks discounted.
0. a. "Value of banking house" (if unencumbered).
b. “ Equity in banking house” . (This lino is to bo used only in
case the banking house is encumbered. In case it is not,
lino 6-a will bo used.)
According to Paragraphs 2 and 3 of th o preamble of The Ilaguo Conven
"Furniture and fixtures” . (This item has heretofore been
No. 7.
tion No. 13 of 1907, and supplemented by tho general principles of neu
included with banking house.)
trality, the Austro-Hungarian Government considers the concentration or
"Custom ers’ liability under lettors o f credit.
N o. 20.
so much American energy on one aim, namely tho delivery of war material,
Custom ers’ liability account o f "acceptan ces.”
No. 21.
whereby although not intentional but in fact, effective support is rendered
Other assets, if any (attach schedule).
No. 22.
In case tho bank has any other assets a schedule showing what .ono of the belligerent parties, is a "fa it nouveau” (new departure) which
confutes tho roforonce of tho United States to supposed precedents.
they are should bo carefully mado out and attached to report.
Tho Dual Government is further of tho opinion that the excossivo export
L IA B IL IT IE S .
Items 8-G and 9-b should show only such amounts as are of war material is not admissible, even if it is exported to countries of both
secured by the assets of tho bank and deposits secured by surety bonds belligerent parties. The above-mentionod fait nouveau should bo sufficient
reason for altering the existing practice of the United States in rogard to its
should not bo included.
observance of neutrality.
N o. 1(5.
"Lettors o f credit.”
Tho suggestion of the Austro-Hungarian Government on tlio quostion
No 17
“ Acceptances” , based on imports and exports.
N o ” 18
Liabilities other than thoso above stated. (In caso tho bank of tho supply of war materials was intondod to prove that it is in the power
'
'
has any liabilities that cannot bo included in any of the other of tho Unitod States to open the way for commerco with the Central Powers,
itoms Item 18 should bo used for tho purpose, and a carefully because this possibility has been prevented by the Entonte Powors by
measures which oven the Government of tho United States regards as illegal.
prepared schodulo attached to the report.)
The reference by tho Unitod States to the Boer AVar is less apposite
O n th e b a ck o f th e R e p o r t.
since at that timo England did not prohibit commerce, and, therefore, there
Net deposits subject to reserve roquiremonts.
No. 17.
Losses sustained by the bank from transactions with othor was no question of the commercial isolation of South Africa.
No. 25.
banks chargod o ff during the calondar years 1912, 1913and 1914.
Abstract o f tho b a n k ’s •exchange and collection account for
No. 26.
tho past three years, 1912, 1913 and 1914.
N o.
N o.
N o.
C on d en sed
S ta te m e n t.
_
This form has boon changed to bo used as a printer’s copy. You will,
therefore, uso groat care in copying tho itoms from your next report of
condition.
Each column should bo totaled and tho amounts entered in tho bottom
Tho sum of tho amounts entered in the resources and liabilities should
agree with tho total shown in your report of condition.
R ep o rts o f C o n d itio n .
When tho next call is mado you should sond to this office within five
days after tho roceipt of tho call one o f thoso forms properly fillod in: a
second copy proporly sworn to and attested should be kept in your files,
and a third copy o f tho report, also sworn to and attested, should bo sent
to tho Federal Reserve Agent of your district, oxcopt that on tho report
sent to tho Fodoral Roservo Agont (but n o t as to the othor two copies of tho
report) you may omit in filling up tho schedule on tho back of the report
tho n a m e s of tho directors who are liable to your bank as- payer or as
guarantor or endorser. Tho a m o u n t s duo by each director must, howover,
bo entered in detail, and tho names only may bo omitted in copy sont
Fcdoral Roservo Agent.
R espectfully,
JO H N S K E L T O N W IL L IA M S ,
Comptroller.
Tho United States, in its note to Austria justifying the
export of munitions, quoted the German authority, Paul
Einicke, as stating that prohibitions on trade in contraband
“may be considered as violation of neutrality or at least as
unfriendly acts, if they aro enacted during a Avar Avith tho
purpose to close unexpectedly the sources of supply to a party
which heretofore had relied on them.” In reply to this
reference tho Austrian note is reported as saying that Einicke
himself has publicly protested against one paragraph of his
essay on “Neutrality and Naval Warfare” being interpreted
in favor of the United States.
CO N SU L-G E N E R AL A T M U N I C H
ASKED
TO R E S I G N .
Thomas St. John Gaffney, United States Consul-General
at Munich, has been asked by the State Department to
resign. This action, which Avas taken on Sept. 28 at tho
xlirection of President Wilson, is said to have been the result
of many complaints of the partisan attitude assumed by
Mr. Gaffney in relation to the A v a r. Mr. Gaffney was also
1063
THE CHRONICLE
[Vol. 101.
in charge of the British Consulate at Munich. It is reported they would protest to the State Department against the
that the Consul-General wrote anti-British articles for pub seizure.
lication, and, it is understood, mado statements reflecting
on the President’s policy with regard to the European war.
Mr. Gaffney received warning from the State Department G R E A T B R I T AR EI NG A RR DE IFNUGT EHSE SGPEERRMI AANN. A S S E R T I O N S
that his actions were disapproved of and his resignation was
not requested until no alternative was left the Admin In answer to the reports from Berlin that the Hesperian
was not torpedoed, but damaged by a floating mino, tho Brit
istration.
ish Official Press Bureau has issued a statement to the effect
that “undoubted proof exists that a German submarine was
D Y N A M I T E S H I P M U S T L E A V E OR D I S P O S E O F
actually in the locality where tho Hesperian was attacked
CARGO.
ships wero sunk both to the north and south of this
_JTho German steamship Magdeburg, which has been an and
spot
on Sept. 4 and 5.’ As herotoforo stated, the Hesperian
chored in Now York Harbor since the beginning of the war, was attacked
on September 4 and sank two days later whilo
when sho was forced to put in here to escape capture, has being towed into
The statement also asserts
been ordered to either take her cargo out of the harbor or that tho AdmiraltyQueenstown.
has
a
fair-sized
fragment of a torpedo
disposo of it. The order was issued by Secretary of the which was picked up on board tho Hesperian
sho sank.
Treasury McAdoo on Sept. 21, and was transmitted to A note from tho German Government on thobeforo
sinking
of the
Capt. John F. Wild, Supervisor of Anchorages in New York vessel was received at tho State Department on SoptomHarbor. The vessel was bound for Australia with 300 tons
16 and was reported to express the conviction that a
of dynamite when forced to anchor. The order for its re bor
German
was not concerned in tho attack, because,
moval was issued at the direction of President Wilson, whose by tho submarine
prearranged
distribution, no German submarine
attention had been called by the War Department to the should have been in that
locality on Sept. 4, and because,
menaco of the vessel’s presence to shipping. It is reported from
descriptions
received
from British sources, the ex
that part of the dynamite is decomposed and in dangor of plosion was of such a nature as
to indicate that it was causod
exploding at any time.
by a mino rather than a torpedo. Dispatches from Berlin
on Soptomber 20 stated that all submarines which wero out
at the time of the disaster had returned to their bases, and
S U M M A R Y OF B R IT IS H P R IZ E CO U R T D E C IS IO N
nono of them, it was said, had torpedoed the steamer. It
O N M E A T CARGOES.
also stated tho German Admiralty is convinced that tho
A brief summary of the decision of the British Prize Court isdisaster
due to a floating non-German mino. This
condemning American meat products valued at about belief, it was
is declared, is borno out by tho fact that a mine
$2,500,000 has been received at the Stato Department painted
and white, which, it is asserted, was not a
from Consul General Skinner at London. As heretofore German green
mine,
driven ashoro shortly after tho accidont
stated the Prize Court ruling was handed down on Septem occurred on thewas
coast
of Ireland in tho vicinity of whore tho
ber 16. According to the cablo received from Mr. Skinner Hesperian was attacked.
the American cargoes were condemned because the American Ambassador Pago at London advised tho Stato Depart
owners refused to take upon themsolves the burden of proof ment
on Sopt. 21 that ho was sending by mail additional
that tho products were not intended for the enemies of the ovidenco
upon tho Hesperian incident. The evi
Allies. Tho summary indicates that the action of the Prize dence wasbearing
to include a fragment of metal picked up
Court was not based upon tho failure of tho American owners on the deckpresumed
of
tho
vessel
following the explosion and described
to prove the innocence of tho shipments. It has been tho by the British Government
as a piece of a torpedo.
contention of tho State Department and American shippers The following semi-official
statement contradicting tho
that tho burden of proof rested upon England. It is re British announcement regarding
tho attack on the Hes
ported that the State Department has not definitely decided perian was issued in Berlin on Soptombor
whether a formal protest will bo mado to England regarding After inquiry, the German Admiralty contradicts22:the statement of tho
tho matter.
British Admiralty, and it can now be stated that no German submarine
for the attack on the Hesperian.
Representatives of Chicago packers who wero interested wasAresponsible
roport to the effect that tho Hesperian was sunk by a
in tho condemned cargoes had arranged to hold a conference torpedo
a German submarine and not damaged by
with officials of the State Department on September 21 to striking afrom
was filed with tho British Consul at Newport
present their grievances before the Department. This News, Va.,mine
on September 23 by Captain Smellie of tho
meeting was postponed pending the receipt of tho official British steamer
Crossby. Captain Sinollio says that ho
text of tho court’s decision. A consultation on tho packers’ witnessed tho attack
on tho Hesperian and that his own ship
cases which have not been disposed of by tho Prize Court was
by the same submarine that fired tho torpedo.
was held on September 30 between Henry Veeder and It is chased
stated that this report will bo submitted to tho United
C. J. Faulkner Jr., representing Chicago packers and
Assistant Solicitor Chandler Anderson at the Stato Depart States Government.
ment. The conference was preliminary to the meeting
which awaits the receipt of a copy of the recent decision.
N O R W A Y TO F O R M O V E R S E A S T R U S T .
With regard to the report, said to have been circulated on That tho Norwegian Government has decided to form an
the Chicago Board of Trade on September 23, that tho organization similar to tho Netherlands Oversoas Trust was
packers had received payment in full for tho meat cargoes disclosed
by tho Norwegian Consid in London during a call
which have been held up in England, Georgo M. Itoynolds, on American
Consul-General Skinner on Sopt. 22. Norway’s
President of tho Continental & Commercial National Bank decision to form
an overseas trust, which will guarantee that
of Chicago, was quoted in tho New York “Times” of Sep shipments of goods
from America consigned to Norwe
tember 23 as saying :
gian merchants will not reach Germany, follows closely
There has boon nothin}? in any o f the transactions wo havo had with tho
packing companies to indicate that they havo received advance paymonts upon tho establishment of a similar arrangomont be
on tho products which tho English Prizo Courts havo confiscated.
tween Denmark and Great Britain, and is part of a gen
Of courso, I havo no access to tho books of tho packing companios and,
eral movement by neutral European nations. Norway’s
therefore, know very littlo about tho dotails of these transactions, but from
tho character o f tho business thoso interests havo had with us, and tho participation in tho agreement to guarantee against ship
specific complaints they havo mado about tho monoy tied up in tho pro ments into neutral countries reaching Germany, brings all
ducts which England has been holding, tho natural conclusion would be
of tho Western Continental neutrals into tho arrangement
that tho packers had not received anything on account of goods shipped.
In this statement I may say that my belief applies to all tho packing excepting Sweden, which, however, has a similar agreement
companies involved, as our banks do business with virtually all of thorn.
with Great Britain as to cotton shipments. As horotoforo
The cargo of tho Norwegian steamer Vitalia, consisting stated, tho plan botweon Donmark and Great Britain pro
of beef products from Chicago, was turned over to the vides for the free passage of goods shipped to Denmark
British Prizo Court on September 28. Tho vessel was consigned to members of tho Morchant Guild at Copenhagen.
seized by the British authorities on September 7, but it was It is reported that Norway’s plan is similar to tho Nether
thought that inasmuch as her cargo was consigned to tho lands Overseas Trust in that tho Norwegian merchants will
Netherlands Overseas Trust she would bo released. It is havo an official representative in London who will bo respon
reported that tho cargo was taken beforo tho Prize Court sible to tho British and Norwegian Govornmonts. This
because of the fact that it consisted of a largo amount of representative will act as an intermediary botwoon Amorican
fat and oils which the Overseas Trust had not ordered.
Norwegian shippers and at tho same time guarantee to
According to advices from Chicago on September 27, attor and
tho
British
that all cargoes which pass through
neys for Armour & Co. and Swift & Co. announced that his hands areauthorities
bona fide shipments for uso in his own country.
THE CHRONICLE
O ot . 2 1915.]
SWEDEN
PLACES
EMBARGO ON
MEAT.
E X PO R T A T IO N
OF
The Swedish Government has prohibited the exportation
of all meat, canned goods and live stock. Shipments of fish
are still permitted and pork and bacon may be exported
under special licenses. It is pointed out that this order
means the practical loss to Germany of the Swedish food sup
ply. The Swedish Government is said to have delayed the
promulgation of this decree in order that an inventory of the
live stock might be taken to determine whether an embargo
was necessary. It is reported that the investigation showed
an alarming scarcity of provisions, and that as a result of
this condition and the high prices prevailing the prohibitory
order was issued. In addition to the embargo on meat
and live stock, food commissions are fixing maximum prices
on the ordinary food commodities.
The Swedish Government has also decidod to prohibit
the exportation of rubber, printers ink, dyes and varnishes,
according to advices from Stockholm on Sopt. 2o .
A decreo issued by the Swedish Government on Sept. 17,
directs that thereafter no goods, the exportation of which is
prohibited, shall bo transported from one Swedish port to
another by water, but only by rail. This action was the out
growth of a number of antecedent events showing the neces
sity for tho step. Thus the steamer Juno of Gothenburg,
carrying a cargo of lard, was stopped by order of the Swedish
authorities, according to a dispatch from Malmo, Sweden,
as sho was about to sail ostensibly for Stockholm, because
it was suspected that she was bound for a German port.
Then also the Swedish steamer Aero bound from Malmo for
Stockholm with a cargo of oil and oats was reported to have
been seized by German torpedo boats and taken to Stettin,
the German authorities, it is stated, having announced their
readiness to pay for the cargo.
A U S T R A L I A H O U S E OF R E P R E S E N T A T I V E S B I N D S
I T S E L F A G A I N S T P U R C H A S E OF G E R M A N GOODS.
It was reported from Melbourne, Australia, on Sopt. 11
that tho entire House of Representatives of the Common
wealth had pledged itself to never again purchase German
goods.
FRANCE
RELEASES
G O ODS
FOR
U N IT E D
STATES.
Advices to the effect that the French Government had
released shipments of clothing and embroidery from Switzer
land consigned to American importers, were recoived by the
Trado Advisers of the State Department on September 20.
Tho shipments had been held up pending guarantees that
the goods were of bona fide Swiss origin and would not find
their way to countries at war with France.
It is reported that a small quantity of dye stuffs consigned
to American importers from Switzerland is still held m
France, but that negotiations for its release are expected to
be concluded in the near future.
W IL H E L M IN A
ARR IV E S I N
NEW
YORK.
on board the vessel. It is believed from the reports received
regarding the incident that the fire was caused by incendiary
bombs. Walter H. Schultz, the American Consul at St.
Michaels, Azores, reported to the State Department on
Sept. 17 that eighteen fuses were found on the vessel and
that many explosions had occurred. Mr. Schultz also stated
that 605 of the passengers were transferred to the Italian
steamer Ancona on Sept. 13. The fire started in hold No. 2
among the general merchandise and baggage. The Italian
steamer Ancona, which sailed from New York a few hours
after the Sant’ Anna left, aided in extinguishing the fire and
escorted the vessel to the Azores. The cargo of the liner
was mostly foodstuffs and general merchandise, and, accord
ing to the agents of the line, did not include munitions of war.
A SSO C IA T IO N I N A G R IC U L T U R E .
Discussing the question of rural credits before the Chamber
of Commerce at Portland, Ore., on Tuesday, Myron T.
Herrick warned that unless the country awakes soon to the
danger of letting the movement run wild, “laws are liable to
be passed that will precipitate in confusion existing financial
systems and involve the credit of government in the State
and nation in farm mortgaging during years of bad crops
and financial depressions.” Since the business men through
their various organizations, have always shown keen inter
est and taken a positive stand on every other important
question, why, says Mr. Herrick, not do the same with rural
credits. In enlisting their co-operation, Mr. Herrick said
inCommerce
part: and industry are interwoven with agriculture. Few are the
cities, whoso existence does not rest on the prosperity of tho farmers trading
in them. Tho modernization of agriculture as an art and science, and ita
organization as an industry, are vital necessities of the United States.
Tho application of scientific methods to the production of crops is making
splendid headway.
Tho shortcomings of American agriculture in respect to preparing tarm
products for market and getting them at a fair price to tho consumer with
good profit to the producer result in a largo measure from the fact that the
farmers are not organized. There are remarkably successful exceptions in
tho fruit and dairy regions; but generally speaking American farmers do
not use their credit and resources collectively in large groups, as do business
men and financiers in the cities. They do not systematically help one an0 tTho purpose of this movement is to enable tho farmers to becomo thus
organized. Those who have narrowed it to tho mere matter of lower in
terest rates for loans have mistaken and are belittling its aim. Its true
objects are so grand and the solution of its problems is so simple that the
movement should no longer be left in tho hands of persons crying for cheap
money and government aid.
American farmers have forty-fivo billion
dollars of property and fifteen billion dollars of annual income. If this
stupendous wealth wero made available for their own uses, tho farmers
would bo self-sufficient and tho clamor for cheap ir.onoy and State aid would
cease. The greatest need of American farmers is organized mutual self
help, or co-operation.
^
. . . ___ ,
It would bo well for business and financial men now to join the thinkers
and theorists, and with practical advice assist the farmers in the consumma
tion of this great object. The National Chamber of Commerce at Washing
ton has established an agricultural committee. In Cleveland and other
cities, tho chambers of commerce have formed similar committees. This
is a start in the right direction and should be expanded to all cities. Then
those bodies ought to have a definite program and all carry it out in the
samo way. I would suggest that rural co-operation be this program.
The best breeding-ground for co-operation is an association, as distin
guished from a corporation or joint-stock company. Tho general and ex
tensive practice of co-operation in the United States is impossible because
of tho lack o f proper enabling and regulatory laws for associations. The re
cently enacted laws on credit unions and so-called co-operative banks In
Oregon and elsewhere are not enough. These laws interfere with. rather than
encourage co-operation. Tho laws to bo enacted should make it legally pos
sible to be done through an association whatover may now be done through
a corporation or joint-stock company. This means banking as well as
commerce and industry.
___
America has becomo too set in the notion that a concern organized for
business or finance must have a fixed capital stock and that its affairs
should bo Intrusted entirely to tho managers, and that the other members
and investors should be free of all responsibility and safe from every risk|
except for tho sum invested in tho shares. An association provides for
exactly tho contrary to all this. Tho members of an association have each
an equal voice in selecting tho manager and their joint and several respon
sibility is tho guaranty for its operations.
America already has opened tho associational and co-operative form of
organization for certain purposes, with absolute safety and success. The
associational form is legal for educational, religious and social purposes,
and we have colleges, churches, scientific bodies, clubs and chambers of
commerce that are unsurpassed. The associational form Is legal for sav
ings banks, life insurance companies, and building and loan associations,
the bulk of the savings of organized thrift are now intrusted to the care of
such institutions, and tho aggregate amount is so stupendous as to make the
figures in other countries appear insignificant. I cite you another striking
example; co-operation among American newspapers enables them to gather
the nows from all over the world and to place it at the door of every home in
tho land at a penny or so a day.
So I sav that, in view of these wonderful proofs of success and varied
adaptability, there should be no hesitancy in legalizing the associational or
co-operative form of organization for every kind of business and finance,
ncluding banking. The United States would be all tho hotter if there were
more of that mutuality in action and more of that individual responsibility
of tho co-operative association, in business, banking and financial onter-
The American steamship Wilhelmina, whose cargo of
foodstuffs destined for Germany was requisitioned by tho
British authorities, arrived in New York on September 19
from Cardiff, Wales. As previously indicated, the vessol
sailed from Now York for Hamburg on January 22 and was
compelled to put into Falmouth on February 9 because of
damago inflicted by heavy storms encountered on her voyage.
Aftor detaining tho cargo and bringing the case before a
Prizo Court, Great Britain agreed to purchase tho cargo and
reimburse the owners of tho ship and cargo for tho delay
occasioned by tho proceedings. The vessel was released by
the British naval authorities on April 21 and proceeded to
Cardiff for repairs. She left there on September 2.
BOMBS C A U S E D FIR E ON S A N T ’ A N N A IS B E L IE F.
The Fabro liner Sant’ Anna, which caught fire on Sept. 12
while about 1,000 miles east of Halifax, arrived safely at the
Azores on Sept. 16, the blaze having been extinguished at
sea. The vessel proceeded to Naples and upon its arrival
there tho commander and officers declared that they had col
lected indisputable evidence that the fire was sot by five
Austrian passengers who gave false names when they boarded
the vessol. It is stated that three of tlieso passengers wero
arrested and that the other two threw themselves overboard.
Tho Captain of the Sant’ Anna in his report to the authorities
at Naples on Sept. 27 charged that an attempt had been
mado to asphyxiate the 1,500 Italian reservists who were
1063
Pr*Now tho laws that should bo enacted to bring this about ought to be
general in their scope; that is, they should not be confined to any particular
class of persons. They need not contain one reference to agriculture in
order to induco the farmer to avail himself of them. Co-operation is more
1064
THE CHRONICLE
vitally necessary to agriculture than^to any otlxer industry; and so, if proper
enabling and regulatory legislation wero enacted, co-operation would
eventually spread and reacli^a full development anxoxxg farmers, without
jiny artificial stimxilation such as private donations or government aid.
Roosevelt, when President, declared that tho co-operative system is the
one that farmers wouhUfind best adapted for thoir lifo and work. Taft,
•when President, urged tho introduction o f rural co-operation. President
Wilson in a message to Congress said that!the farmers should not ask for,
nor rcceivo special privileges. Tho Secretary o f Agriculture in his last re
port asserts that there is no emergency calling for the use of Government
cash or credit for farmers. All tho best authorities aro xinited in the belief
that tho solution o f tho agircultural problems lies in individual initiative’
privato enterprise, and organized mutual self-help or co-operation. The
chambers of commerce could exert a powerful and beneficial influence in
this caxxso. Tho first step’ should be to procure tho necessary legislation for
associations in tho States.
L A T I N -A M E R I C A M E N V O Y S A GREE O N R ECO G N ITIO N
OF STRONGEST F A C T IO N I N M E X IC O .
The second conference of the Latin-American envoys for
the purpose of finding a solution to tho Mexican problem
was held in New York on September 18, when it was agreed
tha,t the provisional government in Mexico “with tho ma
terial and moral capacity necessary to protect the lives and
property of nationals and foreigners” should bo recognized.
It appears from the official statement given out at tho con
clusion of the meeting that at the previous conference held
in this city on Aug. 11 it was agreed that the government
resulting from tho proposed peace conference of Mexican
leaders, which the conferees sought to convene, should re
ceive recognition, but that if such an agreement of the Mexi
can chiefs should prove impossible the conferees would
recommend to their Governments that any provisional gov
ernment in Mexico which was strong enough to protect tho
lives and property of nationals and foreigners should bo
'recognized. Tho envoys, in view of the failure of tho first
plan, agreed to recommend to their respective governments
the alternative proposition. The agreement reached at tho
conference provides that each Latin-American Government
represented shall itself judge as to the capacity of tho Gov
ernment to bo recognized and shall extend recognition
separately at such time as it may deem proper. The fol
lowing statement was given out on behalf of the conferees
at the conclusion of tho September 18 meeting:
The conference held in New York on the 11th o f August, in addition to
deciding upon tho transmission o f a telegram addressed to tho persons con
stituted in authority in Mexico, inviting them to cease the struggle by tho
organization o f a de facto government by common agreement among them,
resolved to recommend to tho Governments represented at it “ tho recog
nition without further analysis of tho Government arising out o f such agree
ment, provided it guaranteed tho lives and property o f nationals and for
eigners,” and in tho event o f such agreement not being possible, "tho
recognition o f any provisional government with tho material and moral
capacity necessary to protect the lives and property o f nationals and
foreigners.”
In pursuance with this resolution and tho Impossibility o f recognizing a
government o f all tho factions, owing to tho lack o f such an agreement, tho
diplomatic representatives resolved at the last conference to communicate
to their respective Governments that, in their jxidgment, tho time has now
come to carry oxit tho policy agreed on at tho conference o f the 11th in caso
o f tho impossibility o f recognizing a de facto government springing from the
common agreement o f all tho factions.
Theretorepho-’ do facto government aspiring to recognition mxxst possess,
should this policy bo approved by all tho Governments, tho material and
moral capacity necessary to protect tho lives and property of nationals
and foreigners. Each Government shall itself jxxdgo such capacity and
recognition will likewise bo extended by each Government separately at
such time as it may deem proper. Recognition will naturally entail as a
result, thoappointmont o f diplomatic representatives accredited to tho head
o f the Government recognized.
Tho American diplomats hold that in adopting this resolution and in
considering tho situation o f Mexico at provioxxs conferences, as well as in
addressing^to tho persons constituted in authority in Mexico tho circular
of Aug. 15 last, they havo merely exercised in tho most judicious manner
possible, the indisputable international right o f taking tho preliminary stops
toward tho’ recognition o f a do facto government in a caso o f civil war,
vested in all Governments, without thereby interfering, either directly or
indirectly, in tho internal affairs of Mexico, an interference which has not
at any moment been contemplated.
It has always been tho sense o f tho conference that the pacification of
Moxico is a question to be exclusively decided by tho Mexicans themselves,
and it trusts that a'Government recognized by all tho Governments of the
world will bo able to attain that result and assure the welfare o f tho sister
country.
•
Secrotary of State Lansing presided at tho conference
which was held at the Hotel Biltmoro and was attended
by the diplomatic representatives of Argentina, Brazil,
Chili, Bolivia, Uruguay and Guatemala. Tho next meeting
will be held on Oct. 9, at which time it is expected that tho
conferees will bo prepared to arrive at a definite decision
as to which faction in Mexico is entitled to recognition. It
is stated that in tho interval tho various countries will con
duct independent investigations as to which government in
Moxico measures up to the required standards and is entitled
to recognition.
The failure of the plan for a peace conference in Moxico
which was worked out at tho first meeting of tho Latinmerican envoys was duo to tho fact that General Carranza,
[Vol. 101.
who is looked upon as tho sti’ongest of tho Mexican loaders,
would not agree to tho schemo. All tho other important
chiefs signified thoir willingness to enter such a conference.
General Zapata and his military advisers accepted tho offer
of the envoys, their responses having been received at the
State Department on Aug. 30. As heretofore stated, Gen
eral Villa also made a favorable reply to tho appeal. Car
ranza’s answer was delayed for somo time, and it was be
lieved that he intended to ignore the note. Ilis generals
and advisers answered by referring their decisions to their
chief and stating that they would abide by his determina
tion. General Carranza’s reply was finally received on Sep
tember 10. He declined to acquiesce in the invitation of the
envoys that he join the leaders of tho various factions in
Mexico in an endeavor to bring about peace. Tho reply
stated that Carranza “cannot consent that tho interior affairs
of the republic bo handled by mediation or by any initiative
of any foreign government.” Prior to sending his reply to
tho peace appeal, General Carranza formally inquired of tho
State Department whether tho seven representatives who
made tho appeal wero acting in a privato capacity or were
empowered to act by their respective governments. Secre
tary Lansing replied that tho signers of tho note had acted
in their official capacity and for their governments.
F A R M M O R T G A G E B A N K E R S TO R E C O M M E N D R U R A L
C R E D IT LEG IS LA T IO N .
The Farm Mortgago Bankers’ Association of America
will hold its second annual convention in St. Louis noxt
Thursday and Friday. Tho program includes a number of
prominent speakers and has been arranged so as to presont
all sides of tho rural credit question for discussion. On tho
first day of tho convention, in addition to speeches by four
farmers, Honry Wallace, editor of “Wallace’s Farmer,”
and Prof. P. G. Holden, Director of tho Agricultural Exten
sion Department of tho International Harvester Co. of New
Jersey, will deliver addresses. On tho second day, speeches
will be made by II. S. Van Alstino, President of tho Gilmoro
Exchange Bank of Gilmore City, Iowa; L. W. Clapp, Vice
President of the First Trust Co. of Wichita, Kan.; W.'McC.
Martin, Chairman of the board of directors of tho St. Louis
Federal Reservo Bank, and II. S. Merrick, Prosidont of tho
Iowa Farm Mortgage Association. Mon of national promi
nence will speak at the banquet on tho evening of Oct. 7
on economic problems of direct concern to those interested
in farm mortgago transactions. Addresses will bo delivered
by Governor Hall of Louisiana and C. W. Thompson,
expert in charge of Rural Organization, U. S. Department
of Agriculture. On Friday evening an informal smoker will
bo held at Sunset Inn, which is owned by tho Busch estate
and is about a twenty-mile motor trip from tho convention
hall. On tho two days preceding tho convention tho
Board of Governors will hold a conference to formulate
rural credit legislation and to formally rocommond such
legislation to tho Joint Congressional Committoo on Rural
Credits for its consideration. Tho Joint Committoo is to
draft a rural credit bill to bo presented to tho noxt Congress,
and tho recommendations of tho Board of Governors of tho
harm Mortgage Bankers’ Association of America will bo re
ceived and havo consideration in this committoo.
IN D IC T M E N T S
RETURNED
FOR
E X C U R SIO N D ISA STE R .
C H ICAG O
New indictments havo been handed down as a result of
tho capsizing of tho Chicago excursion steainor Eastland
which overturned at her pier in tho Chicago Rivor on July 24
causing tho death of 812 persons. Tho latost indictmonts
wero returned by the Federal Grand Jury in Chicago before
Judge Landis On Sept. 22 against:
George T . Arnold, President of tho St. Josoph-Chicago Stoamship Co.
owner of tho Eastland.
William II. Hull, Vice-President and General Manager.
Walter K. Grcenebaum, Manager of tho Indiana Transportation Co. •
charterer of tho Eastland for tho Western Electric C o.’s picnic on July 24.
Harry Pedorsen, master of tho Eastland.
Joseph Erickson, Chief Engincor.
Robert Reid, Federal Steamboat Inspector.
Charles C. Eckliff, Federal Steamboat Inspector.
W. C. Stoolo, Secretary-Treasurer of tho St. Josoph-Chicago Stoam
ship Co.
Tho St. Joseph-Chicago Steamship Co.
Tho Indiana Transportation Co.
Fivo indictmonts woro roturnod against tho eight indi
viduals and two corporations. Tho chargos containod in tho
indictments aro said to allego conspiracy to defraud tho Gov
ernment by preventing tho execution of marine laws and
criminal carelessness. Ponalties under tho conspiracy
OCT. 2 1915.]
THE CHRONICLE
chargo, in the event of conviction, are a fino of not moro
than $10,000 or two years in prison, or both. Under the
chargo of carelessness the maximum ponalty is a fine of
$10,000, ten years in tlio penitentiary, or both. The in
dictments contained forty-eight counts and bonds in each
caso were fixed at $10,000 for each chargo.
Secrotary of Commerce Redfield, after receiving nows of
tho indictments of the two steamboat inspectors, asked
authority from President Wilson to suspend them without
pay, pending tho disposition of their cases in tho Federal
courts. At tho request of IVIr. Redfield, District Attorney
Clyno at Chicago sent him a detailed statement of tho
charges. Mr. Clyne’s reply indicated that tho inspectors
had been indicted for negligence in permitting an unsea
worthy boat to continue in business and for conspiracy in
allowing tho vessel to operate while unseaworthy. ,Of those
named in tho Federal Grand Jury indictments, Messrs.
Arnold,'Hull, Pederson, Erickson and Steelo wero indicted, as
heretofore indicated, on charges of manslaughter and criminal
carelessness in connection with tho disaster by tho State
Grand Jury in Chicago on Aug. 11. An indictment against
Mr. Greenebaum charging manslaughter was roturned by
tho State Grand Jury on Aug. 27. On July 28 a Coroner’s
jury adjudged guilty IVlossrs. Hull, Pedersen, Erickson,
Greonobaum, Reid and Eckliff, placing upon them tho
blame for tho loss of lives resulting from the accident.
It is roported that tho Eastland has been ordered sold by
Judgo Landis to satisfy a claim of $.14,.>00 toi tho work of
raising tho boat from tho river bottom. Tho ship will bo
sold at auction on Dec. 20.
1065
stand any order given them by their officers. In conclusion
he says that the language test is understood to require the
safeguarding of a vessel “in such a manner as shall be help
ful and not hurtful to our maritime commerce, and that it is
in no sense intended to be used to create embarrassment or
to cause unnecessary expense or delay.”
BANK ING, LEGISLATIVE AND FINANCIAL NEWS.
Ten shares of bank stock were sold at the Stock Exchange
this week and no sales of either bank or trust company
stocks wero made at auction. Extensive tables reporting
bid and asked quotations, deposits, surplus, &c., of banks
and trust companies in all important cities in the United
States aro published monthly in the “Bank and Quotation”
Section, the October issue of which accompanies to-day’s
“Chronicle.” Bid and asked quotations for all New York
City bank and trust company stocks are also published
weekly in another department of this paper, and will be
found to-day on page 1082.
Shares. BANK—New York.
Lotc.
10 National City Bank_________ 400
High. Close. Last previous sale.
400
400
Sept. 1915— 395
New York Stock Exchange memberships were reported
sold this week at $62,000 and $63,000. This last is an in
crease of $3,000 over the last previous transaction.
F. II. Cliafin, who had been Chief Clerk of the United
States Assay Office in this city, has been appointed Inspector
of Mints by Secretary of the Treasury McAdoo. Mr.
Chafin will have headquarters in Washington. He was
formerly Chief Deputy of Internal Revenue and prior to his
coming to this city had been Cashier of the United States
J IT N E Y BUS L A W I N N E W YORK S U S T A IN E D .
Mint in Denver.
Tho so-called “jitney bus” law is sustained in all its prin
cipal phases under an order of Stato Supremo Court Justice The Michigan Trust Co. of Grand Rapids is distributing
Hasbrouck, filed in the Albany County Clerk’s offico on with its compliments a small booklet explaining the provi
Sept. 27. An announcement in tho matter made by tho sions of tho laws of the State of Michigan governing the taxa
tion of municipal bonds, trust mortgage bonds and coupon
Now York Public Service Commission says:
As tho result of to-day’s decision tho courts in this and othor cases havo notes or other evidence of secured debts.
held that tho following classes of vehicles must secure tho consent of local
authorities and como to tho Commission under the new law for a certificate
George Weston has been mado Manager of the Foreign
o f public convenience and necessity, namely:
(a) A bus line;
Exchange
Department of the Guaranty Trust Co. of this
A stago route;
city.
Max
May, Vice-President of tho company, will con
,, A motor vehiclo lino or route;
l)
vehiclo in connection with a bus lino, a stago routo or a motor
tinue as head of the department, but will turn over tho active
vehiclo lino or routo;
„ ...
,
(e) A vehiclo carrying passengers at a rato of faro of fifteen conts or loss management to Mr. Weston. This change in the conduct
for each passenger within tho limits of a city.
(/) A vehiclo carrying passengers in competition with another common of the department went into effect yesterday. Mr. Weston
carrier which is required by law to obtain the consent of tho local authorities
had heretofore been connected with the American Express
o f said city to operato over tho streets thereof.
This classification was mado by Supremo Court Justice Brown in a Co. for many years.
caso in tho Niagara County Supreme Court, wherein Burt G. ilurtgam was
restrained from operating a bus lino from I.ockport to Olcott Beach, though
William S. Kies, who has been in charge of the Foreign
ho charged a faro of fifty cents and only part of his line was within tho city
Trade
Department of tho National City Bank of New York,
o f Loekport.
•
Tho result o f this decision was to make practically all operators of bus was elected a Vice-President of the institution on Septem
lines in tho cities o f the State liable to procedure under tho penalty clause
o f tho Public Service Commissions L aw , unless thoy secure tho permission ber 28. Mr. Kies has been connected with the bank for
o f tho city authorities and the certificate of the Public Servico ( ommission. slightly more than one year. Prior to that time he was
In Justice Ilasbrouck's decision filed to-day, ho holds that in tho caso
o f Elmer G. Booth o f Hochester, tho license o f tho city of Rochester, General Counsel for the Chicago & Western Indiana RR.
granted Booth before this law took effect, does not roliovo Booth from tho Tho election of Mr. Kies to a Vice-Presidency gives the
necessity of gotting tho consents o f tho city authorities under the now law National City Bank thirteen vice-presidents.
and of coming to tho Public Servico Commission.
With a view to the extension of American trade in Scan
“ Tho licenso,” says Justice Ilasbrouck’s opinion, “ being tho child of tho
statuto and not o f tho naturo of a contract nor of a class known as vested dinavian countries, Mauritz Pyk, representing the National
rights, is susceptiblo of revocation or annulment at any time at the will of City Bank, is investigating conditions there. Mr. Pyk
tho creating power” (tho Legislature).
This decision will compel all o f tho many Rochester jitney owners to is interviewing the prominent bankers, exporters and im
conform to tho new law, whether or not they possess an old public vehiclo porters in those countries and gathering information as to
liccnso from tho city.
their needs. lie was identified with the establishment of
tho South American branches of tho National City Bank.
R E Q U IR E M E N T S U N D ER L A N G U A G E TEST C LAU SE
At a meeting of the directors of tho National Bank of Com
OF S E A M E N ’ S A C T .
Secretary of Commerce Redfield announced on September merce in New York on Wednesday, J. Howard Ardrey of
23 tho interpretation which tho Government places upon Dallas, Texas, and Stevenson E. Ward,Cashier of the bank,
tho language test clause of tho Seamen’s Act. As heretofore were elected Vice-Presidents. Paris R. Russell, an Assist
indicated, Acting Secretary Sweet of tho Department of ant Cashier, was elected Cashier, and Archibald F. Maxwell,
Commerce approved on Aug. 13 regulations bearing on tho Manager of tho credit department, was appointed an As
language test provision in which it was stated that tho sistant Cashier. These changes will all become effective
Department “construes tho words ‘able to understand any Nov. 1. Mr. Ardrey, one of the new Vice-Presidents, was
order given by tho officers of such vessels’ to mean tho born in Dallas forty years ago. He entered tho banking
necessary orders that may bo given to members of tho crow in field when he was twenty-five years of age. He was for
each department in the course of tho performance of their merly Cashier of the City National Bank of Dallas and later
served as a Vice-President of that institution. Upon tho
duty.”
According to Mr. Redfield, tho Government’s interpreta organization of the Federal Reserve system, Mr. Ardrey was
tion is that the law does not requiro “tho uso of any particular elected a member of the Federal Advisory Council, representing
language on tho part of officers and crow of any vessel,” but tho Dallas District. He is widely and favorably known to
that “any languago which is understood in sufficient measuro tho business men and bankers of Texas. Ho has traveled ex
by officers and tho proper proportion of the crew will comply.” tensively in the interest of the Dallas Chamber of Commerce
Secrotary Redfield also points out tho construction, as stated and has written numerous articles on banking, commerce
abovo, which tho Department places on the requirement and economics.
of tho law thatmembers of^the crew^shallj^e ablofcto under
a
1066
THE CHRONICLE
Daniel A. Davis, a director in the Bank of New York,
N. B. A., and the Second National Bank of this city, died
on Sept. 25 at Indian Rock, Me. Mr. Davis was formerly
a member of the banking firm of Converse, Stanton & Davis,
from which he retired in 1885 to become a member of the
firm of Deering, Milliken & Co. He retired in 1902, retain
ing his directorship in the above-mentioned banks. At a
meeting of the directors of the Bank of New York, N. B. A.,
on Sept. 28, a resolution expressing the sense of their loss
suffered in the death of Mr. Davis, was adopted.
The Chatham & Phenix National Bank has declared a
quarterly dividend of 2^% on its new capital stock, payable
Oct. 4 to holders of record Oct. 2. The merger of the
Century Bank with the Chatham & Phenix National was
recently consummated and the enlarged institution began
business on Sept. 20 last. The dividend just declared is on
the new capital and is an increase in the quarterly distri
bution, 2% having been the quarterly disbursement pre
viously.
James M. Murphy, one of the twelve jurors who convicted
ex-Comptroller Edward M. Grout, former President of the
defunct Union Bank of Brooklyn Borough, on a charge of
perjury, has signed an affidavit stating that he had forgotten
a largo part of the evidence in the case by the time the trial
was concluded, and that he had voted for conviction on an
item which had been ruled out by the Court. As heretofore
stated, Grout was found guilty of perjury in swearing to a
false report of the condition of the Union Bank, by a jury
in tho Kings County Court on July 24, and was sentenced
to serve a term of not less than one year nor more than two
years in Sing Sing. Grout was granted a certificate of
reasonable doubt by Supreme Court Justice Townsend
Scudder in Brooklyn on Aug. 14 and was released in 85,000
bail. It is reported that Murphy’s affidavit was made be
fore a notary public in this city on Sept. 7. In the affidavit
Murphy, it is said, states that the jury did not understand
banking customs, that the evidence was too complicated and
extended to be remembered and that it was impossible to
keep the whole case in mind.
[Vol. 101.
follow tho rules and that ho had kept from tho mombors of tho firm all in
formation concerning tho same.
The directors of the National Bank of Commerce of
St. Louis have declared a dividend of 1 % for the third quarter
of 1915, payable Sept. 30, thus reducing the annual rato from
6%, which had prevailed since Octobor 1914 to 4%. This
reduction had been expected, in view of the letter which was
recently sent to the stockholders of the institution by Presi
dent Lonsdale,who, in furtherance of his views regarding the
adoption of a conservative policy with respect to the ad
ministration of the institution, urged the building up of its
surplus reserve. The National Bank of Commerce in its
statement of Sept. 2, reported deposits of $42,086,739 and
surplus and profits of $2,255,263.
At a meeting of tho directors of the Security National
Bank of Los Angeles, Calif., on September 14, Walter A.
Ellis, formerly Trust Officer of the Security Trust & Savings
Bank, was elected Cashier of tho first-named institution to
succeed James B. Gist, who recently resigned to take up
the management of the financial affairs of large eastern
nterests. While Mr. Gist has severed his relations as
officer, the bank still will have the benefit of his experience
and advice as a director and member of its Finance Com
mittee. Mr. Ellis’s advancement is a well-earned reward for
long and faithful service with the Security Trust & Savings
Bank and his selection is in line with the policy of the Security
organization to pick its officers from among its staff. Mr.
Ellis began his banking experience with the Southern
California Savings Bank in 1905, and later joined the force
of the Security Trust & Savings Bank, with which the
Southern California Savings Bank was merged in 1907.
Tho Standard Bank of Canada, head office Toronto, has
declared a dividend for the current quarter ending Oct. 30
1915 at 3M%» being at tho rato of 13% per annum upon the
paid-up capital stock, and which will bo payable on and after
Nov. 1 to shareholders of record as of Oct. 21.
T H E E N G L IS H GOLD A N D S IL V E R M A R K E T S .
W e reprint the follow ing from the weekly circular of
Sam uel M o n ta g u & C o . o f L on d on , written under date of
Septem ber 16 1915:
GOLD.
Tho external movements havo not boon In favor of tho Bank of England.
Tho following amounts wero received by tho Bank:
Sept. 14— £100,000 in sovereigns released on miscellaneous account.
“ 15—2,000,000 in foroign gold coin.
“ 15— 775,000 in bar gold.
Withdrawals wero made as under:
Sept. 9— £25,000 in sovereigns set asldo on account of Straits Sot■
tlements Note Guarantee Fund.
“ 10— 100,000 In sovereigns sot asido on account of Egypt.
“ 11— 1,492,000 in foreign gold coin.
" 11— 200,000 in bar gold.
“ 11— 200,000 in sovereigns for Spain.
" 13—
50,000 in bar gold.
" 13— 2,390,000 in sovoroigns for U. S. A.
“ 13—
50,000 in sovereigns sot asido on account of Switzerland.
" 14— 250,000 in sovoroigns for U. S. A.
14— 100.000 in sovereigns set asido on account o f Egypt.
16— 300.000
do
do
do
do
15—
75,000 in sovereigns sot asido on account of tho Straits
Settlements Noto Guarantee Fund.
During tho weok tho not reduction amounted to £2,357,000.
Tho output of gold in the Transvaal for tho month of August, 1915, was
valued at £3,307,975, as comparod with £3,272,258 for July, 1915, and
£3,024,037 for August, 1914.
A. R. Palmer, for forty-eight years connected with the
Exchange National Bank of Seneca Falls, N. Y., has recently
resigned as Cashier of that institution. Mr. Palmer was
well known and popular among the up-State bankers.
M. W. Jacoby, for twenty-two years connected with the
same bank, and who had served as its Assistant Cashier, but
who withdrew last year to become Cashier of the Citizens
National of Hornell, N. Y., was chosen unanimously by
the board of directors to fill the vacancy, and will assume
tho duties October 15th.
The merger of the Commercial National Bank of Syracuse,N. Y., with tho Syracuse Trust Co. was formerly ratified at
a meeting of the stockholders of the latter institution on
Sept. 24. A resolution was also adopted authorizing an in
crease in the capital stock of the trust company so as to
raiso it from $300,000 to $500,000. As heretofore stated,
plans for the consolidation were completed on Sept. 8. The
Syracuse Trust Co. is to tako over the assets and assume
the liabilities of the Commercial National, which will go into
S IL V E R .
voluntary liquidation. It is understood that the consolida Tho market has not shown much
animation during tho wook and pricos
tion will take place after the 7th inst.
have movod within narrow limits. From 23 11-lGd. rtuotod on tho 9th
inst., tho price foil away gradually until 23>£d. was touchod on tho 14th
and after recovering to 23 9-16d. on the 15th inst., has fallen furthor
Henry D. Hughes, senior member of tho brokerage firm inst.,
to-day to 23 7-16d. Although China has been a soller at tiinos, tho under
of Hughes & Dier of Philadelphia, was suspended on Sep tone
remains steady, and tho modorato amounts offering havo boon takon
for coinage requirements. The opinion is hold in somo quartors
tember 27 for one year from the Philadelphia Stock Exchange. chiefly
that tho reduction in tho amount of tho gold exports to India should havo a
This action was taken at a special meeting of the Board of favorablo
on the demand for silvor, but of lato purchases in this mar
Governors.’ Mr. Hughes, who has been a member of the ket for thoeffect
bazaars havo been on a very small scalo, although crop prospects
appear to bo fairly satisfactory. A study o f tho imports and exports o f
Exchange since 1899, was suspended for “acts detrimental silver
for the month of August, tho figuros for which are givon bolow, tends
to the best interests of tho Philadelphia Stock Exchange.” to confirm
that tho considerable improvement that has takon place in tho
Tho firm of Hughes & Dier was established in 1913. Mr. prico
sinco tho latter part of July Is quite justified. Imports havo of
been considerably lessoned, as a result of tho substantial purchases
Hughes issued the following statement on September 27 courso
for the U. S. Treasury— who are reported to havo bought an additional
regarding the suspension :
amount of 1,600,000 ounces sinco tho 3d inst.
I appeared beforo tho Board of Governors of tho Philadelphia Stock Ex
Imports
Exports Excess o f Exports
change this afternoon to answer a statement that certain business has been
A u g. 1915.
A u g. 1915. Over Imports.
transacted by tho firm of Hughes & Dier. of which firm I am a member Silver bullion and foreign sil
contrary to tho rules of tho Exchange. I advised tho Board of Governors
ver coin--------------- ----------- £532.350
£686,475
£154,135
that about a week ago I discovered that one of tho employees of our firm
“ Lo Temps” of tho llth inst. makes tho intorostlng statement that iron
had not followed tho rules of tho Exchango as alleged, but that his failure monoy, comprising 5 pfennig pioces, to tho number o f 100 millions will bo
to so comply with tho rules was entirely unknown to either member of tho put into circulation by Germany on Oct. 1. Thoso coins aro to bo with
firm of Hughes & Dier.
drawn from circulation two years aftor tho cessation of hostilities. This
I understand, however, that under tho rules of the Exchango a member is Issuo of iron currency is rominiscont of the timo of tiio Napoleonic Wars, whon
responsible for tho conduct of his employees.
Gorman women voluntarily sacrificed thoir jewelry and substituted thorofor
Wo obtained from tho employee, who was immediately dismissed, a ornaments made of chased iron. Specimens of this iron jewelry may bo
statement setting forth that ho alono was responsible for his failure to seen In tho national collection at tho Victoria and Albort Musoum.
A n Indian currency return for tho 7th inst. gave details in lacs o f rupees
as follow s:
. . . .
rk qr
N otes in circulation...........................— ...............o5,db
Rosorve in silvor coin----------------------------------------39,21
G old coin and bullion----------------------------------------- 6,00
G old in E ngland-------------------------------------------------6,15
T ho stock in B om bay consists o f 6,300 bars, as com pared with 5,700 last
weok. N o shipment lias boon m ade from San Francisco to H ongkong.
Quotations for bar silvor por ounce standard:
5%
Bank r a t e .................... .......... „
No
cash
Sopt. 10— 23%
quotation Bar gold per oz. standard___77s. 9d.
* 1 1 - 2 3 9-16
French gold coin per o z ------ N om inal
fixod
13—
23 9-16
for
14—
23 X
A
forward
15— 23 9-16
16—
23 7-16 delivery.
A v . for the week 23.541 cash
Tho quotation to-day for cash del ivory is M d. below that fixed a weok a go.
T U B E N G L I S H GOLD A N D S IL V E R M A R K E T S .
27— 10 1,0 0 0 in foreign gold coin.
<• 27__ 300,000 in sovereigns set asido on miscellaneous account.
•• 27__
5,000 in sovereigns sot asido for tho Straits Settlements.
•• 28___ 100,000 in sovereigns set asido on Egyptian account.
«• 30 — 393,000 in bar gold.
••
<•
••
••
During
30 —
10,081— The First National Bank o f Oshkosh, N e b ., July 2 1915. Liqui
dating Agent, R obert A . D ay, Oshkosh. (Succeeded b y tha First
State Bank o f Oshkosh.)
C H A N G E O F T IT L E S E P T . 18.
10,778— T ho Century National Bank o f N ew Y ork , N Y ., to “ T he
Chatham & Phenix National Bank o f the C ity o f N ew Y ork .
—Among other securities, the following,
were recently sold
at auction in New York, Boston and Philadelphia:
By Messrs. Adrian H. Muller & Sons, New York:
Auction Sales.
n ot u sua lly dealt i n at the Stock E x c h a n g e ,
S ha res.
S lo ck s.
P e r c e n t.
B onds.
P er ce n t.
719 Hocking V . Products C o., v.t.c. 1H $22,400 Hocking V. Products 1st 5s,
ctfs. dep______________________ 22 y i
5 Associated Indust’s Corp.,com.S25
$5,000 Am. Tube & Stamping Co.
5 Associated Indust’s. Corp.pref.$425
2d 6s, 1921.................................... 80
90 McNeai-Edwards Co., Va___ $5 lot
By Messrs. R. L. Day & Co., Boston:
$ per sh.
S tock.
$ p e r s h . S h a r es. S to ck .
4 Nashua & Lowell R R .............. -180
3 Merchants Nat. B an k..............292H
1 State Street Exchange-------- 65 flat
10 Nat. Shawmut Bank ex-dlv----- 198
14 Wcbster&AtlasNat.Bk., ex-div.210K B o n d s .
12 Peppcrcll Mfg. C o------------121-121 ^ $3,000 Russell Falls Paper Co. 1st
6s, 1927___________ _________ $300 lo t
1 Nashua Mfg. Co., par $500----- 710
S ha res.
Tho weekly circular of Sam uel M o n ta g u & C o . o f L o n d on ,
writton under date of Sept. 2 19 15 , failed to reach u s, b u t we
reproduce the following regarding tho w eek’ s gold m ov e
m ents from the columns of the London “ E co n o m ist.”
GOLD.
This weok tho gold movements have boon for tho Bank o f England, tho
not influx boing £297,000. The following [amounts were received by tho
Bank:
.
Aug. 26— £873,000 in bar gold.
“ 30— 93,000 in bar gold.
Sept. 1 — 731,000 in bar gold.
Withdrawals wore mado as under:
Aug. 26— £10.000 in sovereigns sot asido for the Straits Settlements.
“
1067
THE CHRONICLE
Oct. 2 1915.]
44,000 in foreign gold coin.
3 i —. 250,000 in sovereigns sot asido on miscellaneous account.
3 i— 97,000 in sovereigns set asido for tho Straits Sottlemonts.
3 1 — 100,000 in sovereigns sot asido on Egyptian account.
By Messrs. Barnes & Lofland, Philadelphia:
$ p er sh .
S to ck .
$ p e r s h . S h a r es. S to ck .
5 Phi la. & Camden Ferry, $50 ea.l06K
50 G. A. Schneebeli* Co., I n c -.. 10
75 Phlla. Bourse, pref., $25 each. 21
1 Farmers & Meehan. Nat. Bk .128
18 Phlla. Bourse, com., $50 each.6-6H
16 Corn Exchange Nat. Bank----- 295
10 United Gas& E. Corp., 1st pref. 54
20 Knobley Mtn. Orch. Co.,W.Va. 41
349 New Eng. Watch Co., $25 ea.SS lot 50 H. K . Mulford C o., $50 each-,64-65
1 Pa. Academy of Fine Arts___ 28
53 Phlla. Nat. Bank____________458
14 Real Estate Trust Co., p r e f... 83 '4 61 St. Bernard Mining Co_______120
25 Finance Co. of Pa. 1st pref----- 106M
B onds.
P er ce n t.
2 Belmont Trust C o., $50 each.. 40
$500 Springfield Wat. Co. 5s, 1926- 88
30 MutualTrustCo., S50each.-- 35
$2,500 Long Beach Turnpike 1st
6 Frank. A So'wark Pass. R y .,-3 4 4
5s, 1942_______________________ 11
5 Germantown Pass. R y ............100K
$2,000 Dansville Gas A E. Co. 1st
10 Citizens Pass. Ry - ........ ......... 265
5s, 1939............ - ........................... 50
100 Reading Traction C o., $50 ea. 27K
S ha res.
Canadian Bank Clearings.—The clearings for the week
ending Sopt. 25 at Canadian cities, in comparison with the
same week in 1914, show a decrease in the aggregate of
9.0%.
tho wook the not incroaso on balanco amounted to £297,000.
W o also give tho following silvor statem ent o f Sam uel
M o n ta gu & C o . as published b y tho “ E co n om ist” :
SILVER.
Tho hotter undertone which has been felt rocontly, owing principally to
substantial purchases on bohalf o f tho United Statos Treasury, is now evi
denced by an upward trend of prices. Supplies continue restricted—a re
sult to somo oxtont of tho cxchango being vory unfavorable to salos from
Amorica— and, although offerings wore suppiomontod by a certain amount
of soiling on account of China, tho prico has risen considerably. Tho In
dian bazaars soom hardly to havo grasped tho situation, for they havo con
stantly sent limits to buy which havo provod impracticabto, in so resilient
a market. Continental purchases havo somewhat increased, and havo con
tributed most o f tho support during tho wook. It is possible that tho con
tinuance of the war may bo accompanied by a largor demand for coinago.
Tho “ Frankfurt Gazotto” statos that since tho commencement o f tho war
350.000 kilograms of silver havo boon coined. All tho metal was derived
from Gorman mlno3 , which, by tho way, wore reported to havo produced
440.000 kilograms in 1912, and placod Germany fifth in rank o f the silverproducing Statos o f tho world. Tho “ Gazotto” also states that at present
only 18 marks a head of tho population has boon coined out o f tho 20 marks
authorized by tho last mintago law. It will.be remembered that in 1913 a
special coinago roservo of 120 millions of marks was authorized to bo minted
In ordor to augment tho war chest. Of this only 6,000,000 marks were
coinod anterior to tho war. It is announced that this rosorve coinago is to
bo considered outside, and unaffected by tho restriction o f 20 marks a head
referred to abovo.
.
Tho movomonts In the spot and forward prices of bar silvor from day to
day during tho week havo been as follows:
Cash.
2 Months.
Aug. 2 8 - - - .............- ................. d.22 15-16
...........
" 30.......................... - ............. 23
...........
“ 31.......................................... 23
...........
Sopt. 1_______________________ 23 3-16
--------“
2
.................................... 23 5-16
______
<• 3 ......................................... 23 9-16
...........
E N G L IS H F I N A N C I A L M A R K E T — PER C A B LE .
The daily closing quotations for securities, &c., at London,
L ond on,
S e p t. 25.
W e e k n d l n n O c t . 1.
S a l.
Silver,peroz-------- d . 23H
Consols, i ' A percents Holiday
British i ' A percents. Holiday
French Rentes (In
Paris)_________ fr. 87.25
S e p t.
M on.
23 M
27.
S ep t.
Tues.
28.
S ep t.
W ed .
29.< S e p t. 30.
Thur.
65
97 K
23 %
65
97 K
23 11-16 23 H
65
65
97H
97H
67.00
67.00
66.75
66.50
O ct.
Frt.
1,
23 %
65
97 J*
66.50
W e e k e n d in g S e p t.
1915.
T o ro n to .................... —
Q uebec------- ---------------Halifax............................
Victoria...........................
Saskatoon-------------------Fort William..................
New Westminster..........
C H A R T E R S ISSU ED T O N A T IO N A L B A N K S S E P T . 17 TO S E P T . 20.
10,780—Tho Howard National Bank, H oward, So. D ak. C apital, $25,000.
Josso Gass, Pros.; C . A . Droxler, Cashier,
in 781— Tile R od Crook National Bank, Rod Crook, N . Y .— C apital,
’
$25,000. William H awloy, Pros.; Charles Hawley J r., Cashier.
10 782— The First National Bank o f Toxiino, T ex. Capital, $25,000
’
C . S. Bingham, Pros.; J. E . M c A v o y , Cashier.
in 783__Tho Farmors National Bank o f A itkin, M inn. Capital, $25,000.
’
F. P. M cQ ulllin, Pros.; W . T . M ou nt, Cashior. (Conversion o f
Farmers & M erchants State Bank o f A itkin.)
V O L U N T A R Y L IQ U ID A T IO N .
8 420— Tho First N ational Bank o f Bolpro, Ohio, Sept. 14 1915. Liqul’
dating Agont, W . M . C oo, Bolpro, Ohio. (Absorbed b y Tho
Farmors A M echanics National Bank o f Parkorsburg, W . V a .,
1 375— Tho ^Chatham k Phenix National Bank o f Now Y ork , N . Y .,
’
at close o f buslnoss on Sopt. 18 1915. Liguidating Agont, Bort L.
Haskins, Now Y ork, N . Y . Consolidated with T ho Chatham &
Phenix National B anklof thoJCityfof N ow iY ork .iN o. 10,778.
In c . or
D ec.
1914.
$
$
%
49,619,515 50,083,676 — 0.9
32,205,267 32,522,175 — 1.0
26,159,401 33,071,813 — 20.9
5,729,039 7,465,286 — 2305,
2,621,212 3,795,279 — 4.0
3,142,236 3,782,342 — 16.9
+ 4.5
1,943,213
2,030,819
2,894,462 2,516,197 + 15.0
1,623,367 — 11.1
1,442,852
2,846,622 3,519,091 — 19.1
+ 7.6
1,508,769
1,612,500
1,966,638 — 40.4
1,171,596
1,649,900 2,365,854 — 30.3
1,525,1S8 2,319,210 — 34.2
518,383 — 4.2
492,300
375,139 — 20.3
299,021
1,041,148 —0.8
1,033,276
909,013 — 19.5
732,079
+ 8.8
429,538
467,673
451,502
846,337 — 46.2
—-23.0
347,715 ■
267,309
386,960 — 42.2
223,265
440)821 — 21.4
346)401
Total Canada________ 139,973,435 153,777,964
1913.
1912.
$
56,740,308
41,319,055
33,764,438
11,734,049
4,516,274
3,536,588
2,132,879
3,020,984
1,590,882
4,784,382
1,648,492
3,207,390
3,942,000
2,523,340
608,017
608,704
1,562,390
1,200,557
572,979
1,019,485
616,47S
547,121
$
59,515,883
38,683,303
25,024,289
12,241,019
3,569,071
2,938,511
1,600,776
3,202,299
1,822,242
8,445,201
1,565,678
3,620,066
4,271,230
2,208,843
605,590
679,705
2,279,051
1,657,151
612,071
734,682
— 9.0 181,097,212 175,276,661
FOREIGN TRADE OF NEW YORK—MONTHLY
STATEMENT.—In addition to tho other tables given in
this department, made up from weekly returns, wo give the
following figures for the full months, also issued by our
Now York Custom House.
M e r c h a n d is e M o v e m e n t to N e w Y o r k .
M o n th .
1914.
1915.
January-.
February M arch__
April........
M a y_____
Juno.........
July_____
August- -
C u s to m s R e c e ip ts
at N ew Y ork .
E x p o rts.
Im p o r ts.
1915.
1914.
1915.
1914.
$
72,872,302
64,934,639
72,798,453
66,338,886
66,008,905
62,630,190
59,218.363
33,559,424
$
12,028,863
10,888,461
13,782,944
10,784,886
11,258,475
11,916,018
11,112.048
10,873,044
$
16,643,013
13,023,068
17,964,690
14,713,576
13,225,912
14,889,990
15,914,374
12,803,086
|
$
S
S
70,992,107 82,330,513 104,025,265
71,016,866 i 85,328,968 113,203,172
90,473,231 101,655,994 129,845,743
92,252,029 j 93,600,199 139,410,642
76,341,381 87,518,541 1135,622,599
87,890,671 81,336,584 1144,890,856
75,812,940 ! 84,561,785 156,746,121
76,266,845 63,804,412 144,117,486
Total -- 641,046,079'6S0,136,996 1067861S84'498,361,156 92,644,739 119,177,709
Imports and oxports of gold and silver for the 8 months:
# c r m m e r c i a l m x f t l ^ i s c e l l a t i e o u s I J je w s
National Banks.—Tho following information regarding
national banks is from tho office of tho Comptroller of the
Currency, Treasury Department:
25.
C lea rin g s at —
S ilv er— N e w
G old M o v e m e n t a t N e w Y o r k .
M o n th .
1915.
S
2,082,618
January. .
1,531,031
February.
3,377,102
March . . .
3,590,774
April........
M a y____ 12,722,697
1,204,397
Juno____
5,301,292
July.........
August- - 2,281,541
T o t a l.. 32,091,452
Im p o r ts.
E x p o rts.
Im p o r ts.
1914.
$
1,301,532
659,423
1,252,366
575,917
633,149
806,392
732,964
973,114
1915.
|
1914.
$
|
$
639,000 6,788,486
996,300 8,982,204
773,400 2,582,056
754,808
60,250
1,196,820 16,700,846
2,779,190 47,593,306
2.064.670 32,732,301
1.032.670
949,341
1915.
$
396,139
1,410,058
1,266,910
834,374
881,477
1,864,418
1,768,120
2,718,817
Y ork .
E x p o rts.
1915.
$
4,371,866
2.892.627
2.725.628
3,626,612
4,869,982
3,020,338
2,694,349
2,824,995
6,934,857! 10,236,85sl 116,388,850 11,140,313 27,026.397
FOREIGN TRADE OF THE UNITED STATES,
1914-15.—We append a series of tables supplemental to, and
which furnished the basis of, the remarks contained in the
articlo on page 328 of the “Chronicle” of July 31 1915.
They will be found useful for reference and as a matter of
record.
1068
VALUE OE BREADSTUFFS EXPORTS.
1 8 9 6 ..
1 8 9 7 ..
1 8 9 8 ..
1 8 9 9 ..
1900 . . .
1901 . . .
1902 . . .
1903 . . .
1 9 0 1 ..
1 9 0 5 ..
1 9 0 6 ..
1907 . . .
1 90 8 ..
1 9 0 9 ..
1 9 1 0 ..
1911 . . .
1912 . . .
1913
1 9 1 4 .. .
1915a..
a Figures
when later
__________
EXPORTS
F is c a l
Y ea r
e n d in g
J u n e 30.
.
.
.
.
.
.
.
.
.
.
for 1915 are not anal, and are subject In all cases to slight correction?
returns are received.
BREADSTUFFS EXPORTS BY QUANTITIES.
Y ea r
en d e d
J u n e 30.
W h e a t.
1898..........
1897 ..........
1898........ .
1899..........
1900..........
1901..........
1902..........
1903..........
1901...........
1905..........
1906..........
1907..........
1908______
1909 ..........
1910...........
1911..........
1912........
1913...........
1914______
1915a____
60,650,080
79,562.020
148,231,261
139,432,815
101,950,389
132.000,667
154,856,102
114,181,420
44,230,169
4,394,402
34,973,291
76,509,423
100,371,057
66.923.244
46,679,870
23.72 1.302
30,160,212
91,602,974
92,393,775
259,042,533
A vge.
p er
bush .
B u sh els.
$
0.655
0.753
0.983
0.748
0.718
0.733
0.729
0.769
0.811
0.888
0.822
0.787
0.994
1.017
1.021
<) .2 »
0.944
0.972
0.952
1.284
F lo u r.
A vge.
p er
b b l.
T o ta l
W heat
a n d F lo u r .
%
B u s h e ls .
B a r r e ls .
11,620,864
14,569,545
15,349,943
18,485,890
18,699,194
18,650,979
17,759,203
19,716,484
10,999,432
8,830,335
13,919,048
15,584,607
13,927.247
10,521,161
9,010,987
10.(2 M3 >
11,006.487
11,394.805
11,821,461
16,182,765
A vge.
p er
b u sh .
C orn .
B u s h e ls .
3.558 120.443,908
3.849 145,088,972
4.512 217,306,001
3.954 222,618,420
3.62 4 186,090,564
3.724 215,990.073
3.697 231,772,515
3.748 202,906,273
4.053 120.727.613
4.547 44.162,409
4.240 97,609,007
3.990 146,610,424
4.008 163,013,668
4.8)2 111,268,468
5.267 87,362,068
4.875 6 ),3t!,/.? .
4.633 79,689,403
4.006 142.879.596
4.607 145,590,349
5.862 332,404,975
99,992,835
170.916.365
208,744,939
174,089,094
209,348.284
177,817,965
26,636,552
74,833,237
55,858,965
88,807,223
117,718,657
83,300,708
52,445,800
35,85$. 112
30,802,374
6 $.761.45s
40,038,795
49,064,907
9,380,855
48,780,291
$
0.378
0.306
0.355
0.397
0.407
0.404
0.608
0.542
0.538
0.534
0.527
0.531
0.617
0.703
0.691
O.Vil
0.723
0.587
0.747
0.806
when later returns are received.
GOLD AND SILVER MOVEMENT.
Y ear
e n d in g
J u n e 30.
E x p a rI t.
Im p o r ts.
E x c e s s o/
E x p o rts ( + )
o r lm p o r t s (— )
E xcess
E x p o rts.
ot
Im p o r ts.
E x p o rts.
1896 . . . 112,409,947 33.525,065 + 78,884,882 60.541,670 28,777,186 31,764,484
1897 . . . 40,361,580 85,014,780 — 44,653,200 01,946,638 30,533,227 31,413,411
1898 . . . 15,406,391 120.391,674 — 104.985.283 55,105,239 30,927.781 24,177,458
1899 . . . 37,522.086 88,954,603 — 51,432,517 56,319,055 30,675,056 25,643,999
1900 . . . 48,266,759 44.573,184
+3,693.575 56,712.275 35,256,302 21.455,973
1901 . . . 53,185,177 66,051,187 — 12,866,010 64,285,180 36,388.521 27,898,559
1902 . . . 48,568.930 52,021.254 —3,452,304 49,732,390 28,232,254 21,500,136
1903 . . . 47.090,595 41,982,027
+ 2,108,568 44,250,259 24.i63.491 20.086.768
1904 . . . 81,459,986 99,055,368 — 17,595,382 49,472,702 27,768,814 21,703,888
1905 . . . 92,594,024 53,648,961 +38,945.063 48,848.812 27.484,865 21,363.947
1906 . . . 38,573,591 96,221,730 — 57,648,139 65,869,003 41,442.540 21,126.523
1907 . . . 5t.399.170 114,510,249 — 63,111,073 50,739,073 42,946,624 13.792,449
1908 . . . 72.432,924 148,337.321 — 75,904.397 57.921,202 44,658,097 13,350.121
1909 . . . 91,531,818 44,003,989 + 47,527,829 55,082,792 43,954,810 11.727.982
1910 . . 118,563,215 43.3 19.903 + 75,221,310 50,286,861 15,217,19 I 10,089,667
1911 . . . 22.509,653 73.607,013 —51,097,360 64.749.958 45.937,249 18.812,709
1912 . . . 57,328,348 48,936,500
+ 8,391,848 64,890.005 47,050,219 17,840,446
1913 . . . 77.762,622 69,19 4.025
+ 8.568.597 71,614,311 41.288,516 30.345,795
1914 . . . 112,038,529 66,538,659 + 45,499,870 54,965,023 30,326,604 2 4,038.419
1915 . . . 146,224,148 171,568,755 — 25,344,0071 50,942,187 29,110,323 21,831,864
a Figures for 1915 are not final, and are subject In all cases to slight corrections
when later returns are received.
VALUE OF IMPORTS AND EXPORTS OF MERCHANDISE. 1891 TO 1913.
M e r c h a n d is e .
Y e a r e n d in g
J u n e 30.
E x p o rts.
I m p o r ts.
E x cess o t E x p o rts
or
Im p o r ts.
T o ta l I m p o r ts
and
E x p o rts.
$
835,747,785
817.490,397
854.405,176
647,775,017
731,969,905
E xp.
E xp.
Im p .
E xp.
E xp.
48,594,095
212,397,08e
7,120,451
241,132,092
75,568.200
Total 5 years... 4,400,959,966 3,887,391,340
Average_________ 892,191,993 777,478,808
E xp.
E xp.
673,505,626 8.348,354,306
114,713,125 1,009,070.801
1896
1897
1898
1899
1900
779,724,074
764.730.412
616,049,054
697,148,489
849,941,184
E xp.
E xp.
E xp.
E xp.
E xp.
102,882,264 1.062,331,612
286,263,141 1.815.723,968
615.432.676 1.847.531,984
529,874,813 1,924,171.791
644,541,898 2,244,424,266
Total 5 years__ 5,786,589,208 3,707,591.413
Average_________ 1,157,317.812 741,518,883
E xp.
E xp.
2.078,994,795 9,494,183.621
415,798,959 1.898.836.724
1901...................... 1,487.701,991 823.172,105
.......... 1.381,719,401 903,320,948
1903 ....................... 1,420,141.679 1.025.719,237
1901 ...................... 1,460,827.271' 991.087.371
1905 ...................... 1.518.561.606 1,117.513,071
E xp.
E xp.
E xp.
E xp.
E xp.
Total 5yea rs... 7.269,015,008 4.860.812.792
A v e ra g e .............. 1,453.803.002 972,162,568
E xp.
E xp.
1906
1907
1908
1909
1910
1,226,562,446
1,434,421,425
1.194.341.792
1,311.920.221
1.556.947.430
E xp.
E xp.
E xp
E xo.
E xp.
Total 5 yea rs... 8.893.484,748 0,724.193,317
Average................. 1.778,696.950 1.344.838,063
E xp.
E xp.
2.169,291,431 15.617.678.005
433.858.287 3.123.535,613
1911
.........
1912 ......................
1913
..
1914 .....................
1915 ......................
E eo.
E xp.
E xp.
E xp.
E xp.
522.0i4.0O4
551,057.475
052,875,015
470,653,491
1,094,419,600
1891
1892
1893
1894
1895
[Vol. 101
THE CHRONICLE
*
.................. ..
884,341,884
...................... 1,029,893,483
......................
847,278,725
...................... 891,907,709
......................
807.533,165
......................
......................
......................
..................
......................
882,606,938
1,050,993,556
1,231,482,330
1,227,023,302
1,394,483.082
......................
......................
......................
.................. .
......................
1,743,804,500
1,880,851.078
1,880,773,346
1,661 011,10!
1.744.984.720
2,049.320.199
2,204,322,409
2,465,884,149
2,364.579,143
2.768,589.340
1.527.226.105
1,653.264,934
1,813.008.234
1,893,925,657
1,674,169,740
1
004,592,826
478,398,453
394,422,442
469.739.900
401,018.595
%
1,720,089.669
1,847,389.880
1,701,683,901
1,539,082,728
1,539,508.130
2,310.937.156
2.285.010,349
2,445.860.916
2,451.914,642
2,636,074.737
2,408,202,210 12,129.827.800
481,610,444 2,425,965.560
517.302,054
446.429.653
606,431,554
351,090.880
188.037,290
2.970,420,946
3,315.272.503
3.055,115,138
2,971.911,32.8
3.301,932.150
3.570.540.201
3,857.587.343
4,278,892,383
4,258,504,805
4,442,759.080
Total 5 years... 11.852,095.245 8.501.594.070 E x p . 3,291,1C0.575 20,414.2.89,915
Average................ 2,370,539,019 1.712,318,934lgjp.
658,220,115i 4,082,857,983
N o t e .—The foregoing figures are exclusive of gold and silver In ore exported and
imported, which wo Include In gold and sliver
1896 . . .
1897 .. .
1898 . . .
1899 . . .
1900 . . .
1901 . . .
1902 . . .
1903 . . .
1904 . . .
1905 ..
1906 . . .
1907 . . .
1908 . . .
1909 . . .
1910 . . .
m i ..
1912 . . .
1913 . . .
1914 . . .
1915 a ..
OF
B re a d s lu t I s.
LEADING STAPLES—COTTON, BREADSTUFFS.
PROVISIONS AND PETROLEUM.
C o lto n .
P r o v is io n s
a n d D a ir y
P r o d u c ts .
T o ta l
F our
S ta p le s .
T o ta l
A ll
E x p o rts.
S
%
j
$
141,356 .993 190 ,056,460131 ,503,590 62
197,857 ,219 230 ,890,971 137 ,138,084 02
333,897 .1191230 ,442,215 167 ,340,960 56
273.999 ,699 209 ,564,774 175 ,508,608 58
262,744 ,078 241 ,832,737 184 ,453,055 75
275.594 ,618313 ,673,443 196 ,959,637 71
213,134 ,344 290 ,651.819199 ,861,378 72
>221,242 ,285 316 ,180,429179 .839,714 67
149,050 .378370 ,810,246 176 ,027,586 79
107,732 .910 379 ,985,014 169,999,685 79
186,468 ,901 401 .005,921 210 .990,065 84
184,120 ,702 481 ,277,797 202 .392,508 84
215,260 ,588 437 788,202,192 .802,708104
159,929 ,221 117 ,390,661
.521,949 105
133,592,611 450 .447.243
,632,783 99
124.913,53?
.3 1 8 .8 6
.3 8 1,7 1,1 4 8
123,979,715 565 .849,271
.260,876 112
211,098 ,339 547 ,357,195
,883,526 137
165,302 ,385 610 ,475,301
,227,780 152
573,823 .676376 ,217,972
,052,990 133
525,300,446
628,521,311
787,805,872
715,346,249
764,641,620
788 857,340.486
822 775,950,363
533 784,515.961
469 774,948,679
222 737.490,831
327 882,506,214
715952,646,722*
440 949.967,938 1
819.811,47211
813,361,568,1
'
>
958,561,962 2
1049576822 2
1074179 522 2
1303787913 2
a Figures for 1915 are not (Inal,and are subject In all cases to slight corrections
x Including both crude and red ied, and also residuum.
COTTON AND PETROLEUM EXPORTS BY QUANTITIES.
Y e a r e n d in g J u n e
30.
C o tto n E x p o r t s .
Bales.
P ou n d s.
x P e tr o le u m ,
G a llo n s .
..............
4,659,765
1896
2,335,226,385
890 254,034
6,176,365
1897
..............
3,103,754,949
967 525,242
1898
..............
7,581,004
3,850,264.295
1,014 276,272
1899
..............
7.373.382
3,773,410,293
919 041,718
1900
..............
0,090,144
3,100,583,188
950 023.155
1901
..............
6,508,450
3,330,890,448
1,008 ,947,394
1902
..............
0,873,692
3,500.778,763
1,075 ,899,900
1903
..................... .....................
.....................3,543.043,022
0,938,279
941 ,156,856
1904
..............
6.009,194
3.003,912.760
961 860,345
1905
..............
8,337,961
4,304,848,903
1,074 ,384,814
1906............................
7,050,856
1,182 917,221
3,034,045,170
1907
..............
8,708,469
4.518.217.220
1,185 202,449
1908
..............
7,434.680
3,810,998,093
1,372 955.746
1909
..................... .....................
..................... 4,447.985,202
8,577,728
1,458 ,483.303
1910
..............
6,263,293
3.206.708.220
1,540 ,067,984
1911
..............
7.829,066
4,033,940,915
1,610 ,540,756
1912
..............
10,675,445
5,535,125,429
1,793 ,665,038
1913
..................... .....................
8,724,572
4,562,295,075
1,989 ,772,713
1914
..............
9,165,300
4,760,940,538
2,281 ,611,005
1915a______________
8,420,297
4,403,578,499
2,187 340,010
a Figures for 1915 are not final, and are subject In all cases to slight corrections.
x Includes residuum as well as crude and refined oils belnnlng with 1910.
DIVIDENDS.
The following shows all tho dividends announced for the
future by largo or important corporations.
D ivid e n d s a n n o u n c e d this week are p r in ted i n ita lics.
N am e o f C om pany.
P er
C e n t.
W hen
P a y a b le.
B ooks C lo s e d .
D a y s In c lu s iv e .
Railroads (Steam).
B elt R E . it Stic. Y d s ., I n d l a m p . , c o m . (q u .)
P re fe r r e d ( g u a r . ) . . ............ ...............
C r ip p le C reek C e n t ., c o m . (q u .) ( N o . 2 4 )..
P r e fe r r e d (q u a r .) ( N o . 40)......................
D e la w a r e L a ck a w a n n a <t W e s te r n ( q u a r . ) .
Georgia RR. & Banking (quar.)________
Great Northern (quar.)........ ....................
Joliet A Chicago (quar.)_______________
Kansas City Southern, prof, (quar.)........
Lehigh Valley, com. A pref. (quar.)____
Minn. St. P. A S. S. M ., com.Apf.(No.25)
New York Central RR. (quar.)................
Norfolk A Western, adj. pref. (quar.)__
N o r th e r n P a c i f i c ( q u a r .) .......... ..................
Philadelphia A Trenton (quar.)_________
Pitts. Ft. W. A Chic., regular, guar, (qu.)
Reading Company, com. (quar.)..............
Second preferred (quar.)......................
United N. J. RR. A Canal Cos. (quar.)._
Warren Railroad........ ........... ...................
Street and Electric Railwnya.
B o sto n S u b u rb a n E le c . C o s ., p r e f. ( q u . ) . . .
C ln . N e w p . A C ov . L . A T r ., c o m . ( q u . ) .
P r e ferre d ( q u a r .) ........................
C itiz e n s T r a c ., O il C ity , P a ., p r e f . ( q u a r . ) .
C ity R y ., D a y to n , O ., c o m . A p r e f. (q u a r .)
C o lu m b ia R y ., G a s A E le c ., p r e f. ( q u a r . ) . .
D a lla s E lectr ic C o ., 1 st p refe rred ( N o . 5 ) ..
S econ d p re fe r r e d ( N o . 5 )........................
Duquesno Light Co., pref. (qu.) (No. 3).
L in c o ln T r a c tio n , c o m m o n ( q u a r .) .... .........
M a n c h e s t e r ( N . //.) T r . , L . A P o w . (q u a r .)
O ttu m w a R y . <fe L ig h t, p r e f . ( q u a r . ) . .........
Philadelphia Co., com. (qu.) (No. 136)..
0% cumulative pref. (No. 6)................
Puget Sound Trac., L. A Pow., pref. (qu.)
Republic Ry. A Lt., pref. (qu.) (No. 17)
R o m e (G a .) R y. A E le c tr ic ( q u a r . ) . ............
S cio to V a lley T r a c tio n , 1st p f . A p f . ( q u . ) .
S p r in g fie ld A X e n i a R y ., p r e f . ( q u a r . ) __
S ta rk E le c tr ic R R . ( q u a r . ) . ........................
U n ite d R y s. A E le c ., B a lt., c o m . ( q u a r . ) . .
V ir g in ia R y . A P o w e r , co m m o n ( q u a r .) __
Winnipeg Electric Ity (guar.)............
Banks.
C h a th a m A P h e n tx N a t . (q u a r .) _________
C o lo n ia l ( q u a r . ) .....................................
M e t r o p o l i s , B a n k o f th e (q u a r .) _______
Fire Insurance.
H a n o v e r F i r e (q u a r .) ( N o . 136)........ .
Oct. 1
2
1H Oct. 1 _____
1
Dec. 1 Holders of rcc.
1
Dec. 1 Holders of rec.
244 Oct. 20 Holders of rec.
Oct. 15'Oct. 2 to
3
I X Nov. I sept. 25 to
Oct. 4, Holders of rec.
IX
1
Oct. 15 Holders of rcc.
$1.25 Oct. 9 Holders of rec.
344 Oct. 15'JIolders of rcc.
14* Nov. I IHolders of rec.
Nov. 19j Holders of rec.
1
IX Nov. l 1Holders of rec.
244 Oct. 10'Oct. 1 to
IX oct. OlHept. 12 to
Nov. 11; Holders of rcc.
2
1
Oct. 14|Holders of rec.
$2.50 Oct. 10 Sept. 21 to
344 Oct. 15 Holders of rcc.
50c
144
144
144
144
144
3
244
14*
1
2
14*
144
3
75c.
144
1
14*
2
4*
50 c.
144
244
Oct.
Oct.
Oct.
Oct.
Sept.
Oct.
Oct.
Oct.
Nov.
Sept.
Oct.
Oct.
Nov.
Nov.
Oct.
Oct.
Oct.
Oct.
Sept.
Oct.
Oct.
Oct.
Oct.
244 Oct.
3
Oct.
4
Oct.
Nov. 20
Nov. 20
Oct. 4a
Oct. 14
Oct. 14
Sept. 24a
Sept. 30a
Sept. 25a
Sept. 24a
Oct. 7a
Oct. 30a
Oct. 11
Oct. 10
Oct. 5
Oct. 20a
Sept. 28a
Sept. 30
Oct. 0a
Holders ot rcc.
Oct. 1 to
Oct. 1 to
Holders of rcc.
Sept. 21 to
Sept. 29 to
Holders of rec.
Holders of rec.
Ifolders of rec.
Sept. 16 to
Holders of rec.
Holders of rec.
Holders of rec.
Holders of rcc.
Holders of rec.
Holders of rcc.
Oct. 4
Oct. 15
Oct. 15
Oct. 1
Sept. 30
Sept. 30
Oct. 5a
Oct. 5a
Oct. 1
Sept. 20
Oct. la
Sept. 30
Oct. la
Oct. la
Oct. la
Sept. 30
Sept. 20 to
Sept. 26 to
Sept. 26 to
Holders of rcc
Holders of rcc
Holders of rec.
Sept. 30
Sept. 30
Oct. 1
Oct. 4a
Oct. 6a
Sept.30da
4 Oct. 3 to Oct. 4
1 Holders of rec. Sept. 20a
1 Sept. 28 to Sept. 30
Holders of rcc. Oct.
1
Miscellaneous-
A l lia n c e R ea lty ( q u a r .) _________________
Amer. Agric. Chem., com. (qu.) (No. 16)
Preferred (quar.) (No. 41)___________
American Coal Products, pref. (quar.)
Amer. Gas A El., pref. (quar.) (No. 35).
Amer. Laundry Machinery, pref. (quar.)
Amer. Locomotive, pref. (quar.)________
A m e r . P u b lic S erv ice, p r e f . ( q u a r .) _______
Amer. Seeding Machine, com. (quar.)__
Preferred (quar.)___________________
American Sugar Rcfg.. com. A pref.(quar.)
Amer. Tcleph. A Telegraph (quar.)____
Amer. Type Founders, common (quar.).
Preferred (quar.)___________________
American Window Glass, pref___
Pref. (on account accumulated diva.) .
American Woolen, pref. (quar.) (No. 66).
Oct.
Oct.
Oct.
Oct.
Nov.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
1
Oct.
I 4* Oct.
Oct.
3
Oct.
8h
1H not.
144
1
144
14*
144
14*
1X
14*
1
144
14*
15 Holders of rcc. Oct. 9
15 Holders of rec. Sept. 27a
15 Holders of rec. Sept. 27a
15 Oct. 10 to Oct. 14
1 Holders of rec. Oct. 20a
15 Oct. 0 to Oct. 15
21 Sept. 22 to Oct. 21
1 Holders of rec. Sept. 25
15 Holders of rec. Sept. 30a
15 Holders of rec. Sept. 30a
2 Holders of rec. Sept, la
15 Holders of rec. Sept. 30a
15 Holders of rcc. Oct. loa
15 Holders of rec. Oct. 10a
0 Sent. 30 to Oct. 5
0 Sept. 30 to Oct. 5
15 Sept. IS to Sept 29
Per
When
Cent. Payable.
Name of Company.
Miscellaneous (Continued).
Books Closed.
Days Inclusive.
IX
Associated Oil_________________________
Special________________ ____ ________
Bell Telephone of Canada (quar.)............
B e ll T c l e p . o f P e n n s y lv a n ia ( g u a r .) ---------B o n b r lo lit (I V m . P . ) it- C o ., I n c . , p f . ( g u .) .
Borne, ScrymserC o . . . .................. - .........
Canadian Cottons, Ltd., pref. (quar.).--.
Canadian West'll'.so, Ltd. (qu.) ( i s o . 43).
Caney Hivcr Gas (quar.)--------------------Extra------------- -------------------------------C e n tr a l A g u i r r e S u g a r C o s ., p r e f . ( g u a r . ) . .
Central Coal & Coke, preferred (quar.)..
Central * S. A. Telegraph (quar.)--------C h ic a g o P n e u m a tic T o o l ( g u a r .) --------------Colt’s Patent Eire Arms Mfg. (q u a r.)...
Extra---------------------------------------------C o m m o n w e a lth E d is o n ( g u a r .) ----------------C o r n P r o d u c ts R e f i n i n g , p r e f . ( g u a r .) ........
Cosden & Co., common (q u a r .).............
Common (extra)...... ..................... .........
C o te P i a n o M a n u f a c t u r i n g , p r e f . ( g u a r . ) . .
Cuba Company, common.......................
Dayton Power & Light, preferred (quar.)
D e la w a r e L a c k a ic a n n a & lV e s t. C o a l (g u .)_
Detroit Edison (quar.)----------------------Diamond Match (quar.)---------------------Distilling Co. of America, pref. (quar.).
Dominion Textile, Ltd., preferred (quar.)
duPont(E.I.)dcNcraours Powd .pf. (qu.)
E d is o n E l e c . 111., B r o c k to n ( N o . 56)--------Electrical Securities Corp., pref. (quar.).
Elec. Utilities Corp., pref. (qu.) (No. 22)
E u r e k a P i p e L i n e ( g u a r .) _______________
General Electric (quar.)................ - .........
General Motors, common............. ...........
Preferred_____ _____________________
G e n e r a l R a ilw a y S ig n a l, c o m m o n ( g u a r . ) . .
P r e fe r r e d (g u a r .) ( N o . 45)-----------------G l o b e - W e r n i c k e , p r e fe r r e d ( g u a r .) ------------
Goldfield Consolidated Mines (quar.) Granby Cons. Min., Smelt. & Pow., Ltd.
Imllana Pipe Lino (qunr.)_-------------------
I n d i a n a p o l i s W a te r W o r k s S e c u r itie s , p r e f .
I n t e r n a l . B u tto n h o le S ew in g M a c h , (g u a r.)
Int. Harvester of N J.. corn (qu.) (No.2.1)
I n te r n a tio n a l P a p e r , p r e fe r r e d ( g u a r .) ----Island Creek Coal, common (quar.)------K a n s a s G a s & E l e c ., p r e f . (g u a r .) ( N o . 22)
Kaysor (Julius) &Co. 1st* 2d pref.(quar.)
K e l s e y C o ., I n c . , co m m o n ( g u a r . ) . . . ........
P r e fe r r e d ( g u a r . ) . . .................. - - - .........
La Hose Consolidated Mines (quar.)........
Lehigh Valley Coal Sales (quar.)-----------MacAndrews & Forbes, common (quar.).
Preferred (quar).......... ............. ...........
M a n u f a c t u r e r s E igh t tfc I l e a l (g u a r . ) ------Massachusetts Gas Cos., com. (quar.) —
Mass. Lighting Cos., old com. (quar.)...
New common (quar.)-------------------Preferred (quar.)---------------— ...........
M c C a l l C o r p o r a tio n , 1st p r e f . ( g u a r .) ........
Mexican Telegraph (quar.)-----------------M o n t r e a l T e le g r a p h ( g u a r .) ........................
E x t r a ------------------ ----------------------- -
M o u n t a i n S lates T e le p h . <fc T e lc g . ( g u a r .) .
National Biscuit, common (quar.)(No.09)
National Carbon, common (quar.).
Preferred (quar.).......... .............
N a t i o n a l E ig h t, H e a t tfc P o w . , p r e f . (g u a r .)
National Sugar Heflnlng (quar.).............
New York Transit.............. ......... ........... .
Niagara Falls Power (quar.)___________
Nlpe Bay Co...........................................
Nlplsslng Mines (q u a r.)........................
N o r th e r n S ta tes P o w e r , p r e f . ( g u a r .) ------O h io F u e l O il ( g u a r .) __________________
Ohio Fuel Supply (quar.)........ ...............
Osage & Oklahoma Co. (quar.)............ ..
Extra.......... .......... — ........... - ...........
Otis Elevator, common (quar.)........ —
Preferred (quar.)..................................
Pacific Teleph. & Teleg., pref. (quar.).
Penmans Limited, common (quar.)----Preferred (quar.)----- ---------------------P e n n C e n tr a l E igh t <fc P o w e r , p r e f . (g u a r.)
1
1
Miscellaneous (Conclu ded).
Shawlnlgan Water & Power (quar.)------Southern Gal. Edison, pf. (qu.) (No. 25).
Spring Valley Water (guar.) -------------- .
Standard Milling, preferred (No. 25)----Steel Co. of Canada.Ltd.,pf .(qu.)(N o.17)
Temple Coal, preferred (quar.)........ .......
Tennessee Copper (quar.)______________
Thompson-Starretl Co., common-------------Tonopah Mining of Nevada (quar.)------Union Natural Gas Corporation (quar.).
Union Switch tfc Signal, com. tfc pf. (gu.).
United Fruit (quar.) (No. 65)--------------United Gas Improvement (quar.)---------United Shoe Machinery, common (quar.)
Preferred (quar.)........ ..........................
U. S. Industrial Alcohol, pf. (gu.) (No. 36)
U .S. Smelt., Refg. & Min., pref. (guar.).
Vacuum Oil........ ............ .............. ...........
Virglnla-Caro. Chcm., pf. (qu.) (No. 80).
Warner (Chns.) Co.of Del.,lst*2d pf.(qu.)
Western States Gas tfc Electric, pref. (gu .)..
Western Union Teleg. (qu.) (No. 186)..
We.stinghou.se Elec. & Mfg., com. (quar.)
Preferred (quar.).......... ...................—
Pittsburgh Coal, preferred (quar.)-------Procter & Gamble, preferred (quar.)----Quaker Oats, common (quar.)..................
Preferred (quar.)........ ...........................
R e e c e B u tto n h o le M a c h , (g u a r .) ( N o . 118).
R e e c e F o ld in g M a c h i n e (g u a r .) ( N o . 26) —
S t. J o s e p h S tock Y a r d s ( g u a r .) ........ ...........
I X Oct. 9 Holders of rec. Sept. 30
Oct. 15 Holders of rec. Sept. 30
IX
S7)4c. Sept. 30 Holders of rec. Sept. 21
to Oct. 31
•IX Oct. 30 Oct. 26
IX Nov. 1 Holders of rec. Oct. 16
Oct. 11
2
Oct. 12 Oct. 3 to
75c. Oct. 15 Holders of rec. Oct. 4a
4
Nov. 15 Holders of rcc. Nov. 8
1 to Oct. 7
15
Oct. 21 Oct
234 Oct. 15 Oct. 1 to Oct. 15
SI 50 Oct. 15 Holders of rec. Oct. 5a
2
Oct. 15 Holders of rec. Sept. 22
Oct. 15 Holders of rcc. Sept. 30a
$1
50c. Oct. 5 Holders of rec. Sept. 14
3734 c. Oct. 5 Holders of reo. Sept. 14
1X Oct. 15 Holders of rec. Oct. 8a
8734c. Oct. 15 Holders of rec. Oct. 1
3
Oct. 30 Holders of rec. Oct. 14
2
Oct. 15 Holders of rec. Sept. 30a
IX Oct. 28 Holders of rec. Sept. 30a
I X Oct. 15 Holders of rec. Sept. 30
Oct. 15 Holders of rec. Sept 20a
IX
Oct. 30 Holders of rec. Sept. 30a
IX
IX Oct. 15 Holders of rec. Sept. 30a
a Transfer books not closed for this dividend, b Less British Income tax. d Cor
rection e Payable in stock. /Payable In common stock, a Payable In scrip.
On account of accumulated dividends, i Transfers received In London on or be
fore Sept. 8 will be In time to be passed for payment of dividend to transferees.
h
Imports and Exports for the Week.—The following are
the reported imports at Now York for the week ending
September 25 and since the first week of January:
FOREIGN IMPORTS AT NEW YORK.
For Week Ending Sept. 25.
Dry Goods— ..............
General Merchandise____
1914.
1915.
$2,294,739
17,278,772
$19,573,511
Total .......... - .........
Since Jan. 1.
Dry Goods_________
General Merchandise-
$3,539,392
16,223,018
1912.
1913.
$2,814,492
17,972,166
53,250,653
15,414,697
S19.762.410 $20,786,658 $18,665,350
$85,988,441 Sl‘27,931,087 $110,455,615 5107,842,927
719,304,793 600,251,538 605,219,002 023,473,573
Total 38 weeks.......... ....... 5805,293,234 5728,182,625 S715,674,617 5741,316,500
EXPORTS FROM NEW YORK.
Week Ending Sept. 25.
1915.
1914.
1912.
1913.
For the week______________
Previously reported________
$37,800,267 520,032,132 516,810,536 $17,740,768
999,873,502 595,919,023 632,205,400 581,303,669
Total 38 weeks---------------
$1037673769 $615,951,155 $649,015,996i$599,044,437
The gold and silver exports and imports for the week and
since January 1 have been as follows:
EXPORTS AND IMPORTS OF SPECIE AT NEW YORK.
i
P e n n s y lv a n ia Sail M a n u f a c t u r i n g ( g u a r .) .
Books Closed.
Days Inclusive.
Per
When
Cent. Payable.
Name of Company.
Oct. 23
Nov. 29
Sept. 30
Oct. 15
Oct. 14
Oct. 15
2
Oct. 14
1
Oct. 15
Sept. 30
Oct. 15
2
Oct. 5
Oct. 15
IX
Sept. 30
Oct. 11
IX
Oct. 14
Oct. 15
20
Oct. 3
Oct. 4
IX
Sept. 30a
Oct. 11
1
Nov. 10
Nov. 20
2
Nov. 10
1
Nov. 20
Oct. 1
2
Oct. 1
Oct. 15
Oct. 15
IX
Sept. 30a
Oct. .8
IX
Oct. 25
Oct. 25
1
Sept. 18a
2
•IX Oct.
Sept. ISa
2
Oct. 2
Oct. 15
Nov. 1
2
Oct. 4a
Oct.
15
IX
Oct. 4
Oct. 5d
2
Oct. 4
Oct. 5d
X
Sept. 25
\x Oct. 1
Sept. 30
Nov 1
10
Sept. 30a
Oct. 15
IX
Oct. 15 Holders of rcc. Oct. la
IX
Sept. 30a
Oct. 15
IX
Dec. 15 Holders of rcc. Nov. 30a
IX
Oct. 30 Holders of rec. Sept. 29a
X
Sept.30a
Oct. 15
IX
Oct. 25
Oct. 25
IX
Oct. 14a
Nov. 1
S4
Oct. 27a
Nov. 1
IX
Sept. 30
15
Oct.
IX
Nov. 1 Holders of rcc. Oct. 15
6
Sept. 4a
Oct. 15
2
Sept. 30
Oct. 15
50
Nov. 1
Sept. 30
3X
Oct. 1
Oct. 1
IX
Oct. 1
Oct. 1 Sept. 30
IX
Oct. 15
Sept. 30
IX
10c. Oct. 30
Sept. 30a
Nov. 1
Oct. 15a
IX
S2
15
Oct. 23
Sept. 2Sa
■ix Oct. 1
i
Oct. 15
Oct. 1
Oct. 15
Sept. 25a
IX
Oct. 15
Oct. 6a
X
50c Nov. l
Oct. 23
Sept. 25
Oct. 1
IX
Nov.
Holders of rcc. Oct. 20a
IX
Oct. 1
Sept. 25
IX
Oct. 1
Sept. 25
IX
1
Oct. 20
Oct. 19
2 X Oct. 16
Oct. 7
•IX Oct. 15 Holders of rec. Sept. 3 0 1
Oct. 15 Holders of rec. Sept. 30a
IX
2
1 to Oct. 15
Oct. 15
s of rcc. Oct. 15
Nov. 1
IX
S .75 Oct. 15 Holders of roc. Sept. 25
25c. Oct. 15 Holders of rcc. Sept. 25
$1.50 Oct. 15 Holders of rcc. Sept. 25
Oct. 1
IX
•IX Oct. 15 Holders of rcc. Sept.30a
2
Oct. 15 Holders of rcc. Sept. 30
Oct. 15 Holders of rec. Sept. 30
1 to Oct. 15
Oct. 15
IX
Oct. 15 Holders of rec. Sept. 28a
IX
6 to Oct. 15
Oct. 15
IX
6 to Nov. 15
Nov 15 Nov.
IX
Oct. 1 Sept. 26 to Sept. 30
IX
Oct. 2 Holders of rec. Sept. 7a
IX
4
Oct. 15 Holders of rcc. Sept. 23
2
Oct. 15 Holders of rcc. Sept. 30a
Oct. 15 Holders of rcc. Sept. 22a
IX
1 to Oct. 17
Oct. 20 Oct.
5
Oct. 15 Holders of rcc. Sept. 30
IX
5 to Oct. 10
Oct. 11 Oct.
1 to Oct. 15
Oct. 15 Oct.
2
1 to Oct. 10
OCt. 10 Oct.
IX
1 to Oct. 10
Oct. 10 Oct.
1
1X Oct. 15 Holders of roc. Sept. 30
1X Oct. 15 Holders of rcc. Sept.30
1 to
Oct. 15 Oct.
Oct. 15
IX
Nov. 15 Holders of rec. Nov. 5
1
I X Nov. 1 Holders of rcc. Oct. 21
Oct. 4 Holders of rcc. Oct. 1
1
Oct. 15 Holders of rec. Scpt.”30
2
IX Oct. 25 Holders of rcc. Oct. 15a
2 • Oct. 15 Sept. 26 to Oct. 13
IX Nov. 1 Holders of rec. Oct. 15
I X Nov. 1 Holders of rec. Oct. 15
•IX Oct. 15 llolders of rec. Oct. la
\x Nov. 30 Holders of rec. Nov. la
3
Oct. 15 Holders of rec., Oct. 1
1
Oct. 15 Holders of rcc.. Oct. 1
Sept. 30 Sept. 21 to
IX
Sept. 30
SI
A n a c o n d a C o p p e r M i n i n g — ..............
A s s o c ia te d G a s tfc E l e c ., p r e f . ( g u a r .)-------
P u b lic S ervice C o r p . o f N o . I I I ., c o m . ( g u . ) .
P r e fe r r e d ( g u a r . ) . . ----------------------------
1069
THE CHRONICLE
Oct. 2 1915.1
Week ending Sept. 25.
Great Britain____
Franco___________
Germany........ .......
West Indies_______
Mexico___________
South America___
All other countries.
Total 1915............. .
Total 1914.............
Total 1913............
Silver.
Great Britain_______
Franco........................
Germany....................
West Indies...... .........
Mexico_____________
South America..........
All other countries—
Total 1915.
Total 1914.
Total 1913.
Imports.
Ezports.
Since
J a n . 1.
Gold.
S in c e
J a n . 1.
S481.749 $4,206,222
566 11,519,880
4,795
55,671
81,309
121,934
1,263,296
1,419,315
9,996,487
5,201,640
5514,500 510,996,
78,000 127,598,
350 68,768,
S746.024
168,660
640,591
,606,840
,930,946
,200,143
5665,999 $25,359,
235,000 2,129
51,350
675
513,278
13,598
1,648,
3,
112
12
100
394,837
44,488
100,606
317,128
,584,447
,821,236
5503,000 $10,194,33.8
22,010
719,140
61,500
11,500
440,000
hT.ioo
$948,099 $29,265,81.r
811,560 32,431,014
1,245,669 37,526,213
9 6 5 ,0 0 4
5542,056 $6,714,691
58,868 6,995,914
152,709 7,684,497
Of the above Imports for the week in 1915, $10,733 were American gold
coin, and of the exports during the same time, $3,000 were American gold
coin.
—Following is the weokly statement issued by the Federal Reserve Board on Sept. 25:
The Federal Reserve Banks.
The statement indicates an incroaso in total rosorvo of 8.5 million dollars.
Gains in total reservo aro reported by Now York, 7.4 millions; Phila
delphia. 3.7 millions; Boston. 2.2 millions, and San Francisco, 0.2 million dollars. All the other banks show smaller total reserves than a week ago.
The aggregate gold reserves of tho banks increased 1.0 millions, the above-mentioned banks, also Chicago, reporting additions to their sold holdings.
Moroovor,' the banks in order to reduce their liability on Federal rosorvo notos outstanding transferred to agents during tho wook a total of 10.b million
dollars in p " ‘
The agi
accounting
showihg ‘
$100,r
brand
for the week beroro, as a largo amount of me paper noia ny me ;i aoiunern panics is reporron as maturing huiuu ww now «oo
”“ ■*
for all the banks o f paper maturing within ton days is 16.9% for tho current week, as against 10.9 for the week boforo, while tho proportion of all paper
maturing after 10 but within 30 days is shown to have decreased from 29.8 to 27%. Tho proportion of paper on hand maturing after 30 days Put
within 60 (lays likewise shows a decline from 40 to 35%.
nr. .
.
Additional purchases of United States 3% bonds are reported by Cleveland and Chicago,while Kansas^ City reports m e _
°i,°„,,,, •,<j(a’
r-dn of «™uu
about uuu-u»„
one-half million dollars, largely .........
as the —
result- of
fresh
Other
___ Investments, composed of municipal short-torm notos, show u *.»*>*
-- —
--- purchases
— .w .. .by
,
the Boston and Now York banks. Bank deposits, as distinct from Government deposits, increased about 13 million dollars, tho Now York, i miauuphia and Chicago statements indicating tho largest increases under this lioad.
, ,„
, _
,,
... _
, - , QQ ,
Federal Rosorvo agents report, a total o f 171.9 million dollars of Federal Reserve notes received from tho Comptroller of the Currency, and ot 133-1
million dollars of notes issued to tho banks. Against tho latter total they hold at present 115.2 million dollars of gold and 18.1 millions orpaper, ih o
aggregate liability o f tho several banks on outstanding reserve notos is given as 15,348.009 dollars.
Tho figures of tho consolidated statement for tho systom as a whole are given in the following table, and in addition
wo present the results for each of tho eight preceding weeks, thus furnishing a useful comparison. In the second table we
show tho resources and liabilities separately for each of tho twelve Federal Reserve banks. The statement of Federal Reserve
Agonts’ Accounts (tho third table following) gives details regarding the transactions in Federal Reserve notes between the
Comptroller and tho Reservo Agents and between tho latter and tho Federal Reserve banks.
C
R
L
F
R
B
S
24 1915.
o m b in e d
esou rces and
ia b il it ie s of t h e
ederal
eserve
a n k s a t t h e c lo se of b u s in e s s
eptem ber
RESOURCES.
Gold coin and certificates In
Gold settlement fund......................
Gold redemption fund with U. S. T
Total gold reserv e................................. 5290,221,01):) $2883)39,090 5282.007,000 5268,411,000 $268,179,000 $261,985,000 *264,271,000 *261.196,000 5266,192,000
Legal tender notes, silver, A c........................... 22,920,03 )
16,001,000
20,235,000
19,274.000
19,878,000
27,117,000
20,919,000
24,916,000 22,092,000
Total reservo.............................................5313,144,000 $304,640,000 5302,242,000 $287,685,000 $288,057,000 $239,102,000 $285,220,000 $286,112,000 $238,284,000
THE CHRONICLE
1070
lVol. 101
RESOURCES (Concluded).
Sept. 24 1015 Sept. 17 1915 Sept. 10 1915 Sept. 3 1915 Aug. 27 1915 Aug. 20 1915 Aug. 13 1915 Aug. 6 1915 July 30 1915
Carried forward (total reserve)...................... 3313,144,000 *304,640,000 *302,242,000 *287,685,000 *288,057,000 *289,102,000 3285,220.000 *286.112,000 *288,284,000
Bills discounted and bought—
Maturities within 10 days......................
Maturities within 30 days......................
Maturities within 60 days......................
Maturities within 90 days......................
Maturities over 90 days..........................
37,487,000
11,997,000
15,531,000
8,173,003
1,213,000
*34,784,000
*12,997,000
*17,452,000
7,293,000
1,135,000
34,734,000 *34,938,000
12,085,000 *11,348,000
16,532,000 *16,785,000
8,652,000
*8,490,000
1,255,000
1,395,000
34,445.000
10,658,000
17,209,000
8,582,000
1,945,000
34,475,000
10,264,000
16,168,000
9,156,000
1,688,000
*3,441,000
10,215,000
14,908,000
10,170,000
2.024,000
*4,222,0001
8,851,000/ *12,065,000
15,085,000
13,639,000
10,686,000
11,774,000
2,082,000
3,249,000
T o ta l................................................. 341,431,000
*43,661,000
*43.258,000
342,956,000
*42,839,000
341,751,000
340,818,000
*40,926,000
340,727,000
Bank acceptances (Included In above).. 313,058,030
12,985,000
12,918,000
13,039,000
13,564,000
8,740,000
12.209,000
12,073.000
11,625,000
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
25,803.000
12,401.000
6.990.000
4,962,000
8,740,000
18,553,000
12,710,000
6.805.000
4,777,000
Investments: U. 8. bonds..............................
Municipal warrants................
Federal Reserve notes— Net...................
Due from Federal Reserve banks—Net.........
All othor resources............................................
Total Resources.
39,323,030
24,945,003
14,860,003
7,499,033
3,577,003
8,607,000
18,558,000
11.260.000
4.028,000
5,823,000
8,503.000
18,100,000
12.578.000
5,987,000
5,263,000
7,923.000
16,107,000
11,029,000
7,078,000
5,904,000
.8117,703,000 *406,188.000 *403,420,000 *388.274,000 S389.9S3.000 *382,468,000 *374,120,000 *377,469,000 *377,052,000
LIARILIT1ES
Capital paid In...............................
$51,748,000
Government deposits___ _________________ 15,003,000
Reserve deposits— Net____________________ 329,911,000
Federal Reserve notes—Net______________ 15,348,000
All other liabilities............................................
2,663,000
*54,749,000 *54,772,000 *54,762,000 *54,689.000
15,000,000
15.000.000
.......................................
316,953,000 313.053,000 312,316,000 316,989,000
16,562,000
17,527,000
17,670.000
16,738,000
2,924,000
3,063,000
3,526,000
1,567,000
*54,329.000
*54,331,000
*54,315,000
*54,181,000
310.095.000
15,847,000
2,197,000
301,920,000
15,723,000
2,140,000
306,002,000
15,420,000
1,732,000
306,183,000
14,965,000
1,723,000
Total liabilities.......... ....... ......... ...*117,709,000 *400,188,000 *403,420,000 *388,274,000 *339,983,000 *382,468,000 *374,120,000 *377,469,000 $377,052,000
Gold reserve against net liabilities (a)__ . . .
82.2%
83.6%
82.1%
84.9%
82.1%
83.3%
84.3%
82.8%
84.8%
Cash reserve against net liabilities (a)__ . . .
90.0%
89.6%
88.2%
88.7%
90.9%
89.6%
89.3%
90.7%
91.8%
Cash reserve against liabilities after setting
aside 40% gold reserve against net
amount of Federal Reserve notes in
93.2%
circulation (b )____ _______________
93.0%
92.1%
92.3%
90.8%
93.3%
92.1%
94.4%
(a) After deduction of Items In transit be*0,805,000
tween Federal Reserve banks, vis__ . . . $7,409,000
*4,028,000
*6,990,000
*8,533,000
*3,142,000
*5.987,000
*7,701,000
$7,078,000
F e d e r a l R eserv e N o te s —
S e p t. 24 1915 S e p t. 17 1915 S ep t. 10 1915
S ep t. 3 1915 A u g . 27 1915 Aug. 20 1915 Aug. 13 1915 Aug. 6 1915 July 30 1915
Issued to the banks.......................... ...$133,060,090 *124,000,000 $119,851,000 *114,531,000 *109,901,000 $107,091,000 *102,571,000 *101,731,000 $97,831,000
In hands of banks.............. ............... . . . 17,398,000
15,378,000
14,853,000
12.308,000
16,343,000
15,036,000
14,663,000
14,213,000
12,704,000
In circulation.........................................
$108,822,000 *103,508,000
Gold and lawful money with Agent..................S115,180,000 *104,541,000
Carried to net liabilities................................... 15,343,000
16,562,000
Carried to net assets.............
14,868,000
12,481,000
Federal Reserve Notes (Agents' Accounts)—
*99.356,000
17,527,000
13.375,000
$99,495,000
*95,233,000
*92,833,000
$90,263,000
$87,518,000
*91,766,000
17.670,000
12,941,000
*90,986.000
16.738,000
12,491,000
*39,726,000
15.847,000
12,740,000
*85,806.000
15,723,000
11,286,000
$84,676,000 *81,191,000
14,520,000 14,965,000
12,578,000 11,029,000
*85,127,000
Received from the Comptroller................$171,860,000 *165,400.000 $160,160,000 *157,160.000 *155,860.000 *148.460,000 *143.269,000 *138,740,000 *136,595,000
Returned to the Comptroller...................
605,000
505.000
455,000
455,000
435,000
395,000
395,000
275,000
130,000
Amount chargeable to Agent.......... $171,255,000 *104,895,000 *159,705,000 $156,705,000 *155,425,000 $143,065,000 *142,805,000 *138.405,000 *130,465,000
In hands of Agent.................................... 38,195,000
40,895,000
39,854,000
42,174,000
45,524,000
40,374,000
40,294,000
30,734,000
38,034,000
Issued to Federal Reserve ban ks...$133,060,090 *124,000.000 $119,851,000 3114.531.000 $109,901,000 $107,691,000 *102,571,000 $101,731,000 $97,831,000
By gold coin and certificates.................... Sfo5,235,0:)9 "*96,826,000 T oS ,9503)00 ^94,386,000 $90,800,000 *89,301,000 T s i .4103)00 '*34,3103)00 TsiJSO.OOO
5,090
5,000
.................. .
..............
..............
..............
'
By lawful money___________
By commercial paper............................... 17,380,090 19,447,000
20,495,000
91.705,000 18,915.000
17,905,000
16,705,009
16,7*42,000 10,092,000
Gold rcdemp'n fund held by U. S. Treas.
440,090
410,000
400,000
380,000
330,000
365,000
360,000
073,000
.
Gold settlcm't id. held by U. S. Treas.
9,509,090
7,300,000
...............................- ..................................................................................................................
T o ta l................................................. *1.33,080,090M123,983,000 *119.851,000 $114,531,000 $109,901,000 $107,691,000 *102,571,000 *101.731.000
Commercial paper turned over to A g e n t___ $18,113,090 *19,478,000 *20.540,000 *20.070.000
* Corrected figures, b Deficiency of *12,000 offset by funds In the Gold Redemption Fund.
*19,350,000
*18,852,000
*17,002,000
*17,431,000
*97.831,000
*16.817.000
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF EACH OF THE 12 FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS SEPT. 241915
j
B o s to n .
|N e w
Y ork .
P h ila d e l’ a . C lev ela n d . \R ich m o n d .
A t la n ta .
C h ic a g o .
S t. L o u is .
M i n n e a p . K a n . C ity. ,
D a lla s .
San
F ra n .
T o ta l.
S
!
S
$
1
S
S
'
S
s
i
$
$
S
S
$
$
Gold coin & ctfs. In vault 14,529,000131,027,0001 7,393,000112,031,0001 5,892,0001 6,003,00028,971,000 5,850,0001 3.758,00C 4,569,0001 3,501.00CI 0,448,000 229,972,000
Gold settlement fund__ 3,228,000; 3,189,000 8,408,0001 4,813,0001 6.290,00C1 2,483,00012,454,0001 5,124,0001 2,058,0001 3,028,0001 5,453,001 I 1,916,000 59.050,000
Gold redemption fund..
6,000j
55,000
35,000
ij
30,000
|
375,000
ij
77.000
..........
37,000
1, 225,000
ij 341.00CIj
21,000 1,202,000
RESOURCES.
Total gold reserve___ 17,763,000134,271,000115,838.0001 16,844,000112,563,000I; 8,711,000 41,425,000 11,009,0001 6,446,0001 7,674,000 9.295,00(1 8.385,000290,224,000
Legal-teu .notes ,sllv. ,&c.
401,000j 10,594,0001 2,446,0001 933,0001
89,0001 132,000 1,292,000
251,0001
4,000i| 440,000
331.00CIj
7,000 22,920,000
Total reserve________ 18,164,000)l50,865,000118,284,000117,777,000112,652,000ij 8,843,000)42,717,000 11,260,0001 6,450,0001) 8,114,000| 9,02O,OOC)j 8,392,000313,144,000
Bills discounted^bought
Commercial paper__
180,OOo!
Bank acceptances___ 2,435,000)
T o t a l____________
2.615,000,
Investments: U. S. bds.
491.000
Municipal warrants.. 3,731,000
Fed. Ites’ve notes— Net.
308.000
Due from other Federal
Reserve banks— NetAll other resources____
505,000;
501,000J 385,000>!
4,919,0001 1,759,000ij
748,000 8,404,0001 6,046,000 1,410,000^ 1,397,0001 1,025,000 1,929,000 7,493,000)| l,255,OOo! 31,373,000
.......... 1,421,000
494,000
316,000
514,0001 100,0001)
495,000
605.000) 13,058,000
5,420,000ij 2,144,000 1,262,0001) 8,504,0001 6,040,000 2,831,000 1,891,000 1,941,000 2,424,000j 7 ,493,000ij 1,860,000 44,431,000
.......... . i 340,000'1 887,000
9,305,000 3,049,000 1,730,000
7,98S,000
599,000
335,000
342,6661
3,788,000 1,100,000 *
748,000
153,000
........._| 3,986,000
242.000 1.027,000 1,355,000
5,000 2,949,000 1,047,000
745.000
798,000
.......... 2,208,000
499.000j 895,000
925,000
245,000 )
550,000 4,450,000
303,000)
138,000
608.000
303,000
409.000
08,000
........... 1,000,000 9,328,000
1.580.000 24,945,000
1.974.000 14,866,006
14,000 1,054,000 1,543,000 a7.409,000
490,000
127,000
95,000! 3,577,000
Total resources______ 25,934,000 173,920,000 28,952,000 2.3,250,000 22,326,000 15,747,00059,279,000. 15,850,000 11,535,000)13,195.000 18,300,000 16,444,000 417,700,000
L IA B IL IT IE S .
1
Capital paid In________ 5,162,000 10,980,000 5,205,000! 5 .947,000 3.358.000 ^ 2,416,OOo! 6,630,000 2,782,000 '2,489,000 3,023,000 2.759.000 a oai non ns. 7,1 q non
Government deposits__
_____
i 5,000,000 ! 5,000,000
5,000,000
15,000,000
Reserve deposits— N et.. 20,04*1*666 154 ,*1*72*,666 23,0*8*7,666 17,3*0*3*666 7.386.000 5,236,000 52,649,000 13,008*,666 9,0*46*,666 9,1*7*9*666 5.061.000 )l2,51*3,666 329,941,000
Fed. Res'vo notes— Net.
6.445.000 | 3,030,000,
.......... |
993,000 4.880.000
15,348,000
Due to F.R.banks— Net
7*3*1*666 0 ,*3*0*1*666
—
All other liabilities........
2,461,000
137,000
*6*5,666:
.......... j
2,663,000
...........
..........
..........
Total liabilities_____ 25,934,000173,920,00028,952,00023,250,00022,326,000 15,747,00059,279,000 15,850,000 11,535,000 13,195,000 18,300,000 10,444,000417,700,000
I
F e d e r a l R ese rv e N o te s —
1
Issued to banks_____ 5,120,OOo! 69,220,000 4,670,000 6,400,000 10,760,000 9,280.0(H)! 4.380,000' 2',425,OOoj 6,700,000 6,780,000 13,325,000^ 4,000,000' 133,060,000
In bands of banks___
368,000) 8,258,000
914,000)
895,000
599,000
315,000
750,000 2,208,000
477,000)
335,000
305,000 1,974,000, 17,398,000
F. R . notes In circulation 4,752,000) 50,962,000 4,071,000 6,065,000 10,445,000; 8,530,000) 2,172,000 1,511,000 5,805,000 6,303,OOO) 13,020,000 2,026,000115,662,000
Gold and lawful money
with agents_________ 5,120,000 5S,950,OOoJ 4.670,000, 6,400,00o| 4,000,000! 5,500,000^ 4,380,000* 2,010,000 6,700,000 5,310,000 8.140.000 s nnn nnn h r ten nnn
Carried to net liabilities.
I 1 5 )348)000
......
6,445,000| 3,030,000!
993,000 4.880.000 ’
Carried to net assets___
308,6661 7,*9*8*8,666
599,000
2,208,000
4*9*9,666
895,000
335,000
1,974,000 14,800.000
(a) Items In transit, 1. e., total amounts due from less total amounts due to other Federal Reserve banks.
STATEMENT OF FEDERAL RESERVE AGENTS’ ACCOUNTS SEPT. 24 1915.
Boston.
New York. Philadel’a. Cleveland. Richmond. Atlanta.
Chicago. St. Louis. Minneap. Kan. City
Dallas.
San Fran
Total.
Federal Reserve Notes— • $
$
$
s
s
S
S
1
$
:
*
s
$
Rec’d from C om p trolrll,800,000 03,760,000 9,280,000 8,000,00011,800,00012,100,000 9,380,000 3,400,000 9,000,000 8,000,000 15,340,00010,000,000 171,860,000
Returned to Comptr’rl 200,000
..........
15,001
605,000
270,000
.......... !
.......... I
........... I 120,000!
Chargeable to Agent.. 11,600,000 63,760,000 9.010.000 8,000,000 11,800,00012,100,000, 9,260,000! 3,400,000, 9,000,000 8,000 000,15,325 00010,000,000 171,255,000
In hands of agent .close
of business Sept. 24 6,480,000 4,540,00 4.340.000 1,600,000 1,040,000 2,820,1
4.880,000
975,000 2,300,000 1,220,000) 2,000,000] 6,000,000 38,195,000
Issued to F. R. bank.. 5,120,000) 59,220,000 4,670,000 0,400,000 10,700,000 9,280,000,' 4,380,000 2,425,000| 6,700,000 0,780,00013,325,000 4,000,000 133,060,000
Held by F. R. agent—
Gold coin & certfs___ 5,120,000| 58,950,000 4,670,000 6,080,000
........... 4,260.000 2,005,000 0,700,000 5.310.000 8.140.000 4,000,000105,235,000
Lawful money............
5,000
...
5,000
Notes secured by com
mercial paper_____
270,000
6,760,000 3,780,0
415,000
1.470.000 5.185.000
17,880,000
Held by Treas. of U. S.:
Gold redemp. fu n d ...
320,000
120,000
440,000
Gold settlem’t fund..
4,000,666 5,566‘,6oo!
9,500,000
T o t a l...................... 5,120,000 59,220,000 4,670,000 6,400,000) 10,760,000 9,280,000) 4,380,000| 2,425,000 6,700,000 0,780,000 13,325,000 4,000,000133,000,000
Amount comm'I paper
turned over to F.R.agt
270,000
............I
............ I 6,843.OCX)! 3,787,000l
...
417,000!
1,471,000' 5,325,000'
............ 18,113,000
~~
I
f
I
1071
THE CHRONICLE
Oct. 2 1915.J
-it - T T ^ vf v r1! i-rr Pinorinir W rm sa B a n k s a n d T r u 3 t C o m p a n ie s .— T ho following detailed statem ent shows
I n ^ r d o r ^ o burnish "a comparison f wo have insorted tho totals of actual condition for
also tho grand aggregates, for the four preceding weeks.
CLEARING HOUSE
MEMBERS.
C a p it a l.
Week Ending
Sept. 25 1915.
(00 s o m itte d .)
N et
P r o fit s .
L eg a l
T en iers .
I Nat. B’ks Sept. 21
\State B'k3 June23)
A verage.
A vera g e.
Members o f Federal
$
S
Reserve Bank.
605,0
679,0
Bank of N. Y., N .B.A.
1,399,0
3 42,0
Merchants’ Nat. Bank.
7.835.0 4.195.0
Mech. & Metals N a t...
4.465.0
5.152.0
National City B a n k ...*
1.288.0 3.067.0
Chemical Nat. B an k...
339.0
151.0
Attanttc National Bank
36.0
147.0
Nat. Butchers’ & Drov.
546.0
1.726.0
Amor. Exch. Nat. Bank
6,100,0
4.114.0
National Bank of Com.
849.0 2.999.0
Chatham He Phcnlx Nat.
1,108,0 2.523.0
Hanover National Bank
1.021.0
348.0
Citizens’ Central N a t..
485.0
084.0
Market & Fulton N at..
993.0
638.0
Importers’ & Traders’ - .
1.007.0 4.038.0
National Park B a n k ...
174.0
57.0
EastRIvor Nat. Bank..
180.0
533.0
Second National Bank.
048.0 2.805.0
First National B a n k ...
1.351.0 3.880.0
Irving Nattonal Bank..
663.0
92.0
N. Y. County Nat. Bk.
5.896.0
4.116.0
Chase National Bank..
1.684.0
832.0
Lincoln National Bank.
397.0
225.0
Garfield National Bank
107.0
253.0
Fifth National B an k...
1.227.0 2.238.0
Seaboard Nat. Bank —
315.0
722.0
Liberty National Bank.
140.0
190.0
C oa l* Iron Nat. Bank.
275.0
535.0
Union Exchange N a t..
030.0
82.0
Nassau Nat. Bank----470.0
131.0
Broadway Trust Co—
Totals avgo. for week 117.100.0 182.523.0 1,673,411.0 275,183.0 38,619.0 52,338,0
Totals, actual condition
Totals, actual condition
Totals, actual condition
Totals, actual condition
Sept 2 >
Sept. 18
Sept. 11
Sept. 4
..
..
..
..
270.445.0
279.697.0
277.513.0
1,593,375.0 265,622.0
37.983.0
41.248.0
44.187.0
48.548.0
of
E xcess
Due
fr o m
R eserv e
'f a t . B a n k
N o tes
lN o t
C o u n ted
as
R eserv e ].
F ed era l
R eserv e
Bank
N o tes
[N o t
R e s e r v e ].
R eserv e
w ith
L eg a l
D e p o s i
t a r ie s .
A vera g e.
A vera g e.
A vera g e.
A vera g e.
A v era g e
$
S
S
S
$
N a t .B a n k
N o tes
fR eserv e
f o r State
In s titu
tio n s ] .
S tiv er.
each
...........
..........
2,0
42,0
213,0
2,379,0
2,198,0
38,0
9,105,0
52,0
697,0 31,059,0
2,414,0
937.0
...........
131.0
6,708,0
38,0
.34,0 16,279,0
2,767,0
153.0
9,689,0
51,0
2,002,0
56,0
929,0
31,0
2,241,0
9,346,0
176,0
9 43,0
40,0
11,667,0
4,914,0
263,0
699,0
17,0
153,0 14,086,0
66,0 1,455,0
871.0
94,0
333.0
3,387,0
16,0
3,818,0
156,0
692,0
5,0
702,0
7.0
591,0
1,300,0
129,0
2,785,0
2,096,0 143,904,0
2,546,0
2,960,0
2.926,0
2,577.0
2,604,0
1,724,0
1,771,0
1,756,0
17,0
133,0
313,0
36,0
15,0
5,0
173,0
308,0
459,0
47,0
0 4,0
104,0
30,0
117,0
9,0
63,0
95,0
14,0
143,0
165,0
53,0
43.0
9,0
23.0
27,0
37,0
20,0
..........
N et
D em an d
D e p o s its .
N et
T im e
D e p o s it s .
N a tio n a l
Bank
C ir c u la
tio n .
A verage.
A vera g e.
A verage.
ta r le s .
S
$
1,369,0
S
32.897.0
29.883.0
123.531.0
360.107.0
32.746.0
10.436.0
1.649.0
79.878.0
206.679.0
46.116.0
123.503.0
22.664.0
9.593.0
28.971.0
127.833.0
2.107.0
12.945.0
150.038.0
64.861.0
9.637.0
185.552.0
19.008.0
5.529.0
4.559.0
40.163.0
47.119.0
8.127.0
9.227.0
8.393.0
17.093.0
800,0
1.944.0
4.959.0
2.628.0
450.0
390.0
50.0
4.800.0
3.443.0
1.188.0
305.0
1.640.0
82.0
50.0
3.576.0
50.0
674.0
4.770.0
740.0
200.0
450.0
837.0
350.0
247.0
405.0
500.0
398.0
400.0
267.0
4.913.0
1.097.0
150.0
17.0
54.0
1.435.0
125.0
5.556.0
1,345*6
043,0
125.0
155.0
1,046',6
32,0
“ 86",5
100.0
2,364,0
48,0
9,0
133,0
1,829,492,0 20,851,0 36,643,0
36.585.0
36.684.0
36.973.0
37.005.0
20.972.0
16.498.0
16.559.0
18.130.0
144,240,0
143,190.0
139,591,0
133,440.0
State Banks.
N o t M em b ers o f
F e d e r a l R eserv e B u n k .
Bank of Manhattan C o.
Bank of America______
Greenwich Bank______
Pacific Bank..................
People's Bank________
Metropolitan Bank----Corn Exchange Bank..
Bowery Bank................
German-Amcrtcan Bank
Fifth Avenue Bank----German Exchange Bank
Germania Bank---------Bank of Metropolis___
West Sido Bank...........
N. Y. Produce Exch.Bk
State Bank___________
2,050,0 4,801,0
1,500,0 6,239,7
500,0
1,178,8
500,0
999,7
200,0
412,6
2,000,0
1,899,6
3,500,0 0 ,729,7
250,0
£?n’n
750.0
716,9
100.0 2,343,4
200,0
800,o
200,0
093.6
1,000.0 2,128,2
200,0
055,3
1,000,0
923,2
1,500,0
553,1
43.130.0 10,253,0
32.520.0 .3,520,0
1,060,0
10.313.0
445.0
4.934.0
103.0
2.349.0
944.0
12.358.0
82.593.0 9.624.0
306.0
3,35 4,0
737.0
5.090.0
15.145.0 2.052.0
441.0
3.757.0
720.0
6.160.0
731.0
13.411.0
273.0
4,593,0
12.078.0 2.076.0
1.509.0
19.314.0
1.401.0
1.367.0
202,0
663.0
71.0
529.0
3.414.0
20.0
152.0
437.0
53,0
110.0
505.0
137.0
462.0
270.0
Totals, avgo. for week.
15,450,0 32,181,3
271,134.0 34,754,0
104,0
62,0
314,0
177,0
25,0
110,0
519,0
______
2,0
10,0
46,0
1,255,0
53,0
13,0
71,0
55,0
______
______
______
__
136,0
......
4,000,0
181,0
______
______
_____
—
---------
212,0
242,0
______
______
)
)
)
60,0
35,0
132,0
414,0
..........
9,870,0
11,092,0)
2,926,0
...........
12,0
6,910,0
9,479,0
10,948.0
10,202,0
12,659,0
)
)
)
0
2,880,0
3,044,0
3,374,0
2,923,0
...........
9,0
59,0
93,0
63,0
6,916,0
7,082,0
7.801,0
8,000,0
Brooklyn Trust Co------ 1,500.0 3.403.8
Bankers Trust C o ------- 10,000,0 13,173,0
U. S. Mtg. * Trust C o.
2,000,0 4.247.7
1.321.9
Astor Trust C o _____
1,250,0
Title Guar. * Trust C o. 5,000,0 11,806,5
Guaranty Trust C o___ 10,000,0 23.217.8
1.337.3
Fidelity Trust C o------1,000,0
Lawyers Title & Trust. 4,000,0 5.005.8
Columbia Trust C o----2,000.0 7.409.3
1.433.9
People’s Trust C o------1,000,0
New York Trust C o__
3,000,0 11.197.9
1,096,2
Franklin Trust Co____
1,000.0
534,7
Lincoln Trust C o..........
1,000,0;
Metropolitan Trust C o. 2.000,0; 6,093,6
317.0
1.030.0
32.169.0
114.0
187.548.0 16.049.0
122.0
49.726.0 2.9.88.0
10,0
1.670.0
2 4,547.0
180,0
1.095.0
36.669.0
219.012.0 25.001.0 13,420,0
73.0
628,0
8,609,0
170.0
1.188.0
21.020.0
147.0
05.705.0 4.167.0
85.0
1.103.0
17.787.0
52.823.0 3.318.0 1.792.0
70.0
17.375.0
1.113.0
100.0
690,0
10.676.0
1.801.0
44.935.0 2.409.0
0
)
0
0
0
0
0
0
12,0
1,175,0 1.962.0
8,205,0 15.486.0
1,781,0 8.113.0
902,0 1.665.0
1,115,0 6.160.0
Totals, avgo. for week. 44,750,0 91,374,4
789,801,0 64,073,0
N -1
Totals, actual condition
Totals, actual condition
Totals, actual condition
Totals, actual condition
Sent""25
Sept 18
Sept 11
Sept
4
............
............
.........
- -
270,572,0
238,963,0
281,375,0
280,904,0
33,617,0
36,411,0
36,671,0
35,864,0
______
350,0
______
1,270.0
...........
Trust Companies
N o t M em bers o f
F e d e r a l R eserv e B a n k .
Totals, actual condition
Totals, actual condition
Totals, actual condition
Totals, actual condition
810.314.0
784.573.0
778.587.0
780.201.0
Sept. 25
Sept. 18
Sept. 11
Sept. 4
18,401,0
0
0
0
146.0
14,0
153,0
76,(
123,0
583,(
29, (
37, (
208,(
209,1
10, (
53,(
5 4 ,1
363,1
8,714,00
2,063,1
0
6
0
05.041.0 19.735.0
60,25 4,0 17.257.0
59.560.0 14.701.0
51.452.0 9,161,0
13,(
........
______
_____
..........
..........
..........
..........
..........
.........
..........
...........
____
____
0
____
,0
.........
,0
........
,0
-- — --- — — T -------2,077, I
2,084, 1
1.837,
1.801. )
_____
25,0
______ 30.185.0
476,0
367,0
736,0 1.003.0
2,513,0 3.112.0
8 3 3 / 2.133.0
6 0 / - 1 ,9 3 9 / 6.542.0
6 5 5 / 1.682.0
5/ 1
9.8) 0
481/
8/ 1
1 ,8 9 9 / 2,531,0
4/
12,1
111,1
11/
261. I 2 2,606/ 82,015,0
253, 1
232, )
270, )
242, 0
22,996/
22,250.
21,935,
23,651,
r -= —:= -
81.307.0
88.423.0
83.955.0
79.064.0
23.507.0
16 4.099.0
35.631.0
19.197.0
22.307.0
216,450,0
7,352,0
14.713.0
50.262.0
16.742.0
38.719.0
13.092.0
9,61 ).()
37.934.0
669,665,0 112,587,0
698.332.0
656.985.0
620.238.0
623.433.0
103,732,0
118,269,0
113,413,0
119,377,0
2,789,273,0 133,490,0 36,643,0
— 92.0
,552.0
+ 39,643,0
Grand Aggregate, avge. 177,300,0 308,078,7 2.734.379.0 374.310.0 68,920/)
140,0 —2,083,01
+35,538,0
Comparison prev. week
,0
,0
4,989. 3
—*458, 5
2,785. 0
— 290, 0
2,369, 0 173.420,
+ 3 1 2 , 0 + 4,1 76,
Sept. 25 2J667l4(),0 369.103.0 67.197.0
+ 57,579/) —7,259,0 -2,256,0
,0
,0
4,957, i)
— 171. 0
2,540, 0
— 414, 0
2,871, 0 174,15.8,
+ 8 5 6 , 0 + 1 ,6 3 6 ,
82.298.0 2.826.958.0
-7.245.0 +61,421,0
Grand Aggregate actual condition Sept, IS 27708.761.0 370.302.0 09.453.0
Grand Aggregate actual condition Sept. 11 2.679.960.0 373.744.0 69.090.0
Grand Aggregate actual condition Sept. 4 2.054.540.0 352.933.0 70.365.0
,0
,0
.0
5,123. 0
5,261, )
4,729, 0
2/>60, 0
2,928, )
2,577, 0
2,015, 0 172.522,
2,134, 0 169,330,
2,064,0 170,091,
89.543.0 2.765.537.0
92.262.0 2.695.240.0
82.771.0 2.672.296.0
Grand aggregate, actual <
Comparison prev. weok
7.217.0
26.203.0
13.236.0
5.642.0
444.0
26.345.0
120.0
233,0
13.600.0
1.062.0
7.316.0
4.111.0
1.031.0
5.977.0
x Capital sot asldo for Foreign Branches, $3,000,000.
STATEMENTS OF RESERVE POSITION.
C a sh R eserv e R eserv e In
I n V a u lt. |D e p o s it a r ie s
T o ta l
R ese rv e .
a R eserv e
R eq u ire d .
S u r p lu s
R eserve.
In c. or D ec.
fr o m
\Cash R eserve R eserv e In
P r e v to u s lV e e k
i n V a u lt. D e p o s it a r ie s
T o ta l
R e se rv e .
b R eserve
R eq u ire d .
S u r p lu s
R ese rv e .
I n c . or D e c .
fr o m
P r e v to u s lV e e k
$
S
S
S
$
s
|$
%
$
|
$
$
$
Members Federal
144,246,000 509.029.000 332.494.840 176.534,160 — 14,253.080
Reserve Bank------ 366,470.000 143.904,000 510.374.000 330,351,110 180,022,890 — 7,872,460 364,783,000 6,916,000 63,462,000 51.706,440 11,755,560 — 3,080,040
Stato Banks *--------- 58.042.000 6,910,000 65,552,000 52,220,880 13,331,120 — 1,901,700 56,546,000 22,996,000 114.534.000 104,749,800 9,784,200 — 4,966,050
Trust C om panies*.. 93.251.000 22,606,000 115.857.000 100,449,750 15,407,250 + 1,535,100 91,538,000
687.025.000 488,951,080 198,073,920 — 22,299,170
Total Sept. 2 5 . . . 518.363.000 173,420,000 691,783,000 483,021,740 208.761,260 — 8,239,060 512,867,000 174,158,000 699.285.000 478,911,910 220,373,090 — 3,749,900
Total Sept. 1 8 .. . 523.816.000 169,244,000 693,060,000 470,059,680 217,000,320 + 7,113,480 526,763,000 172,522,000 691.487.000 467,364,010 224,122,990 + 15.012.080
+
367,910
522,157,000
169,330,000
Total Sept. 1 1 . .. 505.572.000 167,786,000 673,358,000403,471,100 209,886.840
498.877.000 173,676,000672,553,000463,034,070209,518,930 + 15,371,900 502,237,000170,091,000 672.328.000 463,217,090 209,110,910 + 4,311,330
Total Sept,
i---
1012
THE CHRONICLE
T h e State B anking D epartm en t reports w eekly figures
showing tho condition of State banks and trust com panies
in N e w Y o rk C ity not in the Clearing House, and these aro
shown in the follow ing table:
SUM MARY OF ST VTE RANKS AND TRUST COMPANIES IN GREATER
NEW YORK, NOT INCLUDED IN CLEARING HOUSE STATEMENT.
( F ig u r e s F u r n is h e d bn S ta le B a n k in g D e p a r t m e n t .)
D if f e r e n c e s fr o m
S ep tem b er 25.
p r e v io u s w eek
Loans and Investments____ ______ ______ _________ S5S3,388,900 Dec. §2,977.300
Gold ............................................................................... 49,707,000 Dee.
184,500
8,923,300 Ine.
Currency and bank notes____________
289.100
Total deposits......................... ..................... .......... 762,828,700 Inc.
183.100
Deposits, eliminating amounts due from reserve de
positaries and from other banks and trust com
panies in New York City, and exchanges........... 606,877,600 Ine.
419,600
Reserve on deposits__________________
207,966,400 Dec.
33,200
Percentage of reserve, 33.6%.
RESERVE.
-------- S tate B a n k s --------— T r u s t C o m p a n ie s ----Cash in vaults................................ S10,581,900
11.28%
$48,045,400
9.17%
Deposits in banks and trust co s .. 16,852,600 17.96%
132,483,500 25.29%
T o ta l.......................................... S27.437.500
29.24%
8180,528,900
34.46%
T h e averages of the N e w Y o rk C ity C learing-H ouse banks
and trust com panies, combined, with those for the State banks
and trust com panies in G reater N ew Y o rk C ity outside of the
Clearing Ilo u so, com pare as follows for a series of weeks past:
[Vol. 101
In addition to tho returns of “ State banks and trust com
panies in N ow Y o rk C ity not in the Clearing House” furnished
b y tho State B ank ing D ep a rtm en t, tho D epartm ent also
presents a statem ent covoring all tho institutions of this class
in tho whole S ta te .
T h o figures aro com piled so as to distin
guish between tho results for N ew Y o rk C ity (Creator N ow
Y o rk ) and those for tho rest of the S ta te , as per tho follow ing:
For definitions and rules under which tho various items
aro m ade u p , see “ C hrouiclo,” V . 9 3 , p. 1061.
T h e provisions of the law governing tho reserve require
m ents o f State banking institutions woro published in tho
“ Chronicle” M a rch 2 8 1914 (V . 9 8 , p . 9 0 S ).
T h e regula
tions relating to calculating the am ount of deposits and w hat
deductions are perm itted in tho com putation of tho roservos
were givon in tho “ Chronicle” April 4 1914 (V . 9 8 , p . 1 0 4 5 ).
STATE BANKS AND TRUST COMPANIES.
W e e k en d e d S e p t.
25.
S la te B a n k s
in
G r ea ter N . Y
j
T ru st C os.
S ta te B a n k s
T ru st C os.
in
o u t s id e o f
o u ts id e o f
G rea ter N . Y . G rea ter N . Y . G rea ter N . Y .
COMBINED RESULTS OF BANKS AND TRUST COMPANIES IN
GREATER NEW YORK.
Capital as of Dec. 24___
S
24,550,000
$
67,300,000
S
10,913,000
W e o m it c ip h e r s in a ll th ese f i g u r e s .
Surplus as of Dec. 24___
39,269,500
151.327,000
13,749,700
11.225,000
344,702,300 1,288,007,600
+ 4,350,000 + 1,843,400
138,230,500
+ 884,000
201,918,700
+ 451,200
W e e k en d ed —
L oans and
In v e s tm e n ts
July 3____ 3.105.038.2
July 10____ 3.141.527.9
July 17____ 3.145.394.3
July 24____ 3.156.507.4
July 31____ 3,158.668,0
Aug. 7........ 3.184.089.5
Aug. 14____ 3,192,566.3
Aug. 21____ 3.227.324.2
Aug. 28........ 3.239.060.6
Sept. 4____ 3.241.100.9
Sept. 11____ 3.255.146.3
Sept. 18____ 3,285,207,2
Sept. 25____ 3.317.767.9
Loans and investments..
Change from last week.
D em an d
D e p o s its .
S p e c ie .
S
3,083,954,0
3,093,795,5
3,124,117,8
3,138,585,5
3,147,068,8
3,161,053,4
3,172,513,5
3,227,916,4
3,250,872,5
3,280,386,0
3,281,909,7
3,356,088,0
3,396,150,6
$
435,726,5
400,003,9
407,474,4
414,895,2
419,001.4
419,236,5
434,942,9
449,279,8
456,750,1
473,413,8
481,187,9
498,657,5
496,161,0
Gold ......................
Change from last week.
46,145,000
— 661,700
111,998,900
+ 4,550,400
Currency and bank notes.
Change from last week.
23,077,500
+ 225,200
31,725,400
— 1,563,600
459,534,700 1,622,603,200
Change from last week. + 17,998,800 + 8,796,500
S
13,100,000
..................
..................
149,065,600
+ 932,500
215,047,100
+ 350,200
Reserve on deposit_____
Chango from last week.
100,899,300
— 372,100
397,743,600
— 1,733,300
29,090,200
— 19,000
31,722,500
— 15,300
P. c. of reserve to deposits
Percentage last week..
27.3%
27.6%
31.1%
31.5%
22.6%
22.7%
18.1%
18.0%
+ Increaso over last week.
— Decrease from last week.
------- — -—
mi uou u u m y a m u a ,— ru uu w m g is sue report m aue to m e u iea rin g -iiou se b^
m em ber institutions which aro not included in the “ C learing-H ouse return” on the preceding page:
________________ R E T U R N O F N O N - M E M B E R I N S T I T U T I O N S O F N E W Y O R K C L E A R I N G H O U S E .
CLEARING
NON-MEMBERS.
Week Ending
Sept. 25 1915.
N et
P r o fit s .
C a p ita l.
L oa n s_
D is c o u n t s ,
I n v e s t
m e n ts , & c
(Nat. b’ks Sept. 21
[State b’ks June 23
Members o f
Fed’l Reserve Bank
Battery Park NatFirst Nat., Brooklyn
National City, Bklyn
First Nat., Jers. City
Hudson Co. N., J. C
First Nat., Hoboken
Second Nat., Hobok.
A vera g e.
$
S
S
200,000
150.500 2.256.000
300.000
679,400 4.959.000
300.000
614.500 4.931.000
400.000 1,279,900 4.711.000
250.000
776.300 3.843.000
220.000
654.300 5.294.000
125,000
295,100 4.185.000
T o ta l.................... 1,795,000 4,450,000 30,209,000
N a t . B a n k N a t . B a n k F ed era l
N o te s [R e N o te s lN o t
R eserv e
serv e f o r
C o u n ted
Bank
S tate I n
as
N otes\ N ot
s t itu tio n s] R eserv e . R e s e r v e ].
L ega l
T en d ers.
A verage.
$
123.000
115.000
103.000
206.000
92.000
122,000
53.000
A verage.
A verage.
A verage.
$
35.000
35.000
51.000
319,000
12.000
22,000
37,000
S
40.000
133.000
119.000
94.000
65.000
56.000
101.000
874,000
511,000
608,000
113.000
356.000
491.000
102.000
546.000
168.000
405.000
824.000
189.000
9.000
129.000
75.000
8.000
28.000
43.000
65.000
114.000
42.000
59.000
516.000
224.000
20.000
146.000
133.000
253.000
689.000
114.000
80,000
9,000
44.000
46.000
75.000
249,000
30.000
513,000 2,160,000
558,000
11,000
73,000
16,000
31,000
3
A vera g e.
S
14.000
6,000
15.000
23.000
86.000
13,000
4,000
161,000
State Banks.
A vera g e.
5
4,000
12,000
6,000
4,000
R eserv e
w ith
L eg a l
D e p o s i
t a r ie s .
E xcess
D u e fr o m
R eserv e
D e p o s i
ta r ie s .
N et
D em an d
D e p o s its .
N et
T im e
D e p o s its .
N a t Io n a
Bank
C ir c u
la t io n .
A vera g e.
A verage.
A verage.
A vera g e.
A verage.
3
$
■S
S
446.000
2.335.000
44,000
571.000
163.000 4.608.000
619.000
276.000 4.885.000
475.000 3,133,000 3.901.000
345.000
650.000 2.797.000
327.000
629.000 1.959.000 2.772.000
247.000
332.000 2.054.000 1.879.000
g
197.000
293.000
117.000
383.000
195.000
219.000
100.000
26,000 3,030,000 5,183,000 22,599,000 4,695.000 1,504,000
N o t M e m b e r s o f th e
F e d e r a l R e se rv e B a n k .
Bank of Wasti. Hgts. 100,000
Colonial Bank__
400.000
Columbia Bank.
300.000
Fidelity Bank__
200.000
Mutual Bank_____
200,000
New Nethcrlnnd___
200,000
Yorkvllle Bank........
100,000
Mechanics' Bklyn.. 1,600,000
North Side, B klyn.. 200,000
T o ta l..............
360,600
731.700
694.700
183.000
478.500
288,400
514.000
727.500
186,900
1.944.000
7.498.000
6.626.000
1.095.000
4.440.000
3.316.000
5.495.000
16,382,000
3.098.000
3,300,000 4,165,300 49,894,000 3,194,000
25,000
155,000
172,000
327,000
86,000
106 ,000 1.510.000
450.000
436 ,000 7.997.000
417.000
320 ,000 6.958.000
59,000
347 ,000
977,000
333.000 1,320 ,000 4.241.000
3,000 193.000
241 ,000 3.238.000
355.000
973 ,000 5.921.000
1,056,000 2,238 ,000 17,600,000
199.000
501 ,000 3.321.000
401.000
167.000
66,000
3,000 3,178,000 6,482,000 51,763,000
Trust Companies.
N o t M e m b e r s o f th e
F e d e r a l R ese rv e B a n k .
namlltonTrust.Bkln
Mechanics, Bayonne
500.000 1,040,300 6.689.000
200.000
275,100 4.033.000
T o ta l'..............
474,000
80,000
1,315,400 10.722,000
Grand aggregate___
Comparison, prev wk
Excess reserve.
Grand aggr'te Sep IS
Grand nggr'to Sep 11
Grand aggr’te Sep 4
Grand aggr’ te Aug 28
Grand aggr’te Aug2 1
5.795.000 9,930,700 90,825
— 122
$176,690 Increase
5.795.000 10.067.500 90,947,
5.795.000 10.067.500 90,755,
5.795.000 10.067.500 90,695,
6.395.000 10.007.500 90,595,
6.395.000 10.460.500 90,522,
5,000
26,000
14,000
84,000
(00)
254,000 1,553,000 5.095.000
881,000
453,000 1.640.000 2,221,000
82,000
15,000
336,000 2.006,000 6,741,000 3,102,000
4,622,000 1,055,000 2,852,000 605,000 488,000
+ 49,000 + 33,000 + 198000 — 86,000 + 103000
44,000 6,544,000
45,000
+ 2.000
1.573.000
1.528.000
4.623.000
4.599.000
4.523.000
42.000
41.000
40.000
37.000
41,000
1.022.000
1.073.000
994,000
1.187.000
1.049.000
2.654.000
2.724.000
2.519.000
2.549.000
2.597.000
P h ila d e lp h ia B a n k s .— Sum m ary of w eekly totals of
Clearing-H ouse banks and trust com panies of Philadelphia:
W e o m it tw o c ip h e r s
2,000
13,000
in a ll th ese fi g u r e s .
691.000
725.000
791.000
761.000
693.000
385.000
402.000
313,00)
295.000
348.000
81,103,000
— 151,000
6,589,000
81.254.000
6,560,000
81.113.000
6,516,000
81.370.000
6,481,000
81.233.000
6,487,000 11,654,000 81.124.000
8.338.000
8.339.000
8.106.000
8.146.000
8.113.000
B o s t o n C le a r in g -H o u s e B a n k s .— W o give below a
sum m ary showing tho totals for all tho item s in tho Boston
C learing-H ouse weekly statem ent for a series of wooks:
BOSTON CLEARING HOUSE MEMBERS.
July
July
July
Aug.
Aug.
Aug.
Aug.
Sept.
Sept.
Sept.
Sept.
17...............
24..............
31_______
7..............
14________
21..............
2 8 . ...........
4 _ ............
11..............
18..............
25............ .
C a p it a l
and
S u r p lu s .
L oans.
S
103.684.3
103.684.3
103.684.3
103.684.3
103.684.3
103.684.3
103.684.3
103.684.3
103.6.84.3
103.684.3
103.684.3
$
422.884.0
424.533.0
425.398.0
426.702.0
429.948.0
431.769.0
432.266.0
431.900.0
432.378.0
433.634.0
436.807.0
«
i
c
+
7
from 'banS’ sepG312 5 .W
R eserv e.
D e p o s its .
a
i
®
$
114.109.0
114,SI 1.0
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
$
506.446.0
503.808.0
503.280.0
505.092.0
511.867.0
512.880.0
510.436.0
518.366.0
519.879.0
530.794.0
543.606.0
C ir c u t lo n .
S
11.264.0
11.252.0
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
25.
1915.
S e p t.
C le a r in g s
S
168.838.0
152.015.6
148.913.6
157.813.4
152,237,9
151,546,2
147.975.4
173.932.0
126.690.4
161,603,8
176.084.0
“ u“ ‘ “ e
uuu to omer Danes ' (Sept. 25,
C,(5arln« noUSC"
25’ 315,743,000). Due
Circulation ........................
Loans, dlsc'ts * Investments.
Individual deposits, Incl.U.S.
Due to banks_____ ________
Time deposits................ .....
Exchanges for Clearing House
Due from other banks_____
Cash reserve........ .................
Reserve In Fed. Res've Bank
Reserve with other banks__
Reserve excess In bank____
Excess with reserve agent__
Excess with Fed. Res’ve B’ k.
preceding.
C h a n g e fr o m
p r e v io u s w eek .
$9,056,000 Dec.!
$20,000
34.8.748.000 Dee.1 140.000
285.585.000 Inc. J 3,034,000
121.191.000 Dec. 4,003,000
17.252.000 Dec.]. 137,000
9.703.000 D ec.' 388,000
34.738.000 Dec .5.2,956,000
26.560.000 Dec.
102,000
12.255.000 Inc.
65,000
68.026.000 Inc. 1! 2,8S1,000
7.407.000 Dec.1 167,000
48,873,000 Inc. 2,916,000
2.678.000 Inc.
82,000
IS.
1915.
S ep t.
$9,076,000
348.888.000
282.551.000
125.194.000
17.389.000
10.091.000
37.094.000
26.662.000
12.190.000
65.145.000
7.474.000
45.957.000
2.590.000
11.
1915.
S ep t.
$9,088,000
203.729.000
194.460.000
111.273.000
7.719.000
' 9,088,000
29.468.000
22.172.000
8.510.000
42.619.000
7.674.000
28.121.000
1.261.000
-See fourth pago
1073
THE CHRONICLE
O ot. 2 1915.]
R a ilr o a d a n d M is c e lla n e o u s S t o c k s .— T h e stock m ar
ket has been more active than for several years past.
T ho
transactions on T u esd ay aggregated 1 ,6 6 3 ,9 1 7 shares, the
largest for any single day since Sept. 1 19 11 , and for the week
have averaged upwards of 1 ,5 0 0 ,0 0 0 .
T hese operations have
been largely of a speculative character, how ever, and while
the m arket has been generally strong m a n y industrial issues
have fluctuated up and dow n over a wide range. T h o
highest prices for active railw ay stocks were in every case
recorded on M o n d a y and these were from 1 to 3 points
higher than last w eek’ s closing, but during the wild specu
lation in m anufacturing stocks which follow ed, railw ays
have been neglected, w ith the result that about half the list
closes w ith a net loss for the week.
T o -d a y ’s m arket has been like those preceding except per
haps moro erratic and the speculation if possible m ore
reckless.
W h ile out of a dozen m ost active railw ay issues
only two advanced fractionally.
T w o of every three active
industrials closed from 1 to 25 points higher than last night.
T h e latter is G en . M o to r s ’ record.
On the other h and ,
B aldw in L o co m otive, which advanced from 9 3 % to 1 5 0 %
early in the w eek, lost 5 % points to-d a y and closes 24 below
its selling price on T u esd a y .
I t seems useless, how ever, to
com m ent further upon such a m ark et.
F ortunately tho
railw ays aro neglected and apparently “ outside the dreams
of a v a rice.”
For daily volume of business see page 1082.
T h o follow ing sales have occurred this week of shares not
represented in our detailed list on tho pages which follow :
Wall Street, Friday Night, Oct. I 1915.
T h e M o n e y M a r k e t a n d F in a n c ia l S i t u a t i o n .— T he
largest and by far the m ost im portant operation in the his
tory of finance in this country has this week been practically
consum m ated and its favorable effects at homo and abroad
are not likely to be overestim ated. W e refer, of course, to
tho Anglo-French loan of $ 5 0 0 ,0 0 0 ,0 0 0 . T h e loan is m ade
attractive both in the m atter of security and rate of interest,
and, being offered in small denom inations, will appeal to
investors o f limited m eans.
It will, how ever, absorb only a
fraction of tho loanable funds of the country if the surplus
reserve held by banks m ay be regarded as a criterion o f tho
latter. B u t the loan is im portant, chiefly because it insures
a m arket for our surplus crops and for the products of our
mills and factories. W h a t would happen if the European
demand for t ese were cut off— the price at which corn and
wheat would “ go beggin g,” and the great numbers of unem
ployed in all our m anufacturing centers— is not pleasant to
contem plato.
H ap pily, such a possibility is now averted.
T h e assured success of the loan has resulted in increased
activity in W a ll Street and higher prices for all classes of
securities. U . S . Steel shares sold to-day at 8 1 % , tho high
est quotation since 1911, and other stocks m ade an even
more unusual record. M oreover, while it brings material
prosperity in various w ays, it broadens our international
vision and sym pathies and sets us in a new place am ong the
nations. W e are no longer exclusively a debtor country.
STOCKS.
Other news of tho week relating to or alfccting financial
W e e k e n d in g O ct. 1.
and industrial matters has practically all been favorable and
apparently has added fuel to the already overheated specula
Express--------tive fover which has been raging in W a ll Street for some time American
Am Smelt Sccur pref A . .
past. T h is species of m ania has reached a stago where Airier Woolen ctf d e p ...
fluctuations of forty or fifty points in a day are not uncom Am Writing Paper .pref.
Assets Realization------m on and attract little attention outside tho circles of thoso Brown Shoe----------------Preferred - ...... .........
interested. T h is is, doubtless, a pleasant experience for
Brunswick Terminal----tho participants so long as the tendency of prices is upw ard, liutterlck -----------------but any thoughtful person will naturally look forward to tho Canada Southern--------Case (J I), pref..............
tim e when tho reverse m ovem ent is in force, i. o ., when tho Chicago
& Alton---------(duett, Peabody & C o ..
pendulum swings backw ard.
Comstock Tunnel--------F o r e ig n E x c h a n g e .— W h ile not exceptionally strong, tho Crex Carpet----------------m arket for sterling exchange has im proved gradually during Deere * Co, pref........ .
Detroit E d ison ............
tho week in response to tho favoring nows in connection with Detroit United________
Duluth SS& Atlan____
tho A nglo-Fronch credit loan.
Preferred . __ ____ T o -d a y ’s (F riday’s) actual rates for sterling exchange were Havana
El lty L .t P, pf
4 (59@ 4 6 9 % for sixty d ays, 4 7 2 % @ 4 7 2 % for checks and Ilomestake Mining____
Int
Nickel
pref v t c ___
4 7 2 % @ 4 78 for cables. Com m ercial on banks 4 6 7 % and
Kings Co El E P ------documents for paym ent 4 6 7 % @ 4 6 7 % .
C o tto n for pay Morris & Essex________
N Y C h ic* St Louis___
m ent 4 6 7 % and grain for paym en t 4 7 2 .
Norfolk Southern_____
There wero no rates for sterling posted b y prominent Ontario Silver_________
Pacific Coast..................
bankers this week.
Peoria & Eastern_______
T o -d a y ’s (F riday’s) actual rates for Paris bankers’ francs Pcttlbone-Mulllken----wero nom inal for long and 5 79 for short. G erm any bankers’ Pittsburgh Steel, pref..
Rutland, pref------------m arks wero nom inal. A m sterdam bankers’ guilders wero Sloss-Sheff S * I, pref..
So Porto Rico Sugar----3 9 1 5 -1 6 @ 4 0 for short.
Preferred . . --------Exchange a t Paris on L on don , 2 7 .3 3 f . ; w eek’s range, Texas
Co full pd rects.
, Tobacco Products, pref.
2 7 .2 5 % f. high and 2 7 .6 4 % f . low .
Union
Pacific warrants.
Exchange at Berlin on L ondon not quotable.
United Dry Goods, pref.
T h o range for foreign exchange for tho week follows:
U S Realty & Impt------Cables.
U S Reduction & R efg..
t hecks.
S tir lin g , A itu c il— S ix ty D a y s .
4 73
Preferred.......... .........
High for tile week__ 4 60 4$
4 724$
WelLs, Fargo & C o------4 71
Low for tho week__ 4 674$
4 704$
H a r is H u n k e r s ' F r a n c s —
High for tho wook__
Low for tho work—
____
------
5 76 4$
5 874$
High for the week---Low for tho work—
-----------
844$
83 A
G erm an y H a n k ers’ M a r k s —
A m sterd a m
H a n k ers’ G u ild ers—
5 7544
5 85 A
84 H
83 7-16
404$
40 A
High for the week................
404$
404$
Low for the week—
-----D o m e s tic E x c h a n g e .— C hicago, 15c. per $ 1 ,0 0 0 discount.
B osto n , par. S t. Louis, par. San Francisco, 4 0 c . per
$ 1 ,0 0 0 prem ium . M o n trea l, $1 2 5 per $ 1 ,0 0 0 prem ium .
M in n eapolis, 2 0 c . per $ 1 ,0 0 0 prem ium .
C incinnati, par.
S t a te a n d R a ilr o a d B o n d s .— Sales of Stato bonds a t the
Board aro limited to $ 1 ,0 0 0 N ow Y o rk 4 % s a t 1 1 0 % , $ 1 2 ,0 0 0
N . Y . C an al 4 % s a t 1 1 0 % to 1 1 0 % and $ 1 ,0 0 0 N . Y .C a n a l
4 % s , 1965, at 105.
T h e m arket for railw ay and industrial bonds has been
enorm ously more activo than of late, tho transactions at tho
Exchange averaging over $ 5 ,5 5 0 ,0 0 0 par value daily, and m
soveral cases prices have advanced sharply.
O f a list of 30
prom inently activo issues, 20 aro higher than last week, 5
liavo declined and 5 are unchanged.
Tho Inspiration Copper issues head tho upward m ovem ent
in an advanco of 3 0 points.
Lackaw anna Steel 5s, 1950, and
W ostinghouse 5s are 1 1 % points higher, Chile Copper 7s
6 % , D is t. Sec. C orp . 5s nearly 5 , Southern R ailw ay gen. 4s
over 3 , R ock Islands 2 % and N ew Y o rk Centrals, S t. Paul,
B a lt. & Ohio and A tch ison are from 1 to 2 % points higher
than at tho closo last week.
A list of the n otably activo bonds includes A tchison, B a lt.
& O hio, Inspiration C opper, Lackaw anna Steel, N ew Y o rk
C en tral, Southern Pacific and W estinghouse issues.
Sales for foreign account, reported “ s -3 0 -f ,” aro again
smaller, aggrogating only $ 1 ,2 1 2 ,0 0 0 as against $ 1 ,9 7 3 ,5 0 0
last week.
U n it e d S ta te s B o n d s .— N o sales of G overn m ent bonds
havo been reported a t tho Board this w eek.
For to-day’s
prices of all the different issues and for iveekly range see third
page following.
Sa les
fo r
W eek.
R ange fo r W eek.
L o w e s t.
H ig h e s t .
R an ge s in ce J a n .
L o w e s t.
1.
H ig h e s t.
Feb! 104
450 101 'A Oct 1 103 Sept 25 83
Sept 87
700 86 Sept 3C 87 Sept 30 86
Sept1 554$
9,350 50 Sept 30 53 4i Sept 25 50
600 9 Sept 3 10 Sept 29| 5
July 15
Jan 9
100 54$ Oct 1 54$ Oct 1 5
May 39
100 33 Sept 28 33 Sept 28! 23
Aug 84
100 84 Sept 28 84 Sept 28 64
1,480 5 Sept 27 74$ Sept 30 4 4$ Mar 74$
Feb 324$
400 31 Sept 27 31 Sept 28' 27
Aug 60
100 54 Sept 29 54 Sept 29i 54
100 so Sept 30 80 Sept 30 744$ June 834$
Aug 154$
300 13 Sept 25 15 Sept 28: 8
Apr 75
200 70 Sept 28 75 Sept 29 55
1,000 10c. Sept 30 10c. Sept 30 7c. May 21c.
Scpti 49
300 40 Sept 28 4, 4$ Sept 28 36
Apr 99
100 97 Sept 30 97 Sept 30 86
10 127 A Sept 28 1274$ Sept 281 1114$ Feb 127
300 60 Sept 25 604$ Sept 27i 524$ Apr 62
July 6
500 5 Sept 25 6 Sept 28 2
July 12’$
1,000 104$ Sept 29! 124$ Sept 25 4
Apr 101
200 100 Sept 28,100 Sept 29 95
2|120 Sept 29 120 Sept 29 114
Jan;120
Sept; 107
115 107 Sept 27 107 Sept 27 107
10126 Sept 27 126 Sept 27, 1201$ Marl 126
Aug 180
101 163 Sept 29 163 Sept 29 160
June 364$
201 33 Sept 30 334$ Sept 30 30
Sept 25
45 15 Sept 30 15 Sept 30 15
Feb 44$
30C 34$ Sept 30 34$ Sept 30 2
Apr 70
40C 694$ Oct 1 70 Oct 1 63
Jan 11
200 9 Sept 29 9 Sept 30 4
Mar 75
227 69 Oct 1 69 Oct 1 15
400 95 Sept 27 974$ Sept 27 74
May 97 4$
Sept 22
1C 22 Sept 30 22 Sept 30 22
30 904$ Sept 29 91 Sept 29 85
May 93
Feb 100
65 C 87 Sept 25 93 Sept 30 40
100 100 Sept 2710 ) Sept 27 894$ Feb 100
June 170
300166 Sept 27 170 Sept 27 123
May 102 4$
50C 994$ Sept 25 1004$ Sept 29 95
10C .334$ Sept 3C 334$ Sept 30 274$ Feb 33 4$
400i 57 H Sept 27 574$ Sept 29 48 4$ Jan 664$
Sept 50
35C 25 Sept 27 30 Sept 25 25
2,500 2 k Sept 2? 5 Sept 30
14$ Apr 104$
Apr 104$
1.10C 5 Sept 3( 64$ Oct 1 1
300111 Sept 29 113 Sept 30 774$ Jan 113
Jan 484$
West Maryland, p re f... 1,400 46 Sept 25 474$ Sept 27 25
Sept
Sept
Sept
Apr
Apr
Jan
Sept
Afay
Apr
May
Apr
Aug
Sept
Juno
May
Sept
Sept
Aug
Sept
Sept
Sept
July
Sept
Sept
May
Apr
Feb
June
Oct
Apr
July
Sept
Sept
Aug
Aug
Sept
Sept
Apr
Sept
Apr
Jan
June
June
Sept
Sep
O u ts id e M a r k e t.— Trading on tho “ curb” this week was
decidedly active with a strong undertone to the m arket.
Prices wero genei-ally higher at the close, though fluctua
tions were very irregular. Internat. M ercantile M arine
continued its spectacular course, the com . advancing from
5 % to 10 and tho pref. from 3 2 % to 4 4 . A sharp reaction
carried the prices down to 6 for the com . and 2 9 % for the
p ref., followed by an upward m ovem ent to near the high
prices. T h e close to-d a y was at 6 % and 3 5 respectively.
Canadian C ar & F d y c o m ., an active feature, rose from 103
to 112 and ends the week at 109.
T ho pref. gained about
6 points to 123 and reacted finally to 120.
Car L tg . & P ow .
im proved over a point to 9 % and finished to-d ay a t 8 % .
C ram p Shipbuilding after a gain of a point to 9 0 sank to 8 6
and recovered finally to 8 8 .
D riggs-Seabury Ordnance
declined from 115 to 1 0 6 % , but m oved upward again,
resting finally at 113.
Lake Torpedo B o a t, both com . and
1st p ref., m oved up irregularly over 12 points to 2 6 % for
tho former and 2 6 % for the latter.
In the reaction which
followed tho prices dropped to 19 for the com . and 2 0 for
tho 1st prof. Submarine B oa t after an im proveem nt of
nearly 3 points to 5 2 % broke to 48 and ended t he week at 49 .
Tobacco Products pref. was heavily traded in up from 36
to 4 5 % and down finally to 4 4 % .
Triangle F ilm was off
from 9 % to 7 % , recovering to 8 % .
Chevrolet M o to r Car
m oved up from 93 to 111 and down to 109 finally.
Oil
shares were a little more active than recently w ith a strong
tono. B uckeye Pipe Line sold up from 104 to 1 2 1 % and
down to 118. Prairie Pipe Line advanced from 199 to 219
and closed to-d ay at 2 0 7 . Standard Oil of N . J. was traded
in up from 471 to 50 4 and at 4 9 4 finally. B ond s dull.
Copper shares were active and strong. Braden Copper
m oved up from 8 % to 10, closing to-day at 9 % .
Chili
Copper gained over 2 points to 2 0 % .
K ennecott Copper
im proved some 4 points to 5 7 % and closed to-d a y at 5 5 % .
Outsido quotations will be found on page 1082.
1074:
New York Stock Exchange— Stock Record, Daily, Weekly and Yearly
OCCUPYING TWO PAGES.
For record o f sales during the week of stock s usually inactive, see preceding page.
STOCKS— HIGHEST AND LOWEST SALE PRICES
Satu 'dag
Sept 25.
Monday
Sept. 27.
Tuesday
Sept. 28.
IO.334 104*2 104*8 105*2 103*2 104*a
100*4 100*2 100*4 100* 100*2 101
100 108
108 108*4 110 112
8 8 7s 8934
87*2 89
88*4 89
72*4 73*4 73*2 74
74
74«2
85
84*2 8 0
85*s 85*2 8 6
163
162 163*2 162 163
101
*260 370 *260 370 *260 370
51
5112 5078 5178 50*8 51
13
12*4 13*8 13
13*2 13
33*4 33*? 33*4 33/8 33
33*8
89
87
88
87*8 877s 8 8
124*2 125*4
125*8 125*4 124*4 125
12812 128*2 128*4 130*4 128*2 129*8
170 170 ♦165
*170
20*4
21
20
21*4 20*4 21*8
115 115 § 1 2 0 1 2 0 *117 1 20
*125 131 *125 137 *125 131
34*2 30
36
36
*3512 37*2
_ _
08
64*4 01*4 ♦63
29
29
*28*2 30
*28*2 29*2
♦48
55
*47
55
*48
55
45
*38
45
45
*37
*38
144 144
143 14.3
144 144
415 415 ♦411 422
*8
9
*8
*7
9
8*4
11*2 11*2
*11*2 12
11*8 12
3178 32*2 32*4 33*8 32*2 33
52*2 53*8 52*2 53'8 52*8 53
41
413,1 41*2 41*4 41
41*2
121*2 122
121*4 122*4 121 121*4
44*4 45*2 45*8 46*2 46*4 50*8
107 108
107 107
104*4 107
21
20*4 21*4 20
20*8 20*4
74
74*4 73*4 74*2
74*2 75
20*4 21*4 20*s 21
20*4 20*4
27*2
59*2
9
22
14578
48*8
121
♦126
♦12*4
*26
1 22
28*8
00*2
9
22
146*4
48*s
122
129
13
27
1 22
2778
0078
9*8
227s
140*2
48
♦121
127
13
*25
1 22
2S*s 27*8
61
61
9*2 *8*2
23*8 21*8
147*2 145*4
48
48
12312 §122*2
127 *127
*12*4
13
35
*25
1 22
♦125 127 *125 130
5
5*2 0*4
0*8
11
11*2
10*8 12
4*8 4*4
4*4 4*4
♦15
20
♦15
20
6
6*2 *5
97
98*2
96*2 97*4
687s 09*4
68*4 69*8
29
29*2 29
29*2
115 11578 114*4 115*4
*81
91
111*4 111*8 110 112
113*4 11478
112*2 114
*08
75
♦71
75
*
*90
96
90
15378 154*2 153*4 1547s
8378 8378 84*4 84*4
*82
*80
85
85
*18
*l8
*8
*8
l2
12
38
*8
*3
3*2
3*4 4
*712 8*2 *7*2 1 0
*5
6
5*4 5*4
*11*3 1V2 *11*2 16*2
32
32 '
35
14*4 15*4 15*8 16
35
36*2 37
37*8
93
94
9378 95
18*8
55
12
59*8
*3
*7
*92*2
• 133*4
81
23*4
38
*8
♦Is
30*8
2*8
*8
*2
34
19*4
57*2
12*4
58*4
*3*4
*7
93
92*8
134*2 133*8
82
81*4
24*2 23*2
39*8 38*2
>4
*4
*4
30*2 30*2
2*8 *2
10
*8
3
3
34*2 34
19*4
57
12*2
5978
5
9
1 20
Thursday
Sept. 30.
Friday
Oct 1
35
35
34
*01
*28*2
*47
*37
*140
*411
*8
*10*2
32*4
52
41
120*2
48*4
68
30
05
*28*2
*47
*38
*140
*411
8
11
3178
51*2
40*8
119
47*4
100*2
20
73*8
197s
*76*4
20*2
zG078
*8*4
21*4
145
45
*120
45
145
421
9
12
33*8
53*4
413.i
121*4
50*2
Salesfor
the
Week
Shares
STOCKS
NEW YORK STOCK
EXCHANGE
20*8
74*8
20
76^1
27*8
60*2
9*4
21
147*8
4,8
122
120
12*4 *12
3ft
925 Minn St Paul & S S Mario—
121
121*8 122
120*1 120*4 120'3 120*8
5C Do pref_____ _____ _____
125
*124 127 *122 125
11,600 Missouri Kansas & Texas___
5
5
5
5*8
4*4 5
47s
0.100 Do pref________________
11
11
11*4 in * 11*8 12
11
4*4
3% 3/3 10,500 Missouri Pacific------------------3*4 37s
3*4 4
100 Nat Itys of Mexico, 1st pref..
20
19*2 *15
19*2
19*2 19*2 *16
97
63*2
28*4
113*2
*82
110*4
113*8
75
*35
152*8
*84
*80
h
**8
4
5
29
15*4
30*2
93*4
10*2
38
94*8
109*4
1978 18*4
58*4 57*4
12*2 *11
58*2 56*4
5
*3
0
98~
90*2 9778 96*2
70*t 68*2 09*4 68*8
28*.» 28*8
2S7s 28
115*8 114 114*4 113*4
92
m *8 110 110*4 110*8
in
112*2 113*2 113*2
75
75
75
73*2
06 *
91
154*4 151*8 153*8 153
85
*,83
*83
85
*80
83
*80
83
*18
**8
*8
*4
l2
*2
58
l2
4
*3*2
*3*2 4
*7i2
*7iz 9
534
5
5
*434
I 6 I2 *11
32 *
29 *
10
15*8
16*4 15
37
30
37*8 30
9278 94*8 93*2
95
5 I 097b 10978
18*4 18*2
19*8 18
57*2 5078 57*4 56*8
11*4 *10*2 12*2 *11*2
5,8*2 50*4 57*2 56*8
*3
4
93
93
*92*2 93
133*4 132*2 134*8 130
82
81*2 82*4 81
24*4 23*4 2378 24*2
39
38*4 39*2 3978
h *
*3 *__
>1
**8
**8
'4
30*s 29*4 30*4 29*2
2*4 *2
2*2
2*2
12
*8
3*2 *2*2 4
*2*2
34*2 34
34*2 3478
93
*93
133
131*4
81
81*2
27
20*4
45*4 45
*8 *
*4
*'3
29/8 29*4
2*2 *1*4
15
*5
2*4
3*2
35
35
Range Since Jan. 1
On basis of 100share lots
Lowest
Railroads
Atchison Topeka & Santa Fe.
Do prof________________
Atlantic Coast Lino UR------Baltimore & Ohio----------------Do pref________________
Brooklyn Rapid Transit------Canadian Pacific-------------------
103*2 104*4 29,025
1007s 100/3 3.200
1,800
109 109*
87*8 88*4 52,800
74*s 74*4 5,450
83*2 83*i 6,610
157*2 100*2 26,320
*260 370
50*4 5012 2 0 ,2 0 0 Chesapeake & Ohio-------------*12
4,700 Chicago Great Western--------12*2
33
Do pref-- ____________
33/3 7,000
86*2 87*4 17,710 Chicago Milwaukee & St Paul.
*124*2 124*4 3,900
Do pref_____________ —
4,300 Chicago & North Western-----12778 129
*170
101
Do pref________________
22*2 24*2 83,400 Chicago Rock Island & Pacific
225 Chicago St Paul Minn & Orn..
*115 1 20
*125 131
000 Clove Cln Chic & St Louis—
34
*33*2 35*2
401
65
*65
70
Do pref________________
300 Colorado & Southern..............
30
*28*2 30
55
55
*47
45
*38
45
900 Delaware & Hudson...............
144
144 m i
132 Delaware Lack & Western—
421 *411 421
200 Denver A Rio Grande............
7
8
7
11
10*2 11*2 1,000
Do pref___ _____ _______
32*2 32*8 32*4 130,300 Erie................ ..........................
52*i 51*4 52*4 40.55C
Do 1st pref_____________
40*4 40*.| 40*8 3,100
Do 2d pref_____________
120*8 119*8 119*8 14,700 Great Northern pref...... .........
Iron Ore properties_______
49*8 48*2 49*4 217,225
106*2 105*4 105*4 2,300 Illinois Central........................
11,200 Interborough Consol Corp, vtc
20
19*4 20
0,450
73*4 73*8 74
Do p re f.............. .............
20*4
19*8 19*4 2,450 Interboro-Metropolitan v t ctf
220
78
78
9,800
Kansas City Southern............
27*8 20*4 27
1,200 Do pref........ - ...................
00
00/8 00
600 Lake Erie & W estern............
9*2 *8
9
700
21*4 *20
Do pref________________
23
146*2 145*2 146*2 11,700 Lehigh Valley______________
1,000 Long Island------- ----------------42*2 45
45
050 Louisville & Nashville............
12212 *120 122*2
20C
300 Minneapolis & St Louis------*12*4 13*2
13
103*8 104*2 103*4 104*8
100*2 101
10078 101*4
110*8 110*2 *109 111
88
89
87*2 88**8
74*., 7412 74*4 74-*a
83l2 84*4 84
84*2
161 162/s 159*4 101*4
*260 370 *260 370
50*4 51*2 50
50*2
13
13
* 12*2 10*2
32*2 33
32*2 33
.85*8 87
86*2 8 8
125 125*2 124*4 124*4
12,8
128 129
130
*170
*170
23
25
20*8 22*4
*115 120 *115 1 20
*125 131 *125 131
1978
73*2
20
76Ti
28
27
01
00*2
9*.,
9*4
21*8 21
147
145L
48
*45
122*2 *120
129
13
12*4
§125
4
10*4
4
*15
*5
96*2 97*2
68*2 69
28*4 29
113*2 114*4
81*1 813,1
110*2 111
113 11378
71*2 71*2
*85
06
152*4 154
*83
85
*80
83
*4
38
*2
*8
4*8
4*8
*7*2 10
*5
6
16
37
93*4
5109*,
1978 19*8
58*8 57
11*4
13*4
59*2 57*2
5
*3*4
9
*7
92*8 *92*4
13478 132*2
82
81*4
24*2 23*4
40
38*4
*8 *
h
*4
317s 30
2*2 *2
12
*8
3
*2
34
34*2
Wednesday
Sept. 29.
32,650 N Y Central & Hudson River.
9.8
09*4 21.300 N Y N H & Hartford..............
28*8 5,400 N Y Ontario A Western--------114*8 14,545 Norfolk A Western..................
100 Do adjustment preferred.
23,620 Northern Pacific____________
111
113*4 32,335 Pennsylvania_______________
500 Plttsb Cln Chic A St Louis__
73*2
96
154*4 80,350 Reading___________________
300
80
1st preferred_____________
83
600 Rock Island Company---------38
Do pref.................. ...........
*>8 1,100
850 St Louis A San Francisco___
4*2
9i2
534
900
Do- 2d preferred_________
16
200
35
Do pref-----------------------15*8 6,575 Seaboard Air Line--------------Do p re f................ ...........
30*8 7,015
83,250 Southern Pacific C o-------------94
47
18*4 42,810 Southern Railway----------------Do pref------------------------50*8 4.750
3,400 Texas A Pacific-------------------12
57*4 11,775 Third Avenue (New Y o r k )...
Toledo St Louis A W estern...
4
300 Twin City Rapid Transit----95
133*4 107,100 Union Pacific.............. .............
Do pref............ - ......... —
81*2 2,100
27*2 52,000 United Railways Investments.
Do pref------- ----------------47*4 31,700
200 W abash___________________
*8
500 Do pref------------------------U
5,100 Western Maryland--------------30
300 Wheeling A Lake Frio............
2*4
10
300 Do 2d preferred..............
3
1,400 Wisconsin Central............ .....
35
Industrial & Miscellaneous
32*2 32l2 32
32*i 32 *8 32*4 32
33*8 32
32*8 32*4 33*a 15,000 d Alaska Gold Mining.Par 310
45
44*4 48*4 45
42*8 43*i 43
40*8 45*4 47*8 144,770 Allls-Chalmers Mfg v t c ____
47*8 43
72
72*4 7 173 74
73*2 77*2 73*4 77
73*2 75*4 75
Do preferred v t C -.........
70*8 21,200
02*2 02*2 Z01*2 037s 62*4 63*i
21,675 American Agricultural Chem.
62*4 63*4 63
04*2 01*2 72
90
97*4 97*4 ♦93
90*2 *94
100 Do pref................ .......... .
*95
90
*94*2 90
*94*2 96
64
65
60*4 61
64*8 05*4 64
0578 65
6878 54,775 American Beet Sugar________
67*2 07
88
*86
♦87
89*2 *85
200
*84
89*2 *87
90
8,8
8.8
,88
♦100 104*2 *100 101*2 *100 101
100 Amer Brake Shoe A F ctfs dep
*100 102*4 100 100
♦103 177 *170 177 *160*2 173
300 Do pref ctfs dep________
174 174
175 170
04*4 63
01*8 02*2 0178 0578 63
05*2 02*8 65*8 64
00*2 272,400 American Can______________
107 107*2 107 108
108 103
Do pref.................. ..........
107*8 108*2 108*2 108*4 108 10,8*4 2,020
75*8 76*8 75*2 79*4 . 79*4 81*2 80*8 85
79
83*s 82
81*4 170,100 American Car A Foundry----450 Do pref................ - ...........
♦116*4 117*4 *110 1171.1 *110*2 117*4 116*8 116*8 *
110*2 *115 117
150*4 152*8 152 154*.i 151 153*4 152 153
13,300 American Coal Products------152 152*4 152 102
*117 121
*117 121
*50*2 52*4 52*8 54
52*4 54*2 52
53*4 53*4 54
54*2 57*4 28.500 American Cotton OH........ —
95
95
95
90
95*2 05/8 95*2 95*2 *97
900 Do
99
pref........................—
99*2 *97
11*4 12
1178 12*4 12*8 12*4 12*8 12*4
1178 12*2 11*2 12*4 17,810 American Hide A leather----47*4 48*2 48*4 49*i 48*8 51
50*4 52*8 50
52*2 50*2 51*2 31.450
Do p r e f..---------------------23
23
2278 23*2 23
23
22
23
22*8 22*4 22
22*4 4,200 American Ice Securities--------20*2 18*2 20
32,925 American Linseed..................
18*4 19*4 19
1878 19*2 19*2 21*2 20*4 23
35
30
34*4 35*4 35
35*2 35
35*4 34*8 37
Do
pref________________
3G78 38*8 7,200
67
00*8 02*2 61*4 71
70*4 68*2 72*4 07
70*8 6,8*2 70*4 1S4,020 American Locomotive---------98 100*2 100 100
98
98
99 100
99*8 99*2 99*8 99*2 2,810 Do prof.............. ...............
♦7
7*2
7
1,500 American Malt Corporation..
7*2 7*8
7*2
7*4 7*?
0*8 7*4 *0*2 7*2
30
29*4 29*2 29
29*8 29*4 *28*2 30
1,075 Do pref.............................
*28
29*2 26*8 26*8
♦80
81
80*8 80*8 80*2 80*2 80*2 80*2 *80
800 Amer Smelters Sec pref B----81
81
81
87*4 88*3 87*8 88*s 85*4 87*2 85*8 80*2 84*4 87*4 85
87*2 00,200 Amer Smelting A Refining—
107*4 107*4 107*4 109*8 108*2 108*8 10,8*8 10S12 10.8*2 10,8*2 108*8 .09
2,000 Do pref------------------------*147 152 *147 152 *148 153
150 150 *149
151 *149
200 American Snuff-------------------51
♦100 ___ *106 ___ *100 ___ *100
*100
50 Do pref (new)--------------§10.8
08
55
597s 58*2 00
54*8 55
58*8 59*4 58*4 59*2 59*2 05*.i 00,300 Amer Steel Foundry (n e w )...
109 109*2 108*8 109*8 10.8*2 109*4 10,8*2 110*2 10.8*2 109*8 8,600 American Sugar Refining___
108*4 109
*114 117
110 110
114*8 115
116 L10
110 110 *115
625
Do pref.......... ...................
17
125 125*4 125*4 125*2 125*2 125*8 125*8 120 rl23*2 124
8,2.81 Amer Telephone A Telegraph.
123*2 124
220 227 *225 231 *228 232
227 227
228 228 *22,8 230
500 American Tobacco------- -------109*2 110*2 *109*2 ___ 110 110
110 110 *109*2 110
700
Do preferred (new)--------110 .10
52*i 55
52
52*4 54
54*8 50*4 52
49*2 53
5078 53*4 26,900 American Woolen___________
94*2 947s 94*4 9 5
94*2 95
95
95
95*8 97*8 95*4 90*4 3,750 Do pref............ .................
72*4 73*8 73*2 74*2 72*8 74*4 72*2 73*8 72*8 74*2 7378 74*4 178,900 c Anaconda Copper___ Par$50
92i2 Feb 24
96 Jan 5
98 Mar 1
03*4 Feb 25
67 Feb 2£
83*4 Aug i ;
138 July 2£
8912 July
196*2 Occ
§99>s Dec
07 Dec
69 Dec
79 July
153 Dec
300 July
40 Dec
9l.( July
25 July
84*4 Dec
126 Dec
122 Dec
170 Jan
33 June
125 May
132 May
22 July
40 July
20 Mar
377s July
29 Dec
138*4 Dec
388 Jan
4 July
5 July
20l8 July
32 July
26'.t July
111*8 Dec
22 >2 July
10312 Dec
100*8 Jan
101*4 Juno
120 Jan
98*8 Jan
83% Jan
9414 Mar
220*2 Feb
310 Jan
68 Jan
15>4 June
41*2 June
107*8 Feb
143 Feb
13078 Feb
180 Jan
33 June
131*4 July
132 May
40 Jan
70 Fob
28*2 Jan
02 Jan
35 Mar
159*2 Feb
400*t Juno
19*4 Jan
31*8 Feb
32*2 Jan
49*4 Jan
40*4 Jan
134*4 Feb
39*4 Jan
115 Jan
July
Deo
July
49*8 Dec
5's July
17 Apr
118 July
23 Jan
125 Dec
123 Jan
9'a July
27*2 June
101 Dec
130 June
8 '8 Dec
20 Dec
7 Dec
30 Jan
6
Dec
77 July
49*8 July
18*4 Dec
9012 Dec
85 Jan
96*8 Deo
10212 Dec
0418 July
95 June
137 July
87 July
x80 Dec
*8 Dec
1 Dec
2
Apr
8
May
2 <4 Dec
1778 July
30 July
10U Dec
45*4 Jan
81 Dec
9278 Dec
14 Dec
58 Dec
11 *2 Dec
33 July
2 Dec
4*4 Dec
91?8 July
112 July
77*2 Dec
7l2 Dec
22 July
*2 July
1*4 Dec
10*4 Dec
212 July
8U July
3 Dec
29*4 July
16*8 Jan
05*8 June
28*2 July
02 Jan
9 Jan
21*2 Jan
150*4 Jan
30 Feb
141*8 Jan
133 Feb
10*4 Jan
35*2 Jan
137 Feb
Feb
Jan
Jan
30 Jan
34 Feb
14 Jan
90*8 Jan
7.8 Jan
31N Jan
105* July
90 Apr
118*2 Feb
115*2 Jan
91 Feb
101 Mar
172*4 Jan
89*8 June
93 Jan
10*8 Jan
25 Jan
5*8 Jan
17*2 Jan
9*4 Jan
20*4 Jan
65*8 Jan
22*8 Feb
58 Feb
99*2 Jan
100*2 June
28*4 Feb
85*4 Feb
17*t Apr
45*4 Jan
12*4 Jan
23 Jan
108*2 Jan
104*8 Jan
86 Feb
23*4 Feb
49*4 Mar
4*8 Jan
13 Jan
35 Jan
0*8 Jan
21 Jan
11 Jan
48 Feb
$1012 Apr 22 $19i2 July
4.8*4 Sop 2.8
0 July
77*2 Sep 2,8
32i2 July
72 Oct 1
47*4 Jan
97*4 Sep 25
90*4 Dec
6.87s Oct 1
19 July
91 Aug 18
00 May
109*i Aug 9
80 Apr
183 Aug 9 129*2 Jan
60l2Oct l
PJI4 July
108*4 Sep 30
80 July
85 Sep 29
4214 Deo
118 Aug 0 112 July
170*2 July 12 §82 Jan
120 Sep 11 §102 Jan
57*4 Oct l
32 July
99*2 Sep 2
93*8 June
12*.t Sep 2.8
3*4 July
52*8 Sep 29
17 July
35 Apr 30
19?a July
24*2 Aug 30
7i2 July
41*4 Aug 30
24 Dec
72*4 Sep 29
20*4 July
100*2 Sop 27
90 Jan
8 Aug 31
414 Deo
32*2 Mar31
30 Dec
83*8 May 5
791.1 July
88*8 Sep 27
50*4 July
109*8 Sep 27
97>2 Apr
105 Apr 22 148 Dec
100*2 Apr 26
997s Jan
05*4 Oct 1
27*2 July
111*4 Apr 23
97 Mar
110 Sep 21 10778 Mar
126 Sep 29 114 July
252*2 Apr 22 215 Apr
110*2 Sep 25 101*4 Jan
57 Sep 23
12 July
977s Sep 30
72*2 Mar
c$39 Apr 2 52-1*4 Dec
S2878 May
14*4 Feb
49 Jan
59*2 Mar
97*2 Jan
33*2 Deo
50 Deo
97*2 Feb
1407s Feb
35*8 Jan
90 Jan
53*2 Feb
11S78 July
§80*2 Mar
107 July
40*2 Feb
97*8 Mar
5*4 Feb
25*4 Feb
32*4 Feb
11*8 Jan
31*4 Jan
37*4 Jan
102*2 Mar
9* i Jan
50*s Jan
85 Jan
71*8 Feb
105 Jan
172 Jan
100*4 July
37*2 Feb
1097s Jan
115 Deo
124*4 Jan
250 Mar
109 June
2078 Jan
83 Jan
$38*4 Feb
105*2 Sep 27
101*3 Junel7
113*2 Apr 30
89*4 Sep 27
7 4 3 i Oct
1
93 Apr 21
174 Apr 19
27
14*8 Apr 19
36*8 Apr 19
9 ,8*4 Apr 19
130 Jan 2 2
132 Apr 15
§175 Jan 30
3.8*8 Apr 15
115 July 9
131 July29
30 Aug 10
05 Apr 1
32 Apr 8
35 Sep 2
138*2 Aug 31
39978 Jan 6
4 Jan 12
0*2 Jan 7
197s Feb 2-1
32*4 Feb 24
27 Feb 25
112*4 Jan 2
25*4 Jan 2
99 July 7
1S78 JulylO
70 JulylO
10*8 Jan lfl
49 Jail 19
20*8 Feb 21
5 l7s Feb 24
5 Jan 5
19 May27
129*4 Feb 24
30 Jan 11
104*2 July 8
153 Apr 19
429*4 Apr 10
0*4 Apr 20
18*4 Apr 19
33*8 Sep 27
5378 Sep 27
41*4 Sep 25
122*4 Apr 19
50*2 Sep 29
11.3 Apr 19
22*8 Allg 30
77 Sep 9
21*4 Apr 29
78 Sep 0
29*8 Aug 12
01 Sep 27
9*8 Apr 21
23*4 Apr 22
148 A u g ll
49*4 Sep 20
125*2 Apr 20
517 g Sep
Sep 15
19*8 Feb 15
100 Jan 4
123 June 8
4 Sep 2,8
10*s Sep 25
1*4 July27
14*2 Aug 31
434 July 28
81*2 Mar 1
43 Feb 25
21*4 Jan 0
99*2 Jan 4
80*2 Sep 2
99*s Feb 24
103*8 Feb 24
05 May 17
124 A u g ll
132 Apr 19
15*4 Apr 19
40 Apr 5
18*4 Apr 19
23 Jan 5
98*2 Sop 27
71*4 Apr 21
35 Apr 20
ll5 7sSep 25
90 Juno15
112*8 Apr 19
11178 Sop 27
75 Sep 29
138*4 MaylO 157*8 Apr 19
90 Junel2
80*4 Sep 20
*8 July 15
*4 Junc21
1*4 Mar22
1*8 Apr 9
2*2 Apr 9
7*4 Junc20
3 Jan 18
8
Mar31
29 Sep. 29 37 Jan 21
17 Apr 21
11*8 July31
30*4 July24 42 Apr 10
8 U4 Feb 5
95 Apr 21
9 178 Feb 20 106U Apr 19
I!)/SSep 27
12*2 July23
42 July23
63 Jan 20
177s Apr 19
8*2 July23
35 Jan 2 60*s Sep 20
1 Jan 0
3*2 Aug 27
5*2 May25
9*8 Jan 23
90 July 9 100 Apr 19
115*4 Jan 2 13478 Sep 27
x79 Mar 1 82*2 Aug 31
8 Jan 5 27*2 Oct 1
2t*i Mar 15 47*4 Oct 1
.*8 May20
2*4 Apr 30
*8 June28
0*2 Apr 29
9*4 Jan 4 3 l78 Sep 27
3*i Jan 1.8
*2 July28
*8 Aug 10
28 Julyl4
$20*8 Jan 7
7*4 Jan 12
33 Feb 10
4,8 Jan 4
90 Mar27
33*4 Jan 0
83 Feb 1
87*4 Feb 25
132*2 Mar25
25 Feb 24
91*2 Jan 5
40 Feb 23
111*2 May25
82 Jan 20
§105 Jan 7
39 Jan 4
91 Junc25
4*8 Feb 19
19*4 Jan 5
20*8 Jan 4
7*4 Jan 2
24 Jan 5
19 Mar 2
75 Mar 0
37s Apr 14
21*2 May27
78 Jan 19
56 Jan 2
100 Jan 1
144 Jan 10
103 Jan 19
24*s Mar 5
99*2 Feb 24
109 Feb 5
110 Jan 4
x218 May 14
103*4 Jan 4
15*4 Mar 0
77*4 Feb 27
c?21*4 Feb 24
Highest
Highest
35*8 July 9
10*i Jan 4
25*2 Mayl4
77*4 July26
12078 Sep 2
118*2 JulyllJ
163 July £
10*2 July2S
§114 Apr ,8
124 Sep 1<
§21 Jan 1,8
53*8 Feb 17
24 Murl5
8
Range for Previous
Year 1914
6 Jan 18
397s Jan 21
1014
50
2 0 '4
* Bidandaskedprices: nosalesonthisday. t Ex-rights. §Lessthan100shares, a Ex-dlv. and right*. 6Nowstock, c Par $25 per share. <1Quoteddollars
pershare, e First Installment paid, xEx-dlvldend. *Full paid.
1075
New York Stock Record— Concluded— Page 2
Forlrecord of sales during the week of stocks usually inactive, see second page preceding.
STOCKS—HIGHEST AND LOWEST SALE PRICES
Wednesday
Sept. 2 2
Tuesday
Sept. 2 8 .
Monday
Sept. 27.
Saturday
Sept. 2 5 .
Friday
Oct 1
Thursday
Sept. 3 0
Salesfor
the
Week
Shares
N E W
STO C K S
Y O K K STO C K
E X C H A N G E
Range Since Jan. 1
On basis of 1 0 0 share lots
Range for Previous
Year
I n d u s t r i a l & M ls c . ( C o n .)
2 8 6 . 2 0 0 B a l d w i n L o c o m o t i v e ---------------D o
p r e l .........................- ..............
2 ,5 0 0
7 , 2 0 0 d B a l o p i l a * M i n i n g — Par § 2 0
8 , 7 5 0 B e t h l e h e m S t e e l ---------D o
p r e l . ...................
3 ,1 7 5
B r o o k ly n U n io n G a s
1 4 . 0 5 0 d B u t t e & S u p e r i o r C o p J’ar $ 1 0
1 0 .7 5 0 C a li f o r n ia P e t r o le u m v t c t l s .
1914
Highest
Highest
52% Mar
38*2 J a n
26% Mar 3 150% Sep 28
125
132*2
125
133*8
1 5 0 lg
110
June
12712 140
92 Mar 9 114 Sep 29 1 0 2 * 2 J a n
9912 H 4 ’ 4 1 1 9
9 3 7 8 957s
1127g 1127s
81*4 F e b
$% A p r
113 *2 113*2
113
114
1
0
9
U
1
1
1
52
Apr
17
1
1
0
1
1
0
l
2
$%
Feb
5
•1071*
*1*8
1 38
29*2 J a n
1*2
1%
1 '8
1*2
46*4 Jan 2 369 Sep 28
H4
1%
li*
1'8
3
6
2
3
6
7
3 5 0 * 3*64
365
369
68
Jan
360
365
356
366
91 Jan 2 183 Sep 24
353
356
155
158*2
155
155
130
Jan
165
165
1 5 9 l2 1 7 5
118 Jan 5 132*2 Apr 30
170
182
*126
133
*128
132
*129
133
*129* 133
$7978June 4
*129
133
$56*2
Aug
23
*129
133
60
61*2
30% Feb
59*8
61
15*8 Dec
5934 6 1
5812 6 0 %
21*4 Sep 22
59
60*4
8
July26
581*
60
1934
20
193.1 2 0 3 4
50 July 6 8 Mar
19
20*4
20
2034
2012
21>8
30 July23 54*4 Feb 8
2 0 58 21 > 4
D o
p r e l -------2 .0 5 0
44 ' 45
4434
45
2578 Jan
38*4 Dec
46
46 U
4512
46
46
4 7 12
32% Feb 20 53*4 Sep 29
*46
47
5134
535* 1 0 4 ,4 5 0 C e n t r a l L e a t h e r
5 1 58
53
104 July
947g
Jan
50*2
52
51
5334
108
Sep
29
5
0
7
g
5
1
3
4
100%
Jan
_
4 8 78
51*4
D o
p r e l ______
1 .0 5 0
1075g 1 0 8
*106*2 108
107
107
$31% Dec $44 Feb
1073g 1 0 8
49*4 Apr 26
107
107
32*4 Jan
d C h i n o C o p p e r ----------------Par *0
*105% 107%
3
8
.
7
5
0
4
7
4
8
*
8
45*2
47*2
4534 4 6 i 2
6 6 % Sep 29
20*2 July 34% Feb
4514
457S
2 1*4 Jan
4512
46U
45
457g
61*4
6 4 * 2 3 3 1 . 9 0 0 C o l o r a d o F u e l & I r o n ------59
63*4
563g
6 3> 2
131*4 Apr 30 112% Dec 139*2 Jan
61%
O6 I2
5534
57 U
113*4 Jan
5 4 78
55 3 4
1 6 ,3 0 0 C o n s o lid a t e d G a s ( N Y ) .
1 295* 13158
12834 130*8
37*2 June 45% July
130
13114
120% Sep 30
1 3 0 U 1313g
130
13114
40*4 Jan
1 2 8 > 4 130> 4
3 7 , 2 0 0 C o n t i n e n t a l C a n . . .............
1
1
7
1
2
0
*
2
91*4 July
93U
94%
84 July
109 Oct 1
9 1
9434
9 3 l2 H I
88*2 Jan
90
90*2
D o
p r e l _________________
1 .5 0 0
108*4 1 0 9
108
13% Jan
108
7 July
20%Sep
29
1
0
7
1
2
1
0
7
i
2
1
0
7
%
1
0
8
1
0
7
1
0
7
8 Jan
106
106
7 6 .0 5 0 C o r n P r o d u c t s R e fin in g
19 *4
20
20
19
72 Jan
19
20> 8
58*8 July
1 8 78 2 0 3 g
87*1 Sep 30
1 8 's
1934
65 Jan
18
I 8 I4
D o
p r e l ...............................
3
.
5
0
0
8
7
*
4
8
7
*4
87*4
86
857*
86%
10978
Sep
29
84%
86
18*4
MaylO
C
r
u
c
i
b
l
e
S
t
e
e
l
o
l
A
m
e
r
i
c
a
--------84*4
85%
10334 106*2 2 4 0 ,6 2 0
102
109*4
lO O lg 1 0 3 1 2
IO O I 2 1 0 9 7 g
96*4 1 0 3
84 MaylO 112% Sep 29
D o
p r e l ------------------------9512 983.1
8 ,7 0 0
1 0 9 5 8 1 1 0 *4
1 1 0 l 2 112 * 2 1 0 9 * 2 H O
38 Jan 25 125 July 22
1 0 8 i s I O 8 I2 1 0 8 3 * 1 1 0
3 ,4 0 0 C u b a u -A in e r lc a n S u g a r.
117
118*2
118
118
117
11912
90 Dec
1 1 8 78 1 1 9
119
12334
93 Marl7 110 Sep 14
1187g 11934
D
o
p
r
e
l
200
103
*100
*100
105
10238 1 0 2 %
20*2 M a r
11
5% Mar 2 31*4 Sep 28
*100
103
1 1 3 0 0 0 D i s t i l l e r s ' S e c u r i t i e s C o r p --------32
3
4
*
4
3
1
3
3
31>2
3434
$24%
JulylS
31*4
33*4
J516
June25
2 8 '2 3112
a
Dome
Mines
Ltd—
Par
»10
247*
2738
5
.
6
0
0
22
22%
2
2
%
2
2
l
2
78*4
Sep
25
2
2
2
3
Sep
1
Electric
Storage
Battery
217*
22*2
69
1 3 ,1 0 0
74
74
7334
75*2
15
Jan
75
76
7*4 May
7 5 l2 7 8
78*2
Mar24 60 Junel2
8
7 7 «s
77
7834
4 0 0 Federal Mining & Smelting—
33
32*2
43
Jan
33
*29
28% Dec
31*4
3134
65 Junel2
33
Marl3
*27
Do prel........
20
34
*25
2 ,8 0 0
48%
52
48*2
51*2
1
8
0
Jan
5
0
*
4
5
160
Apr
300
Aug
26
4
8
>2
Jan
26
4 3 lg
165
50
*45
4 5 5 General Chemical
290
290
*285
290
290
28934 28934 * 2 8 5
288
288
Mar 1 $113 Sep 10 107*2 Feb 1 1 0 J u n e
Do
prel____
106
290
*286
1
0
0
*
1
1
0
1
1
4
*110
115
150% F eb
137*2
Dec
Mar
3
178*2
Aug
26
General
Electric.
1
3
8
114
*110
3 8 ,8 0 0
17134 178*2
173
175*2
99
M ay
175
178*8
173*2 1 7 6
37% Jan
1743g 17812
Jan 2 375 Sep 28
82
174
173
5 , 6 8 6 General Motors vot tr ctls—
321
340
z310
315
352
365
95
Feb
365
375
70 July
115% Sep 13
3 5 ,0
363
Do prel voting trust ctls.
90% Jan
345
339
2 ,4 0 0
11134 115
2S 7 g A p r
11434 1 1 5
114*2 115*8 * 1 0 3 1 2 112*2
19%
Jan
79*4
Oct
1
114
11412
Goodrich
Co
(B
F)
24*2
Jan
11334 1 1 4
77%
7 9 *4 1 6 2 , 0 3 5
73*2
77*2
7 0 3 4 7 2 14
71
74*8
95
D ec
7978 Jan
707g
7234
95 Jan 14 109% Sep 27
Do
prel..........
6 9 l2 7034
6
5
0
*
1
0
8
1
1
0
109*4 109*4
110
♦10878 1 1 0
1 0 9 '2 1 0 9 1 * * 1 0 8
7 $69*8 Oct 1 $40% July $ 5 7 % A p r
*108
109
3 2 , 4 0 0 d Guggenheim Explor.Par $25 $45*8 Jan
67*2
6 9 *8
657g
68
653g
663.1
65*4
0 7 38
6 6 's
0634
d Inspiration Con Cop.Par $20 $16% Jan 2 $4434 Oct 1 514% July $ 1 9 * 4 J u l y
6 5 l2 6 6%
42%
443.1 3 4 6 , 7 3 5
43%
39
36
38U
10% J u ly
3 8 '2
4 Jan
37*4
3534
367g
24% Oct 1
5%
Mar31
luteruat
Agricultural
C
o
r
p
...
3514 3 6 %
2
3
2
4
*
2
23%
22*4
23*4
18*2
19
19 7 *
13 May 3 6 J a n
50 Oct 1
8 M 3 rl 5
181*
18*2
Do prel
*1812
20
7 ,8 0 0
46
50
4412
423.1
41
38*2
387*
1
1
3% Jan
39
82
July
June
4
3
9
3
9
U
114
90 MaylO
3 8 34 3 8 34
3 . 6 0 0 International Harvester ol N J
1 06*2 108*2
106
1 0 8 % 1 0 U l2 1 0 7
106
1187g J u l y
107*4
lO O U 1 0 9
Do prel................. ........... 110 July 13 117 Jan 20 113% Jan
*107
10734
_____
117
117
* _____
117
111*4 J a n
82
Dec
Apr
10
80
International
Harvester
Corp.
55
Feb
20
*
__ 117
630
70
70
68
0934
70
70
Do prel---------- --------------- 90% Mar 6 114 Jan 14 114*4 May 1 1 8 J u l y
*68
6934
117
117
* _____
117
219*4 Sep 23
*
__________________ 1 1 7
4 , 4 2 0 International .Nickel tin e ; - |208% Sep 30
2 1 0 " 214*2
215
208 *2 214*2
107* F e b
6*4 July
2 1 5 ' 217*12 2 1 4
12 Apr 19
215
216%
International
Paper.......... —
8 Jan 6
5 ,1 0 0
10
10 *2
10 7 g
11
10 7 8
41
Jan
107*
10U
1 1 '4
Feb 24 43 Apr 19
Do
prel----------------------33
5
,
5
0
0
3
9
%
3
9
%
4
0
7
g
40
*39
94
June
♦40
40*2
Jan
393g 3 9 1 2 4 0 ’ 4 4 0 * 2
Aug
24
Kayser
&
Co
(J
u
liu
s;............
76
3812
200
85
*77
83
83
83
8
3
*7734
8
3
8
5
1
0
8
*
4
M ay
Mar|
*
7
8
83
Do 1st prel-------------------- 107 Jan 13
♦7734
112
*106
112
114
*107
*107
112
114
Jan 1 0 5 F e b
*107
>107
114
Jan 18
Kresge
Co
(S
S)------------------99
*107
6
0
0
1
8
5
1
8
5
180
180
105
M ar
170
Jan
160
160
168
168
Do
prel------------------------*150
105*4
Feb
15
112
*110
112
*110
40
Jan
112
112
26% July
*110
►110
112
28 Jan 7
*110
9 1 % 2 1 5 , 4 5 0 Lackawanna Steel--------------87*2
92
94*4
83
79*4
82*2
82
85 July 1 0 1 F e b
7 7 l2
82*2
79
927gJan
15
Laclede
Gas
(St
Louis)--------70
4
0
0
1
0
3
102
10212 102121 102
102
102
102
207*2 Dec 2 3 1 M a r
103
9
1 0 0 Liggett A Myers Tobacco------ 207 Jan
230
*225
*225
230
*225" 230
11 8 % J u ly
230
1 1 1 % Jan
*225
*225
230
225
225
Do prel________________ 113*4 Jan 5
260
120
*116
120
118
*116
38
Jan
*116
120
26 Dec
116
118
118
Feb
17
Loose-Wiles
Biscuit
tr
co
ctls.
118
$118
6
0
0
24*2 2 4 % 2 5
105
M ar
24*2
2
3
*
2
2
3
*
2
101
Apr
*
2
2
23*2
Feb
20
Do
1st
preferred-------------*22
2 3 '2
97*2
*93
9734
*94
95*4 J u n e
*93
89 Jan
97*2
9 7 l2
Junel5
*92
Do 2d preferred_________
9 7 l2 *91
6
5
6
5
6
5
190
Apr
65
*55
160
July
65
*55
165%
Jan
6
65
*55
Lorlllard
Co
(P
)......................
1
0
0
175
*168
175
*168
*168
175
175
168
110 Jan 1 1 7 7 * J u l y
175
175
175
Do prel.................... ........ 112 Sep 14
*168
200
*112
117
116
*113
116
116
116
87% F eb
113
61 July
114
114
72% Jan 11
114
2 0 0 Mackay Companies-------------80
*78
78*4
78*4
*77*2
78*4
70
Jan
78*4
65*8 Jan
*
7
0
65
Feb
25
7
8
Do
p
r
e
l..-------------------* 7 6 '4
200
66*2
66*2
67
*
6
6
*
2
1 5*4 D e c
14%
Dec
6
7
*
2
6 7> 2
15*4 Jan 6
6712
*6612
52*4 5 4
26,750 Maxwell Motor Inc tr c t l s ...
52*4
51*4
533.1
44
D ec
51*4
541* 5 1 * 2 5 3 5 s
41*2 Dec
51*2
Do
1st
prel
stk
tr
ctls
—
43*4
Jan
5 2 12 5 4 3 8
9234
7,400
9
2
'
92
93
91
92
92
9 1 3j
17*2 D e o
17 Dec
9 2 l2 93
18 Jan
93
Do 2d prel stk tr ctls-----9 2 ig
45*2 16,500
4 2 3 4 44*2
43%
46
4512 4 7
44*2
471*
51*2 June 6 9 * 4 J a n
4412
35 July 12
46
4 4 ig
700 May Department Stores------*45
56
5 2 *8
47
47
52
50
50
52
52
97*2 June 1 0 1 * 4 F e b
517g
947g
Apr
27
517*
Do
prel.---------------------2
0
0
*97
*94
98*2
96
98
96
97
*94
73% F eb
46*2 Jan
96
*04
Mexican Petroleum........ .......
51 Jan
89
87
90
86%
91*2
88*4
89*4
9212
87*4
67 May 8 7 F e b
90*8
92
67 Jan 15
90U
Do prel..............................
100
*83
88
88
*83
88
88
*8612
*83
$24% F eb
90
*87
$16*2
Dec
87
87
d
Miami
Copper..........
Par
$5
$17*4
Jan
3078
2934
29*2
2734
28*2
27*4
28
527g J u n e
28*4
41 Dec
277g 2 7 * 4 2 8< g
42 Jan 4
27%
1.800 Montana Power
59*8
58
58*4
58*4 5 8
58
58*4
58*2
60*2
101 Apr 1 0 3 7 8 J u n e
60*4
00
60
99 Jan 29
900 Do prel___
*104
107
107
'1 0 4
106
106
■1 0 5
106
105
139
F eb
105
120
July
Apr
3
*104 |105
National
Biscuit
116
5,600
129%
128
130
2 1 2 m 121*4
128
122
125
119*4 Jan 1 2 8 J u n e
119 May25
1 2 H 2 1 21> 2
Do prel___
*123
*124
*124
. . . *123
Mar25
*123
National
Cloak
&
Suit............
6
8
2,250
87%
88
87%
85*8
87
88
*85*2
87
8 8 *4 ! 8 6 * 2 8 6 5 g
100% Mar25
Do prel
8712
200
109*2
109*2
109*2 109*2
1 0 8 *2 109*2 * 1 0 8
9
J u ly
109
|*108
110
9*2 Jan 4
109
317* 44,651 Nat Enameling & Stamping..
31%
30%
29
.303-1
28*2
29%
31
29*2
80
June
28*4
28*(
m
79 Apr 1
Do
prel..
28> 4
425
92
92
92
*89
89
$89
90*4
90*4
90
90
40
J u ly
90
44 Jan 4
*88
National Lead
30,300
66%
6
8
67*4
6
6
%
6
8
6
5
*
2
6
7
6
6
*
4
6
7
*
2
66
105
Jan
0534
66*2
104*4 Jan 4
Do prel..
100
115
*110
115
115
*110
*110
*110*2 115
$10*4 J u ly
115
d Nevada Cons C op ..-P a r $5 $11*4 Feb 24
*110
15
143.1 1 4 % 1 5
14*2 117g
14%
143*
1 412
1434
58
J u ly
14%
lllg
New York Air Brake
56*2 Feb 26
15,650
163
1
5
S
163*2
1
5
7
1
5
7
1
5
5
*
4
1
5
9
*
4
160*2
157 *2 159*4
6 4% J u ly
157
64 Jan 19
156
1,700 North American Co (n e w )...
*73
75
72*2 7 3
74
74
74
73*4
75
7534
1
7
%
J u ly
18
Marl7
76
76
2,500 Paclflc Mall
337g
32*2
*31
33
32%
33
33
32%
32*4
33*8
20
J u ly
26% Feb 11
31
31*2
35
44
*32
49*2
357S
35
47
36*2
34
34*8
106
J u ly
3134
323,1
112%
MaylO
X
7
0
0
!
People’s
Gas
Lt
&
C
(Chicago;
117
118
117
117
117
117
* 1 1 6 * 2 117*2
117
117*2
1 1 7 *2 117*2
71 Apr 7
43.700 Philadelphia Co (Pittsburgh).
1947s
8734
88*2
97*2 431700
92
88
89*2
98
23% F eb
87*4
88*4
8734
88
15*4 Jan 4
3734
377g 62,850 Pittsburgh Coal
35*4
37%
35%
34
3678
35%
33*2
3434
93*2 F e b
35 1 g
34*2
8 1 % Jan 4 1 0 6 * 2 A u g 2 8
11.700 Do
prel----105*2
103
104*2 105*4
103*2 1057* 1 0 1 * 4 1 0 8
102*2 10 3
46
F eb
7
5
%
S
e
p
2
9
103
103
25 Mar 6
7378
71*2
7 3 7 8 109,200,Pressed Steel Car....................
67*4
68*4 737g
72*4
75%
65
08
105% M a r
102*4 J a n 2 5
64%
64*4
86
MarlO
.
I
Do
prel________________
1
0
5
*
1
0
2
1
0
6
*
1
0
2
■ 10 2
106
102*2 10 6
*102
105
114
Apr
110*4 A p r 2 2
103
*100
10
0
*2
Aug
24
.
.
Public
Service
Corp
ol
N
J—
103
...
*103
107
■103
107
♦103
107
159
Jan
107
*103
1,500 Pullman Company............ —
150*8 Marl2 1 6 7 J u n e l 4
16034 160*4 161*4 1 6 0 * 2 1 6 0 %
160*2 16134
160
27g J a n
161*4 1617*
4*4 A u g
7
i
4 Marl5
2 0 0 Quicksilver Mining--------------*159*2 101
3
3
4
Jan
6 *8 J u n e l 5
*4 Mar29
*2*2
3
.I Do
prel...... ............. .........
34% F eb
54
O ct
1
*278
4*2
19 Mar 6
86,125 Railway Steel Spring-----------43
45*4
51*2 54
46*4 48% 47% 53
101
F eb
4134
43%
4112 42
87
Mar
3
9001
Do
prel...................
........
95
94
94
94
94
94*2 94*2 95
$22% A p r
*92
94
93
93
25
257g 93.350 (1 Ray Cons Copper..P ar $10
22*4
23*8
22*4 23*8 23*8 25
27
Jan
22%
2278
19 Feb 1
22*8
22*8
198,100
Republic
Iron
A
Steel
53%
5578
557g
5
1
%
5
3
%
49*2 54*4
53*4
91*4 M a r
48
52%
72 Jan 30
47
47*2
4,150 Do p r e l .............
103
103*4 1 0 2 * 4 1 0 2 %
1 0 2 % 103*2
18
Jan
10
1*2
10
2
7g
Jan
22
101*8 1013*
4
4*4
6*8 23,700:Rumely Co (M )........
4*4
5*4
5*8
3*4 4%
41
Jan
4*4
5*2
2% Jan 20
5
534
12.350 Do prel-------------8
10%
8
Sh
7
8*4
197*2 J u ly
7*4 8
7
7*2
8
8*4
*131*4 Marl7
2,400 Sears, Roebuck & Co
153% 154%
154*8
151*4
153%
154%
155
155*2
1
2
4
*
4
June
1
5
5
1
5
5
78
1 21 % Jan 4
1 5 5 * 4 155*4
Do prel
200
124*4 124*4
125
12 13 4 1 2 1 * 4 *124
35
Jan
121*4 124*4
* 1 2 4 * 4 1243.1
24 Jan 6
64*4 42,366 Sloss Sheffield Steel A I r o n ...
*59’ 63*4 02
57*4 65
56
58*2
45
D ec
54
55*2
54
54
43*2 Feb 23
400 Standard Milling
73*4 75
75
*72
75% *70
67*2 D e o
77%
*72
66
Feb 17
Do prel_____
210
81
81
$81
81
*80
84
81
81
36% M a r
82
*77
35*4
Jan
2
Studebaker
Corporation
(The)
71,600
140
142%
140*2 1457S 138% 143% 136*2 142
92
M ay
139
145*2
1387g 1 4 0 %
91 Jan 2
950 Do prel........... ............. .
108*2 108*2
108*2 108*2 10S% 108*2 *107 109
$36*4 F e b
108*2 10 9
109
> 107
02
70
66
69*4 159,460 d Tennessee Copper.. .Par $25 S25% Feb 24
1497g M a r
5734
587g
59*4 61*4 61*1 68
59*8
120
Mayl4
57*2
Texas
Company
(The)
9,350
163% 107% 168% 169
168 17234 166
88 J a n
173%
165
162*2 1 6 5
55 Feb 18
300 Underwood Typewriter
80
77*2 77*2 ►75
81
82
*75
*75
113
Apr
80
80
82
*75
98*4 May22
Do prel------------100 107 • t o o 1 0 7
110
8*4 F e b
■100
*100
110
*100
110
►100
4%
Jan
4
Union
Bag
&
P
ap
er...
4,400
6 *2
6*2
6*2
6*4
6*4
67*
7
7%
3
2
*
2
F eb
7
*
2
6*4
7
* 6*4
22?8 July 13
500 Do prel................28
2 6 78 26*8 •25
27
50*4 F e b
27
*25
27
27*2
28
*25
42 Jan 25
United Cigar Mfrs----62
61
58
61
61
10378 F e b
55
56*2 58
57
55
55
52%
100
Junel9
300 Do p r e f .............110
110
■105 110
13% J a n
105 1 1 0
105*8 106*8 ►106
*105
8 Jan 2
23
24% 23*4 247* 18,720 U S Cast Iron Pipe A Foundry 32%
2 2 % 24%
49
F eb
20*2 2 1 %
2334 25
*1934 :
Mar 3
400 Do prel................ .
46
+42
46% • 1 2
43
4578 457*
43
87
M ar
45*2 46
*40
‘
60 July27
' 400 U S Express................ .
60
•33
69
66
20
Apr
*65
66
65*4 65*4 *65*4 66
67
<
15
Jan
27
U
S
Industrial
Alcohol
36,430
95
92
92
94*2
92%
94
98
85*g J a n
91
91
96*2
86*4
*
70 Jan 26
500 Do prel................101*8 1 0 1 %
10 1
*98
10 2
63
M ar
*98
10 1
10 1
44 July 24
31.200 United StatesRubber
54*4 50
52% 547g
62*2 53*4
101% Ja n
52 % 53*2
52% 54*2
52*8
52*4
118 Dec
46% Dec
91% Deo
110 120*2
86
86%
110 112
102 102
22
22*2
July
90 Deo
22 22%
112 112
11,000
68* 68
10
10*2 10*2
10%
•102
*112
*121*2 122
110*8 110*8
100*8 100*8
106*4
78*4
114*4
67*4
39*4
110
64
77
120*4
*140
r 213*4
*108
! 10734
*120
106*4
78*4
1 H ?8
68%
3978
n o
65*2
77
1 2 l 7s
213*4
108*4
107*4
124
1007g
78*2
114*4
077g
39*4
►109
64%
77
121%
►140
214%
108
108
► 12 0
10«7g 107
78%
79*4
114*4 114*8
687g
67*4
397g
40*4
112
108*4
61*2
65
77*8
77%
12 2*4
124
140*2
143
219
218
103*2
108
103
103
124 * 1 2 0
107*4 ♦107*4
79*2
78
1147g 114%
69*2
67%
41*2
39*2
108*4 *108
61%
62
77*4
77
126% 124
140*2
225
218'
108*2 109
108
108
124
12 2
12 2
• Bid and asked prices; no sales on this day.
dividend.
Ex-dlvldend.
*
30 Dec
80
88 Apr 26
109 Apr 19 106
185 Oct "
81
99
112 Sep 15
94*4 Sep 29
108 Apr 13
231 Apr 22
11978 Sep
31 Jan 11
105% Jan 13
65 Marll
184 Mar 8
118 Jan 19
827g May 6
69*4 Jan 19
58 Apr 14
9434 Sep 22
49*4 Sep 22
56 Mar 2
z98% Marl5
97 Apr 26
46,000
94 Apr 26
$3)7gOct
1
71,035
60*2 Sep 23
107% Sep 3
132 Jan 22
126 Feb 3
90 Aug 27
109% Sep 29
14 Feb
317* Oct 1
867g Mar
92 Oct 1
52 Jan
70*4 May 1
109 Feb
112% Sep 10
S16% Jan
$167g Apr 27
11,800
69 Jan
16434 Sep 23
79% Mar
81 Apr 21
29 Jan
38 Aug 3
31 Jan
49% Oct 1
17 700 Pacific Telephone A Telegraph
125 Jan
123% Apr 3
98 Sep 30
15 Dec
38*8 Aug 28
79 Dec
26*4 Jan
97*4 Jan
107 Jan
150 Dec
7gJune
1% June
19*4 July
88 Dec
95 Apr 19
$15*4 Jan 2 S26*s Apr 26 $15 Dec
5578 Sep 29
18 Dec
75 Dec
103% Sep 28
102*2 102%
37g Dec
14 Aug 13
20*4 Apr
18*4 Aug 12
209*2 Feb 1 170*4 July
125*2 Feb 19 120 Dec
19% July
65 Sep 29
32 Jan
75 Sep 23
59*2 Dec
81 Sep 28
20 Jan
14578 Sep 28
70 Jan
109*4 Sep 21
$70 Sep 30 $24*4 July
173% Sep 27 112 July
169%
73*4 June
81 Aug 31
105 July26 103 Dec
107
3% June
8% Aug 13
307g Apr 6
18*4 July
28
39 Dec
62 Oct 1
12,200
110 Oct 1 99 June
7*4 June
25 Sep 29
30 July
47*2 Aug 12
73*4 Mar 9
46 Jan
15 Dec
98 Sep 28
101% Oct 1 75 Dec
44% July
74*4 Apr 14
95*8 July
101% Feb 24 110 Apr 9
3,750 Do 1st preferred
107*1 107% 108*2 106*4 1007g
67*4 J a n
48 Dec
38 Feb 1 81*4 Oct 1
79% 81*4 989,700 United States Steel----707g
7 9 *8
79%
1*102 Feb 1 115 Oct 1 103*4 Dec 112 * 4 J a n
9,180 Do pref-------------1147g 114% H4% 114*2 115
$45% Dec $ 5 9 % J u n e
$73
Apr
26
6
d
Utah
Copper---------Par
$10
848*2
Jan
108,800
70%
347g M a r
68%
07% 70*8 09
17 Dec
15 Jan 4 43% Oct 1
43*2 26.200 Vlrglnla-Carollna Chem ical...
40*i
39
40*s 41
96 May 1 0 7 % M a r
80 J a n 6 110 Sep 25
600 Do prel------------------------107
109*4 *106 107% 107
52
M ar
35
July
68*2
Oct
1
J
u
n
e
9
36
Virginia
Iron
Coal
A
Coke—
8 ,0 0 0
62
68*2
64
60
63
53% July 6 6 7 g F e b
77*4 Sep 28
57 J a n 2
7.600 Western Union Telegraph___
77
77*8 76% 77*s
77*2
79*2 J u l y
64 Jan
1327* Oct
F e b 24
64
Westlnghouse
Elec
A
M
lg----605,500
125*2
1327g
1257g zl21*4 126
1157* Jan 1 2 4 % J u n e
Do 1st preferred------------ 117 M a r l 2 142 Oct
200
142
142
. . . *136% 145
87 F e b 2 3 225 Sep 28
220 221% 7.600 Wlllys-Overland (The)---------221
219 221
1091* Sep 30
F e b 13
96
Do
pref................
.............
1,310
1
1
0
109*2 109*2 *100
109
89 July 103*4 Feb
90*4 Jan 6 1 1 1 % Apr 14
2,300 Woolworth (F W )----------------109 1 1 0
108 108*21 ||i
108
115 Tan 8 124 Aug 14 112*4 Jan 1 1 8 7 g M a r
Do pref______________ _
200
*120
125 I 121*8 121%
$ Less than 100 shares,
t Ex-rights.
a Ex-dlv. and rights.
6 New stock.
<tQuoted dollar, per share.
»Ex-etock
New York Stock Exchange— Bond Record, Friday, Weekly and Yearly
1 9 0 9 tn e
Bxcbange metnod o f Quoting bonds u>a* changed. and price* are note a ll~ "a n d in', rest"— except for income and defaulted lend*
BONDS
N . Y . STOCK EXCHANGE
Week Ending Oct. 1.
O0
O0
U0
US
U9
IT 3
U8
IT S
O0
O8
U. S. Government.
2s conaol registered__ <11930
2a conaol coupon_____<11930
3s registered_________ *1918
3a cou pon___________ *1918
4s registered__________ 1925
4s cou pon____________ 1925
Pan Canal 10-30-yr 2 s.*1930
p<nCanal lG-30-yr 2a.,193>
Panama Canal 3s g___ 1901
Philippine Island Is. 1911-34
Ferslgti Government
Argentine— Internal 5s of 1909..
Chinese (Uukuang tty)—5s of ’ 11
Cuba— External debt 5s of 1904.
Ester dt 5s of T1 ser A . . . 1919
External loanl 'i s ............ 1919
Japanese Govt— £ loan 4M* 1925
Second series U is ______ 1925
Do do ''German stamp” .
Sterling loan Is___ _____ 1931
Mexico— Exter loan £ 5s ol 1899
Gold debt 4s of 1904____ 1951
Frov of Alberta—deb 4 M**.. 1921
Tokyo City—5s loan of 1912___
tThese are prices on the basis of
Stats and City Securities.
N Y City—4 M s .................. I960
4 tfs Corporate stock . . . 1901
4Ms Corporate stock ___ 1965
* Ms Corporate stock___ 1963
i% Corporate stock.......1959
4 % Corporate
stock.......1958
4% Corporate stock____1937
4 % Corporate
stock___ 1956
New 4H s............ ............. 1057
New AMs.......................... 1917
4 ) 4 % Corporate stock__ 1957
4 ) 4 % Assessment bonds. .1917
8)4% Corporate stock ... 1954
N Y State—4s...................... 1961
Canal Improvement 4s__ 1961
Canal Improvement 4 s ... 1962
Canal Improvement 4 s ... I960
Canal Improvement 4 Ms. 1964
Canal Improvement 4 Ms. 1965
Highway Improv't 4 M s.. 1903
Highway Improv't 4MS..1965
Virginia funded debt 2-3a ..1991
6s deferred Drown Bros ctfs...
Price
Friday
Oct. 1.
t3
J
J
F
F
F
F
F
N
VI
F
Bi<J
As
____ 973
------ u/l
1U0M___
100*8 1021
10378 110
109*4 no*
------ -------
Lots
Higl No
97 Sep ’ 1.
97>2 July'l
93 Sep ’ 1 ___
101 Sep '1
109 >2 Sep '1
110 Sep 'l
97M May’ l ___
97 July'l
101 ____ 101*4 Aug T
100 Feb '1 —
------ 100
S t 8012 92
7 4 *.
) :.
S 93*8 93*j
\ 92 Sale
81
A 80
\ l i'J*2 oU
76l2 Sale
j
t 73*8 Sale
I : ------ 097,
. I t ____ 82
____ 85
\ t 83
96
S t ------ 79*2
£
H
0
)
a
N
s
N
3
1
9
9
4
4
3
J
J
J
J
1
S
a
j
Railroad,
Ann Arbor 1st g 4s........ .4.199;,
1
>
4tchT op A S Fe gen g 4 s ... 1995
Registered .........
1995
1
Adjustment gold 4s____ *1995
Registered...... ............ 4 1 9 9 5
Stamped ....................... * 1 9 9 5
’
Couv gold 4s...... ................ 1955
Conv 4s Issue of 1909_____ 1955
Conv 4s Issue of 1910____ I9 6 0
10-year 5s...... .................... 1917
1
East Okla Dlv 1st g 4 s.. 192,8
Trans Con Short
1st 4s. 1958
1
Cal-Arls 1st A ref 4)4s''A 'T962
5 Fe Pres A Ph 1st g 5 s.-.1912 M- i
Atl Coast L 1st gold 4s___ *1952
80-year unified 4 s .......... 1959
Ala Mid 1st gu gold 5s___ 1928
Bruns A W 1st gu gold 4s 1938
1
Charles A 8av 1st gold 7s. 1938
1
L A N coll gold 4s.......... .01952
r
3av F i l V 1st gold 6s___ 1934
1st gold 5s....................... 1934
Oil Op Oca 4 Q
B 4s__1918
Balt A Ohio prior 3Ma____ 1925
Registered......... ........... A1925
1st 60-year gold 4s____ A1948
Registered........ ..........A1918
30-yr conv 4 Ms................. 1933
Pitts Juno 1st gold 6s........ 1922
P June A M Dlv IstgS Ms 1925
P L E A W Va Sys ref 4a.. 1941 ..
Southw Dlv 1st gold 3 M s-1925 J
Cent Ohio R 1st 0 g 4 M s.. 1930 ‘
Cl Lor A VV con 1st g 5 s.. 1933
ftu K wo--AVIV *
Ohio River RR 1st g 5 s ...1936 J
General gold 5 s............. 1937 A
Pitts Clev A Tol 1st g 6 s.. 1922
Pitts A West 1st g 4s......... 1917
0tat Isl Ry lot gu g 4MS..1943
Bolivia Ry 1st 5s...... ............ 1927
Buffalo U A P gen g 5s......11937
Consol 4 Ms.............
1957
All A West 1st ft 4s gu____1998
Oloar A Mah 1st gu g 5s_. 1943
Roch A Pitts 1st gold 6a.. 1921
Consol 1st g 6s-_........... 1922
Canada Sou cons gu A 6s__ 1962
Registered___________ 196 2
Oar Clinch A Ohio 1st 30-yr 6s '38
Central of Ga 1st gold 5 s...p l9 45 F - A
Consol gold 5s................... 1 94 5 M- N
Chatt Dlv pur money g 4a 1951 J - D
Mae A Nor Dlv 1st g 5 s..1946 J - J
Mid Ga A Atl Dlv 58_____ 1947 J - J
Mobile Dlv 1st g 5s______1946 J - J
Cen RR A R of Ga col g 6 s.. 1937 M -N
Cent of N J gen'l gold 5s___ 1987 J - J
Registered........ .......... 6 1 9 3 7 Q - J
Am Dock A Imp gu 5 s . ..1921 J - J
Leh A Hud Klv gen gu g 5sl920 J - J
N Y A Long Br gen g 4a. .1941 M- S
Cent Vermont lot gu g 4a._«1920 Q - F
Ohesa A O fund A Impt 6 s..1929 J - J
lat consol gold 5s............ 1939 M -N
Registered___________ 1939 M -N
General gold 4Ms........ ...... 1992 M
'
Registered........ ......... 1992 M 8
Convertible 4 Ms........ ...1 9 3 0 F A
Big Sandy lot 4s..............1944 J D
Coal River Ry 1st gu <s._1945 J D
Craig Valley 1st g os.........1940 J J
Potts Creek Br 1st 4a___ 1946 J J
R A A Dlv lat con 3 4s__ 19.89 J - J
2d consol gold 4s.......... 1989 J - J
Greenbrier Ry 1st gu g Is. 1940 M- N
Warm Springs V 1st g 5s. 1911 IY1- 8
Chic A Alton RR ref g 3a...1949 A - O
KiUtoay 1st lien 3Ms____ 1950 J - J
Ohio B A Q Denver Dlv 4a..1922 F - A
Illinois Dlv 3M8_________ 1949 J - J
Registered........ -_IIIIIl9 4 9 J - J
111 nols Dlv 4s___________ 1 94 9 J - J
Registered.................
1 04 9 J - J
Iowa Dlv sink lund 5s___ 1919 A •O
Sinking fund 4s
10m
Week’s
Range or
Last Sale
Range
Since
Jan. 1.
Low
98*4
9712
98
10012
109
10912
9712
High
99U
99
101*8
102
110
nu2
97'2
100*4 102 '
too 100
93 Juno'l.
80
99'.:
88 July'l ___
93*8
937,
: 93 '3 97i2
92
92
2 90
94
80 Aug ’ 1£ ___ 80
85'2
78*2
79
If 737.1 84*2
76>2
77
9 717a 82
73^8
73*2
7 70
79*4
78*4 June'i. ___
79M Apr '1<
65 July’ l
95*2 Jan '15
95i2 95i2
80 May’ 15
78
82
53*3
BONDS
N. Y. STOCK EXCHANGE
Week Ending Oct. 1.
££
102'* 106*8
99*i 103
9433 94*8
106's 107l8
107 107
100 104*2
94
96*8
loaij 10712
90 1021s
Sri
Sfi
102 101U
1OOI4 toou
103*4 103*i
S612 92*8
l l l 't 115U
I1012 115
102*4 101
68
S3
101*3
101
82
72i2
96
105
t(H
91
70
7811
82
83*8
821. 82*2
80*4 84*8
77
77
________
52
3.8
98*8
81U
60
47l2
100
84i2
917.i 94*8
I01l2 102l2
96*4 99
Week's
Range or
Last Sale
Bid
Chic Burl * Q (Caw.)—
f
Joint bonds. See Great Nort a
95k| Salo
Nebraska Extension 4s__ 192 7 M-J j
9334. . .
Registered................ ..... 192 7 M -f i
Southwestern Dlv 4a____ 192 1 M i
99M . . .
General la...... ......... ......... 195 8 M- 4 897S Salo
Ohio A E III ref * Imp 4a g__195 5 J 10
151
90
97
lat conaol gold 6a________193 4 A -
Low
Hangs
.Sines
Jan. 1.
Ulgh No
L ow
Gen’l gold 4a Series A ___ el98! J - J
863.! Sale
80*4
88
20
85
89 *2
87
OObi
76
97
8412
8,81* 8S3
Gen'l gold 3Ma Ser B___ el989
Goneral 4 Ms Ser C .......... «198l
25-year deben 4a........ ...1934
Convertible 4Ma.............. 1932
Chlo A I, Sup Dlv g 5a___ 192
Chic A Mo Rlv Dlv o s ... 1926
77
7 71 * 76*s
11
77
97*t Salo 97*4
98 lg
85l2 80*8 86*8
16
86*f
98 Sale 95*8
9G*t 198
101*4------ 102*3 Aug 'It ___
102*4____ 103 July'l£ —
102-% 10312 102*8
24
103
80
8712 8714
87 k
4
100 ____ IOO1.1 Sep 'l.r —
10fli2 Salo 106*2
10Gi2
1
10,8 ____ 110 June'l;
101 < 4 ____ I02>s June'lfl ___
102 10212 102*4
10
102*8
—
105*4____
98 ____
97 ____ I00*s Mar t., —
9-4 ____ 94
1
94
7912 80
79*s
80*->
921.J Salo
91
9-4
1091.1 110
no
____
____ _
103l2 ____
103ia 108
101*8
92 "
92*4 ~38
Registered........ 1......... 1934
Ind It A W Istpref. 4 s ...1940
O Ind A W 1st pref 5 a ...<11938
Peo A East lat con 4s___ 1910
Income 4s......................1990
Cleve Short I, 1st gu 4 M a ... 1901
Col Midkind 1st g 4 3 ____ ..1947
no
10 U4
103*8
85?s 91
0134
00 100*2
06
107*8
99
10078
00*8 10012
92l2 04M
23
78 " 82 '
8*9*14
89
21 1
----- 1
___ 1
____ 117
99*4 100t2 100*4
100*4
111 . . .
115
115
I l l ____ 129*8 May'09
105
105 Aug' '15
2 !
2 11
108M
85
82M
71*8
67
100
97*8
115
1015g I o5*4
80
60
87
96
Mar'14
011*4
« U116 1x.
47 *7
100
801a
88 M a r* 11
65 J’ly *14
94*8 Deo '14
J - J
107*2 Dec '02
7178 71*2
J - D 71
8 1
72
82 June’ 14
J - J ____ 83
80
J - J 78
83*2 Sep '15 ___ b
I - J ------ 72'2 70
70
1 7
M- N 70 Sale 7*1
70
5 7
M- N
Mk*4 M a r 'll
80
M- S 77
77
77
1 7
1- J
91 A p r '12
M-N 102D 101l2 105*4 June’ 15 ___ 10
Q-F
88 'a ____ 90 Feb '15 ___ 9
Q-F
88*2 May’ 15 . . .
8
J - J
01 Juno’ lG ___ 10
J - J
05*4 J'ly ’ ll
J - .1
A- O
94 J'ly ’08
q -j
A - O 00
GOlo 59
00*2
9 5
Apr
18
23
20 July'16 ___ 2
A - O 92 Sale 91
92
J -J
12
14U 16 May'15 ___
Morris A Ea lat gu 3MS..2000
- D 84
85
N Y Lack A W lat 6a___ 1921 1 - J 107 ___
Construction 5a______ 1923 * - A .................
F- A
VI- s
M- S
-V
r- J
fl-N
A- O
M-N
1 01
11914
07*8____ 97*8 July’ 15
97ia Apr ’ Ir>
50 ____ 49*1
1 ■
49*4
------ 85
___
115 ll(il2 115 Sep '15 ___ 1
------
04*4
941S
II4I3
ion2
A u g'15 ___ I
F - A 871,1 SrllP
Refund A Ext 4 Ms.......... 1935 VI -N
79
79i8 79*t
7912
Ft )V A Den C lat g 6s__ 1921 1 -D 103 1041.1 03*4
103*4
Conn A Pas Rlvs 1st g 4s__ 1913 A - O
Cuba UR 1st 50 yr 5s g
1952
• J ------ 100
00 May’ 10
Warren 1st ref gu g 3MS..2000
Del A Hud 1st Pa Dlv 7a__ 1917
Registered...... ............. 1917
10-yr conv deb 4».............. 1916
1st lien equip g 4Ms____ 1922
lat A ref 4s........ ............... 1943
Alb A Sus conv 3M s____ 1946
Rena A Saratoga lat 7a__ 1921
03
107 ____ 107*4 Sep '15
103*4____ 101*8 M a r'15 ------!
10912 ____ 113*8 Feb '14
108*2____ 111*2 Aug '15 ___ 1
9012 91
89*4
89*4
7
104U . . . . 107*8 M ay'll
101l2 104l2 IOU4 Sep '15 ___ 1
103 ___ 103*2 May’ 15 ___ 1
102*4 10234 102*2 Sep '15 ___ 1
102*s Sale 1023S 102*8 10 1
80i2 Salo 79?8
80*i 4 3
79
79*4
04'2 Sale 62 '
04*2 263
-13*4
47*-> 350
79
...
------ 51
85 ' July’ 13
99 Sop '15
99
------ 99 10078 M ar’ l l
-----106
9 (64
109ls
105*2 Dee '13
1
1037a Sep '15 ----- i0278
id;i*4
102 Oct '13
101*2
101*8 10 100**8 10158
IOU2 ____
117
C Find A Ft W 1st gu 4a ft. 1923 M- N
Cin I A W lat gu g Is___ 1953 J - J
Day A Mich 1st eons 4M's 1931 J - J
1st guar gold 5s........ 1935
Cleve Cin C A St I, gen 4s
1993
20-yr deb 4Ms____
1931
Cairo Dlv 1st gold 4s..
1939
Cin W A M Die lat g Is 1991
St I, Dlv 1st coll tr g 4s__ 1990
Registered................ 199 0
Spr A Col Dlv 1st g 4a___ 1910
W W Val Div 1st g 43 ___ 1940
C I St L A C consol 6a___ 1920
lat gold 4a...... ............. *1936
Registered................ *1936
Cin 3 A Cl eon lat g 5 a ... 1923
109*2
92
801a
92*8
10412
8 OI4
101*2
93U UG12
02*8 102>2
____ 85*2
104*8 . . .
.................
100*8 Sale
100l8 101.3,
93
9H-.
8 U2 8314
111 ____
84*2
8-1*2
01*4 May'15
8312
70
35
*77 *
90
8812
101
65
28
93*4
17
15
92
85
31 7
8 10
lOSU
2 8
. . . 10
. . . 10
85lj
109
96
02*8 Feb '03
011.1 Aug '15 - - - 10
104*4 105*8
49 Aug *01 .
00*8
100*4 112 9
1*00*4
1007g
99*8 Sep '15 . . . 9
93
94l2 21 8
98
3 8 : 80
8 tl 2
8 U2
13*8 Jan '15 . . . 11
*NopriceFriday; latcatthisweek, dDueApril. «DueMay. gDuoJuno. ADueJuly. *DuoAug. 0DueOct. j>DuoNov. 7DuoDec. t Optionsalo.
H ig h
951.1
95 1 19 94*4 97
95 June'l 5 ----- ' 95
95
5 ----- 99 lg 9918
897s
90
42 88
92U
1512 29
9612
961
91 103
Si's 75
51 . . . .
Registered.......... ........... 193 7 Mr) ___
52lj 71
Pur money lat coal 5a___ 194 F - , *------ 90
97*.| Feb '1 i ___
C h ic* Ind C Ry lat 5 s ... 193 5 J 2712 July* 1 __
07 Salo 6 6 >4
Ohio Great West lat 4s.........195 M53 04
67
73*4
Chic Ind * Loulsv— Ref 6a. 194 J ------ 113
114 July’ l
113 117
J 101 101
__
Refunding is Series C ___ 191' J - .
Ind & Loulsv lat gu 4 a ...1951 J 80 Ju ly'l:
Ohio Ind * Sou 60-year 4a..l95f J 9OI4 Aug T5 ___
104 Dec '1
J - J
J - J
J - J
J -D
J - J
99
997) 99*s
99>2 44 9 7 1 4 1 0 0 l2
J - J
99 Sale 9834
99 ij 193 97*4 lf>0*8
J - J
101*4 Sale 10134
102*8 1253 101*8 102
C M A Puget 8d 1st gu 4a. 1941 J - J
102 1Q3 102
102*2 51 101*8 105*4
Dak A Grt Sou gold 5a.. .1916 J - J
95*4
90
95M Sale
37
94
9738
Dubuque Dlv lat a f 8 a ...1920 J - J
951.1 90
96
90
0
9412 97
Fargo A Sou assum g 6a.. 1924 J - J
96'
95 >4 953.1 9578
4 94
97
La Crosse A D 1st 5s........ 1919 J - J
------ 95*2 94 Sep '15 ___ 94
97M
WIs A Minn Dlv g 5a___ 1921 J - i
4 101*8 105*.|
191^8 10212 102^8
10212
WIs Vail Dlv lat 6s........ 1920 J * J
100*2 101*2 100*4 Aug '15 —
100I2 101'4
Mil A No lat ext 4 Ms___ 1934 J -D
102T1 Sale 1021.1
10219 39 101*8 105ls
Cona extended 4 Ms___ 1934 J -JD
100 10118 100*4 Sep '15 —
I00i2 101
CblcA Nor West Ext4s 1886-1926 F - A
847a 87
85*8 Sep '15
84
89
Registered . _____ 1886-1926 F - A
IOD4 1C4 l(J07a Sep '15 ___
9978 101*4
General gold 3 Ms.............. 1987 M- N
10 n 2 , . . 101 >8 Aug '15
997* 101l2
i o n 2 ____ 101*8 Sep '15 ___ 100 101*3
General 4 a .............. ....... 1987 M- N
i o u 3 ____ 100's Apr '15 ___
99*8 100i2
Stamped 4 a ........ ..
1987 M- N
11012 12 108'4 IUU2
109*4 IIOI4 110*4
General 5a stamped___ . 1987 M- N
105
1 104
10l>4 10512 105
105
Sinking fund 6a___ 1879-1929 A - O
110*4 Sale IIOI4
IIOI4
1 108
11012
Registered . .......... 1879-1929 A - O
101 10512 104*8 Sep '15 ___ toils 10U2
Sinking fund 5a........ 1879-1929 A - O
83*i ____ 81 Aug '15 ___
81
81
Registered............ 1879-1929 A -O
56*4 Sep '15 —
55'2 57
52
61l2
Debenture 5a________
1921 A - O
Registered..............
1921 A - O
Sinking fund deb 5a_____ 1933 M -N
57
59
59
59
1 55
6612
Registered......................1933 M -N
9112 Sale 9112
92*2 9 5 8912 95*4
Frem Elk A Mo V lat 6 s.. 1933 A - O
9112 93*8 9.) Sep '15 ___ 89
92l2
Man O B A N W lat 3M8.1941 J - J
823.J
82^4
80'*4 8.3
8 8 OI4 86*4
Mllw A 3 L 1st gu 3 Ms__ 1941 J - J
—
86 M ar ' 13
-..
Mil L S A West 1stg 6 s ._ .1921 M- 8
82*4 Sale 82
S3
n o 80ls 87
Ext A Imp a f gold 5 s ... 1929 F - A
103M Sale 10312
103*4 12 92*8 104*4
Ashland Dlv 1st g 6 s ...1925 M- 8
------ - ------ 9912 May' 13 ___ . . . - .
Mich Dlv lat gold 6a. .. 1924 J - J
103l2 Sale 103 <2 103*4 120 92*8 104*4
MU Spar A N W lat gu 4s. 1947 M- 8
101 IOU2 101*2
101*2 13 lOO's 101*4
Nortbw Union lat 7a g . . . 1917 M- 8
93ls Sale 93‘s
931.1
5 92
91
St L Peo A N W lat gu 5s. 1948 J - J
1G 841* 89
86*2 Sale
80
8 OI2
Winona A St P lat ext 78.1916 J - D
1 93
93*8 98
93*8
93*8
96
Chicago Rock lal A Pac 8 s .. 1917 J - J
____ 10312 103M Sep '15 ___ 103 X03*2
Registered..................... 1917 J - J
5 85
S7>8 Sale 8713
87*8
93
R’J geueral gold 4a.............. 1988 J - J
83 ____ 92M July 11 ___
__ ____
Registered................
1988 J - J
10212
. 10512 Juno'14 ___ . . . ______
Refunding gold 4s............ i934 A -O
87
89
89 Sep '15 ___
89
031*
20-year debenture 5a____ 1932 J - J
12873 135 1297a Aug '15 ___ 12978 12973
Coll trust Series P 4s.
1918 M -N
83
82*4 8 4 8234
21 80
87i2
R 1 Ark * Louis 1st 4M.s._ 1934 M- 8
115>2 117 119i2 June'15 __ _ 11912 119*2
Bur C R A N— 1st g 5 a ... 1934 A - O
103*2____ 105 July’ 15 —
105 105
C H 1 F A N W 1st gu 5a... 1921 A -O
97,j8 ____ 98 Jun>U5
97'2 98
.1 -D
91% . 5 / 88*4 92>2
91
91 >4 91
Choc Oklu A G goo g 53.01919 j - j
90 June'lo —
8812 90
Consol gold 5a............ .1952 M -N
87 Sale 863.4
8712 120 85
9 ll2
.Keok A Dea Molnea lat 6a 1923 A - O
____ S57g 90 Apr '15 ___ 87*2 00
St Paul A K C S h 1. 1st 4Ma '41 F - A
5 37
99
89*2 Sale 87*4
S212 99
Chlo 8t P M A O con 6a___ 1930 J -D
- - - - - - 112 Jan '1 2 ___
-- - Cona 6a reduced to 3 )is ..l9 3 0 J -D
80*2____ 84*2 Aug ’ 15 ___ 84i2 88
Debenture 5s.................... 1930 r.i- 8
79
80t2 77*4
80i2 14 77*8 81
Ch St P A Minn lat g 0a..1918 M-N
88>s Sale 87*4
88i2 47 86
91
North Wisconsin lat 6a__ 1930 J - J
100 Apr '13
A -O
104*2 Apr '15
1031* 1041*
Superior Short L lat 5a g.jl930 M- 8
102M June'12
Chic T II A Ho-enat lat 5a.. . 1900 J - D
1 0 1 1 3 ____
Q -M
104*8 May'14
J - J
113*2 Feb '12
Cln II A D 2d gold 4Us
1937
96*4 M ar'14
J - J
91 Juuo'12
103*2____ 104l2 10412 19
I
99*4
------ 100*8 99*4
80
92
94*3 Feb 15 ___
112 \pr T4
IOOI4 ____ 106'a Sep '15 ___
107 ____ 107 Sep T5 ___
101
11
100*4 101 100*4
-------------- 10078 Apr' 14 ___
____ - ____ 94 Juno'15 ___
104*3 105 107i2 Aug '15 ___
9034 93
97
93
25
88 Feb ' 15 —
____ 82
100's 10212 UHM May'15 _ .
100!s ___ lOOM Mar' 15 —
lOU>8 105 103*4 May’ 15 —
3713 Sep '15 —
87*8 89
112 Sale 112
112*4
15
I10i2 IIU 2 , 10*2 Sep To
103 105>2 ,03 Sep '15
100 ____ :00 June'13
94*4 - - - 100'2 Jau '13
75
7212
72l2
3
85 Sale 85
85
2
1u2*>8 105 1031s
1
103l3
101 Sop '15 ___
85i4 Sale 85
85*8 19
------ 847S 93>2 Feb '14
78 Salo 7734
781.4 118
82 May'la __
77M 80
____ SO
S2i2 May’ 15 _ „„
------ 95
96l2 Dec '13
81*4 Jail '13
SO* 82
82
82
1
77 Apr '15 __
---- -------- 90 Apr ’ 14 —
I0 I4 Feb '05
51
52
52
52
10
44M Salo 4312
4Ug 10
99 ____ 90 Sep '15 __
8378 Salo S37g
837«
11
____ 86*4 Aug '12
9278
93 >2 32
93*8 04
------ 93 June 18
1**2*2 103 10’ !( Sep 15
98'8 NftlP |0S7g
98'8
3
Pries
Friday
Oct. 1.
Bonds
Sold
Jan.
1 Bonds
! sold
1076
BONDS
Y .S T O C K EXCHANGE
Week Ending Oct. 1.
1 0 77
New York Bond Record—Continued—Page 2
Oct. 2 1915.
11
Pric*
Friday
Oct. 1.
Week’*
Range or
Last Salt
i !
Rang*
Sine*
Jan. 1
Price
Friday
Oct. 1.
BONDS
N. Y. STOCK EXCHANGE
Week Ending Oct. 1.
Week*
Range or
Latl Sale
f l
Range
Sine*
Jan. 1
Bid
Aik Low
Hiffti AT0.| L010 in jh
High No Low Hiffti
Bid
Aik Loic
84
85
9 0 ! 08
85*2____ So Juiy'15 —
Lch A N Y 1st guar g 4a----- 1945 M- S
70
78'
J - J 69 Sale 08i2
35 735s 83
Registered_____ _____
1945 M- S
75
J - J 743.1 Sale 743a
..
I
103
154*2
100
102i2
1
0
3
July’
15
13
Long
Isld
1st
cons
gold
5s.
-h
1931
C
l
J
60
SO
7112 Sale 7114
71*2
J -D
96*4 Mar’ 12
47 38
40
1st consol gold 4s_______h 1931 Cl - J ____ 94
49
F - A 46 Sale 4412
8634 M ay'15 ____ 85
87*8
General gold 4s---------------- 193S J -D ____ 86
J - D ____ 95 109 D e c ’ 12 —
.................
Ferry
gold 4443-------------- 1922 IV!- S ____ 9212 95*4 May’ 14 . . . .
•1 - J
99*4 Oct ’06
Gold 4s...............................1932 J - D
85 Mar'08 ___
J - J * ____ 40
23 69
Unified gold 4s.............. — 1 91 9 M- S ____ 82l2 83*8 Aug ’ 15 ____1 83*8 89*4
75
70
J - J 6912 Sale 69*2
95's Jan *15
96*s 95*8
Debenture gold 5s............. 1934 J -D
58
5934
A -O ____ 593i 5934 Aug T5 —
2 8 234 8612
84
85*8 8234
90 Apr *14
Guar refunding gold 4s — 1949 M - ^ 83
A -O
____ ________
95
Jan
’
ll
100
Mar*
15
Registered-..........
..........
1949
MS
loo
100
M- N
100 100**
N Y B A M B 1st con g 5s. 193 . A - O 95 ____ 100 Feb ’ 15 ___
7 178 87
85
8712 85 Sep ’ 15
J -D
102*2 Jan ’ l l ____
N Y A R B 1st gold 5 s . .. 1927 M- S
78
85
80 ____ 85 Aug ’ 15
J -I)
1007S 101
101
Aug
’
15
Nor
Sh
B
1st
con
g
gu
5S.01932
Q
J
90
90
90
90*2
8712 90
M -N
____ 91*2 91*2 Feb *14
101*2 1045s Louisiana A Ark 1st g 5s___ 1927 MJ - J 101 102 101*2 May’ 15 —
110 115
112
Sep
’
15
—
111*2
113
100
May’
15
Loulav
A
Nashv
gen
6s____
1930
J
D
____
997
s
98*2
101
A
O
Dul & Iron Range 1st 5s___
Gold 5s..............................193 T M -N 104 ____ 105ls Sep ’ 15 ____ 105*8 107
106*2 M ar’08
Registered_____________
64 89l2 MS,
91
104 Feb ’ ll
Unified gold 4a................... 1940 J - J 91 Sale 90*s
2d 6 s ..............................
94 June' 11
Registered____________ 1940 J - J
J - J ____ 951a 98 May’ 15 ___ 90 100
Du So Shore <k At g 5s____
1 997a 103*4
9978
997s
Collateral trust gold 5a__ 1931 M- N 102 103
10378 Apr ’ 15 . . . . 103 105
M -N ____ 104
Elgin Jol & East 1st g 5a___
E H A Nash 1st g 6s.........1919 J - D 104*8 109 108*8 May’ l l ___
106*2 110*2
M- S 109 10912 109 *2 Sep ’ 15 —
Erie 1st consol gold 7s_____
97*2____
102*8
J’ly
’
li
L
Cln
A
Lex
gold
4
448____1931
97*2
June’
14
MN
8 9 's -----N Y & Erie 1st ext g 4s__
113*g lM is
11478 July’ 15
N O A M 1st gold 6s........ 1930 J - J ____ 115
M S 1003s------ 101*4 May’ 15 ___ 100 102*4
2d ext gold 5s_________
10978 May’ 15 ___ 108 10S?s
2d gold 6s.......................1930 J - J ____ 110
98*4 99*4
98 h ____ 9812 June’ 15 —
IVI s
3d ext gold 4 ^ 9 ______
86
_
S4
Dec
'14
Paducah
A
Mem
Dlv
4
s..1946
F
A
A O 1 0 0 l2 ------ 1 00 July’ 15 ___ 100 102*4
1057* 107*2
St Louis Dlv 1st gold 6s. .1921 IV! - S 106*8____ 106 Sep ’ 15
935s May’ 14
J D
5th ext gold 4a____
10 58*8 05
------ 00
60
60
2d gold 3a....................... 19.30 M
109 June’ 15
109 109
M S
N Y L E A W 1st g fd 7
1 83
83
817a 83
S3
88*2
Atl Knox A Cln Dlv 48—-1955 M-N
80 Sale 793i
8012 82 77
84*2
Erie 1st con g 4s prior.
___
At] Knox A Nor 1st g 5 s.. 1940 J - O 102 . . .
7978 797s
J - J *79 ------ 797a Juno'15
105
105
105
June’
15
105*2
____
6334
6958
63
Hender
Bdge
1st
s
f
g
08—
1931
MS
tl'J’
s
Bale
65
71
J - J
1st consol gen lien g 4s.
80
87*4
88*2 July’ 15 . . . .
77 Apr ’ VZ . . . J
Kentucky Central gold 4s. 1987 J - J ____ 87
Reglstered_________
9S78 99*2 June’ 15
99*2 101
L A N A M A M 1st g 4448 1945' M- S 97
80
88*4
F - A 80*s------ 8018 Sep T5
Penn coll tr g 4s............
78
80*2
-------80*2
80*2
July’
15
”
65
65
Salo
64l2
6
6
I
4
L
A
N-South
M
Joint
4
s..
1952
J
J
59
66*4
A -O
GO-yr couv 4s A_______
95 Feb ’05
71
73
72
73i2 06 63*2 73*2
Registered........ ........... M952 Q - J
A -O
do
Series B ___
N Fla A S 1st gu g 5s___ 1937 F - A 1 0 1 ____ 106 J’ly *14
102*2 103*8
J -I) 1013s 103's 10234 June I d —
N A C Bdge gen gu g 4443-1945 J - J
M -N 10234 ------ 1023a Sep ’ 15 . . . . 101*2 10134
107*2 109
101 Feb ’ 15 . . . . 101 101
Pens A Atl 1st gu g 6s___ 1921 F - A 108*8------ 108 Sep ’ 15
J- J
105*8 105*8
11934 121
S A N Ala cons gu g 5a__ 1936 F - A 103*4____ 105*8 Feb T5 —
A -O ____ 1193.J 11934 Aug T5 —
99*2 102*4
99i
2
100*2
13
____
100*2
Gen cons gu 50-year 58.1963 A - O
99 100*8
M-N
74
S0*2
80 Sep *15
____ 80
J - J 103 ------ 10314 Aug *15 . . . . 102*2 103U L A Jeff Bdge Co gu g 4s__ 1945 M
1031* Aug ’ 12
Manila R R -S o u lines 4 s . . . 1936 IV!- N
M -N
77 Mar’ 10
4 90
Mex Interuat 1st cons g 4s. _ 1977
J - J 9212 100
9312 . 9312
94
79 N ov’ 10
Stamped guaranteed____ 1977
100*4 Dec *06
2d gold 4
,
101 Oct *09
Midland Term— 1st s f 5s g.1925 J - D
F - A 65 ____ 07>2 Aug ’ 15 . . . . 07*2 75
General gold 5a..
1 105 111*2
*105 ____ 105
105
Minn
A
St
L
1st
gold
7s___
1927
J
-D
102 Jan '14 —
M-N
.................
110*8 Aug 'l l
Pacific Ext 1st gold 6s__ 1921 A - O
A -O 102*12 I I I I 11 Da May’ 12
Mid of N J 1st ext 5a..
81
92*4
81*2 82
81 Sep ’ 15
1st consol gold 5s________1934 M- N
77
82
86
Juno'15 ___ 80~ 8 6
J -D
60
50
48
52*2 49*4
100 May* 12
1st A refunding gold 4s__ 19 49 IV! - S
5 40
60
60
*____
60
00
Feb
’
15
81
97
Des
M
A
Ft
D
1st
gu
4s.
.1935
J
J
81
Aug
*15
Evans A T II 1st cons €
J - J ____ 8712
90*4
Iowa Central 1st gold 5a.. 1938 J - D 80*2 83*2 80 Sep ’ 15 . . . . 80
47 ____ 995s Dee ’ 13 —
A -O
.................
9 35
66
4414 46
45
40
Refunding gold 4s........ 1951 IYI- S
108 N ov’ 11
Mt Vernon 1st gold Gs___
23 8 6*2 93
88*4
M StPASSM con g 4s Int gu 1938 J • J 88*2 Sale 8734
95 June* 12
Bull Co Branch 1st g 5 s._.
A -O
___ _
97*4 June’ 12
3 86*2 9078
1st Chic Term a f 4a.......... 1941 M- N
86
87U 80i2
87
J -D
93*2 93*2
02 A ug’ 10
M SS A A 1st g 4s Int gu.1920 J - J 9334 ____ 93*2 Sep ’ 16 —
9*
J’ly
’
14
54 Aug ’ 15 —
06
50
55*2 Mississippi Central 1st *8__ 1949 J - J
Ft W A Itlo Gr 1st g 4s.........
J - J 54
75*8 Sale 75*8
75*8 40 72*4 81
Mo Kan A Tex 1st gold 4 s.. 1990 J
Great Northern—
31 49*8 63
51
2d gold 48........................ 01990 F - A 5J Sale 49*4
971s 314 9*7s 97*8
J - J 967s Sale 0634
3 70
89
____
70
70
70
1st ext gold 5s...................1944 M- N
96*2 Sep ’ 15
04&8 96a4
q - j
56**
42
4334 44
51 44
46
8
9534
1st A refund 4a.................2001 M
95
95*2 9512
94 101
j - j
____
4
<
J
3
4 51*2 Sep ’ 15 . . . .
51*2
74
96
June’
18
Gen
sinking
fund
444s____1930
J
•
J
Registered______
60*8 60**
2
____ 60
0 0 ‘8 * t-0 *I d —
9314
St Louis Div la ref g ls ..2001
9314 ___ 9314
9314 95*2
j - j
t Paul M A Man 4s
0 110*4 120*4
117is
Dal A Waco 1st gu g A s ... 1D40 M- N ------ 93*2 99*4 Dec ’ 13
j - j 1171a Salo 117
1st consol gold 6a..
78 J’ly ’ 14
118*4 Apr *15 ___ 118 118*4
j - j
Kan C A Pac 1st g 4s........ 1990 F - A ____ 78
2
82
9612
91
91
9 99*4 10134
10014
j - j 10018 10034 1 0 )
Mo K A E 1st gu g 5s___ 1942 A - () ------ 90
85*2 Mar’ 15 . . . . 85*2 8 8
M K A Ok 1st guar 5s___ 1942 IV1- N ___ 8 8
Registered__
70
89
____
70
70
72*8
0158-----92
Sep
T5
.
.
.
.
J -D
M K A T of T 1st gu g 5s. . 19 42 M- S
lont ext 1st gold 4
01*2 943s
90 May’ lrf
90*4 92i4 94l2 Apr ’ 14
Sher Sh A So 1st gu g 5 s.. 1942 J - D ____ 95
Registered.........
99*2 Jan *14
85 ____
Texas A Okla 1st gu g 5a..1943 M- S ____ 73
____
95*8 109! 92*2 101*1
84l2 ____ 8914 June’ 15
A -O
89*4 89*4 Missouri Pac 1st cons gOa— 1920 M- N 94i8 Sale 94
7S*2 96**
81
81**
8 U2 84
106 ___ 110*2 Jan ’ 14
Trust gold 5a stamped__ «1917 M- S
88*2 June’ 16
9 8 8*2 8 8 *|
J - J 118 12012 1185s Sep '15 . . . . 118*8 121
Registered .................. a 1917 M- S ____ 78
92**
7334 75
73 Sep ’ 15 . . . . 72
1st collateral gold 5s------- 1920 F - A
130*4 May’06
J - J 1043s____ 105*1 July’ 15 . . . . 105*4 105*2
Registered.......... ......... 1920 F - A
1st guar gold 5s..
23
29
53*4
32*8
Sale
32
34
40 year gold loan 4s.......... 1945
17 29
497a
34
34
33*4 36
J -I ) 1035s____ 107*4 June’ 15 . . . . 107*4 107U
1st A ref conv 5s........ ........1959 SI
78
78
78 Jan ’ 15
72 May’ 15 ___ 70
72
70's 80
3d 7s extended at 4 % ___ 1938 M N ____ 82
Gr B A W deh ctrs "A ” ($100 par Feb
40 10*2 13*4
100 Feb ’ 13
12
13
Boonv St L A S 1st 5s gu. 1951 F
1U*
12
Deben ctfa ” B” (S100 par)----- Feb
___
85
85
85 Feb *15
85
82 Aug ’15 —
82
88
Cent Br Ry 1st gu g 4s__ 1919 F - A ____ 60
Gulf A S I 1st ref A t g 5s. .6195: J - J 82
77*2 Dec ’ 13 ___
Cent Br U P 1st g 4s____ 1948
Registered........ ............... 5195:
2
L e r o y A C V A L 1stg 5 s ._ 1926 J - J ____ 80 110 M ar’05
87*2 95
88*4
90
J - J 87 *2 90
87*1
85
85
85 mmm9 84
9734 Jan ’ ll
Pac R of Mo 1st ext g 4s. .1938 F - A 84
Registered......................
90
90
97*8 J’ ly ’ 14
83 ____ 83*2 Sep ’J5 . . . . 83i2 85*2
A -O
2d extended gold 5a___ 193.8 J - J
Col A II V 1st ext g 4s.
95
953s 94**
95*2 29 93 foil*
St L Ir M A S gen con g 5s 1931
F- A
90'i June’ 14
Col A Tol 1st ext 4s___
____ IOU4 102 J’ ly ’ 14
Gen con stamp gu g 5a___ 1931
J - J
93
93*2
93*2 Feb *15
61
71
61*4 Sep '15
2
J - J 97* Salo 97
90
97*2
Unified A ref gold 4 s . .. 1929 J - J 62l2 6 6
97
80'h Ucc ’ 12
92
92
Registered................ 1929 J - J
J - J
92 Aug 15
Registered......................
n ‘ 5*1 " ~69 "
52
53*2 52*2
52*2
81*1____
Rlv A G Div 1st g 4 8 ... 1933 M*N
1st gold 3H s..................
87
87
89
87 Sep ’ 15 ___
82
Verdi V I A W 1st g 5a___ 1926 M- 8 . —
Registered...................... 1951 J - J 81
8 .3*2 Feb ’ 13
3 105 114*4
107l2
107*2 107*8 100
Mob A Ohio new gold 6a___ 1927
A -O
78*4 Deo ’ 14
102
106 114 Apr ’ I d ___ 114 114
.A 1927
1st extension gold 6a
A -O
81
83
75
62 ____ 72 Mar’ 15 . . . . 72
.193.8
General gold 4a______
80 J’ ly ’09
100
101*2
.1947
Reglstercd.
Montgom Dlv 1st g 5s
95
Dec
’
13
11
8334
84
81
87U
St Louis Dlv 5a..................1927 J - D
82** S4i2
A -O
87
87
____ 86*2 87 Jan ’ 15
A-O
St L A Cairo guar g 4s___ 1931 J - J
95U Sep ’ 12
10334 106*8
20
84
Nashville Ch A St L 1st 5a.. 1928 A - O 102*4____ ; 104 Sep *15 —
84 Salo 833s
83
88*8
lst refunding 4s.............. 195 M-N
111
Jan
’
13
79
Jasper Branch 1st g 6s___ 1923 J - J
79 Sep *15 . . . . 79
Purchased lines 344s......... 195 J - J 77i2 84
103*4 Jan ’ 14
McM M W A Al 1st 6s—.1917 J - J
80 Sep ’ 15 —
79 7s 803s
L N O A Tex gold 4s_____ 195 M- N 8 U4 82
113 J’l y '04
T A P Branch 1st 6s_____ 1917 J - J
Registered...... ................ 195 M- N ____ 95*j 84 May’ 14
89
Nat Rys of Mex pr lien 4443-1957 J - J ____ 59*4 58 June’ 14 . . . . .................
Cairo Bridge gold 4s......... 195 J D * ___ 92l2 8 6 Apr ’ 15 . . . . 80
H Feb *13
Guaranteed general 4s___ 1977 A
74 Feb *14
Litchfield Dlv 1st g 3s____ 195
967a Feb *13
76*2 Juno’ 15 ___ 7012 77*2 Nat of Mex prior Hen 4443--1926 J - J
J - J ____ 78
30
30
30 Aug '15
1st consol 4a------------------- 1951
31*4 41
*____ 40
40 May’ 15
N O Mob A Chic 1st ref 5 s.. 1960
123 May’99
Middle DIv reg 5 s . *192
.
.
.
.
____
104
101
June’
14
___
0.8
73
N
O
A
N
E
prior
Hen
g
6
s..p
191
73
Mar’
15
Omaha Dlv 1st gold 3sIIIl95 F - A
.................
79»j May’ 13
1 6812 08*2
6 8 i2
New Orleans Term 1st 4s__ 1953 J - J
8t Louis Dlv A Term g 3s 195: J - J OSl2 ----- 68*2
106*2 2 1 0 0 99*2 106*2
80 Apr ’ 15 —
78
80
N Y Cen RR deb 6s wli Isa.. 1935 M -N IO534 Sale 10478
Gold 3 44s...................... 195 J - J ____ 80
457
86
89»*
88*2
Sale
87*2
88*4
___
2013
Ref A Imp 4 44s **A”
101's Oct ’99
783g 78
36 76
81*4
79
N Y Central A H R g 3449--1997 J - J 78
78*g Mar’ ll
2
76
Sale
70
76
75*2
78*4
—
Registered.....................1997
J
J
85
8
8
So
July’
15
84*2-----F-A
89
80*2 2 2 84
85*4 Sale 85*4
Debenture gold 4a_______ 1934 IVI- N
89's June’ l-i
Registered —...............1934 M -N
117*2 May’ 10
J -D
30 71
71 Sale 71
75
71
9Hj J’ly ’ 12
Lake Shore coll g 3 44s____ 1998 F - A
M- S
71
72*4
1 104*2 1097s
Registered___________ 1998 F - A ------ 72*2 72*4 Juiy’ 15
105
1 -I ) 105 Sale 105
2
78
77
80
____ 77*4 78
114 Fob ’ ll
J P M A Co ctfa of dep____
J -D
07
71
69*2
70
69*4
70*4
Mich Cent coll gold 3 443--1998 F - A
90 Oct '09
J -D
10 67
70
07 Aug '15
Registered.............. — 1998 F - A
J -I )
1 98*2 100*8
Battle Cr A Stur 1st gu 3s. 1989 J - D
99
.1 - D 98
9878 99
92*4------ 96 June’ 15 . . . . 92** 90
Beech Creek 1st gu g 4s__ 1936 J - J
86*2 86*2
J - D ................. 86*2 Mar’ 15 —
99 May’ l l
Registered..................... 1936 J - J
2d guar gold 5a____ _____ 1936 J - J ____ 102*2
St Louis Sou 1st gu g 4 s.. 193
____ 95i2 98 J’ ly ’08
Registered.......... ...... 1930 J - J
82 Sep *15 a . 82
84
85*8
J - J 81
...................... . . . . .................
Beech Cr Ext lstg 3 44s..619511A - "
M- H ____ 9678 93 Sep '15 . . . . 97*2 100
88
Oct ’ 12
James Fran A Clear 1st 4 s ..
Cart A Ad lstg u g 4 s ____ 1981 J 84*8 July’ lo —
J -I) ____ 90
88
90*2
13 6078 69
Gouv A Oswe lstgu g 5S..1942I J A - C 0712 0734 0714
071j
'87*8 " “ 1 6 "87" "87*a
~87*8 — II ’ 8*7*3
Mob A Mai 1st gu g 4 s.. . 19911M86
Jan ’ lo
80
80
26 8718 92
N J June R guar 1st 4s__ 19S6| F Ref A Impt 5s._........ At
J - J 87U 87*2 87«4
83
*1013,------ 85 June’ 15
85
85
N Y A Harlem g 3 44s___ 2000 MKansas City Term 1st 4s.
J - J 85i2 Salo 85
8512 31 83*2 93
•1 0 2 * 4 ____ 101*2 Mar’ 15 . . . . 101*2 1 0 1 7*
N Y A Northern 1st g o s .. 1927| A 8
J - J 9212 Salo 91*2
*934 98*2
92&8
88
88
June’ 15 . . . . 8 8
80*2 88
J - J 00
7638 9D 4 May’ 14
\ - O . . . 10018 98 Mar’ ll
_________ 113 May’ 15 ___ 113 113
7 98 10 H2
J - J 9818 Salo 98*s
Leh Vail N Y 1st gu g 444s..
9818
101*4 103*4
1 0 1 * 2 ____ 102*8 Aug T5 —
R W A O con 1st ext 5S..A1922 A 99 lOO*^
Registered........................
J- J
99 Aug ’ 15 ___
100*8 1001 *
100*8 Mar’ 15
Oswe A R 2d gu g 5s___ «1915 F M-N
8034 Sep '15 . . . . 8«)34 8734
8 7is 89
10
0
.
.
.
.
101
June’
10
M-N
97l2 ____ 98*2
98*2
97*4 9934
S5
85
85 Sep ’ 15
____ 81
Rutland 1st con g 4448— 1911 J
3 10534 103
A - O 100l2 Salo 100
107
70 Feb ’ 15
70
70
____ 70
OgA LCham lstgu 4sgl948 J
Registered........ ........... ..... 1941 A - O ____107
111*8 Deo ’ ll ___
Rut-Canada 1st gu g 4s. 1949 J
J - J 103 ____ I01i2 Aug ’ 15 ___ I 10U2 104*4
10 1
10 1
____ 100
101 Mar’ 15
8t Lawr A Adlr 1st g os— 1996 J
Registered.................... .....
9/J proM <\a ______
1'infl! 4
—
__ 102 l i 'I f
1 - J .................
1st inr rndured to 4s
----- 1
Due. Oct.
Due July. k Due Aug
• No price Friday; latest bid and asked thla week, a Duo Jan. 6 Duo Feb. d Duo April, e Due May. g Due June.
p Duo Nov. * Option sale.
Denv & R Gr 1st con g 4s— 1936
Consol gold 4 ^ s ........ — 1936
Improvement gold 5a----- 192.3
1st A refunding 59----------- 1955
Rio Gr June l3t gu g 5a.. 1939
Rio Gr So 1st gold 4s____ 1910
Guaranteed---------------- 1940
Rio Gr West 1st g la........ 1939
Mtge & col trust 4s A
Utah Cent 1st gu g 4a
Des Mol Un Ry 1st g 5s—
Det 4 M ao. 1st lien g 4s_
h
0
1078
BONDS
N . Y. STOCK EXCHANGE
Week Ending Oct. 1.
New York Bond Record—Continued—Page 3
Price
Friday
Oct. 1.
Week's
Range or
Last Sale
Range
Since
Jan. 1
BONDS
N. Y . STOCK EXCHANGE
Week Ending Oct. 1.
[Vol. 101.
Price
Friday
Oct. 1.
Week’e
Range or
Last Sale
Range
Since
Jan 1
I f Y Cen * H RR (Con.)
Bid
Atk Low
High No Low High Pere Marquette {Con.)
Bid
Ask Low
High No Low High
Dtlca A Blk Rlv gu g 4a___1922 J - J 95 .
97 Feb '15
06 97
Flint A 1J M gold 6 s . .. 1920 A - O 90 . . .
98 Sep '15
90
93
Lake Shore gold 3'Ab......... 1997 J -D
82 ' 4 ____ 81
82%
81 84%
1st consol gold 5s......... .1939 M -N
72 . . .
72 Sep '15
05% 72
Registered.................... 1997 J -D
82 Aug '15
81 82
Ft Huron Dlv 1st g 5 s.. 1939 A - O
68 July'15
05
68
Debenturo gold 4s_____ 1928 M- S 9214 Sale 9114
92<4
90
93%
Sag Tus A H 1st gu g 4s . 1931 F - A
25-year gold 4s________ 193 i M - N 9H8 Sale 9038
92
88% 927g Philippine Ry 1st 30-yr 3 f 4s 1937 J
30
55
05 May’ 14
Registered................ 1931 r.l-N
OHs Juno'14
Pitts Sh A L E 1st g 5s.........1940 A - O 103% 106 108*2 May’ 14
Ka A & G R 1st gu c os___1938 J - J
1st consol gold 5s_______ 1943 J - J
113% N o v '11
Mahon C’l RR 1st 5s......... 1934 J - J 103% - - 107U Apr '14
Reading Co gen gold 4s___ 1997 J - J
92% Salo 92
93
91
95%
Pitts & L Erie 2d g 5s___a 1928 A - O 10418____ 103 Jan '15
Registered...................... 1997 J - J
90% Aug '15
90
93
Pitts McK A Y 1st gu 6 s.. 1932 J - J *114 . . . 130is Jan '09
Jersey Central coll g 4s__ 1951 A - O
92 Sale 92
92
90*2
93%
2d guaranteed Os______ 1934 J - J ----- 110
12314 Mar’ 12
_
1951
J
J
Atlantic
City
guar
4s
g_
McKees & B V 1st g Os. 1918 J - J 101 . . .
St Jos A Gr Isl 1st g 4s____ 191/ J - J
------ 59
60% J’ ly '15
00*2 73
Michigan Central os_____ 1931 M- S 102%___ 102i2 Sep '15
102% 102% St Louis A San Fran gen 6s. 1931 J - J 107 107% 107 Sep '15
105% 108%
Registered............................... 1931Q-M
103i2 M ay'14
General gold 5s................ 1931 J - J
99% Salo 99%
99%
98% 101%
4s..................................... 1940 J - J
98 Apt '12
St L A S F RR cons g 4 s.. 1996 J - J
65 ____ 75 J'ly '14
Registered................. 1940 J - J
87 Feb ' 14
General 15-20-year 5 s.. 1927 M -N
45
Salo
45
45%
35
51%
J L & S 1st gold 3>$s___1951 M- S
90 June'08
Trust Co certlfs of deposit
45
40
44
45
32% 51
1st gold 3 4$3 ................... 1952 M -N
79% Aug '15
79% 81%
do
Stamped
43
45
43
43
32*2 49
20-year debenture 4s__ 1929 A - O
83
80
83l2
78*4 83%'
Southw Dlv 1st g 53__ 1947 A -O
93 Dec '13
N Y Chic & St L 1st g 4s._ 1937 A - O 90 Salo 89*4
90
88 93%
Refunding gold 4s____ 1951 J - J 06*2
07
67
03% 71%
Registered___________ 1937 A - O
92% J’ ly '14
Registered..............................1951J - J
80%
M a r'll
Debenture 4s_________ 1931 IY1-N ____ 77
75 Sep '15
75
79%
Trust Co ctfs of deposit
“------ 67
07
07
60% 71**
West Shore 1st 4s guar___2301 J - J 91
92
9012
91
80
92*
do
Stamped..
01%
Sale
01%
62*4
59% 68
Registered___________ 2301 J - J 871*4 89% 89 Sep T
857s 89%
K C Ft S A M cons g 6s_ . 1928 M -N 104% 105 105*4 Sep '15
105 110
N Y C Lines eq tr 5s. _ 1915-22 M- N 99l2 ___ 100 M ar’ 15
100 100
K C Ft S A M Ry ref g 4s. 1930 A - O 67% 69% 08*4
09%
00% 73*2
Equip trust 4M 8-. 1916-1925 J
90 . . .
98 J'ly '14
K
C
A
M
R
A
B
1st
gu
5s.
1929
A
O
95 M ar’ l l
N Y Connect 1st gu 4>$s A .. 1953 F - A ____ 97
94i2 May’15
91% 95% St L S W l?tg4 sb on d ctfs.. 19.89 M-N *70*2 Sale* 70
70*2
67% 80
N Y N H & Hartford—
61
55
2d g 4s Income bond ctfs.pl989 J - J
62 Sep '15
52
00
Non conv deben 4s______ 1947 M- S 78 ____ 77 J'ly T4
56 Sale 55
Consol gold 4s.................. 1932 J -D
57
51% 62%
Non-conv deben 3 )ia ____ 1947 M- 8 70 ------ 63 Feb '15
100
___
a3
.
22
Gray's
PtTer
lstgug5S..1947
J
D
98%
Jan
'14
Non-conv deben 34$s____ 1954 A -O
68 ___ 70
25 64 70
70
S A A A Pass 1st gu g 4s____ 1943 J - J
69% 69% 69
09
65
80
Non-conv deben 4s______ 1955 J - J 77 ------ 77 Aug '15
71 77%
S F A N P 1st sk fd g 5s......... 1919 J - J 100% Sale 100% 100%
99% 100%
Non-conv deben 4s______ 1956 M -N
78 ------ 77 Sep '15
70
78
Seaboard
Air
Line
g
4s.........
1950
A
O
79
81
7.5
D
e
c '14
Conv debenture 3H s......... 1950 J - J 08i2 Sale 68
69
61*3 70
Gold 4s stamped_____________ 1950A - O
79
80
80
80
78
83*2
Conv debenture 0 s.............1948 J - J l l l i 2 Salo 111% 112
101 112
Registered________________1 9 5 0 A - O
Cons Ry non-conv 4s____ 1930 F - A 76 ____
Adjustment 5s_________ ol949 F - A
65 Sale 03
65*
59% 71%
Non-conv deben 4s____ 1954 J - J
91i2 Jan '12
Refunding 4s......................1959 A - O
67% Sale 07
67%
66
71*2
Non-conv deben 4s____ 1955 J - J
Atl Birm 30 yr 1st g 4s. . e 19.33 M- S ------ 83
83 Aug '15
81
83%
Non-conv deben 4s____ 1955 A -O
Car Cent 1st con g 4s___ 1949
8 2 % ____ 85% Mar '15
94% 85
Non-conv deben 4s____ 1950 J - J
Fla Cent A Pen 1st g 5 s.. 1918 J - J 99 100
99% Sep '15
99% 100%
Harlem R-Pt Ches 1st 4s. 1954 M -N
99U Nov'12
1st land gr ext g 5s___ 1930 J - J
101 Nov '12
B & N Y Air Line 1st 4 s..1955 F - A
99i2 June’ 12
101
Consol gold 5s________1943 J - J
101 July’ 15
100% 101
Cent New Eng 1st gu 4 s.. 1901 J - J 71 Salo 71
71
71
79
Oa A Ala Ry 1st con 5 s..01945 J - J
102% M ar’ 15
100*2 102%
Hartford St Ry 1st 4s___ 1930 M- S
Ga Car A No 1st gu g 5 s.. 1929 J - J
100% 102%
101*4 July’ 15
Housatonlc R cons g 5s__ 193/ M -N 102% .11' 105% May’ !
105 105%
Seab A Roa 1st 5s......... 1926 J - J 9 8% ____ 99*4 Aug .15
99% 101*2
Naugatuck RR 1st 4s___ 1954 M -N
87 J'ly 'l l
Southern Pacific Co
N Y Prov A Boston 4 s ... 1942 A -O
89l2 ___ 88 A u g'13
82% Sale 82%
Gold 4s (Cent Pac coll).*1949 J -D
83*4
79% 86%
NYW ’chesAB lstser I 4>^s '40 J - J 7712 Salo 77*2
78
60*2 78*2
Registered___________ *1949 J - D
90 Feb 'l l
N H & Derby cons cy 5 s.. 1918 M- N
107 Aug '09
20 year conv 4s________ 01929 M- S 82% Sale 82
83
79% '8*3%
Boston Terminal 1st 4 s ... 1939 A -O
20 year conv 5s................. 1934 J -I ) 100% Sale 99%
101
95% 101%
New England cons 5s___ 1945 J - J
86
80%
Cent Pac 1st ref gu g 4 s.. 1919 F - A
85*2
80%
83% 90
Consol 4s......................... 1945 J - J
99>2 M ar’ 12
Registered__________________ 1949F - A
80*2 M ar’ 15
86*2 80*2
Providence Sccur deb 4s. 1957 M -N
50 Apr '15
55
58%
Mort guar gold 3Hs..*1929 J - D 85% Salo 85
8u
84% 89
Prov A Springfield 1st 5s. 1922 J - J
9978 Deo '14
------ 85
Through St L 1st gu Is. 1954 A
82*8 Sep '15
82% 87
Providence Term 1st 4 s.. 1950 M- S
83% Feb *14
G H A S A M A P 1st 5 s.. 1931 M- N 100% 102 100 Sep ’ 15
100 102*2
W A Con East 1st 4 H s . . . 1943 J - J
Gila
V
G
A
N
1st
gu
g
5
s..
1921
M-N
102% Apr *14
N Y O A W ref 1st g 4s___ 01992 M- S
7412 Salo 74%
77
74*2 82%
HoilS E A W T 1st g 5 s.. . 1933 M- N 99% I6 ()' 100 July'15
100 103
Registered $5,000 o n ly ..01992 M- S
92% June’ 12
99 101
1st guar 5s red.........................1933M-N
99*8 June'15
99*8 99%
General 4s...........................1955 J -D ____ 74
76 June'15
102%___
75*2 80
H A T C 1st g 5s Int gu___ 1937 J - J
102% Sop '15
102% 107
Norfolk Sou 1st A ref A 5s 1961 F - A
94 June'14
Gen gold 4s Int guar__ 1921 A - O
93*2____ 94 Sep '15
93
95*2
Norf A Sou 1st gold 5s___ 1941 M -N
'TO " 100 101 July'15
108 111 108 Mar'14
101
102
W
acoAN
W
dlv
lstg6s
1930
M
-N
Norf A West gen gold 0 s ... 1931 M - A 115 U712 117% Sep '15
115 118
A A N W 1st gu g 5s_____ 1941 J - J
100 103 100 June'15
’ 102%
Improvement A ext g 0 s.. 1934 F - A 115 11712 116% Sep '15
116% 119
Louisiana West 1st 0s____ 1921 J - J
109 June’ 14
New River 1st gold 6 s ... 1932 A - O 114
119 Apr '15
119 119
Morgan's La A T 1st 7 s.. 1918 A - O
104% July’ 15
102" 104*%
N A W Ry 1st cons g Is.. 1996 A - O 90
9H2 89%
92
80% 94
1st gold 0s______ ______ 1920 J - J ------ 106
106%
J'ly ’ l l
Registered..................... 1990 A - O
94 May'14
104 ____ 112 Feb '07
0_,
No of Cal guar g 5s............193.8 A -O
Dlv’l 1st lien A gen g 4s. 1944 J - J 86% 86l2 85%
85%
85*2 88%
Ore A Cal 1st guar g 5 s ... 1927 J - J 100 101
99%
99%
99% 101*2
10-25-year conv 4s........ 1932 J -D
____ 114
110 Sep '15
106%___ 101*2 N ov’ 18
98% 1 1 0 %
So Pac of Cal—G ug 5 s ... 1937 M-N
10-20-year conv 4s___ 1932 M- 3 ____ 114
109% Sep '15
99% 109
So Pac Coast 1st gu 4s g . . 1937 J - J
80 . .
91 *2 Sep ’ 12
10-25-year conv 4*^8___1938 M- S 113i2 Salo 113%
115%
101
115%
San
Fran
Terml
1st
4s___
1950
A
-O
78% Salo 78*2
79
77% 82%
Pocah C A C Joint 4 s ... 1941 J - D 8 0 3 .j_____ 86%
80%
86*2 90*4
Tex A N O con gold 5s___ 1943 J - J
90 Apr ’ 14
C C A T 1st guar gold 5 s.. 1922 J - J 100%___ 105% Jan '):<
8 0 Pac RR 1st ref 4s........ 1955 J - J
84% Sale 84%
85%
83% 89
Sclo V A N E lstg u g 4S..19S9 M- N ------ 87l2 87 Sep '15
84% 91
Southern— 1st cons g 5s____ 1994 J - J
97% Sale 97%
97%
96% 101
Nor Pacific prior lien g 4 s.. . 1997 Q - J 907s Sale 90%
91%
88% 93*8
Registered..............
1994 J - J
98 June’ 15
98
98
Registered........ .............. 1 9 9 7 Q - J
89 Sep '15
88% 92
Develop A gen 4s Ser A .. 1956 A - O
66% Sale 63
00%
68% 69
General Hen gold 3s_____a2047 Q - F 62% Sale 62%
C3Li
62
00
Mob A Ohio coll tr g 4s___ 1938 M- S
62 ____ 71 June’ 15
71
76
Registered...... ..............a2047 Q - F
63*2 June’ 15
61*2 63%
Mem Dlv 1st g 1,4 5s____ 1996 J - J
98
99
98%
98%
98% 100
St Paul-Duluth Dlv g 4 s.. 1996 J - D 89% 903s 90% Sep T5
90% 90%
St Louis dlv 1st g 4s..........1951 J - J
------ 80
81 July'15
80% 83%
Dul Short Lino 1st gu 5 s.. 1910 M- 3 100 101 100% Sep '13
.—
Ala Cen 1st g 6s...................1 9 1 8 J -J 100% 103*4 104% Juno’ 14
St P A N P gen gold O s... 1923 F - A 1093s 110*2 109% Aug 'If
109% 111%
Ala Gt Sou 1st cons A 5 s ..1943 J - D ------ 98
99% May’ 14
Registered certificates.. 1923 Q - A ................ 115% Aug '11
Atl A Char A L 1st A 4 4sl944 J - J ____ 93
93 July’ 15
93
04%
St Paul A Duluth 1st 5 s ..1931 F - F 104*4___ 102 Feb ’ 1/
102 102
. Atl A Danv 1st g Is______ 1948 J - J ------ 81
83*8
Apr ’ 15
83% 85%
2d 5s...............................1917 A -O 100 102 101 Aug ’ 15
100*4 101
2d 4s ....................... ..1948 J - J 74% ____ 75% Aug ’ 15
75*2 75*2
1st consol gold 4s.......... 1968 J -D _____ 90
88 June'15
88
88
Atl A Yad 1st g guar 4s___ 1949 A - O
7 2% ____ 75% Dec ’ 14
Wash Cent 1st gold I s . .. 1948 Q - M ................ 81% Dec '13
Col A Grcenv 1st 6s_____ 1910 J - J
Nor Pac Term Co 1st g 6 s.. 1933 J - J 110 111 110 Sep '15
110 113
E T Va A Ga Dlv g 5s____ 1930 J - J 102
102% Sep ’ 15 . . . . 102% 102%
Oregon-Wash 1st A ref 4 s . . . 1961 J - J 83 Salo 82%
83i2
79% 88
Con 1st gold 5s.............. .1956 M-N 103 103% 103
103
100% 104%
Pacific Coast Co 1st g 5 s ...1940 J -D ____ 947s 95 Aug '15
94
98%
E Ten reor lien g 5s______ 1938 M- 8 . 97
99
99 Sep '15
99
99
Pennsylvania RR 1st g 4 s ...l9 2 3 M -N
90 . .
97 A u g'15
96
98
Ga
Midland
1st
3s_______
1946
A
O
60
64% May* 13
Consol gold 5 s............
1919 M- 5 10212 ____ 102% Sep '15
102 103%
Ga Pac Ry 1st g 6s........... 1922 J - J
105* ’ 100% 105
105
1 105 107
Consol gold 4 s ..........
1943 M -N
90 ____ 90
96
95
98*2
Knox A Ohio 1st g 6 3 ____ 1925 J - J
105*2 July’ 15
105*2 105*2
Convertible gold 3>*a._.ol915 J -D ................. 100
100
99% 100%
Mob A Blr prior lien g 5s. 1945 J - J
Consol gold 4s............
1948 M -N
977s____ 97% Sep '15
9 6 % 98*4
Mortgage gold 4s_______ 1945 J 79% 79 M ar’ 13
Consol 445s ...................... 1 9 0 0 F - A I03*g Sale 102%
103*8
101% 104%
Rich A Dan deb Ssstmpd. 1927 A - O
102 May’ 15
102 102%
General 445s when Issued 1965 J - D 9758 Sale 97*2
97%
97
98%
Rich A Meek 1st g 4s____ 1948 M N
73 Sep '12 ___
Alleg Val gen guar g 4 s...1942 M- S 92 937s
04 May'15
93% 94
So Car A Ga 1st g 5s.........1919 M-N
100% 100% 100%
5 100 101
100%
D ItR R A B'ge lstgu 4 sg 1930 F - A _______ . 91 Mar'14
Virginia
Mid
ser
C
6s___
1916
MS
100%
100*4 M a r'15
1 0 0 % 1 00 %
Phlla Balt A W 1st g 4 s.. 1943 M- N 95*2 98
96% Sep '1
96% 97
Series D 4-5s................... 1921 M- S
103% Nnv’ 12
Sodus Bay A Sou 1st g 53.2924 J - J ................. 102 Jan '03
Scries E 5s...................... 1926 M102 Dec *13
Sunbtiry A Lewis 1st g 4s. 1930 J - J .................
102*2
Scrles F 5s...................... 1931 M - 8
104
U N J RR A Can gen 4 s . .1944 M- S 09*4____ 99 A u g'15
98% 99
General 5s...... ................ 1936 M -N 101% ____ 102*2 Aug ’ 15
102 103*2
Pennsylvania Co—
102 ____ 100 Aug ’ 15
Va A So'w’ n 1st gu 5 s ..2003 J - J
98** 101
Guar 1st gold 4 4 4 s............. 1921 J - J 10012 1007s 100*2 101
99% 102%
82
84*4 81
1st cons 50-year 5 s.. 1958 A - O
81
6 81
84
Registered.....................1921 J - J
........... 100
July'l
99*2 100
W O A W 1st cy gu 4s____ 1924 F - A
92 June' 13 ___
Guar 344s coll trust reg A . 1937 M- S 83
80*2 84*2 A p r '14
- __ 98
o.
Spokane
Internat
1st
g
5s____1955
J
J
Guar 344s coll trust ser B. 1941 F - A __ _
. 80
July'1 5
93% 95
84
80
Ter A of St L 1st g 4 4 s ____ 1939 A - O
93%
93% id 93% 99%
Trust Co ctfsgu g 344s___1910 M- N 99*2 100
99*2 Sep T
99 99%
1st con gold 5 s .. . 1894-1944 F - A lOlHo ____ 101 Aug '15
100% 102
Guar 344a trust etfsC ___ 1942 J - D 83 857a 83 F e b '15
83 83
Gen refund s f g 4s...............1953 J - J
79% 80*2 79*4
1 79*g 84
79%
Guar3 44s trust ctfsD ___ 1944 J - D 8 1 ____ si A u g '15
81 81
St L M Bridge Ter gu g 5s 1930 A - O —
98% 100 M a r'15
100 100
Guar 15-25-year gold 4s. 1931 A -O 92
92*2 92
92
92 ____ 92
89% 94%
Tex A Pac 1st gold 5s......... 2000 J -D
02 % 24 92
90
40 year guar 4s ctfs Ser E. 1952 M - N .
. 89*2 923s May’ 14
2d gold Inc 5s
j2000M ar
30
34% 31%
31%
2 29
36%
Cln Leb A Nor gu 4s g___1942 M- N ................. 93*2 Apr '14
---- - 90
La
Uiv
I*
I1st
g
5s_____
95
1931
J
J
May'
1
1 __ »_
Cl A Mar 1st gu g 444a...1935 M -N 94% ____ 97% Aug T5
97% 97%
WMIn W A N W lstgu5s 1930 F - A . . . . 95 10612 N ov’04
Cl A P gen gug 4443 ser A. 1942 J - J 1 0 0 % ___ 101% N ov ’ 13
Tol A O C 1st g 5 s.. ............. 1935 J - J 101 103*8 99*4 Aug '15
99% 103
Series « ...............
1942 A -O
100% ___ 109% J'ly '09
Western Dlv 1st g 5s......... 1935 A - O
101 Allg '13
Int reduced to 344a.. 1942 A - O ................. 9 1 % Feb '12
General gold 5s__________ 1935 J - D —
98% 101*2 Apr ’ 14
Series C 344s............... 1948 M -N ................... 90*s Oct '12
Kan A M 1st gu g 4s_____ 1990 A - O ---- - 85
86 M ar’ 15
86
86*2
Series D 3443............... 1950 F - A ................... 83% June'15
83%
83%
2d 20-year 5s................. 1927 J - J ---- - 90
93 Aug’ l >
92
96
Eric A Pitts gu g 344aB .. 1940 J -J ................... 86% May’ 14
Tol P A W 1st gold Is_____ 1917 J - J (34
65
63
64
3 02*2 68
Merles C
..................... 1940 J -J ...............
90*s J’ly '12
Tol St L A W pr lien g 3 4 s . 1925 J - J
73
75
73
73
10
78
72*2
Gr R A Iexl3tgug444S-.1941 J - J 94
99
95 July'15
50-year gold 4 s . . . .............1950 A - O
49
51
48
49*4 21 42% 53%
Ohio Connect 1st gu 4 s ... 1943 M- S ................. 93 May’ l l
Coll tr 4s g Ser A_______ 1917 F - A
43
Pitts Y A Ash 1st cons 5s 1927 M- N 11)2%___ 109 May’ 10
Tor Ham A Buff 1st g Is..h 1946 J - D
82*2 M ar’ 15
82% 87*2
rol W V A O gu 444aA ..1931 J -J 90
98
90% A u g'15
90% 97% Ulster A Del 1st con g 5S..1928 J -D —
1 0 0 % 100% Aug '15
98% 101
£er!e8 5
1933 J - J ................. 98*., June'15
98% 98%
1st refund g 4s..................... 1952 A - O
74 Mar' 15
74
74
Series C 4s...................... 1 9 4 2 M-S ................... 93G J'ly '1 4
Union Pacific 1st g 4s........ .1947 J - J
93% Sale 93%
96
135 92*2 97*a
P C C A St L gu 4448 A ..1940 A - O 99*8 100% 99
99
98 101%
Registered....................... 1947 J - J
93
5
93
93
95*2
Series B gu ar.................. 1942 A - O 99% 100% 98 Aug '15
97% 101*2
20-year conv 4s__________ 1927 J - J
91 Sale 90*j
92
164 88
92
Series C gu ar.................. 1942 M -N ................. 97% July’ 15
97*.t 101*2
1st A ref Is......................02008 M- S 8512 Sale 85*2
90 84*8 92%
SO
Series D Is guar........ . 1945 M- N 92% ____ 92% Sep '15
92*8 93%
Ore RR A Nav con g 4s___ 1946 J - D
88*s Sale 88
88% 38 87
91%
Series E 344s guar gold. 1949 F - A 9 1% ____ 90% July'1 5
90
91%
Ore Short Line 1st g 6s___ 1922 F - A 108 ____ 108
108
5 107*2 109%
Series F guar 4s gold__ 1953 J - D 9 2 % ____ 95% Jan '14
1st consol g 5s................ 1940 J - J 102% Salo 102%
2 10178 100
102%
„ ferles G 4s guar............ 1957 M- N 9 2% ------- 92% Aug '15
92*2
93%
Guar refund 4s...............1929 J - D 88% 89
88%
89
20 87*2 917S
°
L A P 1st cons g 5s.. 1932 A - O 104% -------- 106% May’ l l
Utah A Nor gold 5s___ 1926 J - J
99 103% 102 Sep T5
102 103%
Un 1st g 6 s.. 1921 Q - F 1 0 1 % ______101% May'15
101% 101%
1st extended 4s____ 1933 J - J
93% 99
2d gold 444s.............. ..... 01921 M -N ................. 89 Feb ’ ll
Vandalla cons g 4s Ser A .. 1955 F -A
85
93 Apr ’ 13
Pere Marquette—Ref 4s___ 1955 J- J _____ 2 0 11% June'1 5
11% 11%
Consol 4s Series B .............. 1957 M N 85 ____ 80
86
1 86
80
Refunding guar 4s............ 1955 J- J _____ 19 40 D e c '13
- -- - -Vera Cruz A P 1st gu 4 4 s . . 1934 J - J ---- - 90
42*2 Aug ’ 15 . . . . 42*2 42*2
Chic A West Mich 5s........ 1921 J - D 72 . . I 72 A u g '15
72 72
Virginian 1st 5s Series A____ 1962 M -N
93*2 Sale 93
94
997*
3S| 92
100
• No price Friday; latest bid and asked.
s Option sale.
aDueJan. •DueFeb. «DueMay. DueJune. ADueJuly, kDueAu*. eDueOct. pDueNor. <DueDeo.
BONOS
JI. y . STOCK EXCHANGE
Week Ending Oct. 1.
1079
New York Bond Record—Concluded—Page 4
O0T. 2 1915. ]
IS
Prici
Friday
Oct. 1 .
Wiek’i
Rangt or
Lait Sa’i
Kano*
8inc»
Jan. 1
BONDS
N. Y . STOCK EXCHANGE
Week Ending Oct. 1.
33
Prici
Friday
Oct. 1 .
Week'i
Range or
Lai Sale
Ranoi
Bind
Jan. 1
Low High
Hiol)
Bid
Aik Low
Low High
101*2 June’ 14
97 102i2 Trenton G & El 1st g 53------1949 M- 8 99*4 . . . 100
Sep ’ 15
97*2 101
S
86 95ij Union Elec Lt A P 1st g 68—1932 M89
90
89 M ar’ 15
Refunding A extension 58.1933 M -N
102%
897g 897g Utica Elec Lt A P 1st g 5a.. 1950 J - J 1 0 0 * 4 _____ 102*4 Mar'15
98
98
Aug
'15
J
J
1957
Utica
Gaa
A
Elec
ref
58----65
65
103
Westchester Ltg gold 5s------1950 J - D 101*2 102% 102 Sep ’ 15
12 34
Miscellaneous
12U 27
70
80
75*2
76
76*2
78
M8
Adams Ex coll tr g 4s---------1948
11 27
118 150
135
135 Sale 135
12 2412 Alaska Gold M deb 6s A ___ 1925
92*4
90*2 93
92*4 Sale 9134
Armour A Co 1st real eat 4Ms '39 j'-D
10 30
84
87
87 Sep ’ 15
87
88
Bush Terminal 1st 4s______ 1952 A - O
99 100
84% 90
85 July 15
90
Consol 5s________________1955 J - J 86
83
87
83*2 84*2 84 A u g'15
Bldgs 5s guar tax ex______ 1960 A - O
55
60U
122% 550 111 122%
66
72*4 Chile Copper 10-year conv 7s 1923 M -N 119*2 Sale 113
103% 21 98 111
GranbyConsMSAP com 6s A '28 M -N 104 105 102*4
1 834
2
2
2% 2
178 1337 97 178
Sale 142%
38 912 Insplr Cons Cop 1st conv 6s. 1922 M- S 170
7g
1*8
1
U4
176% 376 94*4 176*2
5-year conv deb 6s_______ 1919 J - J 170 Sale 143*2
3s 8t2
1
1
*8 1
112 30*4 79
75%
79
77*4
Sale
A
-O
Int
Mercan
Marine
4Ma___
1922
3
4
1
3
8
8
7S Sale
76%
78*4 900 33*2 78*4
77
Sale
Certificates of deposit________
14 Sep ’ 15
14 U2
'8
1
58 36
70
69
69
69
Sale
>8
7g Int Navigation 1st s f 5s___ 1929 F - A
ig July’ 15
___*8
91*4 48 88*4 92%
803g 82
Montana Power 1st 5s A __ 1943 J - J 91% Sale 91%
8034 Aug ’ 15
88%
Jan
’
14
87*4
90
J
J
9112 91*2 Morris A Co 1st s f 4Ma___ 1939
91*2 Aug ’ 15
S3 Apr '14
54 7U2 Mtge Bond (N Y) 4s ser 2__ 1966 A - O
7012
70% 7012 70
10-20-yr 5s series 3 _______ 1932 J - J 937g____ 100 J’ly ’ 14
1007g 102l2
101^4____ 102 Sop ’ 15
75
72*4
72*4
72*4
75
71
F
A
74l2 78*2 N Y Dock 50-yr 1st g 4s____ 1951
____ 747g 7412 Sep ’ 15
100 101
17*8 17's Nlag Falls Pow 1st 5s______ 1932 J - J 100 101*4 100 Sep ’ 15
20 ___ 1718 May’ 15
104 . . .
A
O
__________
a
1932
Ref
A
gen
6
s
98%
June’
15
98l2
100
____ 96
89% M ar’ 15
89*2 91*4
88 90
Nlag Lock A O Pow 1st 5 s .. 1954 M-N
95% N ov’ 13
____ 94
92*4 95%
94 July’ 15
Ontario Power N F 1st 5s__ 1943 F - A ____ 93%
92
92 Apr ’ 15
8
6 % 90
86's
May’
15
____
90*j
M
-N
Ontario
Transmission
5s____
1945
53 Sep ’ 15
6534
55
62
87*4
86*4 89*4
87*4 Sale 86%
Pub Serv Corp N J gen 5s__ 1959 A -O
90 Apr ’ 14
103 130
129
1201
2 Sale 115
J
J
Ray
Cons
Cop
1st
conv
6a..
1921
84
Apr
’
15
84
I I — ~82
92% Feb ’ 14
------ 88
Sierra A S F Power 1st 5s__ 1949 F
82l2
87
82i8 Salo 82ig
103% Jan ’ 14
8o'2 Wash Water Pow 1st 5s____ 1939 J - J
83 ------ 83 Sep ’ 15
Manufacturing & Industrial
99*4 102%
Am Ag Chem 1st c 5s______ 1928 A -O 102 Sale 100*4 102
92
94%
Street Railway
94%
94*4 94% 94*8
Conv deben 5s__________ 1921 F - A
lOOlg 101
lOOlg 1033s
Brooklyn llapld Tran g 5S--1945 A -O 10012 1 0 2
997* 100*2
100*8
Sep
'15
100
100%
Q
F
Am
Cot
Oil
ext
4Ma...........
pl915
80
Aug
T5
79;'4 851j
8234
91% 94%
1st refund cony gold 4s.—2002 J - J ____
91*2
93
91% 93
Debenture 5s___________ 1931 M -N
10034 149 987* 101
IOOI
4 Sale 10014
J
J
8-year secured notes 6s— 1918
100% 103%
Am Hide A L 1st s f g 6s___ 1919 M- 8 103 10334 103% Sep '15
100l2
10014 102
Bk City 1st con 5 s .. 1 9 18-1941 J - J 1003.1------ 100i2
80
89%
83 Sep ’ 15
85
Amer Ice Secur deb g 6s____ 1925 A - O 82
98 Apr '14
Bk Q Co A 8 oon gu g 5 s.. 1941 M -N ____ 95 101
103% 107
Am Smelt Securities s f 6 s.. 1926 F - A 106 Sale 1057g 107
May’
13
J
J
Bklyn Q Co A S 1st 5S----- 1941
93% 95*4
95*4
95*4
93*4____
J
J
Am
Thread
1st
coll
tr
4s____
1919
9
SI
4
IOU
2
9
SI
4
98l2
98%
99
Bklyn Un El 1st g 4-58—-1950 r - a
115 121%
98 Sep ’ 15
98 100l2 Am Tobacco 40-ycar g 6s___1944 A -O 119*2 120 119*2 Aug '15
Stamped guar 4-6s--------1950 F - A
121*4 May’ 14
Registered_______________1944 A -O
80 Sep ’ 15
79
83l2
Kings County El 1st g 4s. 1949 F - A ____ 83>2
'9 7 " "98%
97
Apr
*15
95
F
A
____
84S4
Gold
4s...............................1951
79
Sep
’
15
79
82l2
Stamped guar 4s---------1949 F - A
93 June'14
Registered____________1951 F - A
73 Aug 15
73
78
Nassau Elec guar gold 4s. 1951 J - J ____ 77
63
517g 70
63*2 03
J - J 57
Am
Writ
Paper
1st
s
f
5s____
1919
923
4
97lg
94
Ig
9
Us
941
8
94%
r
a
Oblcago Rys 1st 6S.............. 1927
103 May'15
100*4 103
Baldw Loco Works 1st 5s___ 1940 M -N 103
10178 Juno’ 12
Conn Ry A L 1st A ref g 444* 1951 j - j
102%
98% 103
J - J 102 Sale' 101
Both
Steel
1st
ext
s
f
5s_____
1926
96%
Juno’
14
____
93
1
4
j
J
Stamped guar 444s--------- 1951
85% 102*8
100%
1st A ref 5s - uar A _______ 1942 M-N 100 Sale 99%
6534 79
74
747g 73
Det United 1st cons g 444s..1932 j - J 72
967g 100
99*4
100
100
Sale
A
O
Cent Lenth 20-year g 5s____ 1925
84 Jan ’ 14
Ft Smith Lt A Tr 1st g 5 s . . . 1938 M- 8
97*4 Jan *15
97*4 97*4
Consol Tobacco g 4s_______ 1951 F - A
9934 ------ 100 June’ 14
Grand Rapids Ry 1st g 5 s...1918 J -D
94*4 97%
96's
96*8
96%
..
M
-N
Corn
Prod
Ref
s
f
g
5s______
1931
92
Apr
T4
Havana Eloo consol g 6s.__ 1952 r - a ____ 90
917* ____ 94%
91%
92
95*4
797g
1st 25-year s f 5s ............ 1934 M-N
70
72
72 Sale 7 U2
Hud A Manliat 5s Ser A ___ 1957 F - A
95 10078
10078
A -O 100*4 101*2 100*4
Cuban-Am
Sugar
coll
tr
6s—1918
26
263
4
24<2
291
8
26
2
6
I
4
Adjust Income 5s________ 1957
68%
46% 6 8 %
68*4 Sale 64
A
O
Distil
Sec
Cor
conv
1st
g
58.-1927
N Y A Jorscy 1st 6s.......... 1932 F - A
84 104%
73U 79l2 E I du Pont Powder 4 Me__ 1936 J -D 103 Sale 102% 103
74%
74i2 Salo 7418
Interboro-Metrop coll 444s.1950 A - O
87*2 July’ 14
General Baking 1st 25-yr 6s. 1936 J -D
Interboro Rapid Transit—
74
79
76*2
76%
76%
Sale
F
A
90U
98%
97
Gen Electric deb g 3Ms_____ 1942
1st A refunding 5s_______ 1986 J - J 96*4 Salo 96%
103
101*2 105
Debenture 5s___________ 1952 M - 8 103 Sale 102
82
91
87U
8714 Salo 87U
Manhat Ry (N Y) cons g 4S-1990 A -O
100% Sep '15
100 101%
A-O
867g
Gcn'l
Motors
1st
lien
6s___
1915
85
91<4
88<
2
87
Salo
Stamped tax-exempt____ 1990 A -O
827g 88
87*4 Sale
867g
87*4
111 Steel deb 4 4 3 ................... 1940 A -O
Metropolitan Street Ry—
99 101%
9734 Sep ’ 15
97«2 101
Indiana Steel 1st 5s________ 1952 M -N IOU4 Salo 1007S 101*4
Bway A 7th Av 1st o g 58.1943 3 - O ____ 9712
100
____ 100 Oct T3
J
J
____
1003
4
94
99
Ingersoll-Iland
1st
6s_____jl935
97>2
Sep
’
15
Col A9th Av 1st gu g 5 s .. 1993 M- S
14
100%
101
100%
101
99*4 101*2
F
A
tnt Paper Co 1st con g 6s__ 1918
Lex Av A 1* F 1st gu g 5S.1993 M- S ____ 99 101 Apr ’ 14
18 78*4 82
79
80 M ar’ 14
Consol conv s f g 5s______ 1935 J - J 79 Sale 79
Met W S El (Chic) 1st g 4 s.-1938 F - A
1
65%
6512
64*4
65*2
65*2
MS
Int
St
Pump
1st
b
f
5s...........
1929
101*8
Aug
’
15
101*8 101*8
Mllw IOleo Ry A Lt cons g 6s 1926 F - A
34
66
66
64*4 Sale 64*4
92*8 Feb ’ 16
Certfs of deposit____________
92% 92%
Refunding A exten 4 4 4 s .. 1931 J - J ____ 94
957*
9578 1771
95*2 Sale
94*4
A
-O
Lackaw
Steel
1st
g
5s______
1923
Gen A refund 5s ser A ___ 1951 J - D
3485!
87
97
84*2
96
Sale
M8
1st con5s Series A_______ 1950
99>l------ I 0 2 " N o v ’ 12
MlnneapSt 1st cons g 6s___ 1919 J - J
10 121*4 124%
124
Liggett A Myers Tobac 7 s.. 1944 A -O 123 Sale 12234
Montreal Tramways 1st A ref
15 99*2 102*2
102
102%
101*2
102
F
A
90
90
90
Sale
86
5
s
.......................................
1951
94U
30-year 6s Ser A _________ 1941 - J
121% 20 119 124
78 Feb ’ 15
Lorlllard Co (P) 7s............... 1944 A - O 119*8 Sale 119*8
78
78
New Orl Ry A Lt gen 4 44 s .. 1935 J - J ____ 8J
997S 22 95% 102
6834
70U
68
70
5s.........................
1951 F - A 9978 Sale 99
73 U
J 69
N Y Rys 1st R E A ref 48—1942
6 95% 110
107
106*2
107
106*2
A
O
48l4
Mexican
Petrol
Ltd
con
6s
A
1921
48l2
51
48l2
Sale
5558
30-year adj Inc 5s_______a 1942 A -O
104
Sep
'15
104
107
95
110
86
Apr ’ 15
84
84
1st lien A ref 6s series C __ 1921 A - O
86
N Y State Rys 1st cons 444s. 1962 M- N 80
94%
94% 95
94*8
94%
J -D
09 ig Feb ’ 15
99%
Nat
Enam
A
Stpg
1st
6s____
1929
99lg
93i2
----MN
Portland Ry 1st A ref 5s___ 1930
85
83
June'15
83*2
90
J
J
80
80
80
1930
Nat
Starch
20-yr
deb
5s____
*80 ----80
Portld Ry Lt A P 1st ref 5 s. 1942 F - A ___
997*
99
9878 99 % 9S7g
100l2 100 May’ 15
100 100
National Tube 1st 5s............. 1952 M -N
Portland Gen Elee 1st 5 s. 1935 J - J
102
103
M -N 102 Sale 102
98
N
ov’O
S
N
Y
Air
Brake
1st
conv
6
s..1928
M
-N
Bt Jos Ry, L, H A P 1st g 5 s. 1937
100 Sep ’ 15
Railway Steel Spring—
100 100
St Paul City Cab cons g 5 s .. 1937 J - J
97*2
95% 98*4
78
825g
8 U2
Latrobc Plant 1st a f 5s__ 1921 J - J 97% 98% 97*2
Third Ave 1st rof 4s________ I960 J - J 8 U2 Salo 80
90
93
90*4 91% 91% Sep ’ 15
Interocean P 1st s f 5 s __ 1931 A - O
75
82
76i2 Sale 763s
7934
Adj inc 5s_____________ al960 A -O 104%
95
90*2 95*4
Repub I A S 10-30-yr 5s a f — 1940 A - O 95 Sale 94
106 July’ 15
10512 107
Third Avo Ry 1stg 5s______ 1937 - J 9534 106i2
92%
88*2 92%
92*2 92
M- N 92
90
Standard
Milling
lat
5s_____
1930
95
Sep
’
15
94*1
97*4
A
-O
Trl-CIty Ry A Lt 1st s f 5S..1923
103*4
97*2 103*4
The Texas Co conv deb 63—1931 J - J 103*4 Sale 102%
96i2 J’ly ’ 14
Undergr of London 444s___ 1933 J - J ____ 94
75
80
Union Bag A Paper 1st 5 s.. 1930 J - J 76% ____ SO Aug ’ 15
___ 88 87i2 J’ly ’ 14
Income 6s_______________1948
91*4 Jan '13
J
J
Stamped________________1930
84
Oct
’08
a
‘-6
Union Kiev (Chic) 1st g 5 s .. 1949
66
76
70
Sep
’
15
66*2
6
8
J
J
U S RealtyA I conv deb g 5s 1924
73 ____ 72
72
72
65
United Rys Inv 5s Pitts Iss. 1926 M-N
2 20 30
26
20
Sale 26
61 Sep ’ 15
60
63*2 U S Red A Refg 1st g 6s____ 1931 J
United Rys St L 1st g 4s----- 1934 J - J ____ 01
102*4 Sale 102*4
102*4 58 101% 103%
J
D
59*8
U
S
Rubber
10-yr
coll
tr
6
s..
1918
____
60
693a
Mar’
15
A
-O
59*s
St Louis Transit, gu 5s__ 1924
102*2 469 997g 102%
473i
40
655g U S Steel Corp— fcou p ____<11963 M -N 102*4 Salo 102
47i2 Sale 46
United RRs San Fr s f 4s__ 1927 A -O
2
S f 10-60-yr 5s\reg_____dl963 M -N 102 Sale 101*4 102% 27 99*4 102*4
82 Sep ’ 15
88 89*2
Va Ry A Pow 1st A rof 5s— 1934 J - J ____ 8712
95*4
89
97*2
95% 947g
Va-Car Chem 1st 15-yr 5s._ 1923 J - O 95
92
987
8
Sale
98%
99*4
96*2 99*4
Conv deb 6s____________ el924 A - O
Gas and Electric Light
101% 19 100*4 102
101*2 Sale 101%
West
Electric
1st
5s
Dec____
1922
J
J
103
103
103
103
101%___
J
-D
Atlanta G L Co 1st g 5s___ 1947
105*4 50 897g 105*4
103U
103 104*2 Westlnghouse E & M 8 f5s..l931 J - J 105% Sale 105%
Bklyn Un’ Gas 1st cons g 53.1945 M -N 103i2 ------ 103>4
105*8 Sep ’ 15
10314 105%
Certs of deposit................ .........
64 June’ 13
Buffalo City Gas 1st g 5s____ 1947 A -O
i745 109% 13212
132 Sale 120*2
132%
Conv
s
f
5s
(l=s
of
1915)
.1931
97
Feb
’
15
97
97
2
Columbus Gas 1st gold 5s__ 1932 J - J
100*4____
101
101
98*4 101%
A
O
118
10-year coll tr notes 5s____1917
Salo 117
109*8 118*2
Cousol Gas conv deb 6 s __ 1920 Q - F 117
Coal & Iron
A u g’ 15
99*2 101
Detroit City Gas gold 5s____ 1923 J - J lOOlg 102 101
90
. . . 92 J’ly ’14
J
-D
055g
Sep
’08
1932
Buff
*
Susq
Iron
a
f
5s_____
Detroit Gas Co cons 1st g 5s. 1913 F - A
86
86
Debenture 5s__________ al926 M- S 86 Sale 86
101*4 103
Detroit Edison 1st coll tr 5s. 1933 J - J 102 102i2 1 0 2 % 1 0 2 ig
93
92% 94
92
92
May’ 15
100*2 100*2 Col F * I Co gen s f g 5s___ 1943 FF -- A
Eq O L N Y 1st cons g 5s__ 1932 M- S IOOI2 ------ 100%
80
79
79 Sale 78
A
Col
Indus
1st
A
coll
5s
gu
..l931
100
Feb
’
13
Gas A Elec Borg Co c g 5 s.. 1949 J -D
73
M
ar’
14
J
-D
101*4 103*2 Cons Ind Coal Me 1st 5s__ 1935
Hudson Co Gas 1st g 5s____ 1949 M -N 100*4 102* 1013.4 July’ 15
88*4 8 8 %
88 88*4 Apr ’ 15
J -D
Cons
Coal
of
Md
IstArcf
5s.
1950
92
Mar’
l
l
___
88%
A
-O
Kan City (Mo) Gas 1st g 5s . 1922
99 b Feb ’ 14
99
1023.1 104*4 Continental Coal 1st g 5s__ 1952 F - A
104 Juno’ 15
Kings Co El L A P S 5s_____ 1937 A -O 102 —
94% 102% Apr ’00
Gr RIv Coal A C 1st g 6s. .51919 A -O
113 115
113*2
Purchase money 6s______ 1997 A - O 113 115 113*2
90
90
90 July’ 15
J
J
Kan
A
II
C
A
C
1st
s
f
g
5s.
1951
122%
Dec
’
12
Convertible deb 6s_______ 1922 M- S
85*4 July’ 15
85% 88
Poeah Con Collier 1st s f 58.1957 J - J 83% 87
115 ' 121
Convertible deb 6s_______ 1025 M- S 12 o ’ 1 22 121 Sep '15
82 Apr ’ 15
75
82
82
St I. Rock Mt A P 1st 5s___ 1955 J - J 78
87*s 88
Ed El 111 Bkn 1st con g 4s. 1939 J - J 87 ------ 87*g Sep ’ 15
79*2 A u g’ 15
75
82%
Trust Co ctfs of deposit_____
101
100*4 101*2
Lao Gas L of St L 1st g 6 a ..e 1919 Q - F 1 0 0 I2 101 101
100 101%
Tenn Coal gen 5s________ 1951 J - J 100% 101 100% Sep ’ 15
97 101
99*4
99U Sale 99*4
Ref and ext 1st g 5s......... .1934 A -O
9978 101*4
Birin Dlv 1st consol 6s__ 1917 J - J 101%___ 101% 101%
90
91*ti
90%
9058
90 ___
Milwaukee Gas L 1st 4s____ 1927 M -N
100*4 1017g
Tenn Dlv 1st g 6s..........al917 A - O 101% 102 101% Sep ’ 15
103 1033s
Newark Con Gas g 5s........... 1948 J - D 1033g------ 1033s Aug T5
101 Dec '14
Call C M Co 1st gu 6s___ 1922 J - D ____ 106
101*8 103*2
N Y G E L H A P g S s ........... 1948 J - D 10214 Salo 102*4 102J8
73 Apr *14
____ 75
J
J
Victor
Fuel
1st
s
f
5s______
1953
80
S.55g
81
8
U
2
8 U2 Sale
Purchase money g 4s_____ 1949 F -A
82
86%
83
Va Iron ConlACoke 1st g 5s. 1949 M- S 83 Sale 83
106*4 107
Ed El 111 1st cons g 5s____ 1995 J - J 107 ____ 107 July'15
Telograph & Telephone
99*4 101
N YAQ El r, A P 1st con g 5s. 1930 F - A lOOlg 101 100 Sep ’ 15
86*2 89%
88*g
88*j
88*4
88*4
J
J
Am
Telep
A
Tel
coll
tr
4s__
1929
92*2 J’ly '09
N Y A Rich Gas 1st g 5s____1921 M -N
97 Sep ’ 15
91*4 98%
Convertible 4s__________ 1936 M- S 95*2 100
Pacific G A El Co Cal G A E
96
1037g
1037g
20-yr convertible 4)4s____ 1933 M- S 103*4 Sale 102'8
91
95
94
Corp unifying A ref 5s____1937 M- N 937S 94i2 933.1
98% 99%
99% May'15
J - D *____ 100
Cent
Dlst
Tel
1st
30-yr
5
s..
1943
Pac Pow A Lt 1st A rof 20-yr
88*4
June’
11
Commercial Cable 1st g 4 s..2397 Q -. J
88*2 91
91 Feb ’ 15
6l Internat S eries..._____ 1930 F - A
79 Apr ’ 14
Registered_____________ 2397 Q - J
9934 9934
99*4 July’ 15
atA Passaic G A El 5a------ 1949 M- S 99<2 . . .
95
97%
97
97
96*2 97
Cumb T A T 1st A gen 5s__ 1937 J 110 115
114 Sep ’ 15
Peop Gas A C 1st cons g 6 s.. 1943 A -O
89*8 Dec *14
Keystone Telephone 1st 5 s.. 1935 J 997g 101*2
10012
Refunding gold 5s_______ 1947 M- S 100*8 1003g 100*4
100 101
Io6% 101*4 101 Sep ’ 15
M-N
Mctropol
Tel
A
Tel
1st
s
f
5s
1918
99
Sep
’
13
M
S
Registered____ _______ 1947
99 Sep '15
97% 99%
Mich Stato Telep 1st 5s____ 1924 F - A 98% 99
101
103
101*2
Ch G-L A Cke 1st gu g 5S. 1937 J - J 10134 . . . 101*2
101% 101*2
100*2----- 101*2 Juue'15
N Y A N J Telephone 5s g_.1920 M
997g 100*2
Con G Co of Chi 1st gug 581936 J - D 100 ____ 100*2 July’ 15
25SU 94
97%
96
97*4
97
Sale
MN
N
Y
Telep
1st
A
gen
s
f
4)4**-1939
93
M
a
r'12
Ind Nat Gas A Oil 30-yr 5sl936 M- N
9678
97
94*4 98
Pac Tel A Tel 1st 5s............... 1937 J - J 967g 97
99*2 100
Mu Fuel Gas 1st gu g 5 s .. 1947 M- N ___ 100*8 99*4 Sep ’ 15
97% 27 96*4 99
95
9534 South Bell Tel A T 1st s f 5s. 1941 J - J 97% Sale 97
96*4
95*4
97
Philadelphia Co conv 5s____ 1919 F - A 90
95
98
9S
98
West Union coll tr cur 5s___ 1938 I - J 97% 98
96*4 June’ 14
Conv doben gold 5s......... .1922 M -N ____ 89
14 8 8 % 93%
92*2
92
92% 92
Fd and real est g 4 Ms------ 1950 M -N
88*2 95
94
92 July’ 15
Stand Gas A El conv a f 6s.. 1926 J - D 90
104 June'11
M -N
Mut
Un
Tel
gu
ext
5s____
1941
100
M
ar’
14
J
-D
98
.
.
.
Syracuso Lighting 1st g 5 s..1951
90*2 90%
90*2 M a r ’ 15
Northwest Tel gu 4 Ms g..l9 3 4
85*2 June'12
Syracuse Light, A Power 6s. .1954 J - J
Wabash 1st gold 5s-------------1939 M -N
2d gold 5s_______________1939 F -A
Debenture Series B ______ 1939 J - J
1st lien equip s fd g 5s— 1921 M- 8
1st Hen 50-yr g term 4s— 1954 J - J
1st rof and ext g 4s............ 1950 J - J
Cent Trust Co ctfa________
Do stamped____________
Eqult Trust Co ctfs________
Do stamped____________
DetA Ch Ext 1st g 5s____ 1941 J - J
DesM olnDlv 1st g 4s____ 1939 J - J
Om Dlv 1st g 3Mfl-.......... 1941 A -O
T olA C h Dlv 1st g 4s___ 1941 M- S
Wab Pitts 1'crm 1st g 4s----- 1951 J - D
Cent and Old Col Tr Co certs..
Columbia Tr Co cortfs_______
Col Tr ctfs for Cent Tr ctfs__
2d gold 4s______________ 1954 J -D
Trust Ce certfs........ .............
Wash Tcrml 1st gu 3Ms___ 1945 F - A
1st 40-yr guar 4s ______ 1945 F - A
West Maryland 1st g 4s___ 1952 A -O
West N Y A Pa 1st y 5s......... 1937 J - J
Gen gold 4s.............
1943 A -O
Incorao 5s_____________ dl9l3 Nov
Wheeling A I< E 1st g 5s___ 1920 A -O
Wheel Dlv 1st gold 5s____ 1928 J - J
Exten A Impt gold 5s____ 1930 K - A
UR 1st consol 4s_________ 1949 M- S
20-year equip s f 5s______1922 J - J
Winston-Salem S B 1st 4s . . . 1900 J - J
WlsCont50-yr 1st gen 4 s ... 1949 J - J
Sup A Dul dlv A term 1st 4s ’30 SI - N
High
Bid
Aik Lorn
10212
1021a Sale 1 0 0 l2
90i2
90i2
90% 91
90 Juno’ 12
. . 897g 897g M ar’ 15
65 Mar’ 15
i *20" ’ 197g 20
— 20 I 6 I2 Sep ’ 14
17
15 Sale 15
20i2
17 Salo 17
18i2
1412 Sale 1412
101 ____ 100 Aug T5
80 A u g’ 12
_58 " ”70" 60% July’ 15
66l2 ___ 66% July’ 15
• Nn price Frldar; ta*e«* W<1 and asked, a Due Jan. dDuoAprll. «DueMay. gDueJuno. ADueJuly. kDueAug. oDueOct. yDueNov, « Due Dec. *OptlonaaIe-
BOSTON STOCK EXCHANGE— Stock Record
1 0 8 0
•
SHARE PRICES—NOT PER CENTUM PRICES.
Saturday
Sept 25
Monday
Sept 27
104
*100l.|
♦187U
81
*130
2412
104 *1041.1 104*i
100*4 100 100
188
18712 188
81
SOti 8OI4
____ *130
____
25
25
25
235 *230l2 235
8
8
*40
*40
* ___
8 *
8
*44
—
*46
50
158
158
*____ 105
105 105
*153
*153
*65
70
*65>2 70
*11312 119 *113 119
*84
*84
86
86
98
98
*97>2 98
*9
10
10
10
*43
44
44
43
69
6914
69
69'i
*8812 93'2 *8812 9312
*146 151 *146 151
20
*17
20
20
*13334 1341.1 ♦133E 134
Tuesday
Sept 28
*103l2 104 *104
*10014 101 *100'2
189
188i» 190
8OI4 80*4
8OI4
130 130
130
25
25
25U
235 235
235
* __
8 * __
*40
*40
*
8 ♦
*46i2 48' 2 *47
*
158
* __
105
105
*153
*153
*6512 67
67
*113 119 *113'2
*84
86
*84
98
*97*2 98
*9
912 *9
43
44
43
6S7s 69'4
68'4
*8812 93l2 *88l2
147 147
14812
20
*17
*17
*13214 13278 132*4
*111
115 ♦111 115 *111
65
65
64
*6412 647s
8 3 ', 8312 84
*S3>2 85
*6112
96*i
*21,
*1512
IO8I4
*115
12478
5234
9434
62 >2 l 6 1 '2
9/1.1 1951.1
2'2
2'4
16
*15
lOS'i *109
115I4
116
125
12514
53
53*2
95
95
—
____
16»78 17
32
32
9 '2
*23912 241
173 173
98
98
90
90
*8512 87
*17212 ____
*2
3
*10
*39
*31
*131
1512
II8I4
*34
*29'2
*1
134
497a
29'a
78
*114
12's
*1'J
*97
3212
2i»
54*4
52*4
8'2
3*s
5812
62
510
17*4
45's
54
♦___
1214
*87g
8478
3912
17
*___
♦5's
*45
*88
27*s
*3*4
*23*
14
5'4
10'i
3*4
28
*214
73
* 1414
O'*
9*4
7*8
29<2
* l 'l
1'2
3
5212
84
‘ ION
81*3
22*8
5178
278
6*4
25'a
*6
27
2*2
56
3*4
.45
42
47
3%
12
67'2
*2it
*3
57'2
*11-
100
16*4
32l2
*914
240
I7H4
98
89*4
85
*172
*2
*10
*39
W
ednesday
Sept 29
115
64
84
63
63
6 3 '2
95*4
95
95*4
21.4
*21.1
2 '2
16
15
15
110
109 10912
115*4 *115*4 116
125*8 12514 125*4
54>2
5218 5412
9514
9514
95
63
63
IOO
____
*99
17
16*2 17
33l2 34l2
34*8
91*9
9*2
240
238 210
178
176l2 176'2
98 *
98
90
90
90
86
85
85i2
____ 179 179
3
*2
2
*10
*39
6212
95
21.1
15
10S12
115
125*8
51
95
63
99
161,
33l2
9
238
176
9712
90
8512
*2
*10
*39
132
161
15'2
118'2
34*4
30
I'2
135
50*8
29*4
79'2
II U2
12 12
*31
131
161
*15'4
11812
34l2
*29
*1
133U
4918
29l2
78*s
1147s
12U
132
161
16
118',
3412
30
[19
134'2
50'8
2 9 '2
79*8
11478
12*8
2
*1*2
100
98
32
32*4
2'2
212
55
55'8
54i2 53*.|
8'2
8I2
3*8
3*4
59
5912
63'2
6318
546
550
18
*18
46
46
55'i
55*2
2*2 *
12i2
12'4
9
9
86
85l2
40
39*8
17
16*2
27 *____
5'2
5*2
45 [2, *4512
88*1 *8814
28
28
4
*3*4
3
*2&8
141.1
13*4
*514
5u
*1'2
11
10*8
4
3'2
28
28
2<2
2*2
74173't
1H2
14*4
10
10
9*4
9*4
7'2
712
30'j
30'i
1 h.
1*4
*U 2
1'ft
3*4
3'2
53
53
84
83l2
1678
167s
8214 81*t
22*8 *22*4
55
55
278
278
7
7
27
26*4
6'2
5*4
27
2712
2'2
2'2
57'2
56*2
4l.t
4 'i
.45 *.44
4212 42't
47'1
46%
3*8
3'|
12
12
6812
68I4
*2'4
2*4
3
3'4
59
58
l*i
*1'2
2
9814
3312
2*8
55*4
54*4
918
3'4
6OI4
64
558
1812
46
56
2'2
12i2
9'4
8612
40l.i
17*2
27
512
4 6 '2
89
28
4
278
14l.|
6
2
11
4'4
28
2*2
75
14*4
lOlt
10
7*8
3078
1'2
2
3*4
53
8 4 '2
17's
83
23
55
3
7
27'2
5*4
27*t
2*8
56*2
4 12
.45
427s
467s
312
12*8
68*8
2*4
3
58*4
1*4
*112
99
32
2 '2
551.1
53*4
8>2
*3i2
5 8 '2
62*8
550
*18
4512
55*8
*214
12ls
9
85
38
*10l2
27
514
45
*S7I2
28
3*4
*258
13*4
*51.|
*1'2
10*4
4'4
28
212
73*4
1U2
9*4
10's
7 '2
29*4
l 't
*n
3's
53
8312
16*4
81
2212
53
3
7
27l.t
*5*4
27
*2*8
56>12
4
.44
41
47
3'4
1212
68I4
*212
3
5812
*11,
2
*U 2
99*4
98i2
3212 31*4
21*2
551.1
55
55
55*8
878
812
3*8
3*4
60l2 59*8
63l2 62
555
550
18'2
1S12
46*i
45*4
56
55
21,
*2l4
121,
12
9
878
8 6 '2 85
40
37*4
16
17*2
27 ♦__
5*8
514
4512 44l2
881, *88
28
*261,
*3l2
3*4
27s
*2»8
141.1
13i2
5
5*2
2
1*2
11
10*4
*4
414
2 8 '2 281,t
2*8
2i2
7 4 '2 7 3 '2
14l2
1U2
10
*9*4
10'4
lO'.i
71,
7%
301,
30
1
H?
2
* ll.
3's
3's
5212
531.8
8418 8312
17
17'4
821,
81
23
22I4
54
55
3*8
3*8
7
7
28
2714
6
6
271,1
27
2 '2
2*4
5512
57*4
41,
4
.44
.43
421,
401,
47
4678
3't
3*8
12*4
12*8
68
69*8
*212
2*8
3
*3
581,
58
1^4
l->
10U2 *1031, 104
____
101
101
101
____
189
1881, 18812
81
so u 80'4
8112 8U ,
____
130 *130
26
25
25l2 26
2S'2
____
235 *230 235
Last Site 10
M a r '15
8
40 Sept/15
Last Sale 8*4 Ssbt’ 15
8
45i2 4512
158
105
105
155 A ug/ 15
67
67
67
6 9 ', 70
119
Last Sale 117 S e p t'15
86
85
85
86
86
____ ____
98' 2 98
98
9 '2
9
9's
44
43
43
4 2 't 42*4
69
70 It
69*4
68*4 6914
9312 *8Sl2 9312 89
90
148i2 *14812 150
20
*17
20
20
20
____
134
13312 133*2
*31
132
*15
118l2
34l2
*29*4
*I
130l2
49't
29's
78'8
*114'2
12
2
*1
63
63
96
9 5 '2
2 '8
2'4
15
15
10S12 109
11512 11512
12578 Z1231,
-4912
51*4
951.1
95
*62
63
*99
99
161, *16
341.1 331t
912
9
241 *240
17312
176
9 7 ',
98
8912
90
86
86
179
3
03
—
Sales
of the
W
eek
Shares
5
51
55
168
6
1,353
33
8
101
22
25
23
120
320
1,968
58
22
110
108
ST O C K S
BO STON ST O C K
EXCHANGE
Range Since Jan.
Lowest.
02*4 Fob 23 10l*s
97 Jan If 101
170 M ar 5 198
73 Junelf
96
109 Feb 26 130
20 Feb 13
37
225 Jan 5 210
10 Mar25
10
Boston & W ore Electric C o s ..
Do
prof_____________
Chic June R y & U S Y . . . 10 J
Do
prof_____________
10:1
Fitchburg prof____________ 100
Georgia lty & Elec stampdlOO
Do
pref. - ............. .. 10c
Maine Central________ - lo t
Mass Electric C o s________ Kit
D o pref stam ped____ 10.;
N Y N 11A H artford____ lot
Northern New Hampshire lo t
Old C olony_____ ________ IOC
Rutland, pref___________ lo t
Union Pacific______ _____ .lo t
8*4 Sep 13
39 Jan 20
157 Fob 13
101i2 July 9
110 Fob 25
51 Feb 9
111 Apr 20
84 Aug 16
92 M ar 4
47s June 7
33 July 21
43 Fob 25
89 O ct 1
110 Aug 3
15 M ar 17
116)l2 Jan 1
4 V e rm o n t* Massachusetts 100
55 West End Street________
5.1
25
Do
pref........... ............. 5J
105
61
80
132
132
16
118*4
3412
30
llo
131 "
49*i
29 '8
7 9 '2
115
1212
*15
118*4
*311,
29*4
132
49's
291.1
77
114*8
12
*112
2
99
991,
31*4
32*8
2>2
2'4
551.8 54*2
51*4
561,
8i2
8*8
3 '2
33.8
5 9 '2
611,
621,
631,
550
553
1812 *1712
451,
45*i
55l.|
55*1
21,
*2>4
12
121.|
9
9
8412
851,
39IS 37
1012
16',
27 * __
*51.|
5*8
44*4 ♦4412
8 8 '2
88*4
27l2
27i,
3*4
3't
3
131,
13*4
5*8
5'8
* 1*4
11,
10'2
11
412
4'4
281.1 28's
2 '2
21,
73
7 3 ',
111, *14*1
10
9*4
10
IOI4
712 *7's
30
29*4
1'2
1*8
*.85
2
3*8
31.1
5212 53
8312 8 3 '2
17
16'4
83
81
231.1
23U
5412
55
3 '2
3%
7
7
271.1 27'i
0
*6
271,
26*4
2*.,
2*4
57i2 55
4
4'4
.44
.45
41
40
471.1 47
3'4
3'4
12*8
12*4
6812 6.8*8
*2*2
2*8
3
3'4
58
58
♦ ,
2
11
1.
Range for Previous
Year 1914.
Highest.
R a ilroads
Atch Topeka & Santa F c. .10c
Do
prof_____________ -IOC
Boston it A lbany.............. .lo t
Boston Elevated________ .IOC
Boston & Cowell............. - . i n
Boston & M a in e _______ .10
Boston & Providence____ .10:.
Boston Suburban Elec C03___
Lowest.
Apr 21
Sap 30
Jan 12
Jan 5
Jimp 9
M ay 4
June26
M ar2 4
M iscella n eou s
1,007 Amer Agrlcul Chemical. 100
48 Jan 5
487
Do
pref_____________ 100
8 7 '2 M ar25
585 Amer Pneumatic Service.. 50
1*4 M a r l7
SO D o
pref______________ 50
15 June 7
452 Amer Sugar Refining......... 100 100 Feb 21
262
Do
pref............... ......
100 109 Feb 5
3,099 Amer Telep * T eleg______ 100 116 Jan 4
6,601 American W oolen________ 100
16>i2 Apr 6
1,756
Do
p r e f .. ........... .......... 100
77 Feb 5
120 Amoskeag M anufacturing.
59's Jan 20
75
Do
pref______________
9 7 '2 M ay25
1,400 Atl Gulf * W 1 S S Lines. 100
4 Fob 24
5,391
Do
p r o f . . . .................... 100
97s M arl2
485 East Boston Land_______ 10
8*4 July27
203 Edison Electric Ilium _____ 100 230 M ay 10
593 General E lectric.................. 100 138*4 Feb 26
77 McElwatn (W H) 1st pref. 100
96>12 Aug 25
837 Massachusetts Gas C o s . .. 100
78 Apr 8
108
Do
pref.......................... 100
85 M ay24
20 Mergenthaler Linotype__ 100 151 Fob 8
10
Mississippi River P o w e r.. 100
10 Juno 4
LOO 35 Feb 23
100
31 Sent/15
100
25 July 1
132
156 New England T eleph on e.. 100 zl27i4 Junel6
132 132
120
100 150 Fob 24
15!2
50 Reece Button-H ole.............. 10
15'2 1512
15 Sep 27
571 Swift * C o _______________ 100 104*4 Jan 4
119 1201.1
119
____
___
71 Torrington_____ _____ ____ 25
35
28 M ar 8
50
29*4
Do
pref____ ________ 25
29*4 29*4
26 M ar25
1
Sent’ 15
95
1,089 United F r u it _____ ________ 100 110 Feb 25
133'2 13212 134
4912 49
4912 2,277 United Shoe M ach Corp . 25
48 Aug 17
154
29l2 29'8 291,
Do
pref______ ________ 25
28 Mar27
787s
78*4 81*8 12,626 U S Steel Corporation____ 100
38 Feb 1
159
1141, 114*8 115
Do
pref................. ........ 100 102*4 Jan 27
15,402 Ventura Consol OH Fields. 5
12*8 13
12/8
11 Aug 20
b Ex-stock
1,182 Lake Copper C o __
14*1
410 La Salle Copper. .
5'4
145 Mason Valley M in e ,_____
U,
1,239 Mass Consol_____________
11*4
41,
693 M ayflow er.......................... ..
485 Miami C opper____________
3 0 '2
470 M ichigan_______ _________
21,
1,668 M ohaw k.......................... ......
75
395 Nevada Consolidated_____
15
1,500 Now Arcadian C opper____
11
1,325 New Idrla Quicksilver____
Ill's
078 2,022 Nipisslng M ines_________
4,523 North Butte........................
30*!
489 North Lake______________
1'2
____
100 Ojibway M ining................
1,435 Old C o lo n y ..........................
31,
1.155 Old Dominion C o ________
551.1
1,222 Osceola________ __________
8 9 '2
17 *8 2,100 Pond Creek C oa l..................
383 Q u in cy ________ __________
84
3,221 Ray Consolidated C opper.
2578
1,085 St M ary's Mineral L a n d ..
57
3/s 15,530 Santa Fe Gold * C o p p e r..
1.080 S h a n n o n ......................—
7 's
2 7 '2 2,035 Shattuck-Arizona________
235
6
1,370 Superior.................................
28
720 Superior & Boston C opper.
2*4
57l2 2,630 T a m a ra ck _______________
1,260 T r in ity ........... .....................
412
4,200 Tuolumne Copper— .........
.50
4U 2 6,508 U S Smelt, Refin * M in ..
1,928
Do
pref..........................
46's
2,900 Utah-A pex M ining----------3*4
1,980 Utah Consolidated_______
13
918 Utah Copper C o — ............
70*8
100 V ic to r ia ........... ...................
3
514 W in o n a ....... .........................
3
1,33.5 W o lv e rin e _______________
021,
1*8
_ __ __
50
dividend, e Assessment paid,
h Ex-rights.
25
25
5
25
25
5
25
25
5
25
5
5
15
25
25
25
25
25
10
25
10
25
10
10
10
25
25
10
25
25
1
50
50
5
5
10
25
25
9A
51, Jan 27
3>8 Jan 7
1 M a r ti
3 Jan 11
3 Aug 16
16*4 Jan 2
.00 M ar 1
4 0 'iJ a n 15
11*8 Feb 24
41, Feb 24
4 July 10
5's Aug 9
22*4 Jan 25
1 Jan 28
.50 M ar 4
3 Aug 16
38l2 M ar 8
64 Jan 28
12 Jan 7
50 Jan 16
15*4 Jan 7
28 Jan 4
1 M a rl7
4 Jan 15
18*4 Jan 5
51, Aug 23
22i2 Jan 6
1 M ar 3
25 Jan 4
2*8 Feb 11
.20 Jan 2
20 Fob 25
28 Jan 15
2 Jan 2
9!| Feb 26
48*4 Jan 6
1 Feb 26
1*4 Jan 18
32 Jan 6
.50 M >>- a
0 Unstamped,
Highest.
100 July
101*8 Feb
195 Jan
IOU4 July
179 Feb
55 Jan
255 Jan
7 '2 Feb
60 Jan
47
Ju lyl5
35
July
40
Jan
Apr 21
103
Dec
107
Juno
75
120
88
991,
tO
56
71
98
157
22
134
Jan 5
Feb 0
M ar 3
Aug 18
Sop 21
Jan 6
Anr 21
Apr 29
Apr 9
June 9
Apr 26
75 July
1151, Dec
70 Oct 1
9612 Sop 9
3 Apr 14
191, Jan 9
114 Apr 23
117 Aug 28
1257sSep 29
56 Sep 23
97 Sep 30
67 A pr 23
101 Feb 6
17'2 Sop 7
3 l7s Sep 27
131.4 Apr 5
260 Jan 22
178*8 Oct 1
101 M ar29
91 Aug 5
92i2 Jan 28
200 Jan 4
121.4 Feb
143
8
Jan 29
ISI4 Jan
121 Aug
35*4 Sep
30' i Sep
2
30
10
8
9078 Jan
100
140
M ay
July
18 Apr 22
9 Apr 23
4 '2 Apr 27
17 Apr 22
8 Apr 22
3')12 O ct 1
3 Apr 22
82 Apr 26
17 Apr 27
14*4 June 7
13l2 Aug 7
7*8 Sep 27
3S78 Apr 26
4is Apr 23
3l2 Apr 29
7's Apr 22
581, Apr 21
931, Apr 22
19*8 Aug 13
95 Apr 22
26*4 Apr 26
65 Apr 23
3 '% Sep 29
11*4 Apr 26
33 Apr 26
7*4 July27
411, Apr 26
41, Apr 29
58*8 Aug 18
7*8 Apr 30
.63 Apr 14
49l2 Junel5
481, Juno 16
5*8 JunetO
16*8 Ju n ell
73 Apr 26
41, Apr 22
5*8 M ay 1
70 Apr 26
211 An- 0 ,
x 2s paid,
93 Jan
124 M ay
8S78 Apr
99 M ar
7778 Jan
112 Feb
165 Jan
110*4 N ov
103*4 Jan
115
65
82
130
75
95
Jan
N ov
Dec
4711 Jan
89 Doc
2 Dec
17 Jan
9714 M ar
108 M ar
112 N ov
14 M ar
72*4 M ar
571, Dec
97*4 June
5 Fob
131, M ay
234 N ov
137 Doc
98l2 N ov
76i.| N ov
85 N ov
200 Dec
18
128
Feb
Jan
M ar
5914 M ar
98 June
4 Jan
22 Jan
llO 'i Jan
115 D ec
124 Jan
15 M ar
83 Jan
67 Feb
100'2 Juno
9 Jan
16*4 Jan
14l2 Feb
265 M ar
150i2 Feb
102 Jan
94*8 Feb
96 M ar
216*4 Feb
July
38
Feb
N ov
on
69
111
{nn
Jan
Feb
16 Jan
10U , N ov
27 Fob
27 M ar
141*4 M ay 3 *113 Dec
65 M ay24
521.1 Dec
30 Aug 31
28 Jan
81*8 O ct 1
48 Dec
115 Oct 1 103'.| Dec
M in in g
130 Adventure C on ___________ 25
2
2
1 Jan 22
478 Apr 22
1*8
696 Ahmeek new (wh. Iss)____ 25
100
100 102
94 July20 103 Aug 27
9,210 Alaska G old............. ............. 10
32*8
32*8 33*8
40*4 Apr 22
26*4 Jan 6
1,080 Algomah M ining_________ 25
3
21,
2*4
4*4 Apr 22
.45 Feb 10
814 Allouez................................ .. 25
55I4
56
57
35*2 Jan 5 58'4 Apr 26
561.1 56*4 571, 38,581 Amer Zinc, Lead & Sm elt. 25
60*8 July 14
16*4 Jan 4
9
878
91,8 8,438 Arizona Com m ercial______ 5
314 Jan 4
91, Apr 22
425 Butte-Balaklava C o p p e r .. 10
31,
3 '2 31,
2 Jan 16
4*4 Apr 22
60*4
9,479 Butte & Sup C op (L td )___ 10 3534 Jan 4
60*8 611,
80 Juno 4
2,496 Calumet & Arizona_______ 10
63i.i 05
6 Us
511, Feb 23
7S*i Apr 26
200 Calumet & Ilecla________ 25 350 Jan 4 630 Apr 22
560
555 559
195 Centennial______ _____ ___ 25
18
18
18
15 Jan 12
25 Apr 22
723 Chino Copper____________ 5
4612 471.1 48'3
3278 Jan 6
49*4 Apr 26
5 8 ', 10,787 Copper Range Cons C o __ 100
30 Jan 13
57
5711
63'4 Apr 26
210 1>aiy-W est............. .. ......... 20
2 '2
l 7sJan 21
214
21,
5*4 Apr 22
8 '2Jan 5
1278 131,8 3,170 East Butte Copper M in __ 10
12/s
15*8 Apr 23
1,147 Franklin....... ......................... 25
9
9
4i2 Feb 5
9's
I H4 Apr 22
4,253 Granby Consolidated_____ 100
87
80't 87"2
58 Jan 7
9H 2 Apr 27
2,610 Greene Cananea............... 100 2314 Fob 1 44 July 15
38*4
39
39*4
596 Hancock Consolidated____ 25
lt>l2
16)12 17
II Jan IS
2412 Apr 29
30 H edley G o ld _____________ 10
____
27
*27
20*8 Apr 9
29*i Jan 19
95 Indiana M ining.................... 25
6
214 Jan 21
*5*4
5*4
10l2 Apr 22
525 Island Creek C oa l........... ..
45
441, 451.1
1 41 M a rl8
52 Aug 17
30
Do
pref........... ......
88'2 8812 8 8 '2
1 851, Jan 5
91's Apr 27
2,490
Isle Royale Copper____
2 9 ',
28
29
25
17i2 Jan 11
31 Apr 26
80 Kerr L a k e ...............
3 '2
37.8
3 Aug 3
5's Apr 20
*3*8
5
1412
141.1
5
5's
2
1'2
11
U l2
4t2 *41,1
29
30
212
2'4
75
7Ut
1514
14*2
10
101,
10
lO'i
678
7'4
301,
30
1'2
1*4
1'4
3*4
3't
531,8 551s
85
85l,i
1678
15*2
83
821,
25
24*1
5612 55
3/8
3*8
7
6*4
2 7 ',
2714
6
6*8
28
2712
2 '2
2*4
5 7',
50
412
4
.50
.48
4 ll4 411.1
47
j 45*8
3'4
3*8
1212 12*8
69*i
69*8
2*8
2*4
3
3
62
6078
1*0
13«
88*4 N ov
97*8 Jan
175 N ov
77 M ay
150 Dec
301, July
225 M ay
7 M ar
50 July
|
110
Feb 9 125 ' Apr 20
M ay 15
72i2 Jan 25
July 1 9312 Feb 4
64
64
70
96
951.1 96
2 '.1
*2 lg
2'4
15
UOI4 110 110
116
115' i 116
12378 123*8 124
53
54
51
97
9612 97
631,
63
63
100
100 100
161,
16*4 16*4
331.1 31
33's
9t2
91,
9's
241
2 10'2 241
175*4 1741, 178's
97*4
97l2 9 7 '2
90
90
89
86
86I4
86
179
181 185
2
Sept’ 15
Last Sale 10 Juno’ 15
* Bid and asked price, a Ex-dlvIdend and rights,
Friday
Oct. 1
*11212 115
111 111
*6212 6412 *62l2 6312 63
84
84
*83 >2 85
—
*31
131
160
15
1512
11812 118
35
34*4
30
30
*1
H2
134
134
50
50
29's
29'4
78*8
78'2
H l'2 114'2
12
12E
132
Thursday
Sept. 30
[VOL. 101.
BONDS
S«a Next Pax*
1 Apr
239*4 Apr
19 July
1, Dec
34i2 Jan
1214 N ov
20is July
107*4 M ar
3 1 M ay
173 Feb
61*t Juno
30is July
67U Jan
112% Jan
2 Jan
300 M ar
2.8*4 M ay
43*4 Feb
6 »f,M a r
l N ov
24 N ov
53 Dec
350 Dec
14 Jan
30'.| Dec
29 Dec
1'2 N ov
8 Dec
2 N ov
60 Dec
211.1 Apr
11 Dec
28 July
3 Apr
441, Dec
81 Juno
16 Dec
378 M ar
4*4 N ov
3 If,D ec
U.l Dec
2 M ar
3*4 June
16*4 Dec
.50 July
39 Apr
10 Dec
178 Jan
4 June
5 July
19*4 Dec
.95 Apr
*4 Apr
2*8 N ov
44 Dec
64 Dec
12*4 Dec
5178 Dec
15 Dec
28 D ec
1 Jan
4 N ov
18 Dec
22 N ov
114 N ov
2412 Dec
2*4 N ov
.23 Dec
2411 Dec
4 0 '2 Apr
1*4 N ov
8*4 Jan
45's N ov
1 M ar
30
30
Dec
June
to Hall paid.
40*4 M ay
460 Feb
19 Feb
4 3 '2 Feb
40*i Feb
3 Feb
13 Jan
42*8 Feb
30
M ar
50' i June
8 9 '2 Juno
24 Feb
6's July
241* Feb
Hi Feb
49l2 Dec
16*8 D ec
4 Juno
8's Feb
30*i Feb
2
5Jf,
54
84
Jan
Feb
Feb
Feb
68 Feb
22i2 Apr
40 Feb
7i2 Feb
29*4 Feb
32 Feb
2% Jan
43 Feb
5 i, Jan
.85 M ar
4 3 '2 Feb
487s Feb
2*8 Feb
14 Feb
59 Juno
c2% M a y
47s Feb
47*4 Feb
11.4 Jan
Outside Exchanges— Record Transactions
Boston Bond Record.
In
— Transactions
bonds at Bos
ton Stock Exchange Sept. 25 to Oct. 1, both inclusive:
Sales/or
W
eek's
W eek.
Range.
Friday
High. Shares.
Sales. Low.
B on ds.
Am Agrlc Chom 5 s .- 1024
A m ir Tel & Tel 4s. 1920
Convertible 4 !4 s_. 1933
Atl G A W I SS L 5s_ 1059
Central Vermont 4s. 1020
G t Nor— C B A Q 4s. 1921
M ass Gas 4 )4 s --------- 1931
4% S
_______ 1929
Miss River Power 5s. 1951
New Eng C ot Yarn 58.1029
New Eng Telep 5s— 1032
New River 5s----------- 1934
Pacific Tel A Tel 5s 1937
Pond Creek Coal 6s_ 1023
Swift A Co 5s_______ 1914
1925
United Fruit 4 )4 s ..
Western Tel &Tel 5s 1032
103)4
73
06)4
91)4
76
90
07X
04)4 04)4 81.000
34,000
88)4 89
102 X 103)4 118.500
73
101,500
72
72
72
5,000
2,000
96)4 97
18,000
91X 02
4,000
06)4 96)4
3,500
74)4 75)4
1,000
74)4 74)4
9,000
100)4 100)4
1,000
76
70
l ,000
96)4 06)4
11,000
04)4 95
06
06)4 23,000
5,000
05)4 05)4
7,000
07
07)4
Range since Jan.
Low.
91
86 X
95)4
00
68
95
01
95
70
70
09)4
65
95)4
94
94)4
90
04)4
High.
Jan
Jan
Jan
Jan
June
Jan
Aug
Jan
July
Apr
Jan
M ar
Jan
M ay
Feb
Jan
M ar
Sales/or
W
eek's
W
eek.
Range.
Friday
High. Shares.
Sales. Low.
Par
04 X
89)4
103)4
73
72
07
94
07)4
75 X
76
101)4
78
97)4
08)4
96)4
95)4
97)4
105)4
95)4
Houston Oil trust ctfs.
Preferred trust ctfs.
M er A Miners Trans.
Northern Central —
Pennsyl W at A Power.
18)4
100
100
61)4
30
100
50 ______
69)4
100
Wayland b ll A G as--------- 5 ______
lion d s—
Atl Coast L R R con 4s 1939
Balt Elec stamped 5s. 1047 ______
Balt Spar P A C 4 )4 s. 1953 ______
Chicago Ity 1st 5 s----- 1927 ______
Coal A Iron 1st 5 s ----- 1920
Consol Gas gen 4)4s. .1954
Cons Gas E L A Pow notes
01 x
Convertible 6s. — 102.3
Davison Chemical Os.1932
Detroit Un R y 4)4s._1932
Fair A Clarks Trac 5s. 1938
G a C a r A Nor 1st 5 s .. 1029 101
C.a Sou A Florida 5s . 1045
75)4
Houston Oil div ctfs 1923-25
K noxv Traction 5s__ 10.38
M il Electric R y 1st 5 s. 1931
M inn St A St P C Jt 5s 1928 100)4
M tV-W ood C Due k et dei)
N O M obile A C 1st 5s 1060
N orf A Ports Trac 6s. 1936
N orfolk Ry A Lt 5 s . . .1949
P en n syW A P 5 s
1040
Ral A Gaston 1st 5s. 1047
81)4
United Ry A E 4 s ___ 1949
59
Income 4 s ...............1949
Small
______ 1936
United Rys St Louis 4 s ._.
Range since Jan.
Low.
Sept
Apr
Sept
M ay
Sept
Sept
Jan
M ar
Sept
Jan
Feb
Aug
M ay
Aug
M ay
Sept
Sept
Sept
Jan
Jan
Jan
Jan
Mar
M ay
Mar
Jan
M ay
Aug
Aug
July
44)4
107)4
115
96
7)4
7
22
10)4
01 x
30
85)4
70
3
M ay
80
27
4)4
87)4 840,000
82)4
86
600
82
1,000
96)4
07 X
1,000
03
94)4
94
2,000
03
06
2,000
01)4
02
1,000
03)4
100 X 33,000
98)4
100
500
98)4
1,000
85)4
85)4
1,0(0
90
91)4
4,000
87)4
86)4
101)4 12,000
00X
1,000
07
99)4
3,000
74
65)4
97
3,000
92 )4
500
93)4
00X
3,000
98)4
98)4
101
8,000 101
1,000 100
100)4
75)4 43,000
72)4
101
1,000 101
5,000
94
98
100)4 12,000 100
41)4 35,000
35
10,000
40
33
1,000
78
75
2,000
94
05X 96)4
2,000
89
89
.88
2,000 102)4
102)4 102)4
80)4 SIX 18,006
79)4
59
55
59)4 11,006
82)4 82 %
8.00C
81
82 % 83
700
80)4
3,000
60)4 60)4
60)4
Aug
5
45
134
222
1,425
200
789
6,145
1,158
20
125
645
240
60
5
1,366
305
85)4
86
97)4
04)4
94
96
93)4
100)4
100
85)4
91)4
87)4
101)4
99)4
74
97
96)4
98)4
101
100)4
74
101
96)4
100)4
41
40
78
1.
High.
42
102)4
106 X
92
5
5)4
16
10
54
24
82
63)4
2
12 %
80
2014
2)4
42)4 42)4
105
105)4
109)4 110
94)4 05 X
6)4
ox
ox
ox
20
IS
1 5 X 19)4
58)4 6114
30
30
82)4 83
68)4 00 x
2)4
2X
16
16)4
80
80
23)4 24%
4
3)4
Feb
Jan
M ar
June
M ay
M ay
Juno
Sept
Sept
Sept
Jan
Aug
1Q
%
Jan
Aug
June
Jan
Aug
M ar
Mar
Sept
Jan
Sept
Jan
Jan
Jan
87)4
87
99)4
-97
97
06 >4
05
100)4
100)4
80
94
91
101)4
100
75)4
Jan
Apr
June
Jan
Jan
M ar
Juno
Sept
Sept
Apr
M ar
Jan
Sept
Aug
M ar
07X
06)4
July 100
Jan 102)4
Aug 102)4
Apr
77
July 103)4
July
98)4
Sept 102
Jan
45
Feb
41X
Aug
84)4
Sept
97)4
Jan
92
Sept 102)4
82
June
63
June
87
July
87)4
Sept
60)4
Feb
Apr
Jan
Apr
Jan
Jan
Jan
Aug
Apr
Jan
Apr
Apr
Sept
Jan
Jan
Jan
Jan
Sept
x Ex-dlvldend.
Pittsburgh Stock Exchange.
— Transactions at the Pitts
burgh Stock Exchange Sept. 25 to Oct. 1, both inclusive.
Sales/or
Week's
Range.
Week.
Friday
H igh. Shares.
Sales. Low.
Stocks—
Par.
American Sewer Pipe. .100
16)4 17
16)4
Am Wind Glass Mach. 100
19)4 21)4
99
Preferred_____ . .100 98
98
101
Amer Wind Glass pref. 1(K) *93
*93
Columbia Gas A Elec. 100 14
13)4 14)4
Crucible Steel common 10)
100 100
111
Ilarb-Walk Refrac pref 100 09
Independent Brewing__ 50 _____
08)4
3)4
La Belle Iron W orks.. . 100
41)4
46 X
49)4
40 X
45
Mfrs' Light A Heat___ 50 ___ '
Nat Fireproofing com .. .50
9)4
Preferred___________50 22
Ohio Fuel Supply.......... 25
Pittsburgh Brewing com 50
Preferred___________50
Pittsburgh Coal com .. 100
Preferred . ------10,)
Pittsburgh Oil A Gas. .100
Pittsburgh Plate Glass. 10)
Pure Oil common---------- 5
San Toy Mining.............. 1
Union Switch A Slg com 50
U S Glass...................UK)
U S Steel Corp_______ 100
WestPennTr A WatPow 1IK)
Wcst’house Air Brake..50
West’housoKlAMfg com 50
Preferred .............. -.50
Hotuls—
Monon ltlv C C A C 6s '49
Pitts All A Man Tr 5s 1930
Pittsb Brewing 6s__ 1040
Pltt.sb Coal deb 5s. .1931
Pittsb McK A Conn 5s '31
West. Penn Rys 5s__ 1031
x
Ex-dlvldend.
____
15
37)4
10554
5)4
16 X
______
123
18
81
10
141
65)4
70
y.fi
.........
_____
_____
..........
SX
21
14 %
99
3)4
10
23
39)4 40
6
4)4
15
15 X
33)4 38
105
10554
5)4
5)4
10 5 X 108
1654 18
13c.
14c.
120 124)4
18
1S X
78)4 81
10
10
141
143)4
61
65)4
68)4 70
40)4 50)4
113 113
09
00 X
60
60
05 X 96
100 100
08
9.8
Range since Ja n .
Low .
240 16)4
1,500 1 5 X
350 75)4
503 *93
2,360
8)4
10 12)4
400 75
51 97)4
220 2)4
13)4
188
3,156 27
92 103
400 48
4,370
4)4
16
605
12
150 39)4
360
3
302
12
6.342
16)4
400 82)4
250
4)4
145 104
11,815
13)4
1,600
8c.
1,765 92
100 13
585 38
Mar
Aug
Jan
May
Feb
Feb
Aug
Feb
July
Jan
Jan
Aug
Apr
May
Apr
Apr
Aug
Feb
110 10 Oct
1,425 116)4 Mar
1,730 32)4 Feb
118 58
Feb
50,000
1.
H ig h .
Sept
July
May
Oct
Jan
Feb
49
1,000 113 Sept
2,000 08 Apr
12,000 50)4 Apr
16,500 90
Jan
1,000 00 X Apr
1,000 00 X July
24
Apr
22)4 Sept
100)4 Sept
123
Jan
15)4 Aug
100 Sept
111
99
6
22)4
46)4
115
50
10)4
25
15)4
45 '
8)4
24)4
38
105)4
7)4
Jan
Apr
Sept
Aug
Sept
Aug
May
Apr
Jan
Aug
Oct
Jan
110 July
Sept
18
20c. June
Sept
125
18)4 Sept
Oct
81
10 Oct
Sept
144
65)4 Oct
Aug
70
01
113
100
Chicago Stock Exchange.
— Complete record of transac
tions at Chicago Stock Exchange from Sept. 25 to Oct. 1,
both incl., compiled from the official sales lists, is as follows:
Sales/or
Week’s
Friday
W
eek.
Sales. Low.
High. Shares.
1.
Baltimore Stock Exchange.— Transactions at the B al
timore Stock Exchange Sept. 25 to Oct. 1, both inclusive.
S tock s.
1081
THE CHRONICLE
OCT. 2 1915.]
Sept
Feb
Jan
65
Apr
97
100'4 June
00 x Jan
S to ck s.
Par
04 X 64)4
37)4
Amer Shipbuilding____100
36)4 37 X
74
73)4 74 X
Preferred______
..1 0 0
83
85
Chic Pneumatic T o o l. .100
88)4
18)4
18)4 10 X
Chic Rys part ctf " 2 " -----*20.8
208
Chicago Title A Trust. 100
136
137
Commonwealth-Edlson 100 137
95
07
Deere A Co. pref______ 100 _____
100
103
Diam ond M atch______ 100 102
Goodrich (B F) c o m . . _ 100
73 X 77)4
112 pf.100
112
Hart Shaff A M arx,
64)4 65
Illinois B r i c k _______ 100
274
274
25)4
25)4 25)4
Kansas City R y A L t . .100
51
51
93
93
Maxwell M otors 1st p f. 100
*122
129
143)4 158
National Carbon______ 100 158
120)4 121
54
54
54)4
Pacific Gas A Elec C o . 100
People's Gas Lt A Coke 100 117
116)4 1 1 7 X
94
94
95
Pub Ser of N o 111, c o m .100
96
97
255
255
105
105
156
Sears-Roebuck, co m . . . 100 154)4 154
124)4 125
74)4 78 X
Stewart War Speed com 100
76)4
141)4 141)4
Studebaker Corp, com . 100
Swift A C o ____________ 100 119)4 117)4 120
159
161
Union Carbide C o . ___100 160
110)4 112)4
W ard, M ontg A C o, p r e f.. 112
B on d s—
02
92
02
Armour A Co 4 )4 s — 1030
06)4 00 x
Chicago C ity R y 5s — 1927
96)4
95
or,
95
Chic Pncu T ool 1st 5 s .1021
94
94)4
Chicago R ys 5s ------1027 _____
60
60
Chicago Telephone 5s. 1023 100)4 100)4 100)4
101
Commonw-Edlson 5s. 1943
101 X
M etropol West Side El—
71
71
71
Extension gold 4s. .1938
87)4 87 X
Morris A C o 4 )4 s------1030
Poop Gas L A C ref g 5s 1047 100)4 100)4 100)4
C h lcG asL A C lst5 s. 10.37 _____
101)4 101)4
00
Pub ScrvC o 1st ref g 5s 1056 _____
00 X
96
Swift A C o 1st g 5 s .. . 1944
00 X
u E s 50% stock dividend,
Range since Jan.
70
26)4
490
26
353
07 X
5,140
45)4
292
17)4
30 204
S3 1 3 2 X
160
88
987
90
150
24)4
75, 105
85
60
30 15 0 X
10
25
75
40
110
60
120 118
1,068 119)4
30 U S X
26
41
177 113
511
75
80
03 X
25 225
61 103
614 a1.31)4
38 121
11,323
48)4
5
38
2,074 104)4
389 144 X
244 110)4
1.
High.
Low.
64)4
Apr
48)4
Apr
70 X
Feb
03 X
July
31)4
Aug 213
June 140)4
Jan
99
M ar 103
77)4
Jan 113
Feb
274
June
30
July
57
Feb
93
M ay 129
Jan 158
125
July
54 X
Mar 123)4
Jan
95
M ay 100
Sept 270
Apr x l0 7
M ar 215
126
Jan
7SX
Jan 141)4
Jan 120)4
Jan 166)4
Jan 114
Sept
Aug
Aug
Aug
Jan
M ar
Aug
Sept
Sept
Sept
Sept
Sept
Feb
Feb
Sept
Sept
Sept
Sept
O ct
Apr
Sept
M ay
M ay
Jan
Sept
Sept
Sept
Aug
M ar
S3,000
8,000
11,000
30,000
2,000
16,000
52,000
Jan
01
96
June
Feb
94
93
June
00
Sept
Jan
00 X
Jan
100
02)4 Feb
Feb
99
M ar
98
Feb
97
77)4
Jan
101
Jan
102
1.000
5,000
10,000
2,000
11,000
29,000
71
sox
99141
100H
87 X
04 X
Oct
Jan
Jan
June
Jan
Jan
73 * Jan
88)4 Apr
101)4 M ar
Apr
102
Apr
91
00 x Feb
x Ex-dividend.
Philadelphia Stock Exchange.— Record of transactions
at the Philadelphia Stock Exchange from Sept. 25 to Oct. 1,
___
both inclusive, compiled from the official sales lists.
W
eek's
Sales/or
Friday
Range.
W
eek.
High. Shares.
Sales. Low.
Stocks.
Par.
Vmerican Gas of N J..100
\merican Milling--------10
Vmerican Railways-----50
Preferred_________ 100
Baldwin Locomotive--100
Preferred_________ 100
[tuff & Susq pref v t C-.100
Cambria Iron............... 50
Cambria Steel-------------50
Klee Storage llattery--100
General Asphalt--------100
Preferred-------------- 100
insurance Co of N A__ 10
I G ItrlliCo....... ......... 100
Keystone Telephone— 50
Preferred__________ 50
hake Superior Corp— 100
Lehigh Navigation------ 50
Lehigh Valley________ 50
Lehigh Val Transit........50
Preferred__________ 50
Little Schuylkill............50
Minehlll * S H............. 50
Norristown----------------50
Northern Central--------50
North Pennsylvania-----50
Penn Salt Mfg-------------50
Pennsylvania.................50
Pennsyl Steel, pref-----100
Philadelphia Co (Pitts).50
Preferred (5%)..........50
Preferred (cum 0%)._50
Philadelphia Electric.22 H
Phlla Rapid Transit-----50
Voting trust rects___ 50
Philadelphia Traction..50
Reading................
50
Tono-Belmont r>evel-----1
Tonopah Mining----------- 1
Union Traction .......... .50
United Cos of N .1____ 100
United Gas Impt--------50
U S Steel Corporation .100
Preferred ............
100
Warwick Iron * St------ 10
Welsbach Co-------------100
West Jor 4c Sea Sh------ 50
Westmoreland Coal-----50
Wm Cramp Sons___ 100
Scrip.
Cambria Steel scrip .1010
do scrip -----Feb 1017
do scrip__ May '17
Bonds.
Am Gas* Elec 5s-----2007
do small______ 2007
Baldwin Locom 1st 5s 1940
Bethlehem Steel p m Rs ’OS
Elec * Peoples tr ctfs 4s '45
do small -------- 1045
Equtt I Gas L 5s____ 102S
Ilarwood Electric Rs .1042
Inter-State Rys coll 4s 1043
Keystone Telep 1st 5s 1935
Lehigh Coal <fc Nav—
Consol 4 '4 s ----------- 1954
Lehigh Valley—
Gen consol 4s------- 2003
Gen consol 4 X s -----2003
Lehigh Val Coal 1st 5s 1033
Leh Val Transit 1st 5s 1035
Pennsylvania RR—
Consol 4Ms----------10R0
General 4)48-------- 19R5
Perklnmen 2d ser 5s 1018
104)4
23)4
128"
R8 X
73
34
71
23 x
63 x
14)4
9
76 X
73
19
37)4
04 X
56 X
88
*47 X
*44 M
25 X
12)4
12X
~76H
3)4
5X
41
85 X
81
10)4
86
"75"
10 2 X
Low.
73 100
6
6
25
5
23)4 24
110
24
96X 96X
7
96)4
94)4 144 )i
3,129
30
10SJ4 115
281
90
40
43
996
36
41
45
45
510
41
239,281
65 )4 75
10,118
73
78 X
47)4
3,015
24
31)4 34)4
1,812
60
60
71X
179
21
23
24
20
45
63)4 14,377
235
13
14)4 14)4
35
61
67
67 X
9,276
5
S H 10X
1,130
75)4 77
71)4
427
65
72 H 73)4
1,140
18 X 10
13X
2,050
36>* 37)4
20X
20
52
52
52
27
5 5 X 56 X
54X
6 130X
136 X 136 X
22
82
82
82
1 90
oox o o h
197
80
94
05X
5,221
51)4
5 6 H 57X
2,134
85
88 X
49)4
4,407
29)4
44
48 X
31
7
36
.36
653
32
44
46
3,789
23)4
25)4 26
450
7
lix
13
6,355
11
13)4
7)4
90
70
7 5 X 76
030
70
76 H 77 X
1,740
3)4
3H
3%
1,192
5
5)4
6
3,220
30
40
43
11 220
222 222
2,207
x85X S O X
SOX
38
7 7 X S I X 38,130
225 103
U 4 X 11 4 X
1,370
OX
1 0 X 10)4
100
35
41X 41X
3
47
40
40
105
58
66
66 X
1,070
89
90
18)4
102) 4 101)4
100
10 0 X
99X 100
99 X 1 0 0 X
103)
Range since Jan.
253
262
6,354
86
87) $22,000
900
86
87
10.3
103)4 13,000
5,000
118)4 U S X
15,000
74
75
1,000
74
74
1,000
105)4 105)4
1,000
01)4 91)4
5,000
58)4 58)4
94)4 94)4 11,000
95
95
95
1.
High.
Jan
Apr
Sept
Sept
Feb
Mar
July
M ay
Feb
Jan
Mar
Mar
Jan
July
Aug
Jan
Apr
M ay
Jan
Jan
Mar
July
July
Sept
Sept
Feb
Mar
Feb
M ay
Mar
Mar
Mar
Jan
M ay
M ay
July
M ay
July
July
M ay
Mar
Jan
Feb
Jan
July
Mar
Alls
Jan
Jan
104)4 Sept
ox Feb
Jan
36
Jan
101
144)4 Sept
115
Sept
43
Sept
45
Sept
75
Sept
78X Sept
36X June
72)4 June
24
Sept
03X O ct
Apr
16
Apr
69
13)4 June
77X June
74X Aug
19
Sept
37)4 Sept
54X Jan
57X M ay
Apr
145
Feb
86
92)4 Feb
Aug
96
57X Sept
July
00
4SX Sept
Aug
40
46
Sept
26
Sept
13)4 Sept
14
Sept
79)4 Jan
78 X Apr
5X M ar
7)4 Jan
43
Sept
Feb
225
87X M ar
Oct
SIX
114)4 Sept
11)4 Aug
41)4 Sept
Jan
50
06X Sept
Sept
91
Feb
Feb
Feb
100)4 Sept
Sept
100
100)4 Sept
Jan
85
Jan
85
100)4 M ar
115)4 Jan
Aug
73
July
73
105X Mar
91)4 Sept
July
57
Jan
90
88)4
88
103)4
119.
79
82
105)4
09)4
60
96
fA ug
'A u g
) Apr
M ay
Feb
Apr
M ar
July
Apr
Aug
Apr
Jan
100
Aug
Feb
Jan
Jan
00)4 M ay
Apr
100
104)4 Jan
103
Sept
102)4 Aug
M ay
97
100)4 Sept
Feb
105
08X June
100)4 Sept
99)4
99)4
4,000
07X
87
99)4
103) 4
103
87
100
103)4
103
8,000
3,000
5,006
3,000
sox
102)4 103
97)4 97)4
100)4 100)4
21,000
28,006
5,000
97
103
102
THE CHRONICLE
1082
Range since J a n . 1.
Sales fo r
Week’s
Range
Week.
Friday
H igh. Shares.
Sales. Low .
Bonds— (.Con.)
Philadelphia Co—
86
83 X
Cons & Coll tr 5s__ 1951
Phil Elec tr ctfs 5s___ 1948 101)* 101>*
102
do small______ 1948
79
Trust certfs 4s____ 1950
80
do small______ 1950
Phil & Read term 5s. - 1941
10914
Pub Serv Corp N J 5s.1959
8814
Reading gen 4s_____ 1997
9214
Spanish Am Iron 6s. .1927 101H 101
United Rys gold tr ctf 4s’49
73
United Rys Invest 5S-1926 ~74“
7014
x Ex-dlvIdend.
86
102
102
79>*
80
10914
8814
9214
10114
73
74 H
50.000
5.000
100
15.000
800
8.000
1,000
6,000
20.000
5,000
134,000
70
10014
101
77 X
79
10914
8614
91
10014
7214
55
Tobacco Stocks— Per Sha re.
Par B id .
H ig h .
Low .
86
10214
10214
80
81
110
8814
95
10214
74H
7414
Mar
Jan
Jan
Jan
Jan
Jan
Aug
Aug
Jan
Aug
Mar
Sept
Jan
Jan
Apr
Sept
Aug
Eeb
Feb
Aug
Apr
Sept
Volume of Business at Stock Exchanges
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
DAILY, WEEKLY AND YEARLY.
Stocks.
Week ending
Oct. 1 1915.
Shares.
591,611
1.455,190
1,663,917
1,454,112
1,454,611
1,516,869
Saturday____ ______
Monday....................
Tuesday.... .......... .
Wednesday________
Thursday_________
Friday............. .........
P a r Value.
R ailroad,
<kc..
Bonds.
S51.581.500
131,181,500
142,870,950
131,571,825
126,254,600
120,374,825
52,921,000
6,113,500
4,997,500
4,762,000
4,897,500
4,427,500
State, M u n .
& Foreign
Bonds.
V . S.
Bonds.
542,000
260,000
401,000
578,000
205,000
132,500
8,136,310 5703,835,200 528,119,000 51,618,500
Total ................
W eekending Oct. 1.
Sales at .
N e w York Stock
Exchange.
8,136,310
Stocks—-No. shares__
Par value.... .......... 5703,835,200
Bank shares, par____
SI,000
Bonds.
Government bonds__
State, mun.,&c.,bonds
RR. & mlsc. bonds__
Ja n . 1 to Oct. 1.
1914.
1915.
SI,618,500
28,119,000
1914.
1915.
45,990,575
116,650,147
$10,092,297,690 $4,023,321,369
$265,800
5140,300
STOCK
EXCH’GE
CLOSED
$655,100
32,659,500
391,771,500
$815,000
17,609,500
591,392,200
$425,086,100
Total bonds......... $29,737,500
$609,876,700
DAILY TRANSACTIONS AT THE BOSTON, PHILADELPHIA AND
BALTIMORE EXCHANGES.
Week ending
Oct. 1 1915.
Boston.
Bond Sales.
Shares.
Baltim ore.
Philadelphia.
Shares.
Bond Sales.
Saturday_______
Monday..............
Tuesday............. .
Wednesday..........
Thursday.............
Friday_________
22,674
40,276
46,515
43,660
48,205
62,573
$63,500
88,000
78.000
55,800
29,200
44.000
32,510
105,229
97,058
70,255
45,665
61,513
$45,700
52,292
73,403
32,470
133,713
73,000
Total________
263,903
$358,500
412,230
5410,578
Bond Sales.
Shares.
$87,400
29,600
52.400
63,50.)
99,800
23.400
1,905
5,230
2,912
740
2,330
958
14,0751 $356,100
New York City Banks and Trust Companies
Banks.
B id
N ew York
Ask
545 555
200 210
175
185
145
165
400
225 260
150
175
___
150
100
125
525 550
Chat & Phcn 189
195
Cheslsea Ex* 124
135
Chemical__ 400 410
CitizcnsCent 169
174
City........... 1400
Coal & Iron. 155
165
Colonial*__ 450
Columbia*.. 300 325
Commerce.. 158
16012
Corn Exch*. 300 305
100
Cosmopol’n* 85
70
80
East River..
145
Fidelity *__ 135
Fifth Ave*._ 4300 4600
Fifth.......... 250 300
875 885
Garfield___ 185 200
Germ-Amer* 135
145
German Ex* 390 410
Germania *. 425 475
Gotham___ 190
Greenwich*. 265 280
615 630
Harrlman . . 320 330
5C0 510
165
175
Liberty ___ 625
Lincoln ___ 310 330"
Manhattan * 300 310
America*__
Amor Exch.
Atlantic___
Battery Park
Bowery * ...
Bronx Boro*
Bronx Nat. _
IlryantPark*
Butch & Dr.
Banks.
Mark & Fult
Mech & Met
Merchants’ .
Metropolis*.
Metropol’n *
Mutual___
New Neth*.
New York Co
New York..
Pacific*___
Park......... .
People’s*__
Prod Exch*.
Public *___
Seaboard__
Sherman__
State *.......
23d Ward*.
Union Exch.
Unit States*
Wash H’ts*.
Westch Av*
West Side*.
Yorkvlllo*..
Brooklyn
Coney Isl’d*
First______
Flatbush __
Grcenpolnt .
Hillside * ...
Homestead *
Mechanics*.
Bid
233
240
175
300
175
325
210
723
365
200
390
220
158
__
410
395
125
100
131
500
275
160
400
475
___
255
134
___
105
125
85
195
Nation’lClty 270
North Side*. 175
People’s ___ 135
♦Banks marked with a (♦) are State banks.
change this week.
A sk
245
247
185
310
185
___
225
825
375
220
400
235
165
175
430
425
135
130
135
140
___
175
450
550
140
265
142
150
120
90
135
110
205
280
200
145
N ew York
B id
130
135
970 1000
580 600
370 385
___ 155
330
340
375
385
1020 1050
___
140
Brooklyn
BrooklynTr.
Franklin__
Hamilton__
Kings C o ...
Manufact’rs
Citizens..
People’s___
Queens C o..
490
250
275
130
280
140
287
80
—
tSalo at auction or at Stock Ex
Inactive and Unlisted Securities
Par
Pe rShare
Par BUI. .1st. Pierce Oil Corp............. ..25
Atlantic Refining_____ .100
Borne-Scrymser Co___ .100
Buckeye Pipe Line C o.. ..50
Chesebrough Mfg Cons. .100
Colonial Oil......... ........ .100
Continental Oil___ .. .100
Crescent Pipe Line C o.. ..50
Cumberland Pipe Line. .100
Eureka Pipe Lino Co__ .100
Galena-Signal OH com.. .100
Preferred........... ....... .100
Illinois Pipe Line_____ .100
Indiana Pipe Line C o.. ..50
Internat Petroleum___ ..£1
National Transit Co__ ..25
New York Transit C o.. .100
Northern Pipe Line Co. .100
Ohio Oil Co....... .......... ..25
Pcnn-Mex Fuel Co........ 25
1710
*17
670 680
265 275
*114 117
720 740
140 150
265 270
*47 49
60 65
265 275
160 162
135 140
155 158
*110 113
♦9% 9%
*32
34
225 230
112 115
*157 159
*58 60
Lackawanna Steel Os’ 17 M-S
Lake Sh & M So 5s.I)ec 1915
Minn Gen El 6s 1917...J&D
New Eng Nav 6s 1917.M-N
N Y N II & II 5s.May 1 1916
Pub Ser Corp N J 5s TO M&S
Seaboard A L 5s 1916__M-S
Southern Ry 5s 1916__F-A
5s Mar 2 1917
M-S2
Sulz&SonsCo6sJ’ne 1 ’ 16M-S
UnTypew 5s Janl5’ 10 J-J 15
United FruitOsMay F17M-N
Gold notes 5s 1918..M-N
Utah Co 6s 1917........... A-O
UtahSecurCorp 6s '22 M-S 15
New York City Notes—
6s Sept 1916........................
6s Sept 1 1917......................
Canadian Govt. Notes—
5s Aug 1 1916...............F&A
5s Aug 1 1917...............F&A
RR. Equipments—
Buff Roch & Pittsburgh 4)*s
Equipment 4 s .................
Caro Cllnchf & Ohio 5s........
475
210
265
630
All bond prices are “ and Interest” except where marked “ f.'
Standard OH Stocks
Short Term Notes. Per Cent.
Amer Locom 5s July 1916 J-J 100% 10 11 4
5s, July 1917............ -J-J 100% 101%
Am T & T Sub Cos 5s.. 1916 100% 101'8
Anaconda Copper 5s T7 M-S 101 101%
Balt & Ohio 4)*s 1907.J&D 100 1001s
4>*s, 1918...............J&D 991.1 9912
Canadian Pac 6s 1924.M&S2 1017S 1021.1
Ches & Ohio 5s 1919...J-D 94% 9 Us
Chic Elev Ry 5s 1916___ J-J 92 9312
Chlc& West Ind 5s T7-M&S 98 99
Consum Pow 6s 1917..M&N 98*2 99>2
Eric RR 5s, April 1910, A&O 100% 100%
A sk
345 355
435 445
114
150
990 1000
495
505
___
100
290 300
400 415
1120 1135
197 203
270 285
612 620
120
130
103
93
100
105
390 405
100
Prairie Pipe Line......... .100
Solar Refining............. .100
Southern Pipe Line Co. .100
South Penn Oil............. .100
Southwest Pa Pipe Lines .100
Standard Oil (California) 100
Standard Oil (Indiana). .100
Standard Oil (Kansas) . .100
Standard Oil of KcntuckylOO
Standard Oil of NebraskalOO
Standard Oil of New Jer.100
Standard Oil of New Y’rklOO
Standard Oil of Ohio__ .100
Swan & Finch......... ..... .100
Union Tank Line Co__ .100
Vacuum Oil................ .100
Washington Oil........... ..10
Bonds.
Pierce OH Corp corn- 6s. 1924
Per sh are.
B id . As*.
*11
420
206
280
235
342
128
316
475
415
310
345
492
206
500
130
82
225
♦42
11%
423
209
290
238
347
132
319
480
425
320
350
495
208
520
135
84
228
45
79
81
997s 100%
100% 100%
100*1 101
1001s 100%
1001.1 100%
100»2 101%
97 >8 97%
100% 100%
100% 100%
100% 101%
100% 100%
100 100%
9812 9831
100% 1 0 1 %
93 >2 95
101% 101%
99% 99%
98>2 99
100% 100%
82>2 84
102% 103
103% 104
100% 100%
100% 100%
Per Cl. Basts
B id.
4.60
4.60
4.95
5.25
5.05
5.05
B id .
/27
A sk.
American Cigar commonlOO 110 115
Preferred.................... 100 98 100
Amer Machine & Fdry._100 85 95
British-Amer Tobac ord..£l ♦13 14
15
Ordinary, bearer_____ £1 *14
Conley Foil..................... 100 340 380
Johnson Tin Foil & Met-100 125 150
MacAndrews & Forbes..100 150 160
Preferred___________100 99 101
Porto RIcan-Amer Tob-.lOO 188 195
Reynolds (R J) Tobacco. 100 400 410
Preferred........................ 120 123
Tobacco Products com.. 100 44*8 45
Preferred—See Stock Ex. list.
United Cigar Stores com. 100 98 102
Preferred____________ 100 110 125
United Cigar Stores(now).10 *9% 10
Young (J S) Co............ 100 160 170
Preferred___________ 100 107 n o
Ordnance Stocks— Per Sh a re.
Aetna Explosives com— 100 155 158
Preferred___________100 81 85
Amer & British Mfg----- 100 12 14
Preferred___________100 32 40
Atlas Powder common..100 245 250
Preferred___________100 95 98
Bliss (E W) Co common..50 *182 194
75
Preferred_____________50 *70
Canadian Car & Fdry___ 100 107>2 108%
Preferred____________ 100 119 121
Canadian Explosives comlOO 360 380
Preferred...................100 105 110
Carbon Steel common__ 100 69 72
1st preferred________100 71 77
Ovl nrnfnrrnrl
00 RR 58
2d
preferred________ 1100
Colt’s Patent Fire Arms
M fg ............................ 100 725 735
Drlggs-Seabury Ord CorplOO 112 115
duPont (E I) de Nemours i
Powder common_____ 100 785 800
Preferred____________ 100 102 106
Electric Boat__________ 100 475 500
Preferred____________ 100 475 500
Hercules Powder com___ 100 415 425
Preferred____________ 100 110 116
Hopkins & Allen Arms.. 100 39 45
Preferred____________ 100 88 95
Lake Torpedo Boat com .10 *18 20
Midvale Steel . ___ . 100 400 450
Nlles-Bement-Pond com 100 150 154
Preferred__________ 100 101 107
Savage Arms— ........... 100 330 350
Scovill M fg ................. 100 420 430
* 18% 49%
Submarine Boat w 1___
Winchester Repeat Arms 100 2250 2400
General Rubber 5s 1918 J&D
Trust Co’s.
Aster..........
Bankers Tr.
B’way Trust
CcntralTrust
Columbia__
Commercial.
Empire____
Equitable Tr
Farm L & Tr
Fidelity___
F’ulton........
Guaranty Tr
Hudson___
LawTIt&Tr
LincolnTrust
Metropolitan
Mut'l (WestChester)..
N Y Life Ins
& Trust..
N Y Trust..
TltleGu&Tr
Transatlan 'c
Union Trust
USMtg&Tr
UnltedStatcs
Westchester
rvoL. 101
Ask.
4.40
4.40
4.40
4.80
5.00
4.80
4.80
6
6
6
4.75
4.45
4.30
5.50
4.80
Street Rnllways—
Com’w’lth Pow Ry & L.
United Lt & Rys com..
Wash Ry & El Co.
4s 1951...................... J-D
52
79
10
50
15
59
5*2
24
35
68
85
80
81
A sk.
30
54
81
17
58
17
61
6
28
39
69
88
82
81%
Elec. Gas & Power Cos— 1
*103 104
*49 50
343 347
Preferred___________ 100 108 110%
61 62
78 80
32 34
64 65
49 51
00 62
Consumers Power (Minn)
1st & ref 5s 1929...M&N 90% 91%
ec Bond & Share pref.. 100 98% ____
Great West Pow 5s 1916.J&J 81% 83
45
Indiana Lighting Co..
4s 1958 optional___ F-A 67 09
North'll States Pow com. 100 29% 30%
Preferred.....................100 84% 86%
Pacific Gas & Elec com.. 100 55 56
1st preferred................100 85 88
2d pref (old pref)___ 100 87% 89
South Calif Edison com. 100 72% 74%
Preferred.....................100 92 95
Standard Gas & El (Del). 50 *5% 6%
Preferred____________ 50 *27% 29
United Gas & Elec Corp. 100 17 20
1st preferred________ 100 57 60
2d preferred......... ......100 18 21
Utah Securities Corp---- 100 14% 15%
6% notes—SeeShort-Term Notes
Western Power common. 100 14 15
Preferred___________ 100 46% 49
Industrial
and Miscellaneous
Adams Exp col tr g 4s’47 J-D
Alliance Realty..............100
Amer Bank Note com___ 50
Preferred____________ 50
American Brass________100
American Chicle com ___100
Preferred___________ 100
Am Graphophonc coin.. 100
Preferred.......... ......... 100
American Hardware____ 100
American Surety_______ 50
Amer Typefounders com.. 100
Preferred___________ 100
American Writing Paper. 100
erred_____________ 100
Braden Copper Mines____ 5
Chill C opper_____________ 25
City Investing C o ______ 100
Preferred_____ ________ 100,
Cramp Ship & E B l d g . . .100!
Emcrson-Urautingham ..100,
Preferred..... ...........
100
Goldfield Consol M ines___10
Havana Tobacco C o ____100
Preferred_____________ 100
1st g 5s June 1 1922..J -D
Intercontlncn Rub c o m ..100
Internat Banking C o ____100
Internat M erc M arino__ 100
Preferred______________100
International M otor____100
Preferred_____________ 100
International Salt______ 100
1st g 5s 1951.......... -A -O
International Sliver pref. 100
1st 6s 1948.................... J-D
Deb 6s 1933_____
J-J
Kelly-Sprlngflelil T ir o ...1 0 0
1st preferred__________ 100
2d preferred__________ 100
Kcnuecott Copper..................
Lanston M onotype--------100
La Roso Consol M ines____5
Lawyers’ M ortgage C o . . 100
Lehigh Valley Coal Sales.50,
Manhattan Transit______ 20,
Marconi Wireless of A m e r.5
M ortgage Bond C o _____ 100
National Surety_________ 100
N Y M tgo & S e c u r ity ... 100;
N Y Title Insurance C o . 100
Nlplsslng Mines___________ 5
Ohio Copper C o __________ 10
Otis Elevator com ______ 100
Preferred_____________ 100
Realty Assoc (B rooklyn).100
Remington Typewriter—
5.25
Chic St L & N O 5s.............. 4.60
Chicago* N W 4 )* s .......... 4.50
Chicago It I & Pac 4)*s........ 7.50
Colorado & Southern 5s----- 5.10
4.95
Common_______ ___ 100
Erie 5s...............................
4.95 4.75
1st preferred....... ___ 100
Equipment 4148.............
4.95 4.75
2d preferred___ ....1 00
Equipment 4s.................
4.85 4.70 R lkcr& H cgo’n(Corp forstk)
Hocking Valley 4s----------4.85 4.70 Royal Baking Powd com . 100
Equipment 5s-------------4.55 4.40
Preferred_____________ 100
Illinois Central 5s----------4.55 4.10 Safety Car Heat & Light. 100
4)49...............................
4.90 4.65 Singer M fg C o .................. 100
Kanawha A Michigan 4)49Louisvllle & Nashville 5s----- 4.50 4.30 Standard Coupler c o m .. 100
4.75, 4.50
Preferred.........................100
Minn St P & SS M 4)43..
Missouri Kansas & Texas 5s. 6.50 5.50 Sterling G um .........................5
7.50 5.50 Texas & Pacific C oal____100
Missouri Pacific 5s----------5.15 4.90 Tonopah Extension M in ___1
Mobile & Ohio 5s...............
5.15 4.90 Triangle Film_____________ 5
Equipment 4)4a.............
4.90 4.75 United Profit Sharing......... ..
New York Central Lines 5s.
4.90 4.75 U S Casualty..................... 100
Equipment 4!4s.............
N Y Ontario & West 4)4s__ 4.85 4.05 U S Envelope com ______ 100
Preferred_____________ 100,
Norfolk & Western 4J4s___ 4.50, 4.30
4.60 4.30 U S Finishing..................... 100
Equipment 4s........... .
Preferred_____________ 100
Pennsylvania RR 4)4s____ 4.35 4.20
1st g 5s 1919..........
J-J
Equipment 4s.................. 4.35 4.20
Cons g 5s 1929_______ J-J
St Louis Iron Mt & Sou 5s.. 6.50 5.00
6
St Louis & San Francisco 5s
U S Title Gu & Indem___100
Seaboard Air Line 5s______ "f.5o 4.60 Westchester & Bronx Title
4.90 4.60
Equipment 4)4s.............
& M ortgage Guar......... 100
Southern Pacific Co 4)4s— 4.55 4.40 W orthington (II R ) Com
4.8{ 4.65
Southern Railway 4)*s_.
pany pref......................... 100
Tolcdo & Ohio Central 4 s... 4.90 4.70 Yukon G o l d ---------------------5
♦Per share. 6 Basis, d Purchaser also pays accrued dividend,
n Nominal, x Ex-divldend. v Ex-rights.
/71% 72%
75 85
*41 43
*49 50
235 240
105 111)
85 89
89 91
98% 103
120 125
115 125
40 45
L95
l1 1
265 275
110 112
107 109
*9% 10
110
142 140
*20% 20%
14 20
70 80
87 90
17 20
49 51
*1% 1%
1% 2%
4
6
/52 58
7
8%
105 110
6% 7
34% 35
27 29
57 61
32% 34%
/6S 70
105
106 108
220 225
90 92
*55% 53
80% 81%
*%
%
172 176
155 160
155
*%
%
*4 % 4%
116
116 121
225 230
225
100 105
100
30 40
*7l.i 7%
%
*%
71 73
94 96
94 99
10 12
55 60
34 37
*4% 5
152 157
103% 105
127 130
216 220
25 35
100
100
*2% 2%
150 175
*2% 2%
*8
8%
*2% 2%
190 210
129 134
103 100%
103
11 15
33 38%
90
68 73
30 50
105 180
92 96
*2% 2%
Flat prlco.
1083
THE CHRONICLE
O oi1. 2 1915.]
g m r j e s t r a m i im t l
R A ILR O A D GROSS EARNINGS.
The following table 9 hoW3 the gross earnings of every STEJA.M railroad from which regular weekly or monthly returns
nan be obtained.* The first two oolumns of figures give the gross earnings for the latest week or month, and the last two
aolumns the earnings for the period from July 1 to and inoluding the latest week or month. We add a supplementary
■ tatement to show the fisoal year totals of those roads whose fisoal year doe3 not begin with July, but oovers some other
period The retu rn s o f the electric ra ilw a y s a re brought together sep a ra tely on a su bsequ en t p a g e.
C u rr e n t
Y ear.
P re v io u s
Y ear.
P re v io u s
Y ear.
C u rre n t
Y ear.
$
$
%
Ala N O & Tex Pac650.881
586,806
293,652 317,245
N O & Nor Hast. A ugu st__
272,842
251.544
127,507 138,626
Ala & Vicksburg. A ugu st__
240,006
271,374
118,909 135.769
Vicks Shrev&l’ac. A ugust__
557,877
531,588
49.695
40,505
Ann Arbor------------ 3d wk Sept
Atch Top & San Fo. August — 10904377 10166489 21,326,719 19,775,732
200,671
230.851
260,671
230,854
_____
J
u
l
y
Atlanta Birin & Atl
96,784
99,571
99,571
96,784
Atlanta & West Pt. J u l y .........
Atlantic Coast Lino August — 2,017,173 2.213.766 4,194,560 4,751,905
116,593
143,062
113,062
Chariest & W Car J u l y ......... 116.593
111.028
124,709
Lou Itend & St L July _____ 111.028 124.709
nBaltlmoro & Ohio. A ugu st__ 9,348,857 8,700,376 18,019,610 l6,817,06t
262,765
286.032
134,559 147.371
B & O Ch Ter UR A u gu st__
224,182
242.344
224.182 242,344
Bangor & Aroostook July ____
Bessemer * L Erie. August — 1,268,925 1,150,608 2,534,732 2,269,071
137.470
84,038
174,695
68,971
Birmingham South August . .
Boston & M aine.. August — 4,305,024 4,400,884 8,404.260 8,642,927
2,628,653
217,00"
2,636,736
241,584
3d
wk
Sept
Buff Koch & Pittsb
237,614
259,521
121,549 143,936
Buffalo & Susq BH August
Canadian Northern 3d wk Sept 481,400 566,700 3,581,400 4,307,400
22,933,375
2,578,000
27,197.972
2,408,000
Canadian Pacific.. 3d wk Sept
I, 887,824 2,197,875
Central of Georgia. A ugu st---- 899,996 1,031,504 5,760,930
5,602,994
Cent o f New Jersey A ugust---- 2,978,893 2,878,392
364.141
276,993
364,141 276,993
Cent New England. J u l y ------320,602
336,100
Central Vermont.. July _____ 320,602 336,100
10,107,545
833,021
9,149,766
911,390
3d
wk
Sept
Ches & Ohio Lines.
Chicago & A lto n ... 2d wk Sept 327,088 290,906 2,306,163 3,160,971
7,374,125 7,861,573 7,374,125 7,861,573
Chic Burl & Quincy July /C hicago & East 111 J u l y _____ 1.191,595 1.315,453 1,191,595 1,315.453
376,368 3,288,780 3,410,351
p Chic Great West. 3d wk Sept 321,298
Chic Ind & Louis v. 3d wk Sept 159,618 138,205 1,674,827 1,665,268
Chic Milw & St P-1 A u gu st__ 8,285,177 8,189,202 16,504,458 16,014,188
Chic Mil & Pug S f
rChie & North West A ugu st__ 7,937,061 8,378,0.83 15,127,409 15,740,891
154,371
127,414
127,414 154.371
Chic Peoria & St L. J u l y _____
pChlc St P M & Om A ugu st__ 1,498,741 1,708,324 2,932,074 3,289,313
190,313
163,270
190,313
J
u
l
y
.........
163,270
Chic Terre II & S E
938,738
920,751
Oln Ilam & Dayton J u l y ......... 920,751 938,738
135,024
121.91“
Colorado Midland J u l y _____
121,917 135,024
293,477 287,914 3,140,838 3,148.847
b Colorado & South 3d wk Sept
24.974
21,438
12,519
10,329
Cornwall_________ Yugust__
40,628
26,490
26.490
40,628
Cornwall & Lebanon July .........
726,031
836,724
416,634 343,48
Cuba R ailroad___ Yugust__
Delaware* Hudson July ......... 2.045.150 1,997,294 2,045.150 1,997,294
Del Lack & Western Yugust---- 3,758,762 3,715,617 7,145,834 7,467,622
Denv & Rio Grande 3d wk Sept 592,000 513,000 5,908,900 6,631,630
702,452
561,238
Western Pacific. . J u l y _____ 702,452 561,238
426,770
35,694
401,740
39,100
Denver & Salt Lake 2d wk Sept
133,103
151,590
Detroit To! & Iront J u l y _____ 133,103 151.590
238,552
22,049
267,317
18,519
Detroit & Mackinac 3d wk Sopt
91,974
105,897
91.974
Dot & Tol Shore L. July ......... 105,897
917,989 685,698 1,780,388 1,497,952
Dul & Iron Range.. August —
844,127
62,902
70,616
782.4.32
Duluth So Sh & Atl 3d wk Sopt
800,348
882,467
882,467 800.348
Elgin Joliet & East- July ------813,928 704,910 1,562,771 1,445,069
El Pasof & Sou West A ugust__
5.488.767
11,618,894
5,945.766
10,908,348
A
ugu
st_
_
Krio_____________
362,787 291,866
291,866
362,787
Florida East Coast July ____
90,198
80.347
180,434
166,220
Fonda Johns* Glov August —
205,778
255,426
Georgia Railroad.. J u l y _____ 205,778 255,426
66,812 118,611
624,283
914,249
Grand Trunk P ac.. 2d wk Sop
Grand Trunk Syst. 3d wk Sopt 1,051,589 1,082,811 12,271,935 12,845,623
Grand Trunk Ry. 2d wk Sop 832,429 903.8.35 8,975,317 9,636,059
Grand Trk West. 2d wk Sop 151,995 140.695 1,609,080 1,568,148
557,981
52,373
60.348
632.471
Det Gr If * Milw 2d wk Sop
13,757,102
932,765
Great North System A ugust__ 6,074.640 6,916,655 I I .
145,841 150,76
285,862
300.445
Gulf & Ship Island- A ugust---650,074 711.035 1,193,210 1,102,449
Hocking Valley___ August —
Illinois Central___ A ugu st---- 5,529,843 5,845,350 10,408,669 11,241,473
Internal & Grt Nor A ugust---- 598,049 727,346 1,257,748 1,466,284
604.882
668,306
Kanawha & M id i.. A ugu st---- 290,760 325,488
807,407 885,643 1,638.763 1,830,908
Kansas City South. A ugust__
Lehigh Valley------- A ugust__ 3,779,598 3,770,347 7,513,360 7,352,428
154,095 138,602
138,602
Lehigh* Hud River J u l y .........
154,095
Lehigh & Now Eng. J u l y ......... 320,002 233,342
233,342
320.002
155,777
136,889
Louisiana & Ark---- J u l y _____ 136,889 155,777
169,239 167,891
167,891
169,239
Louisiana Ry & Nav J u l y _____
sLouisville & Nashv 3d wk Sopt 1,139,035 1,107,440 12,477,663 12,762,898
11.029
14,495
14,495
Macon * Birm’ham J u l y ------11,029
Malno Central___ August . . . 1,050,516,1,066,623 2,047,480 2,081,491
48,067
88,410
40,525
Maryland * Penna A ugust__
77,007
Midland Valley___ July ......... 125.267 116,266
116,266
125,267
192,894
13,721
Minoral Range____ 3d wk Sept
20,842
242,706
Minn & St L ouis._ 3d wk Sopt 251,316 238,942 2,388,000 2,428,481
Iowa Central__
Minn St P& S S M l 3d wk Sopt 764,035 750,349 6,894,803 6,871,940
160,193
Mississippi Central. August _.
132,003
80,754
64.447
U M o Kan & Texas. 3d wk Sopt
594,025 633,003 6,813,792 7,251,192
x Missouri Pacific.. 3d wk Sopt 1,183,000 1.254.000 13,163,226 14,232,318
Nashv Chatt * St I A ugu st__
945,760' 985,872 1,888,063 2,057,652
Nevada-Cal-Orcgon 3d wk Sept
106,552
105,289
10,521
13,384
e Now York Central A ugu st__ 14458039 13874967 28,320,511 26,904,465
Boston & Albany, A u gu st__ 1,525,749 1,487,009 3,061,017 2,957,189
n Lake Erie * W A ugu st__
575,173 566,603 1,064,551 1,074,558
Michigan Central A ugu st__ 3,243,727 3,021,357 6,293,269 5,859.699
Clove C C & St L A ugu st__ 3,563,590 3.367.000 6,727,048 6,514,147
288,910
Cincinnati North. A ugu st__
287,622
149,892 157,402
Pitts * Lako Erie A ugu st__ 1.823,899 1,518,102 3,479,332 3,021,763
N Y Chic & St L_ A ugu st__ 1,053,086 967,114 2,017,874 1,887,772
821,348
861.339
Tol & Ohio Cent A ugu st__
418.381 544,932
Tot all linos above A ugu st__ 26811536 25504486 52,073,890 49,368,553
155,069
140.970
Now Or! Great Nor. July
140.970 155.069
July 1 to L a test D a te .
L a test G ro ss E a r n in g s .
July 1 to L a test D a te .
L a test G ross E a r n in g s .
W eek or
M o n th .
RO A D S.
R O A D S.
Week or
M o n th .
P re v io u s
Y ear.
C u rre n t
Y ear.
C u rre n t
Y ear.
P re v io u s
Y ear.
*
$
S
$
342,357
282,804
143,208 160,765
N O Mobile & Chic. August .
6,247,659 5,755,633 6,247.659 7,755,633
N Y N II * H artf.. July . .
912,030 1,000,730 1.873.602 1,993,291
N Y Ont & Western August
604,704
635.540
317,750 315,072
N Y Susq * W est.. August
694,200
677,910
August
345,465 328,471
Norfolk Southern..
4,407,344 3,749,736 4,467,344 3,749,736
Norfolk * Western. July . .
6,076,329 6,075,933 11,426,113 11,867,995
Northern Pacific— ■Yugust
353.865 363.540 3.568.701 3,745,805
Northwestern Pac. Juno . .
589,470
609,596
609.596 589,470
Pacific Coast C o__ July . .
17674 765 17001206 34,430,410 33,069,793
i Pennsylvania l i l t - . August.
341,523
307,208
153,448 166,760
Balt C h es* A t l.. August.
522,736
521,351
276,764 282,482
Cumberland Vail. August.
1,472.452 1,505,277 3,025,805 3.025,083
Long Island_____ August.
233,679
220,356
114,236 121,574
Maryl'd Del & Va August.
805,742
862,694
381,230 363,123
N Y I’ hila & Norf August.
1,920,926 1,905,048 3,825,613 3,757,035
Phil Balt & Wash August.
1,018,421 1,010,298 1,913,526 1.841,603
W Jersey & Seash August.
5,779,671 5.496.066 11,419,695 10,694,560
Pennsylvania C o __ August.
958,726 1,049,719
503,769 560,140
Grand Rap & Ind August.
3,747,744 3,585,259 7,137,930 7,061,469
Pitts C C & St L . August.
1.961,438
1,901.863
1.C04.976
Vandalia . .
August.
980,608
Total lines—
East Pitts & Erie Yugust.
23616954 23011495 46,269,487 44,823,078
West Pitts & Erie Yugust.
11152 942 10762320 21,697,425 21,045,371
34769896 33803817 67,966,912 65,868,451
All East & West. August.
Pore M arquette__ July . .
1,552,603 1,378,926 1.552.603 1,378,926
Reading C o—
951,195
Phi la & Reading August . . 4,230,252 4,129,396 8,313 451
300,345
Coal & Iron C o. August . . 1,973,932 2,477,393 3,791 212
251,540
Total both cos__ A u g u st__ 6,204.184 6,606,789 12,104 663
257,913
252 92
Rich Fred & I’otom J u l y _____ 252,927 257,913
012,649
73,980
292
1,001,
Rio Grando June__ J u n e _____
71,027
128,872
129 399
11,190
Rio Grande South 3d wk Sept 130.068
035,758
Rock Island Lines.. J u l y _____ 5.666.486 6,035,758 5,666, 486
306,908
313 757
Rutland__________ J u l y ......... 313,757 306.908
336,279
245 653
St Jos & Grand Isl. A u g u st__
129.496 140,171
426,192
424 385
241.079 226,616
St L Brownsv & M . A ugu st__
,735,066
St L Iron Mt & Sou J u l y _____ 2,432,048 2.735.066 2,432 048
,815,950
St Louis & San Fran J u l y ......... 3.550.223 3,815,950 3,550 223
484.342
St Louis Southwest. 3d wk Sept 241,000 194,000 2,450 626
878,791
San Ped L A * S L . July _____ 1,083,402 878,791 1,083 462
,523,999
Seaboard Air L ino.. A ugu st__ 1.576,580 1,690,828 3,204 225
,305.077
Southern Pacific__ August — 13207856 11672157 26,171 060
,153,715
Southern Railway. _ 3d wk Sept 1,281,247 1,257,164 14,284 859
781,123
M ob ile* Ohio__ 3d wk Sept 222.973 212,007 2,425, 86,8
214,756
Cin N O * Tex P. 3d wk Sep 187,389 178,656 2,066 352
115,902
87,070 1,042, 159
89,176
Ala Great South. 3d wk Sep
542,594
484, 931
45,720
46.860
Georgia So & Fla. 3d wk Sop
470,694
425 955
Spok Port & Seattle July ......... 425.955 470.094
19,464
19, 199
1,483
1,312
Tonn Ala & Goorgia 3d wk Sept
154,153
129, 874
129,874 154,153
Tenncsseo Central J u l y _____
,890,049
Texas & Pacific___ 3d wk Sept 350,375 338,544 3,888 098
15,553
8.012
15 768
q’ idowater & West. A u g u st__
6,982
302,578
22,518
271 941
24,324
Toledo Peor & Wost 3d wk Sopt
,101,065
98,181 1,150 201
'l’ olcdo St L & West 3d wk Sept 105,777
135.817
52 835
52.835 135.817
Trinity & Brazos V July . . .
,027,264
Union Pacific Syst. A u gu st__ 8,446.063 8,468,027 16,292 929
469,511
588, 616
Virginian_________ J u l y _____ 588.616 469,511
347,378
298 ,928
152,719 178.076
Virginia & So Wost A u gu st__
,442,083
W abash__________ A ugu st__ 2,793.294 2,792.630 5.215, 777
,978,273
Wostern Maryland. 3d wk Sept 207.437 167.572 2,343 ,269
,047.635
667,792 516.541 1,229 598
Whoel & Lake Erie. August ;__
37,863
19,244
30 ,363
16,821
Wrightsvillo & Tenn A ugu st__
,778.302
996,254 925,111 1,897 044
Yazoo & Miss Vall. A ugu st__
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Cincinnati Northern__
Pittsburgh * Lako Erio_____ Jan
Jan
Toledo * Ohio Contral_____ Jan
Total all lin o s__________ Jan
N Y Susquehanna & Western.. Jan
zPennsylvania R a ilr o a d _______ Jan
Baltimore Chesap & Atlanti Jan
Cumberland Valley________ Jan
Long Island______________ Jan
Jan
Jan
Jan
West Jersey & Seashore___ Jan
Pennsylvania C o m p a n y _______ Jan
Jan
Jan
Jan
Vandalia__
Jan
Total lines—
•Jan
Jan
Rio Grando Junction.
Dec
Jan
Buffalo & Susquehanna RR
Delaware & Hudson__________
E rio________________________
New York Central. e _________
Boston & Albany__________
Lake Erio & Western. n ___
Michigan C entral_________
C u rre n t
Y ear.
P e r io d .
V a rio u s F is c a l Y e a r s .
1
1
l
1
1
1
1
1
1
1
1
1
l
1
1
1
1
1
1
1
1
1
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
Aug
July
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Juno
July
P re v io u s
Y ear.
31 $912,139 $935,344
31 12,826,449 12,745,338
31 41,232.933 39,351,864
31 103873494 100056767
31 11,180,554 11,015,638
31 3,830,691 3,759,821
31 22,851,323 22,121,986
31 23.769,308 23,097,992
925,222
31
996,389
31 10,517,276 11,017.340
31 7,699.581 7,450,674
31 2,893,412 2,917,289
31 187612028 182362719
31 2.638.571 2,590,770
31 122589414 124856342
842,866
31
793.966
31 1,901,552 2.231,197
31 9,078,805 9,012,931
626,054
31
599,031
31 2,7 8,944 2,598,804
31 13,542,230 13.575,991
31 4,691,748 4,557,932
31 36.635,916 36,956,176
31 3.425,257 .3,588,388
31 25,577.541 26,228.450
31 7.058,861 7,159.750
31 1590.31218 161500863
31 73.715.403 74.999.801
31 232746 620 236500663
484,981
3(1
462.775
31 1,947,102 1,986,958
AGGREGATES OF GROSS EARNINGS—Weekly and Monthly.
• W eekly S u m m a rie s .
2d
3d
4th
1st
2d
3d
4th
1st
2d
3d
week
week
week
week
week
week
week
week
week
week
July
July
July
Aug
Aug
Aug
Aug
Sept
Sept
Sept
34
35
37
36
37
36
33
36
,37
35
roads)----roads)-----roads)___
roads)___
roads)___
roads)----roads)----roads)----roads)----roads)-----
C u rre n t
Y ear.
P re v io u s
Y ear.
In c r e a s e or
D ec rea se.
%
%
$
%
10,852,144 12.068,210 — 1,216,066 10.08
11,060.669 12,259,162 — 1,198,493 9.77
17.072,024 18,470,398 — 1,398,374 7.61
11.601,061 12,567,332
— 966,271 7.90
11,965,891 12,618,877
— 652,986 5.17
12.220,564 12,778,103
— 557,539 4.62
— 344.410 2.01
16.778,185 17,122,595
— 24,810 0.20
12,032,766 12,057.576
— 276,003 2.07
13.108,847 13,384,850
— 17,212 0.13
13,332,571 13,349,783
•M o n t h ly S u m m a r ie s .
M ile a g e .
C u r. Y r .
November ..246.497
December ..246,807
January.. ..246.959
February . ..246.186
M arch __ ..246,848
A p r il___ ..247,701
M a y _____ ..247.747
Juno_____ ..240,219
July......... ..243,012
August . . . . 89.582
P re v . Y r .
242.849
243,242
243,559
242.837
243,598
245.170
245.207
235,828
241.796
88.047
C u rre n t
Y ear.
P re v io u s
Y ear.
In c r e a s e or
D ec rea se.
%
S
240.235.841
232.598.369
220.282.196
210.860,681
238.157.881
237,696.378
244.692.738
248.849,716
262.918.115
69.231,248
$
272.882,181
258.285,270
236.880,747
212,163,967
253,352.099
241.090.842
243.367,953
247,535,879
260,624,000
73,122,210
$
—32.646.340
—25.686.901
— 16.598.551
— 1.303.286
— 15,194.218
— 3.394.464
+ 1.324.785
+ 1,313,837
+2,324,115
— 3,890,962
11.96
9.94
7.01
061
5.99
1.41
0.54
0.53
0.89
5.32
tho Dunkirk Allegheny Valley & Pitts., the New York & Ottawa, the St. Lawrence Sc Adirondack and the Ottawa Sc New York Iiy., the latter of
which being a Canadian road, does not make returns to the Inter-State Commerce Commission. /Includes Evansville & Torre Haute ana Kvam▼ille A Indiana Ull. 0 Includes Cleveland Lorain Sc Wheeling Ry. In both years, n Includes the Northern Ohio RR. p Includes earnings of Mason
Olty Sc Port Dodge and Wisconsin Minnesota Sc Pacific. 5 Includes Louisville Sc Atlantic and the Frankfort Sc Cincinnati, u Includes the Texas
Central and the Wichita Falls Lines 0 Includes not only operating revenues, but also all other receipts, x Includes St. Louis Iron Mountain
Southern, f Includes the Northern Central heglnn'ng July I 1914 • Wo no longer include the Mexican roads in any of our totals
1084
THE CHRONICLE
L a te st Gross E arn in gs by W e ek s.— In the tablo which
follows we sum up separately the earnings for the third week
of September. The table covers 35 roads and shows 0 .1 3 %
decrease in the aggregate under the same week last year.
R o a d s.
[Vol . 101
-G ro ss E a r n in g s —
C u rre n t
P re v io u s
Y ear.
YYeeaarr..
------ N e t E a r n in g s ----C u rre n t
Y ear.
P re v io u s
Y ear.
S
$
$
$
N Y Susq & Western .a . An
317,750
315,072
100,703
79,439
Jan 1 to Aug 31____
2,638,571 2,509,770
851,523
745,981
Northern P acific.b. _ .A ug 6,076,329 6,075,933 2,770,104 2,172,938
July 1 to Aug 3 1 ..
11,426,113 11,867,995 4,565,514 4,229,774
T h ir d W eek o f S e p tem b e r.
1915.
1914.
In c r e a s e . D e c re a s e .
Pennsylvania R a ilr o a d . a .Aug 17,674,765 17.001,206 5,335,641 4,600,454
Jan
1
to
Aug
31—
.122,589,414
124856,342 26,040,269 23,018,797
S
$
S
S
Alabama Great Southern.
89,176
87,070
2,106
Balt Ches & A t l.a .. -Aug
153,448
166,760
40,319
49,561
Ann A rb o r_____________
46,505
49,695
3,190
Jan 1 to Aug 31..
793,966
842,866
90,778
112,242
Buffalo Kochester & Pittsburgh
241,584
217,007
24,577
Cumberland
Valley.a
Aug
276,764
282,482
120,245
87,701
Canadian Northern___________
481,400
566,700
85,300
Jan 1 to Aug 31 ------ 1,901,552 2,231,197
627,242
724,633
Canadian Pacific_____________ 2,408,00!) 2,578,000
170,000
Long Island.a____ .Aug 1,472,452 1,505,277
Chesapeake & Ohio___________
618,164
649,516
911,390
833,021
78,369
Jan 1 to Aug 31 ----- 9,078,805 9,042,931 2,391,108 2,374,281
Chicago Great Western_______
321,298
55,070
376,368
Chicago Indianapolis & Louisv.
159,618
138,205
21,413
Maryland Del & Va.a .Aug
114,236
121,574
25,539
34,087
Cinc New Orl & Texas Pacific. .
187,389
178,656
8,733
Jan 1 to Aug 31 - - -----599,031
626,054
52,915
68,134
Colorado & Southern_________
287,944
293,477
5,533
N
Y
Phila
&
N
orf.a
..
.Aug
381,230
363,123
94,415
75,969
Denver & Rio Grande________
592,000
513,000
79,000
Jan 1 to Aug 31-- ------ 2,728,944 2,598,804
564,795
468,902
Detroit & Mackinac__________
18,519
22,049
3,530
Duluth South Shore & Atlantic
70,616
Phila Balt & W ash.a. .Aug 1,920,026 1,905,048
62,902
7,714
470,702
380,223
Georgia Southern & Florida___
46.860
Jan 1 to Aug 3 1 .. ----- 13,542,230 13,575,991
45,720
1,140
2,236,208 1,935,736
Grand Trunk of Canada______]
West Jer & Seasli.a. Aug 1.018,421 1,010,298
447,585
459,993
Grand Trunk Western_____
1,051,589 1,082,811
31,222
Jan 1 to Aug 31. . ----- 4,691,748 4,557,932
903,471
907,862
Detroit Grd Haven & M ilw . !■
Pennsylvania C o . a __ Aug 5,779,671 5,496,066 1.977,120 1,607,414
Canada Atlantic___________J
Jan 1 to Aug 31. .
.36,635,916 36,956,176 8,549,248 6,952,059
Louisville & Nashville________ 1,139,035 1,107,440
31,595
20,842
Mineral Range________________
13,721
7,121
Grand Rap & In d .a . Aug
503,769
560,140
146,865
187,767
Minneapolis A St Louis______ 1
251,316
238,942
12,374
Jan 1 to Aug 31 ___ 3,425,257 3,588,388
568,492
541,330
Iowa Central______________ J
Aug
3,747,744
3,585,259
Pitts
Cin
Ch
&
St
L.a.
1,084,141
956,543
764,035
Minneapolis St Paul & S ! M _ .
750,349
13,686
Jan 1 to A ug31._ ___ 25,577,541 26,228,450 4,966,617 4,792,216
594,025
Missouri Kansas & Texas______
38,978
633,003
980,608 1,004,076
Vandalia.a_________ .Aug
Missouri Pacific_______________ 1,183,000 1,254,000
239,721
227,441
71,000
Jan 1 to Aug 31. . ___ 7.058,861 7,159,750 1,161,851 1,017,055
Mobilo & Ohio________________
222,973
212,007
10,966
Novada-California-Oregon_____
13,384
10,521
2,863
T ot. E. Pitts & Erie.a ,Aug23,616.954 23,011,495 7,395,643 6,613,006
Rio Grande Southern_________
11,190
13,068
1,878
Jan 1 to Aug 31__ ...159,031,218 161500,863 34,055,172 30,727,527
194,000
St Louis Southwestern________
241,000
47,000
Total W. Pitts & Erie..Aug 11,152,942 10,792,320 3,461,745 2,998,652
Southern Railway____________
1,281,247 1,257,164
24,083
Jan
1 to Aug 31. . ___ 73,715,403 74,999,801 15,348,709 13,423,499
1,312
Tennessee Alabama & Gcorgia.
1,483
171
Total all lines.a____ _Aug34,769,896 33,803,817 10,857,388 9,611,658
Texas & Pacific______________
350,375
338,544
11,831
Jan 1 to Aug 31__ . . .232,746,620 236500,663 49,403,880 44,151,025
24,324
Toledo Peoria Sc Western______
22,518
1,806
Toledo St Louis & Western___
98,181
105,777
7,596
Reading Company—Western Maryland___________
207,437
167,572
39.865
Phila & Roading.b__.Aug 4,230,252 4,129,396 1,330,305 1,236,126
July 1 to Aug. 3 1 .. —
8,313,451 7,951,195 2,766,726 2,363,727
13,332,571 13,349,783 441,249 458,461
Coal & Iron C o .b ___ .Aug 1,973,932 2.477,393 def 133,666 dof27,032
Net decrease (0.13% )__
17,212
............... - .............
...........
July 1 to Aug 3 1 .. —
3,791,212 4,300,345 dof205,003 dof 118,091
Total both c o s .b ____ .Aug 0,201.184 6,605,789 1,196,639 1,209,094
July 1 to Aug 31. . ___ 12,104,663 12,251,540 2,561,723 2,245,636
N ot E arnings M o n th ly to L a test D a te s.— The table
Reading Com pany.b.- Aug
562,103
552,584
following shows the gross and net earnings of S T E A M
July 1 to Aug 3 1 ..—
—
1,124,886 1,107,422
railroads and industrial companies reported this week:
Total all com panics, b ■Aug
1,758,742 1,761,678
g rfiKfi nno :L.Tr»:i or>K
July 1 to Aug 31 _.
------ G ross E a r n in g s -------------- N e t E a r n in g s ------ C u rr e n t
P re v io u s
C u rre n t
P re v io u s
-Aug 1,576,580 1,690,828
363,081
339,364
R o a d s.
Y ear.
Y ear.
Y ear.
Y ear.
July 1 to Aug 31. . —
3,204,225 3,523,099
714,683
797,319
$
$
$
$
Southern R ailw ay.b___ - Aug 5,311,892 5,688,044 1,621,580 1,326,284
Atch Top & Santa F e.b-A uglO ,004,377 10,160,489 ) 4 . 086,042 13,853.912
July 1 to Aug 31. . —
10,523,527 11,393,163 3,169,408 2.721,075
July 1 to Aug 31_____ .21,326.719 19.775,732 j7 ,921,90S j 7 , 187,364
Mobilo & O h io.b____ .Aug 897,078 1,034,442
184,751
217,263
Atlantic Coast L in o.a..A u g 2,017,173 2,213,766
88,988
103,528
July 1 to Aug 31. . ____ 1,793,433 2,133,048
390,005
478,012
July 1 to Aug 31______ 4,194,560 4,751,905
326,542
419,919
828,787
Cine N O & Tex P .b .•Aug 779,856
199,466
208,631
921,512
Boston & M aino.a____ Aug 4,305,024 4,400,884 1,270,930
July 1 to Aug31__.____ 1,546,632 1,660,287
446,549
429,669
July l to Aug 31______ 8,404,260 8,642,927 2,351,363 1,592,511
Ala Groat Southern, b.-Aug 397,796
465,394
127,996
111.923
B uff Roch & P ittsb .b ..A u g
946,542 1,040,682
259,672
303,926
July 1 to Aug 3 1 ...
799,943
879,011
251,727
212,831
July 1 to Aug 31_____ 1,907,938 1,922,136
536,732
553,405
2S.958
Georgia S ou& F la-b..-Aug
188,182
164,950
20,391
Buffalo & Susrt.a______ Aug
121,549
143,936
25,873
29,925
July 1 to Aug 3 1 ...
351,448
405,434
72,134
67,314
Jan 1 to Aug 31_
912,139
935,344
96,615
51,063 Texas & P acific.b______.Aug 1,422,680
347,017
1,448,540
339,908
Canadian Northern____ Aug 1,192,800 1,367,700
238,800
244,700
July 1 to Aug 3 1 ...—
2,895,240 2,921,742
747,975
663,142
July 1 to Aug 31_____ 2,398,900 2,962,000
523,900
675,200 Tidewater & W estern.b. Aug
6,982
8,012
810
1,490
Canadian P acific.a____Aug 8,801.452 0,917,764 3,442,315 3,363.158
July 1 to Aug 3 1 ...—
15,553
15,768
3,925
2,757
July 1 to Aug 31______16,696,827 20,399,736 6,242,718 7,141,063 Union Pacific Systcm.a-.Aug 8.446,053
8,468,027 3,402,716 3,455.946
cl98,748 c22l,276
Central of Georgia.b___ Aug 899,996 1,031,504
July 1 to Aug 3 1 ...___ 10,292,929 16,027,264 6,252,033 6,312,282
July 1 to Aug 31______ 1,887,824 2,197,875
c448,693
C531.699 Virginia & Southwest.b. Aug
152,719
178,076
47,427
58,315
Central of Now Jersey.b. Aug 2,978,315 2,878,392 1,222,422 1,240,145
July 1 to Aug 3 1 ...
347,378
298,928
88,613
114,072
July 1 to Aug 31______ 5,760,930 5,602,994 2,243,352 2,304,073 Western M aryland.b__ Aug 906,674
763,128
319,291
225,919
Chic Great W estern.b._Aug
1,221,097 1,309,309
331,307
422,736
July 1 to Aug 3 1 ...—
1,739,851 1,475,558
601.491
416,846
July 1 to Aug 31______ 2,349,895 2,391,866
573,054
635,876 Wrightsville & T e n n .b ...Aug
16,821
19,244
1.064
57
Chic Milw & St Paul.a.A ug 8,285,177 8,189,202 2,509,704 2,157,688
July 1 to Aug 3 1 .. —
30,36.3
37,863
def 2,923
def 160
July 1 to Aug 31______ 16,504,458 16,014,188 5,321,432 4,541,586 Yazoo & Miss Valiev.a..Aug
906,254
''25,111
239,589
170,220
Chic & North W est.a_.A ug 7,937,061 8,378,083 2,390,889 2,656,637
July 1 to Aug 31_. —
1,897.044 1,778,303
385,192
251,106
July 1 to Aug 31______ 15,127,409 15,740,894 4,010,221 4,572,383
Chic St Paul M & O .a ..A u g 1,498,741 1,708,324
371,086
536,957
INDUSTRIAL COMPANIES.
July 1 to Aug 31______ 2,932,074 3,289,313
736,818
988,126
------ G ross E a r n in g s --------------- N e t E a r n in g s ----Colorado A Southern.b.Aug 1,257,567 1,190,511
386,317
362,800
C u rre n t
P re v io u s
C u rre n t
P re v io u s
July 1 to Aug 31______ 2,365.962 2,304,072
654,572
601,025
C o m p a n ie s .
Year
Y ear.
Y ear.
Y e a r ..
Cuba I i R . . . ................... Aug
416.634
343,487
197,399
131,448
$
%
$
July 1 to Aug 31--------836,724
726,031
407,480
293,030 Abington <fc Rockland Elec
Del I.ack & W ostorn.b..A ug 3,758,762 3,715,617 1,397,032 1,309,785
Light & Pow er.a------- Aug
13,424
2,860
13,302
3,694
July 1 to Aug 31______ 7,145,834 7,467,622 2,491,216 2,622,007
Jan 1 to Aug 31..........
98,841
89,989
20,361
18,298
Detroit & M ackinac.a..A ug
93,834
102,057
19,807
25,711 Alabama Power a ______ Aug
57,912
51,087
88,780
33,790
July 1 to Aug 31...........
187,179
205,716
42,353
50,003
Sept 1 to Aug 31...........
931,468
483,137
546,887
198,155
El Paso A Southwest.b.Aug 813,928
704.910
293,368
289,443 Atl Gulf & W I S S Lines
July 1 to Aug 31--------- 1,562,771 1,445,069
579,201
583,163
Subsidiary cos_________________ July1,587,197
1,245,122
400,824
161,644
Jan 1 to July 31...........11,592,221 10,454,509 2,932,969 1,445,833
E rie.a ............................ _Aug 5,945,766 4,588,767 2,268,794 1,500,127
103,468
Jan 1 to Aug 31______41,232,933 39,351,804 10,559,136 8,532,673 Blackstono Val G & E .a . Aug
126,976
53,032
39,305
856,408
Jan 1 to Aug 3 1 - - - - - - 960,288
383,002
307,907
Hocking V alloy.b...........Aug
650,074
711,035
313,114
287,409
July 1 to Aug 31--------- 1,193,210 1,162,450
538,179
395,895 Edison El 111 (Brockt’n)aAug
37,697
43,412
15,635
11.295
307,190
Jan 1 to Aug 31______
351,104
126,765
98.964
Illinois Central.a______Aug 5,529,843
5,845,350 1,123,560 1,260,264
43,856
July 1 to Aug 31______ 10,408,669 11,241,473 1,654,857 1,966,605 Fall River Gas W orks.a. Aug
45,717
15,512
13,634
330,607
Jan 1 to Aug 31______
339,327
117,458
74.851
Intcrnat & Grt N o r.b .-A u g
598,049 727,346
5,371
81,569
July 1 to Aug 31______ 1.257.748
1,466,284
58,529
28,101 IIaverhill(Mass)GasLt a Aug
20,188
19,761
4,394
5,505
158,836
Jan 1 to Aug 31--------164,026
42,832
39,967
Maine Central.a---------Aug 1,050,516
1,066,623
336,378
312,877
24,489
23,140
July 1 to Aug 31--------- 2,047,480
2.081,491
582,185
556,332 Houghton Co F,1 L t.a .-.A u g
10,240
8,362
199,302
Jan 1 to Aug 31--------207,813
87,909
85.497
Mississippi C entral.b-.-A ug
64,447
80,754
25,614
33.527
39,246
July 1 to Aug 31______
132,003
160,193
53,539
65,100 Lowell Elec Lt C orp.a_.A ug
33,694
11,182
10,173
Jan
1
to
Aug
31--------317,586
296,551
109,330
105,514
Nashv Chatt & St L .b -.A u g
945,760
985,872
232,901
159,722
142,388
July 1 to Aug 31--------- 1,888,063 2,057,652
458,374
393,608 Mississippi Riv P o w .a .. Aug
134,877
114,702
106.722
Jan 1 to Aug 31--------- 1,094,780 1,045,578
870,552
844,342
Now York Central_b-.-Augl4,458,039 13,874,967 5,491,699 4,528,943
Jan 1 to Aug 31--------- 103,873,494 100056,767 33,369,260 23,916,660 Nevada-Cal Power and
Subsidiaries a _______ Aug
142,944
146,213
69,274
75,417
Boston & Albany, b .-A u g 1,525,749 1,487,009
522,726
468,787
Jan 1 to Aug 31______ 1,088,116
997,853
547,944
472,164
Jan 1 to Aug 31______ 11,180,554 11,015,638 3,432,843 2,595,601
Northern
Statos
Power.Aug
377,343
197,738
330,579
172.723
Lako ICrio& W e st.b ..A u g
575,173
566,603
168,960
200,087
Jan 1 to Aug 31--------- 3,204,993 2,855,882 1,748,248 1,493,969
Jan 1 to Aug 31______ 3,830,691 3.759,821
866,831
810,773
Central Lt & P a - - Aug
70,662
65,783
30,291
24,768
Michigan C entral.b..A ug 3,243,727 3,021,357 1,140,401 1,018,698 PennSopt
1 to Aug 31...........
823,823
827,707
373,487
346,373
Jan 1 to Aug 31...........22,851,323 22.121,986 6,201,587 5,277,230
242,055
238,445
65,373
67,406
Clev C C & St L .b ...A u g 3,563,590 3,367,000 1,223,691
946,163 St L Rocky M t & Pac.a.Aug
July 1 to Aug 31--------471,657
456,825
126.435
132,570
Jan 1 to Aug 31______ 23,769,308 23,097,992 5,686,483 2,991,049
41,785
48,149
22,957
26,445
Cincinnati N orth.b_.A ug
149,892
157,402
41,493
54,687 Sierra Pacific Electric.a. Aug
Jan 1 to Aug 31______
316,463
422,740
177,967
248,487
Jan 1 ,to Aug 31...........
996,389
925,222
192,937
80,858
Southern
Cal
Edison__
Aug
429,560
241,042
411,053
225,495
Pittsb & Lako E rie.b.A ug 1,823,899 1,518,102 1,068,471
606,643
Jan 1 to Aug 3 1 .......... 3,147,637 3,145.174 1,706,233 1,567,468
Jan 1 to Aug 31--------- 10,517,276 11,017,340 4,793,754 3,896,431
N Y Chic & St L .b ...A u g 1,053,0,86
967,114
311,541
249,662
a Net earnings here given arc aftor deducting taxes,
Jan 1 to Aug 31........... 7,699,581 7,450,674 1,515,978 1,039,801
b Net earnings here given aro before deducting taxes,
c After allowing for uncollectiblo revenue and taxes, operating incomo for
Toledo & Ohio Cent.b.Aug 418,381
544,932
120.465
220,838
Jan 1 to Aug 3 1 . . . . . . 2,893,412 2,917,289
525,357
308,649 Aug. 1915 was $146,719. against $168,939: and from July 1 to Aug. 31
$344,966 in 1915. against $426,864 last year.
Total all lines.b------- Aug26,811.536 25.504,480 10,089,452 8,294,508 was
August taxes and uncollectible railway revenue ammihterl to $485,
Jan 1 to Aug 31----------187,612,028 182362,719 56,585,030 40,967,055 532i For
against $458,546 in 1914: aftor deducting which, not for August 1915
N Y Ontario & W est.a .-A u g
912,030 1,000,730
347,395
361,679 was $3,601,110 against $3,395,366 last year.
From July 1 to Aug. 31
July 1 to Aug 31--------- 1,873,602 1,993,291
729,661
723,5-15 taxes, &c., were $971,439 in 1915 against $920,527 in 1914.
Latest Gross Earnings.
Interest Charges and Surplus.
Roads.
1085
THE CHRONICLE
00*. 2 1915
—Int., Rentals, A c .—• -Rat. of Net Earns.—•
Current
Previous
Current
Previous
Year.
Year.
Year.
Year.
8
S
$
8
£404,280
£115,082
861,354
Boston & M a in e ...------Aug 840,471
£795,487 £dof40,244
1,756,146
July 1 to Aug 31--------£169,171
£110,625
198,328
199,110
Buffalo Roch & P itts...A u g
£278,081
£238,563
395,528
396,210
July 1 to Aug 3 1 ..........
£40,019
£31,285
27,204
25,313
Buffalo & Susq-------------Aug
£67,508
£140,657
220,894
206,821
Jan 1 to Aug 31...........
566,655
536,372
673,460
686,049
Central o f Now Jersey..Aug
857,S77 1,012,860
July 1 to Aug 31........... 1,385,475 1,351,213
1,710,608
1,581,374
946,029
809,515
Chicago St North West.Aug
July 1 to Aug 31--------- 1,642,219 1,832,133 2,368,002 2,740,250
304.580
128,831
232,378
242,255
Chic St P Minn & Om_.Aug
529,022
252.594
459,105
484,224
July 1 to Aug 31--------61,252
125,386
70,196
72.012
Cuba R R ---------Aug
152,459
263,198
140,571
144,282
July 1 to Aug 31--------£145,846
£157,218
120,415
118,409
Hocking V alley.............. Aug
£1.15,234
240,688 £227,890
237,516
Jan 1 to Aug 31...........
222,876
233,170
128,509
124,519
N Y Ontario St W e st...A u g
469,736
481,380
253,809
248,281
521,013
522,825
1,235,917 1,240,667
871,724
July 1 to Aug 31------- 2,471,834 2,481,334 1,214.775
TR IA L COMPANIES
—Iial. of Net Earns.—
rrcvious
Current
Previous
Year.
Year.
Year.
Year.
Companies.
$
S
8
8
Abington ft R ockland Elec
3,179
2,666
194
Light ft Pow er.............. Aug
14,645
17,215
3,653
3,146
Jan 1 to Aug 3 1 ---------A tl G ulf ft \V I SS Linos
dof53
220,156
161,696
180,668
Subsidiary co s ------------ July
406,107
Jan l to July 31......... - 1,187,725 1,039,726 1,745,244
21,200
34,087
18,105
18,965
Blackstono Vail Gas & ElAug
165,331
228,958
142,574
154,044
Jan 1 to Aug 31............
7,571
13,327
3,724
2,308
Edison El 111 (Brockton) .Aug
77,748
105,679
21,216
21,086
Jan 1 to A ug 31............
11,208
15,507
2,428
’
5
Fall River Gas W orks— Aug
67,142
106,367
7,709
11,091
Jan 1 to A ug 31............
5,500
4,386
5
8
Haverhill (Mass) Gas L t . Aug
30,682
42,256
9,285
576
Jan 1 to A ug 31.......... 4,918
6,803
3,444
3,437
Houghton C o Elec L t — Aug
57,945
60,397
27,552
27,512
Jan 1 to Aug 3 1 ............
0,943
11,181
1
230
Lowell Elec Lt C orp ------ Aug
103,574
109,197
1,940
133
Jan 1 to Aug 31............
16,758
7,205
89,964
107,497
Mississippi River P ow er.A ug
159,506
9,109
684,836
861,443
Jan 1 to A ug 3 1 ............
N ovada-Cal Powor and
36,740
43,468
31,949
32,534
Subsidiaries ------------ .A u g
286,604
246,291
225,873
261,340
Jan 1 to A ug 3 1 ---------8,880
3,673
21,095
21,411
Ponn Central L t ft l ’ - .- A u g
117,587
113,052
233,321
255,900
Sept 1 to A ug 3 1 ............
41.744
35,910
31,496
23,629
St L R ocky M t St l’ a c .-A u g
73,451
62,514
70,057
52,983
July 1 to Aug 31............
19,377
16,197
7,444
7,136
Slorra Pacific E le c tr ic ..-A u g
120,573
191,088
60,407
60,402
Jan 1 to Aug 31............
£164,370
£149,936
80,307
86,415
Southorn Cal E dison— Aug
610,091 £1,116,800 £1,016,102
670,268
Jan 1 to Aug 31......... ..
x After allowing for othor income roceivod.
EXPRESS COMPANIES.
— Month of June----- —July 1 to June 30—
1914.
1915.
1915.
1914.
S
•S
Northern Express Co.—•
3,015,841
2,778,592
284,846
293,910
Total from transportation—
152,877
157,547 1,515,586 1,637,573
Express privileges— Dr------Rovonuo from transport’n.
Oper. othor than transport’n
131,969
3,869
136,362
3,329
1,263,005
40,250
1,378,268
38,967
Total operating rovenuos.
Operating oxponsos------------
135,839
90.320
139,692
99,109
1,303,256
1,060,617
1,417,236
1,093,203
Not operating rovonuo-----
45,519
9
5,641
40,582
1
10,875
242,639
•204
60,641
324,032
41
• 60,375
Uncolloctiblo rev. from traus.
Express t a x e s _______________
181,792
263,615
39,867
29,705
---- Month of June----- — July 1 to June 30—
1914-15.
1913-14.
1915.
1914.
s
$
8
S
Wells, Fargo A C o .-
Total from transportation... 3,588,923 2,674,714 38,555,664 31,353,229
Express privileges— Dr........ 1,832,468 1,380,708 19,724,414 15,816,159
Operating incomo.
Rovonuo from transports. 1,756,455
73,667
Oper. other than transport n.
1,830,122
Operating expenses------------ 1,555,857
274,264
Net operating rovenue___
1,320
Uncollectible rov. from trans.
30,714
Express taxes_____________
1,288,006 18,331,249 15,537,070
668,785
61,622
734,633
1,349,629 19,565,882 16,205,855
1,214,324 17,860,839 14,732,252
135,304
1,705,043
10,877
413,293
1,473,602
Name of
Road.
Week or
Month.
Jan. 1 to latest date.
Current
Year.
Previous
Year.
Current
Year.
8
$
8
Previous
Year.
296,740
314,057
67,092
66,737
BeltLRyCorp(NYC). M a y ------550,782
518,417
97.654
91.244
Berkshire Street R y . J u l y ------'42907,048
/44387.110
/6462860
Brazilian Trac, L & P J u l y _____ fG703000
82,721
77,735
16,237
14,395
Brock & Plym St R y . August —
Bklyn Rap Tran Syst M a y ------- 2343.921 2482,243 10.811,364 10,734,655
231,531
220,143
33,226 32,742
Cape Breton Elec Co A ugu st__
644,810
599.233
90.116 92,696
Chattanooga Ry & Lt July ------232,351
224.392
44.653 45,282
Cleve Painesv ft East J u l y _____
714.512
696,181
Clev Southw & C o l.. July _____ 113.010 117.667
434,827
454,658
56,000 54,600
Columbus (Ga) El Co August —
1.763.707
1.754,967
241.965
239,591
Coluin (O) Ry. P ft L July ------oCom’w'th P Ry & L August — 1181,948 1166,345 9,202,661 9,120,364
Connecticut C o___ July -------- 806,482 798,767 4,574.916 4.601,832
Consum Pow (M ich). August — 307,373 269,856 2,433,441 2,208,837
Curab Co (Me) 1* ft L July _____ 262,080 258.004 1,437,311 1,395,590
Dallas Electric C o__ A ugu st___ 147,944 174,775 1,165,443 1,467,880
Detroit United Lines A u g u st__ 1228,043 1130,742 8,510,613 8,175.515
212.260
197,376
44.205
41,201
D D E B & Bat (R e c )'M a y _____
867,770
750,318
98,055 115,900
Duluth-Superior Trac August
200,599 218,659 1,374.586 1,549.551
East St Louis & Sub. July
383,162
386,587
61,065
65.067
Eastern Texas E lec.. July ____
685.676
623,761
86,432
El Paso Electric C o. . Vugust__
75,111
737,674
798,115
42d St M & St N Ave M a y _____ 172.795 170,715
Galv-Hous Elec C o .. July ......... 174,093 226.664 1.131,722 1.422,899
oGeorgia Ry & Power \ugust__ 498,869 527,949 4.170,522 4,140,887
____i Rapids.. Ry
I? — tCo July _____ 105.596 115.756
736.775
666.317
Grand
651,301
626.928
Harrisburg Railways A ugu st__
89.959
76.247
Havana El R y, L & P
(Railway Dept) — Wk Sept 26 48,765 49,949 1,984,501 2,075.431
402,669
384,465
49,967
47,745
Honolulu R T & Land August . .
193.034
180,505
24,573
25.511
Houghton Co Tr C o. August _.
427.914 438,820 3,196,537 3,279,931
b Hudson & Manhat. July ___
884,788 885,681 7,038,273 2,083,971
Illinois T raction----- August . .
lntorboro Rap Tran. June___ 2689,444 2714,667 17,163,038 17,515.940
495,919
410.421
55,798
47,613
Jacksonville Trac Co August ..
164,031
150,873
19,170 21,529
Keokuk E lectric------ August . .
88,805
74,392
11,388
9,000
Key West Electric— August . .
810,105
761.570
151,999
136,446
July
___
Lake Shore Elec R y.
198,668 182,931 1,316,494 1,226,769
Lehigh Valley Transit August . .
376,485
406,272
72,565
75,376
Lew 1st Aug & Waterv Ju ly____
85,065
86.974
23,452
22.839
Long Island Electric. May
Louisville Railway . . August__ 238.733 261,034 1,940,703 2,121,641
Milw El Ry ft Lt C o. August__ 465,232 479,262 3,838.676 3,990.523
967,322 1,013,475
Mtlw Lt, lit & Tr Co August__ 147,035 151,649
166,927 184,081 1,226,665 1,300,515
Nashville Ry & Light July ...
262.984
282,011
61.662
62,244
May
...
N Y City Interboro..
145,822
160.918
39.643 38,658
N Y ft Long Island.. May ...
60,941
62.138
16.707
15.413
N Y ft North Shore.. May ...
523,732
529,704
133,647
127,162
N Y & Queens C o— May ...
1138.652 1199.850 5.454.164 6.509,712
New York Railways. May ...
210.996
211.058
49,783 49,667
N Y ft Stamford R y . July . .
232,692
267,363
37.198
42,611
N Y Westchest & Bos July ...
105.799
99,171
17,526
17.512
Northampton Trac’n July ...
2.416,902
2,488,442
343,543
360,055
.August
Nor Ohio Trac & L t.
147,066 174,662 1,086,328 1,402,161
North Texas Electric August
201,298
200,112
36,006 38,898
Northw Pennsyl R y. July ..
35.592
33.868
12,217
10.752
Ocean Electric (L I ). May ...
199,311
24,804
186,003
23,551
Paducah Tr & Lt C o. August
185,546
166,192
22,075 22,669
Pensacola Electric Co August ,
1897,764 1912.971 15.736.150 15,880.510
Phlla Rapid Transit. August .
246.001
296,674
37,051
41,267
Pliila St Western___ August
467,946 511.005 3.204.301 3,782.664
July
...
Port (Ore)Ry.L&PCo
584.472
581.915
115,100 116.551
Portland (Ate) R R .. July . .
664,564 726,373 4,358,630 4,963.018
Puget Sound Tr.L&P July ...
2,003.459
1,968.619
255.488
260,792
nRepublic Ry & L t .. August
472.148 535,578 2.768,268 3,081.056
Rhode Island C o----- July . .
135,405
138,736
36,345
32,963
Richmond Lt & R R . May . .
856.984
828,324
104,195 113,454
St Jos Ily Lt II & P Co August
267.602
268.536
40.300 40.707
Santiago El Lt & T r. July ..
568,360
526,883
65,768 71,339
Savannah Electric Co August
349.645
329.565
86,127
76.617
Second Avenue (Roc) M ay_
85.423
88.709
20,778
20,233
Southern Boulevard. May . .
102.843
108,770
29,868
28,766
Staten Isl M idland.. May . .
650.813
648,023
78,924 82,810
Tampa Electric C o .. August
325.135 351,298 1,555,073 1.619,115
Thlrd Avenue______ M ay_
449,108 515.883 3,236.351 3.550.684
Toronto Street R y .. July ..
Twin City Rap Tran. 3d wk Sept 179,561 181.489 6,760,756 6,700,529
247.902 261.552 1,079,814 1,061,739
Union ItyCo of NYC M ay----442,698 446.197 3,368.468 3,426.937
Virginia Ry& Power. August . .
452,727
464.027
71,966 70.780
Wash Balt St Annap. J u ly ___
277.268
272.076
51,367 56.780
June___
Westchester Electric.
142.376
142,362
26,016 27.198
Westchester St R R .. J u ly ___
345.039
354.049
60.753 64,585
Yonkers Railroad— June___
525,917
524.918
68,151
71.771
York Railways--------- August . .
151,618
24.320
163.342
24,407
Youngstown ft Ohio. July ----119,302
112,143
16,490
17,135
Youngstown & South August . .
b Represents income from all sources, c These figures are for consoli
dated company. /Earnings now given In milreis. o Includes constituent
companies.
Electric Railway Net Earnings.— Tlio follow ing table
gives the returns of E L E C T R I C railw ay gross and net
earnings reported this week:
------Net Earnings---------- Gross EarningsCurrent
Previous
Current
Previous
Year.
Year.
Year.
Year.
Roads.
$
S
4,735
6,570
14,158
Baton Rongo E lec.a ----- Aug
15,284
39,191'
48,034
116,051
Jan 1 to Aug 31--------120,581
402,426
34,426
7,987
5,324
16,237
14,395
& Plymouth a Aug
242,229
100,878 1,280,872 1,071,176 Brockton
Operating Incomo________
16,101
13,784
82,721
77,735
Jan 1 to Aug 31______
___ Month of June--------- July 1 to June 30
15,257
15,066
32,742
Capo
Breton
E
loc.a------Aug
33,226
1914,
1915.
1914.
93,377
86,206
1915.
231,531
Jan 1 to Aug 31______
220,143
$
Western Express Co.—
7,711
8,263
25,030
107,966 1,183,707 1,198,037 Cont M V El Prop’s .a .-A u g
23,196
120,119
Total from transportation__
99,604
89,902
291,855
602,151
661,285
56,881
Sept 1 to Aug 31______
283,797
55,469
Express privileges— Dr____
12,268
13,152
36,117
36,403
536,751 Citizens Tract (P a ).a ..A u g
581,556
51,085
Rovonuo from transport ’ n .
64,649
122,611
128.826
375,361
Sept 1 to Aug 31______
361,032
37,522
28,835
2,655
Oper. other than transport’n
3,451
30.615
30,239
54,600
56,000
(Ga) E lec_a..A ug
565,587 Columbus
619.078
246,564
53,740
Total operating revenues.
343,481
68,100
434,827
454,658
Jan 1 to Aug 31_____
623.333
593,655
Operating expenses...............
51,497
53,364
Commonwealth Pow Ry ft Light and Its consitutent companies— b
575.245
Aug
..................... 1,181,948 1,166,345
597,054
— 4,254 — 28,068
2,243
Not operating rovonuo-----14,736
Jan 1 to "Aug 31______ 9,202,661 9.120,364 4,763.763 4,690,304
114
Uncollectible rov. from trans.
12
71,301
10,836 Dallas Electric, a .......... Aug
11,837
147,944
1,109
Express taxos--------------------925
572,797
Jan 1 to Aug 31_______ l,16o,443
1,467,880
443,141
—
38,904
—
16,206
1,134
13,798
Operating incomo----368,757
Dotroit United R y .b ...A u g 1,228,043 1,130,742
356,091
Jati 1 to Aug 31_______ 8,510,013 8,1 <5,515 2,496,09J 2,416,917
35,207
75,111
86,432
32,431
ELECTRIC RAILWAY AND TRACTION COMPANIES. El Paso Elec a _______ _Aug
293.246
Jan 1 to Aug 31......... !
623,761
685.676
279,193
19,769
It T & Ld b-Aug
47,745
49,967
*3,586
Jan. 1 to latest date. Honolulu
Latest Gross Earnings.
160,458
Jan 1 to Aug 31______
384,465
402,669
150,586
Name of
10,390
Houghton Co T ra c .a ...A u g
25,511
24,573
*2,608
Previous
Week or
Current Previous Current
Road.
69,906
Jan 1 to Aug 31______
180,50o
193,034
72,820
Year.
Year.
Year.
Year.
Month.
350,595
Illinois T raction.a__ __Aug
884,788
885,681
336,221
8
8
S
8
Jan 1 to Aug 31......... 1 7.038,273 7,083.971 2,678,118 2,724,377
American Rys C o .. A ugust__ 472,614 504,252 3,496,359 3,665,414 Jacksonville T ra c.a------Aug
17,108
47,613
.£5,798
*2-178
243,909
248,785
51,883
53,357
Atlantic Shore Ry . . A ugust---180,712
Jan 1 to Aug 31...........
410,42 1
495,919
121,406
187,488 216,747 1,072,711 1,192,642
c Aur Elgin St Chic Ry
7,054
Keokuk
E
l
o
c
.a
.
A
u
g
19.170
21,529
7,181
439,584
436,491
68,146 67,805
Bangor Ry & Electric J u l y .........
59,137
Jan 1 to Aug 31...........
150,873
164,031
48,893
120,581
116,051
15,284
14,158
Baton Rouge Elec Co August —
1086
THE CHRONICLE
----- G r o s s
C u rren t
Y ea r.
R oa d s.
a r n i n g s -----P re v io u s
Y ea r.
------ N e t
C u rren t
Y ear.
E a r n i n g s -----P r e v io u s
Y ea r.
S
S
S
$
11,388
3,834
2,585
88,805
18,484
31,490
261,034
109,862
108,923
2,121,641
903,301
916,266
343,543
145,496
141,697
2,416,902
949,252
952,533
38,898
13,416
15,357
201,298
42,758
55,525
174,662
57,728
79,543
1,402,161
401,523
605,672
1,334,775
565,563
520,279
11,088,677 5,247,263 4,521,497
24,804
9,297
9,054
199,311
66,556
68,486
22,669
9,565
7,897
185,546
69,999
07,817
37,051
22,743
18,604
246,001
153,177
108,950
113,454
42,394
48,220
856,984
368,153
364,324
71,339
20,981
24,822
568,360
182,988
192,315
82,810
38,560
40,289
650,813
316,217
300,955
973,314
300,728
336,426
1,959,709
608,358
673,480
796,204
248,198
252,996
6,133,344 1.737,798 1,899,158
C258.335
c3,416,363
a Not earnings hero given are after deducting taxes,
b Net earnings hero given aro boforo deducting taxes,
c Balanco for tho Wisconsin Edison Go. and depreciation o f sub. cos.
was $121,335 for Aug. and $1,781,426 for tho 12 months.
Koy West E lec.a ___
Aug
9,000
Jan 1 to Aug 31.
74,392
Louisvillo R y .b ______ -Aug
238.733
Jan 1 to A u g 3 l ..
1,940,703
North Ohio Tr & L t.a -Aug
360,055
Jan 1 to Aug 3 1 .. —
2,488,442
Northwestern Poiina._ July
36,006
Jan 1 to July 31
200,112
Northern Texas Elec.a -Aug
147,066
Jan 1 to Aug 3 1 .. ____ 1,086,328
Pacific Gas & E lect.a . -Aug 1,478,867
Jan 1 to Aug 31 . ------12,165,072
Paducah Trac & L t.a . -Aug
23,551
Jan 1 to Aug 31
186,003
Pensacola E lo c.a __
-Aug
22,075
Jan l to Aug 3 1 ..
166,192
Philadelphia & W ost.b.A ug
41,267
Jan I to Aug31__
296,674
St Jos Ry L II & Pow .a -Aug
104,195
Jan 1 to Aug 3 1 ..
828,324
Savannah Elec a _____ Aug
65,768
Jan 1 to Aug 31
526,883
Tampa E le c.a ____ . . -Aug
78,924
Jan 1 to Aug 31 .
648,023
Third Avo System .a__ -Aug
932,422
July 1 to Aug 3 1 ..
1,917,227
Twin City Rap T ran.a. Aug
797,662
Jan 1 to Aug 3 1 .. —
6,180,302
Wisconsin Edison__
-Aug
704,873
Sept l to Aug 3 1 ..
8,452,850
Interest Charges and Surplus.
- I n t . , R e n t a l s , A c .—
C u rren t
P r e v io u s
Y ea r.
Y ea r.
R oa d s.
— B a l.
o f N e t E a r n s .—
C u rren t
P r e v io u s
Y ear.
Y ea r.
$
$
$
$
2,169
2,070
4,401
2,665
17,171
16,772
30,863
22,419
1,107
1,091
6,896
4,217
9,069
8,608
7,493
4,715
6,603
6,470
8,850
8,463
52,795
51,375
33,411
42,002
1,898
1,814
5,897
6,365
22,132
28,764
70,840
67,770
5,743
5,473
7,409
6,795
66,511
62,429
62,315
60,182
_28,678
28,791
1,561
1,824
229,777
209,416
13,704
37,148
nd its constituent companies—
436,793
424,192
160,262
151,052
5,422,857 3,294,629 1,340,906 1,395,674
Dallas E lectric_________ A ug
33,397
33,476
22,488
37,827
Jan 1 to A ug 31______
267,249
237,468
175,892
335,229
D etroit United R y _____ Aug
190,830
182,242
*187.553
*202,948
Jan 1 to A ug 3 1 ............ ,498,418 1,443,208 *1,177,343 *1,159,126
E l Paso E lectric_________ Aug
4,203
4,178 ’ 28,228
31,029
Jan 1 to A ug 31______
33,598
34,595
245,595
258,651
Honolulu R ap T r & L d.A ug
6,593
6,260
13,509
11,993
Jan 1 to A ug 31______
52,928
50,083
*105,413
*118,197
H oughton C ounty T ra c.A u g
5,522
5,598
7,086
4,792
Jan 1 to A ug 31______
44,428
44,605
28,392
25,301
Jacksonville T ra ction ___ A ug
14,602
12,475
def2,424
4,633
Jan 1 to A ug 31______
119,015
101,365
2,391
79,347
Keokuk E le c tr ic ________Aug
1,852
1,852
5,329
5,202
Jan 1 to A ug 31______
14,964
16,776
33,929
42,361
K e y W est E lectric_______A ug
2,567
2,575
18
1,259
Jan 1 to A ug 31______
20,353
20,309
1,869
11,181
Louisvillo R y ___________ Aug
73,813
73,251
*56,100
*57,785
Jan 1 to A ug 31______
590,396
573,667
*447,540
*449,628
N orthern Ohio T r & L t.A u g
53,319
51,136
92,177
90,561
Jan 1 to A ug 3 1 ............
413i588
413,588
403,820
545,432
538,945
N orthern Texas E lec____ Aug
27,631
26,060
53,483
30,097
219,226
208,893
396,779
182,297
Pacific Gas & Elect___ Aug
324,809
324,271
208,938
257,951
Jan 1 to Aug 31______ ,639,998 2,594,780 2,841,759 2,123,977
Paducah Trac & Eight.-Aug
7,534
7,505
1,763
1,549
Jan 1 to Aug 31______
61,367
60.971
7,515
5,189
Pensacola Electric______ Aug
7,090
7,188
2,475
709
Jan 1 to Aug 31______
57,504
57,626
12,373
10,313
Philadelphia & Western .Aug
12,535
12,495
10,208
6,109
Jan 1 to Aug 31______
97,995
99,640
9,310
55,182
St Jos Ry Lt Ht & Pow.Aug
20,833
20,833
21,558
27,387
Jan l to Aug 31______
166,664
164,751
201,485
199,570
Savannah Electric______ Aug
23,274 ’ 22,932
1,890
def2,293
Jan 1 to Aug 31--------185,640
182,943
9,372
def2,652
Tampa Electric________ Aug
4,353
4,458
34,207
35,831
Jan 1 to Aug 31______
35,079
36,925
281,138
264,030
Third Avo System______ Aug
212,597
212,314
*95,397
*131.201
July 1 to Aug 31______
425,234
426,848
*197,312
*260,736
Twin City Rap T ra n s..Aug
85,974
83,853
*163,464
*171,498
Jan 1 to Aug 31_______
663,673
658,553 *1,090,757 *1,248,437
Baton Rouge Electric__ Aug
Jan 1 to Aug 31______
Brockton & Plym outh..Aug
Jan 1 to Aug 31______
Capo Breton Electric__ Aug
Jan 1 to Aug 31______
Cent Miss Val El P rop..A u g
Sept. 1 to Aug 31__ ____
Citizons Tract (Pa)___ Aug
Sept 1 to Aug 31______
Columbus (Ga) Electric. Aug
Jan 1 to Aug 31---------
* After allowing for other income received.
T R A F F IC S T A T IS T IC S .
1914-15.
1913-14.
1912-13.
1911-12.
Avcrago miles operated..
7,784
7,597
7.349
7,150
E q u ip m e n t—
Locomotives__________
1,524
1,476
1,501
1.331
Passenger cars________
1,224
1,170
1,110
1,026
Freight cars___________
41,222
37,817
32,692
30,224
Road sorvico equipment
3,295
3,637
3,817
3,958
P a s s e n g e r T r a f f i c a—
No. rev. pass, carried..
8,075,960 8,555,615 *8,563,262 *8,104,026
Pass, carried 1 mile----- 834,627,962 888,370,579*903,046,763*886,336,274
liocts. pass. tr. per rov.
train mile. -----------$1.28
$1.34
*$1.45
*$1.40
F r e ig h t l r a ffle c —
Tons com'l fr't carried b
16,791,412 17,155,390 16,456,182 14,709,164
Tons carried 1 mho b..600l739,l97 6168799,317 6283029,209 5350162,375
Ions co. fr t carried e . .
6,216.645 7,650,442
7,406,831 7 424 334
Aver. rov. per ton mile b
.968 cts.
.978 cts.
*.971 cts. *1.005 cts.
Rects. per rov. tr. milo.
$4.21
$4.19
*$4.18
*$4.01
Ions per rov. frt. tr. m.d
442
430
437
409
a Mixed train statistics included, except under train and iocomotivo
miles; also motor cars and special train servico excluded,
b Based on waybill tonnago, commercial freight only,
c Mixed trains included in freight-train porformanco; spocial train ser
vice not included.
d Based on conductors’ tonnago, loss waybill tonnago covoring co. froight.
e Based on waybill tonnago.
* Statistics aro slightly inaccurato duo to changos in lator yoars.
E A R N IN G S
Annual Reports.— A n indox to annual reports of steam
railroads, street railw ays and miscellaneous com panies which
have been published during tho preceding m on th will bo
given on tho last Saturday of each m on th . T h is indox will
not includo roports in tho issuo of tho “ Chroniclo” in which
it is published. T ho latest indox will bo found in tho issue
of S e p t. 2 5 . T h o next will appear in that of O ct. 3 0 .
Union Pacific Railroad.
{Report for Fiscal Year ending June
3 0 19 1 5 .)
On subsequent pages will bo found extracts from tho re
port of the board of directors, signed b y R obert S . L o ve tt,
Chairm an of tho E xecu tive C om m ittee; also the com para
tive incom e account and balanco sheet for two years.
A N D
O P E R A T IN G
-N e w
1914-15.
F roigh t........................... $59,136,841
Passenger ...............
18,743,559
Mail and express______ 5,764,249
Miscellaneous_________ 3,308,646
Total rovenuas______$86,958,295
Malnt. of way & struct.$10,900,925
Maint. of equipment__ 12,101,212
Traffic oxpenses_______ 2,061,971
Gonoral expenses______ 2,811,418
Miscell. operations_____ 1,313,189
Transportation oxponsos 23,108,141
Transporta, for invost.. 0.160,142
Total oper. expenses.$52,136,715
Not operating rovenuo..$34,821,580
Taxes............................... 4,641.474
Not operating incomo $30,180,106
O th er I n c o m e —
EXPEN SES.
B a s is -
-O ld B a s is -
1913-14.
1913-14.
$62,407,762 $62,434,292
20,540,077 21,070,802
5,150,723
5,150,723
3.746,743
3.459,516
$91,845,305 $92,115,333
$10,872,882 $10,785,783
12,517,155 12,123,174
2,12.3,140
~ ~ ......
2,282,596
2,885,6631 4,892,724
1,484,607/
25,526,804 25,325,975
Cr.270.027
$55,140,224 $55,410,252
$36,705,081 $36,705,081
5,078,867
5,078,867
$31,626,214 $31,626,214
Int. on bds., &c., ownod $6,434,508 $3,858,172 $2,883,791
Divs. on stocks ow n od.. 4,540,094
9,253,794
9,258,794
Bal. of int. on loans,&c.
988,978
3,234,958
4,209,339
Rent for lease of rd.,&c_ 1,083,036
966,179
1,330,349
Hiro o f equipment_____
103,661
Miscellaneous incom o..
152,884
117.616
1 13,227
Total other incomo__ $13,30.3,161 $17,435,719 $17,795,500
Total net incomo______$43,483,267 $49,061,933 $49,421,714
D e d u ct—
Int. on bds. hold by pub.$13,803,926 $14,062,108 $14,062,10,8
Sink, fund requirements
11,800
11,973
11,97.3
______
Hiro of equip.— balanco
,
771.886
Rent for lease of rd.,&c_ 1,154,389
1,104,755
1,466,537
Miscellaneous oxponsos.
120,593
17,267
15,266
Add’ns & betterments.. 1,083,459
Prof, dividends (4%) — . .3,981,740
3,981,740
3,981,740
Common dividends___ 17,783,328 19,780.778 19,780.778
Rato por cent com. d iv s ._____ (8%)
(9%)
(9% )
Total deductions___ $37,939,235 $39,7.30,507 $40,090,288
Balanco, surplus________ $5,544,032 $9,331,426 $9,331,426
— V. 101, p. 528, 443, 214.
1912-13.
$63,773,804
21,322,493
5,034,212
3,507.950
$93,638,459
$10,688,564
10,694,011
2,107,146
4,463,376
26,077,120
$54,030,216
$39,608,243
4.666,277
$34,941,966
$2,647,583
13,151,422
1,951,210
1,360,038
97.718
$19,207,971
$54,149,937
$14,201,658
11,980
1,825,988
1,332,303
903
3,981,740
21,663,370
(10%)
$43,017,942
$11,1.31,995
Chesapeake & Ohio Railway.
{Report for Fiscal Year ending June
3 0 1 9 1 5 .)
T he remarks of President G eo . W . Stevens a t length, t o
gether with tho balanco shoot and incomo account in d e ta il,
aro published on subsequent pages.
Below wo give com parative statistics and incom e account
and tho balanco sheet for sovoral yoars:
E Q U IP M E N T
O P E R A T IO N S .
AC .
Avcrago miles operated.
1914-15.
2,369
1913-14.
2,346
1912-13.
2,319
1911-12.
2,263
Locomotives__________
Passenger c a r s ________
Freight cars___________
Tool, camp and ballast-
817
387
45,620
726
825
395
44,390
740
811
377
43,052
659
793
373
44,124
681
E q u ip m e n t—
O p e r a t i o n s —•
Passengers carried------- 6,487,803
6,491,256
5,489.040
5,859.447
Pass, carried ono m ilo..269,379,558 291,653,817 267,044,325 252,397,519
Rato per pass, per milo. 2.115 cts.
2.091 cts.
2.194 cts.
2.181 cts.
Freight (tons) carried.. 30,048,454 27,722.015 25.174.241 26.147,903
7064650,082 6694879,287 >692114,437
Rato per ton por mile__ 0.384 cts.
0.412 cts.
0.409 cts.
0.407 cts .
Av. rev. train load (tons)
870
843
906
756
Earns, per pass. tr. mile,
incl. mail and express.
$1.37
$1.31
$1.35
$1.27
Earns, perfgt. train milo
$3.56
$3.47
$3.48
$3.08
$15,969
Earns, per milo of road.
$16,657
$15,129
$15,152
F IS C A L
-N ew
RESULTS.
B a s is
-O ld
B a s is -
R even u es—
1914-15.
1913-14.
1913-14.
1912-13.
Freight..............................$31,288,537 $28,866,516 $28,866,516 $27,549,696
Passenger ....................... 5,696,088
6.098,059
6,098,059 5,858,138
M ail.....................
438,667
426,967
426,967
386,640
Hxpress.............
602.912
636,786
636.786
599,345
Miscellaneous__________ 1,437,833
1,431,536
661,693
691,459
Total revenues............$39,464,037 $37,459,864 $36,690,021 $35,085,278
E xp en ses—
ANNUAL REPO RTS
[Vol . 101
‘
‘ stru c.. -------------Maint.
of- way &
$4,694,522
Maint. of equipment__ 8,243,170
Traffic________________
650,406
Transportation________ 12,896,079
General______________
873,883
Miscellaneous operations
232,347
Transp. for investment- C r . 33,994
$4,149,457 $4,138,092
7,827,660
7,692,748
669,283
669,283
12,532,329 12,167,906
986,8221
985,908
248,347/
$4,342,745
7,275,439
669.016
11,380,998
783,362
Total expenses______$27,556,414 $26,413,898 $25,653,937 $24,451,560
Per cent exp. to earns..
(69.8)
(70.5)
(69.9)
(69.7)
Net revenues................ $11,907,623 $11,045,966 $11,036,084 $10,633,718
Other incom o................. 1,018,219
2,144,650
2,154,532 2,225,537
T o ta l...........................$12,925,842 $13,190, 616 $13,190,616 $12,859,255
D e d u c t—
Interest on bonds_____ 1$8,098,042 $7,934 648 $7,934,,648/ $7,102,563
Car trust interest_____ /
\
216,595
1,375,863
Taxes........... ...................
1,349,497
1,330,935
1,330 ,935
Loss on elevator________ C r . 88,697
62,616
62 ,616 Cr.17,493
Rentals of leased roads,
joint tracks, &c_____
860,074
835,077
835 .077
883.224
Miscellaneous.................
43,389
55,524
55 524
Dividends_____ ______ (1%)627,810 (4)2,511,264 (4)2,511 264 (5)3,139,086
T o ta l...........................$10,890 122 $12,730, 064 $12,730 ,064 $12,699,832
Surplus_______________$2,035 ,720
$460 552
$159,423
$460 ,552
B A L A N C E S H E E T J U N E 30
[Excluding stock* and bonds owned o f auxiliary com panies, T h o balanco
oet o f Juno 30 1915 U given at length on pago 1102.]
shoot
1914.
1915.
1915.
1914.
$
s
L ia b ilitie s —
Assets—
$
S
Road A cqulp’ t .216.915,910 214,585,820 Stock, common- 02,792,600 62,792,600
stock,
1st
A
2d
Mlsc.phys.prop.
305,424
282,386
3.200
preferred_____
3,200
Scours., prop’ty,
Ao.,cos.,pledB- 14,147,711 16,839,147 C. A O. of Ind.,
1.200
common______
1,200
Co’sbds.plcdged 40,270,001 37,123,001
Bds. A notes (see
„ „
Advances-.........
137,638
_
Construe, funds 4,170,352
2,423,078 “ It. A I.” Soe.) .166,686,000 166,847,000
Cash Intreao.,Ac 1,536,541
1,792,958 Equip, tr. obllg. 6,413,163 8,381,971
1st lien A tmpt.
Cash for Interest
____
and dividends
354,578
816,467 5s (pledged)__ 40,270,000 37,123.000
1,905,603
Cash for mat’r’d
. „ . „ , Int., Ac., accr’d 1,889,997
818,928
381,833
notes, A c____
226,668
177,174 Unpd.lnt.Adlvs.
4,110,802
Vouch.
Awages.
3,783,845
Agts. A conduc. 1,003,709
877,045
364,794
409,645
Traffic balances
879,410
984,393 Traffic balances
384,355
373,504
LoansAbllls rec.
158,861
211,560 Mlsc. accounts95,000
LoansAbtllspay.
95,000
Mlsc. accounts916,118
1,118,954
1,132,168
Mat'ls A supp-- 2,581,952
2,879,643 Taxes accrued- - 1,332,088
425,959
Sundry
def.llab.
131,916
Sccurs. in treas.
__
3,010,706
unpledged___ 6,308,306
6,209,651 Approp. surplus 3,018,189
1,561,8.83
Deferred assets618,546
2,436,720 Profit and loss- - 2,917,540
dismantled, b This is property abandoned In courso o f im provem ents,
loss salvage which was taken out o f cost o f properties and shown hero as a
separate item pending amortization b y order o f the Inter-State C om m erce
Commission, $1,079,518, loss $123,700 charged to operating exponses
account o f other property and $20,682 to p rofit and loss account o f right o f
w a v , leaving a balanco o f $935,135. c T ho item o f cash in 191 o . $ 1,724,160,
includes a roservo for dividend, $210,000; reserve for coupons unpaid,
$460,524 avaiiablo for other purposes, $1,053,636. d A fter deducting
$32 731, tho estimated original cost o f property abandoned and not replaced,
less’salvage, $13,018: discount and exponsos o f sales o f refunding and im
provem ent mortgage and $38,096 for m isc. adjustm ents.— V . 100, p. 1832
Total ............ 290.529,720 288,959,119
T o ta l............ 290,529,720 288,959,1191
— V . 101, p. 845.
Kansas City Southern Railway.
.
(Report for Fiscal Year ending June
3 0 1 9 1 5 .)
T ho full text of the romarks of President -T. A . Ivlson will
bo found on subsequent pages.
Otlior data follow:
R O L L IN G
STOCK
JU N E
L o c o m o tiv e s . T a s s .C a r s .
.
.
1015.
1014
1013.
1012.
1911-
192
195
196
188
168
.
.
STATE M E N T
M iles o p e r a t e d ..---------O p e ra tio n s—
Gross earnings por m ile.
N ct earnings por m il# -.
30.
FOR
YEARS
768
889
1,112
1,148
1,102
5,148
6,567
5,847
5,479
5,636
87
90
91
94
79
E N D IN G
1913-14.
827
1914-15.
837
M is c e lla n e o u s
F re in h t C a r s .
JU N E
30.
1911-12.
827
1912-13.
827
SI 0,633
$12,365
$12,645
SI 1,497
S3,340
$4,641
$4,130
$4,717
3,326,572
3,915,083
3,021,723
4,066,018
*Tons carried ono"milo Tl 128730,654 1082756,263 1017522,676 840,995.242
7.98
A v. per ton p. m .............
6.92 cts.
7.84 cts.
-7.88
— cts.
—
” no cts.
.$8,113
$9,694
Freight rocts. per m llo._
$9,344
$10,071
$3.29778
$4.09857
F gt. roc. per rev. tr. mile
$3.75150
$398,509
413.31
520.11
R e v . train-load, t o n s . . .
541.74
508.38
1,701,032
1,775,973
R e v . passengers carried.
1,614.570
2,005,881
Itov. pass, carried 1 mile 64,540,023 73,356,612 67,533,444 63,662,816
2.547
cts.
2.542
cts.
A vgo. por pass, per mile. 2 .2 1 2 c ts .
2.311 cts.
IN C O M E
ACCO U N T.
-O ld
-N e io B a s is G ro ss R e c e ip ts —
1914-15.
F reight_________________$7,731,118
Passenger......................1.410,618
894,160
M ail, expross, A c ______
1913-14.
$8,257,449
1,675,168
1,037,786
B a sis-
1913-14.
$8,241,359
1,675,168
1,076,927
1912-13.
$7,955,386
1,694,580
1,056,343
T otal receipts________$10,035,890 $10,970,403 $10,993,454 $10,706,309
O p e r a tin g E x p e n s e s —
_
M aint. o f way A s tr u c .. $1,132,078 $1,143,806 $1,135,525 $1,024,840
1,344,625
1,339,155
1,351,591
M aint. o f equipm ent___ 1,185,016
3,661,311
3,660,700
3,671,223
Transportation expenses 3,397,007
315,868
324,677
324,709
T ra ffic exponses_______
336,196
400,512
450,264
418,992
489,008
General expenses______
Transp'm for lnvestm ’t .
cr60,4S4
T otal oper. expenses. $6,478,821
P.
C . o f exp. to earns_
(64.56)
N ot earnings____________ $3,557,075
In t., discount, rents, A c.
170,919
$6,910,321
(62.99)
$4,060,081
197.415
$6,910,321
(62.46)
$4,083,133
174,363
$6,747,157
(62.47)
$3,959,162
167,982
N et incom e___________ $3,727,994
D e d u c t—
„
T a x es..................................
$574,316
Intorost on bonds______
1,693,29$
150.404
R ents, A c
63,292
Intorost on equip, notos.
97,925
Hlro o f equipm ent_____
8,328
M iscellaneous--------------840.000
x D iv . on prof, stock,4 %
$4,257,496
$4,257,496
$4,127,134
$567,857
1,700,659
38,527
65,084
159,920
$567,857
1,700,659
38,527
65,084
159,920
$465,339
1,677,784
32,300
31,144
274,362
840.000
840,000
840,000
$3,372,047
$885,449
$3,320,929
$806,205
T o t a l - _______________$3,427,563
Balanco, surplus-----------$300,431
$3,372,047
$885,449
x Charged against profit and loss account but hero doductod from incom e
account.
O P E R A T IO N S
OF
S U B S ID . P R O P E R T IE S
G ross.
BALAN C E
OPERATED
SE PAR ATE LY.
N c l{o v e r ta x ). I n t ., A c .
1914-15
Arkansas W es torn R y ______
_____$47,434
'
----do
do
1913-14.
54,495
K.
C . Sh. A G . T e r m ...1 9 1 4 -1 5 - 29.453
do
do
do
1913-14. 30,355
P t . Arthur Gan A D ____ 1914-15- 60,103
do
do
do
1913-14. 42,624
Potoau V alley R R _____ 1914-15- 15,797
do
do
do
1913-14. 10,716
K.
C . S. E levator C o _1914-15. 43,871
do
do
1913-14- 35,440
SH EET
T o ta l............ 108,083,398 107,735,050
B a la n c e .
def.$6,366 $37,476 def.$43,842
def. 9,319 38,180 d of. 47,499
sur. 7,96.8
6,849 sur. 1,119
sur. 7,916
6,792 sur. 1,124
d e f.22,678 50,000 def. 72,678
d ef. 9,915 50,000 d ef. 59,915
sur.
578
4,152 def. 3,574
dof. 2,947
1,559 dof. 4,506
435
def.
435 ............def.
dof. 3,010 ............ def. 3,010
JU N E
30.
1915.
1015.
1914.
L ia b ilitie s —
S
.
ASSCtS~~~"
$
S
Property acct-al00,624,100 99,720,323 Preferred stock. 21,000,000
Prop .abandoned b935,135
1,023,250 Common stock. 30,000,000
230,848 First M. bonds- 30,000,000
Ants. A conduc.
187,590
2,029,395 Refund. A iinpt.
Cash.................. c l , 724,100
bonds............. 17,000,000
C o.’s stock in
40,100 Equip, tr. notes 1,178,000
treasury (par)
40,100
400,524
838,410 Unpaid coupons
Material A supp
948,510
Accrued Interest
229,423
Loans on collat177,980
115,003 Traffic balances
oral security.
111,191
994,940
45,834 Pay-rolls A accts
Bills receivable.
44,835
297,722
320,129 Bills payablo__
Traffic balances
280,008
787,041 Accrued taxes..
271,547
Indlv’ualsAcoa.
579,389
11,109 Renewal and re
U . S. Govcrnm’t
12,204
207,024
serve funds..
32,187
Wells, F.ACo.Ex
15,552
Prcf dlv’/l pay
Invcstm’ts in A
able July 1 5 ..
210,000
advs. to pro___ _
170,393
2,303,919 Miscellaneous. prlctary c o s .. 2,349,0S0
230,788 Profit and loss.. <15,885,833
Miscellaneous..
230,800
1914.
* ____
21,000,000
30,000,000
30,000,000
____ _
10,750,000
1,302,000
445,140
230,200
179,102
1,142,340
324,122
217,891
237,250
210,000
27,740
5,009,247
T o ta l............ 108,083,398 107,735,050
i includes in 1915 cost o f properties, $79,496,698, and improvements and
rehabilitation, $22,522,506, less valuo o f equipment, buildings and tracks
destroyed or abandoned, wldch. less salvago, has been charged to operating
expenses, $890,653; and also loss credit o f $209,100 to equipment from
renewal and roservo funds and $295,314 salvago from equipment sold or
1087
THE CHRONICLE
Oct. 2 1915.1
The Hocking Valley Railway.
(1 Qth
Annual Report— Year ended June
3 0 1 9 1 5 .)
T h e report signed as of Sept. 16 b y F rank T ru m b u ll,
C hairm an, and George W . Stevens, P ro s., says in substance:
R e s u l t s .— Operating revenues decreased $839,992, or 11.96% ; operating
expensos decreased $619,376, or 12.89% : and taxes decreased $32,614, or
7 23%
T he operating incom e, therefore, decreased $188,001, or 10.64% .
Miscellaneous incom e decreased $156,029, or 34-76% : rentals, A c ., de
creased S79 640. or 7 1 .7 9 % , and the interest charge increased $19/ .948, or
17 24%
T he result is a net incom e for the year o f $493,402 (decrease
$462 338 or 48.37% ) out o f which were paid 4 % in dividends— one o f 3 %
and one o f 1% (see V . 100, p . 2085), aggregating $439,980, leaving a surplus
balanco for the year o f $53,422.
—
,
,
,
T he striko b y coal miners in tho H ocking district, referred to last year
, , 99 p 1210), extended into August 1914, which, com bined with the
general’ business depression throughout tho year and w ith the loss o f traffic
as a result o f the sale b v the Chesapeake A Ohio R y . C o . o f its stock inter
est in the Kanawha A M id i. R y . C o ., brought abou t, for tho year, a loss o f
10 9 % in tons o f revenue freight carried 1 m ile, a decrease o f $839,992 in
total operating revenues, and a decrease o f $220,615 in net oper. revenue.
Revenue coal and coke tonnago was 6,271,163 tons, a decrease o f 14.4% ;
other revenue freight tonnage, 2,842,376 tons, a decrease o f 10.2% ; total,
9 113,539 tons, decrease 13.1% . Freight revenue was S4,912,982. a de
crease o f 12.3 % . Freight-train mileage decreased 13.9 % . Revenue ton
miles decreased 10.9% ; ton mile rovenuo, 4.19 mills, a decrease o f 1 .6 % .
Revenue tonnago per train m ile, 1,035 tons, an increase o f 3 .5 % . T h e
number o f passengers carried 1 m ile on steam trains was 4 4,2 67 .2 /9 . a
decrease o f 10% . Passenger revenue was $832,733, a decrease o f 8 .5 % .
Revenue per passenger per m ile o f steam trains, 1.844c., increase 2 .^ % .
Passenger-train mileage o f steam trains decreased 9 % . Passenger revenue
per train milo o f steam trains, $1,152, increase 1 .1 % ; including mail and
express it was $1,311. an increase o f 1 .2 % .
. . .
,
F i n a n c i a l .— T ho changes during the year consisted in the annual p ay
ments o f $496,000 on equipment trusts, and in tho retirement o f $4,000,000
1-vear 5% gold notes b y tho issue and sale ot $4,000,000 1-year 6 % gold
notes maturing N ov. 1 1915 (V . 99, p . 1214. 1366, 1528).
Sunday C r e e k C o .— 'Tho U. S. D istrict C ourt for the So. D ist. o f O hio,
E ast. IMv., enjoined your com pany and others from owning and controlling
anv interest in the Sunday Creek C o ., a corporation all the stock o f which
had been acquired in tho interest o f your com panjy and t h e T o le d o &; O hio
Central R y. C o . T he stock was accordingly sold for $50,000, o f ''h u m
amount $43,137 was received b y tho trustee under our First C onsol. M tge.
In lieu o f the stock released. T he court on D ec. 10 1914 approved this sale
o f the stock and tho refunding o f debentures o f the Sunday Creek C o. held
b y the railroads b y tho delivery b y the purchaser o f a like par am ount o f its
General M ortgage bonds. (V . 99, p. 1451; V . 98, P -912; V . 100, p. 3 7 0 ,4 4 8 ).
Additions, etc.— T ho cost o f road and equipment was increased during the
year by $164,243, due to $831,826 added to cost o f equipm ent, and to
$230,624 added to cost o f road; total, $ 1 ,0 6 2,4 5 0 , less a deduction o f
$898 207, m ade necessary because o f the sale— referred to in the last
annual report— o f the old dock property at T oledo to the Pennsylvania C o.
T he new dock and terminal yard on the east side o f the M aum ee Rlv er at
T oled o have been in use throughout the year, and the yard now consists o f
17.7 miles o f track with a working capacity o f 1,600 cars. 1 he Kerrs Run
extension o f tho Pom eroy B elt R y ., l .6 miles, to the new mine o f the Peacock
C oal C o. was com pleted. T he old light 80-ft. double-track girder bridge at
Sugar G rove was replaced b y a modern heavy 90-ft. bridge o f sim ilar type.
equipment trusts, 5,346, increase, 790: special trust, 47, increase, 47
N e w C o n n e c t i o n w i t h C . & O . R y .— T he Chesapeake A Ohio Northern R y .
C o. is constructing a bridge across tho Ohio R iver near S c io to v ille .p ., and
a lin e o f railroad which connects the main lino o f tlio Chesapeake A Ohio R y .
C o . with tho N orfolk A 'Western R y. near W averly, O. and it has obtained
trackage rights over tho N orfolk A W estern R y . from that p oint to \ alley
Crossing, near Colum bus, O ., where It will connect with the tracks o f your
com pany. It is expected that this lino will be com pleted before Jan. 1 1917
[replacing tho form er Kanawha A M ichigan connection— See above.]
M a i n t e n a n c e . — 1,196 tons o f new 100-lb. rails, equal to / .6 track miles,
and 811 tons o f now 90-lb. rails, equal to 5.7 track miles, were used in tho
renewal o f existing m ain tracks. Average am ount expended for ropairs per
locom otlvo, S I,941: per passenger-train car, $462; per freight-tram car, $35.
[Ches. A Ohio R y . owns $8,825,000 o f the capital stock. See report o f
that com pany above and m ap on page 25 o f “ R y . A Indus. Section. ]
T R A F F IC
S T A T IS T IC S .
1912-13.
1911-12.
1914-15.
1913-14.
352
352
M iles operated Juno 3 0352
352
O p e ra tio n s—
1,780.424
1,725,129
Pass, carriod (steam )___ 1,487,909
1,681,406
496,716
551,854
Pass, carried (e io ctric)-.
322,128
474,744
Pass. carr. 1 mile (steam) 44,267,279 49,193,241 52,628,498 52,053,717
A ver. rov. per pass, per
1.721 cts.
1.62S cts.
mile (steam )_________ 1.844 cts.
1.804 cts.
_____carried____
__________
_________
__________
Tons. freight
9.113,539
10.4S7.048 11.178,636 10,292.971
T ons freight carr. 1 mile 1171899998 1315425 895 1453682875 137707211$
A v . rov. per ton per milo
0.419 cts. 0.426 cts.
0.438 cts.
0.433 cts.
A v . rov. train-load(tons)
1,035
1,000
. 988
. 852
Earn, per pass. tr. m ile .
$1.31
§1-30
I V qq
f-Vno
Earn per frt. tr. m ilo___
$4.34
$4.26
S I.33
$3.69
GENERAL
IN C O M E
R even u es—
F r e ig h t ________________
Passenger ____________
M ail and express______
M iscellaneous__________
AC C O U N T
1914-15.
$4,912,982
832,733
113,035
322,403
T otal oper. re v en u e.. $6,181,153
YEARS
E N D IN G
30.
1911-12.
$5,958,009
874,596
471,074
JU N E
1912-13.
1913-14.
$5,601,382 $6,365,735
929,991
910,311
521,918
121.7971
387,655/
$7,021,145
$7,817,644
$7,303,679
$668,455
1,460.653
107,576
2,391,641
$7S1,109
1,595,266
106,384
2,332,475
$853,403
1,192,191
99,621
2,245.657
E xpen ses—
M aint. o f way A s tr u c.M aint. o f equipm ent___
T r a ffic --------------------------Transportation------------M iscellaneous operations
G e n e ra l________________
$707,207
1,158,671
110,916
2,033,4911
1.483/
172,602
175.422
168,609
188,170
T otal oper. expenses. $4,184,370
(67-7)
Por cent exp. to revenuo
N et operating re v e n u e .. $1,996,783
292,891
Other incom e__________
$4,803,746
(68.4)
$2,217,399
448,920
$4,983,843
(63.8)
$2,833,801
772,478
$4,579,042
(62.7)
$2,724,637
694,156
$2,289,674
$2,666,319
$3,606,279
$3,418,793
Gross incom e_______
D e d u ct—
Intorost on funded d e b t! $1,346,451
Int. on equip, trusts___/
T a x e s . . . .................. — 418,522
Rentals, A c ____________
31,299
Dividends p a id _______ (4% )439,9$0
$1,148,503/ $1,055,660
$995,943
i
58,510
75,370
451.136
477,900
414,188
110,939
97,805
102,4.56
(8)879,960(1113) 1264943 (7)770000
T otal deductions____ $2,236,252
$53,422
Balance, surplus_______
$2,590,538
$75,781
$2,954,818
$651,461
$2,357,957
$1,060,836
1088
THE CHRONICLE
BALAN C E
1915.
A ssets—
Road & equip__ a42
Sec urs. .prop., Ac.,
cos., pledged__
do unpledged _
Misc. sccurs., do.
Special dep. acct.
equipment____
Materials & supp.
Advances________
Cash____________
Loans A bills rec..
Traffic balances..
Agents & conduct.
Mlscell. accounts.
Secure. In treas__ 1
Sinking fund____
Insurance fund__
Other def. assets.
S
SH EET JU N E
1914.
S
160,880 42,210,235
403,089
23,503
761,500
408,089
5,808
1,566,718
800,000
763,292
784,299
54,609
53,9.35
832,780
973,424
82,315
102,347
47,790
50,060
419,582
361,502
375,625
356,592
844,176 2,785,501
29,129
29,837
36,859
34,703
74,844
105,599
30.
1915.
1914.
S
S
Capital stock___ 11 ,000,000 11,000,000
Mortgage bonds.. 19 872,000 19,872,000
6% gold notes T 5 . 4 ,000,000 4,000,000
Equip, tr. oblig’ns 2 ,327,000 2.823.000
Vouchers A wages 840,682
648,872
Traffic balances..
455,142
498,669
Loans A bills pay. 1,100,000 1.400.000
Mlscell. accounts.
64,417
140,429
Int.,dlvs.,&c.,due.
371,109
368,827
Accrued int., A c ..
137,170
138,617
Accrued taxes___
263,500
284,506
Oper. reserves___
11,793
17,517
Oth.def.cred.Items
147,968
344,389
Add’ns to prop'ty
181,409
181,409
Fund, debt retired
131,332
Sinking fund........
817
190,097
Insurance fund__
36,859
34,703
Profit and loss__ b6 ,973,781 8,685,014
L ia b ilitie s —
T ° t a l -. .
.47,914,979 50,628,649
T ota l................ 47.914,979 50,628,049
, a After deducting reserve for accrued depreciation o f equipment, $1,227.
429. b After deducting in 1914-15 $ 1,765,255 for old accounts written o ff
and sundry adjustm ents.— V . 101. p . 448, 370.
International & Great Northern Ry.
(4 th Annual Report— Year ended June 3 0 19 1 5 .)
On A u g . 10 1914 Jas. A . B ak er and Cecil A . L y on wore
appointed receivers of tho property b y tho U . S . Circuit
C ou rt for tho S o . D is t .o f T ex a s, on com plaint of tho Central
T ru st C o . of N . Y . , trustoo of tho First R efunding M o r t
gage (V . 9 9 , p . 4 0 7 , 1 4 5 1 ).
In tho very full annual roport
Thornw ell F a y , A ssistan t to receivers at H ou ston , A u g . 12
19 15 , wroto in substance:
[Vol. 101
o f H ouston and Harris C ounty. In addition to this subscription, tho C ity
o f Houston has voted a bond issue o f $3,000,000 to provide for wharves and
docks, but on account o f litigation by a few citizens, this m oney is not yet
available; however, it is confidently expected that tho litigation will bo dis
posed ot within tho im m ediate future, and that tho m oney will then bceom o
available; in tho m eantim e, construction work on tho first unit o f the city
wharvos is under way and being paid for out o f tho goneral fund. T he first
unit o f tho wharves is 650 foet long by 145 foot wido, constructed on creosoted piling, with a reinforced concroto warehouso 425 ft. b y 100 ft ., fire
p roof, the cost o f which will approxim ate $150,000, and will bo com pleted
on or before A ug. 10 1915.
Stoamship service between Now Y ork C ity and Houston has boen inaugu
rated, tho first sailing to bo mado from Now Vork on A ug. 10, and every ten
days thereafter. T his service will be provided by tho A tlantic G u lf &
West Indies Steamship C o ., subsidiary o f tho M allory Line. T ho first
unit o f the city wharves a bove referred to is located on the south side o f tho
channel, on tracks owned b y tho C ity o f H ouston, but connecting with and
operated exclusively by tho I & G . N . T ho now port is attracting atten
tion ajl over the cou ntry, and quite a number o f large industries havo been
established along the channel and others are seeking locations thereon.
1 he International & Great Northern B y. owns about ono m ile o f frontage
on the south sido o f tho channel, immediately below tho turning basin and
this property is approxim ately 800 foot wide. B y reason o f this position,
and tho location o f tho first unit o f tho city wharves on our tracks, and tho
opportunity thus afforded us for solicitation, it is behoved that very con
siderable additional tonnago will be developed.
T h r a l l O i l F i e l d .— In M arch an oil field was discovered noar Thrall a
small local station just north o f T aylor, on tho G u lf division, whore a num-
rovenuo o f $67,218, an avorago o f $36 95 per car, which woro hauled an
avorago distance o f 133.71 miles. Further drilling Is now in progrses
Tho present production, if it continues, will add approxim ately $300,000
por annum to our freight revenue.
O u t l o o k .— T ho crop conditions in tho torrltory served b y tho I. & G . N .
and its im portant connections are vory favorable at this tim e and with
continued favorable weather conditions tho yield o f agricultural products
especially cotton and grain, will bo very largo, and unless tho Kuropoan war
causes a hindrance b y tho foreign markets, tho prosont outlook warrants
tho prediction that thero will bo a considerable increase in tho goneral
R e c e i v e r s ' C e r t i f i c a t e s . — There wero issued during tho year $600 000 rem ovom ont o f traffic. M any now industries and im provom onts havo lo
C?iv^ u CertifIcat<f * datod, M a y 1 1915 (V - 10° - P- 1510, 1592), 8338,715 cated on tho lines during tho year.
or which woro used to p a y intorest on the I s t M . b on d sd u oM a y 1 1915 T ho
G e n e r a l .— T ho receivers wero appointod at a tim e whon genoral business
balance woro sold at par, tho proceeds o f which aro now in special do’posit depression In this section was very acuto. T h e European war had ju st
for bottormonts and im provem ents. $150,000 thoroof to bo used for ballast begun. Tho earnings o f tho property, which for the previous yoar had not
ing tracks. T ho C ourt's authority, under which theso certificates woro boon good , began to show steady weekly decreases, particularly in passonissued, further provides for an issue o f $100,000, par value, to bo appliod gor earnings, which, liowovor, was com m on to all railroads in this section.
as tho initial paym ent on tho purchase price o f 1 ,000 now steel undorframo
1 ho com petitive features also aro particularly acuto, as thoro Is no town o f
cars, tho contract for which has boon oxecuted under date o f July 1 1915
any consequenco on the lino which has not from ono to tliroo or four other
v iz .: 200 stock cans. 60,000 lbs. capacity; 500 box cars, 80,000 lb s., and 300 railroads. M oreover, tho road does not havo anything liko tho traffic which
ballast cars, 100,000 lbs. IJellvory will com m ence in Moptomber.
R cotild handle
any increaso in oxponsos oxcopt actual train expenses.
All im provem ent and betterm ent work dono sinco A ug. 10 1914 has boon
1 ho population and tho industrial conditons havo not kept pace with rail
accom plished out o f funds from current operations.
road construction in this Stato. Tho only salvation is to obtain hotter
F i x e d C h a r g e s .— Summary o f fixed charges paid under ordors o f tho C ourt,
rates. The le x a s K it. Commisson now has tho wholo question o f increas
out o f funds com ing into tho receivers' hands from tho operations o f tho ing freight rates under consideration.
property: (a) Principal o f equipment notes o f 1918 and 1913, $138,000;
Disastrous floods in April caused m any washouts and stoppod tra ffic
(o) Interest: Equipm ent notes o f 1918 and 1913, $56,233; C olorado bridgo for sovoral days and by reason o f tho washing away o f tho falso work under
lmnds $12,860: first m ortgage bonds, $338,715 [out o f $677,4301; remain tho bridgo which was being constructed across tho T rinity River at R iv o ring, $338,715, paid from proceeds o f receivers' certificates as stated above]; sklo, delayed traffic botween H ouston and Balostino by tho direct lino fo r
miscellaneous equipment notes, $18,999: total, $564,807.
m oro than tw o weeks.
T ho intorest on tho First Refunding M . bonds [amount out $1,108,000,
B on d s.
Fundod debt was docroasod by paym ent o f $138,000 equipm ont
as increased by $67,000 Juno 1915] and 3-year 5% gold notos [$11,000,000] obligations b y tho receivers from current operations, and tho issuance o f
is in dotault under receivorship proceedings o f A ug. 10 1914.
$67,000 First Refunding M . bonds under docreo o f tho C ourt to retire a
«%??JiltZ;ZTGross operating rovenuos amounted to $9,083,626, a decrease loan obligation duo tho estate o f Jay Gould; net decrease, $71 000
o f $879,782, or 8 .8 % . There was a decrease in all m onths throughout tho
[Judge Burns in tho IT. S. D istrict C ourt at Houston, T o x ., iii M a y 1915
year, except in D ec., Feb. and M a y , but tho total increase in those m onths granted a decree o f foreclosure under tho First R ef. M ., but tho salo has
was not sufficient to affect very materially tho heavy decrease in tho other boon postponed indefinitely. It is expected that tho intorest duo N o v i
m onths, especially the first fivo m onths, during which period thoro was a 1915 will bo paid prom ptly on tho $ 1 1,290,500 1st M . 6 % bonds, $198 000
decreaso o f $825,628, duo to tho general financial condition o f tho country C olorado Bridgo C o . 7s and $600,000 or $700,000 receivers’ cortfs.— E d.]
incident to the outbreak o f tho European war. There was a decreaso o f
$350,213 in freight revenuo, or 5 % , while thero was an increaso o f 1% In R E S U L T S F O R Y E A R S E N D I N G J U N E 30 ( I N C L U D I N G R E C E I V E R S '
O P E R A T I O N S A F T E R A U G . 10 1914).
the numbor o f tons o f revenuo freight carried, and o f 9.6 % in tho number o f
tons carried ono m ile. T ho decrease in rovoruio derived from handling this
S ta tis tics—
1914-15.
1913-14.
1912-13.
increaso in tonnage is duo to a decrease o f 0.164 cents in tho rato earned per A verago miles operated_____________
1,160
1,160
1,160
1,509,376
ton per m ile, or 1 3 .5 % , occasioned b y tho general low class o f com m odities Passongers carried__________________
2,009,859
2,128.245
carried and tho increase in the avorago miles hauled.
Passongers carried 1 m ile ____________ 70,843,233 90.078,035 101.038,566
A careful study o f theso figures will show the im practicability o f a com _R ato per passenger por m ile__________
2.479 cts.
--------------- --------------2.491 cts.
2.439 cts.
parison o f net operating revenuo,” on account o f tho vast difference in Tons carried
.................................... 3,592,579
3,556,382
3.896,793
tho earning power o f tho tonnage handled. It is clearly shown that tho T o n s ca rn o d 1 m i l o . -------------------- 637.154,661 580,827,567 695.410,512
results for tho current year under conditions that existed in tho previous Rovonuo por ton per m ile____________ ’1.045
" " cts.
'
1.209 cts.
1.161 " ts .
year would havo added $1,029,118 to freight revenue without any additional
■------------ N e w B a s i s
-O ld B a s i s cast o f operation, which would havo changed tho "n ot operating revenuo”
O p e ra tin g R ev en u e—
1914-15.
1913-14.
1913-14.
1912-13.
to $2,241,294, an increaso over tho previous year o f $340,354, Instead o f a Freight _ . ...............$6,674,082
$7,024,295 $7,024,295 $8,074,686
decreaso o f $688,763. as shown by the actual figures.
P a sson g er----------1,780,208
2,274,088
2,274,088
2,500,296
T ho cotton tonnage originated decreased 7 % , notwithstanding thoro was M a il, express & m iscell.
504,456
542,612
542,612
584.955
an increase o f 40,731 bales in tho tonnago secured from I. & G . N . com potl- In cid en ta l----------124,880
121,813 _
99,779
100,628
tivo stations, which was m ore than offset b y a decreaso o f 47,371 bales from
...........................
$9,083,626
T
o
t
a
l
.
.
$9,963,407 $9,941,374 $11,260,565
non-com petitive stations, duo principally to short cotton crop in East
O p e ra tin g E x p e n s e s —
Texas. Tho cotton tonnago received from connections increased 4 7 .4 % .
T ho heavy decreaso in passenger traffic is due to tho goneral business d e M aintenance ot way, A c. $1,539,783 $1,633,054 $1,633,202 $1,472,197
1,110.873
1,110,369
pression prevailing throughout this section o f tho cou ntry, in respect o f M a in t. o f equipm ont___ 1,585,929
1,557.565
T ra ffic expenses_______
269,869
320,996
321,038
which tho I. & G . N . is only participating in its share o f reduced rovonues.
319,663
4,558,461
4,556,773
Transportation oxponses decreased $436,878, or 9 .6 % , com pared with Transportation oxponsos 4,121,583
4,796,525
Goneral
expenses______
361,452
399,0011
400,198
a decrease o f 8 .8 % in gross operating revenues, and an increaso in work
381,529
M iscellaneous__________
35.040
34,082/
perform ed, as shown by tho rovonuo freight ton milos, o f 9 .6 % .
Transporta, for in vest. . C r . 42.207
_ ^ M a i n t e n a n c e . — M aintenance o f way and structures oxponsos decreased
$93,271, or 5 .7 % . During tho previous year tho expenditures for m aintoT o t a l ................................$7,871,449 $8,062,467 $8,021,580 $8,527,479
nanco o f way and structures were abnorm ally largo, owing to tho unprece N ot oper. rovonuo_____ $1,212,177
$1,900,940 $1,919,794 $2,733,086
dented floods and washouts, expenditures in excess o f $200,000 were mado Outsklo oper. (net d o f .) .
______
18,854
21,014
necessary in order to repair and replace the roadway and bridges destroyed.
Expenses o f this nature included In tho current year’s operations approxi
$1,212,177 $1,900,940 $1,900,940 $2,712,072
m ate $50,000, as tho result o f heavy rains and washouts in A pril. There Taxos accrued.
400,000
339,841
339,841
340,000
fore tho expenditures for maintenance woro very liberal whon com pared U ncollectibles.
5,677
with tho previous year, notwithstanding the decreaso shown. T ho avorago
Operating
incom
o___
$806,500
$1,661,099
$1,561,099
$2,372,072
expenditure per mile o f road during the year was $1,392, as com pared with Hire o f equipm ent_____
390,726
388,972
$1,476 for tho previous year. N um ber o f cross-tics renowod, 609,790. Joint
69,630
facility rents_____
65,223
65,223
71.022
T he expense o f keeping up tho track as a wholo has boon unduly large be Dividends
from
s
to
c
k
..
660
cause o f the fact that vory little o f tho road has been ballasted. A bou t 22
885
5,880
5,880
10,319
miles out o f Houston wero ballasted several years ago with shell, but tho Miscellaneous ________
$1,267,741 $2,021,174 $1,632,202 $2,454,073
only com pletely ballasted track has been betwoon San A ntonio and T a ylor.
D e d u ctio n sMaintenance o f equipment expenses increased $169,056, or 4 2 % ; o f this
$108,159
$107,881
$109,949
am ount, tho “ depreciation accounts” contributed $92,851, duo to an in
$105,285
895,255
1,036,259
crease in tho rate o f depreciation charged, 3 % on locom otives and passenger H iro o f equipm ent_____
647,286
751,418
842,482
1,307,730
cars and 4% on freight cars during tho last nino m onths o f the year (com Interest on funded d o b t.
1,307,730
1,261,717
pared with M o f 1% on all classos o f equipment during tho sarno period o f Dividends ( 4 % ) -----------136,000
543,242
18,200
tho preceding year). Tho change in tho I. S. O . Com m ission’s accounting Other int. & m lscell-----16,133
12,135
classification, effective July 1 1914, requiring that premiums paid on equti>. . . $2.389,138 $ 2 .470,070 $2,0 8 1,098 $2,266,555
inent insurance bo charged to maintenance o f equipmont accounts, is re Balance, sur. or d e f ..d e f .$ l ,121,397def.$448,896dof .$448,896sur .$187,518
sponsible for $15,984 o f the increaso, as such expenditures wero theretofore
B A L A N C E S H E E T J U N E 30.
charged direct to goneral expenses. M oreover, in tho previous year thero
1915.
1914.
lo ts .
io n .
was a credit item o f $102,689 which was lacking in 1914-15. On a com m on
basis, therefore, the increaso was $257,533.
Assets—
3
$
L ia b ilit ie s —
$
s
T h e average cost o f repairs per unit o f equipment ownod: Locom otives, Road & equipm’ t *37,573,324*37,243,133 Common stock__ 1,422,000 1,422,000
$3,476; passenger cars, $1,084; freight cars, $112; service cars, $52.
Secur. pledged as
Preferred s to c k ... 3,400,000 3,400,000
collateral, A c..l2,150,000 12,150,000 Mortgage bond s..26,347,000 26,280,000
T a x e s . — Taxes accrued show an increase o f $60,159, necessary in order to
7,409
7,409 3-yr. 5% notes..a 11,000,000 11,000,000
adjust the tax liability account to basis o f actual disbursements, duo to Misc. phys. prop.
88,920
78,331 Rccelv. equip.notes 133,000
under-estimates mado by tho T ax Dopartm ont in respect o f tho actual as Cash in hands, Ac.
171,000
sessments for tho tw o preceding years, leaving a further $19,833, which will Union Comp. A
Equip, notes I. &
4,400
4,400
bo adjusted by m onthly accruals o f $5,000 for July, A u g ., Sept, and O ct.
Wareh. stock..
G. N . “A” ___
850.000
950,000
o f tho succeeding fiscal year.
138,074
91,720 Receivers’ certfs.
Traffic, Ac., b al..
600.000
I m p r o v e m e n t s . — Statement o f additions and bottorm onts, amounting to
252,130
Proceeds rec. ctfs.
Traffic, Ac., bals
315,100
264,455
$624,100, less $185,324, value o f property abandoned and adjustments—
270,452
258,142 Vouchers & wages 1,826,918 1,376,298
Ag’ts A eonduc’rs.
not $438,776— notably for ballast, $124,788; for bridges, trestles and cul Materials A suppl.
715,550 Miscellaneous___
091,459
10,803
85,357
verts, $160,364, and for sidings and spurs, $63.85-4.
862,310
450,690
M lscellaneous___
458,250 Matured interest.
9,050
E q u i p m e n t . — W ith tho addition o f tho 194 freight cars built and rebuilt,
18,681 Unmat .int .Arents
Sink., A c., funds.
18,681
180,009
401,773
together with tho 1,108 cars placed In servlco through operating expenses Pref. claims unad].
61,400 Taxes accrued___
78,330
150,190
116,098
Other unadj.acc’ ts 228,192
under general and heavy repairs, our froight car equipmont Is yielding a I. A G. N . R y.
209,100
great deal m ore servlco than it did ono yoar ago, notwithstanding tho d e
general account 782,819
Cond’l interim ctf. 5,078,000 5,078,000
crease o f 224 cars In total numbor owned.
Other unadjust.,
Rcc.ra’ gon. acc’t . 782,819
H o u s t o n S h i p C h a n n e l . — T ho Houston Ship Channel has boon com pleted
146,332 Res. fund (5 % ).. 80,000
35,840
A c., accounts..
’ 8o",666
and is now open for traffic. It is about 60 milos In longth. oxtondlng from Profit and loss__
723,802
Profit and loss___
_______
389,630
Bolivar Roads-Galveston to H ouston, and is 25 feetd eep , 150 wide at b o t
tom through Galveston B ay, 36 miles, and 100 foot wide thonco to H ouston,
T o t a l............... 53,260,341 51,233,307
T o ta l............... .53,260,341 51,233,307
24 miles. T ho cost o f dcoponing this channel to a depth o f 25 foot was ap
* A fter deducting $347,394 for resorvo for accrued depreciation, a M a
proxim ately $6,000,000, S I,250,000 o f which was subscribed b y tho C ity
tured and unpaid in 1915.— V. 101, p. 1014, 370.
New York New Haven & Hartford Rft.
-N e w B a sis-
J u n e 30 Y e i r —
Operating rov en u j.
Operating o x p jn s js .
I n c . or D e c
1913-14.
1911-15.
$65,3/9,233 $37,■432,592 — 32,073,329
49.2J3.010 — 5,106.336
N ot operating rovonuo---------Itaii way taxes---------------------—
U n collectibles--------------------------
$21,252,639 $18,219,532 + $3,033,057
2,743,921
3,563,354
— 819,133
7,830
+ 7,830
Hire
Interest, t h e . , recjivod --------------------In c. lease o f roads----------------------------
232.606
1,450,666
1 .3 3 /,5 3 /
1,7/9,033
1,006,352
$14,656,228 + $3,84 4 ,6 6 0
245,410
— 12,801
3,521,760 — 2,071,091
— 662,239
2,0 1 9,3/6
129,368 + 1,619,665
1,261,952
— 253,600
.$24,357,132 $21,867,594 + $2,489,533
+ 45 0 ,2 3 0
22.019,161 21,593,931
$263,663 + $2,03 9 ,3 0 3
$2,307,971
______ (1H)2356769 — 2,356,769
Dividends p a id .
Balanco, surplus or d eficit____sur.$2,307,971df$2.088,106 + $4,396,077
“ Operating oxpens i s " in 1914-15 includo maintenance o f way and struc
tures, $7,729,240, and maintenance o f equipment, $9,780,329, against
$8,831,001 and $10,389,458, respectively, in 1913-14, and transportaton
expenses. $23,953,702 in 1914-15 against $20,868,687 in 1913-14. C om
pare V. 101, p. 370.— V. 101, p. 370, 288, 213.
Missouri Pacific Railway.
(,P relim in a ry Statem ent f o r
C O M B IN E D
Y ea r en d in g J u n e
30 1915.)
R E S U L T S O F M IS S O U R I P A C IF IC
A N D
IR O N M O U N T A IN &
SOUTHERN.
ST.
L O U IS
------------ N e w B a s i s ----------------- — — O ld B a s i s 1913-14.
1913-14.
1914-15.
1912-13.
Gross ea rn in g s................. $53,209,306 $59,985,731 $59,793,900 $62,155,506
Operating oxp en sos____ 42,559,670 43.122,373 43,122,373 44,698,997
N et earnings................. $15,649,636 $16,863,358 $16,671,527 $17,456,509
---------_---------73,364
93,005
Outsido op er.— not d efTaxes a ccrued______ —
2.595,996
2,778.627
2,513,432
2,314.349
Operating Income_____$13,053,640 $14,084,731 $14,084,731 $15,049,155
Other in c o m o ....... ..........
1,103,175
1,130.721
2,447.779
2.463.599
T o t a l .............................$14,156,815 $15,215,452 $16,512,510 $17,512,754
T otal d ed u ction s........... 15,397,361 15,140.760 16,457,818 15,950,021
Balanco for y e a r ..d e f.$1,240,546 sur.$74,692 su r.$ 7 4 .6 92 sr$ l,562,733
— V . 101. p . 923. 773.
Minneapolis St. Paul & Sault Ste. Marie Ry.
(27 th
Annual Re-port— Year ended June
3 0 1 9 1 5 .)
P res. E . Pennington, M in n eapolis, says in substance:
R e s u l t s . — For the entire system the gross oarnings decreased $1,542,998,
net earnings decreased $113, and the surplus incom o decreased $269,462.
T he decrease in freight rovonue was $580,633, largely duo to decreased
shipments o f lumber, manufactured Iron, m achinery, building materials
and agricultural Implements. In livo stock shipments thore was a further
Increase during tho year. Shipments o f iron oro also show an increase and
with the developm ent o f the Ouyuna Uango there should bo a continued In
crease in shipments o f this com m odity.
T ho decrease In passongor revenue was $859,154. duo to depressed b u si
ness conditions, but it has beon found Impossible to materially roduco th o
passenger train expenses. W hile the passenger revenuo decreased 1 3 % ,
tho (lecroaso in miles run by passongor trains was but 544 % •
M aintenance expense shows a decrease o f $904,685
Owing to tho d e
creased business handled, our facilities have not been fully em ployed. T ho
largo expenditures in previous years for permanent bridgo and road work
anu for now oquipmont have contributed to the reductions in maintenance
oxpensos. Transportation expenses show a (lecroaso o f $468,076, causod
partly by decreaso in business handled. E very effort consistent with safe
business has been made to reduco transportation expenses.
A c q u i s i t i o n s , & c . — During tho yoar tho com pany purchased tho railroad
and property o f (a) tho Fairmount & Voblon lly . C o ., extending from Fairm ount, N. D ak., to Grenville, S. D ak., 87 inllos, and com m enced operation
o f same. July 1 1915. ( b ) Tho M innesota Northwestern Eloctric R y. G o .,
extending northeast from T h ief Itiver Falls, M in n ., 18.55 miles. T he M in
nesota Northwestern Electric Uy. G o. will continue to operate the p roperty
under lease from this com pany (see table below).
The only now construction in progross at this tim e is an extension from
Van Hook, N . D ak., to tho Missouri River, a distance o f 10 miles.
During tho year thore has boon exponded for add'ns & b ett’ ts $723,830.
Equipm ent changes amounted to $72,231.
W o purchased 400 40 ton-capacity steel-frame box cars and 100 40-toncapacity stool frame autom obilo cars, which woro delivered during A ug.
1915, and six switching locom otivos for delivery in Doc. 1915.
During the yoar tho com pany has continued its offorts to assist in the
developm ent o f tho territory tributary to Its linos. T ho results have boon
exceedingly satisfactory.
...................
B o n d s . — Tho outstanding funded dobt was Increased during tho yoar by
tho sale o f $2,637,000 o f our 1st consol. 5s (V . 100, p. 812, 1510) and
$1,000,000 W is. Gontral 3-year 5% secured gold n>tes (V . 100. p. 557).
The outstanding funded dobt was decreased by $1,366,500 through tho
retirement o f $982,000 o f our equipment trust obligations, also Wisconsin
Gontral Ity. obligations as follows: Equipment Trusts $367,500: First G on.
M . bonds, $12,000: M . & 8. E. D iv. P. M . M . bonds. $5,000.
O u t l o o k . — 'Phe Northwestern States havo an excellent grain crop this
year. T his should produce considerable increase In tonnage, and if goneral
business conditions im prove tho results for tho current fiscal yoar should
show much im provem ent. The property is in condition to econom ically
handlo a largely Increased business.
E x p e n d i t u r e s f o r Y e a r , A g g r e g a t i n g $2,489,314, f o r C o n s t r u c t i o n & E q u i p m e n t .
Am broso extension................ .$ 6 6 ,2 3 3 1Fairmount & Voblon R y . ..$1,159,314
M akoti extension----------------- 591.893 IA dd’ ns & betterm ’ ts..........
505,976
A ber. Blsm. & N. W . R y . .0 .1 ,0 1 7 Equipment --------------------- Cr.30,043
M inn. N . W . Eloc R y ----------177.8931Miscellaneous.......................
.19,066
[Seom ap Ganadian Pacific R y ., page 19. ’ Electric R y . S ection s
(1) Results for Entire System for Year 1914-15.
C o .'s O w n
“ S o o " L in e .
-$17,817,855
. 11,059,594
--------- E n t i r e S y s t e m --------C h ica g o
1913-14.
D iv isio n .
1914-15$9,945,370 $27,763,225 $29,306,223
6,751,780 17,811,374 19.354,259
. $6,758,261
Inc. from other sources.. 1.043,965
$3,193,590
61,281
. $7,802,226
Fixed chgs., taxes, & c ... 4,828,222
$3,254,871 $11,057,097 $11,081,917
7,710,719
3,118,139
7,916,361
Balanco, surplus--------$2,974,004
$136,732
$9,951,851
1,105,216
$3,110,736
$9,951,961
1,129.953
$ 3 ,3 7 M 9 8
(2) Results for Minneapolis St. Paul & Sault Ste. Mario.
S ta tis tic s —
1914-15.
1913-14.
1912-13.
1911-12.
Average mileage for year
3,0 44
2,982
2,915
2,741
O p e r a tio n s —
T ons rev. freight carried 7,312,385
7,203,034
7,761,407
6,200.76 4
T ons rev. frt. carr. 1 m . 1525833072 1620174676 2072932191 1652831716
A v . rate p. ton d . m ile .. 0.824 cts.
0.788 cts.
0.740 cts.
0.722 cts.
F rt. earns, per frt. tr.m .
$3.27
$3.18
$3.12
$2.86
A v . tons rev. frt. tr. in.
396.21
403.74
421.72
395.50
ltov . passengers carried. 2,459,808
2,554.702
2,248,502
1,930,486
R ev. pass, carried l rallel87,898,734 210.701,638 198,188,238 168,920.156
A v . rate per pass, por in. 2.028 cts.
2.106 cts.
2.303 cts.
2.29 cts.
Earns, per mile o f roa d .
$5,854
$6,276
$7,192
$ 6 ,1 1 9
1089
THE CHRONICLE
Oct. 2 1915.]
-O ld B a s is -
E irn in g s—
1914-15.
1913-14.
1913-14.
1912-13.
F r e ig h t _____ _____ ____ $12,576,374 $12,764,423 $12,748,506 $15,330,648
Passengers......... ............... 3,810.891
4,436,911
4,436.911
4,564,256
431,930
391,771
391,771
370,353
M a il__________
E x p re ss......... ...................
323,948
343,134
343,134
370,762
I n c i d e n t a l .....................
193,505
221,8531
354.057
332,535
M iscellaneous__________
476,207
559,597)
T otal earnings............$17,817,855 $18,717,690 $18,274,379 $20,968,554
E xp en ses—
- c. ----------------M aintenance o f- way,&
$2,096,307 $2,405,187 $2,383,740 $2,292,993
M aintenance o f equip’t . 2,724,036
3.160,909
3,070,670
2.603.669
375,815
T raffic expenses..............
337.332
375,815
357,518
T ransportation_________ 5,495,980
5,664.285
6.090.411
5,755,346
General expenses______
334,840
389.5851
427,715
458.418
Outside operations_____
92.537
122,386/
Transporta ’n for in vest.
0 7 1 ,4 3 8
.$11,059,594 $12,209,228 $11,922,225 $11,803,009
(65.2)
Por cent exp. to earns___.
(65.2)
(56.5)
(62.1)
N et earnings....... .............. S6.758.261 $6,508,462 $6,352,154 $9,165,545
Outside operations (net)i
______
148.912
156,308
. $6,758,261
Taxes accrued__________. 1.135,439
$6,508,462
1,182,367
$6,508,462
1,182,367
$9,314,457
1,298,968
. $5,622,822
g 1,043,965
$5,326,095
1,083,244
$5,326,095
1,083,244
$8,015,489
. 871,051
Gross corporate Income $6,666,787
D e d u ct—
Interest on bon d s______ $2,795,289
Int. on equip, notes____
299,109
Int. on Wise. Central
leased line certificates
446,784
151,601
Rental o f term inals____
h 7% d iv. on preferred.
882,238
h D iv. on com m on (7 % ) 1,764,476
$6,409,339
$8,886,540
$2,639,029
316,899
$6,409,339
$2,639,029
316,899
$2,506,280
244,095
446,764
153,145
882,238
1,764,476
446,764
153.145
882.238
1,764,476
445.837
162,926
882.238
1,764,476
T o t a l ......... ................... $6,339,497 $6,202,551 $6,202,551 $6,005,852
Balance, surplus..............
$327,290
$206,788
$206,788 $2,880,688
g Other Income in 1914-15 includes: D ividends on stock sow n ed , $465,328:
Interest on bonds owned, $14,638; hire o f equipm ent, $275,996: Interest,
discounts and rents, $288,001.
h Divs. are deducted by com pany from p rofit and loss, but are shown
above for the sake o f sim plicity.
(3) Ra3ult3 for Wisconsin Central Ry. (Chicago Division).
S ta tis tics—
1914-15.
1913-14.
1912-13.
1911-12.
Average miles operated1,120
1,123
1.092
1,091
O p e r a tio n s —
Total tons carried---------- 6,038,588
6,442,420
6.784,779
5,842,231
Tons carried one m i l e . .. 103347 7 383 1150251023 1259917715 1061557 528
A v. rate por ton per mile 0.697 cts.
0.663 cts.
0.647 cts.
0.670 cts.
A v. rev. tons per tr. mile
455.82
463.96
469.78
445.73
Earns, per fre. tr. m ile ..
$3.18
$3.08
$3 04
$2.99
N o. passengers ca rrie d -. 1,952,131
2,030,621
1,929.148
1,826.658
N o. pass, carried 1 m ile. 105.651,984 118,900,802 109,176,595 100,124.362
A v . earns, p. pass. p. m .
1.86 cts.
1.83 cts.
1.89 cts.
1.87 cts.
A v. earns, p. pass. tr.m .
$1.10
$1.01
$1.11
$1.20
Gross earns, per m ile___
$8,878
$9,425
$9,887
$8,700
------- N e w B a s i s —
-O l d B a s i s -----------1913-14.
O p e ra tin g R ev e n u e s—
1914-15.
1913-14.
1912-13.
F r e ig h t ............................... $7,237,916 $7,630,500 $7,623,741 $8,155,027
Passengors.....................
1,994.824
2,227.958
2,227,958
2,034.186
556.0301
M ail, express & m iscell.
54S.002
649.556
606.020
In cid en ta l.........................
164.628
174,045/
T o t a l ............................. $9,945,370 $10,538,533 $10,501,255 $10,795,233
E xpen ses—
M aint. o f' way &
‘ s tr u c .. $1,211,190
---------------- $1,220,082 $1,209,789 $1,193,096
1,402,758
1,371,090
1,375,307
M aint. o f equipm ent___
1,252,718
T raffic expenses_______
2 60 .1S9
285.821
285.821
289.537
Transportation expenses 3,734,415
3,941,125
3,937.187
4,005,944
199,9301
General expanses______
225,586
215,825
224,364
Miscell. operations_____
76,612
95,265/
Transporta, for In v e st..
Cr8,930
$6,751,780
P. C . exp. to earnings..
(67.9)
N et operating rev en u e.. $3,193,590
Outsido operations (net)
$7,145,031
(67.5)
$3,443,502
$7,019,712
(67.5)
$3,481,543
def38,041
$7,088,248
(66.2)
$3,706,985
def21,294
Taxes
$3,193,590
667.614
$3,443,502
597,473
$3,443,502
597,473
$3,685,691
465,157
Other Incom o.
$2,525,976
61.281
$2,846,029
46,709
$2,846,029
46.709
$3,220,534
49,039
. $2,587,257
D e d u ct—
Interest on bonds, & c ._ $1,658,623
134,502
Hire o f equipm ent_____ .
Rentals or terminals____ .
657.400
Discount on bonds-------Preferred dividends____
*450.688
$2,892,738
$2,892,738
$3,269,573
$1,630,383
241,587
503.072
S 1,630.383
241,587
503,072
*450,688
*450.688
$1,604,467
123.622
435,887
12,247
*450,688
T o t a l ............................. $2,901,213 $2,825,730 $2,825,730 $2,626,911
B a la n co ...........................dof.$313,956 sur.$G7,00S sur.$67,008sur.$642,662
* Includes in 1912-13 Nos. 10 and 11, $225,3 44 (2 % ) each: in 1913-14,
Nos. 12 an 1 13. $225,344 (2 % ) each, and in 1913-14, N os. 14 and 15.
$225,314 (2 % ) each. T h is i dividends are deducted by tho com pany from
profit and loss surplus, b it ar i s i e .va as above for the s3ke o f sim plicity.
" S O O L I N E ” B A L A N C E S H E E T J U N E 30.
1915.
1914.
1915.
1914.
L ia b ilit ie s —
$
$
A ssets—
S
S
Road & equip._xll5,589,722 113635,292 Common stock__ 25,206,800 25,206,800
Preferred s t o c k ... 12,603,400 12,603,400
Secur. of proprle’y,
afftl., & c„ cos-.y5.6S0.437 5,453,528 B on d s.......... ........71,436,450 68,785,000
Oth. sec. owned..*2,429,553 1,930,933 Equip, tr. oblig’ n3 6,075,000 7,057,000
215.655
322,017
Misc. phys. prop.
271.952
_______ Traffic, &c., bals.
Material & suppl’s 2,027.993 2,841,488 Vouch. & wages.. 2,531,436 2,871,635
502,629
417,126
Cash...................... 6,048.447 4,479,428 Taxes accrued___
Bal. due to agents 1,225,403 1.210.475 Int., &c., due___ 2,139,687 1,390.585
132,819
140.658
Unmatured d ivs..
111,696
111,696 Interest accrued..
491,940
306,067
Traffic, &c., bals.
149.522
291,601 Miscellaneous.
189,034
189,882
Misc. accounts-- .
796.746
884,473 Operating reserve78,905
Tri-State Ld. C o. 1,248,287 1,350.591 insurance reserve748,084 other def’d credit
Spec. dep. for eq. _______
84,971
78,308
Unextlng. dlsct. on
items
securities______
642,550
677,819 Profit and loss____14,750,596 14,576,890
Oth .def .deb .items 231,205
215.716
T otal...............136.453,518 133931,172
T o ta l............... 136,453,518 133931,172
x After deducting reserve for accrued depreciation, $2,860,578.
y Se
curities o f affiliated, & c.. com panies includo in 1915 W isconsin Central R y.
stock, $3,658,337; St. Paul Union D epot C o . stock , $103,600: M innesota
Transfer Ity. stock, $7,000, and bonds, $64,000; Sault Ste. M arie U. D . C o.
stock, $37,500; Central Terminal R y. stock, $1,380,000, and bonds, $139.
500: Belt R y. C o . o f Chicago stock, $240,000; W estern Express C o. stock,
$50,000, and N ew Jersey Bridge C ons. C o. stock, $500. z "Other securi
ties ow n ed” Include in 1915 Tri-State Land C o . stock, $25,000; Coeur
d ’Aleno & Pend d ’Oreilie R y. 5 % bonds, $25,200; W isconsin Central R y.
equipm ent contracts, $1,851,501, and miscellaneous bonds, $4,700; 1st
N at. Bank and Soo Lino Bldg. C o. sto ck ,$ 37 5 ,0 0 0, and advances, $125,000,
and advances to Saulte Ste. M arie U . D . C o ., $22,776.. and miscellaneous
stock, $376.
N o t e .— T he com pany has also the following contingent liabilities: (1)
Jointly with Central Terminal R y. o f Illinois o f $6,000,000 bonds on prop
erty o f that com pany; (2) $11,169,100 4% leased line certificates, Issued in
exchange for W isconsin Central preferred stock held therefor.
1090
THE CHRONICLE
W I S C O N S I N C E N T R A L R Y . B A L A N C E S H E E T J U N E 30.
1015.
1014.
1015.
1014.
Assets—•
s
$
A s s e t s (c o n c l .)—
S
S
H oad*equipm ’ t a63,398,894 63,347,806 Miscellaneous___
3,670
185,507
Secure, of proprl'y,
affll., A c., co s ._ 162,000
162,000
T o ta l_________ 76 ,813,046 75.827.814
---------Liabilities—
Misc. phys. prop.
708,313
Other Invest’ts__ b3,863,923 4,031,260 Common stock__ 17,500,000 17,500,000
Cash...............
1,302,475
818,160 Preferred s to c k ...12,500,000 12,500,000
C o.’ssecur. In treas.:
Bonded debt........ 42,44,8,000 40,847,000
Preferred stock. 1,234,700 1,232,800 Equip, tr. obllg’ns 2,082,606 2,450,166
Common stock. 1,380,400 1,353,600 Vouchers________
326
357
Bonds c _______ 3,468,000 2,850,000 Int., divs..&c.,due 4S9.Q51
485,563
M aterial________
0,557
612,023 Acer. int..tax.,Ac.
192,510
149,918
A cc'ts* bills r c c ..
230,116
277,766 Miscellaneous___
38,047
14,898
Advances________
384,566
374,038 Def. credit items.
59,387
24,022
Unextlng. dlsc’ t . .
577,323
581,774 Profit and loss___ 1,503,050 1,855,890
T ota l_________76,.813,916 75,827.814
a A fter deducting resarvo for accrued depreciation, 81,380,703 in 1915
and 81.182,108 in 1914. b Includes in 1915 Land Departm ent land grant,
82.907,409, and Land D ept, deferred paym ents on land grant sales, A c .,
$955,315, and 81,200 miscellaneous, c Includes iu 1915 W . C . Ity. 1st
& R ef. M . bonds, $1,966,000, against $2,850,000 in 1914, and also in 1915
W . C . R y . 1st A R ef. M . bonds pledged, $1,500,000, and W . C . R y . 1st
& Gen. M . bonds, 82,000.— V. 101, p. 1014.
Annual Report— Year ended June
3 0 1 9 1 5 .)
P res. H . R . K u rrie, C h icago, Sep t. 15, w rote in substance:
R e s u l t s . — Tho depression in business which was m entioned in the last
annual report has continued through tho year. Operating revenues de
creased $384,340: operating expenses decreased $506,707: non-operating
Income increased $25,638: deductions from gross incom e increased $68,009;
net incom e increased SS3.975. Dividends aggregating 4 % on tho preferred
stock were declared and paid out o f accumulated lncom o and charged to
‘ ‘p rofit and loss.” as has been the practico in previous years. [Dividends
on tho com m on stock were suspended in D oc. 1914; V . 99, p . 1831.1
f i x e d C h a r g e s . — Interest on funded debt increased $67,159, or 8 .0 9 % ,
duo to tho sale o f $1,500,000 Gen. M tge. bonds authorized b y the board
last fiscal year and disposed o f just prior to the close o f the year. There
was a decrease o f $20,732, or 3 .9 9 % , in "jo in t facility rents,” duo to tho
decrease in number o f cars handled in and out o f the terminals at Louisvlllo,
and to smaller paym ents at Chicago.
O p e r a t i n g C o n d i t i o n s .— Material reductions have been m ado In operating
expenses. Thero was a reduction o f $319,894 in tho oxponso o f maintenance
o f way and structures. In the preceding year our replacements wore unusu
ally heavy; our replacements in tho late year have been normal. In trans
portation expensos thero was a reduction o f $234,013, or 8 .8 7 % . Thero was
an increase o f $118,000 charged for depreciation on equipment over the pre
vious year, and an increase o f $24,325, or 2 .2 7 % , in tho expenso o f m ainte
nance o f equipm ent, which reflects in part this increase in depreciation.
T h o total reduction in operating expenses was $506,707, or 9 .7 7 % . T ho
operating ratio was 7 1 .3 1 % , as against 74.66% in tho previous year, a re
duction o f 3 .3 5 % .
T h o average number o f tons o f rovenue freight per train was 414.71 in
1914 as against 401.38 in 1915. This decrease is due to the fact that it has
not been possible, on account o f the conditions prevailing in the South, to
balanco our traffic so that the northbound trains m ight bo given maximum
tonnago.
R o l l i n g S l o c k . —-There has been received and placed in service tho 250 new
froight cars and 5 freight locom otives, the purchase o f which was authorized
in the previous fiscal year. B y these and other Im provem ents, we have
been able materially to im provo our tonnage per tain in tho latter m onths
o f the fiscal year, as the following figures will indicate:
A v e r a g e T o n s R ev en u e F re ig h t P e r T r a in i n R ecen t M o n th s .
1915.
1914. I
1915.
1914.
M a rch ............ ...............423.50 421.60 M a y ............................. 427.68 383.29
A p r il________________429.96 3 7 9 .5 5 lJ u n o ________________ 430.00 416.74
P h y s i c a l C o n d i t i o n . — T he physical condition o f this property was nover
better, so far as strength and safety are concerned. T ho additions and bet
terments for tho year amounted to $445,057, as com pared with $844,510
in the previous year. T he principal decrease In this item was In the amounts
expended for freight train cars, thero being spent on that account in tho
fiscal year ended June 30 1914 $731,884, as against $194,539 this year.
D uring the year there were placed in track 3,125 tons o f 100-pound sec
tion and 449 tons o f 90-lb. section rail. Tie replacements have been less
than in previous years and it m ay bo expected from now on that tho tie re
placements will be less than they have been In previous years. This is due
to the fa ct that a largo percentage o f our ties In track are treatment ties.
O u t l o o k . — On account o f the extreme depression during tho year, econo
m ics have been effected in every expenditure whero it m ight be done with
out Impairing tho value o f our service or the standard o f our maintenance.
T he benefit o f these econom ics will be enjoyed for som e t.imo after business
becom es norm al. T he territory serv d is enjoying unusual crops, and while
business conditions are below normal they are m aterially im proving.
E a r n i n g s . — Results reduced to the average per m ile o f road operated,
com pare with 1913-14 as follows:
G ross.
1914-15-----$10,577
1 9 1 3 -1 4 -.- 11.237
In c.o rD .% D .6.05
N e t. T a x e s & c . O lh .I n c .T o t.I n c . I n t . ,A c . D iv s .
$3,028 $513 $374
2,847 539
324
1.6.38D.4.721.15.28
O P E R A T IO N S ,
E A R N IN G S
$2,888
2.632
1.9.74
A N D
B a l.
$2,502 $322 Sr. $61
2.396
599 D f.363
I.1 .4 5 D .4 6 .3 5 ______
EXPEN SES.
1914-15.
1913-14.
1912-13.
1911-12.
M iles operated June 3 0 - 621
618
617
617
O p e r a tio n s —
Passengers carried______ 2,053,531
2,245,133
2,085,373
2,163,216
Pass, carried one m ile___86,993,893 92,595,943 87,845,361 88,358,953
R ate per pass, per m ilo .- 1.974 cts.
1.86 cts.
1.S77 cts.
1.863 cts.
ltov. freight (tons) carr’d 4,355,682
4,652,608
3,858.084
4,546,441
Fgt. (tons)carr’d 1 m ile-560,999,868 631,553,815 628,732,955 515,420,460
R ato per ton per m ilo____ 0.765 cts.
0.826 cts.
0.73 cts.
0.745 cts.
Avge. train-load (ton s)..
401
415
307
383
Earn, per pass, train mile
$1.13
$1.18
$1.17
$1.19
Earn, per freight train m .
$3.07
$3.03
$2.54
$2.85
Earns. per mile of road.. $10,558
$11,237
$10,548
$11,330
Earmngs—•
Passenger______________$1,715,993 $1,722,479 $1,648,884 $1,646,207
4,289,228
Freight____________
4,610,93.3
4.257,162
4,682.585
Mail, express and m isc-554,439
610,593
600.284
654,475
Total earnings_______ $6,559,665 $0,944,005 $6,985,944 $6,503,653
Expenses—
Maintenance o f way, A c. $721,224 $1,041,119 *$1,069,198
*$904,879
Maintenance o f equipm't. 1,097.986
1,073,660
*982,051
*953.342
Traffic expenses________
242,834
*210,467
230,919
*216,675
Transportation_________ 2,403,965
2,637,978 *2,656,418 *2.529.722
General, A c., expenses-,
212,012
*176.802
201,053
*179,595
T o ta l------------------------ $4,678,021 $5,184,728 $5,103,937 $4,775,212
Per cent exp. to earns__
(71.31)
(73.43)
(74.66)
(73.06)
Net earnings------- ---------- $1,881,644 $1,759,277 $1,882,007
1,728,441
Taxes__________________
318,497
278,145
332,990
294,039
Uncollectibles...............-
514
Operating income____ $1,562,633
Interest, dividends, & c._
190,824
Hire o f equip., balanco._
______
Joint, facilities, &c\, rents
41,357
Total ........................... $1,794,814
D isbursem ents—
Interest on bonds______ $ 935,198
$1,426,287
168,195
$1,587,968 $1,450,296
*236.303
*160.9U7
36,743
38,526
38,222
38.349
$1,632,830 *$1,899,236 *$1,649,819
$855,926
*$804,071
*$732,300
R entals________________
594,986
612,304
*430,464
556,664
Hire o f equip’t, balanco. .
22,367
18,802
*77,895
Miscellaneous__________
2,490
*150
T o ta l------------------------ $1,555*041 $1,487,032 *$1,360,875 *$1,240,659
Surplus for dividends___ $230,773
$145,798
$538,361
$409,160
Dividend on pref. (4 % ).. $199,752
$199,752
$199,752
$200,000
Dividend on co m m o n ...
---------(1^)170.568(314)341,136(3^)341,250
* Comparison of items so marked is somewhat inaccurate, owing to
changes in later years; tho final results remain, howover, unchanged.
S H E E T J U N E 30.
1014.
1915.
L ia b ilitie s —
8
S
Road & equipm’t . 37,225,990 36,780,933 Common stock__ 10,500,000
Inv. in affll. cos.—
Preferred s to c k ... 5,000,000
957,061 1,157,849 Funded debt____ 16,500,000
S tocks..............
Bonds----------------1,312,781 1,163,482 Equip. 4Hs.Ser.A. 257,000
N o te s ...............
466,433
do Series B __
129,108
488.000
Advances..........
967,940
303.332
do Scries C __
850.000
Other Investments 332,005
277,300 Equipment notes.
100.000
Misc. phys. prop.
23,303
Monon Realty Co.
Sinking funds___
9,550
*9',550
notes assumed..
28,930
Cash____________
48,362
832,518 Notes & bills pay. 1,012,000
L oans* billsrec..
11,968
8,481 Traffic, &c., bals.
147,227
Special deposits . .
446,553
703,299 Accounts & wages.
791,743
Traffic, &c., bals.
84,594
59,965 Misc. accounts__
437,270
Agents & conduc.
219,217
233,968 Matured int., divs.
Material & supp..
471,861
484,901
and rents______
419,243
MIscell. accounts263,929
296,989 Unmat’d int., &c.
30,886
Unextlng’d disc’nt
Taxes accrued___
307,851
73,049 Operating reserves
on securities__
______
95,443
Other defer’d debit
Other unadj. items 205,072
150.333 Accrued deprec’n.
Items................
130,473
550,027
Add'ns to property
through income. 2,599,871
Profit and lo ss...a 2 ,598,457
B ALA N C E
Assets—1
1915.
$
Total.................42,977,020 42,665,050
C h ic a g o I n d ia n a p o lis & L o u is v ille R y .
(1 8 th
[Vol. 101
1914.
S
10.500.000
5,000,000
16.500.000
299.000
563.000
950.000
200.000
625.000
111,513
925,922
458,627
380,459
32,481
307,320
76,446
278,444
427,382
2,137,814
2,891,649
T o ta l--------------42,977,020 42,665,056
a A fter deducting $462,057 surplus invested in road and equipm ent; loss
on retired road and equipm ent, $69,433; and sundry other adjustm ents
aggregating $87,907, and adding am ount paid O . & W . I. R R . in previous
years, as interest rental on property purchased In anticipation o f future
use, now acknowledged b y that com pany as an advance, $194,398; interest
on advances to I. & L . R y. to D ec. 1 1907 for construction purposes, $50,
336, and miscellaneous item s aggregating $39,414.— V . 101, p. 1013, 923.
T h e C e n t r a l R a ilr o a d C o m p a n y o f N e w J e r se y
(.Balance Sheet as of June
30
1 9 1 5 .)
T h e remarks of Pres. W m . G . Bosler, and tho incom e
account and statistics for tho year ending June 3 0 1915 wero
published in last w eek’s issue, page 10 08 .
1915.
1914.
Assets—
S
$
Road * equipm't.84,476,065 81,962,042
..........
Improv. leased Rys. 279,634
Invest, in affll. cos.—
Stocks________10,746,955110,417,781
B o n d s ..............
285,000/
Advances_____ 2,749,513 2,424,133
Other invcstm’ts.xl 1,290,094 12,310,257
Misc. phys. prop. 3,287,954 3,247,304
Secur. pledged... 1,167,0001 2,3-17,000
Secur. unpledged.
570,000/
Mat’ls & supplies. 2,059,886 2,714,837
Cash____ _______ 2,320,561 2,809,740
Special deposits . 166,217
Agents, & c --------- 1,404,807 1,274,744
708,335
Traffic, &c., b a l..
736,625
Misc. accounts.. . 3,041,455 3,021,411
11,594
Loans & bills rec-.
10,736
218,682
Ins., Ac., funds..
218,682
Other unadj. accts. 2,463,978 2,528,873
Total assets...127,275,162126,050,733
1915.
L ia b ilitie s —
S
Capital stock___ 27,436,800
Mtge. bonds........ 45,091.000
Equip, obligations 570,000
Loans A bills pay...................
Int.,divs.,Ac.,due 1,487,797
Accts. A w ages... 1,933,114
Traffic, Ac., b a l..
108,461
Misc. accounts...
550,940
Int.,dlvs.,Ac.,acc.
552,986
Taxes----------------891,974
Other unadj. accts. 2,8 i2,017
Approp. surplus,
special (text)..y 2 1,193,299
Accrued deprec’n. 9,374,490
Profit and loss.. .zl5,232,283
1914.
$
27,436,800
45,091,000
1,180.000
1,010,000
1,722,580
2,358,740
408,705
1,318,767
561,597
906,088
1,987,583
19,090,701
7,842,636
14,251,630
T o ta l...............127.275,162126,050,733
x Includes in 1915 stock, $2,806,959; bonds, $6,7-19,899; advances,
$1,648,786, and miscellaneous, $84,450. y Includes in 1915 additions to
property through incom e and surplus investment in road and equipment
$20,913,665. and improvem ents on loasod property, $279,634. s A fter
deducting in 1915 miscellaneous debits $1,039,015.— V . 101, p . 1008.
M a in e C e n t r a l R a ilr o a d .
{fAth Annual Report— Year ended June
3 0 1 9 1 5 .)
Pres. M c D o n a ld , P ortland, M o ., Sopt. 15, wrote in subst:
R e s u l t s . — T he operating revenues were $11,350,423 and incom e from
all other sources S806.578, m aking tho gross incom e $12,157,001, a
decrease o f $483,566 in tho operating revenues and an increase o f $204,761
in tho incom e from all other sources. T he loss in revenue has been caused
principally b y the prevailing business depression and by unfavorable
agricultural conditions. T h o operating expenses decreased $541,642, tho
decrease in tho transportation department alono am ounting to $354,923.
F i x e d C h a r g e s . — T he interest on.funded debt was $550,381, a not increase
o f $187,831, duo to tho accrual o f a full year’s interest instead o f tw o m onths’
interest in tho previous year, on the ISsuo o f $6,000,000 in 5 % coupon notes,
dated M a y 1 1914. decreased by the Interest for nine m onths during tho
.previous year on $2,000,000 4 % coupon notes, which matured April 1
1914 (V . 98, p . 1244).
A d d i t i o n s a n d B e t t e r m e n t s . — There lias beon expended for additions and
betterments to property the siftn o f $780,829, including tho cost o f tho
com pany o f tho Rangeley Lakes & M egantlo R R ., $279,156. Im prove
ments to leased roads, $49,338 additional has been charged against current
Income as rent o f leased roads, since said paym ents are not recoverable.
V a l u a t i o n . — T ho cost o f the preliminaries to tills work required by A ct
o f Congress amounted for tho year to $42,172. and has been included in
operating exponses as required b y I.-8 . C . Com m ission. Total expense to
date, $49,005. T ho property is to be valued as o f date o f Juno 30 1916.
M a i n e R a i l w a y s C o m p a n i e s . — Since April 1 1914 tho M aine Railways
Companies has paid and retired $233,000 o f its 5-year 5% notes out o f its
current incom e and has exchanged at par 40 shares o f M aine Central R R .
stock for $4,000 o f its notes, leaving outstanding June 30 1915 $11,965,000
notes. T he 233 notes paid ou t o f current incom e were exchanged for 3,047
shares o f M aino Central R R . C o. stock, held as collateral security for tho
notes. T he 3,047 shares so securod wero delivered to tho M aine Oontral
R It. C o. and are now held at par as a treasury asset, being treated on our
books as follows; P rofit and loss, $14,473; liquidation o f investment M aine
Railways C o . capital, $57,227; dividend incom o, $233,000. The M aine
Railways Companies still owns 156,514 shares o f M aine Central R It. stock
which are held as collateral b y tho trustee on account o f $11,965,000 M aino
Railways Companies notes outstanding unpaid Juno 30 1915.
Tho M aine Central R It. C o . received from the M aine Railways Com
panies $187,500 during tho period from April 1 1914 to July 1 1915. being
regular dividend o f 5% on tho 30,000 shares o f M aino Railways Companies
held b y M aine Central R R . C o . During the present fiscal year our Income
and profits from tho investment in M aino Railways Companies shares wero
as follows: Profit and loss, $14,473; regular dividend, $150,000; special
dividend, $233,000; total, $397,473. Those figures do not include tho pro
rata adjustment o f the investment o f $57,227. (C om paro V . 101, p. 694
923; V . 100, p. 642. 901.)
R a n g e l e y L a k e s A M e g a n t i c R R . — Tho operations o f this 10.65-milo road
have been included in our operations slnco N o v . 1 1914. T ho road cost
us not $279,156. representing par for tlie$250,000 cap. stock, advances, A c.
L e a s e o f S t . J o h n s b u r y A L u k e C h a m p l a i n R R . — T ho agreement o f Jan. 1
1912 providing for an annual rental o f $25,000 a year for tho line between
Lunenburg and St. Johnsbury, V t., was m odified Jan. 1 1915. T h o new
lease provides an annual rental o f $20,000 and favorablo conditions regarding
additions and betterm ents. (V . 101, p. 846.)
A m e r i c a n E x p r e s s C o . — Our contract with this com pany, in effect from
M a y 1 1907, has been cancelled and a now contract has been m ade, dated
Jan. 11 1915, and effective Juno 20 1914. Under the now contract tho
express com pany pays rental for all o f tho railroad buildings and room s in
stations used exclusively for express business, and also pays us 42% o f the
gross express earnings earned b y it upon tho railroad and its leased lines.
T his percentage is an increase from 3 5 % , except on Calais and Kineo
branches, where 40% was paid. W e received during tho year under the
new contract $43,000 m ore than on tho old basis.
T o provide for handling tho freight business at Brunswick station a now
yard, capacity o f 380 freight cars, lias been com pleted. Tho double-track
steel bridge across tho K ennebec RIvor and W ater St. at Augusta was opened
for traffic on N o v . 14 1914.
L o c o m o t i v e s . — W o purchased during tho year seven M ikado typ o freight
locom otives, heavier and m oro powerful than those heretofore used on tho
road east o f Portland.
[See “ C hron icle,” V. 101, p. 923, as to propositions: (1) T o retire $10,
000,000 o f the $24,907,407 outstanding stock and issuo In place thereof
S3 000,000 non-voting 5 % prof, stock and $7,000,000 o f 25-year 1st M .
bonds hearing Interest at not over 5 % . (2) T o purchaso and retire $10,
000,000 o f tho $15,648,400 stock deposited as collateral under tho M aine
Railways notes (V . 100, p. 1168) and also o f the notes.]
T R A F F IC
S T A T IS T IC S .
1911-12.
1912-13.
1914-15.
1913-14.
1,192
1,205
1,216
1,207
Average milos operated.
O p e ra tio n s—
7,282,464
6,793,519
___
N o. tons carried (r e v .). 6,963,049
7,353,703
.
do
1 mile (r e v .)..654,234,261 708,894,306 656,351,489 612,514,656
R ev. train-load (ton s)_ .
290.400
269.921
259.487
250.870
A v . rate per ton per mile
1.097 cts.
1.050 cts.
1.086 cts.
1.088 cts.
Total passengers carried
3,779,055
4,147,913
4,766,403
4,640,398
do
1 m ile_________138,901,901 161,050,920 168,639,687 161,341,874
Passongers per train mile
50.59
56.55
58.52
56.96
A v . per pass, per m ilo ..
2.38 cts.
2.18 cts.
2.08 cts.
2.07 cts.
IN C O M E
ACCO U N T.
------------ N e w B a s i s ------------------------- O l d B a s i s
1912-13.
1913-14.
—
1914-15.
1913-14.
$3,517,583 $3,511,171
Passengers (rail)..............$3,302,911 $3,517,583
7,126,071
7,440,035
Freight (rail)___________
7,179,701
7,440,035
694,164
728,351
M ail, oxpr., & c. (r a il)..
612,430
610,9961
In cid en ta l________________
181,910
187.985/
Transporta'n (water lino)
73,471
77,390
E a r n in g s fr o m
T o t a l _______________ $11,350,423 $11,833,989 $11,685,969 $11,331,406
O p e ra tin g E x p e n s e s —
M aint. o f way , & c____ $1,630,530 $1,691,163 $1,671,469 $1,792,298
1,796.981
1,646,417
1,886,863
1,745.053
M alnt. o f equipm ent__
138,025
132,519
138,026
135,734
T ra ffic expenses_______
4,525.2321
4,516,044
4,330,613
4,184,314
Transportation (rail)__
75,2561
61,251
do
(w a t e r )___
314.5561
364,901
345,151
332,890
General expenses______
54,5111
55,367
Miscellaneous opora'ns.
C r . 1,174
Transporta, for Invest..
T o t a l ............................ $8,143,965 $8,685,607 $8,487,420 $8,246,998
N ot oner, revonue-------- $3,206,458 $3,148,382 $3,198,549 $3,084,408
D r .50.167
D r .40,393
Outsiuo operations------T o t a l net revonuo____ $3,206,458
$3,148,382
Taxes accr’d (railway) - 644,785
611,496
Uneolloctiblos--------------191
----------
$3,148,382 $3,044,015
611,496
548,622
-------------------
Operating incom e____$2,561,482
$2,536,886
In t., divs.&rents recciv.
806,578
601,817
$2,536,886 $2,495,393
428,589
286,864
G r o s s c o r p .in c o m e ... $3,368,061
D e d u ct—
Interest on d eb t-----------$550,381
M iscell. Interest, A c —
3,733
R ents.............................1,146,529
Leased lino im p. (ren t).
49.338
Dividends ( 6 % ) . ............ 1,483,002
In c. for inv. in phys.prop.
74,643
Sinking fu n d ----------------40,051
$3,138,703
$2,965,475
$2,782,257
$362,549
25,082
1,161,548
203,335
1,491,797
$362,549
1,030*185
203,335
1,491,797
$333 970
181 733
1,027 ,220
100 ,355
1,010 ,277
38,128
21*345
20,435
Total
..........- ............ $3,347,677
$3,282,439 $3,109,211 $2,673,990
Balance, sur. or d o f____sur.$20.384dof..$143,736def .$143,736sur .$108,267
B A L A N C E S H E E T J U N E 30.
1915.
1914.
1915.
1914.
L ia b ilitie s —
S
S
S
Road & cquipm’ t.3 0 ,973.096 36,192,207 Stock (R.AI.Scc.) 24,907,407 24,907,407
3,456
3.456
639,0S8 Prem.on cap. stk.
Sinking funds___
675,838
285,630 Ronds (R.AI.Scc.) 12,661,500 12,661,500
Mlsc. pliys. prop.
291,394
Stocks owned___ 6,436,864 6,428,801 Kquipf^asehTdest 1,078,821 1,078,824
237,519
Ronds owned___
603,800
600,800 Traffic, Ac., b a l..
277,134
984,349
704,778 Acc’ts A wages__
965,492
C ash--........ ..........
743,735
78,765
Loans & bills rc c..
52,102
57,925
51,001 Miscell. accounts.
486,012
Demand loans,Ac.
600,000 1,500,000 Mat’d lnt. A dlvs.
486,245
319,418
Traffic, Ac., b a l..
424,335
341,279 Acer.Int..rents,Ac. 315,128
104,934
104,934
Agts. A conduc’rs.
201,884
216,655 Sundry lease acc'ts
212,628 1,313,677
Sundry funds___
Agents' rcmit'ces
174,204 Accr’d deprecia’n. 4,061,545 3,948,814
In transit______
149,793
944,663
605,218 Add’ns to prop’ty. 1,019,306
Miscell. accounts.
547,229
639,0,88
675,837
Material A suppl’s 1,460,453 1,414,152 Sink. fd. reserves.
38,385 Profit A loss____ *3,974,229 3,136,288
Prepaid insur.,Ac.
35,400
125,860
Dlsc't on securs.. ----------447,772
Oth. unadj. acc’ts 526,003
Equip. on lease
hold estates___ 1,078,824 1,078,824
Assets—
5
T o ta l................ 50,801,650 50.844,774
T ota l................. 50,801,650 50,844,774
* After adding $1,115,789 contingent fund and miscellaneous items ag
gregating (not) $9,004, and deducting $181,376 passenger mileage ticket
adjustment and $125,860 discount on M aine Central 5 % notes dated
M a y 1 1914.
E A R N I N G S O F C O N T R O L L E D C O M P A N I E S Y E A R E N D I N G J U N E 30.
Sandy River & Rangcley Lakes RR.
F isc a l
Y ea r—
G ross
E a rn s.
N e t (.a fte r
T a x e s ).
O th er
In com e.
1914-15—$177,276 $45,802
39,949
191 3 14— 174,369
D M d en d s.
I n te rest,
R e n ts ,A c .
$288
293
$37,868 (2 % )
35,409 (1 % )
B a l .,
S urp.
$6,800
3,250
S I,421
1,683
S7.811 (6 % ) $6,135
6,800 "(4 % ) 4,090
$3,231
905
Bridgeton & Saco River RR.
19141913-
$15,161
15— $59,756
14—56,207 11,412
$2,016
383
Portland Terminal Co.
191 4 - 15—$220,948
1913-14— 246,866
1091
THE CHRONICLE
Oct. 2 1915.]
$64,903
87,597
$239,222 $253,780
234,241 268,536
Ricker Hotel Co.
Cal .y r.’ l 4 $33.3.564 $33,023
— V. 101, p . 923, 846.
$1,469
$12,008
(5 % ) $50,000
(5 % ) 50,000
$345
3,302
(1 J4)$21,750
$735
B ALAN C E
SH EET
JU N E
30.
1914.
1915.
$
S
Investments_____19 .181,389 19,181,389 Capital stock ___ 9 ,999,500 9 ,999,500
Treasury bonds . . 1 ,742,700 1,476,700 Ronds............... blO, 797,000bl0, 797,000
116,167
Sub. cos. account.
Adv. control'd cos.
373,390
545.010
833,159 1,048,154 Accounts payable.
for constr., A c ..
512,127
,145,609
General construc’n 524.595
523,966 Sundry loans____
165.S34
155,291
170,035
140,457 Accrued Int., A c Stores A supplles.
226,088
169,416 Unpaid divs.A int. 400,929
139.595
Cash.......... - .........
Suspense account .
36,397
Underlying sccurs.
2*1*535
266.02S Reserves________
sinking fund__
227,724
347,499
227,450
254,910 Surplus_________
Accts. A billsrec_.
10,318
11,827
Prepaid expenses.
A ssets—
1915.
1914.
s
s
L ia b ilitie s —
T o ta l................ 22,814,497 23,072,847
Total .............. .22,814,497 23,072,847
b Includes bonds authorized, $14,600,000: less $3,659,000 in escrow to
redeem bonds o f subsidiary com panies, and $144,000 canceled: balance,
$10,797,000, embracing consol, m tgo. 5s o f 1909. m tgo. 5s o f 1912 and
Quebec Saguenay D iv . 5s, the last tw o being French issues. Sea “ E lectric
Railway Section.” — V . 101, p. 924, 213.
A u r o r a E lg in & C h ic a g o (E le c tr ic ) R a ilr o a d .
{Report for Fiscal Year ending June
3 0 19 15.)
Pres. L . J . W o lf , C leveland , said in substance:
[Compare m ap. A c ., pagas 25 and 26 o f “ E lectric Railway Section.” ]
R e s u l t s . — For tho first time in the history o f the com pany its gross in
com e, instead o f showing an increase, has suffered a material docroase. In
tho absence o f jitney or other unusual com petition, your officers conclude
that tho loss is duo to tho prevailing industrial conditions, to the unusually
backward summer, and to the fact that Saturdays, Sundays and holidays
during tho past months have almost invariably been rainy days. A recent
detailed analysis o f the conditions prevailing in the Fox River Valley indi
cates a decrease in hours o f em ploym ent approxim ating 3 0 % . A return o f
normal industrial conditions and reasonably seasonable weather should
bring a healthy increase in incom e. T he property has been very well
maintained.
M a i n t e n a n c e , I m p r o v e m e n t s . A c . — T ho work during tho year includes in
part: ( a ) Cross ties renewed, Chicago D iv ., 36.000: Fox River D iv ., 18,000;
(b ) Relaid with heavy rail and paved with brick, 3,400 ft .; (c) paved with
brick without renewal o f rails, 7,500 ft.; (d) track raised on now ballast, 15
milos: (c) new track constructed: at Elgin car barns, 430 ft.; in Aurora, a
double-track loop, greatly facilitating operation o f tho city and interurban
cars; (/) bridges and trostlod replaced or rebuilt: on Chicago D iv . two
trestles aggregating 48 ft.; ono bridge 60 ft .; F ox River D iv ., fiv e trestles
512 ft ., ono bridge 682 ft.; ( g ) new Buildings: Freight station at Elmhurst;
cement stucco station at Glen Oak Station, expense being partly borne b y
Glen Oak C lub; ( h ) electric lino, duplicate, steel tower high tension trans
mission lino between W heaton and Lom bard to improve tho light and p o w e rservice which thecom pany is supplying through tho Western United Gas &
E lectric C o. to tho cities o f Glen Ellyn and W heaton.
L i g h t a n d P o w e r . — In the Elgin D istrict wo now servo 2,858 meters, a
gain o f 219 meters. T he light and power business in tho W est Chicago and
Ardm ore districts has enjoyed normal growth.
F i n a n c i a l . — On M arch 4 last we sold $800,000 3-yoar 6 % Collateral Trust
N otes, secured b y $1,119,000 o f First & R efunding bonds (V . 100, p . 900.
811).
A n n u a l S t a t e m e n t . — In com paring the balance sheet and incom o account
with those o f previous years, it should bo noted that, follow ing tho ruling
o f tho l.-S . C . Comm ission, effective July 1 1914, there was charged during
tho past year to operations and to incom e, respectively, and croditod to
roserves: For depreciation o f equipment, $31,493; for amortization o f dis
count on bonds, $10,288; total, $41,781.
[The directors have decided not to pay at this time the 1 Vt % quarterly
dividend usually paid in October on tho $3,100,000 6 % cum . pref. stock.
See V . 101, p . 1012.]
R E S U L T S F O R Y E A R S E N D I N G J U N E 30.
1913-14.
1912-13.
1911-12.
1914-15.
.$1,968,137 $2,094,157 $2,013,030 $1,892,388
Gross earnings___—
Expenses and taxes____ -81.359.347 $1,396,791 $1,238,642 $1,137,172
(66.69)
(61.53)
(60.09)
P . O. oper. exp. to earns
(69.06)
$608,790
1,091
$697,366
2.026
$774,388
1.814
$755,216
8.240
T otal net incom e____ . $609,881
Deductions from incom e . $443,438
186.000
D iv . on pref. stock (6% )
D iv . on com . stock (3 % ) ...................
$699,392
S418.759
186,000
93.000
$776,202
$395,223
•186.000
93,000
$763,456
$386,127
186,000
93,000
N et earnings,all depts
Other in c o m e _____ —
T otal deductions____ . $629,438
Balance, sur. or d e f____ def.S19.557
$697,759
$674,223
$665,127
sur.$1633 sur.$101,979 sur.$98,329
J U N E 30.
1914.
1915.
1915.
L
ia b ilitie s —
S •
S
A ssets—
S
Prop., plant, A c—12,410,005 12,595,39S Preferred stock__ 3,100,000
Common stock
3,100,000
Construction, Im
provements, Ac. 2,729,592 2,590,569 First A ref. bonds. 4,198,000
First mtge. bonds. 2,750,000
Other improvem’ts
and betterments
7,749
10,963 E. A A. 8. Trac.
cons. IstM.bds. 2,000,000
Investments_____
15,753
15,601
3-yr. coll. tr. notes 800,000
“ First A refund’g”
31,091
bonds in treas’y. 1,119,000 1,119,000 Salaries and wages
183,421
Sinking funds___
433,S68
389,118 Vouchers A accts.
360.894
Working accounts.
151,425
172,420 Notes payable___
62,449
73,725
49,757 Acer. int. A taxes.
Cash on hand, A c.
Accrued dividends
46,500
Notcs A accounts
97,639
115,722 Outstanding tick
receivable____
5,394
ets, A c..............
Unamortized debt,
217,029
Reserves________
*47,535
discount, A c__
7,334 Profit and loss___ a579,085
8,584
Deferred accounts.
BALAN C E
SH EET
T o ta l................ 17,264,369 17,065,882
1914.
S
3.100.000
3.100.000
4.198.000
2.800.000
2.000,000
32,292
245,139
846,279
63,677
69,750
19,838
*33,188
557,719
T o ta l................ 17,264,369 17,065,882
* Includes reserve for depreciation o f equipm ent, $31,493; for damages,
$14,471; and for accounts receivable, $1,571.
•
a A fter crediting adjustment o f liability on Interchangeable cou pon s,
$17,541, and balance In reserve for replacements and renewals June 30 1914,
written o ff, $24,063, and deducting sundries, $591.— V . 101, p. 1012.
Q u e b e c R a ilw a y , L ig h t , H e a t & P o w e r C o ., L t d .
{Report for Fiscal Year ending June
3 0 1 9 1 5 .)
GENERAL INVESTMENT NEWS
President Sir R odolph Forgot, M . P . , says:
R A IL R O A D S ,
an Increase o f $17,076. T ho operating and maintenance expenses were
$924,817 against $913,102, an increase o f $11,716. The fixed charges and
taxes o f all kinds amounted to $739,482, leaving a net surplus o f $119,775,
which, added to that o f last year, leaves a total surplus to date o f $347,499.
Tho properties and plants o f the com pany and Its various subsidiary com
panies have been maintained in tho same high state o f efficiency as hereto
fore, as evidence o f which there was expended during the year on mainten
ance account $193,897.
IN C O M E
ACCO U N T
YEAR
1914-15.
$1,548,096
.
924,817
E N D IN G
JU N E
30.
1913-14.
$1,531,221
913,102
1912-13.
$1,524,201
895,180
1911-12.
$1,415,825
734,925
$623,279
235,978
$618,119
235,777
$629,021
236,882
$680,900
194,584
. $859,257
T o t a l ___________
.\^
Fixed chat..
. $739,482
Organization expenses. /
Suspense accounts____
Dividends (2 % ).
$863,896
$759,575
$865,903
$792,100
$875,484*
/ $660,364
l
3,919
N ot oarhlngs.
— M isc. inc<
Add
.
.
D e d u ct—
.
$119,775
13,937
$80,384
109,990
$73,803
$11,211
IN C L U D IN G
A la s k a G o v e r n m e n t R o a d s .—
E L E C T R IC
ROADS.
Progress.—
T h o ’ T lailw ay R eview ,” C hicago, o f Sept. 25, contains a five-page illu s
trated article with maps regarding progress o f the U . S. Governm ent in
building the Alaskan R y. Com pare V . 98, p. 837.
A t c h is o n T o p e k a & S a n t a F e R y . — Ordered to Build
T ho C a l. R R . Com m ission on Sept. 2 0 ordered the
com pany to build a standard-gauge line, connecting the gap
betweon T em ecula, in Riverside C o u n ty , and Oceanside,
in San D iego C o u n ty.
Road.—
T he com pany is given 90 days within which to submit its plans and a
year after the Commission approves the plans. The line between Tem ecula
and Oceanside will afford direct rail connection between San Bernardino,
Riverside, ttie interior o f Riverside County and the port o f San D iego.
T he Commission points out tw o routes which m ay lie follow ed, one from
Tem ecula to Fallbrook, 12 miles, and the other from Tem ecula by Rainbow
Valley to Oceanside, 33 miles, which would tap an undeveloped section,
containing valleys o f 40,000 acres or m ore.
T he proceedings were brought upon the com plaint o f several clubs and
cham bers o f com m erce in San Diego and Riverside counties, who submitted
evidence to show that a bonus consisting o f land and several million dollairs
had been given to the predecessors o f the Santa Fo R y . to build a line from
San D iego north through Riverside C ounty, Riverside city and San Ber
nardino C ounty, to gain a transcontinental outlet. T h te ro a d was con operated until 1891, when it was washed out for
l^ miles between 3 emecula, Riverside C ounty, and Fallbrook, San Diego
C ounty.
The section was never rebuilt and the road has not been operated
over this route since 1891.— V. 101, p. 922, 845.
p
B ir m in g h a m E n s le y & B e sse m e r R R .—
20-year convertible bonds, convertible into the stock o f tho
com pany for 10 years, beginning O ct. 1 1917, on basis of
$ l ,o 0 0 ot bonds for 10 shares o f stock.
T ho P . S . C om m is
sion also has approved tho issuo.
See V . 101, p. 773.
Plan
jf?6.ny.er
T he plan o f reorganization outlinod last wook (V . 101, p. 1013) was
?T0!!? r° 4 L ^ th0 Q
follow :nr; com m ittee: Charles II. Zohnder (C hairm an).
n A F ;i„S, S ™ ' S'l" ! uo1 ,B - Vroom an, J. D . Kirkpatrick.
Empiro Trust
m?tteo —<V*t 1 m p Ull013 an haS bee“ ad° I>tud b y t h o Cunningham c o m -
^
® u r ^ n & ton C o u n t y R R .—
Consolidation.—
—Offer to Advance
Amount of Coupon— Time for Deposits Extended to Oct. 25 .—
&
E a s te r n
I llin o is
aauovc
bo vo mana
3 nM
so°m
ea ’48
4 8 ot
o f ‘ *r>S
m '10 St?’
0 R, y i l,ndcr
“A n "Uid R eports”
also
pago
Railway
& WIndustrial
S ection."
on^'|^c ^ Iu r ?
Bonds.— Tho shareholders adopted Sep t.
2J tho following propositions, but as m ooting was not adver
tised will vote again thereon:
RR
T h e bondholders’ com m ittee, John W . F la tten , C h airm an,
representing tho various bonds of the com pany and its
affiliated properties (except purchase-m oney coal, Chicago
& In d. C o a l, Evansville & In d. and equipm ent bonds) an
nounces that arrangements have been m ade to advanco tho
am ou n t of tho second unpaid coupon to holders of bonds
(excepting C . & E . I . R efunding & Im provem ent bonds) who
havo deposited under the deposit agreement dated M arch 15
19 1 5 , proper notation o f such advance to be stam ped upon
tho deposit certificates. A ll holders of bonds which havo
n ot been deposited under such deposit agreement m ay take
advan tage of the com m ittee’s offer to advanco the am ount
o f the first unpaid coupon and the second unpaid coupon by
depositing under tho agreem ent above m entioned.
(See
a d v . on another page.)
This offer is for tho convenience o f depositors, is a loan and is not to bo
considered as a paym ont o f tho coupon or a purchase theroof by tho com m itteo, which reserves tho right to withdraw tho offer without furthor n o 'i -o
T he com m ittoo further announces that the time for tho deposit o f
bonds has been oxtonded to and including Oct. 25 1915, after which dato
• deposits will bo accepted only with tho consent o f tho com m ittoo and upon
such terms as it m ay approve.
1
N otice is hereby given that tho engraved cortif icatos o f deposit for C & E
4 % bonds o f 1955 and C . & E. I. General Consolidated and
First M . 5 % bonds o f 1937 havo boon listed on tho N . Y. Stock Exchange.
A m ajority o f tho total amount o f bonds o f tho various issuos represented
by tho com nutteo has been deposited with tho IT. S. M ortgage & Trust C o.
asdopositary under thodoposit agreements dated M arch 25 1914 and M arch
15 1915. This m ajority includes over 61% o f tho outstanding C . & E . I.
Gen. C on solid ate! & First M . 5 % bonds o f 1937. Soo V. 100, p . 981;
V . 101. p. 447, 1013.
C h ic a g o M ilw a u k e e & G a r y R y .—
Sale Oct.
1 5 .—
Owing to default by tho com pany and tho syndicate managors in tho
paym ent or intorost on tho outstanding collateral notos, namely Si 500 000
notes dated M ay 3 1 1913. and $313,036 6 % convertible notes dated Juno 1
1913, tho St. Louis Union rr u stC o ., trustoo. gives notico that tho collateral
*borofor, consisting o f tho com p any’s .$5,764,000 1st M . 5s o f 1908and
$o.47.j,00p o f its capital stock (or voting trust certificates thorefor), will
bo offered at auction at St. Louis on Oct. 15. T ho salo was originally sot
for O ct. 5. Tho syndicate managors (under agreomont datod N ov. 23
1911 for tho purchase o f tho securities o f tho road) woro: Albort T Porkins
Edwards W hitaker, llalleck W . Seaman, John F. Shoploy and W m c ’
F ordyce. C om pare V . 99. p. 1051.
No Dividend.—
F a ir m o u n t & V e b le n R y .— Sale.—
..'.i1
,,'; ,N,; J - Board o f I>. U. Com m issioners on Sept. 25 approved tho con
solidation o f the com pany, tho Vincentoxvn branch o f tho Burlington
C ounty R R . and tho M ount Holly Lum borton & M edford R R ., all short
lints controlled b y tho Pennsylvania R R ., under tho name o f tho Cam den
& Burlington C ounty R R ., with 8800,000 stock .— V . 64, p. 373
C h ic a g o
N o r th w e s t e r n R y .—
i ress dispatches state that tho directors on Sent 28 vntprl tn om it fi,n
quarterly dividend on the $6,000 000 stock usually paid on Oct 1
In
/m m O c t T o T s T o T o r O * / ^ ,*& i o f 1% ,’ co.npaHng witb l ^ quarterly
yea rl jP rate prio r°t h e r e to — V. %
. T V j O." 19° 9 t0 JU' y 1913 aHd a
V° rescind their vote passjJ at tho mooting hold Sopt 30 1914 which
99 p 969,.)SUe
S2’550’000 bolld*
the purposed therein spocTfled.
(b) T o authorize an issuo o f bonds not oxcooding $3,175 000 to nrnvirin
for tho refunding o f $500,000 bonds m aturing July 1 ’l 9 io to'p rov id e for
tho funding o f tho floating debt, amounting to $2,109,000 and to provide
for the paym ent for permanent additions to and improvem ents upon tho
- V PC! o o . pU 1 9 ? 7 °r th° t0rmS ° f ltS l0aS° t0 t h ° ™ o n & M ahio R R ?
aV
K e o k u k & D es M o in e s R y .—
Coupons Paid.—
r ; .od5fLl! Jud" 0 Carpenter at Chicago on Sopt. 27 authorized tho receivers
o f tho Chicago Rock Island & P acific R y. C o , lesseeof tho road to n iv the
l T u n? Ua Interest amounting to $68,750 on this com p any’s $2 750 000
5s. interest but not principal o f which is guaranteed by tholossoo
Soo circular in last week’s ‘ ‘C hronicle.’’ pago 1014.
lossoo.
L e h ig h
V a lle y T r a n s it
C o .—
Earnings.—
inJo
statement o f earnings for August was published on pages 1007 and
week’s issue. Frionds o f tho com pany say: ‘VT h e report re
fleets tho continued remarkable business activity in tho Lehigh V'allev
d *si ri ^
- bal ance available for dividends increased in the month 35%
i°
fc montbs ended Aug. 31 3 8 % . T he light and power d ^
laa^,I3}0rVt Jias s l0)vn a 9. Increase in tlie last eight months o f 22% . and this
the practical 'S T f n l n l ? ^
M?pa«um ents- An? t,her Interesting feature is
in!?iJ.,r.a£ „
■ „ imination o f the jitney com petition, without the help o f
ai o n ’ siniply by a very superior street railway sorvice. Thero Is said
to bo every indication that the extraordinary business activity In rim
pany s territory will continue for an indefinite period.— V . 100. p. 1348. ”
o fla s t
L o u is ia n a
J u n e 30.
Y ea r—
& A r k a n s a s R y .—
C ross
E a r n in g s .
1914 1 5 -.$ 1 ,6 7 9 ,9 5 1
1 9 1 3 -1 4 -. . 1.700.208
N e t (a f t e r
T a x e s ).
$483,574
495.089
O th er
In com e.
$43,726
41.663
Earnings
B ond
I n te rest.
—
O th er
V ed u r’ns
$242,097
247,001
$91 9 6 2
90,275
B a la n c e ,
S u r p lu s
$193,240
199,476
M a r y la n d & P e n n s y lv a n ia R R .— No Income Interest.—
Tho directors havo decided not to pay any interest on the
$ 9 0 0 ,0 0 0 income bonds for tho 0 m on th s, which, if declared
would have been paid O ct. 1, as tho samo has not been earned!
N o paym ent was made in O ct. 1914 and April 1915.
In 1901 3% was
P2 % A & fo T . — V0 2 100.Ap .r3989 14’ !nC,UslV0, th° ful1 rat0 o f
4%
Year!?
M e m p h is ( T e n n .) S tr e e t R y .— Sale of Notes— Refunding.
— Tho com pany has sold: (a) T o a syndicate composed of
Bertron, Griscom & C o . of N . Y . and Phila; R eilly, Brock &
C o . of P h ila ., and Counselm an & C o . of C hicago, an issue of
$ 1 ,5 0 0 ,0 0 0 T w o -Y e a r (5% C oll. G old N o te s, if, as and when
C h ic a g o R o c k I s la n d & P a c ific R y .— Sole Receiver.—
issued, to bo dated N o v . 1 1915, duo N o v . 1 1917.
These
I I . U . M u d g e on M o n d a y resigned as one o f the receivers, notes are now being offered at 9 9 ] ^ and in t., to yield G}4%.
b u t b y request of Judge Carpenter and Jacob M . D ickinson,
Cb) T o Bertron, Griscom & C o . and R eilly, Brock & C o
now solo receiver, has consented to continue in full charge an issue of $ 6 0 0 ,0 0 0 O ne-Y ear 6 % G uar. G old N o to s, if as
of operations under the title of Chief Executive Officer.
and when issued, to be dated N o v . 1 1915, duo N o v . 1 1916.
Restitution Suit.— Tho restitution suit to recover $ 7 ,5 0 0 ,0 0 0 These notes have all been sold.
from former directors on account of the S t. Louis & San
0,11 o f the proceeds from tho sale o f these Issues there will be met maturlFrancisco deal was filed in the Supremo C ourt in this city on
es o f $1.000,000 debenture notes on N ov. 1 1915 and o f $906,000 Citizens
Street Ry. 1st M. bonds on Jan. 1 1916. the balance going to working
Sep t. 29 by receiver Dickinson. A s to M r . M u d ge having capital.
The retirement o f tho Citizens’ Street R v. Co. First Mtge Bonds
been joined as one o f tho defendants, M r . Dickinson says:
will make the Consol. Bonds o f the M em phis St. Ry. C o. a first mortgage.
It should bo understood, however, that while joined in tho suit on tho
strongth o f opinion o f counsol that ho was liable, thero was a marked
difference between him and most o f tho other directors in that tho transac
tion for which ho voted as a director was presented and acted on at a
mooting during which ho was elected a director and also in that ho was nob
a stockholder o f either tho Rock Island C o. o f New Jorsoy or tho Chicago
R ock Island & Pacific R y . o f Iowa.
Agreement on New Board.— T h e following h avo, a t tho re
quest of both of tho stockholders’ protective com m ittees,
agreed to accept nom inations as candidates for tho sevon va
cancies on tho board to bo filled a t tho annual meeting on
O ct. 14, with tho understanding that thero would bo no contest:
O ffe r in g o f $1,500,000 T w o -Y e a r 6% C olla tera l G old Notes
Dated N ov. 1 1915 and due N ov. 1 1917. but callable, in wm>le on 30
days’ notice, on or before N ov. 1 1916, at 101 and lnt., and at 00
and
int. thereafter. Int. M . & N . Trustee, Union Trust C o N Y
Donom
S I.000 (c*). Normal Federal income tax paid by corporation
" m>
&
M ?ge. 6e% o “ d Bo,Hls:dc lu o l9 3 5 0rtga8° Jan‘ 1 1 9 l6 )’ and 3492’00°
D a t a f r o m L e t t e r o f P r e s i d e n t T . I I . T u t w i l e r , N o v . 1 1914.
Incorporated In rennessce March 28 1895, consolidating the various lines
nnprat, nir in tbn oitu o f i\r <>.>,..1,:..
....u .......... *
..
.,
Edmond D . Ilulbert, Pros. M erchants’ Lo.ui & Sav. Bank, C hicago;
Charles G . Dawos, Pros. Central Trust C o., Chicago; John it. M orron.
Bros Atlas Portland Cement C o.; Judge Nathaniol French. Davenport, la .;
W illiam B . Thom pson, director o f tho Federal Reserve Bank, N . Y .; and
Joel W . Burdick. Pres, o f the We<t Ponn Steel C o ., Pittsburgh.
v . ‘ wviioHiuut wu
i i.M.i
*b>i ,uuu.uuu o Vo aenenLuro izniri
IS and the deposit o f cash o f $906,000 to pay the underlying bonds and
Issue o f the
T w o-Y ojir m6%
Coll. uv/iu
Gold nuiu?)
Notes anil
and wio
the One-Year 6 %
mu
/0 v
iP Gnlfl
thn r*o
ralto IIgo f Inn o ff* Mm
»»
. . o 'will
... .h«
’O
Guar.
Gold Mntmi
Notes, tho
capitalization
tho Memphis m
St. Rv
C
as follows: (1) Consol. Mtge. 5% gold bonds, duo July I 1945 $10 000 000
If the slato agreed upon becom es effective, the full board, o f which $1,416,000 pledged as p irt security for these Coll. Notes $8 406
000 held by public and $178,000 in sinking fund; (2) Gen. M tge. 6 % gold
after O ct. 14, will be:
bonds, due O ct. 1 1935, $492,000, all pledged as security to tho Collateral
Charles Hayden, W . J. M athoson, W . E. R oosovolt, W . II. M ooro,
Notes; so long as these notes are outstanding the total Issue o f Gen Men
W . B. Thom pson, John R . M orron, Now York; N. I., Am-iter, B oston;
Hoih Im cannof.
ftYPPixl $650,000 nvppnf.
... i.
..* i . .. ” o fBonds
cannot exceed
except wibh
with Mm
the nom<n»i
consent o.,rf *.
the
holders
II. U. M udgo, E. D . Ilulbert, C . G . Dawos, J. G . Shodd, Chicago; Nathan two-thirds o f said notes. (3) T w oo-Y ear 6% Collateral Gold Notes (this
iel tren ch , D avenport, la .; J. W . Burdick, Pittsburgh.
Tv o $600,000.
.—
„,u,i,uuu. (4)
, i/ One-Year^6%^Guaranteed
V.,.e-Year 6 /q u u ___ .
issue) ,ji
$1,500,000.
Gold Notes.
5% cumulative stock, $2,500,000. (6) C om m on stocif. $2 5o6 ?)o6
Payments Authorized— Judgo Carpenter recently granted G ) I I’heref.earnings
and charges of tho com pany, as Officially reported f o r 'the
permission to the receiver to pay interest and also the prin twelve months ending July 31 1915, on basis o f presert"capitanz;?tlon arel
cipal of, all equipm ent obligations due O ct. 1, the items aggre Gross earnings. --------------$1,743.8591 Bond interest____________
$429 200
gating about $ 3 ,0 0 0 ,0 0 0 .
Net (after taxes)
$671,9351Collateral N ote Interest____ $00,000
TheTarger payments include; 2% on .$107,640,000 Refunding 4s, $2,152, Balance for Interest ($36,000) on Guar Notes, dividends. & c____$152 735
800, 2 / i /0 on^Sl 1,000,000 5s, $275,000; 2 % on $2,385,000 series C equip
D e s crip tio n o f t h e $600,000 6% G u a r a n te e d G o ld N ote.
ment notes, $53,662, and tho installment o f principal o f said notes then
Dated N ov. 1 1915. duo N ov. 1 1916. Donom. $1,000 (c). Int. M . & N
duo, $265.000.— V . 101, p. 1013, 923.
I rustee, Union Trust C o ., N. Y. 'l'liesc notes are guar., prin & int. bv
American Cities C o., which holds over 85% o f tho pref. and com stock o f
C h ic a g o R o c k I s la n d & P a c ific R y . — Interest Paid.
the Memphis St. Ry. C o. American Cities C o. Tor 12 mos. ended March 31
See Keokuk & Dos M oines R R . below .— V. 101, p. 1013, 923.
1915 showed a balance, after Interest on its bonded debt o f $1 273 639
So long as these Guaranteed Gold N otos are outstanding the com pany
C h ic a g o T erre H a u t e & S o u t h e a s t e r n R y —Earnings. c^nuot
issue its Gen. M tge. Bonds in an amount to exceed a total of
J u n e 30
O p e ra tin g
N e t (a f t e r O th er
~a l a n c e , $b,->0.000, except with the consent o f the holders o f two-tbirds o f tho C ol
B
F ixed'
Y ea r—
R even u es.
T a x e s ,A c .) I n c o m e .
C h a rg es. S u r p lu s .
lateral Notes and o f tho holders o f three-quarters o f the Guaranteed Notes
1914-15.......................... $2,1S6,268
$438,945 $265,593 $684,385 $20,153
(and then for only 80% o f the cost o f now construction, & c.). nor can thO
1913- 14...................... 2.170.289
244,983 480.380
674.077
51.286 com pany incur any further indebtedness.
— V . 99. p. 1048.
The legality o f both issues o f notes has been passod upon by Messrs
Beckman, Menken & Griscom o f N. Y .— V. 101, p. 370.
C r ip p le C re e k C e n tr a l R y .— Earnings.—
J u n e 30
G ross
E xp en ses
P re f. D ie s .
C o m . D ie s.
B a la n c e
M in n e s o ta N o r th w e s t e r n E le c tr ic Ry.— Sale.—
Y ea r—
In com e.
N . Y . O ffic e .
(4 % ).
(4 % ).
S u r p lu s
See Minneapolis St. Paul
S. S. M . R y. undo** "A n n . R eports" above.
1914- 1 5 ------ $257,574
$15,936
$120,000
$100,000
$21,638
1 9 1 3 - 1 4 ------• 234,914
14,769
120.000
100.000
M isso u ri K a n s a s & T ex a s Ry.— Receivership.— President
155
— V. 99. p. 890.
0011
D e la w a re & H u d s o n C o .— Bonds.— T ho shareholders
on Sept. 3 0 authorized tho proposed issuo of $ 1 4 ,4 5 1 ,0 0 0 5 %
1
Charles E . Schaff was on M o n d a y appointed roceivor for tho
com pany b y Judge A d am s in tho U . S. Circuit Court at
S t. Louis upon joint potition b y tho Railw ay Steel-Spring
Of!T. 2 1915.]
C o . of N . J ., and D . B . H u ssey, a tie contractor, claim ants
for $ 1 6 ,0 0 0 and $ 1 3 5 ,0 0 0 , respectively.
(Seo a d v .)
S ta tem en t Issued by C h a irm a n Frank T ru m b u ll S e p t. 27 1915’
T he directors reluctantly acquiesced in the recoivershlp, but as sovera
suits havo boon brought against tho com pany by holders o f unoxtended
notos aided in several cases by attachm ent proceedings, and other suits
havo been threatened, it was decided that tho interests o f all would bo bost
served by assenting to tho taking chargo o f tho proporty by tho C ourt.
[Of tho $19,000,000 2-year 5 % secured gold notos duo M ay 1 1915, some
$950,000 has not been extended at 6 % . Seo V. 100, p. 1349, 1438, 1510.)
Tho directors and officers wore hopeful last spring— when they asked for
an extension o f those notos for ono year— that thoy would bo ablo to work
out a plan o f refinancing that would onablo tho com pany to pay them o ff,
and they havo been continuously since then endeavoring to accom plish
this, but, owing to apathy o f investors towards railroads, and to hoavy
losses in the Galveston storm and continued flood s in the Southwest, which
liavo impaired tho earnings o f tho com pany and increased its expenses, it
lias been impossible to accom plish what tho directors sot out to d o. They
aro, howover, still proceeding, in co-operation with bankers, with tho «
preparation o f a plan for readjusting tho finances o f tho com pany and
providing for its future requirements.
Tho board is gratified that tho Court has appointed M r. S chaff as solo
receiver. H e enjoys and deserves tho confidence o f all interests.
S ta tem en t by B a n k ers In teres ted in F o rm u la tin g a R e o rg a n iz . Plan*
In connection with tho recoivorship o f the M . K . & T . R y . C o ., MessrsHallgarten & C o. and J. & W . Sellgman & C o. stated that thoy had under
taken to prepare'a plan o f readjustment o f tho finances o f the com pany at
tho request o f tho board o f directors o f tho com pany; that in undertaking
tho preparation o f tho plan thoy had been in hopo that a recoivorship might
bo avoided; that thoy had, how over, already mado such material progress
that, notwithstanding tho receivership, thoy hoped boforo long to submit a
Ilian to tho various interests which would be affected by a reorganization.
[Protective com m ltteos aro being formed by A . J. Hem phill, Chairman o f
tho Board o f tho Guaranty Trust C o ., for tho Refunding bonds, and by
W illard V. K ing, President o f tho Colum bia Trust C o ., for noteholders.]
Comparo V . 101, p. 846, 694. 213.
P r o t e c t i v e C o m m i t t e e s A n n o u n c e d i n View o f R e c e i v e r s h i p .
C o m m i t t e e f o r $19,000,000 T w o - Y e a r S e c u r e d C o l d N o t e s ( E x t e n d e d a n d
U n c x t c n d e d .— Will aril V. King (Pres. Colum bia Trust C o.)
Chairman;
Lewis B. Franklin (V .-Pres. Guaranty rrust C o. o f N . \ .), Edward R.
Tinker (V .-Pros. Chaso N at. Bank o f N . Y .), J. Y . G . W alker (V .-P res.
Union Trust C o N . Y .), Festus J. W ado (Pros. M ercantile Trust C o .,
St Louis) witfi Sullivan & Crom well as counsel and C . A . Austin, S ecy.,
fin"Broadway N Y . C itv. Holders aro askod to doposit their notos with
Contral Trust C o ., 54 W all S t., as depositary.
F o r S e c o n d M t g e . R o n d s . — E . G. M errill, Pres. Union Trust C o .. Chair
man. This com m ittee is now being form ed.
F o r t h e F i r s t A R e f u n d i n g M . 4 % B o n d s .— Alexander J. Hemphill, Chair
man Guaranty Trust C o.; Charles A . P eabody, Pros. M utual Life Insurance
C o.; W . A. D ay. Pres. Equitable Life Assurance Society; E. S. Marston
Pros. Farmers’ Loan & Trust C o ., and A. A. Jackson, Vico-Pres. Girard
Trust C o., Pliila., with W . C . C ox, Vlco-Pres. o f Guaranty Trust C o ., as
Secretary.
F o r G e n e r a l M t g e . 4 H % S i n k i n g F u n d G o l d B o n d s .— O tto T . Bannard,
James N Jarvio. J. R . N utt, Andrew J. M iller and Henry Sanderson, with
Hornblower, Miller, Potter & Earlo as counsel and Herbert W . M orse, Sec.,
26 Broad St., N . Y . C ity. Holders aro requested to doposit their bonds
with New York Trust C o ., 26 Broad St., tho depositary, on and after
Oct. 8. See adv. on another page.
.
S to c k h o ld e r s ' C o m m i t t e e . " O w n i n g a n d R e p r e s e n t in g a S u b s ta n tia l P r o p o r t i o n
o f th e O u t s t a n d i n g P r e f . S to c k a n d C o m . S t o c k .— "A lv in W. Krech, Chairman.
Frank II. Davis, Charles Hayden, Joseph J. Slocum and Festus J. W ado,
with M urray, Prentice & Howland as Counsel. Immediate doposit o f stock
certificates with Equitable Trust C o .,37 Wall S t., Is requested. See a d v.
on another page.— V. 101, p. 846, 694.
N e w O rle a n s T exa3 & M exico R R . — Time for Subscrip
9 .— T h e reorganization com m itteo gives
notice to holders of N ew Orleans Texas & M oxico D ivision
1st M . bonds of S t. Louis & San Francisco R R . C o ., and of
certificates of deposit representing samo:
tions Extended to Oct.
The time within which bondholders who havo assonted to tho plan o f
reorganization, dated Aug. 25 1915, m ay subscribe for First Lion G old
Bonds, Series A , o f tho now railroad com pany thorein provided for, to tho
amount o f 20% o f tho faco value o f thoir deposited bonds, has boon extended
to and including O ct. 9 1915. Seo plan, V . 101, p. 774, 768.
Foreclosure Sale Set for Nov.
N e w Y o r k R a ilw a y s .— Income Interest.— Tho arbitration
com m itteo appointed to fix tho rate of interest on tho 5 %
adju stm en t incomo bonds for tho 6 m onths ending Juno 3 0
19 1 5 , has decidod th at tho paym ont shall bo 1 .3 7 0 % , O ct. 1.
■
P re v io u s P a y m en ts o n I n c o m e B o n d s
O c t . 1913.
A p r i l 1914.
1912. A p r i l 1913.
0.771%
2 .25%
— V. 101, p. 774, 370.
1.636%
2.345%
(P e r C e n t) .
O c t . 1914.
1.288%
P a c ific G a s & E le c tr ic C o ., S a n F r a n .—
1915.
1.769%
A p r il
Bonds Called.—
One hundred ($100,000) gen. M . 4 H % sinking fund 30-year gold bonds
o f tho San Francisco Gas & Electric C o ., dated N ov. 1 1903. for paym ent at
105 and lnt. on N ov. 1 at Union Trust C o.. San Fran.— V. 101, p. 694, 449.
P h ila d e lp h ia C o . o f P i t t s b u r g h .—
Pref. Slock, &c .—
See Duquesne Light C o. below.— V. 101, p. 616.
P h ila d e lp h ia & W e s te r n (E le c t r ic ), R y .—
Earnings.—
T ho August report o f earnings is given above In our “ Earnings De
p artm en t." An authoritativo statement says: “ l o r August 1915 gross
earnings were $41,267, a gain o f over 11% over August 1914. A fter doducting operating expenses (including reserves for depreciation and reserves
for accident), tho net earnings wero $22,743: charges (including accrued
interest and taxes) were $12,535: balance, surplus incom e Tor tho m onth,
$10,208, a gain o f $4,098, or 4 0 % . For tho 8 m onths onded A ug. 31 the
gross earnings show a gain o f 20% and tho net earnings a gain o f 4 0 % . In
August tho traffic Interchanged with tho Lehigh Valley Transit C o . was tho
largost on record .” — V. 101, p. 689, 695, 924.
P o r tla n d G ra y & L e w is t o n (E le c tr ic ) R R .— Descrip
tion.— T ho “ Eloctric Railw ay Journal” of N . Y . on S e p t. 2 5
in a 3-pago illustrated articlo reports in substanco:
On July 2 1914 a now high-speed air-lino electric line was opened for
service between Portland and Lewiston, M o., by tho Portland & Lewiston
Interurban. R oad Is single track on a prlvato right o f way about 30 miles
in length and 50 ft. wide, its terminal connections covering 5 miles m ore in
tho cities o f Portland, Auburn and Lewiston. Built without the issuanco
o f a slnglo bond or share o f stock by Messrs. Llbboy and Dingloy o f Lewis
ton. Gffors a schedule o f 1 'A hours with 10 stops over tho 35 miles between
M onum ont S q., Portland, and Lisbon S t., Lowlston, com pared with a run
ning tim e o f 3 A hours via tho Portland Brunswick trolloy route. Running
tirno between terminals about tho samo as that o f tho M aino Central R R .
Faro 75 cents com pared with 90 cents on the steam road. T rack 70 lb.
T-ralls. Gravel ballast on private right o f way. A bout ono mile o f tho
com pany’s own line is located on tho highway. M axim um grado 4 % ;
sharpest curvo 780 ft. in radius. E ight reinforced concreto bridges, tho
largost 200 ft. long, over Presum pscott River; tw o aro 100 ft. long each.
Pow er supply from Androscoggin E loctric C o. E ight passenger cars doublotruck, solid vestibule type.
,
,
. . '
There aro no 5-cent faros on the Intorurban line and at present a two-hour
schedule Is being maintained. Schedule o f fares from Lewiston: l.Ittlofiolds, 10 cts.: Danville Junction, 20 cts.; Upper G loucester, 25; Lower
Gloucester, 30; N orth G ray, 40; G ray, 45; West Cum berland, 60; W est
Falm outh, 65; Deering Junction, 70; I’ortland, 75. in July 1914 carried
20,000 passengers. Population o f tho threo terminal cities is 106,000.
President is W illiam T . C obb o f R ockland.
R a t e s .— Rehearing Asked in Western Rate Case.— A ttornoys
representing tlio 41 roads involved in tho W estern rato ad
vance case, on S ep t. 2 8 filed a form al petition w ith the 1. C .
Com m ission for a rehearing of the application.
C om pare
item in editorial colum ns, V . 100, p . 4 9 6 -7 .— V . 10 1, p . 9 2 4 .
R u t la n d ( V t .) R a ilw a y , L ig h t & P o w e r C o .—
Vlce-Pres. Byron T . Burt has assumed also the duties o f G en. M g r .
M r. Burt was form erly G en. M gr. o f the Chattanooga & T enn. R iv .P o w .C o .
T he com pany recently announced a voluntary reduction in its electric rates,
and has now begun a vigorous housewiring cam paign in R utland. C om
pany Is controlled by W . S. Barstow & C o ., N . Y ., utility managers and
inanciers.— V. 95, p. 112.
S t . J o h n s b u r y & L a k e C h a m p la in R R .—
New Lease.—
See M aine Central R R . under “ Annual R eports" above.— V . 101, p. 846.
S t. L o u is & S a n F r a n c is c o R R .—
Time Extended— Sale.
See Now Orleans Texas <Sc M exico R R . a b ov o.— V . 101, p . 924, 775.
T e x a s & P a c ific R y .— 6 %
Equipment Notes.—
T ouching tho issue o f equipment notos purchased by the Equitable Trust
C o. o f N . Y. (trustee for issue), in connection, it is understood, with the
purchase b y the railway o f 13 locom otives, tho follow ing is furnished:
Purchase prico o f equipment about $296,000, tho Railway C o. to pay down
$76,000, tho balanco to bo represented by $220,000 Texas & P acific R y . C o .
6% Equipm ent G old Notes dated N o v . 1 1915. and duo $22,000 sem i
annually beginning M a y 1 1916. D enom . $1,000 (c). Int. M . & N .
Com pany agrees to pay tho normal Federal incom o tax.— V . 101, p. 616,
1015.
V ir g in ia R a ilw a y & P o w e r C o .—
Gas Reduction.—
T ho Comm on Council on Sept. 10 concurred in the passage o f the ordi
nance reducing the price o f gas from 90 to 80 cents per 1,000 cu. ft. The
reduction will not becom e effective until Feb. 1 1916. in order that no dis
turbance m ay be suffered by the municipal finances during the life o f the
present bud get, whicli was based on the estim ated receipts at the higher
price.— V. 100. p. 1673.
W a b a s h -P i t t s b u r g h T e r m in a l R y .— Postponement Asked.
— Judge O it of tho U . S . D istrict C ou rt, P ittsburgh, will on
O ct. 8 decide the petition m ade yesterday b y the reorgani
zation com m ittee to have the sale of the terminal property
further postponed for 3 0 days from O ct. 1.
It is alleged in tho petition that the extension was necessary in ordor to
get further deposits o f bonds, and it was said that there was every reason
to bolieve that this would bo accom plished in tho extended tim e requested.
— V . 101, p. 919, 847.
W a b a s h R R .—
Notice to Bondholders.—
Seo adv. on a previous pago and com paro V. 101, p. 847.
W i n o n a I n t e r u r b a n R y ., W a r s a w , I n d .—
Plan.—
A press dispatch from Goshen, Ind., on Sept. 23 says: “ In an effort to
readjust its financial standing, following an officia l announcement that it
will be com pelled to default on the paym ent o f bond coupon interest O ct. 1,
the Winona Interurban R y . C o ., operating 72 miles o f track, has appealed
to tho bondholders to indorse a plan outlined by tho management and
tiioroby avert receivership. It is urged that owners o f securities surrender
them to a com m ittee and accopt new bonds, under which foreclosure pro
ceedings will be impossible, for a tim e at least.”
[Tho intorost duo Julv 1 on tho $750,000 Goshon D iv . 5s, and April 1 on
tho $1,593,700 Peru D iv. 1st M . bonds, was, it is stated, p rom ptly paid.
In caso o f default the com pany has 90 days’ graco boforo foreclosure suit
can bo brought. Elkhart C ounty, In d ., residents owning $100,000 o f the
bonds are reported to havo engagod tho law firm o f Davis & Schafer, at
Goshen, to represent them .]— V . 87, p. 1359.
Earnings.—
"W isc o n sin C e n t r a l R a ilw a y .—
See M inn. St. P . & S. S. M . under “ Ann. R eports” a bove.— V .100.P-557.
W is c o n s in T r a c ., L t ., H t . & P o w e r C o .—Allies. —
See Southorn W isconsin Power C o. below .— V . 98. p. 764.
IN D U S T R IA L ,
GAS
AND
A m e r ic a n E x p ress C o .—
M IS C E L L A N E O U S .
New Contract.—
See M e. C ent. R R . under “ Annual R eports” above.— V . 101, p . 372, 289.
15.—
Federal Court at New Orleans has set N ov. 15 for the date o f tho fore
closure sale.— V. 101. p. 774, 768.
O c t.
1093
THE CHRONICLE
A m e r ic a n Ice C o . (o f N . J.) N . Y . —
Denied.—
T he N ow Jersey Board o f P. U. Commissioners on Sept. 24 denied the
application o f the subsidiary K nickerb >cker Ice C o. o f N . J. to absorb
the Ice M anufacturing C o. and the Interborough Ice C o ., the two last
named having New Y ork State charters, on the ground that this would be
a violation o f tho "Seven Sisters” laws o f tho State. T he Knickerbocker
C o ., which has $1,000,000 capitalization, owns all o f the outstanding capi
tal stock o f the other tw o concerns. T he Commission says that there is
no statutory provision in New Jersey for a New Jersey corporation being
merged with corporations o f other States.— V . 101, p. 529.
A m e r ic a n M a lt C o r p o r a t io n .—
New Officers.—
As a result o f the change in the management referred to last week, the
office o f Chairman has been abandoned and the position o f Vice-President
has been created for Stephen J. Leonard. Rudolph Nesser, a director
elected recently, has resigned, and J. M . Vickers o f the law firm o f Vickers
& Phelps chosen in his place.— V. 101, p. 1015, 775.
A m e r ic a n S m e lte r s S e c u r itie s C o .—
Listed.—
Tho Now York Stock Exchango has listed $16,639,800 6 % cum ulative
pref. stock, scries A , “ stam ped,” with authority to add $10,000 stock on
notice o f issuanco o f “ stam ped” certificates, making the total amount to
bo listed $16,649,800.
Profit and Loss Account.—
F or 7 m os. ending July 31 1915:
N et earnings operated properties 7 months, less general expenses
__
and taxes, $2,409,994; other incom o, $997,194; to ta l--------------- $3,407,188
Deduct— Bond interest and discount, $492,847; dividends paid,
$1,254,900; t o t a l . . .............................................................................. 1,747,747
Surplus after dividends for 7 mos. ending July 31 1915----------$1,659,441
T otal p rofit and loss surplus July 31 1915, $6,240.065.— V . 101, p . 529.
A m e r ic a n T e le p h o n e & T e le g r a p h C o .— Wireless Mes
T h e com pany on S ep t. 3 0 gave out the follow ing:
sages.—
Wireless telephono com m unication from tho A tlantic seaboard to Hawaii,
a distanco o f 4,600 miles, is an accomplished fa ct. A message from the
navy wireless station at Arlington, just outside o f W ashington, was sent
last night to tho United States naval station at Pearl Harbor, Hawaii, near
H onolulu. T he special wireless developm ents which resulted in this feat
wero made b y engineers o f the American Telephone & Telegraph C o . and
tho Western Electric C o. That transatlantic wireloss.com m unication is
assured as soon as the disturbed conditions in Europe will permit o f tests
from this country is obvious when it is remembered that it is much more
d ifficu lt to send wireless telephone com m unication across land than across
water. [Prof, l ’ upin announced yesterday that ho had perfected a device
that would m ako it possible to transmit wireless messages without any
interference whatever from tho electrical (static) disturbances that have
hitherto at times proved so serious an obstacle.]— V . 100, p. 1674, 1351^_
A n a c o n d a C o p p e r M in in g C o .— 2 %
Dividend.—
A quarterly dividend o f $1 a share (2 % ) has been declared on tho $116,
562,500 stock, payable N ov. 29 to holders o f record O ct. 23. This is the
first distribution since the increase in the par value from $25 to $50 and is
at tho same rate as the paym ent o f 50 cts. a share on July 21 last on the
old $25 shares. Com pare V. 100. p . 2169.— V . 101, p . 450, 289.
L o c o m o tiv e W o r k s , P h ila .— Purchases by du
T h e du P ont powder interests are generally
believed to have purchased a largo if not a controlling inter
est in this com p an y. T h o com m on stock, of which $ 2 0 ,0 0 0 ,B a ld w in
Pont Interests.—
1094
THE CHRONICLE
0 0 0 is outstanding (along w ith $ 2 0 ,0 0 0 ,0 0 0 7 % p r e f.), sold
last M a rch as low as 26%; this week it reached 150% and
closed at 120 34.
T h e com pany has alw ays frowned on the
current stories as to the am ount of its war-order business,
and it is probable th at theso have been over-stated.
The
“ B oston N ew s Bureau” on S e p t. 2 8 , had the follow ing:
T ho report that Charles M . Schwab is associated with tho du Ponts in
purchase or control o f Baldwin L ocom otive C o. is without foundation.
Air. Schwab is not acquiring other properties or interest in other properties,
his wholo tim o and attention being required in affairs o f Bethlehem Steel
C orporation and allied com panies.
President P. S. du Pont o f tho du I’ont do N em ours C o. on M on day said
ho could not confirm or deny the published reports that du Pont interests
havo obtained control o f the Baldwin L ocom otivo W orks b y purchasing a
m ajority o f the com m on stock in tho open market. T he du Pont group
started buying tho stock on a largo scale a few m ontlis ago at a price m uch
below those now prevailing. T h ey regarded it then as an investment, but
when they m ore fully realized the position o f the com pany as one o f the
ch ief beneficiaries o f tho war, they decided to stretch the investment into
control .a ccord in g to N ew Y ork bankers in close touch with them. W hether
they will assume the activo management at present is not known, but it is
believed they will wait until a future date beforo appearing on the board.
I ho com pany has war contracts to tho valuo o f $140,000,000, consisting
o f two large shell orders and a riflo order. In addition, it has miscellaneous
2 ™ F s -J,rinciI)aIly for locom otives from Franco and Russia, worth another
$20,000,000. Tho locom otive orders includo 250 for Russia and 150
? F aJ‘Jcngines for Franco. It also is supplying 365 tractors for Russia.—■
V . 100, p. 1015.
B r o o k ly n D e v e lo p m e n t C o .—
Stock Reduction.—
T ho stockholders voted Sept. 29 to reduco tho capital stock from $2,000.
000, par $100, to $500,000, par $25.— V . 101, p. 925.
C a m b r ia S te e l C o ., P h ila d e lp h ia .— Possible Merger.—
T h e “ Philadelphia N ew s B u reau ” on S ep t. 3 0 said:
T h o street to-day had universally accepted tho report that tho recent
heavy selling o f Cam bria Steel stock b y E dw ard B . Smith & C o., Ervin &
C o. and others, represented sales o f part o f the Pennsylvania C om pany's
holdings, on which an op tion had been given to W illiam II. Donner and
possibly additional holders. Coincident with tho acceptance o f tho above
a now merger story appeared in tho street.
T ho latest merger report, at variance with tho literature o f previous days
this week, concerns only tho Cam bria and tho Pennsylvania steel com panies,
and does not tako into consideration tho so-called M organ-C oroy or Schw abdu Pont steel and m unition com binos. A ccording to tho latest story tho
consolidation o f tho tw o com panies named will bo effected in tho near
future and is not likely to result in any now people assuming control, which
m cans that tho Frick-D onner interests w ould dom inate tho management.
When. M r. Donner bccam o Chairman o f the Pennsylvania Steel C o. ho
was given an option on a portion o f tho Pennsylvania C om pany's holdings
both in Cam bria Steel and Pennsylvania Steel Companies. Compare
V . 101, p. 290, 1015.
C a n a d ia n L o c o m o tiv e C o ., L t d ., K i n g s t o n , O n t .—
J u n e 30
, Year—
N et
O th er
T o ta l
B ond
D e p r . & c . I ’f . D i v s .
B a l., S u r .
B a rn s.
In c.
In c.
In i.
W r i t .O f f .
(7 % )
o r D eficit
1914-15--S I3 0 ,0 2 7 $4,587 $134,614 $90,000
$112 $105,000 def.S60,40S
iO lS -M -- 334.114 7,942 342,056 90,000 54,167 105,000 sur. 92,889
D ividends as above are deducted b y the com pany from p rofit and loss,
but shown here for tho sako o f sim plicity.— V . 101, p. 215.
C aney
Y e a r en d in g
R iv e r
G as
C o .—
G r o s s ( le s s N e t ( a ft e r
Earnings.—
B ond
,
30— G a s P a r c h . )
T a x e s ).I n te r e s t ,
1914-15----------- $332,980 $156,377 $11,297
1914 - - - ............ 338,915
183,142 14,455
— V. 101, p. 848.
D cp recia tio n .
D ie s .
$61,035
46.466
C a r L i g h t i n g & P o w e r C o ., N . Y . —
(8 % ).
S80.000
80,000
B a la n c e ,
S u r p lu s .
84,045
42,221
Final Assessment.—
T he final assessment o f 25 cents per share is duo and payable O ct. 1 1915.
T ho Bankers Trust C o ., N . Y ., has tho new engraved full-paid certificates
ready for delivery. See V . 101, p . 775, 215.
C e n t r a l I r o n & S te e l C o ., H a r r is b u r g .—
D es M o in e s ( l a .) G a s C o . — Debt
[Vol. 101.
L im it-F u ll Opinion.—
T h e articles o f incorporation have been amended as authorized b y tho
shareholders on Sept. 22 by substituting for tho words “ T he highest amount
ot indebtedness to which tho said corporation shall at any tim e subject Itself
shall not exceed two-thirds o f its capital s to c k ,” the following: "T h e high
est amount o f indebtedness to which this corporation shall at any timo
su b ject itself shall not exceed two-thirds o f its capital stock exclusive o f
debentures and bonds issued b y it in accordance witii Sec. Ki l l o f the code
oi Iow a as amended b y tho 36th General A ssom ply, and such debentures
or bonds shall not be issued in an am ount exceeding tw ice the am ount o f
iS?
capital sto ck .’
JAt last accounts thero wore outstanding
“
H '
‘
I b y United
1st A l. 5s
tho decision o f the U. 8 . Supremo* C ou rT on 'J u n e *14 afnrmTngThat 'of the
lower fed era l C ourt on A n;'. 21 1912, which sustained the ordinance o f
D ec. 27 1910 reducing; the nrlco o f gas from $1 to 90 cts. per 1,000 cu . ft.
C om paro V. 100, p. 2089: V. 96, p. 289; V. 95, p. 483, 546.
^ D ia m o n d M a tc h C o . —Retirement of Debentures, etc.—
Secretary I I . F . H olm an on Sept. 2 4 issued tlio follow ing:
At a mooting o f tho directors hold to-day, tho officials o f tho com pany
were diroctod to tako appropriate action for the retirement and paym ont
on Dee. 15 1915 o f tho balanco now outstanding [$1,295 7001 o f tho com
pany’s issue o f $2,000,000 6 % convert, debentures dated D ec. 15 1910
and duo D ec. 15 1920. Upon tho paym ent o f theso debentures all o f tho
com pany s deferred and funded obligations will havo to bo retired- its lia
bilities will consist solely o f accounts payablo for current purchases o f ma
terials, & c., and its liquid assets, consisting o f accounts and bills receivable
inventory and cash on hand and in banks, and excluding m anufacturing
Plants, real estate, timber lands, miscellaneous investments and .securities,
O, L T S 1 labilities by tho sum o f about $7,500,090, as com pared with
81,864,727 as o f D oc. 31 1908.
[n connection with his resignation as President,
Stettinins m ade tho following statem ent:
Edw. R .
dency o f the com pany in Alay 1909. A ly work having boon com pleted, I
havo resigned as President, and in doing so am m oroly gratifying a desire
to discontinue m y activo connection witii tho com pany when tho goal sot
about six years ago had boon roachod. In view o f m y long association witii
tho com pany, I havo. howover, consontod to romain on its board o f direc
tors, but wish to bo free activoly to direct m y attention to tho affairs o f
other com panies in which I m ay bo interested whon m y proseat work w ith
J. P. M organ & C o. shall havo boon concluded. Seo also V. 101. p. 1016.
D o w C h e m ic a l C o ., M id la n d , M ic h .— Stock
Div., &c —
T h e shareholders on Sept. 29 voted as fo llo w s;
(a ) T o
Increase
th e a iit h o r i/e d c a p it a ls t o c k from $ 1 ,500,000 to $3,000,000, such increase
to bo $1,500,000 ot 7 % cum ulative prof, stock. (5 and c) T o provide for
tho m aturity and redem ption o f said prof, stock, (d and e ) T o authorize
the directors to declare a 60% stock dlvidond in tho pref. stock, and to issue
$900,000 pref. stock therofor. ( / ) T o call in and cancel the present cer
tificates and to issue new certificates in exchango therefor upon tho basis
o f the new capitalization, ( g ) T o amend the by-laws to provide that no
lion b y way o f mortgage or deed o f trust shall be created upon the oronertv
and no incroaso o f the $1,500,000 pref. stock shall bo made without tho co n
sent o f 75% o f tho outstanding prof, stock.
Statem ent by Scc.-Treas. II. E. H ackenbcrg, Cleveland, Sept 4 1915
A surplus in property has been accumlated which now oxcoods 60% or tho
outstanding capital stock. T he curront liabilities aro reduced to tho cur
ront merchandise accounts and sufficient cash and receivables aro in tho
treasury to permit tho early rotiremont o f tho bonded debt.
$200,000 1 st
M . 6s duo $25,000 yearly July 1 1916 to 1923, but callablo at 105.| T ho
Increaso in business already enjoyed and tho continued largo volum o o x pected b y reason o f tho war conditions will, however, necessitate som e
further expansion in our manufacturing operations and prevent tho im m e
diate disbursement o f any largo cash dividends. Y our directors therefore
ord S op t6 lsYoh? — V 1 fo i% p 9256nd *” Pref- St° Ck
stockhol(lar8 o f rcc -
Operative.—
D u q u e s n e L ig h t C o ., P i t t s b u r g h .— Pref. Stock Offered.
T he plan o f reorganization having been assented to b y a largo number o f
— Ladoiiburg, T halm ann & C o . and H a y d e n , Stono & C o .,
bondholders, creditors and stockholders, has been declared operative.
Further deposits will bo received until D ec. 1 at Girard Trust C o ., Phila., are offering, b y a d v . on another page, a t 104 and d iv ., to
depositary, or Dauphin Deposit Trust C o. o f Harrisburg, as agont. C om
yield about 6 .7 3 % the unsold portion of their block o f 8 2 ,
m ittee to put plan in effect: A . A . Jackson, Chairman: Robert C . D rayton,
J. AI. Cam eron, James B . Bonner, B . If. Jones and R oss A . Ifickok. 5 0 0 ,0 0 0 7 % cum ulative preferred (p . & d .) stock.
A u t h .,
See V. 100, p. 1921.
8 1 0 ,0 0 0 ,0 0 0 ; outstanding, including present issuo, $ 4 ,4 2 6 ,
C h e v r o le t M o to r C o .— Underwriting Oversubscribed.—
0 0 0 . Par valuo, 8 1 0 0 , full-paid and non-assessablo.
D iv i
Hornblow er & W e e k s , managers of tho underwriting syndi dends Q .-F .
Redeem able as a wholo a t option o f com p any
cate, announced yesterday th at tho subscription books for on a ny d iv . date a t 115 and d iv . on 60 d a ys’ notica.
stock to tho new Chevrolet M o to r C o . had been closed. Digest of Letter from Pres. James D. Callery, P ittsburgh, Sent 15 ’15#
O r g a n i z a t i o n . — Organized in 1912 in its present com prehensive form
In
T ho am ou n t applied for exceeded th at offered more than
addition to the properties operated directly, controls, through stock owner
ton tim es. T ho stock was offered b y tho firm privately ship,
tho Pennsylvania Light & Power C o. and the Diam ond Light f c Pow er
a t 8 5 and sold on tho curb yesterday as high as 9 7 .
Tho C o. which operate independently in tho city . Operates directly tho p rop
erty o f the Alonongahela Light & Power C o ., which Is loasod to tho A llo capital stock is 8 2 0 ,0 0 0 ,0 0 0 in 81 0 0 shares, o f which it is ghony
C ounty Light C o ., a subsidiary, for about 887 years, at an annual
understood 8 1 3 ,2 0 0 ,0 0 0 was oxchanged for tho constituent rental o f $ 1/0,300.
System serves a population o f about 1.100,009. It supplios about 96%
properties, over 8 3 ,8 0 0 ,0 0 0 was subscribed for b y tho old
o f tho electric light and power sold in tho Pittsburgh district.
owners and their associates, and less than 8 3 ,0 0 0 ,0 0 0 re
Capitalization—
A u t h o r i z e d . O u t s t a n d ’g •
m ained for public subscription. T h o bankers roport:
Threo-year 5% C onv. gold notes dated Fob. 1 1915
T ho com pany has no bonds or preferred stock outstanding. It is con
trolled by Interests identified with tho Goneral M otors C o. and tho manage
ment will bo in tho hands o f those identified with tho management o f tho
Genoral M otors C o.
T ho com pany’s product will bo low-pricod passenger autom obiles, tho
demand for which Is already a d efinitely known factor in the trade. C on
stituent companies show earnings in the 12 'A m onths ended Aug. 14 1915
o f $965,000, equivalent to 4.3 2 % on tho total stock outstanding. Curront
earnings aro at tho rato o f $2,000,000, or 10% on tho stock.
I’ urposo o f financing is to provide extensions which will enable the com
pany to incroaso its output from 100 cars a da y, its present rate, to 300 cars
per d a y, according to tho present plans and ultim ately to much higher
figures. This, com pany's estimated output for the year, to end Juno 30
1916, would bo tho largest but one o f companies making this grade o f car.
C o n s o lid a te d G a s C o . o f N . Y . —
See a d v. on another page.— V. 101, p . 372.
Debentures Called.— ■
C o n s . G a s , E l. L t . & P o w e r C o ., B a ltim o r e .—
Stock.—
A statement filed at Baltim ore Sept. 28 shows that $314,500 o f tho com
pany’s com m on stock lias been issued in part paym ent for land acquired as
a site for the now Public Service building. In addition, $288,500 has been
paid in cash. See V . 101, p. 1015, 112.
C o r n P r o d u c ts R e f in in g C o .—
Bonds Called.—
Ono hundred and fourteen ($114,000) 25-year 5%. sinking fund gold bonds
dated N ov. 1 1906, for paym ent at par and int. on N ov. 1 at Title Guarantee
& Trust C o., New Y ork .— V. 101, p. 290.
C r u c ib le S te e l C o . o f A m e r ic a .—
Listed.—
T ho Now Y ork Stock Exchange has listed $421,600 additional com m on
stock, which has been sold at par and tho proceeds turned into tho com
p a n y’s treasury, making tho total amount listed $25,000,000.
Earnings.— For
net profits were
8 1 ,0 1 5 ,0 3 9 for the
being shown after
tho 11 m onths ending July 31 19 15 , tho
8 1 ,9 6 8 ,6 5 6 , apparently com paring with
fiscal year ended A u g . 31 1914, the latter
deducting all fixed charges.
T ho pref. dividends suspended in 1914 would call for $1,750,000 por
annum. Com paro V . 101, p. 290: V . 99, p. 1831, 1449.
New Officer Elected.—
George A. Turvillo, form erly Treasurer and Secretary pro torn, has been
elected Secretary and will also continue to serve as Treas.— V. 101, p. 290.
100. P - 4 0 1 )........... ....................................................$2,500,000 $1,574,000
7 % Cum ulative pref. stock (incl. presont Issuo)_____l o ,000,000 4,420 000
C om moil stock ----------------------------------------------------------- 25.000,000 21,567 BOO
In addition to tho foregoing securities thero aro outstanding $2 500 000
6% notes [1-yoar notes dated Feb. 1 1915], duo Jan. 31 1916, which will be
refunded with the proceeds from the sale o f an Issue o f $2,500 000 notes
convertible [and now to be convertedl into tills issue o f pref. stock
O f tho
authorized [and unissued) pref. stock, a furthor $1,574,000 Is reserved to
meet tho conversion rights o f tho holders o f the 3-Y r. C onv. G old Notes
T ho subsidiary com panies havo $1,450,000 bonds outstanding, but ail o f
such bonds, oxcept $205,000, and all but $300 o f the stocks o f said com
panies aro owned by the Duqucsno Light C o. T ho delivery o f certain o f
such stocks and bonds has not yot boon m ade to tho com pany, but an agreomont has boon entered into whoroby their delivery has been guaranteed as
soon as the Philadelphia C o ., from which they wore purchased, can procuro
their release from its m ortgages.
P r e f e r r e d S t o c k . — T h o pref. certificate forbids tho com pany to croato any
m ortgage or secured dobt requiring authorization or approval b y its stock
holders or to increaso tho pref. stock abovo tho presont authorized $10 000 000 without tho consent o f a m ajority o f tho pref. stock outstanding no’r
can tho com pany issuo pref. stock abovo $10,000,000 until tho outstanding
com m on stock shall have been increased a bovo $21,092,000 by an amount o f
fully paid stock equal to tho proposed incroaso o f pref. stock. T h e owners
o f tho pref. stock have tho same right to voto as the owners o f tho com m on
stock. (Registrar, N . Y . Trust C o .; transfer agent. Bankers T r. C o N Y
P u r p o s e o f t h e I s s u e — Tho presont Issuo o f pref. stock results from 'tho
conversion o f an equal amount o f Three-Year C onvertible 5% N otes dated
Sept. 1915, that are issued to refund $2,500,000 [ono-year| 6% notes duo
Jail; 31 1916 [included in balanco sheet in floating debt— E d .| representing
additions, extensions and improvem ents, the incom o from which, it is est
imated, already exceeds tho dividends on this preferred stock.
P h y s i c a l P r o p e r l y . — Operates nino generating stations with a ca p a city o f
about 120,000 k. w. A t tho main generating station on Brunots Island,
thero have recently boon installed four 18,300 k. v. a. turbo-gonorators and
now boilers o f 16,000 h. p ., a modern coal-handling storago plant, & c.
1 ransmission system Alarch 31 1915, 190 miles o f hlgh-tonsion transmission
lines (60 miles underground), connected with 65 sub stations containing
4.3,000 k. w. o f transformers. Whereas tho capacity o f tho system is now
about 120,000 k. w ., tho averago daily demand is 36,000 k. w. and tho maxi
mum domand in one day to dato is about 72.000 k. w. It Is possible there
to™. materially to increaso tho business without a considerable outlay for
additional facilities.
Tho additions and Improvements during tho last two
years have cost $5,444,505. Based upon an appraisal made In 1912, and
tho additions and improvem ents since that tim o, lt Is estimated that tho
valuo o f tho property in tho systom is in excess o f $20,606,217. As now
OCT. 2 1915.]
THE CHRONICLE
equipped, believed to have a productive cost ranking w ith tho best o f tho
steam-using plants in tho U. S. Franchise perpetual.
E a r n i n a s f o r T w e lv e M o n t h s a ided. M a r c h 31 1915 a n d 1914.
1915.
1914.
1915.
1914.
1
§
$
Gross ea rn in g s..4,938,862 4,844,223 T otal not incom o2,459,940 2,173,225
608,947
N e t, aftor ta x es.2,201,282 1,889,439 D e d u c t - Rents,&c 670,030
---------20,800
Other incom e—
258,658
283,786 In t. on fund. d t .
N ot incom e applicable to dividend on pref. stock [after
paying interest on tho 52,500,000 one-year notes
which will be refunded fn m the proceeds o f the
_______
notes converted into this issue o f prof, stock ]--------SI ,769,10481,564,278
D ivs. on prof, stock, incl. prosont issue, call fo r-------309,820
^09.820
Dividends at rate o f 7 % per annum aro being paid upon 818,067,000
com m on stock. Tho remaining 83,500,000 com m on stock, held in e s cro w ,
receives no dividends, but in lieu thereof the com pany pays 8210,000 as
rental for tho uso or nroperty, which sum is included in rentals in the above
incom e account. When the deeds for tho property aro delivered tho rental
ceases and dividends on tho stock bogin.
T , ,
.
T ho net earnings for July show an increase o f 832,345 over July 1914 ,
being at tho rate o f over 8388,000 per annum, this amount alone being o v e r
8 % on the outstanding prof, stock. N et earnings for tho four m onths ended
July 31 showed an increase o f 8123,003.
B a la n c e S h eet o f D u tn te sn e L ig h t C o . A fa r c h 31 1915 { T o t a l E a c h $31,652,035) •
..................... Com m on stock ___________ $21,558,000
'■
Property and- franchises.$11,413,280
20,000
Preferred 7 % cumulative
Stocks and bonds o f other
companies ow n ed_____ 10,375,056 3-year C onv. G old N otes 2,480,000
A ffiliated com panies-----5,719,797 Affiliated com panies------ 3,641,929
C a s h ________
2,935,016 Notes & accts. p a y a b le .. 2,752,331
315,441
A ccounts receivable____
222,946 A ccrued taxos, not clu e..
313,217
M aterials and su p p lies..
671,396 Depreciation reserve-----571,117
TJnexpirod insurance, & c.
32,933 Profit and loss, su rplus..
281,611
Deferred accou nts______
A s o f M arch 31 1915, current assets, including materials and supplies and
notes and accounts receivable from affiliated com panies, am ounted to
$5,222,088, o f which $2,935,016 was cash, against accounts due affiliated
com panies, and all current and accrued liabilities, other than tho 8- ,. j00,000 6% notes, due Jan. 31 1916, aggregating only $709,701.
B u s i n e s s F i e l d .— Notwithstanding the business depression during th e last
year, the sales o f electric power by the com pany during tho 12 m onths ended
M arch 31 1915 increased 10,181,559 k. w. h ., or about 4 % . During th a t
period the c o m p a n y S l i e d a total o f 268 749,209 k. w. h o f energy and
also supplied 5,932 street arc lamps and 4.834 incandescent lamps. U nder
contract extending until 1963, it supplies all o f tho electrical energy used b y
tho Pittsburgh lly s ., operating over 600 miles o f track, but its revenues from
this contract reprosont only about 25% o f its total rovonuos.
W ithin 50 miles o f Pittsburgh there aro, it is estim ated, steam plants
producing energy equivalent to 788,530 k. w .— over 1,000,000 h. p .
Changes in manufacturing m ethods o f late have m ado posslbilo tho utiUzaj
tion o f electricity where herotoforo its uso was im practicable. A s o f
M arch 31 1915 tho com pany had in forco 5,389 contracts m ore than in
M arch 1914, representing a potential increase o f 12,759 h. p . in p ow er
load and 4,667 k. w. in lighting load.— V. 101, p. 925, 617.
Gas & Electric Improvement Co.— N ew Officer .—
A ddis M . W hitney lias been elected Vice-President and a director to
succeed Arthur E . C hilds, who resigned to becom e the head o f tho M assa
chusetts Lighting Com panies and its controlled com panies.
General Asphalt Co.— N ew Directors.—
H oratio G . Lloyd o f Drexel & C o. and Charles E . Ingersoll have been
elected directors to succeed R udulph Ellis and G corgo 11. B . M artin, for
merly rosidont director in N ew Jersey.— V. 100, p. 1669.
General Motors Co.— Listed on N . Y . Stock Exchange.—
Tho N . Y . Stock Exchange lias authorized to bo listed on and aftor
O ct. 1 $14,985,200 pref. stock and $16,506,800 com . stock on notico o f issu
ance o f permanent, engraved certificates in exchange for 814,583,700 voting
trust certificates for pref. stock and $16,189,000 voting trust certificates for
com . stock, rospoetivelv. or in exchango for 8401,500 pref. and $317,783
com . stock, respectively. A uthority is also given to a d to the list $3,
053,200 pref. and $3,367,200 com . stock on notico that it has been s o ld
and is in the hands o f tho public, making the total amounts authorized to
bo listed, 818,038,400 pref. and $19,874,000 com . stock. T he voting
trust expired Oct. 1. See report in last week’s “ C hronicle,” pages 1023
1024, 1011, 925.
General Petroleum Co. (Cal.)— Deposit o f Bonds, & c .—
Tho bond holders’ protective committee, Frank B. Anderson,
Chairman,
in an advertisement, says:
There have already been depositod with this com m ittee a very largo
proportion o f tho outstanding bonds and interim deposit certificates, but
it is desired to obtain as prom ptly as possiblo unanimous action on the plan
o f reorganization, and holders o f bonds and interim deposit certificates aro
requested to com m unicate immediately with tho undorsigned protective
com m ittoo, 808 Alaska Comm ercial Building, San Francisco, Cal.
Deposits m ay lie made in San Francisco at M ercantile Trust C o .; in
N ow York at U. S. M tge. & Trust C o.: in Boston at First N at. Bank o f
B oston: in Chicago at Illinois Trust & Sav. Bank. Com paro V . 101, p !
616, 697. 772.
.
(B. F.) Goodrich Co .— Dividend Rum ors .—
It, is reported that the directors will take up tho matter o f resuming
dividends on tho com m on stock at tho next regular m ooting, scheduled
within six weeks. W hilo earnings for 6 m onths ending Juno 30 were equal
to 5 % on tlie $60,000,000 com m on stock or at tho rato o f 10% for the year.
Earnings since that tim o, o f for tho first 10 weeks, havo boon considerably
abovo that figure and it is said aro probably now running at tho rato o f
closo to 15% on the com m on. Com pare V . 101. p. 373, 216.
Holyoke (Conn.) Water Co.— E xlra D ividend .—
A regular quarterly dividend o f 3 % has been declared on tho $1,200,000
stock, payable O ct. 2, also a special dividend o f 10% from tho proceeds o f
tlie salo o f real estate, tho latter p a y a b le Oct. 20. W alter L. Goodw in o f
H artford, C onn., lias boon elected a director to succeed his father, tlie late
Jamos J. Goodwin..—-V. 93, p. 668.
International Mercantile Marine Co.— Notice to Pref.
of Accountants.— Tho committee of
holders of preferred stock, J. N. Wallace, Chairman, as a
result of tho examination being mado on its behalf, an
nounces by adv. on another page that they aro advised that
the ponding foreclosure suit can bo successfully defended;
that tho default on tho bonds could have been avoided, and
that tho receivership was unnecessary. They therefore
ask tho co-operation of tho preferred shareholders in an effort
toThostop
the reorganization plan. Tho committoo say:
preliminary report o f our accountants, Ernst & Ernst, states:
Shareholders— Report
(1) Exclusive o f depreciation and now war tax, and also exclusive o f
undivided earnings o f tlie Thom pson & C o . , Ltd ., Shaw, Savill & A lbion
C o ., L td ., and Holland-Am orica Lino, but after deducting all current in
terest charges, including bond interest (amounting to 82,232,776), tho earn
ings for tho seven months ended July 31 1915 were over 811,000,000; in
addition, tiio Marino com p a n y’s share o f tho earnings o f tho Loyland Lino
or said period wore ovor $7,000,000. For July 1915 (tho latest figures
available), such earnings o f tho com pany, including the Loyland Lino, were
ovor $3,500,000.
(2) Tho com pany was at all tim es during M arch 1915 and thereafter
ablo to pay all back interest and current interest on its bonded debt. On
M ar. 31 1915, the last day to cure tho six m onths’ default in tho paym ent
o f interest on tiio 4 >$% bonds, thoro was on deposit in cash to tho credit
o f tiio com pany and is subsidiaries $8,538,394.
(8) M any o f tiio assets and particularly investments in other steamship
companies aro carried on tho books o f certain subsidiary companies at far
below roal worth.
.......................
. ,
(4) Tiio assots o f tho com pany. Including ships, securities and cash, but
excluding good-w ill, trade routes, & c., arc, excluding inter-com pany ac
counts, obviously o f a value largely exceeding tho bonded debt and other
indebtedness o f tiio com pany and its subsidiaries.
Holders aro urged to deposit their pref. stock immediately with tho
Contra! Trust C o. A substantial am ount has already been deposited.
1095
Plan Operative.— Over 9 4 % o f Bonds A ssen t.— Time for
Deposits Extended.— Tlie reorganization committee, Otto T .
Bannard, Chairman, announces by adv. on another page that
the plan of reorganization (V . 101, p. 451, 926) has been de
clared operative and the time for tlie deposit of securities has
been extended to and including Oct. 11, after which date no
deposits will be received except in the discretion of the com
mittee and subject to such penalty as it may impose. There
have assented to the plan 850,607,500 of the 4
bonds
out of 852,594,000 outstanding, and 815,976.000 of the 5 %
bonds out of 817,632,000.
Referring to the published announcement of the preferred
stock committee, the reorganization committee say: “ On
March 31 1915, the day previous to final default, current
liabilities, exclusive of depreciation, were in excess of current
cash resources; and the deficit would have been larger by
over 86,000,000 if in November 1914 the Whito Star Line
(V . 99. p. 202) had not borrowed over 86,000,000, increasing
the total funded debt of that company to 812,500,000.
Legal conclusions of the stockholders’ committeo and its
accountants aro matters for judicial determination. W e
have acted at all times by advice of counsel, who advise
us that we need have no misgivings as to our legal position.”
— V . 101, p. 1016, 926.
International Steam Pump Co.— Authorized to A p p ly .—
The Court of Chancery of New Jersey on Sept. 25 granted
permission to Ethel Elms, complainant in a preferred stock
holders’ suit brought in the Chancery Court, and M cD ougall
Hawkes, as follows:
T o apply in the namo o f Gilbert Collins, as tho rccoivor heretofore ap
pointee! by tho N ew Jersey Chancery .Court, to the U . S. District C ourt for
Southern Dist. o f New Y ork, for leave to set up as a dcfenco to tho fore
closure suit brought b y tho Guaranty Trust C o ., that tlie default or dofaults which occasioned tho foreclosure were tho result o f a conspiracy or
collusion between tho m ortgagor and tho holders o f bonds secured b y the
m ortgago, or som e o f them , on tho ono hand, and tho m ortgagor (tho In
ternational C o.) and its directors, or som e o f them , on tho other hand.
T he ob ject o f tho conspiracy, it is stated, was to precipitate foreclosure,
when as a m atter o f fact tho com pany was solvent and ablo to pay the in
terest and other charges set forth in tho foreclosure bill. Com pare V . 101,
p . 926 — V . 101, p. 1016, 926.
Kellogg Toasted Corn Flakes Co.— Decree .—
A decree was entered b y consent at D etroit, M ich ., on Sop*. 28 in the
suit brought by tho Governm ent in D ec. 1912 to enjoin the carrying out
o f the plan o f sale under which the com pany lias exacted an agroomont from
jobbers and retailers to whom its breakfast food has baoti sold not to sol 1
at loss than a specified prico, the penalty for violation being forfeiture o f
future selling rights. Com paro V. 95, p. 1749. T ho docroo takos effect
aftor Oct. 15 and is considered very important because it establishes a
precedent against tho fixing o f resalo prices on food products. T h e attem pt
to require retailers to observe the reselling prico o f its product sot by tho
m anufacturer, though sold through tiio jobber, is held to bo in violation o f
tho anti-trust laws. Under the terms o f tho decree tho K ollogg com pany
agrees to withdraw its reselling requirements pasted on its wholesale ship
ping caso and the similar notico on tho end o f its carton, based upon tho
patented container. T ho fu ll text o f tho decree has not yot boon received
in this city .— V . 95, p. 1749.
Keystone Telephone Co., Philadelphia.— Bonds .—
The com pany, it, is stated, has sold to Harper & Turnor $300,000 1st M .
5% gold bonds, all o f which have been rc-sold.— V . 101, p . 692.
La Belle Iron Works, Steubenville and Wheeling.—
Bonds.— Tho shareholders will vote
Oct. 27 on authorizing
an issuo of 87,500,000 5 to 25-year bonds, to bo dated Dee. 1
and to mature serially from Dec. 1 1920 to Deo. 1 1940. The
immediate issuo will probably bear 6 % interest. A tech
nical-journal says:
Tiio procoods will bo used to pay for tho Koppers b y-produ ct ooko plant
o f 94 ovens now being built and probably also for a stool bridge across tho
Ohio R ivor to connect tho coke plant with the blast furnaces whoro tho coke
will bo used. Other large additions and im provem ents aro contom platod.
[President Kirk is quoted as stating that tho Stoubenvillo plant is operating
at 90% capacity, but denies that tho com pany has rocoived an immense
order for war materials, or is making preparations for tho m anufacture o f
such m aterial.]— V . 100, p. 1835.
Lone Star Gas Co., Ft. Worth, Tex.— Stock Increase.—
Treasurer D . I. C o b b recently filed at Austin a certificate increasing the
capital stock from S t ,500,000 to $5,000,000, "representing an Increase on
tho investm ent.” — V . 100, p. 1835.
Massachusetts Lighting Companies.— Next President.—■
A rthur E . Childs has been elected President o f this and all o f tho con
trolled com panies to succeed Alfred Clark, who has resigned as President
but will continue as a trusteo o f the Lighting Com panies and a director o f all
tho gas and electric com panies o f which ho was Pres.— V . 99, p. 1747, 1532.
Midvale Steel Co.— Change in Control.— William A . Read
& C o., acting through Roland L. Taylor, a member of the
firm, have completed the purchase of all except a very small
amount of the 89,750,000 capital stock for now interests
headed by William E . Corey, formerly President of the
United States Steel Corporation. The puroliaso price is
commonly believed to bo 8185 a share. M r . Corey, it is
understood, will bo elected President.
A t Philadelphia on M onday, after a meeting attended by
representatives of the new owners, William P . Barba, who
has been Gen. M gr. of the company, gave out tho following:
A mooting o f tho board o f directors o f the M idvale Stool C o. was held,
at which tho resignation o f Charles J. Ilarrah as President and director o f
tho com pany was presented and accepted. Tiio resignations o f Charles B.
Dunn and Howard Sellers as directors were also received and accepted.
T o fill those vacancies on tiio board thoro were elected William E . C orey,
Percy A . Rockefeller and Samuel F. Pryor [a director o f Remington Arms
C o. and Amorican Brako Shoo & Foundry C o .]. In order to attond to
stock transfer business pending the election o f a permanent President,
Joseph Entwislo, stenographer to the board, was elected temporarily to
this offico . T ho resignation o f Jamos F . Sullivan as Vico-President was
received and accepted, and W illiam P. Barba was elected Vice-President,
M r. Sullivan remaining as a director. [E. C . Converso, form or President
o f the National T ube C o. and at present a director o f the Stool C orporation,
is said to bo ono o f tho now interests.]
M any rumors havo been afloat as to new steel-munition com
bines or alliances. Among the companies talked of as pos
sible candidates for participation in such amalgamations
havo been mentioned, besides tho Midvale Stool C o ., the
Bethlehem Steel C o ., Baldwin Locomotive W orks, Cambria
Steel C o ., Pennsylvania Steel C o ., Lackawanna Steel C o.,
Pittsburgh Coal C o ., du Pont Powder, Driggs-Seabury
Ordnanco C o ., Youngstown Sheet & Tube C o ., Taylor-
1096
THE CHRONICLE
Wharton Iron & Steel Co., Pickands-Mathor Co. and
J. G. Brill Co. So far as is known at present, tho Midvale
Steel Co. is not included in any consolidation plan. The
Philadelphia
“Record” on Sept. 28 said:
" W e are not prepared to say what wo havo in m in d,” M r. C orey said,
when asked about tho report that ho and thoso associated with him woro
seeking control o f other big stool concerns. “ There has boon a groat deal
printed as to what m ay bo dono in this lino, and I will noithor deny nor
affirm any o f tho reports.”
W hen asked whether ho and his associates in tho now syndicate wero
interested in Cambria Steel stock buying or negotiations, M r. Coroy was
prom pt to say “ n o ,” and ho mado tho samo answer to tho samo question
applied to tho recent a ctivity in Baldwin Locom otive W orks stock. It was
understood that M r. C oroy was speaking for thoso associated with him in
tho purchase o f tho M idvalo plant, all concerned making it plain that it
was a soparato d ea l.
‘ ‘ W o have taken over tho M idvalo com pany and proposo to operate tho
samo, declared M r. C orey. W hen attontion was called to tho fact that
M r. I’ryor, one o f tho M id va lo’s now owners, is a director in tho Baldwin
com pany and in tho Remington Arms C o ., which is associated with tho
Baldwin com pany in tho m anufacture o f munitions at tho rocontly co n
structed Eddystono works, M r. C oroy gavo his interviewers to understand
that there was no significance in that fact. [Seo Baldwin Locom otivo
W orks and Cambria Steol C o. above.]— V . 101, p. 927.
M otion P icture P a ten ts C o.— Decision for Government.—
Press dispatches state that Judgo Dickinson in tho U. S. District Court at
Philadelphia yesterday rendered an opinion in favor o f tho Governm ent in tho
suit brought in Aug. 1912 against tho com pany and 12 controlled and allied
corporations and a number o f individuals on tho cliargo o f violation o f tho
Sherman anti-trust law. (V . 95, p. 484: V . 99, p. 1752.)— V . 101, p .6 9 7 .
M t. V e rn o n -W oo d b erry C o tto n D u ck C o., Baltim ore.
—The committee of holders of 1st M. 5s, Waldo Newcomer,
Chairman,
in circular datod Sept. 22, says in substance:
T ho reorganization has been substantially com pleted (per nlan in V. 99.
p . 898. 973). p u t
$8,000,000 1st M . 5s, $7,727,000 joined in the reor
ganization. Tho remaining 273 bonds will receive tho cash dividend out
o f tho proceeds o f tho foreclosure salo, tho minimum dividond fixed bv tho
decreo being $360 per bond, which is now payable.
M ou nt Vernon-W oodberry M ills, In c., tho successor com pany as a
result o f tho foreclosure sales, now owns, free o f all encumbrances (oxcent
two ground rents aggrogating .$3,200 annually), all tho mills formerly
belonging to tho old com pany, v iz.: M ou nt Vernon Nos. 1 and 3 Druid
C pper, M eadow , W oodberry, Park, M ou nt Washington and Columbia
m ills and Tallasseo M ills N os. 1 and 2. Fully equipped capacity, 179,300
spindles, and all in operation except M ount W ashington. Also owns Laurel
M ill (partially equipped) and l’ hoonix and Franklinvillo dismantled.
C a p it a liz a t io n o f N e w C o m p a n y — { N o B o n d e d D e b t ) —
O u ts ta n d in g .
7 % C um . Prof. Stk, ,$8,000,000: unissued or in troas., $1,890,800.$6 109,200
Com m on Stock, $5,600,000; unissued or in troas., $ 1,0 88 ,1 0 0 .. 4 511 900
Three-Year 6% notes, duo Feb. 1 1918, Issued for working capital 2,500,000
B a la n c e S h e e t J u n e 30 1915 { T o t a l E a c h S id e . $13,731,556).
A ssets.
M ills, m achinery, real ostato, & c ......... ....................$6,248,900
G ood w i l l ___________ 4,511,300
1,937,425
C a s h --------------------1'inishod m dse.,cotton ,& c.
986,988
Current assets....... .............
46,943
L i a b ilit ie s .
7 % preferred stock ______ $6,109,200
C om m on stock ____
4 511,900
Three-Year 6 % notes____ 2,500,000
Curr. a ccts.(incl.int.accr.)
292,202
Reserve for depreciation .
75,000
Rcsorvo (reorg. oxp., & c.)
243,254
N e t I n c o m e U n d e r C o m m it te e .
N ot incom e from April 4 1914 to Jan. 2 1915 . . . .
. *13 788
In 1915: Jan. 3 to Jan. 30, $56,505: Jan. 31 to Fob. 27, $27,071:
’
I'cb . 28 to April 3, $40,596: April 4 to M a y 1, $36,192; M a y 2
to M a y 29, $36,678; M a y 29 to Juno 30 1915. $60,233; t o t a l.. 257,275
D educt reserve for depreciation, 6 m os., Jan. 1 to Juno 30 1915
75.000
B alance______________________________________________
$196 062
T his indicates a considerable surplus o f oarnings" above" the"Interest on
tho notes. While it should not bo tho policy to withhold dividends longer
t h a n ‘s necessary, it is our judgm ent that tho interest o f tho security holders
will bo best prom oted by applying tho surplus earnings during tho firstyears to tho strengthening o f tho com pany s financial condition and tho
im provem ent and upkeep o f its property, and that dividends be not paid
until these requirements havo been satisfied.
I ho working capital supplied by the notes makes it unnecessary to rely
on agonts for advances. The com pany will hereaftor havo m ore direct
control o f its sales, will d o its own billing and its own collecting. Tho
Turner, Halsey C o. has beon appointed selling agents.
votin g trustees under agreement running 5 years from A ug 1 1915‘
W aldo Newcom er, John J. N eliigan, George C ator, A . H. S. Post and
Edwin G . Baetjor.
J o i n t C e r ti f i c a te s . — Under tho reorganization plan tho depositors receivo
for each $1,000 1st M . 5 % bond, voting trust certificates for $700 pref.
stock and $325 com m on stock.
T he voting trust agreement provides for tho issue o f single certificates for
both classes o f stock jo in t ly in the proportions o f 7 and 3.25 shares above
stated, tor the following reasons: It Is important that tho control o f tho
com pany be in tho old bondholders— that is, tho present prof, stock, even
after the expiration o f tho voting trust. I f tho com m on stock is sold
separately, a small investment m ight acquire a largo portion o f tho total
capitalization and seriously injure tho pref. stock holdings. Tho fact that
all o f tho stock not hold by tho form er.bondholders, i. o.. $650,000 prof, and
o 2 , 0 0 0 , 0 0 0 com m on, belongs to a single interest emphasizos tho importance
o f this precaution. [Seo International C otton M ills, page 151 o f “ Railway
and Industrial S ection.” — E d.] Tho trustees m ay, if requested by any
stockholder, convert join t cortific.atos into separate certificates but wo
recomm end tho retention o f singlo certificates for both classes.
T he now securities, bolng now ready for distribution, certificates for
1st M . 5s, should bo presented for exchnngo at Safe Deposit A Trust C o .,
Baltim ore. Comparo V. 100, p . 816, 1262.— V . 101. p. 927, 679, 373.
Mt. Vernon-Woodberry Mills, Inc., Baltimore.— Status.
See M t. Vernon-W oodberry C otton Duck C o. a bove.— V . 101, p. 927,679.
Narragansett Electric Lighting Co., Providence.—
E very stockholder or debenture holder o f record O ct. 4 1915 will havo
the option o f subscribing until noon O ct. 16 for $500,000 new stock at par,
at the rate o f ono share o f said stock for every 14 shares o f stock or debenp 770 °
ky
Subscriptions are payable N ov . 1. C om paro V . 101,
National Surety Co., N. Y . — Stock Increase.—
T ho directors on Sept. 27 voted to recom m end to stockholders tho
Increase in capital stock from $2,000,000 to $3,000,000 b y the salo to share
holders or tholr assignees o f 10,000 shares at $150 each.— V . 99, p. 1371.
New Jersey Zinc Co.— Extra Dividend.—
An extra dividend o f 2% has boon declared on the $35,000,000 stock as
increased by the 250% stock dividond paid in July last, payable Oct. 11 to
holders o f record O ct. 1. T ho regular quarterly paym ent on tho new capi
talization is
% and no action will bo taken on this until the moeting late
in O ctober.— V . 101, p. 135, 51.
Norfolk & Washington Steamboat Co.— Dividend.—
»nnn(Jin?,rtc,r' y, dividend o f 2 1 4 % , it is reported, has been declared on tho
$J00,000 stock, payable O ct. 1, com paring with 3 % for som e tim e past,
thus reducing the annual rato from 12% to 10% . Officers o f tho com pany
say that tho regular dividend was earned, but that tho directors considered
It the best policy to conservo resources in viow o f tho depressed stato o f
water transportation between W ashington and N orfolk.— V . 82, p. 1272.
Old Dominion Co. of Maine.— Distribution.—
T ho trustees on Sept. 29 docided to make a distribution o f $10 per sharo
as an initial distribution on tho account o f tho trust receipts. Check war
rants were mailed. Litigation over tho m atter has been proceeding for
som o 10 or 12 years.
T h e paym ent follows becauso o f tho finding b y tho M aster against M r.
Bigelow in his petition for a rovlow o f tho decision against him by the Su
prem o Judicial C ourt o f Massachusetts. A s there are 143,717 trust re
ceipts outstanding, tho paym ent calls for $ 1,4 37 ,170. leaving in tho trustees’
hands about $400,000. A bou t $2 or $3 additional m ay, it it stated, bo
oxpectod on account o f tho trust recoipts, making tho full liquidation value
b etw een $12 and $13.— V . 101, p. 850, 532.
(Vol. 101.
Pennsylvania Steel Co.— Possible M erger. —
See Cambria Steel C o. abov o.— V . 100, p. 2090.
People’s Water Co., Oakland, &c., Cal. — Foreclosure.—
The Union Trust C o. and M ercantile Trust C o. o f San Francisco and
Oakland Bank o f Savings as trustees under tho various bond issues including
underlying issues, tho outstanding amounts o f bonds in hands o f public
aggregating $19,500,000, have brought suits to foreclose, as followsM ercantile Trust C o. against tho Pooplo’s Water C o ., $13,900,000,and
against tho East Shoro Water C o ., $500,000.
t Un‘ on Trust C o. against tho Alameda Artesian W ater C o .. $600,000,
theoOak.andi Yiater C o .^ l .,0 0 ,0 0 0 . and the C ontfa Costa W ator C o .,
iSSUO
« ! ? ? kW
a^ or,9nf l" ^ a lm t th0 Contra Costa W ator C o ., $2,000,000
1
OI lo lM .— V . IU1, p . b l 8.
Philadelphia (Pa.) Suburban Gas & Electric Co.—
Guaranteed Bonds Offered.— Honry & W est, Phila., aro offer
ing at 95 and int., First M tge. & Refunding 5 % Gold Bonds
of 1910, duo Feb. 1 I960. Guaranteed as to principal and
interest by endorsement by American Gas C o. Circular shows:
Redeemable on and after Fob. 1 1915 at 105 and int. Denom . $1 000 c* .
Tree o f Penn State tax and normal Federal income tax. Secured subject
to $3,296,000 underlying lions on part o f tho property, 0^011 real estate
p ants, franchises, & c., now owned or hereafter acquired, including six gas
plants, four electric plants. 640 milos o f gas mains, 225 miles o f transmission
lines, and (as a first lion) on a new 5-story fireproof building on W ashington
a<U. Phila. C om pany covers tho greater part o f tho torrtory adjacent to
city o f Philadelphia, and operates in 42 towns and boroughs in Chester.
Delawaro and M ontgom ery counties, serving a population o f about 173.000.
Controls som o 40 franchises, perpetual as to gas exclusively.
D ata Prom M orris VV. S tr o u d , P res. Anier. G as C o ., P h ila .,F e b . 24 1915
/ ro p e rtie s . — A merger, undor tho laws o f Pennsylvania owning al ltho
properties, franchises, & c., form erly owned b y Suburban Gas C o o f Phila
Chester (2 plants), Peoples Gas C o. o f Pottstow n. C oatesville Gas C o ! ’
Jenkintown & Cheltenham Gas C o ., C onsol. Schuylkill Gas C o Phoenlx|4ille, Pottstown I,., II. & P. C o ., Schuylkill Valloy Iliu m .C o.,P hoen ixville.
Huntington Valley I,. & P. C o ., Jenkintown, Chestor C ountv Public Sero ,c S r S ° ''
Chester (V . 97, p. 1288). M anufactures and sells gas to
31.000 consumers through 640 miles o f mains, and electricity to 6 500
electric consumers over 225 milos o f lino. T he now coal gas plant in Chester
has a dally output o f 1,500.000 cu. ft. Com bined daily gas capacity
4,000,000 cu. ft. Holder cap acity, 4,000,000 cu. ft. Also owns new office
building in Philadelphia.
a K Cn n J tn n n n t i o n '
£ v , Flrst M tgo. & R ef. 5 % bonds duo 1960, outstanding,
$ 5 ,008,000: reserved for oxtonslons and improvements at not over 9 0 % o f
Siin 9nh°o0oiirihel(/lo>Or.r0t
Hying liens, $3,296,000; total bonds
auth., $10,000,000. (2) Capital stock, $4,585,500, all owned by A m . Gas
C o. T he underlying lions ($510,000 retired since Jan. 1910) must bo re
deemed without extension: all but $400,000 aro subject to call and will bo
replaced by 5s o f 1960 whonevor favorablo occasion arises.
E a r n in g s f o r C a le n d a r Y e a r s —
1912.
1913
1914
Gross (increase in 3 years 1 8 .6 % ).
$873,490 $1,063,710 $1,290,004
N et (after oper exp., maint. & taxes). $418,639
$512,493
$588 978
204
ism
Int. on Phila. Suburban Gas & El 5 s . .
124,096
158!249
212[378
Interest on underlying bonds, & c _ _
170.544
Balance, surplus for y e a r ...................
$123,999
178
$175,950
om
$192,070
A m e r i c a n G a s C o . — Has uninterrupted dividond record for past 20 ve-irs
o f at least 6 % ; presont rato 7 % upon $ 5 ,365,200 stock, now out. Oporatos
over^loo' ooo— V C
' pS12$), y
54 C,t,6S and towns‘ total Population
Port Arthur (Tex.) Gas Co.— Sold.—
P.
W . Brooks & C o .. N. Y . ,i t is understood, havo bought control o f tho
com pany. Pros., J. M . C onnelly, it is said, will retain a block o f stock in
tho now com pany and will remain In chargo o f tho management. Incor
porated N ov. 1913. Capitalization at last accounts roported as $25,000
pref., >>75,000 com m on stock; bonds, 6s, duo 1928, $65,000.
Potomska Mills, New Bedford, Mass.— Special Dividend.
A special cash dividond o f $20 a share has boon doclared on the $700,000
stock (par 8100), in addition to tho usual quarterly paym ent o f $1 50. T ho
com pany has throe m ills, equipped with 105,000 spindles and oporates
1.000 loom s.
Providencb Dyeing, Bleaching & Calendering Co.—
Seven 1st M . 6 % 15-year bonds datod Oct. 1 1903 wero paid at $1,050
per bond on Oct. 1 at Industrial Trust C o ., Providenco.— V. 99. p. 1055.
Public Service Co. of Northern Illinois.— On 6 % Basis.
A quarterly dividend o f \ X
A % has been declared on tho com m on stock,
along with tho usual quarterly paym ent o f 1 ^ % on tho prof, stock, both
payablo N ov. 1 to holders o f record Oct. 15. This compares with l ' A %
quarterly from N o v M 9 1 3 to A ug. 1915 and 1% from Fob. 1912 to Aug.
(M.) Rumely Co.— Over 9 3 % o f Notes Deposited.— It is
learned authoritatively that ovor 9 3 % of tho 6 % debenturo
notes has been deposited witli tho U . S. M tgo. & Trust Co
depositary under tho plan (V . 101, p. 851). A t a mooting
of tho reorganization committee, to bo held next M onday,
tho question of an oxtonsion of time for receiving deposits
will be acted upon.
It is reported that a substantial amount o f both preferred and com m on
stocks has been deposited with tho N ow Y ork Trust C o ., depositary for
the stockholders’ com m ittee. T ho plan has beon underwritten by C . D.
Barney & C o. and it is understood that tho underwriting was soveral times
oversubscribed. T ho now sales com pany lias already been organized under
tho namo o f “ Tlio A d vance-R um ely Thresher C o ." — V . 101, p. 851.
Southern Wisconsin Power Co.— Purchased—
John I. B eggs,-form er head o f the M ilwaukee Electric R y & Light Co
and now a St. Louis capitalist, has purchased tho holdings o f M agnus
Swonson o f M adison and other stockholders in tho Southern W isconsin
Power C o. (V . 94, p. 1570; V . 90 p. 379) and Wise. River Power Co.
rh o total investment in tho Kilbourn and Prairie <lu Sac dams held b y
tho com panies, it is said, was about $8,000,000. T he Kilbourn dam has a
capacity o f 7,500 h. p. and tho Prairie du Sac dam, now nearing com pletion,
o f 20,000 h. p. T ho M ilwaukee E lectric R y . & Light C o. and tho Milwau
kee Light Heat & T raction C o. aro using m ost o f tho power developed at
both dams. T h o M adison Gas & Electric C o. recently contracted for some
o f tho current from tho Prairio du Sac dam.
Bonds wero purchased and marketed b y D ovitt, T rcm blo & C o ., C hicago.
B a la n c e S h e e t J u n e 30 1915.
Assets —
SO.W.P.CO. W.R.P.Co.
b
,
.53,752,502 $6,289,358
105,000
Bonds in treasury..
30,000
Sinking fund.
.
22,050
Cash________
.
24,197
142,896
.
7,992
1,506
.
19,761
17,444
Liabilities— S.W.P.Co. W.R.P.Co.
Capital stock___ $1,500,000 $3,000,000
Bonded d e b t . __ 2,170,000 3,400,000
Prem. on bonds..
1,050
Acc’ts payable__
48,108
2,875
Accr’d taxes, A c ..
35,150
35,533
Undivided profits.
66,447
Dcpr.(from prof’s)
80,000
Net earnings____
30,807
28,858
-$3,931,562 $0,407,264
T o ta l................ $3,931,562 56,407,264
T ho W isconsin River Power C o. $3,400,000 1st M . 30-year 5s aro part
o f an authorized Issuo o f $5,000,000, duo M a y 1 1941 but callable after
M a y 1 1921 at 105 and int. Int. M . & N . at C ont. .V C om m . T r. C o .,
trustee, C hicago. Par, $500 and $1,000 c*. Sinking fund, 1% yearly.
1917 to 1926: thereafter 114% * ’
T ho principal offices o f tho com panies purchased will hereafter bo
in M r. Beggs's offices in First N at. Bank B ldg., M ilwaukee, Wise. M r.
Beggs also owns control o f and manages W isconsin T raction Light Heat <&
Power C o ., operating electric railway, electric light and gas in Appleton,
I N oenah, Monasha and Kaukana, Wise. T his com pany also owns largo
' water power sites to bo developed (seo p. 65 o f “ E l. R y. S ec.” ) .— V . 94,
P- 1570.
For other Investment News see page 1106.
10 9 7
THE CHRONICLE
0(W. 2 1915.]
s p
o
r
t s
a n d
-p o a t t i t e t i l s .
UNION PACIFIC RAILROAD COMPANY
E IG H T E E N T H
ANNUAL
R E P O R T — FO R T H E
YEAR
ENDED
JUN E
30 1915.
N ew York, September 9 1915.
, TT .
... „ „
, „
The Board of Directors submit the following report of the operations and affairs of the Umon Pacific Railroad Company
for the fiscal year ended Juno 30 1915, including the Oregon Short Line Railroad Company, whose entire capital stock i s
owned by the Union Pacific Railroad Company, and the Oregon-Washington Railroad & Navigation Company, whose entire
capital stock is owned by the Oregon Short Line Railroad Com pany. For convemence, the three Companies are designated by
the term “ U N IO N P A C IF IC S Y S T E M .”
To the Stockholders of the Union Pacific Railroad Company:
T R A N S P O R T A T IO N O P E R A T IO N S .
Tho transportation operations this year compared with those of last year, were as follows:
7,597.12
7,784.29
Averago milos o f road operated.
Operating Revenues—
Freight rovenue______________
Passonger rovonuo____________
M all revenue-------------------------Express rovonuo...........................
Othor passenger-train revenue.
Other train rovonuo....... ............
Switching rovenue......................
W ater lino rovonuo------------------Othor rovonuo--------------------------
$59,136 ,841
18,748 ,558
3,766 ,274
1,997 ,973
1,210 ,582
125 ,930
451 ,663
187 ,681
1,332 ,787
T ota l oporating rovonuos.
Operating Expenses —
M aintonanco o f way and structures.
M aintenance o f equipm ent................
47
82
86
96
81
65
86
74
15
T otal m aintonanco....... .......................
Transportation for Investment— C redit.
$91,845,305 02
$10,900 ,925 31
$10,872,882 23
12,517,154 42
$23,002, 136
2.061, 971
22,962, 551
145, 589
1,313, 188
2,811 418
160, 142
$23,390,036
2,123,140
25,351,999
174,805
1,484,607
2,885,662
270,027
97
28
83
44
94
51
06
65
35
12
28
05
95
55
$3,270,920 97
1,791,517 74
$736,209 79
$28,043 08
N ot oporating incom o.
Freight Traffic (Commercial Freight Only)—
T ons o f rovonuo freight carried---------------------------T on milos, revenue freight.
Avorago revenue por ton m ile— ........................................ .............................. (cents)
Avorago distanco hauled por ton ------ ----------------------------------------------------- (miles)
Average revenue tons por rovonuo freight-train m ile------------------- -----------Avorago revenue por rovonuo freight-train m ile-----------------------------------------Passenger Traffic (Excluding M otor Car)—
Rovonuo passengers carried -------------------------------------------------------------------------Rovonuo passengers carried one m llo ..................................................... .......... ■- - Averago rovonuo por passongor m llo------------------------------------------------------(cents)
Averago distanco haulod per p a s s e n g e r..-------------------------------------------- (miles)
Avorago passengers per passenger-train m ilo---------------------------------------------Average rovonuo per passongor-train milo, passengers on ly ------ ---------------Avorago total passongor-train rovonuo por passongor-train m ile-------------
■'"122,683
115,209
111,908
83,178
31,050
96,749
58
29
95
96
41
69
5.2
8.7
24.3
5.8
8.7
47.1
15.6
14.2
6.8
$4,887,009 80
5.3
$415,942 76
.3
3.3
$387,899
61,169
2,389,447
29,215
171.418
74,244
68
07
29
84
11
44
$109,885 49
1.7
2.9
9.4
16.7
11.5
2.6
40.7
5.4
$1,883,500 86
437,392 74
5.1
$30,180,106 06
$31,626,214 18
$1,446,108 12
4.6
16,791,412
6,001,739,197
.968
357.43
441.73
$4 21
17,155,390
6,168,799,317
.978
359.58
430.12
$4 19
363,978
167,060,120
2.1
8,075,960
834,627,962
2.209
103.35
57.91
$1 28
8,555,615
888,370,579
2.282
103.83
58.78
$1 34
$55,140,223 85
$34,821,580 31
4,641,474 25
Revenues over expenses.
T axos___________________
2.5
187.17
$3,003,508 94
$52,136,714 91
T ota l oporating oxponsos.
44
56
07
54
10
50
82
15
84
$86,958,295 22
12,101 ,211 66
Traffic expenses------- ------------------ -------Transportation expenses— rail lino_____
Transportation oxponsos— water lino__
Miscellaneous operations oxponsos____
Gonoral oxponsos......................................
$62 407,762
20 ,540,076
3 .030,065
2 ,120,657
1 ,325,792
237,839
534,842
218,732
,429,536
Per
Cent.
Decrease.
Increase.
*Last Year.
This Year.
$1 66
.010
11.61
2.15
$0 02
479,655
53.742,617
.073
.48
.87
$0 06
8.6
2.7
1.0
.6
2.7
.5
5.6
6.0
3.2
.5
1.5
4.5
$1 66
♦Wherever necossary for com parative purposos, last yoar’s figures have been restated to conform with revised classifications o f tho Inter-State C o m m orco Com m ission, offoctivo July 1 1914.
M A IN T E N A N C E O F W A Y A N D S T R U C T U R E S .
Averago milos o f track operated— first and additional m ain tracks.
Superintendence------------ ---------------- -----------------R oadw ay and track— ordinary----------- - — -
Extraordinary repairs o f roadway and tra ck.
Tunnels, bridges and elevated structures------
Ties.
Ralls_______________________ __________________ Other track material____________________________
Hallast.________________________________________
Foncos, crossings and signs_____________________
Buildings and other structures................................
Signals and telegraph lines......................................
Removing snow, ice and sand__________________
Paving and assessments for public improvoments.
Roadway tools and supplies. _________ _________
Miscellaneous__________________________________
Maintaining joint facilities.....................................
T o ta l.
Cost per mllo— all main tracks oporatod.
8,881.00
$685 ,429
4.230 ,772
337 505
777 ,763
1.726 605
560 766
498 ,889
112 032
251 ,229
1,056 ,525
311 ,172
192 ,813
8 ,013
229 ,499
149 .377
*227 ,469
58
29
32
07
07
41
10
45
12
95
53
86
59
11
23
37
8,623.20
$788
4,286
250
652
1,739
338
485
• 65
235
1,113
354
209
,788
213
854
107
885
732
013
870
611
,217
,044
,564
101 ,979
264 ,017
151 ,801
*164 881
Per
Cent.
Increase.
Last Year.
This Year.
67
33
66
63
12
66
89
80
12
62
70
80
98
65
57
97
$10,900,925 31
$10,872,882 23
$1,227 44
$1,260 89
3.0
257.80
$103,359 09
55.441 04
86,650 66
125,655 44
222,033'75
13,875 21
46,161 65
15,618 00
13,280 05
13.1
1.3
34.5
19.3
.8
65.6
2.9
70.1
6.6
56,691
42,872
16,750
93,966
34,518
2,484
62,587
5.1
67
17
94
39
54
34
40
92.1
13.1
$33 45
2.7
12.1
8.0
1.6
$28,043 08
* Credit.
M A IN T E N A N C E O F E Q U IP M E N T .
Superintendence----- --------------------- -----------------------Shop and power plant m ach in ery..........................
Steam locomotives—repairs........................................
Freight-train cars— rep a irs.............................. .........
Passenger-train cars— repairs.......................................
M otor equipment of cars—repairs------------------Floating equipment— repairs.......................... ...........
Work equipment— repairs........ - ...................... .........
Miscellanoous equipment— repairs................... .......
Miscellaneous .................... ......................................
Maintaining joint equipment at terminals----------Total, excluding depreciation and retirements
Depreciation-------------------------------------------------------Retirements---------------------------------------------------------
Total...................................................................
$482,549
303,312
4,655,928
2.542,543
887,600
86,183
19.761
136,639
168
255,468
8,520
40
75
98
00
70
54
35
10
44
34
16
$493,932
303,125
5,042,139
2,871,756
935,058
84,433
17,189
125.816
Decrease.
Increase.
Last Year.
This Year.
06
21
72
46
63
90
71
27
$187 54
1,749
2,571
10,822
168
64
64
83
44
262,419 05
1,922 92
" 6 ,5 9 7 '2 4
$9,378,675 76
2,553,342 20
169,193 70
$10,137,793 93
2,290,167 04
89,193 45
$263,175 16
80,000 25
$12,101,211 66
$12,517,154 42
Per
Cent.
$11,382 66
2.3
"386,21b" 74
329,213 46
47,457 93
7.7
11.5
5.1
.1
2.1
15.0
8.6
6,950 71
2.6
$759,118 17
7.5
11.5
89.7
$415,942 76
3.3
1098
THE CHRONICLE
[Vol. 101
T R A F F IC E X P E N S E S .
T h is Y e a r .
S u p erintend ence__________________________________
Outsido a g en cies ____________________________
A dvertising, industrial and imm igration bureaus*
M iscellaneous______________________________
Total
$152,077
883,829
511,212
214,852
Last Y ea r.
84
10
07
27
$436,089
945,975
532,632
208.442
$2,061,971 28
T R A N S P O R T A T IO N E X P E N S E S .
Superintendence and despatching_________
Station exp en ses_________________________
Y a rd l a b o r ___________________________
Fuel for yard locom otives________________
Y a rd supplies and expenses_______________
Enginehouse expenses— ya rd _____________
Train enginemen and m otorm en__________
Fuel for train locom otives and m otor cars
Supplies for train locom otives___________
Enginehouso expenses— train_____________
T ra in m e n _________________________________
Train supplies and expenses______________
M iscellaneous_____________________________
Loss, damage and casualties_____________
Operating join t facilities__________________
W ater lin e s ________________________________
T otal
* Credit.
In crea se.
70
79
21
65
$15,988 14
Last Y ear.
$892 ,844 38
3,004 ,983 73
1,576 ,694 39
561 ,531 34
93 ,349 71
228 ,650 31
2,986 ,695 72
5,911 ,170 03
522, ,559 96
967, ,638 58
2,938, ,987 52
1,290, 513 02
721, 293 72
1,174, 272 59
91, 366 83
145, 589 44
$952,001
3,274,140
1,801,313
656,064
110,788
259,494
3,225,930
6,857,082
607,956
1.081,053
3,165,608
1,342,880
802,795
1,385.086
*170,197
174,805
6,409 62
6.6
4.0
3.1
$61,169 07
In c r e a s e .
23
74
02
77
91
58
90
36
57
03
13
18
74
72
76
28
3.7
$62,146 69
21,420 14
$2,123,140 35
T h is Y e a r .
Per
C e n t.
D e c re a s e .
Per
C e n t.
D e c re a s e .
$59,156
269,157
224,618
94,533
17,439
30,844
239,235
945,912
85,396
113,414
226,620
52,367
81,502
210,814
$261,564 59
$23,108.141 27 I $25,526,804 40
2.9
85
01
63
43
20
27
18
33
61
45
61
16
02
13
6.2
8.2
12.5
14.4
15.7
11.9
7.4
13.8
14.0
10.5
7.2
3.9
10.2
15.2
‘ 2972*15*84
*1*6".7
$2,418,663 13
9.6
M IS C E L L A N E O U S O P E R A T IO N S E X P E N S E S .
T h is Y e a r .
Dining cars and h o te ls .. ___________
Othor miscellaneous operations_____________
Total . .
____________ _____________
.
Last Y ea r.
$1,308,727 97
4,460 97
$1,484,607 05
$1,313,188 94
$1,484,607 05
In crea se.
Per
C e n t.
D e c re a s e .
$4,460 97
$175,879 08
a 17
1
11.8
.n s i i
G E N ER A L EXPEN SES.
T h is Y e a r .
Salaries and expenses o f officers, clerks, and attendants
General office supplies and expenses_______
.
Law expenses_______ _______
Goncral join t facilities________________________
T otal . . .
$1,762,520
158,280
349,109
525,032
16,475
L a st Y e a r .
39
86
69
04
53
_______________
$1,867,341
191,837
338.799
471,848
15.836
In c r e a s e .
04
33
56
94
08
Per
C e n t.
D e c re a s e .
$10,310 13
53,183 10
639 45
$104,820 65
33,556 47
5.6
17.5
3.0
11.3
4.0
$74,244 44
2.6
$2,885,662 95
,
IN C O M E A C C O U N T .
D .J h e inc°m e amount) for this year, compared with last year, after excluding all offsetting accounts between the Union
Pacific Railroad C o., Oregon Short Line Railroad C o., and Oregon-Washington Railroad tfc Navigation C o., is as follows:
T h is Y e a r .
Operating R evenu es..
*L ast Y e a r.
In c r e a s e .
D e c re a s e .
O P E R A T IN G IN C O M E .
Operating oxponscs (e x c lu d in g d e p re c ia tio n a n d retirem en ts)
Depreciation and retirements_________________
T otal Operating E xponsos.
R orenuos over E xponsos.
T a xes___________________
Operating In com e.
,
O T H E R IN C O M E .
D ividends on stocks ow ned________________
_
Intorest on bonds and notos ow n ed__________ I I I I I I I I I I I I I I I I I I * I ~ I I I I I I
Intorost on loans and open accounts— balance________ ’
Hire o f equipm ent— balance___________________________
Rents from use o f road ______________________ - I I I I I I I I I I I I
R ents from use o f join t tracks, yards, and terminal facilities
.......................'
M iscellaneous rents_____________________________________
2
M iscellaneous incom o_____________________
$86,958,295 22
$91,845,305 02
$1,887,099 80
$49,414,179 01
2.722,535 90
$52,760,863 36
2,379,360 49
$3,3 16,684 3,7
$52,136,714 91
$55,140,223 85
$3,003,508 94
$34,821,580 31
4,641,474 25
$36,705,081 17
5,078,866 99
$1,883,500 86
437,392 74
$30,180,106 06
$31,626,214 18
$1,446,108 12
50
84
82
05
86
75
99
35
$9,258,793 75
3,858,172 14
3,234,958 13
T otal Other In com o.
$13,303,161 16
$17,435,719 28
$4,132,558 12
T o t a l In c o m e ______
$43,483,267 22
$49,061,933 46
$5,578,666 24
$13,803,926 08
$14,062,107
771,886
982,864
121,890
17,267
_ _ _ II.II7
F IX E D A N D O TH E R C H AR G E S.
Intorest on funded d e b t_______________________________
Iliro o f Equipm ent— balance__________ __I
R ents for use o f join t tracks, yards, and te'rml’narfac’ifitfoV I"
M iscollanoous rents_________________________ __
M iscellaneous chargos____________ 1 .1 I I I I I
34,540,094
6,434.507
988,977
103,661
71,331
959,779
51,923
152,884
$343,175 41
t
1,150,177 13
4,212 06
120,592 70
72,949
792,004
101,224
117,616
68
64
81
13
82
17
51
60
31
$2,576,335 70
” *1*03,661*05
167,7*7*5* 11
35,268*22
$167,312 62
* *103,325*39
$258,181 74
771,886 17
117,678 54
T otal Fixed and Othor Charges.
$15,078,907 97
$15,956,016 41
$877,108 44
N et I n c o m e --------------------------------
$28,404,359 25
$33,105,917 05
$4,701,557 80
$173 33
„
D IS P O S IT IO N OF N E T IN C O M E .
S in k in g F u n d R e q u ir e m e n ts __________________
_
D iv id en d s on S to c k o f U n ion P a cific R a ilroa d C ol:
Preforrod stock at 4 por con t______________________________ _
___________
C om m on stock at 8 por cont this year, and 16 per cent por annum for 6 months
and 8 per cont por annum for 6 m onths last year, making an averago for
last year o f 9 por con t___________________________________________________
A p p r o p ria te d to co v e r c o s t o f ce r ta in a d d n s. & b etm ts. m ade d u r in g th e yea r
$11,800 00
$11,973 33
3,981,740 00
3,981,740 00
17,783,328 00
1,083,458 89
19,780,777 74
$1,083,458 89
1,997,449 74
T o t a l A p p r o p r ia t io n s o f I n c o m e ________________________________________ $22,860,326 89
$23,774,491 07
$914,164 18
S u rp lu s , tra n s fe rre d t o P r o fit a n d Loss .
85 ,544,032 „36
$9,331,425 98
„
.........................
$3,787,393 62
7-^rfi— ------------------------; ------------------- ------- --------- --- - - - ---------------------- ............................
C om m o^ pC om rm is ^ T e f f w t l Cv e X 1 yaV l 9 Pt!rPOSOS,laSty0ar SfIgUre8haVObeon r0' statecl to conform wlth rovlsed classification o f the Intor-Stat0
t -v Hiro o f equipm ent -balance” was a debit last year and is roportod under “ Fixed and Othor Chargos
whoroas this year it is a credit and is roported under Other Incom e.
which
$3,
.
| .
_________
_
________[ _____ ____ __________ ^ ____________ ______ ___________ „ UBWHWW
^?\418>663, equal to 9.6 per cent. A t the outset of the business depression it was resolved to continuo, without any
modification, tho policy of maintaining the property fully up to its high standard, and, consequently, the expenditures
lo o n . omten^nc0 of W ay ‘™ d Structures wore substantially tho same this year as last year, there being an increase of
$28,U4>J, or .3 per cent, while expenditures for Maintenance of Equipment decreased only $415,942, or 3.3 por cont.
I ho decrease of $4,718,699 in Dividends on Stocks Owned is duo principally to a decreaso of $3,287,992 in dividends
on Baltimore & Ohio stock, which rosulted from distributing $26,674,008 par value preferred, and $50 013 765 par value
common stock of the Baltimore & Ohio Railroad Company in part payment of extra dividend declared by tho Union
Pacific Railroad Company January 8 1914, payable to stockholders of record March 2 1914, and to a decrease of $979,307
boing tho amount of dividond accrued on tho stock of Southern Pacific Company between July l and September 2 1913
when it was sold.
’
Tho increase of $2,576,335 in Interest on Bonds and Notes Owned offsots tho docroaso of $2,245,980 in Interest on
Loans and Open Accounts, and results from additional investments in bonds and notos made during the year
rho decreaso in Fixed and Othor Charges is due principally to a decrease of $258,181 in Intorost on Funded Debt
resulting from the conversion at the time of tho extra dividond, of $9,009,975 face value of Union Pacific Railroad Com
pany 1 wenty-Year hour Per Cent Convertible Bonds, and to a decreaso of $771,886 in debit balance to Hire of Equipment
1099
THE CHRONICLE
Otfr. 2 1915.]
A P P R O P R IA T IO N OF IN C O M E F O R A D D IT IO N S A N D B E T T E R M E N T S .
Of tho expenditures mado during tho year for Additions and Betterments, amounting (exclusive of equipment) to
S3 460 198 45 and $34,566 84 for improvements to existing Equipment, there were items aggregating M ,U 83,4o8 8J
which it was behoved, in view of the condition of tho company, should bo charged against the current income.
Each improvement was carefully considered in determining whether the cost should bo paid for out of current income,
or bo capitalized, and its character and special circumstancos, rather than any general rule, governed the decision.
Under tho existing accounting regulations of tho Inter-State Commerce Commission, all of these expenditures had
to be charged to Investment in Road and Equipment account, rather than to Operating Expenses, or direct to Income.
Ilenco it was necessary, while deducting tho amount from Income, to set it up as Appropriated Corporate Surplus, as
shown in General Balance Sheet.
p R o p IT A N D L0SS A C C O U N T.
( E x c lu d in g a ll o ffsettin g acco u n ts betw een the U n io n P a c ific R a ilr o a d C o .. O regon S h o rt L i n e R a ilr o a d C o ., a n d O r e g o n -W a s h in g to n R R . & N a v ig a t io n C o .)
C R E D IT .
$90,586,423 73
Balance Juno 30 --------------------------------------------------------------------------------------------------------------------------------
$5,544,032 36
interest on'advances to affiliated companies, accrued during previous years, settled this year; credit was
deferred pending actual settlement----------------------— - — - - - - - - - - - ---------------------------------------------Profit from salo of securities o f affiliated companies, principally for Sinking h und Pu r ® ??r-f" " YhV
Balance of amount charged to Profit and Boss as explained on page 33 of tho annual report for the year
ended Tune '10 1011 which was sot up as a reserve for estimated unrecorded liabilities of the Oregon
kaiftoad & Navikition Com pSi“ now credited back to Profit and Loss, no necessity existing for the
continuance of such r e s e r v e - .--- ------------------ ............................... ............................. .............................
Difference between proceeds from salo of property and book cost--------------------------------------------------------K^iaym enro^accoiint^o^ad^ances1to Portland" & "AsfatIcStoa'mship Co:," chargod to Profit "and" Loss
Prof/trfrom°liquidation of'the 'u ’n’iSn"Depot' & Raflwa'y Cm o f' Den've'rVwhose"property was ’s'oid’ t’ o" re
organized company, effective March 2 1914--------------------------------------------------------------------------------Miscellaneous credits_________________________________________________________________________________
222,221 48
368,350 00
463,624 31
135,886 37
34,401 87
8,086 75
848,681 90
14,887 57
$2,096,140 25
................................................ .. ‘ ' d
e b it
.
..........................................
Difibronco1b°^ w n ^cas^of\roperty retired anefnot replaced and’ net value* of salvage recovered
Cost of surveys and construction expenditures incurred in former years on lines subsequently abandoned
Adv-TnnL ^ftho^lregon’&’ washln’gton Railroad’ Company (whoso affairs are confined to real estate holdfor ,,Xnonses and taxes in excess o f revenue from December 1910 to April 30 1915---------- -------Book cost o f u X i i Pacific Land Co. Capital Stock, written o ff-------------- ----------- ---------------------Uncollectible accounts written o f f . . .............................- ..............................- ........................................................
Adjustments in accounts-------------------------------------------------------------------------------------------------------------------Miscellaneous debits.......................... ............................................. ....................- ............................................... ..
$18,078 19
121,189 96
433,460 46
399,700
100,000
44,395
134,139
13,390
00
00
39
30
94
1,264,354 24
T otal.
Net credit from miscellaneous transactions.
831.786 01
Increase in Profit and Loss---------------------------------------------------
$6,375,818 37
Balance Cecdit, Juno 30 1915........................................................
$96,962,242 10
G E N E R A L B A L A N C E S H E E T — A SSE TS.
(E x c lu d in g a ll o ffsettin g s ec u ritie s a n d acco u n ts betw een the U n io n P a c ific R R . C o ., O regon S h o rt L in e R R . C o ., a n d O reg o n -W a sh in g to n R R .& N a v ig a tio n C o . (
30 1915.
t J u n e 30 1914.
$603,443,340 95
$580,673.727 13
$22,769,613 82
$22,151,091 13
$21,471,091 13
$680,000 00
13,310,236 52
13,310,236 52
Ju n e
In v e s tm e n ts —
Investment in road and equipment.
L ess:
-------------- -Receipts from improvement and equipment fund.
Appropriations from income and surplus prior to July 1 190i, credited
to this account______________________________________________
Total .
$35,461,327 65
$34,781,327 65
$680,000 00
T ota l.
$567,982,013 30
$545,892,399 48
$22,089,613 82
$504 88
56,658 SO
965.079 40
$53,340 58
566,544 49
$504 88
3,318 22
398,534 91
Total
$1,022,243 08
$619,885 07
5402,358 01
In vestm en ts i n A f f i li a t e d C o m p a n ie s —
Stocks _________________________________
Bonds and notes________________________
Advancos_______________________________
$11,908,583 42
35,765,132 00
14,800,383 25
$14,201,906 94
31,952,035 70
34,197,376 02
$3,813,096 30
Total
$62,534,098 67
$80,351,318 66
$89,095,498 25
104,420.281 63
$89,095,498 25
82,686,662 74
$21,733,618 89
$193,515,779 88
$171,782,160 99
521,733,618 89
$339,838 44
$338,681 73
$1,156 71
$825,393,973 37
$798,984,445 93
$26,409,527 44
$9,691,221 02
00
29
14
10
51
53
14
93
$10,861 733 24
3,036 807 74
3,000 000 00
502 232 65
11,164 569 32
1.747 034 62
690 ,222 49
4.953 ,800 28
10,245 ,911 29
2,545 243 51
25 665 93
*1,648,454 20
82,360 73
129,792 88
$34,163,366 59
$48,903,013 95
Improvements on leased railway property—
Deposits in lieu o f mortgaged property sold.
Mlscellanoous physical property-----------------
In vestm en ts i n Other C o m p a n ie s —
Stocks ______________________________
Bonds and notes_____________________
Total
Sinking funds.
T otal Investments
C u rr e n t A s s ets —
Cash.................. ................- -
Demand loans and deposits.
Time drifts and doposits__
Special doposits___________
I,cans and bills receivable
Traffic and car-service balances receivable.--------------------------------------------Net balanco receivable from agents and conductors--------------- -----------------Miscellaneous accounts receivable________________________________________
Material and supplies____________________________________________________
Intorost and dividends receivable________________________________________
Rents receivable_________________________________________________________
Other current assets:
,, , , ,
„
Baltimore & Ohio Railroad Co. capital stock applicable to payment of extra
d ivid en d _______________________________________________________
Miscellaneous items__________________________________________________
Total Current Assots.
D e ferre d A s s e t s —
Working fund advancos.................
Other deferred assets:
Land contracts, as p e r c o n tra _
Miscellaneous items-------------Total Deferred Assots.
350,000
263.172
6,023,863
1,287,130
649,057
2,439,230
8.983,247
2,745,629
Total Unadjusted Doblts.
Assets reserved fo repaym ent o f extra dividend on common stock, declared Jan. 8
1914, payable to stockholders of record March 2 1914, as p e r c o n tra ..........
19.396,992 77
$17,817,219 99
$200,386 42
1,648,454 20
$1,170,512
3,036,807
2,650,000
239.060
5.140,706
459.904
41,164
2,514,569
1,262.664
22
74
00
36
18
52
98
75
15
25,665 93
47,432 15
$14,739,647 36
$35,932 59
$53,835 28
$17,902 69
964,942 71
663,849 97
1,211,757 70
615,141 75
246,814 99
$1,664,725 27
$1,880,734 73
$873,743 69
$2,033 33
749,364 92
U n a d ju s t e d D e b its —
Ronts and insurance premiums paid in advanco.
Other unadjusted debits------------------------------------
$2,233,323 52
$48,708 22
S216.009 46
$124,378 77
$873,743 69
$751,448 25
$122,295 44
$8G2,095,808 92
$850,519,642 86
$11,576,160 03
74,020,372 20
$2,083 33
$74,020,372 20
$62,444,206 14
$862,095,80S 92 8924.540.015 06
Grand Total.
* On Juno 30 1915 there remained unpaid on account of tho extra dividond $1,793,479 58, of which $1,648,454 20 was represented by $669,108 pa
valuo preferred and $1.209,965 par value common stock of tho Baltimore & Ohio Railroad Company. The cash portion of tho dividond unpaid amounted
to 8145.025 38, and is included in accoun t‘‘Cash.”
c ,.
T . _
t Wherever necessary for comparative purposes, last year s figures liavo boon ro-stated to conform with revised classification of tho Inter-State Com
merce Commission, effective July 1 1914.
1100
THE CHRONICLE
[Vol. 101.
G E N E R A L B A L A N C E S H E E T — L IA B IL IT IE S
(grcmrfmg all offsetting securities and accounts between the Union Pacific RR. Co.. Oregon Short Line RIt. Co. and Oregon-Washington MR. * Navigations .*
Capital Stock:
Common Stock.
Preferred Stock
Funded D ebt.
Total
Current Liabilities—
Traffic and car service balances payable
Audited accounts and wages payable
................... *...............................
Miscellaneous accounts payable—
Due to affiliated companies__
Other accounts payablo...............
.........................
........... ...
Interest matured unpaid—
Coupons matured, but not presented
.
,y°upons, ancl interest on registered bonds, d'ue" J u iv T "...........................
Dividends matured unpaid—
Dividends duo but uncalled for...................................
E^
dl& d?Sd on. Common Stock declared January*8 ' l 914,""payablo' to
stockholders o f record March 2 1914, unpaid June 30 1915 V
P tv!? eJld °n Common Stock payablo July 1 ..........
Funded debt matured unpaid_________
unmatured dividends declared—
Unm^tured^ntereLtliccruod^ and Common Stock P ^ abl° 0ctob er 1.............
Other current liabilities__________ ' * ......................................................................
Total Current Liabilities.
Deferred Liabilities—
Other deferred liabilities—
Principal o f deferred payments on land contracts, as per contra
Contracts for purchaso o f real estato..
Miscellaneous item s..
Tax liability______
Total Deforrod Liabilities.
Unadjusted Credits—
Insurance reserve—
Reserve for firo insurance_____
Accrued depreciation__
Other unadjusted credits—
.......................... ...........
Profit from salo o f Southern Pacific Co. Capital Stock
Contingent interest__________
Miscellaneous items__________
June 30 1915.
*June 30 1914.
$222,293,100 00
99,543,500 00
$222,293,100 00
99,543,500 00
$321,830,600 00
334,022,265 00
$321,836,600 00
334,045,665 00
$23,400 00
$655,858,865 00
$655,882,265 00
$23,400 00
$582,492 96
5,112,848 93
$1,249,965 84
5,521,340 10
$667,472 88
408,491 17
5,040,970 40
73,215 51
4,433,151 18
445.220 71
207,810 00
3,776,946 00
210,261 10
3,777,536 00
104,356 09
74,711 50
Increase.
$607,819 22
29,644 59
1,793,479 58
4,445,832 00
3,000 00
4,445,832 00
3,000 00
6,436,702 00
1,481,149 04
132,391 73
6,436,702 00
1,484,337 75
207,033 95
$29,191,194 24
$28,289,092 13
$964,942
1,660,000
196,651
2,792,160
71
00
26
66
$1,211,757 70
5.613,754 63
4,134,776 38
1,478,978 25
$665,703 51
18,920,817 07
$550,836 87
17,125,684 63
$114,866 64
1.795,132 44
16,130,150 10
663,238 82
1,170,805 50
16,175,559 10
883,803 39
1,083,846 14
86,959 36
1,793,479 68
3,188 71
74,642 22
$902,102 11
$37,550,715 00
$35,819,730 13
$1,730,984 87
$724,126,863 64
$4,088,666 23
$1,083,458 89
64,286 53
353,240 53
$37,143 34
352,160 15
$1,083,458 89
27,143 19
1,080 38
1,500,985 95
389,303 49
1,111,682 40
35,418,052 00
74,020,372 20
35,418,052 00
$36,919,037 95
96,962,242 10
$109,827,727 69
90,686,423 73
..
Total Appropriated Surplus_______________ .
Profit and Loss— B alance________________
207,728 95
273,522" 19
$728,214,528 87
_
$246,814 99
$1,660,000 00
404,380 21
2,518,638 47
Total Unadjusted Credits.
Appropriated surplus not specifically invested—
Reserve for extra dividend on Common Stock declared January 8 1914
payable to stockholders o f record March 2 1914, as per contra
'
Rcservo for depreciation o f securities.................................... . . . . . . . . . . I!
372,005 20
2,451 10
590 00
T otal L ia b ilitie s______
Corporate Surplus—
Additions to property through income and surplus,
funded debt retired through income and surplus..
Sinking fund reserves________ ______
Decrease.
$45,409 00
220,564 57
$74,020,372 20
$72,908,689 74
$6,376,818 37
Total Corporate Surplus.
$133,881,280 05
$200,414,151 42
$66,532,871 37
Grand Total___________
$862,095,808 92
$924,540,015 06
$•2,444,206 14
Commerce C o m m i^ o if^ ffe c tfv o 'ju ly ^^UOi purposes, last year s figures havo been re-stated to conform with revised classification of »ho Inter-State
E x t e M t o ^ ^ r a J h ^ Ve8tment iU R ° ad and Equipment ” as reP°rted in Goneral Balanco Shoot, is made up as follows:
Additions and Betterments, excluding EquipmentZZZZZZZ
..................................... ..................... .........................................
Tr
Equipment_______ _______ ________ ______________ ____
" I ---------------------- ---------------------------- - ............... - ....................... ...................... 1 7 ’ 99l ’815 48
Total_______________
.$24,299,928 66
Less—
Property retired from service and not to bo replaced {the cost of which, less salvage has been charged to Profit
and Loss, in conformity with regulations of Inter-State Commerce Commission)’
Sidings and spur tracks____________ _______
’
. . . , n,
Buildings and structures_____________
_______________ _______ _____ ____________ ______ qi
69
Shop machinery and tools.............................................................................— ----------------------------------------- 51
15,706 94
Total__________________________________________
*--------------$151,949 04
Equipment retired from service:
7 Locomotives_______________________________
. .. ...
27 Passenger-train cars__________ Z.ZZZ
fV o’ .So 92
1,562 Freight-train cars.............................................
.........~.......................
.............- ............. ........... ivr
725 Work equipment.....................................................................................
........................." '2 0 6 ’208 60
Total
1,207,578 05
VherToff1b
y
*
c
h
a
r
g
l ^
^
k
n
d
ThY amount f iessYaTvYgV,
431,123 70
for additions,°bettwm'onts*a^d'equ^mmit™*1^ ^
Land ° rant F° Ur I>Cr C~
en~fc ^Iort'
680 000 00
Cost of real estate s o l d .....................
Total________________ .__________
.......... *............................................................................- ............
-----------------------------------------_
1
►increase in “ Investm ent in R oad and E quipm ent” during year........................
Adjustments necessary to conform with revised classification of Inter-State Commerce Commission~'effective July ) 1914:
oo’ xxi 5”
zo,bo4 9o
■
- 3,541,944 18
.$20,757,984" 48
i ’urchaso prico of real estate at Portland and Albina, Oregon, held under contract for purchase since Jane 1890, not herefica tion of thoInter state OnLmnr™ bll0r°voments thereon, now taken into account to conform with revised class!$1,999,564 90
Deduct—
$315,724 06
350,185 25
2,026 25
Miscellaneous adjustments_________ ZZZZZZZZZZZ~~
Total___
$667,935 56
Net additions in adjustments.
Net increase in “ Investm ents in R oad and E qu ipm ent”
1,331,629 34
.............................
.$22,089,613 82
Gntr/ - of a
terminating tho court proceeding in which the Southern Pacific stock was disposed of, and
nn°T?mT^nlim traSCOrtaiVmief t ®ifrt^SneiT?n 1?An? cost and expenses, the credit balanco on account of this transaction, which,
on June 30 1915, amounted to $16,130,150 10, is reported in Goneral Balanco Sheet, under tho head of “ Unadjusted Credits.”
B y order of the Board of Directors.
R O B E R T S. L O V E T T ,
C h airm an o f the E x e c u tite C om m ittee.
THE CHRONICLE
G ot. 2 1915.]
THE
CHESAPEAKE
AND
OHIO
1101
RAILW AY
COMPANY
T H IR T Y -S E V E N T H A N N U A L R E P O R T — F O R T H E F IS C A L Y E A R E N D E D J U N E 30 1915.
Richmond , V a ., September 16 1915.
C a p ita l O b lig a tio n s I s s u e d o r
A ssu m ed —
To the Stockholders:
Tho Thirty-seventh Annual Report of the Board of Direc
tors, for the fiscal year ended June 30 1915, is herewith sub
mitted.
#
Tho average mileage operated during the year by tho
Chesapeake & Ohio Lines was 2 ,3 69.2 miles, an increase over
the previous year of 23 .4 miles. The mileage at the end of
the year was 2,371.7 miles, an increase of 4.3 miles over mile
age on Juno 30 1914. See schedule on page 12 (pamphlet
report).
RESULTS FOR THE Y EA R .
Operating Revenue* wore________________________________ $39,464,036 99
(Increase $2,004,173 10. or 6.35%.)
Operating Expenses were________________________________ __
50
(Incroaso $1,142,514 99. or 4.33% .)
. . . nOT COo .ni
Not Operating Revenue was______________________________.bz8 49
(Incroaso $861,658 11, or 7.80%.)
.
... ..
(Incroaso $18,562 07, or 1.39%.)
. . . ckq io « c-j
Operating Income. Taxes deducted, was-----------------------------$iu,558,l2b 53
(Increaso $843,096 04, or 8.69%.)
Miscellaneous Incomo was------------ - - - -----------------------------U8
(Decrease $1,126,431 18. or 52.52%.)
iH.576.345 61
Rental and Other Payments w e r e ....------------------------------814,767 13
(Decreaso $138,449 99, or 14.52%.)
Incomo for tho year available for interest was-------------- - — $10,761,578 48
(Decrease $144,885 15» or
Interest (75.25% o f amount available) amounted to------------ 8,098,041 86
(Increase $163,394 02, or 2.06%.)
.
.. .---------------------Not Income for tho year, equivalent to 4.24% on capital
stock outstanding, amounted to---------------------------------- $2,663,536 62
(Docroaso $308,279 17, or 10.37%.)
'
Dividend paid during the yoar: Ono dividend o f l % .............
627,816 00
Remainder---------------------------------------------------------------
$2,035,720 62
FINANCIAL.
The changes in funded debt in tho hands of the public
during tho yoar were as follows:
R e tir e d .
$82,000
4 por cont Big Sandy R y. First Mortgage Bonds----------------36.000
4 per cent Coal River Ry. First Mortgage Bonds---------------20.000
4 por cont Groonbrier Ry. First Mortgage Bonds--------------23.000
4 per cont Raleigh & Southwestern Ry. First Mortgage Bonds
Equipment Trust Obligations--------------------------------------------- 1.514.392
00
00
00
00
00
$1,675,392 00
Decrease
Othor changos in obligations shown under funded debt
on Balanco Sheet of June 30 1915 were:
In crea se.
5 per cent First Lion and Im provem ent M o r t______
g a g o B o n d s __________________________ _______ $ 3 ,147,000 00
6 por cent Equipm ent Contracts— Gonoral
Equipm ent C o .............................- - - - - —
-----------------5 por cont Equipm ent Contract— Standard Steel
5 por cont Equipm ent Contract— Central L oco
m o t i v e * Oar W orks----------------- ---------------6 per cont Equipm ent Contract— Amorican L ocom otivo C o .........................- ......................................
Not Incroaso.
P a y m e n ts .
$16,800 00
583,252 23
159,750 00
56,537 15
147,300 00
104,876 60
$3,454,050 00 $761,465 98
. 2,692,584 02 ...................
The fivo per cont First Lien and Improvement Mortgage
Bonds wore issued during the year for additions and better
ments and other capital purposes. The entire issue of thqse
bonds, $40,270,000 face amount, is pledged as collateral
for your Company’s Fivo Year 5 % Secured Gold N otes, no
part of tho unissued notes having been sold during tho year.
Mention was made in last year’s report of the sale of your
Company’s holdings of tho capital stock of the Kanawha &
Micliigan Railway Company. Tho transaction was com
pleted October 7 1914, netting your Company a profit of
$1,119,315 50, which sum was transferred to Surplus. The
proceeds of the sale were deposited with tho Trustee under
the First Lion and Improvement Mortgage and will be re
invested in improvements and investments, which is per
mitted under that Mortgago.
#
Your Company acquired during tho year 479 shares of
the Capital Stock of tho Chesapeake & Ohio Northern
Railway Company and additional shares of stock of White
Sulphur Springs, Incorporated, and of Logan & Southern
Railway Company. Additional First Mortgage Bonds of
Elkhorn & Beaver Valloy Railway Company were acquired
at par in reimbursement for advances made for construc
tion purposes.
Furthor shares of stock and First Mortgage Bonds of
tho Chesapeake & Ohio Railway Company of Indiana wero
issued in respect of tho cost of certain additions and better
ments made to that lino a*nd were pledged under your Com
pany’s First Lien and Improvement Mortgage.
A statement of charges to property accounts will bo found
on a subsequent page, showing a not addition of $3,024,
127 55; that is, $1,045,134 97 was added to cost of road
and $1,978,992 58 was added to cost of equipment.
A schedule of securities owned Juno 30 1915 will bo found
on page 17 (pamphlet report).
During tho past six years your Company’s increase in
capital liabilities in hands of tho public, its principal acqui
sitions of stocks and bonds of other companies, and its ex
penditures for equipment, branch line construction, second
track and othor additions and betterments, have been
as follows:
General M ortgago4^4% Bonds
First Consolidated Mortgage
5% B onds............................
Convertible 4>£% Debentures
Three-Year 4>£% Collateral
Trust Notes_______________
Ono-Year 5% Collateral Trust
N otes.................................. .
Fivo-Year5% Collateral Trust
N o t e s . . . ...............................
Coal River Railway Co. First
Mortgage 4% Bonds______
Raleigh & Southwestern Rail
way Co. First Mortgago 4%
Bonds - - - - - - - ...................
Big Sandy Railway Co. First
Mortgage 4% Bonds...........
Virginia Air Line Railway Co.
First Mortgage 5% B onds..
Equipment Trust Certificates
Series N -------------------Equipment Contracts_______
P a r V a lu e .
$3,716,000 00
2,000,000 00
31,390,000 00
25,000,000 00
3,500,000 00
33,000,000 00
3,000,000 00
860,000 00
229,000 00
900,000 00
1,700,000 00
4,084,390 00
$109,379,390 00
Realizing.......................................................$103,796,715 00
Less:
C a p ita l O b lig a tio n s
P u rch a sed :
P a id
or
Peninsula Div.First Mtge. 6%
Bonds matured Jan. 1 1911.
Greenbrier & New River R R .
Co. First Mtge. 5% Bonds
redeemed Feb. 1 1911_____
General Funding and Improve
ment Mtge. 5% Bonds____
Greenbrier Ry. Co. First Mtge.
4 % Bonds rotiredNov. 11911
Three-Yoar 4 >3% Collateral
Trust Notes---------------------One-Year5% Coll. Trust Notes
Equipment Trust Paym ents..
Through Sinking Funds:
Big Sandy Ry. Co. First Mtge.
4% B onds--------- -------Coal River R y. Co. First
Mtge. 4% B o n d s ..............
Greenbrier Ry. Co. First
Mtgo. 4% Bonds.................
Raleigh & Southwestern Ry.
Co. First Mtge. 4% Bonds.
Costing.
$2,000,000 00
339,000 00
7,302,000 00
2,000 00
25,000,000 00
3,500,000 00
10,967,000 00
326,000 00
157,000 00
118,000 00
38,000 00
$49,749,000 00
.......................... 50,032,740 58
--------------------- $53,763,974 42
A cq u isitio n s—
Stocks of:
ThoC . & O. R y. Co. of Indiana
Elkhorn & Beaver Valley Ry.
C o ...........................................
Tho Gauley & Meadow River
Railroad C o ._____________
Tho Hocking Valley Ry. C o ..
♦The Kanawha & Michigan
Ry. C o . . ...................
Logan & Southern Ry. C o____
Lovisa River R R . Co. (of Ky.)
Tho Lovisa River R R . Co. (of
V a .) ---------------Kanawha Bridge & Term. C o.
Tho Silver Grove Land &
Building C o__________
White Sulphur Springs, I n c ..
First Nat. Bank Building Cor
poration (Richmond, V a.).
The Chesapeake & Ohio North
ern Ry. C o.........................
Miscellaneous_______________
$5,948,800 00
30,000 00
116,300 00
7,671,800 00
4,029,200 00
292,100 00
50,000 00
50,000 00
400,000 00
200,000 00
2,550,000 00
180,000 00
47,900 00
12,300 00
$21,578,400 00
Costing_________________________________ $21,808,546 39
Bonds of:
T hoC . & O. Ry. Co. o f Indiana
First Mortgage 5 % ..............$6,774,000 00
Elkhorn & Beaver Valloy Ry.
Co. First Mtge. 5 % ............. 1,026,000 00
$7,800,000 00
Costing___________________
6,496,200 00
Properties of:
Coal River Railway C o______ $2,304,359 88
Raleigh & Southwestern Rail
way C o........................ ..........
816.562 42
Virginia Air Lino Railway C o. 1,071.947 12
Costing............................................................. 4,192,869 42
Construction of:
Extensions of Branch Lines,
costing...................................$1,557,707 90
Second Track (173.1 miles) and
Additions and Betterments.
costin g.................................. 15,081,219 47
(Excluding $2,214,490 08 ex------------------------ 16,638,927 37
ponded on Chicago Lino to
April 30 1915, for which se
curities have been acquired.)
Equipment:
Additional equipment acquired (less retirals). 18,865,092 67
(Excluding $33,248 59 expended on Chicago
Line to April 30 1915, for which securities
have been acquired.)
--------------------Costing------------------------------------------------------------------------ $68,001,635 85
* See reference to this stock above.
GENERAL REM ARKS.
Tho equipment inventory as of June 30 1915 was as fol’ows:
Locomotives owned_______________________________
Locomotives leased________________________________
605
212
Inc.
Dec.
T o t a l......... ........................................... .......................
Passenger train cars owned________________________
Passenger train cars leased_________ _______________
817
358
29
Dec.
8
Dec.
8
_________
T o t a l ___________________________________________
387
Freight train and miscellaneous cars owned__________ 23.911
Freight train cars leased___________________________ 22,435
Dec.
8
Inc. 1,603
Dec. 387
T o t a l ............................................................................ 46.346
Inc. 1,216
19
27
The changes during the year in the accrued depreciation
of equipment account were as follows:
1 1 02
THE CHRONICLE
[Vol. 101
Balanco to credit o f account June 39 1011___________________ $4,212,541 93
Amount credited during year ended June 30 1915, by charges to:
Operating expanses______________________ $785,401 51
Charges to account for:
Accrued depreciation on equipment
rotirod during year—
20 locomotives, 6 passenger, 1,050
freight and work cars__________ $92,227 62
Accrued depreciation on cars changod
in class during year______________ 2,528 15
94,753 77
691,737 74
THE CHESAPEAKE & OHIO LINES.
G E N E R A L INCOM E ACCOUNT FOR Y E A R ENDED JUNE 30 1915
AND COMPARISON W ITH Y E A R ENDED JUNE 30 1914.
T able 2.
Increase ( + ) or
1915.
1914.
Decrease (— ).
Per
Operating Revenues:
$
$
$
Cent.
Freight T ra ffic.---------- 31.2S8.536 62 28,866,516 16 +2,422,020 46
8.4
Passenger Traffic----5,696,088 37 6,098,058 96
-401,970 59
6.6
Transportation of Mails
438,666 73
2.7
+ 11,699 70
426,967 03
Transportation of Ex
press -------602,911 91
5.3
636,785 75
— 33,873 84
36 1,431,535 99
Miscellaneous____ 1,437,833
Balance to credit o f account Juno 30 1915___________________ $4,904,279 67
+6,297 37 __ .4
1915.
1914.
Total
Transportation
O perating U ovcnues
Revenues----- 39,464,036
99 37,459,863 89 +2,004,173 18
5.4
amounted to________ $39,464,036 99 $37,459,863 89 Inc. $2,004,173 10
Operating Expenses:
NetOporating Rovonue $11,907,623 40 $11,045,965 38 Inc.
$861,658 11 Maintenance of Way
Operating Ratio_______
69.8%
70.5% Dec.
.7%
and Structures........... 4,694,522 17
4,149,45727 +545,064 90 13.1
Tons of Revenue Freight
Maintenance of Equip
carried one milo____ 8,138,347,516 7,064,650,082 Inc. 1,073,697,434
m
en
t.........................
8,243,170
36
7,827,659
53
+ 415,510 83
5.3
Revenue train load, tons
908
870 Inc.
36 Traffic...........................650,406 20
669,283 00
2.8
— 18,870 80
Revenue tons per loaded
Transportation----------12,896,078
82
12,532,329
07
2.9
+363,749
75
car_________________
32.3
30.9 Inc.
1.4
Miscellaneous Oper’ns.
232,347 26
248,34738 — 16,000 12
6.4
986,82226 — 112,939 56 11.4
Now industries were established during the year as follows: General_______________ 873,882 70
Transportation for In
16 manufactories of farm implements and farm products,
vestment— Cr__
33,994
01 ------------------+ 33,994 01 ____
15 manufactories of lumber products and 30 manufactories
Total Operating Ex
penses___________
27,556,413
50
26,413,898
51
+1,142,514
99
4.3
of mineral, motal and other products. A t the close of the
69.8%
70.5%
year there were 215 companies organized for producing coal Net Operating Revenuo 11,907,623 49 11,015,965 38
+861,658 11
7.8
Income
from
Other
Sources:
and coke on your Company’s lines, with a total of 338 sepa
of Equipment____
77,632 04
684,832 80
-607,200 76 88.7
rate mines, of which 319 were in actual operation. Of the Iliro
Interest from Invest
ments and Accounts.
635,315 97 1,168,027 93
-532,681 96 45.6
1,219 coko ovens 445 wero in blast, and of the 10 iron fur
305,241 07
291,789 53
+ 13,451 54
4.6
naces, having a total daily capacity of 1,490 tons, 6 are in Miscellaneous________
1,018,219 08 2,144,650 26 — 1.126,431 18 52.5
operation, with a total daily capacity of 950 tons of pig iron.
Gross Income_______ 12,925,842 57 13,190,615 64
-264.773 07
2.0
214 now settlers located in your Company’s territory during
Deductions from Gross Income:
7,034,64784 + 163,394 03
2.1
tho year, these settlershaving purchased 49,011 acres of land Interest on Debt______ 8,098,041 86
Taxes_________
1,349,496 96
1,330,93489 + 18,562 07
1.4
from private parties, with an investment of .$1,288,811.
Rentals Leased Roads,
835,077 32
+24,996 77
3.0
Joint Tracks, & c .„._
860,074 09
An extension of Pino Creek Branch of Logan & Southern
Loss on C. & G. Grain
Railway, eight-tenths of a milo, has been completed.
62,61628 — 151,312 51 241.7
Elevator . . ............... Cr.88,696 23
The construction of about thirty miles of tho Chesapeake Miscellaneous.. .........
43,389 27
55,52352 — 12.134 25 21.9
Total
D
eductions...10,262,305
95
10,218,799
85
+43,506 10
.4
& Ohio Northern Railway has been begun during the year
Income---------------- 2,663,536 62 2,971,815 79 — 308,279 17 10.4
from a point near Edgington, Kentucky, to a point near Net
Amount to credit of Profit and Loss June 30 1914__________ $1,501,833 39
W averly, Ohio, on the Norfolk & Western Railway, includ Amount o f Not Incomo for year ended June 30 1915, trans
ferred to Profit and Loss________________________________ 2,663,536 62
ing a steel bridge across the Ohio River, which is expcctod
to bo completed in tho fall of 1916. Arrangements have
been concluded by tho Chesapeake & Ohio Northern Railway
Company with tho Norfolk & Western Railway Company
by which trackage rights are secured over the Norfolk &
Western Railway from a connection near W averly, Ohio,
to the lino of tho Hocking Valley Railway at Valloy Crossing,
near Columbus, Ohio, which provides a through routo from
your Company’s main lino to the lino of tho Hocking Valley
Railway.
The revenue coal and coke tonnage was 21,325,742, an
increase of 10.8 per cont; other revenue freight tonnage was
8,722,712, an increaso of 3 .0 per cent. Total rovonue ton
nage was 30,048,454 tons, an increase of 8 .4 per cont.
Freight rovenuo was $31,288,536 62, an increaso of 8 .4 per
cent. Freight train mileage was 8,979,417 miles, an in
crease of 10.6 per cent. Revenue ton miles wero 8 ,1 3 8 ,
347,516, an increaso of 15.2 per cont. Ton milo rovonue
was 3.84 mills, a decrease of 6.1 per cent. Revenue per
freight train milo was $3,484, a decreaso of 2 .0 per cent.
Revenuo tonnage per train mile was 906 tons, an increase
of 4.1 per cent; including Company’s freight, tho tonnage
per train mile was 962 tons, an increase of 3 .8 per cent.
Tonnage per locomotive, including Company’s freight, was
870 tons, an increase of 5.2 per cent. Rovenuo tonnago per
loaded car was 32.3 tons, an increaso of 4.5 per cent. Tons
of rovonuo freight carried one mile per mile of road wero
3,435,061, an increaso of 14.1 per cent.
There wero 6,487,803 passengers carried, a decrease of
0.1 per cent. Tho number carried one mile was 269,379,558,
a decreaso of 7.6 per cent. Passenger rovonue was $5,696,
088 37, a decreaso of 6.6 per cont. Rovenuo per passenger
per milo was 2.115 cents, an increaso of 1.1 per cent. N um
ber of passengers carried ono milo per milo of road was 113,
700, a decreaso of 8.5 per cent. Passenger train mileago
was 5,008,603, a decreaso of 4.2 por cont. Passongor rovonuo
per train milo was $1,137, a decreaso of 2.5 por cent, including
mail and express, it was $1,345, a decrease of 1.7 per cent.
Passenger service train revenuo per train milo was $1,375,
a decrease of 1.8 per cent.
There wero 7,353.2 tons of now rails (3,054.1 tons 100-lb.
and 4,299.1 tons 90-lb .), equal to 49.8 track miles, used in
renowal of existing main tracks. 2,252 tons of re-laying
rail wero laid in various parts of tho lino, with an aggregate
expenditure of $29,359. 13,500 tons of 100-lb., 3,500 tons
of 90-lb. and 500 tons of 125-lb. rail wero purchased after
July 1 1915 a portion of which has been laid prior to the date
of this report.
Tho average amount expended for repairs per locomotivo
operated was $3,013 29; per passenger train car $920 85;
per freight train car $81 88.
M r. Frank A . Vanderlip resigned as a director and mem
ber of tho Executive Committee August 20 1914, and M r.
Charles E . Graham was elected a director and member of
tho Executive Committee on that date to succeed M r . Van
derlip.
Tho Board renews its acknowledgment to the officers
and employees for faithful and efficient services performed
during tho year.
B y order of tho Board of Directors.
GEO. W . STEVEN S,
P resid en t.
FR AN K TRUM BULL,
C h a irm a n .
$4,225,370 01
Deduct—•
Dividend No. 32 of 1% paid December 31 1914.................. 627,816 00
$3,597,554 01
Balance of Discount on Fivo-Year Secured Gold
Notes sold previous year and expenses in con
nection with bonds and notes issued-------------- - S I , 647,079 44
Refunds under W est Virginia two-eont fare law .
1,037 50
Settlement of judgment in M cK ell Su it--------------125,000 00 1,774,316 94
$1,823,237 07
Add:
Profit on Kanaw ha & M ichigan R y . C o.
Stock Sold_______________________________________ $1,119,315 50
Sundry adjustments_______________________________
4,987 26 1,124,302 76
Balanco to crodit of Profit and Loss Juno 30 1915 _________ $2,947,539 83
G E N E R A L B A L A N C E S H E E T J U N E 30 1915.
ASSETS.
T a b lo 3.
(Excluding Stocks and Bonds ownod o f Tho C . & O . R y . C o. of Indiana
and of Tho O . & O. Equipm ent Corporation.)
P ro p e r ty I n v e s tm e n t—
Cost o f Road..........................................................$ 1 7 1 ,9 0 6 ,2 8 6 05
Cost o f Equipm ent__________________________
4 9 .911,903 17
$221 ,81 8,18 9 22
Accrued Depreciation o f Equipment— C r . .
4 ,904,279 67
--------------------------- $216,913,909 55
S ec u r itie s
of
P r o p r ie ta r y ,
A ffilia te d
and
C o n t r o l l e d C o m p a n i e s —- P l e d g e d —
Stocks— See Schedule in pamphlet_________ $11,049 ,599 44
Bonds— Seo Schedule in pamphlet--------------3 ,0 9 8 ,112 01
•
$ 1 4 ,1 4 7 ,7 1 1 4 5
S e c u r itie s — I s s u e d o r A s s u m e d — P led g ed —
Bonds— Seo Sohedulo in pamphlet_________
4 0 ,270,001 00
(Includes First Lion and Improvement -----------------------M ortgage 5 % Bonds, $40,2 7 0 ,0 0 0 00. $ 5 4 ,417 ,712 45
See Contra.)
M is c e lla n e o u s In v e s tm e n ts —
Physical Property_______________________________
305,424 09
S p e c ia l F u n d s ,
and
F u n d ed D eb t Issu ed
a n d R eserv ed —
Potts Crook Branch— C ash_________________
Raleigh & Southwestern Railway C o. Bonds
authenticated in advance of construction
Special Doposits account o f C on stru ction ..
(Includes Cash and N otes— Proceeds
K.
& M . R y. C o . Stock Sale.)
________
$43,641 27
4 0 ,0 0 0 00
4 ,0 8 6 ,7 1 0 42
------------------------$4,170,351 69
-----------------------
W o r k in g A s s e t s —
„ „
Cash in Treasury_______________ $578,788 86
Cash In T r a n s it ________________ 957,752 12
------------------$1,536,540 98
Cash doposits to pay Interest and Dividends
354,577 80
Cash deposit to pay Equipment Trust
■
112,000 00
P rin cip al__________________________________
Cash doposits to pay M atured Bonds and
Scrip_______________________________________
11,174 17
Cash deposit to pa y 'fa x es_________________
103,488 59
Loans and Bills Receivable_________________
158,860 82
Traffic Balances_____________________________
879,409 96
Agents and Conductors_____________________
1,003,709 43
Miscellaneous Accounts Receivable________
878,817 47
Other W orking A ssets_______________________
3 7 ,3 0 1 32
$ 5 ,075,880 54
M aterials and Supplies_____________________
2,581,952 18
S e c u r itie s in T r e a s u r y — U n p le d g e d —
,
Stocks— Seo Schedulo in pamphlet___ ______
$4,764,403 45
Bonds— Seo Schedulo in pamphlet-------------1,543,903 00
$6,308,300 45
D e fe r r e d A s s e ts —
Unmatured Interest, Dividends and Rents
$75,147 61
Advances to Proprietary, Affiliated and
Controlled Com panies____________________
99,961 90
Advances, W orking Funds (Fast Freight
Lines, e t c .)_______________________________
37,675 93
Special Deposits with Trustees, Various
M ortgage Funds__________________________
94 ,7 7 0 99
Cash and Securities In Sinking and Re
demption Funds__________________________
51,167 24
Cash and Securities in Insurance Reserve
Fund_______________________________________
9,971 41
Sundry Accounts____________________________
387,488 42
•
$756,183 50
---------------------------
5 8 ,893,488 23
$275,807,397 78
.
14,722,322 67
Total................................................................ $290,529,720 45
1103
THE CHRONICLE
Oct. 2 1915.]
T able 4.
L IA B IL IT IE S .
(Excluding Stocks and Bonds owned of The O. & O. Ry. Co. of Indiana
and o f The C. & O. Equipment Corporation.)
C a p it a l Stock —
Common......................................- ................. $62,792.600 00
First Preferred_________________________
4,000 29
Second Preferred_______________________
200 00
$62,975,800 00
Common— Tho Chosapoako & Ohio Rail
way Co. of Indiana___________________
F u n d e d D ebt —
1,200 00
First M ., Kinoon Coal C o., 5% Bonds.1015
Socurod Gold Notes, 5 % _____________1919
First M ., Terminal, &c., 6% Bonds__ 1922
General Funding & Impt., 5% Bonds_1929
Convertible, 4 H % Bonds____________1930
First M ., R .& S .W .R y ., 4% B o n d s..1936
First Consol. Mtge., 5% Bonds______1939
First M ., Craig Valley Br., 5% Bonds.1940
First M ., Greenbrier Ry., 4% Bonds.1940
First M ., Warm Spgs. Br., 5% B onds.1941
First M ., Big Sandy R y., 4% Bonds__1944
First M ., Paint Crk. Br., 4% B onds..1945
First M ., Coal River R y., 4% Bonds.1945
First M ., Potts Creek Br., 4% B onds.1946
First M ., Va., Air L. R y.. 5% B onds.1952
First M ., R. & A. Division, 4% Bondsl989
Second M ., R. & A. Div., 4% B onds..1989
Gonornl Mortgago, 4 'A °/o Bonds____ 1992
$62,797,000 00
$200,000 00
33,000,000 00
142,000 00
3,698,000 00
31,390,000 00
862,000 00
29,858,000 00
650,000 00
1,801,000 00
400,000 00
4,674,000 00
539,000 00
2,843,000 00
600,000 00
900,000 00
6,000,000 00
1.000,000 00
48,129,000 00
$160,686,000 00
Equipment Trust Obligations and Con
tracts .......... ............................. .................
6,413,163 21
173,099,163 21
First Lien and Improvement Mtgo.,
5% Bonds (see Contra)___________ 1930
40,270,000 00
$276,160,163 21
COST OF PR O PERTY JUNE 30 1915.
Tho Cost of Road as o f Juno 30 1914 was______________ $172,164,951 08
A d d e d f o r :— Additions and Betterments during year
ended Juno 30 1915:
Branch Linos____________________________
S9.156 26
Now Second Track______________________
151 20
Eliminating Grado Crossings.................
37,205 78
Changes of Lino and Grade_____________
2,834 49
Sidings and Yards---------------------------------370,548 09
Depot and Office Building, Huntington,
W. Va________________________________
C r .387 21
Depots at various places_________________
32,961 64
Shop Buildings at various places_________
35,033 27
New Coal Pier (No. 9), Newport News, Va.
100,707 62
Additions to Piers, Newport News, Va___
C r .308 30
Water and Coaling Stations--------------------5,731 07
Renowing and Strengthening Bridges------286,577 62
Track Scales____________________________
10,863 03
Telophono Lines for Dispatching Trains__
14,249 61
Interlocking, Block and Other Signals____
4,084 01
Various Other Structures_________________
37.313 11
Shop Machinery and Tools______________
38,901 02
Furniture and Equipment. General Office.
2,392 26
Right of Way and Real Estate__________
38,34.5 11
Stock Pons______________________
19,153 57
Paving, Sidewalk, Sewer and Street, As
sessments_____________________________
16,148 64
Fencing Right of W ay.....................
9,274 87
Improved Rail and Track Fastenings_____
71,871 63
Increasing width of Roadbed and Ballasting
50,791 20
2,336 85
Roadway Tools (Motor Cars)____________
L e s s — Sundry Credits__________________
Doforrod Payments Account of Acquisition
of Chicago Line_______________________
$1,195,939 44
153,804 47
$1,042,134 97
3,000 00
W o rkin g L ia b ilit ie s —
......................................... $95,00000
Loans and Bills I’ayablo
.....................................
409,645 46
Traffic
Balances
Audited Vouchors and Pay-Rolls-----------3,737,859 15
Unpaid Wages.......... .............
45,985 51
292,75b 72
Miscellaneous Accounts Payablo-------------Matured Interest and Dividends Unpaid..
381,832 65
Matured Mortgago and Sccurod Debt Un
p a id .................
11,174 17
Other Working Liabilities________
69,573 37
D e fe r re d L ia b ilit ie s —
Unmaturod Intorost and Rents...................
Taxos Accrued---------------------------------------Sundry A ccou nts.............
$5,043,827 03
$1,889,997 36
1,332,088 02
131,916 16
$3,354,001 54
A p p r o p r ia t e d S u r p lu s —
Additions to Property through Incomo since
June 30 1907_____________ _________ _
$2,984,365 23
Rcscrvo Invested In Sinking Fund_______
23,8.52 20
Roservo Invostcd in Otlior Ilosorvo Funds
9,971 41
$3,018,18S 84
2,947,539 83
Profit and Loss— Balanco.
Difference between faco value of securities of auxiliary
companies and tho prices at which they wero taken over
8,397,828 57
5,965,728 67
Total...................
$290,529,720 45
This Company is also liable as a guarantor o f tho following socurutics
in hands o f the public—
Tho Chosapoako & Ohio Grain Elovator Co., First Mortgago
4% Bonds duo 1938____________ ________ ______ ________ $820,000 00
The Chosapoako & Ohio Northorn Railway Co., 5% Gold
Notes due 1915__________________________________
500,000 00
Norfolk Terminal & Transportation Co., First Mortgago 5%
Bonds duo 1948_________________________________________
500,000 00
Wostorn Pocahontas Corporation, First Mortgago 4 1 4 %
Bonds duo 1945_________________________________________
750,000 00
Wostorn Pocahontas Corporation, Extension Mortgage No. 1,
4 'A % Bonds duo 1945__________________________________
83,000 00
Western Pocahontas Corporation, Extension Mortgago No. 2,
4 'A % Bonds duo 1946___________________________ ______
51,000 00
Louisville & Jeffersonville Bridgo Co. Mortgago (C. A O.
proportion, one-third) 4% Ponds due 1945_____________ 4,500,000 00
Riehmond-Washington Co. Collateral Trust Mortgago (C. &
O. proportion, ono-sixth) 4% Bonds duo 1943___________ 10,000,000 00
THE
KANSAS
1,045.184 97
$173,210,086 05
1.303.800 00
Cost of Road, Juno 30 1915______________________ ______ $171,906,288 05
Tho Cost of Equipment as of Juno 30 1914 was__________ $47,932,910 59
A d d e d fo r — Equipment purchased and acquired during
year ended .Juno 30 1015:
0 Mikado Typo Locomotives________
$153,217 36
0 Pacific Typo Locomotives_________
154,191 19
1 Shay Locomotive__________________
10,050 00
Additional Cost of 14 Mallet Locomotives,
acquired yoar 1914____________________
17,715 98
922,372 77
1.000 5714 Ton Hopper Bottom Gondolas.
931,784 03
1.000 5712 Ton Flat Bottom Gondolas__
1 46 Ton Steel Underframo Flat Tool
C a r ____________________________
600 00
185,921 00
239 Steel Underframo 30 Ton Box C ars..
668 77
1 50 Ton Hopper Bottom Gondola____
820 82
1 50 Ton Flat Bottom Gondola______
Additional Cost of 2,000 70 Ton Hopper
Bottom Gondola Cars, acquired
1,771 57
year 1914............................... ........
1 Steam Wrecking Crano____________
13,460 81
29 Freight Cars and 2 Work Cars, previ
ously written o ff and returned to
13,807 84
sorvico ________________________
237,611 21
Improvement of Equipment_____________
L e s s — Value of Equipment retired:
$2,643,993 35
20 Locomotives_______________________
1,006 Freight Cars______________________
0 Passenger Cars____________________
54 Work Cars________________________
Chango in classes of Equipment (includes
two passenger cars converted into
work equipm ent)____________ _
$182,643
435,688
17,738
25,364
00
43
54
80
3,566 00
$665,000 77
1.978,992 58
Cost of Equipment, Juno 30 1915.......................................... $49,911,903 17
Cost of Road and Equipment, June 30 1915, as per Balanco
Shoot................ ............. ................... ......... ......... ................. $221,818,189 22
CITY SOUTHERN
RAILW AY
COMPANY
F IF T E E N T H A N N U A L R E P O R T — F O B T H E F IS C A L Y E A R E N D E D J U N E 30 1915.
Kansas City, M o ., Sept. 15 1915.
To the Stockholders of the Kansas City Southern Railway C o.:
Tho fiftconth annual report of tho affairs of your Company,
being for tho yoar onded Juno 30 1915, is herewith presented.
M ILES OF RAILROAD.
The track mileage of your Company at tho end of tho fiscal
year was as below stated:
M a in L in e —
Kansas City, M o., to Bolt Junction, M o ______ 11.99 miles
Grandviow, M o., to 1’ort Arthur, Tex_________ 765.14 “
--------777.13 miles
B ra n c h e s —
Spiro, Olcla., to Fort Smith, A r k .......................... 16.44 miles
Jenson, Ark., to Bonanza Mino________________ 2.80 “
West Lake, La., to Lockport, La______________ 4.03 “
DeOuincoy, La., to Lake Charles, La__________ 22.59 “
--------- 45.86 “
Y a r d , T e r m in a l a n d S i d e T r a c k s —
North of Belt Junction, M o., and in and around
Kansas C ity--------------------------------------------------- 82.61 miles
All other Yard, Terminal and Side Tracks______ 341.59 “
---------424.20 “
S eco n d T r a c k —
Between Second and Wyandotte Streets, Kansas
City, M o., and Air Line Junction, M o _______
Between Mile Posts 159 and 163______________
Between DeQueen, Ark., and Neal Springs, Ark.
5.57 miles
3.75 “
8.45 “
17.77 miles
Total owned or controlled_______________________________ 1,264.96 miles
O p erated U n d e r T ra c k a g e R ig h ts —
Tracks of tho St. Louis & San Francisco Railroad C o., be
tween Bolt Junction, M o., and Grandviow, M o., used
under contract:
Main Lino_______________________________ 11.01 miles
Sidings____________________________________ 2.33 “
Tracks of tho Kansas City Terminal Railway Co., between
Union Station at Kansas City, M o., and Sheffield, M o.,
operated under joint contract:
First Main Track__________________________ 5.31 ‘
Second Main Track______________________
5.11 “
---------23.T6 “
O perated U n d e r L e a se —Yard 'Track to plant of the Armour Packing Co.,
Kansas City, M o___________________________ 3.83 miles
Yard Track to plant of the Fowler Packing Co.,
Kansas City, M o____________________________
1.09 “
---------4.92 “
Total Miles in System_______________________________ 1,293.64 miles
M ILEAGE BY STATES.
S ta te.
M a in
L in e .
T o ta ls ---------------------------------------------------------------------
O perated
U nder
L e a se —
Y a r d T ra c k .
O w n ed by the IC . C . S . R y . C o . a n d S u b s id ia r y C o m p a n ie s
S eco n d
M a in T ra c k .
Y a r d T ra c k
a n d S id in g s .
B ra nch es.
174.65
18.38
152,92
127.64
222.40
81.08
8.45
4.20
15.04
26.62
777.13
17.77
45.86
112.22
60-35
55.73
49-56
89.46
£6.88
9.32
!
424.20
1
O perated
U n der
T ra c k a g e
R ig h ts.
T o ta l
M ile a g e .
■S3
4.09
23.76
320.78
82.82
221.30
192.24
338.54
137.96
4.92
23.76
1,293.64
1104
THE CHRONICLE
The total track mileage of the System undo went an in
crease during the year from 1,277.72 to 1,293.64, making
a net addition of 15.92 miles, which consists of the following
items:
A d d it io n s —•
Yard. Terminal and Sido Tracks (net)_________________________ 1.75 miles
Second Main Track between Milo Posts 159 and 163, known as
tho Saginaw C ut-off_______________________________________ 3.75 ‘
Tracks o f tho Kansas City Terminal Kailway C o., operated
under joint contract_______________________________________ 10.42 *'
Not Incroaso in System Mileago____________________________ 15.92 miles
Of tho foregoing aggregate System mileage, the following
was not operated by your Company:
Bon an za C o al M in e S p u r—
Operated by tho Central Coal & Coko Co. under contract:
Main Branch______________________________________________ 2.80 miles
S idings___________________________________________________ 2.17 “
Total not operated by Tho Kansas City Southern Railway C o . 4.97 miles
Therefore, the total mileage operated by your Company
was:
Main Line_______________________________________________793.45
B ranches______________________________________________
43.06
„
, „
,
--------- ■ 836.51
Second Track__________________________________________________
22.88
Yard, Terminal and Side Tracks_________________________________ 429.28
Total Mileage Operated______________________________________ 1,288.67
During the year tho total operated track mileage increased
from 1,267.65 to 1,288.67, a not addition of 21.02 miles, com
posed of these items:
[Vol. 101
TIIE K. C. S. ELEVATOR COM PANY.
One first-class elevator, of capacity 650,000 bushels, situ
ated at Kansas City, Missouri; controlled by your Company
through ownership of all the capital stock.
THE M ENA LAND & IM PROVEM EN T COM PANY.
A Company formed for tailing title to real estate at Mona,
Arkansas, vacated by employees in consequenco of tho estab
lishment of now division terminals at Hoavener, Oklahoma,
and DeQueen, Arkansas; controlled by your Company
through ownership of all the capital stock.
GLENN-POOL T A N K LINE COM PANY.
A Company owning and operating 165 tank cars; controlled
jointly by your Company as tho owner of 75 per cent of the
capital stock, and the Midland Valley Railroad Company,
as owner of tho remaining 25 per cent of the stock.
That portion of the System lying within tho State of
Texas, the mileage of which is included in tho operated mile
ago of your Company, is operated separately by its owner,
the Texarkana & Fort Smith Railway Company, which
company has it own general offices and books of account at
Texarkana, Toxas, in accordance with tho Texas law.
For the sake of completeness, however, tho reports of that
company aro included in those of the Kansas City Southern
Railway Company in so far as is necessary to show tho re
sults of tho operation of tho whole line from Kansas City
to the Gulf.
RESULTS OF OPERATION.
A d d it io n s —
Lockport Branch, formerly operated by tho Edgowood Land &
Tho following statement shows tho results of operation of
Logging Co. under lease:
tho Kansas City Southern Railway for tho year onded June 30
Main Branch-----------------------------------------------------------------------------4.03miles
Sidings .......................
1.07 "
1915, compared with corresponding results for the pre
Yard, Terminal and Sido Tracks (not)________________________ 1.75 “
ceding year:
Second Track between Milo Posts 159 and 163__________________ 3 . 7 5 “
Increa se(. + )or
Tracks of tho Kansas City Terminal Railway Co. between Kan
O perated M ile a g e —
1914-1915.
1913-14. D e c re a se (— ).
sas City, M o., and Sheffield, M o., opened November 1
793.45
Milos of Main Lino_______
788.14
+ 5.31
1914, and operated under joint contract:
Milos of Branches_________
43.06
39.03
+ 4.03
Main Line__________________________________________________ 5.31 “
Miles of Sidings and Spurs..
429.28
426.46
+2.82
Second Track_______________________________________________ 5 . 1 1 “
Milos of Second Main Track
22.88
14.02
+8.86
R
even
u
es
fr
o
m
O
p
era
tio
n
—
Total Incroaso in Operated Mileago____________________________ 21.02miles
Freight Itovenuo___________ $7,731,118 32 $8,257,449 37 -$526,331 05
Passenger Revenue________ 1,410,617 95
1,675,168 43 — 264,550 48
14,039 86
Excess Baggago Kevenuo__
EQU IPM EN T.
17,370 66
— 3,330 80
Mail Rovonuo........................
141,535 27
128,595 62
+ 12,939 75
172,012 22
243,624 58
Tho Rolling Equipment ownod or otherwise controlled Express Revenue__________
— 71,612 36
Othor Passenger-Train Rovo
on Juno 30 1915 consisted of:
1,93179
nuo.............................. ........
1,762 53
+ 169 26
A c q u ir e d
A c q u ir e d
Switching Rovonuo________
499,636 36
577,634 27
— 77.997 91
U n d er
U n der
Special Service Train Reve
E q u ip m e n t P a ss e n g e r
E q u ip m e n t
n u e ...................................
4,176 50
— 662 21
4,838 71
O w n ed . T r u s ts .
L o co m o tives —
E q u ip m e n t —
O w n ed . T r u s ts .
Other Freight-Train Rovonuo
693 66
3,114 33
— 2,420 67
Coaches_______ ;_______
Passenger . _________ .
29
Rovonuo from Operations
..
23
F reight_________ ____ . I l l
15 Chair Cars___________
25
Other than Transportation
60,134 14
60,844 42
— 710 28
Switching------— .
32
5 Coach and Baggage____
4
Coach and M ail_______
1
Gross Revonues............ $10,035,896 07 $10,970,402 82 — $934,506 75
T ota l_____________
172
20 B aggago.........................
18
F r eig h t E q u ip m e n t —
Baggage, Coach & Mail.
1
O p era tin g E x p e n s e s —
In Commercial Servico
Express and M ail______
10
Maintonanco of Way and
Box Cars__________ .2,345
Offico and Pay Cars__
Structures________________ $1,132,078 43 $1,143,805 55 — $11,727 12
Furnituro__ ______
100
154
Maintonanco of Equipment. 1,185,015 8l
1,351,591 34 — 166,575 53
Stock__________ . .
314
T otal____________
87
Traffic E xpen ses...............
336,195 76
324,708 49
+ 11.487 27
Tank ____________
191
W ork E q u ip m e n t —
Transportation Expenses__ 3,397,006 64
3,671,223
04 — 274,216 40
Coal__ _____ ______
485 1,000 Outfit Coaches______
9
General Expensos__________
489,008 66
418,992 48
+70.016 18
F lat_______________
10
359
199 Derrick____________
Transportation for Invest
Vinegar Tank__ . . -■ - 1 Steam Shovels______
5
ment— C r _______________
Cr.60,484 23
+ 0 .6 0 ,4 8 4 23
Slope Levelers______
3
T otal____________
3,848 1,300 Ditchers___________
2
T o ta l.............................. $6,478,821 07 $6,910,320 90 — $431,499 83
In Work Servico:
Pile Drivers________
2
____ Lidgerwoods________
Box Cars__________
250
7
Not Rovonuo________________$3,557,075 00 $4,060,081 92 -$503,006 92
Coal. ____________
1 ____
Taxos.........................
574,315 98
567.857 33
+6,458 65
F lat...........................
74
Operating Incomo_________ 2,982,759 02
3,492,224 59 —509,465 57
Ballast____________
224
Ratio of Operating Expensos
Convertible Coal and
to Gross Revenues_______
64.56%
62.99%
+ 1.57%
__
Ballast__________
98
Ratio of Operating Expenses
Water Car_________
1 —
and Taxes to Gross RoveI70.28%
U•Zo /o
1)0.1
/%
JlllUo------------------- —
+ 2.11%
68.17%
T ota l___________
648
N o te . — Provious year’s figures re-classified for comparison
Cabooses__________
♦82
Grand Total...............4,578
1,300
Total...........................
38
♦Includes 1 Box Car Caboose.
Tn addition to this
real estate, buildings,
Company controls, by
all tho property of tho
railroad property, its rights of way,
equipment, appurtenances, & c., the
virtue of its ownership of securities,
following corporations, v iz.:
THE ARKANSAS W ESTERN RAILW AY COM PANY.
A standard-gauge line from Heavener, Oklahoma, to W a l
dron, Arkansas, 32.33 miles, together with rights of way,
buildings, appurtenances, &c.; controlled by your Company
through ownership of all the capital stock and bonds.
THE POTEAU VALLEY RAILROAD COM PANY.
A standard-gauge line from Shady Point, Oklahoma, to
Calhoun, Oklahoma, 6.59 miles, together with rights of way,
buildings, appurtenances, & c.; controlled by your Company
through ownership of all the capital stock.
THE KANSAS C IT Y SHREVEPORT & GULF TE R M IN A L CO.
P Union depot property at Shroveport, Louisiana, including
its real estate, buildings and 1.16 milo of yard and terminal
track; controlled by your Company through ownership of
all tho capital stock.
PORT ARTHUR CANAL & DOCK COM PAN Y,
r Lands, slips, docks, wharves, warehouses, one grain ele
vator (capacity 500,000 bushels), & c., all at Port Arthur,
Toxas; controlled by your Company through ownership of
all^the capital stock and bonds.
There follows a comparison in detail of Gross Rovonuos
for tho late annual period with thoso of tho provious year:
D ecrea ses i n G ross R even u es —
Duo to general business depression and to dis
turbed conditions in tho South, resulting from
tho European War________________________ $1,376,220 49
In Express Rovonuo, caused principally by ex
tension of tho Parcols Post_________________
71,612 36
--------------------$1,447,832 85
L e s s In c r e a s e s , v iz .:
From grain traffic, duo to abundant crops and
to conditions favoring export trado_________ $422,518 94
From tho movement of asphalt from Southern
refineries for uso in paving and roofing In tho
North........... ............... .......................................
54,619 03
From shipmonts of black strap molasses for uso
in tho manufacture of mixed stock food_____
23,248 38
In Mail Revenue, basod upon tho ro-wolghing of
mails between February 18 and Juno 2, 1914,
offectivo July 1, 1914........................................
12,939 75
-------------------Not Docreaso in Gross Rovonuos______________________
513,326 10
$934,506 75
It has been tho custom heretofore to assess nothing in tho
nature of a rovonuo charge against Company traffic. That
practice was continued during tho prosont year, so far as
concerns operation. As required by a modification of tho
system of accounts prescribed by tho Intor-Stato Commorco
Commission, in effect July 1 1914, when men or materials
employed in construction aro convoyod in rovonuo trains, an
amount equal to tho cost of transportation is credited to
Operating Expenses and concurrently charged to an invest
ment account.
Tho net decrease of $431,499 83 in Oporating Exponses
was brought about by tho causos bolow onumorated:
THE CHRONICLE
Oct. 2 1915.]
D ecreases i n O p era tin g E x p e n s e s —
1105
EQUIPM ENT TRUSTS.
M aintenance o f W ay and Structures—
D ue to gradual im provem ent in tho condition o f
p ro p e rty __________
$61,410 08
M aintenance o f Equipm ent—
Consequent upon tho improvement o f condition.. 166,576 53
The total face amount of Equipment Trust Obligations
outstanding June 30 1914, was:
Scries *‘D ,” dated December 15 1912_____________________ $1,302,000 00
Paid during the year-------------------------------------------------------124,000 00
Transportation Expenses —
Resulting from curtailm ent in:
L ocom otive and train expenses____ $191,983 / b
Yard s e r v ic o _________________________ 45,733 49
Station sorvico_____ _______________ 17,908 05
Casualties and miscellaneous------------- 18,59110
------------------ 274,216 40
Transportation for Investm ent— C r . —
Cost o f transportation in revenue trains o f men
engaged in and inatorial for construction, in ac
cordance with revised regulations o f the Inter
state Commerce Com m ission-------------------------60,484 23
------------------$562,686 24
Outstanding June 30 1915_________ ___________________
$1,178.000 00
ADDITIONS AND B E TT E R M E N T S.
N et expenditures were made during the year for Additions
and Betterments to Road and Equipment in tho amounts
following:
From proceeds of Refunding and Improvement
Mortgage Bonds____________________________ $524,964 55
From current funds___________________________ 472,817 05
$997,781 60
L e s s In c r e a s e s , v iz .:
M aintenance o f W ay and Structures—
Additional charges in amortization o f abandoned
property, m ade b y order o f tho Inter-Stato
Coinmerco Commission:
Present y e a r _______________________ $85,015 10
Previous year____________________
35,332 14
--------------------------------$49,682 96
T ra ffic Expenses—•
Commissions paid to privato car lines and steam
ship com panies, form erly deductod from rev
enue now charged to this account in conform
ity to tho rovisod accounting method o f tho
Intor-Stato Comm erce Comm ission— ...............- 11,487 27
General Expensos—
Caused b y enlargement in:
Valuation Expenses________________ $63,323 92
Kent o f General O ffico B uilding.
4,201 86
Chargos on account o f abandoned
1,9 1 29 4
p rop orty__________________
M iscellaneous ( n o t ) ---------------------577 46
■ ■
— * 70,01b lo
------------------ 131,186 41
N ot Docrcase in Operating Expenses................ ............ $431,499 83
Tho normal decrease in Operating Expenses m ay bo
statod thus:
Not docroaso, as stated------------------------------------------------ -------- $431,499 83
Add itoms boyond tho control o f your management, viz.:
Incroaso in distributive charges on account o f abandoned
property:
Maintenance o f Way and Structures $49,682 96
Goneral Expenses-----------------------1,912 94
---- ----------- - $51,595 90
Valuation Expensos__________ ____________ _______
63,323 92
114,919 82
Normal Net Decroase in Operating Expensos.......................... $546,419 65
The Rovonuo Tonnage movement for the year, as com
pared with that of tho year preceding, was a sfollows:
For tho year ended Juno 30 1915:
llovonuo Tons One Mile— North______________ 628,776,501
Rovonuo Tons One Milo— South-----------------------499,954,163
— ------------ 1,128,730,654
For the year ended Juno 30 1914:
Rovenuo Tons One Milo— North_______________621,429,476
Revenue Tons One Milo— South_______________ 441,326,787
---------------- 1,062,750,263
Increase in Rovenuo Tons One M ilo_______________________
65,974391
It will bo observed from the foregoing that,although thero
was a decrease in Freight Revenue of $526,331 05, there was
an incroase of 65,974,391 in the number of revenue tons
moved one mile. This was caused by a decline in high-class
traffic and an enlargement in the volume of commodities
carrying lower rates. Accordingly, tho avorago freight reve
nue per ton-mile fell off from 7.77 mills in 1914 to 6.85
mills this year.
Tho reduction of $274,216 40 in Transportation Expenses,
notwithstanding this substantial increase in revenue tonmileage, affords evidence of enhanced efficiency duo to im
provements made in recent years, and is a source of satis
faction to your management.
REFU N DIN G A N D
IM PROVEM EN T M ORTGAGE
BONDS.
To provide funds for ballasting and other additions to and
betterments of tho property, thero were sold, undor an
agreement made during tho provious year, $250,000 00 par
valuo of tho Refunding and Improvement Mortgage Bonds
authorized by tho Stockholders on Juno 29 1909.
The situation at Juno 30 1915 with respect to such bonds
was as follows:
.
Total authorized issue______________ ___________________$21,000,000 00
Issued and sold:
July 1 1909---------------------------------------------$10,000,000 00
February 15 1911------------------------------------ 5,000,000 00
500,000 00
November 1 1912-----------------------------------December 2 1912-----------------------------------500,000 00
April 2 1913-------------------------------------------500,000 00
May 5 1914----------250,000 00
October 7 1914-----------------------------__ 44,000 00
April I 1915-------------------------------------------206,000 00 17,000,000 00
Unissued June 30 1915____________ _____ ___________ $4,000,000 00
The status as regards tho Refunding and Improvement
Mortgage Bonds issuod and outstanding on that date is sot
forth in tho subjoined exhibit:
Total issued and outstanding-------------------------------- ---------- $17,000,000 00
Expended as shown by the Annual Report for
the year ended Juno 30 1912-------------------- $15,000,000 00
Exponded as indicated by tho Annual Report
974,150 77
for tho year ended Juno 30 1913--------------Expended during tho year ended Juno 30 1914
as per tho Annual Report for that year----53,349 23
Expended during tho year ended Juno 30 1915:
D iscount_____________________ $12,500 00
Not expenditures for Additions
and Betterments----- ---------- 524,964 55
537,464 55 16,564,964 55
Balance unexpended Jun
30 1915--..............................
$435,035 45
These expenditures include the cost of a number of new
sidings to serve industries not heretofore reached by your
tracks, and to accommodate new industries in process of
establishment.
The following is a list of such industry tracks, some of
which have been completed and others are in course of con
struction:
NEW TRACKS TO SERVE NEW IN D U ST R IE S.
C o m p leted —
Miller Ilog Serum C o------------------------------------------------- Kansas City, Mo.
North Bros----------------------------------------------------------------- Kansas City, Mo.
E. Wigglesworth and C. Rhea_______________________ Kansas City. M o.
J. H. Riggs_________________________________________ Kingston, La.
Carnoy-Cherokee Coal C o____________________________ Mulberry. M o.
Lake Front Oil C o___________________________________ Oil City, La.
Lapel Bottle C o______________________________________ Poteau, Okla.
Wood & Hull-------------------------------------------------------------- Ogdon, Ark.
Beer Storage Warehouse----------------------------------------------Mulberry, M o.
Caddo Parish-------------------------------------------------------------- Mooringsport, La.
P. E. Hammons (Lumber)____________________________ Lucas, La.
Rothschild Iron & Metal C o___________________________Joplin, M o.
Lechtman Printing C o-------------------------------------------------Kansas City. Mo.
Frank Purcell------------------------------------------------------------ Kansas City, Kan.
West India Sugar C o -------------------------------------------------- Port Arthur, Tex.
U n co m p leted —
L. F. Dawson (Lumber and W o o d ) . - ,________________Dorsey, Ark
Bay State Land C o---------------------------------------------------- Kansas City, M o.
Standard Ice C o--------------------------------------------------------- Kansas City, Mo.
NEW TRACKS TO SERVE E XIST IN G INDUSTRIES.
C o m p leted —
Badger Lumber C o ___________________________________ Kansas City, M o.
Louisiana Compress C o-----------------------------------------------Shreveport, La.
Southwest Gas & Electric C o---------------------------------------Rodessa, La.
Tho Texas C o________________________________________ Port Arthur, Tex.
U n co m p leted —
Neosho Milling C o--------------------------------------------- --------Neosho, M o.
Josey-Miller Grain C o------------------------------------------------- Beaumont, Tex.
During the year, 28.293 miles of your main line between
Neosho, Missouri, and Mansfield, Louisiana, which had been
formerly laid with 60, 75 and 80-pound rail, were re-laid
with new 85-pound material, making the total mileage of
main line laid with steel rail of that weight to June 30 1915,
as follows:
Between Kansas City, M o., and Leosville, La_______669.4 miles
Loss tracks through yards laid with 56, 60 and
70-lb. rail------------------------------------------------------- 5 0 “ 664.4 miles
Between DeQuincey, La., and Port Arthur, T ex______________ 67.1
“
T otal_____________________________________________________ 731.5 miles
The bridges and culverts of your road have been further
improved by reducing the total length of trestles from
63,082 feet to 62,263 feet; increasing the total length of steel
bridges from 21,810 feet to 22,015 feet; increasing the num
ber of stone and concrete culverts from 638 to 667; increas
ing the number of cast-iron pipe culverts from 563 to 570,
and the number of concrete pipe culverts from 77 to 98.
Among the Statements and Statistics following is a table
showing the progressive improvements made in bridges and
culverts from June 30 1900 to June 30 1915.
ABANDONED PR O PE R TY.
The estimated cost of property abandoned in the course
of improvements amounts to $1,079,517 86, which sum has
been segregated from Capital account. Of that total $2 0,
682 46 has been disposed of in compliance with instructions
of the Inter-State Commerce Commission by charge to
Profit and Loss, and $123,699 94 by charges to Operating
Expenses, leaving for future amortization a balance of $935,
135 46, as shown by tho Balance Sheet. Under existing
requirements, this remainder is chargeable to Operating
Expenses at the rate of approximately $90,000 00 per
annum.
UNION STATIONS.
The new Passenger Station at Kansas C ity, Missouri,
property of the Kansas City Terminal Railway Company,
in which your Company owns an undivided one-twelfth
interest, was opened for operation on November 1 1914,
since which date it has been used by all main-line passenger
trains entering and leaving that terminal.
In order to comply with the demand of the Railroad
Commission of tho State of Texas for improved passengerstation facilities at Texarkana, contracts were entered into
with tho St. Louis Iron Mountain & Southern Railway
Company, the St. Louis Southwestern Railway Company
and the Texas & Pacific Railway Company, under tho terms
of which your Company began June 27 1914 to operate its
passenger trains into and out of the Union Passenger Sta
tion at Texarkana, owned by the three companies men
tioned.
LITIGATION.
The Guardian Trust Company litigation, mentioned in
previous reports as pending in the Supreme Court of the
United States, has been continued and probably will bo
reached for argument in December 1915.
1106
THE CHRONICLE
FE DERAL VALUATION.
The field forces of the Inter-State Commerce Commis
sion completed their surveys and inventories of the physical
property of your Company in April 1915, and your forces
similarly engaged finished their work at about tho same timo.
In order, however, to complete the valuation it will be neces
sary to adjust differences between the two inventories and
to establish unit prices for tho resulting physical quantities.
This work is now in progress, but tho amount involved and
the date of its completion cannot be stated with certainty,
fe On July 9 1914 the accountants of the Commission began
an examination of the accounts and records of your Company
with a view to obtaining such information as may be neces
sary to an appraisal. That work remains uncompleted.
All orders of tho Commission have been fully complied
with by your Company, and special efforts have been made
to co-operate with the valuation forces of the Government.
The appended statement shows the cost to your Company
of Federal valuation to date:
F o r the Y e a r
To
E nded
J u n e 30 1914. J u n e 30 1915.
Field work............................................. .$18,347 86
Valuation Orders. Inter-Stato Com
merce Commission---------------------Contributions to Presidents' Conferp once Committoo-------------------------357 99
Appraisal o f real estate____________
General and miscellaneous_________
1,141 55
Totals.
$19,847 40
T o ta l.
$50,476 86
$68,824 72
15,399 63
15,399 63
449 24
2,848 50
23,773 92
807 23
2,848 50
24,915 47
$92,948 15 $112,795 55
The total cost of Federal and State valuation during the
year was:
Expended for Federal valuation, as abovo----------------------------- $92,948 15
Expended in connection with State rate litigation____________
9,821 47
T o t a l...................................- ....................................................... .$102,769 62
The appended Balance Sheets and statistical statements
give full detailed information concerning expenditures for
Improvements, and tho rosults of operation.
A report, including balance sheet, incomo account and
othor portinent data, in form prescribed by tho Intor-Stato
Commerce Commission, has been filed with that body at
Washington. Your Board has deemed it advisablo, how
ever, to retain herein the forms heretofore adopted and long
familiar to tho Stockholders.
B y order of tho Board of Directors.
J. A . E D S O N , P resid en t.
(For comparative Statistical tables see un der “ A nnual R eports”
on a preceding page.)
.—
Spring Valley Water Co., San Fran.— D iv. I n c r e a s e d
A quarterly dividend o f 8734 cents a share has boon doclarod on tho
$28,000,000 stock, payable Sept. 30 to holders o f record Sopt. 21, comparing
witlx 6234 cts. a share from Sopt. 1913 to Juno 1915. This increases tho
annual rate from 234% to 334%.
D iv id e n d R eco rd S in c e 1907 ($ p e r s h a r e ) .
1908. 1909-12.
1913.
1914.
1915.
$1
$2 yrly. 50c.,50c.,50c.,6234c. $2 50
6234c.,6234c.,87bjC.,..
— V. 101, p. 619, 532.
Tennessee Copper Co. (of N. J.), N. Y. City.— C onver
tible B on d s, cfee.— Tho shareholders will vote Oct. 18 on
authorizing (1) an issue of 83,000,000 1st M . 10-year 6 %
convertible gold bonds; (2) on increasing tho capital stock
from $5,000,000 to $0,875,000 (par value $25); (3) on selling
$2,000,000 of tho bonds.
Digest o f I.etter from Pres. Utley W edge, Sept. 25 1915.
Tho increase in tho demand for our products and tho development of its
businoss liavo mado necessary corresponding oxtonsions in its plant and
equipmont. To this end tho directors doom it advisablo to authorizo an
issue of $3,000,000 1st M . 10-Yoar Convertible 6% gold bonds, of which,
howovor, only $2,000,000 are to bo issued at present. That tho bonds may
ixavo an additional value tho board recommonds that tho holders bo given
tho privilego, after two years from date o f Issue, of converting thorn into
capital stock at tho ratio (with respect to said $2,000,000 of bonds), of $160
in bonds for each $100 of stock. As to tho remaining $1,000,000 of bonds,
it is proposed that thoy bo convertible at tho samo ratio or at such othor
ratio, not more favorable to their holders, as may bo determined by the
board at time o f issuo. To provido for this privilogo o f conversion it will
bo necessary to increase tho capital stock to 275,000 shares of $25 oach.
If tho increase o f stock is authorized, it is proposed to give to stock
holders of record at tho close of business on Oct. 21 1915, tho right to sub
scribe on tho company’s warrants on or boforo Nov. 6 1915, for bonds at par
and interest in amounts equal to 40% of their sovorai holdings of stock.
These dates are subject to change. Tho bonds are to bo in $1,000 and $500
denominations only.
.
In Oct. 1910 tho company issued $1,500,000 1st M . bonds; of theso tlioro
still remain outstanding $800,000 bonds, of which $250,000 mature
Dec. 1 1915. It is intended to redeem out of tho proceeds of tho now bond
issuo all o f said outstanding bonds.
The new bonds will mature on Nov. 1 1925, and tho conversion privilogo,
in accordance with tho law of New Jersey, will bogin two yoars after tho
dato of issue. Thoy will bo subjoct to redemption, in wholo or in part, at
any timo aftor 3 yoars from the dato of issuo at 110% and int.; but if called
for redemption tho holdor will havo an opportunity of converting tho samo
before the call dato. The issuo will bo a first mortgago on tho entire prop
erty and will also bo safeguarded by a sinking fund.
Tko National City C o. and Sutro Bros. & Co. have
formed a syndicate which has underwritten the sale to stock
holders of the $2,000,000 bonds mentioned in tho abovo cir
cular.— V . 101, p. 777.
.—
Thomas Iron Co.— N ew O ffic e r s
Oliver T. Caso has been elected Secretary and Lawrence K. Diffendcrfer,
formerly auditor, has been mado Treasurer, to succeed James W. Weaver,
deceased, who had served as Sec. & Treas. sinco 1893.— V. 101, p. 691.
United Fuel Supply Co., Pittsburgh, Pa.— E a r n in g s
J u n e 30.
G ross
N et
D iv id e n d s D e p r . , & c . , B a la n c e ,
Y e a r—
E a r n in g s . In c o m e .
P a id .
R eserves. S u r p lu s .
1914-15.................... $218,249 $86,170 (8%)$40,000 $45,659
$511
1913-14___________ 258,223 128,612
(8%)40,000
27,190
61,422
— V. 101. d . 851.
U. S. Smelting, Refining & Min. Co.— N o C o m .D iv
The regular quarterly dividend o f 134% has boon declared on Sopt. 28
on tho prof, stock, payablo Oct. 15 to holders of record Oct. 1. No action
was, however, taken on tho dividend on tho common stock, payments on
.—
.—
[Vol. 101
which were suspended in Oct. last. Tho following statomont was issuod:
"Tho earnings for tho first nine months of 1915 woro equal to tho regular
dividond on tho prof, stock, and a balanco for tho common stock at a rato
equal to 19.86c. por annum. Tho Mexican proportios havo contributed
loss than 14% of tho total earnings. While tho earnings for nine months
liavo boon largo, tho directors fool that in view of tho great uncertainty in
future conditions in Mexico it is sound policy and to bost interest of stock
holders to continuo to allow tho working properties to incroaso substantially
boforo taking any action on tho common dividond.” —-V. 101, p. 136.
United States Worsted Co., Boston.— Status.— A s u b
scriber sends the following:
Tho situation in tho woolen business has been constantly improving of
lato, which has resulted in considerably higher prices of tho stocks of tho
woolen companies. American Woolen common and preferred ixavo re
cently advanced to prices tho highest in their history.
Tho U . S. Worsted Co., which is ono of tho largest woolen concerns in
tho country, is reported to bo working night and day on both domestic and
foreign orders. Tho company has been unusually well fortified in tho matter
of dyo stuffs and a largo stock of wool purchased at tho low prices of last
year. Tho stock of tho company, which is traded in in tho outside market,
has rocontly advanced from $45 por share for tho 1st prof, to $60 per share,
and tho 2d prof, has also an advancing tcndoncy, recent sales having boon
quotod at around $16 per share. Tho concern is controlled by interests
identified with Kidder, Peabody & C o . and F. 8. Moseley & Co. of Boston.
It may bo recalled tixat tho 2d prof, stock of this company is ono of tho
fow issues listed on tho Paris Bourse somo yoars ago. Quito a largo amount
of tho company’s securities is hold abroad. With a continuanco of good
business, the resumption of dividends in tho near future is a possibility.
Compare V. 100, p. 1166, 907.
Virginia Iron, Coal & Coke Co.— N ew Directors .—
James B. Mahon atxdD. D. Hull Jr. havo been elected directors to suc
ceed Heni’y K. McIIarg and Billings P. Learned.— V. 99, p. 1596, 1218.
Washburn-Crosby Co. (Flour Milling), Minneapolis.—
N ew Stock.— Tlio com pany lias filed in M in n esota a certifi
cate of increase of capital stock from $ 6 ,0 0 0 ,0 0 0 to $ 1 0 ,0 0 0 ,
00 0 (par $ 1 0 0 ), and also lim iting tho am ount of debt or
liability permissible at a ny one timo to $15,000,000
Of
the now stock $ 1 ,0 0 0 ,0 0 0 has been issued and $ 1 ,0 0 0 ,0 0 0 is
held for futuro requirements. Pres. John W ash bu rn says:
Wo havo felt for somo timo past that tho company should incroaso its
capital stock, and now when wo are obtaining an extension of our charter
for another 30 yoars, it seomed appropriate to make this incroaso.
Tho Northwest is steadily increasing in prosperity and tho company’s
businoss, in particular, is stxaring in this increase. As a necessary result,
more money must bo invested in its affairs.
Tho high prices of wheat in tho last year ixavo shown tho need or largo
capital, and tho manner in which tho oxport businoss is now conducted
often times rosults in locking up a great deal of money. Formerly, as soon
as tho export flour was loaded in cars at tho mill wo would tako our inland
through bill of lading, attach a 60 or 90-day foreign draft to it, and put it
in tho bank, and it Would bo tho samo as money to us. As it is now, wo
require on nearly all of our foreign shipments that wo shall bo paid tho inonoy
in Now York boforo wo ship tho goods, and of courso wo cannot produco an
oxport bill of lading until tho goods are in tho ship, and thcroforo our
money invested in buying wheat and manufacturing ft into flour is locked
up until tho flour is actually on tho ship. For this reason tho increaso in
our capital is a natural ono.— V. 89, p. 1014.
Washington— Oregon Corporation—•
Tho committoo of holders of First & Consol. Mtge. bonds, Claronce M .
Brown, Chairman, Land Title Bldg., Phila., in circular dated Sept. 11,
says; .“ On account of tho decreaso in tho gross earnings aftor tho plan of
April 20 1915 had boon adopted, and a furthro reduction in incomo that will
result from an intonded revision in ono of tho company's largost municipal
contracts. It became necessary to provido a revised plan of reorganization.
As to tho so urities that are to bo given to tho First & Consol. Mtgo. bonds
($1,569,000 outstanding), this plan provides for a general lion Income bond
to tho extent of 40% of tho faco valuo of their holdings, instead of tho
General Lien Bond set forth in tho original plan; tho remaining 60% , with
interest, to consist of prof, stock, as provided in tho original plan. Tho
intorost on tho General Lien & Incomo bonds so substituted will bo a first
[incomol charge on tho net earnings, as defined In tho plan. This will
materially strengthen tho financial position of tho now company.
[Tho amended plan calls for tho organization of a now company with tho
capital stock originally proposed, namely $550,000 common and $1,200,000
6% cum. prof, stock voting trust certificates, and tho authorization of (a)
Prior Lien 6% gold 20-year bonds, total issuo, $950,000, callable at 1023-4;
present issuo to bo $200,000, with $375,000 reserved to retire $342,000 Twin
City Light & Traction 1st 6s, undisturbed, and cortain mortgago bonds
issued in 1912 by Independent Electric Co. (if that company's property bo
acquired), and $375,000 reserved for extensions, &e. (b) Genera! Lion &
Incomo Mortgago 6% 25-year bonds, $675,000. callable at 102 34, interest
payablo only in so far as earned. Compare V. 100, p. 1598, 1759, 1924.)—
V. 101, p. 781, 1017.
Wildwood (N. J.) Wat. Wks.Co.— Electors to Again Vote.
Seo Wildwood in “ State and C ity” department.— V. 100, p. 1173.
Wisconsin River Power Co.— Control— Sold .—
Seo Southern Wisconsin Power Co. abovo.
CURRENT NOTICE.
— In an advertisement on a preceding pago A. E. Aub & Co. of Cin
cinnati are offering to investors $181,000 5% refunding bonds of Cuya
hoga County, Ohio. Denomination $1,000. Dato Sopt. 15 1915. Prin
cipal and somi-annual Interest— A. & O.— payablo at offico of County
Treasurer. Duo oach six months as follows: $4,000 April 1 1920 to April 1
1929 inclusivo and $5,000 from Oct. 1 1929 to Oct. 1 1939 inclusive. Tho
bonds are being offered at tho following price: Maturities 1920 to 1929
inclusivo to yiold 434% and maturities 1930 to 1939 inclusivo to yiold
4.40% . Legality approved by Squire, Sanders & Dompsoy, Clovoland.
— In an advertisomont on a preceding pago tho Bond Department of
tho Union Trust Co. of Chicago is offering to invostors 5% funding bonds
of tho City of Birmingham, Ala., at a prico to yield about 4.85% . Dated
1911. Donom. $1,000. Principal and somi-annual int. payablo in Now
York City. Duo 1941. These bonds are free from Fodoral Incomo Tax
and oligiblo to securo Postal Savings doposlts. Bonded dobt, including
this issuo, $8,653,000. Sinking fund, $463,297. Assossod valuo $95,
458,826.
— C. E. Donison & Co. of Boston and Clovoland are offering to investors
$250,000 5% Jacksonville, Fla., school bonds, issued by Duval County
School District No. 1. Prico 105.50 and accrued intorost, yielding 4.65% .
Tho issue is described in circular No. 510, which will bo furnished upon
application to Donison & Co.
— William S. Banks and William II. Irvino ixavo organized tho firm of
W. S. Banks & Co., 25 Broad St., to continuo tho businoss of Mr. Banks,
dealing in bank and trust company stocks and inactivo securities. Tho
firm will also transact a brokerage business in unlisted securities.
— Tho Michigan Trust Co., Grand Rapids, is offering $3,000,000 1st M*
serial gold 6% bonds of 1915 of tho Brown Corporation, all of whoso stock
is owned by tho Berlin Mills Co. and tho Burgoss Sulphite Fibre Co.
(paper and pulp manufacturers). Compare V. 100, p. 1260. 1351.
— Thomas Morris, for many years Cashier and offico manager of Henry
Block & C o., has opened an office for the transaction of businoss in uulisted
securities. He willmako his office with Honry Block & C o., 25 Broad St.
— Messrs. Abbott, Johnston & Co. liavo formed a co-partnorship to doal
in investment securities and to conduct a general Stock Exchange businoss
Tho firm's offices are at 120 Broadway.
THE CHRONICLE
Octr 2 1915.]
2£lxje
(&mxmzxtml
JEintjes.
COMMERCIAL EPITOME
Friday Night, Oct. 1 1915.
Trado continues to expand, as is plainly shown by the bank
clearings. Also the success of the Anglo-French loan of
$500,000,000 points to a further broadening of American
trado, especially by stimulating exports. Favorablo re
ports as to business aro recoived almost from all parts of the
country. Cool weather has helped tho retail business.
D ry goods sales have increased. Tho textilo situation is
improving, despite tho admitted drawbacks of a scarcity of
dyestuffs. Even the lumber trado has improved. Tho
leather business has been helped by largo army contracts
for boots given out by tho Russian Government. Iron and
steel business is large and increasing, so that many mills
aro working to their full capacity, and in somo cases prompt
deliveries aro no easy matter. Premiums aro being paid of
$3 to $4 a ton for billets for early delivery. The South nat
urally benefits by tho recent advanco in cotton of $15 a bale.
W ild fluctuations havo occurred in cotton during tho week,
a sharp rally, however, following a declino. Cotton exports
havo latterly increased, to-day approximating 80,000 bales,
which is something distinctly now, being the largest in many
weeks. Labor is scarce in somo industries and well omployed
ovorywlioro at good wages. On tho other hand, a great
tropical storm struck the Gulf States on Wednesday, attended
with loss of lifo and property. Tho Now Orleans Cotton Ex
change has been closed for threo days, owing to tho inter
ruption to wiro servico isolating that city. Rainfalls occurred
of 6 to 6 Yi inches in Mississippi, Alabama and even Georgia,
with possiblo injury to tho cotton crop. B u t, taken as a
whole, the business situation in tho United States is rightly
considered encouraging.
L A R D quiet, prime Western 8 .8 5c .; refined to tho Con
tinent 9.4 5c .; South America 9.G0c.; Brazil 10.60c. Fu
tures advanced on higher prices for hogs. Packers havo
been buying on reactions. To-day prices showed littlo
eliango, though deliveries of provisions at Chicago wero largo.
DAILY CLOSING PRICES OP LAUD FUTURES IN CHICAGO.
S a t.
Septemberdelivory.cts. 8.25
October dolivery........... 8.20
January delivery........... 8 .6 7 A
M on.
8.30
8.2714
8.80
Tncs.
8.35
8.32 A
8.80
W ed.
8 .2 7 A
8.25
8.75
T h u rs.
8.20
8.20
8.6714
Fn.
------8.20
8.67
P O R K steady; mess $ 2 0 @ $ 2 1 ; clear $ 2 0 @ $ 2 2 . Beef,
mess, $17 5 0 @ $ 1 8 ; packet $ 1 7 @ $ 1 8 ; extra India mess $ 2 7 @
$28. Cut meats steady; pickled hams, 10 to 20 lbs., 12*4
@ 1 3 * 4 c .; pickled bellies, 1 2 @ 1 4 % c .
Butter, creamery,
2 2 @ 2 7 }^ c . Cheeso, State, 1 2 @ 1 5 c . Eggs, fresh, 2 0 @ 3 3 c .
C O FFE E dull; N o . 7 Rio, G ^ c .; N o . 4 Santos 8 ^ @ 9 c . ;
fair to good Cucuta 9J ^ @ 10c . Futures declined and then
rallied. Trading has been light. Receipts havo boon in
creasing ancl tho stock at Rio is 47G.OOO bags, against 313,
000 a year ago. Tho market lacks snap and initiative on
tho bull sido, though bears aro not aggressivo either. To-day
pricos advanced 3 to 9 points on sales of 15,500 bags.
September cts6.59 @ 6 6 1
October____ 6.10 @6.12
Novombor— 6.13 @0.15
December
6.15 @6.17
January. _cts6.19@6.2l
February----6.23@6.25
M arch..........6.27@6.29
April---------- 6.32 @ 6.34
M a y .........cts6.37@6.39
J u n o _______6.42 @6.44
July------------6.48(<rt6.50
A ugust------- 6.56 @6.5 7
SU G A R lower; centrifugal, 9G-degreos test, 3 .7 5 @ 3 .89c.
molasses 2 .9 8 @ 3 .1 2 c ., granulated 4.90c. Futures ad
vanced and then receded. Refiners havo not beon buying
raw sugar freely. The competition of beet-root sugar is
sharpor. Europe is inquiring for granulated but its limits
aro below present prices. To-day futures doclinod 4 to 10
points, with sales of G,250 tons.
Septemborc ts3.0 7 ( )3.10
October_____2.751 )2.76
Novombor _.2.75@ 2.76
December__ 2.77@2.78
January _cts2.74(
F ebruary__ 2.750
March_____ 2.770
April______ 2.820
)2.75|M ay------ cts2.90@2.91
12.76 J u n o_______ 2.96@2.98
>2.79, July............. .3.02043.04
__
>2.84 A ugust------- 3.05@3.07
O ILS.— Linseed quiet; city raw. American seed, 5 8 @ 5 9 c .;
city boiled, American seed, 5 9 @ 6 0 c .; Calcutta 75c. Lard,
primo, 85 @ 8 8 c . Cocoanut, Cochin l Q * 4 @ l l * 4 a ., Coy Ion
9k 6@ 924c. Corn 5.96@ G .01c. Palm, Lagos 6 J ^ @ 6 % c .
Cod, domestic 4 3 @ 4 4 c . Cottonseed, winter nominal, sum
mer white nominal. Spirits of turpentine 4 1 ^ c . Strained
rosin, common to good, $3 70.
P E T R O L E U M in brisk demand; refined, in barrels, $7 50
@ $ 8 50; bulk, $ 4 @ $ 5 ; cases, $9 7 5 @ $ 1 0 75. Naphtha,
73 to 7G dogrees, in 106-gallon drums, 2 5 */& .•, drums, $8 50
extra. Gasoline, 86 degrees, 27c.; 74 to 76 degrees, 2 5 @ 2 7 c .;
68 to 70 degrees, 2 2 @ 2 4 c . Oklahoma advices stato that
Western Muskogeo County is next to Cushing in point of
activity; that it has two pools which aro about tho best, or
at least tho most interesting, in the State— i. o., tho Boynton
and Cole pools. There havo been some important develop
ments in thoso localities, although this portion of the State
has undoubtedly been rathor hard to size up, being quite
erratic. Crude prices advanced. Following prices aro quoted:
Pennsylvania dark $1 70
Tlona_____________ 1 65
Cabell....................... 1 30
Mercer black_____1 23
Now Castlo______1 26
Corning_________ 118
Wooster________ .$1 30 Ragland_________ 65c.
North Lima_____ . 1 08 Illinois, abovo 30
South Lima_____ . 1 08
degrees________ 1 12
Indiana_________ . 93c. Kansas and Okla
I’rincoton..........._ . 1 16
homa__________ 80e.
Somerset, 32 dog. . 1 12
1107
T O B A C C O has been steady enough, but for the most
part quiet. Certainly business has at no time been more
than moderately active. Y et manufacturers aro undoubtedly
doing a better trade. Packers aro buying but sparingly in
the East awaiting the disclosures of the curing season. This
course is prompted largely by the protracted rains this year.
Sumatra meets with simply the ordinary sale and Cuban leaf
is slow.
C O P P E R in better demand and firmer; Lake 1 8 *4 o .; elec
trolytic 18c. Guggenheim interests, it is said, have just sold
8,000,000 lbs. at 18c.; total sales this week, 22,000,000 lbs.
Tin on the spot advanced to 3 3 * 4 c ., with trade better; later
reacted to 32J^c. Spelter advanced to 14J^c. on a larger
demand. Lead on the spot here 4.5 5c ., being firmer and
more active. Pig iron a dvanced on asomewhat broadening
demand, ending quieter. N o . 2 Eastern $16 2 5 @ $ 1 6 50;
N o. 2 Southern $11 5 0 @ $ 1 2 50, Birmingham. Structural
steel is in good demand and tending upward. N ot only are
war orders large but the home consumption appears to be
increasing. M ills are enlarging their productive capacity.
Franco will want 300,000 tons more of shell steel. Forging
billets aro up to $39 in tho Middle W est. Steel billets for
rolling and forging command premiums for early delivery of
$ 2 @ $ 3 a ton. Open hearth capacity is being increased,
owing to the genuine scarcity of steel.
COTTON
Friday Night, Oct. 1 1915.
T H E M O V E M E N T OF T H E C R O P , as indicated by our
telegrams from the South to-night, is given below. For the
week ending this evening the total receipts have reached
292,874 bales, against 284,998 bales last weok and 176,839
bales tho previous weok, making the total receipts since
Aug. 1 1915 1,018,456 bales, against 440,592 bales for the
same period of 1914, showing an increase since Aug. 1 1915
of 577,864 bales.
M on.
S a l.
Galveston______
T u es.
W ed.
T h u rs.
F r i.
11,495 16,232 38,531
4,374
13,277
9,111
11.347
7,353
353
5,512
618
9,017
2,256
5,555
631
247
Savannah ______
8,494
10,754
13.809
8,711
Charleston____
4,539
4,376
8,603
10,732
7,800
4,207 4,186
W ilmington___
2,893
1,860
5,499
3,408
1,984
3,215
4,938
1,906
N ’port News, &c
T o ta l.
14,834- 105,716
13,485
176
2,607
3,124
43
33
796
176
27,437
4,214
109
1,505
1,505
9,032 61,532
2,000 9.800
2,621 28,532
3,978 21,899
3,822 17,335
268
268
43
33
103
899
Totals this weok 41,361 46,399 77,415 48,336 40.915 38,448 292.874
Tho following shows the week’s total receipts, tho total
sinco Aug. 1 1915 and the stocks to-night, compared with
last year:
1' 15.
F e e d p is to
October 1.
T h is S in c e A u g
W eek.
1 1915.
Galveston_______ 105,716
Texas C ity______ 13,485
Port Arthur_____
Aransas Pass, &c.
176
Now Orleans___ 27,437
M ob ile _________
4,214
Pensacola_______
Jacksonville, &c.
1,505
Savannah_______ 61,532
9,800
Brunswick______
Charleston______ 28,532
Wilnilngton_____
N o r f o l k ... _____
N ’nort News, &c.
New Y o r k ______
Boston _____ ____
Baltimore. ___
Philadelphia___
21,899
17,335
268
43
33
899
—
356,336
31,943
163
19,234
117.781
18,572
963
4,243
262,189
17,400
67,660
45
52,330
63,495
1,010
943
1,001
3,117
31
1914.
T h is
W eek.
Stock.
S in c e A u g
1 1914.
1915.
1914.
201,877
22,136
113,414
2,716
1,987
13,899
3,565
230,569
3,252
400
4,346
34,506
12,703
3,994
143,748
12,876
4,519
54,935
11,089
1,600
33,999
1,200
11,087
4,714
89,011
2,748
21,594
766
150,584
15,000
78,614
233
46,121
1,634
18,148
5,626
4,691
315
11,971
12,994
8,533
50
1,517
1,594
90
51,931
40,730
14,485
16.613
248,179
4,502
3,856
1,825
72,231
2,890
3,743
5.728
440.592
980,618
368,499
79,865
105
47
136
—
Totals________ 292,874 1,018,456 158,124
In order that comparison may bo made with other years,
wo givo below the totals at leading ports for six seasons:
F c c e ip ls a t —
1915.
1913.
1912.
1911.
1910.
Galveston__
TcxasClty,&c
New Orleans.
M obilo______
Savannah__
Brunswick__
Charleston,&c
W ilm ington..
Norfolk_____
N ’port N. ,&c.
All others___
105.716
13,661
27,437
4,214
61,532
9,800
28,532
21,899
17,335
268
2,480
79,867
2.092
13,899
3,565
33.999
1,200
11,087
5.626
4,091
315
1,783
149,165
21,395
26.749
15.684
106.294
14,110
32,919
27,811
10.559
287
11,336
206,138
69,440
30,134
7,919
65,979
16.000
19,570
23,687
16,035
877
4,587
146.463
36,798
25,900
16.316
118.955
18,180
24,173
23,762
25,732
128.003
7,431
21,608
11,411
97.064
3.568
20,410
39,587
18,638
7,748
882
Tot. this week
292,874
158.124
416.299
460.366
444,027
349,502
Sinco Aug. 1. 1,018,456
1914.
440,592 1,734,431 1.631,882 1,908,996 1,448,941
Tho exports for tho week ending this evening reach a total
of 216,700 bales, of which 90,956 were to Great Britain,
44,254 to France and 81,560 to tho rest of the Continent.
Exports for tho week and sinco Aug. 1 1915 are as fol
lows:
1108
THE CHRONICLE
Week ending Oct. 1 1915.
Exported to—
IVol. 101.
From A u g . 1 1915 to Oct. l 1915.
Exported to—
been wild and many think the advance has gono much too
far; that too many debatable things have been taken for
Great
Conti
Great
Conti
granted. W ith a late fall there is a chance that tho crop
Britain . France
nent. Total. B ritain . France.
nent.
Total.
will much exceed tho current estimates. Liverpool and spot
Galveston.. 37,709 15,073 27,841 80,623 114,593 46,178 59,171 219,942 interests have been steady sellers. Latterly, too, thoro has
Texas City. 4,960
___
4,96C
14,102
2,402
16,50-1 been a good deal of profit-taking by operators hero, there and
Port Arthur
163
163
Ar. Pass.&c
___
13,873
13,873 everywhere, witli sharp breaks in prices calculated to dampen
NewOrleans 15,503
6.69S 22,201
33,975
3,240 61,843
99,058 bullish ardor.
To-day prices declined heavily on liquidation
Mobile___ 4,199
4,199
4,386
—
4,386
Pensacola..
1,639
1,639 on tho eve of the Bureau report. Besides, many felt that for
Savannah.. 17,467 10,250 20,816 48,533
19,398
12,308 30,581
62,287 the time being, at least, the bullish factors had been pretty
Charleston. 6,750
6,750 17,000
17,000
Wilmington
13,931 13",070 27,001
13,931
19,796 33,727 well discounted. Also an unconfirmed rumor stated that
Norfolk___
1,300
1,300
1,550
1,550 prices at New Orleans had fallen 150 points. Tho Exchango
New York.
322 5)7)00 12",385 17,707
10,725
11,736 81,765 101,226 there has been closed since Wednesday, owing to tho groat
___
___
Boston___
50
5C
303
854
551
Baltimore.. 1,646
—
—
1,646
14,711
14,711 storm stopping wire service. B ut, on the declino, good buy
Phlladel’a .. 1,100
1,100
1,100
1,500 ing set in, partly to cover shorts and a rally of 40 points
400
___
___
San Fran..
10,438
10,438
__
___
Seattle___
700
700
13,696
13,696 occurred from the low point of the morning, partly owing to
Tacoma__
—
—
—
—
8,149 larger exports for the day— 79,675 bales.
8,149
.........
..........
Ono crop report
Total . . . 90,956 44,254 81,560 216,770 233,645 101,266 288,792 623,703 put tho condition at 6 2 .7 % .
Middling uplands closed at
11.90c., a rise for the week of 35 points.
Total 1914. 31,635
—
34,248 65,883 60,652
5 76,290 136,947
The following averages of the differences betwcon grades,
Note. —New York exports since Auk. 1 Include 1.013 bales Peruvian and 21 West
as figured from the Sept. 2 8 quotations of the olovon markets,
Indian to Liverpool and 2260 bales Peruvian to Genoa.
In addition to above exports, our telegrams to-night also designated by the Secretary of Agriculture, aro tho differ
give us tho following amounts of cotton on shipboard, not ences established for deliveries in the New York market on
Oct. 7.
cleared, at the ports named. W e add similar figures for
Middling fair................................1.01 on Good middling "yellow” tinged.0.01 on
New York.
Strict good middling___________ 0.73 on Strict middling "yellow” tlnged.0.22 oft
Exports
from —
On S h ip b o a r d , N o t C lea re d f o r —
Oct. 1 at —
G er
G reat
I lr it a in . F r a n c e . m a n y .
New Orleans*.
8,000 10,000
Galveston *_.
30,000 15,000
Savannah _ __
Charleston___
M obile_______
133
N orfolk ______
New York___
800
1,200
Other ports__ 13,000
—
Total 1015..
Total 1014..
Total 1913..
Other
F o r e ig n
C a o st xcise.
7,000
35,000
—
5,000
5,000
1 0 0 52,000
51,033 26,200
17,524 2,350 4 ,4 4 3 30,357
50,181 27,021 52,470 21,028
25,000
80,000
3,000
L e a v in g
S lo c k .
433
1,746
7,000
18,000
118,748
121,877
147,684
78,614
12,443
38,084
241.170
86,010
4,046 135,170
12,853 67,527
12,011 172,623
845,430
300,072
282,960
3 ,0 0 0
100
T o ta l.
200
1,746
—
♦Estimated.
Speculation in cotton for future delivery has been active
at much higher prices, though a break of 00 points occurred
on Wednesday from the high point reached that day, owing
to heavy liquidation. Tho previous rise was due largely to
bad crop reports, advices stating that there will bo little or no
top crop, and fears of the Caribbean storm. Boll weevils,
shedding and rust are said to have done much damage.
Some crop reports have put tho condition at 60.9 to 62 .7,
against 69.2 as stated in the Government report last month,
adn 73.5 in October last year. This led to a general expecta
tion of a very unfavorable Government crop report to-mor
row, Oct. 2. Tho Census ginning report will also bo given
then, and is also expected to bo bullish, since there is no ques
tion that tho crop this year is much smaller than the last one.
Lato to-day the Cotton Exchange requested Washington to
postpone tho reports until M onday. Also much interest
has been aroused in a storm in tho Caribbean Sea, which was
headed west and northwest and which struck the Gulf Coast
with possible injury to the crop. The barometer fell to
28 .11, which is something unheard of, and some reports
said to 28 .7. Rainfalls occurred of 6 to 6 Yi inches in
tho States of Mississippi and Georgia. Meanwhile, the
Southern spot markets have been rapidly advancing, with
sales reported at 12 to 12J4c.
Some of the farmers
in Alabama aro reported to bo storing their cotton, then
holding it for 15 cents. Spot sales at Liverpool liavo been
12,000 bales a day. Manchester has been strong. In this
country cotton goods have been very firm; silks have ad
vanced. Bulls stick to estimates of tho world’s consump
tion of American cotton of 15,000,000 bales. Crop estimates
have frequently, of late, been as low as 11,000,000 bales,
and in some cases even lower though, of courso, nobody
really has any very clear idea in tho last week of September
as to tho actual size of the crop. But speculation has been
active and oxcited, and bullish crop news and bullish estim
ates have, naturally, found a ready acceptance. An active
and strong stock market has inspired some of tho activity
and strength in cotton. Cotton has looked cheap for some
time to very many. Cool rains for Texas have also pro
moted buying. The season, too, in that State is lato and
an early frost there would, therefore, very likely do more
harm than usual. In Oklahoma tho season is described as
three to four weeks late, and there an early frost would do
more damage than ordinarily. October notices wero fow.
Tho success of tho Anglo-French loan of 8500,000,000 is ex
pected to stabilize sterling exchange and stimulate export
trade. Exports have already increased. Tho Allies’ suc
cesses of late have led some to think that peace may bo
nearer at hand than recently seemed at all probable. Spin
ners have bought futures here. W all Street, the WaldorfAstoria, tho W est, tho South, have all bought. Y et prices
aro somo three cents a pound higher than recently and four
cents higher than last fall, so that not a fow consider the
bullish factors to have been fully discounted. Besides,
the low crop estimates may yet bo found to be entirely
too low, especially if there is a late killing frost. Exports,
whatsoever they may be in the future, are cer
tainly below normal now, while the receipts at South
ern ports are increasing. Also there is said to bo a good
deal of speculation in spot cotton at tho South. Supplies at
home and abroad are still largo. The speculation hero has
Good middling________________0.48 on
Strict middling.................
0.24 on
Strict low middling...................... 0.46off
Low middling..............................0.99 off
Strict good ordinary............. ......1 . 5 3 off
Good ordinary___ ____________2.17 off
Strict good mlc. "yellow" tinged.0.29 on
Middling "yellow” tinged_____ 0.50 off
Strict low mid. "yellow” tinged.1.02 off
Low middling "yellow" tinged.. 1.63 off
Middling "blue” tinged_______ 0.84 off
Strict low mid. "blue” tinged___ 1.26 off
Low middling "blue” tinged___ 1.81 off
Middling "stained"___________ 1.12 off
The official quotation for middling upland cotton in tho
New York market each day for the past weok has beon:
ivrw.m' ^ t0i 0cti' *
Sat.
Middlinguplands......................1 1 .7 0
NEW
Mon. T ues.
12.00 12.40
Wed. T hu rs. Fri.
11.90 12.00 11.90
Y O R K Q U O T A T IO N S FO R 32 Y E A R S .
1915.C......... 11.90
1914......................
1913..............14.20
1912_______ 11.45
1911_______ 10.35
1910_______ 13.75
1909..............13.55
1908............. 9.30
1907.c . ___ 11.80
1006... ...1 0 .2 5
1 9 0 5 ... ___ 10.75
1904--. ----- 10.50
1 9 03... ___ 10.25
10 02... ------8.88
19 0 1 ... ----- 8.19
1900.. - . . 10.88
1899.c _____
1898_______
1807_______
1896_______
1805_______
1894_______
1803_______
18 92...........
6.88
5.38
6.50
8.38
9.06
6.25
8.00
7.60
1890............. 10.38
1889............. 10.88
1888........... .10.44
1887............. 9.50
1880............. 9.50
1885............. 10.08
1884............. 10.12
M A R K E T A N D SA LES A T N E W Y O R K .
Saturday__
M on d a y __
T uesday__
Wednesday.
Thursday _.
Friday_____
S p o t M a rk et
C lo sed .
F u tu r e s
M a rk e t
C lo sed .
Steady 15 pts adv . .
Steady 30 pts adv . .
Steady 40 pts adv _ _
Quiet 50 pts d e c __
Quiet 10 pts adv___
Quiet 10 pts dec___
Strong _______
Strong _______
Steady________
E a s y _________
Barely steady..
F irm ________
SALES.
S p o t.
Total.
C o n tr'ct
500
500
1.000
T o ta l
300
500
300
100
500
100
400
1.400
F U T U R E S .— Tho highest, lowest and closing prices at
New York for the past week have been as follows:
Saturday, M onday} Tuesday, W ed'day, Thursd'u, F rid a y ,
Sept. 25. Sept. 27. Sept. 28. Sept. 29. Sept. 30. Oct. 1.
October—
Range------ 11.40-.58
Closing----- ll.58-.60
November —
Range___ 11.79 —
Closing----- 11.83-.90
December—
Range____ 11.85-.99
Closing----- 11.95-.98
Ja n u ary —
1
11.70-.98 12.00-.22
11.95-.97 12.10-.15
1
12.05-.06-----------12.20 — 12.30 —
1
12.10-.38 12.42-.58
12.36-.3S 12.48-.49
Week.
11.54-.15 11.70-.88 11.6S-.95 ll.40-.22
11.60-.63 ll.82-.8l ll.79-.82 — — --12.08 — __ _ __ _______ Il.79-.08
11.70 — 11.95 — 11.88 —
11.95-.51 12.03-.28 11.70-.24 11.70-.58
ll.97-.99 12.15-.16 12.05-.il
Range____ 11.99-.15 12.25-.54 12.57-.75 12.11-.68 12.16-.41 11.85-.36 11.85-.75
Closing___ 12.10-.13 12.51-.53 12.64-.05 12.15-.18 12.31-.32 12.23-.25
1
Range____
Closing___ 12.20 — 12.61 — 12.74 — 12.25 — 12.43 — 12.35 — —
1
M arch —
Range. — 12.24-.39 12.51-.81 12.82-.04 12.33-.94 12.40-.71 12.10-.63 12.10-04
Closing___ 12.36-.38 12.80-.81 12.92-.93 12.35-.38 12.59-.60 12.51-.53 —
A p ril —
1
Rango____ 12.41 —
12.41 —
Closing___ 12.40 — 12.85 — 12.98 — 12.41 — 12.65 — 12.60 — __ __ __
1
M ay —
Range____ 12.36-.53 12.65-.92 12.98-.16 12.52-.07 12.60-.85 12.35-.78 12.35-.16
Closing__ 12.52-.54 12.91-.92 13.08-.09 12.52-.55 12.75-.77 12.70-.73
Ju n e —
Range____ _______ 12.75 — ------------ _______ _______ 12.64-.65 12.64-.75
Closing___ 12.52 — 12.85 — 13.03 — 12.44 — 12.73-.75 12.70 — —
February —
Ju ly —
Range____ 12.40-.56 12.64-.94 12.9S-.17 12.50-.06 12.63-.83 12.40-.78 12.40-.17
Closing___ 12.55-.60 12.90-.93 13.08-.10 12.53-.55 12.76-.77 12.71-.73 —
Range____ 12.36 — 12.71-.76------------ 12.86 — _______ 12.46-.49 12.36-.86
Closing___ 12.53-.58 12.85 — 13.03 — 12.48 — 12.73-.75 12.64 — —
August —
Q U O T A T IO N S F O R M ID D L I N G C O T T O N A T O T H E R
M A R K E T S .— Below are tho closing quotations of middling
cotton at Southern and other principal cotton markots for
each day of tho weok.
C lo sin g Q uotations f o r M i d d li n g C otton on —
October 1.
Galveston__ __
New Orleans. M obile________
Savannah __ .
Charleston __
Wilmington___
Norfolk ______
Baltimore_____
Philadelphia _.
Augusta. _____
Memphis______
St. Louis______
Houston
..
Littlo Rock___
S a tu rd a y . M o n d a y . T u e sd a y . W e d 'd a y . T h u r s d ’y.
11.40
11.25
11.13
11 %
11
11
11.13
114 ;
11.95
11.13
11.13
11%
11.35
10.75
11.75
11.63
11.38
11%
11%
11%
11.50
11%
12.25
11.50
11.50
11%
11.75
11.0 0
11.00
11.75
11.63
11%
11 %
11%
11.75
11%
12.65
11.75
11.75
11%
12.00
11.38
11.75
11.63
11%
11%
11
11.75
11%
12.15
11.63
11.75
11%
11.75
11.63
11%
11%
11%
11.50
11%
12.25
11.50
11.75
11%
_
11.88
F r id a y .
11.63
11%.
11%
11%
11.25
11%
12.15
11.25
11.75
11%
___
11.88
T H E V IS IB L E SU P P L Y OF C O T T O N to-night, as made
up by cable and telegraph, is as follows. Foreign stocks,
as well as the afloat, are this week’s returns, and consequently
all foreign figures are brought down to Thursday evening.
But to make the total the complete figures for to-mght
(Friday), wo add the item of exports from the United States,
including in it the exports of Friday only.
1914.
815,000
19.000
60.000
1913.
411.000
5.000
31.000
1912.
487.000
11,000
56.000
Total Great B ritain,...............1,113,000
Stock at Hamburg_____________
*1,000
Stock at B rem en_______________
*3,000
Stock at H a v r e ________________ 195,000
Stock at Marseilles____________
3,000
Stock at Barcelona____________
42,000
Stock at G e n o a ________________
89,000
Stock at Trieste________________
*1,000
894.000
*29,000
*180,000
226.000
3,000
29.000
22.000
*20,000
447.000
17.000
96.000
61.000
2.000
10,COO
6,000
12,000
554.000
8,000
149.000
76.000
3.000
11.000
10,000
6.000
509,000
204,000
263,000
Total Continental stocks_____
334,000
Total European stock s________1,447.000 1,403,000
65L000 817,000
India cotton afloat for Europe---76,000
80,000
87,000
53,000
Amer. cotton afloat for Europe..
408,592
98,14b
762,573 690,314
Egypt,Brazil,&c.,afloatforEur'po
16,000
10,000
42,000
35,000
Stock in Alexandria, Egypt------- 137,000
*9o,000
Stock in Bombay, India------------ 495,000
559,000
413,000 351,000
JSf-of'lr in FT S nnris:
980.618 368,499
4•)5,583 689,049
Stock in u ! s! Fnterior"towns"III 687:414 344,863
290,756 271,703
U. S. exports to-day__________
32,762
19 ,3 .).)_______ 6,181
Total visible supply___________4,210,386 2,974,508 2,846,207 2,993,247
o r the above, totals of American and other descriptions are as follows:
A m e r ic a n —
246,000 339,000
511,000
Liverpool stock................ .bales. 743,000
19,000
41,000
47,000
41,000
Manchester stock........................ -163.000 236,000
*262,000 *385,000
Continental stock---------- --------- -. *262,000
98,146 762,573
690,314
American afloat for E urope.-----. 408,592
- 980,618
368,499
455,583
689,049
IT. S. port stocks-----------_ 617,414
290,756 271,703
344,863
U. S. interior stocks.......- - on n an
32,762
6,181
19,355
32,/62
U. S. exports to -d a y ---------------.
.3,091,386 1,748,508 1,956,267 2,273,247
Total American-------------E a s t I n d ia n , B r a z il, & c .—
165,000
148,000
Liverpool sto ck ________________. 240,000 304,000
11,000
19,000
5,000
London stock__________________.
71,000
12,000
15.000
12,000
Manchester stock----------------------.
19,000
27,000
4 1,()()()
Continental sto ck --------------------. *72,000 *124,000
53,000
76,000
87,000
86,000
India afloat for Europe------------ .
35,000
16,000
42,000
10,000
Egypt, Brazil, &c., afloat------- .
80,000
125,000
Stock in Alexandria, Egypt----- . 137,000
*05,000
569,000
413,000 351,000
Stock in Bombay, India...............- 495,000
720,000
890,000
.1,119,000 1,226,000
-3,091,386 1,748,508 1,956,267 2,273,247
Total visible supply__________ 4,210,386 2,974,508 2,846,267 2,993,247
Middling Upland, Liverpool___
6.97d.
5.30d.
7.87d.
6.32d.
Middling Upiand, New Y o r k ___
11.90c.
--------14.10c.
11.25c.
Egypt, Good Brown, Liverpool._
10.25d.
8.20d.
10.90d.
I0% d.
Peruvian, Rough Good, Liverpool
lO.lOd.
8.75d.
9.00d. lO.OOd.
Broach, Fine, Liverpool________
6.55d.
4.90d.
7d. 6 3-16d.
TinneVelly, Good, Liverpool___
0.67d.
5.05d. 7 l-16d.
OliJd.
Continental imports for past week havo been 56,000 bales.
The above figures for 1915 show an increase over last week
of 225,573 bales, a gain of 1,235,878 bales over 1 9 14 ,an excess
of 1,364,119 bales over 1913 and a gain of 1,217,139 bales
over 1912.
A T T H E IN T E R IO R T O W N S the movement— that is,
the receipts for the week since Aug. 1, the shipments for
the week and the stocks to-night, and the samo items for the
corresponding periof of the previous year— is set out in de
tail below.
Movement to Oct. 1 1915.
Receipts.
Week.
Ala., Eufaula..
Montgomery.
Selma............
Ark,, Helena-.
Little H ock..
Ga., Albany__
880
Season.
ShipWeek.
Slocks
Oct.
1.
Movement to Ofl. 2 1914. *
Ship Stocks
ments.
Oct.
2.
Week.
Receipts.
Week.
Season.
La., Shreveport
Miss.,Columbus
Greenville__
Greenwood _
Meridian . . .
Natchez........
Vicksburg - Yazoo C ity-.
Mo., St. Louis.
N. C ., Raleigh.
()., CincinnatiOkla., Hugo--.
S.C., Greenw’d
Tenn.,Memphis
Nashville----Tex., Brcnham 1.000
1,164
Clarksville —
5,000
Dallas-. ----1,524
Honey GroveHouston------- 89,743
4,299
Paris------------
6,407
227 8,310
37,740 0,147 05,128
17,011 2,319 20,764
2,904 • 187 3,328
5,994 1,014 8,057
12,010 1,910 9,418
12,430 2,950 12,042
21,007 4,752 14,331
93,581 14,750 115,504
10,308 1,050 30,332
15,057 2,309 8,887
6,319 1,073 4,490
23,060 6,514 31,468
131 3,071
1.717
1,354 12.00C
10,401
21.552 9,838 13.93C
4.406 1,323 8,50C
1.142 6,07t
8,088
4,211
1,105 5,901
4,439 1,50( 5,892
17,437 3,501 7,431
1,857
525
422
8,568 2,151 11,794
130
130
2,220 1.405 4.985
37,920 10.344 62.141
1,903
1,903
6,715
800 2.640
2,281
333 1.933
15,532 4,000 5.233
2,496
68( 1.301
400,272 79,922 118,215
10,244 2,301 4,639
Total, 33 towns235,250
820,408108,220617,414 191,99ll 595,120 102,278344,803
10,211
4,588
1,855
3,324
1,530
5,100
7,010
28,333
2,604
4,071
2,545
9,218
048
4,000
12,057
1,780
2,937
1,613
1,50C
3,43C
719
1,44C
107
895
18,102
442
1,384
11,250
0,925
2,072
3,730
1,917
3,512
1,056
18,402
3,580
3,137
2,083
0,407
005
4,090
3,558
708
1,285
823
1,762
1,538
125
004
800
480
19,508
77 4,104
6,0.87
41,457 2,320 35,380
25,700 2,009 20,007
218 4,683
4,248
5,547 1,099 7,989
9,793
10,118
0,007
850 5,522
3,102 1.216 1.011
59,950 8,029 42,107
13,117
575 9,852
8,040
203 7,215
3,950 1,050 1,027
10,813
925 18,005
1,062
75 1,043
8,791 ______ 9,294
8,392
10,074
2,425 ‘ ‘ "io s 3,383
3,095
3,785
2,100 """282 2,300
4,207
5,080
8,734 " 1,703 12,527
190
100
50
7,599
887 4,819
400 1,100
1,540
44 1,125
1,072
38,929 6,595 38,030
1.444
1,000
3,522
90C
78,308
4,090
550 3,958
5,394
200 2,700
3,000
9,800 2,722 2,030
200 3,000
4,200
265,134 67,491 58,558
741 10,000
14,390
6
0
The above totals show that the interior stocks havo in
creased during the week6 7 ,0 3 0 bales and are to-night 272,551
bales more than at the same time last year. The receipts at
all towns havo been 43,259 bales moro than the samo week
last year.
O V E R L A N D M O V E M E N T FO R T H E W E E K A N D
S IN C E A U G . 1.— W e givo below a statement showing the
overland movoment for the week and sinco Aug. 1, as made
up from telegraphic reports Friday night. The results for tho
week and sinco Aug. 1 in tho last two years are as follows:
S in c e
A u g . 1.
W eek.
S in c e
A u g . 1.
W eek.
Via St. Louis___________________ 3,501
Via Cairo ___________ _______ 4,477
27,850
11,552
1,703
1,031
21,332
3,921
Louisville ............................... 1,293
Cincinnati . . . __________
469
..
Virginia ports____
928
other routes, &c __________ 2,944
4,547
4,935
7,244
40,922
428
335
879
10,762
3,551
1,534
4,949
18,022
Via
Via
Via
Via
Total gross overland................... 13,612
97,050
15,138
53,309
Overland to N. Y . , Boston, &c . .
975
Between interior tow ns.. ______
638
Inland, & c., from South-------------- 3,402
5,092
6,393
20,230
183
276
6,247
3,251
8,523
26,624
Total to bo deducted_________ _ 5,015
31,715
6,706
38,398
Leaving total net overland *__ 8,597
65,335
8,432
14,911
D ed u ct S h ip m e n ts —■
* Including movement by rail to Canada.
The foregoing shows the week’s net overland movement
has been 8,597 bales, against 8,432 bales for tho week last
year, and that for tho season to date the aggregate net over
land exhibits an increase over a year ago of 50,424 bales.
I n S ig h t a n d S p in n e r s '
T a k in g s .
-1914-
1915-
S in c e
A u g . 1.
W eek.
W eek.
S in c e
A u g . 1.
Uoceipts at ports to Oct. 1_______ 292,874
Not overland to Oct. 1__________
8,597
Southern consumption to Oct. 1. _ 65,000
1,018,456
65,335
575,000
158,124
8,432
60,000
440,590
14,911
510.000
.366,471
. 67,030
1,658,791
171,452
226,556
89,713
965,503
224,724
Total in sight Oct. 1.
.433,501
. 45,266
1,830,243
231,223
316,269
65,368
1,190,227
198,162
M ovement into sight in previous years:
W eek —
B a le s
S in c e A u g . 1—
B a le s .
1913— Oct. 3 .......
561,098 1913— Oct. 3 . . ................... 2,476,186
1 9 1 2 — Oct. 4 -----------------------565,455 1912— Oct. 4 _____________2,358,849
1911— Oct. 6 -----------------------587,217 1911— Oct. 6 . ..................-.2,510,035
N E W O R L E A N S C O N T R A C T M A R K E T .— The high
est, lowest and closing quotations for leading contracts in the
New Orleans cotton market for the past week have been as
follows:
S a tu rd a y , M o n d a y , T u e sd a y , W e d 'd a y , T h u r s d ’ y,
S e p t. 25. S e p t. 27. S e p t . 28. S e p t. 29. S e p t. 30.
F r id a y ,
Oct. 1.
Septem ber —
Range---------- 11.30-.4.3 11.59-.93 11.95-. 14
C lo s in g ..__ 11.43-.44 11.94-.96 12.06-.09
D ecem ber —
Range.. ___ 11.71-.S2 11.95-.26 11.2 7-. 50
Closing______ 11.81-.82 12.25-.26 12.39-.40
Ja n u a r y —
Range_______ 11.86-.97 12.12-.40 12.45-.62 Missing
Closing______ 11.95-.97 12.39-.40 12.54-.55 owing
to
Range__
. 12.12-.25 12.44-.69 12.72-.91 storm.
Closing_____ 12.24-.25 12.68-.69 12.82-83
M ay—
Range. ____ 12-32-.46 12.68-.88 12.94—07
Closing.. . . 12.45-.46 12.87-.88 12.99—00
Ju ly —
Range---------Closing______ 12.58-.61 13.00-.03 13.06-03
Tone—
S p o t__ _____ Steady Steady Steady
Strong
Steady
O p tion s____ Steady
M a r c h —•
* Estimated.
1914------- -
1915--------
October 1—
S h ip p e d —
October 1—
1915. „
Stock at Liverpool________ bales. 983,000
Stock at L ond on_______________
71,000
Stock at Manchester___________
59,000
Towns.
1109
THE CHRONICLE
OCT. 2 1915.)
Missing
owing
to
storm.
Missing
owing
to
storm.
W E A T H E R R E P O R TS B Y T E L E G R A P H .— Advices to
us by telegraph from the South this evening indicate that
in Atlantic sections and elsewhere not affected by the recent
sovere storm, the weather has, on the whole, favored the
rapid gathering of cotton. Damage to cotton is reported
in the storm area, but reliable data is not yet available.
Texas.— N o reports received this week.
M angum , Okla.— Rain has fallen on two days during the
week, and tho precipitation has been ninety-five hundredths
of an inch. Average thermometer 72, highest 90 and
lowest 55.
Tulsa, Okla.— W e have had rain on five days the past
week, the rainfall reaching one inch and eighty-nine hun
dredths. The thermometer has averaged 75, the highest
being 92 and the lowest 57.
Eldorado, A rk . — There has been no rain the past week.
Tho thermometer has averaged 80, ranging from 65 to 95.
Little Rock, A rk . — It has rained on two days of the week,
the precipitation reaching ninety-five hundredths of an inch.
The thermometer has ranged from 62 to 90, averaging 76.
N ew Orleans, L a. — Wire communication interrupted.
Shreveport, L a. — Tho week’s rainfall has been fourteen
hundredths of an inch, on one day. Tho thermometer has
averaged 79, the highest being 90 and the lowest 69.
Vicksburg, M is s . — Rain has fallen on two days during the
week, tho rainfall being one inch and sixty-one hundredths.
The thermometer has ranged from 66 to 92, averaging 78.
M obile, A la . — Damage in this vicinity by storm.
Rain
has fallen on four days of the week, the rainfall being three
inches and sixteen hundredths. Average thermometer 79,
highest 92, lowest 69.
Selma, A la . — It has rained on three days of the week, the
precipitation being two inches and ten hundredths. The
thermometer has averaged 76.5, the highest being 88 and
the lowest 64.
Albany, Ga.— It has rained on three days during the
week, tho precipitation reaching one inch and seventy-one
hundredths. Thermometer has averaged 78, ranging from
62 to 94.
Savannah, Ga.— Rain has fallen on four days during tho
week, tho rainfall being three inches and twelvo hundredths.
Thermometer has ranged from 66 to 96, averaging 76.
1110
THE CHRONICLE
Madison, Fla. R ain has fallen on four days o f the w eek,
the rainfall being two inches and fifty hundredths. A v e r
age therm om eter 7 9 , highest 9 0 , lowest 6 5 .
Charleston, S. C. There has been rain on three days during
the w eek, the precipitation reaching sixty hundredths of an
inch. T h e therm om eter has averaged 7 9 , the highest being
8 9 and the lowest 6 8 .
&
&
Spartanburg, S. C — R ain has fallen on tw o days of the
w eek, the rainfall being tw o inches and forty-seven hun
dredths. T h e thermom eter has averaged 7 2 , ranging from
5 0 to 9 3 .
Charlotte, N . C.— There has been rain on three days during
the week, the rainfall bein gon ein eh an d th irty-tw o hundredths
ot an inch. T h e therm om eter has ranged from 5 5 to 8 9 , aver
aging 7 2 .
Goldsboro, N . C . — I t has rained on one d ay of the week to
the extent o f eigh ty-tw o hundredths o f an inch. Average
therm om eter 7 2 , highest 9 1 , lowest 5 2 .
Memphis, Tenn.— Picking is activo. W e have had rain
on one day the past w eek, the rainfall being thirty-one hun
dredths of an inch. T h e thermom eter has averaged 74 the
highest being 8 8 and the lowest 61 .
A M O U N T OF C O T T O N M A R K E T E D B Y S T A T E S IN
i £ 1t ' l r ~ Inapportioning tlie am ou nt of the cotton crop for
19 4 -1 5 Vas ,®“ own in olir C otton Crop R eport on A u g . 2 1 ,
am ong the different S ta tes, we use altogether as a basis this
tim o the Census figures o f production. There seems an e po
chal reason for doing this on tho present occasion in the fact
th at our figures o f the crop and thoso o f the Census Buroau
dinor w idely and it seems desirable to account for the
difference. Our figures are thoso of the com m ercial crop,
nam ely the crop which has com e forward to be cou nted ,
th at is, has reached tho Southern outports, or Sou thorn
m ills, or been shipped ovorland N o rth .
T h o crop in this
w ay am ounted to 1 5 ,0 6 7 ,2 4 7 bales.
On the other h an d , the
Census in its crop statem ent undertakes to show tho actual
production, and this it gives as 1 6 ,6 7 8 ,1 1 0 balos. T h e
difference is duo to tho fact th at owing to the E uropoanw ar,
and the resulting low price o f cotton , a considerable portion
or the crop a t the end o f tho season still remained in public
storago warehouses and in com prosses. N o less than 2 ,0 2 0 ,
4 7 0 bales of lint cotton was so held July 31 1915, against
only 5 8 5 ,6 8 2 thus held on Ju ly 31 19 14 .
In addition stocks
o f linters were 1 1 2 ,9 0 5 bales larger on July 31 1915 than
on the samo date of 19 14 , though there aro no details to
show how this is distributed am ong tho different States.
In the follow ing w e a ttem p t a reconciliation between tho
tw o sets o f figures. T h e last colum n, showing tho am ount
distributed out of tho product o f each S ta te , ought to fur
nish a vory close approach to tho com m ercial crop o f the
S ta te .
In the final result, after allowing in a lum p sum for
the increase in the stocks of linters (details for those b y Statos
being lacking, as already sta te d ), tho agreem ent w ith our
figures o f the com m ercial crop is very close.
In other w ords,
^ i ^ onsus statistics show 1 5 ,1 3 0 ,4 1 7 bales distributed,
while our com pilations m ake tho com m ercial crop 1 5 ,0 6 7 ,2 4 7 .
The small rem aining difference would no doubt bo accounted
tor if wo could also have the record of the stocks on planta
tions, in private warehouses and a t cotton-seed oil m ills.
Crop of
1914-1915.
North CarolinaSouth Carolina. .
Georgia________
Alabama_______
Mississippi.........
Louisiana ..........
T o x a s -------------Arkansas_______
Tennessee______
Oklahoma______
Other States___
Stocks at
Southern M ills
Less Stocks
Census and in Public
Total
at M ills,
Product, Warehouses& Supply, Public Ware- Amount
incl.
Compresses
Season
--------houses, & c.. Distributed
Linters. July 3 1 ............
14.a 1914-15. July 31 ’ 15.a 1914-15.
Bales.
Bales.
Bales.
Bales.
Bales.
1.013,463
1.614,081
„2,854.242
1,797,461
1.288,266
475,952
4,613,837
1,041,923
409.768
1,295,615
273,502
139,776
118.395
101.694
44,915
19,065
30,692
59,263
14,652
23.426
1,550
32,254
1,153.239
1,732,476
2,955,936
1,842.376
1,307,331
506,644
4,673,100
1,056,575
433,194
1,297,165
305,756
249,165
281,676
506,005
285.965
72.778
167.207
230,642
32.394
91,621
13,159
89.858
904,074
1,450.800
2.449,931
1.556,411
1,234,553
339,437
4,442,458
1,024,181
341.573
1.284,006
215,898
-
16.678.110
585,682 17.263,792 2,020,470 15,243,322
Less excess of lintors not apportioned to States*.. -------------112,905
T otal amount m arketed_____________________________________
15,130 417
[Vol. 101.
e(fprt will bo made to reduce tho number o f weevils to tho
extent that will allow an approximately normal crop to be produced next
season.
Another feature of the boll-weevil problem which is attracting consider
able attention is the damage that is being done in Texas this season. There
J? a ™ r<L°,r, less general impression in tho eastern part of tho cotton belt
that the boll weevil has died out in the State of Texas, but tho investiga
tions of the Department show that tho abundance o f the insect in that
J^,n1?-Iiidep<lnds °t? c ma.t c conditions. During the present season these
conditions have been extremely favorable with the result that the insect
has been as abundant as at any timo since It inyaded the State. The
JffYhl
fr01? th is fact *ls that the plantors in tho eastern part
°.f tho cotton belt must make a strenuous fight, and should realize that
since the boll weevil has not died out either in Texas or Mexico, it Is not
at all likely to do so in any other region that may become invaded. They
de?ayd adJUSt thc r systoras of farming to boll-weevil conditions without
R E C E I P T S F R O M T H E P L A N T A T I O N S .— Tho follow
ing table indicates the actual m ovem ent each week from the
plantations.
T h e figures do n ot include overland receipts
nor Southern consum ption; they aro sim ply a statem ent of
the weekly m ovem ent from the plantations of that part of the
crop which finally reaches the m arket through the outports.
W ee k
— -S t o c k at I n t e r i o r T o w n s 1913.
1915.
1914.
1913.
24,915 418,115 113,751 123,129
66,011 413,205 113,419 116,292
141,281 410,109 116,469 109,328
153,476 406,713 125,619 124,197
217,200 432,699 143,836 158,237
329,018 473,806 191,548 192,635
367,522 550,384 255,150 223,469
416,299 617.414 344,863 290,756
■Receipts a t P o m
e n d in g .
1915.
Aug. 13 . 20,757
“ 20 . 28,735
" 27 . 24,070
Sept. 3 . 72,493
” 10 100,526
“ 17 .176,839
“ 24 .284,993
Oct. 1 . 292,874
1914.
8,197
4,795
14,338
33,430
49,127
67,936
97,716
158,124
R e c e ip ts f r o m P la n ta t io n
1915.
2,116
23,885
20,914
09,097
126,512
217,946
361,570
359,904
1914.
1913.
6,702 17,112
4,463 59,174
17,388 134,217
42,582 168,345
67,344 251,240
115,648 363,416
161,318 398,656
247,837 483,286
T he above statem ent show s: 1 .— T h a t the total receipts
from the plantations since A u g . 1 1915 are 1 ,1 8 9 ,9 0 8 bales;
m 1914 were 6 0 5 ,3 1 6 bales, and in 1913 were 1 ,1 8 1 ,7 2 9 bales.
2 -— T h a t although tho receipts at the outports the past week
were 2 9 2 ,8 7 4 bales, the actual m ovem ent from plantations
was 3 5 9 ,9 0 4 bales, the balance going to increase stocks at
interior tow ns. Last year receipts from tho plantations for
the week were 2 4 7 ,8 3 7 bales and for 1913 they were 4 8 3 ,2 8 6
bales.
W O R L D ’S S U P P L Y A N D T A K I N G S O F C O T T O N .—
T h e follow ing brief b u t comprohensivo statem ent indicates
at a glance tho w orld’s supply o f cotton for the week and
since A u g . 1 for the last tw o seasons, from all sources from
which statistics are obtainable; also the takings, or am ounts
gone out o f sight, for the like period.
C o t t o n T a k in g s .
W eek a n d S ea son .
1915.
Week.
1914.
Season.
Week.
,
Season.
Visiblo supply Sept. 2 4 ..
3,984,813
2,850,892
Visible supply Aug. 1__
4,633,210
3,176,816
American In sight to Oct. 1
433,501 1,830,243 316,269 1,190.227
Bombay receipts to Sept. 30__
640,000
215,000
2,000
48.000
Other India ship’ts to Sept. 3 0 ._
63.000
36.000
3.000
28.000
Alexandria receipts to Sept. 29.
66.000
20.000
500
1,700
Other supply to Sept. 29*.
61,000
18,000
1.000
36,000
Total supply_______________ 4,468.314 6,752,453 3,173,661 4,480,743
Deduct—
Visible supply Oct. 1__________ 4,210,386 4,210,386 2,974,508 2,974,508
Total takings to Oct. l . a ______
Of which American________
Of which other......................
257.928 2.542.067
206.928 1.962.067
51,000
580,000
199,153 1,506,235
173,653 1,121,535
25,500
384,700
* Embraces receipts In Europe from Brazil, Smyrna, West Indies, * c .
b Estimated.
a This total embraces since Aug. 1 the total ostlmated consumption by
Southern mills, 575,000 bales in
ly io and
ana oiu.uuu
Dales in
m 1914— takings
n 1915
510,000 bales
not being availably—and the aggregate amounts taken by Northorn and
1'
1” 1015 and 996,235 balos in 1914, of which
1.387,067 bales and 611,635 bales In American.
I N D I A C O T T O N M O V E M E N T .— T ho receipts of India
cotton a t B o m b a y and tho shipm ents for the week onding
Sep t. 9 and for the season from A u g . 1 for throe years have
been as follow s:
1915.
S e p t. 9.
R e c e ip ts at —
W eek.
Bombay___
26,000
1914.
S in c e
A u g . 1.
W eek.
118,000 1 2,000
1913.
1
S in ce
A u g . 1.
W eek.
40,000
7,000
S in c e
A u g . 1.
43,000
5 B,0. n,ob Include stocks in private warehouses,
on J u l y V f 1915“
r the S
d a t fi n m u " 0 warehouses and im p r e ss e s
U N U S U A L S P R E A D O F T H E B O L L W E E V I L .— T h e
following interesting bulletin has been issued this week b y
the Office of Inform ation of the U . S . D ep artm en t of A gri
culture :
„ f V ? d c r / 10IY a! conditions the boll weevil advances into new territory
at the rate o f about 50 miles each year, but during a period o f only two
weeks during the present season there was an advance o f about 100 miles
? 5h pnMn°fT^Tr!ltti?Arri (;' f th?, bisect into Georgia for the first tim e, and
25 counties in that State became infested. Several counties in Florida
hvVfh «Cm m feSted for several years, but 8 additional ones became infested
AnenVeiM - T w enty additional counties in Alabam a were
o f A u g u s t ^ ’ A 1 f th S spread t00k pIace between the 15th and 31st
several conditions, according to the entom ologists o f the
iVmiaf r t if^ ^ fr .P epn rtnl0f'lttJ)f Af?ricul,ure, which contributed to this unRinni
o f .them was the drought in A labam a and Missiswkich caused the plants to ceaso fruiting and deprived the weevils
° £ t h ° squares upon which they prefer to feed. The m ore im portant
“ “ l l i o " .h ow ever w as a series o f very high winds which began on A ugu st
16th and blow continuously for several days toward the northeast. Tho
Vc.eyh® were thus carried m uch farther than they would havo gone by
natural flight, or even b y tho aid o f ordinary winds.
y
T he Departm ent has placed all available forces at work to assist the
farmers in tho territory that has just becom e infested. M ost o f the
cetton is now open and this will allow an unusually early picking so that
the fall brood o f the weevil can be destroyed b y uprooting and burying
thnSimrrvlin^n!wg thhelIl where inecessary. T ho Departm ent strongly
bV£ylnP o f .tho plants wherever this can be dono prom ptly, as
the humus thereby p la ced in the soil is o f very great im portance
Tho
State agencies are co-operating with the agents o f the Departm ent,' and a
F o r th e W e e k .
E x p o r ts
fr o m —
Bombay—
1915 . . .
1914 . . .
1913 . . .
Calcutta—
1915 . . .
1914 . . .
1913 . . .
Madras—
1915
1914
1913
All others—
1915 .
1914
1913___
Total a l l 1915 ___
1914___
1913___
S in c e A u g u s t
G rea t
C o n t i- J a p a n
B r ita in , n e n t. JkC hlna T o ta l.
G r ea t
B r ita in .
1.
Japan
& C h in a
T o ta l
7,000 10,000 17,000
2,000
6,000 "o ',666 Ti',666
” l ’,666
21,000
13.000
89.000
99.000
26.000
60,000
122,000
39.000
150,000
1,000
1,000
1,000
8,000
1,000
3,000
1,000
2,000
1,000
10.000
0,000
3.000
7.000
2,000
2,000
2,000
14.000
20.000
21,000
13.000
1,000
10.000
29.000
23.000
33.000
9.000 14,000 23.000
1.000 1.000 3,000
16,000 5.000 21.000
4.000
2.000
4,000
36.000
34.000
125,000
113,000
27.000
71.000
153.000
63,000
200.000
” 3",666
____________
____________
____________
2,000
____________
1,000
1,000
7,000
1,000
C o n ti
n e n t.
" i,
4.000
1.000
666
7,000
According to the foregoing, B o m b a y appears to show an in
com pared with last year, in the w eek’s receipts of
2 4 .0 0 0 bales.
Exports from all India ports record a gain of
2 0 .0 0 0 bales during tho week and since A u g . 1 show an in
crease o f 9 0 ,0 0 0 bales.
crease,
Oct. 2 1915.]
THE CHRONICLE
1111
A L E X A N D R IA R E C E IP T S A N D S H IP M E N T S O F I
L I V E R P O O L .— B y cable from Liverpool we have the
C O T T O N .— Tlio following aro the receipts and shipm ents for follow ing statem ent o f tho week’s sales, stocks, & c ., at
tho week ending Sept. 8 and for the corresponding week th at port:
o f tho two previous years:
S e p t . 10.
S e p t . 17.
S e p t . 24.
O c t . 1.
R ece ip ts
To
To
To
To
T h is
S in c e
W e e k . A u g . 1.
T h is
S in c e
W e e k . A u g . 1.
4,750 12 ,0 0 0
3,750
3",500 28,500
600
2,700
T h e tone of the Liverpool m arket for spots and futures
each day o f the past week and the daily closing prices of
spot cotton have been as follows:
0914.
| 1913.
(cantars)—
13,730
43,916
Since Aug. 1____________
E x p o rts
Sales o f the w eek__________
O f which speculators took.
O f which exporters to o k ..
Sales, Am erican____________
A ctual export______________
Forwarded_________________
T otal stock________________
O f which Am erican______
T otal imports o f the w eek..
O f which Am erican______
A m ount afloat_____________
O f which Am erican______
1915.
A le x a n d r ia , E g y p t.
S e p t. 8.
T h is
S in c e
W e e k . A u g . 1.
(bales)—•
L iv e r p o o l___________
M anchester__________
Continent and IndiaA m erica_____________
Total ex p ort*-. _____
N o t e .—
600
2,600
A cantar is 99 lbs.
40,000
80,100
4",030
9,293
5,354
12,977
10,829
2,395
12 2
4,030
38,453
2,517l 17,965
4,695
4,622
3,398
5,250
8,850
46,950
E gyptian bales weigh about 750 lbs.
. T h o statem ent shows th at the receipts for tho week en d
ing Sopt. 8 were 13 ,7 3 0 cantars and tho foreign shipments
wero 4 ,0 3 0 bales.
M A N C H E S T E R M A R K E T .-— Our report received b y
cable to-n igh t from M an ch ester states that fluctuations in
cotton disturb business. W o give prices for to-d a y below
and leavo thoso for previous weeks of this and last year for
com parison:
1014.
u n o.
8H
lb s. S h irttries. co m m o n
to f i n e s t .
32s
C op
T w is t.
Aug. a
13 8 H
20 8H
27 8H
Sept
3 8H
10 OH
9H
11
24
«H
Oct. lOhJ
@
®
®
@
@
@
®
@
(1
OH
sH
9
OH
OH
10 H
10 H
11H
8
6
0
6
a.
0
6
6
C o t’ n
M id .
U p l’s
lb s . S h ir tin g s , co m m o n
to f i n e s t .
C op
T w is t .
8. (1.
d.
0
5.43
5.42
9
@7 0
5.03
@7
®7
6 0 @8 0
6 10 @ 8 1H
7 3 ©8 0
7 3 @ 7 10H
7 4H @8 0
8H
32s
5.78
0.12
0.44
0.50
6.97
No
No
No
No
cl. s. (1.
quo tatlona
quo
quo tatlons.
quo
C o t’ n
M id .
U p l’ s
a. d.
No quo
No quo tatlona.
a.
0.50
0.20
0.20
0.00
5.80
5.55
5.30
S H I P P I N G N E W S .— A s shown on a previous pago, tho
oxports of cotton from tho U n ited States tho past week have
reached 2 1 0 ,7 7 0 bales.
T h e shipm ents in detail, as mado
up from mail and telegraphic returns, are as follow s:
;J22
N E W Y O R K — T o Liverpool— Sept. 24— Orduna, 322_____________
T o lla v r o — Sept. 25— La Touraino; 1,266__________________ II
] 266
T o B ordeaux— Sept. 28—-Ben N evis, 3,734________________ U _ a '7 3 4
T o Rotterdam — Sept. 28— W aaldijk, 831___Sept. 29—-Rotter’
dam , 416_________________________________________________
1 247
T o Archangel— Sopt. 30—-Ekaterinoslav, 1,350.
.
1.350
T o Genoa— Sent. 28— Vulcano, 3 ,6 6 9 ._ .S e p t. 29— Canopic!
’
2,260 Peruvian: Taorm ina, 350 upland____
.
r. 270
T o Salonica— Sopt. 29— M alinche, 250_______ .
'o k n
T o V ladivostock— Sopt. 29— Tokuyam a M a m , 3,259
3 o'r.n
G A L V E S T O N —-To Liverpool— Sopt. 24— M eltonian, 8 879" ”
’
Sopt. 28— M edian, 9 ,1 1 1 ...S e p t. 30— ______ , 4,256____ H I 22 246
T o M anchester— Sopt. 29— Ventura de Larrinaga, 15,463____ 15 463
T o lla v ro—-Sept. 29— Pilar do Larrinaga, 15,073____
_
15 073
T o Christiania— Sept. 25— Texas, 650______________________H
’050
T o Genoa— Sept. 24— Seguranca, 6,083-Sept. 28— II Piem onte,
11.108— Sept. 28— Britannic, 10 ,0 0 0 ________________________ 27,191
T E X A S C I T Y — T o Liverpool— Sept. 29— ______ , 4,960__________ .4 ,9 6 0
N E W O R L E A N S —-To Liverpool— Sept. 24— Sculptor, 4,500___
8opt. 25— Napierian, 5,003: Student, 6,000________
___ 15,503
T o Barcelona— Sept. 25— M iguel M . Pinlllos, 2,312 ..S o p t . 28
— M ar Cantabrfco, 3,386______
..
5 698
T o M exico— Sept. 25— Puebla, 1,000______ _______
______
1,000
M O B IL E — T o L ivom ool— Sept. 27— N apierian, 4,199...................... 4,199
S A V A N N A H — T o Liverpool— Sept. 29— Victoria do Larrinaga,
10,5o7-------------------------------------------------1
in n a j
A TYTnnr'iincl on U<>»>4- no i r i .i _*.
— ~“
1U |OUI
,900
,250
To Ferrol— Sopt! 29— Victoria" do’ Larrinaga.‘ 500
'Pn Pm,iinnn---Qnnf 90
/!., r . . . .
.
................ 2U’? m
“ ---«)*;(/
-Sopt. 24— Prince George, 50
B A L T I M O R E — To Liverpool— Sopt. 28— Swanmoro 1 646
PHI LA DE L P H IA - T o L v e rp o o l-S o p t. 24-D om inion 500". I " !
o n l NT«>-ncliosfcor— !Sopt. 17— Manchester Spinner, 600___
SEATTLE— To Japan— Sopt. 6— Taithybiua, 700....................H H
re
1 646
1 '500
()
700
T o t a l.............................................. ........... ......................... ..216,770
Tho particulars of tho foregoing shipm ents for tho weolr,
arranged in our usual form , are as follows:
G rea t F ren ch
B r ita in . P o rts.
N ow Y o r k ______
322
G a lv e s to n ______ 37,709
Texas C ity ____ 4,960
N ow Orleans__ 15,503
M o b ile ________ 4,199
S a v a n n a h ---------- 17.467
Charleston______ 0,750
W ilm ington------ -----N o r fo lk _______ 1,300
B oston _________ ____
B a ltim o re _____ 1,646
Philadelphia . . . 1,100
S eattlo_________ ____
5,000
15,073
____
____
____
10,250
__
13,931
____
____
____
____
____
T o t a l ............-90,956 44,254
T lo l ---- O lh . E u r o p e — V l a d . ,
la n d .
N o r th . S ou th ,
etc.
1.247
------
1,350 6,529
650 27,191
Japan.
3,259 ____
....................
5!698 1I660H I I
---I
HH
—
m i 20I8 I 6
m i
m i
------ 13,070
50
1,247
2,000 73,304 4,309
____
700
T o ta l.
17,707
80,623
4,960
22,201
4,199
48,533
6,750
27.001
1,300
50
1,646
1,100
700
216770
T ho exports to Japan since A u g . 1 have boon 2 9 ,3 7 1 bales
from Pacific ports.
C O T T O N F R E I G H T S .— Current rates for cotton from
N ow Y o rk aro as follow s, quotations being in cents per pound:
Liverpool, 1.25c.; Manchester, 1.25c.; llavro, 2.00c.; R otterdam ,
Genoa, 1.50c.; Naples. 1.50c. nom .; Leghorn. 1.55c.; Barcelona
2 .00c ; M arseilles, 2.00c.; Piraeus, 1.75c.; Syra. 1.75c.: Japan
asked; Shanghai, 1.50c. asked; B om bay, 1.25c.; V ladivostok, ’
Arehangol, 2.25c. nom .
S p o t.
Market,
1.75c •
d ire ct’
1 50c
1 .2 5 c.:
1 2 :1 5
P. M .
S a tu r d a y .
Fair
business
1 doing.
76.000
72.000
71.000
8,000
7.000
10.000
2,000
2.000
2.000
63.000
58.000
57.000
2,000
11.000
11.000
65.000
68,000
70.000
1,154,000 1,088,000 1,034,000
900,000
841,000
798.000
30.000
13.000
28.000
13.000
3,000
17,000
69.000
90.000
145.000
39.000
69.000
107.000
M on day.
T u esd a y.
Firm.
Firm.
19.000
70.000
983.000
143.000
38.000
20.000
W ed n esd a y.
T h u rsd ay.
F r id a y .
Good
demand.
Fair
business
doing.
Good
demand.
Mld.Upl’ds
6.76
6.88
7.04
7.04
6.85
6.97
Spec.&exp.
8,000
800
12,000
1,000
12,000
3,000
12,000
2,000
10,000
2,000
15,000
2,000
F u tu res.
Market,
opened
Market,
4
P. M.
Barely st’y, Strong at
1 2 H @ 5H 9@11 pts.
/ pts. dec. advance.
Feverish,
7@9 pts.
advance.
f Irreg. & Feverish, Feverish,
unsettled, 17H@21H 9H @11H
1 H @8
points
points
pts. adv. advance.
advance.
Steady at Irregular, Quiet, un
1@ 2 pts. 11H@14H changed to
advance.
pts. dec. 1 pt. dec.
Weak at
13@14
points
decline.
Steady at Irreg. <t un3@ 5 pts. sett'd, 1 1 H
advance. @17pt.dec.
T h e prices o f futures at Liverpool for each day are given
below. Prices are on the basis o f upland, good ordinary
clause, unless otherwise stated.
T h e p r ic e s a re g iv en in p e n c e a n d
Se£)t. 25
O ct. 1.
S a tu rd a y .
12 X
p .m .
p .m .
12 ^
d.
d.
6 63
O ct.-N o v .
6 63 M
Jan .-Fob .
6 68
M ar .-Apr. m i 6 69
M ay-June
6 70
J uly-A ug.
6 68
M onday.
100/hs.
T u esd ay.
T h u s,
6 63 m e a n s 6 63-100d.
W e d 'd a y .
T h u rsd ay.
F r id a y .
4 \2X
12X
4 12X
4 12X
4 12X
4
p . m . p . m . P.7H. p . m . p . m . p . m . p . m . p . m . p . m . p . m
d.
d.
72
72H
78
79
79 H
77
80 H
81H
88
90 H
91H
88
d.
87 lA
88 H
95
98
99
96
d.
d.
92
92
98H
01
01
97 H
d.
d.
87 H
87 H
94
95 H
95 H
91
79
79
85 H
87 H
87
84 H
69
69
76 H
78 H
79 H
76 H
d.
82
82
89
91
92
89
.
d.
d.
81
81
86H
88 H
89H
85 H
70 H
70 H
74
76
76
72
BREADSTUFFS
Friday Night, Oct. 1 1915.
Flour for a tim e m et with a fair dem and at steady prices.
In fact prices at times have looked even strong. B u t lat
terly tho dem and has fallen o ff. N orthw estern mills are
said, how ever, to bo disinclined to seek new business a t this
tim e. T h e y are m aking every effort to m ake deliveries
prom p tly. M a n y are running at full cap acity, in some cases
producing more than ever before in an endeavor to satisfy
tho call for delivery on old purchases. N e w business here
a t the close is slow, partly owing to tho congestion of traffic
at tho N e w Jersey terminals, by reason of tho freight-handlers’
striko, though the railroad companies aro rapidly getting
things in shape for business on the normal scale. T h e out
put last week at M inneapolis, D uluth and M ilw aukee reached
tho extraordinary total of 5 3 8 ,5 5 5 b b ls., against 5 0 5 ,8 4 0
bbls in the previous week and 4 5 0 ,3 0 0 last year.
_ W h e a t has__continued irregular within com paratively
narrow^limits. A t times f irm , at others weakened a little.
Depressing factors have been the reports of progress m ade
by the Allies in the D ardanelles, thereby opening up a vista
of largely increased supplies derived from R ussia. Possibly
the A llied victories on the W estern front m igh t also bo re
garded as a bearish factor as tending to hasten tho end of a
war that everybody is supposed to bo sick and tired o f.
Europe ju st now is buying more spring wheat than winter
in this country to the detrim ent of winter w heat.
There
has been selling on big interior receipts and prospects of
hotter weather in the N orth w est. T h e N orthw estern receipts
have been the largest of the season.
L ast M o n d a y the total
receipts at N o rth Am erican m arkets, including C an ad a, a p
proxim ated 8 ,0 0 0 ,0 0 0 bushels. Cash prem ium s early in the
w eek fell off sharply and disappeared a t C hicago. Argentine
advices say that th e weather is clear and warm and
therefore, very desirable for growing crops, though it is
not denied that rains are still needed in some parts of the
country. Arrangem ents have been perfected with the
Australian G overnm ent whereby sufficient freight room
has been secured for the m ovem ent of the surplus. Russian
advices say that that country is holding im mense reserves
and is continuing to store h eavily, but even with additional
store houses, the facilities aro inadequate and m uch grain
is uncovered and will remain so.
On the other h and , export
business in this country has been rather brisk, daily sales
reaching 5 0 0 ,0 0 0 to 1 ,0 0 0 ,0 0 0 bushels.
D rought still
prevails in parts of Argentina. T h e percentage of m erchant
able wheat in Russia will bo reduced, partly owing to inade
quate storage facilities. In Italy the weather has been wet and
dam aging floods have occurred in the southern part of that
country. Italian reserves are light and Italian millers are
appealing to the G overnm ent for relief. T h e French crop is
[VOL. 101.
THE CHRONICLE
1112
estim ated a t 2 4 0 ,0 0 0 ,0 0 0 bushels, or 4 5 ,0 0 0 ,0 0 0 bushels less
than the previous one.
A lso the qu ality is very inferior and
it looks a s though France will have to im port 8 0 ,0 0 0 ,0 0 0 bush
els in spite of the v ery econom ical use of wheat b y the m ills,
T h e w et w eather in "our W e stern and N orth w estern States
further delayed threshing. A t M in n eapolis there has been
little hedging pressure.
There has been a good cash dem and
from m ills.
T h e w orld’s stock of wheat increased last week
o nly 5 ,4 9 3 ,0 0 0 bushels against 1 9 ,0 4 6 ,0 0 0 in the sam e week
last year.
T h e A m erican supply increased only 6 ,5 9 3 ,0 0 0
bushels against 1 7 ,5 4 6 ,0 0 0 last year.
Therefore, tho w orld’s
supply is still 9 1 ,4 3 0 ,0 0 0 bushels against 1 5 8 ,6 6 0 ,0 0 0 a year
ago and 1 5 2 ,3 0 0 ,0 0 0 in 19 13 . A “ squeeze” in Septem ber
late in the w eek sent th at m on th up \\% a. in one d a y ,
reaching $1 1 5 } i.
T o -d a y prices declined slightly after an
early a d van ce, in response to a rise in Liverpool. B u t reports
confirm previous statem en ts th at this is the largest crop on
record.
D A I L Y C LO S IN G P R IC E S OF W H E A T F U T U R E S IN N E W Y O R K
S a t.
M on.
T u es.
W ed . T h u rs.
F r i.
122M 1 2 4 ^ 121
124
118
N o. 2 r e d ............_ ..................... ..c t s .1 2 6
September delivery in elevator------ 11713 112
114
1 1 2 1 3 ----------D U L Y C L O S IN G P R IC E S OF W H E A T F U T U R E S IN C H IC A G O .
S a t.
M on.
September delivery in elova tor.etS -10613 108
Decem ber delivery in elevator------ 9413
94
T u es.
105
9513
W ed . T h in s .
F ri.
10313 11413
9413 9513
---
95 k
M ay delivery in elevator_________ 97
9613 9813 9713 9713 9613
Indian corn declined at one tim e. B u t it cannot bo said
that a n y very striking changes have occurred. T a lk of com
petition from Argentina has had a depressing effect, how ever.
C old weather and predictions of frost had no lasting influ
ence. N eith er had reports th at the crop outlook in the north
ern half of the belt was less favorable. A rrivals of A r
gentine corn a t N e w Y o rk have been increasing.
T h e avail
able supply of A m erican corn increased 2 2 3 ,0 0 0 bushels,
against a decrease in the samo week last year of 8 1 6 ,0 0 0 bush
els. Cash houses sold Septem ber corn freely in C hicago.
T h e Eastern dem and tliero has been rather ligh t, while the
stock gained 4 4 6 ,0 0 0 bushels, reaching a total now of 9 9 6 ,0 0 0
bushels, though to be sure at this tim e last year it was 2 ,0 9 7 ,
0 0 0 bushels. S till, stocks aro beginning to increase.
T he
weather has im proved in the Central States and there is no
hint of export trade.
B u t on the other h an d , no severo de
cline has taken place.
A fter all, the available stock ju st now
is only 2 ,7 5 0 ,0 0 0 bushels against 7 ,2 0 0 ,0 0 0 bushels a year
ago and 8 ,7 5 0 ,0 0 0 in 1913.
T h e weekly G overnm ent weather
report said th at continued rains in portions of the N orth w est,
w ith general lack of w arm th and sunshine, have further de
layed the ripening of corn over large areas, especially in
K a n sas, Iow a, N ebraska and W isconsin , where the later
planted still needs from 10 days to two weeks of favorable
weather to m atu re.
T o -d a y prices declined, owing to fa
vorable weather and a private crop estim ate o f 3 ,0 1 8 ,0 0 0 ,0 0 0
bushels, against 2 ,6 7 2 ,0 0 0 ,0 0 0 last year.
D A I L Y C LO S IN G P R IC E S OF N O . 2 M I X E D C O R N IN N E W Y O R K .
S a t.
M on.
T u es.
W ed . T h u rs.
fri.
7853 76
7653 76J3
N o . 2 yellow __________________ c ts . 823-3 80
D A IL Y C LO S IN G P R IC E S OF C O R N F U T U R E S IN C H IC A G O .
S a t.
Septem berdolivery in olov a tor-cts. 7053
Decem bor delivery in elevator ------ 5553
M on.
T u e s .W e d . T h u r s .
6853
68
----
b n .
*>§H
5453 5653
>>453 5553 63 A.
M ay delivery in elevator_________ 5753 5653 5753
5653 55 53 >>554
O ats have fluctuated w ithin a narrow com pass.
Decisive
factors, in other w ords, have been lacking.
In Septem ber
there has been no little liquidation, but covering of shorts
has in a measure offset this. T h e E nglish crop is smaller
than was expected.
Franco also has a reduced yield of poor
q u ality.
A rgentina is not shipping, and the prospects for
the new crop there are not good.
English stocks aro not
increasing, as im ports ju st about supply the current needs
ahd perm it of no accum ulation.
B u t in this country tho
dem an d , particularly for export, is disappointing. A n d in
the m eanwhile the receipts are increasing. T h e available
supply increased last week abou t twice as m uch as it did in
the same week last year— i. e ., 2 ,0 2 0 ,0 0 0 bushels against
1 ,0 1 5 ,0 0 0 bushels last year.
C ou n try offerings, it is true,
have generally been small or com paratively so. T h e trouble
is the dem and has also been sm all.
T o -d a y prices were low er.
One crop estim ate was 1 ,6 0 7 ,0 0 0 ,0 0 0 bushels against 1 ,1 4 1 ,
0 0 0 ,0 0 0 last year.
T h e cash dem an d, too, was less active.
D A IL Y C L O S IN G P R IC E S O F OA TS IN N E W Y O R K .
S a t.
M on.
T u es.
W ed . T h u rs.
b n .
Standards_____________________ c ts .N o m . Norn.
N om . N om . N om , N om ,
N o. 2 w hite_______________________ N om . N om .
N om . N om . N om . N om .
D A I L Y C LO S IN G P R IC E S OF O A TS F U T U R E S IN C H IC A G O .
m arized in the weather bulletin issued b y the D epartm ent
of Agriculture for the week ending Sep t. 27 were as follows:
Corn.— Continued rains in portions of tho Northwest, with general lack
of warmth and sunshine, further delayed tho ripening of corn over largo
areas, especially in Kansas, Iowa, Nebraska and Wisconsin, where tho
later planted still needs from ten days to two weeks of favorable weather
to mature. Over most of tho Central and Eastern States tho weather
was more favorablo, and the entiro crop is now practically safe, and cutting
is in progress, with indications of an excellent yield in all districts.
Wheat.— Over all western portions of tho spring wheat belt threshing
continued without material interruption. Over tho eastern portion rain
tho latter half of tho week delayed this work, but it is now nearing com
pletion in all districts. Continued rain over tho winter wheat-growing
States to westward of tho Mississippi greatly delayed plowing and other
preparations for fall seeding, and little wheat lias yot been sown. In tho
districts to eastward of the Mississippi tho weather was more favorablo
and preparation of the soil progressed rapidly, and somo wheat has been
sown in tho more northern portions.
. . . .
„ ,
Cotton.— Continued warm and dry weather favored tho ripening of cotton
over all central and eastern States of tho cotton belt, and picking progressed
rapidly, a largo portion of tho crop having already been gathered, oven
in tho higher elovations and northern districts. In Texas and Oklahoma,
however, frequent rains delayed picking and heavy showers in Oklahoma
casued considerable damage. Tho crop is ripening slowly in Oklahoma and
boll weevil aro destroying all new bolls in Texas. No top crop is expected
in tho latter State and the yield of tho middle crop Is disappointing; and little
top crop is expected in any other portion of the belt.
T h e statem ents of the m ovem en t of breadstuffs to m arket
indicated below aro prepared b y us from figures collected by
the N e w Y o rk Produce E xchange.
T ho receipts a t W estern
lake and river ports for tho week ending last Saturday and
since A u g . I for each of tho last three years have been:
bu. 56lbs.
281,000
46.000
96.000
41.000
413.000
454.000
162.000
410,000
32 lbs. bushA8lbs.
519.000
2.894.000
1.010.000 1.179.000
486.000 1.128.000
405.000
437.000
148.000
87,000
148.000
16,000
196.000
81,000
244.000
149.000
270.000
4.507.000
1.800.000
4,991,000
6.069.000 3.328.000
6.004.000 4.023.000
6.228.000 4.344.000
805.000
744.000
545.000
56 lbs.
2,536,000
68,000
bbls.W
U
lbs. bush. 60 lbs. bush.
2.217.000
3.706.000
5.316.000
168,000
564.000
8,001)
23,000
997.000
183.000
1.795.000
378.000
Chlcago-----Minneapolis
Duluth____
Milwaukee .
Toledo_____
Detroit____
Cleveland . .
St. I.ouls__
I’ e orla ____
Kansas City
Omaha..
203,000
Total wk.'IS
Same wk.’ 14
Same wk.’ 13
440.000 15.355.000
521.000 17.621.000
451.000 10.964.000
76.000
" c",66o
9,000
91.000
55.000
Rye.
H
arley.
O
ats.
W
heat.
Receipts al-
bush.
125.000
132.000
457.000
76,000
8,000
7,000
Since Aug. 1
1915_____ 2.596.000 80.614.000 25.424.000 54.340.000 13.464.000 4,131,000
1914_____ 3.508.000 106,813,000 31.510.000 67,873,01X1 16.683.000 4,561,000
1913_____ 3.258.000 79.983.000 33.004.000 55.333.000 17.568.00013.731.000
T o ta l receipts of flour and grain at tho seaboard ports for
tho week ended S e p t. 2 5 1915 follow :
W
heat,
bush.
Flour,
Receipts at—
bbls.
2,196,GOO373.000
594.000
391.000
476.000
New York_______ 246,000
Boston, Mass___
29,000
Philadelphia........
29,000
Baltimore..............
25,000
Newport News—
14,000
M obile..................
3,000
New Orleans a___ 129,000
Galveston------------ --------Montreal..............
40,000
662,000
821,000
1,261,000
O
ats,
bush.
Barley,
bush.
Rye,
bush.
32.000
2,000
21.000
44,000
1.096.000
63,000
735,000
1.409.000
1.025.000
377,000
35,000
1,000
124.000
8,000
22,000
84,000
Corn,
bush.
84,000
9,000
387.000
14,000
Total week 1915
515,000 6,774,000
129,000 4,496,000 427,000 520,000
Since Jan. 1 1915.18,877,000 86,576,000 42,740,000 111016,000 8277,000 8248,000
Week 1914
- - 677,000 6,361,000
484,000 3,598,000 255,000 481,000
Since Jan. 1 1914.16,145,000 163411,000 19,673,000 40,829,000 9034,000 3314,000
a Receipts do not Include grain passing through New Orleans for foreign ports on
through bills of lading.
T h e exports from tho several seaboard ports for tho weok
Exports from—
O
ats,
bush.
Flour,
Corn,
bush.
W
heat,
bush.
Rye,
bush.
Barley,
bush.
Peas
bush.
New York_____ 1,469,786
B oston_________ 315,974
Philadelphia----- 213,000
Baltimore--^----- 343,219
Newport News-- 476,000
Mobile .............. --------New Orleans----- 441,000
Galveston_______ 373,000
Montreal........ ..1,457,000
6,540
277,930
55,740
67,921
20,816
1,000 221,000
—
74,604 10,305 497,200 272,293 —
14.000 1,025,000
3,000
"s',666
5,000
47,000 65.000
10,000
11,000
80,000
Total week___ 5,088,979
Week 1914.......... 6,091,020
292,042 1,803,940 272,293 288,939
346,605 2,787,345 280,035 156,000
24,834
310
6,540
1,290
T h e destination of theso exports for tho week and sinco
July 1 1915 is as below:
----------Flour----------------------- Wheat-------------------------- Corn------------W
eek.
Exports for w
eek and Sept. 25
since July 1 to—
bbls.
United Kingdom ...132,466
Continent----------------28,210
So. & Cent. Amer.. 48,132
West Indies............ 33,592
Brit.No.Amer .Cols. 3,072
Other Countries___ 26,570
Since
July 1
1915.
bbls.
W
eek.
Sept. 25 .
bush.
Since
July 1
Week.
Sept. 25.
bush.
1915.
bush.
Since
July l
1915.
bush.
,040,165 1,819,787 15,349,892
544,517 3,041,193 25,794,185
179,999 1,084,029
415,587
28,000
296,359
8,611
289,186
48,000
93,988
74,604
54,304
24,766
300
764
144,917
1,718,101
1,211,116
654,289
1,100
2,805
154,748
400,517
.
3,738,868
1,528,002
.
.
S a t.
M on.
T u es.
W ed . T h u rs.
b n .
Tot.,i
........ ..272,042 2,429,227 5,989,979 42,545,292
Total 1914_______ 346,605 2,970,531 6,391,020 82,458,587
September delivery in elev a tor.cts . 3853
December delivery in elevator____ 3653
M a y delivery in elevator.__________ 3853
3853
3553
3753
38>S
36
3853
36 53
3553
37'
35 53
37 53
T h e world’ s shipm ents of wheat and corn for tho week
ending Sep t. 25 1915 and since July 1 1915 and 1914 aro
36 53
3653
3853
T h e following are closing quotations:
G R A IN .
Corn, per bushel—■
Cts.
Wheat, per bushel—f. o. b.
No. 2 mixed_______ f. o. b. nom.
N. Spring, No. 1, new____$1 1053
No. 2 yellow______c. i. f.
7653
N. Spring, No. 2 ________________
No. 3 yellow____________________
Red winter, No. 2, new__ 1 18
Argentina in bags_______________
Hard winter. No. 2 _______ 1 18
Oats, per bushel, new—
Cts. Rye, per bushel—
New Y o r k ........................SI 04
Standard________________ Nom.
Wastern, No. 2, new______ _______
No. 2, white_____________
Nom.
No. 3. White............ ..
3953@40 Barley— M altin g__________ 52@63c
FLOUR.
Winter, low grades....$ 4 10®$4 35 Kansas straights, sacks.S5 25@$5 75
Winter patents________ 5 60®
575Kansas clears, sacks__ 4 75@ 5 00
Winter straights______ 5 00® 5 25 City patents__________ __________
R™ flnur
5 00® 5 65
flour___________
Winter clears_________ 4 75®
500Rye
Spring patents________ 5 05®
525Buckwheat flour--------- ---------------Graham
flour______—
4
50@ 4 75
Spring straights_______ 4 90®
500
Spring clears__________ 4 75®
500
W E A T H E R B U L L E T IN F O R T H E W E E K E N D IN G
S E P T . 2 7 .— T h e influences of weather on the crops as sum -
Corn.
W
heat.
Exports.
1915.
W
eek
Sept. 25.
1915.
1914.
1914.
Since
July 1.
Since
July 1.
W
eek
Sept. 25.
Since
July 1.
Since
July 1.
Bushels.
Bushels.
Bushels.
Bushels.
Bushels.
Bushels.
810,000
North Amer* 8,317,000 73,S25,000 105,080,000 139,000 3,292,000
1,531,000
1,462,000 11,922,000
200,000
9,385,000
2.347.000
Danube____
48,000 6,818,000 3.274.000 5,814,000 62,621,000 35,614,000
Argentina . .
6.392.000
Australia__
11,292,000 9i576J)00
India______
" 350,666
I I . I ----34',666
1,830,000
Oth. countr’s 404,000 2,404,000
T o ta l___ 8,969,000 95,801,000 140,421,000 5,987,000 66,263,000 47,340,000
♦ N orth America.— The Canadian covernm ern nas uuiciuuy
»»»
issuance of both manifests and exports until after ten days. This la effective
during the continuance of the war.
T h e qu an tity of w heat and corn afloat for Europo on dates
m entioned was as follow s:
C orn .
W h e a t.
U n ite d
K in g d o m .
B u s h e ls .
Sept.
Sept.
Sept.
Sept.
25
18
26
27
C o n tin e n t^
B u s h e ls .
191519151914.
1913. 12',632,666 20,360,660
T o ta l.
U n ite d
K in g d o m .
C o n tin e n t.
T o ta l.
B u s h e ls .
B u sh els.
B u s h e ls .
B u sh els.
20.472.000
20.216.000
30.904.000
32.992.000 13,532,000 15,674,666
25.977.000
24.880.000
12.997.000
29.206.000
T h e visible supply o f grain, comprising the stocks in
granary a t principal points of accum ulation a t lake and
seaboard ports S ep t. 25 1915 was as follow s:
GRAIN STOCKS.
U n ite d S ta te s —
W h e a t.
b vsh .
New Y o r k ........ . . ........... __
310,000
5,000
Boston______ _____
Philadelphia.--.............
642,000
Baltimore____ ___________
590,000
Newport News...............
140,000
1,109,000
New Orleans..............
Galveston............... - ......... 666,000
Buffalo.................
566,000
336,000
Toledo___________________
Detroit____________
112,000
Chicago............
726,000
7,000
Mllwaukco________
Duluth__________________ 2,814,000
Minneapolis........ ............
316,000
St. Louis .........................
405,000
Kansas City______________
407,000
Peoria................................ 2,000
Indianapolis........... - ...........
85,000
Omaha...............
142,000
On Lakes.............
1,833,000
On Canal and Ulver..........
32,000
C orn .
bu sh .
R y e.
b u sh .
B a r le y .
b u sh .
131,000
2,000
232,000
193,000
82,000
______
14.000
10.000
O a ts.
b u sh .
28.000
976,000
1,000
32,000
71.000
334,000
91.000 1,656,000
50,000
114,000
130.000
8,000
69.000 1.314.000
377.000
44.000
343.000
34.000
960.000 4.463.000
286.000
44.000
369.000
767.000
Vo’,666
84.000
373.000
93.000
125.000
740.000
19.000
62.000
404.000
104.000
212.000
112.000
214.000
205.000
22,000
141,000
7,000
35.000
76.000
46,000
12.000
___
51,000
117,000 1,253,000
13,000 311,000
5.000
______
2.000
_____
7,000
334,000
21,000
190,000
Total Sept. 251915-------11,245,000 1.976.000 13,354,000 1,270,000 2,037,000
Total Sept. 181915........ 10,401,000 1.766.000 11,721,000 1,072,000 1,601,000
Total Sept. 261914........45,382,000 5.855.000 25,088,000 1,210,000 3,663,000
Total Sept. 271913____ 49,026,000 7.362.000 31,398,000 1,391.000 4,509,000
N o t e . — Bondod grain not Included above: Wheat, 147,000 bushels at New York,
41.000 Boston, 1,000 Philadelphia, 94,000 Buffalo, 116,000 Duluth: total, 399,000
bushels against 788,000 bushels In 1914. Oats, 11,000 bushels at Duluth against
25.000 bushels In 1914: and Barley, 35,000 bushels at New York, 20,000 bushels at
Duluth; total, 55,000, against 22,000 bushels In 1914.
Canada—
Montreal-............................ 1,066,000
7,000
341,000
1,000
41,000
Fort William & Port Arthur 4,182,000
.
_
224,000
.
..........
Other Canadian--------------215,000
_____
150,000
____ _
_____
Total
Total
Total
Total
Sept. 25 1915___ 5,463,000
41.000
7.000
715.000
1,000
Sept. 18 1915___ 4,961,000
11,000
855.000
1,000
22.000
Sept. 26 1914....... 20,112,000
87,000 2.392.000
82,000
Sept. 27 1913....... 9,116,000
7.000 5.293.000
66,000 319,000
S u m m a ry—
American................ ............. 11,245,000 . 1,976,000 13,354,000 1,270,000 2,037,000
7,000
715,000
1,000
41,000
Canadian.............................. 5,463,000
Total
Total
Total
Total
Sept.
Sept.
Sept.
Sept.
25
18
26
27
1915____ 16,708,000
1915........15,362,000
1914........65,494,000
1913........ 58,132,000
1,983,000
1,777,000
5,942,000
7,369,000
14,069,000
12,576,000
27,480,000
36,691,000
1,271,000
1,073,000
1,210,000
1,457,000
2,078,000
1,623,000
3,745,00o
4,828,00
THE DRY GOODS TRADE
New York, Friday Night, Oct. 1 1 9 1 5 .
M o s t departm ents of the dry goods trado are well satisfied
w ith tho volum e o f business put through during the w eek,
and report dem and as steadily broadening. There is a good
call for all descriptions of seasonable merchandise and buyers
are giving moro attention to their future requirem ents.
W e ath er conditions have been favorable for the distribution
o f goods and m ost houses have been bu sy filling orders from
b oth local and out o f tow n custom ers. F rom the m anufac
turers standpoint conditions in the cotton goods trado are
unchanged. Price lists have been revised to include further
advances and buyers aro being warned th at tho longer they
delay in covering their requirements tho harder it will be to
secure satisfactory values and deliveries. M ills find it diffi
cult to furnish quotations any distanco into tho futuro, owing
to their difficulty in m aking satisfactory arrangem ents with
spinners covering their futuro supplies of w eaving yarn s.
Pricos a t present quoted in the yarn m arket aro applicable
only to tho business immediately dono, and it is difficult for
mills to closo yarn contracts w ith either spinners or dealers
for delivery boyond the first of the y ear.
In tho light of tlieso
circumstances manufacturers aro n ot only very firm in their
views concerning the future, b u t aro also conservative in the
am ou n t of business which th ey accept. Jobbing trado is
active w ith dem and well distributed tlirough all lines.
In
addition to an active domand from retailers for seasonable
goods for im mediate delivery, jobbers are booking a fair
advanco business in wash fabrics for next spring.
Reports
recoived from road salesmen are encouraging and an active
trado is looked forward to throughout the winter. Some
surpriso is expressed in jobbing circles a t the backwardness of
dem and for colored cottons in view of the com paratively low
prices at which these goods aro being offered. Exporters
roport littlo change in conditions, in fact the recent ad
vances m ade b y manufacturers of cotton goods have resulted
in m an y inquiries being withdrawn from the m arket. Largo
shipm ents of duck aro being m ade for European account and
further contracts for bagging and arm y clothing for export
aro reported. Shipments to South Am erica continuo to in
crease and manufacturers are doing all they can to promoto
closer relations w ith tho m arkets in that country.
W O O L E N G O O D S .— T rading in woolen and worsted
fabrics is expanding steadily as a result of the im provem ent
in weather conditions.
Fall and winter goods are beginning
to m ove on a large scale and supplies in jobbers hands aro
becom ing lig h t. Jobbers are glad to get their fall and winter
stocks out of tho w ay to mako room for the now spring goods
which they will be showing in a week or so. A feature of
1113
THE CHRONICLE
Oct. 2 1915.]
tho late fall dem and is the steady call for checks and plaids
of all descriptions, these goods proving very popular for
ladies cloaks and spot coats. W h ite chinchillas are another
specialty in which a good business is being done. Staple
serges and broadcloths, which were so heavily ordered a t the
opening o f the season, are being taken steadily and the can
cellations which had been feared have failed to m aterialize.
In the m en’s wear departm ent, business is good but m any
soiling agents are having difficulty in m aking deliveries.
M o s t buyers are exacting guarantees of color fastness on all
goods before acceptance and m an y m ills, owing to the
scarcity of dyes, are unable to m eet these conditions.
D O M E S T I C C O T T O N G O O D S .— T h e exports of cotton
goods from this port for the week ending Sept. 2 5 were I I ,786
packages, valued a t $ 5 8 5 ,5 1 9 , their destination being to the
points specified in the table below:
------- 1v io------■--- ;--- J
------Since
Since
Week. Jan. 1.
New York to Sept. 25Week. Jan. 1.
. 2,913
67,900
599
3,309
.
297
17,504
12
1,907
China .
.
1
5.004
49,645
12
India .
.
28
19,804
6
15,647
. 3,425
41,608
9,412
987
14,441
"1 2
5,996
. 1,662
40,478
34,434
1,192
M exico--------------.
134
1,451
51
450
Central America.
.
443
14,171
392
16,439
. 1,483
36,464
506
40,549
.
443
64,631
2,241
48.981
Total--------------------------------------------11,786 323,456
5,023 226,769
T he value of these N e w Y o rk exports since Jan. 1 has been
$ 2 0 ,0 7 5 ,0 3 2 in 1915, against $ 1 6 ,1 5 2 ,2 2 9 in 1914.
Staple cotton goods are active and strong, m an y counts
having been m arked up to new high levels. D uring the
week print cloths have been advanced %<s. t o j^ c ., gray
goods He to %c., standard sheetings He- to H e . and
duck He- to 2c. per y ard .
T ho dem and for bleached goods
is broadening and while the advances m ade in these goods
during the past two weeks are very pronounced, buyers are
covering their requirements quite liberally. Buyers are
naturally hesitating over the sharp revision in prices, but
as they find manufacturers firm in their quotations and
no surplus stocks on hand they are m ore inclined to place
contracts into the futuro.
It is reported am ong m anu
facturers and selling agents th at the upw ard trend o f prices
is likely to continue for some tim e, as tho more business
mills book the firmer they will becom e in their prices for
future delivery. Brow n goods are also in active request
and some very attractive contracts are being put tlirough
a t the new price levels. A m oderate im provem ent is noted
in the dem and for colored goods, but buyers do not seem
quick to take advantage of the low prices ruling on these,
compared with other cotton fabrics. G ray goods, 38-inch
standard, are quoted a t 4 He.
F O R E I G N D R Y G O O D S .— T he situation in the linen
goods m arket is little changed. Business w ith importers
is backw ard, owing to their inability to accept the business
offered. W h ile prices are high, buyers are willing to closo
contracts, but tho difficulty lies in the inability of importers
to m ake a ny definite promise of delivery. W it h distributors
and retailers, business is active. Retailers are waking up to
the fact that supplies of pure linens are very lim ited and are
covering their requirements wherever possible at full market
prices. There is a pronounced shortage of table dam ask
cloths, while dem and for these goods is particularly heavy.
A good business is being transacted in mercerized finish cot
ton im itations but this o f course only m eets tho dem ands of
the lower class o f trade. Burlaps have ruled quiet, w ith
prices unchanged.
Lightweights are quoted 5 .5 0 c . to 5 .6 0 c .
and heavyweights a t 7 .7 5 c .
I m p o r ta tio n s & W a r e h o u s e W it h d r a w a ls o f D r y G o o d s .
T h e im portations and warehouse withdrawals of dry goods
at this port for the week ending Sept. 25 1915 and since
Jan. 1 19 15 , and for the corresponding periods of last year,
were as follow s:
Imports Entered for Consumption for the Week and Since Jan. 1.
W e e k E n d in g
Sept. 25 1915.
Pkgs.
Value.
Manufacturers of—
S
W ool........ ....... ...........
162,737
C otton ___________________
659,688
S ilk .............. ....... ............... . . .
968
363,301
F la x ......................................
1,278
183,969
Miscellaneous........ ..............
485,945
Since Jan. 1 1915.
Pkgs.
Value.
$
25,029
6.567,634
78,742 21,049,218
42,973 20,113,331
33,163
8,555.696
9,739.792
83,049
Total 1915........................ . . . 7,811 1,855,640 262,956 66.025,671
Total 1914...... ................. ..
9,183 2,713,043 406,568 99.632,647
W arehouse W ithdraw als T hrow n upon the Market.
Manufactures of—
w o o l............................
311
86,543
4.465.079
14,399
C otton ___________________
198,823
20,612
595
6,294,121
Silk__ _____ ______________ . . .
420
123,151
13,218
5,035,159
Flax ................ ......... ......... .
617
95,851
17,768
4,041,404
Miscellaneous________ ____ . . .
336
141,609
52,097
4.113,956
Total withdrawals______
Entered for consumption_____ - .
2,279
7,811
645,977
1,855,640
118,094
262,956
Total marketed 1915___
10,090
Total marketed 1914___ -..1 1 ,5 9 8
2,501,617
3,315,565
381,050 89,975,390
560,659 126,592,265
23,949.719
66,025,671
Imports Entered for Warehouse During Same Period.
Manufactures of—
Wool....................................... - - C otton ____________ ______
Silk_________ _____ _______ . . .
F la x _____________________ . . .
Miscellaneous____________ . . .
95
317
336
765
272
27,588
112,501
81,194
103,431
114,385
9,589
16,394
10,953
15,682
49,946
3,270,064
5,033,286
4.124,814
3,838,420
3,696.186
Total___________________ . . . 1.785
Entered for consumption_____ - - - 7,811
439,099
1,855,640
102,564
262,956
19.962,770
66,025,671
Total Imports 1915______
9.596
Total Imports 1914______ -.-11,428
2.294,739
3.539,392
365,520 85,988,441
527,280 127,931.087
ivm: m id C ity
Dtfmwtm.
News Items.
K n o x v ille , M a r io n C o u n t y , I o w a .— Election on Commis
sion Form of Government.— R ep orts state th at an election will
be held O ct. 2 2 to v ote on the question o f establishing the
com m ission form of govern m en t.
* M is s is s ip p i C o a s t S w e p t b y G u l f S to r m .— A tropical
hurricane of great violence swept the M ississippi G u lf C oast
late W e d n esd ay afternoon (S ep t. 2 9 ), causing loss o f life and
considerable dam age to property. T h e m axim u m velocity
o f the w ind was reported b y the W e ath er Bureau as between
120 and 130 miles an hour. T h e highest sustained velocity
was 8 6 m iles.
For m ore th an seven hours the hurricane
swept over the city of N e w Orleans at a rate of m ore than
6 0 miles an hour. T h e lowest m ark registered b y the barom
eter was 2 8 .1 1 , which according to local W e a th er Bureau
officials, is the lowest m ark ever registered in the U n ited
States.
C om m u n ication w ith Louisiana points on the G u lf
C oast was cu t o ff early W e d n esd ay , b u t last reports were
that the inhabitants had fled to high ground inland before
the storm broke.
Officials of railroad and telegraph com
panies said on T h u rsday th at it w ould be several d ays before
norm al service between N e w Orleans and the outside world
was restored.
N e w Y o r k C i t y .— Bond Syndicate Dissolved.— I t was
announced S ep t. 2 8 th at the syndicate com posed o f K u h n ,
Loeb & C o ., W m . A . R ead & C o . and K id d er, P eab od y &
C o ., which underwrote $ 4 5 ,0 8 7 ,9 4 0 of the $ 7 1 ,0 0 0 ,0 0 0 4 ) ^ %
corporate stock in June (V . 1 0 1, p . 64) had been dissolved.
T h e bonds offered b y the city consisted of $ 4 6 ,0 0 0 ,0 0 0
corporate stock due June 1 1965 and $ 2 5 ,0 0 0 ,0 0 0 m aturing
annually from June 1916 to 19 30 , inclusive. T h e syndicate
secured $ 3 3 ,7 3 4 ,6 4 0 of tho 50-y ea r loan and $ 1 1 ,3 5 3 ,3 0 0
o f the serial loan . A ll of the bonds have been sold, it is
said.
N e w Y o r k C it y .— Tentative Values of Real Estate and Per
1 9 1 6 .— T h e D epartm en t of T a xes and
Assessm ents on O ct. 1 opened the assessment books for the
year 19 1 6 .
T h e ten tative assessed value o f ordinary real
estate and real estate o f corporations for 1916 is announced
to be $ 7 ,8 7 2 ,2 6 8 ,4 4 4 , an increase of $ 7 2 ,0 8 7 ,9 1 2 over the
tentative figures for 1915 and $ 1 4 3 ,4 8 0 ,7 2 7 m ore than the
final rolls for 19 15 . W o give below tho estim ated figures
for 1916, comparison being m ade w ith b oth the estim ated
and tho final figures for 1915:
sonal Property for
--------- T en ta tiv e F la m e s ---------- F in a l R o lls.
1916.
1915.
1915.
Manhattan/Ordinary real estate___*4,805,068.826 *4,828,184,875 *4,780,526,075
1Real eat. of corporations
108,935,045
104,179,385
99,935,435
B ro a x-----Ordinary real estate_____
623,857,316
611,037,571
607,225,456
Real cst. of corporations
52,900,500
45,273,200
44,890,950
Brooklyn.. Ordinary real estate____ 1,646,268,487 1,605,226,102 1,596,541,367
Real est. of corporations
27,912,470
23,042,255
22,836,805
Queens .../O rd inary real estate___
488,911,435
467,996,959
464,399,194
\Rcal est. of corporations
33,357,490
32,229,340
30,344,190
Richmond./Ordinary real estate___
81,744,845
80,121,435
79,198,535
\Real est. of corporations
3,312,030
2,889,410
2,889,710
Total ordinary real estate________*7,645,850,909 *7,592,566,942 *7,527,890,627
Total real estate of corporations..
226,417,535
207,613,590
200,897,090
Grand total of real estate.......... *7,872,268,444 *7,800,180,532 *7,728,787,717
T h e above does n ot include special franchises. T h e
assessments for these are m ade b y the State B oard of T a x
Com m issioners and returned to the T a x D ep artm en t of
the city in M a rch each year. T h e y wore reported as fol
low s for 1915: M a n h a tta n , $ 2 6 5 ,3 4 0 ,9 8 5 ; T h e B ron x , $ 2 5 ,
0 1 0 ,2 5 8 ; B ro o k ly n , $ 7 3 ,0 1 7 ,8 5 4 ; Q ueens, $ 1 4 ,2 8 8 ,9 9 4 ; R ich
m on d , $ 2 ,3 1 4 ,9 7 9 ; to ta l, $ 3 7 9 ,9 7 3 ,0 7 0 .
M r . Law son P u rd y , President of the D epartm en t of T axes
and A ssessm en ts, m akes tho following statem ent explaining
the increase in the real estate values:
The net Increase In tho tentative assessment o f real estate, exclusive of
special franchises, Is $143,480,727. Of this total increase there Is on
account of real estato o f corporations an increaso of $25,520,445, and an in
crease on ordinary real estate o f $117,960,282. In arriving at tho increaso
of'over $117,000,000 for the whole city, thero was an increase for new
buildings o f $110,000,000, an incrase o f land values of approximately
$131,000,000, and a decrease on land values and old buildings or $124,000,
000.
In Manhattan the net increaso, in round figures, was $33,000,000, but
tho decreases in various parts o f tho borough amounted to $105,000,000.
Tho increase for new buildings was $50,000,000, and the land increaso was
$88,000,000. In four sections o f the borough thero was a net decrease.
In Section 2, from Grand St. to 14th St., tho not decreaso was $9,000,000.
From 14th St. to 40th St. tho decreaso was $21,000,000. In tho 6tli and
7th sections, namely, in Harlem, the decrease was about $10,000,000.
Tho sections which yielded an increase were tho 1st, tho 4th and 5th, which
Iio between 40tli and 96th streets, and the 8th, which is Washington
Heights and all tho northerly end of tho island.
In tho Borough o f the Bronx new buildings amounted to $13,000,000
increase. Thero were decreases of nearly $7,000,000 and the net increase
was $24,641,410.
In the Borough of Brooklyn no district showed a net decline, although in
several the net increase was very small. New buildings accounted for
$32,000,000. There were various decreases, aggregating $8,500,000, and
the net increaso was $54,802,785.
In Quenns tho increaso for new buildings was almost tho samo as tho
Bronx, being $13,391,000. The not increase was $27,525,541.
In tho Borough o f Richmond every district showed a small increase,
amounting in tho aggregate to $2,968,630.
T h e total of tho tentative personal tax list for 1916” is
$ 3 ,7 0 4 ,3 0 5 ,9 6 5 , or $ 2 ,8 4 4 ,6 6 5 ,8 2 5 m ore than the tentative
figures for 1915.
Enorm ous reductions are a lw a ys m ado in
these figures b y the “ swearing o ff” process. F or instance,
the estim ated figures of $ 8 5 9 ,6 4 0 ,1 4 0 for 1915 boing roduced
more than 5 0 0 m illions, the final figures am ounting to only
$ 3 5 2 ,0 5 1 ,7 5 5 .
In 1914 over 4 0 0 millions were deducted
from the estim ated figures.
[Vol. 101
THE CHRONICLE
1114
T h e follow ing table shows the am ounts for the various
classes o f personal property on tho 1916 list, com pared with
the tentative and final listsfor 1915; tho final figures for 1915
being designated b y means o f an asterisk (* ) :
B orou gh s.
M a n h a tta n —
$
1916...1,741,480,200
1915... 272,126,350
1915*.. 104,479,390
B ron x —
1916...
77,535,200
1915...
10,151,300
1915*..
3,437,900
B rook lyn —
1916... 434,000,500
1915- — 82,515,675
1915*..
26,773,170
Q u een s —
78,145,600
1916...
19,514,500
1915...
4,708,800
1915*..
R ic h m o n d —
1916—
1 915...
1915*..
T o ta l —
1916..
1915..
1915*..
- -------- C o r p o r a tio n ----------
P erson a l o f
E s ta te s .
R esid en t
P e r s o n a l.
R e s id e n t.
$
188,668,200
156,941,200
33,396,300
7,869,800
5,993,400
853,500
N o n -R e s .
- N o n - R e s i d e n t P e r s ’l S a xe L a w ,
S e c tio n 7, S ec tio n 7,
S u b . 1.
Sub. 2 .
S
S
$
*
887,679,000 40,193,000 32,197,500 3,483,600
160,482,000 40,930,000 30,977,500 3,597,500
104,313,300 28,857,200 18,070,300 3,233,100
25,436,500 1,287,000
345,000
3,427,000
121,500
2,391,900
_______J
________
______
______
46,994,840
44,529,790
7,225,640
81,169,500
11,598,000
8,930,600
936,000
803,000
641,600
..............
..........
..............
82,000
35,000
85,000
0,481,850
3,073,450
784,250
15,463,000
2,513,500
1,973,000
192,000
191,000
169,600
mmmmmmmm
________
......
_____ _
2,818,925
1,500,275
328,905
3,676,000
472,000
350,900
175,000
160,000
160,000
........
________
......
......
28,390,750
1,762,700
815,900
.2.359.552.250 252,833,615 1,013,424,000 42,783,000 32,197,500 3,515,600
. 386,070,525 212,038,115
184,492,500 42,429,000 30,977,500 3,632,500
140,215,160 42,588,595 117,959,700 29,949,900 18,070,300 3,268,100
GRAND TOTAL B Y BOROUGHS.
M a n h a tta n .
B ron x.
B r o o k ly n .
Q u een s.
R ic h m o n d .
T o ta l.
$
$
$
$
$
$
1916.-2,893,701,500 112,128,500 563,132,840 100,282,450 35,060,675 3,704,305,965
1915.. 671,054,550 19,916,700 139,481,465 25,292,450 3,894,975 859,640,140
1915*. 292,349,590 6,804,800 43,606,010 7,635,650 1,655,705 352,051,755
O k la h o m a . — Income Tax Law .'— W o print in full below
tho A c t passed a t the last session o f the Oklahom a Legisla
ture levying a tax u p o n incom es.
TA X A T IO N — INCOME T A X .
House Bill No. 599.
An Act providing for an lncomo tax and repealing Article 17, Chapter 72.
Revised Laws o f Oklahoma, 1910.
B e i t e n a c t e d b y th e P e o p l e o f i h e S t a t e o f O k l a h o m a
In co m e T a x A g a in st A ll P erson s.
Section 1. Each and every person in this State shall bo liable to an
annual tax upon the entiro net income of such person arising or accruing
from all sources during the preceding calendar year, and a like tax shall be
levied, assessed, collected and paid annually upon the entire net income
from ail property owned, and or overy business, trado or profession carried
on in this State by persons residing elsewhere.
S w o r n R e p o r t to A u d i t o r b y M a r c h
1.
Section 2. On or before the first day of March of each year each person
liable for an income tax under tho provisions of this Act shall file with the
State Auditor a sworn return o f his net income for tho year ending Dec. 31st
last preceding upon blanks to be prescribed by said State Auditor and fur
nished to the taxpayers. Said statement shall bo made as near as prac
tical at the timo of making tho Federal income tax roturn.
P e n a lty f o r F a ilu r e to M a k e R e p o r t— F a ls e R e p o r t.
Section 3. Any person liable for an income tax under the provisions of
this Act, who shall fail, refuse or neglect to make tho return under oath as
equlred by this Act, on or before the first day of March for the last pre
ceding calendar year, shall bo liable to a penalty of $100 In addition to the
said tax, to be collected as other taxes are collected. Any person required
by law to make, render. 6ign or verify any return under this Act, and who
makes any false or fraudulent roturn or statement with Intent to dofeat
or ovado the payment of the tax heroin levied, shall bo guilty of a misde
meanor, and upon conviction shall be fined not exceeding $1,000, or by
imprisonment in the county jail not to exceed six months, at the discretion
o f the court, with the cost of prosecution.
A u d ito r
to
M ake
R u les
and
F u r n ish
B la n k s.
Section 4. Tho State Auditor is hereby empowered to prescribe and pro
mulgate such rules and regulations as may bo necessary to carry out the
revisions of this Act, and shall preparo and furnish for tho uso of persons
able for the Income tax hereunder all necessary blank affidavits and other
forms for making the lncomo tax returns.
R
" In co m
e” — D e fin itio n a n d S cop e o f T erm .
Section 5. Tho term “ income” as used in tills Act shall include:
(a)
All rentals derived from real estate or any interests thereunder o f a
potential duration of two years or more.
(b)
All interest derived from money loaned or invested in notes, mort
gages, bonds or other evidence o f debt of any kind whatsoever.
(c)
All wages, salaries or fees derived from services: Provided, that com
pensation of public officers for public services shall not be computed as a
art of the taxable lncomo in such cases where the taxation thoreof would
o repugnant to the constitution.
(d)
All dividends or profits derived from stocks or from tho purchase
and sale of any property, or other valuables acquired within ono yoar pre
vious, or from any business whatsoever.
(e)
All royalties derived from tho possession or uso of franchises or legal
ized privileges of any kind.
(f)
And all other lncomo of any kind derived from any sourco whatsoever
except such as is exempt from taxation hereunder by somo law of the United
States or of this State.
E
I n c o m e s — H o w E stim a ted — D e d u c tio n s .
Section 6. In computing the net income taxablo undor tho provisions
of this Act, thero shall bo allowed as deductions from the incomo of any
person:
First: The necessary expenses actually paid In carrying on any business,
not including personal, living or family expenses.
Second: All interest paid within tho year by a taxablo person on indebt
edness.
Third: All State, county, school and municipal taxes paid within the yoar,
not including thoso assessed against local benefits.
Fourth: Losses actually sustained during tho year incurred in trado, or
arising from fires or storms, and not compensated for by insurance or other
wise.
Fifth: Debts duo to the taxpayer actually ascertained to bo worthless
and charged off within the year.
Sixth: A reasonable allowance for the exhaustion, wear and tear of prop
erty arising out of its use or employment in tho business not to exceed In
tho case of mines five percentum of the gross value at the mine of the out
put for the year for which tho compensation is mado, but no deduction shall
bo mado for any amount of expenso of restoring property or making good
tho exhaustion thereof for which an allowance is or has been made: Provided,
that no deduction shall be allowed for any amount paid out for now build
ings, permanent improvements or betterments, mado to increase the value
of any property or estate.
C o m p u tin g T a x — G r a d u a te d T a x .
Section 7. There is hereby levied annually a tax for tho current expenses
of State government, upon all incomes taxablo horeundor in excoss of
$3,000. to bo computed upon the following rates:
(a) On the first $10,000 of such excess or any part thereof, at tho rate
of ten mills on the dollar.
(b) On the next $15,000 of such excess or any part thereof, twenty mills
on tho dollar.
(c) On the next $25,000 of such excess or any [part thereof, thirty mills
on the dollar.
...
(d) On the next $50,000 of such excess or any part thoreof, forty mills
on tho dollar.
(o) And on all such excess in addition to tho aforesaid amounts, fifty
mills on tho dollar.
Tho said tax shall in all cases bo computed by adding together the
amounts payable under each of said classes.
Oct. 2 1915.]
THE CHRONICLE
N e t I n c o m e — W h a t C o n s titu te s — D e d u c t i o n s f o r S p o u s e o r C h ild .
Section 8. T ho Auditor shall bo authorized to allow every person as
net incom e not taxable, tho following deductions:
(a) T o an individual, nothing beyond tho said sum o f $3,000.
(b) B ut to an individual living with his or her spouse an additional
$1,000.
(c) For each child under the ago o f eighteen years the sum o f $300
additional.
(d) For oach child and every person for whoso support tho taxpayer Is
legally liable and who Is actually and solely supported b y and totally dopendent upon and or actually and permanently dom iciled with tho tax
payer, an additional $500, while such dependent is engaged solely in ac
quiring an education, and $200 in other cases. In com puting said exem p
tions and tho am ount o f taxes payable under this A ct, tho incom e o f the
w ife shall be added to the incom e o f her husband, and the Incomo o f each
child under eighteen years o f age to that o f its parent or parents when said
w ife or child is not living separately from said parent or parents.
A u d i t o r M a y R e v is e R e t u r n s — H e a r in g s .
Section 9. T ho State A uditor is authorized to revise any returns that
m ay bo m ade to h im , and ho shall notify the party making such return o f
uch revision on or before tho first M on da y in M a y following, and the
Auditor shall hear and determine all com plaints arising from such revision
which are m ade before the first M on d a y in June following thereafter, and
t« shall have the same power to correct and adjust such assessment o f In
com e as is now given b y law to the county board o f equalization in cases
o f assessments o f property a d v a lo r e m , and tho rem edy and proceedings
before tho said Auditor shall bo tho samo as those provided for reviewing
assessments o f property a d v a lo r e m b y the county board o f equalization.
W h e n P a y a b le — D e lin q u e n t — C o lle c tio n .
Soction 10. T ho Stato A uditor shall com pleto tho assessments o f in
com o for oach person and com pute tho tax thereon on or before tho first
M on d a y in Juno o f each year, and such taxes shall be duo and payable
upon tho fifteenth day o f June, and shall becom e delinquent if not paid
on or boforo tho first day o f July next following. W henever any such tax
becom os delinquent, the Stato Auditor shall have power and it shall be
his d uty, to issue to any sheriff o f this State a warrant such as is provided
in Section 7392, Rovised Raws o f Oklahoma, 1910, except that it shall
com m and him to pay tho amount collected to tho Stato A uditor. Such
proceedings shall bo had thereon as upon a tax warrant issued b y a county
treasurer for delinquent taxes.
D e lin q u e n t T a x e s L i e n o n P r o p e r l y .
Section 11. I f any o f the taxes herein levied becom e delinquent, they
shall beom o a lion on all the property, personal and real, o f tho delinquent
person, and shall bo subject to the samo penalties and provisions as are all
a d v a lo r em taxes. I n c o m e T a x p e i u r n s j ^ o l t0 f,e p r i n t e d .
Soction 12. It shall be unlawful for any person to print or publish in
any manner whatovor any Incomo tax return or any part thereof, or tho
taxes due thereon, unless tho tax herein becom es delinquent: and any per
son violating tho provisions o f this section shall be deemed guilty o f a mis
demeanor and shall bo fined not to exceed $50 and Imprisonment in the
cou nty jail not m ore than thirty days for oach offense.
R e p e a l.
Section 13. Article 17 o f Chapter 72, Revised Laws o f Oklahom a,
1910, is horoby repealed.
A pproved M arch 17 1915.
Pinellas County (P. O. Clearwater), Fla.— Road B ond
E lectio n Ir r e g u la r . — On Sept.
17 Judge O . K . Reaves in
Circuit Court approved the demurrer filed by attorneys
representing Jas. D . H ay of St. Petersburg to the applica
tion for the validation of tho $715,000 road and bridge
building bonds advertised to bo sold Octobor 4 .— V . 101,
p. 868. It was claimed that tho bonding election was
irregular and tlio resolution defective.
Porto R ico .— B ond O fferin g . — Proposals will bo received
until 2 p. m . Oct. 14 by the Bureau of Insular Affairs,
Washington, D . C ., for $300,000 insular loans refunding,
lot A ; and $400,000 irrigation refunding, lot B , 4 % gold
registered tax-freo bonds, all of which aro issued in accord
ance with tho authority contained in Secs. 32 and 38 of the
Act of Congress, approved April 12 1900, ontitled “ An
Act temporarily to provide revenues and a civil government
for Porto Rico and for other purposes.”
D onom . $1,000 only. Date July 1 1915. In t. payable J. & J. at tho
U . S. Treasury. M aturity as follows :
L o t A , $300,000 I n s u l a r lo a n s R e fu n d in g R o n d s (will mature July 1)—
Serios A . 1919, $21,000; Series B , 1920. $22,000; Series C , 1921, $21,000;
Series D , 1922, $21,000; Series E , 1923, $21,000; Series F , 1924, $21,000;
Series G , 1925, $19,000; Sories II, 1926, $18,000; Series I, 1927, $18,000;
Series J, 1928, $18,000; Series K , 1929, $18,000; Series L , 1930, $17,000'
Series M , 1931, $16,000; Series 1ST, 1932, $16,000; Scries O , 1933, $15,000Series I>, 1934, $9,000; Sories Q , 1935. $9,000
* 0,UUU’
L o t R , $400,000 I r r ig a t io n R e fu n d in g B o n d s (will mature Jan. 1)—
Serios K, 1955, $100,000; Serios F , 1956, $100,000; Series G . 1957, $100 000
Series II, 1958, $100,000.
C ert, check or bank draft in Now Y ork funds for 2 % o f tho bonds bid
for, payable to tho Chief, Bureau o f Insular A ffairs, W ar Departm ent, is
required. I f tho bid makes no mention o f accrued interest it will be under
stood that accrued interest is offered by tho bidder in addition to the price
nam ed for tho bonds. T ho United States Treasury Departm ent author
izes tho statement that it will accept these bonds at par as security for
public deposits. T ho Postmaster-General authorizes tho statement that
they will bo accepted at par as security for postal savings deposits. Those
bonds will also be accepted by the Governm ent o f Porto R ico as security
for deposits o f funds o f that Governm ent. A ccepted subscriptions will
bo payablo N o v . 2 1915 at a bank in New Y ork C ity to bo designated b y
tho Bureau o f Insular Affairs. W ar Departm ent, and the bank so desig
nated will mako dollvery o f tho bonds, or Interim certificates exchangeable
for tho engraved bonds, as soon as the bonds can be issued.
T h e bonded indebtedness o f tho Insular Governm ent on M a y 31 1915
was $7,980,000, whilo the balance in tho sinking fund on that dato was
5700.082.
T ho population o f tho islands, according to the Census o f 1910, was
1,118,012, and tho assessed value o f property in tho island for tho pur
poses o f taxation for tho fiscal year 1914-15 amounted to $172,981,609.
.—
Westmount, Q u o. — T en ders o f D eb en tu res R equested
Attention is called to tho official notico among tho advertise
ments on a subsequent pago that tho Sinking Fund Commis
sioners desire to purchase approximately $40,000 of munici
pal debentures— thoso issued by tho City of Westm ount
preferred.
Scaled offers, marked “ Sinking Fund Commissioners of
W estm ount,” will be received at the offices of the Montreal
Trust Co. until 12 m . Oct. 25.
A full description of bonds offered for sale is essential.
Delivery of the bonds to tho Commissioners must bo mado
on N ov. 1 1915.
Wildwood, Cape May County, N. J.— V oters A g a in
F a vor P u rch a se o f W a ter W o r k s . — Tho question of purchasing
tho plant of tho Wildwood Water Works Co. for $554,000
carried at an election hold Sept. 21 by a majority of 118
votes. This samo question was approved by the votors
on M a y 4 (V . 100, p. 1612,) but tho original resolution did
not specify under what Act tho plant was to bo purchased.
This defect, it was claimed, would prevent tho sale of tho
bonds.
11 1 5
Bond Proposals and Negotiations this week
have been as follows:
ABERDEEN, Brown County, So. D ak.— B O N D S P R O P O S E D . — Loca
papers state that this city will issue $50,000 refunding bonds.
ADAIR CO U N TY (P. O. Columbia), K y . — B O N D S D E F E A T E D . —
The proposition to issue $125,000 road bonds failed to carry, reports state,
at an election ho d Sept. I I . Tho vote was 771 “ for” and 2,448 “ against.’ ’
A IT K IN C O U N T Y (P. O. A itkin), M inn.— B O N D S A L E . — On Sept. 1
$27,000 5 'A % and $28,000 6 % 1-10-year serial Stato Rural Highway 10-A
bonds were awarded to the Comm ercial Investm ent C o . o f D uluth at par.
D cnom . $500 and $1,000. Date Oct. 1 1915. Int. A . & O. These bonds
were previously sold on July 13 to N . W . Halsey & C o . o f Chicago, who sub
sequently refused to accept the issue because their attorney would not ap
prove the sam e.— V . 101, p. 307.
ALLEN C O U N T Y (P. O. Fort W ayne), In d . — B O N D S A L E . — On
Sept. 27 the $13,000 4 4*% 54*-year average highway bonds were awarded
to the H amilton N a t. Bank o f F ort W ayne fo r $13,040 (100.307) and
int., a basis o f about 4 .4 6 % .— V . 101 ,p .9 5 7 . D enom . $650. D a teS ep t.
15 1915. Int. M . & N . D ue $650 each six m onths from M a y 15 1916 to
N o v . 15 1925. inclusive.
ALTON SCHOOL D ISTR ICT (P. O. A lton), Sioux County, Iowa.—
P U R C H A S E R O F B O N D S . — T ho purchaser o f the $30,000 5% 3-20-year
serial building bonds sold on Sept. 1 at par was G eo. M . B echtel & C o .
o f D avenport.— V . 101, p. 1033. Denom . $500. D a to Sept. 1 1915.
Int. M . & N .
ANAHEIM, Orange County, Cal.— B O N D E L E C T I O N P R O P O S E D .—
Reports state that an election will be called to vote on the issuance o f $30,
000 city-hall-building bonds.
ANGELINA C O U N T Y (P. O. Lufkin), Tex.— B O N D S D E F E A T E D . —
T he proposition to issue tho $229,000 Precinct N o. 1 road bonds failed to
carry at tho election held Sept. 18. V . 101, p . 958. Tho vo to was 697
to 508, a two-thirds m ajority being necessary to carry.
AN THO N SCHOOL D IST R IC T (P. O. A nth on), W oodbury C ounty,
Iowa.— B O N D E L E C T I O N P R O P O S E D . — Reports stato that this district
is contem plating the calling o f an eloction to voto on tho question o f issuing
building bonds.
ARGENTA,
Pulaski County, Ark .— B O N D S
P R O P O S E D .— On
Sept. 23 tho C ity C ouncil passed an ordinance creating W ater-W orks Im
provem ent D istrict N o . 1 and providing that commissioners shall be
appointed to sell not m ore than $500,000 bonds to purchase tho plant and
pipo lino o f tho Arkansaw W ater C o.
A T LAN TA, G a.— B O N D E L E C T I O N R E S C I N D E D . — Reports state
that the C ity Council on Sept. 20 passed a resolution calling o ff the election,
which was to have been held Sept. 30 to vote on the Issuance o f $3,358,500
44*% gold coupon bonds.— V . 101, p. 1033.
AYD EN , Pitt C ounty, No. Caro .— B O N D S A L E . — Reports state
that the $15,000 electric-light-extension, $25,000 sewerage-system and
$10,000 water-works-extension 5% 11-30-year ser. bonds offered on
S e p t a l5 have been awarded to J. B . M cC rary C o . o f A tlanta.— V . 101,
BAKERSFIELD, Kern County, Calif.— B O N D E L E C T I O N . — A n
election will be held O ct. 14, it is stated, to submit to a vote the question
o f issuing $150,000 park-site-purchase bonds.
BAR TLESVILLE, W ashington County, Okla.— B O N D S V O T E D . —
Tho election held A ug. 31 resulted in a voto o f 519 to 281 in favor or the
question o f issuing $35,900 park-im pt.. $7,600 park-site-purchase and
$6,500 incinerator 54*% 10-25-year (op t.) bonds.
BENTON C O U N T Y (P. O. Vinton), Iowa.— B O N D S A L E . — On Sept.
16 $31,500 5% funding bonds were awarded, it is stated, to G eo. M . Bech
tel & C o. o f D avenport fo r $32,085— equal to 101.857. D enom . (3) $1,000,
(1) $500. D uo $1,500 N o v . 1 1920 and $5,000 yearly N o v . 1 from 1921 to
1926 inch
BEVE RLY, Essex County, Mass.— B I D S . — The other bids received
fo r tho loan o f $50,000 m aturing M arch 15 1916, which was negotiated
with Blake Bros. & C o. o f B oston at 2.49% discount, plus 60 cents premium
on Sept. 24, were as follow s.— V . 101, p. 1033 :
Curtis & Sanger, B oston, 2.5 4 % discount, plus 25 cents premium.
Loring, Tolnian & T upper, B oston, 2.54% discount, plus 25 cents premium.
Bond & G oodw in, B oston, 2 .7 2 % discount.
C roploy M cG araglo & C o ., B oston, 2.9 6 % discount.
BLANCH ARD INDEPENDENT SCHOOL D IST R IC T (P. O. Blanch
ard), Page County, Iow a.— B O N D S A L E . — G eo. M . Bechtel & C o. o f
D avenport have purchased tho $4,000 5% bldg, bonds.— V . 101, p. 103*.
BREVARD C O U N T Y SPECIAL SCHOOL D ISTR ICT NO. 1 (P. O.
Titusville), Fla.— B O N D S V O T E D . — B y a voto o f 115 to 8 the question
o f issuing $100,000 6 % 25-year site-purchase and building bonds carried,
it Is stated, at an election held Sept. 14. Edwin E . M a cy is Supt. o f
Public Instruction.
.
BRISTOL, Sullivan County, T en n . — B O N D E L E C T I O N . — Local
papers stato that an election will be held Oct. 7 to submit to a vote the
question o f issuing $60,000 school-building and equipment bonds.
BROW N CO U N T Y (P. O. Brownwood), Tex.— B O N D S D E F E A T E D .
— The proposition to issuo $30,000 road bonds in Blanket Procinct failed
to carry, it is statod, at an election held A ug. 7.
BU RLEY H IG H W A Y D ISTR ICT (P. O. Burley), Cassia County,
Idaho.— B O N D S V O T E D . — B y a vote o f 822 to 99 the proposition to issue
$75,000 road-construction and im provem ent bonds carried, reports state,
at an election held Sept. 7.
BU R LIN G TO N , Chittenden County, V t .— B O N D
S A L E . — On
Sept. 28 tho $25,000 4 % 20-year coupon school refunding bonds were
awarded to E . H. Rollins & Sons o f B oston at 99.888 and interest, a
basis o f about 4 .0 1 % .— V . 101, p . 1034.
Other bids wero :
M orrill, Oldham & C o ., B o st.9 9 .5 7 9 )N . W . Harris & C o ., B o sto n .99.2$
A . B. Loach & C o ., B o s t o n ..99.38 W . S. Raym ond & C o ., B ost.97.3S
llornblow or & W eeks, N . Y . .9 9 .3 3 3 1C ropley, M cGaragle & C o — 97.146
BUTTERFIELD, W atonw an County, M inn.— B O N D S V O T E D . —
R eports stato that at a recent election an issue o f $8,000 power line-constr.
bonds was authorized.
CANASERAGA, Allegany County, N. Y .— B O N D S A L E . — The
Skanoatcios Savs. Bank or Skaneateles was awarded at par on Sept. 7 an
issuo o f $13,000 44*% water bonds. D enom . $500. Dato O ct. 1 1914.
Int. A . & O. Due serially until 1935.
CARROLL C O U N T Y (P. O. Ossipee), N. H .— B O N D O F F E R I N G . —
R eports state that bids will be received until 2 p .m . Oct. 20 b y W . H. Gil
man, Chairman Bd. o f C o . C om m rs., for an issue o f $35,000 4 % 9 2-3-yr.
average court-house bonds. Int. payable semi-annual.
CARTER C O U N T Y (P. O. Elizabeth ton), T enn.— B O N D S A L E . —
Reports state that tho $365,000 5% 30-year road bonds offered without
success on A ug. 15 have been sold to Oliver-Hill Construction C o . o f
K noxviilo.— V. 101, p. 710.
CHATHAM C O U N T Y (P. O. Savannah), Ga.— B O N D S V O T E D . —
Local papers stato that the election held Sept. 21 resulted in favor o f the
propositions to issue $400,000 public-school-bldg.-equlpt., $375,000 publicroad-constr., $25,000 county-farm -bldgs, and equlpt., $50,000 court
house-addition and equipt. and $50,000 reform atory bldgs, and equipt.
44*% 30-yr. bonds.— V . 101, p . 958.
CHELAN C O U N T Y SCHOOL D IST R IC T NO. 103, W ash.— B O N D
S A L E . — On Sept. 18 $16,000 building bon d s were awarded to the State o
W ashington at par for 5s. W m . D . Perkins & C o. o f Seattle bid par for 6s.
CHELSEA, Suffolk County, M a s s . — T E M P O R A R Y L O A N . — On
Sopt. 29 a loan o f $70,000 maturing April 10 1916 was awarded to Curtis
& Sapgor o f B oston, it is statod, at 2.47% discount, plus 80 conts prem ium .
CH ILLICOTHE, Livingston County, Mo . — B O N D E L E C T I O N P R O
P O S E D . —-Local papers state that this city will hold an election to voto on
tho question o f issuing city-park-site-purchase bonds.
CHOUTEAU C O U N T Y SCHOOL D ISTR ICT NO .28, M ont.— B O N D
O F F E R I N G . — Proposals will be received until 11 a. m . O ct. 15 b y L . E .
Phillips, DIst. Clerk (P . O. H ighw ood), for $5,000 6 % 15-30-yr. (opt.)
building and equipment bonds voted A ug. 30. D enom . $1,000. Date
A ug. 1 1915. Principal and semi-annual int. (F . & A .), payable at the
National Bank o f C om m erce, N ew Y ork, Unconditional .cert, ch eck for
THE CHRONICLE
In t.
In t.
G eo. II. G ibbons & C o ., N . Y .4.60s Hornblower & W eeks, N . Y ._ 4 .6 0 s
W in. R . C om pton C o ., N . Y .4 .6 0 s Spitzor, R orlck & C o ., N . Y .„ 4 .7 0 s
Isaac W . Sherrill C o ., P ough.4.60s Hoehler, Cummings & PrudFarson Son & C o .. N . Y _____ 4.60s
den, T oled o________________4.75s
D INUBA SCHOOL D IST R IC T , Tulare
*
o uuuuujr,
« u ,— B
u \
j iN
\ uD
County, u
Calif.—
O
S A L E . — E . II. Rollins & Sons o f San Francisco havo purchased, it is stated,
$13,000 6% school bonds, maturing from 1920 to 1932, incl.
D U LU TH , Min n . — C E R T I F I C A T E S A L E . — On O ct. 1 $140,000 5 %
3-year certificates o f indebtedness wero disposed o f at par as follows:
$40,000 to Sinking Fund and $100,000 sold over counter to local investors.
D enom . $1,000. Date Oct. 1 1915. Int. A . & O.
EAST ST. LOUIS, St. Clair County, 111.— B O N D S A U T H O R I Z E D . —
A ccording to local newspaper reports the C ity Council on Sept. 27 author
ized tho borrow ing o f $40,000 to bo used for repairing-sowers and con
structing a new bridge which was damaged b y tho recent floods.
EAST T A W A S , Iosco County, M ich.— B O N D O F F E R I N G . — Bids will
be received until 8 p . m . O ct. 6 b y John W . T a it, C ity Clerk, for $25,000
5 % refunding bonds. D enom . $500. Dato N ov . 1 1915. Int. M . & N .
D uo yearly on N o v . 1 as follows: $500 from 1918 to 1927 incl., $1,000 1928
to 1934 incl. and $13,000 in 1935. Cert, check on a national bank for $1,
000, payablo to C ity Treas., required. T otal bonded debt, $35,000; float
ing debt. $6,000; assess, val. 1915, $337,500.
ELMORE C O U N T Y (P. O. M ountain Home), Idaho.— B O N D S A L E .
— On Sept. 20 the $35,000 20-yr. coupon court-house-bldg, bonds wero
awarded to Sweet, Causey, Foster & C o. o f D enver for $35,214 (100.611)
and int. for 5s— a basis o f about 4.9 5 2 % .— V . 101, p . 958. Other bids were:
E . H . Rollins & Sons o f Denver, $35,206 50 for 5s.
C . H . C offin . C hicago, $35,201 for 5s.
Central Sav. Bank & Trust C o ., Denver, $35,182 50 for 5s.
Oswald F . B enw cll, Denver, $35,131 for 5s.
James N . W right & C o ., D enver, $35,108 50 for 5s.
Lumbermans Trust C o ., par for 5s.
N . W . Halsoy & C o ., C hicago, par for 5s, less $233 expenses.
W ells & D ickey C o ., M inneapolis, $35,011 for 5s, less $340 expenses.
Harris Trust & Sav. Bank, C hicago, $35,000 for 5s, less $343 exponses.
John N uveen & C o ., C hicago, par for 5s, less $875 expenses.
P owell, Garard & C o ., C hicago, $35,053 for 5 H s.
II . T . H oltz & C o ., Chicago, $35,975 for 5 A s .
FAIR VIEW , M ultnomah County, Ore.— B O N D E L E C T I O N P R O
P O S E D . — R eports state that an election will be held to vote on the question
o f Issuing $12,000 water bonds.
FLORENCE, Lane County, O r e . — B O N D E L E C T I O N . — An election
will bo held O ct. 6 to vote on the question o f issuing $5,000 6 % 1-10-year
serial N orth Fork Highway im provem ent bonds.
FORT THOMAS, Campbell County, K y.— B O N D S A L E . — On Sept. 22
an issue o f $22,000 city-bldg., fire and police-headquartors and auto-chom ical hose-truck-purchase bonds was awarded, it is stated, to Seasongood &
M ayer o f Cincinnati for $22,607— equal to 102.759.
FORT SMITH SCHOOL D ISTR ICT (P. O. Fort Sm ith), Sebastian
County, Ark .— B O N D S A L E . — On July 9 $325,000 refunding and $125,000
building 5% coupon (registerable only as to principal) bonds wero awarded
to W m . R . C om pton C o. and M ercantile Trust C o . o f St. Louis at par and
int. D enom . $100, $500 and $1,000. D ato July 1 1915. Principal and
semi-annual int. (J. & J.) payablo at the M ercantile Trust C o ., St. Louis.
D ue on July 1 as follows:
$5,000-----------1916 $7,000............ 1925 $11,000_____ 1934 $18,000.......... 1943
. 1917 7 ,0 )0 ............ 1926 12.000
5.000
_1935 19.000
.1944
5.000
.1918 8 .0 0 0 -.......... 1927 12.000
_1936 20.000
- .1 9 4 5
5 ,0 0 0 ,_____ 1919 8.000
.1928 13.000
_1937 21.000
_1946
6.000
____________._
9.0001920 _1929 14.000
_1938 22.000
_1947
6.000
_1921 9.000
.1930 14.000
_1948
_1939 23.000
6.000
_1922 10.000
_1931 15.000
_1940 24.000
.1949
_1923 10.000
6.000
_1932 16.000
_1941 25.000
_1950
7.000
_1924 10.000
_1933 17.000
_1951
_1942 25.000
bonds aval able in 1936 and 1937 maturities. $500 bonds available
. $100
in 1934, 1935, 1937 and 1938 maturities.
Option periods: M aturities o f 1921-44, both incl., aro optional for prior
paym ent on any interest-paying period, on or after July 1 1920 upon 60
days notice at a premium o f A o f 1 % for each year or fraction thereof b e
tween tho date or call and tho fixed m aturity or tho bond or bonds called ,
in addition to par and accrued interest. M aturities 1916-20, both in cl..
not optional.
M aturities o f 1945-1951, b oth in cl., aro optional at par
and accrued interest upon 60 days notice, as follows:
$20,000, due 1945, are optional on or after July 11926
21.000, due 1946, aro optional on or after July 11925
22.000, due 1947, are optional on or after July 11924
23.000, due
1948, are optional on or after July 11923
24.000, due
1949, are optional on or after July 11922
25.000, duo
1950, are optional on or after July 11921
25.000, due
1951, aro optional on or after July 11920
Bonded debt, this issue, $450,000. Assess, v a l., $17,221,443; est.
actual value, $58,000,000. Legality approved by R ose, H em ingw ay, C an
trell, Loughborough & M iles, A ttorneys, Little R ock .
GARDEN C ITY , Finney County, K ana .— B O N D E L E C T I O N . —
R eports state that an election will be held O ct. 6 to v o te on tho question o f
issuing $60,000 bonds to purchase tho telephone and electric-light plant and
works o f tho Garden C ity Telephone, Light & M anufacturing C o.
GENOA, Ottawa County, Ohio.— B O N D O F F E R I N G . — Bids will b o
received until 12 m . Oct. 9 by Phillip E. M anner, Village Clerk, for $3,50375
5 H % 7 -ye»r refunding bonds. A uth. Sec. 3916, Gen. C odo. D enom . 6
fo r $500,1 for $503 75. Dato Sept. 1 1915.
Int. M . & S. Certified check
for 10% o f bonds bid for, payablo to Village Treasurer, required. Bonds
to bo delivered and paid for within 10 days from tim e o f awaro. Purchaser
to p a y accrued interest.
G EO R G ETO W N SCHOOL D ISTR ICT (P. O. Georgetown), Brown
County, Ohio.— B O N D S V O T E D . — -Newspaper reports stato that this
district at an election held Sept. 21 voted in fa vor o f tho issuance o f $10,000
building-im provem ent bonds.
GREEN CAMP, Marion County, Ohio.— B O N D S A L E — On Sept. 27
the $5,000 5 % 5 -year averago coupon electric-light-plant bonds were
awarded to the M ansfield Savings Bank at 101.03 and in t., a basis o f
about 4 .7 8 5 % .— V. 101, p . 1035. T ho Security Savs. & Trust C o . o f
T oledo bid 100.10.
GREENVILLE SCHOOL D IST R IC T (P. O. Greenville), Darke
County, Ohio.— B O N D S A L E . — On Sept. 21 an issuo o f $3,000 5% 5-yr.
refunding bonds was awarded to the Farmers N a t. Bank o f Grcenvillo at
par and int. D enom . $500. Dato M arch 4 1915. Prin. and semi-ann.
int.— M . & S.— payablo at office o f B d. o f E d. D uo M arch 4.1920,
GRETNA, Jefferson Parish, L a.— B O N D S A L E . — On Sept. 22 the
$50,000 water-works bonds were awarded to Sutherlin & C o . o f Kansas
C ity, it is stated, at 100.25.— V . 101, p. 229.
H A L F W A Y, Baker County, Oro.— B O N D S A L E . — On Sept. 10 tho
$20,000 6 % 20-yr. gravity-water-system bonds wero awarded to Crane &
C o. at par.— V . 101, p . 712. D enom . $1,000. D ato Sopt. 1 1915. Int.
semi-annual.
HAR D IN CO U N TY (P. O. K enton), Ohio.— B O N D O F F E R I N G . —
Proposals will be received until 12 m . O ct. 4 b y Ulrich J. Pfeiffer, C o . A u d .,
for the following 5 % pike bonds:
$2,000 Boehm piko bonds, series " L . ” D enom . $500. D uo $500 yrly.
on O ct. 4 from 1917 to 1920 incl.
13.000 Phelps pike bonds, series " M . ” D enom . $1,000. D ue $2,000
Oct. 4 1917 and 1918 and $3,000 on Oct. 4 1919, 1920 and 1921.
10.000 Stoll pike bonds, series " N . ” D enom . $1,000. D uo $2,000 yrly.
on O ct. 4 from 1917 to 1921 incl.
2,500 M cE lroy pike bonds, series “ K .” D enom . $500. D uo $500 yrly.
on O ct. 4 from 1917 to 1921 incl.
5,000 Breidenbach piko bonds, series “ J ." D enom . $1,000. D uo $1,000
yrly. on O ct. 4 from 1917 to 1921 incl.
A uth. Secs. 7218 and 7219, Gen. C odo. Date O ct. 4 1915. Prin. and
semi-ann. int.— A . & O.— payable at offico o f C o . Treas. Cert, check on
a Kenton bank for $500 required. Bonds to bo delivered and paid for
within 15 days from date o f sale.
H AR TFO RD , C onn.— B O N D E L E C T I O N P R O P O S E D , — Local news
paper dispatches state that this city is contem plating calling an eloction
to vote on the issuance o f about $35,000 subway bonds.
HELENA, Telfair County, Ga.— B O N D S D E F E A T E D . — 'T ho election
held Sept. 8 resulted in the defeat o f tho question o f issuing $8,000 water
works and $12,000 sower bonds.
•
H OBOKEN, N. 3 . — T E M P O R A R Y L O A N . — It is stated that this city
on Sopt. 28 negotiated a loan o f $150,000 at 2 Is % int. with Bond & Goodwin
o f N ow Y ork .
HUDSON, Fremont County, W yo.— B O N D S N O T S O L D . — U p to
Sept. 24 no salo had been made o f tho $20,000 5 % 15-30-yr. (opt.) coupon
water bonds mentioned in V. 100, p . 326.
HUDSON FALLS, W ashington County, N. Y . — B O N D E L E C T I O N .
— An election will bo held Oct. 14 to submit to a voto tho question o f issuing
$270,000 gravity-water-system bonds. D uo beginning in 1921 and yearly
thereafter.
HUMBOLDT CO U N TY (P. O. Eureka), Calif.— B O N D O F F E R I N G .
— Proposals will be received until 2 p . m . O ct. 11 b y Fred M . K a y , C ounty
Clerk, for $100,000 or $125,000 4 % Stato Highway bonds maturing in
1956. D enom . $1,000. Bidders aro requested to submit tw o separatd
bids on said bonds as fo llo w s: First, 100 bonds N os. 15,791 to 15,890,
incl.; second, 125 bonds N os. 15,791 to 15,915 incl. Cert, check for 3 %
o f tho amount o f tho larger bid required. These bonds are in tho custody
o f State Treas. Friend W . Richardson, Sacramonto, to whom bidders aro
hereby referred fo r further particulars.
HU N TIN G TO N COUNTY (P. O. H untington), Ind .— B O N D O F
F E R I N G . — Bids will be received until 10 a. in. Oct. 9 b y A . II. Shaffer,
C o. Treas., for tho following 4V j% 5 } 4 - y r . average highway-im pt. bonds:
$11,000 D avid Phebus et al. road bonds in Jackson T w p . D enom . $550.
11,662 Scott Huffman et al. road bonds in Salamonio T w p . D enom .
$583 10.
Date Sept. 15 1915. Int. M . & N . Duo ono bond o f each issuo each six
months from M ay 15 1916 to N ov. 15 1925.
IMPERIAL IR R IG A T IO N D ISTR ICT (P. O. El Centro), Imperial
County, Calif.— B O N D O F F E R I N G . — Further details aro at hand reiativo
to tho offering on O ct. 12 o f tho $3,500,000 5% gold cou pon tax-free bonds
to purchase the California Developm ent C o .’s water system . V . 101, p.
1036. Pronosals for theso bonds will bo received until 10 a. m . on that
day (O ct. 12) b y the Board o f Directors, C . M . Berry, Sec. A uth. Sec. 30,
Calif. Irrig. A ct o f 1897, approved M ar. 31: also vote o f 3,278 to 330 at an
election held Oct. 29 1914. Denom . (2,100) $1,000, (2,800) $500. Dato
Jan. I 1915. Principal and semi-annual int. (J. & J .) payablo at tho Dist.
Treas. offico, El Centro. Due on Jan. I as follows: $70,000 1936 and 1937,
$105,000 19.38 and 1939, $140,000 yearly 1940 to 1943 Incl., $175,000 yrly
1944 to 1947 incl. and $210,000 yrly. 1948 to 1951 incl.. $245,000 1952 and
1953 and $280,000 1954 and 1955. N o deposit required. Tho district
has no bonded debt. Floating debt, $129,000. N o sinking fund. Assess,
val. 1915, $25,768,837. These bonds havo been validated b y a special
A ct o f the Legislature, as well as b y a general A ct o f saino, and b y tho Su
perior Court o f Imperial C ounty, Calif. T hey aro not optional, and aro
non-registerable. and b y an A ct o f the Legislature o f tho Stato o f Califor.
$3,000, payable to the D lst. C lerk, required, A ll bids m ust bo u n co n ditional.
C IN CIN N ATI, O hio.— B I D S . — The other bids received forth o $210,000
4 H % 20-40-year (op t.) w ater-works-im pt. bonds awarded to the Atlas
N a t. Bank o f Cincinnati at 101.95 on Sept. 23 were as follow s.— V . 101,
p . 1034 :
W est. German & Brighton*
Rem ick,Hodges& Co.,N .Y. 212,589 30
Germ . Banks, C in cin.$213,900 00 Prov. S.B.& T r.C o .,C in . 212,583 00
W o ll, R oth & C o. and
Ilorn b l’r & W eeks, N . Y . 212,461 20
Firth-ThirdN at.B .,C in. 213,822 00 W m .lt.C om p ’n C o .,N .Y . 212,205 00
German N a t. B k . and
Davies Bertram C o., Cin. 212,112 00
J .C . M a y e r * C o..C in . 213,297 00 Harris, Forbes & Co.,N .Y . 211,892 10
Seasongood & M a yer and
Tillotson & W o lco tt.......... 211,820 70
Field R ic h .* C o., C in . 213,200 00
CLARK C O U N T Y (P. O. Jeffersonville), In d . — B O N D O F F E R I N G . —
John R . S cott, C o. T reas., will receive bids until 10 a. m . O ct. 4 for $8,800
5 H % 6 H -year averago Omega Lentz et al highw ay-lm pt. bonds in Utica
T w p . D en om . $440. D ato Sept. 7 1915. In t. M . & N . D uo $410 each
six months from M a y 15 1917 to N o v . 15 1926, incl.
CLAY CO U N TY (P. O. Liberty), Mo.— B O N D E L E C T I O N P R O
P O S E D . — Reports state that Excelsior Springs Special R oad D istrict is
contem plating the calling o f an election to vote on the proposition to issue
$100,000 road-construction bonds.
CL AY C O U N T Y (P. O. Brazil), In d .— B O N D S A L E . — On Sept. 25
the tw o issues o f 44£ % 6 A -year average highway-im pt. bonds, aggregating
$7,800, were awarded to tho Brazil T r. C o. o f Brazil for $7,840 (100.512)
and in t., a basis o f about 4 .4 1 % .— V . 101, p. 958. Other bids were :
M iller & C o ., Indianapolis.$7,831 501 Starr Piano C o _________ $7,813 00
B reed, E lliott & H ar’n ------ 7,825 00 J. F . W ild & C o ., I n d p ls .. 7,807 00
Riddell N at. Bank------------- 7,819 5 0 |Merch. N at. B k .. M i n n ... 7,802 50
A ll bids provided for paym ent o f accrued interest.
C L A Y C O U N T Y (P. O. W est P oint), Miss . — B O N D S R E - A W A R D E D
— T he $20,000 10-25-year serial tax-exem pt D istrict N o . 2 road-im provo
m ont bonds sold on June 7 to the H anchett Bond C o. o f Chicago at 101.055
fo r 5M s wore re-awarded on July 1 to the Security Sav. Bank & Trust C o .
of T oled o at 102.76 for 6s.— V . 100, p. 2025. T ho attorney for tho H an
chett B ond C o. refused to approve the issue.
CLINTON, De W itt County, I lls .— B O N D E L E C T I O N . — R eports
stato that this c ity will hold an (lection O ctober 5 to vote on the pro
position to issue $15,500 im provem ent bonds.
COAL GROVE SCHOOL D IST R IC T (P. O. Coal Grove), Lawrence
C ounty, Ohio.— - B O N D S A U T H O R I Z E D . — T h o Board o f Education on
Sept. 20 authorized the issuance o f $6,000 5 % 10-year refunding school
bonds, it is stated.
COFFEYVILLE SCHOOL D IST R IC T (P. O. Coffeyville), M ont
gomery C ounty, K an .— B O N D S V O T E D . — The question o f issuing
$55,000 school-bldg.-im pt. bonds carried at an election held Sept. 21,
reports state.
COLUM BIA, Richland County, So. Caro.— B O N D E L E C T I O N . — An
election will bo held Oct. 5, it is stated, to determine whether or not this
city shall issue $300,000 water-works and $200,000 soworago-extension bds.
COMPTON, Las Angeles County, Calif.— D E S C R I P T I O N O F
B O N D S . — T ho $70,000 6 X
A % sewer bonds awarded on Aug. 31 to the State
Board o f C ontrol for $70,600 (100.857) and int. are in the denom ination o f
(40) $1,000 and (40) $750 and dated July 1 1915.— V . 101, p. 958. Int.
J. & J . D uo serially for 40 years.
COOK C O U N T Y (P. O. Chicago), Ills.— B O N D S A L E . — On Sopt. 27
an issuo o f $1,000,000 4% 1-20-yr. serial hospital bonds was awarded, it is
stated, join tly to tho First Trust & Savs. Bank and tho Harris Trust &
Savs. Bank o f Chicago. T ho price is reported as 98.53 and int.
These
bonds were voted Juno 7.
COOS C O U N T Y (P. O. Coquille), Ore.— B O N D E L E C T I O N P R O
P O S E D . — This cou n ty proposes to hold an election in N ovem ber, it is
stated, to vote on tho question o f issuing $440,000 road bonds.
CR ITTEN D EN C O U N T Y D R AIN AG E D IST R IC T NO. 6 (P. O.
Memphis, T e n n .), Ark.— B O N D S A L E . — On Sept. 22 tho $160,000 6%
1-20-year serial drainage bonds were awarded to Smith, M oore * C o. o f
St. Louis at 99. W m . R . C om p ton C o. o f St. Louis and tho Bank o f
C om m orce & T rust C o. o f M em phis, join tly bid 98.788. Denom . $500
and $1,000. Int. F eb. 1 and A ug. 1.
DALLAS C O U N T Y (P. O. D a lla s), Tex.— B O N D O F F E R I N G . — Pro
posals will bo received until 10 a. m . O ct. 30 by Chas. E . Gross, C o. A u d .,
it is stated, for tho $135,000 5% 10-40-yr. (op t.) T rinity R iver bridge and
viaduct bonds voted July 24.— V . 101, p. 544. Denom . $1,000. D ato
A ug. 10 1915. Int. semi-annual.
A cashier’s check for $7,500 required.
D A Y T O N , O hio.— B O N D O F F E R I N G . — In addition to tho $40,000 5 %
5 H -yea r average cou pon Sanitary Sower D ist. N o. 6 bonds which aro to
b o offered on Oct. 11, $338,000 4 'A % 21-year averago coupon flood-em er
gency bridge bonds will also bo offered for sale on that da y.— V . 101, p.1034.
D en om . $1,000. D a to O ct. 1 1915. Prin. and semi-ann. int. (A . & O .)
payablo in N . Y . C ity. Duo $38,000 Oct . 1 1933 and $50,000 yearly on
O ct. 1 from 1934 to 1939. incl. Cert, check on a national bank for $16,900
payablo to C ity A ccoun tan t, required. Bonds to be delivered and paid for,
at o ffico o f C ity Treas. on Oct. 15. T he approving opinion o f Squiro,
Sanders & D em psey o f Cleveland will be furnished purchaser b y city.
DENVER, Colo.— B O N D S N O T S O L D .— N o salo was made o f the
$8,000,000 4 H % 30-year gold coupon municipal water bonds offered on
Sept. 8, "th e commission being restrained b y court from opening b id s.” —
V . 101, p . 790.
DEPEW, Erie C o u n t y , N. Y . — B O N D S A L E . — On Sept. 27 tho $53,000
1-10-year serial reg. (convertible into coupon) im provem ent bonds were
awarded to II. A . Ivahler & C o. o f N . Y . at 100.138 for 4.60s.— V. 101,
p. 1034. Other bidders wero :
[Vol. 101.
_
1116
THE CHRONICLE
jua, approved Juno 13 1913, are legal investment for all trust funds and for
the funds of Insurance Companies, banks, both commercial and savings trust
companies. State school funds, and any iunds which may bo invested1in
county, municipal or school district bonds, and may be deposited as securitv
lor the performance of any act whenever the bonds o f any county State
and county, or school district may be so deposited.
y
y ' at 1
„ I ° W { i C O U N T Y (P. O. M a ren g o), I o w a .— B O N D S A U T H O R I Z E D —
On Sept. 13 the Bd. or Supers, passed a resolution providing for the issuOI &13’0.00 ;>% coupon funding lionds. Denom. SI,000. Date Oct 1
M n c b a l and seml-ann. int. (M .& N .) payable at the banking house
c£O eo. 1VI. Bechtel & Co. o f Davenport. Duo $(>,000 Nov. 1 l<)28 and
$7,000 Nov. 1 1929. Morris Williams is County Auditor.
*
IR O N T O N , Lawrence C o u n t y , O h io .— B O N D O F F E R I N G . — Bids
y(.! receiv(!d until l2 in. Oct. 7 by Percy W . Dean, City Aud., for $14 000
'A;ti,?K OrTa!k P IS1“
(city s portion) bonds. Auth. Sec. 3914, Gen.
Code. Dato Sept. 1 1915. Int. M . & S. Duo in 10 annual installments
! S , i g 1nycali
Cert, check for $200, payable to City Treas.
icquired. Bonds to be delivered and paid for within 10 days from time
or award. Purchaser to pay accrued interest.
IR O N T O N , L a w ren ce C o u n ty , O h io . — B O N 'D S A L E D E F E R R E D .—.
\\ o are advised that the sale o f the $100,000 4% 20-ycar water-filtratlonpiant-construction bonds which was to have taken place on Sept. 23, lias
been doforred.— V. 101, p. 712.
1117
$22,000
$7,000
Road.
$22 175 00 $7,021 50
M iller* C o., Indianapolis___________
n l ^ ^ n w e/ * aw Na<
t ‘ Bar}k . lubianapol'ii.: 111111' 22! 161 00
7.040 25
r T ^ v v n S fn * Harrison, Indianapolis----------------- 22,155 00
7.028 00
J. . Wild & C o., Indianapolis___
22
no
7,042 50
c . c . shim, & c o .. I n d i a n a p o l i s . . : : : : : : : : : : ; : : : ; 2 2 0 8 0 0 0
7.020 50
iV D. Doflfngs & Co.. Indianapolis_______
_
22 077 00
7.007
00
Merchants National Bank, Muncie
,u' ' UL* 7.016 35
A. P. Andrew Jr. & Co., La Porte.
7,010 00
Tn^'Vrkl£
il for
Paym®
accrued interest’. Dato’ Sopt. iS'iOHL
Int.
M . & IMOVlri0,<
N. Duo
part
each nt.
six months.
L A W R E N C E C O U N T Y (P. O. B e d fo r d ), I n d .__ B O N D S A T E __On
Breed 213HottT Harrison’nf I 7 - y e a r bridge bonds was awarded to
a n d ^ ’t S f a ^ b a s T s ^ f ^
“a b o u t 16 *S Statod' for 114,208 (101A85)
LE O N C O U N T Y (P . O. T a lla h a s se e ), F la .— B O N D S V O T E D __T h «
proposition to issue $200,000 road-building bonds carried at an election held
Sept. 21, by a majority of 382. O. C. Van Brunt Is Clerk. Circuit Court
L E SL IE , Searcy C o u n ty , A rk . — B O N D S A L E .— Reports stato that
of Little Rock8at09°7'75ter‘ WOrkS b° ndS haS been Kold to <:raven * Fierce
L I B E R T Y C O U N T Y (P. O. G r o e s b o c k ), T e x . — B O N D S D E F E A T E D
— By a vote of 157 to 82 the question of whether or not Road Dist No 3
should issuo $200,000 road constr. bonds was defeated, reports stato. A
two-thirds majority being necessary to carry.
IS L A N D C O U N T Y S C H O O L D IS T R IC T N O. 202, W a s h .— R O N D
‘Vi. ,^ 1 Kcports
that an issue o f $6,000 school bonds has been pur
chased by the State o f Washington.
JA C K S O N C E N T E R V IL L A G E SC H O O L D I S T R IC T (P. O. J a c k
s o n C en ter), S h e lb y C o u n ty , O h io .— B O N D O F F E R I N G . —-Proposals ivill
S C H O O L T O W N S H IP , T ip t o n
be received until 12 m. Oct. 4 (date changed from Sept. 20) by Mary E
f lawver, Clerk Board o f Education, for $1,300 6% 3-year average schoolimprovement bonds. V. 101, p. 9.59. Auth. Sec. 7629, Gen. Code
Denom. 5260. Dato Oct. 1 1915. Int. A. & O. Duo $200 yearly from
1 to 5 years inclusive. Certified check for 10% o f bonds bid for, payable
to. District Treasurer, required. Bonds to be delivered and paid for
within 15 days from time o f award. Purchaser to pay accrued interest.
C o u n t y , I n d .— B O N D
to a ShaJpsPvillo! &ln d . . ‘ bank a t l o ! .28$5,00° SCh° 01 b° ndS haS bGCn 60,(1
L IN C O L N C O U N T Y (P. O. S ta n fo r d ), K y . — B O N D S D E F E A T E D
. 1 J?F 9 S , 0,rl, ip issue the $130,000 road-constr. bonds failed to carry
871 “ agahis0” b d Scpt' 18' ~ V' 101 ’
230‘ The yote wa« 837 “ for,9t n d
« i ^ n n a ^ / ° i R E ’ i A la m e d a P o u n t y ’ C al.— B O N D S A L E . — An Issue o f
$ f:0°000°4 1 n 1 . « Y aS awarded on Juno 7 t0 w - H - Terrill at par. Denom.
N<^ D a k W<f i O N / ? ? w ? S H P - (P- ° „ v L o s tw o o d ), M o u n tr a il C o u n t y ,
5-year average school bonds. Denom. $400. Date “ day of safe7’ Inter about June^ 5 ^ 0 ^
j
SJ ,20° 7, % 6-y r' ,)onds was awarded
est semi-annual. Due $400 each six months from July 1 1916 to Jan Y Interest
annual.* P'
Beislcker of Fessenden at par. Denom. $300.
1925 inclusive. Certified check for $100 required. No bonded dehftaxable proporty, $419,177.
oc’
the ?1V1
E00A5^/D I w erm?-n t C oPn ty - O h io .— B O N D S A L E — O n Sept. 27
JE F F E R SO N C O U N T Y (P. O. B e a u m o n t), T ex .— B O N D S V O T E D ___
rS ; Mara- I 1?k1 nrr'<i^CT ln®'',U1,1K ' bonds wero awarded, it is stated,
According to incomplete returns the election held Sept. 17 resulted in
4 85%.— V.7 101. p. f1036- f° r * 1,114, equal t0 101-272, a basis of about
favor o f the question of issuing the $25,000 5% 10-40-ycar font ) countv
jall-lnsane-bullding-erection bonds.— V. 101, p. 867
( P 0
ty
L O W N D E 3 C O U N T Y (P. O. C o lu m b u s ), M iss. — B O N D O F F F R I N G
JE F F E R SO N C O U N T Y SC H O O L D IS T R IC T N O 15 (P O W h it e — Proposals will be received until 2 p. m. Oct. 4 by B A Lincoln Clerk
h a ll), M o n t. — B O N /> S A L E . — On Sept. 14 $1,700 6 % 2-3-year opt build J ^ rcli5£SlrPCrvlsors' I°e $50,000 Supers. Dist. No. 4 and $43 000 Suners^
ing and equipment bonds were awarded to E. E Alfen
road-constr. bonds at not exccodincr i\°/ int
Auth
$100. Date July 1 1915.. Interest annually in July.
1
Denom. Chap. 176 Acts of Miss. Leg. 1914. Denom 8100 or
determined.
Int.
semi-annual
at
Columbus:
SDue
b^taningDl
l
ymra
n n iv n ^ ^ m P r
D ^s f R I C T, S ta n isla u s C o u n ty , C a l.—• Celt, check for $1,000, payable to the Clerk Bd. of Supers, 'required
B O N D S N O 1 SO I j D . No sale has yet boon made of fhn C/ik nnn r or
bonds offered on June 15.— V. 100, p 1948
tUe 545,000 5 / a
L U B B O C K C O U N T Y (P. O. L u b b o c k ) T ex — V O T E
cast at tho olectlon held Sept. 18 which resulted In favor of i h,',
JO N E S, O k la h om a C o u n ty , O k la . — P U R C H A S E R h e n a v n c
io
tbe $100,000 court-house-building bonds was 349 to 140._V 101,
p a r r o O M W6 & j ° f° P tera f o f’o l l Y an(U lght bonds r°c°ntly sold at
LYNN, M ass. 7 K M P O R A R Y L O A N .— On SoDt 28 the loan of 1 1 oo nnn
maturing April 5 1916 was awarded to Curtis & Sanger of l oston^aV^i?^0
discount, plus 75 cents premium.— V. 101, p. 1036.
‘
/o
M A C K IN A W , T a ze w e ll C o u n ty , 111.— B O N D S A L E __ On
issue of $8,50() 5% water-works bonds was awarded to Matlion|?PDixon &
1
1 r? rccc‘ vtKl until 10 a. in. on that day by the c i t y Clerk
Denom .MOO. Date O c t . t 1915. Principal and somiannual lnter!«t OU\orS)hVs wero: d &t Par and furnishing of bonds loss $90 for expenses.
(A. & O.) payable at the office o f the Commissioner o f Revenue and in
^ h y ^ e x c ^ a n g e , at option of holder. Certified check for $500, payable
to the Commissioner of Revenue, required. Bonded debt, including this Han^hcU0 BondCC o.!gC h i^ g o : I 1 1 1 I -------------------S| '^ f } « 8 { 00 00
issue, $198,000. No floating debt. Sinking fund, $13 398
^Totil H . C. Speer & Sons C o., C hicago.........
................g'500 «
1 5 5 no
assessed value 1914, $10,266,111. Tax rate for city (per $100) , $1.50.1
Eistm'i’ Clliiord
C l f f& fCo.,
o rChicago____________
d ( 'hiCago------------------------8^00
piston.
g 5 0 0less
1ess 200
2 1 100
o'”,
t,
C IT Y , P erry C o u n ty , O h io . — B O N D S A L E __rin
Sept. 25 the $4,500 5 K % 12-year average coupon East Main St. improve& No n ^ &nCOn S « W - (" fo ie 00 aTnd several unfavorable conditions.
inent (villages portion) bonds were awarded to theOitizens State Bank n t Oct 0*I°fo:>V'
P>ate ° ct- 1 1915- Interest annually on Oct. 1. Due
Somerset for $4,601 (103.577) and in t .- V . 101, p 959 0ther blds were
M A N K A IO , B lu e E arth C o u n ty , M in n . — B O N D S A U T H O R T E E D ___
Hochler^Cummings & Irud IDavies-Bortnun Co., Gin. .$4,615 00
aen, loieao . . —
------- $4,630 Seasongood & Mayer. Cin 4 552 00 An ordinance was passed Sept. 13 providing for tho issuance o f $10 000
. ..
non
iuli ....^ ' u .
Hanchett Bond C o.. Chicago. 4,617IOhio Nat. Bank, Columbus 4,536 75 street-iiltorsoction navinc nnH
K EN M ORE, Erie C o u n ty , N. Y . — B O N D S V O T E D __The nii«Um,s
tfi° f0'L°'y?ng bonds carried at the election held Sept. 28
from 1 to 6 years, inclusive.
SI!:8S8 a f f i a f C d , . X ! Y ? 5 y& ' S . 1 6 y“ M A R B L E F A L L S, B u r n e t C o u n t y , T e x . — B O N D E L E C T I O N __Re-
co S M lT u °R 1fi1S5S‘, 4 fe s T ds
,,ot bol™ ‘ “ *u*»*'»
K E Y S E R IN D E PE N D E N T SC H O O L D IS T R IC T (P O K ev serl
M in eral C o u n ty , W . V a .— B O N D S A L E . — On Sept. 24 the $35 000 6 %
coupon building bonds were awarded to Seasongood & M ayer o f Cincinnati
lnt- v - 101 ,p- 959,
Among S T o S S S ^ S ?
Well, Roth & Co.. C in c in ...$36,785 Spitzer, Rorick & C o., Tol..$36,100
Sidney Spitzer * C o., Tolcdo'30,508
Kleybolto & C o., Cln._ 36,058
A. J. l l o o d * C o., D etroit.. 36 411 Iiiid.
Bumpus & Co., Detroit_____36,307 U . C. Speer & Sons C o ., Cldc. 36,052
chaser to furnish blank bonds.
Other bids were -
aud lnt‘
1 ur*
Aidj cyiu>odK&
J S S - ' i f S ? . 03 s o
« ° '" » " « » * —
•>
Spitzer, Rorick & Co., 'Toledo, $27,798.
Hanchett Bond Co., Chicago, $27,637 and Int.
John Nuveen & C o., Chicago. $27,542 and lnt.
Atlantic Nat. Bank o f Jacksonville, $27,509 99.
Hoehler, Cummings & Prudden, Toledo, par and int., less $81.5
The Stato of Florida bid 101 and int.
, [b 'n<» n - 0 ) $2,500: (5) $5,000. Dato Sept. 25 1915. Int. somi-ann
a^ tbo City,Treas. office. Due $2,500 1925, and $5,000 yearly from 1926
to 1J30 Inch Bonded debt, Including these bonds, $47,500. No floating
debt. Sinking fund $1,000. Assess, val. 1915, $1,537,509.
1 08
nn^N9 «£ii,C? UN?:’ Y <P7
Vincennes), In d .— B O N D S A L E .— On
nlmUes of
53^-year average highway-impt. bonds
aggregating $4.5,060, were awarded to tho Fletcher-Amor. Nat. Bank
o f Indianapohs for $45 373 30, equal to (100.695). a basis of about 4.34%
X v ' 10k p ; 1030■ Dato Sept. 7 1915. Int. M . & N . Duo part each
six months commencing May 1 5 1 9 1 6 .
1
cacn
L A F A Y E T T E C O U N T Y (P. O. L e x in g to n ) M o __ B O N D F T E t 'T m i \ r
— An election will be hold in Wellington H o^ ?D i^ °'on Oct S h u
to vote on the question of L u f n g & O O r o ^ b o n d s
8 ' 11 ls •
StatCdScn(A
rPA RIS,H
?• L a fa y e tte ), L a . — B O N D S A L E — On
Pssutafls^f000acr^SaetS ^ ten d s? b° ^
° Ct> 8 l° Votc 0 11 tho CiUosiion of
sewer bonds offered on Sept. 27 were rejected. V. 101. p. 1036.
Council continued the sale until Oct. 11. and further ordered that
and Linanco Committee be authorized to sell tho bonds at a
public sale before that date. Geo. C. Campbell is City Clerk.
M A R IO N C O U N T Y S C H O O L D I S T R IC T N O
103 IP
Tho Citv
the Mayor
private or
1
n
b u rn ), O re . — B O N D O F F E R I N G . — Further details are i i inm i
to tho offering on Oct. 14 of the 840.000 514% coupon highYjmnl hki^
bonds (V. 101 p 1036). Proposals for tlm4e W ds^whl be r ^ e f t u n t n
8 p. 1 11 . on that day by E. J. Stanard. Dist. Clerk. Auth. Sec 2 ( S
J/2, L a w
s ^ nlso vote of 252 to 143 at an election held Sent 7
I)ate N ov. 1 1915. Int. semi-ann. at the County Treas
oflico or fiscal agency in New Vork. Due $2,000 yearly from 1017 tn lOTt
Dist.^?lcrk8 required^ aPd 1935‘ Cert‘ chcck for M . O ^ O . T a y a P L ^ o 1^
B O N D S D E F E A T E D . __ Tho nronnsttion to issue $34,000 sewer-systcm-construction
bonds failed to carrv it is
,-,,F A ? O N , InJ?,ham C o u n ty , M ich . —
onPAprill’5a— V? lOO,1p.’11854.'SePt' 14’ A simi,ar Proposition was deft’ated
M EM PH IS, T e n n . — T E M P O R A R Y L O A N . — Local papers state that at
a special meeting of tho Board of City Commissioners on Sent '/l l u if,
was authorized to borrow $986,000 from the Ba k tPf Commerw i 'TnAt
whi’
FUp5in
compromise
i c P ^ ' . ^ u r Y S ^*10 *oan Is°-f
in the oI,d
shape
of two
certificates1bonds^
of indobtedness, one for SaOO.OOO and the other for $486,000, hearing '} Y ^ aml
r'm" *ng £°fl' r months from Sept. 29 1915. As collateral, the elty extemls
tho life of tiio bonds and turns them over to the bank.
y
«irniEm n M^ IH’im,3nn C oun ty. Wis — B O N D S A L E — On Sept. 23 the
8100,000 5% 1,0H-year average coupon water-works-i)]ant-purchase
bonds were awarded to Harris Trust & Saw Bank of Chicago at 103
a basis of about 4.567%. V. 101, p. 867. other bids werm
103,865~
Wells & Dickov Co., M i n n . $3,8^55 First Tr. & S. Bk Chic
Continental & Commercial
Second Ward S Bk M ifw' V i k 28
Trust & Sav. Bank, Chicago 3,8501Schuttc * Tuilling' Bank 3,115 50
y m s £ M
bB°ann t o T L a fa y e r te ^ p a ^ 0 £ , 5
£
Rai.nla1}.^
V*V.’
3,800
Menomlnio____________ 2,767 50
1917 to l 9 3 5 . 8 Upfc' 1 l914, m t. M Ba&QkS0 f ^ M f o o O S e r i a l l ^ f c Devitt, Tremble & C o., Chic •K' O
B - L fa ch * Co Chicago 2,667 00
First Nat. Bank, Menomlnio- 3:450 P. W
Chapm an* Co.,Chic 2,650 00
Hoehler, Cummings & iTudN.
\\ . H alsey* Co., Chic. 2,612 00
den, 'Toledo___________
3,371 Wm.
BldA GH
untiUO a ' ^ ^ c t ^ ’A1 Jd s T v S n C o ^ T n ^ r
R. Compton Co.,
Hanchett Hond C o.; Chicago. 3,217
St. Louis...................... . 1,577 70
Meigs C ouu ty- O h io.— B O N D S A L E — O n Sept. 27
tho $7,000 5% 15-year average street-impt. (village’s portion) bonds were
10:000 T h o l: M ^ c e k eTOadabond8dfn nc?n trerl t I Z
Dehorn.' Ilo O
’
awarded to Breed, Elliott & Harrison of Cincinnati at 101.75 and in t __•
a basis o f about 4.83%. V. 1 0 1 , p. 1037. The Provident Sav Ballk &
1 D ate J u ly Y s ^ 9 1^^ " n ^ M . ^ " n lnn Ross TvvP • D enom $500!
1 1 ust Co. o f Cincinnati bid 101.13 and interest.
six m onths from M ay 15 1916 to N ov . 15 °
b°n,d ° f Transcript with
approved opinion o f M atson, K ano and R oss'w ill a m m m n f t h n h l ^
and no bids will bo received except for imm cdlate cash
bonds
LA K E L A R O O -C R O S S B A Y O U DRAINAG-F T>TctTH.Tr,,r / p a
L argo) F la .— B O N D O F F E R I N G . — F. U F r a n c k e I h o s l U l ^ S^fnn,.0 is offering for sivle $ 120,000 6% bonds. Denom S1001 Bonds a r e ^ n ^ L i
C ohector!1
ltCrCSfc provi<Jo(1 b y annual ‘ a* collected by C ounty Tax
_
C O U N T Y (P. O. La P o rte ), I n d .— B O N D S A I F
Tim
foliowing blds woro rocoivcd for the two issues o f 4 ' A % S ' A - y ^ r averavn
highway improvem ent bonds, aggregating $29,000, o ffe m l on Sept 23^8
T
i
l
Ro c k Is la n d C o u n ty ,
awarded to t h e lla n c h e u Y o n ^ C ^ o f^ C h K fo r Y S 387‘ e q ^ a lW o s 016°
Du.Vfrom S b t o ‘S ' $1° ° ’ S2° ° &nd $500, I n t l r ^ k b S y ^ n 1^ ^ 1?:
M IL T O N , N o rfo lk C o u n ty , M u s s — T E M P O R A R Y L O A N — NewsS ^ ^ S M
w w ia H
8. c ! 7 l r X n Jrneg0tiatCd a '° an of 510'000
M IL W A U K IE , C la ck am a s C o u n t y , O re .— B O N D S A L E __On Sent 1 1
tho $25,000 5 % 20-yr .w ater-w ork s-sy stem bonds were a w a rd w lt'^ 'th o
Western Horn! & M tge. C o. o f Portland.— V . 101 p 867
ln °
MINNESOTA.— B O N D S P U R C H A S E D B Y S T A T E .— During the month
o f August the following twenty-seven issues o f 4% bonds, aggregating $185,
000, were purchased by the State o f Minnesota at par:
,„
.
A m o u n t.
P la c e —
P u rp o se.
D a te o f B o n d s
$2,400 Algona Township, Roseau County-----------Municipal Aug. 4 191.)
9.000 Anoka-Isanti Cos. Consol. S. D. N o. 12 .-Building Aug. 7 1915
5,700 Bigelow,Nobles County---------------------------Municipal Aug. 4 1915
4.000 BrownCounty Ditch No. 18--------------------- Ditch
Aug. ™
5,500 Carlton County Independents. D . N o. 2 . -Building Aug. 30 1915
5,600 \Jiay
Clay uouuty
County luuuuouuouv
Indopondont o.
S. iD.
o.bUU
s . No. 75—
i u ----“Bui
o ding Aug. 30 1915
0
* 0 0 0 rvow
Winn- rimint.v
o. 8fi________
Building Aug. 10 1915
9.000
Crow Wing
County s.
S. D. N
No.
86------------Building
Aug. 4 1915
20.000 Douglas County Consol. S. D. N o. 2 ----- Building
Aug. 18 1915
8.400 Kittson County C o. Ditch No. 21............ Ditch
Aug. 18 1915
14.000 Kittson County Co. Ditch No. 2 3 -.......... Ditch
18 inVc
1915
10,800 Kittson County Ind. Ditch No. 33------- Ditch . , Aug. iS
7.000 Long Prairie, Todd County------- -------------Municipal Aug. 18 1915
6.000 Luna, Cass County--------------------------- -..M u nicipal Aug. 7 1915
20.000 New Ulm, Brown County.......................... Municipal Aug. 4 1915
5.000 Nora, Kanabec County------------------- --------Municipal Aug. 18 1915
3.500 Pino County S. D. N o. 15----------------------Building
Aug. 7 1915
Aug. 7 1915
2.500 Popo County Consol. S. D. No. 1----------- Budding
Aug. 7 1915
4,700 Red Lake County Consol. S. D. No. 1--- Building
Aug. 7 1915
5.000 Mille Lacs County S. D. No. 15----------- Budding
16.000 Redwood County Independent S. D. N o. 1 Budding Aug. 4 1915
Aug. 18 1915
3.000 Redwood County S. D. N o. 49---------------Building
6 000 Ross Lako, Crow Wing County----------- Municipal Aug. 4 1915
5.000 Russell, Lyon County----------------------------Miinicipal Aug. 30 1915
3.000 St. Louis County S. D. No. 75-------------- Budding
Aug. 7 1915
9.000 Traverse County Ind. S. D. No. 32------ Bui ding
Aug. 18 191o
4.400 Washington County S. D. No. 69........... Budding
Aug. 12 1915
1.500 Wright County S. D. No. 3--------------------Building
Aug. 18 1915
M OHAW K SCHOOL D ISTR IC T (P. O. Mohawk), Herkimer C ounty,
N y — N O A C T I O N Y E T T A K E N . — The Secretary o f the Board of Edu
cation advises us, under dato of Sept. 30, that no action lias yet been taken
looking towards the issuance o f the $10,000 building bonds voted April 12.
— V. 100, p. 2028.
MONONGALIA COUNTY (P. O. M organtown), W. Va.— R E S U L T
O F B O N D E L E C T I O N . — Local papers state that at the election held
Sept 18 the proposition to issue the $300,000 Morgan District road-impt.
bonds carried by a voto o f 1,168 to 565; while the question o f ssuing the
$140 000 Union District road-improvement bonds was defeated, the vote
boing 108 "fo r ” and 154 “ against.” — V. 101, p. 960.
M ORROW COUNTY (P. O. Mt. Gilead), O hio. — B O N D O F F E R I N G .
__Bids will be received until 1 1 a .m . Oct. 8 by C. O. Higgins, Co. Aud., for
tho following 5% coup. Foust road impt. bonds:
$4,467 T wits , portion bonds. Denom. 1 for $267 and 14 for $300. Duo
$267 Sept. 1 1917 and $300 each six months from Mar. 1 1918 to
thereunder, the boundaries of the township or the title to any township oj
county officer to his office, and there has never been any litigation as to
bond issues or tax levy, and no default in the payment of olthor princlpa1
or interest.
N O R TH COLLINS, Erie County, N. Y . — B O N D S A L E . — O n Sept. 20
$35,000 4 ' A % water-system bonds were awarded to II. A. Kahler & Go. or
New York at 100.031. Other bids were:
Geo. B. Gibbons & Co., N. Y_ 100.011Isaac \V. Sherrill, Poughkeepsie-- 100
Due $1,400 yearly from 1919 to 1943, inclusive.
1,782
assess!bonds .^ D enom . 1 fo r $182and8 fo r $200. puo$182S ept.
1917 and $200 each six months from Mar. 1 1918 toSept. 1 1 9 2 1 Ind.
Auth. Sec. 7949, Chap. 2, Title 4, Part 2, Gen. Coilo. Dato Sept. 1 1915.
Int M & S. Cert, check on a Morrow County bank for 10% of bonds bid
for, payable to County Auditor, required. Bonds will bo ready for delivery
on day o f sale. Bids must bo unconditional and upon forms furnished by
tho County Auditor.
MUSSELLSHELL COUNTY (P. O. R ou n du p), M ont. — B O N D S A L E .
On Sept. 7 $127,500 5% 15-20-year (opt.) funding bonds wero awarded to
O. W . McNoar & Co. o f Chicago. Denom. $1,000. Dato July 1 1915.
Int. J. & J.
NASSAU COUNTY (P. O. M ineola), N. Y .— N O A C T I O N Y E T
T A K E N . — Under dato o f Sept. 30 we are advised that no action has yet
been taken looking towards tho issuance o f tho $100,000 tuberculosishospital bonds voted Nov. 3 last.— V. 100, p. 1950.
NEVADA SCHOOL DISTRICT (P. O. Nevada), Story C o u n ty ,
I owa — B O N D S V O T E D . — The questions o f issuing $80,500 site-purchase
and high-school-building and $9,500 old high-school improvement bonds
carried, it is stated, at the election held Sept. 17 by a vote o f 470 to 154
and 468 to 107, respectively.
NEWBURGH HEIGHTS (P. O. Cleveland), C uyahoga C ou n ty.
O h io.— B O N D O F F E R I N G . — Bids will bo received until 12 m. Oct. 4 by
J. A. Fitzgerald, Vil. Clerk, for the following 5% coup, street-impt. assess.
Am nnnt
P la c e
P u rp o s e .
D a te .
D u e.
$1?000 Belfield S. D. No. 1 0 ...........Building July 28 1915 July 28 1935
S 50 Carhurv S. D. No. 50............. Funding July 20 1915 July 20 1935
10.000 Leo School District................ Building Aug. 3 1915 Aug. 3 1935
8 0 0 Malcolm S. D. No. 19_______ Building June 11915 June
11925
7 non Michigan City
________Light
July 15 1915 (3ee below)
1 200 Perry S D .N o . 3 3 . . . .........Refund’g Aug. 3 1915 Aug. 3 1925
Q'iO Pleasant Valley S. D. No. 16-Building July 10 1915 July 10 1935
1,600 pleasant Valley S. D. No. 16-Building July 10 1915 July 10 1935
6 000 Powers Lake S. D. No. 27— Building Aug. 3 1915 Aug. 3 1935
5,000 School District No. 83........ guijding JU y 20 1915 July 20 1935
0 enn School District No. 9_______ Building July 20 1915 July 20 1935
700 SheU Lake S. D •No. 141____Building July 20 1915 July 20 1925
3 500 Stone V iew s. D. No. 32.......Building July
11915 July
11935
7600 Svea S D. No. 24.....
..Building July 20 1915 July 20 1930
1,200 WatsonS. D Nm 82— ...... Building Aug. 3 1915 Aug. 3 1925
1 5 nn Weber School District______Building July 10 1915 July 10 1935
6 000 White EarthS. D .N o . 23----Building July 28 1915 July 28 1935
$1,000 Apr. 1. 1920 and $1,000 every second year theroaftei.
N ODAW AY COUNTY (P. O. Maryville), Mo.— B O N D O F F E R I N G . —
Furthor details are at hand relative to tho offering on Oct. 4 o f the $35,000
Nodaway Twp. road impt. bonds at not exceeding 6% Int. V . 101, p. 1037.
Proposals for these bonds will be received until 1:30 p. m. on that day by
Fred J. Yeomans, County Clerk. Denom. $500. Date Nov. 1 19lo.
Prin. and semi-ann. int. (M . & N .) payablo at tho County Treas. office.
Duo $2 000 M ay 1 1917, 1918 and 1919; $2,500 yearly May 1 from 1920 to
1930 incl., and $1,500 M ay 1 1931. Nos. 18 to 70 opt. at any interest-pay
ing dato after 5 years. All bidders must state in their bid tho highest
amount of lawful money o f the United States which they will pay for said
bonds for delivery, on or beforo, tho 1st day of Nov. 1915, and the lowest
rate of interest which said bonds shall bear if taken at such bid. Bidders
may make as many propositions as they desire. Each bidder must also
agreo that if he is awarded the bonds he will, at his own expense have said
bonds printed or lithographed in tho proper form required, and ready for
tho signature of the proper officers on or beforo Nov. 1 1915. A deposit
in cash or a certified check on a solvent bank or trust company for $2,500,
payable to tho County Clerk, required. The township has no indebtedness.
Asswss val. 1914 (twp.), $1,061,265. Tax rate (per $100) 1915, $1.76.
All bids are received subject to tho right of tho successful bidder to have tho
legality o f tho issue o f bonds determined by a reputablo attornoy, whoso
opinion is recognized as good authority on bond issues. Such attorney may
be selected by the bidder and such opinion must bo obtained, if desired at
the expenso o f the bidder. Tho invalidity o f such bond issue shall bo the
only excuse that will relievo tho bidder for accepting and paying for said
bonds in accordance with his bid. A complete transcript o f the record of
tho County Court relating to the issue o f said bonds will be furnished by
tho Clerk o f said Court to tho successful bidder without chargo. Official
circular states that no litigation is pending or lias been heretofore brought
as to tho issue o f bonds by said Nodaway Township, tho tax to bo levied
O N TO N AG ON
T O W N SH IP
O F F E R I N G .—
(P.
O.
O ntonagon),
Ontonagon
OREGON C IT Y , Clackamas C ounty, Ore.— B O N D S A U T H O R I Z E D
— On Sept. 10 tho City Council authorized the issuance of $12,000 Seventh
St. elevator bonds, according to reports.
PALMYRA TO W N SH IP (P. O. Diamond), Portage County, Ohio.—
B O N D O F F E R I N G . — Bids will bo received until 1 p. m. Oct. 4 by Joo
Williams. Twp. Clerk, for $1,500 5% 8-year averago highway-impt. bonds
Auth. Sec. 3295 Gen. Codo. Denom. $500. Dato Oct. 1 1915. Int.
A. & O. Duo $500 on April 1 and Oct. 1 1923 and April 1 1924. Cert,
check for $100, payable to Twp. Treas., required. Purchaser to pay
accrued interest.
PARLIER SCHOOL D IST R IC T , Fresno County, C al.— B O N D
S A L E — On Sept. 17 an issue of $2,000 school bonds was awarded, reports
state, to tho First National Bank of Parlior at 101.45.
PASO ROBLES SCHOOL D IS T R IC T , San Luis Obispo County,
Calif.— B O N D O F F E R I N G . — Further details are at liand rdativo to the
offering on Oct. 5 of tho $40,000 6% gold slto-purchaso building and equip
ment bonds. V. 101. p. 1037. Proposals for these bonds will bo received
until 10 a. m. on that day by F. J. Rodrigues, Clerk Bd. of Co. Supers.
(P. O. San Luis Obispo). Denom. $2,000. Int. ann. on Oct. 5. Due
$2,000 yearly Oct. 5 from 1916 to 1935 incl. Cert, check on some roliablo
bank for 10% of bid, payablo to tho Co. Treas., required. Bonds will bo
delivered within 15 days after award. This issue was authorized by vote
of 200 to 62 at an election held Aug. 27.
1 PATCH OG U E, Suffolk County, N. Y .— B O N D S A L E . — On Sopt. 28
tho $5,000 7 -year average Division St. concrete road construction bonds
were awarded to tho Union Savs. Bank of Patchoguo at par for 4 'A s -—
V 101, P- 1037. Other bidders were :
572 10 S?gma Ave. paving bonds. Denom. 1 for $572 10, 6 for $500.
Due $572 10 Sept. 15 1920 and $500 yearly on Sept. 15 from
1921 to 1926, incl.
, ^ ,, , _
,,
.
Date Sept. 16 1915. Brin, and semi-ann. int.— M . & S.— payable at
Broadway Savs. & Tr. Co., Cleveland. Cert, check on a Cleveland bank
for 5% of amount o f bid. payable to Vil. Treas., required. Bids must be
made on forms furnished by the Vil. Clerk.
NORTH DAKOTA.— B O N D S P U R C H A S E D B Y S T A T E . — During the
month of August the following seventeen issues o f 4% bonds, aggregating
$56,800, wero purchased by the State of North Dakota at par:
6 '°
Cape May C ounty, N. J .— B O N D
County, M ich.—-B O N D S A L E . — The Citizens State Bank of Ontonagon
was awarded at par on Aug. 31 tho $10,000 5 % 6-year averago highwayimprovement bonds voted during August. V . 101, p. 637• Denom. $100.
Date Aug. 20 1915. Interest annually on March 1. Due $1,000 yearly on
March 1 from 1917 to 1926 inclusive.
50 Gamina^Ave. paving bonds. Denom. 1 for $439 50, 16 for
$500. Due $439 50 Sept. 15 1916, $500 yearly on Sept. 15
from 1917 to 1920, incl., and $1,000 yearly on Sept. IS from
3
OCEAN C IT Y ,
Bids will be received by Harry A. Morris, City Clerk, until 2 p. m. Oct. 5
for tho $87,000 5% gold tax-freo funding bonds mentioned in V. 101, p. 637.
Denom. $500. Date Sept. 15 1915- Prin. and semi-ann. int., M . & 8.,
payablo at Ocean City Title & Tr. C o., Ocean City. Duo $3,000 yearly
on Sept. 15 from 1916 to 1943, incl., and $3,000 Sept. 15 1945. Cert,
check on an incorporated bank or trust company for not loss than 2% of
bonds, required. Purchaser to pay accrued interest.
s i^ lfs OO Beta Ave. paving bonds. Denom. 1 for *295, 16 for $500.
Due $295 Sept. 15 1916 and $500 on Sept. 15 1917, 1918, 1919
and 1920 and $1,000 yearly on Sept. 15 from 1921 to 1926, inch
8,408 10 Bridgeview Ave. paving bonds. Denom. 1 for $408 50, 16 for
$500
Due $408 50 Sept. 15 1916, $500 yearly on Sept. 15 from
1917 to 1920, incl. and $1,000 yearly on Sept. 15 from 1921 to
8,439
[Vol. 101.
THE CHRONICLE
1118
P ric e .
In t.
4.70s and interest
II. A. Kahlor & C o., N . Y ...... ................... ..-100.13
Patchoguo Bank, Patchoguo......................................
4.89s
.
-----4.90s
C ity Nat. Bank, Patchogue------------------------P EEK SK IL L, W estchester County, N. Y .— B O N D S A L E . — On
Sent 24 $12,000 firo-engino and $45,500 sower-refunding bonds were
awarded to Farson, Son & Co.! of N . Y. at 100.258 for 4.45s. Other bids
Wer6:
$12,000
F ir e .
$45,500
S e w e r R efg .
II L Crawford & C o., Now York------------------------ $12,051 00 $45,818 00
Geo B. Gibbons & C o.. New Y o r k - ...................- 12,021 60
45.750 25
II. A. Kahler & Co.. Now Y o r k ...... ..................... 12.039 §9 I r ’rco In
Hornblower & Weeks, Now York.............................. 12,026
45,662 40
...............
Isaac W. Sherrill C o.. Poughkeepsie......................... 12,014 40
Kountze Bros., New York--------------------------------------------- r£
Harris, Forbes & C o., New York...........................- - ............ 57,846 50--------Curtis & Sanger, Now York------- ----------------- - - - - - - —— 1)7 .7 8 0 25— -— All tho abovo bids wero for 444% bonds. The Peekskill Savs. Bank of
Peekskill bid for tho $12,000 as 4.90s and for tho $45,500 as 4.55s.
PEORIA COUNTY SCHOOL DISTRICT NO. 150 (P. O. Peoria),
H I B O N D S A L E .— We are advised that tho $150,000 school bonds which
wero offered on June 21 havo boon disposed of. V. 100, p. 2029.
B O N D E L E C T I O N P R O P O S E D .— This district is contemplating calling
an election to vote on the proposition to issue $ 2 0 0 ,0 0 0 high-school-com
pletion bonds.
PERRY COUNTY (P. O. New L exington), O h io .— B O N D S A L E .—
On Sept. 27 tho $87,000 5% 10-year; Inter-county-highway-impt. bonds
wero awarded, reports state, to N . W . Halsey & Co. of Chicago for $89,911,
equal to 103.345, a basis of about 4.47%.
PIKE COUNTY (P. O. M agnolia), Miss .— B O N D S A L E .— On Sopt. 6
tho $100,000 25-year Supervisors' District No. 4 road bonds wero awarded
to Hoehler, Cummings & Pruddon of Toledo at 103.601 for 6 s.— V. 101,
p. 637.
PITTSBURGH, P a .— B O N D O F F E R I N G .— This city will offer for
sale on or about Oct. 10 tho $2,760,000 4 K % 30-yoar serial funding bonds
mentioned in V. 101, p. 960. Bonds may bo either coupon or reg., or
coimon bonds may bo registered as to principal as purchaser elects. Date
Nov 1 1914. Int. M . & N. at offico of City Treas. Duo $92,000 yearly
until 1944. Tax-free in Pennsylvania. Tho validity of this issue was
affirmed by the Supremo Court o f Pa .in a decision handed down on July 3.
— V. 101, P- 465.
PLATTEVILLE, W eld C ounty, C olo .— P R I C E P A I D F O R B O N D S .—
Tho price paid for tho $20,000 6 % 10-15-year (opt.) water-works bonds sold
on July 27 was 96.20. V. 101, p. 1038. Denom. $500. Int. A. & O.
Tho dato of sale was dependent on an affirmative voto at an election held
Sopt. 14.
PORTER COUNTY (P. O. Valparaiso), I n d .— ‘B O N D S A L E .— On
Sept. 28 the four issues of \ ' A % 544-year average highway impt. bonds,
aeirresratinir 835 600. wore awarded to tho Fletchor American Nat. Bank of
Indianapolis for $35,818 (l0O.612) and int., a basis of about 4.375%
— V. 101 p. 1038. Other bids wero :
J. F. Wild & C o., Indianapolis. .......................$35,815 60 and interest
Merchants Nat. Bank, Muncio.............................. 35,771 90 and interest
PORT TOWNSEND, Jefferson County, W a 3 h .— B O N D O F F E R I N G .
__Proposals will be received until 2 p. m. Oct. 14 by Geo. Anderson, City
Clerk, it is stated, for $20,000 refunding bonds.
PUEBLO C olo .— B O N D E L E C T I O N P R O P O S E D .— Local papors state
that the question of issuing $300,000 site-purchaso and municipal building
and auditorium-erection bonds will be submitted to a voto at the fall elec
tion.
PI
Cal. ____
building and equipm ent-----& Sons of San Francisco.— V. 101, p. 793.
REDWOOD C ITY SCHOOL DISTRICT* (P. O. R edw ood City),
San Mateo County, Cal .— B O N D E L E C T I O N .— The question of issuing
$48,000 site-purchase and building bonds will be submitted to a voto, it is
stated, on Nov. 2.
RENSSELAER, Rensselaer C ounty, N. Y .— B O N D S A L E .— On Sopt.
15 an issuo of $10,000 444% 3 1 -3 -year averago reg. firo-dopt.-impt. bonds
was awarded to tho Albany Savs. Bank o f Albany at par. Denom. $1,000.
Date Sept. 15 1915. Int. J. & J. Duo $2,000 yearly on Jan. 1 from 1917
to 1921, inclusive.
RIVERDALE JOINT HIGH SCHOOL DISTRICT, Fresno C ounty,
C alif .— B O N D S A L E . — O n Sept. 22 $25,000 6 % school bonds were awarded
to tho State Board of Control at par and Int. Denom. $1,000. Dato
Sept. 2 1915- Int. ann. on Sept. 2 at tho County Treas. offico. Due
$2,000 yearly Sopt. 2 from 1920 to 1932 incl.
ROCHESTER, N. Y .— N O T E O F F E R I N G — Sealed bids will bo re
ceived by E. S. Osborno, City Comptroller, until 2 n. in. Oct. 5 for $100,000
water-works and $100,000 local-impt. notes, payable 6 months from Oct. 8
1915 at the Union Trust Co. of New York, will bo drawn with Interest, anil
will bo deliverable at the Union Trust Co. of Now York, 80 Broadway, N. Y .
City, on Oct. 8 . Bids must stato rate of interest anil designate to whom
(not bearer) notes shall bo made payablo and denominations desired.
Oot. 2 1915.]
THE CHRONICLE
ROCHESTER, Beaver County, Pa.— B O N D O F F E R I N G . — Proposals
be received by Jamos W. Doncaster until 7 p. m. Oct. 4 for $7,000
4H % refunding bonds. Dcnom. $500. Certified check for $200, payable
to Borough of Rochester, required.
ROGERS SCHOOL D ISTR IC T, Los Angeles C ounty, Calif.
B O N D O F F E R I N G . — Proposals will bo received until 2 p. m. Oct. 4 by
J. It. Lelande, ex-officio Clerk Bd. o f Supers. (1\ O. Los Angolas), for
§1.000 6% 5K -yr. (aver.) construction and equipment bonds. Dcnom.
§100. Date Oct. 1 1915. Int. semi-annually at County Treasury. Duo
§100 yearly Oct. 1 from 1010 to 1925 incl. Cert, or cashier's check for
5% o f bonds bid for, payable to Chairman Board o f Supers., required.
Purchaser to pay accrued int. Bonded debt, $2,500. Assessed value,
1915, $330,035.
Df.STR'ICT (P. O. Rom e), Henry County, Iow a.—•
N D E L E C U O N —Reports state that an election will bo held to-day
(Oct. 2) to vote on the quostion o f Issuing $8,000 building bonds.
^ S T R IC T
R om e), Oneida County, N. Y .—
advised
that. ime
the ■price
for
tlio
.f'/c
n Vnw1
' 9V^" BY O
Y
"aro
lu
paiu
tor
mo
7nhflll
/m
O/ oonneel
1w^N>'‘D.I.,S .—
.. .1
.Wo
: ..1
. ii.
?_ auvisuu
.i • , • . mat
. , paid
, a
._ salo,
i
$17,o00
4M
%
school bonds
which
this
district
recently
sold
at private
was par
V. 101, p 1038. Dcnom. $500 and $1,000. Dato Jan. 1 1910.
Int. J. & J. Due $7,500 Jan. 1918 and $2,000 yearly thereafter.
c
O. Roselle), Union County, N. J.— B O N D
S A L E . — !. hoi Sinking I<und Commissioners o f Roselle Park purchased ar
Issue of $30,000 4 >4% road-improvement bonds on Sept. 3 for $30,200
equal to 100.666. Dcnom. $1,000. Dato Sept. 15 1915. Int. M . & S.
ST. BERNARD, Hamilton County, Ohio.— B O N D S A U T H O R I Z E D .
-—lh o City Council passed an ordinance on Sept. 10, it is stated, authoriz
ing the issuanco of $3,000 5% 30-year soworage-systom bonds.
ST. JOSEPH C O U N T Y (P. O. So. Bend),
In d .— B O N D S A L E . —
On Sept. 23 the $56,000 4(4 % 5 lA -year average Lincoln Highway oast
bonds were awarded to Breed, Elliott & Harrison o f Indianapolis for
$56,360 (100.642) and int., a basis of about 4.37% .— V. 101, p. 961. Thero
were threo other biddors.
SALISBU R Y, Rowan County, No. Car.— B O N D O F F E R I N G . — Pro
posals will bo received until 12 m. Oct. 16 (date changed from Oct. 1) by
Walter H. Woodson, Mayor, for the $125,000 water-plant, $55,000 school
building and $20,000 street and sewer 5% 40-year bonds— V. 101, p. 869.
Auth. Chap. 153, Prlvato Laws o f No. Caro., 1915. Dcnom. $1,000.
Dato Oct. 1 1915. Int. somi-annually at the National Park Bank, N. Y
Certified check for $1,000 required.
SAN ANTONIO, Bexar County, Tex.— B O N D S N O T Y E T S O L D . ___
Tho City Comptroller advises us that no salo had boon made of the $723 000
1-40-year (serial) refunding bonds offered but not sold on Juno 1 1914__
V,
100, p. 660.
SAN FRANCISCO, Calif. — B O N D S A W A R D E D
I N P A R T — Of tho
$400,000 4(4 % liosp 1tal-jai 1-compl et ion bonds offered on Sept 20' $300 000
wero awarded to Blyth, Witter & Co. o f San Francisco for $300 086—eaual
to 100.028 (V. 101, p. 869.) Dcnom. $1,000. Dato April 1 '1913
int
semi-annually. Duo ($400,000) $50,000 yearly April 1 from 1916 to 1923!
^ ^ ^ ^ T Y (P. O. Santa Barbara), Calif. — B O N D
Oct l l h v C A
Hunt, Clerk Bd. of Supers., it is stated, for $50 000 5% i-5-vear serial
gold State highway bridge-construction bonds ! l n t
scmLamiuallv
Cert. check for 10% required. These bonds are part of an issue of $350 000
bridge-constr. bonds votod Aug. 30.—-V. 101, p. 961.
3o r .$550,000
O F F E R I N G .— Proposals will be received until 10 a m
SANTA M AR GARITA
SCHOOL D IST R IC T ,
SAN
Luis Ohisnn
?0°anm ’ O ct1 Hrbv°F 7 r ^ ' i 7 w
F u Pf° /)£ sa,!? will bo received until
itMed for $ 9 0 nnn r e /J ’i on< rl’ ° 0 ' Clerk (P. O. San Luis Obispo), it is
stated, for $..0,000 6% 1-20-ycar serial school bonds. Dcnom. $1,000
Int. semi-annual. Cert, check for 10% required.
* ’
SELBY SCHOOL D ISTR ICT, Contra Costa County, Cal.— B O N D
1119
P la c e a n d P u rp o s e o f I s s u e —
Smith County (bridge repair)__
Houston Co. Com. S. D. No. 73.
Jackson Co. Drain. Dist. No. 4 .
Tyler Co. Com. S. D. No. 40__
Tylor Co. Com. S. D. No. 41__
Ellis Co. Com. S. D. No. T ___
Ellis Co. Drain. Dist. No. 1 .
Smith Co. Com. S. D . No. 51.
Terrell, City of (sower)___
Grimes Co. Road Dist. No. 2
Bridgeport (city hall.jail&firo hall)
Houston Co. Com. S. D. No. 61
Jones Co. Com. S. I). No. 1 __
Robertson Co. Justice l ’rec. (road)
Calhoun Co. (bridgo refunding)
Houston Co. Com. S. D. No. 5
Tyler Co. Com. S. D. No. 17 *
Cherokee Co. Com. S. D. No. 37
Locknoy Ind. Sell. District
Gregg Co. (special road)___ III
Cleburno, City o f (school-bldg.)
Cioburno, City of (sower) .
Jlmtown Ind. Sch. District"""
Ovilla Ind. Sch. District
" ""
Shelby Co. Com. S. D. No. 23‘ "
Rusk Co. Com. S. D . No. 18 ”
Rusk Co. Com. S. D . N o. 25III
Wichita Falls (street-impt.) "
Threo Rivers Ind. Sch. Dist
Cameron Co. Com. S. D. No. 4~
Somervillo Ind. Sch. Dist
*
Fayette Co. Com. S. D. No. 58"
Refugio Co. Com. S. I). No. 9
Hidalgo Co. Com. S. D. No. 4
Hidalgo Co. Com. S. D. No. 10"
Lavaca Co. (bridge repair).
"
Victoria Co. Com. S. D. No. 23"
Guadalupo Co. Road Dist. No. I
Whltewright (school-bldg.).
CollingsworthCo.com. S. D.No.40
Rankin Ind. School District
Snora Ind. School District
Houston Co. Com. S. D. No. 75
Bell Co. (bridgo repair)
Waller Co. Com. S. D. No."9 " ""
Nowton Co. Com. S. D. No. 22
Houston, City of (w h arf)... .
Houston, City of (school bldg.) I
San Angelo, C ity of (high-school)
I ar s, City of (street-impt.)-----Baris, City of (school-bldg.)___
Houston. C ty of (park)----------Houston, City of (sewer)--------Colina Ind. School District___
Upton Co. Com. S. D. No. 5 1 ..
Bowlo Co. Com. S. D. No. 1 2 ..
Wichita Co. (bridge repair)----Sulphur Springs (street-impt.)..
Brazoria Co. Road Dist. No. 1 . .
rexarkana. City o f (sower)_____
Limestone Co. Corn. S. D. No. 46
Hardin Co. Com . S. D . No. 2 2 ..
Hemphill Co. (b rid g e)...............
Itedwater Ind. School D istrict..
Trent Ind. School District_____
Montgomery Co. Road D .N o .l.
Harris Co. Com. S. D. No. 3 0 ..
McLonan Co. Com. S. D. No. 15
Chambers Co. Com. S. D. No. 4
Henderson Co. Com.S.D. N o.50
Dimmit Co. Road Dist. No. l ._
Dimmit Co. Road Dist. No. 3 . .
Kaufman Co. Justico l ’recinct
D a te
Interest
A m o u n t.R e g is te re d . R a te .
1,990 April 12
700 April 12
86,937 April 13
500 April 13
500 April 13
4.000 April 14
400.000 April 15
1,200 April 16
16.000 April 16
50.000 April 20
6.000 April 20
700 April 22
1,800 April 24
100.000 April 26
1,9.50 April 26
1.000 April 27
5.000 April 28
1.000 April 28
7.500 M ay 1
300.000 M ay 1
M a t u r it y .
5%
5 years
5% 10-20-yr. (opt.)
5% $2,000 yearly
5% 20 years
5% 20 yeais
5% $100 yearly
5% $10,000 yearly
5%
5-25-yr. (opt.)
5% 10-40-yr. (opt.)
5% 10-40-yr. (opt.)
5% 10-40-yr. (opt.)
5% 10-20-yr. (opt.)
5%
5-20-yr. (opt.)
5% 10-40-yr. (opt.)
5%
5-20-yr. (opt.)
5%
3-20-yr. (opt.)
5% 40 years
5%
5-20-yr. (opt.)
5% 10-40-yr. (opt.)
5% ($4,000'16, then
l $5,000 yriy.
122.000 M ay 3 5% 20-40-yr. (ont.)
180.000 M ay 3 5% 20-40-yr. (opt.)
20.000 M ay 3 5% 10-40-yr. (opt.)
500 M ay 4 5% 10-20-yr. (opt.)
1,600 M ay 4 5%
2-20-yr. (opt.)
800 M ay 5 5% 10-20-yr. (opt.)
900 M ay 5 5% 10-20-yr. (opt.)
45.000 M ay 7 5% 10-40-yr. (opt.)
10.000 M ay 7 5% 10-20-yr. (opt.)
10.000 M ay 7 5% 10-40-yr. (opt.)
12.000 M ay 7 5 %
3-40-yr. (opt.)
1.500 M ay 8 5%
5-20-yr. (opt.)
15.000 M ay 8 5% 10-40-yr. (opt.)
38,500 M ay 10 5% 10-40-yr. (opt.)
30.000 M ay 10 5% 10-40-yr. (opt.)
7.500 M ay 10 3%
5-40-yr. (opt.)
600 M ay 10 5% 20 years
75.000 M ay 14 i '/$ Vo 10-40-yr. (opt.)
4.500 M ay 17 >% 10-40-yr. (opt.)
1.000 M ay 17 5% 20 years
15.000 M ay 17 5% 40 years
5.000 M ay 20 >% 10-20-yr. (opt.)
800 M ay 20
i% 10-20-yr. (opt.)
3,980 May 20 5% 10-35-yr. (opt.)
3.500 M ay 24
iVo
5-20-yr. (opt.)
_ 3,000 M ay 24 i%
6-l5-.vr. (opt.)
Uuo ouu mm
1
5%
$12,500
yearly
200,000 Jum
5%
$8,000 yearly
80,000 June 1
5% 10-40-yr. (opt.)
50,000 June 1
1 5% 10-50-yr. (opt.)
7 5 000 ,;UIU
5% 10-50-yr. (opt.)
250,000 June 1
$6,250 yearly
500,000 June 17 5%
5%
yearly
25 000 June 7 5% $12,500
10-40-yr. (opt.)
1 , 2 0 0 June
'
5%
5-40-yr.
(opt.)
10,000 June
5% 10-40-yr. (opt.)
1 ,9 9 s June
5%
5-20-yr. (opt.)
9.200 June | 5%
$1,250 yearly
150,000 June > 5 'A V o 1916-40
(ser’l)
14,000 Juno
15-40-yr. (opt.)
2,000 Juno i1 5%
5%
10-20-yr.
(opt.)
1 .000 June
1 5%
5-20-yr. (opt.)
74,000 Julv
5%
10-40-yr.
(opt.)
2,000 Julv
5% 12-40-yr. (opt.)
3 000 Julv
5% 10-20-yr. (opt.)
15,000 July
5%
20-40-yr. (opt.)
2,000 July
5% 10-40-yr. (opt.)
6 500 Julv
5%
1-40-yr. (opt.)
l,'200 July
5%
5-20-yr. (opt.)
1 600 Inlv
5%
5-20-yr. (opt.)
10 000 Julv
5% 20-40-yr. (opt.)
10!000 July
5% 20-40-yr. (opt.)
y
SALE.
On Sept. 20 the $11,000 5% building bonds were awarded it is
stated, to Mrs. M . W. Wells o f Concord for $11,317— equal to 102.881 —
V . 101, p. 961.
SENECA COUNTY (P. O. W aterloo), N. Y . — B O N D O F F E R I N G —
Bids will bo rocoved until 10 a. m. Oct. 9 by W. K. Denniston Co Troas
for $14,070 county highway No. 1211 impt. (county’s portion) bonds
at not exceeding 5% int. Dcnom. $1,005. Int. A . & (5 Due 81 0 0 5
yearly on Oct. 1 from 1917 to 1930, inch Cert, check for 5% o f bonds bid
for, required. Purchaser to pay for bonds at 10 a. m.Oct. 20 at office of
City Treas., unless another dato shall bo mutually agreed upon
SHELBY C O U N TY (P. O. Shelbyville), In d .— B O N D S A L E __The
5% 10-40-yr. (opt.)
E o n S i i f o ^ R k a 'D B t . 'i f o V i :: 2 i f « ®
following bids wero received for tho threo issues o f 4 U % 5 K-vcar aver-iwn McCulloch
5% 20-40-yr. (opt.)
Co. Com. S.D.No.17
4',200 July
highway-impt. bonds, aggregating $18,940, offered on Sopt 2 5 __Y 101
5% 20-40-yr. (opt.)
McCulloch
Co.
C
om
.S
.D
.N
o.13
7,500
July
p. 961.
v
5% 20-40-yr. (opt.)
Guadalupe Co. Com S. D. No.31
10,000 July
5% $1,250 ev.5yrs.
$5,960
$6,460
$6,520
Denton, City of (school-house).
7,500 Julv
Road.
Road.
5% 10-40-yr. (opt.)
R oad
Denton,
City
of
(stroct&sewer).
10,000
July
Flotchor Ainer. Nat. Bank, Indianapolis.$5,994 85 $6,499 15 $6,559 00
5% 10-40-yr. (opt.)
Jourdanton, City of(str.-impt.)_
10,000 July
O. O. Shipp & Co., Indianapolis------------ 5,975 00
6,477 50
6% 10-40-yr. (opt.)
6,537 50 NacogdochcsCo.Com.S.D.No.42
1
500
Julv
llonryAltm an--------------------------------------- 5,970 40
6,471 50
5% 10-40-yr. (opt.)
6,531 60 Corpus Christi (street-im pt.)... 100,000 Julv
Breed, Elliott & Harrison, Indianapolis.. 5,985 00
6,493 75
5% 20-40-yr. (opt.)
6,554 00 Boo Co. Com. S. D. No. 26____
3,300 July
Merchants Nat. Bank, Munclo--------------- 5,975 35
6,480 65
5%
5-20-yr. (opt.)
6,540
65
Anderson
Ind.
School
D
istrict..
6
000
Julv
Delaware Co. Nat. Bk., Munclo------------ 5,973 50
6.474 22
5%
1-20-yr. (opt.)
6,534
30
8 outh Bark Ind. School Dist__
5o!oOO Julv
Shoibyvillo Tr. Co., Shelbyvillo_________
______
_
5% 20-40-yr. (opt.)
6,559 00 Ellis Co. Drainage Dist. No. 1 . .
22,000 July
J. F. Wild & Co., Indianapolis__________
______
in 0 94 1 5
5% $1,000 yearly
Timpson,
City
or
(water-works).
17,000
Julv
Miller & Co.. Indianapolis_____________
”
lo ’ nTnn'n
5% 10-40-yr. (opt.)
Timpson, City of (street-impt.).
10,000 July
B O N D O F F E R I N G .— W. A. McDonald, Cou'nt'y Treasurer wOl"
5 Vo 10-40-yr. (opt.)
7.000 July
bids until 10 a. m. Oct. 9 for an issuo o f $ 3 ,4 0 0 4 A % O bi-voarA verin Bronwood, O ty of (sch.-house).
5% 20-40-yr. (opt.)
Bronwood,
City
of
(sower).........
8,000
July
Dallas Ray ct al. highway impt. bonds in Washington Twm
5 % 20-40-yr. (opt.)
5,000 Julv
$170. Date Oct. 15 1915. Int. M . & N . Duo $170 each slx m on /h fr,,,,; Midlothian, City of (water-wks.)
5% 20 years
M ay 15 1917 to Nov. 15 1926 inch
eacn six months from Ballinger Ind. School D istrict..
8,000 July
5% 20-40-yr. (opt.)
Kaufman City of (street)------22,000 July
5%
(opt.)
SK A G IT COUNTY UNION SCHOOL D IST R IC T NO 1 Wash Grayson Co. Com. S. D. No. 104
1,200Julv 5% 10-40-yr.
5-10-yr. (opt.)
B O N D O F F E R I N G .— Proposals will bo recoivcd until 2 p m Oci 1 1
5.000 Julv
Mineral Wells (street-impt.)___
5%
20-40-yr.
(opt.)
K. It. Pearce, Co. Treas. (P .0 . M t. Vornon) for $60,000 coupon building Mineral Wells (high-schooi)___
3 000 Julv
5% 20-40-yr. (opt .>
and equipment bonds at not exceeding 5% int. Auth. Chan 0 7 r
Calhoun Co. (bridge repair)____
1 9,50 j uiv
5%
5-20-yr. (opt.)
1907; also voto of 595 to 265 at an election hold Aug. 10. Dcnom ’ $500
Corpus Christi (school-house) . .
19 000 Julv '
5% SI,000 yearly
Principal and semi-annual int., payable at tho Washington fiscal atronev in
9 ak C o' Road Districtf
40,000 July
5% ($20,000’25th
Now York. Duo $6,000 yearly from 11 to 20 years from tho dato thereof
N o .4______________________ j
l$2,000 yearly
Joel. All bidders (excepting tho State o f Wash.) must deposit with their Medina Co. Rd. Dist. No. 2___
40 000 July
5%
5-40-yr. (opt.)
bid a certified check for $600, payable to tho Co. Treas. Bidders -ire Montaguo Co. Rd. Dist. No. 7 . .
75,000 July
5% 20-40-yr. (opt.)
requested to make bids for tho delivery of said bonds in one block of Slit) (inn Upshur Co. Com. S. D. No. 2 2 ..
600 July
5%
5-20-yr.
(opt.)
and also for delivery of said bonds in blocks o f $10,000 each, as funds Taylor Co. Com. S. D. No. 4 9 -.
1,000 July
5% 10-20-yr. (opt.)
may be required by tho school district. All bonds to bear same dato and Kustaco Ind. School District__
6,000 July
5%
5-40-yr. (opt.
biildor to pay accrued interest on deferred deliveries. No deliveries to bo Wood Co. C o m .S .D . No. 2 2 ...
2.500July 5% 10-20-yr. (opt.
doforred later than six months after dato of bonds. This district has no Wood Co. Com. S. D. No. 5-----2,500 July
5% 10-20-yr. (opt.
‘ "deb ted ness. Assess, val. 1914 $1,570,654. State and county tax rate Swisher Co. Com. S. D. No. 8 - .
8,000 July
5% 40 years
(pci $1,000) $31. Purchaser to furnish blank bonds.
Do Witt Co. C o m .S .D . No. 1 . .
30,000 July
5%
20-40-yr. (opt.)
Concho Co. Com. S. D. No. 8 -_
4,000 July
S^ AAIjrmA T ? ^ 1f 'S> Onondaga County, N. Y .— B O N D O F F E R I N G —
5% 10-40-yr. (opt.)
Dickens
Co.
Com.
S.
D.
No.
1__
12,000
July
£5 nfi7wP'°&’ r.-<!agi°nC PVk ’ 7 lM rocoivo bids until 8 p. m. Oct. 5 for tho
5%
10-20-yr. (opt.)
Nocona, C ity o f (water w orks)..
3,500 July
Aiio- io v 1m*',,
e storm-water-sewer-constructlon bonds, voted Aransas
5% 20-40-yr. (opt.)
road)------25.000 July
^1 M I V T
S
D c n o m . $ 1,000 . Dato Nov. 1915. Int. pay- Van ZandtCo.Co.(special
5)4% 20-40-yr. (opt.)
C om .S.D .N o.13.
1,600 Aug.
5% 10-20-yr. (opt.)
1916 Jto&li)20 hml.'- Bonded S
.
T
c
0 0 0 ^ No floaifn^ Van Zandt Co. C om .S.D .N o.19.
1 200 Aug'
5% 10-20-yr. (opt.)
debt. Assessed valuation 1915.
000 C e r t? f4 cS'eck on an in® Van Zandt Co. Com .S.D .N o.59.
4 400 Aug’
5% 10-20-yr. (opt.)
corporated bank or trust company for $250 pavabio to Villa'm Treasurer
Van Zandt Co. Com .S.D .N o.72.
1 400 Aug’
5% 10-20-yr. (opt.)
Van Zandt Co. Com .S.D .N o. 7 9 .
2 0 0 0 Aug
5% 10-20-yr. (opt.)
Van Zandt Co. C om .S.D .N o . 1 1 0
5.100 Aug'
5% 10-20-yr. (opt.)
Coi?nBt
v
ROhPoL—
B O m P s°V O T F n T R l C T ,( P' °- Somerville), Butler
Van Zandt Co. Com .S.D .N o. 2 ._
1 ,2 0 0 Aug
5% 10-20-yr. (opt.)
an°nbwlJin1held’ dent
hPr^Accordlng to reports, this district at
Van Zandt Co. C pm .S.D .N o.S-.
1 ,6 0 0 Aug!
5% 10-20-yr. (opt.)
bonds ”
U8 1 2 3
t d 1 favor of tho issuance o f $32,000 building M
t. Calm (school-house)............
10,000 Aug.
5% 10-40-yr. (opt.)
San Saba Co. (bridge-repair)____
1,9 9 9 Aug.
5%
5-40-yr. (opt.)
C.arRt0^u C ounty> N - Y .— B O N D S TO B E
Montaguo Co. Com .S.D.N o.4 . .
6,500 Aug.
5% 10-40-yr. (opt.)
Liberty
Co.
Road
Dist.
No.
1
.
.
.
25,000
Aug.
under date of Sept. 30 that the $39,0*00
v
r
i
r
US
5% 10-40-yr. (opt.)
15,000 Aug.
5% 10-40-yr. 5
construction bonds, bids for which were tx'jectedon M av 2 5 ^ B l mlr bn'rol Lamb Co. Com. S. D. No. 4-----35,000 Aug.
offered beforo early next spring.
J tea on M ay 2o- w11* I10t bo rc- Cleveland Indop. School D is t ...
5% 10-40-yr.
Fannin Co. Com. S. D. No. 3 9 ..
1,000 Aug.
5%
5-20-yr.
SUFFOLK, Nansemond County, Va. — B O N D S A TTT FTon t z f p i
Fannin Co. Com. S. I). No. 4 0 ..
2,000 Aug.
5%
5-20-yr.
Reports state that Council on Sept. 17 passed a resolution nrovidlnff for Tom Green Co.C om .S.D .N o. 2 6 .
2 ,0 0 0 Aug.
5%
20 years
tho issuance o f $70,000 polico-station improvement bonds provuling ,or Atascosa Co. Com. S.D .N 0 .I 6 - 6,000 Aug.
5% 10-40-yr. (opt.)
1,999 Aug. 1
T E X A S . — B O N D S R E G I S T E R E D . — T h o following bonds have been Frecstono Co. (bridgo repair)__
5% One bond yrly.
1,999 Aug. 1
registered at tho Stato Comptroller's office:
K onas navo boon k roestone Co. (bridge repair)__
5% One bond yrly.
Freestono Co. (bridgo repair)__
1,999 Aug. 1
5% One bond yrly.
Collin Co. Road Dist. No. 8 ___ 189,000 Aug. 1
P/rtce a n d P u rp o s e o f I s s u e — A m o u n t . R e g is t e r e d * 'lia t c ^
M a tu ritti
5 % $1,000 00 yearly
Victoria,
City
of
(firo
station)_
_
30,000
Aug.
1
Ft. Bend Co. Drain. Dist. No. 1. $61,000 April 5 5% S3 500 vmrlV
5%
10-40-yr. (opt.)
Victoria, City of (electric-light)_
40,000 Aug. ]
Temple, City of (school houso)..
40,000 April 6 5% K
m I n
5% 10-40-yr. (opt.
Travis Co. Com. S. D. No. 2 2 ..
2.500 Aug. li
Lawronco Independent Sell. Dist.
6,500 April 7 5% 20 years' P*'
5% 10-40-yr. (opt.)
Henderson Co. Com .S.D.N o.49.
800 Aug. li
Irion Co. Com Sell. Dist. No. 1.
12.000 April 7 5% 10-40-w font 1
5%
5-20-yr. (opt.)
MenardvIIle Ind. School District
17,500 Aug. 1
BastropICo. Road Dist. N o . 3 30.000 April 9 6% 20-yeara ( D )
6% 10-40-yr. (opt.)
Smith Co. Com. S. D. No. 6 2 ...
2,100 Aug. i:
6%
5-20-yr. (opt.)
D a le
P la c e a n d P u r p o s e a I s s u e —
TURTLE CREEK SCHOOL DISTRICT (P. O. Turtle Creek),
Allegheny County, Pa . — B O N D S A L E .— On Sept. 27 the $45,000 4 M %
In terest
A m o u n t M ( g i s t e r e d . IIa te.
M a tu rity .
20-40-yr. (op t.
R eeves C o. R oad D ist. N o . 1 - - A nf" IQ 5 <7
10-40-yr. (op t.
N acogdochesC o.C om .S .D .N o.23.
1r 1§Q9 M!^' 13 cro
10 years.
Colem an C o. C om . S. D . N o. 23
1-000 A ug. 1. 5%
10-40-yr. (opt.
San D iego Ind. School D istrict—
18.000 A u g. 21 0 %
10-40-yr. (opt.
V ictoria, C ity o f (brjdge& street)30,000 A ug. 23 5 %
Cleburne, C ity o f (W ard Scto.Btdg.) 8,000 Aug. 21 5% 20-40-yr. (opt.
$ 8 000 yearly
Harris C ounty D r. D ist. N o . 7 — IjO.OOO Sept.
10-40-yr. (opt
W allis Indep. S chool D is t r ic t ...
10.000 Sept.
$1,250 yearly
Sulphur Springs (s t r e e t ) ........... 10,000 Sopt.
20-40-yr. (op t.,
B eaum ont (s o w e r )-----------30,000 Sept.
20-40-yr. (op t.)
B eaum ont (street-im prove t ) —
8 5 , 0 0 0 Sept.
20-40-yr.
UUiUWv/ CCyu•
‘ X ► /(opt, \
Beaum ont (wharf and dock) — - 100,000
Sept. x u /c **”
12.500
Sept.
4
5
X
%
20-40-yr. (op t.)
Guadalupe C ounty R d . D . N o. 3
Collinsworth C o. C om . S. D .
20 years
7 .0 0 0 Sept.
N o . 18--------------------
3-20-yr. (opt.;
800 Sept.
H ouston C o. C om . S. D . N o. 713-20-yr. (opt.:
700 Sept.
H o u ston C o. C om . S . D . N o . 3 —
10 -20-yr. (opt.;
2.000 Sept.
Brisco C o. C om . S. D . N o. 11---10-40-yr. (opt..
9,200 Sept.
Starr C o. C om . S. D . N o. 4 -------$5,0 0 0 each yr
100,000 Sept.
T a ylor, C ity o f (street im p t.) —
$2 ,0 0 0 each yr
75,000
Sept.
Karnes C o. R oad D ist. N o . I —
10 - 20-yr. (opt.
900 Sept.
Rusk C o. C om . S. D . N o. 20-----10 - 20-yr. (opt
1.000 Sept.
Ftusk C o. C om . S. D . N o. 4 0 -----10 - 20-yr. (optt.)
1.000
Sept.
Rusk C o. C om . S- D . N o. 5 2 -----40 years
4.000
Sept.
N olan C o. C om . S. D . N o. 7 — —
5-20-yr. (opt.)
1,100 Sept.
Fannin
C
oO- l-a
n m nC
u o.
). <
. om . nS.. D
>'•. N
- wo. w
*
10-40-yr.
(opt.)
B lanco C o, (court house)
---30,000 Sept.
10 - 20-yr. (opt.)
2.500 Sept. 8
Angelina C o. C om . S. D . N o . 28
1 0 -20-yr. (opt.)
1.000 Sopt. 0
Van Zandt C o. C om . S. D . N o.2 o
5-20-yr. (opt.)
2.800 Sept. 9
San Saba C o. C om . S. D . N o. lo
10 - 20-yr. (opt.)
1.500 Sopt. 9
Limestone C o. C om . S . D . N o. 11
10 - 20-yr. (opt.)
2.000 Sept. 9
Limestone C o. C om . S. D - N o . 27
10 - 20-yr. (op t.)
1,200 Sept. 9
Lim estone C o.C om .S .D JSTo.1 135-40-yr. (opt.)
10.000 Sept. 9
Hardeman C o. C om . S. D . N o . 4
10-40-yr. (opt.)
12,500
Sopt.
10
W est, C ity o f (sewer)----------------$9,000
each yr.
Collin C o. R oad D ist. N o. 4 — — 375.000 Sept. 10
10 - 20-yr. (op t.)
2.800 Sept. 10
San Saba C o. C om . S. D . N o. 33
10 - 20-yr. (op t.)
1.000
Sept.
15
L ive Oak C o. C om . S. D . N o. 3 .
10-40-yr. (opt.)
7.000 Sept. 15
D ecatur, C ity o f (light & water) 10-40-yr. (op t.)
3.000 Sept. 15
D ecatur, C ity o f (street)- - - - - - 10-40-yr. (opt.)
100.000
Sept.
15
R ed River C o. R oad D . No.. 1— 10-40-yr. (op t.)
Kaufm an C o. C om 'rs Prec. N o. 3 300.000 Sept. 16
10-40-yr. (op t.)
10.000 Sopt. 16
T em ple, C ity o f (fire alarm) — —
10-40-yr. (opt.)
30.000
Sept.
16
T em ple, C ity o f (fire s ta t io n ).- 10-40-yr. (opt.)
45.000 Sept. 16
Kills C o. R oad D ist. N o. 10— —
10-40-yr. (opt.)
7.500
Sept.
18
Tarrant C o. C om . S. D . N o. 9710 -20-yr. (opt.)
800 Sept. 20
H ou ston C o. C om . S. D . N o. 2810-40-yr. (op t.)
150.000 Sept. 20
Kaufm an Just. Pet. N o. 8 (rd.)
5-20-yr. (op t.)
4.000
Sept.
21
Henderson C o. C om . S. D . N o. Z
20-40-yr. (opt.)
El I’ aso (school house)- - - - - - - - - 500.000 Sept. 22
10 -20-yr. (op t.)
2.000 Sept. 22
Johnson C o. C om . S. D . N o. 705- 20-yr. (opt.)
1.000 Sept. 22
Johnson Co. C om . S. D . N o. 4110 - 20-yr. (o p t.)
2.500 Sopt . 22
Jobnson C o. C om . S. D . N o. 515 -20-yr. (op t.)
1.000
Sept.
22
J ohnsonO o. C om . S. D . N o. 7 5-2 0 -yr. (opt.)
1.000 Sept. 22
Johnson C o. C om . S. D . N o. 11 1 0 -20-yr. (opt.)
3.000 Sept. 22
Johnson C o. C om . S. D . N o. G-5-20-yr.
(op t.)
ttusn, Tow
I»w u
., (school hou se). 5.000 Sept. 23
Rush,
n uo f,
20-40-yr. (op t.)
15,000 Sept. 24
Laredo, C ity o f, (bridge)............
TFX AS BO N D S P U R C H A S E D B Y S T A T E B O AR D OF E D U C A T IO N .
— On Aug.' 10 the State Board o f Education purchased 5%
8? !
07c
o f this sum. $10,500 was paid on now issues and # 2 5 ,8 f 5
on Issu ed con tracted for at previous meetings o f the Board. W e prinbelow a description o f the bonds purchased, showing in each case the total
issue and amount o f same taken b y the Stato in August.
A m ount
C ou n ty C om m on
S ch ool D is tr ic ts —
D a te .
Angelina N o. 25........... M a y 11 1914
Atascosa N o . 3 4 ----------Sept. 15 1914
Bastrop N o. 29..............D ec. 14 1914
Borden N o. 1----------------4 ugii
Cameron N o . 4 ------------- Aprj{ JR 1315
. -A pril 10 1913
Carson N o. 7 -------Collingsworth N o. 4 0 — Deb. 10 191o
C onch o N o. 26............... A ug. 1 1914
Dallas N o. 67---------------April 20 1915
Dallas N o. 6 6 . ............... Aug- 10 1914
H idalgo N o. 10............... April 10 1915
Irion N o. 1
Jan. 1 1915
N avarro N o . 3 6 ............... A ug. 10 1914
N ew ton N o. 2 2 ..............N ov 9 1914
Parker N o. 8 7 ................ April 10 1915
R efugio N o . 5 ................ M ay, 1 }914
R efugio N o . 10..............April 1 1914
Shelby N o. 2 3 ------------- A pr
1 1915
T ylor N o. 1 7 -................April 10 1915
Upshur N o. 51------------- Ju y 10 1914
W ood N o. 1 - - ................July 10 1914
In d ep en d en t S ch ool D is t r ic t s --
A n d erson --------------------July
B ro n s on ..........................-J u ly
D orch ester-.................... D ec.
F a irfield ..........................Juno
J o a q u in ---------------------- Ju y
J o a q u in .......................... July
Lawrence--------------------- A p rll
L ock n oy...........................M a r.
M abanlc........................... July
P e a rsa ll.......................... Sept.
P e t r o lia .......................... Sopt.
S om ervlllo------------------ April
Three Rivers................. M ar.
W o o d s b o r o __________ April
[Vol. 101.
THE CHRONICLE
1130
10
.1
10
10
1
1
15
1
15
1
1
1915
}3 }5
1913
1914
1914
1914
]•}}*
191->
1914
1914
1914
131 p
22 1915
1 1914
C o u n ty B on d s—
Bell C ounty (bridge re
p a ir ) _______________ M a y 15 1915
C itie s —
M ilford ( s t r e e t ) - - — -J u ly 10 1914
Santa Anna (sewer) .. A u g . 1 191o
D u e.
O p tio n .
T o ta l
Issu e,
N one
5 yrs.
20 yrs.
$500
500
1,000
1,000
1,000
1,000
400
500
500
500
500
600
300
500
900
500
500
200
1,000
700
500
20 yrs.
40 yrs.
20 yrs.
40 yrs.
40 yrs.
40 yrs.
20 yrs.
40 yrs.
40 yrs.
20 yrs.
40 yrs.
40 yrs.
20 yrs.
40 yrs.
1 yr.
10 yrs.
5 yrs.
20 yrs.
10 yrs.
10 yrs.
None
10 yrs.
10 yrs.
10 yrs.
15 yrs.
30 yrs.
10 yrs.
20 yrs.
2.500
9.600
6.000
3,250
4.000
1.500
6.500
7.500
8.000
7.500
8,000
12,000
10,000
9,000
500
800
600
1,250
1,000
500
1,000
1,000
500
1,000
1,000
1,000
1,000
1,125
35 yrs.
10 yrs.
1,900
600
40 yrs.
30 yrs.
20 yrs.
1 0 yr.
4.000
6.000
500
6,000
10 yrs.
10 yrs.
8 yrs.
5 yrs.
10 yrs.
20 yrs.
None
1 0 yrs.
10 yrs.
10 yrs.
5 yrs^
10 yrs.
5 yrs.
6 yrs.
10 yrs.
10 yrs.
10 yrs.
2 yrs.
VEBLEN, Marshall County, So. Dak.—B O N D O F P E R I N O
.— E d w a r d
J. R odino, C ity Auditor, will receivo bids until O ct. 4, it is stated, ioi
$21,500 5% 9 1-6-year aver, water-works bonds. Int. somi-annuai.
VERONA, Preble County, Ohio.— B O N D S A L E .— On Sept. 27 the
$3,817 90 6 % 3-yoar averago M ain St. improvem ent assessment bonds were
awarded to the Security Savings Bank & Trust C o. ot T oled o lor $3,843 40
(100.667) and i n t — V . 101, p . 869.
WAEREN COUNTY (P. O. Williamsport), Ind.—B O N D
OV h B R I N G .
WASCO COUNTY (P. O. The Dalles), Ore.—B O N D
E L E C T IO N
— Bids will be received until 1 p. m . O ct. 5 b y Ernest G ray, C o . Treas..
for $2 9^0 4 U % 5 'A -year average coupon taxable T hos. K . Lucas e t a l
road bonds. ^Denom . 8146. Date A ug 21 1915. Int M & N . D u .
$146 each six m onths from M a y 15 1016 to N ov. 15 1925, inch
.— R eports state that this cou nty is cor.lU7 'd ’ 3 tcR fr/ u i n r 'ulK
o f an election to submit to a vote tho proposition to Issue $262,309 load
construction bonds.
PROPOSED
P u rch a s’d
i n J u ly
$8,000
10,000
2.500
12,000
10,000
11,000
1,000
2,000
3.000
7.000
5.000
12,000
9.000
3.000
1.500
10,000
10.000
1,600
5.000
1,200
10,000
40 yrs.
40 yrs.
20 yrs.
40 yrs.
30 yrs.
30 yrs.
20 yrs.
20 yrs.
40 yrs.
40 yrs.
20 yrs.
40 yrs.
30 yrs.
15 yrs.
20 yrs.
40 yrs.
40 yrs.
20 yrs.
40 yrs.
20 yrs.
40 yrs.
19)4-year average school bonds were awarded to the C olonial I rust Co*, or
Pittsburgh at 101.25 and int., a basis o f about 4 .4 1 % . V . 101, p. 103.1.
There wero no other bidders.
P u b lic S ch ool D is tr ic t—
10,000
4,000
M t . C alm _______ ______July 22 1915 40 yrs. 10 yrs.
T H R E E R IV E R S , St. J o s e p h C o u n ty , M ich .— B O N D S A L E . — O n
Sept 21 an issue o f $50,000 municipal plant-constr. bonds was awarded,
it is stated, to Spitzcr, R orick & C o. ot Toledo.
T IN N IN C O N S O L ID A T E D S C H O O L D IS T R IC T , H in d s C o u n ty ,
M is s __BOND OFFERING.— Further details are at hand relative to tho
WAVERLY, Tioga County, N. Y.—N O
A C T IO N
YE T
rAKLjV.-
W e are advised that no action has yet been taken looking tow ards tne issu
ance o f $7 000 water-works-plant-im provcm ent bonds voted July 24.
V. 101, p. 473.
x
WENATCHEE RECLAMATION DISTRICT (P. O. Wenatchee),
Wash.— B O N D S V O T E D .— T he question o f issuing the $500,000 irrigationsystom -im provem ent bonds carried, it is stated, at an election held Sept. 11.
•V. 101, p. 794.
.
« . no
W E Y M O U T H , Norfolk C o u n ty , M ass .— B O N D S A L K .— On Sept. 29
i o iaf>3
v .ars t
i . H 3 RolUns & S o l s S : . -1 0 0 .9 7 7 IST. W . Harris & C o Tnc. B osl00.52
P .M .C handler& C o., Inc.,Bos. 100.791 Jackson & Curtis, Boston . . - {00.425
M errill. Oldham & C o ., B o s -100.789 B odget & C o ., Boston
{00.41
Curtis & Sanger, Boston------ 100.643 Blake Df os. & C o ., B o s to n ..{0 0 .4 0
Estabrook & C o ., B oston— 100.55 I It- L . D a y & C o ., Boston — 100.01)9
WHITEHALL, Jefferson County, M o n t.— ROND S ALE .— On
Sent. 23 tho two issues o f 6% 15-20-yr. (opt ) bom s aggniga
*30. B 0 0 .
were awarded to the First N at. Bank o f Butte for $30,305 (101.016) and
i n t — V . 101. p. 869. Other bids wore :
, . .
,
-d i n
Lumbermen Trust C o ., Portland, $30,557 (accrued int. not specified.)
Sweet Causey, Foster & C o ., Denver, $30,312.
H ochler, Cummings & Prudden, T oled o, $30,030.
W . P . Bullock, $30,000, less 1% .
WHITNEY, Hill County, Tex.— B O N D E L E C T I O N — An election will
be held Oct. 15, it is stated, to vote on the question o f Issuing wator-works-
S^w n 1CTN COUNTY (P. O. Breckenridge), Minn.—B O N D
S A L E .—
T t o M t o J S o S Loan & Trust C o . o f ^ « “ n^ { ’ 0,!sI
13& T l 9 I 5 $1 Prin
r\c/ coiiDon funding bonds.
Denotn. $1,000. Iiato nept. i l J i o .
rm .
.and semi-ann. int. (J. & D .) payable at tho a bove com pany. D uo $3,000
yearly D ec. 1 from 1916 to 1920, incl.
WILKINSBURG, Allegheny County, Pa .—
S H O R T L Y . —-Reports
B O N D S TO BE O FFE R E D
state that tho $125,000 grado-crofvslng-elimlnation
bonds voted A ug. 3 will shortly bo offered for sale.— V . 101, p . 473.
WILLIAMS SPECIAL SCHOOL DISTRICT NO. 2, Delhi Township,
H a m ilto n County, O h io .— B O N D O F F E R I N G . — Bids will he received
limn 6 o m O ct. 7 b y w . B. Snell, Clerk B d. o f E d ., for $1,250 5% schoo
voted jAutt. 16. Denom . $250. D ate O ct. I 1915. Prin. and
s"tni annual int ” a & O ., payable at German N at. Bank, Cincinnati.
Ti m 8250 In 2 4 6 8 and 10 years from date. Cert, cheek for 10% of
b o n d !bid for, payable to above C lerk, required. Purchaser to pay accrued
interost.
. . ,
_
w ttmot sc h o o l DISTRICT (P. O. Wilmot), A3hlev County,
A r t - P R I C E ’ P A I D F O R B O N D S .— 'T he price paid for the $25,000 6%
5-29-vr. serial refunding bonds awarded on A ug. 30 to Gunter & Sawyers
o f Little R ock was par.— V. 101, p. 962. D enom . $500. Dato O ct. 1
1915. Int. A . & O.
WILSON, Wilson County, No. Caro.— B O N D S A L E . On Sopt. 23
the two issuos o f 5% bonds, aggregating $170,000, wore awarded, it is
stated, to Baker, Watts & C o. o f Baltimore at par.— V. 101, p. 718.
V7INDSOR, Windsor County, Vt.— B O N D S A L E . — On Sept. 25 an
issiK> o f $>■> 000 4 % l l-year averago coupon refunding ami streot-im pt.
bonds was .awarded to M errill, Oldham & C o. o f Boston at 98.679 ,a basis
o f about 4 15%
Denom . $1,000. D ate July 1 1915. Prin. and semi
annual int.— J. & J .— payable at Stato N at. Bank, W indsor. D uo part
yearly on Jan. 1 beginning 1917.
WOODBURY, Gloucester County, N. J.— B O N D O F F E R I N G .— Bids
will bo received until 7.30 p. m. O ct. 5 b y tho Finance C om m ittee fo r
830 000 4 '/2 % 25-year registered water bonds.
D enom . $1,000. Dato
April l 1914- Interest semi-annual. Certified check for $500, payable
to C ity Treasurer, required. Purchaser to pay accrued Interest.
T h e o ffi c i a l n o tic e o f th is b o n d o ffe r in y w ill b e f o u n d a tn o n y th e a d v e r tis e
m en ts elsew h ere in
th is D e p a r tm e n t.
YAKIMA COUNTY SCHOOL DISTRICT NO. 3 (P. O. North Yak
ima) ^ Wash.—B O N D S N O T S O L D — R E - A D V E R T I S E D . — N o sale has
been made o f the $3,500 1-20-yr. (op t.) coudoji refunding bonds offered
on M a y 29 at not exceeding 6% int.— V . 100. •>
97.
Ih o Issue will be
...........
re-advertised.
v AT?m F.Y Bucks Countv Pa.—B O N D E L E C T I O N . —The question
Of taKSS $25.000^?efund°ng and minlcipal-bldg. bonds will be submitted
to a vote on N o v . 2, it is stated.
vmiKOSTOWN Ohio.— B O N D S A L E . — On Sopt. 27 tho $40,000
■ V A % s tr°t-in ?p t. city^s portion and $500 5 % ltlco A vo. wall bonds wero
awarded To the C lty T .u st & Savings Bank o f Y oungstow n.— V. 101,
p. 1039. T ho bids wore as follows :
$40,000
$500
R ic e A v e .
S t. I m p t .
W a ll.
$501 00
C . E . Denison & C o ., C le v e la n d ..
----------40,056 8
500 00
The T illotson W olcott C o ., C leveland............IR ’nRr, nn
005
n
H a&CCloe., vCloyelanue l a n d — - ’- - - - -- -_____
Otis
- - - - i : 4i 0n’,n
i f i 00
no bulk bid $40,005
500
500 00
00
P rov Savs. Bank & T r. C o .. C incinnati......... 40,016 00
H ornblowcr & VVceks, N ew Y o r k ................
W,0.>2 00
502 50
G eo. B . Gibbons & C o ., N ew Y o r k --------------- 4 0 ,10 in s .liscount
W eil, Roth & C o ., C incinnati. -------- - nn71 (S dlscount
Hochler, Cummings & Prudden, T oledo......... ^ ,0 0 7 00
500 00
Seasongood & M ayer, Cincinnati...................... 39,925 0
Spitzer, Rorick & C o ., T oled o- — ----------------- 40,16*. oO
502*75
Policem en’s Pension Fund. Y o u n g sto w n .----------All b i d s include accrued interest to date o f delivery.
City Trust & Savings Bank. Youngstown.--$ 4 0 ,1 1 0 53
T h e s e a r e n o t n e w b o n d s b u t i s s u e s w h ic h h a v e b e e n h e ld i n th e s i n k i n g f u n d
.
a s in v estm en ts.
Dato O ct. 1 1915. Principal and semi-annual int. (A . & O .) payarno
Jackson. D u e on O ct. 1 as follows: $100 yrly. from 191G to 1920; incl
®200 vrlv. from 1921 to 1924 incl. and $300 yrly- from 1925 to 1933 incl.
C n r t f'hprk for 5% o f bid payable to Hinds C ounty, reciulred.
Assess.
v a L ,'$180,000; actual valued $100,000. Approval o f legality Of Issue b y
W ood & Oakley o f C hicago. Bonds arc printed, ready for delivery.
TITICA O n eid a C o u n ty , N. Y . — B O N D S A L E .— On Sept. 29 tho
8165 000 4 Vi % lO C -year average reg. tax-free Kernan school Bonds were
awarded join tly to J . S. Bache & C o. and Parson So,. & C o e ^ c T i j i d s
101.923 and int., a basis o f about 4 .2 7 5 % .— V . 101, p. 103J. utner mu.
were :
(;eo.B.G ibbons& C o.,N .Y .$168,137 00 R em ick,H dgs.& C o.,N .Y .$167,252 25
Utica T r. & Dep.Co., Utica. 168,118 50 Curtis & Sanger, join tly! 167,219 2o
1C1
Kissel ,K ln .& C o . ,N , Y . {67,761 00 Il.A .K ahler& (’ o.,N .Y. (
Harris, Forbes&Co.,N .A . 167,742 30 Sid .Spitzer&t ’o . ,N .Y - — 167,161 50
K. II. Rollins & S on , N .Y . 167, r 10 95 N .W .H alsey & C o., N .Y . 167.090 55
C o lg a te,P ark .& C o.,N .Y . 167,706 00 K ean,Taylor & C o.,N .A . }b7,046 00
H ornblower&W ’k s.N .Y . 167,523 o0 K quitabloT r. C o ., N . A . {Oh-Jo^ 00
R o b t . W inthrop& Co .N .Y .167,491 oO Kountze B ros., N . Y — 166,699 50
A . B . Leach & C o ., N . A . 167,440 00
tor,
N 6.
No
N o.
N o.
N o.
No
N o.
3.
4.
5.
6.
7.
8.
9.
8 ’,605
7,405
4,395
8.235
1,875
2,740
1,655
Blaine Avo. paving.
Manning A ve. paving
Rayden A vo. paving.
Hawn St. pav.&sower
Shirley A vo. paving.
Judson A vo. sowor.
M illett A ve. sower.
N o .12.
N o. 13.
N o .14.
N o. 15.
N o .16.
N o .17.
N o .18.
B id d er s.
W eil, R oth & C o ., C in — (2) $16,249 60
815 Stambaugh A vo.grad.
700 Jackson St. grading.
925 Augusta St. grading.
4,360 A lbert et al.Sts.sldew.
5,890 Adams St. paving.
4,430 Emerald St. paving.
5,280 Garland et al. sidow.
(3) $8,674 97, (4) $7,463 50,
C itv Trust ^ S a v in g s Bank. Y o u n g s t o w n -! 1) $S!.02l 72: (2) $16,339 26,
ao Tin ai; c.li
K91 RQ (fi) $1,464 01, (6) #8,364 64, (7) $1,904 o o ,
8) 8 2 '783 05 (9) $1 681 75, (10) $1,975 66, (11) $746 58. (12) $826 64,
[ ? 3 )# 7 1111 ? ( 14)$938 57, (15) $4,428 65, (16) $5,983 65, (17) $4,499 75,
(18), $5,363 11.
Oot. 2 1915.]
THE CHRONICLE
Policemen's Pension Fund, Youngstown— (3) $8,710 44. (9) $1,675 27.
COS934e8 8 al N a t' BaDk’ C1,10iimatl—
8742 85. (12) $823 71, (14)
Citizens' N at. Bank, N ew Philadelphia— (3) $8,640 (4) $7 442
Lovvellvllle Sav. Bank, Lowellvllle— (1) $2,006. (7 ) $1 881 70 (9) $1 661
„ (10) $1,952. (11) $737 70, (12) $818, (13) $702 50 (14) $928 50
’
Geo. B. Gibbons & C o., N . Y .— (1) $2,001 20, (2) $16,033 60 (3) $8 623 07
(4) $7,420 55. (5) $4,404 23. (6) $8,252 29. (7) $1,878 94 (81 *2 745 75
(9) $1,658 47, (10) $1.949 08, (11) $736 54. (12) $816 71 (13) $701 47
fc ^ o fo l6 ^
(15) 84,369 16> (16) 85,902 37: (17) $4,§ 9 30. (18)
Citizens N at. Bank, W ooster— (7) $1,875, (9) $1 655 (101 $1 945
(111
$735 (12) $815, (13) $700, (14) $925.
fci.bO&.GU) $ l,J 4o, (11)
Provident Sav. Bank & Trust C o ., Cincin.— (1) $2 002 (21 $16 328 (31
$8,695 35, (4) $7,482 75. (5) $4,435. (6) $8 321 47 (7) $1 878 75
8
$2,745 48, (9) $1,657 98, (10) $1,943 50) (11) *735 (12) *815’ (13) S W
(14) $925, (15) *4.399 68, ( 16) $Jj J343 00. ( 17) $4,470 3 0 ,(1 8 ) $57328 05.’
C . E . Denison & C o .. Cleveland— (2) $16,242 6 0 .
llornblow er & Weeks, New York— (2) $16,287
O t i s * C o ., Cleveland— (2) $16,280, and stroet-impt. bonds in bulk,$63,130.
«V
< &v2ol 2 £ r ( l,) *2,012, (2) $16,215, (3) $8,677,
(17)$$4^ 46i a 8 ! 4 $45 3206 $8,307, (8) S2-752- d ® *4.392. (16) $5,930,
Tillotson ’& W olcott C o ., Cleveland— Bid in bulk, $78,720 70.
d ) $1,902 18, (11) $745 55, (12)
tf?4 94 W ,* u s ! 7 ?°5 350 50 8938 21 ’ (15) 81,423 22, (16) 85,980 40, (17)
Seasongood ’& M aycV /C incinnati— (1) $2,012 25, (2) $16,338, (3) $8,730,
L5> *i-4 0 9 , <G> S3.355, (15) $4,373 50, (16) $5,976, (17)
^4,444. (18) $5,297.
Davies-Bertram C o ., Cincinnati— (2) $16,255.
Spitzer, Itorick & C o ., T oled o— (2) $16,302 75, (3) $8,707, (4) $7,493,
<15> ,4-407- <161 k °53- " 7>
A - E . A ub & C o ., Cincinnati— (2) $16,275.
Bl£S5KI1'11,l ott.,* Harrison, Cincinnati— (1) $2,003, (2) $16,288, (3) $8,2§9n3'2’n(,4) ,$. l A 7 7 57• (5> *4,432 36. (6) $8,315 70, (15) $4,397 06, (16)
$5,943 01, (17) $4,467 66, (18) $5,327 52.
A ll the above bids includo accrued interest to dato o f delivery.
Y P S I L A N T I , W a s h te n a w C o u n ty , M ic h .— B O N D S A L E . — T ho C ity
Clerk advises us that this city has sold an issuo o f $10,000 4 )4 % paving
bonds.
Canada, its Provinces and Municipalities.
ALBERNI, B. C .— D E B E N T U R E O F F F . R T N O . ~ V . It. O Bavne C itv
Clerk, will receive bids up to N ov. 1 for $15,300 water-works s i ^ non
D e n o m * "fl00? nd 84,000 fir°-haII-ext’ and ‘ “ Pt- 6 % 20-y(S? debentures
ALBERTA SCHOOL D IST R IC T S, A lta .— D E B E N T U R E S A T E __
On Sept 15 ton issues o f 7 % 10-annual installment school debentures,
97^62*and*interest^’
awarded to Kerr, Bell & Flem ing o f T oronto at
BRUCE [SCHOOL D IST R ICT NO. 1589, A lta .— D E B E N T U R F O F
F E R I N O . — U Is stated that W . U. Alger, M gr. B ond Branch
Dent o f
E d .. (P. O . E dm on ton ), for $3,500 7 r * 20-installment debenturbs P
NEW
LOAN S.
NEW
T O W N
BLAINE
O F
COUNTY,
. J ^ r a f£ % ' c. . £ n ! : - ~ DEJ } £ N T U n E S Y P T E D .— T he question o f Issuing
tho $25,000 6 % bonus debentures carried by a vote o f 214 to 20 at the
election held Sept. 27.— V. 101, p . 1040. D ue from 1 to 20 years.
H U LL, Q u o . — D E B E N T U R E S A L E .— It Is stated that the Provincial
S??1,,11! ™ 3;. L td ., has been awarded the following debentures$116,000 514% debentures at 95.17 and int. Duo M a y 1 1922
98.000 5 % % debentures at 96.59. Due M ay 1 1922
57.000 514% debentures at 91.08. Due M a y 1 1945
T ho first two issues o f debentures were awarded to the La Banaue Prov *n<:ialo during August, but that sale was not consum m ated.— V. 101
p . 795.
.. LP?JDON, Ont.— D E B E N T U R E S . A U T H O R I Z E D .— It is stated that
C ounc11 passed a by-law on Sept. 20 providing for tho issuanco o f
$5,000 debentures to purchase machine guns.
Q u e .— D E B E N T U R E S N O T S O L D
C H I N O O K ,
MONTANA
W A T E R S U P P L Y (6 % ) B O N D S
C I T Y
O F
.— N o sale was made
we C o ffe r e d on t h M y ° — V® i m ° p ° 8 7 0 % 4° ' yCar g° ld debentures which
NORTH DORCHESTER TWP., Ont.— D E B E N T U R E S A L E . — N ewspaper dispatches state that this township has sold at private sale to S. Leaman at par. an issue o f $4,300 5 % 30-year hydro-electric debentures.
ONTARIO (Province o f ) . — T E M P O R A R Y L O A N . — A Canadian
newspaper statesi th a t'th e Provincial Treasurer, lio n . T . W . M cG arry
recently borrowed $3,000,000 in New York at 4 1 4 % . T he loan runs for
K
a r a ^ W
r ’ U iS * “ • t0 retlr° * ~ y hifls maturing in
m ade o f ° t ^
w h fc h w e r e c ^
^
o n
N O T S O L D . - N o sale has yet been
e l e c t r i c - l i g h t debentures
o f $63 000 O ^ ^ v e a ^ . n h N? ’ Q ,u e T D E B E N T U R E S A L E .— An issue
C r ld R C a n a d a , Ltd ? at 90
bcen awarded- reports state, to the
TORONTO, Ont.— D E B E N T U R E S A L E . — W. L . M cK in n o n & C o« r;ir)°nnnt3 u * 7 ,Srt<S? tf!at tbey recently purchased from the city o f T oron to,
•|2-30-G0f) 4 ' A %
ebentures m atunng 1925 this being part o f the block o f
$4,750,774 10 lU-year debentures offered b y the citv on Sent; Q Tim
remaining $3,o00,000 10-year debentures, as well as $155,185. 13 5-year
debentures, also offered Sept. 9, were awarded to a syndicate com posed
g * ^ T o ro n to * *
° ° - ^ Y,> W o o d ’ G undy & C o ' and A E Ames &
reports state that the debentures sold to M cK innon & C o .
a ba^is o f about 5 14 % . Tho syndicate paid 91.50 for its
d
e
h
e
n
-JO J s sald’, to Purchase outright $1,000,000 o f tho
debentures and take a 30-day option on the balance.
Ont. D E B E N T U R E S V O T E D .— At the election held
s t a t e d - V f o ? PpS 870 40 1SSU° th° 840,000 bridge debentures carried, it is
WELLAND, Ont.— D E B E N T U R E S A U T H O R I Z E D .— On Sept. 8 a
nasled
o Issuance o f $43,000 school-building debentures was
passed by tho C ity C ouncil, dispatches state.
WEST VANCOUVER, B. C.— D E B E N T U R E S D F . F F . A T F n __The
Percy
dcb5.n‘ ur2s
West
1 °rry C
c oo. °wasS
was defeated0
defeated, 'b°|9
it is reported,
by thoPurchase
voters on the
Sept.
11. Vancouver
J o K fim m
O F F E R IN G
.— Bids addressed
6 ^ niocf^-Im^o\rnm nt^ debentures.rGCe*Ved UntU 4 P"
LOANS.
NEW
$ 1 5 ,0 0 0
$ 8 ,2 0 0
T H E
1131
M IN N E A P O L IS
A P P R A IS A L
BONDS
N otico Is horoby glvon that tho C ity Council o f
tho C ity o f Minneapolis will meet In tho C ity
Council Chamber, on tho third floor o f tho
Municipal Building in tho C ity o f Minneapolis
Hennepin C ounty, M innesota, on F R I D A Y
O C T O B E R 8T H , 1915, at 3 o ’clock p. in., to
receive, opon and consider bids for tho bonds o f
tlio C ity o f Minneapolis to tho amount o f $15,000
proposed to bo Issued and sold for the purpose
o f raising funds for making a physical examina
tion o f tho properties o f the Minneapolis Street
Railway Company in tho C ity o f Minneapolis.
Mlnneasota.
Bids should bo addressed to n en ry N . K n ott.
C ity Clerk, Minneapolis,* Minnesota.
T he above bonds to bo dated Novem ber 1st,
1915. and to bocom o duo and payable at a time
not, loss than one yoar nor more than thirty years
from tho date thereof as desired by tho purchaser
thereof, and will bear interest at the rate o f 4 per
cent per annum, payablo semi-annually, and
principal and interost will bo payablo at tho fiscal
agoncy o f tho C ity o f Minneapolis in the C ity o f
New York, and no bid will bo entertained for a
sum loss than 95 per cent o f tho par valuo o f tho
bonds and accrued interest thereon to dato o f
delivery, and each bid or subscription must de®[gnat® vo.ry c 'oar'y the date on which it is desired
4 l nn.tb® bonds shall bo made payablo.
,,,v ? or
,0. ,all
iiL
Coun!:lli
oscrvcs
th0 bonds.
ri« llfc ^ reject
any
bids
and offers
for said
to
° Ct" 8 for 821,600
LOAN S.
$ 3 0 ,0 0 0
C I T Y
O F
W O O D B U R Y ,
W ATER
N.
J .
BONDS
Sealed proposals will bo received at the Councl
Chmnber, In tho C ity Hall, Delaware Street,
W oodbury N . J ., until T U E S D A Y . O C T O B E R
5, 1915, at 7:30 o ’clock P . M ., for the purchaso or
thirty M ater Bonds o f tho C ity o f W oodbu ry,
N . J. These bonds are authorized by the M ayor
and Council o f the C ity o f W oodbu ry, under the
provisions o f an A ct o f the Legislature o f the State
o f New Jersey, entitled “ An A ct enabling and
empowering any C ity now obtaining its water
supply from other sources than artesian wells to
dig and construct artesian wells to supply such
city with water, and to purchase and erect or set
up meters, machinery and other fixtures, and to
construct connecting water pipe lines and mains,
and to purchaso and condem n lands, waters and
rights, and otherwise to im prove, enlarge and ex
tend tho water supply and water-works plant o f
such city, and to issue bonds for the cost thereof ”
approved M arch 25, 1913. T hey will be regis
tered bonds o f the denomination o f $1,000 each,
dated April 1, 1914, and will bear interest at the
rate o f 4)4 per centum per annum, payablo semi
annually, and the principal o f said bonds shall bo
payable In tw enty-five years from date thereof.
T hey will not be sold for less than par. All
bids shall be considered to carry with them accrued
interest from October 1, 1915, to dato o f delivery
° f bonds- T he right is reserved to reject any and
all bids. Each proposal for purchaso o f bonds
must bo accom panied by certified check for $500,
payable to the order o f the Treasurer o f the C ity
o f W oodbu ry, N . J.
Bids may be submitted for the whole or a part
o f tho issue and must state specifically what por
tion, or whether whole issue is desirod. Further
details will be furnished on application.
All proposals must be endorsed ’ ‘ Proposals for
C ity o f W oodbu ry, N . J ., W ater B on d s,” and
addressed
F R E D E R IC K B A Y E R ,
JO H N C . IIO L IN G E R ,
C H A R L E S F . M A N S F IE L D ,
Finance C om m ittee.
S T A T E OF M O N T A N A .)
C O U N T Y OF B L A IN E , S3.
'
T O W N OF CH IN O O K .J
Pursuant to tho authority o f Ordinance N o. 128
o f tho Town o f Chinook, o f Blaine C ounty. M on
tana, passed and approved August 30. A . D . 1 9 1 5
authorizing and directing tho advertisement and
sale o f certain bonds o f said town, namely:
W ater supply bonds aggregating tho principal
sum o f Eight Thousand Tw o Hundred Dollars
($8,200).
Said Issue o f bonds shall bo numbered consecu
tively from 1 to 9, both Inclusive, Nos. 1 to 8
to bo o f tho denomination o f $1,000 each, and
bond N o. 9 o f tho denomination o f $200. all dated
July 1, A . I). 1914. duo July 1. A , D . 1934 rodeomablo at tho pleasure o f said town after
July 1, A . D. 1924, bearing Interest from their
dato until paid at tho rate o f six (6) por centum
or annum, payable semi-annually on tho first
ays o f January and July, respectively, in each
year, both principal thereof and Interest thereon
iayablo at tho National Bank o f Commerce,
n tho C ity and State o f New York, U. 3. A.
P U B L IC N O TIC E IS H E R E B Y G IV E N that
said bonds aforesaid will, at the office o f the under
signed M ayor, at tho town hall, in said town, on
Saturday to wit the 2ND DA Y OF O C T O B E R .
O.
A. D. 1915, at the hour o f 10 o ’clock a. m ., at
' G ty treasurer, must accom pany
public auction, bo sold to tho biddor offoring the cacb bid
highest price therefor.
Circular containing full particulars will be
At said public auction only tho bids o f such of mailed upon application.
thoso who have deposited with the undersigned
DAN C. BROW N,
M ayor a certified chock payable to his order for
C ity Comptroller,
an amount equal to tho par valuo o f tho bonds bid
M inneapolis,
for..rVl
COnsim r.t,d- 4’ ho chocks o f all unsuc
cessful bidders will be returned forthwith, whereas
___
M inn.
tb e„ cbePk ,
tb« successful bidder, or bidders,
shall be held by the town and forfeited to It should
b o n d
c a l l .
the purchaser fail to take up and pay for said
bonds when p r e s e n ts to him.
p y
8alu
Said bonds aforesaid will bo available for deliv
ery at the time o f their sale, nam ely! t h e d a y
date and hour aforesaid.
*'
By order o f tho Council o f tho Tow n o f Chinook
If There Is A Market We Can Find It
o f Blaine C ounty, M ontana, made this 30th day
o f August, A . D . 1915.
’
C it y o f W e s t m o u n t , C a n a d a
(Seal) B. F. O ’N E A L , M ayor.
Attest:
We hold sales of stocks
S IN K IN G F U N D C O M M IS S IO N
C H A S. F. E A 3 B E Y . Clerk.
and
bonds every Wednesday,
The Sinking Fund Commissioners o f the C ity
or Westmount desire to purchase approxim ately
charging $1 entrance fee
$40,000 o f Municipal Debentures— thoso o f suit
for each item. Our week y
MINING ENGINEERS
able maturity issued by tho C ity o f W estm ount
preferred.
catalogues and postal card service
Sealed offers, m arked, “ Sinking Fund C om
reach every m arket. W e take
missioners o f W estm ount,” will bo received at
tho offices o f tho M ontreal Trust Com pany until
pleasure in furnishing quotations.
noon on M O N D A Y . TH E 25TI1 O F O C T O B E R ,
X9Xu*
M ining E n gin eers a n d G e o lo g is ts
A full description o f bonds offered for sale Is
B a r n e s 8a L o f l a n d
C O A L A N D M I N E R A L P R O P E R T I E S essential. Delivery o f tho bonds to tho C om
missioners must bo mado on 1st o f N ovem ber,
S to c k B rok ers & A u ctio n e e rs
1915.
E x a m in e d , M a n a g e d , A p p r a is e d
A R T H U R F. BELL.
147 S . 4 th S t .,
P h ila d e lp h ia
D rexel B ld g ,
P H IL A D E L P H IA
Secretary-Treasurer.
S
I
n-,s
f°r two
R?r 22!?,
value of 2!!°°!*
the bonds
bid (2%)
for, mper
a d ecent
to of tho
A.
BONDS WANTED
H. M. CHANCE &, CO.
THE CHRONICLE
1122
[V ol . 101.
(E n g in e e r s
^ fin a n c ia l
ATLANTIC MUTUAL INSURANCE COMPANY
New York, January 26th, 1918.
H.
M .
The Trustees, t n eonformil*> with the Charter of the Company, submit the following statement of Us affairs on the
31 st o f D e c e m b e r , 1914.
The Company's business has been c o n fin e d to m a r in e a n d in la n d t r a n s p o r ta t io n in s u r a n c e .
@FedFRASER